Saturday, December 1, 2012

FGVH unveils growth strategy


The Star Online > Business
Saturday December 1, 2012
FGVH unveils growth strategy

By THOMAS HUONG
huong@thestar.com.my

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGVH) will expand its plantation land bank, improve the productivity of its current assets, look at growth in the Asean region for its mid-stream businesses and address the age profile of its oil palm trees in its ambition to grow annual revenue by eight-fold by end-2020.

Group president Datuk Sabri Ahmad said that this year, the group was spending RM270mil to replant trees.

Palm oil prices set for a volatile 2013 in oversupplied market


 Palm oil prices set for a volatile 2013 in oversupplied market
Business & Markets 2012

Written by Reuters  
Friday, 30 November 2012 14:38

NUSA DUA, Indonesia (Nov 30): Palm oil prices are set to start 2013 on a sour note as record high stocks and rising output in Southeast Asia overwhelm already weak demand, while regulatory uncertainty in top buyers India and China adds to the gloomy outlook.

Analysts and traders at an industry meeting in Bali expect the world's biggest palm oil producers, Indonesia and Malaysia, to boost supplies next year, barring any weather disruptions.

證券分析:周大福「復甦」將落後同業

證券分析:周大福「復甦」將落後同業
http://paper.wenweipo.com   [2012-12-01]    
交銀國際
 周大福(1929)公布2013年上半年純利下跌32%,但假如撇除未變現的黃金庫存對沖虧損,經營利潤的跌幅將由27%大幅收窄至2%,大致符合我們的預期。儘管利潤率壓力低於預期(撇除對沖虧損,經營利潤率減少1.2個百分點至13.1%),但收入增長低於預期的7%卻令人始料不及。收入增長低於預期的主要原因為內地和港澳市場的同店銷售放緩加劇(內地市場同店銷售增長3.4%,港澳市場同店銷售下跌6.3%),以及批發業務收入下跌20%,後者也值得關注。

11月同店銷售反彈力弱
 我們預期行業前景增速放緩,但將逐步改善,但是我們仍為周大福的復甦速度將繼續落後其他同業,主要由於較大的品牌替換風險及較高的經營開支。從第3季至今的表現可見,公司香港市場的同店銷售增長在10月錄得雙位數字下降後,11月僅以低單位數字增長反彈,而其他主要同業錄得雙位數字增長。我們下調2013/2014年每股盈利增長預期6%/10%(較市場預期低4%/12%),以反映我們對其同店銷售增長復甦較審慎的態度。由於公司增長可見性仍較低,加上估值並不吸引,我們重申「中性」評級。投資者可重點關注公司的同店銷售壓力、利潤率潛在降幅及品牌替換風險。

A股不得其解 整體改革缺位


A股不得其解 整體改革缺位

全國人大財經委副主任吳曉靈在一個論壇表示,股市表現與中國經濟表現不太匹配。她對股市跌破二千點的違背經濟學常識,「百思不得其解」。中國股市與經濟不匹配,不是跌破二千點突如其來的現象,是一個長期的現象。A股超脫想像的悖逆,既是費解也是要解的話題。對A股繁雜現象梳理後,有兩個相關層面值得注意:一是市場不同參與方不對稱造成不公平;二是定價權缺失。

中國有一點三億股民,可謂人多勢眾,但A股門內門外有更多「餓企」,像狼一般窺伺股民的血肉。股民即使人多勢眾,卻是任人魚肉的弱勢群體,由資訊到上市公司的管治,這是被邊緣化的一群,「三公」口號喊得震天響,不公平則充斥於市場,一毛不拔的分紅政策,沒完沒了的再融資,榨乾了股民的血汗,養肥了一批企業,打造了眾多原始股東富豪。散戶股民被戲稱「小散」,恰生動描述了散戶股民的市場地位。

A股有跌幅無幸福

A股有跌幅無幸福

滬綜指本周終於跌穿2,000點大關,正式邁進「一」字頭,散戶眼見財富蒸發只能坐困愁城,素有「任大炮」之稱的華遠地產董事長任志強近日再度「炮轟」樓市限購令時,亦不忘結合股市現狀,稱「買樓能保值,但現在不讓買了,大家只好把錢扔進股市,卻又賠光了」,並由此得出「限購讓人不幸福」的結論。

中國證監會否認研究下調券商佣金的傳聞,紓緩投資者的擔憂情緒,加上新型城鎮化將穩步推進的消息刺激地產和水泥股表現,滬深股市結束連續四個交易日的跌勢,昨由低位反彈,滬綜指收報1,980點,升0.85%;深成指報7,903點,漲1.21%。兩市成交額較前一交易日增近一成至703.74億元人民幣。惟十一月滬綜指仍累計下跌4.29%,深成指跌6.69%,雙雙連續第二個月下挫。

Olam, Muddy up the stakes


Olam, Muddy up the stakes
Commodities firm CEO buys 1m shares, while short seller offers to get Olam's debt rated
 by Conrad Raj 04:45 AM Dec 01, 2012

SINGAPORE - The high-stakes battle between commodities trader Olam International and United States-based short seller Muddy Waters continued yesterday, with both parties taking strong symbolic moves to demonstrate confidence in their respective positions.

Olam CEO Sunny Verghese yesterday anted up his own money to buy one million shares of the company on the open market at S$1.54 each. This brought his total holdings in Olam to 111.64 million shares, representing a 4.67-per-cent stake.

Meanwhile, in its latest salvo, Muddy Waters offered to pay to get Olam's debt rated as it stuck to its view that the Singapore-listed company was at risk of failure.

MAS to buy 10 B737-400s from AAR, partner

MAS to buy 10 B737-400s from AAR, partner

2012/12/01

KUALA LUMPUR: AAR Corp, a supplier of avionics products, and its joint-venture partner have agreed to sell 10 Boeing 737-400 aircraft to Malaysian Airline System Bhd (MAS).

"The aircraft have been on lease to MAS since they were acquired by AAR's joint venture in July 2007," according to a statement released by AAR, which was made available to Business Times.

AAR said the transaction is expected to be completed during its 2013 fiscal third quarter, with net cash proceeds of about US$20 million (RM60.8 million), and will record a slight gain. Due to joint-venture accounting, there will be no impact on sales.

MK Land plans to sell some land to raise cash


MK Land plans to sell some land to raise cash
By June Ramlee
june@nstp.com.my
2012/12/01

PROPERTY developer MK Land Holdings Bhd is planning to sell some of its land in the near future to have some disposable cash for working capital and other purposes.

However, its group chief executive officer Lau Shu Chuan did not want to say how much land and how much it was planning to raise from this exercise.

"We have 5,000 acres of land bank with a book value of RM1 billion. Of course we won't be selling it at that price, the selling price would be more," he told reporters after the company's 33rd annual general meeting held at Subang yesterday.

Strongest Mid Cap Dividend yields over the past year


Strongest Mid Cap Dividend yields over the past year

Over the course of 2012 the FTSE ST Mid Cap Index has maintained a higher dividend yield than the Straits Times Index (STI), the broader FTSE ST All Share Index, in addition to the regional FTSE Asia Pacific All Cap Index.

In fact, looking back over the past 12 months the FTSE ST Mid Cap Index appreciated +22.4% in price, while providing a total return of +29.4% in Singapore Dollar terms. The approximate +7.0% difference, sourced by Bloomberg, represents reinvested dividend distributions that are weighed according to the weighting of the relevant stock within the Index. In the most recent monthly reports FTSE Group had estimated the difference between price appreciation and total return of the Mid Cap Index to be +6.2% in the 12 months ending 31 October.

华尔街策略师看好美国股市2013年的表现


就在投资者因为“财政悬崖”迫近而对美国经济前景焦躁不安之际,两家大银行却将眼光放的更长远,而且他们的预期还算比较乐观。

高盛集团(Goldman Sachs Group Inc., GS)和德意志银行(Deutsche Bank AG, G.DBK)的知名策略师本周公布了他们对于明年股市走向的预期。高盛要更乐观一点,其策略师预计标准普尔500指数明年的目标位是1,575点,这将是一个纪录新高。德意志银行策略师预测的涨幅略低,预计标准普尔500指数明年将涨至1,500点。

标准普尔500指数周四收盘涨6.02点,至1,415.95点,涨幅0.4%

上述两家银行对股市的新预期有一个前提,即美国不会掉下所谓的“财政悬崖”,也就是说不会出现一系列增税和减支的措施在明年年初自动生效的情况。

李澤楷料不沽香港電訊


李澤楷料不沽香港電訊
【本報訊】熱錢湧港,一眾以高息作回報的股份越炒越高,今日是香港電訊(6823)上市一周年,期內累升62%,市場有揣測主席李澤楷等股東會否趁高位沽貨,但分析員普遍認為,香港電訊仍有增長空間,加上其股息率吸引,料李澤楷不會減持;瑞銀昨更將該股目標價調高至9元。

聯交所資料顯示,李澤楷在香港電訊的持股量為5.38%,以昨日收市價計算,持股市值約25.3億元;適逢早前該股創上市新高,令市場揣測他會趁勢減持。不過據消息人士稱,李澤楷無意減持。去年電盈(008)分拆香港電訊時,李澤楷除了按優先認購權認購其所佔股份外,更額外再認購2億股,金額約10.86億元。

石化業務挑戰大‧國際船務盈利下調


石化業務挑戰大‧國際船務盈利下調
Created 11/30/2012 - 19:05
(吉隆坡30日訊)國際船務(MISC,3816,主板貿服組)第三季淨利挫18.2%至1億6千370萬令吉,首9個月增長6%至1億9千餘萬萬令吉,分析員認為石油化學運輸的艱難期,仍是須克服的一大挑戰。

肯納格、僑豐研究與多家證券行分析員說,此領域面臨艱難期,主要是供過於求兼全球經濟前景動蕩,出租率與回酬受制。

肯納格調低今明兩年重工組盈利31.6%與4.8%,聯昌研究雖預測第四季會更好,亦調低今明後盈利預測4%至6%,主要是子公司海事重工(MHB,5186,主板貿服組)盈利削弱。另外也預測石化組未來幾年將保持虧損。

旧街场积极扩充市场 第三季净利增27%


(吉隆坡29日讯)旧街场有限公司(OLDTOWN,5201,贸易服务组)第3季度(截至2012年9月30日)净利扬26.98%,至1125万2000令吉;营业额成长13.88%,至8301万5000令吉。

该公司今日发文告指出,其连锁营运在本季的营业额高达4873万令吉,税前盈利则是817万令吉;另外,饮料制造部门的营业额也高达3429万令吉,税前盈利则为675万令吉。

按季比较,旧街场在本季营业额表现比上个季度所取得的8531万令吉稍低;相符的是,2012年第3季所获得的税前盈利1497万令吉,也低于上季所取得的税前盈利1639万令吉。

旧街场集团董事经理李兆兴指出,这主要是因为连锁营运的营业额在第3季斋戒月期间有所减少,相继导致盈利下挫。无论如何,饮料制造部门的盈利表现较佳,足以抵销咖啡馆连锁营运较低的利润,因本季的广告与促销成本要比2012年第2季较低。

途商趁廉买进 马航股价稍回升

途商趁廉买进 马航股价稍回升

(吉隆坡30日讯)马航有限公司(MAS,3786,贸易服务组)在周五早市一度挺6仙或7.4%,扬至87仙,因一些交易商在该公司于周二宣布计划5年内集资30亿令吉现金,导致股价猛挫20%后购入该股。

今日闭市时,马航升5.5仙至86.5仙,成交达1900万9900股。

一名本地交易商称:“我没有入股,但在滑落后出现小幅回弹相当寻常,可能是国库控股将展开收购。”

马航的现有市值达28亿4000万令吉,少于它有意从附加股发行筹集的31亿令吉资金。

在作出上述宣布前,马航于周二闭市挂1.01令吉。

MK置地擬售地库还债


(吉隆坡30日讯)MK置地(MKLAND,8893,主板產业股)有意脱售旗下的部份地库,以解决其高企的债务问题。

MK置地集团首席执行员刘书銓指出,该集团目前共有5000英亩的地库,账面价值共达10亿令吉。 「我们计划在短期內发展某些土地,而另一部分的土地则將留作长期发展。至於不在发展计划中的土地,我们將考虑脱售,从而筹集资金。」

他透露,计划脱售的地库大部份在巴生谷以外。目前该集团未设定筹获资金的具体目標。

刘氏补充,所筹得的资金主要用作营运资金、派发股息以及发展新地库。「同时,我们目前拥有1亿8000万令吉的贷款,希望可以逐步减低债务。我们期望在未来能够达到债务与发展项目併行,贷款將隨著该特定项目的收益而告一段落,以免公司资源被债务影响。」

