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(Post 1 of 1096)   05/08/2000.16:30:00
Author :
Warren
PNE Industries' upcoming IPO expected to raise $15m

Firm going public to raise profile rather than tap public funds

Straits Times 25 Apr 2000
LOCAL electronics manufacturer PNE Industries is expected to raise up to $15 million in an initial public offering in the next two to three weeks.
The IPO will proceed even if the market sentiment remains weak, said managing director Kevin Tan in an interview yesterday.
Mr Tan said PNE has a low gearing ratio and does not really need the money from the public offer. Instead, the main purpose of the IPO is to give recognition to the company and to attract talent, he added.
The offer, managed by UOB Asia, will be priced to accommodate market sentiment. Mr Tan said the PNE issue is likely to be priced below 20 cents.
PNE is offering 25 per cent of its enlarged capital and the net proceeds will be used to purchase machinery, repay bank loans, serve as working capital and fund future expansion plans, said financial controller Tan Meng Siew.
Started in 1983, PNE has three businesses -- 30 per cent of its business comes from making lighting equipment and signs under its own brand. It is also a manufacturer of electronic controllers and transformers for audio-video and household products. Among its clients are multinational corporations such as Kenwood, Sony, Aiwa and Philips.
Mr Tan said PNE intends to expand its transformer business, which currently accounts for around 40 per cent of its revenue, as most of its competitors are Japanese. The fact that PNE does all its manufacturing in Malaysia offers a good price advantage, he said.
He added that the company is not overly concerned that many MNCs are shifting their factories out of Singapore to lower-cost countries.
"As long as they keep their design and engineering departments in Singapore, we are fine," he said. PNE works with the MNCs' design departments from the early stages of a product to incorporate the transformers into the overall designs. Even if an MNC moves a product to China, they would still be buying transformers from PNE, he said.
PNE posted a turnover of $24.8 million and net profit of $3.7 million last year.
The Business Times

_______________________________________________________________________________________
Electronics firm gets listing nod
25 Apr 2000
ELECTRONICS and lighting company PNE Industries has received in-principle approval for a listing on the mainboard of the Singapore Exchange.

The ISO 9002-certified company which has two subsidiaries in Singapore and another two in Malaysia, will launch its initial public offer (IPO) next month.
It will offer 25 per cent of its enlarged share capital in the flotation.
PNE Industries manufactures transformers, emergency lighting, electronic ballasts and electronic appliance controllers.
It employs 800 staff, including a 27-member research and development (R&D) unit which has received grants from the Singapore Productivity and Standards Board.
Managing director Kevin Tan said one of the company's competitive strengths was its roster of blue-chip customers which includes big names in consumer electronics like Aiwa, Philips, Pioneer, Kenwood and Sony.
Ninety per cent of its turnover last year was from repeat customers. It has also received several suppliers' awards from major customers Philips and Aiwa.
The company's factories in Johor Bahru and Pahang in Malaysia occupy 14,000 sq ft. It also has an office in Petaling Jaya for the distribution of emergency lighting products.
While the company said the issue details were still under discussion with IPO manager United Overseas Bank, it said the funds would be used to acquire new equipment and factory space, repay bank borrowings and for additional working capital.
It posted a net profit of $3.5 million on a turnover of $28.8 million for the year ended Sept 30, 1999.
- The Straits Times

(Post 2 of 1096)   05/17/2000.09:25:00
Author :
Zico
Got this from my broker ...
of the 12.2 m in proceeds,
9.2 m will be for business development;
1.6 m for new machinery
1.4 m for working cap

Its interesting to note that PNE does not intend to repay bank borrowing with the IPO proceeds. Repaying bank loans is a very common "üse"of IPO proceeds.

