Saturday, December 22, 2012

Making presence felt in financial sector

The Star Online > Business
Saturday December 22, 2012
Making presence felt in financial sector

Datuk Khairussaleh Ramli (pic), president director of PT Bank Internasional Indonesia Tbk (BII). has been a career chief finance officer (CFO) but now has been given the big task of driving Maybank’s banking business in Indonesia. The following are excerpts of the interview with StarBizWeek.

Has it been hard to run a business?

It has been interesting. It’s been about learning a lot of things in the last 8-9 months, managing expectations with Indonesia being a high growth country. What keeps me going is knowing you can make a difference by changing and leading things to be better. The challenges are a lot but we have a fairly good set of young people who are excited. People here are quite passionate, so if you share with them your vision and direction, they will be with you.

Banking on Indonesia

The Star Online > Business
Saturday December 22, 2012
Banking on Indonesia


IT was a Monday morning in downtown Jakarta and the start of another week for Datuk Khairussaleh Ramli, president director of PT Bank Internasional Indonesia Tbk (BII).

Khairussaleh, who was appointed the top executive at BII on January 2012 but started on the job in the middle of the year, walks in for the interview with StarBizWeek donning an all too familiar item of clothing.

MAS to re-energise products in Europe next year

The Star Online > Business
Saturday December 22, 2012
MAS to re-energise products in Europe next year


FLAG carrier, Malaysia Airlines (MAS) is not likely to launch any new route to European countries anytime soon but will continue to re-energise its products in Europe next year, according to regional senior vice-president UK/Europe Huib Gorter.

“We’ve got some exciting plans for next year. There will be a lot of buzz coming from MAS. Additionally, we will be flying the A380 for KL-Paris-KL route in March 2013 on top of the current KL-London route,” he tells StarBizWeek in Amsterdam.









暢談滙債:財崖短期續主導滙市 - 馮鏗



Rowsley to become property play

Rowsley to become property play
 by Conrad Raj 04:46 AM Dec 22, 2012

SINGAPORE - Investment holding company Rowsley Ltd, which is controlled by former "Remisier King" Peter Lim, plans to transform itself into a property play in a S$581-million deal which will also see leading architectural firm RSP Architects Planners & Engineers absorbed into the company and getting a backdoor listing.

The term sheets of the all-share deal are non-binding and subject to due diligence and further definitive agreements but the plan is for Rowsley to acquire RSP from its head Albert Hong and four of his partners for S$223 million through the issue of Rowsley shares at 15 cents each.

Mr Hong has been trying to get 56-year-old RSP listed since 1995 but was told then by the Singapore Exchange that it was not ready to accept services companies.

Sharklets lighten AirAsia's fuel bill

Sharklets lighten AirAsia's fuel bill
By Prasanna Raman

TOULOUSE: AirAsia Group, the largest low-cost airline in Asia, has become the first airline in the world to have its Airbus A320 fleet with Sharklets, a wing-tip device that offers savings on sky-high fuel costs.

The new A320, costing about US$90 million (RM275 million), is the group's 115th aircraft and will be used by AirAsia Malaysia.

The new wing tips, about 2.4metres in height, is said to cut fuel burn by four per cent, and boost the aircraft's aerodynamics by either adding around 100 nautical miles more range or allowing increased payload capability of up to 450 kilogrammes.

Bullish on crude palm oil, rubber

Bullish on crude palm oil, rubber
By Zaidi Isham Ismail

INDUSTRY LEADERS’ VIEWS: Prices to trend higher next year on strong demand from China and India

PALM oil and rubber industry captains agree that prices of the two commodities will pick up next year on strong global demand, especially from India and China.

The fact that palm oil and rubber prices are cheaper than other vegetable oils should also lend to a more bullish outlook for both commodities next year.

Crude palm oil (CPO) prices are currently hovering at the RM2,200 a tonne level. At its height, CPO prices reached a historical high of RM4,486 a tonne in March 2008.

舊街場白咖啡 發股籌6440萬擴業  






Even Gold Bull Jim Rogers Is Turning Cautious

Even Gold Bull Jim Rogers Is Turning Cautious

With gold prices being hammered in recent weeks, and trading near four-month lows on Wednesday, longtime gold bull Jim Rogers is sounding a word of caution, saying it's possible the correction in bullion may continue into the new year.

"Just be careful, there're too many bulls, including me, but I'm very cautious," Rogers told CNBC. "Gold is having a correction— it's been correcting for 15-16 months now— which is normal in my view, and it's possible that [the] correction is going to continue for a while longer."

Gold prices have been gaining for over 12 straight years now, Rogers noted, adding that the safe haven asset has only seen a major correction once in that time period, during the global financial crisis back in 2008 when bullion fell 32 percent.


Created 12/20/2012 - 11:47



Malaysia Airlines : New Order of 36 Turboprops (MIDF)

Malaysia Airlines
Maintain NEUTRAL
Price (18 Dec 2012) 0.71
Target Price 1.02
New Order of 36 Turboprops

Signed MOUs with French-Italian turboprop makers for 36 orders of ATR-600.
Expansion is ahead of the full implementation of ASEAN Open Sky policy.
Maintain NEUTRAL recommendation with TP of RM1.02 which is under review.

Orders of 36 more turboprops. MAS signed a MOU with French-Italian aircrafts maker, ATR, to order 36 ATR-600 model turboprops. The deal amounts to a total market value worth of RM3.0b. It will be part of MAS subsidiaries’ regional expansion plan. This new model is believed to be the next generation of ATR-500 type which is currently in service for the Firefly and MASwing. It is more fuel-efficient and provides 5% more thermodynamic power during takeoffs with the new engine.

Wealth Strategies: 2012 1st in multi-year housing recovery

Trading to Making to Upstream: an Oil and Gas Journey



文: 道琼斯通讯社 (译:麦美莹) 2012年12月19日 道琼斯通讯社
在新加坡上市的麦格理基建(Macquarie International Infrastructure Fund,以下简称 MIIF)决定退出市场。由联昌银行对MIIF的业务作出策略性检讨后发现,集团直接投资于亚洲基建业务的策略受限于其股价及目前的市场环境。


在清算过程中,MIIF将会以一次过特别股息的形式把剩余现金派发给股东,并开始把其在所有资产的股权出售,包括台湾宽频通讯,后者的其余股权是由麦格理韩国机会基金(Macquarie Korea Opportunities Fund)持有。










Even the World's Richest Man Gets it Wrong

Singapore REITs: Foundation laid for growth (OCBC)

Section A: Summary – Foundation laid for growth
Bumper year for S-REITs. Singapore REITs (S-REITs) have had a bumper year in 2012, driven by interest from investors who are seeking safe havens and attractive yields. Year-to-date, we note that the FTSE ST REIT Index has risen by 34.7%, surpassing the benchmark index STI’s return of 19.7% by a sizeable 15ppt. On a total-return basis (which includes dividend yield), the performance was even more stunning, with the S-REIT sector raking up a 44.0% growth versus the 23.3% increase seen in STI – an impressive 20.7ppt difference. Based on 14 Dec closing prices, the S-REIT sector is now trading at an average P/B of 1.09x and is offering a consensus DPU yield of 6.1% for the current fiscal year. This is in contrast with the industry average P/B of 0.82x and current DPU yield of 7.5% seen a year ago.