净利大跌 云顶 云顶大马前景各异


净利大跌 云顶 云顶大马前景各异
吉隆坡30日讯)云顶(GENTING,3182,主板贸服股)及云顶大马(GENM,4715,主板贸服股)在今年第3季均面对净利大幅下滑的局面,不过,分析员对于两家公司的前景却有不同的看法。

一般相信,在大马的云顶名胜世界和海外业务取得稳定净利下,云顶大马的表现可持稳;然而,基于云顶新加坡、云顶英国和云顶种植(GENP,2291,主板种植股)的净利表现料疲软,因此,分析员看淡云顶的前景。

业绩出炉前股价大跌的云顶,週五止跌回升,收在9令吉。云顶以全日最低水平的8.82令吉开盘之后,一度攀升至全日最高水平的9.03令吉,最后报价9令吉,全日上升18仙或2.041%,並挤进上升股20大排名。相反的云顶大马却下跌8仙或2.286%至3.42令吉,为下跌股20大排名。

「橱窗粉饰」效应 马股12月料回弹

「橱窗粉饰」效应 马股12月料回弹

吉隆坡30日讯)11月份的马股因投资者对「闪电大选」的担忧而跌破1600点心理水平,为区域跌幅最大的股市,惟展望12月份走势,专家们普遍认为下个月的马股將一如既往因「橱窗粉饰」效应而回弹。

辉立资本首席投资员洪国兴在接受《东方財经》电访时预测,马股12月份的整体走势料比11月份来得正面。

传统的「橱窗效应」,加上美国较为正面的经济数据预测,他认为12月份向来是个可进行投资的月份,并且看好电讯股。

抽佣经纪卢文豪亦估计,马股在12月份料会出现回弹,特別是综指成份股。他解释,许多本地基金在11月份进行拋售、套利之后,料会于12月份出现买进的举动。

重工業撥備高企‧國際船務第三季賺1.4億


重工業撥備高企‧國際船務第三季賺1.4億
Created 11/28/2012 - 19:02

(吉隆坡28日訊)鑒於重工業務開銷高於預期,加上須為船艦祭出720萬美元減值撥備,國際船務(MISC,3816,主板貿服組)截至2012年9月30日止,第三季淨利走跌2.36%至1億3千975萬2千令吉,前期為1億4千312萬8千令吉。

第三季淨利跌2.36%
首9月轉虧為盈

不過,隨著業績逐漸改善,首9個月成功轉虧為盈,寫下5千562萬3千令吉淨利,比較前期蒙受4千162萬2千令吉淨虧損。

第三季營業額從前期22億零252萬9千令吉,成長3.94%至22億8千933萬8千令吉,惟首9個月營業額卻較前期73億零528萬3千令吉,下滑3.08%至70億8千零35萬3千令吉。

分析員:未將所有資產納入產託‧KLCC產託週息率或達6.3%

分析員:未將所有資產納入產託‧KLCC產託週息率或達6.3%
Created 11/28/2012 - 19:06

(吉隆坡28日訊)KLCC產業(KLCCP,5089,主板產業組)打造的“合訂"KLCC產業投資信托(KLCC REIT)雖有別於一般的產托股,但仍受分析員唱好,除了成為馬股規模最大的產托股,股息派發更顯得誘人,預計最高可捎來6.3%週息率,遠高於過往的3%以下。

不過,也有部份分析員感到失望,因為該公司沒有將旗下所有資產納入產托中,僅將3項100%持有的資產包含在內,即國油雙峰塔、國油第三大廈及埃克森美孚大廈。

股價復牌漲12仙

無論如何,受到上述利好消息激勵,KLCC產業股價今日復牌跳空開出,以全日最高6令吉開盤,漲42仙或7.53%,不過隨後漲勢逐漸收窄,閉市以5令吉70仙作收,起12仙。

KLCC產业重组计划受看好

KLCC產业重组计划受看好
(吉隆坡28日讯)市场人士看好,KLCC產业(KLCCP,5089,主板產业股)通过重组计划以成立全马首个合股式房產信託(Stapled REIT),將能更好地管理和释放资產价值,並赚取更多盈利与派发更多股息。

该股週二午盘时段宣佈暂停交易,而在週三恢復交易时,以全天最高的6.00令吉跳空开高,隨后逐步收窄涨幅,一度触及全天最低的5.65令吉,最终以5.70令吉掛收,全天上扬12仙或2.15%,成为全场第16大上升股。

黄氏星展唯高达研究分析员指出,KLCC產业决定通过重组计划,以成立房產信託,將派息额增加、带来节省税务成本、获得赚取盈利贡献,及避免陷入「控股公司折价」的好处。

Masterskill extends its losses in third quarter


Masterskill extends its losses in third quarter
In The Edge Financial Daily Today 2012
Written by Kamarul Anwar of theedgemalaysia.com  
Friday, 30 November 2012 10:36

S KUALA LUMPUR: Masterskill Education Group Bhd (MEGB) continued to suffer quarterly losses, with its third quarter (3Q) ended Sept 30, showing a net loss of RM7.65 million on a revenue of RM35.03 million.

For 2Q, the education institution group posted a net loss of RM4.85 million on a revenue of RM39.37 million. The 3Q loss brings MEGB’s net loss for the nine-month period to RM15.42 million.

In contrast, the group recorded a net profit of RM39.71 million for the previous corresponding period.

Olam flat despite insiders buying shares

Olam flat despite insiders buying shares
Olam’s shares will remain volatile, an analyst says; “this is a kind of exceptional situation, so the stock will be volatile. Not just over a couple of days, but over a couple of months.”

He adds the market is waiting for Olam’s promised next report on issues raised in Muddy Waters’ report; “once that comes out, we’d have the final, full response.”

He notes the stock is declining despite filings showing a couple of directors bought shares Thursday. “If insiders buy back shares, that’s positive,” he says, adding “if they can continue doing that, that would be a good thing.”

胡立阳:懂得善用信息才能钓到大鱼


胡立阳:懂得善用信息才能钓到大鱼
[导读]回顾过去二、三十年来,在世界各地演讲会中,我曾回答了投资朋友们所提出之各式各样的问题。现决定在此专栏中择其精华,与网友们分享当时我的小小研究心得,也希望能继续得到大家的支持与鼓励。

问:我的理财顾问建议我每天都要看些专业媒体报导,这样才能知道该买些什么。但我试过一段时间之后就放弃了,因为跟着利多跑,总是接到最后一棒,很容易变成帮别人抬轿子的轿夫吧?

胡:问的真好!现在,就让我来跟你分享一个投资小秘密吧。过去,在网络还不发达的那个年代,我们公司曾有一位客户,每天都捧着四、五份财经专业报纸仔细研读,并且还会认真去做笔记,厚厚一本的日记本,里面记下了密密麻麻的重点新闻。当时的我还只是个华尔街的新兵,对他的研究精神虽然感到佩服,但内心不免感到存疑,他是太闲了吗?任何新闻只要上报,不已经是人尽皆知,还有钱可以赚吗?特别是,当时行情低迷,连我也认为,看再多的信息也没有用啊!

PhillipCapital Weekly Market Watch 19.11.2012


SGX: Olam's Disclosure Record is Clean


Warren Buffett Calls for Minimum Tax on the Wealthy


Lion Industries Corp - Not a Roaring Start

Lion Industries Corp -
Price Target : 1.14
Last Price : 0.93
Not a Roaring Start

We  are  calm  despite  Lion  Industries  (LICB)'s net  loss  of  RM25.9m  for  1QFY13, which was mainly attributed to paper write-downs on investments. As the group's steel  division  saw  a  slightly  deeper  loss  due  to  price/cost  mismatch  and  it received  a  smaller  contribution  from  its  associate  Parkson  and  the  St.  Mary project, overall it posted a core net loss of RM3.4m. Moving forward, we expect itsnon-core businesses to continue to support group results as the improvements in its  steel  unit  may  not  be  significant.  We  make  no  change  to  our  estimates  and maintain our NEUTRAL call, keeping our FV at RM1.14.

UNI-ASIA FINANCE: Confident Of A Sustainable Turnaround


UNI-ASIA FINANCE: Confident Of A Sustainable Turnaround

Written by Leong Chan Teik

uni-asia-profittrack11.12

THE PROFITABILITY of Uni-Asia Finance Corporation ranged between US$7.9-10.4 million prior to the 2008 outbreak of the Global Financial Crisis.

Why Warren Buffett's Relaxed About the Fiscal Cliff


The Oracle Excerpts: Buffet on Dimon, Fiscal Cliff


羅傑斯操盤7大心法


羅傑斯操盤7大心法
Created 11/26/2012 - 11:50
投資市場的瞬息萬變,近幾年投資者的感受特別明顯。從美國經濟不振、歐債問題未解,到金磚褪色來看,市場上已沒幾個好消息值得慶祝。

“商品投資大師"羅傑斯(Jim Rogers)並非悲觀主義者,藉由現況分析,卻同樣認為“未來幾年的經濟不會太好"。

這樣看衰未來的論調一出,想必讓許多投資者又將大失信心。但對於著眼長線趨勢、專注“趨勢財"的羅傑斯來說,似乎沒有太大影響。

Jadi Imaging: 3Q12 Reverted to Losses (TA)

Jadi Imaging Holdings Berhad
Last traded: RM0.125
TP: RM0.11(-12%)
3Q12 Reverted to Losses

Review
_ Jadi Imaging’s (Jadi) 3Q results slipped into losses after a temporary turnaround in 2Q. The cumulative 9M12 total profit came in below our expectations at 42.8% of our full-year projections. We attribute the variance to higher-than-expected raw material cost that pushed down EBITDA margin to 9.3% vs. our average full-year assumptions of 13.8%.

_ 3Q12 net loss stood at RM139k, reducing the cumulative 9M core profit to RM567k. The dismay 9M performance was underpinned by: 1) 14.7% decline in revenue due to weak domestic and overseas sales of black and colour toners; and 2) margin contraction of 9% at PBT level as a result of higher raw material costs.

Billionaire Lim Unmasked as Pavilion REIT Outpaces Malaysia IPOs


Billionaire Lim Unmasked as Pavilion REIT Outpaces Malaysia IPOs
By Netty Ismail - 2012-11-21

Desmond Lim Siew Choon became a billionaire developing a high-end retail mall and an office tower in Kuala Lumpur, wooing Middle Eastern investors and listing the properties as a real estate investment trust.

The 52-year-old chairman of Pavilion Real Estate Investment Trust (PREIT), Malaysia’s second-biggest property trust by market value, is worth at least $1 billion, according to the Bloomberg Billionaires Index. Lim and his wife, Tan Kewi Yong, own 38 percent of the Kuala Lumpur-based trust, whose shares have outpaced other companies that raised at least $50 million in an initial public offering in Malaysia in the past 12 months.

Risin

CapitaMall Trust:Raise capital via private placement (DMG)


CapitaMall Trust:
Price S$2.110
Previous S$2.360
Raise capital via private placement

Raised S$250m by placing 125m new units. CapitaMall Trust (CMT) just announced that it has successfully placed 125m new units through a private placement at an issue price of S$2.00 per new unit, a discount of 4.8% from the weighted average price of S$2.10, raising gross proceeds of S$250m. The number of shares placed is higher than the previously proposed of 100.5m units due to oversubscription. According to management, 98-99% of the gross proceeds will be primarily used to finance capital expenditure and AEIs of CMT properties, refinance existing debts and working capital. The remaining 1-2% of the gross proceeds will be used to pay for the estimated fees and expenses, including professional fees and expenses incurred in this placement.

KNM :Sustained 9M12 earnings delivery (TA)


KNM Group Berhad
Last Traded: RM0.48
TP: RM0.95 (+98%)
Sustained 9M12 earnings delivery

Review
_ KNM reported 9M12 net profit of RM108.2mn which was more than threefold of what it achieved in the preceding year. Core net profit of RM97.5mn is within our expectations, accounting for 74% of our full-year estimates but however, came in significantly above consensus expectations (118%).

_ The strong bottomline in 3Q12 of RM39.4mn (+16% QoQ, >100% YoY) is due to higher revenue (+4% QoQ, +37% YoY), and solid operating margin of 6% which marks a turnaround from operating losses in 3Q11. Bottomline was further boosted by increased tax credits of RM32.2mn (2Q12: 21.2mn). Nevertheless, 3Q12 pretax profits also improved (+5% QoQ, >100% YoY) despite flat sequential margin due to an enlarged revenue base.

YTL Power : No Major Negatives (MIB)


YTL Power International
Buy(unchanged)
Share price: MYR1.53
Target price: MYR2.20 (unchanged)
No Major Negatives

In line; maintain BUY. 1QFY6/13 net profit of MYR253m (-38% QoQ, +3% YoY) represent 23% of our and 20% of consensus full-year forecasts. A first DPS of 0.94sen was announced as expected, half of the previous year’s amount. Post the recent share price correction (- 14% YTD), YTLP’s implied net yield is now c.3%, while FY13 P/BV multiple, at 1.1x, is at its trough. Our target price is DCF-based which implies 16.7x FY13 PER.

