Saturday, April 28, 2012

A股变幻莫测 曹仁超罗杰斯对行情看法频变脸

A股变幻莫测 曹仁超罗杰斯对行情看法频变脸
http://www.sina.com.cn 2012年04月11日

曹仁超罗杰斯对年内行情看法频变脸

  □本版撰文 信息时报记者 徐岚

  当“欧洲股神”安东尼·波顿唱多A股之时,财经人士叶檀(微博)却站出来泼了一盆冷水。近段时间以来,每当外资机构发出对A股走向信心百倍的声音,都会遭到国内专家消极悲观的看空抨击。纠结的并不仅仅是海外机构与国内专家之间,就连部分或被尊为“股神”或被称为“股评家”的业内人士自身也是“变脸”如唱戏,年初时“空翻多”是常态,如今“多翻空”也成为潮流。

麦格理的专家为您剖析亚洲股市

麦格理的专家为您剖析亚洲股市

文:  ,  (译:杨佳文) 
  • 2012年04月27日


  •  焦点
    美国和中国这两大经济体的状况令人担忧,欧债危机的戏码连番上演,令股市持续受压,投资者因而转往新兴市场寻找机会。股市的表现将会如何,而我们又能如何把握目前的形势呢?

    《股市资讯》有幸与麦格理集团(Macquarie Group)的首席亚洲策略师Emil Wolter及新加坡麦格理凭单部门的主管Barnaby Matthews进行了独家专访,一同探讨了亚洲股市的前景,以及了解投资者能如何通过买卖凭单来获利。

    环球优质酒店 把物有所值的酒店重新定位

    环球优质酒店 把物有所值的酒店重新定位
    文: 朱皓翔 (译:朱爱伦) 2012年04月27日 新股
    以前人们嫌廉价酒店太过“简陋”而可避则避。但如今,无论是在舒适、服务态度和交通便利方面,这些提供基本服务的酒店业者,已超越了旅客的基本需求。这类经济型酒店如雨后春笋般冒起,它们近年来的增幅占全岛酒店数量增幅逾半。显然的,注重物有所值的旅客人数与日俱增令这类酒店来势汹汹,不容忽视。

    环球优质酒店(Global Premium Hotels)是为人熟悉的经济型酒店。这家从飞龙集团(Fragrance Group)分拆出来的酒店也是新加坡第二大的经济型酒店,并在2010年占有12.2%的市场份额(按零售值计算)。公司以驰名的“飞龙”品牌经营经济型酒店,并在最近增添了中档酒店威豪酒店(Parc Sovereign)。公司已在款待业驰骋了超过14年,并成为今年第四家在新加坡挂牌上市的企业。

    與時拼經.許劍文:第一桶金以后的故事 錢滾錢 投資創富

    與時拼經.許劍文:第一桶金以后的故事 錢滾錢 投資創富
    財經財富經28/04/2012 17:50

    第一桶金是進入財富人生的第一個入門檻。

     但如果沒有好好守財及繼續創富,又或者胡亂揮霍,第一桶金也可能是最后一桶。

     曾經是馬股一家上市公司老板的許劍文,把公司脫手以后,展開了新的旅程。

     比較創業及守業期間時的忙碌拼博,現今以投資延續財富的許劍文,多了一份悠閒自在,充分利用時間細心鑽研股票及房地產的投資。

    冗长换股计划喊停告终 马航 亚航退求业务整合

    冗长换股计划喊停告终 马航 亚航退求业务整合
    Created 04/28/2012 - 18:34

    (吉隆坡28日讯)不堪长达8个月的冗长等待,据《南洋商报》了解,马航(MAS,3786,主板贸服股)及亚洲航空(AirAsia,5099,主板贸服股)的换股计划将在周一(4月30日)宣布胎死腹中,双方则将聚焦在争议性不那么大的后端业务整合计划。

    不过,另一名消息人士则说,取消换股计划程序复杂、涉及许多政府单位,因此“他们可能需要更长的时间处理(取消换股协议),保守估计今年6月前应该能完成。”

    财经面对面-对话鲁比尼:房价会下跌更多

    财经面对面对话鲁比尼:房价会下跌更多
    http://www.sina.com.cn 2012年04月18日 11:12 新浪财经《财经面对面》

    GDP增速8年来首度下调,西方再唱中国经济悲观论调,中国“硬着陆”到底能否避免?国际金融危机仍在延续,中国经济增速下行的压力越来越大,房地产调控政策能否坚持?本期《财经面对面》对话鲁比尼全球经济咨询公司董事长、美国纽约大学斯特恩商学院教授努里埃尔·鲁比尼。

    硬着陆可以避免 增长要依赖劳动密集型产业

    Beer stocks: Steady earnings, dividends draw investors

    Shares in beer makers have been somewhat frothy this year, attracting investors with the offer of steady revenue growth and generous dividend payouts amid growing economic uncertainty. Shares in Singapore Exchange-listed Asia Pacific Breweries (APB) and Thai Beverage, as well as Bursa Malaysia-listed Carlsberg Brewery Malaysia, have risen more than 18% this year. They are now trading above their pre-financial crisis highs, at between 15.9 and 22.9 times earnings.

    Their run has mirrored the rebound of shares in heavyweight global beverage makers since the crisis. Shares in both Anheuser-Busch InBev (AB InBev) and SABMiller exceeded their 2007 peaks in early 2012. AB InBev is up 14.4% year to date, trading at a price-to-earnings ratio (PER) of more than 19 times. SABMiller is up 12.1% YTD to £2,540, trading at 23.8 times PER.

    Manu Bhaskaran: Should the Sing dollar continue to appreciate?

    SINGAPORE’S CENTRAL BANK, the Monetary Authority of Singapore (MAS) has just announced its twice-yearly monetary policy adjustment. Responding to stronger-thanexpected economic growth in 1Q and persistent inflationary pressures, MAS decided to “continue with the policy of a modest and gradual appreciation” of the Singapore dollar’s trade-weighted exchange rate (what the central bank refers to as the NEER, or nominal effective exchange rate) but with a slightly faster pace of appreciation. The MAS also decided to restore a narrower band of permissible fluctuation around the targeted level.

    曾渊沧:中国经济不会硬着陆 看好港股后市

    曾渊沧:中国经济不会硬着陆 看好港股后市
    2012年04月27日10:27腾讯财经

    对于香港股市而言,又是一个沉闷的一星期,恒指已经在20000至21000之间徘徊了超过一个月,市场上没有任何能真正影响股市的消息,股市成交越来越低,散户都放假去了。

    证券业没有生意做,只好尽量创造一些新闻,于是就有了西班牙债务危机,德国PMI偏低,还有伯南克的讲话,温总的讲话等,冷饭翻来覆去的炒。实际上就是市场缺乏方向,证券行创造出来的消息。每段消息也只影响股市一两天而已。前几天股市在大谈西班牙债务危机,德国PMI偏低时股市是走低了,但欧元依然坚挺,欧元不跌表示股市的下跌是虚假的。美国伯南克前段时间的讲话也不知道谈过多少次了,但是股市依然很认真的为他的讲话炒作了一番,道指再升上13400点,中国方面不断的传出下调存款准备金率,但是消息一直没有成真。

    黄国英:趁低耐心收集筹码 高追更易中伏

    黄国英:趁低耐心收集筹码 高追更易中伏
    2012年04月27日09:11丰盛金融黄国英
    虽然整体成交仍然低迷,但以个别股份走势来看,市场气氛进一步好转,就算短线可能继续震荡,主打策略是趁低吸纳,预期下周颇大机会正式突破。

    在低成交的环境之中,耐性更加重要。因为交投不足,瞄准某只股份,想买一个大数量,其实是需要时间,尽可能做到不会打草惊蛇,闷到七彩,反而才可以在理想价位成功进驻,因此正常而言,这个收集时间会比以往更长。

    出现异动的股票,是需要更小心筛选,要看是否有消息触发。撤退困难,所以见好就收,变成炒家常见心态,就算有消息推动股价,要懂得衡量消息的威力程度,评估异动后是否值得再追,另外,也要留意成交量,放量上升颇有可能是陷阱。

    叶檀:股神“末日”?

    叶檀:股神“末日”?
    2012年04月24日 02:05
    来源:每日经济新闻 作者:叶檀

    乐观而诚恳的基金经理消失,真是市场的不幸,希望这一幕不会发生。

    两位基金经理因业绩下行而备受关注。一位一头银发,另一位一头黑发,相同的是,满脸诚恳。笔者指的是安东尼波顿与常士杉。

    安东尼波顿令人尊敬,其管理的富达中国特殊情况基金近30年回报率高达20.3%,远高于同期7.7%的英国基准指数增长。在同期任何信托基金或者开放式投资公司的排行榜上,都保持着最佳纪录。这位明星基金经理还有着诚实的品质,对投资的尊重,每天十几个小时的努力,对数据的分析,坚持几十年对企业的实地调研。他穷几十年投资之力写成一本书,满是诚实。

    Yangzijiang : Headwinds will prevail (KE)

    Yangzijiang Shipbuilding
    SELL(unchanged)
    Share price: SGD1.18
    Target price: SGD1.02 (from SGD1.15)
    Headwinds will prevail

    Yangzijiang Shipbuilding
    SELL(unchanged)
    Share price: SGD1.18
    Target price: SGD1.02 (from SGD1.15)
    Headwinds will prevail

    Downside risks to FY14F earnings. Yangzijiang Shipbuilding (YZJ) reported 1Q12 revenue of CNY3.69b (+12% YoY) and net profit of CNY1.02b (+7% YoY), surpassing expectations on both counts. This was, however, boosted by CNY336m in PBT from its investment segment. For now, FY12-13F earnings would be stable, backed by high-margin contracts secured prior to the global financial crisis. However, we see increasing downside risks to FY14F earnings.

    Starhill Global REIT: Wish upon a star (DBSV)

    Starhill Global REIT
    BUY S$0.645
    Price Target : 12-Month S$ 0.71
    Wish upon a star
    • 1Q12 DPU of 1.07 Scts in line
    • Rejuvenation of Wisma Atria on track for completion; expected to be well received
    • Income relatively secured; subsequent quarters to see earnings improvement. BUY, TP S$0.71 maintained

    SMRT: Lifting our CAPEX estimates (Phillip)

    SMRT Corporation Ltd
    Target Price (SGD) 1.31
    - Previous Target Price (SGD) 1.33
    Closing Price (SGD) 1.70
    Expected Capital Gains (%) -22.9%

    Lifting our CAPEX estimates

    Company Overview
    SMRT is a multi-modal land transport operator with exposures to various modes of operations, including rail, bus & taxi services. A significant part of its profits are generated from its ancillary businesses, such as advertising & rental of commercial spaces.

