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VICOM

August 11, 2006 by Kyith Leave a Comment

It looks like many forumers thinks hat VICOM is a good investment vehicle. This got my attention to check it out. Vicom is in the vehicle inspection business, with a few workshops situated all over singapore. I, for one personally dun drive, so i do not know why is there a need to inspect their vehicle. I would think that is regulatory.

A check on SGX reveal that its dividend payout goes back to 1996. Its payout is listed below:

1996 – 1.25 cents less tax
1997 – 2.75 cents less tax
1998 – 3 cents less tax
1999 – 3.75 cents less tax
2000 – 3 cents less tax
2001 – 5 cents less tax
2002 – 3.75 cents less tax
2003 – 4.25 cents less tax
2004 – 6.25 cents less tax
2005 – 5.75 cents less tax
2006 – 6.75 cents less tax

Although its div is not consistently increasing, it is nevertheless evaluation whether it can payout more to shareholders. We do notice that dividend cover is listed explicitly in the annual report. This may be how the management wants to market the company to the retail investor.

Alook up its historical price shows that its price range between 90 cents to 1 dollar for a long time. however, it experience  a break up to 1.15 from jan 2006. Whatever the reason, i am not certain.

TO-DO:

1) Cashflow analysis

2) Moat

Filed Under: Uncategorized

H&S formation unfounded?

August 10, 2006 by Kyith Leave a Comment

As a gold investor, what i am able to identify is of a possible formation of a head and shoulders formation. We all know that nothing is confirm until the actual formation is constructed. Todays rise seems to have destroyed that.

Longer term, it seems that i missed out on another formation due to my pre occupation with the h&S. WAS THAT AN INVERTED H&S???

Filed Under: Uncategorized

AusGroup’s interview with Dow Jones

August 9, 2006 by Kyith Leave a Comment

SINGAPORE, 07 August 2006 (Dow Jones)–Singapore-listed AusGroup Ltd. (5GJ.SG), an Australian company, which builds and maintains equipment for mining and energy companies, is considering listing on the main board of the Singapore Exchange, Managing Director Stuart Kenny said in a recent interview.

The company also expects its acquisition of Cactus Engineering & Trading Pte Ltd. to boost earnings immediately and Catcus to show “significant improvement” in profit for the fiscal year that began on July 1, Kenny told Dow Jones Newswires in an interview. “We will have reached a milestone in terms of time and market cap and I think we’ll
appeal to a larger range of investors that are prevented from dealing with our stock at the moment,” he said.
Many institutional investors avoid SESDAQ stocks because of insufficient liquidity, freefloat and market capitalization.
AusGroup hasn’t set a date for a change in listing but the earliest it could shift is April 2007 since a stock must be listed on the SESDAQ for two years before graduating to the mainboard.
AusGroup, which listed on the SESDAQ in April of 2005, engineers and services equipment for mining and oil exploration, with about 80% of total sales in fiscal year 2005 from its mining business. Kenny feels under appreciated by the Singapore investment community as analysts and investors here are not very familiar with businesses such as mining, as well as the “full supply chain” for oil and gas.
The stock has gained 40% so far this year and Monday was flat at 30 Singapore cents. “In Singapore, the local investors understand SembMarine and Keppel,” said Kenny, waving a bullish Goldman Sachs report on the two oil rig builders for emphasis. “Well, whatever is affecting the rig builders, which is a surge in oil prices and oil exploration, we’re right behind them.”

AusGroup manufactures and services equipment for various methods of oil extraction, including onshore facilities and offshore jackets. AusGroup’s acquisition of Cactus, completed just last week, is a way to expand not only into Asia, but also into the booming market for deep-sea oil exploration and extraction, said Kenny.
AusGroup paid S$15.3 million for a 76.6% stake in Cactus Engineering. Many of Cactus Engineering’s operations overlap with AusGroup’s, but others, such as sub-sea manifolds and sub-sea well equipment for deep-water oil exploration, are new to AusGroup.
Cactus also outfits Floating Production Storage and Offshore Loading vessels, with topside modules that separate water and impurities from oil. The business had revenue of S$20.5 million and a net profit of S$3.4 million for fiscal
year 2005. Its net profit margin of 16.6% is higher than Ausgroup’s 4.8% for fiscal year 2005.
For the six months to December 31, AusGroup reported net profit of A$3.5 million, a 40% increase over the same period a year earlier. Revenue surged 73.2% to A$104.7 million on higher prices and growing demand for oil and raw materials.
But AusGroup’s profits are being squeezed by higher costs, especially labor. For the six months to December, AusGroup’s cost of sales was up 89.5%.
There is a shortage of skilled labor in Western Australia, analysts say, but Kenny predicts there will “definitely” be an improvement is AusGroup’s cost of sales in the second half of the financial year.
AusGroup’s expansion into Singapore with its Cactus acquisition is one way to improve margins. “The cost of labor in Singapore is probably 25% of what it is in Australia,” said Kenny. AusGroup will announce results on August 21 for its full financial year ending June 30.

Filed Under: Portfolio

Fed Pause from hike

August 9, 2006 by Kyith Leave a Comment

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.

Economic growth has moderated from its quite strong pace earlier this year, partly reflecting a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices.

Readings on core inflation have been elevated in recent months, and the high levels of resource utilization and of the prices of energy and other commodities have the potential to sustain inflation pressures. However, inflation pressures seem likely to moderate over time, reflecting contained inflation expectations and the cumulative effects of monetary policy actions and other factors restraining aggregate demand.

Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Jack Guynn; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Kevin M. Warsh; and Janet L. Yellen. Voting against was Jeffrey M. Lacker, who preferred an increase of 25 basis points in the federal funds rate target at this meeting.

2006 Monetary policy

This is what the WSJ thinks abt the statements made by the fed peoples:

Filed Under: Uncategorized

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