PetronM profit up by 47.9% Q2Q

My advice to investors to hold on Hengyuan, if eps per quarters can sustain another few more quarters for at least 50 cents, RM37.00 will no longer be a dream. After all, petrol is something needed everyday for almost everyone and we only have 3 refinery players in Malayisa. To start the new refinery, the capex is talking about RM10B to 20B minimum.

If Petronas willing to invest RM20B in new refinery plant with daily capacity of 200,000 barrels in Pengerang, they should have realistic ROI to go for it. So, how much is Hengyuan's facility worth with daily capacity of 120,000 to 156,000 barrels. We give certain discount, it is still worth 3 to 4 times higher than its market capital.

It is massively undervalue and can become your pricey and proud holding in your portfolio. Outperform and next Bursa Darling...

My advice to investors to hold on Hengyuan, if eps per quarters can sustain another few more quarters for at least 50 cents, RM37.00 will no longer be a dream. After all, petrol is something needed everyday for almost everyone and we only have 3 refinery players in Malayisa. To start the new refinery, the capex is talking about RM10B to 20B minimum.

If Petronas willing to invest RM20B in new refinery plant with daily capacity of 200,000 barrels in Pengerang, they should have realistic ROI to go for it. So, how much is Hengyuan's facility worth with daily capacity of 120,000 to 156,000 barrels. We give certain discount, it is still worth 3 to 4 times higher than its market capital.

It is massively undervalue and can become your pricey and proud holding in your portfolio. Outperform and next Bursa Darling...

Monday will gap up during opening

http://www.cmegroup.com/trading/energy/refined-products/singapore-mogas-92-unleaded-platts-brent-crack-spread-swap-futures.html

MoGas Brent Crack Spread

Q1/Q2' 2017

Jan- June ' 2017 Oct-Dec' 2016
USD6.50-USD 8.70 per barrel Vs USD4.50 - USD6.50 per barrel


Q3'2017

July - Sept' 2017 Oct-Dec' 2016
USD8.70-USD12.851 per barrel Vs USD4.50 - USD6.50 per barrel

Note :
We will definitely seeing huge jumps in Q3'17 Quarterly Earnings as compare to Q1 & Q2'17 which will be announce in Nov 2017. Hold tight and do not trade.

http://www.cmegroup.com/trading/energy/refined-products/singapore-mogas-92-unleaded-platts-brent-crack-spread-swap-futures.html

MoGas Brent Crack Spread

Q1/Q2' 2017

Jan- June ' 2017 Oct-Dec' 2016
USD 6.50 - USD 8.70 per barrel Vs USD4.50 - USD6.50 per barrel


Q3'2017

July - Sept' 2017 Oct-Dec' 2016
USD8.70 - USD12.851 per barrel Vs USD4.50 - USD6.50 per barrel

Note :
We will definitely seeing huge jumps in Q3'17 Quarterly Earnings as compare to Q1 & Q2'17 which will be announce in Nov 2017. Hold tight and do not trade.

Value is in the Eye of Beholder

Value is in the Eye of Beholder

Value is in the Eye of Beholder.. no wrong or right.

Heng Yuan : Investors should take long term view 18 months to 36 Months, Huge Upside Potential

Author: 360Capitalist | Publish date: Thu, 17 Aug 2017, 12:12 PM
Be patient, I didnt say overnight HengYuan's share price can reach RM37.00.

I agree. The key question is profit sustainability. The target price is set based on holding period of 18 to 36 months.
At price below RM8.00, it is very safe to hold on with huge margin of safety.

The track record after Heng Yuan took over the ownership is very impressive, due to management taking the right approach to sustain the earnings of the company with solid Gross Refinery Margin:-

Q4'16.. NTA 3.37, Profit RM207 mil, EPS 69.27
Q1'17.. NTA 4.25, Profit RM279 mil, EPS 93.16

Note:-
Same case for Petron Malaysia after the changed of ownership from Esso to Petron, the profit jumped.

Refinery Business Model and Change of Ownership ???
Many us us not really understand Refinery Business for the case of Shell (Heng Yuan ) and Esso ( PetronM). I believe this is due to complexity of business involving tax, investment allowance, and transfer pricing ( Buyer and Seller, same related party) and volatility of commodities price..

