ShareJunction - Member Posts

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Staff cost rose 23.4% to $112.7 million due to increased headcount for train

and bus operations and wage revision, partially offset by the Wage Credit Scheme.

Very jialuck!

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could be month end window dressing or big orders coming !!?

sean123 ( Date: 30-Jul-2013 21:35) Posted:

Insiders knew big orders coming? Why sudden rally?

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Now I know liao. it's the thumb up (useful to me) & thumb down (Not useful) button at the bottom right of the posting (NOT on the left or Top right)

WanSiTong ( Date: 30-Jul-2013 16:52) Posted:

Thumb up & down button ?

heavenknow ( Date: 30-Jul-2013 16:50) Posted:

Can click one? I using mobile version. Never see button le

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wow! Quite chun le ! he is my trading representative !

CitizenBeng ( Date: 30-Jul-2013 15:24) Posted:

Vard Holdings
Since April 2012, shares of Vard Holdings have been on a downtrend and now reside in the oversold region. In terms of financial performance, while its business operation in Brazil is incurring losses, other geographical segments which the company is present in do not face the same situation as they remain profitable. I believe the price at which the share is trading now is reasonable considering that it is at record low levels. The support and resistance for this stock are at $0.79 and $1.205 respectively.

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Thumb up & down button ?

heavenknow ( Date: 30-Jul-2013 16:50) Posted:

Can click one? I using mobile version. Never see button leh

WanSiTong ( Date: 30-Jul-2013 16:48) Posted:

yala, how to do the rating? keep on clicking the button, but no response ?

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yala, how to do the rating? keep on clicking the button, but no response ??

Peter_Pan ( Date: 30-Jul-2013 16:36) Posted:

The credit button not working...

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Slow And Steady Wins The Race

Last done : 0.825

ozone2002 ( Date: 30-Jul-2013 16:01) Posted:

UOB chart genie trigger

Time: 3:40PM
Exchange: SGX
Stock: Vard Holdings(MS7)

Signal: Resistance - Breakout with High Volume

Last Done: $0.82

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Yzj have to go up before the issue of right shares at 1.50

krisluke ( Date: 30-Jul-2013 11:01) Posted:

Prices have broken out of a base formation at 87 cents on volume expansion, and they have also moved above the declining 200-day moving average at 92.5 cents, both an indication of strength.

The break above the top of the base indicates a target of $1.

Both the 50-day moving average and quarterly momentum have turned up.

Momentum also appears poised to move above its equilibrium line.

Support is at 92 cents.

Punters should note that the upmove was probably triggered by the counter’ s dual listing in RMB.

Also, the price gains are helpful should the company wish to do a share placement.

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SGX’s 4QFY13 core net profit rose 68% y-o-y (+5% q-o-q) to SGD103m, backed by average daily turnover (ADT) in the securities market of SGD1.6bn (+42% y-o-y -7% q-o-q), and a record quarter for derivatives. Dividends, however, were slightly disappointing. OSK-DMG raises its FY14 net profit forecast by 7% and its FV to SGD8.10 (23x CY14 EPS) from SGD6.80. Upgrade to Neutral from Sell.

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http://www.sgx.com/wps/portal/sgxweb/home/trading/securities/dual_currency_trading

WanSiTong ( Date: 27-Jul-2013 21:09) Posted:

You can find yr ans here -http://www.sgx.com/wps/portal/sgxweb/home/trading/securities/dual_currency_trading

nqing87 ( Date: 27-Jul-2013 11:43) Posted:

are we still able to buy/sell shares of YZJ as per normal when the dual currency thing kicks in? do we need to open foreign exchange account or something?

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You can find yr ans here -http://www.sgx.com/wps/portal/sgxweb/home/trading/securities/dual_currency_trading

nqing87 ( Date: 27-Jul-2013 11:43) Posted:

are we still able to buy/sell shares of YZJ as per normal when the dual currency thing kicks in? do we need to open foreign exchange account or something?

