Saturday, June 2, 2012

林奇芬:當好股票遇到倒楣事

當好股票遇到倒楣事

( 2012/05/31 10:27 林奇芬 )
今年的股市就像後母的臉色一樣,變來變去。好不容易去年底歐元區債務協商完成,股市走出一波漂亮的反彈行情。而接下來歐洲各國選舉登場,紛紛換人執政,民眾反彈的聲音,又讓歐債危機雪上加霜。

希臘、西班牙危機再度升高
從4月以來,壞消息不斷,首先要面對希臘新執政黨何時誕生,以及是否支持撙節政策立場的的關鍵抉擇。此外,資金外逃、經濟衰退,讓西班牙銀行業陷入困境。近期多家西班牙銀行尋求援助,雖然政府與央行提供緊急紓困,但西班牙金融業的連鎖危機一觸即發,西班牙10年公債殖利率飆升到6.4%的恐慌高水位,西班牙股市更是持續破底。

西 班 牙 「 崩 堤 」 陷 乞 援 邊 緣

(星島日報報道)西班牙進入緊急狀況,隨時觸發新一輪歐債危機,據報西班牙銀行體系首季共流失近千億歐羅資金,單是3月份已流走逾660億歐羅,創1990年以來最快單月資金流失紀錄,市場擔心該國將步希臘、葡萄牙和愛爾蘭後塵,被逼接受歐盟和國基會援助。歐羅昨日則先跌後回升,一度跌穿1.22美元水平。

  西班牙金融形勢險惡,市傳歐央行或會入市買債,以推低西班牙意大利資金成本,令兩國債息昨日先升後回落。西班牙10年期債息曾升至6.59厘刷新紀錄,意債升見6.05厘,兩國的信貸違約掉期(CDS)也創新高;至美市早段,西債息回落至6.47厘,意債息回落至5.69厘。美、德、英、法等國的債息,昨日則分別

欧债危机提供良机 亚洲企业伺机低价收购

欧债危机提供良机 亚洲企业伺机低价收购
财经新闻财经 2012-06-02 11:53
(吉隆坡1日讯)麦格理证券表示,欧债危机给和记黄埔和云顶(Genting,3182,主板贸服股)这类现金充裕的亚洲企业带来抄底良机。

欧洲汇率疲软和股市下跌,正吸引亚洲投资者寻求收购拥有全球知名度的品牌,并获得更高价值的技术。

“希腊退出欧元区的可能性,一直悬在欧盟头顶,因此压力日增的资产所有者可能会折价出售”,麦格理分析师Emil Wolter和Aniel Mahtani在报告中指出。

麦格理将53家欧洲企业视为潜在资产出售方,其中大部分是意大利企业,包括Finmeccanica和Enel。

成功夺取广大市场份额 绿驰通讯潜质优厚

成功夺取广大市场份额 绿驰通讯潜质优厚
二零一二年六月二日

(吉隆坡2日讯)自从绿驰通讯科技有限公司(GPACKET,0082,科技组)于2008年进军宽频市场后,资讯科技是它的主要里程碑。在花费近8亿令吉的资本开支后,马来半岛的用户增长约50%至40万1000名,因此设立超过1500个基站,它终于做到之前所承诺的事情。

过去,绿驰通讯经已连续15个季度出现营运亏损,但在今季通过旗下解决方案和宽频业务的积极贡献下,而取得390万令吉的营运盈利,并将扣除利息、税项、折旧及摊销前的盈利(EBITDA)转为正数。

聯土全球吸走105億‧大馬股資金短期或轉弱

聯土全球吸走105億‧大馬股資金短期或轉弱
Created 06/02/2012 - 12:21

(吉隆坡1日訊)受萬眾矚目的聯邦土地發展局(Felda)旗下聯土全球(Felda Global Venture)終於推出上市招股書,料自資金市場吸走105億令吉,市場專家認為,儘管聯土全球瘋狂吸金,但仍在馬股游資胃納範圍內,無論如何,短期流動性多少將被削弱,交易量可能放緩。

觀察家指出,加上即將在本月11日上市的大馬氣體(Gas Malaysia),資金市場已確定有超過112億令吉資金將流向上市案,儘管不認為這數目將造成太大負擔,卻預見短期流動資金大量集中在上市案,影響其他股項的交易情緒。

在聯土全球宣佈推介招股書後,今日馬股交易溫度明顯降溫,全日交易量只有約6億5千500萬股,今年至今首次無法突破7億股,聯土全球上市對馬股的短期影響似開始浮現。

4条件与州长谈不拢 云顶纽约建赌场洽商失败

4条件与州长谈不拢 云顶纽约建赌场洽商失败
Created 06/02/2012 - 17:16

(纽约2日讯)云顶(Genting,3182,主板贸服股)在纽约皇后区建造全美最大会议中心和赌场的大计再传噩耗,纽约州长安德魯科莫宣布与云顶的洽商“失败”,决定在明年开放竞标。

修宪后再招标

云顶发言人也暗示,修宪、竞争环境与条件、税率和基建工程,是双方谈不拢的原因。

安德鲁科莫在前州长帕特森的WOR电台节目时透露:“我们已展开了数周的谈话,但却失败了。”

财经追击 2012 pisode 6--20.05.2012 (Sell in May & Go Away?)



全球經濟出現同步放緩跡象

全球經濟出現同步放緩跡象

( 2012/05/29 16:25 華爾街日報
全球放緩的新跡象在遮蔽經濟前景的光芒。
週四﹐歐洲企業信心指數下滑﹐全球製造業採購經理反映的情況同樣走低。其中﹐世界第二大經濟體中國一項反映製造業活動的重要指數呈連續第七個月下降。來自美國的報告顯示企業在放緩訂購電腦、飛機、金屬製品和其他耐用品。

這些最新報告在經濟學家和決策者當中引發了新的擔憂:全球經濟活動都在同步放緩﹐而不只是少數幾個市場存在孤立的問題。歐洲是目前全球經濟憂慮情緒的震中﹐它面臨著希臘退出歐元區的風險﹐以及更廣泛的財政問題。但印度、南非、巴西和其他地方也在反映經濟遭遇麻煩。

17% of Singapore households are millionaires

The Straits Times
Jun 2, 2012
Invest
17% of Singapore households are millionaires

By Melissa Tan

SINGAPORE leads the world in terms of the proportion of households classed as millionaires after the ranks of the wealthy swelled again last year.

A new study has found that the number of households with investable assets of US$1 million (S$1.26 million) or more rose 14 per cent to 188,000 last year. That means 17.1 per cent of households - or one in six - are millionaires.

The findings come from management consultancy Boston Consulting Group (BCG) in its Global Wealth Report 2012, which does not include property and other non-financial assets.

比亚迪电动车起火事件调查:市值一度蒸发60亿



比亚迪电动车起火事件调查:市值一度蒸发60亿
2012-06-02 11:07:57 来源: 经济观察报

5月31日,比亚迪纯电动e6被撞起火事故发生5天后,来自科技部的专家受深圳市有关部门邀请,开始对起火原因进行深入调查。就在这短短的5天里,凭借电动车而闻名海外的比亚迪遇到了巨大的信任危机,市值一度蒸发60亿元。

5月26日凌晨,一台比亚迪纯电动e6出租车被后面高速行驶的跑车撞击后起火,车上司乘3人全部遇难。电动车,再加上肇事方集名车、醉驾、美女、“顶包”等诸多引发公众眼球的因素,让这起事故掀起了轩然大波。

終止PlaneConsult‧馬航全面檢討主要供應商

終止PlaneConsult‧馬航全面檢討主要供應商
Created 06/02/2012 - 12:53

(吉隆坡1日訊)馬航(MAS,3786,主板貿服組正在檢討主要供應商的合約,以及將取消Plane Consult公司的顧問服務,以便削減成本。

英文財經日報引述不具名馬航高層指出,配合其5億令吉的整體削減成本計劃,馬航全面檢討主要供應商的服務。

該名馬航的高級執行人員透露,除了終止數家供應商的合約之外,馬航也開始檢討其營運,之前外包的業務改由內部員工接手。

胡立阳: 股价突破后能涨1.2倍 120529

解码财商 - 股价突破后能涨1.2倍 120529


Haunted By The Same Ghost; Can The January Rally Be Prepared This Time?

25 MAY 2012
Haunted By The Same Ghost; Can The January Rally Be Prepared This Time?
By Gabriel Gan

When history keeps repeating itself within a span of two years, we cannot help but be reminded of the “cry wolf” story. It has become quite a sick thing to wake up in the morning and be faced with headlines concerning Greece.

A small country with a population of 11.3 million as 2010, roughly twice the population of Singapore, Greece has a rich culture and history that attracted many tourists. Greece has a gross domestic product of US$301.1 billion compared to Singapore’s gross domestic product of US$208.77 billion in 2010. According to a report by the International Monetary Fund on a per capita basis in 2011, Singapore is ranked third in the world while Greece is ranked at 36.

Nam Cheong Reports 81% Rise In 1Q12 Earnings

25 MAY 2012
Nam Cheong Reports 81% Rise In 1Q12 Earnings
By Louis Lee

Nam Cheong, a Malaysian-based shipbuilding company engaged in the construction and supply of Offshore Supply Vessels (OSVs) used in the offshore exploration and production and oil service industries has reported its 1Q12 results, reflecting an 81 percent surge in earnings on the back of the 145 percent jump in revenue.

Notably, its shipbuilding segment delivered the elevated push in its overall revenue as it saw an increase of 156 percent in revenue contributions. It was revealed further during Nam Cheong’s media brief that the material increase in its shipbuilding revenue was poured in by a new revenue stream, Platform Supply Vessels (PSVs). The sale of PSVs in 2011 made up about 51 percent of Nam Cheong’s entire shipbuilding revenue pie.

Technical Outlook (Yangzijiang, Olam, STI)

25 MAY 2012
Technical Outlook (Yangzijiang, Olam, STI)
Yangzijiang
Looking at the last five candlesticks, it indicates to us that the downside momentum of this stock is increasing. Based on this momentum and the moving averages (MAs), the stock may test the $0.85 support in the longer term. However, the stock is currently very oversold, as indicated by its commodity channel index (CCI(5)), below -100. In the short run, the stock may retrace higher, this may not be a buying opportunity but rather an opportunity to sell into strength. The CCI may reach 0 or above 100 before turning down, and this will give us a better opportunity to sell (short). If Yangzijiang Shipbuilding Holdings (Yangzijiang) does not hold at $0.85, the next support will be at $0.35.

Fibonacci Retracement – Waiting For The Right Moment (Part I)

25 MAY 2012
Fibonacci Retracement – Waiting For The Right Moment (Part I)

By ChartNexus

The Straits Times Index (STI) encountered a major sell-down in early May 2012 which pushed stocks to their multi-month lows. In the financial markets, many people are looking for big rewards and are thinking that they could make a killing by buying stocks at their perceived low price. However, largely unknown to beginners, the lack of a comprehensive trading strategy or technical knowledge in analysing the behaviour of the stock market is leaving them exposed to a high level of risk. On the other hand, most experienced traders understand the behaviour of the stock market well and would know how to anticipate price movements in any given time frame. For example, some stocks would form chart bottom formations before resuming their uptrends while some stocks with stronger bullish sentiments would resume their uptrends ferociously. Either way, experienced traders would know how to identify when is the best time to take up positions where the level of risk is lower. Therefore, it is crucial for beginners to learn some form of technical analysis so as to time their trades better. No one likes to buy high and sell low, but not many know how to buy low and sell high. This first half of a two-part article will introduce an effective tool that will help identify the chart bottoms and the best time to enter the stock market. The name of this well-known tool is the Fibonacci Retracement. We will also be discussing how Fibonacci Retracement can be used to manage and minimise risk in the stock market.

