Saturday, January 5, 2013

沽空A股 大鱷搵定後路


沽空A股 大鱷搵定後路
A股近期氣勢如虹,愈升愈有,市場消息透露,有對沖基金開始沽空A股作對沖風險,並且申購實物A股ETF的基金單位作為平倉「貨源」,並且希望發行商可以申請更多RQFII(人民幣合格境外投資者)額度,提供對沖基金借貨沽空。

據了解,A股於長假前升勢凌厲,對沖基金於長假後部署空倉對沖風險,為免觸動現貨市場價格,對沖基金也選擇直接申購實物A股ETF單位,為沽空貨源作「兩手準備」。

「空軍」昨日集中以南方A50(02822)及華夏滬深300(03188)為沽空目標,沽空金額合共5.458億元。有實物A股ETF發行商表示,理論上對沖基金的確可以利用申購基金單位作沽空貨源。「背後可能這樣(沽空),但我們不會看到客戶(申購)的背後原因。」

周末理財:黃金狂牛走近盡頭 今年只宜炒最後一轉

周末理財:黃金狂牛走近盡頭 今年只宜炒最後一轉

剛過去的2012年金價按年上漲7%,以每盎斯1675美元收爐,實現連升12年的神話。新一年能否延續走勢?綜合多位專家看法,金市將不再好景,尤其上半年焦點轉移至股市債市,部份甚至斷言金價今年見頂後進入熊市;即使黃金「大好友」亦只建議「炒多一轉」,靜待金價回落至1600美元才吸納,年中後回升至1800美元的高位即盡沽套現。
記者:李芳芳

金價自2000年低於300美元便開始進入上升軌道,至2008年爆發金融海嘯,暴露一系列紙質資產的缺陷,即使風險低如「AAA」評級的國家主權債券亦受到質疑,凸顯了黃金的避險角色,令金價加速飆升逾一倍,觸及2011年9月的歷史高位1900美元。

聯儲QE恐今年收檔

聯儲QE恐今年收檔

美國聯儲局最新會議記錄再度掀起美國提早退市憂慮,而一項調查更顯示,近40%受訪投資策略師及基金經理預期當局將於今年開始加息。不過,本港銀行界仍然預期,香港最優惠利率要待一五年才會跟隨美息回升。分析指出,美國聯儲局會採取「先退市、後加息」的步伐,其中亦需時讓資產負債表收縮至正常水平。

聯儲局去年十二月十一至十二日的會議記錄顯示,12名具投票權的聯邦公開市場委員會(FOMC)成員中,「少數」成員希望持續買債直至今年底,另外「少數」成員支持寬鬆幣策的成員則未有提出結束時間表,反觀有「數名」成員認為應早於今年底前放慢甚至停止買債,另有極少數認為應即時停止買債。


冀保持獲利‧馬航積極落實改革


冀保持獲利‧馬航積極落實改革
Created 01/04/2013 - 10:00
(吉隆坡3日訊)馬航(MAS,3786,主板貿服組)放眼積極落實一年前宣佈的業務改革計劃,以捍衛上財政年正面財務趨勢。

該公司首席執行員阿末佐哈里表示,馬航將於今年加速落實商業計劃,如加倍著重於積極行銷和促銷策略,以及產能管理效率,希望藉此提昇營業額和賺幅。

他補充,即將於機隊翻新項目下陸續遞送的節油飛機,以及下月1日正式加入Oneworld聯盟,估計對改善產品和服務素質有所幫助。

CapitaLand-to-reassess-investments-in-India-Mideast-and-London


A Recap Of 2012 Major Events Impacting STI


02 JANUARY 2013
A Recap Of 2012 Major Events Impacting STI
By Nicholas Tan

As we enter into the New Year 2013, let us take a ride back in-time to revisit the major events which have caused a “roller-coaster” effect on the Straits Times Index (STI) for the past year.

Jan 2012 – DJIA Rally Lifts STI

A strong start to the New Year for the Dow Jones Industrial Average (DJIA) led by an improving US economy which reported jobs data, ranging from an increase in private sector employment, lower December 2011 unemployment figure and a decrease in weekly jobless claims, greatly improved sentiments on the local bourse as the STI gained about 200 points for the month.

Feb 2012 – European Central Bank’s Long-Term Refinancing Operations

低息環境存變數 買高息股宜審慎

低息環境存變數 買高息股宜審慎
2013年1月2日
【明報專訊】金融海嘯後,全球流動性大增,與此同時,風險胃納下降,資金湧入債市避險,美德等地國債債息曾跌至歷史低位,面對低息環境持續,資金不得不找尋其他出路,令業務現金流佳、派息穩定的股份也成為寵兒。具高息及資產增值概念的房產信託更無論逆市順市皆升,部分老牌本地薑也受捧。客觀的大環境今年暫未見逆轉象,表現上高息股仍有前景,但老調已出現小變奏,入市要更審慎。

未來息率變化 不確定性增加

聯儲局在2012年最後一次議息會議後,一如預期加碼推出量化寬鬆措施(QE),但刪除了維持超低利率至少到2015年中的承諾,並改為只要失業率維持在6.5%以上,未來1、2年通脹率預計不高於2.5%,將維持利率在超低水平,令市場對利率共識起了微妙變化。

This Guy Turned $20K Into $2 Million (You Can, Too)


Olam: Balance Sheet `Strongest Since IPO'


Thai-tycoon-gets-more-time-to-bid-for-Singapores-F&N


Private-home-prices-up-18-onquarter-in-Q4-2012


HDB-resale-prices-up-25-onquarter-in-Q4-2012


Tambun Indah to launch more projects in Penang

Tambun Indah to launch more projects in Penang
By Roziana Hamsawi
roziana@nstp.com.my
2013/01/02

PROPERTY developer Tambun Indah Land Bhd targets to launch at least five new projects in the first half of this year, with a total gross development value (GDV) of RM252.9 million.

All of the projects will be in Penang, where the company has been active in recent years and will continue to do so, as it taps into the growing Penang property market.

The company is actively looking for new land banks in the Klang Valley and other areas where it can develop future projects, either on its own or in collaboration with joint-venture partnerships.

巴菲特投资三十六计之七:远交近攻

“巴菲特投资36计”之七:远交近攻
2010-12-27 来源:上海证券报 作者:⊙刘建位

http://paper.cnstock.com/html/2010-12/27/content_71397.htm
远交近攻,语出《战国策·秦策》:范雎曰:“王不如远交而近攻,得寸,则王之寸;得尺,亦王之尺也。”
三十六计原文为:形禁势格。利从近取,害以远隔。上火下泽。

巴菲特在投资中非常强调运用远交近攻一计。远交,就是远离你能力圈的公司股票,只是神交,远远避之。近攻,就是只投资你能力圈内的公司股票,越熟悉越了解越有把握,越优先投资,越重点投资。所以,巴菲特其实把远交近攻改成更现实的远避近取。
第一,形禁势格:你的能力圈范围是有限的。

Muhibbah shares already reflect APH losses


Muhibbah shares already reflect APH losses
Business & Markets 2012

Written by Insider Asia  
Friday, 04 January 2013 09:26

In the near term, issues at Asia Petroleum Hub Sdn Bhd (APH) will continue to haunt MUHIBBAH ENGINEERING (M) BHD [] (87 sen). The company has taken legal action against ZAQ CONSTRUCTION [] Sdn Bhd, the main contractor for the APH project, to recover progressive claims related to work done for the project.

APH was wound up on Oct 19, 2012. The Official Receiver appointed by the court convened a creditors’ meeting on Nov 12, 2012. Following the meeting, it will make an application to the court to fix a hearing date for the determination of the appointment of a private liquidator.

Exciting times ahead for M-REITs


Exciting times ahead for M-REITs
By Sharen Kaur
2013/01/02

ROBUST: Combined market capitalisation set to exceed RM35 billion with entry of KLCCP Stapled Group
THE Malaysian real estate investment trust (M-REITS) industry may see exciting times ahead as visibility and investability improves among international funds, says industry players.

The most promising factors for growth, however, will be the successful conclusion of the general election, said Axis REIT Managers Bhd executive director and chief executive officer, Datuk Stewart LaBrooy.

He said other positives for 2013 include the introduction of the Goods and Services Tax, which will improve government revenue, and Economic Transformation Programme projects, which will continue to boost the construction sector.

Challenging times ahead


Challenging times ahead

2012/12/31

Malaysia’s palm oil exports are expected to shrink to about RM70 billion this year. Refiners explain to OOI TEE CHING how overseas policy changes have and will continue to shape export trends
SEPTEMBER 11 2011 is the date Palm Oil Refiners Association of Malaysia (Poram) members will always remember.

It was the day the Indonesian government announced its intention to widen the tax gap between crude and refined palm oil.

This made crude palm oil (CPO) and crude palm kernel oil very cheap for downstream businesses in Indonesia.

2013年股市策略


2013年股市策略
文: 刘选烈 (译:麦美莹) 2012年12月31日 展望
2013年的新加坡股市对投资者和投机者来说都会充满挑战。投资者和投机者都需要努力一点才可以从交易中获利。最重要是: 知多一点,想多一点!

知道多一点信息及多听取意见是投资或买卖股票的窍门。同样重要的是思考,想想我们知道的信息或意见是否可以带来回报,或已经过时,或不值得信赖。

小股方面,即那些至今还是不活跃及大部份在凯利板的股只,它们很有可能会被大股东或有兴趣的第三方活化,并有望为这些股带来新希望或是把它们私有化。其中有多只的股息获益率还超过2.5%、本益比在12倍以下及净资产值比股价还来得高,它们被私有化的机会很高。

海峡时报指数的30只成份股的表现将会不一。部份会软弱无力地停留在52周低位;部份将会继续创出52周新高。海指可能从目前的3,196 点52周高位调整后继续升高。

Singapore Grows and Averts Recession


股海宝藏:建裕珍厂 估值廉宜包装股


股海宝藏:建裕珍厂 估值廉宜包装股
Created 12/31/2012 - 13:05
建裕珍厂(KianJoo,3522,主板工业产品股)是由施氏家族于1956年成立,并于1984年9月于大马交易所上市,同年11月也在新加坡股票交易所上市。由于面对大马条例的限制,建裕珍厂1988年从新加坡除牌。

该集团的客户群遍布日本、澳洲、东协及中东国家,当然还包括国内市场。它生产各种的锡罐、铝罐、瓦楞纸箱等。它生产的罐适合于饮料、食品、漆类、食油等。

1+1>2?