Since PNE does not intend to repay loans, I reckon they are on a agressive expansion plan and that they are very healthy in their balance sheet. I will check out their prospectus later and post my findings here. zico

(Post 3 of 1096)   05/17/2000.19:55:00
Author :
Orangminyak
Keppel Securities report:


PNE Industries: A steady performer making its
debut
Recommendation: STAG; Price: $0.26

Nature of business

PNE Industries Ltd is an integrated manufacturer of electrical and electronic devices. The Company is engaged in the design, development, manufacture, marketing and distribution of 1) transformers & electronics controllers and 2) emergency lighting equipment and electronic ballasts. The Company's sales
are mainly in Singapore and Malaysia.
· Transformers and electronic controllers are supplied to manufacturers of audio / video appliances (such as
VCR, amplifiers, and VCD players) and electrical appliances (such as room heater, hair dryers and irons) on
a contract manufacturing basis. This segment accounts for 71% of FY99 turnover and 46% of FY99 PBT.
Major customers include Philips and AIWA.
· Emergency lighting equipment (such as "EXIT" lighting signs) and electronic ballasts are supplied to the
construction industry. This segment accounts 29% of FY99 turnover and 54% of FY99 PBT.
Major Shareholder is PNE Investment (53.6% post IPO)
Issue Statistics
Total shares issued: 51.1 m Offer price: $0.26
Private Placement: 40.9 m Forecast FY00 PER: 11.8 x
Public Offer: 10.2 m Closing date: 23 May 00
Listing Status: SGX Mainboard When Issued: 25 May 00
Underwriters: UOB ASIA Ready trading: 2 June 00
Use of net proceeds
New machinery and equipment - $1.6m
Repayment of bank borrowings - $1.4m
Additional working capital - $9.2m
Total - $12.2m

(Post 4 of 1096)   05/17/2000.19:59:00
Author :
Orangminyak
Rest of the Keppel report:

Comments:
· · Riding on an uptrend in the construction and electronics sector
Construction regulations in Singapore and Malaysia require the installation of emergency lighting equipment
in public buildings. At the same time, there is also a trend towards the adoption of electronics ballasts over
conventional balasts. Tapping onto the recovery of the construction industry, these developments should ensure
that demand for emergency lighting and electronic balasts remain healthy.
At the same time, a healthy global economy is expected to increase the demand for audio, video appliances
and electrical appliances. This would translate into growing demand for PNE's transformers and electronic
controllers.
· · Future plans
PNE Industries Ltd plans to expand their markets by increasing sales to new Japanese customers. The
Company will also attempt to increase their market penetration by taking on a bigger role in their customers'
supply chain management. However, the market expansion drive could take time to translate into topline growth
as transformers are viewed as critical safety components and their customers tend to maintain an evaluation
period of 2 to 3 years before entrusting a bigger portion of their purchases to them.
· · Dependence on two major customers
A cause for concern is that two major customers, AIWA and Philips-DAP, accounts for about half of PNE's
total turnover over the last three years. AIWA, in particular, has reported a greater than expected loss of 11.5 bn
yen for FY00 and this could hurt PNE's sales going forward.
· · Cheap pricing
PNE Industries Ltd's revenues have been flattish over the last few years. Revenue for FY99 was hit due to
the economic crisis. Despite that, the Company managed to increase net profit margins from 6.8% (FY98) to
12.1% (FY99) through better cost controls and increased manufacturing efficiency. Therefore, FY99 PAT was
better than the previous year.
For the coming fiscal year, PNE has already achieved sales of $15.9m and PBT of $1.5m for 1H00. Higher
contract manufacturing sales are usually recorded in the second half of their fiscal year and the Company is
confident of meeting a sales target of $36.8m. However, profit margins should come down slightly as the sales
growth in FY00 is attributed to growth in contract manufacturing business and contract manufacturing has typically
lower margins than the lighting products.
The pricing of the issue is relatively cheap but we remain concerned over the longer term as the Company
has not translated their growth strategies into credible topline growth, while margins are coming down. As such,
this issue is a STAG.

(Post 5 of 1096)   05/23/2000.22:45:00
Author :
Wokman
PNE Industries IPO 7.2 times subscribed

Source : AFX SINGAPORE 19:59 23/05/2000

SINGAPORE (AFX-ASIA) - PNE Industries Ltd said its initial public offering was 7.2 times subscribed.

UOB Asia has been assigned as the lead manager for the issue, while United Overseas Bank served as the underwriter and placement agent.

Trading of the PNE shares will begin on May 25.

(Post 6 of 1096)   05/24/2000.01:40:00
Author :
Moh
It will interesting to see how they perform on trading day, considering that the mkt is at its most bearish mood for a long time.

(Post 7 of 1096)   05/24/2000.11:15:00
Author :
Tjon
How is PNE Ind related to PNEPCB in KLSE?