SHELL MAJOR PROBLEM 2011-2014 .. Not Allow to Hedge
Shell is not allow to hedge using market instruments.
For Shell, it had expected to sell Shell Malaysia. A former report showed that Shell Malaysia had a continuous deficit from 2011 to 2014, which even reached a deficit of 2.079 billion Yuan in 2014. After continuous deficit, Shell Malaysia was planning to sell its refining business in Malaysia or transform its refining business terminal into import, export and storage terminal. Chairman Luo Yuan of Shell Malaysia once revealed his idea to sell it in July, 2014.

We had also noticed such a problem. The international petroleum market was quite depressed in 2014. The company started a new project of 1.1 billion Yuan.( Besides, limited by regulations, Shell Malaysia could not make hedging, which expanded the deficit, said Wang Youde.) He still focused on the significance of “overseas export of domestic petroleum products, since Shell had realized a profit of over 90 million USD in the first three quarters last year.

http://www.hyshjt.com/English/ShowArticle.aspx?id=362

Forward Looking
1. Earning Capability
If you take longer perspective view, let say for another 6 quarters, very likely Heng Yuan can achieve EPS 50 cents per quarter. For the last 2 quarters, the EPS was 69 cents and 93 cents, which is in average 81 cents per quarter and much higher than what we are projecting at 50 cents. It is quite realistic and achievable.

2. Moat of Business
Malaysia has 3 refinery players, namely Petronas, PetronM and Heng Yuan.
That is always shortage of supply and the barrier of entry is high with huge capex investments. ( For example, Petronas new refinery in Pengerang cost RM20Billion for 300,000 bpd.) With China owner backing, Heng Yuan can always sell its products to China mass market.

3. Crack Spreads Rally and Gross Refinery Margin
The recent crack spreads rally is mainly due to low crude oil proce and under investments in refinery facilities since 2014. Supply cannot cope with demands due to huge jump on industrial and fuel oil consumption. The under investment were mainly caused by depressing O&G market and business outlook with more electric cars target to hit mass market after 2020. This had caused many big O&G companies to slashed the investment and capex expenditures since 2014.

With strong crack spreads in decade, Asia's Gross Refinery Margin is expected to improve the profit margin of refinery business.

Just imaging crack spread from USD4.50 per barrels average in Q4'16 to current USD12.50 per barrels in August '17. With 120,000 to 156,000 refinery capacity per day, it is not surprising to see huge jump in Heng Yuan's profit and EPS in Q3'17, double or triple jump ???

(Note : Management can always use hedging instruments to sustain its profit and market risks

https://klse.i3investor.com/blogs/HengYuan/130190.jsp

Good enough at least we know Q3'17 profit will be record breaking high (Announce in Nov'17).

It need at least 12 months period to reach RM37 if earning can sustain at EPS 50 cents per quarter.

http://www.cmegroup.com/trading/energy/refined-products/singapore-mogas-92-unleaded-platts-brent-crack-spread-swap-futures.html

Mogas at record high in 10 years, so next quarter profit can go very high..can go Double if compare with Q1'17

If you believe Heng Yuan can make EPS RM2.00 per year, at P/E 16 times it is worth RM32.00.. at 50% discount still worth RM16.00. We just need another few quarters to see it moving to our TP RM37.00..

Hevea is good example.

Another 4 Quarterly Reports we should able to see it trade at RM30.00

KESM .. EPS 89 cts .. now trade at RM 15.00...

My next article on Heng Yuan
https://klse.i3investor.com/blogs/Bursa%20Darling/

My next article on Heng Yuan
https://klse.i3investor.com/blogs/Bursa%20Darling/

http://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=D1N&title=AUG_2017_Singapore_Mogas_92_Unleaded_%28Platts%29_Brent_Crack_Spread_&type=p&venue=0&monthYear=Q7&year=2017&exchangeCode=XNYM

I am waiting for the judgement day...

Hi Alex Foo

1) is refinery margin the same across all countries?
Petroleum products are international commodities so the price is almost the same across the worldwide markets. You can cross examine the crack spreads-3-2-1 against Q4'16 & Q1'17 results.

2) If Q1 is yes, then how to explain the discrepancy of Indian Oil?
Revenue rose by 19% and exceeded analysts' expectations...

