Saturday, September 15, 2012

居者有其屋 谁的责任?

居者有其屋 谁的责任?
Created 09/14/2012 - 16:20
政府努力落实居者有其屋的目标,但一系列的措施,似乎止不住房价脚步。

根据一项报告,65%的人认为屋价已相当昂贵。

收入不高,房价却太高,自己买不起房子,只好租房子,过着“处处为家,处处却不是家”的生活。

房价开始压得让人透不过气,大马人居者有其屋难道只是个遥不可及的梦?国人买不起屋子自居是谁的责任?

居住开销占中低收入层月薪35% 购房自居力不从心

不吃不喝存款28年 港人买屋最痛苦

不吃不喝存款28年 港人买屋最痛苦
Created 09/14/2012 - 15:58
当我们热烈讨论着如何居者有其屋的时候,有些国家的人,几乎是想都不用想可以有一间自己的房子。

全球最大的房地产统计网站“好房志”(Global Property Guide,下称GPG)的最新调查指出,香港人不吃不喝,工作28年才可存下买房的钱;在上海是21.06年。

这份“买屋痛苦指数榜”排第三的是北京,为18.75年;新加坡人则需要不吃不喝,工作16.49年才买得起房子。

全球最大的房地产统计网站“好房志”(Global Property Guide,下称GPG)指出,香港、上海、北京、新加坡、台北这五大亚洲城市中,香港居民位列“买屋痛苦指数榜”首位。

米兰兵法:投资服务式公寓须知

米兰兵法:投资服务式公寓须知
Created 09/14/2012 - 15:02
在前几期,我和大家分享了有关各种有地住宅产业以及高层或低层公寓或高级公寓等等的资讯。

这一期,我想和大家谈一谈服务式公寓、套房或者住宅的相关资讯,以及投资者在投资这种产业时,所须注意的事项。

服务式公寓或套房(ServicedApartments/Suites/Residences),是屋业发展的新趋势。

服务式公寓的面积从350至1500平方尺不等,非常适合单身专业人士、城市人或家庭背景不俗的学生。

这种产业的价格取决于地点以及豪华度,通常价格是每平方尺500至800令吉。这种公寓犹如其名,设备齐全,包括厨房、冷气机、风扇、热水器等等。

美国QE3刺激热钱流入 亚洲股汇全线向上

美国QE3刺激热钱流入 亚洲股汇全线向上
Created 09/15/2012 - 09:01
(吉隆坡14日讯)美国联储局(Fed)周四祭出第三轮量化宽松(简称QE3)计划,全球股汇和商场市场大受振激,尤其亚洲股汇市场更是齐欢腾,全线向上。

黄金石油走势不俗

美国推出QE3的消息,即时一洗市场之前的颓势,大量游资和热钱更涌入亚洲新兴市场。

亚洲股汇受激励,周五行情大涨,大宗商品走势也不俗,黄金和石油等价格均走强,反映出联储局此举对全球市场的效应。

亚洲股市周五均高涨1%至3%,并以韩国首尔指数和香港恒生指数的表现最为突出,分别上扬2.92%和2.90%。

马股走势表现也不俗,闭市时攀升14.55点或0.89%,至1642.95点的全日最高点挂收。

热门股 云顶马来西亚上挑RM3.75

热门股 云顶马来西亚上挑RM3.75
Created 09/14/2012 - 12:28
云顶马来西亚(GenM,4715,主板贸服股)于9月13日间显现着一段技术反弹后于闭市时报3.62令吉,按日起12仙或3.43%。它于昨日高开后收高,整日波幅介于13仙(3.49-3.62令吉)。短期间该股或会尝试上挑3.63-3.75令吉间的支撑位。


多空一线:UEM 置地再探RM1.80

多空一线:UEM 置地再探RM1.80
Created 09/14/2012 - 12:20
马股富时隆综合指数(FBMKLCI)9月13日处于一段技术反弹走势中,它持续处于1630点阻力线下报收。

它在重量级蓝筹股项重新反弹下,处于一段技术回扬走势中。这项调整走势,主导着富时隆综合指数于2012年9月13日间的交投活动,以1613.07点低开后,一度上挑1628.57点水平。

富时隆综指于周四间的整日波幅,介于15.95点间(1612.62-1628.57点)波动,它于闭市时报1628.40点,按日涨14.62点或0.91%。

大选将至政局不明 马股2年溢价优势消退

大选将至政局不明 马股2年溢价优势消退
Created 09/15/2012 - 10:36
(吉隆坡14日讯)全国大选可能削弱执政党权力,大马股市过去两年的溢价优势已渐渐消失。

彭博社的“今日图表”显示,富时大马隆综指和摩根史丹利资本国际世界指数(MSCIAC World Index)本益比差距出现变化。

隆综指9月11日的本益比为15倍,2010年3月以来首次低于全球指数水平。

Aberdeen资产管理基金经理沈安图(译音)指出,全国大选可能造成大马执政党席位减少,甚至可能换政府,外资投资者或对现有政策的不稳定性感到担忧。

2008年大选中,当执政的国阵失去三分之二国会议席控制权后,隆综指第二天开市狂泻9.5%,遭遇历来最严重的单日跌幅冲击。

美推QE3影响亚洲不大 大马无须急推宽松措施

美推QE3影响亚洲不大 大马无须急推宽松措施
Created 09/15/2012 - 10:35
(吉隆坡14日讯)尽管美国联储局推第三轮量化宽松(QE3)计划会在短期内推高亚洲股市和汇市,不过,预计对本区域经济影响不大,亚洲国家央行料不会就是跟进推出宽松措施。

分析员说,亚洲一些国家内需相当强稳,如印尼和大马经济增长动力仍相对强劲,均不用急于推出宽松措施。

花旗私人银行首席投资策略员伍德表示,联储局的宽松措施对亚洲影响有限,美国量化宽松计划的影响力愈来愈小,尤其在亚洲,QE3的影响比次轮量化宽松(QE2)更短暂,对亚股的刺激很轻微。

泰国央行行长张旭州接受CNBC访问时表示,即使有QE3,流出美国的资金,也不会像QE2时那么多流入亚洲,因为两三年前中国和东南亚经济非常兴旺,但现在已降温。

Soros: How to Save Spain & Mend Europe


Soros Sees European Progress, Non-Effective QE3


中国股市里的私募基金

中国股市里的私募基金
作者:BWCHINESE中文网专栏作家 皮海洲 2012-09-14
中国证监会管理层召开私募基金座谈会,其用意路人皆知。他们希望让私募基金这样的新生力量来分担重要使命,就眼前来说,就是积极参与到股市“维稳”中来。

BWCHINESE中文网讯,虽然今年以来中国证监会一直都想洗涮A股政策市的阴影,一直试图不干预股市行情,但面对股指向2000点滑去,尤其是十八大召开日期的临近,证监会终于还是召开了证券期货监管系统维稳工作视频会议,就证券期货市场的维稳工作作出布署。

在这种背景下,9月7日上午,证监会主席郭树清携两位副主席,以及多个部门的主要负责人与私募基金的重量级代表进行内部座谈。

管理层召开这次私募基金座谈会,其用意路人皆知。

分析:“不封顶”的QE3

分析:“不封顶”的QE3
英国《金融时报》 詹姆斯•波利提 华盛顿报道 2012-09-14 (www.ftchinese.com)

本•伯南克(Ben Bernanke)和美联储(Federal Reserve)终于扣动了第三轮量化宽松(QE3)的扳机,他们将发起新一轮资产购买行动以扶持美国经济,这将是2009年美国摆脱经济衰退、开始缓慢复苏以来最重大的货币政策举措之一。

启动QE3的决定是在周四下午宣布的,它反映出美国央行内部对于经济前景的不确定性越来越担忧。联邦公开市场委员会(FOMC)发表了一份接近得到一致同意的声明。

鉴于失业率仍顽固地高于8%,而就业创造断断续续,不能形成势头,美联储官员们觉得他们别无选择,为了刺激经济增长,只能采取他们能够拿出的最激进的行动。

Jim Rogers: Next Big Investment Opportunity

Jim Rogers: Key Catalyst Behind Market Gains

曾淵滄教路 11.09.12 : 港人港地無損利潤 地產股逢低吸納


港人港地無損利潤 地產股逢低吸納
歐洲央行終於拍板放水,無限量買歐元區國債,歐債問題算是可以告一段落了,股市可以再看高一線。

實際上,市場資金很多,只是苦無出路,因為不少資金轉買收息股如REIT,導致近來儘管恒指呈上落市,但多隻REIT的股價仍然節節向上,不過,買REIT收息者要知道,買REIT應該是長線投資,不好因為看到REIT股價上升而打算短炒,短炒REIT的風險是存在的,當REIT股價上升至股息率不再吸引時,股價會突然大幅下跌。

梁振英不想壓樓市

近一段日子,梁振英不斷地推出新的房地產措施,先有梁十招,後有「港人港地」,每一次新招推出的那一天,地產股必跌,之後就回升,傳媒都在笑梁振英無力壓樓市,我認為不是梁振英無力壓樓市,而是暫時沒有壓樓市的打算,要知道,政府若真想壓樓市是不可能壓不下,問題只是壓了樓市對香港有甚麼好處,對想置業的人有甚麼好處?從梁十招及「港人港地」的思路來推算,我估計梁振英所想做的是在不大規模干預樓價的情況之下盡量為買不起貴樓的人提供便宜一點的樓,提供另一類的選擇,置安心、居屋貨尾,將來的新居屋,「港人港地」讓居屋白表申請者免補地價買二手居屋,都是沿着同一個思路發展的,這麼做可以提供比目前私屋及已補地價的居屋比較便宜的住宅供想置業的人選擇。

大英Blog物館 11.09.12 : iBond派息勢下跌 抗通脹宜放眼海外

大市難玩,投資大眾開始不問價轉防守,但求暫避其鋒。從近期一批房地產信託基金走勢,可知一二。防空洞的選擇中,去年梅開二度的iBond(4208、4214),原本也是熱門,但早前竟一度發「盈警」:上月底公布七月份綜合消費物價指數(CPI),按年僅升1.6%。六月時,還有3.7%,轉眼大跌破二,當然不是世界形勢大好:外圍農產品狂飆,本地肉類漲價,亦時有所聞,只因政府七月代繳公屋租金,才產生一次性扭曲。若比較基本通脹率,七月為4.2%,六月為4.5%,實不相伯仲。 數據公布後,新舊iBond均告下跌,雖然很快收復失地,但對於打算收息,尤其是二手高追者,條氣唔順,無可厚非。

兩推iBond,原為通脹下提供「另類補貼」,但眼下民怨升溫,相信真金白銀派糖,只能有增無減。除非直接派錢,否則這類水電煤租的紓困措施,必然拖低通脹數字。順得哥情失嫂意,稍為犧牲iBond持有人,在所難免。想以通脹掛鈎債券(TIPS),作為資產配置,但上市時抽,分得不多;再買又嫌貴嫌取巧,大可放眼海外。

Malindo Airways expected to give AirAsia a run for its money


The Star Online > Business
Saturday September 15, 2012
Malindo Airways expected to give AirAsia a run for its money

By BK SIDHU
bksidhu@thestar.com.my

It was a marathon meeting lasting 24 hours in a hotel in Singapore over two weeks ago that resulted in the creation of Malindo Airways.

The meeting was between Rusdi Kirana, president director of Indonesia's largest privately owned airline Lion Air and Malaysia's National Aerospace & Defense Industries (Nadi) low key businessman Tan Sri Ahmad Johan.

Top Glove wants to source for its own latex

The Star Online > Business
Saturday September 15, 2012
Top Glove wants to source for its own latex

STORIES By TEE LIN SAY
linsay@thestar.com.my

TOP Glove Corp Bhd became the first rubber glove maker to move upstream by acquiring its own rubber plantation land to ensure a consistent supply of latex.

In June, it paid RM22mil for a 95% stake in PT Agro Pratama Sejahtera for some 30,000ha of green field rubber plantation land in Indonesia.

Merger and acquisition on the agenda


The Star Online > Business
Saturday September 15, 2012
Merger and acquisition on the agenda

While organic growth will allow Top Glove Corp Bhd to achieve its targets, the process can be expedited and made easier if it buys over another glove firm to increase its production capacity and market reach.

With RM300mil in net cash and experience in merger and acquisition (M&A) the company, which made some RM53mil in net profit in its latest quarter is certainly in a good position to buy other companies.

And this is precisely what it is doing.

Top Glove eyes Asian markets for expansion


The Star Online / Business
Saturday September 15, 2012
Top Glove eyes Asian markets for expansion

By YVONNE TAN
yvonne@thestar.com.my

BUSINESS in the rubber glove industry is an evolution. Issues such as oversupply, volatile costs of production plague the glove industry ever so often.

It's easy to get worked up over the ritual-like tribulations in the industry but surprisingly, Tan Sri Lim Wee Chai, who heads the world's largest glove producer Top Glove Corp Bhd, remains unperturbed.

Don't mistake his optimism for cockiness. In fact, Lim, 54 appears to be anything but that.

RHB: AirAsia has ‘many defences’ over rival Malindo

The Star Online > Business
Saturday September 15, 2012
RHB: AirAsia has ‘many defences’ over rival Malindo

KUALA LUMPUR: AirAsia Bhd has many “defences” against Malindo Airways, the new low-cost carrier start-up that will compete with it in the domestic market, said RHB Research Institute.

These included AirAsia's lower cost structure, strong balance sheet, much bigger size, highly recognised brand and good safety records, the brokerage said in a report.

RHB's aviation analyst Joshua Ng wrote, quoting AirAsia, that in the immediate term, the company might not need to cut ticket prices at all, or if it did, the cuts might not be significant to counter a price cutting by Malindo, should there be any.

