Saturday, December 29, 2012

分析員看好明年港股表現

分析員看好明年港股表現
http://paper.wenweipo.com   [2012-12-29]     我要評論(0)
 ■海通國際證券環球投資策略董事潘鐵珊:美國的財政懸崖還有幾天便到達死線,這將是明年首個影響大市走勢的因素。但「財崖」有望於死線前解決,預料恒指下周已有力挑戰23,000點。另一個困擾大市的因素為控(005)及渣打(2888)的洗黑錢案發展,由於兩間銀行與當地監管機構有望和解,料可進一步消除對港股不利的因素。

 ■耀才證券市務總監郭思治:明年初主導大市的還有A股的走勢,由於A股有望見底回升,故也會惠及港股,而國指表現將優於大市,他較看好內險股,由於資金轉往追逐風險系數較高的股份,建議投資者避開公用股及房託基金。

 ■敦沛證券副總裁黃志陽:明年大市仍會炒作內地刺激經濟的憧憬,其中最具實質支持的當屬「城鎮化」概念,有關板塊如水泥、建築、重工、玻璃股雖累積一定升幅,但仍可看好,資產折讓大的二線內房股亦可望追落後,此外,公路股及電訊設備股同樣可以受惠城鎮化,有關股份在明年初有望接力上升。

Selangor Properties' Q4 earnings fall 56% to RM19.28m

The Star Online > Business
Published: Friday December 28, 2012 MYT 6:35:00 PM

Selangor Properties' Q4 earnings fall 56% to RM19.28m

KUALA LUMPUR: Selangor Properties Bhd's (SelProp) earnings fell 56% to RM19.28mil in the fourth quarter ended Oct 31, 2012 from RM43.96mil a year ago as it was impacted by its investment holdings.

The company, which has interests in property, education, investment holdings and ventures in Australia, said on Friday its revenue fell 13.2% to RM55.89mil from RM64.44mil. Earnings per share were 5.61 sen compared with 12.79 sen.

延續12年升勢?‧金價明年多估見頂


延續12年升勢?‧金價明年多估見頂
Created 12/28/2012 - 18:26
(香港28日訊)聯儲局主席伯南克的“終極QE"料導致美元續弱,有利金價再創新高,惟能否延續12年升勢則有待觀察,各大行亦對金價預測分歧。

本年金價幾經波動,首季受歐債惡化影響,刺激金價升至即市高位1790.75美元;第三季歐洲中行承諾無限買債,令黃金重拾升勢,直至第四季美國財政懸崖談判膠著,投資者寧手持現金。

今年全年黃金回報僅6%,為5年以來最低,不及美股、亞幣及農產品。截至今晨,現貨金價報1,661.11美元。

3大计划带动 马帕斯冀明年转亏为盈

3大计划带动 马帕斯冀明年转亏为盈

(吉隆坡28日讯)马帕斯集团(MPCORP,6548,主板產业股)冀望在2013年转亏为盈。马帕斯集团总裁兼首席执行员庄崇宝希望该集团业绩可在2013年获得改善,有信心在明年转亏为盈。

马帕斯集团2013財政年首季(截至9月30日)净亏损从282万令吉,按年扩大87.05%至528万令吉;营业额从318万令吉,按年跌2.36%至310万令吉。

庄崇宝表示,「可协助在明年获利的因素包括数项发展计划,如MPL大楼、位于柔佛依斯干达特区的亚太贸易与博览城(APTEC)以及Lake Hill Resort。」

多个亚太市场红盘 马股衝破1680再创新高


多个亚太市场红盘 马股衝破1680再创新高

吉隆坡28日讯)隨著欧美资金流入亚洲,市场看好美国可解决「財政悬崖」问题,以及多个亚洲市场週五封关而进行橱窗粉饰,推动亚洲股市普遍走高。其中,富时大马综合指数更在今日一度衝上1686.70点,再创歷史新高水平,站上1680点水平。 同时,综指有望在下週一(12月31日)以最高水平结束2012年交易。

週五,亚洲股市普遍上涨,其中更有3个区域股市成功创下多个月新高,包括日经指数、悉尼普通指数和新加坡海峡时报指数。

日经指数延续新首相上任以来的涨势,上涨0.7%,以10395.18封关,创下21个月最高闭市;澳洲受矿业股带动,起0.50%,收在4671.30点,为18个月最高;新加坡海峡时报指数则上升0.25%,以3191.801点掛收,写下16个月新高。

Iskandar: Boon or bane for Singapore real estate?


Iskandar: Boon or bane for Singapore real estate?
by Tan Chin Keong 04:45 AM Dec 28, 2012
Iskandar Malaysia was launched in November 2006 with the aim of developing the southern Johor region into a strong and sustainable metropolis of international standing.

With a total area of 2,217 sq km, the region will have five flagship zones including the Johor Baru City Centre, Nusajaya and Senai-Skudai, and will incorporate work, live and play elements. A number of key projects have been planned to attract investments into Iskandar, and some have been successfully completed, such as the Johor Premium Outlet and LegoLand.

According to recent reports, as of last September, Iskandar had recorded nearly RM100 billion (S$40 billion) in investments, about 40 per cent of which came from foreign sources.

金务大 争新合约

金务大 争新合约
Created 12/28/2012 - 10:57
目标价:4.90令吉

最新进展

金务大(Gamuda,5398,主板建筑股)负责的双溪毛糯-加影捷运线地下隧道工程进度大致顺利,集团也订购了10台隧道掘进机,为即将动工的7条隧道工程做好准备。

行家建议

金务大董事部公布捷运工程顺利进行同时,也宣布房产业务在2013财年首季录得3亿3000万令吉的销售额,符合我们全年预测的13亿5000万令吉。

櫥窗粉飾衝刺‧大選因素攔路‧馬股改寫1686新高


櫥窗粉飾衝刺‧大選因素攔路‧馬股改寫1686新高
Created 12/28/2012 - 17:24

(吉隆坡28日訊)馬股綜指今日直破歷史新高,最高站上1686.70點,在還剩一個交易日就進入2013年之際,分析員預期馬股在全國大選前的2013年首季走勢,料落在狹窄波幅游走。

分析員認為,中短期內,馬股將是個交易導向市場,並建議在綜指1610點以下趁低買進,1710點以上水平逢高賣出。

由於海外市場沒有太大利空消息,加上國內年杪櫥窗粉飾效應持續發酵,使今日馬股開始不久就猛沖,綜指一度漲升12.54點,或是0.74%至1686.70點,再創下新的歷史新高。全天收市時,馬股綜指漲升7.17點,至1681.33點掛收。

醞釀私有化?‧楊忠禮電力母股憑單齊揚


醞釀私有化?‧楊忠禮電力母股憑單齊揚
Created 12/28/2012 - 12:02
(吉隆坡27日訊)現金充裕的楊忠禮電力(YTLPOWR,6742,主板基建計劃組)近期將派息率降低至和母公司楊忠禮機構(YTL,4677,主板貿服組)相同水平,分析員認為這是為楊忠禮電力私有化鋪路。

馬銀行研究表示,隨著這兩家公司的周息率同樣為2%,意味著楊忠禮機構若以1換1比例全面收購楊忠禮電力,而後者的小股東在換得楊忠禮機構的股票後,周息率不至於大幅降低。

該行認為,楊忠禮機構可能重施當年私有化楊忠禮洋灰的故計。

Eversendai increases stake in S’pore’s Technics Oil & Gas


Eversendai increases stake in S’pore’s Technics Oil & Gas
In The Edge Financial Daily Today 2012

Written by Ho Ching-Ling of theedgemalaysia.com  
Friday, 28 December 2012 10:50

KUALA LUMPUR: Construction and structural steel fabricator Eversendai Corp Bhd has further increased its stake in Singapore’s Technics Oil & Gas Ltd by undertaking a share subscription of 10.7 million new shares for a total consideration of S$11.24 million (RM28 million).

In a statement to Bursa Malaysia yesterday, the group said it had entered into a subscription agreement with the Singapore listed oil & gas fabricator to subscribe for 10.7 million new ordinary shares at S$1.05 a piece, representing approximately 4.77% of Technics’ enlarged issued and paid-up capital.

MIDF: Business as usual, rules will not change overnight

MIDF: Business as usual, rules will not change overnight
In The Edge Financial Daily Today 2012

Written by Surin Murugiah of theedgemalaysia.com  
Friday, 28 December 2012 11:02

KUALA LUMPUR: Whatever the outcome of the  general election, business will go on as usual as most policies currently in place have evolved over many years, says MIDF Research head Zulkifli Hamzah.

“Our laws adopt the best practices and elements from around the globe. Therefore, we do not expect the rules of the game to change overnight.

財智語陸:A股後市跑贏港股 - 陳永陸


財智語陸:A股後市跑贏港股 - 陳永陸

港股昨日先升後回軟,雖然創超過一年新高,但恒指只能於22600點水平收市。今日期指結算,相信恒指會繼續窄幅徘徊。當然,大家會覺得A股昨日雖然出現回吐,但聖誕假期累積如此大的升幅,為何不能為港股帶來刺激作用。

首先,美國仍需要就財政懸崖問題討論,在此憂慮下,港股自然難以大幅上升。另外,A股上升某程度是追落後,因為相對H股或歐美股市之表現,A股今年的表現的確令人失望,所以當資金於11月大舉流入的時候,A股被大幅推高亦屬正常,但不代表資金會同時大舉推高H股或港股。

Affin Research maintains Buy on Genting Malaysia at RM3.59

The Star Online > Business
Published: Friday December 28, 2012 MYT 8:47:00 AM
Affin Research maintains Buy on Genting Malaysia at RM3.59

KUALA LUMPUR: Affin Investment Research is maintaining a Buy on Genting Malaysia at RM3.59 with a target price of RM4.

It said on Friday the stock has underperformed the broader market by 14% year-to-date as pedestrian earnings (lower hold on gaming bets), legislative speed bum in Miami and Malaysia's impending General Election overshadowed Resorts World New York's (RWNY) maiden full year earnings contribution.

SANI HAMID: 'Best Time Now To Accumulate Equities'

SANI HAMID: 'Best Time Now To Accumulate Equities'

Written by Sani Hamid (Financial Alliance)
Sunday, 23 December 2012 07:00
Excerpts from a monthly investment outlook by Financial Alliance (FA) sent to its clients recently.

• We believe that the fiscal cliff debacle could have an impact on markets.

As we approach the deadline in early January, we could see markets slide lower as investors adopt a neutral position going into the event with the thin yearend market conditions potentially aggravating the swings.

But overall, our view remains the same – any decline, even due to the fiscal cliff, will merely be part of the Stage 3 consolidation that is taking place.

Cautious outlook


Cautious outlook
Personal Finance

Written by Goola Warden of The Edge Singapore  
Thursday, 27 December 2012 00:00

ANALYSTS are turning cautious on the outlook for next year. In a Nov 19 report, JPMorgan says it believes there is downside to market forecasts for both the Singapore economy as well as the overall market revenue and earnings outlook. "Sales and earnings forecasts have flatlined since May 2012, while EPS [earnings per share] forecasts are now back to pre-GFC [global financial crisis] levels," the report points out. "Risk now exists, in our view, as we believe the Street is behind the curve in downgrading the macro outlook for Singapore. This should feed downward revisions of sales and earnings estimates for the market as a whole."

曹仁超:A股明年3月前随时见底 资金将舍楼市入股市


曹仁超:A股明年3月前随时见底 资金将舍楼市入股市

新快报讯有“香港股神”之称的曹仁超日前撰文表示,美联储2009年3月起推出QE后,股票、黄金及香港房地产皆有出色表现。2009年以股票表现最出色、2010年黄金最威风、2011年至今房地产最火爆。美国低息政策将维持到2015年,相信2013年应该是新兴股市回升期,因为成熟的股票市场例如美国到今年10月止已过度抽升,未来一年应该玩“追落后”。

  2004年中至2006年中中国人民银行(下称央行)增加货币供应,引发2005年至2007年A股狂升。2008年11月至2009年8月货币供应狂升。A股上升后令楼价狂升,2009年8月起央行不得不重新收紧货币供应,直到2012年6月起央行又再次增加货币供应。理论上A股应在今年9月至明年3月任何一个月份内见底,并相信这次资金不是流向楼市而是流向股市。

PhillipCapital Weekly Market Watch 24.12.2012 (Property)


罗杰斯推荐明年投资”三宝“称明年A股不会大跌


Outlook 2013: Euro-Zone Crisis


Philippines-positioning-itself-as-Asias-next-gaming-hub


Luxury-market-insulated-from-ongoing-global-economic-woes-analysts


HELP International Corp - In Need of Help

HELP International Corp -
Price Target : 1.93
Last Price : 1.91
In Need of Help

HELP's FY12  net  profit  of  RM13.5m  was  below  our  and  consensus  estimates,  at 86.5%  and  78.5%  of  both  full-year  forecasts  respectively  owing  to  the  weaker-than-expected  performance  from  its  Fraser  Business  Park  campus.  Having  said that, we believe the numbers would rebound in FY13 and hence, make no changes to  our  forecasts  for  now.  Maintain  NEUTRAL,  with  our FV  unchanged  at  RM1.93, based on 10x FY13f PE and a FY13f net cash per share of RM0.46.

