Union Steel Holdings
-
Union Steel is involved in the collection and processing of scrap metals. The recycled metals are sold to steel mills, foundries, metals fabricators and metals brokers. It sells ferrous metals (such as steel and heavy melting scrap steel) and non-ferrous metals (such as copper, aluminum and stainless steel), as steel plates, reinforcement steel bars, H-beams, I-beams, pipes and sheet piles to our customers which include trading houses, construction companies and engineering companies. It operates its own island-wide scrap metal collection to obtain scrap steel at low cost.
The company generated sales of S$112m during FY2004 (86% from recycling, 12% from trading, 2% from other activities), and profit from operations of S$12.7m. Most business is derived from China, Indonesia and Singapore. Union Steel states an initial intention to pay out 30% of net earnings as cash dividend, which should be nearly 1 cent per share for FY2005 based on first-half results (almost 5% yield at the 20c offer price).
Would you guys consider investing in this company? Im a bit hesitant considering what happen to Citiraya and Nico Steel....
But this company looks ok only...not that fantastic in my opinion... -
-- Union steel doesn't sell toilet bowls --
-
Wat's the P/E ratio compared to the others?
Anyway, Citiraya is recycling electronic materials leh.. not really the same as Union steel.. think the competitors are more likely to be HG metal and NatSteel. -
PE ratio of Union Steel is 8...Im unable to obtain PE ratio of Nico Steel...but Nico steel which listed at 20cents is currently trading below IPO price...Originally posted by k4korny:Wat's the PE compared to the others?
Anyway, Citiraya is mis-management.. with citiraya out of the picture, who knows.. it may be better for her competitors, who will get a bigger share of the market. -
Nicosteel seem like they are doing the same thing as Unisteel.
think Union steel that is more similar to HG metal and NatSteel. -
Union steel is also in recycling business...a bit like citiraya. Natsteel...I thought sold of the business liao?Originally posted by k4korny:Nicosteel seem like they are doing the same thing as Unisteel.
think Union steel that is more similar to HG metal and NatSteel. -
I also tot Natsteel was sold, but it's still trading leh..Originally posted by shade343:Union steel is also in recycling business...a bit like citiraya. Natsteel...I thought sold of the business liao?
think the steel biz is now listed as a subsidiary of Tata steel..
http://www.natsteel.com.sg/aboutasia.asp -
yah, Natsteel sold of the business liao. The company will be changing its name soon as it moves into other business. I wonder when its their AGM....Originally posted by k4korny:I also tot Natsteel was sold, but it's still trading leh..
think the steel biz is now listed as a subsidiary of Tata steel..
http://www.natsteel.com.sg/aboutasia.asp -
Steel prices has already hit its peak in Q2 2005 and from now on, prices is expect to go down south. I believe Union steel profit will take a big hit in both their trading and recycle business in the next few quarters
Will I buy this counter? No,
Why? I dont like companies that choose to go IPO when their business is begining to make a U turn. -
One thing i dun like abt IPOs is that for some coys (esp those going for Sesdaq listing), the owners just see listing as an opportunity to exit the company with cash.Originally posted by Gazelle:
Steel prices has already hit its peak in Q2 2005 and from now on, prices is expect to go down south. I believe Union steel profit will take a big hit in both their trading and recycle business in the next few quarters
Will I buy this counter? No,Why? I dont like companies that choose to go IPO when their business is begining to make a U turn.
Dun get me wrong.. there are good IPOs once in a while (eg. HG Metal).. But some of them are just holdings with not much fundamentals. they rise on the first week of trading mainly due to punting. -
Ok. Point Taken. Im going to short sell Union Steel on the first day.Originally posted by k4korny:One thing i dun like abt IPOs is that for some coys (esp those going for Sesdaq listing), the owners just see listing as an opportunity to exit the company with cash.
Dun get me wrong.. there are good IPOs once in a while (eg. HG Metal).. But some of them are just holdings with not much fundamentals. they rise on the first week of trading mainly due to punting.
-
IPO at $0.20
Now trading down 5c at 0.195. Did anyone buy?