Reference..
Standalone net income for the quarter ended in June was 45.49 billion rupees ($715 million), compared with 82.69 billion rupees in the year earlier period, the company said Thursday. That exceeded analysts' expectations for a profit of 30.63 billion rupees as the quarter included a write-back of 28.08 billion rupees previously provided for the settlement of a tax liability in the northern Indian state of Haryana. Revenue rose more than 19% to 1.29 trillion rupees.

The image link,.....
https://www.energystockchannel.com/3-2-1-crack-spread/

http://klse.i3investor.com/blogs/636363/129883.jsp

Bro Alex.. i dont know, please do for me,, Thank you

Future Eyes, your write-up is not making any business sense.

1) How can a company register lower profit while crack spread (profit margin) is going higher and higher ?
Q4'16, Crack Spread USD14/barrel, Actual : RM207mil / EPS : 69 cts (Production :10.4 mil barrels)
Q1'17, Crack Spread USD16/barrel, Actual : RM279mil / EPS : 93 cts (Production :10.1 mil barrels)
Q2'17, Crack Spread USD18/barrel, **Est : minimum PAT RM300mil / EPS : RM1.00 (100 cents)
Allowance : Profit can touch RM365 mil if without inventory loss.

Note :-
1) Crack Spread = Selling Price - Cost of Crude Oil per Barrel
2) Every USD2 increase in Crack Spread will boost HengYuan's profit by USD20mil or RM86mil or EPS 28 cts idf production volume is at 10 mil barrels per quarter.

2) Most of the refinery companies achieve better or increase profit in Q2'17, Shell, Reliance, Philip66 and many imdustry peers. This is something being announced by refinery companies and not based on own assumptions.

Reference for Refinery PROFIT :-
http://zeenews.india.com/companies/ril-q1-results-net-profit-up-28-to-rs-9108-crore-2025393.html

Reference for Peer Share Price Benchmarking (All Time High) :-
https://www.investing.com/equities/reliance-industries

(Future Eyes, please provide real case example instead of your own unproven assumptions to sustain your claims )

3) Lower crude oil will boost Super Profit for refinery companies.
If you based on crude oil price at USD50 per barrel and crack spread (profit margin) at USD20 per barrel, the GROSS PROFIT MARGIN is 40%, which is very lucrative for any manufacturing business. As compares to the time when crude oil is at USD100 perbarrel, the gross profit margin is only 20%.

4) Refinery is the Future ( Game Changer for Oil & Gas Industry)
Due to excess supply of crude oil, the crude price will remain low for next few years which is very good for refinery companies to sustain its profitability in medium term. The exploration & production will experience profit trade off with lower profit in long run while refinery will continue to enjoy sustainable and high profit in longer run.

Future Eyes,
I repeat Heng Yuan will report minimum EPS RM1.00 in Q2'17

Future Eyes, your write-up is not making any business sense.

1) How can a company register lower profit while crack spread (profit margin) is going higher and higher ?
Q4'16, Crack Spread USD14/barrel, Actual : RM207mil / EPS : 69 cts (Production :10.4 mil barrels)
Q1'17, Crack Spread USD16/barrel, Actual : RM279mil / EPS : 93 cts (Production :10.1 mil barrels)
Q2'17, Crack Spread USD18/barrel, **Est : minimum PAT RM300mil / EPS : RM1.00 (100 cents)
Allowance : Profit can touch RM365 mil if without inventory loss.

Note :-
1) Crack Spread = Selling Price - Cost of Crude Oil per Barrel
2) Every USD2 increase in Crack Spread will boost HengYuan's profit by USD20mil or RM86mil or EPS 28 cts idf production volume is at 10 mil barrels per quarter.

2) Most of the refinery companies achieve better or increase profit in Q2'17, Shell, Reliance, Philip66 and many imdustry peers. This is something being announced by refinery companies and not based on own assumptions.

Reference for Refinery PROFIT :-
http://zeenews.india.com/companies/ril-q1-results-net-profit-up-28-to-rs-9108-crore-2025393.html

Reference for Peer Share Price Benchmarking (All Time High) :-
https://www.investing.com/equities/reliance-industries

(Future Eyes, please provide real case example instead of your own unproven assumptions to sustain your claims )

3) Lower crude oil will boost Super Profit for refinery companies.
If you based on crude oil price at USD50 per barrel and crack spread (profit margin) at USD20 per barrel, the GROSS PROFIT MARGIN is 40%, which is very lucrative for any manufacturing business. As compares to the time when crude oil is at USD100 perbarrel, the gross profit margin is only 20%.