Stocks Suffer Biggest Drop of 2012


巴菲特何时卖出股票

巴菲特何时卖出股票
2012年05月29日 08:30
来源:每日新报

巴菲特无疑是资本市场最有名的投资者之一,因其信奉长期投资、价值投资理念被很多人所学习和模仿,但巴菲特就不卖股票了吗?

其实巴菲特也曾经卖出几只自己事后认为判断失误的公司股票,而不是像大多数投资者那样,因为大市不好卖出那些具有较高投资价值的股票。

在市场大幅波动、尤其是在忍受不了股票大幅下跌所带来的损失之际,问过自己为什么要卖出这只股票吗?

Global data raise fear of downturn

June 1, 2012 10:19 pm
Global data raise fear of downturn
By Richard Milne in Oslo, Michael Mackenzie in New York and Robin Harding in Washington
High quality global journalism requires investment.

A dismal US jobs report and weak economic data from Brazil, China and the UK exacerbated fears of a sharp global slowdown on Friday, as markets ended a historic week with borrowing costs for haven nations plunging to new all-time lows.

ISAAC CHIN: My Pleasant Trip To Economically-Depressed Spain

ISAAC CHIN: My Pleasant Trip To Economically-Depressed Spain

Written by Leong Chan Teik
Saturday, 02 June 2012 08:10
For the past decade, Isaac Chin has been a full-time investor after a career as a chartered accountant. “I didn't have an inspiring career as an accountant. Nothing great came out of it. If I have to work hard for a salary and put up with a lot of stress, I might as well work for myself - and earn more,” he said.Now aged 63, he has reaped handsome profits from investing in property, equities and bonds.

He travels regularly -- and his latest visit was to Spain. The country is, as we all know, part of the cause of the euro crisis and the people are taking big hits from austerity measures. Here we ask Isaac for his insights into the daily life he encountered there.

Biosensors: Q4 Full Year FY12 Financial Results Briefing





Source/Extract/Excerpts/来源/转贴/摘录: http://www.listedcompany.com/
Publish date: 28/05/12

曹仁超:一念富贵 一念闭翳

曹仁超:一念富贵 一念闭翳

www.eastvalue.cn 更新时间:2012-6-1 11:32:14 新闻来源:

6月17日希腊大选后,新政府将决定未来希腊的命运。如希腊退出欧罗体系,欧罗区将蒙受5000亿欧罗亏损,西班牙、葡萄牙、爱尔兰甚至意大利的银行已面对资金大量流失,存款户进一步将资金转存到其他银行(上周已有10亿欧罗由西班牙Bankia银行流失,该银行5月份已国有化),冲击十分大,但可以承受。

希腊流动存款只有1700亿欧罗,对整个欧罗区影响很微,但西班牙及意大利等却有3万亿欧罗,如引发信心危机颇麻烦。到时欧洲央行会否一如联储局一样提出「存款安全保证」?希腊脱离欧罗区后,新政府所发的新钞票有没有人相信?

Olam International: A sweet acquisition (CIMB)

Olam International
Current S$1.70
Target S$2.61
A sweet acquisition

Olam is investing US$240m in a sugar mill in Brazil by acquiring the assets of Usina Açucareir a Passos (UAP)for US$129m and spending an additional US$111m in capex over the next five years to improve its capacity and efficiency.

We are keeping our EPS intact as we expect earnings accretion from this investment to be insignificant at less than 2% of EBITDA. Also unchanged is our target price, based on 15x CY13 P/E (GFC mean). Maintain Outperform, with mid-term earnings growth a re-rating catalyst.

Genting Malaysia: Can we have an univocal outlook, please?

Q1 revenue down 2.6%, net profit slumps 35.2%

[31/5/2012] – Genting Malaysia maintains its cautious stance on the outlook for the hospitality and leisure industry, world-wide.

In other words, we know that the company is cautious in deciding the outlook but we still don’t know what it is budgeting!

The company says it will focus on ‘yield management strategies’ to grow its business in Malaysia, without explaining what this means.

曾渊沧:A股获中央扶持 前景乐观利好港股

今年的五月份,港股急速下跌,跌幅相当惊人,恒指下跌了12%。同一时期,上海综合指数下跌了1%,同一只股票,A股的表现远比H股强。

港股中包含大量H股,但表现如此之差,很明显是受到大量的期货交易所影响,衍生工具放大了股市波幅。

上周末,发改委一口气批准了大量积压许久的大型项目,许多人感到非常兴奋。传媒再将之夸大,于是出现了“二万亿”基建的乐观期望。但是,很快发改委就出来澄清没有“二万亿”基建规划。看来“二万亿”基建的确只是投资者饿昏了之后的幻觉。上周末发改委急速批准多个大型项目,只是因为这些项目积压了太久。这些项目并非新的规划、新的项目,而是规划多时但被发改委拖着不批以压抑通胀。如今通胀率下降了,但经济下行的压力也出现了。近日,总理温家宝、副总理李克强皆公开表示中国正面对经济下滑危机,应该加快投资,扩大内需保持经济动力,保住增长。

巴克莱:友邦现入市良机 升至买入评级


巴克莱:友邦现入市良机 升至买入评级
http://www.sina.com.cn 2012年06月01日

新浪财经讯 6月01日消息,巴克莱发表报告,相信友邦股价近期出现调整后,已为投资者提供入市良机,将其目标价由32元上调至32.6元,对应1年新业务价值4倍、内涵价值1.2倍;将其评级由“持有”上调至“增持”。

Your 10 questions by Mark Mobius

The Star Online > Business
Saturday June 2, 2012
Your 10 questions by Mark Mobius

Mark Mobius
Templeton Emerging Markets Group executive chairman answers....

After having made so much money doing the work you love which means you are having fun most of the time and not really working at all what is your idea of happiness? Linsay Koh, PJ

Who says one can't work and be happy at the same time? Yes, I enjoy my work, and therefore, am happy most of the time since I am working most of the time. Our work involves constant learning and I have a very active curiosity so it is quite enjoyable. Of course, there is stress because we want to make money for our clients and that is not easy since no one can predict how prices are going to move from one moment to the next. I'm someone who enjoys his work and receives great satisfaction and happiness from helping my investors make money in emerging markets.

Greater KL initiatives a good opportunity for city to become a well-planned one

The Star Online > Business
angie@thestar.com.my"/> Saturday June 2, 2012
Greater KL initiatives a good opportunity for city to become a well-planned one

LIVING MATTERS
By ANGIE NG
angie@thestar.com.my

KLANG Valley folks must be keeping their fingers crossed, hoping they will be able to inherit a better planned and user-friendly city when the Greater Kuala Lumpur (GKL) initiatives materialise.

If we look closer, Kuala Lumpur is just a sub-set of the Klang Valley and the GKL actually involves quite a number of local authorities as well as municipal and city councils. To be precise, the 279,327ha covers districts under 10 municipalities namely Kuala Lumpur, Putrajaya, Selayang, Ampang Jaya, Petaling Jaya, Subang Jaya, Shah Alam, Klang, Kajang and Sepang.

To ensure this Economic Transformation Programme project becomes a reality, all the local authorities should join forces to achieve a common mission that has the potential to fast-track the GKL to join the ranks of the global liveable cities league.

No solution in sight for Europe crisis

The Star Online > Business
Saturday June 2, 2012
No solution in sight for Europe crisis

By CECILIA KOK
cecilia_kok@thestar.com.my

PRO-BAILOUT parties will probably win in the upcoming Greek election, and that means Greece will more than likely remain in the eurozone.

And in the days to come, Germany and France - which are currently at loggerheads over how to solve the eurozone's three-year-old debt problems - would probably meet in the middle and come up with a more palatable solution to the crisis.

YTL set to be major dividend player

The Star Online > Business
Saturday June 2, 2012
YTL set to be major dividend player

By YVONNE TAN
yvonne@thestar.com.my

YTL Corp Bhd is positioning itself to become a major dividend player following changes in the diversified group's structure.

“The structure has changed, we've privatised YTL Cement, that's been successful as the parent company, YTL Corp should pay the most in dividends from now on,” managing director Tan Sri Francis Yeoh Sock Ping tells StarBizWeek in an interview.

MAS is set to announce new business plan

The Star Online > Business
Saturday June 2, 2012
MAS is set to announce new business plan

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

CHANGES are afoot at Malaysia Airlines (MAS) with Dr Hugh Dunleavy being appointed the airline's commercial director effective yesterday after acting commercial director Shane Nollan left at the end of May when his contract was up.

The position is important for MAS as it requires the planning of routes to chart the airline's path back to profitability.

Fernandes: AirAsia India possible if the country amends policy

The Star Online > Business
Saturday June 2, 2012
Fernandes: AirAsia India possible if the country amends policy

KUALA LUMPUR: AirAsia Bhd is mulling over the possibility of entering India as the government there is considering allowing foreign airlines to acquire stakes in ailing Indian carriers.

AirAsia chief executive officer Tan Sri Tony Fernandes said that AirAsia would explore opportunities in India if the country's aviation policy was amended.

CitySpring Infrastructure Trust: Old issues remain (KE)

CitySpring Infrastructure Trust: Old issues remain
Share price SGD0.375
52 week px range SGD0.31-0.53

Background: Listed in 2007, CitySpring Infrastructure Trust is Singapore’s first infrastructure trust that invests in Infrastructure assets. The Trust, through its subsidiaries, produces and retails town gas (City Gas) as well as supplies desalinated water to PUB (SingSpring), transmit electricity (Basslink), and in its capacity as trustee-manager (CityNet) of Netlink Trust, manages telecoms assets. In FY12, City Gas made up 73.7% of total revenue, followed by Basslink with 18% and the balance from SingSpring and CityNet. Key costs consist primarily of fuel, transportation, depreciation and finance expense, making up 87.5% of FY12 revenue.

Maybulk to expand fleet despite weak market

Maybulk to expand fleet despite weak market
In The Edge Financial Daily Today 2012
Written by Janice Melissa Thean
Friday, 01 June 2012 14:56

KUALA LUMPUR: Malaysian Bulk Carriers Bhd (Maybulk) will use the opportunity of weak markets to invest in well-priced vessels.

“We anticipated this downturn when we started selling our ships at very good prices in the past. Of course, as markets retreat this is now a golden opportunity for us to start rebuilding our fleet again,” said CEO Kuok Khoon Kuan after the group’s AGM yesterday.

Saizen REIT: EXPIRY OF WARRANTS




EXPIRY OF WARRANTS
The Board of Directors of Japan Residential Assets Manager Limited, the manager (the
“Manager”) of Saizen Real Estate Investment Trust (“Saizen REIT”), wishes to announce
that the rights to subscribe for new units in Saizen REIT attached to the warrants of Saizen REIT (the “Warrants”) have expired at 5.00 p.m. on 1 June 2012, in accordance with stipulated terms and conditions. Any subscription rights which have not been exercised have lapsed, and the Warrants are now invalid.

BERLIAN LAJU TANKER – RESTRUCTURING ON TRACK

BERLIAN LAJU TANKER – RESTRUCTURING ON TRACK
FTI Consulting recently stepped down as advisor to Indonesia tanker owner Berlian Laju Tanker (BLT) in their restructuring. The resignation was amicable and, as a result of the good relationship, the company has agreed to their working with the major banks, something that would not have been possible but for the excellent relationship. There have however recently been a small number of inaccurate reports regarding this. The resignation of FTI Consulting was made by mutual consent of FTI and BLT and was not made in protest as had been inferred in some published reports. FTI’s Managing Director in Singapore, Mark Chadwick states “we did not resign due to concerns over trust, and applaud BLT’s restructuring efforts so far which are progressing well. This is a large group with a vast array of financial creditors and BLT have adopted a prudent approach of stabilising the business and are developing a restructuring plan that considers the needs of all stakeholders. We are in ongoing discussions with the bank lenders and hope to remain active in the restructuring in some capacity. The recent reports are extremely disappointing as they are not only grossly inaccurate of the true circumstances, but refer to quotes that were never made by FTI.”

