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If the rebounce can happen within the same day.....the power of YN is much greater than Jade then.
looks like recovering. So be patient and observe first.
Sighhh dunno lehhhh but it happened to Jade now its happening to Yongnam.......then again there's a good rebounce as demonstrated by Jade today lar....wonder if YN will do the same too.
hello yongnamers here ! a lot of ppl selling on news ah !
i am the idiot wanted to sell but the price going down too fast ! :(
who is the one who invented sell on news !!?? ha ha ...
CIMB: Favourable court ruling
Yongnam announced yesterday it has won the Springleaf Tower court case against UOB. The Court of Appeal dismissed the appeals by UOB and upheld Yongnam?s interest in the 23rd floor of Springleaf Tower.
Upgrade FY07 estimate.
We are incorporating an extraordinary gain of S$11m from the write-back of the property for FY07. However, as the property has yet to be sold, we believe it would be prudent for now to exclude potential extraordinary gains of up to S$7m from any sale in our new forecast. We are thus raising our FY07 net profit forecast by 53% from S$17.6m to S$27.0m. Our net gearing forecast for the year has also been shaved from 1.1x to 0.78x.Valuation and recommendation
Maintain Outperform and target price of S$0.61.
Our target remains set at 20.0x CY08 earnings, against a projected FY06-09 earnings CAGR of 74.4%. Our target is under review as there could be positive surprises coming from contracts relating to integrated resorts in Singapore as well as the Middle East. Maintain Outperform.
support at around $0.53.
I think abit too early to cheong for more. Wait for dust to settle 1st. High volme on 10/07. Selling pressure coming in for T+5 dateline.
Cycle repeats:
1. Day of result annoucement, price opens high
2. High volume, no move in price, next moment run for cover.
Can anyone explain the rational behind the dumping? What happened to good market sentiment?
Isn't this an opportunity?
Should we buy more instead?
I've seen miracles. Jade is one. I wonder if its going to happen to Yongnam......
Massive dumping like a mad house! Sighhhhh
one possible reason maybe because the lawsuit was not featured in news, as compared to something like SC global when they sold the most ex condos.
Some folks out there thot the lawsuits for yongnam have already been settled and do not know about his UOB tussle.
Pray this makes it to the news and then it will shoot up.
cheers
mebbie price already factored for yesterday news? Seems like everyone is interested in Genting today.
Volume very high, but price not moving.
Consolidation for the major announcement?
Quite a disappointing start.....let's hope it will pick up soon.
not much effect so far.
0.56.
Vrooommmmm vvrooooommmmmmmmm let's go!
Market sentiment for Yongnam is very good!!!
Looks like today is going to cheong very fast and furious.
Not surprise if it hit or cross $0.59 today.
Look out everybody, and hold on tight.
I just hope that it is not going to be like Jade, after annoncement starts to slide.
For those keen in the full story, this is a extract from business times.
July 12, 2007 -UOB loses appeal in Springleaf Tower case
Bank will have to transfer title of one floor of building to Yongnam
UNITED Overseas Bank (UOB) will have to cede ownership of a floor of Springleaf Tower in Anson Road to contractor Yongnam Holdings after losing its case in court yesterday.
The Court of Appeal dismissed UOB's appeal with costs and ordered the bank to transfer the 23rd storey of Springleaf Tower to Yongnam. It also ordered Yongnam to pay the difference between the sale price and the value of its work, which is estimated to be about $3 million, to take possession of the floor.
The problem arose when the developer of Springleaf Tower, a subsidiary of the now defunct Ban Hin Leong Group, ran into financial problems in the late 1990s and was unable to pay its contractors, including Yongnam, for the completion of the 37-storey building. As Yongnam was owed about $3 million for work it had done, it stopped work.
Ban Hin Leong suggested that Yongnam purchase a floor and that it set off the value of its work against the sale price of the floor, which was agreed to by UOB who was the mortgagee.
The sale price of the floor was set at $1,300 per sq ft or about $14 million in total. Yongnam agreed to purchase the 23rd floor although it agreed with Ban Hin Leong that the price would be discounted by about $3 million so that, apart from the value of its work estimated to be $11 million, it would not be required to pay anything more by cash.
However, Ban Hin Leong did not inform the bank of this arrangement.
After Yongnam completed the work, UOB refused to release its mortgage. UOB said that it did not encourage or endorse the barter arrangement and later foreclosed on the building.
Yongnam then sued UOB to protect its interest. Judicial Commissioner Sundaresh Menon ruled that the bank transfer the title to the contractors. Yesterday, UOB lost its appeal against that ruling.
Yongnam finance and executive director Chia Sin Cheng told BT yesterday that the company intends to sell the floor although it has not approached any buyers or decided on the price yet.
Yongnam shares rose 1.8 per cent yesterday to an all-time high of 55.5 cents before trading was halted pending the court's decision.
UOB was represented by Thio Shen Yi from TSMP Law Corporation, while Yongnam was represented by Harish Kumar from Engelin Teh Practice.