(btw, Citiraya's main biz is recycling electronic chips. Basically, they suck out the gold from the IC. IMO, It's quite a diff process from recycling metal..) -
Hehe...I didnt buy the IPO. Somebody once told me...never trust a karang guni man.
-
but this one is a RICH karang guni man..Originally posted by shade343:Hehe...I didnt buy the IPO. Somebody once told me...never trust a karang guni man. -
Mittal steel, the world largest steel mill, has already issue profit warning. buyers are now de-stocking and global steel price is expect to fall in the next few quarters. My recommendation is SELL, or dont touch!!
-
Sole 10 lots at 20 cents on first day of trading...bought back at 17.5 cents liao..Originally posted by Gazelle:Mittal steel, the world largest steel mill, has already issue profit warning. buyers are now de-stocking and global steel price is expect to fall in the next few quarters. My recommendation is SELL, or dont touch!! -
You are smart to sell it, but "stupid" to have bought it back....Originally posted by shade343:Sole 10 lots at 20 cents on first day of trading...bought back at 17.5 cents liao.. goodluck -
Of course have to buy back what...Originally posted by Gazelle:You are smart to sell it, but "stupid" to have bought it back.... goodluck
Cos I short sell. -
short liao, must cover back position mah.. otherwise broker will kao bei.Originally posted by Gazelle:You are smart to sell it, but "stupid" to have bought it back.... goodluck
there's a new IPO listed today, LuxKing group.. selling adhesive tapes!
u guys neva follow? -
Luxking group IPO was 30 cents....how come its trading at 16 cents now??Originally posted by k4korny:short liao, must cover back position mah.. otherwise broker will kao bei.
there's a new IPO listed today, LuxKing group.. selling adhesive tapes!
u guys neva follow? 
Im more worried about my REITS...there seems to be a bottomlesss pit somewhere... -
I have no idea..Originally posted by shade343:Luxking group IPO was 30 cents....how come its trading at 16 cents now??
Im more worried about my REITS...there seems to be a bottomlesss pit somewhere...
nowadays like any ah mao ah kao can get listed. This one sell musking tape, the other one steal Long Gang covers and recycle them..
Too many REITs eyeing the same small pie in SG liao.. going to be hard to reproduce that kind of yield. Somemore, Ho Ching's speech had 2 effect, 1-Investor confidence shaken, 2- Reits more wary abt making errant deals in case SGX starts clamping down on Reits.
Must see the valuation whether the REITs are undervalued loh.. but i have no idea how REITs are valued in the first place.
Today, there were some bargain hunting on property stock rite? good chance to sell? -
The problem right now is that ALL THE REITS ARE OVERVALUED except Fortune REIT.Originally posted by k4korny:I have no idea..
nowadays like any ah mao ah kao can get listed. This one sell musking tape, the other one steal Long Gang covers and recycle them..
Too many REITs eyeing the same small pie in SG liao.. going to be hard to reproduce that kind of yield. Somemore, Ho Ching's speech had 2 effect, 1-Investor confidence shaken, 2- Reits more wary abt making errant deals in case SGX starts clamping down on Reits.
Must see the valuation whether the REITs are undervalued loh.. but i have no idea how REITs are valued in the first place.
Today, there were some bargain hunting on property stock rite? good chance to sell? CMT is currently trading at a estimated 90% premium.
My Poor CMT....drop 20 cents liao... I dunno whether to let it go...Maybe I should ...and gear up for PRIME REIT.
I hate Ho ching.
She make my Suntec and CMT go down... But I like her for making my MLT go up Just sold 1 lot at $1 Might sell of the remaining 2 lots if price hits above $1.05. -
Poor Union Steel...still trading below IPO price...
-
The future doesnt look good the steel counter. Interest rate and oil price is already slowing down the world economy, and with new steel production capacity coming from China, it is going to worsen the steel market.Originally posted by shade343:Poor Union Steel...still trading below IPO price... -
Steel prices in most part of the world are falling and so far there is no sign of any rebound. SELL SELL SELL!!!