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(Post 1 of 177) 12/08/2003.23:25:14 |
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Metal Component Engineering Ltd
Issue statistics: Offer size: 22.5m new shares Public Tranche - 4m shares Placement Tranche - 18.5m shares Price: S$0.40 a share NTA per share: 15.80 cents Historical P/E: 7.95x (FY02) Market Cap (post-IPO): S$45m Opened: 4 December 2003 Closes: 11 December 2003, noon Trading: 15 December 2003 (on "when issued" basis) Manager/Underwriter: OCBC The company is a one-stop precision metal stamping solutions provider offering design, prototyping, tooling, stamping and value-added assembly services. It specialises in the design and fabrication of multi-stage progressive tools. Its customers are mainly OEMs and their designated EMS companies in the automotive, computer peripherals (especially inkjet printer) and consumer electronics industries. The company posted strong growth of 587.5% in profit before tax (PBT) to $5.5m in FY02. This was on the back of a 73.1% jump in revenue to $71.5m from $41.3m in FY01. For the first six months of this year, PBT remained stable at $1.7m although gross margin decreased to 5.8% from 6.1% in HY2002 due mainly to the higher raw material costs in HY2003 compared to a year ago. Estimated net proceeds of $7.6m from the listing will be used as follows: 1) Approx $1m to reduce existing bank borrowings 2) Approx $1.7m to partially finance investment in new tooling technology development 3) About $2.5m to partially finance expansion in China, including the acquisition of land use rights in Shanghai 4) The balance of $2.4m as working capital. |
| (Post 2 of 177) 12/12/2003.15:21:16 |
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I managed to get 1 lot of this counter from the IPO public offer... and 2 lots of superior fastening from epublicoffer... hope the encouraging performance of AEH and superior apply to this as well! |
| (Post 3 of 177) 12/13/2003.00:49:27 |
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The counter sld be comparable to Seksun  |
| (Post 4 of 177) 12/13/2003.12:48:15 |
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Open $0.55-$$0.60 cld be possible  |
| (Post 5 of 177) 12/13/2003.15:32:58 |
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oversubscription rate a bit on the low side, only 69x. blame it on the indigestion of recent ipos which are listed too closely to ea other. but i muz say the balloting for MC was quite generous. Apply 100 lots, get 7. G'luck to all who kana. |
| (Post 6 of 177) 12/13/2003.18:29:51 |
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METAL COMP'S IPO 64.3 TIMES SUBSCRIBED
-------------------------------------- THE public tranche of Metal Component Engineering's initial public offering (IPO) has been 64.3 times subscribed, the company said on Friday. The 18.5-million placement shares were subscribed fully, it said in a statement. The metal-stamping specialist launched its IPO last week at 40 cents per share. The net proceeds of approximately $7.6 million raised from the IPO, will be used to finance investment in new tooling technology development, the company said. The proceeds would also be used as fund expansion into the burgeoning China market. Trading of the company's shares is expected to begin on Monday. Given the strong debuts of recent listings by Superior Fastening and Asia Environment, Metal Component is off to a good start, traders said. Though the public offer subscription rate of 64 times for four million public shares is far lower than Asia Environment's 168 times and Superior's 195 times, market watchers noted that both companies' retail tranches were also smaller and priced lower. - Agencies |
| (Post 7 of 177) 12/13/2003.19:17:27 |
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Youngtrader & Xgod,
Guess you guys are the only ones focussed on this stock, huh...? Pity. Its a great company, run by well regarded managers, who are breakaway from the Amtek stable--rated as the best metal shop in SouthEast Asia. You know how I know this? I attended the public launch of their IPO at 11am at the Ancient Civilisation Museum last week. Guess what, almost no analyst turned up....but guess who turned up? The attendees were a veritable "Whose Who" list from industry, with top leadership from MMI, Spindex, Beyonics, Jurong Tech, Norelco, Amtek and almost everybody in the metal and plastics industry. Now, what does that tell you? They must have lots of friends and business partners among those attendees. It speaks volumes about MCE's capabilities in the ULTRA-precision area of metal stamping & forging. One of those present remarked to me that MCE would be ranked 3rd behind Amtek and Allied Tech in quality, execution and capability. One even said they were better than Seksun...?!