Potential capital upside for IGB REIT


The Star Online > Business
Saturday September 15, 2012
Potential capital upside for IGB REIT

PETALING JAYA: Affin Investment Bank is looking at a potential capital upside of 14% from IGB Real Estate Investment Trust's (REIT) initial public offering (IPO) price of RM1.25.

Initiating coverage on the counter, the investment bank said IGB REIT's assets Mid Valley Megamall and The Gardens Mall were among the most prominant retail malls in Malaysia.

“The retail malls have a large shoppers catchment from its nearby affluent suburbs and the integrated offices and hotels within Mid Valley City.

建行:加快外闖洽商併購


【本報訊】建設銀行(939)董事長王洪章表示,該行資本充足,有此支持,海外擴張步伐也會加快,並希望今年內能完成一筆併購。

歐美亞洲積極設分行
王洪章在俄羅斯接受路透專訪時稱,他表示,建行目前的海外業務發展現狀與該行全球預期定位並不相符,仍有一定差距。在未來,我們會加快海外發展的步伐。他表示,「金融危機、歐洲債務問題以及新興市場的強勁增長,讓我們看到了拓展海外業務的機會。」

王洪章指出,建行會集中精力在歐美設立分支機搆,擴張網路;在亞太地區,會通過新建或收購增加分行或子行,以進一步擴大市場份額。

他稱,充足的資本為建行在海外發展打下非常好的基礎,董事會管理層上半年制定了五年海外業務發展規劃。目前該行海外發展的問題主要來自於監管機構的限制,例如官僚主義,資訊不透明,意識形態的問題等。

麥嘉華:大市升多兩成


美國再推QE,基金經理或散戶經紀都同意對短期市況有刺激作用,但中長期影響就未有一致睇法,部份大行更擔心QE3對港股有負面影響。

地產相關股受惠
末日博士麥嘉華昨坦言,以地產股及中資股主導的恒指,未來有兩成上升空間,升幅可持續至本月底。但他相信港股在10月及11月會出現大幅回調,年底會見較低水平。富達基金經理馬日暉表示,QE3一如預期推出,股市氣氛絕對受到刺激,地產相關股將會受惠。

散戶經紀陳先生就表示,QE3是「一個真的好消息,不像之前那些所謂好消息。」如果成交足夠,下星期「仲有得升」。不過另一位經紀呂先生持不同看法,指其客戶都趁高位沽出一半持股,認為QE推出次數越多,效果越弱,今次未必有太大效果,「要買都唔會等家先買啦。」

重點打壓非自住 金管遏炒

重點打壓非自住 金管遏炒

美國公布第三輪量化寬鬆(QE3)措施後,金管局昨旋即出手打壓多重按揭,為當局祭出的第五輪逆周期措施。但全城一及二手住宅買家無懼出招,實行「飛撲」入市,烏溪沙新盤迎海昨開售,短短十五分鐘速沽逾100伙。

金管局推出打壓多重按揭新措施,新申請按揭供款入息比率上限由五成降至四成,壓力測試上限由六成降至五成,資產水平作基礎按揭成數降至三成,主要收入非來自香港的申請人,其實際按揭成數則較最高成數再減兩成至三成。新措施即時生效,但昨日或之前簽訂臨約的買賣則不受影響,自住物業亦可獲豁免。

銀行界普遍認為,措施有助遏抑樓市投資活動,其中工商物業按揭首次引入供款與入息比率上限,業界料現時至少三成工商物業新申請按揭,受新措施影響而未能符合新要求。

ARA-gets-SGX-approval-to-list-yuandenominated-REIT


Does Warren Buffett Have a New Investment Strategy?


Soros harsh with Germany, not Greece


Soros to Germany: Lead or Leave!


Apple's 10 Biggest Mistakes Since Steve Jobs Returned

Eric Jackson
I’m an Apple(AAPL) bull. I love the devices and own the stock.

So why am I writing this post?

Because nobody’s perfect and it’s actually an interesting intellectual exercise to – as a bull – go back and learn from where a company has made mistakes in the past.

In the case of Apple, it’s actually damn tough to find the mistakes. And I’m deliberately taking John Sculley and Gil Amelio out of the equation. I’m only talking about since Jobs return through the acquisition of NeXT – the last 16 years.

The iPhone 5 Suggests That Without Steve Jobs, Apple Is Becoming A Normal Tech Company

Tim Cook has just wrapped up his introduction of the iPhone 5. On paper, the iPhone 5 is an impressive update. It has a faster processor, a bigger and brighter screen, supports LTE networking, and is thinner than its predecessors. It will doubtless prove to be a capable phone and a worthy competitor to the latest Android gear.

Still, judging from the Twitter chatter and early coverage by tech sites, what’s striking about the phone is what’s missing: a compelling story about what makes this phone better than its predecessor or distinguishes it from its competitors. The iPhone 4 had the Retina Display, Apple‘s marketing term for a display with twice the horizontal and vertical resolution of previous models. Sure, the term was silly, but it captured the imagination of consumers and became a must-have feature across Apple’s product lines. Similarly, the big story of the iPhone 4S, announced shortly before Steve Jobs died, was Siri, the voice-activated personal assistant that attracted a ton of attention and coverage from the tech blogosphere.

颜子伟:伯南克是否从三十六计偷师,摆下空城计?

伯南克是否从三十六计偷师,摆下空城计?
文: 颜子伟 (译:麦美莹) 2012年08月31日 展望
我们已经踏入农历七月两个星期,换句话说,还有两个星期今年的鬼节就过去了。据说鬼门关会在农历七月大开中门,而民间在这段时间也会举办“歌台”活动,那些歌星们轮流为街坊也为“幽灵”献唱。

人们在农历七月也特别迷信,孩子们也不许乱说话,就是怕得罪鬼大哥们。

在过去12年的农历七月,市场在其中10年往下跌,可是,今年我们好像不受鬼节影响。但太早宣布胜利可能有点鲁莽。然而,鬼节只余下两个星期,除非联储局主席伯南克只会说空话,什么事都不做,否则如无意外,牛市可以说是小胜一个回合。

当读者在翻阅今期的内容时,我们肯定已经知道伯南克有没有履行他的承诺,即如果美国经济放缓,他会开动印钞票机。

The rise of inflation nations: Andy Xie

Sept. 6, 2012, 9:56 p.m. EDT
The rise of inflation nations: Andy Xie
Inflation is common denominator linking China, U.S., Japan, Europe

By Andy Xie
BEIJING ( Caixin Online ) — At last week’s Jackson Hole gathering, Ben Bernanke defended his case for further monetary stimulus to help the economy. It appears that the third round of quantitative easing is coming soon, possibly this month. I always believed that QE3 would come this year.

The reasoning was based on how the Federal Reserve would react according to its dual mandate of price stability and employment maximization.

胡立阳:股市才是经济的火车头

胡立阳:股市才是经济的火车头
2012年09月07日09:16腾讯财经
由于我先前曾提出“欧债问题只是2008年美国金融大地震的延伸,它只是余震”的论点。因此,最近常被问到:为什么美国的经济反而能甩开欧债的纠缠,持续且平稳的在复苏之中?更奇怪的是,华尔街股市是否过度反应了成长缓慢的经济?它竟然率先回到了金融风暴前的高档。

我简单回答:一直以来,华尔街的股市都是在扮演着拯救美国经济的角色。

大多数人都认定,除非经济转好,否则股市绝无希望。也就是说,股市是被经济牵着鼻子走的,它只不过是反映经济的一面橱窗而已。

SIC 2012 (English) A Roaring Success

14 SEPTEMBER 2012
SIC 2012 (English) A Roaring Success
By Louis Lee and Daxx Chong

If you fail to plan, you plan to fail. That’s the mentality seen on most participants’ faces as they arrived almost two hours earlier than the stipulated commencement time for the Shares Investment Conference 2012 (English) on 1 September. Holding a cup of coffee and waiting in the overfed snake liked queue is nothing when you know you will be hearing first hand from renowned investment heavy hitters like Jim Rogers and Mike Bellafiore. The event saw overwhelming response from the participants as more than 1,000 people occupied the modest but exquisite auditorium at Rock Auditorium at Suntec City.

Asian Shares Soar On Fed Stimulus Measures

14 SEPTEMBER 2012
Asian Shares Soar On Fed Stimulus Measures
By Dow Jones Newswires

Asian markets soared on 14 September after the US Federal Reserve unveiled an open-ended bond buying plan to help the domestic economy, while the Bank of Japan gave further signals that it is concerned over the strength of the yen.

South Korea’s Kospi Composite hit the 2,000 level for the first time in nearly five months and Hong Kong’s Hang Seng Index was trading at its highest level since early May. Regional currencies, gold and oil also continued to climb in Asian trading in response to the bond-buying plan.

The Fed announced that it will purchase US$40 billion worth of mortgage-backed securities a month, while at the same time extending Operation Twist, a stimulus effort to keep interest rates down by selling short-term bonds and using the proceeds to buy long-term bond bonds.

F&N climbs above billionaire’s offer as Heineken mulls move

Fraser & Neave rose above Thai billionaire Charoen Sirivadhanabhakdi’s offer price as investors speculated that the Singapore-based company may attract a higher bid and Heineken NV considered its next step in a two-month battle to gain control of F&N’s beer business.

F&N advanced 4.8% to $8.92 at the close of trading in Singapore yesterday after a company linked to Charoen’s Thai Beverage Pcl offered $8.88 a share for the 70% of the company that he doesn’t control. The bid, which potentially blocks Heineken from buying Tiger beer maker Asia Pacific Breweries, values the company at US$10.3 billion ($12.7 billion). F&N rose in Singapore trading today.

“There’s a prospect that someone can come in with a better offer,” Justin Harper, a Singapore-based market strategist at IG Markets, said in a phone interview. “There’s also the prospect that if Charoen takes over F&N they will unlock a lot more value by breaking the company up.”

Soros: Germany Has to Have Courage


Soros Warns Europe of 'Deflationary Debt Trap'


联储局推出经济刺激措施,亚洲股市上涨

联储局推出经济刺激措施,亚洲股市上涨
文: 道琼斯通讯社 (译:杨佳文) 2012年09月14日 道琼斯通讯社
在美国联邦储备局推出开放式的债券购买计划后,亚洲股市于9月14日上涨。与此同时,日本银行更加关注日元上涨的问题。

韩国的Kospi指数在近五个月来首次上升至2,000点的水平,香港的恒生指数则达到自5月初以来的最高水平。区域货币、黄金和石油都因为美国的债券购买计划而持续上涨。

联储局宣布,它将每月购买总值400亿美元的按揭抵押债券,并延长执行其“扭曲操作(Operation Twist)”政策的时间。扭曲操作是以卖出短期债券并买入长期债券的方式来降低利率的政策。

联储局的政策制定委员会也表示,若劳动市场未见好转,它可能会推出更多措施来提振经济。

黄鸿年增持股票令莱佛士教育集团受追捧

黄鸿年增持股票令莱佛士教育集团受追捧
文: 汪文龙 (译:杨佳文) 2012年09月13日 重要消息
由于FY12业绩不佳,莱佛士教育集团(Raffles Education)的股价一度从0.37元滑落将近20%至0.30元。之后,本地知名亿万富翁黄鸿年犹如救星般以每股平均0.326元的价格买入公司逾1,150万股,使其所持有的股份从4.79%提高至6.14%,并成为公司的大股东。

黄鸿年为印尼亿万富翁黄亦聪(Eka Tjipta Widjaja)的儿子,在《福布斯》新加坡富豪榜上名列第33位,主要投资于房地产领域。他最近取消了收购国际贸易(Intraco)29.9%股份的计划,原因是他认为对手方不愿进行交易。另外,他也累积了IPC企业(IPC Corp)的股票。IPC企业在日本拥有物业。

在莱佛士教育集团发布黄鸿年增持股票的消息后,其股票的交易量大幅增加,股价也达到0.45元的日内高位。在截稿前,其股价已略微回跌至约0.43元。

云顶新加坡因不遵守赌场管制法令而被罚

云顶新加坡因不遵守赌场管制法令而被罚
文: 道琼斯通讯社 (译:麦美莹) 2012年09月13日 道琼斯通讯社
云顶新加坡(Genting Singapore PLC)的赌场度假胜地因不遵守本国的赌场管制法令而被罚60万元(49万美元),而赌场职员则因涉嫌向当局提供不实资料而被提控。

新加坡赌场管理局在9月12日的一份文告中表示,名胜世界(Resorts World Sentosa)所面对的罚款是有关当局至今开出的最高罚款额,因名胜世界向一些本地访客退还部分赌场入门税。

有关当局说,调查显示,名胜世界(云顶新加坡的旗舰产业)在去年2月1日至5月31日期间,为本地赌客在购买新的入门税年费或在更新年费时,给予优惠。这些优惠包括环球影城的免费入场券、免费酒店住宿及演唱会门票等。

在新加坡法律下,公民及永久居民在进人本地两家赌场时,必须缴交100元的入门税来换取一个24小时的通行证,或者是缴交2,000元来换取一年的通行证。赌场业者不可以直接或间接为入门税提供退款或补偿。

Economists-warn-US-QE3-is-not-good-news-for-Asian-economies


QE3-could-fuel-inflationary-pressures-in-Singapore


Shipping industry mired in China slowdown


ThaiBev-makes-offer-for-FN


華轟美催谷泡沫風險

華轟美催谷泡沫風險
美國聯儲局推第三輪量寬措施QE3,無論對其國內外以致中國均帶來深遠影響。不少內地經濟學者及專家憂慮,由貨幣體系釋放出的流動性的流向,或會導致更多資金流入如中國等新興經濟體,造成資產泡沫惡化,社科院直言聯儲局新舉措不負責任。

揸重美債明賺暗蝕
表面上,今次聯儲局無限量購買的按揭資產證券MBS,對大量持有這類俗稱「兩房債」的中國似乎有利,但中國社科院財貿研究所研究員王國剛認為,聯儲局推「無限QE」對全球經濟是不負責任的舉措。