Singapore Air Carried More Passengers in November








BWCHINESE中文网 2012-12-18









新鴻基:港股明年高見25800   [2012-12-19]

 香港文匯報訊 (記者 周紹基) 內地A股先升後偏軟,拖累早段曾升75點的港股要倒跌收場。恒指全日收報22,494.7點,跌18.8點,高低波幅只有140點。但分析員指出,港股雖連跌兩日,但A股已見轉勢,港股後市不會悲觀,料恒指上望22,800點。

受惠復甦 看好原材料建築股



2012年03月31日 05:53
来源:中国证券报-中证网 作者:刘建位
那么,什么价格买入才是聪明的投资呢?这取决于价值。价值投资的根本是价值,首先要知道这家公司价值多少,才能确定现在的股票价格是否值得买入?在 会计报表上,唯一体现公司价值的是账面价值,就是股东权益,经常称之为净资产。巴菲特(1994年)表示,账面价值非常容易计算却用途有限,真正重要的是 内在价值却难以估算。不过,巴菲特发现,账面价值的增长幅度与内在价值的增长幅度接近,所以可以作为一个衡量内在价值变化的粗略指标。这对选股的启发为, 过去几年账面价值涨幅远远超过股价涨幅的公司可能被低估。

For Warren Buffett, the cash option is priceless Add to ...

For Warren Buffett, the cash option is priceless Add to ...
The Globe and Mail
Published Monday, Sep. 24 2012

If holding cash in your portfolio for little return is driving you crazy, maybe it’s time to look at it the way Warren Buffett does.

Mr. Buffett, the world’s most successful (and richest) value investor, is sitting on almost $41-billion (U.S.) of cash at his Berkshire Hathaway holding company, the most in a year. Partly, that heap of greenbacks is a safety blanket. But it’s something more. As with most matters Buffett, the strategy is more complicated than it looks, Alice Schroeder says.

She should know. The former Wall Street analyst may know more about Mr. Buffett than anyone outside his family and inner circle: She spent more than 2,000 hours with him while writing The Snowball: Warren Buffett and the Business of Life.

林园:沪指4000点合理 现在买五年赚几十倍

林园:沪指4000点合理 现在买五年赚几十倍
2012-12-10 10:58:12国盛证券


  国盛证券于2012年12月8日在北京钓鱼台国宾馆6号楼举行国盛证券2013年大型投资策略报告会。在此次会议上, 林园 投资管理有限公司董事长林园先生发表了演讲,他素有"中国民间股神"之称号,演讲的题目是"寻找未来市场上的牛股"。




Andrew Bary



《巴伦周刊》(Barron's)已连续第三年试图解答这个问题了。我们的2013年10大推荐股中既包括苹果公司(Apple AAPL -0.29% )、摩根大通(JPMorgan Chase JPM +0.57% )、荷兰皇家壳牌有限公司(Royal Dutch Shell RDS.A +0.48% )和诺华制药公司(Novartis NVS -0.05% )等蓝筹股,也包括巴诺书店(Barnes & Noble BKS -1.17% )和磁盘驱动器生产商Western Digital等较小型公司的股票,这些股票的价值似乎被严重低估。

Rowsley to acquire RSP Architects and Iskandar land in $581m deal

Rowsley, the investment holding company controlled by billionaire businessman Peter Lim, RSP Architects Planners & Engineers, Singapore’s leading architecture practice, and Vantage Bay Sdn Bhd, a developer of a mixed-used project in Malaysia’s Iskandar region, today announced plans for a $581 million deal that will transform Rowsley into a major real estate player.

The all-share deal, when finalised, will see the 56-year old architect firm headed by prominent architect and businessman Dr Albert Hong, listed on the SGX through Rowsley. It will be one of only two building design and engineering practices that will be listed on the SGX.

Rowsley will acquire RSP from Dr Hong and four of his partners for up to $223 million, to be paid by the issue of Rowsley shares at $0.15 per share. At the same time, Rowsley has also entered into another term sheet with Vantage Bay Sdn Bhd to buy the latter’s 9.23 hectares land at Iskandar for $358 million.

明年面对2大挑战 房地產市场料无看头

明年面对2大挑战 房地產市场料无看头





Created 12/21/2012 - 17:43
(吉隆坡21日訊)近幾個月種植業低迷不振,明年首季棕油庫存料將高企於200萬公噸以上,加上出口表現不靖,預計2013年首季表現將缺乏活力,肯納格研究指出,目前有望促使棕油業扭轉劣勢的最後一線生機,即厄爾尼諾(El Nino)現象也無望降臨“救災"。

該行認為厄爾尼諾(El Nino)現象不太可能會在近期到來,因為南方濤動指數正處於中和水平,也意味著接下來棕油價將欠缺看頭。


BofA: Watch Out for February Market Fall of 15%

House Working on 'Plan B'

Housing & GDP Drive Banks

No Housing Boom, But 2013 Rebound




Invest in High Yield Stocks: Pro

Top Stock Picks for 2013

Earnings Forecast Raised for China Banks: Pro

Will Apple Shares Continue to Fall in 2013?

Avoiding the Rot: Apple Shares Sink 13% in December

Friday, December 21, 2012

DBSV reinstates Jaya Holdings at Buy, $0.85 target

DBSV reinstates Jaya Holdings at Buy, $0.85 target

DBS Vickers reinstates Jaya Holdings (J10.SG) at Buy with a $0.85 target.

“With a clearer focus and less volatile earnings, we believe Jaya now offers a more attractive investment opportunity. We see a potential re-rating of the stock towards its book value on a strong 86% recovery in FY13 earnings.”

It notes Jaya repositioned as a service-provider for the offshore energy sector, with a focus on chartering ensuring higher recurring income and a move away from speculative shipbuilding reducing earnings volatility.


Created 12/20/2012 - 19:08




热门股 马航上挑80仙

热门股 马航上挑80仙
Created 12/21/2012 - 11:55



Created 12/21/2012 - 11:57



MK 置地布城建可负担房屋

MK 置地布城建可负担房屋
Created 12/21/2012 - 10:58



估值吸引净回酬6% 产托首季再受追捧

估值吸引净回酬6% 产托首季再受追捧
Created 12/21/2012 - 11:16



30亿买36螺旋桨飞机 马航或再加码拼廉航市场

30亿买36螺旋桨飞机 马航或再加码拼廉航市场
Created 12/21/2012 - 11:32









清倉多於開倉 信心疲弱


A股ETF窩輪旺 散戶須小心聖誕檔期

A股ETF窩輪旺 散戶須小心聖誕檔期





外資搶A股 內地散戶反離場

外資搶A股 內地散戶反離場
A股ETF賣斷市 勢啟動2000億新額度


各方齊心力撐 美國樓價報起

各方齊心力撐 美國樓價報起



MIIF positive development (AM)

Macquarie International Infrastructure Fund Limited (MIIF)
MIIF has decided to undertake the following initiatives.
• Distribute existing excess cash to shareholders as a one-off special dividend;
• Commence a joint process with Macquarie Korea Opportunities Fund (MKOF),
• MIIF’s TBC co-shareholder, to realise maximum value for their investment in TBC;
• Pursue the orderly divestments of MIIF’s interests in HNE, CXP and Miaoli Wind;
• Distribute the proceeds from any divestment to shareholders as soon as practicable; and
• Allow MIIF’s corporate-level debt facility to lapse upon maturity.

Mr Heng Chiang Meng, Chairman of MIIF said: “The Board has examined a broad range of alternatives to address the gap between MIIF’s share price and the value of its infrastructure businesses. After a thorough process, the Board has formulated a strategy which it is confident will deliver on the objective of maximising value for MIIF shareholders. The focus for MIIF now will be to implement the initiatives in a prudent and orderly manner.”

