Ezion

The current price of 7.6 cents is trading at a steep discount as compare to the new issued share price of about 21 cents.

The company had just swing back to profit for 2nd quarter , looks like price may likely move up to retest 8 cents then 8.4 cents.

Breaking out of 8.4 cents with ease + good volume that may propel to drive the price Higher towards 9 then 9.6 cents

Not a call to buy or sell.

Please do your own due diligence.

the  proposed  allotment  and  issue  by  the  Company  of  96,153,000  new  ordinary shares  in  the  capital  of  the  Company  (the  “Shares”)  (the  “Subscription Shares”)  to  the  Subscriber  at  an  issue  price  of  S$0.208  per  Subscription  Share (the  “Proposed  Subscription”);  and 

STATEMENT  REVIEW 2Q18  vs  2Q17 The Group's revenue for the three months ended 30 June 2018 ("2Q18") decreased by US$44.3 million (65.7%) to US$23.1 million as compared to the corresponding three months ended 30 June 2017 ("2Q17"). The decrease in revenue  was  mainly  due  to: (i) (ii) (iii) (iv) continued delays in re-deployment of the Group's liftboats due to working capital constraints pending finalisation  of  the  refinancing  exercise  on  bank  borrowings; drop in utilisation rate of jack-up rigs and not recognising revenue when the Group has assessed that certain customers  are  not  able  to  meet  existing  charter  obligations; lower  utilisation  rates  of  the  Group's  tugs  and  barges;  and overall  reduction  in  charter  rates  across  the  Group’s  fleet  of  vessels. The cost of sales and servicing for 2Q18 decreased by US$26.7 million (43.9%) to US$34.0 million as compared to  2Q17,  largely  due  to  lower  depreciation  expenses  on  vessels. As a result of the above, the Group recorded a gross loss of US$10.9 million in 2Q18 from a gross profit of US$6.7 million  in  2Q17. The increase in other income in 2Q18 as compared to 2Q17 was mainly due to the strengthening of the United States Dollar against the Singapore Dollar as at 30 June 2018 and this resulted in foreign exchange gain on the Group's  Notes  Payable. The decrease in other operating expenses in 2Q18 as compared to 2Q17 was due to exchange loss incurred in 2Q17. The finance gain in 2Q18 as compared to finance costs in 2Q17 was mainly due to the fair value adjustments arising  from  the  refinancing  exercise  recorded  in  2Q18.

The lower share of associates and jointly controlled entities' losses in 2Q18 as compared to 2Q17 was mainly due to  lower  operating  losses  from  the  Group's  joint  ventures  and  associates. The  Group  generated  profit  before  income  tax  of  US$87.6  million  in  2Q18  as  a  result  of  all  the  above. Charter income derived from Singapore flagged vessels are exempted from tax under Section 13A of the Income Tax Act of Singapore. Current period income tax expense of US$0.7 million relates to the corporate tax expense and  withholding  tax  expense  incurred  by  vessels  operating  in  certain  overseas  waters.

Hi-P

2nd quarter Net profit is down 18.7% to 12.27m.
Half year Total Net profit is down 4.9% to $22.23m.

EPS for 2Q is down 18.7% to 1.57 cents . Half year EPS is lowered at 2.76 cents .

Let's presume Full year EPS of 2.76 x 2.5 = 6.9 cents .

Current price is 99 cents , therefore, PE is about 14.35x.

To me , it seems a bit ecpenexpe at 99 cents. Perhaps 70 cents at PE 10x which is about the fair value .

Not a call to buy or sell.

Please do you own Due diligence.

TA wise, it has broken down the recent low of $1.00 level which is deemed as rather bearish!

The current price of 99 cents would it continues to go lower or bounce-off to trade above the resistance level at $1.00.

Would leave it to Mr.Market to tell us the direction going forward.

SingTel

From TA point of view, it is now floating at the support level of $3.14. if it is able to hold up well, we may see it stabilize and slowly move up from here.

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Failing which, it may move down to retest $3.08 then $3.02.

Yield is pretty solid at 5.5% for current price at $3.14.
The company has reported 1st quarter net profit of $832m, looks like they are able to mainfmai in paying the yearly dividend of 17.5 cents.

Not a call to buy or sell.

Please do your own due diligence.

1Q2018 result is out.

Looks like quite a decent set of result !

Singtel posts resilient results with strong growth in Australia Quarter  ended 30 June 2018 

Operating revenue stable at S$4.13  billion, up 2% in constant currency terms

 Underlying net profit fell 19% to S$733 million due to lower associates’ contributions, higher withholding taxes on dividend receipts and adverse currency movements 

 Net profit down 7% to S$832 million, down 4% in constant currency terms 

 Free cash flow up 13% to S$1.47 billion on higher dividends from associates

Singapore,  8  August  2018  –  Singtel’s  first  quarter  results  were  resilient  despite  keen competition.    Australia  performed  strongly,  registering  higher  customer  growth  across  both  the consumer  and  enterprise  segments,  while  mobile  data  remained  a  key  growth  driver. Operating  revenue  was  up  2%  and  EBITDA  was  stable  in  constant  currency  terms.  Underlying net  profit  fell  19%  due  to  weaker  results  from  Airtel  and  Telkomsel,  reduced  economic  interest in  NetLink  NBN  Trust 1 ,  an  increase  in  withholding  taxes  from  higher  dividends  and  adverse currency  movements.  Net  profit  declined  7%  to  S$832  million  and  would  have  been  down  4% in constant  currency  terms.

 “This  quarter’s  results  reflect  the  resilience  of  our  core  business  against  intense  competition and  increasing  business  headwinds.  The  Group  continued  to  record  data  growth  and  Optus made  gains  in  both  the  consumer  and  enterprise  markets,  bolstered  by  our  quality  networks, differentiated  content  and  comprehensive  ICT  capabilities.  Our  overall  focus  on  digitalisation and  automation  has  also  improved  customer  engagement  and  delivered  productivity  gains and  cost  savings,”  Ms  Chua  Sock  Koong,  Singtel  Group  CEO,  said.  “We  start  the  year  with 23%  of  Group  revenue  from  ICT  and  digital  businesses  and  we  expect  contributions  from these  businesses  to  rise  further  as  we  continue  to  build  capabilities  in  these  new  growth  areas. Our  digital  marketing  arm  Amobee  recently  acquired  the  assets  of  Videology,  an  ad-tech platform  provider  for  advanced  TV  and  video advertising.”

 Mobile  data  continued  to  grow  strongly  for  the  Group’s  regional  associates.  However,  in  the key  markets  of  India  and  Indonesia,  intense  competition  faced  by  Airtel  and  Telkomsel  led  to a  decline  in  regional  associates’  overall  profits.  Airtel’s  results  were  also  affected  by  mandated cuts  in  mobile  termination  rates  in  India  although  Africa saw  continued  growth  momentum.  In July,  Airtel  announced  plans  to  list  its  African  unit,  Airtel  Africa,  and  started  preparations.  In Indonesia,  Telkomsel’s  earnings  were  impacted  by  intense  price  competition  particularly during  the  mandatory  registration  of  prepaid  SIM  cards.  This  exercise  has  since  been completed  and  the  pricing  situation  has  improved  towards  end  June  and  after  the  Lebaran national  holiday.  In  the  Group’s  other  two  markets,  AIS  and  Globe  continued  to  perform

strongly.  AIS  registered  robust  growth  from  revenue  improvement  and  cost  control.  Globe  also posted strong earnings  growth,  driven  by  strong  data  revenue  growth and  cost  management. Ms  Chua  said,  “While  competition  remains  keen  in  Indonesia  and  particularly  India,  both Telkomsel  and  Airtel  have  nonetheless  gained  market  share.  We  have  started  to  see  revenue stabilise  on  a  sequential  quarter  basis  for  India.  As  leading  operators  in  their  markets,  all  our regional  associates  continue  to  ride  the  growth  in  data  and  we  are  positive  on  their  long-term growth  potential.

As  a  Group,  we  continue  to  invest  in  content,  networks  and  spectrum  to maintain  our  lead  in  customer  experience  and  better  engage  our  more  than  730  million customers  across  21  countries.”             The  Group  has  established  a  5G  Centre  of  Excellence  in  Singapore,  and  aims  to  prepare  for the  communications  ecosystem  for  5G  services  as  standards  are  progressively  introduced. Singtel  will  launch  Singapore’s  first  5G  pilot  network  later  this  year  while Optus  and  Globe  will introduce  fixed  wireless solutions  for  homes  in early  and mid-2019  respectively. To  create  new  forms  of  digital  content  for  customers  across  its  footprint  in  the  Asia  Pacific region,  the  Group  also  announced  the  launch  of  PVP  eSports  Championship,  a  multi-title  and regional  league  which marks  its  first  foray  into  the  fast-growing  esports  and  gaming  market.   The Group’s cash position  remains  strong.  Free  cash  flow  rose  13%  to  S$1.47  billion  on  higher dividends  from  associates  and lower  capital  expenditure  by  Optus.

Food Empire

Food Empire’s 1H2018 revenue jumps 12.9% with higher gross margin of 39.5%

  Increase in revenue and gross profit to US$141.5 million and US$55.9 million respectively driven by sales volume growth in the Group’s key markets

 Net profit after tax was flat at US$9.4 million due to higher selling and administrative expenses, higher manpower cost and exchange loss  Group to continue its focus on new product launches and market diversification efforts going forward .

Gross profit was US$55.9 million, up US$7.5 million or 15.5% as compared to prior corresponding period. Similarly, gross profit margin improved by 90 bps, from 38.6% in 1H2017 to 39.5% in 1H2018.

 In  line  with  the  growth  in  sales,  selling  and  distribution  expenses  also  increased  by  US$5.0 million  or  26.2%  from  US$19.3  million  in  1H2017  to  US$24.3  million  in  1H2018.

  This  was mainly  attributable  to  higher  advertising  and  promotion  expenses  coupled  with  higher manpower  cost.

During  the  period  under  review,  the  Group  recorded  a  foreign  exchange  loss  of  US$1.6 million  in  1H2018  as  compared  to  a  foreign  exchange  gain  of  US$1.0  million  in  1H2017.

 As the  Group  is  economically  exposed  to  different  markets,  it  will  be  affected  by  the  fluctuation in  currencies  against  the  US  dollar.

Pursuant  to  the  above,  the  Group‘s  net  profit  after  tax  for  1H2018  was  flat  at  US$9.4  million.   As  at  30  June  2018,  the  Group’s  balance  sheet  remained  healthy  with  cash  and  cash equivalents  amounting  to  US$41.8  million.

   Commenting  on  the  Group’s  results,  Mr.  Tan  Wang  Cheow,  Executive  Chairman  of  Food Empire  said,  “The  Group  continues  to  perform  well  with  growth  registered  in  our  major geographical  markets  of  exposure.  Going  forward,  the  Group  strives  to  continue  with brand  building,  new  product  launches  and  market  diversification  efforts  so  as  to derive  new  avenues  for  top-line  growth  and  secure  better  value  for  shareholders.” Outlook Other  than  product  innovations  and  ongoing  promotional  activities  directed  at  enhancing brand  equity,  expansion  of  markets  into  new  geographical  regions  outside  that  of  its  core operations  remains  a  key  focal  area  for  the  Group.  Specifically  in  February  2018,  the  Group announced  plans  to  open  its  second  Instant  Coffee  processing  facility  in  Andhra  Pradesh, India.  This  venture,  with  the  support  of  Enterprise  Singapore  and  the  Government  of  Andhra Pradesh,  is  slated  to  complete  in  2020.  Upon  commencement,  it  should  provide  the  Group with  further  growth  prospects. - 

Venture

Venture Corporation Ltd (VMS) delivered a good set of 2Q18 results. 

Aa 40.2% rise in 2Q18 earnings to $97.9 million from $69.8 million in the same quarter a year ago.   

The bottom line growth was largely due to an improved net margin of 10.3% in the latest quarter compared to 6.9% in 2Q17 and came despite a 6% fall in revenue to $952.3 million from $1 billion previously.

Interim dividend of 20 cents was being declared.

XD 5/9.

pay date 19/9.

With this beautiful set of financial result, the price has managed to stage a strong recover from the low of $16.82 and rises higher to touch $19.30, this is pretty impressive / bullish.

With the bullish momentum, i think price may likely continue to trend higher to re-test the recent higher of $19.30.

Crossing over with ease + good volume, that may propel to drive the price higher towards 20.00 and above.

Not a call to buy or sell.

Please do your own due diligence.

Venture Corporation Limited provides technology solutions, products, and services in Singapore, other countries in the Asia Pacific, and internationally. The company operates through Electronics Services Provider, Retail Store Solutions and Industrial, and Components Technology segments. It engages in the design, manufacture, assemble, and distribution of electronic, and other computer products and peripherals; manufacture and sale of terminal units; manufacturing and trading of mechanical products; development and marketing of color imaging products for label printing; and design, integration, and trading of electronic security systems. The company is also involved in the provision of electronics services; manufacture, design, engineering, customization, and logistic and repair services; information system development and support services; and management services. In addition, it engages in the manufacture, design, fabrication, stamping and injection, metal punching, and spraying of industrial metal parts, tools, and dies; design, customization, and marketing of tool-making and precision engineering solutions; manufacture of plastic injection molds and moldings with secondary processes and subassembly; and import and export of electronic parts, components, equipment, devices, and instruments. Venture Corporation Limited was founded in 1984 and is headquartered in Singapore.

YZJ Update

YZJ had a nice Gap up yesterday and couple with high volume + closed well at 99 cents, this is rather bullish!

Likely to pause for a moment as yesterday seem to be overly extended.  I think after this short pause, it may likely move up to re-challenge the $1.00 level and head higher towards $1.04 then $1.10 level.

Not a call to buy or sell.

Please do your own due diligence.


7th Aug 2018:
Yangzijiang reports 38% increase in 2Q2018 earnings to RMB995 million

Revenue increased by 110% yoy to RMB8.0 billion in 2Q2018, supported by the delivery of several large-size vessels

 Core shipbuilding gross margin at 21%, compared to 20% for 2Q2017


Group secured new orders for 22 vessels from January to July 2018 with total contract value of USD982 million

 Outstanding order book stood at USD4.1 billion as at 7 August 2018, will keep the Group’s yard facilities healthily utilized up to 2020

Group’s financial position strengthened further during 1H2018. Gross gearing decreased from 18.4% as at 31 December 2017 to 13.7% as at 30 June 2018, and the Group remained in a net cash position. Net asset value per share increased to RMB6.72 as at 30 June 2018 from RMB6.52 as at 31 December 2017. Group’s cash & cash equivalents and restricted cash increased from RMB6.2 billion as at 31 December 2017 to RMB7.9 billion as at 30 June 2018, or approximately SGD1.58 billion2 , compared to Yangzijiang’s market capitalization of SGD3.59 billion as of 7 August 2018.

REVIEW / OUTLOOK/ FUTURE PLANS


Supported by improving global seaborne trade volume and higher charter rates for several major vessel categories, the shipbuilding market continued to recover in 2018. According to Clarksons Research3 , global containership orderbook to fleet ratio stood at a historically low level of 12%4 , and “the fundamentals (in the containership sector) look set to remain supportive of further market improvements in 2018-19”. On the dry bulker side, the strong demand from China for iron ore and coal, as well as the relaxation of import restrictions at a number of ports in China, will continue to support global seaborne dry bulk trade. In terms of supply, bulk carrier fleet is “projected to expand at a relatively subdued rate of 2.5% in both 2018 and 2019”, and there is “potential for further gradual improvements to balance of fundamentals”, indicating fleet growth gradually catching up with the shipping demand growth.

With regard to the escalation of the trade war, the Group’s existing order book has no exposure to the sectors on the US’ tariff list, and the Group doesn’t see the tariff list directly impacting its future order flow. Various studies suggest limited impact of the protectionism and trade wars on the global trade volume. However, the Group is mindful of the uncertainties and the potential risks to the shipping and shipbuilding demand and will closely monitor the situation.


Year to date, the Group secured new orders for 22 vessels with total contract value of USD982 million. These new orders include 10 units of 82,000DWT, 2 units of 180,000DWT, 2 units of 208,000DWT bulk carriers, 2 units of 2,400TEU and 5 units of 12,690TEU containerships, and 1 unit of 83,500DWT combination carrier. As at 7 August 2018, with an outstanding order book of USD4.1 billion for 114 vessels, Yangzijiang was ranked no. 1 in China and no. 4 in the world. These orders will keep the Group’s yard facilities at a healthy utilization rate up to 2020 and provide a stable revenue stream for at least the next 2.5 years.

From TA point of view,it is on a consolidation mode. It will need to breakout 94 cent then 96.5 cents in order to reverse this downtrend and head higher towards 1.00 with extension to 1.08 level.

Not a call to buy or sell.


Please do you own due diligence.