Friday, March 31, 2006

China Sun: Buy Call( Kim Eng)

♦ Ethanol plant construction hits some turbulence. CSBT restarted construction work on its Shenyang ethanol plant in mid-March following the winter break but has experienced unseasonably cold weather that intermittently interrupted work. It was reported on Xinhuanet that a week-long cold snap hit North and Northeast China in mid-March. Provinces such as Inner Mongolia, Heilongjiang, Jilin and Liaoning experienced lower than seasonal temperatures and heavy snowfall.
♦ But 2006 forecast maintained.
Management believes it can still begin trial production by June-July. The physical infrastructure is almost complete with only piping and ducts left to be installed. Machinery, once delivered, will take 2-3 months to install. While there is a possibility of delay, we are not adjusting our forecasts as we believe our assumption of 25% capacity utilisation for the full year is still appropriate.
♦ Business as usual.
Other than the above, it is business as usual for CSBT. Utilisation and sales mix of modified starch is stable, hence gross margin is likely to stay flat in 1Q06. However, utilisation of the newly added 200,000 tons of corn starch capacity in Tongliao has risen from 30% in 4Q05 to 50% currently. Assuming an ASP of RMB1,400 a ton for the additional output and net margin of 25% (FY05: 27.4%), another RMB14m in net profit should be added in 1Q06, which is inline with our full year forecast.
♦ Making headway in quest for fuel ethanol licence.
The recently concluded NPC did not firm up expectations for when the licence will be awarded. Only broad renewable energy statements were made by Chinese legislators, with no specific mention of ethanol. But CSBT’s gameplan to put itself forward as one of the desired candidates in the eyes of the central government may soon result in a joint venture or at least an MOU
for a partnership with one of the two major PRC oil companies.
♦ BUY maintained.
At S$0.695 currently, CSBT is valued at 8.4x 2006 EPS and 6.8x 2007 EPS. We believe these valuations are attractive relative to expected earnings growth of almost 30% in 2006 and a further 23% in 2007. Our DCF fair value (which excludes the fuel ethanol licence) is maintained at S$0.80 or 10x 2006
PE. Immediate comparable Global Bio-chem in HK trades at 12x forward PE.

STATS: On the way up!

Immediate Resistance: 1.26
Immediate Support: 1.2

STATS has closed at 1.25 today which equal to the previous high set on 16th Mar. With his "brother" chartered's bullish news recently, STATS will follow suit. It can be seen that STATS has a wave 1 from 1.06 to 1.14. Wave 2 from 1.14 to 1.1. Wave 3 is from the range of 1.1 to 1.23. On the other hand, Wave 4 from 1.23 to 1.18. Currently, STATS should be in Wave 5, the final wave up with a target price of 1.31. That's provided that 1.25 resistance is broken tmr.

Chartered Semi higher as UOB reiterates 'buy' (UOB Kay Hian)

Chartered Semiconductor was higher in early trade as UOB Kay Hian reiterated its "buy" rating for the stock, saying the market has underestimated the positive impact on the firm from its microprocessor project with Advanced Micro Devices (AMD). At 9.38 am, Chartered Semiconductor, the world's third largest maker of customized semiconductors, was up 0.04 sgd or 2.7 pct at 1.52 on volume of 14. 512 mln shares. UOB Kay Hian said it has a target price of 1.88 sgd for the stock. In 2004, Chartered Semiconductor struck a deal with computer chipmaker AMD to implement, under license, portions of AMD's Automated Precision Manufacturing (APM) software suite and to become an additional manufacturing source of AMD64 microprocessors. "The AMD64 microprocessor project is on schedule for initial production in June 2006 and volume production in the second half. This is the first time AMD has successfully outsourced production of microprocessors after several failed attempt with other foundries," UOB Kay Hian said. "The product is likely to be a dual or quad-core microprocessor for the high-end desktop or server market. We believe the project is comparable to XBox 360 in terms of size given the large die size and AMD's rapid gain in market share."

