Capitaland Mall Trust Results Review (Q12016)

CapitaLand Mall Trust released its Q1 2016 yesterday.

1st Key Metric: Funds from Operations Per Share (FFOPS)
To assess Reits/Trusts, a very important metric to use is Funds from Operations(FFO) as it measures the profitability of the reit/stock after taking into account of depreciation and gains from disposal of assets. Funds from operations is a much more reliable metric to assess how well the trust/reit is doing.

The formula : Net income - Interest income + Interest expense + Depreciation- Gains on asset sales + Losses on asset sales = Funds from operations 
For CapitaLand Mall Trust, FFOPS:
1Q2015: 0.0297
1Q2016: 0.0317
There is an improvement of about 6%

2nd Key Metric: NAV Per Share
The NAV of a company is its Assets minus liabilities, divided by the outstanding number of shares, we get the NAV per share. It is the 'book value' of a stock. If the market price of the stocks is below the NAV, it may mean a good opportunity to buy the stock.

Current NAV (1Q2016): $1.88
Current Stock price: $2.17
Premium: 15%

Earnings implication- Saved by Bedok Mall

 

 

1. The revenue of Bedok Mall- $14.6m attributed mainly to the increase in revenue. This means that if CMT did not acquire Bedok Mall, its revenue would have been $152.7, a decrease as compared to 1Q2015 which inherently means the other malls are not faring as well. The improvement of IMM by $1.3m can barely save all the other malls.

This is why for a reit to grow, it is important to acquire new assets and improve on the existing ones.

 

2. Other assets- Jcube, Sembawang Shopping Centre, Clarke Quay, The Atrium @ Orchard are performing worse.

 

 



Looking at this chart, retention rate for:

Clarke Quay: 66.7%

The Atrium: 44.4%

Other assets (Jcube and Sembawang shopping centre): 71.4%

 

Not a very good sign..

This also means that Heartland malls are doing much better, which Frasers Centrepoint Trust is very strong at.

 

Overall- Will not buy now.

Better than expected performance results, DPU also increased. But the current price of $2.17 sets a premium of 15% to its NAV value.

 

Not a good bargain.

 

I am also cautious of how the other malls are doing in future especially Clarke Quay, Jcube, Orchard.

 

Bedok mall cannot save the day, all the time.





When should you sell a stock?

The market has been bullish these 2 weeks.

I would like to maximize my profits, sell at the peak (hopefully) and repurchase when the stock is low. However, to time the market is very difficult and I do not encourage that too.

But there are still some very valid reasons on when I sell my stock.

1. When it is very likely (i.e. beyond a reasonable doubt) that the stock is overvalued.

A P/E ratio that is ridiculously high or a very bullish stock that keeps going up within a short period(a few days) without any significant company news can indicate that the stock is being driven by speculators.

I monitor the stock market every hourly x8 hours x 5 days a week x 12 months a year, and so far it has been 1 yr 8 months. Really eat too free lol.

There was a time where Q&M irrationally shot up to $1.00 at its peak. The normal trading price was around $0.68-$0.72 over the year.

StarHub traded at its peak of $4.46 when the average over the year was about $4.05-$4.18 before the 4th Telco came in.

For one to see when your stock is overvalued, I think you would really have to know your own stock SO WELL until you know how it might behave according to STI's movements.

There are some technical movements and volatility (we call that 'Beta' in a stock) unique to each stock Some stocks have very high beta (Noble) whereas some stocks are forever so stagnant (Reits). You can only confidently sell your stock if you know it has suddenly behaved irrationally.

2. When its fundamentals have changed

 In 2015, the oil price started to spell trouble and that was a good time to sell oil stocks like Keppel when it was trading at $9+.

In 2015, the announcement of the 4th Telco came and there were already plans for its entry. That was a good time to say goodbye to Starhub and M1 :(

A shift of fundamentals include the overall industry outlook and the company's competitiveness.

3. When you know you have a better opportunity

I sold Capital mall trust when I earned some decent profits then and I believed that at that particular time, it has hit a high. I sold it off and bought Ascendas Reit when I honestly think it was undervalued (at that time).  This is a reason to sell a stock- to purchase a stock that is performing better (hopefully undervalued).

True enough, A-Reit hit a high about 2 months later and I sold it off again. I am still pessimistic about the market especially in the US side. I highly believe that US is heading for a recession this year.

