Saturday, October 20, 2012

大橙周报009 期 李彦宏ROBIN LI — 得天者 独厚 众里寻他千百度

李彦宏创办了百度,也创造了21世纪的财富神话。他说:“百度精神里有一种叫做勇气。” 在中国首富李彦宏领导下,百度不仅拥有全球最优秀的搜索引擎技术团队,同时也拥有中国最优秀的管理团队、产品设计、开发和维护团队;在商业模式方面,也同样具有开创性,对中国企业分享互联网成果起到了积极推动作用。

李彦宏
中国信息(电子)技术与文化传播行业排名1
身家:470亿元
男 44 出生于中国山西阳泉
美国布法罗纽约州立大学计算机科学博士
公司总部:北京
主要行业:搜索引擎
行业地位:中国最大的搜索引擎
上市公司:百度(BIDU.NSDQ),2005年8月IPO(美国)

大橙周报010 期 — 李深静 Tan Sri Dato’ LEE SHIN CHENG

李深静,全球油脂领域的领导者之一,将IOI集团经营成为世界上其中一个最大的棕榈油生产商。IOI集团也是马来西亚最大的房地产开发商之一。

所有李氏的孩子都在旗下集团上班。他在橡胶园内长大,11岁时就离开学校,骑着脚踏车销售冰淇淋以帮补家用长达4年,才回到学院完成高中学业。他的父亲曾经在橡胶园经营华人餐馆。

他深深体会到一家企业想要避开人家觊觎,本身就必须足够强大。

个性随和的亿万富豪

人穷志不穷 亚洲棕油之王

亚洲棕油之王李深静,凡事亲力亲为,亲自巡视旗下园丘,赢得了最低棕油生产成本商称号。

多空一线:亚洲航空再探RM3.30


多空一线:亚洲航空再探RM3.30
Created 10/20/2012 - 13:05

亚洲航空(Airasia,5099,主板贸服股)于2012年10月19日闭市时反弹了。

它于闭市时报3.16令吉,起3仙或0.96%。

亚洲航空于10月19日间闭市时突破一道短线顶头阻力趋势线(B1:B2)上报收。它的60分鈡分时线平滑异同移动均线指标(MACD)于10月19日处于一道短线反弹走势中。

它的60分鈡分时线图于10月19日进入它的短线反弹走势中。

批准投资额增至291亿 砂能源走廊激励建筑股

批准投资额增至291亿 砂能源走廊激励建筑股
Created 10/20/2012 - 12:41

(吉隆坡19日讯)砂拉越再生能源走廊(SCORE)的投资计划日渐活络,分析员认为,这种发展对当地的建筑公司十分有利。

根据报道,截至今年9月,砂拉越再生能源走廊的总批准投资额,已达291亿令吉,比截至今年6月的246亿令吉,高出了18.3%。

这强稳的增长,加强MIDF研究分析员对建筑领域的正面看法。

在这291亿令吉的投资中,93%是来自民都鲁三马拉朱工业区的能源重工业,其余7%,则是来自丹戎马尼港(Tanjung Manis)的回教中心。

另一方面,砂拉越能源有限公司(SEB)也宣布再建筑5座燃煤电厂,以支撑砂拉越再生能源走廊的能源工业。

累积优质建筑股

这一连串的好消息,对那些已驻守在该州多时的承包商有利。

马股有望持续走高


马股有望持续走高

评级机构穆迪(Moody)维持西班牙的投资评级,显示外围的经济情况已暂时缓和下来。加上美国及中国公佈正面经济数据,一眾专家皆表示看涨来周马股走势。

富时大马综指按周扬升12.99点,或0.79%,本週五收在1666.35点。一周成交量按周成长33.05%,至59亿5616万2000股;而全周成交值也按周扬升20.83%,达79亿7676万2000令吉。

JFApex证券研究主管李忠正表示:

「来週股市料將维持上涨动力,或可衝破该研究所设下的1670点短期阻力水平。」

他指出,中国的经济指標显示该市场已开始转好。另外,美国来周公佈的经济数据和企业的业绩表现亦將主导马股走势。

通源估值低 周息率具吸引力

通源估值低 周息率具吸引力

(吉隆坡20日讯)软性塑料包装(FPP)领域近期的合併热潮,使市场聚焦领域其他备受低估的股项。肯南嘉投行认为通源工业(TGUAN,7034,主板工业股)低估值和週息率吸引,短期有上涨空间,因此对该股喊买。

森德有限公司(SCIENTX,4731,主板工业股)本月初,以2亿8320万令吉现金,或11.3倍本益比,收购长城塑胶工业(GWPLAST,5182,主板工业股)旗下两个子公司--长城塑胶工业有限公司和GW包装有限公司。

这令市场关注领域其他估值偏低的股项,如通源工业。儘管该公司並无设定派息政策,但根据过去5年的25%派息率计算,週息率约为5%至5.5%,表现颇佳。

肯南嘉投行分析员看好通源工业可维持派息率,主要是该公司在2012及2013財政年的资本开销只有2000万令吉。

Weekend Comment Oct 19: Set expectations low for 3Q


AS THE THIRD quarter results reporting season gets into full swing, Citi analysts prefer to err on the side of caution. “We expect more misses this quarter. With lowered expectations post-2Q12, misses make up approximately two-thirds of our coverage this time versus nearly 90% last quarter,” the analysts say in a preview report dated Oct 18. DBS Vickers is another research house which expects downgrades during the third quarter earnings season following consecutive cuts in Singapore’s GDP growth to 1.8% and 3.2% for 2012 and 2013 respectively.

To keep things in perspective, the STI is up 15% this year, trading at 15 times forward P/E, which is just about at its historic mean. Forward price to book for the STI stands at 1.4 times. However, the STI has underperformed compared to some of its sub-sector components. Developers stocks are up 35% since the start of the year, while REITs and conglomerates have gained 34% and 29% respectively.

How affordable housing can succeed

The Star Online > Business
Saturday October 20, 2012

How affordable housing can succeed

IMAGINE a cook without his pots, pans and utensils, can he still perform his duties of cooking a delicious meal for his clients?

We need essential tools and resources to accomplish our tasks even if we are skilful in our own profession. Same goes to the property industry.

With the market demanding more low and medium-cost housing, all stakeholders should look for the most effective ways in maximising the usage of our resources to build affordable housing and to meet the ever increasing housing demand.

Flat re-entry for Astro Analysts, however, see upside in pay TV company


The Star Online > Business
Saturday October 20, 2012

Flat re-entry for Astro Analysts, however, see upside in pay TV company

By LEONG HUNG YEE
hungyee@thestar.com.my

THE local market has been abuzz for weeks over the relisting of Astro Malaysia Holdings Bhd in a RM4.6bil initial public offering (IPO) making it the third largest listing in Malaysia this year. Analysts say despite the hype, there was some disappointment on its relatively demanding valuations as well as Astro’s share price performance on day one.

Nevertheless, Astro has garnered a lot of interest in the market. A sign of strong investor appetite is that its shares were oversubscribed by more than 20 times by institutional investors and oversubscribed by 6.08 times for the retail portion.

TM denies interest but P1 still in limelight

The Star Online > Business
Saturday October 20, 2012

TM denies interest but P1 still in limelight

By YVONNE TAN
yvonne@thestar.com.my

PETALING JAYA: Packet One Networks (M) Sdn Bhd (P1), the mobile broadband operator unit of Green Packet Bhd, continues to be in the limelight, this time with the country’s incumbent telecommunication company, Telekom (M) Bhd strongly denying a news report that it was seeking approval to bid for P1.

Over the week, speculative reports had indicated there were a number of bidders for P1, with a bank having been appointed to look for interested buyers.

Astro CEO confident despite flat re-listing


The Star Online > Business
Saturday October 20, 2012

Astro CEO confident despite flat re-listing

By LIZ LEE
lizlee@thestar.com.my

KUALA LUMPUR: The third largest initial public offering (IPO) in South-East Asia for 2012, Astro Malaysia Holdings Bhd ended its first day of trading on the local bourse unchanged from its reference price RM3.00.

Astro was the most actively traded with 269.7 million shares changing hands. Its trade accounted for 19% of the total volume of 1.378 billion shares traded yesterday.

中资银行股陷多空之争 内外资反向操作

中资银行股陷多空之争 内外资反向操作
2012年10月18日23:30大众网-经济导报时超
字号:T|T
  经济导报记者 时超
  对于银行股后期走势,国内外资金呈现分歧,给刚刚有所反弹的股价再度蒙上了一层迷雾。

  经济导报记者注意到,15日、16日两个交易日,大宗交易平台上银行股的买卖突然频繁,兴业银行(601166)、招商银行(600036)、民生银行(600016)、浦发银行(600000)、交通银行(601328)、工商银行(601398,01398.HK)、光大银行(601818)集体现身,成交股数达2650万股,交易金额逾1.4亿元。

  数笔交易中,涉及光大银行的两笔交易均以当日收盘价10%左右的折让价成交,表现出明显的看空态度,折价幅度之大令人想起不久前银行股的做空潮。

瑞信:中国经济若见底 内银股可吸纳


瑞信:中国经济若见底 内银股可吸纳
2012年10月19日07:05腾讯财经[微博]
字号:T|T
10月19日消息,据香港经济日报报道,内地公布第三季GDP后,投资者普遍与总理温家宝看法一致,认为中国经济见底,故中资股继续强势,升幅遍及内银、基建、水泥、机械设备及新能源等板块,拼合而成新一张的寻宝图。

内银昨升0.3%至3.9%,以中小行跑赢大行,重农行(03618)及招行(03968)分别升3.9%及3.5%,瑞信日前推荐内银板块,引起部分投资者质疑,瑞信昨进一步解释,估值以及银行为宏观经济的替代品,为推荐的两大原因。市场忧虑内银很大程度是因为房地产及地方政府或引致2万亿元人民币的不良贷款,但这已作充足拨备。

该行指出,鉴于银行与经济关系密切,若内地经济触底,很难不买内银,而内银亦为各板块中下调评级之最,以致估值极吸引。瑞信近期呼吁投资组合之中增加beta值(beta为衡量大市升跌与个别股份走势的关系)股份,如神华
(01088)、中煤(01898)及国航(00753),剔走防守股,如中移动(00941)、必需消费品及网股等。

港元破頂 股樓勢旺

港元破頂 股樓勢旺
美國推第三輪量化寬鬆措施(QE3),人民幣升值預期重燃,同時中國經濟或「軟着陸」,不但刺激猶豫不決資金流入本港巿場,部分已泊港資金更將美元兌換為港元,昨日港元買入價一度高見7.7498元,較金融管理局強方兌換保證水平還要高,只因沒有實際成交,金管局不用干預。

衝擊強方兌換保證
經濟師認為,資金主要流入中資股,屬短期炒作性質,相信不會直接流入樓市,然而若資金持續流入,並且刺激港股做好,已經熾熱的樓價或受投資市場氣氛帶動而繼續向上,因此不能輕視熱錢流動對本港資產泡沫帶來的風險。

瑞银:人币年内再升空间不大


瑞银:人币年内再升空间不大
http://paper.wenweipo.com   [2012-10-20]

 香港文汇报讯(记者 卓建安)近期人民币兑美元升值速度加快,前日再创05年汇改以来新高,兑港元黑市价更一度升穿「8算」,即100港元由以往可以换81、82元人民币,变为换79元多些的人民币。这是否意味着人民币将进入新一轮升值的轨道呢?瑞银中国首席经济学家汪涛昨认为,未来人民币汇率升值空间不大,近期人民币兑美元将在6.3附近上下波动。不过,中信银行国际首席经济师兼研究部主管廖群则认为,当前至今年底之前人民币兑美元升值幅度将加快0.5个百分点。
中国顺差大缩 汇率没被低估

 在海外人民币即期市场,前日人民币兑美元最高曾升至6.2515,较去年底收市价6.3430升值1.46%,若与今年以来的低位7月25日所报的6.3953相比,其升幅更达2.3%。昨日在海外人民币即期市场,人民币兑美元有所回落,截止香港时间晚上7点01分,人民币兑美元报6.2550,较前日收市价跌12点子。至于在中国外汇交易中心,昨日人民币兑美元收市报6.2538,较前日收市价跌35点子;每100港元兑人民币则稳守在80元上方,收市报80.688元。

李澤楷167億奪ING港澳泰業務


李澤楷167億奪ING港澳泰業務
【本報記者周家強報道】電盈(0008)主席李澤楷落實購入ING的香港、澳門及泰國保險業務,斥資21.4億美元(約166.92億港元),高出分析師預期。受到消息刺激,李澤楷旗下的3間公司全面上升。

闊別5年 重投保險業
這次交易,一如市場預期,是透過李澤楷私人持有的盈科拓展集團進行。這亦標誌着李澤楷在闊別5年後重投保險業界,並為其現有的電訊、媒體和基金管理王國增添新成員。

ING在聲明中稱,作價相當於該等業務於2012年預測市盈率24.3倍,及市帳率1.9倍。上周ING剛以13億歐元(131億港元)現金,把旗下馬來西亞保險業務出售給泛亞洲保險公司友邦保險(1299),開啟了外界期待已久的剝離亞洲資產進程。

熱錢停不了 港滙曾穿7.75

港滙昨一度升穿7.75

熱錢停不了 港滙曾穿7.75
金管局未干預 無意改聯滙制
中國經濟見底,加上美國第三輪量化寬鬆(QE3)措施推出令熱錢湧港,港滙昨晨一度升穿7.75,最高見7.7498,惟因市場有承接,金管局尚未入市干預,然而市場顯現樂觀(risk on)情緒,港元需求仍殷切,港滙料大有機會再度突破7.75水平。

外滙資產總額增 港元需求升

新山晋租金王?

新山晋租金王?
Created 10/19/2012 - 14:59

新山人购买能力强,加上新加坡人越桥购房,推升新山屋价。

马新同时发力的影响下,新山租金可观,估计回酬最高可达12%,比吉隆坡和槟城更值得期待!

如果你打算在新山投资房产,以出租收取租金赚利,地点应该首选靠近关卡,但这里的楼盘定价也比其他地区高。

狮城居住不容易 新山房租水涨船高

新加坡屋价高昂,租金更不用说。

10大超级豪宅


一度揚升10仙 海鷗集團飛上新高


一度揚升10仙 海鷗集團飛上新高
(吉隆坡19日訊)海鷗集團(HAIO,7668,主要板貿易)探討調高派息政策,利好激勵股價一度揚高10仙,至2.20令吉,衝上4個月新高。

 該股今早以2.10令吉平盤迎市,交易10分鐘后才見起色,20分鐘內更衝高10仙或4.8%,站上2.20令吉,爾后升勢穩定,休市暫掛2.17令吉,起7仙,半日易手52萬3300股。

 海鷗52週新高報2.42令吉;52週新低則掛在1.75令吉。

 午盤間,海鷗升勢仍穩定,持續在2.15令吉水平線上波動,閉市時則收在2.18令吉,起8仙,成交量78萬5300股。

航運業明年有望起航


航運業明年有望起航

【本報訊】經濟弱但在供應減少效應下,航運業前景不致往下沉。德銀報告指出,航運業波羅的海指數於9月份回升,主要由海峽型和巴拿馬型船隻租金需求所帶動,輕便型船隻則保持穩定;新船供應增速於2013/2014年度顯著放緩,屆時的營運環境將會較佳。

德銀薦中海發展
近期航運股股價有所回升,部份航運股按市賬率計算仍具吸引力,並獲德銀推薦,例如中海發展(1138)今年的預測市賬率只有0.4倍,太平洋航運(2343)只有0.77倍。

太航公佈第三季營運數據,反映於疲弱市場中較同業表現優勝。太航旗下93%的輕便型船隻每日租金達1.082萬美元,同業平均只有7600美元;而明年有23%的工作日已鎖定每日租金為1.1610萬美元。雖然新船付運情況有所放緩,管理層預期經濟疲弱及中國商品需求增長軟弱,今年餘下時間即使為季節性旺季,對乾貨航運費刺激有限。


內銀領命向新興產業放貸

內銀領命向新興產業放貸

中國數據有幾真,可討論但難求證,但此不重要,明白中央維穩決心便可,在中央調結構過程,金融監管者續要求銀行的借貸政策要向新興行業傾斜。據《新華網》引述中銀監消息指,今年前三季度,國家開發銀行和工行(1398)、農行(1288)、中行(3988)、建行(939)、交行(3328)5家大型商業銀行新增新興產業貸款1317億元(人民幣.下同)。

貨幣政策勿過度干預
截至9月底,六家銀行的新興產業貸款餘額達9385億元。其中,中行積極向節能環保及裝備製造等新興行業提供金融服務,信貸業務快速增長。截至9月底,相關戰略性新興產業方面的貸款餘額達到2205.92億元,較2011年底貸款餘額增長105.04億元。

渣打指上季太強 難以相信 中國GDP疑造數


渣打指上季太強 難以相信 中國GDP疑造數

【本報訊】國家總理溫家寶在內地公佈第三季經濟增長前夕,發表全年保7.5%的勝利宣言,而第三季國內生產總值(GDP)增幅報7.4%,符預期並獲大多數經濟師一面倒認為經濟第四季將可反彈。但渣打與凱投宏觀以異數身份對第三季GDP數據提出質疑,暗指數字具「政治」玩味。

搶在十八大召開前,溫家寶於北京中南海召開四場座談會,為未來經濟把脈,據了解,此舉每年均會進行,只是今年選擇在十八大召開前進行,目的顯然是向市場發出維穩訊號。而溫總亦剛好在第三季GDP公佈前明確對經濟前景有信心。

對於中央維穩姿態與第三季GDP數據關係,渣打與凱投宏觀不約而同認為,儘管中國經濟企穩訊息有所增強,但第三季GDP可能並非一如官方公佈的那麼強。

Hong Kong tycoon Richard Li returns to insurance with S$2.6 bln ING deal

Hong Kong tycoon Richard Li returns to insurance with S$2.6 bln ING deal
Updated 04:38 PM Oct 19, 2012HONG KONG - Hong Kong businessman Richard Li, the younger son of Asia's richest man, is buying ING's Hong Kong, Macau and Thailand insurance units for US$2.14 billion (S$2.6 billion) in cash, bringing the Dutch financial services company a step closer to paying off its state bailout.

Mr Li's bid, through unlisted Pacific Century Group, marks his return to an industry he exited in 2007 and would help expand his business empire, which is now made up of telecoms, media and funds management.

He is paying 24.3 times estimated 2012 earnings for the three units. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2013, according to a statement from ING.

Bidding war for F&N may be on the cards


Bidding war for F&N may be on the cards
OUE, which is backed by the Riady family's Lippo Group, considering bid
 by Conrad Raj 04:47 AM Oct 20, 2012

SINGAPORE - Fraser and Neave shares leapt yesterday after Overseas Union Enterprise, which is backed by Indonesia's Lippo Group, said it might make an offer for the Singapore conglomerate, opening up the possibility of a bidding war with Thai whiskey king Charoen Sirivadhanabhakdi.

This latest development in the saga for control of F&N comes only a week after the food, beverage and property company turned down a S$1.4-billion offer from the Indonesians for its serviced apartment arm, Frasers Hospitality.

OUE yesterday issued a brief statement saying that it was "in discussions with certain parties and is considering all options with respect to F&N including an offer for F&N shares".

CapitaMall Trust's Q3 DPU unchanged

CapitaMall Trust's Q3 DPU unchanged
04:47 AM Oct 20, 2012SINGAPORE - CapitaMall Trust's third-quarter distribution per unit was unchanged from a year earlier as higher contributions from its shopping malls were offset by increased operating costs, the real estate investment trust said yesterday.

Unitholders will receive 2.42 Singapore cents for the three months ended Sept 30, the same as the DPU for the corresponding period last year, it said.

Gross revenue for the third quarter rose 5.1 per cent to S$167.2 million, said the trust, which is sponsored by Singapore's largest listed property developer, CapitaLand.

Q4 is all about political risk, says economist


Q4 is all about political risk, says economist
By Rupa Damodaran
rupabanerji@nstp.com.my
2012/10/20

POLITICS and not data will determine over the next three months as to whether the world economy will make or break in 2013, a senior economist says.

HSBC Bank economist Frederic Neumann commented that the fourth quarter is all about political risk.

"Growth may have started to stabilise, but it is too fragile to withstand policy missteps in the world's leading economies," Neumann said.

While global growth may have started to stabilise at a below trend pace, he said, worries persist that policy uncertainty and indecision could make matters worse.

What's next after FGV, IHH, Astro?

What's next after FGV, IHH, Astro?

2012/10/20

ASIAN TIGER, AGAIN: Time to carry forward the momentum and attract foreign companies to float shares in Malaysia
IF we had blown all our life savings and lived like hippies in anticipation of the end of the world in 2012, as predicited by the Mayan calendar, it is now time to get a little bit edgy.

There are about 70 days left before 2012 becomes history and, unless a calamity strikes Mother Earth, the world does not look like it is coming to an end.

There are no major ongoing wars or stock market crises that could trigger mayhem. Yes, Europe is still a sick child but it has been sick for nearly half a decade now.

Count Astro in, say analysts


Count Astro in, say analysts
By Rupinder Singh
rupinder@nstp.com.my
2012/10/20

Astro Malaysia Holdings Bhd is expected to make a fresh bid to broadcast English Premier League (EPL) matches on an exclusive basis for the next four years.
As competition in the pay-TV segment heats up with several new entrants, Astro will surely hold on to the expensive EPL rights in Malaysia, analysts said.

"It is the killer content to increase viewership and subscription," an analyst at a research arm of a local bank told Business Times yesterday.

It is believed that up to 60 per cent of Astro's 3.1 million subscriber base have the sports package.

巴菲特投资三十六计之四:空城计

巴菲特投资三十六计之四:空城计
(2010-12-06 07:18:48)

2010-12-06来源:上海证券报作者:⊙刘建位
http://paper.cnstock.com/html/2010-12/06/content_66737.htm

三十六计之空城计原文为:虚者虚之,疑中生疑;刚柔之际,奇而复奇。
古人按语说:虚虚实实,兵无常势。虚而示虚,诸葛而后,不乏其人。
打仗胜利最关键的是把握住两个基本点:虚实。
人生成功最关键的是把握住两个基本点:舍得。
投资成功最关键的是把握住两个基本点:多空。

我最佩服的不是巴菲特大举建仓,这个很多人都做得到,但空仓,尤其是牛市空仓,退出三十里开外,隔岸观火,有钱也不赚真的很难。

大橙周报008 期 - 林绍良SUDONO SALIM ( 1915 ~ 2012 ) 向亚洲巨擘致敬

对于企业界而言,今年6月10日是一个令人难忘的日子,因为就在这一天一位亚洲企业界巨人正式陨落,而他就是叱吒亚洲商界的印尼富豪--林绍良。

提起林绍良 ( SUDONO SALIM )这个名字,相信在亚洲商界无人不晓,尽管他为人低调,很少接受外界的访问,但是有关他在印尼发迹的故事,很多人都听了不少。

他是一位典型白手起家的华人企业家,所以有关他发迹的故事,一直都是华人所关注的。大家总是以旁敲侧击方式,获取了有关他在企业界成功的不少资讯。

Phillip Capital's Anthony Hoe focuses on Singapore blue chips to deliver returns

Phillip Capital's Anthony Hoe focuses on Singapore blue chips to deliver returns
Personal Finance
Written by Goola Warden  
Friday, 28 September 2012 00:00

ANTHONY Hoe is an old-fashioned investor by his own admission. The head of Phillip GEMS Managed Accounts, the discretionary fund management division of Phillip Securities, refuses to invest in a company unless it is absolutely clear to him how its business works and he is certain that its earnings are sustainable.

He weighs standard performance yardsticks such as return-on-equity and return-on-assets against valuation metrics such as price-to-earnings ratios and price-to-book ratios. And, he avoids companies that have poor management or dodgy major shareholders, or that are too small and illiquid.

Asian Shares Mixed; Consolidation After Recent Gains


19 OCTOBER 2012
Asian Shares Mixed; Consolidation After Recent Gains
By Dow Jones Newswires

Asian markets were mostly lower Friday, though Hong Kong managed to scratch out a small gain, at the end of a week characterised by strong gains.

Regional markets started the session lower, trailing Thursday’s losses in the US, where poor third-quarter results from Google weighed on technology stocks and weekly jobless claims rose more than expected.

On the plus side, manufacturing activity in the mid-Atlantic region grew more-than-expected in October according to a report by the Federal Reserve Bank of Philadelphia. The above-view result helped the dollar rise 0.4 percent against the yen Thursday overnight; it extended its gains slightly to ¥79.33 early Friday, but retreated from the eight-week high of ¥79.47 it touched on Thursday.

SI Portfolio Extends Lead Over STI By Largest Margin


15 OCTOBER 2012
SI Portfolio Extends Lead Over STI By Largest Margin
By Editorial Team


A double-digit surplus – 10.5 percentage points – in core returns! That was how much our Shares Investment portfolio outmaneuvered when decked against the Straits Times Index (STI), marking our biggest lead since inception. A double up in Ezion Holdings’ shares and a more than 50 percent surge in Super Group’s share price ensured the continued walkover. As at 28 September 2012, the SI portfolio has beaten the STI by a 13.9 percentage points margin (inclusive of dividends), increasing our lead from second quarter’s margin of 7.5 percentage points.

In the third quarter, another round of quantitative easing in the US and Europe Central Bank’s Outright Monetary Transactions have both been activated. However, it is clear that damage control still has a long way to go, especially when China and India are also experiencing slowing growth. Furthermore, it is hard for the Asia region, which is export-dependent, to fully decouple from the West.

台湾仲介商 看好大马房產前景

台湾仲介商 看好大马房產前景
(吉隆坡19日讯)台湾房地產仲介商看好大马房產市场的前景,同时也指出,台湾投资者不会因为大马政府提高產业盈利税的举措而却步。

马星集团(MAHSING,8583,主板產业股)周五与台湾房屋地產集团(Taiwan Realty Property Group)旗下分支-台湾房屋签署合作协议,以让后者將马星集团旗下的產业销售至台湾及其它亚太地区,扩大其海外市场。

马星集团董事经理兼首席执行员丹斯里梁海金表示,该集团目前拥有多项发展项目,一直希望吸引更多的海外买家。

台湾房屋地產集团是台湾三大地產业者之一,旗下拥有超过400家分行及8000名经纪人员。

李泽楷64亿购ING港澳泰保险业务


李泽楷64亿购ING港澳泰保险业务
(香港19日讯)亚洲首富李嘉诚之子李泽楷同意支付16.4亿欧元(约64亿令吉),收购荷兰国际集团在香港、澳门和泰国的保险业务。

根据公告,李泽楷旗下盈科拓展集团收购三地保险和退休金业务的交易,对这些寿险业务的估值为2012年预期利润的24.3倍,2012年8.65亿欧元预估帐面价值的1.9倍。

公告称,荷兰国际集团预计,將从这笔出售交易中获得约10亿欧元(约38亿令吉)的净收益。

李泽楷此次收购荷兰国际集团业务的交易,是自郑裕彤控股的周大福代理人有限公司去年3月以25亿美元收购平安保险股权以来,亚洲最大的保险业务交易。

Malaysian stocks: Asean Link highlights regional opportunities

Malaysian stocks: Asean Link highlights regional opportunities

It is closing in on a month since the tie up between the Singapore Exchange and Bursa Malaysia. This is the first leg of an Asean trading link that is intended to include Thailand soon and other major Asean markets later. For now, it presents an opportunity for investors to relook at Malaysian stocks as a way to diversify their portfolios.

Malaysia is certainly not the most exciting of the five major Asean markets, which includes Indonesia, the Philippines, Singapore and Thailand. Based on its last peak before the crisis and its lowest point following the crisis, the Kuala Lumpur Composite Index (KLCI) has not shown as much of a bounce as the more exciting markets of Indonesia, the Philip pines and Thailand.

Tiger Air safety improvements win end to Australia flight caps


Tiger Air safety improvements win end to Australia flight caps
Tiger Airways Holdings said regulators had ended restrictions on its Australian unit after the carrier addressed safety concerns that prompted a grounding last year.

The Civil Aviation Safety Authority today issued the unit with a new air operator’s certificate after it improved standards, Singapore-based Tiger Air said in a statement. The certificate has no restrictions linked to last year’s shutdown.

Tiger Australia, which competes with Qantas Airways Ltd.’s Jetstar, has named a new chief executive officer and improved training since grounding flights for about six weeks in 2011. The budget carrier was subsequently allowed to operate a limited number of flights by the regulator.

Tiger Air, part-owned by Singapore Airlines, fell 1.3% to 73.5 Singapore cents in the city-state before the announcement. It’s risen 16% this year.

Lippo’s OUE mulls F&N offer in threat to Charoen’s takeover

Lippo’s OUE mulls F&N offer in threat to Charoen’s takeover: Updated
Overseas Union Enterprise, part of Lippo Group, said it’s considering options that include a bid for Fraser & Neave shares, posing a threat to Thai billionaire Charoen Sirivadhanabhakdi’s offer for the company. F&N shares climbed to a record.

The announcement came more than a week after OUE Chairman Stephen Riady said it made a $1.1 billion bid for F&N’s serviced-apartment business. Riady said in August the company is seeking acquisitions to almost double its assets to $10 billion in as early as three years.

“It certainly looks like we could be heading for a bidding war,” said Jason Hughes, head of premium client management at IG Markets in Singapore. “The value put forward by TCC is significantly missing the mark. OUE is probably looking at F&N’s properties and the potential synergies they can derive.”

Prof Chan Yan Chong commentary 12.10.2012


12 OCTOBER 2012
Prof Chan Yan Chong Column
By Prof Chan Yan Chong

The Straits Times Index (STI) crossed 3,100 points for the first time in a year while the US stock market, too, rallied to levels not seen since 2007 after the announcement of QE III. The Hong Kong stock market, however, lagged behind as it continues to be affected by the performance of China A shares.

Still, the Hang Seng Index (HSI) managed to touch 21,000 points to reach a four-month high while the Shanghai Composite Index rallied very strongly despite the lack of confidence. This is enough proof that there is no lack of liquidity in the Chinese stock market but it still suffers from a confidence crisis.

EPS Estimates Cut While Market Is Up For Third Time In The Past Four Quarters


12 OCTOBER 2012
EPS Estimates Cut While Market Is Up For Third Time In The Past Four Quarters
By FactSet

With the recent end of the third quarter, it marks a good time to measure downward revisions to third quarter earnings estimates for companies in the S&P 500 index. The third quarter 2012 earnings per share (EPS) estimate for the index on 28 September 2012 (US$25.01) was 4.5 percent below the estimate (US$26.20) at the start of the quarter (30 June).

How significant is a 4.5 percent decline? Looking at past changes to the EPS estimate for the index during a quarter, this percentage is consistent with the levels of downward revisions recorded in recent quarters and over the past 10 years. During the previous four quarters (3Q11 to 2Q12), the average percentage decline in the EPS estimate during the quarter was 4.2 percent. During the past 10 years (3Q02 to 2Q12) the average percentage decline during a quarter has been 4.3 percent. The 4.5 percent decrease for 3Q12 is much smaller than the levels of estimate cuts seen during the height of the earnings recession in 4Q08 (-34.7 percent) and 1Q09 (-30.9 percent).

Gabriel Gan : Has Quantitative Easing Lost Its Lustre? Will Singapore Benefit From QE III?


12 OCTOBER 2012
Has Quantitative Easing Lost Its Lustre? Will Singapore Benefit From QE III?
By Gabriel Gan

The solid rally that started in June slowly fizzled out almost immediately after the US Federal Reserve announced the third round of quantitative easing known as QE III on 13 September – a US$40 billion stimulus package that buys mortgage-backed securities on a monthly basis with no fixed timeframe. Unlike previous packages where a fixed amount and an expiry date were stated, QE III is as good as signing off on a blank cheque.

On 25 November 2008, QE I was introduced to fight the financial crisis that started after the collapse of Lehman Brothers. The Fed initiated purchases of US$500 billion in mortgage-backed securities (MBS) while it also purchased up to US$100 billion worth of debt obligations of Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Banks.

Green Packets dips on profit taking

Green Packets dips on profit taking
Business & Markets 2012
Written by Chong Jin Hun of theedgemalaysia.com  
Friday, 19 October 2012 17:38

KUALA LUMPUR (Oct 19): GREEN PACKET BHD [] shares fell as much as 7% today as investors locked in gains following a substantial rise of some 40% in the price of the mobile broadband player’ shares in recent days.

Green Packet’s corporate developments have been a subject of market speculation this week. The local business media has speculated that Green Packet plans to exit the broadband service business by disposing of its entire 61% stake in Packet One Networks (M) Sdn Bhd.

It was also reported that there may be a takeover offer for the shares of Green Packet which has been loss- making since 2008. These updates have driven the stock’s prices up with substantial volume changing hands.

Green Packet exploring alternatives for P1


Green Packet exploring alternatives for P1
In The Edge Financial Daily Today 2012
Written by Max Koh of theedgemalaysia.com  
Friday, 19 October 2012 15:51

KUALA LUMPUR: As speculation swirls on Green Packet Bhd hiving off its mobile broadband service operations, the company yesterday announced it was exploring strategic alternatives that may include a merger, consolidation or sale of stake of its 61%-owned unit Packet One Networks (M) Sdn Bhd (P1).

In a response to The Edge Financial Daily story published on Wednesday, the Internet service provider told Bursa Malaysia yesterday that itis exploring these possibilities to “maximise shareholders value”.

“So far, no discussions have commenced nor have definitive terms been discussed or concluded,” it said, adding that it has not received any bids from any party to purchase its shareholding in P1.

TM denies P1 acquisition report

TM denies P1 acquisition report

2012/10/19

Telekom Malaysia Bhd (TM) has denied a newspaper report that it is seeking the Finance Ministry's approval to make a RM1.8 billion bid for Green Packet Bhd's wireless broadband unit, Packet One Sdn Bhd (P1).

In a filing to Bursa Malaysia today, TM said it has not announced any interest to bid for the stake nor seek any approval to do so, as reported in a news article by a business daily today.

"We wish to highlight that the article is misleading as it is based on speculation.

租金收入強勁‧嘉德商托評級維持


租金收入強勁‧嘉德商托評級維持
Created 10/19/2012 - 19:11

(吉隆坡19日訊)嘉德商托(CMMT,5180,主板產業投資信托組)第三季淨利增長25.4%,首9個月按年增長28.5%,基於其租金收入未來仍保強勁,而且潛在注入更多有素質資產,分析員普遍維持評級不變,一些則略調高目標價。

潛在注入更多素質資產

儘管第三季淨利按季只增長0.4%,但按年增長至3千460萬令吉,首9個月增長至1億零340萬令吉,上述業績基本符合分析員預期。

黃氏唯高達認為,嘉德商託是動蕩市場中是低風險卓越表現的商託股,大馬強勁的宏觀經濟是其“保護傘"。

挑戰1670‧馬股再寫新高


挑戰1670‧馬股再寫新高
Created 10/19/2012 - 17:45

(吉隆坡19日訊)全球經濟情緒越見好轉,推動大馬股藍籌股繼續發力,富時綜指一度再漲4.74點至點1670.16點,輕易改寫盤中歷史新高,以“3連漲"姿態強勢譜寫歷史新高。

外圍經濟數據近期利多空少,尤其美國經濟明顯轉好,對安撫投資者信心起了作用,加上中國經濟盤底穩固,帶動全球股市近期穩健上揚,也讓馬股大選風險暫被投資者擱置,為綜指舖平創新高道路。

綜指今早開市時一度在起落間猶豫,可是隨著大藍籌陸續上漲,綜指最終選擇往上衝刺,但漲至1668點技術阻力時多次受阻,午盤難有突破,最終以1666.35點收盤,小揚0.93點。

儘管兩大銀行霸主――馬來亞銀行(MAYBANK,1155,主板金融組)和聯昌集團(CIMB,1023,主板金融組)股價各跌2仙和3仙,增加綜指壓力,所幸其他大藍籌普遍向好,抵銷兩大藍籌跌勢,帶領綜指突圍。

OUE in talks to partner Kirin for F&N bid-sources


Singapore hotel and property group Overseas Union Enterprise is in early talks with Japan’s Kirin Holdings to be partners for a takeover bid for Fraser and Neave, two sources with direct knowledge of the matter said.

OUE, a firm backed by Indonesia’s Lippo Group, is also talking to other potential partners, one of the sources told Reuters.

"These are early talks," the source said, who declined to be identified as the talks are private.

OUE said it may make a takeover bid for F&N, a drinks and property group already the subject of a US$7.2 billion ($8.8 billion) takeover bid by companies linked to Thai billionaire Charoen Sirivadhanabhakdi.

荷兰国际集团同意将亚洲保险业务出售给李泽楷


2012年10月19日13:59
荷兰国际集团同意将亚洲保险业务出售给李泽楷
荷兰国际集团(ING Groep N.V., ING)周五称,已同意将香港、澳门和泰国的保险业务出售给香港富商李泽楷(Richard Li),交易总对价21.4亿美元(约合16.4亿欧元)。

荷兰国际集团称,已达成协议,将把在香港和澳门的人寿保险、一般保险、退休金和财务规划业务以及泰国的人寿保险业务出售给李泽楷于1993年创建的私人企业盈科拓展集团(Pacific Century Group, PCG)。

上述协议是荷兰国际集团此前公布的亚洲保险和投资管理业务出售计划的一部分。

Lippo-backed OUE may make takeover bid for F&N


Lippo-backed OUE may make takeover bid for F&N
A firm backed by Indonesia’s Lippo Group said it may make a takeover bid for Singapore group Fraser and Neave, already the subject of a US$7.2 billion ($8.8 billion)takeover bid by companies linked to Thai billionaire Charoen Sirivadhanabhakdi.

The unexpected move by Overseas Union Enterprise, a Singapore hotel and property group, comes after F&N rebuffed a $1.4 billion bid for its hospitality and serviced residences unit this month. Sources said the bid was made by OUE.

“OUE wishes to state that it is in discussions with certain parties and is considering all options with respect to F&N, including an offer for F&N shares,” OUE said in a statement.

Shares of both OUE and F&N were suspended on Friday.

HK's Victor Li, son of 'Superman', has hard act to follow

HK's Victor Li, son of 'Superman', has hard act to follow
Features

Written by Reuters  
Monday, 15 October 2012 08:12

HONG KONG (Oct 15): Back in the days before e-mail, Victor Li, the heir to Asia's largest family fortune, used to sleep with a fax machine by his bed, ready for his famously restless father, Li Ka-shing, to send through instructions at any time of night.

And on several occasions at meetings, before the elder Li walked into the room, young Victor asked - only half in jest - for the gathered executives to beg his dad to go easy on him, say sources who have worked with the Li family over many years.

Mapletree Logistics’ positives priced in: CIMB


Mapletree Logistics’ positives priced in: CIMB

CIMB downgrades Mapletree Logistics Trust to Neutral from Outperform on valuations, viewing the positives as priced in. it notes fiscal-2Q12 DPU met its estimates, coming it at 24% of its FY13 forecast.

“2Q displayed sustained stability, a hallmark of MLT’s long-tenured logistics portfolio. But we believe the current environment of elevated asset values could throw a spanner in the works for MLT’s asset hunt, a key source of growth and share price outperformance.”

It notes MLT has outperformed the STI sharply this year, viewing its valuation at 1.3X P/BV and 6.0%-6.4% forward yields have priced in its portfolio stability. “While acquisitions will likely be accretive against cheap funding costs, competition and elevated asset values should make attractive finds difficult.”

Religare Health falls 2.8% below IPO price in Singapore debut


Religare Health falls 2.8% below IPO price in Singapore debut

Units of Religare Health Trust, which owns hospital-related assets, fell as much as 2.8% below its initial offering price in its market debut on Friday.

By 12:03 p.m., Religare’s units were traded at $0.88, compared to an IPO price of $0.90. The trust, whose assets are managed by Indian hospital group Fortis, raised $511 million through the IPO.

Religare has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets. CIMB, DBS, Nomura Holdings,Religare Capital Markets and Standard Chartered arejoint bookrunners for the IPO with Citigroupas joint lead manager.


陳凱希:若淨利更標青‧海鷗或派逾50%股息

陳凱希:若淨利更標青‧海鷗或派逾50%股息
Created 10/19/2012 - 10:03
(吉隆坡18日訊)海鷗企業(HAIO,7668,主板貿服組)董事經理陳凱希今日說,基於很多股東要求更佳回饋,若下財政年淨利更為標青,公司將考慮派發超過50%的股息。

手握1億現金

他說,過去7年來,公司都以約50%的淨利作為派息用途。公司首席財政員丘觀慶也說,公司目前手握1億令吉淨現金,資本開銷很少。

公司在上財政年第四季建議派發7仙終期單層股息,並促使全年的派息額達9仙。

上季增長7.4% 全年實現7.5%無難度


上季增長7.4% 全年實現7.5%無難度
中國經濟或見底回升
第三季度國內生產總值(GDP)終於塵埃落定,同比增幅錄得7.4%,是金融海嘯以來新低以及首次不能達到國家增長預期的目標。不過,前三季度GDP增長速度仍保持7.7%,高於政府年初設定的全年增長目標。分析人士普遍認為,中國經濟已見底,並逐漸企穩回升,料全年實現7.5%增長目標無憂。

【本報記者黃雯怡報道】國家統計局昨日公布,前3季度國內生產總值為35.35萬億元(人民幣,下同),同比增長7.7%,與市場預期相符。其中,第一季度增長8.1%,第二季度增長7.6%,3季度增長持續回落至7.4%,是金融海嘯以來首次未能達到國家增長預期7.5%的目標。不過,從環比情況看來,第三季度的經濟增長實際上有所加速。第三季度GDP環比增速為2.2%,較第二季度修正後的2.0%有所加快。

State of the US Economy


China's Economy Will See Trough By Q4


Riding the Market Momentum


Seek Value in Emerging Market Fixed Income


Cramer's Six in 60: Facebook Price Target Lowered


Cramer: Why China's Economy Is Coming Back


胡一帆:二三季度经济疲软情况下 投资成为一大亮点


三季度经济:筑底企稳信号增强


贝莱德大举加仓工行中行H股


三季度GDP同比增7.4%增幅创14个季度新低


Wen Says China’s Economy ‘Relatively Good’


Lenovo Asia President: No Operating System Plans


China's Economic Growth Slows for Seventh Quarter


Change at Citi is Good


7-8% Growth in China is Good News


《财经早班车》 A股持仓账户数 创近两年新低

《财经早班车》 A股持仓账户数 创近两年新低 http://www.sina.com.cn 2012年10月18日 宁夏卫视《财经早班车》

Citi: Buy, Sell or Hold?


Friday, October 19, 2012

经济筑底企稳 亚洲股市渐热


2012年10月19日09:17
经济筑底企稳 亚洲股市渐热

着亚洲经济初现筑底迹象,投资者重投亚洲股市怀抱,追踪亚洲股市表现的一个基准指数已经从6月份触及的年内低点反弹了11%。

即便是今年亚洲市场表现最差的中国股市,也伴随着经济数据的好转而实现反弹。日本股市也正在收复近期失地,本周已上涨5.3%。

管理5,000万美元资产的Doric Capital Corporation驻香港的董事总经理Howard Wong表示,市场人气终于有所好转,投资者对亚洲的态度开始热起来了。

投资者目前正关注着中国。中国9月份出口数据表现强劲,第三季度经济增长率符合预期,这加深了人们对这个今年以来一直拖累亚洲股市的经济体的判断:即中国经济只是周期性回调,而非严重下滑的开始。

汇丰经济学家:中国经济第四季度可能反弹

汇丰经济学家:中国经济第四季度可能反弹

HSBC Global Research大中华经济学家郭浩庄(Donna Kwok)周四表示,中国经济可能在第三季度触底,并将在第四季度开始再度获得动力,因政府的刺激措施开始显效。

郭浩庄在阿根廷一个会议上表示,今年中国国内生产总值(GDP)增幅预计达7.8%,2013年有望达到8.6%。

她表示,由于政府实施了必要的财政刺激措施,汇丰(HSBC)预计中国能实现经济软着陆。

她还表示,继2012年两度下调利率之后,中国当局今年可能会对利率再进行一次下调,以便通过更宽松的银行储备资金要求以及增加货币供应来刺激经济增长和资金投资。

Hai-O shares rise to near 4-month high on higher dividend news

Hot Stock Hai-O shares rise to near 4-month high on higher dividend news
Business & Markets 2012

Written by Ho Wah Foon of theedgemalaysia.com  
Friday, 19 October 2012 11:22

KUALA LUMPUR (Oct 19): The share of Hai-O Enterprise rose by as high as 4.7% in early active trade Friday following a statement by its managing director Tan Kai Hee that the company might raise dividend for shareholders.

After the company’s annual general meeting on Thursday, Tan told reporters that Hai-O may consider shareholders’ request for a higher dividend policy if the company’s profitability increases at the current speed.

Waves of OSV awards on the horizon


Waves of OSV awards on the horizon
Business & Markets 2012

Written by theedgemalaysia.com  
Friday, 19 October 2012 08:54
Oil and gas sector
Maintain overweight: We upgrade the offshore supply vessel (OSV) segment to “overweight” to reflect an impending wave of contract awards and the sector’s inexpensive valuations. We see improving utilisation and steady daily charter rates (DCRs) on better demand. We expect the share prices of the country’s OSV operators will react positively as Petronas Carigali Sdn Bhd contracts are rolled out.

ALAM MARITIM RESOURCES BHD [], Perdana Petroleum Bhd and Bumi Armada Bhd are primary beneficiaries. We upgrade Alam and Perdana to “buy” (from “hold”) with a target price (TP) of 85 sen (10 times financial year 2013 [FY13] price-earnings ratio [PER]) and RM1.30 (1.1 times FY13 price-to-book value [P/BV]) respectively). Bumi Armada remains a “buy” with an unchanged TP of RM4.88.

Cloudy outlook for semiconductor and IT sector

Cloudy outlook for semiconductor and IT sector
Business & Markets 2012

Written by theedgemalaysia.com  
Friday, 19 October 2012 08:47

Semiconductor and IT sector
Maintain neutral: After some signs of recovery in the first half of 2012 (1H12), indicators such as book-to-bill ratio for manufacturers of semiconductor equipment dipped below the parity threshold during June to August. (July: 0.86, August: 0.84). This indicated a weakening trend in the global semiconductor industry.

Global chip sales, measured by the Semiconductor Industry Association (SIA), remained flat month-on-month (m-o-m) in August at US$24.3 billion (RM73.87 billion) (+0.1% m-o-m, -3.2% year-on-year [y-o-y]) with continued weakness from Europe. On a y-o-y basis, August sales declined in all regions, led by Europe (-9.8%) and the US (-8.6%). On a m-o-m basis, August sales in Europe fell 1.9% but sales in both the US and Japan grew 1%.

Mark Mobius :Are BRIC nations hitting a growth wall?


Are BRIC nations hitting a growth wall?
Personal Finance

Written by Mark Mobius  
Thursday, 18 October 2012 00:00

 A GLOBAL pattern of easing economic growth in 1H2012 has impacted the "BRIC" nations of Brazil, Russia, India and China. However, I don't think the economies have hit a brick wall.

While some market participants have been waiting impatiently for governments to undertake further stimulus measures, others have wondered whether something more fundamental — and less within governmental control — might be at work.

业绩增长良好为前提 海鸥考虑提高派息率


业绩增长良好为前提 海鸥考虑提高派息率
Created 10/19/2012 - 08:53
(吉隆坡18日讯)海鸥(HaiO,7668,主板贸服股)顺应股东建议,在业绩录得良好增长的前提下考虑提高股息;目前派息率是50%。

海鸥董事经理陈凯希今天在股东大会后向媒体表示,经历2011财年业绩下滑后,本财年重新回到增长轨道。

“因此,股东大会上有股东建议增加股息派发。我想,集团能够维持业务增长的前提下,董事部将考虑此建议。”

他透露,目前集团的派息政策为50%。

不排除合并整合脱售 绿驰探P1替代选择

不排除合并整合脱售 绿驰探P1替代选择
Created 10/19/2012 - 10:13
(吉隆坡18日讯)绿驰通讯(GPacket,0082,主板科技股)澄清,正在为旗下Packet One网络私人有限公司(简称P1)探讨“策略性替代选择”。

绿驰通讯周四回应大马交易所质询时表示,将为持股61%的P1寻找策略性替代选择,不排除合并、整合或脱售股权,以扩大股东价值。

不过,集团否认已开始洽商或接受任何P1股权的竞标。

另一方面,马电讯(TM,4863,主板贸服股)今天也应本报早前报道,澄清没有任何意愿要竞标绿驰通讯股权,并指有关报道不确实。

挑战新航商务市场 马航A380高等舱搭客率90%


挑战新航商务市场 马航A380高等舱搭客率90%
Created 10/19/2012 - 10:23
(新加坡18日讯)马航(MAS,3786,主板贸服股)新A380型飞机的高等舱搭客率高达90%,在豪华商业搭客市场上,正给予新加坡航空正面挑战。

彭博社引述马航销售部高级副总裁杜卡布里尔表示,这款全球最大型飞机,将可协助马航推高在欧洲和大马的企业业务。

据悉,马航A380型飞机的高等舱需求,已超越本身原来的波音飞机高等舱搭客水平。

“我们的A380型飞机拥有很高的商业舱和头等舱载客率,高于我们的747型飞机载客率水平。

A380型飞机提供了更多的空间予搭客,可协助马航在豪华客舱市场中占优势。

印尼橡胶种植第10年 顶级手套放眼贡献现金流

印尼橡胶种植第10年 顶级手套放眼贡献现金流
Created 10/19/2012 - 11:36
(吉隆坡18日讯)顶级手套(TopGlov,7113,主板工业产品股)放眼印尼的橡胶种植业务,在步入第10年营运开始,可为集团贡献正现金流。

根据《The Edge》报导,顶级手套执行董事林将源在日前的媒体汇报会表示,该集团在印尼扩展橡胶种植业务的13年计划,预期首9年将拨备约2亿3000万令吉的现金支出。

“随后在第10年,我们预期转正的营运现金流,将可融资印尼的资本开支。”

该集团表示,将在首8年时间里积极种植橡胶树,然后在第13年达到全面发展;而橡胶树的孕育期为6年。

弃购印尼巴达维亚航空 亚航需加强内部销售网络


弃购印尼巴达维亚航空 亚航需加强内部销售网络
Created 10/19/2012 - 11:39
(吉隆坡18日讯)亚洲航空(AirAsia,5099,主板贸服股)宣布放弃收购印尼巴达维亚航空(Batavia Air)后,将无法善用后者庞大的销售代理网络,因此,分析员认为亚航需加强自身的销售和代理网络。

亚航周一正式宣布,与印尼盟友Fersindo Nusaperkasa公司联合收购巴达维亚航空计划告吹,因认为目前的时机不太合适,存在太多风险,或侵蚀亚航股东的利益。

巴达维亚航空拥有共4000名代理的庞大销售网络,分析员相信,这是吸引亚航收购该公司的主因。

Nomura downgrades banks to ‘neutral’


Nomura downgraded Singapore banks to ‘neutral’ from ‘bullish’, saying the lenders are likely to see slower earnings per share growth going into the 2013 fiscal year, with emerging macro headwinds and continuing net interest margin pressure.

“While valuations are not excessive, the sector is likely toperform at best in line with the market,” Nomura said. It expects Singapore’s benchmark Straits Times Index to consolidate below the 3,000 level due to weaker earnings and economic outlook.

Nomura dropped United Overseas Bank from its list of top picks. It said it preferred DBS Group Holdings due to the bank’s undemanding valuation and dividend yield.

Get Out of Stocks Before 2013 Recession: Pro


Get Out of Stocks Before 2013 Recession: Pro
Published: Thursday, 18 Oct 2012 | 2:14 PM
By: Bernice Napach

U.S. growth has slowed to 1.3%. Greece and Spain are in recession and China's economy has lost momentum for seven consecutive quarters and is now growing at 7.4%. At the same time, stocks continue to rally and the S&P 500 Index (GSPC) is trading near its year-to-date high.

Gary Shilling, president of A. Gary Shilling & Co., calls this the "grand disconnect." He tells The Daily Ticker, "Either the economies of the world have got to come to life and…rise to meet investor expectations or investors have got to come down to earth. The latter is more likely."

Richard Li Secures ING Insurance Units


Richard Li has won the race to buy the Hong Kong and Thailand operations of ING’s insurance business for more than $2 billion, according to people close to the process, leaving the Dutch group with just its Korean and Japanese operations to sell in Asia.

he deal, which is expected to be announced on Friday, will see the son of Hong Kong’s richest tycoon, Li Ka-shing, move back into an industry he left with the 2007 sale of Pacific Century Life, a Hong Kong-based life assurance company that he sold to Belgo-Dutch group Fortis.

ING [ING  9.21     0.02  (+0.22%)] last week agreed to sell its Malaysian business to AIA, the pan-Asian life insurer, for $1.7 billion. The deal is part of a series of sales imposed on the group by the EU after its rescue by the Dutch government during the financial crisis.

China at 'End of an Era,' but No Hard Landing


China at 'End of an Era,' but No Hard Landing
China's economy slowed for the seventh-straight month in the third quarter to 7.4%, down 0.2% from the previous quarter, and its slowest rate since the first quarter of 2009.

While China's latest GDP reading is spectacular compared to America's paltry 1.3% second quarter GDP growth rate, the single-digit growth is disappointing compared to China's three-decade history of double-digit growth.

As China's growth decelerates, many on Wall Street are worried about a hard landing in China.

"This does, so to speak, mark an end of an era," says Barry Bosworth, senior fellow at Brookings Institution. "[But] I think China has lots of room to maintain its growth, stabilize it, but it has to shift the emphasis" to focus on its domestic market.

Asia Media CEO sells down his stake


The Star Online > Business
Friday October 19, 2012
Asia Media CEO sells down his stake

PETALING JAYA: Asia Media Group Bhd chief executive officer Datuk Ricky Wong Shee Kai has parted with 22.6 million shares in the company after selling them in the open market.

Wong, who is the founder of the company told StarBiz that these dealings were for “individual capital management.”

“Yes. There are some (shareholding) dealings for individual capital management. It’s nothing major and it is on (the) shareholder level. Nothing related to the company,” Wong replied in a text messsage.

Green Packet has not received any bids for P1

The Star Online > Business
Friday October 19, 2012
Green Packet has not received any bids for P1

PETALING JAYA: Green Packet Bhd has not received any bids from any party to purchase its shareholding stakes in Packet One Networks (M) Sdn Bhd (P1).

The company, which was responding to recent local news reports that it may be hiving off its stake in P1, said however that it was exploring strategic alternatives for P1 “including the possibility of merger, consolidation, to sell a stake and other options to maximise shareholders’ value.”

Green Packet said the relevant announcements would be promptly made to Bursa Malaysia should the company enter into any agreement or transaction that is required to be announced under the Main Market listing requirements.

Meeting with MAS unions and associations; is it for privatisation?


The Star Online > Business
Friday October 19, 2012
Meeting with MAS unions and associations; is it for privatisation?

Friday Reflections - By B.K. Sidhu
TWO weeks ago, more than 30 representatives from the eight unions and associations at the national carrier met with the airline's former managing director Tan Sri Abdul Aziz Abdul Rahman.

It is unclear who called for the meeting but it took place at a hotel near Malaysia Airlines (MAS) office in Subang.

The agenda was to discuss the “goings-on” in the industry.

轉眼廿五年 超級股災在面前

轉眼廿五年 超級股災在面前
一九八七年十月美股暴跌拖累環球股市崩盤,轉眼二十五年。當時是歷史上首次全球性股災,主要市場月尾埋單跌幅介乎兩成至五成。各地監管機構紛紛追究原因,並推動市場改革,可惜未能阻止股災繼續發生,反而一鑊比一鑊甘,二○○八年金融海嘯引發的環球股災,不但把世界經濟推向衰退,金融市場更有如末日降臨。那麼下一次股災會否更慘烈?

雖然無人能預知股災何時爆發,歷史卻可以為鑑。八七股災的成因到今天依然沒有一致說法,但市場共識普遍認為,拖垮股市的元兇包括以電腦操作的程式交易開始流行造成羊群效應、金融全球化威力顯現、擔心美國收緊貨幣政策壓抑通脹等。到十年後的亞洲金融風暴及隨後的科網泡沫破滅,則是股市等資產價格大幅高於合理估值,與經濟基本因素嚴重脫節所致。

瑋論:投資A股 取實物ETF


瑋論:投資A股 取實物ETF
中國第三季經濟增長7.4%,創14個季度新低,但環比第二季增長2.2%,顯示經濟運行有逐步回穩迹象,刺激A股顯著上揚,滬深兩市升幅都逾1%。加上市場憧憬中央將加快固定資產投資維持經濟增長,令建材股備股受追捧,重慶鋼鐵(01053)急升近22%,中國玻璃(03300)升幅達16%。

滬深兩市齊齊創出近期新高,技術走勢呈現突破。加上十八大行情為市場帶來憧憬。不過,中資股呈現禾雀亂飛的局面,不要說選個股,就是選板塊也有一定難度。不如化繁為簡,從A股ETF入手。

對於A股ETF,應選實物ETF,因開支比率較低,可提升投資回報。現時在港交所掛牌買賣的四隻實物A股ETF當中,以嘉實MSCI中國A股ETF開支比率最低,僅為0.88%,而且有人民幣(83118)和港元(03118)兩種計價選擇。

87股崩25周年 明年巨變 股災臨門?

87股崩25周年 明年巨變 股災臨門?
廿五年前今日,全球股市經歷一次「血色洗禮」,當年《時代雜誌》封面更用「Crash」(崩盤)形容當時全球股市連環急挫慘況,究竟類似股災何時會重現?基金界人士認為,短期內再發生大型「股災」機會不高,但明年市況則感憂慮,利率長期低企,投資者會不合理地增加風險胃納,「後遺症」或不敢想像。

全球救市 今年無礙
「八七股災」由十月十九日恒生指數單日下挫11%掀起序幕,截至當年十月底為止,雖然港股曾破天荒停市四日,然而恒指依然累積下挫逾45%,期內澳洲股市累挫41.8%、美股累挫22.7%、英股累挫26.4%,災情異常慘烈。六呎四吋高、畢業於羅格斯大學的高盛候任財務總監施瓦茨,剛好在八七年十月十九日展開華爾街工作生涯,第一日在證券商J.B. Hanauer & Co上班,甫踏進交易大堂便目擊中年同事「哭股喪」。

汇金增持 内银难言否极泰来


汇金增持 内银难言否极泰来
http://paper.wenweipo.com   [2012-10-19]    
康宏证券及资产管理董事 黄敏硕
 汇金在今月10日分别增持内地四大国有银行,包括工行(1398)、建行(0939)、农行(1288)及中行(3988),涉及A股的数目分别为473.4万、281.4万、572.5万及384.4万股,刺激积弱已久的内银股大幅弹升。汇金又表示,有意于半年的时间内,继续在二级市场作出增持行动。值得注意的是,汇金的增持期限,由原来的一年,缩减至半年,另即使内银公布汇金增持后,内银A股价格亦未见有明显的涨升,反而H股就出现大幅抽升的现象,这反映两地市场对内银股前景的看法不甚一致。

彰显当局稳定市场取态
 然而,汇金是次行动,除了为内银股注入动力外,亦彰显出有关当局对于稳定市场信心的取态,有利内地股市走向,加上中共「十八大」将于下月八日举行,政策憧憬相信有助抵销内地经济增长放缓的忧虑,A股有望回稳。惟就内银本身而言,其基本因素仍存在一定顾虑,单以汇金增持一事上,就断定内银股否极泰来,或言之尚早,内银前景展望续属中性。

資金陸續進場 A股隨時展升浪

資金陸續進場 A股隨時展升浪
兩大期油走勢回暖,其中布蘭特期油年內創新高機會日增。英國失業數據遠較預期理想,有望支持英股創新高。亞太區股市強勢持續,澳、紐股市表現最強。內地經濟數據符合預期,支持A股發力上升。資金輪流炒作,支持港股挑戰阻力。

兩大期油周三個別發展,紐約期油未因美國能源庫存上升受壓,美國房屋動工數字較預期佳,令紐約期油帶來支持;投資者憂慮全球原油需求疲弱,布蘭特期油下跌。紐約11月期油升3美仙,收報92.12美元、布蘭特12月期油跌78美仙,報113.22美元。美國能源資訊署公布上周原油存量增290萬桶至3.69億桶,這是連續第二周向上,較市場原預期增170萬多出120萬桶、即一半有多。蒸餾油存量繼續下降,汽油存量就回升。紐約期油現處月內中位數上,走勢剛從底部回升,形態上較9月初時有顯著改善;短期只要成功突破93美元,後市可進一步挑戰96至97美元阻力。相對之下,布蘭特期油走勢明顯較強,現處月內最高水平,短線如能升破115美元,將可直指120美元,創一年新高機會極大。

投資SUN國度:市場氣氛好 盈警變買入訊號

投資SUN國度:市場氣氛好 盈警變買入訊號


昨日上半場的氣氛可以用挾住要追來形容,禾雀亂飛又快又勁。如果自己是私人投資者,多數按兵不動,尤其剛剛中了國壽(02628)一掌,心情欠佳,但打職業,根本沒有時間傷春悲秋,轉過頭便要重新部署。

中伏無所謂,最重要是可迅速修正,由於市場氣氛超好,而衡量一間公司的價值,理應是未來前景,不是過去一個季度的表現,所以便偏向虎山行,掉頭先從盈警股考慮,市場很可能既往不咎,博公司重新上路。自己挑選爆發力比較高的東岳集團(00189),上游原材料的復甦概念可以甚勁,買細一點,便可以坐遠一點。

摩根資產:QE3帶旺派息基金


摩根資產:QE3帶旺派息基金

自美國推出第三輪量寬措施(QE3)後,投資者風險態度明顯轉變,摩根資產管理董事總經理兼香港業務總監潘新江接受本報專訪時指出,今年派息基金受追捧,有相關基金推出不足一年,資產值已飆升逾十一倍,預計今年債券基金的淨流入將較去年增長一倍。

資產值飆升逾11倍

潘新江稱,旗下派息基金資產值增長凌厲,其中去年九月推出的「摩根全方位入息基金」,為均衡低風險基金,每月有穩定派息,去年底時資產值約5,000萬美元,目前已急升至逾6億美元。

無懼盈警 大行撐國壽

無懼盈警 大行撐國壽

國壽(02628)再發盈警,然而券商對此意見分歧,瑞銀及德銀認為,盈警對國壽股價影響短暫,維持「買入」投資評級。不過,鑑於國壽第三季業績或錄得逾20億元人民幣虧損,個別券商調低其盈利預測,當中摩根士丹利調低國壽每股盈利預測33%。

瑞銀及德銀沒有被盈警「嚇窒」,依然看好其前景,當中德銀表示,國壽今年首九個月盈利表現,將為明年帶來較低的比較基數,預期公司發盈警對估值影響有限,維持目標價26.6元。

瑞銀降溢利預測23%

中國上季GDP增7.4% 似見底


中國上季GDP增7.4% 似見底


國家統計局公布第三季度國內生產總值(GDP)增長7.4%,創○九年首季以來的新低,但符合市場預期。帶動經濟增長四個指標,包括進出口總額、社會消費品總額、工業增加值及固定資產投資等數據,均於九月出現改善,反映經濟已觸底,加強市場對中國經濟軟着陸信心,而多間券商都預期第四季GDP將回升。

內地九月出口增長達9.9%、社會消費品零售額按年增14.2%、工業增加值增9.2%、一至九月份固定資產投資增20.5%,四項指標增速均較上一個月快。國務院總理溫家寶主持召開國務院常務會議時「唱好」,指經濟增速趨於穩定並繼續出現積極變化,因此有信心通過努力全面實現今年目標。

港滙破位 資金狂掃中資股

2012年10月19日 星期五
要聞
SML
 

港滙破位 資金狂掃中資股
炒中國經濟見底 成交罕見700億
中國公布第三季GDP增長7.4%,券商均認為經濟見底,資金即湧入炒中資股,加上港滙轉強下,外資逐步進入本港市場,港股昨錄得罕見的700億元大成交,創自QE3以來的1個月高位。

外資陸續湧入,據路透社詢價系統顯示,港滙昨晚叫價高見7.7499港元,突破聯繫滙率的強方兌換保證,惹市場關注金管局或需接錢(詳見另文——「買入叫價 曾升穿7.75港元」),事實上,昨早內地公布GDP數據後,港滙即時抽高,顯示資金流入或受中國公布經濟數據影響,意味資金將繼續炒中國見底。

Singapore Press Holdings: A Larger Advertising Revenue Contraction (UOBKH)

Singapore Press Holdings
Share Price S$4.07
Target Price S$4.30

4QFY12: A Larger Advertising Revenue Contraction
Newspaper AR contraction widened to 5.7% yoy in 4QFY12 from 1.3% yoy in 3QFY12, in line with a stagnating local economy. As share price performance is closely tied to AR growth, we downgrade SPH from BUY to HOLD with our target price cut by 4% to S$4.30. While share price is likely capped by a weak AR growth, SPH still offers an attractive annual dividend yield, projected at 5.4% for FY13-15. Entry price is S$3.80.

Results
• Final DPS maintained at 17 S cents despite a 6% decline in net profit. Core earnings, excluding investment income, were flat. FY12 DPS was 24 S cents, same as FY11’s. This implies an annual dividend yield of 5.9%.

Chow Tai Fook: Re-inventing To Combat Collapsing Demand (UOBKH)


Chow Tai Fook
Share Price HK$9.89
Target Price HK$7.10

Re-inventing To Combat Collapsing Demand
Sales weakend in Aug-Sep 12 and deteriorated further during the Golden Week. We slash our net profit forecasts by 7%, 21% and 21% for FY13-15 respectively. We cut our target price from HK$9.00 to HK$7.10, based on 13.7x FY13F PE, or 1SD below its historical mean PE. Downgrade from HOLD to SELL.

What’s New
• We believe Chow Tai Fook’s (CTF) sales continued to weaken in Aug- Sep 12 and deteriorated further during the Golden Week by over 20%. The situation is unlikely to improve in 4Q12 as more consumers tighten their discretionary spending amid the sluggish economy.

New acquisition by LMRT (Nomura)


New acquisition by LMRT
New potential acquisition of three Indonesian retail assets by Lippo Mall Indonesia Retail REIT
Lippo Mall Indonesia Retail REIT (LMRT SP, not rated), one of the REITs business units sponsored by Lippo Karawaci (LPKR IJ), that focuses on investing in Indonesian commercial property, announced that it is planning to make a IDR1.4tn of acquisition of three malls in the Palembang and Jakarta areas:
• Palembang Square and its Extension, located in Palembang, second largest city in Sumatera, with total Net Leasable Area (NLA) of 48,774sqm and total acquisition costs of IDR689bn, or SGD60mn (at IDR/SGD 7,800 exchange rates), equivalent to IDR14.1mn/sqm of NLA;

• Tamini Square, located in East Jakarta with total NLA of 17,475sqm and total acquisition costs of IDR180bn, or SGD23.1mn, equivalent to IDR10.3mn/sqm of NLA; and

Maersk culls Asia-Europe capacity (CIMB)

 Maersk culls Asia-Europe capacity
Maersk announced substantial capacity cuts of 13-14% on its Asia-North Europe and Asia-Med trade networks last week, reducing industry capacity by 2.8-3.5%.This is a majorpositivestep by the industry leader, and should encourage other carriers to do likewise.

 The action may help falling rates find a floor, although we caution that cuts of another four loops will be needed to ensure the success of the planned 1 November AE rate hikes. We stay Neutral on shipping overall, with Outperforms on our top picks, OOIL and SITC. While we are Neutral on CSCL, the share price could rerate in the near-term on the optimism.

Singapore Residential Property: Buyers out in force (OCBC)


Singapore Residential Property: Buyers out in force

The URA reported a headline total of 2,771 new private homes (incuding 150 EC units) sold in Sep 2012, up a whooping 80% MoM. (In the same month last year, 2,060 new homes were sold, showing a more subdued 26% MoM increase.) Several new OCR launches performed strongly: ECO (Bedok South, 748 total units) sold 402 units at a median selling price of S$1,283 psf, and Kovan Regency (Kovan Rise, 393 total units) sold 369 units at S$1,275 psf. In our view, Sep 2012 sales points to a continued healthy state of buyer demand in the market, particularly with the additional visibility of low rates till 2015 after the announcement of QE3. Maintain OVERWEIGHT rating on the residential property sector, and we expect continued strength in the mass-market segment in FY12. Our top stock pick is City Developments [FV: S$13.18, BUY] for its mass-market exposure and strong balance sheet.

M1: Sees QoQ improvement in 4Q12


M1:

Fair value    S$2.80
add: 12m dividend forecast S$0.15
versus: Current price  S$2.66


Sees QoQ improvement in 4Q12

M1 Ltd reported another set of softer-than-expected set of 3Q12 results yesterday. While revenue of S$254.7m (+4.0% YoY and +9.6% QoQ) was largely in line with our expectations, another sharper-than-expected decline in margins saw net profit falling some 19.5% YoY and 6.0% QoQ to S$33.1m. Nevertheless, management remains confident that 3Q12 net profit is probably the lowest for this year as it now guides for QoQ improvements in both top and bottom lines. But for the full-year, it has not changed its previous guidance given in 3Q, as it continues to expect the handset subsidies expensed upfront to have an impact on profitability. As such, we are paring our FY12F earnings by another 2.8%. However, we are leaving our dividend forecast of S$0.145/share unchanged, given its ability to generate strong free cashflows. Our DCF-based fair value also remains at S$2.80. Maintain BUY.

Ascendas REIT: Delivers good results again (OCBC)

Ascendas REIT:
Fair value    S$2.43
add: 12m dividend forecast S$0.14
versus: Current price  S$2.48

Delivers good results again
• Interim DPU up 4.4% YoY
• Positive trend still intact
• Unit appears fairly priced


Ascendas REIT (A-REIT) achieved a 4.4% YoY gain in 2QFY13 DPU to 3.53 S cents, notwithstanding a 7.5% increase in units. For 1HFY13, DPU amounted to 7.06 S cents, up 7.3% YoY. This is slightly ahead of our expectations, as the half-year DPU already formed 51.0% of our FY13 forecast. Going forward, management revealed that positive reversions may possibly continue into FY13-14, as the passing rents are generally below the current market rates for the area due for renewal. While A-REIT expects the acquisition activity to remain ‘quiet’, it can focus on the consolidation of its properties.

F&N's property arm in the spotlight (AM)


F&N's property arm in the spotlight

The $1.4 billion offer lodged out of the blue for Fraser & Neave's (F&N) hospitality business last week has focused the market's attention on the conglomerate's wider property division.

The offer from Overseas Union Enterprise for Frasers Hospitality includes a 20 per cent premium to the asset value, which was assessed at about $1.17 billion as at June 30.

This includes serviced apartments such as Fraser Place Singapore and Fraser Suites Beijing, as well as other buildings across the world.

Midas Holdings: Engines just getting warmed up


Midas Holdings:
Fair value    S$0.51
add: 12m dividend forecast S$0.005
versus: Current price  S$0.415

Engines just getting warmed up
• More positives from sector outlook
• Further re-rating catalysts ahead
• Bump up our FV estimate to S$0.51

We maintain our BUY rating on Midas Holdings (Midas) and raise our fair value estimate from S$0.435 to S$0.51 in light of the brighter prospects in China’s railway sector. The latest data on total railway fixed asset investments (FAI) in China exhibited an encouraging 92.7% YoY surge to CNY72.7b for the month of Sep, which we believe highlights the progressive recovery in the sector.

Top Glove Corporation - FY12 within expectation


Top Glove Corporation -
Price Target : 5.50
Last Price : 5.35
FY12 within expectation

Period    4Q12/FY12

Actual vs.  Expectations
 The reported FY12 net profit of RM202.2m was 6% above the consensus' estimate of RM190.3m and 3% above our estimate of RM197.2m.

Dividends   Proposed a final net dividend of 9 sen/share. Together with the first interim net dividend of 7 sen/share, the  full year net dividend totalled 16 sen/share (vs. FY11's 11 sen/share).

 This payout represents a net yield of 2.3% and a payout ratio of approximately 50%.

Cooling measures: round 6 (DB)


 Cooling measures: round 6
 Broad-based impact to cast chill on market

 This latest move erodes affordability for a broad segment of buyers with both investment and upgrader demand affected. While successive rounds of measures have dulled the impact, this is clearly negative for sentiment and will likely reduce demand near-term with volumes to contract. The strong signal by the government to cool the market is also likely to limit upward pressure on prices. We remain cautious on the residential developers on continued policy risk and prefer the REITs.

 Loan tenure for residential properties restricted with immediate effect
MAS will restrict the tenure of mortgages to 35 years, applicable to both private and HDB. In addition, loans exceeding 30 years will face significantly tighter loan-to-value (LTV) limits. If the loan tenure exceeds 30 years or loan period exceeds the retirement age of 65 years, LTV limit will be 40% for a borrower with one or more outstanding mortgages and 60% for a borrower without an existing loan. The LTV for non-individual borrowers has been further reduced from 50% to 40%. Banks have been lengthening the tenure of mortgages; over the past 3 years, the average tenure for new loans has increased from 25 years to 29 years with >45% exceeding 30 years. Coupled with low interest rates, this may cause borrowers to overestimate their servicing ability and take a bigger loan than they can afford.

MISC: Co-owns Gumusut-Kakap FPS with PCSB (MIB)

MISC
Hold (unchanged)
Share price: MYR4.25
Target price: MYR4.80 (unchanged)
Co-owns Gumusut-Kakap FPS with PCSB

 Maintain Hold, TP: MYR4.80. We reckon the disposal of its 50% equity stake in Gumusut-Kakap FPS to PCSB could lead to another joint-venture for the Angsi CEOR project. While this sale is operationally positive, our forecasts are unchanged. The offshore division accounts for 25% MISC’s pretax profit in 1H12 but the group will continue to be dragged down by grey outlook at its petroleum and chemical shipping operations over the next 24 months owing to global overcapacity and slow world economic growth. Our target price is based on 1x current year P/B.

Sells 50% equity stake in Gumusut-Kakap FPS for MYR934m. MISC has entered into a conditional share purchase agreement with E&P Venture Solutions Co S/B (EPV), a 100%-subsidiary of Petronas Carigali S/B (PCSB) to dispose its 50% equity interest in the Gumusut- Kakap semi-floating production system (FPS) to the latter for USD305.7m (MYR934.4m). The deal is expected to be completed by end-2012. Operationally, the Gumusut-Kakap FPS is scheduled for load out from MMHE’s yard to the field in 2Q13.

曾淵滄專欄19.10.20: 國壽盈警買貨良機


曾淵滄專欄: 國壽盈警買貨良機 - 曾淵滄

內地第三季GDP增幅為7.4%,在公佈數據的前一天,國務院總理溫家寶公開講話,說今年全年GDP增長一定能達到7.5%,同時看好第四季的經濟增長。

受其影響,A股表現優異,滬綜指數上升1.24%,創一個月新高。看來,滬綜指很有可能已在上個月成功摸底。

國壽(2628)發盈警,說今年第三季可能虧損,結果導致國壽股價昨日逆市下跌,我認為國壽在第三季的虧損只不過是因為上個月A股表現不濟,導致其證券投資出現虧損。

但如果我們有信心認為A股已於上個月見底,現在正是好機會趁盈警買入國壽股票。

李澤楷穩奪ING香港泰國

李澤楷穩奪ING香港泰國
【本報訊】李澤楷收購荷蘭國際集團(ING)的港、泰業務近尾聲!消息人士指,李澤楷將以約22億美元(約172億港元)的作價奪得ING的香港和泰國業務,預計消息最快今日正式公佈,李澤楷的亞洲金融大亨夢將又近一大步。

記者:石永樂

據路透社引述消息人士透露,ING將以約172億元出售本港及泰國保險業務予李澤楷,據悉,雙方已進入最後談判階段,協議亦接近完成,最快可望今日公佈,但亦可能延至下星期公佈,ING及李澤楷的發言人均拒絕就報道作出評論,消息人士則指,有關交易將以約22億美元成交。而英國《金融時報》昨則報道,李澤楷將以接近24億美元(約187.2億港元),奪得ING的港、泰業務。

追買高息低PE股份


追買高息低PE股份


恒指已逼近今年高位,有畏高症的股民,若想享受餘下升浪,可考慮向部份高息低市盈率(PE)的股份埋手。

深控最吸引
本報以30億元市值為下限,並以中期業績作基準,篩選出一批高息低市盈率股份(見表),當中又以內房股深控(604)最吸引,年度化市盈率及息率分別為3.7倍及7.3厘,市賬率僅0.45倍;截至9月底止,深控合約銷售額43.3億元,完成全年目標72%,達標應無問題。

基金搶貨中資股做主角

基金搶貨中資股做主角
【本報訊】資金狂追落後,股份越殘越快樂!國務院總理溫家寶日前預告經濟增長可達標,內地昨日公佈第三季GDP增長7.4%亦符預期,觸發基金搶貨潮,中資股成為升市主角,成交更罕有增至709億元,港滙強勢亦反映有資金流入。基金經理更齊聲看好,後市應有力再上。

港股六連升 快破今年高位
恒指昨高開74點後,在A股帶動下拾級而上,最高見21606點,差百餘點便破今年高位,收市升102點或0.5%,報21518點,連續第六日造好;H指繼續跑贏大市,升144點或1.4%,收報10636點;大市成交增至709億元,為一個月高。A股報捷,滬綜指收報2131點,升1.2%,創逾一個月新高。深成指收報8798點,升1.8%,兩市成交大增至1277億元人民幣。

Richard Li nears S$2.4 bln deal for ING's Hong Kong, Thai units

Richard Li nears S$2.4 bln deal for ING's Hong Kong, Thai units
Updated 06:58 PM Oct 18, 2012

HONG KONG - Hong Kong businessman Richard Li, son of Asia's richest man Li Ka-shing, is nearing a deal to buy ING's Hong Kong and Thailand business for more than US$2 billion (S$2.4 billion), sources with direct knowledge of the matter told Reuters on Thursday.

A deal could be announced as early as Friday, but could also be delayed to next week, the sources said. ING and Richard Li's Pacific Century Group have entered final round of negotiations, they added.

A deal would come a week after the Dutch financial company announced the sale of its Malaysian business to AIA Group. ING is divesting assets across the world to help repay the 10 billion euro (S$16 billion) state bailout received during the 2008 financial crisis.

Far East Hospitality to double portfolio by 2017


Far East Hospitality to double portfolio by 2017
Updated 08:06 PM Oct 18, 2012

Far East Hospitality aims to double its property portfolio over the next few years by enhancing its local presence while expanding overseas in the region's high growth markets.

FEH, which operates 8 hotels and 9 serviced residences in Singapore, is looking to expand its portfolio to 17 hotels and 17 serviced residences by 2017.

"It looks increasingly realistic as we discuss it internally, so going forward we hope to obtain our board's endorsement for the expansion plan," said Arthur Kiong, CEO of Far East Hospitality, at a media event.

Second Chance Properties net profit up 1.4%

Second Chance Properties net profit up 1.4%
by Kristie Neo Updated 10:54 PM Oct 18, 2012SINGAPORE - Singapore-listed Second Chance Properties said on Thursday its full year net profit rose 1.4 per cent to S$30.47 million for the 14 months ended August.

Revenue increased by nearly 32 per cent to S$64.5 million during the same period.

The company recently shifted its financial year-end to August from June.

If the additional two months were not included, net profit would have slid 10 per cent to about S$27 million.

Mr Mohamed Salleh Marican, CEO of Second Chance Properties, said that he still sees this as "positive" news given the general global outlook.

18億競購P1?馬電訊駁斥傳言

18億競購P1?馬電訊駁斥傳言
Created 10/19/2012 - 19:04

(吉隆坡19日訊)綠馳通訊科技(GPACKET,0082,主板科技組)為旗下Packet One網絡(P1)物色收購夥伴的傳言四起,最近再爆出馬電訊(TM,4863,主板貿服組)出價高達18億令吉競購P1,惟管理層已駁斥該傳言。

然而,空穴來風必有因,之前綠馳通訊科技也曾推翻有意售出P1的說法,但隔日又發文告坦言,公司確實在為P1探討包括併購的多元替代方案,惟迄今未接獲任何投標。

馬電訊:無稽之談

在綠馳通訊科技澄清的同時,《商業時報》卻報導,馬電訊正尋求財政部的批准,以18億令吉競標P1,不過,馬電訊管理層今日發文告澄清,該報導是“無稽之談"。

Can Jan 2013 deadline be met?


Can Jan 2013 deadline be met?
by Michel Barnier 04:45 AM Oct 19, 2012Five years after the outbreak of the financial crisis, Europe's economic and political situation remains fragile.

A mild recession is expected in Europe this year and unemployment is on the rise. Beyond deficit reduction, we need to implement a €120 billion (S$191.5 billion) European investment plan, and deepen the European Single Market to unleash its growth potential.

But we also need other structural measures. The European Union must put an end to the negative feedback loop between individual member states and their national banking systems.

Between 2008 and 2011, EU taxpayers granted banks €4.5 trillion in loans and guarantees. In some countries, the threat of bank recapitalisation with public funds has resulted in a drop in market confidence and a huge rise in interest rates.

China growth slows to 7.4% but worst likely over

China growth slows to 7.4% but worst likely over
September data on retail sales, fixed asset investment and industrial output flag rebound
04:45 AM Oct 19, 2012

BEIJING - China's economy slowed for a seventh straight quarter in the July-to-September period, missing the government's target for the first time since the depths of the global financial crisis, but other data released yesterday suggested that the world's second-largest economy had turned the corner.

China has been a major engine of global growth in recent years, as the United States and Europe have struggled to overcome the financial crisis. The weakness in the Western economies has, however, weighed on China's export sector, slowing its once red-hot economy.

The Chinese economy expanded by 7.4 per cent in the third quarter from the corresponding period a year earlier, the National Bureau of Statistics (NBS) said yesterday, down from the 7.6 per cent growth in the second quarter and in line with analysts' expectations.

China building starts slump, bumpy road ahead


China building starts slump, bumpy road ahead
04:45 AM Oct 19, 2012

SHANGHAI - Property construction starts in China slumped last month, reversing gains recorded in August and indicating that any real estate market recovery in Asia's largest economy would be bumpy.

In terms of floor area, property construction starts in the January-to-September period fell 8.6 per cent to 1.35 billion square metres from the corresponding period a year earlier, data released yesterday by the National Bureau of Statistics (NBS) showed.

In September alone, building starts fell 24 per cent, compared to August's 13.9-per-cent gain, which had been the first month of turnaround since February, Dow Jones Newswires calculations showed. Mr Johnson Hu, an analyst at CIMB Securities, said: "The construction starts figure was weaker than expected. Perhaps there were fewer construction starts in smaller cities with high inventory levels."

S$1b target for S'pore's first yuan IPO

S$1b target for S'pore's first yuan IPO
Dynasty REIT flotation is also largest new listing here this year
04:45 AM Oct 19, 2012

SINGAPORE - Dynasty Real Estate Investment Trust (REIT) opens its yuan-denominated initial public offering today in Singapore's first flotation to be sold in the Chinese currency, seeking to raise up to 5.4 billion yuan or S$1 billion in what is set to be the largest new share sale here this year.

Units in the trust, backed by Hong Kong billionaire Li Ka-shing and sponsored by ARA Asset Management, will be tradeable in both yuan and Singapore dollars.

It is offering between 893.2 million and 900.8 million units to public and institutional investors at an indicative price range of 4.40 to 4.70 yuan apiece, or S$0.855 to S$0.915, it said in a statement yesterday. At least 53.9 million units will be set aside for retail investors in Singapore, it added.

NOL back on track


NOL back on track
Shipping company likely to turn the crimson tide after six straight quarterly losses
04:45 AM Oct 19, 2012SHENZHEN - Neptune Orient Lines (NOL) is back on track to sustainable operating profits on better-than-expected volumes on its key Asia-North America trade business for its container shipping unit APL and aggressive cost-cutting, according to its President and Chief Executive, Mr Ng Yat Chung.

But in an interview, Mr Ng predicted 2013 would not be much better than this year, which he described as "soft", referring to the overall shipping environment.

"By and large, NOL doesn't plan 2013 to be much better than 2012," he said. The company is on target for achieving US$500 million (S$608 million) in savings this year, he said on the sidelines of a shipping conference here.

Hai-O may raise dividend payments

Hai-O may raise dividend payments
By Zaidi Isham Ismail
xydee@nstp.com.my
2012/10/19


MULTI-LEVEL marketing company Hai-O Enterprise Bhd may raise its annual dividend payments to shareholders as early as next year.

Hai-O currently has a dividend policy of paying out 50 per cent of net profit to shareholders.

Hai-O group managing director Tan Kai Hee said the company had been profitable for the past seven years and it may consider giving out a higher payout to shareholders.

"During our annual general meeting, some shareholders asked for the company to raise the dividend payout. We may consider doing so in the next one or two years.

TM come a-calling for P1


TM come a-calling for P1
By Sharen Kaur and Francis Fernandez
bt@nstp.com.my
2012/10/19

Telekom Malaysia Bhd, the country's biggest phone company, is seeking approval from the Finance Ministry to make a RM1.8 billion bid for Green Packet Bhd's wireless broadband unit, Packet One Sdn Bhd (P1).
Business Times understands that the company sought the approval yesterday.

Green Packet is the first company to launch commercial WiMAX services in Malaysia via P1.

Thus far, YTL Corp's Yes mobile and U Mobile, a company linked to Tan Sri Vincent Tan, have also been touted as possible suitors of P1.

坐拥逾亿现金 海鸥明年或提升派息率

坐拥逾亿现金 海鸥明年或提升派息率
吉隆坡18日讯)隨著刚过去2012財政年业绩稍见起色,加上拥有1亿令吉凈现金支撑,海鸥企业(HAIO,7668,主板贸服股)表示会正视股东建议,並认真考虑明年能否提升派息率超过50%比例。

同时,该公司日后將多元化经销保健养生品货源至中国以外地区。管理层也看准,一旦中国开放进口燕窝,其刚起步的燕窝行销產品將透过中国伙伴网络,扩大销路。

一名出席海鸥企业第37届股东常年大会的小股东透露,创办人兼董事经理陈凯希在会上坦言,过去7年无论公司的核心多层次传销(MLM)遇到任何冲击,仍坚持贯彻50%税后盈利作为派息的政策。「基于公司拥有充足现金盈余,我想,有能力考虑调升该政策。」

Dynasty REIT to raise up to $1b in IPO

Dynasty REIT to raise up to $1b in IPO

Dynasty REIT has stated an IPO price range of between 4.40 yuan and 4.70 yuan (between 85.5 and 91.5 cents) in the final IPO prospectus lodged with MAS.

This means the IPO will raise between $981.3 million and $1 billion.

Set to be Singapore's first yuan-denominated, It has forecast a distribution yield of between 7% and 7.3% for 2013.

联想爭做智慧型手机生產商老大


联想爭做智慧型手机生產商老大
香港18日讯)联想集团表示,个人电脑(PC)市场需求放缓是该公司进军智慧型手机领域的一个良好理由。联想集团上季度超越惠普,成为全球个人电脑市场的领军企业。

联想亚太及拉美区总裁范杜伊吉(Milko Van Duijl)接受彭博电视採访时表示,联想集团目前在中国本土市场上是已经第二大智慧型手机生產商,该公司计划超越三星电子,夺取第一。

范杜伊吉表示,联想已开始在印尼销售手机,印度也將隨后跟上。

麥博士料A股快翻身

麥博士料A股快翻身
繼「末日博士」麥嘉華後,「新興市場之父」、鄧普頓新興市場團隊執行主席麥博士表示,隨着集資活動有降溫趨勢,同時監管機構提高對新股質素的監控,相信未來A股會一改跑輸大市劣勢,現時可能是入市時機。該公司事隔十八年,將於十一月再推零售中國基金。

世寶發A規模傳勁縮
事實上,中證監加快對合格境外機構投資者(QFII)資格審批,同時市傳浙江世寶(01057)A股上市規模,或由原計劃約5.1億元人民幣,顯著「縮水」至約5,000萬元人民幣,雖然消息未經證實,但政策「維穩」預期令投資者樂觀情緒升溫,只是第三季本地生產總值(GDP)等重要經濟數據公布前,觀望氣氛限制大市漲幅,滬綜指全日微漲0.32%,收報2,105點;深成指則微跌0.05%,收報8,641點,兩市總成交進一步萎縮至940.76億元人民幣。

《财经早班车》 日本可能在下月末启动新一轮经济刺激计划

《财经早班车》 日本可能在下月末启动新一轮经济刺激计划 http://www.sina.com.cn 2012年10月18日 宁夏卫视《财经早班车》

《财经早班车》 标普警告将下调印度主权评级

《财经早班车》 标普警告将下调印度主权评级 http://www.sina.com.cn 2012年10月18日 宁夏卫视《财经早班车》

歐債危機何時解? 恐得花上十年

20121014文茜的世界財經週報3─歐債危機何時解? 恐得花上十年

陸經濟第三季觸底?

20121014文茜的世界財經週報2─陸經濟第三季觸底?

Could a Hard Landing Be a Good Thing for China?


Larry Fink: I Am Very Bullish on US Banks


Housing Momentum vs. REITs


China: Hard or Soft Landing?


人民幣兌美元持續創高

2012-1015-57金錢爆(台股就~冷)4-4

匯率難道不是你升我貶,你貶我升的蹺蹺板遊戲嗎?

2012-1015-57金錢爆(台股就~冷)4-2

嚴打QE3美元熱錢,中國不斷吸收美元,升值人民幣,這場貨幣戰爭將會演變成什麼局面?

2012-1012-57金錢爆(諾貝爾打暗號)4-2

What Pandit's Departure Means for US Banks


Dollar to Face Downside Pressure, but Weakness Limited


BAC's Misses Q3 Revenue Expectations


Stock in 60 Seconds: Citigroup


Shake-Up at Citi: Time to Buy?


《财经早班车》 标普:中国经济四季度触底反弹

《财经早班车》 标普:中国经济四季度触底反弹 http://www.sina.com.cn 2012年10月16日 宁夏卫视《财经早班车》

Thursday, October 18, 2012

罗杰斯:明后两年 美经济衰退不可免

罗杰斯:明后两年 美经济衰退不可免
(纽约18日电)商品大王罗杰斯接受媒体采访时表示,非常担心明后两年的美国经济,来年经济衰退不可避免。

罗杰斯表示,美国经济在共和党执政后每隔4至6年便会出现下滑,过去如此,将来还会如此。

“历史告诉我们,美国将再次进入经济衰退。从就业、住房、消费者信心、消费开支等多项指标来看,美国经济目前只算得上逐渐扩张。增长脆弱和GDP平平,我们目前的处境和温和衰退只有很小的差别。”罗杰斯对美国经济前景十分悲观,“2013、2014年大家将特别担心,你应该未雨绸缪。”

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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