Saturday, April 14, 2012

曾渊沧: 坏消息被放大 后市有信心

坏消息被放大 后市有信心
作者: 来源:中国证券网 2012-04-12

今年首两个月,股市进展不错,但进入了3月份,就阻力重重。

  有甚么坏消息?实际上没有,或者说是好消息出尽,市场在缺乏强而有力的影响股市的消息之下,自己创造了一些消息,有时好,有时坏,但是,不论好坏消息,都被市场放大了。

颜敏树:表现可两极 马股攀跌看外围因素

颜敏树:表现可两极 马股攀跌看外围因素
Created 04/07/2012 - 18:45
(吉隆坡7日讯)松大智囊团成员及资深基金经理颜敏树指出,外围因素恶化与否,估计将对大马股市造成40点的波动。

这意味着外围因素一旦恶化,富时隆综指将会下陷至1566点;相反地,外围因素一旦改善,马股将有可能直冲1640点的水平。

“外围因素若没有恶化,富时隆综合指数可上看1640;若外围因素恶化,根据50天移动平均线,支撑点会在1566点。”

股市乖离经济走势 陈剑:此时买股偏贵

股市乖离经济走势 陈剑:此时买股偏贵
Created 04/08/2012 - 10:47
(吉隆坡7日讯)松大资本投资者策略(马来西亚)研究部主管的松大客籍讲师陈剑认为,我国经济近两年开始放缓,但股市却破新高,是一乖离现象,最终将被修正。

作为《谈股论金》讲座会第二位上台演讲的陈剑指出,国家银行已经把国内生产总值(GDP)预测调低,显然我国正处于走软趋势,然而,富时隆综指却在此时冲破去年7月的1597高点,上攀至1609点的历史新高。

“因此,在这种乖离情况下所购买的股票,都是偏贵的。”

解码财商 2012 牛市 还有多远? 120410


M&L to raise up to $509m in IPO

M&L to raise up to $509m in IPO
print |email this article
M&L Hospitality Trusts, which owns hotels in Singapore, Australia, and Japan, plans to raise as much as $509 million via an initial public offering (IPO) in Singapore, according to a term sheet seen by Reuters.

M&L plans to sell up to 585.4 million units at an indicative price of $0.80 to $0.87 a unit, which works out to a forecast annualised distribution yield of 7.4 to 8 per cent for 2012 based on the expected earnings.

China's growth in Q1 slowest in 3 years

Published April 14, 2012
China's growth in Q1 slowest in 3 years
GDP up just 8.1% even as new yuan loans surge and industrial, retail sectors pick up
print |email this article (Beijing)

CHINA's growth slowed more than forecast last quarter to the least in almost three years, prompting economists to predict a rebound as Premier Wen Jiabao loosens policy to counter weak domestic and European demand.

Gross domestic product in the world's second-biggest economy expanded 8.1 per cent from a year earlier after an 8.9 per cent gain in the fourth quarter, the National Bureau of Statistics said in Beijing yesterday.

Sing dollar up against greenback as MAS tightens

Published April 14, 2012
Sing dollar up against greenback as MAS tightens
But narrower bands limit scope for extended USD/SGD slide, say economists
ByEmilyn Yap print |email this article A good sign?(Singapore)

THE Singapore dollar jumped to its strongest level in more than six weeks yesterday after the central bank tightened monetary policy.

One hour after the Monetary Authority of Singapore's 8am announcement, the Sing dollar was up 0.5 per cent to 1.2476 against the US dollar, according to Bloomberg data. It reached 1.2457 at 7pm. There were two parts to MAS' decision: It increased the slope of the Sing dollar nominal effective exchange rate (NEER) policy band "slightly", and also restored the band to its narrower state.

MAS surprises with tighter monetary policy

Published April 14, 2012
MAS surprises with tighter monetary policy
Unexpected move sends Singapore dollar surging; the central bank also raises its core inflation forecast to 2.5-3% and sees headline inflation hitting 3.5-4.5%

By Emilyn Yap AND Teh Hooi Ling print |email this article Tracking the trend(Singapore)

STUBBORN inflation has become the beast to slay.

The Monetary Authority of Singapore (MAS) surprised markets yesterday by tightening monetary policy, as the economy showed signs of re-acceleration with strong advance Gross Domestic Product estimates for the first quarter.

壽險普險逾40家過剩‧保險業整合勢在必行

壽險普險逾40家過剩‧保險業整合勢在必行
Created 04/13/2012 - 19:00

(吉隆坡13日訊)大馬投資(AMMB,1015,主板金融組)併購天安亞洲(KURASIA,5097,主板金融組)保險臂膀,崛起成為大馬保險業龍頭,分析員認為國內保險公司太多,整合勢在必行,但估值將是未來的挑戰所在,因外圍局勢不明朗恐限制保險公司議價能力。

2012-0409-57金錢爆(想賣趁現在?)


茅台年股息率不及存银行

茅台年股息率不及存银行
http://msn.finance.sina.com.cn 2012-04-12 13:31 来源: 宁夏卫视《财经中间站》

曾渊沧:港股依然压力重重 操作勿轻举妄动

过去一星期,内地股市表现不错,上海综指回升到23000点之上,昨日升幅更是明显扩大。不过,港股在欧美股市表现不理想的情况下连跌多日,昨日才出现反弹。

欧美股市前期下跌的原因,表面上是美国的就业数据不理想,再加上西班牙国债息率回升所致。实际上,我认为这只是市场在缺乏消息之下创造出来的消息,目的就是造淡,唱空股市。西班牙是大国,欧洲中央银行绝对不会任西班牙的国债遭大鳄炒作压低,有必要的话欧洲央行随时可能入市买西班牙国债,杀投机大鳄。美国的就业数据是在进步中,所谓差过市场的预期只不过是有人特意把预期提高,目的也是造淡。

当然,现阶段恒指走势是大圆顶,因此大盘依然是压力重重,不宜轻举妄动。

航运股处于寒冬

航运股面对巨大的压力,因为欧美经济放缓,再加上过去两年落成下水的新船很多,导致运价下跌,营业额、利润皆受压。造船股问题更大,谁也不敢再订购新船,现在可以说航运股正处于寒冬中。要度过寒冬,不排除部分航运股会供股集资。也许,供股集资那一天就是坏消息出尽的日子,可以考虑搏一搏。2009年我就是趁一家航运股胜狮货柜(00716)供股集资时买入此股,当时供股价每股0.35港元,至今股价上升多倍。

城市电讯宣布出售旗下所有的电讯业务给私募基金,收回50亿港元现金,其中20亿将以特别股息派给股东,每股可分到2.5港元。昨日此股收市价4.7港元,以4.7港元买入而收2.5港元,每股实际成本是2.2港元,分了特别股息后,剩下的30亿现金将用来发展电视业务,每股现金值将高达3.5港元,折让幅度大约三分之一。此股昨日股价下跌10%,是因为市场不看好新电视台,认为新电视台打不过财雄势大的TVB。不过,我们看看城市电讯老板王维基过去的表现。当然他就是以小资本来打入香港的电讯业,对抗巨无霸而成功。我估计他会以同样的战略进攻电视业务,不会与TVB硬战斗烧钞票。大家有点闲钱可以搏一搏。

近来,尽管大盘不济,但一些内房股股价表现得相当硬朗。市场上出现一些憧憬人民银行再进一步放宽银行存款准备金率。银根太紧,民间中小企业一家家倒闭,民企老板跑路,造成社会不稳定。温总理讲话经常翻来覆去一下子紧一下子松。一方面说房价未跌到合理价,一方面又说银行要保住实体经济,解决中小企业贷款难的问题。市场的确相当无所适从。人人只能观望,或投机短炒。


Source/Extract/Excerpts/来源/转贴/摘录: 腾讯财经
Publish date: 13/04/12

Sheng Siong Group: Defensive play in uncertain times (OCBC)

Ahead of Sheng Siong Group’s (SSG) 1Q12 results, we are anticipating a YoY increase in its 1Q12 revenue following additional contributions from more stores and higher sales volumes following the Chinese New Year festivities. In terms of its margins, we expect increased sales turnover over the CNY period and higher rebates from suppliers to overcome sustained price competition amongst the big three local supermarket chains. With SSG’s share price relatively unchanged since the release of its FY11 results, it is our view that the above expectations have been priced in, and the counter should continue to remain stable going forward. As such, with recent market weakness and uncertainty, we reiterate our belief that SSG offers investors downside protection with the addition of an attractive dividend yield (FY12F: 5.8%). Maintain our HOLD rating at an unchanged fair value estimate of S$0.49.

Singapore Industrial REITs: Backed by stable industry conditions, deal flow (Daiwa)

Singapore Industrial REITs
Backed by stable industry conditions, deal flow
• Stable industrial-sector rents should underpin 1Q12 results
• Deal flow remains abundant
• We remain Neutral; prefer the office and hospitality S-REITs

�� What's new
The Singapore industrial-property real estate investment trusts (REITs) are scheduled to announce their quarter-end March 2012 results from 17 April 2012.

Noble: Watching the Soy Crop in South America (Citi)

Noble Group (NOBG.SI)
Price (11 Apr 12) S$1.29
Target price S$1.68
Expected share price return 30.2%
Expected dividend yield 2.2%
Expected total return 32.5%

Watching the Soy Crop in South America
 Latest USDA estimates indicates further reduction — The April report highlights further reduction in the South American soy crop. Compared to estimates from a month ago, Brazil’s crop will reduce by 4% to 66mt and Argentina’s crop by 3% to 46.5mt. Issue is linked to warm temperatures and a lack of rainfall since late February that has reduced yield and production prospects. Compared to estimates in early 2012, Brazil’s and Argentina’s crop is reduced by about 11%. Global oilseed production is now projected at 440.6mt, a 2% reduction from last month’s estimates.

第一回合回顾:《股市资讯》投资组合领先海指

第一回合回顾:《股市资讯》投资组合领先海指
文: 朱皓翔 , 汪文龙 (译:麦美莹) 2012年04月13日 展望
在2011年12月30日,我们下了战书,与海峡时报指数展开一场激烈的对决。这是《股市资讯》研究团队首次的角力,我们运用了我们的专门技术及对本地股票的知识来与带领大市的海指一较高下。

本文将对这场引人注目、与海指强弱悬殊的竞赛作第一回合的回顾。以或然率计算,海指应该可以把我们打败,但令人惊讶的是,《股市资讯》投资组合在第一回合(第一季度)胜出了!

但现在还不是举杯庆祝的时候,我们需要谨慎检讨我们所挑选的股只迄今的表现,看看为何它们可以胜出。因此,我们为我们的投资组合中的全部12只股制定了一个评分系统。这个系统将会以三个标准来作分析:

你掌握了这些股市动向吗?

你掌握了这些股市动向吗?
文: 李廷伟 , 王秋莹 (译:伍丽芳) 2012年04月13日 展望
2012年出现了好一些乐观的契机,它们都是投资者希望看到的景象。首先,希腊成功获得了紧急援助金,防止了欧元区债务危机扩散。虽然市场人士仍存有疑虑,但这却已令全球股市的市场情绪改变。

在今年首季,标准普尔指数达到了其自2008年6月以来的最高水平,道琼斯工商指数则创下13,178点的5年高位,印证了数据所显示的乐观趋势,表示经济正在改善。本地股市也加入升势的行列,从今年首个交易日的2,658.17点不断攀升,并于2月突破3,000点大关,直至最近还徘徊在这个水平。

假象与现实:根据实际状况进行交易(三)

假象与现实:根据实际状况进行交易(三)
(译:杨佳文) 2012年04月13日 基本理念
文:Sam Seiden

投资交易中所使用的两种主要分析方法是技术分析(technical analysis)和基础分析(fundamental analysis)。这两种分析法确实有各自的作用,但若投资者认为凭着它们就能减低风险、持续获利的话,其实是被假象蒙蔽了。一个人越是依赖这些分析方法,就越可能受到由主观看法所形成的重重假象蒙蔽,并接连失利。本文要探讨的是由基础分析造成的一种假象。

投资者是否对公司披露的信息多加留意?

