Saturday, December 8, 2012

MAS urged to try new ticketing system


The Star Online > Business
Saturday December 8, 2012
MAS urged to try new ticketing system

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

TONY Tyler hopes players like Malaysia Airlines (MAS) will come forward to volunteer to be party for a trial for the new distribution capability (NDC) that the International Air Transport Association (IATA) is creating to revolutionise the way people buy tickets for air travel.

If implemented, the NDC will have a huge impact on air ticket distribution and on travel agents, who now sell about 60% of global air tickets.

Investors no longer skeptical about Iskandar, says CEO

The Star Online > Business
Saturday December 8, 2012
Investors no longer skeptical about Iskandar, says CEO

NUSAJAYA: Investors are no longer reluctant to invest in the Iskandar Malaysia economic corridor, says UEM Land Bhd managing director Datuk Wan Abdullah Wan Ibrahim.

“Initially, investors were skeptical towards development in Iskandar Malaysia and they preferred to wait and see.

“With the emergence of the catalytic development such as Legoland Malaysia and Educity, investors start coming in after seeing developments in the first six years, the first phase of Nusajaya,” Wan Abdullah, who is also UEM Land's chief executive officer, told a briefing during a media familiarisation tour of Nusajaya.

YTL Power shares near 8-year low


The Star Online > Business
Saturday December 8, 2012
YTL Power shares near 8-year low

PETALING JAYA: Shares of YTL Power International Bhd hit a near eight-year low yesterday, as the company's gradual dividend cutbacks over the years had made the stock unattractive, according to analysts.

YTL Power's stock closed unchanged at RM1.51 yesterday, its lowest since Jan 31, 2005.

“The company has been lowering their dividends over the years and this has made the stock unattractive,” said an analyst from a local bank-backed brokerage.

A love for profound reads

The Star Online > Business
Saturday December 8, 2012
A love for profound reads

MY OTHER BUSINESS
By CHERYL POO
cherylpoo@thestar.com.my

Francis Yeoh's broad perspectives are the takeaways from his insatiable intellectual appetite

WITH Tan Sri Francis Yeoh, there's no running out of talk.

Ask him anything, and the man flows rivers of information, ideas, perspectives and theories by brilliant authors whose works have shaped his mind.

巴菲特财报分析密码:简单指标估算公司内在价值

巴菲特财报分析密码:简单指标估算公司内在价值
2012年04月14日 来源:中国证券报 作者:刘建位
  简单估值方法
  巴菲特在2012年公布的致股东的信中,再次提到他用最简单计算的账面价值增长率来估算公司内在价值增长率。
  巴菲特的目标是寻找和实现内在价值的增长:“我和芒格衡量公司业绩的标准是伯克希尔每股内在企业价值的增长率。如果能够让公司内在价值增长超过标普500股票指数的增长,那么才对得起所拿到的薪酬。”

  在内在价值难以精确计算的情况下,巴菲特选择用最简单计算的账面价值增长率来估算公司内在价值增长率:“可是没有办法可以精确计算内在价值。不 过确实有一个相当有用,尽管相当低估的内在价值代用指标:每股净资产。对于大多数公司而言,这个指标毫无实际意义。可是对于伯克希尔公司,账面净资产的变 化能够大致地追踪企业价值的变化。这是因为伯克希尔公司内在价值超越账面价值的幅度相对稳定,并没有出现每年狂烈波动的现象,尽管大多数年份超越的幅度都 在增加。长期而言,内在价值与账面价值的偏离,用绝对数值来看,可能会变得更加巨大,但是用内在价值作为分子,用账面价值作为分母,二者相除得出的相对百 分比数字,将会保持相当稳定。”

A股借習近平南巡 再彈2%

A股借習近平南巡 再彈2%
一周73億資金流入中國基金
2012年12月8日
【明報專訊】新任中共總書記習近平選擇深圳作為其上任後首次國內巡視的地點,外界解讀為是效法鄧小平南巡,向外宣示繼續改革的決心。他出行前更強調,要追求沒有水分的經濟增長,重申城鎮化為未來增長重點。A股即熱炒,昨勁升1.6%,城鎮化概念股如水泥、內房、鋼鐵等統統炒上。同時,資金繼續流入本港及中國。分析認為,若氣氛持續好轉,A股有可能上演大翻身。

資金湧入 城鎮化概念股上揚

習近平出行前於北京的一個座談會中指出,穩增長仍然放在重要位置,「增長必須是實實在在和沒有水分的增長」,他還特別提到要推進城鎮化健康發展。

東亞遭削兩年盈測


東亞遭削兩年盈測

最近剛完成配股集資的東亞銀行(00023),首次舉行年結前業務狀況簡介會,向分析員介紹未來的經營環境變化。

建銀國際發表報告,指其內地業務面對淨息差收窄壓力,加上增發股份帶來的攤薄效應,下調其未來兩年的盈利預測。

建銀國際認為,東亞最近向日本三井住友銀行配售約1.11億股新股,集資約33.14億元,短期雖有助消除市場對其資本充足率偏低的憂慮,惟中國的經營環境仍為東亞帶來挑戰。

報告指出,環球經濟充滿不穩定因素,影響中國外貿,內地銀行壞帳率亦因經濟轉差而趨升,令東亞銀行亦面對內地資產質素惡化的問題。

滙控傳資產換交行股權

滙控傳資產換交行股權

滙控(00005)近期因盡掟平保(02318)股份而備受市場關注,與滙控有關的傳聞亦滿天飛,最新一宗是指滙控已向內地相關機構提出申請,希望增持交行(03328)股權至49%。

欲持49% 政策未准

昨日市場引述內地消息表示,滙控早前已向中國政府相關機構提出申請,希望增持交行股權至49%,又指有兩個方法增持股權,一是透過注入現金資產增持,二是注入滙控本身在中國的業務,然後換取股份。文章又指,交行有需要集資以提升一級資本水平,以符合新的資本監管要求。

市場存疑 滙控拒評

據內地政策規定,外資入股中資銀行的股權比例不得超過20%。滙控現持交行19.03%。滙控發言人指不評論個別傳聞。

美國資本掟農行套3.8億


美國資本掟農行套3.8億
【本報訊】港交所的股權披露網頁,顯示全球管理約1萬億美元的美國資本集團於本月5日賣出總值5.38億元的金融類國企股。

持股降至11.88%
資本集團以每股平均價3.402元售出1.1億股農行(1288)總值3.75億元,及以每股平均價10.006元沽出1630萬股海通證券(6837),總值1.63億元。沽售後,資本集團所持的農行股權由12.37%下跌至11.88%,而海通股權由5.02%下跌至3.93%

海通昨報收10.64元,猛升5.4%,而農行則微揚0.9%收3.46元。

人保升7% 里昂贈興叫沽 吳焰暗示三年內不抽水

人保升7% 里昂贈興叫沽 吳焰暗示三年內不抽水

【本報訊】今年本港新股集資王人保(1339)掛牌首日升6.89%至3.72元收市,帶挈投資者每手賺240元,為投資者帶來驚喜。不過,券商里昂卻「贈興」給予人保沽售評級,專家亦呼籲人保股東先行獲利離場,最好在人保貼近招股價上限4.03元前走人。

記者:董曉沂

為近年最大型集資新股的人保,在籌備多年後終成功啟動上市工程,昨上市即高開3.52元,較招股價升3%,其後越升越有,更一度高見3.76元,較招股價升逾8%,終收報3.72元,未計使費股東每手賬面賺240元。

與AIG研創新壽險銷售
成功在本港上市,人保主要靠多家投行及基礎投資者畀面及護航,其中一個基礎投資者美國國際集團(AIG)除入股外,更與人保簽訂協議,成立合資公司營銷壽險。人保董事長吳焰表示,會與AIG研究創新壽險業務的銷售模式並進行轉型,估計人保將逐步減低對銀保的依賴,主力發展營銷員銷售渠道。

Nusajaya property prices set to scale new heights


Nusajaya property prices set to scale new heights
By Sharen Kaur
sharen@nstp.com.my
2012/12/08

TIPPING POINT: UEM Land says demand for high-end units rising as Phase 1 completed

THE chief of UEM Land Holdings Bhd says that property prices at Nusajaya in Iskandar Malaysia are set to reach new heights next year as Phase 1 of the project has reached a tipping point.

"Property prices are moving upwards because land price is increasing. As we move into Phase 2, we are seeing steep rise in demand for high-end properties," said UEM Land managing director and chief executive officer Datuk Wan Abdullah Wan Ibrahim.

雙威集團海峽實業 獲獅城土地合約12億


吉隆坡7日訊)雙威集團(SUNWAY,5211,主要板房產)與新加坡海峽實業(Hoi Hup Realty)聯營子公司,獲新加坡市區重建局頒發租期99年、總值4億9250萬新元(約12億3125萬令吉)土地合約。

 該公司向馬證交所報備指出,與海峽實業聯營的子公司已成功競標該塊位于湯申路土地。

 文告指出,聯營財團需在60個月內完成建議工程,協議即日起生效,將貢獻至雙威集團2014財年起收入。

 雙威集團透過子公司雙威發展(Sunway Development)與海峽實業聯營,此單位2009年已提呈競標,並成立海峽雙威產業(HHSP)。

云顶有意日本开赌场

云顶有意日本开赌场
(新加坡7日讯)云顶新加坡(Genting Singapore)计划在日本政府于未来12到18个月內通过博彩法案后,將其业务扩展到该国。

云顶(Genting,3182,主板贸服股)为东南亚最大规模的赌场运营商。而云顶新加坡则是负责该集团在新加坡的赌场度假村业务。

云顶集团主席丹斯里林国泰今日在新加坡召开的记者会向媒体表示,云顶新加坡目前正关注著日本的司法程序,並表示该市场拥有非常好的潜力,也承认日本將可能是该集团下一个投资的地点。

「一切都得视当地的博彩法案是否通过。在所有条规清晰之前我们不会作出任何举动。」无论如何,他表示对此感到乐观,並表明將探討所有收购的可能性。

曾渊沧:内地A股已足够低 现时值得介入


打从中共十八大会议开幕至今,内地A股就一直处于寻底的境况,上海综合指数多次跌穿2000点,创三年新低,但又往往在收市前回到2000点水平以上,不少人都以2000点保卫战来形容。

我一向对这些整数的所谓心理大关都不很重视。买股票想的最低价买入是人之常情,但不可能。只要从多项指标上计算值得买就不妨买入。上海综合指数2000点水平的A股肯定是值得买,这也是为什么现在有不少热钱流入香港买A股及H股的ETF,在外资眼中,这个价格水平是值得的。

人保集团(1339)准备上市,声势浩大。不过,因为集资额大,以目前股市气氛而言,不宜短炒,招股不妨申请认购,但以不借钱为佳,上市后仍可待机买入,人保集团下有财险、寿险,比较全面。

股市投资莫灰心,好心态总有好回报


股市投资莫灰心,好心态总有好回报

吉米·坎农(Jimmy Cannon)也许是有史以来最伟大的拳击运动撰稿人和同时期最好的专栏作家之一。当他有话想说时,他就会洋洋洒洒写下一大篇,其中满是启迪读者的真知灼见。而下文就是我对坎农的致敬。

共和党是怎么也不会赢得总统大选的。在食品券、妇女权利和移民政策上被疏远的选民会怀恨在心,而选民权利问题牵涉到美国所有非洲裔、亚裔和西班牙裔群体。

眼下美国的住房业主中仍有两成左右处于负产权状态,奥巴马未能将这些人解救出来。作为一名政客,从执行力上讲,奥巴马是自吉米·卡特(Jimmy Carter)以来最差劲的美国总统。LBJ(林登·贝恩斯·约翰逊;美国历史上第36任总统,其国内政策颇受一些评论者青睐——译注)你去了哪里?如果奥巴马沦为左翼经济学家的俘虏,那我就会放下所有看涨心理,退出这场投资游戏。

China’s New Leader Gives Market a Fillip, but Will It Last?


China’s New Leader Gives Market a Fillip, but Will It Last?
Published: Wednesday, 5 Dec 2012
Chinese stocks, which have had a forgettable year so far, climbed 3 percent on Wednesday, after the country's new leadership promised further reforms. But is the rally that has fizzled out many times in the past here to stay?

