Total sum invested $500,221
Cash Holding $579
Realised Gains = $800
Unrealised Gains = $20,429 = 4.09%
Wednesday, 12 September 2007
Tuesday, 11 September 2007
Why does CFO resign?
Jiutian announces resignation of its Chief Financial Officer:
http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/9343cc1eb0229f384825735200344249?OpenDocument
What I have to say below is not specifically directed to this particular announcement but my personal opinion of how people react to the announcement of this nature.
Whenever CFO or any key personnel in any organisations resigns, it always raises a few eyebrows. You need not look far. Recently there were rumours that Labroy Marine's Technical Director was leaving and the share price plummeted more than 10% on the day.
There are 2 school of thoughts to this kind of announcement:
1. Positive: The CFO leaves on his own accord to pursue his own interests (usually quoted as such)
2. Negative: The CFO is "forced" to resign because he knows something that the profession requires him to quit.
The first one is more straight forward. People do resign because they need to take a break to pursue other interests or careers. The current position maybe too stressful or he is not well rewarded. Other undisclosed reasons include the capability of the CFO to discharge the duties required of him. Maybe he refuses to travel or cannot cope with different culture and languages in a foreign country. Whatever it might be, this is good for shareholders because we all do not want a CFO who cant do the job and that it would only be bad for the company to keep him.
The second one is more tricky. It can sometime send the company's share price tumbling because the public perceives the management is up to no good and the CFO is compelled to leave. No kidding. We accountants are taught to leave a job, however well paid a job maybe, if we discover something or when we find ourselves in a situation where our professional ethics might be compromised.
In this modern world, CFO is the right-hand man of the CEO. Usually he is the first to know if anything is not proper. Because of the privileges we accountants enjoy, we also carry the same weight of responsibilities as those of a company director. Its not hard to find cases where CFOs or Finance Directors of commercial and charitable organisations convicted on criminal charges together with the number one man at the helm.
Maybe SGX should consider making the CFO to disclose the "real" reason for leaving the company, just like what is going to be required by directors soon. That would make the announcement more transparent and it could minimise the damage that it might cause to the company.
China and India are reported to be short of qualified accountants. Indeed, qualified accountants with technical and good soft skills are hard to come by. Good accountants are not just good at interpreting accounting standards or reading financial statements. What is equally important is his ability to understand the business operations and be able to deal and connect to different group of people and personnel in the organisations. This is what I call the soft skills.
Accountants are generally not good at expressing themselves, myself included. I have been to AGMs and I have seen how accountants are grilled by shareholders and the CEO or directors have to shield him from further embarrassment due to the lack of understanding of the business the company is in or the general knowledge of the industry.
As an accountant, I make no excuse for myself. Ever since I quit my audit profession to join the commercial world, i have to constantly remind myself to learn the business skills as much as keeping myself abreast with the latest corporate developments. I always force myself to understand the various aspects of the business operations. My boss always get me involved in key decision making as he feels that I am in the best position to evaluate any course of action. At the end of the day, the management decision must take into account dollars and sense because that's how the management is being measured by shareholders.
For those accountant wannabe, please ensure you acquire the relevant technical skills, after that the soft skills will get you far. Good luck!
http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/9343cc1eb0229f384825735200344249?OpenDocument
What I have to say below is not specifically directed to this particular announcement but my personal opinion of how people react to the announcement of this nature.
Whenever CFO or any key personnel in any organisations resigns, it always raises a few eyebrows. You need not look far. Recently there were rumours that Labroy Marine's Technical Director was leaving and the share price plummeted more than 10% on the day.
There are 2 school of thoughts to this kind of announcement:
1. Positive: The CFO leaves on his own accord to pursue his own interests (usually quoted as such)
2. Negative: The CFO is "forced" to resign because he knows something that the profession requires him to quit.
The first one is more straight forward. People do resign because they need to take a break to pursue other interests or careers. The current position maybe too stressful or he is not well rewarded. Other undisclosed reasons include the capability of the CFO to discharge the duties required of him. Maybe he refuses to travel or cannot cope with different culture and languages in a foreign country. Whatever it might be, this is good for shareholders because we all do not want a CFO who cant do the job and that it would only be bad for the company to keep him.
