Saturday, December 15, 2012

Gamuda on track with MRT project

The Star Online > Business
Saturday December 15, 2012
Gamuda on track with MRT project

By TEE LIN SAY
linsay@thestar.com.my

GAMUDA Bhd group managing director Datuk Lin Yun Ling looks re-energised. During Gamuda's board meeting on Thursday, the board just approved the renewal of Lin's contract to helm the company for the next five years, come June 2013. Further entrenching Lin's optimism on Gamuda is the doubling of his shareholding in the company from some 34 million shares to 67.63 million, and thus increasing his stake from 1.7% to 3.25%.

Opportunity to buy into MPHB seen


The Star Online > Business
Saturday December 15, 2012
Opportunity to buy into MPHB seen

By LIZ LEE
lizlee@thestar.com.my

PETALING JAYA: Multi-Purpose Holdings Bhd (MPHB) shares may have been at the mercy of the ebb and flow of market speculation that the demerger of its gaming unit would not go through, but the lower share price should be seen as a window of opportunity to buy into the stock.

Public Investment Bank Research, which reiterated an “outperform call” on the company based on the inherent value of its core business and non-core assets, said that “any further weakness in its share price presents opportunities to investors who missed out on the first round of run-up, post-demerger announcement.”

S’pore minister: Iskandar a region of innovation and entrepreneurship


The Star Online > Business
Saturday December 15, 2012
S’pore minister: Iskandar a region of innovation and entrepreneurship

SINGAPORE: Singapore’s Senior Minister of State, Ministry of Trade and Industry and Ministry of National Development, Lee Yi Shyan, has described Iskandar Malaysia as a region of innovation and entrepreneurship.

He said the Iskandar region had attracted greater interest recently.

It had been reported that many foreign investors, including some Singapore firms, were considering investments there, he said.

有望重返超級牛市 大選結果成馬股指引


(吉隆坡14日訊)明年正是馬股闊別超級牛市20年,投資者難免對于明年抱有期待,券商認為,第13屆全國大選在即,更為馬股增添動盪,但選舉結果將指引市場走向,重回超級牛市也不無可能!

 聯昌證券研究主管黃大任撰寫報告展望明年指出,第13屆大選最遲得在明年上半年舉行,想必將對市場帶來壓力,現階段維持“中和”評級,明年底料可達1670點。

 “踏入2013年,或多或少勾起投資者的回憶。20年前的超級牛市仍歷歷在目,同時也是馬股最輝煌的時光,不同于其他牛市,成交量可是史無前例的高水平。”

 不過,他認為,明年將是個令人不安的一年,畢竟大選日期至今未有定案,此前宜聚焦產業信托、啤酒與公用事業領域股項。

炒中央「從寬」A股狂牛


炒中央「從寬」A股狂牛

市傳中央經濟工作會議今日召開,投資者憧憬明年宏觀經濟政策整體方向依然是「寬財政、穩貨幣」,昨日趁多項利好消息「偷步」入市,刺激滬深股市雙雙漲逾4%,當中滬綜指更創下三十八個月來最大單日漲幅,全周計累漲4.3%,連續兩周漲逾4%。不過,美銀美林發表報告「潑冷水」,預警未來四至五周新興市場股票市場會跑輸已發展市場,並且呼籲投資者沽售。

成交額2082億增逾倍

《上海證券報》報道,早前一直看淡股市的平保(02318)近期突然「轉軚」,本周三申購規模達數十億元(人民幣.下同)的股票型及指數型基金。分析認為平保此舉顯然是認定A股已近見底。

日圓散晒 九個月低位

日圓散晒 九個月低位

【本報綜合報道】日本將於周日舉行國會大選,料在野自民黨可取得壓倒性勝利,黨魁安倍晉三會再次任首相。市場憧憬安倍政府將推出無限量寬下,日圓一度下跌至近九個月低位,報每美元兌83.97日圓。兌港元方面,每百日圓最多則跌至兌9.23港元,向跌穿九算進發。巴克萊銀行更指,日圓明年中將跌至每美元兌88日圓水平。

日本最新民調顯示,在野自民黨支持率領先執政民主黨,預計自民黨可在下議院480個席位中,贏得300個席位,重掌政權。安倍晉三上月曾發表意見指,日本央行應推出無限量寬鬆措施以實現自民黨設定的2%通脹目標。市場人士亦因此而看淡日圓前景。

工作會議後 港股八成機會跌


工作會議後 港股八成機會跌

【忍手勿追】

市傳中央經濟工作會議(以下簡稱會議)本周末召開,市場憧憬會議後有利好經濟政策出台,成為昨日A股爆升催化劑之一。回顧過去10年會議期間和及後5日中港兩地股市表現,A股確實升多跌少,但不一定能帶動港股表現,會議後兩地股市更往往出現背馳走勢,港股跌市比率更高達八成,投資者暫時不宜過於亢奮。

內地傳媒報道,會議今日在北京召開,屆時中央的新領導班子將會為明年宏觀經濟政策作出定調。有分析認為,中央經濟工作會議將制訂明年經濟增長目標為7.5%,而城鎮化會成為會議的焦點。市場預期中央會繼續實施積極的財政政策,並會優化支出結構及改善收入分配等。貨幣政策則趨於穩建,預期明年或有一至兩次下調存款準備金率。

A股暴升4% 三年最強勁


A股暴升4% 三年最強勁

【本報訊】今年全球最頹的A股,年尾前趕翻身。內地製造業指數升見14個月新高,配合中央經濟工作會議傳今日召開,及內地最大淡友轉軚加倉,三大利好消息促使上海綜合指數暴升4.32%至2150點,創09年10月以來的逾三年最大單日升幅,大戶散戶齊入市,滬深兩市成交激增至2082億元人民幣,為今年5月以來,首次重上2000億元水平。記者:黃尹華

港股在A股帶動下再創16個月新高,恒指升160點或0.7%,報22605點,H股繼續跑贏,彈1.5%至11307點,成交亦增至726億元。十隻成交最勁股份,除盈富(2800)佔一席外,全部由中字派包攬,最誇張是A股ETF,安碩A50(2823)以40億交投居首,南方A50(2822)亦有13億成交,兩者齊飆半成。

Berlian Laju Tanker Creditors File Involuntary Bankruptcy

Berlian Laju Tanker Creditors File Involuntary Bankruptcy
By Dawn McCarty - Dec 14, 2012

PT Berlian Laju Tanker Tbk creditors, with a combined total of about $125.5 million in claims, filed an involuntary Chapter 11 petition against the Indonesian ship operator.
Gramercy Distressed Opportunity Fund II, Gramercy Distressed Opportunity Fund, and Gramercy Emerging Markets Fund, all located in Greenwich, Connecticut, filed today in U.S. Bankruptcy Court in Manhattan, according to court papers.

In March, PT Berlian put about a dozen subsidiaries into Chapter 15 proceedings in Manhattan to complement a bankruptcy reorganization in Indonesia, where the companies are based. In April, the U.S. bankruptcy judge ruled that Indonesia is home to the so-called foreign main proceeding.

AXIS產託2013年3.5億購資產‧看好柔隆檳


AXIS產託2013年3.5億購資產‧看好柔隆檳
Created 12/14/2012 - 11:46
(吉隆坡13日訊)AXIS產業信托(AXREIT,5106,主板產托組)預計明年斥資3億5千萬令吉購資產,尤其看好西馬主要交通樞紐城市發展潛能。

看好威省雪邦
依斯干達特區

公司首席執行員拿督史提沃利萊在特大後表示,對明年收購資產項目不設限,已計劃收購數項資產,全年收購數額約3億5千萬令吉,目標收購區域將落在柔佛、巴生河流域及檳城的主要交通樞紐。

「安倍经济」效应 日股大起 日圆重贬

「安倍经济」效应 日股大起 日圆重贬
(东京14日讯)日本下任首相热门人选安倍晋三主张透过加码宽鬆和扩大支出来振兴经济,被媒体称为「安倍经济学」(Abenomics)。分析师认为,「安倍经济学」將削弱日圆,但提振日本股市与债市,有助日本经济步出衰退。

安倍计划藉由扩大货幣宽鬆和大幅提高公共工程支出,来终结日本数年来的通缩及让日圆更有竞爭力,进而使经济恢復动力。他的构想已使日圆掀起拋售潮。日圆自11月中国会改选日期公布以来共跌4%。

日圆大幅贬值则激励日本股市劲扬。东京股市日经225指数14日回跌0.05%至9737.56点,从13日日的8个月新高回落。

日经指数自国会选举日期公布以来已涨10%。此外,日本基准10年期公债的殖利率上周跌到0.685%,写下9年半来新低。之前,该殖利率一直在0.7%左右徘徊。殖利率与公债价格呈反向走势。

数不利因素將拖累顶级手套净利表现


数不利因素將拖累顶级手套净利表现
(吉隆坡14日讯)儘管顶级手套(TOPGLOV,7113,主板工业股)2013財政年首季(截至11月30日)业绩符合市场预测,但市场认为劳工成本提高、燃料价格增加以及中国製造商增加丁月青手套產量,是顶级手套接下来面对的挑战,净利表现將受到拖累。

在需求回弹及胶乳价格挫跌下,顶级手套未计算利息、税项、折旧及摊销之收入(EBITDA)从10.5%,按年增至15.3%。此外,该公司胶乳平均价格为每公斤5.83令吉,去年首季为8.43令吉。该公司今日以5.57令吉结束交易,全日挫跌2.28%或13仙。

达证券对顶级手套看法正面,儘管平均销售价格疲弱,成本提高以及赚幅减少。他认为,原料价格疲弱以及需求增加和积极的管理策略將缓衝部分下行风险。

不过,分析员认为2013財政年净利仍面对衝击,包括燃料起价、劳工成本增加和更激烈的竞爭,尤其是来自中国製造商,正提升丁月青手套產量。

科技股末季表现料平平无奇

吉隆坡14日讯)虽然科技股第三季业绩见改善,整体表现达標,但缺乏惊喜。由于订单能见度疲弱,联昌国际投行维持领域「中和」评级,相信第四季表现將会平淡。

联昌国际投行研究主管黄大任指出,该投行追踪的科技股在本轮季度业绩表现按季转佳,唯独JCY国际(JCY,5161,主板科技股)业绩不如理想。

半导体营运环境虽不济,但国內两大半导体企业--马太平洋(MPI,3867,主板科技股)和友尼森(UNISEM,5005,主板科技股),业绩同样达標。

黄大任认为,即使马太平洋旗下高赚幅產品需求走强,但未来仍受旗下从事导线架(leadframe)业务的子公司Dynacraft亏损拖累。盈利料只能在明年下半年才显著回扬。

Gallant to buy 52% of auto dealer Indomobil for $989m


Gallant to buy 52% of auto dealer Indomobil for $989m
WRITTEN BY BLOOMBERG  
FRIDAY, 14 DECEMBER 2012 13:53

Gallant Venture, an investment holding company, will buy majority control of Indonesian automotive retailer PT Indomobil Sukses Internasional for US$809.3 million ($988.8 million) to tap growth in Southeast Asia’s largest economy.

Gallant will pay 5,420 rupiah per share for a 52% stake from PT Cipta Sarana Duta Perkasa, a 1.3% premium to yesterday’s closing price, the Singapore-based company said in a stock exchange filing today. Gallant shares surged as much as 13% and the company will also have to buy the Indomobil shares it doesn’t own, valuing the auto retailer at 15 trillion rupiah ($1.89 billion).

