LionGold Corp Ltd - Short Note on Institutional Ownership (Update)
During the course of our research on LionGold Corp Ltd (LIGO), we found that LIGO has been included in multiple indices such as S&P Asia Pacific BMI Index, and gaining interest from a considerable list of exchange traded funds such as the Market Vectors Junior Gold Miners ETF, Vanguard Total International Stock Index Fund and Schwab International Small-Cap Equity ETF.
Download Report
| Uploaded on 02 July 2012
by Liu Jinshu
|
LionGold Corp Ltd - Taking Strategic Stake in World Class Mine (Update)
LionGold Corp Ltd (LIGO) announced on 28 Jun 2012 that it will be subscribing for 10% of enlarged share capital of ASX listed CitiGold Corporation Limited (CitiGold) for S$12.9m (A$10m). CitiGold reported a net profit of A$0.85m over Jul-Dec 2011 on 4,789 ounces of gold produced. It also wholly possesses a high quality gold mine with 11.78m ounces of indicated and inferred gold resources at an average gold grade of 13g/ton of ore.
Download Report
| Uploaded on 29 June 2012
by Liu Jinshu
|
Far East Group Limited – Keeping Our Food Cool (Initiation)
We initiate coverage on Far East Group Limited (Far East) as the company 1) is one of the largest distributors of refrigeration systems and products in Southeast Asia and carries a wide range of branded cooling system components, 2) has an innovative in-house “Eden” brand of products which are known for its energy efficiency and 3) exciting plans to widen its distribution channels and manufacturing facilities.
Download Report
| Uploaded on 27 June 2012
by Kian Teck Ng
|
Ryobi Kiso Holdings Ltd. – Bagged Another S$28.7m Contracts (Update)
Ryobi Kiso Holdings Ltd (Ryobi) had recently secured 5 new contracts worth S$28.7m in Singapore, bringing total contract value secured since the beginning of calendar year 2012 to S$108.3m. Including the S$37.6m contracts in Vietnam, which was announced in April-12, Ryobi has secured S$66.3m worth of contracts in 4Q FY12. This news has shown that the management remains focus on local market, not distracting by its regionalization plan. We maintain our financial forecast and valuation at the moment, pending 4Q FY12 results announcement. Maintain Increase Exposure with Intrinsic Value of S$0.205.
Download Report
| Uploaded on 27 June 2012
by Tey June Teng
|
Genting Singapore PLC - Do Investors Have a Good Hand Now? (Snap Report)
Genting Singapore’s (GENS) share price has corrected 40% from its peak in Nov-2010. We suggest a ‘Take Profit’ rating on GENS due to (1) excessive cash drag from recent capital raising, (2) impairment risk from rising past due receivables and (3) declining market share. We value it at S$1.19, implying 16% downside, based on 15x FY12F earnings.
Download Report
| Uploaded on 26 June 2012
by Tey June Teng
|
Nam Cheong Limited - Moving Towards Deeper Water Vessels
Last night, Nam Cheong Limited (Nam Cheong) announced that it had been awarded the letter of intent by Bumi Armada for four units of MPSVs (worth about US$130m) with the option for four additional units. This new built contract signals Bumi Armada’s intention of buying higher specification vessels (for deeper water purposes) and we project more orders to come in FY13 and FY14. This strategic move is in line with Nam Cheong’s 2013 shipbuilding programme of constructing more PSV which are suitable for deeper water operation. The contract also provides comfort with respect to our FY13-FY14 forecasts.
Download Report
| Uploaded on 20 June 2012
by Kian Teck Ng
|
China Taisan Technology Group Holdings Ltd - Ready for the Restructuring
We visited China Taisan Technology Group Holdings Ltd (Taisan) in the Jinjiang City recently to have a look at their new machineries and understand the management’s strategies ahead.