The second one is more tricky. It can sometime send the company's share price tumbling because the public perceives the management is up to no good and the CFO is compelled to leave. No kidding. We accountants are taught to leave a job, however well paid a job maybe, if we discover something or when we find ourselves in a situation where our professional ethics might be compromised.
In this modern world, CFO is the right-hand man of the CEO. Usually he is the first to know if anything is not proper. Because of the privileges we accountants enjoy, we also carry the same weight of responsibilities as those of a company director. Its not hard to find cases where CFOs or Finance Directors of commercial and charitable organisations convicted on criminal charges together with the number one man at the helm.
Maybe SGX should consider making the CFO to disclose the "real" reason for leaving the company, just like what is going to be required by directors soon. That would make the announcement more transparent and it could minimise the damage that it might cause to the company.
China and India are reported to be short of qualified accountants. Indeed, qualified accountants with technical and good soft skills are hard to come by. Good accountants are not just good at interpreting accounting standards or reading financial statements. What is equally important is his ability to understand the business operations and be able to deal and connect to different group of people and personnel in the organisations. This is what I call the soft skills.
Accountants are generally not good at expressing themselves, myself included. I have been to AGMs and I have seen how accountants are grilled by shareholders and the CEO or directors have to shield him from further embarrassment due to the lack of understanding of the business the company is in or the general knowledge of the industry.
As an accountant, I make no excuse for myself. Ever since I quit my audit profession to join the commercial world, i have to constantly remind myself to learn the business skills as much as keeping myself abreast with the latest corporate developments. I always force myself to understand the various aspects of the business operations. My boss always get me involved in key decision making as he feels that I am in the best position to evaluate any course of action. At the end of the day, the management decision must take into account dollars and sense because that's how the management is being measured by shareholders.
For those accountant wannabe, please ensure you acquire the relevant technical skills, after that the soft skills will get you far. Good luck!
Performance of virtual fund on 6th Anniversary of 9-11
Unrealised Gains = $13,760
Realised Gains = $800
Total Gains to-date= $14,560 = 2.91%
On this day 6 years ago, I lost around $20,000 and it took me 3 months to recover the amount.
It was a bad day for the global financial markets but it was a good personal experience learnt.
Realised Gains = $800
Total Gains to-date= $14,560 = 2.91%
On this day 6 years ago, I lost around $20,000 and it took me 3 months to recover the amount.
It was a bad day for the global financial markets but it was a good personal experience learnt.