CapitaLand target price lifted to 5.30 sgd (CIMB-GK)

CIMB-GK Research has lifted its target price for CapitaLand Ltd to 5.30 sgd from 4.52 and kept its 'outperform' rating on the property developer, which it believes has edge over rivals in the bidding for the planned Marina Bay integrated resort. "Based on previously disclosed information, we believe CapitaLand's consortium with MGM Mirage has a slight advantage over the others and we estimate a win will add 0.35 sgd to its revised net asset value (RNAV)," CIMB-GK analyst Tricia Song said in a note. Song has raised CapitaLand's RNAV to 4.28 sgd from 3.77 to reflect its higher fund management growth profile, divestment gains, and possible returns from its China malls and investment in Link REIT. "Target price is 5.30 sgd, pegged at an unchanged 20 pct premium to RNAV plus an [integrated resort] option of 0.17 sgd," she said. At 10.18 am, CapitaLand was up 0.02 sgd at 4.82 on volume of 1.39 mln shares.

Asia Water downgraded to 'neutral' ( Kim Eng)

Kim Eng Securities has cut its rating on Asia Water Technology Ltd to "neutral" from "buy" because of the recent run-up in the stock which has narrowed its price gap with its peers. In a client note, Kim Eng also trimmed its 2006-2007 earnings per share estimates after the company's recent share placements which led to dilution given an enlarged share base. Asia Water has conducted two new share placements this month and issued a total of 27.9 mln shares for proceeds of 14.3 mln sgd. In addition, the group will also be issuing 11.96 mln new shares for the acquisition of a minority stake in Wuhan Kaidi Water services. "The stock has risen 46 pct since our last update on March 1. Factoring in EPS dilution from the enlarged share base and acquisition of the minority stake in Wuhan Water Services, our 2006-2007 EPS have been cut by 8-10 pct," it said. At 10.18 am, Asia Water was flat at 0.75 sgd with just 69,000 shares traded.

CAO declines; valuation seen as demanding (POEMS)

China Aviation Oil (Singapore) Corp (CAO) turned weaker after strong gains yesterday with analysts now viewing the stock's valuations as demanding, dealers said. In late morning trade, CAO was down 0.15 sgd or 9.15 pct to 1.49 on volume of 37.09 mln shares. CAO rose to as high as 1.850 sgd after it resumed trade yesterday, following more than a year of suspension. Investors welcomed the introduction of new investors, including BP and Temasek, under a restructuring program that was put in place after the firm nearly collapsed having racked up around 550 mln usd in derivatives trading losses. "At the current price, the stock is trading at a demanding 31 times price earnings ratio, way above BP, Temasek and (CAO) creditors's entry price of 0. 515 sgd," Phillip Securities senior dealing director Gabriel Yap said in a note. Yap also noted the firm is now trading at more than 10 times net While prospects for CAO remain bright given its dominance of the jet fuel supply market in China, analysts are advising investors to be cautious given the rich valuations.

Wednesday, March 29, 2006

Chartered Semi Conductor: Genuine Recovery

Immediate Resistance: 1.5
Immediate Support: 1.45

When most ppl think that the stock is a gone-case stock, it is creeping up day by day. From the chart, it can be seen that chartered has wave 1 from 1.16 to 1.37. Wave 2 from 1.37 to 1.26. Right now chartered is in wave 3, which is supposed to be the longest among the wave. Price target for wave 3 will be 1.6. However, because chartered has been in the overbought region at current lvl, it takes quite some time to reach its target. From today's movement, you can see that the price of chartered actually close at 1.48, which is 1 cents higher than previous high of 1.47 set in 13th Mar. Therefore, I believe this time it will likely going to reach the wave 3 target price.

Mediaring: Bull run or double top?

Immediate Resistance: 0.355/0.38
Immediate Support: 0.33

Mediaring Closes at 0.35 today which is the intraday high. The level is slightly higher than the the previous high of 0.345 on 21st Feb. If Mediaring will to U-turn from here, it will form a double top, which is a bearish sign. However, since it is able to close at intraday high today and US future is +ve at the moment, I would expect it to open slightly higher tmr. If 0.355 is broken tmr, Mediaring may test the next resistance at 0.38.

CAO in the limelight tmr?

CAO will finally be relisted tmr after more than 1 year of suspension. No doubt all the attention will go to CAO. Therefore, I believe it may be a quiet day for the rest of the other stocks tmr. As a result, there wun be any chart analysis today (Actually another reason is I am not free today :P) Anyway, I will like to thank all the visitors for supporting this website. I hope the information found here is useful!

