http://infopub.sgx.com/FileOpen/Form3EPF...eID=361592
One added dimension to the weak JC&C price performance - EPF did not take up the rights amounting to 2.022822m rights and hence there was the entire amount sold into the mkt.
To add on to the selling pressure was riskless arbitrage trading that was executed by computer riding on the back of the genuine sellers.
Hence the amount EPF forgo is now the overhang.
NB EPF only need to declare their dilution when rights shares starts trading today as the enlarged share cap takes place today.
Vested
Blur
GG
(08-07-2015, 09:22 PM)greengiraffe Wrote: [ -> ]Based on my riskless arbitrage theory, I have conducted the following forensic studies:
The rights started trading on 1 Jul and the following are the turnover in units:
Mother shares: 4.924m shares
Rights: 4.721m
The theoretical ex rights price on 24 Jun was $34.21
The day before rights started trading on 30 Jun, mother shares ended at 33.10
Today's intraday low is $28.78
Total JC&C paid up cap is currently 395.236m
Assuming 80% of 4.721m rights were related to algo based arbitrage = 3.776m shares
Average margin of $0.10, the arbitrage profits before SGX clearing is $0.3776m
The mkt cap wipe out from the 30 Jun to today's intraday low is S$1707m
It is amazing how for less than S$0.4m riskless profits, mkt cap in excess of S$1707m can be wipeoff a bluechip and resulting in all sorts of noise and nerve wreck on a stock.
A remiser friend of mine was asking - doesn't watch dog investigate such erratic market movements? Is this part of normal business?
It also bring me back to my broken recorder: What is the investigation outcome of the crash of the 3 msian penny stocks? Is someone sleeping?
Is this part of normal business?
Vested
J C&C
[Modified by Admin : (33.1 - 28.78)*395.236m = 1707m, not 170.7m as stated previously by GG]
(07-07-2015, 06:16 PM)greengiraffe Wrote: [ -> ]Its computer driven algo trading...
Once the computer long the rights, it will just sell the mother shares with borrowed scripts which will be return once the rights are subscribed.
U can see the fairly constant trading spread between the rights and the mother shares.
There are plenty of big bank backed traders that are using their computer trading systems to get this riskless arbitrage.
On ASX, such a phenomenon seldom exists as rights are non renounceable.
Rights trading last day on Thursday.
J C&C steep decline started when rights were first announced and when actual rights trading started, all hell break loose. Trading volume is also extraordinarily high.
Many companies with rights issues have experienced such selloff before.
Basically, its human against computers and in a relentless decline, negative sentiment and hence all sorts of justifications emerges and hence feed through to the vicious cycle.
Don't believe too much in my conspiracy theories. Do check against Astra and JC
&C share price over last 5 yrs via bloomberg.
Trading Vested
GG
really have to keep long term liao.. p/e is like in 10-11 region now.
dunno what's with the relentless gap down on opening nowadays..
Yo buddy,
Its wrong term not long term. Long term investment is a self convincing tactic.
However, sleep easy... Taipans are firmly behind u. They have more to lose than you.
No Worries
GG
(28-07-2015, 05:18 PM)rayleen88 Wrote: [ -> ]really have to keep long term liao.. p/e is like in 10-11 region now.
dunno what's with the relentless gap down on opening nowadays..
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com
PT ASTRA INTERNATIONAL TBK 2015 FIRST HALF FINANCIAL STATEMENTS
Highlights
- Net earnings per share down 18% to Rp 199
- Unit car sales down 21% and motorcycles down 19%
- Lower contribution from all segments except Heavy Equipment and Mining
"Astra’s earnings in the first half were lower in the face of reduced domestic consumption, competition in the car sector and lower commodity prices in Indonesia. While the timing of a recovery is uncertain, our businesses are well positioned once momentum is regained, and remain soundly underpinned by the strength of our balance sheets."
In line with 1Q trend - no big surprises really. However continued weaknesses in Rupiah will result in further negativity in light for light Astra comparisons.
JC&C can expect a boost from new associate contributions via its newly acquired 24.9% stake in Siam City Cement and enlarged share capital will be reflected from 3Q15 results.
Trading Vested
Wrong Term Liao
GG
(30-07-2015, 06:02 PM)cyclone Wrote: [ -> ]http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com
PT ASTRA INTERNATIONAL TBK 2015 FIRST HALF FINANCIAL STATEMENTS
Highlights
- Net earnings per share down 18% to Rp 199
- Unit car sales down 21% and motorcycles down 19%
- Lower contribution from all segments except Heavy Equipment and Mining
"Astra’s earnings in the first half were lower in the face of reduced domestic consumption, competition in the car sector and lower commodity prices in Indonesia. While the timing of a recovery is uncertain, our businesses are well positioned once momentum is regained, and remain soundly underpinned by the strength of our balance sheets."
today dropped more than 3%!
(31-07-2015, 09:25 AM)rayleen88 Wrote: [ -> ]today dropped more than 3%!
A reminder. One-liner post, focuses only on price movement, is highly discouraged.
Thanks
Regards
Moderator
http://infopub.sgx.com/FileOpen/JCC%20HY...eID=362719
31st July 2015
JARDINE CYCLE & CARRIAGE LIMITED
2015 HALF YEAR FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
• Underlying earnings per share down 12%
• Lower rupiah earnings in Astra further reduced on translation into US dollars
• Improved performance from Direct Motor Interests
• 24.9% interest acquired in Siam City Cement for US$615 million
• US$749 million rights issue fully subscribed
DPS US$0.18