Ezra to sell 40% of EOC before Oslo Listing
Ezra to sell 40% of unit headed for Oslo mainboard listing MARINE group Ezra Holdings is selling a 40 per cent stake in EOC Ltd for up to 1.068 billion Norwegian kroner ($282 million), a move that will make its production and construction unit the first Singapore company to list on the mainboard of the Oslo Stock Exchange. Mr Lee: EOC's listing in Oslo will also enable the company to tap new sources of funding Ezra, which owns 88 per cent of EOC, said yesterday that it is selling up to about 44.5 million EOC shares through private placement to institutional and professional investors at an indicative price range of 22-24 Norwegian kroner per share. EOC currently trades on the over-the-counter (OTC) of the Oslo exchange. This is expected to raise gross proceeds of S$258-282 million and pare Ezra's stake in EOC to 48 per cent. The actual pricing will be determined through a book-building process by Pareto Securities ASA that will run from Sept 10 to 19. 'The sale is in line with our asset-light strategy,' Ezra's managing director Lionel Lee said. 'EOC's separate mainboard listing in Oslo will also enable the company to tap new and diversified sources of funding to accelerate its growth in line with the buoyant demand for offshore construction and production support vessels.' Mr Lee noted that the placement of EOC shares to investors in Norway and internationally will ensure a sound investor support. EOC's European listing is also strategic for the group as it will enhance its overall position in the North Sea, South America and West Africa markets. One of the conditions for the Oslo mainboard listing is that EOC must have a free float of at least 25 per cent of the shares admitted to listing. Ezra said members of EOC's board and management will be pre-allocated a maximum of 4.5 million shares. 'The placement will facilitate EOC's upgrade to the mainboard and will enable the group to raise its profile among investors as a high-growth company in the construction and FPSO (floating production storage and offloading) segment of the offshore oil and gas industry,' said EOC's managing director KK Lim. EOC's mainboard status wiill allow it to tap on a wider range of funding possibilities to finance its future growth plans as it carves out a niche in the medium to deepwater projects, he added. EOC, which provides offshore fabrication, commissioning and transportation services to the oil and gas industry, currently manages two heavy lift accommodation crane barges and recently took delivery of a pipe-lay and accommodation vessel called the Lewek Champion. Ezra manages 25 vessels comprising anchor handling tug supply vessels (AHTS), anchor handling tugs (AHTs), crewboats, barges and a pipelaying vessel.
Courtesy of CNA Forumer
Courtesy of CNA Forumer
Monday, 10 September 2007
Transactions for Virtual Portfolio 10/09/07
Sunday, 9 September 2007
Sharing with you the following posts in one of the share forums:
People always worry
On weekend, they worry about monday.
On monday, they worry about tuesday..
On tuesday, they worry about wedsnesday..
2 Years ago, they worried about inflation.
Year ago, they worried about oil price.
Today they worry about subprime and credit.
tomorrow, they are going to worry abt something... but Market goes on.
Even filthy rich also has worry. Buffet worries he can get a good successor. Others worry they dont have a son to take over their wealth. The bears worry that they will be caged for their biles.
Story of " 杞人忧天“ 。。。 - long long ago in china, a person from qi keep worry that the sky will fall.
1997 : - Hongkong returned back to china mainland, people say hongkong going to finish. Now ?
1999 : - lots of dooms day tellers say 1999 end of the world, bible predicted it. Now?
2001 : - US WTC kena attacked, many say world war III coming , now ?
People always worry
On weekend, they worry about monday.
On monday, they worry about tuesday..
On tuesday, they worry about wedsnesday..
2 Years ago, they worried about inflation.
Year ago, they worried about oil price.
Today they worry about subprime and credit.
tomorrow, they are going to worry abt something... but Market goes on.
Even filthy rich also has worry. Buffet worries he can get a good successor. Others worry they dont have a son to take over their wealth. The bears worry that they will be caged for their biles.
Story of " 杞人忧天“ 。。。 - long long ago in china, a person from qi keep worry that the sky will fall.
1997 : - Hongkong returned back to china mainland, people say hongkong going to finish. Now ?
1999 : - lots of dooms day tellers say 1999 end of the world, bible predicted it. Now?
2001 : - US WTC kena attacked, many say world war III coming , now ?
Buying a blender
My wife bought a multi function blender at a departmental store this afternoon. The blender is made in Japan. The usual price is $120 but today special promotion at only $69 with free filter.
The promoter was pretty good with the demo and was surrounded by a big group of housewives and some uncles like myself. She diligently tried out one method after another and she had about 10 different types of food items to do the demo.
I was convinced by the functionality of the machine so I asked my wife to get one. I feel that the price was cheap as I had seen it selling at more than $100 before. I thought many would follow suit and buy. To my surprise, out of the group of about 30 onlookers, only my wife bought it.
Interestingly, after my wife stepped aside to check the machine, 3 women came after her and asked her questions like: what is the price? is it really useful? is it really selling at bargain? does it really come with free gift etc?
