This is Tong Jin from DMG & Partners. I totally admit that as an analyst and having covered FerroChina, I have stepped on a landmine and am prepared to take abuse from many investors who have lost money on this stock.
However, I have to clarify that I have not been promoting this company ever since a few days after its 2Q08 results when the stock price fell suddenly from the S$1.20 handle. In fact, I instead started warning people not to bang too much hopes on the SI deal being so easily concluded due to difficulty in getting the MOFCOM aprroval. And with no equity fresh funds coming in, earnings may be hit by growing finance costs.
So by you posting today on this forum that I have been promoting this stock recently is utter rubbish. It has already been two months since the stock fell from S$1.20.
Moreover, if you look deep enough, my last BUY call was a report dated 15th Aug 2008, as a results update. If you are clear what goes on in the market, two other houses' analyst wrote further BUY calls after me, and even maintained their target prices that are higher than mine of S$2.30. If you ask why didn't i downgrade the stock or lower my target price when the stock started tumbling, then all I can say is this job isn't as simple as it seems.
So please don't put words in my mouth. I stopped promoting FRC ever since the share started losing steam from S$1.20back in mid-August. I stopped promotion not only verbally, but by not having any more BUY calls or reports on them.
As for Li Heng, I still rate them as a BUY, especially at such low levels, despite nylon prices coming off and world demand slowing. Their management's guidances have proved authentic with third parties' checks and their balance sheet is much stronger than FRC.
And yes if you have the balls, why don't you call me at 9792 1088 and tell me who you are, instead of throwing your comments over some god-forsaken forum. Maybe we can have a gentlemanly discussion.
1 comment:
Dear Guanyu,
This is Tong Jin from DMG & Partners. I totally admit that as an analyst and having covered FerroChina, I have stepped on a landmine and am prepared to take abuse from many investors who have lost money on this stock.
However, I have to clarify that I have not been promoting this company ever since a few days after its 2Q08 results when the stock price fell suddenly from the S$1.20 handle. In fact, I instead started warning people not to bang too much hopes on the SI deal being so easily concluded due to difficulty in getting the MOFCOM aprroval. And with no equity fresh funds coming in, earnings may be hit by growing finance costs.
So by you posting today on this forum that I have been promoting this stock recently is utter rubbish. It has already been two months since the stock fell from S$1.20.
Moreover, if you look deep enough, my last BUY call was a report dated 15th Aug 2008, as a results update. If you are clear what goes on in the market, two other houses' analyst wrote further BUY calls after me, and even maintained their target prices that are higher than mine of S$2.30. If you ask why didn't i downgrade the stock or lower my target price when the stock started tumbling, then all I can say is this job isn't as simple as it seems.
So please don't put words in my mouth. I stopped promoting FRC ever since the share started losing steam from S$1.20back in mid-August. I stopped promotion not only verbally, but by not having any more BUY calls or reports on them.
As for Li Heng, I still rate them as a BUY, especially at such low levels, despite nylon prices coming off and world demand slowing. Their management's guidances have proved authentic with third parties' checks and their balance sheet is much stronger than FRC.
And yes if you have the balls, why don't you call me at 9792 1088 and tell me who you are, instead of throwing your comments over some god-forsaken forum. Maybe we can have a gentlemanly discussion.
Regards
Tong Jin
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