Saturday, February 11, 2012

DBS Bank - Market Perspectives: 2012 - A Year for the Bold


Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers

Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
Published: Thursday, 9 Feb 2012 | 6:24 PM ET Text Size By: Jennifer Leigh Parker
Writer, CNBC.com

The choice is clear: stocks are a better investment than bonds right now, according to chief investment officers Bill Stone, of PNC wealth management, and Mike Finnegan of Principal Funds Group.

UBS Global Outlook: 1st Quarter 2012

《亚洲经营者》星展银行(DBS Bank) -高博德




Source/转贴/Extract/Excerpts: 中国网络电视台
Publish date: 2011-07-24

CapitaMalls-Asia-reports-426-rise-in-Q4-net-profit


Tan Sri (Dr) Francis Yeoh: YES: We're reinventing the mobile phone


馬股或陷盤整‧游資充裕支撐‧二三線股看漲
Created 02/11/2012 - 19:07
展望
儘管希臘第二輪拯救配套遭遇阻撓,讓本週富時綜指或陷入盤整格局,但充裕市場遊資料可繼續支撐馬股交易量,二三線股漲勢可望延燒。

Slow shipping sector drags ASL's Q2 net down 24%

Business Times - 11 Feb 2012
Slow shipping sector drags ASL's Q2 net down 24%
By LYNN KAN
SHIPYARD ASL Marine Holdings reported $7.6 million in net profit for the second quarter ended Dec 31, 2011, down 24.3 per cent from $10 million in the year-ago period.

CapitaMalls Asia Q4 net falls 40% to $205m

Business Times - 11 Feb 2012
CapitaMalls Asia Q4 net falls 40% to $205m

Results show profits falling after restatement of 2010 figures; final dividend of 1.5 cents per share declared

曾淵滄教路 07.02.12: 賭業股炒風再起 金沙具兩大炒作概念

賭業股炒風再起 金沙具兩大炒作概念
去年年底,不少股評人都說二○一二年會是先低後高,結果是一踏入二○一二年,股市就表現得令多數專家跌眼鏡,儘管中國人民銀行至今仍無動靜,沒有再降銀行存款準備金比例,但是卻通過倒置回購票據的方法向個別銀行注資。歐債問題也逐漸和緩,儘管繼標普之後,惠譽也將多個歐洲國家降級,葡萄牙更變成垃圾級,但是葡萄牙拍賣國債依然有市場,息率也不高。英國金融時報報道說有消息本月份歐洲央行會再次推出LTRO,規模更是比上一回大一倍,上次LTRO向銀行注資五千億歐元,這一回可能有一萬億歐元,希臘國債的削債談判也不時傳來好消息,不宜太早沽貨離場。

大英Blog物館 07/02/2012: 業務分拆 基金焗沽 造就散戶低吸機會

業務分拆 基金焗沽 造就散戶低吸機會
如果將80/20定律,套用在閱讀投資書上,80%有效的操作方法,藏於20%的書本中。一旦有幸找到這20%的好書,宜多加記取、運用,勝過狂睇新書,盲目求多。對自己而言,Joel Greenblatt多年前的一本小書You Can Be a Stock Market Genius,肯定在兩成有用書籍中,名列前茅。

平民股神曹仁超 信报撰写股评专栏逾三十年




Source/转贴/Extract/Excerpts: 凤凰视频
Publish date: 2011-04-10

谢国忠:2012美国问题照旧

谢国忠:2012中国泡沫爆掉

谢国忠:2012年会发生什么

2012 to Be Tough Year for Singapore Banks

DBS CEO: Few People Give Enough Weight to Growth of Chinese Domestic Consumption

Who's Right on Bonds? Buffett or Gross?


Tech Bubble 2.0 Brewing?

黄鸿年增持股权 IPC企业股价升交易热

小型房地产股IPC企业(IPC Corp)在富豪黄鸿年增持股票后,本周三及周四共大涨近80%,不过昨天牛劲无法持续,闭市时下滑13%,收报20分,和周三的闭市价一样,回吐了周四的涨幅。

  黄鸿年周三大举买入IPC企业股票,将他所持股权从原本的19.71%提高至23.4%。

星展全年净利 增15%突破30亿元

星展集团第四季总收入增加11%至19亿2000万元,净利息收入增加17%至12亿9000万元,因为贷款的增长部分被净利息利润下跌6个基点至1.73%的影响抵消。

昨跌21点 海指本周共涨1.4%

在欧洲领导人还未确定将给予希腊援助配套之际,投资者继续保持观望态度,亚太股市昨天跌多升少,除了中国及菲律宾,其他市场全面下滑,新加坡股市收盘时则是下滑21.17点,收报2960点。

  海峡时报指数30只成份股当中以下滑的居多,多达21只成份股下跌,仅六只上升,其余三只持平。领跌的为房地产和商品类蓝筹股。海指本周共上涨了1.4%。

Net foreign buying of US$14 bn YTD. (CS)

Net foreign buying of US$14 bn YTD.

Are we now overbought?
■ We do not believe so. The most-often asked question during our previous week’s visit to Hong Kong investors was whether the current rally was another “suckers rally”. With Euribor spreads (our proxy for contagion to the European banking system) falling from a high of 100 bps on 27 December 2011 to 74 bps currently, we do not think so. A key factor contributing to this concern is the degree of net foreign buying in recent weeks. As Figure 2 overleaf highlights, net foreign buying so far this year has now reached US$14 bn, with Korea associated with US$7 bn, followed by India on US$3.45 bn and then Taiwan with US$2.4 bn.

NOL’s big rebound

NOL’s big rebound
Shipping stocks are notoriously cyclical, and their turning points are always tough to read. Yet, analysts and investors never tire of trying because it is so painful to own ship-ping stocks when they go into a downtrend and it is heart-wrenching not to own them when they begin their ascent. Shares in Neptune Orient Lines are a case in point. They sank from as much as $2.25 in February 2011 to just 99.5 cents only nine months later. Since that low, however, they have rocketed 45%.

Volume spike

Volume spike
Sudden surge in trading activity prompts several SGX queries
Unusual trading activity has not been so unusual recently. Amid broadly positive sentiment around the globe, several counters in Singapore ran up sharply enough to prompt queries from the Singapore Exchange in the past week. Among the ones that attracted the most attention in the market was Yoma Strategic Holdings , a property developer of sorts in Myanmar. Shares in the company leapt 9.8% to a 52-week high, with some 160 million shares changing hands, between Jan 30 and Feb 2.

Emerging markets: Templeton guru on the next surge

In his nearly three decades as a pioneering emerging-markets fund manager, Mark Mobius has dodged bullets, seen political protests, military coups and street violence in Bangkok, and endured its notorious traffic jams, but it is one city he keeps returning to in good times as well as bad. As Franklin Templeton’s top emerging-markets honcho, Mobius helps oversee nearly US$40 billion ($50.1 billion) in investments across developing markets in Asia, Latin America, Eastern Europe, Africa and the Middle East. Last week, the 70-year-old took a first-hand look at Bangkok in the aftermath of the recent floods. “The situation has improved quite a lot,” he says of the dramatically receding water levels across Thailand and rebound in stock prices.

CDL Hospitality Trusts banks on new Singapore attractions to sustain growth momentum

CDL Hospitality Trusts banks on new Singapore attractions to sustain growth momentum
Vincent Yeo is not popping the champagne just yet, despite CDL Hospitality Trusts (CDLHT) ending 2011 on a high note. Like many other corporate chiefs bracing for the potential whiplash from Europe’s troubles, the CEO of M&C REIT Management, which manages CDLHT, is a tad guarded about prospects in 2012.

Singapore Post: Margin erosion in 3Q as it spreads its wings

Commonly seen as a defensive stock because of its diversified earnings portfolio and regular dividend yield, Singapore Post Ltd disappointed when it announced its results for 3Q ended Dec 31 last week. Although revenue rose 0.6% y-o-y to $149.4 million, net profit slipped back 5.2% to $41.6 million. For the nine months so far, net profit fell 10.1% to $111.4 million, despite a 1.9% climb in revenue.

ETFs: Gold shines, India active, as broader ETF market grows

At a time of uncertainty, gold has been “a darling to the market”, says Alvin Tham, vice-president of regional products and business development at DBS Vickers Securities. This was especially the case last year, when investors sought safety in the asset, under the cloud of global economic uncertainty and the eurozone crisis, he notes. While it is typically not the most liquid of assets to trade in for the average investor, investors in Singapore have had an avenue to access gold through the SPDR Gold Shares (GLD) exchange traded fund (ETF), which was introduced in 2006.

Daryl Guppy: Shanghai rally tests resistance

THE OFFICIAL CHINA January Purchasing Managers’ Index (PMI) figures came in at 50.5 compared with 50.3 for December. This beat market expectations of 49.5. Those who doubt the official figures prefer to use the HSBC calculations. They show a lower 48.8 PMI for January, but this is still up on the 48.7 figure for December. It’s enough to cause a collective sigh of relief in an otherwise gloomy global economic outlook even though a parade of senior China government officials warned of difficult times ahead.

Seven Secrets of Self-Made Multimillionaires

Seven Secrets of Self-Made Multimillionaires

By Grant Cardone | Entrepreneur – Thu, Feb 2, 2012 10:00 PM SGT
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

JCY: Earnings Trouncing Expectations (OSK)

JCY International
Fair Value RM1.80
Previous RM1.48
Price RM1.41
Earnings Trouncing Expectations

JCY’s 1QFY12 results were stronger than expected, beating our and consensus forecasts, and represent 43% and 70% of the full-year core profit estimates respectively. Marking its best quarter since listing, 1QFY12 alone saw core earnings of RM162.5m (+515% q-o-q, +2,063% y-o-y), attributed mainly to: (i) the increase in ASP by 20%-50% (ii) the appreciation of USD against RM by 4.2% q-o-q (+1.2% y-o-y), (iii) effective product mix concentrating on base plates and actuators production which command higher margins, and (iv) efficient cost management. We revise our earnings forecast upwards by 21% and 34% for FY12 and FY13 correspondingly, while raising our FV to RM1.80 based on an unchanged 8x FY12 PER.

