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

By JAGDEV SINGH SIDHU
jagdev@thestar.com.my

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

By LEONG HUNG YEE
hungyee@thestar.com.my

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.

官媒潑冷水A股又軟

官媒潑冷水A股又軟
美國財政懸崖談判陷入僵局,加上《人民日報》發表文章指目前對「大牛市」的期盼不宜過於樂觀,市場觀望情緒轉濃,水泥、金融及地產等早前熱炒的板塊均出現獲利回吐,拖累滬綜指收市下跌0.69%,但本周累計仍小升0.12%,為連續第三周上漲。

《人民日報》昨發表文章稱,內地宏觀經濟有明顯的好轉,從估值水平看,A股市場也已具備相當的吸引力,但明年限售股解禁涉及市值高達2萬億元(人民幣‧下同),規模是歷史上最大的一年,在資金壓力下,投資者對「大牛市」的期盼還不宜過於樂觀。

報道打擊投資者信心,加上美國財崖危機仍存變數,滬綜指走勢偏軟,收市跌15點或0.69%,報2,153點;深成指收報8,658點,跌0.4%。兩市合計成交較前一交易日增約一成,至1,656.2億元人民幣。

奧尼爾估日圓兩年跌到120


奧尼爾估日圓兩年跌到120

高盛資產管理主席奧尼爾認為,日圓自雷曼兄弟○八年破產後一直被不合理地高估,不排除一至兩年間跌到100至120日圓兌1美元水平,主要視乎候任首相安倍晉三能否迫使日央行制訂及達到通脹目標。日圓昨日兌16隻主要貨幣全線上揚,其中美元曾跌穿84日圓關,低見83.86兌1美元,跌0.63%。

暢談滙債:財崖短期續主導滙市

暢談滙債:財崖短期續主導滙市 - 馮鏗

一如所料,聯儲局前周變相加推QE4的消息繼續在金融市場發酵,導致美元持續受壓,兌多隻主要貨幣均迭創近期新低,歐元升抵1.33美元,乃4月後所僅見,澳元亦高見1.0574美元,與9月中締造今年高位的1.0625相距僅0.5美仙。

美元走勢大致與財崖談判的發展呈反向掛鈎。由於眾議院議長博納態度軟化,表示會支持向年入百萬美元的富裕人士加稅,奧巴馬又聲稱可以把加稅目標家庭年入由原來25萬美元提升至40萬美元,令股市上揚,美債指標孳息升見兩個月新高,30年孳息重越3厘,美元亦相應轉弱。其後傳出博納將硬推只向年入逾百萬家庭加稅的B計劃於國會投票,奧巴馬又可能運用否決權,美股升勢逆轉,美元亦見底回升。

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
bt@nst.com.my
2012/12/22

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
xydee@nstp.com.my
2012/12/22

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  

(吉隆坡21日訊)舊街場白咖啡(OLDTOWN,5201,主要板貿易)私下配售3300萬新股,今日登場馬股,每股1.95令吉發售價籌資6440萬令吉,獲券商看好可助擴充業務。

 該公司今年9月宣佈,私下配售3300萬股新股,等同繳足資本10%,肯納格證券研究分析報告指出,籌資所得可助強化財務表現,淨現金料可雙倍增至1億2870萬令吉。

 “隨著淨現金增加,舊街場白咖啡可部分資金,用以擴充咖啡館連鎖店及生產業務。”

 該行透露,配合新股正式上市,該公司雖可獲取更高利息收入,但股本回酬(ROE)與每股盈利將個別稀釋2.7%及9.4%。

 “不過,舊街場白咖啡目前仍在積極開拓出口市場,旗下速銷消費品(FMCG)業務穩定,加上該公司有計劃性在大馬、新加坡、印尼及中國增設咖啡館連鎖店,前景自是穩健。”

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.

海鷗次季淨利倍增‧派息6仙


海鷗次季淨利倍增‧派息6仙
Created 12/20/2012 - 11:47
(吉隆坡19日訊)受多層次行銷(MLM)和批發業務賺幅上揚帶動,海鷗企業(HAIO,7668,主板貿服組)截至2012年10月31日止第二季淨利按年倍增至1千610萬1千令吉,驅動上半年淨利按年揚升69.05%,至2千637萬4千令吉。

第二季營業額則按年成長17.18%至6千585萬5千令吉,上半年營業額報1億2千700萬令吉,較去年同期成長18.5%。

該公司亦宣佈派發每股6仙中期股息。

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


S'pore-manufacturing-sector-to-continue-to-face-headwinds-in-2013


在新加坡上市的麦格理基建将退出市场


在新加坡上市的麦格理基建将退出市场
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。

截至9月30日,这个聚焦于亚洲的基金拥有8亿1,320万元的净资产(6亿6,780万美元),其中包括了台湾风力发电商苗栗风力、台湾宽频通讯的47.5%股权、广州华南快速干线的81%股权及位于中国长江三角州的常熟兴化港口的38%股权。

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。

财华专题:A股2013年存结构性上涨行情


花旗大砍蘋果目標價,外資圈盛傳蘋果暗暗下修iPhone5明年出貨量?

