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numismatics
2007-11-11 01:59:00
Rare coins, gold and silver if this is your cup of tea as a numismatics then you should engage Monaco Rare Coin. This is the company is part of the Monex family of companies, a trusted leader in precious metals investments for nearly 40 years. The Monex companies have helped tens of thousands of investors invest over $25 billion in hard asset investments including rare coins . . . gold, silver and platinum bullion and bullion coins . . . as well as other precious metals investments. Monaco Rare Coin offers a unique, vast and impressive array of resources for investors and collectors alike. Monaco also brings both buyer and seller to the market for them to trade. There is a vibrant trade for rare coins in the market. And alot of people are taking advantage of this to trade with each other, this also gurantees a form of dealing which is more open.

More weakness
2007-11-11 01:52:00
U.S. stocks are poised for more weakness next week, after a slide in the Nasdaq wiped out hopes that technology shares could pull the market out of the subprime pain felt by financial institutions on Wall Street. "Tech had been the big winner since the August sell-off," said Paul Nolte, director of investments at Hinsdale Associates. "In any type of correction, you're likely to take money out of where you've done well." Stocks experienced another slide on Friday, with the Dow Jones Industrial Average (DJI) finishing off 223 points at 13,042, capping a week of pain that shaved 4.1% from the blue chip index. "We've had a confluence of worries about the dollar, energy prices and subprime problems that's really got investors nervous and they don't want to be hanging around the equity market," said Nolte. Hit by continued weakness among financial stocks, the broad S&P 500 index ( SPX) lost 21 points to 1,453, adding up to a 3.7% drop on the week. Yet most of the bleeding w...

NASDAQ
2007-11-11 01:51:00
HOW QUICKLY THE mighty techs have fallen. The Nasdaq had been enjoying an incomparable run in 2007, rising more than 18% to a peak of 2859 on Halloween. Through a turbulent year the tech-heavy composite index was beating the Dow Jones Industrial Average by nearly seven percentage points and the broader market by more than nine. Subprime landmines and $100 oil be damned; life in the tech sector was good. So it's something of a shock that investors who were giving thanks for techs would find November to be so frightening. The Nasdaq has plunged 8% this month, most of that coming just this week. All equity markets are in a bad way right now, but the tech index is getting hammered significantly harder than the Dow or the S&P 500, leaving investors to sort out whether the Nasdaq is just oversold or, more dreaded, that the flight to tech is over. First, a word on how we got to this point so rapidly. The cow that kicked over the lantern in the barn was Cisco Systems (CSCO: 28.58, -1.0...

wedding cameras
2007-11-11 01:26:00
Would you believe it my cousin is getting married. Although the wedding is at the end of the year, he has asked me to help him in some of the wedding planning. I am all excited, this is my first wedding planning or is it planning wedding. Whatever!! I spoken to him and have asked him to budget for his wedding. So that we could decide if it is going to be a lavish hotel reception or an intimate garden affair. The next hurdle is who is going to pay for the wedding. Traditionally, it is the brides? families that pick up the tab for the wedding but that has all changed and more and more grooms? families are getting involved in the payment. The next stick issue is how you raise the subject of the wedding expenses. I believe the best way is for the couple to speak to the parents separately. In order not to have a miss understanding later it is best that the couples can get their parents to commit to a specific amount of money. The other option may be if they could ask their parents to com...
More About: Wedding , Cameras

Banking
2007-11-11 01:23:00
No major surprises from the banks. DBS kicked off the season with 3Q07 net earnings of S$610m, up 11% YoY, and slightly above market estimate of S$600m as polled by Bloomberg. UOB followed with net earnings of S$501, up 8% YoY, and slightly above market expectation of S$480m. OCBC posted net profits of S$463m, up 22% YoY, and slightly below market estimate of S$477m. Overall, 3Q results from the local banks contained no major surprises as earnings were fairly in line with market expectation. Strong fee-related income. On the whole, all three banks posted earnings that were slightly better than expectations. In total, the three banks delivered total earnings of S$1,574m in 3Q07, up 13% YoY. Several key operations stood out, especially the strong double-digit increase in Fee & Commission Income enjoyed by all three banks (ranging from 36% to 45%). This came from several fee-related operations such as stockbroking, investment banking, fund management, wealth management, loans and trade...
More About: Banking

