Saturday, August 25, 2012

Heineken-raises-stake-in-APB-to-84.9%

銀行業務撐平保賺139億

銀行業務撐平保賺139億
雖然內地投資環境持續不振,但銀行業務支撐平保(02318)盈利增長,上半年盈利139.59億元(人民幣‧下同),按年增9.42%,近市場預期上限,中期息維持0.15元。雖然保費收入繼續錄增長,惟平保面對代理平均產能下降及綜合成本率上升等挑戰。

成本漲 代理產能降
平保次季的表現尤為亮麗,盈利78.95億元,按季及按年分別升30.19%及13.71%。從業務劃分,平保壽險保持穩定增長,至六月底內含價值增8.17%至1,561.98億元,上半年盈利貢獻70.31億元,升3.9%;平保產險則貢獻27.46億元,增1.96%,保費收入升19.52%至489.14億元。

中行申做星洲人幣清算行

離岸人民幣業務優勢,是證券界看好中銀香港(2388)增長動力的關鍵,新加坡亦力爭成為香港以外,另一個人幣離岸中心,獅城早前與中國簽署金融合作協議,獲准設立境外人幣清算行。中銀母公司中行(3988),行長李禮輝昨首次透露,已向新加坡申請在當地成立人幣清算行。

市場估計,中行及工行(1398)均會競逐獅城人幣清算行地位。中行是首間公布中期業績的五大國有行,李禮輝昨在北京表示,未來將加大力度發展海外業務,期望3至5年內,提高相關業務對該行盈利佔比至3成。中行已向新加坡政府申請成立人幣清算行,他相信此舉能與中銀離岸人幣業務,發揮互補作用。

標普響警 滙控或降級


標普響警 滙控或降級
滙控(00005)涉嫌替墨西哥毒販洗黑錢,正與美國監管機構談判,因或面臨訴訟及巨額罰款,甚至影響集團業務,遭評級機構標普調低評級展望,由「穩定」降至「負面」,意味「大笨象」或被調低信貸評級。

目前標普維持滙控長期信貸評級「A+」。該行指過去滙控被視為穩健銀行,原因是風險胃納較同業審慎,同時集團風險承擔趨多元化,但洗黑錢事件曝光後,集團管理風險成效受質疑。

平保開闢銷售新渠道


夥阿里騰訊 拓網上保險金融
平保開闢銷售新渠道
以業務多元化而被市場看好的中國平保(2318),即將與阿里巴巴、騰訊(700)聯手成立網上保險公司,開闢保險銷售新渠道。平保董事長馬明哲昨日於中期業績會上表示,已與阿里巴巴行政總裁(CEO)馬雲及騰訊CEO馬化騰確定合作計劃,目前正向有關部門提交申請。

【本報記者黃雯怡報道】馬明哲指出,新業務會充份發揮3家公司各自的優勢,除發展平安的保險業務外,亦會進行其他金融產品業務交易。他補充到,網絡上很多交易金額小,如用地面正常手段理賠,不符合經濟效益,「比如遊戲保險,它的虛擬價值是存在的。如果發揮平安在產品設計和理財服務上的優勢,開拓網上保險,就能實現地空結合。」對於具體細節,他表示計劃仍在申請中,不便披露。

私募股权收购市场出现一波小高潮

2012年 08月 23日 15:53
私募股权收购市场出现一波小高潮

.私募股权收购活动再次进入人们的视线,但与过去繁荣时期不一样的是,这轮收购热潮的规模较小,也较为低调。

受一系列收购活动的鼓舞,私募股权业高管说,私募股权收购市场正渐渐从金融危机的愁云惨雾中走出来。金融危机期间,为私募股权收购交易推波助澜的债务融资消失了,同时潜在卖家受低估值影响也推迟了资产出售。

巴菲特:在别人恐慌时贪婪

巴菲特:在别人恐慌时贪婪
2012年08月24日17:22 来源:中国企业家

“在别人恐慌时贪婪,在别人贪婪时恐慌”——巴菲特

沃伦·巴菲特被称作为有史以来最伟大的投资家,他依靠股票、外汇市场的投资,成为世界上数一数二的富翁。在2008年的《福布斯》排行榜上财富超过比尔盖茨,成为世界首富。他倡导的价值投资理论风靡世界,被人尊称为“股神”。“在别人贪婪的时候恐惧,在别人恐惧的时候贪婪”,这已经是众所周知的巴氏投资秘诀。

中国平安股票仓位调至高点 A股或处于历史大底

中国平安股票仓位调至高点 A股或处于历史大底
欢迎发表评论02012年08月24日18:12 来源:和讯网 作者:胡媛媛

 和讯消息 8月24 中国平安在上海召开2012年中报业绩发布会。半年报显示,其上半年实现归属于母公司股东的净利润139.59亿元,同比增长9.4%。其中,受股市波动影响,2012年上半年中国平安净投资收益率为4.5%,总投资收益率为3.7%,同比下降0.5个。

QE3主宰近期股市动向

吉隆坡24日讯)儘管美国联邦储备局(FED)仍未確定会否进行第三轮量化宽鬆(QE3),但该政策的任何利好或利空传闻,都主导著近期的区域股市动向。

无论如何,国內的市场专家皆期待,美国第三轮量化宽鬆的实行,將能惠及大马市场。

马股开斋节后的三个交易日相对较为淡静,並跟隨著量化宽鬆的消息起落。其中,美联储公佈8月初会议纪要显示,或將有更多举措,以刺激市场,进而激励马股在週三走高。但隨著部分美联储地区行长表示没有量化宽鬆的必要后,又在拖累马股与区域股市走跌。

索罗斯投资fb被套 入股曼联也录帐面损失字号

索罗斯投资fb被套 入股曼联也录帐面损失字号
2012年08月22日08:58 来源:和讯股票
据香港经济日报报道,曼联昨日在英超揭幕战以0比1输给爱华顿,或令索罗斯(George Soros)感到失望。事缘这位国际著名投资者竟为球会股东之一,持股量占流通A股的7﹒85%。

  美国证监的纪录显示,索罗斯旗下对冲基金索罗斯基金管理公司(Soros Fund Management LLC)持有7﹒85%曼联A股,相等于曼联整体约1﹒9%股权;不过,自曼联前周以每股14美元上市后,股价一直潜水,周一更跌至12﹒8美元新低,昨稍为回升0﹒9%,报13﹒16美元。

PhillipCapital Weekly Market Watch 17.08.2012


Olam isn’t out of the woods yet: DBS Vickers

Olam isn’t out of the woods yet, DBS Vicker says.

It expects fiscal-4Q12 core earnings to rise 12% on-quarter to around $90 million on the almond harvest and coffee origination, but the industrial raw-materials segment should offset other segments’ gains, with its net contribution possibly dropping 71% on-year, on lower cotton and timber volumes.

“There is potentially further downside risk to our 4Q12 expectations from weaker than expected US/European dehydrates/cocoa/chocolate/cotton demand.”

Prof Chan Yan Chong Commentary 03.08.2012

03 AUGUST 2012
Prof Chan Yan Chong Column
By Prof Chan Yan Chong

The stock market has stayed range-bound for the past fortnight with Hong Kong experiencing more volatility than Singapore. It has largely been rebounds after dips when Spanish yields crossed the 7 percent mark only to rally when European Central Bank Chief Mario Draghi made bullish remarks about the prospects of the Euro, leading to beliefs that Europe and the US will soon be printing more money.

Beliefs and expectations, however, cannot sustain a market rally for more than two weeks and that explains why there is larger volatility in the Hong Kong stock and futures market.

基本面强稳 外资续流入 马泰印菲股市屡创新高


基本面强稳 外资续流入 马泰印菲股市屡创新高
Created 08/25/2012 - 11:15

(吉隆坡24日讯)外围动荡之际,受益于东南亚基本面和内需强稳及外资持续流入,大马、泰国、印尼和菲律宾股市近期皆创新高。

欧美国家目前仍在积极拯救经济,全球游资继续流入基本面相对强劲的新兴市场和亚洲国家,东南亚显得更有吸引力,而且已反映在这些国家屡创新高的股市指数上。

然而,正处历史高位的本区域股市可否维持上扬势头、还需仰赖欧美局势的变化,任何风吹草动都可能会吹倒股市,尽管这些股市的抗跌力已渐渐转强。

苹果未来会改变哪些行业?

苹果未来会改变哪些行业?
BWCHINESE中文网 作者:BWCHINESE中文网专栏作家 康斯坦丁 2012-08-24

乔布斯走之前,总是喜欢特别自豪地讲:我要改变世界之类的,但它的苹果真就改变世界了吗?或许,苹果要改变世界,还要扩展自己的生态圈。

乔布斯走之前,总是喜欢特别自豪地讲:我要改变世界之类的,但它的苹果真就改变世界了吗?

JCY shares hit again after 3Q results, falls 19%

JCY shares hit again after 3Q results, falls 19%
Business & Markets 2012
Written by Ho Wah Foon of theedgemalaysia.com
Thursday, 23 August 2012 15:46

Kuala Lumpur (Aug 23) – JCY International Bhd, which has reaped greatly from the huge flood disaster of Thailand last year that ruined the HDD electronic supply chain, suffered another round of dumping Thursday following its weaker-than- expected third financial quarter results and dimmer outlook for earnings.

汇控被降展望不合理

汇控被降展望不合理
2012年08月24日15:13 来源:和讯股票
据港媒报道 标普对汇控(00005)的评级展望被下调至负面,讯汇证券行政总裁沈振盈振表示,标普此举只会带来小震荡,市场只需一至两天便可消化此项不利因素,股价支持位料于67.5元,待回吐过后有望于三个月内升破70元的阻力位。

  财政稳建,料不会被降信贷评级

  此外,沈氏指评级机构公信力已不大,如早前欧洲多间银行被降评级后,市场反应亦不太负面,预料此举不会对汇控带来长期影响。沈氏解释,标普提出的理由过于牵强,降展望不合理,其上半年业绩比很多欧洲银行为佳,动用20亿美元拨备后仍然“顶得住”,加上财政实力稳建,资金压力不太,并不担心的信贷评级会被下调。

Tips for Picking Stocks for the Next 20 Years

AUGUST 15, 2012, 9:43 A.M. ET
Tips for Picking Stocks for the Next 20 Years
Hough: Erratic price swings can work to the advantage of long-term investors.

By JACK HOUGH

Warren Buffett famously said that his favorite holding period for a stock is forever. This being SmartMoney magazine's last issue, it seems a good opportunity to screen for stocks to hold, if not quite forever, for at least a decade or so.

港股力保二萬 內銀業績成焦點

港股上周窄幅上落,受中移動(0941)中期業績差過預期拖累,恒指一度失守兩萬點關口,惟資金轉戰落後藍籌股,帶動恒指上周五收復部分失地,收報二萬零一百一十六點,升一百五十三點,成交額四百七十四億元。

耀才證券市場總監郭思治說,上周中移動、華創(0291)、騰訊(0700)的股價大上大落,多由衍生工具造成,明顯是期指相關活動。隨着歐美市場喘定,港股本周走勢將視乎A股表現,若配合料恒指有力上試二萬零三百點至二萬零六百七十四點。

大英Blog物館 21.08.12 : 避免隔山買牛 可照抄名家投資組合


避免隔山買牛 可照抄名家投資組合
港股無定向風,日益嚴重,連龍頭大股中移動(0941),也可以一日上落半成,極難捉路。其他盈警、績差,大爆炸的股份,為數更多。偏偏大洋彼岸,美國經濟停滯,失業高企,年尾「財政跳崖」,三歲小兒亦朗朗上口。可是美股卻睬你都傻,愈升愈有。矮仔上樓梯,拾級而升,原來美股又已逼近多年高位。

用腳投票進軍花旗

外國月光未必特別圓,但當外國股票看似易升,不少投資者便用腳投票,進軍花旗。但隔山買牛,風險絕不低於以往盲炒中資股。HP(HPQ)股東過去一年,已順利蝕逾三成半。自己慣常的操作手法,是精選具品牌價值和議價能力的公司來買。如果沒時間心力鑽研個股,又不甘齋買ETF,快速而較穩陣的起手式,當然是抄功課。從各路名家之選入手,等於過了一重隔渣器,不致在一個遠大於香港的市場中,亂打亂撞。

股市仍值得投资

2012年 08月 22日 08:00
股市仍值得投资

股市继续反映出美国经济正在极其温和地复苏。从2011年1月至2012年8月中旬,标准普尔500指数录得不能算高的个位数总回报。但很多散户投资者没有参与其中。自2011年1月以来,大约有2000亿美元的资金流出了股权共同基金。比这更多的资金流入了债券基金,“债券之王”比尔•格罗斯(Bill Gross)甚至宣称“股票风潮已经垂死”。但我认为,如今将钱从股市转入债市的投资者正在犯下一个弥天大错。

诚然,令投资者担忧的不确定因素有一长串。欧洲正处于衰退,欧元区能否守得住还远未可知。中国经济也在放缓。美国存在跌落“财政悬崖”的风险,当然,还有大选年、财政政策不明朗等一系列不确定性萦绕身旁。但是,经济不确定性因素一直都是存在的。

别太担忧中国

2012年 08月 23日 07:27
别太担忧中国

Audrey Kaplan

中国已经令很多人紧张不安,几乎每一项不及预期的经济数据都会让已经战战兢兢的市场感到害怕。这里我要跟所有每逢中国发布数据都心里打鼓的人们说一句:放心好了。

我们国际股权团队的一位成员走访了中国19家企业,发现很多人都认为今年下半年形势应该会好于上半年,2013年应该还会更好。大家预计中央政府会继续下调利率,同时加快经济刺激的速度。提醒一下,这轮刺激的规模不会达到2008年危机过后那一轮40,000亿(约合5,860亿美元)全面经济刺激的水平。中国的经理人、咨询师和投资者普遍认为,那轮刺激正是中国经济减速背后通货膨胀和房地产投机的肇因。

曾渊沧:跳出恒指升跌陷阱 留意个股业绩

曾渊沧:跳出恒指升跌陷阱 留意个股业绩
2012年08月24日14:05腾讯财经

8月22日,美国联储局公布上一次会议的会议记录,会议中几乎众口一词皆认为美国有必要再进一步放宽货币政策。这则新闻使得8月23日港股急升,恒指收复8月21日的跌幅,但是,纵观美国股市却连跌4天,8月23日的跌幅更进一步扩大。

如何解读这一份会议记录呢?