China's new Communist Party chief and incoming president Xi Jinping said on Tuesday, while addressing a Politburo meeting, that the government would deepen economic reforms, including allowing market forces to play a bigger role in setting prices.


中国经济回暖,股市下跌为哪般?


中国经济回暖,股市下跌为哪般?

上周五,上证综指收报于1,980.12点,升0.9%。结束了四连跌的走势,为令人失望的11月画上句点。

上周二,备受关注的上证综指收盘跌破2000点,尚属2009年1月以来首次。此前,股市仅在盘中跌破过这一心理关口,一次是在9月份,另两次出现在11月。

市场还有进一步下跌的势头,但受中央讲话提振得以缓解。上周五,国务院副总理李克强有关“未来几十年最大发展潜力在城镇化”的讲话就一度推高股市。他在会见世界银行行长金墉时作出的乐观评估,体现了近期一系列经济形势向好的征兆。然而,随着习惯于看中央经济扶持力度下注的投资者渐渐开始担忧基本面的恶化,这种策略的效力正逐渐丧失。

Why China-Related Stocks Are Looking Like Bargains


Why China-Related Stocks Are Looking Like Bargains
Published: Monday, 3 Dec 2012

China could be closing a rough year in at least a somewhat better light, as investors are beginning to buy into the theme that markets there may be nearing a bottom.

Stocks with high exposure to China got clobbered this year as investors worried that the world's primary engine of growth was slowing and likely to drag down everyone else.

But with a huge bite already out of the country's stock indexes, sentiment is taking root that the nation could be worth another look, at least as a value play.

Singapore-investor-plans-more-investments-in-Johors-Iskandar-region


November-PMI-figures-suggest-pick-up-in-most-Asian-economies


Land-prices-for-private-homes-expected-to-rise


Competition-in-EC-market-likely-to-heat-up-say-analysts


PhillipCapital Weekly Market Watch 29.11.2012


After Virgin, SIA Sets Sights Closer to Home


SIA-in-talks-to-sell-off-Virgin-Atlantic-stake


曾淵滄教路 20.11.12 ; 農民進城停不了 內房股前景樂觀


農民進城停不了 內房股前景樂觀
新加坡第三季的經濟增長率按季計算出現了負數,是負5.9%,按年計算,也只增長0.3%,很明顯的,新加坡經濟在放緩了,有衰退的危險。新加坡的經濟結構相當全面化,服務業、製造業皆很強,服務業與香港類似,也是一個重要的金融中心、物業中心、製造業則以高端產品為主。新加坡人口僅530萬,因此工業產品以出口為主,如今新加坡經濟增長放緩,相信中國與香港也不可避免,新加坡出口受到歐美國家經濟衰退所影響,歐洲人的消費力大幅下降,不但影響新加坡,相信也影響中國。

上星期,內地A股一跌再跌,中共十八大開會的新聞對股市一點刺激也沒有,這終於使到反覆上升兩個月的港股出現了顯著的下跌。

大英Blog物館 20.11.12: 對沖基金長賺長有 對沖基金長賺長有

對沖基金長賺長有 對沖基金長賺長有
近日友人傳來一張網上轉載甚廣的圖表,題為:「一張圖告訴你Bridgewater憑甚麼成了全球最大對沖基金」。Bridgewater由達利奧(Ray Dalio)創立及管理,旗下資產高達千三億美元。Bridgewater主要有兩大操作策略,一種是早前(468期)介紹過的全天候組合(all-weather portfolio),用槓桿、按風險比例進駐不同資產類別,不加預測,隨水飄流,佔比約一半。另一半則是主動操作的Pure Alpha,上述圖表就是它自一九九一年以來的累積表現。

Pure Alpha回報率年均16.1%,並非令人瞠目結舌的三位數,與人們心目中的「神級」,似乎相去甚遠。有趣之處是,在這廿年間,抽取任何一段時間,都有大批高手回報數倍於Pure Alpha。但廿年過後,卻鮮有人能累積後者的規模。Pure Alpha得以獨領風騷,分別不在市好,而在市差之時。

巴菲特:我年轻时看到涨高兴 其实下跌是最好朋友

巴菲特:我年轻时看到涨高兴 其实下跌是最好朋友

在这里我应该坦白地说,我年轻的时候,也是一看到股市上涨就非常高兴。后来我读了格雷厄姆写的书《聪明的投资者》,其中第8章告诉投资者应当如何看待股价波动。原来阻挡我的眼光的障碍物马上从我眼前消失,低迷的股价从此成了我最喜欢的朋友。
 全球著名的投资商巴菲特日前撰文表示,股价下跌才是投资者最好的朋友。如果将来你准备成为股票的净买入者,不管是用你自己的钱直接买入,还是通过持股一家正在回购股票的公司间接买入,股价上涨都会损害你的利益。股价低迷不振反而会增加你的利益。可是,感情因素往往会让事情复杂化:大多数人,包括那些将来会是股票净买入者的投资者,看到股价上涨才会感到内心非常舒服。这样持有股票的投资者,类似于一个经常开车上下班的人,只是因为他的油箱今天加满了油,就为油价上涨而欢呼。


Rising-EC-prices-due-to-increase-in-quality-and-demand-say-analysts


羅傑斯買張裕B 13年賺45倍

羅傑斯買張裕B 13年賺45倍
http://paper.wenweipo.com   [2012-12-03]

 香港文匯報訊(記者 李昌鴻)國際知名投資大師羅傑斯一直看好中國經濟前景,認為中國經濟快速增長和龐大的人口帶來良好的投資機遇。他曾稱自己投資張裕B已達十三年,業內人士預計其盈利可能高達45倍。

 羅傑斯十分看好中國的投資良機,頻頻來中國就商品投資和股市進行布道。他今年中還曾再度來中國。羅傑斯稱,他現在對於A股甚至其他市場股票興趣不大,但他現在仍然持有張裕B。他透露,張裕B是其較大的一次投資,1999年5月,他在上海開設了B股賬戶,當月買入了張裕B股。此後多次加倉持有並且從未賣出,在2004年、2006年、2008年,羅傑斯都曾大量買入B股。他強調他仍未有賣出該股的打算。直到今年4月,羅傑斯還表示想去自己持有的「張裕B」公司看看。

iCapital.biz: China will not have a hard landing


iCapital.biz: China will not have a hard landing
In The Edge Financial Daily Today 2012
Written by Syarina Hyzah Zakaria of theedgemalaysia.com  
Wednesday, 25 July 2012 17:00

KUALA LUMPUR: iCapital.biz Bhd’s net profit for the financial year ended May 31, 2012 rose 37.3% to RM15.73 million or, 11.24 sen a share, from RM11.46 million a year ago.

Meanwhile, its net asset value (NAV), which is a better indication of its performance as a closed-end fund, grew to RM2.86 per share as at May 31, compared with RM2.77 a year ago.

The NAV further expanded to RM2.96 as at July 18. The closed-end fund, helmed by Tan Teng Boo, said there will not be a hard landing in China, a concern which has been weighing down global market sentiment with the strong headwind in Europe.

麥嘉華(Marc Faber)筆記:股市反彈 「出貨」好時機


麥嘉華筆記:股市反彈 「出貨」好時機 - 麥嘉華



早前《經濟學人》發表一篇有關「生產力與增長」的文章,引起了我的關注,文中提到美國勞工生產力(即是產量除以工作小時)於次季的增長速度較預期快,表面上這是個好消息,可是從整體趨勢而論,這樣的結果其實並不讓人感到太興奮。

Key Investment Themes And 2013 Outlook


Key Investment Themes And 2013 Outlook
November 30, 2012
With 2013 on the horizon, we present our key investment themes and market outlook for the consideration of investors
Author : iFAST Research Team

In December 2011, we highlighted several key investment themes and our outlook for 2012. Our forecasts were for a strong year for equity markets, predicated on improving investor sentiment amidst low stock market valuations, along with our expectation that the Eurozone would remain intact, avoiding a full-blown financial crisis. We also highlighted our preference for emerging market equities, which we believed would find increasing favour with global investors in the context of moderating global economic growth, especially given our expectations that the Eurozone would fall into recession in 2012.

Key investment ideas we highlighted included China, where we believed an eventual shift towards more accommodative monetary policy would spur an equity market recovery from depressed valuation levels, while within the fixed income space, we reiterated caution on developed sovereign debt in preference of higher-yielding albeit riskier bond segments like high yield and emerging market debt, and urged investors to seek short-duration exposure to minimise interest rate risk.

Is Warren Buffett Talking Up The U.S. Housing Market?


巴菲特与西班牙CaixaBank达成再保险协议


巴菲特与西班牙CaixaBank达成再保险协议
经济学家保罗·罗默(Paul Romer)曾经说:“浪费危机是一件可怕的事情。”看来巴菲特听从了这个忠告。在欧元区陷于一场可怕的主权债务危机之际,这位奥马哈先知正在西班牙金融机构哀鸿遍野的残骸中啄食。就在欧盟委员会接受西班牙政府提出的银行重组与救助计划后的第二天,巴菲特便与总部位于巴塞罗那的西班牙CaixaBank签署了一项再保险协议

 巴菲特旗下的伯克希尔公司拟支付6亿欧元(合7.79亿美元),对CaixaBank的人寿保险资产组合提供再保险。CaixaBank旗下的VidaCaixa保险集团将继续为该资产组合中所涉及的人寿保单提供服务,但必须将该资产组合未来所产生的现金流转交给伯克希尔哈撒韦公司。

 鉴于西班牙银行体系目前正陷于瘫痪之中,巴菲特达成的此项再保险协议给CaixaBank管理层提供了一些喘息的空间。这家银行在此项再保险协议中将获得急需的5.24亿欧元(合6.8亿美元)税前利润。巴菲特预计,截至2012年年底,来自VidaCaixa保单持有人的稳定现金流将超过这一数额。

分享锦集:恒大置地派息慷慨


分享锦集:恒大置地派息慷慨
Created 12/02/2012 - 12:33

恒大置地(Tambun,5191,主板产业股)在到今年9月30日的本财务年第3季,营业量为7664万令吉,比去年同时期的4735万令吉,增加62%。

但是,净利增加得更快。今年第3季的净利高达1091万令吉,比去年同季的326万令吉增加235%。

本财务年到9月30日的首3个季度,营业量高达2亿2147万令吉,比去年首3季的13575万令吉,增加63%,但净利2956万令吉,比去年同时期的1438万令吉,增加106%。

预料该公司本财务年第4季,能保持第3季的净利,到今年12月31日的全年净利可望超过4000万令吉,每股净利约为13仙,以70仙的股价计算,预期本益比约为5.5倍。

IGB Corporation - Property development and hotel perform strongly


IGB Corporation -
Price Target : 3.20
Last Price : 2.35
Property development and hotel perform strongly

- IGB reported a net profit of RM37.5mil in 3QFY12, bringing its cumulative 9MFY12 earnings to RM151mil. This is broadly in-line with our and consensus expectations, accounting for 73% and 71% of FY12F estimates.

- Earnings jumped by a tad 4% YoY despite recording a healthy revenue growth of 35%. Few factors can explain this:-  (1) one-off accrual expenses amounting to RM28.7mil relating to the listing of IGB REIT and (2) higher-than-expected tax rate 39.6%. On the other hand, earnings fell 33% QoQ on the back of an 8% drop in revenue which was mainly due to the one-off costs relating to IGB REIT.

Chow Tai Fook 1HFY13: Earnings Decline In Line With Expectations (UOBKH)


Chow Tai Fook
Share Price HK$10.86
Target Price HK$6.70
1HFY13: Earnings Decline In Line With Expectations

Net profit declined 32% yoy to HK$1.825b, in line with our expectation. Inventory turnover days increased sharply to 300 days in 1HFY13 vs 251 in 1HFY12 and 213 in FY12. Management said there was a slight improvement in November sales performance. Maintain SELL. Target price: HK$6.70.

• Net profit declined 32% yoy to HK$1.825b in 1HFY13 (Apr-Sep 12), in line with our expectation of HK$1.834b. Gross margin dropped 3.5ppt to 26.4%. Excluding the impact of the unrealised hedging gain/loss on gold loans, gross margin improved 0.4ppt to 29.1%. Rental-to-sales (including concessionaire) ratio increased 0.3ppt to 5.5% while staff cost-to-sales ratio dropped 0.2ppt to 5.5%. EBIT margin dropped 5.1ppt to 10.4%.