随着拿督施朝全的退出,来自冠旺(Canone,5105,主板工业产品股)的两名董事加入建裕珍厂董事部,可能会为建裕珍厂带来潜在的价值,以及为两个集团创造协同作用。目前,冠旺持有建裕珍厂的32.9%股权。

2013大馬房產‧10大新趨勢


2013大馬房產‧10大新趨勢
Created 12/31/2012 - 10:42
房產的設計、格局與發展趨勢,跟隨時代的腳步不斷演進。近年來,馬來西亞在房屋特別是高檔公寓的設計、格局與配套也開始革新,並出現新的趨勢,其中一部份是參考澳洲、香港及新加坡的模式,使到房產的面貌展現百花齊放的景象。

這些年來,通過業界人士、產業行家的觀察,不難察覺房產的設計與格局已不斷在革新,這是之前未有的現象,預料未來將朝這個趨勢繼續邁進。本期文章將房產十大新趨勢綜合起來,為大家簡略敘述。

1.提供一攬子配備

香港、新加坡地少價格昂貴,許多時候,房屋發展商善用公寓寶貴的空間,讓冰箱、冷氣各置其位,不只不會阻礙空間、也整齊美觀。

CEO冷靜應變‧危機亦是契機


CEO冷靜應變‧危機亦是契機
Created 12/31/2012 - 12:27
自2008年金融海嘯以來,全球經濟風雨如晦,美國財政懸崖、歐債危機曠日持久,新興經濟體成長放緩,全球經濟原就波動異常;加上氣候變遷、各種天災不斷,時時打斷經濟復甦的步伐……。

全球經濟前景不明,區域政局新領導層更迭,大馬大選在即,大馬CEO練就了處變不驚的功力,冷靜應對和搞好基本面、同時加強競爭力,以在逆境中開創美好的未來。

對很多CEO來說,機會留給準備好的人,危機也是契機,不管是內部成長深耕不輟,或者併購與擴展業務也好,都各有精彩與契機,且聽聽他們各自表述。

成長催化劑Ⅱ併購+商業模式

马股旺气遇8煞(下) 马交所执行力定成败


马股旺气遇8煞(下) 马交所执行力定成败
Created 12/31/2012 - 12:51
虽然市场人士指大马股市散户参与率偏低、吸金魅力不足,甚至面对内忧外患,然而,大马交易所并非一筹莫展。

目前,站在马股监管最前线的马交所,见招拆招祭出6大应对方案迎接挑战。

这些举措均是朝向市场的长期发展目标,能否在未来发挥最大功效,考验着马交所的执行力。

《财经周刊》在上周从散户、外资、投资环境、上市条例等各方面,探讨马股当前面对的8大难关,本周邀得大马交易所回答各项问题,分享它的锦囊妙计。外围经济不景气,重挫投资者情绪,大马交易所坦言,挽回投资者的信心成了最大的挑战。

马交所8煞拦路(上)

马交所8煞拦路(上)
Created 12/24/2012 - 13:01
2012年马股表现优异,富时大马隆综指频创新高,多只大型首次公开募股(IPO)排队上市,促使我国股市风头一时无两,前景看似一片光明。

然而,殊不知一时的风光掩盖不了前路的崎岖,外围环境放缓、大选局势未明,马股中短期的投资情绪其实脆弱。

再深入探讨,我们发现股市散户参与率和外资比重皆偏低,大马交易所的前方有8大煞需要跨越,吸金大法备受考验。

2012年马股表现优异,富时大马隆综指频创新高,多只大型首次公开募股(IPO)排队上市,促使我国股市风头一时无两,前景看似一片光明。

吉姆·罗杰斯:水匮乏是中国最严重的问题

吉姆·罗杰斯:水匮乏是中国最严重的问题
2012-11-28 16:10:27 来源: 网易财经
网易财经2012年11月讯 他是享有盛誉的国际投资大师,他与金融大鳄索罗斯创立了令人闻之色变的量子基金,他发明了著名的罗杰斯国际商品指数。他如何看待世界和中国经济?他给中国股民什么样的投资建议?网易财经《意见中国——经济学家访谈录》专访吉姆·罗杰斯。


以下为部分访谈实录:


吉姆·罗杰斯:中国会成为21世纪最成功的国家

吉姆·罗杰斯:中国会成为21世纪最成功的国家
2012-11-28 16:09:34 来源: 网易财经

网易财经2012年11月讯 他是享有盛誉的国际投资大师,他与金融大鳄索罗斯创立了令人闻之色变的量子基金,他发明了著名的罗杰斯国际商品指数。他如何看待世界和中国经济?他给中国股民什么样的投资建议?网易财经《意见中国——经济学家访谈录》专访吉姆·罗杰斯。


以下为部分访谈实录:


吉姆·罗杰斯:世界经济会越来越糟

吉姆·罗杰斯:世界经济会越来越糟
2012-11-28 16:07:46 来源: 网易财经
网易财经2012年11月讯 他是享有盛誉的国际投资大师,他与金融大鳄索罗斯创立了令人闻之色变的量子基金,他发明了著名的罗杰斯国际商品指数。他如何看待世界和中国经济?他给中国股民什么样的投资建议?网易财经《意见中国——经济学家访谈录》专访吉姆·罗杰斯。


以下为部分访谈实录:


明年投资产业市场 应该谨慎部署策略

明年投资产业市场 应该谨慎部署策略

马来西亚政府宣布的2013年财政预算案的目标非常明确,那就是要进一步抑制炒楼风,因为政府增加了产业盈利税,但同时又放宽了买房自居的融资条件。

尽管马来西亚投资者至今对产业投资的意愿仍然非常好,但是世界一些国家的产业需求开始有放缓的迹象。

根据资料显示,新加坡和英国这两个较先进经济体的产业市场,开始出现由兴旺转为冷却的迹象。所以,有意投资产业者不妨留意一下这些先进市场情况,才来做出投资房产的决定也不迟。

英国网络房地产代理商——Rightmove于2012年12月中公布的最新数据显示,英国12月平均房屋要价指数较上月按季下降3.3%,创近3年来最大月度按季跌幅,11月为按季下降2.6%。

Is value investing still relevant?



The Key To Growth Stocks? Stop Being A Lazy Investor


The Key To Growth Stocks? Stop Being A Lazy Investor
The growth-investing landscape can certainly look crowded. Piloting through that terrain requires a deft hand. Beating the competition means leaving the beaten path.

Fortunately, going off-road is what the RidgeWorth Large Cap Growth Stock fund does best. Michael Sansoterra, who manages the $275 million fund with three colleagues, says he and his partners are conscientious not to fall into a classic growth-investing trap: Buying the same few companies that everyone owns.

Using REITS For Your Long-Term Savings


巴菲特投资三十六计之十:擒贼擒王

“巴菲特投资36计”之十:擒贼擒王
2011-01-24 来源:上海证券报 作者:⊙刘建位

http://fund.cnstock.com/jjb/201101/1120788.htm

原文为:摧其坚,夺其魁,以解其体。龙战于野,其道穷也。
古人按语说:攻胜则利不胜取。取小遗大,卒之利、将之累、帅之害、功之亏也。广其义为,解决难题时,要抓住问题的关键所在,抓住矛盾的主要方面。用杜甫的诗来比喻最是明了:挽弓当挽强,用箭当用长,射人先射马,擒贼先擒王。

KRIS資產大漲超過獻購價

KRIS資產大漲超過獻購價
(吉隆坡4日訊)配合私有化計劃,KRIS資產(KASSETS,6653,主要板工業)將于2月6日,以每股2.60令吉,進行資本回退及派發特別股息給股東;該股今日大漲甚至超過獻購價。

 該股開市先起10仙至2.65令吉,在走高至2.75令吉,漲20仙后,漲幅開始收窄,休市時暫收在2.63令吉,起8仙,半日成交量達295萬4200股。

 KRIS資產閉市時,收在2.62令吉,起7仙,成交量達570萬9700股。

 根據該公司文告指出,該股將在1月16日起,正式從馬股除牌。

 KRIS資產在早前將谷中城和The Garden購物中心以及相關資產脫售給母公司怡保花園(IGB,1597,主要板房產),並將總值將近40億令吉的資本回退給股東。

買進劵商心頭好.逆市中表現穩健 亞航可趁低吸購


買進劵商心頭好.逆市中表現穩健 亞航可趁低吸購

◆券商:艾芬投資銀行 
◆合理價:3.70令吉

新廉航馬印航空公司(Malindo Airways)今年5月即將啟業,面對同屬廉價航空,我們相信亞洲航空將因新航空公司的崛起,而面臨不小的壓力。

 再者,亞航昨日因重組檳城樞紐營運航線及調整業務,而取消今年3月4日,從檳城飛香港的航線,我們相信,儘管該公司已為遷入第2吉隆坡機場而做好準備,也無法挽回該公司股價疲軟現象。

 “但亞航股價出現疲軟現象,無疑為投資者提供一個很好的進場機會,投資者亦可趁此刻乘勝追擊。”

資本過剩效應短暫‧馬銀行資產料續膨脹


資本過剩效應短暫‧馬銀行資產料續膨脹
Created 12/31/2012 - 18:28
(吉隆坡31日訊)馬來亞銀行(MAYBANK,1155,主板金融組)連續幾季資產及盈利成長超越同儕,分析員認為私下配售的資本過剩效應只是短期,並看好該集團資產成長可超前領域,且維持高派息率。

僑豐研究指出,私下配售活動料引領該銀行超前符合巴塞爾III嚴格條規和維持成長率。

“私下配售數額僅稍微稀釋每股盈利,影響屬可管理範圍內,同時讓該集團在國家銀行未開始強制推行資本緩衝前,優先強化資本,維持高於同儕的成長率,推高盈利和股本回籌重估。"

該行預計,完成36億令吉私下配售活動後,該銀行可維持60至75%高派息率、風險加權資產增長率12%和核心第一期梯級(CT1E)9%至以上門檻。

專注海產家禽棕油‧全利可獲強勁盈利

專注海產家禽棕油‧全利可獲強勁盈利
Created 12/31/2012 - 18:27
(吉隆坡31日訊)全利資源(QL,7084,主板消費品組)專注於推動海產、家禽和棕油3大業務的發展,尤其看重印尼業務,分析員預期這些計劃可從2014財政年起貢獻強勁盈利。

僑豐研究表示,該公司鞏固國內海產和家禽業領先地位之餘,也繼續開拓越南、印尼等人口龐大的東盟市場。

“我們預計該公司的印尼海產、綜合家禽和棕油等業務將從2014財政年開始貢獻強勁盈利,協助該公司再登高峰。"

分析員指出,該公司的業務求穩為上,受此影響,其3大業務――海產、家禽和棕油在過去25年取得不俗的表現。

Bad China Bets Ruin 2012 for Asia's Star Fund Managers

Bad China Bets Ruin 2012 for Asia's Star Fund Managers

The Warren Buffetts of the East failed to live up their reputations in 2012, when big-name investment gurus made the wrong calls on China while markets in India and Southeast Asia raced ahead to rank among the top performers globally.

Between January and November this year, Franklin Templeton's Mark Mobius and Value Partners' Cheah Cheng-hye fell short of their benchmarks by the widest margins in more than a decade, data from Thomson Reuters Lipper showed.

Sustained underperformance by the top names could push investors towards cheaper, passively managed index and exchange traded funds (ETFs), a trend that has taken hold in Europe and the United States where active funds find it tougher to exceed benchmarks.

陸東今年睇27800


陸東今年睇27800
美國財政懸崖談判達成協議,在新加坡買賣的場外港股期指升破23,000點,較港周一收市漲逾300點,為港股營造好開始,加上內地新領導班子三月正式上任,可望催谷基建來刺激經濟,也為升勢增添後盾。Look's Asset Management董事總經理兼投資總監陸東對本報表示,推算出今年恒指合理值為27,800點。

陸東根據「盈利收益率差模型」(Earnings Yield Gap Model),以恒指成分股盈利率增長預測4.6%,港元風險溢價400點子,以及十年期美債孳息率2.1厘,推算出今年恒指合理值為27,800點。

Bill Gross: Stock Rally Isn't a 'Cliff' Celebration


Bill Gross Reacts to Tax Deal


施俊威:港股短期仍有上升動力?


施俊威:美避過墮崖但仍有隱憂?


Fiscal Cliff Averted, but Here's What Comes Next


Overweight on US Equities and Credit: Strategist


Asia Markets Are the Place to Invest: Strategists


More Bank Bargains in 2013?