Hi-P
2007-11-11 01:23:00
Drop in 3Q07earnings despite strong sales Hi-P reported 98% qoq decline in net profit to S$0.3m in 3Q07 despite strong 30% qoq growth in revenues. 3Q07 is profitable but net profit dropped significantly. The fall in earning is mainly dragged down by a) provision of S$11.1m (S$7.8m for FY07, S$3.3m for FY06) for inventory obsolescence with several customers in Wireless Telecommunications (WL), Consumer Electronics and Electrical (CE) and Computing business units, and b) a mainly VAT related one-off recognition of costs (S$7.0m). Stripping out the one-time loss of S$18.1m in 3Q07, net profit would have risen 40% qoq to S$18.4m. (2Q07: 13m). The performance also suffer from c) a continued losses at Poland of S$7.8m due to production yield issues and higher-than-expected operating costs, and d) a S$3.2m forex conversion loss due to the weakening US dollar. Segment sales recovers. Sales of S$262.3m came in above our forecast of S$214m. WL (53.9% of sales) business was up 45.1% qoq to S$1...

Mailing Lists
2007-11-10 11:45:00
ResponseCom? is a potent, proprietary blend of U.S. Response and U.S Consumer databases, resulting in a multi-dimensional database that offers extreme versatility and over 100 demographic and psychographic selects. The special synthesis of compiled and response data has created an unparalleled, powerful database that accurately identifies prospects with the most active, responsive, and impulsive buying history.?ResponseCom? is the brain child of Martin Worldwide one of the leaders in the Mailing Lists business, which offers the clients with the innovation in the mailing list products. This innovation was not an overnight bright spark but it was developed over decades of tracking, compiling, and optimizing data merged into one vast database of proven direct mail responders. It was done with blood and sweat all with the clientsneeds in mind. Martin Worldwide possesses a database of over 290 million consumers and 14 million U.S. businesses.
More About: Mailing lists

Jadason Enterprise Ltd
2007-11-10 11:44:00
Stronger 3Q07 earnings. Jadason Enterprise s Ltd is poised to makefurther progress in its earnings recovery in 4Q07, based on the updatefrom management. As a recap, Jadason recently posted a 31.8% YoY and48.8% QoQ fall in 3Q07 revenue to S$34.0m, hit by sharp decrease (down54.0% YoY and 67.9% QoQ) in equipment sales to S$16.7m. However,net profit jumped 34.1% YoY and 41.9% QoQ to S4.5m, mainly due to tworeasons. The first was a S$1.0m forex gain in the quarter, versus S$0.2mgain in 3Q06 and S$0.3m loss in 2Q07. The second and more importantreason was due to the strong demand for its PCB drilling and masslamination services, as the higher margin business grew 28.3% YoY and20.7% QoQ in 3Q07. This boosted its overall gross margin to 29.4%, from17.3% in 3Q06 and 14.1% in 2Q07, and net margin to 13.2%, versus 6.7%and 4.8%, respectively. For 9M07, revenue was down 17.3% at S$148.6m,while net profit fell 23.5% to S$10.0m.Earnings recovery to continue. Going forward, management expectsthe ea...

