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The Straits Times / The Business Times News on HG Metal
Portfolio beats Sesdaq indexTeh Hooi Ling, Senior correspondent - April 12, 2005The Business Times OUR small cap portfolio beat the UOB Sesdaq Index in the five trading sessions to yesterday, and for the first time extended its outperformance over the second board index to above 30 per cent since October 2003 when the portfolio was set up. In the week to yesterday, our portfolio put on 2 per cent, about half a percentage point ahead of the UOB Sesdaq Index's 1.6 per cent. It outpaced the Straits Times Index by 0.9 percentage points, despite a relatively high cash holding of about 10 per cent. The top gainer in the portfolio this week is Ezra, offshore support and marine services provider. It rose 10.2 per cent or 11 cents to $1.19. Earlier this month, GK Goh had a 'buy' rating on Ezra with a target price of $1.40. 'Efforts to raise capital efficiency through the sale and leaseback of four vessels under construction will free up cash for potentially lucrative upstream projects. We expect more such deals for existing and new vessels under construction,' it said in a note. The broking firm added that the valuation of the stock was undemanding as it had lagged behind other shipping and marine stocks. Coming in second was HG Metal, which advanced 9.6 per cent to 51.5 cents. In a research note yesterday, Phillip Securities Research said that OCBC Bank's $10 million convertible loan facility to the steel product stockist was an implicit endorsement of the company. 'We view the latest development as a positive affirmation of HG Metal's growth potential by one of its principal bankers. Full conversion under the facility would bag the bank an estimated 10.33 per cent of HG Metal's enlarged share capital, giving it the opportunity to participate in the group's future growth and expansion.' It has a target price of 58.5 cents on the stock.
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