中国平安:踏上估值修复路

中国平安:踏上估值修复路
http://www.sina.com.cn 2012年02月10日 17:04 全景网络

国泰君安 彭玉龙

估值折价严重。根据公司业务发展情况及不同的估值参照标准,测算出中国平安(40.09,0.21,0.53%)的“安全价值”、“可比价值”和“目标价值”分别为47.41元、54.82元和76.32元,目前股价的上升空间分别达22%,41%和96%。

CapitaMalls Asia Q4 net profit falls 39.9%

CapitaMalls Asia Q4 net profit falls 39.9%
by Venus Hew With Agencies venushewyl@mediacorp.com.sg 04:46 AM Feb 11, 2012
SINGAPORE - Shopping mall developer CapitaMalls Asia said yesterday its net profit for the fourth quarter fell 39.9 per cent to S$205.4 million from a restated S$342.04 million last year even as revenue under management increased 15.1 per cent on-year to S$400.2 million.

DBS profit tops S$3b in historic performance

DBS profit tops S$3b in historic performance
CEO Gupta watchful as analysts warn of stiff challenge ahead
04:46 AM Feb 11, 2012
SINGAPORE - DBS shrugged off an eventful - and at times, troubled - past two years under a new CEO, by turning in yesterday its best-ever annual profit of more than S$3 billion.

樓市龍年 唔散都幾難


四大炸彈 第一季隨時爆

信財演 不如信風水佬

里昂谈风水 港股龙年先跌后升

亞航財務長轉至馬航 卡馬魯汀任亞航金融總裁

(吉隆坡10日訊)亞洲航空(AIRASIA,5099,主要板貿易)總財務長羅茲曼,受委擔任馬航(MAS,3786,主要板貿易)總財務長,亞航原任副總執行長拿督卡馬魯汀將擔任集團金融財務總裁。

 兩家公司今日向馬證交所報備此事,兩人任期將于本月13日起生效。

中国平安称260亿可转债获股东批准

中国平安称260亿可转债获股东批准
http://msn.finance.sina.com.cn 2012-02-09 12:55 来源: 宁夏卫视《财经中间站》

2月8日,中国平安(601318)保险(集团)股份有限公司(下称“中国平安”;601318.SH;02318.HK)召开2012第一次临时股东大会,表决通过了中国平安关于公开发行不超过260亿元人民币A股可转换公司债券(下称“可转债”)的议案。

Friday, February 10, 2012

巴菲特对前景有信心 股票必跑赢债券黄金

巴菲特对前景有信心 股票必跑赢债券黄金
Created 02/10/2012 - 17:39

(纽约10日讯)股神巴菲特对股票前景长远仍有信心,认为必会跑赢债券及黄金。

巴菲特在《财富》网站发表文章指出,现时应该对债券投资,贴上警告标签,理由是债息极低,不足抵销通胀。

黄金泡沫迟早爆

外資帶動‧綜指有望破1600‧小資和科技為最大贏家

外資帶動‧綜指有望破1600‧小資和科技為最大贏家
Created 02/10/2012 - 17:44

(吉隆坡10日訊)大馬股市近期成交量飆升,小資本股和科技股成為最大贏家,分析員認為,在充裕游資帶動下,富時綜合指數有望在短期內衝破1600點大關,而如果本地投資機構和散戶大幅進場,綜指將可重探歷來最高水平。

油价涨 成本高 回酬低 马航末季料亏2.7亿

油价涨 成本高 回酬低 马航末季料亏2.7亿
Created 02/10/2012 - 19:22

(吉隆坡10日讯)分析员预测,在油价高涨及回酬低的情况下,马航(MAS,3786,主板贸服股)在截至2011年第四季的业绩将继续亏损,净亏可能达2亿7600万令吉。

情况可能要到今年下半年才会好转。

马股落后区域 小型股有惊喜 科技股一枝独秀飙21%

马股落后区域 小型股有惊喜 科技股一枝独秀飙21%
Created 02/10/2012 - 19:17

(吉隆坡10日讯)今年至今,富时隆综指表现落后区域大市,但小型股却表现不俗,科技股更是一枝独秀大涨21%,预见此领域将延续攀升势头,继续跑赢大市。

國內外經濟欠明朗‧符儒仁:今年產業成長料放緩

國內外經濟欠明朗‧符儒仁:今年產業成長料放緩
Created 02/10/2012 - 19:09

(吉隆坡10日訊)國際產業諮詢公-WTW國際(Williams Talhar & Wong)董事經理符儒仁表示,由於國內外經濟情況較不明朗,大馬2012年的整體產業領域持續成長,惟成長步伐料比去年略為緩慢,產業交易值成長將從去年的11%降至今年約10%水平。

雙威產託淨利增12%

雙威產託淨利增12%
Created 02/10/2012 - 11:05

(吉隆坡9日訊)歸功於初期組合表現強勁,推動淨產業收入增加,雙威產業信托(SUNREIT,5176,主板產業投資信托組)截至2011年12月31日止第二季,淨利從前期的4千523萬6千令吉成長12.2%至5千零76萬1千令吉。

First Ship demands Berlian Laju to return ships

Singapore-listed business trust First Ship Lease Trust said it demanded for redelivery of its three chemical tankers from the subsidiaries of troubled Indonesian shipping firm PT Berlian Laju Tanker, reported Reuters.

Ship firms hike freight rates to stay afloat

Business Times - 10 Feb 2012
Ship firms hike freight rates to stay afloat

Some have doubled charges on lucrative routes as they struggle to break even

FJ Benjamin Q2 profit rises to $4.77m

Business Times - 10 Feb 2012
FJ Benjamin Q2 profit rises to $4.77m
Revenue up 18%; results also helped by higher forex gain
By NISHA RAMCHANDANI
FASHION and lifestyle group FJ Benjamin Holdings (FJB) posted a net profit of $4.77 million for the second quarter ended Dec 31, 2011, up from $4.12 million for the previous corresponding quarter.

Parkson Retail Asia's Q2 net jumps 26% to $13.6m

Business Times - 10 Feb 2012
Parkson Retail Asia's Q2 net jumps 26% to $13.6m
By CERELIA LIM
PARKSON Retail Asia, which was listed on the Singapore Exchange (SGX) late last year, yesterday posted a net profit of $13.64 million for the second quarter ended Dec 31, 2011, up 26 per cent from $10.83 million a year ago.

牛市重现,海指冲上2,900点,接下来的3,000点大关有望突破吗?

牛市重现,海指冲上2,900点,接下来的3,000点大关有望突破吗?
文:  (译:麦美莹)
2012年02月03日

 展望
在过去5年,本地股市在农历新年前后都下跌,因为受到情绪欠佳及两个主要危机拖累。今年我们终于不受霉运影响,冲出阴霾,大获全胜。

可能今年是龙年,龙对华人来说是吉祥之物,从而改变了股市的命运,这肯定是一个最迷信的说法,其实股市的走势出现变化是因为金融市场的基本展望出现变化。

百汇生命REIT的稳健组合经得起环球动荡的风吹雨打

百汇生命REIT的稳健组合经得起环球动荡的风吹雨打
文:  (译:麦美莹)

  • 2012年02月03日



  •  企业摘要
    由美国人口统计学家汤普森 (Warren Thompson)在1929年建立的人口变迁模型(Demographic Transition Model) 可以用来说明今天在很多发达国家所见的种种现象。这个模式告诉我们,当一个国家的经济结构渐渐转变为高度工业化的时候,人口迁移便会出现。

    美国就业报告极佳!海指剑指3,000点,道指冲向12,938点!

    美国就业报告极佳!海指剑指3,000点,道指冲向12,938点!
    文: 

  • 2012年02月06日



  •  展望
    亚洲股市教父胡立阳老师曾在去年四月份提到,12,938点将是道琼斯工商指数的阻力位。如胡立阳老师预测般,道指在2011年5月2日达到12,876点的高位后便开始滑落。


    嘉康信托重建和翻新资产来增添新气息

    嘉康信托重建和翻新资产来增添新气息
    文:  ,  (译:朱爱伦)

  • 2012年02月03日



  •  企业摘要
    嘉康信托(CapitaCommercial Trust)于2004年挂牌上市,并成为新加坡的首个商用房地产投资信托(REIT)。如今公司的市值已增长至超过30亿元,从而在商用REIT排行榜上高居榜首,同时也乘上了新加坡经济蓬勃发展的快车。

    曾渊沧博士专栏 03.02.2012

    曾渊沧博士专栏
    文: 

  • 2012年02月03日



  •  曾渊沧博士专栏
    农历新年假期结束了,股市开始进入龙年。迎接龙年的第一个重要财经新闻是美国联储局的会议结果,结果没有出人意料之外。不过,加多了一些评语及未来政策的定调。过去,联储局总是说目前的超低利率会维持到2013年第一季。现在,联储局把加息的预期再往后推,推到2014年年底。

    作出投资决定的心理因素 (一)

    作出投资决定的心理因素 (一)
    文:  (译:麦美莹)
  • 2012年02月03日


  •  基本理念
    由于欧洲债务危机持续、中国经济增长冷却、美国市场仍未有起色、以至新加坡2012年的GDP(国内生产总值)被调低令人忧虑,市场变得反复无常,而投资者则小心翼翼。毫无疑问,我们再次感受到金融危机来袭。问题是,为何把投资组合重整会是一件很困难的事情?