Tai Sin Electric Cables
2007-11-10 11:44:00
Tai Sin is poised to benefit from the construction boom in Singapore in thenext few years. The Building & Construction Authority (BCA) estimatesconstruction demand for 2007 at S$19bn-22bn, attributed to the rise inresidential and commercial demand due to the current property boom. Moreoffice space and hotels are also expected to be developed to meet marketdemand. Going forward, Tai Sin is expected to grow revenue and pretax atCAGR of 11.1% and 15.8% respectively for FY07 to FY2010. We believe Tai Sincan trade up to 9x FY08 P/E. This translates into fair value of S$0.635, offeringupside potential of 41% from the current price. We recommend a Trading Buy.Leading electric cable producer in Singapore. Incorporated in 1980 and listed on theSGX in 1998, Tai Sin?s main business is in manufacturing of electric cables. It iscurrently the second largest producer (total six domestic players) in Singapore, withabout 20-30% market share. It has two main business units :-1. Manufacturing - Th...
More About: Cables , Electric

Toshiba 65 include LCD
2007-11-07 13:24:00
It is time to get rid of you old TV and make space for the flat screen or is it get rid of the space and make less space for your flat screen TV. Yes there are HD capable TV but the latest is Full HD TV. The Full High Definition TV is here, what with a $15.6 billion market for HDTV, now almost all TV manufacturers are producing them HDTV tha's it. One easy way to buy your TV is on the web and you should check out Krillion for Local Product, Location, Pricing. Check out the latest in HDTV the Toshi ba 65 include LCD. HDTV prices has bee falling as more and more of them are being produced. Buying online through Krillion.com is a breeze. All the information you want is at your finger tip, no pesty saleman to bother you, you have all the time in the world to make that comparision and you get a comprehensive product, pricing and location information helps buyers find the exact TV they want at the retailers nearest them, bridging the last mile between a buyer?s online research and offli...

CHT holding issued a profit warning
2007-11-07 13:23:00
CHT (holdings) has issued a profit warning on last night, expecting 3Q2007 to be adversely affected by the reduction in the rate of value added tax export refund, appreciation of the Renminbi against the United States Dollars in 3Q2007 and rising costs. In our previous note, we had expected 5% lower profit in FY07 than FY06, considering the negative impact like from VAT and appreciation of RMB. The company will announce 3Q2007 results in the second week of November 2007. We are considering downgrading the company and will issue a note on it after the 3Q results for more visability.
More About: Profit , Warning , Holding , Sued , Issue

VENTURE CORPORATION
2007-11-07 13:22:00
3QFY07: Creating value for sustainable margins Venture reported net profit of S$76.3m (+29.4% yoy) on sales of $935.9m (+17.1% yoy). The results were slightly better than our net profit forecast of S$74.4m. Venture incurred marked-to-market adjustment of S$6.9m for investments in collateralised debt obligations (CDOs). This was offset by writeback of tax provision of S$6.7m as the company has extended its pioneer status for production facilities in Singapore and Johor, Malaysia. Top line affected by inventory adjustment. Revenue grew 17.7% yoy but contracted 6.8% qoq. There was significant impact from one-time rationalisation of channel inventory by a major customer during 3Q07. This has led to a 20.3% qoq decrease in revenue contribution from Printing & Imaging segment to S$237m. Revenue contribution from Retail Store Solutions/ Industrial Products was relatively unchanged at S$228.3m. Top line growth was affected by significant decline of the US$, which weakened from 1.5303 in Jun...
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Disney Tickets
2007-11-05 15:08:00
Look for the cheapest website that gets you the lowest price tickets for that coming holiday. Do not search any more you have come to the right place Orlandofuntickets.com is the ultimate source for discount tickets for Disney World and all Orlando theme parks, dinner shows and attractions. Disney Tick ets are now available for many different days and options from one to ten days for what is called, ?Disney Magic Your Way?. OrlandoFunTickets.com has the lowest prices on all discount Disney tickets and guarantees the lowest prices. They are so many cobination that suits your taste. Do not forget there are four theme parks, two water parks and much, much more. You and your family will endless days of fun for both the young and old. Do not forget to check out the lowest discount prices for all Orlando dinner shows including Arabian Nights discount tickets, Medieval Times discount tickets, Pirates Dinner Adventure discount tickets, as well as all of the other major theme parks includin...

