Saturday, May 26, 2012

想變有錢人 先來看看富人怎麼做


马股来週料横摆

陷入胶著状態的欧元区、经济成长持续放缓的中国,都说明了海外市场依旧不明朗的实况。市场普遍认为来周的马股走势极小可能会出现反弹,反之推测马股將持续走弱或在原有的水平上横摆。

富时大马综指按周扬升18.66点,或1.22%,週五以1551.12点掛收。一周成交量从上周的57亿6832万股,下挫24.66%,至43亿4571万股。成交值亦从上周的82亿6207万令吉,下滑25.66%,至61亿4174万令吉。

抽佣经纪陈玉麟表示,迷失方向的大马股市料在下周持续被美国市场左右。日前国行公佈的经济数据亦只属中规中矩,因此陈氏认为马股在来周不会出现太大的回弹,仅会在原有的水平横摆。

Did Facebook Mislead Investors?: WSJ Opinion


全球股災中,中國基金可以買嗎?

全球股災中,中國基金可以買嗎?

( 2012/05/16 15:30 林奇芬 )

歐洲危機升溫,國際股市重挫,但此時過去幾年表現最差的中國股市,卻出現低檔有撐的跡象。從中長線角度來看,現階段布局中國股市的風險不高,投資人可以考慮分批進場。

歐洲危機去年底好不容易在各國承諾嚴守財政節約,而暫時化解。可是,今年以來的各國選舉幾乎都呈現變天情勢,又讓歐洲動盪不安。近期從法國總統大選,反對黨領袖歐蘭德獲勝。到希臘國會選舉各政黨難過半,聯合政府無法上路,又必須延到6月重選。此外,西班牙、義大利銀行信評紛被調降,金融危機升高。一連串的壞消息,讓全球股市重挫,金融市場進入恐慌狀態。

Singapore Airlines: Will new routes to smaller


2012-0524-57金錢爆(全世界準備過苦日子)


财经正前方2012-05-25 美国大选中的资本游戏


买股票如同买菜──应季方为正选

2012年 05月 25日 08:21
买股票如同买菜──应季方为正选

如今无论是纸媒、网络媒体或是电视媒体,总在没完没了地谈论该买进或是卖出哪些股票,不可思议地是,鲜见有人把精力用来关注买卖的时机以及另一个甚至更重要的问题──如何进行操作。

股票不是凭空存在的,而是在特定时间以某种特定方式存在于我们的投资组合之中的。因此这有关交易股票时机和方式的问题,往往甚至比股票本身还重要。

当然,投资没有什么万无一失的捷径可走。尽管进行了各种分析,又对投资用尽心思,但有些人总是买入不合时宜的股票──也就是说,他们总是在股价跌至几周或是几个月低点时买入,仅仅这一点就足以成为大多数投资者从一开始就注定要失败的原因。

政策利好为何撬不动A股?

2012年05月24日 05:55 AM
政策利好为何撬不动A股?
中国申银万国证券市场研究部总监 桂浩明 为英国《金融时报》中文网撰稿

今年以来,中国管理层频出利好政策,以期能够提振低迷的A股市场。特别是在五一小长假期间也密集出台了不少政策,其推动股市向好的导向十分明显。

客观而言,管理层出台的这些政策,效果不尽人意。虽然当时确实刺激了股市的上涨。使得大盘在五月份出现了“开门红”。但是,随后股指就出现了下跌,到5月中旬已经把因为利好政策出台所引发的上涨行情全数抹去。

Tiger Airways: Getting back on its feet (DMG)

Tiger Airways: Getting back on its feet
(BUY, S$0.64, TP S$0.75)

Tiger Airways reported a net loss of S$104m in FY12 vs a net profit of S$40m in FY11. Revenue declined by a marginal 1% to S$618m, largely due to the 6-week flight suspension in Australia, subsequent flight restrictions and capacity indigestion over in Singapore. Results are in line with our expectations of a net loss of S$106m on top of revenue of S$614m. Going forward, we expect Tiger Australia to still incur a large loss in 1QFY13 (Apr-Jun) as Sydney will only commence operations from July 2012. Its current base at Tullamarine Airport is unable to support Tiger’s entire fleet of 10, hence three aircrafts are still idle. Management will start Sydney with one A320 and progressively ramp up services to 64 sectors daily by Sep2012, in time for its seasonally peak third quarter (OctDec). We expect Tiger Singapore to turn profitable in FY13 with profits from Singapore covering losses from Australia, which are expected to significantly reduce in 2HFY12. With stubbornly high oil prices, Group is expected to be marginally profitable in FY13. As FY12 results came within market expectations, stock price has remained unchanged and we expect progressively better quarters to be a stock price catalyst. Maintain BUY with a lower TP of S$0.75, pegged at a lower 2.5x FY13F P/B (vs 3x FY13 P/B previously).

林园:为何我20年始终坚持满仓操作

林园:为何我20年始终坚持满仓操作
2012-03-22

为什么在过去二十年在证券市场,不论熊市还是牛市,我始终都是"满仓"操作,仓位始终是"满仓",当然这种"满仓"的操作方式不仅仅局限于A股市场。

  能够在证券市场赚到钱的人都有自己的方法。每个人都有自己的思维方式我只是找到我认为最适合我的,始终坚持满仓操作。

  当然这种操作方法我也是经过思考所作出的决策,因为,我们追求的是一种复利,是一种滚雪球式的复合增长,现在如果赚一倍的话就相当于过于数十年赚的钱。这里边夹杂着我的贪婪,和自己坚信我们的生活会一天比一天更好这种简单的判断,当然我也深知,满仓这种操作方法在市场下跌时或者波动时是要付出代价的,但是我总结了一下我自己,如果不这样做,结果会更糟糕。

Money Mind 20.05.12: INVESTING IN UNIT TRUSTS



Where do I park my money?

Where do I park my money?

《私募英雄》连载:李驰和价值投资之路之一(4)

《私募英雄》连载:李驰和价值投资之路之一(4)
发布时间: 2011-4-12 16:55:00
来源: ChinaVenture  
作者: 周涛 孙建芳 赵娟

 之一:英雄莫问出处

  英雄不问出处,这是李驰常说的一句话。在私募基金圈内,“剩者为王”的定律给了李驰以恰当的定位。

  毕业于浙江大学的李驰早在1989年初就来到深圳,先后任职于蛇口工业区、宝安集团、深业集团、香港怡东国际财务投资有限公司,见证过多起海内外证券市场的风风雨雨是李驰最宝贵的财富之一。李驰在证券投资行业浸沉17年,经历过三次国内市场牛熊转换、两次香港市场牛熊转换、1997年金融风暴、2001年全球科技股股灾,丰富的投资经验使得李驰善于从价值投值的基点出发,领先市场抓住机遇。

Weekend Comment May 25: Can Bumitama spark a revival?

BUMITAMA AGRI, the newest crude palm oil play to hit the market, has attracted a flurry of bullish calls in its maiden round of analyst coverage. Brokerage houses UOB KayHian, HSBC and DBS Vickers all have buy calls on the stock with target prices of $1.10, $1.14 and $1.35 respectively.

On its April 12 debut, Bumitama closed at 98 cents, about 32% higher than its IPO price of 74.5 cents, with some 233 million shares changing hands. But since then, volume has plunged to between one and five million shares a day. The stock also eased after the initial spike, closing at 91 cents on May 25.

歐美經濟軟腳病蔓延全球

歐美經濟軟腳病蔓延全球
Created 05/26/2012 - 17:48

(新加坡26日訊)全球需求減少,導致新加坡4月工業生產意外續跌、泰國4月出口也意外下滑,加上美國、歐洲至中國近期經濟數據普遍低迷,全球經濟同步走軟跡象日增,使前景蒙上陰霾。

從最新的經濟報告不難發現,成長趨緩已不再是歐洲或美國等國家自身的問題,反而像是一股交互影響的力量,牽引整個世界。

MSCI全球股票指數3月中至今共跌逾9%。

新加坡經濟發展局公佈,4月工業生產較去年同期萎縮0.3%,雖然優於3月修正的衰退3.1%,卻遠不如市場預估的擴增4.1%。電子生產意外下跌、波動劇烈的藥品生產衰退是拖累工業生產主因。

歐債若引爆‧亞洲經濟傷最大

歐債若引爆‧亞洲經濟傷最大
Created 05/26/2012 - 17:53

(香港26日訊)根據日本野村證券發佈的最新研究報告指出,亞洲受全球危機連動的風險已來到空前水位,歐債危機一旦引爆,將經由金融市場重創亞洲經濟。

未來全球金融市場噪動不安,因投資人憂心希債核彈可能引爆,對全球經濟與金融市場造成難以估計的殺傷力。

野村針對歐債危機爆發後對亞洲可能產生的衝擊發出警告,亞洲金融市場和經濟與全球連動已達空前新高,歐債危機若引爆導致全球已開發經濟體陷入衰退,對亞洲經濟造成的殺傷力也是前所未見。

美10大IPO 5天跌13% 面子书上市报酬最差

美10大IPO 5天跌13% 面子书上市报酬最差
Created 05/26/2012 - 18:47

(纽约26日讯)面子书公司(Facebook Inc. )首次公开募股(IPO)筹资逾160亿美元(约505亿令吉),缔造科技业新猷,但也夺下过去10年来美国各大上市案中,报酬率最惨的难堪头衔。

彭博社统整数据,比较过去10年来美国前10大IPO案挂牌头5天的股价表现。

自17日承销团以每股38美元(约120令吉)发行股票以来,面子书股价已惨跌13%,跌幅更甚明富环球控股公司(MF GlobalHoldings Inc. )挂牌头5天跌掉的10%。Visa公司(Visa Inc. )同期飙涨45%,在各大IPO案中表现居首。

面子书及其IPO主要承包商摩根史丹利(Morgan Stanley)上周决定扩增发行股数25%至4亿2120万股,为此饱受外界抨击。

巴菲特财报分析密码:寻找长线大牛股

巴菲特财报分析密码:寻找长线大牛股
2012年05月26日 01:37
来源:中国证券报-中证网 作者:刘建位

十年持续增长盈利的公司

巴菲特在1996年为个人投资者提出一个投资建议:“作为一个投资者,只要以合理的价格买入这样一家公司的股票就行,一是可以容易地理解这家企业的业务,二是几乎可以肯定未来五年、十年、二十年期间这家企业的盈利将大幅增长。经过一段时间的实践,或许只有少数几家公司能够符合这样的标准,所以,当找到一家完全符合标准的公司时,就应该购买其相当多的股票。如果买入一些符合标准的公司的股票,形成一个投资组合,这些公司的盈利之和未来几年将大幅增长,股票组合的市值也会相应大幅增长。这也正是过去为伯克希尔公司的股东创造财富的方法,伯克希尔公司的透视收益过去这些年大幅增长,而股票价格也随之大幅上涨。”

香港股市狂跌2千點 鄭少秋「秋官效應」發威

香港股市狂跌2千點 鄭少秋「秋官效應」發威
2012年05月25日

點評:鄭少秋笑:股民快趁低買進!
財經中心/綜合報導

每當港星鄭少秋主演的電視劇上檔時,香港股票市場都會狂跌,鄭少秋的戲到美國播出甚至也讓道瓊指數跌了1200點,從此「秋官效應」就與「股災」脫離不了關係。最近鄭少秋又有新戲《心戰》上檔, 5月7日開始播預告片,香港股市連跌2週,共跌了2000點。

1992年香港無線電視台播映鄭少秋的電視劇《大時代》,內容在講鄭少秋飾演的「丁蟹」,常在股票市場拋空期貨獲取暴利,正好當時香港股市暴跌,股民損失慘重,從此鄭少秋的「秋官效應」就屢屢在香港股市發威。

李嘉诚:欧洲发生的问题不会是大问题

李嘉诚:欧洲发生的问题不会是大问题
http://www.sina.com.cn 2012年05月25日19:39 中国新闻网
  中新社香港5月25日电(记者 梁今) 欧债危机最近再度升温,但在欧洲拥有不少业务的香港首富李嘉诚表示,欧洲发生的问题不会是大问题。

  李嘉诚25日在旗下公司长江实业及和记黄埔股东会后的新闻发布会上,谈到他对欧洲的一点研究心得。

  他指出,不少人都忽略了一点,欧洲国家的福利都很好,即使经济转差,失业率上升,也不会有人捱饿的。

德國股神 - 安德烈·科斯托蘭尼格言

安德烈·科斯托蘭尼(André Kostolany,1906年2月9日-1999年9月14日)匈牙利經濟學家,大部分時間在德國和法國度過,有德國證券界教父之稱,他在德國投資界的地位,有如美國的華倫·巴菲特(Warren Buffett),是市場上的無冕王。他的理論被視為權威,當他說話時,德國的投資人、專家、媒體記者都安靜下來傾聽他的話語。

1、哲學家叔本華說過:「金錢就像海水,喝得越多,越渴。」

2、根據我的定義,百萬富翁是指不依賴任何人,以自己的資本,就能滿足自我需求的人。百萬富翁不用工作,既不用在上司面前,也無須對客戶卑躬屈膝。

3、根據我的經驗,有三種迅速致富的方法:

第一,帶來財富的婚姻;

第二,幸運的商業點子;

第三,投機。

曾渊沧博士-股市资讯专栏 25.05.12

曾渊沧博士专栏
文: 曾渊沧博士 2012年05月25日 曾渊沧博士专栏
希腊国会选举,没有一个政党或两三个政党能组成政府,因此六月份将重新投票,现在市场非常担心左翼政党会上台。希腊左翼政党公开说他们上台后会废除去年前政府与欧盟签署的紧缩经济的协议(以换取欧盟的援助)。市场非常担心如果希腊不执行紧缩经济政策,欧盟会终止援助希腊,希腊就会破产,退出欧元区。希腊一退出欧元区,西班牙、葡萄牙、意大利的国债也会马上遭大鳄狙击,也会跟着破产,欧元区就解体了。

去年十月,市场上也充满上述的悲观分析。结果,上述最悲观的情况没有出现,只是市场里人人自己吓自己,只是大鳄为挫低股市创造的悲观气氛。当然,也为胆子够大的人提供低位入市的机会。

技术分析 (扬子江船厂控股, 奥兰国际, 海峡时报指数)

技术分析 (扬子江船厂控股, 奥兰国际, 海峡时报指数)
文: 萧永杰 (译:麦美莹) 2012年05月25日 技术分析
扬子江船厂控股(Yangzijiang Shipbuilding (Hldgs))
从图中最后5支蜡烛我们可以看到这只股的下跌走势正在加剧,再观察移动平均线的方向,长期而言我们预期它可能下探在0.85元的支持位。可是,这只股目前出现超卖的情况,从顺势指标(CCI(5))跌至-100以下便可见一斑。短期而言,它可能会掉头升高,如果真的出现,这将会是趁高卖出的好时机。CCI可能会升高至0或100之上才会掉头回落,这将会是一个更好的卖空机会。如果扬子江船厂控股不能持守在0.85元,下一个支持位将会在0.35元出现。

斐波纳契回撤—在等待适当的时机(一)

斐波纳契回撤—在等待适当的时机(一)
(译:杨佳文) 2012年05月25日 基本理念
文:ChartNexus

海峡时报指数在2012年5月初大幅下跌,许多股票都滑落至多月来的低位。在金融市场中,许多人都以为他们能够在股价偏低时买入股票,从而赚取大幅回报。然而,初学者通常都不知道,若没有全盘的交易策略或可用来分析股市动向的技术知识,他们将会面对颇高的风险。相反的,大部分富经验的交易员都清楚股市的一些变化规律,而且懂得如何预测某段时间内的价格走势。比方说,一些股票在重拾涨势之前会在图表上形成底部形态,而一些因看涨情绪而受追捧的股票会强劲回弹。经验丰富的交易员懂得如何判断出风险较低的最佳进场时机。因此,初学者必须学会一些技术分析的方法,才能判断出较佳的进场时机。任何人都不会想要在高位时买入,在低位时卖出,但懂得如何低买高卖的人却不多。这篇分为上、下两部分的文章将介绍一种有用的工具,帮助读者找出图表中的低位及进场的最佳时机。此工具称为斐波纳契回撤水平(Fibonacci Retracement)。本文也将探讨如何利用这些水平来将风险减至最低。

伊朗石油将全面禁运,油轮受影响

伊朗石油将全面禁运,油轮受影响
文: 彭博社 (译:麦美莹) 2012年05月25日 展望
油轮的最大再保险商表示,欧盟对伊朗石油的禁运将在7月1日起全面执行,令油轮的租约目前已开始受到影响,因为船只的部署、载货和运货都需要时间。

总部设在伦敦的国际保赔协会(International Group of P&I Clubs)的执行主任安德鲁巴多特(Andrew Bardot)表示,油轮商已不再接受运送伊朗原油的订单,因为欧盟的禁运是在7月1日起实施。国际保赔协会的成员遵从欧盟的法律,它们所接受的油轮保险中,95%是针对漏油和船只相撞事件。

联合国监察员在5月21日与伊朗的官员会面,为对原子能设施进行更大范围的检查而商讨,西方国家怀疑伊朗利用这些设施来发展核武器。巴克莱银行(Barclays)指出,伊朗的原油出口今年已下跌23%。中国是伊朗原油的最大买家。把原油从伊朗运送至中国大约需要20天时间,而运油商需要在大约3周前预订油轮。

与罗伯特清崎一席谈:在金融世界中取得不公平优势

与罗伯特清崎一席谈:在金融世界中取得不公平优势
文: 林家耀 (译:麦美莹) 2012年05月25日 焦点
知识就是新的财富,这是罗伯特清崎(Robert Kiyosaki)很喜欢的格言,他就是畅销书《富爸爸,穷爸爸(Rich Dad Poor Dad)》的作者。作为金融知识的拥护者,罗伯特一直在做他喜欢做的事。他对金融教育的热诚,让他的著作多次登上了《纽约时报》的最畅销书名单,包括《有钱人的阴谋:8种全新的金钱法则(Conspiracy of The Rich:The 8 New Rules of Money)》及他近期的新书《不公平的优势(Unfair Advantage)》。

除了把投资理论化成文字外,罗伯特也会出现在受欢迎的节目上,像奥普拉(Oparah)的访谈节目、彭博社国际电视及CNN(美国有线电视)。他的信息是什么?接受良好的金融教育是很重要,它可以令你获得财务自由。

商品价格跌势超乎理解

商品价格跌势超乎理解
文: 钟旭光 (译:杨佳文) 2012年05月25日 展望
权威经济学家舒马赫(Ernst Friedrich Schumacher)曾说过,在一个资源有限的世界里,物质(商品)消耗却无限地增长是很难维持下去的。他是在1973年写下这句话,如果此话完全属实,我们现在便只剩下零零碎碎的商品来争个你死我活。然而,情况并非如此,我们所看见的反而是商品价格下跌及供过于求,并为许多供应链经理带来交易对手风险。

图表1显示海峡时报指数(STI)与路透/杰富瑞CRB总回报指数(Thomson Reuters/Jefferies CRB Total Return Index)及CRB软商品指数(CRB Soft Commodities)的回报比较。很明显的,软商品指数严重蒙亏,这是不是意味着商品价格最近回落令其与通胀的对冲失去效力?

奥兰前景因棉花市场疲弱而受损

奥兰前景因棉花市场疲弱而受损
文: 王秋莹 (译:杨佳文) 2012年05月25日 展望
今年环球商品的价格持续了无生气。本地方面,由于商品市场疲弱,供应链经理的业绩年比严重受挫,从它们2012年首季的表现便可见一斑。具体而言,商品供应商的失色表现是各有其因。大型商品供应商来宝集团(Noble Group)的盈利减少了一半,主要由于脱售其船队管理业务及农务部门。丰益国际(Wilmar International)的盈利下挫则因中国产能过剩及其油籽和谷粮部门表现逊色。

奥兰国际(Olam International)也连续第二个季度公布欠佳的业绩,比许多研究行的预期来得差。其截至2012年3月31日的第三季收入从47亿元下跌10.8%至42亿元,盈利则从1亿2,730万元下跌22.5%至9,870万元。9个月的收入和盈利分别提高6.3%至119亿元和13.6%至2亿6,140万元。

南昌报1Q12盈利上升81%

南昌报1Q12盈利上升81%
文: 李廷伟 (译:麦美莹) 2012年05月25日 企业摘要
南昌(Nam Cheong)是一家马来西亚造船公司,它的主要业务是建造及供应用于岸外勘探与生产及石油服务业的岸外供应船只(OSV)。它刚公布了1Q12 的出色业绩,盈利及收入分别飙升了81%及145%。
值得一提的是,公司的造船部门是其整体收入的主要功臣,其收入贡献增加了156%。在公司的业绩发布会上,它进一步透露造船部门收入的实质增幅是来自一个新的收入来源 – 平台供应船(PSV)。2011年的PSV销售额大约占了南昌整个造船部门收入的51%。

可是,造船部门的毛利率只得18%,而租船部门的毛利率则高达81%,因此1Q12的整体毛利率下跌至大约23%,而1Q11的毛利率是38%。去年同期的毛利率较高是因为5艘交送船只的盈利全部确认。由于1Q12 的收入大部分是来自造船部门,毛利率下跌自然是意料中事。

Spice Global's Modi on Developing Markets, Listing



中国平安:专注为明天

中国平安:专注为明天
http://www.sina.com.cn 2012年05月26日

杨兴云

  在《福布斯》杂志最新公布的“全球上市公司2000强”排行榜上,中国平安(微博)(40.65,-1.39,-3.31%)在首次跻身100强的同时,还进入全球金融集团十强榜单,成为世界级金融巨头。

  日前,中国平安集团副董事长孙建一就中国平安目前的发展情况、下一步的发展战略及其在企业社会责任方面的作为和相关理念,接受了本报记者的专访。

Flying into the spotlight


The Star Online > Business
Saturday May 26, 2012
Flying into the spotlight

By Wong Chun Wai
chunwai@thestar.com.my

Malaysia Airlines has been in the centre of news of late. The shareholding tie-up with AirAsia, from which much was expected, has been dismantled and the airline continues to post losses albeit at a smaller scale when it announced a loss of RM171mil for its first quarter ended March 31 earlier in the week. StarBizWeek interviewed MAS group CEO Ahmad Jauhari Yahya on the latest developments in MAS. Below are the excerpts of his response.

Green Packet: P1 grabs 34% broadband market share


The Star Online > Business
Saturday May 26, 2012
P1 grabs 34% broadband market share

By TEE LIN SAY
linsay@thestar.com.my

IT was a key milestone for Green Packet Bhd since it started its foray into the world of broadband in 2008. After spending almost RM800mil in capital expenditure, wiring up some 50% of Peninsular Malaysia with 401,000 subscribers and setting up more than 1,500 base stations, it has finally delivered what it has promised.

Having stomached 15 quarters of operating losses, Green Packet has turned EBITDA (earnings before interest, taxation, depreciation and amortisation) positive with a operating profit of RM3.9mil, contributed both by its solutions and broadband pillar.

What are Iskandar’s attractions?


What are Iskandar’s attractions?
PROPERTY consultants say the lower price point compared with Singapore properties, which are eight to 10 times higher, and the proximity to Singapore are two of the main reasons why foreigners buy into Iskandar Malaysia’s property developments.
Personal, telephone and email interviews with property consultants in Kuala Lumpur, Johor and Singapore say most of the foreigners who buy into Iskandar Malaysia are Singaporeans, which developers in Johor confirm.

Iskandar lure for Singapore

TThe Star Online > Business
Saturday May 26, 2012
Iskandar lure for Singapore

By THEAN LEE CHENG
leecheng@thestar.com.my

Singapore has the means but lacks land while Johor has abundant land but lacks the means. Enter Iskandar Malaysia ...

ISKANDAR Regional Development Authority (Irda) anticipates the second phase of Iskandar Malaysia development from 2011 to 2015 to be more challenging than phase one which was from 2006 to 2010.

Local bank stocks: DBS and UOB offer best prospects after glowing 1Q earnings reports

The three local banks had a very good 1Q2012, with earnings coming in ahead of consensus forecasts by as much as 20%. DBS Group Holdings led the pack, reporting earnings of $933 million, up 16% y-o-y and 28% q-o-q; Oversea- Chinese Banking Corp recorded earnings of $790 million (excluding the sale of a property), up 33% q-o-q and y-o-y; while United Overseas Bank reported earnings of $688 million, up 23% y-o-y and 12% q-o-q.

Daryl Guppy: The Greece pole effect

GREECE IS A drag on every market. How large a drag is the key question. If this creates a major reversal in markets, then we are headed for a repeat of 2008. If this is a minor top, then there is no need to panic. Greece provides the catalyst, and investors turn to US markets for guidance. Greece, the implosion of Europe and the safe haven of the US all have an impact on the Shanghai market.

The Dow Jones Industrial Average has developed a minor top uptrend reversal pattern. This pattern has developed within the context of a longterm uptrend line that has been acting as a resistance level. This trend line was a projection of the neckline from the head-and-shoulders pattern that developed between January and August 2011. In recent months, the Dow has used this uptrend line as a resistance level.

Tiger Airways;Is recovery in sight or not - which of the brokers is right?

Under-utilisation of fleet a key culprit for FY12 losses

[23/5/2012] – Tiger Airways (TA) says its Singapore operations will increase its capacity by 7% in order to improve the load factors in FY13.

And its Australian operation is expected to continue to operate at a reduced capacity and limited schedule.

TA’s Mandala services, following its recent financial restructuring, will now focus on building its load factors.

AirAsia: Slightly below ours and the consensus estimates

AirAsia
Price Target : 4.06
Last Price : 3.60

Period 1Q12

Actual vs. Expectations
Slightly below ours and the consensus estimates.
The 1Q12 core net profit of RM163.6m made up 18% and 16% of ours and the consensus' fullyear FY12 forecasts of RM896.4m and RM976.0m respectively.