(Post 8 of 1096)   05/25/2000.08:53:00
Author :
Tjon
PNEPCB trading at PE of 21.9

Will PNE IND catch up?

They are related in some way.

(Post 9 of 1096)   05/26/2000.03:06:00
Author :
Eka
STOCKWATCH: PNE Industries higher vs IPO price

SINGAPORE (AFX-ASIA) - PNE Industries Ltd shares were higher than their IPO price of 0.260 sgd in early trade, with the gains largely in line with the rebound in the broad market, dealers said.

At 10:28 am, PNE was trading at 0.280 sgd after reaching a high of 0.295 on volume of 24.3 mln shares, making it the most actively traded stock. It opened at 0.275 sgd.

The Straits Times Index was up 8.24 points at 1,880.18, peaking at 1,899. 83.

PNE's IPO involved 51.138 mln new shares, of which 10.228 mln were sold via a public offer. The placement tranche consisted of 40.91 mln shares, including a reserved portion of 5.113 mln.

An analyst with a local brokerage said much of the gains on the stock can be attributed to the market's renewed strength.

"We're neutral on the stock," she said.

Earnings growth prospect of the company is likely to be limited as it relies heavily on its contract manufacturing business, she added.

PNE is engaged in the design, development, manufacture and sales of transformers, electronic controllers, emergency lighting equipment and electronic ballasts.

In year to Sept 1999, sales fell to 28.82 mln sgd from 32.15 mln a year earlier, of which contribution of its contract manufacturing business dropped to 20.506 mln sgd from 23.02 bln.

Pretax profit, meanwhile, rose to 4.198 mln sgd from 3.173 mln.

"I would't expect any significant hike in sales. Despite increasing sales from some of its products, margins are actually falling since the company is concentrating on contract manufacturing," the same analyst added.

Dealers said the gains will be short-lived, with PNE's direction seen to be influenced mainly by the overall market behaviour.

mbe/nt

AFN AYF57-25May00 02:42 GMT

AFX ; ASIA ;

(Post 10 of 1096)   05/26/2000.16:55:00
Author :
Orangminyak
Got from my broker calling for a stag, price target at $0.32.

The investment merits are its niche strategy, upturn in the electronics cycle and above-average margins. However, we remain concerned over its reliance on a few major customers namely Aiwa, Philips-DAP and Kenwood, which collectively accounted for nearly 60% of its sales. At issue price of S$0.26, PNE 's valuation of 10.8x is attractive compared to its peers which trades between 4x to 31x. The low issue price and small issue size (51m shares) offer good stagging opportunities. Our price target is S$0.32 or a fairly conservative 13x forward PER.

(Post 11 of 1096)   06/07/2000.20:58:00
Author :
Emund
What happen to this PNE? Someone told me that its parent company PNE System listed in KLSE fly like crazy & also will be happen here. Today in top volume and last sec buyer grap 200lots from seller.Any comments?

(Post 12 of 1096)   06/15/2000.18:54:00
Author :
Beancounter
Substantial shareholder Tan Kong Sin bought 499,000 shares yesterday at $0.31 per share. IPO price $0.26. Not bad.

Wonder whats cooking there?


Company Announcements


--------------------------------------------------------------------------------

PNE INDUSTRIES LTD
-
Notice Of Changes In Substantial Shareholder's Interests



Name of substantial shareholder: TAN KONG SIN

Date of notice to company: Jun 15 2000

Date of change of interest: Jun 14 2000

Name of registered holder: CDP - TAN KONG SIN

Circumstance giving rise to the change: Open market purchase



Shares held in the name of registered holder
No. of shares of the change: 499,000
% of issued share capital: 0.26
-
Amount of consideration per share excluding brokerage,GST,stamp duties,clearing fee: S$0.31
-
No. of shares held before change: 6,661,000
-
% of issued share capital: 3.51
-
No. of shares held after change: 7,160,000
-
% of issued share capital: 3.77

- Holdings of Substantial Shareholder including direct and deemed interest

- Deemed Direct
No. of shares held before change: 102,018,300 6,661,000
-
% of issued share capital: 53.6 3.51
-
No. of shares held after change: 102,018,300 7,160,000
-
% of issued share capital: 53.6 3.77
-
Total shares: 102,018,300 7,160,000


Submitted by Tan Siew Tin, Sharon, Company Secretary on 15/06/2000 to the SGX

(Post 13 of 1096)   06/16/2000.09:51:00
Author :
Tjon
This company is not "koo cheng koo rut" type

Look into their website at http://www.pne.com.sg,http://www.pne.com.sg

they hv strong fundamental.

