Latest Posts By sheerluck
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About sheerluck
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| 28-Apr-2014 23:46 |
HPH Trust USD
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HPH Trust US$
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My reasonings are these: In 2013, they borrowed HK$4,000mil and spent HKD$3,868 to acquire ACT. Following that the net borrowing is HK$647mil. So in FY2013 there is a net inflow of HK$779mil from these events. Assuming they borrow just enough to buy ACT and don' t borrow any more that year, FY2013 Q1 cash balance will be HK$3,763mil and FY2014 Q1 cash balance will be HK$4,168mil. But wait, they paid less dividend for FY2013. If they maintain the same payout as 2012, the actual FY2014 Q1 cash balance will only be HK$2,061mil. So cash balance improves beccause they borrowed more than they spent and paid unitholders less. I cannot clasifiy that as a real improvement in cash balance. They did said that the gain from the disposal of ACT is HK$125mil but in their Q1 report para 8: Other operating income was HK$245.7 million, representing HK$240.2 million or 4,367.3% above last year. The increase was largely due to the net gain of HK$243.8 million arising from the disposal of 60% effective interest in ACT. Okay, will probaly need to understand why they are different but anyway I deducted that HK$243.8mil from their net profit. This gives only HK$315mil. This is the lowest in all quarters so far. Anyway, I am not talking down HPH. Even with all this smart accounting, its div yield is still one of the highest in the market. Not a call to buy or sell. DYDD. 
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| 28-Apr-2014 21:38 |
HPH Trust USD
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HPH Trust US$
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Really? If you take off the once-off gain from the disposal of 60% ACT for a more comparable basis, this quarter result is by far the worse.
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| 28-Apr-2014 20:05 |
Vard
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Vard Holdings
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Vard reporting before market open tml. Do you feel  or  ?
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| 26-Apr-2014 20:51 |
Ley Choon
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Ley Choon
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Ley Choon business is sound. Mostly govt jobs with little risk of bad debt. However, two points to note: - huge debt (mostly short term suggesting a need to improve working captial). gearing 1.5x. financial cost from this eats away 1/3 of its profit. - margin eroison with any further increase in foreigh worker levy. Unfortunately, its share place is so low that any fund raising by share placemnt will dilute its EPS too much. What it needs to do is to negotiate a better payment schedule for its work. Get the cash in quick to reduce the hugh short term loan. This should help to improve its earning through a lowered financial cost. They will also need to keep an eye on their porject management to prevent losses from unapproved work and variation order. Excluding all the once-offs in the last two FY, core PE is 12-13, price-to-book is 0.9. Let see what their Q1 reporting card reveals. |
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| 25-Apr-2014 16:37 |
Falcon Energy
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Falcon Energy
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The big catalyst for Falcon will be taking CH Offshore private. A respectable full year results should also give its share price a boost. Current support level at 34.5cts and 33cts. |
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| 25-Apr-2014 14:11 |
Medi Lifestyle
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will iev back to $1 ?
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IEV released their Q1 FY13 results on 15 May last year. I expect them to release around ths FY Q1 around the same time this year so in around three weeks time. I suggest people who are interested in this company to pay attention to the performance of their turnkey projects. Whether GM turned positive and how postiive it is. DYDD |
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| 24-Apr-2014 23:32 |
Nam Cheong
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Nam Cheong
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High vol @ 36cts and 36.5cts within a short time frame. Good news coming? |
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| 24-Apr-2014 16:28 |
China Fibretech
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Fibretech CEO - Next 3 yrs result will be better
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It is possible that someone or sombody is accumulating shares of this coy. It is pretty illquid so they have to really spread it out. Possible? |
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| 24-Apr-2014 15:28 |
Medi Lifestyle
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will iev back to $1 ?
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IEV has been doing badly for the last two years on their D21 turnkey project due to their US sub-contractor. GM for turnkey has been negative. Now that this project is behind them, will IEV see better times? They have put in place a ERM (Enterprise Risk Management) to guide them in their turnkey projects so we should expect positive but still low GM from this area. They are currently working on a contract to decommission a FPSO worth RM50mil to be recognised in Q1 and they probably going to recognise another say RM30mil revenue from the Malikai TLP turnkey project. The GM for their IES and MNG is actually quite good at ~45% and ~ 31%. They are currently focusing on these areas for their future growth: (i) launching the new generation of MGP products globally and penetrating the rejuvenation and decommissioning markets in offshore engineering (ii) producing oil and gas from Pabuaran KSO in the petroleum sector (iii) construction of the rice-husk biomass plant in Vietnam in the renewable energy sector. The sale of their CNG Vietnam stake is going to rake in approx. SGD$10.7mil cash but don' t expect special div from this. They already said how they are going to use the proceed. Whether IEV still got a case, you decide. As ususal DYDD. wink |
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