Singapore Airlines:MANAGEMENT REPLY: Should it really buy into another carrier?

SIA is great at running airlines, less at investing in them

18/12/2012 – Analysts have reacted almost indifferently to Singapore Airlines' sale of its 49% stake in Virgin Atlantic to highly rumoured buyer Delta Air Lines for US$360 mln in cash.

The transaction is expected to close in Q4 2013.

Investor Central did ask SIA “Will Delta buy its stake in Virgin Atlantic?” (December 10), but didn't receive a reply at the time.

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

Noble Group : Is the recent insider share sale another overhang in the stock?

No near term catalyst for Noble

18/12/2012 – The recent Olam-Muddy Waters saga has brought increased scrutiny to commodities-related companies, especially those with complicated business structures.

OCBC says Noble Group is one such company, which could continue to result in low investor interest in the near term.

The analyst has maintained a HOLD rating with a target price of S$1.12, as it still expects the commodities sector to face increased volatility in the near to medium term

Popular Holdings: Why is its stock going obsolete?

Q2 Revenue up 2%, Net Profit down 57%

18/12/2012 – Popular Holdings Ltd remains cautious due to weak consumer sentiment.

The company just announced earnings for Q2 FY13:

Revenue: +2% to S$121.3 mln
Profit: -57% to S$1.7 mln
Forex gain/(loss): S$84,000 vs S$635,000
Cash flow from operations: (S$6.5 mln) vs (S$35,000)
Dividend: Nil vs 0.5 cents per share
Order book: Not Disclosed

Mapletree Logistics Trust: Ramping up its growth engine (DBSV)

Mapletree Logistics Trust
BUY S$1.12
Price Target : 12-Month S$ 1.22

Ramping up its growth engine

• Diversified portfolio; long WALE protects trust from earnings volatility
• Acquisitions-driven growth engine to kick-start in 2013
• BUY, TP S$1.22 offers a total return of 16%

Diversified portfolio and long WALE protects trust from earnings volatility. With a diversified portfolio of warehouses located in the region, which are majority leased to global/regional 3PLs and logistics operators, MLT offers investors leverage into the robust intraregional trade within the Asia Pacific region. The organic outlook remains fairly resilient, with a long weighted average lease expiry (WALE) of close to 5.6 years, means strong earnings visibility for the trust and limited earnings volatility.

Mapletree Commercial Trust: Significant pipeline to tap (DBSV)

Mapletree Commercial Trust
BUY S$1.195
Price Target : 12-Month S$ 1.35
Significant pipeline to tap

• Organic growth robust with VivoCity and ARC continuing to deliver postively
• Significant pipeline from sponsor a key attraction
• BUY, TPS$1.35

VivoCity and ARC to see improved operating metrics. MCT is expected to continue delivering sustained growth in the coming year, driven by positive rental reversions at VivoCity and improving precommitments at ARC (75.9% vs 60% a quarter ago). Meanwhile, average rent for VivoCity continued to trend upwards nicely to >S$11psf/mth. While occupancy cost has risen to 17%, it is still lower compared to city malls (c.20%). Hence, we believe the trust can continue to drive rents, albeit at a more modest pace, on the back of increasing shopper traffic and higher tenant sales.

Singapore REITs: Refocusing on growth (DBSV)

Singapore REITs
Refocusing on growth

• S-REIT valuations fair but ample liquidity should sustain interest
• Acquisitions a likely theme for 2013; up to S$5.7bn in assets could be purchased
• Focus on S-REITs with acquisition drivers. Picks are MCT, MLT and FEHT

S-REIT valuations fair and not compelling, however abundant liquidity should sustain interest in the sector. After a year of yield-compression led outperformance in share prices, the S-REITs sector now trades at a weighted average FY13F yield of 5.8% and a P/BV of 1.13x. While we believe the S-REITs are fairly valued at these levels, interest in the sector is likely to remain firm. This is because of the strong S$, a sustained low interest rate environment, and sector yields supported by yield spreads of 450bps above long bonds, which are still fairly decent. This could mean that capital allocations within the S-REITs sector are likely to remain high.

Boilermech : Higher EBIT Margin of 16.7% in 1HFY13 (OSK)

Target RM0.98
Price RM0.865
Higher EBIT Margin of 16.7% in 1HFY13

Boilermech's 1HFY13  earnings  of  RM10.7m  was  largely  in  line  with  our  forecasts,  accounting  for  about  48.3%  of  our full-year  estimates. 2QFY13  earnings  were  higher  y-o-y  on  improved  margin.  We  like  Boilermech  for  its  solid  balance sheet  and  the  potential  boost  from  its upcoming  expansion.  It  is  also  set  to  benefit  from  the  growth  in  the  palm plantation  sector.  We  are  maintaining  our  Neutral  call  on Boilermech with a fair value of RM0.98, pegged at a 5-year average PE of 11.5x on its projected FY13 earnings.

Malaysia 2013 Market Outlook & Strategy: Volatile First Half; Improving Outlook In The Second Half

2013 Market Outlook & Strategy
Volatile First Half; Improving Outlook In The Second Half

◆ We continue to anticipate a choppy few months for the equity market in 1H 2013 given the uncertain election outcome on the home front as well as uncertainties from the imminent challenge of the US’ fiscal cliff and the Eurozone’s long-running debt problems. The market outlook will, however, likely to improve in the 2H given improving global economic conditions and as investors shift to focus on fundamentals after the general election.

◆ As it stands, risks of Grexit and a full-blown disintegration of the Eurozone are dissipating, while positive indicators are emerging from the US and China economies. Meanwhile, the Malaysian economy turned up to be stronger than envisaged in 2012 and prospects are for a slightly stronger GDP growth of 5.4% in 2013, underpinned by the implementation of the various economic programmes and the sustained robust domestic demand. We project net EPS growth for the FBM KLCI benchmark to improve from +5.4% in 2012 to +7.2% in 2013, which will continue to create new shareholders’ value for investors. This, coupled with prolonged low interest rates and ample liquidity in the system, is supportive of higher asset prices.

Singapore Property : Premature to Declare Victory (KE)

Singapore Property Update
Premature to Declare Victory

 Home sales hit 11-month low. New private home sales data for the month of Nov 2012 have been released by the URA today. Excluding Executive Condos (ECs), developers sold 1,087 homes sold in Nov, which was an eleven-month low. It was a 44% decline from the previous month. In fact, the units launched by developers reached a 3-year low at 773 units, as they exercise caution a month after the government introduced new measures to curb the tenure of home loans. This brings the number of new homes sold to 21,288 units YTD, on track to reach our estimated 22,000 units for the full year.

Gamuda: Expect another record year (DBSV)

BUY RM3.59
Price Target : 12-month RM 4.75
Expect another record year

Strong start to the year
MRT project on track, new orders in 2013
BUY, SOP-derived TP of RM4.75

A strong start. 1QFY13 net profit of RM145.4m (+3.5% qo- q, +9.9% y-o-y) was within our and consensus expectations. Construction margin improved to 12.4% from 9.4% the quarter before, but may drop again in subsequent quarters as the double-tracking project is at its tail end while the high-margin MRT tunneling job will only be more apparent from FY14F onwards. Property EBIT fell 15% q-o-q to RM69m in 1QFY13, with annualized RM330m property sales falling short of its RM1.7bn target for FY13. But momentum should pick up in subsequent quarters with the launch of The Robertson and still resilient sales at Horizon Hills and Jade Hills.