Signs of Recovery in China


The Outlook for BRIC Nations in 2013


How to Play China


2013 Will Bring Gains for Chinese Equities


Friday, January 4, 2013

AmResearch keeps 'hold' on Padini despite keen competition


AmResearch keeps 'hold' on Padini despite keen competition
Business & Markets 2013
Written by Chittesh Shukla of theedgemalaysia.com  
Friday, 04 January 2013 16:24

KUALA LUMPUR (Dec 4): AmResearch Sdn Bhd is maintaining its ‘hold’ rating on PADINI HOLDINGS BHD [] with an unchanged target price of RM1.80 per share, based on a 10% discount to AmResearch’s discounted cash flow value, according to a report released on Friday.

“At the current level, the stock is trading at an implied price-earnings ratio (PER) of 12 times for FY13F, within its 3-year PER band and slightly above its average PER of 10 times,” AmResearch said.

“Our 'hold' recommendation is premised on a decelerating same store sales growth (SSSG) in the immediate to near term, which is a significant swing factor, in our view, given the lack of floor space availability and increased competition in the retail landscape,” the research house added.

加快推动业务 马航今年要赚钱

加快推动业务 马航今年要赚钱
Created 01/04/2013 - 08:38
(吉隆坡3日讯)透过持续和积极推行2011年12月宣布的业务计划,马航(MAS,3786,主板贸服股)放眼在今年维持正面的财务表现。

马航集团总执行长阿末昭哈里表示,今年内,该公司将继续加快实施所定下的业务计划,同时会积极提升能力管理,以及透过加强行销和宣传工作来提高营业额与回酬。

他预计,随着会取得更多节省燃油的飞机(包括空中巴士A380飞机),而且2月1日将正式加入“寰宇一家”航空公司联盟,马航在2013年将能改善旗下产品,以及为搭客提供更好的服务,从而在今年转亏为盈。

依华建台冀增持Technics至20% 争取进入董事局


依华建台冀增持Technics至20% 争取进入董事局
Created 01/04/2013 - 11:19
(八打灵再也3日讯)依华建台(Sendai,5205,主板基建股)计划增持新加坡上市公司———Technics油气有限公司股权至最少20%,并争取进入董事局以巩固地位。

《星报》引述依华建台执行主席兼集团董事经理拿督AK纳登的话说,计划最少增持Technics油气至20%,并在今年2月份正式成为后者董事。

“目前,我们持有Technics油气13.65%股权,我们也正在增购1070万股,料今年2月中旬可顺利持有18%股权。之后,我们打算在公开市场继续增购股权至20%。”

美避财崖刺激风险胃纳 亚洲央行迎战热钱

美避财崖刺激风险胃纳 亚洲央行迎战热钱
Created 01/04/2013 - 11:22
(台北3日讯)受到美国国会达成财政协议的鼓舞,亚洲货币除了日元外2日全面大涨,韩元兑美元攀至16个月来高点,韩国官员扬言采取阻升货币的措施,台湾、新加坡和泰国央行也传出进场干预。

《经济日报》报道,台北汇市2日开红盘,在热钱效应下,新台币兑美元汇率一度升破29元关卡,盘中最多时劲升1.38角,但央行强硬表态干预,市场估计央行买汇3亿美元(9.1亿令吉),终场新台币升值4.6分,以29.09元作收,创1个半月新高。

巴生厂房火灾拖累 诺申集团财测遭下修


巴生厂房火灾拖累 诺申集团财测遭下修
Created 01/04/2013 - 11:27
(吉隆坡3日讯)诺申集团(Notion,0083,主板科技股)巴生厂房新年前夕遭火灾,影响两家子公司产能及营收贡献,分析员因此下修盈利预测和目标价。

诺申集团向马交所报备,巴生主要制造厂房12月31日发生火灾,影响独资子公司Kaiten Precision(简称KPSB)和Notion Venture(简称NVSB)。

大火造成的损失包括100架数控机床(CNC),建筑面积40万平方尺的厂房有2万1000平方尺受灾。

港股癲升現空險


港股癲升現空險
A股復市前夕,港股強勢持續,恒指昨日再升86點,收報23,398點;國指全日升89點,收報11,987點,大市總成交增至893.75億元。恒指不但再創19個月盤中及收市新高,港股沽空比率亦重越10%,其中盈富基金(02800)沽空比率更罕有地升至近60%,直撲去年五月大跌市前水平。證券界認為市況風高浪急,投資者須格外留神。期指市場同樣異動,截至周三止,一月份恒指及國指期貨未平倉合約增至逾13萬及逾18萬張,反映好淡爭持仍然激烈。

中資股板塊繼續有資金追捧,內地金融股平保(02318)昨日上升2.56%;工行(01398)上升近2%;中行(03988)及建行(00939)都升逾1%。一月期指收報23,449點,升223點,高水51點,成交59,470張。即月國期收報12,038點,升197點,高水51點,成交43,251張。

環球經濟好轉 A股基本面改善

環球經濟好轉 A股基本面改善
http://paper.wenweipo.com   [2013-01-04]  
 香港文匯報訊(記者 李昌鴻、實習記者 黎玉嬌)英大證券研究所所長李大霄認為,除了A股估價低,具向全球股市追漲條件這一因素外,相較去年,今年中國及及歐美經濟均有所好轉,加上中共十八大提出至2020年GDP和民眾收入雙雙翻倍的增長目標,這些都是支撐今年A股上漲的最基本因素。

 展望2013年,中國經濟逐步回升,國際貨幣基金預計今年中國經濟增長率將為8.2%,高於去年的7.5%。博時基金認為,2013年央行繼續「實施穩健的貨幣政策,保持政策的連續性和穩定性」。目前中國經濟出現觸底反彈跡象,PMI數據持續走高,各類熱錢重新回流中國,支撐股市上漲。豐銀行大中華區首席經濟學家屈宏斌表示,從經濟基本面看,中國股市見底回升的趨勢更加明顯,貨幣政策沒有必要收緊,有足夠的流動性支持股市上漲。

投資部署:金融基建內房可看高一線


投資部署:金融基建內房可看高一線
http://paper.wenweipo.com   [2013-01-04]  

內地經濟好轉和十八大利好激勵,投資業界認為A股將迎來牛市機遇,內地投資者開戶數量也出現大幅上升,在上月的第二周,A股新增股票開戶數及基金開戶數均出現大幅上漲,雙雙突破十萬關口,回到去年以來的中上水平。對於今年的投資佈局可選哪些板塊,英大證券研究所所長李大霄認為,A、H股的金融、基建和地產等股票具有投資價值,而一些A股ETF基金和港股ETF基金等均可以投資。

 博時基金認為,如果2013年中國經濟強勁復甦,則基建、銀行等周期股機會比較多。不過,如果經濟增長的質量不高,經濟轉型相對低效,則可能出現上半年股市表現較好,下半年重回低迷的風險。如果經濟是溫和復甦,則周期性行業、成長性行業有機會輪番表現,大盤藍籌股機會也會比較多。此外,代表中國經濟轉型方向的高端裝備製造、消費、醫藥和傳媒都是挖掘高成長股票的重要方向,而城鎮化和提高經濟增長質量、提高居民收入以提升消費改善生活水準,汽車、家電、食品飲料也值得重點關注。

最新高息股排行榜

最新高息股排行榜[16:45]
2013年1月3日
目前股息率超過5厘的股份,

第1位,永恆策略(0764),股息率196.0784%

第2位,城市電訊(1137),股息率113.3603%

第3位,民生國際(0938),股息率60.9756%

投資SUN國度:博A股反高潮 買安碩A50PUT


投資SUN國度:博A股反高潮 買安碩A50PUT

昨日港股不外在高位整固,不過自己忍不住買了安碩A50中國(02823)Put,博今日A股復市反高潮。安碩A50在去年十二月三十一日收市價為11.14元,即是市場預期A股今日會升4%左右,當然這個升幅和這段期間的國指只是差不多,並非特別離譜,不過A股市場參與者結構和國外市場始終大有分別,內地投資者對於財政懸崖解困未必太興奮,加上A股早前累積升幅亦較多,獲利回吐的壓力可能較重。

更重要的是部分領先股份如內地證券行及港交所(00388)開始有回吐,雖然力度有限,至少打斷了長升長有的氣勢,而證券行股和A股氣氛息息相關,率先回落,很可能意味着反高潮的機會甚高。這個行動無論勝負,都應該會在今日收市前了結。

Axis REIT looks to grow portfolio by 20pc this year

Axis REIT looks to grow portfolio by 20pc this year

2013/01/04

KUALA LUMPUR: Axis REIT Managers Bhd (ARMB), the manager of Axis Real Estate Investment Trust (Axis REIT), aims to grow its portfolio by 20 per cent a year, amid global market uncertainties.

The company is negotiating its portfolio for 2013 and the expansion will be financed via a private placement, said its chief executive officer Datuk Steward LaBrooy.

Axis REIT is an Islamic office and industrial property trust.

Malaysia Airlines joins oneworld next month


Malaysia Airlines joins oneworld next month

2013/01/04

MALAYSIA Airlines will become the 12th member of the oneworld airline alliance from February 1 2013, adding one of commercial aviation's most frequent award winners to the world's leading quality airline alliance.

By itself, Malaysia Airlines has been consistently recognised internationally for its quality services.

Last year, the national carrier won the "World's Best Cabin Crew" award for the seventh time in 11 years, with its in-flight satay dish voted as the "Best Airline Signature Dish" by Skytrax, a UK-based world's leading airline and airport review organisation.

周大福:上半年平穩已是福

周大福:上半年平穩已是福
【專訪】

珠寶龍頭股周大福(1929),上市以來股價「潛足一年」,近日終在銷售回穩、大行唱好之下重新發力,創上市新高,力爭浮出水面。對於市場憧憬「最壞情況已過」,周大福董事總經理黃紹基接受專訪時透露,12月份銷售能延續早前的回穩走勢,但對於短期看法仍保守:「今年上半年做到『平穩』已經是福喇!我估到下半年先有比較理想的增長步伐。」

「以前食魚翅 𠵱家食粉絲」
黃紹基透露,11月至12月中銷售的確已回復增長,氣氛明顯轉好,甚至高消費豪客都有小部份「回歸」迹象,但他形容情況只能算是「平穩」,唔敢講最壞情況已過去:「我哋12至2月的比較基數仲係好高,做到平穩增長已經好好㗎喇!」

回顾2012年为海指带来冲击的重要事件


回顾2012年为海指带来冲击的重要事件
文: 陈挚文 (译:麦美莹) 2013年01月02日 展望
2012年环球发生了很多令海峡时报指数大起大落的重要事件,就让我们刚踏入2013年之际,重温一下在过去一年来发生过的大事。

2012年1月:道指涨升把海指推高
道琼斯工商指数在年初开个满堂红,由于美国的就业数据好转(私人领域的职位增多、2011年12月的失业人数回落及每周申领失业救济金的人数减少)令经济有所改善。本地股市的情绪也随着高涨,海指在1月份上升了大约200点。

2012年2月:欧洲央行推出第二轮长期再融资操作
在其第二轮长期再融资操作(LTRO)下,欧洲央行宣布将为欧元区银行提供5亿2,950万欧元贷款,目的是避免欧洲出现信贷紧缩。这将可以令其两个最大经济体意大利和西班牙把借贷成本降低,后二者正为主权债务而烦恼。另一方面,欧洲债务危机也得以避免全面蔓延开去。