Digress, I do need some funds for my war chest. I do not think that my opportunity cost to hold off a bit later will be that high.

Well, these are just my opinions learnt through several heart aches; I hope I am improving :)

IPO of Secura Group (Review)

Secura Group, the newest company to get its share listed at SGX yesterday, opened at $0.24 and closed at $0.225.

Some of  its core businesses now:
1. Security printing- printing of valuable items such as cheques and parking coupons.
2. Security guarding
3. Homeland security

Moving forward, Secura will be looking at several sources of growth:
1.Build market share in guarding business
2.Expanding homeland security
3.Expanding cyber security segments

Source: Secura Group’s IPO prospectus

Here's what I think about this company:

Profitable segments:

1. Security guarding:

Right now, I only know of CISCO providing trained security guards. It seems that there is growing demand in this area especially when there are so many new condos/commercial properties/industrial properties popping up in Singapore. Looking at the revenue growth of Secura, its security guarding business is doing very well and sees a jump of  68% from FY2013 to FY2014.

My 'concerned' segments:

1.Security printing services:
This was their core business when they started out in 1976. However, the printing industry in general seems to be declining in profitability. Much of printing has been replaced through the advance technology of computerization, internet and digitalization.

It is no wonder why companies like Interplex sees its Imaging and Printing product sector declining  by 24% against 1Q2015 due to changing consumer preference for digital media.

Even Fuji Xerox, the world's largest printer company, seeks to earn more by encouraging less printing.

2.Cyber Security solutions:

It is a big industry with a lot of business opportunities out there.

However, IT business in Singapore is VERY competitive. Just take a look at Street Directory. A search of 'IT Companies in Singapore' will give you 259 companies.

Majority of these companies are able to provide some form of cyber security solutions.
 
I have not even talk about the big boys like IBM/HP/Microsoft, which provides more comprehensive cyber security solutions to bigger companies.

I think that a good business is sustainable when entry of competitors to the same business is difficult/capital intensive, or you have a very distinct competitive advantage.

Therefore, I do not think that Secura can yield very good results in its Cyber Security segment, at least not in the next few years.

Conclusion:

At this moment, I will not invest in Secura as I am skeptical of its Security Printing and Cyber Security segments for future growth.

 

I will wait till it release its first financial result and study how well it manages its Security guarding business first.

 

Oxley retail bonds review (5%)

There has been much hype on this Oxley retail 5% bond, spanning over 4 years maturity. However, it is unrated and that means I can't rely on any Moody's analysis to discern whether it is a good deal a not.

I have to analyse on my own then. After studying its financial report and ripping it apart, below are my takeaways and humble thoughts.

Before I go to the financial jargon, I need to express that this is only my opinion and may not bear any truth at all. Analysis and thoughts are of personal opinions only. For every statement I make here, I will put 'I think'. (but it is up to you to discern what I say correct anot ;P)

1.Profit before tax dropped from FY14 to FY15 by a whopping approx. 62%

FY 2014: $377,367m
FY 2015: $142,705m
Oxley holdings has achieved very impressive profits in Year 2013 and 2012, when the property market in Singapore was booming.
However, after the cooling property measures were implemented, many developers are facing a lackluster response in its properties. It is no surprise that Oxley was badly affected by it too.
Oxley has plans to expand overseas aggressively instead but looking at its financials, I do not find them promising. (to explain later)

2. Marketing expense increased 99%

I think when you increase your marketing expenses by 99% but then your results decrease by 62%, it means:
A. Your marketing strategies CMI. (cannot make it)
B. You are not getting the response that you want, i.e, demand is not that good.
I think that it is option B because Oxley's marketing agents are mostly from Huttons and Huttons really produce impressive results in other properties previously. When you spend so much more on marketing yet get poor results, it just shows that your products are not as good.

3. Debt ratio and D/E ratio is high

I think it is high.
Debt ratio (Total liabilities/Total assets) = 0.85 approx
The industry encourages standard of about (0.3~0.6) only.

Debt/equity ratio (Debt/equity)= 5.807 approx.
Other companies are <1.......

I think Oxley has too much leverage and it is risky.This means that if their business fail, I think I will be in queue 1,000,000 to get back my money lor omg. (Just joking, queue no. is a fake anyhow say number)

Look at its fixed notes it previously issued:

I think those that were issued in Year 2013 were for its projects in Y2013/Y2014 which did receive resounding success. Oxley should be able to pay them.