家添勝算:內險股 嚴重被低估

家添勝算:內險股 嚴重被低估




次季業績優預期 券商:海鷗料再派息

次季業績優預期 券商:海鷗料再派息





券商買進心頭好.Astro大馬 訂購率料再升高

券商買進心頭好.Astro大馬 訂購率料再升高





交棒艾琳是明智決定 東尼籌謀雄霸亞洲

交棒艾琳是明智決定 東尼籌謀雄霸亞洲






曾淵滄專欄 21.12.12:揸實滙控歡度聖誕

曾淵滄專欄:揸實滙控歡度聖誕 - 曾淵滄




Robust buying likely to continue but risks higher

Robust buying likely to continue but risks higher
by Colin Tan 04:45 AM Dec 21, 2012
A s we approach the end of the year, analysts' property market forecasts for 2013 and beyond are coming in thick and fast. From the reports I have read, it is quite a mixed bag - some are negative while others are mildly positive.

The forecasts in themselves are not really as important as the reasons cited to back them up. The reason I say this is that given the uncertain and abnormal global environment, I doubt if anyone can reasonably get it right - even for just the next year, let alone, many years beyond, except by sheer luck and coincidence.

For sure, the quantitative easing and low-interest rate policies adopted by policymakers in the United States and other major economies will mean continued and sustained upward pressure on asset prices in all AAA-rated economies, not just Singapore.

Temasek buys 23.9m Olam shares, raises stake to 18 per cent

Temasek buys 23.9m Olam shares, raises stake to 18 per cent
by CHANNEL NEWSASIA 04:46 AM Dec 21, 2012
SINGAPORE - Temasek Holdings has further raised its stake in commodities group Olam International to 18 per cent from 17 per cent.

The Singapore investment firm bought 23.9 million Olam shares in the open market on Tuesday and Wednesday through its investment vehicle Aranda Investments, said Olam in a filing with the Singapore Exchange.

In an emailed comment, Temasek spokesman Stephen Forshaw said: "The company (Olam) represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake."

Earlier this month, Olam said that Temasek is backing its rights issue of bonds and warrants to raise as much as US$1.2 billion (S$1.5 billion).

P1 prepares for an 'exciting 2013'

P1 prepares for an 'exciting 2013'


KUALA LUMPUR: Packet One Networks (Malaysia) Sdn Bhd (P1), a unit of Green Packet Bhd, expects an exciting 2013 as the momentum of next generation 4G technology, long-term evolution (LTE), starts to build up.

The company, which was recently awarded the allocation on 20Mhz of 2.6Ghz spectrum to roll out 4G LTE, expects more 4G-enabled smart devices to start making inroads second half next year. It also believes that smartphones and tablet PCs to dominate the mobile bradband space.

"As IDC 2013 predictions reported, smart mobile devices (smartphones, tablets, eReaders), will grow by almost 20 per cent in 2013 and generate nearly 57 per cent of the industry's overall growth.

Macquarie to Shut Singapore Infrastructure Fund on Outlook

Macquarie to Shut Singapore Infrastructure Fund on Outlook
By Pooja Thakur - Dec 19, 2012

Macquarie Group Ltd. (MQG) plans to shut its Singapore-listed infrastructure fund after selling assets including a port and highway in China because it doesn’t expect its share price to reflect the value of its holdings.

Macquarie International Infrastructure Fund (MIIF) will distribute excess cash as a special dividend and divest three assets following a review by its adviser CIMB Group Holdings Bhd. (CIMB) The fund has about S$60 million ($49 million) in cash, according to Chairman Chiang Meng Heng.

“We were looking at narrowing the discount,” Heng said in an interview in Singapore yesterday. “It will be very, very difficult to close the gap between the share price and the net asset value given current market circumstances, so we decided to return money back to shareholders.”

台湾争议不断 怡保花园双子星案延后

台湾争议不断 怡保花园双子星案延后
Created 12/21/2012 - 07:35










具防御性吸引购兴 明年房產信託看俏

具防御性吸引购兴 明年房產信託看俏


马银行金英投行分析员表示,隨著大选的来临,房產信託將转向防御性质。 同时,考虑到政治风险,相信投资者在2013年首季將对房產信託重拾兴趣。



What Are Mainland Investors Worried About?

2013 Won't Be Positive for the US Dollar: Citi

Is China's Recovery For Real?


5 Tech Stocks Better than Apple

5 Tech Stocks Better Than Apple

Dick Bove's 2013 Bank Plays

Japan Election Signals Potential Stimulus Tsunami

Apple Supply-Chain Order Cuts Spark Analyst Concern

Chang: China Should See `Moderate' Recovery in 2013

Citi Downgrades Apple


Thursday, December 20, 2012

Thais fish for F&N stock with $9.60 bait

Thais fish for F&N stock with $9.60 bait

Weekend move for additional 10% stake failed but hints that Thais may raise offer. -BT
Kenneth Lim

Thu, Dec 20, 2012
The Business Times

SINGAPORE - Banks acting on behalf of Thai tycoon Charoen Sirivadhanabhakdi's investment vehicle tried unsuccessfully over the weekend to pick up an additional 10 per cent of Fraser and Neave from institutional shareholders at $9.60 per share, market sources said on tuesday.

That price represents an 8.1 per cent increase over Mr Charoen's current $8.88 per share offer for majority control of F&N, and a 5.7 per cent increase over a rival bid of $9.08 per share by a consortium led by Overseas Union Enterprise (OUE). Both offers are conditional upon the offerors gaining majority control of F&N.

Outlook for the US Dollar

If This Happens, Singapore Home Prices Will Fall

If This Happens, Singapore Home Prices Will Fall

While Singapore's trade dependent economy has had a tough 2012, even teetering on the brink of a recession earlier this year, the city state's residential property market has remained robust, with prices among the highest in the world.

Private home prices in this Southeast Asian financial hub have risen a whopping 56 percent since the global financial crisis, and most analysts expect this upward trajectory to continue into the new year, even as the market faces a drop in sales volumes amid a somber growth outlook.

Singapore's private housing market has seen months of double-digit declines in sales, including a 44 percent month-on-month fall in November, in part due to a number of cooling measures introduced by the government – yet prices have remained firm.

OCBC tips NOL as favoured shipping play

OCBC tips NOL as favoured shipping play

OCBC upgrades the shipping sector to Overweight. “While challenges remain and the overcapacity issue continues to linger, we are optimistic over the prospects for the industry in 2013 on the back of an improving economic situation.”

It notes shipping lines could post slight net profits at end-2012 amid efforts to manage capacity and collectively raise rates. OCBC doesn’t see any catalyst to boost bunker-fuel prices near-to-medium term as demand remains weak and liners manage costs. It tips Neptune Orient Lines (N03.SG) as its favoured play.

It notes a few major container-shipping lines reiterated plans to push general rate increases, while NOL’s cost-savings plan has saved it US$360 million ($439 million) year-to-date. “The collective effort by liners to coordinate rate increases sends a positive message that the industry is unwilling to tolerate further cuts to their profitability in order to maximise capacity utilization. While this is contingent on individual liners reining in market share ambitions, we remain optimistic that a tacit agreement to control capacity would follow through.” It rates NOL at Buy with $1.38 fair value.


