| 04/24/2003 Thursday 09:35 pm Thursday 9:35 pm Most of the selling pressure could ease tomorrow as market appears 'short' and weekend factor may see a burst of short-covering. IPO Auston int'l is oversubscribed 22 times for public portion and 5.2 times overall. It was reported that fund manager Pheim Asset Mgt took up 1.5 mln shares which is 12.5% of the issue size of 12 mln. The subscription rate compares favorably with Asiatic which is oversubscribed 10 times for the public portion and 2.8 times overall. The educational sector is seen as a growth sector and its long term outlook stays bright. Leong Hin -for details on company news - pls see www.ses.com.sg for details. SARS measures introduced by the govt may see some positive impact and this could stabilise the stock market tomorrow, provided the US market hold out tonight. Thurs 3:30 pm The STI wave target lies at 1237 which was attained today. NOL, DBS, SIA are deeply oversold. IPO Asiatic fell to 0.19 from offer of 0.22. Next IPO is Auston Int'l which is in education. PE of 10 compares well with Raffles Lasalle 28.3, TMC 35.4 and Informatics of 17.1. Market cap for Auston is at $19 mln versus Informatics $210 mln, TMC $19.7 mln, Raffles Lasalle of $119.2. Auston is best compared with Raffles Lasalle as both are almost the same in size in terms of issued capital as well as revenue (Raffles at $19 mln and Auston at $11.2 ). Profit after tax of Raffles is at $4.2mln and Auston is at $1.8 mln. Raffles has 1550 students full time in Y2002 against Auston 1400 students. Offer price of Auston is $0.28 and pe of 10.5 compares favorably to Raffles Las current price of $0.68 and pe of 28.3. Raffles Lasalle's focus is on China and Auston is in Australia which has not been affected by SARS as at this stage. Wed 6:05 am The Dow and Nasdaq rallied sharply higher on better earnings from drug stocks as well as the support of Bush for the reappointment of Alan Greenspan for one more term as Fed chairman. Weapon stocks also made strong gains on news of great earnings and an overall change in sentiments may take place today in the local bourse. The SARS fear, albeit still present, may slowly ease away as there are signs that the recent measures by the govt is slowly but surely takeing effect and some positive signs are there that the flu is being contain. Drug stock such as Eu Yang Sang and TianJin may hog the headlines but expect some profit-taking ahead when resistances are tested. EYS key barrier is at 0.355. SingPost IPO is taking off and at PE of 10 times and yield of 7%, the stock seems fairly priced. Pls note email service has been temporarily suspended. 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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