Gordon Chen Shuh, Chairman of GreTai Securities Market. To Robin's left are David Tay, Technics executive director, and Lin Shau Dai, Chairman of Polaris Securities, the underwriter. Photo by: Tan Su Li
TECHNICS OIL & GAS started 2010 at 49 cents and has chalked up a 100% return now with the stock at the $1 level, unshaken by the recent market turbulence.
Adding to its streak of success, Technics on Friday Feb 25 listed its shares as TDRs in Taiwan to popular support.
On the first trading day, the TDR hit limit up (7%) within 5 minutes and had to stop trading at NTD12.50 (compared to its listing price of NTD 11.75).
Monday Feb 28 was a public holiday in Taiwan.
The next day, Technics TDRs hit limit up (7%) again within 5 minutes and had to stop trading at NTD 13.35.
On Wednesday (Mar 3), the TDR of Technics - a full service integrator of compression systems and process modules for blue-chip oil and gas customers - hit limit up again at NTD14.25, translating into a stock price of S$1.25.
Same happy story today.....as of this morning, the TDR was trading at NTD 15.20 (S$1.33), up by 6.7%.
To get the Singapore equivalent price, divide the TDR price by 22.8 (the foreign exchange rate) and then multiply by 2 (since 2 TDRs stand for 1 mother share).
The TDR price is available on Bloomberg's website.
Technics’ stock performance has been tracking its business performance.
In the latest report card, Technics said its revenue for 1QFY2011 (ended Dec 2010) was S$22.33 million compared to S$25.84 million on 1QFY2010.
However, gross profit rose 6% to S$8.88 million and gross profit margin increased by 8% to 40% in 1QFY2011.
As a result, the net profit attributable to shareholders surged 62% to S$3.21 million in 1QFY2011 from S$1.98 million in 1QFY2010.
Another piece of good news was the declaration of an interim dividend of 6 Singapore cents per share, including 3 Singapore cents per share of special dividend.
Recent story: TECHNICS receives TDR listing approval, announces $23.5 m contract win