投资者是否对公司披露的信息多加留意?
文: 李廷伟 (译:朱爱伦) 2012年03月30日 基本理念
当你在研究一家公司的财务报表时,你首先查看的是盈利还是收入?或是增长呢?或许你三项都会查看。这一点也不奇怪,人们往往会马上把目光放在这三个项目上,因为它们显示了这家公司的健康状况,例如公司的收入是提高了还是减少了,其盈利是否增加了等信息。这些数据也被用于计算比率,以供各种估值用途。

但你有没有去了解该公司在同一份财报内所披露的信息呢?或许你会问,什么是“所披露的信息”?这些信息基本上指的是财报内的评语或说明,一般上是针对公司希望读者多加留意的某些财务信息作出详述或解释。此举是为避免任何人因该公司没有透露一些信息而可能对该财报有所误解。

汉科环境科技重整旗鼓,展翅高飞

汉科环境科技重整旗鼓,展翅高飞
文: 李金婷 , 王秋莹 (译:杨佳文) 2012年04月13日 企业摘要
从金迪生物科技(Bio-Treat Technology Limited)摇身成为汉科环境科技集团(HanKore Environment Technology Group)后,公司如今犹如一只浴火重生的凤凰,准备展翅高飞。

2011年5月,公司不仅更换了名字,其运作也交由一支新的管理团队接掌,领军的正是现任董事长陈大伟。

陈大伟是于2009年12月透过其投资公司Giant Delight为金迪生物科技注资约7,060万元以进行重组,从而参与公司的运作。其中逾60%的款项是用于偿还金迪拖欠的可转换债券金额,余数则充作营运资本和资本开支。

星展集团计划购入印尼金融银行引来反对的声音;分析师认为长期展望乐观

星展集团计划购入印尼金融银行引来反对的声音;分析师认为长期展望乐观
文: 张玉明 (译:麦美莹) 2012年04月05日 企业摘要
星展集团(DBS Group)以91亿元收购印尼金融银行(PT Bank Danamon)的轰动消息受到部分人士的欢迎。分析师普遍感到乐观,认为这将对其在发展中市场不断扩张的组合会带来潜在长期利益。

联昌国际(CIMB)维持其对星展集团的‘表现优于大市’ 评级,并表示印尼金融银行可以为星展在印尼提供所需的网络来与联昌及大华银行(UOB)在区域中竞争。另一方面,星展可以为印尼金融银行提供资金,令其增长不再受到抑制。

野村证券(Nomura)也有同感,它表示星展在收购印尼金融银行后,可让其目前过度侧重于新加坡及香港的平台得到平衡和多样化。这家研究机构补充说:“随着印尼金融银行加入,集团来自中国、印度及印尼的收入将从11%提高至30%。”

Genting bets on new markets

The Star Online > Business
Saturday April 14, 2012
Genting bets on new markets

By LEONG HUNG YEE
hungyee@thestar.com.my

GENTING group is eyeing casino opportunities in the highly regulated Japan or South Korea after building up a war chest of more than RM13bil to fund its expansion programme.

Genting Bhd has cash and cash equivalent of RM13.2bil as at Dec 31, 2011 (FY11) with RM11.9bil in bank balances and deposits while the balance of RM1.3bil in money market instruments. It is also able to generate more than RM500mil in free cash flow every year.

资金出路少 散户料对云顶无期债券心动

资金出路少 散户料对云顶无期债券心动
(2012-04-14)

  华侨集团投资银行服务总裁颜国锦指出,今年3月初云顶成功发行18亿新元计价的无期债券给机构投资者,并获得超额认购。相信这次的发行也将有不错的表现。

夏婧 报道
xiaj@sph.com.sg

  银行存款利率回报微乎其微,股票市场起起落落,云顶新加坡等等企业发行的无期债券(Perpetual bond)引起不少小投资者关注。分析师提醒,这类债券适合具备长期持有能力、保守型的投资者,不应当期待从中赚快钱、获高利润。

报业控股半年净利1.816亿元

报业控股半年净利1.816亿元
(2012-04-14)

  各个业务领域的营收都有所改善,新加坡报业控股(SPH)在截至2月底的第二个财政季度,经常盈利比上财年同期增加了14.2%,达到9010万元,税后净利则增加11.6%至8410万元。

  稳健的第二季表现,带动集团上半财政年的经常盈利比上年同期增加了8.3%至2亿1130万元,净利则增加2.2%至1亿8160万元。

货币政策收紧 新元汇率上涨

货币政策收紧 新元汇率上涨
(2012-04-14)
经济预测数据
与货币政策报告
王阳发 赵恺健 报道

新元兑美元汇率的三天涨幅已超过1.3%,这使新元兑美元汇率今年来的涨幅达约4%,加强新元为今年来本区域表现最佳的货币。

一度重返3000点 昨日表现本周最佳

一度重返3000点 昨日表现本周最佳
(2012-04-14)
夏婧 报道
xiaj@sph.com.sg

  我国第一季的经济增幅好于预期,加上区域股市全线上扬,推动海指昨日攀高,并在盘中一度重返3000点重要心理水平线。不过,投资者在闭市前套利回吐,终收于2987.82点,上涨0.33%,这也是海指在本周的最好表现。

  市场对美国第三轮量化宽松政策的预期再度升温,刺激区域股市上涨。纽约联储主席杜德利(William Dudley)周四表示,美联储需要考虑第三轮量化宽松的成本和效益。如果经济前景恶化,第三轮量化宽松的益处将增大。自此,美联储三巨头伯南克,耶伦和杜德利的言论均倾向量化宽松。隔夜欧美股市随之上扬,道指创近一个月来的最大单日涨幅。再加上,最新数据显示,中国第一季度实际GDP年率放缓至8.1%,逊于预估,引发市场对中国降息或降存准率的预期,进一步带动市场交易气氛。

专家:收紧货币政策 因经济回弹而通胀不降

专家:收紧货币政策 因经济回弹而通胀不降
(2012-04-14)

经济师和外汇专家认为金融管理局意料之外的收紧货币政策,是因为经济增长强力回弹,而通胀压力比预期更加顽固。这次新元汇率可波动范围是恢复正常,显示不明朗的动荡局势已经改善,但新元汇率料将继续升值。

金管局昨日宣布让新元汇率加速升值和缩小其可波动范围的政策,形同收紧货币政策,使新加坡成为今年亚洲首个收紧货币政策的国家。泰国、印度尼西亚等亚洲国家几个星期来,因为通货膨胀压力,停止了扩张性货币政策(它们是通过利率进行调控),但没收紧。

我国首季经济环比强力回弹9.9%

我国首季经济环比强力回弹9.9% 
(2012-04-14)
王阳发 报道
ongyh@sph.com.sg

新加坡经济避过技术衰退,第一季环比回弹9.9%,高于市场预期。这促使新加坡金融管理局昨日调整货币政策,允许新元稍微加速升值以抵抗通胀压力,成为今年亚洲首个收紧货币政策的国家。

新元汇率昨日闻声上涨至1.2470新元兑1美元价位,三天连涨的幅度超过1%,分析员预期新元汇率今后数个月将继续上涨。

FJ Benjamin : On expansion mode (UOBKH)

FJ Benjamin Holdings
On expansion mode, BUY for 32% upside
Price/ Target S$0.340/S$0.45

Management presented for UOB Kay Hian investors recently, key takeaways include:
• Maintain BUY with a higher target price of S$0.45 (previously S$0.43).
• On expansion mode. FJ Benjamin (FJB) will be looking to add a highly scalable, mass-market fashion label to its brand portfolio this year, targeted at the Indonesian casual wear market. FJB has not acquired a mass-market brand in six years and we believe that this brand acquisition could provide a platform for the group’s next leg of growth. In our view, FJB could grow the brand to 15 stores within 2- years.

Nam Cheong : Look to the future, forget the rear-view mirror (AM)

Nam Cheong Ltd
LAST CLOSE: S$0.186
FAIR VALUE: S$0.280
Look to the future, forget the rear-view mirror

Buy the dominant OSV builder in booming M’sia oil & gas industry
We initiate coverage on Nam Cheong Ltd with a Buy and a FV of $0.280. Nam Cheong is the largest OSV builder in Malaysia with a 50%—75% market share, positioned to ride the oil & gas up-cycle set in motion by Petronas’ massive 5-year capex budget. Nam Cheong is trading at 9.3x trailing P/E, but only 6.0x forward.

Investing in properties through a Singapore REIT

Investing in properties through a Singapore REIT
Fit to Post Property - Mon, 9th Apr 2012 10:00 AM

Singapore's property market has been in the limelight for some time now. Market sentiments have been upbeat, as telling in the fact that many new real estate projects have been selling like hot cakes when they are launched.

For many investors, the objective of investing into properties is to earn rental income. As it is, the current rental yield of residential properties in Singapore is about 3% to 4%. But other than buying properties to earn from rental income directly, an indirect approach to similarly earn from such income is to invest in real estate investment trusts (REITs).

Technics Oil & Gas : Picking up steam after monsoon season (AM)

Technics Oil & Gas
LAST CLOSE: S$0.910
FAIR VALUE: S1.220
Picking up steam after monsoon season

•Surprise! Confident statement from management: Company management made a confident statement in the 2Q results announcement, “Barring unforeseen circumstances the Group is anticipating a better performance for FY2012 compared to FY2011”. This is in line with our PATMI estimate of 22m, 18% higher than last year.

Hedging the downside risk of your portfolio

Hedging the downside risk of your portfolio
by Jeffrey Ong 04:45 AM Apr 14, 2012

"Manage the downside and the upside will take care of itself" - so says Warren Buffett. This statement is important, notably in light of studies that show staying in the market - or spending time in the market - is more important than market timing.

However, while staying invested, there will be periods of significant volatility and downside. Hence it is important to recognise it, understand why it is there and, most importantly, manage it.

Should You Trust China's GDP Data?


China's growth slows but worst may be over

China's growth slows but worst may be over
by AGENCIES 04:45 AM Apr 14, 2012
BEIJING - China's economy grew in the first quarter at its slowest pace in three years, hit by sluggish exports and a weak property market, but a flurry of other data suggest the route out of the economic woods will be a short one.

"Green shoots have sprung up in many sectors, convincing us that the current slowdown looks more and more like a slow consolidation rather than a precipitous downturn like what we saw in 2008-09," Ms Ren Xianfang, a China analyst at IHS Global Insight in Beijing, wrote in a research note.

S'pore GDP rebounding prompts faster currency gains

S'pore GDP rebounding prompts faster currency gains
02:57 PM Apr 13, 2012
SINGAPORE - The Republic's economic growth rebounded last quarter, prompting the Monetary Authority of Singapore (MAS) to unexpectedly tighten monetary policy by allowing faster gains in its currency to damp inflationary pressures.