很明显的,美国联储局的委员们的确认为美国经济表现不理想,有必要进一步加大刺激。但是,却不一定需要马上进行QE3,依然是备而不用。如果真要推出QE3了,为什么不在上一次开会后马上宣布,可见联储局委员会仍然在观望,在等待经济上有更坏的情况出现时再推出QE3。

施永青密密沽貨套五億


一直力挺樓價易升難跌的中原創辦人施永青,卻不斷趁高位出貨,過去一年狂沽6項住宅及工商舖大額物業,套現逾5億元,包括新近以1.36億元沽出九龍灣企業廣場1期逾2.6萬方呎樓面,勁賺逾8000萬元。

賣企業廣場賺8000萬
出貨態度積極的施永青,剛落實售出企業廣場1期2及3座7樓,合共26078方呎,成交價1.356億元,呎價約5200元,屬市價水平。

A股失2100關 三年半低


A股失2100關 三年半低
八月滙豐中國製造業(PMI)初值回落至九個月新低,市場憂慮第三季內地經濟未必觸底反彈,加上住建部表態將研究強化樓市調控措施,滬綜指再度失守2,100點,全日跌近1%,創○九年三月初以來收市新低。分析員預期,若中央還沒有推任何新的扶持措施,未來一周滬綜指或下試2,050點支持位。

國資委最新數據顯示,一至七月央企累計實現淨利潤按年跌16.1%,雖較上半年略為縮窄0.3個百分點,但仍是雙位數跌幅。

農行首席經濟學家向松祚直言,內地經濟放緩程度可能超出之前估計,恐難如市場早前預期般於第三季觸底反彈。

中行冀增海外業務比重

中行冀增海外業務比重
中國銀行(03988)上半年的信貸成本大幅改善,惟券商料此趨勢難以持續,而該行所作的撥備亦欠審慎。管理層料全年信貸成本與去年相若,有信心下半年的淨息差保持平穩,非利息收入可錄得單位數增長。

券商:撥備欠審慎
中行行長李禮輝透過視像會議表示,下半年信貸成本可能較上半年微升,但全年計應與去年相若。該行上半年撥備270億元人民幣,其中180億元來自回撥,令信貸成本得以改善。

標普質疑風險管理 滙控恐降級

標普質疑風險管理 滙控恐降級
滙控(00005)涉嫌替墨西哥毒販洗黑錢,現正與美國監管機構談判,因可能面臨訴訟及巨額罰款,甚至影響集團業務,遭評級機構標普調低評級展望,由「穩定」降至「負面」,意味着「大笨象」有可能被調低信貸評級。

目前標普維持滙控長期信貸評級「A+」。該行表示,過去滙控被視為穩健銀行,原因是風險胃納較同業審慎,同時集團風險承擔趨多元化,然而洗黑錢事件曝光後,集團管理風險成效受質疑。

彤叔:買珠寶好過樓

彤叔:買珠寶好過樓
繼早前恒地(00012)主席李兆基(四叔)表示「買股好過買樓」後,本港另一富豪,周大福(01929)名譽主席鄭裕彤(彤叔)昨在出席其私人珠寶預覽會時亦表示:「買珠寶好過樓。」

彤叔昨日不評論任何珠寶以外的問題,但講及珠寶便「侃侃而談」指,大部分都是私人珍藏,更「感覺上」市面少見的。

當被問及買珠寶還是買樓好,他笑稱「當然是珠寶好點,因為有得戴又有升值(潛力),有些甚至升幾倍之多」。

平保看中騰訊阿里客戶多


平保看中騰訊阿里客戶多
2012年8月25日
【明報專訊】平安保險(2318)今次聯合騰訊控股(0700)、阿里巴巴,一齊「試水溫式」進軍網上金融行業,相信主要是看中騰訊及阿里巴巴的客戶基礎龐大。

QQ用戶多達7.84億

根據騰訊的中期業績顯示,QQ每月活躍用戶多達7.84億戶,阿里巴巴的電子商貿平台,單計淘寶網亦擁有逾5億用戶,因此對平保來說,是可以快速擴大業務的捷徑之一。

平保新大計 QQ淘寶賣保單


平保新大計 QQ淘寶賣保單
伙騰訊阿里組網上保險公司
2012年8月25日
【明報專訊】馬化騰、馬雲、馬明哲三人,前兩人是商場勁敵,跟後者亦風馬牛不相及。然而這「三馬」掌舵的公司騰訊控股(0700)、阿里巴巴和平安保險(2318)卻聯手,共同出資組建互聯網保險金融公司。作為平保董事長兼首席執行官,馬明哲昨天首度開腔證實,將與另「二馬」組建合營公司,冀利用阿里巴巴和騰訊在互聯網的優勢,開拓保險業務新渠道,目前,新公司待監管機構審批,預期前期資本需求並不大。

有關「三馬聯手賣保險」的傳聞昨晨已在內地媒體傳開,馬明哲在下午的平保中期業績記者會上證實了消息。他指出,他與馬化騰、馬雲經過多次交流,決定組建合資公司,主營互聯網保險業務,包括互聯網虛擬物品保險。「互聯網上很多交易金額很小,不夠一張保單的成本,但網路遊戲的虛擬價值是存在的,地面上的保險也可以搬到網上。」

中石油为何如此慷慨?


中石油为何如此慷慨?
BWCHINESE中文网 作者:BWCHINESE中文网专栏作家 邱 林 2012-08-24

据报道,中石油在美国上市融资仅29亿美元,但给美国人的分红累计却高达119亿美元。反过来看,中石油对中国国内股民却十分吝啬。

中石油在上市融资中,“对外”与“对内”分红区别对待的做法招致市场的巨大非议。日前有媒体报料称,中石油在美国上市融资仅29亿美元,但给美国人的分红累计却高达119亿美元(约合800多亿人民币),分红额度超过融资额度的四倍。其中,仅2005年,中石油就向美国人的分红600多亿人民币。

欧元危机可确定已基本结束

欧元危机可确定已基本结束
BWCHINESE中文网 作者:徐斌 2012-08-24

作者徐斌认为,德国和希腊各让一步,彼此真的大家因此心平气和,新一轮谈论或者博弈,将会朝着良性循环发展。

持续三年之久的欧债危机,事实上是欧元危机。解决路径其实很简单,财政统一紧缩的同时,德国在内的北欧国家财政转移支付南欧国家,以缓和主权债务危机。但双方开始却是希望对方先让一步,所以各自气势十足对外宣称,无论如何不会让步,玩起“谁先眨眼谁先输”的游戏。但现在双方都一起眨眼,不得不各让一步。

股价突止跌回升 JCY 国际表不知情

股价突止跌回升 JCY 国际表不知情
Created 08/25/2012 - 11:26
(吉隆坡24日讯)JCY国际(JCY,5161,主板科技股)今日股价止跌回升,董事表明公司营运照常,对股价这几天的波动毫不知情。

JCY国际今日早盘本处于跌势,休市报1.06令吉,跌6仙。

但下午3点半之后,该股突然回升,一度攀至1.19令吉的全日最高价位,涨幅6.25%。

最后,该股升势收窄,以1.13令吉之势结束本周交易,单日涨幅1仙或0.893%。

扎克伯格铁哥们套现Facebook股票

扎克伯格铁哥们套现Facebook股票
2012年08月23日
Ryan Mac

世界上最年轻的亿万富豪微微疏远了自己协助创建的社交网络巨头。周三提交给美国证券交易委员会(SEC)的文件显示,Facebook联合创始人达斯汀·莫斯科维茨(Dustin Moskovitz)自上周五以来已经出售了45万股Facebook股票,不到他所持股份的1%。

提交给SEC的文件显示,莫斯科维茨在上周五至本周二期间通过其个人信托分三批出售Facebook股票,平均价格为每股19.61美元,获得约750万美元的税后收入。他仍然持有1.332亿股,占到Facebook流通股的6.2%左右。

Apple As Most Valuable U.S. Company Ever Has Room To Grow More

Apple As Most Valuable U.S. Company Ever Has Room To Grow More
By Peter Burrows and Danielle Kucera - Aug 22, 2012

Apple Inc., already the most valuable U.S. company in history, has room to grow further as its stock trades at a discount to the Nasdaq Composite Index and the company prepares an upgrade to its best-selling iPhone.

Investors value Apple at 15.4 times trailing 12-month earnings, while the average company in the 2,495-member Nasdaq trades at 16.5 times, according to data compiled by Bloomberg. The company rose to a record $665.15 on Aug. 20, giving it a market value of $623.5 billion, the highest-ever for a U.S.- based company.

大橙周报006 期 — 短线操作 股票钱难赚

在众多投资工具当中,股票是许多人的选择,因为它可以短时间内赚到快钱,所以很多人对股票投资是趋之若鹜的。 的确,有人靠着短线操作股票而赚钱,但是,这得花很多时间和精神时时刻刻盯看行情变化、勤用曲线图分析盘势,一有风吹草动就要买卖,很容易让人筋疲力尽。

许多人在股票市场忙进忙出,看到好像要回跌了,就赶快卖出、甚至放空,看到好像要上涨了,就赶忙进场买进或融券回补,这些人笃信不论股市走高或者走低都可以赚钱,只有大傻瓜才赚不到钱。

于是,在行情走高的市场中从不缺席,即使是看跌的走势来临,也不离开市场,赢了想要赚更多,输了就想要回本,心态其实和赌徒并没有太大差别。

大橙周报006 期 — 陈志远成功的代言人

陈志远 Tan Sri Dato’ Seri Vincent Tan Chee Yioun 成功集团 ( Berjaya Group Bhd ) 创办人 
006 期 — 陈志远成功的代言人



走在马来西亚街上,我们无时无刻都可以看得到属于成功集团(Berjaya GroupBhd)的踪影。从饮食、零售消品、直销业、博彩、保险、酒店、快餐连锁店、房地产到媒体等,无所不在。陈志远(Vincent Tan) 是白手起家的企业家,他成立了Berjaya集团,是马来西亚十大富豪之一。虽然他在2010年因无法获得政府颁发体育博彩执照而失去了四分之一的财富。他持有社交网站Friendster.com,同时以透过旗下网络公司MOL.com购买Facebook股份。

《私募英雄》连载:李驰-求人不如求己(16)

《私募英雄》连载:求人不如求己(16)

发布时间: 2011-5-10 17:52:00
来源: ChinaVenture  
作者: 周涛 孙建芳 赵娟

在市场投资中,由于无法与市场抗争,我们经常会相信所谓的高人、内部消息、庄家、基金经理等。

  曾经,有一位诗人,进到辉煌的庙堂,看见人们跪拜着观音娘娘,祈求满足一份期待。这位诗人细看慈祥的菩萨,请教寺内高僧,娘娘既然是佛,为何手上还掐佛珠,口中念念依然?高僧笑答诗人,菩萨将爱给了人间,她就是爱的佛身,口中念着,只是自己的名字。诗人不解地看着高僧,等待他来开释,高僧捻捻胸前的银须,说出世人皆知,却又常常不明白的道理:求人不如求己。

KLCC產業財測調高‧股息可觀


KLCC產業財測調高‧股息可觀
Created 08/24/2012 - 19:06
(吉隆坡24日訊)KLCC產業(KLCCP,5089,主板產業組)上半年寫下1億9千311萬4千令吉淨利,超越市場預期,分析員將未來3年財測最高上調12%,以反映業務走勢強勁,而且接下來的派息額也可期。

興業研究指出,該公司或已開始每季度派發股息,加上次季派發的4仙股息,首半年的派息額已達8仙,符合全年的12仙派息額預估。

根據過去的43%派息率計,肯納格研究估計今年淨派息額將達16仙,相等於3.1%週息率。

產業銷售佳‧UOA下半年料更好


產業銷售佳‧UOA下半年料更好
Created 08/24/2012 - 19:03
(吉隆坡24日訊)UOA發展(UOADEV,5200,主板產業組)最新業績符合預期,分析員看好該公司下半年表現,預料該股將獲重新評估。

聯昌研究指出,UOA發展上半年取得9億令吉的銷售業績,超越2011全年的8億4千800萬令吉,中期業績符合預期,首半年凈利佔全年預測的49%,預料下半年盈利表現更強勁。

日股見牛蹤‧年底衝萬點


日股見牛蹤‧年底衝萬點
Created 08/24/2012 - 19:03
日股自7月最後1週以來大漲近10%,市場瀰漫日股可能邁入多頭的氛圍,儼然多頭總司令的野村證券帶頭喊出,日經225指數年底前可突破萬點大關至10250點。

除了資產管理經理人紛紛推出新基金外,報紙天天刊載股市權威人士的推薦,外資也逐漸回流日股—雖然境外機構投資人2012年淨流入這個全球第2大股市的金額不到25億美元,與排名第36大的菲律賓股市吸金21億美元相比,並不算高。

分析師說,外資力道不足使日股股價始終維持低檔。即使最近一波漲勢過後,東證股價指數(TOPIX)的股價對帳面價值比率也只有0.92倍。日股現在的收益約為基準10年期政府公債的2.6倍,已比金融危機後股市拋售潮期間回升。

Why bank stocks are immune to scandal

Why bank stocks are immune to scandal
By Ben Rooney August 24, 2012:

Banks have had their share of bad publicity recently, but investors continue to give them the benefit of the doubt.