Their other listed company is pnepcb on the klse main board.

Check it out and make and decide yourself whether you can invest in this counter.

good luck

(Post 14 of 1096)   06/16/2000.17:28:00
Author :
Tjon
sorry their website is:

http://www.pne.com.sg

check it out

(Post 15 of 1096)   06/16/2000.17:31:00
Author :
Tjon
Wow, he bought 585,000 again on 15 jun. go check it.

Something is cooking man!

(Post 16 of 1096)   06/20/2000.22:54:00
Author :
Mrbeng
What is he cooking????? Shark's fin or sambal fried rice?? Been monitoring for the past few days, seems that PNE is interested only in fried rice. People at Adroit are enjoying shark's fin with abalone thrown in!!

(Post 17 of 1096)   06/20/2000.23:52:00
Author :
6key
Heard that some news (from reliable source) coming up to churn up the stock.

My subconsciousness remind me its might be a replay of CEH.

Sounding a bit cynical again??

No vested interest yet.

(Post 18 of 1096)   06/21/2000.11:20:00
Author :
Tjon
Some ppl like sharkfin & abalone, some ppl like fried rice, one man's meat is another man's poison.

sharkfin or fried rice both i like, as long as its cooked.

So wat's cooking now?

(Post 19 of 1096)   06/21/2000.11:47:00
Author :
Carol
Since it is a rather slow morning for me, I thought I'd do some nosing around....*hehe*

This is what I've 'cooked' up....

Open market purchase on 26/05/2000... 800,000 ...@ 0.2625...$210,000

Open market purchase on 25/05/2000..1,486,000 ...@ 0.28 ....$418,080

Open market purchase on 15/06/2000... 585,000 ...@ 0.31 ....$181,350

Open market purchase on 14/06/2000... 499,000 ...@ 0.31 ....$154,690

Total no of shares bought so far ......... 3,370,000
...increasing direct interest of 3.5% to 3.77% of total issued share capital
...for a total consideration of $964,120 only (excluding brokerage, stamp fee, GST)

Amount of $964,120 spent would be usually seen as a small sum for someone in his capacity....

Cheers...... and have a great day ....:)

(Post 20 of 1096)   06/21/2000.12:23:00
Author :
Tjon
6key, where did u heard from?

how come i din hear anything from my brokers.

pls enlighten.

----------------------------------------------

And to carol:

ya with his capacity, believe he can suck up the whole ipo!

(Post 21 of 1096)   06/21/2000.12:31:00
Author :
Carol
Tjon,

I like Fried Rice too....maybe this fried rice comes with crab meat...the $25/plate kind? *hehe*

*vested interest*

(Post 22 of 1096)   06/21/2000.16:47:00
Author :
6key
Tjon,

Lets just say a client of my remisier had bot 200 lots last week who happens to be able to feel the pulse of PNE closely.

No vested interest.

(Post 23 of 1096)   06/21/2000.18:35:00
Author :
Mrbeng
Aiyo.....cook and cook and still cooking??
So when can we eat???

And Carol,
wah...you seem to know alot about this muscleman. He buy you know, he sell you also know. So ask him if he wants to buy some shares at S$0.38??

(Post 24 of 1096)   06/21/2000.19:12:00
Author :
Newfund_2000
What is PNE abt?. I have checked their website, are all those companies under PNE Industries Ltd?
The 'clicks' companies seem to do better on their IPOs. So is this a click, brick or brick-to-click company? I would not want to part with my money on the wrong counter.

(Post 25 of 1096)   06/21/2000.19:43:00
Author :
Carol
Allo Mrbeng,

I no noe this muscleman leh...solli, cannot help pass message hor.....I check SGX announcements for information.

And....I makan my fried rice oreidi...but find no crab meat or abalone in it leh....

In before lunchbreak (31˘) and out after lunchbreak (33˘)

What a rushed lunch! Indigestion now....;))

*no vested interest*

(Post 26 of 1096)   06/22/2000.10:18:00
Author :
Tjon
Wow, Carol, u Bely Kiang!

in/out in/out money comes out!

