Saturday, November 24, 2012

券商:內銀市帳率1倍超值


券商:內銀市帳率1倍超值
美銀美林報告指出,內銀股的市帳率跌至1倍,便宜得難以置信,惟內銀業存在隱憂,當中以集資壓力為甚,或將令資本市場負起沉重壓力。報告對本港銀行業態度則較正面,指人民幣業務等發展,可為業界帶來不少機遇。

美銀美林稱,內銀的一級資本(T1)增長,主要由保留盈利帶動,若派息比率維持在30%,料業界的一級資本可按年增長14%,惟一旦風險加權資產的增長速度超過一級資本,資本充足率勢將下跌,內銀將有融資需要。

然而,為內銀補充資本並非易事,目前在本港上市的內銀,擁有風險加權資產共達42萬億元(人民幣‧下同),若需提升資本充足比率1個百分點,需集資4,200億元,大規模融資將為市場帶來壓力。

Another Olam salvo at Muddy Waters

Another Olam salvo at Muddy Waters
SGX-listed company calls short seller's allegations on its accounting practices 'baseless and unsubstantiated'
 by Conrad Raj 04:45 AM Nov 24, 2012

SINGAPORE - Olam International, one of the world's largest commodity traders, yesterday fired another salvo against United States-based short-seller Muddy Waters and its research director Carson Block by giving a strongly worded and detailed rebuttal of what it described as their "baseless and unsubstantiated assertions" on its accounting practices.

The Singapore-listed firm - which in its legal suit through law firm Wong Partnership is seeking aggravated and exemplary damages for libel, slander and malicious falsehood - reiterated that its financial statements and accounting policies "strictly follow and adhere to the Singapore Financial Reporting Standards (SFRS)".

Regulators find 'issues' in budget carrier's audit


Regulators find 'issues' in budget carrier's audit

2012/11/24

KUALA LUMPUR: Top budget airline AirAsia has had its right-to-fly extended by six months rather than the standard two years after an audit by Malaysian regulators found "some issues", an official said yesterday.
The government official said the department of civil aviation had decided to extend the low-cost carrier's air operator's certificate until March 31 next year, at which point it will need to reapply.

The certificates, which allow carriers to use aircraft for commercial purposes, are usually granted for two years.

"The department already audited AirAsia, and they only approved six months for AirAsia," the official said.

Genting HK in US$900m refinancing exercise

Genting HK in US$900m refinancing exercise
By Goh Thean Eu
gohtheaneu@nstp.com.my
2012/11/24

TERM LOANS: Move to pare down debts and for general corporate purposes
GENTING Hong Kong Ltd, formerly known as Star Cruises Ltd, has agreed on a US$900 million (RM2.8 billion) refinancing exercise, partly to pare down existing debts.

The refinancing exercise compri-ses a US$600 million (RM1.8 billion) seven-year senior secured vessel term loan and revolving credit facility, as well as a US$300 million (RM918 million) three-year term loan and revolving credit facility.

Sunway's conviction pays off


Sunway's conviction pays off

2012/11/24

BANDAR Sunway on November 14 took home three awards at the National Annual Corporate Report Awards (NACRA) 2012 ceremony.

Sunway Bhd won the Industry Excellence Award in the Properties & Hotels category for the sixth consecutive year and Silver Award for Corporate Social Responsibility for its inaugural Corporate Social Responsibility (CSR) Sustainability Report while Sunway REIT clinched the Industry Excellence Award in the Real Estate Investment Trusts (REITs) & Closed-End Funds category.

"We are heartened by these wins, which underscores Sunway's commitment to good business practices, transparency in financial reporting, and vigorous and effective corporate governance," said Sunway Bhd general manager, group corporate communications, Sharzede Salleh Askor,

亞航經營證書縮至明年4月? 東尼:無稽之談 不影響運作


報導:張潔瑩

 (吉隆坡23日訊)市場傳出,全球最大廉航公司之一亞洲航空(AIRASIA,5099,主要板貿易)國內航班運作狀況,大馬民航局(DCA)將為期2年航空經營證書(AOC)縮短至6個月,證書明年4月將過期。

 不過,該集團總執行長丹斯里東尼費南德斯回應《中國報》詢問時抨擊此事為無稽之談,不會影響亞航,但沒有進一步說明情況。

 《太陽報》及“法新社”分別引述消息報導,民航局對亞航完成審查后發現“一些問題”,故給于該公司為期半年的經營證書;一般上航空經營證書為期2年。

 本報亦針對大馬亞航經營證書將在4月到期,向該公司公關及總執行長艾琳奧瑪查詢,不過至截稿前未回應。

Amway looking to lower dividends?


Amway looking to lower dividends?
In The Edge Financial Daily Today 2012
Written by Insider Asia  
Friday, 23 November 2012 11:53

After performing strongly in the past three months or so, hitting a record high of RM12.70, Amway (M) Holdings Bhd succumbed to some profit taking this week. Its fall is in line with the mild selldown seen in many of the defensive, high-yielding consumer stocks that have risen on the back of investors’ risk-off sentiment.

The chase for yields has driven valuations for the sector substantially higher. So it is not surprising investors are now locking in some of their gains as we approach the end of the year.

Expect a stronger 4th quarter for AirAsia

Expect a stronger 4th quarter for AirAsia
In The Edge Financial Daily Today 2012
Written by theedgemalaysia.com  
Friday, 23 November 2012 12:01

AirAsia Bhd
(Nov 22, RM2.85)
Maintain add at RM2.85 with a target price of RM3.70: Although AirAsia’s nine-month financial year 2012 (9MFY12) core net profit of RM469 million (-1.4% year-on-year [y-o-y]) only accounted for 59% and 48% of our and consensus full year estimates, we deem it to be within expectation as we expect fourth quarter (4Q) earnings to be significantly stronger on seasonality coupled with lower fuel cost.

MRT deck at Sunway Nexis SoHo


MRT deck at Sunway Nexis SoHo
In The Edge Financial Daily Today 2012
Written by Haziq Hamid of theedgeproperty.com  
Friday, 23 November 2012 12:13

PETALING JAYA: Sunway Integrated Properties Sdn Bhd launched Sunway Nexis SoHo suites at its Sunway Nexis project in Kota Damansara last month. Sunway Nexis is located 80m from the proposed Sungai Buloh-Kajang Line MRT (mass rapid transit) Line 1 station and will be linked to the station via an MRT deck.

The 147 SoHo suites are housed within a 20-storey building at Sunway Nexis which also offers three-storey retail shops and office units in a 13-storey building. The overall project is 85% taken up so far.

The SoHo suites have built-ups ranging from 872 to 936 sq ft while duplex units are from 1,636 to 1,690 sq ft. The prices for the SoHo units range from RM802,200. It has garnered a take-up rate of 70% so far.

中国股票仍不便宜


中国股票仍不便宜
作者:英国《金融时报》 梅里恩•萨默塞特•韦布 2012-11-21 (www.ftchinese.com)
我们知道几件事情。我们知道,股市的长期回报率跟经济增长之间没有丝毫关系。相反,真正有关系的是买入价。历史表明,在股价便宜时买入,将收获丰厚的长期回报;在价格昂贵时买入,回报就没有那么高了。

我们也知道,当股价便宜时,市场情绪会很低落,人人都有理由相信,“股价将一直保持在低位,这时无论如何不要出手买入”。聪明的投资人则会忽略这些噪声,看到股价偏低的实情。

这让我想到了中国股市。不断有人告诉我,中国股票是多么便宜。Fundexpert.co.uk的布赖恩•登内希(Brian Dennehy)最近给我发来了一张图表,上面呈现了自2007年10月以来全球主要股市的走势。标准普尔500指数(S&P 500)下挫10%,富时100指数(FTSE 100)下挫约11%。但上证综指呢?大跌62%。即使从20年的视野看,中国股市仍表现欠佳。摩根士丹利资本国际中国指数(MSCI China index)在1992年12月31日以100点起始,如今跌至59点。

末季净利跌59% JCY 国际股价应声挫17%


末季净利跌59% JCY 国际股价应声挫17%
Created 11/23/2012 - 12:48
(吉隆坡22日讯)JCY国际(JCY,5161,主板科技股)2012财年末季净利挫58.7%,导致该股今日走低17.16%。

JCY国际今天一开市即陷入下跌格局,截至中午休市,JCY国际暂企71.5仙,下跌13仙或15.38%,早盘期间一度跌至70仙。

闭市时,JCY国际全日下滑14.5仙或17.16%,收报70仙,成交量为6542万6100股。该股全天交投炽热,是今日热门股之一。

联昌投资研究把该股评级由“中和”降至“低于大市”,目标价也从1.41令吉下修至77仙。

TCC-gets-extra-time-to-bid-for-Singapores-F&N


Growth-in-Islamic-bond-market-in-Asia


CEO-Chatroom-Andrew-Rickards-CEO-and-Executive-Director-Yoma-Strategic-Holdings


Choices for healthcare-focused REITs


Choices for healthcare-focused REITs
In The Edge Financial Daily Today 2012
Written by Insider Asia  
Wednesday, 21 November 2012 11:25

Healthcare REITs in general are quite defensive: the properties have long-term leases with healthcare operators that typically range from 10 to 15 years with options for renewal.

There are ample opportunities for yield accretive acquisitions as well. In recent years, the rapid rise in demand for healthcare services has translated into the mushrooming of private healthcare facilities — in part the result of an overburdened public healthcare sector.

Going forward, demand will continue to be supported by factors such as an ageing population and lifestyle changes as well as increasing accessibility to and affordability of quality medical care, thanks to rising affluence.

YHM soars as Ezion moves in, but investors should be wary

YHM soars as Ezion moves in, but investors should be wary
Personal Finance

Written by Goola Warden  
Friday, 16 November 2012 00:00

CHEW Thiam Keng, CEO of offshore services provider Ezion Holdings, is taking control of YHM Group and preparing to transform it into something more interesting. But investors thinking about jumping in now would need a strong appetite for risk.

On Oct 25, Ezion said it would subscribe for 3.2 billion new shares issued by YHM Group at 0.18 Singapore cents per share. The total consideration of S$5.76 million will be satisfied by the issue of 4.65 million new shares in Ezion at S$1.2454 per share. YHM will issue a further 555.55 million new shares to Sunshine Capital Group at the same price, that is, a total consideration of just over S$1 million in cash. In addition, YHM will issue 166.67 million new shares to Stone Forest Corporate Advisory in lieu of a S$300,000 fee for introducing Ezion to YHM.

Bidding War Breaks Out For Singapore's Fraser And Neave

Bidding War Breaks Out For Singapore's Fraser And Neave

A royal battle between two top Asian tycoons is underway for a controlling stake in Fraser And Neave, a 129-year old  Singapore-listed property and beverage giant.  Thai billionaire Charoen Sirivadhanabhakdi, Thailand’s third richest person and F& N’s biggest shareholder with over a one-third stake,  who’s made an open offer of S$8.88 ($7.2)  per share, now faces a serious challenger in Stephen Riady, a Singapore property magnate of Indonesian descent.

Overseas Union Enterprise, a Singapore-listed property firm controlled by Riady made a counterbid Thursday night of  $10.7 billion for F&N, offering S$9.08 ($7.4) per share, in what is likely to be South East Asia’s biggest M&A deal.  Riady has secured the backing of Japan’s Kirin Holdings, F& N’s second largest shareholder with a 14.8% stake, which has agreed to buy the company’s food and beverage business for $2.2 billion if OUE’s bid is successful.

Soros Buying Gold as Record Prices Seen on Stimulus


Soros Buying Gold as Record Prices Seen on Stimulus
By Nicholas Larkin and Debarati Roy - Nov 21, 2012

Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.

The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 11 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg. Paulson & Co. has a $3.66 billion bet through the SPDR Gold Trust, the biggest gold-backed exchange- traded product, and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter, U.S. Securities and Exchange Commission filings show.

Central banks from Europe to China are pledging more steps to boost growth, raising concern about inflation and currency devaluation. Investors bought 247.5 metric tons through ETPs this year, exceeding annual U.S. mine output. While both sides said talks Nov. 16 between President Barack Obama and Congress over the so-called fiscal cliff were “constructive,” the Congressional Budget Office has warned the U.S. risks a recession if spending cuts and tax rises aren’t resolved.