Standard Chartered (SCBFF) is a prime example.

The British bank's stock has recouped nearly all of the losses sustained earlier this month, when the bank was accused of laundering money for Iran.

U.S.-listed shares plunged to a low of $18.65 on Aug. 7, one day after banking regulators in New York threatened to revoke Standard Chartered's license. In the span of a week, the stock (both in the U.S. and in London) gained 14% after the bank settled the case, and is nearly back to where it was before the scandal.

谢国忠:中国楼市下跌至少三年

谢国忠:中国楼市下跌至少三年
BWCHINESE中文网 作者:谢国忠 2012-08-24

独立经济学家谢国忠表示,中国现在有2千万套的空房子。对于没有产生收入的空房子,你捧着干什么?难道还会增值吗?
.
近日,独立经济学家、玫瑰石顾问公司董事谢国忠在接受媒体采访时表示,估计中国现在有2千万套的空房子。对于没有产生收入的空房子,你捧着干什么?难道还会增值吗?

摩根士丹利共同基金对Facebook押下重注

2012年 08月 24日 17:28
摩根士丹利共同基金对Facebook押下重注

摩根士丹利(Morgan Stanley)负责管理的几只美国共同基金对社交媒体公司Facebook Inc. FB 0.00% 的投资比例明显过高,这令基金份额持有人暴露于Facebook自5月18日上市交易以来股价大跌的风险之中。摩根士丹利是Facebook总计160亿美元首次公开募股(IPO)的主承销商。

专门追踪基金业绩的机构晨星(Morningstar Inc.)新发布的数据表明,如果按所投资的Facebook股票占总资产比重从高到低排序,美国前九只共同基金中有八只是由摩根士丹利旗下资产管理部门负责运营的。

银按图索骥:嘉茂商业信托


● 银按图索骥

本栏于去年5月26日曾论及这只股票当时将完成一个跌势“斜向交叉”的第(五)点,而进入跌势,并当填补介于1.73元至1.71元间的缺口。当时股价为1.918元左右。可是股价却没有立即向下滑落,而是先上升至同年6月1日的2.018元后,才进入跌势。今年8月11日下跌至1.678元遂将上述缺口填补,12月15日更下试1.615元的价位,幸好当天以“主要转向”信号闭市,接着又于该周每周一杆图中以“转向”信号止跌回升,且于今年8月6至8日三度升试2.01元。短期内股价或将回扯至1.85元左右,过后再进入升势,并当填补介于1.96元至1.975元间的缺口。

本栏意见

若通过售亚太酿酒给喜力 星狮将把84%所得派给股东

 星狮集团(Fraser and Neave)昨晚宣布,如果股东在特别股东大会上批准将亚太酿酒厂(Asia Pacific Breweries)股权出售给荷兰喜力(Heineken),它将以削减股本的方式,将脱售股权所取得资金的84%派发给股东。

  文告指出,拟脱售亚太酿酒厂所有股权的计划,将允许星狮集团解开显著的股东价值,最后是将大部分股本还给股东,这笔款项约40亿元。

  在出售亚太酿酒厂所有股权,扣除了交易成本后,星狮集团可取得48亿元的收益,这笔款项占了84%。

金声能源到印尼钻油


金声能源(Ks Energy)昨天宣布,其子公司和项目伙伴——印尼Pertamina钻油服务公司,将把名为“KS JAVA STAR”的升降式钻油台,派遣到印尼的西马都拉油田,进行钻油活动。

  该集团仍然对印尼的石油与天然气市场潜力非常有信心,认为当地存在丰富的开采和钻油商机。

  这项为期一年(附带一年选择权)的合约,价值8760万美元(约合1亿零900万新元)。

  该项工程预计在今年第四季展开。两家公司正在草拟联营项目合约的最后阶段。

Time to hang up on SingTel?

Time to hang up on SingTel?
In The Edge Financial Daily Today 2012
Written by Joan Ng of The Edge Singapore
Thursday, 23 August 2012 10:40

It’s the biggest company in Singapore by market capitalisation and has long been viewed as a safe haven for investors who lack the stomach for risk.

As a telecoms company, Singapore Telecommunications generates steady cash flows and pays regular dividends year after year. Such corporate stalwarts are often forgiven for failing to match the returns of the broad market, their underperformance simply explained away as the trade-off for the certainty they offer.

美联储挥舞QE3大旗意图托市

美联储挥舞QE3大旗意图托市
2012年08月23日
Agustino Fontevecchia

周三,美联储主席伯南克稍微挤兑了一下空头,最新发布的联邦公开市场委员会(FOMC)会议纪要释放出美联储可能很快进一步实施货币宽松措施,也就是第三轮量化宽松(QE3)的信号,从而相应地引发风险资产价格反弹。虽然美联储承认,美国财政悬崖、欧洲主权债务危机和全球经济放缓仍然是当前面临的主要风险,但FOMC是否采取行动将由原始经济数据决定。正如投资研究公司Channel Capital Research首席投资策略师道格·罗伯茨(Doug Roberts)所解释的那样,其中最重要的将是美国8月份就业报告。

罗伯茨解释说:“那些断言美联储在大选前不可能采取进一步行动的人不得不‘三思而行’。”当天美国股市从盘中低点反弹,收于开盘点位附近。罗伯茨补充说:“但现在这已是旧消息了。”他指出,美联储已为股市“巧妙安排了的一个交易区域。”

PetroChina Sets Sights Overseas, Quarterly Profit Slides

PetroChina Sets Sights Overseas, Quarterly Profit Slides
Published: Thursday, 23 Aug 2012

PetroChina, the country's dominant oil and gas producer which also owns refineries, has earmarked close to $16 billion for overseas investment this year as it aims to have half its production outside China within 8 years.

The state-controlled oil giant [0857.HK 9.55 -0.16 (-1.65%) ], whose overseas output accounted for less than a tenth of its total production in January-June, will spend more than 100 billion yuan on overseas exploration, acquisitions and joint ventures with international oil companies this year, Vice Chairman and President Zhou Jiping told reporters on Thursday.

Bank of China Posts Weakest Profit Growth in 3 Years

Bank of China Posts Weakest Profit Growth in 3 Years
Published: Thursday, 23 Aug 2012 |

Bank of China, the country's No.4 lender, posted a 5.1 percent rise in second-quarter net profit on Thursday, but it still marked its slowest quarterly profit growth in over 3 years as China's banks face up to a more competitive market.

Bank of China (BoC) [3988.HK 2.99 0.04 (+1.36%) ] is the first of the so-called "Big Four" — also including Industrial and Commercial Bank of China [1398.HK 4.48 0.07 (+1.59%) ], China Construction Bank (CCB) [0939.HK 5.36 0.05 (+0.94%) ], Agricultural Bank of China (AgBank) [1288.HK 3.09 0.04 (+1.31%) ] — to report first-half earnings. The others are due to report through to Aug. 30.

Kreuz Holdings: Unjustifiably cheap valuations (DBSV)

Kreuz Holdings
BUY S$0.31
Price Target : 12-Month S$ 0.43
Unjustifiably cheap valuations

• Healthy earnings execution trajectory in 1H12; YTD order wins in FY12 exceed expectations
• Newly-acquired construction vessel will improve margins; revise up FY13 earnings estimate by 5%
• Trading cheap at <4x FY13 PE despite healthy growth outlook, maintain BUY with S$0.43 TP

F&N said to plan distribution of 80% of APB proceeds to owners

Fraser & Neave plans to distribute about 80% of the proceeds from a sale of its stake in Asia Pacific Breweries to shareholders, said two people with knowledge of the matter.

Heineken NV, the world’s third-biggest brewer, on Aug. 18 agreed to buy F&N’s stake in Asia Pacific Breweries for $53 (per share, or $5.4 billion. Singapore-based F&N said the same day that proceeds from the disposal would be $4.88 billion more than the book value of the shares, after deducting transaction costs.

Is it finally time to buy Facebook?

ug. 21, 2012, 12:01 a.m. EDT
Is it finally time to buy Facebook?
Commentary: How past IPOs have done after falling at least 50%

By Mark Hulbert, MarketWatch
CHAPEL HILL, N.C. (MarketWatch) — Is it time — finally — to start thinking about buying Facebook?

Marc Faber: 100% Chance of Global Recession

Marc Faber: Global Recession Certain

Marc Faber: 'True' US Fiscal Deficit Is Over $4T Annually

房產業務標青 UOA發展獲利前景佳


 (吉隆坡24日訊)UOA發展(UOADEV,5200,主要板房產)第2季業績亮眼,首半年房地產銷量超越去年全年,券商預計,第3季業績將更佳,一致給予佳評並上修目標價。

 興業證券研究指出,UOA發展首半年銷量達9億令吉,超越去年8億4800萬令吉的全年銷量。若包括整棟出售給朝聖基金局的辦公樓銷量,總銷量將達11億令吉。

 該行認為,若UOA發展再達成另一宗整棟銷售交易,今年可望錄得新高銷量。該行維持“跑贏大市”評級,合理價為2.35令吉。

產托延期推介 怡保花園連跌3日


吉隆坡24日訊)怡保花園(IGB,1597,主要板房產)旗下產托展延發佈招股書,加上馬股陷跌勢,連累股價連跌3日,今日盤中一度跌至2.41令吉。

 怡保花園分拆旗下房地產並另設產托上市馬股,這怡保花園產托(IGBREIT)原定23日推介招股書,開放給公眾認購首發股,但有關推介禮和記者會臨時被展延,目前未知最新推介日。

 怡保花園今早以2.55令吉平盤開市,爾后一度揚1仙至2.56令吉,但大盤投資意願疲弱,加上產托上市突存不確定性,該股未幾即陷跌,一度挫14仙至2.41令吉,為今日盤中最低價位。

'Buy on speculation, sell on news' the way to go for now?

'Buy on speculation, sell on news' the way to go for now?
2012/08/25
HOW will the stock market perform in September, that is the million ringgit question that investors are asking themselves now.

This past year has seen the FTSE Bursa Malaysia KLCI recording multiple record highs but investors are beginning to wonder how long the run will last.

The strong vibes from the equity market point to the FBM KLCI hitting 1,700 points for the first time ever this year. If current economic indicators are used as the yardstick, then there is the possibility for the FBM KLCI to be sitting at the 1,700-point level within three months.

苹果手机内地市占降至第四

券商慎看硬碟业务 诺申集团流失2客户

券商慎看硬碟业务 诺申集团流失2客户
Created 08/24/2012 - 21:00
(吉隆坡24日讯)泰国水灾的冲击消退后,硬碟领域恢复至灾前的水平,因此,分析员指出,没有受到泰国水灾影响并收渔人之利的诺申集团(Notion,0083,主板科技股),新顾客流失的现象已引发关注。

出席诺申集团日前召开汇报会的分析员异口同声地指出,该集团管理层坦言,对硬碟业务前景更为谨慎,尤其主要顾客威腾电子(Western Digital)和希捷科技(Seagate)鉴于欧洲和其他新兴市场需求忧虑提升,显示疲弱的前景。

內銀外幣存息 兩年首降


內銀外幣存息 兩年首降
人民幣升值預期減弱,令到內地銀行外幣存款急增,內地傳媒報道,內銀首次普遍調低外幣存款息率,當中工行(01398)及農行(01288)的一年期美元定存息率,調低20點子至0.8厘。

國家外匯管理局公布,今年七月銀行代客結售匯順差為5億美元,首七個月順差達300億美元。

因應外幣存款急增,工行、農行、建行(00939)、中行(03988)兩年來首度調低外幣存款利率。報道指滙豐中國於本月二十二日調低部分外幣定存息,減息後該行的美元短期定存息高過內銀,港元及歐元定存息則低過內銀。

經濟尋底 A股三年半低


經濟尋底 A股三年半低
八月滙豐中國製造業(PMI)初值回落至九個月新低,市場憂慮第三季內地經濟未必觸底反彈,加上住建部表態將研究強化樓市調控措施,滬綜指再失守2,100點,全日跌近1%,創○九年三月初以來收市新低。分析員預期,若中央還沒有推新的扶持措施,未來一周滬綜指或下試2,050點支持位。

央企利潤累跌逾16%

國資委最新數據顯示,一至七月央企累計實現淨利潤4,593.8億元人民幣,按年下跌16.1%,儘管較上半年略為縮窄0.3個百分點,但依然是雙位數跌幅,顯示被視為抗風險能力最強的央企,正面臨嚴峻考驗。

彤叔︰買珠寶好過買樓


彤叔︰買珠寶好過買樓
受到澳博(0880)遭到非執行董事鄭裕彤減持以及永利的業績遜預期的影響,濠賭股昨日明顯受壓,其中永利以及金沙中國(1928)更跌超過3%,金沙更成為跌幅最大的藍籌股。