Created 12/20/2012 - 17:45




Affin raises Hai-O TP to RM2.43 after 2Q results

Affin raises Hai-O TP to RM2.43 after 2Q results
Business & Markets 2012
Written by Shalini Kumar  
Thursday, 20 December 2012 10:40

Affin raises Hai-O TP to RM2.43 after 2Q results

Written by Shalini Kumar of
Thursday, 20 December 2012

KUALA LUMPUR (Dec 20): Affin Investment Bank, maintaining its “add” rating on Hai-O Enterprises Bhd, is raising its target price (TP) of the company to RM2.43 from RM2.35, due to the company’s  higher than expected second quarter profit.

In a note today, the research house said Hai-O reported a strong revenue of RM127 million, a year-on-year increase of 18.5%, for the first half of the financial year ending April 2013 (1HFY04/13).

Credit Suisse: AirAsia a good oversold stock to buy

Credit Suisse: AirAsia a good oversold stock to buy
Business & Markets 2012
Written by Janice Melissa Thean of  
Thursday, 20 December 2012 16:58

Credit Suisse: AirAsia a good oversold stock to buy

Written by Janice Melissa Thean of
Thursday, 20 December 2012

KUALA LUMPUR (Dec 20): AIRASIA BHD [] is among Credit Suisse’s choice buys in the region this December as it has been oversold heavily.

According to its “buy low, sell high” strategy, investors can profit from buying such stocks beaten-down by year-end window dressing.

'MAS aircraft purchase a meaningful asset investment'

'MAS aircraft purchase a meaningful asset investment'
By Bilqis Bahari

EXPANDING REACH: OSK Research says RM3b aircraft purchase will strengthen Firefly, MASwings footprints
NATIONAL carrier Malaysia Airlines (MAS)'s purchase of 36 brand-new ATR 72-600 aircraft is said to be a meaningful asset investment as both of its subsidiaries Firefly and MASwings' fleets are heavily utilised.

OSK Research Sdn Bhd said the purchase of these aircraft will allow both Firefly and MASwings to expand their route networks, which is positive given the strong demand of the niche market where competition is fairly limited.

"Firefly intends to add frequencies to existing routes to Penang, Selangor and Kota Baru, while new routes are being planned to destinations in Thailand and Indonesia.

国际网络助宣传 Amadeus 分销马航机票

国际网络助宣传 Amadeus 分销马航机票
Created 12/20/2012 - 11:28




多层次行销和批发业务带动 海鸥净利翻倍派息6仙

多层次行销和批发业务带动 海鸥净利翻倍派息6仙
Created 12/20/2012 - 11:33



上半年业绩佳 成功多多商托上市有隐忧

上半年业绩佳 成功多多商托上市有隐忧
Created 12/20/2012 - 11:55
(吉隆坡19日讯)分析员虽赞扬成功多多(BjToto,1562,主板贸服股)2013财年上半年业绩表现佳,但仍担心多多大马(Sports Toto Malaysia)商托上市新加坡后将对集团盈利造成影响。



Temasek lifts Olam stake to 18% after buying shares a second day

Temasek lifts Olam stake to 18% after buying shares a second day

Temasek Holdings, Singapore’s state-owned investment company, raised its stake in Olam International for a second day after it said the commodity trader represents a “reasonably attractive” investment.

Aranda Investments, controlled by Temasek, bought a total of 23.9 million shares from Dec. 18 to Dec. 19, increasing Temasek’s deemed interest to 18% from 17%, according to an Olam filing today.

Temasek, Olam’s second-biggest shareholder, said yesterday it raised its stake to 17%, saying that it’s “pleased” to have the opportunity to add to its holdings. Temasek earlier this month backed a proposed bond offering by Olam, the world’s second-largest rice trader, agreeing to buy any rights not taken up by other investors.

F&N says OUE’s offer ‘not compelling but fair’ on valuation

F&N says OUE’s offer ‘not compelling but fair’ on valuation

Fraser & Neave said Overseas Union Enterprise Ltd.’s $13.1 billion takeover offer is “not compelling but fair” as the company may be worth more, according to a circular to investors on its website.

An OUE-led group offered to pay $9.08 a share for the company on Nov. 15. Thai billionaire Charoen Sirivadhanabhakdi, through Thai Beverage Pcl and TCC Assets Ltd., in September bid $8.88 a share for the 70% of Singapore-based F&N he didn’t already own. F&N has said it agreed to pay the OUE consortium a break-up fee of as much as $50 million if a competing offer is successful.

F&N’s sum-of-parts valuation is between $8.58 and $11.56 a share, or between $12.4 billion and $16.7 billion, the company said, based on JPMorgan’s estimate. The property unit is worth $4.6 billion to $7 billion, and its food and beverage business is valued at between S$1.9 billion to S$3.8 billion, according to JPMorgan’s valuation in the circular.

Cosco Corp :Secures USD370m FPSO contract (KE)

Cosco Corp
Sell (unchanged)
Share price: SGD0.870
Target price: SGD0.73 (unchanged)
Secures USD370m FPSO contract

 New offshore contract win. Cosco announced that it has secured a USD370m contract from a European customer to construct a FPSO unit with storage capacity of up to 400,000 barrels of oil. Delivery is scheduled of June 2015. We suspect that the European customer mentioned is Dana Petroleum of UK, and the FPSO could be used for development of its USD1.6b Western Isles project in the Northern North Sea. The FPSO is a Sevan Marine-design cylindrical FPSO.

Hi-P International: Disappointing bite of the Apple (DMG)

Hi-P International:
Disappointing bite of the Apple
SELL,  S$0.84,  TP: S$0.59

Our recent channel checks reveal some worrying developments for Apple suppliers, prompting us to review the Hi-P situation. Thought to be a proxy to Apple’s iPhone 5, we believed that the group now has been overwhelmed by how fast things have changed in the technology industry. In view of 1) iPhone 5’s failure to meet demand expectations, 2) overcompensated supply of iPhone 5 components, and  3) increased risk for Hi-P’s high stake bet in China, we are slashing our FY12 and FY13 earnings forecasts by 51.0% and 48.6% respectively. The share prices of its Taiwan-based peers are taking a hit today, and we believe that Hi-P will follow suit. Downgrade to SELL with a new TP of S$0.59 based on 0.88x P/B (-0.5x S.D. 5-yr historical P/B).

AirAsia : Proliferation of growth strategy with 100 new orders (MIDF)

AirAsia Bhd
Maintain BUY
Price (14 Dec 2012) RM2.67
Target Price RM3.45
Proliferation of growth strategy with 100 new orders

• AirAsia confirmed another 100 Airbus aircrafts with mixed order of A320ceo and A320neo models.
• Substantial discount or other favored terms for the bulk purchase strategy.
• Minimal impact to FY13-14 earnings due to small fleets allocated during the periods.
• Maintain BUY with adjusted TP of RM3.47, derived from 11x PE multiple.

100 A320 new orders. AirAsia group CEO had announced further 100 A320 aircrafts order during his visit to Airbus’ wing manufacturing facility in UK. The order consists of 36 A320 with Current Engine Option (CEO) and 64 A320 with New Engine Option (NEO). The delivery schedule will be spanned from between 2013 till 2021 with the new model A320neo will be delivered from 2017 onwards. To date, AirAsia has ordered altogether 475 single-aisle plane from Airbus with another 100 purchase options.