Olam-CEO-calls-Muddy-Waters-comments-unfair-attack


Olam International: Muddy Waters’ Comments Hit Stock Price, Buybacks Could Resume (UOBKH)


Olam International
Share Price S$1.61
Target Price S$2.38
Muddy Waters’ Comments Hit Stock Price, Buybacks Could Resume

Muddy Waters’ Carson Block made accusations of Olam regarding aggressive accounting, high debt levels and potential for failure caused the stock to fall 7.5% yesterday. We believe downside for the stock is limited as the group may commence share buybacks and as short positions are covered. Maintain BUY. Target price: S$2.38.

What’s New
Olam's management held an analyst/media conference call regarding the report on the group that Muddy Waters was supposed to released yesterday.

KNM Group - Three Consecutive Quarters Of Earnings

KNM Group -
Price Target : 0.63
Last Price : 0.49
Three Consecutive Quarters Of Earnings

Fair Value : RM0.63 | Recom : Market Perform (Maintained)

Above expectations. 9MFY12 pre-tax profit of RM60.6m was up significantly yoy, from a loss of RM136.9 in 9MFY11. This accounted for 82% of our full-year forecast. Note that we are comparing against KNM’s pre-tax profit as the tax is distorted by the Borsig tax incentive. The main variance to our forecasts was the stronger-than-expected 9MFY12 revenues, which accounted for 81% of our full-year revenue forecast.

Asia & Ocenia segment continues turnaround. For 9MFY12, the segment reported EBITDA of RM56.6m on the back of RM675.6m (+62.6%) in revenues, translating to a margin of 8.4%. The segment reported an EBITDA loss of RM101.7m during the same period last year. We believe the strong revenue growth coupled with the return to profitability suggests that the market for conventional low-end process equipment has improved.

PhillipCapital Weekly Market Watch 16.11.2012


A family face-off over Singapore's F&N


Comfortable With Myanmar Investments: Yoma CEO


Soros is Buying Gold, Should You?


Robert Kuok’s Investment Moves Ripples The Market


19 NOVEMBER 2012
Robert Kuok’s Investment Moves Ripples The Market

By MIGB

Though Malaysia’s richest man Robert Kuok claimed that he was just making a normal market transaction when he sold all his shares in Malayan Sugar Manufacturing Co. Bhd to the subsidiary of Federal Land Development Authority (FELDA) – Federal Global Ventures Holdings, in January 2010 through his own subsidiary, PPB Group (SYM: 4065, main board – consumer products), his drastic move still caused a public uproar; for back in 2005, when Robert Kuok accepted Padiberas Nasional Bhd’s (PNB) offer to privatise developer Pelangi Sdn. Bhd., he effectively sold off most of his real estate business in Malaysia. Even then, there were whispers of the buyer reaping ready profits at the expense of a reluctant seller.

Over the last seven years, Kuok seemed to have faded away from the investment scene in Malaysia. Apart from these two transactions, Kuok’s plantation business arm sold off Singapore-listed Wilmar International for RM 9 billion in 2007; in September 2010, his subsidiary, Jerneh Asia (SYM: 6394, main board – finance) sold off its general insurance arm for RM 600 million. Commentators noted that though Robert Kuok has laid claim to the title of Malaysia’s richest man for many years, yet 90% of his wealth – RM 26.423 billion – came from his businesses in Singapore and Hong Kong. In Malaysia, Kuok Brothers still holds stakes in a number of listed companies, including PPB group, Jerneh Asia, Maybulk (SYM: 5077, main board – trade and services) and Hexagon Holdings (SYM:, 7455, main board – trade and services).

巴菲特棄股投債 食高息安樂茶飯

巴菲特棄股投債 食高息安樂茶飯

鍾情買股的股神巴菲特,金融海嘯後旗下大量股票投資,盈利曾顯著倒退,令其策略大為失色。市場冷酷的現實,迫使其棄股投債,轉而加強投資企業債,先後購買多間公司的高息債,包括全美最大電單車生產商哈利,以及珠寶商Tiffany & Co.債券,坐收十厘高息。時移勢易,股神也迷戀起債來。無獨有偶,今年首三季本港基金淨銷售額中,債券基金佔了超過九成八,當中以企業債為主的高收益債券,佔去三分之一。這個滯後數據讓市場窺知,股市趨於低位及成交不振原因何在。

本港基金與巴菲特不謀而合,瞄準債券投資,顯示了一股強大的市場共識,金融危機後以至今天的市場,仍瀰漫着風險的氛圍,投資須秉持審慎原則,就算不再固守於「現金為王」的迴避姿態,也多會選擇比較穩陣的債券,不敢冒太高的風險。俗語謂「小心駛得萬年船」,在風高浪急或暗湧連連時,怎能不更加小心。

巴菲特有興趣濠賭股?

巴菲特有興趣濠賭股?

除投資企業債外,享有穩定股息的優先股、一直敬而遠之的科技股,同屬「股神」巴菲特「心水」,近日更有券商認為,在港上市的濠賭股,符合「股神」選股原則,市場關注他會否真的落實投資。

金融海嘯期間,巴菲特斥資50億美元(約390億港元)認購高盛優先股,股息高達10厘,並且獲得價值50億美元的普通股認股證,之後巴菲特再斥資50億美元認購美國銀行的優先股,享有年均股息6厘,並且獲得認購美銀7億股普通股的認股權。

此外,巴菲特去年十一月透露,已經於去年三月秘密買入6,400萬股國際商業機器(IBM),涉及金額高達107億美元(約834億港元),屬巴郡歷來最大股票投資外。

股神變了好息徒


股神變了好息徒

金融海嘯後,「股神」巴菲特投資旗艦巴郡因持有大量股票,以致盈利顯著倒退,及後明顯「棄股從(企業)債」,斥資105.5億美元(約822.9億港元),購入多家企業高息債及優先股;無獨有偶,今年首三季本港基金淨銷售額中,債券基金佔逾98%,當中企業債為主高收益債券基金,更佔逾三分之一。

有基金經理直言,因低息、資產價格波動、經濟前景未明朗等,情願將部分資金轉投高息企業債,藉此獲取更佳回報,這可解釋為何港股在資金湧入下,成交額無跟隨增加。

收益類投資表現佳

金融海嘯期間巴菲特共斥資100億美元(約780億港元),認購高盛及美國銀行優先股,美銀優先股年均股息高達6厘。

但斌:一年内走牛概率极大2012年11月16日 05:04


但斌:一年内走牛概率极大2012年11月16日 05:04
来源:证券日报
深圳市东方港湾投资管理有限责任公司董事长但斌近日在微博上表示, A股一年内走大牛市概率极大。

他认为,进入11月份,道琼斯指数在13100点左右徘徊,完全收复了2008年金融危机造就的跌幅,并距2007年10月11日的历史高点14198点不足8%的距离。如道琼斯突破14198点创出新高,也许意味着美国经济新一轮循环的开始。

但斌说:“从亲身经历的整整20年中国股市重要的三轮牛熊市循环看,我非常强烈地认为:大底近在咫尺,如不是大底,距稍大幅度的反弹时间也不远了。而一年内,市场反转,走大牛市的概率极大!我们可以看到,郭树清力促的改革在持续发酵,妖股开始下跌,市场回归理性的脚步慢慢开始。中国资本市场注重企业长远发展、内生型增长和立足分红的投资哲学,应该能成为未来主流践行的价值观,我们相信中国证券市场真正规范后,股市一定更有活力与生命力!”

竞争力等于吸引力 马新产托大斗法

竞争力等于吸引力 马新产托大斗法
Created 11/19/2012 - 14:43
我国早在7年前,便正式“进军”产托(REIT)市场,惟直至近期,产托才开始收到市场关注。

比起海外市场,尤其是临近的新加坡,我国产托领域还有很大的增长空间,因此,政府该如何拓展产托市场?如何增强竞争力?哪个领域的产托最具发展及投资潜能?

本期《财经周刊》特别收集了各相关领域的业者与分析员,剖析大马产托领域的投资展望,为投资者指引方向。

近年来,产业投资信托(REIT,简称产托)似乎已成为更多本地人考虑的投资项目之一,大马股市的产托数量,也增加了不少。

麥嘉華筆記:沽貨揸現金觀點不變


麥嘉華(Marc Faber)筆記:沽貨揸現金觀點不變 - 麥嘉華



專門研究政治科學的專家鮑姆加特納(Frank Baumgartner)在其著作中提到,在大多數情況下,試圖透過游說去改變一項政策,最後都是原地踏步,這非關事件的大小,而是持有相反觀點的陣營往往都會據理力爭,到頭來便是和局收場。

在美國華盛頓,多達17億美元的金錢是花在游說的工作上,這筆錢足夠聘請大量的食肆員工、花王和其他服務行業的人員。華盛頓在經濟上的得益,其他州就變相少了資源。還有消費者也可能要為此「買單」,支付更高的價錢去購買貨品或服務,因為企業用於游說所花的錢,部份會轉嫁至消費者身上。

曾淵滄教路 06.11.12 : 強積金半自由行 保險公司最受惠

強積金半自由行 保險公司最受惠
強積金半自由行開始了,從此,僱員可以自己選擇自己供款的那部分的錢交給哪一家受託人,過往,為了方便僱主代表僱員存錢給強積金受託人,規定只有僱主才能決定強積金受託人,因此,強積金受託人之間的競爭不大,對僱主而言,強積金管理費高低,服務如何,投資表現好壞,皆與自己無關,因此沒有興趣詳細研究各強積金管理人之間的表現,決定了,選擇了受託人之後一般不會再改變。現在,僱員有權選擇自己供款的那一部分的受託人,因此,僱員們一定會比較各家受託人的表現,管理費的高低,服務的質素,投資表現等都會是考慮的因素。

服務成決定因素

大英Blog物館 06.11.12: 過去風光非永恒 發掘股王不只看往績

過去風光非永恒 發掘股王不只看往績
去旅行時,上巴士後,有時當領隊暗自數齊人,總愛講個爛gag:「未上車的人請舉手!好,開車!」其實如果真的有人被遺漏,根本無法揚聲,所以團友大多只會一笑置之。密閉環境下,輕易可辨的謬誤,但平時在商業上卻很常見。例如創業新手,很多時喜歡以餐飲業作為目標。主因一來滿街都是食店:「佢咁難食都得,點解我哋唔得?」二來傳媒也喜歡報道表現突出的個案,比方I-Banker轉行開咖啡店,一年半載已夠本有利等。時而出現的公開市場資訊,看起來也相當有利:翠華策劃上市,報章刊列其與同業如大家樂(0341)、大快活(0052)的毛利率,最起碼都有六、七成走唔甩。

成功者能見度高

但是以此評估開食店的成功率,是會大幅高估。試想想多年以來,周圍因生意不景而結業的餐廳,或許只餘一張「內部裝修」的告示,之後便無聲無息地消失。商業報刊對於經營失利的東主,不會有任何興趣;除非是欠債未償、欠薪被追,或不幸自尋短見,才會得到港聞版的「關注」。這種思維陷阱,稱為「存活者偏誤」,意思是在日常生活中,由於成功者的「能見度」,遠高於失敗者,所以我們很容易高估在某一事項上取得成功的機會率。而且這是系統性的錯誤,會一直重複出現而不自覺。

《基金解析》:连续八年蝉联推荐基金的一只大中华基金


巴菲特索羅斯 齊捧金融股


巴菲特索羅斯 齊捧金融股
強生通用電氣看法 兩人背馳
美國多位重量級投資者第三季同看好金融股,「股神」巴菲特(Warren Buffett)增持富國及紐約梅隆,索羅斯(George Soros)則重投摩根大通及花旗懷抱,但兩大巨頭對強生及通用電氣卻分道揚鑣。

股神加注 富國紐約梅隆

股市“避雷”:公司越简单越好


股市“避雷”:公司越简单越好
2012年09月16日 13:22 来源: 《证券市场红周刊》
  对于全球股市来讲,过去10年是一个“丢失了的十年”。这种状况还将持续多久?谁也不知道。目前股民的麻木可以持续10年甚至20年。当然,它也可以随着某个突发事件而逆转。我知道,试图做这样的预测是愚蠢的,因为一切皆有可能。上个世纪30年代和70年代,美英股市都出现过股市平均4~5倍市盈率的时候,那种情况也可以在中国出现。