2013年增產‧利好支撐‧頂級手套淨利看漲


2013年增產‧利好支撐‧頂級手套淨利看漲
Created 12/14/2012 - 19:07

(吉隆坡14日訊)頂級手套(TOPGLOV,7113,主板工業產品組)2013年財政年首季業績符合市場預測;分析員普遍認為,該公司業務將持續增長,主要是產能擴充、工廠產能提昇,以及更平衡產品混合等利好的支撐。

肯納格研究指出,隨著該公司產品產量年度成長介於10至15%,預料使其2013年及2014年的產能使用率,從目前的75%,分別增加至85%及90%。這將使它的稅前盈利賺幅企穩在10%水平。

放眼逾100億訂單‧金務大淨利有望創高峰

放眼逾100億訂單‧金務大淨利有望創高峰
Created 12/14/2012 - 19:04

(吉隆坡14日訊)金務大(GAMUDA,5398,主板建筑組)首季表現普遍符合預期,分析員認為,越南產業銷量受壓和放棄印尼大道是主要利空,惟該公司放眼逾100億令吉的建築訂單,卻仍有望帶動淨利創另一高峰。

受建築和產業業務帶動,金務大首季淨利增9.91%到1億4千543萬8千令吉。

聯昌研究指出,“總值逾100億令吉的新國內計劃,將支撐該公司的展望。"聯昌預計,新捷運線在明年上半年料取得更多進展並帶動建築訂單高歌。

添百架飛機抗爭‧亞航賺幅難逃壓縮


添百架飛機抗爭‧亞航賺幅難逃壓縮
Created 12/14/2012 - 17:43

(吉隆坡14日訊)亞洲航空(AIRASIA,5099,主板貿服組)宣佈購買100架空中巴士A320型飛機,分析員認為雖然積極拓展計劃符合預期,有助於長期“捍衛"市場分額,卻難逃競爭加劇導致短期賺幅被壓縮的可能。

100架空中巴士A320型飛機訂單里,其中36架為現有機型,64架為更省燃油的A320NEOS機型,總市價為90億美元(約275億令吉)。結合之前的訂單,從明年起至2021年,該公司將接收近375架飛機、110架現有機型、264架A320NEOS機型。

36架為現有機型,2架將在2013年接收,4架在2014年,22架在2015年,8架在2016年,而64架A320 NEOS機型將在2017年接收8架,2018年14架、2019年15架、2020年14架及2021年13架。

巴郡93億回購 單一股東遺產


巴郡93億回購 單一股東遺產
「股神」巴菲特旗下投資旗艦巴郡披露,以12億美元(約93.6億港元)向單一長期股東遺產回購9,200股A股,為一直以來對回購股份有所避忌的巴郡不尋常舉動,意味巴菲特認為巴郡股價被過分低估,而外界則指該行動與巴菲特日前支持增遺產稅的立場相違背。

調高回購帳面值比率
巴郡周三發出聲明,指公司以每股13.1萬美元向單一長期股東遺產回購9,200股A股,佔總A股發行量1%,但並無披露該股東身份及回購日期。巴郡同時上調未來回購股份價值佔帳面值的最高比率,由原先的110%上調至120%。消息刺激巴郡A股股價當日收市漲2.4%。

眾所周知,巴菲特一直不願意回購股份,他曾指巴郡要回購股份需滿足兩個條件,第一是公司有充足資金作營運及流動性用途,第二是巴郡股價較內在值有明顯折讓。事實上,巴菲特去年眼見巴郡估值跌至歷史新低後才首度展開股份回購計劃,而規模少於1億美元。

「末日博士」魯比尼:明年經濟仍像貧血

「末日博士」魯比尼:明年經濟仍像貧血
諾貝爾經濟獎得主、有「末日博士」之稱的魯比尼表示,聯儲局明年推新一輪量寬措施,其實應算是第五輪量寬(QE5),因為倘若扭曲操作(OT)是QE3的話,早前買入按揭證券便已是QE4。他預期,明年環球經濟仍像患貧血症般,對石油需求非常疲弱。

「新鱷王」達利奧:來年資產價格勢冧
「新鱷王」Bridgewater對沖基金經理達利奧表示,美國息口已見底,預期明年底將回升,但全球仍在去槓桿化,各國正緊縮財政開支,經濟增長失去動力,量化寬鬆措施效力漸失,意味聯儲局板斧耗盡,將不利風險資產。另外,超低息環境推高風險資產價值,投資者買入這類資產只不過為未來現金流先埋單,當明年息口回升,可以預期幾乎所有金融資產將「跌價」,屆時將是沽空債券的最佳時機。

价值投资——羞答答的玫瑰静悄悄的开



此时此刻,你还相信价值投资吗?

Is there long term value in today's investment climate?


UOA Development:Disposal of investment property (MIDF)

UOA Development
Price (12 Dec 12) RM1.69
Target Price RM2.07
Disposal of investment property

• Unlocking value of investment property
• Fourth disposal in 2012
• Proceeds will be for future phases of Bangsar South as well as for possible land acquisition

Realizing value of investment assets : UOA Development (UOA) announced the disposal of a 18-storey office building identified as Tower 1, Avenue 7, Horizon Phase 2 for a total consideration of RM 173.3m. The Proposed Disposal is expected to generate an estimated gain on disposal of approximately RM32m. The selling price translated to per square foot pricing of RM750 which is in line with the disposal of 3 other office building recorded earlier this year.

IMF-warns-Hong-Kong-properties-face-price-correction


胡立阳: 股市抄底 路在何方 (解码财商)


S'pores-economy-forecast-to-expand-by-1.5%-in-2012-MAS-survey


Property-investments-remain-core-asset-in-portfolios-of-Asias-wealthy


PhillipCapital Weekly Market Watch 11.12.2012


Opportune Time to Sell Virgin Atlantic: SIA


投資大師羅傑斯 看好大宗商品市場

20121209文茜的世界週報4─投資大師羅傑斯 看好大宗商品市場

林园:超级有个性的“野蛮”投资家

林园:超级有个性的“野蛮”投资家
2012-11-20 16:56:36

作为价值投资派的代表之一, 林园 的产品特征很鲜明,“一直满仓”和“只持有垄断股”的投资风格也备受争议,但一路以来的业绩表现却让争议变成了关注。

  先后成立于2007 年2 月、9 月的林园1 期和林园2 期、林园3 期基金,经历了金融危机,在2008 年11 月股市的水深火热中净值曾跌到过0.4 元人民币以下,之后开始稳步上升,这期间虽然没有创造绝对收益,却始终在沪深300 指数之上。而真正使林园成为焦点人物的是他管理的三支产品在2011 年的表现,三支产品近一年的绝对收益率都是正收益,林园2 期、3 期都达到10% 以上。这在2011 年公、 私募基金 皆巨亏的惨状下当属凤毛麟角。


龙马公司LANDMARKS BERHAD(LANDMRK,1643) 进军印尼民丹岛休闲业

龙马公司LANDMARKS BERHAD(LANDMRK,1643) 进军印尼民丹岛休闲业

龙马公司在印尼民丹岛休闲湾计划发展得非常顺利,它的水上飞机业务按照计划进行以及民丹岛(Bintan Island)业务预料将受惠于新加坡赌场游客,所以龙马公司的未来展望备受看好。

马来西亚的龙马公司(LANDMRK,1643)是一家从事酒店业务为核心业务的公司,它是马来西亚股票交易所的上市公司之一。

龙马背后的大股东是财雄势大的云顶(GENTING,3182),它间接持有龙马29.68%股权。云顶是国际有名的博彩业集团,它在马来西亚、新加坡、澳门、美国以及澳洲等地,都拥有赌场业务。

云顶集团GENTING GROUP (Genting,3182) 赌场业务遍布世界

云顶集团GENTING GROUP (Genting,3182) 赌场业务遍布世界

云顶集团除了拥有马来西亚赌场之外,它也已经将赌场业务的触角延伸至其他国家和地区,包括新加坡、英国、澳洲、美国等地。

在全球顶尖品牌顾问公司Brand Fi-nance公布2012年大马首100大最有价值品牌报告中,云顶(Genting,3182)以29亿3千600万美元的品牌价值,位于有关排行榜的第二位置。

云顶已经是连续第4年排在第二位的位置,仅次于我国石油与天然气业钜子-国家石油(Petronas)之后。
此外,在品牌评级方面,大马只有3个品牌获得“AAA”评级,它们分别为云顶、联昌集团(CIMB Group)和大众银行(Public Bank)。

从这次的排名以及评级中,不难看出云顶已经是一家具有全球影响力的公司。它虽然由马来西起家,但是如今业务已经遍布全世界,是一家举足轻重的娱乐博彩业公司。

TCC to Attain Better Synergies From F&N: Pro



Equities Analysis and Strategy

Equities Analysis and Strategy

















Investment Ratios: ROE & Dividend Yield

Investment Ratios: ROE & Dividend Yield
By james leong

What are financial ratios and how can you use them to evaluate a company for your personal investment?

In this article, we will explore a few key ratios that can help you assess a company for investment potential.

巴菲特选股委曲求全与,“市”无争反而无人能争

巴菲特选股委曲求全与,“市”无争反而无人能争
2012年05月07日来源:上海证券报 作者:刘建位
  一、巴菲特小故事
  1999年,巴菲特管理伯克希尔公司只取得了0.5%的收益率,远远落后于同期标准普尔500指数21%的涨幅。这时网络股最热门,巴菲特却一股网络股也不买,依旧继续重仓可口可乐、吉列刀片等传统行业股票。很多人批评巴菲特的投资策略过时了,巴菲特却不为所动。

  “我可以理性地预期投资可口可乐的现金流量。但是谁能够准确预期10大网络公司未来25年里的现金流量呢?如果你说你不能准确预期,你就不可能知道这些网络公司的价值,那么你就是在嗐猜而不是在投资。对于网络企业,我知道自己不太了解,一旦我们不能了解,我们就不会随便投资。”

Prof ChanYanChong-Commentary 07.12.12


07 DECEMBER 2012
Prof Chan Yan Chong Column
By Prof Chan Yan Chong

For the past few months, the Straits Times Index (STI) has been trading within a narrow range of between 2,900-3,100 as a lack of fresh catalyst sidelined investors. I, however, sat up to look at the recent strike carried out by SMRT bus drivers who hail from China.

Singapore owe its economic success to foreign labour simply because Singapore’s low fertility rate means that population growth cannot catch up with economic growth, hence, the need to hire foreign labour. A large number of foreign workers in Singapore come from China but there was peace over the years. Singapore is an open economy and society while those who seek employment here come on their own free will and earn a salary that is determined by market forces. The recent strike by the bus drivers – a first since many years ago – was started by a group of Chinese drivers who took medical leave en masse which is equivalent to a strike.

Gabriel Gan: Setting Up For A Rally Or Falling Off The Fiscal Cliff?

07 DECEMBER 2012
Setting Up For A Rally Or Falling Off The Fiscal Cliff?
By Gabriel Gan

In the midst of political-bickering in Washington, it seems very likely that an end to the fiscal cliff will not take place anytime soon. According to President Obama, he wants a solution to the deadlock by Christmas so that consumer and business confidence can return during the festive season.

Both sides are refusing to back down from their respective demands with no offer of a compromise. This has invited criticisms from business leaders who express disappointment with the Congress for putting partisan interest above national interest. Even legendary billionaire investor Warren Buffett openly said he does not expect the negotiations to end before the end of the year, which means that the bickering may drag into 2013 in similar fashion to when the Congress debated over whether or not to raise the debt ceiling.

明年次季或炒美「閂喉」


明年次季或炒美「閂喉」
聯儲局在最新議息聲明中不再提及低息承諾至一五年中,晉裕環球資產管理投資研究部董事林偉雄表示,美國聯儲局將低息環境,與失業率回落及通脹掛鈎,令人憂慮美國或會提早「閂水喉」,現時美國失業率約7.7%,倘民主及共和兩黨能就「財政懸崖」達成共識,最樂觀的情況是,美國可能於明年底達到6.5%的失業率目標,投資者有機會於明年第二季開始炒作提早「閂水喉」,令環球股市出現震盪。

聯儲舉動鋪路退市
他指出,由於美國政府手持了大筆「長債」,當失業率回落至6.5%或附近時,美國未必會立刻加息,以免債價大跌,反而會先停止買債,甚至暗地沽售所持債券,意味量化寬鬆(QE)有機會提早結束。

QE4開喉 全球息驚

QE4開喉 全球息驚
美國聯儲局周三議息後,除落實第四輪量寬(QE4)外,還宣布首次把息口與失業率和通脹掛鈎,以取代之前低息環境至一五年中的承諾,利率期貨顯示,市場加息預期升溫,一五年二月加息的機率由過去兩周0%升至2%,同年七月加息的機率則由周初30%升至32%,意味全球「平錢時代」快告終。

至於聯儲局在議息後發表的利率預測顯示,19名聯邦公開市場委員會(FOMC)成員中,有14人預期一五年加息,兩人料於一三年加息。九月時,12名成員料一五年加息,1人料一六年加息。

債王唱反調 2017年才驚
不過,對超低息環境看法樂觀的「債券大王」格羅斯向CNBC表示,以每月20萬個新增職位推算,相信低息環境及資產購買計劃將會延續至一七年。他又認為聯儲局引入新加息門檻,變相正式確認「無限QE」。

H股大折讓24% 瑞銀看升20%


H股大折讓24% 瑞銀看升20%
http://paper.wenweipo.com   [2012-12-14]

 香港文匯報訊 (記者 方楚茵) 資金不斷流入,支持本港股市,大行相繼發表對明年股市的看法,並有越唱越高之勢。瑞銀昨料港股有7%至10%的上升空間,即以現水平計,將升至24,016至24,689點。建銀國際更料恒指可望上升至25,500-26,500點水平。

 瑞銀財富管理投資總監浦永灝昨指,目前H股估值合理,平均折讓24%,相信隨著內地經濟復甦,明年H股可有15%至20%上升空間。而明年港股的市盈率將有15倍,港股有7%至10%的上升空間,經濟增長料亦可由今年的1.6%增至4%。

證券推介:A股否極泰來 可捧中國太平

證券推介:A股否極泰來 可捧中國太平
http://paper.wenweipo.com   [2012-12-14]

比富達證券(香港)
fi1214b8.jpg (400×257)
 
2012年,對於內地保險行業來說可以說是非常艱苦的一年,北京遭遇60年來最嚴重的水災,為保險業帶來突如其來的巨額索償;加上保費收入下滑與內地股市表現不振,都為內險股帶來沉重的壓力。內險股當中,以中國太平(0966)的跌幅最大,曾一度跌至08年金融海嘯附近的水平。與其他內險股年初至今的平均升幅20%相比,該股的表現-5%相對較落後。隨著內地經濟數據好轉,市場開始憧憬A股已見底,將有助帶動內險股的投資收益回升,相信一眾內險股來年有機會跑贏大市,大家可留意較落後的中國太平。

郭令灿虎视英赌业 林国泰重组伦敦业务

郭令灿虎视英赌业 林国泰重组伦敦业务
Created 12/15/2012 - 09:05
(吉隆坡14日讯)随着英国权衡更多对赌场行业有利的法律以及制造潜在就业机会,加上大马富商丹斯里郭令灿的Rank集团虎视眈眈云顶(Genting,3182,主板贸服股)在英国赌场界的第一把交椅,让丹斯里林国泰不得不悄悄重组伦敦业务。

据了解,Rank集团正等待一宗交易,可能会把云顶这个英国最大的赌场业者拉下马。

云顶上周发布了一项简短声明,指公司因装潢暂时关闭位于沙夫茨伯里大道(Shaftesbury Avenue)的福克斯扑克俱乐部(The Fox Poker Club),预计最快明年3月以云顶赌场新面貌对外营业。

文告说:“俱乐部目前的规模,无法刺激足够的需求。”

建銀:港股明年高見26500


建銀:港股明年高見26500
http://paper.wenweipo.com   [2012-12-14]

 香港文匯報訊(記者 陳遠威)內地及本港股市負面消息消化,建銀國際證券研究部董事總經理兼聯席主管蘇國堅昨表示,明年內地經濟將進入另一個上升周期,恒指可望上升至25,500-26,500點水平,國指升至12,500-13,000點;相信明年上半年央行將會再度下調存準率及減息。董事兼首席經濟師劉紅哿預料,通脹將受控在2.7%-2.8%的溫和水平,央行不會進行加息。

內地經濟將進上升周期
 蘇國堅表示,據過往14年經驗,內地經濟每隔4至5年便會進入上升周期,下一個高峰將在2014年出現,而低位則在2016年;有關指數走勢已非最樂觀預測,視乎政策走向有機會再上調。預期明年第一季央行將會下調存準率50點子,第二季再度下調存準率50點子及減息25點子。

監管放鬆 工行建行或增派息


監管放鬆 工行建行或增派息
2012年12月14日
【明報專訊】中銀監上周公布有關內銀資本比率的指導意見,對銀行資本管控得以放寬,券商認為有關規定可減低內銀的股本融資壓力,其中Bernstein Research更發表報告指出,資本實力強勁的工行(1398)及建行(0939),最有機會因而增加派息,明年派息比率有望由今年約30%提升至40%,令股民受惠。中銀監上周訂明,設定6年過渡期,以紓緩銀行資本充足率達標壓力。於明年,大型銀行一級資本充足率最低要求應分別為7.5%,至2018年則需達為9.5%,即以每年0.4個百分點遞增。

工行建行資本較足

Bernstein認為,工行及建行資本實力強勁,截至9月底,兩行的核心資本充足率分別為10.51%及11.35%,與最低要求尚餘不少「水位」;並預料兩行今年內可錄得約2.7%的風險加權資回報,為上市內銀股中最強勁,故相信兩行毋須因保本而減派息之餘,甚至有能力提高派息,比率有望升至40%,回饋2年前參與供股的小股東。

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歐洲經濟數據愈差,股市居然持續創波段高點?


2012-1210-57金錢爆(台股特快車)4-4

How Asian FX Will Trade in 2013


Friday, December 14, 2012

IATA: Airline profits pick up in 2012


IATA: Airline profits pick up in 2012
Business & Markets 2012

Written by AFP  
Friday, 14 December 2012 09:32

GENEVA: Airlines will pull in sharply higher profits this year and next than previously expected, the International Air Transport Association (IATA) announced yesterday.

The organisation told reporters in Geneva that airlines globally are now expected to post total profits of US$6.7 billion (RM20.4 billion) this year, up from its previous estimate on Oct 1 of US$4.1 billion.

IATA said the increase was mainly due to restructuring efforts in the airline industry, and had little to do with the overall economic climate, which remained depressed.

建築和產業貢獻提高‧金務大首季淨利揚9.9%

建築和產業貢獻提高‧金務大首季淨利揚9.9%
Created 12/14/2012 - 11:27
(吉隆坡13日訊)金務大(GAMUDA,5398,主板建筑組)因建築和產業業務的貢獻提高,截至2012年10月31日止,首季淨利揚升9.91%到1億4千543萬8千令吉。

首季營業額也因建築和產業部營收提高,而上揚20.15%到7億7千133萬9千令吉。

該公司在文告中表示,首季建築業務盈利因巴生河流域捷運工程增加而走高;產業盈利揚升則歸功於現有計劃,尤其Horizon Hills;水務和大道專利權部的表現和前季不相上下。

該公司表示,建築計劃、產業強勁的未進賬銷售、水務和大道專利權部的盈利穩健,將支撐下個財政年的表現。

多空一线:金务大或上探RM3.80

多空一线:金务大或上探RM3.80
Created 12/14/2012 - 10:57

金务大(Gamuda,5398,主板建筑股)于12月13日闭市时反弹了。它于闭市时收3.64令吉,按日起5仙或1.39%。

金务大的60分钟线图表、于12月13日间上破一道短期下降趋势线(B1:B2)。它的60分钟线平滑异同移动均线指标(MACD)、于12月13日间的反弹交投走势已告转强。

放眼收购3.5亿产业 Axis 瞄准依区巴生谷北赖


放眼收购3.5亿产业 Axis 瞄准依区巴生谷北赖
Created 12/14/2012 - 10:14
(吉隆坡13日讯)Axis投资(Axreit,5106,主板产业信托股)计划2013年收购总值约3亿5000万令吉产业,并放眼柔佛依斯干达特区、巴生谷和槟城北赖的工业产业。

Axis投资总执行长史迪瓦特指出,努莎再也(Nusajaya)产业价值远低于新加坡,许多国际机构对公司的柔佛业务兴趣很大。

“新加坡设厂成本很高。

因此,努莎再也将吸引许多投资者,我们乐于在那里占有一席之地,关键是当地潜力不小。”

他认为,依斯干达特区产业价值将走高,甚至有望超越吉隆坡,其中公寓销售价介于每平方尺700至900令吉,高于满家乐公寓。

偏向可负担房屋 2013房产放缓转向

偏向可负担房屋 2013房产放缓转向
Created 12/14/2012 - 10:15
(吉隆坡13日讯)产业领域进入2013年后挑战变得更严峻,分析员认为,产业发展商和买家都将转变方向,特别是买家将偏向可负担房产。

丰隆投资研究分析员指出,房产发展商需要在2013年削减产业推介量、降低售价即销售较小单位,以及从发展高楼型房地产转为有地房地产。

他预计,相比起2012年,产业推介与销售将在2013年缓和,但不认为明年会出现“硬着陆”(hardlanding),况且贷款资产品质持续改善,住宅产业贷款呆账率也已降至新低的1.9%。

陈志远增持TMC生科至31.06%


陈志远增持TMC生科至31.06%
Created 12/14/2012 - 10:35
(吉隆坡13日讯)丹斯里陈志远透过成功机构(BjCorp,3395,主板贸服股)增持TMC生命科学(TMCLife,0101,主板贸服股)股权,从30.78%提升至31.06%。

根据马交所资料,上述增持动作皆透过公开市场完成。

目前,成功机构的持股权已逼近TMC生命科学单一最大股东--新加坡富豪林荣富的32.59%股权。

换言之,这两大股东就已经掌控了公司63.65%的股权。

Genting in makeover of UK casinos

Genting in makeover of UK casinos
Business & Markets 2012

Written by Cindy Yeap of theedgemalaysia.com  
Friday, 14 December 2012 09:33

KUALA LUMPUR: Tan Sri Lim Kok Thay’s Genting Group is quietly revamping its operations in London where more casino-friendly laws are being weighed alongside potential job creation, while fellow Malaysian billionaire Tan Sri Quek Leng Chan’s Rank Group plc awaits the final go-ahead for a deal that would unseat Genting as the largest UK casino operator.

In a terse statement last week, Genting announced the temporary shuttering of The Fox Poker Club in Shaftesbury Avenue, which will be renovated and reopened as early as March 2013 as a Genting casino.

Does telco sector need another new player?


Comment Does telco sector need another new player?
Business & Markets 2012

Written by Nadia S Hassan of theedgemalaysia.com  
Friday, 14 December 2012 11:01

KUALA LUMPUR (Dec 14) There has been much brouhaha this past week about the allocation of the 4G-LTE spectrum by regulator, the Malaysian Communications and Multimedia Commission (MCMC).

In particular, most have been focusing on the award of the biggest block of 40 Mhz to new kid on the block Puncak Semangat Sdn Bhd, a company controlled by politically-linked businessman Tan Sri Syed Mokhtar Al-Bukhary.

美定加息藍圖 高息股捱沽

美定加息藍圖 高息股捱沽
恒指獲利盤湧現 倒跌58點
2012年12月14日
【明報專訊】美國聯儲局結束兩天的會議,一如市場所料決定在扭曲操作到期後繼續買美國國債,等同推出加強版QE(量化寬鬆貨幣政策)。但與此同時,聯儲局定出加息兩大條件,包括失業率降至6.5%及通脹率增至2.5%,2015年中之前零息的承諾隨時作廢。美國10年期國債孳息議息後即時上升,而之前屢創新高的高息股及房託基金全線下跌。分析認為,資金已轉追高Beta(即波幅較大市為高)股份,防守性股份將開始跑輸大市。

恒指連續3天創今年新高後,昨日未有因美國加碼印銀紙而再接再厲,反而出現回吐,收市跌58點至22,445點,全日成交625億元。中電(0002)以6%折讓價,即每股63.25元配股,早段跌至配售價附近出現承接,收市跌3.57%。電能(0006)受此影響亦跌1.35%,兩電合共拖低恒指18點。早前節節上升的中國海外(0688)及華潤置地(1109)亦分別回吐1.9%及2.1%。

投資SUN國度:市況似好非好 不如買REITs收租


投資SUN國度:市況似好非好 不如買REITs收租

昨日調整幅度不算大,由於很可能是集資潮所觸發,22,600點這個最新阻力位,相信未必輕易攻破。

時近年尾,原本也不會太過進取,現在更加多了等待的理由。這樣的市況不知可維持多久,實體經濟又似好非好,加上投資銀行家甚少IPO在手,一定盡力尋求已上市公司配股的機會,未來一個星期配股應該陸續有來。

經紀追蹤:聯想整固後可再升

經紀追蹤:聯想整固後可再升

在電腦世界,再不是歐美品牌唯我獨尊,國產品牌聯想(00992)已靜靜起革命,成為PC業一哥。此外,公司亦積極拓展智能手機業務,不妨趁調整時買入。

聯想早前公布第二季度數據,創下銷售額達87億美元新紀錄,按年增幅逾一成。公司的全球市佔率達15.6%,同為歷來最高。策略上,聯想在力保內地市場之餘,也積極拓展海外市場,目前於歐洲、中東及非洲地區的市佔率均進入前三位。

股價方面,在十一月升穿7元關後持續上揚,昨日高見7.69元後掉頭回落,最後收報7.39元,跌1.73%,但相信整固後仍有力再上,大戶亦趁低撈貨,高盛便買入318次,極訊亞太也見活躍,短期有望反覆挑戰8.2元,支持位可定於50日線6.73元。

QE4水浸樓市 業主打橫行


QE4水浸樓市 業主打橫行

美國推第四輪量化寬鬆措施(QE4),熱錢衝向本港樓市,儘管市場指有加息風險,但熱錢繼續「辣慶」樓市,上車屋苑荃灣中心「迷你」特色戶,驚見呎價逾7,500元轉手,創下屋苑歷來新高;資金充裕,缺盤下辣招盤主導市場,近日連錄至少7宗辣招盤獲利成交。

美聯梁仲維稱,荃灣中心3座連天台戶,面積約287方呎,實用率約82%,設雙露台,僅減價2萬元,即獲用家以約218萬元購入,呎價約7,596元,料創屋苑新高,較市價高約21%,原業主○二年購入,至今升值逾2.6倍。

梁氏續稱,上址屬細價物業,加上為特色戶,才獲買家以高價搶購。據了解,上址九七年間曾三度轉手,當年更曾不足一個月內轉手,期間樓價升值約40%;與當年最高成交價約186萬元相比,是次成交價再高出約17%。

社保籲入市挺A股

【本報訊】《中國證券時報》昨報道稱,全國社保基金理事會日前在杭州召開委託投資管理人座談會,社保基金理事長戴相龍在會上表示,A股市場明年會比今年好,應把握時機,審慎投資,適當增加股票投資。

改革增股民信心
戴相龍稱,從周邊經濟看,美國經濟穩步復蘇為全球經濟提供動力,歐洲問題最壞時刻也已過去;從中國經濟看,中國經濟結束下滑,明年會比今年更好,中國經濟潛力很大,城鎮化是最大的潛力。「從A股市場看,原有的泡沫、信心不足、市場制度缺陷都是本輪下跌的原因,明年隨着改革轉型的整體佈局規劃,對增強投資者信心應有所幫助,總體來看明年A股市場會比今年好。」

與會的18家社保資金管理機構代表就股票市場進行了展望。據與會人士透露,樂觀的聲音在增加,估值低、經濟復蘇、城鎮化帶來增長潛力、轉型信心增強等成為樂觀理由,主要擔心經濟復蘇難持久、上市公司業績仍然較差、影子銀行清理導致明年流動性可能偏緊等。

滙控洗錢案了結 穆迪唱好


滙控洗錢案了結 穆迪唱好

【本報訊】滙控(005)洗錢案以19.21億美元埋單,評級機構穆迪及德銀皆指出,罰款及罰則定案對滙控影響正面,後者更調升對滙控的評級及目標價。另外英國傳媒報道,滙控行政總裁歐智華的部份花紅將會被扣減,滙控亦會追回部份前高層的花紅。

歐智華或被減花紅
惠譽上周末下調滙控評級後,另一評級機構穆迪昨日發表報告,指洗錢案達成和解協議,對滙控評級有正面作用,主要由於對罰款金額的不明朗因素消除,滙控亦沒有受到刑事檢控,結果可說是遠好於最壞情況;協議對滙控評級的唯一負面影響,是罰款將拖累集團旗下美國滙豐的盈利表現。

儲局放水 商品價離奇挫

【本報綜合報道】美國聯儲局宣佈明年推QE4,並首次訂明以經濟指標來明確超低利率期限。不過,聯儲局似乎板斧用盡,QE效應越縮越少。儲局放水,商品價格卻反常大跌,金價昨最多曾跌逾1%,現貨銀更跌逾3%。

金價失守1700美元
聯儲局宣佈加大量化寬鬆規模之外,主席伯南克提到財政懸崖已損害美國經濟,且儲局沒有工具抵消財政懸崖,令市場避險情緒再度升溫。金價失守1700美元關口,最多曾跌1.3%,低見每盎斯1695.6美元。其他商品價格亦下挫,銀價跌幅更大,曾跌3.03%,每盎斯報32.76美元。事實上,自聯儲局09年推出量化寬鬆措施後,金價升幅一次少過一次。09年,金價在儲局首度推出QE後,累升30%。至前年儲局再推QE2,金價累積升幅已下降至15%。

瑞銀分析員指特維斯稱,由於臨近年尾,投資者為鎖定利潤都不願再冒險。另有分析員認為,若金價跌穿100日平均移動線1705美元的位置,將觸發止蝕沽盤。法興商品策略師紀銳明指,金價下跌最大威脅是來自強勢美元。他指若財政懸崖及時解決,美元將轉強,令金價繼續受壓。

聯營能源公司 科恩馬相中油氣上游工程


聯營能源公司 科恩馬相中油氣上游工程

(吉隆坡13日訊)科恩馬(KNM,7164,主要板工業)與HMS油氣私人有限公司,聯手科恩馬HMS能源私人有限公司,競標國內油氣領域上游工程。

 科恩馬向馬證交所報備,今日已正式與HMS油氣簽署股權聯營協議,將在科恩馬HMS能源握有70%持股;HMS油氣則持有余下30%股權。

 文告說,科恩馬HMS能源目前授權股本達1000萬令吉,繳足資本則為2令吉,但在行使股權聯營協議后,該公司繳足資本將擴至100萬令吉。

低價屋恐成炒賣目標 消費者宜慎評風險

低價屋恐成炒賣目標 消費者宜慎評風險

報導﹕林苡欣

 (吉隆坡13日訊)2013年對于房產發展商來說將是“轉捩年”,市場大餅愈發縮水,消費者則傾向可負擔房產,專家指出,基于捷運計劃開跑,週邊可負擔房屋恐成炒賣目標,勸請消費者者宜謹慎。

 房地產投資顧問鄭水興回應《中國報》提問時說,捷運計劃一般都設在人口密集或交通流量高的地區,以助中低收入者可享有交通便利。

 “現在的人花費最多就是在交通費,比如有車的需供車、汽油及租用停車場等,可負擔房屋除了價格優勢,最重要的一點就是靠近捷運站,讓人們可省下這一筆開銷。”

OKP Holdings: Steady revenue stream ahead, but margins likely to shrink (OCBC)

OKP Holdings:
Fair value    S$0.46
add: 12m dividend forecast S$0.02
versus: Current price  S$0.495

Steady revenue stream ahead, but margins likely to shrink
• S$385.9m order book stretches to 3Q 2015
• No MRT projects yet due to stiff competition
• Current pipeline should sustain revenues

OKP’s order book of S$385.9m (as at 1 Nov) gives it excellent revenue visibility over the next two years. But the group has found it difficult to compete for work on the new MRT lines and is now exploring possible tie-ups with other firms to improve its chances of winning such projects. Though OKP’s revenues will likely be sustained by strong demand for public construction work in Singapore, we expect its gross margins to shrink from 20-25% now to < 20% in future, due to increased competition and rising manpower costs.

Tiger Airways: Time for an upgrade (OCBC)

Tiger Airways:
Fair value    S$0.81
add: 12m dividend forecast S$0.00
versus: Current price  S$0.70

Time for an upgrade
• Passengers carried increase for second month
• Jet fuel prices remain favourable
• Turnaround in 2H13 likely

Tiger Airways (TGR) saw increased passenger traffic for the second consecutive month, mainly on the back of TGR SG. Passengers carried grew 30.1% YoY (+6.0% MoM) and passenger load factor (PLF) rose by 10 ppt correspondingly from a year ago to 85% (+2ppt from Oct), which was aided by a slower pace of capacity expansion.

Thai Beverage PCL: Expect good times to roll (AM)


Thai Beverage PCL: Expect good times to roll (Unrated)
Exposure to fast-growing Thai alcoholic beverage market. Thai Beverage PCL (ThaiBev) offers investors an exposure to the alcoholic beverage industry in Thailand, a fast-growing emerging market. Thailand’s beer and spirits market is forecasted to grow at 1.6% and 2.2% respectively over the next 5 years, buoyed by higher consumption per capita and a growing population. To a lesser extent, ThaiBev gives exposure to the Asia Pacific alcoholic beverage market, which has grown at an astounding 9.9% 4-year CAGR, driven mainly by rising disposable incomes in the middle-income class.

Courts Asia : Back With A Bang (UOBKH)

Courts Asia :
Price/Target : S$0.80/S$1.19
Back With A Bang

We initiate coverage on Courts Asia (CAL) with a BUY recommendation and target price of S$1.19, implying a 48.8% upside from the current price. CAL’s impressive turnaround story and market leadership in Singapore and Malaysia makes it an attractive proxy for the growing Asia consumer market. We view a potential for significant upside ahead as CAL continues to carry out its transformation plan with a focus on improving the profitability and productivity of existing stores and further gaining market share and scale with new store openings. We forecast a 3-year (FY12-15F) revenue and EPS CAGR of 17.7% and 19.2% respectively.

CapitaLand: Australand receives bid from GPT for investment portfolio and C&I business (DB)


CapitaLand
Price at 10 Dec 2012 (SGD) 3.72
Price target - 12mth (SGD) 3.87
Australand receives bid from GPT for investment portfolio and C&I business

Australand announced Friday evening that it had received an unsolicited, indicative, non-binding bid from the GPT Group to acquire its investment property portfolio as well as its commercial and industrial businesses. As at 2Q12, the company valued its investment portfolio at c.AUD2.16bn after accounting for recent divestments. Meanwhile, its commercial and industrial development portfolio has an estimated AUD440m in capital employed, bringing the total book value of the proposed transaction to c.AUD2.6bn.

Should the deal move forward, the proposal would leave Australand with the remaining residential business.

Starhill Global REIT: Orchard Road Retail Remains in Vogue (KE)

Starhill Global REIT
Buy (unchanged)
Share price: SGD0.745
Target price: SGD0.85 (unchanged)
Orchard Road Retail Remains in Vogue

Orchard Road supply squeeze. Between 2013 and 2016, only three malls along Orchard Road (representing ~12% of available stock) are expected to be completed – and all in 2013. They include the asset enhancement works to The Heeren (156k sq ft), Orchard Gateway (180k sq ft) and the redevelopment of 268 Orchard Road (147.5k sq ft). The Heeren will be almost fully occupied by Robinsons (which will move out of Centrepoint) and Orchard Gateway is already more than half pre-committed with tenants such as Crate & Barrel, Religion, Swatch Megastore, Nike’s new concept stall called Amplify Women’s and library@Orchard. According to property agent CBRE, Prime Orchard Road rents were unchanged QoQ and YoY at SGD31.60 psf pm in 3Q12, while the capital value for strata-titled retail space rose 3.8% YoY to SGD6,500 psf, albeit unchanged QoQ. Occupancy rate remained robust at 93.7%.

Suntec REIT :Equity Fund Raising Overhang Removed (KE)


Suntec REIT
Buy (unchanged)
Share price: SGD1.60
Target price: SGD1.70 (unchanged)
Equity Fund Raising Overhang Removed

MBFC Twr 3 acquisition. DBS announced on 10 Dec that it has entered into an agreement with Choicewide Group Limited, a JV of Cheung Kong (Holdings) Ltd and Hutchison Whampoa Limited, to purchase 30% equity stake (and its associated loan) in Marina Bay Financial Centre (MBFC) Twr 3 for an aggregate consideration of SGD1.035b (SGD2,555 psf). DBS is the anchor tenant at MBFC Twr 3, occupying over 600,000 sq ft or 18 floors. Both parties also entered into a conditional put option agreement for DBS to take up Choicewide’s remaining 3.33% equity stake and its associated loan for an estimated aggregate price of SGD115m. The remaining stake on MBFC Twr 3 (66.66%) is held by Hong Kong Land and Keppel Land.

A little bit of history. DBS sold its Shenton Way office buildings (Twrs 1 & 2, about 875k sq ft net lettable area at Shenton Way) to funds managed by Goldman Sachs fo SGD690m (SGD800 psf) end-2005, with a leaseback agreement for an initial period of 8 years. The logic back then was that the sale to enhance the efficiency of its balance sheet.