Gross domestic product rose an annualised 9.9 per cent in the three months through March 31 from the previous quarter, when it dropped 2.5 per cent, the Trade Ministry said in a statement today. The median of 12 estimates in a Bloomberg survey was for a 6.8 per cent gain. The MAS which uses the Singpore dollar to manage inflation, said it will increase "slightly" the slope of the currency trading band and raised the inflation forecast for this year.

东尼称股权交换无生变 坚信交易惠及国人



China: Hard or Soft Landing?


Friday, April 13, 2012

Genting Singapore: Positive on perpetual securities (OCBC)

Genting Singapore (GS) is offering up to S$500m worth of perpetual subordinated capital securities for retail investors at 5.125% per annum; this following the very well-received issue of similar securities to institutional investors last month. While the securities are perpetual, we believe that GS has the ability to redeem them, given its strong cashflow generating business; it also has the incentive should the interest rate environment stays low. Meanwhile the presence of a dividend stopper feature should help allay fears of any potential deferment in interest payments. We are generally positive on the issuance as it will further boost GS’s growing cash hoard for potential overseas investments, potentially via acquisitions or Greenfield projects in Japan or South Korea. As such, we maintain our BUY rating and S$2.02 fair value.

SPH’s 2Q net profit rises 12% to $84.1m

Publishing and property firm Singapore Press Holdings posted on Friday a 11.6% rise in second- quarter net profit, helped by higher rental income.

SPH, which has a near monopoly of newspaper publishing in Singapore, said its net profit rose to $84.1 million from $75.4 million a year ago. Its operating revenue grew 3.7% to $298.5 million.

Samudera Shipping Line Ltd-Annual Report 2011




Annual Report 2011

Ezra Holdings: In-line results; 2HFY12 to be even better (OCBC)

Ezra Holdings (Ezra) reported a 114% YoY rise in revenue to US$211.8m and a 177% increase in net profit to US$22.1m, such that 1HFY12 revenue and net profit both accounted for 52% of our full year expectations. Looking ahead, the group’s subsea vessels should be fully utilised given the strong order book which is in excess of US$1b. Meanwhile, Ezra’s stock price has declined by 7.5% since we downgraded the stock to HOLD on 12 Mar 2012 vs the STI’s 0.5% gain. As we roll over our valuation to an unchanged peg of 15x FY12/13F earnings for the offshore, marine and subsea business, our fair value estimate rises to S$1.35 (prev. S$1.28). With an upside potential of about 20.6%, we upgrade our rating to BUY.

Spice i2i Limited -Annual Repor t 2010 - 11

Spice i2i Limited -Annual Report 2010 - 11

新加坡央行意外地因通胀问题收紧政策

新加坡央行意外地因通胀问题收紧政策
文: 道琼斯通讯社 (译:麦美莹) 2012年04月13日 道琼斯通讯社
新加坡央行意外地收紧其货币政策,把新元汇率波动斜率“稍微”提高,因为对通胀的忧虑已高于经济。

新加坡金融管理局也把新元的汇率波幅收窄,反映了未来的不稳定因素将会减少,同时也继续其适度及渐进地让新元名义有效汇率升值的政策。它补充说,汇率波动区的水平将维持不变。

首季成長9.9%勝預期‧新加坡意外收緊貨幣政策

首季成長9.9%勝預期‧新加坡意外收緊貨幣政策
Created 04/13/2012 - 17:43

新加坡意外收緊貨幣政策,小幅上調新加坡元交易區間的斜率。新加坡金管局稱,通膨壓力仍持續存在而經濟增長狀況有所改善。

金管局還收窄了新元交易區間,同時繼續維持允許新元名義有效匯率(SGD NEER)溫和漸進升值的政策。金管局表示,新元名義有效匯率區間的終點維持不變。

歐債恐延燒‧意大利發債成本飆

歐債恐延燒‧意大利發債成本飆
Created 04/13/2012 - 19:08

意大利12日標售公債籌得資金雖接近最高目標,但發債成本躍漲,凸顯受到西班牙赤字問題再掀歐債危機疑慮影響,市場仍不相信歐洲已解決債務問題。

意大利財政部標售3年期公債共籌得28.8億歐元(37.8億美元),逼近原先設定為30億歐元的最高目標;發債殖利率為3.89%,比上月標售同天期公債的2.76%高逾1個百分點,也是1月中以來最高;投資人的投標倍數為1.43倍,低於上月的1.56倍。

估值偏高‧大選未明朗‧練國榮:馬股回調風險高

估值偏高‧大選未明朗‧練國榮:馬股回調風險高
Created 04/13/2012 - 17:45

(吉隆坡13日訊)大東方人壽保險首席投資總監練國榮表示,鑒於馬股估值已高並處於歷史高水平,加上全國大選不明朗氣氛籠罩,馬股短期料難有作為,潛在回調風險高。

儘管如此,他不預見外資將隨全國大選逼近而大舉撤離馬股,主要是馬幣近期走強,加上馬股依然是外資追求抗跌的避風港。

練國榮在匯報會中指出,馬股迄今是區域表現最差的市場之一,顯示全國大選是市場的巨大隱憂,導致投資者對馬股意興闌珊。

Strategy – Show me the money (UOBKH)

Strategy – Show me the money
We comb through the FSSTI and highlight companies with the potential for capital management on strong cashflows and company-specific factors. Within our coverage, potential candidates include SATS and M1.

Combing through the universe. Given the potential for more capital management, we analysed Singapore stocks with high net cash balances and low dividend payout. These companies are highlighted below. In our view, companies that fit the criteria for potential capital management (either through higher dividend payout or special dividends) include Metro Holdings, PEC, Boustead, Chuan Hup and Popular. UE E&C recently announced a special dividend but we see scope for the group to raise its dividend payout.

Singapore: Surprises in 1Q GDP & Monetary Policy (DMG)

• Against market expectations of just 1% growth, advanced estimates showed that real GDP came in slightly higher by 1.6% yoy in 1Q12 as compared to 3.6% in 4Q11. This was in line with our call for a 1.8% expansion in the quarter. On a seasonally-adjusted quarter-on-quarter (sa qoq) basis, real GDP rose strongly by 9.9% in 1Q vs. the 2.5% contraction in 4Q11.

• The disappointment in the quarter was the worst-than-expected slowdown in manufacturing, which contracted 2.0% yoy. We had expected flat-to-slightly positive manufacturing growth in the quarter on the back of a recovery in the electronics segment and continued support from pharmaceuticals. It also did not help that base effects were unfavorable. However, the bright spots were construction which accelerated by 6.2% yoy in 1Q vs. 4Q’s 2.6%, and services. Services expanded by 2.9% yoy in 1Q, an acceleration from 4Q’s 2.1% growth, underpinned by strengths in stock market trading activities, real estate services and tourism.

“钻石区”办公楼租金跌破$10 psf

日期:13/04/2012
新闻来源:我报
记者:吴慧敏 赵恺健
“钻石区”办公楼租金跌破$10 psf

新加坡租金最昂贵的莱佛士坊和新市区一带,办公楼租金已经跌破每平方英尺10元的水平。

房地产咨询公司高力国际(Colliers International)的最新报告书指出,本地的办公楼租金自去年底开始显露疲态,部分地区开始下滑,到了今年首3个月,更是几乎全线下跌。

Asia Shipping Wave-Capacity Returns, Can Rate Hikes Stick? (citi)

Asia Shipping Wave
Capacity Returns, Can Rate Hikes Stick?
 Chart of the week: Reactivated idle capacity and near-record high monthly deliveries: After about half a year of prudent capacity management, with liners reducing capacity on long-haul routes and idle capacity peaking at 5.8% in mid-Mar-2012, we observed that liners are now re-activating idle capacity and also taking delivery of near-record amounts of new capacity.

Fortune Real Estate Investment Trust - HK retail rents and price indexes at new highs (OCBC)

Data released on Tuesday showed that the HK private retail rent and price indexes reached new highs in Feb. The retail rent index was 0.8% higher than the previous record in Nov 2011. The retail price index, which could be interpreted as a leading indicator for rents, was 1.5% greater than the previous high in Dec 2011. New Territories, where the majority of Fortune’s malls are located, saw an increase of 15% in rent from Jan to Feb. The Dragon baby boom this year in mainland China and HK is a positive factor for retail sales in suburban malls like those owned by Fortune. Hence we maintain our BUY rating and HK$4.88 fair value.

Lian Beng Group: Lower revenue and earnings (OCBC)

Lian Beng Group (LBG) reported that both its revenue and PATMI in 3QFY12 fell 27% YoY to S$96.0m and S$10.4m respectively. Despite its operating profit margin improving by 2ppt to 12%, LBG’s 3QFY12 PATMI fell in tandem with revenue due to lower one-off gains. The street, including ourselves, had previously not expected LBG’s execution of construction projects to slow. Consequently, we lowered our estimates of LBG’s FY12 revenue and PATMI by 16% and 10%. Though management remains cautiously optimistic of order flow in both public and private projects over the next 12 months, we reduce our fair value estimate of LBG to S$0.47/share, from S$0.51/share previously, but maintain our BUY rating.

Ezra: Subsea in favour (cimb)

Ezra Holdings
Current S$1.12
Target S$1.21
Subsea in favour

On hindsight, Ezra did make the right move by investing in AMC as Subsea cameto the rescue in a quarter of softOffshore Supportmargins as a result of vessel off-hire. Maintain Outperform, in view of a stronger pick-up expected in 2H12.

Zhulian:Meeting expectations (dbsv)

Zhulian Corp
Meeting expectations
BUY RM1.87
Price Target : RM 2.30
• 1Q12 result was within expectation; declared 1st interim single-tier 3 sen DPS
• Expect FY12F to post record high earnings despite fragile global economy
• Maintain Buy and RM2.30 TP

HPHTrust: introduction of the S$ counter has not really “helped” (Limtan)

HUTCHISON PORT
US$0.72-HUTP.SI / S$0.915-HUTS.SI
 In US$ terms, HPH Trust is at its lowest in 3 months.

 Clearly, the introduction of the S$ counter (announced on Mar 22nd) has not really “helped”, other than the knee jerk up-tick in unit price to 79 US cents.

China's Q1 growth slowest in nearly three years

China said Friday its economy grew by 8.1 percent in the first three months of 2012, its slowest pace in nearly three years, as domestic demand fell and Europe's woes curbed business activity.

Gross domestic product grew by its slowest pace since the second quarter of 2009 in the three months to the end of March, the National Bureau of Statistics (NBS) said.

StanChart Global Research: unexpected tightening by Singapore

StanChart Global Research: unexpected tightening by Singapore
By Surin Murugiah | The Edge Malaysia

KUALA LUMPUR (April 13) The Monetary Authority of Singapore’s (MAS) decision to slightly increase the slope of the Singapore dollar nominal effective exchange rate tighten is a clear signal that the central bank thinks that inflation may be more persistent than expected, according to Standard Chartered Global Research.

The research house said MAS surprised the market with its decision to slightly increase the slope of the Singapore dollar nominal effective exchange rate (SGD NEER) policy band on 13 April 2012.

Singapore escapes technical recession with Q1 growth

Singapore avoided a technical recession as data released Friday showed the economy grew almost 10 percent in the first quarter, recovering from a slump in the previous three months.

There were initial worries the city-state could be headed for a technical recession, defined as two straight quarters of economic contraction, when gross domestic product (GDP) shrank 2.5 percent quarter-on-quarter in the October-December period.