據聯交所資料顯示,鄭裕彤於8月10至21日合共減持64萬股,每股平均價介15.02元至16.32元,套近1,000萬元,澳博微跌0.37%,至到15.98元,跌幅好過其他濠賭股。

身兼周大福(1929)名譽主席的鄭裕彤昨出席,其私人珠寶珍藏預覽會時,並沒有回應減持澳博的問題,只表示在目前環境下,買珠寶好過買樓,因為珠寶可以穿戴及有升值的潛力。

加國﹕中海油併購要看民意


加國﹕中海油併購要看民意
2012年8月25日
【明報專訊】中海油(0883)對加拿大Nexen逾千億元的收購繼續觸動當地人的神經。加拿大太陽新聞網(Sun News Network)委託Abacus Data公司在8月10日至12日進行網上民調,結果顯示57%國民反對該項收購,只有9%支持。加拿大總理哈珀出席一個公開場合時,被問到對民調的看法,他表示當局審批有關申請時,主要會考慮公眾的意見。

網上民調﹕過半反對 僅9%支持

中行爭做海外人幣清算行

中行爭做海外人幣清算行
3年內海外收入擬佔三成
2012年8月25日
【明報專訊】市場關注內地利率市場化會令內銀淨息差受壓,但中國銀行(3988)行長李禮輝並不感到擔憂。昨日在中行的業績會上,他表示,通過調整和優化業務結構,長遠可令淨息差回復至合理水平。除了息差收入外,他又表示未來會進一步提升海外業務佔收入比重,以及向新加坡等地申請成為當地唯一的人民幣清算行,從多方面提高銀行收入。

中行上半年業績平穩,淨息差微跌1個基點至2.1厘,跌幅比市場預期小。不過由於利率市場化在今年6月才推出,市場擔心,利率市場化對內銀利潤的影響尚未完全反映在截至6月底的上半年業績之上。

分析員﹕此等規模難沒問題


分析員﹕此等規模難沒問題
2012年8月25日
【明報專訊】匯控業務於全球可說是無孔不入,涉獵範圍更「百足咁多爪」,自零售銀行以至企業銀行及投資銀行業務皆有一定地位,還未提及保險及強積金等業務。高速發展導致銀行結構架疊屋,員工職權混亂,不同區域亦面對不同的監管要求。尾大不掉,自然有管理問題出現。早前監管洗黑錢不力事件,便反映高層刻意隱瞞不當業務行為。

去年提出「8×8」精簡架構

自行政總裁歐智華上場後,已手簡化架構,提出「8×8」等精簡概念,以及退出部分業務與巿場。目前於節省成本方面已見成效,但對改善管理質素則較難量度。

標普﹕匯控太大 難管理


標普﹕匯控太大 難管理
降評級展望至負面
2012年8月25日
【明報專訊】早前已預留7億美元作洗黑錢罰款撥備的匯豐控股(0005),被評級機構標準普爾下調評級展望,由「穩定」下調至「負面」,意味未來6至24個月內,信貸評級有機會被下調。標普指最近事件反映匯控內部監控存在漏洞,又指匯控規模過大,難以管理。會否下調評級,將視乎其內部監控能力有否改善。

另外,彭博引述消息人士指出,匯控目前正就與伊朗及蘇丹等被制裁國的交易,與美國監管當局商討和解,預料下月將有定案。其中一個監管部門,曼哈頓地區檢察署亦正處理渣打集團(2888)隱瞞伊朗交易的案件,故與匯控討論進度或受拖慢。

施永青1.36億沽企廣 8年勁賺8061萬


施永青1.36億沽企廣
8年勁賺8061萬
2012年8月25日
【明報專訊】東九龍商廈交投持續暢旺,中原地產創辦人施永青亦趁機大賺離場。土地註冊處資料顯示,由施氏持有的九龍灣企業廣場2及3座7樓單位,上周以1.36億元易手,買家為浸信會醫院,預計該物業將作為後勤辦公室之用。

據悉,物業面積約2.6萬方呎,呎價約5216元,與同類價相若;施氏則於2004年以5500萬元購入,現轉手大賺8061萬元,物業8年間大升1.5倍。

【專訪】平保:新業務下半年重拾升軌

【專訪】平保:新業務下半年重拾升軌
調整產品結構 提升利潤率
平保(02318)三頭馬車之一的保險業務動力停頓,上半年新業務價值下跌8.6%,觸發券商下調其盈利預測和估值。

副總經理兼首席保險業務執行官李源祥接受訪問時解釋,壽險動力停頓為公司主動調整產品結構所致,未來更看重價值增長多於保費和規模增長,他相信下半年新業務可回復增長。

規模增長和利潤率收縮均導致新業務價值下跌,上半年首年保費年化保費等值按年下跌6.5%,新業務利潤率亦按年下降84點子。但李源祥表示,個人壽險首年躉繳保費按年大幅減少92.7%,反映該公司正推售更多保障性、附加值及年期更長的期繳保單,以提升新業務利潤率。該公司3至6年內,亦將盡量降低主要售賣期繳產品的銀保業務比重。

IGB Q2 earnings at RM55.98m, boost from property, hotels

The Star Online > Business
Published: Friday August 24, 2012 MYT 6:21:00 PM
IGB Q2 earnings at RM55.98m, boost from property, hotels

KUALA LUMPUR: IGB Corporation Bhd recorded an 18% increase in its earnings to RM55.98mil in the second quarter ended June 30, 2012 from RM47.46mil a year ago, as its revenue increased due to strong contributions from its property and hotel operations.

It said on Friday group revenue increased by 44% to RM260.83mil from RM180.97mil a year ago. Group pre-tax profit increased 34% to RM100.7mil from RM75.30mil. Earnings per share were 3.84 sen compared with 3.25 sen.

IGB slips to low of RM2.41, launch of REITs postponed


The Star Online > Business
Published: Friday August 24, 2012 MYT 3:55:00 PM
IGB slips to low of RM2.41, launch of REITs postponed

PETALING JAYA: Shares of IGB Corp Bhd slipped to a low of RM2.41 on Friday while investors a fresh date for the launch of the prospectus for its real estate investment trusts (REITS) which would see it raising RM837.5mil from the initial public offering (IPO).

The fall in the share price was also in line with the weaker regional and domestic markets.

澳大利亚资源投资热潮趋冷

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%BB%A5%E5%8F%8A%E5%85%A8%E7%90%83%E7%BB%8F%E6%B5%8E%E5%89%8D%E6%99%AF%E7%9A%84%E6%94%B9%E5%96%84%E3%80%82%0D%0A%0D%0A%E4%BD%86%E6%AF%8F%E4%B8%80%E4%B8%AA%E9%A1%B9%E7%9B%AE%E7%9A%84%E6%8E%A8%E8%BF%9F%E9%83%BD%E4%BC%9A%E5%AF%B9%E7%9F%AD%E6%9C%9F%E7%9A%84%E6%8A%95%E8%B5%84%E5%92%8C%E5%B0%B1%E4%B8%9A%E4%BA%A7%E7%94%9F%E5%BD%B1%E5%93%8D%E3%80%82%E6%BE%B3%E5%A4%A7%E5%88%A9%E4%BA%9A%E6%94%BF%E5%BA%9C%E5%B7%B2%E6%8A%8A%E4%B8%8B%E4%B8%80%E5%B9%B4%E5%BA%A6%E5%AE%9E%E7%8E%B0%E8%B4%A2%E6%94%BF%E5%B9%B3%E8%A1%A1%E7%9A%84%E5%B8%8C%E6%9C%9B%E5%AF%84%E6%89%98%E5%9C%A8%E5%AF%B9%E9%93%81%E7%9F%BF%E7%9F%B3%E5%92%8C%E7%85%A4%E7%82%AD%E5%88%A9%E6%B6%A6%E5%BE%81%E6%94%B6%E6%96%B0%E7%A8%8E%E3%80%81%E5%B9%B6%E6%94%B6%E5%8F%96%E7%A2%B3%E6%8E%92%E6%94%BE%E7%A8%8E%E4%B9%8B%E4%B8%8A%EF%BC%8C%E6%89%80%E4%BB%A5%E5%AF%B9%E5%AE%83%E8%AF%B4%E6%9D%A5%EF%BC%8C%E7%9F%AD%E6%9C%9F%E5%86%85%E7%9A%84%E6%8A%95%E8%B5%84%E5%92%8C%E5%B0%B1%E4%B8%9A%E5%8F%AF%E8%83%BD%E6%98%AF%E8%87%B3%E5%85%B3%E9%87%8D%E8%A6%81%E7%9A%84%E3%80%82%0D%0A%0D%0A%E5%B0%8F%E5%85%AC%E5%8F%B8%E5%B7%B2%E7%BB%8F%E5%9C%A8%E9%87%87%E5%8F%96%E6%9B%B4%E4%B8%BA%E4%BF%9D%E5%AE%88%E7%9A%84%E5%81%9A%E6%B3%95%E3%80%82%E7%94%B1%E4%BA%8E%E5%A4%A7%E5%AE%97%E5%95%86%E5%93%81%E4%BB%B7%E6%A0%BC%E4%B8%8B%E8%B7%8C%EF%BC%8C%E5%8A%9B%E6%8B%93%28Rio+Tinto+PLC%29%E7%9A%84%E5%AD%90%E5%85%AC%E5%8F%B8Ivanhoe+Australia+Ltd.%E5%B7%B2%E5%9C%A8%E4%BB%8A%E5%B9%B4%E8%A3%81%E5%91%98%E5%A4%9A%E8%BE%BE50%E4%BA%BA%EF%BC%8C%E5%B9%B6%E8%A1%A8%E7%A4%BA%E5%B0%86%E6%8E%A8%E8%BF%9F%E6%98%86%E5%A3%AB%E5%85%B0%E5%B7%9E%E4%B8%80%E4%B8%AA%E9%93%9C%E3%80%81%E9%87%91%E9%9C%B2%E5%A4%A9%E7%9F%BF%E7%9A%84%E5%BC%80%E5%8F%91%E3%80%82%0D%0A%0D%0A%E7%8F%80%E6%96%AF%E7%9F%BF%E4%B8%9A%E5%85%AC%E5%8F%B8Aquila+Resources+Ltd.%E5%B0%86%E6%8A%8A%E5%85%B6%E8%A5%BF%E6%BE%B3%E5%A4%A7%E5%88%A9%E4%BA%9A%E4%B8%80%E4%B8%AA58%E4%BA%BF%E6%BE%B3%E5%85%83%E9%93%81%E7%9F%BF%E7%9F%B3%E9%A1%B9%E7%9B%AE%E7%9A%84%E6%8A%95%E8%B5%84%E5%89%8A%E5%87%8F%E5%88%B0%E6%9C%80%E4%BD%8E%E6%B0%B4%E5%B9%B3%E3%80%82%E8%80%83%E8%99%91%E5%88%B0%E9%93%81%E7%9F%BF%E7%9F%B3%E4%BB%B7%E6%A0%BC%E4%B8%8B%E9%99%8D%E7%AD%89%E8%BF%90%E8%90%A5%E7%8E%AF%E5%A2%83%E7%9A%84%E5%8F%98%E5%8C%96%EF%BC%8C%E8%AF%A5%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%9C%AA%E4%B8%8A%E5%B8%82%E7%9A%84%E7%BE%8E%E5%9B%BD%E5%90%88%E4%BD%9C%E4%BC%99%E4%BC%B4AMCI%E6%89%93%E7%AE%97%E8%8A%82%E7%9C%81%E8%B5%84%E9%87%91%E3%80%82%E4%B8%A4%E5%AE%B6%E5%85%AC%E5%8F%B8%E5%B7%B2%E7%BB%8F%E6%8A%95%E5%85%A5%E8%B5%84%E9%87%91%E7%BA%A64%E4%BA%BF%E6%BE%B3%E5%85%83%EF%BC%8C%E6%AD%A3%E5%9C%A8%E8%B0%8B%E6%B1%82%E4%BB%8E%E4%B8%AD%E5%9B%BD%E8%9E%8D%E8%B5%84%EF%BC%8C%E4%BD%86%E5%9C%A8%E6%96%B0%E5%BB%BA%E4%B8%80%E4%B8%AA%E6%B8%AF%E5%8F%A3%E4%BB%A5%E5%87%BA%E5%8F%A3%E6%89%80%E4%BA%A7%E9%93%81%E7%9F%BF%E7%9F%B3%E7%9A%84%E9%97%AE%E9%A2%98%E4%B8%8A%E8%BF%98%E6%9C%89%E5%BE%85%E6%94%BF%E5%BA%9C%E6%89%B9%E5%87%86%E3%80%82%0D%0A%0D%0A%E9%94%8C%E3%80%81%E9%93%9C%E7%9F%BF%E5%95%86Kagara+Ltd.%E9%81%87%E5%88%B0%E7%9A%84%E9%97%AE%E9%A2%98%E6%9B%B4%E5%8A%A0%E4%B8%A5%E9%87%8D%EF%BC%8C%E7%94%B1%E4%BA%8E%E5%87%BA%E7%8E%B0%E7%8E%B0%E9%87%91%E6%B5%81%E5%8D%B1%E6%9C%BA%EF%BC%8C%E5%AE%83%E5%B7%B2%E5%8F%AC%E5%9B%9E%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%82%0D%0A%0D%0A%E7%91%9E%E9%93%B6%28UBS%29%E5%88%86%E6%9E%90%E5%B8%88%E6%88%B4%E4%BC%8A%28Tim+Day%29%E8%AF%B4%EF%BC%8C%E8%80%83%E8%99%91%E5%88%B0%E6%88%90%E6%9C%AC%E9%A3%99%E5%8D%87%E3%80%81%E9%A1%B9%E7%9B%AE%E6%8E%A8%E8%BF%9F%E3%80%81%E5%B8%82%E5%9C%BA%E7%8E%AF%E5%A2%83%E4%B8%A5%E9%85%B7%EF%BC%8C%E5%B8%82%E5%9C%BA%E4%B8%BA%E5%90%84%E7%A7%8D%E9%A1%B9%E7%9B%AE%E6%8F%90%E4%BE%9B%E8%B5%84%E9%87%91%E7%9A%84%E6%84%8F%E6%84%BF%E5%B7%B2%E7%BB%8F%E9%99%8D%E4%BD%8E%EF%BC%8C%E5%A4%84%E4%BA%8E%E5%88%9D%E6%9C%9F%E5%BC%80%E5%8F%91%E9%98%B6%E6%AE%B5%E7%9A%84%E9%A1%B9%E7%9B%AE%E4%BB%A5%E5%8F%8A%E9%AB%98%E6%8A%95%E5%85%A5%E9%A1%B9%E7%9B%AE%E7%9A%84%E5%A4%84%E5%A2%83%E8%82%AF%E5%AE%9A%E4%BC%9A%E6%9B%B4%E5%8A%A0%E8%89%B0%E9%9A%BE%EF%BC%9B%E8%AF%9D%E8%99%BD%E5%A6%82%E6%AD%A4%EF%BC%8C%E5%8F%AA%E8%A6%81%E6%98%AF%E4%BC%98%E8%B4%A8%E9%A1%B9%E7%9B%AE%EF%BC%8C%E4%B8%8D%E7%AE%A1%E6%98%AF%E5%A4%84%E5%9C%A8%E5%BC%80%E5%8F%91%E5%91%A8%E6%9C%9F%E7%9A%84%E5%93%AA%E4%B8%80%E9%98%B6%E6%AE%B5%EF%BC%8C%E5%AE%83%E6%80%BB%E4%BC%9A%E5%BC%95%E6%9D%A5%E8%B5%84%E9%87%91%E3%80%82%0D%0A%0D%0ADavid+Winning+%2F+Robb+M.+Stewart%0D%0A%0D%0ASource%2FExtract%2FExcerpts%2F%E6%9D%A5%E6%BA%90%2F%E8%BD%AC%E8%B4%B4%2F%E6%91%98%E5%BD%95%3A++%E5%8D%8E%E5%B0%94%E8%A1%97%E6%97%A5%E6%8A%A5%0D%0APublish+date%3A+23%2F08%2F12