Sunway: Wins Land Tender In Singapore (MIB)

Sunway
Hold (unchanged)
Share price: MYR2.34
Target price: MYR2.54 (from MYR2.53)
Wins Land Tender In Singapore

Maintain HOLD with a marginally higher TP. Sunway’s latest 30: 60:7:3 JV project in Singapore with its “old” partners Hoi Hup Realty, Hoi Hup JV and Azuki Investments, will provide continuity to profit contributions from Singapore. We fine-tune our earnings forecasts to reflect the initial cash outlay for its equity stake in this Novena project. The project is expected to contribute meaningfully to earnings from FY15 onwards. Our TP is now MYR2.54 (+1sen), based on an unchanged 45% discount to our revised RNAV.

China Minzhong: Big Overhang Removed (KE)


China Minzhong
Buy (unchanged)
Share price: SGD0.785
Target price: SGD1.16 (unchanged)
Big Overhang Removed

 Olympus Capital passed the baton. Olympus Capital, a private equity fund, has sold its entire stake of 57m shares in China Minzhong through a private placement last Thursday at SGD0.80 per share. The shares were snapped up by a group of institutional funds and high net wealth investors. Top management also raised their stakes. In our view, this placement is a positive for Minzhong as it removes a long-term share overhang on the company without adding too much selling pressure in the open market.

Senior management raises holdings. In a show of solidarity, management took advantage of the vendor share placement to increase personal stakeholdings. CEO Lin Guorong raised his stake from 6.35% to 6.37% while CFO Siek Wei Ting’s total stake went up from 5.46% to 5.49%. This clearly signals management’s confidence in the company’s fundamentals and the attractiveness of its share price.

Nam Cheong: Keep that ice-cream maker going! (DMG)


Nam Cheong: Keep that ice-cream maker going!
(BUY,  S$0.24,  TP:  S$0.30)

We visited Nam Cheong’s Miri Yard over the weekend  for the launch of Malaysia’s first  diesel-electric Multi-Purpose Platform Supply Vessel (MPSV), built by Nam Cheong for  Bumi Armada Bhd.

Fuel-saving MPSV. The NC800 MPSV, designed by Finnish ship designer Wärtsilä, is the largest vessel built by Nam Cheong in Malaysia and is the first vessel to run on diesel electric propulsion. We understand that this design offers fuel-cost savings of about 20%.

Good equipment, ample space.  Commissioned by Bumi Armada for its clients Sarawak Shell Berhad and Sabah Shell Petroleum Company, the vessel is equipped with a Remote Operated Vehicle (ROV) mezzanine deck, crane, and a large 800-square-metre deck area.

JIM ROGERS Joins Board Of GEO ENERGY RESOURCES, Set To Take Stake

JIM ROGERS Joins Board Of GEO ENERGY RESOURCES, Set To Take Stake

Written by Leong Chan Teik
Tuesday, 04 December 2012 07:00

ON Dec 15, famed billionaire investor Jim Rogers will start on a 2-day journey that will take him by air from Singapore to Balikpapan in Kalimantan, and then by car and propeller plane to a coal mine concession.

This mine belongs to Geo Energy Resources, which listed in October 2012 on the Singapore Exchange and which Jim, it has just been announced, joined as a non-executive director yesterday (Dec 3).

Retail Reits: Still a safe house (DBSV)

Retail Reits
Still a safe house

Still a safe house
• AEI to take centrestage in driving earnings growth amidst slowing retail sales growth in 2013
• Suburban retail to continue attract good interests despite incoming supply
• Extra earnings kicker could come from acquisitions, particularly from sponsors’ pipeline
• MCT top pick given its superior earnings profile; SGREIT offers an attractive relatively yield to retail peers

AEI malls showed superior rental growth. Underlying fundamentals in the retail real estate sector remain strong. Rents have stayed resilient in the past year, largely supported by annual built-in step up rents. While increasing market shares, as evidenced by decade-high leasing transaction volumes, continue to be the retailers’ main focus despite rising cost pressures, the latter is likely to have a bearing on rental pricing ability with occupancy costs now at 16-17%.

多元资源工业DRB-HICOM GROUP(DRBHCOM,1619) 蜕变成亚洲综合汽车生产商


多元资源工业DRB-HICOM GROUP(DRBHCOM,1619) 蜕变成亚洲综合汽车生产商

随着收购马来西亚最大的国家汽车生产公司--普腾汽车公司(Pronton Bhd)之后,多元资源工业(DRBHCOM,1619)已经一跃成为马来西亚最大的上市汽车集团。它目前在马来西亚股票交易所主要板的工业产品组挂牌。

随着收购马来西亚最大的国家汽车生产公司--普腾汽车公司(Pronton Bhd)之后,多元资源工业(DRBHCOM,1619)已经一跃成为马来西亚最大的上市汽车集团。它目前在马来西亚股票交易所主要板的工业产品组挂牌。

根据资料显示,多元资源工业手持有50.%普腾汽车公司股权,经过业务整合之后,汽车业务为它2012财年第四季的营业额做出14亿1190万令吉的强劲贡献。

Olam International: Are liquidity concerns addressed?


Olam will raise more capital, just to show that it can. But does this just prove Muddy Waters' point?

8/12/2012 – The tug of war between Olam and Muddy Waters (MW) continues.

Olam has given a sharp pull at the rope by announcing a rights issue.

It will raise capital of up to US$1.3 bln, which will be fully underwritten by substantial shareholder, Temasek.

In other words, Temasek will buy any bonds and warrants that are left unsubscribed at the end of the transaction.

This rights issue could also put pressure on short-sellers as shareholders who have lent them shares are likely to be calling them back in order to participate in the offering.

中國石油 (857.HK) - 維持“增持”評級 (Phillip)

推介日期   06-12-12 
投資建議增持
建議時股價$ 10.560
買入價N/A
目標價$ 11.320


中國石油 (857.HK) - 維持“增持”評級

公司簡介

中國石油天然氣股份有限公司是中國油氣行業最大的油氣生產和銷售商,主要業務包括原油及天然氣的勘探、開發和生產;原油、石油及化工產品的煉製;原油、成品油及天然氣的輸送和銷售。

亚洲市场大部份走高;日元疲弱刺激日经升势


亚洲市场大部份走高;日元疲弱刺激日经升势
文: 道琼斯通讯社 (译:麦美莹) 2012年12月13日 道琼斯通讯社
亚洲市场在星期四大部份走高。日元在隔夜市场大幅下滑,刺激日本市场升高。当联邦储备局公布最新的宽松措施后,其他主要市场的变动不大。

昨天晚上来自美国方面的重要消息是,联储局最新一轮的政策会议结束。美国央行将会把即将到期的“扭曲操作(Operation Twist)”以更大型的资产购买计划来替代,换句话说,联储局每月注入经济的款项将从400亿美元增加至850亿美元。最令人感到意外的消息是,联储局将会把利率保持在接近零的水平,直至失业率下跌至6.5%之下。

部份市场对联储局最新公布的消息不为所动,澳洲及香港市场没有升跌,反映了华尔街在星期三的疲弱表现,道琼斯工商指数收盘持平。

Amid low rates, REITs soar as business trusts struggle


Amid low rates, REITs soar as business trusts struggle
04:46 AM Dec 14, 2012
SINGAPORE - With investors desperate for yield in a prolonged low-rate environment, shares of trusts have surged in Singapore and elsewhere in Asia. But that enthusiasm has been largely focused on real estate investment trusts (REITs) and has not been reflected in demand for business trusts.

In Singapore, 90 per cent of the assets in a REIT must be fully developed and already drawing income. Business trusts, meanwhile, can house assets such as ports, ships or water management facilities, as well as real estate. But these assets may still be under development and the returns tend to be less predictable.

"In the current risk-averse environment, people are flocking to buy into high-yielding bonds. With that kind of mentality, the stable structure of a REIT is more appealing, compared to the business trusts," said Ms Vivian Lam, partner in the corporate department of international law firm Paul Hastings.

儲局將失業率與利率掛鈎 貨幣政策增彈性 美或提早加息


儲局將失業率與利率掛鈎 貨幣政策增彈性 美或提早加息

【本報綜合報道】美國聯儲局公開市場委員會(FOMC)於周三發表的議息聲明中,破天荒地將利率與失業率掛鈎,指失業率回落至6.5%以下之前,都會維持現時息口水平;同時又刪除維持低息至2015年中的字眼。分析指,此舉無疑令儲局日後釐定貨幣政策時更具彈性,但以目前7.7%的失業率來說,要回落至6.5%或比想像中快,顯示儲局有提早加息的可能。

被稱為對沖基金之神、管理著1200億美元資產的Bridgewater Associates創辦人達利奧(Ray Dalio)亦認為:「QE功效漸失,即將推行緊縮措施,明年底將會加息,市場風險增加。」

曾淵滄專欄 14.12.12:買樓睇實美國通脹

曾淵滄專欄:買樓睇實美國通脹 - 曾淵滄

美國聯儲局議息會議結果,是將就要到期的買長債賣短債的扭曲操作(OT),改為每月增撥450億美元買長債而不賣短債。如此做法,作用有如將不久前推出的QE3的金額再加一倍,因此可以視為加強版的QE3。

這是好事,但正如我昨日所言,消息未公佈,美股已先炒上,因此議息消息公佈後,美股就由升轉跌。幸好道指收市時可以站穩,只出現很輕微的跌幅。

聯儲局上次公佈推出QE3時,宣稱目前的超低利率將維持到2015年底,結果香港樓價馬上飛升,導致政府推出BSD及加強版的SSD。前日議息會議,對超低利率將維持至甚麼時候再度做出修正,不再訂出一個固定日子,而是與失業率及通脹掛鈎,即失業率跌至6.5%以下或通脹率升至2.5%以上,聯儲局就會加息。

麦莫比看好明年新兴国家股市

麦莫比看好明年新兴国家股市
(纽约13日讯)邓普顿新兴市场负责管理逾400亿美元资產的麦莫比(Mark Mobius)说,新兴国家股市明年將上涨,延续今年的涨势,因为全球央行向金融系统注入资金,促使投资者寻求更高的投资回报。

投资者追逐高回报

麦莫比周三在接受电话採访时说,从美国到巴西再到日本,决策者们纷纷通过降息、购买债券和打压本幣来刺激本国经济。

美国国债的低殖利率正在促使养老基金等大型机构投资者寻求更高的投资回报,他们的目標包括肯尼亚等所谓的前沿市场。

脱售產业正面 UOA发展释放价值


脱售產业正面 UOA发展释放价值

(吉隆坡13日讯)市场对於UOA发展(UOADEV,5200,主板產业股)脱售投资產业看法正面,並认为这將有助於该公司释放价值。

UOA发展以1亿7330万令吉將位於孟沙南区的一栋办公楼脱售,料带来3200万令吉利润。

拉昔胡申研究表示,这次的交易价值为每平方呎750令吉,符合该投行对联邦大道一带办公楼的价格预测。

这次的脱售活动,將推高UOA发展截至9月份的產业销售从12亿4000万令吉,提高至14亿1000万令吉。

拉昔胡申研究给予UOA发展今年的销售预测约为15亿令吉。

REDtone eyes RM80m revenue from data business in FY13


REDtone eyes RM80m revenue from data business in FY13
In The Edge Financial Daily Today 2012
Written by Surin Murugiah of theedgemalaysia.com  
Thursday, 13 December 2012 10:46

KUALA LUMPUR: REDtone International Bhd is aiming for its data business revenue to increase by 200% or more to RM80 million for the financial year ending May 31, 2013 (FY13).

In a statement yesterday, REDtone said this  follows the company’s success in securing an increasing number of data projects. For FY12, the data business segment contributed RM25 million or 23% to REDtone’s total revenue.

Its data and broadband segment has been seeing strong growth since 2010, after it repositioned itself at end-2009 from a voice player to offer data services to the corporate and SME segments and government agencies.