By the way, did not come across the muscleman selling announcement leh.

hv he sold yet?


*vested interest*

(Post 27 of 1096)   06/22/2000.23:06:00
Author :
Mrbeng
Wah....today I was drinking coffee in Ang Mo Kio coffee shop, keep looking at PNE counter...damn kek sim man. Bought last week at 0.30, this week still 0.30. Carol should have advised me earlier...sigh. Somemore kena suan by my kopi kakis, how come of all counters buy PNE???
Today I go into their website, seems to have many companies under them but website not impressive leh.

So Carol, advise.....should I hold or dump everything??

(Post 28 of 1096)   06/23/2000.10:47:00
Author :
Carol
Mrbeng,

I find it quite difficult to advise you...coz I have not been following this counter. The other day, when I bought, I was just punting on a quick profit....key in to buy 10 lots, and then immediately key in to sell....for a small gain of ~5%.....after watching trade movements and then see the share price jump!....Was just very lucky!

The major shareholder who has been buying, the amount I consider small, also has deemed interest in the company.... 102,018,300 shares ....% of issued share capital, 53.6%.

So, I'm wondering why he wants to buy that small amount....cost him ~ $1,000,000, a small amount of $$$ to people like him.

So, I leave it to you to decide whether you should hold or sell....I have heard no rumour or tip on this counter. Maybe you can just sell at 31˘ today to get back your $$$ without any loss, before any forceselling next week.....just an idea.

Regards.

(Post 29 of 1096)   06/23/2000.10:51:00
Author :
Ants
Carol;

Realised your analysis are good.

Any Lobang or good report, please write to my email: e2000euro.hotmail.com

regards,

(Post 30 of 1096)   06/23/2000.10:58:00
Author :
Carol
Ants,

Lobang...in Malay, means 'hole'...

Alamak, if I got lobang, I must have it stitched up, before the lobang gets bigger lah.

Sorry, if you are referring to the other lobang...sad to say...tak ada....(not being selfish but honest)....scared get others into trouble....i myself get trouble, i can stomach it well...but if i can help others make $$$, i would do so gladly. Sometimes, I am so unsure of my own analysis....a lot of it depends on luck.

Cheers. :)

(Post 31 of 1096)   06/23/2000.14:04:00
Author :
Bulli_bull
I am very bullish on this counter

the kiln is still burning, how stockist throw at the counter it still hold the price.

it is getting hot, only will strike when the temp is rite.

its good inching higher slowly.\b
\red

(Post 32 of 1096)   06/24/2000.09:07:00
Author :
Heeren
Bull,
u r right. I have made the same observation and believe that the price of this counter is well supported. But this is definitely not a counter for punters looking for quick profit.

(Post 33 of 1096)   12/20/2000.11:43:12
Author :
Bulli_bull

I don't think you can get the counter below 0.30.

It is inching up already.

My target will be at a pe of at least 20X. bringing the price to trade at a range of 48 - 50 cts.

Look at their klse counterpart. 20% dividend yearly.

Good investment counter for long and mid term. dangerous to trade short term though is possible.


\b
\red

(Post 34 of 1096)   06/26/2000.19:02:00
Author :
Newfund_2000
Unless the company has something extra-ordinarily good to report, it would be too optimistic to think it will even cross the 40cents mark.I have done some research myself, i feel that, given their business nature and current economic conditions, there are more downside on this counter. But don't just give it a slip, cos Mr. Bull may be right afterall. You never know, maybe invisible hands at work.

(Post 35 of 1096)   06/26/2000.21:35:00
Author :
Emund
Hi Newfund_2000, just for you and all PNE holder,this counter has been 100% been corner as I very sure 1 of the directors has accumlate more than 20M shares since its IPO by using someone else names to buy and that is why it is not easy to break the $0.30 level.This information is not to induce anyone to buy but be careful.I had sold mine at aloss of $0.01 as I can't pick up and this counter is difficult to play with it

(Post 36 of 1096)   06/26/2000.23:42:00
Author :
Heeren
Edmund,
U make it sounds exciting, i am definitely moving on into this counter cos i like thrills and i think the monies here. But how do u know that the float is already cornered. Is it from your reliable source or jus a wild guess of yours? Bull, any comments, u seems to be familiar with PNE counters with your reference of their KLSE counter. U must have made quite a pile.