  股市处处藏“地雷”

  在发达国家,股民们的失望导致他们大大地减少了股票投资,转向了债券。10年前,英美两国的养老基金大约有70%的资产配置在股市,今天英国的比例降到了40%,美国降到了52%。最近,我跟一位澳大利亚的资深基金经理Peter Macksey聊天,他说,“我做基金管理的时间越长,越觉得对于宏观经济、汇率以及消费者行为,我知道得太少了。对于上市公司,我知道得也非常有限。不要夸口说你对某个公司或者行业有多么懂。说这话只是证明一个人的浅薄”。在场的一位PE投资者(深圳云宏资本的黄小杰)表示完全赞同。2010年,云宏资本在做完尽职调查之后,投资8000万元占了某科技公司(实际上是制造业)15%的股份。黄小杰也被派到该公司担任副总兼CFO。直到半年多以后,他才发现这家公司存在逃税和做假账的问题。虽然问题不至于把公司打垮,但是黄小杰很失望。他微笑着问我们,“你们二级市场的投资者满怀信心地买这个股票那个股票,哪里来的信心?事实上,很多公司的董事长和总裁都不知道公司的问题所在,虽然有时候他们是主谋”。

投資大師爭掃科企


投資大師爭掃科企

對沖基金過去一季狂掃科技股,股價跌到低殘的全球最大社交網站facebook(fb)最受大戶寵愛,老虎基金、先鋒(Vanguard)等多隻基金齊齊增持;股神巴菲特依然對fb不為所動,其投資旗艦巴郡增持國際商業機器(IBM);國際投資者索羅斯買入Google、專業人士社交網站LinkedIn。

fb無沽壓 空軍投降

美國證交會(SEC)監管文件顯示,老虎基金上季增持fb五倍,或相當於1.9億美元,先鋒增持45%,低吸fb的基金還有Jennison Associates、Clearbridge Advisors、Capital Research Global Investors、Viking Global Investors等。

fb周三進行上市後最大規模的股份解禁,但fb員工並未大舉沽貨,沽空炒家遂紛紛平倉,刺激股價周三收市升12.6%,收報22.36美元,創上市以來第二大單日升幅。

劉央﹕彤叔沽銀基 我接貨


劉央﹕彤叔沽銀基 我接貨
鄭裕彤套現1.5億 劉2.3億買
2012年11月22日
【明報專訊】新世界發展(0017)榮譽主席鄭裕彤曾經持有內地白酒經銷商銀基(0886)逾8%股權,不過近日卻如有神助般,趕及在銀基發盈警前大手出貨離場,連沽4日後持股已減半,共套現1.523億元。受彤叔清貨拖累,銀基股價被拖殘,昨日再跌超過一成。然而,彤叔離場的同時,人稱「女股神」的西京投資主席劉央卻「人棄我取」,近期共斥資2.293億元,密密增持至逾一成股權,她更豪言銀基抵買,「他(鄭裕彤)沽貨,我接貨」。

劉央昨日接受本報記者查詢時形容,即使銀基發盈警,只是暫時的情,不能夠因為銀基很多國企客戶帳期較長,而對該股害怕。她稱,酒類產品與其他消費品不同,不會有過期情,故存貨多亦不用擔心。她更指不能夠忽略銀基過去取得5種酒類代理及獨家代理的優勢,甚至做了大量工夫開拓銷售渠道及新客戶。

Ping An’s Investor Appeal Lies in Bank, Asset Management Mix


Ping An’s Investor Appeal Lies in Bank, Asset Management Mix
By Bloomberg News - Nov 23, 2012

HSBC Holdings Plc’s $9.6 billion stake in Ping An Insurance (Group) Co. (2318) offers investors a share in a diversified business with stable profit growth, analysts at Capital Securities Co. and BoCom International said.

HSBC, Europe’s largest lender by market value, said Nov. 19 it’s in talks to offload its 15.6 percent holding in Ping An, China’s second-largest insurer, without identifying potential buyers. Thailand’s Charoen Pokphand Group is offering to buy the stake for HK$74 billion ($9.6 billion), the Shanghai Securities News said on Nov. 20, citing a person it didn’t identify.

业绩疲软 股价回退 JCY前景中短期看淡


业绩疲软 股价回退 JCY前景中短期看淡

(吉隆坡22日讯)由于JCY国际(JCY,5161,主板科技股)出炉的末季净利表现大幅下挫,股价在週四承受沉重卖压,几乎完全回吐本月至今所建立的涨势,市场分析员也持续看淡该公司与硬盘领域的中短期前景。

虽然硬盘领域的长期前景仍被看好,但市场分析员相信,该公司仍需面对平均售价(ASP)受压、市场增长放慢、外匯波动和劳工成本递增等多种考验。

在业绩疲软的拖累下,JCY国际週四以0.79令吉开跑,最终收在0.70令吉,下挫14.5仙或17.16%,为第7大下跌股。同时,该股以6542万6100股的成交量,稳坐全场最大热门股。

值得注意的是,该股自11月初以来便维持上扬的格局,在週三业绩公佈前夕,更上探至0.875令吉的2个月新高。

KNM falls on UK project uncertainty

Hot Stock KNM falls on UK project uncertainty
Business & Markets 2012

Written by Chong Jin Hun of theedgemalaysia.com  
Friday, 23 November 2012 15:28

KUALA LUMPUR  (Nov 23)  –  Investors sold KNM GROUP BHD [] securities on Friday, pushing shares and warrants of the process equipment manufacturer down by as much as 2% and 9% respectively.

This follows updates that the firm has yet to finalise financial arrangement for its proposed RM2.2 billion waste- to-energy project in the UK.

HLIB downgrades YTL Power to Hold, lowers TP to RM1.66

HLIB downgrades YTL Power to Hold, lowers TP to RM1.66
Business & Markets 2012

Written by Chittesh Shukla of theedgemalaysia.com  
Friday, 23 November 2012 10:51

KUALA LUMPUR (Nov 23): Hong Leong Investment Bank (HLIB) Research has downgraded YTL POWER INTERNATIONAL BHD [] to a “Hold” rating with a lower target price of RM 1.66 after the company reported its first quarter results (1QFY13) that were below expectations.

“The company reported 1QFY13 core earnings of RM 192.6 million, which is 16.3% and 15.5% of ours and consensus numbers,” the research house said in a note today.

JCY falls for second day on continuous selling


Hot Stock JCY falls for second day on continuous selling
Business & Markets 2012

Written by Chong Jin Hun of theedgemalaysia.com  
Friday, 23 November 2012 10:18

KUALA LUMPUR  (Nov 23) –  Investors  continued to sell shares of  JCY International Bhd, pushing the stock down by as much as 5% on Friday morning.

Yesterday, investors began to unloadl shares of the hard disk drive (HDD) component manufacturer after it reported weaker fourth quarter results and warned that it may have to contend with a challenging backdrop in the coming months.

Boj's Stuck in a Corner: Pro


Casablanca Bets Big on China


Volatility in Commodities Good Opportunity to Buy: Pro


日圓跌勢不止,將大大拯救日本電子出口業?

2012-1122-57金錢爆(貶幅俠之日圓終曲)4-2

Australia's Richest Woman: Aus. Could Be Next Spain


Daily Digit: China's rebound confirmed?


Hao Wu: China Needs Higher Quality Growth


Rough Seas Ahead for Global Shipping Sector?


11月汇丰PMI创13个月新高 中国经济出现回暖曝光


欧元区面临2009年以来最严重经济衰退


财华专题:宏观回暖微观冷清 经济难言触底


港经要闻:平安将密切关注汇控售股进展


汇丰中国:中国经济有望在第四季度重获新动力


Asian Casinos Slowing Down: Pro


東南亞各國股市許多國家仍處在多頭格局?而未來趨勢又將如何?

2012-1120-57金錢爆(強大的台灣)4-4

诺基亚手机出局?


股市严冬惊现爆炒


全面做空时代 投资者如何生存?


私募投资伤在哪里


Friday, November 23, 2012

JCY tumbles on poor earnings

JCY tumbles on poor earnings
Business & Markets 2012

Written by theedgemalaysia.com  
Friday, 23 November 2012 09:49

KUALA LUMPUR: JCY International Bhd’s share price tumbled after the news of a sharp 59% fall in net profit for the fourth quarter (4Q) ended Sept 30 in the hard disk drive (HDD) business.

With the latest disappointing earnings figures, the stock came under heavy selling pressure yesterday, and fell 14.5 sen or 17% to 70 sen, given the bleak industry outlook amid the anticipated weak demand.

亚航3年增1枢纽 着重马泰印市场


亚航3年增1枢纽 着重马泰印市场
Created 11/23/2012 - 12:21
(吉隆坡22日讯)亚洲航空(AirAsia,5099,主板贸服股)创办人兼集团总执行长丹斯里东尼费南德斯表示,未来3年的扩展计划仅会增加一个大型枢纽中心,因为关注点将落在提振大马、泰国和印尼市场的盈利。

东尼在今日接受彭博社访问时透露,该集团放眼上述3个主要市场,未来的年盈利可个别增长至10亿令吉。

“我们在大马、泰国和印尼拥有3个‘金矿’,并想要先去挖掘它,因此我认为,要倾向专注这3个市场。”

杨忠礼机构首季赚3.9亿 中期股息1仙

杨忠礼机构首季赚3.9亿 中期股息1仙
Created 11/23/2012 - 12:22
(吉隆坡22日讯)洋灰业务表现优越,杨忠礼机构(YTLCorp,4677,主板建筑股)截至今年9月30日止首季净利按年增长55.6%至3亿9190万令吉,并宣布派发每股1仙中期股息。

该集团首季营业额也按年扬升11.6%至50亿7210万令吉,税前盈利则上涨22.7%至6亿5040万令吉;相比之下,其上财年首季的净利、营业额和税前盈利分别达2亿5180万令吉、45亿4300万令吉和5亿3010万令吉。

该集团因而宣布10%或每股1仙中期股息,除权日和付款日期分别为今年12月28日及2013年1月15日。

马航空运放眼24亿营业额

马航空运放眼24亿营业额 Created 11/23/2012 - 12:27 (吉隆坡22日讯)马航(MAS,3786,主板贸服股)旗下马航空运(MASkargo),放眼2013年录得24亿令吉营业额。 马新社援引马航空运总执行长莫哈末尤努斯的话指出,尽管明年空运领域增长料减弱,但尤努斯认为,公司2013年的盈利仍然能够达至今年的盈利水平。 “基于欧债危机仍未解决,加上燃油成本走高以及中日岛争引发的冲突加剧,2013年的空运领域增长料将走弱。不过,我们仍然维持明年的盈利目标将维持在今年的盈利水平。” 询及马航空运明年是否能转亏为盈时,尤努斯说:“我不确定,今年的表现逊于2011年,2013年的表现或没有那么好。” 去年亏损1900万 与2010年的盈利(1亿4100万令吉)相比,马航空运2011年明显逊色不少,去年共蒙受1900万令吉税前亏损,营业额逾20亿令吉,主要受高燃油成本和A330货机造成减值亏损拖累。 “我们今年也定下了24亿令吉的营业额目标,目前为止,我们仍朝这个目标迈进。对空运业务而言,第四季曾是最振奋人心的季度。” “不过,基于全球空运领域的增长趋势已大不如前,对此,我不能给予任何保证。” 尤努斯指出,为了减低影响公司盈利水平的负面因素,马航空运的经营原将以控制成本开支,以及建立良好的顾客关系为主。

Source/Extract/Excerpts/来源/转贴/摘录: 南洋财经
Publish date: 23/11/12

有潜能孕育新产托 拥大商场发展商受看好


有潜能孕育新产托 拥大商场发展商受看好
Created 11/23/2012 - 12:32
(吉隆坡22日讯)大华继显研究(UOB KayHian Research)建议,投资者应关注拥有规模可观零售商场的发展商,因为它们有潜能孕育出新的产业投资信托(REITS)。

被分析员“点名”的公司,包括了成隆机构(Dijacor,5407,主板产业股)、马资源(MRCB,1651,主板建筑股)、顺利实业(KSL,5038,主板产业股)和WCT(WCT,9679,主板建筑股)它们都在国内拥有零售商场。

大华继显研究的研究报告指出,在目前投资环境充满“不确定”之际,稳定派息的产托便显得“僧多粥少”。

UOA Q3 profit rises 51%


The Star Online > Business
Friday November 23, 2012
UOA Q3 profit rises 51%

Property developer attributes jump in earnings to higher sales

PETALING JAYA: UOA Development Bhd's third quarter year-on-year net profit rose 51.1% to RM83.9mil from RM55.5mil on the back of revenue rising as well to RM282.3mil from RM157.06mil in their respective periods.

