Purchased = 1.09 ( Q1 2011)
QTY = 5 lots
Past FY(Sep11/Aug12) Dividend = S$0.025 [ 0.01 <021211> + 0.015 <220812> ]
Collected FY(Sep11/Aug12) = S$125.00
Current Price = 1.24 (030912) -> $750.00
Current Price = 1.30 (130912) -> $1050.00
GAIN before brokerage (1175.00)
Brokerage Fee(est) = $56.00
Profit = S$1119
[ 1119/5450 * 100 = 20.5% yield ]
OCBC Target 1.39(030912) - Citing better Crane Rental
May Kim Eng Target 1/74 (130912) - better mgmt update and prospects.
Thursday, September 13, 2012
Monday, September 3, 2012
Sunday, September 2, 2012
tathong_03092012
Purchased = 1.09 ( Q1 2011)
QTY = 5 lots
Past FY(Sep11/Aug12) Dividend = S$0.025 [ 0.01 <021211> + 0.015 <220812> ]
Collected FY(Sep11/Aug12) = S$125.00
Current Price = 1.24 (030912) -> $750.00
Brokerage Fee(est) = $56.00
Profit = S$694 [ 694/5450 * 100 = 12.73% yield ]
OCBC Target 1.39(030912) - Citing better Crane Rental .
Report Below
#########
OCBC- Report
More upside ahead!
Since we upgraded our rating for Tat Hong Holdings (Tat Hong) to
BUY (“Poised for a recovery”, 9/1/2012), the stock has risen by 34%,
compared to STI’s 11% increase for the same period. The sharp runup
was mainly due to a strong recovery in Tat Hong’s crane rental
business. Looking ahead, we believe that there is still plenty of
upside, arising from higher rental rates and increased infrastructure
activities.
S$55b of transport projects
On 29/8/2012, Mr Lui Tuck Yew, Minister of Transport, announced
plans for the new Thomson Line, which will be Singapore’s sixth MRT
Line. The 30km long Thomson Line will have 22 stations and will open
in three phases from 2019 to 2021. Total construction cost is
estimated to be around S$18b. This development comes amidst a
slew of recently announced projects, including the Downtown Line
(S$20.7b; opening in stages from 2013 to 2017), the 7.5km Tuas
West Extension (S$3.5b, ready in 2016) and the 21.5km North-South
Expressway (S$7-8b; ready in 2020). In all, there is at least S$55b
worth of transport projects lined up until 2021. With the expected
increased in construction activity, we believe Tat Hong is wellpositioned
to benefit from a corresponding increase in crane rental
rates.
Operating leverage
Being a crane rental company, a large portion of Tat Hong’s expenses
are depreciation and financing costs relating to the hire-purchase of
its crane assets. This means that beyond a certain point where
revenue covers the overheads, any increase in rental rates or crane
utilization will go straight to the bottom-line. This is exactly what is
happening now – both the utilization and rental rates are trending
upwards over the medium term and we expect Tat Hong to deliver
record profits for FY12-13F. Maintain BUY with unchanged S$1.39 fair
value estimate.
QTY = 5 lots
Past FY(Sep11/Aug12) Dividend = S$0.025 [ 0.01 <021211> + 0.015 <220812> ]
Collected FY(Sep11/Aug12) = S$125.00
Current Price = 1.24 (030912) -> $750.00
Brokerage Fee(est) = $56.00
Profit = S$694 [ 694/5450 * 100 = 12.73% yield ]
OCBC Target 1.39(030912) - Citing better Crane Rental .
Report Below
#########
OCBC- Report
More upside ahead!
Since we upgraded our rating for Tat Hong Holdings (Tat Hong) to
BUY (“Poised for a recovery”, 9/1/2012), the stock has risen by 34%,
compared to STI’s 11% increase for the same period. The sharp runup
was mainly due to a strong recovery in Tat Hong’s crane rental
business. Looking ahead, we believe that there is still plenty of
upside, arising from higher rental rates and increased infrastructure
activities.
S$55b of transport projects
On 29/8/2012, Mr Lui Tuck Yew, Minister of Transport, announced
plans for the new Thomson Line, which will be Singapore’s sixth MRT
Line. The 30km long Thomson Line will have 22 stations and will open
in three phases from 2019 to 2021. Total construction cost is
estimated to be around S$18b. This development comes amidst a
slew of recently announced projects, including the Downtown Line
(S$20.7b; opening in stages from 2013 to 2017), the 7.5km Tuas
West Extension (S$3.5b, ready in 2016) and the 21.5km North-South
Expressway (S$7-8b; ready in 2020). In all, there is at least S$55b
worth of transport projects lined up until 2021. With the expected
increased in construction activity, we believe Tat Hong is wellpositioned
to benefit from a corresponding increase in crane rental
rates.
