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today is a test for my balls. i bought at 0.83 to average down....and then all hell broke loose within minutes...My balls shrunk.....and i cried. WHY DROP SO MUCH?
Dun be a kancheong spider and follow herd mentality... when good buy see drop.. balls also drop dare not buy... den when see later up... regret nvr buy....
A trader never fears...
A trader never fears...
The sell down is senseless kan cheong spider, read DMG:
From DMG:
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is
S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax
rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher
contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for
an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding
for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
so far looking still good ~
From DMG:
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
with the euro crisis and china nonsense, guess its gonna go down further again. sigh~
Seem like all investment houses have different target prices and are not consistent.
See also under the Singapore stock market talk section.
http://moneycow.ws/forum/
Sound Global Limited – Results (Jasmine Lee) Recommendation: Hold Previous close: S$0.84
· 9M10 and 3Q10 revenue increased by 26.4% y-y and 8.8% y-y to RMB1.22b and RMB570m respectively. · Net profit for 9M10 and 3Q10 declined by 18.1% and 51.5% respectively. The decline in net profit is mainly due to the expenses related to the listing on the Stock Exchange of Hong Kong and expenses arising from employees’ share options accounting. · SGL’s results are broadly in line with our FY10 earning estimate hence we are keeping our forecasts. Using a cost of equity of 9.78% and based on the DCF model, we arrive at the target price of S$0.82 and hence are maintaining our Hold call on the stock, in view of limited upside. |
Source: Phillip Securities Research Pte Ltd |
/
Fundamentally it is not bad, can say they got potential n bright future ahead.. but on the charts wise, its behaves like a gf who suffers from PMS often. U have to bear with it lol. It will not behave according to how u want it at times.
stocksburntme ( Date: 16-Nov-2010 14:03) Posted:
|
From DMG:
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
Sound Global Limited: HOLD (Downgrade from BUY); S$0.87; Bloomberg Code:
SGL SP
Hit by non-operating items
Price Target : 12-Month S$ 0.94 (Prev S$ 0.96)
Core profits in line but headline PATMI -52% yoy due to
non-operating expenses
Orderbook est. at RMB955m, potentially rising to RMB2.1b when
RMB1.38b contract is confirmed
Cut FY10F/11F by 15%/10% for forex & option expenses
Downgrade to Hold because of limited upside to revised TP of S
$0.94.
Sales ahead but earnings dragged by option expenses and forex losses. 3Q10
reported net profit was RMB60.6m. Excluding RMB35.2m in dual listing
expenses, RMB19.5m of share options expenses and RMB16.4m forex losses,
operating profit of RMB131.7m was in line with our RMB133m forecast. Sales
of RMB570.4m were ahead of our RMB430m forecast, largely due to higher than
expected product contribution of RMB110.7m vs our forecast of RMB60m and
stronger O&M sales. Gross margin was a tad lower at 28.6% compared to 30.4%
in 2Q10 and 29.5% in 3Q09.
Still awaiting RMB1.38b contract to strengthen visibility. SGL has yet to
confirm the RMB1.38b contract, which would raise orderbook to RMB2.1b or
0.72x FY11F sales. Without which, we estimated SGL’s current orderbook is
approximately RMB955m, or only 0.3x FY11F sales. We are positive that SGL
is well-positioned to seal new contracts given its established track record
and more importantly, a strong balance sheet with RMb1.6b of net cash to
undertake more BOT projects.
Cut forecasts, Downgrade to HOLD given limited upside to revised TP of S
$0.94. We cut FY10/ FY11 forecast by 15%/ 10% to account for 1) forex
losses; 2) RMB45m of stock option expenses and 3) higher effective tax rate
of 20% from 14% previously. Consequently, our TP is revised down to S$0.94,
based on mean PE of 14.3x FY11 PE. Downgrade to HOLD in view of limited
upside to TP.
Source: DBS Secs
Make Love More, Don't Make More Enemies
It will need some patience to wait for this counter to move up and break-out the 90.5 cents barrier..
SoundGlobal
seems like this bugger is indeed not bad
From DMG:
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
Sound Global: Strong growth ahead (BUY, S$0.84, TP S$1.05)
Selena Leong (6232 3898, selena.leong@dmgaps.com.sg)
Terence Wong, CFA (6232 3896, terence.wong@dmgaps.com.sg)
Sound Global’s (SG) 3Q10 earnings slumped 51.5% YoY, which was in line with our estimates.
This was attributable to higher effective tax rates, IPO expenses and FX losses. While we remain confident of order books’ sustainability, we trimmed earnings downwards (-7.3% in FY10 and -
4.6% in FY11) to factor in the higher effective tax rates and expenses.
Maintain BUY as its cash will be invested into BOT projects, providing recurring steams of revenue. Our revised TP is S$1.05, based on 14x FY11 earnings – at least a 40% discount to its China peers.
3Q10 earnings within expectations. SG’s earnings came in at RMB60.6m for the quarter, down 51.5% YoY, despite a 8.8% YoY growth in revenue. This was attributable to higher effective tax rates, IPO expenses, employee stock options expenses and FX losses. 3Q10 revenue hit RMB570.4m, boosted by maiden contribution from the Saudi Arabia project, as well as higher contributions from the Manufacturing (higher sales from customised equipment), Turnkey Services and Operation and Maintenance segments.
Strong balance sheet.
SG is in a net cash position of RMB0.61 per share (~14% of share price). It has recently raised RMB885m from the placement of 6% USD convertible bond due 2015 and secured a loan of US$34m from International Finance Corporation (IFC). An MOU was signed for an additional US$36m of credit from IFC and SG has also secured a US$600m credit line from China Merchant Bank. This puts to rest fears that SG may not be able to obtain sufficient funding for its wastewater treatment EPC projects’ working capital needs or its investments into the more capital intensive BOT projects, amidst the credit tightening situation in China.
Earnings revised downwards, new TP of S$1.05. While we expect projects flow to remain strong (evidenced by the recent contract win of a 60,000 tons/day BOT project in Hongze County, in
Jiangsu province), we have adjusted our FY10 and FY11 earnings downwards by 7.3% and 4.6%
respectively, to factor in a higher effective tax rate and higher expenses. Applying a P/E of 14x to
FY11 earnings, we derive a new TP of S$1.05 (previously S$0.93).
My honest opinion is u can average down at around 0.80 to 0.81. If u avg down close to your current price, doesnt make much of a difference.
Like myself i bought at 0.95, i.ll be looking to avg down if it hits below 0.82 or if there are bearish signals of it tumbling below 0.80cts. I think things might go a little bearish from here. Do use your ammo carefully. Having cash on hand is most impt so u wont miss out on other stocks when opportunity comes.
my average 0.89 intend to buy some to average down
Seems pretty okie from their results released.. But this bugger can always crash down a little and spring up a little when u least expected it.
The element of surprise is always there !!! Tt's why i love it
How many rounds of ammo u still got left?
another bro can advise if 0.84 still good to accumulate?
sad.......... its going down
the financial report is out
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_7EC996B1AF0C6F99482577DA007C1B96/$file/Ann_3Q2010.pdf?openelement