櫥窗粉飾成重頭戲‧試挑1700新高‧馬股冷待QE3.5

櫥窗粉飾成重頭戲‧試挑1700新高‧馬股冷待QE3.5
Created 12/13/2012 - 18:54
(吉隆坡13日訊)美國聯儲局宣佈推出新一輪量化寬松措施(QE3.5),分析員認為,由於“放水"效應轉趨輕微,預期有關行動對馬股影響不顯著,股市受自身調整需要影響更大,特別是目前馬股年終櫥窗粉飾活動強勁,使綜指有望在今年杪,突破1700點歷史新高峰。

一般相信,由於量寬措施繼續製造大批熱錢,萬一全球資金市場受到衝擊,馬股恐怕也難逃威脅。

美國市場傳來“QE3.5"之後,馬股走勢是高開低收。早市開市不久,綜指就揚升6.87點,或是0.4%至1656.62點,惟半天收市漲幅則縮減至0.66點,以1650.41點休市。全天收市時,綜指起3.00點至1652.75點。

1.7億售樓價格合理‧UOA發展可脫穎而出


1.7億售樓價格合理‧UOA發展可脫穎而出
Created 12/13/2012 - 19:09
(吉隆坡13日訊)UOA發展(UOADEV,5200,主板產業組)以1億7千325萬令吉脫售孟沙18層樓高的辦公樓給UEM集團,以釋放投資並尋求其他更好的收購計劃。

這項脫售將帶來3千207萬4千令吉的賺益。

●分析

肯納格研究指出,這是UOA發展今年第四項整棟脫售的交易,原本預期該公司在明年脫售一棟建築,如今驚喜得知此脫售在今年12月完成,這誠屬不俗表現,因產業市場表現淡靜,這顯示了UOA發展有能力脫穎而出。

BToto gets nod to list STM trust on SGX


BToto gets nod to list STM trust on SGX
Business & Markets 2012

Written by theedgemalaysia.com  
Thursday, 13 December 2012 09:10

BERJAYA SPORTS TOTO BHD []
(Dec 12, RM 4.49)
Maintain neutral with a target price of RM4.13: BToto has announced that it has received a conditional eligibility to list letter from Singapore Exchange Securities Trading Ltd (SGX-ST) for the listing of the Sports Toto Malaysia (STM) trust on the Main Board. The eligibility to list is valid for three calendar months from Dec 10.

與明訊合作加速推4G‧立通省3.9億開銷


與明訊合作加速推4G‧立通省3.9億開銷
Created 12/13/2012 - 10:59
(吉隆坡12日訊)立通國際(REDTONE,0032,創業板貿服組)預期4G服務明年開跑,有信心與明訊(MAXIS,6012,主板貿服組)的基建共享合作可加速推出該服務,及時與其他電訊業者一爭長短。

公司首席執行員劉必順在媒體匯報會後表示,與明訊簽署基建和頻譜分享協議,有助加速推出4G寬頻服務,節省3億9千萬令吉資本開銷,明年料率先在西馬主要城市推出,未來計劃通過WiMAX升級東馬的寬頻服務至4G。

Increase exposure to Japanese markets


中石油将以102亿元现金收购必和必拓澳洲LNG项目股份


基金加仓银行股 重仓基金领涨


Uncertainty Abroad as Chinese Exports Sink


Facebook's Lock-Up Expires Today: Who's Selling?


Don't Look At Valuations, Look At Earnings: Pro


PetroChina Buys BHP Stake for $1.6 Billion


BofA 2013 Economic Outlook


How Big Can the Fed's Balance Sheet Get?


Apple Stock Down 22% from All-Time High of $705


Delta Buying Stake in Virgin


汇丰将支付19亿美元罚金了结洗钱案


Asia's Day-11 of Its Unstoppable Run


Thursday, December 13, 2012

需求增‧原料跌價‧頂級手套首季淨利漲83%

需求增‧原料跌價‧頂級手套首季淨利漲83%
Created 12/13/2012 - 18:49
(吉隆坡13日訊)頂級手套(TOPGLOV,7113,主板工業產品組)因手套需求提高,加上業務效率改善、原料跌價,截至2012年11月30日止首季淨利由前期3千143萬2千令吉飆升82.91%到5千749萬2千令吉。

該公司首季營業額自前期5億5千484萬3千令吉,微增5.36%到5億8千457萬5千令吉。

該公司在文告中表示,手套需求持續提高,整體而言,發達和新興市場的膠手套需求成長一致;乳膠價也因歐洲經濟復甦不明郎以及中國經濟放緩,導致商品價放緩而持續下滑。首季乳膠平均價滑落14%至每公斤5令吉83仙。

BIMCO SHIPPING MARKET OVERVIEW & OUTLOOK – December 2012 – Dry Bulk Shipping

BIMCO SHIPPING MARKET OVERVIEW & OUTLOOK – December 2012 – Dry Bulk Shipping
Posted on December 12, 2012

Dry Bulk Shipping

Wheat disappoints and coal is creating opportunities,while erosion of ship values is causing problems

Demand:

Last year, US coal exports seized all the headlines as they were up by 31%, showing the flexibility of the producers to seek overseas opportunities as higher gas production, followed by lower gas prices, turned the tables in the domestic US market. The production of gas, including shale gas, has stayed high and prices low in 2012, opening up for strong US coal exports in 2012. Ninety-eight million tons of coal was exported during the first nine months of 2012, making annual exports head for an all-time high, surpassing the highs of 1981.

Axis-REIT plans RM350 million property acquisition next year


Axis-REIT plans RM350 million property acquisition next year
Business & Markets 2012

Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, 13 December 2012 15:28

KUALA LUMPUR (Dec 13): Axis-REIT Managers Bhd is planning to acquire about RM350 million worth of PROPERTIES [] next year, and is setting its sight on industrial properties in Iskandar Malaysia, the Klang Valley and Seberang Prai, Penang.

Chief executive officer Datuk George Stewart LaBrooy said with properties in Nusajaya valued much lower than Singapore’s, there will be many international enterprises interested to have their operations based in Johor.

Noble up 2.2%; Switching from Olam: NRA Capital

Noble up 2.2%; Switching from Olam: NRA Capital

Noble is up 2.2% at $1.14, extending Wednesday’s 3.2% rise. “There could be some switching out of Olam into Noble. Some investors may be positive on that segment, but may be uncomfortable with Olam’s gearing. I think Olam clearly needs to divest some of its assets to reduce the gearing,” says Kevin Scully, executive chairman at NRA Capital. Olam is flat at $1.44.

DMG raises target on Osim, keeps ‘buy’


DMG & Partners Securities raised its target price for Osim International to $2.04 from $1.75 and maintained its ‘buy’ rating, saying investors have turned more confident about the company’s earnings.

Osim shares were down 0.3% at $1.80 on Thursday.

Two new massage chairs will drive Osim’s earnings for 2013-2014 fiscal years, DMG said. It added that China, where the massage chairs penetration rates are still at 1% despite having a growing pool of newly rich, is a key market for Osim.

CIMB Research maintains Trading Buy on construction sector

CIMB Research maintains Trading Buy on construction sector
Business & Markets 2012

Written by theedgemalaysia.com  
Thursday, 13 December 2012 09:17

KUALA LUMPUR (Dec 13): CIMB Research has maintained Trading Buy on the CONSTRUCTION [] sector and said that Highlights during the 3QCY12 reporting season included a highway compensation boost and weaknesses in other non-construction segments.

In a note Thursday, the research house said that despite the waning award momentum in November, the recovery in construction earnings for some contractors should continue

Property buyers' shift to affordability in 2013


Property buyers' shift to affordability in 2013
Business & Markets 2012

Written by Mohd Kamarul Azhar of theedgemalaysia.com  
Thursday, 13 December 2012 12:22

KUALA LUMPUR (Dec 13) : The trend of property buying in the country will shift towards affordability in 2013, which will see buyers gravitating towards products with lower absolute pricing, according to Hong Leong Investment Bank analyst Sean Lim.

He said property developers should respond to the shift in preference, by cutting back scale of property launches, reduce absolute selling price by selling smaller units and transit from selling high rise to landed units.

Olam likely muted until bond yields retrace: UOB Kay Hian

Olam likely muted until bond yields retrace: UOB Kay Hian

Olam’s stock price will likely remain muted until its bonds recover, UOB KayHian says.

“If bond yields continue to rise, the group is likely to adopt lower net gearing levels and as a result, ROE could be capped. Hurdle rates for new investment initiatives may also be harder to cross with a higher weighted average cost of capital.”

It cuts its target to $1.98 from $2.32 after switching methodology to a dividend-discount model from the previous 13.5x P/E valuation.

收拾颶風桑迪殘局‧雲頂大馬紐約營收料走跌


收拾颶風桑迪殘局‧雲頂大馬紐約營收料走跌
Created 12/12/2012 - 19:01
(吉隆坡12日訊)雲頂大馬(GENM,4715,主板貿服組)旗下名勝世界紐約(RWNY)業務於今年10月杪爆發的超級風暴“桑迪"打擊而關閉數日,分析員預料其紐約賽馬場“角子機"第四季營收將走跌。

大馬研究指出,由於紐約角子機每日平均營收較低,加上收拾桑迪災難殘局的開支,該行預測其紐約分店的第四季營運盈利賺幅下跌,使首9個月賺幅跌至34%,比較第三季為36%。

截至2012年11月3日為止的一週裡,名勝世界紐約每架角子機每日平均營收下跌37.5%至228美元(比較前週則為365美元)。

今年11月初之後,該公司紐約分店的每架角子機的每日平均營收恢复正常。

股價不濟無損拓展‧聯土全球3年展望審慎

股價不濟無損拓展‧聯土全球3年展望審慎
Created 12/12/2012 - 19:09
(吉隆坡12日訊)聯土全球(FGV,5222,主板種植組)股價毫無起色,無損於其拓展雄心,企業計劃接踵而來,惟分析員保守看待其2015財政年之前的業務展望。

僑豐研究表示,聯土全球擁有多項併購計劃,從整合下遊子公司聯土控股(Felda Holdings)到拓展東盟和非洲市場。

目前,該公司掌握聯土控股的49%股權,其餘51%則歸聯土合作社(Koperasi Permodalan Felda)。為了加強控制聯土控股,簡化下游業務架構,聯土全球可能發股向聯土合作社增購股權。

利好抵銷利空‧手套業明年仍看俏


利好抵銷利空‧手套業明年仍看俏
Created 12/13/2012 - 10:51
(吉隆坡12日訊)膠手套領域產品平均售價走軟,成本提高以及賺幅微薄等利空籠罩,惟市場還是看好後市表現,主要是其他利好足以抵銷不足,包括市場需求保持強勁,配合前瞻性策略管理等,使整體膠手套行業明年前景仍然看俏。

達證券指出,天然膠汁價格持續疲軟,主要是供應充裕,特別受到柬埔寨及越南南部的供應良好所拉低。

達證券指出,丁腈手套原料價格,也平穩在每公吨1千200至1千500美元之間。截至2011年2月,丁腈一度漲升至2千150美元高峰,預料足以應付業者在2013年的額外產能。

成功多多 商托上市冲击估值


成功多多 商托上市冲击估值
Created 12/13/2012 - 13:08
目标价:4.13令吉

最新进展

成功多多(BjToto,1562,主板贸服股)宣布,多多大马商业信托(Sports Toto Malaysia Business Trust,简称多多商托)已获准新加坡交易所上市。

多多商托收到新加坡交易所的上市批准函,有效期为3个月。

行家建议

70%盈利留海外 苹果料不派息

70%盈利留海外 苹果料不派息
Created 12/13/2012 - 11:29
(矽谷12日讯)分析员认为,苹果公司盈利有近70%留在美国以外国家,意味着股东们今年料不会有特别股息收入。

随着美国股息税上调在即,已有数十家企业抢着派送一次性特别股息,但坐拥1213亿美元(3706.93亿令吉)现金的苹果,却因资金大部分留在海外,而无法加入派息行列。

Topeka资本市场公司分析员怀特表示,苹果将专注每季发放每股2.65美元股息。

盈利贡献8000万 立通冀数据业务增200%


盈利贡献8000万 立通冀数据业务增200%
Created 12/13/2012 - 11:36
(吉隆坡12日讯)随着成功争取到更多数据计划,立通国际(Redtone,0032,创业板)放眼数据业务增长逾200%,在2013财年带来高达8000万令吉盈利。

截至2012年5月止财年,该公司的数据业务共贡献了2500万令吉,或占公司总盈利的23%。

立通国际于2009年末,以电话服务供应商的身份转型,开始向企业、中小企业和政府机构提供数据服务,使得该公司的数据与宽频服务自2010年以来,以强劲的趋势成长。

从2009年的300万令吉到2012财年的2500万令吉,数据业务的贡献在过去4年内成功令该公司的盈利稳健上升。

股东批准商托上市 成功多多


股东批准商托上市 成功多多
Created 12/13/2012 - 11:46
(吉隆坡12日讯)成功多多(BjToto,1562,主板贸服股)旗下多多大马(Sports Toto Malaysia)商业信托(Business Trust,简称商托)上市新加坡的计划,或将为股东带来超过每股40仙的特别股息大礼。

成功多多执行董事彭福清在今早的股东特别大会后向媒体表示,商托上市计划也涵盖可预期的超过每股40仙特别股息。

“可是董事会对此还未有决定。”

成功多多今日在股东特别大会上获得股东压倒性的批准,通过把多多大马100%股权利益注入商托,并在新加坡股票交易所上市的提案。

REDtone eyes stronger data ops


The Star Online > Business
Thursday December 13, 2012
REDtone eyes stronger data ops

PETALING JAYA: Data and broadband service provider REDtone International Bhd is aiming for its data business to increase by more than 200% to RM80mil in the financial year ending May 31, 2013 (FY13) after securing an increasing number of data projects.

