1. Tiong woon acquired a crane leasing firm for S$6.6 million. Tiong woon itself deals with equipment leasing and supplying, so this should compliment its business expansion plans. I had a bad brush with Tiong woon before. Last year I bought it and sold at a loss because construction sector wasn't that fantastic. Sort of regret now. Oh well, I might look into this company again when my holdings are a little less tight.
2. Yellow page had scheduled the extraordinary general meeting on end of June. The purpose is to settle the resolution of ousting a few directors off the board. Let's see what sort of development this tussle will bring. Yellow page closed -0.030 at $1.41. The 4Q outlook for yellow page isn't strong. Usually it's one of their worst quarter due to lack of advertising revenue as they are preparing their order book for the next financial year. But the dividends should prevent yellow page from sliding. Yellow page is one of the highest dividend yielding stock in SGX. I just don't like its fundamentals. Anyway, their results would be out tmr before market opens. I'll see what sort of dividends they give. Might want to sell off this stock that had been in my portfolio since I started trading last may.
Oh, nearly forgot this: one of the directors resigned with effect from today. He isn't involved in the boardroom tussle, so who knows why? He is supposed to be an expert in directories business overseas, so his expertise is supposed to guide the company ahead. With his resignation, what is Yellow page's direction in the future. I must look at their prospects in the coming earnings report tmr.
3. Lian beng, a construction company in singapore (I've got vested interest in this, bought 5 lots at 0.350 this monday), secured 2 contracts worth USD9.4 million in the republic of maldives. That's an equivalent of S$14 million, a small deal, but a deal nevertheless. The two contracts are for the installation of a wastewater collection and disposal system (my specialty, haha) and construction of buildings for community and educational purposes in Maldives. I wonder since why they actually set up a base over at Maldives to be able to clinch these awards. These 2 contracts will not contribute to their balance sheets for the financial year ending 31st May 2007.
Happy news, but from the price action of today, either there are no insiders speculating on Lian beng, or the impact of the award isn't significant. I nearly missed the announcement on sgx website, until I saw someone posting it at cna forum.
Genting is coming up again. Repeated failed breakouts made a lot of people wary of this stock. MACD histogram is going to do a crossover. Genting broke out of downtrend and stochastics is trending up. Macro wise, if I'm not wrong, genting is going to hold a meeting on 28th may for clarification of certain issues regarding Sentosa IR. Might bring out genting as a speculator's stock again. We'll see.
Sigh...chicken out, never buy when it's down. Looking at it technically, the downtrend from 7 May till now is just to cover the gap on 2nd May. The gap serves as a good support for the stock to rebound. But I was too chicken to believe myself that Straits asia is still a good stock despite losing money then. Must really follow Graham's way: buy when nobody wants it, and sell when everyone wants it. Contrarian attitude is the correct way to go. Once 1.24 is broken, we can go further up.
Dow is up 51 points now. But judging at the way the past few days are, dow might just end up closing neutral to slightly down. I don't like the way this goes, might be heading for bigger retracement. Europe is all green. STI closes 19 up at 3559. Rather good support level at 3540 for STI.
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