Dividends No dividend was declared during the quarter.

Marc Faber: 100% Chance of Global Recession

Marc Faber: 100% Chance of Global Recession
Published: Friday, 25 May 2012

The stock market [.SPX 1317.82 -2.86 (-0.22%) ] appears to be at a critical inflection point. That’s the takeaway from widely followed economist Marc Faber, author of the Boom, Gloom & Doom newsletter.

Faber’s bearish market calls have been followed closely since 1987 when he warned his clients to cash out before Black Monday.

首富李嘉诚「分身家」 长和系交小超 超人力扶小小超

首富「分身家」 长和系交小超 超人力扶小小超
http://paper.wenweipo.com [2012-05-26]
香港文汇报讯(记者 赵建强)年届83岁的香港首富长和系主席李嘉诚,昨首次交待其「分身家」计划。他明确表明,将总市值近万亿元的长和系王国,交予长子李泽钜(Victor)管理;而次子李泽楷(Richard),他将会以大笔资金全力帮助他发展自己的业务,并说两子在事业和财产方面不会有冲突,他们均对自己的安排感开心。同时他重申自己未有退休计划,「要我走都几难」。

 李嘉诚昨在长和系股东大会后的记者会上,突然宣布财产分配计划。李嘉诚解释,很久以前已开始考虑对资产的安排,希望事业不会受到影响。他指长和系业务遍布53个国家,旗下有27万名员工,希望让同事安心。他亦相信,即使自己放假两个月,「Victor同一帮同事都会管理得好」。并表示,李泽楷旗下公司的年报,将会写明未来李泽楷将不会再持有家族信托基金,所以索性提早公布相关事项。他表示,资产是将来才给两个儿子,现在还未有资产分给他们。

李泽楷擅财技 拥多家媒体

■小小超李泽楷旗下now财经台在香港开播时,行政长官曾荫权到贺。
 香港文汇报讯(记者 梁悦琴)正如李嘉诚昨日所言,很久以前已开始考虑对资产的安排,希望事业不会受到影响。其实,李嘉诚早于90年代初已把长子李泽钜及次子李泽楷两兄弟的事业分开,刻意将性格沉稳平实的长子李泽钜培养作上市商业王国的接班人;而倔强独立的次子李泽楷,则放任他自己创业。

 小小超不负超人厚望,凭1993年出售创业处女作卫星电视一炮而红,继而在2000年斥千亿鲸吞香港电讯,奠定他的事业基础。近年他的兴趣转向媒体事业,全力发展媒体及娱乐事业。事业成功外,他的感情生活亦同样多姿多采,成为城中热话。
20年前已部署 兄接班 弟创业

李嘉诚:欧洲业务将胜去年

李嘉诚:欧洲业务将胜去年
http://paper.wenweipo.com [2012-05-26]

■李嘉诚称,今年在欧洲的生意「赚到的钱不会少于去年」。旁为李泽钜(左)及霍建宁。香港文汇报记者刘国权 摄
 香港文汇报讯(记者 涂若奔)虽然欧债危机进一步恶化,全球经济放缓且股市不断下滑,但「超人」李嘉诚仍看好长和系今年业绩。他昨表示,集团在欧洲的业务「很安定」,对当前的环境早已有准备,如无重大的事发生,今年在欧洲的生意将会比去年更好,强调「赚到的钱不会少于去年」。

李嘉诚昨日于股东会后的记者会上表示,虽然欧洲有很多「好离奇的事」,但一直到今日为止,集团基本的生意仍做得很好,基建业务「绝对无问题,一定好」,零售业务亦「非常出色」,在当地已有超过1万间零售店,且增长速度很快。货柜码头业务也「做得相当好」。电讯业务方面,他指即便「经济或是政治(因素)不好」,电讯业务也几乎不受影响,加上「同事都很努力,做得很好」,在不少国家都已盈利,故预计该业务今年亦会好于去年。

昨在平静交易中微跌 股市料淡静横摆

由于投资者依然担心希腊下个月恐会退出欧元区,本地股市昨日在平静的交易中滑落0.2%。

  大华继显研究说,2770点是关键支持大关,如果失守,那么下个目标将是2680点,而上升阻力如今是2835点。

  联昌国际研究指出,只要近期的2762点这个最低水平失守,那么海峡时报指数将下试2606点。以目前而言,本地股料会横摆。

  海指昨天闭市报2772.75点,下跌6.78点,全日在2765.08点和2787.37点之间起落。全日股价起落参半,上升股165只,下跌股167只,而没有变动的有447只。全场总成交量计11亿9094万股,总值8亿2019万元。

上市首次派息 普洛斯中国收入大幅增长

从事仓储物流业务的挂牌公司普洛斯(GLP)前天宣布派发上市后的第一次股息,每股3分。其首席执行官梅志明昨天接受本报专访时透露,普洛斯的股息将具备“可持续性”。

  梅志明表示,这次发出股息的一个考虑是扩大股东的范围。“因为一些基金只能投资有派息的公司”。

  在谈及今年的业绩时,梅志明说:“我们在IPO时承诺的开发面积、收购项目、出租情况等等都落实了。”普洛斯集团在2012财年第四季营收增加23%。若包括资产价值重估后所得,第四季税后净利增加两倍,达1亿5700万美元。其主要驱动力是因中国收入大幅增长。

  梅志明解释了公司能在中国经济放缓的前提下取得大幅成长的原因。他认为和一般的房地产业者比,主营仓储物流的普洛斯有几个优势。一是仓库不必经常进行装修,因此资本投入要比经营商场购物中心节省;二是建设仓库可以有通用性,“高中低档的客户都可以使用我们的仓储设备”;三是稳定性,因为仓储设施的投资开发期是6—9个月,比商业地产要短。如果遇到经济不景气,也容易叫停。

HSBC pay deal avoids shareholder revolt

HSBC pay deal avoids shareholder revolt
Updated 11:15 PM May 25, 2012

LONDON - HSBC sidestepped the kind of shareholder backlash on pay endured by competitors, with just 10.2 per cent of shareholders rejecting the pay plan of Europe's biggest bank on Friday.

HSBC said 86.3 per cent of votes at the annual general meeting backed the resolution on remuneration while 13.7 per cent of shareholders either rejected it or withheld their votes.

Last year, 18.7 per cent of HSBC shareholders opposed the pay plan.

AirAsia in S$5.1b talks for 50 Airbus A320 jets

AirAsia in S$5.1b talks for 50 Airbus A320 jets
Updated 07:37 PM May 25, 2012

TOULOUSE - Malaysia's AirAsia is studying a potential US$4 billion (S$5.1 billion) deal to buy another 50 Airbus A320 passenger jets, its founder Tony Fernandes told Reuters on Thursday, extending the budget carrier's dramatic growth, months after it placed a record order for 200.

Asia's largest low-cost carrier is ready to swoop on the current version of Airbus' passenger jets, known as the A320ceo, while waiting for a more fuel-efficient version of the 150-seat plane it ordered in record quantities last year.

Why it’s Time to Buy J.P. Morgan


Equity Market Selloff May Continue In June: Pro


Asia Would Be Hit Hard If Europe & US Enter Recession: Pro


Source/Extract/Excerpts/来源/转贴/摘录: CNBC Publish date:25/05/12


Facebook: Really a $13.80 Stock?


Friday, May 25, 2012

2012-0518-57金錢爆(負酬者聯盟)


最佳私募对话林园:看好低估值 坚守最赚钱公司

最佳私募对话林园:看好低估值 坚守最赚钱公司
2012-03-15
私募排排网3月15日讯 由融智评级、私募排排网联合主办的2011中国 私募基金 年度各大奖项评选活动正式结束,数十家机构荣获行业最高荣誉奖项,将于3月31日登上第六届(中国)私募基金高峰论坛的领奖台。私募排排网联系各获奖单位推出最佳私募对话系列报道,分享成功经验和投资心得。

  本期对话私募为深圳市 林园 投资管理有限责任公司董事长林园。 林园投资 荣获“2011年中国最佳 私募证券 基金管理机构”、“2010-2011年中国最佳 私募证券基金 管理机构”“2009-2011年中国最佳私募证券基金管理机构”最高奖项。

资金逃走亚幣连跌4周 令吉或贬至3.18

(吉隆坡25日讯)希腊被迫脱离欧元区的可能性大增,加上亚洲新兴市场经济放缓的忧虑,资金离开亚洲市场转向避险,令吉隨著亚洲货幣连续第4周下挫。

渣打银行驻新加坡亚洲外匯策略部负责人哈尔(Thomas Harr)称,欧洲令人头疼的经济问题及中国成长的放缓,皆使所有亚洲货幣受压。他续称,令吉兑美元在未来几周或下跌至3.14-3.18之间。

根据《彭博社》截至下午4时05分的资料显示,令吉兑美元在本周共下跌0.7%,週五下挫0.3%,至3.1584。

衡量匯率波动的指標,令吉一个月的隱含波动率本週上升75个基点,週五涨30个基点至9.55%。

Bove: J.P. Morgan Extremely Well-Managed


金石财经2012-05-21 G8挺希腊有心无力 暗示释放石油储备


IPC CORPORATION -PROPOSED RENOUNCEABLE AND NON-UNDERWRITTEN RIGHTS ISSUE


IPC CORPORATION -PROPOSED RENOUNCEABLE AND NON-UNDERWRITTEN RIGHTS ISSUE

Source/Extract/Excerpts/来源/转贴/摘录: SGX
Publish date: 25/05/12

併購熱‧經濟轉型‧帶動盈利成長‧銀行業展望亮眼

併購熱‧經濟轉型‧帶動盈利成長‧銀行業展望亮眼
Created 05/25/2012 - 17:45

(吉隆坡25日訊)投資銀行業務升溫和大馬經濟轉型執行方案(ETP)帶動的貸款需求,成為銀行股盈利成長的支柱,讓大馬銀行領域在全球經濟不明朗之際依然可展現亮眼成績。

本地兩大銀行集團聯昌集團(CIMB,1023,主板金融組)截至2012年3月31日止第一季淨利成長10%和突破10億令吉大關,以及馬來亞銀行(MAYBANK,1155,主板金融組)首季淨利則躍升18%,分析員指出,這兩大銀行的業績都反映出旗下投資銀行和企業銀行貢獻強勁盈利,以及經濟轉型執行方案逐步推動更強的貸款需求。

大型IPO陸續登場‧馬股吸金力大增

大型IPO陸續登場‧馬股吸金力大增
Created 05/25/2012 - 17:43

(吉隆坡25日訊)馬股未來2個月將迎來大型首次公開售股計劃(IPO)上市高峰,可能從市場吸走數百億令吉資金,分析員認為IPO計劃大舉吸金,相信市場資金充裕局面不會發生重大逆轉,對馬股資金流推動漲潮影響不大。

市場盛傳,聯邦土地發展局(Felda)旗下全球創投(Felda Global Venture)的上市計劃,最高或籌措33億美元(約100億6千萬令吉),將是過去10年東南亞第三大上市案,次於國油化學(PCHEM,5183,主板工業產品組)的128億令吉規模。

同時,國庫控股(Khazanah)旗下大馬綜合保健控股(IHH),據稱將於今年7月杪正式在新馬交易所展開雙邊上市,上市案規模預計達15億美元(46億6千萬令吉),將成為新加坡歷來第四大上市案。

意总理: 说服德国接受 欧盟拟推欧元债券

意总理: 说服德国接受 欧盟拟推欧元债券
Created 05/25/2012 - 18:15

(罗马25日讯)意大利总理蒙蒂指出,欧盟大部分领袖本周在布鲁塞尔的高峰会议上都支持发行欧元区联合债券,意大利可以协助说服德国也支持欧洲的“共同福祉”。

蒙蒂周四在接受意大利电视台La7采访时说:“欧洲很快就有欧元区联合债券。”

他说,德国也希望确保没有国家会脱离欧元区,纵使任何事情都可能发生,希腊仍然可能会留在欧元区。

China Banking: Interest rate liberalisation priced in (DBSV)

China Banking Sector
Interest rate liberalisation priced in
• Regulator actions indicate rate liberalisation is likely to resume - our base case is 2014
• Potential NIM and ROE hit can be substantial, but are already more than priced in
• Chinese banks are at the lower end of the trading range; accumulate top picks ICBC, BOC, CQRCB, and CMB

Interest rate liberalisation may resume. Recent actions by regulators suggest rate liberalisation may resume in the near future. Both PBOC and CBRC have set up task forces for interest rate liberalisation. PBOC has also handed out surveys to banks, asking for feedback on interest rate liberalisation. We obtained a copy of the survey, and believe regulators are laying the groundwork for resuming liberalisation.

Salcon: 1QFY12’s turnover and net profit declined by 28.5% and 41.6% (NRA)

Salcon Berhad
Current Price : RM 0.495
Target Price: RM 0.78

1QFY12’s turnover and net profit declined by 28.5% and 41.6% to RM78.9m and RM2.5m, due to lower contribution from construction division despite a higher contribution from the concession division.

 In 1QFY12, EBIT from Construction division declined sharply to RM0.6m (1QFY12) from RM3.3m (1QFY11) due to the timing of project implementation. However, we are expecting higher progress billings in the subsequent quarters.

JADI Imaging: Tough Operating Environment in 1Q12 (TA)

JADI Imaging Holdings Berhad
Current Price: RM0.145
TP: RM0.16
Tough Operating Environment in 1Q12

JADI’s 1Q12 net profit of RM0.3mn accounted for 4% of our full-year estimates. However, we consider this within expectations as we expect 2H earnings to pick up when the group starts utilising Palmotone palm-based resin in its production from end-3Q12 onwards. Also, the operating environment has improved as the USD has strengthened against the ringgit to RM3.146/USD from 1Q12’s average of RM3.0598/USD and the crude oil has dipped to USD91/barrel levels from 1Q12’s average of USD102.93/barrel.

Cambridge Industrial Trust: A sale not to be missed (DMG)

Cambridge Industrial Trust: A sale not to be missed
(BUY, S$0.54, TP S$0.605)
Earlier this month, CIT announced the desire to sell their industrial property at Lam Soon Industrial; a 230,915 sq ft freehold site located at Hillview Avenue. At that time of announcement, management was unwilling to provide a target selling price as various hurdles, including convincing other owners to sell, have to be overcome before the sale could be moved forward. However, we speculate the sale of this site to be progressing as CIT, who currently owns c.69% of the building, has officially put the site up for sale on 23rd May 2012. With an indicative pricing of S$330m (equivalent to S$925 psf after including a development charge of S$80m), we view this sale positively as the target selling price is 3.7x the valuation of the property as at December 2011.

TPV Technology : Possible upside surprises from Philips JV (CIMB)

TPV Technology - HK
Current HK$1.57
Target HK$2.52
Possible upside surprises from Philips JV

Although the operating environment for the LCD TV business remains difficult, TPV is optimistic that the worst is behind it and expects margins to be sustainable after it streamlines the operations. Also, the Philips JV is doing better than expected.

We feel less negative after the 1Q12 results briefing and lift our FY12-14 forecasts for contributions from the JV. We also raise our P/BV target from 0.27x to0.4x (slight discount to 5-year average) in view of the LCD TV margin improvement. Upgrade from Underperform to Outperform.

Coastal Contracts; Hit by lower vessel prices (HwangDBS)

Coastal Contracts
HOLD RM1.88
(Downgrade from Buy)
Price Target : 12-Month RM 1.90 (Prev RM 3.25)
Hit by lower vessel prices

• 1Q12 net profit below expectations
• Slashed FY12-14F earnings by 21-28% after reducing pretax margins
• Downgrade to HOLD; cut TP to RM1.90

Noble Group: Sugar-coated recovery (CIMB)

Noble Group
Current S$1.06
Target S$1.42
Sugar-coated recovery

Noble is en route to a recovery. Having delivered its second consecutive quarter of sequential growth in 1Q12, we foresee stronger earnings for the rest of the year, buoyed by its newly enlarged sugar pipeline.

We now prefer Noble to Olam for its favourable earnings outlook. Our EPS and target price (10.1x CY13 P/E, 0.5sd below 7-year mean) are unchanged. Maintain Outperform, with earnings growth as a re-rating catalyst.

Plans underway to link Bukit Bintang and KLCC malls to attract tourists

Thursday May 24, 2012
Plans underway to link Bukit Bintang and KLCC malls to attract tourists

By YIP YOKE TENG
teng@thestar.com.my
Photos by AHMAD IZZRAFIQ ALIAS

PARIS has its Avenue des Champs-Élysées, London its Oxford Street, and Singapore has Orchard Road.

These are the locations that excite shopaholics and dazzle tourists at their mere mention. And Kuala Lumpur is set to join the list of destinations that call to shoppers and tourists no matter how far away they are.

The locations have been identified, and the stakeholders are working towards achieving the goal.

Still Buying Opportunities Despite Europe Concerns?


曾淵滄專欄 2012 05 25: 投資首要克服心魔

投資首要克服心魔
希臘國會選舉,政府難產,下個月再投票,左翼與溫和派勢均力敵,無法猜測哪一派會勝利。可是,這場選舉事關重大,若左翼勝利,歐元區會出現大震盪,全球股市也會面對巨大的調整壓力。相反,若溫和派上台,一切無事,股市也會很快地反彈,因此現在只剩下期指炒家仍然在場內炒作。

歐債危機會影響香港樓市,因此,儘管目前許多人說香港樓市已出現泡沫,但是金管局總裁陳德霖卻說他看不透樓市,為甚麼看不透?我估計是因為不容易猜測歐債危機的發展,不容易猜測希臘政局。

危機入市 郭董握548億現金大投資


Citigroup Economists Say Greece To Exit Euro Zone On Jan. 1 2013

Published May 24, 2012
Dow Jones Newswires
LONDON – Greece will leave the euro zone on Jan. 1 2013 and its new currency will immediately fall by 60% against the euro, unleashing a sizeable and unavoidable wave of contagion across Europe, Citigroup said late Wednesday.

In a note to clients, the world's second-largest currency trading bank said the consequences of a Greek exit--or "Grexit"--would accelerate strains in the European banking system and probably force the European Central Bank to restart its long-term refinancing operations and halve its interest rates to 0.5%.

TigerAirways: Takeaways From Analyst Briefing (UOBKH)

Tiger Airways
Share Price S$0.64
Target Price S$0.51
Downside -20.3%
Takeaways From Analyst Briefing

What’s New
• Secured sale-and-leaseback financing for six of the nine deliveries for FY13. This is the key positive that we gather from the analysts briefing, which will reduce the stress on cash flow and debt. The flip side to this will be higher lease expenses and the possibility of losses on disposal. Assuming a lease term of 10 years, the leases should translate to about an S$18m increase in net operating expenses.

MAS 1QFY12 Results Review: Heading Into Clearer Skies (OSK)

MAS (FV RM1.38 - TRADING BUY) 1QFY12 Results Review: Heading Into Clearer Skies
Price Target : 1.38
Last Price : 1.03

MAS' 1Q core losses exceeded our and consensus full-year forecasts. We consequently raise our loss forecast for FY12 and the carrier is now only expected to post a decent EBITDA by FY13. On a positive note, yields and unit CASK (Cost/ASK) are turning favourable for MAS and more importantly, funding for its RM6bn fleet expansion is close to being resolved, which should boost sentiment on the stock. We upgrade MAS to a TRADING BUY with a higher FV of RM1.38 that is premised on 7.5x FY14 EV/EBITDA.

AirAsia - Cruising steadily through cloudy skies

Price Target : 4.20
Last Price : 3.46

- We re-affirm our BUY rating on AirAsia (AA), with an unchanged fair value of RM4.20/share following the release of 1Q12 results last night. Our sum-of-parts derived valuation continues to peg AA at FY12F earnings.

- AirAsia reported a 1Q12 net profit of RM172mil. Excluding net forex gains of RM55mil, normalised earnings were registered at RM153mil. This made up 20% of our and 17% of consensus full-year estimates, respectively. Ex-associate losses, net operating profit of RM167mil would have accounted for 22% of our earlier FY12F earnings of RM767mil.

廖文良: 鞋盒公寓几乎不人道 政府应干预

(何丽丽报道)嘉德置地总裁兼首席执行长廖文良形容“鞋盒”公寓“几乎是不人道的”,并呼吁政府出手干预。

  他说:“我非常反对鞋盒公寓。新加坡的土地非常宝贵,发展鞋盒公寓等于在浪费有限的资源。”

  廖文良是在接受彭博社访问时这么说。他认为,新加坡应该对房屋面积设底限。

  国家发展部长许文远5月14日在国会讲话时表示,鞋盒公寓销售量在第一季创下新高后,政府可能会推出抑制其增加趋势的措施。

投资者避险情绪加剧

欧洲政客们的会议虽是开了不少,但希腊问题仍是如一团乱麻。由于欧盟峰会无果而终,市场围绕希腊退出欧元区的猜测再升温。昨日区域股市大多下滑,新加坡海峡时报指数也持续走低,微跌0.89点。

  备受关注的欧盟领袖峰会结束,解决希腊问题的方案未出台,但法、德领导人就是否发行欧洲共同债券的分歧倒是显而易见,这令投资者非常失望。花旗预测希腊明年将退出欧元区,而该国新货币推出后马上就会贬值60%。此外,欧元区5月份综合采购经理人指数(PMI)降至45.9,创下近3年最低水平。同时,5月份汇丰中国制造业采购经理人预览指数(PMI)降至48.7,愈加凸显出经济持续呈疲弱态势。

印尼预计对持股设限 星展或无法购金融银行

路透社引述消息人士说,印度尼西亚中央银行预计将限制个别股东所能持有的印尼银行股份,不能超过50%,若该条例被通过,意味着星展集团想要收购印尼金融银行(Bank Danamon Indonesia)的计划将告吹。
  现条例允许外国和印尼的私人投资者拥有印尼银行的股权最高达到99%。

  星展集团是在上个月初欲以共91亿元新股与现金,向淡马锡控股买下印尼金融银行67.37%股权与向少数股东买下其余股权。

  若星展集团无法从印尼央行获得豁免该限制,这项收购可能无法通过。

Pimco's Gross: How You Can Protect Yourself From Greek Contagion


Will Greece Exit the Euro Zone?


忧内地经济转弱 港股续寻底

忧内地经济转弱 港股续寻底
http://paper.wenweipo.com [2012-05-25]

■港股持续偏软,昨跌119点,成交481亿元。新华社
 香港文汇报讯(记者 周绍基)除了希腊在欧元区的去留问题继续困扰着大市外,实体经济的下滑,也着实令大市无法寸进。丰昨日公布5月中国制造业采购经理指数(PMI)初值,回落至两个月以来最低,是连续7个月萎缩,反映内地经济缺乏动力,恒指全日收18,666点,跌119点,成交481亿元。分析员指出,希腊要到6月才大选,恒指在这段期间也会缺乏动力,相信下试18,300点的机会甚大。

希局势困扰 后市料试万八
 国指收市跌32点跑赢大市,收报9,541点。即月期指收报18,512点,低水154点。但市况暂见回稳,下跌的股份只有668只,上升的股份则有415只。蓝筹股个别发展,中移动(941)受压,大跌2.32%报80元。Facebook股价在美国回稳,刺激腾讯(700)反弹2.1%,报214.4元。

CapitaLand chief calls shoebox homes 'almost inhuman'

CapitaLand chief calls shoebox homes 'almost inhuman'
04:45 AM May 25, 2012
SINGAPORE - The Government should curb the rapid growth of shoebox apartments - homes smaller than 50 sq m - because they are "almost inhuman", CapitaLand chief executive Liew Mun Leong said yesterday.

"I am against shoebox developments. The Government should intervene. Singapore's land is very precious and you are wasting your scarce resources" by building shoebox apartments, he said in an interview with Bloomberg at the headquarters of South-east Asia's biggest developer.

HP lay-offs to hit 'just about every business and region'

HP lay-offs to hit 'just about every business and region'
by Kristie Neo, with Agencies 04:45 AM May 25, 2012
SINGAPORE - Hewlett-Packard (HP), the world's largest maker of personal computers, said yesterday its plans to cut 27,000 employees or about 8 per cent of its global workforce over the next couple of years will affect its businesses across the various regions it is represented in.

"We have not yet announced specific plans with regards to specific locations. We do expect the workforce reduction to impact just about every business and region," a HP spokesman told MediaCorp yesterday.

We Are Still Expecting Renminbi to Strengthen: Strategist


India Petrol Hike Fails to Lift Rupee


Economists-see-Chinas-economy-slowing-down-further

Fullservice-carriers-need-to-rethink-their-operating-strategies

Chinese Property Developers Face Refinancing Risk


Will Greece Go? And is China's Growth Pledge Just Lip Service?


欧洲股神波顿 栽在中资消费股

(上海24日讯)欧洲股神安东尼波顿(Anthony Bolton)在英国《金融时报》撰文大吐苦水,称他投资在港上市的中资消费股,近期股价出现大跌,归咎原因,是中国上市公司资讯不透明导致其损失惨重。讽刺的是,波顿今年初还表示看好中资消费股。

近年来越是被波顿看好的中资消费股,股价就跌得越厉害。波顿发表一篇名为「Here be dragons:Anthony Bolton」一文,中国上市公司资讯不透明,让他的投资遭受重大损失。

波顿表示,在调查一家声称有1000家店面的公司时,他发现实际数据只有60%的店面是真的存在,而另一家他投资的公司,声称拥有4大客户,其中却有3家不知道该公司。

脫歐從決定到完成‧希臘只有46個小時

脫歐從決定到完成‧希臘只有46個小時
Created 05/23/2012 - 19:00

(美國‧紐約23日訊)希臘如果需要安排退出歐元區,恐怕只有46個小時的機會窗口。

《彭博社》根據21位經濟師、分析師和學者綜合退出歐元區的情境,希臘領袖如果決定退出歐元區,最好是在全球金融市場大致上處於休市狀態下為之,也就是從紐約週五收盤後到紐西蘭的威靈頓週一開盤,這段時間只有46個小時。

在這不到兩天的時間裡,希臘領袖得平息國內的社會動盪,並執行潛在的主權違約、規劃新的貨幣、充實銀行資本、防止資本外逃,且一旦國際停止紓困撥付,希臘得設法支付各種開支。對於一個2010年以來因為公共財政失控而兩度接受紓困的國家來說,這個任務對其新政府會過於艱巨。

How Will a Greek Exit Impact Asia?