    • S$900mn renewal and upgrading of train network
    • Majority of expenses over next 4-5yrs
    • Expect CAPEX to double historical figures to c.S$200mn/yr
    • Impairment charge on goodwill for bus business inevitable
    • Reiterate Sell with revised target price of S$1.31

    CDL Hospitality Trust: Positive on hospitality market (Phillip)

    CDL Hospitality Trust
    Target Price (SGD) 2.000
    - Previous Target Price (SGD) 1.910
    Closing Price (SGD) 1.855
    Expected Capital Gains (%) 7.8%
    Expected Dividend Yield (%) 6.2%
    Expected Total Return (%) 14.0%

    Positive on hospitality market
    Company Overview
    CDL HT is a stapled group comprising both REIT and Business Trust structures. Its mandate is to invest in a diversified portfolio of income-producing real estate which is primarily used for hospitality and/or hospitality related purpose.
    • 1Q12 revenue $38.4mn, NPI $36.0mn, distributable income $26.9mn
    • 1Q12 DPU of 2.78 cents
    • Raise FY14-16 DPU estimates by 5.6%-6.0%
    • Maintain Accumulate with target price increased to S$2.000

    戴德梁行:房地产价格调整压力仍在

    一季度宏观经济数据显示,中国经济增速持续放缓略超预期,预示货币政策微调迫切性加剧。戴德梁行中国住宅市场月报(4月)市场分析要点如下:

       一)银行、信托、基金、委托贷款、租赁等融资渠道对房地产行业持续缩紧,近期建设银行等部分国有大行已针对小型开发企业“停止发放贷款”,同时降低开发贷款占比;加之房企资金链断裂风险因债务集中到期大幅提升,房地产企业资金状况进一步恶化趋势显著:2012年3月全国房地产开发企业从银行获得的新增信贷资金总额约为1870亿元(人民币,下同,约369亿新元),占房地产开发资金月新增量的28%,较1-2月均值下滑3个百分点;其中国内贷款月均新增额为1203亿元,相对1-2月均值下跌22.8%。而房企自筹资金3月新增额为2915亿元,占比升至43.5%。预料外部融资环境短期内难以改善,房企将顺销售旺季之势加码降价推盘以缓解资金链紧绷压力。

    认购率不达标 M&L酒店服务信托延后售股

    目前虽然是IPO旺季,不过原本预计在5月3日(下周四)于新加坡交易所主板登场的M&L酒店服务信托(M&L Hospitality Trusts),却因为认购率不达标而临时决定将首次公开售股(IPO)计划延后。

      该信托的赞助人——Grandline国际在昨天傍晚发表的文告中表示,自从于本月12日提呈初步招股书后,便已完成全球投资者招揽活动,但基于认购率欠理想,赞助人与联合全球协调人与账簿管理人经讨论后,认为在这个时候展开IPO计划,不会对赞助人和投资者带来最大的利益。

      文告并没有交待IPO计划最终是否还会进行,以及延至什么时候。

      这个IPO计划是由星展集团、摩根大通和瑞士银行负责。

    今年首季 私宅与办公楼市场终软化

    不过,市区重建局昨天发表的第一季私人房地产价格指数显示,工业房地产价格在今年第一季劲涨了7.3%,上升速度比去年第四季的4.0%还快。

    吴慧敏 报道
    nghm@sph.com.sg

      政府的多帖“重药”,以及不明朗的全球经济前景,终于让新加坡私宅价格在今年第一季转向,办公楼市场也出现更多软化迹象,唯有工业房地产仍一片红红火火,不但继续逆流而上,还猛踩油门加速上涨。

      市区重建局昨天发表的第一季私人房地产价格指数显示,工业房地产价格在今年第一季劲涨了7.3%,上升速度比去年第四季的4.0%还快。

    新私宅价微跌销量却暴增 首季售出新单位破2009年以来纪录

    发展商在今年第一季卖出的“鞋盒公寓”也刷新历史新高,创下1764个单位的纪录。

    吴慧敏 报道
    nghm@sph.com.sg

    本地私宅价格终于在今年第一季扭转风向,微跌了0.1%,但发展商卖出的新私宅单位却暴涨83%至6458个单位,改写了2009年以来的最高季度销售纪录。

    发展商在今年第一季卖出的“鞋盒公寓”(shoe-box apartments)也刷新历史新高,创下1764个单位的纪录。

    执行共管公寓(Executive Condominium)的销量也异常旺热,今年第一季卖出了1557个单位。这是执行共管公寓自2010年第四季重新推出以来,销量最高的一个季度。

    “末日博士”麦嘉华:标普指数6个月内或降20%

    国际知名金融与投资专家,老一代“末日博士”麦嘉华(Dr Marc Faber)认为,美国标准普尔指数在今后的六个月可能下调20%。
      麦嘉华前晚在莱佛士码头资产管理公司(Raffles Quay Asset Management)主办的晚宴上演讲。

      之前他受访时说:“我对现在整体的股价有点担心,全球的大熊市在2008年10月-2009年3月见结束。印度和中国的熊市在2008年10月见底,美国标普在2009年3月6日见底。此后,世界主要市场进入了涨势,很多市场翻了一番。”

      他指出,美国市场是为数不多在2011年创造新高的市场,“一般在2011年创新高的市场现在的表现都比较疲弱。”

    投资者缺乏明确方向

    在投资者缺乏明确方向的情况下,海峡时报指数昨天几乎持平,仅略涨0.11点,收报2981.58点。

      亚太区其他主要股市则是跌多升少,变动不到1%。

      不只是蓝筹股,之前炒得火热的仙股因为交易受到一些股票经纪公司限制而节节败退。

      昨天的下跌股远超越上升股,下跌股共310只,上升股则为121只。

    UEM Land down on uncertainty over property market policies

    Iskandar builders still bullish

    The Star Online > Business
    Saturday April 28, 2012
    Iskandar builders still bullish

    By ZAZALI MUSA
    zaza@thestar.com.my

    DEVELOPERS in Iskandar Malaysia are still optimistic about the property market this year as it is expected to remain bullish based on the performance in the first quarter of 2012.

    SP Setia Bhd executive vice-president (property division) Datuk Chang Khim Wah says demand for its properties in south Johor is still strong in the first three months.

    Observers: Unwinding pact with AirAsia a step backward for MAS

    The Star Online > Business
    Saturday April 28, 2012
    Observers: Unwinding pact with AirAsia a step backward for MAS

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

    PETALING JAYA: The clock is ticking on the nascent alliance between Malaysia Airlines (MAS) and AirAsia Bhd on whether the share swap and comprehensive collaboration framework (CCF) will survive amid political pressure to unwind the alliance.

    Analysts contacted were unable to comment given the fluid nature of the developments that are said to be taking place behind the scenes.

    CapitaMalls Asia: Improvement on track (phillip)

    CapitaMalls Asia Ltd
    Target Price (SGD) 1.75
    - Previous Target Price (SGD) 1.77
    Closing Price (SGD) 1.57
    Expected Capital Gains (%) 11.5%
    Expected Dividend Yield (%) 1.9%
    Expected Total Return (%) 13.4%
    Improvement on track

    Company Overview
    CMA is a shopping mall developer, owner and manager. It has interests in and manages a pan-Asian portfolio over 90 shopping malls. Its principle business strategy is to invest in, develop and manage a diversified portfolio of real estate used primarily for retail purposes in Asia.

    Mapletree Commercial Trust: Southern belle works its rents again (DBSV)

    Mapletree Commercial Trust
    BUY S$0.90
    Price Target : 12-Month S$ 1.11 (Prev S$ 1.09)

    Southern belle works its rents again
    • Full year DPU beat our forecast by c.5%
    • Positive rental reversions from VivoCity, and PSAB to be seen next quarter
    • Maintain BUY at slightly higher TP of S$1.11

    CDL Hospitality Trusts: 1Q12: Sound fundamentals but rising competition (UOBKH)

    CDL Hospitality Trusts
    Share Price S$1.855
    Target Price S$1.950
    Upside +4.8%
    (Previous TP S$1.85)
    1Q12: Sound fundamentals but rising competition

    Results
    • Results in-line. CDL Hospitality Trusts (CDREIT) reported a 1Q12 distributable income of S$29.8m (+17.7% yoy), or a DPU of 3.09 S cents (+17% yoy). The final 1Q12 DPU after working capital deductions stood at 2.78 S cents, implying a 90% payout. The results are in-line, representing 26% of our full-year forecasts.

    Yangzijiang: CNY1 billion in Q1, Margins expected to remain high (AM)

    Yangzijiang Shipbuilding
    LAST CLOSE: S$1.200
    FAIR VALUE: S1.680
    CNY1 billion in Q1, Margins expected to remain high

     PATMI of CNY1.02b in line with our forecast, 13% ahead of consensus: YZJ’s 1Q bottom line was extremely strong, growing 7% YoY. Q1 is typically the slowest quarter of the year and YZJ has already met 24% of our full-year estimate.

    SMRT plans S$900mn to upgrade/renew MRT (Nomura)

    SMRT Corporation Ltd
    Target price Remains SGD 1.75
    Closing price April 24, 2012 SGD 1.81

    SMRT plans S$900mn to upgrade/renew MRT

    SMRT to spend S$900mn over seven years on top of current capex
    SMRT announced at a media conference on Tuesday, 24 April that the group will spend c.S$900mn in planned renewal of ageing MRT assets as well as preventive maintenance over the next seven years (2012-19) to provide a safe and reliable system. This will be in addition to its ongoing maintenance regime for tracks and trains. The additional capex should help to address the needs of an ageing MRT system through “renewal, upgrading and preventive maintenance”, according to its interim CEO/Director, Mr Tan Ek Kia. The decision follows numerous incidents of major disruptions to the rail system over the past four months. Mr Tan stated that the group is in discussions with the Land Transport Authority on the cost-sharing arrangements on some of its renewal measures.

    Frasers Centrepoint Trust: Another good quarter in the suburbs (Daiwa)

    Frasers Centrepoint Trust
    Share price (20 Apr): S$1.560
    Target price: S$1.520 → S$1.550
    Another good quarter in the suburbs
    • DPU 7% above our forecast
    • Causeway Point, Bedok Point were the outperformers
    • Maintain Hold rating with target price raised slightly to S$1.55

    a-iTrust 4Q FY11/12 net property income grew 30% year-on-year to INR 765 million




    a-iTrust 4Q FY11/12 net property income grew 30% year-on-year to INR 765 million
     Income boosted by higher contributions from new buildings

    27 April 2012, Singapore – Ascendas Property Fund Trustee Pte Ltd, the Trustee-Manager of Ascendas India Trust (“a-iTrust”), reported today the results of a-iTrust for the fourth quarter and full financial year ended 31 March 2012.


    Singapore, Malaysia to link stock exchanges in June

    Singapore, Malaysia to link stock exchanges in June

    This is to allow brokers in one country to buy shares in the other without having to go through an intermediary. -Reuters

    Fri, Apr 27, 2012
    Reuters

    SINGAPORE - Singapore and Malaysia expect to link their stock exchanges in June this year to allow brokers in one country to buy shares in the other without having to go through an intermediary, the two countries' bourse operators said on Friday.

    "Bursa Malaysia and Singapore Exchange (SGX) will be connected first, with the Stock Exchange of Thailand (SET) added in August 2012," ASEAN Exchanges, a group of regional bourse operators, said in a statement.

    Sell in May & Go Away?


    US economic growth shrinks to 2.2% in Q1

    US economic growth shrinks to 2.2% in Q1
    Posted: 27 April 2012
    WASHINGTON: US economic growth slowed sharply to 2.2 percent in the first quarter, official data showed on Friday, rekindling fears of a fresh spring stumble and framing the first steps of the general presidential election race.

    The broadest gauge of the world's largest economy, Friday's figure will gave economists, policymakers and investors a sense that the recovery is airborne, but not gaining much altitude.

    Gross domestic product (GDP) growth had hit 3.0 percent in the final quarter of 2011.

    Msia-faces-credit-ratings-cut


    Private home prices head south

    Private home prices head south
    Turnaround comes as 'shoebox' units become more popular
    by Lynda Hong Ee Lyn 04:45 AM Apr 28, 2012
    SINGAPORE - After nine consecutive quarters of increase, private home prices finally headed south in the first three months of the year, as figures released yesterday by the Urban Redevelopment Authority (URA) confirmed earlier flash estimates that prices fell by 0.1 per cent compared to the previous quarter.

    But the latest statistics also revealed the growing popularity of so-called "shoebox" apartments: Units smaller than 50 sq m made up 27 per cent of sales in the first quarter - a new high since such units were made available in the market three years ago, according to analysts.

    HDB resale prices stabilise as COVs fall

    HDB resale prices stabilise as COVs fall
    Recent Govt measures have helped stabilise the market, say analysts
    04:45 AM Apr 28, 2012
    SINGAPORE - The Housing and Development Board (HDB) resale market is stabilising, with prices rising at their slowest pace in five-and-a-half years as cash-over-valuation premiums fall across all flat types.

    The HDB said yesterday its resale price index (RPI) rose 0.6 per cent in the first three months of the year from the fourth quarter of last year, in line with its preliminary estimate earlier this month. This is lower than the 1.7-per-cent increase in the previous quarter and is the slowest RPI growth pace since the third quarter of 2006.

    M&L defers S'pore IPO

    M&L defers S'pore IPO
    04:45 AM Apr 28, 2012
    SINGAPORE - The Republic's wealthy Kum family is postponing an up-to-S$509-million initial public offering of its hotel properties due to lukewarm investor interest, people familiar with the deal said yesterday.

    M&L Hospitality Trusts - sponsored by the Kum family-owned Grandline International - said it deferred the float due to poor market conditions, as the outcome of its order-taking "was not ideal".

    DBS' Danamon bid must await new rules

    DBS' Danamon bid must await new rules
    by Linette Lim 04:45 AM Apr 28, 2012
    SINGAPORE - DBS Group Holdings' S$9.1-billion bid for Bank Danamon will not be approved until Indonesia sets new ownership rules and agrees with Singapore on the reciprocity in treatment of lenders, the Indonesian central bank chief said yesterday.

    Bank Indonesia governor Darmin Nasution said in Jakarta: "We talked with the Monetary Authority of Singapore about this in Washington, and we told them that we can't process it now as we have to wait until the new regulation comes out. We also talked about reciprocity." The new rules on ownership of financial institutions in South-east Asia's largest economy will be finished by June at the latest, he added.

    DBS-Group-net-profit-rises-to-record-high


    Private-home-prices-down-01-in-Q1


    HDB-resale-prices-up-06-in-Q1-COVs-drop


    Let the buyer beware, no investment is risk-free

    Let the buyer beware, no investment is risk-free
    2012/04/28

    The stock market gang has been sending friendly banters to me - that Parliament will be dissolved soon, followed suit by a general election (GE).
    I am not sure where they are getting their information from, but their short messaging service comes with the dates and exact timeframes on when the GE will be called.

    The talk is Gas Malaysia Bhd and Felda Global Ventures Holdings Bhd will be listed before the GE and Khazanah Nasional Bhd's healthcare unit after the GE.

    Rosy outlook for Johor hotels as theme parks spring up

    Rosy outlook for Johor hotels as theme parks spring up
    By Vasantha Ganesan
    bt@nstp.com.my
    2012/04/28

    Malaysian Association of Hotels says for this year, the average occupancy rate will increase to 67 per cent with an average room rate of RM170.
    KUALA LUMPUR: The opening of several amusement parks in the last quarter of 2012 is expected to augur well for the hotel operators in the southern state of Johor.

    Malaysian Association of Hotels’ chairman Tengku Ahmad Faizal said for this year, the average occupancy rate will increase to 67 per cent with an average room rate (ARR) of RM170.

    Friday, April 27, 2012

    罗杰斯:美国2013年经济衰退将在所难免

    罗杰斯:美国2013年经济衰退将在所难免2012年04月25日 19:43
    来源:FX168

    知名国际投资者罗杰斯(Jim Rogers)周二(4月24日)表示,美国2013年赋税增加,或将令美国经济走向衰退,并造成股市下跌。

    2012年末,布什时期制定的的税收削减政策将会到期,不过,大选年的政局似乎意味着在该政策到期后市场将出现混乱,而税收削减政策或将再度启用。而且,根据历史发展轨迹来看,美国经济衰退是在所难免的。

    券商買進心頭好.高賺幅策略奏效 海鷗高股息添賣點

    券商買進心頭好.高賺幅策略奏效 海鷗高股息添賣點
    財經專欄27/04/2012 20:28

    券商:艾芬投銀研究
    目標價:2.35令吉

    海鷗集團(HAIO,7668,主要板貿易)專注更高賺幅產品的新策略開始奏效,股息回酬也是另一賣點。

     在科技業務不再有額外投資的情況下,該公司稅務與攤銷前盈利(EBIT)賺幅從上財年第4季以來,持穩在20%以上。

     在多層次傳銷(MLM)業務方面,售價低但賺幅高的產品已取代曾深歡迎的濾水產品,后者在此部分業務的營業額貢獻比重,已從超過70%跌至10%,其余來自內衣、化妝品、護膚品和保健產品。

    Maybank IB: Unheralded star?


    Huaneng Power : 1Q12: Strong results in line with expectations (UOBKH)

    Huaneng Power International
    Buy (Maintained)
    1Q12: Strong results in line with expectations

    Net profit surged 306% yoy. Huaneng Power released its 1Q12 results with net profit up 306% yoy mainly due to tariff hikes and high profitability from Singapore plants. Domestic plants registered Rmb555m in net profit while the Singapore plant contributed the remaining Rmb364m.

    Ask The Experts: How This Singapore Equity Fund Builds Its Portfolio


    Not Enough Provisions for China Banks Bad Loans



    房市調控放鬆?中國房企恐一廂情願

    房市調控放鬆?中國房企恐一廂情願
    Created 04/27/2012 - 17:44

    近日中國頻現房地產“救市”傳言,市場對房市調控政策或將放鬆的猜測不斷。不過中央機關報《人民日報》海外版週五(27日)引述業內人士稱,房地產調控政策不會改變,有關救市的猜測只是房企一廂情願。

    報導指出,不要低估中國政府調控決心,因中央高層已在不同場合做出明確表態,而且持續調控政策取得了實質性效果。稍早國統局公佈,3月70個大中城新建商品住宅銷價,按年下降的城市增至38個,為半年來下降數目最多的月份。

    東南亞往返中國‧新加坡成轉運中心

    東南亞往返中國‧新加坡成轉運中心
    Created 04/27/2012 - 17:43

    新加坡與中國往來密切,在爭取航線合作上更是企圖心十足,不斷開發航線;據統計,從樟宜機場可連接中國26個城市,已成為東南亞國家往返中國的轉運中心。

    首3個月旅客1230萬人次

    據樟宜機場集團最新訊息,今年前3個月的旅客量達1千230萬人次,較去年同期增加12.9%,主要是往返歐洲、中東、亞洲等區域旅客量成長;而且3月單月旅客量高達428萬人次,創下歷年新高紀錄。

    財政恐惡化‧西班牙信評連降2級

    財政恐惡化‧西班牙信評連降2級
    Created 04/27/2012 - 17:45

    (西班牙‧馬德里、美國‧紐約27日訊)標準普爾昨日將西班牙債信評等下調兩個級距,稱在經濟萎縮和銀行業陷入困境情況下,預計該國政府預算赤字惡化程度可能甚於先前預期。

    展望評為負面

    標普將西班牙債信評級從“A”調降到“BBB+”,亦將展望評為負面,並稱西班牙形勢可能進一步惡化,除非歐洲各國採取積極舉措。

    大集會前夕‧投資趨謹慎‧馬股跌破1570關口

    大集會前夕‧投資趨謹慎‧馬股跌破1570關口
    Created 04/27/2012 - 17:44

    (吉隆坡27日訊)428大集會前夕緊張氣氛瀰漫,市場情緒受凝重氛圍影響趨向審慎,投資者紛紛退場觀望,促使富時綜指擴大跌勢,全日下挫0.75%,失守1570點關口,跌勢居本區域市場之冠。

    富時綜合指數昨日(週五)以微漲0.49點的1580.18點開市,但隨後賣壓逐步湧現,特別是外資“心水股”如雀巢(NESTLE,4707,主板消費品組)、松下電器(PANAMY,3719,主板消費品組)、子母牌煉奶(DLADY,3026,主板消費品組)和英美煙草(BAT,4162,主板消費品組)等跌勢擴大,拖累綜指步步下滑,最低跌13.14點或0.83%至1566.55點,終場挫11.89點至1567.80點。

    Yangzijiang : Seaspan’s ray of hope (CIMB)

    Yangzijiang Shipbuilding
    Current S$1.20
    Target S$1.43
    Seaspan’s ray of hope

    Management is working hard to replenish its order book via bridge financing and diversification into ship breaking and offshore. The conversion of 18 Seaspan options in 2H could be a strong re-rating catalyst, in our view.

    CDL Hospitality Trust: Inspiring quarter with stable growth going forward (DMG)

    CDL Hospitality Trust: Inspiring quarter with stable growth going forward
    (BUY, S$1.87, TP S$2.20)

    1Q12 DPU better than expected. CDL Hospitality Trust (CDL-HT) reported 1Q12 DPU of 2.78S¢ (+16.8% YoY), equivalent to 25.0% of our FY12 DPU estimate. Gross revenue and RevPAR came in at S$38.4m (+19.0% YoY) and S$213.0 (+9.3% YoY) respectively, on the back of strong visitors arrival during 1Q12 and a revenue boost of S$2.7m from the acquisition of Studio M Hotel in May 2011. In the subsequent quarters, we expect CDL-HT to continue to register strong numbers on the back of 1) continual growth in Singapore’s tourism; 2) demand continues to outstrip supply of new hotels and 3) strong RevPAR in 2012. Given the bright prospect in the tourism industry of Singapore, we maintain our BUY call on CDL-HT with an increased DDM based (COE: 8.6%, terminal growth: 2.0%) TP of S$2.20. With CDL-HT currently offering a forecasted 2012 yield of 6.3% and trading at 4.9% spread vs the historical and pre-crisis mean of 4.5% and 2.6% respectively, our TP represents a spread of 3.9% posting a potential upside of 17.6%.

    Jim Rogers on Markets, Economy and China


    Sheng Siong Group: Pickup in revenues as expected (OCBC)

    Sheng Siong Group’s (SSG) 1Q12 results came in within expectations, with a 3.9% YoY (+15.1% QoQ) increase in revenue to S$159.8m while net profit rose 73.7% YoY (+348.9% QoQ) to S$16.8m. Excluding a one-time gain of S$10.5m from the sale of its old Marsiling warehouse and a S$1.6m prior-year tax provision, SSG’s net profit actually fell 18.1% YoY (+111.6% QoQ) to S$7.9m. Going forward, with its retail space now exceeding 2010 levels, we expect SSG’s revenue to continue growing. However, SSG could face some margin pressures from continued priced competition with other members of the Big 3 local supermarket chains although we expect SSG to hold firm given its strong consumer base, brand prominence and strategic store locations. Maintain HOLD with an unchanged fair value estimate of S$0.49.

    新加坡商业成本高涨 对投资者吸引力下滑

    日期:27/04/2012
    新闻来源:我报记者:郑维
    新加坡商业成本高涨 对投资者吸引力下滑

    全球和东南亚的投资者更加关注印尼等高潜力市场,以及新加坡的商业成本高涨,让我国对投资者的相对吸引力有所下滑。

    安永会计师事务所(Ernst & Young)的调查显示,和去年10月比较,我国在全球和东南亚企业“最可能去投资的国家”排名中下滑到第6位。

    在安永去年10月的“资本信心晴雨表”(Capital Confidence Barometer)中,全球和东南亚企业高管“最可能去投资的国家”中,新加坡位列第4。

    The Merkozy effect (UOBKH)

    Strategy
    The Merkozy effect
    What’s New
    • The euro loses its lustre. Over the past two years, several European leaders have lost their positions to challengers due to the economic crisis. The next victim could be President Nicolas Sarkozy of France, the euro zone’s second-largest economy. In this note, we highlight the areas where four ASEAN economies and markets may be impacted.

    OSIM : Divine Expansion In The Land Of The Dragons (UOBKH)

    OSIM International
    Price/Target S$1.215/S$1.61
    Initiate BUY With 32% Upside
    Divine Expansion In The Land Of The Dragons;

    Fundamental View
    Valuation
    • We initiate coverage on OSIM International (OSIM) with a BUY recommendation and a target price of S$1.61, pegged to its 3-year historical PE of 15x. Currently, the stock is trading at 11.5x 2012F consensus earnings with a PEG of 0.72x. Brookstone’s profitability and potential listing may provide a further re-rating catalyst to the counter.

    Starhill Global REIT: Another stable quarter (CIMB)

    Starhill Global REIT
    Current S$0.65
    Target S$0.72
    Another stable quarter

    Stronger Japan and Australia contributions offset negative office rental reversions and weaker Chengdu rentals. Valuations remain undemanding against sector peers given stability with potential catalysts from a Toshin rent review and Wisma Atria’s AEI.

    CDL Hospitality Trust: Strong start to the year (CIMB)

    CDL Hospitality Trust
    Current S$1.87
    Target S$2.08
    Strong start to the year

    REVPAR hit a record in1Q, benefitting from record occupancy and higher room rates as arrivals todate surprise. With more events and attractions stacked up and tight room supplies, conditions remain conducive for outperformance.

    Bank of China: The fee-good factor (CIMB)

    Bank of China
    Current HK$3.24
    Target HK$3.78
    The fee-good factor

    BOC’s 1Q12 fee income growth was stronger than expected, which more than offset higher opex and slightly weak NII growth. The bank raised its provisions qoq to maintain its LLR ratio amid seasonally high loan growth.

    Yangzijiang: Good earnings delivery (DBSV)

    Yangzijiang Shipbuilding
    BUY S$1.20
    Price Target : 12-Month S$ 1.55

    Good earnings delivery
    • 1Q12 net profit in line with our above consensus estimates
    • Price catalyst from contract wins in 2H12
    • Maintain BUY and TP S$1.55

    Mapletree Industrial Trust: 4QFY12: Resilient factory properties (UOBKH)

    Mapletree Industrial Trust
    Share Price S$1.15
    Target Price S$1.35
    Upside +17.4%
    (Previous TP S$1.30)

    4QFY12: Resilient factory properties

    Results
    • Results in line with expectations. Mapletree Industrial Trust (MIT) reported a 4QFY12 distributable income of S$35.8m (+26.4% yoy, +1.7% qoq) and a DPU of 2.22 S cents (+15.0% yoy, +2.8% qoq). The DPU of 8.41 S cents for FY12 is in line with our expectations, accounting for 102.6 % of our full-year DPU estimate of 8.20 S cents in FY12.

    Singtel: It is good that Sing Tel is selling its entire 3.98% stake in Far Eastone Telecom Taiwan (Limtan)

    SINGTEL
    S$3.14-STEL.SI

     It is good that Sing Tel is selling its entire 3.98% stake in Far Eastone Telecom Taiwan for S$339 mln, of which S$118 mln represents profit.

     Rationale for the disposal: the stake is non-core.

     We believe more of such moves would help arrest Sing Tel’s underperformance, not just relative to local peer like Star Hub, but regional plays eg Shin Corp.

    World Precision : Financial position is comfortable (limtan)

    WORLD PRECISION
    S$0.54-WOPR.SI
     As warned by management during their 4Q ’11 outlook, World Precision’s (WP) 1Q ’12 sales fell 17% yoy to Rmb243mln and profit 11% yoy to Rmb41mln on the back of capacity constraints as well as the government’s tightening measures implemented in late 2010.

     The silver lining is that on a sequential basis, 1Q ’12 sales increased 2.1% while profit increased 14%, the first sequential increase since 2Q 2011.

    BDI recovery may not be sustainable (MIDF)

    Shipping
    Maintain NEGATIVE
    BDI recovery may not be sustainable
    Baltic Dry Index (BDI) slumped to a 3-year low of 647 points on 3rd Feb 2012. Nonetheless the benchmark for dry commodities freight rate have since gradually ascended to 976 points, and is trending upward towards 1,000 points. Despite its recent recovery, the BDI is still about -37% below its last year average of 1,549 points. The average capesize TCE/day rate improved +23.8%mom to USD 7,080, hitting the breakeven range of USD7,000 – 8,000. However, we opine that further major rebound in freight rate is unlikely to occur in the near term hence we maintain our negative view on the shipping sector.

    Sheng Siong: Margin caution (DBSV)

    Sheng Siong Group Ltd
    HOLD S$0.485
    Price Target : 12-Month S$ 0.47 (Prev S$ 0.49)

    Margin caution
    • Revenue in line, earnings disappoint on lower margins; Store expansion on track but cautious on margins
    • Trim FY12F/FY13F earnings by 3.5%/2.8% on lower margin expectations
    • Maintain HOLD, TP lowered to S$0.47

    Ascott Residence Trust: 1Q12: Delivering the results (UOBKH)

    Ascott Residence Trust
    Share Price S$1.10
    Target Price S$1.25
    Upside +13.6%

    1Q12: Delivering the results
    Results
    • Results in line with expectations. Ascott Residence Trust (ART) reported a 1Q12 distributable income of S$24.2m (+1% yoy) or a DPU of 2.14 S cents (flat yoy). The results were in line with our expectations, representing about 25% of our full-year forecasts.

    CapitaMalls Asia: Results below; adding another China mall (CIMB)

    CapitaMalls Asia
    Current S$1.57
    Target S$1.41
    Results below; adding another China mall

    CMA’s 1Q12 earnings were below expectations due to a combination of timing and lower-than-expected China contributions. We believe its YTD share price optimism has yet to be translated into numbers. Meanwhile, another China mall has been purchased, adding to capex.

    Suntec REIT: Suntec City remaking starting off on right foot (DB)

    Suntec REIT
    Price at 24 Apr 2012 (SGD) 1.28
    Price target - 12mth (SGD) 1.32
    52-week range (SGD) 1.55 - 1.06

    1Q slightly ahead; Suntec City remaking starting off on right foot

    Results slightly ahead; promising start to Suntec City AEI
    1Q results came in slightly ahead of our estimates. Underlying trends were stable, with the improvement in office occupancy a positive outcome. The Suntec City AEI appears to have started off on the right foot, with 45% of Phase 1 pre-committed with anchor tenant H&M signed up. However, given the extensive nature of the AEI, execution remains a risk that could continue to cap share price performance with downside risk to DPUs. We maintain our Hold rating, with valuations undemanding at 7.3% FY12E yield and 0.65x P/B.

    SMRT: Dividend policy under pressure (UBS)

    SMRT Corporation Ltd
    12m price target S$1.41/US$1.13
    Price S$1.81/US$1.45

    Dividend policy under pressure
    �� Elevated risk of dividend cut
    SMRT announced that it will, together with the LTA, spend S$900m to maintain, upgrade and renew the MRT system. This is in addition to >S$800m to be invested on 51 new trains for the NSEW and CCL lines. Although we anticipated SMRT’s higher capex and maintenance burden, the quantum is much larger than expected, especially given SMRT’s EBITDA of only ~S$300m/yr. Given these pressures amid intense public scrutiny on service reliability, we believe SMRT can justify a rethink in its dividend policy, which was implemented under its previous CEO.

    SingTel says sells stake in Far EasTone for $339m

    Singapore Telecommunications confirmed on Friday it has divested its 3.98% stake in Taiwan’s Far EasTone Telecommunications Co Ltd for T$8.03 billion ($339.3 million).

    SingTel, Southeast Asia’s biggest telecoms firm, said it will see a gain of about $118 million from the on-market sale. The gain will be reflected in the first quarter ending June 30.

    On Thursday IFR reported SingTel was selling its stake in Far EasTone and Goldman Sachs was the sole bookrunner for the deal.

    China Cosco says Q1 net loss of 2.7 bln yuan

    China Cosco says Q1 net loss of 2.7 bln yuan

    8:18am EDT
    April 26 (Reuters) - China COSCO Holdings Co Ltd, flagship of the country's biggest shipping conglomerate, made a net loss in thew first quarter of 2.7 billion yuan ($429 million) as a continued supply glut in its bulk carrier business pushed freight rates to loss-making levels.

    China COSCO, which operates the world's largest bulk cargo fleet and is the fifth-biggest container shipper globally by capacity, has also been hit by rising fuel costs and slowing growth in international trade amid an uncertain global economy.

    曾淵滄專欄 2012 04 27: 加時交易經紀叫苦

    加時交易經紀叫苦
    股市奇悶,全球皆悶,沒有甚麼突出的消息,只好不斷地炒冷飯,翻炒消息。連美國聯儲局的伯南克也只是不斷地出口術, QE3備而不用,靠出口術吊投資者的胃口,撐住股市。歐債危機也是在天下無事下強造出來的事,搞了幾天就沒了下文。溫總更是高手,忽冷忽熱,一下子緊一下子鬆,造好造淡者都可以利用溫總講話推波助瀾。

    此情況下,受害的是港交所( 388)及眾多的經紀行。生意差了,工作時間卻拉長,難怪不少經紀反對延長交易時間。

    新加坡人投资时胆小? 颜金勇:不是胆小而是较谨慎

    生部长颜金勇认为,新加坡企业“不是胆小,而是胆大,不过心细”,新加坡企业一般上比较稳扎稳打,不是短期性的“赚了钱就跑”。

    沈泽玮 大连报道
    tzeweisim@gmail.com

      新加坡人胆子比较小?辽宁省长陈政高日前在会见到访的新加坡经贸团时,幽默地勾勒新加坡人的投资行为:言出必行,说到做到,只是胆子比较小,投入比较慢。他鼓励新加坡企业多多到辽宁投资,不要老往苏州和南京跑。

      新加坡人有包括“怕输”、“怕死”在内等特征,做重大决定时,或许因考虑较多而显得胆子小、行动慢。

      不过,率团访问辽宁的卫生部长兼新加坡—辽宁经济贸易理事会联合主席颜金勇和中华总商会会长张松声都认为,新加坡人不是胆小,而是比较谨慎。

    分析师:散户勿盲目购入微型股

    (何丽丽报道)过去一个月里,许多微型股如JEL企业、速印控股(Xpress Holdings)、TT国际、生命品牌(LifeBrandz)、均富集团(Equation Corp)、逢来发集团(HLH Group)、新加坡特速(SingXpress)、德加拉(Thakral Corp)等都大涨,有的涨幅甚至为倍数,分析师提醒散户不要盲目跟风,尤其当微型股是在没有基本面支撑的情况下大涨。

      德意志摩根建富证券(DMG & Partners)投资研究部执行董事兼联合主管黄耀前昨天接受本报访问时建议投资者谨慎看待这类股票。他说:“在缺乏良好基本面的情况下,它可以急速上扬,也可以突然暴跌。”

      以JEL企业为例,自从本地“薄饼大王”魏成辉日前宣布将收购它大部分股权,成为控制权大股东后,该股过去一个月来已经上涨达20倍,股价前天一度触及15.8分,昨天却暴跌至7.8分的闭市价。

    天宇“案中案”告一段落

    双方代表律师自上周三高庭开始聆讯以来,虽然不时交锋、各执一词,却是以司法检讨不应评断天宇事件对错,彼此的炮火力度明显有所保留。

    王阳发 报道
    ongyh@sph.com.sg

      继续在上演的天宇集团(China Sky Chemical Fibre)事件,其中一个“案中案”昨日终告一段落。高庭昨日已经结束四天半的“新交所—叶伟钢”案聆讯,比原先预订的三天时间多出了一天半,法官和双方律师对这一次能对法律如此深入探讨都感到很满意。

      双方律师昨日聆讯结尾时表示,面对法官许多关键的提问,他们获得充分机会深入探讨及提出论据和辩证,因此已不需要提出后续书面陈词。接下来,无论法官决定如何,“新交所—叶伟钢”之争另辟途径拍摄续集的可能性也不高。

    投资者追捧仙股 海指横摆作收

    在投资者追捧仙股,忽略蓝筹股的情况下,海峡时报指数昨天横摆作收,闭市时略涨0.06%或1.69点,收报2981.47点。

      一名本地交易员指出,近日来投资者主要购买的是小型股,他们或许也是在等待市场出现调整后才进场买入优质股票。

      本地股市盘中曾出现下滑,主要是受到胜科工业(Sembcorp Industries)和海皇轮船(NOL)的拖累。

      已经到了除息日(ex-dividend date)的胜科工业昨天闭市时下滑2.8%至5.16元,海皇轮船则下滑2%至1.205元,这两只股票为昨天跌幅最显著的海指成分股。

    Suntec REIT: AEI leasing progress well (JPM)

    Suntec REIT
    Price: S$1.27
    Price Target: S$1.45
    1QFY12 results review - AEI leasing progress well

    • Results slightly ahead with DPU of S$0.02453/unit, ahead of both J.P. Morgan and consensus estimates, annualizing 7.8% yield. Book value stood at 1.96/unit with adjusted gearing of 39.2%. Divestment of Chijmes was completed on 20 Jan 2012 with gains of S$29.7million. Management indicated that it will consider utilizing part of the proceeds from the sales to mitigate the temporary dip in distributions as a result of AEI works and to sustain the trust’s distributable income. The stock will trade ex-dividend on 30 Apr 2012.

    Is the AirAsia-MAS share swap off?

    The Star Online > Business
    Friday April 27, 2012
    Is the AirAsia-MAS share swap off?

    Friday Reflections - By B.K. Sidhu

    THE rumour mill is certainly on an overdrive mode.

    Rumours are swirling around that the AirAsia-Malaysia Airlines (MAS) share swap and even the collaboration is off.

    Early this week, a news report from Singapore said that threats by the national carrier's 20,000 employees had pushed Putrajaya to unravel the tie-up between AirAsia and MAS.

    A day later, a local report said the share swap would be an item on the agenda at Sunday's Umno supreme council meeting.

    Frasers Centrepoint Trust: 2QFY12: Reaping the rewards (UOBKH)

    Frasers Centrepoint Trust
    Share Price S$1.56
    Target Price S$1.80 Upside +15.4%
    (Previous TP S$1.75)

    2QFY12: Reaping the rewards
    • Quarterly distributions hit a new high. Frasers Centrepoint Trust (FCT) reported a 2QFY12 distribution to unitholders of S$20.6m (+29.1%yoy, +13.9%qoq) and a DPU of 2.50 S cents (+20.8% yoy, +13.6%qoq). This is the highest quarterly distribution for FCT, and marks the first time that income to be distributed has surpassed S$20m. The 1HFY12 DPU is in line with our expectations, accounting for 51% of our full-year estimate of 9.2 S cents. The 1HFY12 distribution excludes S$2.3m (approximately 0.27 S cents) retained to be distributed later in the year.

    Sunway REIT: Positive rental reversion drives earnings growth Revised (MIDF)

    Sunway Real Estate Investment Trust
    Price (25 Apr 12) RM 1.24
    Target Price (TP): RM1.39
    Upgrade to BUY
    Positive rental reversion drives earnings growth Revised


    INVESTMENT HIGHLIGHTS
    • Results exceeded expectation: Sunway Real Estate Investment Trust’s (SUNREIT) 9MFY12 results exceeded ours and consensus expectations. Realized profit of RM142.5m accounted for 79% of ours and 77% of consensus forecasts. Our forecast had underestimated the growth of the hospitality segment which had surprisingly registered commendable growth in a challenging economic environment.

    ICBC chairman: China Bank 'monopoly' should be broken

    ICBC chairman: China Bank 'monopoly' should be broken
    Published on Thu, Apr 26, 2012 at 14:50

    China`s bank "monopoly" should be broken up, Jiang Jianqing, Chairman of the country`s largest lender Industrial and Commercial Bank of China (ICBC) told CNBC, adding that a more "diversified and competitive" environment would help improve the efficiency and management of the whole industry.

    "I totally agree with Premier Wen that we should break the monopoly," Jiang told CNBC`s Christine Tan on "Managing Asia". "In a healthy economy, you have to have sufficient competitiveness and anti-monopoly enforcement."

    Starhill Global REIT’s Q12012 financial results






    The most bullish of all bull runs?

    The most bullish of all bull runs?
    by Colin Tan 04:45 AM Apr 27, 2012
    Judging from the recent spate of positive market news, it appears that there is no better time to be involved in property than the present.

    A report on Wednesday highlighted the sharp rebound in resale transactions of completed private homes last month, confirming that the secondary market had indeed recovered to levels before the additional buyer's stamp duty (ABSD) was imposed in December.

    What underpins home demand at developer sales

    What underpins home demand at developer sales
    by Ong Kah Seng 04:46 AM Apr 27, 2012Recent private home buying has focused on developer sales, particularly those for suburban condominiums. The focus is driven by financial considerations and innovative product designs.

    Developer sales can be significantly pricier than resale homes in the vicinity but may still be attractive because the buyer "wouldn't have to pay instantly". The attraction lies in the progress payment schemes where mortgage financing is effective only when the project is completed, whereas a resale property requires one to commit immediately.

    S&P cuts Spain rating, warns of more contraction

    S&P cuts Spain rating, warns of more contraction
    Posted: 27 April 2012

    WASHINGTON: Standard & Poor's cut Spain's sovereign debt rating on Thursday by two notches, warning that the government's budget situation is worsening and that is likely to have to prop up its banks.

    S&P cut the country's rating to BBB-plus and added a negative outlook, saying it expected the Spanish economy to shrink both this year and next, raising more challenges for the government.

    US-urges-economies-to-play-by-rules


    Hows-Spores-jobs-market-outlook


    Singapores-manufacturing-output-down-34-onyear-in-March


    Mapletree Commercial's 4Q DPU tops own forecast

    Mapletree Commercial's 4Q DPU tops own forecast
    04:45 AM Apr 27, 2012
    Mapletree Commercial Trust yesterday reported fourth-quarter distribution of 1.554 Singapore cents per unit, beating its own forecast of 1.313 cents, due to higher contributions from its properties, including VivoCity mall and office building MLHF in the Harbourfront area and office-cum-retail complex PSAB in Alexandra.

    Gross revenue for the three months ended March 31 was S$49.9 million, while net property income for the period was S$35.8 million, the real estate investment trust said.

    SingTel tops accounting body's governance, transparency index

    SingTel tops accounting body's governance, transparency index
    by Lynda Hong Ee Lyn 04:46 AM Apr 27, 2012
    SINGAPORE - SingTel has been named the country's most well-governed and transparent company for the fourth consecutive year.

    Presenting the results of its 2012 Governance and Transparency Index (GTI) yesterday, accounting body CPA Australia said SingTel came up tops with an overall score of 111 points.

    The index assesses companies based on their corporate governance disclosure and practices. The accessibility, transparency and timeliness of their financial result announcements also plays a part in how they are scored.

    Thursday, April 26, 2012

    Pick stocks by yield to payout ratio

    Pick stocks by yield to payout ratio
    Dividends are attractive to investors because they contribute returns even in uncertain market conditions.

    Employing a dividend-yield strategy can help unearth potentially undervalued stocks with reduced downside risk, provided the dividend is secure.

    政府大拋银弹债台高筑 標普可能下调大马评级

    政府大拋银弹债台高筑 標普可能下调大马评级

    吉隆坡26日讯)標准普尔(S&P)警告,我国首相拿督斯里纳吉创纪录的財政支出,以寻求在全国大选之前提高民意,可能令大马面临亚洲金融危机以来,信贷评级首次被下调的风险。

    標准普尔主权评级部主管小川隆平(Takahira Ogawa)接受《彭博社》访问时指出,標准普尔可能会考虑在未来几年里,出手下砍大马的信贷评级,除非下任政府在选举后採取措施,提升收入及削减津贴。

    比亚迪预测下半年盈利急降95%

    比亚迪预测下半年盈利急降95%
    財经 2012年4月26日

    (上海26日讯)中国汽车生產商比亚迪预测,上半年利润可能下降多达95%,因为来自太阳能和手机业务的盈利下降。

    比亚迪昨天发佈公告说,今年上半年净利料下滑至1380万人民幣(约660万令吉)至6880万人民幣。

    隨著中国政府结束购车税赋优惠,並且比亚迪最畅销的F3轿车日渐失宠,该公司的汽车產品需求放缓。比亚迪报告说,第一季度汽车销量较上年同期下降8%。由于中国经济增速放缓,汽油成本上升抑制购车需求,今年第一季度中国乘用车销量较上年同期下降1.3%,这是自2005年以来首次下降。比亚迪將预测利润下降主要归咎于太阳能业务的巨额损失。

    China Banks Profit Growth to Slow: ICBC Chairman


    China's Banks Still Look Attractive: Analyst


    Portfolio Management - Importance of Asset Allocation

    Portfolio Management - Importance of Asset Allocation














    Source/Extract/Excerpts/来源/转贴/摘录: www.sias.org.sg
    Publish date:30/07/2011

    解码财商 2012: 胡立阳- 做股市中的“异常人” 120424


    Sunway REIT: Spot-on Results

    SUNREIT
    Last Price : 1.26
    Price Target : 1.25
    (FV RM 1.25 - NEUTRAL)
    9MFY12 Results Review: Spot-on Results

    Sunway REIT's 9MFY12 results came in within our and consensus expectations, with both revenue and net profit accounting for about 75% of the respective FY12 forecasts. For 9MFY12, net property income (NPI) rose by 24.7% y-o-y due to the acquisition of Sunway Putra, coupled with the strong performance of the initial 8 assets, especially Sunway Pyramid Mall. We maintain our forecast and Neutral recommendation on Sunway REIT at an unchanged FV of RM1.25, which is based on target yield of 5.7% on CY12 DPU.

    2012-0425-57金錢爆(誰偷了我的牛)



    維持超低利率不變‧聯儲局上修美國成長預測

    維持超低利率不變‧聯儲局上修美國成長預測
    Created 04/26/2012 - 17:45

    (美國‧華盛頓26日訊)美國聯邦準備理事會(Fed)認為今年美國經濟將會較原先預期更強勁成長,失業率則會進一步下降。

    聯儲局預測今年美國經濟可望成長2.4至2.9%,失業率至年底可望降至7.8至8.0%。

    聯儲局對全球最大經濟體美國的未來展望,較1月時的預測略為樂觀,當時它預估今年美國經濟成長率將介於2.2至2.7%,而失業率頂多只能降至8.2%。

    CapitaMalls Asia: 1Q12 below expectations – paring estimates (OCBC)

    CMA reported 1Q12 PATMI of S$66.8m, up 36.1% YoY mainly due to revaluation gains (S$30.7m) on three Japanese malls. Excluding these gains, we judge 1Q12 results to be below view, making up only 16% of our FY12 forecast due to higher operating expenses and a slower-than-expected ramp-up at new malls. We believe the street has generally baked in overly optimistic assumptions for FY12, and pare our core earnings forecast to S$170.7m from S$220.6m. Management also announced that it would acquire a shopping mall site in Daxing District south of Beijing. We judge the price paid to be reasonable but see little accretion to RNAV at this juncture. In addition, from latest data-points, we now assess the odds of a Chinese hard landing to be low, and transition our valuation model from a scenario-weighted methodology to a direct RNAV-discount method. We update our fair value estimate to S$1.76 (from S$1.79 previously) with a 10% discount on RNAV. Maintain BUY.

    PhillipCapital Weekly Market Watch 23.04.2012


    Suntec REIT : Why did increased stake not contribute?

    Q1 NPI up 5%, DPU up 3.8%

    [25/4/2012] – Suntec REIT is confident its office space can outperform in 2012, despite a negative outlook from property consultants.

    But this optimism didn’t extent to its retail portfolio (at least we couldn’t spot it).

    Almost 30% of its portfolio is retail space, with the remaining 70% being offices.

    Out of more than 20% of its office space due for renewal, the Trust renewed all except 7.5% of the space.

    CapitaMalls Asia:More signs of earnings inflexion (DBSV)

    CapitaMalls Asia Limited
    BUY S$1.57
    Price Target : 12-month S$ 2.02

    More signs of earnings inflexion
    • Earnings growth driven by improved operational performance and fair value gains
    • Growth trajectory benefiting from operations ramp up, deepens exposure in Beijing
    • Maintain Buy, TP S$2.02

    CDL Hospitality Trusts: Solid set of results (OCBC)

    For 1Q12 ended Mar 2012, CDLHT registered gross revenue of S$38.4m, an increase of 19% YoY. Net property income grew 20% YoY to S$36.0m. Excluding Studio M Hotel, which was acquired in May 2011, Singapore hotels saw RevPAR grow 9.3% YoY. Income available for distribution per security (after deducting income retained for working capital) climbed 17% YoY to 2.78 S-cents, which translates into an annualised DPU yield of 6.0% based on yesterday’s close of S$1.87. The results were in-line with our forecasts. Despite the projection that hotel room supply in Singapore will grow at ~3.1% this year, we believe that demand growth will continue to outstrip supply growth. We maintain a BUY rating on CDLHT and our fair value estimate of S$2.04.

    Ascott Residence Trust: No surprises in 1Q12 results (OCBC)

    Ascott Residence Trust (ART) announced 1Q12 distributable income of S$24.2m, mostly flat on a YoY basis versus S$24.0m in 1Q11 and in line with our expectations. In terms of DPU, 1Q12 DPU came in at 2.14 S-cts which was identical to 1Q11. Topline for the quarter was S$71.6m, up 6% mostly due to Citadines Shinjuku Tokyo (acquired Dec 2011) and improved numbers from China, Philippines and the UK. We continue to see value in ART given a robust yield of 7.6% and undemanding P/B ratio of 0.8x which should underpin the share price and provide a reasonable margin of safety for bear case fair-value write-downs. We update our model and maintain our BUY rating with a marginally higher S$1.14 fair value estimate, versus S$1.12 previously.

    Sabana Shariah Compliant REIT: Are the real estate research houses right? Will rentals fall?

    Q1’s performance fell YoY but beat its own forecast

    [25/4/2012] - Sabana Shari’ah Compliant REIT says DTZ Research expects industrial rents to fall between 5% and 10% with business park rental decline on the higher end of the range due to more available supply and competition in 2012.

    And Colliers International is of the view that overall industrial rents in Singapore may dip by 3% in 2012 while capital values are expected to hold relatively stable in 2012.

    柔佛乐高乐园9月开张 成人票价40元 儿童29元

    日期:26/04/2012
    新闻来源:我报

    柔佛乐高乐园9月开张 成人票价40元 儿童29元

    马来西亚柔佛伊斯干达特区乐高乐园预计,首个营业年可吸引100万名访客,其中15%至20%为新加坡访客。

    亚洲首座乐高乐园(Legoland)将于今年9月15日(星期六)正式开张营业,目前乐园已完成约75%工程。乐高乐园距离大士关卡约10分钟车程,距兀兰关卡则约35分钟车程。

    SMRT:Downgrade to Hold on capex Concerns (DB)

    SMRT Corporation Ltd
    Price at 24 Apr 2012 (SGD) 1.81
    Price target - 12mth (SGD) 1.75
    52-week range (SGD) 1.96 - 1.72
    Downgrade to Hold on capex Concerns

    Major asset renewal plan implies greater capex burden, d/g to Hold
    We cut SMRT's TP to S$1.75 and downgrade to Hold on concerns the company's newly announced asset renewal plan will drive greater capex burden going forward. With additional uncertainties from the ongoing COI public hearings and CEO succession issues, we turn more cautious. But we note SMRT's share price corrected by just 4% in the aftermath of the Dec MRT service disruptions and think share price impact from the recent announcement will likely be contained. At 16.8x fwd PE, we think valuations are not particularly attractive in view of the near-term risks.

    Offshore Support Vessels

    Offshore Support Vessels
    Anchor Handling Tug Supply Vessels (AHTSs)
    AHTSs are vessels that tow oil rigs to a location and anchor them. In some cases, they can be equipped with additional equipment such as ROVs and cranes, and serve as an emergency rescue and recovery vessel for fire fighting, rescue operations and oil recovery. Because their main purpose is to perform anchor-handling duties and towage of oil rigs, AHTSs are typically measured in terms of BHP or bollard pull.







    Purpose
    - Dual purpose tugs designed for anchor-handling/towage and offshore supply duties.
    - Main purpose is to perform anchor handling duties and towage of offshore units, construction vessels and floating production units.
    - Also used to supply cargoes.

    Sunway REIT: No surprises (MIB)

    Sunway REIT
    Buy(unchanged)
    Share price: MYR1.24
    Target price: MYR1.40 (unchanged)
    No surprises

    Reiterate BUY. SunREIT’s 9MFY6/12 core net profit of MYR142.5m accounted for 75-77% of our and consensus full-year estimates. SunREIT’s declared MYR0.019 DPU for 3Q (YTD: MYR0.056) was also in line. No change in our earnings forecasts and MYR1.40 TP. Potential surprises could come from new asset injections (e.g. colleges) which gear towards providing a stable income stream.

    Fajarbaru : RM300m Sg. Baru station job? (Kenanga)

    Fajarbaru Builder
    OUTPERFORM ↔
    Price: RM0.97
    Target Price: RM1.17 ↔
    RM300m Sg. Baru station job?

    News
    _ The Star reported yesterday that Fajarbaru is expected to bag a RM299m job for the construction of the Sungai Baru light rail transit station (“LRT”) under the LRT extension project by Syarikat Prasarana Negara Bhd (“Prasarana”).

    Comments
    _ We are positive with the news. Fajarbaru has always been the frontrunner for the project with management having gotten unofficial indication from Prasarana previously.

    CapitaMalls Asia:More to Come from China (KE)

    CapitaMalls Asia
    BUY (unchanged)
    Share price: SGD1.57
    Target price: SGD2.01 (previously SGD1.95)
    More to Come from China

    BUY rating reaffirmed. CapitaMalls Asia (CMA) reported a 1Q12 PATMI of SGD66.8m, up 36.1% YoY boosted by a SGD30.7m revaluation gain from the recent acquisition of three malls in Japan. Underlying PATMI met 15% of our full-year forecast, largely in line with expectations as Minhang and Hongkou only commenced contributing in March. CMA’s malls in China continue to enjoy strong growth and we expect the domestic consumption theme to continue. Reaffirm BUY.

    Yangzijiang: Results in-line with expectations (DMG)

    YANGZIJIANG SHIPBUILDING
    Price S$1.20
    Previous S$1.04
    Target S$1.04
    Results in-line with expectations

    Earnings boosted by non-shipbuilding income. Yangzijiang (YZJ)’s 1Q12 net profit of RMB1.02b (+7% YoY, -2% QoQ) accounted for 28% of ours and consensus estimates. The results were in-line with expectations as we expect shipbuilding gross margins to show weakness in the later part of year with less lucrative contracts in the order book. 1Q12 shipbuilding GP margin stayed strong at 26.4% vs. 27.1% in 1Q11 and 26.2% in 4Q11. The lower GP margin (on YoY basis) was due to inclusion of ship demolition revenue (RMB123.5m) which has lower GP margin. In our view, the outlook commercial shipbuilding sector remains challenging as yards scramble to win jobs to fill shipyard capacity and margins on new contracts are likely to be thin. Maintain Sell with a TP of S$1.04.

    Ascott Residence Trust: Lacking catalysts (CIMB)

    Ascott Residence Trust
    Current S$1.10
    Target S$1.18
    Lacking catalysts

    ART came in with a decent 1Q12. However, there are some concerns oncost pressures in certain markets and forex swings. While performance should pick up in 3Q with the London Olympics, we see a lack of compelling catalysts to spark a major rerating.

    Sheng Siong : Supermarket wars (CIMB)

    Sheng Siong Group
    Current S$0.49
    Target S$0.49
    Supermarket wars

    CNY festive buying did lift revenue, but intense competition among local supermarkets ate into its profits. Cost savings from bulk handling and higher-margin fresh foods lost out to higher promotions and discounts.

    Suntec REIT: Steady Performance (RHB)

    Suntec REIT
    Share Price : SG$1.285
    Fair Value : SG$1.45
    Recom : Outperform (Maintained)
    Steady Performance

    ♦ Within expectation. Suntec REIT’s 1Q12 core net profit of SG$36.1m was within our expectation but below market consensus. The 8.4% qoq decline in revenue was mainly due to the loss of income following the divestment of Chijmes on 20th Jan 2012. Meanwhile, NPI margin also stabilised at 67% subsequent to the consolidation of Suntec Singapore since 3Q2011. A 2.453 cents DPU was declared for the quarter, higher than our current DPU forecast on an annualised basis.

    SIA: Wait for the Storm to Blow Over (KE)

    Singapore Airlines
    HOLD(from BUY)
    Share price: SGD10.70
    Target price: SGD11.05 (from SGD14.40)
    Wait for the Storm to Blow Over

    Downgrade to HOLD, expect weak 4Q results. Singapore Airlines (SIA) is expected to report a weak set of 4QFY3/12 results, dragged down by ballooning fuel prices. Earnings are forecast to come in at SGD75m, representing a 56% YoY decline. Concerns over jet fuel prices, together with lingering uncertainties in the global economy, in particular Europe, pose strong headwinds to SIA and the aviation sector as a whole. We downgrade the stock to HOLD with the target price reduced to SGD11.05 based on its historical mean P/BV of 1.0x. While SIA’s strong fundamentals are not in doubt, we think there will be a better entry point in the next 6-12 months.

    曾淵滄專欄 2012 04 26: 供應少樓價焗住升

    供應少樓價焗住升
    差餉物業估價署公佈去年私人住宅落成量僅 9450個,比前年少 30%,供應量如此少,樓價怎能不升?今年供應將增加 25.8%,明年再增加 25.5%。大家自己算一算,這樣的供應量夠不夠?

    前年底推出的特別印花稅對付炒家果然非常有效,去年平均每月「摩貨」量僅 74宗,比前年少 77%,整體買賣合約也下降 38%,地產代理真是進入冰河時期,每月的開支成本幾乎是固定的,生意好盈利暴增,生意差盈利暴減,甚至虧損。

    东亚银行:看好A股和港股 H股高成长低估值

    东亚银行:看好A股和港股 H股高成长低估值

    作者:石贝贝 来源:上海证券报 2012-04-25
     东亚银行(中国)财富管理部昨日表示,近期利好政策频出,因此对于一季度之后的A股市场该行持乐观态度。同时,预计香港股市也将开始重新走强。从基本面来看,港股中的H股指数同时具备高成长和低估值的特点。

      受内地利好政策影响,上周港股和A股强势反弹。上证指数上周累计上涨2.02%,为连续第三周上扬。港股上周则在犹疑中上升,最终成功收复21000点大关。

    SMRT股价创21个月最大跌幅 地铁大维修 股价难维持

    SMRT虽表示正与政府商谈共同承担系统更新计划所需的9亿元费用,但似乎并未暂缓市场对该股的抛压活动。该公司股价昨日一度跌幅达4.97%或9分,闭市收报1.735元,为一个月来最低。

    王阳发 报道
    ongyh@sph.com.sg

      SMRT企业股价昨日应声创下约21个月来最大跌幅,受压于它前天闭市后宣布的9亿元地铁系统更新计划。

      该公司虽表示正在与政府商谈共同承担这笔费用,这消息似乎并未暂缓市场对该股的抛压活动,整体股市昨日上涨对该股也无济于事。

    收购印尼银行摊薄小股东股权? 佘林发舌战女股东

    星展股东大会
    何丽丽 报道
    holily@sph.com.sg

      在昨天召开的星展集团股东大会上,一名女股东就印尼金融银行(Bank Danamon Indonesia)收购计划向主席佘林发多次发出提问,而佘林发的妙问妙答和理论最终也成功说服了其他股东。

      在长达一个半小时的股东大会上,股东问得最多的是收购项目是否会摊薄小股东的股权、收购价格是否过高、为什么不向股东发行附加股或债券集资、星展集团股价在宣布收购计划后为什么下滑等,问题大部分来自两三名股东,其中一名女股东在发问时还一度情绪激动。

    凯德商用产业将在北京开发首个商场

    凯德商用产业(CapitaMalls Asia)即将在北京市南部开发集团首个购物中心项目。
      集团已和保利兴房地产集团(Poly Real Estate Group)子公司签署了一项有条件协议,购买北京大兴区新源街的一幅地段以建造一座购物商场。

      该地段位于大兴地铁线天宫院站上端,集团计划在此地段建造一座七层楼高的购物中心,若不包括停车场,总建筑楼面达12万2000平方公尺,将定位为中高端购物中心。这项收购与商场开发计划仍有待中国政府的审批。

      包括土地成本的话,该购物中心的发展成本预计为大约23亿4300万人民币(约4亿6920万元),也相等于每平方公尺1万9190人民币(约3843元)。

    海指上升0.2% 投资者吸购蓝筹股

    由于投资者赶在美国联邦储备局公布会议结束前选择性吸购蓝筹股,本地股市昨日上升0.2%。

      联昌国际研究认为,新加坡海峡时报指数从现在起应该上升,或能上试3035点以上的水平,设法填补3001点和3107点之间的巨大下跌裂口。

      可是巴克莱资本指出,最新一轮的美国房屋数据似乎显示联储局无需采取进一步宽松的货币政策,而第三轮量化宽松货币政策要是没出台,股市短期内恐怕会波折。

    Sabana Shari'ah Compliant REIT: Highest yield on the street (DBSV)

    Sabana Shari'ah Compliant REIT
    NOT RATED S$0.98
    Potential Target * : 12-Month S$ 1.06 (17% total return)

    Highest yield on the street
    • Secured income; recent acquisitions to contribute positively in FY12
    • Healthy gearing at 34% with S$87m potential headroom for inorganic growth
    • Fair value of S$1.06 offers a total return of 17%

    Frasers Centrepoint Trust : Results Beat Consensus (Citi)

    Frasers Centrepoint Trust (FCRT.SI)
    Price (23 Apr 12) S$1.56
    Target price S$1.73
    Expected share price return 10.9%
    Expected dividend yield 6.3%
    Expected total return 17.2%

    Results Beat Consensus
     Results ahead of consensus — FCT reported 2QFY11 DPU of 2.50cents, +14%qoq. Together with the 2.2c reported last quarter, 1HFY12 DPU totaled 4.7c. However, if we add back the retained income in 1QFY12 and 2QFY12, DPU for 1H would be 5.0c, inline with our FY expectations of 9.9c and ahead of consensus FY estimate of 9.3c.
    Portfolio revenue increased 2.3%qoq, but NPI rose 5.4%qoq on lower operating expenses.

    Mapletree Industrial Trust: Decent quarter (CIMB)

    Mapletree Industrial Trust
    Current S$1.14
    Target S$1.24
    Decent quarter

    4Q12 results were decent in terms of DPU growth and rental reversions. While there was a qoq dip in portfolio occupancy, DPUs should remain stable, underpinned by occupancy and positive rental reversions.

    CapitaCommercial Trust (CCT): 1Q12 results mostly in line (OCBC)

    CapitaCommercial Trust (CCT): 1Q12 results mostly in line
    CapitaCommercial Trust (CCT) reported a 1Q12 distributable income of S$53.9m, up 3.4% YoY. This is mostly in line with consensus and our expectations, making up 27% of our full year forecast. DPU for the quarter is 1.90 S-cents. Top-line came in at S$87.4m - 3.9% lower YoY and tracking well to our S$362.9m FY12 forecast. The top-line dip was mainly due to negative rental reversions and lower portfolio occupancy, particularly at 6 Battery Rd (6BR). Despite this, we saw a lift in distributable income due to lower property expenses, higher interest income and a decline in trust/interest expenses. Management reports that CapitaGreen remains on track for completion in 4Q14, and extensive enhancement works at 6BR would be carried out in phases till end-2013. We currently see key risks for the share price stemming from further softening of the domestic office sector, though any downside is likely capped by a currently undemanding valuation (0.8x PB) and a fairly attractive yield (5.6%) for high quality Grade A office exposure. Maintain HOLD with an unchanged fair value estimate of S$1.14.

    Yangzijiang’s 1Q2012 earnings up 7% to RMB1.0 billion



    Yangzijiang’s 1Q2012 earnings up 7% to RMB1.0 billion
    Revenue grew 12% in 1Q2012 to RMB3.7 billion mainly due to boost in revenue from the Shipbuilding segment
    Yangzijiang won US$206.2 million worth of new orders in 1Q2012 for building 7 vessels
    Order book stood at US$4.5 billion as at 31 March 2012, comprising 96 vessels

    SINGAPORE – 26 April 2012 – Yangzijiang Shipbuilding (Holdings) Limited (“Yangzijiang” or “the Group” or “扬子江船业控股有限公司”), one of PRC’s leading and most enterprising shipbuilder listed on the SGX Main Board, is pleased to announce its financial results for the three months ended 31 March 2012 (“1Q2012”) with 7% increase in net profit attributable to equity holders to RMB1.0 billion. A table on the financial highlights of 1Q2012 is provided below:

    Slight recovery in MAS RCPS

    The Star Online > Business
    Thursday April 26, 2012
    Slight recovery in MAS RCPS

    PETALING JAYA: Malaysia Airlines' (MAS) redeemable cumulative preference shares (RCPS), which were sold down last month, have recovered slightly although they are still below the conversion price.

    The RCPS hit a 3-month low of 87.5 sen on March 27.

    The counter recovered slightly to close at 93.5 sen yesterday. Analysts said there had been uncertainty over whether the RCPS would be fully redeemed given the huge amount of cash needed to redeem the debt securities issued in 2007.

    MAS, AirAsia collaboration has obvious benefits

    The Star Online > Business
    Thursday April 26, 2012
    MAS, AirAsia collaboration has obvious benefits

    KUALA LUMPUR: So many controversial comments have come out of the Malaysia Airlines (MAS) and AirAsia deal that all the noise seems to drown out some of its obvious and yet beneficial aspects.

    It all started last August when MAS' major shareholder Khazanah Nasional Bhd agreed to swap shares with its AirAsia counterpart, Tune Air Sdn Bhd, which saw Khazanah getting a 10% stake in AirAsia and Tune Air a 20.5% equity in MAS.

    MAS, AirAsia close lower after yo-yo trading day

    The Star Online > Business
    Thursday April 26, 2012
    MAS, AirAsia close lower after yo-yo trading day

    By FINTAN NG
    fintan@thestar.com.my

    PETALING JAYA: The share price of Malaysia Airlines (MAS) and AirAsia Bhd closed lower after yo-yoing for most of the day amid speculation that the share-swap deal both airlines entered into last August may be unravelling.

    MAS slid two sen to RM1.23 on volume of 17.71 million shares while AirAsia shed 10 sen to RM3.31 with just over 84 million shares done after Singapore Business Times reported that the deal between the airlines might have been cancelled following strong opposition from the national airline's unions.

    First REIT: Is the next acquisition in South Korea?

    Q1 results boosted by contribution from Sarang Hospital

    [23/4/2012] – First REIT (FREIT) will continue to focus on the Asian healthcare market which holds buoyant growth prospects, particularly in Indonesia.

    Indonesia’s need to upgrade and expand its healthcare infrastructure provides strong opportunities for its sponsor PT Lippo Karawaci Tbk.

    Also, Singapore’s ageing population, shortage of beds in hospitals and nursing homes will continue to spell opportunities.

    Cambridge Industrial Trust: Have rentals peaked?

    Q1 NPI up 8.4%, DPU up 17%

    [23/4/2012] – Cambridge Industrial Trust expects industrial asset valuations to remain stable, based on Colliers International research.

    The company just announced earnings for Q1 FY12:

    Gross Revenue: +8.2% to S$20.9 mln
    Net Property Income: +8.4% to S$18 mln
    Distributable Income: +17.1% to S$13.9 mln
    Fair value loss on financial derivatives: S$685,000 vs Nil
    Cash flow from operations: S$12.5 mln vs S$13 mln
    Distribution per Unit: 1.171 Singapore cents vs 1.001 Singapore cents
    Average occupancy: 98.64% vs 98.83%

    Frasers Centrepoint Trust: Is it going to buy Changi City Point?

    Q2 posts an all-time high DPU of S$2.50

    [24/4/2012] – Frasers Centrepoint Trust warns that new retail space is expected to open in suburban Singapore in the next few years, which could squeeze rents.

    Despite this, it is confident that its 'well-located malls' will remain resilient.

    The company just announced earnings for Q2 FY12:

    Gross Revenue: +27.4% to S$36.7 mln
    Net Property Income (NPI): +30.4% to S$26.2 mln
    Distributable Income: +30.6% to S$21.3 mln
    Fair value loss on financial derivatives: S$892,000 vs S$850,000
    Cash flow from operations: S$24.2 mln vs S$16.5 mln
    DPU: 2.50 Singapore cents vs 2.07 Singapore cents
    Order book: Not Relevant

    Cache Logistics Trust: What will Cache buy next?

    Positive start for FY12

    [24/4/2012] – Cache Logistics remains positive on the warehousing sector due to continued demand from third-party logistics players involved in regional trade.

    The company just announced earnings for Q1 FY12:

    Revenue: +13.9% to S$16.7 mln
    Net property income: +11.6% to S$16.1 mln
    Distributable income: +7.6% to S$13.4 mln
    DPU: +6.9% to 2.086 cents
    Cash flow from operations: S$16.6 mln vs S$19.5 mln

    Starhub: Will it break even on UEFA Euro 2012 broadcasts?


    Star hub; Are hopes for a higher dividend in vein?

    Q1 preview by Kim Eng

    [24/4/2012] – Kim Eng expects StarHub to pay a higher dividend, as margins recover in Q1 in tandem with falling handset subsidies.

    In Q4 FY11, handset subsidies pushed the EBITDA margin down to 30.7%, although the severity was much less than the other telcos.

    Relieved of this pressure, the analyst expects margin to rebound toward 32% in Q1.

    These 4 Huge Economies are in Deep Trouble

    These 4 Huge Economies are in Deep Trouble

    By David Sterman
    Published 03/06/2012 - 13:00
    It's time to stress-test all of the companies in your portfolio. It's crucial to determine their geographic exposure right now, because a handful of major economies are possibly headed for a long-term unwinding.

    #-ad_banner-#Each of these countries is beset by stunningly-large budget deficits, unfavorable demographics, a too-strong currency [1] and weakening consumer demand. Before things get better (and they will) they may get a lot worse during the next few years. A portfolio with exposure to these economies may underperform [2] the broader market [3].

    K-REIT: Are Bugis Junction rents falling?

    Distributable income doubles in Q1

    [24/4/2012] - K-REIT Asia says it will make its distributions on a quarterly basis, starting from the third quarter.

    It says this will improve returns to investors, taking into account the time value of money, and is also in line with objective to deliver stable and sustainable returns to unitholders.

    Operationally, it will focus on attracting new tenants and retain its existing tenants while managing lease profile.

    Cordlife: Is the group raising funds without any purpose?



    Fed Reserve sees economy expanding, avoids new stimulus

    Fed Reserve sees economy expanding, avoids new stimulus
    Posted: 26 April 2012

    WASHINGTON: The Federal Reserve said on Wednesday it sees US growth picking up and unemployment falling by the end of the year, as it held to existing stimulus measures despite some short-term economic headwinds.

    Stating "it's still a little too premature to declare victory," Chairman Ben Bernanke gave a slightly more upbeat view of the economy and explained the Fed's decision to shy away from more stimulus spending.

    Shareholders-voice-concerns-over-DBS-acquisition-of-Bank-Danamon


    Whats-the-future-of-shipping-industry


    Bernanke: Fed Prepared to Ease Further if Needed


    EpiCentre-eyes-global-market


    CapitaMalls Asia profit up by 36% in Q1

    CapitaMalls Asia profit up by 36% in Q1
    04:45 AM Apr 26, 2012
    SINGAPORE - Shopping-mall developer CapitaMalls Asia posted profit after tax of S$66.8 million for the first quarter, up 36 per cent from the same period a year earlier, after the acquisition of new malls helped boost revenue.

    Revenue rose by 41 per cent to S$70.9 million mainly due to contributions from its three newly acquired Japan malls, rental revenue from Queensbay Mall in Malaysia and higher contributions from its management-fee business, it said yesterday.

    China Q1 property loans shrink 54% on policy curbs

    China Q1 property loans shrink 54% on policy curbs
    04:45 AM Apr 26, 2012
    BEIJING - Chinese banks lent 242.7 billion yuan (S$48 billion) worth of property loans between January and last month, down 54 per cent from a year earlier, data from the central bank showed yesterday.

    The drop follows a 38 per cent decline last year and suggests Beijing is scoring success in tightening lending standards for real estate developers and buyers to rein in a red-hot housing market.

    'Buy' call on MAS' RCPS issue

    'Buy' call on MAS' RCPS issue
    2012/04/26

    In January 2007, MAS announced a one-for-three rights issue together with a one-for-three RCPS issue.
    KUALA LUMPUR: OSK Research Sdn Bhd is recommending a "buy" on Malaysia Airlines' (MAS) redeemable convertible preference shares (RCPS) for short-term gain.

    The RCPS are currently trading at 93.5 sen to a RM1 redemption at maturity on October 30 2012.