YANGZIJIANG
2007-11-05 15:00:00
There was no month-end dressing in last 2 days and going by today?s continued fall, YZJ is going the opposite of its behaviour at end-Sept and early Oct when a sustainable breakout took it from around $1.80 to a high of $2.86 on Oct 2. This was followed by a minor new peak of $2.87 in mid-October. It was still doing alright after that peak until a heavy volume day on Oct 30 on 130.8m shares the highest turnover since debut on April 18 (462m shares changed hands), put pressure on the stock. Nevertheless, it managed to find support at $2.50 and some residual selling yesterday and today brought the stock to the next $2.43-45 support today. It is not as if YZJ has failed to penetrate new highs above $2.86-87 with no significant top formation there to justify a shakeout. It was different though early last month as the surge from 41.80 to $2.86 made it justifiable for an 18.5% correction to a low of $2.33 on Oct 4, 2 days after peaking at $2.86. Despite this big correction, the counter...

Regional Morning Meeting Notes, November 05, 2007
2007-11-05 14:59:00
CHINA Results WeiChai Power (BUY/HK$81.40/Target: HK$107.00) 3Q07: Fast growth continued. We adjust our FY08 forecasts and raise our target price to HK$107.00. INDONESIA Results Bakrie Sumatera Plantations (HOLD/Rp2,000/Fair: Rp1,900) 9M07: Net profit slips 6% to Rp136b despite a strong 39% revenue growth, mainly attributable to higher CPO price. London Sumatra Indonesia (BUY/Rp10,200/Target: Rp7,300-Under Review) 9M07: Net profit surges 64% yoy on the back of higher international CPO prices. Snippet Astra International (NOT RATED/Rp26,550) 9M07: Net Profit jumps 53%, propelled by strong 4Q sales and high CPO prices. Outlook remains positive. Bakrie Telecom (NOT RATED/Rp455) 9M07: Net profit soars 118.7% yoy to Rp113.5b due to strong growth in mobile phone subscribers. MALAYSIA Snippet Iskandar Development Region There were more market talks over the weekend that Walt Disney will build a Disney theme park in Nusajaya, IDR. SINGAPORE Results Venture Corporation (BUY/S$13.20...
More About: Regional , Notes , Morning , November , Meeting

capella university
2007-11-03 06:12:00
Online Univers ity such as capella university has more than 19,000 students, has released its latest Inside Online Education podcast. One of the featured student is Carla Chaldek a PhD student who currently holds the job of a Program Manager for the Joint Staff Training Program at the Pentagon. Chladek, who is pursuing a master?s degree in education at Capella, is responsible for ensuring that the training needs are met for the 2,000 military members who support the Chairman of the Joint Chiefs of Staff. Students from all walk of life, just like you and me, ordinary people no stars are featured regularly on their podcasts. The featured student or instructors, give their true feeling about their stay in the university. Just plain truth, why an online study fits their current working life.
More About: Apel

Regional Morning Meeting Notes, October 30, 2007
2007-11-03 06:08:00
CHINA Results Yanzhou Coal (HOLD/HK$17.38/Fair: HK$17.40) 3Q07: Results in line with estimates. Maintain HOLD due to limited asset injection and high operating risk. Update China Automation Group (BUY/HKS$2.95/Target: HK$4.55) A leading automation systems provider in China. We are initiating coverage with BUY recommendation and target price of HK$4.55. Snippet COSCO Pacific (BUY/HK$25.45/Target: HK$24.00 ? Under Review)) 3Q07 performance in line with our forecast. HONG KONG Snippet EganaGoldpfeil (BUY-Under Review/HK$0.66/Target: HK$7.70-Under Review) FY07: Reported a net loss of HK$2b for the year ended 31 May 07. The hefty loss was due to the HK$2b impairment losses on assets. I.T. (NOT RATED/HK$1.93) 1HFY08: Net profit jumped 41.4% yoy to HK$44m. Trading at 12x FY08 PE, the counter looks fairly valued considering its small market capitalisation. INDONESIA Results Astra Agro Lestari (BUY/Rp22,100/Target: Rp16,900-Under Review) 9M07: Net profit doubled yoy to Rp1,285.9b fro...
More About: Regional , Notes , Morning , October , Meeting