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Ooop it's fair !

WanSiTong ( Date: 26-Jul-2013 15:28) Posted:

Come on, I just stated the facts that can all be found in the SGX website !!

To be fare to all Singaporean !!

Hawkeye ( Date: 26-Jul-2013 15:24) Posted:

This is the real world not the one that Singapore School Classroom teach you. You sound so academic.

Why do you think Yangzijiang jump into this Duo Currency trading in such enthusiasm? The Chairman is the most entrepreneur businessman in the world the would not miss this opportunity now that its open. What is not supposed to be for does not mean what it can not be done. Even legally. LO

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Come on, I just stated the facts that can all be found in the SGX website !!

To be fare to all Singaporean !!

Hawkeye ( Date: 26-Jul-2013 15:24) Posted:

This is the real world not the one that Singapore School Classroom teach you. You sound so academic.

Why do you think Yangzijiang jump into this Duo Currency trading in such enthusiasm? The Chairman is the most entrepreneur businessman in the world the would not miss this opportunity now that its open. What is not supposed to be for does not mean what it can not be done. Even legally. LOL

WanSiTong ( Date: 26-Jul-2013 15:17) Posted:

anyone understand what he said !!

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anyone understand what he said !!?

Hawkeye ( Date: 26-Jul-2013 15:14) Posted:

Anyone can circumvent the chinese authority by paying in RMB from China and sell it in Singapore and collect the SGD.

A lot of people already doing it in trades, only now its in Stock Exchange opening the gates legally. Well let the Chinese Authorities worry that.

Who follow rules when money is to be made? Dont be naive. LOL

WanSiTong ( Date: 26-Jul-2013 15:04) Posted:

In most cases, the traded prices in the two counters (currencies) should theoretically be equivalent or close to each other, taking into consideration the prevailing foreign exchange rate

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In most cases, the traded prices in the two counters (currencies) should theoretically be equivalent or close to each other, taking into consideration the prevailing foreign exchange rate.

WanSiTong ( Date: 26-Jul-2013 15:01) Posted:

Dual Currency Trading (DCT)

Sorry Hawkeye! I have to clarify this so that members of SJ will not be misled!

Under DCT, Yzj will not bring in/out money from/to China.

Nothing will be changed for Yzj except that their shares can now be traded under dual currency.

There is no new offer of the security as it has already been listed on SGX. Dual currency trading for this security means a secondary trading line in a different currency has been created for this existing security. If the existing security has 1 billion shares in circulation, it will still have 1 billion shares after the addition of a dual currency trading counter. (FAQ 2)

FAQs on Dual Currency Trading

1

What is dual currency trading?

Dual currency trading is a new functionality that is offered on SGX Securities market. Investors can trade the same security in two currencies and their shares/unit holdings are custodised as a consolidated pool at the depository end.

2

If the security has dual currency trading functionality, does it mean it is listed and offered in two different types of shares with different currency denomination?

There is no new offer of the security as it has already been listed on SGX. Dual currency trading for this security means a secondary trading line in a different currency has been created for this existing security. If the existing security has 1 billion shares in circulation, it will still have 1 billion shares after the addition of a dual currency trading counter.

3

Currently, when the investor trades a listed security in existing USD counter, he is already able to settle this trade with his broker in SGD (if he buys) or receive proceeds in SGD (if he sell). What is the difference with dual currency trading?

Citing an example, if the investor wishes to trade a USD-denominated security in Singapore dollars, he can either choose to trade the security with the secondary currency counter (i.e. SGD) on SGX or trade the security with the primary currency counter and settle in SGD with his broker. The difference is that the investor will know the traded price in SGD when he trades, whereas for the latter, he will only know the amount in SGD that he has to pay for, after the settlement of this trade.

4

If the investor buys the units in the SGD counter, can he subsequently sell in the USD counter, or vice versa?

Yes, the investor can buy from one currency counter and sell in the other currency counter. An investor who does a sell trade must make sure they have sufficient shares in his account. Otherwise, it will be a short-sell and buy-in will apply.

5

If an investor would like to buy or sell the units, which counter is better?

The investor has the flexibility to trade in either currency counters. He can either trade in the preferred currency counter (say USD) or trade in the alternative currency counter (say SGD) and settle in USD with his broker at the broker’s prevailing exchange rate. The investor can compare these two market equivalent prices and decide the option that will be most suitable for him.

6

If there is a dividend distribution and the investor traded in both currency counters for the listed security, in which currency will the investor receive the distribution?

For the listed security with dual currency trading, one currency denomination will be the Primary Currency while the second currency denomination will be the Secondary Currency. The Primary Currency is usually the currency denomination in which the listed security is issued in. Dividend distribution will be made in the Primary Currency unless otherwise stated.

7

Does the investor need to open a new account to trade in a security with dual currency trading functionality?

No new account is required to trade in a dual currency counter. Trading a dual currency security is no different from trading any other listed security. Investors need to have a CDP securities account and a trading account with a broker to trade securities listed on SGX.

8

What currencies are available for dual-currency trading?

Currently, we offer dual currency trading in SGD, USD, HKD and AUD.

9

What is the cost of trading a security with dual currency trading functionality?

The usual trading cost (including brokers’ commission, SGX clearing fee and trading fees) applies, similar to any other listed security on SGX.

10

Can the investor do a contra trade between the two counters?

No, the two currency counters of the listed security are separate trading counters. Contra trade is only possible within the same counter like any other listed security.

11

How will the market value of the dual listed counters be reflected in the investor’s monthly CDP statement?

The market value of the listed security with dual currency trading functionality will be computed based on the last done price of the Primary Currency counter and the total number of unit holdings of the listed security, regardless of whether the investor purchased the units through the Primary Currency counter or Secondary Currency counter.

12

If the investor is to obtain margin financing from broker on the dual currency counter, how will the valuation be computed?

Different brokers may have different valuation methodologies to compute the margin requirement. For example, some may use the last done price of the primary currency counter while others may use the traded currency of the counter. Investors are advised to consult their brokers for more information.

http://www.sgx.com/wps/portal/sgxweb/home/trading/securities/dual_currency_trading#

Topspin70 ( Date: 26-Jul-2013 13:07) Posted:

Thanks for explaining. Didn't realize the implications. So safe to say any further upside potential is curbed by this development then?

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Dual Currency Trading (DCT)

Sorry Hawkeye! I have to clarify this so that members of SJ will not be misled!

Under DCT, Yzj will not bring in/out money from/to China.

Nothing will be changed for Yzj except that their shares can now be traded under dual currency.

There is no new offer of the security as it has already been listed on SGX. Dual currency trading for this security means a secondary trading line in a different currency has been created for this existing security. If the existing security has 1 billion shares in circulation, it will still have 1 billion shares after the addition of a dual currency trading counter. (FAQ 2)

FAQs on Dual Currency Trading

1

What is dual currency trading?

Dual currency trading is a new functionality that is offered on SGX Securities market. Investors can trade the same security in two currencies and their shares/unit holdings are custodised as a consolidated pool at the depository end.

2

If the security has dual currency trading functionality, does it mean it is listed and offered in two different types of shares with different currency denomination?

There is no new offer of the security as it has already been listed on SGX. Dual currency trading for this security means a secondary trading line in a different currency has been created for this existing security. If the existing security has 1 billion shares in circulation, it will still have 1 billion shares after the addition of a dual currency trading counter.

3

Currently, when the investor trades a listed security in existing USD counter, he is already able to settle this trade with his broker in SGD (if he buys) or receive proceeds in SGD (if he sell). What is the difference with dual currency trading?