他指,QE3肯定將影響包括中國在內、持有大量美元資產的國家,美元貶值將侵蝕中國持有的美國國債價值。

包括國務院發展研究中心金融研究所所長夏斌、申銀萬國首席經濟學家李慧勇,及復旦大學經濟學院副院長孫立堅均憂慮,QE3的推出將導致大宗商品價格上揚,並增加全球通脹的風險。

巴菲特沽英特爾賺4.6億


巴菲特沽英特爾賺4.6億
「股神」巴菲特投資旗艦巴郡旗下公司買入英特爾不足一年後沽出,雖然獲利約6,000萬美元(約4.68億港元),但與巴菲特「長揸」的投資哲學背道而馳。

此外,巴郡A股股價周四升至○八年十月以來高位,昨日美國早段靠穩,微升0.11%。

賣得早 避過一劫
據美國保險監督官協會(NAIC)資料顯示,巴郡旗下汽車保險公司Geico於去年下半年以平均價22美元買入英特爾,持股量達1,150萬股,於今年至五月八日期間以平均價27.25美元沽清所有持股,賺6,320萬美元,回報達25%。

P1沙巴推介4G寬頻


(亞庇14日訊)P1網絡公司(Packet One Network,簡稱P1)投資3000萬令吉的4G寬頻商務服務正式在沙巴州推出。

 該公司總執行長賴敬達透過文告指出,希望可在6個月內,將服務覆蓋至亞庇大約80%家庭。

 他說,進軍沙巴是該公司實現全民寬頻的里程碑之一,並希望大馬可藉此迅速達至各先進國的寬頻滲透率。

 “公司相信所推出的4G服務可滿足沙巴人民過去無法享用價格高的寬頻需求。”

 出席推介禮者包括新聞、通訊及文化部副部長拿督佐瑟沙朗、大馬通訊及多媒體委員會沙巴區副主任陳志仁、新聞、通訊及文化部副秘書長仄阿哲及P1副主席拉茲丁。

Thai billionaire ups F&N stake to 30.66%

Thai billionaire ups F&N stake to 30.66%
Updated 05:24 PM Sep 14, 2012
SINGAPORE - Thai billionaire Charoen Sirivadhanabhakdi on Thursday increased his stake in Fraser & Neave to 30.66 per cent, in a move that strengthens his hand in potentially unsettling Heineken's plan to take over a prized joint venture with F&N that makes Tiger beer, the Dow Jones news agency reported.

The billionaire's stake purchase on Thursday came after his affiliated companies launched a US$7.2 billion takeover bid for F&N. The move gives the Thai tycoon, already F&N's single biggest shareholder, more voting power to potentially block Heineken's bid for F&N's stake in Asia Pacific Breweries.

ARA Asset gets nod to list S'pore's first yuan REIT


ARA Asset gets nod to list S'pore's first yuan REIT
04:45 AM Sep 15, 2012
SINGAPORE - ARA Asset Management, the Singaporean real-estate firm partly owned by Hong Kong tycoon Li Ka-shing, yesterday received approval from the Singapore Exchange to list the Republic's first yuan-denominated real estate investment trust (REIT), which a source said could raise US$700 million (S$855 million).

Dynasty REIT will be a Singapore real estate investment trust with an initial portfolio of three commercial properties in Nanjing, Dalian and Shanghai, ARA said. The proposed IPO is still being reviewed by the Monetary Authority of Singapore, it said, adding that it plans to allow the REIT's units to be traded in both yuan and Singapore dollars.

AirAsia CEO: Malindo entry won't spark aggressive price war

AirAsia CEO: Malindo entry won't spark aggressive price war
By Goh Thean Eu
gohtheaneu@nstp.com.my
2012/09/15

SEPANG: AirAsia Bhd, the region's biggest low-cost carrier, believes that the emergence of Malindo Airways will not spark an aggressive price war, a move that may put pressure on its margins.

"AirAsia has been established for the past 10 years, and we have established connectivity that is unrivalled. We have created 16 hubs. We have a good cost structure, in fact, we are lowest cost in the world in terms of cost per seat.

"We have a very strong brand and good safety record, that is something difficult for anybody to try to compete with. It's a natural barrier of entry already for many competitors.

QE無限人有限 美國恐再無板斧可用

QE無限人有限 美國恐再無板斧可用

伯南克第三度使出了他的成名絕招─「量化寬鬆」(QE),過往兩次QE刺激作用均屬短暫,今次改為細水長流方式,並有不達目標不罷休的氣勢,QE換成了「無限期」,與歐央行的「無限量」買短債互相呼應,誰可敵得過可無限印鈔的央行?歐美一齊放水,商品市場又有無限憧憬,新一輪通脹山雨欲來,只苦了新興市場再度忙於應付貨幣戰爭、通脹來襲及熱錢流入等挑戰。

全球糧食價格已因美國旱災而暴漲,QE3的即時效果是美元匯價下跌,歐元、日圓、人民幣等統統升值,商品價格泡沫膨脹,但油金股匯狂潮只是由熱錢驅動,商品需求大戶中國今非昔比,經濟正日走下坡,中國企業何能再承受原材料價格上漲、人民幣升值及出口疲弱之三重壓力?

新興市場是最大的輸家,中國面對通脹的威脅,減息成「消失的子彈」;俄羅斯昨一反常態加息四分之一厘以遏止通脹;巴西稱將阻止熱錢流入。印度盧比、巴西雷亞爾、俄羅斯盧布、南非蘭特近年均大幅波動,基本上對熱錢進出毫無抵禦能力,從新高跌至新低不需一年時間,貨幣貶值又帶動通脹,急升急跌對民生和出口均在在不利,提起QE莫不咬牙切齒。

黃元山:無限印鈔心理戰

黃元山:無限印鈔心理戰

美國QE3將購入風險較大的按揭抵押證券(MBS),且不設上限,申銀萬國聯席董事鄭家華認為,此舉可為美國的銀行「消毒」,銀行可「放膽」進行貸款。中文大學全球政經碩士課程兼任講師黃元山認為,無限量印銀紙對影響民眾預期有更大作用,當民眾愈相信印鈔無限量,當局反而「印得少」已達效果。

助銀行「消毒」 放膽貸款

鄭家華表示,MBS是銀行體系「最毒」資產,聯儲局購入MBS,可為美國的銀行「消毒」,讓其資產負債表更健康,並且改善歐債問題下銀行同業間不信任情況,銀行可以「放膽」進行貸款活動。

他相信伯南克已一次過悉數運用其權限,並有政治考慮,因伯南克對「財政懸崖」可說無能為力,要交由國會解決,QE3意味美國貨幣政策已屆尾聲,未來將由國會運用財政政策。

港股灌水小心漏

港股灌水小心漏

美國第三輪量化寬鬆(QE3)不設上限,全球股市應聲急漲,淡友紛紛「投降」,瘋狂「冚倉盤」下,昨日恒生指數曾飆600點,全日漲582點或2.9%,收報20,629點,不但為逾四個月高位,並且是今年第三大漲幅,昨日成交激增至793億元,市值單日增加5,004億元。

美國QE3規模遠較預期大,市場氣氛明顯好轉,俗稱「恐慌指數」的VIX指數,周四急挫逾一成一,道指則急漲逾200點,並刺激昨日外圍股市普遍上揚,港股跟隨向好,除恒指外,國企指數急漲349點或3.68%,收報9,829點,同為今年第三大漲幅,成交直撲800億元,沽空額在對沖盤增加下,增五成八至74.8億元,沽空比率9.45%。

11藍籌創52周新高

建行加快海外擴張


冀今年完成一宗併購
建行加快海外擴張
【本報記者謝子豪報道】建設銀行(0939)董事長王洪章接受路透訪問時重申,該行在資本充足情況下,會加快海外擴張的步伐,並希望今年內能完成一宗併購。但他沒有進一步披露詳情。

王洪章在俄羅斯接受專訪時稱,建行會積極參與近期中國政府推出的1萬億基建投資計劃,而且隨着經濟刺激計劃的陸續展開,建行下半年的經營壓力會小於上半年。

金融危機帶來機會
他指出,這些項目特別是基礎設施建設行業比起其他過剩行業來說,定價會強一些,銀行方面會有優勢。

美大印銀紙 人幣喘定難大漲


美大印銀紙 人幣喘定難大漲
2012年9月15日
【明報專訊】人民幣匯價昨升破6.32,7月下旬以來累計升幅更逾1%,一反早前弱勢。分析員認為,聯儲局啟動印鈔機後,未來1至2年美元將持續偏弱,相應的人民幣有望低位喘定,惟大幅反彈的機會仍較低。

交通香港環球金融市場部經濟及策略師何文俊表示,根據過往記錄,人民幣升值與美元貶值二者關聯性極高。最近3個月美匯跌幅驚人,美元指數上周更跌穿81,與此同時人民幣由6.34升至6.31。聯儲局此輪量化寬鬆,短期美元匯價蒙上更大陰影。何預計未來1至2年美元持續偏弱。

至於人民幣表現,何認為短期有望低位喘定,但未必會急彈。「今年年中人民幣走勢較差,一直處於輕微貶值,如今差不多達到均衡匯率,近期可以看到人民幣受市場力量推動開始多過官方。」考慮到國內經濟轉型需要外資支持,中央大力推動人民幣國際化,以人民幣計價的產品種類逐漸豐富,何認為人民幣計價資產會更具吸引力。

要再捱3年零息

要再捱3年零息
專家:可買股債 買樓宜小心
2012年9月15日
【明報專訊】美國聯儲局宣布超低息政策延至2015年,本港實施聯繫匯率,市民要繼續呆坐3年零息。如何避免期間資產購買力被通脹蠶食?交銀香港首席經濟師及策略師羅家聰認為,在承受一定風險的前提下,高息股、黃金和亞洲企業債券不失為保值之選。東驥基金管理董事總經理龐寶林亦鍾情高息股和新興市場債券,置業專家、理大退休教授林本利則提醒,當下買樓要謹慎,他認為股債兩市較穩陣。

歐美水閘大開,本港投資者如何自保以防資產縮水?羅家聰認為,投資高息股、亞洲企業債券和黃金能獲得可觀分紅或價格回報,惟投資者亦需承擔相應風險。股票方面,羅家聰指出,如果股市不大跌,公用股是一個較好的收息選擇。公用股的優點是不受債務和利率風險影響,缺點是投資者必須長,較為「阻時間」。部分內銀、港銀及電訊股預測今年股息率達4厘以上,上半年盈利也有增長(見表)。

水淹全球 港股破位582點


水淹全球 港股破位582點
升上4個月高位專家:只宜短炒
2012年9月15日
【明報專訊】美國的第三輪量化寬鬆(QE3)由太平洋彼岸淹至港股,令恒指升上逾4個月高位。美國聯儲局主席伯南克前晚公布,將推出新的買債計劃,並無設上限,消息刺激恒指昨日急升近600點,成交亦顯著增加至791.5億元。多個受惠板塊如地產股、資源股、金礦股等升勢凌厲,有基金經理認為,QE3短期將成股市助燃劑,但懷疑刺激能起多久的效果。

全球對聯儲局出手期待已久,伯南克更聲言「看不到經濟回升就不會罷手」,為市場注入強心針,昨晚環球升市仍停不了,歐洲3大指數升逾1%。美股開市後延續強勢,截至昨晚11時15分,道指報13593點,升53.6點。美國買賣的港股ADR (港股預託證券)全面向上,匯控(0005)報73.4元,較港收市價升0.7元,中人壽報23.1元,升0.15元。

量寬倘炒熱樓市 SSD強化版即推


港府3方向防樓市過熱

量寬倘炒熱樓市 SSD強化版即推
財司預警 金管局4招收緊按揭
美國推出第三輪量化寬鬆(QE3)利好消息下,樓市變得更瘋狂,二手業主即時反價,幅度高達2成,個別更選擇封盤觀望。金管局昨午收市後即公布4項收緊按揭措施,為熾熱樓市降溫。

港府消息人士強調,當局已研究一籃子方案,若炒風熾熱,可即時推出「額外印花稅」(SSD)強化版,包括調高稅率或延長年期。財政司司長曾俊華指,SSD是相當有效工具,有需要時會考慮延長SSD。

量寬引爆樓瘋 港府降溫莫遲


量寬引爆樓瘋 港府降溫莫遲
欄名:社評

美國聯儲局推第三輪量寬措施,如對熾熱的本港樓市火上加油,金管局昨即時還招收緊二套房樓按,惟此對撲熄樓市猛火如杯水車薪。港府必須多管齊下,從稅務、土地、樓花審批等全方位澆冷水,才有望緩抑樓市烈焰。

資金氾濫再氾濫 香江被水淹

美儲局周四公布推第三輪量寬(QE3)後,即時催化本港樓市步入狂態,不但正在開售的一手新盤熱銷,二手市場更頻現進取反價個案,如美孚新邨一個單位的放盤叫價,一天內由五百八十萬元飈至六百八十萬元。本已極為熾熱的樓市有變成燎原大火之勢,原因至少有三。

其一,歐央行上周宣布買債無限額、美儲局則無限期買按揭債,更表明超低息環境起碼延至二○一五年中,此意味香港超低息環境至少再維持三年,歐美央行期間又可能無限印鈔,為樓市升勢添柴加火。

Thai tycoon springs F&N takeover offer

无惧竞爭 亚航强力反弹


(吉隆坡14日讯)隨著亚洲航空(AIRASIA,5099,主板贸服股)管理层强调马印航空(Malindo Air)对其带来影响甚微,而市场人士亦看好亚航稳定的业务模式与品牌效应;亚航在经过三个交易日的卖压后,股价週五出现技术性反弹,並重回3.00令吉以上的价位。

亚航股价週五跳空开高,以3.03令吉开跑,並一度扬升至3.11令吉的全日最高水平。但该股隨后逐步收窄涨幅,闭市报3.10令吉,上扬15仙或5.085%,成交量达5796万8000股。同时,该股亦挤进十大热门榜第1位。

在亚航母股和认购凭单皆回扬下,其认沽凭单亚航-HA(AIRASIA-HA)则重新走跌,早盘成为20大下跌股项之一。亚航-HA收在0.185令吉,下跌2.5仙或11.905%。

市场在过去3个交易日因担忧马印航空的出现將危及亚航的业务,导致其股价出现卖压与拋售的格局。同时,自马印航空成立的消息宣布以来,亚航的市值已下跌近10亿令吉,其在週四达1亿零200万股的成交量,更占马股总成交量约10%。

QE3带动资金流入 股匯原產品齐涨


(吉隆坡14日讯)隨著美联储(FED)如市场预期般在週四(9月13日)宣佈第三轮量化宽鬆政策(QE3),带来资金將流入高收益的新兴市场的期待,刺激亚洲股市、匯市和大宗商品在週五齐声大涨。其中,纽约原油涨至每桶100美元;令吉大起1.54%,至3.0338。

美国联邦公开市场委员会(FOMC)在结束两日的会议后,公佈每月购买400亿美元的抵押担保证券(MBS),以提振復甦步伐缓慢的经济。

同时,美联储也宣布维持基准利率于零至0.25%不变,並延长维持超低利率承诺到至少2015年中。

这是自中国暗示推出1兆人民幣的刺激財政方案和欧洲央行宣布无限制购买公债之后的另一项正面消息。

Bailout Approved: What's the Next Euro Hurdle?