Tuesday, March 28, 2006

China Fish( Report from UOB Kay Hian)

China Fishery up as parent Pacific Andes gains China Fishery Group Ltd, a coastal and industrial fishing operations enterprise, was higher following strong brokerage recommendations on its parent firm Pacific Andes Holdings. At 11.20 am, China Fishery was up 0.11 sgd or 4.3 pct at 2.69 on volume of 4.182 mln shares."Gains in Pacific Andes could have a spill over effect on China Fishery. Near-term support is around 2.65 and if the stock can clear above 2.72, there would be bias to rise above 2.77 for a test of 2.85 sgd," Kim Eng Securities said.CIMB-GK Research has started coverage of Pacific Andes Holdings Ltd (PAH) with an "outperform" recommendation and a target price of 1.22 sgd, noting the frozen food supplier's good growth prospects. CIMB-GK analyst Glenford Tan said that PAH's growth profile can be likened to Olam International's, while its stake in China Fishery bolsters its margins and ensures steady supply. "PAH has seen its net profit grow nearly 4 times from 2000-2005. Its business fundamentals are strong with good exposure still to China's increasing appetite for fish," Tan said.

Pacific Andes ( Kim Eng Outperform)

Pacific Andes Holdings - Initiating Coverage - The protein diet: fish and nuts We initiate coverage on Pacific Andes Holdings (PAH). While the stock has staged a lovely run up in price recently, there is still delectable mileage left in it. The current valuation at 8x CY06 P/E is unjustified given its strong business fundamentals. It has good organic growth potential (it can easily manage more fish volumes or species). Being integrated across the supply chain, it can also offer clients value-added services. Managing large enough volumes, fish suppliers are also keen to maintain relationships with PAH. Finally, the company has the potential to engage in specialised logistics infrastructure to boost its margins. On the back of these, we initiate with OUTPERFORM and set a sum-of-parts target price of S$1.22, implying 13x core FY07 P/E.

Rotary Eng (UOB Kay Hian buy call)

Stock Pick: Rotary Engineering Ltd
Rating: BUY
Target Price:$0.57
Entry Price:Below $0.515
Cut Loss:Below $0.485

Qian Hu( Report from UOB Kay Hian)

Qian Hu Corporation: Back to basics?

Qian Hu's FY05 results showed underlying improvement in margins despite a rather static topline performance. Operating margin for the Ornamental Fish division recovered from its low in 2Q05 of 6%-20% in 4Q05. This division was a key contributor to overall improvement in operating margin from 5.3% in FY04 to 6.2% in FY05. We expect only marginal profit contributions from the Accessories division as well as the Plastics division on account of low operating margins and keen price competition. Qian Hu's move downstream into retail outlets is still intact, but this will probably be implemented at a measured pace over a longer term horizon. The stock is currently trading near its fair value of S$0.27 based on a Price/Book multiple of 0.8x. We are of the view that sustained recovery in Ornamental Fish margins will be crucial for a re-rating. Until then, we maintain our HOLD recommendation. (Research Team)

CAO ( Report from Kim Eng)

CAO will resume trading tomorrow. More than 529mil news shares will be issued, most of which will go to China Aviation Holding (CAOHC), BP and Temasek’s unit Aranda. CAOHC’s stake will be 50.88%, BP 20% and Aranda 4.65%. Creditors will hold 10% of the newly restructured firm while minority shareholders will own 14.47%. Under the restructuring, an investor who owned 1,000 share previously will end up with 270 shares. An unofficial gauge for the opening price tomorrow is $0.515, which is the value of CAOHC, BP and Temasek’s investment.

KS Energy ( Report from UOB Kay Hian)

KS Energy Services Ltd said it has formed a joint venture company with Tat Hong Holdings Ltd to provide procurement and management services involving oilfield equipment to Sky China Petroleum Services Ltd, a China-based petro-engineering technical services provider. In a statement, KS Energy said the joint venture, called Global Oilfield Services Pte Ltd, has been incorporated in Singapore and is now considered an associated company. KS Energy today closed 0.02 sgd higher at 2.92 while Tat Hong advanced 0. 005 to 0.87.

Asia Dekor ( Report from UOB Kay Hian)

Asia Dekor Holdings Ltd, a maker of laminated floor products, said it plans to raise additional capital to reduce its bank debts by issuing 50 mln new shares at 0.1425 sgd each. In a statement, Asia Dekor said it has appointed CIMB-GK Securities Pte Ltd as placement agent. The issue price represents a discount of approximately 3.5 pct to Asia Dekor's weighted average price of 0.1476 sgd on March 24. "The purpose of the placement is to allow the company to raise net proceeds of approximately 6.9 mln sgd by the issue of the placement shares, after deducting estimated expenses pertaining to the placement," the company said. "Net proceeds from the placement will be used for the reduction of a long term bank loan which was drawn down for financing the construction of the group's factory in Heyuan."

CAO ( Report from UOB Kay Hian)

CAO - Trading in the shares of China Aviation Oil (Singapore) Corp is set to resume on Wednesday, March 29, the company said in a statement. The resumption comes after completion of the issuance of new shares to new shareholders including BP Plc, Temasek unit Aranda and CAO creditors under a restructuring plan aimed at reviving CAO. CAO shocked the market in late 2004 after saying it had incurred 550 mln usd in derivatives trading losses. CAO's trading on the Singapore Exchange has been suspended since the disclosure which sent the jet fuel supplier into near collapse. It last traded on Nov 26, 2004 at 0.965 sgd per share. Following the issuance of new shares, BP will hold a 20 pct stake in CAO, Aranda will have 4.65 pct, the creditors will hold a 10 pct stake and CAO parent China Aviation Oil Holding Co will hold 50.88 pct. The minority shareholders will hold the remaining 14.47 pct stake in CAO. Last week, the company's former CEO Chen Jiulin was sentenced to four years and three months in jail for his role in Singapore's biggest financial scandal in a decade. Chen, a Chinese national, was also fined 335,000 sgd by a district court. "The accused clearly played a principal role and played a more culpable role than any of his other accomplices," judge Wong Keen Onn said.

LC Dev

LC Dev has been rising from 0.125 to 0.175 within 3 days. That is an amazing run. LC Dev has formed Three White Soldiers, which is a bullish sign. However, it is currently in overbought region. Using Elliot Wave, LC Dev has formed wave 1 from 0.095 to 0.135. Wave 2 from 0.135 to 0.115. Now, Wave 3 should have a target price of 0.18. Today, it has also announced the following news. Some profit taking will likely to take place in the short term.

Company Registration No.: 197301118N
(Incorporated in the Republic of Singapore)
The Board of Directors of the Company (the “Board”) refers to the substantial increase in the price and trading volume of the Company's shares today. Further, the Board also noted the article in the Straits Times on Saturday, 25 March 2006 reporting on market information relating to the sale by the Company of its half-share of Paradiz Centre on Selegie Road. The Board wishes to announce that the Company has been in discussions which may potentially lead to the disposal of this asset by the Group. As at the date hereof, the Company has not entered into any definitive agreements pertaining to this potential transaction. An appropriate announcement will be released at the relevant time should a transaction materialise. Shareholders and investors are advised to refrain from taking any action, which may be prejudicial to their interests, and to exercise caution when dealing in the shares of the Company.
The Board (including those Directors who have delegated detailed supervision of this announcement) has taken all reasonable care to ensure that the facts stated in this announcement are fair and accurate and that no material facts have been omitted from this announcement, and they jointly and severally accept responsibility accordingly.
Lee Sok Koon
Iris Wu Hwee Tan
Company Secretaries
27 March 2006

Monday, March 27, 2006

China Sky: An important lvl to break!

Immediate Resistance: 1.02
Immediate Support: 1.00

China Sky closes at 1.02 today, which is the previous high on 3rd Feb and 7th feb. If China Sky break this strong resistance tmr, a breakout will occur. However, if the opposite happens, it will likely fall back up 0.93 strong support.

Mediaring (DBS Group Research)

BUY S$0.305 STI: 2497.31
Price Target : 1-year S$0.42 (Previously S$0.39)
Reason for Report : Corporate Update
Potential Catalyst: Successful acquisition of PacNet

Kim Eng Daily Report

China raises the price of retail diesel and petrol by 3~5%, bringing the total increase to about 20% since 2005. The increase still leaves refiners in the red and is not likely to deter demand for fuel. The latest fuel increase highlights the issue of fuel shortage in China. Energy related China plays could rise. Average housing prices in Beijing rose US$124.6 psm during the January to February period or a 17.3% YoY increase. However, the rise is deterring buyers. 1.17mil square meters of commercial housing were sold in Beijing during the same period, which represents a 24.5% YoY fall. Launch of the request for proposals for the Sentosa integrated resort has been pushed a month back to 28th April. This will enable the Singapore Tourism Board and relevant agencies to review all the feedback received from the various contenders of the Sentosa IR. These contenders include Genting International and Star Cruise; Eight Wonder and Starwood; Harrah's Entertainment and Keppel Land; Kerzner International and Capitaland; and Sun International.
Singapore companies are expected to buy 45% more disk storage capacity this year compared to 2005, this according to IT research firm IDC. Our IS research has downgraded Jurong Technologies from Buy to Hold amid growing near-term uncertainty surrounding the stock. Target price has been reduced from $2.30 to $1.79. On charts, we highlighted last week potential weakness in Jurong Technologies last week. We have technical Trading Buy recommendation on Sky China Petroleum with an upside
objectiveof $0.585 followed by $0.645.

Asia Environment:Initiate Coverage:Fair Value 47.5cts:Westcomb

Pl see report for initiation of coverage on Asia Environment.Buy. Fair value at S$0.475.
We are of the view that prospects for the Group are excellent; the large order book should see considerable growth for Asia Environment in FY06, estimated at about 60% growth in net profit from FY05 to FY06. We expect Asia Environment to continue good earnings growth in FY07 and FY08. Overall, we forecast revenue and net profit to grow at CAGR of 21.2% and 27.6% over the next three years. If we include our estimated unrealised profits, net profit CAGR could be approximately 29.6% over the next three years.
Key risks include lumpy earnings, further opening up of markets to foreign competition, project cost overruns and delays, and inability to meet project specifications.

We have valued Asia Environment at S$0.475, equivalent to 12x FY06 PER. We feel that this is a fair valuation in view of the visibility of earnings in the next two years, good competitive position in the industry and high growth potential.

Fibrechem ( Report From UOB Kay Hian)

Fibrechem Technologies Ltd may still rise after Kim Eng Securities unit Kelive Research upgraded its target price for the stock to 1.47 sgd per share from 1.25. In a note, Kelive said it feels the increased target for the textile manufacturer "is justified given Fibrechem's outstanding growth potential." Kelive expects net profit at Fibrechem to rise from 196.9 mln hkd in 2005, to 368.7 mln this year, 507.1 mln next year and further to 521.9 mln in 2008. Fibrechem added 0.06 sgd or 5.66 pct to close at 1.12 on Friday.

Mah Wah Holdings (Report from UOB Kay Hian)

Man Wah Holdings Ltd may advance after CIMB-GK Research initiated coverage of the Hong Kong-based home furnishing group with an "outperform" rating and a target price of 0.71 sgd, citing the company's strong earnings potential. "Strong future growth should be underpinned by 100 pct capacity expansion in Huizhou by end-March 2008," CIMB-GK said in a note, given the company's compound annual growth rate of 28 pct for the years to March 2005-2008. Man Wah closed up 0.025 sgd or 4.55 pct at 0.575 on Friday.

Sunday, March 26, 2006

Top Vol No 6: Sky Patrol

Immediate Resistance: 0.57(previous high)/0.58
Immediate Support: 0.53

With oil price flirting at around $64, Sky Patrol looks likely to test the resistance of historical high of 0.57 in the next few trading days. Another catalytic good news is the announcement that Prudential Asset Management (S) Ltd, one of the shareholders had bought 2000 lots of shares on 22nd Mar 2006. Recommend to buy at 0.55/0.555. Cut loss if 0.53 support level is lost.

Quotes from Warren Buffett

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.
Warren Buffett - Greed - Fear - Investing

Wide diversification is only required when investors do not understand what they are doing.
Warren Buffett - Stock Market - Investing - Knowledge

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years.
Warren Buffett - Stock Market - Long Term Investing

Top Vol No 7: Asia Env

Immediate resistance: 0.38
Immediate support: 0.325

This stock has reached overbought region. However, the breakout on fri with large volume indicates that the bullish trend is still valid. May see 0.38 soon.

Saturday, March 25, 2006

Top Vol No 9: Genting Int

Immediate Resistance: 0.37 followed by 0.375
Immediate Support: 0.365 followed by 0.36
Genting Int formed a Gravestone Doji on Thur and Fri. It is a top reversal signal. Things dun really look good for short term.

Top Vol No 10: Luzhou

Immediate resistance: 0.615
Immediate support: 0.565

Luzhou seems to be in wave 3 right now. Wave 1 from 0.425 to 0.535 and wave 2 from 0.535 to 0.475. Therefore, wave 3 target should be (0.535-0.425)x1.618 + 0.475 = 0.653. Heavy resistance should be seen at 0.65/0.655 lvl.

Friday, March 24, 2006

Fibrechem Tech (Tgt Px Raised To $1.47) : Kim Eng

CG Tech (Report from UOB Kay Hian)

CG Technologies higher on laggard interest CG Technologies Holdings Ltd, a manufacturer and distributor of polyethlylene terephthalate (PET) chip and yarn products for the textile industry in China, was higher on laggard buying, dealers said. "Investors are probably buying it because of cheap valuations," an analyst with a local brokerage said, adding that the stock is trading at a price-to-earnings ratio of just six times this year's projected earnings. Just like other textile-related stocks, CG Tech has been enjoying robust earnings growth. In 2005, its net profit rose 24.9 pct to 83.6 mln yuan on the back of strong sales. CG Tech was up 0.03 sgd or 8.45 pct at 0.385 with 25.85 mln shares traded. Another textile-related stock, FibreChem Technologies Ltd, which is rated "buy" by local brokers Phillip Securities and CIMB-GK Research, was up 0.02 sgd or 1.89 pct at 1.08 on 2.28 mln shares.

Hongguo (Report from UOB Kay Hian)

Hongguo Intl gains on attractive valuation China-based shoemaker Hongguo International Ltd edged higher due to its attractive valuation compared to peers, dealers said. Hongguo rose 0.015 sgd or 3.26 pct to 0.475 on volume of 11.20 mln shares. In a recent note, DBS Equity Research said that Hongguo's valuation is attractive with a price-to-earnings ratio of 9.9 times prospective 2006 earnings, compared to its closest listed peer China Hongxing's PE ratio of 12. 4 times. DBS said that Hongguo's pretax margin at 19.4 pct was also higher than China Hongxing's 14.9 pct. "We believe that Hongguo should trade at a closer valuation towards its listed peers in Hong Kong and Singapore," the brokerage said. DBS has a "buy" rating on Hongguo with a target price of 0.59 sgd.

Keppel Corp (Report from UOB Kay Hian)

Keppel Corp may rise after its unit Keppel FELS won a 132 mln usd rig-building contract from SeaDrill Ltd. The order is expected to be delivered in the second quarter of 2008. The contract was secured via an option given to Odfjell Partners Ltd when it ordered its first rig in March 2004. Odfjell placed an order for its second rig in March last year. In mid-2005, SeaDrill acquired Odfjell Invest Ltd and was given the right to exercise Odfjell's option with Keppel FELS. Yesterday Keppel Corp closed 0.20 sgd higher at 13.40.

Sembawang Kimtrans ($0.51)

A-Reits plans to buy 2 properties from Sembawang Kimtrans for $78mil.Sale results in net gain of $32.41mil. Stock has been resting along 0.505~0.515 in recent sessions. There could bebias to 0.54. However, a fall below 0.505 should probe 0.49.

Thursday, March 23, 2006

Temasek past trades good or bad?

Past 12-month record is a case in point : In the past 12 months, stocks
placed out by Temasek include CapitaLand (at
S$2.90 vs current spot: S$4.40), CapitaCommerical Trust (at S$1.50 vs spot:
S$1.86), StarHub (at S$1.92 vs spot: S$2.15), SMRT (at S$1.11 vs spot:

China Paper: Bull or bear?

Going to be volatile tmr coz of Kim Eng upgrade with price target of 0.63
However, there are announcement that major shareholders sold off shares a few days ago.

Tmr see bull win or bear win. High risk!!

immediate resistance: 0.425
immediate support: 0.37

K1 Venture: Take it slow and steady!

support at 0.4
resistance at 0.42

This one is slow but should rise steadily. Good to use cpf to buy. Take profit/cut loss if market suddenly turn bearish.

Chinasun: I can see the sun rising!!

Chinasun looks set to close gap at 0.685-0.695. Immediate support at 0.665 immediate resistance at 0.715 buy around support lvl. if drop below 0.665, cut loss.

Tuesday, March 21, 2006

CHINA SUN BIOCHEM TECH GP CO. – The Chairman & CEO of China Sun (SUN GUIJI) reported that Temasek's stake had been reduced by 5,164,000 shares as of 10 Jun 2005 and further reduced by another 13,000,000 shares as of 7 Nov 2005 [last 31,512,000 or 4.09%]