2012-1217-57金錢爆(亂)4-4

中國中央經濟工作會議打暗號?

2012-1217-57金錢爆(亂)4-3

安倍將打擊強勢日圓挽救日本電子業?日本電子業大復活?

2012-1217-57金錢爆(亂)4-2

安倍當選日相,日圓將無限量印鈔?日圓、日股率先表態?

2012-1217-57金錢爆(亂)4-1

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


美国股市明年料接近纪录高位

据一项《路透社》调查,標准普尔500指数到2013年底时或將距2007年触及的盘中纪录高位仅一步之遥,受助于全球经济前景改善和美国「財政悬崖」不確定性消除。

对美国股市来说,最主要的宽慰將是財政悬崖问题的解决。若不能加以解决,规模近6000亿美元的增税和减支可能会將美国经济拉入新的衰退。

《路透社》最新调查的47位股票分析师的预估中值显示,2013年底时標准普尔500指数將达到1550点,仅稍低于2007年10月11日的盘中纪录高位1576.09点。

到2013年中,標普500指数料升至1500点,较週三收盘价1428.48点有大约5%的升幅。

道琼斯工业指数2013年底时料升至14150点,或將自2007年以来首次升破14000点。

到2013年中,道琼斯工业指数料升至13631点,相较于上週四收盘价13170.72点上涨近3.5%。


中国四大罕见现象印证牛市来临
BWCHINESE中文网 2012-12-18

随着中国A股难得一见的“疯狂”之举,市场反而突发迷茫,许多投资者或惊诧,或迷惑。因为A股出现了历史性罕见的四大现象。

上周五的一根“定海神针”让中国股市为之一振,随着中国A股难得一见的“疯狂”之举,市场反而突发迷茫,许多投资者或惊诧,或迷惑。牛市也许真的来了!因为A股出现了历史性罕见的四大现象:

2013年投资者必买的10支股票


2013年投资者必买的10支股票

不管什么样的市场,即便在恶劣的环境下,质量好的公司总能带来更高的回报和收益。本文为投资者推荐了10支股票。

市场上的不确定性因素依旧存在,因此判断明年大盘能否上涨没有意义,选好股票才是关键,本文为投资者推荐了10支股票。

据《巴伦周刊》报道,今年大盘的表现非常抢眼,但我们的感觉却从未如此糟糕。虽然标准普尔500指数全年上涨了12%,但各种不确定因素却一直困扰着投资者,比如财政悬崖、增加税收以及居高不下的失业率。截止到目前,今年国内股票市场资金的净流出额已经高达1100亿美元。

新鴻基:港股明年高見25800


新鴻基:港股明年高見25800
http://paper.wenweipo.com   [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
 新鴻基金融發表明年展望,預期來自美國及歐洲的風險將逐步消除,投資環境會逐步改善,內地及新興市場會帶動環球經濟溫和增長,預期恒指明年有望高見25,800點,國指可望達13,500點,至於上證綜指則能見2,530點,並認為美股也可能升破今年高位。該行建議投資者,增持股票及高收益定息證券。

New-private-home-sales-in-November-fall-to-lowest-level-in-2012


巴菲特财报分析密码:如何衡量公司内在价值变化

巴菲特财报分析密码:如何衡量公司内在价值变化
2012年03月31日 05:53
来源:中国证券报-中证网 作者:刘建位
http://finance.ifeng.com/stock/fxdp/20120331/5852186.shtml
巴菲特曾表示:“资本配置的第一条铁律是,在一种价格上投资是聪明的行为,在另一种价格水平上投资则是愚蠢的行为。”
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 ...
BOYD ERMAN
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

股市的估值目前非常便宜,我们按照长期的估值来说,上证指数在4000点左右是合理的,在今天这么多估值的情况下,我不敢说最低点,但是这个位置已经非常有投资价值了,今天买股票,我认为五年之内赚三五十倍不是梦,上万点也不是梦。

  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"。

  在会上他表示,股市的估值目前非常便宜,我们按照长期的估值来说,上证指数在4000点左右是合理的,在今天这么多估值的情况下,我不敢说最低点,但是这个位置已经非常有投资价值了,今天买股票,我认为五年之内赚三五十倍不是梦,上万点也不是梦。