Citing an example, if the investor wishes to trade a USD-denominated security in Singapore dollars, he can either choose to trade the security with the secondary currency counter (i.e. SGD) on SGX or trade the security with the primary currency counter and settle in SGD with his broker. The difference is that the investor will know the traded price in SGD when he trades, whereas for the latter, he will only know the amount in SGD that he has to pay for, after the settlement of this trade.

4

If the investor buys the units in the SGD counter, can he subsequently sell in the USD counter, or vice versa?

Yes, the investor can buy from one currency counter and sell in the other currency counter. An investor who does a sell trade must make sure they have sufficient shares in his account. Otherwise, it will be a short-sell and buy-in will apply.

5

If an investor would like to buy or sell the units, which counter is better?

The investor has the flexibility to trade in either currency counters. He can either trade in the preferred currency counter (say USD) or trade in the alternative currency counter (say SGD) and settle in USD with his broker at the broker’s prevailing exchange rate. The investor can compare these two market equivalent prices and decide the option that will be most suitable for him.

6

If there is a dividend distribution and the investor traded in both currency counters for the listed security, in which currency will the investor receive the distribution?

For the listed security with dual currency trading, one currency denomination will be the Primary Currency while the second currency denomination will be the Secondary Currency. The Primary Currency is usually the currency denomination in which the listed security is issued in. Dividend distribution will be made in the Primary Currency unless otherwise stated.

7

Does the investor need to open a new account to trade in a security with dual currency trading functionality?

No new account is required to trade in a dual currency counter. Trading a dual currency security is no different from trading any other listed security. Investors need to have a CDP securities account and a trading account with a broker to trade securities listed on SGX.

8

What currencies are available for dual-currency trading?

Currently, we offer dual currency trading in SGD, USD, HKD and AUD.

9

What is the cost of trading a security with dual currency trading functionality?

The usual trading cost (including brokers’ commission, SGX clearing fee and trading fees) applies, similar to any other listed security on SGX.

10

Can the investor do a contra trade between the two counters?

No, the two currency counters of the listed security are separate trading counters. Contra trade is only possible within the same counter like any other listed security.

11

How will the market value of the dual listed counters be reflected in the investor’s monthly CDP statement?

The market value of the listed security with dual currency trading functionality will be computed based on the last done price of the Primary Currency counter and the total number of unit holdings of the listed security, regardless of whether the investor purchased the units through the Primary Currency counter or Secondary Currency counter.

12

If the investor is to obtain margin financing from broker on the dual currency counter, how will the valuation be computed?

Different brokers may have different valuation methodologies to compute the margin requirement. For example, some may use the last done price of the primary currency counter while others may use the traded currency of the counter. Investors are advised to consult their brokers for more information.

http://www.sgx.com/wps/portal/sgxweb/home/trading/securities/dual_currency_trading#

Topspin70 ( Date: 26-Jul-2013 13:07) Posted:

Thanks for explaining. Didn't realize the implications. So safe to say any further upside potential is curbed by this development then?

Hawkeye ( Date: 26-Jul-2013 09:40) Posted:

Yangzijiang with Duo trading in RMB, Yangzijiang can bring money out of China.

Recently Yangzijiang sell 300million warrant to City house with excercise value of $1.5 because YZJ need money to finance it Offshore quest in Singapore.

They buy in RMB and sell in Singapore in SGD.

They can do that, I am not saying that they are doing that

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very most is 1 cent gone!

But going up limit is up to the sky ! LOL

yummygd ( Date: 26-Jul-2013 11:37) Posted:

Wah 0.05 drools lol hope it reaches ur price soon. Give it time. I currently got high hopes for this cov. But hope can be dangerous lol. Buy as i go. Btw they haven state when rights will be issuing right e book close date?

alexwong ( Date: 26-Jul-2013 10:53) Posted:

Haha my holdings still stuck at close to 0.05cents for close to 4years and I've seen ppl stuck at the high of $1 plus plus.. Very heart breaking this stock.. Hopefully la it'll go up

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and don't forget they are going to increase the maintenance fees for the listed Cos. Huat ah !

