【SPSETIA 8664 交流专区】实达集团

股友

那yewshin叔叔肯定经历过８０年代直现在的熊牛熊牛市了，说点你的威风史来听听。

yewsin56

原帖由 股友 于 19-3-2008 12:25 发表
那yewshin叔叔肯定经历过８０年代直现在的熊牛熊牛市了，说点你的威风史来听听。

我经历的熊熊也许会比你们多，眼见在股海倾家荡产者不少，
许许多多的人带着怨恨和无助地离开股海.
疯牛市时在股海找钱真的很容易，我曾在1996年以rm9.20买进成功南岛BJAYA SOUTH5452共8，000股。（目前的PRIME5452），它一路起我就一路提高我的止赢位，当起到rm14.80收市时，第二天开市时像头野马的在狂升，下午以rm24.00收市，大涨rm9.20，第三天开是照样奔上rm27.00然后回软，当时我在回软过程中以rm24.30，rm24.10套利，结帐算算它，却给我带来十二万的利润。
当年有个时期如果您拿着一万元想买一粒第二板的股都有点难度

yewsin56

原帖由 leong9000 于 19-3-2008 12:15 发表
人老万事休？
yewsin兄看来还相当雄心壮志哦

人有竞争才会有活力，所以我举脚支持当股民

全天的看盘有时都感觉好累好累，靠补老多过日子，老猴爬旗杆，不行罗.

股友

８７，９７和２００１的大熊你老人家有没有被喷到？

股友

原帖由 yewsin56 于 19-3-2008 03:12 PM 发表
全天的看盘有时都感觉好累好累，靠补老多过日子，老猴爬旗杆，不行罗.

我是越看越上瘾，没appointment时都会窝在一旁追股票。

yewsin56

原帖由 股友 于 19-3-2008 16:02 发表
８７，９７和２００１的大熊你老人家有没有被喷到？

87年熊市是我最惨败，以为好股就不怕，甚至于再便宜再捕仓，结果弄到似乎不能呼吸。97年我已学精了，因为我有了秘诀，（97年我曾有过一次止损清仓时亏了两万五千元.）
我学会了休息，学会了止损，也学会了进攻，每个脚步都不希望踏错，但偶而也会踏错而招到损失，我求的是赢多输少，到最后总结是赢就够了.97年和2001年我辛亏已懂一点皮毛，懂得些少策略，股市真的不象想象中那么的好赢，毕竟天下没有白吃的就对了！我累了.

yewsin56

原帖由 股友 于 19-3-2008 16:02 发表
８７，９７和２００１的大熊你老人家有没有被喷到？

87年输到见不到路.
（97年我曾有过一次止损清仓时亏了两万五千元.）
2001年就像已会了何时休息，何时下山，何时上山。

小散户

原帖由 yewsin56 于 19-3-2008 05:33 PM 发表
87年输到见不到路.
（97年我曾有过一次止损清仓时亏了两万五千元.）
2001年就像已会了何时休息，何时下山，何时上山。

要怎样才可以学到止损 ? 我现在的心态是死都不舍得卖...

yewsin56

原帖由 小散户 于 19-3-2008 18:31 发表


要怎样才可以学到止损 ? 我现在的心态是死都不舍得卖...

已经说过多遍了，人都不愿意再听了,想想做什么会跌到现在还不能站稳,有利于你正确选择自己要走的路。抱着已经损失不少,不在乎再多损失一点的心态.这个时候很容易做错事.

老散一名

原帖由 yewsin56 于 19-3-2008 05:33 PM 发表
87年输到见不到路.
（97年我曾有过一次止损清仓时亏了两万五千元.）
2001年就像已会了何时休息，何时下山，何时上山。

你好過老散好多，我止損最多時係..........................
唉.....................120k。

股友

嘻嘻，不知道uncle chinchai 以前是如何威风法，他也是玩到很凶的。

yewsin56

原帖由 老散一名 于 20-3-2008 01:08 发表

你好過老散好多，我止損最多時係..........................
唉.....................120k。

我当时跳车快，要是太慢下车，相信下场会和您散哥一样。
想起当时跌跌不休的熊市也不是想碰就可以碰的!就像目前一样！

陳光發

这股我也出点声怎样？如果这股没有是4。9你讲的那样啦~其实不担心~每年再上的很难讲~好了~

yewsin56

原帖由 陳光發 于 20-3-2008 01:56 发表
这股我也出点声怎样？如果这股没有是4。9你讲的那样啦~其实不担心~每年再上的很难讲~好了~

欢迎发兄的到来出点声，我们都是散户，一起聊聊天，一起交流一下。

科恩马

原帖由 yewsin56 于 20-3-2008 03:08 AM 发表
欢迎发兄的到来出点声，我们都是散户，一起聊聊天，一起交流一下。

吉隆坡）實達（SPSETIA，8664；主板產業組）調任現任首席財務員張良成成為實達國際營運和業務部的首席執行員，現任執行董事葉國榮則走馬上任集團首席財務員一職。該公司發表文告指出，這項人事調動，是配合轉型該公司為全面的區域實業集團的發展。張良成將負責推動區域發展，同時負責國內外所有業務發展事項。
目前，實達在越南擁有兩項產業發展計劃。


好事吗？

Mr.Business

新闻。

Saturday March 22, 2008

Of projections and revisions

By TEE LIN SAY

BLUE chip property counter SP Setia came under the harsh spotlight of investors over the week. Indeed, that's a rarity for a company, helmed by group managing director Tan Sri Liew Kee Sin. The company is well liked for its track record on strong earnings delivery and ability to turn non-prime areas into comfortable residential homes.

Stock-wise, it is arguably one of the must-haves for portfolio managers.

Still, the week revealed that no stock, blue chip or otherwise is immune from the uncertainties that are currently weighing down the market.



The trigger happened when the company indicated to analysts a week ago that it is revising sales projections from RM1.8bil to RM1.5bil. It was three months ago when the company made the initial guidance of RM1.8bil sales projection. The outcome of the lower revision for sales projection by RM300mil resulted in the counter losing some RM726mil in market value over six trading days.

The heavy selling, largely led by foreigners, compelled the company to issue another note that stressed that the lower sales target of RM1.5bil made in the immediate aftermath of the general election was based on assumption of worst case scenario in the event of delays in the formation of local councils. “Given the company’s Oct 31 year end, a delay of one to two months would have resulted in a timing difference of sales being made in FY2009 instead of FY2008,” it said.

It added that in view of the successful transition of state governments in Penang and Selangor and the pro-business stance expressed by both Chief Ministers in the press, the group is confident that its original sales target of RM1.8bil for FY2008 can still be met.

In this regard, it is of noted that the group’s sales for the first four months of FY2008 amounts to RM646mil which is significantly higher than the RM290mil recorded in the corresponding period in FY2007.

Investors were still cautious and this showed in the shares' performance the next day following the announcement.

An analyst says investors perceived the note to be one aimed at “damage control.” Still, she is confident that the group will achieve its initial sales target, adding that the concern is simply one related to a timing issue.

“Most of the delays, if any, will be recognised in FY09 as a bulk of SP Setia's launches are targeted in the second half of 2008. In any case, a delay of two months means a recognition of profit in the following financial year,” she adds.

Although 14 out of 23 analysts are maintaining their “buy” recommendation, most have revised SP Setia's target price and earnings forecast downwards.

Investors' general cautiousness can be attributed to worry that there may be a delay in the launch of Setia Vista project in Penang, an expected muted sales at Setia Eco Gardens in Johor and to some extent, the recent termination of a deal to acquire land in Cyberjaya which was perceived as a weak signal for the broader property market.

Furthermore, concerns on the macro economy and higher inflation risks are expected to reduce consumer discretionary income.

Citigroup is expecting private consumption to slow from 11.7% in 2007 to 8% in 2008, hence mass property buyers are expected to adopt a wait-and-see attitude.

AmResearch's property analyst Chong Tjen-San opines that the delay in SP Setia's launches are not due to poor sentiment on the broader property sector but more project specific issues.

For instance, he points out that SP Setia strategically delayed the launch of Setia Vista as it recently obtained approval for the release of 167 units of bumi units from Phase 1 and Phase 2 of Setia Pearl Island.

“SP Setia has done well in Penang. In the Setia Pearl project, it sold Phase 1 terrace houses for RM600,000 per unit. As for Phase 3, it sold 49 units at RM750,000 per unit. As it has additional supply from Setia Pearl and pricing was already raised quite aggressively, it had adopted a wait and see to gauge the take-up rates,” says Chong.

While the overall property market outlook is expected to grow, analysts remain cautious on the back of the global financial turmoil.

They worry that most of the price appreciation in 2007 was due to speculation and in hindsight, analysts say that the price spurt was unsustainable.

With that, many potential home buyers are holding out in anticipation of better prices.

“Investors who bought high end homes have benefited from the bullish cycle in financial markets in the last few years. With the sharp correction in markets, the purchasing powers of these buyers will also be affected,” says the property analyst.

She adds: “While there will be demand for lower to middle-class houses, buyers may hold off from purchasing high end homes. Last year, it was mainly the high end developments that drove the euphoria in property markets.”

http://biz.thestar.com.my/bizweek/story.asp?file=/2008/3/22/bizweek/20703339&sec=bizweek

Mr.Business

新闻。

Saturday March 22, 2008

Warrant appears superior to structured

Stories by ALAN VOON

ThE share price of property developer SP Setia Bhd suffered massive drop in the wake of uncertainties following the general election results. To calm things down, the company issued a statement early in the week to clarify that its sales target of RM1.8bil in FY2008 ending October can still be met.

The company also indicated in its statement that it had earlier alluded to a lower sales target of RM1.5bil in the immediate aftermath of the general election on the assumption of a worst-case scenario in the event of delays in the formation of local councils during the transitional period.

However, following the successful transition of state governments in Penang and Selangor and the pro-business stance which has been expressed by both Chief Ministers in recent interviews, SP Setia is confident the original sales target can be met.

There are two warrants on SP Setia currently trading on Bursa Malaysia. One of them is SPSETIA-WB – a company issued warrant offered to subscription by shareholders of the company by the subscribers of SP Setia’s RM500mil redeemable serial bonds. As the company is paying only 2% coupon for the bonds, it needed to sweeten the deal with 168.15 million free detachable warrants where the primary subscribers then offered for sale to shareholders at 30 sen per warrant.



Another warrant on SP Setia – SPSETIA-CA is a structured warrants issued by CIMB Investment Bank. This warrant has an exercise ratio of 5 which means that the holder of SPSETIA-CA needs to have 5 warrants in order to exercise into one share. As opposed to the company warrant which has almost 5 years to go before expiry, SPSETIA-CA will expire in a little more than 6 months.

As the two warrants were issued when the share price of SP Setia was still riding high, the sharp drop in the share price recently has resulted both warrants becoming significantly out-of-money. An out-of-money warrant has no intrinsic value but only time value.

When time is up, the out-of-money warrant will expire worthless. However, there is still a long time before SPSETIA-WB expires. As for SPSETIA-CA, its price may still have a chance to rise before expiry even though the mother share may trade below its exercise price if there is a rebound in share price and the issuer makes a market for it.

From the warrants valuation perspective, SPSETIA-WB is superior to SPSETIA-CA from both premium and implied volatility. In fact, the directors of SP Setia had disclosed to the Exchange that they have been buying SPSETIA-WB recently.

The short-term volatility of SP Setia share price has spiked up to 73%, a 52-week high, following the sharp fall in price recently. At 5.5 sen, CIMB is pricing SPSETIA-CA at implied volatility of 65.2%. This means that it expects the volatility of SP Setia to trend lower. Buyer of SPSETIA-CA may need a strong rally in SP Setia share price to make money as he may also needs to overcome the expected drop in volatility.

For traders of SPSETIA-CA, a 10% rise in SP Setia share price from RM3.46 to RM3.81 should result in a theoretical gain of 40% in the warrant price from 5.5 sen to about 8 sen if the issuer maintains the implied volatility at 65.2%.

If the issuer drops the implied volatility to 50%, SPSETIA-CA may only be priced at 5 sen even though the mother share has risen 10%.

For SPSETIA-WB, buyer may hold it for a longer term as the expiry is still many years away. If investors share the bullishness of SP Setia in the longer term as its directors, picking up SPSETIA-WB when it is down may be quite rewarding in the future.

http://biz.thestar.com.my/bizweek/story.asp?file=/2008/3/22/bizweek/20713663&sec=bizweek

scsiang82

27-03-2008: SP Setia still pricey despite selldown
Email us your feedback at fd@bizedge.com

SP Setia Bhd is still expensive despite a recent selldown that resulted in a 30% plunge in its share price year-to-date, according to HLG Research, which initiated coverage on the stock with a hold recommendation at RM3.62 and a price target of RM3.54.

At RM3.54, SP Setia was fully valued with financial year 2008 (FY08) price-earnings (PE) of 14 times, representing a 30% premium to its peers and fully reflecting its property market leadership, said the research house.

“In revenue terms, SP Setia is Malaysia’s largest township developer, with development projects across Klang Valley, Johor, Penang and Vietnam.

“SP Setia currently has unbilled sales of RM1.3 billion and a landbank with RM19 billion potential GDV (gross development value) over eight to 10 years,” it said in a research note yesterday.

However, HLG Research noted that high foreign shareholding of 40% at SP Setia remained a major market risk. “We think there are better growth prospects elsewhere in our property universe.”

Following flat sales of RM1 billion per annum over the last four years, the research house expected SP Setia to launch RM1.8 billion worth of properties in FY08 in its new projects in Vietnam (Eco Lakes My Phuoc), Johor (Setia Eco Gardens) and Penang (Setia View and Setia Vista).

“We think the success of these launches underpin HLG Research’s and consensus earnings per share (EPS) growth estimates of 14% year-on-year (y-o-y) over FY07 to FY10, versus 6% to 7% over FY04 to FY07.

“The recent selldown in March reflected investor uncertainty over management’s ability to achieve the RM1.8 billion sales target. We remain cautious on mass-market township development in Malaysia due to the ongoing political and economic uncertainty,” it said.

