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http://multimillionairehouseholds.blogspot.sg/2012/12/olam-update-technical-analysis.html
The bounce to $1.73 (50% retracement from recent high) is within expectation and should not be a surprise. The question that should be asked is whether the uptrend can continue from here and beyond $2.
Since Nov 2010 when the price was $3.37, we saw lower lows and lower highs for the next 24 months.
Good News, there are quite a number of shares in the lending pool- a sign of shortists covering their positions. Time to increase holding and corner the shortist.
https://www1.cdp.sgx.com/scdcint/sbl/viewLendingPool.do#
Olam 'at its strongest since IPO'
08:35 AM Jan 03, 2013
SINGAPORE - Olam International, the commodity trader that short-seller Carson Block said may fail, said its balance sheet is the strongest since it first sold shares to the public in 2005 and that it is " comfortable" with its current equity levels and gearing.
The company had S$3.42 billion of equity and S$6.99 billion of utilised net debt as of Sept 30, Singapore- based Olam, the world's second-largest rice trader, said yesterday in a filing. It had S$10.71 billion in liquidity as of that date, Olam said.
Mr Block first questioned Olam's accounting methods at a conference in London on Nov 19, and later likened it to failed energy trader Enron in a report by his research firm Muddy Waters. Olam, which counts Singapore's Temasek Holdings as its second-biggest shareholder, refuted Block's claims and responded with a proposed US$1.25-billion (S$1.53-billion) bond and warrants offering to address " lingering doubts" about its liquidity.
" The company has the strongest balance sheet position including its highest equity base and lowest gearing since its initial public offering in February 2005" as of June 30, 2012, Olam said yesterday. The company " has a solid future on the back of a clear and differentiated strategy, a strong business model, and a proven execution capability," it added.
The stock rose 5.8 per cent to S$1.645 at the close of trade in Singapore yesterday. The statement was filed after trading ended. Olam, the second-worst performer on the STI in 2012, lost 27 percent last year and is down 5.5 per cent since Mr Block's comments in November.
Olam has said it faces no risk of insolvency and sued Mr Block and Muddy Waters on Nov 21 in the Singapore High Court, calling their comments malicious falsehoods. Muddy Waters rated Olam a strong sell in a 133-page report in November, saying the commodity trader was likely to fail.
" The board is comfortable with the current equity levels and gearing," Olam said yesterday in the filing.
Olam does not need any further new equity at this stage and does not need to access the debt capital markets until the end of fiscal 2014 should it choose to, it said yesterday. BLOOMBERG
Olam Int'l: Temasek now owns 19% stake
Olam International (Olam) recently revealed that Temasek Capital (Private) Limited has increased its deemed interest in the company to 19% as of 28 Dec 2012 this up from around 16% before the Muddy Waters allegation on 20 Nov 2012. However, we continue to believe that there are still several medium- to long-term issues that need addressing. We also foresee potential economic headwinds for the commodity sector as a whole. As such, we maintain our HOLD rating and S$1.44 fair value for now. (Carey Wong) |
For more information on the above, visit www.ocbcresearch.comfor the detailed report. |
NEWS HEADLINES
- US stocks surged on Wed after a budget deal to avoid the fiscal cliff was reached. The Dow rose 2.4% to 13,412.55, the S& P 500 index gained 2.5% to 1,462.42 and the Nasdaq finished 3.1% higher at 3,112.26.
- Global Logistic Properties has leased ~112k sq ft of space at its GLP Park Jiashan logistic facility in Zhejiang Province in eastern China to supermarket giant Tesco.
- Tritech Group has been awarded two contracts worth S$4.22m for site investigation works related to the proposed construction of a cable tunnel from the northwest of Jurong Island to Pioneer Road on mainland Singapore.