Its earnings per share rose to 6.78 sen from 4.64 sen while net assets per share rose to RM1.59 from RM1.51.

The company said in stock exchange filing that its better financial performance was due to the higher sales and profit from its on-going projects.

JCY shares tumble after fourth quarter earnings drop

The Star Online > Business
Friday November 23, 2012
JCY shares tumble after fourth quarter earnings drop

PETALING JAYA: Hard-disk drive mechanical component manufacturer JCY International Bhd’s share price fell to a three-week low after the company posted disappointing fourth quarter earnings.

JCY stock closed 14.5 sen lower at 70 sen yesterday.

CIMB Research analyst Jonathan Ng said the operating environment was expected to remain tough as both Western Digital and Seagate had earlier guided for a flat quarter-on-quarter total addressable market for the hard-disk drive (HDD) sector in the traditionally busiest December quarter.

Sunway REIT gets award for excellence


The Star Online > Business
Friday November 23, 2012
Sunway REIT gets award for excellence

PETALING JAYA: Sunway Real Estate Investment Trust (Sunway REIT) has been awarded the National Annual Corporate Report Awards (NACRA) under the category of Excellence Awards for REITs and Closed-End Funds.

NACRA is a joint effort between Bursa Malaysia Bhd, Malaysian Institute of Accountants and The Malaysian Institute of Certified Public Accountants.

The objective of the award is to promote greater and more effective communication by organisations through the publication of timely, informative, factual, reader-friendly annual reports and promote higher standards of corporate governance.

AirAsia may add only one more major hub as it focuses on three markets

The Star Online > Business
Friday November 23, 2012
AirAsia may add only one more major hub as it focuses on three markets

KUALA LUMPUR: AirAsia Bhd, the region's biggest discount carrier may add only one more major hub for expansion as it focuses on boosting profits from Malaysia, Thailand and Indonesia in the next three years.

AirAsia aims to increase annual profit from its three main markets to RM1bil (US$327mil) each, group chief executive officer Tan Sri Tony Fernandes said in an interview in Kuala Lumpur today. Taiwan, South Korea, Vietnam and India are among the potential markets for a new base, he said.

“We have three gold mines in Malaysia, Thailand and Indonesia and I really want to capitalise on those three first,” Fernandes said.

Malaysian and other regional airlines gearing up for onslaught of open skies policy


The Star Online > Business
Friday November 23, 2012
Malaysian and other regional airlines gearing up for onslaught of open skies policy

ASEAN will implement the open skies policy in 2015 and that means travellers will have more choices when flying across the 10 nations of the grouping.

AirAsia, AirAsia X, Malaysia Airlines (MAS), Firefly and Malindo Air will be around at that time, but joining them will be all the other Asean carriers which are fighting for the same passengers.

The players that can offer reasonable air fares, better quality of services and more frequencies will be the choices for the travellers that are price-conscious.

券商買進心頭好.CREST建築 競標合約總值25億


◆券商 :肯納格證券研究
◆目標價:1.34令吉

CREST建築(CRESBLD,8591,主要板建築)首9個月業績符合預期,位于金馬(Dang Wangi)項目明年下半年將啟動,同時可望獲發展總值13億令吉的大馬橡膠局(MRB)土地發展聯營工程。

 金馬輕快鐵發展項目將在明年下半年啟動,我們相信聯營發展大馬橡膠局土地項目亦將展開,后者工程合約總值高達13億3000萬令吉。

 在金馬項目帶動下,該公司仍擁有總值約12億令吉的建築業訂單。

 目前,CREST建築參與競標的項目包括第2冷岳河濾水站計劃(Langat 2)等,競標合約總值高達25億令吉。

滙控掟平保符發展策略


滙控掟平保符發展策略


滙控(00005)有意拋售手上持有之15.57%平保(02318)股份,惹來外界揣測。分析指保險並非滙控的核心業務,該行近年在全球各地陸續將多項保險業務出售,今次沽售平保符合其整體發展策略,不代表滙控會減少在中國的投資。

外界亦關注滙控會否沽售手上持有之19%交行(03328)股份,惟分析師指出,滙控對平保屬於投資性質,而滙控與交行的合作關係較平保相對融洽,相信滙控不會將之出售。

高盛唱好 估值吸引

滙控發言人亦多番強調,即使出售平保,滙控的中國發展策略亦不會改變,又指會與長期策略合作夥伴(指交行)繼續合作。

中環在線:滿肚銀基 牛央搓腩 - 李華華

中環在線:滿肚銀基 牛央搓腩 - 李華華 「女股神」劉央好耐冇蒲頭,噚日終於見佢去人保(1339)嘅投資者推介會,但佢講銀基(886)仲多過講人保,即使銀基最近發盈警,白酒品牌「酒鬼」爆塑化劑醜聞,佢仍堅稱白酒喺內地有剛性需求,銀基2014年會賺到10億云云,出晒力狂sell。 劉央仲好豪咁話,新世界發展(017)創辦人鄭裕彤掟銀基嘅貨,佢接晒,「報出來他減到5(%)以下的時候,我就把他最後的股票全買下來了,2700萬股,兩塊七毛四,都是彤叔最後一批貨,都是我買的。」接貨冇所謂,事關「我管30多億美金(超過234億港元),我投它才兩億多港幣,比例比較少,還有增持的空間。」 劉央一路講以上豪言時,一路打圈搓住個肚腩(圖),完全冇顧記者感受,其實佢係咪食滯咗呢?

Source/Extract/Excerpts/来源/转贴/摘录: 蘋果日報
Publish date:23/11/12

炒友Blog:賠率高A50買得過 - 邱古奇

炒友Blog:賠率高A50買得過 - 邱古奇



外圍缺乏方向下,港股繼續玩乾挾,恒指昨日由頭挾到尾,最多升250點,尾市略回至21743收市,仍升218點,惟成交只有496億元,明顯缺乏動力。

美國昨晚感恩節假期休市,今日亦只有半日市,估計下周才有明確方向。外圍方向頓失,A股昨日偏軟,但港股仍能逆流而上,似乎再有熱錢流入。昨日滙豐11月PMI回升至50.4,重越50的榮枯分水嶺,創13個月高位,反映製造業有擺脫收縮迹象,屬經濟回暖的利好訊號,倘經濟已見底,A股應不會差到哪裡!

Thai tycoon extends offer period for F&N

Thai tycoon extends offer period for F&N
New Dec 11 deadline allows TCC to evaluate OUE's offer documents and plan next move
 by Conrad Raj 04:45 AM Nov 23, 2012

SINGAPORE - The battle for local property and beverage group Fraser & Neave (F&N) is still in limbo after Thailand's whiskey king, Mr Charoen Sirivadhanabhakdi, extended his offer until Dec 11 without putting more money on the table.

It had been expected that he would increase his offer of S$8.88 per F&N share, which is being made through his family company, TCC Assets, to better Overseas Union Enterprise's (OUE) rival bid of S$9.08.

Instead, the deadline was extended, which will give Mr Charoen time to evaluate OUE's offer documents, which are expected between Nov 29 and Dec 6, before he makes his next move.

杨忠礼机构首季净利上扬55%

(吉隆坡22日讯)杨忠礼机构(YTL,4677,主板贸服股)2013財政年首季(截至9月30日)净利按年上扬55.6%,至3亿9190万令吉;营业额扬升11.6%,至50亿7210万令吉。同时,该集团宣布派发每股1仙的中期股息。

杨忠礼机构董事经理丹斯里杨肃斌表示,推动其首季净利的动力主要来自洋灰业务,以及外匯盈余和离岸公司带来的衍生利润。

杨忠礼电力净利微扬2.7%

杨忠礼电力(YTLPOWR,6742,主板基建股)首季净利微扬2.7%,至2亿5280万令吉;营业额上升14.9%,至41亿7910万令吉。该公司宣布派发每股0.9375仙中期股息。

券商:最好時光已盡 JCY國際慘跌14.5仙


(吉隆坡22日訊)JCY國際(JCY,5161,主要板科技)前景疲軟,券商直言最好時光已盡,股價今日跌至上月底以來最低水平,成為馬股百大成份股表現最差股項,與憑單交投熱烈。

 該公司21日宣佈的第3季業績表現疲軟,市場分析師看淡營運前景,JCY國際開市即跌5.5仙,掛79仙,早盤走勢每況愈下,跌幅一度多達14.5仙,為10月30日以來最低水平。

 休市時,JCY國際慘跌13仙,掛71.5仙,不過交投熱烈,為早盤交投最熱烈股項,成交量5462萬100股,為過去3個月平均每日交易量的3倍,旗下2隻憑單交投亦分別達1100萬股。

 閉市時,JCY國際續跌14.5仙,掛70仙,成交量6542萬6100股。

 今年截至目前,該股落后大市,跌幅高達35%,反觀富馬隆綜指揚5.9%;分析師預計,該股在未來12個月回酬料比富馬隆綜指少至少5%。

KNM Group Bhd - 3Q12 results meets expectations


KNM Group Bhd -
Price Target : 0.53
Last Price : 0.49
3Q12 results meets expectations

Period    3Q12 / 9M12

Actual vs. Expectations     The 9MFY12 profit before tax (PBT) of RM60.6m was within our expectations, making up 74% of our FY12 PBT estimate of RM82.4m. However, it came in above the consensus's expectation at 90% of its estimate of RM67.0m.

We are reviewing KNM's results on a PBT basis to exclude the impact of its tax credit. FY12 is the last year KNM is expected to report a positive tax credit.

Midas Holdings reports a loss for Q3-2012 (Kevin Scully )

Midas Holdings reports a loss for Q3-2012 but remains optimistic about the medium to long term.......am adding Midas to my Stock Picks growth today
 Friday, 16 November, 2012  8:0 AM
Posted by Kevin Scully

 On 10 October 2012, I commented about a meeting with the CEO of Midas and how despite the recent 50% rise in the share price the outlook was promising.  The share price was S$0.42 then.

The company has just reported its Q3-2012 results which showed a Q3 loss of RMB6.5mn compared to a profit of RMB27.3mn in the same quarter in 2011. The loss and lower profit in 2012 was expected because of the problems facing the China railway sector - read my Blog posting of October 10, 2012.

Singapore Office : The Dynamic “Duo” (KE)


Singapore Office Sector
The Dynamic “Duo”

Mega projects underway. The design for DUO, one of two mixed-use projects to be jointly developed by Singapore and Malaysia following the historic land swap for Malayan Railway land, was recently unveiled by world-renowned architect Ole Scheeren. The development at Ophir Road is expected to be completed in 2017, along with its sister site Marina One at Marina South. Together, these two mega projects will add nearly 2.5m sq ft of prime Grade A office space in that year.

Redefining the Bugis skyline. M+S Pte Ltd, a 60:40 JV between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings, will begin construction of DUO next year. The SGD3b development will comprise 660 prime residential units, 580,000 sq ft of Grade A offices, a five-star hotel and 80,000 sq ft of retail space. The residential units may be launched as early as 1H13, but we expect pre-leasing of the commercial elements to begin only in late 2016. DUO will offer
prospective tenants a brand new option as the existing schemes in the Bugis area tend to be older, Grade B buildings. With the support of Khazanah, potential tenants are likely to also include Malaysia-based companies.

AirAsia: Malindo roaring in (CIMB)


AirAsia
Current RM2.91
Target RM3.50
Malindo roaring in

 The impending entry of Malindo Airways, 49%-owned by Lion Air, is likely to heat up competition in Malaysia. There were no surprises in the StarBiz interview with Lion Air's CEO Rusdi Kirana, with the key takeaway being his seriousness about entering the Malaysian market.