HLG Research has advocated switching to Sunway City Bhd (SunCity) and Mah Sing Group Bhd, given their relatively lower valuations, comparable net dividend yield of 4% to 5%, and more defensive earnings growth.

The research house ascribed a FY08 PE of eight times and 7.3 times for SunCity and Mah Sing, respectively. It said the three-year compound annual growth rate (CAGR) of SunCity’s EPS was 20% compared with SP Setia’s 14%.

“We also like these counters for greater exposure to high-end projects, which continue to enjoy robust demand from foreign property buyers,” it added.

SP Setia closed unchanged at RM3.62, SunCity added 10 sen to RM2.90 while Mah Sing edged up one sen to RM1.35 yesterday.

http://www.theedgedaily.com/cms/ ... a-158f1fa0-851062c9

scsiang82

27-03-2008: SP Setia in JV with DBKL on mega project near Mid Valley
by Siow Chen Ming
Email us your feedback at fd@bizedge.com

KUALA LUMPUR: SP Setia Bhd is set to finalise a joint venture (JV) agreement with Dewan Bandaraya Kuala Lumpur (DBKL) to develop high-rise residential cum commercial project on a 20-acre (8.1ha) plot located opposite the Mid Valley City.

Speaking to reporters at Invest Malaysia 2008 yesterday, SP Setia’s managing director Tan Sri Liew Kee Sin said the company secured an approval from the Economic Planning Unit (EPU) seven years ago for the project.

Although it had subsequently signed a memorandum of understanding (MoU) a few years ago with the DBKL, a privatisation agreement is still pending.

“We expect to finalise a deal with DBKL soon and launch the project next year,” said Liew. However, he declined to reveal the value of the project.

Squatters residing on the land were relocated to nearby apartments recently, indicating that the project is making progress.

The JV between SP Setia and DBKL will be similar to previous deals such as the one between IGB Group Bhd and DBKL for the now completed Mid Valley City project. Under such deals, DBKL would provide land while developers such as SP Setia or IGB carry out the development work and invest in the infrastructure.

Heading the country’s largest property developer, Liew said he was positive on the recent changes taking place in the country’s political landscape.

“I think the changes are good for the country, even though some of my friends have lost (in the election). It is good to have competition (in the political landscape) and because things will get better,” said Liew.

For instance, in Penang where SP Setia has major on-going property projects, he felt there should not be any problems as the new Chief Minister Lim Guan Eng has called for more openness and transparency, which has always been the group’s practice.

Having gone through the 1998 financial crisis, Liew was also unfazed about a potential slow down in the domestic economic growth that may affect property sales.

He said the group’s exposure in the property sector was well spread out, covering different regions with different products for several market segments. With certain adjustments of the project’s portfolio, the group can capture the market segments where demand is still strong.

Also, SP Setia’s property development projects in Vietnam was picking up steam and this would reduce the group’s dependence on the Malaysian market.

“Our target is that by 2012, contribution in terms of turnover and earnings from our overseas projects will be higher than Malaysia,” said Liew.

SP Setia is on track to meet sales target of RM1.8 billion for the current financial year ending Oct 31, 2008. This figure is within reach as sales have already reached RM646 million for the first four months of FY2008 compared to RM290 million in the same period last year.

SP Setia planned to launch five projects in FY2008 with total gross development value (GDV) of RM5 billion. The group has a remaining landbank of 4,783 acres (including in Vietnam) which are sufficient for its volume of development works over the next 10-12 years, with estimated total GDV of about RM30 billion.

http://www.theedgedaily.com/cms/ ... a-158f1fa0-a5fcdf1c

scsiang82

Thursday March 27, 2008 MYT 7:19:21 PM
SP Setia Q1 net profit up 3.8% at RM48.52m
By Jospeh Chin

PETALING JAYA: SP Setia Bhd posted net profit of RM48.52mil for the first quarter ended Jan 31, 2008, up 3.8% from RM46.76mil a year ago, boosted by its property development in the Klang Valley, Johor Bahru and Penang.

The company said yesterday revenue rose 19% to RM303.65mil from RM255.21mil. Earnings per share was 4.81 sen compared with 4.56 sen.  

Apart from property development, the group’s construction and wood-based manufacturing activities contributed to the earnings. SP Setia said its focus for the current financial year was to transform itself from being largely a Malaysian developer of residential homes to a fully integrated regional real estate developer.

Commenting on its first integrated commercial project, Setia Walk in Pusat Bandar Puchong, the company said sales had been encouraging.  

“Along with the solid contributions by its established residential developments in the Klang Valley, Johor Bahru and Penang, total sales as at Feb 29, 2008 amounted to RM646mil,” it said, adding this was significantly higher than the RM290mil a year ago.

On its overseas ventures, SP Setia said it targeted to launch its first overseas project in Vietnam by July this year.

http://biz.thestar.com.my/news/s ... 03&sec=business