| 10/09/2004 05?:00 pm 10/09/2004 5 pm The Dow and Nasdaq are lower on weaker than expected job numbers and rising oil prices. Chip stocks were down on bearish call from Prudential Equity Group and Stats and CSM fell 1.75% and 3.93% respectively. Recent comments on an improved economy may not have much of an impact on Monday as traders would be looking at situational stocks for trading opportunities. Sales of Horizon shares by Legg Masson Asset mgt (9.2 mln) and by a director (4 mln) could cap the upside for short term. The same applies could apply o UTAC which witnessed share sales by Vertex Venture (S Technology has deemed interest in this sale) of 8.13 mln UTAC shares. Next week could see robust tradinf in IPOs of which Alantac is the first to take off. It is offered at $0.21 a piece and the public issue is oversubscribed by 207 times. The number is not surprising given the very small portion alloted to the public and also the fact that it is priced just one cent above the minimum price for IPOs. Still, the issue is expected to be above water as market appetite for IPOs have been whetted by the strong performance of Pharmesis. The next issue after Alantac is Beng Kuang Marine and then Fung Choi Printing and Packaging. Beng Kuang is in marine hull corrosion treatment, structural enginnering for ship buidling and supply of parts and equipment to the offshore oil and gas sector. The issue size is 21 mln (small) and priced at $0.23 at pe of 9.5 times. Profit after tax (2003) is S$2.42 mln and market cap (116 mln shares) is S$26.73 mln. 10/07/04 7 pm The STI ended down 9.85 points as profit taking ensued for the later half of the session. Tomorrow being the last trading day of the week could see the correction continuing. Asonic through its investee company CVC is making an offer to Skywest of Australia at A$0.23 which is higher than the first offer by 3 cents. The news could be seen as positive for Asonic which closed at $0.435. Labroy Marine reported securing a shipbuidling contract worth US$38.5 mln. This is positive news and could see reaction to prices at the opening tomorrow. 8Telecom closed firmer at the back of demand for China stocks which are involved in infrastructure and construction. The company lays telco pipes and towers in China. Covered warrants had a field day and with volume surging, some may have moved up excessively for a one day time frame and profit-taking may set in when the mother share slide down with the STI which is now overbought. Today also mark the close of Alantac which is a precision engineering company which depends on the hard disk and semi-conductors market. As both are improving in their outlook, some buying expected should the IPO be oversubscribed by more than 100 times for the 1 mln shares offered to the public. Fung Choi is into printing and packaging and offers 106 mln shares (fairly large issue). PAT is approx. S$8 mln and PE (2003) is about 14 times. Market cap is approx. $155 mln (424 mln shares). 10/06/04 5 am The Dow ended higher with gains of 62 points and Nasdaq too made gains of 15 points. Crude oil for Nov jumped to USD52 and there appears to be a decoupling of oil and stock prices for the immediate term and this serves as a signal that more money is waiting at the sideline to jumpn into equities when oil prices slide from recent highs. Pharmesis performed well and this is not surprising given the strong performance of Asiapharm which was listed at offer price of $0.28. Bouts of profit-taking seen in shares which receorded high volume for last week but otherwise the main bullish trend stays intact. 10/05/04 10:30 pm The strength of the US market is evident from recent rallies in the face of crude oil prices heading past USD50 per barrel. Blue chip stocks may take a short breather in Singapore but interest in small cap are showing up as seen in volume in 1st Software, Frontline, Unifiber etc. IPOs are improving in stature although recent debunte Shanghai Asia slide below offer price of $0.28. The oversubscription of Pharmesis which is offered at $0.25 may serve to tell of a selective process of weeding hot IPOs from cool ones. Pharmesis is oversubscribed by 138 times and the issue size is medium at 50 Mln. At market cap of $50 mln, it compares well against AsiaPharm market cap of $289. Profit after tax for YA2003 is S$5.1 mln. The next IPO is Alantac which is underwritten by Westcomb and is offered at $0.21. StarHub closed today and price range of the IPO is from 1.15 to 0.95. Previous commentaries DISCLAIMER This is a free site and all views expressed here are not an inducement to trade or invest. The reader should be aware that investment and share trading have inherent risks and the author shall not be responsible for gains or losses incurred whatsoever. |
| Tanker's Elliott Wave Free Site |
|
| Free E-Mails are sent to those on mailing list. For those who are interested to be on mailing list, please provide full name, age and occupation to tanker333@hotmail.com |