(Post 37 of 1096)   06/27/2000.07:53:00
Author :
Emund
Hi Heeren,the information I received is accurate but I was not been told when they are going to push.The source come from the same person who give me the tip on Trek.Both I had not made any because I used up all the bullets on IPCO.So I think you can buy some and keep,but at your own risk.

(Post 38 of 1096)   06/27/2000.09:33:00
Author :
Bulli_bull


Eh, Edmund are u sure abt what u posted.

Don't get yrself implicated. Should any of their director read yr posting.

Pls post with care, even if u would like ppl to join u in this counter never post such rumour and expose yrself to legal complication. ( don't forget u can be tracked down, should any legal proceeding were to take place).

just a word of caution. Though I am betting on this counter I wouldn't dare to post as the way u do.


\b
\red

(Post 39 of 1096)   06/28/2000.18:01:00
Author :
Heeren
Sheer luck!!. Took my chance, entered at 32cts 2days ago. Sold today at 36.5cts. Nice cut indeed.
Hip Hip hurray!!

(Post 40 of 1096)   06/28/2000.18:50:00
Author :
Emund
Hi Bulli_bull ,I know I might get myself into trouble but I know how to take care of it.Thank for your concern.Hope all of you make some and to be frank I didn't make any out of this counter as my ealier posting I already said that I can afford to hold as I don't know when it going to run but I know there is a support.

(Post 41 of 1096)   06/30/2000.12:55:00
Author :
Heeren
My broker just told me that it is still ok to collect this share at 36cts, so long as it is not contra-trading, of cos at my own risk. Did anyone here pick up similar tips from your broker?

(Post 42 of 1096)   06/30/2000.15:31:00
Author :
Newfund_2000
Heeren,
PKTech, Addvaltec are much better buy now, this counter has little movement and is difficult to play. Its increment is too slow for you to maintain your interest. Your broker cannot insure u from any loss, so whatever said should not be a weighted input.

(Post 43 of 1096)   06/30/2000.15:39:00
Author :
Chiang
A lot of rotational play seen today...
From Addvalue to Link island to PNE ind...
More to come? Who knows......

(Post 44 of 1096)   06/30/2000.22:49:00
Author :
Newfund_2000
Heeren, your broker is well-connected i guess, he seems to have read the movement well. Good for u. But i am still punting Addval. As for PKTech, i guess it is too risky to go in now.

(Post 45 of 1096)   06/30/2000.22:57:00
Author :
Heeren
To Chiang and all,
The rotational play is not ending yet, i am still holding to PNE Ind as i believe it will break the 40cts mark. This counter is a cheaper counter to play, i am not rich to take up shares which are more expensive. But it is a great pity for me to miss PKTech, now it is beyond my means to buy.

(Post 46 of 1096)   07/03/2000.18:19:00
Author :
Bulli_bull




Its getting hot now!!!
Enter at yr own risk!!!




(Post 47 of 1096)   07/04/2000.09:19:00
Author :
Bulli_bull




Buy now heard tgt 45 - 50 cts !!!!!




buuuulllle bull eh ha !


(Post 48 of 1096)   07/04/2000.11:12:00
Author :
Eka
Bulli_bull

Appreciate if you could sustain yr BUY calls, you dun have to "flood" the thread, one call is good.

Credits and respect is earned in this forum, appreciate if you could adhere to that, and pls, this is not StockTalk, thank you.


Rgds

(Post 49 of 1096)   07/04/2000.11:16:00
Author :
Oneder
Market sentiment is weaker today...voulme is light...I bet my investors..are sidelines...

Bulli_bull...can you provide grounds why PNE is a buy. Fundamentally, I dun like the company. Growth and earnings prospects aren't as good as other companies..like KBCF for example.

(Post 50 of 1096)   07/04/2000.11:40:00
Author :
Bulli_bull
eka, was excited when the counter moved! no offense.


-------------------------


oneder, was told by my broker and other brokers that this counter is cornered.

I don't like kbcf, reason being its a father and son relationship with kb hldg in hkse. and heard that practically it sell its copper foil to its parent kb hldg.

heard from mkt that there is a world wide shortage of copper foil and laminates but kb is not able to sell their laminate for some reasons know in the industries.

will consider kbcf only when price goes below 40cts

thats my feeling.


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