Maybulk shares fall on poor earnings

Maybulk shares fall on poor earnings
2012/08/24

KUALA LUMPUR: Shares of Malaysian Bulk Carriers Bhd (Maybulk) dropped as much as 3.77 per cent after the country’s second largest shipping firm’s second-quarter earnings missed market expectations.

By 11:35 a.m. (0335 GMT), the counter dropped 2.52 per cent to RM1.55 per share with 291,500 shares traded, as compared with an average of 235,423 shares during the past 30 trading days. The broader index shed 0.1 per cent.

減持265億歐債避風險

減持265億歐債避風險
歐債危機前景不明,銀行紛紛減持歐債,中行(03988)及中銀香港(02388)均下降歐債風險承擔,其中中行所持歐洲債券帳面價值,由一一年底之811.21億元(人民幣‧下同),大幅下降32%,至今年六月底的546.02億元,即在半年間,減持了總值逾265億元歐債。

在今年首季,中行已着手減持歐債,於三月底其歐債總額為663.65億元,一月至三月減持幅度為18%,相等於147億元。而六月底歐債總額中,英國、德國、荷蘭、法國及瑞士的債券佔比為96.16%,該行沒持有歐豬五國的任何債券。

中石油衰兩瓣 少賺6%


中石油衰兩瓣 少賺6%
受進口天然氣虧損擴至200億元(人民幣‧下同)及煉油業務持續虧損近300億元拖累,中石油(00857)中期業績遜預期。期內盈利按年倒退6%至620.26億元,中期息減至0.1525元。中石油副董事長周吉平稱,今年資本開支預算中,逾千億元用於海外投資。

盈利倒退主要是進口天然氣虧損大幅擴大,扣除進口退稅30億元,中石油上半年進口天然氣虧損約196億元。另外,煉油業務錄得經營虧損233.08億元,按年持平。

中行交足貨賺716億

中行交足貨賺716億
大型內銀開始派發上半年成績表,中國銀行(03988)上半年盈利按年升7.58%,至716.01億元(人民幣‧下同),符合市場預期,而偏低的信貸成本屬意外驚喜,按年獲大幅改善,不良貸款率亦輕微下跌,抵銷淨手續費及佣金收入減少的影響。

次季倒退 不派息
中行第二季盈利348.38億元,按季跌5.23%,不派中期息。中行盈利增長動力,主要來自淨利息收入增加及信貸成本減少,上半年中行淨利息收入按年增12.55%至1,240.54億元,惟淨利息收益率見頂回落,上半年淨利息收益率2.1%,較首季微跌1點子。

美財政懸崖 恐再陷衰退

美財政懸崖 恐再陷衰退
美國國會預算辦公室(CBO)警告,美國國會若未能及時在年底前避免「財政懸崖」,勢拖累經濟明年重陷衰退,更面臨財政赤字連續五年超越1萬億美元。

財赤第四年逾萬億美元
CBO發表半年度財政預算及經濟前景報告,料本年度財赤由去年1.3萬億美元縮至1.1萬億美元,最新預測較三月估計少1,000億美元,主要是今年來稅收增近6%,開支則減約1%,然而為第四年錄得逾1萬億美元財赤,相當於佔本地生產總值(GDP)73%,將是六二年以來最高。

平保多賺9.4% 銀行業務收成

平保多賺9.4% 銀行業務收成
http://paper.wenweipo.com [2012-08-24]

 香港文匯報訊 得益於銀行業務利潤的增加,內地第二大壽險公司平安保險(2318)上半年錄得淨利139.6億元(人民幣,下同),同比上升9.4%,較市場預期的123.4億元多;每股盈利1.76元,派中期息0.15元,與上年同。

 上半年,平安保險公司收入1,790億元,同比增加33.77%;總資產較年初增長15.7%至2.645萬億元。保險業務中,壽險業務實現規模保費1148.37億元。其中個人壽險業務實現規模保費同比增長7.9%,至1023.67億元,個人壽險業務代理人近49.4萬。

煉油又蝕 中石油少賺6%

煉油又蝕 中石油少賺6%

受進口天然氣虧損擴大至200億元(人民幣.下同)及煉油業務持續虧損近300億元拖累,中石油(00857)中期業績遜預期,盈利按年倒退6%至620.26億元,中期息減至0.1525元。副董事長周吉平表示,今年資本開支預算中,超過1,000億元將用於海外投資。

盈利倒退主因進口天然氣虧損大增,扣除進口退稅30億元,上半年進口天然氣虧損約196億元。煉油業務經營虧損233.08億元,按年持平。

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Friday, August 24, 2012

中石油千億拓海外

中石油千億拓海外
http://paper.wenweipo.com [2012-08-24]

香港文匯報訊(記者 涂若奔)受煉化業務及進口天然氣共虧損逾540億元(人民幣,下同)影響,中石油(0857)昨公布的中期淨利620.26億元遜市場預期,同比跌6.03%;每股基本盈利0.34元,中期息15.25分。公司提出五方面減虧增效,另預計今年斥約1,000億元投入海外項目。副董事長兼總裁周吉平表示,公司的目標是要在未來的5-8年,建成海外業務的「半壁江山」,即將海外油氣產量的佔比提升至50%。

平保盈利增一成 挑戰重重

平保盈利增一成 挑戰重重

內地投資環境不振,但銀行業務支撐平保(02318)盈利增長,上半年盈利139.59億元(人民幣.下同),按年增9.42%,中期息維持0.15元。雖然保費收入繼續增長,惟面對代理平均產能下降及綜合成本率上升等挑戰。

平保次季表現亮麗,盈利78.95億元,按季及按年分別升30.19%及13.71%。從業務劃分,壽險保持穩定增長,至六月底內含價值增8.17%至1,561.98億元,上半年盈利貢獻70.31億元,升3.9%;產險貢獻27.46億元,增1.96%,保費收入升19.52%至489.14億元。

中銀中期賺112億削派息

中銀中期賺112億削派息
上半年中銀香港(02388)盈利112.43億元,按年倒退6.3%,不過若剔除去年同期雷曼迷債錄得淨回撥28.54億,半年盈利按年上升16.2%,勝市場預期。管理層宣布派發中期息每股0.545元,按年減少13.49%。

淨利息收入增23%

該行中期業績理想,原因是淨息差顯著改善至1.64%,按年擴闊43點子,帶動淨利息收入按年增加23.65%至126.19億元。

半年利潤716億 中行僅多賺7%

半年利潤716億 中行僅多賺7%
大型內銀開始派發上半年成績表,中國銀行(03988)上半年盈利按年升7.58%,至716.01億元(人民幣.下同),符合市場預期,不派中期息。偏低的信貸成本屬意外驚喜,按年大減15點子至0.28%,不良貸款率亦輕微下跌,抵銷淨手續費及佣金收入減少的影響。

中行盈利增長動力主要來自淨利息收入增加及信貸成本減少,上半年淨利息收入按年增12.55%至1,240.54億元,惟淨利息收益率見頂回落,上半年淨利息收益率為2.1%,按季微跌1點子。

純利倒退 中石油敗在天然氣 仍信心十足全面力攻


內地油企一哥中石油(857)在進口天然氣數量增加、價格倒掛及成本上升等影響,上半年純利倒退6.03%至620.26億元(人民幣.下同),略遜預期。副董事長兼總裁周吉平透露,據他了解,發改委已將成品油及天然氣價格改革納入重點工作,帶動天然氣進入黃金時代。記者:陳韻妍

中石油上半年進口中亞天然氣及液化天然氣(LNG)各錄得153.47億元及72.45億元虧損,即使扣除30億元的退稅,仍錄得195.92億元虧損,拖累天然氣與管道經營利潤按年大跌84.7%至16.37億元,當中次季更蝕3.62億元。
消息人士指中石油料今年西氣東輸二線虧損約300億元,全年供氣量240億立方米,即使中央有意下月10日調升天然氣價格,但加價後仍難以彌補進口天然氣的龐大虧損額。

Facebook Cofounder And World's Youngest Billionaire Offloads Shares

Facebook Cofounder And World's Youngest Billionaire Offloads Shares

The world’s youngest billionaire is distancing himself ever so slightly from the social networking giant he helped to create. Forms filed with the SEC on Wednesday show that Facebook cofounder Dustin Moskovitz sold 450,000 shares since last Friday –less than 1% of his stake in Facebook.

A financial filing with the Securities and Exchange Commission shows Moskovitz sold three tranches of shares from his personal trust between last Friday and Tuesday for an average of $19.61 a share, pocketing about $7.5 million dollars after taxes. He still owns just over 133.2 million shares, which represents about 6.2% of shares outstanding in the Menlo Park, Calif.-based company.

The Facebook IPO Proves The New Rule That Private Markets Trump Public Markets

The Facebook IPO Proves The New Rule That Private Markets Trump Public Markets

The Facebook IPO is a cynical tale of selling cheap shares privately at peak rates of growth– only to dump the shares on the unsuspecting public when growth suddenly slowed. Imagine; in the face of slower growth Facebook and its financial advisers upped the ante on the stock from $32 a share to $38 a share and stuck another 800 million shares into the offering. They should have lowered the offering price into the low 20s and reduced the amount of shares being sold.

拯救中国股市的八点建议

拯救中国股市的八点建议
BWCHINESE中文网 作者:BWCHINESE中文网专栏作家 皮海洲

目睹中国股市的千疮百孔,笔者皮海洲作为中国股市的参与者,倍感痛心。希望能为中国股市的振兴尽点绵薄之力。

自5月中旬以来,股市跌跌不休,并于7月31日创下今年的新低点2100点。在这一路下跌的过程中,市场上救市的呼声不断。为此,新浪财经与证券时报顺应市场呼声,携手发起股市振兴大讨论——拿什么拯救你,中国股市。作为中国股市的参与者,目睹中国股市的千疮百孔,笔者倍感痛心。为此,特提出如下八点建议,希望能为中国股市的振兴尽点绵薄之力。

QE-Addicted Markets Rally On Minutes, But Fed Will Focus On Jobs And Unemployment

QE-Addicted Markets Rally On Minutes, But Fed Will Focus On Jobs And Unemployment

Fed Chairman Ben Bernanke squeezed the shorts a bit on Wednesday, with the latest FOMC minutes signaling further monetary action, or QE3, could come fairly soon, which in turn sparked a risk asset rally. While the Fed acknowledged that the fiscal cliff, the European sovereign debt crisis, and the global slowdown remain major risks, it is raw data that will push the FOMC to action. The most important of which will be the August jobs report, as Doug Roberts of Channel Capital Research explained.

Singapore's F&N shares rise on block trade

Singapore's F&N shares rise on block trade

F&N shares were up 1.3 per cent at S$8.43. -Reuters

Fri, Aug 24, 2012
Reuters

SINGAPORE - Shares of Fraser and Neave rose as much as 1.9 per cent on Friday after a block trade of 2.5 per cent of the Singapore group's stock fuelled speculation that Thai Beverage had raised its stake as part of a beer takeover battle.