I was thinking at one side. We were all there listening and witnessed the demo for 20 mins. Surely we heard and saw the same thing. Why these people want to get 2nd opinion? Maybe it has to do with the kiasu and kiasi mentality in general.
I recall my experience of recommending some shares to one of my ex colleagues. This lady in her 50s I suppose was quite loaded. I recommended some good companies like Midas and Raffles Education to her. At that time Midas was trading at below $0.30 and I myself bought more than 100 lots. No matter how hard I tried to convince her, she would not bite. She always had excuses such as China businesses are risky bla bla bla .. and I put that to her kiasi attitude.
More than 1 year gone by and Midas shot to $2 and Raffles Edu also had doubled in price. I met her on the street one day. She regretted not to heed my advice at that time or she would have made good money investing in Midas and Raffles Edu.
Recently I happened to talk to her on the phone. She asked me whether can buy Midas and Raffles Edu as both had corrected significantly prior to the recent market melt down as they were hit hard by untrue articles and rumuors.
So I tried to convince her to pick up some if she can afford to hold for medium term. She was sceptical and did not buy any at first. Last week she phoned me to say that she had finally picked up some Midas. However at that time, Midas had been hitting recent high, so much higher than the price I asked her to buy at around $1.23. She told me she did not want to regret again as she saw the price jumped from $1.20 to $1.45.
Go back to the blender story. I am sure some aunties will go back to check the price tomorrow to confirm whether it was really selling at 40% discount. And I am sure they would be kicking themselves and say "I should have bought it yesterday as it was so much cheaper"! Why cant people be more simple minded at times and take things at their face value. In Singapore, if you sell things too cheaply, people think it must be a junk.
It happens everywhere and everytime. Thats just human nature: Fear and Greed. As long as humans live, this will not die. Tomorrow market should trend downwards again and many people would panic and sell low again. Before they recovered from their shock, big boys would come and push up the prices and they would then start to chase again by paying even more for the shares as they do not want to miss the boat.
Now that Mr Chew has been accumulating Midas at the cheap, maybe its time we follow the big boys and see what it brings. Good luck!
The promoter was pretty good with the demo and was surrounded by a big group of housewives and some uncles like myself. She diligently tried out one method after another and she had about 10 different types of food items to do the demo.
I was convinced by the functionality of the machine so I asked my wife to get one. I feel that the price was cheap as I had seen it selling at more than $100 before. I thought many would follow suit and buy. To my surprise, out of the group of about 30 onlookers, only my wife bought it.
Interestingly, after my wife stepped aside to check the machine, 3 women came after her and asked her questions like: what is the price? is it really useful? is it really selling at bargain? does it really come with free gift etc?
I was thinking at one side. We were all there listening and witnessed the demo for 20 mins. Surely we heard and saw the same thing. Why these people want to get 2nd opinion? Maybe it has to do with the kiasu and kiasi mentality in general.
I recall my experience of recommending some shares to one of my ex colleagues. This lady in her 50s I suppose was quite loaded. I recommended some good companies like Midas and Raffles Education to her. At that time Midas was trading at below $0.30 and I myself bought more than 100 lots. No matter how hard I tried to convince her, she would not bite. She always had excuses such as China businesses are risky bla bla bla .. and I put that to her kiasi attitude.
More than 1 year gone by and Midas shot to $2 and Raffles Edu also had doubled in price. I met her on the street one day. She regretted not to heed my advice at that time or she would have made good money investing in Midas and Raffles Edu.
Recently I happened to talk to her on the phone. She asked me whether can buy Midas and Raffles Edu as both had corrected significantly prior to the recent market melt down as they were hit hard by untrue articles and rumuors.
So I tried to convince her to pick up some if she can afford to hold for medium term. She was sceptical and did not buy any at first. Last week she phoned me to say that she had finally picked up some Midas. However at that time, Midas had been hitting recent high, so much higher than the price I asked her to buy at around $1.23. She told me she did not want to regret again as she saw the price jumped from $1.20 to $1.45.