FY12 numbers flat. HELP's FY12 revenue jumped 8.3% y-o-y to RM117.1m, buoyed by an estimated higher enrolment base of 13k as of October 2012. EBIT, however, dipped 0.7%  y-o-y  to  RM21.4m  due  to  high  depreciation  expenses  from  its  Fraser  campus, which has yet to achieve economies of scale as it had only had 1.2k students on board.

分享锦集:第一控股丑小鸭变白天鹅


分享锦集:第一控股丑小鸭变白天鹅
Created 12/23/2012 - 13:05
第一控股工业(FACBInd,2984,主板工业产品股)12月12日宣布,以1亿3100万令吉,脱售两项资产,取得将近6800万令吉的盈利,每股净赚约80仙。

这项消息,使投资者对该股刮目相待,股价在短短的数天内,上涨了1倍。

该公司的股价,数年来都在50仙的水平波动。当其他股项节节挺升时,该股却欲振乏力,落后大势甚远。

金融海啸大出血

实际上,从资产产价值的角度看,该公司的股票,数年来都被严重低估。最主要的原因,是该公司的业绩,乏善可陈,提到第一控股工业,大部分投资者都会嗤之以鼻,认为这是一只劣股,因此不屑一顾,这是导致该股股价长期不振的主因。

China Market To Rebound In 2013: Wong Sui Jau


PhillipCapital Weekly Market Watch 18.12.2012 (Transportation)


羅傑斯睇好中資股想揸過世

睇好中資股想揸過世


七十歲的羅傑斯來自美國,認為亞洲股樓滿是投資機會,相信區內將來在生活質素、科技等範疇可超越西方國家,而創富之路是要一路向東。年輕時未想過生兒育女的他,選擇在○七年與太太及兩個現時年僅九歲及四歲的幼女定居空氣較本港清新的新加坡。

他預言21世紀屬於中國、中國將可主宰世界。他曾豪言不會沽出手上A股,希望女兒在五十年後仍持有那些股票,每當內地股市崩潰就買入中資股。他揀股是由上而下,先看好整個國家,才看好當地股票,就像八五年看好葡萄牙一樣,今日看淡的是美國科網企業,論及一三年中美股市,他則預期:「我寧願投資在中國。」

羅傑斯明年至like農產品


羅傑斯明年至like農產品


今日平安夜,「商品大王」羅傑斯亦帶來聖誕投資三寶。他在接受本報獨家專訪時預期,熱錢在一三年繼續竄入商品市場。多年來充當商品代言人的羅傑斯認為,當宏觀經濟危機四伏,最看好農產品期貨,當中更看好棉花及糖,此外,常為黃金護航的他,卻預言金價在一三年繼續調整,認為白銀投資潛力更勝黃金,加上天然氣,將是明年商品投資三寶。

羅傑斯曾高調揚言在未來十年寧要實物資產,不要紙資產,在一三年當然也不例外。「商品市場表現當然會比債券標青。你知道吧,當經濟好轉,會刺激商品市場,因為需求增加下形成短缺;如果(央行)印大量銀紙,一旦發生甚麼事情,投資實質資產是自保或圖利的方法。」

谁来拉动2013中国经济 ?


What Is The Intrinsic Value Of A Stock?

What Is The Intrinsic Value Of A Stock?
August 16 2012
Intrinsic value is a topic discussed in philosophy wherein the worth of an object or endeavor is derived in-and-of-itself - or in layman's terms, independent of other extraneous factors. A stock also is capable of holding intrinsic value, outside of what its perceived market price is, and is often touted as an important aspect to consider by value investors when picking a company to invest in.

刘建位:巴菲特最重要的投资秘诀:逆向投资

巴菲特最重要的投资秘诀:逆向投资

作者 刘建位 来源 第一财经日报 2012-02-18
巴菲特如此概括他的投资成功之道:逆向投资。
http://www.yicai.com/news/2012/02/1439336.html

在证券市场呆了十几年,发现绝大部分人最关心的:市场未来走势会如何?
其实这是人之常情。每个女人都非常关心未来流行的时尚是什么?每个男人都非常关心报纸电视最大的新闻是什么?
一句话,我们都特别在意别人都在做什么,然后调整我们的行为,和大多数人保持一致。用河南豫剧《朝阳沟》里的一句唱词就是:庄稼活儿不用学,人家咋着咱咋着。

Prof ChanYanChong-Commentary 21.12.12

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

The Hong Kong government’s intervention in the stock market in 1998 when speculators attacked the financial system invited criticisms from the West. In 2008, however, the US government did the same thing by interfering when it bailed out AIG (American International Group). Years after the bailout, the US government made a lot of money selling shares of AIG.

Similarly, the Hong Kong government also made a lot of money after it listed the Tracker Fund of Hong Kong (HK: 2800), which is a trust comprising shares that the Hong Kong government bought in 1998. We should all learn from past experiences that the stock market tends to bottom after government intervention.

David Ng (Hwang Investment ) Stay safe in 2013


曾淵滄教路 18.12.12: 中電配股為「走出去」長遠前景可看好


中電配股為「走出去」長遠前景可看好
去年開始,中電(002)就不斷宣揚今後電費將大幅增加,理由是香港特區政府對環保的要求提高,中電將改用天然氣來發電,而天然氣來自港府與中國中央政府安排的「西氣東輸」計劃,燃料成本將急增三倍。

不過,上個星期中電公布電費加幅僅為5.9%,這是低過之前所宣揚的將超過10%的增幅,中電以唱高造低的手法來打這場公關戰,用時,中電也宣布此次加電費只針對用電量較多者,用電量少者電費不加,有35%的家庭用戶將不會加電費,中電這麼做,相信比較容易獲得市民的接受。因此,這次加電費,民間反對的聲音不強,只有一批逢加必反的政治人物,循例反對。

我認為,要對抗中電加電費的最佳方法,莫過於去買一些中電的股票,這是最佳的對沖電費加價的方法。

大英Blog物館 18.12.12:年尾回顧投資得失 宜終極樂觀 又不失務實

年尾回顧投資得失 宜終極樂觀 又不失務實
哥連斯的經典作品《從A到A+》(Good to Great, J. Collins)中,令人印象最深者,非史托迪(J. Stockdale)莫屬。史托迪與營商、投資,並無半點關係,但他成名的環境,比商界和股市,殘酷萬倍:越共戰俘營。

史托迪是越戰時期,美國海軍飛行員,戰爭初期不幸出事,座駕墜毀,自己被俘,前後被囚共七年餘。落入敵手,當然不是請客吃飯,時而遊街示眾,時而捉去打一身,受盡折磨。尤其史托迪時為海軍上校,俘虜中軍階最高,具宣傳效果,自然被重點打擊。

樂觀戰俘最易喪命

2年淨利有望增36%‧沙肯石油購Seadrill受看好

2年淨利有望增36%‧沙肯石油購Seadrill受看好
Created 12/27/2012 - 19:05
(吉隆坡27日訊)沙肯石油(SKPETRO,5218,主板貿服組)獻議以近90億令吉收購Seadrill公司所有鑽油井,掌控全球鑽油井市場的51%份額,惟此項收購案受大馬評估機構監督,馬銀行研究認為這項監督行動合理,因其交易龐大使其負債比倍增,不過仍對收購案持正面看法。

負債比倍增

馬銀行研究看好這項積極的全球拓展計劃,有望使2014與2015財政年淨利增長36%。

銷售放緩‧面臨轉型‧產業領域挑戰重重


銷售放緩‧面臨轉型‧產業領域挑戰重重
Created 12/27/2012 - 19:08
(吉隆坡27日訊)產業公司第三季表現黯淡無光,突顯銷售放緩和工程進展緩慢的疲態已浮出台面,分析員相信,產業領域明年的挑戰重重,因市場正轉向可負擔型產業,令明年的產業推介和銷售恐不如今年。

正轉向可負擔型產業

豐隆研究指出,產業公司第三季表現平平,僅實達集團(SPSETIA,8664,主板產業組)超越預期。高美達(GLOMAC,5020,主板產業組)、KLCC產業(KLCCP,5089,主板產業組)、馬星集團(MAHSING,8583,主板產業組),表現符合預期;順利實業(K S L,5038,主板產業組)、U E M置地(UEMLAND,5148,主板產業組)、游禮發產業(YNHPROP,3158,主板產業組),更不幸落後預期。

馬航還能高飛嗎?(完結篇)‧烏雲罩頂‧馬航當自強

馬航還能高飛嗎?(完結篇)‧烏雲罩頂‧馬航當自強
Created 12/27/2012 - 19:30
馬航(MAS,3786,主板貿服組)對於天空中的激戰,不可能沒有感覺,廉航的天空競爭劇烈,像馬航這類全面服務航空(FSC),營運方面面臨重重挑戰,加上區域吹起廉航逆風,馬航祭出發附加股籌措31億令吉資金,究竟拿出甚麼“路線圖"說服股東,類似的集資行動能因應當前挑戰嗎?

馬航目前欠缺一個綿密的行動方略,以致很多人對馬航的發新股集資,並沒有多大信心,股東與投資大眾只能從一鱗半爪中管中窺豹,認為這項行動缺乏指引與說服力!

不與廉航正面交鋒?

資金狂追A股ETF

資金狂追A股ETF
港股長假後虎頭蛇尾
2012年12月28日
【明報專訊】內地A股聖誕假期表現強勢,外資積極追入A股ETF,昨日港股復市,有3隻A股ETF更打入十大成交額排行榜,而港股則未能跟上假期間的A股升幅。雖然有個別銀行、內房股及家電股上揚,但無助推動恒指,有基金經理直言已準備收爐,臨近年尾不會再有大動作,港股勢難暴升。

市場對美國參眾兩院會商解決財政懸崖,抱持觀望態度,美股假期後復市早段牛皮,截至昨晚11時,道指跌11點,報13,102點。匯控(0005)ADR(美國買賣預託證券)平穩,比港股收市價升0.23元,報82.18元。

Optimism Returning to Chinese Markets


华尔街银行股大涨 员工乐不起来


近七成银行家看高房地产市场风险


Home-Price Rise Sets Up Positive 2013


Biggest Oil Impact: Risk-On, Risk-Off Mentality


Housing Barometer


Bank Plays for 2013


2013年的亚洲 你知道的或者不知道的事情


安倍再度当选首相 市场“安倍效应”初显


安倍效应推低日元 股市大涨


2012年究竟是什麼貨幣兌美元升值最多?


安倍施壓,日圓貶勢將持續到什麼價位?日本出口業大復活?


