Last night, 6 May 2010, DOW went down more than 3% and the Greece situation has caused panic selling around the world. This is the period we like. It's time to stockpile some value stocks now.
In Singapore today, 7 May 2010, people are panic selling too. Popular is trading between $0.145 and $0.150, banks are worse hit. All the three banks are down, despite reporting better than expected results.
In the US, Citigroup is trading below $4, for the first time in 3 months. It is reported that Citigroup is not involved in the technical glitch in NYSE last night, and they are expanding everywhere outside US, except Europe. I still agree with other analyst that Citi will reach $12 by 2012. Earnings in Citi are solid and they have already firm the company and earnings are coming in.
Popular's new MD maded an announcement that Popular will have a single digit earnings growth this year. I think people have forgotten about this annoucement and panic selling Popular too. At $0.15, it's really a steal. Dividend yield is at 13.3% (if according to historical dividend of $0.02 annually). Popular will announce annual result in late May or early June, therefore I feel that this is a good time to stockpile.
The above is just some personal thoughts, it still depends on yourself whether to buy or not.
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