麥嘉華:全球衰退幾率百分百


麥嘉華:全球衰退幾率百分百
Created 08/24/2012 - 17:45

(美國‧紐約24日訊)有“末日博士"之稱的投資專家麥嘉華(MarcFaber)再出言唱淡全球經濟,重申全球經濟陷入衰退是必然的。

他向CNBC表示,近期的市況,正正反映他今年5月時的言論是正確的。麥嘉華在5月指出,全球經濟陷入衰退的幾率已達100%,時間點可能是在今年第四季或2013年初。

麥嘉華也表示,現時主要的經濟體系,包括歐洲、美國、中國和新興市場都是依賴中國的增長,但他只見到疲弱的增長。

美國乾旱恐引爆全球糧食危機‧大馬食品通膨料短暫


美國乾旱恐引爆全球糧食危機‧大馬食品通膨料短暫
Created 08/24/2012 - 17:45

(吉隆坡24日訊)美國遭遇半個多世紀以來最嚴重旱災引爆全球糧食危機疑慮,小麥、玉米和大豆價全面狂飆,經濟學家認為,若此現象持續,大馬食品價短期內恐掀起一波漲潮,促使下半年通膨可能升溫到2%。

小麥、玉米、大豆價
半年內料狂飆

美國發生自1950年以來最惡劣的干旱,糧食供應收緊導致玉米、小麥和大豆價自6月各飆升44.8、42.8和24.3%,價格飆漲趨勢更超越2008年的巔峰。

债券牛尾巴,股市龙抬头——2012下半年投资策略

债券牛尾巴,股市龙抬头——2012下半年投资策略
2012年08月23日
《福布斯》中文版2012年7月刊


2012年08月23日
《福布斯》中文版2012年7月刊


固定收益产品的巅峰

就像2007年不谈股票就落后了一样,2012年上半年如果不谈信托产品,你落后市场就太远了。2011年信托业是遍地黄金,这既体现在信托公司整体收入、利润、员工数的蒸蒸日上,也体现在信托额度经常被秒杀的火爆销售中。公募基金虽然发不了固定收益信托,但也有变通办法,汇添富和华安推出了类银行短期理财产品的“理财30”、“月月鑫”等产品,也受到投资人热追,首期发行量直上400亿关口。

HSBC Rating Outlook Cut By S&P On Risk Control Failings

HSBC Rating Outlook Cut By S&P On Risk Control Failings
By Keith Campbell and Howard Mustoe - Aug 24, 2012

HSBC Holdings Plc (HSBA)’s credit rating outlook was cut by Standard & Poor’s (SPY), which questioned whether the lender is too big to be managed effectively in the wake of regulatory scandals in the U.S. and Europe.

S&P reduced its outlook on HSBC Holdings’s long-term rating to negative from stable, according to a statement today.

资本新贵Facebook成中国A股IPO的反面教材


资本新贵Facebook成中国A股IPO的反面教材
BWCHINESE中文网 作者:BWCHINESE中文网专栏作家 周俊生 2012-08-23

今天Facebook的表现,让我们领略到了我们照搬过来的这套IPO制度的问题所在,Facebook给A股市场提供了IPO的反面教材。

提起Facebook,中国股市的每一个投资者都不会感到陌生,这个在中文里翻译为“脸谱”的社交网络公司,在美国资本市场创造了一段传奇。今年5月,Facebook进行IPO并完成了在美国市场的上市,它的传奇也到达了顶峰。创下了每股38美元的IPO价。Facebook的创始人,年轻的在校大学生扎克伯格也因此成为让全球羡艳的英雄。

Facebook Director’s Quick $1 Billion Share Sale Lacks Precedent

Facebook Director’s Quick $1 Billion Share Sale Lacks Precedent
By Ari Levy and Brian Womack - Aug 23, 2012

Peter Thiel’s decision to sell almost all of his stake in Facebook Inc. (FB) so soon after company’s initial public offering has few precedents in Silicon Valley, where venture capitalists typically hold shares longer.

Thiel, a Facebook director and its first outside investor, divested 72 percent of his remaining shares three months after it went public. Of the 40 biggest U.S. technology IPOs since the end of 2010, only Facebook and its underwriters let some backers sell so soon, with every other company adopting a so-called lock-up period about twice that long.

MIDCAP-Singapore Noble technicals suggest reversal

Shares of Noble Group, which saw a sharp rise in August, look set to reverse.

After rising more than 16 percent this month, the stock seems to face resistance at its 200-day exponential moving average.

The stochastics %K line has cut below the %D line in the overbought zone, which is a negative sign.

Cordlife posts 0.9% rise in 4Q net profit to $2.9m

Cordlife Group said it posted a net profit of $2.31 million for the fourth quarter ended June 30, up 0.9% from a year ago.

Revenue rose 6.5% to $7.48 million, due to a rise in the provision of cord blood banking services driven by a rise in the number of client deliveries and new cord tissue banking services launched in March 2011 by the group’s subsidiary, Cordlife Hong Kong.

ThaiBev likely buyer of block of F&N shares: Religare

The buyer of the block of 35.8 million F&N shares which changed hands at $8.60 share “is highly likely to have been ThaiBev in our opinion and, on our calculations completes their buying,” says an analyst at Religare in an email. “We expect they are now up to the maximum 29.9% stake they can take without triggering an MGO. (We do not believe they can or want to do this.)”

F&N is up 1.2% at $8.42; ThaiBev is flat at $0.33 at 10:58 am.

Singapore Post could spin off assets: OCBC

With property listings gathering pace in Singapore, it could be an opportune time for Singapore Post to spin off some of its post office assets, OCBC Investment Research said.

Singapore Post has a property portfolio, consisting of 16 potentially saleable post offices, that may bring in substantial cash when unlocked, OCBC said. It has a ’buy’ rating and target price of $1.14 on the company.

硬碟驅動器需求波動‧JCY寫5個月新低


硬碟驅動器需求波動‧JCY寫5個月新低
Created 08/24/2012 - 10:44
(吉隆坡23日訊)JCY國際(JCY,5161,主板科技組)股價自本月16日公佈第三季業績以來不斷敗退,今日一度再跌28仙或20.89%至1令吉零6仙,刷新5個月新低。

該股今早以1令吉34仙平盤開場,惟隨後湧現的賣壓令股價延續過去4個交易日跌勢,股價全日節節敗退,午盤觸碰5個月低點後逐步回揚,終場掛1令吉12仙,跌22仙,成交量6千723萬2千200股,是全場第4大熱門股。

2013預算案或派“大選糖果"‧興業:所得稅和公司稅料不調低


2013預算案或派“大選糖果"‧興業:所得稅和公司稅料不調低
Created 08/24/2012 - 07:44
(吉隆坡23日訊)儘管政府9月間提呈的2013年財政預算案是“大選預算案",並且致力於營造美好感覺,但興業研究預期個人所得稅與公司稅不減,反而繼續透過加強稅務管理從企業或關稅獲取更多稅款,預期企業與資金市場不會對這人民預算案發出“歡呼聲"。

興業說,政府將在大選前的預算案中顯現減低赤字的決心與自律,會透過公私合營(PPP)推展發展計劃避免加重經常開銷,同期透過強化稅務行政與防堵關稅缺口,從企業中獲取更多稅款。

推介新購物區‧柏威年產託放眼90%租用率

推介新購物區‧柏威年產託放眼90%租用率
Created 08/24/2012 - 10:51
(吉隆坡23日訊)柏威年產業信托(PAVREIT,5212,主板產業投資信托組)旗下柏威年廣場上週初步推介新潮流街購物區,放眼9月初達成90%租用率目標,興業研究認為該公司未來不愁成長動力,展望優於其他同儕。

興業在會見該公司管理層後表示,新潮流街購物區在完成翻新後,每平方呎租金叫價目前達25令吉,較之前高出一倍,但目前有許多新商家已租用該區空間並正式營運。

“連接新潮流街的載放區和的士站,有助強化商場銜接網絡和購物者流量,柏威年管理層放眼在第三季完全開放潮流街,加上商場主要租約將於明年更新,相信能營造短期成長動力。"

大马散装货运 净利大跌95%


大马散装货运 净利大跌95%
Created 08/24/2012 - 10:17
(吉隆坡23日讯)船运市场持续趋弱,大马散装货运(Maybulk,5077,主板贸服股)截至今年6月30日次季净利大跌95.97%至88万2000令吉,上财年同期为2188万7000令吉。

次季营业额也滑落35.46%至6478万5000令吉,上财年同期为1亿38万2000令吉。

截至今年6月30日止上半年,大马散装货运净利录得3181万8000令吉,比上财年同期的7454万5000令吉低57.32%;上半年营业额也从上财年同期的2亿1495万7000令吉,下跌36.37%至1亿3677万6000令吉。

小心QE3又食詐胡!

小心QE3又食詐胡!
美國聯儲局每次議息會議後的一紙聲明,是投資者必看的,由於篇幅所限只能簡單講重點,要了解背後思路,便不能不細讀三星期後才公布的會議紀錄。八月份議息會議紀錄果然有「驚喜」,決策官員已一致認同推出新一輪大規模購買資產行動,能為經濟復甦提供額外支持,予人的感覺是真的很快會有QE3。不過,會否出手是有預設條件的,要看數據行事,仍有「食詐胡」的可能。

聯儲局官員對於推出QE3,態度無疑比以往積極得多。不妨以六月份議息會議紀錄作對比,當時只有「幾名官員」認為需要推出進一步的刺激經濟措施,同時還有些少反對聲音質疑再出招的效用。不過,到了八月便完全不同,會議紀錄顯示「很多官員」認同很快便要進一步的寬鬆措施,除非未來的數據顯示經濟出現實質及可持續增長。所謂「很多」,一般詮釋是代表全部同意。QE3真是從未如此接近成事。

中国央行下一步棋怎么走?


2012年 08月 23日 18:23
中国央行下一步棋怎么走?

疲软的中国经济数据可能反而催生利好政策。

周四公布的8月份汇丰(HSBC)中国制造业采购经理人预览指数(PMI)显示,中国至关重要的制造业进一步萎缩。8月份PMI降至47.8,低于7月份的49.3,进一步远离50的荣枯分水岭。同时也有迹象表明,未来的情况可能进一步恶化,因为新订单和新出口订单指数下滑,而库存指数上升。

李寧清存貨需時3年


李寧清存貨需時3年
內地體育用品零售市場競爭劇烈,預警全年業績或「見紅」的李寧(02331),昨日宣布不再披露每季訂單情況。雖然執行副主席金珍君表示,下半年關店量將少於上半年逾九百家的規模,但重申公司清理庫存非短期可完成的任務,估計需時兩至三年,今年底將檢討清貨力度是否足夠。

覓CEO應付下一輪變革

創辦人兼執行主席李寧昨於業績發布會上透露,集團行政總裁一職仍懸空,但已透過獵頭公司尋求人選,指新任行政總裁需勝任下一輪變革。金珍君強調,行政總裁只是管理層一部分,況且三階段變革已推並進行順利,他認為,尋找人選時間多久不是關鍵,可能需時一個月或六個月以下,目前該職務已安排人暫代。金氏同時指,集團已新任命兩位在外聘請的管理級人士,主理供應鏈及銷售,另有兩位高管將於未來三個月上任。

離岸人幣龍頭行優勢盡顯  中銀半年核心盈利勁


離岸人幣龍頭行優勢盡顯  中銀半年核心盈利勁

受惠於離岸人民幣業務正面收成及成本控制等因素支持,中銀香港(2388)昨收市後公佈的中期業績核心表現強勁,剔除去年雷曼回撥的一次性影響,上半年盈利按年升16.2%至112.43億元,計及雷曼因素則倒退6.3%。記者:劉美儀

中銀昨收市升1.84%至24.9元,創去年4月中以來新高水平,今年累計升幅已逾三成,反映市場繼續押注其離岸人幣龍頭行的優勢。

打響頭炮  中行多賺7.6% 勝預期

打響頭炮  中行多賺7.6% 勝預期

內地五大行中期業績由中國銀行(3988)打頭陣,上半年錄得純利716.01億元(人民幣.下同),按年升7.6%,勝過市場預期;每股盈利0.26元,不派息。期內淨息差收益率發揮防守性作用,僅微跌0.01個百分點至2.1%,資產質量及資本水平均有改善。

淨息差料續受壓
中行第二季淨利息收入按季增4.7%,但受股票佣金及基金代銷手續費等收入大減、內地銀行新實行減免費用政策等拖累,非利息收入按季大減38%,次季純利按季跌5.2%,惟按年升5.1%。期末核心資本充足率較首季升0.18個百分點至10.15%,淨資產收益率(ROE)則跌0.82個百分點至18.99%。

平保績靚按季多賺30%


內險股今年中期業績難望看好,平保(2318)卻在一片唱淡聲中交出遠勝預期業績,半年多賺9.42%至139.59億元(人民幣.下同),每股盈利1.76元,中期息維持0.15元(18.34港仙)。平保次季表現亦持續增長,純利按季增30.19%至78.95億元,按年則增13.71%。

推行綜合金融營運模式的平保,主要靠平安銀行業務撐起集團盈利增長動力。截至6月底,平銀業務淨利潤達67.31億元,按年勁升逾1.8倍,並為平保貢獻利潤34.67億元。不過,平銀前景潛在不少危機,當中不良貸款率較年底大增0.2個百分點至0.73%,撥備覆蓋率更由去年底的320.66%跌至今年中的237.96%,暗示一旦內地經濟轉差,平銀將要作大幅撥備減值。

中石油次季純利急跌21%


中石油次季純利急跌21%
2012年8月24日
【明報專訊】油公司業績繼續令市場失望,中石油(0857)上半年少賺6%至620.26億元(人民幣.下同),略遜預期,第二季純利更按年倒退21%,主要因天然氣與管道業務出現虧損。副董事長周吉平指出,天然氣的發展正進入黃金時期,期望盡快解決天然氣價格倒掛的問題。

今年第二季,中石油四大業務的表現均較首季遜色。勘探與生產及銷售業務出現倒退,煉油及化工業務一如預期擴大虧損。天然氣與管道業務亦終於守不住,第二季出現3.62億元的經營虧損。

Oil & Gas: Outperformance to continue (OCBC)

With the end of the 2Q12 earnings season, we note that companies reported earnings that were mostly in line with our expectations, with the exception of Keppel Corporation and Marco Polo Marine (above), and Rotary Engineering (below). Key events included the materialisation of major contracts for the rigbuilders with more order flows in the pipeline, as well as continued recovery in the OSV segment. Ezion Holdings also clinched a series of contracts which supported its share price performance. Despite fears of a slowdown in the global economy, the rig market has picked up and the OSV market is on a gradual road of recovery, though the downstream segment is still in a difficult environment. Looking ahead, we expect continued good performance by SMM [BUY, FV: S$6.09], KEP [BUY, FV: S$13.34], EZI [BUY, FV: S$1.20] and SOH [BUY, FV: S$2.00], but among the rigbuilders we currently favour SMM. Maintain Overweight.