《巴伦周刊》2013年10大推荐股


《巴伦周刊》2013年10大推荐股

Andrew Bary

今年美国股市表现十分出色,可我们为什么感觉这么糟呢?尽管标准普尔500指数今年以来上涨了12%,但与财政悬崖、增税和失业率居高不下相关的不确定性仍令投资者感到消沉。今年以来,美国国内股票基金净流出已达1,100亿美元。

如果经济不确定性未能消除,我们在新年里可能仍将面临类似局面,因此,投资者面对的关键问题不是2013年市场的整体走势,而是哪些股票将走高。

《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

吉隆坡21日讯)房地產评估及服务局(JPPH)前总干事拿督玛尼乌希拉班预计,2013年的房地產市场表现將平平无奇,料不出现重大困境及负面事件,惟明年大选的政治风险及买家负担能力將会是该领域所面临的挑战。

玛尼乌希拉班表示,儘管欧债危机仍未得以解决,但大马的房地產市场估计不会受影响。他披露,大选对房地產领域而言,有一定的影响,因不同的政策及措施皆將影响该领域的发展。

產业顾问公司PPC国际董事经理希德斯表示,2013年的房地產市场表现料不会与今年出现太大差距,同时认为该领域不会呈现大震盪。希德斯说道:「我认为房地產领域接下来最严峻的考验乃是买家的负担能力。然而,负担能力的问题则源自大部分人都想住在吉隆坡。」他补充,吉隆坡地区以外的房產价格,仍属买家可负担的范围內。

棕油庫存高‧出口減‧種植業2013年欠動力


棕油庫存高‧出口減‧種植業2013年欠動力
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。

儘管棕油庫存水平可能已在11月達到256萬公噸頂峰,加上12月料按月下跌2%至251萬公噸,惟仍抑制棕油價揚升空間。明年棕油庫存料僅微幅下跌,企於200萬公噸以上,致使棕油價難以突破3千令吉關口。

BofA: Watch Out for February Market Fall of 15%


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Housing & GDP Drive Banks


No Housing Boom, But 2013 Rebound


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全球股市接近17个月高位


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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.

行銷帶動業績‧海鷗財測上調


行銷帶動業績‧海鷗財測上調
Created 12/20/2012 - 19:08
(吉隆坡20日訊)海鷗企業(HAIO,7668,主板貿服組)多層次行銷業務迎來復甦,帶動上半年業績超越市場預期,僑豐研究決定上調未來兩年財測和目標價。

僑豐指出,海鷗上半年核心淨利成長34.6%至2千100萬令吉,多層次行銷業務一如預期般好轉,銷售成長之餘,業務賺幅也因產品組合改善而有所成長,稅息前盈利賺幅按年成長2%,至22.7%。

“賺幅提昇有賴內衣、健康食品和新推介保養品等高賺幅產品銷售,惟該公司零售業務卻因本地消費放緩和營運成本增加而保持虛弱,顯示海鷗上財政年開設的新分行仍未進入收割期。"

Marking-21-December-2012


热门股 马航上挑80仙


热门股 马航上挑80仙
Created 12/21/2012 - 11:55
周四间,交投活络的马航(MAS,3786,主板贸服股),高开迎市后高收,盘中行情显现一段技术反弹趋势。

马航闭市时收在74仙,按日涨5仙或7.25%,全天波幅在8仙间,介于68至76仙间。相信短期内会上挑75至80仙间的阻力关口。

空一线:巴迪尼控股挑战RM1.93


空一线:巴迪尼控股挑战RM1.93
Created 12/21/2012 - 11:57

巴迪尼控股(Padini,7052,主板消费产品股)于12月20日闭市时反弹了。它于闭市时收1.83令吉,按日起5仙或2.81%。

巴迪尼控股的60分钟线图表走势,于12月20日间的交投趋势上破一道短线下降趋势线(B1:B2)。它的60分钟线平滑异同移动均线指标(MACD),于12月20日间的反弹交投走势已告转强。

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
(吉隆坡20日讯)MK置地(MKLand,8893,主板产业股)主席丹斯里慕斯达法表示,将继续发展可负担房屋协助低收入群拥有自己的家。

慕斯达法表示,尽管赛城都是高级住宅单位,但公司仍有意在明年发展约3000间可负担房屋单位计划。

“今天开始至2016年,共有16家发展商将投资200亿令吉资金在赛城发展房产,但没有任何一家如我们一样发展可负担房屋。”

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
(吉隆坡20日讯)分析员指出,大马产业投资信托(REITs)不仅开始重现具吸引力的估值,市场也早已纳入大选带来的政治风险考量,相信产托将在明年首季再度成为投资者“宠儿”。

马银行投资研究指出,经过11月中旬的套利活动,我国产托领域估值更具魅力,目前在6%的净回酬水平交易,分别比10年大马政府债券和新加坡产托高,出245与56个基点。