4) Refinery is the Future ( Game Changer for Oil & Gas Industry)
Due to excess supply of crude oil, the crude price will remain low for next few years which is very good for refinery companies to sustain its profitability in medium term. The exploration & production will experience profit trade off with lower profit in long run while refinery will continue to enjoy sustainable and high profit in longer run.

Future Eyes,
I repeat Heng Yuan will report minimum EPS RM1.00 in Q2'17

Future Eyes, dont show your stupidity to mislead others

Heng Yuan Earning Report Guidelines :-
http://stillwaterassociates.com/crack-spread-a-quick-and-dirty-indicator-of-refining-profitability/

As apended link, HengYuan is producing LPG, Propylene, Light Naphtha, Gasoline, Aviation Fuel (Jet Fuel), Diesel and Fuel Oil. (http://hrc.com.my/index.php/operations-products/ )

Earnings
1) To reflect the real scenario we should use 3-2-1 Crack Spread to gauge the profit of HengYuan ( https://www.energystockchannel.com/3-2-1-crack-spread/ )
Q2 ( April- June : USD16.00-20.00 per barrel ) / Avg : USD18
Gross Profit @ 10 million barrels Capacity Per Quarter : USD180mil
Processing Cost per Barrel Per Quarter: USD 6.50 = USD65Mil
Profit Before Overhead Cost : ( USD180mil-USD65mil ) X 4.3 = RM 495mil
Overhead Per Qtr : RM125mil
Net Profit : RM495mil - 125mil = RM370mil

Note :-
Q1'17 Avg Selling Price Per Barrel :USD65
(Crude Cost USD50, Crack Spread USD 15 per barrel)
Q2'18 Avg Selling Price Per Barrel : USD65
( Crude Cost USD47, Crack Spread USD 18 per barrel)

Inventory Loss
1) As inventory count is using First In First Out (FiFo) method, we should use the last crude oil price (May 1- June 30) to examine inventory holding status. Average loss per barrel USD4 X 4 - USD16mil or RM68.8mil

Earning Per Share (EPS)
RM370mil - RM68.8 =RM301.2 mil or EPS RM1.00

Industry Quarterly Profit >>>
Reference for Refinery PROFIT :-
http://zeenews.india.com/companies/ril-q1-results-net-profit-up-28-to-rs-9108-crore-2025393.html

Reference for Peer Share Price Benchmarking (All Time High) :-
https://www.investing.com/equities/reliance-industries

Heng Yuan Earning Report Guidelines :-
http://stillwaterassociates.com/crack-spread-a-quick-and-dirty-indicator-of-refining-profitability/

As apended link, HengYuan is producing LPG, Propylene, Light Naphtha, Gasoline, Aviation Fuel (Jet Fuel), Diesel and Fuel Oil. (http://hrc.com.my/index.php/operations-products/ )

Earnings
1) To reflect the real scenario we should use 3-2-1 Crack Spread to gauge the profit of HengYuan ( https://www.energystockchannel.com/3-2-1-crack-spread/ )
Q2 ( April- June : USD16.00-20.00 per barrel ) / Avg : USD18
Gross Profit @ 10 million barrels Capacity Per Quarter : USD180mil
Processing Cost per Barrel Per Quarter: USD 6.50 = USD65Mil
Profit Before Overhead Cost : ( USD180mil-USD65mil ) X 4.3 = RM 495mil
Overhead Per Qtr : RM125mil
Net Profit : RM495mil - 125mil = RM370mil

Note :-
Q1'17 Avg Selling Price Per Barrel :USD65
(Crude Cost USD50, Crack Spread USD 15 per barrel)
Q2'18 Avg Selling Price Per Barrel : USD65
( Crude Cost USD47, Crack Spread USD 18 per barrel)

Inventory Loss
1) As inventory count is using First In First Out (FiFo) method, we should use the last crude oil price (May 1- June 30) to examine inventory holding status. Average loss per barrel USD4 X 4 - USD16mil or RM68.8mil

Earning Per Share (EPS)
RM370mil - RM68.8 =RM301.2 mil or EPS RM1.00

Industry Quarterly Profit >>>
Reference for Refinery PROFIT :-
http://zeenews.india.com/companies/ril-q1-results-net-profit-up-28-to-rs-9108-crore-2025393.html

Reference for Peer Share Price Benchmarking (All Time High) :-
https://www.investing.com/equities/reliance-industries

The actual EPS will not less than RM1.00 for Q2'17

PetronM's share price is showing weakness since yesterday. We should see HengYuan's share price topple PetronM this month.

