【Contel Corp OJ4 交流专区】康特尔 CONTEL CORPORATION LIMITED

臥龍先生

原帖由 八月照相館 于 14-6-2007 02:04 PM 发表
卧龙，what's your target price for this counter?
他的前景看起来很好。

現在根據它的 2006 的 EPS, 它的 P/E 還是很低, 我想應該可以到 SGD 0.35 吧...可能太大野心了...呵呵...

通常我不會設 TARGET PRICE, 就讓它升吧, 不要限制它

八月照相館

卧龙先生，跟您请教，要如何计算一个股的P/E？

臥龍先生

原帖由 八月照相館 于 15-6-2007 09:48 AM 发表
卧龙先生，跟您请教，要如何计算一个股的P/E？

P/E 就是 PRICE / EARNING PER SHARE

通常我是拿最近一年的 diluted earning per share. 除以現在的股價, 就拿到 P/E RATIO 了

shanghai_noodle

...
....
....


冲啊 !

大师

好久没看上海面笑到酱开心了。。。

[ 本帖最后由 大师 于 18-6-2007 12:46 PM 编辑 ]

shanghai_noodle

Cheong ah !!!! Cheong ah !!!!
0.25 了 !!!!

去吧!!! Contel !!!!! 勇往直前 !!!

臥龍先生

[ 本帖最后由 臥龍先生 于 1-7-2007 12:13 AM 编辑 ]

大师

原帖由 臥龍先生 于 30-6-2007 12:16 PM 发表
http://s10.photobucket.com/albums/a130/limszusi/?action=view¤t=2007Jun-Contel-640x578.jpg

什么来第？看没有勒。。。

臥龍先生

INTRODUCTION
The Board of Directors of Contel Corporation Limited (the “Company”) is pleased to announce that the Company and ABN AMRO Bank N.V. (London Branch) (“ABN AMRO” or the “Manager”) have on 29 June 2007 entered into a subscription agreement (the “Agreement”) relating to the issue of US$8,000,000 zero coupon convertible bonds (the “Bonds”) due 2010 by the Company. Under the terms of the Agreement, the Manager has agreed to subscribe and pay for, or to use its best efforts to procure subscriptions and payment for, the Bonds in full, on the Closing Date (defined in the Agreement) at the Subscription Price (defined herein) and on the terms of the Agreement.

The Bonds, if issued, will be in registered form in denominations of US$1,000 each. Each Bond will be convertible at the option of the holder (the “Bondholder”) thereof into fully paid ordinary shares listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”) (the “New Shares”) of the Company at an initial conversion price of S$0.245 per share (as the case may be) in accordance with the terms and conditions of the Bonds (the “Terms and Conditions”).

SUBSCRIPTION AGREEMENT

Completion of the Agreement is conditional upon, among other things:
(a) the execution and delivery of a trust deed (“Trust Deed”) constituting the Bonds and a paying and conversion agency agreement (“Agency Agreement”) by all respective parties;
(b) save as disclosed to the Manager prior to the execution of the Agreement, no rating agency having downgraded, nor given notice or made any public announcement of any intended or potential downgrading or of any review or surveillance with negative implications of, the rating accorded to any debt securities of the Issuer;
(b) the Manager having been reasonably satisfied with the results of its due diligence investigations on the Company and its subsidiaries; and
(c) on or before the Closing Date (as defined in the Agreement), there having been delivered to the Manager any other documents (including, but not limited to, any resolutions, consents and authorities) relating to the issue of the Bonds which the Manager may reasonably require.
The Manager may, at its discretion and upon such terms as they think fit, waive compliance with the whole or any part of the conditions precedent to the Agreement.

PRINCIPAL TERMS OF THE BONDS

The Bonds will be constituted by the Trust Deed to be made between the Company and Citibank, N.A., London as trustee for the holders of the Bonds (the “Trustee”, which term shall, where the
context so permits, include all other persons or companies for the time being acting as trustee or trustees under the Trust Deed) and will be subject to the Agency Agreement to be dated on or about 16 July 2007 with the Trustee, Citibank, N.A., London as principal paying, conversion and transfer agent (the “Principal Agent”), Citigroup Global Markets Deutschland AG & Co. KgaA as registrar (the “Registrar”) and the other paying, conversion and transfer agents appointed under it (each a “Paying Agent”, “Conversion Agent”, “Transfer Agent”, and together with the Registrar and the Principal Agent, the “Agents”) relating to the Bonds.