Gamuda: Firmly On Track (MIB)

Buy (unchanged)
Share price: MYR3.64
Target price: MYR4.10 (unchanged)
Firmly On Track

Maintain BUY. 1QFY7/13 net profit of MYR145m (+10% YoY, +4% QoQ) is in line, at 24% of our and consensus full-year forecasts. The stronger YoY growth was driven by both the construction and property development businesses amid stable margins. We retain our earnings forecasts and RNAV-based TP. Valuations are inexpensive with the stock trading at just 12.6x 2013 earnings, below its mean PER of 15.8x.

KNM Group Bhd - New Joint Venture

KNM Group Bhd -
Price Target : 0.53
Last Price : 0.465
New Joint Venture

News    KNM Group Bhd (KNMG) announced that it had entered into a shareholder cum joint venture agreement with HMS Oil and Gas (HMS) to establish a company known as KNM HMS Energy (KHE).

 KNMG will hold a 70% equity stake in KHE while HMS will hold the remaining 30%.

 KHE will be utilised by the parties to secure opportunities in the upstream oil and gas sector in Malaysia.

Comments   For now, we are neutral on this tie-up as there was no further guidance by management in regards to the details of the counterparty (HMS) and the nature of the projects that the new JV will be exploring.

Keeping land supply steady but high (DBSV)

Keeping land supply steady but high
• Housing supply to remain high in 1H13
• Robust land purchase to remain, but capped price upside translates to thin margins
• Maintain selective stance, prefer CMA, UOL

Keeping land availability at c14,000 units in 1H13. The government continues to maintain a high supply in the 1H2013 land sale programme. It has released 13 confirmed and 19 reserve sites with 6,935 units under the confirmed list and another 7,100 residential units under the reserve list, including 3,100 EC units for sale in 1H13. This is similar to the 14,000 residential units released in 2H12. In addition, it will introduce 315,000sm of commercial space and 1,740 hotel rooms. Most of the sites are located in the outside Central Region or Rest of Central Region, indicating that the proportion of mass and mid market housing will continue to be high. About 67% of the new parcels will supply housing in locations such as Tampines, Punggol, Jurong and Woodlands. Notable sites under the GLS include Kim Tian Rd and a landed development at Coronation Rd/Victoria Park Rd. A mixed residential/commercial site at Yishun Central 1 is also likely to draw good interest.

Will 2013 Bring More Pain or Gain for China Stocks?

Will 2013 Bring More Pain or Gain for China Stocks?
Published: Friday, 14 Dec 2012

China's beaten-down equity market will end 2012 in negative territory for the fourth year in a row, as fears of a hard landing coupled with global headwinds, saw investors turn their backs on Chinese stocks.

The benchmark Shanghai index is Asia's worst performing stock market after Sri Lanka's, having fallen 6 percent so far this year, according to Thomson Reuters data. The index, down 66 percent from a peak hit in 2007, touched a four-year low earlier this month.

An economic slowdown, weak corporate profits and uncertainty before the start of a leadership transition in November have undermined the market and kept key retail investors away.

Frasers Commercial Trust: Well-positioned for growth (OCBC)

Frasers Commercial Trust:
fair value of S$1.31 on FCOT.
air value    S$1.31
add: 12m dividend forecast S$0.07
versus: Current price  S$1.25

Well-positioned for growth
• Positive move to exit Japan market
• Lower funding cost burden
• Good growth potential

We are very positive on Frasers Commercial Trust’s (FCOT) transformation over the past one year. At the close of 4QFY12, FCOT announced the exit of the Japan market with the divestment of its Japan properties.


Fair value S$0.84
add: 12m dividend forecast S$0.04
versus: Current price S$0.75

• Diversified retail and office REIT
• Strong growth at Wisma Atria
• Trading at attractive valuations

Good rental uplift from Wisma Atria
Starhill Global REIT (SGREIT) is one of the more compelling names among the S-REITs, in our view. The REIT had completed its asset redevelopment works at Wisma Atria retail mall, Singapore in Jul, and contribution from the property has been very encouraging. For 3Q12, SGREIT reported a 5.7% and 11.0% YoY growth in NPI and DPU to S$36.4m and 1.11 S cents respectively. Notably, Wisma Atria retail mall registered a 24.3% increase in NPI amid positive rental reversions and full committed occupancy, while its office segment raked up a 15.2% growth in NPI. This more than offset the weakness at its Chengdu and Australia properties.


Fair value S$15.94
add: 12m dividend forecast S$0.56
versus: Current price S$14.88

• Earnings outlook for 2013 is healthy
• Tapping on several growth units
• Valuations are inexpensive; BUY

An outperformer in 2012, and poised to enjoy growth in 2013
DBS Group has outperformed its listed peers and the STI this year, with share price gains of 25% till end Nov 2012 versus 16% for the STI. The good performance is well supported by several pillars of growth in 2012, including better regional earnings, higher treasury customer income and increased earnings from its Hong Kong operations. In addition, Wealth Management (+33% YoYo for 9M12), SME (+16%) and Global Transaction Services (+44%) testified to the execution of its strategies to focus on these businesses. It is also active in the investment banking side, further cementing its leading position with several REITs deals and poised to maintain its record in 2013 as the IPO pipeline is still looking healthy.


Fair value S$2.30
add: 12m dividend forecast S$0.09
versus: Current price S$2.08

• Singapore’s retail blue chip
• Good growth potential
• Recent cash call a plus

Healthy growth profile
We remain positive on CapitaMall Trust’s (CMT) financial performance in 2013. A number of CMT’s asset enhancement initiatives (AEIs) are completed or on track for completion by the end of 2012, and are expected to contribute to contribute positively to its rental income going forward. These include the refurbishments works at Jcube (opened in Apr), Bugis+ (completed in Jul), The Atrium@Orchard (completed in Nov) and Clarke Quay (expected to complete in Dec). Lease renewals have also been healthy with 6.1% positive rental reversions clocked for 9M12, in line with 6.4-6.5% reversions seen in 2010-2011. Hence, we believe CMT is likely to sustain its growth profile, given its smooth execution and strong leasing activities.


Fair value S$2.16
add: 12m dividend forecast S$0.03
versus: Current price S$1.97

• Chinese portfolio operational
• Capital recycling turning likely
• Chinese retail conditions staying firm

Increasing income traction for Chinese portfolio
Our investment thesis for CMA is that the transition of its Chinese portfolio to a mostly operational one would have two key implications. First, we would see increased income traction as recurring operational income offsets volatile opening costs from uncompleted malls. This has mostly come to fruition; its latest 3Q12 earnings came in above consensus (PATMI of S$63.4m, up 70.8% YoY), driven mostly by a S$7.3m QoQ dip in admin expenses as mall-opening costs eased, and faster-than-expected revenue growth at Minhang and Hongkou, two major malls in Shanghai which recently began operations.


Fair value S$1.69
add: 12m dividend forecast S$0.00
versus: Current price S$1.22

• Expect continued market share gains
• Healthy financial position and superior technology
• Compelling valuations

Poised for further growth
We project Biosensors International Group (BIG) to report revenue and core EPS CAGR of 17.6% and 10.9% from FY12-14F, respectively. Growth would be underpinned by deeper market penetration, supported by robust clinical evidence which highlights the safety and efficacy of its drug-eluting stent (DES) products, in our view. BIG has continued to deliver healthy sales growth in the EMEA and APAC regions, especially in Europe and China, which is in contrast to some of its peers. However, Latin America and India has seen some weakness but we understand that BIG is undergoing some restructuring of its operations in Latin America such as diversifying its distributor base in a bid to increase its penetration and concentration in the region.