Sunway:3QFY12: Performance on track (ECM)

Sunway Bhd
12-month upside potential
Target price 2.70
Current price (as at 28 Nov) 2.30
3QFY12: Performance on track

Sunway’s 9MFY12 net profit of RM313m came in within our expectation but higher than market’s. It made up 75% of house estimates and 93% of consensus. Main earnings contributors were the property development and property investment divisions. The Group is on track to achieve its target of RM1.3bn by year-end as total property sales as at 30 Sep 2012 has reached RM1.22bn (effective: RM1.1bn). We leave our numbers unchanged. Maintain Buy on Sunway with target price of RM2.70.

MISC:3QFY12: Hit by provision in heavy engineering (ECM)


MISC
12-month upside potential Target price 4.60
Current price (as at 28 Nov) 4.10
3QFY12: Hit by provision in heavy engineering

MISC 9MFY12 net profit excluding impairment provisions on vessels, loss from disposals of vessels and provision made on FPSO Cendor came in at RM309m compared to our full-year forecast of RM625m and consensus’ RM729m, respectively. The poor 3QFY12 results were largely hit by provision made on FPSO Cendor in the heavy engineering division. We are leaving our FY12 earnings forecast unchanged. However due to the protracted downcycle in the petroleum shipping industry, we downgrade our target price from RM5.01 to RM4.60 based on 0.9x FY13 P/BV (from 1.0x previously). Maintain Hold.

Ann Joo Resources : Bottomline in the red due to huge provision (MIDF)

Ann Joo Resources
Price (27th November 12) RM1.33
Target Price RM1.31
Bottomline in the red due to huge provision

• Bottomline in the red due to huge provision. Management is cautious on steel price outlook.
• Local steel industry outlook dependent on China’s economy and outcome of MITI investigation on anti-dumping activity as well as the growth direction of global steel industry.
• Maintain NEUTRAL at TP of RM1.32.

Lost quarter. Ann Joo Resources Bhd (Ann Joo) 3QFY12 core net loss (after stripping RM24m unrealized forex gain) of -RM47.1m came in way below ours and street expectations.

B'fast Grille 03Dec2012 Foo Sen Chin ECS ICT



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晶片销售增长 科技领域仍谨慎乐观


(吉隆坡7日讯)隨著美国復甦,10月份全球晶片销售显著改善,按月取得1.7%增长,按年则下挫3.7%。

根据半导体工业协会(SIA)指出,全球晶片销售在今年10月取得显著改善,达252亿美元。

这是2012年以来,首次超越250亿美元销售,不过与去年同期相比却下跌2%。

主要的復甦因素源自美国,按月提升8.1%,是区域內自2010年5月以来最大的涨幅。

另外,安联研究分析员相信,按月比较成长受季度性提振,因10月份的佳节期间买气带动全球晶片销售成长。

新航在本区域发展更有利

新航在本区域发展更有利
文: 道琼斯通讯社 (译:朱爱伦) 2012年12月07日 展望
新航(Singapore Airlines)似乎正逐渐撤离泛大西洋市场,而投资者应会为此感到高兴。

公司于13年前以6亿英镑(约9亿6,000万美元)收购维珍航空(Virgin Atlantic)的49%股权。但这项投资却无功而返,激烈的竞争及降陆权难求令其表现大受打击。维珍航空在上个财年报1亿2,830万美元亏损。

美国达美航空(Delta Air Lines)据称是维珍股权的潜在买家,但它不愿置评。达美成为往返纽约和伦敦航线的策略性伙伴是更合理的。新航在此时脱售股权可能有点出乎意料之外,因为其截至今年9月底的现金约为39亿美元,所以并不需要集资。此外,目前航空公司的估值偏低,因此脱售维珍股权可能会令公司亏本。星展唯高达(DBS Vickers)的分析师Paul Yong表示,股权的售价可能约为5亿英镑。

大马房市-牛市滑落宜套利


牛市滑落宜套利
Created 12/07/2012 - 16:15
余广财认为,大马房市市场目前是牛市走向滑落的过渡期,是套利的良机。

余广财以繁荣期、低潮期及稳定与回升周期三个阶段为基础,再把房产周期细分成增长、平衡、滑落及吸收期,又或者以夏、秋、冬及春来区分。

以目前情况看来,我们正好进入秋季。

“大马房市市场目前进入平衡期,因为高档的住宅自2011年开始冷却。中价房产已经越来越难负担。中国及香港的产业价格滑落,也间接影响大马高档房产。

他说,大马房市进入秋季是牛市走向滑落的过渡期。原产品价格、股价或外汇市场滑落,也都是走向平衡期的讯号。

非常投资兵法


非常投资兵法
Created 12/07/2012 - 16:21
前景不明朗的情况下,我们现在应该掷金出击,还是离场观望?钱该放在哪种房产最安全?

不管是牛气冲天或是熊市,赚钱的人还是大有人在,只是,在非常时刻,可能需要非常手段,这一期,就有大家分享房产不同周期的非常兵法。

勿盲目跟风 抓准房产周期吸纳套利

当我们感受着产业市场热度时,其实一些类型的房产价格已回调,市场可能会开始从高点滑落,走向周期的另一阶段。

这个从盛转衰的过渡期,恰好提供了套利良机,是投资者享受收成,蓄势待发等待下一周期的来临时机。

米兰兵法:买商用房产或住宅?

米兰兵法:买商用房产或住宅?
Created 12/07/2012 - 15:40
本期《米兰兵法》继续探讨自住房子,究竟该买还是租这课题。

尤其如果手上有一笔资金,是否应该直接买一间自己预算范围内的房子,还是该做其他投资呢?

而租房到底能够带来什么好处,当中又有何弊端?

如果你已决定了要购买一项房产,现在正考量购买商用房产,会否比购买住宅产业来的更合理…尤其考虑买价超过100万令吉的高档住宅产业时,你或许可选择租金回酬和资本增值一般上比较高的商用房产。

Fmr. Temasek Boss: Olam Not Similar to Failed Enron


Is Apple Losing Its Edge?


Fiscal Cliff: 'Crash or Crash Through'


A股重返2000点 公私募加仓意愿增强


Many Other Cliffs Await the US Economy: Pro


Positive on China Equities, Reforms: Pro


Focus on Asia, Ignore the Noise


Will the Yen Finally Weaken?


Commodity Prices to Be Guided By China


What to Expect With the Biggest HK IPO in Two Years


解析汇丰缘何出售平安


大股东易主 泰国正大入主中国平安


Apple's Effort to Break in to China's Mobile Market


Up and Up: Chinese Stocks Continue Rally


Mayo's Pick: Citi vs. Bank of America


Citigroup to Cut 11,000 Jobs


Talking Numbers: Like Facebook?


Adami: Will Apple Shares Hit May Lows?


Friday, December 7, 2012

Nusajaya on course to become largest fully integrated urban development hub in SEA

Nusajaya on course to become largest fully integrated urban development hub in SEA
Business & Markets 2012
Written by Bernama  
Friday, 07 December 2012 17:43

JOHOR BARU (Dec 7): Nusajaya has passed the tipping point on course to become the largest fully integrated urban development hub in Southeast Asia (SEA), its master developer UEM Land Bhd said today (Friday).

Managing director Datuk Wan Abdullah Wan Ibrahim said with the completion of its first phase, which started six years ago, Nusajaya's vision is truly taking shape.

"Nusajaya is gathering an irresistable momentum. The second phase will drive Nusajaya towards its full potential.

料1年內放寬禁令‧雲頂放眼日本設賭場


料1年內放寬禁令‧雲頂放眼日本設賭場
Created 12/07/2012 - 17:43
(新加坡7日訊)雲頂(GENTING,3182,主板貿服組)放眼日本為下一個最可能進軍和開設賭場的新市場,因預期日本政府將在未來12至18個月內放行賭場興建條例。

此投資計劃將由該集團旗下的雲頂新加坡主導。

雲頂新加坡主席丹斯里林國泰在新聞發佈會上表示,“我對日本的進展更為樂觀。"他指出,一切取決於日本的條例,雲頂集團將等待日本的賭場條例明朗化之後才有所行動。

雲頂新加坡首席營運員陳啟德在會上說,日本自民黨傾向於放寬賭場條例,若該黨在本月的選舉中奪回執政權,相信會在12至18個月內放寬相關條例。

Gurney Paragon 次期启用 汇华料收益贡献更显著

Gurney Paragon 次期启用 汇华料收益贡献更显著
Created 12/07/2012 - 12:02
(槟城6日讯)汇华产业(HunzPty,5018,主板产业股)表示,在2012财年贡献良多的Gurney Paragon商业与住宅计划,将继续推动2013财年收益,以助取得标青业绩表现。

汇华产业执行主席拿督许廷忠在股东常年大会后表示,除了Gurney Paragon,位于甲抛巴底的Bandar Putra Bertam,以及高档住宅计划Infinity,都会是2013财年收益的主要贡献者。

他透露,待GurneyParagon第二期的零售广场和办公楼启用后,收益贡献将更为显著。

“Gurney Paragon广场预计在明年7月开张,继之前宣布的6个商家之后,相信能吸引更多非槟城商家前来。”

Macquarie downgrades Olam to ‘neutral’


Macquarie downgrades Olam to ‘neutral’

Macquarie downgraded Olam International to ‘neutral’ from ‘outperform’ and cut its target price to $1.60 from $2.40, saying some of the Singapore commodities firm’s projects are taking longer-than-expected to come through.

Olam shares were up 1.4% at $1.47 on Friday. But the stock has fallen more than 15% since short-seller Muddy Waters launched a scathing attack on the company’s accounting, debt and investment projects on Nov. 19.

"While we disagree with Muddy Waters’ assertion that Olam stands on the brink of insolvency, we do take their point that some of Olam’s new upstream and midstream projects have lagged expectations. In fact, as a group, the new projects had already missed our expectations in 2012 fiscal year," Macquarie said.

Genting Singapore may expand in Japan on legislation outlook


Genting Singapore may expand in Japan on legislation outlook

Genting Singapore Plc, Southeast Asia’s biggest casino operator, said it may expand in Japan as it expects the country to pass its gaming law in the next 12 to 18 months.

The company, which owns one of Singapore’s two casino resorts, is monitoring Japan’s legislative process and said the market offers “good potential.” It said it explores every acquisition opportunity and Japan will probably be the company’s next investment.

“I’m more optimistic on something happening in Japan,” Chairman Lim Kok Thay said at a press conference in Singapore. “It’s all about the legislation. The group wouldn’t do anything until there’s clarity on gaming regulation.”

StarHub, Roxy-Pacific likely to see higher dividend payouts

StarHub, Roxy-Pacific likely to see higher dividend payouts
Personal Finance
Written by Loh Chen-Yi of The Edge Singapore  
Friday, 07 December 2012 00:00

STARHUB has declared a dividend of five cents per share for 3Q2012 as net profit after tax rose 27% to S$96.2 million for the quarter, driven by a 2% y-o-y rise in operating revenue and an improvement of 3.1 percentage points in Ebitda (earnings before interest, taxes, depreciation and amortisation) margin to 33.9%.

Even so, StarHub could pay higher dividends next year as its balance-sheet gearing continues to decline and net debt-to-Ebitda ratio stood at 0.5 for the quarter, say analysts in Daiwa Capital Markets.

Pan-United Corp, Ryobi Kiso Holdings and Biosensors International buy back shares


Pan-United Corp, Ryobi Kiso Holdings and Biosensors International buy back shares
Pan-United Corp is among the few companies that have been steadily buying back their shares. From Nov 20 to 27, the shipping, marine and engineering firm bought 386,000 shares at an average of 67.5 cents each.

The group’s net profit for 3QFY2012 ended Sept 30 increased 45% y-o-y to $34.3 million, driven by higher contributions from its basic building resources division, improved performance from the shipping division and the disposal gain of $2.2 million from sale of vessels in the previous quarter.

All three divisions achieved higher activity levels in 3QFY2012, which lifted the group’s revenue by 44% to $529 million. Sales volume of cement and ready-mixed concrete rose from higher construction activities in Singapore. Pan-United’s subsidiary Pan-United Concrete has been awarded two ready-mixed concrete supply contracts worth a total of $36 million by Sambo E&C and Koon Construction & Transport. The contracts will generate revenue and profit contribution over the contractual periods but are expected to have no material effect on the group’s current FY ending Dec 31.