Issuer

Contel Corporation Limited, a company incorporated with limited liability in Bermuda, the shares of which are listed on the SGX-ST.

Principal Amount

The aggregate principal amount of the Bonds will be US$8 million. The Bonds will be denominated in US$1,000 each.

Issue Price

The Bonds will be subscribed at a price equal to 97 per cent. of their principal amount (the “Subscription Price”), being the issue price of 100 per cent. less the 3 per cent. commission referred to the Agreement.

Conversion Period

Subject to and upon compliance with the Agreement, the conversion right attaching to any Bond may be exercised, at the option of the holder, at any time on and after 16 August 2007 up to the close of business on 9 July 2010 or if such Bond shall have been called for redemption before 16 July 2010 (the “Maturity Date”), then up to the close of business on a date no later than seven business days prior to the date fixed for redemption thereof (the “Conversion Period).

Conversion Price

The price at which shares will be issued upon conversion (the “Conversion Price”) will initially be S$0.245 per share but will be subject to adjustment or reset in the manner provided in the Terms and Conditions.

Controlling Shareholder Stake

The Company shall procure that (i) Sharpthink Finance Ltd; and (ii) Wang Cheng Qun and Cui Ya Chao (by virtue of their shareholdings in Sharpthink Finance Ltd) (together, the “Controlling Shareholders”) shall maintain a shareholding of at least 27 per cent. in the Company (the “Minimum Controlling Stake”) during the term of the Bonds or until the conversion of the last of the Bonds (whichever is the earlier, as adjusted for dilution as a result of any conversion of the Bonds by the Bondholders). In the event that the Minimum Controlling Stake is not maintained, the Bondholders shall have the right to redeem the Bonds at an early redemption price to be determined by a pro-rated yield of 25 per cent. per annum.

Maturity

Unless previously redeemed, converted or purchased and cancelled as provided herein, the Company will redeem each Bond at 128.37 per cent. of its principal amount on the Maturity Date. The Company may not redeem the Bonds at its option prior to that date except as provided in the terms of the Agreement.
Redemption at the Option of the Company

At any time prior to the Maturity Date, the Company may, having given not less than 30 nor more than 60 business days’ notice to the Bondholders, the Trustee and the Principal Agent (which notice will be irrevocable), redeem all and not some only of the Bonds at a redemption price equal to the Early Redemption Amount (defined below) on the redemption date if at least 90 per cent. in principal amount of the Bonds has already been converted, redeemed or purchased and cancelled.

At any time on or after 16 July 2008 and prior to the Maturity Date, the Company may, having given not less than 30 nor more than 60 business days’ notice to the Bondholders, the Trustee and the Principal Agent (which notice will be irrevocable), redeem all and not some only of the Bonds at a redemption price equal to the Early Redemption Amount (defined below) on the redemption date. However, no such redemption may be made unless the Closing Price of the shares for each of the 30 consecutive Trading Days immediately before the date on which notice of such redemption is published, is greater than 150 per cent. of the Conversion Price then in effect.
The early redemption amount (“Early Redemption Amount”) of a Bond, for each US$1,000 principal amount of the Bond, is determined so that it represents for the Bondholder a gross yield of 8.5 per cent. per annum, calculated on a semi-annual basis.

Redemption at the Option of the Bondholder(s)

On 16 January 2009 (the “Put Option Date”), the holder of each Bond will have the right at such holder’s option, to require the Company to redeem all or some only of the Bonds of such holder on the Put Option Date at 113.3 per cent. of the principal amount of such Bonds. To exercise such right, the holder of the relevant Bond must complete, sign and deposit at the specified office of any Paying Agent a duly completed and signed notice of redemption, in the then current form obtainable from the specified office of any Paying Agent (“Put Exercise Notice”) together with the Certificate evidencing the Bonds to be redeemed not earlier than 30 days and not later than 45 days prior to the Put Option Date. Not less than 30 nor more than 45 days' notice of the commencement of the period for the deposit of the Bonds for redemption pursuant to the Terms and Conditions shall be given to the Bondholders by the Company.
A Put Exercise Notice, once delivered, shall be irrevocable (and may not be withdrawn unless the Company consents to such withdrawal) and the Company shall redeem the Bonds the subject of Put Exercise Notice delivered as aforesaid on the Put Option Date.

