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Raffles Education’s share price is expected to be badly hit once its trading halt is lifted at 2pm despite management’s assurance that associate, Oriental Century’s accounting woes would n …
GoldenAgr=$0.35 (After pullback from 200DMA......a flag formation has formed)IndoAgri=$0.815 (like Golden Agri, it also is forming a flag formation)
Audit issues. Fibrechem posted during the lunch break that it has appointed Nicky Tan as an independent investigator and financial advisor. The official announcement says that there were certain difficulties encountered by auditors during the finalization of the audit of the group's trade receivables and cash balances. In short, accounting fraud - the worst-case scenario for …
Genting Singapore (GENS) has requested a trading halt pending for further announcement. Market speculation is that the company will be announcing a rights issue exercise to raise funds, to pare debt (GENS' total debt stood at S$2.4b as at 30 Jun 09), or even perhaps to beef up its war chest for future business expansion in the region. In the short term, we foresee share price …
Very negative for Kep Corp and Sembmarine.Brazil's Petrobras has cancelled tenders for its P-61 and P-63 offshore oil production platforms after deciding that the prices bid on the Papa Terra project were outside its budget parameters.In a written statement, Petrobras said it considered price proposals for supplying the TLWP P-61 to be too high "given current market …
Weakness in banking stocks. Banking stocks have taken a severe beating this week. The market capitalisation of the three local banks fell 21%, where about S$11.2b was wiped off since the start of the year (or doubled the combined FY08 net profits of S$5.6b for the three local banks). As the unceasing spate of negative news continues to hit, the rapid deterioration in recent …
1Q09 results exceeded both ours and consensus' expectations. Singapore Petroleum Company (SPC) reported 1Q09 PATMI of S$55.5m (-43.7% YoY), exceeding our estimates and the Street's of S$33.6m. SPC's better-than-expected refining margins of US$4.50/bbl (vs. our forecast of US$3.10/bbl) was the quarter's main positive highlight, which led to a turnaround in operating profit of …
SMM recorded a FY08 profit of S$429.9m, which was below our and market expectations of around S$440m. While headline earnings indicate a 78.4% jump, stripping out a charge of S$44m and FY0 …
Please note these important dates for the Keppel Land Rights issue.Keppel Land Rights Issue Indicative TimetableLast day of Cum-Rights Trading: 11 May 2009First Day of Ex-Rights trading for Rights Issue : 12 May 2009Books Closure Date: 14 May 2009Commencement of nil-paid Rights Trading: 19 May 2009Last Day of nil-paid Rights trading: 27 May 2009Last day & time (i) for …
S$712 million Keppel Land rights issue; Keppel Corp may have stake raised upto 72.63%: Keppel Land announced a fully underwritten 9-for-10 rights issue of 653.6 million new shares at S$1.0 …
Golden Agri has proposed a fully underwritten 17-for-100 rights issue with free detachable warrants at S$0.18/share. We are not surprised as Golden Agri flagged to the market two weeks ago that it was mulling a rights issue. What was new were the two free detachable warrants for every five rights shares subscribed which would be EPS-dilutive if and when the warrants are …
The continued optimism displayed by the US stocks overnight, coupled with a strong showing by the Nikkei in early morning trading is likely to inspire the STI to climb higher this morning.We note that the last month's consolidation had resulted in the formation of a symmetrical triangle continuation pattern very similar to the one formed in early Jun'09 - mid Jul '09, which …
Coca Cola has decided to let its bottling and distribution agreements with F&N Berhad, F&N’s 57.9% subsidiary, expire in Jan 2010. This will hit its results negatively as Coke acco …
The STI opened flat at 1707.17 but taking a cue from the strong HIS opening of >2% higher, the index climbed to a high of 1717.28 in the late morning, before ending the morning session +0.4% at 1714.51. Nevertheless, the overall sentiment remains cautious as losers continue to lead gainers 141 to 125 with 499m units traded, versus 475m traded by midday yesterday. Investors no …
We downgrade StarHub to Neutral as risk-reward appears balanced ahead of the bid for English Premier League (EPL) broadcasting rights in 2H09. We are trimming our PO 5cps, to S$2.05 as we …
China Hongx=$0.185 (Breakdown support at $0.19, target $0.16)
CELESTIAL NUTRIFOODS LIMITED said that, as at 23 May 2009, the Company received notification from the holders of its Bonds, requiring the Company to redeem the Bonds held by them amounting to S$234,600,000 (instead of S$234,800,000). The total amount payable on 12 June 2009 in respect of the redemption of the S$234,600,000 Bonds is S$273,660,900. The Company …
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