    Wednesday, April 25, 2012

    Tide Has Turned For Container Shippers: Expert


    Chinese Equities Surprisingly Cheap: Expert


    低于大市40% 有上修催化剂 小型股富贵不贵

    低于大市40% 有上修催化剂 小型股富贵不贵
    Created 04/25/2012 - 19:29

    (吉隆坡25日讯)小型股高贵不昂,估值比大市低40%,尤其是来自油气及消费领域的小型股,更因为富含催化剂而值得投资者买入。

    侨丰投资研究推介了《2012年侨丰股海遗珠——小型股》,遴选出10只深具潜能的小型股。

    而首5只首选股,包括了达洋企业(Dayang,5141,主板贸服股)、柔佛珍(Johotin,7167,主板工业产品股)、高产尼品工业(KOSSAN,7153,主板工业产品股)、Prestariang(PRESBHD,5204,主板贸服股)及大马回教保险(Takaful,6139,主板金融股)。

    發展商預期地價大起 累積地庫趕下波漲潮

    發展商預期地價大起 累積地庫趕下波漲潮
    財經25/04/2012 21:30

     (吉隆坡25日訊)土地價格不斷上揚,大型房地產發展商預期未來價格將繼續走揚,積極擴充地庫之余,也不停下發展步伐,高賺幅的高檔房產項目繼續進行。

     大馬估價師及房產顧問協會(PEPS)主席蔡汝光認為,房地產市場已從下滑期進入持平成長階段,發展商趁此時機累積地庫,為下一輪房市漲潮做準備。

     “對發展商來說,土地就是生產原料,現階段購地是為了3年后的發展,儘管價格昂貴,但總好過在房市大好之際找不到土地發展。”

    安利今年营业额料保持单位数成长

    安利今年营业额料保持单位数成长
    財经 2012年4月25日

    (吉隆坡25日讯)安利控股(AMWAY,6351,主板贸服股)今年营业额可保持单位数成长,未来將著重更具潜能的巫裔市场,但分析员认为该股的成长空间有限。

    安利控股管理层维持营业额每年单位数成长目標,营业额的成长动力继续来自核心经销商,人数约为23.2万名会员。这与拉昔胡申研究预测相符,分析员预测该公司2012財政年营业额成长4%。

    管理层设下2012年核心经销商(CDF)成长目標为2%至3%,整体核心经销商人数增加至23.7万名,亦符合分析员的预测。

    杨协成2亿扩大印尼印支市场

    杨协成2亿扩大印尼印支市场
    財经 2012年4月25日
    (吉隆坡25日讯)杨协成(YHS,4642,主板消费股)未来4年的资本开销约2亿令吉,用以扩大印尼与印支半岛市场,及建设瓶装生產线。

    首季净利上扬7%

    同时,杨协成今日公佈2012財政年首季(截至3月31日)业绩,净利按年上扬7.04%至816万令吉,营业额按年升7.73%至1亿6334万令吉。

    亚航马航不换股? 东尼再否认传言

    亚航马航不换股? 东尼再否认传言
    Created 04/25/2012 - 19:30

    (吉隆坡25日讯)亚航(AirAsia,5099,主板贸服股)总执行长丹斯里东尼费南德斯,否认与马航(MAS,3786,主板贸服股)的换股计划被取消传言。

    亚航与马航的换股计划,自宣布以来便闹得满城风雨,也面对许多阻碍,尤其是马航的职工会更是大肆反对,甚至是要与首相会面请政府三思。

    因此,市场猜测换股计划可能会胎死腹中。

    新加坡《商业时报》今天的报道指出,随着马航的强大工会抗议上述换股计划,政府可能就此喊停。

    3年後區域開放領空 馬航亞航結盟互利惠

    3年後區域開放領空 馬航亞航結盟互利惠
    財經25/04/2012 20:56

    (吉隆坡25日訊)隨著東協即將于2015年落實開放領空協議,區域航空業競爭更激烈,馬航(MAS,3786,主要板貿易)與亞洲航空(AIRASIA,5099,主要板貿易)結盟更顯合理,以達至互惠互利。

     “馬新社”報導,不管外界如何評斷兩家本土航空公司的結盟,但在3年后開放領空協議大前提下,都可不予理會。東協開放天空協議一旦在2015年落實,東協10國主要城市航班頻率將不受限制。

    否认换股协议告吹 亚航马航写今年新低

    谢国忠:房地产泡沫破裂就像温水煮青蛙

    谢国忠:房地产泡沫破裂就像温水煮青蛙
    2012年04月24日 11:23
    来源:深圳特区报 作者:谢国忠

    中国房地产市场的牛市论者,寄希望于限购令取消。于是,投机客和开发商继续坐守大量囤积的房产,等待市场复苏。他们的假设前提是:目前的房产熊市,是政府造成的。这种观点可谓大谬。

    今天的熊市,就是泡沫破裂的结果。中国房地产被估值过高,这是不容否认的。现在投机客和开发商手中掌握的存量房和空置房,已经超过了国内生产总值的100%。这样的局面,有助于中国经济实现软着陆,但却会让市场调整的过程变得更加漫长。

    CapitaMalls to build $454.9m Beijing shopping centre

    Singapore-based shopping centre developer CapitaMalls Asia said on Wednesday it would spend 2.3 billion yuan ($454.9 million) to develop a mall in southern Beijing, buying the land from a subsidiary of the Poly Real Estate Group.

    The development will feature a seven-storey, 122,000-square-metre mall, representing a total cost of around 19,190 yuan per square metre for construction and land, the company stated. The project is due for completion in 2015.

    Signs emerge of shipping market bottoming out

    PUBLISHED APRIL 25, 2012
    SINGAPORE MARITIME WEEK
    Signs emerge of shipping market bottoming out
    DNB Bank positive on both freight rates and asset values

    BY the time marine trade show and conference Sea Asia 2013 is held at next year's Singapore Maritime, the shipping industry may have well seen the back of its worst days.

    Principal sponsor of Sea Asia 2013 DNB Bank said yesterday at the launch of the show that there are signs the shipping market is bottoming out.

    CMMT - Unique and Differentiated

    CMMT (BUY; NEW)
    Unique and Differentiated

    We initiate CMMT with BUY, with target price of RM1.53.

    Our TP implies target yield of 6.0%, whilst Pavilion REIT and Sunway REIT are trading at yields of 5.0% and 5.8% respectively.

    They have a number of growth catalysts lined up, with the most notable nes being the East Coast Mall extension and the potential injection of Queensbay Mall in Penang

    高檔產業售價下調‧發展商促銷保買氣

    高檔產業售價下調‧發展商促銷保買氣
    Created 04/25/2012 - 17:44

    (吉隆坡25日訊)國家銀行打債行動不只衝擊二手房產和中低價房產,高檔產業也感受到寒風來襲,發展商推出的豪宅新盤開始調低售價,以及提供更多促銷配套,力保市場買氣。

    吉隆坡甲洞著名的高檔產業“郊外園城鎮”(Desa Park City),上週末推介“西邊共管公寓”第2期(Westside II)預售計劃,據知訂價從每平方尺650令吉,調低至平均575與620令吉之間,以吸引買家進場。

    市場人士指出,最新進展顯示發展商順應市場形勢,相應調低新產業的發售價,以合乎市場購買力,讓產業的價格較為合理化。

    Union power may kill AirAsia-MAS tie-up

    Published April 25, 2012
    Union power may kill AirAsia-MAS tie-up
    Govt does a rethink as unions accuse Tony Fernandes of milking the deal

    CONTROVERSIAL tie-up through a share swap agreement between Malaysia Airlines (MAS) and Air- Asia is believed to have been cancelled by the government following protests from the national airline's powerful unions.

    Since the deal was announced last August, it has attracted all sorts of criticism - from both right- wing elements in the dominant United Malays National Organisation (Umno) political party and MAS's unions. Umno is presided over by Prime Minister Najib Razak.

    'MAS-AirAsia framework not one-sided'

    'MAS-AirAsia framework not one-sided'
    2012/01/25

    Deputy Finance Minister Datuk Dr Awang Adek Hussin has refuted allegations that the comprehensive collaboration framework (CCF) between Malaysian Airline System Bhd (MAS) and AirAsia Bhd is one-sided.

    He told the Dewan Negara today that the CCF is part of MAS' recovery plan to improve its operations and finances and become a premier airline.

    谈古纳今:高铁的廉价替代方案●古纳西卡兰

    谈古纳今:高铁的廉价替代方案●古纳西卡兰
    Created 04/25/2012 - 12:36

    连接新加坡的昂贵高速铁路,在商业上是不可行的,反而是更廉宜的方案可轻而易举地达到相同的目的。

    在我们耗费200亿至300亿令吉,或者是在花费数百万令吉为一个铁路计划做可行性研究之前——这次是连接吉隆坡与新加坡的高速铁路——我们必须采取一个最基本的工具——常理,来确保我们的方向是正确的。

    还记得双线铁路计划吗,大部分工程都已经完成,成本也与上述高铁接近,然而,当时所号称的好处呢?

    iPhone需求高 苹果获利近倍增

    iPhone需求高 苹果获利近倍增
    Created 04/25/2012 - 17:41

    (纽约25日讯)苹果公司上季获利几近倍增,反映出中国的iPhone需求强劲,加上新iPad平板电脑的购买力也旺盛,使苹果股价两周来累跌12%的疑虑舒缓。

    苹果周二公布,第2财季净利攀升至116亿美元(355亿令吉)或每股获利12.30美元(37.69令吉),营收增加59%至392亿美元(1201亿令吉)。

    总执行长库克对美国以外地区的销售成长依赖度增加。

    Pan-United: SALE OF VESSELS



    ANNOUNCEMENT
    SALE OF VESSELS
    The Board of Directors of Pan-United Corporation Ltd (“PUC” or the “Company”) wishes to announce that the Company’s wholly-owned subsidiary, P.U. Vision Pte Ltd, has sold three pairs of tugboats and barges (the “Vessels”) to LG International for a total cash consideration of S$9.8 million. The selling price was arrived at after arm’s length negotiations, on a willing-buyer, willing-seller basis and after taking into consideration the net book value of the Vessels.

    Suntec REIT: Holding up well (OCBC)

    Suntec REIT reported 1Q12 DPU of 2.453 S cents, forming 26.8% of our full-year projection. For 2012, management guided that only 7.5% of its office leases are due to expire and that the renewals achieved to-date were strong. As such, it is confident that its office portfolio would surpass its performance in previous year. Suntec also shed more light on Suntec City’s impending asset enhancement initiative in Jun, saying that ~193,000 sqft of retail NLA will be closed progressively in phases for Phase 1 works. Upon completion in 2Q13, the NLA is likely to increase to 380,000 sqft. According to management, the projected rental enhancement of 25% and ROI of 10.1% also appear to be on track. We now revise our NLA and rental assumptions for FY12-15. This raises our fair value from S$1.10 to S$1.20. Maintain HOLD.

    Frasers Centrepoint Trust: Laudable set of 2Q results (OCBC)

    Frasers Centrepoint Trust (FCT) delivered a strong set of 2QFY12 results that exceeded our expectations. While the portfolio occupancy dipped 4.0ppt QoQ to 93.5% during the quarter, the fall was temporary and is expected to improve going forward. For 2HFY12, FCT anticipates its positive performance to be sustained, as it continues to benefit from positive rental reversions and stronger performance at its malls. Management also reveals that the injection of Changi City Point may not happen in the near future, but it is exploring other ways to optimize yields, such as AEIs and joint developments with its sponsor. We note that FCT’s aggregate leverage is at a strong 30.9%. This positions the REIT well to pursue its growth plans. Maintain BUY with a revised fair value of S$1.74 (S$1.68 previously) after factoring in the 2Q results.

    曾渊沧:欧洲若陷严重衰退将逼中国“放水”

    曾渊沧:欧洲若陷严重衰退将逼中国“放水”
    2012年04月25日09:10腾讯财经

    市场开始担心欧洲经济步入衰退,欧洲目前的经济问题是欧债危机后遗症。

    欧债危机逼欧洲各国政府开始紧缩开支,希望通过削减政府赤字来提高债权者的信心,而政府紧缩开支的结果就是经济衰退,这是两害取其轻的做法。

    当然,当经济衰退到了老百姓不能忍受,并将选票转移后,各国政府也就不得不再次增加政府的开支,让赤字上升,把债务问题放在一边,或者向欧洲央行施加压力,要求欧洲央行多印钞票来购买自己的国债。
    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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