Friday, December 28, 2012

热门股 杨忠礼电力上挑RM1.58


热门股 杨忠礼电力上挑RM1.58
Created 12/28/2012 - 11:18
周四间,交投活络的杨忠礼电力(YTLPowr,6742,主板基建股)平开迎市后高收,盘中行情显现一段技术反弹趋势。杨忠礼电力闭市时收在1.57令吉,按日涨6仙或3.97%,全天波幅在8仙间,介于1.51-1.59令吉间。相信短期内会上挑1.58-1.68令吉间的阻力关口。

股价落后大市大选后料反弹 抢购优质建筑股良机


股价落后大市大选后料反弹 抢购优质建筑股良机
Created 12/28/2012 - 09:44
(吉隆坡27日讯)鉴于大马大选日期未定,分析员相信建筑公司的股价在短期内将受到限制,不过,这反而是投资者进场的机会。

根据马交所资料显示,大马建筑公司于今年首9个月,录得总值250亿令吉的合约,当中210亿令吉为来自国内,最大贡献者为巴生谷捷运工程。

尽管如此,建筑领域股项表现仍被评为“低于大市”,因为政府是大部分基建合约的领导单位,让尚未知道大选日期的投资者不敢轻举妄动。

是否脱售贸易风20% 传土展创投两周内定案

是否脱售贸易风20% 传土展创投两周内定案
Created 12/28/2012 - 10:51
(吉隆坡27日讯)有消息称,土展创投(FGV,5222,主板种植股)将在两三周内,决定是否脱售手上的贸易风(Tws,4421,主板消费产品股)20%股权。

《星报》引述消息,表示贸易风的股权对土展创投具有策略性意义,所以管理层迄今未决定是否脱售。

CEO休假目前在伦敦休假的土展创投总裁兼总执行长拿督沙比利,暂时无法回应此事。

Eversendai buys into Technics Oil

The Star Online > Business
Friday December 28, 2012
Eversendai buys into Technics Oil

PETALING JAYA: Eversendai Corp Bhd has entered into a subscription agreement with Singapore-based Technics Oil and Gas Ltd to subscribe for an aggregate of 10.7 million new shares of the latter amounting to S$11.24mil (RM28.18mil).

The proposed subscription of S$1.05 (RM2.63) per ordinary share represented a premium of about 2% to the weighted average price per ordinary share for trades done for the full market day on Dec 26 on the Singapore Exchange, the company said in a filing with Bursa Malaysia.

Felda Global Ventures Holdings in for huge returns


The Star Online > Business
Friday December 28, 2012
Felda Global Ventures Holdings in for huge returns

ROI estimated at RM390.2mil for its 20% stake in Tradewinds

By HANIM ADNAN
nem@thestar.com.my

PETALING JAYA: Felda Global Ventures Holdings Bhd (FGVH) is expected to reap a hefty return on investment (ROI) estimated at RM390.2mil or 188% from its strategic acquisition of a 20% stake in Tradewinds (M) Bhd in just over a two-year period, said a source close to Tradewinds.

From January 2010 to date, FGVH has also received net dividends amounting to RM46.3mil from its equity stake in Tradewinds.

家常股事:領匯仍可趁低吸納


家常股事:領匯仍可趁低吸納



致力提升資產回報
由於外圍經濟表現改善,現時投資者願意承受更多風險,資金由防守性板塊流走至周期性板塊,拖累防守性股份近期表現落後大市,領匯(00823)屬其中之一。領匯旗下物業商戶的業務與日常生活息息相關,不太受經濟周期影響,受惠於商戶組合不斷優化,租金持續錄得增長。

內地銀行家料暴利不再

內地銀行家料暴利不再


內銀前景仍備受挑戰,《中國銀行家調查報告》顯示,約七成受訪銀行家認為未來三年,其所在銀行的收入及利潤增長率將低於20%,樓市則被視為主要風險。

隨着利率市場化的推進,銀行間競爭日趨激烈,報告指銀行家普遍調低增長預期,各內銀正加快轉型步伐。

樓市視為主要風險

至於房地產市場調整帶來的風險,近68%受訪銀行家認為屬最重要;而存在着期限長、規模大及用途監督困難等問題的地方政府融資平台債務風險,亦有近六成銀行家表達關注。

外資捧A股 後市看內資與中央


外資捧A股 後市看內資與中央
欄名:社評

本港掛牌的A股ETF昨急升,近月累升較內地股市猶甚,反映外資對A股樂觀程度遠超內地投資者。惟內地A股能否重返牛市,關鍵非外資而是內資,尤須關注內資能否重燃信心、中央新領導層會否因股市升勢過急而出手緩抑。

外力推動有限 A股要看內力

本港聖誕休市兩天,其間內地A股累升近百分之三,刺激多隻本港A股交易所買賣基金(ETF)在港股昨復市後急升。外資已連續十五周流入中國基金,令個別基金現價炒至較資產淨值高近一成,顯示外資看好A股,樂觀猶勝內資。

需求增 航運股有望翻身

需求增 航運股有望翻身

【本報訊】航運及相關股份受惠油價自今年上半年高位回落,以及航運公司繼續維護運費避免競爭,加上明年市場需求有溫和增長,市場普遍預期明年航運相關股業績表現較今年有所改善。

維護運費免競爭
今年初燃油價格每噸升至貼近750美元,下半年已持續回落至近期600美元左右水平。國泰君安國際分析師宋然指出,油價於今年上半年高位後回落,明年初油價可望在較高基數下錄得按年跌幅。至於供求狀況仍然不平衡,他估計明年集裝箱貨船淨運力估計上升9%,至2015年增幅才會降至1.8%;至於明年全球對集裝箱需求增長為6.6%。但由於船公司之間維護運價,於淡季收回部份運力,相信明年繼續可以避免運價過低的情況出現。

實戰理論:高追房託損手難免 - 沈振盈

實戰理論:高追房託損手難免 - 沈振盈

資金流向的大趨勢主導着市況的運行,很明顯,財政懸崖的不明朗因素,只是阻礙大市上升的噪音,資金入市才是主導後市的最重要因素。

恒指早段高開之後,雖然即市作出回吐,令升幅收窄,但回吐壓力始終有限。加上日股連升數日,仍未有斷氣的迹象,港股有望在年結前繼續挑戰23000點水平。

環球資金流向的轉變越來越明顯,首先,是風險胃納上升,就算財政懸崖進展有阻滯,美股回吐,金價也未能大幅回升。資金繼續從避險資產流走,轉向股市及其他風險資產。

日本經濟仍是乏善足陳,前景暗淡,反而日股可以與中、港股市媲美,升勢不絕。

Q&M makes S$22.7m bid for SMG

Q&M makes S$22.7m bid for SMG
Dental group plans to expand into healthcare, leveraging SMG's existing team and operational structure
 by Conrad Raj 04:45 AM Dec 28, 2012
SINGAPORE - The Q&M Dental Group is expanding into medical specialist healthcare practice by making a S$22.65-million bid for the Catalist-listed Singapore Medical Group (SMG).

SMG's main shareholders - its Chairman Felix Huang and Chief Executive Xiaoyan Baumann Geb Bi - have agreed to sell their 72.57-per-cent stake to Q&M for 13.23 cents a share, or 41 per cent above SMG's last traded price of 9.4 cents.

Under the takeover code, the deal triggers a mandatory general offer by Q&M for the rest of SMG shares at 13.23 cents.

Q&M plans to finance the acquisition of SMG from internal funds and current credit lines, as well as the placement of 55 million new Q&M shares at 30.5 cents each, or a total of S$16.77 million, to sibling private practitioners, Dr Kelvin Koh Shunjie and Dr Felicia Koh Shuhui.

1.28億擴國內外業務‧舊街場前景樂觀

1.28億擴國內外業務‧舊街場前景樂觀
Created 12/27/2012 - 18:15

(吉隆坡27日訊)舊街場(OLDTOWN,5201,主板貿服組)發3千300萬新股籌資6千440萬令吉,使其現金增至1億2千870萬令吉,以用於國內國際業務擴展用途,肯納格研究認為其前景依舊樂觀,維持“超越大市"評級不變。

馬新印中將開更多新店

該行認為,其前景樂觀,主要建立在強勁的快速移動物品區塊的成長,特別是新興的區域市場如中國、南國與越南;同時,在馬、新、印尼與中國將開更多新店。

配合其財政年明年由3月杪截止修正至12月截止,下財政年調整後的淨利預測為5千280萬令吉與5千980萬令吉。維持“超越大市"評級,目標價2令吉40仙不變。

YTL Power shares surge on privatisation talk


YTL Power shares surge on privatisation talk
By Goh Thean Eu
gohtheaneu@nstp.com.my
2012/12/28

KUALA LUMPUR: YTL Power International Bhd shares closed four per cent higher yesterday, its highest single-day gain in seven months, as market speculates that the utility company could be ripe for a privatisation move by its parent YTL Corp Bhd.

The stock rose six sen to RM1.57 with more than 16.6 million shares traded. Trading of its shares were the most active since May 15 this year.

推行36.6亿私下配股活动 马银行加强资本基础


推行36.6亿私下配股活动 马银行加强资本基础

(吉隆坡27日讯)马来亚银行有限公司(MAYBANK,1155,金融组)于今年10月份宣布,它所推行一项高达12亿美元(36亿6000万令吉)的私下配股创下有史以来最大配股活动,而在市场上掀起了一阵涟猗,有人推测募集的资金将用于竞购GE资本在泰国大城银行的25%股权。

据大马最大的银行集团---马来亚银行较后澄清称,私下配售实际上是一个积极的模式,以支撑其股本提前实施巴塞尔3。

马银行早期的私下配股额是3亿股,较后因反应热烈,有关售股提高至4亿1200万股或占了该银行的5%缴足股本。

有关献购价介于8.80令吉与8.90令吉。

Ascendas REIT :Still Room for Yield Compression (KE)


Ascendas REIT
Buy(unchanged)
Share price: SGD2.39
Target price: SGD2.60 (from. SGD2.65)
Still Room for Yield Compression

Business Park exposure not fatal. AREIT’s business/science park portfolio constitutes 38% of our FY3/14 GAV and gross revenue. We noted that there is an onslaught of ~7m sqft of new known supply in 2012-2015. The majority of this supply (~81%) is in the central region (One North and Mapletree Business City), where AREIT has ten out of 23 properties. According to our estimates, the central region assets comprises ~40% of AREIT’s business park revenue and NLA. Predominantly, AREITs business park portfolio (~60%) is still concentrated in the east and west region, namely the International Business Park (IBP) and Changi Business Park (CBP).

SG Residential Property: Spate of privatizations could come (OCBC)

Given the current environment of low borrowing costs and steep trading discounts to RNAV for high-end developers, it is likely that we could see a spate of privatization activity ahead. We believe potential candidates for privatization include those are trading significantly below RNAV, have a low public float, and have major holders with stakes above 50%. These criteria yield two additional candidates for privatization: Ho Bee and Wheelock. For physical home sales, we saw ~20.9K new homes (excluding landed and EC) sold by developers year to date, of which the bulk (74%) are mass-market units. As interest rates remain low, we believe that continued monetary liquidity in the market would underpin demand for mass-market units.

Indomobil Sukses Internasional : Gallant Venture to takeover IMAS (DBSV)

Indomobil Sukses Internasional
BUY Rp5,300 JCI : 4,315.86
Price Target : 12-Month Rp 6,100
Gallant Venture to takeover IMAS

• Gallant Venture to gain control over IMAS
• No material impact expected on IMAS’ fundamentals
• Maintain Buy with Rp6,100 TP

GV to acquire 52.35% of IMAS stake. Gallant Venture Ltd (GV) announced its intention to acquire Cipta Sarana Duta Perkasa (CS)’s entire 52.35% stake in IMAS. GV and CS entered into a conditional sales and purchase agreement on 13 December 2012, which would see the acquisition completed on or before 13 June 2013 (if all conditions are met and subject to GV shareholder approval).

MIIF : Winding down is the best option (DBSV)


MIIF
Price Target : 12-Month S$ 0.65 (Prev S$ 0.58)
Winding down is the best option

• Board initiates orderly process to divest stakes in underlying assets to realise true values
• Process could be lengthy and difficult though
• Special dividend from payout of excess cash in the near term should help support share price
• Maintain HOLD with higher TP of S$0.65

Current structure not best suited to realise value . Following the completion of a strategic review, the Board of Directors of MIIF are of the opinion that its current structure may not be suitable to realise the value of its underlying businesses, and that the stock is likely being undervalued by the market. As a result of the higherthan- ideal cost of equity, MIIF’s strategy of driving growth by investing in Asian infrastructure businesses also cannot be executed properly.

Hai-O Enterprise - MLM Firmly on Growth Track (OSK)

Hai-O Enterprise
Fair Value RM2.35
Previous RM2.16
MLM Firmly on Growth Track

Hai-O's 1HFY13 results beat  consensus  and  our  estimates.  Revenue  and  core earnings were 18.5% and 34.5% higher  y-o-y, boosted by the recovery of its MLM division. EBIT margin expanded due to healthy topline growth and better sales of higher  margin  products.  We  are  revising  upward  our  FY13  and  FY14  numbers  in view of stronger-than-expected earnings. Maintain NEUTRAL, but with a new FV ofRM2.35, based on 12x FY13 EPS.