Additional competition is negative for AirAsia and we have already factored in a 3-4.5% decline in yields for 2013-14. As the Malindo newsflow rolls in, there will be limited share price catalysts in the near term but we retain Outperform and our target P/E of 9x (sector average) as we prefer to take a longer-term view on the company, which is planting seeds of future growth in the under-penetrated North Asian markets.

Overseas Union Enterprise : $13.1bn for F&N (Phillip)

Overseas Union Enterprise
Target Price (SGD) 2.83
- Previous Target Price (SGD) 2.83
Closing Price (SGD) 2.62
$13.1bn for F&N

 Overseas Union Enterprise Ltd (OUE) is a diversified real estate owner, developer, and operator. It focuses its business across the commercial, hospitality, retail and residential sectors primarily in Singapore.

• OUE expressed firm intention of making an offer for F&N shares at $9.08
• Takeover could complement OUE’s existing property portfolio, but there is risk of over paying
• Downgrade to Neutral with fair value unchanged at $2.83

Healthcare Sector: Continues to deliver growth (OCBC)

Healthcare Sector: Continues to deliver growth

Under our Healthcare sector coverage, both Biosensors International Group (BIG) and Raffles Medical Group (RMG) continued to deliver YoY revenue and core earnings growth during the recently concluded 3QCY12 results period. BIG’s reported core PATMI matched our estimates (although revenue missed) while RMG’s earnings came in slightly below our expectations (but revenue was in line). Both companies also generated strong free cashflows during the quarter. We see positives from RMG’s [BUY; FV: S$2.82] high quality defensive earnings in light of the ongoing macroeconomic uncertainties. We also reiterate our OVERWEIGHT rating on the broader sector, as fundamentals remain solid, although margin pressure from rising staff costs (healthcare service providers) and price cuts (medical device companies) remains as the main downside risk. BIG [BUY; FV: S$1.69] continues to be our preferred pick, given its attractive valuations and competitive advantage vis-à-vis its peers.

Hospitality Sector: Maintain OVERWEIGHT (OCBC)


Hospitality Sector: Maintain OVERWEIGHT

We have been hearing about lackluster performance for hotels in 3Q12 and likely in 4Q12 as well. While remaining cautious about 1Q13, we note that the top four places of origin for Singapore’s visitor arrivals are projected to have real GDP growth rates of at least 4.9%. Since mid-Sep, the media has reported that tourists from mainland China are shunning Japan amid tensions over the Diaoyu/Senkaku Islands. Other tourist destinations like Singapore would be the net beneficiaries while tensions persist. We remain optimistic about longer term sustained growth till 2015 and maintain our OVERWEIGHT view on the hospitality industry. Our top pick is Ascott Residence Trust [BUY, FV: S$1.37]. We have BUY ratings on Far East Hospitality Trust [FV: S$1.08] and Global Premium Hotels [FV: S$0.29] and a HOLD on CDL Hospitality Trusts [FV: S$1.91].

Boustead : 1HFY13 Bolstered by Net Property Gain and Tax Writeback (S&P)

Boustead Singapore Price: SGD0.96 1HFY13 Bolstered by Net Property Gain and Tax Writeback 1HFY13 (Mar.) results in line. Boustead met our expectations with a 56% YoY growth in 1HFY13 net profit on the back of a YoY revenue growth of 24%. Although the group reported weaker-than-expected gross margin and an unexpected impairment loss of SGD4.5 mln, these were offset by a tax writeback of prior year provisions of SGD4.8 mln. An interim tax-exempt DPS of 2 cents was declared (1HFY12:2 cents). Revenue growth led by real estate solutions. Engineering division top line increased by 30% YoY to SGD168 mln as a result of stronger contribution from the real estate solutions (+102% YoY to SGD103 mln) with scheduled progress across the division’s sizeable order book. This was partially offset by decline in contributions from the: (i) energy-related engineering division (-12% YoY) due to design delays at a few major projects although momentum is expected to pick-up in future quarters; and (ii) water and wastewater division (-33% YoY) with the execution of fewer projects. Meanwhile, contribution from geo-spatial technology remained firm (+10% YoY to SGD58 mln) although YoY revenue declined marginally in 2QFY13 as a result of a weaker Australian Dollar. Weaker gross margin which declined to 32.2% (-5.2%-pts YoY) due to compression of margins in real estate solutions from higher costs, tight labor and stiffer competition. Property gain and tax writeback help lift profitability. Other operating income rose significantly (+488% YoY) as a result of the gain of SGD9.8 mln from the sale of the SDV Green Warehouse to SDV Logistics, which was completed in August. The group also reported a lower effective tax rate of 13.9% (-15.2%-pts YoY) due to tax writeback from prior years. These help to offset higher operating expenses (+89% YoY) mainly due to an impairment loss of SGD4.5 mln on an available-for-sale investment. Recently entered into a JV to develop a 402,000 sqm mixed development in Beijing, that is led by Perennial China Real Estate. Boustead is investing SGD20.13 mln for a 4% share in the SGD500 mln retail, office and residential project in Tongzhou, a new central business district. It is slated for completion in 2016. While the investment is small, it is expected to give Boustead a stronger foothold in China and the possibility of expanding into the retail and residential space. Key risks: The main risk for Boustead include project cost overruns, shortage of skilled labor, foreign exchange fluctuations and a prolonged economic downturn, which would hurt demand for its services. In addition, more stringent bank financing/credit squeeze may delay or derail opportunities for design-and-build projects. Earnings Outlook Revenue Drivers: Decent total order book of SGD288 mln underpins prospects. Enquiry pipeline across all the group’s four core operating divisions remain at healthy levels although negotiation periods have been slightly protracted with tightening margins in real estate solutions. Strong industrial real estate order book of SGD131 mln. In addition, Boustead is expected to rake in further earnings from the sale of a strata-titled property worth SGD38 which will bolster its FY14 earnings when completed. Energy-related order book of SGD131 mln. The group announced in August, that it has clinched the largest energy contract in six years worth SGD39 mln from one of the world’s largest International Engineering, Procurement, Construction, Maintenance (EPCM) corporations. The group has secured over SGD80 mln of energy contracts since the start of FY13 (April 2012). Rising demand for geo-spatial technology across key markets in Australia and Southeast Asia. The main services provided which include distribution of software, professional/consulting services and after-sales training have about 40%-50% of its earnings which are recurring in nature. Growing portfolio of ten leasehold properties with a total GFA of over 107,351 sqm, which will provide steady stream of rental income. The group’s most recent contract is in May this year to design, build and lease a 20,020 sqm integrated manufacturing and technology centre to Fortune 500, Jabil Circuit. When the buildings are fully completed, the entire portfolio is estimated to generate annual rental income of more than SGD16 mln. Margin Outlook: With weaker-than-expected gross margin in 2QFY13, we expect overall gross margin in FY13 to hover around 33%-34% (from 35% previously) due to stiffer competition, tight labor and higher costs particularly in the real estate division. Operating margin is similarly projected to reduce to 14.8% (from 16.7% previously) in tandem with the lower gross margin and provision made for the impairment loss on available-for-sale investment. Bottomline: After some fine-tuning, we have kept our FY13 and FY14 net profit forecasts relatively unchanged after incorporating weaker margins offset by lower taxation. Management expects profitability to improve in FY13 compared to FY12 on the assumption that the current global economic environment does not deteriorate drastically. At current share price, the stock offers a decent dividend yield of more than 5%.

Source/Extract/Excerpts/来源/转贴/摘录: S&P Capital IQ Equity Research
Publish date: 15/11/12

Saizen REIT : Gearing up for growth (NRA)

Saizen REIT
Current Price S$0.168
Fair Value S$0.20
Gearing up for growth

 1QFY13 NOI was ahead of our expectations. 1QFY13 rental revenue continued to grow for four consecutive quarters, reflecting acquisition of properties. 1QFY13 revenue of JPY931.4m rose 2.6% QoQ, reflecting additional rental revenue contributed by two property acquisitions in Aug 2012. Net property income (NPI) of JPY665.8m grew 8.0% QoQ and net operating income (NOI) improved 13.6% QoQ to JPY451.2m largely as a result of non-recurrence of earthquake-related repair and renovation expenses (-32.2% QoQ) and lower leasing and marketing expenses (-29.9% QoQ) after the leasing season in April 2012.

 Stable residential assets. Saizen’s distribution is backed by a relatively stable portfolio of residential assets with stable and healthy average occupancy rate of 91.7% in 1QFY13 (4QFY12 : 91.9%; 1QFY12: 90.8%) underpinned by urbanization and a leasing culture in Japan. Weakness in rental reversion has abated with overall rental reversion of new contracts dipping 1.3% (4QFY12 : -1.6%; 1QFY12 : -2.4%) from previous contracted rates.

Amway (M) Holdings - 3Q12 Results In Line

Amway (M) Holdings -
Price Target : 11.77
Last Price : 11.64
3Q12 Results In Line

Fair Value : RM11.77 | Recom : Market Perform (Maintained)

In line. Amway’s 3Q12 net profit of RM26.6m (+3.3% yoy; +5.2% qoq) brought 9M12 net profit to RM73.5m (+13.0%). This was in line with our and consensus expectations, accounting for 75% and 76% of our and consensus full-year estimates respectively. The revenue was also in line with management’s internal target of single-digit growth in 2012 sales.

3Q12 revenue grew 6.0% yoy but gross margin under compression. Amway’s 3Q12 revenue improved 6.0% yoy, in line with our forecast. Management indicated that the top-line growth was largely driven by the success of its sales and marketing programs. Nevertheless, its 3Q12 gross margin declined 4.0%-pts yoy to 30.8% (2Q12: 33.5%) which we believe to be due to unfavourable US$:RM exchange rate since >80% of its products are sourced from Amway Global. Due to gross margin compression, its 3Q12 net profit grew only 3.3% yoy which is lower than top-line growth.

Tiong Seng: Robust orderbook of S$1.3bn (DBSV)

Tiong Seng
BUY S$0.22
Price Target : 12-Month S$ 0.25
Robust orderbook of S$1.3bn
• 9M12 performance ahead on construction projects
• Strong order book of S$1.3bn boosts earnings visibility
• Maintain BUY, TP S$0.25, pegged to 45% discount to SOTP valuation

Highlights
3Q12 results boosted by construction contracts. Tiong Seng Holdings (TSNG) reported a 3% decline in topline to S$123m, largely due to absence of sales of properties (S$0.4m vs S$48.0m a year ago) as its projects are not recognised prior to completion. Construction revenues for new and ongoing projects increased 57% y-o-y to S$119.4m with contributions from newly awarded projects kicking in. Construction margins were higher at 11.7% vs 10.5% in 3Q11. But, higher staffing costs and the lack of meaningful contribution from its property sales segment led to PATMI declining 26% y-o-y to S$5.0m. TSNG’s financial metrics remain robust with net cash position of S$25m.

Midas Holdings: Glimmers of light in the dark (CIMB)

Midas Holdings
Current S$0.38
Target S$0.53
Glimmers of light in the dark

Midas recorded its first ever quarterly loss in 3Q12. It would have been profitable if not for the losses suffered by associates. While stiff competition and higher gearing will compress margins in coming quarters, we see catalysts from an  increasingly positive order outlook.

9M12 was below expectations at 27% of our full-year estimates and 23% of consensus. We cut our FY12-14 EPS by 15-89% and lower our target price, still based on 15.5x CY14 EPS (10% discount to 5-year fwd. average). Despite our lower numbers,  rerating potential from contract wins cannot be ignored. Outperform maintained.

Singapore Airlines: Modest traffic improvements, but guidance still bearish (CIMB)

Singapore Airlines
Current S$10.37
Target S$11.00
Modest traffic improvements,but guidance still bearish

 The Parent Airline’s passenger load factors improved for the third consecutive month in October as SIA continued with its promotional activities. Cargo remained underwhelming, with SIA remaining pessimistic over the near-term outlook for air freight.

We reiterate our Neutral rating on SIA as we think that competitive pressures will continue to weigh on earnings. We leave our target price and estimates unchanged. Our CY14 target price is based on a trough multiple of 4.2x CY14 EV/EBITDAR.