Pavilion REIT - Fashion-ing its way forward

Pavilion REIT
Price Target : 1.60
Fashion-ing its way forward

Our recent meeting reinforced our positive view on PavREIT. While short-term drivers are the opening of the Fashion Avenue in 3Q12 and the major lease renewal next year, long-term growth will come from the transformation of the whole Bukit Bintang area.

The Fashion Avenue, covering 69k sqf, had its soft launch recently. About 90% of the tenants are expected to open by the 1st week of Sept. Rental for the precinct is about RM25 psf, double the rate that CK Tang previously paid.

YTL Power International - 4Q12 within expectations

Price Target : 1.80
Last Price : 1.86

Actual vs. Expectations
FY12 net profit of RM1.23b met expectations, making up 98% of the street's FY12E net profit of RM1.25b and 96% of our RM1.28b.

Dividends 4Q12 tax exempt dividend of 0.9375 sen declared. Hence, the total FY12 NDPS of 4.69 sen (-50% YoY; 2.6% yield) was below our FY12E NDPS of 6.00 sen and the street's 6.30 sen.

ECS Holdings: Not the right time yet (CIMB)

ECS Holdings
TP : S$0.50
Price @21/08/12: S$0.48
52-week range (SGD): 0.42 – 0.885
Not the right time yet

2Q slightly below expectations; still a HOLD
Key positives in 2Q12:
(1) Good qoq recovery in GP margin even though yoy was still down 60bps; and
(2) Good cost control as opex ratio remained flat yoy despite rising wage pressure.

Starhill Global REIT: AEI Comple􀆟on To Provide Buffer Against Headwinds (AM)

STARHILL GLOBAL REIT
Singapore property portfolio propping up growth. Starhill Global REIT (SGREIT) recorded growth of 4.4% YoY in its net property income (NPI) for 2QFY12, which was mainly buoyed by an improving performance of its Singapore property portfolio. Gross revenue, meanwhile, witnessed an increase of 4.8% YoY in the same quarter.

Golden Agri- Resources: Weaker results on lower CPO price & higher cost of production (DB)

Golden Agri-Resources
Price at 9 Aug 2012 (SGD) 0.69
Price target - 12mth (SGD) 0.90
52-week range (SGD) 0.80 - 0.55
Weaker results on lower CPO price & higher cost of production

1H12 results in line with DBe but below consensus
Golden Agri-Resources (GAR) reported US$270.1m net profit for 1HFY12, down 34% YoY. The results account for 50% of our full-year forecast but only 43% of consensus estimate. The poor performance was attributed to lower CPO price, which fell 9%. Additionally, production was weaker, albeit marginally, due to the lag effect of last year’s poor weather conditions. Production cost has also increased due to higher labour cost and fertilizer volume application.

Hong Leong Finance :Margins faced further pressure (NRA)

Hong Leong Finance
Current Price S$2.36
Fair Value S$2.00
Margins faced further pressure

Hong Leong Finance reported a 40% y-o-y decline in interim net profit to S$31m Its net profit in 2Q12 declined 44% y-o-y to S$15m. The lower than expected results were due to margin compression vs our expectation of a margin expansion under current uncertain environment.

Lower operating profit before provisionings. This was down 8% y-o-y in the second quarter to S$21m and down 10% at half-time to S$42m. Margin compression due to higher funding cost as a result of higher prevailing interest rates and higher deposit base. Deposit base grew 16% vs a loans growth of 13% ytd.

MISC Bhd: Seeing better days ahead (MIDF)

MISC Bhd
Seeing better days ahead
Price (16 August. 2012) RM4.49
Target Price RM5.65

Well on-track to meet FY12 earnings forecasts. For 2Q12, MISC returned into the black with net profit of RM381m as compared to net loss of -RM465m in the previous quarter. The result was well on-track to achieve ours and consensus full year estimates. Moreover, operating profit surged by +41.3%yoy to RM553.5m mainly driven by: (i) higher contribution from offshore; (ii) minimal operating losses from Liner operations; (iii) narrowed losses from Petroleum shipping.

Wilmar International:2Q12: Another Painful Quarter; Outlook Still Cloudy (UOBKH)

Wilmar International
Share Price S$3.39
Target Price S$3.30
Upside (Previous TP -2.7% S$4.70)

Results
• Wilmar International’s (Wilmar) 2Q12 results were much below expectation. The misses in 2Q12 were:
a) Loss making in soybean business continued in 2Q12 although at a smaller loss of US$8.7/tonne vs US$11.9/tonne in 1Q12. But to our surprise, management attributed the losses to the renminbi depreciation against the US$ in 2Q12 and to poor crushing margin. There was no mention about the timing of purchase, which might indicate there were no trading positions in 2Q12. But we need to verify this during the coming analyst briefing.

ASL Marine: Strong finish to FY12; starting FY13 on the front foot (CIMB)

ASL Marine
Current S$0.59
Target S$0.78
Strong finish to FY12; starting FY13 on the front foot

Nice guys do not necessarily finish last. ASL’s affable, CEO Mr K.T Ang should be heartened after a sterlingFY12 operating performance-all segments did well. Further, a strong order book of S$586m should underpin a 17% yoy earnings growth for FY13.

At 37% of full-year (FY12 at 109%), 4Q was 35% above our expectation and in line with consensus. Shipbuilding and chartering beat expectations. We adjust our FY13-14 EPS by 0-5%; and introduce FY15 numbers. Our target price dips, still at 0.9x CY12 P/BV. Outperform maintained. We see catalysts from strong orders and results.

JCY International : More pressure in the near term (CIMB)

JCY International
Current RM1.47
Target RM1.41
More pressure in the near term

Although we had warned of possible earnings disappointment, the rate of margin decline was much worse than anticipated. We believe that JCY’s margin will continue to trend downwards in the near term given the muted 2H guidance by HDD OEMs.

At 59% of our FY12 forecast and 82% of consensus, 9MFY9/12 net profit was 10% ahead of consensus but 43% below ours. Factoring in lower sales and gross margins, we slash our forecasts and cut the stock from Trading Buy to Neutral as near-term earnings deceleration will cap upside. Our target price is still based on 6x CY13 P/E, in line with its peers.

Genting Singapore : Shortfall In 2Q12 Results (KE)

Genting Singapore
Hold (unchanged)
Share price: SGD1.28
Target price: SGD1.31 (from SGD1.40)
Shortfall In 2Q12 Results

No reason to upgrade. While 2Q12 results were in line, fundamentals disappointed with both VIP volume and mass market GGR falling YoY and QoQ despite two new International Marketing Agents (IMA) and the new 194-room Equarius Hotel & Beach Villas. We cut our FY12-14 net profit estimates by 10-15% on lower VIP volumes. Our EV/EBITDA-based TP is lowered to SGD1.31 (-6%). M&A opportunities are unclear, giving us no reason to lift our call on both valuation and M&A grounds.

Noble Group :Flushed with cash soon (DBSV)

Noble Group
BUY S$1.115
Price Target : 12-Month S$ 1.30
Flushed with cash soon

• 2Q12 core profit of US$145m (+7% q-o-q; +10% yo- y) was above our estimate of US$89-107m
• Energy outperformed, backed by growth in the US business and higher coal volumes
• FY12F-14F core earnings raised by 4-9% on higher Energy contribution; Noble to receive US$788m over the next six months
• Maintain Buy, TP unchanged at S$1.30

KLCC Property: Growth driven by Lot C (DBSV)

KLCC Property
HOLD RM5.21 KLCI : 1,645.36
(Downgrade from Buy)
Price Target : 12-Month RM 5.40
Growth driven by Lot C

2Q12 profit in line; declared 4sen DPS
Near-term growth mostly organic as Lot C development matures
Downgrade to HOLD, but TP is intact at RM5.40

FJ Benjamin : Brand building, a long-term game (KE)

FJ Benjamin
Hold (downgrade from Buy )
Share price: SGD0.35
Target price: SGD0.36 (lower from 0.43)
Brand building, a long-term game

FYJun12 missed estimates. Full-year results came below our expectations, with sales of SGD393.2m, and net profit of SGD13.5m, making up 85% of our estimates. The group offered a final dividend of 1ct, as opposed to 2cts as of FYJun11; this is attributed to aggressive expansion and necessary increases in working capital. We lower our estimates for FY13-15 by 14-17% to account for higher operating expenses. We downgrade the stock to a HOLD on the basis of lower-than-expected margins and expensive valuations.

Healthway Medical:What asset is it buying?

Q2 revenue flat, net profit soars 87.6%

15/8/2012 – Healthway Medical Corporation says it is in talks to buy an undisclosed asset, but gave few others details.

It made the comment in its earnings statement, in which it also warned of severe cost pressures from steep increases in rental and healthcare staff costs.

Giordano: On track for better 2H (DBSV)

Giordano
BUY HK$5.64
Price Target : 12-Month HK$ 6.90
On track for better 2H

• Results largely in line with improvements seen in 2Q
• Expect a stronger 2H benefiting from low inventory level and base effect
• Maintain BUY with TP at HK$6.90

Malaysia Airlines : Bleeding has eased (MIDF)

Malaysia Airlines
Maintain NEUTRAL
Price (14 Aug. 2012) RM1.07
Target Price RM1.16
Bleeding has eased

• Narrower operating loss. MAS reported net loss of -RM349m and - RM521m for 2Q12 and 1H12 respectively. Excluding the forex translation loss of –RM173m, the core net loss contracted to – RM161m vis-à-vis –RM347.6m in 1Q12. The expected improvement was mainly attributed by: i) 10% capacity cut from unprofitable routes; ii) lower fuel price of USD132pb vs. USD140pb in 2Q11; iii) higher passenger yield, increasing by +6.2%yoy.

Yangzijiang Shipbuilding : No Respite in Sight (KE)

Yangzijiang Shipbuilding
HOLD(from Sell)
Share price: SGD0.98
Target price: SGD1.02 (unchanged)
No Respite in Sight

Within expectations, upgrade to HOLD Yangzijiang (YZJ) reported 2Q12 revenue of CNY3.94b (+13% YoY, +7% QoQ) and net profit of CNY0.88b (-9% YoY, -14% QoQ), coming in within our expectations. 1H12 revenue and net profit respectively made up 45% and 47% of our FY12F forecast. While earnings for FY12F-13F are relatively secure, outlook for FY14F remains uncertain given weak orderbook momentum, margin pressure and cancellation risks. However, valuations have bottomed since we last called a SELL on the stock. Maintain target price of SGD1.02 but upgrade to a HOLD on valuation grounds.

Hengyang Petrochemical : slightly better than our expectations (S&P)

Hengyang Petrochemical Logistics
Price: SGD0.20 Date: August 17, 2012
Results Review
• Hengyang’s 2Q12 net profit of CNY5.3 mln (16.3% YoY) was slightly better than our expectations as 1H12 net profit accounted for 56% of our full year estimate. This is due to better-than-expected gross margin driven by change in depreciation policy.

• 2Q12 revenue gained 54.4% YoY to CNY29.0 mln, mainly due to contribution from the Deqiao Phase I facility. Compared to 2Q11, the gross margin declined to 48.4% vs. 49.4% previously due to lower profit margins at Deqiao. Nevertheless, compared to 1Q12, the gross margin did improve by 3.8%-pts due to lower cost incurred.