Building Materials - Steel Struggling Still, Cement In A Sweet Spot


Building Materials -
Steel Struggling Still, Cement In A Sweet Spot

Mixed picture in China. The near-term picture on China is mixed. On one hand, demand growth is projected to be sub-par. On the other hand, the long overdue consolidation may finally gain more traction, capping supply growth.

Gloomier picture in Europe. The near-term outlook on Europe is gloomier with falling demand while production cuts are sticky to the downside due to intervention by governments. WSA projected demand continue to contract on continued slowdown in construction and manufacturing activities on the back of austerity measures by governments as well as a collapse in consumer spending on sustained high unemployment rates. However, production cuts will lag due to the goverments’ intervention.

Noble Group: Leveraged to a China recovery (KE)

Noble Group
Buy(from Hold)
Share price: SGD1.18
Target price: SGD1.48 (from SGD1.42)
Leveraged to a China recovery

Most leveraged China economic activity. We see Noble as most leveraged to an improvement in China’s economic activity in 2013, especially industrial output. Excluding its oil & gas business, China is its single biggest market, which we estimate account for more than 30% of total group tonnage. Its importance as a commodity supplier is also likely a key consideration when China Investment Corp (CIC) took up a substantial stake in 2009.

Important supplier of coal, iron ore. While on-ground assets in China are quite light (limited to oilseed crushing and storage), Noble is one of the largest supplier of hard commodities such as coal and iron ore into China, sourced from other countries. Improved demand in 2013 could mark a significant turnaround in profitability.

Technology - Headwinds ahead for 2013


Technology -
Headwinds ahead for 2013

We are maintaining our NEUTRAL rating on the Technology sector. To recap, all the tech companies under our coverage reported 3Q12 results, which came in below the street as well as our expectations. The visibility of the industry is murky for now as we understand that industry players are still adopting a wait-and-see approach in light of the global economic uncertainties. Going forward, we believe the earnings prospects for tech companies will remain bleak, no  thanks to the flattish top line growth arising from sluggish electronics demand coupled with a higher labour cost structure that led by the new minimum wage ruling and adverse currency fluctuation. In conclusion, our top-down analysis points toward a negative outlook for the sector in 4Q12 and 1Q13.

Property Developers - Developers to remain range-bound in 1Q13

Property Developers -
Developers to remain range-bound in 1Q13

Maintain NEUTRAL on developers as we recommend that investors be selective and adopt a trading stance. It appears Johor will steal the limelight next year while Klang Valley will be a more challenging landscape given that market leaders are facing a 'high base' effect. Although developers' Fwd PBV valuations are trading close to trough levels, we are NOT OVERWEIGHTING the sector as we do not see any strong immediate term catalysts given GE uncertainties, which also means less preference  for high betas. We may review our sector call next year depending on the GE timing and catalytic news (e.g. awards of RRI land and TRX project).

Malaysian Airline System: Buying Turboprops Worth RM3bn (OSK)


Malaysian Airline System
Fair Value RM0.52
Price RM0.70
Buying Turboprops Worth RM3bn

 THE BUZZ
MAS announced yesterday that it has inked a MoU with ATR, a French-Italian aircraft manufacturer, to purchase 36 brand new ATR 72-600 aircraft worth a total of RM3bn. Of the 36 aircraft ordered, Firefly will take on 20 whilst the balance of 16 will be inducted into the fleet of its sister company MASwings.

OUR TAKE
A meaningful investment. The purchase of these aircraft will allow both Firefly and MASwings to expand their route networks, which we are positive on 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 Bahru, while new routes planned are to destinations in Thailand and Indonesia.

曾淵滄專欄 28.12.12:政府無把握壓樓價


曾淵滄專欄:政府無把握壓樓價 - 曾淵滄

政府推出買家印花稅(BSD)之後,地產發展商很不滿,向政府提出多項反建議,希望政府放寬本地人持有的公司及收購舊樓的公司可豁免BSD,現在政府決定只讓收購舊樓的公司將來可退稅,但詳情仍有待公佈,先交稅而後退稅,也會加重收購舊樓的成本,相信退稅詳情公佈前,收購舊樓的活動會暫停。

政府推出雙辣招後,本地地產股股價一度大跌,但現在股價基本上已重返雙辣招推出前水平,我之前提過,今年香港地產商賣樓成績很好,利潤已有保障,但2012年很快會過去,2013年香港地產商還能賣多少樓?少了大陸客源,能賣甚麼價錢?

美房价涨幅 创2年来最大

美房价涨幅 创2年来最大

(纽约27日讯)全美10月房价创两年来最大涨幅,显示房地產市场正在反弹,带动经济復甦。

標普∕凯斯席勒(CS)房价指数显示,10月全美20大城市房价较去年同月上涨4.3%,优於市场预期的上涨4%和9月的上涨3%,而且是2010年5月以来最可观的年比涨幅。

20大城市中有18个城市的房价较去年上升,以凤凰城上涨21.7%最突出,底特律以10%的涨幅紧追在后;芝加哥和纽约房价下跌。

若与前月相比,10月房价经季节调整后上涨0.7%,20大城市中有17个上涨。標普∕凯斯席勒表示,年比资料较能凸显房价走势。

亚欧 北美线 货运价调涨


亚欧 北美线 货运价调涨

(台北27日讯)货柜航商拉抬价格不手软,明年1月起,包括亚欧航线、北美航线,甚至冷冻柜等產品,全数陆续调涨。

下月15日,泛太平洋运价稳定协会(TSA)將调涨美国线运价,美西每大柜调涨600美元,美东800美元;业界人士说,美东29日的罢工如果成真且持续,包括码头作业拥挤费每大柜1000美元都会开徵, 塞港的船舶恐將吸收不少运力,航商可望顺势调升运价。

另外,欧洲线各航商陆续启动运价调升,调整幅度与日期不一,但从1月10日过后,预计各航商都会调涨运价。今年第1季,海运燃油每公吨成本超过700美元,运价则受供过於求大幅下杀,主力航商全数大亏。

半导体股无惊喜

半导体股无惊喜

(吉隆坡26日讯)半导体领域的2013年展望出现综合看法,再加上目前缺乏重新调整投资评级的催化剂,分析员维持该领域「中和」投资评级。

国际半导体设备材料產业协会(SEMI)公佈北美洲的半导体设备製造商,在2012年6月至11月订单出货值(Book-To-Bill)跌破平价门槛,这反映出业者的资本投资持续疲软。

11月的订单出货值稍微改善,主要是因为出货量减少至9亿1190万美元的3年新低水平。

此外,半导体工业协会(SIA)表示,9月和10月全球晶片销售分別按月增加2%和1.7%,至248亿美元和252亿美元。

捷运工程进展顺利 金务大力爭新合约


捷运工程进展顺利 金务大力爭新合约

(吉隆坡27日讯)鑑于双溪毛糯-加影路线的(SBK)捷运工程大致上跟得上进度,以及有望获得捷运其他路线的工程,促使分析员看好金务大(GAMUDA,5398,主板建筑股),并给予「买进」的投资评级。

捷运SBK路线工程进展顺利,并已展开所有7个地铁站的准备工作。

金务大已採购10架隧道掘进机(Tunnel Boring Machines),首两架將在2013年3月杪交付。

至於捷运的高架桥部份,管理层透露,所有的高架桥工程正按计划进行。

目前,捷运已颁发总值超越200亿令吉的54个配套。2013年首季杪则將颁发剩余的32个配套,总价值介於20亿-25亿令吉。

消费热潮带动 零售股大起


消费热潮带动 零售股大起
(吉隆坡27日讯)在农历新年来临之际和年杪季节性消费热潮的带动下,市场普遍对消费领域前景持正面看法,促使多只消费股于週四走高,纷纷挤入20大上升榜中。

当中走势最强劲的当数「罪恶」领域,英美烟草(BAT,4162,主板消费股)上涨72仙或1.21%,为全场最大上升股。 同时,健力士英格(GAB,3255,主板消费股)和日本烟草国际(JTINTER,2615,主板消费股)分別上升0.971%及1.37%,为全场第5和第15上升股。皇帽酿酒厂(CARLSBG,2836,主板消费股)则上扬0.32%。

啤酒领域前景乐观

肯南嘉研究分析员对啤酒领域前景表示乐观,特別是在政府没有上调消费税的情况下,麦芽酒类市场的销售量料將取得中单位数的成长;烟草领域则碍于未来加税的不確定性,致使分析员对其抱持谨慎乐观態度。

日圓挫27月低點添疑慮‧馬幣走疲‧升值動力減


日圓挫27月低點添疑慮‧馬幣走疲‧升值動力減
Created 12/27/2012 - 18:07

(吉隆坡27日訊)美國財政懸崖問題繼續打擊投資情緒,加上外界臆測新上任日相安倍晉三將推促中央銀行擴大挹注資金,日圓匯率維持在近27個月低點,兩大利空拖累馬幣滑落至11周低點。

不過,分析員預期,由於亞洲經濟成長深具動力,亞洲貨幣在2013年仍具成長空間,惟由於大馬貿易盈余不斷縮減,馬幣升值速度將減緩。

人民幣左右亞幣前景

同時,亞幣前景料將以人民幣匯率馬首是瞻。

YTL Power rises on privatisation news


YTL Power rises on privatisation news

2012/12/27

YTL Power International Bhd's counter rose almost five per cent, or seven sen, to RM1.58 as at mid-afternoon today following news on its possible privatisation exercise by parent company, YTL Corp Bhd.

As at 3.38 pm, a total of 12.559 million shares changed hands.

Meanwhile, YTL Corp gained 1.081 per cent, or two sen, to RM1.87 with 3.112 million shares traded.

It was reported that the recent move by YTL Power International in reducing dividend payout to match its parent company's may signal the possibility of it being taken private by YTL Corp via share swap.

美國大城市房價持續復甦

(美國‧紐約27日訊)標準普爾公司26日發佈月度報告說,10月份美國大城市房價與去年同期相比繼續上漲,房屋市場顯示出穩定持續的復甦勢頭。

報告顯示,儘管被調查的20個大城市房價與前一個月相比稍有下滑,但與去年同期相比仍然上漲了4.3%,漲幅高於預期。另外,在排除了季節性因素之後,10月份的房價環比也仍然上漲0.7%。

標普指數委員會主席戴維‧布裡澤在報告中表示,與月度的變化數據相比,房價年率的變化對於衡量房地產市場的總體情況而言更具參考性,因為秋冬季是房市的淡季,總體價格要比春秋兩季低。

馬航還能高飛嗎?(三)‧國家航空公司‧命運大不同


馬航還能高飛嗎?(三)‧國家航空公司‧命運大不同
Created 12/26/2012 - 18:29
馬航在亞航強攻之下,已失去大半江山,明年在Malindo加入戰圍後,馬航企業公民上上下下、裡裡外外,究竟如何擬定方略,殺出重圍?

新航的成功:問責和全力施為

“一國政府對國家航空公司極盡津貼和扶持,或視為捧在手心的`寶’,將導致國家航空公司最終以失敗收場。"

安倍令日央行設定通膨上限2%來挽救日本長年通縮的問題?

2012-1224-57金錢爆(TOKYO重裝戒備)4-2

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Dim Outlook for Chinese Banks Next Year


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2013 Core Tech Pick


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Facebook: A Tax Story & Bullish Analyst Note


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中国股市艰难寻底的一年


欧洲金融机构:预计2013年中国经济不会出现强劲复苏


RIM's Roller Coaster: Boom & Bust of Blackberry


Will BB10 Save RIM?


Thursday, December 27, 2012

Sunway and IIB in JV on RM1.2b project


Sunway and IIB in JV on RM1.2b project
Property

Written by theedgemalaysia.com  
Wednesday, 26 December 2012 00:00

SUNWAY Bhd has entered into a joint venture with Iskandar Investment Bhd (IIB) to undertake a mixed-use development in Pendas, Johor, worth RM12 billion in gross development value.

Harmony Impulse Sdn Bhd, a 60:40 JV vehicle owned by Sunway and IIB, has agreed to purchase two parcels from IIB — a 412.73-acre plot in Pulai called Pendas North Land valued at RM221.28 million and a 366.32-acre plot in Tanjung Kupang called Western Pendas South Land for RM191.45 million.