SINGAPORE STRATEGY 2013: Moderation in economic growth continues (OCBC)

Section C: Singapore Economy
Moderation in economic growth continues
After expanding 14.5% in 2010, Singapore’s economic growth moderated to 5.4% in 2011 and is now expected to slow to 1.5% in 2012. The pullback in growth momentum (Exhibit C-1) was largely due to the decline in externally-oriented sectors, while domestically-oriented activities have remained generally resilient.

Trade-related industries, and the sentiment-driven and offshore lending segments of the financial sector, were the hardest hit by the global slowdown (Exhibit C-2). Manufacturing was not spared, either, and Singapore’s Industrial Production Index contracted by 7.3% QoQ (seasonally adjusted) in 3Q12, following a 0.3% increase in 2Q12 as output slowed across many industries.

On the other hand, domestic activities, especially those anchored by a series of supply-side projects, performed well. Notably, the construction sector grew substantially in 1H12, along with steady expansion in services such as healthcare and education.

SINGAPORE STRATEGY 2013: Stimulus-led September and take-over related rally (OCBC)

Section B: Investment Highlights
Stimulus-led September and take-over related rally
2012 was an interesting year of several ups and downs. The Sep rally was led by euphoria ahead of expectations of an influx of funds into the market as the US embarked on QE3 (Quantitative Easing – the third round). Investors ignored weak economic prospects in anticipation of more cheap money from central banks. In addition, rock-bottom interest rates made high-yield stocks attractive, which also explained the continued interest in Real Estate Investment Trusts (REITs).

The peaks were followed by troughs as stocks faltered on warnings of bad times or poor economic numbers and weaker-than-expected corporate earnings. Investors’ lack of confidence was often cited as the reason for the lack of buying momentum.

SINGAPORE STRATEGY 2013: Time to be optimistic? (OCBC)

Section A: Investment Summary
Time to be optimistic?
Despite gains for most of the key indices in 2012, underlying strength, in terms of trading volume, appears lacking in the past one year. Is there still upside for the Singapore market or should investors turn cautious, stay on the sidelines or opt for safer investments in 2013?

Are green shoots sprouting?
Some positive data have recently surfaced; giving rise to optimism that the worst is likely over. This is generally true, especially in terms of recovery in economic growth numbers and the recent positive Purchasing Manager Index (PMI) number for China. Based on most economic projections, there is a consensus view that 2013 is likely to be a better year than 2012. In terms of corporate earnings, most are also expecting better earnings growth next year and a recovery from 2012. For the S&P 500, and based on consensus data from Bloomberg, earnings growth is projected at 11% for 2013 and 11% for 2014 compared to only 6% in 2012 (as of 12 Dec 2012). The trend is similarly seen for the Straits Times Index (STI), which is likely to grow 6% in 2013 and 9% in 2014 versus a decline of 18% in 2012.


The Singapore market clocked in good gains in 2012, and our core favourite sectors also outperformed. Moving into 2013, we see better economic and market conditions, and while earnings growth is still in the single-digit region, it is a recovery from the slowdown in 2012. Valuations for the Singapore market are not excessive and we expect a healthy pipeline of IPOs, takeover and privatisation exercises in 2013 to help buoy interest in the market. We are sticking with our strategy of overweighing the Oil & Gas, Banking, Healthcare and selective property sub-sectors. Our stock picks for 2013 include Biosensors, CapitaMalls Asia (CMA), CapitaMall Trust (CMT), City Developments, DBS, Ezion Holdings, Keppel Corp, M1, Sembcorp Marine, Starhill Global REIT, UOB and Venture Corp.

Fairly mixed performance in 2012
While equity indices were generally up in 2012, the markets seem to lack the much-needed investor confidence for sustainable gains. While the outlook was largely mixed, most economies were fairly resilient despite the spate of unfavourable news. This was also the case in Asia, as prospects in Asia were somewhat dimmed by the persistent weakness in Europe, US and recently in China. However, the low interest rates environment continued to be conducive for businesses and corporate earnings for the first three quarters of 2012 were generally in line or slightly above expectations.

Cambridge Industrial Trust jointly acquires Tuas warehouse for $15m

Cambridge Industrial Trust jointly acquires Tuas warehouse for $15m

Cambridge Industrial Trust said it will be acquire a stake in a warehouse at 3 Tuas South Avenue 4 with Oxley Global.

The property is Cambridge Industrial’s first property in the JTC Tuas Biomedical Park.

The purchase price for the property is $15 million so Cambridge Industrial’s share will be $9 million.

CIT and Oxley will have a 60% and 40% interest respectively in the special purpose vehicle created to acquire the property.

Market Insight:聯想集團做大做強

Market Insight:聯想集團做大做強




熱錢進不停 港股步步升

熱錢進不停 港股步步升   [2012-12-20]

 fi1220a1.jpg (400×257)
香港文匯報訊 (記者 周紹基) 金管局再入市壓港匯,注資44.18億港元,令今日銀行體系結餘增至2,462.88億元。受惠熱錢再湧港,港股升128.6點,再創16個月新高。交銀國際則預期,在A股「助燃」下,明年恒指表現仍樂觀,加上港元被低估,預期恒指2013年將在17,000至25,000點間徘徊。


【明報專訊】推銷理財產品乃中資銀行之常規業務,只是港人未了解到其對投資內銀股的風險。據美資行Bernstein Research表示,屬於股份制銀行的內銀如民行(1988)及招行(3968),最熱衷於銷售理財產品,所承受的業務風險亦最大,預計若其中10%的理財產品「爆煲」,兩行的2013年全年盈利將會倒退達六成。

一成產品爆煲 盈利跌六成





青心直說:中國依賴症嚴重 - 胡孟青

青心直說:中國依賴症嚴重 - 胡孟青

彭博駐港經濟學家麥德能(Michael McDonough)最近在其於《彭博商業周刊》的專欄「麥視線」中,撰寫了一篇關於探討環球一些國家,正患上中國市場依賴症的文章,值得大家作更深層次反思。



曾淵滄專欄 20.12.12:揸思捷因股價夠殘

曾淵滄專欄:揸思捷因股價夠殘 - 曾淵滄



Temasek raises stake in Olam

Temasek raises stake in Olam
by DOW JONES 04:46 AM Dec 20, 2012
SINGAPORE - Temasek has increased its stake in Olam International from 16.3 per cent to 17 per cent in another demonstration of support for the embattled commodities company.

"As we have mentioned before, we have invested in Olam over several years. In our judgment, the company represents a reasonably attractive investment over the long term, and we are pleased to have the opportunity to add to our stake," said Temasek spokesman Stephen Forshaw.

Olam's shares ended yesterday 4.41 per cent higher at S$1.54, with investors encouraged by Temasek's move.

Olam's share price has been under pressure since short seller Muddy Waters made a series of claims about Olam's accounting practices and debt level.

每股派息6仙 海鷗淨利翻倍至1610萬

每股派息6仙 海鷗淨利翻倍至1610萬



买飞机开销庞大 马航短期有卖压

买飞机开销庞大 马航短期有卖压








Hai-O to declare higher dividend

Hai-O to declare higher dividend
Business & Markets 2012
Written by Ho Wah Foon of  
Wednesday, 19 December 2012 09:36

KUALA LUMPUR: Multi-level marketing (MLM) company HAI-O ENTERPRISE BHD [] is expected to announce a higher dividend for shareholders today after its board of directors meets to endorse its second quarter (2Q) results.