“目前的市场价格,已反映出存在的政治风险,在全国大选来临之际,产托反而成了抗跌投资选择,我们对其稳健的基本面和良好回酬,保持正面展望。”

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
(吉隆坡20日讯)马航(MAS,3786,主板贸服股)为旗下两家公司买进新涡轮螺旋桨飞机,分析员抱持中立看法,认为此举旨在趁新廉航正式抢滩前加强市场地位和掌握国内航线。

马航宣布订购36架总值30亿令吉的涡轮螺旋桨飞机,其中20架配置给飞荧,其余归属MASwings。

分析员表示,马航此举是配合2015年东协航空开放政策积极拓展机队以强化市场地位;同时为Malindo航空加入廉航战围做好准备。

家常股事:內險股應重點關注


家常股事:內險股應重點關注
隨着通脹回落及進入減息周期,銀保產品的競爭力逐步提升,銀保保費已連續兩年大幅下滑,下滑趨勢將會放緩。至於個人壽險業務新單,今年可獲得高單位數增長,帶動壽險行業總保費增長穩步回升。投資收益方面,受惠於債券市場的優異表現,今年行業實際投資收益率明顯好轉,但受計提減值的影響,總投資收益率仍然低企。

新投資渠道開放將幫助保險公司減少對資本市場的依賴,進一步分散投資風險,有助保險公司穩定投資收益。預計新渠道中股指期貨、融券和無擔保債將是保險公司近期主要發展方向,有助提高保險公司長期投資收益率。

至於業績方面,預期保險公司利潤將觸底反彈。今年行業大幅進行計提減值,低基數效應製造行業利潤反彈機會。

A股持倉散戶減20萬


A股持倉散戶減20萬
2012年12月21日
【明報專訊】雖然外資對A股需求強烈,更預言明年A股熊市將終結,但股市提振對經歷過連番跌宕的內地老股民來說卻似起不到刺激作用。數據顯示,上星期有約20萬戶趁A股大升進行清倉,準備空倉離場。

清倉多於開倉 信心疲弱

據中國證券登記結算公司的統計,上星期新增A股開戶數為10.15萬戶,比前一周增加19.55%,創出9星期新高;但另一方面,仍然有持倉的A股帳戶數卻減少近20萬戶,意味有20萬名內地已經清倉離場,而這些帳戶基本上是資產10萬元人民幣以下的小散戶。

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
2012年12月21日
【明報專訊】在香港的A股ETF窩輪繼續旺場,昨日佔整體窩輪市場成交達24.58%,連日跑贏恒生指數窩輪。單邊購入A股ETF輪博A股炒高者,幾乎任何時段均能夠賺錢,但有發行商提醒,內地股市在聖誕節期仍開市,期間若出現波動,相關窩輪價格有機會出現異常波動,散戶宜留意風險。

A股ETF輪的交投極度暢旺,昨日成交額佔整體窩輪市場的24.58%,超過恒生指數輪的23.67%。當中華夏滬深300(3188)相關的窩輪成交,更高達7.82億元,不單止跑贏其他A股ETF輪,甚至較正股還要高。

股博士隨筆:中海油服逢低可吸


股博士隨筆:中海油服逢低可吸
中海油田服務(02883)早前升至最高17元,主要是市場狂炒頁岩氣概念股,而中海油(00883)收購尼克森亦獲加拿大政府開綠燈,但隨之而來的是挪威稅務局罰款7.9億克朗(約10.9億港元),股價跌約一成後才回穩。此罰款為一次過,雖然令公司今年盈利減少一成多,但以公司總市值逾700億元計算,對市值相關影響僅1.5%,可視為趁低吸納機會。

中海油收購尼克森,對中海油服之裨益早有公論,得到額外開採生意之餘,亦令人關注是否可獲得頁岩氣開採技術。頁岩氣概念股今年炒得誇張,但第二輪招標當中,油公司卻反應冷落。

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
2012年12月21日
【明報專訊】A股年尾谷底反彈,外資蜂擁吸貨,一眾本港掛牌的A股ETF(交易所買賣基金),其溢價(相對於基金資產淨值)於1個月內升1至3倍,反映街貨欠缺下,基金單位價格被搶高,大戶更藉在一手市場直接入貨,再在二手市場以溢價沽貨套利穩賺;而在A股ETF屢次加碼仍賣斷市下,首批500億元RQFII(人民幣合格境外機構投資者)額勢爆滿,新增的2000億元RQFII額度隨時出爐。另一邊廂,內地一周20萬散戶清倉離場(見另文),堪稱A股外熱內冷。

以成交最暢旺的實物A股ETF南方A50(2822/82822)為例,根據彭博資料,該ETF的溢價一般在2%至3%之間,但隨南方A50數度加碼新增基金單位仍賣斷市,其溢價一度扯高至5.63%,昨日收市仍有5.29%溢價。

各方齊心力撐 美國樓價報起

各方齊心力撐 美國樓價報起

來自美國樓市的數據顯示,當地樓價今年升百分之六,是六年來首錄升幅,而且預期明年可望繼續復甦。樓市是壓在美國經濟上的大石,也是美國決策者的心頭大石,樓市的表現當然有助減輕大石的壓力。然而,這情勢可稱之為樓價「報起」,是不是「報喜」值得研究,主要因為有必要明瞭「起」從何來?該「喜」還是該憂?