股市平静中下滑

由于美国即将发布备受瞩目的5月份就业报告,本地股市昨日在平静交易中下滑1%到2750点支持大关以下的水平。

  辉立证券研究认为,随着中国越来越倾向振兴经济配套,美国因经济放缓而越来越可能推出第三轮量化宽松货币政策,另外一轮的短期股市涨潮将出现。

  海峡时报指数报2745.71点,跌26.83点,全日在2737.99点至2761.08点之间起落。全日股价跌多升少,上升股126只,下跌股218只,而没有变动的有434只。全场总成交量计11亿零298万股,总值8亿5316万元。

Slowdown boosts stimulus chances

Slowdown boosts stimulus chances
Odds increasing Beijing will act as manufacturing figures continue to retreat
04:45 AM Jun 02, 2012
BEIJING - China led a slowdown in manufacturing across Asia that adds to risks for the global economy, increasing the odds the government will boost stimulus to counter a deceleration in the world's second-largest economy.

The official purchasing managers' index (PMI) - covering China's biggest, mainly state-backed firms - fell to its weakest reading this year at 50.4 last month from 53.3 in April, China's statistics bureau and logistics federation said yesterday.

DBS may walk away from Danamon deal: CIMB

AMP Cap: RM9b funding a vote of confidence in MAS

AMP Cap: RM9b funding a vote of confidence in MAS
2012/06/02

SINGAPORE: Financial industry observers say no financial institution would give funding to Malaysian Airline System Bhd (Malaysia Airlines) if they were not confident of the airline's future.

Malaysia Airlines' RM9 billion funding plan recently announced is seen as a vote of confidence in the airline's future.

Analysts place FGV fair value at RM5.50-RM6

Analysts place FGV fair value at RM5.50-RM6
By AHMAD FARIZAL HAJAT
bt@nstp.com.my
2012/06/02

KUALA LUMPUR: Several analysts place the fair value of Felda Global Ventures Holdings Bhd (FGV) about 20 to 30 per cent above its initial public offering (IPO) price of RM4.55 a share.
The analysts contacted quoted fair value of between RM5.50 and RM6.00. The targeted date of listing of the FGV shares on the Main Market of Bursa Malaysia is June 28.

Head of Retail Research Affin Investment Bank Dr Nazri Khan, when contacted yesterday, projected the fair value of FGV shares at RM5.50 a share based on the price earnings ratio of 18 times for the current financial year.

外圍吹淡風 滙豐美低見60

外圍吹淡風 滙豐美低見60
觀望內地出招成效 基金寧持現金
內地經濟數據差,昨一度刺激投資界憧憬「放水」救市,推動恒指上升;惟外圍風險籠罩,投資者仍抱安全至上態度未有追貨,恒生指數昨表現反覆,跌71點到18558點收市。

港股连跌四周 后市续寻底

港股连跌四周 后市续寻底
http://paper.wenweipo.com [2012-06-02]

■港股昨日6月份的首个交易日,反覆跌71点,成交546亿元。中通社
 香港文汇报讯(记者 卓建安)港股「五穷月」大跌2,464点,昨日6月份的首个交易日,虽然恒指一度反弹近100点,但后劲不继,收市仍跌71点至18,558点,跌幅为0.38%。值得一提的是昨日港股沽空比例收窄至仅10.4%,显示淡友有所收敛,不过恒指两大重磅股控(0005)和中移动(0941)的沽空比率均较高。总结本周,恒指跌155点,为第四周下跌。

PMI再跌 內地隨時減息

PMI再跌 內地隨時減息
2012年6月2日
【明報專訊】內地經濟放緩情每下愈,官方昨日公布5月份的製造業採購經理指數(PMI)只有50.4,比4月回落2.9個百分點,低於預期的51.5,亦結束了連續5個月的升勢;而同日公布,以中小企為主的匯豐PMI終值亦只有48.4,較初值低0.3個百分點,亦低於4月的49.3,更是連續7個月低於50的衰退區域。兩個數據均反映內地製造業整體仍然疲弱。

新單與材料庫存均急跌

但內地A股未有受PMI數據失望所影響,滬深兩市分別微升0.05%及0.04%;港股方面,PMI公布後曾一度低開後回升,最後收市跌71點,收報18558點,跌幅0.4%。

《信报》:五月山穷水尽六月柳暗花明

《信报》:五月山穷水尽六月柳暗花明
2012年 6月 1日 星期五

6月1日社评)

5月第一个交易日,恒指高开见21,385点後即持续下挫,连跌4周,昨日最低见18,378点,最後收报18,629点,全月跌2,465点,为过去14年来5月最大的跌幅,应验了5月沽货离场的传统智慧.

今年5月,欧洲政坛风云色变,希腊、法国政权易手,反紧缩的意识形态和政治势力抬头,为欧债危机增添变数;尤其是希腊组阁不成,希腊脱离欧罗区高唱入云,希债无序违约的阴影已导致欧洲银行出现变相挤提危机.西班牙首当其冲,银行系统一旦崩溃,冲击势必席卷全球.港股向来是国际金融机构的"提款机",跌幅尤甚,自不待言.

中国经济面临下行压力 政策刺激应收放有度

中国经济面临下行压力 政策刺激应收放有度
2012年 6月 1日 星期五

* 5月官方PMI猛降至年内新低,汇丰PMI逊於初值

* 二季度经济仍处於下行寻底阶段

* 扩大内需有利於今年稳增长,但不会出现V型反转

* 政策刺激应收放有度,避免调结构前功尽弃

作者 李文科

路透北京6月1日电---中国5月官方和汇丰制造业PMI双双回落,印证经济4月骤冷的局面尚无改观.随着近期稳增长政策渐渐奏效,以及欧债危机等外部风险因素的发酵,中国在宏观政策刺激力度和方式上将面临考验.

JPMorgan "Whale's" Big Risks


How Big Is the Stock Market Sell-Off?


Sell in May: Dow Wipes Out 2012 Gains


Is QE3 Back In Play?


Commodities Will Underperform Long-Term: CEO


《創富激發點》李韻儀:歐洲政局成六月焦點


More Stimulus Needed to Prop Up China's Economy: Pro


信號導航」- 內銀股前景有隱憂 預期表現遜大市


Friday, June 1, 2012

S$9.1b-DBSDanamon-deal-may-fall-through-analysts

"Sell in May" Means Investors Running From Risk


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



How Deep a Recession for Malaysia?


Felda Global retail price set at RM4.55 per share

Felda Global retail price set at RM4.55 per share
In The Edge Financial Daily Today 2012
Written by Chong Jin Hun
Friday, 01 June 2012 14:58

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGVHH), which is expected to raise RM10.5 billion based on the indicative retail offer price of RM4.55 per share, launched its IPO prospectus yesterday.

FGVH, which is offering up to 2.2 billion shares in its listing exercise, will make its debut on Bursa Malaysia on June 28.

Octagon’s revamp may cost KNM sizeable job

Octagon’s revamp may cost KNM sizeable job
In The Edge Financial Daily Today 2012
Written by Chong Jin Hun
Friday, 01 June 2012 14:46

KUALA LUMPUR: KNM Group Bhd’s proposed US$222 million (RM706 million) waste-to-energy projects in Sri Lanka awarded by Octagon Consolidated Bhd may encounter obstacles as the latter undergoes a restructuring under Section 176, announced two weeks ago.

This is in anticipation that Octagon will not have adequate funds to finance its projects in Sri Lanka as the company restructures its debt, said analysts. The impact could be substantial for KNM as the RM706 million job accounts for about 20% of the process equipment manufacturer’s RM3.2 billion order book, added the analysts..

Muhibbah Engineering: 1Q12 results within expectations

Muhibbah Engineering
Price Target : 1.97
Last Price : 1.18


Period 1Q12

Actual vs. Expectations
Within ours and the consensus expectations.

The 1Q12 net profit of RM16.3m made up 22% of ours and the consensus' forecasts of RM74.2m and RM74.6m, respectively.

Sealink sails through choppy waters

Sealink sails through choppy waters
In The Edge Financial Daily Today 2012
Written by Insider Asia
Friday, 01 June 2012 14:28

Sealink International Bhd (37 sen) is sailing through some choppy waters, but is hopeful that operating conditions will take a turn for the better next year.

The company is a vertically integrated provider of offshore marine support vessel services based in Sarawak. It owns two shipyards and operates a fleet of 38 vessels for charter to local and foreign oil majors that includes anchor handling tugs, anchor handling tug and supply vessels, landing craft, multi-purpose vessels, tugboats and barges.

Shin Yang sees 17% jump in Q3 profit

Kuala Lumpur: Shin Yang Shipping Corporation saw its third quarter net profit rise 17% due to a big jump in revenue.

The Malaysia-based shipping firm posted third quarter net profit of MYR13.89m ($4.37m), up from MYR11.87m in the same period of 2011.

Revenue registered a significant jump of 43.5% year-on-year to MYR180.43m, the Kuala Lumpur-listed company announced.

MAS reviews vendor contracts to slash costs

MAS reviews vendor contracts to slash costs
In The Edge Financial Daily Today 2012
Written by Isabelle Francis & Janice Melissa Thean
Friday, 01 June 2012 15:07

PETALING JAYA: Malaysian Airline System Bhd (MAS) is reviewing contracts with its major vendors and will drop the services of consultancy company PlaneConsult in coming months as part of an overall plan to reduce costs by as much as RM500 million, senior company executives said.

Apart from of discontinuing the services of several vendors, senior MAS executives said the airline has also begun a review of its operations to have its own employees take on activities that were previously outsourced.

战股隆隆:逆向投资策略●君厚

战股隆隆:逆向投资策略●君厚
Created 06/01/2012 - 12:15

Contrarian Investment Strategy,逆向投资策略也可称为逆市投资策略,顾名思义就是和大市持相反投资策略。

不久前,在欧美某个财经频道述说一侧关于逆向投资(Contrarian)的新闻,该报道就说因为大多数的投资者和媒体都看不好股市近期发展,也许这就是一个逆向投资的讯号。

在股市能赚钱者通常就只有少数人,而敢逆大市做出大胆投资的人往往就是那少数里的少数赢家。

市场上不乏持有大量现金而等待入市的投资者,但有时候因为受到媒体或身边人的影响,心生胆怯而错失了投资机会。

政府癱瘓‧經濟差‧盧比狂貶‧印度步希臘後塵?