After the Slew of New Smartphones, Who Measures Up?


IPhone 5 Rollout: How Can Apple Move 50M Devices?


Time to Bank on Bank Stocks?

Japan Needs QE

Sell USD Against Asian Currencies: Pro

Why It May Be Too Late for QE3


Talking Numbers: iPhone 5 Sparks Target Hikes

How Will Fed Plans Drive Gold Prices?

《环球第一财经》iPhone5惊喜不多 对手或面临超越机会

《环球第一财经》iPhone5惊喜不多 对手或面临超越机会
http://www.sina.com.cn 2012年09月13日 宁夏卫视《财经夜行线》

《环球第一财经》iPhone5:中国市场遭遇冷空气

《环球第一财经》iPhone5:中国市场遭遇冷空气
http://www.sina.com.cn 2012年09月13日 宁夏卫视《财经夜行线》

《环球第一财经》花旗沈明高:中国不太可能出台大规模刺激政策

《环球第一财经》花旗沈明高:中国不太可能出台大规模刺激政策
http://www.sina.com.cn 2012年09月13日 宁夏卫视《财经夜行线》

《环球第一财经》朱民:欧洲危机不仅局限在欧元区

《环球第一财经》朱民:欧洲危机不仅局限在欧元区
http://www.sina.com.cn 2012年09月12日 宁夏卫视《财经夜行线》

《财经夜行线》 中金公司:基建投资利好有限A股反弹或难持续

《财经夜行线》 中金公司:基建投资利好有限A股反弹或难持续
http://www.sina.com.cn 2012年09月13日 宁夏卫视《财经夜行线》

《創富激發點》陳偉聰:內地調高成品油價石油股值搏?


Will China's New Leadership Affect Stocks?


Party over for China's export miracle


Friday, September 14, 2012

Stocks near 5-yr high on Fed stimulus


Heineken Mulls Next Move With F&N After Stock Rise


iPhone 5了无新意?

五年来,苹果(Apple Inc. AAPL +1.97% )的iPhone一直引领着时尚。现在的问题是它能不能避免变得令人生厌。

苹果周三发布了具有很多新功能的iPhone 5。机身更薄、屏幕更大,Siri虚拟助理比原来强大很多。此外,手机上还有新的地图和电子优惠券服务。

但无人赞誉这款新手机是一次重大飞跃。不仅如此,好几种正在成为其他智能手机标准配置的功能并没有出现在iPhone 5身上,其中很多功能获得了消费者和科技评测人员的好评,如比iPhone 5还要大的屏幕和手机付费功能等。

这些评测人员通常会很快宣布谁是赢家谁是输家。过去几个月,他们一直抱怨iPhone没有提供更多功能。甚至一些铁杆苹果粉丝也在怀疑苹果能不能继续创新开拓,是不是已经开始“打盹”了。一位苹果员工最近私下透露说,他曾一直希望新手机能够出现更大幅度的变化。

新iPhone能否继续热销中国市场?

苹果公司(Apple Inc.)新iPhone的目标人群之一是中国数量越来越多、喜欢换来换去的高级用户,比如梁建章(James Liang)。

梁建章是中国旅行网站携程网(Ctrip.com)的董事长。他用过iPhone,现在用的是三星Galaxy Note。他说,由于Galaxy Note屏幕大,他在外面可以更方便地阅读文档。

他说,我看到越来越多的中高层管理人员也在用它,他们可能只是在跟随商务人士使用这部手机的潮流。

他说,iPhone的市场份额就能说明,如果你做同一件产品而不加差异化,竞争对手不费多大功夫就可以夺去部分份额。

争取更多新合约 星光资源冀增收入


吉隆坡13日讯)塑胶零件制造商星光资源有限公司(SKPRES,7155,工业产品组)将把本身定位为承包制造商,以促进其收入来源。它将透过从现有客户群争取更多合约以达到这个目标。这家过去5季度取得58%平均净盈利成长的柔佛公司,最近落实一项交易,制造和供应一项新产品予一名新客户。

执行董事颜保山表示:“这是我们为一名客户装配整个产品的第二份合约。新产品的商业生产预料将从明年初开始,并将在未来数年为我们带来持续收入来源。”

不过,由于商业敏感,他拒绝透露新合约的更多资讯。

虽然星光资源自1994年起已经从事生产塑胶注射产品,但它于2010年才开始晋身为一名承包制造商。

“我们已经在2010年受委为英国戴森(Dyson)直立式吸尘器的一级制造商。这意味着我们不只生产塑胶零件,同时也管理装配终端产品的供应链、执行品质测试和包装。这项吸尘器将在我们于柔佛的设备生产及运送到世界各地。”

QE3啟動‧全球歡騰‧亞股衝刺‧馬股漲14點


QE3啟動‧全球歡騰‧亞股衝刺‧馬股漲14點
Created 09/14/2012 - 17:45

(吉隆坡14日訊)市場密切期待的美國QE3於週四宣告順利登場,激勵全球股市進入慶祝行情,歐美股市領先創下新高,亞太股市也大放異彩全面騰漲,盤中漲幅介於1.5%至2.5%之間,馬股也迎風起舞,惟漲幅落後其他股市。

美股創近5年新高

在Q E3消息帶動下,週四美股道瓊斯工商指數大漲206.51點至13539.86點,創下2007年12月26日以來新高。標准普爾500指數上漲1.63%至1459.99點,刷新2007年12月31日以來收盤新高。歐元區情況雖有改善,不過,市場仍謹慎,使歐洲主要股市跌多起少。

亞股漲勢也不遑多讓,摩根士丹利亞太股市指數漲至4個月來高峰。

CIMB: Gov may lift withholding tax on REIT dividend to level playing field

CIMB: Gov may lift withholding tax on REIT dividend to level playing field
Business & Markets 2012

Written by Cindy Yeap of theedgemalaysia.com
Friday, 14 September 2012 10:38

KUALA LUMPUR: Malaysia could reduce the withholding tax on dividends received by holders of Malaysia real estate investment trusts (REITs) to level the playing field with Singapore and Hong Kong, CIMB Research said Friday.

“We think the government will reduce the withholding tax on dividends received so as to boost the REIT market,” CIMB Research’s economist Lee Heng Guie wrote in a note this morning.
In Malaysia, the current withholding tax rates on REITs are 10% for individuals (resident and non-resident) as well as non-resident institutional investors. The rate is 25% for non-resident corporates.

AirAsia reviewing Indonesian Batavia purchase


AirAsia reviewing Indonesian Batavia purchase
Business & Markets 2012

Written by Isabelle Francis of theedgemalaysia.com
Friday, 14 September 2012 15:55

KUALA LUMPUR (Sept 14): AIRASIA BHD [] hinted it might change its mind on the acquisition of PT Metro Batavia in Indonesia for US$80 million (RM240 million) cash.

If this happens, it is reversing its recent decision to capture up to 15% of the Indonesian passenger market.

It is unsure if this latest development has to do with the setting up of a new budget airline, Malindo Airways, earlier this week.

Gas Malaysia a 'growing cash cow'

Gas Malaysia a 'growing cash cow'

2012/09/14

Kenanga Investment Bank started coverage on Gas Malaysia Bhd with an "outperform", saying the company is a “growing cash cow” thanks to future earnings growth and generous dividend payout.

Kenanga set a target price of RM2.94 on Gas Malaysia shares. The stock rose 0.4 percent to RM2.62 on Friday.

Kenanga said an expected fall in Gas Malaysia’s earning in FY 2012 is expected to be limited as the firm has signed additional gas supply deal with state oil firm Petronas , potentially boosting 2013-15 earnings.

IGB REIT's target price set at RM1.43

IGB REIT's target price set at RM1.43
2012/09/14

Affin Investment Bank initiated coverage on IGB Real Estate Investment Trust (REIT), which is set to be Malaysia’s largest REIT by retail asset value and market capitalization, with a target price of RM1.43 and an "add" recommendation.

Affin also named IGB as its top pick for the sector.

The target price is a 14 percent premium to the company’s offer price of RM1.25. It is due to list next Friday, boasting two prominent retail malls worth a total of RM4.6 billion (US$1.49 billion) as assets.

Affin said the two assets have enjoyed a high occupancy rate and projects an annual rental growth of 6 to 7 percent for the next two years, buoyed by strong tourist arrivals and a positive outlook for the retail market.

MK Land willing to support PR1MA

MK Land willing to support PR1MA

2012/09/14

KUALA LUMPUR: Property developer, MK Land Holdings Bhd, is prepared to cooperate with the government to build houses under the 1Malaysia People's Housing (PR1MA) programme to help low-income earners own houses.

Chairman Tan Sri Mustapha Kamal Abu Bakar said MK Land was willing to support the effort in tandem with the government's initiative to build more affordable and low-cost houses for the people in the low-income bracket.

He said a meeting would be held with the Prime Minister's Department today on PR1MA projects to be implemented.

Thai bid clouds Heineken's Asian expansion

Thai bid clouds Heineken's Asian expansion
Posted: 13 September 2012

SINGAPORE: A battle for dominance in Asia's lucrative beer market broke out Thursday as a Thai tycoon made a US$7.1 billion bid for a Singapore group that includes a brewer about to be taken over by Dutch giant Heineken.

Thai Beverage (ThaiBev) and its partner TCC Assets offered other owners S$8.7 billion to take over Singapore's Fraser and Neave (F&N), the parent of Asia-Pacific Breweries (APB), maker of Tiger Beer and other popular brands.

The two firms, controlled by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement they were offering S$8.88 per share for the 70 percent of F&N shares they do not yet own.

DBS downgrades Singapore market To Neutral

DBS Group downgrades Singapore’s market to Neutral from Overweight, noting it’s been among the best-performing regional markets quarter-to-date.

“The perceived status of safe haven stemming from quality banks, strong currency and resilient domestic demand are attracting investments in high yield and defensive domestic stocks.”

But it adds, Singapore is only cheap vs the region on dividend yield and P/B, with its earnings and ROE outlook less attractive.

“Consensus’ generally Overweight position and the market’s relative outperformance could hinder further upside.”

短炒蘋果概念股恐損手

短炒蘋果概念股恐損手

這邊廂一眾「果迷」正磨拳擦拳,準備搶購iPhone 5;另一邊廂,部份「蘋果概念股」亦已急不及待爆上。往績顯示,電訊商股價均於推出後方衝刺,投資者須持貨數月,始有斬獲,短炒隨時要損手離場;iPhone設備股則以瑞聲(2018)表現最標青。

瑞聲搶鏡股價或再上
歷年蘋果推出iPhone的產品,本地電訊商均受惠,尤其在iPhone3G至首批iPhone3GS的年代,和電旗下的「3」搶佔頭啖湯,為本港唯一一家特約銷售iPhone的電訊商,故表現尤其突出。和電(215)最近三年推出新iPhone後的三個月,累計升幅6.2%至28.5%不等。競爭對手數碼通(315)因為初期無份銷售iPhone,故08年推出iPhone3G後,完全處於捱打狀態,股價三個月累挫近兩成,2008/09年度全年純利更按年倒退84.6%,集團雖然於09年與蘋果達成協議,可推出iPhone,但要等到2009/10年度業績才翻身,股價在放榜後三個月累升逾五成。

蘋果股價料再闖高峯

蘋果iPhone5或未能讓一眾iPhone機迷感到驚喜,但蘋果股票投資者應笑逐顏開,因iPhone5登場,刺激蘋果股價上揚,周三晚公佈後股價即升逾1.39%,昨最多再升1.48%至679.6美元,而且更有分析指,蘋果股價三年後有望衝上每股1650美元。


蘋果公司於2007年1月推出第一代iPhone後,旋即成為該公司的皇牌產品,而且每次有新型號iPhone推出市場時,幾乎每次都可帶動蘋果股價上升。不過,有分析指出iPhone正式登陸市場前數天,蘋果股價升幅最凌厲,但推出市場後的一至三個月,即掉頭回落,而每次股價調整幅度介乎9%至16%。回顧iPhone4推出時,蘋果股價在推出後一星期跌10%。翌年10月,蘋果推出iPhone4S,其股價在一個月重挫14%。投資者慶幸,蘋果股價下挫不久後遇上牛市,刺激股價回升。Ironfire Capital創辦人Eric Jackson指,蘋果股價有望2015年升至1650美元。他估計,蘋果在節日季度內的iPhone5付運量達5000萬部;而2015年其付運量能激增一倍至1億部,所以有理由相信蘋果股價能衝上高位。

目前为止苹果犯下的十大错误

目前为止苹果犯下的十大错误
2012年09月13日
先声明,我其实是个“果粉”。我喜欢苹果产品,并且持有该公司的股票。

那么,为什么我要写下这篇文章呢?