ECS Holdings: 3Q12 PATMI 16% below on lower sales and margin (CIMB)


ECS Holdings
No catalysts yet
HOLD; TP : S$0.55
Price @12/11/12: S$0.45
52-week range (SGD): 0.42 – 0.885

3Q12 PATMI 16% below on lower sales and margin; still a HOLD
 Key positives in 3Q12:
(1) Good cost control as opex ratio remained flat qoq despite higher sales; and
(2) Negative FCF of S$8m was much better than 2Q12 of S$34m and 1Q12 of S$46m.

 Key negatives:
(1) Lower-than-expected revenue, which contracted 10% yoy. Qoq, growth of 9% was also below our expectations of 15%, due largely to the slower-than-expected recovery in the North Asia operations; and

(2) GP margin contracted 50bp qoq to 4%. Yoy, however, GP margin was relatively flat.

Lion Industries Corp - Awaiting Clearer Skies

Lion Industries Corp -
Price Target : 1.14
Last Price : 1.03
Awaiting Clearer Skies

We remain calm despite expecting Lion Industries (LICB) to be in the red at the start of FY13, weighed down by paper write-downs. Although its steel division is unlikely to escape the price/cost mismatch, the group may report a small core profit, thanks to steady contribution from its associate Parkson, as well as the St. Mary project. Moving forward, we expect its non-core businesses to continue to support the group results as the improvements in its steel division may not be significant. The potentially weaker start prompts us to trim our FY13 estimates, which accordingly lowers our FV to RM1.14. Maintain NEUTRAL.

Another paper write-down likely. We expect LICB to report a net loss at the start of FY13, mainly attributable to another paper write-down as the market value of its stake in Lion Corporation shrinks further in 1QFY13. However, we project a small profit from its business operation, thanks to the steady contribution from its retail associate, Parkson, and the tail-end profit recognition from the St. Mary Residence JV project. We expect its core steel division to be in the red, like its peers, due to the mismatch between the stillhigh raw materials cost and a greater drop in steel prices on regular delivery time lag.

China Minzhong: CMIA Capital Partners reducing their holdings from 36,392,643 (6.53% of the company) to 32,002,643 (5.74%) (Limtan)


CHINA MINZHONG
S$0.78-CMIN.SI
 CMIA Capital Partners (CMIA), where Anson Wang is co-founder and managing partner (and also non-executive director of China Minzhong), sold 4,390,000 China Minzhong shares on 14 Nov ‘12 at 83 cents each, reducing their holdings from 36,392,643 (6.53% of the company) to 32,002,643 (5.74%).

 Before the latest share sale, CMIA had sold 47,039,357 shares, reducing their stake from 15.5% to 6.53% between 15 Apr ’10 to 11 May ’11 from a high of $1.83 to low of $1.14 a share.

 The latest share sale was likely done in an off-market transaction given that on 14 Nov ’12 when the sale was done, the market price was between 75.5 to 77.5 cents but CMIA’s disclosed sale price was 83 cents/ share.

 While it should be no surprise that CMIA has continued to sell China Minzhong’s shares, we believe sentiment in the stock could take a short-term hit given that their latest sale price of 83 cents is 53% below their last sale price of $1.78 in May ’11 and also
27% below the lowest price ($1.14) they had sold at in Nov ’10.

Consumer sector: 3Q comeback; rally in the fourth? (OCBC)


As a recap, consumer-related companies within the FTSE Straits Times Consumer Services Index fared better than expected in 3QCY12. While revenue growth was pretty much in line with consensus estimates, effective cost management resulted in earnings per share exceeding projections by 8.2%. Overall retail sales figures for Sep (excluding motor vehicles) continued to post encouraging data with the third month of gains in the most recent four. Furthermore, retail segments more vulnerable to swings in the economy exhibited a slowing pace of declines. Given the improving environment, we upgrade the sector to NEUTRAL. We continue to favour defensive plays with high dividend yields (Sheng Siong [BUY; FV: S$0.49]) and stocks with diversified geographical revenue streams (Viz Branz [BUY; FV: S$0.74]). We will avoid stocks with high F&B services exposure such as BreadTalk Group [SELL; FV: S$0.49], which has food court and restaurant operations.

Consumer companies fared well in 3QCY12
The decline in retail sales failed to dampen growth prospects for consumer-related companies in 3QCY12. In fact, for the companies included in the FTSE Straits Times Consumer Services Index, actual top and bottom-line figures exceeded consensus estimates. Although revenue growth was pretty much in-line with expectations (+2.1% over forecasts), better-than-expected management of operating expenses triggered a stronger improvement in average earnings per share, which exceeded consensus projections by 8.2%.

Olam: Smaller 1QFY13 contraction for industrial raw materials (DMG)


Olam: Smaller 1QFY13 contraction for industrial raw materials
(BUY,  S$1.76,  TP:  S$2.56)

Food drove earnings.  Olam reported 1QFY13 net profit of S$43.2m, up 26%  YoY. This represents 10% of our FY13F, which is in line as 1Q earnings generally accounts for 5-10% of full year earnings. Net contribution (NC) rose 24% YoY, with growth from the three food segments and a marginal contraction in the industrial raw materials space. However, if we strip out the S$10m gain from biological assets (nil in 1QFY12), net profit would have been flat YoY. We remain positive on the food space, given the YoY doubling of food tonnage. Maintain BUY on Olam with an unchanged target price of S$2.56, derived from a 3-stage DCF valuation model. Our TP translates to a FY13 P/E of 13x, which is lower than the historical average of 17x.

Private home market reaching equilibrium?


Private home market reaching equilibrium?
by Ong Kah Seng 04:45 AM Nov 23, 2012
It has been a pulsating year for Singapore's private housing sector, with homebuyers' aspirations remaining firm even as prices and volumes defy conventional market cycles to hit record highs, but there are signs that the market is now heading towards equilibrium.

In today's market, speculation no longer drives the property buyer following the implementation of sellers' stamp duty in January last year for sales that take place within four years of the home purchase. The purchase decision largely comes from a desire to seek out investment opportunities and fulfil ownership aspirations.

These behavioural drivers will have to be managed by the authorities if they want to ease the rate of increase of home prices. Indeed, the current measures may be more effective than previous ones as they target underlying economic, social and homebuying fundamentals.

YTL net profit soars 55.6pc to RM391.9m in Q1

YTL net profit soars 55.6pc to RM391.9m in Q1

2012/11/23

KUALA LUMPUR: YTL Corp Bhd's net profit rose 55.6 per cent to RM391.9 million in the first quarter ended September 30 2012 from RM251.8 million a year ago.

This was mainly due to the better performance of its cement operations, unrealised foreign exchange gains and derivative gains recorded by an offshore subsidiary.

"The group has made a good start to the 2013 financial year, with revenue increasing 12 per cent compared to the same period last year," YTL group managing director Tan Sri Francis Yeoh Sock Ping said in a statement yesterday.

MASkargo sets RM2.4b revenue target for next year


MASkargo sets RM2.4b revenue target for next year

2012/11/23

KUALA LUMPUR: MASkargo Sdn Bhd, the air cargo unit of Malaysia Airline System Bhd (MAS), is eyeing to register a revenue of RM2.4 billion next year.

This is in line with the turnaround plan put forth by the loss-making national carrier.

MASkargo chief executive officer Mohd Yunus Idris said the earnings target, maintained from this year's goal, is achievable despite an expected weak growth in the air freight industry, mainly due to the unresolved European debt crisis, rising fuel costs and worsening tension between China and Japan.

Asked if MASkargo would be reporting a profit next year from the current net loss state, Mohd Yunus said: "I am not very sure of that. This year was worse than 2011, and 2013 is not expected to be very good either."

曾淵滄專欄 23.11.12:熱錢湧入買起A50


曾淵滄專欄:熱錢湧入買起A50 - 曾淵滄

人保(1339)準備上市,據說有多家企業已表明會入股,其中包括美國的AIG,真有點莫名其妙,AIG不是在沽售其持有的保險股友邦保險(1299)嗎?何以一手賣友邦另一手買人保,是不是如當年滙控(005)一樣,企圖通過人保打進中國市場?

滙控持有平保(2318)多年,最終感覺外資想進入中國保險市場真不容易,因此打算賣平保套利,人保上市這麼多大企業捧場,滙控賣平保也一定有不少買家,絕不會賤沽,因此大家手上若持有平保,也不應出售。數個月前,AIG以溢價出售一批友邦股份,推動友邦股價進一步上升,很快升破30元大關。

前天A股在大跌後突然急速回升,後來才知道原來市場傳出人行會在本周末減存款準備金率,但是,傳說有效期僅一日,昨日A股又再下跌,幸好,港股沒有跟隨,相信又有海外資金流入香港。

IPC acquires business hotel in Sapporo for $6.5m


IPC acquires business hotel in Sapporo for $6.5m

IPC Corporation says the company has entered into an agreement to purchase a business hotel in Sapporo, Hokkaido, in Japan. Completion of the purchase and delivery of the hotel to the company is by Dec 21. The hotel is currently being operated under the name of Hotel Resol Sapporo Minami 2-jo.

The Sapporo Hotel, a 15-storey building, has 117 guest rooms and the purchase price is about JPY 434 million ($6.5 million). The purchase is funded fully by internal resources of the IPC, in particular from part of the net proceeds of the rights issue which was completed in July.

The Sapporo Hotel is leased with a fixed term till 8th December 2013 to Resort Solution Co., which operates 12 hotels under the “Hotel Resol” brand and 16 hotels and spas in Japan. The company has appointed Greenfield Advisors as its asset manager for the Sapporo Hotel.

UOA Dev’s unbilled sales at RM797.7mil, 3Q profits up 51%

UOA Dev’s unbilled sales at RM797.7mil, 3Q profits up 51%
Business & Markets 2012
Written by Cindy Yeap of thedgemalaysia.com  
Thursday, 22 November 2012 18:21

KUALA LUMPUR (Nov 22): UOA Development Bhd’s third quarter net profits rose 51.1% year-on-year to RM83.91 million even as it booked higher property sales from on-going projects with total unbilled sales at RM797.7 million as at end-Sept this year.

Net profit for the quarter ended Sept 30, 2012 rose to RM83.91 million from RM55.54 million even as revenue for the three-month period rose 79.8% to RM282.34 million from RM157.06 million in the same quarter last year.

YTL Corp 1Q profit up 56% on 11.6% revenue rise.


YTL Corp 1Q profit up 56% on 11.6% revenue rise.
Business & Markets 2012
Written by Madiha Fuad of the edgemalaysia.com  
Thursday, 22 November 2012 17:15

KUALA LUMPUR (Nov 22): YTL CORPORATION BHD [] announced today (Thursday) an 11.6% growth in revenue to RM5.1 billion for the three months ended Sept 30, 2012, compared to RM4.5 billion for similar quarter ended the previous year.

"The group has made a good start to the 2013 financial year, with revenue increasing 12% compared to the same period last year," said YTL group managing director Tan Sri Francis Yeoh Sock Ping.

Net profit attributable to shareholders for the first quarter (1Q) registered a marked improvement of 56% to RM392 million over RM251.8 million last year.

KLCCP up 5%, highest single-day gain since mulling REIT

Hot Stock KLCCP up 5%, highest single-day gain since mulling REIT
Business & Markets 2012
Written by Cindy Yeap of theedgemalaysia.com  
Thursday, 22 November 2012 17:22

KUALA LUMPUR (Nov 22): KLCC PROPERTY HOLDINGS BHD [] (KLCCP) rose as much as 5% to RM5.84 Thursday evening, its highest one-day gain since June 29, the day after it announced the intent to pursue a better corporate structure, including the possibility of a real estate investment trust (REIT).

At 4.28pm today, KLCCP was up 28 sen or 5.04% to RM5.84 with over 3.38 million shares done — topping the top gainer's list on absolute terms.

Thais extend offer deadline for F&N to Dec 11 after counter-bid


Thais extend offer deadline for F&N to Dec 11 after counter-bid

A Thai group extended its offer deadline for Fraser and Neave to Dec 11 and kept its bid unchanged at $8.88 per share after a counterbid for the Singapore property and drinks firm from a consortium led by Overseas Union Enterprise.

Thai billionaire Charoen Sirivadhanabhakdi, through TCC Assets and Thai Beverage PCL, made a $8.8 billion bid in September to buy shares of F&N that he did not already own, valuing the Singapore firm around $12.8 billion.

Last week, a consortium led by Singapore-listed property firm Overseas Union launched a$13.1 billion counter-offer for F&N. That bid at $9.08 per share is 2.25% higher than the Thai offer of $8.88.

達祖汀:2013年新股籌資額料持穩‧馬股如日中天


達祖汀:2013年新股籌資額料持穩‧馬股如日中天
Created 11/22/2012 - 17:44

(吉隆坡22日訊)大馬交易所(BURSA,1818,主板金融組)首席執行員拿督達祖汀指出,雖然明年首次招股(IPO)市場的重量級公司或不及今年,但經濟環境若維持良好,相信明年的籌資額可與今年相符,並形容目前馬股身處“朝陽的照射"中。

儘管年初至今僅捎來15項上市案,惟受到今年3大重量級公司登場激勵,包括聯土全球(FGV,5222,主板種植組)、綜合保健控股(IHH,5225,主板貿服組)及ASTRO公司(ASTRO,6399,主板貿服組),國內IPO市場的籌資額已寫下211億令吉,顯著超越去年的65億令吉,大馬交易所更預期今年全年可超過230億令吉。

達祖汀今日在《IPO研討會》上指出,今年全球10大上市案中,上述3家公司都入圍,進一步鞏固國內資金市場的地位,並成為全球投資者焦點。

亞航增機隊攔截馬印航空‧大馬廉航大戰升溫


亞航增機隊攔截馬印航空‧大馬廉航大戰升溫
Created 11/22/2012 - 17:45

(吉隆坡22日訊)馬印航空(Malindo)即將飛進大馬,亞洲航空(AIRASIA,5099,主板貿服組)不敢小覷,大舉擴充飛機隊伍迎戰,國內天空大戰一觸即發,分析員認為以量制價戰略短期雖有阻嚇效果,有利捍衛市場地位,但卻將損及賺益表現,最終落得兩敗俱傷窘境。

聯昌研究指出,亞航在週三的分析員匯報會上“驚喜"披露公司將主動出擊迎戰在2013年中揮軍北上的馬印航空,藉由大舉提高承載量,令市場運量滿溢,讓馬印航空難以立足本地市場。

NOL +5.2%; Sentiment boost from China data: Analyst


NOL +5.2%; Sentiment boost from China data: Analyst

NOL is up 5.2% at $1.12 in strong volume. The stock is rising on “overall market sentiment, rather than a pure play on the company itself,” an analyst says.

He notes news AP Moller-Maersk would shift its focus away from shipping to focus on oil, drilling rigs and ports operations was already in the market Monday and likely isn’t behind the gains.

經濟學人:法國是歐元區的炸彈?

2012-1120-57金錢爆(強大的台灣)4-2

China Seeks More Sustainable Growth: Expert


Chins Stocks to Rise If Beijing Softens Housing Policy: Pro


Why the 'Fiscal Cliff' Is Good for the Dollar


US Economy to Drive Dollar-Yen to 86 Levels


China to Hit 8% Growth in 2013: Pro


Is China's Economy Finally Out of The Woods?


花旗集团预计央行买入将继续推升金价


邓普顿嗅到买入良机 时隔18年再投A股


A股周交易账户首次占比不足4%


China's Growing: Manufacturing Data Signals Rebound


China's HSBC PMI Shows First Lift in a Year


India: Incredible for Investments?


Japanese Yen Slumping on Falling Exports


Epstein: Optimistic for Year-End Gold Market Gains


摩根大通朱海斌:预计明年美国经济增速为2%


《环球第一财经》伯南克:财政悬崖会造成重大威胁 美联储无能为力

《环球第一财经》伯南克:财政悬崖会造成重大威胁 美联储无能为力
http://www.sina.com.cn 2012年11月22日 宁夏卫视《财经夜行线》

Short Seller's Bet Sends Olam Shares Plunging


Thursday, November 22, 2012

業績出色‧財測上調‧科恩馬仍潛伏隱憂

業績出色‧財測上調‧科恩馬仍潛伏隱憂
Created 11/22/2012 - 11:48
(吉隆坡21日訊)科恩馬集團(KNM,7164,主板工業產品組)最新首9個月業績表現超出市場預測,連續第三季取得盈利,顯示該公司最壞時刻已經過去,惟其業務前景仍潛伏隱憂。

興業研究指出,該公司旗下英國彼得波勒再生能源計劃,占其50億令吉訂單約40%至50%,並且該計劃尚等待敲定融資事宜,實是該公司主要不明朗隱憂。

該行認為,該公司旗下亞洲及大洋洲業務持續有利可圖,截至最新2012年財政年首9個月營運盈利達5千660萬令吉,營業額增加62.6%至6億7千560萬令吉,賺幅為8.4%,顯示其傳統低檔加工器材市場已改善。

伦敦投管减持资本投资


伦敦投管减持资本投资
Created 11/22/2012 - 11:00
(吉隆坡21日讯)资本投资(ICap,5108,主板关闭式基金)大股东伦敦投资管理公司上周减持15万5000股,持股权降低至6.53%。

资本投资向马交所报备,伦敦投资管理上周将持股权减至914万股,相等于6.53%,但未公开脱售价格。

截至10月30日,伦敦投资管理原持有资本投资6.64%股权。

市场普遍视伦敦投资管理与另一大股东拉克西(Laxey)为同一阵线,后者创办人安德鲁于11月10日的股东常年大会上,无法获得股东通过入禀董事部的献议。

搭客需求增长 亚航第3季净赚1.5亿

搭客需求增长 亚航第3季净赚1.5亿
Created 11/22/2012 - 11:02
(吉隆坡21日讯)亚洲航空(AirAsia,5099,主板贸服股)第三季净利上涨3.62%,净赚1亿5781万令吉,累积首9个月净利则劲扬2.56倍,净赚15亿2793万令吉。

亚洲航空截至2012年9月30日第三季净利,从上财年同期的1亿5229万9000令吉,上涨3.62%至1亿5781万令吉。

集团第3季每股盈利,从上财年同期的5.5仙,上涨至5.7仙。

第三季营业额报12亿3750万3000令吉,增长14.41%,上财年同期为10亿8163万令吉,主要受益于9%的搭客需求增长,而且大马营运的飞机已增至59架。

Fernandes, Kamaruddin up stake in AirAsia


Fernandes, Kamaruddin up stake in AirAsia
Business & Markets 2012

Written by Max Koh of theedgemalaysia.com  
Thursday, 22 November 2012 09:52

KUALA LUMPUR: Tan Sri Tony Fernandes and Datuk Kamaruddin Meranun, through their investment vehicle Tune Air Sdn Bhd, have been steadily building up their stake in AIRASIA BHD [] from 23.06% at end-September to 24.91% currently, as competition is heating up with the coming of low-cost carrier rival Malindo Airways.

According to Bursa Malaysia filings, Tune Air has been accumulating shares in the low-cost carrier since Sept 27, purchasing over 50 million shares at prices between RM2.85 and RM3.12 per share.

AirAsia rises despite 9M2012 earnings behind forecasts

Hot stock AirAsia rises despite 9M2012 earnings behind forecasts
Business & Markets 2012

Written by Cindy Yeap of thedgemalaysia.com  
Thursday, 22 November 2012 11:06

KUALA LUMPUR (Nov 22): Budget carrier AIRASIA BHD []’s stock price rose mid-morning Thursday despite its nine-month earnings (9M2012) coming in below consensus and valuation downgrades by some research houses.

At 10.35am today, AirAsia was up 2 sen or 0.7% to RM2.87 on a volume of 1.19 million shares after trading between RM2.85 and RM2.88 in early trade.

JCY tumbles on weak 4Q, downgrade by CIMB

Hot Stock JCY tumbles on weak 4Q, downgrade by CIMB
Business & Markets 2012

Written by Surin Murugiah of theedgemalaysia.com  
Thursday, 22 November 2012 09:35

KUALA LUMPUR (Nov 22): JCY International Bhd was the top loser in early trade on Thursday, tumbling after its 4QFY12 core net profit collapsed a whopping 85% quarter-on-quarter.

CIMB Research has downgraded JCY to Underperform from Neutral at 85 sen, and slashed its target price to 77 sen (from RM1.41).

JCY profit slumps 58.7%


JCY profit slumps 58.7%
Business & Markets 2012

Written by Esther Lee of theedgemalaysia.com  
Thursday, 22 November 2012 09:50

KUALA LUMPUR: JCY International Bhd saw its net profit for the fourth quarter ended Sept 30 reduced by 58.7% to RM10.5 million, despite a 22% increase in revenue to RM536.4 million.

In a filing with Bursa Malaysia yesterday, the company said the drop in net profit was due to higher operating costs incurred by the company.

Technics Oil and Gas posts 6% fall in Q4 earnings to $2.4m


Technics Oil and Gas, the full service integrator of compression systems and process modules for the global offshore oil and gas sector,says earnings for the three months ended 30 September 2012 (4Q2012) fell 6% to $2.4 million from $2.6 million a year ago (4Q2011).

Revenues rose 10% to $25.08 million from $22.75 million.

For the full year ended 30 September 2012 (FY2012). Technics achieved an 8% rise in earnings to $20.2 million from $18.7 million a year ago (FY2011).

The group posted record high revenue of $149.7 million in FY2012. Gross profit improved 24% to $58.1 million while gross profit margins rose to 39% in FY2012 as compared to 37% in FY2011.

絲絲講場:石牛倒下A股大凶兆?

絲絲講場:石牛倒下A股大凶兆?
絲絲聽啲北京朋友講,銀河證券北京金融街營業部,一向視門前嘅大石牛係吉祥物,但尋日隻牛失驚冇神成隻瞓低咗,佢倒地時仲將旁邊建行門口嘅玻璃打爛埋。啲網民直頭話,呢個係A股嘅大凶兆,股市唔掂仲累埋銀行。唔通尋日真係凶日?

網民話隻石牛之所以「悲壯地倒下來」,全因為隻牛終於頂唔順大盤嘅壓力而倒下,意味牛市被徹底打敗,中國股市冇得救,仲話A股可能會探底1,600點。真係講到有咁恐怖得咁恐怖。

樂觀派話牛市到
有人仲話,呢個時候應該要換番隻石熊上去。佢哋究竟係諗住攞景贈興?定係想「以毒攻毒」,靠隻石熊趕走熊市?

滙控盡掟平保 正大未必獨接


滙控盡掟平保 正大未必獨接
滙控(00005)洽商出售其持有平保(02318)H股,市傳泰國正大集團為買家。惟內地傳媒報道,滙控曾接觸中投、中信集團等,有分析認為,因多家投行同時積極為滙控尋找買家,正大能否全數購入滙控持有的平保H股或存變數。

傳曾接觸中投
內地《21世紀經濟報道》引述消息透露,滙控於去年底已接觸多家機構,商討出售平保H股,最先接洽是中信集團。據報近期曾接觸中投,《華爾街日報》引述消息解釋,因交易涉及金額龐大,財力雄厚、直屬國務院的中投,自然是滙控考慮對象之一。

除上述三名潛在買家外,市傳多家投行積極為滙控尋找擬接貨買家,因此正大能否購入滙控持有平保全部股份存在變數。

摩通薦31隻蛇年潛力股


摩通薦31隻蛇年潛力股
http://paper.wenweipo.com   [2012-11-22]  
 香港文匯報訊(記者 周紹基)摩通昨發表蛇年亞洲區投資預測報告,並推薦31隻留意港股及12隻宜避開的股份(見表)。該行亞洲及新興市場首席股票策略師莫愛德表示,內地經濟今年消費依然強勁,但固定投資疲弱,企業減少資本開支,部分行業也出現產能過剩現象,企業盈利能力將打折扣。長遠而言,內地勞動人口增長下降,經濟增長動力將減弱,故建議減持內地股市。板塊方面,則建議增持回報較穩定的本港公用股,原材料板塊則應減持。

香港及新加坡樓市呈泡沫
 對於美國推出第三輪量寬措施(QE3),令固定收入回報率下跌,他預計,明年底10年期國債收益率只為1.6%,但MSCI亞太區(日本除外)的明年底回報率料達15%,在資金出路缺乏下,有投資者傾向投資股票市場。故該行看好印度、泰國、菲律賓、墨西哥及土耳其市場。