政府癱瘓‧經濟差‧盧比狂貶‧印度步希臘後塵?
Created 06/01/2012 - 17:42

印度第一季經濟成長創9年以來新低,盧比匯率重挫,經常賬逆差激增,通膨上升,工業生產萎縮。企業界指出,經濟正遭遇全面性危機,媒體更警告印度可能會走向“希臘式”的危機。危機的根源卻在於政府運作的癱瘓與失能。

由於不滿汽油價格飆漲,反對黨與工會5月31日發動全國大罷工,商店歇業,公共運輸受阻,首都新德里與商業中心孟買更出現示威遊行。

6月開盤出師不利‧馬股5月市值蒸發125億

6月開盤出師不利‧馬股5月市值蒸發125億
Created 06/01/2012 - 17:44

(吉隆坡1日訊)馬股今年應驗了“5月賣股”的市場“咒語”,5月份市值蒸發了125億2千萬令吉。分析員認為,進入傳統“六絕”的6月,料是馬股另一個深具挑戰月份。

馬股6月開盤出師不利,歐債危機衝擊擴大,馬股無奈隨亞洲同儕一起“淪陷”,全天滑落7.08點或0.45%,以1573.59點結束本月首日交易。

今年4月30日為止,馬股市值為1萬3千327億5千萬令吉(1.33275兆令吉),至昨日(5月31日)為止總市值則跌至1萬3千202億3千萬令吉(1.32023兆令吉),前後在一個月里蒸發了125億2千萬令吉,或是近0.94%。

專家列6大理由‧西班牙或先脫歐元區

專家列6大理由‧西班牙或先脫歐元區
Created 06/01/2012 - 17:45

(西班牙‧巴塞羅納1日訊)歹戲拖棚的希臘債務危機已經令人生厭,西班牙問題迅速浮上台面後,讓國際媒體有更大、更震撼的新炒作焦點。專家指出,早已受夠撙節、規模大到扶不起的西班牙,很可能是第一個退出歐元的國家。

西班牙中行總裁歐多尼斯29日突然宣佈,他將在任期屆滿之前一個月,提前在6月10日卸任,讓繼任者有更充裕時間掌握狀況,設法化解西班牙銀行業的危機。

中行總裁提前閃人掀巨浪

中行總裁提前閃人的消息,立刻在已經危機四伏的西班牙金融市場掀起巨浪。全球股市因擔憂西班牙經濟崩盤而普遍下挫,歐元匯價跌到1.2439美元,是2010年7月12日以來僅見的低谷。

格罗斯:主权债券质量降 全球货币系统有威胁

格罗斯:主权债券质量降 全球货币系统有威胁
财经天下 2012-06-01 17:23
(纽约1日讯)太平洋投资管理公司(Pimco)的格罗斯说,主权债券质量下降对全球货币系统构成威胁。

格罗斯在他的每月投资展望中写道,投资者应该买进美国、墨西哥和巴西等国家的债券,未来几年重点关注中期债券。

他说,股票投资者应该寻找能够创造稳定现金流、在高增长市场拥有风险敞口的公司。

格罗斯管理着全球最大的债券基金。

'MAS gives investors steady returns'

'MAS gives investors steady returns'
2012/06/01

Financial industry observers say no financial institution would give funding to Malaysian Airline System Bhd (Malaysia Airlines) if they were not confident of the airline's future.

Malaysia Airlines' RM9 billion funding plan the airline recently announced is seen as a vote of confidence in the airline's future.

High-end channel checks (CIMB)

High-end channel checks
Our recent checks with developers and property agents suggest shrinking expectations for high-end properties. The introduction of ABSD has hit the segment hard. We believe further price reductions will be needed to stimulate a recovery.

Indeed, units in certain projects in high-end districts have recently crossed hands at 15-20% lower than a year ago. We remain Neutral on residential developers, with CapLand and GLP staying as Outperform and CityDev an Underperform. ”

Biosensors International: Attractive value (DBSV)

Biosensors International Group
BUY S$1.285
Price Target : 12-Month S$ 1.57 (Prev S$ 1.68)
Attractive value

• FY12 revenue and earnings were in line with expectations
• Trim FY13-14F core earnings by 6-7% on expectations of slower rate growth in Terumo licensing revenue
• Valuations still attractive at 12x core FY13F PE
• Maintain Buy for 22% upside to S$1.57 TP

Malaysian Bulk Carriers: Bottom of the hill (CIMB)

Malaysian Bulk Carriers
Current RM1.62
Target RM1.63
Bottom of the hill

Maybulk’s 1Q core net profit is broadly in line with our forecast even though it came in at 19% of our full-year forecast (13% of consensus). We think that earnings have reached a trough and should turn north due to improved freight rates, more hire days and lower bunker cost.

Hence, we are upgrading our call from Underperform to Neutral. We think share price is cheap relative to Maybulk’s assets and already reflect the poor earnings outlook. Our target price is based on a 20% discount to SOP. However, we trim our EPS forecasts and target price slightly for lower freight rates.

Muhibbah Engineering: Missing the boat again (CIMB)

Muhibbah Engineering
Current RM1.21
Target RM1.50
Missing the boat again

Weakness in infrastructure and shipyard earnings is the main takeaway from Muhibbah’s 1Q12 results. At 6% short of our forecast and 13% below consensus numbers when annualised, 1Q earnings missed expectations. APH resolution is key to a recovery in sentiment.

Scaled-back infrastructure and shipyard numbers drive the cuts in EPS. Our target price, which remains based on 40% RNAV discount, also falls even though we apply a higher target market P/E of 13x (12.6x prev) to the construction and shipyard earnings. The stock remains a Trading Buy and not an outperform due to the election overhang.

Singapore Press Holdings: Strong Pick-up In Display Ads Offset By Fewer Recruitment Ads (UOBKH)

Singapore Press Holdings
Share Price S$3.78
Target Price S$4.60
Upside +21.7%

Strong Pick-up In Display Ads Offset By Fewer Recruitment Ads
What’s New
• Better showing in display ads due to property and fashion segments. Our monthly page monitor of The Straits Times shows a strong pick-up trend in display ads, which registered a growth of 17%, 6% and 14% in March, April and June respectively. In a recent meeting with Singapore Press Holdings (SPH), management attributed the strong pick-up to property- and fashion-related ads. We have been highlighting that the current residential property woes have turned out to be a blessing for SPH as property developers stepped up advertising to overcome sluggish sales.

China Minzhong : Earnings Hit By Higher Costs And Lower Efficiencies From New Plant (UOBKH)

China Minzhong Food (MINZ SP)
Price/Target S$0.580/S$0.86
Earnings Hit By Higher Costs And Lower Efficiencies From New Plant

Investment Highlights
• Maintain BUY with a lower target price of S$0.86, based on 3.4x 2012F PE, pegged to Singapore-listed peers’ average.

MIIF: Toll rate cut overhang removed (DBSV)

MIIF
BUY S$0.55
Price Target : 12-Month S$ 0.62 (Prev S$ 0.64)
Toll rate cut overhang removed

Cut in toll rates at HNE, as expected. MIIF today announced that the local regulator will be standardising toll rates and toll multipliers on all highways in Guangdong Province – including MIIF’s 81%-owned Hua Nan Expressway (HNE) – from June 2012. As a result, toll rates on HNE Phase I will be reduced by 20% from Rmb0.75/km to Rmb0.60/km. The toll rates for HNE Phase II are unaffected as it currently already charges Rmb0.60/km. This is a widely anticipated move and was the key risk to MIIF’s earnings that we have highlighted earlier. The regulator also requires a change in the methodology used to calculate the length of slip roads (roads allowing access to HNE), which effectively reduces toll-able distances and will affect both Phase I and II. There is no change to toll multipliers for HNE.

Genting Malaysia: Dragged by lower luck factor at RWG (AM)

GENTING MALAYSIA
Price RM3.84
Fair Value RM4.30
52-week High/Low RM4.12/RM3.01
Dragged by lower luck factor at RWG

• Maintain BUY on Genting Malaysia Bhd (GenM), with an unchanged RNAV-based fair value of RM4.30/share. Rolling forward the base year for our RNAV calculation, our fair value of RM4.30/share would imply a PE of 13.5x on FY13F’s casino earnings in Malaysia.

• GenM’s results were below consensus estimates and our expectations due to: - (1) lower luck factor in the VIP segment at “Resorts World Genting”; (2) cost overrun of RM48mil at “Resorts World New York” (RWNY); and (3) bad debts and a normalised win percentage at the casinos in Britain. To account for these, we have adjusted downwards GenM’s FY12F earnings by 13.7%.

曾淵滄專欄 2012 06 01: 港股要靠 A股打救

港股要靠 A股打救
近日傳出發改委加快批准大量基建項目的消息,令市場競相傳出「二萬億基建」消息。實際上,那些所謂加快批准的基建項目,並非新項目,而是早前已提交中央、但被壓着不批的舊項目。過去一年,為了加強打壓通脹,發改委叫停大批基建項目,直到現在才一口氣發下批文。

想必中央也知道,市場早已快餓瘋了,若再繼續暫緩這些早已規劃好的項目,相信很多與基建有關的企業會倒閉。很多此類企業的存在、擴產,都是為了那批已規劃好,但遲遲沒有批准的項目。

Start afresh, for MAS deserves the change

The Star Online > Business
Friday June 1, 2012
Start afresh, for MAS deserves the change

Friday Reflections - By B.K. Sidhu

THE biggest story of Malaysia Airlines (MAS) now is that it has finally taken delivery of the world's largest aircraft, the A380.

MAS group chief executive officer Ahmad Jauhari Yahya and the airline's technical team were onboard the first A380, which flew out of Toulouse in France on Tuesday night to land at KL International Airport on Wednesday afternoon.

Norwegian firm Seadrill sells 300 million shares worth RM635mil in SapuraKencana

The Star Online > Business
Friday June 1, 2012
Norwegian firm Seadrill sells 300 million shares worth RM635mil in SapuraKencana

By DANIEL KHOO
danielkhoo@thestar.com.my

KUALA LUMPUR: Seadrill, a Norway-based offshore deepwater drilling company, has sold 300 million shares in SapuraKencana Petroleum Bhd for about US$200mil (RM635.5mil).

Following the transaction, Seadrill would hold 319.5 million shares in SapuraKencana, equivalent to 6.4% of the outstanding shares, Seadrill said in a statement posted on its website.

受一系列负面消息影响 海指上月跌将近7%

西班牙和意大利举债成本激增、希腊民调显示脱欧风险依然存在,一系列负面因素导致欧美隔夜股市多表现低迷,促使本地股市昨日也萎靡不振,海峡时报指数全日都在低位上下。

  海指最终以2772.54点结束了5月的最后一个交易日,全日跌幅11.41点或0.41%。在整个5月份,海指共下跌超过200点或近7%。

  西班牙十年期国债的票息率激增至6.67%,趋近于7%的警戒水平。市场普遍认为,如果西班牙的举债成本上升至7%,将促使西班牙需要像希腊一样求援。意大利最新发售的十年期国债,票息率也达到5.93%。

对中国长期展望仍有信心

淡马锡控股对中国的长期展望仍然有信心,至今没有减少对中国的投资。它也看到投资一些欧洲公司的机会,然而鉴于目前欧洲的局势,淡马锡对投资欧洲公司持非常谨慎的态度。

  淡马锡去年7月初发布2011年年报时透露,除了新加坡之外,中国是淡马锡最重要的投资地点。在淡马锡的投资组合中,中国占了超过20%。新加坡在淡马锡的投资组合占了32%,澳大利亚和新西兰占12%、北美洲和欧洲占8%。在新兴市场方面,非洲、中亚和中东占2%,拉丁美洲占1%。

淡马锡高层谢松辉: 淡马锡拟增加能源与商品投资

谢松辉首次接受本地媒体专访时指出,截至去年3月底的2011财年,能源和商品领域在淡马锡的投资组合比重不到5%,这是个淡马锡希望提高曝险的领域。不过,他表示,淡马锡没有为这个领域设定比重目标,更没有设定要在何时达到这个目标。

王阳发 报道
ongyh@sph.com.sg

  淡马锡控股(Temasek Holdings)希望增加它在能源和商品领域的投资,因为这个领域目前在它的投资组合的比重还不够。淡马锡的另一投资焦点将是媒体和科技领域,它越来越相信传统电信行业的投资机会已不如媒体和科技领域。

港中资地产股受看好

中国房地产市场价格从2011年的高点已经下滑了11%,其中一线城市下滑的幅度最大,目前,主要房地产上市公司销售强劲反弹,市场整固的情况将持续。

  与非上市的房地产公司比较,香港上市的房地产公司目前更为积极主动地通过降价来促销,由于这些公司拥有充足的土地储备,以及拥有多元化的产品,其在定价方面更为灵活。

  我们追踪的64个城市的房地产价格4月份相对于2011年的高点平均下滑了11%。一线城市房地产价格下跌了16%,二线城市价格下跌了14%,三线城市则下跌了9%。

Cordlife: The Ideal Choice (SIAS)

Cordlife Group Limited
Increase Exposure
 Intrinsic Value S$0.690
 Prev Closing S$0.460
The Ideal Choice

We initiate coverage on Cordlife Group Limited (Cordlife) as the company operates in a niche healthcare subsector that is defensive and has strong cash generating capability. The company also has much upside potential such as penetration rate growth in existing markets, new markets via its right of first refusal with Australia listed Cordlife Ltd (which Cordlife Group currently licenses its branding and knowhow to) and potential new service offerings. Cordlife currently trades at FY13F 11.1X P/E and 1.41X P/B. Recommend Increase Exposure with an intrinsic value of S$0.690.