Download Report
| Uploaded on 12 June 2012
by Kian Teck Ng
|
LionGold Corp Ltd – Two New Proposed Acquisitions (Update)
LionGold Corp Ltd (LIGO) announced on 4 Jun 2012 the proposed acquisition of: 100% of Vista Gold Antigua Corp (Vista Gold) from Republic Gold Limited for about S$9.05m, of which S$8.08m will be satisfied via the issue of 8.05m new LIGO shares and (up to) 100% of Brimstone Resources Limited (BMT) for about S$4.7m, to be satisfied via the issue of up to 4.69m new LIGO shares. We view these acquisitions positively as they suggest that LIGO is still on an acquisition streak to realize its growth trajectory, particularly in the area of resource growth in this instance.
Download Report
| Uploaded on 03 June 2012
by Liu Jinshu
|
LionGold Corp Ltd - Maintaining Aggressive Acquisition Pace (Update)
LionGold Corp Ltd’s (LIGO) recently acquired Signature Metals Limited (Signature) and its ongoing acquisition of Castlemaine Goldfields Limited (Castlemaine) will only contribute towards the company’s financials from FY13F. Therefore, LIGO’s FY12 net attributable loss of S$26.4m, which was largely due to one-off and initial expenses from both new and old businesses, was not fully reflective of its prospects. Both Signature and Castlemaine produced a noteworthy 6,533oz of gold in Jan-Mar 2012. Therefore, our outlook on LIGO remains positive.
Download Report
| Uploaded on 01 June 2012
by Liu Jinshu
|
King Wan Corporation Ltd - Still an Underappreciated Gem (Update)
King Wan Corporation Limited (King Wan) announced its full year results on 29 May 2012. For FY12 ended Mar-12, net profit came in at S$14m on revenue of S$57.2m, of which associate companies contributed S$7.27m to the bottom line. Gross profit was generally in line with our expectation despite revenue coming in below our forecast. We maintain our intrinsic value at S$0.28 per share and reiterate our Increase Exposure rating on King Wan.
Download Report
| Uploaded on 29 May 2012
by Tey June Teng
|
Cordlife Group Limited - The Ideal Choice (Initiation)
We initiate coverage on Cordlife Group Limited (Cordlife) as the company operates in a niche healthcare subsector that is defensive and has strong cash generating capability. The company also has much upside potential such as penetration rate growth in existing markets, new markets via its right of first refusal with Australia listed Cordlife Ltd (which Cordlife Group currently licenses its branding and knowhow to) and potential new service offerings. Cordlife currently trades at FY13F 11.1X P/E and 1.41X P/B. Recommend Increase Exposure with an intrinsic value of S$0.690.
Download Report
| Uploaded on 28 May 2012
by Kian Teck Ng
|
HISAKA Holdings Ltd. - A Surprise Maverick Move (Update)
HISAKA Holdings Ltd (HISAKA) announced on 24 May 2012 that it has entered into a MOU to acquire the control and all economic interests of Wenling Xinghai Ocean Shipping Co., Ltd (Xinghai). At present, the acquisition seems like an attempt to raise the scale of HISAKA’s business, and thereby unlock long term value per share, while U9 Investment Pte Ltd the current majority shareholder will end up with a smaller stake in HISAKA. We are positive about this transaction and upgrade our rating on HISAKA to Invest. However, we maintain our forecasts and valuation of the company, pending further disclosures on the transaction.
Download Report
| Uploaded on 24 May 2012
by Liu Jinshu
|
Swee Hong Limited - Relative Value on the Steep Side (Snap Report)
Swee Hong Limited (Swee Hong) commenced trading on 23 May 2012. Its price has since risen to S$0.290 from the IPO price of S$0.225. We continue to prefer OKP Holdings Limited for its order book size and and relative value.
Download Report
| Uploaded on 22 May 2012
by Liu Jinshu
|
CNMC Goldmine Holdings Limited - Pushing Ahead For Growth (Update)
CNMC Goldmine Holdings Limited (CNMC) reported a net loss of US$168.8k attributable to shareholders for 1Q FY12. Production at 754.75oz of gold was slightly lower than that of 4Q 2011 (911.51oz) due to longer than expected wet weather. We were unfazed by the results as we had expected higher production and profitability to kick in predominantly in 2H 2012 with 2Q 2012 showing better performance than 1Q 2012.
Download Report
| Uploaded on 22 May 2012
by Liu Jinshu
|
UMS Holdings Limited - Dividend Yield Remains Attractive (Update)
UMS Holdings Ltd (UMS) continued to show improvement over the low of 3Q FY11 in its 1Q FY11. Compared to 4Q FY11, revenue grew by 27.0% to S$32.0m. Net profit rose by 5.8% from S$5.7m in 4Q FY11 to S$6.0m in 1Q FY12. We continue to like UMS for its attractive dividend yield. Since our initiation of UMS in Aug 2010, the company has declared some 11 cents of dividends from 3Q 2010 to 1Q 2012. UMS’s dividend payout in 2011 was as high as 75%. Based on the 6 S cents of dividends declared for 2011 and a share price of S$0.385, we are looking at a very compelling yield of 15.6% per annum.
Download Report
| Uploaded on 22 May 2012
by Liu Jinshu
|
Delong Holdings Limited - Delong, What a "Steel"! (Initiation)
Delong recently completed the acquisition of a profitable steel mill, which is expected to contribute positively towards the company’s financials from 2Q 2012 onwards. This acquisition forms part of the basis for us to expect 2012 to be profitable. Going forward, Delong has put in place a pipeline of acquisitions to raise capacity. In the longer term, these acquisitions will accelerate Delong’s growth when the China steel industry recovers.
Download Report
| Uploaded on 22 May 2012
by Liu Jinshu
|
Falcon Energy Group – Seeing Recovery in the Marine Business (Update)
Falcon Energy Group’s 1Q revenue soared 119% YoY to US$35.9m while PAT declined 62% YoY to US$1.4m. The former was boosted by the Oilfield Services division, which was engaged in a short term procurement contract. The latter was due to loss incurred by Federal Offshore Services Pte Ltd for the one-off provision of a doubtful debt. Maintain Increase Exposure.
Download Report
| Uploaded on 21 May 2012
by Kian Teck Ng
|
Ramba Energy Limited – It’s the Weather Again! (Update)
Ramba Energy Limited’s 1Q revenue rose 19.4% YoY to S$16.0m on the back of higher revenue from the O&G segment (mainly due to higher production and selling prices from Jatirarangon) and logistics segment (supported by new contracts). Maintain Increase Exposure.
Download Report
| Uploaded on 17 May 2012
by Kian Teck Ng
|
Ying Li International Real Estate Ltd - Profitable 1Q Confirms Turnaround Status (Update)
Ying Li International Real Estate Ltd (Ying Li) announced a net attributable profit of RMB5.5m for 1Q FY12 versus a loss of RMB4.2m in 1Q FY11. Growth was driven by continued sale of IFC office units and rental income growth following the opening of the IFC mall in Dec 2011. The company intends to sell more IFC office units, which will continue to generate healthy profits in 2012. In 2013, Ying Li plans to hand over Phase 1 and 2 of the Ying Li International Plaza (YLIP) to buyers. In all, Ying Li has a visible revenue base going into 2012 and 2013 with pre-sales over the next two years to support 2014 revenue. Maintain Increase Exposure.
Download Report
| Uploaded on 17 May 2012
by Liu Jinshu
|
Sapphire Corporation Limited - Tough 1Q, But Balance Sheet Strengthened (Update)
Sapphire Corporation Limited (Sapphire) reported a net loss of S$7.2m for 1Q FY12 due to its share of associates’ losses of S$6.0m and a (previously mentioned) challenging environment for the steel making industry as whole. The company tidied its balance sheet further in the first four months of 2012 – it recalled back S$25.07m of deposits with Chengyu Vanadium Titanium Technology Company Limited (formerly known as Weiyuan) in 1Q 2012 and was repaid a US$40m loan to the shareholder of Chengyu in Apr 2012.
Download Report
| Uploaded on 16 May 2012
by Liu Jinshu
|
|
|