Contraction in utilities earnings. Revenue at the Malaysian power plants declined 4% YoY due to plant maintenance. This in turn led to a 41% fall in pre-tax profit. At Singapore, Power Seraya’s pre-tax profit contracted 6% YoY, as higher fuel costs more than offset the impact of higher sales volumes. Wessex’s pre-tax profit also declined, due to a combination of cost inflation and higher depreciation.

曾淵滄博士-股市资讯专栏 23.11.2012


曾渊沧博士专栏
文: 曾渊沧博士 2012年11月23日 曾渊沧博士专栏
美国股市在总统大选结束后的第一天,一点也不给奥巴马面子,道指居然狂跌312点,新加坡与香港股市也跟着大跌。美股下跌的导火线,是评级机构惠誉说,如果美国总统与国会之间无法解决财政悬崖的问题,会把美国AAA的评级向下调。于是,整个华尔街就把焦点集中于这个所谓财政悬崖的问题。

究竟财政悬崖是什么东西?简单的说,是奥巴马的财政政策得不到共和党支持,奥巴马要向富豪征收非常高的税,而共和党议员反对,如果大家都不妥协,便一拍两散。美国总统提交给国会的财政预算案不能通过,那就等于大家一起跳下悬崖。奥巴马会跳吗?我相信不会。

颜子伟: 年尾涨升即将到来?财政悬崖解决将会迎来2013年牛市?

年尾涨升即将到来?财政悬崖解决将会迎来2013年牛市?
文: 颜子伟 (译:麦美莹) 2012年11月23日 展望
由于众人的目光都聚焦于美国财政悬崖(fiscal cliff)问题,因此投资者在过分担忧及悲观的情况下,都不奢望升势的到来,有些连想都不敢多想。虽然中东局势确实令人有点心烦意乱,但它不应该是市场走低的理由。至于希腊,它一直以来都是“捣乱者”,当欧盟延后发放援助金来协助它偿还下一轮即将到期的债务时,它继续令投资者担惊受怕。

上述谈到的三个焦虑中,我们可以大胆地说,中东局势是最不用我们担心的,而且已经有人出来呼吁双方停火,经验丰富的投资者对这些偶尔发生的争执已习以为常。至于希腊问题,相信也会很快得到解决,只不过希腊得任由欧盟官员摆布。可是,投资者对财政悬崖生畏,不是因为担心美国政府没有能力化解。它已经不是一个可以或不可以获得解决的问题,而是他们何时才愿意把这个很大的疑虑消除。

特艺国际为未来增长建议把产业部门独立上市及向缅甸进军


特艺国际为未来增长建议把产业部门独立上市及向缅甸进军
文: 王秋莹 (译:麦美莹) 2012年11月23日 企业摘要
从一家电气承包商而演变为一家备受赏识的工程及综合房地产集团,特艺国际(TEE International)这些年来实在取得巨大的进展。公司今年的股价稳步上扬,并在11月14日升至0.35元的三年来高位,比2011年12月30日的0.23元收盘价增加了52.2%,尽管经济回落及环球市场前景不稳定的消息不绝于耳。

用“稳扎稳打”来形容公司的进展可算是最合适不过,因为公司的稳定表现绝非侥幸,而是多年来在技术方面慢慢筑起的基石,以及向区域(如泰国、马来西亚、菲律宾、柬埔寨、文莱、越南及中国)扩张的成果。公司在过去几年一直交出不错的成绩单,从FY08至FY12的年复合增长率为28.5%,而FY11的收入更取得历史高位,因为受到工程及房地产两个增长引擎的推动。

The iCapital.Biz Saga De-Mystified


21 NOVEMBER 2012
The iCapital.Biz Saga De-Mystified

By Michael Tee

iCapital.Biz (SYM:5108) has been in the spotlight for two reasons lately, one for its fund manager, namely Capital Dynamics Asset Management; receiving approval from the Securities Commission (SC), to apply for a dual-listed global fund. The second and of more interest to investors, is a boardroom tussle involving the founder of the fund, namely Tan Teng Boo; together with Laxey Partners Limited from the U.K. which recently raised its shareholding in the fund to 6.9 percent, making it the single largest shareholder of the fund.

The story began when Andrew Pegge, the co-founder of Laxey Partners was nominated to be a director of the company together with Lo Kok Kee and Low Nyap Heng. The nomination was by Evelyn Ho Lai Ming, a shareholder who holds 50,000 shares in the company. It is understood that Laxey, which has a track record of buying into funds that trade at a discount to their NAV, had earlier sent a letter to shareholders of iCapital.biz urging them to vote against the appointment of the current board and instead vote for Pegge, Lo and Low as it had lost confidence in the ability of the present board to narrow what it argued was a growing discount between its share price and NAV.

General election will be benchmark for investor appetite, uncertainty drives selling out


The Star Online > Business
Wednesday November 28, 2012
General election will be benchmark for investor appetite, uncertainty drives selling out

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

KUALA LUMPUR: The outcome of the upcoming general election (GE) will set the benchmark to determine the level of investor appetite, which is currently suppressed, according to Eastspring Investments Bhd chief investment officer-equities Yvonne Tan.

“Due to this uncertainty, we are already seeing some selling out mainly by local institutions but foreign investment inflows are actually quite steady.

MAS posts profit, unveils plans to raise RM3.1bil via rights issue

The Star Online > Business
Wednesday November 28, 2012
MAS posts profit, unveils plans to raise RM3.1bil via rights issue

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

<B>AHMAD JAUHARI:</B> "We are beginning to see the results of our hard work."

AHMAD JAUHARI: "We are beginning to see the results of our hard work."

PETALING JAYA: As Malaysia Airlines (MAS) returns its first net profit of RM37mil for the July-September period after six consecutive quarters of losses, it announces plans to raise RM3.1bil via a rights issue and reduce its par value per share from RM1 to 90 sen next year.

KLCC Property to form stapled REIT


The Star Online > Business
Wednesday November 28, 2012
KLCC Property to form stapled REIT

PETALING JAYA: KLCC Property Holdings Bhd (KLCCP) will be restructuring to form a stapled real estate investment trust (REIT) known as KLCCP Stapled Group that will ultimately end up with its shareholders owning shares and units in both KLCCP and KLCC REIT respectively.

The KLCC REIT would be listed on the Main Market of Bursa Malaysia and its units would be distributed to shareholders and “stapled” to the KLCCP shares that these shareholders owned on a one-for-one basis, the company said in a filing with the stock exchange.

谁来给中国股市止血?

谁来给中国股市止血?
BWCHINESE中文网 作者:谭浩俊 2012-11-27

作者谭浩俊撰文:凡是上市后资金没有用于正道、企业业绩变脸的企业,大多在解禁以后,立即就出现大股东和高管迅速减持、大幅减持的行为,使股市流血不止。

一边是资金极度匮乏,管理层被迫采取各种措施,为股市输血,为股市增加拓宽入市资金渠道,以改变股市的“熊样”;一边是减持规模越来越大、速度越来越快、频率越来越高,导致股市失血不止,仅今年以来减持的资金就已超过了500亿元。

虽然减持是股市正常的操作行为,也符合相关规定。但是,中国股市从来就没有真正的规矩可言。从表面看,减持是合法、规范的,但与减持相关的行为却往往是不合法、不合规、不规范的。

击穿2000点,中国股民快崩溃了!

击穿2000点,中国股民快崩溃了!
 作者:BWCHINESE中文网专栏作家 邱 林

大多数中国股民,往往被弥漫在全国上下每一寸空气中的财富故事,而且是爆发式的、迅速致富的故事深深打动了,但如今,他们却被股市深深地灼痛了。

BWCHINESE中文网讯,中国股市真是一步一惊心,股市的跌跌不休让股民颇受煎熬。11月26日,上证综指收于2018.16点时,市场观察人士称,如果再没有利好消息支撑,今后一段时间,上证综指跌至2000点或者2000点以下也不会令人吃惊。

该预测被言中了。昨(27)日,上证综指击穿2000点,收于1991.17点,下跌26.29点。

2000点意义重大。在部分股民看来,如果跌破这一整数关口,就意味着股指将重回“1”时代,其下行空间将被完全打开,且再次上行阻力将增大。因此,一旦跌破2000点,就可能伴随较多的技术性恐慌杀跌盘。

外国投资者难拒诱惑欲抄底中国股市


外国投资者难拒诱惑欲抄底中国股市
BWCHINESE中文网 2012-11-28

在五年前,中国股市是全球最贵的市场之一,现在已经和韩国一样便宜是亚洲最便宜的市场之一。外国投资者似乎担心错过股市复苏的机会。

BWCHINESE中文网讯,目前外国投资者已经开始重构其中国股权投资组合,力争通过现有低估值时期寻求抄底机会。这些外国投资者认为,中国股市在历经两年的疲软表现后,在如今经济增速企稳信号渐显的大背景下有望反弹。

根据一项统计数据显示,单单在过去两个月里,这些外国投资者就向中国股市基金注入了近40亿美元的资金,希望能够及早入市获得更大的、可持续性的回报。

Olam CEO Rebuffs Muddy Waters at Press Conference


Olam-shares-fall-despite-rebuttal-of-Muddy-Waters-report


Olam's Message to Muddy Waters


Why Investors Are Wary of Short-Seller Reports


Lenovo Gaining Ground on Apple, Samsung in China


Breakingviews: China's 'broken' stock markets


鄧澤堂: 羅傑斯看好之藥業股

《創富激發點》 鄧澤堂: 羅傑斯看好之藥業股

鄧澤堂: 人保投資收益比中人壽好

《創富激發點》 鄧澤堂: 人保投資收益比中人壽好

The State of Japan's Economy


Investment Strategy: Keep It Simple!


Are Banks Saving For a Rainy Day?


黃金重新站回季線,依然是多頭格局?

2012-1126-57金錢爆(奪命金---非一般陳冲作品)4-4

China Likely to See Signs of Recovery: Pro


人保获逾两万散户认购成香港今年最热新股


证监会:进一步放宽QFII和RQFII额度


Hong Kong Expects Biggest IPO Pricing This Year


How to Play Research In Motion


Facebook Volatility Hits Lowest Level Since IPO


Friday, November 30, 2012

CIMB upgrades Golden Agri to Outperform, Trims target


CIMB upgrades Golden Agri to Outperform, Trims target

CIMB upgrades Golden Agri to Outperform from Trading Buy. “It is a good play on the theme of CPO price recovery given its strong liquidity and high earnings exposure to the plantations business.”

The house cuts its 2012-14 CPO price forecasts by 7%-9% to US$960-US$1,000/ton ($1,172-$1,221/ton) on US soybean crops’ recent upgrade and the fading El Nino.

But it still expects CPO prices will recover on slower output growth and improving demand, forecasting spot CPO prices to rise by 23% from the current US$780/ton to a 2013 average US$960/ton, although the timing may be delayed from its previous end-2012 to 1Q13 projection if demand stays soft on global economic uncertainty or supply exceeds its forecasts.

CIMB upgrades Wilmar to Outperform, Ups target 10.8%

CIMB upgrades Wilmar to Outperform, Ups target 10.8%

CIMB upgrades Wilmar to Outperform from Neutral, expecting the stock to re-rate on its undemanding valuations and an improving crushing margin in 2013. It estimates the stock trades at only 1.2x FY12 P/BV, a 40% discount to its three-year average of 2.1x, which doesn’t price in Wilmar’s strong distribution channel and integrated business model, it says.

Wilmar’s recent share buybacks and major shareholders’ share purchases suggest the stock may have bottomed, while the stock’s poor showing this year is an overreaction to its poor earnings visibility, CIMB says.

The current high palm-oil inventory situation has shifted bargaining power from planters to refiners, benefiting Wilmar’s refining business, which accounts for around 30% of the company’s earnings, it says, noting the refineries are enjoying high utilisation rates and attractive raw-material costs.