Raffles Medical Group
2007-11-03 06:08:00
3QFY07: Economics of scale Raffle s Medical Group (RMG) reported a good set of results for 3Q07 with net profit of S$6.5m (+60.1% yoy) on revenue of S$43.8m (+25.2% yoy). The results were significantly better than our net profit forecast of S$5.1m. Raffles Hospital is key growth driver. Revenue from Hospital Services expanded 35.7% to an estimated S$26.2m. Raffles Hospital benefited from an increase in volume of foreign and local patients accompanied by higher revenue intensity. There were contribution from more complex procedures such as spinal surgeries, neural surgeries, fertility treatments and increased usage of neo-natal intensive care unit (ICU). Raffles Hospital has also reduced the amount of discount to corporate customers given the buoyant economic environment. The increase in patient volume has led to improvement in operating efficiency. Inventories & consumable used was controlled at 10.9% of sales in 3Q07, compared to 11.9% in the previous quarter, benefiting from greate...

truck accessories
2007-10-27 02:30:00
Not finding what you need for the latest in truck accessories go online and check out BuyAutoTruck Accessories .com. This is a one-stop website where you can find all your accessories for your Auto, SUV, Van and Truck Accessories Needs. Why travel from one shop to another when you can do all you search online and best of all you can do your search anytime on the day or night in the comfort of your home. Their website provides a hassle-free shopping with top quality products from the Top-Of-The-Line Manufacturers. With a guranteed lowest price, what is there to loose. More gains in fact. Some of the top selling items include Truck Tool Boxes, Tonneau Covers, Cab Guards, Hitch Baskets, Nerf Bars & Running Boards, Truck Racks, Billet Grilles, Vent Visors, Bugshields, Floor Guards & Mats, Air & Electric Horns, Truck Horns, Driving & Fog Lights, Grille Guards, Bedliners, Jobsite Storage, Transfer Tanks & Pumps, Cab Visors, Wings & Spoilers, Bull Bars, Cab Guards a...

Qian Hu Corporation
2007-10-27 02:29:00
Strong 3Q07 results in line with expectations. Qian Hu Corporation Ltd (Qian Hu) reported its 3Q07 results yesterday, where the numbers were largely in line with our expectations. Revenue grew 19.6% YoY to S$22.7m, while net profit doubled to S$1.3m. Bottom-line growth outpaced top-line growth as the Group managed to keep its cost of sales and general & administrative expenses under control. Net profit margins across all segments continued to show YoY improvements, leading the overall net margin for the 9 months to Sep 2007 to come in at 6.6%, a 1.9ppt improvement from 4.7% a year ago. Revenue growth across the board. The revenue growth was attributed to growth in all three business segments. Among these three segments, the most outstanding growth was recorded by the accessories segment, which witnessed a 35.2% YoY increase in revenue to S$8.5m. This is in line with Qian Hu's strategy of growing its business via the accessories segment. The fish segment, which is currently contribu...

Miyoshi Precison Ltd
2007-10-27 02:28:00
Major non-Seagate HDD supplier. Miyoshi Precision, a manufacturer of top covers for hard disk drive (HDD), offers an opportunity to ride the growth potential of the other OEM HDD makers, namely the Japanese makers such as Hitachi GST (HGST) and Fujitsu. Although Seagate continues to be the dominant market leader (35.3% of HDDs shipped in 2Q07), we believe there is enough growth in the industry to benefit other HDD OEMs. Both HGST and Fujitsu, which are major customers of Miyoshi, collectively commanded 25% of the HDD market in 2Q07. HDD outlook should remain buoyant. According to the latest report from IDC, the HDD industry is expected to more than quadruple by 2011 the total HDD capacity shipped in 2006 to 675m units, where revenue is expected to hit US$37b. And to cater to this growth, Miyoshi has embarked on expanding its operations in China and around Asia. Miyoshi's enlarged operations in Malaysia are already up and running, while its new China facility is expected to be fully...
More About: Yoshi , Reci

