As expected, Saphhire's price increase last month wasn't sustained. Its 4Q results and FY2011 were disappointing, to say the least. Capex is increasing like crazy. Profit from operations is dropping. It's overall profit is also being dragged by VTM. financial liabilities has more than doubled. assets and equity have decresed. And what's getting very disturbing is the $40m loan. The loan arrangement keeps changing; i can't understand it anymore. The only saving grace of Sapphire is Special Steel but its profits can't keep the group out of the red. Sapphire promised to be the third largest producer of steel and vanadium productsin 2013 but looking at its current operation and financial loss, it's simply an empty promise. I have decided not to be invested in this loss-making company anymore. At best, Sapphire is a mediocre company. On top of that, the steel industry in China is very weak now due to housing curbs. There is simply no good news from sapphire. nothing to look forward too. and no dividends. Not worth investing. I recommend all to sell before the price goes down to 11 to 12 cents again. There are many better run profitable Chinese companies (penny) in sgx like Fujian Zhenyun. Do take a look at this comapny instead. Cash per share is already more than share price. Enough said.
Rising to 16.1 cents. The NTA is 33.2 cents --- this is the magnet that is pulling up the stock. How long have to wait for 11-12 cents? What can cause it to drop until like that?
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