Wilmar’s CEO Kuok and COO Sitorus raise stake in the agricultural commodities company

Wilmar’s CEO Kuok and COO Sitorus raise stake in the agricultural commodities company
Wilmar International’s CEO Kuok Khoon Hong and COO Martua Sitorus increased their stakes in the agricultural commodities company recently. On Nov 12 and 14, Kuok purchased 2.63 million shares at $3.14 and $3.17 apiece. Sitorus on the other hand, purchased two million shares at $3.17 cents apiece on Nov 16. The move has boosted Kuok’s deemed stake in the firm to 12% and Sitorus’ stake to 10.2%.

For its 3Q2012 ended September, Wilmar posted earnings of US$406 million ($497.5 million), a 26% increase from last year although revenues fell 5.7% to US$12.35 million. Wilmar’s latest project is a joint venture with Swiss specialty chemicals firm Clariant. Both parties will set up a global platform for production and sales of amines and selected amines derivatives. The platform will be based in Singapore and is slated to open by the middle of next year. Amines are chemicals derived from ammonia and are used in the making of drugs, dyes and the treatment of gases.

Tycoon Oei Hong Leong raises stake in Raffles Education Corp


Tycoon Oei Hong Leong raises stake in Raffles Education Corp

Multi-millionaire investor Oei Hong Leong has become a substantial shareholder of private-education provider Raffles Education Corp. On Sept 12, he purchased 11.55 million shares at 32.6 cents each on the open market, increasing his direct stake to 4.9%. A day later, Oei scooped up another 8.8 million shares directly and through Oei Hong Leong Art Museum, bringing his direct and deemed interest to 5.9% and 1.3%, respectively.

观点:中国股市是一个“价值陷阱”


观点:中国股市是一个“价值陷阱”

Junheng Li

低利率虽在重振美国经济方面收效甚微,但却令美国股市强劲反弹,推动标准普尔500指数(Standard & Poor's 500-stock index)上涨,较2009年2月高出近一倍。

然而中国股市却不可同日而语。

我们先来看看美国与中国的国内生产总值(GDP)增速吧。2008年10月,中国领导人为消除全球金融危机的影响,迅速采取行动,推出了4万亿人民币的刺激方案。据官方统计,中国GDP恢复了高增长,2009年至2011年这三年分别达到了9.2%、10.4%和9.2%。

但再看看标普500指数和中国股指(特别是上证综指和深证成指)的表现,情况就大不一样了。

STOCKS NEWS SINGAPORE-China Minzhong up after funds, investors buy 10.3 pct stake

STOCKS NEWS SINGAPORE-China Minzhong up after funds, investors buy 10.3 pct stake
Shares of China Minzhong Food Corp Ltd jumped after it said institutional funds and high net worth investors had bought a 10.3 percent stake in the food processing firm from Olympus Capital Holdings Asia at a placement price of S$0.80 per share.

China Minzhong shares rose as much as 6.7 percent to S$0.80 after a trading halt was lifted on Friday. Nearly 14 million shares were traded, 1.8 times the average full-day volume over the past 30 days.

But even after the rise, the stock was still down nearly 2 percent so far this year, lagging the 25 percent gain in the FT ST Small Cap Index.

Olam Not Similar to Failed Enron, Says Ex-Temasek Director


Olam Not Similar to Failed Enron, Says Ex-Temasek Director
By Michelle Yun & Rishaad Salamat - Dec 7, 2012

Olam International Ltd. (OLAM), the commodity trader that Muddy Waters LLC said may fail, isn’t another Enron Corp., according to a former senior managing director at Temasek Holdings Pte.

“I completely reject” the Enron comparison made by Muddy Waters, Michael Dee, who worked at Temasek from 2008 to 2010, said in an interview with Rishaad Salamat on Bloomberg Television’s “On the Move Asia.” Olam is “a company that saw a tremendous business opportunity, to take an existing platform and grow it on the back of relatively inexpensive debt. And perhaps executed that a little bit too fast and too far.”

Gurney Paragon貢獻最多‧匯華產業看好獲利

Gurney Paragon貢獻最多‧匯華產業看好獲利
Created 12/07/2012 - 10:46
(檳城6日訊)匯華產業(HUNZPTY,5018,主板產業組)旗下多項房產計劃表現趨穩,促使該公司看好截至2013年6月30日止財政年的業績展望。

執行主席拿督許廷忠在股東常年大會後說,該集團旗下的檳城新關仔角葛尼百利宮(Gurney Paragon)超級豪華公寓已竣工,入伙准證於2011年6月獲取,迄今逾90%單位出售,成為截至2012年6月財政年度產業發展部份的主要貢獻者。

St.Jo’s帶來長期租金收益

Moody’s changes MISC outlook back to stable

The Star Online > Business
Friday December 7, 2012
Moody’s changes MISC outlook back to stable

PETALING JAYA: Moody’s Investors Service has changed MISC Bhd’s outlook back to stable from negative and affirmed its Baa2 issuer ratings.

According to Moody’s, MISC’s rating was revised following its decision to sell a 50% stake in Gumusut-Kakap semi-floating production system to Petroliam Nasional Bhd’s subsidiary.

The transaction would result in proceeds of US$1.7bil out of which MISC will use US$1.25bil to repay its borrowings while the balance would be used to fund capital expenditure and transaction expenses, the rating agency said in a statement.

Apple市值日失2722億

Apple市值日失2722億
蘋果公司(Apple Inc.)股價周三急瀉6.4%,收報538.79美元,創近四年最大單日跌幅,市值一夜間蒸發349億美元(約2,722億港元),價值相當於5,000萬部、16GB容量於本港出售的iPhone 5手機,或相當於投行摩根士丹利市值。

如此急劇的市值縮水是最少廿四年來未曾出現過,而相較九月高位705美元亦累跌23%,進入熊市範圍。綜合蘋果公司股價插水背後的眾多原因,殺傷力最大的利淡因素之一是在中國市場上遭智能手機手下敗將諾基亞「爬頭」,被搶先與中移(00941)促成合作。

Sunway : Expanding land bank in Iskandar (MIDF)


Sunway Berhad
Price (04 Dec 12) 2.30
Target Price 2.60
Expanding land bank in Iskandar

Entered into a JV to undertake RM12b development in Pendas Johor
Land located immediately adjacent to existing land bank which provide synergies in planning and development
Total GDV increased by 40% to RM25b
Geographical diversification of land bank

Joint Venture (JV) Development: Sunway Berhad (Sunway) had entered into a share subscription and shareholders’ agreement with Iskandar Assets Sdn Bhd (IASB), a wholly-owned subsidiary of Iskandar Investment to undertake a mixed development project in Iskandar. The equity ratio of the JV company is 60:40 (Sunway: IASB).

OLAM: Having Temasek Holdings backing the proposed rights issue of bonds (Limtan)


OLAM
S$1.575-OLAM.SI
 Having Temasek Holdings backing the proposed rights issue of bonds (via ) will clearly help restore confidence in Olam.

 Olam wants to raise US$750 mln / S$915.8 mln (@ S$1.221 exchange rate) via a 6.75% 6-year bonds, with 387.4 mln “free” warrants, exercisable at US$1.291 / S$1.576 a share (ie no discount to last traded). This will be on the basis of 313 bonds with 162 warrants for every 1000 Olam shares.

 But there are issues to consider:
a. Neither the Chanrai family nor George Verghese has given undertaking to fully subscribe for their entitlement.

More supply restraint needed (CIMB)


 More supply restraint needed
Shipping rates across all sectors showed signs of weakness, as overcapacity remains a huge problem. Demand seems to be faltering or not growing too strongly, and hence, shipowners will need to put in more effort to remove capacity from the oversupplied market.

 The outlook for the shipping sector remains challenging, although we think it is mostly reflected in the share prices. 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.

Astro Malaysia Holdings - Capex cycle yet to peak

Astro Malaysia Holdings -
Price Target : 2.89
Last Price : 2.67
Capex cycle yet to peak

- We initiate coverage on Astro Malaysia Holdings, with a HOLD and a fair value of RM2.89/share, based on a 10% discount to our DCF value of RM3.21/share.

- On the revenue front, growth will be supported by:- (1) Growing subscriber base by net additions of 147k-228k p.a., implying penetration of 48%-51% for FY13F-FY15F; and (2) Higher ARPU boosted by HD, arising from the migration of existing subscribers to B.yond STB by end-FY14F. As such, HD take-up rate is estimated to hit 38% in FY13F and jumping to 45% in FY14F, followed by 55% in FY15F ' translating into residential ARPU of RM93 and RM97 for FY13F and FY14F, respectively. Notwithstanding this, the recent NJOI rollout is a  positive, targeting the lower income segment and rural areas. We assume NJOI ARPU of RM2 and RM4 for FY14F and FY15F, respectively.

Noble Group: Lower Stock Price A Better Reflection Of Value (UOBKH)


Noble Group
Share Price S$1.11
Target Price S$1.17

Lower Stock Price A Better Reflection Of Value; Upgrade To HOLD
Noble’s stock price has fallen to more attractive levels following the release of weaker-than-expected  3Q12 results. Improvements in its Brazil sugar  business may be offset by weak China soybean crushing margins.  Upgrade to HOLD. Target price: S$1.17. Entry price is S$1.06.

What’s New
• Noble has underperformed the FSSTI by 13% (-13.3% vs FSSTI’s 0.3% decline) following the announcement of its 3Q12 results on 8  Nov 12, which were below expectations. We upgrade Noble from SELL to HOLD as the stock has become less expensive when weighed against our valuation of S$1.17.

Genting Singapore: Navigating in a difficult environment (CIMB)


Genting Singapore
Current S$1.25
Target S$1.20
Navigating in a difficult environment

 Recent developments on the issue of regulation and real estate show how difficult it can be to navigate and grow in the Singapore IR landscape. We believe Genting Singapore is at the startof a protracted earnings downcycle going into 2013.

We downgrade our recommendation from Neutral to Underperform as we believe the company faces not just earnings risk but increased risk premium from overregulation and other issues that will restrict its capacity to grow. We make no changes to our EPS forecasts and RNAV-based target price. M&A seems to be the only rerating catalyst at this stage.

Olam International : Will it fail?

Editor's note:

We don't have all the answers, but we're trying to make heads or tails of the Muddy Waters report.

Ultimately, it is for Olam and Muddy Waters to convince investors, and for the High Court to rule on Olam's case against Muddy Waters.

29/11/2012 – Olam International has described claims by UK research firm Muddy Waters that it was running "a high risk of failure" as "false and misleading".

It says the report is designed to benefit Muddy Waters' short positions in Olam's stock, and that it would "claim damages for the unfounded allegations".

We have invited both Olam and Muddy Waters to be interviewed.

Marco Polo MANAGEMENT REPLY: How solvent is Indonesian associate?

FY12 revenue up 8%, Net profit up 23%

29/11/2012 – Marco Polo Marine Ltd is optimistic about its performance for the next 12 months.

It expects its shipyards to drive revenue in FY13 while the ship chartering business remains subdued.

The company just announced earnings for Q4 FY12:

Revenue: +8% to S$89.8 mln
Profit: +23% to S$21.3 mln
Forex gain/(loss): (S$1.4 mln) vs S$1.5 mln
Cash flow from operations: S$34.5 mln vs S$8.2 mln
Dividend: S$0.01 per share vs Nil
Order book: Not Disclosed

Nam Cheong Likely To Resume Mid-Term Uptrend

Nam Cheong Likely To Resume Mid-Term Uptrend
By Robin Han

Nam Cheong has not move up over the past two weeks when the STI staged a rebound from 2,931 to 3,048.

Nonetheless, this stock is relatively strong. Though it pulled back a little to consolidate after recording a new one-year high, it held up quite well when the STI declined in early November. We can see that it is in a clear uptrend, and is currently sitting on the supporting trend line that usually serves as a support as well as a booster for rally.

On 12 November, the company announced its third quarter financial results with revenue and profit falling 43.6 percent and 32.6 percent respectively. Notably, there was no sell down and such unusual price reaction could indicate accumulation of stocks by the buyers.

CapitaMall Trust: Loading firepower for growth (OCBC)


CapitaMall Trust:
Fair value    S$2.30
add: 12m dividend forecast S$0.09
versus: Current price  S$2.07

Loading firepower for growth
• Equity cash call at premium to NAV
• Enhanced financial position
• Limited dilution to unit base

CapitaMall Trust (CMT) had received the approval in-principle for the offering of new units in CMT pursuant to the private placement. The retail landlord had initially proposed to carry out a placement of 100.5m new units, but the placement was upsized to 125m units due to positive market demand. Issue price was fixed at S$2.00 apiece, representing a 4.8% discount to the adjusted volume weighted average price of S$2.10 on 21 Nov.

Fortune REIT: Raise FV to HK$7.28 (OCBC)


Fortune REIT:
Fair value    HK$7.28
add: 12m dividend forecast  HK$0.34
versus: Current price  HK$6.68

Raise FV to HK$7.28
• Strong 9M12, stable outlook
• Yield compression vs. physical property and peers
• Raise FV to HK$7.28;  maintain BUY

We believe that FY13F DPU yield for Fortune REIT (FRT) is attractive at 5.0%, especially compared to that of its closest HK peer, The LINK REIT, which has a consensus FY13F DPU yield of 3.7% (Bloomberg). It should be noted that HK’s 10-year government bond yield is 0.56%, versus 1.33% for Singapore.

MISC : Heavy Engineering impacted by one off provision (MIDF)

MISC Bhd
Maintain BUY
Price (28 Nov 2012) RM4.08
Target Price RM5.60
Heavy Engineering impacted by one off provision

• 9MFY12 net earnings grew slightly by +6.2%yoy to RM190.6m, which was below ours and consensus expectations, where it is 21.9% and 26.1% of respective full year estimates.

• One off provision recognized for FPSO Cendor and unfavourable forex movements dragged down the overall performance.

• Petroleum segment recorded lower losses given the secured long term charter contract above the spot market.

Malaysia Bulk Carriers: Decent result for the rest of the year (MIDF)


Malaysia Bulk Carriers
Price (27 Nov 2012) RM1.31
Target Price RM1.53
Decent result for the rest of the year

• 3QFY12 net earnings fell within our expectation and 9MFY12 accumulated earnings accounted for 75% of our FY12 target. • BDI dropped to 845.6 points in 3QFY12 and weighed on the average TCE rate of dry bulk, affecting vessels class in Panamax. • Reiterate NEUTRAL recommendation with TP staying at RM1.53 based on Sum-of-Parts valuation method.

Muhibbah Engineering: APH still a thorny issue (CIMB)


Muhibbah Engineering
Current RM0.87
Target RM0.90
APH still a thorny issue

 Muhibbah's annualised 9M12 core net profit made up 100% of our full-year number but was 8% above consensus. The results were in line as we expect the weakness in shipyard earnings to flow through in 4Q. The prolonged non-resolution of the APH issue remains a key risk.

Although we roll over our valuation to end-2013, our target price, which remains pegged to a 40% RNAV discount, drops as we update for balance items. Maintain Neutral as we see no medium-term resolution to the APH issue, which has been escalated to a winding-up petition, raising the risks of a bumper provision by Muhibbah.

CapitaLand: A defensive move (Phillip)

CapitaLand Ltd
Target Price (SGD) 3.97
Closing Price (SGD) 3.50
A defensive move

 CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.

• Emerged as the top bidder for a residential site at Bishan Street 14 with $505.1mn
• Tender price of $853psf is 3.06% higher than the second highest bidder, but 1.9% lower than the price that it tendered for Sky Habitat
• Maintain Accumulate with higher target price of $3.97

Saizen REIT: Making Its Long-Sought Comeback (AM)


Saizen REIT
LAST CLOSE: S$0.170
FAIR VALUE: S$0.212
Making Its Long-Sought Comeback

A stability story springs to mind when one mentions Saizen REIT, which owns 135 residential properties in Japan. Enjoying stable occupancy and average rental rates since 2008, Saizen REIT’s portfolio demonstrates clear resilience against macroeconomic uncertainties. After factoring in a negative 1% rental reversion to err on the side of caution, we believe Saizen REIT is deeply undervalued at present. Such attractive valuations are accompanied by a high 7.3% yield, further accentuating its investment appeal. We initiate Saizen REIT with a BUY and has a fair value of S$0.212 based on DDM.

KLCC Property : Goodies galore (DBSV)

KLCC Property
BUY RM5.58
(Upgrade from Hold)
Price Target : 12-Month RM6.90 (Prev RM 5.40)/ RM5.55 post restructuring
Goodies galore

• Positive on stapled REIT structure, largest MREIT with RM15b combined asset size
• FY13-14F DPS + 42-88% to attractive 4.0-5.9% yield
• Upgrade to BUY with SOP-based TP of RM6.90 (RM5.55 post-restructuring) for 23% upside

REIT-ing it up. KLCCP is proposing to establish a stapled security (KLCC REIT + KLCCP), a first in Malaysia (but widely popular in Australia) and more efficient structure than standalone REITs given no holding company discount (case in point: Sunway & IGB).

Malaysian Airline System: Heading in the Right Direction (MIB)


Malaysian Airline System
Buy(under review)
Share price: MYR1.01
Target price: MYR1.20 (under review)
Heading in the Right Direction

Within our expectation. MAS has successfully achieved a turnaround in 3Q12 with an operating profit of MYR4m, a significant improvement versus losses of MYR192m in 3Q11. This is within our expectation of an operating profit of MYR8m and well ahead of consensus forecasts. Cost-cutting initiatives, right-sizing of the business and lower fuel prices all contributed significantly to the turnaround. MAS has also announced its intention to restructure its capital base and undertake a rights issue to raise up to MYR3b. This will be dilutive and cause a price overhang. Our BUY call is under review pending details of the corporate exercise.

Chow Tai Fook Jewellery: Regaining its lustre in 2H (CIMB)


Chow Tai Fook Jewellery
Current HK$10.86
Target HK$13.60
Regaining its lustre in 2H

 The 9% shortfall in CTF’s 1HFY13 earnings (-32% yoy) relative to our forecast came from weaker-than-expected sales in 2Q and the temporary impact of unrealised hedging losses. We expect its earnings resilience to be more evident in 2H.

We lower our FY13-15 earnings by 11-16% while lifting our target price from HK$13.2 to HK$13.6 as we roll it over to end-CY13 and base it on 15.1x CY14 P/E (16x CY13 P/E previously), on par with major HK/China consumer peers. Recent signs of recovery should lead to further rerating in the near term, underpinning our unchanged Outperform rating.

TPV Technology: Positive bottom line surprise (CIMB)

TPV Technology
Current HK$1.72
Target HK$2.62
Positive bottom line surprise

3Q12 net profit was in-line with consensus but 161% ahead of our estimate on better-than-expected GP margin and lower-than-expected R&D expenses. Through its streamlining efforts and tight cost control, we believe it is on track to turning TP Vision into profitability.

9M12 net profit made up 70% of consensus and 77% of our full-year forecast, a positive surprise as 4Q is traditionally the peak season. We raise our FY12-14 forecast to factor in higher margins and increase our target price as we roll over our conservative target P/BV of 0.4x to end-CY13 (pegged at 30% discount to five-year average). Maintain Outperform; catalysts include gradual improvements in TP Vision.

巴菲特重仓富国银行的理由

巴菲特重仓富国银行的理由
2012年11月27日
毕老林
21世纪经济报道

11月25日,周日。投资各师各法,有人喜欢出出入入,输赢皆有限钱,深信只须严格执行止蚀,赢多输少总能糊口。这类短炒客,香港“鱼缸”多的是。

第二类专投股价偏离基本因素的企业,越跌越买,耐心等候市场还“好股”一个公道。这类投资者“择善固执”,别人恐慌时贪婪,千中未必有一,巴菲特自属此中佼佼。巴郡在金融海啸后多次收集主攻美国西岸的富国银行,正是“股神”投资心法的示范。

高盛:金价明年见顶回落 终结12年牛市

高盛:金价明年见顶回落 终结12年牛市
(香港6日讯)金价还处於至少90年以来的最长上涨週期,但高盛预测,2013年黄金价格將达到顶峰,但隨著美国经济加速成长,之后几年金价將持续下滑。

高盛5日以电邮形式发佈报告称,即使联储局扩大货幣激励,金价將在2013年见顶,此后转而下行。

该行预测,黄金价格3个月后將达到每安士1825美元,6个月后回落至1805美元,一年后进一步跌至1800美元。

今年均价1670美元

之前该行对金价的3个月预期是1840美元,6个月和12个月预期均为1940美元。

派息捎惊喜 Astro股价未受激


(吉隆坡6日讯)儘管Astro大马(ASTRO,6399,主板贸服股)2013財政年首九个月净利按年下滑29.3%,但普遍符合市场预期,同时该集团派发每股1.5仙单层中期股息,让市场惊喜。

不过,该股股价周四呈下滑格局,並回吐公布业绩前的涨幅。该股以2.40令吉开市,早盘普遍维持在相同水平。Astro大马最终以2.96令吉闭市,全日下跌1仙或0.349%,成交量达1279万3800股,为第11大热门股项。

Astro大马首九个月营业额按年提升11%,由强劲的每用户每月平均收益(ARPU)和订户成长贡献。然而,其盈利下滑29%,是基於较高节目內容成本、客户相关收购成本和加速折旧机上盒所致。

里昂推舉10隻心水股


里昂推舉10隻心水股
http://paper.wenweipo.com   [2012-12-07]

 香港文匯報訊(記者 卓建安)里昂中國香港策略研究部董事總經理張耀昌預測明年恒指的目標為24,500點,即較昨日恒指收市價有一成的上升空間,他看好消費、醫藥、互聯網、油氣和內房等板塊,而不看好機械、資源和鋼鐵板塊。

恒指明年目標24500
 張耀昌昨日出席記者會時表示,里昂對明年恒指目標不算高的原因在於目前恒指成份股中,本港相關股份中以地產股為主,其估值已相對較高,而內地相關股份又以銀行股為主,其盈利增長預測只有5%至10%。

 里昂看好明年10隻股票表現,並建議買入,分別是中國海外宏洋(0081)、騰訊(0700)、中國生物製藥(1177)、中移動(0941)、百麗(1880)、華潤電力(0836)、中石化(0386)、新濠博亞(6883)、中行(3988)和海通證券(6837)。

蘋果兩日挫10%蒸發4000億

蘋果兩日挫10%蒸發4000億
【本報綜合報道】蘋果濕滯,港人見財化水。近年長升長有的股壇神話蘋果,前晚失驚無神重挫6.4%,創四年來最大單日跌幅,單日市值損失創有紀錄以來最大,昨早段再跌3.5%,兩日共挫近一成,市值累計蒸發525億美元(約4095億港元)。蘋果被拋售,本港打工仔亦受害,事關香港多數強積金組合中的北美或美國股票組合,都至少擁有約4%的蘋果股票。

記者:伍詠雯 葉景平 倪敏慧

本港時間昨晚10時半,蘋果在美國開市再跌3.49%,報520美元,較上日收市價跌18.79美元。

蘋果為全球基金界寵兒,市值曾高逾5000億美元,外界打趣,「蘋果有一手,退休可無憂」,故大部份環球基金必然持有蘋果股份。資料顯示,信安強積金計劃中的美國股票基金,截至6月底止持貨最多的股票就是蘋果,佔6.24%;友邦強積金的北美股票基金,截至9月底亦持有5.78%該股;較多人選用的滙豐強積金,其北美股票基金上半年持有4.1%。除美國股票基金外,多家服務商的環球股票基金亦持有少量蘋果股票。

曾淵滄專欄 07.12.12:越沽越強 友邦硬淨


曾淵滄專欄:越沽越強 友邦硬淨 - 曾淵滄

港股及內地A股經過前日急升後,昨日輕微調整,這是正常的套利行為。

友邦(1299)上市之後,股價長期優於大市,但都不斷地遭大股東配售套現,最大的股東AIG不斷配售套現,是因為AIG缺錢用,前日,另一主要股東馬來西亞政府也配售約9000萬股,套現約28億元,配售價29.54元,只比前日收市價折讓1.2%。