If Q2 result announce beat expectations, at least RM1.00 gain on next day.. Big gap up

The inventory losses can easily be offset by forex gains and higher crack spreads ( gross margins ) registered during Quarter 2.

Please refer industry wide guildelines for Q2'2017 (Higher than Q1'17
https://csimarket.com/Industry/industry_Profitability_Ratios.php?ind=606

Crack Spread 3-2-1 Updates...

Up 2.6%.. at 2 years new high

https://www.energystockchannel.com/3-2-1-crack-spread/

http://klse.i3investor.com/blogs/davidtslim/129193.jsp

Aseng,,,

PetronM's refinery plant is only half of HengYuan..
Paid up Capital also in similar range RM270m Vs RM300mil, so in long run HengYuan will perform better if crack spread remains strong. To achive this, HengYuan will report strong earning and limit up to overtake PetronM's share price.

https://www.cnbc.com/2017/08/01/reuters-america-asia-traders-consider-sending-diesel-jet-fuel-to-europe-after-dutch-refinery-fire.html


Asia traders consider sending diesel, jet fuel to Europe after Dutch refinery fire
Jessica Jaganathan
Tuesday, 1 Aug 2017 | 4:05 AM ET
Reuters
fire@

* Rise in enquiries on booking long-range vessels -shipbrokers

* Shipping rates likely to go up

* But backwardated market may rein in any exports

SINGAPORE, Aug 1 (Reuters) - Traders in Asia are considering shipping diesel and jet fuel to Europe after a fire at that region's largest oil refinery disrupted supplies and boosted fuel margins, five traders and shipbrokers said on Tuesday.

Two shipbrokers said they had seen a rise in enquiries on booking long-range vessels to ship the fuels to Europe after Royal Dutch Shell shut most of the units at its 404,000 barrels per day Pernis refinery in Rotterdam following a fire in the power supply system on July 29. Although they added that no booking had been reported yet.

Shipping rates have already been affected, said one of the brokers, adding that rate for a 'Long-Range 2' vessel plying the Middle East to Europe route is being quoted around 12 percent higher than before the Pernis refinery outage.

"Loading dates (for the diesel and jet fuel cargoes) are for around mid-August, but I think it will be difficult to find oil on such prompt dates," he said, referring to trader enquiries. "But I suspect there may be some oil on water which will be diverted to Europe."

The Asian diesel margin jumped to a near two-year high on Monday, while the jet fuel margin climbed to a 1-1/2-year peak, tracking gains in the benchmark European prompt Low Sulphur Gasoil futures contract.

Still, traders are being cautious as the length of the shutdown remains unknown.

"The (diesel) timespread in Asia is backwardated, so the arbitrage doesn't really work," a Singapore-based trader said, referring to the price difference between August and September. A backwardated price structure indicates higher prices for prompt barrels compared with later months, which may mean losses for the traders as it typically takes over 20 to 30 days to ship to Europe.

"Right now, no one knows how big a problem (the outage) is, so it's best to get some clarity first," the trader added, declining to be identified.

The exchange of futures for swaps (EFS), a contract that traders typically deal in to hedge their Asia-Europe arbitrage cargoes, fell to minus $5.23 a tonne from minus 50 cents a tonne on Friday, a middle distillates broker said.

The arbitrage typically gets more profitable when the EFS trades at about minus $15 a tonne or below. Strong demand for diesel from India had driven the EFS into positive territory, which boosted interest in a reverse arbitrage route earlier this month.

(Reporting by Jessica Jaganathan; Editing by Joseph Radford)

SALAM.. processing cost USD6.50 per barrel..
Overhead RM120mil-125mil per Quarter

Crack spread is a term used on the oil industry and futures trading for the differential between the price of crude oil and petroleum products extracted from it. The spread approximates the profit margin that an oil refinery can expect to make by "cracking" the long-chain hydrocarbons of crude oil into useful shorter-chain petroleum products.

