Buy @ $3.76
Continue to add back at a lower price… Q'd since AM and only got done during 5pm matching.. 😀
STEng @ $3.79
Buy @ $3.79
Add back to average down my higher priced ones. Put in before mkt open to try for a Jump-Q but opened at $3.79. Mine wasn't done and I was too slow to remove from Q and got done within a few minutes. With Crimea referendum fears (to join Russia) this Sunday, mkt was weak. Range $3.77 – $3.80, close $3.79. Very likely, I'll get a chance to average down further tomorrow, a Friday… 😀
STEng @ $3.78, $3.82
Buy @ $3.78 ; Sell @ $3.82
Did a Jump-Q during pre-open to buy back some shares. Contra off when it hit my short term target price. A rare intraday contra… without intending to day trade… I follow the philosophy of buying for long term ie. make sure fundamentals are strong and prices not over-valued but no quarrels against short term profits especially for non-growth stocks …
Can also treat it as an extension to David's Yield Rotation Strategy, a sub-nesting or micro intra rotation class… 😀
STEng @ $3.8236
Sell @ $3.82, $3.83
Sold a fair bit of my holdings, some at a loss (but Net Profit when balanced by the profitable ones). I didn't quite like the reduction of Dividend Payout from 90% to 80% for FY13 and a further reduction to 75% for FY14. This translates to a Yield of <4% unless prices drop below $3.75. With such a low yield, I'd expect some growth to make it a feasible buy and hold stock. I have therefore decided to adopt a wait and see approach ie. wait for their Quarterly results to show the growth… I may buy back again to average down the higher priced ones, to sell before it xd… 😀
STEng @ $3.78
Buy @ $3.78
Jump-Q during pre-open matching…
Results were out last evening. Q4 (Dec) showed very good Revenue & Profits, resulting in closing of the gap with FY12. However, they have reduced Payout Ratio from 90% to 80% and to be reduced to 75% from FY14 onwards. As such, Yield has dropped to <4%.. The forward statement is positive.
Hmm… with the Yield < 4%, PE = 20+ and a non-growth stock, I'm inclined to divest… Altho' the div has been reduced, 12ct (vs 13.8ct) ought to be able to provide some price support till xd date. 😀
STEng @ $3.82
STEng @ $3.82
Sell @ $3.82
Contra off my recent buy. I have a timing + internet banking xfer limit issue which'd require precise timing and absolute $$ accuracy (in my advance free cash computations) to manage when my Neratel buys are due for payment this week. Doing a contra for STEng buy would alleviate the problem a bit as it frees up some cash flows and allows for some margins of error in my figures… 😀
Saw the pre-open matching at $3.83 and decided to try a jump Q. However, it opened at $3.81 and I left my $3.82 sell order in the Q, which got done at 9:14am. Will try to buy back if I still have free cash, before it announces FY13 results on 27th.
STEng @ $3.797
Buy @ $3.80, $3.79
Decided to use the free cash raised from selling other stocks to buy STEng as my other targets had gone up… STI has slowly crept back to 3088.79 vs <3000 just a couple of weeks back.. many target stocks are now outside my radar…
A quick relook at Q3 (Sep) financials & forward statement,
One concern which I have is that it may suffer the same problems as SATS & SIAEC (being in a similar Aircraft Services Industry) of rising costs, causing a big Sep-Dec Quarter drop y-o-y in both Revenue & Profits… and of course weakening the share price. But, altho' we do start to see a similar weakening in Q3 (Sep), the forward statement of a comparable FY2013 vs FY2012 Revenue & PBT does seem reassuring… Perhaps STEng, being partly in the Defence Industry is better shielded??
My projection (assuming the same 90% Payout Rate) is DPU = 12.9ct to 13.4ct, lower than last year of 13.8ct ie. a -3% to -6% drop. Of course, I hope to be pleasantly surprised by a lower drop or even a tiny gain when they announce their Q4 results on 27th Feb…
Note that @ $3.80, PE = 20.26 ; Yield = 4.42% is more than fully valued… My game plan is short term, max till just before xd.. But, can hold for long term if plan fails… won't lose too much sleep as they have $12Bil+ in their Order Books.. 😀