納吉:通過轉型計劃‧馬航2014年料恢復盈利

納吉:通過轉型計劃‧馬航2014年料恢復盈利
Created 11/29/2012 - 20:11
(吉隆坡29日訊)財政部長兼首相拿督斯里納吉指出,馬航在通過各種轉型計劃下,有望於2014年重新恢復財務狀況。

他以書面回答伊斯蘭黨沙阿南區國會議員卡立沙末的問題時表示,根據2011年至今年第二季財務業績報告顯示,馬航努力加強其資產負債表(Balance Sheet),以融資購買新飛機,是該公司轉型戰略的關鍵因素。

他透露,馬航在現階段著重飛機更換計劃,以達致增加生產及減少行政費用的目標。

“馬航從今年7月1日起推出以空中巴士A380長途飛行服務,以恢復乘客的信心。"

融資成本高‧馬帕斯首季虧損惡化


融資成本高‧馬帕斯首季虧損惡化
Created 11/30/2012 - 10:40
(吉隆坡29日訊)歸咎於融資成本高企,馬帕斯(MPCORP,6548,主板產業組)截至2012年9月30日止,首季淨虧損從前期282萬7千令吉,擴大至528萬8千令吉。

首季營業額也挫跌2.36%至310萬8千令吉。

該公司發文告指出,產業投資仍是主要的收益來源,不過受到租用率走低影響,營業額跟著走低。

Political risks have been overplayed

Political risks have been overplayed
Personal Finance

Written by Esther Lee of theedgemalaysia.com  
Thursday, 29 November 2012 00:00

THE average daily trading volume has shrunk substantially in recent months, a reflection of the cautious sentiment in the local market, even though the benchmark FBM KLCI has been hitting new heights. The perceived rising political risk due to the impending general election has deterred investors from being aggressive on equity investments.

However, Phillip Capital Management Sdn Bhd chief investment officer Ang Kok Heng, a seasoned fund manager who has spent 30 years in the asset management industry, does not agree with this sentiment.

CIMB Research downgrades Singapore to Neutral from Overweight


CIMB Research downgrades Singapore to Neutral from Overweight
Business & Markets 2012

Written by theedgemalaysia.com  
Friday, 30 November 2012 09:06

KUALA LUMPUR (Nov 30): CIMB Research has downgraded Singapore to Neutral from Overweight as its 2012 outperformance, lack of earnings growth and restructuring-induced cost pressures act as headwinds for further performance.

In a report Nov 29, the research house said its 3,316 (bottom-up) end-CY13 FSSTI target was unchanged, adding that it implied 13.2 times P/E.

MAS rebounds 7.4% after tumbling 20% to all-time low

Hot Stock MAS rebounds 7.4% after tumbling 20% to all-time low
Business & Markets 2012

Written by Cindy Yeap of theedgemalaysia.com  
Friday, 30 November 2012 12:10

KUALA LUMPUR (Nov 30): MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) rose as much as six sen or 7.4% to 87 sen mid-morning Friday as some traders picked-up the stock that tumbled 20% after the company announced plans for a third billion-ringgit cash call in five years on Tuesday.

At 11.21am, MAS was up four sen or 4.9% at 85 sen with over 11.7 million shares changing hands between 81 sen and 87 sen.

How MAS aims to become profitable


The Star Online > Business
Friday November 30, 2012
How MAS aims to become profitable

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

KUALA LUMPUR: Malaysia Airlines is targeting a 10% rise in revenue per available seat kilometer (RASK) or a two sen increase from now until 2014 that would translate in a profit margin of RM1bil, said its group chief executive officer Ahmad Jauhari Yahya.

It also plans to reduce its cost per available seat kilometer (CASK) by three sen to bring it to 20 sen. There is a mismatch in the amount MAS earns and spends and the reduction in cost will balance the earnings and spending. MAS RASK is at 19.5 sen and CASK is 23 sen now. Singapore Airlines' RASK is 27 sen.

大選前轉“逢高賣出"‧馬股投資宜抗跌


大選前轉“逢高賣出"‧馬股投資宜抗跌
Created 11/29/2012 - 17:45

(吉隆坡29日訊)隨著第十三屆全國大選日益逼近,預料市場在短期里較傾向保守抗禦投資策略,已經從之前的“逢跌買進"轉向“逢高賣出",料使馬股未來數月走勢看跌走低。

大馬研究認為,大馬全國大選結果的不明朗因素,加上市場趨向避險策略,使基金經理在重組投資組合時,減少投資股票的比重。

該行認為,預料國陣將會在大選中再次掌權,若是國陣今次在大選獲得較弱成績,將使市場感到失望,不過,預料馬股並不會重演308大選後的反應,即綜指在首個交易日就崩潰9.5%,因為今次馬股在大選前已經往下調整。

A股瀉不停 官媒憂「溫水煮蛙」

A股瀉不停 官媒憂「溫水煮蛙」
人民銀行連續四周淨回籠資金,同時市傳中證監、基金、券商等正討論調低券商佣金,包括國金證券等多隻券商股跌停板,投資者信心進一步受創,滬綜指急速插水,再度刷新○九年一月中來低位。投資者對距離年底僅剩五個交易周不抱希望,連官方媒體昨日也發表文章稱,未來大市可能出現令人難受的「溫水煮蛙」式下跌,A股幾可確定今年將「熊霸」全球主要市場。

券商板塊急跌近6%
官方媒體文章直指,隨着滬綜指在2,000點下愈走愈遠,股市悲觀情緒蔓延,對投資者而言,漫長熊市的煎熬,痛苦更甚於股市的快速下跌,但投資者在經過近年的起伏後愈加「淡定」,預期未來市場不會出現崩盤式下跌,有可能是更為令人難受的「溫水煮蛙」。

中遠太平洋轟瑞銀閉門造車


中遠太平洋轟瑞銀閉門造車
http://paper.wenweipo.com   [2012-11-30]  

 香港文匯報訊(記者 涂若奔)瑞銀早前發表報告唱淡中遠太平洋(1199)前景,導致其股價大跌。公司董事副總經理黃天祐昨日予以回擊,稱有關說法「穿鑿附會、閉門造車」,稱公司上半年經營理想,預計第四季亦將表現穩健,有信心2010年全年的盈利處於穩定狀態。

 黃天祐昨日出席股東會後表示,公司的財務和經營狀況一向透明度很高,此前曾與總共25間公司的分析員討論過業務狀況,其中24間都給予正面評價。對於唯一唱淡的瑞銀分析員,黃天祐語帶嘲諷地說,「我就不相信眾人皆醉他獨醒」。他承認,瑞銀報告發表後,令公司股價出現很大降幅,但強調「這不等於你(指瑞銀)就是對的」。

中国“股市悬崖”究竟有多悬?


中国“股市悬崖”究竟有多悬?
作者:BWCHINESE中文网专栏作家 邱 林
中国式“股市悬崖”却越来越悬,让股民看不到希望。

在现有的财经新闻中,有两个热词引人关注,一个是美国的“财政悬崖”,另一个则是中国的“股市悬崖”。前者在美国民主、共和两党的博弈或妥协中,或许能找到解决问题的办法,而中国式“股市悬崖”却越来越悬,让股民看不到希望。

中国股市何时走出困境,官方至今没有一个明确的说法。

眼下,中国股市严重缺乏生气,市场情绪是一落千丈。自2007年以来,股市已缩水60%,现在它再次跌至3年半来的新低,并且似乎没有什么东西可以使其冲破这个一成不变的颓势。股市在今年9月初到10月初之间上扬了5%。但是,这次上扬迅速“落败”,至今未见好转。

削資90仙‧股價跌25年新低‧每股盈利減半‧馬航評級下調


削資90仙‧股價跌25年新低‧每股盈利減半‧馬航評級下調
Created 11/28/2012 - 17:45

(吉隆坡28日訊)馬航(MAS,3786,主板貿服組)在剛宣佈轉虧盈利之際,展開削資和龐大附加股計劃,令市場深感驚訝,由於其盈利將被沖淡60%,令不少分析員因此下調該公司評級,股價也應聲急挫20.8%或21仙,寫1987年來的25年新低。

料2配3發附加股
每股售價60仙

為了增強資產負債表,馬航建議削資及發售附加股。削資是配合其附加股計劃,因為其股價接近面值,削減面值90仙將可抵消30億令吉的累積虧損。

REIT plan lifts KLCC to 4-month high

REIT plan lifts KLCC to 4-month high

2012/11/28

KUALA LUMPUR: KLCC Property Holdings Bhd, Malaysia’s third-biggest developer by market value, surged the most in four months after announcing plans to buy the rest of Kuala Lumpur’s 88-floor twin towers it doesn’t already own and form a stapled real estate investment trust.

Its shares jumped as much as 7.5 per cent to 6 ringgit, the biggest intraday increase since July 10, before paring gains to 6 ringgit as of 10:28 a.m. in Kuala Lumpur trading. The stock has rallied 85 per cent this year, the second-biggest gainer on the FTSE Bursa Malaysia Top 100 Index.

MAS : Continued Losses and Need More Funds (HLG)


MAS .
Price Target: RM0.88
Share price: RM1.01

Results
In Line – Reported 3Q12 core net loss at RM111m and 9M12 of RM654.4m vs HLIB’s full year FY12 estimates of RM740.2m loss and consensus’s RM764.5m loss.

Highlights
3Q12 revenue was down by 6.0% yoy on capacity rationalization, but showed quarterly improvements with overall revenue increased by 5.2% qoq, due to higher traffic, improved load factor as well as higher surcharges realized, offsetting lower passenger yields (see figure #3).

AmanahRaya REIT : Flattish Sequential Growth (MIB)

AmanahRaya REIT
Hold (unchanged)
Share price: MYR0.93
Target price: MYR0.95 (from MYR0.91)
Flattish Sequential Growth

Maintain HOLD. ARREIT’s 9M12 results were within our expectations but slightly below consensus estimates. We remain cautious on the sustainability of its rental income as the Silver Bird non-payment issue remains unresolved, and the lease agreement for Wisma Amanahraya will expire in Jul 2013. New acquisitions will be crucial to sustain its earnings growth. Our DCF-based TP is raised to MYR0.95 as we roll over our valuation base to 2014.

Landmarks : Riding the Bintan upswing (DBSV)


Landmarks Berhad
BUY RM1.01
Price Target : 12-Month RM 2.45
Riding the Bintan upswing

• Booked RM5.5m losses in 3Q12, taking 9M12 to RM10.3m losses, larger than we expected
• Refurbishment work at The Andaman to be completed next month; Phase 1 Treasure Bay to open in 2013
• We adjusted for larger losses for FY12 after accounting for higher costs for The Andaman
• Maintain BUY rating, RM2.45 TP is pegged to 30% discount to FY12F BV; earnings irrelevant for now

Highlights
Weak earnings. Landmarks recorded RM10.3m losses for 9M12, against our estimate of only RM1.3m loss. The weak result was due to higher costs related to renovation and refurbishment works at The Andaman. Despite the renovation  works disrupting hotel operations, occupancy and revenue per available room at the hotel improved by 12% and 8%, respectively.

Coastal Contracts - 3Q12 misses expectations


Coastal Contracts -
Price Target : 2.24
Last Price : 1.89
3Q12 misses expectations
Period    3Q12/9M12

Actual vs. Expectations   3Q12 net profit of RM30.5m brought 9M12 net profit to RM90.2m, which only accounted for 60.1% of our fullyear net profit estimate (RM148.4m) and 62% of consensus earnings (RM145.8m).

 The variance to our numbers was mainly due to the lower-than-expected margins on the vessel deliveries in the quarter, which were unable to offset the detrimental effect of the low-margin deliveries recorded in 1Q12.

Carriers lost all the Nov hikes (CIMB)

 Carriers lost all the Nov hikes
The initial success of the Asia-Europe November rate hikes provided a glimmer of hope that the market will start to recover, but sadly, rates have faltered since and carriers are back to square one. Transpacific rates also fell, the seventh consecutive week of declines.

 It was a good week for the bulk market and also for VLCC tanker rates, which continued its surprising uptrend. We remain Neutral on shipping with OOIL and SITC, both Outperforms, as our top picks. We have Underperform calls on NOL, CSCL and STX Pan Ocean.

HOSPITALITY S-REIT: Arrival growth moderating (CIMB)

12. HOSPITALITY
12.1 Arrival growth moderating
After a strong first eight months of the year, the tourism industry saw a marked slowdown in Sep. Tracking Changi Airport passenger movements as an indicator of tourist arrivals, yoy growth in passenger traffic slowed to 5% in Sep after growing by a strong 10% from Jan to Aug. This led to broad-based occupancy and RevPAR declines across all hotel tiers. Weakening in momentum was traced to a last-minute cancellation of some conferences/corporate events and, anecdotally, some pull-back in Chinese tourist arrivals amidst a deceleration of growth in China.

INDUSTRIAL S-REIT: More gradual slowdown (CIMB)


11. INDUSTRIAL
11.1 More gradual slowdown
Industrial assets have been among the best-performing sectors in 2012, with rentals up 6% YTD and vacancy of 10% for multi-tenanted factories among the lowest since 3Q08. We believe that the relatively strong performance for the industrial asset class despite signs of weakening manufacturing indicators had been spurred mainly by a more gradual slowdown (compared to sharper pull-backs in demand during past recessions) and stronger performances from certain non-tech manufacturing sectors. Many companies had also encountered resource constraints after the quick turnaround during the last global financial crisis and could be less willing to downsize without expectations of a significant correction. These, coupled with the combination of longer leases and low occupancy cost (c.10%) for industrial leases, could explain the relatively strong performance so far for industrial assets.