昨日友邦股價僅微跌0.33%,可視為與大市同步輕微調整,換言之,大規模的配售對股價的打擊不大,可見友邦的確是全球基金經理的愛股,最能顯示友邦受基金經理歡迎的一次配售是在今年9月,AIG竟以溢價配售友邦。

巴生谷商业房產 有望重新吸引投资者

巴生谷商业房產 有望重新吸引投资者
吉隆坡6日讯)產业分析员认为,巴生谷商业房產供过于求,为租户提供议价空间,也將让收益率重新走高,及带来策略投资机会,这可望吸引投资者重新投入这早前受忽略的市场。

新加坡《Business Time》报道,巴生谷地区目前有8900万平方尺的投资级商业空间,年尾还会有600万平方尺商业单位陆续完成。巴生谷未来两年的商业產业预计將进一步增加,可租用面积(NLA)料达到1300万平方尺,比市场需求多出20%。

削价留客,拉低租金水平

数据显示,大马首都范围內的优质物业租金在过去一年持平在每平方尺7.36令吉。

隨著更多商业空间建竣,可租用面积供应过剩的情况下,將促使业主削价以留住租客,从而拉低整体租金水平。

匯华產业看好明年表现


匯华產业看好明年表现
(檳城6日讯)匯华產业集团执行董事拿督许廷忠表示,公司在2013年预料可取得令人满意的表现。

他预测,2013年財政年表现,將由新关仔角百丽宫广场、甲拋峇底柏淡太子城计划推动。他今日出席股东大会后,对记者如此表示。

该集团旗下最新的发展项目包括新关仔角百丽宫广场(超级豪华公寓、高格调购物广场、商业零售单位及商业主楼)、甲拋峇底柏淡太子城双层半独立洋房、雅逸嵐II「绿色建筑」高楼项目、吉隆坡泗岩末超过6英亩地皮供发展用途,以及峇央峇鲁综合性发展。

匯华產业集团2012年缔造净利1亿170万令吉佳绩,连续12个財政年度保持7.5%终期股息,董事部今日在常年股东大会上通过派发5.6仙终期股息,派发日为明年1月23日。该集团2011年財政年的净利为6370万令吉。

Overseas Union-led group sets Jan 3 deadline for $13.1b F&N bid

A group led by Singapore property firm Overseas Union Enterprise set a Jan. 3 deadline for its $13.1 billion offer to buy Fraser and Neave, as it waits out a Dec. 11 deadline for a rival bid from a Thai billionaire.

The Overseas Union-led consortium last month offered $9.08 per share for F&N, 2.25% higher than an $8.88-a-share bid from companies linked to Thailand’s third-richest man, Charoen Sirivadhanabhakdi.

The market is expecting a bidding war to unfold between the two, with F&N’s shares holding roughly between $9.30 and $9.50 in the three weeks since the Overseas Union group announced its bid - well above both bid prices.

The stock closed at $9.39 on Thursday, down 0.5% on the day.

亞洲房市投資首選雅加達‧吉隆坡排第五


亞洲房市投資首選雅加達‧吉隆坡排第五
Created 12/06/2012 - 17:42

(美國‧紐約6日訊)據“2013年亞太房地產新興趨勢"報告顯示,雅加達被評定為2013年亞洲最具投資前景的房地產市場,其次為上海和新加坡,吉隆坡排名第五,領先曼谷、北京、台北、香港、東京和首爾等城市。

撰寫該份報告的顧問公司普華(PWC)和美國都市土地研究所表示,雅加達預估將成為2013年亞洲最佳房地產市場,由2011年的排名向上提昇10個名次。

2013年最具投資前景的亞太地區房市,第四至十名依序為悉尼、吉隆坡、曼谷、北京、重慶等二線城市、台北和墨爾本。

面對投資雅加達房市的質疑聲,普華表示,印尼過去幾年的經濟表現令國際投資人印象深刻。報告指出:“印尼的通膨在控制之中,經濟成長率達6.5%,今年上半年國外直接投資勁揚39%。"

憂大選結果影響政策‧外資看淡馬股短期表現

成本壓力為關鍵‧末季料派更高息‧ASTRO財測上調
Created 12/06/2012 - 17:44

(吉隆坡5日訊)ASTRO公司(ASTRO,6399,主板貿服組)首9個月淨利挫跌29.07%至3億3千484萬1千令吉,普遍上符合預期,儘管分析員對該公司的盈利前景展望不一,成本壓力仍起關鍵影響,惟相信穩定的派息政策能增強其吸引力。

分析員對ASTRO重新掛牌後首度派發1.5仙中期股息而感到驚喜,隨著管理層重申至少75%派息率,僑豐研究預期該公司末季將派發更高股息。

益資利研究及MIDF研究分別臆測該公司將捎來3.3%及2.9%週息率。

留任金務大董事經理?林雲琳:交董事部決定

留任金務大董事經理?林雲琳:交董事部決定
Created 12/06/2012 - 17:42

(吉隆坡6日訊)金務大(GAMUDA,5398,主板建筑組)靈魂人物拿督林雲琳的合約將於明年6月到期,他今日受詢時表示續約與否還是須交由董事部決定。

同時,他也表示沒有聽聞有政府相關公司(GLC)欲收購該公司的傳言,倘若真有此事那是好事,勢促成股價飆漲。

林雲琳的董事經理任期將於明年中屆滿,對於續約問題,他今日在股東大會後受詢時表示:“這不是我單方可以決定的問題,仍胥視董事部的決定。"

再問及是否有接班人計劃,他說,倘若董事部延長其董事經理任期,那就不需要有接班人計劃。提到有多強意願延長該職,他說,即使個人有多強的意願也沒用,這需由董事部去決定。

憂大選結果影響政策‧外資看淡馬股短期表現


憂大選結果影響政策‧外資看淡馬股短期表現
Created 12/06/2012 - 10:05
(吉隆坡5日訊)多家外資投行認為,由於投資者擔心執政的國陣可能在下屆大選失去更多席位,為現有政策帶來不確定因素,預期馬股繼上月寫下2011年9月以來最差月度表現後,短期內恐怕會繼續下滑。

綜指於11月1日創下新高後“高處不勝寒",走勢“跌跌"不休,全月下跌3.7%。《彭博社》數據顯示,綜指曾於11月27日跌至5個月新低,本益比降至14.7倍。不過,綜指回落後,仍比MSCI新興市場指數高28%。

Apple Back in Bear Market Territory


Daily Digit: Ping An buy highlights Thai acquisition drive


Cassidy: Citi Cuts Good for Shareholders


超跌反弹离中期大底不远


汇丰727亿港元抛光中国平安 正大集团接盘


日圓狂貶拯救日股,日股台股亞洲最強!與日本、南韓選戰在即有關?

2012-1203-57金錢爆(中年絲瓜的奇幻漂流)4-2

HSBC Sells Ping An Stake for $9.4 Billion


Fiscal Cliff Concerns Hurt Business Spending: BofA CEO


高盛:明年A股将迎反弹 涨幅26%


受五大会计所被指控影响 中概股全线下跌


人民日报:救市不如先堵漏 斩断股市腐败的利益链


How Dangerous Is China's Territorial Stance?


Little Reform Expected From China's Economy: Pro


BofA Seeks to Raise Revenue by Expanding Relationships, Not Fees


Seery: Deflationary Pressures Are Coming


Is Gold Losing its Shine?


BofA CEO Says Mortgage Business Is Doing Better


Choppy Days in December


Thursday, December 6, 2012

郭树清有信心为何股市没信心?


郭树清有信心为何股市没信心?
BWCHINESE中文网 作者:石建勋 2012-12-05

郭树清自从当上了证监会主席,就坐在了火山口上了,如果继续权贵资本的暴富神话,中国股市将长期低迷。

郭树清自从当上了证监会主席,就坐在了火山口上了,因为,他不仅要收拾股市大跃进造成的烂摊子,也要为股市未来发展引领方向。

出任证监会主席一年又一个月以来,郭主席已经喊了五次“对这个股市有信心”。郭主席的确也为股市解困绞尽脑汁,从呼吁和吸引各类资金入市,到推出了一系列市场化的建设政策和措施,继续深化资本市场的改革,推出了构造中国长期资本市场的构架的各项措施,特别向诸多资本市场“顽症”宣战。

金融嫻談:A股脫熊還欠兩要點

金融嫻談:A股脫熊還欠兩要點
滬綜指再次跌破2,000點,昨日(4日)更低見1,949點的逾四年新低,「鑽石底」頓成「豆腐底」,一擊即破。已轉軚成為A股好友的筆者,亦不禁大失所望。

從基本因素分析,內地股市已具反彈條件,因中共換屆過後,政治不明朗因素消除,未來料加強改革穩增長,而多項指標亦顯示經濟已見底回升,推動企業盈利溫和增長。再者,A股估值已跌至歷史低位,明年滬指預測市盈率僅8.3倍,低於金融海嘯時的約10.3倍,並較歷史平均低逾四成多,具中長線投資價值。然而,在基本面改善當下,A股卻「跌跌不休」,究其原因,主要與流動性不足及投資者信心薄弱有關。

China Minzhong falls 10% after block trade

Shares of China Minzhong Food Corp fell as much as 10.6% on Thursday, after a block trade fuelled speculation one of its largest shareholders had sold its stake in the food processing firm.

China Minzhong, which is 16.9% owned by sovereign wealth fund Government of Singapore Investment Corp, was trading down 8.2% at $0.78 at 10:25 a.m/. It was the most actively traded stock by value. In an earlier block deal, one party sold 57.23 million shares at $0.80 each.

A trader said one of China Minzhong’s shareholders had sold its entire stake in the company through a private placement.

According to Thomson Reuters data, Olympus Capital Holdings Asia, is the company’s third largest shareholder, with 57.23 million shares or a 10.3% stake.

種植業面臨盈利懸崖"‧末季盈利料挫30%

種植業面臨盈利懸崖"‧末季盈利料挫30%
Created 12/05/2012 - 10:10
(吉隆坡4日訊)種植股第三季業績令市場大失所望,歸咎於棕油價疲弱及庫存高企,肯納格研究不排除種植業將陷入“盈利懸崖",末季盈利料至少按年及按季挫30%及20%,種植股財測最高遭下調14%,並相信仍有進一步滑跌空間。

庫存按月跌1%
按年大增20%

肯納格預期11月棕油產量仍高企於249萬公噸,接近歷史高位,導致棕油價揚升空間受限,短期內難以突破2千500令吉。雖然按月棕油庫存微跌1%,不過卻按年顯著攀升20%。

“我們相信高庫存困境將延續至明年首季,3千令吉成為重大阻力水平。"

大华继显: 基金已锁定赚幅 马股橱窗粉饰料不明显

大华继显: 基金已锁定赚幅 马股橱窗粉饰料不明显
Created 12/06/2012 - 07:34
(吉隆坡5日讯)大华继显证券行预测,大马股市今年不会出现明显的橱窗粉饰效应,因为大部分基金经理在已在早前锁定了赚幅。

该行在一份投资策略的研究报告中指出:“我们维持富时隆综指1600点的年底目标,相等于13.3倍的本益比。”

年杪目标1750点

此外,该行分析员也认为,2013年首季的投资情绪,也将因为全国大选的因素而大幅下滑。

INVEST:A股天生異質難自救

INVEST:A股天生異質難自救
股市有上有落本是平常事,但滬綜指反覆跌至4年前海嘯價,跌跌不休實在令廣大股民搖頭嘆息,各路評論紛紛提出解說,甚至全國人大財經委副主任吳曉靈亦稱,這現象違背經濟學的基本常識,故「百思不得其解」。

邢理強認為A股甚有機會成為今年全球表現最差主要股市。中國今年GDP增長達7.5%以上,經濟經歷「黃金十年」,人民收入翻完又翻,唯獨股指卻開倒車。人民收入增加不代表企業賺多了,相反薪金成本上升了,企業利潤率就會下降,尤其國企要肩負「還富於民」責任。

散戶太多 急功近利
還有,面對通脹高企的時候,中央發功令民生用品一律不得加價。換言之,企業成為國民幸福的犧牲者;故在中國,GDP與企業盈利未必有直接關係。

Olam plunges after Dee calls for share sale


Olam plunges after Dee calls for share sale

Olam International, the commodity trader that Muddy Waters LLC said may fail, slumped to the lowest in three and a half years in Singapore, after Michael Dee, a former senior managing director at Temasek Holdings, called for the company to sell stock.

Shares in the world’s second-largest rice trader fell as much as 5.9% before trading 5% lower at $1.44, set for the lowest close since April 1, 2009, as of 12:15 p.m. local time. Dee said Olam’s Temasek-backed debt and warrant sale announced this week is an expensive way to raise money.

M'sia's 'cheap' properties luring S'pore investors

Highlight M'sia's 'cheap' properties luring S'pore investors
Business & Markets 2012

Written by Chittesh Shukla of theedgemalaysia.com  
Thursday, 06 December 2012 16:45

KUALA LUMPUR (6 Dec): With property prices skyrocketing in Singapore and the warming in Singapore-Malaysia relations, demand for relatively cheaper Malaysian residential PROPERTIES [] is growing.

Another strong reason for choosing Malaysia is the close proximity to Singapore.

Steve Melhuish, co-founder and chief executive officer of PropertyGuru Malaysia, said that the main reason Singaporeans view Malaysia as a tenable outlet for property investment is simply due to the comparatively low cost of purchase and maintenance.

8亿销售额未入账 高美达总股息5.5 仙有望


8亿销售额未入账 高美达总股息5.5 仙有望
Created 12/06/2012 - 11:30
(吉隆坡5日讯)受超过8亿令吉未入账销售额支撑,分析员料高美达(Glomac,5020,主板产业股)现财年盈利料双位数增长,并且持续派发5.5仙总股息。

高美达2013财年上半年净收4490万令吉,按年增长27.8%,符合大部分分析员的预期。

公司次季录得1亿7100万令吉销售额,现财年至今销售额按年增长81%至3亿8300万令吉;此销售额已占2013财年8亿令吉目标销售额47%,表现符合预期。

达证券行分析员指出,高美达产品组合良好(包含城镇计划,以及在主要地区的高楼和商务产业)、销售动力强劲是表现优越的主因。

Astro pays dividend


Astro pays dividend
Business & Markets 2012

Written by Cindy Yeap of theedgemalaysia.com  
Thursday, 06 December 2012 09:37

KUALA LUMPUR: Astro Malaysia Holdings Bhd yesterday declared its maiden quarterly dividend of 1.5 sen per share and announced intention to reward shareholders every quarter

The maiden dividend, which came barely seven weeks after its relisting exercise on Oct 19, was ahead of its guidance of paying 75% of its net income from the new financial year starting Feb 1, 2013.

特稿:派「定心丸」 A股黎明已近?


特稿:派「定心丸」 A股黎明已近?
http://paper.wenweipo.com   [2012-12-06]    
香港文匯報記者 海巖
 昨日A股迎來久違大漲,這既是因為探底1,949點後市場獲得了超跌反彈的足夠空間,也是中央政治局會議為2013年經濟發展定調,給疲弱的市場服下了一顆「定心丸」。如今,內地經濟企穩已達共識,「股市見底」的說法是否也會成真呢?

裁員傳聞多 勉強保飯碗
 A股已連跌三年多,近期更跌破2,000點的重要關口,市場一瀉千里,無比慘淡。英大證券研究所所長李大霄在上月底曾提示股市「見底」的四大信號,當投資報告會參加者寥寥,當出現大量從業人員離職潮,當領導們不再往證券公司遞條子安排關係時,當證券分析員受冷遇被嗤之以鼻時,股市的見底信號就悄然出現了!

A股大翻身 收復2000大關

A股大翻身 收復2000大關
政治局會議唱好經濟
2012年12月6日
【明報專訊】持續弱勢的內地股市昨日終於翻身,前日中央政治局會議釋出六大經濟信號,提出消費投資雙管齊下擴內需,保持宏觀經濟政策的連續性和穩定性,為稍後的中央經濟工作會議劃下明年定調方向;加上住建部推進新型城鎮化步伐,A股開戶數又大增等多重利好之下(詳見表),滬深兩市齊齊大洗頹風。上證指數一口氣突破2000點大關,收報2031.91點,勁升2.87%;深成指數亦3.72%。

每年12月上旬中央經濟工作會議召開之前的中央政治局會議,都會率先釋出來年經濟工作思路,而在前日舉行的政治局會議上,便強調要保持宏觀經濟政策的連續性和穩定性,適時適度進行預調微調;要力擴大國內需求,拉動消費,促進投資。加上昨日社科院發布的《經濟藍皮書》指出,從投資、消費、出口等指標來看,第四季顯示出中國經濟見底回升,未來的增長形勢良好,給予了市場對明年經濟前景的信心。

東亞配股 大行評價正面


東亞配股 大行評價正面
2012年12月6日
【明報專訊】東亞銀行(0023)周二晚宣布向第三大股東三井住友配股,集資33.14億元。雖然每股配售價29.59元較周二收市價有折讓,但市場對此普遍感到正面,昨日其股價升2.2%至30.35元。摩通及花旗等大行均認為,集資令東亞的核心資本充足率升0.75個百分點,增加其競爭力。券商指今次集資後,東亞未來兩至三年都沒有集資需要。

花旗的報告提到,集資可令東亞的核心資本充足率升至10.5%,較香港其他中型銀行如永亨(0302)及大新(2356)的10.3%及10.4%,都有優勢。該行又指出,是次配股後,三井的持股比例增至9.5%,預料市場將再度以潛在的股權爭奪戰為炒作藉口。但重要的是,配股有助加強東亞未來兩年的資本水平,除去不明朗因素。

滙控727億盡掟平保

滙控727億盡掟平保

滙控(00005)落實悉售平保(02318)股份予卜蜂集團,套現727.36億港元,分析認為收益可為歐美違規罰款「填氹」,受消息刺激滙控股價重上80元關口。滙控行政總裁歐智華點名指將繼續與交行(03328)構建長遠業務策略關係;至於未有提及的上海銀行,分析認為滙控悉售有關股份只是時機問題。

賺26億美元幫補罰款

滙控悉售平保消息曝光約半個月,有關交易迅即落實,滙控昨公布以每股作價59元,將其持有的15.57%股權轉讓予卜蜂,有關交易為滙控帶來26億美元除稅後利潤,並把核心一級資本比率提升約0.5%,而總資本比率可升約1%。

A股彈升是否虛火 關鍵看信心


A股彈升是否虛火 關鍵看信心
欄名:社評

中央新領導層召開政治局會議,明年為經濟工作定調,強調城鎮化為重點,消息令內地股市昨急升近百分之三,港股亦受惠升至十六個月新高。惟A股是真正轉強還是短綫反彈,關鍵卻非經濟政策走向,而是股民信心是否回歸。

城鎮化惹憧憬 股民借勢炒作

上證指數在上月底跌破二千點大關後,市場信心幾近冰封。惟新任總書記習近平周二主持政治局會議,將推進城鎮化作為明年經濟工作重點之一,令股民憧憬基建投資將再加快、樓市亦將水漲船高,昨日A股就在內房、建材股急升推動下飈升,亦令港股受惠。

Olam International : Increased Disclosure Helps to Address Claims (Citi)


Olam International (OLAM.SI)
Price (28 Nov 12)  S$1.50
Target price  S$2.75
Alert: Increased Disclosure Helps to Address Claims

 45-page report to address claims—Olam today filed its response to short seller Muddy Waters’ (MW) key allegations and addressed issues on 1) solvency; 2) accounting related assertions; 3) its business model; and 4) acquisitions and capex plans. We believe these clarifications  have helped Olam’s stakeholders to better understand Olam’s business, and it provided a detailed capex vs. cash flow reconciliation as well, an item-by-item capex schedule for FY12 and addressed issues on nine projects that were highlighted by MW. Olam also shared that it will submit a further clarification that seeks to address the rest of MW’s allegations in the next few days.

China Small and Medium Banks 3Q results: A large deterioration in margins (CS)

China Small and Medium Banks
3Q results: A large deterioration in margins

■ 3Q12 results show  a large contraction in margins among  small and medium banks in contrast to a slight margin improvement in large state banks. Loan growth remained at the high end (18.6% versus 12.5% for the banking system), consistent with the overall picture that city banks are providing more lending (17% in 3Q12  of new loans  versus 10% in 3Q11).Asset quality is still deteriorating with a dual increase of NPLs and NPL ratio due to higher risk exposure to SMEs and private sector.

IHH Healthcare: 3Q down but not out (DBSV)


IHH Healthcare,
Buy S$1.26,
Price Target : 12-Month S$ 1.38 (RM 3.45)
3Q down but not out

•       Core profit slipped 19% on start up losses from Novena; excluding this, net profit up 22%
•       Novena Hospital registered narrower EBITDA losses – an improvement from 2Q
•       Recapitalising Acibadem to repay US$ debt will lead to interest savings of US$11m p.a.
•       Maintain BUY and TP: S$1.38 (RM3.45)

3Q within expectations. 3Q core net profit slipped 19% y-o-y to RM96.1m, largely due to start up losses from Novena Hospital (Novena). Excluding losses from Novena and exceptional items, net profit would have been up by 22% to RM141.6m in 3Q12, from RM116.4m in 3Q11. 9M core profits (including Novena medical suites) forms 76% of our forecasts.

KLCC Property: The Goliath of M-REITs (MIB)


KLCC Property
Buy (under review)
Share price: MYR5.58
Target price: MYR6.38 (under review)
The Goliath of M-REITs

 First stapled REIT in Malaysia. We are surprised by KLCCP’s restructuring exercise which involves a stapled REIT (KLCCSR), instead of a conventional REIT. Post restructuring, KLCCP will feature as a new alternative asset class, providing comparable yield (vs. large-cap REITs) and resilient earnings with strong backing by PETRONAS. We are placing our FY13-14 earnings and dividend forecasts, and TP under review pending further study on the new corporate structure.

Singapore outlook 2013: Focus on yields and overseas earnings (Nomura)


Singapore outlook 2013
Focus on yields and overseas earnings
Restructuring clouds outlook
2013 – A subdued outlook amid economic restructuring
We see single-digit returns for Singapore in 2013F as on-going economic restructuring serves as a drag on corporate earnings. A sharp pullback in the property market could also undermine returns.

Economy to remain below potential as tight labour policy continues
Our 2.4% GDP growth forecast for 2013F reflects constraints from tight labour policies, as well as sluggish global growth. Inflation is also likely to remain elevated, putting pressure on costs and corporate profits.

Mapletree Logistics Trust :Acquisition Growth Reigniting (KE)


Mapletree Logistics Trust
HOLD (unchanged)
Share price: SGD1.095
Target price: SGD1.14 (from SGD1.20)
Acquisition Growth Reigniting

Buying Mapletree Wuxi Logistics Park. Mapletree Logistics Trust (MLT) recently announced that it intends to acquire Mapletree Wuxi Logistics Park (MWLP) from its sponsor for CNY116m (SGD22.8m) with an initial NPI yield of 8%. The purchase will be funded by debt and gearing is expected to increase marginally to 37.3% upon completion. Following this, we estimate that MLT still has debt headroom of SGD197m before hitting an aggregate leverage ratio of 40%.

Neptune Orient Lines: Boost from collective rate hikes ()CBC)

Neptune Orient Lines:
Fair value    S$1.38
add: 12m dividend forecast S$0.00
versus: Current price  S$1.10

Boost from collective rate hikes
• Shipping rates decent; bunker fuel declines
• Planned rate hikes to come
• Signs positive for NOL

While NOL’s boost from the positive Chinese PMI data proved to be short-lived, recent data and developments within the industry remain supportive for the counter. According to the Shanghai Containerized Freight Index (SCFI), average rates are still up on a YoY basis despite continued weakness in the China-Europe and China-USA routes.

Nam Cheong: Takeaways From Oil Service Conference (UOBKH)


Nam Cheong
Share Price S$0.23
Target Price S$0.30
Takeaways From Oil Service Conference

Management painted a positive outlook for the Asian OSV market, specifically for smaller AHTS vessels and PSVs. Nam Cheong is well poised to benefit from this trend as it has a ready stock of these in-demand vessels, offering clients short delivery lead time. Maintain BUY and target price of S$0.30.