曾淵滄專欄 2012 04 13: 魔童搞電視有一手

魔童搞電視有一手
王維基決定把城市電訊( 1137)的電訊業務全部賣掉。套取 50億元現金,其中 20億元將以特別股息的形式派給股東,留下 30億元現金發展電視、多媒體業務。

消息公佈後的第一天,城市電訊股價上升,第二天,股價下跌,不少大行都表示不看好王維基搞電視。

我覺得市場也太小看王維基了,王維基最擅長的事是以小博大,當年他搞電訊業時,何嘗不是以小資本對抗巨無霸?成功後以每股 1.8元上市,現在每股分回現金 2.5元。

Hengyang PANDA of the YANGTZE

Hengyang PANDA of the YANGTZE
Previous Rating n.a. Not Rated
Target Price (SGD) 0.610
- Previous Target Price (SGD) n.a.
Closing Price (SGD) 0.280
Expected Capital Gains (%) 117.9%
Expected Dividend Yield (%) 0.0%
Expected Total Return (%) 117.9%

Company Overview
A leading storage & transportation provider (tanks & jetties) to PRC/MNC businesses in liquid petrochemicals. Operates 2 terminals – Jiangying & Jingjiang cities – at the mouth of Yangtze River. Terminals upriver, at various stages of development, are Wuhan, Chongqing, Yueyang & Jiujiang.

新办公楼销售强劲

虽然预计黄金地段的办公楼租金还会继续下滑,新加坡办公楼房地产项目在今年第一季度的销售表现不俗,而其黄金地段资本值则预计可能出现上涨的趋势。

  根据房地产咨询公司高力国际(Colliers)昨天发布的季度研究报告,不少新推出市场的办公楼项目销售表现强劲,包括了位于柏城街(Peck Seah Street)的小型住宅办公室项目PS100、Robinson Square以及巴耶利峇广场(Paya Lebar Square)等。

核心商业区办公楼租金 每平方英尺跌破10元

高力国际的最新报告指出,莱佛士坊和新市区一带的办公楼租金,先是在去年最后一季下跌4.3%,随即又于今年第一季败退5.3%,截至今年3月,已平均滑落至每平方英尺9.76元。这是该地区自2011年第一季以来,每平方英尺租金第一次滑落至双位数以下。

吴慧敏 报道
nghm@sph.com.sg

新加坡租金最昂贵的莱佛士坊和新市区一带,办公楼租金已经跌破每平方英尺10元的水平。

高力国际(Colliers International)的最新报告书指出,本地的办公楼租金自去年底开始显露疲态,部分地区开始下滑,到了今年首三个月,更是几乎全线下跌,一些地区的租金跌幅甚至高达8.8%。

M&L酒店服务信托提呈招股书

上市风潮一日高过一日。有意在新加坡交易所主板上市的M&L酒店服务信托(M&L Hospitality Trust)已经把初步招股说明书呈交给金融管理局。

  据彭博社引述内幕人士的消息,M&L酒店服务信托计划通过首次公开售股(IPO)筹得高达4亿6300万元的资金。该信托欲将每股发售价定在80分至87分。有关股票交易预计从5月3日开始。

第5轮楼市降温措施不到4个月 1.1亿元额外买方印花税入账

虽然外国买家只在这期间购买了369间私宅,但所须缴付的额外买方印花税达到6620万元,占总额的六成。被加抽额外买方印花税的新加坡人和永久居民买家,则一共缴交了3850万元的税款,占总额的35%。他们在这期间总共购入1072间私宅。

李敏雯 报道
lminwen@sph.com.sg

自去年12月第五轮楼市降温措施实施不到四个月的时间,政府总共征收了高达1亿1000万元的额外买方印花税(Additional Buyer’s Stamp Duty,简称ABSD)。

根据本报向国内税务局(IRAS)收集到的资料显示,从去年12月8日至今年3月31日,本地共有1478宗房地产交易的买家,须缴付总数达1亿1000万元的额外买方印花税。虽然外国买家只在这期间购买了369间私宅,但所须缴付的额外买方印花税达到6620万元,占总额的六成。

Hi-P International 2011 Annual Report


KNM - Extends deadline for acquisition of Peterborough land

KNM Group -
Last Price : 0.875
Price Target : 0.75
Extends deadline for acquisition of Peterborough land


' We maintain SELL on KNM Group with an unchanged fair valueof RM0.75/share pegged to an FY12F PE of 10x ' a 30% discount to the oil &gas sector's 15x.

Is it really necessary for MAS to change its logo?

The Star Online > Business
Friday April 13, 2012
Is it really necessary for MAS to change its logo?
Friday Reflections - By B.K. Sidhu

MALAYSIA AIRLINES (MAS) has changed its logo or livery, as it likes to call it.

The age old red and blue on its logo are fast disappearing and have been replaced with three tones of blue. Its iconic wau is now at the tail-end. The red and blue logo was first introduced with much fanfare on Oct 15, 1987.

Singapore office property Initial signs of bottoming (JPM)

Singapore office property
Initial signs of bottoming

Singapore office stocks generally move 3 -6 months ahead of the formation of the bottom of the physical market or sometimes even the perception of this formation. The recent datapoints released by consultants have started to show signs of market bottoming, and our conversations with industry players have also indicated gradual pick ups in leasing activities. We therefore re-iterate our positive stance on the Singapore office stocks and raise our Dec-12 price targets for stocks under our coverage.

Stay or Go Away in May?



China a Very Attractive Market in H2


Talking Numbers: Are Banks a 'Buy'?


Hutchison Port Hldg Trust; Are fundamentals the real reason for lack of investor interest?

Hutchison Port Hldg Trust
Units to trade in US Dollars and Singapore Dollars

[23/3/2012] – Hutchison Port Holding Trust will start trading in dual currency from April 2, 2012.

As promised in the IPO prospectus, HPH Trust’s units will be traded in both US Dollars and Singapore Dollars.

CapitaMalls Asia- Annual Report 2011












Annual Report 2011






Annual Report 2011


Source/Extract/Excerpts/来源/转贴/摘录:
 Publish date:

M&L REIT 'has revived S$463 million IPO'

M&L REIT 'has revived S$463 million IPO'
04:45 AM Apr 13, 2012
SINGAPORE - Singapore's Kum family has revived plans to raise as much as S$463 million through an initial public offering of its M&L Real Estate Investment Trust (REIT) here, people with knowledge of the deal said yesterday.

M&L REIT originally considered an initial public offering (IPO) late last year but delayed it because of weak market conditions.

S$42,000 monthly rental for Sentosa villa

S$42,000 monthly rental for Sentosa villa
by THE NEW YORK TIMES 04:45 AM Apr 13, 2012
SINGAPORE - A three-bedroom villa at luxury hotel Capella Singapore (picture) is being offered for long-term rentals at S$42,000 a month, making it one of the most expensive rental properties here.

"We are targeting at least a two-year lease," said Mr Robert Lagerwey, general manager of the five-star hotel, which opened on the leafy tropical island of Sentosa in March 2009.

Thursday, April 12, 2012

..Facebook Fueling the Tech Bubble: Analyst

..Facebook Fueling the Tech Bubble: Analyst

CNBC – Wed, Apr 11, 2012 9:52 PM SGT
Facebook's $1 billion acquisition of photo app company Instagram will add more fuel to the much talked-about social media bubble, Michael Pachter, Managing Director for Equity Research at Wedbush Securities told CNBC.

MIIF - Annual General Meeting 12/04/2012

Macquarie International Infrastructure Fund Limited - Annual General Meeting 12/04/2012


Source/Extract/Excerpts/来源/转贴/摘录: SGX
Publish date: 12/04/12

NOL: What’s next after perps pullout? (KE)

Neptune Orient Lines
Sell (unchanged)
Share price: S$1.41
Target price: S$1.20 (unchanged)
What’s next after perps pullout?

Perpetuals postponed. Just three days after announcing on 27 March 2012 a proposal to issue SGD-denominated perpetual securities (or perps), Neptune Orient Lines (NOL) backpedalled. It cited unfavourable market conditions as the reason for postponing the issuance, which was intended to raise funds for general corporate purposes and investments, possibly in the logistics sector. If the need for capital remains, we think NOL will have little choice but to hold a rights issue.

TigerAirways: Will eased CASA restrictions really turn things around?

Two positives from Australia

[8/3/2012] - Tiger Airways says Australia's Civil Aviation and Safety Authority (CASA) has agreed to raise its daily flight sector restrictions to 64 flights from October 2012 in Australia.

This comes barely a month after CASA raised Tiger's flight restrictions to 38 from 32.

According to Tiger's announcements, new flights will be launched progressively from July to October 2012.

經濟開放‧緬甸掀投資熱‧大馬可望受惠

經濟開放‧緬甸掀投資熱‧大馬可望受惠
Created 04/12/2012 - 17:45

(吉隆坡12日訊)緬甸近期改革和歐美放寬對緬甸制裁,為外資敞開大門,掀起緬甸投資狂潮,農業、油氣、電力、旅遊和電訊成為當地最受矚目的市場,讓目前也在追趕該浪潮的大馬企業有望自緬甸成長潛力中受惠。

緬甸近期改革已引發投資緬甸的濃厚興趣,大馬企業也正趕搭列車,儘管緬甸轉型方向不明朗、風險也還在,惟僑豐研究相信緬甸契機無窮,在緬甸探討商機的大馬公司前途無量。

A slower and rougher climb for the yuan

Published April 12, 2012
A slower and rougher climb for the yuan
Analysts cite slower growth, shrinking trade surplus, easing of forex controls
ByEmilyn Yap print |email this article [SINGAPORE] The days of betting on the almost sure appreciation of the yuan appear to be over. Analysts are forecasting a slower and shakier climb for the currency as China faces slower growth, a shrinking trade surplus, and gradually loosens controls on its foreign exchange regime.

The yuan traded at 6.308 to the US dollar at 7pm yesterday, almost unchanged from the start of the year.

Where GDP goes, so too banks (CIMB)

Where GDP goes, so too banks
Monetary relaxation and bottoming GDP growth is reducingcredit cost pressure and creates the possibility of earnings upsidesurprise. Given rock-bottom valuations, downside is limited but any lift in sentiment towards GDP growth should spark a positive rerating.

We upgrade our sector call from Neutral to Overweight in view of trough-level valuations and an expected bottoming of GDP growth in 1Q12. This should reduce banks’ credit costs and may lead to upside earnings surprise. Our top picks are ICBC, CMB, CCB and BOC.

Yangzijiang: Hard to fight the tide (Daiwa)

Yangzijiang Shipbuilding Holdings
Hard to fight the tide
Rating Down from Neutral Reduce
Target price Reduced from 0.85 SGD 0.74
Closing price April 10, 2012 SGD 1.26
Potential downside -41.3%

Action: Downgrade to Reduce, TP at SGD0.74
We like Yangzijiang (YZJ) for its proactive approach in securing new contracts. However, we remain negative on the overall commercial shipping industry outlook and YZJ’s shrinking margins and orderbook. We think the share price has out-run itself and should correct to more accurately reflect the non-positive shipbuilding outlook. As such, we downgrade to Reduce with a price target of S$0.74

Shipping:Upward momentum prevails (DBSV)

Shipping:Upward momentum prevails
• April rate hikes push Asia-Europe container freight rates towards FY10 peak; more increases announced from May onwards
• But industry discipline is the key swing factor as idle fleet declines for the first time since August 2011
• If rate hikes stick despite the steep newbuild delivery schedule in 2Q12, we may turn more optimistic on liners’ earnings potential and valuations

Office REITs: A weak market does not preclude solid results (Daiwa)

A weak market does not preclude solid results
• We expect resilient DPUs even in the soft rental market
• Top picks are CCT and Suntec
• The street could still be overestimating the severity of this office-market downturn

�� What's new
The Singapore office real estate investment trusts (REITs) are scheduled to announce their 1Q12 results from 16 April 2012.