因为人无完人,而且从一名拥趸的立场出发,回顾苹果的过去,并从他们所犯的错误中吸取教训,其实是种很有趣的智力活动。

就苹果来说,实在很难找到其失误之处。我故意把约翰·斯卡利(John Sculley)和吉尔·阿梅里奥(Gil Amelio)领导下的苹果排除在考虑范围之外,只谈到了乔布斯通过NeXT的收购而回归苹果之后的时期,也就是苹果在过去16年里的表现。

我试图找到苹果在这个时期犯下的错误。这才发觉苹果执行了如此多行之有效的战略决策,例如iPod、向电脑开放iTune、实体零售店、iPhone、应用商店和iPad。

没有乔布斯的苹果不再有惊喜

没有乔布斯的苹果不再有惊喜
2012年09月13日
Timothy B. Lee

蒂姆·库克(Tim Cook)刚刚完成了iPhone 5手机的发布。表面上看,iPhone 5是一场华丽的升级:处理器更快、屏幕更大更亮、支持LTE网络,并比之前几代iPhone手机更轻薄。它无疑性能强大,是最新安卓(Android)设备的有力竞争者。

然而,从Twitter上的议论和一些科技网站的新鲜报道可以看出,对这部手机的关注点反而是它存在的缺失:即缺少强力的闪光点来证明自己能够超越前几代iPhone手机或从众多竞争者中脱颖而出。iPhone 4手机就配备了Retina显示屏,苹果公司(Apple)的营销口号称该屏的纵横分辨率均两倍于之前的机型。诚然,这么说是愚蠢的,但它抓住了消费者的心理,使之成为苹果系列产品中必须拥有的一大特性。同样,iPhone 4S手机的宣传是在史蒂夫·乔布斯(Steve Jobs)过世前不久公之于众,其亮点在于Siri语音控制个人助手,从而吸引了科技博客界的众多关注并被频频报道。

成交量攀1億股‧亞航跌穿3令吉


成交量攀1億股‧亞航跌穿3令吉
Created 09/14/2012 - 10:57
(吉隆坡13日訊)遭對手圍攻的亞洲航空(AIRASIA,5099,主板貿服組)自7月上旬以來,股價一再坐上滑梯,跌向3令吉水平,週四(13日)更跌破這道強力心理關口,賣盤接踵而來促使全天成交量攀越1億股。

亞航一度滑落20仙至2令吉82仙,過後略為收復失地,跌幅大幅收窄至7仙或2.32%,收盤報2令吉95仙,共1億零215萬2千900股易手,成為全場最大熱門股。

馬銀行研究建議投資者趁亞航股價回揚時套利,當前兩大扶持分別落在2令吉88仙和2令吉68仙,萬一跌破主要關口,賣壓恐怕迫使該股下探更低水平。

解决新廉航终站异见 亚航大马机场携手商谈


解决新廉航终站异见 亚航大马机场携手商谈
Created 09/14/2012 - 11:38
(吉隆坡13日讯)亚洲航空(AirAsia,5099,主板贸服股)会与大马机场(Airport,5014,主板贸服股)携手商谈,解决双方在使用新廉航终站的异见。

亚航总执行长艾琳奥玛表示,将在截止日期前与大马机场合作商议,并透露后者仍持乐观态度。

新廉航终站料将明年5月投入运作。

“大马机场数次强调,5月是正式运作的期限,因此我们已做好准备,只要机场完成建筑、并具备让我们安全经营的设备后,我们将会迁入该机场。”

她也强调,亚航是“廉价航空模式”,因此会向大马机场确定新廉航终站是符合廉航营运。

受益规模经济优势 综合保健市占看涨


受益规模经济优势 综合保健市占看涨
Created 09/14/2012 - 12:33
(吉隆坡13日讯)综合保健控股(IHH,5225,主板贸服股)被分析员看好规模大,可进一步壮大市占率。

首次把综合保健控股纳入追踪股项的MIDF研究分析员表示,以市值计算,综合保健控股目前为全球第二大上市私人保健服务供应商,旗下综合保健业务和相关服务的全球网络。

该公司拥有超过4900张病床,遍布在8个国家的30家医院、医疗中心和诊所等。

集团的核心业务是由3家子公司所组成:即新加坡百汇控股(Parkway Holdings)、大马的班底医院(Pantai Hospitals)和土耳其的Acibadem连锁医院。

这些子公司的业务规模,分别在各自市场坐上龙头宝座(新加坡和土耳其),及第二把交椅(大马)。

Wilmar shares jump on share buyback, commodity rally


Shares of Wilmar International jumped to the highest in more than two weeks after the palm oil firm launched its first-ever share buyback and the U.S. Federal Reserve stimulus sparked a rally in commodities stocks.

Wilmar said on Thursday it had repurchased 7.4 million shares from the open market, representing 0.115% of outstanding shares, at $3.00 each.

“The buyback is because Wilmar is good value at these prices. It also reflects the confidence that the Wilmar board has in the long term fundamentals and growth prospects of the group,” Wilmar’s spokeswoman said in an email.

Wilmar shares gained as much as 6.7% to $3.20 on Friday, the highest since Aug. 29. More than 34 million shares were traded, triple the average full-day volume over the past 30 days.

F&N support at risk if APB sale blocked: Nomura


If TCC successfully blocks the sale of F&N’s holdings in APB to Heineken, the valuation support for F&N’s shares could be at risk, Nomura says.

If APB’s share price were to fall back to the around $35 pre-announcement price, the house’s sum-of-the-parts valuation would fall by about $1.34/share, it adds.

The house sees two possible reasons for TCC to block the sale: On gaining control of F&N, TCC may want to continue the JV with Heineken based on existing agreements or TCC could want to renegotiate the APB sale with Heineken for a higher price.

“This could explain the timing of the general offer as it would provide TCC with a potential option to restart the negotiation with Heineken.”

Singapore’s commodity plays surge; OCBC turns bullish


Singapore’s commodity plays surge amid a flurry of QE3 euphoria.

“With the Fed agreeing to undertake a new round of debt-purchase at last night’s FOMC, we are once again bullish on commodities, especially precious metals,” OCBC Bank says in a note.

The Fed’s move spurred commodity-linked currencies, such as AUD, NZD and CAD, higher against the USD, it notes. Wilmar is the best-performing STI component, surging 6% to $3.18.

Wilmar +6.3%; But fundamentals remain tough: Analyst


Wilmar surges 6.3% to $3.19, sharply outperforming the STI’s 1.3% rally.

“It’s also the worst performing since the beginning of the year,” an analyst notes; it remains down around 36% year-to-date. “This is just a knee-jerk reaction” to the Fed’s QE3 announcement, he says.

Wilmar also announced it bought back 7.4 million shares at $3.00/share Thursday.

“The buyback throws fuel on the fire, but it doesn’t change the end-markets that they’re in,” with fundamentals there remaining poor, he says. Peers Noble and Olam are up 4.6%-5.1%.

投資SUN國度:防守股人棄我取中銀暫不考慮

投資SUN國度:防守股人棄我取中銀暫不考慮

好淡爭持,尾市回軟是十分合理,始終聯儲局會議是舉足輕重的事件,會令投資者趁勢獲利回吐減低風險,不過昨日中段發力再衝的一段,未能攻克20,200點殺熊,更加需要小心。

今日開市時世界可能已經不同,假如有大幅調整,還是會繼續吼位買地產股買REITs,至於再升的話,自己則會主力瞄準防守性股票。近期市況好轉,不過中國氣氛仍是風雨飄搖,防守股一定有市場,不妨人棄我取趁低吸納,不會賺大錢,至少穩穩陣陣。最後一個可能性是大市今日無法突破,很簡單,就以不變應萬變。

最近幾日港股走勢十分凌厲,其中一項功課,是留意個別股票的表現,到底是符合預期抑或跑輸大市。舉個例子,自己覺得中銀香港(02388)這個回合走勢並不合格,以市場對港股的熱愛,以及中銀香港的股息率,無力突破令人相當失望,而大市升浪維持了足足一個星期,不可以用未炒到作為解釋。

QFII基金客掟A清倉


QFII基金客掟A清倉
國務院出台的穩定外貿增長措施欠缺驚喜,加上人民銀行在事隔10年後重啟28天逆回購操作,令短期內下調存款準備金率的預期降溫,滬深股市雙雙下挫。滬綜指連跌4個月,已令不少海外投資者卻步,有券商消息透露,一家合格境外機構投資者(QFII)本周二通過券商的QFII交易席位,大手拋售平保等29隻藍籌A股,套現逾2億元(人民幣‧下同)。

海通證券本周二曾通過上交所大宗交易平台拋售29隻藍籌股,所有股票最終由中信証券總部全數買入,買賣雙方全天成交金額2.14億元,佔當天大宗交易成交總額的25.5%。《21世紀經濟報道》昨引述海通證券國際部負責人證實,有關交易是該公司一家QFII客戶所為,賣出29隻股票以銀行、券商和保險等金融股為主,平保、招行、交行等藍籌A股當日成交金額均在1,000萬元以上。

雷曼遺禍成鑊泡


雷曼遺禍成鑊泡
雷曼兄弟「爆煲」引發金融海嘯,轉眼將屆四周年,環球經濟復甦未見曙光,但在雷曼危機之後,歐美嚴格監管銀行風險,間接限制信貸活動;與此同時積極「印銀紙」以圖刺激經濟,結果實體經濟未見受惠,資產泡沫卻已升溫,加上美國明年一旦掉入「財政懸崖」,勢將緊縮開支,引發新一輪經濟衰退,雷曼魔爪揮之不去,環球可能面臨更嚴重的危機。

歐美各國狂印銀紙,資金卻未能流入實體經濟,只催谷投機炒賣,導致資產價格大幅上升,尤其是商品及房地產,資產泡沫更有爆破的危機。各國量化寬鬆希望扭轉雷曼爆煲後經濟低迷的困境,如今反而危機重重。

Bricks & Mortar地產分析員王震宇認為,雷曼事件是一件全球資產泡沫爆破造成的災難,歐美政府的負債比率未來可能要用上5至20年時間才能回復正常水平。

美無限期量寬托市

美無限期量寬托市
美國聯儲局於香港時間今早凌晨結束一連兩日議息會議,一如早前主席伯南克暗示推出第三輪量化寬鬆(QE3)措施,宣布由今日起無限期地額外每月購入400億美元(約3,120億港元)按證,並繼續現有扭曲操作(OT)及把到期債券回籠資金再投資按證。此外,當局並承諾超低息環境由原先一四年底延長至一五年中,而聯邦基金利率則繼續維持介乎零至0.25厘。

議息聲明提到,經濟近月繼續以溫和步伐增長,就業職位增長減慢,失業率依然高企,家庭開支持續增長,但固定企業投資似乎放慢。雖然有進一步改善迹象,但樓市仍然處於低迷水平。此外,金融市場緊張繼續對經濟前景構成重大下滑風險。通脹方面,儘管商品價格最近上升,長遠通脹預期維持穩定。

聲明又提到,若就業市場沒有大幅改善,當局會繼續購入按證及進一步購入資產,並採取其他適當的政策工具。

被評無驚喜 回收商料銷情一般


被評無驚喜 回收商料銷情一般
2012年9月14日
【明報專訊】iPhone 5將於下周五在港正式發售,有接受預訂的手機商表示,現時水貨叫價為9380元,與當年iPhone4S開售時的水貨價相若,回收iPhone4和4S的價格則即日下跌。有手機商指出,由於蘋果專門店已有預訂服務,故新機問價者較往日iPhone 4及4S開售時少。

本報記者昨到旺角先達廣場視察,大部分手機店均未開始接受客人預訂。其中已接受預訂的「樂天科技」,負責人Carmen表示,預計iPhone 5銷情一般,但新機發布後,昨日已接到10多張訂單,直言問價及下訂者比想像中稍多。該店職員亦透露,新機發布已影響其他iPhone的售價,其中iPhone 4S(16GB)收機價由4600元跌至昨日的4100元,跌價足有500元,而iPhone 4(16GB)亦跌了200元,預計會持續跌價多2至3星期。

Gaming – Singapore: Struggling For Growth (UOBKH)

What’s New
• Industry growth is cooling down. Our recent discussions with Las Vegas Sands (LVS) and Genting Singapore (GENS) reaffirmed the subdued outlook for the Singapore gaming industry, barring seasonality.

• GGR to grow marginally by 2.6% yoy in 2012. After two spectacular years of growth, Singapore’s casino industry GGR trend has clearly shown signs of cooling down in 2Q12, with the industry mass-market GGR contracting qoq for the first time, and rolling chip volume (RCV) contracting yoy for the second time (refer to RHS charts). Nevertheless, we continue to expect a firmer 2H12, reflecting a seasonal strength.

• Tighter regulations ahead. Yesterday’s media report that GENS was fined S$600,000 for partially reimbursing local patrons’ annual entry levy reinforces the view that the government is tightening regulations that would discourage local patronage.

AirAsia: Is the Malaysian cash cow at risk? (CIMB)

AirAsia
Current RM3.02
Target RM3.50
Is the Malaysian cash cow at risk?

Lion Air’s impending entry into Malaysia is the latest in a list of challenges thrown over the years at AirAsia, which successfully fought off MAS in 2005-06 and Firefly’s LCC business in 2011. While competition could be tougher ahead, AirAsia will survive the threat.

We see increased risks for AirAsia as Malaysia is its most profitable base and the source of funds to support fledging overseas associates. As such, we cut our EPS forecasts on lower yield assumptions, and reduce our target price (still pegged to 9x core P/E), but roll over to an end-2013 target. Our Outperform rating stays as the share price has already taken a beating.

TCC Assets has launched a mandatory conditional ( > 50%) general offer for F&N at $8.88 a share (Limtan)

F&N / THAI BEV
S$8.51-FRNM.SI / S$0.34-THAI.SI
 TCC Assets, controlled by Charoen Sirivadhanabhakdi, and hence a concert party of Thai Bev, has launched a mandatory conditional ( > 50%) general offer for F&N at $8.88 a share. TCC yesterday bought 19.5 mln F&N shares or 1.37%, which raises Charoen S’ stake past 30% to 30.27% (or 431,923,822 shares out of 1426,843,818 total shares issued).

 This values F&N at $12,670.4 mln, ie an additional outlay by Charoen S of $8,834.9 mln. (UOB and DBS have confirmed that sufficient resources are available to the Offeror to satisfy in full all acceptances of the Offer.)

 F&N had scheduled an EGM on Sept 28th to vote on: - Heineken’s $53 a share offer for F&N’s 7.26% direct and 32.4% deemed stake in Asia Pacific
Breweries, the crown jewel.

Retail M-REITs: Shop for retail havens (DBSV)

Retail REITs
Shop for retail havens
• Further re-rating from more REIT IPOs, asset injection/AEIs & preference for defensive plays
• Like MREITs for its greater acquisition potential and capacity for rental reversions compared to SREITs
• Upgraded FY14F earnings on CMMT and Sunway REIT on assumed acquisitions; Top picks in order: CMMT, Sunway REIT, Pavilion REIT

Still have legs. While larger retail MREITs have outperformed KLCI and trade at comparable yields to SREITs, we see further upside with 2 more REITs launching in 2H12 and beyond at new benchmark yields. We estimate there is another RM12bn worth of prime malls owned privately or by developers which have REIT potential. Retail MREITs have stronger growth potential than SREITs given rental reversion of 5-8% vs 3-4% p.a. and more visible acquisition pipeline. There is strong gravitation towards REITs for its more diversified resilient retail exposure, higher yields (140-240bps over fixed deposit rate) and inflation-hedging.

Pavilion REIT: Still in fashion (DBSV)

Pavilion REIT
BUY RM1.35
Price Target : 12-Month RM 1.60 (Prev RM 1.50)
Still in fashion


• Fashion Avenue opened; should see c.RM3m/mth rentals from Sep12 onwards
• Rentals likely to see strong growth; FY12-14F earnings raised by RM1-7%
• Maintain BUY with higher DCF-based RM1.60 TP

Earnings drivers intact. Pavilion KL’s Fashion Avenue has launched as at Sep12, with brands like Victoria Secret, Ben Sherman, and Luxenter open for operations. It is furnished with 35 specialty stores and total rental income is expected to be 2.5x higher than Tang’s anchor rate (RM1.1m/mth). Fashion Avenue should also serve to improve rental rates throughout the mall through stronger traffic (an extra entrance was built fronting Jalan Raja Chulan) and greater sales. Occupancy rate post-Fashion Avenue opening is 99.5% from 94.6% previously. In the medium-to-long term, piling works at USJ mall are ongoing, while the acquisition of fahrenheit88 will be assessed when tenancies are up for renewal in 3Q13. Pavilion KL extension is to undergo piling works shortly, targeted for completion in 3Q15.

Sunway REIT: Looking to the future (DBSV)

Sunway REIT
BUY RM1.48
Price Target : 12-Month RM 1.80 (Prev RM1.60)

Looking to the future
• Assumed asset injections in FY14F; bumped up earnings by 9%
• Putra Place to bear fruit in FY15F; Putra Mall closure to be buoyed by large bloc of lease renewals at Pyramid
• Maintain BUY and higher DCF-based RM1.80 TP

A gem in Putra Place. Newly acquired Putra Place mixed development at the fringe of KL CBD has started to bear fruit - contributing 12% of FY12 revenues. Sunway Putra Mall will be closed for refurbishment for 18 months from 3QFY13 onwards, which could drag FY13-14F earnings growth, but that should be mitigated by higher rents with 62% of Sunway REIT’s total retail NLA expiring in FY14 and continued improvements at the office & hotel segments. This temporary downside will pay off as Putra Place’s core rental revenues are expected to increase by 28% in FY15F (full-year, assuming conservative 70% occupancy rate) from FY12’s RM24m The REIT may also be rerated from its current 1.4x P/NAV as it becomes a purer retail REIT.

CapitaMalls Malaysia Trust: Strength in Penang malls (DBSV)

CapitaMalls Malaysia Trust
BUY RM1.78
Price Target : 12-Month RM 2.20 (Prev RM 1.85)

Strength in Penang malls
• QB Mall injection lifts FY14F earnings by 8%
• Existing properties will support near-term growth; unpriced ECM AEIs to offer further upside
• TP lifted to RM2.20 after tweaking earnings and DCF assumptions

Powering through organically. CMMT’s organic growth prospects remain bright, with resilient rental reversions (+7% as at 2Q12) for existing properties despite market downturn fears. It has yet to launch asset enhancement initiatives (AEI) at East Coast Mall (ECM), implying huge potential for rental upside (+13% reversion), while the mall has yet to mature at 59-60% occupancy. Gurney Plaza’s (GP) ongoing rebranding to a more upscale complex and the GP extension will also lift rentals gradually. Sungei Wang Plaza will provide strong support through stable cash flows (29% of 2Q12 NPI). Its portfolio is well positioned to weather uncertainties due to its mass-market nature.

Telecom Companies: 4G pricing is an ultimate cure (DBSV)

Telecom Companies: 4G pricing is an ultimate cure

* M1 & StarHub to price 4G services significantly higher than 3G. Players with bigger exposure to the mobile sector will benefit more

* Even if we ignore the impact of lower data-caps StarHub's FY13F/14F earnings could benefit 4%/8%, marginal impact for SingTel.

* Raise StarHub's TP to S$3.67 assuming DPS of 22 Scts in FY13F, implying 6% yield. HOLD SingTel for 5% yield, intense competition in India, Australia and startup cost for mobile advertising as key concerns

Hong Kong Market: Rally to continue (DBSV)

Hong Kong Market
Rally to continue: revisiting short and long-term ideas
Chinese earnings cycle has troughed. While we have cut our HSCEI earnings growth to 2.4% for this year, a strong rebound in earnings (>15%) for more than one-third of the sectors suggest there are more bottom-up opportunities. Our non-financial HSCEI earnings are forecast to grow 20.9% next year (>5.5% forecast for the broad market)

ECB’s OMT and Beijing’s infrastructure spending should reduce economic risks and boost stock prices by lowering high risk premiums. As US and German equities hit 52- week highs, additional funds flows may flow to Chinese equities as lower valuations provide a good entry point for long-term investors

Far East Hospitality to tap ASEAN tourism growth, eyes assets

Hotel and serviced residence owner Far East Hospitality Trust, which completed a US$583.8 million ($717.2 million) Singapore listing last month, aims to tap Southeast Asia’s booming tourism demand and grow its portfolio value by 50% over the next two years, its chief executive said.

Far East Hospitality expects to acquire a hotel and two serviced residences -- Orchard Parksuites and Orchard Scotts Residences -- from its sponsor Far East Organisation within the next 24 months, increasing its portfolio by more than $1 billion from $2.1 billion currently, CEO Gerald Lee said.

The trust, which owns 11 Singapore properties, raised $717.6 million last month in its initial public offering that was the largest in the city-state this year and attracted strong interest from investors due to its yields and exposure to Singapore’s tourism industry.

M1 : Singing the 4G Tune (KE)

M1
Hold (unchanged)
Share price: SGD2.59
Target price: SGD2.65 (from SGD2.45)
Singing the 4G Tune

No big splash from 4G. Come 15 Sept, M1 will be the second telco in Singapore to launch 4G plans after SingTel. Its prices and data caps are closely in line with SingTel’s and we do not expect a price war to erupt. While ARPU should be boosted as they are priced at a premium to existing 3G plans, the impact on earnings is at best 10%, by our estimates. Maintain HOLD. However, M1 is our top telco pick for its attractive dividend yield of 5.7%, the highest in Singapore currently.

Malindo Air: Enter the Lion (MIB)

Aviation
Malindo Air: Enter the Lion
Malaysia’s latest LCC. Malindo Air is a joint venture between Lion Group and the National Aerospace and Defense Industries Sdn Bhd (NADI). Operations are expected to commence in May 2013, initially targeting destinations within Malaysia, and later Indonesia, China and India. Indonesia‟s Lion Air will help fast-track operations and supply B737-900 aircraft. Based on our analysis, the true winner is MAHB. The development is negative for AirAsia and to a lesser extent MAS.

Landmark Malaysia-Indonesia JV. This is the first airline partnership between a Malaysian and Indonesian company and the Malaysian Prime Minister took pride in officiating the JV‟s launch yesterday. NADI will have a majority 51% stake with Lion Group holding the statutory maximum stake for foreign shareholders of 49%. No financial details were divulged, as both shareholders are private companies. Nonetheless, both owners are upbeat about the venture‟s prospects and pledged their support for all financial requirements.

Singapore Airlines :MANAGEMENT REPLY: Will London, Frankfurt routes become more profitable?

Qantas Airways to move its hub for European flights from Singapore to Dubai

12/9/2012 – Singapore Airlines says it has not raised ticket prices on flights to London as a result of Qantas Airways announcement it will move its hub for European flights to Dubai.

Singapore's Changi Airport will no longer be the stopover for flights on the so-called kangaroo route from March.

But the move could help Singapore Airlines (SIA) and Changi Airport, despite denting Changi’s prestige as a popular hub.

Australia's national carrier also said it will pull its poorly performing Singapore-Frankfurt flight.

K信托亚洲风险低,值得买入?

K信托亚洲风险低,值得买入?
文: 韩巍 2012年09月11日 技术分析
海峡时报指数于上周五跳空高开,应该是因为受到欧洲中央银行发布的消息影响。但是,海指并没有上升,其7天和13天移动平均线(MA)仍在下跌。另外,与欧美市场及恒生指数相比,海指的表现欠佳。因此,海指在短期内可能仍会处于跌势中。

Golden Agri-Resources: US$400 mil Convertible Bonds (CB) Plan (PHillip)

Golden Agri-Resources
Target Price (SGD) 0.77
- Previous Target Price (SGD) 0.75
Closing Price (SGD) 0.665
Expected Capital Gains (%) 15.8%
Expected Dividend Yield (%) 2.7%
Expected Total Return (%) 18.4%
US$400 mil Convertible Bonds (CB) Plan

Golden Agri-Resources Ltd (GAR) is the world’s second largest palm oil plantation company with plantations located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat.
• Convertible bond issue to raise US$400 mil
• No impact from subsidized fuel ban
• Maintain Accumulate with revised TP of S$0.77

Thai Billionaire Bids for F&N


KNM Group - Planning to list Borsig on SGX

KNM Group -
Price Target : 0.55
Last Price : 0.70
Planning to list Borsig on SGX

- We maintain our SELL call on KNM Group, with an unchanged fair value of RM0.55/share, based on a 10% discount to our diluted book value estimate of RM0.61/share.

- Our diluted book valuation excludes the group's RM789mil goodwill arising from the acquisition of BORSIG Beteiligungsverwaltungsgesellschaft mbH (Borsig) from KNM's adjusted book value and assumes the proposed rights issue and warrant exercise price at RM0.40/share.

Olam International : Another weak quarter, dragged by higher overhead costs (Macq)

Olam International
Price (at 06:26, 28 Aug 2012 GMT) S$1.99
12-month target S$ 2.40
Upside/Downside % 20.9
Valuation S$ 2.40
Another weak quarter, dragged by higher overhead costs

Olam’s headline adjusted profit came in at S$94m (+3.5% vs. cons, +46% vs. MQ). However, excluding all biological gains, the clean net profit missed our numbers by 27% at S$48m. We think shares will be weak following the poor set of results.

The Thai Billionaire Threatening Heineken For F&N


曾淵滄專欄 14.09.12: 今次不會再反高潮

曾淵滄專欄: 今次不會再反高潮 - 曾淵滄

在美國聯儲局議息結果揭曉前夕,股市偏軟,發生這種情況是因為有不少投資者見好就收。

這批投資者會認為近期股市已連升多日,炒聯儲局推QE3的預期已經谷起股市,若真有好消息,一些人也會趁好消息出貨,壓低股市。若沒有QE3,更糟糕,股價必大跌,於是在議息有結果之前先行套利離場。

儲局放水憧憬已打折
不過,過去大半年,聯儲局多次令投資者失望,失望之後又再重燃希望,然後再失望,經過多次折騰之後,期望已經大大打折。

假若今次真有QE3推出,趁好消息出貨的機會不大。這種情況與上星期歐洲央行開會前夕類似。

歐央行開會前數周,行長德拉吉已實牙實齒說歐央行一定會全力維護歐元,言下之意就是歐央行會印鈔票買歐債。

IMF警告: 外資恐逃出亞洲


【本報訊】國際貨幣基金組織(IMF)副總裁朱民指出,出口放緩和資本流動日益頻繁,正在對亞洲繼續引領世界經濟增長構成挑戰,而外資的隨時「逃離」亞洲,增加了市場的不穩定因素。

朱民說,亞洲經濟總體形勢不錯,與世界其他地區相比仍然保持強勁勢頭,經濟基本面好於1998年亞洲金融危機時的情況。但是,由於全球經濟放緩,一方面對亞洲各國出口造成巨大壓力,另一方面由於外資的隨時流走。

須振興製造業
IMF近期預測,亞洲今年經濟增長(GDP)增長率為5.5%,低於2010年的8.5%和2011年的5.9%。朱民說,「亞洲還能引領世界經濟增長嗎?這是一個我們在當下必須面臨的問題。」

促加大向基建項目貸款 中央救市逼內銀放水

促加大向基建項目貸款 中央救市逼內銀放水

【本報訊】中國誓言以基建穩經濟,為確保「招無虛發」,監管部門一再要求銀行要配合,尤其「鐵公工程」要傾斜借貸,在「軍令如山」下,銀行不願借錢也得要借。

內地《中國證券報》引述銀行業人士稱,監管部門日前要求商業銀行加大對鐵路、公路等國家重點建設項目、農業基礎設施建設專案、保障性安居工程的信貸支援。

為說服銀行管理層,監管部門要求各商業銀行在「風險可控、商業可持續」的基礎上,緊密結合經濟運行周期特徵,及時調整信貸政策,有限的信貸資源要加大對實體經濟穩步增長的支援力度。

中鐵速奪合約 漲2.7%
銀行在監管部門以軟硬兼施手段下,還是不敢逆旨。建行(939)人士稱,為配合基礎設施建設投資,下半年該行的信貸投放將大力傾斜,上半年建行已適時調整信貸計劃管理方式,做到專案早儲備、貸款早投放,加快貸款進度。

Thai bid raises doubts about Heineken's APB deal


Thai bid raises doubts about Heineken's APB deal
by David Bottomley 04:45 AM Sep 14, 2012

SINGAPORE - The battle for control of Asia Pacific Breweries has taken another twist after Thai billionaire Charoen Sirivadhanabhakdi launched a takeover bid for Fraser & Neave in a move which could scupper Heineken's attempt to acquire the maker of Tiger beer.

The bid came after Mr Charoen's Thai Beverage and TCC Assets increased their combined stake in the drinks and property group to 30.36 per cent, triggering a mandatory offer.

The news saw investors pushing F&N's shares sharply higher. They closed yesterday at S$8.92, up 4.8 per cent and above the S$8.88 that TCC Assets is offering for the rest of F&N not already owned by Mr Charoen's companies.

券商籲趁低累積 亞航未必處下風

吉隆坡13日訊)新廉航公司“從天而降”或為爭市場份額推更低機票價,亞洲航空(AIRASIA,5099,主要板貿易)雖受威脅卻未必處下風,股項今日再熱跌,券商籲投資者趁低累積。

 聯昌證券研究分析師在報告中指出,馬印航空(Malindo)料將推出更低價機票,冀與亞航爭奪市場份額,目標瞄準大馬飛往印尼的航線。

 他指出,亞航為力保市場地位及載客量,或跟進更低價格,國內機票價格或再減低,將衝擊業內賺幅,不是件好事。

 “不過,獅子航空需付出的代價將會是連續數年的虧損,如何塑造品牌將是挑戰亞航市場地位和營效率的關鍵之一。”

 分析師認為,亞航在這場戰役中未必處下風,獅航欲霸市場仍需一段時間面臨挑戰,可能無法轉盈。

证券分析:越房未来将成房托龙头


证券分析:越房未来将成房托龙头
http://paper.wenweipo.com [2012-09-14]
富昌证券
 越秀房产信托基金(0405),主要投资于中国广东省物业,主要作办公楼、零售及其他商业用途物业。根据信托契约,越秀房产基金须向基金单位持有人分派最少90%的可分派收入总额。

股价破闷局似酝酿好消息
 集团旗下物业上半年整体出租率为98.3%,租金升幅为5.6%,预期下半年出租率仍可维持在高位,而全年租金增幅预计为4%至5%,相信全年收益可保证。广州市作为国家发展的重点地区,亦是金融中心,对写字楼有刚性需求。集团成功收购广州IFC后,商业楼面可增加超过45万平方米,解决此前旗下物业出租率饱和的问题。现时广州IFC出租率只有六成左右,随着未来市场需求不断增加,其增长空间巨大。另外,广州IFC的注入亦可提升旗下物业价值,维持租金稳定增长,扩大资产基础及基金单位的流通量,未来势必将成为行业的龙头股。

欧美齐放水 吹胀资产泡沫


欧美齐放水 吹胀资产泡沫
http://paper.wenweipo.com [2012-09-14]
 香港文汇报讯(记者 马子豪)港府「组合拳」式调控楼市,惟新供应始终未到位,楼市仍然炽热。近日欧洲央行宣布无上限购买欧洲短债,美国又极可能推出宽松措施,衍生的热钱势将流入本港,进一步吹大楼市泡沫。港府财金官员昨同声指,会警惕资产泡沫风险,必要时将果断出招。

 财政司司长曾俊华昨出席银行业论坛时表示,欧盟拯救西班牙银行业只是提供了暂时的喘息;上周推出的买债计划,其成效仍有待观察,外围经济形势仍不稳定。尽管亚洲经济较欧美更为稳定,但在长期超低息的环境下,当局会密切留意可能出现的资产泡沫,如有需要会毫不犹豫推出措施。

港资本充足率高 体系稳固
 他强调,当前本港经济稳定,第二季经济增长达到1.1%,足以纾缓欧债危机的影响。现时香港银行的平均资本充足率高达15.9%,远高于巴塞尔协议III所规定的8%,加上政府监管框架健全,相信可保障银行资产质素。监管当局未来会继续革新监管要求,务求符合国际标准。

特稿:美推QE3 中国会跟随吗?

特稿:美推QE3 中国会跟随吗?
http://paper.wenweipo.com [2012-09-14]
 美国联储局是否推出QE3,相信本文见报时已揭盅。若此次美联储未有公布推出QE3,大家可能要将目光转至下月23日至24日的议息会议,看届时美联储会否有所行动。假设美联储推出QE3,所谓「一为神功,二为弟子」,中国会否也会跟进加入这场全球的救市行动呢?

 上周四欧洲央行公布无限量购入欧元区国家的短期债券,继续担任「救火队」的角色,以稳定欧元区金融市场。当前市场对美国推出QE3的预期也热情高涨,似乎要将联储局主席伯南克逼向死角。

内地再大举「放水」机会微
 在这种形势下,作为世界经济「火车头」之一的中国,其未来动向也颇令市场关注。不过,有分析认为,当前中国大力追随欧美救市的可能性不是太大,憧憬中国救市的投资者可能要失望了。

美百萬億救市未全收回


美百萬億救市未全收回

○八年九月雷曼兄弟爆煲,觸發環球金融海嘯,期間不少美國金融機構及大企業需由華府出手「打救」,規模達12.8萬億美元(約99.84萬億港元)。雖然救市行動備受爭議,但時至今日部分遭「打救」機構已逐漸擺脫海嘯陰霾。

救AIG有賺 兩房「坐艇」

美國國際集團(AIG)當年因押注次按及相關信貸違約掉期(CDS),勁蝕近1,000億美元,於海嘯期間獲華府注資1,820億美元。華府近日進行去年初以來第五度減持行動,令華府在AIG的持股量降至約22%,財政部及聯儲局除收回所有援助額外,更獲124億美元利潤。

而海嘯主角還要數美國兩大房貸機構房地美及房利美,兩房迄今合共獲華府注資約1,900億美元,儘管兩房至今僅清還其中約460億美元,但第二季業績雙雙報捷。

歐美鬥印銀紙雷曼四年祭更亂


歐美鬥印銀紙雷曼四年祭更亂


雷曼兄弟「爆煲」轉眼將屆四周年,所引發的金融海嘯肆虐至今,環球經濟復甦未見曙光。與此同時,歐美央行積極「印銀紙」以圖刺激經濟,結果實體經濟未見受惠,資產泡沫卻已升溫。雷曼魔爪揮之不去,環球市場以外,本港金融界更指,美國聯儲局假若真的在議息會議上宣布推行QE3,將引發新一輪資產泡沫,港樓勢被進一步炒高,資產泡沫危機隨時爆破。

Bricks & Mortar地產分析員王震宇認為,雷曼事件是一個全球資產泡沫爆破造成的災難,歐美政府的負債比率未來可能要用上五至二十年時間才能回復正常水平。

肆意放水 港樓瘋狂

他批評,目前各國只顧放水救經濟,是不負責任的財政政策,央行放水行動將成為更多人炒賣投機的誘因,為市場造成更多不穩定,很可能帶來一個又一個的資產泡沫,當中香港樓市將繼續升溫,預期至明年中原城市領先指數將進一步升至116點,而根據目前指數107.99點計算,即仍有約7%升幅。

投資大師早就QE3押注

投資大師早就QE3押注

市場憧憬美國聯儲局會落實第三輪量化寬鬆(QE3)措施,投資者紛紛率先進行部署,當中「債券大王」格羅斯顯著減持美債,藉此防範通脹重燃風險;「對沖基金之王」達利奧則購入黃金來分散投資,更形容美國「已經走出深切治療室」,正在復原當中。

全球最大對沖基金Bridgewater創辦人達利奧,周三出席外交關係委員會研討會時,直言不憂慮中國、美國、歐洲經濟放緩,他又透露現時持有黃金,說若視黃金為貨幣,「沒有不持有黃金的理由」,建議黃金佔投資比重10%,但暫時沒有投資石油。

達利奧買金 格羅斯掟美債

QE3=無限期放水


QE3=無限期放水
美國聯儲局於香港時間今早凌晨結束一連兩日議息會議,一如早前主席伯南克暗示推出第三輪量化寬鬆(QE3)措施,宣布由今日起無限期地額外每月購入400億美元(約3,120億港元)按證,並繼續現有扭曲操作(OT)及把到期債券回籠資金再投資按證。此外,當局並承諾超低息環境由原先一四年底延長至一五年中,而聯邦基金利率則繼續維持介乎0至0.25厘。

議息聲明提到,經濟近月繼續以溫和步伐增長,就業職位增長減慢,失業率依然高企,家庭開支持續增長,但固定企業投資似乎放慢。雖然有進一步改善迹象,但樓市仍然處於低迷水平。此外,金融市場緊張繼續對經濟前景構成重大下滑風險。通脹方面,儘管商品價格最近上升,長遠通脹預期維持穩定。聲明又提到,若就業市場沒有大幅改善,當局會繼續購入按證及進一步購入資產,並採取其他適當的政策工具。

《華爾街日報》議息結果公布前進行的調查顯示,51名受訪經濟師當中,28人認為再推量寬屬錯誤決定,認為正確只有17人。

US Fed Reserve sets new QE3 bond-buying programme

US Fed Reserve sets new QE3 bond-buying programme
Posted: 14 September 2012
WASHINGTON: The US Federal Reserve announced a new $40 billion a month bond-buying programme on Thursday aimed at cutting long-term interest rates as it slashed its 2012 growth forecast.

And it signalled, without setting a specific target, that monetary easing efforts would remain in place until it sees substantial improvement in the US jobs market, where 8.1 percent of Americans remain unemployed.

Pointing to continued weak growth and stagnation in the jobs market, the Fed said it would spend $40 billion on agency mortgage-backed securities each month in an open-ended operation targeted at boosting the moribund housing sector.

「復甦勢頭隱現股」——比亞迪股份

「復甦勢頭隱現股」——比亞迪股份
中國對汽車行業的政策,由2009年開始到2010年底,投入50億元進行補貼,今年財政補貼60億元,支援推廣1.6L及以下排量節能汽車,料今年補貼可以拉動乘用車約13至15%增速。比亞迪股份(1211)目前業務涵蓋IT、汽車及新能源3大產業;面對複雜嚴峻的國內外經濟形勢,集團盈利受巨大考驗,但筆者相信壞消息已反映在股價下跌當中。

自從比亞迪收購西安秦川汽車後,便積極拓展汽車製造與銷售服務,開發民族自主品牌汽車。目前,集團的汽車產品包括各種高、中、低端系列燃油轎車,以及汽車模具、汽車零部件、雙模電動汽車及純電動汽車等。去年,公司推出高性價比車型之S6及G6,兩款新車型均廣受市場歡迎。今年集團計劃推出F3及F6的改款車,預料可帶動銷量上升。

根據《2012年度黨政公務用車選用車型目錄》徵求意見稿中,國家會採用73萬輛公務車,涉及逾千億元,而入圍均為自主品牌。而集團則佔8個車型,佔集中總型號的一半,估計可為公司汽車提出約10%銷量增速。

蘋果失創新靈魂 神話漸退色


蘋果失創新靈魂 神話漸退色
欄名:社評

蘋果公司在千呼萬喚下昨推出iPhone5,惟外界指其過於四平八穩,欠缺蘋果產品一貫的新意與驚喜。此凸顯蘋果在「教主」喬布斯離世後已失去創新靈魂,若創意再無後勁,恐將走下神壇,變成一家平庸的科技巨企。

iPhone5欠新意 坐吃喬布斯老本

蘋果昨推出iPhone5,成全球大新聞,惟在蘋果的發布會後,不少蘋果迷顯得期待愈高失望愈大,此因市場認為iPhone5僅是小升級︰除屏幕長一點、機身薄一點、處理器快一點等,未如過去的蘋果產品般,總為用家帶來驚喜與歡呼。

蘋果與iPhone能成神話,除因喬布斯個人魅力外,更因在喬布斯帶領下能不斷「革命」。就如iPhone推出前,智能電話既笨重又難操作,僅是小眾玩意,喬布斯卻將科技、人性化與時尚感集於iPhone一身,顛覆市場,且每代產品都帶來新驚喜、新體驗,令消費者着迷追隨,「蘋果教」不斷壯大。