Little wonder then, that the big brass of ACCS--Henry Tan and Ronnie Poh have taken 1.2mil shares, or 5.3% of their IPO. Not in ACCS, but in their own "mini-2G" type investment vehicle. After all, it was 2G Partners that brought fame and fortune to ACCS, and those bosses have become incredibly wealthy...maybe they are trying to recreate the same for their 'friends'? One more thing..it seems there was simply not enough stock to go around in the placement tranche, and that OCBC hardly had much shares to place out to the big league fund managers. The reason is MCE's stock was hotly sought after by the industry players that management clawed alot of it for them...so expect the free float to be tighter than expected. What about the company? Gathered this much from the prospectus and from talking with the folks at the launch: * MCE has been tagged by EDB as an 'Promising Local Enterprise', identified as being companies that can grow to hit more than S$100 mill turnover by 2005. Consequently, EDB Investments has invested their own money in them. * MMI is more than just an investor in MCE, as it continues to do business and even has introduced customers to them. * MCE's Wuxi operations (part financed by IPO proceeds) is their BIG foray into HDD business in China. It seems they already have enough business in hand already to keep the factory humming very nicely into 2004. * MCE have also just started work for the automotive sector in China (target 4 mil cars/year in 2005) so there is good growth potential in that segment. * They have developed some advanced technical steps which not just speeds up the stamping process, but also saves on overall cost. That skill in mould-making and tooling will continue to fuel their growth in the printer business, which is now in a cyclical uupturn. * Their ownership structure is quite spread out among the founder team and management--if they manage to grow to a certain size, there is every chance that they might opt to be taken over. Those are just some of my thoughts and 2.5c worth of opinion Warren ps: good luck on Monday's debut.. |
| (Post 8 of 177) 12/14/2003.01:33:36 |
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Hi Warren
An excellent n convincing piece of write up indeed! Had u posted earlier, I think it might have attracted more ipo interest fr d forumners here! I'm sure now tt many who had read yr posting will start to pay attention to this counter on Monday.  |
| (Post 9 of 177) 12/14/2003.14:08:24 |
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Hi Warren, i have no doubts of what you had analysed. Metal stamping is one of the most promising sector in the industry as it had diversified customers based mainly in electronics, precision, automotive, HDD and much more.
My confident came from Seksun when i bought it at $0.40++ 2 years ago and sold it at $0.90++. Look at where it is now, i wouldn't say i regretted but definitely a waste. Anyway, i intend to load some MC for long-term with a holding timeframe of 2-3 years as my confident in it is there. My guess is it will opening between $0.55 to $0.60 and cld be higher depending on the market intelligence to valid this counter. Cheers!!  |
| (Post 10 of 177) 12/14/2003.14:14:35 |
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Tomorrow is the first day of trading.....
all HDD stocks will also follow suit |
| (Post 11 of 177) 12/14/2003.14:48:36 |
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Warren
Thanks for the good effort put in by you. SI needs more people like you in this Forum. Once again thank you. |
| (Post 12 of 177) 12/15/2003.10:02:33 |
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wow back to 0.40 ...it's a steal considering that investors r whos whos...looks like selling spent soon...i m waiting |
| (Post 13 of 177) 12/15/2003.10:05:47 |
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Tomolo best time to buy but if tonite Nasdaq rally..........then |
| (Post 14 of 177) 12/15/2003.11:20:29 |
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hi, guys, where can i get the prospectus of this company? wondering how much is their revenue and profit of this years, seems decreasing? even difficult to maintain the last year level?