In a statement, the company said for FY13, the data business segment contributed RM25mil or 23% to REDtone’s total revenue.

Its data and broadband segment had been seeing strong growth since 2010 when REDtone repositioned itself from a voice player to offer data services to corporate and small medium enterprise segments and government agencies in end 2009, it said.

美棄告滙控法治黑暗日

美棄告滙控法治黑暗日
滙控(00005)僅以繳交巨額罰款解決洗黑錢醜聞,未受刑事檢控,被批評為「大得不能檢控」。美國司法部指出,若刑事檢控滙控,或影響全球金融系統穩定及減少美國職位,調查亦非為了打沉滙控。美國傳媒批評說,放棄檢控滙控當日是法治「黑暗的一天」。

美司法部:非為打沉
美國司法部助理部長Lanny Breuer在公布和解方案後召開記者會解釋,刑事檢控滙控的附帶後果,包括可能對全球金融系統帶來衝擊,及令美國的就業職位減少;此外,滙控亦採取合作態度,落實一系列提升監管水平措施,並裁減部分員工;加上違例個案在美國境外發生,亦難以對個別人士提出檢控。他補充,司法部的調查目的,並非為了打沉滙控。

Ping An : Stable growth of premiums with robust profitability (Phillip)


Ping An (2318.HK)
Target Price (HKD) 70.00
- Previous Target Price (HKD) 80.00
Closing Price (HKD) 60.75
Stable growth of premiums with robust profitability

As at the end of 3Q2012, affected by the bear market, the premiums of life insurance of Ping An (or the Group) achieved to RMB157.568 billion, decreased slightly by 1.5% y-y, the individual life insurance realized the year-on-year growth rate of 10% approximately, around 6 percentage points lower than the same period of last year. P&C insurance maintained high growth with the amount of RMB73.887 billion in premiums, increased largely by 20% y-y, which obviously slower than such rate in 3Q2011.

Cordlife: Stable recurring income (DBSV)

Cordlife Group Ltd
NOT RATED S$0.535
Return *: 1
Risk: Moderate
Potential Target * : 12-Month S$ 0.65
Stable recurring income
• Larger of only two private cord blood banks in Singapore; among the top 3 in Hong Kong
• Increasing penetration rate and awareness of cord blood banking to drive growth
• Stable recurring income; potential acquisitions in Indonesia, India and Philippines
• Fair value of S$0.65 offers 21% potential upside

MISC : Petroleum & Chemical Dragged Earnings (TA)


MISC Berhad
TP: RM4.46
Last Traded: 4.08
Petroleum & Chemical Dragged Earnings

Review
_ MISC’s 9M12 core net profit of RM150.9mn missed expectations. The key variance in bottom line was largely due to 1) higher-than-expected losses from its petroleum and chemical segment and 2) lower contribution from its heavy engineering segment.

_ MISC reported a core net profit of RM150.9mn in 9M12 vs a core net loss of RM41.6mn in the same period last year. We attribute the better performance to lower aggregate losses from the liner segment as the cessation of liner business had been fully completed in June-12.

Malaysia : Sifting for value (DBSV)

Malaysia
Sifting for value
Expensive market valuations compounded by weak earnings.
Downside to KLCI next year with narrowing of PE premium and higher risk aversion from election uncertainties.
Selective stock-picking recommended. Take profit on Bumi Armada, KL Kepong, Petronas Dagangan. Good value Buys: RHB Capital, Pos Msia, Multi-Purpose.

Near term index upside limited. The Malaysian market is currently expensive with the premium versus MSCI APxJ still relatively high. This has been compounded by a cut in earnings following the 3Q12 earnings season – of 0.9% for 2012 and 1.7% for 2013.

中國平安 (2318.HK) - 保費收入增長穩定 盈利能力優于同業 (Phillip)


推介日期   07-12-12 
投資建議買入
建議時股價$ 60.350
買入價N/A
目標價$ 70.000

中國平安 (2318.HK) - 保費收入增長穩定 盈利能力優于同業

公司概要

1988年中國平安在深圳成立,是中國第一家股份制保險企業,其主要業務分爲保險、銀行及投資三大類。按保費收入計算,截止2012年10月末,中國平安均爲中國第2大的壽險及産險公司。公司名列2011年《金融時報》“全球500强”第107位。

Healthcare Sector: Resilience the key to success (OCBC)


Healthcare Sector:
Resilience the key to success
As we move into 2013, we remain sanguine on the growth prospects of the healthcare sector, as robust industry fundamentals are structural and entrenched in nature. This implies that the underlying drivers such as a growing and fast-aging population, rising affluence, increasing incidence and morbidity of diseases and burgeoning medical tourism activities would likely persist in the long run. The healthcare sector offers investors a unique investment proposition, given its resilient and defensive earnings, while growth opportunities are also favourable in light of the aforementioned factors. The sector also saw the high profile IPOs of IHH Healthcare Berhad and Religare Health Trust in 2012, thus giving investors more options to gain exposure to the thriving regional healthcare scene. We reiterate our OVERWEIGHT rating on the healthcare sector, and recommend Biosensors International Group [BUY; FV: S$1.69] as our top pick, given its superior stent technology, healthy financial position and compelling valuations. We also like Raffles Medical Group [BUY; FV: S$2.82] for its capable management team and strong track record.

Ye

Sheng Siong Group: Strong growth ahead


Sheng Siong Group:
Fair value    S$0.55
add: 12m dividend forecast S$0.03
versus: Current price  S$0.51

Strong growth ahead
• More stores to come
• Price competition won't return
• Fair value raised; maintain BUY

We upgrade Sheng Siong Group’s (SSG) FY13/14 revenue growth to 10% (previously 5% and 3% respectively) on the back of full-year contributions from the eight new stores opened in FY12. The absence of further price competition amongst the Big 3 supermarket chains and lingering doubts over the macro-environment will also provide support for this defensive counter.

Banking Sector: Warrants an Overweight (OCBC)


Banking Sector:
Warrants an Overweight

With the cautious mood for economic recovery and corporate activities, earnings growth projections are modest, with the street expecting both DBS and UOB to post average earnings growth of 3% in 2013. We are going for almost 6% growth, and expect earnings could possibly surprise on the upside when business activities pick up further in 2H 2013. We have an Overweight for the sector. The FTSE ST Financials Index (FSTFN) has outperformed this year, up 31% so far till Nov 2012, versus the STI’s gain of 16%. Valuations for the banks are undemanding at current price levels and we continue to have medium term BUY ratings for both DBS [BUY, Fair Value of S$15.94] and UOB [BUY, Fair Value of S$21.30].

Midas Holdings: Regaining the Midas touch? (CIMB)

Midas Holdings
Current S$0.41
Target S$0.53
Regaining the Midas touch?

 We hosted Midas on a non-deal roadshow in Hong Kong last weekduring which the companygave a rather positive guidance on order momentum. We are also convinced thatMidas’sdiversification strategycould elevate its growth profile, though not without some risk.

We expect near-term price catalysts from high-speed train car orders. We also find comfort in newly-identified growth areas of the aviation, shipping and automobile industries. Our Outperform rating is maintained, as is our target price, still based on 15.5x CY14 EPS (10% discount from its 5-year forward average).

Hi-P will likely to have also follow Apple to the US in the future (Limtan)


HI-P
S$0.835-HIPS.SI
 Hi-P’s major customer Apple is planning to spend US$100mln next year to build Mac computers in the US.

 Mac computers currently account for 15% of Apple’s sales.

 Apple said that the operation in the US will include more than just final assembly and they will be working with their contract manufacturers but coming up with their own money.

 Separately, Foxconn Tech the major contract manufacturer for Apple said that the company is looking at increasing their manufacturing operations in the US to cater to their customer’s request for such services.

PetroChina: "Accumulate" Rating Maintained (Phillip)


PetroChina
CP:HKD10.56 |
TP:HKD11.32
"Accumulate" Rating Maintained

Company profile
PetroChina is China’s largest oil and gas producer and seller. Its main business profile includes crude oil and natural gas exploration, development and production; refining of crude oil, petroleum and chemicals; crude oil, oil product and natural gas transmission and sales.

Investment overview
For the first three quarters of this year, the company’s operating income slightly increased, while the Company net margin declined substantially. Growth of operating income benefited from increase in crude and natural gas as well as price rise quarter-on-quarter, while the considerable loss of refining and natural gas businesses was the principal cause for the substantial slide of net margin.

DBS Market Perspectives: Dysfunction and Resilience


Telecoms Sector: Defensive earnings in still-uncertain times


Telecoms Sector:
Defensive earnings in still-uncertain times
Going into 2013, with the global economic outlook still looking somewhat shaky, we believe that investors may continue to favour stable yield plays for recurring income in their portfolios. We think that the telecommunication stocks will continue to be good candidates as their defensive earnings and strong ability to generate free cashflow should continue to sustain their relatively attractive dividend yields. As such, we maintain our OVERWEIGHT rating for the sector. Among the three telcos, we have a slightly preference for M1 (BUY, FV: S$2.89).

Mano Sabnani: "Change Is Seriously Needed At MACQUARIE IIF"


Mano Sabnani: "Change Is Seriously Needed At MACQUARIE IIF"

Written by Mano Sabnani
Wednesday, 05 December 2012 12:00

Macquarie International Infrastructure Fund (MIIF), a private equity fund listed on the SGX main board, is due to hold a special general meeting (SGM) today (Wed December 5) to consider the appointment of three new directors nominated by two institutional shareholders owning more than 10 per cent in the Bermuda-incorporated fund.

I received a call late last week from MIIF's chairman, Heng Chiang Meng, a former MP, to support the present board of MIIF in rejecting the resolutions to appoint new directors. Mr Heng spoke at length about the achievements of the present board and management of MIIF and felt the SGM and its resolutions were unnecessary.

Sunway: Banking on Iskandar (DBSV)


Sunway Berhad
HOLD RM2.30
Price Target : 12-Month RM 2.55
Banking on Iskandar

Acquiring 799 acres of freehold land in Iskandar for RM413m via 60:40 JV
Sunway to ride on Iskandar’s growth potential
Maintain HOLD as stock still lacks near-term catalyst

Another deal in Iskandar. Sunway announced that it will be buying 799 acres of freehold land in Iskandar for a total purchase consideration of RM413m via a 60:40 joint venture with Iskandar Investment. The deal consists of 413 acres of land in Pendas North (valued at up to RM221.3m) and 366 acres of land in Pendas South (valued at up to RM191.4m), which translates to a valuation of c.RM12.20 psf. A 10% deposit is payable within 14 days, while the balance of the purchase consideration is staggered over 120 months, with acquisition of Pendas North expected to be completed by 2017, and Pendas South by 2022.

Singapore Airlines: Will Delta buy its stake in Virgin Atlantic?


And if it does, will Virgin Atlantic compete with SIA on flights to Asia?

10/12/2012 – Analysts wouldn't be sad to see Singapore Airlines sell its 49% stake in Virgin Atlantic Ltd.

SIA has confirmed it's talking to potential buyers, but these discussions may or may not result in a transaction.

CIMB Research maintained a NEUTRAL call with a target price of S$11.00.

It foresees a near-term boost for SIA’s share price if this deal does go through, since Virgin has not contributed markedly to SIA’s bottom line.

SIA may also return some capital, as it did after divesting SATS.