The project is expected to generate an estimated GDV of RM12 billion over 17 years, Sunway said on Dec 4. With the acquisition, Sunway's landbank in Iskandar Malaysia will increase to 1,558 acres.

Japan PM adviser urges unlimited BOJ easing, higher price goal

Japan PM adviser urges unlimited BOJ easing, higher price goal
Business & Markets 2012

Written by Reuters  
Thursday, 27 December 2012 16:10

TOKYO (Dec 27): The Bank of Japan should buy more long-dated government bonds and a wider variety of risk asset types, including foreign bonds, to achieve 2 to 3 percent inflation, Koichi Hamada, a special economic adviser to Prime Minister Shinzo Abe, said on Thursday.

Hamada, 76, professor emeritus of economics at Yale University, also called for revising the BOJ Law that guarantees the central bank's independence, to make it more accountable for achieving its policy objectives.

Air Asia rises possibly on valuation, funds play


Hot Stock Air Asia rises possibly on valuation, funds play
Business & Markets 2012

Written by Shalini Kumar of theedgemalaysia.com  
Thursday, 27 December 2012 16:11

KUALA LUMPUR (Dec 27): Air Asia Bhd rose in active trade today (Thursday) on suspected active trading by institutional funds due to its attractive valuation, according to dealers.

Air Asia is considered a beaten stock, having fallen 31.4% from its 52-week high of RM3.85 on July 6, 2012, said a research report by Credit Suisse on its "buy low, sell high" strategy on Dec 19.

It said investors can profit from buying such beaten-down stocks as year-end window dressing could help push up prices.

Recovery of semiconductor and IT sectors uncertain

Recovery of semiconductor and IT sectors uncertain
Business & Markets 2012

Written by theedgemalaysia.com  
Thursday, 27 December 2012 09:00

Semiconductor and IT sectors
Maintain neutral:  Semiconductor Equipment and Materials International (SEMI) reported book-to-bill ratio for North America-based manufacturers of semiconductor equipment. Book-to-bill ratio dipped below the parity threshold from June to November 2012 (October 2012: 0.75, November 2012: 0.79), indicating continued weak capital investment by industry players.

The slight improvement in November 2012 book-to-bill ratio was mainly due to low billings of US$911.9 million (RM2.8 million) (-7.5% month-on-month [m-o-m], -22.5% year-on-year [y-o-y]), a three-year low.

Stable ringgit on weaker US dollar in 2013


Stable ringgit on weaker US dollar in 2013
Business & Markets 2012

Written by Ho Ching-Ling of theedgemalaysia.com  
Thursday, 27 December 2012 09:09

KUALA LUMPUR: With signs of improving US macro fundamentals, aggressive quantitative easing (QE) and low policy rates, the US dollar is expected to weaken in 2013, to the benefit of the ringgit and other regional currencies, according to currency strategists.

“We take a non-consensus stance the US dollar will resume its weakening bias in 2013 on three counts. First, we take a view that improving macro fundamental in 2013 as households are paring down debts, healthier labour market conditions and sustained lift of asset values, particularly residential property, will not drive a stronger US dollar,” Wong Chee Seng, foreign exchange strategist at AmBank Group, said in a report on Monday.

YTL Corp may privatise YTL Power


YTL Corp may privatise YTL Power
Business & Markets 2012

Written by Max Koh of theedgemalaysia.com  
Thursday, 27 December 2012 09:36

KUALA LUMPUR: Recent moves by cash-rich YTL Power International  Bhd (YTL Power) to reduce its dividend payout to match that of its parent YTL Corp Bhd may signal the likelihood of the former being taken private by the latter via a share swap.

The share swap is the same route taken by YTL Corp when it delisted another subsidiary, YTL CEMENT BHD [], earlier this year. YTL Corp earlier faced some criticisms from YTL Cement minorities who were swapping for YTL Corp shares, which carred lower dividend payouts, while no cash option or offer premium were provided.

Shanghai Futures Exchange to open up to foreign players

Shanghai Futures Exchange to open up to foreign players
Business & Markets 2012

Written by Reuters  
Thursday, 27 December 2012 12:12

SHANGHAI (Dec 27): The Shanghai Futures Exchange (SHFE) will open up to foreign institutions and develop options and other derivative contracts under a plan to become a leading Asia-Pacific bourse over the next five years.

China's only metals futures exchange will broaden its contract offerings beyond commodities and will continue actively developing crude oil futures, financial derivatives, index futures and metals futures options over the next five years, Chairman Yang Maijun said in a new five year development plan for 2013 to 2017.

OSK Research maintains buy on Gamuda, target price RM4.90


OSK Research maintains buy on Gamuda, target price RM4.90
Business & Markets 2012

Written by Shalini Kumar of theedgemalaysia.com  
Thursday, 27 December 2012 11:45

KUALA LUMPUR (Dec 27): OSK Research has maintained its buy rating and target price of RM4.90 on GAMUDA BHD [], following the company’s on-track progress in the CONSTRUCTION [] of the first Klang Valley MRT line.

In a note today, the research house said Gamuda has procured 10 tunnel boring machines, of which the first two units will be delivered by end-March 2013.

半導體11月出貨寫3年新低‧智能手機平板電腦表現料突出


半導體11月出貨寫3年新低‧智能手機平板電腦表現料突出
Created 12/27/2012 - 12:04
(吉隆坡26日訊)北美洲半導體設施製造領域11月出貨值寫3年新低,顯示業者仍對投資意興闌珊,興業研究認為,儘管領域整體一片低迷聲,各業者卻可能“同行不同命",出現兩極化前途。

興業相信,那些身處智能手機和平板電腦供應鏈的製造商從中突圍呼聲最高,未來表現料顯著超越那些嚴重仰賴電腦和普通消費電器市場的業者。

國際半導體設備材料產業協會(SEMI)最新數據顯示,北美洲半導體設施製造商在11月錄取7億2千零40萬美元訂單,按月下滑3%,出貨比則微增至0.79倍,主要因出貨值按月下挫7.5%,寫下3年新低。

热门股 旧街场白咖啡 上挑RM2.23


热门股 旧街场白咖啡 上挑RM2.23
Created 12/27/2012 - 12:47
周三间,交投活络的旧街场白咖啡(Oldtown,5201,主板贸服股),平开迎市后高收,盘中行情显现一段技术反弹趋势。闭市时收在2.22令吉,按日涨5仙或2.30%,全天波幅在9仙间,介于2.14至2.23令吉间。

相信短期内会上挑2.23至2.33令吉间的阻力关口。

基础投资者禁售期满 土展创投卖压笼罩

基础投资者禁售期满 土展创投卖压笼罩
Created 12/27/2012 - 12:15
(吉隆坡26日讯)土展创投(FGV,5222,主板种植股)基础投资者脱售禁令12月24日届满,遭市场卖压情绪笼罩,导致股价连续第二天走跌。

黄氏发展唯高达投资研究指出,土展创投6月份首次公开募股之际,所有基础投资者必须持股6个月,以确保股价稳定,所以如今脱售禁令届满,他们周三即可马上售股。

土展创投周三以全天最高4.61令吉开盘后,持续走跌至休市的4.55令吉,即首次公开募股的发售价。

该股上周五闭市报4.67令吉,周一下滑1.28%或6仙,至4.61令吉。

私下配售筹得6400万 旧街场推动未来增长


私下配售筹得6400万 旧街场推动未来增长
Created 12/27/2012 - 12:31
(吉隆坡26日讯)券商正面看待旧街场白咖啡(OldTown,5201,主板贸服股)的私下配售活动,此举也为其带来6400万令吉现金,相信管理层未来将着重推动业务增长。

安联投资研究分析员表示,完成私下配售活动后,旧街场白咖啡管理层料将重新着重在推动公司未来业务增长。

“私下配售活动筹集的6400万令吉,将增强旧街场白咖啡的财务状况,有助公司未来推展业务。我们预测,公司2012年第三季(私下配售后和派息前)的净现金共计1亿700万令吉。”

旧街场白咖啡甫于上周五(12月21日),以每股1.95令吉完成10%私下配售活动,这批3300万新股也正式上市。

Felda Global Ventures to decide on Tradewinds stake in 2-3 weeks

The Star Online > Business
Thursday December 27, 2012
Felda Global Ventures to decide on Tradewinds stake in 2-3 weeks

By HANIM ADNAN
nem@thestar.com.my

PETALING JAYA: The decision by Felda Global Ventures Holdings Bhd (FGVH) to either retain or dispose of its 20% stake in Tradewinds (M) Bhd will likely be known within the next two to three weeks, said industry sources.

“So far, there is no final decision by the FGVH management for a possible disposal, given the strategic importance of Tradewinds' stake to FGVH,” a source said.

Felda plans 768.90ha township near RM60bil Rapid project


The Star Online > Business
Thursday December 27, 2012
Felda plans 768.90ha township near RM60bil Rapid project

By ZAZALI MUSA
zaza@thestar.commy

MERSING: Felda is now in the final stage of drafting an integrated township development project in Pengerang, in the Kota Tinggi district near the Petronas Refinery and Petrochemicals Integrated Development or Rapid complex.

Chairman Tan Sri Mohd Isa Abdul Samad said the layout plan of the proposed project was awaiting the Felda board of directors' approval.

圓失85關 日股睇升29%


圓失85關 日股睇升29%
日前揚言質低日圓救企業的安倍晉三再出任日本首相,昨宣誓就職,圓匯再跌,自去年四月以來首穿85兌一美元,低見85.48,跌0.84%,續創20個月新低。至於日經平均指數創9個月收市新高,明年料再漲29%。

有券商透露,大部分海外基金早在聖誕節假期前入貨,亦有投資者趁勢急起高追日股。圓匯昨日兌主要貨幣全線告跌,兌歐元跌1%,跌見112.94兌一歐元,創16個月新低;兌美元料累計連跌3個月,將是逾四年最長跌浪。

昨日拆禮物日匯市成交相對淡靜,走勢尤其波動。三井住友外匯主管細川陽介表示,日圓甫跌穿85兌一美元後,跌勢加劇,觸發好友急急平倉。

Market Insight:招商銀行大有「錢」途

Market Insight:招商銀行大有「錢」途
聖誕假期香港股市休息,外圍卻是風起雲湧,突然氣氛一百八十度轉的A股,滬綜指在聖誕日勁升2.5%,市場對國務院準備擴大商業銀行設立基金管理公司試點,充滿憧憬。

信貸質素續改善
銀行向被視為百業之母,內地經濟過度轉角市,加埋換屆後新領導班子推出振興經濟措施的預期升溫,內銀股下半年表現脫胎換骨,四大行中,工行(01398)、農行(01288)、建行(00939)及中行(03988)分別升28.7%、22.9%、17.4%及16.3%,二三線如重農行(03618)升勢更勁,升幅31.2%,民生銀行(01988)累升23.7%,反而招行(03968)較令人失望,僅升13.8%。

2012/2013危與機:明年經濟有奇迹


2012/2013危與機:明年經濟有奇迹
股市有得貼,經濟都有得估。每逢臨近年底,大行總會為來年的本港經濟狀況作預測。今次《東方產經》特地請來兩位去年底成功估中今年本港經濟(GDP)將會是低增長水平的經濟師,向大家親述個人對明年本港經濟的看法。他們不約而同看好一三年本港GDP可受惠於內地經濟回穩。

今年本港經濟低增長,第一至三季GDP同比增長分別為0.7%、1.2%及1.3%,第四季的數字現時仍未知,但照目前情況看,全年平均GDP極大機會在2%以下。

然而,多間大行年前估算一二年本港GDP增長,以3至4%為「市場共識」,現在回看可謂遍地眼鏡碎。而能夠「眾人皆醉我獨醒」的,是瑞銀香港經濟師劉醒威及星展銀行(香港)經濟研究部高級經濟師梁兆基。

Aviation Industry Consolidation Results in Better Yield (MIDF)


Aviation Sector
Maintain NEUTRAL
Industry Consolidation Results in Better Yield

IATA had raised its FY12 profit forecast to USD6.7b from previous USD4.1b due to the cost-saving initiatives and industry consolidations.
The gloomy outlook for cargo business remains but robust travel demand sustains the growth momentum in passenger segment.

Breakeven profits expected for Europe zone. After the recent revision of September’s FY12 profit forecast, International Airport Transport Association (IATA) further revised this year’s projection to USD6.7b from USD4.1b.