the first half year of FY03 seems quite disappointing, what warren said describes a very bright future of the company, but how about their performance of this year? 3x for any comments or information |
| (Post 15 of 177) 12/15/2003.11:27:52 |
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Liugenping, try this
link |
| (Post 16 of 177) 12/15/2003.12:45:55 |
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Amos, thanks
the performance of the 1st HY2003 is stronger than 1st HY2002, but nothing mentioned about the 2nd HY 2003. hope it is stronger, then the PE at current 9x is much low redi... anyone know whether the cyclycal performance is normal? |
| (Post 17 of 177) 12/15/2003.13:33:08 |
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Was wondering how high this can going given its large float and exp valuation. Think Metal Component has been value since both main business is metal stamping and precision engineering. just my opinion  |
| (Post 18 of 177) 12/15/2003.14:14:09 |
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which other listed cos can i compare this to? tkhs |
| (Post 19 of 177) 12/15/2003.15:50:59 |
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Pokkadot, comparables include all the precision metal players like Amtek and Seksun. |
| (Post 20 of 177) 12/15/2003.16:48:47 |
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seems to be running out of steam liao. |
| (Post 21 of 177) 12/15/2003.16:50:51 |
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This one is another Superior Fastener in the making! |
| (Post 22 of 177) 12/15/2003.17:29:13 |
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seems like today's debut was not sparkling at all. maybe STI saving the rally for tomorrow? Wall st havent factored in d Sad dam news yet, so may see will some good gains tonite n further gains for STI tomorr??? |
| (Post 23 of 177) 12/15/2003.21:47:47 |
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amos, though size is big the free float is only 22.m shares. i think it is just wrong timing to be the 3rd ipo to be listed. on whole pe is still low 9x ,their clients r big names in the field of ink printers, etc. |
| (Post 24 of 177) 12/15/2003.21:54:26 |
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Pokkadot, u calling aftan or me??
I've got no intention buying or selling or finding out bout Metal.. I m only looking forward to hi-p |
| (Post 25 of 177) 12/15/2003.22:32:34 |
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amos, in response to ur posting no: 14 where it leads me to 'link' of
its prospectus. |
| (Post 26 of 177) 12/15/2003.22:52:38 |
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orrr... i c.
anyway.. think can short tis one 2molo
but at your own risk nite nite |
| (Post 27 of 177) 12/16/2003.15:58:42 |
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Metal Component really that jinx? Also a junk?
Sean88 15 Dec 2003 04:05pm Posting #45381 Viewing #45378 of 45641 ATTENTION!! today's ipo metal component is going to plunge to below 35 cts and more pretty soon and then be forgotten just like many many others. i think. hehehe |
| (Post 28 of 177) 12/17/2003.10:08:56 |
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pitiful all ipos with china play zoom up..this one has no chance...prospectus say they hv wuxi biz..an indirect china play at low pe of 8tish yet to be undiscover |
| (Post 29 of 177) 12/17/2003.15:45:41 |
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Looks like $0.35 and lower is unavoidable. Take good care of your capital. Don't wait until like that two KINGS (KINGsmen & KING's Safty) and many many more then only regret. Cry also no tears ah. |
| (Post 30 of 177) 12/17/2003.16:47:00 |
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hmm - among the recent ipo, this 1 is a disappointment. Ipo price is 0.40. Mayb need shortists to bring up the price. hahaha |
| (Post 31 of 177) 12/17/2003.16:56:28 |
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well, current price weakness is a disappointment for those who got the IPO and want to stag but it's a good opportunity for investors to buy more while price is low. As an investor, I'm happy, no complaints.
Cheers! Dennis Ng |
| (Post 32 of 177) 12/17/2003.17:11:13 |
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Substantial shareholder MMI has sold some lots at $0.46. Potential investors may need to be cautious....Volume may be small but the sale doesn't reflect too positively, lack of confidence, maybe?  |
| (Post 33 of 177) 12/17/2003.17:28:11 |
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well, MMI is not the only "major" shareholder....MMI may be selling to get a quick gain....only need to worry if see other major shareholder selling.
