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nea03177 Senior	12-Feb-2015 13:27        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Throw your shares in the market, you will know. If I work there, how can I comment about my own company? You trying to pull my leg? Aiyoh,yoh! kirana      ( Date: 12-Feb-2015 13:23) Posted: U mean to say you work for HSBC?
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kirana Senior	12-Feb-2015 13:23        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	U mean to say you work for HSBC?
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nea03177 Senior	12-Feb-2015 13:17        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	HSBC collecting. Why? kirana      ( Date: 12-Feb-2015 10:31) Posted: Neao you so clever can test? SOunds like broker screen.
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kirana Senior	12-Feb-2015 10:31        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	Neao you so clever can test? SOunds like broker screen.
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nea03177 Senior	12-Feb-2015 10:02        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	At 9.56, someone withdraw queue to sell 20 lots at 3.11. I am testing who is buying at 3.11. Still on queue. charliel3ong      ( Date: 12-Feb-2015 09:00) Posted: Wah, market open 3.11, interesting.
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nea03177 Senior	12-Feb-2015 09:29        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	They try to support at 3.08 but block rise from 3.12. So difficult to trade. charliel3ong      ( Date: 12-Feb-2015 09:00) Posted: Wah, market open 3.11, interesting.
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charliel3ong Senior	12-Feb-2015 09:00        charliel3ong About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wah, market open 3.11, interesting.
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nea03177 Senior	12-Feb-2015 08:04        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Charoen bid $8.88 for F&N because he paid this amount to OCBC &Co. Later OUE Ltd bid 9.06(cannot remember whether 8.96 or 9.06). Charoen & OUE given ultimatum by SGX to start bidding. Before bidding start, Charoen increase to 9.55 and OUE declare they are withdrawing from fight. I surrender my shares to him after EGM LeeSY and his committee confirmed they have accepted his offer and whole F&N Board resigned. We were sad to give away F&N. So we will also be sad to give him our UE. risktaker      ( Date: 12-Feb-2015 07:21) Posted: Lets be fair..... When TCC buy F&N for 8.88 it is paying around 29x PE. Currently lets say UE make a low side 12 cents FY. (It should really be over 12.5 cents.) Given TCC using same model as F&N. It should be 12x29=SGD3.48 Still i believe if there is a deal it should be at least 27x pe so it should be around 3.25 From the extension of the deal we know TCC is serious with the deal but it takes a pair to clap..... But bear in mind our good friend chaoren is a savy investor..... price likely wont exceed 3.50 even there is a deal.... At this moment this deal is on or off no one knows.... but low 3 dollars maybe a good price to take position for a bet.... Will this deal make or break no one knows....i think my friend cut loss yesterday.... anyway good luck to those who vested.... Cheers hope the deal comes and a very good CNY for everyone who vested....
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kirana Senior	12-Feb-2015 08:02        kirana About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good morning all! If Charoen were to read his active postings, wonder what he think?
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toiletsiao Member	12-Feb-2015 07:30        toiletsiao About Contact  Quote this Post!
x 0   x 0  Alert Admin	$4 per share is too idealistic imo .. I think a price of 3.28 ++ will be reasonable enough for me...
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risktaker Supreme	12-Feb-2015 07:21        risktaker About Contact  Quote this Post! Style: Flexible   Mood: Yells: "Posts are opinions. Do not take it as investment advise "
x 0   x 0  Alert Admin	Lets be fair..... When TCC buy F&N for 8.88 it is paying around 29x PE. Currently lets say UE make a low side 12 cents FY. (It should really be over 12.5 cents.) Given TCC using same model as F&N. It should be 12x29=SGD3.48 Still i believe if there is a deal it should be at least 27x pe so it should be around 3.25 From the extension of the deal we know TCC is serious with the deal but it takes a pair to clap..... But bear in mind our good friend chaoren is a savy investor..... price likely wont exceed 3.50 even there is a deal.... At this moment this deal is on or off no one knows.... but low 3 dollars maybe a good price to take position for a bet.... Will this deal make or break no one knows....i think my friend cut loss yesterday.... anyway good luck to those who vested.... Cheers hope the deal comes and a very good CNY for everyone who vested....
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nea03177 Senior	12-Feb-2015 05:49        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sounds like Ironchef. But Risktaker says may have no deal and even if have deal around lower $3. You night owl. Buy SBS Transit or Comfort Delgro for late night transport. Hee Hee! Blessed day! Kyoto2008      ( Date: 12-Feb-2015 02:45) Posted: If bait is taken, it' s 4 bucks on the way.      The heat in the kitchen is getting a lot hotter.
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Kyoto2008 Elite	12-Feb-2015 02:45        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If bait is taken, it' s 4 bucks on the way.      The heat in the kitchen is getting a lot hotter.
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mrwonderful Veteran	11-Feb-2015 17:50        mrwonderful About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes I also think traders are closing positions. They won' t risk betting on takeover or not, plus prop traders do not take overnight positions. I think price would stabilize around here, IMO downside might be limited because shortists will also shy away since any moment may trading halt and they caught with pants down. However I also think the annoucement will only be made on Friday after market close, that' s Chaoren' s style to do things last minute. But then anything can happen since UE is so volatile, it' s really a trader' s stock. (Plenty of prop traders play this stock, evidenced by 100 share, 100 share, buy-ups: They are testing who is the counterparty.) The deal should have already been made by now, they probably preparing all the documents and annoucement if really takeover. Maybe insiders know/heard rumours of the results beforehand thus today' s volalitity? Or they might just be inducing fear again like last time when it drop 7% in one day.
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toiletsiao Member	11-Feb-2015 17:45        toiletsiao About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think it will conclude by the friday 13th deadline.....wait for the details... its been almost 6mths already since this exclusive agreement news broke out....to OCBC its an opportunity cost incurred as they cannot shop for other buyers....bearing in mind it was TCC assets who approached OCBC + GE for the stakes of both UE and WBL..i think if both parties are not interested in concluding this deal they would not have been in discussion for so long... be patient and wait for the details ... i think OCBC and GE can trading halt anytime liao...might not even need to wait until friday close to announce the conclusion of this deal....
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nea03177 Senior	11-Feb-2015 17:39        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	If they postpone again, then will be sianz. No deal say so, no need to keep investors in suspense. hem2998      ( Date: 11-Feb-2015 17:12) Posted: its normal for traders to square off positions before any major annoucements. only 2 days to the deadline. either deal or no deal. charliel3ong      ( Date: 11-Feb-2015 17:05) Posted: close at 3.05, looks like a extensive profit-taking move from the 2.97 to 3.21 high recently. hope tomorrow will recover
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nea03177 Senior	11-Feb-2015 17:29        nea03177 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Close 3.06. Luckily didn't break support of $3.00 Tomorrow will still be a volatile day unless trading halt. hem2998      ( Date: 11-Feb-2015 17:12) Posted: its normal for traders to square off positions before any major annoucements. only 2 days to the deadline. either deal or no deal. charliel3ong      ( Date: 11-Feb-2015 17:05) Posted: close at 3.05, looks like a extensive profit-taking move from the 2.97 to 3.21 high recently. hope tomorrow will recover
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hem2998 Veteran	11-Feb-2015 17:12        hem2998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	its normal for traders to square off positions before any major annoucements. only 2 days to the deadline. either deal or no deal. charliel3ong      ( Date: 11-Feb-2015 17:05) Posted: close at 3.05, looks like a extensive profit-taking move from the 2.97 to 3.21 high recently. hope tomorrow will recover
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charliel3ong Senior	11-Feb-2015 17:05        charliel3ong About Contact  Quote this Post!
x 0   x 0  Alert Admin	close at 3.05, looks like a extensive profit-taking move from the 2.97 to 3.21 high recently. hope tomorrow will recover
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hem2998 Veteran	11-Feb-2015 16:48        hem2998 About Contact  Quote this Post!
x 0   x 0  Alert Admin	i produce the report from L& T again for those who missed it. not an inducement to buy or sell.   all the best !! hem2998      ( Date: 30-Jan-2015 10:10) Posted: United Engineer&rsquo s ($2.97, down 23 cents) share price took a beating yesterday, falling 23 cents or 7.2% to $2.97 on higher than average 7.8mln shares traded on concerns that TCC may extend the offer or even walk away to buyout OCBC and its concerted parties&rsquo 34% stake in the company. While one can never be 100% certain about the eventual outcome, we continue to advise investors to keep faith in the stock as UE&rsquo s &ldquo unique proposition&rdquo as a takeover candidate remains relevant to our investment thesis. The reasons are as follows:   1) Given OCBC and Great Eastern&rsquo s grant and extension of their &ldquo exclusive&rdquo agreement for TCC to conduct its due diligence on United Engineers till end Jan&rsquo 15 (from end Aug&rsquo 14), we believe TCC would have likely given a minimum indication of a potential bid price that have likely met the minimum expectations of OCBC and Great Eastern.   2) In order to make an &ldquo educated&rdquo guess on the potential offer price for UE, we use WBL&rsquo s Independent Financial Adviser (IFA) methodology as a benchmark (during 2013 takeover battle between Straits Trading and UE) to define what is fair in OCBC and Great Eastern point of view given that UE currently owns 67.6% of WBL and OCBC and its related parties the rest.   3) According to the Independent Financial Adviser report (refer to note 7.7 of the IFA letter in WBL Corp), &ldquo the intrinsic value of WBL Corp was arrived using a range of lower and upper RNAV estimates with no conglomerate discount applied&rdquo . If we apply the IFA&rsquo s &ldquo fair value&rdquo methodology to United Engineer&rsquo s case, the current consensus RNAV estimate is bandied around the $3.60/share range (+/-5%).   4) If we cross check this with UE&rsquo s Dec&rsquo 14 estimated book value of $2.92/ share (after incorporating the disposal gains of UE E& C and Wearnes Automotive), it would translate to a price to book ratio of 1.23x. This is reasonable given that Popular&rsquo s privatization bid by its Founder and Chairman was recently done at 1.15x book, Aspial and Fragrance bid for LCD Global was at 1.22x, Ong Beng Seng and Wheellock&rsquo s bid for HPL was at 1.24x, Capitalland&rsquo s bid for CapMallsAsia was at 1.26x, UOL&rsquo s bid for Pan Pac Hotel was at 1.62x and Simon Cheong&rsquo s bid for SC Global was at 1.15x.   5) While KeppelCorp&rsquo s privatization bid for Keppel Land at 0.93x book likely pales in comparison, we note that in Keppel Land&rsquo s case, it is a &ldquo privatization offer&rdquo with no change in &ldquo control&rdquo while in OCBC&rsquo s case, it is giving up control of UE and hence requires a &ldquo control premium&rdquo . TCC under Charoen only needs to buy over OCBC and its concert parties 34% holding and it is ensured of control of UE.   6) We believe there is a strategic fi t between UE&rsquo s assets and Charoen&rsquo s owned Fraser&rsquo s suite of companies. UE&rsquo s UE Sq and Park Avenue Service Suites in Clemenceau is located right across the road in Clemenceau Ave to Frasers Service Apartments and retail assets (under Frasers Centrepoint Trust). UE&rsquo s other office properties such as UE Bizhub Tower and 450 Alexandra Road can be injected into Fraser Commercial Trust while retail assets such as Rochester Mall and Seletar Mall can be injected into Frasers Centrepoint Trust. Its other service apartments in Rochester and Robertson can be injected into recently listed Frasers Hospitality Trust. Its 2 remaining industrial properties have right of first refusal by Viva Industrial Trust which will be transferred to the eventual buyer of UE.   7) OCBC has said that it will dispose its non-core assets, which includes UE. Even before Charoen&rsquo s TCC came into the picture in Aug&rsquo 14, we note that UE has been disposing assets. It sold UE Bizhub East (a 53 leasehold property) to Viva Industrial Trust end&rsquo 2013 for close to $500mln or 2x price to book and also UE E& C to Southern Capital for 1.36x book, MFS Tech&rsquo s core PCB business for 1x book and Wearnes Automotive for 1.1x book. Most recently, it sold a service and maintenance company for 1.5x book and some land and assets in China at about 1x book. And there has been several key resignations from UE in the past few months, including David Liew, MD of its largest business division and CEO Jackson Yap without replacements. This suggests that even without an outright sale of the entire company to Charoen, UE will be sold on a piecemeal basis.   Based on the above-mentioned factors, we believe UE has become even more attractive after the 7.2% pullback yesterday, pricing it at close to its Dec&rsquo 14 book value and 18% discount to its RNAV estimate of $3.60/share. (Note that the deadline for the exclusive agreement between TCC and OCBC ends tonight at 2359 hours.)   -  Lim & Tan Daily Review 30/1/2015
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