King Wan: Still an Underappreciated Gem (SIAS)

King Wan Corporation Ltd
Increase Exposure
 Intrinsic Value S$0.280
 Prev Close S$0.180
Still an Underappreciated Gem

King Wan Corporation Limited (King Wan) announced its full year results on 29 May 2012. For FY12 ended Mar-12, net profit came in at S$14m on revenue of S$57.2m. Of which, associate companies contributed S$7.27m to the bottom line. Gross profit was generally in line with our expectation despite revenue coming in below our forecast. We maintain our intrinsic value at S$0.28 per share and reiterate our Increase Exposure rating on King Wan.

Parkson Retail: Positive over dual-branding strategy in Jakarta (DMG)

PARKSON RETAIL ASIA
Price S$1.36
Target S$1.68
Positive over dual-branding strategy in Jakarta

PRA announced it will open its first Parkson branded store in Sep2013 at The St Moritz, a 35 hectare premium mixed development by the Lippo Group in West Jakarta. At present, Parkson’s only presence in Indonesia is via six Centrobranded stores which were acquired in Jun11. The Group intends to pursue a dual-branding strategy in Indonesia with Centro targeting the low-middle income and Parkson targeting the upper-middle income segment. We are bullish on the long-awaited decision and believe Parkson will gain a lot of traction in the market given its strong retail know-how and branding. This is already evident in Centro’s recent results where same-store-sales exceeded expectations, growing 9.8% in the 9MFY12. Pending further details from management, we maintain our earnings estimates and DCF-derived TP of S$1.68 (WACC: 9.2%, growth 2%) (24% upside). Re-iterate BUY.

AMWAY (M) Holdings - 1Q12 net profit (NP) of RM21.6m was broadly in line

Price Target : 10.94
Last Price : 9.75

Period 1Q12

Actual vs. Expectations
The 1Q12 net profit (NP) of RM21.6m was broadly in line with the street's estimate and our forecast of RM93.8m (23%) and RM100m (22%) respectively.

Dividends Single tier dividend of 10 sen per share has been declared. This payout is 11% higher than normal as the company previously had been paying a consistent interim dividend of 9 sen for all the quarters in the past two years.

Olam International:Acquires Its First Brazilian Sugar Mill (UOBKH)

Olam International
Share Price S$1.70
Target Price S$2.58
Upside +51.9%

Acquires Its First Brazilian Sugar Mill
What’s New
• Buying its first Brazilian sugar mill. Olam is buying Usina Açucareira Passos S.A. (UAP) for BRL255m (US$128.8m). It will invest another US$111.5m over the next five years to improve its agricultural (cane growing) and industrial (milling) capacity and efficiency.

Asian shares in worst month since 2008 over Europe debt crisis

Asian shares in worst month since 2008 over Europe debt crisis
04:45 AM Jun 01, 2012
HONG KONG - Asian stock markets tumbled yesterday in the biggest monthly drop in more than three years amid persistent concerns over Europe's debt crisis and as India's economic growth weakened to a nine-year low while Japan's industrial output lagged expectations.

The MSCI Asia Pacific Index lost 0.7 per cent by late afternoon in Hong Kong, translating to a monthly decline of 11 per cent, the worst since October 2008 following the collapse of United States investment bank Lehman Brothers.

40% cap seen hitting DBS-Danamon deal

40% cap seen hitting DBS-Danamon deal
First official announcement on details of proposed ownership restriction
04:45 AM Jun 01, 2012
JAKARTA - Indonesia's central bank, Bank Indonesia, yesterday proposed capping single ownership in the country's banks at 40 per cent for new investment, a rule that would scupper a S$9.1 billion bid by DBS Group Holdings for Bank Danamon.

5月股災 強積金人均輸近萬

5月股災 強積金人均輸近萬
大跌過後 6月反彈機會濃

【明報專訊】內憂中國經濟硬陸,外又受歐債問題困擾,港股5月累計瀉12%,創下98年來最慘情的5月,亦應驗「Sell in May」的金魚缸智慧。即使不炒股票的打工仔,亦難免要輸錢,截至5月25日止,強積金月內總體平均跌約6%,幾乎抵消了頭4個月的正回報。以強積金總資產約4000億元計算,一個月內蒸發近240億元財富,平均每名有供款的打工仔輸近一萬元。

有基金專家提醒,股市波幅大,供款人要保持貼市,適時調整自己的組合。根據數據供應商理柏提供的資料,由4月30日至5月25日期間,本港整體強積金平均回報率為-6.15%(見表),當中以股票基金最傷,平均虧蝕9.54%,股票基金中又以中國輸得最多,反而歐債問題起源地的歐洲基金虧蝕較少。

紐油見熊 碧斯睇60

歐債危機惡化拖冧五月份環球金融市場,「五月沽貨」(Sell in May)應驗。油價出現熊蹤,全月急挫16%,為三年來最大單月跌幅。MSCI所有國家世界指數跌9.5%,全球股市市值蒸發4.6萬億美元(約35萬億港元)。其中新興股市急挫12%,為十四年來最差的五月表現。避險之選的美元、日圓及美債再成為冧市大贏家。

期油再跌 失守87關
紐約期油周三急挫逾3%,低見每桶87.27美元,距二月底創下的今年最高收市價109.77美元回落逾20%,技術上步入熊市。投資名宿碧斯預期,沙特阿拉伯不斷增產,加上歐債危機及全球經濟疲弱,油價兩年內勢下試60美元。紐約期油昨再度尋底,美國早段低見每桶86.54美元,跌1.5%。

港股月挫11%輸全球

「五窮」魔咒又應驗!五月最後一個交易日,恒生指數再跌60點,收報18,629點,全月累挫2,464點或11.68%,為九八年來「最窮」五月,並跑輸全球主要股市,港股市值單月蒸發2.2243萬億元,相當於平均每名股民虧損103.45萬元。

上月初建議投資者「Stay in May」的摩根大通,昨發表報告「認錯」,同時重申看淡中港股市,建議投資者減持。

港股「五穷月」泻12% 14年最差 摩指尾市换马 基金15分钟扫货250亿

港股「五穷月」泻12% 14年最差 摩指尾市换马 基金15分钟扫货250亿
http://paper.wenweipo.com [2012-06-01]

 香港文汇报讯 (记者 周绍基)「五穷月」最后一个交易日,港股动荡不减。大市先大幅低开219点,午市跌幅逐步收窄,尾市摩指换马,基金15分钟内狂諂250亿扫货,令恒指跌幅再收窄至60点,收报18,629,总成交则激增38%至766.5亿元。统计整个5月份,大市跌2464.69点,跌幅11.68%,为14年来最差的5月表现。

 欧债危机有从希腊扩散到西班牙的迹象,当地主权评级一个月内被下调三次,银行业的坏帐又进一步恶化,港股昨随外围再下挫。恒指昨日最低见过18,378点,为5份月及逾四个月低位,距离1月9日的全年最低18302点只差76点。
欧债阴霾 后市料试万八

What Lessons Did May Teach Investors?


Can Gold Regain Its Luster?


Morgan Stanley's Gorman on Facebook's IPO


China's `Bubble' Is Starting to Break, Wolff Says


Pimco's Gross on U.S. Treasuries, Monetary System


Amway invest RM5mil to convert remaining distribution centres into shops

The Star Online > Business
Thursday May 31, 2012
Amway invest RM5mil to convert remaining distribution centres into shops

PETALING JAYA: Amway (M) Holdings Bhd is allocating RM5mil as capital expenditure for the next three years to upgrade and convert its remaining regional distribution centres (RDCs) into Amway shops.

“Currently, we have 16 shops and nine RDCs in the country. Our plan is to convert the remaining RDCs into shops by 2013.

Strong Growth Story Prompted IPO: Asia Aviation CEO


Positive Outlook for China Banks


June Gloom Looms as 'Too Big to Fail, Too Big to Bail' Spain Fears Grip


Thursday, May 31, 2012

Olam’s Score Card- 2 Buy 2 Hold (Draw)

31 MAY 2012
Olam’s Score Card- 2 Buy 2 Hold (Draw)
By Louis Lee

I know. You probably raised an eyebrow in discreet when you saw the name Olam, but before you rain on its parade due to the recent beatings it’s taking from the cotton market (which we have covered here), you might want to see it in a sweeter light.

Olam’s recent acquisition of its first sugar mill in Brazil, Usina Açucareira Passos for US$129 and further capital expenditure spending of US$111 million over the next five years to improve capacity and efficiency is seen to be an acquisition that is sweet. We have included the significance of this acquisition in our daily bulletin, which you can click here to find out more on.

《創富激發點》涂國彬:「五窮」港股將「六絕」?


研究机构给予奥兰国际的评级

研究机构给予奥兰国际的评级
文: 李廷伟 (译:杨佳文) 2012年05月31日 企业摘要
投资者如今在报章或网站上看到奥兰国际(Olam International)这家公司的名字时,应该都会想到其业绩因为棉花业务面对的问题而受到了影响,进而导致其股价下跌。本刊也特别在第425期中分析了这家公司的前景(http://www.sharesinv.com/zh/articles/31301/)。但投资者对这家公司抱持的看法或许不应过于悲观。

奥兰在不久前宣布将以约1亿2,900万美元收购巴西的甘蔗压榨及加工业者Usina Acucareira Passos,并将在之后5年投资多1亿1,150万美元来提高产能和效率(详细内容请见5月30日的“每日头条”http://www.sharesinv.com/zh/articles/31422/)。

10年大牛市終結‧商品準備迎接低迷20年

10年大牛市終結‧商品準備迎接低迷20年
Created 05/31/2012 - 17:43

中國原物料需求走軟,加上美國復甦力道疲弱,導致近來商品行情持續下挫,市場逐漸改變觀點,認為過去10年來商品價格全面飆漲的“超級循環”已進入尾聲。

摩根士丹利全球暨新興市場股票主管沙瑪指出,鑑於龍頭客戶中國需求放緩,過去10年來的商品價格蓬勃漲勢,現已經來到盡頭。

歐債發酵‧亞股幾乎全倒‧5月馬股逆升10點

歐債發酵‧亞股幾乎全倒‧5月馬股逆升10點
Created 05/31/2012 - 17:45

(吉隆坡31日訊)亞洲股市今日開盤大幅度走低,因市場擔心歐元區債務危機持續發酵,今次是擔心西班牙銀行系統的健康狀況。使亞洲主要股市大幅度殺跌,東京股市日經指數領跌,使它今年迄今為止漲幅幾乎回吐殆盡。

相對下,馬股今日早盤雖疲弱無力,惟午市逆流而上,收市報1580.67點,小起5.5點。

統計整個“五窮月份”,綜指仍走高10.06點,保住“抗跌市場”地位。

西班牙政府週三宣稱,將通過國債拍賣活動,來籌集救助國內銀行Bankia的資金。歐洲中行稱,西班牙銀行業的零售存款和企業存款降至歐債危機開始以來的最低水平,而意大利市場風險也上升,使歐美股市受驚重挫。

谢国忠:大陆权贵支撑香港房地产繁荣

香港未能从1998年的房地产市场危机和经济衰退中吸取教训。恰恰相反,这座城市一直在致力于重新制造泡沫。经过十年之久的供给压缩之后,借着美联储零利息率的东风,泡沫终于再次出现。

整个香港经济都受累于此。1997到2011年间,香港名义人均国民生产总值年增2%,平均薪资年增2%。在同一时期,生活成本却大幅攀升—油价涨到原来的五倍,食品价格翻了一番,大陆用工成本上升至原来的三倍。不难明白,为什么香港人缺少幸福感。更具破坏性的,是香港经济对房地产和金融行业的过度依赖。

Midas Holdings: How much oxygen left? (KE)

Midas Holdings
Hold (maintained)
Share price: SGD0.305
Target price: SGD0.32 (previously SGD0.41)
How much oxygen left?