- Jackspeed Corp has completed the sale of its leasehold property at Tampines Industrial Avenue 5. |
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OCBC take on Olam Int'l:
Temasek now owns 19% stake Olam International (Olam) recently revealed that Temasek Capital (Private) Limited has increased its deemed interest in the company to 19% as of 28 Dec 2012 this up from around 16% before the Muddy Waters allegation on 20 Nov 2012. However, we continue to believe that there are still several medium- to long-term issues that need addressing. We also foresee potential economic headwinds for the commodity sector as a whole. As such, we maintain our HOLD rating and S$1.44 fair value for now. (Carey Wong)
Read more:http://sgx.i3investor.com/servlets/ptres/3633.jsp
Next we may hear them saying that they are dropping the lawsuit.Adding that the market has vindicated them of any issues with the company by the strong bond take up rate and share price has come off from its lows as a endorsement of its credibility.Hope that this is wake up call for them.
Olam:
The beleaguered agri-commodities firm yday broke its month-long silence as it sought to clear the fog of doubt surrounding it: its balance sheet is the strongest since its listing in 2005, it said, and again reiterated that the issues raised about the company had no merits.
In a 274-page " offer information statement" relating to its rights issue - which includes a letter to shareholders to update them on recent devts - the firm said it had formed a sub-committee to do an internal review after its first comments had been published.
The four man-strong subcommittee - comprising non-executive chairman R Jayachandran, lead independent director and chairman of the audit & compliance committee, as well as governance & nomination committee Michael Lim, and independent directors Robert Michael Tomlin and Mark Haynes - found that the questions raised about the firm " have no basis in fact and provide no reason for concern" .
Explaining its silence after an initially rousing defence against criticism by US short-selling research firm Muddy Waters, Olam said: " Despite attempts to draw us into a public battle of words, we have felt that it is in the best interests of the company and its shareholders not to respond to every opinion, claim or assertion made by those who may be doing so for their own vested interests." Olam is +3% at $1.695.
Shortists may have switched to long Olam instead
tonylim ( Date: 03-Jan-2013 10:30) Posted:
Die hard shortists need to cover position fast before it hit 1.75 !
Kensonic77 ( Date: 03-Jan-2013 10:27) Posted:
Wow! I am still holding despite all the noise here....
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| WEIGHTED AVG PRICE : 1.6858 |
LAST DONE PRICE : 1.700 |
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| SPREAD/PRICE RATIO : 0.0029 |
AVG TRADE SIZE : 11.977 |
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Die hard shortists need to cover position fast before it hit 1.75 !
Kensonic77 ( Date: 03-Jan-2013 10:27) Posted:
Wow! I am still holding despite all the noise here....
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| WEIGHTED AVG PRICE : 1.6858 |
LAST DONE PRICE : 1.700 |
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| SPREAD/PRICE RATIO : 0.0029 |
AVG TRADE SIZE : 11.977 |
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Wow! I am still holding despite all the noise here....
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| WEIGHTED AVG PRICE : 1.6858 |
LAST DONE PRICE : 1.700 |
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| SPREAD/PRICE RATIO : 0.0029 |
AVG TRADE SIZE : 11.977 |
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wonder can hit 1.75 today!!?
Big ang bao!
I sold all my Olam share last Friday, do I still eligible to subscribe the bond?
This stock is doom.... especially when jim and Temas entered.... if you dont short is fine, just dont buy.... you will sure to regret.... lol
tonylim ( Date: 02-Jan-2013 16:27) Posted:
This stock is for long term investment and not for punters
Isolator ( Date: 02-Jan-2013 13:00) Posted:
Run now if you dont short..... |
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same, same. to cash out to buy more rights.
I guess you must have made a lot.
I am still holding.
no greedy, started unloading already.
Thanks. You are sitting on even more profits. Cheers!
counter ( Date: 02-Jan-2013 21:12) Posted:
Nice to hear that you are sitting on nice profits. Congratulations!
Peter_Pan ( Date: 02-Jan-2013 19:16) Posted:
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Nice to hear that you are sitting on nice profits. Congratulations!
Peter_Pan ( Date: 02-Jan-2013 19:16) Posted:
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Sitting on nice profits.
Now just waiting to trade the rights.
Date? Anyone?
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