Pimco投资大师:未来投资10大要点

Pimco投资大师:未来投资10大要点

Paul B. Farrell

掌管巨额资产的财富管理者正在对投资者发出警告,他们引用了圣经中的一句话:“七年饥荒。”(Seven lean years.) 直到2016年,美国经济才会复苏,这是GMO投资公司董事长杰里米•格兰瑟姆(Jeremy Grantham)几年前就说过的话,GMO公司管理的资产规模达到1040亿美元。

美国太平洋投资管理公司(Pimco)的资产管理规模高达二万亿美元。现在,该公司的两位联席CEO比尔•格罗斯(Bill Gross)和穆罕默德•埃尔-埃利安(Mohamed El-Erian)也在引用同样的圣经警语,希望唤醒投资者,对缓慢低增长和财政紧缩的未来荒年做好心理准备。不一样的是,Pimco为投资者勾勒出的未来还要黑暗得多──美国经济要到2022年才会复苏。

荷寶:A股明年初或跑贏H股


荷寶:A股明年初或跑贏H股
http://paper.wenweipo.com   [2012-12-13]     )
 香港文匯報訊(記者 陳遠威)荷寶投資管理發表明年經濟展望報告,指內地十八大後市場憂慮減低,中央亦可更好地協調、執行貨幣及政經政策,內地經濟可望在第四季逐步復甦,並持續至明年上半年,預料2013年經濟增長8%。荷寶中國股票基金經理繆子美昨表示,隨著內地經濟平穩復甦,加上企業盈利改善,明年初A股表現將可領先H股。

上半年增持工業內房板塊
 該行對明年上半年工業及內房類板塊予「增持」評級,受惠於城鎮化發展及經濟增長轉向為內需帶動。工業類可選擇基建、鐵路及航空等股份。內房則以大型企業為首選;受城鎮化帶動,可在發展二或三四線城市時得益的地產商亦會看好,有關政策同時利好水泥股。

失業率不降不加息 儲局推QE4

失業率不降不加息 儲局推QE4
【本報綜合報道】美國聯儲局結束一連兩日的議息會議,一如市場所料,宣佈扭曲操作(OT)在年底到期後,將在明年1月開始,每月再購買450億美元的長年期國債,連同今年9月的無限期QE3,局方在1月開始每月共購入850億美元的國債以及按揭抵押證券(MBS),被稱為QE4。此外,儲局首次將其貨幣政策與失業率掛勾,指利率會一直維持超低水平,「起碼直至」(at least as long)失業率跌至6.5%,以及通脹率在未來一至兩年均維持在不超過2.5%的水平為止。

議息聲明又指,「若勞工市場未有出現顯著改善」,儲局的購債計劃將會繼續,利率亦維持在0至0.25厘的超低水平不變。

曾淵滄專欄 13.12.12:政府入市 掃貨良機


曾淵滄專欄:政府入市 掃貨良機 - 曾淵滄

美國投資者憧憬聯儲局昨晚的會議會有好消息,說不定是QE 4,不過,如果股價在好消息公佈前炒得太久太高,好消息公佈後套利盤就會湧出來。

1998年港府打大鱷入市買股票,被美國政府及西方傳媒斥責為干預市場,2008年全球金融海嘯後,美國政府也一樣入市買股票,其中一隻是AIG,現在,美國政府把持有的AIG賣掉,賺了很多錢。

當年,港府把1998年買進來的股票包裝成盈富基金(2800)上市,也同樣賺了很多錢,如果再有甚麼大災難如金融風暴,一旦政府入市,大家就應該趕快爭着掃貨,政府入市一定是在非常時期用非常手法買的非常價,這種災難價,是十年一遇,人生沒有多少個十年。

Offer price 'undervalues SC Global'

Offer price 'undervalues SC Global'
Banker close to some overseas institutional shareholders is advising his clients not to take up the offer
 by Conrad Raj 04:45 AM Dec 13, 2012

SINGAPORE - Some SC Global Developments shareholders might not accept Chief Executive Simon Cheong's offer to take the property company private at S$1.80 a share, even though that is a near 50-per-cent premium to the closing price before the bid.

A banker close to several overseas institutional shareholders thinks that the bid undervalues the company and is advising his clients not to take up the offer.

"The offer is at too steep a discount to its RNAV (revalued net asset value) which is around S$3.50 a share," the banker said.

Investors not too excited by SIA's sale of Virgin Atlantic stake


Investors not too excited by SIA's sale of Virgin Atlantic stake
04:45 AM Dec 13, 2012
SINGAPORE - Shares of Singapore Airlines (SIA) gained slightly yesterday following the news that the company is selling its 49-per-cent stake in Virgin Atlantic for US$360 million (S$440 million), with the market adopting a measured view of the transaction's implications. SIA shares ended the day 1.12 per cent higher with the intra-day high of S$10.87.

Although selling the Virgin stake to Delta allows SIA to exit a disappointing investment, analysts said there are still a number of challenges facing the airline.

"They've still got to find a way to better defend themselves against low-cost carriers and the Mid-east carriers. Selling Virgin Atlantic doesn't really help them in that regard," said Andrew Orchard, an analyst at CIMB. "It's a nice one-off boost from the gain on disposal, but nothing's really changed in terms of how they're going to operate the airline."

Malaysia to make rail decisions by Q1

Malaysia to make rail decisions by Q1
BY SHAREN KAUR
sharen@nstp.com.my
2012/12/13

WORTH RM35B: KL-Singapore bullet train and Gemas-Johor Baru double-tracking projects
THE government will decide by the first quarter of next year when the bullet train and the Gemas-Johor Baru electrified double tracking project (EDTP), with a combined worth of about RM35 billion, will be implemented, sources said.

Malaysia is planning to build a 300km high-speed rail (HSR) line linking Kuala Lumpur and Singapore under a public-private partnership.

The project will cost about RM20 billion to RM25 billion.

Property market to remain strong


Property market to remain strong
By Roziana Hamsawi
bt@nstp.com.my
2012/12/13

THE property market in 2013 is expected to remain strong with prices not likely to drop, said Malaysian Institute of Estate Agents (MIEA) president Nixon Paul.

He said this year, despite the many misconceptions surrounding the property market, the second half of the year showed that investors were returning, especially in the last two months and the transactions were still strong.

One of the misconceptions which surfaced this year was the oversupply of office space as manufacturing based companies were moving to China.

1月獅城掛牌 多多博彩信託1月獅城掛牌 或特別派息40仙

1月獅城掛牌 多多博彩信託1月獅城掛牌 或特別派息40仙

(吉隆坡12日訊)成功多多(BJTOTO,1562,主要板貿易)旗下大馬多多博彩信托(STM-Trust)預計將在明年1月第4週正式在新加坡掛牌,股東或在上市后獲每股超過40仙特別派息!

 該公司執行董事彭福清在股東特別大會后的記者會上指出,多多博彩信托將會在明年1月第4週上市,公司亦著手在馬股第2上市(secondary listing)的計劃。

 成功多多現有股東亦有望在該信託成功在新加坡掛牌后,獲得每股超過40仙的特別派息!不過董事局尚未做最后決定。

 他亦指出,籌資所得部分將在未來4年內,償還多多博彩信托旗下約5億5000萬令吉貸款。

UOA發展 售辦公樓獲利3207萬


UOA發展 售辦公樓獲利3207萬

 (吉隆坡12日訊)UOA發展(UOADEV,5200,主要板房產)以1億7325萬令吉脫售位于孟沙南城(Bangsar South)一座辦公樓,料可從中獲利3207萬4000令吉。

 馬證交所報備文件指出,這座位于孟沙南城有18層樓高的辦公樓,建竣一年,如今以1億7325萬令吉脫售給UEM集團子公司First Impact私人有限公司,約每平方尺售750令吉。

 該公司指出,釋放是項投資的價值,將給于公司更多機會物色其他有潛能的資產,但在未覓得合適資產前,脫售所得將存入銀行作定存。

明年房產价格料保持横摆

明年房產价格料保持横摆

(吉隆坡12日讯)大马產业经纪公会(MIEA)预测,明年房產价格將保持横摆,若出现涨幅也仅维持在微小的幅度。

大马產业经纪公会主席尼逊表示,明年的房產价格不太可能会下跌。「卖家基本上不大愿意降低要价,而买家也逐步回到场內,市场情绪变得更加乐观。」

大马產业经纪公会主席副主席西瓦指出,除非市场发生重大危机,不然2013年房地產市场將会保持强稳走势,而目前並未出现任何危机的徵兆。

他补充,「除非盲目地投机,不然房地產將会是一项稳赚的投资项目。」

尼逊和西瓦是在大马產业经纪公会于週三举办的媒体发佈会上,对明年的房市作出以上言论。

Indonesia a Stock Picker's Market


空頭走勢來到?VIX恐慌指數卻不恐慌?市場大戶對後市不甚擔心?

2012-1206-57金錢爆(弱雞ㄚ變諾基亞)4-4

Green Energy Gets The Blues: Tough Times Ahead


HSBC Said to Reach Money-Laundering Deal


Asia is Undergoing a Recovery, Just Not Japan


China's Growth to Top 8% in Mid-2013


2012: A Year of Transition to Stronger Growth?


China's Growth to Top 8% in Mid-2013


126万账户撤离A股 炒股返贫难引增量资金


中海油收购尼克森 中国最大的海外收购


热钱涌港追捧中资股 金管局启动第18次注资


2013: Return of Growth?


Wednesday, December 12, 2012

中资银行竞相揽储引发担忧


中资银行竞相揽储引发担忧

为了在年底例行的监管审查开始前提高存款水平,中资银行近来加快了向客户出售高收益投资产品的速度。这再次令外界开始关注中国金融系统,并促使政府加强对理财产品的监管力度。

自上月底以来,各类规模的银行加大了彼此间的竞争,通过发行所谓理财产品来吸引中产阶级储户的存款。和普通银行存款相比,这些理财产品支付的利率要高得多,其投资期限通常在一年或一年以下。一些中资银行的高管说,它们现在每天都会推出新的理财产品,和之前相比发行节奏要频繁得多。

怡保花园 拓展业务股息受压

怡保花园 拓展业务股息受压
Created 12/12/2012 - 10:29
【目标价:2.20令吉】

最新进展:

在怡保花园(IGB,1597,主板产业股)完成怡保花园产托(IGBReit,5227,主板产业信托股)上市活动,以及公布首9个月业绩后,我们对该股进行预测检讨。

怡保花园首9个月业绩录得1亿5092万令吉净利及7亿2491万4000令吉营业额,分别按年增加3.5%和32.5%。

行家建议:

尽管怡保花园在购物商场的持股减少,但从产托上市获得的款项,可带来高涨的利息收入、省下债务再融资成本、来自产托的免税收入,以及强劲房地产发展盈利(来自2012财年首9个月业绩),都抵消持股减少的冲击。

QE4來了?美聯儲擬擴大空前寬鬆


QE4來了?美聯儲擬擴大空前寬鬆
Created 12/12/2012 - 17:45
(美國‧紐約12日訊)在全球金融市場正密切關注美國的“財政懸崖"之際,美國聯儲局(Fed)於11日起召開今年內最後一次的貨幣政策決策會議;據彭博資訊所做的調查預測,聯儲局將決議擴大寬鬆措施,每月將再擴大購買450億美元的美國公債,以支持美國經濟。市場並將這項措施稱為“第四次量化寬鬆政策(QE4)"。

每月將再擴大購美債

彭博資訊對49名經濟學者進行意見調查,48位學者預料聯儲局將把現行每個月購買400億美元房貸抵押債券的寬鬆政策(俗稱QE),更進一步擴大。紐約德意志銀行證券公司首席美國經濟學家拉沃納指出,“這將是一種金額龐大且操作項目更開放的計劃"。決策結果將於大馬時間13日凌晨1時30分宣佈。

Stock Biz trust listing, dividend fail to spur BToto

Hot Stock Biz trust listing, dividend fail to spur BToto
Business & Markets 2012
Written by Chong Jin Hun of theedgemalaysia.com  
Wednesday, 12 December 2012 16:03

KUALA LUMPUR  (Dec  12 ) –   BERJAYA SPORTS TOTO BHD [] (BToto) fell as much as 2% on Wednesday afternoon despite an announcement that the proposed listing of the gaming firm's business trust has received conditional approval from the Singapore Exchange (SGX).

News on a potential special dividend from the listing of Sports Toto Malaysia (STM) business trust had also failed to lift BToto share price.

At the company's EGM today, executive director Freddie Pang said BToto shareholders may get a special dividend of over 40 sen from the listing of STM in Singapore. “The integral part of the exercise is that shareholders can expect a special dividend of over 40 sen. The board has not made a decision yet.” Pang said

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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