因次按爆煲而沉淪的美國樓市,其轉捩點顯然是在美聯儲第三輪量化寬鬆(QE3),有所針對地買兩房債券,並壓低利率。因為根據對經濟影響的分析,美聯儲將其對經濟的關注,放在了樓市和失業改善上,向樓市「灌水」是樓市轉捩的前提,但如果僅美聯儲一家唱獨腳戲,是唱不「起」樓價的,在有更多幫手下,樓價終於撐起。

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)


Boilermech
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)


Gamuda
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


隨着通脹回落及進入減息周期,銀保產品的競爭力逐步提升,銀保保費已經連續兩年大幅下滑,下滑趨勢將會放緩。至於個人壽險業務新單今年可獲得高單位數增長,帶動壽險行業總保費增長穩步回升。投資收益方面,受惠債市的優異表現,行業實際投資收益率明顯好轉。

中國人壽(02628)大手進行計提減值,利潤基數最低,明年或實現70%以上的利潤增速,顯著高於行業水平。另一方面,受惠充足資本金和穩定管理團隊,國壽和太保(02601)今年新業務價值將錄得高單位數增長。

目前保險行業估值已算入新單保費持續負增長,跟目前約5至10%的實際增速相去甚遠,嚴重被低估,就算經過近日反彈後,保險股仍然極具吸引力。

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

(吉隆坡20日訊)海鷗(HAIO,7668,主要板貿易)2013首半財年核心淨利揚69%至2640萬令吉,次季業績優于預期帶動今日股價上揚;券商看好該公司良好派息率,預期2013年第4季每股再派6仙股息。

 受業績利好消息帶動,海鷗早盤即衝2.23令吉,揚6仙,該股至休市時掛2.24令吉,揚7仙,半日交投63萬3200股。

 今日閉市,海鷗揚8仙至2.25令吉,成交量105萬6700股。

 艾芬投資銀行指出,海鷗2013首半財年營業額達1億2700萬令吉,按年成長18.5%,該公司首半財年核心淨利更是勁揚69%。

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

券商:黃氏星展唯高達研究
目標價:3.35令吉

Astro大馬(ASTRO,6399,主要板貿易)市佔率達99%,客戶忠誠度高,預期國人收入走強可持續刺激該公司訂購率升高。

 前后曾有一些付費電視欲進入市場瓜分Astro大馬的市場份額,但該公司一直主導大馬付費電視市場,市佔率達99%。

 據我們觀察,這些電視業者缺乏受歡迎的本地和國際節目內容、在大馬地理覆蓋範圍有限,難與Astro大馬競爭。

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

報導﹕張潔瑩

 (吉隆坡20日訊)亞洲航空(AIRASIA,5099,主要板貿易)日前再度大手筆向空中客車(Airbus)買進百架飛機,展示在亞洲市場雄霸一方的壯志。

 掌舵人丹斯里東尼費南德斯接受《中國報》專訪時指出,大馬業務交棒給親自委任的艾琳奧瑪是正確的決定,他現在擁有更大空間為整個市場籌謀。

 東尼指出,在艾琳監督及管理下,他可以重新“做夢”,擁有更多時間監督和觀察整個市場,做更大發展。

 “現在毋需為國內業務操心,與大馬機場控股(AIRPORT,5014,主要板貿易)、股東、員工和客戶的對話全權交給艾琳,我有更多時間規劃集團未來發展,視野更遼闊。”

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

早在兩個月前,我與家人已經訂好國泰(293)機票連酒店套票,準備輕鬆地過聖誕節假。

後來,聽到國泰空中服務員工會因不滿加薪幅度及工作條件,聲言會在聖誕節日罷工,覺得很不是味兒。

香港是個很少罷工的城市,印象中最經常鬧罷工的就是國泰的機師、空中服務員,道理很簡單,這些人以乘客的假期為談判籌碼,無往不利,這一次,又是工會勝利了,國泰接受了他們的一些條件。

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'

2012/12/21

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
(台北20日讯)怡保花园(IGB,1597,主板产业股)参与的台北双子星联合开发案原定昨日签约,但因争议不断,遭台北市长郝龙斌下令无限期延后。