Analysing its ability to stay solvent. As highlighted again by the recent FY3/12 performance, we believe there is no longer any earnings visibility for Midas. Net profit was down 75% yoy to just RMB 15.3m, after its second consecutive profit warning. We believe this is now already priced into the stock, and an analysis of its cashflow and ability to stay solvent is a more useful exercise.

Padini Holdings: Still a retail growth story (HwangDBSV)

Padini Holdings
BUY RM1.80
Price Target : 12-Month RM 2.10 (Prev RM 1.75)
Still a retail growth story

• 9MFY12 beat expectations; declared 2sen net DPS
• Raised FY12-14F earnings by 7%-10% on higher SSS growth and outlet expansion
• Maintain BUY; TP lifted to RM2.10

UOA Development: Expect improvement in subsequent quarters (MIDF)

UOA Development Berhad
Maintain NEUTRAL
Target Price (TP): RM1.57

Expect improvement in subsequent quarters

• Results below our expectation: UOA development (UOA) delivered earnings of RM 40.9m in 1QFY12 which accounted for 15% of ours and 16% of consensus forecasts. Earnings were not up to expectations mainly due to the timing of income recognition as launches were lesser in 4QFY11. Earnings should improve as new projects such as Lee Yuan Residence and One@ Bukit Ceylon progress to more advanced stages of construction.

Could PPL Shipyard change the competitive landscape?

Could PPL Shipyard change the competitive landscape?
■Dismissal of Sembcorp Marine’s claims against PPL Holdings: The High Court has dismissed Sembcorp Marine’s objection to the sale of PPL Holdings (PPLH) to a consortium involving Yangzijiang. PPLH holds a 15% stake in PPL Shipyard, one of the largest builder of jackup rigs globally. At the same time, PPLH has 50% voting rights in the board of PPL Shipyard. Sembcorp Marine holds the remaining 85% stake with 50% voting rights.

高盛:建议买入四大行股票

高盛:建议买入四大行股票

作者: 来源:中国证券网 2012-05-31 08:55:48
  据南都报道,今日高盛分析师NingMa和BoweiCheng表示,目前中国银行股逼近低点,相信这是对近期宏观经济下行风险的过度反应,预计随着宏观经济步入复苏周期,银行股也将随之反弹。

  高盛集团分析师说,近期中国政府将采取行动,促进经济增长,这将刺激贷款需求,中国四大国有银行股也将会快速反弹。近几个月来,因担忧收益增长放缓,投资者纷纷卖出建设银行、农业银行、中国银行和工商银行的股票。

石述思:李嘉诚分家产的智慧

石述思:李嘉诚分家产的智慧
http://www.sina.com.cn 2012年05月30日 07:53 大洋网-广州日报
石说新语

  83岁的李嘉诚无疑是个传奇。出身寒微、学历不高、白手起家、历经磨难、终获成功。他目前拥有255亿美元巨额身家,环绕其身边的毁誉无数。尽管他一再声称身体很好,公司有一班优秀的管理人才,正在安享晚年。但毕竟年事已高,且见惯豪富之家由于争夺家产骨肉相残的悲剧,他最近终于做出一个引人注目的决定。

  不出大家意料,长子李泽钜获得其持有的逾四成的长江实业及和记黄埔权益,以及三成半的赫斯基能源权益。属于未来守业人。

  有小巨人之称的李泽楷,李嘉诚宣布会全力帮助李泽楷收购心仪的公司,金额会是李泽楷现时身家的倍数计。属于未来创业人。

Sunway: Warning sign from property segment (MIDF)

Sunway Berhad
Maintain BUY
Target Price (TP): RM2.60 (from RM2.94)
Warning sign from property segment Revised

• Results below expectation: Sunway Berhad (Sunway) delivered earnings of RM64.4m in 1QFY12 which accounted for 16% of ours and 18% of consensus forecasts. Weaker 1QFY12 results were mainly due to lower revenue contribution from the property segment as well as slower progress of the construction works.

AMWAY :1QFY12 Results Review

AMWAY (FV RM11.20 - BUY) 1QFY12 Results Review

Price Target : 11.20
Last Price : 9.75

Amway's 1QFY12 results were within consensus and our expectations. Revenue and net profit inched up 3.8% and 6.4% respectively on aggressive sales and marketing efforts and lower overhead expenses. Gross margin, however, contracted as costlier raw material arising from stronger USD against MYR took bite. However, the group's EBIT and net margin improved due to lower operating expenses. A first interim single-tier dividend of 10 sen per share has been proposed. Maintain BUY with FV of RM11.20 based on the DDM approach.

SKP Resources: 1Q2012 Results Review (TA)

SKP Resources Berhad
Current Price: RM0.525
TP: RM0.81 (+54.3%), Ex: RM0.54

1. 1Q2012 Results Highlights/ Review
_ SKP Resources (SKP) recorded a net profit of RM38.2mn for FY12, which beat our estimates by 7%. The variance was due to higher-than-expected revenue.

_ FY12 earnings grew 46.9% YoY underpinned by increase in sales volume. Note that SKP has been appointed as a tier-1 contract manufacturer and assembler of Dyson upright vacuum cleaner. As such, FY12 revenue surged 72.3% to RM419mn due to increased sales of Dyson vacuum cleaner.

Masterskill Education:1QFY12 Results (NRA)

Masterskill Education Group
Target Price: RM 0.92
Current Price : RM 1.01

SapuraKencana :Seadrill reduces stake (MIB)

SapuraKencana Petroleum
Buy (unchanged)
Share price: MYR2.17
Target price: MYR2.68 (unchanged)
Seadrill reduces stake

Maintain Buy and TP at MYR2.68. Seadrill's move to reduce its stake (-6%) in SapuraKencana is not unexpected and is consistent with its strategy in monetising gains from its investments. Fundamentally, this does not alter our perspective on SapuraKencana, which stays a Buy. Seadrill pares down stake. Seadrill has sold 6.0% or 300m SapuraKencana shares for MYR2.12 per share, totaling MYR636m. This represents a 2.3% discount to yesterday’s closing share price. Following this transaction, Seadrill's stake in SapuraKencana has lowered to 6.4% (or 319.5 shares).

OPTING FOR DEFENSIVES FOR NOW (OCBC)

Europe issues remain protracted and are likely to take several years to resolve
Markets have taken a hit in May, with some referring to the famous axiom “sell in May and go away”. Declines were largely attributed to the on-going problems in Europe, with markets watching the Greek legislative election on 17 Jun 2012 to see if Greece stays in or be out of the Eurozone and whether if the exit, if it comes, will be orderly or disorderly. While we have discounted the possibility of a hard landing for China, air pockets of uncertainty will still remain for the near to medium term, but overriding market concern is likely to centre on the issues in Europe – which remains fairly protracted. The debt issue in Europe remains a key concern as net debt as a percentage of GDP is still high (refer to Exhibit 1) despite the injection of liquidity in into the system by the European Central Bank (ECB) in the past few years. These issues, including high unemployment rates, are likely to dominate for a while and could take several years to resolve.

Yangzijiang Shipbuilding: Bottom-fishing (CIMB)

Yangzijiang Shipbuilding
Current S$1.04
Target S$1.30
Previous Target S$1.43
Bottom-fishing

YZJ is cheap at 1.2x P/BV, its trough during GFC. After a strong 1Q12, we believe FY12 is likely to beat consensus expectations on margin strength. Securing jack-up rig orders could be its game changer.

We adjust FY12-14 EPS by -5% to +7% on changes to shipbuilding margins. Maintain Outperform, albeit with a lower 7x CY13 P/E target, 20% below its 5-year mean (from 8x or 10% below its 5-year mean) to reflect increased risk aversion. Implied P/BV is 1.5x, 20% below its 4-year -1SD of 1.9x – still cheap. .

Genting Malaysia: Luck is not on its side (CIMB)

Genting Malaysia
Current RM3.84
Target RM4.00
Luck is not on its side

Higher operating costs led to a disappointing 1Q12 core net profit of 20% of our full-year forecast and 19% of consensus numbers. The impact of the first full quarter of earnings from RWNY was more than offset by the drop in EBITDA for the UK and Malaysian operations.

曾淵滄專欄 2012 05 31: 巧妙分身家免內訌

巧妙分身家免內訌
前日恒指反彈上19000點,我認為只因希臘民調影響,實在是非常不穩定。但好多人認為是受到中國政府將再度推出大量基建的消息所帶動,表現得非常興奮。「二萬億基建」的字眼亦出現在媒體上,我真不知道這「二萬億基建」的「承諾」是誰講的?溫總沒有講過,其他官員也沒有資格講。我認為中國政府在現階段推出「二萬億基建」的機會不大。當年「四萬億基建」推了一年就出問題,不得不收縮,「四萬億基建」所造成的通脹,至今依然是不可忽視的問題。當然,中國政府肯定已在加快基建投資,但我估計步伐不會太快,是小心翼翼地摸着石頭過河,以防止惡性通脹再度出現。因此,我不會存有太大的期望與興奮感。

MIIF: TOLL REVISIONS AFFECTING HUA NAN EXPRESSWAY



Macquarie International Infrastructure Fund Limited (MIIF)=
TOLL REVISIONS AFFECTING HUA NAN EXPRESSWAY
Singapore, 31 May 2012 – Further to the disclosure made on 22 February 2012, Macquarie International Infrastructure Fund Limited (MIIF) today announced that Hua Nan Expressway (HNE) has received notification from the Guangdong Transport Bureau and the Guangdong Price Bureau that the toll rate and toll mechanism used to calculate tolls on all highways in Guangdong Province, including HNE, will be standardised from 1 June 2012.

Thai Beverage Seeing Good Recovery Since Floods


中国经济转型刺激内需 对亚太区是把“双刃剑”

中国经济发展模式逐渐从以投资驱动转而侧重国内消费需求,亚太区硬商品出口国可能因此受冲击。不过长远看来,中国国内需求的提升将使出口软商品和服务的经济体受益。

  道富环球投资管理(State Street Global Markets)宏观经济策略师杜艾弗·艾文斯(Dwyfor Evans)昨天在一场媒体发布会分享了对中国长期经济展望的分析。

  他认为,随着国内资源配置不当的情况愈加严重,加上人口结构逐渐变化,中国政府已意识到刺激国内消费需求对维持经济增长的必要。

库克:苹果新产品将「令人难以置信」

(纽约综合电)苹果公司(Apple Inc.)首席执行长库克(Tim Cook)对这家全球最大科技公司的前景有很大期待。他在受访时透露,苹果正准备发布一些“令人难以置信”的新产品。
  但是,面对记者关于苹果是否将研发更轻更薄的iPhone或电视机等事项的问题时,库克没有透露任何细节。他坚称,要在产品保密性方面加倍努力。

  在周二晚间《华尔街日报》举行的数码大会上受访时,库克强调了他与其前任乔布斯(Steve Jobs)一脉相承的地方。去年8月,乔布斯将苹果的执掌大权交给了库克。当年10月,乔布斯去世。

  库克说,苹果将继续创新,并暗示未来将有惊人之举。他说,我们活力充沛,将推出令人难以置信的产品。

MANAGEMENT REPLY: Tiger Airways has a better chance of making profits in Australia.