Crack Spreads 3-2-1 open up 4.8% at USD21.92 at two years high.

https://www.energystockchannel.com/3-2-1-crack-spread/

Posted by 360Capitalist > Aug 2, 2017 11:49 AM | Report Abuse

Don't be fool by OTB's statement that EPS of RM3 cannot be achieve in FY2017 (4 Quarters).

Ans : I have very good records in I3 to show. I talk with facts and figures and I also do my homework.

Did I fool anyone here ?
Why behave like you are sure right ?
Are you a god ?

Thank you.
Ooi

---------------------------------------------------------------------------------------------------------
Dear Mr. Ooi Teik Bee,

Numbers cannot lie.

We can based on the past Qtr Report to estimate the EPS 2017 (Conservative Approach)

1)Q4 2016 EPS 69.27 (Actual)
2)Q1 2017 EPS 93.16 (Actual)
3)Q2 2017 EPS 69.27(Estimate, higher crack spread as compares to Q4, 2016)
4)Q3 2017 EPS 93.16 (Estimate, higher crack spread price as compares to Q1, 2017)

EPS for 4 Quarters :- RM 3.24

http://www.cmegroup.com/trading/energy/refined-products/singapore-mogas-92-unleaded-platts-brent-crack-spread-swap-futures.html

https://www.energystockchannel.com/3-2-1-crack-spread/

Don't be fool by OTB's statement that EPS of RM3 cannot be achieve in FY2017 (4 Quarters).

The crack spread cannot lie, the increase in crack spread price will boost profit.
In example, the different of USD1, is able to contribute additional profit of USD10mil (RM42.8Mil) based on 10million barrels capacity.

From average USD7.50 to USD10, it will create additional profit of RM108 mil in Q3'2017 or additional EPS of 36 cents on top of 93 cents (Q1 EPS), total 126 cents for Q3 2017.

Big Big Jump in Crack Spread,
Quarter 2 Result will be release this month and we foresee huge upside jump in profit for Q3'17 (July-September )

Singapore Mogas 92 Unleaded (Platts) Brent Crack Spread Futures Quotes

Jan to March (Q1)...USD7.50 Q1 EPS 92 cents (Actual)
April to June........... USD8.0 - 8.50 Q2 EPS 80 - 100 cents (Estimate)
July..........................USD 8.30-10.00 Q3 EPS 130 cents (Conservative Estimate )
August.................... USD11.415 ######
Sept........................ USD10.10

Estimate for 9 months EPS : RM3.12 per share

Advertisement a bit.....

GLC fund will come in if HengYuan announce dividend policy

Big Big Jump in Crack Spread,
Quarter 2 Result will be release this month and we foresee huge upside jump in profit for Q3'17 (July-September )

Singapore Mogas 92 Unleaded (Platts) Brent Crack Spread Futures Quotes

Jan to March (Q1)...USD7.50 Q1 EPS 92 cents (Actual)
April to June........... USD8.0 - 8.50 Q2 EPS 80 - 100 cents (Estimate)
July..........................USD 8.30-10.00 Q3 EPS 130 cents (Conservative Estimate )
August.................... USD11.415 ######
Sept........................ USD10.10

Estimate for 9 months EPS : RM3.12 per share

Better buy mothershare, once result release.. it may limit up..

Mogas crack spread for September is above USD10.00, HengYuan can easily lock in the profit for Q3, EPS 1.00-1.30.

Hi Venfx, okay. i m just provide crack spread updates and impact on HengYuan third quarter profit. The EPS for Quarter 3 alone will go above RM1.00 per share if August and September crack spread can stay above USD8.50. The latest crack spread mogas at USD11.40.
This is fact and cannot runaway.

Mr. Ooi Teik Bee,
HengYuan's EPS for 3 Qtrs combine will exceed RM3.00.

Big Big Jump in Crack Spread,
Quarter 2 Result will be release this month and we foresee huge upside jump in profit for Q3'17 (July-September )

Singapore Mogas 92 Unleaded (Platts) Brent Crack Spread Futures Quotes

Jan to March (Q1)...USD7.50 Q1 EPS 92 cents (Actual)
April to June........... USD8.0 - 8.50 Q2 EPS 80 - 100 cents (Estimate)
July..........................USD 8.30-10.00 Q3 EPS 100 cents (Conservative Estimate )
August.................... USD11.415 ######