I don't understand why their 3 mines in China have yet to make any contribution in revenue.
The recent quarterly results talk about trading -- that's their core buziness  but what happened to the talk about vertical intergration by buying stakes in coking coal mines?

Yes, it smells like something is brewing. And at current price level, the stock is much cheaper than what the exec chairman Cai Sui Xin paid for many months ago. About $1.10 level..... The trouble is, from a value investing pt of view, the stock is not attractive because the financial performance has been  very choppy. The profit for 3Q is down. 2Q no revenue!!!

Today's trading is interesting. Suggests that there is a reason for the buyers to pick up at this price level, right?

Took a look at Abterra's 3Q to see how this former market darling has been doing. Profit attributable to shareholders was S$2.1 million versus $6.7 m a year ago.

The profits seem volatile. Difficult to justify the PE of 23X if you annualised the $2.1 million quarterly earnings.

Only thing is, the stock is down to 76 cents. Might be worth picking up considering that the NAV is   S$1.10.  Anyone has a view on Abterra?

Abterra is a puzzling stock.

It is the first company in history to report zero revenue in a quarter. Zero  - that's right!
No business whatsoever - but go overheads to pay , such as salaries, etc.


So the damn stock falls from 1.10 to 90 cents within 2 weeks in May 2011.

Suddenly, within next 2 weeks, it climbs and climbs back up to 1.13 now.

Broker sent this:

Firstly, Abterra today is trading on a 25 to 1 Consolidated Basis.
Yesterday last trade done was 4cts.
Today, in theory stock ought to trade at $1.00
Yesterday you have 25 lots...today you have only 1 lot.

Now, this morning, at 0859-0900 hour matching time, a whopping 17.294
Million shares was MATCHED at 82cts.
The next done was at 88cts, then 89.5c...

Now it's at $1.28. Volume at 75m. WHY?

The shake-out news...1 red-hair-devil Broker SHORTED 17M shares that it
didn't have at the matching price!
Heard is 401.

Oh? I thought it's not exactly a positive sign if your shares are loaned out by broker or SGX. I would expect that the shares have gone to somebody who wants to short the stock!

Anyway, if you read Abterra's full-yr results media release, it does sound optimistic because it has recently secured iron ore ops in Indonesia. Abterra (6 cents stock now) is gonna ride on the strong growth momentum of the Chinese steel industry.

The economy is booming and needs lots of steel. China is now the largest importer of iron ore in the world. The company's statement was : "With trade facilities in place, alongside the equity line of credit that the Group has recently secured, the Group expects healthy growth and expansion of its trading capabilities, exploiting the growing steel industry in China, barring unforeseen circumstances. In view of the rosy outlook of the steel industry and greater clarity in regards to its mining acquisitions, the Group is cautiously optimistic of its prospects for FY2010."

My friend told me her shares in this company has been loaned to others by SGX, something is happening, I am think of loading up this one.

The direct has been buying from the open market Change in shareholdings as a result of open market purchases by General Nice Resources (Hong Kong) Limited (GNR) on the following dates:-

i) 16 March 2010 Purchase of 4,000,000 shares. ii) 17 March 2010 Purchase of 4,000,000 shares. iii) 18 March 2010 Purchase of 7,000,000 shares. With the open market purchases, the total number of shares held by GNR in Abterra Ltd. had been increased.

As a result, Mr Cai Sui Xin's deemed interest in Abterra Ltd. was increased. Cai Sui Xin (Cai) has a deemed interest in the shares of the Company held by GNR by virtue of Section 7 of the Companies Act, as

(i) Cai is the legal and beneficial owner of the entire issued share capital of Vantage Region International Limited (Vantage); (ii) Vantage is the legal and beneficial owner of more than 20% interest in General Nice Development Limited (GNDL), and (iii) GNDL is the beneficial owner of more than 50% interest in GNR.