据台湾媒体报导,直到资金到位、合作厂商正式出面,合约中得载明若查处任何业者违约、违法情事即终止合约的条例下,才会与获得第一顺位议约权的太极双星签约。

太极双星也就是怡保花园连同谷中城公司,以及日商太极双星国际组成的团队。

该团今年10月杪成功夺下台湾史上最大开发案———双子星的第一顺位。

海鸥亮眼业绩推高股价

(吉隆坡20日讯)在公佈亮眼的业绩及派股息的宣布之后,海鸥企业(HAIO,7668,主板贸服股)週四股价应声上扬,分析员相信,该公司的多层次传销业务將继续成长,未来料可取得更佳的表现。

海鸥企业週四全天扬升8仙,或3.687%,收在2.25令吉。

海鸥企业次季净利按年扬升104.6%,达1610万令吉;营业额上涨17.2%,报6585万令吉。其上半年净利成长69.1%,至2637万令吉;营业额上扬18.5%,达1亿2700万令吉。

该公司上半年2640万令吉的核心净利,占JFApex分析员全年预测的56%,比预期佳。另外,上半年的营业额也符合分析员预期,达全年预测的49%。其次季核心净利按季及按年分別成长10%及34.4%,至1130万令吉。

其营业额及净利的成长,主要来自核心多层次传销(MLM)及批发业务较高的销售额及赚幅。

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

吉隆坡20日讯)踏入2013年,马银行金英投行看好大马房產信託(Reits)前景,將领域评级从「中和」,上调至「增持」。

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。

回顾今年,最高市值的怡保花园房產信託(IGBREIT,5227,主板房產信託股)上市、KLCC產业(KLCCP,5089,主板產业股)成立全马首个装订式房產信託(StapledREIT)的计划、加上投资者对高收益率的需求,让大马房產信託在2012年达到了前所未有的高峰。

KLCC房產信託上市扩大市值

What Are Mainland Investors Worried About?


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


Is China's Recovery For Real?


摩根大通:QE4将抵消明年美国预算赤字


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


BDI指数近1个月跌25.61%


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.

大選趨近風險多‧產托股抗跌獲青睞


大選趨近風險多‧產托股抗跌獲青睞
Created 12/20/2012 - 17:45

(吉隆坡20日訊)雖然最近幾週產托股股價從高峰回落,不過在全國大選舉行前,分析員相信抗跌的產托股溢價估值可趨穩,邁入2013年,產托領域的內部成長料趨穩,平均約為4至5%,促使前景受看好。

儘管產托股的揚升空間有限,但興業研究不預見會出現顯著下滑風險,預計捎來約4.5%回酬,並相信產托業的動力將延續至KLCC產業(KLCCP,5089,主板產業組)與旗下KLCC產托以合訂方式掛牌。

馬銀行研究則相信產托股可在明年首季獲投資者追捧,因為在大選來臨前,市場的投資偏好會轉向抗跌性股項,考量政治風險。

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 theedgemalaysia.com
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 theedgemalaysia.com  
Thursday, 20 December 2012 16:58

Credit Suisse: AirAsia a good oversold stock to buy

Written by Janice Melissa Thean of theedgemalaysia.com
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
bbahari@nstp.com.my
2012/12/20


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
(梳邦19日讯)马航(MAS,3786,主板贸服股)宣布,与旅游业转账处理器及高科技解决方案科技公司———Amadeus签署代理合作协议。

上述协议下,马航允许Amadeus旗下所有旅游代理取得马航机票价格、详情和班机时间表资料。

此外,马航也将透过Amadeus的网络分销机票和宣传。

出席今天签约仪式嘉宾包括了Amadeus亚太区航空部执行副总裁哈真胡申、马航总执行长阿末昭哈里和Amadeus大马私人有限公司总经理张玛丽莲(译音)。

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
(吉隆坡19日讯)受到多层次行销和批发业务带动,海鸥(HaiO,7668,主板贸服股)2013财年次季净利飙升104.64%,从上财年同季的786万8000令吉,激增至1610万1000令吉;同时宣布派发共计每股6仙的股息。

截至2012年10月31日的第二季,海鸥营业额扬升17.18%,报6585万5000令吉,高于上财年的5619万9000令吉。

海鸥现财年首6个月表现亦不俗,净利和营业额涨升69.05%及18.5%,分别写下2637万4000令吉和1亿2700万令吉;上财年同期为1560万1000令吉和1亿717万2000令吉。

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。

肯纳格研究分析员说:“成功多多的2013财年上半年表现比预期还好,我们也因此不调整2013至2015财年的盈利预测。”

“不过,我们仍相信,多多大马商托上市新加坡后净利和股息会受影响。我们会在上市完成后,依据当时情况调整盈利预测。”

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)


Gamuda
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.