曾淵滄專欄 24.08.12:產品暢銷要靠網絡


曾淵滄專欄:產品暢銷要靠網絡 - 曾淵滄

今年暑假,我有多次機會到內地,或公幹或旅遊,晚上在酒店看電視,發現一個稱為「加多寶」品牌的凉茶廣告鋪天蓋地出現,「加多寶」就是過去許多年獲得廣藥(874)授權生產紅罐王老吉的公司,所推出的品牌。

我到酒樓吃飯,侍應所提供的飲料也是「加多寶」,而不是廣藥的王老吉。

廣藥在今年5月打贏了官司,並取回王老吉品牌的使用權,但是,在過去許多年,廣藥自己生產銷售的綠色紙盒包裝的王老吉,銷售量遠遠落後於授權他人所生產的紅罐王老吉。

青心直說:恒地步入收成期 - 胡孟青


青心直說:恒地步入收成期 - 胡孟青

今年以來,無論地產發展股、收租股,以至房託基金,表現通通跑贏大市,恒地(012)主席李兆基(四叔)早已提醒大家「買股票好過買樓」,佢隻地產旗艦股價上半年反彈兩成多,雖然上半年銷售物業收入降46.6%,租金收入卻增長16.8%,二少打骰之酒店業務收入亦增長14.2%,低息環境下,資金欠出路,四叔明白小股東感受,所以即使核心盈利增長僅5%,派息仍慷慨地增加6.6%。

恒地息率回報一向落後於其他藍籌同業,皆因多年來一直把資金重點收購市區舊樓,市區住宅用地難求,舊樓地盤由收購至重建需時,考驗發展商的資金安排,且非人人具備這份能耐,亦解釋了為何集團過去派息較保守,主因要預留資金收購舊樓。

中外航運:運費勢受壓


經濟弱直接影響海運業務。中外運航運(368)董事兼副總經理李樺昨表示,上半年受世界經濟復蘇放緩影響,全球鐵礦石、煤炭和穀物等大宗乾散貨海運需求呈現增速回落態勢。新船交付量卻達到空前的水平,航運市場供需失衡加劇,租金、運費進一步受壓。

李樺坦言,新船及二手船價今年都下跌,惟跌幅已見縮小,預料造船公司不會虧損接訂單,船價不會再大幅下跌。

A50沽空五年最勁


港股昨跟隨亞太股市反彈,唯有A股斯人獨憔悴,上證指數昨僅升0.25%,報2113點;深證指數升0.51%報889點。港股昨日主板成交447億元,未配合升市,整體沽空金額46.9億元,沽空比率達10.5%。A股弱雞,A50(2823)逆市跌0.2%,沽空更高達7.3億元,佔成交58%,為五年來新高。統計本月,A50共有47億元沽空額,日均沽空2.8億元,平均沽空比率31%,反映有大戶不繼累積淡倉,極度睇淡A股。

德銀:A股估值貴
滙豐中國製造業採購經理人指數(PMI)8月初值數據跌至47.8,創九個月新低,連續第10個月處於50以下收縮水平,A股亦在「鑽石底」與「豆腐底」之間反覆,惟德銀認為現時A股「可能」昂貴,指市賬率(PB)雖為10年低位,不過,撇除金融股,A股的市賬率合理值為0.9倍,現時PB為1.4倍,認為A股估值不便宜。

RAM: Genting’s local power sale will not impact credit profile


The Star Online > Business
Friday August 24, 2012
RAM: Genting’s local power sale will not impact credit profile

PETALING JAYA: Genting Bhd’s proposed sale of its Malaysian power generation business to 1Malaysia Development Bhd for RM2.3bil will not have an impact on its credit profile, according to RAM Ratings.

It said in a statement that while Genting’s 720MW gas-fired combined cycle power plant in Kuala Langat, Selangor has been contributing stable operating cashflows to the group, this was estimated to make up only 5% of total operating inflows.

OSK upgrades MAS to ‘buy’

The Star Online > Business
Friday August 24, 2012
OSK upgrades MAS to ‘buy’

But research house maintains the national airline’s fair value at RM1.38

PETALING JAYA: Feeling more positive about Malaysia Airline System Bhd (MAS), OSK Research has upgraded MAS to a “buy” from a “trading buy” with an unchanged fair value of RM1.38.

More room for Singapore shares to rise: Credit Suisse

While Singapore shares have rerated and yields have compressed, valuations have more room to expand, Credit Suisse says.

It notes the MSCI Singapore’s P/E multiple, vs MSCI Non-Japan Asia, has behaved counter-cyclically long-term, with the city-state seen as having lower earnings risk and as a defensive, safe-haven trade.

Higher rental income lifts KrisAssets’ earnings

Higher rental income lifts KrisAssets’ earnings
In The Edge Financial Daily Today 2012
Written by Sharon Tan of theedgemalaysia.com
Thursday, 23 August 2012 10:22

KUALA LUMPUR: KrisAssets Holdings Bhd, which is in the midst of listing a real estate investment trust (REIT), sees a sharp jump on earnings for the second quarter (2Q) ended June 30 due to higher rental income and lower property maintenance costs.

JCY falls to 5-month low on HDD outlook woes

The Star Online > Business
Published: Thursday August 23, 2012 MYT 3:33:00 PM
JCY falls to 5-month low on HDD outlook woes

By Joseph Chin

KUALA LUMPUR: Shares of JCY International Bhd fell to a five-month low of RM1.12 in late afternoon trade on Thursday on concerns about the weakening outlook for the hard-disk drive manufacturing industry as PC sales slumped.

At 3.10pm, it was down 22 sen to RM1.12 as trading volume surged to 39.64 million shares.

CPO transport adds to Shin Yang revenue

The Star Online > Business
Thursday August 23, 2012
CPO transport adds to Shin Yang revenue

KUCHING: Shin Yang Shipping Corporation Bhd (Syscorp) has broadened its revenue base with the commencement of crude palm oil (CPO) transportation.

Group financial controller Richard Ling said the maiden CPO shipment by Merris 1 - a 12,729-tonne chemical tanker - left for China about 10 days ago.

远东酒店信托获超额认购


远东酒店信托(Far East Hospitality Trust)昨天首次公开售股截止时,所发售的“合订证券”获得超额认购,整体认购率为约27.6倍。
  这个以每股0.93元发售的合订证券,其中供散户认购的5000万股获得了14.6倍的认购率,而向机构投资者发售的2亿6757万股获得了约30倍的认购率。

  保留给董事、管理层、远东机构员工与信托管理人的1180万股则获得了全额认购。

  所发售的这些合订证券共为3亿2937万股,将占整个信托的20.5%股权。

Heineken builds direct stake in APB to 12.54%


Heineken builds direct stake in APB to 12.54%
04:46 AM Aug 24, 2012
SINGAPORE - Heineken bought more than S$50 million worth of Asia Pacific Breweries shares on Wednesday, raising its direct stake in the Singapore company to 12.54 per cent as the Dutch brewer continues shoring up its bid to acquire the maker of Tiger Beer.

Heineken bought 945,000 APB shares, or about 0.37 per cent of the company, at S$53 apiece through block trades and open-market purchases, the world's third-largest brewer by sales said yesterday.

On track for 5pc GDP growth

On track for 5pc GDP growth
By RUPINDER SINGH
rupinder@nstp.com.my
2012/08/24

ECONOMIC BOOST: UOB's upward revision of the economy is among the first by a foreign-owned entity

MALAYSIA's full-year gross domestic product (GDP) is poised to grow by as much five per cent, more brisky than the 4.3 per cent forecast earlier, Singapore's United Overseas Bank (M) Bhd said yesterday.

李寧停發訂貨會數據 市場嘩然


李寧停發訂貨會數據 市場嘩然
稱戰略轉型 數字參考性低
2012年8月24日
【明報專訊】繼公布歷來最差業績兼發全年盈警後,李寧(2331)昨天再開先例,決定不再公布每季訂貨會結果這一重要參考數據。

執行副主席金珍君解釋說,為執行策略轉型,李寧自第三季度開始主動壓低訂單,因此訂貨會數據將不再具參考性。有分析員認為,李寧此舉大幅降低公司透明度,勢必增加市場疑慮,投資者給公司的估值一定下降。

QE3憧憬刺激金價 金舖金礦股齊升


QE3憧憬刺激金價 金舖金礦股齊升
2012年8月24日
【明報專訊】昨天凌晨公布的聯儲局議息紀錄顯示,大部分成員支持推QE3,港股昨日即升244點,金價更衝破200天平均線,刺激一眾金舖與金礦股齊齊上揚(見表),但有市場人士認為刺激大市的「藥引」未足,升勢持續性成疑,匯豐昨日同時公布的8月中國製造業採購經理人指數(PMI)創下9個月新低,反映實體經濟仍然疲弱。

金價升至每盎司1674美元

平保多賺9.4% 勝預期


平保多賺9.4% 勝預期
2012年8月24日
【明報專訊】內險股中國平保(2318)昨日公布中期業績,純利139.6億元(人民幣.下同),按年增長9.4%,優於市場預期的126.5億元。集團派中期息0.15元,除淨日為9月5日。

業績位列四大內險第二

對比另外兩間已公布業績的內險股,平保上半年表現只遜於純利增幅達23%的中國財險(2328),遠勝純利大幅下滑54.6%的中國太保(2601),雖然中國人壽(2628)未公布業績,但該公司早已發盈警,因此四大內險股今年上半年的表現,平保位列第二。

中行半年多賺7.6% 按季倒退

中行半年多賺7.6% 按季倒退
2012年8月24日
【明報專訊】中銀香港(2388)母公司中國銀行(3988)同在昨日公布2012年上半年業績,純利按年升7.6%至716.01億元(人民幣.下同),略勝彭博綜合預期的698億元,不過第二季純利較首季倒退5.2%,淨利息收益率(NIM)亦按季跌0.02個百分點,惟降幅較預期為窄。分析師指出,中行業績理想,惟上半年的信貸成本僅0.28%,若下半年資產質量轉差,淨利潤難以維持目前水平。

若資產質素轉差 淨利潤難維持

分析員:中銀本地銀行股唯一選擇


分析員:中銀本地銀行股唯一選擇
2012年8月24日
【明報專訊】中銀香港貴為港銀增長火車頭,股價長升長有,本年至今股價已累升33%。昨日出業績前已炒高近2%,至24.9元。該行的人民幣神話傳誦已久,投資者擔心有利因素或多或少已反映在股價上。不過瑞信香港銀行分析員林國基預計,中銀仍然「有得升」,原因之一為上半年業績優秀,「證明中銀人民幣業務對盈利的正面影響,實現股東的期望。」

強勁增長能否持續 成未知之數

另外若要數本港銀行業,中銀可說是唯一的選擇,由於其需要面對的問題較少。「恒生要面對興業銀行入帳方法改變的潛在風險,東亞(0023)盈利則受內地業務拖累。」不過中銀的表現亦非完美無暇,林國基指出中銀香港的強勁增長,能否持續至下半年,仍為未知之數。另外內地的資產質素亦輕微轉差,投資者須多加留意。

中銀半年多賺16%冠港銀


中銀半年多賺16%冠港銀
受惠人幣資金有出路 息差擴闊
2012年8月24日
【明報專訊】最後一家本港銀行交出成績表,中銀香港(2388)受惠人民幣業務增長,上半年表現繼續「靚絕」同行(表)。去年中銀就雷曼迷債事件錄得一次過28億元的回撥,致上半年盈利倒退6.3%,撇除相關影響實增16.2%。雖然下半年能否持續強勢仍為未知之數,不過由於有人民幣業務的先天優勢以及強勁的資產質素,不少券商仍以中銀香港為港銀投資首選。

中銀香港派中期息每股0.545元,按年減13%。中銀上半年可謂「瓣瓣掂」,其中主要盈利來源,即淨利息收入錄得強勁增長,達23.7%。淨利息收益率更按年大增43點子(1厘100點子),至1.64厘,按半年亦升20點子,增幅遠遠拋離同業。中銀香港副董事長兼總裁和廣北表示,淨息差擴闊,主要由於該行持有的龐大人民幣資金出路增加,主要用作貸款及投資。人民幣業務已不再是該行的包袱,甚至名正言順成為生財工具。

營造量寬預期 伯南克似實還虛


營造量寬預期 伯南克似實還虛
欄名:社評

美國聯儲局昨公布議息會議紀錄顯示,當局曾長篇討論若再推貨幣寬鬆可有何措施。惟與其說儲局計劃出招,不如說儲局出口術穩住市場信心,並藉此試水溫,以便儲局若要在年底美國大選前出手,可先減政治阻力。

儲局出口術 維繫市場信心

伯南克領導的儲局再次向市場展示其語言藝術,昨通過公布七月底八月初的議息會議紀錄,點燃市場對再放水的憧憬,令環球股市與商品價格造好,港股亦因而受惠,恒指升逾二百四十點。

中石油半年少賺6% 符預期

HKET20120824BA01ATL.jpg (600×336)


HKET20120824BA01BTL.jpg (600×405)
中石油半年少賺6% 符預期
煉油虧損擴 天然氣利潤大跌
中石油(00857)上半年純利按年下跌6%,至620.26億元(人民幣.下同),大致符合市場預期。煉油業務虧損及天然氣業務利潤下跌是主要拖累因素。

近年大力推動的天然氣管道業務,上半年銷售量增長15.7%至436.21億立方米。然而由於進口天然氣及LNG(液化天然氣)虧損達到了196億元(返回增值稅後),遠超過往水平,令整體板塊經營利潤大幅倒退84.7%至16.37億元。

資源熱潮終結 澳洲恐衰退


資源熱潮終結 澳洲恐衰退
全球礦企失色 必和必拓盈利降
全球礦企業績大走樣,加上環球經濟持續不景,觸發澳洲憂慮國家礦業前景轉淡,影響未來經濟。分析指,若澳洲下季資源需求仍然放緩,隨時步入衰退。

盈利按年大跌35%

澳洲礦企必和必拓(BHP)日前宣布,上半年錄得347.5億美元收入,惟盈利按年由131億美元大跌至54.9億美元,跌幅逾35%,成為力拓(Rio Tinto)、淡水河谷(Vale)等公司後,另一業績倒退的主要礦企。

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