PRG - Programmed Maintenance Services

[pixel]

I still hold core SKE takeover shares and bought more lower. Would still be in the red too otherwise. That market reaction was extreme to get a 67% lowering of price and it shows what a powerful tool fear is.

Same here, wysi
Not only fear is a powerful force, but confidence can also be a strong tool. Or would you call it greed = fear to miss out?
Essentially, we're still dealing with the same company it was 6 months ago. Including even their being a Corporate Sponsor of the Fremantle Dockers

 

[Wysiwyg]

Same here, wysi
Not only fear is a powerful force, but confidence can also be a strong tool. Or would you call it greed = fear to miss out?

I sold everything including PRG (PRG, SPO & IFM were marathon sufferings) so flat as of today. Biased bearish for the time being as I reassess a 20% portfolio drawdown.

 

[pixel]

I sold everything including PRG (PRG, SPO & IFM were marathon sufferings) so flat as of today. Biased bearish for the time being as I reassess a 20% portfolio drawdown.

A few minutes ago, James Walker told the Market that he'd bought 10k PRG shares.
It's a small number for a Director, but let's see how the Market reacts over the next few days.
So far, I still hold half my original position after taking profit when $1.90 failed. (As the 5cff dividend is only scheduled for next FY, I am still ahead at this point.)



My technical support is in the low $1.60's. If it gets there, I'll take another look at a buying opportunity.

 

[pixel]

Holding AGM today. Chair and MD speeches are quite upbeat:
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01760830

Market reacts positively.



I hold.

 

[notting]

Holding AGM today. Chair and MD speeches are quite upbeat:
Market reacts positively.

Revenue downgrade yesterday.
Market reacts negatively!!!
Thanks Mr Chairman. Here come the cockroaches.|

Programmed has concluded that in the short term revenue growth in its staffing business will now not offset the steep decline in the marine business. The net reduction in revenue will therefore lead to lower earnings in the year to 31 March 2017 than previous guidance. FY17 EBITDA is now projected to be approximately $100m (previous guidance $120m), excluding one off Skilled integration and restructuring costs.

 

[PZ99]

Picked up some of these again. So revise the price target to $1

 

[pixel]

Picked up some of these again. So revise the price target to $1

At $1 I'd definitely buy
I would even take a break and hold above $1.55 as a buy signal, seeing how it bounced back off $1.35.



Note the big gap overhead. That could become an attractive target.
Needs volume though, and as always, DYOR.

 

[pixel]

At $1 I'd definitely buy
I would even take a break and hold above $1.55 as a buy signal, seeing how it bounced back off $1.35.

[...]

Note the big gap overhead. That could become an attractive target.
Needs volume though, and as always, DYOR.

Bought the break, average $1.555
Hadn't counted on the Half-Yearly report out today. The Market liked it too.

 

[pixel]

That went quite well I make $1.78 current resistance that needs to be broken.
Almost there again, and another push towards $2 could be about to succeed.

I added some more and am now slightly overweight.

 

[Roller_1]

That went quite well I make $1.78 current resistance that needs to be broken.
Almost there again, and another push towards $2 could be about to succeed.

I added some more and am now slightly overweight.

View attachment 69060

Hey Pixel,

for interest sake, what do your yellow boxes indicate?

 

[pixel]

Hey Pixel,

for interest sake, what do your yellow boxes indicate?

Google "Darvas Boxes"
The full history can be found here: http://www.nicolasdarvas.org/
They're not hugely "scientific", and it would be dangerous to follow the method especially during times of high volatility, low trending. I have my program (Pulse from Paritech) draw them in because I find them useful markers of support and resistance. If a stock is strongly trending, I may use them to identify top-up or exit opportunities.

 

[Roller_1]

Cheers, I wont be using them. Was just curious. I like clean and clear chart imo

 

[pixel]

September gap closed.



I expect (suspect?) this level to offer some resistance. However, today's announcement of an offshore support contract could well provide sufficient impetus to push back above $2.
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01811830

I hold.

 

[pixel]

PRG has been quite savagely sold off after some adverse publicity and failure to meet market expectations. Luckily, I got out in time.
Meanwhile, however, it seems the worst lies behind us, the market has adjusted expectations, and the SKE takeover has been bedded-down.
Time to have another look at the chart again, and it looks as if MACD is developing a Bullish Divergence, which should make a gap close imminent. I'm watching for that.

 

[craft]

Prg recommends $3.02 cash offer.

 

[Ves]

Prg recommends $3.02 cash offer.

Hmm, another one of mine being taken over.

I'd probably prefer that a takeover of PRG didn't happen right now as *I* still believe it's closer to the bottom of the earnings cycle than it is the top.

Same thing looks like it will happen to VOC too. Lost exposure to quality long-term assets.

 

[pixel]

Prg recommends $3.02 cash offer.

In stark contrast to usual "practice", this takeover offer appears to have been under very tight wraps.

 

[craft]

Hmm, another one of mine being taken over.

I'd probably prefer that a takeover of PRG didn't happen right now as *I* still believe it's closer to the bottom of the earnings cycle than it is the top.

Same thing looks like it will happen to VOC too. Lost exposure to quality long-term assets.

Losing long term propositions prematurely is a bit of a pain. I think, in this case, considering the current market and price offered, there are opportunities to redeploy which will probably result in better long-term overall portfolio return outcomes.

 

[McLovin]

Hmm, another one of mine being taken over.

I'd probably prefer that a takeover of PRG didn't happen right now as *I* still believe it's closer to the bottom of the earnings cycle than it is the top.

Same thing looks like it will happen to VOC too. Lost exposure to quality long-term assets.

Yeah. Annoying. I'd rather play golf than have to go hunting. Oh well.

 

[craft]

Yeah. Annoying. I'd rather play golf than have to go hunting. Oh well.

Too comfortable McLovin?