But for notes issued now, the money I think will be used for its overseas projects venture moving on but this leads me to the next point.

4.No confidence in Oxley's overseas projects venture

Look at this:

Forget its FY2015 poor performance. I think future plans are very important and the strategies form the crux of whether the company is a good investment a not.

Looking at this table, I really do not think Oxley overseas projects are promising.

A. Projects in Cambodia
I go to Cambodia- Phnom Penh every single year (I'm not a Cambodian btw) and I have some close friends there. There is an association there which I am committed too and has a close relationship with. As such, I think I have some knowledge to really say how Phnom Penh is like. And this is what majority of Phnom Penh is:

1. Mud & uneven roads
2. Slums
3.Corruption
4. Poverty
5. Main language of the people is Khmer
6. More well off people work as factory garment workers
7. Less well off people open shops infront of their living area and sell the same stuffs that other shops sell too.
8. Children not wearing underwear and running around
9. many many other scenario depicting a 3rd world country

Phnom Penh has a very very long way to go for foreign investments. And to build high rise condominiums and to attract expats to stay there, well, I think, more likely they will become AirBnb.

I do not think that Oxely's property developments in Phnom Penh are promising although their first project there did receive a good response.

B. Projects in Malaysia
Exchange rate of those people who bought properties in Malaysia during year 2013 when the market is booming there: SGD 1: MYR 2.65

The exchange rate now: SGD 1: MYR 3.05

Exchange rate in future: ????

With a very questionable government, weak currency, poor security, I think the property market there is certainly not as attractive as in year 2013. As such, I do not think that projects there will receive good response.

Also, Setia Berhad, the leading property developer there, has much more competitive advantage in its home land as compared to Oxley.

Given that Singapore's developers are facing a weakening demand here, and Oxley's prime focus is shifting to overseas with such projects in such countries, I do not have the confidence in their ventures.

5. You can get 5% yield elsewhere too
5% yield capital guaranteed by AAA credit rating from Moody's is a must grab.

But when it is unrated and it has poor future strategies, then I think it will be better if you put your money into blue chip stocks or diversified reits- Probably 6% over 7 years horizon, your money is safer.

Conclusion

I will not buy Oxley's retail 5% bonds because the risk does not justify the returns.

Recent Action- Sold Capitamall Trust

I sold CapitaMall Trust today and as such, I will not be entitled to its dividends.(ex- dividend date 28.10.15) After factoring this opportunity cost, I still think that at $2.06, it has reached its potential. I shall reap my profits now and gain entry again perhaps next year.

Looking at its 3Qtr 2015 financial report, below are my takeaways:

1. Net property income dropped.
Net property Income has dropped again, consecutively since 2Qtr 2015. The drop is about 0.7%. I expect that it will continue to drop until the 3 malls which are not faring well now brushes up in its rentals.

2. 3 main properties facing a drop in rental income:
IMM
Rental was affected due to renovation works but a link bridge to Devan Nair Institute is completed. Only after all renovation works done and the mall is fully operating then the property income will increase.

JCube
This is a headache.. seriously.
With three shopping malls at Jurong East, west siders are spoilt for choice. Jcube is also very out of the way for shoppers and most of the time, I do not make any effort to go there at all as it is really inconvenient. Furthermore, the toilets stink. The most disgusting toilets are awarded to Jcube, like seriously. Lol.

Anyway, recently there is a revamp at Level 2- a mini Bugis street look alike. I find that appealing since there are many clothes to shop and it really belongs to a league of its own- teenagers. The ice skating rink is a good attraction too.

Clark Quay
After the liquor laws kick in, Clark Quay has become much quieter than before. Previous tenants like MOF are no longer operating. Some clubs are finding it tough to survive too.

Good news is that Zouk will be renting a place here but that will only start in June 2016.

I expect that the rental incomes of these 3 properties will only start to improve in 2016 onwards which translate to weaker income for 4th Qtr 2015 and 1st Qtr 2016. Before I see this stock price dropping, let me sell it first.

3. I expect Finance cost to increase.
Finance costs for YTD Sept 2015 was lower due to low interest rates in Aug 2014, Nov 2014 and Feb 2015. However, moving on to the next Qtr, I believe that the interest rates have risen quite a bit and that will translate to higher finance costs.

4. Good move to buy Bedok Mall
Bedok Mall's business is buoyant and there is high human traffic. However, I do not think that this mall alone will be able to salvage the other three dropping incomes.

5. Better opportunities for my $
Frasers Centre Point trust is certainly doing much better. Almost all of the surb-urban malls enjoy good human traffic. The recent financials are good too.

I will accumulate my war chest by cashing out CMT and divest to other better performing stocks now.

As for CMT, let it sort out the ailing 3 mallsand I will make an entry again probably next year.

Ezra Review- What's wrong with this company??

The very 'hot' stock recently is Ezra. Not that it is bulling in hotness, but boiling in danger and facing so much uncertainty that it is so hot. Someone very close to me is vested in it and is very troubled, so here I am, trying to offer a little advice.

Today's financial results- 10th July was released.

Oh my.. So many things that I conclude (purely based on my very humble thoughts, may not be factual so pls don't send me a lawyer's letter)

Pls read this with discretion and kindly note these are just what I THINK*

1. Company seems to show that they do not know how to control expenses
Revenue dropped by 3%. By right when revenue drops, one should see a drop in Expenses such as income/administrative. However, for Ezra, their expenses increased by so much.

Wow, cannot cut pay of high mgmt.? don't wish to retrench people? cannot control expenses? MNCs will come out with drastic cost cutting measures, including cutting high salaries of top mgmt. and board wide retrenchment. I don't see it in Ezra.

If it needs to be done, it has to be.

Which leads me to the next point.

2. Operating profit dropped 81%

Erm. That's like so close to having a negative profit already. The company still tried to sugar coat the announcement that their revenue maintained despite such challenging environment.

Pls open your eyes big big and look at the financial statements.

3. Offering rights to repay perpetual securities

I *think* this means that the company might be unable to pay off their debts, so they have to offer rights to raise money.

Not that they are raising money to fund growth. They are using it to pay their perpetual securities and bonds!

Which means.. more debt?

Conclusion: My advice
1. If you are not vested: Good for you, pls do not buy. Wait until the Saudi Arabia and the shale oil producers in USA have worked out a win win situation for the oil price to start climbing up. Otherwise, oil price is likely to remain low for a few years more.

2. If you are vested:
1. Have you bought the rights?
If yes: If you bought the rights at $0.1, you should sell it when trading commence, of course at a higher price.
If no: wait and observe today's price, since you have a week more to buy the rights.

Understanding stock price support levels of Starhub & M1

Hello,

In my previous blog post here about how StarHub was such a good buy on 29th June at $3.70, I received a comment that M1 trading at $3.23 now might be a good buy too even though I have missed SH's boat.

However, I would like to explain in detail about the concept of price support levels and how it is important in investing.

1. What is 'Support' and 'Resistance' in stock price?
Pls see figure 1.

As quoted from Investopedia, "Support is the price level through which a stock or market seldom falls (illustrated by the blue arrows). Resistance, on the other hand, is the price level that a stock or market seldom surpasses (illustrated by the red arrows)."

2. Therefore, one should buy at Support level and sell at Resistance!

3. Why StarHub was a better buy than M1 at $3.70

 

SH price support level since 2014 was at $4.00. At $3.70, it has broken the price support level and it is a rarity to drop by 7.5% of this support level on 29 June.

 

 

On the other hand, M1 at $3.23 (current price now), this price support level was already broken through in June, before the greekexit crisis. On 29 June, M1 reached its lowest at $3.16, a drop of only 1.85% of its support level.  At this price level, there is no 'rarity' in its pricing.

4.  Time value of money

 

If I had bought SH at $3.70, it was as good as buying the same stock in June 2013, this was the selling price 2 years ago.

 

However, at $3.23 for M1 now, it is only as good as buying this stock in Jan 2014.

 

If both were to maintain the same earnings as compared to previous years, by 'time travelling' to the stock price of SH 2 years ago, it is a much better buy.

 

Conclusion:

 

Understanding Price support and resistance levels is useful when discerning when to buy and sell.

 

Market sentiments seem to regard SH as a better stock due to its stronger price support levels, although M1's financials might be better.

 

StarHub- Missed the boat

So.. SH was trading at $3.70 on Monday, finally breaking through the $4.00 which it had strongly held on for the past year. Monday (29 June) was the day when major stocks experienced a terrible diarrhea.