QE3出台 美股收市飈206點

儲局官員看首次加息時間

2大因素牵制9月马股


2大因素牵制9月马股
吉隆坡13日讯)相较8月份的高峰,富时大马综合指数(KLCI)在9月间已滑落约30至40点,跌幅相等于2%,这虽引起投资者对马股稳定性的关注,但市场人士对此却不以为意,並认为8月份低迷业绩表现,与大选料在10月至11月间举行,是马股挫跌的主因。

週四闭市,富时综指以1628.40点掛收,上扬14.62点或0.91%。

纵观马股週四的表现,亚洲航空(AIRASIA,5099,主板贸服股)的卖压显著,该股连续两天下跌,今日更跌破3.00令吉的价位,一度下挫至2.82令吉,创去年9月27日以来的近1年新低。

亚航闭市收在2.95令吉,下跌7仙或2.32%,成交量达1021万5290股,为全场最热门股项,並且是第12大下跌股。

亚航持续下跌,主要因为投资者担忧,新廉价航空--马印航空將对亚航的业务带来显著的衝击,儘管亚航首席执行员丹斯里东尼已强调其衝击甚微。

去年至今落後大市11%‧建築業料現選後漲潮

去年至今落後大市11%‧建築業料現選後漲潮
Created 09/13/2012 - 17:45

(吉隆坡13日訊)大馬建築股因大選變數而自去年以來表現落後大市,建築指數和富時綜合指數的估值差距不斷擴大,惟分析員相信,建築股當前“挫折"已大幅反映大選風險,在接踵而來的合約流錦上添花下,建築領域選後的上探潛力超越下挫風險。

若以近期建築股指數的歷史本益比低點9.8倍而言,建築股可能還需面臨約9%的潛在回調,但基於建築領域的基本面顯著改善,建築指數和富時綜指的估值差距不太可能擴大,反觀,若彼此鴻溝收窄,建築指數的潛在上揚幅度達37%。

豐隆研究指出,目前投資者遠離建築股,主要是大選的結果不明朗,導致計劃執行的隱憂四起,惟若按基本面言,建築股的訂單流穩健,平均運轉率達2.7倍,突顯建築公司未來2至3年的盈利能見度高。

“市面上還有一些計劃接踵而來,若這些公司攫獲額外合約,將進一步推高現有的訂單。"

Fernandes: AirAsia to give new Indon rival ‘real run for money’


Fernandes: AirAsia to give new Indon rival ‘real run for money’
In The Edge Financial Daily Today 2012
Written by Isabelle Francis of theedgemalaysia.com
Thursday, 13 September 2012 10:04

KUALA LUMPUR: While the setting up of a new airline in Malaysia yesterday — Malindo Airways — threatens to erode the market share of AirAsia Bhd in its own home turf, Tan Sri Tony Fernandes said he is unperturbed and instead, will give his new rival “a real run for their money in Indonesia”.

“We are thrilled that they [Malindo] are coming here as this means taking away capacity from Indonesia. We can give them a real run for their money in Indonesia,” Fernandes, the regional group CEO of AirAsia told theedgemalaysia.com.

新產品欠新意 考起蘋果股價

新產品欠新意 考起蘋果股價
iPhone 5雖然被評為欠缺新意,但蘋果昨日的股價仍然獲得投資者追捧,不過有分析則指,目前佔標準普爾500指數最大比重的蘋果,其股價已位高勢危,倘若蘋果神話破滅,料會拖累美股未來的走勢。

最樂觀料見780美元
在昨夜10時30分,蘋果在美國的股價升1.14%,至到677.581美元,進一步追近日前所創的680.44美元歷史新高。在蘋果公布新iPhone後,最少有兩間投資銀行上調其目標價,其中Sterne Age將蘋果目標價從780美元,上調超過5%,至到820美元。不過,並非所有人都滿意iPhone 5,財經雜誌福布斯,便發表題為《沒有喬布斯的蘋果不再有驚喜》的評論文章,指出作為運營方面的人才,蘋果新任CEO(行政總裁)庫克,善於以極低的價格、將更為強大地硬件裝配到蘋果的產品中,但蘋果前任CEO喬布斯卻懂得抓住消費者的心。

Rolfe: IPhone 5 Is Solid Evolution of All Spectrums


《财经夜行线》 推测QE3三种可能结果将左右美元及金银走势

《财经夜行线》 推测QE3三种可能结果将左右美元及金银走势
http://www.sina.com.cn 2012年09月13日 宁夏卫视《财经夜行线》

China a Major Growth Market for Apple: Analyst

Search for Yields Set to Continue

Is the Worst Over for the Euro Zone?

Buy on Rumor and Buy on Fact

Apple's New Products: Hit or Miss?

How Did Zuckerberg Do?

China's Stimulus Dilemma

《环球第一财经》中国经济或需从保增长转向促消费

《环球第一财经》中国经济或需从保增长转向促消费
http://www.sina.com.cn 2012年09月13日 宁夏卫视《财经夜行线》

《环球第一财经》德国法院有条件放行ESM


《环球第一财经》德国法院有条件放行ESM
http://www.sina.com.cn 2012年09月12日 宁夏卫视《财经夜行线》

《财经夜行线》 李稻葵:房地产税不可能抑制房价

《财经夜行线》 李稻葵:房地产税不可能抑制房价
http://www.sina.com.cn 2012年09月12日 宁夏卫视《财经夜行线》

《财经夜行线》 银行股再遭标普唱空 空方资金累计300亿港元


《财经夜行线》 银行股再遭标普唱空 空方资金累计300亿港元
http://www.sina.com.cn 2012年09月12日 宁夏卫视《财经夜行线》

The Case for Buying Citigroup Stock


Dimon Says JPMorgan Trading Losses Could Top $7.5B


Does Soros Have a Mandate to Advise Governments?

Moody's: ECB Bond-Buying Is Not Enough

Apple is a Cheap Stock: Analyst

Thursday, September 13, 2012

Spend a Minute With the New iPhone 5


QE3今晚出爐?彭總裁憂心QE熱錢恐襲台


Property sector downgraded to 'neutral'

Property sector downgraded to 'neutral'

2012/09/13

Kenanga downgrades property sector Kenanga Research downgraded Malaysian property stocks to ’neutral’ from ’overweight’ as the upcoming Budget 2013 may bring fresh measures to curb speculations in the property market.

An increase in real property gains tax is more likely than a hike in stamp duty and that either measure may prompt knee-jerk selling of property stocks, it said in a note on Thursday. Kenanga downgraded its call on UEM Land Holdings to ’market perform’ from ’outperform’ and cut Hunza Properties to ’underperform’ from ’market perform’.

It said the delay in property launches at UEM Land may dent market expectations of the developer’s sales, while the lack of sizeable launches may hurt Hunza.

AirAsia ready to take on rival: Fernandes

AirAsia ready to take on rival: Fernandes
2012/09/13

KUALA LUMPUR: AirAsia boss Tony Fernandes has vowed to give Indonesian rival Lion Air “a real run for their money” after it announced plans for a new low-cost carrier, a report said Thursday.

Indonesia’s PT Lion Mentari Airlines and a Malaysian partner called NADI said Tuesday their Malindo Airways would launch flights around the region from Kuala Lumpur in May, a direct assault on AirAsia’s home turf.

AirAsia has long been based near Kuala Lumpur but Fernandes, a Malaysian, recently opened a regional headquarters in Jakarta and purchased Indonesia’s Batavia Air for $80 million.

Fraser & Neave shares jump nearly 5% after bid from Thai group


Shares in Fraser & Neave rose nearly 5% after Thai billionaire Charoen Sirivadhanabhakdi launched a US$7.2 billion ($8.8 billion) offer to buy out other shareholders of the Singapore conglomerate, potentially derailing Heineken NV’s bid to take full control of F&N’s prized beer business.

F&N shares rose to a record high of S$8.94 on Thursday and traded above the offer price of $8.88 per share in a flat market. The shares were suspended for trading earlier in the day.

Charoen’s move to take over the Singapore drinks-and-property group before a key F&N shareholders vote has raised doubts on whether the sale of F&N’s 40% stake in Asia Pacific Breweries is a done deal as predicted by industry watchers just a week ago.

Short term upside for Singapore stocks limited - OCBC

OCBC Investment Research said the short-term upside for Singapore stocks look limited as global headwinds could hinder growth of Singapore companies, but favours blue chips with strong track records and order books.

September could be a volatile month for Singapore stocks, due to several key events such as the U.S. Federal Reserve and European Central Bank policy meetings, OCBC said.

Singapore’s benchmark Straits Times Index gained 14% since the start of the year, outperforming the MSCI Asia Pacific ex-Japan’s 9% rise.

Genting Singapore off 1.1%; Fine not significant: Analyst


Genting Singapore is down 1.1% at $1.37, but its slight underperformance vs the STI’s 0.5% decline is likely due to its higher beta than to news its Singapore casino-resort Resorts World Sentosa was fined $600,000 for flouting the city-state’s tough casino laws.

The stock remains up around 1.5% week-to-date.

“It’s not significant,” an analyst says. “It’s not a huge P&L impact.”

ThaiBev’s stance on Heineken’s APB bid key: DMG


“The pertinent question ahead is TCC/ThaiBev’s stance with regard to the proposed sale of F&N’s stake in APB to Heineken,” says Goh Han Peng, an analyst at DMG & Partners, in a note, after the Thai pair made a mandatory general offer to acquire F&N.

“Should TCC/Thai Bev decide to keep the brewery business within F&N, it can now go into the market and raise its stake in F&N further and vote down the sale, which requires a simple majority to approve. While F&N has highlighted the constraints of the APB joint venture with Heineken that restricts the sale to any third party other than Heineken, the constraints equally tied Heineken’s hands, restricting Heineken from entering APB-designated markets on its own.”

标普:未来五年内银经营趋难

标普:未来五年内银经营趋难
http://paper.wenweipo.com [2012-09-13]
 香港文汇报讯(实习记者 彭楚华) 评级机构标准普尔发表报告表示,在企业违约风险上升和净息差收窄背景下,未来三至五年的内银经营环境转趋艰难。

 标普指出,自去年内地经济增长开始放缓后,大型内银的资产问题开始浮现,过去五年内银总资产复合连增长率虽达19.7%,占整个经济系统的资产比率的比重却向下。

 因应内银过去猛发贷款,标普相信内银已累积大量信用风险。标普信用分析师曾怡景昨于电话会议会指出,虽然内银流动性仍稳,但因内地存款渐转移至投资,银行较难维持75%的存货比例限制。

中国远洋否认人均7千旅游标准 称今年无旅游开支

中国远洋否认人均7千旅游标准 称今年无旅游开支
2012-09-12 10:39:19 来源: 证券时报网(深圳

记者获悉,近日,有新闻媒体报道称,“A股亏损王”传员工旅游人均标准7000元,中国远洋(601919)特此声明:《新闻晚报》“A股亏损王”传员工旅游人均标准7000元一文报道不实。

中国远洋对此表示,中国远洋今年无此项开支。

《新闻晚报》原文:央企中国远洋日亏1750万 传员工旅游人均标准7000元

如今还能让魏家福嗅出一丝欣慰的,是他的名片上依然标注着“船长”身份。但尴尬的是,这位已经“远航”36年之久的老水手却四面楚歌,恐怕很难将“晚节”保持到退休。

AirAsia share price dips

The Star Online > Business
Thursday September 13, 2012
AirAsia share price dips

By SHARIDAN M. ALI
sharidan@thestar.com.my

PETALING JAYA: AirAsia Bhd's share price predictably took a beating yesterday, shedding 17 sen to close at RM3.02 following the formation of a new low-cost carrier (LCC) Malindo Airways which will start operation by next May.

The stock was also the second most active counter with 42.7 million shares changing hands yesterday.

Malindo Airways was formed by National Aerospace and Defence Industries Sdn Bhd (Nadi) and Lion Air's owner PT Lion Group.

新廉航加入战围 亚航挫跌

吉隆坡12日讯)儘管市场分析员普遍认为,新廉价航空—马印航空(Malindo Air)对亚洲航空(AIRASIA,5099,主板贸服股)仅带来中和的影响;但亚航股价却在今日大热走低,一度下挫至3.02令吉的近1年新低,並成为全场第2大热门股和第7大下跌股。

亚洲航空週三以3.12令吉开盘后,虽曾稍微收窄跌幅至全日最高的3.13令吉,但该股持续面临卖压,股价逐步下挫至全日最低的3.02令吉。该股最终以该低价位结束交易,全日挫跌17仙或5.33%,成交量高达4269万2200股。

大马国家航空与防卫工业有限公司(NADI)將与印尼狮子航空(Lion Air)携手合作,设立新的廉价航空—马印航空。这家全新的航空公司料將于明年5月1日正式启航,並將在第二吉隆坡国际机场(KLIA2)投入运作。

亚航首席执行员丹斯里东尼费南德斯在接受《大马局內人》专访时指出,马印航空对马航(MAS,3786,主板贸服股)的衝击將高于亚航。

中国经济转型:说易行难

中国经济转型:说易行难
FT中文网投资与财富管理编辑 冯涛 天津报道 2012-09-12 (www.ftchinese.com)
在2012年天津夏季达沃斯论坛间隙,清华大学经济管理学院教授李稻葵接受众多媒体采访,在记者提问中涉及了中国经济转型、房地产、税负改革等多个领域。

谈到中国经济转型,李稻葵表示,中国经济转型首先要在政治体制改革的基础上稳步进行,真正树立法制应该是政治体制改革的核心,而改革方向在于建立现代市场经济体系,并维持一定的经济增长速度。

转型,说易行难。2012年,是十二五的第二年,是新旧领导班子更迭的关键时刻,要实现经济结构的转型,必然要牺牲经济高速增长,而一旦增速降下来,会引发各种各样的问题,比如就业、社会稳定等,此时此刻,我们不能寄望于政府推出大规模刺激政策,目前最为关键的是,政府能否在各种压力面前坚定转型的信念。
Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

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

Tan Teng Boo


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