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

[29/5/2012] – Tiger Airways Australia is focusing on getting back to the capacity and passenger numbers it enjoyed before the Civil Aviation Safety Authority suspended it out of safety concerns.

Once those levels are achieved, it will be in a better position of making a profit since it will not have to carry the cost of excess aircraft.

The company was responding in an email to our questions in our earlier report titled "Is recovery in sight or not - which of the brokers is right?" (May 24).

Olam Int’l: US$240m for Brazilian sugar (OCBC)

Olam International Limited (Olam) plans to spend US$240m for its first sugar milling asset in Brazil; this by acquiring Usina Acucareira Passos (UAP) for US$129m and investing an additional US$111.5m capex over the next five years. Management believes the latest acquisition is integral to executing its sugar strategy of building a configuration of milling assets in large sugar-producing countries that have a comparative cost advantage. Olam expects the investment to deliver EBITDA margin of >30% by steady state (FY16) and generate equity IRR of >20%. Growing uncertainty in Europe may continue to see increased volatility in commodity stocks and we do not expect Olam to be spared, although it does operate mostly in the more demand-resilient soft commodities space. Ascribing a lower 12.5x multiple to its blended FY12/13 EPS, our fair value eases from S$2.24 to S$1.86. Maintain HOLD and would be buyers closer to S$1.60.

SUNWAY: All is Good

SUNWAY
Price Target : 3.31
Last Price : 2.26

While Sunway's 1QFY12 core net profit only made up about 18% of our and consensus' FY12 net profit forecasts, we view the results as largely in line with our expectation due to seasonal factors as we see stronger performance in the remaining quarters. We maintain our forecast and Buy call on Sunway, at an unchanged FV of RM3.31, at a 20% discount to our SOP RNAV valuation. Sunway is our top pick among mid- to big-cap property companies, backed by its attractive valuation and relatively defensive earnings from its property investment segment.

Press Metal - Readying itself for the next phase

Price Target : 2.63
Last Price : 1.83

- Maintain BUY on Press Metal with an unchanged fair value of RM2.63/share ' pegged to a target PE of 13x. Press Metal reported a 1QFY12 net profit of RM23mil against total turnover of RM525mil.

- While only accounting for 20% of our full-year estimates, we deem the results to be in-line with our expectations as:- (i) 1Q is normally a seasonally weaker reporting period; and (ii) 2H should see some maiden contributions from its new aluminium smelter in Samalaju, Sarawak.

中国振兴经济力度不大 亚太股市涨幅回吐

即使中国政府接下来将采取振兴经济政策,力度也将不如2008年全球金融风暴来袭时那么大,此项消息导致亚太许多主要股市回吐了前天取得的涨幅,新加坡股市则是略跌0.64%或17.9点,收报2783.95点。

  前天,中国可能采取刺激经济措施的消息使得市场暂时搁置了对欧元区债务危机的担忧,亚太股市显著回弹,不过这个正面效应只是“昙花一现”。中国看似将对振兴经济的举措抱谨慎态度,再度引发市场对西班牙及希腊债务问题的担忧。

  除了深圳和吉隆坡股市,其他亚太主要股市都下跌,台湾下跌1.1%、香港滑落1.9%、泰国则跌1.3%,为跌幅较为显著的市场。

歐債越燒 黃金跌越深!該往哪避險?滙豐:美債、德債

歐債越燒 黃金跌越深!該往哪避險?滙豐:美債、德債
鉅亨網編譯張正芊 綜合外電  2012-05-30

黃金在當今金融市場的避險地位,正搖搖欲墜。以往只要歐債危機一升溫,投資人便蜂擁逃往金市;現在,希臘退出歐元區的可能性更高了,西班牙銀行業的資金缺口也擴大,但卻沒什麼投資人轉抱黃金。

周二 (29 日) 6 月交貨紐約黃金期貨價格再跌 1.3%,收每盎司 1548.60 美元,使得本月跌幅擴大至 7%,今年以來總結更下跌 1.1%。這也是金價創 2008 年來首度在一年此時落入跌勢,當時投資人拋售黃金,搶抱現金避難。

大摩分析師:商品10年強勁漲勢循環終結 準備迎接低迷20年

大摩分析師:商品10年強勁漲勢循環終結 準備迎接低迷20年
鉅亨網編譯李業德 綜合外電  2012-05-30

《CNBC》周二 (29日) 報導,摩根士丹利 (MS-US) 全球暨新興市場股票主管 Ruchir Sharma 指出,鑑於龍頭客戶中國需求放緩,過去 10 年來的商品價格蓬勃漲勢,現已經來到盡頭。

Sharma 受訪時聲稱:「中國的經濟成長降溫,和商品緊密聯繫的向上動力趨緩,我認為長達 10 年的商品價格上漲循環,已然邁向黃昏時期。接下來要面對的,恐怕是多達 20 年的長期低迷走勢。」

AirAsia banks on network

AirAsia banks on network
By Bilqis Bahari
bbahari@nstp.com.my
2012/05/31

AIRASIA Bhd is confident of rapidly growing its operations in Japan via AirAsia Japan, although it faces competition from other low-cost carriers such as Peach Aviation and JetStar Japan.

AirAsia group chief executive officer Tan Sri Tony Fernandes said AirAsia has the advantage of networks as well as a fleet of 100 aircraft, making it easier for people to travel to various places and at an affordable price.

'CPO prices will rebound'

'CPO prices will rebound'
2012/05/31

RISING FAST : Planter KLK sees market uptrend as order spile up on tight global supplies
PLANTER Kuala Lumpur Kepong Bhd (KLK) is hopeful of palm oil prices bouncing back to RM3,300 a tonne, as orders for the food ingredient pile up in the face of tight global supplies.

The third-month benchmark crude palm oil futures (CPO) on the Malaysian Derivatives Exchange depreciated by RM67 to close at RM3,111 a tonne yesterday.

農行爆企管危機 副行長助查

農行爆企管危機 副行長助查
股價插4% 美林重申跑輸大市
內地第3大國家控股銀行農業銀行(01288),昨爆出副行長捲入北京一家房地產企業家的賭博事件,為國有銀行股改上市以來,最高級別銀行高管被查。

農行股價昨急插4%。該行不足一年內已爆出至少5宗公司管治事件。

股改後 最高級受查高層

農行晚上刊發通告,證實近日了解到,該行執行董事、副行長楊琨正協助中國有關部門調查。董事會確認,根據所知悉的資料,該行的業務、營運及財務狀況不受影響。該行將跟進事件進展,如有情況適時發布進一步公告。

倚重中國為何仍撤退?

蘋果公司行政總裁庫克指會將更多生產工序遷回美國,分析認為,相信主要原因是美國本土壓力,並非因為利潤受壓。

蘋果公司早前公布的季度業績顯示,產品邊際利潤率增至47%,主要代工商台灣鴻海的邊際利潤跌至只有4%。

而近日內地再有消息傳出,鴻海系在大陸員工的基本薪金,會調高至4,400元人民幣。

過去數年有不少數據指出,蘋果公司與亞洲代工商攤佔產品盈利的比例是58.5%與0.5%,市場研究公司iSuppi更曾估計,按iPhone 4每部生產成本1,300港元計算,蘋果公司每售一部iPhone 4,可淨賺3,000港元。

Facebook’s intrinsic value: $9.59 per share - Investing 201


官媒否认推4万亿 港股表错情

官媒否认推4万亿 港股表错情
http://paper.wenweipo.com [2012-05-31]
市场日前揣测中央再推出类似08年的4万亿元救市措施,刺激港股连升3日及周三美股上升,然而昨日包括《人民日报》及新华社等官媒,急急为市场降温,令港股昨日急挫。官媒指出,当前的「稳增长」政策有别于08年的「保增长」,内地经济已从08年金融危机中恢复,为避免生成泡沫,不会再推政策以刺激投资。

避免资产泡沫通胀再抬头
 新华社的分析文章指出,中央「稳增长」的规模、力度和方向,均与08、09年时的刺激措施不同。该文章称,中央政府意图明显,不会再推出大规模刺激计划,而最新的「稳增长」措施,亦不会重复三年前「保增长」的旧路,尤其是要避免投资及资产泡沫,更甚的是防止通胀再次抬头;现在可做的,极其量是微调政策。

How to make money if Greece defaults - Investing 201


Another 'Stupid' Acquisition?


Technical Red Flags for the S&P?


Hear What Apple CEO Tim Cook Is Saying


Can Facebook Get Its Mojo Back?


More Downside for Commodity Prices?


Indian Rupee, Indonesian Rupiah Have More to Fall


Commodities Boom Is Almost at an End


June Market Viewpoint Against Greek, Contagion Backdrop


Markets in Hostage Mode As Greek Elections Loom


Wednesday, May 30, 2012

Three Surprising Trades for Uncertain Times


Malaysias-plantation-firm-Felda-to-attract-strong-investor-interest

Malaysia's plantation firm Felda to attract strong investor interest
By Melissa Goh | Posted: 30 May 2012
KUALA LUMPUR : Malaysian state-owned plantation firm Felda Global Ventures Holding is expected to see strong investor interest for its upcoming IPO.

Felda is also the world's third largest plantation company.

The Malaysian market is abuzz with the impending listing of Felda Global Ventures.

中國潑冷水‧“無2兆投資政策”

中國潑冷水‧“無2兆投資政策”
Created 05/30/2012 - 19:08

正當市場憧憬中國會推出“2.0版的4兆”投資政策出台,中央卻大潑冷水打擊市場情緒,否認會有這個措施!