Operating leverage
Being a crane rental company, a large portion of Tat Hong’s expenses
are depreciation and financing costs relating to the hire-purchase of
its crane assets. This means that beyond a certain point where
revenue covers the overheads, any increase in rental rates or crane
utilization will go straight to the bottom-line. This is exactly what is
happening now – both the utilization and rental rates are trending
upwards over the medium term and we expect Tat Hong to deliver
record profits for FY12-13F. Maintain BUY with unchanged S$1.39 fair
value estimate.
| Date | Type | Remarks | |
|---|---|---|---|
| Historical Events | |||
| 13 Aug 2012 | 1st Quarter Results | ||
| 02 Aug 2012 | Ex-Dividend | DIVIDEND : SGD 0.015 ONE-TIER TAX Record Date: 06 Aug 2012 Payable Date: 22 Aug 2012 | |
| 27 Jul 2012 | AGM | 10.00 a.m. at 18 Sungei Kadut Avenue, Singapore 729489. | |
| 28 May 2012 | Full Year Results | ||
| 14 Feb 2012 | 3rd Quarter Results | ||
| 16 Nov 2011 | Ex-Dividend | DIVIDEND : SGD 0.01 ONE-TIER TAX Record Date: 18 Nov 2011 Payable Date: 02 Dec 2011 | |
| 09 Nov 2011 | 2nd Quarter Results | ||
| 12 Aug 2011 | 1st Quarter Results | ||
| 03 Aug 2011 | Ex-Dividend | DIVIDEND : SGD 0.005 ONE-TIER TAX Record Date: 05 Aug 2011 Payable Date: 19 Aug 2011 | |
| 28 Jul 2011 | AGM | 11.00 a.m. at 18 Sungei Kadut Avenue, Singapore 729489. | |
| 26 May 2011 | Full Year Results | ||
| 14 Feb 2011 | 3rd Quarter Results | ||
| 30 Nov 2010 | Ex-Dividend | DIVIDEND : SGD 0.01 ONE-TIER TAX Record Date: 02 Dec 2010 Payable Date: 17 Dec 2010 | |
| 13 Nov 2010 | 2nd Quarter Results | ||
| 13 Aug 2010 | 1st Quarter Results | ||
| 05 Aug 2010 | Ex-Dividend | DIVIDEND : SGD 0.015 ONE-TIER TAX Record Date: 10 Aug 2010 Payable Date: 20 Aug 2010 | |
| 27 Jul 2010 | AGM | 10.00 a.m. at 18 Sungei Kadut Avenue, Singapore 729489. | |
| 24 May 2010 | Full Year Results | ||
| 12 Feb 2010 | 3rd Quarter Results | ||
| 26 Nov 2009 | Ex-Dividend | DIVIDEND : SGD 0.01 ONE-TIER TAX Record Date: 01 Dec 2009 Payable Date: 16 Dec 2009 | |
Portfolio_03Sept2012
03 Sept 2012
| CFP.SG | CHINAFLEXP | CSH | 20000 | 0.620 | SGD 0.0570 | 1140.00 | -0.563 | -90.806 | 12:24 |
|---|---|---|---|---|---|---|---|---|---|
| CHUS.SG | CHUAN HUP | CSH | 30000 | 0.300 | SGD 0.2500 | 7500.00 | -0.050 | -16.667 | 12:10 |
| CLF.SG | CACOLA | CSH | 20000 | 0.420 | SGD 0.0220 | 440.00 | -0.398 | -94.762 | 11:36 |
| COC.SG | COSCOCORP | CSH | 60000 | 1.690 | SGD 0.9700 | 58200.00 | -0.720 | -42.604 | 12:31 |
| GLS.SG | GUOCOLEISURE | CSH | 20000 | 0.695 | SGD 0.5900 | 11800.00 | -0.105 | -15.108 | 12:09 |
| MDHS.SG | MIDAS HLDGS | CSH | 20000 | 0.755 | SGD 0.3550 | 7100.00 | -0.400 | -52.980 | 12:31 |
| MMT.SG | MEMTECH | CSH | 100000 | 0.241 | SGD 0.0710 | 7100.00 | -0.170 | -70.539 | 11:32 |
| SATS.SG | SATS LTD. | CSH | 5000 | 3.140 | SGD 2.6100 | 13050.00 | -0.530 | -16.879 | 12:30 |
| SRH.SG | SUNRAY | CSH | 120000 | 0.210 | SGD 0.0080 | 960.00 | -0.202 | -96.190 | 08:28 |
| STCS.SG | STAMFORDTYRES | CSH | 30000 | 0.480 | SGD 0.3150 | 9450.00 | -0.165 | -34.375 | 12:07 |
| TAT.SG | TAT HONG | CSH | 5000 | 1.090 | SGD 1.2150 | 6075.00 | 0.125 | 11.468 | 12:31 |
| TWC.SG | TIONGWOON | CSH | 20000 | 0.640 | SGD 0.2400 | 4800.00 | -0.400 | -62.500 | 12:25 |
| YZJ.SG | YANGZIJIANG | CSH | 30000 | 1.307 | SGD 0.9850 | 29550.00 | -0.322 | -24.617 | 12:29 |
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