Listing

An application will be made for the listing of the New Shares on the SGX-ST.

New Shares

The number of New Shares to be allotted and issued by the Company, pursuant to the full conversion of the Convertible Bonds, is approximately 50,240,000 (based on the Conversion Price of S$0.245 and assuming no adjustments to the Conversion Price), which represents approximately 12.02 per cent. of the issued and paid-up capital of the Company as at 29 June 2007.

The Conversion Price represents a premium of 4.3% to the closing price of the shares on 27 June 2007 of S$0.235. It also represents a premium of 17.56%, 23.17% and 25.85% to the average price of the shares over a period of 1 month, 3 months and 6 months respectively.

The proposed issue of the New Shares is made pursuant to the general mandate for issue of shares and securities given to the directors of the Company at the annual general meeting of the Company held on 26 April 2007.


USE OF PROCEEDS FROM THE BONDS
The net proceeds from the issue of the Bonds will be applied by the Company for core business expansion and for our general corporate and working capital purposes.
None of the bondholders will be a director or a substantial shareholder of the Company, or any other person in the categories set our in Rule 812 (1) of the SGX’s Listing Manual.
Application will be made to the SGX-ST for permission to deal in and list the shares upon conversion of the Bonds on the SGX-ST. The Company will make the necessary announcements once the approval for the listing and quotation of the shares to be issued upon the conversion of the Bonds has been obtained.

MEDIUM TERM FUNDING REQUIREMENT

With the subscription of the Bonds by ABN AMRO Bank N.V. (London Branch), the Company has achieved its medium term funding requirements to cater to its fast growing businesses. Together with existing banking facilities that are available to the Company, the Company is well positioned to continue with its margin-focused strategy by expanding into Electronics Toys and Automotive Electronics products, two new business segments the Company had previously identified for its expansion plans.

臥龍先生

Azero-coupon bond issued by a corporation that can be converted intothat corporation's common stock. Also known as a "split coupon bond".

Becausetheir price will appreciate with an increase in the stock price of theissuing company, zero-coupon convertibles tend to offer lower yieldsthan regular zero-coupon bonds. The lower yield deters some investorsfrom choosing this type of bond, but, if a potential increase in stockprice offers greater capital gains than the accrued interest from thebond, the zero-coupon convertible allows the investor to choose toreceive the capital gain.

臥龍先生

不是好消息吧, NO. OF SHARES 又再增加了, 如果業績沒跟上就糟了....

[ 本帖最后由 臥龍先生 于 1-7-2007 08:04 PM 编辑 ]

臥龍先生

PRESS RELEASE
Contel Hits New Chords with

Leading Music Videogame Developer

- Multi-million dollar contract to produce gaming peripherals positions Contel well to further develop its Electronic Toys division
- Developing Fender™ Stratocaster™ Guitar Controllers for “Rock Band™” music video game with Harmonix Music Systems Inc.
- In line with Group’s diversification and margin-focused strategy

Singapore, 9 July 2007 – To Contel Corporation Limited, a leading ODM/OEM maker of digital media products, growth potential from its new earnings driver – Electronic Toys – is literally music to its ears. Contel announced today that it has secured a multi-million dollar deal from Harmonix Music Systems, Inc. for the development and production of Rock Band™ game controller peripherals to be modeled after the legendary Fender™ Stratocaster™ Electric Guitar.

“We see this deal as the beginning of a good working relationship with one of the world’s leading developers of groundbreaking music-oriented videogames. In line with our margin-focused strategy, we have extended our ODM/OEM capabilities into the electronic toys and gaming space which will present us new growth opportunities. These unique guitar controllers are the key interactive gaming peripherals of the music video game Rock Band,” said Contel’s Executive Chairman Wang Chengqun.

“Rock Band, to be exclusively distributed by Electronic Arts Inc, is slated for release on Xbox 360™ video game and entertainment system as well as Playstation® 3 computer entertainment system for Holiday 2007. Each game may use up to two guitar controllers and we expect orders for the products to extend into the next 1-2 years,“ added Mr Wang.

Published by MTV Games, Rock Band is an all-new delivery platform for music fans and gamers to interact with music like never before. Offering four music games in one – Rock Band challenges rockers to master the lead/bass guitar, drums, and vocals or play in a cooperative band experience. Built on unprecedented deals with the world’s biggest record labels and music publishers, Rock Band members can jam side-by-side or virtually online to all genres of music from the greatest rock artists of all time.

Contel is the principal manufacturer of both the wired and wireless versions of the Fender™ Stratocaster™ Guitar Controller for the Xbox 360™ system and a wireless version for the Playstation® 3 system. A picture of the Guitar Controller is shown below:

Rock Band’s creator Harmonix Music Systems, Inc., which was acquired by MTV Networks in 2006, is optimistic about its latest game, having developed the highly successful Guitar Hero (launched in November 2005) and Guitar Hero II (launched in November 2006) music video games. According to market research specialist the NPD group, these games, both for Sony PlayStation 2, were blockbuster hits with up to 3 million copies sold.

“This project helps us to execute our strategy by broadening our product-revenue streams, clientele and market reach. It is also an exciting platform to launch our entry into electronic toys and we expect more contracts to follow,” added Mr Wang.

Contel boasts a portfolio of over 60 consumer electronic products, which it designs, manufactures and distributes to major customers in US, Europe, Australia and Japan, and also new markets like Eastern Europe, South America, South Africa, Russia, and the Middle East.

臥龍先生

Red Dot China chips – HK access day
Contel (CTEL SP) - $0.235

• Company started 2002 and was listed in 2005
• Largely an Original Design Manufacturer (ODM) for home digital and mobile digital equipment.
• The key customers for ODM are Carrefour, Walmart, Polaroid and DSGCI. Geographically, US and Europe account for 93% of their revenue.
• Gross margins 10.5% with net around 5.6%.
• Been looking at new business to improve margins, such as electronic toys and auto electronic products.
• They have been trying to add new customers every year, latest being Polaroid and DSGI.
• They have just signed a contract with a big toy manufacturer to develop an artificial intelligent toy. First shipment in 2H, estimating 250k units. Gross margin for this product is 15-20%, better the traditional business. This will be small this year, possibly accounting for 5% of revenue. However, this is a new customer and they are just developing the first product with them and there is scope for more. They are currently working on the 2nd product (2008 Christmas toy), if they get, investors will likely know by end- 07.
• Another new development is games that will run with existing gaming software such as PS3 and Xbox. If confirmed and if they ramp up, this will be big, looking at 2.5m units to be shipped and potentially accounting for more than 20% of revenue.
• Their 2nd LCD TV plant is under construction and should be ready by end-07. This will allow them to increase LCD production by 6m units/ year from current 10m. Current plant utilisation is aout 80-90%. Will also be adding a plastic injection plant to support the LCD TV manufacturing business.

Comments
• Stock looks cheap, trading on 6.4x historical FY06 PE. Although the business model is not the most exciting but given the strategy to move into higher margin business we may see some rerating for the stock.
• Margin erosion should cease now that they have exited the IC chip business. In fact, we should see some expansion once contribution from the new business kicks in.
• The previous concern on Convertible bond is over given they have terminated it two weeks ago.
• Market cap still reasonably small

Ticker : CTEL SP
Price: S$0.24
Market Cap: US$64m
3mth value traded: US$2.4m

臥龍先生

The Board of Directors of Contel Corporation Limited (the “Company”) wishes to announce that
the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 1August 2007 gave its in principle approval for the listing andquotation of 62,800,000 new ordinary shares (“New Shares”)
to be issued upon conversion of the convertible bonds (the “Bonds”). All capitalized terms not
otherwise defined in this announcement shall bear the meanings ascribed to them in the
announcement dated 1 July 2007.

The in-principle approval (“AIP”) from SGX-ST is subject to, inter alia, the following undertakings
from the Company:
(a) to disclose by way of an announcement each time the Bonds areconverted into the Company’s shares (the “Shares”), including detailson the Conversion Dates and Prices;

(b) to disclose by way of an announcement each time the Bonds areredeemed, including details on the number of Bonds, Redemption Amountand Conversion Price; and

(c) to disclose by way of an announcement on any adjustment made pursuant to Rule 829(1).

The Company is also required pursuant to the AIP to provide details ofthe Conversion Price Reset mechanism as set out in the subscriptionagreement (the “Subscription Agreement”) between the Company and ABNAMRO Bank N.V. (London Branch).
On certain dates set out in the Subscription Agreement (each a “ResetDate”), if the average of the Closing Prices (the Average ClosingPrice) of the Shares on the SGX-ST for the period of 20 consecutivetrading days before the relevant Reset Date is lower than theConversion Price on the relevant Reset Date, the Conversion Price willbe adjusted (“Reset Conversion Price”) so that such Average ClosingPrice shall be the Conversion Price with effect from, and including,the relevant Reset Date.

In the event the Reset Conversion Price is less than 80 per cent. ofthe initial Conversion Price, taking into account any adjustmentsrequired under the Terms and Conditions, such Reset Conversion Priceshall be equal to 80 per cent. of the initial Conversion Price, takinginto account any adjustments required under the Terms and Conditions.

In the event the Reset Conversion Price is less than 65 per cent. ofthe initial Conversion Price on each of the Reset Dates, taking intoaccount any adjustments required under the Terms and Conditions, suchReset Conversion Price shall be equal to 65 per cent. of the initialConversion Price, taking into account any adjustments required underthe Terms and Conditions, provided always that any Reset ConversionPrice below 80 per cent of the initial Conversion Price shall beconditional upon the Company having sufficient shareholders mandate forthe issuance of the additional Shares in excess of the 62,800,000Shares approved by the SGX-ST pursuant to the additional listingapplication made for in relation to the Bonds.

The Board of Directors is also pleased to announce that completion ofthe Subscription Agreement, and the issuance of the Bonds, has takenplace today.

It should be noted that the approval in-principle granted by SGX-ST forthe listing and quotation of the New Shares is not to be taken as anindication of the merits of the Bonds, New Shares and the Company.

BY ORDER OF THE BOARD
WANG CHENGQUN
EXECUTIVE CHAIRMAN
3 August 2007

臥龍先生

	Abondthat can be converted into a predetermined amount of thecompany'sequity at certain times during its life, usually at thediscretion ofthe bondholder. Convertibles are sometimes called "CVs".
	Issuingconvertiblebonds is one way for a company to minimize negativeinvestorinterpretation of its corporate actions. For example, if analreadypublic company chooses to issue stock, the market usuallyinterpretsthis as a sign that the company's share price is somewhatovervalued. Toavoid this negative impression, the company may chooseto issueconvertible bonds, which bondholders will likely convert toequityanyway should the company continue to do well. From theinvestor's perspective, a convertible bond has a value-addedcomponentbuilt into it; it is essentially a bond with a stock optionhiddeninside. Thus, it tends to offer a lower rate of return inexchange forthe value of the option to trade the bond into stock.

Tounderstand convertible securities, let's use this example: acorporationneeding to raise capital decides that because the marketprice of itscommon stock is already low, it doesn't want to issue moreshares. Toraise the desired amount of cash, the company would have toissue manymore shares of stock, which would dilute earnings furtherfor theirexisting shareholders. Furthermore, a regular debt issue(normal bonds)would also be too costly because the company would haveto offer acoupon rate competitive with existing comparable corporatedebt issues.


Instead, the company decides to use a $1,000 parvalueconvertible bond issue that, because of the conversionfeature,investors will accept at a lower coupon rate. In order to dothis, thecompany must evaluate the current market price of its commonstock todetermine the number of shares that each bondholder willreceivethrough a conversion. For instance, if the company's stock iscurrentlytrading at $14 per share, it may decide on a conversion price of $20 to make the bonds more appealing to investors.  The conversion ratio–the number of common shares received for each bond – would thereforebe50 ($1,000 face value of the bond divided by $20 conversion price =50shares per bond). The convertible can be valued relative totheconversion value of the stock or as a straight bond. Inreality,investors use both of these factors when evaluating the worthof aconvertible security.

smart_603

profit margin only single digit,no dividend too.not worth to speculate/invest..i will avoid this.

stock_gal

原帖由 shanghai_noodle 于 21-6-2007 11:41 AM 发表
Cheong ah !!!! Cheong ah !!!!
0.25 了 !!!!

去吧!!! Contel !!!!! 勇往直前 !!!

shanghai_noodle

原帖由 stock_gal 于 9-8-2007 06:11 PM 发表

你这种人是什么心态呀?

现在大势跌，那个股没有掉呀?


真是什么心态。。。

[ 本帖最后由 shanghai_noodle 于 9-8-2007 09:03 PM 编辑 ]

臥龍先生

原帖由 stock_gal 于 9-8-2007 06:11 PM 发表

请问您有什么高见 ?? 可以和我们分享吗?谢谢

臥龍先生

千呼萬喚始出來....

Strong Sales Growth lifted Contel's 1H2007
Net Profit by 28% to US$4.8M

54.7% higher sales of US$105.1M driven by both Home & Mobile Digital Entertainment Products segments

Maiden LCD TV contract contributed US$3.4M to Group revenue

Expects diversification into high growth electronic toys sector and improved product mix to improve margins

Singapore, 13 August 2007 – In1H2007, Contel Corporation Limited (‘The Group’ or 康特尔有限公司 or“Contel”), a leading ODM/OEM maker of digital media products, reporteda 54.7% leap in revenue to US$105.1 million due mainly to DVD-related product sales in both its Home and Mobile Digital Entertainment Products segments.

Group net attributable profit was27.9% higher year-on-year (yoy) at US$4.8 million. Thanks to strongdemand from its key US and Europe markets, sales of home digitalentertainment products, which accounted for about 55.4% of totalturnover, soared by 71.7% to US$58.2 million. On top ofreceipts from its DVD staples, the Group also enjoyed a maidencontribution of US$3.4 million from its first LCD TV order.

Its Mobile Digital EntertainmentProducts segment, which makes up the remaining of the turnover, alsoreported an impressive 50.7% yoy rise to US$45.5 million on the back ofstrong orderflows in Portable DVD players and Digital Photo Frames. The newly launched digital photo frames, forinstance, registered a sales growth of 75.1%. Said Contel’s ExecutiveChairman Wang Chengqun: “We see encouraging results from our focus todiversify into new products and improve our product mix. While the sharp rise in TFT LCD panel prices causedour gross margin to slip from 11% to 9.5% in 1H07, steps taken to keepour distribution, marketing and administrative expenses in checkenabled Contel to narrow the margin decline to only 0.9 percentagepoints at the pretax profit level.”

“The tight supply in the LCD marketdrove panel prices up by about 40% between February and June 2007 butwe expect the shortage to be alleviated in 4Q07. This will help tostabilize the price but we have also taken steps to ensure that we canpass any other potential price increases to our customers,” he added.

The Group continues to enjoy strongsupport from its current first tier customers which include Carrefour,Best Buy, Supratech and DK Digital as well as newly “acquired”customers Polaroid Corporation and DSG International plc. In line withits margin focused strategy, the Group successfully made inroads intothe Electronic Toys sector with its recently announced deal withHarmonix Music Systems, Inc. – a leading international music videogamedeveloper - to manufacture guitar controllers for the Rock Band TMvideogame. The game is slated for release on the Playstation® 3computer entertainment system and Xbox 360™ video game and
entertainment system over the year end holiday season.

“We expect the higher marginElectronic Toy sector to make its first positive contribution to Groupearnings as well as margins in 2H2007. We also intend to capitalize onthis initial success to further grow and establish Contel as asignificant ODM/OEM manufacturer in the high growth Electronic Toymarket,” said Mr Wang.

The Group plans to develop new markets such as Eastern Europe, the Middle East, South Africa, Russia and South America through its existing customers and the acquisition of new ones. Contelhas in fact already started shipments to South Africa. Phase II development of the Group’s Dongguan 40,000 m2 manufacturing plant isprogressing on schedule and Contel intends to add new capacity tomanufacture and develop LCD TVs and Electronic Toys in 1H2008. Duringthe six months period ended 30 June 2007, the Group raised a net sum ofS$21.6 million via convertible notes in a Note Subscription Agreementwith Advance Opportunities Fund and Value Capital Asset Management PteLtd to fund the Group’s capital expenditure and working capital use.



[ 本帖最后由 臥龍先生 于 13-8-2007 10:24 PM 编辑 ]