gold
2007-10-04 02:23:00
gold is the in thing now. Now only do people buy gold as a jewelry but people are buying it for investment. Gold can be bought in various forms ie in ingots or in coins. Monex Deposit Company (MDC) you can purchase gold or other precious metals for immediate personal delivery or arrange for convenient and safe storage at an independent bank or depository. For over 30 years, the Monex companies have been America?s gold and precious metals investment leader. It is also a very populat item in commemarative issues of gold coins and lot of people have been buying them for investment. Gold is here to stay since the ancient period to now and the future. Your leader in investment of precious metal is none other then Monex Deposit Company (MDC)

Reyphon Agri
2007-10-04 02:23:00
Lagging behind in the S-share euphoria - Reyphon Agri has been a late mover in the S-share excitement that surfaced over the last few trading days. - Yesterdays price surge took Reyphon Agri past its recent high on 6th Sept at S$0.425. This price breakout was on the back of strong volume, coupled with the RSI trading some distance below the overbought region, we believe Reyphon has more room to move higher. - The price move yesterday has brought Reyphon Agri towards the 38.2% Fibonacci level at S$0.46 to close above it at S$0.465. This signals the bullishness in the move up at this stage. - We expect Reyphon Agri to attempt to fill the price gap that occurred between 8th and 10th August. This gap sits just above the 1st resistance level at S$0.46. Subsequent resistance set at the 61.8% Fibonacci level at S$0.56. Support set at S$0.38.

Advance SCT
2007-10-04 02:22:00
Extending supply chain into China Expanding global footprint via JV in China. Advance SCT has entered into a joint venture with Shenyang Lian Li Non-Ferrous Metal Smelter (SYLL) to own and operate an existing copper smelter in Shenyang City, Liaoning Province. The copper smelter is currently in production and is capable of producing 50,000MT of copper anode per annum. Copper anodes produced by the JV will be further processed into Shanghai Futures Exchange (SHFE) grade copper cathodes by outsourcing to a SHFE accredited refinery. A special purpose vehicle SCT (China) Pte Ltd will be incorporated as a holding company for the JV. Advance SCT will contribute US$4m in cash for a 80% stake in SCT (China) Pte Ltd. SYLL will contribute its existing copper smelter comprising plant, buildings, mechanical equipment as well as operating approvals and industrial property rights for the remaining 20% stake. The JV plant is located near Shenyang, a major gateway city to the industrial and resourc...
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vendstar
2007-10-04 02:09:00
Be your own Bosss. Now you have vendstar a company established in 1990 and has become one of the leading bulk candy vending machine manufacturers in the United States. They are able to boast the manufacturer of the ultimate machine the Vendstar 3000, provides a unique opportunity for individuals and entrepreneurs to obtain the American dream of financial freedom. Claim to be the world?s largest bulk vending machine company, you can join in this rich tradition that Americans have enjoyed for over 100 years!Since the beginning of 2003, Vendstar has established a worldwide presence and welcomed almost 9,000 members to the Vendstar Family and the numbers keep growing. There is money to be made in bulk vending machines as they are a 100% cash business and can provide up to an 80% profit margin.

