Delong Holdings

Fed rate cut will support US dollar, Singtel's credit outlook trimmed

SINGAPORE (Aug 5): The US Federal Reserve has cut interest rates for the first time since December 2008, following intense pressure from US President Donald Trump to stimulate the economy. Interest rates are down 25 basis points to 2% to 2.25%, a decision made at the Federal Open Market Committee (FOMC) meeting on July 31.


Securities Industry Council censures Delong chairman and advisors over buyout fiasco

SINGAPORE (July 30): Shares in Delong Holdings are up 94 cents, or 15.6%, at $6.95 with 2.2 million units traded, after its suspension from trading was lifted following an announcement.

The Securities Industry Council (SIC) publicly censured law firm Shook Lin & Bok and financial advisor PrimePartners Corporate Finance for their roles in the aborted privatisation attempt last September.

The offeror Best Grace, which is owned by Delong chief executive and chairman Ding Liguo, was also censured by the regulator over the failed buyout attempt.

Delong posts 46% fall in 1Q earnings to $30.3 mil on lower margins and higher finances

SINGAPORE (May 8): Delong Holdings, the China-based steel manufacturer, reported a 46.2% fall in 1Q19 earnings to RMB151 million ($30.3 million) from RMB280.8 million a year ago.

Group revenue increased 17.1% to RMB3.45 billion due to an increase in the volume of hot rolled coil (HRC) sold amid growing demand from the construction and infrastructure sectors, despite a decrease in average selling prices.

Total cost of sales increased 23.9% to RMB3.11 billion primarily due to higher volume of products sold as well as increased raw material prices.

Delong CEO and wife make $7/share cash offer to take steel manufacturer private

SINGAPORE (Sept 27): Delong Holdings’ CEO and executive chairman Ding Liguo and his wife have made a $7 per share cash offer to take the China-based steel manufacturer private.

The offer price represents a 76.9% premium over Delong's 12-month volume-weighted average price, and a 1.9% premium over its last transacted price of $6.87 at the close on Wednesday.

The voluntary condition offer for all the shares the couple do not own was made by PrimePartners Corporate Finance on behalf of the couple's offer vehicle Best Grace Holdings.

2 China-focused materials stocks are leading the way as sector blazes to 33% returns YTD

SINGAPORE (May 23): China-focused materials stocks China Sunsine Chemical Holdings and Delong Holdings are leading the way, as the sector generated a market capitalisation-weighted total return of 32.9% year-to-date in 2018.

The materials sector, which comprises businesses involved in the processing of raw materials, has benefitted so far this year from an improved global economic outlook.


Delong's 1Q earnings drop 28% to $59 mil on higher costs and expenses

SINGAPORE (May 3): Delong Holdings, the China based steel manufacturer and trader, reported 1Q18 earnings fell 27.6% to RMB 280.8 million ($58.9 million) compared to RMB 387.8 million in 1Q17.

Revenue for the first quarter ended March came in at RMB 2.95 billion, 1.2% lower than RMB 2.99 billion in the previous year, due to a significant decrease in sales volume during the period under review, despite a significant increase in average selling prices of hot-rolled steel coil (HRC) sold.

Delong's FY17 earnings surge more than 10 times to $433 mil on higher selling prices of steel coils

SINGAPORE (Feb 27): Delong Holdings reported FY17 earnings of RMB2.1 billion ($433 million), up 10 times from RMB213 million a year ago as average selling prices of hot rolled coil (HRC) soared.

See: Delong is third top gainer after positive profit guidance

This came after it reported 4Q17 earnings more than doubled to RMB327.3 million from a loss of RMB401.9 million a year ago.

Delong is third top gainer after positive profit guidance

SINGAPORE (Feb 21): Delong Holdings is the third top gainer on the Singapore market this morning after announcing a positive profit guidance.

As at 11.57am, shares in steelmaker are up 38 cents or 9.8% to $4.24 with 469, 200 shares traded.

In a Tuesday night filing, Delong says it expects to report a significant increase in net profit in 4Q17 and FY17 compared to the corresponding year, following a preliminary review of the unaudited results for the periods in review.

Delong up 7.4% as shareholder Evraz says steelmaker 'undervalued'

SINGAPORE (Jan 23): Delong Holdings, the Singapore-traded steelmaker with assets in China, jumped 26 cents to $3.76 with 182,000 shares traded.

The stock has risen 44% since Evraz Plc, a Russia steelmaker that owns a 15% stake in Delong, said in a Dec 2017 interview with Bloomberg that the company was undervalued because large investors have long ignored the stock.

Fair value could be US$4 billion to US$5 billion, compared with its current market value of about $200 million, said Aleksey Eberents, director for corporate strategy for Evraz in an emailed interview.

Delong's 3Q earnings up fourfold to $200 mil

SINGAPORE (Nov 3): Delong Holdings announced that 3Q17 earnings increased more than fourfold to RMB 973.9 million ($200.3 million) from RMB 229.3 million a year ago.

Sales for the third quarter ended September were 44.7% up at RMB 3.67 billion as compared to RMB 2.53 billion in 3Q16, attributed to a significant increase in average selling prices of hot rolled coil (HRC) coupled with an increase in HRC sales volume driven by infrastructure and construction activities in China.

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