Bio-Treat - Treating Waste? And Yourself?

Look at this!
17/10/2008 - Shah Capital Management increases from 9.62% to 11.6%
14/10/2008 - UBS AG increases from 10.77% to 11.43%
10/10/2008 - Shah Capital Management increases from 8.69% to 9.62%

10/10/2008 - UBS AG increases from 8.86% to 10.06%
06/10/2008 - Shah Capital Management increases from 6.98% to 8.25%
30/09/2008 - Shah Capital Management increases from 6.66% to 6.98%

And now look at this! See below for the revised Auditor notes after they released the latest Financial Statements!

See definition of a Put Option: A put option gives the bond holder the ability to receive the principal of the bond whenever they want before maturity for whatever reason. If the bond holder feels that the prospects of the company are weakening, which could lower its ability to pay off its debts, they can simply force the issuerer to repurchase their bond through the put provision. It also could be a situation in which interest rates have risen since the bond was intially purchased, and the bond holder feels that they can get a better return now in other investments.

So has the interest rate risen or the company is weakening? ( Our pet monkey with a peabrain chooses the former.)

It's pretty strange that Shah Capital Management and UBS are increasing their share of this company. Take note that Shah Capital Management's philosophy is: "The two pillars of money management at SCM are investing for the intermediate to long term and a fundamental analysis towards security selection." Great, now where are the fundamentals, where is it???.....something we don't know perhaps?

Important: The objective of the articles in this blog is to set you thinking about the company before you invest your hard-earned money. Do not invest solely based on this article. Unlike House or Instituitional Analysts who have to maintain relations with corporations due to investment banking relations, generating commissions,e.t.c, SGDividends say things as it is, factually. Unlike Analyst who have to be "uptight" and "cheem", we make it simplified and cheapskate. -The Vigilante Investor, SGDividends Team

Olam - Or is it Golam from Lord Of the Rings?

Olam another supply chain manager ( Noble)....traded volume on 17 Oct 2008 is 15,567, down -5.7%. Noble, volume was 63,865, down -13.8%! Let's scrutinise Olam's financial strength, shall we?

See Income Statement (ABOVE)

Net Profit margin of Olam: 2.05% ( Ok, seems like such razor thin margins are common in this kind of supply chain industry. See article onNoble. Risky...given the impending downturn..)

Balance Sheet (ABOVE)

Olam's ( Not Golam from Lord of the Ring OK!) debt repayment: 1.26 times. CA more than CL. OK, thats good to hear!

Cash Flow (ABOVE)

Olam's money in-money out: Negative? Where's the 'duit' my friend! Show me some money!

Worth of Company per share (ABOVE)

Olam's last done price is S$1. Its Net Asset Value per share is 29.66Cents. ( Hmm..we thought stocks were cheap now? Really Glam sia this stock!)
Important: The objective of the articles in this blog is to set you thinking about the company before you invest your hard-earned money. Do not invest solely based on this article. Unlike House or Instituitional Analysts who have to maintain relations with corporations due to investment banking relations, generating commissions,e.t.c, SGDividends say things as it is, factually. Unlike Analyst who have to be "uptight" and "cheem", we make it simplified and cheapskate. -The Vigilante Investor, SGDividends Team

NOL - Stopped Bidding For Hapag we see...Go to Sotheby's

On 10 October 2008 , NOL made an announcement that they are no longer bidding for Hapag Lloyd. Why? Is it a wise move...Let's look at NOL's financial strength to find clues.

Income Statement( ABOVE)

NOL's gross margin is 12.6%. ( Not high, but its the container business remember...competitive and high fuel cost.)
NOL's net profit is 4.3%. ( ?????.WTF?World Trade Federation. With the impending recession, what do you think the net margin profit will be?)

Balance Sheet (ABOVE)

NOL's debt repayment : Current Assets less than Current Liabilities. (hmm..)

Cash Flow (ABOVE)

NOL's cash flow from operations are positive BUT when deducting capital expenditure. Its negative! ( What we are doing here, in JARGONIC terms is calculating free cash flow. In simplified terms, its just the excess cash over the cash that must be spent on sustaining the business..Like most human beings get cash for salary, and we need to spend cash on food, or education e.t.c to live in this world..and the excess is free cash flow!)

Worth of Company (ABOVE)

NOL's worth of the company is US$1.85. Its worth as of now 19 Sep 2008, S$1.5. (But this is common now!....cheapskate companies everywhere! So no big deal!)

The Baltic Dry Index measures the demand for shipping capacity against the supply of Bulk carriers. See how it has plunged! A very strong indicator of the upcoming storm.......SGDividends say brace yourself....incoming......

Important: The objective of the articles in this blog is to set you thinking about the company before you invest your hard-earned money. Do not invest solely based on this article. Unlike House or Instituitional Analysts who have to maintain relations with corporations due to investment banking relations, generating commissions,e.t.c, SGDividends say things as it is, factually. Unlike Analyst who have to be "uptight" and "cheem", we make it simplified and cheapskate. -The Vigilante Investor, SGDividends Team

This is Noble..Yup like a White Knight? Or are you?

4 October 08 - JP Morgan say OVERWEIGHT. " Price Target S$2.00"

3 October 08 - Macquarie say OUTPERFORM."Valuation S$2.88"
8 September 08 - OCBC say BUY . " Fair Value S$2.99 fair value"
15 August 08 - Merril Lynch say BUY. " Price Objective S$3.15".
15 August 08 - Credit Suisse say Outperform. "Target Price S$3.45."

And many more!!!!!

WOW. Investors should feel safe. So many "steady bom pi pi" instuitions forecast it will go higher sia...Power! But SGDividends as always, don't take it seriously, as its our money we are talking here...not theirs.......Let's get down to business...shall we?

Income statement ABOVE.

Net Profit Margin: 1.46% ( Hello..is this thin margin common to players in this industry)

Gross Profit Margin: 3.9%

Balance Sheet ABOVE

Debt Repayment: OK. It can repay its debt..since current assets greater than current liabilities

Some Footnotes ABOVE

Interest payable : 6.625% interest and 8.50% interest.....Hmm...but its still some time later that they can repay, when this crisis should have abated.

CashFlow Statement ABOVE

Money Come in : Negative!.. Why Why Why.

Worth of Company per Share ABOVE

Worth it?: Now it is S$0.69 ( end 17 Oct 08). Cheap it seems , but its common in this period so not really useful don't you think?

SGDividends: Do You Think this is a strong company? Ask yourself or why not call your Analyst.....and do you know that Michel Harouche, a director, just resigned, and sold some shares in Noble (9 Oct 2008 and on 8 Oct 2008) at about the same time before he left ? Maybe because he wanted to buy a house or maybe maybe ......so many maybes so little time... SGDividends is compiling a list of stocks on your right as we research into more companies. We will categorize as fundamentally Hmm, fundamentally average, fundamentally above average, fundamentally strong stocks....Please do your own research also and don't blame us if anything goes wrong ok....steady la...ok!

Important: The objective of the articles in this blog is to set you thinking about the company before you invest your hard-earned money. Do not invest solely based on this article. Unlike House or Instituitional Analysts who have to maintain relations with corporations due to investment banking relations, generating commissions,e.t.c, SGDividends say things as it is, factually. Unlike Analyst who have to be "uptight" and "cheem", we make it simplified and cheapskate. -The Vigilante Investor, SGDividends Team