Category: HLFin

Sell @ $2.85. Last of my recent buys, left the older expensive ones. Decided to exit as the yield is not up to my expectations. Buyer ’26’ – BNP, seems like buying 1 lot every few mins. 😀

Sell @ $2.81. Last day of cd, decided to reduce my hldgs as the yield is too low for my liking (they may increase the payout in 2H if EPS is maintained). Buyer ’78’ – ML patiently buying all that appear at this price. 😀

Buy @ $2.79. 1H09 results will be out tomom, am expecting it to be in line with those posted by the big 3 banks recently, ie. bottom reached and now on recovery. Am also expecting div payout to resume, shld be 4-6ct like in previous years. Seller ’31’ – DMG. 😀

12-Aug-09
Q209 Results are out. EPS improved from Q109 but with provisions for their Lehmen Notes, it’s lower y-o-y. Most importantly, they have reduced their dividend payout to 2ct! Looks like they are planning to match last year’s total dividend of 5ct but now, paid over 2 periods of time!

Buy @ $2.82. Finally get a chance to buy back what I sold previously. 😀

Sell @ $2.93. Finally reached my lowest buy price! Very illiquid counter. 😀

Sell @ $2.64. Decided to contra off as I’m running low on ammo. 😀

Buy @ $2.60. Buy some to avg down. I think they hv already provided for the Lehmen MiniBonds in Dec08 (as Net Loss), too lazy to chk. 😀

Update (16-Jul-09)

Extracts fm “The Edge Singapore” dated 13-Jul-09,
– MiniBond Notes : $86.3Mil
– Pinnacle Notes : $19.9Mil
– Sold more Structured Notes than DBS (3mth ban)
– Provisions Q408 : $55.5Mil
– Settlement Offered : $57.6Mil

Impact of 2-yr ban by MAS on selling Structured Products
– Fee Income is 10% of total income
– Q108 : 12% ($6.5Mil of $54.7Mil)
– Q109 : Dropped 78% to $1.4Mil of $25.7Mil (Net Profit)

Loan Business
– Building and Construction : 30%
– Housing : 18%

Buy @ $2.88. Besides risks due to potential recession, they’re also a distributor of Lehmen mini-bonds (have appointed independent auditors to check if there’d been any mis-representations in their selling to retail customers). Seller ’82’ – Morgan Stanley. 😀

Buy @ $2.95. Buy back. Seller ’26’ – BNP. 😀

Sell @ $3.10. Same buyer ’83’ – CitiGroup, patiently buying 1 lot at a time, whenever someone else sells at 3.04/5. Maybe trying to drive up the price as the bid/ask spread is large 3.05/3.10 and I don’t see any other reason for them to buy from seller. 😀