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Buy @ $0.895
Someone really badly need to sell… likely before results are released tomorrow… I wonder why??
Got me worried to sell the continued selling and at lower prices. Went back to check SGX Annc but no new annc since the positive one on the $25.2Mil secured on 21-Jul. A quick look thro' their Q1 results reaffirms their positive outlook for 2014. The main negative is the $1.5Mil provision made for a lawsuit which they'd lost in China (now appealing).
So, Profitability seems ok. Fundamental-wise, Cash = 34.88ct / share or 32.22ct / share Net of Debts.
A possible negative is the CAD investigations started in Jan-13, but, unless it implicates Snr Mgmt, it's not a major issue.
I guess we'll find out tomorrow when the results are out after mkt closes… Keep our fingers crossed! 😀
Buy @ $0.92 ; $0.915, $0.91
Decided to buy @ $0.92 after someone sold me only 1 lot @ $0.915. Finally, we get to se motivated sellers from CP = CSFB, Kim Eng & CIMB in action today! Range $0.905 to $0.93 ; Vol = 315,000 (considered high for this counter). There was even a large Sell Q = 274,000, which made me fearful to grab more… 😀
After today, I have collected a sufficiently large base and will likely hold it for longer term as long as fundamentals stays the same. As per my usual strategy, I'll likely collect more for short term trades.
Sell @ $0.94
Divested my entire stake at a slight loss (Profits will come from the Final Div = 2.5ct, which will be paid on 31st May). It didn't follow my original plan for short term trading (sell before xd) as prices was stuck at my buy price level ie. not profitable to sell. Instead, today, the 1st day of xd, it only dropped by 0.5ct vs 2.5ct div thereby creating an opportunity for me to take profit. Buyer CP 7'0' = CLSA seems to be collecting as I sold my stake over a few transactions (as ver low vol)…. 😀
Q1 results was released on 14-May after market closed. Q1 is seasonally their weakest Q. On a yoy comparison,
On first look, the drop in Net Profit is a big concern. However, this is mainly due to a Provisions = $1.5Mil for a legal suit which they'd lost in China (under appeal). Although this will be a real cash item if and when they lose their appeal, on the Operations side, if we were to add back the $1.5Mil, Net Profit = +22.1%. This bodes well, from the Operations point of view and Kingsmen looks set to have a good FY14.
In addition, Cash has increased from $63.7M to $67.6M (~35ct / share).
So, why sell? Some reasons,
The next catalyst will be the Q214 Results where Div = 1.5ct for at least the past years (didn't track longer). Any price dips (at least 1ct dip ie. 93ct – ideal would be 92ct as this is the theorectical xd price), I'll likely buy back.
Reference : Q114 Results
Buy @ $0.945
Add more since there're sellers around (even selling at $0.94). Usually very illiquid so take note of the risk ie. Liquidity Risk (May not be able to sell in a hurry if Cash is urgently required). Will try out as a Yield Rotation Play before xd but can hold for longer term if stuck… 😀