What’s New
• We hosted an oil service conference in Singapore on 26-27 November, which saw the participation of eight oil service companies and about 30 fund managers.

Religare Health Trust: Indian healthcare exposure (CIMB)

Religare Health Trust
Current S$0.82
Target S$0.95
Indian healthcare exposure

Sponsored by Fortis Healthcare, the second largest hospital chain by revenue in India, RHT will be the first SGX-listed trust to offer unique exposure to the growing Indian healthcare market. We see long-term growth underpinned by capacity expansion and ARPOB increases.

We initiate coverage with Outperform and DDM-based target price of S$0.95 (discount rate: 12.4%). Forward yields of 9.7-10.0% (for ordinary unit-holders) are among the highest within the Singapore market and are attractive against listed peers. We expect catalysts from earnings delivery and execution.

Lion Industries:A ‘red’ beginning to the year (MIDF)


Lion Industries Bhd
Price (27th November 2012) RM0.96
Target Price RM1.03
A ‘red’ beginning to the year

Losses due to poor steel division performance.
Industry prospects remain cloudy. Hoping for a decisive Government action to resolve issues, particularly pertaining to anti-dumping policies.
Maintain NEUTRAL with revised TP of RM1.03.

Begin the year in the red. Lion Industries delivered a 1QFY13 core net loss of -RM3.4m (after stripping off the RM22.6m exceptional items, i.e. impairment loss on investment in quoted shares), which is way below ours and consensus earnings estimates.

Ann Joo Resources: Down in the dumps (CIMB)

Ann Joo Resources
Current RM1.33
Target RM1.35
Down in the dumps


 Ann Joo's disappointing 9M12 results were a negative surprise. At 9% of our full-year forecast and 14% of consensus if annualised, the results underperformed expectations. The incidence of dumping from China was worse than anticipated and will dampen future quarters.

Despite rolling over our valuation, the slash in EPS forecast results in the lowering of the target price. We also apply a lower target P/E of 10.6x (12x before), based on a higher 20% discount (10% previously) to the target market P/E of 13.3x. The prolonged threat of dumping from China is likely to dampen sentiment. Downgrade from Trading Buy to Neutral.

Sunway: Lacks A Re-rating Catalyst (MIB)

Sunway
Hold (unchanged)
Share price: MYR2.30
Target price: MYR2.53 (from MYR2.54)
Lacks A Re-rating Catalyst

Below expectations. Sunway’s 9M12 results came in below our expectations but within consensus estimates. We lower our FY12/13/14 earnings forecasts by 2%/8%/8%. Our TP remains intact at MYR2.53 based on an unchanged 45% discount to RNAV. The lack of re-rating catalysts for Sunway and the overall sector, coupled with general election uncertainties, prompt us to reiterate our HOLD call on Sunway.

MISC :Staying afloat (CIMB)


MISC Bhd
Current RM4.08
Target RM4.32
Staying afloat

 Although 9M12 core earnings only made up 57% of our full-year estimate, results were just slightly below our expectations as we foresee a better 4Q driven by contributions from its FSUs and improved earnings from its heavy engineering (MMHE) division.

We cut our 2012-14 EPS estimates by 4-6% to account for lower MMHE earnings, higher liner losses, and other additional expense items. We stay Neutral. Our target price, still based on a 30% discount to SOP, is reduced slightly. A discount is warranted as the petroleum and chemical divisions are expected to remain loss-making for the next few years.

Malaysian Bulk Carriers: Falling underwater (CIMB)

Malaysian Bulk Carriers
Current RM1.31
Target RM1.45
Falling underwater

 Maybulk plunged into a core net loss in 3Q, as the bulk division sank into the red from the weak freight environment. 9M12 core net profit was well below expectations at 46% of our full-year number. We expect the operating environment to remain challenging moving into 2013.
 
We retain our Neutral call on the stock but slash our 2012-14 EPS by 13-20%. Our target price, still based on 20% discount to SOP, is reduced as we lower the estimated value of Maybulk's ships due to weaker-than-expected freight rates. Maybulk is still financially strong and should be able to ride out the crisis. But we prefer Pacific Basin for dry bulk exposure.

Lion Industries (HOLD) - Hit by higher inventory writedown

Lion Industries (HOLD) -
Price Target : 1.14  
Last Price : 0.93
Hit by higher inventory writedown

Results
1QFY06/13 core net loss of RM3.4m came in below expectations, against consensus and our projected full-year net profit forecast of RM86.5m and RM90.4m respectively.

Deviations
Weaker-than-expected sales volumes and selling prices at the steel manufacturing division.

Dividends
None

YTL Power : Rebounds From the Low (TA)


YTL Power International Berhad
Rebounds From the Low
Last Traded: RM1.53
TP: RM1.97 (+29%)
Review
_ 1Q13 results came in within ours’ and consensus expectations. Net profit amounted to RM314.3mn. On QoQ basis, net profit was 37.9% lower but this was largely due to 4Q12 includes one-off gain on derecognition of financial assets and 2% reduction in UK tax rates, which impacted Wessex Water favourably. On a pretax profit level, all core businesses reported higher profits. On a YoY basis, net profit was 2.7% higher, attributable mainly to higher associate income (+36.9%) as well as lower net interest, reduced losses at the holding company level and lower effective tax rate (19.9% vs. 29.4% in 1Q12). All core businesses however reported lower earnings.

Malaysian Airlines : Signs of progress (DBSV)

Malaysian Airlines
FULLY VALUED RM1.01
Price Target : 12 month RM 0.90
Signs of progress

• MAS reports RM64m core net loss for 3Q12, better than expected
• There are signs of progress, but also risks in proposed RM3.1bn rights issue via par value reduction
• Maintain Fully Valued rating and RM0.90 TP due to the Group’s weak balance sheet

Highlights
Smaller core losses. Malaysian Airline System (MAS) registered RM64m core net loss in 3Q12 (after stripping out RM101m forex gain), better than 1Q12 and 2Q12 losses of RM347m and RM161m, respectively. This took 9M12 core losses to RM575m, much smaller than our RM961m loss estimate for the year.

Olam: Muddy Waters’ concern on Olam largely addressed (DMG)


Olam: Muddy Waters’ concern on Olam largely addressed
(BUY, S$1.50, TP:  S$2.20)
Muddy Waters (MW) issued a detailed report highlighting their negative comments on Olam.  These include 1) booking of non-cash accounting gains, 2) solvency crisis looming, 3) sees trading business as a failing business model. Olam addressed these concerns in a separate report. Whilst we note that for some issues, the arguments from both parties carry weightage, there is no issue of insolvency and Olam has also been following reporting standards accordingly.
 

Olam Int’l: Issues bonds with stapled warrants (OCBC)

Olam Int’l:
Fair value    S$1.44
add: 12m dividend forecast S$0.04
versus: Current price  S$1.58

Issues bonds with stapled warrants
• Plans rights of US$750m of bonds
• Shoring up confidence
• HOLD as medium term outlook still

Olam International Limited (Olam) is planning a rights issue consisting of US$750m worth of 5-year bonds with a 6.75% coupon (but effective yield closer to 8% due to 95% issue price) with stapled warrants (up to US$500m if fully converted at US$1.291 each after three years). Besides being fully underwritten (by Credit Suisse, DBS, HSBC and JP Morgan), Temasek Holdings will not only undertake to subscribe to its pro-rata entitlement of the rights, but the sovereign fund is also committed to take 100% of the rights not subscribed by existing shareholders.

花旗全球裁1.1萬人 港關7行

花旗全球裁1.1萬人 港關7行
發言人︰本港受影響人數 非常輕微
再有跨國銀行宣布大規模裁員,今年成立200周年的花旗集團公布,全球裁員1.1萬人。本港方面,花旗明年會關閉共7間分行,佔目前分行數目15%。

料明後年 節省成本155億

花旗現時在港有員工超過4,000人,發言人表示,關閉分行的員工會被調配到其他分行,拒絕透露實際員工減少數目,只稱受影響人數是非常輕微,而客戶服務將不受到影響。

花旗是美國以資產計第3大銀行,全球員工達26.2萬人,故今次裁員佔整體數目4%。集團預計裁員會在第四季錄得稅後開支10億美元(約78億港元),但在明年和2014年,將分別節省成本9億美元和11億美元(約70.2億和85.8億港元)。

友邦股東抽水28億


友邦股東抽水28億

【本報訊】港股牛氣沖天,恒指創逾一年新高,友邦保險(1299)股東亦趁「好景」配股抽水,套現最多27.9億元。

馬國投資機構配售
據悉,馬來西亞政府的投資機構Khazanah Nasional Berhad透過旗下Mount Swettenham Investments,昨於收市後配售9235.42萬股友邦舊股,配售價每股介乎29.84至30.2元,較昨日收市價30.2元折讓最多1.2%,料可套現27.55億至27.89億元。

有關股份並無設有禁售期,配售代理為美銀美林。按友邦總發行股數約120.44億股計算,是次配售股份佔總發行股本僅約0.76%。

經濟會議定調 A股谷底彈3%

經濟會議定調 A股谷底彈3%

【直接受惠】

今年12月舉行的中央經濟工作會議,為十八大後首次舉行與經濟有關的大型會議,雖然內容僅提示方向,並無實質政策於會後出台,不過,是次會議緊貼中共換屆後舉行,故被外界認為,其內容不單是反映未來一年中央的經濟政策思路,更可能顯示出未來十年新一屆中共政府對於經濟政策的大方向,因此獲得全球投資者格外重視。

城鎮化概念股炒升
是次政治局會議內容包括積極擴大內需、致力改善民生、積極穩妥推進城鎮化、牽頭實施國家重大科技項目等等,市場看法正面,刺激內地A股谷底反彈,滬綜指昨日漲56點或2.9%,報2031點,成功收復二千點關口;深成指升289點或3.7%,報8091點;兩市成交激增至1470億元人民幣。

727億悉售平保滙控賺202億元


【本報訊】一直與平保(2318)貌合神離的滙控(005),終結束10年情緣,前者改嫁務農禽畜王國卜蜂集團。滙控昨早宣佈,以每股59元向泰國首富謝正民控制的卜蜂悉數放售所持15.57%(共12.33億股)平保H股,涉資727.36億元,乃滙控自去年初行政總裁歐智華展開改革後,放售的最大宗資產,集團可望除稅後賬面獲利26億美元(約202億港元)。
記者:劉美儀 董曉沂 關穎欣

證券界預計,由於滙控仍受海外反洗黑錢或須撥備困擾,加上要保留資本以達監管要求,故不會因今次出售平保而派發特別股息;至於股價走勢,由於滙控現股價已反映平保放售的正面效益,不會單因交易而調高其目標價。一歐資行研究主管表示,滙控股價下一浪發展視乎年底前美國財政懸崖能否化解,以及明年宏觀經濟復蘇情況,明年底是滙控策略日達標限期。

曾淵滄專欄 06.12.12:A股抵買 懶理點數關

曾淵滄專欄:A股抵買 懶理點數關 - 曾淵滄

前一陣子,當滬綜指仍在2000點之上打保衞戰時,許多人擔心一旦2000點不保,A股兵敗如山倒,當時我力勸大家不要太緊張及重視2000點這個心理關頭,跌破就讓它跌破,沒甚麼大不了。

總之,在2000點水平買A股屬便宜的,長期投資者不必太擔心2000的得失。

後來,2000點真的守不住,好些股友問我怎麼辦,有些人開始時認同2000點水平買是便宜的,但是,一旦跌破又緊張,焦慮得睡不着,挨了幾個失眠的晚上。

昨日,焦慮總算一掃而空,A股跳升,滬綜指一口氣上升近3%,回到2000點之上,同時也帶動港股急升,大家對於雙頂的焦慮也一掃而空。

SC Global launches bid to go private


SC Global launches bid to go private
 by Conrad Raj 04:46 AM Dec 06, 2012

SINGAPORE - SC Global Developments is the latest in a list of Singapore companies looking to go private after CEO and Chairman Simon Cheong tabled a generous cash offer to take full control of the property developer.

Mr Cheong, who already owns or controls 55.06 per cent of SC Global, is offering S$1.80 per share, valuing the developer of luxury residential property at about S$745 million.

The offer price represents a whopping 49.4-per-cent premium above the last traded price of S$1.205 at the end of last month, after which trading was suspended pending yesterday's announcement.

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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