RETAIL S-REIT: Strong support for suburban retail (CIMB)

10. RETAIL
10.1 Strong support for suburban retail
Although there have been moderating trends due to declines in discretionary sectors like watches and jewellery, retail sales (ex. motor vehicles) have held up well with 2% growth YTD. August retail sales (ex. motor vehicles) in fact rose 2.7% yoy, reversing the yoy decline in Jul. We expect the domestically-driven retail sub-sector to be fairly sheltered from external headwinds and sustain growth in 2013. Particularly, net job gains have continued to surprise YTD, nudging the seasonally-adjusted unemployment rate lower. With full employment and a tight labour market stemming from supply-side constraints, we expect tenants to be able to pass on some cost increases (from inflation and labour costs), auguring positively for retail rents. With continued strength in sectors like F&B, supermarket and apparel & footwear and weakening trends in discretionary spending (like luxury watches and jewellery), we expect suburban retail landlords to fare better.

OFFICE S-REIT: Bottoming in sight (CIMB)


9. OFFICE
9.1 Bottoming in sight
We continue to hold a contrarian view about an office bottoming, particularly with the pace of vacancy increases and rental declines moderating in 3Q12. Whilst headline improvements could be due to pre-commitments for newer premises (thus a double-counting of office space to be vacated), landlords have been proactive and enjoyed moderate success in back-filling. Nearly 90% of the 129k sq ft of space vacated by Citibank at Centennial Tower has reportedly been filled while vacated space at One George Street and China Square Central are also seeing take-ups. Most office REITs have also guided take-ups from a mix of new-to-market tenants and tenant relocations, many of which involved expansion. We expect vacancy rates to remain stable and peak in 2013.

S-REIT: It‟s getting “too hot” in here (CIMB)

It‟s getting “too hot” in here
We turn non-consensus Underweight on S-REITs. We find valuations un-compelling after the sector’s outperformance. Given rising valuations and low funding costs, we see risks from overpaying, riskier investments and capital-raising as pressure to grow intensifies.

Our picks are geared towards those with higher growth visibility from past AEIs/developments and less risk of expensive or riskier investments. We downgrade CCT and Suntec after their YTD outperformance and upgrade AREIT. Top picks are AREIT and MCT.

Far East Hospitality Trust: Growing its Singapore presence (DBSV)


Far East Hospitality Trust
BUY S$0.98
Price Target : 12-Month S$ 1.10

Growing its Singapore presence
• Proposed acquisition of Rendezvous Grand Hotel Singapore and accompanying retail wing
• A value accretive deal in our view with synergies to be extracted from an enlarged Singapore presence
• BUY, TP S$1.10 based on DCF

Proposed acquisition of Rendezvous Grand Hotel Singapore and accompanying retail wing. Recently refurbished and re-opened, the 298-room Rendezvous Grand Hotel Singapore is well located near the central commercial and cultural district in Bras Basah Road. This proposed acquisition will further deepen the trust’s already entrenched position as one of Singapore’s largest hotel owners. This deal will be keenly watched as this is the manager’s maiden deal post IPO and will be a gauge of their ability in driving synergies between this new hotel and its existing portfolio.

Ann Joo Resources - Value emerges


Ann Joo Resources -
Price Target : 1.91
Last Price : 1.33
Value emerges; trading at trough P/BV of 0.7x BUY

- Maintain BUY on Ann Joo, with a lower fair value of RM1.91/share (previously: RM2.25/share) as we switch our valuation method from P/E to P/BV. Our new fair value is derived after pegging a target P/BV of 0.9x on its FY13F BV of RM2.12/share. This values the stock at the lower end of its historical P/BV range of 0.7x-1.6x (average: 1.2x).

- Taking cue from the sharp steel industry downturn in 3Q12 and lower quarterly profits from Baosteel, we expect Ann Joo's upcoming 3QFY12 results ' (scheduled for release later this evening) to remain weak. There was also a fewer number of working days during the festive Ramadhan/Merdeka celebrations in August to consider.

Astro Malaysia: It's back! (CIMB)


Astro Malaysia
Current RM2.68
Target RM3.30
It's back!

 We are initiating coverage of ASEAN’s largest pay-TV operator, which trades 11% below its IPO price making valuations more attractive. A deal with Maxis Bhd to sell IPTV gives it access to 1.3m homes on day-1 and risks are overhyped as competitors cannot afford BPL football.

After a 2-year hiatus, Astro Malaysia has been relisted in its purest form, giving investors exposure to its core Malaysian earnings. We initiate coverage with an Outperform rating and DCF target price (8.1% WACC and 1% TGR). New IPTV products and a convergence of media platforms would catalyse the stock.

ASL MARINE: Stability amidst a weak overall market (ASL)

ASL MARINE HOLDINGS LTD
The company released their 1Q2013 results on 12 Nov 2012. Net profit edged up 14% YoY to S$9.7mil — despite the decline in shipbuilding revenue, the increase in revenue from the ship repair and conversion segment and the ship chartering segment which improved by 23.5% and 28.6% YoY respectively contributed to the net increase. Shipbuilding revenue declined by 7.5% YoY to S$43.4mil as most of the high value projects have yet to reach the 10% recognition mark.

The company rides on the uptrend in charter revenue with more charter contracts from the operation of 2 new AHTs and more time charter contracts, evident in the revenue increment registered in 1Q13 and the company’s outstanding order book of S$54mil in long-term ship chartering contracts. We would also expect the shipbuilding order books of ASL Marine to maintain at approximately S$573mil.

Malaysian Airline System: Financial support from Turus Pesawat (Alliance)

Malaysian Airline System
12-month upside potential  Target price 1.10
Current price (as at 20 Nov) 1.03
Financial support from Turus Pesawat

Yesterday, MAS announced that it has secured a master facility agreement with Turus Pesawat Sdn Bhd for a government-backed Bai’ Bithaman Ajil Islamic financing arrangement of up to RM5.311bn. The financing facilities will be utilised by MAS to finance the purchase of six A380-800, one A330-200F and one A330-300. While the government’s aid will ease MAS’ financial burden in the short-term, question remains on whether MAS can turnaround and be financially sound over the long-term. As such, we keep our NEUTRAL recommendation on MAS with an unchanged TP of RM1.10, based on 3-year average adjusted EV/EBITDAR of 7x.

CapitaMall Trust: Private placement raises SGD245.8mn (Nomura)


CapitaMall Trust
Target price Reduced from 2.01
SGD 1.98 Closing price November 21, 2012 SGD 2.11
Private placement raises SGD245.8mn

Action: Reduce; private placement raises SGD245.8mn
The manager has priced a private placement of 125mn new units (3.8% of outstanding units) at SGD2/unit and raised SGD245.8mn in net proceeds. Following the placement, we estimate its gearing will reduce from 37.7% to 35.1%. The new units are expected to be issued on 30 November. We believe that the proceeds could be deployed in the following ways:

YTL Power : More challenging outlook (DBSV)


YTL Power
HOLD RM1.53
Price Target : 12-Month RM 1.70 (Prev RM 1.90)
More challenging outlook

• 1QFY13 result was within our and market expectations
• PBT grew 6% led by smaller losses at YES
• Longer term catalysts would be securing a power plant contract in Malaysia and further acquisitions
• Maintain HOLD rating; nudged down TP to RM1.70 after imputing higher risk premium

Highlights
Weaker performance at key divisions. PBT contribution from PowerSeraya and Wessex Water fell 6% and 18% y-o-y due to higher fuel costs at PowerSeraya and larger depreciation charge at Wessex. Malaysian power division PBT fell 41% due to scheduled plant maintenance shutdown.

AirAsia : Dragged by higher deferred tax (DBSV)


AirAsia
HOLD RM2.86
Price Target : 12-month RM 2.90
Dragged by higher deferred tax

3Q12 pretax profit within our estimate but below consensus
Cut FY12F earnings by 10% after imputing higher deferred tax
Maintain HOLD call and RM2.90 TP. Malaysian aviation sector will see more competition next year

Highlights
Below consensus. 3Q12 net profit of RM99.7m (excluding RM58.1m forex gains) takes 9M12 profit to RM317m, below our and consensus expectations. However, 9M12 PBT of RM528m (excluding one-off RM1.2bn gain on disposal and fair value of interest in Thai AirAsia) was in line at 70% of our full-year estimate, but below consensus expectations. We expect a seasonally stronger 4Q12. Revenue grew 10% y-o-y to RM1bn as AirAsia registered 77% load factor in 3Q12 (same as 3Q11) on the back of a 9% increase in ASK and 7% increase in average fare.

Olam CEO Says Takeover Is 'Technically Possible'


Olam CEO Says Takeover Is 'Technically Possible'
Published: Wednesday, 28 Nov 2012

A takeover of Singapore listed agribusiness firm Olam International – which is fending off attacks on its accounting methods and questions over its debt from short-seller Muddy Waters – is "technically possible," CEO Sunny Verghese told CNBC on Thursday.

"While technically, a takeover of Olam [OLAM.SI  1.55     0.05  (+3.33%)   ] is possible, in a real practical sense...a hostile takeover is unlikely," Verghese told 'The Call' in an exclusive interview. Still, "this attack has put pressure on our various stakeholders, whether the bond holders or whether it is shareholders. We are delighted and grateful that they are by and large standing by us."

劉明康︰內銀基本符「巴3」要求

劉明康︰內銀基本符「巴3」要求
http://paper.wenweipo.com   [2012-11-30]

 香港文匯報訊(記者 馬子豪)新《巴賽爾資本協定3》將由明年1月1日起實施,外界關注年內備受壞帳威脅的內地銀行業能否過關。中銀監前主席劉明康昨表示,各內銀已經基本上符合新要求;又指中央會進行稅制及財政改革,以減低銀行在地方政府融資平台風險,減低壞帳威脅。

 劉明康昨出席一論壇時表示,內銀整體不良貸款率處於1.6%水平,仍屬於可控的程度;雖然部分外向型行業如鋼材業的不良貸款情況較差,但因應美國經濟復甦緩慢、歐洲經濟出現負增長等影響,面臨壞帳的情況可以理解。
利率市場化可加強風險管理

周大福中期少賺三成


【對冲損手】

周大福(1929)上市近一周年,公司公佈截至9月底止中期業績,純利跌32%至18.25億元。如扣除黃金對冲的賬面損失,其EBITA按年跌約12%,接近市場預期上限。公司宣佈更改黃金對冲政策,由以前的100%調低至70%,主席鄭家純指這樣會「享受到金價升幅」。

將下調對冲比重
另一家珠寶股六福(590)亦已把黃金對冲比重,由40%降至15至20%。外資分析員認為,珠寶股現時傾向下調黃金的對冲比重,某程度上反映他們都看好金價,想享受存貨升值的好處:「間間都係咁,但咁做係有一定風險。不過周大福仲做70%,所以對毛利率影響唔會好大。」

曾淵滄專欄 30.11.12:香港抄新加坡模式

曾淵滄專欄:香港抄新加坡模式 - 曾淵滄

將軍澳土地招標,中標的是麗展(488)與另一公司合資的財團,麗展已很久沒有成功中標買地,如今也參與搶地的行動,有些不尋常。

之前另一些土地招標,中標價皆不低,可見地產商是很積極搶地,為甚麼地產商這麼熱烈買地?唯一的理由是,地產商估計將來可供應的土地很有限。

房委會建議,居屋白表免補地價買二手居屋的收入上限提高至4萬元,這大大的增加了需求,增加了有資格申請的人數,除了免補地價的收入上限定為4萬元外,相信將來新居屋也會以這個上限為標準。這麼一來,居屋就不再是低收入的人才能申請,而是許多中產者也有資格申請。很明顯,梁振英政府正在全面學習新加坡模式。

Olam shares stage mini rebound


Olam shares stage mini rebound
04:45 AM Nov 30, 2012

SINGAPORE - Olam International shares staged a mini recovery yesterday, with analysts and investors lending some support to the commodity trader's detailed defence of its business practices after short-seller Muddy Waters launched a scathing attack last week.

Olam shares ended the day 4 per cent higher at S$1.56. The price had fallen more than 10 per cent between Nov 20, the day after Muddy Waters' founder Carson Block made his initial comments about Olam, and Wednesday morning this week, just before Olam launched its detailed counter-attack.

In its report, Olam made a point-by-point rebuttal of the Muddy Waters allegations, saying its debt position, business strategies and accounting practices are sound and reiterating that the company is at no risk of collapse.

IGB 3Q profit falls 37% despite 29.6% increase in revenue


IGB 3Q profit falls 37% despite 29.6% increase in revenue
Business & Markets 2012
Written by Chua Kai Shen of theedgemalaysia.com  
Thursday, 29 November 2012 18:34

KUALA LUMPUR (Nov 29): IGB CORPORATION BHD [] posted a net profit of RM37.5 million, down 37%, for the third quarter (3Q) ended Sept 30, 2012.

IGB had previously posted a net profit of RM59.5 million for the corresponding quarter in 2011.

“The fall in profit was due to a one-off accrual during the current quarter of expenses of about RM28.7 million incurred in the listing of IGB REIT,” said IGB in a Bursa filing.

IGB’s revenue rose to RM241.2 million, up 29.6% from RM186.1 million previously.

9成A股下跌 未見底


9成A股下跌 未見底
滬綜指跌穿2,000點後未能企穩,投資者憂慮市場供給壓力加劇,同時政策面不明朗,滬深股市繼續「潛水」,兩市超過2,000隻股份下跌,拖累滬綜指收報1,973點,刷新四十六個月新低,深圳創業板指數更狠插至607點,為指數發布以來最低位。截至昨日收市,滬市A股平均市盈率已跌至10.67倍,估值水平甚至已低於○八年觸及1,664點時的13.27倍,然而市場信心潰散,分析員預期在投資者心理防線失守情況下,大市短線或將進一步尋底。

股東掟貨 創板新低
雖然首批上市創業板公司控股股東早前相繼發表「暫不減持」通告,但這個承諾未能束縛其他小股東。內地傳媒統計,在過去不到一個月,已有45家創業板公司股東減持,當中僅紅日藥業的兩名高層,半個月時間累計套現2,924.73萬元(人民幣‧下同),加上下個月是主板限售股解禁高峰期,僅中國重工、新華保險及山煤國際三家公司,涉及解禁股市值已超過600億元,令投資者對年底市場資金壓力更加憂心忡忡。

MISC 3Q net profit dips 2.36% to RM139.75m

MISC 3Q net profit dips 2.36% to RM139.75m
Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com  
Wednesday, 28 November 2012 14:38

KUALA LUMPUR (Nov 28): MISC BHD [] net profit for the third quarter ended Sept 30, 2012 slipped 2.36% to RM139.75 million from RM143.13 million a year earlier, due mainly to lower operating profit arising from provision for higher than expected expenses for an ion-going conversion project in its heavy engineering business.

The company said on Wednesday that its revenue for the quarter rose to RM2.29 billion from RM2.20 billion in 2011.

Earnings per share remained flat at 3.20 sen year-on-year, while net assets per share was RM4.84.

KLCCP’s 'stapled REIT' not perfect


Analysis KLCCP’s 'stapled REIT' not perfect
Business & Markets 2012
Written by Cindy Yeap of theedgemalaysia.com  
Wednesday, 28 November 2012 15:30

KLCC PROPERTY HOLDINGS BHD [] (KLCCP) on Tuesday, Nov 27 satisfied market expectations by announcing plans for a real estate investment trust (REIT), five months after saying it might do so to boost shareholder returns.

Its decision to have a “stapled REIT” or two-in-one structure, however, only met market hopes halfway as most analysts had expected a pure or standalone REIT.

削资重组负面衝击 马航卖压重 股价跌新低


削资重组负面衝击 马航卖压重 股价跌新低

(吉隆坡28日讯)虽然马航(MAS,3786,主板贸服股)成功在2012財政年第三季(截至9月30日止)转亏为盈,但一系列的资本重组计划,为投资者带来负面情绪,导致股价大跌至歷史新低。

下跌17仙或16.83%,创下歷史新低,为週马航股价走势图二第5大下跌股。

该股週三交投炽热,以7725万6300股成为全场最大热门股。

马航第三季在未实现的外匯收益提振下成功转亏为盈,从去年同期的4亿7759万令吉净亏损,转为净赚3708万令吉;营业额则按年下降2.29%,至34亿7432万令吉。

告別連續6季蒙虧‧馬航第三季淨利3千萬

告別連續6季蒙虧‧馬航第三季淨利3千萬
Created 11/28/2012 - 07:08
(吉隆坡27日訊)受營運開銷下滑和外匯賺益提振,馬航截至2012年9月30日止第三季業績迎來反彈,錄得淨利3千708萬4千令吉,終結前期虧損4億7千758萬5千令吉困境。

9個月依然淨虧近5億

不過,9個月依然報淨虧損4億8千395萬7千令吉,但相比前期12億4千660萬4千令吉淨虧損明顯改善。

在客流量下滑及合理化航線策略影響下,第三季營業額按年微跌2.29%至34億7千431萬8千令吉,9個月營業額則報98億9千零8萬令吉,較前期102億2千324萬4千令吉萎縮3.26%。

注入150億資產‧股東1股獲配1單位‧KLCC產託合訂上市

注入150億資產‧股東1股獲配1單位‧KLCC產託合訂上市
Created 11/28/2012 - 10:15
(吉隆坡27日訊)KLCC產業(KLCCP,5089,主板產業組)以馬股首創的“合訂"方式,將旗下總值超過150億令吉資產注入即將分拆上市的KLCC產業投資信托(KLCC REIT)。

配合上述重大宣佈,KLCC產業週二午盤暫停交易,停牌前跌8仙至5令吉58仙,並將在週三復牌。

KLCC產業發文告指出,3項注入KLCC產托的資產包括國油雙峰塔(PETRONAS Twin Towers)、國油第3大廈(Menara 3 PETRONAS)及埃克森美孚大廈(Menara Exxon Mobil),其餘資產則保留在KLCC產業內。

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Misek: RIM Upgrade Based on BlackBerry 10


施俊威: 滬深股市解禁潮影響投資氣氛


日圓強力貶值,推升日股勁揚?而這波大波動的投資行情,是再一次財富重分配的機會?

2012-1126-57金錢爆(奪命金---非一般陳冲作品)4-3

施俊威: A50值搏率高現水平吸納

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Has China Bottomed Out?


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Dimon the Next Treasury Secretary?


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Thursday, November 29, 2012

资产逾150亿规模称霸 城中城产业首创合订型产托


资产逾150亿规模称霸 城中城产业首创合订型产托
Created 11/28/2012 - 10:53
(吉隆坡27日讯)城中城产业(KLCCP,5089,主板产业股)将推出大马首创“合订型”产业投资信托(Stapled REIT),资产规模超过150亿令吉,是本地现有最大型产托的3倍。

城中城产业发文告宣布,配合以“合订”架构推出产托,公司将重整,包括:
1.向KLCC(控股)私人有限公司收购未持有的49.5%Midciti资源私人有限公司股权,收购价28亿6000万令吉;城中城产业发新股予卖方融资,Midciti是国油双峰塔持有人。

2.将国油双峰塔、Menara3Petronas和埃克森美孚(Exxon Mobil)大楼注入产托工具(称为KLCC产托)。

插了翅,能否高飛?


插了翅,能否高飛?
Created 11/29/2012 - 11:02
其實,馬航(MAS,3786,主板貿服組)急需龐大資本翻身,並非甚麼商業機密。

根據年初重組計劃,該公司曾透露將尋求60億令吉添置新客機,隨後率先宣佈發行25億令吉伊債融資部份資金,至於剩餘資金來源,直到本週二(27日)以前都還是個謎。

不過,就馬航慘不忍睹的資產負債表而言,剩餘資金缺口幾乎不可能再用貸款填補。所以,發股向股東要錢,成了唯一選擇。

過去數週,國內投資銀行紛在研究報告中,預測馬航將於第三季轉虧為盈,加上股價當時僅在接近1令吉面值水平交易,帶動市場踴躍搶購該股,沒有人記得馬航仍有龐大資金缺口尚未填補。

Privatisation may be better option than rights issue for MAS

Comment Privatisation may be better option than rights issue for MAS
Business & Markets 2012

Written by Cindy Yeap of theedgemalaysia.com  
Thursday, 29 November 2012 09:21

KUALA LUMPUR (Nov 29): Cash calls are rarely welcomed by investors, only tolerated in distant hope of better future returns.

So when MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) announced plans for its third rights issue in five years on Tuesday (Nov 27), investors sold down its shares in a huff, if not in protest.

MAS cash call sparks selldown


MAS cash call sparks selldown
Business & Markets 2012

Written by Chua Kai Shen & Kathy Fong of theedgemalaysia.com  
Thursday, 29 November 2012 09:19

KUALA LUMPUR: Investors shrugged off Malaysia Airline System Bhd’s (MAS) improved quarterly earnings, dumping the stock on news of a proposed rights issue to raise fresh funds.

MAS’ share price tumbled as much as 20.8% to 80 sen intra-day yesterday, losing nearly RM702 million in market capitalisation in the process. At the closing bell, the stock had fallen 17 sen or 16.8% to a historic low of 84 sen. That put its market cap at RM2.8 billion — less than the RM3.1 billion in gross proceeds MAS intends to raise from its proposed rights issue.

Green Packet 3Q net loss narrows on cost control, rise in subscribers

Green Packet 3Q net loss narrows on cost control, rise in subscribers
Business & Markets 2012

Written by Chua Kai Shen of theedgemalaysia.com  
Thursday, 29 November 2012 12:13

KUALA LUMPUR (NOV 29): GREEN PACKET BHD [] registered a narrower net loss of RM17.5 million in the third quarter (3Q) ended September 2012, a 28% fall in net loss compared with RM24.3 million in the corresponding quarter in 2011.

Revenue, however, increased 18.9% to RM159.8 million, from RM134.4 million previously.

MISC Q3 earnings take a dip

The Star Online > Business
Thursday November 29, 2012
MISC Q3 earnings take a dip

KUALA LUMPUR: MISC Bhd’s net profit for the third quarter ended Sept 30 has dropped marginally by 2.4% to RM139.7mil from a year ago.

Its revenue for the quarter under review stood at RM2.3bil compared with RM2.2bil last year.

More importantly, the shipping giant has returned to the black in the nine-month cumulative period.

MISC posted a net profit of RM55.6mil from a net loss of RM41.6mil year-on-year.

KLCCP an attractive dividend stock


The Star Online > Business
Thursday November 29, 2012
KLCCP an attractive dividend stock

Analyst Reports
KLCC PROPERTY HOLDINGS
By CIMB Research
Outperform
Target price: RM6.64

WE change our valuation method from a 10% discount to revised net asset values to the dividend-discounted model, which lifts the target price as the company's commitment to pay out more than 90% of distributable income as dividends make it an attractive dividend stock.

RM3bil rights issue a dampener on MAS?

The Star Online > Business
Thursday November 29, 2012
RM3bil rights issue a dampener on MAS?

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

PETALING JAYA: A day after Malaysia Airlines (MAS) announced a small profit of RM37mil and plans to raise RM3bil via a rights issue for its expansion, its share price tanked by nearly 20% because of fears of share dilution.

Another fund-raising exercise is not what MAS shareholders are hoping for, but MAS group chief executive officer Ahmad Jauhari Yahya said “the rights issue was important for MAS.''

MAS falls on delayed aircraft delivery


MAS falls on delayed aircraft delivery

2012/11/28

KUALA LUMPUR: Malaysia Airlines System Bhd's (MAS) share prices dropped 18.8 per cent or 19 sen to 81.5 sen as at 10.05 am after economists anticipated negative impacts from the delayed re-delivery of 10 ageing Boeing 737-400 aircraft.

MIDF Research said MAS originally entered into an Aircraft Sale Agreement with Bank of Utah to buy back 10 existing Boeing 737-400 aircraft at US$6.4 million (RM19.5 million) per plane to avoid the impairment charge incurred in the re-delivery conditions imposed during the lease tenure.

"But now the ageing 10 aircraft will be utilised until the end of 2014 and this will not reduce the average fleet to 7.7 years from 12.2 years as planned before," it said in a research note today.

德盛安聯看好A股抵買

德盛安聯看好A股抵買
http://paper.wenweipo.com   [2012-11-29]

香港文匯報訊(記者 涂若奔)A股跌回「1時代」,市場普遍看淡其短期走勢。德盛安聯亞洲首席投資總監陳致強昨日回應有關話題時表示,這是由於現時A股的回報率較低,散戶已經失去興趣,轉而追捧銀行高息產品所致。他認為,A股市盈率已處於區內最低水平,一旦市場情緒回暖即會回升,故對其長遠前景仍有信心。

有外圍基金低吸A股
 陳致強昨日於記者會上表示,2,000點是A股的重要關口,跌破後令散戶心理受到較大影響,今年以來內地的股票戶口數量出現減少趨勢,顯示有不少散戶已經「銷戶不玩了」。他稱,內地銀行的理財產品回報率明顯較股市為佳,因此散戶並無動力買股票,導致看淡情緒高漲。不過,內地以外的外圍投資者對A股仍看好,雙方的看法幾乎「兩面倒」,現時外圍有基金已開始利用股價低企的機會入市增持A股,而該公司也對A股的長遠前景有信心。

能維穩經濟 扶不起A股


能維穩經濟 扶不起A股


A股再度下穿二千關後,繼續尋底之旅。A股表現恐怕大出當局意料,中證監掀起一波又一波改革,護市一招又一招措施,官員一次又一次口術表演,統統不消說,單拿製造業採購經理指數(PMI)難得重企榮衰線上方,證據鑿鑿的經濟回穩,A股也絲毫不給面子,給個反彈的勢頭看看。這跟前幾度下穿二千關後,皆有反彈的微瀾,顯示今次更為不濟。有評論指A股與經濟基本面悖逆,何止悖逆,反而是基本面淡,則A股淡;基本面好,A股更淡,根本是不理會基本面,一味做淡的形態。能維穩經濟,扶不起A股,已像謎團困擾着當局。

據有心人計數,最近七個月A股總市值累計蒸發掉四點三萬億元,相當於三個中國石油(市值一點三九萬億元)或四個工商銀行(市值一點零一萬億元)。顯然失血十分嚴重,人均虧損七點六八萬元,簡直與一場股災無異,面對這樣的市況投資者能有甚麼選擇?數字說,一百個股民只有三個人在炒作,大面積的戶頭已經不是空倉就在「冬眠」,生動地勾畫了股民哀莫大於心死的情景。

A股變黑洞 九成散戶 輸每100賬戶 僅3人仍炒股

A股變黑洞 九成散戶 輸每100賬戶 僅3人仍炒股

【本報訊】A股淪為黑洞,股民心死,散戶紛紛逃離市場。有統計發現,今年內地有89%股民輸錢,每百個散戶中,現時只有三人留低繼續炒,有網民慨嘆,今天最不應該幹的事是炒股。 記者:黃尹華 楊智佳

A股指標指數上海綜合指數前日跌穿2000點「棉花底」後持續尋底,昨日再跌17點或0.89%,收報1973點,再創46個月以來新低,正式同2000點鑽石底告別;深成指則跌82點或1.04%,收報7854點,兩市成交僅677億元(人民幣.下同)。

跌破RM3 发售价已久 乐观券商看好Astro

跌破RM3 发售价已久 乐观券商看好Astro
Created 11/28/2012 - 11:11
(吉隆坡27日讯)尽管股价已跌破3令吉首次公开募股(IPO)发售价,但未来增长展望看俏,分析员仍然看好Astro(Astro,6399,主板贸服股)且给予“买入”评级。

目前,本地共有6家证券研究所开始追踪和分析Astro,而且大部分皆给予正面评级。

其中,马银行投资银行分析员看好Astro,原因是Astro是大马收入和人口增长的“代表”、高清(HD)服务签用率和每用户平均收入(ARPU)增长潜能强劲有助提高盈利,业务则具抗经济衰退力。

售逾300萬股‧Laxey持資本投資少過5%


售逾300萬股‧Laxey持資本投資少過5%
Created 11/28/2012 - 10:17
(吉隆坡27日訊)英國Laxey夥伴在要求“入局遭拒"後,近期賣出資本投資(ICAP,5108,主板封閉式基金組)的超過300萬股,持股跌破5%,令現有管理層暫鬆一口氣。

據大股東呈報資料顯示,Laxey於本月14至21日期間脫售342萬2千200股,目前持股剩622萬2千991股或4.45%,不再是資本投資顯著股東。

不過,相信是Laxey的結盟夥伴的倫敦投資管理基金,雖也在“爭權失利"後陸續賣出持股,但目前仍持有910萬股或6.53%,令資本投資董事經理陳鼎武也不敢掉以輕心。

马航第3季转盈3708万

马航第3季转盈3708万
Created 11/28/2012 - 08:31
(吉隆坡27日讯)马航(MAS,3786,主板贸服股)截至2012年9月30日财年第3季成功转盈,录得3708万4000令吉,上财年同期为净亏损4亿7758万5000令吉。

第3季营业额按年微跌2.28%,报34亿7431万8000令吉,上财年同期为35亿5564万1000令吉;每股亏损从上财年同期的14.29仙,改善至每股盈利1.11仙。

马航表示,净利涵盖9380万令吉未实行外汇收益(上财年同期为1亿9510万令吉外汇亏损)、4990万令吉融资成本及730万令吉衍生金融工具增值。

YTL Land:Strong brandname sells (DBSV)

YTL Land
HOLD RM0.93
Price Target : 12-month RM1.05
Strong brandname sells

Results below expectations, earnings to pick up with Capers progress billings and project management fees
Launches to leverage on strategic location and strong following
Cut FY13-15F earnings by 9-30%, Maintain Hold and TP of RM1.05

Highlights
Below expectations. 1QFY13 net profit came in at RM2m (- 31% y-o-y, -61% q-o-q), constituting just 5% of our full-year forecast. The sharp contraction was mainly due to completion of D6@Sentul East commercial & Sandy Island water villas at Sentosa Cove (Singapore) at end-2011 and slower construction progress during the festive holidays. We should see a stronger contribution from Capers@Sentul East as construction progress has breached 20%, (completing by end-2014).

M’sian Airline System - 3QFY12/12 Operationally Still In The Red


M’sian Airline System -
Price Target : 0.83
Last Price : 0.85
3QFY12/12 Operationally Still In The Red

Fair Value : RM0.83 | Recom : Underperform (Maintained)

9MFY12/12 in the red. 9MFY12/12 core net loss came in at RM572.7m vis-à-vis our full-year net loss forecast of RM676.3m and the full-year consensus net loss forecast of RM723.8m. We consider the results within expectations, assuming 4Q losses are to widen to about RM100-150m on the back of higher jet fuel cost.

Still no bold moves to revamp operations. As usual, MAS spoke about its continued efforts to boost revenues, efficiency and productivity, and cut costs, that struck us as nothing more than what an airline will do in its normal course of business. We continue to feel that, operationally, there is a disconnect between what MAS is doing and the fact that it is still a struggling airline.

YTL Power - 1Q13 within, but dividends disappoints


YTL Power -
Price Target : 1.51
Last Price : 1.55
1Q13 within, but dividends disappoints

Period   1Q13

Actual vs. Expectations  1Q13 net profit of RM253m was within expectations, making up 20% each of our and street's forecast.

Dividends  1Q13 interim tax exempt dividend of 0.9375sen (-50% YoY; 0% QoQ), which only made up 15% of our FY12E NDPS of 6.30sen.

CDL Hospitality Trusts: Awaiting more positive hospitality figures (OCBC)

CDL Hospitality Trusts:
Fair value    S$1.91
add: 12m dividend forecast  S$0.12
versus: Current price  S$1.91
Awaiting more positive hospitality figures
• Cautious 1Q13, growth over LT
• Hotel rooms may get smaller
• Possible acquisition

Being both a dividend play and one of the most liquid hospitality counters with good exposure to Singapore, CDLHT saw its unit price climb 36% end-2011 to a one-year high in mid Oct. However, moderation in the industry’s pace of growth, first seen in 2Q12, increased further in 3Q12 and CDLHT’s unit price has fallen 9% from the recent high. Our outlook for the hospitality industry remains cautious for the early part of 2013 but more positive in the longer term. On another note, given the high prices at which hotel sites have been sold for recently, the size of new hotel rooms in the future may become smaller. This will favor existing hotel assets and incumbents such as CDLHT. We maintain our fair value of S$1.91 on CDLHT and HOLD rating.

Technology Sector: Uncertain times, insipid prospects (OCBC)


Singapore-listed tech companies reported another set of lacklustre results in general during the recently concluded 3QCY12 results season. Under our sector coverage, ECS Holdings and Valuetronics Holdings delivered PATMI which exceeded our expectations, but Venture Corporation (Venture) and Micro-Mechanics Holdings came in below. Given the still uncertain macroeconomic environment, the outlook provided by bellwether U.S. tech companies has largely painted a tepid picture. This has also translated into weak earnings visibility for SGX-listed tech companies. Hence we advocate investors who are seeking cyclical exposure to be selective on stocks within the tech sector. We maintain our NEUTRAL stance on the sector, with Venture [BUY; FV: S$9.22] remaining as our top pick. We believe that FY13 would be a turnaround year for Venture, while its balance sheet remains strong and FY12F dividend yield is also attractive at 7.2%.

Sheng Siong Group: Flying Fish(KE)

Sheng Siong Group
Buy (unchanged)
Share price: SGD0.49
Target price: SGD0.60 (from SG 0.52)
Flying Fish


Going undercover. The recent Olam-Muddy Waters scandal has prompted us to go “undercover” and conduct site visits to selective Sheng Siong outlets. As our earnings assumptions are based on sales per square foot of store space, we visited the three outlets that opened this year and checked out two previously non-performing stores to see if they are now up to scratch. We also sought to verify the claim that “Sheng Siong’s prices are the street’s lowest”. Our findings were highly encouraging and we believe that Sheng Siong is on track to meet our earnings expectations this year and achieve decent growth next year.

Courts Asia: Growing store footprint in Singapore and Malaysia (DBSV)


Courts Asia
S$0.725
Potential Target * : 12-Month S$ 0.88  (20% upside)

*       Leading electrical, IT and furniture retailer in Singapore and Malaysia
*       Growing store footprint in Singapore and Malaysia
*       Targets first store in Indonesia in 2014
*       FAIR VALUE of S$0.88

The Business
A leading electrical products, IT and furniture retailer in Singapore and Malaysia.  Courts Asia Limited (Courts) has a total of 70 stores across Singapore and Malaysia.  It has the largest and second largest market share in Singapore and Malaysia by sales value according to Euromonitor.

Hengyang: MANAGEMENT REPLY: Why sell stakes in subsidiaries to CEO's wife?


The CEO and his wife guaranteed loans before - why not do it again so as to avoid having to sell the stakes to the wife's company

23/11/2012 – Hengyang Petrochemical Logistics Ltd says it is waiting for government approvals to begin using 12 recently-constructed storage tanks.

The company just announced earnings for Q3 FY12:

Revenue: +33.6% to RMB24.6 mln
Profit: -26.7% to RMB2.8 mln
One-off gain/(loss): RMB0.5 mln vs Nil
Cash flow from operations: (RMB1.2 mln) vs (RMB8.9 mln)
Dividend: Nil
Order book: Not Disclosed

Amway : Is this as good as it gets?


Amway seemingly content with just single-digit revenue growth

22/11/2012 – Amway has maintained its revenue will grow in the single digits this year.

The company says the internal target is achievable based on current market conditions and currently available information.

The company just announced earnings for Q3 FY12:

Revenue: +6% to RM 224.2 mln
Profit: +3% to RM 26.6 mln
Cash flow from operations: RM 96.5mln vs RM 86.8 mln
Dividend: 10 sen per share vs 9 sen per share

Indonesia’s Riady Family Makes US$10.6 Billion Offer For Fraser & Neave


23 NOVEMBER 2012
Indonesia’s Riady Family Makes US$10.6 Billion Offer For Fraser & Neave
By Dow Jones Newswires

The saga to take over Fraser & Neave continued on 15 November, as one of Indonesia’s richest families made an US$10.6 billion bid for the company, trumping a pending offer by a Thai billionaire and potentially setting a stage for a multibillion-dollar battle between two of Southeast Asia’s richest families for control of the Singaporean conglomerate.

A company owned by Indonesia’s Riady family said it plans to buy shares in 129-year-old Fraser & Neave for $9.08 each, trumping a $8.88 per share offer worth US$7.2 billion by Thai billionaire Charoen Sirivadhanabhakdi.

TEE International: Proposed Spin-Off And Myanmar Venture Set The Stage For Future Growth

23 NOVEMBER 2012
TEE International: Proposed Spin-Off And Myanmar Venture Set The Stage For Future Growth
By Ong Qiuying

From a general electric contractor to a recognised engineering and integrated real estate group, TEE International has indeed come a long way. Shares of TEE have been steadily climbing higher this year, even peaking at an all-time high of $0.35 on 14 November, representing a 52.2 percent increase from its $0.23 closing price on 30 December 2011 despite all the chatter of an economic downturn and uncertain outlook in the global markets.

The age-old adage of “slow and steady wins the race” certainly reflects TEE’s progress as the steady performance of TEE was by no means chance, but over years of laying a strong foundation in building its capabilities as well as expanding its regional reach across Thailand, Malaysia, the Philippines, Cambodia, Brunei, Vietnam and China. TEE has been delivering a positive report card over the last few years with a compounded annual growth rate of 28.5 percent from FY08 to FY12 and even posted record high revenue in FY11 fuelled by its twin growth engines in engineering and real estate.

KNM Group Bhd - 3Q12 Analyst Briefing Brief


KNM Group Bhd -
Price Target : 0.53
Last Price : 0.48
3Q12 Analyst Briefing Brief

We attended KNM's 3Q12 analyst briefing yesterday and obtained updates on the company's current outlook for its geographical segments, its mostrecent order and tender book figures and also the status of its Peterborough project and Borsig listing. On the overall, we believe that our forecasts are still reflective of the near-term prospects of the company and hence are leaving them unchanged. We continue to be neutral on the stock at this juncture. The needed key turning points in our view are 1) a sustainable earnings improvement in all its divisions into 2013 and 2) a meaningful commencement of the Peterborough project. Until then, we are maintaining our MARKET PERFORM call and target price of RM0.53 based on 9.0x CY13 PER.

AirAsia: Pre-emptive strike against Lion Air could cost AirAsia near term (CIMB)

AirAsia Bhd
Current RM2.85
Target RM3.00
Pre-emptive strike against Lion Air could cost AirAsia near term

 AirAsia’s 3Q core net profit came below expectations as 9M12 made up just 52% of our full-year forecast; 60% would have been needed to meet our numbers given the seasonally-stronger 4Q.
The shortfall was due to yields being lower and costs being higher than expected.

We cut our core EPS forecasts by 14% for 2012. Further EPS cuts for 2013-14 are made to factor in much more aggressive capacity expansion by the AirAsia group in a pre-emptive strike against Lion Air’s regional plans, which could yield negative returns in the near term. As we retain our target P/E multiple of 9x (sector average), we cut our target price accordingly and downgrade from Outperform to Neutral.

UOA Development : It’s raining sales (CIMB)


UOA Development
Current RM1.73
Target RM2.25
It’s raining sales

 UOA Dev's 9M results were in line with expectations, making up 77% of our and 80% of consensus full-year estimates. We expect 4Q results to be slightly weaker due to front loading of costs. 9M new sales of RM1.24bn exceeded the group’s full-year target of RM1bn.

No changes to our earnings forecasts, Trading Buy call and target basis of 20% discount to RNAV. UOA Dev remains our top pick in the property sector for its very attractive valuations. The stock is trading at FY12-14 P/Es of 6-7x and offers 7-8% dividend yield, by far the highest in the sector. UOA Dev is not an Outperform due to election risks.

JCY International - FY12 results meet expectations


JCY International -
Price Target : 0.85
Last Price : 0.715
FY12 results meet expectations

Period    4Q12/FY12

Actual vs.  Expectations   The group's FY12 revenue and net profit came in within our full year estimates at 101% and 97% of the numbers respectively.

Dividends   A single-tier interim dividend of 3.0 sen has been declared on 16 August and paid on 10 October. All in all, a total net DPS of 8 sen was declared and paid, implying a dividend payout of 37% in FY12.

Olam International:Rainbow after the storm? (CIMB)

Olam International
Current S$1.70
Target S$1.59
Rainbow after the storm?
 Muddy Waters’ allegations against Olam are not altogether unjustified, but they are not new. Although there could be a short-term stock overhang pending the release of the former’s research report, we believe this could present bargain-hunting opportunities.

Our Trading Sell is premised on near-term uncertainties until this saga blows over. Further downside is possible if Muddy Waters’ upcoming report throws up new issues. We keep our EPS and target price for now, still based on 1x CY13 NAV. Olam is not an outright Underperform as we believe share price weakness is driven by a one-off event and temporary in nature.

Avoid hard disk drive stocks notwithstanding their already depressed share prices (Limtan)


HARD DISK DRIVE SECTOR
 Malaysia’s largest hard disk driver component supplier to Seagate and Western Digital and a key competitor to Broadway (28 cents, up 1/2 cent) and Cheung Woh (17 cents, unchanged) JCY Holdings plunged 17% yesterday after its net profit fell a disappointing 60% yoy and 90% qoq to only 10.5mln Ringgit on the back weaker than expected orders from its key customers.

 And management is warning of continuing tough times ahead as its customers continue to cut orders in the traditionally strongest period of the year.

 Management said that a possible recovery in the sector can only be expected sometime in 2H 2013.

CapitaMall Trust: Opportunistic cash call? (CIMB)


CapitaMall Trust
Current S$2.11
Target S$2.23
Opportunistic cash call?

 Despite a fairly good placement price(at 1.3x P/BV) with only 4%dilution, we are disappointed that CMT has chosen to raise equity in the absence of major funding needs for acquisitions and AEI. Post-dilution yields are not compelling and we see selling pressure.

Factoring in the placement, we lower our FY13-14 DPU by up to 4%.Coupledwith more moderate growth prospects, we cut our DDM target price (discount rate 6.7%). We believe CY13 4.8% yields are no longer compelling vs. peers. Downgrade from Outperform to Underperform. We prefer MCT and FCT in the retail malls space.

實戰理論:A股料熊三轉牛一 - 沈振盈


實戰理論:A股料熊三轉牛一 - 沈振盈

市況沉悶,加上A股不濟,期指結算前難有起色,市場中人惟有苦中作樂,熱烈討論盛品儒的「眾所周知」話題。結算前市況窄幅波動,是眾所周知的現象,難以作為判斷後市方向的指標。真正的後向仍要待大戶完成轉倉後才可作準。

美股回落,主因是財政懸崖,又傳出兩黨仍有分歧,進展緩慢,成為了跌市的藉口。眾所周知,此等涉及政治談判的議題,一定會成為政治上的籌碼,但最終卻必定會解決,因為沒有人願意成為「孭鑊」的代罪羔羊。當然,這亦造就了一些造市的機會,有助大戶舞高弄低。

對後市的睇法,關鍵不在於歐、美,因為環球資金已明顯流入區內股市,此等眾所周知的因素只會帶來調整,而不會令市況轉勢。反而內地因素及政策,將會是主導後市能否再現突破性升浪的關鍵。

曾淵滄專欄 29.11.12:鑽石底非重要支持

曾淵滄專欄:鑽石底非重要支持 - 曾淵滄

滬綜指在過去半年,數度試低位,但2000點守得很好,因此被不少人稱之為鑽石底,前日收市終於跌破該鑽石底,昨日再跌,討論的人很多,我仍然不把2000點當成甚麼重要支持位,支持位不一定是整數,大家應該以平常心看待2000點,不要因為跌破2000改變你的基本策略。

在A股一跌再跌、不斷尋底的同時,內房股的表現又的確很優異,過去兩天,恒指下跌,多隻內房股則逆市上漲,昨日又有一隻過去我曾推薦過的寶龍(1238)突然大幅造好,一口氣升10%。內房股股價造好不是純粹炒作,而是過去壓抑了太久,但是,投資者開始看到地產商積極買地,看到內地樓價趨向穩定,看到中央政府已經整整一年沒有再推出新的打壓樓價措施。

Olam hits back at Muddy Waters' claims


Olam hits back at Muddy Waters' claims
Olam shares fall 3.85 per cent despite the company's 44-page point-by-point defence
 by Conrad Raj 04:45 AM Nov 29, 2012

SINGAPORE - Olam International came back yesterday to strongly defend its debt position, business strategies and accounting practices against allegations by US-based short seller Muddy Waters that they were dubious and that the Singapore-based commodities trader was at risk of collapse.

Its 44-page, almost point-by-point defence dismissed the Muddy Waters allegations as "false and misleading".

"Our rebuttal to the 133-page report demonstrates the lack of substance in the claims. Our message to Carson Block (Muddy Waters' founder and research head) and Muddy Waters is therefore clear - this time the mud won't stick," Olam said.

IHH Healthcare profit slips to RM76m

IHH Healthcare profit slips to RM76m

2012/11/29

Q3 NET EARNINGS: Revenue, however, jumps by more than 85pc to RM1.49b
IHH Healthcare Bhd, a hospital operator partly owned by Khazanah Nasional Bhd, saw its third quarter net profit fall by about 47 per cent to RM75.65 million, mainly due to start-up losses from the newly-opened Mount Elizabeth Novena Hospital.

The company's third quarter revenue, however, jumped by more than 85 per cent to RM1.49 billion, driven by higher inpatient admissions for its hospitals in Singapore, higher student enrolment at IMU Health, as well as the consolidation of Acibadem Holdings.

'Delisting MAS a wiser option'


'Delisting MAS a wiser option'
By BILQIS BAHARI
bbahari@nstp.com.my
2012/11/29

REBUILDING EFFORT: Analysts tell Khazanah that it is better than bankrolling RM3.1 billion cash call

KHAZANAH Nasional Bhd should take Malaysia Airline System Bhd (MAS) private instead of opting to help bankroll a RM3.1 billion cash call, analysts say.

News that the national carrier plans a rights issue, its second in as many years, saw investors selling the stock yesterday.

Religare downgrades Olam to ‘sell’

Religare Capital Markets downgraded Olam International to ‘sell’ from ’buy’ and cut its target price to $1.40 from $2.40, as it expects the commodity trader’s shares to be weighed down by concerns raised by short-seller Muddy Waters.

By 12:26 p.m., Olam shares were down 0.96% at $1.55, off an intraday low of $1.465, which was a three-and-a-half year low. Its shares have plummeted 27.5% since the start of the year, compared with a 13.5% rise in the Straits Times Index.

"Olam shares will face difficulty re-rating upwards and sustaining even a moderate earnings multiple for the next few quarters, even if the financial risks Muddy Waters warns of don’t materialize," Religare said in a note.

DBS starts Religare Health Trust at ‘buy’


DBS Vickers initiated coverage of Religare Health Trust with a ‘buy’ rating and a target price of $0.97, citing an attractive dividend yield and exposure to the fast-growting Indian healthcare sector.

By 12:02 p.m., Religare Health shares were up 3% at $0.82, but still 8.9% lower than the initial public offer price of $0.90. Religare Health made its market debut last month.

The brokerage expects Religare Health, which has 17 assets and is backed by India’s healthcare services provider Fortis Healthcare, to pay a distribution yield of around 10% at its current price, and is structured to offer upside potential through variable fees.

As 96% of Religare Health’s assets are operational, distribution income can be sustained till 2014, providing assurance that it will be able to meet DBS’ distribution per unit forecasts, it said in a report.

新业绩平平外围无惊喜 马股跌破1600短期向下


新业绩平平外围无惊喜 马股跌破1600短期向下
Created 11/28/2012 - 08:25
(吉隆坡27日讯)交投淡静和缺乏新鲜催化剂刺激下,马股跌势延续,周二更跌破1600点心理扶持水平,短期内或继续探低。

富时大马隆综指今日一度跌破至1,596.58点的全日最低价位,闭市时挂1598.17点,下跌9.71点或0.6%,创下近5个月以来新低。

综指上一次收市低于1600点出现在今年6月29日,当天挂1599.15点,从7月开始马股就一直处于1600点以上,历史最高点是11月1日的1675.69点。

MAS shares nosedive on RM3.1b rights issue plan

Hot Stock MAS shares nosedive on RM3.1b rights issue plan
Business & Markets 2012

Written by Chua Kai Shen of theedgemalaysia.com  
Wednesday, 28 November 2012 11:32

KUALA LUMPUR (NOV 28): Malaysia Airline System Bhd (MAS) shares fell sharply today after it proposed a rights issue to raise RM3.1 billion that analysts say could dilute earnings.

Yesterday, in announcing the rights issue, MAS said the exercise would serve to pay capital and debt expenses. This will reduce the par value of its shares to 90 sen from RM1, in order to build a credit reserve of RM8 billion.

MAS rights issue after returning to the black


MAS rights issue after returning to the black
Business & Markets 2012

Written by Isabelle Francis of theedgemalaysia.com  
Wednesday, 28 November 2012 09:28

PETALING JAYA: MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) is proposing a rights issue exercise to raise some RM3.1 billion for capital expenditure and working capital after returning to the black with a net profit of RM37.51 million in the third quarter ended Sept 30 — its first after six straight quarters of losses.

MAS group CEO Ahmad Jauhari Yahya said in a statement yesterday the airline intends to undertake the proposed capital restructuring exercise that will reduce its par value of RM1 to 10 sen to facilitate the rights issue exercise. The reduction of 90 sen in par value will give rise to a credit reserve of up to RM8 billion which will be utilised to reduce the accumulated losses of MAS that stood at RM8.19 billion as at Sept 30, 2012.

POSH boost for Maybulk

POSH boost for Maybulk
Business & Markets 2012

Written by Ben Shane Lim of theedgemalaysia.com  
Wednesday, 28 November 2012 09:19

KUALA LUMPUR: MALAYSIAN BULK CARRIERS BHD [] (Maybulk) posted a net profit of RM17.09 million in the third quarter ended Sept 30 (3Q), thanks to a sizeable contribution by its associate, PACC Offshore Services Holdings Pte Ltd (POSH).

While POSH posted its third consecutive quarterly increase in operating profit, Maybulk turned in an operating loss due to poor charter rates that hit another low point in September this year.

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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