I was contemplating so hard whether to buy as it seemed to go free fall and with so much uncertainty over the Greek bailout.

Anyway, fast forward three days later, major stocks have slightly rebounded.

At $3.94, I can't exactly say that SH is trading at a good value as it has too much debt. However, I notice that it has better resistance than M1 when the latter fares better in its financials instead.

Missed the boat. No idea when I can take such a good chance again. Arrrgh.

Starhub Stock Review (II)

I previously blogged that Starhub (SH) was trading at an insane price of $4.43 (here) and that was overvalued. I have sold off SH at $4.39 and it didn't surprise me that it is now trading at $4.02, near to its 52 week low.

The big drop came about after SH announced that its profit from operations has decreased by 15% when compared to 1Q2014. EBITDA was also 8.5% lower for the quarter.

With my analysis of $4.04 a share, P/E is 19.95 times. SingTel's P/E is 18.5 and M1's 18.48. This might mean that at this current share price, it is not exactly an attractive stock to buy. The D/E is 4.63 (really high) whereas the other 2 telcos are 0.37/0.56 respectively.

The PEG ratio is also high as compared to other Telcos. :(

I think the only saving grace is still its attractive dividend payout. But I wouldn't risk buying the stock and then half a year later, see a drop in price value again. End up my net return would still be the same or even worse.

Technical jargons aside, I wouldn't buy this stock yet. Not now.

QnM share Part II- Caution

In my previous post, I mentioned that QnM is a good buy, and I vested it at $0.81. That was when market open after the financial results released the night before.

Omg today I look at the price and it shot up to $1!

At $1, the dynamics is very different from $0.81. It might be overvalued given that the P/E is a whooping 80+/-  !  Nobody knows for sure that their acquisitions in China and Sg might be soaring with good revenues in the next quarter and the equity it faces might be a challenge.

I urge investors to take a cautious approach for this particular stock please.

QnM Dental - Potential growth stock?

QnM Dental posted a very positive financial results ending 1st Qtr 2015.

1. Big jump in profit before tax 
The Group’s 1Q15 profit before tax rose by 173% to $4.5 million from $1.6 million in 1Q14.

173%!! The increase was mainly due to contributions from acquisitions of their China investments.

2. Current Holdings
They have 60 dental clinics, 1 mobile clinic, 3 medical outlets, and 1 aesthetic clinic in Singapore.
In Malaysia, 3 dental hospitals.
In China, 4 dental outlets.

My take is that dental healthcare is a consistent sustainable business to be in, as many companies in Singapore provides dental benefits to their employees. In addition, when one ages, it becomes a need to see the dentist more often.. Just look at my parents, at the age of 60+, they have spent thousands on dental care!

3. Ambitious expansion plans
Now this is the exciting part. QnM has requested for a trading halt earlier this week and yesterday, they have announced their proposition to acquire 8 dental clinics located island wide.

Their profit target amounts to approx. $16.10 million.

Key dentists to be in charge to sign long term service agreements.

Apart from this, they have plans to expand into private dental healthcare in the PRC, Malaysia and through other acquisitions.

Conclusion:

Although I do have a little concern on over aggressiveness of expansion plans, at this moment I think QnM is promising.

Vested at $0.81 today when market open. :D


 

Fraser Centrepoint Trust Stock Analysis

This is a follow up of the review of FCT's 2Q2015 financial results originally posted here .

1. Operational performance
The remaining renewals in FY2015 are mainly at Northpoint, Causeway Point (CWP) and Yew Tee point. Yew Tee point forms the bulk of the renewals.

I do not have much concerns over CWP. Personally, as someone staying in the North and then having moved to the West recently, CWP has been a very bustling mall since years ago and is always packed with people in the weekends. It is not a surprise because at Woodlands, this is the one and only shopping mall to go. Many republic polytechnic students also go there to shop or dine after their studies. The next nearest is either SunPlaza which is really crap or Lot1. Lot1 isn't that popular compared to CWP too.

As for Yew Tee point, I can relate it as a small Plaza in a suburban area fulfilling a myriad of basic needs for the people living around there. Having been there several times, I do think the shopper traffic there is relatively good.

Fraser Centrepoint has strategically locate their retail malls at the suburban areas and most are doing well, except pehaps for BedokPoint.

2. Gearing ratio
Gearing has reduced from 29.3% to 28.6% and % of borrowings on fixed rates or hedged via interest rate swaps has increased by 12%. This means that their debt and risk management is improving.
Interest rates, however, has increased.

3.Outlook
Some of the challenges include manpower shortage, competition from online sales and slowing retail sales growth. However, rising average household income and population coupled with low unemployment rate, I think one can expect a sustainable performance for FCT.

Fraser Centrepoint Trust 2Q2015 distributable income rose 14%

With the increase in net income of 3% by Capitamall Trust for 1Q2015 (mentioned here), it is not a surprise that Fraser Centrepoint Trust (FCT) results were positive as well ^^

FCT did better as its increase was a whooping 14.4%! Distributable per unit increased by 6.2%, a pretty good figure.

"FCT’s property portfolio comprises the following suburban retail properties in Singapore: Causeway Point, Northpoint, Anchorpoint, YewTee Point, Bedok Point and Changi City Point..The Properties are strategically located in various established residential townships, and have a large and diversified tenant base covering a wide variety of trade sectors. "

And with that, I totally agree.

If you are looking at a good source of passive income, this is a stock to consider :D

CapitaMall Trust Financial Results 1st Qtr 2015 Stock Review

Capitamall Trust has released their 1st Qtr 2015 Financial Results. Trusts and Reits are a good source of dividends as they have rather consistent payouts.  However, their stock prices do not fluctuate much so do not expect much capital gains.

Most buy Trusts and Reits to park money into it and leave it there for a long long time. They then enjoy the dividends payout and return of about 4.7% which is pretty good.

Anyway,a good sign that Capitamall Trust's Net property income has increased by 3% and DPU (Distribution per unit) is 2.68cents per share (annualized as 10.87 cents) which means it has increased.

Their shopping malls such as Plaza Sing, IMM, Junction 8 are always packed with people and have high occupancy rates.  Well I enjoy shopping and I tend to think that Singaporeans will continue to shop during weekends as long as the economy is not facing a drastic recession.  Look, there aren't many places to go in Singapore and with Singapore's very hot climate, I would think that majority of the people prefer air conditioned places like Shopping Malls.

Yes, I think can buy, ideally at $2.21 (today's lowest price).

Keppel Corp Financial Results Stock Review

Finally I had some time to analyze their financial results which were released last week.

A key part of being a sound and informed investor is to really read financial statements properly and 'between the lines'.

It was posted that the net profit increased by 6% compared to the same period in 2014. I find that this figure is not meaningful as they used "profit attribute to shareholders" and not "operating profit. "

This is my analysis:

1. Operating profit dropped YOY
Operating profit dropped year on year. Looking at the red box figures below, the drop is about 4%.

2. Operating Profit dropped QOQ

Operating profit dropped Quarter on Quarter. I thought I saw wrongly when I compared the 4th Qtr of 2014 to the 1st Qtr of 2015.

This is the 4th Qtr 2014 results:

 

Take a look at the 1st Qtr 2015 Results:

 

 

 

 

 

That's like a 57.2% drop!? I am not sure whether this is seasonal so I would not really be overly concerned about this, albeit I would take a more cautious outlook.

3. Order book is disappointing

I get that oil prices have fallen drastically, and the oil and gas sector is not looking good now. But the new contracts secured so far for 2015 hasn't been assuring. It is only $0.5B so far..2015 has another 9 months to go and I don't foresee a miracle happening for new contracts being secured.

 

4. Other sectors not performing as well too

Keppel group comprise of 4 main sectors- Offshore and Marine, Property, Infrastructure and Investments.

 

 

Offshore & Marine: Dropped 17%

Property: Dropped 22%

Infrastructure: Dropped 26%

Investments: Increased by almost 6 times

The only redeeming factor was Investments, which they have attributed it to 'the sale of investments'.

The worst performing segment was Infrastructure which was due to a lower contribution from the power and gas businesses.

5. EPS increased

EPS has increased to 19.8cts, compared to 18.7cts for the same qtr 2014. I would take this with a pinch of salt though.

Conclusion:

It is no wonder that by the time you see this, Keppel Corp stock price has fallen to $9.27 (it was trading at $9.4+ before the announcement of results).

Haizzzz. Don't look promising as their business is highly dependent on oil (Offshore+ Infrastructure).

I shall wait for the 2nd qtr results before purchase. Perhaps I am looking into a $8+ (low) price now before entering. Unless Mr Oil price is up again.