Go back to the blender story. I am sure some aunties will go back to check the price tomorrow to confirm whether it was really selling at 40% discount. And I am sure they would be kicking themselves and say "I should have bought it yesterday as it was so much cheaper"! Why cant people be more simple minded at times and take things at their face value. In Singapore, if you sell things too cheaply, people think it must be a junk.
It happens everywhere and everytime. Thats just human nature: Fear and Greed. As long as humans live, this will not die. Tomorrow market should trend downwards again and many people would panic and sell low again. Before they recovered from their shock, big boys would come and push up the prices and they would then start to chase again by paying even more for the shares as they do not want to miss the boat.
Now that Mr Chew has been accumulating Midas at the cheap, maybe its time we follow the big boys and see what it brings. Good luck!
Friday, 7 September 2007
Virtual Portfolio Performance Day 2
Total unrealised gains = $19,400 or 3.88%.
Foreland continues to climb by 11.1% from $0.45 to $0.50. It has recovered more than 20% in just 2 days. This gem was badly sold down due to its thin volume. There are many high profile investors behind this company and they can easily buy up the price in no time. As the demand for functional fabrics set to rise in tandem with explosive consumer spending in China, this counter can offer huge upside potential in time to come.
Jiutian has gained $3,600 being the top gainer in absolute value. It should continue to charge ahead towards $4 with the share split and bonus warrants in the pipeline. The warrant exercise price is set at $0.80. That implies that the mother share will have to be worth that value after split for the exercise to be meaningful. The future growth prospects seem so promising with 5 times increase in production capacity expected and it set to become one of the largest DMF producers in the world.
Foreland continues to climb by 11.1% from $0.45 to $0.50. It has recovered more than 20% in just 2 days. This gem was badly sold down due to its thin volume. There are many high profile investors behind this company and they can easily buy up the price in no time. As the demand for functional fabrics set to rise in tandem with explosive consumer spending in China, this counter can offer huge upside potential in time to come.
Jiutian has gained $3,600 being the top gainer in absolute value. It should continue to charge ahead towards $4 with the share split and bonus warrants in the pipeline. The warrant exercise price is set at $0.80. That implies that the mother share will have to be worth that value after split for the exercise to be meaningful. The future growth prospects seem so promising with 5 times increase in production capacity expected and it set to become one of the largest DMF producers in the world.
Own transactions 7 Sep 2007
Bought:
5,000 Sihuan @ $0.76
10,000 ChinaWheel @$0.94
Why buy Sihuan?
I have been impressed by the high ROE and profitability of this company. Its hospital distribution network is set to double in the next few years. The key drug Kelinao has been selling like hot cake. It takes a lot of patience to realise its full valuation. There are few high profile investors who got the placement shares at the IPO.
Why buy ChinaWheel?
The production capacity may triple by 2010 from the current 3.6m wheels p.a. making it one of the largest producer of aluminium alloy wheels in China. It gives investors a direct exposure to the fast growing auto sector. Current valuation is still cheap with forward PE of less than 10.
5,000 Sihuan @ $0.76
10,000 ChinaWheel @$0.94
Why buy Sihuan?
I have been impressed by the high ROE and profitability of this company. Its hospital distribution network is set to double in the next few years. The key drug Kelinao has been selling like hot cake. It takes a lot of patience to realise its full valuation. There are few high profile investors who got the placement shares at the IPO.
Why buy ChinaWheel?
The production capacity may triple by 2010 from the current 3.6m wheels p.a. making it one of the largest producer of aluminium alloy wheels in China. It gives investors a direct exposure to the fast growing auto sector. Current valuation is still cheap with forward PE of less than 10.
Thursday, 6 September 2007
Virtual Portfolio Performance After Day 1
After 1st day of launching, the overall portfolio registered unrealised gains of $10,150 or 2.03% thanks to the bargain hunting in the SGX.
Best Performer: Foreland +12.5%
Worst Performer: ChinaMilk -2.5%
Best Performer: Foreland +12.5%
Worst Performer: ChinaMilk -2.5%
Today's own transactions
Sold some Jiutian and Asia Enterprise.
Bought EZRA
Why buy EZRA?
The current uncertainties surrounding its EOC listing at Oslo bourse might be the reason for its lackluster share price performance for the past few months. How the Company would distribute the proceeds from its successful listing of EOC is anybody's guess. It could be in the form of special cash dividend, distribution in specie, ie shareholders given shares of EOC or the combination of both. The outcome of this will probably be annouced in conjunction with the release of full year result in October.
Meanwhile the 1 for 1 bonus issue might be big enough carrot for investors to hang on. I respect the management in that it has been rewarding shareholders well all these years. If not mistaken, the Company has given out 2 rounds of 1 for 5 bonus issues prior to the current one. If you had invested in the Company since IPO at below $0.50 per share, your investment would have grown to $9,000 or 18 times!
Investing in EZRA also offers investors indirect interest in Ezion (f.n.a. Nylect) which I believe the Company bought at dirt cheap price. The Nylect story has been a myth and miracle put together by Mr Chew where millions of dollars were created out of nothing. It has been by far one of the best performing stocks after Raffles Education in the recent Singapore Exchange history.
Bought EZRA
Why buy EZRA?
The current uncertainties surrounding its EOC listing at Oslo bourse might be the reason for its lackluster share price performance for the past few months. How the Company would distribute the proceeds from its successful listing of EOC is anybody's guess. It could be in the form of special cash dividend, distribution in specie, ie shareholders given shares of EOC or the combination of both. The outcome of this will probably be annouced in conjunction with the release of full year result in October.
Meanwhile the 1 for 1 bonus issue might be big enough carrot for investors to hang on. I respect the management in that it has been rewarding shareholders well all these years. If not mistaken, the Company has given out 2 rounds of 1 for 5 bonus issues prior to the current one. If you had invested in the Company since IPO at below $0.50 per share, your investment would have grown to $9,000 or 18 times!
Investing in EZRA also offers investors indirect interest in Ezion (f.n.a. Nylect) which I believe the Company bought at dirt cheap price. The Nylect story has been a myth and miracle put together by Mr Chew where millions of dollars were created out of nothing. It has been by far one of the best performing stocks after Raffles Education in the recent Singapore Exchange history.
Wednesday, 5 September 2007
My Virtual Portfolio as at 5 Sep 2007
I have been entrusted to manage $500,000 worth of virtual stock portfolio. These counters have been chosen by me based on my own research and share market experience. If this portfolio yields capital gain of more than 50% by end of 2008, I may get to manage part of my company's real share portfolio with market valuation in excess of $10 million! My fund management journey begins here. I will update the valuation of my virtual portfolio at every month end. Stay tuned!
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DBS Vickers Cuts Midas TP to S$1.84
DJ MARKET TALK: 0050 GMT [Dow Jones] STOCK CALL: DBS Vickers cuts Midas (5EN.SG) target price to S$1.84 from S$2.30, based on 24X FY08 earnings, after lowering FY08 net profit forecast 9.5% to reflect absence of contributions from company's now-scuttled JV with Northeast Light Alloy. Midas confirms Dow Jones report JV didn't get regulatory approval from China. But brokerage remains positive on core business, separate JV with Nanjing Puzhen, which has been actively securing rail projects. Tips earnings CAGR of 50% over next 3 years as China's demand for trains, related products continues to accelerate. Keeps Buy call. Stock down 7.5% at S$1.36 yesterday.
Virtual JF Portfolio Performance YTD
I came across JF Assets Management as it has been actively acquiring certain shares in the local scene. I have done some research and realised that it is actually based in Hong Kong. Their funds performance, in particular the China related ones, have been very impressive. So I try to compile some of the shares that they invest in and come up with this virtual JF portfolio to see how they really fare.
For hyperthetical illustration, I bought 1 lot for evry counter at the beginning of 2007. The prices were based on the real prices on that day, adjusting for bonus issues and share splits for certain counters. The YTD cumulative return is 25%, which I would say is fairly good as the market has corrected quite sigificantly last month.
Tuesday, 4 September 2007
Midas share price dropped by 7.5% today
Midas shrs fall as Chinalco buys into China alloy firm, Sept 4 (Reuters) - Aluminum Corp of China, or Chinalco, has paid 1.2 billion yuan ($159.1 million) for a 75 percent stake in Northeast Light Alloy Co Ltd, state media and company officials said on Tuesday, apparently beating out a Singaporean firm. The news caused a 9.5 percent drop in shares of Singapore-listed Midas Holdings , which last year had announced its intention to form a joint venture to run NELA, China's largest manufacturer of aluminium and magnesium alloy. "We have not received any official notification. We are checking with the relevant authorities and will make the necessary announcements when we have an update," a Midas spokeswoman told Reuters when asked about the Chinalco deal and the status of the proposed joint venture. Midas said last September it would form a joint venture with three local government investment arms and state-owned nickel firm Jinchuan Group Ltd. that would "leverage on the production facilities, market presence and production capabilities of the existing Northeast Light Alloy Co. Ltd." "Midas had a plan to form a joint venture but it never materialized. The decision (to sell to Chalco) was taken by the assets supervision commission and the Harbin government," an official surnamed Rong at NELA's board office told Reuters. Midas planned to inject 300 million yuan for a 30 percent stake. The venture would construct a new plant to manufacture super large special aluminium plates and sheets, Midas said in a press release on Sept. 12, 2006. Founded in the 1950s, NELA had 1.089 billion yuan in sales in the first half of 2007, but only 51 million yuan in net profit. It makes aluminium and magnesium alloy for military and civilian use, as well as processing machinery. "(The news) indicates that the Chinese government wishes to keep NELA solely in domestic hands (as NELA supplies significantly to the military) and that they are not prepared for foreign participation in NELA," DBS Vickers Securities analyst Paul Yong wrote in a research note on Tuesday. The failure of the joint venture would cut Midas's forecast earnings per share for fiscal year 2008 by 10 percent, Yong said. He maintained his 'buy' rating but reduced his target price for the stock to S$1.84-$2.06 a share. Midas shares ended down 8.7 percent on Tuesday at S$1.37 a share, after falling 9.5 percent to S$1.33 a share during the day. Following the sale to Chinalco, the remainder of the company's 1.6 billion yuan of assets is held by an arm of the government of Harbin, in China's far northeast, the China Daily reported on Tuesday. State-owned Chinalco is China's largest aluminium producer and the parent of Aluminum Corp of China Ltd, or Chalco <2600.hk><601600.ss>. Midas supplies aluminium alloy extrusion production to infrastructure firms in China, and has a joint venture in Nanjing.
Monday, 3 September 2007
Midas secures RMB37.5million contract
News Release: Midas secures RMB37.5million contract to supply 24 train sets for the Nanjing Metro Line 2 project.
http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/1e297c10124493fd4825734b00175a5e?OpenDocument
http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/1e297c10124493fd4825734b00175a5e?OpenDocument
Sunday, 2 September 2007
Share Portfolio as at 31 Aug 2007
Share Portfolio 31 Aug 2007:
Adv SCT W -3.6%;
Foreland -23.1%;
Hongwei -7.7%;
Pine Agritech -22.3%;
Jiutian +18%;
Asia Ent. -19.2%
Adv SCT W -3.6%;
Foreland -23.1%;
Hongwei -7.7%;
Pine Agritech -22.3%;
Jiutian +18%;
Asia Ent. -19.2%
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