Malaysia Target RHB Promising Islamic Banking Profits: Real M&A

Malaysia Target RHB Promising Islamic Banking Profits: Real M&A
By Angus Whitley and Chong Pooi Koon - Apr 12, 2012 11:11

Potential buyers of Malaysia’s RHB Capital Bhd. (RHBC) can grab an increasing share of the biggest market for Islamic bonds at a 24 percent discount to the bank’s rivals.
RHB, whose Islamic banking profits rose ten times faster than total earnings last year, will become Malaysia’s largest stock broker after its acquisition of OSK Investment Bank Bhd., according to data compiled by Malaysia’s stock exchange. As heightened competition from foreign lenders spurs mergers among Malaysia’s banks, the OSK purchase will further boost RHB’s allure, with the Islamic banking franchise also attractive for overseas bidders, Alliance Research Sdn. said.

K-Green Trust: Potential Acquisitions to Boost Share Price (S&P)

K-Green Trust
Price: SGD1.00
Fair value: SGD1.13 - SGD1.22

Potential Acquisitions to Boost Share Price
• Value range of SGD1.13 - SGD1.22. We see KGT’s stream of existing distributions and the eventual repayment of debt by its subtrusts to reasonably support a unit price range of SGD1.13 – SGD1.22. We have derived our fair value by discounting KGT’s estimated distribution stream for the remaining life of its concessions.

曾淵滄專欄 2012 04 12: 大鱷玩嘢推冧股市

大鱷玩嘢推冧股市
前一陣子,我們一直擔心內地股市不濟拖累港股,可是過去幾天內地股市表現得還不錯,有一點點的上升,滬綜指也回到 2300點這個心理關口之上,但是,港股則受到歐美股市不濟而連連下跌。

歐美股市的下跌,基本上沒有甚麼所謂的壞消息,美股在不久前還剛剛創四年新高,眼看就要創出歷史新高紀錄,失業率在改善中,有沒有 QE3根本不會影響經濟的復蘇,日前傳媒所報道的所謂非農業職位的增長數字,遠低於市場的預期,這個所謂市場預期實際上是華爾街大鱷自己創造出來的,他們只要有訂得很高「預期」的數字,則實際數據就一定遠低於「預期」。

Bank of China: Lower growth already pricedin (KE)

Bank of China
Buy (unchanged)
Share price: HK$3.15
Target price: HK$3.80

Major Shareholders: %
Central Huijian 67.6
National Social Sec. Fund 3.3
Temasek 2.1

Lower growth already priced in
FY11 net profit at high end of consensus. FY11 net profit was Rmb124b, up 19% yoy, at the high end of market consensus. FY11 DPS was Rmb0.155, up just 6% yoy, as BOC cut its dividend payout ratio. Similar to CCB and ICBC, the cut in payout ratio was known in advance.

FirstREIT: Will it take more debt to fund its acquisitions?

Q4 distributable income more than doubles

First REIT’s key focus will be Indonesia as it expects consumption growth to rise, which will increase demand for quality healthcare services.

Its three nursing homes in Singapore remain well positioned to respond to opportunities arising from the government’s initiative to improve palliative and tertiary care.

The Trust is also adding a 5-storey extension block at The Lentor Residence, which will be completed in H2 2012.

天宇集团前首席执行员 黄忠炫在新加坡资金冻结

高庭发下临时庭令冻结天宇集团(China Sky Chemical Fibre)前首席执行员兼执行董事黄忠炫在新加坡的资金。
  天宇集团及有关人等目前正受商业事务局(CAD)调查涉嫌违反我国证券与期货法律。

  新加坡金融管理局向高庭申请庭令,要冻结黄忠炫在瑞士信贷银行(Credit Suisse)新加坡分行户头里的资金。高庭昨日于内堂聆讯此案(金管局的申请),并已经休庭。

  两周前法庭文件显示,金管局是要阻止中国公民黄忠炫提走他在新加坡的瑞士信贷银行户头里的所有资金,因为如果调查显示有触犯法律,公司董事可能被罚款。

星展集团将确保 顺利买下印尼金融银行股权

星展集团昨日说,它将与印度尼西亚当局紧密合作,确保买下印尼金融银行(Bank Danamon Indonesia)股权的过程顺利进行,并符合当地所有管制条款要求。

  它表示,按照印度尼西亚法律的结构,它相当有信心并希望收购献议将在下半年内获得批准。收购印尼金融银行是一次寻求成长的收购献议,而印尼金融银行与它的结合将有利于印度尼西亚。但它也深知可能出现的阻力,包括互惠(reciprocity)课题。

  印尼央行早前表明,与新加坡能达成一个同等相互进入银行业的协议,将是批准星展集团收购印尼金融银行献议的一个考量因素。它表示已经针对这个课题致函给新加坡金融管理局。

星展大成分行 设企业银行中心

为了给中小企业提供更便利快捷的服务,星展银行日前在大成分行开设第六家企业银行中心。

  星展大成分行位于巴耶利峇中心。银行表示,有近540万平方英尺商用面积的巴耶利峇中心一带有很多中小企业,银行在该区为超过6000家中小企业服务,包括面包物语、新宇集团(Crescendas)、联明集团(Lian Beng)等。

  星展企业银行主管林子聪说:“随着巴耶利峇中心地带被发展为主要的市区外商业中心,我们相信会有越来越多中小企业在这里设立业务。我们希望让银行服务尽可能靠近顾客,让中小企业能方便地享受一站式金融服务。”

每10股派息8元 贵州茅台创分红纪录

(上海综合讯)贵州茅台昨日公布2011年业绩,宣布每10股派现39.97元(人民币,下同,约8新元)),创下中国资本市场新的分红纪录。

  对比2010年度,贵州茅台的分红方案是每10股送1股派现23元。

  如果考虑昨日推出的分配方案,在过去11年间,贵州茅台将累计派现104.76亿元(含税)。

First REIT - Annual Report 2011

 

Annual Report 2011

Lippo Malls Indonesia Retail Trust -Annual Report 2011

Lippo Malls Indonesia Retail Trust-Annual Report 2011


Bank of America Gets a Boost


Post-Facebook IPO World


Betting on Las Vegas Sands Corp.


Gallant Venture: Can it lower rates and remain profitable simultaneously?

FY11 revenue and profit down

[14/3/2012] – Gallant Venture warns of rate cuts in industrial parks and its utilities businesses due to increasing competition.

It is hopeful of an improvement in the property development business and expects it to contribute positively in 2012.

Suntec REIT: Are tenants willing to stay only at lower rentals?

OCBC feels outlook sluggish, maintains HOLD rating

[21/3/2012] – Analysts Eli Lee and Kevin Tan at OCBC feel rentals at office buildings have already peaked in H2 2011.

The broker concludes this from the fact that rentals at Grade A properties fell 0.5% QoQ in Q4 2011, while the Grade B rentals fell by 0.4%.

Cache Logistics Trust: Gearing up for growth (OCBC)

Cache Logistics Trust (CACHE) had recently announced the close of its private placement of 60m new units at an issue price of S$0.985 apiece. We estimate CACHE’s aggregate leverage to drop to ~26% following the placement. This provides the REIT with additional debt headroom of ~S$120m, which is strong enough to capitalize on any attractive growth opportunities as they arise. In relation to the placement, CACHE also announced an advanced distribution of its distributable income for the period from 1 Jan to 29 Mar 2012. The quantum was initially guided at ~2 S cents, and is in line with the DPU of 1.95 S cents and 2.10 S cents seen in 1Q11 and 4Q11 respectively. Assuming that CACHE distributes 100% of its income for the quarter, this is consistent with our expectation that the REIT is likely to showcase another set of stable performance in 1Q12. We maintain our BUY rating with a revised fair value of S$1.11 on CACHE, after adjusting for the private placement.

Midas Holdings: More positive signals, but near term outlook still hazy (OCBC)

In our opinion, Midas Holdings (Midas) could report a lacklustre set of results during the upcoming 1Q12 reporting season, given the challenging conditions still present in China’s railway sector. While near term uncertainties remain, there are once again positive signals from the Chinese government on the longer-term sustainability of China’s railway sector. We lower our FY12 and FY13 PATMI projections by 4.7% and 2.5%, respectively, on higher financial costs and operating expenses assumptions. Consequently, our fair value estimate declines from S$0.39 to S$0.375, still based on 11x FY12F EPS. Maintain HOLD.

HPHTrust: Outlook intact, despite slow start to 2012

Company replies to Investor Central's "questions that need to be asked"

[27/2/2012] – Hutchison Port Holdings Trust says throughput so far in 2012 has been progressing as expected.

The company was responding to our questions in our earlier report titled "How can it possibly meet its growth forecast?" (Feb 20, 2012).

It also said in an email response that management is targeting emerging markets that are experiencing growth, namely the Far East, the Middle East, Africa, Central and South America and Oceania.

HPH also points out its share price declines are similar to those of other trusts.

東尼:與馬航換股成果佳

(吉隆坡10日訊)亞洲航空(AIRASIA,5099,主要板貿易)總執行長丹斯里東尼費南德斯指出,亞航與馬航(MAS,3786,主要板貿易)的換股聯盟是個滿載而歸的經歷,至今合作進度良好。

 “我們成功把雙方不同之處擱置一旁,並一起努力實現共同目標。我對這項交易感到高興。”

 儘管一再被追問,但他拒絕透露更多細節。

航運不振供過於求 超大油輪如廢鐵

(倫敦10日訊)全球航運不景氣,運費暴跌,導致超大型油輪(VLCC)供過于求,據知,船齡15年的二手VLCC價值甚至已接近廢鐵價格。

 英國每日電訊報報導,由于2008年金融風暴之前船主踴躍下單訂船,但到了交船時刻,全球石油需求卻大不如前,不但運費跌到成本以下,根本不需要這么多油輪。

 船主發現,與其支出每天1萬美元(約3.1萬令吉)的基本費用維持油輪運作,不如把舊船當廢鐵出售。

Funds of China Sky's former CEO to be frozen

Funds of China Sky's former CEO to be frozen
04:45 AM Apr 12, 2012
SINGAPORE - The High Court yesterday granted an interim order to freeze the funds of the former chief executive officer of China Sky Chemical Fibre, which is being probed for regulatory breaches.

According to papers filed with the Singapore High Court two weeks ago, the Monetary Authority of Singapore (MAS) wanted to prevent Mr Huang Zhong Xuan, a Chinese national, from transferring money out of his Credit Suisse Group account here as China Sky and its directors may be fined as a result of the probe.

'Scrapping FIS will not turn off foreigners'

'Scrapping FIS will not turn off foreigners'
by Thomas Cho 04:46 AM Apr 12, 2012
SINGAPORE - The soon-to-be scrapped Monetary Authority of Singapore's Financial Investor Scheme (FIS) is unlikely to dampen foreign investors' appetite for residential properties here.

Property agents say this is because such investors account for less than 1 per cent of overall residential property transactions in Singapore.

This was in response to earlier concerns that the scrapping of the FIS may be viewed as yet another measure to curb Singapore's red hot property market.

Wednesday, April 11, 2012

傳外國人置產底價或上修‧分析員:打房不彰反趕外資

傳外國人置產底價或上修‧分析員:打房不彰反趕外資
Created 04/11/2012 - 14:25

(吉隆坡10日訊)傳言政府計劃將外國人在馬置產最低限價自目前50萬令吉倍增到100萬令吉,以壓制節節上升的產業價,惟分析員認為,由於外國人佔大馬產業交易不到5%,加上購置的產業普遍達100萬令吉,打房效應料微不足道,還可能和大馬吸引外資的目標背道而馳。

不願具名的政府消息指出,部長級人士正探討上修外國人在馬置產的底價,意味外國人只允許購置超過100萬令吉的產業,而目前規定的50萬令吉最低限價已有點偏低。

20120408文茜的世界財經週報3 大到不能倒 金融海嘯揭密


Indonesia will not sell raw natural resources after 2014

Indonesia will not sell raw natural resources after 2014
It will renegotiate contracts with private companies processing the country's commodities. -Jakarta Post/ANN
Rizal Harahap

Wed, Apr 11, 2012
The Jakarta Post/Asia News Network

Coordinating Economic Minister Hatta Radjasa (inset) said that the export of natural resources had disadvantaged Indonesia and had hampered the development of downstream domestic industry.
INDONESIA - The government has said that Indonesia will not export raw natural resources after 2014 and that it will renegotiate contracts with private companies processing the country's commodities.

Foreigners not allowed to own HDB flats, ECs or private landed property

Foreigners not allowed to own HDB flats, ECs or private landed property

Minister Lim Hng Kiang said "national treatment" obligations under the two FTAs do not remove the restrictions imposed on foreign ownership of local residential property. -AsiaOne

Tue, Apr 10, 2012
AsiaOne

Minister for Trade and Industry Mr Lim Hng Kiang said Monday that foreigners are not allowed to own HDB apartments and Executive Condominiums in Singapore.

They are also not allowed to purchase private landed property. Only Singapore citizens and Singapore Permanent Residents are allowed to do so, he said.

You may have to splash out more for that Malaysian property

You may have to splash out more for that Malaysian property

Malaysia is mulling a two-fold increase to the floor price of residential properties purchased by foreigners in a bid to prevent prices from spiralling too rapidly. -BT
Pauline Ng

Wed, Apr 11, 2012
The Business Times

Malaysia is mulling a two-fold increase to the floor price of residential properties purchased by foreigners in a bid to prevent prices from spiralling too rapidly.

The possibility of a revision to existing guidelines to raise the minimum price to RM1 million (S$417,000) from RM500,000 was flagged by The Star.

SingTel mulling response to WhatsApp challenge

Business Times - 11 Apr 2012
SingTel mulling response to WhatsApp challenge
Group CEO says that the telco is looking at VoIP-based app to reclaim its leaking SMS revenues

By JOYCE HOOI

(SINGAPORE) SingTel is mulling over beating the WhatsApps and Vibers of the world at their own game.

The telco has not ruled out coming up with a voice over Internet protocol (VoIP)-based app of its own to reclaim some lost mobile communication territory, its group CEO Chua Sock Koong told BT in an exclusive interview yesterday.

CapitaRetailChinaTrust-Annual General Meeting 11 April 2012

CapitaRetailChinaTrust-Annual General Meeting 11 April 2012


Source/Extract/Excerpts/来源/转贴/摘录: SGX
Publish date:10/04/12

FSL renegotiates terms for TORM product tankers

Business Times - 11 Apr 2012
FSL renegotiates terms for TORM product tankers

By TIMOTHY LOH

FIRST Ship Lease Trust (FSL Trust) has renegotiated charter terms for two product tankers, TORM Margrethe and TORM Marie, which were leased to a wholly owned subsidiary of Denmark's TORM.

The new terms state that the bareboat charter rates for the two vessels will be realigned to the variable rates TORM achieves in the market. In exchange for the rate concessions, FSL will be allocated equity in TORM, FSL said.

FSL Trust - ANNUAL GENERAL MEETING 11 APRIL 2012

PRESENTATION SLIDES - ANNUAL GENERAL MEETING 11 APRIL 2012


Source/Extract/Excerpts/来源/转贴/摘录: SGX
Publish date:10/04/12

Investors bet Genting perps will do a Hyflux

Business Times - 11 Apr 2012
Investors bet Genting perps will do a Hyflux
But some analysts reckon existing shareholders stand to lose

By SIOW LI SEN

GENTING Singapore's retail perpetual securities offering is expected to be hot as investors hope for some Hyflux magic, said dealers.

But some analysts are less than enthusiastic about Genting's latest sale which will raise some $500 million (or up to $700 million, depending on demand) as they think existing shareholders may lose out.

Container lines may need US$20b of short-term funds

Business Times - 11 Apr 2012
Container lines may need US$20b of short-term funds

(SINGAPORE) Container-shipping lines may need to raise about US$20 billion in short-term funds this year as they contend with unprofitable freight rates and rising fuel prices, according to Alphaliner.

Operators may also have to sell shares to meet planned debt repayments and financing costs, the Paris-based maritime data provider said in its weekly newsletter received yesterday. They will also need funds over the next three years to pay for ordered vessels, it said.

King Wan: Hidden Gem in Turbulent Market (SIAS)

King Wan Corporation Ltd
 Intrinsic Value -S$0.250
 Prev Close - S$0.139
Hidden Gem in Turbulent Market

King Wan Corporation Limited (King Wan) is a mechanical & electrical (M&E) engineering services provider in Singapore with investments in property development and manufacturing businesses across Singapore, Thailand, and China. With S$26.4m of net cash, which is about 54.4% of its current market capitalization of S$48.5m, it provides a favorable risk/reward opportunity to investors. Hence, we initiate coverage with an Invest rating based on an intrinsic value of S$0.250.

东盟秘书长素林:印尼目前最能吸引投资

东盟秘书长素林:印尼目前最能吸引投资
文: 道琼斯通讯社 (译:麦美莹) 2012年04月05日 道琼斯通讯社
东盟秘书长素林(Surin Pitsuwan)说,东南亚国家迄今在打造一个共同市场所作的努力让许多跨国公司受惠,但亚细安内的企业所受到的益处则较少。

他在东盟峰会场外接受道琼斯新闻专线的访问时透露,本区域的国家必须推动市场开放措施来帮助区内的中小型企业。

他说:“我们所打造的营商环境似乎对跨国公司更为有利,而我们为区内的中小型企业能参与其中所创造的条件不够多。”

曾渊沧@股友通讯录-2012 年04 月份

2012 年04 月份
各位朋友
今年首两个月,股市进展不错,但是进入三月份,就阻力重重。

有什么坏消息?

实际上没有,或者说,是好消息出尽,市场在缺乏强有力的影响股市的消息之下,自己创造一些消息,有时好,有时坏,但是不论好坏消息,都被市场放大了。

比方说,美国联储局主席伯南克说一句话,股市就出现巨大的变化,实际上伯南克这种身份的人,讲的话全是模菱两可,不会有很明显的指示。也因此,今天讲话与昨天讲话,市场可以当成两个完全不同的,相反的讯息。

Freight rate increases—neither in numbers nor in prices (CS)

Freight rate increases—neither in numbers nor in prices
■Rate hikes exceed expectations. Even our bullish outlook on the sector has been eclipsed by the speed and magnitude of recent freight rate increases on the Asia-Europe and Transpacific trade lanes. Assuming only 80% of the increases stick, if all that is announced is implemented, rates on both lanes should match 2010’s peak levels.

■ CS’ estimates lap consensus…several times. Shipping industry earnings could never be accused of moving in a predictable linear fashion; this is a function of the sector’s significant operating and financial leverage. With rates demonstrating upside surprise (and nearly ever extra dollar of revenue flowing through to the bottom line), we need to upgrade our already markettopping estimates.

Tiger Airways: Ready to take-off after the turbulence (DB)

Tiger Airways Holdings Ltd
Initiation Overweight
Price: S$0.74
Price Target: S$0.90
Ready to take-off after the turbulence

• Initiate at OW with Jun-13 PT of S$0.90: Tiger Airways’ (TGR) share price has rebounded by 19% and outperformed the market by 6% ytd, following its 62% decline and 45% underperformance in the past 12 months largely due to the negative impact of Tiger Australia’s suspension and capacity indigestion in FY12E. Although the near-term outlook is challenging and current valuations look unattractive given TGR’s low earnings base, we believe the expected earnings turnaround in FY13 and our c.108% pa net profit growth in FY14-15 has not been priced in. Our PT implies a 22% upside from the current share price.

曾渊沧:中美股市走势背离 港股无所适从

曾渊沧:中美股市走势背离 港股无所适从
2012年04月06日11:59
腾讯财经[微博]曾渊沧
踏入四月份,差不多所有的上市企业已公布业绩,一般来说是不错的,这使得上市企业的估值全面下降,因此,中长期而言是最重要的利好因素。

清明节加上复活节,这是一个长假期的时期。一般遇上长假期,股民会保守一些。因此,股市非常缺乏方向,升升跌跌毫无章法。更令人难以捉摸的是美股和中国内地股市的升跌也是没有什么理据支持。

过去几天,美股暴升暴跌,市场一下子乐观地炒QE3概念,一下子又觉得QE3遥不可及。内地股市昨日则是因为QFII及RQFII的金额提高而大幅上升,一扫近日的悲观情绪。港股夹在A股和美股之间,也就更无所适从。

Genting Singapore: Huge war chest (DBSV)

Genting Singapore
BUY S$1.665
Price Target : 12-Month S$ 2.06

Huge war chest
• Second perpetual bond issue of up to S$700m to beef up net cash to US$2.2bn
• Potential new ventures within 18-24 months to drive medium-term growth and diversify earnings
• Maintain Buy and S$2.06 TP

曾淵滄: 交行H股PE值不足6倍

交行H股PE值不足6倍
作者: 来源:中国证券网 2012-04-05 10:31:49

上星期,港股受美国联储局主席的言论影响之下,出现一日的亢奋。但很快就无以为继,A股一跌再跌,香港新地(00016)停牌。不利消息众多,投资者信心丧失,外围股市表现得也很差。

  港股业绩公布期已近尾声,主要蓝筹股已全部公布了业绩。的确是时候坐下来慢慢比较,检讨企业的业绩、PE值、资产值、行业前景,然后调整买入好股。

DBS: New growth market vs tight and unpredictable restrictions - which of the brokers is right?



Cambridge Industrial Trust: Actively sourcing acquisition opportunities

Company replies to Investor Central's "questions that need to be asked"

[19/3/2012] – Cambridge Industrial Trust intends to complete acquisitions before January 2013, when the Singapore Land Authority compulsorily acquirex its properties at 1 Tuas Avenue 3, and 30 Tuas Road.

But it declined to disclose the occupancy ratio and WALE of its portfolio, excluding these two properties.

多元化投资外币定存

日期:10/04/2012
新闻来源:我报
多元化投资外币定存

银行利率较低,生活费又节节高升,“存钱等于亏钱”成为当下很多投资者面临的挑战。

2008年至2011年,新加坡的通货膨胀率平均达到3.8%。同一时期,新元的6个月定期存款利率平均只有区区0.43%。换言之,存款的实际利率是-3.37%。

FSL Trust Renegotiates Charter Terms for TORM Tankers

FSL Trust Renegotiates Charter Terms for TORM Tankers
Press ReleaseTuesday, April 10, 2012, 10:58 AM

Singapore - FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust, currently leases two product tankers (the “Vessels”), namely, TORM Margrethe and TORM Marie, to a wholly-owned subsidiary of TORM. The Vessels are leased on bare-boat charters for lease terms of seven years each and contain early buyout, purchase and lease extension options.

Fitch downgrades First Ship Lease Trust to 'B'

Fitch downgrades First Ship Lease Trust to 'B'
Reuters – Tue, Mar 6, 2012
SINGAPORE, March 05 (Fitch) Fitch Ratings has downgraded Singapore-based First Ship Lease Trust's (FSLT) Long-Term Foreign Currency Issuer Default Rating (IDR) to 'B' from 'B+'.

The Outlook is Negative.

The downgrade reflects FSLT's heightened liquidity risk following the default of one of its lessees, Berlian Laju Tanker (BLT, rated 'C') that contributed to 12.8% of FSLT's 2011 revenues. Despite BLT's default, Fitch expects FSLT to meet its contractual debt servicing commitments for the next 12 months.

Hai-o: Why did Chinese New Year promotions not yield results?

Q3 revenue up 9%, net profit up 42.2%

[1/4/2012] – Hai-O Enterprise is confident of sustaining the growth momentum in its Multi Level Marketing (MLM) business.

It expects to remain profitable in Q4, but didn't give specifics.

The group aims to improve wholesale and retail operations by concentrating more on high margin products, and advertise more.

曾淵滄專欄 2012 04 11:恒指大圓頂阻力勁

恒指大圓頂阻力勁
日前,財政司司長曾俊華再度開腔說政府擔心香港樓價太高了,高過 1997年的價格,去年 6月,中原城市指數第一次跨越 100點後,曾司長也開口說樓價太高,之後,他就推出一些措施打壓樓價,近日,中原城市指數再度升上 100點,曾司長又一次開腔說樓價太高,看來, 1997年的樓價成了特區政府用來衡量樓價是不是太高的最重要指標。

曾司長會不會推出新的措施來打壓樓價?我認為機會是相當大的,儘管曾司長的任期只剩下兩個多月,但是,該出手時還是會出手。

China Taisan : Will its new products stand out from the competition?

Company replies to Investor Central's "questions that need to be asked"

[19/3/2012] – China Taisan says it has launched five new performance fabrics through its research efforts and tie-up with Wuhan Textile University.

And it targets to launch three to five new products every year.

The company was responding to our questions in our earlier report titled "How can it capitalize on London Olympics?" (March 12, 2012).

Hubline: Can the coal trading business turn around?

Coal trading falls in Q1 FY12

[22/3/2012] – Hubline expects the container shipping business and dry-bulk markets to remain challenging due to uncertainty in the global economy.

Hence, it will continue to cut costs to minimize this impact.

Jadi Imaging Holdings replies to the questions that need to be asked.

Jadi Imaging Holdings Berhad
Jadi Imaging Holdings replies to the questions that need to be asked.

If there are questions you feel need to be asked of stocks in your watchlist, please let us know.

Would MAS survive without AirAsia?

Would MAS survive without AirAsia?
MAS reports third consecutive quarterly loss

National carrier, Malaysia Airlines System (MAS), expects Q4 results to be weaker than Q3 due to high jet fuel prices and weak forward bookings on long haul routes.

Management will shut down loss-making routes and concentrate on new higher yielding routes focusing on Asia.

Why Has Facebook Paid $1BN for Instagram?


A Look At Apple's Share Buyback And Dividend

A Look At Apple's Share Buyback And Dividend
April 10, 2012

If Steve Jobs were still alive, it's easy to imagine that he wouldn't be happy with the recent news out of Apple. He, along with Warren Buffett, Michael Dell and other keen business minds, know that paying a dividend isn't the best way to add value to stockholders' shares, but that's what Apple did. At the current share price, the $2.65 quarterly dividend would equal a yield of 1.7%, nothing that would make hard core income investors place Apple at the top of their list, but there could be more than one reason why Steve Jobs would probably throw one of his famous temper tantrums if he were still here today.

Debt Yields in Spain, Italy Rise


Maria's Market Insight: Worst Day for Stocks in 2012


IDA-to-auction-4G-spectrum-from-next-year


Mass-market-home-prices-closing-in-on-city-homes


Global-Logistic-Properties-bullish-on-China


s$21m in unauthorised purchases at China unit, says Sinotel

s$21m in unauthorised purchases at China unit, says Sinotel
04:45 AM Apr 11, 2012
SINGAPORE - Sinotel Technologies said yesterday that it has uncovered 105.4 million yuan (S$21 million) worth of unauthorised purchases at its subsidiary in China, Xbell Union Communication (Beijing).

Sinotel, which requested a trading halt on Monday morning pending the release of an announcement, said in a statement to the Singapore Exchange yesterday that the unauthorised purchases were made between June and December last year by three employees.

Price gap of central and suburban homes narrows

Price gap of central and suburban homes narrows
by Wong Siew Ying 04:45 AM Apr 11, 2012
SINGAPORE - The gap in prices of private homes in and outside of the core central region (CCR) is narrowing, according to property consultants Jones Lang LaSalle.

In the first quarter of this year, the gap in median prices between private homes outside the central region (OCR) and those within the CCR was 63 per cent, the lowest in more than seven years.

China Sends Another Warning to Banks

April 10, 2012, 6:16 a.m. ET
China Sends Another Warning to Banks
SHANGHAI—In a fresh sign of official displeasure with the nation's state-run banking system, China's bank regulator has warned lenders they will be "severely punished" for charging excessive fees.

In a notice on its website dated Friday, the China Banking Regulatory Commission said it began an investigation into bank fees on April 1, adding that banks that are found to be charging high fees for routine services will be punished. It didn't elaborate on how it defines high fees or what the punishment would be.

Tuesday, April 10, 2012

PhillipCapital Weekly Market Watch 09.04.2012


新山大都會的形成

新山大都會的形成
游枝:朝日隨筆10/04/2012 17:24
都市經濟前展(2)

我國的人口移動,亦與國際間人口流向趨勢相似。

 一年前完成的最新人口報告書,已經明顯見到鄉村人大量移向都市區域居住與就業的人流傾向。

 我現時居住的一個古鎮,左鄰右舍的人90%是老齡人士。上街去打個轉,碰面的,十個之中不到一兩個是年輕人。

 因為建立了一所大學,多了學生臉孔,是有原因的人口聚合,不能當作是鄉鎮人口增長的根據。

经济成长减速 新兴股市后市不妙

经济成长减速 新兴股市后市不妙
Created 04/10/2012 - 19:14

(纽约10日讯)新兴国家股市今年首季大涨14%,打败美国标普500指数,且是1992年来最佳首季表现,但新兴股市近几周涨势明显趋缓,策略师警告,经济成长减速使后市看来不乐观。

MSCI新兴市场指数第一季涨幅比标普500高出近2%,一扫去年重挫20%的颓势。标普去年则是持平。

但算从2月中旬算起,MSCI新兴市场指数至今约跌1.3%,表现不如标普500的挺升3.9%。

股息再投资计划受看好 UOA发展核心盈利稳固

股息再投资计划受看好 UOA发展核心盈利稳固
Created 04/10/2012 - 13:25

(吉隆坡9日讯)券商正面看待UOA发展(UOADev,5200,主板产业股)的股息再投资计划,认为每股盈利虽会被稀释,但对公司核心盈利影响不大,因此重申该股“超越大市”评级。

分析员正面看待股息再投资计划,主要是因为此举可回馈股东、将扩大公司股本、加强资本水平及提升股票流动性,虽然会带来稀释问题,但却不影响盈利及派息能力。

Genting S'pore makes another perpetual offer

Business Times - 10 Apr 2012
Genting S'pore makes another perpetual offer
$500m issue targets retail investors, size may be raised by another $200m
By GRACE LEONG

FRESH from its first successful $1.8 billion offering of perpetual securities - the largest-ever single-tranche Singapore-dollar bond deal - Genting Singapore is now targeting retail investors with a perpetual issue of $500 million.

This latest issue, which can be increased by another $200 million if the offer is oversubscribed, targets retail investors that were left out of Genting's institutional perpetual offering in late February as minimum applications started at a hefty $250,000.

MAS seeks court order to freeze former China Sky CEO's funds

Business Times - 10 Apr 2012
MAS seeks court order to freeze former China Sky CEO's funds
High Court's interim order prohibits him from sending any money out of S'pore

By LYNETTE KHOO

THE Monetary Authority of Singapore (MAS) is seeking a court order to freeze funds in Singapore belonging to the former chief executive officer of China Sky Chemical Fibre Co as a police probe on China Sky and its directors is underway.

Hng Kiang: Stronger S$ to keep inflation in check

Business Times - 10 Apr 2012
YESTERDAY IN PARLIAMENT
Hng Kiang: Stronger S$ to keep inflation in check

Govt also uses direct supply side measures to tackle domestic inflation

By TEH SHI NING

(SINGAPORE) A stronger Singapore dollar is still effective in fighting both domestic and imported inflation, Minister for Trade and Industry Lim Hng Kiang said in Parliament yesterday.

The government also uses direct supply side measures - raising property supply and companies' productivity - to tackle domestic inflation over the longer term, Mr Lim added.

Fewer box ships lying idle but supply set to increase

Business Times - 10 Apr 2012
Fewer box ships lying idle but supply set to increase
Overcapacity still not addressed by owners, operators

By LYNN KAN

(SINGAPORE) The inactive containership fleet has fallen for the first time since August 2011, driven by carriers which are readying themselves for the busy peak summer months ahead.

However, optimists who think it may signal the turning of a tide towards a better match between supply of ships and demand for cargo - and therefore herding shipping lines back to profitability - think again.

CapitaMall Trust: An AEI-ventful year (CIMB)

CapitaMall Trust
Current S$1.80
Target S$1.93
An AEI-ventful year

CMT could start reapingthefruits of its labour this year from a fewmajor AEI completions. These would include the newly-opened JCube and its upcoming Atrium@Orchard and Iluma. Our JCube visit and strong tourist arrivalsleave us confident of itsperformance this year.

Capesize rates on the rebound (CIMB)

Capesize earnings have rebounded 40% from the recent low of US$4,428/day just two weeks ago to US$6,205/day. Rates are likely to trend upwards in the coming weeks as Brazilian iron ore exports have resumed and rates are still below cash breakeven costs.

On the container side, Asia-Europe rates rose further this week after the successful 1 April hikes. We retain our Trading Buy on the container shipping sector. Tanker and dry bulk shipping remain Underweights although Pacific Basin stays an Outperform on valuation grounds.

Moody's upgrades Saizen REIT's rating to Ba3; outlook stable

Moody's upgrades Saizen REIT's rating to Ba3; outlook stable
Global Credit Research - 05 Apr 2012
Singapore, April 05, 2012 -- Moody's Investors Service has today upgraded Saizen REIT's corporate family rating to Ba3 from B1. The outlook for the rating is stable.

RATINGS RATIONALE
"The upgrade reflects Saizen's broader banking relationships established over the past year, after the full repayment of the defaulted CMBS loan of YK Shintoku on 31 May 2011," says Alvin Tan, a Moody's Analyst.

Genting Singapore: Second round of issuance (CIMB)

Genting Singapore
Current S$1.69
Target S$2.00
Second round of issuance

We understand that Genting Singapore’s announcement of a S$500m perpetual subordinated capital security at 5.125% is aimed at satisfying retail demand. The purpose of the fund-raising is unchanged i.e.supporting business expansion, among others.

No change to our earnings or SOP target price, pending the completion of the issue. Maintain Outperform. Potential re-rating catalysts include further junket approvals, overseas expansion and market-share gains.

UOA Development : Dividend reinvestment scheme (Kenanga)

UOA Development
OUTPERFORM ↔
Price: RM1.50
Target Price: RM1.65 ↔
Dividend reinvestment scheme

UOA Development (UOA) is proposing a dividend reinvestment scheme (DRS), which may be applicable to FY11E NDPS of 10.0 sen (6.7% yield). Assuming 100% of FY11E NDPS is electable for the DRS, the dilution impact on FY12E is only 6%. Hence, we are not worried about dilutions given FY12-13E strong core earnings growth of 39%-35%. We have raised our FY12-13E NDPS by 67%- 33% to 11.2-12.1 sen, respectively, as management is confident of providing similar, if not better, dividends to FY11E. Even with a 6% dilution, FY12-13E will still provide higher yields vs. FY11. We view the DRS positively as it will reward shareholders, conserve internal cash and improve market capitalisation/liquidity. We maintain OUTPERFORM and TP of RM1.65 (based on 52% discount* to FD SoP RNAV of RM3.46). We expect the group's products to buck the bearish property trend while the anticipation of its continuous strong dividend payouts will lend strength to the stock.

Fajarbaru: Earnings Recovery In FY06/13 (RHB)

Fajarbaru Builder Group
Share Price : RM0.94
Fair Value : RM1.04
Recom : Market Perform (Maintained)
Earnings Recovery In FY06/13

Earnings Recovery In FY06/13
♦ Highlights. Key takeaways from our recent meeting with Fajarbaru are:
1. Fajarbaru expects a much better FY06/13 ahead (after a washout in FY06/12) as newly secured construction contracts are expected to finally get off the ground;
2. At present, Fajarbaru’s tenderbook stands at in excess of RM2bn comprising among others, we believe, LRT/MRT work packages and a toll road; and
3. Fajarbaru is poised to reap its maiden property profits with the imminent launches of its maiden property projects in the Bandar Kinrara/Jalan Puchong and Sentul/Jalan Ipoh areas.

Raising the minimum floor for foreign buyers (HLG)

Raising the minimum floor for foreign buyers
Highlights
 The Government is considering raising the minimum floor prices of houses foreigners are allowed to buy from the current RM500k to RM1m, in an effort to control the rise in property prices, sources said. They said such a decision was “in the pipeline” and the implementation would be made by the EPU, and believe that these revised guidelines have been discussed at the ministerial level

 Another source said the revised guidelines would also consider a lower price threshold of RM800k in selected economic corridors such as Iskandar Malaysia.

1)MAS seeks court order on China Sky CEO & 2) Sunmart requests for trading suspension on audit issue (DMG)

1)MAS seeks court order on China Sky CEO (BT)
2) Sunmart requests for trading suspension on audit issue (SGXNET)
The news 1: It was reported that the Monetary Authority of Singapore (MAS) is seeking a court order to freeze funds in Singapore belonging to the former chief executive officer of China Sky Chemical Fibre Co as a police probe on China Sky and its directors is underway. The High Court has granted MAS an interim court order prohibiting Huang Zhong Xuan from transferring any money from his Credit Suisse account here or sending money out of Singapore from that account pending the hearing of the court application. A closed-door hearing is scheduled to take place shortly.

曾淵滄專欄 2012 04 10:大戶造淡為 QE3造勢

大戶造淡為 QE3造勢
今年的清明節與復活節幾乎連在一起,不少港人請 1天假,就有 6天的長假期出外旅遊。

前晚我回到香港機場時,行李大廳人山人海,連手推行李車也供不應求,幸好現在多數行李都配有輪子,沒手推行李車也可以自己拉動行李。

長假期間,美國公佈 3月份失業率微跌 0.1%,由 8.3%降至 8.2%,不過,非農業就業職位增長 12萬個則低於所謂的市場預期,數據公佈後美股期貨大幅下跌。

商业事务局展开调查后 天宇前巨头提走资金1000万美元

天宇集团(China Sky Chemical Fibre)前首席执行员兼执行董事黄忠炫在商业事务局(CAD)对该集团和有关董事展开调查后,于今年3月5日从他的瑞士信贷银行(Credit Suisse)新加坡分行户头,提走约1000万美元(1260万新元)资金,并在3月27日进一步指示银行,要提走其余的350万美元资金。

  不过,有关户头的其余资金相信是没被成功提走。金融管理局(MAS)已申请庭令,要冻结黄忠炫在该户头的其余资金,因为天宇集团和其董事(以及前董事们)正受商业事务局调查,一旦罪成可能被罚款。

云顶新加坡 向散户发行5亿元无期债券

在成功发行18亿新元计价的无期债券(Perpetual bond)给机构投资者后,云顶新加坡(Genting Singapore)将发行5亿元此类金融工具给散户投资人,五年内云顶新加坡不可赎回,首十年每年派息率为5.125%;如10年内没赎回,2022年10月后的派息率将增至6.125%。

  购买此债券的最低投资额为5000元,每次增加投资额以1000元或其整数倍为单位申请。

  投资者可从今天九点开始在星展(DBS)、储蓄(POSB)、华侨(OCBC)和大华(UOB)银行的提款机申请,或者是用星展、华侨、大华银行的网上银行以及移动银行服务申请。

中国股市扩大开放

2012年04月05日 05:50 AM
中国股市扩大开放
英国《金融时报》 罗伯特•库克森 香港报道

按照上任不久的中国证券监管最高官员的意愿,全球金融机构将获准在中国股市扮演更积极的角色。

去年10月就任中国证监会(CSRC)主席的郭树清本周通过以下举措表明了他的意图:外资机构可投资于中国资本市场的资金将增加一倍多。

中国证监会周二宣布,国际基金管理公司在中国资本市场的总投资额度将达到800亿美元,远高于此前300亿美元的上限,此举是扩大合格境外机构投资者(QFII)制度的一部分。

KINGS OF THE HILL: 12 Banks Produce Over Half Of All Listcos’ Profit

KINGS OF THE HILL: 12 Banks Produce Over Half Of All Listcos’ Profit
Written by Economic Info
Tuesday, 10 April 2012 07:34

sbd2
Shenzhen Development Bank was one of the top sector performers last year, boosting its bottom line 64.6% to 10.3 billion yuan.
Photo: SDB
Translated by Andrew Vanburen from a Chinese-language piece in Economic Info

MONEY RULES THE WORLD.

And apparently nowhere moreso than on China's stock exchanges.

Of the 1,336 PRC-listed firms reporting their 2011 annual results to date, a shocking figure comes to light – just a dozen of these listcos, all of them banks, account for over a half of the total reported bottom lines for 2011.

Govt may double minimum price of houses foreigners can buy

The Star Online > Business
Tuesday April 10, 2012
Govt may double minimum price of houses foreigners can buy

RM1mil floor price?

By DANIEL KHOO
danielkhoo@thestar.com.my

KUALA LUMPUR: The Government is considering raising the minimum floor prices of houses foreigners are allowed to buy to RM1mil from the current RM500,000 in an effort to control the rise in property prices, sources said.

Outlook for China's Economy


What Will Force Fed Into More Easing?


Biggest Market Risks


S'pore 'likely to avoid technical recession' in Q1

S'pore 'likely to avoid technical recession' in Q1
by Wong Siew Ying 04:46 AM Apr 10, 2012
SINGAPORE - The economy is likely to avoid a technical recession in the first quarter of this year, economists told MediaCorp yesterday, ahead of Friday's release of advance growth estimates by the Ministry of Trade and Industry.

They projected Singapore's gross domestic product to grow by a seasonally adjusted annualised rate of 5 to 8 per cent on-quarter in the first quarter after the 2.5-per-cent contraction in the fourth quarter. Year-on-year, GDP could grow about 1 per cent, the economists said.

Genting S'pore to issue S$500m in perpetuals

Genting S'pore to issue S$500m in perpetuals
04:46 AM Apr 10, 2012
SINGAPORE - Casino operator Genting Singapore is planning a second issue of perpetual securities worth S$500 million and could use the proceeds to expand into Japan and South Korea, a senior executive said yesterday.

Genting Singapore, a unit of Malaysian group Genting, plans to sell the perpetual subordinated capital securities, a hybrid of bonds and equities, to mostly retail investors.

MAS seeks to freeze ex-China Sky CEO's funds

MAS seeks to freeze ex-China Sky CEO's funds
04:46 AM Apr 10, 2012
SINGAPORE - The Monetary Authority of Singapore (MAS) is seeking a court order to freeze the funds of Mr Huang Zhong Xuan, the former chief executive officer of China Sky Chemical Fibre, which is being probed for regulatory breaches.

The MAS wants to prevent Mr Huang, a Chinese national, from taking or sending money out of his Credit Suisse Group account in Singapore as China Sky and its directors may be fined as a result of the probe, according to papers filed with the Singapore High Court on March 28.

Monday, April 9, 2012

Investing in properties through a Singapore REIT

Investing in properties through a Singapore REIT
By Aktive Learning | Property Blog

Singapore's property market has been in the limelight for some time now. Market sentiments have been upbeat, as telling in the fact that many new real estate projects have been selling like hot cakes when they are launched.
For many investors, the objective of investing into properties is to earn rental income. As it is, the current rental yield of residential properties in Singapore is about 3% to 4%. But other than buying properties to earn from rental income directly, an indirect approach to similarly earn from such income is to invest in real estate investment trusts (REITs).

股海宝藏:沿海工程 最廉宜油气股

股海宝藏:沿海工程 最廉宜油气股
Created 04/09/2012 - 14:52

沿海工程(COASTAL,5071,主板工业产品股)于2003年8月13日在交易所上市,该集团是一家综合海事运输集团,业务包括(1)造船,特别是沿海海事船只(拖船、驳船等),以及过后进军建造岸外船只,例如三用工作拖船(AHT)和多用途船只;

(2)为小型和中型的船只提供维修服务及(3)船只租赁,特别是拖船和驳船。它在山打根进行造船和维修的工作。

Looking for catalysts for YTL Power

Looking for catalysts for YTL Power
In The Edge Financial Daily Today 2012
Written by Clint Loh
Monday, 09 April 2012 10:30


KUALA LUMPUR: YTL Power International Bhd’s share price, one of the 30 component stocks of the FBM KLCI, has been lagging its peers in the past 15 months after it hit a peak at RM2.60 in November 2010. 


The utility stock, which has a ballooning cash pile of RM8.68 billion, has been trading in the range of RM1.90 and RM1.75, unlike most of its KLCI counterparts which have headed higher and lifted the benchmark to a record high recently.

Education stocks ripe for re-rating?

Education stocks ripe for re-rating?
In The Edge Financial Daily Today 2012
Written by Clint Loh
Monday, 09 April 2012 10:24

KUALA LUMPUR: Education stocks may be in for a re-rating following two major mergers and acquisitions (M&A) in the sector over the past week, analysts said.

Private equity company Navis Capital Partners Ltd has bought into SEG International Bhd (SEGi), while Ekuiti Nasional Bhd (Ekuinas) acquired a 90% stake in privately held Cosmopoint Sdn Bhd for RM246 million.

Cosmopoint owns KL Metropolitan University College and Cosmopoint International College of Technology, with more than 11,000 students across seven faculties.

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
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