Three different stock analysis by three different bloggers. Caveat emptor.


Appraising San Teh

By: Level13
San Teh’s cement business continues to be its main revenue driver. Riding on to its excellent FY06 results, FY07 has also proven to be a successful year. Since FY04, the cement business has returned to the black after many years of losses. Turnover of the Group rose 26% to $162.7 million and profit after taxation improved 14% to $11.9 million. Sales in cement operation went up by 31% to $128.3 million and the operating profit increased 39% to $21.0 million. The average cement selling price was higher at RMB256 per ton as compared to RMB240 per ton in FY06. In FY08, the average cement selling prices are expected to hover at around RMB250 to 260 per ton on the back of strong fixed-asset investment and GDP growth in China. Profits have continued to be depressed in the plastic division due to the rising PVC resin prices. The low occupancy rate in the newly opened hotel in Suzhou has resulted in a loss for the hotel division in FY07. Read more…


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Swiber Holdings Limited – AGM Highlights and Snippets

By: musicwhiz
Swiber’s AGM had the uncanny timing of 1 p.m., which was sandwiched between the morning and the afternoon, right smack in the middle of lunch. I had made feedback to Swiber’s IR company (August Consulting) prior to the AGM informing them of the weird timing and that it was very difficult for shareholders who were working to make it for the meetings as afternoon leave was usually granted at 12:30 p.m. The problem was exacerbated by the fact that the company was holding its AGM at its premises in International Business Park, unlike for FY 2006 where their AGM was held at the more central location of Raffles Hotel near Beach Road. Read more…


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Hongguo – Growth prospects

By: La Papillion
In the annual report for FY2007, Hongguo mentioned that their future plans are:

1. To build a multi-brand portfolio in order to cater for diversifying market niches, by forming 6 to 8 brand package in next 2- 3 years OR through in-house brand development or collaborations with renowned foreign partners. Read more…

Hongguo – Valuation

By: La Papillion
I did up several analysis to determine a ballpark range of which the price of Hongguo can be expected to appreciate in the coming years. The first one which I did was the constant ROE analysis, with projected EPS shown below.

Read more…