STARHILL GLOBAL REIT: GREAT SHOPPING DEAL (OCBC)

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

GREAT SHOPPING DEAL
• 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.

DBS GROUP: SEVERAL GROWTH AREAS (OCBC)


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

SEVERAL GROWTH AREAS
• 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.

CAPITAMALL TRUST : GOOD ORGANIC GROWTH STORY (OCBC)

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

GOOD ORGANIC GROWTH STORY
• 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.

CAPITAMALLS ASIA: STARTING TO FIND OPERATIONAL RHYTHM (OCBC)


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

STARTING TO FIND OPERATIONAL RHYTHM
• 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.

Biosensors: TOP HEALTHCARE PICK FOR 2013 (OCBC)


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

TOP HEALTHCARE PICK FOR 2013
• 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.

SINGAPORE STRATEGY 2013 : A GOOD YEAR FOR EQUITIES (OCBC)


A GOOD YEAR FOR EQUITIES
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

按IDC數據,聯想集團(00992)截至九月底止季度全球個人電腦出貨數字計,市場佔有率為15.6%,同第一位的惠普(HP)僅差0.2%,內地一哥,在未來一季,最多兩季內,很有可能進身世界PC界一哥寶座。

手機業務有商機
過去幾年,次按風暴加上歐債危機,環球經濟疲弱,諗唔到聯想在逆境中反而穩步成長,上半年度收入及純利分別升21%及20%,至166.8億及3.03億美元。

今年,聯想股價累積升幅四成二,自十一月初開始,每次調整都企穩20日線樓上收市,估計同醒目錢收貨,等聯想正式成為世界一哥的消息落實有關。事關經驗告訴我們,行業龍頭每每能夠較第二及第三名的經營者,享有溢價。

熱錢進不停 港股步步升

熱錢進不停 港股步步升
http://paper.wenweipo.com   [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。

美資大行:民行招行風險最大


美資大行:民行招行風險最大
2012年12月20日
【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

內地理財產品市場龐大,Bernstein估計截至今年9月底止,涉及金額達9萬億元(人民幣‧下同),其中高達70%屬無本金保證,金額相等於全國存款總量的8%。中型銀行理財產品佔存款總量的比例,普遍達8至15%,其中民行比率達15%,招行亦達13%(見圖);四大內銀的比率則偏低,介乎3%至6%。

銀監令銀行查第三方理財產品


銀監令銀行查第三方理財產品
限15天內匯報全國銷售狀
2012年12月20日
【明報專訊】上月底華夏銀行上海嘉定支行發生理財產品違規銷售,客戶血本無歸後,中國銀監會上星期即急發通知,要求各銀行全面清查代理銷售第三方理財產品的業務,包括產品審批程序、銷售過程及人員有否問題等,並要在15日內完成清查及匯報。有內地學者指中銀監絕對有必要作出行動,杜絕理財產品違規所引發的金融及道德風險。

中銀監辦公廳新聞信息處處長傅偉溢昨天向本報證實,確有向銀行發出清查第三方理財產品的內部通知。據內地《南方都市報》及美國《華爾街日報》昨日分別報道,內地各大銀行於上周五(14日)開始陸續收到中銀監的「內部特急通知」,要求銀行15日內就銷售第三方理財產品流程進行全面清查,重點是保險、信託、基金業務,至少要對是否有向推出產品的第三方進行調查、產品投資去向、第三方的實力、銀行銷售系統及職員銷售手法等情作內部審查,並逐級上報至總行,再由總行於期限內向中銀監提交報告結果。銀監會也會以明察暗訪的方式向銀行地方分行作抽查,了解是否存在違規問題。

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。

麥德能經過一段在新西蘭及南北美的遊歷後,發現國際貿易形勢如何在中國的影響下,出現了根本性轉變,甚至已形成了一種兩極化的格局。

商界與政界的領袖,對中國經濟數據與未來走勢的第一手分析,趨之若鶩。在秘魯首都利馬一個關於中國與拉美關係的研討會,竟可引來超過1500人參加,足以反映該區域市場對中國經濟的關注度,即使在羊多人少的新西蘭,同類活動的參加人數亦達數百之多,參加者離不開政界與商界人士。

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

在09年初,我向大家推介兩隻藍籌股票,一隻是富士康(2038),另一隻是中信泰富(267),那時,我推介這兩股只憑一個信念,那就是在金融海嘯之後,當整體股市復蘇,在金融海嘯時跌得最慘的藍籌股,其反彈力度應該比較大。

富士康與中信泰富就是08年恒指成份股中,跌幅最大的兩隻股票,你若問我當時有沒有翻閱這兩家企業的營業、財務資料?我的答案是沒有。我與大家一樣,只是一個小小的投資者,作為一名散戶,如果要花很多時間去翻閱資料,只會得不償失,到09年結束,富士康與中信泰富,竟然是恒指成份股中表現最好的兩隻股票,我第一次嘗到,博跌得最慘的藍籌股而成功的甜頭。

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
吉隆坡19日訊)海鷗(HAIO,7668,主要板貿易)次季營業額揚17%至6586萬令吉,淨利翻倍成長至1610萬令吉,每股派息6仙;收入貢獻主要來自多層次傳銷(MLM)和躉售部門。

 該公司指出,多層次傳銷部門營業額增長33%至8100萬令吉,稅前盈利增長40%至1400萬令吉,銷售額主要來自高利潤塑身內衣、健康食品和新推出的保健產品,該部門貢獻集團總營業額的64%。

 海鷗說,躉售部門營業額雖然下挫2.5%,稅前盈利仍然增長30%至950萬令吉,主要是遊客帶動免稅商店銷售額走高,其他部門商店都錄得較高銷售額。

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

(吉隆坡19日讯)市场认为马航(MAS,3786,主板贸服股)以30亿令吉买36架飞机,可扩展子公司覆盖范围。但在面对亏损之际持续作出庞大的资本开销,让股价出现卖压跌破0.70令吉。

马航股价週三面对卖压,跌破0.70令吉水平,最低一度跌至0.685令吉,最后收在0.69令吉,下跌2.13%。全日成交量为1531万股,排在热门榜第8位。

马航週二宣佈以30亿令吉增购36架ATR72-600型號螺旋桨飞机作为旗下子公司的扩展计划,其中20架將供飞萤航空(Firefly)使用,其余16架则交由飞翼航空(MASwings)。

AIG盡掟友邦袋走505億


AIG盡掟友邦袋走505億


美國國際集團(AIG)與友邦保險(AIA)(01299)終於「分手」,消息透露,AIG擬以每股29.65至30.65元,悉數沽售其持有友邦餘下13.69%,套現最多超過505.38億元,為今年規模最大配股活動。據了解,市場反應熱烈,一個多小時已獲足額認購,港股收市後已錄逾一倍超購,部分投資者更用接近配售價上限30.4至30.5元「入飛」。

昨晨八時三十七分,友邦發表通告指,董事會接獲AIG知會,已開始透過配售方式沽售其持有友邦股權,公司因而申請停牌。消息透露,AIG擬以每股29.65至30.65元,悉數沽售其持有逾16.48億股友邦,配售價較友邦上周五收市價折讓3.15至6.31%,套現488.89億至505.38億元。

Hai-O to declare higher dividend

Hai-O to declare higher dividend
Business & Markets 2012
Written by Ho Wah Foon of theedgemalaysia.com  
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 theedgemalaysia.com. 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

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

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 theedgemalaysia.com  
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 theedgemalaysia.com  
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 theedgemalaysia.com  
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 theeedgemalaysia.com  
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.

马航不急发第3批回债


马航不急发第3批回债
Created 12/19/2012 - 11:34

(新德里18日讯)马航指出,不会急着发行第3批回教债券。

马航主席丹斯里莫哈末诺尤索夫是在贸工部长拿督斯里慕斯达法参访马航-GMR航空工程位于印度海德拉巴的工厂时,发表上述谈话。

莫哈末诺尤索夫说:“我们目前不需要资金。”

他表示,转亏为盈的计划进行得顺利。

询及马航何时会发行另一批回债,他表示马航会在需要时,才发行另一批回债。

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

(吉隆坡18日讯)达证券《2013年度大马市场策略》报告指出,我国明年股市走向将先衰后盛,转捩点在于大选悬念结束和内需强劲,年终富时隆综指目标为1710点。

达证券在《2013年度大马市场策略》报告中表示,2013年股市会相当波动。

由此,该券商对2013年富时隆综指表现给予“中和”评级,并预测全球股市也将迈向动荡的一年。

巴迪尼:首季銷售揚12%‧遜預期


巴迪尼:首季銷售揚12%‧遜預期
Created 12/19/2012 - 11:42

(吉隆坡18日訊)儘管巴迪尼控股(PADINI,7052,主板消費品組)在2013財政年首季錄得12%銷售增長,惟公司執行董事陳貴興直言成長率仍落後公司預期。

他在股東大會後指出,首半年消費市場信心轉弱,導致首季銷售雖然提昇,賺幅卻小幅下滑,直到近期才出現明確好轉。

“不過,我們相信第二季也不會特別強勁,主要因為今年聖誕節與明年農曆新年間隔較長時間,消費者買年貨壓力不大,惟這僅是週期性考量,還有許多因素可能影響實際消費情況。"

詢及可能在明年落實的消費稅(GST)政策,他認為有關建議是一項良策,前提是政府須確保低收入階層消費能力不受明顯影響。

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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