Today things are looking up in Eurozone aka battle zone. European stocks rose and Spanish bonds gained after the government sold almost double the amount planned at an auction. Spain sold 9.98 billion euros (us$12.7 billion) of notes, compared with a target of as much as 5 billion euros.
observer2, I note your comments on Fujian Zhenyun and went to do a bit of research. I think this is an interesting stock even tho it has a profit warning for 2H2011.
1. Even as an S-chip, it has been paying dividends. Last year was particularly interesting in that it paid a final div for FY10 and then it did something it had not done before == it paid an interim dividend.
2. A couple of days ago the chairman bought a sizeable number of shares from someone via a married deal. Now, he could have declined politely but instead he bought! This is confidence in the fundamentals of the biz.
A pity that there are no sellers at all the last 2 days -- I was prepared to consider buying Fujian Zhenyun!
Monday's market will be weak cos of France being stripped of its AAA rating
by S&P. The US' Dow index and Europe indexes are slipping becos of the credit downgrade.
These fellas at S&P are ruling the market these days and the Euro politicians are whacked by it, hor?
Slovakia, Italy and Austria are among other countries to be downgraded, European officials said. Germany will keep its top rating.
I agree with you, Dele , that Fujian Zhenyun is an interesting stock. Since its business is greatly dependent on China’s infrastructure development, it can readily bounce back when such development picks up again. This could take a bit of time. The Special Audit was a blessing for shareholders as it brought to light that the company did not indulge in falsifying its accounts or in making its cash hoard vanish mysteriously like some of the other S-chips; instead, this company’s fault was that it was far behind in keeping its accounts according to international standard.
According to the company’s announcement to SGX, the chairman bought 1,600,000 shares at 17.5 cts through married deals on 4 January 2012. The purchase price is about 16% of Fujian’s NAV and 28% of its IPO price of 62 cts. It is only in a very depressed market like now, that one can get stocks of viable company at such tremendous discount.
[hr]
[Dele 13-01-2012]:
observer2, I note your comments on Fujian Zhenyun and went to do a bit of research. I think this is an interesting stock even tho it has a profit warning for 2H2011.
1. Even as an S-chip, it has been paying dividends. Last year was particularly interesting in that it paid a final div for FY10 and then it did something it had not done before == it paid an interim dividend.
2. A couple of days ago the chairman bought a sizeable number of shares from someone via a married deal. Now, he could have declined politely but instead he bought! This is confidence in the fundamentals of the biz.
A pity that there are no sellers at all the last 2 days -- I was prepared to consider buying Fujian Zhenyun!
France has lost its AAA rating --- I would say in the eyes of the world, the Eurozone has lost its AAA rating in terms of credibility and capability as the politicians continue to fail to solve the crisis.