“I am going to recommend to our board to accept a proposal by our shareholders for a higher dividend. I have confidence the board will approve this proposal,” Hai-O managing director Tan Kai Hee said in an interview with The compelling reason for Hai-O to dish out more money to shareholders is that the debt-free company is holding cash of over RM100 million and its earnings outlook is brighter, Tan added.

MAS buying 36 ATR turboprop aircraft worth RM3bil for Firefly and MASwings

The Star Online > Business
Wednesday December 19, 2012
MAS buying 36 ATR turboprop aircraft worth RM3bil for Firefly and MASwings


SUBANG: Just over a week after AirAsia Bhd placed a 100-plane order worth US$9.4bil (RM28.67bil), Malaysia Airlines (MAS) has inked an agreement to buy 36 ATR 72-600 turboprop aircraft for RM3bil (US$981mil), as it expands its fleet to grow aggressively in the country and regionally.

MAS is buying the aircraft for its community airlines, Firefly and MASwings. Firefly will take 20 of the planes and MASwings the balance 16, replacing a large part of its ageing fleet.

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Wednesday, December 19, 2012

Padini doesn’t see strong X’mas sales

Padini doesn’t see strong X’mas sales
Business & Markets 2012
Written by Shalini Kumar of  
Wednesday, 19 December 2012 09:47

KUALA LUMPUR: PADINI HOLDINGS BHD [] managed to record a year-on-year (y-o-y) sales growth of close to 13% for the first quarter ended Sept 30, of financial year 2013 (1QFY13), but management said it was below its expectations.

Speaking after the company AGM yesterday, executive director Chan Kwai Heng said consumer sentiment for most of FY12 had been subdued.

“Given the [economic] conditions, I suppose FY12 had been a very good year, and going forward [for] FY13, our first quarter sales have gone up, but our margins have come down slightly. It’s only in December that we will see a distinct pick-up.”

MAS shares dip nearly 3% on news of aircraft purchase

Hot stock MAS shares dip nearly 3% on news of aircraft purchase
Business & Markets 2012
Written by Janice Melissa Thean of  
Wednesday, 19 December 2012 11:48

KUALA LUMPUR (Dec 19): Shares of Malaysian Airline Bhd (MAS) dipped in as much as 2.84% in early trades this morning to 68.5 sen on the back of news that the national carrier will buy 36 new ATR aircrafts next year.

At 11.18am, the stock fell 1 sen or 1.42% on yesterday’s close at 70.5 sen to 69.5 sen on 7.64 million shares done.

MAS will spend RM3 billion for the ATR 72-600 aircrafts which is expected for delivery by the end of the second half of 2013.

Hai-O double earnings in 2QFY13 to RM16.1m

Hai-O double earnings in 2QFY13 to RM16.1m
Business & Markets 2012
Written by Mohd Kamarul Azhar of  
Wednesday, 19 December 2012 19:07

KUALA LUMPUR (Dec 19): HAI-O ENTERPRISE BHD [] announced that its net profit for the second quarter (2Q) ended Oct 31, 2012 more than doubled to RM16.1 million, from RM7.87 million made in the same quarter a year ago.

Hai-O's board of directors declared an interim single tier dividend of 4 sen per share and a special single tier dividend of 2 sen per share for the financial year ending April 30, 2012.

KLCC Property a premium, high yielding stock in the making

KLCC Property a premium, high yielding stock in the making
In The Edge Financial Daily Today 2012
Written by  
Wednesday, 19 December 2012 10:29

KLCC Property Holdings Bhd
(Dec 18, RM6.24)
Maintain buy at RM6.13 with a revised target price of RM7 (from RM7.10): On Dec 13 and 14, KLCCP submitted applications to the Securities Commission Malaysia and Bank Negara Malaysia for its proposed KLCCP Stapled Group. To recap, on Nov 27 KLCCP announced several corporate exercises with the aim of establishing a stapled security comprising  KLCC REIT and KLCCP. These include:

Temasek buys 200,000 shares in Olam after backing bond sale: Updated

Temasek buys 200,000 shares in Olam after backing bond sale: Updated

Temasek Holdings, Singapore’s state-owned investment company, raised its stake yesterday in Olam International after earlier this month saying it would back the commodity trader’s bond offering.

Aranda Investments Pte., controlled by Temasek, bought 200,000 shares for $293,000 yesterday, according to an Olam filing. Temasek’s deemed interest rose to 17% from 16.99%, it said.

Olam, the world’s second-biggest rice trader, said Dec. 3 it will offer US$750 million ($915 million) in bonds and as much as US$500 million in warrants to address any concerns about its liquidity, after short-seller Carson Block said the company may fail. Temasek, Olam’s second-biggest shareholder, agreed to buy any rights not taken up by other investors.

Geo Energy still faces downside risks: OSK-DMG

Geo Energy still faces downside risks: OSK-DMG

While Geo Energy Resources offers 2012-14 EPS CAGR of 24% on rising coal production, downside risks to growth persist, OSK-DMG says. It notes the stock rallied more than 50% after the announcement Jim Rogers was joining the board.

“While we believe Mr. Rogers’ strong track record in commodity investing improves GER board’s credibility, we note that he has not invested in the company and there has been no change in the fundamentals.”

It says downside risks include the single coal-mine asset with low reserves/resources, its low calorific value coal, entailing export-prohibition risks and exposure to price volatility due to a lack of contracted sales.

“The 9M12 results also seem to suggest the potential risk to mining-segment earnings from higher-than-estimated strip ratios.”

Wilmar Fortune Gas stake sale return ‘decent’: Phillip

Wilmar Fortune Gas stake sale return ‘decent’: Phillip

Wilmar’s (F34.SG) sale of its 15% Fortune Gas Investment stake for US$60 million ($73.2 million) was at a decent return, Phillip Securities says, noting the shares were purchased at US$36 million in 2008.

It estimates a realised gain of US$24 million, equating to a 13.6% per annum return. It estimates the deal was valued at 22x profit before tax, which it views as decent. But it adds, the financial impact on Wilmar is not substantial at less than 3% of the house’s FY12 earnings estimate; it isn’t adjusting its forecasts. It keeps an accumulate call with $3.47 target.

“Albeit CPO prices and China crushing margins may still remain weak in the near-term, we are positive on the company’s long-term outlook. In fact, we are starting to see quarterly recovery from the recent 3Q12 results, and we expect sequential improvement with a stronger 2H12 driving recovery in both earnings and share price.” The stock is up 1.6% at $3.19.

Temasek Holdings’ stake rises to 17% from 16.3%

Temasek Holdings’ stake rises to 17% from 16.3%

Singapore state investor Temasek Holdings’ reiterated its support for Olam International (O32.SG) -- the target of short-seller Carson Block -- by increasing its stake to 17% from 16.3%.

Temasek increased its holding in open-market purchases Tuesday, it said in a statement to the stock exchange Wednesday.

“We have invested in Olam over several years. In our judgment the company represents a reasonably attractive investment over the long term and we are pleased to have the opportunity to add to our stake,” Temasek Spokesman Stephen Forshaw said in an emailed comment to Dow Jones Newswires Wednesday.

Olam shares were trading 1.4% higher at $1.495 at 10:25 a.m. this morning. On Tuesday its shares jumped 5.7% to $1.475.


Created 12/19/2012 - 11:34






大选和内需是转捩点 明年股市先衰后盛

大选和内需是转捩点 明年股市先衰后盛
Created 12/19/2012 - 07:56





Created 12/19/2012 - 11:42





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)

乔治·索罗斯(George Soros)



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,
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