Eurozone-tunnel-darkens-after-EU-summit-stalemate

Thursday, May 24, 2012

盡信貼士不如無貼士

盡信貼士不如無貼士
Created 05/24/2012 - 10:09

馬股上週猛挫52點,本週至今兩起一跌,波動甚為激烈,造成投資者無所適從,不少人開始向各方“神聖”尋求貼士(tips),希望這些“股海明燈”可以指點迷津。

只要有貼士,就能賺大錢,這確實是極大多數投資者的理想。

在許多股市講座上,提問者也從不掩飾迫不及待要求主講人提供貼士的神情。

貼士真的很不錯,如果都是靈驗的話。

Oil & Gas sector: 1Q12 recap and outlook (OCBC)

During the recent results season, companies under our sector coverage reported earnings that were mostly in line with our expectations, with the exception of Keppel Corporation and ASL Marine (above) and Sembcorp Marine, PEC and Rotary Engineering (below). Companies in focus included STX OSV and Keppel Corp; the former for a possible stake sale by its parent company and the latter for clinching a contract for five semi-sub units from Sete Brasil. Though oil prices have corrected with renewed Eurozone concerns, we opine that at current levels (WTI: US$91/bbl, Brent: US$108/bbl), oil prices are still high. In general, the industry has a positive outlook as elevated oil prices mean that capital expenditure in the sector will continue. Maintain Overweight with Keppel Corp [BUY, FV: S$13.38] and Ezion Holdings [BUY, FV: S$1.13] as our preferred picks.

Ascott Residence Trust: European master leases to underpin stability (OCBC)

Fair value S$1.14
add: 12m dividend forecast S$0.08
versus: Current price S$1.07
12m total return forecast 14%

EUROPEAN MASTER LEASES TO UNDERPIN STABILITY
• Defensive master leases in Europe
• Debt maturity well spread-out
• Balanced currency exposure

AirAsia: Drag from JVs

Airasia
(ARIA MK; BUY, FV: RM4.57, LAST CLOSE: RM3.39)

AirAsia reported strong operating earnings but its bottom-line fell short on estimates, dragged down by losses at its associates and JVs. Nonetheless, we see better quarters ahead as passenger load and take-up of ancillary items gain pace. With our earnings unchanged, we maintain our BUY call on AirAsia, as well as our FV of RM4.57. The stock is now attractive at 9x FY12 PE vs its peers' 13-14x. The 1Q operating margin of 32% was one of the highest among global airlines, which are struggling amid high oil prices and weak demand.

Yes WiMax有望提前獲利‧楊忠禮電力或進行潛在併購

Yes WiMax有望提前獲利‧楊忠禮電力或進行潛在併購
Created 05/24/2012 - 18:13

(吉隆坡24日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)證實獲得1Bestarinet計劃的5年15億令吉合約,旗下流動寬頻業務YesWiMax有望提前獲利,加上該公司也可能在流動服務領域進行併購計劃加速推動成長,流動寬頻業務成為未來成長的主要焦點。

獲Bestarinet15億合約

豐隆研究指出,目前楊忠禮電力現金增加至96億令吉,進行潛在併購將不會令人感到驚奇,特別是在流動服務業領域的併購計劃。

政府支持融资 马航今年亏损可收窄

政府支持融资 马航今年亏损可收窄
Created 05/24/2012 - 11:43

(吉隆坡23日讯)在获得政府这强力靠山支撑融资计划,马航(MAS,3786,主板贸服股)前景稍有明朗,2012财年可收窄亏损,惟还无法完全摆脱亏损的命运。

昨日宣布首季业绩的同时,马航也公告三大融资计划,可见政府救助氛围浓厚。

这3项计划分别为:发行回教债券筹资25亿令吉、向财政部设立的特别用途公司(SPV)租8加新的空中巴士A380和A330,以及透过商业融资为飞机营运开销融资,这包括商业债券、融资租赁和经营租赁。

券商買進心頭好.6新工程合約值近7億 星辰建築2013年有望收成

券商 :興業證券研究
目標價:1.01令吉

星辰建築(FAJAR,7047,主要板建築)5項新捷運工程即將開跑,手上6個新工程合約價值6億8200萬令吉,2013年有望收成。

 明年中,該公司計劃推出高樓公寓計劃,發展總值5億令吉。

 該公寓計劃位于金鑾鎮或蒲種路,推出800個公寓單位。

 另外位在冼都/怡保(Sentul/Jalan Ipoh)區域的高樓服務式公寓單位,將于2013年首季率先推出400個公寓單位,發佔總值2億3000萬令吉。

Singapore REITs: Some where to hide (Daiwa)

Singapore REITs
Some where to hide
• We believe hefty discounts to book provide the best shelter
• Recent market volatility has not changed our ratings
• Reiterate our top picks: SUN, CCT, ART, and SGREIT

ƒ What's new
We revisit our ratings and valuations for the Singapore real estate investment trust (S-REIT) sector after the recent global stock market sell-down.

ƒ What's the impact
So far in May, S-REITs have been extremely resilient, a far cry from the severe correction in AugustSeptember 2011, so the the recent market volatility has not changed our ratings or sector preferences.

Malaysian Airline - Holding tight to the lifeline

Price Target : 1.25
Last Price : 1.03


- We maintain our HOLD rating on Malaysia Airlines (MAS) at unchanged fair value of RM1.25/share following the release of its 1Q12 results. Our valuation continues to peg MAS at 0.9x FY12F book value of RM1.38/share.

- MAS reported a core net loss of RM348mil for its 1Q12, excluding net gains on derivatives and forex of RM176mil. We consider the results within expectation as loadstypically swing strongly in 2H of the year, which is typically when the bulk of profit is generated.

萬九失陷 13年最空險

希臘前總理帕帕季莫斯有關希臘「脫歐」的言論,再度引發投資者恐慌情緒,資金紛紛回流美元資產避險下,亞洲區股市幾乎全線下跌,當中港股受內銀新增貸款銳降、港府再度「出口術」壓抑樓市等不利因素夾擊,恒生指數挫252點,僅一日再跌穿19,000點關,收報18,786點。淡友愈戰愈勇,昨日沽空比率顯著增加至14.67%,創九九年二月底來近13年新高,同時即月期指顯著低水。相關新聞刊B2

數周內勢爆拆倉潮
港股美國預託證券(ADR)周三跟隨美股低開,當中滙控報62.365元,較本港昨日收市價低0.385元,中移(00941)報81.171元,低0.729元,按比例推算,相當恒指再跌207點。

Singapore April inflation rate up as housing costs soar

Singapore inflation hit a slightly higher-than-expected % in April, increasing the chance that it may exceed a government forecast for the year and putting pressure on the central bank to keep a tighter monetary policy.

A Reuters poll of 12 economists had forecast a rise of 5.3%. In March, the year-on-year inflation rate surprisingly spiked to 5.2% from 4.6% the previous month.

China Aviation Oil : Expanding Its Footprint Via Strategic Acquisitions (UOBKH)

China Aviation Oil (CAO SP)
Expanding Its Footprint Via Strategic Acquisitions
Price/ Target S$0.935/S$1.32

Background
China Aviation Oil Singapore Corporation Limited supplies jet fuel to foreign and domestic airlines flying through China’s airports. The company also trades in other oil products such as fuel oil, gas oil, crude oil, petrochemical products, including physical and paper swaps, and futures trading

Valuation
• We maintain our BUY recommendation on China Aviation Oil (CAO), but with a lower target price of S$1.32. This is due to a lower forecasted dividend payout as the management wishes to retain more cash for earnings-accretive acquisitions going forward. We derive our target price at the average fair value suggested from our dividend discounted cashflow model and the P/E valuation model pegged to its peers group P/E of 8.5x FY12E. The stock is still trading at a discount to the 3-year average PE ratio of 13.6x.

中國銀行 (3988.HK) - 利潤增速遜于預期 資本壓力較大( 輝 立 証 券)

中國銀行(3988)

推介日期   23-05-12 
投資建議買入
建議時股價$ 2.850
買入價N/A
目標價$ 4.030



中國銀行 (3988.HK) - 利潤增速遜于預期 資本壓力較大

公司概要

中國銀行于1912年2月經孫中山先生批准成立。成立百年以來,中國銀行是中國國際化和多元化程度最高的銀行。1994年中國銀行改爲國有獨資銀行,2004年8月更名爲中國銀行股份有限公司。2006年6月及7月中國銀行分別在香港及上海上市,成爲中國首家A+H股上市的商業銀行。2011年中國銀行成爲中國及新興市場國家唯一入選全球系統重要性銀行的銀行。按總資産計,截止2012年第一季度末,中國銀行爲中國第3大銀行。

UMS Holdings: Earnings outlook still healthy (CIMB)

UMS Holdings Limited
Earnings outlook still healthy
BUY; TP:S$0.72
Price @23/5/12: S$0.38
52-week range (SGD): 0.33 – 0.515

CapitaMalls Asia - Non-Deal Roadshows 24 to 29 May 2012



KLCC Property: Strong start (HwangDBS)

KLCC Property
BUY RM3.25
Price Target : 12-Month RM 3.75

Strong start
• 1Q12 net profit in line; Menara Petronas 3 (MP3) and Lot C Retail boosted core earnings (+61% y-o-y)
• Lease renewals to drive FY12F earnings; further development of Dayabumi and Lot D1 in the future
• Maintain BUY rating and RM3.75 TP

KNM: Strong improvement (HwangDBS)

KNM Group
HOLD RM0.72 (Upgrade from Fully Valued)
Price Target : 12-Month RM 0.70

Strong improvement
• 1Q12 core profit within expectations
• Key catalysts is sustainable strong earnings
• Share price has fallen 41% since November; upgrade to HOLD with RM0.70 TP

Prosperity REIT:Steady as she goes (DBSV)

Prosperity REIT
BUY HK$1.67
Price Target : 12-month HK$1.95 (Prev HK$1.93)

Steady as she goes
Strong occupancy and healthy rent reversion to support revenue growth
Change of use to unlock embedded value of industrial/office buildings
BUY with HK$1.95 TP

YTL Power : Continued Lower Dividend (HLG)

YTL Power International
Price Target: RM2.23.
Share price: RM1.66
Continued Lower Dividend

Results
 Inline – Reported 3Q12 core earnings of RM254.5m, taking 9M12 core earnings to RM848.9m which is 65.3% of our numbers and 67.0% of concensus. We expect stronger earning in 4Q12 mainly due to tariff revision for Wessex. Thus results are largely in line. 4Q historically has contributed 30-45% of full year earnings.

Tiger Airways: Still a slow recovery (Phillip)

Tiger Airways Holdings Ltd
Target Price (SGD) 0.52
- Previous Target Price (SGD) 0.58
Closing Price (SGD) 0.64
Expected Capital Gains (%) -18.1%
Expected Dividend Yield (%) 0.0%
Expected Total Return (%) -18.1%
Still a slow recovery

Tiger Airways is a low cost carrier based in Singapore and Australia. The Group aims to grow its footprint through strategic joint ventures across Asia-Pacific. Tiger Airways intends to grow its fleet size to 68 by the end of 2015.
• Full year losses of S$104mn in FY12
• 3rd consecutive quarter of operating loss for TAS
• Successful start up of its base in Sydney would be the critical success factor in the near term
• Maintain Reduce with revised TP of S$0.52

Malaysia Airlines: Outlook Remains weak

Price Target : 1.02
Last Price : 1.03

曾淵滄專欄 2012 05 24: 城電大升小心炒錯

城電大升小心炒錯
有線寬頻(1097)旗下的奇妙電視,突然呼籲政府再重新諮詢是否發出新的免費電視牌照,看來,有線是相當滿足於目前的市場瓜分,並沒有進軍免費電視的意圖,反而擔心可能取得免費電視牌照的城電(1137)及電盈(008)進場,會分薄整個電視市場的廣告收益。

免費電視牌照出現變數,但是,城電的王維基一早就決定破釜沉舟,賣掉城電所有業務,取回50億元現金,然後將其中20億元分給股東,剩下的30億元就是用來搞免費電視的,現在,會不會兩頭不到岸呢?

可是,有趣的是,昨日城電股價竟然大升,更是逆市上升,昨日恒指下跌1.33%,城電股價則上升3.96%,為甚麼?因為有些股東有憧憬,憧憬王維基搞電視搞不成,將手上所有的50億元分給所有的股東,如果真的這麼做,每股可分到的錢將是6.56元,比現價4.2元高許多。

MAS bonds secured

The Star Online > Business
Thursday May 24, 2012
MAS bonds secured

By B.K. SIDHU and LEONG HUNG YEE
starbiz@thestar.com.my

PETALING JAYA: Malaysia Airlines (MAS) has secured investors, mostly in the form of government-linked investment companies (GLICs), to take up the bonds it will be issuing, including the debt papers to be issued by the special purpose vehicle (SPV) to fund MAS' aircraft purchases, reliable sources said.

“Those that will subscribe to most of the bonds, especially for the government-guaranteed RM5.3bil bonds, are likely to be institutions such as the Retirement Fund Inc (KWAP), Employees Provident Fund, Armed Forces Fund Board (LTAT) and Permodalan Nasional Bhd. Other takers may include unit trust and insurance companies,” one banking source said.

GPacket finally turns in operating profit

The Star Online > Business
Thursday May 24, 2012
GPacket finally turns in operating profit

By TEE LIN SAY
linsay@thestar.com.my

PETALING JAYA: After 15 quarters of operating losses, Green Packet Bhd has finally turned EBITDA (earnings before interest, taxes, depreciation and amortisation) positive with an operating profit of RM3.9mil, contributed both by its solutions and broadband pillar and supported by 400,000 subscribers.

Green Packet Bhd group managing director and group CEO Puan Chan Cheong said the company would be getting two large contracts from Europe and one from the American market from one of the largest mobile operators in the world in the second half of the year.

联昌国际研究: 宜趁低吸购本地股

由于投资者等待欧盟成员国峰会结果,本地股市昨日在谨慎的交易中滑落1.5%。

  法国刚走马上任的总统奥朗德料在峰会上提议全体欧盟成员国发行区域债券,但德国总理默克尔恐会反对这项建议。

  联昌国际研究昨日发表策略报告说,投资者宜趁目前股价疲软之际买入本地股,将今年上半年结束时的海峡时报指数目标定在3340点,其中嘉康信托、胜科工业和毅之安被列为买入首选。

  新加坡证券投资者协会研究也指出,海指接下来料会上试2840点这个200天移动平均线水平,投资者应该持有现有盘位,或趁低吸购已经处于低水平的周期性蓝筹股。

郭台铭: 全世界都要为过苦日子作准备

(台北讯) 鸿海董事长郭台铭预言,全世界都要有过苦日子的准备。他暗示,全球三大经济板块都陷入低迷状态,“欧洲是真的不好,2013年美国一定不好,中国大陆出口衰退情况扩大”。
  最新一期《商业周刊》报道,郭台铭和大陆制造业首富美的集团董事长何享健16日首度碰面,两人对现今经济情势交换意见,郭台铭作上述表示。

  郭台铭说,电子业都很敏感,鸿海和上海麦德龙(Metro AG,欧洲第二零售批发超市集团)合作取得的情报显示,欧洲是真的不好。

  他断言说,美国现在是因为选举,选后2013年的情况就不会好。他认为,“美国QE3是一定会推的,只是(时间)早晚”,如果美国总统奥巴马的手很强的话,推出QE3(第三次量化宽松)的时间就会比较快。

世行: 本地银行或可填补   欧银“缺口”业务

世界银行(World Bank)表示,在欧元区债务危机笼罩之际,本地银行可能有机会填补欧洲银行业者在期间内所造成的“缺口”。

  世界银行东亚和太平洋地区首席经济师郝福满(Bert Hofman)昨天在东京举办、通过视频传播到亚洲各国的世界银行《东亚与太平洋发展中国家经济半年报告》发布会上回答本地媒体问题时这么说。

  他指出,这项报告虽然没有专门研究新加坡经济将如何受到环球经济的影响,不过据他与市场人士的互动,他认为新加坡的金融领域占有优势,因此有机会争取到欧洲银行业者因为受到债务危机影响而无法延续的业务。

Neptune Orient Lines: Focusing on controllable costs (CIMB)

Neptune Orient Lines
Current S$1.07
Target S$1.15
Focusing on controllable costs

We hosted NOL at our Singapore Corporate Day on Monday, and the company took pains to emphasise that it is on track to save S$500m in costs via a restructuring of its operations. Regardless of how spot freight rates move, NOL is doing all it can to become leaner.

We believe the container shipping industry will continue to face overcapacity and weak freight rates in the next six months. We remain Neutral, with our target still at 0.9x P/BV, its 10-year mean. We do not have a negative call on NOL because its shares have corrected significantly.

Frasers Commercial Trust: Growth assurance (CIMB)

Frasers Commercial Trust
Current S$0.94
Target S$1.14
Growth assurance

Management shared its options in deploying KeyPoint divestment proceeds and other areas where it can unlock more value from its portfolio during our conference. We came away more assured of its DPU growth outlook for the next few years.

We keep our DPUs and DDM-based target price (discount rate: 9.1%) unchanged. Our estimates assume the use of KeyPoint divestment proceeds for a 50% redemption of its CPPUs and part-payment of loans. Maintain Outperform. FCOT is among our top pick within S-REITs.

Capitacommercial Trust: A more sanguine view (CIMB_

Capitacommercial Trust
Current S$1.26
Target S$1.41
A more sanguine view

Sharing its sanguine view on the office market with investors, management noted a pick-up in leasing sentiment in recent months. We came away from our conference confident of the bottoming of the office de-rating.

We keep our DPU estimates and DDM target price unchanged (discount rate: 8.1%). Maintain Outperform on a favourable risk-reward at 0.8x P/BV and yields of 6%. CCT remains one of our top picks for the office sector and among S-REITs.

CDL Hospitality Trusts: Benefitting from focus on quality tourists (OCBC)

Fair value S$2.04
add: 12m dividend forecast S$0.12
versus: Current price S$1.79
12m total return forecast 21%

BENEFITTING FROM FOCUS ON QUALITY TOURISTS
• Doubling GDP contribution
• Quality tourists and high-end hotels
• Slower supply growth for high-end hotels

YTL Power: 1Bestarinet to be loss-making initially (HwangDBS)

YTL Power
HOLD RM1.66
Price Target : 12-Month RM 1.80 (Prev RM 2.20)

1Bestarinet to be loss-making initially
• 3QFY12 result in line, but we trimmed DPS after imputing higher capex
• Longer term catalysts would be securing new power plant contract in Malaysia and further acquisitions
• HOLD on reasonable valuations and 3% net yield

Tiger Airways: Results better than expected (JPM)

Tiger Airways
Price: S$0.64
Price Target: S$0.80
Previous: S$0.90

4QFY12 Results Review
• Results better than expected: Net loss shrank by 6% q/q to S$16.4MM in 4Q FY12 but weaker than its S$1.4MM profit a year ago. This raised full year net loss to S$104.3MM. Core FY12 loss (ex-S$5.4MM loss related to Tiger Australia's suspension last year, S$5.1MM aircraft disposal loss and S$0.7MM F/X gains) was c.S$95MM vs core profit of c.S$27MM in FY11. Recurring ROE was negative 42% and recurring profit margin was negative 15%. Mar-12 BV/shr fell 5% q/q to S$0.30. Net debt-equity rose 14% q/q to 1.7x, implying future aircraft deliveries will likely be funded through sale & leasebacks or another potential equity-raising. FCF was negative S$221MM in FY12.

MAS’ 1Q net loss narrows on significant rise in forex gains

MAS’ 1Q net loss narrows on significant rise in forex gains
In The Edge Financial Daily Today 2012
Written by Chong Jin Hun
Wednesday, 23 May 2012 11:57

KUALA LUMPUR: Malaysian Airline System Bhd’s (MAS) net loss for 1QFY12 ended March 31 narrowed from a year earlier as a significant rise in foreign exchange (forex) gains mitigated a fall in revenue and high jet fuel prices.

In a statement to Bursa Malaysia yesterday, MAS said its net loss came to RM171.79 million in 1Q against a net loss of RM242.34 million in the previous corresponding quarter while revenue fell 3% to RM3.11 billion from RM3.19 billion.

Facebook sued for concealing weak forecasts pre-IPO

Facebook sued for concealing weak forecasts pre-IPO
Updated 10:07 PM May 23, 2012
NEW YORK - Facebook and banks including Morgan Stanley were sued by the social networking leader's shareholders, who claimed the defendants hid Facebook's weakened growth forecasts ahead of its US$16 billion (S$20.4 billion) initial public offering.

The defendants, who also include Facebook chief executive officer Mark Zuckerberg, were accused of concealing from investors during the IPO marketing process "a severe and pronounced reduction" in revenue growth forecasts, resulting from increased use of its app or website through mobile devices. Facebook went public last week.

World Bank cuts China forecast, says Asia must watch inflation

World Bank cuts China forecast, says Asia must watch inflation
04:45 AM May 24, 2012
BEIJING - The World Bank yesterday cut China's economic growth forecast this year to 8.2 per cent from 8.4 per cent previously and urged the country to rely on easier fiscal policy that boosts consumption to lift activity.

In a biannual East Asia and Pacific economic update, the bank said a slowing China will drag growth in emerging East Asia to two-year lows this year, but warned Europe's seething debt crisis could inflict even bigger damage if it worsens.

Charts: Selloff Over, Buy Stocks Now


Oil Tumbles Below $90 on 22-Year High Crude Supply


Buy Facebook Now?


Green Packet aims for RM1b revenue by 2015

Green Packet aims for RM1b revenue by 2015
By Goh Thean Eu
gohtheaneu@nstp.com.my
2012/05/24

GREEN Packet Bhd, a wireless networking technology developer and a mobile broadband service provider, aims to hit RM1 billion in revenue by 2015, partly helped by the expansion of its wireless broadband business.

"We believe mobile broadband is the way to go. In the future, we are not only looking at connecting people, but also machine-to-machine communications. Basically, everything that can be connected, will be connected.

AirAsia nets RM172.4m profit in Q1

AirAsia nets RM172.4m profit in Q1
2012/05/24

KUALA LUMPUR: AirAsia Bhd’s first quarter net profit for the period ended March 2012 was flat at RM172.4 million compared with RM171.9 million a year ago.
In its filing to the stock exchange yesterday, the discount carrier said group revenue increased by 11 per cent to RM1.17 billion, thanks to a 12 per cent growth in passenger volume.

Average fare also improved 7 per cent to RM177 compared with RM164 achieved a year ago.

Commitment hinges on performance

Commitment hinges on performance
By Goh Thean Eu
gohtheaneu@nstp.com.my
2012/05/24

Khazanah Nasional Bhd, the country’s sovereign wealth fund,said its commitment to Malaysian Airline Systems Bhd’s recapitalisation exercise is contingent on the troubled airline’s performance.

On Tuesday, the loss-making airline outlined a RM8.8 billion plan that includes a RM2.5 billion 10-year Islamic bond programme for its capital expenditure and working capital requirements.

It had also proposed a special purpose vehicle under the Ministry of Finance to take delivery of eight new Airbus planes worth some RM5.3 billion, which MAS will then lease from the entity.

Most analysts still bearish on MAS stock

Most analysts still bearish on MAS stock
By Adeline Paul Raj
adeline@bt.com.my
2012/05/24

LONG-TERM CONCERNS LINGER: Some believe carrier will return to full-year profit only in 2014
MALAYSIA Airlines (MAS), which saw its stock rise by one per cent a day after it announced first-quarter loss that exceeded market expectations, may only be able to show a full year of profit in 2014, some analysts say.

On Tuesday, it reported a net loss of RM171.8 million, its fifth consecutive quarter of losses, and detailed how it was close to securing about RM8.8 billion of funds to help keep the business going.

Wednesday, May 23, 2012

胡立阳:十大买入卖出信号



林园:面对熊市要贪要快乐要长期持有

林园:面对熊市要贪要快乐要长期持有
2008-11-04

解说:前所未有的熊市谁能逃脱被套的厄运?

  曾子墨:6000点的时候,意识到那是市场的近期之内的最高位吗?

  林园:意识不到。

  解说:呼风唤雨的股神如何看待股市的希望?

  曾子墨:直到现在依旧是满仓吗?

  林园:一直满仓。

LV蝉联最有价值奢侈品牌

LV蝉联最有价值奢侈品牌
http://paper.wenweipo.com [2012-05-23]
据明略行(Millward Brown Optimor)昨日发布的2012 BrandZ全球品牌价值报告,路易威登(LV)连续7年荣登世界最有价值奢侈品牌宝座。LV的品牌价值现已占到LVMH总市值的大约3分之1。LVMH当前的总市值是610.5亿欧元(780亿美元)。
爱马仕次之 值191亿美元

 LVMH握有部分股权的爱马仕(Hermes)身价飙升61%,达到191亿美元,排名跃居第2。瑞士手表品牌劳力士则名列第3,身价达到71.7亿美元,较去年成长了36%。但此次排名第4的香奈儿(CHANEL)价值下降2%至66.8亿美元,排名第5的古驰(Gucci)价值下降14%至64.2亿美元。

KNM: Better But Consistency Is The Question

KNM (FV RM0.80 - NEUTRAL) 1QFY12 Results Review: Better But Consistency Is The Question
Price Target : 0.80
Last Price : 0.765

KNM's 1QFY12 results were above expectations, mainly due to higher revenue recognition from its existing and new projects as well as a positive tax income of RM19.4m, which contributed 55% of its net profit. We still find the operating environment challenging, especially with the debt crisis in Europe weighing on commodity prices, especially crude oil, which may lead to new project delays. We are keeping our FY12 forecasts unchanged for now until we some consistency in the company's quarterly earnings. However, we are upgrading our call to Neutral from Sell since its share price has pulled back significantly in tandem with the global market selldown.

SOP: Young trees underpin future growth

SOP: Young trees underpin future growth
In The Edge Financial Daily Today 2012
Written by Insider Asia
Wednesday, 23 May 2012 11:42

The political impasse in Greece that is driving uncertainties over the future of the euro is also exacting a toll on local plantation companies. Along with the broad-based selloff in equity markets last week, jittery investor confidence has also hit the commodities market, including prices for crude palm oil (CPO).

CPO futures traded on Bursa Malaysia Derivatives have fallen quite sharply in recent days and are now hovering below RM3,100 per tonne. CPO prices have been climbing steadily since February, recording an average of RM3,481 per tonne in April, before renewed turmoil in the eurozone triggered the broad-based risk-off sentiment that accelerated last week. Adding to the price volatility are concerns that the slowdown in the global economy will damp demand for edible oil in the near term.

國庫控股冀馬航 職工會管理層上下一心

(吉隆坡23日訊)馬航(MAS,3786,主要板貿易)大股東國庫控股(Khazanah)強調,給予最大支持重組資本,並希望職工會與管理層可上下一心。

 國庫控股董事經理丹斯里阿茲曼莫達指出,馬航近期宣佈系列資本重組計劃,包括昨日(22日)宣佈欲發行總值25億令吉伊斯蘭債券,以多方位進行融資。

 “我們(國庫控股)可以注資,但同樣的我們也需看到成績,這並非緊急援助,畢竟馬航對國家來說非常重要,作為大股東,我們希望可看到職工會支持推動公司發展。”

 他今日出席亞通(AXIATA,6888,主要板貿易)常年股東大會后,如是回應媒體提問;列席者包括亞通總裁兼總執行長拿督斯里賈瑪魯丁,及總財務長詹姆斯麥克羅琳。

Investors May Be Missing Buying Opportunity


KNM Group - Rebound from order recognition, but rights pending

Price Target : 0.75
Last Price : 0.765

We upgrade our call on KNM Group to HOLD from SELL as the share price has fallen near our unchanged fair value of RM0.75/share, pegged to an FY12F PE of 15x ' slightly below the oil & gas sector's 16x.

- KNM's 1QFY12 net profit of RM35mil came in above expectations, accounting for 46% of our FY12F and street estimates. But our FY12F-FY14F net profits are maintained for now, as we understand that there could be some writeback of provisions over the past year. Moreover, given the group's past erratic earnings performance, we prefer a more conservative stance, pending a longer track record of sustainable quarterly profits. We note that the group's chief financial officer has resigned.

Fajarbaru Builder:3Q12 net profit dipped 16%

Price Target : 1.71
Last Price : 0.855

Period 3Q12

Actual vs. Expectations
9M12 net profit of RM823m came below expectations, accounting for 66% of the street's FY12E net profit of RM1.27b and 65% of our RM1.28b.

The biggest drags were largely fair value losses on quoted investments and unrealized FOREX losses.

Dividends 0.9375sen (-50% YoY; 0% QoQ) tax exempt dividend for 3Q12. Implied 9M12 NDPS of 3.75sen only makes up 50% of our FY12E NDPS of 7.45sen (4.5% yield).

延迟建设新校园 Masterskill或回退部分资金

延迟建设新校园 Masterskill或回退部分资金
Created 05/23/2012 - 12:20

(吉隆坡22日讯)Masterskill教育(MEGB,5166,主板贸服股)延迟兴建旗舰校园的工程,并将把2010年首次公开献售(IPO)所筹集的部分资金,回退给股东。

根据Masterskill教育向马交所报备,基于国家高等教育基金(PTPTN)缩短借贷期限,以及大马护士协会提高最低入学资格,集团决定延迟新校园的建筑工程。

同时,该集团将重新分配7697万令吉资金,用作营运资本。

上述款项,相等于首次公开献售(IPO)筹获的52.2%资金,但并未在两年内根据原本的意愿被运用。

建築洋灰產業投資表現強勁‧楊忠禮機構第三季賺3.6億

建築洋灰產業投資表現強勁‧楊忠禮機構第三季賺3.6億
Created 05/23/2012 - 11:27

(吉隆坡22日訊)歸功於建築、洋灰、產業投資等業務表現強勁,楊忠禮機構(YTL,4677,主板貿服組)截至2012年3月31日止第三季淨利達3億6千482萬4千令吉,比前期的3億1千205萬5千令吉走高16.91%,推動9個月淨利從前期的7億5千514萬3千令吉成長13.1%至8億5千403萬9千令吉第三季淨利從前期的42億4千174萬8千令吉擴張23.53%至52億3千976萬3千令吉,促使首9個月營業額成長14.9%至151億零800萬6千令吉,前期為131億4千642萬7千令吉。

派發每股2仙中期股息

該公司董事部宣佈派發每股2仙中期股息,停止過戶和過賬日期為6月12日和6月27日。

國庫:維持企業透明度‧馬航將保留上市地位

國庫:維持企業透明度‧馬航將保留上市地位
Created 05/23/2012 - 17:45

(吉隆坡23日訊)雖然市場一直揣測政府會將持續蒙虧的馬航(MAS,3786,主板貿服組)私有化,不過國庫控股強調,現階段仍比較傾向於維持馬航的上市地位。

國庫董事經理兼亞通(AXIATA,6888,主板貿服組)主席丹斯里阿茲曼莫達今日在出席亞通股東大會後說:“馬航是國家的重要資產,雖然一直蒙虧,但我們期望藉維持上市地位,來鞭策該公司做得更好,並維持企業透明度。”

曾討論私有化馬航

他不否認,國庫曾對馬航私有化建議進行商討,但最終還是希望馬航持續成為掛牌公司。

削減無利可圖航線‧虧損收窄29%‧馬航首季虧1.72億

削減無利可圖航線‧虧損收窄29%‧馬航首季虧1.72億
Created 05/23/2012 - 10:11

(吉隆坡22日訊)雖然燃油價格高企,但在削減無利可圖的航線後,馬航(MAS,3786,主板貿服組)截至2012年3月31日止首季淨虧損程度收窄29%,從前期的淨虧2億4千233萬9千令吉,縮減至虧損1億7千179萬3千令吉。

同時,這也比2011財政年第四季驚人的12億7千738萬4千令吉淨虧損,大幅走低。

不過,首季營業額卻較前期31億9千零42萬8千令吉,下跌2.37%至31億1千468萬9千令吉。

首季1億7千179萬3千令吉淨虧損,包含2千380萬令吉按市值衍生產品護盤(燃油、外匯及利率)虧損及1億9千960萬令吉未釋放外匯賺益。

MAS jumps on funding plans

MAS jumps on funding plans
2012/05/23

Malaysian Airline System Bhd, unprofitable for five straight quarters, rose the most in about four months in Kuala Lumpur after a new loan and plans for a RM2.5 billion(US$796 million) sukuk sale eased funding concerns.

The carrier surged as much as 5.9 percent to RM1.08 as of 11.11 a.m., the biggest gain since Jan. 25. The benchmark FTSE Malaysia KLCI Index declined 0.3 per cent.

曾渊沧:欧债形势变数多 港股18033点支持强

曾渊沧:欧债形势变数多 港股18033点支持强
2012年05月21日10:23 曾渊沧

过去12个交易日,恒指由21309跌至18952,跌幅达2357点,即11%。

这12个交易日,除了5月15日曾经出现小反弹外,天天跌,若以5月18日最低点18622点计算,跌幅更高达2,687点,去年10月恒指最低点16170,然后反弹至今年2月最高点为21760,反弹幅度为5,590点。因此,可以说过去半年的反弹幅度已经在这一次的回跌中丢失了接近一半,为48%。

Midas Holdings:When the going gets tough, the tough gets going (CIMB)

Midas Holdings
Current S$0.30
Target S$0.41
When the going gets tough, the tough gets going

During our Singapore conference, Midas assured investors that its order book will continue to be filled up by metro contracts. Plans to diversify into other industries are underway. We think that Midas could emerge a stronger company following this ordeal.

While we expect weaker earnings for FY12, we think that the metro contracts should be able to sustain its order book. The worst is likely over. Maintain Outperform. Our 11.7x CY13 EPS (-0.5sd below average P/E) target is unchanged.

Golden Agri-Resources; Proxy for CPO demand (CIMB)

Golden Agri-Resources
Current S$0.67
Target S$0.75
Proxy for CPO demand

As the second largest listed palm oil player, Golden Agri is a prime beneficiary of the rising demand for CPO. Output growth prospects are bright in view of its attractive estates age profile and expansion plans.

The group has also improved its sustainable image but these are offset by rising estates costs and tough operating environment in China for its crushing and refining businesses. No change to our target price which is based on 12x forward P/E (15% discount to target market P/E) and Neutral rating.

Sheng Siong Group: High dividends likely to stay (CIMB)

Sheng Siong Group
Current S$0.39
Target S$0.49
High dividends likely to stay

The intense price competition eased slightly in 2Q, and the pilot e-commerce initiative, if successful, could be a new earnings driver. Management expressed its intention of continuing with the90% dividend payout beyond FY13.

We upgrade to Outperform from Neutral on valuations. Estimates are tweaked slightly on housekeeping. No change to our target price based on 18x CY13 P/E (20% disc. to Dairy Farm International).

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


谢国忠:国企应削减无效率支出

金石财经2012-05-21 谢国忠:国企应削减无效率支出

PhillipCapital Weekly Market Watch 21.05.2012


MAS: Government to the Rescue (HLG)

MAS
Price Target: RM0.88 ()
Share price: RM1.02
Government to the Rescue
Results
 In Line – Reported 1Q12 core net loss at RM347.6m vs HLIB’s full year FY12 estimates of RM1bn loss, but below consensus’s RM466.9m loss. We expect continued losses for the coming quarters

Highlights
 1Q12 revenue dropped -2.2% yoy due to decreased air passenger and air cargo carried as management continued to rationalize its network (cutting unprofitable routes and concentrate on high yielding routes). Hence, there were yields (fares + surcharges) improvement for passengers (+14.8% yoy) and cargoes (+11% yoy).

Ezion Holdings: Cash machine (CIMB)

Ezion Holdings
Current S$0.79
Target S$1.12
Cash machine

Backed by long-term charters of 3-5 years, Ezion’s lift boats/service rigs offer high ROEs and strong cash flows. Its growth is seemingly restricted only by its balance sheet, though this business should be able to stand on its own two feet without further equity infusions.

We fine-tuned our EPS estimates for house-keeping purposes. No changes to our target price (blended P/E and P/BV valuations). Maintain Outperform. Catalysts should include more contracts.

Tiger Airways: Multiple Challenges Suggest Slower Profit Recovery (Citi)

Tiger Airways
Price (18 May 12) S$0.64
Target price S$0.46 from S$0.55
Expected share price return -28.1%
Expected dividend yield 0.0%
Expected total return -28.1%

Sell: Multiple Challenges Suggest Slower Profit Recovery
 Lower TP to S$0.46; -28% ETR – We cut estimates and lower TP to S$0.46 (from S$0.55), factoring in a slower profit recovery due to: i) risk of continued losses in Australia upon ramp-up of capacity from Jun-Dec ‘12; ii) ventures in Indonesia and the Philippines may struggle due to intense competition and overcapacity respectively; iii) while Singapore unit is expected to turn profitable, it may be insufficient to offset overseas losses; iv) overall environment continues to be characterized by weak pricing power and high jet fuel costs. Our new TP is based on 1.8x P/B, similar to peers. Sell.

Retail S-Reits: Staying on top of the game (DBSV)

Retail S-Reits: Staying on top of the game
• Stronger earnings growth from 2H12 as AEI works bear fruit
• Healthy pre-commitment rates with strong tenant mix to continue to drive strong organic growth
• Top pick – CMT for its strong earning visibility

Better performance from 2H. Competition for the consumer dollar over the last two years has prompted landlords to undertake refurbishment and repositioning initiatives to remain competitive and relevant to changing consumer taste. As the malls move towards the tail end of their development schedule, we believe the gradual completion of AEI, coupled with the positive rental reversions, should support strong FY13 DPU growth of 6% y-o-y for the retail reits vs the other reit sectors. More importantly, we note that malls that have post AEI works are able to achieve higher average annual rental growth of at least 8% vs the average reversionary rental reversion of 2-3% p.a.

UMS Holdings:Positive earnings outlook with consistent dividend payout (UOBKH)

UMS Holdings (UMSH SP)
Positive earnings outlook with consistent dividend payout
Price/Target S$0.385/n.a.

Investment highlights
• UMS is trading at 5x 2011 PE, the lowest among peers. Based on consensus estimate, UMS has a 12-month target price of S$1.08 and is set to report earnings growth of 15.8% in 2012 to S$32.0m.

• We view that UMS should be trading at S$0.65/share, pegged to the 3-year historical average PE of 7.0x on consensus EPS of 9.3 cents. This gives us an upside of 69%.

Wilmar: Paring FV to S$3.87

Fair value S$3.87
add: 12m dividend forecast S$0.06
versus: Current price S$3.80
12m total return forecast 3%

FV PARING FV TO S$3.87
• HOLD with new S$3.87 fair value
• Outlook remains cautious
• But valuations not demanding

CDL Hospitality Trusts:Earnings growth momentum to continue (DBSV)

CDL Hospitality Trusts
BUY S$1.79
Price Target : 12-Month S$ 1.99 (Prev S$ 1.95)
Earnings growth momentum to continue

• Robust prospects for Singapore tourism in 2012
• Positive data points for CDL HT
• BUY, TP adjusted slightly to S$1.99 based on DDM

Malaysian Airline System: 1Q12: Losses, as expected (MIB)

Malaysian Airline System
Hold (from Sell)
Share price: MYR1.02
Target price: MYR0.97 (from MYR1.00/share)
1Q12: Losses, as expected

Slight improvement, more needed. MYR357m (+5.9% YoY, -54.5%) core net loss was within our MYR332m loss forecast, but below consensus. The impact of 13% higher jet fuel price YoY, a soft yield environment and on-going business restructuring costs made it a very challenging quarter for MAS. There was some disclosure on its funding plans, which should provide adequate capital for at least 1.5-2.0 years, by our estimate. We upgrade MAS to a Hold as the share price is close to our revised TP of MYR0.97 (-3%) post results housekeeping, pegged to 10x 2013 PER, which is the mid-level valuation of the aviation cycle.

曹仁超:内地增长放缓 A股短期升不起来

曹仁超:内地增长放缓 A股短期升不起来
  上周在欧债危机恶化的阴云之下,港股一路下挫,恒生指数一周跌幅高达5.1%,48只蓝筹股几乎全军覆没。值得注意的是,多位接受记者采访的分析人士均认为,短期内欧债危机难以看到好转的可能,由于资金避险回流美元,香港资金进去方便,因而港股成了"提款机",这一负面因素未来仍将打压港股。

  不过,在大跌的一周内,李嘉诚却两次增持旗下上市公司长江实业。素有"香港股神"之称的曹仁超也对记者表示,港股目前是在做调整,未来市场应该不会太差。

  "内忧外患"打压市场
  上周,香港市场表现惨淡,恒生指数一度探至18622点,创下今年1月以来的低点。5月12日,央行下调存款准备金率,这一度使得港股在5月14日高开72点。但好景不长,市场对于欧债危机的恐慌情绪迅速对冲掉这个利好消息,当天恒生指数尾盘急速跳水,跌229点,创下八连跌。

Small Caps : Unveiling The 2012 Jewels (OSK)

Small Caps
Unveiling The 2012 Jewels

OSK’s small cap corporate day yesterday was attended by over 50 fund managers and buy-side investors. Despite the uncertainty in the market which merits a more cautious investment stance, most investors were keen to explore good ideas and continue to be on the lookout for longer-term ‘winners’ in the small cap space. We see pockets of opportunities as valuations (based on our small cap universe) remained inexpensive at 7.3x FY12 EPS, a 40% discount to the broader market. There are good underlying re-rating catalysts for the small cap oil & gas, consumer and consumer-related sub-sectors. We have BUY ratings on our top picks – DAYANG (FV: RM2.34), JOHORETIN (FV: RM1.51), PRESTARIANG (FV: RM1.48) and TAKAFUL (FV: RM4.42). Our NEUTRAL call on the broader market remains with our year-end target for the FBM KLCI unchanged at 1,620.

YTL Power: Big Boost From 1Bestarinet (MIB)

YTL Power International
Buy (from Hold)
Share price: MYR1.66
Target price: MYR2.05 (unchanged)
Big Boost From 1Bestarinet

Maintain MYR2.05 TP but upgrade to BUY. YTL Power International (YTLP) reported results that were largely within expectations. That said, it was encouraging that YES is close to breaking even, likely due to the 1Bestarinet contract. YTLP attributed its cut in dividends to YES’ startup losses. Now that YES appears to be breaking even, dividends may be reinstated, we think. At current prices, YTLP is trading at close to trough valuations.

KNM Group: Showing Signs Of Recovery (MIB)

KNM Group
Hold (unchanged)
Share price: MYR0.715
Target price: MYR0.88 (unchanged)
Showing Signs Of Recovery

Maintain HOLD, TP unchanged at MYR0.88. 1Q12 surprises on the upside and was operationally positive for the 2nd consecutive quarter but the results were substantially skewed by several ones-offs and a tax credit. Overall, we have raised 2012 earnings by 40% to incorporate the tax credit. While share price has fallen by 28% YTD with the worst seemingly over for KNM, we remain cautious over its cost management abilities. KNM, in our view, needs to deliver a consistent set of quarterly results to warrant further re-rating. Our TP pegs KNM to 8x 2013 EPS.

SapuraKencana: Bags Origin Energy Job (MIB)

SapuraKencana Petroleum
Buy (unchanged)
Share price: MYR2.05
Target price: MYR2.68 (unchanged)
Bags Origin Energy Job

Maintain BUY with a MYR2.68 target price. While the earnings impact of the AUD51m EPCIC job from Origin Energy will be immaterial, the win reflects SapuraKencana’s aspiration to expand its regional footprint and capitalise on opportunities, both locally and abroad. We see SapuraKencana as a steady growth stock, asset rich and balance sheet light (low net gearing), which will aid its quest to add new assets in a highly capital intensive O&G environment. Our target price pegs SapuraKencana at 20x FY1/14 EPS. Valuations are inexpensive, considering the strong earnings growth outlook over the next three years and its balance sheet strength.

Malaysian Airline System RCPS: Our bet pays off! (Ecm)

Malaysian Airline System RCPS
6-month upside potential Target price 1.00
Current price (as at 22 May) 0.935
Capital upside (%) 7.0
Total return (%) 7.0

Our bet pays off!
In a media release yesterday on its Funding Plan Proposals, Malaysian Airline System (MAS) stated that with respect to its Redeemable Convertible Preference Shares (RCPS), it intends to fully redeem the said RCPS on its due redemption date on 30 October 2012. MAS added that it has sufficient working capital and accounting reserves to do so. Our Trading Buy on the RCPS has thus paid off. With this confirmation and with six months till redemption, the RCPS is likely to jump to 97.5 sen today, in which case one could Take Profit for a capital gain of 10% (annualized return of 58%) from the date of our Stock Idea, or Hold till redemption for a capital gain of 12% (annualized return of 18%) from the date of our Stock Idea.

曾淵滄專欄 2012 05 23:炒國策股要睇需求

炒國策股要睇需求

今年全國人大會議之後,也許總理溫家寶忙於處理薄熙來事件,忙於準備中共最高權力交接,有好一段日子不談經濟,最近總算有報道說他到湖南考察,提出要把穩增長放在更重要的位置,要及時適度微調,擴大內需,穩定外需。

實際上,穩定外需是最不容易做到的,因為外需取決於歐美國家的經濟狀況,如果歐洲步入衰退,美國經濟增長緩慢,外需不可能不受影響,因此,中國政府比較有把握調控的只是內需,內需又可分兩種,一是民間的需求,這要擴大也不很容易,要加工資,令老百姓有錢,需求、消費才會擴大,因此,擴內需最簡單有效的方法是增加政府投資。於是,市場馬上看好一眾基建股,昨日多隻基建股的股價皆有不錯的表現。

美股上涨带动亚洲股市

在中国及欧洲可能采取更多措施刺激经济的推动下,亚洲股市连续第二天上涨,海峡时报指数则是上扬1.2%,或33.59点,闭市报2823.75点。

  受隔夜美股上涨以及大宗商品市场反弹带动,亚太股市几乎是全面上扬,除了泰国下跌0.32%,其他主要股市都上涨。

  而今天将是一个忙碌的交易日,日本将公布4月份贸易数据,日本银行将宣布利率决定。欧盟今天也将召开峰会,讨论希腊的命运。

  分析师认为,如果发行欧洲共同债券倡议得到许多国家支持,那么希腊将获救,而全球投资者的信心将被重树,欧盟不会立即解体,但希腊迟早会离开欧元区。

S-CHIPS: Taking stock 1QCY12 (DMG)

S-CHIPS
Taking stock 1QCY12

After a strong start early this year, FSTC index gave up much of its gains to end down 1% YTD, underperforming STI’s +5%. Overall, 1QCY12 results remained disappointing. Among the S-Chips that we cover, six of the results came in below expectations compared to one that outperformed. Demand headwinds were more pronounced in current quarter with several S-Chips seeing slower delivery of orders – HL Asia (SELL, TP S$1.43), Leader Environmental (BUY, TP S$0.146) and Midas (NEUTRAL, TP S$0.29). Companies that registered positive earnings growth include agriculture-related counters such as China Animal Healthcare (BUY, TP S$0.28), China Fishery (BUY, TP S$1.20) and Yamada Green (BUY, TP S$0.30). The sector hovers at 0.7x PBR, or -1.4SD to its 1.4x historical mean, and could remain lacklustre, pending better clarity in 2H12.

OFFSHORE & MARINE: Spending upcycle intact (DMG)

OFFSHORE & MARINE
Spending upcycle intact

Stocks tu mbled but offshore spending outlook looks good. Rising risk of a European crisis and lower oil prices have lead to steep decline in share prices of Singapore Offshore & Marine (O&M) and Chinese shipbuilding stocks. While market conditions are somewhat cloudier compared to three months ago, we remain positive on the O&M sector as the drivers for the sector are still positive: (1) tight availability of rigs in the market due to rising demand and fleet renewal; (2) financing has improved for established clients, although not for speculators. We expect Singapore offshore rig builders to add more new orders and enhance their revenue visibility, which now extends up to 2015 and beyond. Our preferred big-cap pick is now Sembcorp Industries (SCI) given twin catalysts from offshore marine and steady earnings growth from Utilities. We also like Ezion Holdings, a mid-cap stock.

Frasers Commercial Trust: Unlocking value (CIMB)

Frasers Commercial Trust
Current S$0.93
Target S$1.14
Unlocking value

With expected full-year accretion of 15% and FY13 yields of 9%(assuming the use of KeyPoint divestment proceeds for a partial CPPU redemption), we reckon the market has yet to realise the full potential of the sale of KeyPoint.

We keep our DPUs and DDM-based target price (discount rate: 9.1%). Our estimates assume the use of KeyPoint divestment proceeds for a 50% redemption of its CPPUs and part-payment of loans. Maintain Outperform. We see re-rating catalysts from more accretive capital deployment.

Gallant Venture: Bintan land developer (CIMB)

Gallant Venture
Current S$0.28
Bintan land developer

The product of a government-led consortium between Singapore and Indonesia, Gallant was established to develop Bintan into a lifestyle resort destination in 1991. A 1,300ha resort development at Lagoi Bay has been its focus in recent years.

2010/11 was a turning point for the company, with the first recognition of Lagoi Bay land sales since construction began in 2007. While 2011 was affected by macro
uncertainties, 2012/13 may just prove to be promising.

Tiger Airways:Look forward to better results (DBSV)

Tiger Airways
BUY S$0.64
Price Target : 12-Month S$ 0.92 (Prev S$ 1.01)

Look forward to better results
• Losses continue in 4Q12 as expected; Under-utilisation of fleet key culprit amid high fuel prices
• We expect turnaround from 2Q-FY13 when operations commence at new base in Sydney, Australia
• Maintain BUY with lower TP of S$0.92

Malaysia Airlines mulls US$800m Islamic bond issue

Malaysia Airlines mulls US$800m Islamic bond issue
Posted: 22 May 2012
KUALA LUMPUR: Loss-making Malaysia Airlines on Tuesday said it plans to raise up to 2.5 billion ringgit (US$800 million) in Islamic bonds as part of an ambitious fundraising plan to fly out of financial difficulties.

In February the flag carrier said it lost 2.52 billion ringgit last year largely due to soaring fuel costs, admitting it was "in crisis".

The new funding plan comes after budget carrier AirAsia and Malaysia Airlines scraped their controversial share swap deal early this month.

This is a Sovereign Debt Crisis, Not a Banking Crisis: Pro


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