Neptune Orient Lines : Potential to outperform (DBSV)

Neptune Orient Lines
BUY S$1.115
Price Target : 12-month S$ 1.45 (Prev S$ 1.26)
Potential to outperform

•NOL’s earnings are likely to benefit from better industry discipline and lower cost base in FY13
•Rising confidence in global markets should leadto re-rating of cyclical sector stocks
•NOL has been a laggard stock in 2012; upgradeto BUY with higher TP of S$1.45

Towards a better cost base. Given the lack of control on freight rates, NOL has been focusing on its cost cutting strategy since the beginning of 2012. It has so far been on track to achieving its US$500m cost reduction target in FY12, aided by its fleet renewal strategy and other initiatives. Over the next 2 years, NOL will be inducting 19 new vessels with total capacity of 194,200 TEUs, while 29 vessels with total capacity of 171,600 TEUs come off hire, thus giving NOL the flexibility to reduce its costs of owning and operating its fleet by returning the expensive chartered-in fleet to the owners. NOL also expects to save about US$70m annually through organisational streamlining measures undertaken in FY12.

M’sian Airline System - Places Order For 36 ATR Aircraft

M’sian Airline System -
Price Target : 0.83
Last Price : 0.685
Places Order For 36 ATR Aircraft

Fair Value : RM0.83 | Recom : Market Perform (Upgraded)

Firefly in expansion mode. MAS has entered into an MoU with ATR for the purchase of 36 new ATR 72-600 aircraft worth RM3bn with the first delivery expected in 2Q2013. Of the total, MAS’ low-cost unit Firefly will take on 20 while the balance 16 will go to MASwings (MASwings operates rural routes in East Malaysia on behalf of the Government, and as such it has little bearing on MAS’ financial performance). At present, Firefly and MASwings operate 12 and 10 ATR 72-500 aircraft respectively.

M-REITs - Bargain hunts emerge


M-REITs -
Bargain hunts emerge

Maintain NEUTRAL on M-REITs. M-REIT 2013 operational performance will remain intact for 2013 for SUNREIT, CMMT and AXREIT. We can also look forward to acquisitions as both SUNREIT and AXREIT have expressed that they will continue their asset injection exercise given strong pipelines from their sponsors or third party opportunities. We expect M-REITs valuations to remain as lofty for the most part of 2013, particularly higher level of uncertainty when running up to GE while KLCC Stapled REIT will lend support.  There were some profit-taking activities over the last couple of months, especially observed with CMMT as  it recorded the highest YTD returns of 38% in Oct-12 (before profit taking). So we upgrade CMMT to OUTPERFORM from MARKET PERFORM with unchanged TP of RM1.80, as it has emerged as a bargain pick. We reiterate MARKET PERFORM on SUNREIT (TP: RM1.51) and AXREIT (TP: RM3.08) until more yield accretive acquisitions or share price corrections take place. We are in the midst of reviewing our KLCCP CALL/TP with an upside bias.

Real Estate: Key takeaways from meeting with REDAS (DMG)


Real Estate: Key takeaways from meeting with REDAS

Recently, we attended a meeting with REDAS as part  of a series of the National Conversation that REDAS initiated with its members, industry partners and the investment community. During this meeting, several key points were discussed, including: (i) current investors’ views on the real estate market, (ii) if the government has over-tightened on the residential sector and (iii) the effects of rising wages of the low income bracket workers have on the developers. Overall, our views are inline with consensus that the government of Singapore has successfully maintained a ‘stable & sustainable’ environment in the real estate market through implementing a series of cooling measures. However, concerns on further governmental policies and market conditions going forward continue to weigh on the sentiment of the real estate sector.

SUNTEC REIT: OFFERS COMPELLING VALUATION (OCBC)

SUNTEC REIT
Fair value S$1.70
add: 12m dividend forecast S$0.09
versus: Current price S$1.62

OFFERS COMPELLING VALUATION
• Better-than-expected performance
• Office segment proven strong
• Suntec City AEI on schedule

Strong execution
We continue to favour Suntec REIT for its quality assets, strong management execution and growth potential. Despite the partial closure of Suntec Singapore and Suntec City Mall for Phase 1 of the asset enhancement works (AEI) and divestment of Chijmes, we note that its 3Q12 NPI and DPU declined YoY by only 19.5% and 7.2%, to S$38.4m and 2.35 S cents, respectively. Also, no proceeds from Chijmes sales were used to cushion the fall in 3Q DPU. This was better than we expected, given that its 9M12 DPU of 7.164 S cents formed 78% of our full-year DPU forecasts.

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.

MAPLETREE LOGISTICS TRUST: SEEKING GROWTH ALTERNATIVES (OCBC)

MAPLETREE LOGISTICS TRUST
Fair value S$1.25
add: 12m dividend forecast S$0.07
versus: Current price S$1.12

SEEKING GROWTH ALTERNATIVES
• Strong acquisition pipeline
• Looking at growth on all fronts
• Firm operational performance

Expecting sustained performance
We expect Mapletree Logistics Trust (MLT) to put on a good showing in 2013. MLT has been able to pursue inorganic growth at a time when the cap rates in Singapore have become relatively competitive, thanks to its strong pipeline of overseas assets from its sponsor. Such assets usually have comparatively higher yields than those in its existing portfolio, which would enhance its DPU. We note that the latest transaction was the proposed acquisition of Mapletree Wuxi Logistics Park in China on 19 Nov. The purchase price of CNY116m (~S$22.8m) was at a 2.5% discount to the average valuation of CNY119m by two independent valuers. According to management, the property is expected to have an initial NPI yield of 8.0%, higher than the implied yield of 6.0% for MLT’s existing China portfolio. Thus, the acquisition is expected to be DPU-accretive.

股市透視:買A股ETF 捕捉明年反彈

股市透視:買A股ETF 捕捉明年反彈
http://paper.wenweipo.com   [2012-12-27]    
國浩資本
 上證綜合指數於12月3日以1,959點見底後,過去3周急升9.9%。本行相信A股巿場悲觀的情緒將慢慢退卻,巿場於2013年將出現反彈。這是由於:
 1)中國經濟數據續改善,顯示經濟應可避免硬著陸。
 2)上證綜合指數及滬深300現價僅相當於9.2倍及9.7倍2013年巿盈率,以歷史水平而言估值低廉。
 3)A股市場已連續3年下挫,由2009年底至今的累積跌幅達34%,表現明顯較其他市場落後。本行認為該市場連續4年下滑的機會甚微;
 4)市場流動資金充裕,資金不斷流入中國市場,這情況可從RQFII額度的需求甚大、人民幣持續強勢及在港上市的A股ETF成交大增反映出來。

沒有「國家隊」 A股爛茶渣


沒有「國家隊」 A股爛茶渣
http://paper.wenweipo.com   [2012-12-27]

A股年底發神威,收復全年失地,全年計至昨日升0.9%,依然大幅跑輸全球主要股市;總市值達22.53萬億元(人民幣,下同),按彭博的統計,全球排名第5。然而,儘管目前A股有2,400多個上市公司,但其中130多家大中型國企佔市值比重高近六成,僅中石油和工行市值就佔A股總市值14%,民企只佔三成多。業內人士指出,大國企壟斷,民企創新不足,亦是A股的眾多制約之一。 ■香港文匯報記者 李昌鴻 深圳報道

 A股「熊霸天下」引起無數猜想,但一個較少人探討的問題是,民營經濟在A股中所佔的比重極少,這種在A股中的艱澀,其實既反映了中國經濟結構的缺陷,也在一定程度上揭示了A股「熊霸天下」的深層原因。

內銀設基金公司擴試點


內銀設基金公司擴試點


內地商業銀行設立基金管理公司試點範圍有望再擴大。據內地媒體報道,經國務院批准後,中國人民銀行、中證監及中銀監,正積極落實有關試點擴大的工作,是繼○七年後首次。

華夏興行已設籌備組

商業銀行設立基金管理公司試點工作,早於○五年已正式啟動,並先後批出兩批共八家商業銀行成立或參股八家基金管理公司,其中建行(00939)、工行(01398)及交行(03328)為首批試點銀行,而第二批則包括招行(03968)及民行(01988)在內的五家銀行。

強圓神話滅 日股跑贏晒


強圓神話滅 日股跑贏晒

日前揚言質低日圓救企業的安倍晉三再度出任日本首相,於昨日宣誓就職,日圓匯價進一步下滑,自去年四月以來首度跌穿85兌1美元,低見85.48,跌0.84%,續創二十個月新低。日本股市就愈升愈有,日經平均指數創九個月收市新高。有券商透露,大部分海外基金早在聖誕節假期前入定貨,亦有投資者趁勢急起高追日股。

日圓逾四年最長跌浪

圓匯昨日兌主要貨幣全線告跌,兌歐元跌1%,低見112.94兌1歐元,創十六個月新低;兌美元料累計連跌三個月,將是逾四年最長跌浪。

資專題:德盛安聯預測 中港股向好 明年勝今年

資專題:德盛安聯預測 中港股向好 明年勝今年

【基金經理2013展望】三之二

2012年埋單,沒有出現雷曼式股災;相反,股市全年走高,年底中國更有復蘇迹象,牛市隨時重臨。惟有謂:「上帝要其滅亡,必先令其瘋狂。」越是不覺有危機,反而更易出事,更需要專家導航。〈基金經理2013展望系列〉第二炮,請來德盛安聯的兩位基金經理──高級基金經理鍾秀霞及亞洲首席投資總監陳致強,分別分析港股及環球市況!記者:高明輝 劉維剛 攝影:程志遠

鍾秀霞認為,明年中港股市較今年更好,資金回塘會先炒大型股票,「今年恒指及H指的升幅都達約兩成,表現屬唔錯,比預期好,明年有機會維持這個回報,覺得股市表現可以持續。」

曾淵滄專欄 27.12.12:港股估值相當便宜


曾淵滄專欄:港股估值相當便宜 - 曾淵滄

熱錢不斷地流入香港,但是最終目的地不是香港,而是內地股市,前一陣子金管局總裁陳德霖報喜訊說,中央政府會放寬RQFII(人民幣合格境外機構投資者),但是究竟放寬的程度如何?不得而知。

如果將未公佈放寬的詳情,門開大一點,熱錢就會再湧入,如果門開得太小,熱錢擠不進,隨時會流走。

現在,中共最高領導層換了人,但政府仍未換屆,作為看守政府的總理溫家寶,相信任滿前仍不會有甚麼大的政策推出,以免被人指摘為新政府定下方向及框框。

Courts 'well-placed for 2013'

Courts 'well-placed for 2013'
Near full employment is supporting the retail industry in Singapore, says firm's CEO
by David Bottomley 04:45 AM Dec 27, 2012

SINGAPORE - Headwinds are starting to blow through Singapore's retail industry as the economy slows, but Courts Chief Executive Officer Terry O'Connor believes the electrical goods and furniture seller is well-placed to continue the success it enjoyed this year.

"I don't kid myself that the market is great … it isn't. I think we've just got to run hard at our strategies faster than any softness within the broader market. That's what we've been focused on," he told TODAY in an interview.

Such strategies include developing innovative new services, the regeneration of its shops and enhancing its online shopping experience so that Courts continues to stay ahead of the pack in an intensely competitive part of the retail sector.

Sunway REIT porfolio swells


Sunway REIT porfolio swells
By Sharen Kaur
sharen@nstp.com.my
2012/12/27

Sunway REIT, Malaysia's largest real estate investment trust, is upbeat its total assets under management will exceed RM7 billion in three to five years.
This will be driven by the RM3 billion pipeline assets it has and third-party acquisitions, Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng told Business Times.

For third-party acquisitions, the focus is on retail or mixed-use assets with strong growth prospects, in large and high growth cities here, Ng said.

負擔能力與供應 影響房市最大因素

負擔能力與供應 影響房市最大因素

(吉隆坡26日訊)房產發展商Allstones集團亞洲私人有限公司預期,明年負擔能力與房產供應仍是影響大馬房地產市場的潛在因素。

 該公司主席沈啟蕃發表文告說,市場會受到不同因素影響,這不只限于供應與需求。其他影響市場的因素還包括人民的收入及新貸款標準。

 舉個例子,這個貸款標準也讓借貸者得考慮抵押現有資產所獲得的貸款,使投資者更難獲得低利息和寬鬆的信貸。

 儘管房地產存著種種問題,但大馬房地產市場仍然被美國財經網站CNBC列入2012年第9大熱門房地產市場,這表示該市場仍然是很樂觀的。

禁售期结束 FGV卖压重


 
禁售期结束 FGV卖压重
(吉隆坡26日讯)FELDA环球投资(FGV,5222,主板种植股)股价已连续滑落第2天,主要是因为基石投资者禁售期限已到,市场担忧或会引发卖压。该股週三全天共挫5仙,或1.08%,收在4.56令吉。

黄氏星展投资银行分析员称,有鉴于禁售期已结束,FELDA环球投资的基石投资者週三起就可自由脱售手上的股票。在6月27日的首次公开发售(IPO)活动下,10家基石投资者被要求持有该公司股票长达6个月,以確保股价表现稳定。

该股週一开始走低,下跌6仙至4.61令吉,今日再跌5仙,至4.56令吉,接近IPO定价4.55令吉。然而,分析员表示,该股上市初期一度上涨至5.50令吉的最高水平,之后便跌跌不休,部份是因为近期原棕油价格下滑所致。

选后不確定性衝击股市 非关政权转移

选后不確定性衝击股市 非关政权转移

(吉隆坡26日讯)政经课题研究员表示,全国大选后的不確定性將对股市造成衝击,並非大眾所认为的政权转移。

社会经济与环境研究所(SERI)资深研究员林马惠博士指出,与民联执政中央相比,混乱的局势、敏感与爭议性课题,和负面情绪,將会对股市带来的衝击更大。

「我不同意政权转移,或选举结果不利於执政党,將导致市场崩盘的看法。假设新政府更廉洁,这对股市是好事。重要的是避免不確定性。」他向《大马局內人》如此表示。

野村证券研究(Nomura)在上週表示,对来届大选的不確定情绪,將在明年下半年影响大马股市。

亚洲媒体大跌12.77%


亚洲媒体大跌12.77%

(吉隆坡26日讯)在周三进行红股除权的亚洲媒体集团(AMEDIA,0159,创业板),面对市场卖压而全天大跌12.77%,一度跌深17%,收报0.205令吉,同时成为全场第2大热门股。

亚洲媒体周一(24日)以0.47令吉掛收,而进行上述红股除权之后週三的参阅价是0.235令吉。按参阅价计算,亚洲媒体周三收报0.205令吉,跌幅达3仙或12.77%。

亚洲媒体周三的盘中最高和最低价位分別0.215令吉和0.195令吉,全天成交量达3128万7400股,远超周一的1477万1800股。

中国经济:增速放缓


机构:2013年A股出现震荡向上走势会是大概率事件


美交易员:上证综指明年或走强


平安股权转让 疑点重重


平安股权转让遭质疑 当事三方齐声否认


正大入股平安遭受质疑 涉事三方火速现身反驳


石齐平:习近平南下深圳“朝圣”改革圣地

石齐平:习近平南下深圳“朝圣”改革圣地
2012年12月15日 14:21
来源:凤凰卫视


核心提示:中共中央总书记习近平上任未久就展开了南巡,在莲花山上向邓小平敬献花篮致意,他也表示改革开放是共产党必须要坚持的方针。

Will 2013 Be a Comeback Year for RIM?


Equities to recover in 2013



Why China is Talking Tough


What Do the Charts Say?


The State of RIM: One-On-One With the CEO


Wednesday, December 26, 2012

曾渊沧:慎炒公用股 长线收息才是正道

过去三个月,恒指一路向上,连升数月。一些散户很担心股市升的太多,因此一遇上调整就马上卖掉。卖掉之后不久又后悔,发觉所卖掉的股票股价没再下跌,又回升了。回升初期,心中不断地希望股价再回跌,但是股价都没回跌,或者回跌幅度不够,未跌至自己的售价。三心两意的拖了一些时候,股价远远抛高了自己的售价。这时候,这些散户只有两条路走,一是算了,去寻找新的股来炒,二是高价再追入。

恒指一路向上,越来越靠近许多散户心中的2012年年底的目标位,即23000关。越靠近就越反覆。同时受美股及中国A股的影响。早上开市受美股影响,开市后走势受A股影响。尽管美股高收,恒指高开,但如果A股不济,最终恒指可能低收或将上午的升幅打个五折。

China warns of rising financial risks

China warns of rising financial risks

China's financial system is facing increasing risks due to soaring bank loans, with lending to the property sector and local governments a particular concern. -AFP

Wed, Dec 26, 2012
AFP

BEIJING - China's financial system is facing increasing risks due to soaring bank loans, with lending to the property sector and local governments a particular concern, the finance ministry warned Wednesday.

Bank lending has been rising "at a high speed" in recent years and the quality is yet to be tested, Li Yong, vice finance minister, was quoted in a statement as saying.

Daiwa CEO Sees 2013 Nikkei Rally on Abe Economy Boost


Daiwa CEO Sees 2013 Nikkei Rally on Abe Economy Boost

Japan's Nikkei stock average could rally nearly 30 percent in 2013 due to an aggressive push to reflate the economy under the country's new premier, the chief executive of Daiwa SecuritiesGroup told Reuters in an interview.

While securities executives are known for their bullish market predictions, the comments from Takashi Hibino reflect an optimism among business leaders that the policies of Shinzo Abe will give Japan's sluggish economy a needed jolt.

Abe, who is set to become prime minister on Wednesday after his opposition Liberal Democratic Party won this month's lower house election, is a proponent of fiscal expansion and aggressive monetary policy to defeat deflation, which has sapped the world's third-largest economy for nearly two decades.

中國促進城鎮化帶動20兆投資

中國促進城鎮化帶動20兆投資
Created 12/26/2012 - 18:14
(中國‧北京26日訊)中國發改委官員透露,由國家發改委主導的《促進城鎮化健康發展規劃(2011-2020年)》初稿已編製完成,可望在近期內公佈,該規劃稱,城鎮化將在未來10年帶動人民幣40兆元(約20兆令吉)的投資。

中國日前召開的中央經濟工作會議首次將“城鎮化"單獨列為主要任務,確立城鎮化對推動經濟成長的重要性。

中國全國工商聯房地產商會會長聶梅生表示,“40兆"據說是按照每年1千萬人進城、人均年投資人民幣4萬元計算出來的結果,其實很模糊;“城鎮化帶來的投資,主要是基建、城市教育醫療衛生等配套,還有相關產業的投資"。

高清服務與網絡電視需求增‧ASTRO營收具成長空間


高清服務與網絡電視需求增‧ASTRO營收具成長空間
Created 12/26/2012 - 17:29
(吉隆坡26日訊)由於ASTRO公司(ASTRO,6399,主板貿服組)的用戶正逐步轉移至高清平台,加上該公司進軍網絡電視(IPTV)可刺激新需求,分析員看好該公司的營收將有更多的成長空間。

僑豐研究指出,ASTRO公司的高清服務取得良好簽購率,在2013財政年第三季,65%的B.yond機上盒用戶(STB)已簽購此服務,這將可帶動其用戶平均收益(ARPU)增加20令吉。

目前,共180萬用戶已轉移至高清平台(佔用戶的55%比重),管理層有意在2014財政年杪將用戶完全升級至高清平台,雖然短期內可能影響盈利,但長期而言將可帶來更高的經常性營收。

新股上市 旧街场白咖啡微涨


新股上市 旧街场白咖啡微涨
Created 12/26/2012 - 11:14
(吉隆坡24日讯)随着新股上市,旧街场白咖啡(OldTown,5201,主板贸服股)股价涨1仙。

旧街场白咖啡之前以每股1.95令吉发行的3300万新股今日正式上市,这批新股占现有3亿3000万股发行股本10%。

旧街场白咖啡今早以2.14令吉报开,休市时报2.16令吉,涨1仙或0.46%;全日收报2.17令吉,扬2仙或0.93%,成交量达90万800股。

据肯纳格投资研究分析员,新股上市将筹集6440万令吉现金,从而将旧街场白咖啡的净现金增加至1亿2870万令吉。

M&A Securities maintains Hold on MAS, target price 86 sen

M&A Securities maintains Hold on MAS, target price 86 sen
Business & Markets 2012
Written by theedgemalaysia.com  
Wednesday, 26 December 2012 09:36

KUALA LUMPUR (Dec 26):  M&A Securities has maintained its Hold rating on MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) at 64 sen with a target price of 86 sen after the airline notified its passengers travelling to London that public transport operators in Heathrow will be running reduced timetables, particularly on Christmas Day and Boxing Day.

The airline had said on Christmas Day, most public transport systems (bus/underground/train) to and from Heathrow would be closed or will operate a very limited service MAS flies twice daily to London from Kuala Lumpur.

“Flight MH4 departs Kuala Lumpur International Airport at 10.45am daily and arrives London Heathrow the same day at 4.15pm while flight MH2 departs KLIA at 11.40pm and arrives in London at 5.50am the following day,” it said.

FGV falls as cornerstone investors free to sell


Focus FGV falls as cornerstone investors free to sell
Business & Markets 2012
Written by Mohd Kamarul Azhar of theedgemalaysia.com  
Wednesday, 26 December 2012 12:27

KUALA LUMPUR (Dec 26): The share price of Felda Global Ventures Holdings Bhd (FGV) declined for the second consecutive day as sentiment was clouded by the fact that the moratorium imposed on cornerstone investors is said to have ended today (Wednesday).

According to a note by HwangDBS Vickers Research, FGV's initial public offering (IPO) cornerstone investors "will be free to sell their shares today following the expiration of a moratorium period".

A part of the IPO of FGV on June 27, all 10 cornerstone investors were required to hold on to their shares for six months to provide stability to the stock performance.

Daiwa CEO sees 2013 Nikkei rally on Abe economy boost


The Star Online > Business
Published: Wednesday December 26, 2012 MYT 11:25:00 AM
Updated: Wednesday December 26, 2012 MYT 11:57:25 AM
Daiwa CEO sees 2013 Nikkei rally on Abe economy boost

TOKYO: Japan's Nikkei stock average could rally nearly 30 percent in 2013 due to an aggressive push to reflate the economy under the country's new premier, the chief executive of Daiwa Securities Group told Reuters in an interview.

While securities executives are known for their bullish market predictions, the comments from Takashi Hibino reflect an optimism among business leaders that the policies of Shinzo Abe will give Japan's sluggish economy a needed jolt.

LIPPO MALLS INDO RETAIL TRUST : ORGANIC AND INORGANIC GROWTH (OCBC)


LIPPO MALLS INDO RETAIL TRUST
Fair value S$0.52
add: 12m dividend forecast S$0.042
versus: Current price S$0.465

ORGANIC AND INORGANIC GROWTH
• Indonesian retail play
• Above-expectations performance
• Maintain BUY

Climbing rents
Indonesia’s real GDP is expected to grow at 6.0% and 6.3% in 2012 and 2013, respectively, according to Bloomberg. LMIRT will benefit from the growth in the middle class population. According to management, rents for most tenants are rising by ~5% p.a., while rents for anchor tenants are increasing by ~3% p.a. As at 30 Sep, LMIRT’s overall occupancy rate remained flat at 94.8% vs. 94.7% at 30 Jun. This is significantly higher than Indonesia’s retail industry average rate of ~88.1% (Jones Lang Lasalle).

FRASERS COMMERCIAL TRUST: WELL-POSITIONED FOR GROWTH (OCBC)

FRASERS COMMERCIAL TRUST
Fair 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

Transformational year
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. This was earlier than we expected, even though we had been anticipating the move. We like the transaction because 1) the Japan properties had been recording weak performance, 2) divestment would enhance the portfolio occupancy and weighted average lease to expiry, and 3) gearing ratio is expected to drop from 36.8% to 28.6% (including partial prepayment of its AUD and SGD loans), with no debt maturing until FY15. This will significantly strengthen its financial position and flexibility, and aid FCOT in seeking the release of 55 Market Street and Caroline Chisholm Centre (CCC) from its securitized pool.

FRASERS CENTREPOINT TRUST: CLEAR GROWTH VISIBILITY (OCBC)


FRASERS CENTREPOINT TRUST
Fair value S$2.13
add: 12m dividend forecast S$0.11
versus: Current price S$1.98

CLEAR GROWTH VISIBILITY
• Suburban retail mall landlord
• Strong rental uplift post AEI
• Asset injection likely in FY13

Pure suburban play
We continue to like Frasers Centrepoint Trust (FCT) for its pure suburban retail mall exposure. In our view, such malls are more resilient than prime malls to any market weakness because their rental income is derived mostly from tenants providing nondiscretionary items to households in the neighbourhood estate. At present, FCT has a portfolio of five quality suburban malls spread across various mature estates in Singapore. Hence, we expect the demand for its malls to remain robust.

FORTUNE REIT: ATTRACTIVE YIELD (OCBC)

FORTUNE REIT
Fair value HK$7.28
add: 12m dividend forecast HK$0.34
versus: Current price HK$6.43

ATTRACTIVE YIELD
• Strong 9M12, stable outlook
• Yield compression vs. physical property and peers
• Maintain BUY

Impressive 9M12
To recap, 9M12 DPU grew 23.1% YoY, the highest rate of growth in the REIT’s nine-year history. The performance was due to a three-pronged growth strategy: active lease management, yield-accretive acquisitions (e.g. FRT acuired Provident Square and Belvedere Square in mid-Feb) and asset enhancement initiatives with ROIs of at least 15%. Given stable retail space supply in the vicinity of its malls, we believe FRT has a positive operational outlook.

FIRST REIT: MAKING FURTHER HEADWAYS INTO INDONESIA (OCBC)


FIRST REIT
Fair value S$0.98
add: 12m dividend forecast S$0.073
versus: Current price S$1.04

MAKING FURTHER HEADWAYS INTO INDONESIA
• New acquisitions to boost DPU in FY13
• Robust growth prospects in Indonesia
• HOLD; unchanged FV of S$0.98

2012 a bustling year for First REIT
First REIT (FREIT) has had an eventful 2012. Its share price has performed remarkably well, appreciating 36.8% YTD; it also saw a full year’s contribution from its maiden South Korean hospital and recently finalised the acquisitions of two new Indonesian properties. This will help to boost its FY13 DPU by 4.7% as compared to FY12, based on our projections. We also believe that the partial equity financing via a private placement exercise for the aforementioned acquisitions was an astute move by management. This was because the S$0.95 placement price represented a ~20% premium to FREIT’s NAV/unit (as at 30 Sep) and did not cause excessive dilution to existing unitholders.

FAR EAST HOSPITALITY TRUST: PROPOSED ACQUISITION OF RENDEZVOUS GRAND HOTEL SINGAPORE (OCBC)

FAR EAST HOSPITALITY TRUST
Fair value S$1.02
add: 12m dividend forecast S$0.06
versus: Current price S$1.01

PROPOSED ACQUISITION OF RENDEZVOUS GRAND HOTEL SINGAPORE
• Pure Singapore hospitality play
• Rendezvous Grand Hotel Singapore
• Maintain HOLD

Largest diversified hospitality portfolio by asset value
Far East Hospitality Trust’s (FEHT) portfolio consists of 11 properties in Singapore, comprising seven hotels and four serviced residences, with a total of 2,531 rooms/units. The trust has the largest diversified hospitality portfolio in Singapore by asset value (S$2.14b).

CAPITARETAIL CHINA TRUST : STRONG CHINA RETAIL SALES FOR (OCBC)

CAPITARETAIL CHINA TRUST
Fair value S$1.56
add: 12m dividend forecast S$0.09
versus: Current price S$1.59

STRONG CHINA RETAIL SALES FOR NOV
• Pure-play mainland China retail REIT
• Good 3Q12 performance
• Recent private placement

China’s growing retail sales
According to the 12th five-year development plan for domestic trade released by China’s State Council, China aims to grow its retail sales of consumer goods at an average annual growth rate of 15% for 2011- 2015. For Nov, China registered retail sales growth of 14.9% YoY, higher than the 14.5% YoY growth in Oct and the 14.2% YoY growth in Sep. As the first and only pure-play mainland China shopping mall REIT, CRCT will benefit from the growth in China’s retail sales over the longer term.

Singapore REITs: Retail REITs – Maintain OVERWEIGHT (OCBC)



Section B: Retail REITs – Maintain OVERWEIGHT
II. Local Retail REITs: Good organic growth drivers Positive set of 3Q12 results. Local retail REITs have generally performed well in 3Q12, in line with our expectations. All of them delivered positive YoY growth in NPI, driven by strong rental reversions, higher contributions from investment properties after asset enhancement initiatives (AEIs) and, to a smaller extent, acquisitions. With the exception of CapitaMall Trust (CMT), all also raked up double-digit growth at the DPU level. However, we note that the muted performance at CMT was mainly due to the retention of S$5.9m capital as opposed to a release of S$6.2m in the prior year. If we were to exclude these effects, we estimate that DPU would possibly have grown by 16.7% YoY, topping the growth seen in other local retail REITs during the quarter.

Sturdy operational performance. On the operational front, we note that the portfolio performance has also been very stable among the local retail REITs. Notably, the subsector average occupancy inched up 0.2ppt QoQ to 97.2% despite the ongoing AEIs at most of the REITs’ portfolios. This was thanks to strong management execution and leasing initiatives at the malls, especially for the assets of Mapletree Commercial Trust (MCT). In addition, the healthy leasing activities helped to sustain the subsector weighted average lease to expiry (WALE) at 3.5 years.

金融嫻談:環球市場明年料向上

金融嫻談:環球市場明年料向上
聖誕節假期前後,市場觀望氣氛濃厚,加上基金經理大多放大假,相信港股在今年餘下的兩日半交易日變動不大。總結今年表現,恒指可謂在憂患中上升,至執筆日(二十四日)升逾兩成,表現相當不俗。展望二○一三年,雖然環球經濟仍存在不少挑戰,但由於歐央行已宣布無限量買債救市,聯儲局亦先後推出QE3及QE3.5(或稱為QE4)量寬措施,消除了歐美出現極端風險的憂慮,預料環球投資市場可向好。

日本或推無限QE
筆者對港股後市抱着樂觀態度,畢竟恒指二○一三年預測市盈率只有約10.9倍,仍低於歷史平均的12.4倍,在確認內地經濟已見底回升下,企業盈利料可持續改善,支持估值向上調整。再者,中央政府換屆後經濟政策逐漸明朗,明年將加快推動城鎮化進程,鼓勵居民消費,以拉動內需增長,減少對出口的依賴,並扶持戰略性新興產業的發展。筆者相信,內地經濟改革將全速前進,未來或迎來政策出台密集期,有助加強市場對中資股信心。而日本央行或跟隨美國步伐,祭出無限量QE,使市場流動性更充裕,料可推動港股更上一層樓,而內地經濟復甦、城鎮化,以及行業改革將成為明年的投資主題。

理財Campus:股壇好兄弟聖誕大作「薦」


理財Campus:股壇好兄弟聖誕大作「薦」
聖誕剛過,又到拆禮物的Boxing Day!這個傳說中的末日聖誕,人人都為親朋好友四出張羅禮物表達心意,其實送禮物最重要的是心意及實用性,本報亦邀得兩位股壇好兄弟,齊齊交換禮物兼拆禮物。

當然,他們亦不忘為讀者預備禮物,推薦明年必升的禮物股。

尚乘鄧聲興(Kenny)

禮物股:華夏滬深三百(03188)



比亞迪續拓太陽能發電

比亞迪續拓太陽能發電
比亞迪(01211)的太陽能業務雖然一直「勁蝕」,但公司繼續積極投資,日前在陝西省榆林市簽訂一個500兆瓦新項目。

據內地傳媒報道,榆林項目預計分三期建設,於二○一三年底將完成200兆瓦一期建設。項目建成後預計總裝機容量達到500兆瓦,將直接併入當地電網,按照內地補助標準每度1元人民幣進行售電。

比亞迪在全球儲能安裝規模已逾100兆瓦,其中包括為中國國家電網提供的36兆瓦時全球最大磷酸鐵鋰儲能電站,還包括雪佛龍在美國最大的基地CERTS的儲能項目。比亞迪的4兆瓦「南海有人無電孤島微電網」項目,亦於早前入選今年金太陽示範工程項目目錄(第二批)。

投資專題:摩根資產料中國有驚喜 葉義信:明年最愛H股

投資專題:摩根資產料中國有驚喜 葉義信:明年最愛H股

【基金經理2013展望】三之一
去年年尾歐債危機陰影瀰漫全球市場,投資者憂慮今年出現大型股災,猶幸這些「末日預言」如瑪雅人的世界末日預言一樣落空,全年港股反而上升逾兩成。末日論落空,明年工照返、股照炒,如往昔般需要專家教路,〈基金經理2013展望系列〉頭炮,訪問「去年認為入市贏面大」的「好友」摩根資產管理大中華基金經理葉義信!
記者:高明輝

葉義信認為,明年增長動力主要來自中國,「我覺得市場對北京新領導人太保守,新領導人表現會好過預期」,對新領導預期及經濟改革新政,隨時成為大牛市來臨的催化劑。他解釋,2011至2012年MSCI中國指數之所以下跌,是因為市場覺得中國經濟增長慢,若中國經濟再改革,例如進一步私有化及自由化,會出現中國增長的下集,刺激市場對中國的憧憬,MSCI中國指數市盈率(PE)可望重上13至15倍。

Don't underestimate China's luxury market


Don't underestimate China's luxury market
by Michael Silverstein 04:45 AM Dec 26, 2012
China's luxury market and the global phenomenon of "trading up" are well known. Yet when China's consumer markets recently experienced short-terms blips, several doubters promptly questioned the pace of these markets' long-term growth.

But Prada's recent financial performance suggests that any such "slowdown" is neither broad nor deep. According to The Wall Street Journal, Prada recorded a 30-per-cent year-on-year increase in net income in the third quarter of this year, with sales in China jumping up by 33 per cent year-on-year.

The company also reported a 54-per-cent year-on-year increase in sales in Europe, which Prada attributed largely to tourists. Reportedly some 50 per cent of Prada's sales to people from China occur in the fashion house's stores outside of that country.

Shipping Rates Extend Slump as Demand Declines Before Year End


Shipping Rates Extend Slump as Demand Declines Before Year End
Posted on December 23, 2012

Commodity shipping rates, heading for the lowest annual average in 26 years, slumped for a 17th day as demand declined before year-end holidays.

The Baltic Dry Index slid 1.1 percent to 700 points, according to the Baltic Exchange in London. Rates slid for three of the four vessel classes that the exchange tracks. Handysizes, the smallest monitored, gained 0.2 percent.

The gauge’s average of 921 this year would be the lowest since 1986. Owners will have to contend with a fleet of ore, coal and grain carriers expanding by 7 percent next year, almost double demand growth of 4 percent, according to data from Clarkson Plc (CKN), the world’s largest shipbroker. The exchange’s last assessments for 2012 will be published Dec. 24.

Home in on the suburbs

Home in on the suburbs

Looking to invest in real estate next year? We ask property consultants for their recommendations. -ST

Tue, Dec 25, 2012
The Straits Times

Suburban condominiums have generally fared better than those in prime districts this year, and the trend could continue into 2013.

Property analysts told The Sunday Times that their top picks for next year were mostly in the western and northern suburban regions.

Interest could also shift to districts at the city fringes.

Those who do not want city living yet want the convenience of being near the city will look to the city fringe, said DWG senior manager Lee Sze Teck.

Ringgit to appreciate against US$ in new year


The Star Online > Business
Published: Tuesday December 25, 2012 MYT 12:09:00 PM
Updated: Tuesday December 25, 2012 MYT 12:25:32 PM

Ringgit to appreciate against US$ in new year

KUALA LUMPUR: The ringgit is expected to see marginal appreciation against the US dollar next year buoyed by steady internal and external growth forecast, analysts said.

Alliance Research said in view of the anticipated steady growth, along with ample room in policy in the event of an unexpected global slowdown, it expected the ringgit to appreciate slightly to 2.95 against the greenback by end-2013.

"Compared with regional peers, there is potential to see stronger cross rates due to better domestic growth prospects and higher real interest rate differential vis-a-vis advanced economies," it said.

A Long-Term View of the Fiscal Cliff Impact


五大利好聚集 沪指突破整理平台


“城镇化”成研报热词 地产建材“利好最多”


城镇化概念股分化 房地产和消费板块可长期关注


World Bank: China's Slowdown Has Bottomed Out


Cramer's Six in 60: Coffee Bull Market Back


Bullish on Facebook in 2013?


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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