Bottom line will be boosted !!

Mr_SGX ( Date: 26-Jul-2013 10:28) Posted:

Make no mistake, SGX is one of the better good quality stock around.. very good growth potential, reasonably good dividend payout, zero debt etc.

MrSGX like like.. Smiley

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should be based on group.

matrixxx ( Date: 26-Jul-2013 04:32) Posted:

sorry bro, but how do you get the NAV at 0.56?

From the latest results, the NAV under the group is 0.62, and the NAV under the company is 0.52

Net assets value per ordinary share (SGD) GROUP -0.62 , COMPANY -0.52 ------- taken from SGX result release.

Btw any bro here can advises, we need to use which NAV for guide, the company's NAV or the Group?

Thanks for helping out

SFGuyRuleZ ( Date: 25-Jul-2013 11:02) Posted:

Based on first half results 2013 for now,

net book value (excluding intangible assets)/ share = 0.56

DCF valuation based on discount factor 0.12 and assume no growth (positive or negative), letting g = 0, intrinsic value/ share ~= 0.46.

Fair value / Target Price = ?? (You decide..)

SFGuyRuleZ's target price for now = 0.89.

Jacelin84's target price = 0.69.

Hawkeye's target price = 0.5

Market's target price = ????????

Cheers!!

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Huat ah !

Orders will be the trigger few large ones might be announced soon: MER expects Petrobras orders and a few OSCV orders to be announced soon, which should lead to street upgrades of 2014 and 2015 profit estimates.

MER has an Outperform rating on Vard and a 12-month target price of $1.82.

CitizenBeng ( Date: 25-Jul-2013 14:33) Posted:

In a research report released at end May, Macquarie Equities Research (MER) commented that most investors they met seem to appreciate that the stock looks quite attractive at current valuations and market expectations have upside risk. MER believes that orders will be the trigger and believes a few large ones may be announced soon.

Below are the excerpts from the research note MER published on 28 May after meeting with investors and Vard’s management on a road show in Hong Kong:

Order guidance of “at least” NOK12bn: Street is estimating NOK10bn-11bn of orders in 2013. MER thinks VARD is set to surprise the street.

- Approximately NOK4.5bn of orders already done
- Expecting a minimum of NOK12bn which could go up to NOK15bn
- Expecting OSCV market strength to continue
- Expecting a few customized large hybrid vessel orders
- Expecting AHTS market to bounce strongly in 2H13
- Expecting 1-4 Petrobras vessel orders to the tune of NOK1.5bn-5bn

Brazil issues are limited to 4 vessels under control by end-2013: Out of the five vessels, one was delivered last week while execution is on track for other four to be delivered on time as per the new schedule. Staff has been brought over from Romania and Norway, while some work has been outsourced. Management changes have also been done at the Brazil yard.

Competition will intensify, but Vard staying ahead in the race through investments in technology: More than the Chinese yards, Vard sees Korean and Japanese yards as a threat as they become more desperate due to lack of orders in their core markets. But MER thinks Vard is keeping ahead in the race through innovation and technology (like recent expansion in Romania and Vietnam yards to be able to build more customized and large vessels).

New owner a better fit has ambitions to grow the company: The new owner is taking active interest in growing the company, as indicated by the new investments in Romania and Vietnam. In addition, the new owner has yards in the US and Middle East, where Vard has no presence, and can now expand its reach

Action and recommendation
Investors bottom-fishing: Most investors MER met seem to appreciate that the stock looks quite attractive at current valuations and market expectations have upside risk, but seem to be bottom-fishing.

Orders will be the trigger few large ones might be announced soon: MER expects Petrobras orders and a few OSCV orders to be announced soon, which should lead to street upgrades of 2014 and 2015 profit estimates.

MER has an Outperform rating on Vard and a 12-month target price of $1.82.