Jardine Cycle & Carriage

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#71
I m afraid I can't be too specific on specific price target as this will go against the spirit of the forum especially when it is a short term trading view.

However, should one agree that the arbitrage between the rights and the mother share could have largely attribute to the sudden unexplainable collapse of the share price, then it is not too difficult to see where the normalise price levels should be.

Y'day we have already seen what the normal trading activity levels of the mother shares should be. In addition, there are many that always complain that the Jardine Group of companies are manipulated movers of STI, hence one can have the benefit of index players on the back of J C&C as well

GG

(11-07-2015, 03:05 AM)sillyivan Wrote: hi greengiraffe,

you mentioned that you're vested in this counter as 'Trading Core'. At what price do you intend to sell or you'd think is fair value. i bought in at 31.8 and feel that fair value at current situation should be about 35 thereabouts, not including of any M&A catalysts in the future. Just wanted to have another shareholder's perspective.
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#72
Hi I managed to buy some rights last week. Can I check if I can apply for excess stocks if I only have the rights bought from last week?
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#73
Nope buddy,

excess rights issue application only allow for original holders...

(11-07-2015, 02:20 PM)ValueMushroom Wrote: Hi I managed to buy some rights last week. Can I check if I can apply for excess stocks if I only have the rights bought from last week?
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#74
Thank you very much.
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#75
http://www.thejakartapost.com/news/2015/...slump.html

Astra to boost infrastructure
unit amid auto slump

Anggi M. Lubis, The Jakarta Post, Jakarta | Business | Mon, July 06 2015, 4:15 PM
Business News

Diversified conglomerate Astra International Indonesia is looking to boost its future non-automotive revenues amid a slump in the industry and is aiming to enlarge its infrastructure unit with a Rp 10 trillion (US$750.75 million) investment in the next four to five years.

Astra International is looking to boost its toll road ownership by 50 percent in the next five years, according to Astra head of investors relations Tira Ardianti.

The company currently operates 105 kilometers of toll roads through its infrastructure unit, Astratel Nusantara, namely the Mojokerto-Kertosono toll road in East Java and the Tangerang-Merak and Kunciran-Serpong toll roads, both in Banten.

It is hoping to benefit from President Joko “Jokowi” Widodo’s massive infrastructure projects and operate up to 150 kilometers of toll roads by the end of the current government’s tenure in 2019, added Tira.

“We are looking to boost our non-automotive revenues and it is infrastructure that we see have the potential to develop, with the government currently focusing on improving the country’s infrastructure. Although it should be noted that developing toll roads is a multi-year investment, with land acquisition as its biggest challenge,” she told reporters over the weekend.

“We are looking to spend around Rp 10 trillion in the next four to five years, but spending around Rp 7 trillion to Rp 8 trillion is good enough in the current economic situation. Java will still be our main focus,” she added, refusing to further elaborate on the company’s future projects.

Its infrastructure unit, Tira said, currently contributed only around 2 percent to the company’s revenues. This year only, the company has allocated around 8 percent of its total capital expenditure (capex) of around Rp 12 trillion for its infrastructure unit.

She said that her company would use organic expansion as its main strategy, albeit reports are circulating in local media that Astra was interested in bidding for a stake in construction firm Nusantara Infrastructure, part of the investment conglomerate, the Rajawali group.

While Tira did not explicitly confirm or deny the reports, she said that Astra was open to any opportunities that could help develop its infrastructure business.

Expanding its non-automotive business is an imminent development for the conglomerate, which sees its financial performance constrained by weak auto sales in a slowing economy.

Astra — which dominates the country’s automotive business with Japanese brands such as Toyota and Honda — saw four-wheelers and two-wheelers sales contribute around 54 percent to its revenues last year and Tira said it was still difficult for other businesses to compensate for a loss of automotive income.

Astra’s first-quarter revenues dropped by about 9 percent from Rp 45.19 trillion last year to Rp 39.82 trillion this year, as the automotive business contracted, with automotive sales being one of the key indicators of domestic demand that controls more than half of the economy.

Its other businesses — ranging from financial services and plantations to mine contracting — are also struggling on the backs of weak commodity prices and the country’s unfavorable economy.

The company’s January to March net profits dove by around 15 percent year-on-year to about Rp 4 trillion.

Astra’s four-wheeler sales slipped by nearly 20 percent year-on-year from around 277,000 units in the first five months of last year to 223,000 units in the same period this year.

The company’s market shares fell from 57 percent in April to 50 percent in May and Astra would put more effort into marketing its existing stocks amid consumers’ declining purchasing power rather than on tightening competition, Tira said.

She added that the company’s factory use plunged from full utilization at the start of the year to around 70 or 80 percent currently.
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#76
http://www.thejakartapost.com/news/2015/...stone.html

Astra Otoparts sets up
JV with Bridgestone

Anggi M. Lubis, The Jakarta Post, Jakarta | Business | Tue, July 07 2015, 4:31 PM
Business News
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Auto-component maker Astra Otoparts — part of diversified conglomerate Astra International Indonesia — is set to establish a joint venture with the world’s largest tire manufacturer Bridgestone Corporation, partnering to make rubber-based components.

Astra Otoparts announced in a press statement published Monday that the company had signed an agreement with the Japan-based manufacturer in Jakarta last Thursday to set up a joint venture, in which Astra Otoparts will hold a 49 percent stake while Bridgestone will have the remaining majority.

The joint venture, the statement said, would work on a factory to produce anti-vibration components for four-, or more, wheelers. The components to be produced are engine mounting, body mounting and suspension parts.

The factory will be situated in Purwakarta, West Java, and is expected to take up to Rp 174 billion (US$13.03 million) in total investment.

Made Kusumawati, head of investor relations and corporate secretary of Astra Otoparts, said that she could not disclose much about the factory as it was still being planned, except that it was expected to start mass production in January 2016.

She said that the joint venture would be a milestone for Astra Otoparts to directly partner with the global tire producer, which currently engages with her company only in technical assistance for its subsidiaries.

“We want to be a component maker with a complete portfolio, and Bridgestone has the experience in producing rubber-based products,” she told The Jakarta Post, adding that it would be Astra Otoparts’ first time making such components.

Bridgestone operates 170 facilities in 26 countries, with total net revenue of 3.67 trillion yen in 2014. The company, which is headquartered in Tokyo, currently has eight anti-vibration facilities in six countries, including its latest partnership with Astra Otoparts.

Astra Otoparts, meanwhile, operates seven business units through 34 subsidiaries, serving both the domestic market and more than 30 importing countries.

Made said the capacity of the new factory was still being studied, adding that it would depend on future developments in the automotive market, which was currently tainted by economic slowdown and consumers’ weak purchasing power.

Car sales slumped by more than 25 percent year-on-year (yoy) during the first five months of the year, slipping from 3.26 million units last year to 2.6 million units by May this year. Astra’s four-wheeler sales, meanwhile, slipped by nearly 20 percent yoy from around 277,000 units between January and May last year to 223,000 units in the same period this year.

Automotive sales are one of the key indicators of domestic demand, controlling more than half of the economy.
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#77
http://infopub.sgx.com/FileOpen/Results_...eID=360767

excess application of 9268306 vs 291614 unsubscribe.

300k excess shares to be spread around to round up odd lots will not be enough to cause any substantial overhang.

JC&C should revert back to normal trading soon.

Trading Vested
GG
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#78
had a good look at JC&C prior to the rights issue storm. Rts issue was annouced on 18 Jun and went XR on 24 Jun. The lowest intra day recorded between 19 Jun and 23 Jun was $35.00cr or $34.1xr.

Given that the rights arbitrage was over when a supposed riskless arbi profits of less than S$400k wipe off S$1.7bn mkt cap at the height of the entire episode and the outcome of the rights issues that saw only 291614 shares unsubscribed, there is a good chance that JC&C will revert back above $34.1xr.

(20-07-2015, 08:47 PM)greengiraffe Wrote: http://infopub.sgx.com/FileOpen/Results_...eID=360767

excess application of 9268306 vs 291614 unsubscribe.

300k excess shares to be spread around to round up odd lots will not be enough to cause any substantial overhang.

JC&C should revert back to normal trading soon.

Trading Vested
GG
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#79
(10-07-2015, 12:38 PM)DCF Wrote: There may be another round of selling. For those who stretch themselves to exercise the right, they may need to liquidate. Del monte, china fishery, for example, fall below right after the Right share become exercisable. Jardin c&c may not drop so much as the right ratio is smaller

Got it right this time, and price start to drop after right announcement, when people who stretched know that they will get the right share, and started selling their original shares. I think this will last 3-4 days so it is time to pick them up in cheap...
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#80
(21-07-2015, 03:00 PM)DCF Wrote:
(10-07-2015, 12:38 PM)DCF Wrote: There may be another round of selling. For those who stretch themselves to exercise the right, they may need to liquidate. Del monte, china fishery, for example, fall below right after the Right share become exercisable. Jardin c&c may not drop so much as the right ratio is smaller

Got it right this time, and price start to drop after right announcement, when people who stretched know that they will get the right share, and started selling their original shares. I think this will last 3-4 days so it is time to pick them up in cheap...

This is inline with usual mkt rights issue play and has little to do with the fundamentals of the company...
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