黑石:標普指数今年料跌破1300点

黑石:標普指数今年料跌破1300点

(纽约3日讯)黑石集团的韦恩(Byron Wien)预测,標普500指数今年將跌破1300点,欧洲股市將下跌10%。他准確预测了去年美国股市的表现。

上证综指有望涨20%

黑石集团諮询服务部门主席韦恩在其自1986年以来每年发表的「十大意外」报告中说,金价將升至每安士1900美元,金融类股將扭转去年的升势。

他说,上证综合指数今年將上涨20%。他目前对標普500指数的预测,意味著该指数將从去年收盘水平下跌8.9%。

加速商业转型 马航冀维持盈利


加速商业转型 马航冀维持盈利
(吉隆坡3日讯)马航(MAS,3786,主板贸服股)放眼今年可维持正面的財政状况,主要由继续实施商业转型计划推动。

马航董事经理阿末佐哈里称,该公司今年將加速商业转型计划的实行,同时通过积极的营销活动和较好承载量管理,提高营业额及收益率。

他补充,耗油低的新飞机送达亦是该公司机队更新计划的一部份,其中包括將A380空中巴士加入马航机队。加上,在2月1日加入「寰宇一家」(Oneworld),因此预期2013年经过促进產品及服务后,將带来正面效益,使公司重拾获利。

阿末佐哈里对《马新社》记者披露:「马航將持续通过成本管理以降低成本,并提高生產率以获得更好的效率。」

巴生工廠失火‧NOTION淨利預測調低

巴生工廠失火‧NOTION淨利預測調低
Created 01/03/2013 - 18:42
(吉隆坡3日訊)NOTION集團(NOTION,0083,主板科技組)旗下巴生工廠在上個月31日失火,該工廠占營業額貢獻比重約10%。目前起火原因及損失尚不詳,估計100台電腦操控(CNC)機械因此報銷。

分析

由於該工廠火患,分析員紛紛將NOTION集團(NOTION,0083,主板科技組)2013年財政年淨利預測調低,並預料在真正損失尚未确定前,其股價在短期里繼續承受賣壓。

興業研究將其2013年財政年淨利預測調低7.7%至3千620萬令吉,以反映火災引起的損失,特別是營運影響,潛在供應鏈干擾及信譽風險等。

SINGAPORE RESIDENTIAL: The high-end market – spate of privatizations to come? (OCBC)

Section A. The high-end market – spate of privatizations to come?
SC Global - privatization offer at S$1.80 per share
The main shareholder of SC Global, Simon Cheong, recently made a voluntary unconditional cash offer of S$1.80 per share for all the issued ordinary share capital of SC Global. This would value SC Global for S$745m, which represents a 49.4% premium over the last traded price ($S1.205) prior to the offer, and a 15.4% premium over the book value per share (S$1.56) as of end 3Q12.

Implications for qualifying certificate (QC) penalties
The implication of privatization is that, as a non-foreign company, SC Global would be able to avoid the qualifying certificate penalties related to not selling off all units in projects two years after achieving TOP. The penalties consists of 10% of land cost, and then subsequently 8%, 16% and 24% of land cost prorated for unsold units in the first, second and third years of delay, respectively. We note that three projects, Hilltops, The Marq on Paterson Hill and Martin No. 38, has already achieved TOP and, with significant unsold units left to date, could be subjected to land cost penalties around S$70m.

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.

CapitaLand : SIGNS OF LIFE IN THE CHINESE RESIDENTIAL MARKET (OCBC)

CAPITALAND
Fair value S$4.04
add: 12m dividend forecast S$0.08
versus: Current price S$3.67

SIGNS OF LIFE IN THE CHINESE RESIDENTIAL MARKET
• Sustained uptick in Chinese home sales
• Retail conditions in China still firm
• Maintain BUY with higher S$4.04 FV

Sustained uptick in Chinese home sales
As at end-3Q12, an estimated 38% of CapitaLand’s (CAPL) total assets were exposed to China and we believe that the significant slowdown in the Chinese residential sector, in terms of price appreciation and volume, constituted considerable headwinds on the share price over 2010-2012. However, we are beginning to see signs of life in the Chinese residential space as CAPL showed a sustained uptick in the pace of sales in 2Q12 (812 units, up 329% QoQ) and 3Q12 (911 units).

第二代掌舵人长袖善舞 YTL CORPORATION BERHAD 杨忠礼集团发光发热


第二代掌舵人长袖善舞 YTL CORPORATION BERHAD 杨忠礼集团发光发热
目前马来西亚杨忠礼集团已经是一家现金充裕的财团,根据报道,它现在手握总值140亿令吉的现金储备,所以,它拥有能力私有化更多的旗下上市公司和购买更多资产。

在英国品牌顾问公司--Brand Finance公布的大马前10大品牌企业当中,杨忠礼集团(YTL Group)的YTL品牌表现不俗,因为它由前年排行第五的位置,升至今年排名第四的位置。

其实,排行第三名的联昌国际(CIMB),与排名第四名的杨忠礼集团、第5名的马银行及第6名的森那美(Sime Darby)之间的品牌价值差距不大,所以,这些公司之间的竞争是非常激烈的。

提起杨忠礼集团,当然就必须提到它的创办人丹斯里杨忠礼博士。杨忠礼是于1955年开创自己的事业,创办了杨忠礼建筑有限公司。他历经国家独立,社会建设,以至经济转型时期。他在首相拿督斯里马哈迪医生执政之后,鼓励发展工业,争取了更多生意机会。

ECS ICT to add more products to its portfolio


ECS ICT to add more products to its portfolio
Business & Markets 2012

Written by Kamarul Anwar of theedgemalaysia.com  
Friday, 28 December 2012 09:05

KUALA LUMPUR: In line with consumers’ preference for smaller, palm-sized devices, ECS ICT Bhd is increasing its product portfolio next year while growing its Enterprise Systems division.

“At present, we already distribute Apple, ASUS, Lenovo and Samsung tablet PCs. Recently, ECS ICT was awarded the distribution rights for the Google Nexus 7 PC tablet and we are constantly looking for more products to add to the range,” said managing director Foo Sen Chin in an email interview with The Edge Financial Daily.

Saizen REIT: Urban living in a class of its own (AM)


Saizen REIT:
Urban living in a class of its own
(Maintain BUY, FV: S$0.209)

· A well-diversified geographical footprint. We visited 6 of Saizen REIT’s rental properties in Fukuoka, Kumamoto and Hiroshima earlier in December and was left with a very positive overall impression. Saizen REIT has 16 properties in Kumamoto and  17 in Hiroshima, accounting for 18.3% and 13.3% of its overall rental revenue respectively. Fukuoka, meanwhile, makes up 5.2% of Saizen REIT’s rental revenue and has 10 of Saizen REIT’s rental properties. The properties we visited were a good mix of relatively old and new buildings, ranging from a property age of 6 months to 23 years.

Investment guru Jim Rogers to take up Olam rights issue

Investment guru Jim Rogers to take up Olam rights issue
2012-12-28 00:31:38.895 GMT

By melissa tan
     Dec. 28 (Straits Times) -- FAMED investment guru Jim Rogers will be subscribing to the Olam International rights issue, he told The Straits Times.

     When asked about his reasons for doing so, Singapore-based MrRogers, who spoke on the phone from Paris on Tuesday, said: "Why not?"

     Olam is at the centre of a major controversy as it aims to raise up to US$1.25 billion (S$1.5 billion) in a rights issue to fend off attacks by short-sellers led by prominent United States short-seller Carson Block.

Nam Cheong: Time to Pop the Champagne (UOBKH)


Nam Cheong Limited (NCL SP)        
Price/Tgt: S$0.255/S$0.30  
1-Yr Hi/Lo: S$0.255/0.128
Time to Pop the Champagne; Secures Sales Contract for 1 PSV and 2 AHTS Vessels

What's new?
•        Sells one PSV and two AHTS vessels.Nam Cheong has secured sale contracts for one 5,000dwt PSV and two 5,150bhp AHTS for US$56.4m. These vessels will be delivered within the next six months.

•        Clinches new customer based in Asia Pacific. The 5,000dwt PSV has been sold to a new customer providing marine services to the O&G industry in Asia Pacific. The two 5,150bhp AHTS vessels have been sold to Icon Offshore Berhad (Icon Offshore), which is one of Malaysia’s largest OSV groups. Icon Offshore has a portfolio of approximately 30 vessels providing various logistic, oil and gas services in Asia Pacific.

Oldtown plans to open 30 to 40 outlets per annum


Oldtown plans to open 30 to 40 outlets per annum
Business & Markets 2012
Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, 03 January 2013 17:35

Thursday, January 3, 2013
KUALA LUMPUR (Jan 3): Hong Leong Investment Bank (HLIB) said Oldtown Bhd plans to add 30 to 40 outlets per annum to its operation, despite it having the most number of café outlets in Malaysia.

As the franchise famous for its white coffee is enlarging its presence, the research house is initiating its coverage on Oldtown with a “buy” rating and a target price of RM2.52, said HLIB in a note today.

It added that Oldtown’s CY2013 13.7 times PER is currently trading at a discount of 9.3% compared to its peers operating in Malaysia, which average at 15.1 times.

STOCKS NEWS SINGAPORE-Olam extends rise, nears pre-Muddy Waters attack level


STOCKS NEWS SINGAPORE-Olam extends rise, nears pre-Muddy Waters attack level
Shares of Olam International Ltd rose for the second straight session, helped by an increased risk appetite for commodity stocks in a bullish market and a shot of confidence from Singapore state investor Temasek Holdings.

Shares in the commodity firm rose as much as 4.6 percent to S$1.72 and traded just below the level before Muddy Waters launched an attack on Nov. 19 on its prospects and accounting practices. The stock had fallen as much as 22 percent since the allegations.

Last week, Olam said Temasek had raised its stake in the company to 19 percent from around 16 percent before the Muddy Waters attack. Temasek is backing Olam's $1.2 billion bonds-with-warrants issue.

曾淵滄專欄 04.01.13:濠賭股飛天莫估頂


曾淵滄專欄:濠賭股飛天莫估頂 - 曾淵滄

在2007年,恒地(012)主席李兆基被香港傳媒封為亞洲股神,可惜,港股直通車被總理溫家寶喝停之後,李兆基就暫停為股民指點迷津。

去年初,李兆基復出,說買樓比不上買股,去年全年,恒指升幅比中原指數升幅略高,李兆基是猜對了。

不過,買樓的槓桿比例大,買樓者實際投資回報更高,香港人很喜歡買樓,認為買樓可以致富,其中一個主要原因就是買樓有槓桿作用,當然,槓桿作用是雙面劍,可以放大投資回報,也可以令置業者變負資產一族。

银行股估值仍低 今年料超越大市


银行股估值仍低 今年料超越大市

(吉隆坡3日讯)踏入2013年,马银行金英投行认为金融指数去年表现落后综合指数,看好2013年將超越大市,因银行股估值仍低;在国內经济成长的带动下,新一年的內需、基建投资及消费者开销皆有望稳定增长,分析员重申「增持」银行股。

马银行金英投行表示,大马国內经济环境可支撑银行业成长。

首先,市场可预见经济转型计划(ETP)新工程將接踵而至。

截至去年9月份,政府只实现了210亿令吉的转型计划投资项目,占预算中2120亿令吉总投资额不到一成。

热钱涌入 令吉长期看涨


(吉隆坡3日讯)虽然令吉在短期內將受到大选与赤字因素衝击,但隨著热钱涌入亚洲,这对令吉的长期走势非常有利。

大马债券评级机构(MARC)报告指出,隨著美国启动第三轮量化宽鬆(QE3),增加美元的流通量,並减低美国的长期利率。

在投资者找寻更高回酬的时刻,这些流入亚洲的热钱可能不会在短期內平息。

而且美国经济的稳定復甦將使美元走势疲软,但这对令吉走势是项正面消息。

在美国的財政悬崖问题获得解决之后,投资者对于新兴市场较高风险的投资项目,包括货幣的购兴提高,促使令吉在2013年的首两个交易日大幅走高,周四尾盘3.0366达兑1美元。

Healthcare demand fuelled by favourable demographics

Healthcare demand fuelled by favourable demographics
In The Edge Financial Daily Today 2012
Written by theedgemalaysia.com  
Thursday, 03 January 2013 11:40 .

Healthcare sector
Maintain overweight: Demand for private healthcare has remained resilient as a larger proportion of the working population (aged 15-64, who made up 65.4% of the total population in 2012 versus 62.8% in 2000) has helped fuel better affordability and awareness of healthcare standards.

Going into 2013, IHH Healthcare Bhd’s earnings would be underpinned by the progressive ramp-up in operations of the new Mount Novena Hospital, with phase 2 comprising 183 beds slated to come onstream by mid-2013.

MAS eyes higher revenue in 2013


MAS eyes higher revenue in 2013

2013/01/03

Malaysia Airlines eyes to maintain its positive fiscal reporting trend this year, fuelled by a consistent and aggressive implementation of its Business Plan announced in December 2011.

Group Chief Executive Officer, Ahmad Jauhari Yahya said Malaysia Airlines will continue to accelerate implementation of its Business Plan this year, with added focus on increasing revenue and yields through aggressive marketing and promotions, and better capacity management.

Notion rebounds but JCY rises, after fire


Hot Stocks Notion rebounds but JCY rises, after fire
Business & Markets 2012

Written by Chong Jin Hun of theedgemalaysia.com  
Thursday, 03 January 2013 13:10

KUALA LUMPUR (Jan 3) –  Shares of NOTION VTEC BHD [] rebounded today (Thursday) after tumbling as much as 18% a day earlier following news that a fire had gutted the hard-disk drive( HDD) component manufacturer’s factory in Klang on Monday.

At 12.30pm today, the stock ended at 76 sen with some four million shares done after rising as much as 11% or eight sen to 79 sen earlier.

美元前景看法分歧

美元前景看法分歧
Created 01/03/2013 - 12:04
(纽约2日讯)在去年取得正回报的美国规模居前的主动管理型外汇共同基金中,四家基金的经理人对于2013年美元前景的看法分歧巨大。

去年,美元兑彭博追踪的16种交易最活跃的货币中的13种货币贬值,日元表现最差,而墨西哥比索升幅最大。

随着全球经济增长率在过去三个季度跌破2%,并且各国央行维持低利率和充沛的流动性以刺激国内经济,美元贬值。

东协市场起飞 马航看好2013丰收


东协市场起飞 马航看好2013丰收
Created 01/03/2013 - 12:12
(吉隆坡2日讯)虽然马航(MAS,3786,主板贸服股)认为今年将充满挑战,但东协航空领域起飞,预料今年将会是丰收年。

马航大马和东协区域高级副总裁穆扎米尔莫哈末说:“2012年机票销售增长率介于8%至10%。我们预期,今年的机票销售增长率将受惠航班和航次增加,达10%至15%。”

专注商务乘客

他表示,2012年的东协航空领域在全球经济走下坡时仍取得很好的成绩,相信趋势能延续至今年。

满足中高档产业需求 恒大槟城推5 项目2.5 亿

满足中高档产业需求 恒大槟城推5 项目2.5 亿
Created 01/03/2013 - 12:24
(吉隆坡2日讯)恒大置地(Tambun,5191,主板产业股)今年上半年、将在槟城推介至少5个发展总值达2亿5290万令吉的新项目。

另外,公司也积极在巴生谷和其他地区寻找地库,可能独自或以联营方式发展。

恒大置地董事经理郑克生告诉《商业时报》,公司目前在槟城有300公顷未发展土地,潜在发展总值34亿令吉,预计可持续至2020年。

他表示,即将在槟城推介的新项目可满足当地对中上产业的需求。

大選攪局宜避開政治股‧馬股首季策略高息為上


大選攪局宜避開政治股‧馬股首季策略高息為上
Created 01/03/2013 - 11:22
(吉隆坡2日訊)為避免踩到“大選地雷",分析員建議在2013年首季採取抗跌策略,投資於和政治無瓜葛的高股息股項。

馬銀行表示,投資者宜適時套利,並在馬股回軟時買進基本面強勁的股項,同時因大選氛圍,投資者也可能需採取極短至中期的投資策略。

該行認為,守住持續派發高股息的投資組合是最佳的抗跌策略,如投注對政治風險敏感度較低的電訊、消費和產業投資信託。

Volatility is Your Friend!


Safety Bid Into US Dollar?


Currencies to Play in 2013


China Off to Reasonably Solid Start to 2013: ANZ


What US Markets Want in 2013?


世界经济2012年步履瞒跚201挥增速或有提升


'Apple Is Extraordinarily Cheap': Gamco's Haverty


Facebook Turnaround Hinges on Privacy, Mobile Ads


We Could See the S&P 500 Up 6% in January: Netto


Bank of America: Worst of 2011, Best of 2012…2013?


Can Facebook Monetize Mobile Users?


Thursday, January 3, 2013

名家筆陣:2013尋找無價寶

名家筆陣:2013尋找無價寶
二○一三年第一次和讀者見面,除了說聲新年快樂、財源滾滾來等「老土」賀語,更祝大家身體健康!未入正題前,先短談美國財政懸崖最新進展。大部分美國人的稅務優惠得以延續,自動減赤機制也將押後兩個月才啟動。短線而言,危機化解,全球市場也作了一個「死貓彈」。

踏入一三年前後,香港度過了天寒地涷的日子。筆者毫不猶豫多吃保暖食物,增加熱量禦寒。是否真的那麼怕涷?曾短時間住在零下二十度的地方,何會懼怕寒冷?今天主力,集中養生之道而非交易之道!

老外過年最想健康
在亞洲「走江湖」,大多數人先講「金」,但在北美工作頭十數年,老外朋友說:What Good Is Wealth Without Health?每年的新年願望,排到前列的也和健康「掛鈎」!無健康,如何算真正活過?

2013年或将成为中国股市的下跌之年

2013年或将成为中国股市的下跌之年

上证综合指数今年的强劲收尾提高了人们对中国股市在2013年表现的期望。一系列较为理想的经济数据以及人们对中国新一届领导层将更加具有改革思想所抱的希望支撑了市场人气。

不过,许多在2012年拖累中国股市表现的因素在2013年依然会存在。

虽然中国领导层中出现了新面孔,但中国经济依然面临着那些老问题。

一个重要问题是中国经济增长的可持续性──中国金融市场毕竟表现不佳,自此次全球金融危机开始以来,这一市场下跌了60%以上。

Thai tycoon gets more time to bid for Singapore's F&N

Thai tycoon gets more time to bid for Singapore's F&N

The deadline for TCC Assets, controlled by Thai drinks tycoon Charoen Sirivadhanabhakdi, "has been extended to 5.30 pm (0930 GMT) on 10 January 2013". -AFP

Wed, Jan 02, 2013
AFP

SINGAPORE - A Thai billionaire was granted another week on Wednesday to submit an improved bid for Singapore conglomerate Fraser and Neave (F&N), as an Indonesian rival waited in the wings.

The deadline for TCC Assets, controlled by Thai drinks tycoon Charoen Sirivadhanabhakdi, "has been extended to 5.30 pm (0930 GMT) on 10 January 2013" TCC said in a statement sent out to the media after the stock market closed.

Resale flat prices continue to climb

Resale flat prices continue to climb
Amid low-interest rate environment, analysts expect prices to continue to head north
by Eugene Neubronner 04:45 AM Jan 03, 2013

SINGAPORE - Resale flat prices continued their climb last year, albeit at a slower rate compared to previous years. According to flash estimates released by the Housing and Development Board (HDB) yesterday, resale flat prices rose by 2.5 per cent between October and December, compared to the third quarter.

Overall, the prices increased by about 6.6 per cent last year over the previous year, compared to double-digit spikes in 2010 and 2011. The price increase last year is the lowest since 2007, said Propnex Chief Executive Officer Mohamed Ismail.

QL’s EPS on uptrend


The Star Online > Business
Thursday January 3, 2013
QL’s EPS on uptrend

QL RESOURCES BHD
By Hwang-DBS Vickers Research
Buy (initiate)
Target price: RM4.00

WE initiate coverage on QL Resources Bhd with a “buy” rating, and a target price of RM4.

QL’s pre-tax profits had been expanding at 17% compounded annual growth rate (CAGR) over the last 10 years, driven by its core businesses as well as merger and acquisitions (Boilermech and Lay Hong).

Maybank IB Research eyes 2013 year-end KLCI target of 1,710 points

Maybank IB Research eyes 2013 year-end KLCI target of 1,710 points
Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com  
Wednesday, 02 January 2013 09:32

KUALA LUMPUR (Jan 2): Maybank IB Research is eyeing 2013 year-end target of 1,710 points for the FBM KLCI based on 13.5 times 12M forward earnings.

In a strategy note Wednesday, the research house said it expects Malaysian equities to weaken ahead of the 13GE but to pick up in 2H13.

“We would however advise investors to buy strong fundamental stocks when the broader market weakens.

“There is scope for a re-rating for Malaysian equities; we would be more constructive post the 13GE,” it said.

房產俱乐部兴起 推升產业价格

房產俱乐部兴起 推升產业价格

(吉隆坡2日讯)经济不景气,促使追求高收益的投资者瞄准我国房地產市场,催生了每月需上缴数百令吉的『房產投资者俱乐部』如雨后春笋般成立。

网络媒体《马来西亚局內人》引述大马房市专家何振顺回应表示,股票市场不稳定,產业投资活动吸引投资者目光,让房產俱乐部兴起。

何振顺指出,同类俱乐部在国內早年只是少数。从早期的1至2家,至今增至5至6家,每家俱乐部的会员更增至400至600人左右。

「这或许是因为投资者都普遍认同,產业是更加稳定的投资选项。」他认为这些新兴起的俱乐部,多少助长了国內蓬勃发展的房產业市场。

MAS sees positive 2013


MAS sees positive 2013
Business & Markets 2012
Written by Ben Shane Lim of theedgemalaysia.com  
Wednesday, 02 January 2013 09:48

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) expects 2013 to be a challenging but positive year for the national carrier, underpinned by expectations of a buoyant market for airlines within Asean.

“Ticket sales in 2012 grew by about 8% to 10%. This year we expect sales to grow by 10% to 15%, driven by increased frequencies and the addition of a new route,” said MAS’ regional senior vice-president of Malaysia and Asean Muzammil Mohamad.
His optimism for 2013 stems from the fact that the Asean region continues to be one of the most buoyant markets for airline operators, especially with the economic slowdown in other parts of the world.