Noble Group Ltd:
2007-10-04 02:08:00
Noble Group Ltd (Noble) looks on track for strong growth, having posted a64% YoY growth in revenue to US$10.1b and a 66% increase in net profitto US$99.5m in 1H07. Noble is one of the dominant players in the lucrativecarbon market (estimated to be worth ?4.6b to ?200b by 2010), accountingfor 25% of the total pool of Certified Emissions Reductions (CERs) issued.In terms of its traditional businesses, the operating environment remainshealthy. The global ethanol industry grew 22% in 2006 and is expected tocontinue to grow strongly, driven by the implementation of the RenewableFuels Standard blending mandate, tax subsidies and high oil prices. Pricesof agricultural products have been rising since May 2006, indicating thestrong demand for these goods. The reduction in the U.S. federal fundsrate will help to sustain economic activity, leading to continued demand forenergy-related products (coal, ethanol, corn and sugar) and constructionmaterials (iron ore). We expect Noble to benefit from...
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Chip Eng Seng
2007-10-04 02:07:00
Break out in progress- Chip Eng Seng has tested the upper band of the wedge pattern twice overthe last 4 weeks since recovering from its mid-August plunge.- Yesterday's price action saw the stock break out of the wedge pattern onthe back of strong volume, indicating that the up-move could progressfurther.- Although the stock failed to clear the 50% Fibonacci retracement levelyesterday, we anticipate that Chip Eng Seng will take out this resistancesoon. It will subsequently face resistance at the 61.8% and 78.6%Fibonacci levels at S$0.90 and S$0.99 respectively.- We are witnessing the short-term stochastic indicator rise above theoversold region, thus we expect more upside hereon.- Support set at S$0.78.

lists brokers
2007-09-23 13:58:00
Martin Worldwide updates ground breaking mailing list database. The latest in the mailing business, Martin Worldwide has broken new grounds with its ResponseCom database it is capable of offering extreme versatility and over 100 demographic and psychographic selects. The special synthesis of compiled and response data has created an unparalleled, powerful database that accurately identifies prospects with the most active, responsive, and impulsive buying history. Martin Worldwide provides a variety of cost-effective services to ensure success in its clients? direct marketing efforts. Martin Worldwide possesses a database of over 290 million consumers and 14 million U.S. businesses and is one of the only major list providers to guarantee its data integrity in writing. With a high customer satifaction Martin Worldwide can reach mailist to areas like lists brokers and other mailing lists.
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Samudera Shipping Line Ltd
2007-09-23 13:57:00
Not out of the woods yet Implementing bunker surcharge. We visited Samudera Shipping (SS) for an update recently. Management is implementing a bunker surcharge of between US$25 to US$50/ton soon. This should help mitigate the cost inflation associated with high bunker prices. However, as this surcharge is taking place in 3Q07 and will only have one quarter of contribution, we do not see this as having a meaningful impact on our forecast. Incidentally, bunker prices have fluctuated between US$370 to US$390/ton recently, up from about US$300/ton in Jan 07. Repositioning via new vessel acquisitions. Management also indicated that they are currently in negotiations to purchase 2 container vessels, with the expected date of completion in 2008. These vessels would have capacities of up to 2,000 TEUs and cost S$40m each. SS should be able to finance this acquisition as it has approximately S$90.1m of cash as at 2Q07. However, with a low gearing, we expect SS is likely to want to consider d...
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STX Pan Ocean's Shares Rise on First Day of Trading in Seoul
2007-09-23 13:56:00
Sept. 21 (Bloomberg) -- STX Pan Ocean Co., South Korea's largest bulk-shipping line, rose on its Seoul trading debut after raising 590.1 billion won ($642 million) in the biggest stock sale by an operator of coal and iron ore vessels. The company rose as much as 9.9 percent to 1,890 won, and traded at 1,850 won at 9:08 a.m. It sold shares at 1,720 won apiece. STX Pan Ocean, which has been listed in Singapore since July 2005, plans to spend about $800 million on 16 vessels this year. Pacific Basin Shipping Ltd. and other dry-bulk lines are also expanding their fleets as China's booming demand for raw materials has helped cause cargo fees to double in the past year. ``With firm bulk-shipping rates and healthy growth in other businesses, I think STX Pan Ocean will show sustainable growth in its earnings,'' said Ryu Je Hyun, an analyst at Mirae Asset Securities Co. He rates STX Pan Ocean ``buy''. The shipping line's Singapore stock closed 4.6 percent higher yesterday at S$2.95. T...
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