傑出財情:集裝箱航運未見樂觀

傑出財情:集裝箱航運未見樂觀


全球最大集裝箱班輪營運商馬士基集團宣布,未來五年將不再對馬士基航運進行大額投資,反映仍看淡集裝箱航運業前景。

除航運外,馬士基集團還擁有石油、鑽井平台及港口三大業務。集團表示,未來五年將把注意力放在這三大業務之上。去年,馬士基航運淨虧損達5.4億美元,而石油部門卻大賺21億美元。今年馬士基通過削減航班以調升運費,令業績稍有起色,其航運部門第三季盈利4.98億美元(去年同期虧損2.89億美元)。但明年是全球集裝箱航運市場運力投放的高峰期,運力過剩情況將持續,集裝箱航運業明年展望仍未許樂觀。

滙控傳洽中投接平保


滙控傳洽中投接平保


滙控(00005)洽商出售其持有平保(02318)H股,市傳泰國正大集團為買家。不過,內地傳媒報道,滙控曾接觸中投公司、中信集團等,分析認為,因多家投行同時積極為滙控尋找買家,正大能否全數購入滙控持有的平保H股或存變數。

內地《21世紀經濟報道》引述消息透露,早於去年底,滙控已開始與多家機構接觸,商討出售其持有之平保H股,最先接洽中信集團。與此同時,據報滙控近期曾接觸中投公司,《華爾街日報》引述消息解釋,由於交易涉及的股數及金額龐大,財力雄厚、直屬國務院的中投公司,自然成為滙控考慮對象之一。

麥格理認錯 改撐電盈

【本報訊】上月底以「賬目唔合理」為由、將電盈投資評級由「跑贏大市」降至「跑輸大市」的麥格理,於不足四星期時間,其「見解」竟然來一個180度轉變,評級回復為「跑贏大市」外,目標價更由1.75元變回未調整前的3.6元,據理是「賬目合理」。

麥格理的報告指出,該行是經過更加深入的調查後,才決定將電盈投資評級及目標價調升。

該行表示,如在11月初的報告中提及、電盈資產負債表中未見4月時發行約23億元債券入賬一事,經進一步調查後,發現賬目中是有清楚列明的。

至於上次報告中所提及電盈有大筆來自投資活動的現金淨流出的情況,該行表示,相關清況只是初步分析得出的結果,於更深入的調查後,發現原來是看漏了一些現金流項目,若將相關金額也計算在內,電盈現金流情況並無異常,並可合理地預期集團現金流出現波動,只是受到業績表現影響。

Laxey-aligned City of London sells icapital.biz shares


Laxey-aligned City of London sells icapital.biz shares
Business & Markets 2012

Written by Cindy Yeap of theedgemalaysia.com  
Wednesday, 21 November 2012 10:29

KUALA LUMPUR: The London-based hedge fund seen aligned to activist investor Laxey Partners Ltd last Wednesday pared down its holdings in ICAPITAL.BIZ BHD [], just three days after Laxey failed in its attempt to gain board representation on icapital.biz.

A filing yesterday showed City of London Investment Management Co Ltd sold 155,000 shares in icapital.biz at undisclosed prices, reducing its holdings to 9.14 million shares or 6.53%.

滙控售平保 派息增彈性


滙控售平保 派息增彈性
滙控(00005)確認正洽商沽售其持有平保(02318)H股,市傳買家泰國正大集團「接貨價」為每股60元。券商普遍認為,交易有助滙控改善其資本水平,然而美銀美林認為平保對滙控盈利貢獻可觀,若連同其透過恒生銀行(00011)持有的興業銀行股份面臨被攤薄,合共為滙控帶來5至7%攤薄效應。

正大傳每股60元接貨
《上海證券報》引述消息透露,正大擬按每股60元,購入滙控持有的平保股份,總代價約740億元,雙方已就此商討數個月。內地《財新網》引述正大消息透露,國開行之前給予正大1,000億元人民幣授信額度,主要是用作內地新農村項目,與是次交易無關,又說若落實購入,會在海外進行融資。

法失Aaa恐引爆歐債

法失Aaa恐引爆歐債
穆迪周一把法國主權評級由Aaa降一級至Aa1,是繼標普後第二家摘除其最高評級的主要評級機構。雖然市場反應平淡,歐股三大指數低開後回穩,英、法股市尾段跌0.22%和0.02%,德股轉升0.23%,但《經濟學人》踩法國是放在「歐洲核心的計時炸彈」,警告歐債正燒向這個歐洲第二大經濟體,最快明年爆煲。

債息回升 股匯靠穩
標普早於今年一月把法國降級,穆迪則選擇在法國總統奧朗德本周迎來上任半年的時機落刀,三大評級機構中僅餘下惠譽仍給予法國最高評級,美銀美林旗下AAA債券指數將把法債剔除。十年期法債孳息四天來首回升,升5點子至2.12厘;法國信貸違約掉期(CDS)成本跳升至92點子的一個月高位;歐元曾低見1.2765美元,跌0.49美仙後回升;股市亦靠穩。

穆迪維持法國評級展望為「負面」,其聲明指出,法國經濟受到勞工市場僵化、缺乏競爭力及暴露於歐債危機風險所拖累。對於奧朗德早前公布的提升競爭力方案,穆迪表示歡迎,但不諱言過去二十年法國政府在落實措施的紀錄並不佳。

We initiate SAIZEN REIT with a BUY and a fair value of S$0.212 based on DDM. (AM)


We initiate  SAIZEN REIT  with a  BUY and a  fair value of S$0.212  based on DDM.

Whetting the appetite of the yield-hungry. Offering a current yield of 7.3%, Saizen REIT not only stands out among its S-REIT peers but also its J-REIT comparables. We note that Saizen REIT’s unutilized warrant proceeds of around JPY1.4bil is sufficient to offset its loan amortization till end-FY2014. We believe Saizen REIT faces minimal refinancing risks and have factored in the assumption of a successful refinancing of loans in FY2015F, FY2016F and FY2017F.

7+% yield comes at a bargain price. While Saizen REIT’s 7+% yield is undeniably attractive, more enticing for us is that this is accompanied by its cheap valuations. Based on its last closing price of S$0.170, Saizen REIT is valued at a massive discount of 40% to its net asset value, which makes it a strong buy.

AMWAY (M) Holdings - 9M12 results in line


AMWAY (M) Holdings -
Price Target : 11.68
Last Price : 11.64
9M12 results in line

Period    3Q12 / 9M12

Actual vs.  Expectations  The 9M12 net profit (NP) of RM73.5m was in line with the street's estimate and our forecast of RM97m (75.6%) and RM100m (73.5%), respectively.

Dividends   A single tier dividend of 10 sen per share has been declared, bringing first nine-month total dividend to 30 sen per share.

 We are expecting another 28 sen dividend in the coming quarter, implying a full-year NDPS of 58 sen or a net dividend yield of 4.9%.

Midas Holdings: Hopeful of a turnaround in FY13 (OCBC)

Midas Holdings:
Fair value    S$0.50
add: 12m dividend forecast S$0.0075
versus: Current price  S$0.375

Hopeful of a turnaround in FY13
• 3Q12 net loss of CNY6.1m
• Trimming our PATMI forecasts
• BUY on possible re-rating catalysts

Midas Holdings (Midas) reported 3Q12 net loss of CNY6.1m (3Q11: CNY27.4m PATMI), which was worse than our CNY1.3m forecast although loss before tax of CNY1.6m matched our estimate. Its poor financial performance was attributed to higher operating expenses, finance costs and a share of loss of CNY7.0m from its associated company NPRT. We lower our FY12 PATMI forecast from CNY19.0m to CNY6.8m and also trim our FY13 estimate by 8.1%. But on a broader scheme of things, we see positives from the Chinese government’s re-emphasis on its commitment to develop its rail transport industry, which should aid Midas’ recovery in FY13. Near-term catalysts for Midas’ share price could come from contract order wins and the resumption of new high-speed train car orders by China’s Ministry of Railway. Maintain BUY, with a revised fair value estimate of S$0.50 (previously S$0.505), still pegged to1x FY13F P/B, as we trim our FY13 PATMI estimate by 8.1%.

KS Energy: ANOTHER PROFITABLE QUARTER (OCBC)

KS Energy
Fair value    S$0.78
add: 12m dividend forecast S$0.00
versus: Current price  S$0.805

ANOTHER PROFITABLE QUARTER
• Results in line
• Continued operational improvement
• Awaiting news on conv bonds

2nd  profitable quarter KS Energy (KSE) reported a 21.9% increase in revenue to S$161.3m and a net profit of S$14k in 3Q12 vs. a net loss of S$11.5m in 3Q11. 9M12 revenue and gross profit accounted for 80% and 78% of our full year estimates, respectively. Net profit was also within our expectations. 3Q12 marks the group’s second quarterly net profit after nine consecutive quarters of net losses, and its results were also not boosted by any significant one-off gains.

ASL Marine: Robust margin expansion (DBSV)

ASL Marine.
BUY S$0.625
Price Target : 12-Month S$ 0.90 (Prev S$ 0.83)
Robust margin expansion

 1Q13 in line; significant upside surprise on margins
 Small acquisition to move ASL up the value chain, build on its niche in dredgers
 FY13/14F raised 8-30% on solid execution
 Maintain BUY, TP raised to S$0.90

1Q13 inline; margin surprises on the upside. Despite posting lower-than-expected 1Q13 revenue, the recurring net profit of S$9.8m (+16% y-o-y) was in line as the GP margin surprised significantly on the upside, +13.3ppt y-o-y to 24.8%. This was led mainly by the shipbuilding division, which posted a record high GP margin of 21.4% (+14.6ppt y-o-y) due to good execution and cost control measures.

Small acquisition builds on ASL’s niche, but near- to midterm impact unclear. Separately, ASL announced the acquisition of Vosta LMG, an established international dredging engineering and contracting company for EUR5.1m. The successful acquisition and integration of Vosta LMG would allow ASL to further build on its niche of constructing dredgers. However, the near- to medium-term financial impact remains unclear, given that this company was loss-making for the 12 months ended June 2012.

Yangzijiang Shipbuilding: Can it win US$700 mln orders before Christmas - which of the brokers is right?


Q3 Revenue down 1%, Net profit down 14%

14/11/2012 – Yangzijiang Shipbuilding warns a slowdown in the shipbuilding sector might extend beyond 2013.

But management remains confident of its performance in 2012.

Yangzijiang is about to conclude negotiations for orders for its offshore JV with Qatar Investment Corporation.

The company just announced earnings for Q3 FY12:

Revenue: -1% to RMB3.61 bln
Profit: -14% to RMB877.3 mln
Subsidy income: RMB85.7 mln vs RMB158.4 mln
Cash flow from operations: (RMB716.2 mln) vs (RMB803 mln)
Dividend: Nil
Order book: 75 vessels worth US$3.6 bln

UOA Development: Strong sales momentum intact (MIDF)


UOA Development
Price (09 November 12) RM1.70
Target Price RM2.07
Strong sales momentum intact

Cumulative property sales increased to RM1.25b ytd, until end 3QFY12
Strong project pipelines
Expect stronger set of results in 3QFY12

Property sales remained strong: Property sales of UOA Development Berhad (UOA) continued to be encouraging in the third quarter of 2012, even though there was no significant launches. Cumulative sales increase from RM900m as at end 2QFY12 to RM1.25b at end 3QFY12. Property sales in the third quarter was mainly derived from ongoing projects and inventories.

Lenovo Group :Excel in a tough environment (CIMB)

Lenovo Group
Current HK$6.58
Target HK$8.65
Excel in a tough environment

 As expected, Lenovo continues to shine amidst the gloomy macro environment, clearly a reflection of its right strategy and strong execution. It is on track to overtake HP as the largest PC maker and is also rapidly expanding its smartphone business in China.

A surprisingly lower tax rate pushed 2QFY3/13 core earnings 3% ahead of consensus and 2% ahead of our estimate. 1HFY13 forms about 53% of our and consensus FY13 forecast. We fine-tune our FY13-15 estimates and raised our target price slightly as we roll over to end-2013, applying 16x P/E (slight discount to its 7-year average) instead of 18x given the greater uncertainties ahead. Maintain Outperform, with healthy quarterly earnings being the catalyst.

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

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

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock