| 24/01/2003 Friday 06:30 am Friday 6:30 am Wall street made a strong comeback despite talks of war with Iraq and AT&T decline in earnings. Microsoft, Cisco Systems, Oracle and other bellweather tech stocks made big gains as bargain hunting took over. Despite Gold heading upwards, the market stays well up and technically this is a positive sign. Some tech counters such as Datacraft and Chartered show signs of strength on charts. The next IPO is Design Studio which issued 20 million shares at 0.23 and comes with historical PE of 7-8 times. The issue is oversubscribed by 10.2 times for the public portion and 3.8 times for the total issue. The financial stats are: Market cap is $16.1mln and profit for 2002 is expected to be around $1.3mln. Comparable companies are Koda at $0.21, PE 5 (Pheim Asset MGT took 4,090,000 mln shares in recent placement at price of $0.19), profit for Y2002 at $3.6 mln, market cap of $19.5 mln, HTL International at $0.68, PE of 12.2, Profit $10.6 mln (half year 2002), market cap of $145 mln ( Morgan Stanley Pte Equity took a 15.5% stake in the middle of 2002), NOVENA at $0.33. PE of 60, profit $0.2 mln (half Year 2002) and Market cap of $26.5 mln. Order books for Design Studio for the year is strong at $70 mln and this may see the group staying profitable for year ahead. The downside for the industry is seen in slow down of the Singapore economy and slack in the property market. Chartered closed at US$4.57=S$0.79, Stats at US$7.47 =S$1.29 and Creative at US$7.55=S$13.10. The Dow ended up 50 points and Nasdaq is up 28 points. Overall, a strong opening likely with focus on tech and new issues. 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. |
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