Swiber and pac andes fabulous results :)

STI was up 49 pts to close at 3524 with a volume of 2.28 billion. A technical rebound was expected and today we have it. Does it mean that everything is fine from now? Hard to say. Should be looking at how we fall after this rebound. If STI lower than the previous low, then the downtrend is still intact. If it falls higher than the previous low, an uptrend could be in stall but have to be further confirmed with a higher high.

Quite a lot of exciting news to share:

1. Pac andes released results today. Revenue increased by 111.1% while net proft after tax increased by 32.4%. This is after Pac andes acquired a big stake on China fish, so the excellent results on China fishery contributed quite a heavy percentage to its earnings this quarter. It's frozen fish supply chain business also grew healthily and accounted for 57% of its 1HFY08 turnover.

Still dunno how to digest the accounts, so I'll just leave it like this.

2. Swiber had excellent results. Revenue was up by 55.3% and net profit up by 250%. I noted a higher FX loss of US$511 k, which is like 1.1% of total revenue, so I guess it's not significance at all. I see a greater debt for swiber to acquire all the new assets, so that's something to worry about if new contracts do not follow through.

I like their new strategies - which is to focus their offshore business in India, Brunei and Vietnam. They estimated a total bid to be submitted this year to be about US$800 million for jobs targetted for FY 08 and 09. That's good!

As they announced earlier, their new direction is on deepwater oil and gas industry which will be their new growth engine through to 2012. They also released an announcement shortly after their quarterly report that Swiber had clinced a LOI for US$31 million project in offshore Indonesia. The contract is to install platform in the waters of the archipelago for a major international oil conglomerate in Indonesia.

Now I understand why HH keeps saying HSBC should keep the price constant so that she'll have the funds to buy it. Haha, Swiber dropped 0.200 and I'm not anxious :) It really feels safe when you get the company you like at a good margin of safety. I'll look at musicwhiz's blog to see his insights for Swiber.

Dow up 13 points now. Tmr STI still on rebound? haha, hard to say.