Insider sale by MMI alone doesn't change my assessment of this company. That's why information is neutral but interpretation is not and it's interpretation of info and what decision you made from the interpretation that wil affect our investment results....investing is an art, not a science....insider sale is a "red flag" but key thing to consider is reason of insider sale...without knowing that, don't just jump when insider jump Cheers! Dennis Ng |
| (Post 34 of 177) 12/17/2003.17:32:19 |
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Dennis,
u a pure FA? no TA inputs in your investment decisions? just wondering..... |
| (Post 35 of 177) 12/17/2003.17:36:03 |
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Hi Smallneedle,
yeah, I pure FA, cos haven't learned enough TA to try to make decision based on TA....so in a way I'm "one-eye Jack"....will see better when my TA eye also open.....anyway, I also feel that for a stock just listed with not enough trading history, relying on TA won't be accurate too. Anyway, I'm not day trader, so not interested in day to day short term movements...plus I can't monitor day in day out...since I don't sit in front of PC 9 to 5. Cheers! Dennis Ng |
| (Post 36 of 177) 12/17/2003.17:44:32 |
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| (Post 37 of 177) 12/17/2003.17:46:16 |
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Hi Small Needle,
so any TA input from u? |
| (Post 38 of 177) 12/17/2003.17:48:54 |
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Hi DD - well said.
haha - so shortists bring the price up & longists bring it down. contrarian trading |
| (Post 39 of 177) 12/17/2003.23:05:24 |
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Pity that many have still not discovered the gem in MC.Managed to load up some today ... Muz thank those who panic sold to me @ 41c! Cetainly 1 of the worst performing recent ipos, but I'm sure it wd redeem itself very soon!!! |
| (Post 40 of 177) 12/17/2003.23:28:38 |
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Hi Dennis_dozen,
this stock has less than a week of trading history.Need for the stock to trade for another week or so to have some better idea. Maybe candlesticks analysis will be more useful here? |
| (Post 41 of 177) 12/18/2003.09:40:50 |
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Sad sad sad. More people going to stuck here at sky-high.  |
| (Post 42 of 177) 12/18/2003.10:11:04 |
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Hi Small Needle,
thanx. Those who were nimble and bought yesterday at 41 cts can even contra today at 44 cts and make over 7% returns in 1 day. anyway, I won't be selling whether it drop to 41 cts or go up to 48 cts... Cheers! Dennis Ng |
| (Post 43 of 177) 12/18/2003.10:13:47 |
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stuck??sky-hi at 44cts? i think you miss the boat yesterday. "did not eat the grape so said the grape is sour. |
| (Post 44 of 177) 12/18/2003.10:19:58 |
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Oh no Liubei, don't tell me you bought this. A dip below $0.40 is coming before the Year of Goat is out. Shall see. Worst strategy for this is averaging down, remember this. |
| (Post 45 of 177) 12/18/2003.10:21:35 |
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yes, I won't sell even if price goes to 48 cts...
well, information is neutral but interpretation is not. We're right sometimes and wrong other times. Impt thing is to be right average 6 out of 10 times...that will bring us profits. any higher ratio that person is called Warren Buffett liao Cheers! Dennis Ng |
| (Post 46 of 177) 12/18/2003.10:24:32 |
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Dennis_dozen,
As a friend (in the past), I must caution you about MC. To heed or not up to you. Liubei I don't bother. He likes strange stocks like N22, Vikay, PK Tech, DC etc. |
| (Post 47 of 177) 12/18/2003.10:27:25 |
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Hi Fong88,
friend in the past? Mean we not friend now? We met b4 or just over at shareinvestor, please clarify... if u know something, mind to share? email me at dennis@MasterYourFinance.com if not convenient to disclose here. Cheers! Dennis Ng |
| (Post 48 of 177) 12/18/2003.10:32:03 |
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Dennis_dozen,
There're so many winners out there, why stuck with a loser? You got read the prospectus or not? Although the industry in general is looking up, not all are going to doing well. |
| (Post 49 of 177) 12/18/2003.10:37:11 |
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Hi Fong88,
still waiting your reply to those questions I asked leh... precisely too many stocks out there, how to follow all, that's why only right 5.1 times out of 10 times...still learning from more experienced guys like u... |
| (Post 50 of 177) 12/18/2003.10:44:48 |
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Dennis_dozen,
Seems like you're still not learning after those teachings in the past. I thought you should be more aware of the market and those tools i.e FA than many others here for you to minimise stupxd mistakes? One way to protect your capital is to avoid JUNKS and overvalued but lousy stocks (like MC ). Well, some people may want to ramp this up, who knows? But under normal circumstances, don't give this MC a chance to eat up your capital. Take care! |
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