    星狮地产信托在新加坡零售业中表现出色

    星狮地产信托在新加坡零售业中表现出色
    文:  ,  (译:杨佳文)

  • 2012年02月03日



  •  企业摘要
    若你问一名外国人他到过新加坡的哪些地方,其答案肯定会包括“乌节路”。这个知名的购物区齐聚了许多著名品牌,如爱马仕(Hermes)、路易威登(Louis Vuitton)和Anne Fontaine,难怪它会成为游客必到的地点,同时也成了商场管理业者的必争之地。

    亚洲货币将因资金流入而取得6年来最佳开端

    亚洲货币将因资金流入而取得6年来最佳开端
    文:  (译:伍丽芳)

  • 2012年02月03日



  •  展望
    亚洲货币预料将自2006年以来取得最佳的首月表现,由于亚洲的利率较高及其经济增长比发达国家来得快,令投资者把资金投入亚洲。

    台湾、泰国及韩国5年期基准债券的获益率分别为0.93%、3.07%和3.48%,高于美国5年期国库债券的0.75%。根据彭博社(Bloomberg)访问15名经济师后得出的调查结果显示,马来西亚央行目前将可能把借贷成本维持在3%,而美国的利率则接近0%。

    消费市场为嘉茂商产信托带来6%获益率

    消费市场为嘉茂商产信托带来6%获益率

    文:  (译:伍丽芳)

  • 2012年02月03日



  •  展望
    由于新加坡到处商场林立,这对爱好购物及吃喝等休闲活动的新加坡人来说是件好事。然而,令人沉浸其中的商场最近似乎不太景气。电子产品如iPad及智能手机仍十分畅销,但零售销售却已开始放缓。由于担心全球经济萧条、旅游业放缓及政府采取措施为火红的产业市场降温,新加坡人罕见地克制了他们强大的消费欲望。

    Rallying Like It's 2009…. or 2003 (Citi)

    Rallying Like It's 2009…. or 2003
    Rally On — We expect the current rally in emerging market equities to continue. There is 15-20% upside to our year-end target for MSCI GEMs (1,225). The current conditions of ample liquidity, against a background of attractive EM valuations, should remain for some time. We would be buyers of any pullback.

    曾淵滄專欄 2012 02 10

    炒三四線股要留神

    發展局局長林鄭月娥的言論見報,被多家傳媒解讀為政府「轉軚」,將減少「限呎」地的推出,一時之間,樓市再現小陽春的聲音四起。

    大戶炒高後必散貨
    實際上,過去一段日子,我重複又重複地告訴大家,去年樓市是上半年升而下半年跌。下半年之所以跌,是股市大跌所引起的。現在,恒指已經由低位大幅反彈 5000點,很自然地也會影響樓市的氣氛。

    IPC: Oei Hong Leong largest shareholder with 23.40% (Limtan)

    Small-mid cap picks (CIMB)

    Small-mid cap picks
    Our top dollar (US) and below ideas
    The small-mid caps that soar
    • Emboldened by the dragon. The dragon may be a mythical creature but it is also believed to be the strongest animal in the Chinese zodiac. The STI has certainly taken this to heart, starting the dragon year by soaring like one. Markets seem to have simply concluded that the worst of the Euro woes are over and that one way or other, things will get sorted out there. Meanwhile, positive economic readings from the US have injected more courage into the markets. The STI has gained 12.7% year-to-date while the FTSE Straits Times Small Cap Index (FSTS) has done better with a 17.1% year-to-date gain. The FTSE Straits Times Mid cap Index (FSTM) has also done well with a 15.2% return year-to-date.

    Sunway REIT: Growing its asset size inorganically (MIB)

    Sunway REIT
    Buy(unchanged)
    Share price: RM1.29
    Target price: RM1.38 (from RM1.18)
    Growing its asset size inorganically

    Above expectations; TP raised. SunREIT‟s reported 1HFY12 realised net profit of RM95m (+14.3% YoY) was slightly above our expectations but within consensus estimates. The earnings variance was attributed to better-than-expected performance from Sunway Putra Place (SPP). 2Q DPU declared of 2.0sen also beat our estimates. We adjust our FY12-14 earnings forecasts by -2% to +2%. Our new DCF-based target price is RM1.38, translating into a 13% total return.

    MAS: 4Q11: Brace for a hard landing (MIB)

    Malaysia Airline System
    Hold (unchanged)
    Share price: RM1.61
    Target price: RM1.55 (unchanged)
    4Q11: Brace for a hard landing

    Yields, fuel and slow motivation. 4Q11 is expected to be severely loss-making due to the impact of a 38% higher fuel price YoY and a weak yield environment. We have been monitoring MAS’ fares and notice that it is lower than those of competitors by a wide margin. We maintain our Hold call with a target price of RM1.55, pegged to 6.6x 2012 adjusted EV/EBITDAR – on par with Asia Pacific airline peers.

    Raffles Education: Near a turning point (KE)

    Raffles Education Corp
    Buy(unchanged)
    Share price: S$0.525
    Target price: S$0.65 (previously $0.80)
    Near a turning point

    Higher dividend payout declared. Stripping out the one-off gain of $9.0m from the disposal of available-for-sale financial assets, Raffles Education Corp’s (REC) 2QFY Jun12 results were slightly below our expectations. Net profit fell by 10% YoY to $3.5m, dragged down by other operating costs arising from property and land use tax expenses of $2.2m during the quarter. Despite the uninspiring results, interim dividend per share was raised to 0.5 cents from 0.45 cents last year.

    When supply hits the fan (CIMB)

    When supply hits the fan
    Aviation markets are in danger of being oversupplied in 2012 and perhaps even in 2013, due to aggressive aircraft deliveries. Asia Pacific alone is expected to account for half of the aircraft deliveries this year. Airlines may continue to see a weak yield environment for a while yet.

    AirAsia: Spreading its tentacles (CIMB)

    AirAsia Bhd
    Current RM3.63
    Target RM4.7
    Spreading its tentacles
    AirAsia is an LCC behemoth that looks set to dominate Asian skies. From its base in Malaysia, it spread its wings to Thailand and Indonesia and is now planting roots in the Philippines and Japan. The Expedia JV is taking AirAsia into the online travel agency market.

    SIA: Wait for a better entry point (CIMB)

    Singapore Airlines
    Current S$10.90
    Target S$10.45
    Wait for a better entry point
    SIA is facing industry-wide headwinds – poor cargo demand, weakness in forward bookings, lower underlying yields and fuel surcharges that cover only a portion of higher fuel prices. Its valuations will have to move lower before the stock is attractive again.

    Tiger Airways: Real improvements, real upside (CIMB)

    Tiger Airways
    Current S$0.72
    S$0.87
    Real improvements, real upside
    We believe that Tiger is past its worst financial performance and that the eventual resumption of full services in Australia will turn the operations around. If Mandala takes off as expected, Tiger will finally have a second Asian base that will help absorb aircraft deliveries.

    Stocks Still Cheap?

    Is the Worst Over for Bank of America?


    Sunway REIT Q2 net income up 13.4%

    The Star Online > Business
    Friday February 10, 2012
    Sunway REIT Q2 net income up 13.4%

    PETALING JAYA: Sunway Real Estate Investment Trust (REIT) recorded a 13.4% increase in net realised income of RM50.7mil in its second quarter ended Dec 31, 2011, compared to RM44.7mil a year ago.

    Waterfront city will cover Danga Bay in the west and Tebrau in the east

    The Star Online > Business
    Friday February 10, 2012
    Waterfront city will cover Danga Bay in the west and Tebrau in the east

    THE word “kang” (pronounced as chiang in Mandarin) means straits and “hoo” or “her” means river and somehow Datuk Lim Kang Hoo is fated to be digging rivers. He has spent close to a decade digging up the three rivers that converge to become a waterfront city as part of the Danga Bay project.

    Johor in RM80bil joint venture with Lim to build waterfront city

    Friday February 10, 2012
    Johor in RM80bil joint venture with Lim to build waterfront city

    By B.K. SIDHU
    bksidhu@thestar.com.my

    JOHOR BARU: Johor Baru's coastline fronting Singapore is in for a major transformation that will have a gross development value (GDV) of some RM80bil and led by a joint venture between the Johor state and businessman Datuk Lim Kang Hoo.

    A glass half full or half empty? (CIMB)

    A glass half full or half empty?
    2012 got off to a fine start for risky asset markets as the January effect kicked in. This stellar performance and recent encouraging macro data help to ease concerns over the global economy, at least for now. But we think that the fog has not cleared and credit risk in advanced economies could still weigh down the world economy. The question is whether the market is getting ahead of reality.

    Raffles Education: Costs running high (DBSV)

    Raffles Education
    Costs running high
    HOLD S$0.53
    Price Target : S$ 0.48 (Prev S$ 0.48)

    At a Glance
    • Excluding gain from sale of financial assets, 2Q12 was below expectations
    • Revenue down 13% y-o-y but flat q-o-q indicates decline flattening out
    • Sustained recovery and core earnings growth not seen yet as costs continue to increase at a faster clip
    • Maintain Hold and S$0.48 TP

    Genting Malaysia:No dice for Florida gaming, for now (CIMB)

    Genting Malaysia
    Current RM4.01
    Target RM4.80
    No dice for Florida gaming, for now

    The postponement of a vote on a bill to expand casino gaming in Florida, while disappointing, does not mean an end to the US$3bn Resorts World Miami. But it does suggest that construction of the project may be put on the backburner.

    Marco Polo Marine: Aborts proposed TDR issue (OCBC)

    Marco Polo Marine: Aborts proposed TDR issue
    Marco Polo Marine (MPM) announced yesterday that it will be aborting its proposed TDR issue due to weak market conditions and sentiment.

    The company will proceed to submit an application to the Taiwan Stock Exchange (TSE) and Securities and Futures Bureau of Taiwan (SFB) for the TDR withdrawal.

    Tee International: Overseas expansion progressing well (OCBC)

    TEE announced earlier this week that it has won five new contracts worth a total of approximately S$12.7m, bringing outstanding order book to S$292.3m. The biggest contract of them all (worth S$10.1m) was awarded by CapitaLand Retail Project Management, for works on Bishan Junction 8. Other wins include three overseas projects in Malaysia and Thailand. The overseas wins lend weight to our optimism that TEE can compete regionally. Also, overseas projects typically offer better margins for the group and this implies regional expansion imply margins improvements in the near future. We believe these wins are hugely beneficial for future order book replenishment - as it gives the group a wider market to compete in. We upgrade its P/E valuation peg from 5x to 6x and this raises our fair value estimate to S$0.36, maintain BUY.

    七问茅台怪象:人类真的难阻茅台价格飞天?

    七问茅台怪象:人类真的难阻茅台价格飞天?

    2012年01月29日 14:33 来源:金陵晚报
    茅台价格为何10年涨了10倍?逢年过节就断货又是何因?到底是哪些人在消费茅台,保肝护肝之说有无依据?再度成为焦点的茅台不得不面对上述疑问,虽然茅台早已远离普通民众饭桌,但永远不可能逃离公众视线,面对疑问重重,茅台一直表现出的“淡定”也让公众揪心,正所谓“国酒也该接地气”,高高在上的茅台怪象何时能休呢?

    Playing the waiting game

    Playing the waiting game
    by Colin Tan 04:46 AM Feb 10, 2012
    It has been nine weeks since the additional buyer's stamp duty (ABSD) on residential property was imposed. Have private home prices made their long-awaited move downwards?

    Indonesia unexpectedly cuts interest rate

    Indonesia unexpectedly cuts interest rate
    04:46 AM Feb 10, 2012
    JAKARTA - Indonesia's central bank unexpectedly cut its benchmark interest rate for the first time in three months, taking advantage of easing inflation to support growth in a deteriorating global economy. Governor Darmin Nasution and his board lowered the reference rate to 5.75 per cent from 6 per cent, Bank Indonesia (BI) said yesterday.

    Greeks strike bailout deal

    Greeks strike bailout deal
    04:46 AM Feb 10, 2012ATHENS - Greek leaders yesterday clinched a long-stalled deal on reforms and austerity measures needed to secure a 130 billion euro (S$ 215 billion) bailout a few hours before the country's financial backers were to meet in Brussels.

    Thursday, February 9, 2012

    2012-0207-57金錢爆(2012希臘最後通碟)


    2012-0203-57金錢爆(FED灌籃大賽)


    Indonesia cuts interest rate to record low

    Indonesia cuts interest rate to record low
    Posted: 09 February 2012 1800 hrs

    JAKARTA : Indonesia cut its benchmark interest rate to a record low of 5.75 percent on Thursday, as Southeast Asia's biggest economy tries to keep growth on track amid a global slowdown.

    Bank Indonesia (BI), the country's central bank, lowered its overnight interest rate by one-quarter of a percent, the first cut in three months.

    受惠泰国水灾订单转移 JCY首季净利飙逾20倍

    受惠泰国水灾订单转移 JCY首季净利飙逾20倍
    Created 02/09/2012 - 12:28

    (吉隆坡8日讯)首季业绩因泰国水灾飙涨的JCY国际(JCY,5161,主板科技股),将抓紧有利趋势,并于未来两财年投入3亿令吉,提高全球市场占有率。

    该公司财务执行董事黄孝铿披露,泰国水灾让许多厂房被迫关闭,但JCY国际并没有受到影响,反而受惠于市场需求高涨,2012财年首季净利飙涨2063%,报1亿6245万2000令吉,上财年同期为751万2000令吉。

    末日博士改口:股市看涨

    末日博士改口:股市看涨
    Created 02/09/2012 - 17:50

    (纽约9日讯)美国财经网站报导,有“末日博士”之称的经济学家鲁比尼一改长期悲观的立场,开始看多股市。

    美股年初涨势凌厉,标普500指数在六周间劲扬近7%,华尔街热切讨论大盘能否持续上攻,促使过去唱衰美股的分析员重新检讨布局建议。

    Is the worst really over for equity markets?

    Business Times - 09 Feb 2012
    Hock Lock Siew
    Is the worst really over for equity markets?

    By R SIVANITHY

    AFTER a month during which the Straits Times Index (STI) rose 10 per cent and daily volume regularly crossed $1.5 billion, there seems to be a sense that the worst is over for equities and that more upside lies ahead.

    Raffles Education posts Q2 profit of $3.5m

    Business Times - 09 Feb 2012
    Raffles Education posts Q2 profit of $3.5m
    By JASMINE NG

    RAFFLES Education's net profit dropped to $3.5 million for the second quarter ended Dec 31, 2011, from a restated $3.88 million a year ago.

    The net profit attributable to shareholders for the year-ago figure was previously reported as $5.63 million. It was re-stated to reflect the recognition of a disposed land as investment property.

    CapitaMalls Asia: Tugging on China’s purse strings (KE)

    CapitaMalls Asia
    Tugging on China’s purse strings
    Buy(new)
    Share price: S$1.395
    Target price: S$1.920

    Initiate with Buy and TP of $1.92. We initiate coverage on CapitaMalls Asia (CMA) with a Buy recommendation and target price of $1.92, which is pegged at a 20% discount to RNAV and implying 38% upside. As more of its malls become stabilised, we expect CMA’s earnings to grow at 18% CAGR over the next five years – no mean feat considering the current uncertain state of the global economy.

    Marco Polo: Liquid thoughts (AM)

    Marco Polo Marine Ltd
    LAST CLOSE: S$0.365
    FAIR VALUE: S0.530
    Liquid thoughts

    The Offshore & Marine industry has enjoyed a big boost since the start of the year, with rigbuilders Keppel and SembMarine and offshore-vessel builder STX OSV enjoying a great run-up following their dismal underperformance in the months to October 2011.

    Genting Malaysia: Game on hold (UOBKH)

    Genting Malaysia Bhd
    Share Price RM3.81
    Target Price RM3.95
    Upside +3.7%
    (Previous TP RM3.79)
    Game on hold
    What’s New
    • Recent events reinforce our view that GENM lacks re-rating catalysts for 2012, although it remains to be the most resilient casino operator within the Genting Group stable, in a scenario of a regional slowdown.

    BYD: Running against headwind (UOBKH)

    BYD – China
    Share Price HK$28.35
    Target Price HK$11.00
    Downside -61.2%
    (Previous TP HK$7.00)

    Running against headwind
    What’s New
    • BYD’s stock was up almost 10% yesterday on speculation that its new sports utility vehicle (SUV) model S6 recorded historic-high sales of 16,000 units in Jan 12. Adding to the euphoria is the company’s signing with the Shenzhen government to supply 1,000 K9 electric buses and 500 e6 electric taxis in 2012.

    Pavilion REIT: Strong showing for 2011 (MIB)

    Pavilion REIT
    Hold (unchanged)
    Share price: RM1.10
    Target price: RM1.10 (unchanged)
    Strong showing for 2011

    A good set of results. PavREIT’s RM12.4m core net profit over 7-31 Dec 2011 (listed on 8 Dec 2011) was 13% above our and its own IPO forecasts. Management is confident of beating its own RM167m 2012 net profit forecast, especially with the reconfiguration of the existing TANGS space into a high street fashion precinct, thereby attracting higher rentals psf. We tweak our 2012-13 net profit forecasts by +1% but maintain our RM1.10 DCF-based TP. We maintain our Hold recommendation, as total return is less than 15%.

    Raffles Education: signs of stabilization (Limtan)

    RAFFLES EDUCATION
    S$0.525-RAED.SI
     Raffles’s 2Q ended Dec ’11 sales continued to decline 12% on a year on year basis to $36mln but has shown signs of stabilization since quarter ended June’11 at around the current level. The yoy decline reflects the continued decline in student population in China due to the one-child policy and China’s students moving overseas to study while the stabilization since June ’11 reflects the incremental contributions from markets outside of China.

    Group CEO of CapitaLand bought 200,000 CapitaRetail Trust

     The Group CEO of CapitaLand bought 200,000 CapitaRetail Trust units at $1.24, and 100,000 Ascott Residence units at $1.003 each.

    Tycoon with the Midas touch (KE)

    Tycoon with the Midas touch –
    The share price of Singapore property developer IPC Corp has almost doubled from $0.122 two days ago. This came after property tycoon Oei Hong Leong raised his stake in the company from 19.7% to 23.4%, leading to speculation of a possible takeover. Formerly an IT company, IPC recently invested in a business hotel in Japan at a cost of S$15.3m. At the current share price, the stock still trades at about 16% discount to its book value.

    Singapore Hot Stocks-IPC jumps as tycoon increases stake

    SINGAPORE | Wed Feb 8, 2012 8:52pm EST
    Feb 9 (Reuters) - Shares of Singapore property developer IPC Corp Ltd jumped as much as 23 percent to a record on Thursday, extending gains from the previous session after the company said tycoon Oei Hong Leong had increased its stake in the company.

    中国A股局面趋复杂

    北京综合电)博时基金研究报告表示,中国A股局面趋复杂,股民忌贪“口腹之欲”。

      据中新财经报道,博时基金昨天发布研究报告称,在经济周期与流动性两股力量胶着牵扯之际,改革声音和相关的制度红利预期逐渐成为左右市场节奏的第三元力量,这让A股的局面更加复杂。

      报告指出,新年以来,欧美市场以好消息居多。中国也在考虑通过欧洲金融稳定基金和欧洲稳定机制等渠道更多参与解决欧债问题,但中国向欧洲发的这个开年红包,如何救,能起多大作用,尚难判断。

    本地中央区高档私宅转售价下滑一成

    政府推出额外买方印花税一个多月后,本地一个记录每天私宅交易平台的最新数据显示,转售私宅的价格已经开始走软,以高档私宅尤其明显。

      根据本地共11家房地产经纪公司如博纳(PropNex)、HSR、德伟(DWG)和Orange Tee等收集到的私宅交易数据显示,代表高档私宅领域的核心中央区(Core Central Region,简称CCR),今年至今的转售价格以每平方英尺计算,下滑了10.2%,每平方英尺平均价只有1600元,低于去年第四季度的1781元。

    化解希腊债务危机露出曙光 亚太股市全面上扬

    在希腊政府可能即将达成预算改革协定及争取到新一轮解救资金之际,亚太股市昨天全面上扬,新加坡的海峡时报指数收盘时则是上扬24.42点或0.8%,收报2982.2点,为过去六个月来的最高点。

      海指今年以来的涨幅已经超过12%,其他亚洲市场的股市也在昨天达至数个月来的新高。

    曾淵滄專欄 2012 02 09: 十倍股今年難復見

    十倍股今年難復見


    大市在 2008年 10月金融海嘯最嚴重的時候見底,之後,其後不少二三線股股價在 2011年中,累積上升 10倍、 20倍,可惜,狂升之後的代價自然是狂跌,在 2011年下半年,這些股不少調整幅度達 50%至 70%,大調整之後,近來這些股又再恢復勇態,絕大部份由低位急升 1倍。

    Gold prices benefit in a risk-on environment (OCBC)

    · Gold have exhibited a remarkable performance for the month of January, with futures rising by almost 11% while combined net speculative positions climbed 38.6% to 188k contracts for the week ended 31 Jan 2012. One contributing factor is the Fed’s extension of “exceptionally low interest rates” beyond mid 2013 to late 2014 as well as having the possibility of QE3 option “on the table”. The announcement saw DXY falling below 80.0, which prompted gold prices to surge above its psychologically important level of $1,700/oz.

    CCT could be buying Twenty Anson (DBSV)

    CapitaCommercial Trust
    BUY S$1.10
    Price Target : 12-Month S$ 1.36

    CCT could be buying Twenty Anson
    CCT could be buying 20 Anson for S$430m-446m.
    According to media reports, CapitaCommercial Trust (CCT) could be buying Twenty Anson near Tanjong Pagar MRT Station for S$430-446m (the latter with income support). The price translates to around S$2,120-2,200psf of net lettable area. The 20-storey Grade A office tower, which was completed in late 2009, has a total net lettable area (NLA) of about 202,700sf with floor plates of about 13,000sf. The building has a remaining lease of about 95 years and is being sold by LaSalle Investment Management Asia Opportunity III fund. Twenty Anson is a top-of-the-line building in the outer CBD area.

    Ascendas REIT : Acquires 4 Science Park assets from parent for S$183 mn at 7.3% NPI yield (CS)

    Ascendas REIT
    Maintain NEUTRAL
    Price (06 Feb 12 , S$) 1.92
    TP (prev. TP S$) 2.02 (2.01)
    Est. pot. % chg. to TP 5
    52-wk range (S$) 2.16 - 1.83

    Acquires 4 Science Park assets from parent for S$183 mn at 7.3% NPI yield

    ● AREIT announced the acquisition of four Science Park properties from its parent, Ascendas Land, for S$183 mn. According to management, the acquisition is accretive at an NPI yield of 7.3%.

    BofA Surges 43% Year-to-Date

    Unusual Activity in BofA?

    曹仁超:2012年起财富又要大转移?

    曹仁超:2012年起财富又要大转移?
    收藏分享 2012-2-7 07:23|
    摘要: 2012 年是否会开始另一次财富大转移:由不信中国经济可完成软着陆后再起飞者手中,转移到相信中国还有15-20年繁荣期的人手中?

    Genting Malaysia: Hasta la vista Miami (See you later Miami) (MIB)

    Genting Malaysia
    Hold (unchanged)
    Share price: RM4.01
    Target price: RM3.88 (unchanged)
    Hasta la vista Miami (See you later Miami)

    Better luck next year. As the “destination resort” bill for 2012 was all but terminated last Friday, Genting Malaysia (GENM) is unlikely to receive a casino license in Miami this year. The bill may be reintroduced in 2013 but with the overall unemployment rate in the United States falling to a three-year low, its appeal will likely diminish. Our RNAV-based TP incorporates 24 sen/sh cost of the Miami property, without the earnings potential. Maintain Hold and RM3.88 TP for now.

    Tiger Airways: Searching for Tiger’s next head honcho (CIMB)

    Tiger Airways
    Current S$0.72
    Target S$0.87
    Searching for Tiger’s next head honcho
    Tiger has commenced a globalsearch for a replacement forits current CEO Chin Yau Seng. While this should come as a surpriseto the market,we are not overly concerned. ChinYau Seng willstay with Tiger for at least sixmore months, sufficient to enact a credible turnaround.

    OSIM International: Downgrade to HOLD (OCBC)

    OSIM International Ltd (OSIM) reported its 4Q11 results that were within our expectations. Revenue increased 7.6% YoY to S$142.7m, while net profit inched up 0.8% to S$17.1m. For FY11, revenue of S$553.7m (+8.8%) and net profit of S$69.1m (+37.9%) formed 101.5% and 99.5% of our forecasts, respectively. A final cash dividend of 1 S cent was declared, bringing total FY11 dividends to 3 S cents. Looking ahead, we expect OSIM to continue its focus on product innovation and improving its productivity and sales per store. Nevertheless, we opine that slower economic growth in its major markets could pose higher risks for the group. We lower our FY12 earnings forecasts by 5.1% and derive a fair value estimate of S$1.35 (previously S$1.37), partially mitigated by a smaller share base due to recent share buybacks. Downgrade to HOLD.

    YTL Power: Marubeni partnership could lead to more global ventures (Hwang)

    YTL Power
    HOLD RM1.84
    Price Target : 12-Month RM 2.20
    Marubeni partnership could lead to more global ventures
    • New power plant in Malaysia and future acquisitions are longer term catalysts
    • YES is a drag in near term earnings growth
    • Hold for reasonable valuations and 4% net yield; RM2.20 TP is derived from SOP valuation

    Small-cap stocks gaining popularity

    Small-cap stocks gaining popularity
    by Thomas Cho
    04:46 AM Feb 09, 2012
    SINGAPORE - Shares of small companies or small-cap stocks are gaining popularity among investors and analysts say the active trading in these stocks is in line with the broad rally in the Singapore Exchange.

    'China's pay rises outpace Asian counterparts'

    'China's pay rises outpace Asian counterparts'
    04:46 AM Feb 09, 2012
    BEIJING - Employers in China are more willing to give pay raises than Asian counterparts, a private survey showed.

    高盛认为欧元区经济负增长 美国料推QE3

    高盛认为欧元区经济负增长 美国料推QE3
    http://msn.finance.sina.com.cn 2012-02-07 23:25
    来源: 宁夏卫视《环球第一财经》

    Wednesday, February 8, 2012

    Singapore: Budget FY12 - saving for rainy days (DBSV)

    Singapore: Budget FY12 - saving for rainy days
    Summary
    Although growth outlook is likely to be more challenging this year, the upcoming Budget 2012 is expected to focus on longer term strategies rather than short term countercyclical measures. The emphasis will be on reinforcing the productivity drive (including help for companies to cope with the transition cost of economic restructuring) and the strengthening of the social safety net so as to ensure that growth is inclusive and sustainable. We expect the government to save for rainy days and to put forth a conservative budget with a planned surplus of SGD 3.1bn (about 0.9% of GDP) for FY2012, up from an anticipated surplus of SGD 3.6bn in FY2011.

    結束救援鬧劇吧!希臘破產才是重生之途

    結束救援鬧劇吧!希臘破產才是重生之途
    鉅亨網陳怡君 綜合報導  2012-02-08 16:25

    過去 2 年來,希臘與歐元區國家、國際貨幣基金組織(IMF)對於「救援」進行幾無休止的角力戰。緊縮措施,過關;金援,送達;私人債權方,「被迫」接受「自願」債務減記。景象看似終於太平,不過,今日的希臘的混亂場面更勝以往。經濟萎縮,債務水平上升,國家與銀行從資本市場硬生生遭到驅離。昔日的神話國度如今群魔亂舞,沒有任何好轉的跡象。德國《明鏡周刊》編輯 Stefan Kaiser 指出,這場拯救行動已經出了嚴重差錯。

    邁阿密賭場計劃喊停 雲頂大馬股價急挫

    邁阿密賭場計劃喊停 雲頂大馬股價急挫

    (吉隆坡8日訊)儘管雲頂大馬(GENM,4715,主板貿服股)的邁阿密渡假村發展計劃因佛羅里達眾議院暫緩通過賭場法案而受阻,市場分析員相信,該集團並不會放棄該發展計劃,但卻對雲頂大馬所面對的財務衝擊持有不同的看法。

    仙股當家.購興回籠 馬股交投火熱破43億股

    仙股當家.購興回籠 馬股交投火熱破43億股
    財經 08/02/2012 17:21
    (吉隆坡8日訊)馬股今天“仙股”當道,交投情緒異常活躍,全天成交量衝破43億股大關,寫下自2007年的5年新高,散戶連續兩週成為淨買家后,分析界預計,表現持穩的藍籌股料有助保持投資信心。

     區域股市報捷提振馬股走勢,告別兩天公假后,富馬隆綜指今天微增3.5點,以1542.27點掀開本週序幕,未到15分鐘即跳高15.29點,站上盤中最高1554.06點。

    HDB resale prices "to drop"

    HDB resale prices "to drop"
    By Wong Siew Ying | Posted: 08 February 2012 2009 hrs

    SINGAPORE: Resale prices of public housing in Singapore have risen rapidly in recent years but market players said those days are over.

    Speaking at an industry forum on Wednesday, they said resale prices of HDB flats will drop by three to five per cent this year.

    Indonesia economy "resilient"

    Indonesia economy "resilient"
    By Lynda Hong | Posted: 08 February 2012 1824 hrs

    SINGAPORE: Indonesia finished 2011 with the strongest reading of quarterly economic growth since 1996.

    Experts said while 2011's GDP growth of 6.5 per cent is unlikely to be surpassed, Indonesia will remain as one of the top emerging economies in 2012.

    歐銀急撇AH股回防‧中資股成提款機

    歐銀急撇AH股回防‧中資股成提款機
    Created 02/08/2012 - 19:05

    歐債危機告急,使得部份歐洲銀行積極從陸港股市中抽調資金回防,中資企業股則成為提款機。

    據指出,法國愛德蒙得洛希爾銀行稍早調節A股中青旅A股66萬股,交易金額150萬美元;德國銀行也在去年10月間,減碼農業銀行H股,交易額達8.35億港元,歐洲銀行火速撤出中資股。

    Shipping rebound rests on exit of inefficient yards

    Business Times - 08 Feb 2012
    Shipping rebound rests on exit of inefficient yards

    Operators should stay clear of newbuildings in the meantime

    By KATHERINE CHEONG-KOH

    IT IS a well-established fact (or that we should remind all market players again) that the global shipping sector remains plagued by a massive supply overhang amid meagre demand prospects up to 2013 at least. Effects of an over-investment in asset plays as a result of 'irrationally' high earnings in 2007-08 and a seemingly quick 'revival' in sentiment by late 2010 led by double-digit earnings gains with low base effect from 2009 earlier have clearly yet to unfold completely, even though we can theoretically assume a peak delivery schedule in 2011-12, provided contractual activity effectively stays out beyond 2014.

    Residential property prices ripe for correction: Credo

    Business Times - 08 Feb 2012
    Residential property prices ripe for correction: Credo

    But situation could look much brighter if S'pore gets away with mild slowdown

    By MICHELLE TAN

    THE odds seem stacked against residential property prices in Singapore, historical data compiled by Credo Real Estate shows.

    Notably, negative residential price corrections were reflected in the years 2008, 2000 and 1983 following several quarters of price moderation to levels close to zero - a pattern which became apparent in the final quarter of 2011.

    Berlian Laju units default on payment: FSLT

    Business Times - 08 Feb 2012
    Berlian Laju units default on payment: FSLT

    FIRST Ship Lease Trust said that it has issued written notice to the lessees of three chemical tankers who have defaulted on their respective lease payments in February.

    Tiger CEO set to return to 'mother ship' by Q3

    Business Times - 08 Feb 2012
    Tiger CEO set to return to 'mother ship' by Q3

    By VEN SREENIVASAN

    TIGER Airways CEO Chin Yau Seng is preparing to hand over the reins to a successor, having nursed the wounded carrier back to some semblance of health and put in place the necessary structure for sustained recovery and growth.

    Robust appetite (DBSV)

    Robust appetite
    • Channel checks shows robust interest
    • Overhanging concerns on policy headwinds to remain
    • Maintain selective stock picking stance. Prefer market leaders in their respective niche – GLP, CMA and Capitaland

    IPC: Mr Oei Hong Leong Interest increased from 19.71 % To 23.40 %

    NOTICE OF A CHANGE IN THE PERCENTAGE LEVEL OF A SUBSTANTIAL SHAREHOLDER'S INTEREST

    曾渊沧@股友通讯录-2012年02 月份

    2012年02 月份曾渊沧@股友通讯录
    I wish everyone A Happy New Year, Good Health and all things as they should be.

    The stock markets are getting better and brighter now, and I had said the worst was over. The worst period for the stock markets was during the height of European debt crisis in October last year. The debt crisis has since alleviated. I have mentioned several times that no issue could not be resolved if European Central Bank was willing to print currency notes. The European Central Bank has started printing the first batch of notes to the tune of 500 bil Euro, and more to come. Britan’s Financial Time reported that 1 trillion Euro would roll out of the printing machines this month. Total amount added together is 1.5 trillio Euro, nearly as much as US’s QE1 and QE2 combined. Thus, the European debt crisis is no longer a crisis following the issue of such huge amount of monies.

    谢国忠:援欧对中国人民不公平

    谢国忠:援欧对中国人民不公平
    http://msn.finance.sina.com.cn 2012-02-07 10:25 来源: 财经网

      中国的未来取决于提高生产率,而不是需求。世界需求疲软对中国而言不是太有所谓。重要的是,通过资本市场和技术投资,将全球性公司整合到中国经济中来

    首航融资信托 书面通知承租人缴付违约赔偿

    首航融资信托(FSL Trust)的三艘化学液货船(chemical tanker)的承租人违约,无法按时缴付本月的租金,信托已发出书面通知要求对方缴付违约赔偿。

      这三艘化学液货船是Pertiwi、Prita Dewi和Pujawati,它们的承租人都是印尼船行PT Berlian Laju Tanker Tbk的全资子公司。

    分析师:大选后首个预算案 料不会大派红包

    下个星期五公布的财政预算案,是全国大选后的第一个预算案。根据往年的经验,大选后的预算案往往会是一个保守的预算案,因此不会大派红包。

      分析师相信,今年预算案焦点会放眼中长期策略,而不是短期的应对举措,政府将继续鼓励商家提高生产力。

    曾淵滄專欄 2012 02 08炒三四線股願者上釣

    炒三四線股願者上釣

    昨日又是高開低收,受到內地股市不濟所影響,不過情況算好得多,昨日滬綜指跌 1.68%,而恒指僅微跌 10點,跌幅微不足道。

    隨着市場憧憬歐洲央行再度以長期再融資操作( LTRO)方式大印鈔票,大笨象滙控( 005)近日走勢不錯,以歐洲為主要市場的思捷( 330)也同樣亮麗,思捷是去年表現最差的藍籌股之一,今年若歐債問題緩和,思捷股價有可能跑贏大市。
    三四線股開始炒作,不過,炒作者多為細價股,有一定風險,願意冒風險者可以跟入。

    Noble Group Ltd: Upgrade to HOLD with S$1.46 fair value (OCBC)

    Noble Group (Noble) unveiled its new CEO – Mr Yusuf Alireza – who will start his appointment on 16 Apr. Mr Alireza, formerly of Goldman Sachs, has been one of the fore-runners for the post and the appointment does not come as a total surprise. Meanwhile, the current price recovery (up 27% YTD) seems to have factored in most of the positives, including the appointment of a new CEO. Hence, we are only upgrading our call to HOLD, albeit with an improved S$1.46 fair value. We would be buyers closer to S$1.30.

    Valuetronics: Revenue boost from major customer (OCBC)

    BUY (maintain)
    Fair value S$0.31
    add: 12m dividend forecast S$0.02
    versus: Current price S$0.25
    12m total return forecast 36%

    Valuetronics Holdings Limited (VHL) reported 3QFY12 earnings which exceeded our expectations. Revenue rose 17.7% YoY to HK$617.2m, while net profit was flat at HK$31.5m. Adjusting for forex and one-off items, we estimate we estimate that core net profit for 3QFY12 would instead have declined 13.8% YoY and increased 24.1% QoQ, but still higher than our expectations. This was driven by strong revenue contribution from its largest OEM customer, which more than buffered the slowdown in demand from some of its other major OEM customers and ODM segment. Looking ahead, management remains cautious on the uncertain macroeconomic landscape and rising cost pressures. But we expect strong contribution from its largest customer to continue, and believe that VHL can cope with rising cost pressures via constant efforts to improve its production efficiencies. We finetune our assumptions and derive a higher fair value estimate of S$0.31 (previously S$0.29) after rolling forward our valuation to 5x FY13F EPS. Maintain BUY given attractive valuations.

    Short Bank of America?


    Enter The Dragon (Phillip)

    Enter The Dragon
    FSSTI Closing 2907
    52 week range (SGD) 2521.95 - 3232.99
    Expected Dividend Yield (%) 3.3%
    P/E 7.2
    Market Cap. (USD mn) 520,794

    Report type: Update
    • Expects economy in 1Q2012 to expand, however macro conditions are still weak
    • FSSTI strong start in Jan, need more positives to push ahead
    • Take some profits if you can, turn neutral on the Telcos and maintain overweight on aviation services (excludes airlines) sector

    Defaulting lessees to impact NTA of FSL Trust

    Business Times - 07 Feb 2012
    Defaulting lessees to impact NTA of FSL Trust

    By CARINE LEE

    First Ship Lease Trust on Tuesday said that it has issued written notice to the three lessees of three chemical tankers who have defaulted on their lease payments under their respective lease agreements in February.

    'S'pore retail investors increasingly pessimistic'

    'S'pore retail investors increasingly pessimistic'
    by Yvonne Chan 04:46 AM Feb 08, 2012SINGAPORE - Cash looks set to be king again as punters turn increasingly cautious on risky investments.

    According to the JP Morgan Investor Confidence Index published yesterday, retail investors in Singapore have become more pessimistic in their outlook compared with six months ago, and are now looking to park their money in deposits and bond funds.

    Tuesday, February 7, 2012

    Macquarie Int’l Infrastructure Fund : Superb yield in growing assets (AM)

    Macquarie Int’l Infrastructure Fund
    LAST CLOSE: S$0.570
    FAIR VALUE: S$0.655
    52 week lo / hi $0.46 / $0.63
    Superb yield in growing assets

    Infrastructure assets offer sustainable yield
    We initiate coverage on Macquarie International Infrastructure Fund (MIIF) with a BUY and a fair value of $0.655. MIIF shares took a beating during the global financial crisis. Subsequent asset disposals and acquisitions have transformed the Fund into an Asian‐focused, highly‐transparent entity which the general market has yet to recognize. An infrastructure fund should trade at the lower end of the high‐yield spectrum given its low business risk. BUY.

    PhillipCapital Weekly Market Watch 03.02.2012

    Ascendas REIT: Adding on Science Park assets (CIMB)

    Ascendas REIT
    Current S$1.92
    Target S$2.14

    Adding on Science Park assets
    AREIT buys four Science Park assets for S$183m from its sponsor Ascendas Land at an average NPI yield of 7.3%. This is accretive both on a property level and on a DPU level.

    Noble: The new phase of Noble (CIMB)

    Noble Group
    Current S$1.44
    Target S$0.99
    The new phase of Noble
    Noble has announced the appointment of Mr Yusuf Alireza as CEO and board member effective 16 Apr 2012, confirming months of market rumours. We view this as a step in the right direction, although it remains too early to pop the champagne.

    Capitacommercial Trust: Contemplating Twenty Anson (CIMB)

    Capitacommercial Trust
    Current S$1.12
    Target S$1.29
    Contemplating Twenty Anson
    CCT was reported to be in negotiations to acquireTwenty Anson ataround $2,120 psfof NLAwithout income support (or$430m).We are mildly negative if this is true, as the net yield ofthe asset is below CCT’sNPIyield and near term upside is unlikely.

    倒债大限近 财改仍不定 德法要希腊减债负责

    倒债大限近 财改仍不定 德法要希腊减债负责
    Created 02/07/2012 - 17:40

    (雅典7日讯)希腊迟迟敲不定国际债权人要求的财政改革条件,离倒债大限又近一步。德国总理默克尔和法国总统萨尔科齐提高警告分贝,要希腊为减债“负起责任”。

    曹仁超谈2012股市 调整已完成慢牛已至

    视频:曹仁超谈2012股市 调整已完成慢牛已至
    http://www.sina.com.cn/ 2012年02月05日23:00 宁夏卫视《中国经营者》
    从平民到股市大亨,什么是他的投资法宝,展望2012,他如何看待内地股市,楼市、股市和黄金,资金应该投往何处,2012股市春天真的来了吗,《中国经营者》2012展望系列,专访曹仁超。

    How quickly will the US jobless rate fall? (DB)

    How quickly will the US jobless rate fall?
    ‰Markets have been unable to kick on from Friday’s payrolls-inspired optimism. Major European bourses closed a tad lower and US bourses are presently on course to do the same. In a piece of positive news, German factory orders posted a slightly better-than-expected 1.7% mom gain in December (as our first chart shows, the uplift in annual growth accords with a modest improvement in the PMI as late). However, markets remain bothered by the lack of progress in securing a Greek deal (either the PSI or an agreement to meet the conditions needed to secure a further bailout package), with German Chancellor Merkel reminding Greece and other stakeholders that “Time is running out”. French President Sarkozy said that allowing Greece to go bankrupt “isn’t an option” and he urged the Greek Government to “do its homework and carry out its responsibilities”. Apparently Greece has agreed to cut 15,000 state workers by the end of the year.

    Valuetronics: Cheap + High Dividend yield + High ROE + Net Cash = BUY! (CIMB)

    Valuetronics Holdings Ltd
    BUY; TP: S$0.34
    Price @06/02/12: S$0.245
    52-week range (SGD): 0.19 – 0.31
    Market cap: S$87.8m
    Cheap + High Dividend yield + High ROE + Net Cash = BUY!

    Recommendation
    • Maintain Buy with the unchanged target price of S$0.34. We roll forward our valuation for Valuetronics to 5x CY13 EPS from 5x CY12 EPS to derive a target price of S$0.34. We believe that Valuetronics is still looking attractive considering its current valuation (3.5x CY13 PE), prospective dividend yield of 7.9-8.4% (FY12-14), high ROE of 19.9- 23.2% (FY12-14), and net cash position.

    BYD: Possible better-than-expected FY11 Performance (Phillip)

    BYD
    52 w eek range (HKD) 10.92 - 38.5
    Possible better-than-expected FY11 Performance

    Q3 result review
    Rating: Hold, CP: 24.66,TP:25.2

    Company profile
    Founded in 1995, BYD’s main business is now composed by IT (rechargeable battery and handset component), automobiles and new energy (solar farm, battery energy storage station, electric vehicle, and LED, etc). In 2003, It entered automobile business by purchasing Tsinchuan Auto. BYD was listed on HKEx in July 2002.

    NOL: Wait for better entry level (KE)

    Neptune Orient Lines
    Wait for better entry level
    Robust volume offset by weaker rates. Neptune Orient Lines (NOL) reported a 6% YoY increase in container shipping volumes for the six weeks from 19 November 2011 to 30 December 2011 (Period 12). This was helped by the burgeoning intra-Asia traffic growth. However, the average revenue per forty-foot equivalent unit (FEU) fell by 14% YoY to about US$2,265/FEU, reflecting persistent industry challenges, in particular on the long-haul routes. We maintain our Hold rating on NOL.

    YTL Power: A different animal now (Kenanga)

    YTL Power Int’l
    Market Perform ↔
    Price: RM1.84 Target Price: RM1.85 ↓
    52-week range (H) 2.45
    52-week range (L) 1.63
    A different animal now

    We think YTL Power Int’l’s (YTLPOWR) is moving away from being perceived as a defensive play with dividend payout declines and its ventures into untested territories (YES-4G, Jordan oil-shale). We think YTLPOWR is transitioning towards a more exciting earnings growth company in the longer-term via high risk-reward businesses. However, it also means continuous growth of its concession businesses to sustain its ambitions. We think YTLPOWR is hoarding cash as it tends to hunt for bargain acquisitions during weak economic conditions. Locally, we opine YTLPOWR will qualify to bid for the new 750MW gas power plant capacity as it enjoys more cost and site advantages vs. other players.

    Sheng Siong: Recession Hedge (CIMB)

    Sheng Siong Group
    Current S$0.46
    Target S$0.51

    Recession Hedge
    Conditions are ripe for major store expansion in the next couple of years. We are excited by the rather high certainty of earnings growth as execution risks are low. This makes Sheng Siong a powerful hedge against a recession.

    Muhibbah: Relief on APH issues (Kenanga)

    Muhibbah Engineering
    OUTPERFORM ↔
    Price: RM1.41 Target Price: RM1.97
    52-week range (H) 1.91
    52-week range (L) 0.90
    Relief on APH issues
    Media news reported that a CIMB-led consortium together with Muhibbah is taking over up to 75% of APH’s shares through debt to equity swap. APH is currently owned by KIC Oil and Gas Sdn Bhd (90%) and Trek Perintis (10%). The project, man-made oil terminal island has reached 60% completion and the consortium will take up to 18 months to finish the remaining construction works. The project is viewed as viable by the consortium. This is a positive development for Muhibbah as this might resolve the concern on its RM370m long term receivables (from APH).

    曾淵滄專欄 2012 02 07: WhatsApp打擊電訊商

    WhatsApp打擊電訊商
    上周五美股表現得很好,昨日香港所有傳媒一致看好,都認為恒指破 21000點沒問題,事實也的確如此,恒指一開市就上破 21000點大關,但開市那點就是全日最高點,開市後股價就往下跌,調整了,股市一口氣升這麼多,調整是正常的,我對後市依然看好。

    China Waking Up to Banking Sector Problems


    Nobody Has Confidence Things Can Get Done in Greece: Strategist

    Liquidity wave hitting Asian shores (DB)

    Liquidity wave hitting Asian shores
    Global liquidity boost to support Asia FX
    Global liquidity has grown meaningfully in recent months as key central banks commit to easier monetary policy. This surge in global liquidity may have further to run as we await LTRO 2, another rate cut from the ECB, imminent RRR cuts in China, and potentially even QE3 in the US.

    STX OSV: Premium OSV builder (OCBC)

    STX OSV specializes in the design and construction of complex and highly customized vessels used in the most challenging and difficult offshore environment. Its strong design and manufacturing capabilities, coupled with an advanced level of integration, allows it to stay nimble against the cost competition from Asian shipyards. The group enjoys a natural advantage from its operational headquarters in western Norway, which remains at the forefront of offshore developments for the foreseeable future. Initiate with BUY and a fair value estimate of S$1.65 (based on 9.7x FY12F EPS).

    SIA: Still no sign of recovery (CIMB)

    Singapore Airlines
    Current S$10.61
    Target S$10.45
    Still no sign of recovery
    SIA told analysts last Friday that forward bookings are weak across all classes of travel and that it is becoming more difficult to sell premium seats. Underlying yields are lower yoy while the airline is only able to recoup half of its fuel cost gains.

    DBS-bullish-about-prospects-in-China-HK-and-Taiwan


    无形VS有形:投资Facebook还是黄金?

    无形VS有形:投资Facebook还是黄金?
    作者:Addison Wiggin 2012-02-06

    Facebook上市以后,其市值将接近于美国市值最高公司的四分之一,根据以往经验,这种情况会维持数十年时间。
    股市正呈上升之势,小型股、中型股和大型股都是如此,看看IWM(小型股)、MDY(中型股)和SPY(大型股)这些指数股在1月份的巨大涨幅你就知道了。

    波罗的海指数暴跌 船务公司缓期开工一片冷清

    波罗的海指数暴跌 船务公司缓期开工一片冷清
    http://msn.finance.sina.com.cn 2012-02-03 22:55
    来源: 央视财经频道《经济信息联播》

    波罗的海指数暴跌 上海港干散货运量减4%

    视频:波罗的海指数暴跌 上海港干散货运量减4%
    http://msn.finance.sina.com.cn 2012-02-03 22:55
    来源: 央视财经频道《经济信息联播》

    波罗的海指数一月暴跌62.5% 现历史最低点位

    视频:波罗的海指数一月暴跌62.5% 现历史最低点位
    http://msn.finance.sina.com.cn 2012-02-03 22:55
    来源: 央视财经频道《经济信息联播》

    互联网史上最大套现:Facebook狂欢B面

    互联网史上最大套现:Facebook狂欢B面
    http://msn.finance.sina.com.cn
    2012-02-06 03:38 来源: 21世纪经济报道

      杨琳桦

      一场顶级资本盛宴,亦展示着硅谷刀锋的两面。

      “硅谷人才竞争非常激烈。我在硅谷呆了20多年、做了三家公司,感受最深的就是,人才好招但难留。”旧金山时间2月2日晚,硅谷最大华人科技协会华源科技协会主席、网络安全公司FoRTinet(纳斯达克:FTNT)创始人兼首席执行官Ken Xie在接受本报记者越洋电话采访时指出:“现在,硅谷人的平均跳槽时间已经不到两年。”

    S'pore banks may see slower earnings growth this year

    S'pore banks may see slower earnings growth this year
    by Pamela Koh 10:34 PM Feb 06, 2012
    SINGAPORE - The Republic's three big banks may see their earnings growth moderate this year due to continued pressure on net interest margins, according to analysts.

    Greece busts another bailout deadline as Merkel fumes

    Greece busts another bailout deadline as Merkel fumes
    04:46 AM Feb 07, 2012
    ATHENS - Greece yesterday let yet another deadline slip for responding to painful terms for a European Union-International Monetary Fund bailout as German Chancellor Angela Merkel made clear Europe's patience was wearing thin over the drawn-out negotiations.

    Indonesian economy grows at fastest in 15 years

    Indonesian economy grows at fastest in 15 years
    04:46 AM Feb 07, 2012JAKARTA - Indonesia's economy expanded last year at the fastest pace since before the Asian financial crisis as rising investment and domestic spending offset a slowdown in export demand due to Europe's debt crisis.

    Monday, February 6, 2012

    歐債擾亂區域加息‧轉打貨幣戰‧大馬貨幣政策進退維谷


    财女风情:与钱共舞

    财女风情:与钱共舞
    Created 02/06/2012 - 14:01
    塔木德说:“金钱可能是个慈悲的主人,同时也是能干的庸人。”

    “赚钱不难,用钱不易。”

    “有钱是好事,但是知道如何使用更好。”

    财女风情:富脑袋=富口袋

    财女风情:富脑袋=富口袋
    Created 01/30/2012 - 13:43
    穷人,富人,简单四个字,却创造了世界的分化格局,而且造就了穷人永远比富人多的真理。

    至于什么是穷人和富人,那可就是各有说辞。

    富人的成功,穷人的平庸,二者之间究竟有什么秘诀和不同?

    雙層排屋炙手可熱‧服務公寓後市崛起

    雙層排屋炙手可熱‧服務公寓後市崛起
    Created 02/05/2012 - 19:37
    賣得火紅的房產業,會有類型掉換位置的時候,當然,也有穩坐寶座的產業類型。大馬房地產發展商會不久前對業者展開的調查,總結受訪業者的意見,雙層排屋排名榜首,是最多人屬意的房產單位,也是發展商優先考慮興建的產業類型,以應購屋者/投資者的需求。

    Govt seen focusing on longer-term initiatives in Budget 2012

    Baltic dry index slips but may signal reversal

    Business Times - 06 Feb 2012
    Baltic dry index slips but may signal reversal

    (LONDON) The Baltic Dry Index, a measure of commodity shipping costs, extended a 25-year low even as hire costs for some shipments to China gained.

    The index slid 1.7 per cent to 651, the lowest since Aug 27, 1986, according to the Baltic Exchange. Rents rose for Capesize ships sailing to China from Australia and Brazil, according to data from the London-based assessor of freight rates. Overall, Capesize rents slipped 0.3 per cent to a daily US$5,312.

    Are liquidity and speculative fever enough?

    Business Times - 06 Feb 2012

    STOCKS
    Are liquidity and speculative fever enough?

    By R SIVANITHY
    SENIOR CORRESPONDENT

    IT'S not often that the market lives up to expectations, but last week was one such occasion when liquidity provided ample support for blue chips and penny stocks jumped into play - exactly as forecast in last week's column.

    This week, however, you'd have to ask: are liquidity, momentum and speculative fever enough to keep the ball rolling?

    Penny stock boom poses challenges to investors, SGX

    Business Times - 06 Feb 2012

    Hock Lock Siew
    Penny stock boom poses challenges to investors, SGX

    By R SIVANITHY

    WHEN volume and speculative interest in penny stocks take off as they have over the past week, regulators should brace themselves - because history has shown they might soon have their work cut out for them.

    AEIs to boost retail REITs (UOBKH)

    Property Nuggets: AEIs to boost retail REITs

    What’s New
    • Retail REITs will continue to see DPU improvements as they deliver on asset enhancement initiative (AEI) projects in 2012. This helps to refresh the tenant mix of malls and introduce new tenants and retail concepts to boost shopper traffic and rentals.

    • In addition, the impending closure of The Heeren for renovation works for 18 months will reduce the excess supply of space in Orchard Road.

    Frasers Commercial Trust: Increased Stake in Australian Asset to Lift DPU by 1.4% (UOBKH)

    Frasers Commercial Trust
    Increased Stake in Australian Asset to Lift DPU by 1.4%
    BUY
    Price/ Target S$0.785/S$0.92

    What’s New
    • Upgrade to BUY with target price of S$0.92 (previously S$0.86), as a) we expect rentals and occupancies to outperform our previous estimates, with lease renewals at China Square Central (CSC) proceeding on track, and b) we see fresh catalysts from an increased stake in Caroline Chisholm Centre (CCC), which could lift DPU by 1.4%.

    CapitaLand: Cabinet reshuffle (JPM)

    CapitaLand
    Overweight
    Cabinet reshuffle
    Price: S$2.65
    Price Target: S$2.80

    CapitaLand announced today key appointment changes to its senior management team. Key changes, effective from 6 Feb 2012 include:
    • Lim Ming Yan will focus on his role as Group COO and relinquish his position as CEO of the Ascott Limited;
    • Olivier Lim will be appointed as the Group CIO from the current Head of Strategic Corporate Development;
    • Wen Khai Meng will focus on his role as CEO of CapitaLand Financial Limited and relinquish his role as Group CIO;
    • Jennie Chua will retire from her current role as the Group CCO;
    • Chong Kee Hiong will be appointed as CEO of Ascott

    SIA: Key takeaways from analyst briefing (UOBKH)

    Singapore Airlines
    Share Price S$10.60
    Target Price S$11.00
    Upside +3.7%
    (Previous TP S$10.90)

    Key takeaways from analyst briefing
    What’s New
    • Singapore Airlines (SIA) held an analyst briefing following the release of its 3QFY12 results. These are our key takeaways.
    • Flat yields yoy but rise in jet fuel prices resulted in a weaker quarter. While higher fuel surcharges supported yields, the yoy increase was mainly offset by lower base yields. Flat yields could not make up for the higher unit costs (primarily from jet fuel), resulting in net profit declining 53%.

    Final leg of Dragon Year Rally? (CIMB)

    Final leg of Dragon Year Rally? –
    The Singapore stock market has done well for 2012, gaining 10.3% year-to-date. Even long suffering small caps have benefited from this rally. We have observed interest funnelling down to low priced shares or the more unflattering term “pennies”. This is always a warning sign to be cautious as history has always shown that the market is ripe for correction once the market reaches this stage. Meanwhile, traders may find this list of stocks (see inside) with absolute price less than 15cts that have yet to move year-to-date helpful.

    2012哪里最吸“金”?

    2012年投资者该如何投资理财?本报访问了多个基金经理、理财专家,为读者出谋划策。

    刚踏入2012年才一个多月,全球投资交易气氛浓,呈现出龙腾虎跃新气象。

    美国就业前景乐观 海指料仍有上升空间

    新加坡证券投资者协会研究公司首席分析师黄建锝说,随着美国乐观的就业数字以及最近海峡指数突破主要阻力线——200天移动平均线,新加坡市场料继续趋向上升。海峡指数料将能够保持在2900点之上。而市场目前对于‘小小股’已兴趣浓厚。他建议投资者在投资有关公司的股票之前,应先了解该公司的业务和财务基础。

    曾淵滄專欄 2012 02 06: 乾卦估市有板有眼

    乾卦估市有板有眼

    最近施永青在《 AM730》寫易經乾卦,相學有趣,施永青以乾卦來談政治,描述一個人如何治天下,當上九五之尊的皇帝,乾卦的第五爻即九五爻,爻文為「飛龍在天,利見大人」,即當了皇帝。

    Small Cap Strategy: Will the Bull return in the Dragon year? (DMG)

    Small Cap Strategy: Will the Bull return in the Dragon year?
    Executive Summary
    Turnaround is closer than you think… If history is anything to go by, the Singapore market may turn around as soon as the first quarter of 2012. A check into the down periods over the past 15 years reveals that the recovery always coincides with the trough in the economy. Debunking conventional wisdom, we have noticed that both large and small caps move up in tandem, rather than a lag in recovery for the latter. This may seem a little too soon to many investors, given that the Singapore market hasn’t fallen as deep or as long as previous crises. But I think that this is likely due to the fact that the economy is not as badly hit this time round. Our economics team still expects positive GDP growth for all four quarters of 2012.

    曹仁超:无股之灾

    无股之灾
    一月 30th, 2012 by 曹仁超

    恭喜发财,恭喜大家龙年行好运,壬辰年乃水龙年,即好多水咁解!
    自2011年10月开始,欧债危机对欧洲以外地区影响力渐渐减弱,成为地区性问题,即2012年及2013年欧债危机只能继续影响欧洲及同欧洲有大额贸易的公司,对其余国家或地区的影响力逐渐式微。例如欧洲Stoxx 600指数由去年9月22日至今已回升16%,去年10月至今欧罗则回落10%;恒生指数亦由去年10月16000点回升至早前超过20000点收市,不知那些睇12000点的分析员龙年展望如何?睇8000点?

    US$550,000 or higher DCR for UDW rigs looks inevitable (BoA)

    Offshore & Marine
    US$550,000 or higher DCR for UDW rigs looks inevitable
    Reiterating our optimism on SGX-listed rigbuilders
    We reiterate our optimism on rigbuilders as we expect them to benefit from further evidence of rising day charter rates (DCR) for ultra-deepwater (UDW) rigs. Keppel Corp and Sembcorp Marine are key beneficiaries of the fast-growing demand for new-generation semisubmersible rigs. The positive sentiment is expected to spill over to Yangzijiang, which is on track to win its maiden jackup rig orders in 1H12. But we are wary of any flow-through optimism on COSCO Corp, whose fortunes are compromised by the weak one-year newbuild backlog for dry bulk carriers.

    Singapore Airlines: Going remains tough (OCBC)

    After today’s 3QFY12 results briefing with Singapore Airlines’ (SIA) management, we learned there is a current overall weakness in advance passenger bookings and the weakness cannot be solely attributed to premium or economy seats. Geographically, demand seems especially weak in flights to Europe. In the air cargo segment, management attributed SIA Cargo’s operating loss of S$40m to the usual peak shipping season that failed to materialise in 3QFY12. Despite pockets of strength in global purchasing manager indices, management provided a gloomy outlook for its air cargo business and guided cargo yields to continue falling in the current quarter. We maintain our fair value estimate of S$10.85/share, which has already factored in the challenging times the aviation sector is currently facing, and HOLD rating on SIA.