湖南省發改委召開全省經濟形勢座談會,傳遞中央精神,明確國家層面有“兩個不可能”:不可能出台像2008年底那種大範圍、大規模的4兆人民幣(2兆令吉)投資政策;不可能鬆動房地產政策,現在只會預調微調。

中國官方的《新華社》也報導,政府目前沒有計劃要推出與2008年全球金融危機期間同等規模的刺激政策措施,以對抗今年的經濟放緩。

資金大逃亡‧或785億撤離‧新興股或再探雷曼低點

資金大逃亡‧或785億撤離‧新興股或再探雷曼低點
Created 05/30/2012 - 17:45

(新加坡30日訊)希臘退出歐元區衝擊大,今年第二第三季會有250億美元(785億令吉)資金撤出新興股市,新興股市可能因此下探2008年雷曼兄弟倒閉時的低點。

渣打銀行的麥克道爾預測,今年第二、第三季將有250億美元資金撤離新興市場,雷曼危機時是510億美元(1千601億令吉);俄羅斯、印尼這類高槓桿股市,會比防禦性較佳的馬來西亞損失更大。

他預測新興市場的賣壓可能維持6個月。

博彩業務營業額下滑 雲頂大馬雲頂淨利萎縮

(吉隆坡30日訊)高檔博彩業務營業額下滑,導致雲頂大馬(GENM,4715,主要板貿易)和雲頂(GENTING,3182,主要板貿易)營業額和淨利齊按年走跌。

 截至今年3月31日的首季,雲頂大馬淨利按年滑落35%至2億7066萬令吉;同期營業額報19億380萬令吉,按年跌2.4%。

 雲頂淨利則按年減少16%至6億9363萬令吉;同期營業額按年下跌10%至44億2105萬令吉。

希臘若退出歐元區 大馬或重陷經濟衰退

(吉隆坡30日訊)經濟學家認為,若希臘退出歐元區,影響將遍佈全球經濟,屆時大馬將重陷經濟衰退,就如4年前一樣。

 儘管希臘僅貢獻全球經濟0.4%,但市場對于該國6月17日即將來臨的大選憂慮,已足以讓全球股市蒸發3兆美元(約9.5兆令吉),及中國經濟成長或因此減速,從去年9.2%至今年6.4%。

 瑞士信貸駐新加坡的亞洲經濟董事羅拔指出:“歐債危機若惡化也代表香港、新加坡、大馬、台灣及韓國會重陷經濟衰退。”

 他甚至粗略估計,出口至歐洲佔香港、新加坡、大馬、泰國及台灣的國內生產總值超過5%。

Saizen REIT:PROPOSED UNIT BUY-BACK MANDATE



PROPOSED UNIT BUY-BACK MANDATE
The Board of Directors of Japan Residential Assets Manager Limited, as manager (the "Manager") of Saizen Real Estate Investment Trust (“Saizen REIT”), wishes to announce that it intends to seek approval from unitholders of Saizen REIT (“Unitholders”) for a mandate to carry out the buy-back of Saizen REIT units in accordance with the applicable laws, regulations and listing rules. The details will be set out in a circular to be issued to Unitholders at a later date.

Samudera Shipping : Sale of two dry bulk carriers, Sinar Barito and Sinar Borneo

The Board of Directors (the “Board”) of Samudera Shipping Line Ltd (the “Company”) wishes to announce that the Company’s subsidiary, PT. Samudera Shipping Services has entered into two Memorandum of Agreements (“MOA”) with PT Alfa Trans Raya for the proposed sale of Sinar Barito and Sinar Borneo, dry bulk carriers built in 2003, with a capacity of 4,700 Dwt each, for a cash consideration of US$1,625,000 per vessel (the “Disposal”). The consideration was arrived at a willing seller willing buyer basis.

你信「四叔」李兆基定里昂?

四叔話買地產股好過買樓;但里昂則指新特首梁振英上場5年內都不要買地產股,根據本報網上民調顯示,四叔與里昂言論均有捧場客,與認為樓股都唔掂者各佔三分之一,反映大家對後市都睇唔通。

CPF Minimum Sum to be raised to S$139,000

CPF Minimum Sum to be raised to S$139,000
Updated 12:13 PM May 30, 2012
SINGAPORE - Central Provident Fund (CPF) members who turn 55 between July this year and Jun 30 next year have to set aside a Minimum Sum (MS) of S$139,000, higher than the S$131,000 last year.

The CPF Board and Ministry of Manpower (MOM) said in a statement today that the MS has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life after retirement.

產業銷售放緩‧雙威首季淨利挫5.6%

產業銷售放緩‧雙威首季淨利挫5.6%
Created 05/30/2012 - 10:48

(吉隆坡29日訊)受產業組合銷售微挫與傳統上業績放緩一季所累,雙威(SUNWAY,5211,主板產業組)截至2012年3月31日首季淨利微挫5.63%至6千444萬7千令吉,相比前期6千828萬9千令吉。

同期營業額挫2.27%至8億1千476萬5千令吉,前期8億3千371萬1千令吉。

產業組合營業額為1億6千零10萬令吉,前期2億零310萬令吉;該組稅前盈利增長16.6%至4千140萬令吉,前期為3千550萬令吉,新加坡產業計劃貢獻良多。產業投資營業額增長19.72%至1億3千零50萬令吉,前期1億零900萬令吉,稅前盈利挫23%至2千340萬令吉。

歐債對海外業務影響微‧楊忠禮機構加強國內投資

歐債對海外業務影響微‧楊忠禮機構加強國內投資
Created 05/30/2012 - 11:51

(吉隆坡29日訊)楊忠禮機構(YTL,4677,主板貿服組)相信歐債危機對海外業務影響不大,不會對整體業務帶來重大打擊,主要是海外資產多為受政府監管資產。

該公司董事經理丹斯里楊肅斌指出,雖然海外業務現貢獻集團85%營收,但鑒於多數業務都是受到政府監管,相信歐債危機不會對此帶來重大影響。

“我們現正不斷加強大馬投資,而本地的洋灰、產業、酒店和產業投資信託業務表現都非常良好。”

谈古纳今:小心高价IPO●古纳西卡兰

谈古纳今:小心高价IPO●古纳西卡兰
Created 05/30/2012 - 12:03

若你认为首次公开献售是个绝对赚钱的良机,那你最好再想想。有些公司上市后的股价,恐怕还比发售价来的低。

近期面子书的上市发展,恐怕打破了有些人认为IPO可赚大钱的美梦。

截止我落笔时,上市近一周的面子书,股价已经跌至较发售价低18%的水平。

面子书发售价为每股38美元,筹资160亿美元,根据发售价的公司市值高达1040亿美元,而创办人扎克伯格更因此手持上亿万现金。

面子书跌破29美元再创低 扎克伯格摔出全球40富豪

面子书跌破29美元再创低 扎克伯格摔出全球40富豪
Created 05/30/2012 - 18:32

(纽约30日讯)面子书股价周二跌破29美元,再创新低,自上市以来跌幅已经超过24%。

股价连日下挫,面子书总执行长扎克伯格的身价大幅缩水,跌出全球前40大富豪名单。

彭博社报导,面子书股价29日下跌9.6%,收在28.84美元(91.08令吉),跌破22日创下的前波低点30.94美元(97.71令吉)。

面子书于18日首发上市,承销价为38美元(120令吉)。

Will The Market Crash In June?

29 MAY 2012
Will The Market Crash In June?
By Daniel Loh

The month of May had not been good so far. The Dow Jones Industrial Average has been declining in 15 out of 19 sessions in May, dropping a total of 760 points while the Straits Times Index (STI) has also declined 180 points so far in May. Indeed, the saying of “Sell in May and Go Away” has been right.

Apart from Europe problems and the disastrous jobs reports in US, I think the miss in fundamental earnings expectations of many US companies’ probably escalated the fall.

Fortis Health Board OKs Plan To List Part Of Business In Singapore

29 MAY 2012
Fortis Health Board OKs Plan To List Part Of Business In Singapore
By Dow Jones Newswires

India’s Fortis Healthcare said Tuesday its board has approved a plan to list some assets in Singapore, in a move aimed at establishing its brand as a regional healthcare provider.

The listing will be done through the Religare Health Trust (Religare), a business trust that will principally invest in medical and healthcare assets and services in Asia, Australia and emerging markets, the hospital-chain operator said.

Hi-P International:Hi-P’s major customer Research In Motion (RIM) dived another 15% in after hours trading(Limtan)

HI-P
S$0.72-HIP
• Hi-P’s major customer Research In Motion (RIM) which has already fallen 74% in the past year dived another 15% in after hours trading after its 1Q ended Apr’12 bottom-line surprised the market with a loss versus expectations of profit of US$261mln due to continued market share loss to Apple and Google’s Andriod phones.

• RIM is planning to cut 2-3K jobs and warned that their financial performance will remain challenging for the next few quarters.

Valuetronics: When will the licensing business breakeven?

Declares highest dividend since its IPO in March 2007

[29/5/2012] – Valuetronics Holdings expects to benefit from the growth momentum of its customers in the original equipment manufacturer (OEM) and original development manufacturer (ODM) segment.

It will put more effort into marketing their existing product portfolio to prospective licensees.

The group did not quantify their targets or expectations, but expects to remain profitable.

Sunway :Timing issues (CIMB)

Sunway Bhd
Current RM2.29
Target RM2.70
Timing issues

Though Sunway’s annualised 1Q12 bottom line came in at 72% of our full-year forecast and 74% of consensus, we view it as being broadly in line as better quarters are in store. Earnings from new contracts should partially offset the blip in property earnings.

Padini's Affordable Style Captivates Consumers


AirAsia: Will economic crisis benefit, or hurt, discount carriers - which of the brokers is right?

Associate losses spoil the game

[24/5/2012] – AirAsia says passenger demand in Q2 for the Malaysian, Thai and Indonesian operations remains positive.

Also, load factors achieved in the month of April were in line with the prior year in Malaysia and Thailand but slightly lower in Indonesia though with higher capacity aircraft.

In addition, average fares were higher in Malaysia, in line with the previous year in Indonesia, and slightly lower in Thailand.

Olam International: Entry into Brazilian sugar market (DBSV)

Olam International
HOLD S$1.695
Price Target : 12-Month S$ 2.00

Entry into Brazilian sugar market
Olam has announced that it has entered into an agreement to acquire a 100% equity interest in Usina Acucareira Passos S.A. (UAP) for EV of BRL255m (US$128.8m inclusive of debt of c. US$100m). This equates to EV/MT of milling capacity of US$80/MT (post planned expansion) which compares favourably against recent transactions at US$110- 128/MT and greenfield costs of US$125-150/MT.

M1:Universal Set-top Box Scrapped (UOBKH)

M1
Share Price S$2.46
Target Price S$2.75
Upside +11.9% 
Universal Set-top Box Scrapped
What’s New
• No go for SFSTB. According to The Business Times, Infocomm Development Authority (iDA) and Media Development Authority (MDA) have dropped their search for a standard feature set-top box (SFSTB). The two government agencies concluded that none of the proposals received are able to achieve their desired outcomes.

UOA Development: Record 1Q new sales (CIMB)

UOA Development
Current RM1.57
Target RM1.84
Record 1Q new sales

Much stronger future quarters should make up for the shortfall in 1Q, which we regard as broadly in line, at 14% of our full-year forecast and 16% of consensus estimates. Reassuringly, the record 1Q new sales of RM443m put the group way ahead of its full-year target of RM1bn.

We make no changes to our earnings forecasts or target basis of 30% discount to RNAV. UOA Dev remains a Trading Buy instead of an Outperform due to election risks and the potential repercussions for high-beta sectors. UOA Dev’s extremely attractive valuation is the key rerating catalyst.

Sunway : Ample growth opportunities (HwangDBS)

Sunway Berhad
BUY RM2.29
Price Target : 12-Month RM 3.00 (Prev RM 3.30)

Ample growth opportunities
• 1Q12 core earnings of RM64.2m was below expectations, dragged by property and construction divisions
• Trimmed FY12-13F earnings by 2%-8% after imputing slower property sales
• Still ample room for growth, supported by RM4bn outstanding construction order book
• Maintain BUY; nudged down TP to RM3.00 (SOP) after earnings downgrade

曾淵滄專欄 2012 05 30: 希大選前波動未完

希大選前波動未完

過去兩天,恒指表現得還不錯,昨日收市已重上19000點,理由是希臘最新的民意調查顯示,反對希臘脫離歐元區、願意繼續推行緊縮經濟政策的政黨,獲得較高的支持度,我相信,在希臘選民於下個月正式投票前,港股仍受希臘民調的影響,上下波動。
約三個星期前,越秀地產(123)與越秀房託(405)突然雙雙停牌,昨日兩股復牌,股價皆下跌,越地跌2.15%,越房跌7.07%,這樣的跌幅可以說是比大市強,因為此兩股停牌時,恒指處於21000點的高位,停牌期間,恒指一度下跌約15%,之後反彈,至今依然比月初低10%,而上述兩股則剛剛避過這段時間的下跌浪。
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
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock