Opportunities
SIA (C6L, $10.25) results below estimates as cited by Deutsche Bank, sets target at $9.40. Nomura states it is in-line with their estimates, sets target at $11.10.
Comments: Chart suggests that we can try to go long on the dips. Keep in mind the 17c dividend that XD on 30 Jul.
China ordered more than 1,400 companies in 19 industries to cut excess production capacity this year, part of efforts to shift toward slower, more-sustainable economic growth.
Steelmaking, ferroalloys, electrolytic aluminum, copper smelting, cement production and papermaking are among areas affected, the Ministry of Industry and Information Technology said in a statement posted on its website yesterday. Excess capacity must be idled by September and eliminated by year-end, it said.
Comments: Possible positive effect on stock prices for companies like MIDAS (5EN, $0.485) again. However, consider better entry prices.
MoneyMax Financial Services launched yesterday its initial public offering (IPO) of 53.8m new shares at 30c/share for a Catalist listing. United Overseas Bank is the sponsor and underwriter of the IPO. The offer closes at noon next Wednesday and trading is expected to begin on Aug 2.
Comments: Suggest everyone go for this one. I have covered Pawn-Broking industry before if you remember my write-up on Maxi-Cash (5UF, $0.455). Pawn shop licences are not being issued anymore therefore there is almost unlimited barrier to entry. Pawn shops can be profitable in the longer run.
Commentary
Flow data shows that inflow into stocks across markets is relatively well supported. With the exceptions of South Korea, Taiwan and Japan, flows into Asian markets are not extra-ordinary. However, the moderate inflow just means that risk of a crash or short fast pullback is relatively low.
We can look forward to trade the upswings for possibly another week before further macro-assessment is needed.
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