投資SUN角度:大漲小回成趨勢 勇字行頭是股神


投資SUN角度:大漲小回成趨勢 勇字行頭是股神

昨日高開之後,自己非但未有獲利回吐,反而又再疊上去,很久未見過這種散戶基金經理全線睇好,居然亦求仁得仁的市況。作為職業操盤人,永遠會顧慮和指數賽跑的問題,有時候的確是以炒到爆煲為止的心態來行動。

在不算有太多重磅藍籌在手的情況下,能夠跟得貼恒指並不容易,靠的是大股衍生工具的槓桿威力,以及有運揀中有動力突破的中型股,暫時過關,但心裏並不太舒服,理由是未曾找到一套打防守的機制,只是無甚章法和市場鬥湧一段。

財崖終過關 債限埋危機

財崖終過關 債限埋危機

繼美國參議院後,由共和黨把持的眾議院在美國時間元旦日結束前不足一小時,投票通過化解財政懸崖的折衷方案,同意延長絕大部分家庭的稅務寬免,交由總統奧巴馬簽署立法。雖然美國暫時避過一劫,但共和黨在發債上限議題埋下新戰線,墮崖危機恐捲土重來。

眾院共和黨人內訌

有別於方案在參議院以大比數過關的情況,眾議院以257票贊成對167票反對通過折衷方案。不過,投票結果顯示共和黨領袖意見分歧,眾議院多數黨領袖坎托投下反對票,反觀眾議院議長博爾納投贊成票,早前大選中擔當共和黨副總統候選人的瑞安同樣支持方案。

2013輪到散戶發威


2013輪到散戶發威

新一年港股攞盡頭威,昨位列二十大升幅榜的認購證(Call輪)及牛證均爆升逾倍,粗略估計好倉投資者昨單日賺逾2.4億元。有散戶魚缸經理指,昨日散戶只要在上午跟大市升勢入市,買入恒指認購證,並即日沽貨離場的話,可以說「十個散戶炒輪十個賺」。

港交所購證爆升11倍

受惠恒指昨急升逾650點,二十大升幅窩輪全線升幅以倍數計,相關資產主要為正股升7.5%的港交所(00388)、升5.1%的平保(02318)、以及升7.4%的兗州煤業(01171)。其中,一隻港交所購證更爆升11.6倍,成交金額近390萬元。

Shipping set to lose as fuel costs rise


Shipping set to lose as fuel costs rise
04:45 AM Jan 03, 2013
LONDON - Accelerating world trade means merchant ships will burn the most fuel oil ever this year, driving ship owners' biggest cost to a record at a time when the industry is facing a glut of capacity that is hitting profitability.

Demand for bunker fuel will rise 2.2 per cent to 3.37 million barrels a day, according to Vienna-based research company JBC Energy. Prices will gain by the same amount to an all-time high of US$690 (S$840) a metric ton, according to industry consultant McQuilling Services.

Bunker prices in Singapore, the largest refuelling port, averaged US$664.10 a ton last year, the most in at least a decade, according to data compiled by Bloomberg.

Steel industry adjusts to reality after the boom


Steel industry adjusts to reality after the boom
Business & Markets 2012

Written by FT  
Friday, 28 December 2012 08:52

The heady period for global growth experienced by the steel industry in the first part of the past decade is looking increasingly like an aberration, as industry executives start to acclimatise themselves to the new reality for the sector.

A Financial Times poll of 20 industry managers and analysts predicts that rises in demand and prices will be subdued in 2013, leading to a continuation of the current difficult period for steel company profits.

“We will see another year of weak earnings for steel producers in key regions, especially Europe, which suffers from chronic oversupply,” says Tom O’Hara, an analyst at Citigroup.

CHINA Market Outlook 2013: Turning the corner (CIMB)

CHINA
Turning the corner
Economic growth slowed to 7.4% yoy in 3Q12
Although weaker external demand exacerbated by softer domestic growth drivers caused 3Q12 GDP growth to ease to 7.4% yoy, the slowest annual growth since 1Q09’s 6.6%, the risk of a hard landing has eased, given signs that the economy has stabilised. Firmer growth momentum in 4Q12/2013 is supported by the anticipated positive effect of sustained calibrated measures already implemented as well as perceived improvement in the global economy. We maintain our growth estimates of 7.8% for 2012 and “about 8.0%” for 2013.

Less worried about inflation
As widely expected, inflation continued its descent from an average of 5.4% yoy in 2H11 to 3.3% in 1H12 and an estimated 2.0% in 2H12. While supply disruptions and festive demand may lift prices in Dec 12/Jan 13, overall inflation should remain temperate. We maintain our CPI forecasts of 2.5% for 2012 and 1.8-2.0% for 2013.

SINGAPORE Market Outlook 2013: Domestic restructuring pains (CIMB)


SINGAPORE
Domestic restructuring pains
Government lowers 2012GDP growth estimate again…
Growth momentum weakened in 3Q12 due to a sharp slowdown in manufacturing output and slower service-sector growth, lowering 9M12 GDP growth to 1.4% yoy (+2.0% in 1H12; +5.3% in 9M11). Less confident about growth prospects, the government narrowed its 2012 GDP growth forecast from 1.5-2.5% to “about 1.5%.” It projects 1.0-3.0% GDP growth for 2013, citing an uncertain global outlook. We project real GDP growth of 2.0% in 2013 (from an estimated 1.5% in 2012).

…and cuts trade growth outlooktoo
2012-13 trade and non-oil domestic exports (NODX) forecasts were also cut. Total trade is projected to expand 3.0-4.0% this year vs. its previous forecast of 4.0-5.0% (10M12: +2.1%). The 2012 NODX growth assumption has been lowered from 4.0-5.0% to 2.0-3.0% (10M12: +2.7%). For 2013, given subdued global demand, NODX growth is projected at 2.0-4.0% while total trade is expected to expand 3.0-5.0%. We concur with these latest official estimates.

MALAYSIA Market Outlook 2013 : Ramping up investment (CIMB)

MALAYSIA
Ramping up investment
Gravity-defying 2012; 2013 outlook positive
The Malaysian economy has been rather resilient in the face of unfavourable global conditions. Even tempered by an export slowdown, real GDP is estimated to grow by 5.2% this year, supported by robust private consumption (+7.9% in 2012) and stronger-than-expected investment (+21.1% in 2012). Moving into 2013, GDP growth should remain hinged on the stimulation of domestic demand. The continuation of RM6.2bn cash handouts and rebates, personal tax cuts, a RM2.2bn bonus payout to 1.4m civil servants as well as the accelerated implementation of Economic Transformation Programme (ETP) projects should support growth. We expect the economy to expand 5.5% in 2013. Downside risks are a further deterioration of the external environment and general-election risks in Malaysia.

Market Outlook 2013: In the shadows of the fiscal cliff (CIMB)


In the shadows of the fiscal cliff
Our outlook for the global economy remains one of moderate but bumpy growth, at least for1H13. At this point, a global recession appears less imminent but cannot be ruled out completely as this is conditional on policy actions in the US and eurozone being effective in holding down tail risks and making headway in restoring fiscal and debt sustainability. We believe that Asian economies' underlying fundamentals will sustain their growth trajectories.

Coping with bumpy global growth...
The global economy ended 2012 on a mixed tone, albeit with a weakening bias. The G-3 were the weaker economies while Asia continued on its growth trajectory, thanks to unwavering domestic demand. For 2013, we expect bumpy global growth, with Asia still leading the pack. At this point, a global recession appears less imminent.

Stock Picks of the Day - Zhulian Corporation Berhad ("ZHULIAN")


Stock Picks of the Day -
Zhulian Corporation Berhad ("ZHULIAN")
Price Target : 2.98
Last Price : 2.86

Recall that on the 7 December 2012, we called a technical buy on ZHULIAN at RM2.73. Since then, the share price had  been rising fairly slow. Recall that the stock rose to a high of just  RM2.80, the stock

retreating to the trend line support of RM2.70 of late. However, we continue to like the stock for its obvious cyclical patterns over the past year, and we believe that the next up-leg is already in the making. The stock has staged a strong upswing to RM2.81 yesterday. We noticed that each upward cycle spans roughly two months, and share price rise 43 sen after each resistance breakout. Using history as a guide, we have set our
sights on RM2.98, or 5 sen below the price projection following the earlier buy signal. We reckon that traders should look to buy into the stock with a stop-loss below the trend line at RM2.65.

Technics Oil & Gas: Bucking the trend with a premium placement (OCBC)


Technics Oil & Gas: Bucking the trend with a premium placement
(BUY,  S$1.03,  TP:  S$1.15)
Technics announced that it will place 10.7m shares to Eversendai Corporation Bhd at $1.05 per share, which is a 2% premium to yesterday’s average trading price. Bucking the recent trend of placements at discounts, this indicates Eversendai’s confidence in Technics’ prospects and attractive valuation.  We maintain our Buy call with a lowered TP of $1.15. Getting closer to 20%. With this placement, Eversendai will now own 40.3m shares in Technics Oil & Gas, bringing its stake up to 17.96% of the enlarged share capital. Eversendai now needs to purchase another 4.6m shares on the open market to  begin equity accounting of their new associate and to likely acquire a board seat.

Good investment for Eversendai. Though it is paying a slight premium, this investment comes with triple benefits: i) 5.7% dividend yield; ii) equity accounting of Technics’ profits improving their bottom line, and; iii) entry into the lucrative oil & gas industry with a reliable partner. Their willingness to pay a small premium, compared to other placements recently that went at discounts, indicates their confidence in Technics’ prospects and attractive valuation.

Nam Cheong: It IS a Merry Christmas!

Nam Cheong: It IS a Merry Christmas!
(BUY,  S$0.255,  TP:  S$0.30)

Nam Cheong announced that it has sold three vessels – a 5,000dwt PSV and two 5,150bhp AHTS – for a total value of US$56.4m. This brings the total number of vessels sold this year to a record 21, with a record gross order book of RM1.45b. We maintain our Buy call with a TP of $0.30.

But no more 5,150bhp AHTS available for 2013?  Astute investors would notice that Nam Cheong just pulled off a small miracle – selling the two AHTS vessels for 1Q13 delivery when all the small AHTS for 2013 have already been sold since November this year. Management clarified that the original buyers agreed to take vessels for delivery in 2014 and to give up their current 2013 orders to Icon Offshore. (See shaded lines in Figure 1.)

地產信託息高 仍有市場

地產信託息高 仍有市場

【投資價值】

內地地產市道在2012年最後一周有不錯表現,令地產信託依然有市場。踏入2013年第一日,渤海信託為無錫世貿中心第二期後期的裝修與流動資金安排了8億元(人民幣.下同)。作為一般投資者,年收益率有11.5厘,投資價值顯現。

風險仍然可控
一位內房股管理層表示,地產信託依然有市場,年收益率高於存款利率,有吸引力,內房企業亦樂得透過信託籌集資金。另一位內地銀行高級管理人稱,無論住宅還是商業項目,「價又不跌,又好像你們香港人所說樓是磚頭,地產信託風險可控。」

曾淵滄專欄 03.01.13:美免墮崖 股市起舞


曾淵滄專欄:美免墮崖 股市起舞 - 曾淵滄

美國國會終於在最後一刻完成立法,防止了一場財政懸崖危機,過去我已多次提到,這就是美國式的權力平衡,美國選民一票支持民主黨的奧巴馬當總統,另一票卻支持共和黨人入眾議院,刻意地製造國會與總統之間的牽制,以達到權力平衡,總統不得不向國會妥協,這一回美國可以避過財政懸崖,就是兩黨妥協的結果,也一定會妥協,過去許多年,很少見到真不能妥協的事。

財政懸崖危機結束,股市自然受到鼓舞,昨日那些升幅比較高的股份包括煤股、航運股,兗煤(1171)與中遠(1919)的股價表現得很不錯,在追大落後,兗煤去年股價相當高,後來經濟放緩,現貨煤大跌價,兗煤股價也就大跌,中遠更是已經跌了好幾年,過去幾年,航運業一直不景氣,現在,投資者都期望經濟復蘇會推動航運業。

馬股投資主題大選掛帥

馬股投資主題大選掛帥
Created 12/31/2012 - 19:09
2012年馬股表現落後亞洲區域同儕,排名倒數第二,惟全年綜指仍取得單位數成長,算是不過不失的走過一年。

邁入2013年之際,各路證券行分析員,已為馬股前景把脈,以圖在馬股“攀峰抄底",重組投資組合,爭攫投資良機。

綜合馬股剖析,2013年首半年,還是要看即將來臨的全國大選前後臉色,那個政黨入主布城,料將是主宰馬股,甚至大馬政經未來方向。

馬股投資者是退是進,或是暫時退場觀望,對此最為重大的大選不明朗因素,實是馬虎不得。

內銀翻身在望 交行可吼


內銀翻身在望 交行可吼
2013年1月2日
【明報專訊】2012年股價一直落後的內銀股,股價只累升13%,大幅跑輸恒指23%升幅,受累經濟放緩所引發「壞帳」風險、淨息差受壓之苦;但隨內地上季經濟回暖,相信內銀股最壞時刻已過,現價僅2013年市帳率1.1倍的歷史低谷 ,已反映負面因素,兼且中央明年推動減稅下,內銀收入將可放量增長,「風雨之後見彩虹」,預料內銀股2013年有望「翻身」,股本回報率可保持15%,合理市帳率應可重上1.2至1.5倍,追落後可吼交通銀行(3328)。

不良貸款比率 處可控範圍

內銀股中最令人擔心資產質量風險高峰期已經過去,伴內地近月製造業PMI持續處於擴張水平,企業償債能力持續改善、兼且內地融資渠道持續多元化(如信託、債券市場等),不單可彌補銀行信貸能力,亦可引入更多金融機構共同承擔信用風險,市場預料行業2013年不良貸款比率僅由0.94%升至0.96%,處可控範圍內。

捕捉2013年中國復蘇概念股

捕捉2013年中國復蘇概念股
資金流入新興市場 愈流愈多
2013年1月2日
【明報專訊】港股經歷了2012年的先苦後甜,踏入新一年,全球央行繼續放水,中國經濟結構調整帶來機遇,令股市更上一層樓,中資、國企股更會是焦點中的焦點。中國具復蘇概念的行業不少,該當如何選擇?散戶至愛內銀股潛伏多時、而高息股2012年備受追捧,角色今年會否互換?城鎮化概念帶動基建股長升長有,今年將由誰可接棒?本期《股市攻略》將為大家一一剖析。

2012年初,恒指承接反彈勢頭,升至21,760點後無以為繼,歐債危機再起波瀾,加速跌勢,到6月初已由高位大跌近兩成至18,056點。中國率先減息,歐美相繼推出救市措施,歐洲央行「屈服」作出無限購債承諾,久聞樓梯響的美國QE3、QE3.5連環出台,英國及日本加入擴大量寬規模,水淹港股,恒指再度乘浪揚帆,升上17個月高位,全年大漲4,222點或23%,報22,656點;9月才起步的國指表現較為遜色,全年也升1,500點或15%,收報11,436點。

內銀抵買 煤炭鋼鐵翻身

內銀抵買 煤炭鋼鐵翻身
基金經理及券商均主要看好今年中資股的表現。Look's Asset Management董事總經理兼投資總監陸東說:「現時內銀股抵買,當然可作為收息之選,惟其盈利增長動力有限,如財富管理產品易受利率改革等影響。」

他表示,今年將使用「啞鈴策略」(Barbell Strategy),即左右兩邊各投資高息股及高增長股,並以揀好股票為投資前提。「去年市場不看好煤炭、鋼鐵股,因股值好殘,只要這些行業需求略為回復,股價有望反彈。玻璃、水泥、航運股板塊,不排除會有兩至三成股價上落。」

至於內需股,陸東認為,大部分內需企業存在結構性問題,如體育用品股,內地消費增長動力未能追上企業銷售增長。

QL (FV RM4.05 - BUY) Stock Pick: A Good Catch


QL (FV RM4.05 - BUY)
Price Target : 4.05
Last Price : 3.10
Stock Pick: A Good Catch

QL, alrea dy a leading marine products and poultry player, is forging ahead with its expansion into highly populated ASEAN countries like Vietnam and Indonesia. We expect earnings from the group's marine, integrated poultry and palm oil operations in Indonesia to kick in strongly by FY14, taking QL's numbers to new heights. We like its resilient business and solid management. Maintain BUY, with FV unchanged at RM4.05.

25 years of uninterrupted growth. QL Resources has evolved from a livestock feed trading company with a small fishery into a successful marine and poultry egg producer with a fast-growing palm oil business. Backed by a solid business model, QL's exposure to three sustainable basic food industries has enabled it to deliver remarkable results in the last 25 years.

Malindo加入战围 航空业2013续看涨


Malindo加入战围 航空业2013续看涨
Created 01/01/2013 - 10:35

(吉隆坡31日讯)虽然面对Malindo航空加入战围,然而,航空公司领导人却认为,大马充满活力的航空领域明年预计将继续增长。

除了马航(MAS,3786,主板贸服股)与亚洲航空(AirAsia,5099,主板贸服股)换股计划在5月告吹、马航在6月迎接首架A380空中巴士、亚航近期宣布添购100架A320空中巴士外,Malindo航空今年初宣布加入战围,也震撼业界。

随着新廉航终站(klia2)预计在2013年5月投入营运,莅临大马的航空数量预测会增加,而廉价航空的竞争也会更激烈。

虽然如此,马航仍谨慎乐观看待充满挑战的环境。

STI generates a +19.7% gain in 2012


STI generates a +19.7% gain in 2012

In 2012, the Straits Times Index (STI) rebounded from its 2011 decline, generating a gain of +19.7% over the year. Dividends boost the total return of the Index to +23.5% in 2012. Over the past three years the average annualised return of the STI including dividend distributions amounted to +6.4%.

The five best performing STI stocks over 2012 were CapitaMalls Asia (JS8, +72.1%), CapitaLand (C31, +67.4%), Global Logistics Properties (MC0, +58.4%), Fraser and Neave (F99, +55.8%) and Hong Kong Land (H78, +54.4%). The five underperforming STI stocks over 2012 were Wilmar International (F34, -33.0%), Olam International (O32, -26.8%), Genting Singapore (G13, -8.9%), Golden Agri Resources (E5H, -8.4%) and Jardine Cycle & Carriage (C07, -0.3%).

專家:今年A股難有牛市


專家:今年A股難有牛市
http://paper.wenweipo.com   [2013-01-01]

 香港文匯報訊(記者 古寧 廣州報道)內地知名財經評論員葉檀日前參加一論壇時表示,2013年或將迎來各項宏觀數據的反彈,但宏觀經濟是否真正反轉向好還有待觀察。複雜經濟形勢下,應對財富縮水關鍵在於資產配置。她認為,低迷的經濟周期還沒有看到能徹底走出來的可能,A股2013年難現大行情。

珠三角等地出口仍臨考驗
 葉檀在廣州舉行的「大國論檀.黃金盛典.創富論壇2012」做上述論述的。「臨近年底,大家對未來的行情都很迷茫,我認為2013年的宏觀經濟數據一定比2012年好。」葉檀指,2012年四季度以來,內地投資量、GDP等各項經濟數據都在好轉,主要是由基礎設施投資、房地產市場上升帶來的。

MAS sees 10%-15% growth in Asean ticket sales

The Star Online > Business
Tuesday January 1, 2013

MAS sees 10%-15% growth in Asean ticket sales

By EUGENE MAHALINGAM
eugenicz@thestar.com.my

PETALING JAYA: Malaysia Airlines (MAS) expects between 10% and 15% growth in ticket sales for the Asean region this year, underpinned by new routes and travel frequencies.

“We did well in 2012. We were up between 8% and 10% in Asean ticket sales last year,” said Muzammil Mohamad, MAS regional senior vice president for Malaysia/Asean on the sidelines yesterday after a prize-giving ceremony for a contest held in conjunction with its 40th year of operations.

外资流入增7倍 马股正月有套利

外资流入增7倍 马股正月有套利

(吉隆坡31日讯)外资连续三週成为马股的净买家,而本地零售以及机构投资者则持续套利离场。MIDF研究估计套利活动將在明年1月启动,马股將承受卖压。

在刚过去的一周,外资依旧是马股的净买家。外国投资者通过公开市场,买入总额达1亿5070万令吉的股票,高於前週的9980万令吉。

综合今年数据,外资流入马股的金额约有135亿令吉,是2011年19亿令吉的7.1倍。

自2010年1月开始,外资对大马上市公司累积净买入额达308亿令吉。

在过去的一周,外资在每个交易日都是净买家,但交易量不大。

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New Surge in Housing Next Year?


How to Play Apple in 2013


Wednesday, January 2, 2013

Singapore’s economy grew 1.2% in 2012, Prime Minister Lee says

Singapore’s economy grew 1.2% in 2012, Prime Minister Lee says

Singapore’s economic expansion eased in 2012 amid weak growth in advanced nations and as companies faced hiring constraints, Prime Minister Lee Hsien Loong said.

Gross domestic product rose 1.2% in 2012, Lee said in his New Year message released in Singapore today. The growth rate Lee estimates implies a fourth-quarter GDP contraction that pushed Singapore into a technical recession, said Michael Wan, an economist at Credit Suisse Group AG.

“It’s a disappointing number,” Wan said. “We’ve seen huge weakness in the manufacturing sector for two keys reasons. One is the high exchange rate, partly because of our policy to use the exchange rate to curb inflation, and the second reason is our domestic policies when it comes to foreign workers.”

临尾反弹全年涨158.22 点 马股历史新高亮丽封关


临尾反弹全年涨158.22 点 马股历史新高亮丽封关
Created 01/01/2013 - 08:27

(吉隆坡31日讯)马股指标富时吉隆坡综合指数,今日虽全日几乎陷入下跌格局,但最后的“黄金十分钟”大显神威,临危反弹近10点以1688.95的全年最高点完美挂收,全年更是写下10.34%的涨幅,成功亮丽封关!

马股在上周五,也是今年的最后第二个交易日,大涨7.17点至1681.33点,怎料马股今日稍早前并未承接此势头继续扬升,在开低后更一度在早上9点多时陷入1673.69点的全日最低点,几乎整日浮沉于下跌格局内。

其中,领跌包括亚通(Axiata,6888,主板贸服股)和其他银行股,如马银行(Maybank,1155,主板金融股)、联昌国际(CIMB,1023,主板金融股)等。

陸東倡揸內銀股宜收息

陸東倡揸內銀股宜收息

今年值得留意的板塊,基金經理及券商報告主要看好中國經濟利好中資股,Look's Asset Management董事總經理兼投資總監陸東較看好內銀,他說:「現時內銀股抵買,可作收息之選,惟盈利增長動力有限,如財富管理產品易受利率改革等因素影響。」

今年投資策略將使用「啞鈴策略」,即左右兩邊各投資高息股及高增長股,並以揀好股票為投資前提。「去年市場並不看好的工業股如煤炭、鋼鐵股,股值跌得好殘,只要需求略為回復,股價反彈有望、下跌風險有限,玻璃、水泥、航運股板塊則不排除有20至30%股價上落。」

至於內需股,陸東認為,有大部分內需企業仍存結構性問題,如體育用品股,即使內地政府大力推動城鎮化,惟內地消費增長動力始終未能追上企業銷售增長。

Airlines positive for next year despite Malindo factor


Airlines positive for next year despite Malindo factor
Business & Markets 2012

Written by Bernama  
Monday, 31 December 2012 08:55

KUALA LUMPUR: The vibrant Malaysian aviation sector is expected to spur further growth next year with potential competition expected from new entrant, Malindo Airways, which is poised to hog the industry limelight.

The announcement of Malindo Airways’ entry, made early this year, was one of many newsmaking events that shook the industry in 2012 apart from the aborted MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) and Air Asia Bhd share swap deal in May, the delivery of MAS’ first Airbus A380 in June and a recent firm order placed by AirAsia for an additional 100 Airbus A320 aircraft.

凭单专栏:WCT-WD 登场拉低估值


凭单专栏:WCT-WD 登场拉低估值
Created 12/31/2012 - 13:05
WCT-WD在12月20日首度交易,该凭单在上市首天一度以50仙成交,但过后却无法维持那么高的价位,最终在首天交易以32.5仙闭市。

WCT(WCT,9679,主板建筑股)的其他两项凭单:WCT-WB和WCT-WC,在新凭单还未上市的时候,已经在潜在凭单供应增加之际,未能保持之前的溢价。

WCT-WB甚至面对折价交易的情况。

截至上周五闭市,WCT-WB,WCT-WC和WCT-WD分别以35.5仙,41.5仙和28.5仙交易。

WCT-WD是WCT以每5股送1新凭单派发给股东的新凭单,该公司也同时进行每20股送3股的红股计划。

3利好加持‧手套股前景大好

3利好加持‧手套股前景大好
Created 12/31/2012 - 18:49
(吉隆坡31日訊)手套股在原料、美元和需求三“穩"條件支持下,展望繼續備受看好。

僑豐研究在報告中說,考慮到原料穩步下跌、美元兌馬幣趨穩、全球需求正面,加上開銷增加並未明顯打擊手套公司,維持該領域的“加碼"建議。

該行表示,全球膠手套需求維持正面,估計可維持8%常年成長,主要歸功於衛生意識不斷提昇。

“即使沒有出現任何`不愉快的催化劑’如新的流感等,我們仍看好膠手套的需求,原因在於H1N1爆發後,消費者已經習慣使用膠手套,此外,發達國家的衛生要求嚴格、發展中國家的衛生意識提昇等,也是手套業的利好。"

MAS expects ticket sales revenue to grow 10-15% in 2013


MAS expects ticket sales revenue to grow 10-15% in 2013
Business & Markets 2012
Written by Bernama  
Monday, 31 December 2012 17:57

MAS expects ticket sales revenue to grow 10-15% in 2013 Written by Bernama

Petaling Jaya, Dec 31 (Bernama) -- Malaysia Airlines (MAS) expects revenue from ticket sales to grow between 10 per cent and 15 per cent next year, supported by new routes and increased flight frequencies.

Regional Senior Vice-President, Malaysia/Asean Muzammil Mohamad said this year, the national carrier expected growth of between eight and 10 per cent. Saying that the airline expected 2013 to be a tough but positive year, he said the airline would continue to work closely with travel partners, boost its online sales and provide more exciting offers to customers.

馬股臨尾紅盤封關


馬股臨尾紅盤封關
Created 12/31/2012 - 18:00
(吉隆坡31日訊)馬股2012年崎嶇難行,外有歐債危機逆風包圍,內有選舉等不明朗因素攪局,但富時綜合指數卻能在艱難重重中,走出數波的歷史高潮,全年交出10.34%漲幅佳績,指數以歷史高位封關。

亞股普遍受壓

美國國會與白宮財政懸崖談判仍陷殭局,投資者在局勢不確定性前選擇獲利回吐,拖累美股上週五跌逾150點,亞洲股市也普遍受壓,但馬股成功以紅盤告別2012年。

富時綜指今日以跌2.93點的1678.4點開出,1680點宣告失守,隨後在亞通(AXIATA,6888,主板貿服組)、大眾銀行(PBBANK,1295,主板金融組)等藍籌股賣壓進一步釋出下,指數跌勢進一步擴大,最低見1673.69點,挫7.64點或0.45%。

马股1688点新高封关 综指今年涨幅料有限


马股1688点新高封关 综指今年涨幅料有限

(吉隆坡31日讯)马股2012年屡创新高,让市场人士跌破眼镜之余,週一也成功以新高水平1688.95点封关。然而,在第13届大选和外围好转的现象下,市场相信料马股在2013年料会波动,但涨幅有限。

富时大马综合指数在上週五(12月28日)一度衝上1686.70的高点,最后收在1680点以上。

综指在週一以较低的1678.40点开盘,最低一度跌至1673.69点。马股在收盘前10分钟临尾拉高,从1679点衝上全日最高1688.95点,一口气拉高10点,以全日最高点结束2012年的交易。综指在週一上扬7.62点,或0.453%;全年则攀升10.34%,在区域股市中表现中规中矩,排在第8位。

Buffett on US Debt Problem: 'We'll Get It Solved'


Buffett on US Debt Problem: 'We'll Get It Solved'

Despite the intense political fighting over just the "fiscal cliff," Warren Buffett is optimistic the nation's overall debt problem will eventually be fixed.

In an interview on BBC Radio 4's "Today" program, Buffett said, "In the end, 535 people in Washington will not thwart the wishes of 312 million Americans."

"America has faced a lot tougher problems than this one. We'll get it solved."

馬航股價大跌‧是因為削資嗎?

馬航股價大跌‧是因為削資嗎?
Created 12/31/2012 - 11:58
黃先生問:削減面值是甚麼意思?會對股價造成影響嗎?以馬航(MAS,3786,主板貿服組)為例,削減面值90仙的“意思"是甚麼?股價大跌是因為這件事嗎?能否詳細說明面值對於股票的意義?

答:削減面值也稱作削資,即削減股本以減少虧損。一般上,當公司虧損擴大時,要持續經營業務,會選擇股本重組或債務重組,削資正是股本重組的一環。一家公司股本重組時,往往需要增資,投入新資金,但在投入新資金之前,必先行削減股本,再通過發行新股增資,否則新投資者不願入股增資。

美2013年房价 小摩喊涨近1成


美2013年房价 小摩喊涨近1成

《华尔街日报》报导指出,展望2013年美国房价,看涨之声连连,摩根大通银行专家预测最高將可上涨9.7%,信评机构標准普尔(S&P)则预测將涨5%。

 摩根大通的策略师辛姆(JohnSim)表示,今年美国房市的「净需求量」,为自2006年来首度突破200万户,这种增长深具说服力,促使该行分析师上修明年美国房价的最低涨幅,从原先预测的1.5%提高到3.4%,最高则可达到9.7%。

二手屋销售量减去求售房屋库存量,即为净需求量。

辛姆说:「净需求量在今年大增,而其一旦突破200万大关,房市就回到正成长。」他补充说,库存量在今年降至最少是2008年以来的低点。

發行太多公司憑單影響估價


發行太多公司憑單影響估價

溫世麟頭士-窩輪資本總執行長
www.warrants.com.my

有一些上市公司喜歡派免費憑單來獎勵股東,這些計劃雖然對股東來說是好的,可是它的現有憑單持有人的好處就未必那么明顯。

 有時候,太多新憑單反而拉低現有憑單的估價。

 最近派發新憑單的WCT工程(WCT,9679,主要板建築)就是一個派了新憑單、影響現有憑單估價案例。

 WCT-WD是WCT工程以每5股送1新憑單派發給股東的新憑單。該公司也同時進行每20股送3股的紅股計劃。

Zhulian surges 6.6pc as FBM KLCI scales new heights


Zhulian surges 6.6pc as FBM KLCI scales new heights

2012/12/31
Zhulian's monthly price trend continued to stay above its intermediate-term support.

Its weekly price trend staged a decisive breakout of its immediate overhead resistance (see Zhulian's weekly price chart B3:B4). Also, it continued to stay above its intermediate-term uptrend at the market close last Friday.

Its daily price trend staged an overhead technical breakout of its intermediate-term resistance (see Zhulian's daily price trend C3:C4) last Friday. It continued to stay above its intermediate-term support (C1:C2).

SINGAPORE RESIDENTIAL: Liquidity to underpin mass-market outlook (OCBC)


Section B. Liquidity to underpin mass-market outlook
Forecast mass market prices to appreciate 0%-5% in 2013 We forecast for mass market property prices to appreciate 0%-5% in 2013, driven mainly by an environment of continued liquidity.

Interest rates expected to stay low
From 2008, we saw interest rates decline from ~2.5% to their current levels around 0.4%. Using a S$1.0m condominium as a benchmark, the monthly mortgage payment fell from about 18% over this period from S$3.4k to S$2.6k. After the recent QE3 announcement from the US Fed in Sep 2012, we now expect interest rates to be maintained at minimal levels still at least 2015.

SINGAPORE RESIDENTIAL: SPATE OF PRIVATIZATIONS COULD COME (OCBC)


SINGAPORE RESIDENTIAL:
SPATE OF PRIVATIZATIONS COULD COME

• Privatizations could lie ahead
• Ho Bee & Wheelock possible candidates
• Mass-market sales to stay firm

Spate of privatizations could come
As indicated in our last residential sector report dated 26 Jun 2012, there is deep value embedded in high-end developer stocks. As a group, SC Global (before its privatization offer), Wing Tai and Ho Bee, are now valued at 0.76x book value, still below average levels seen over 2Q09-2Q11. Given the current environment of low borrowing costs and steep trading discounts to RNAV for high-end developers, it is likely that a spate of privatization activity lies ahead. We believe potential candidates for privatization include those are trading significantly below fair value, have a low public float, and have major holders with stakes above 50%.

Be selective when hunting for high yields and dividends

Be selective when hunting for high yields and dividends
Personal Finance

Written by Loh Chen-Yi of The Edge Singapore  
Wednesday, 26 December 2012 16:49

IN a zero-rate world — in which Singapore is no exception — income investing remains the strategy of choice, says BlackRock, the world's largest asset management firm. But the hunt for yield has also led to inevitable side effects in financial markets. The rush of investors has created pockets of overheating, while narrowing valuations between the top-quality and the less-desirable income assets.

Risks have clearly grown in the markets, with certain investors skating close to the edge on safety and liquidity simply to gain a few extra basis points (bps) of yield. What is the careful and risk-aware investor to do in these circumstances?

The play for WBL

The play for WBL
Personal Finance

Written by Assif Shameen of The Edge Singapore  
Wednesday, 26 December 2012 00:00
STRAITS Trading is teaming up with investors Aberdeen Asset and Third Avenue to take over the reins at tech firm WBL and jettisoning its hospitality business in a venture with the Far East group. Will the makeover stir interest in its stock?

IT'S makeover time at venerable colonial-era tin, property and hospitality firm Straits Trading Co (STC). Ever since her family's investment holding company Tecity Group clinched control of STC from the Lee family of OCBC group in early 2008, lawyer Chew Gek Khim, granddaughter of OCBC group's late helmsman Tan Chin Tuan, has been quietly plotting to transform the conservative firm into a more dynamic player. Not long after she arrived to take over the reins of STC, the globa financial crisis hit, making it more difficult to charge ahead. But Chew was waiting for just the right time and opportunity to roll out STC's makeover.

Shareholders of CNMC Gold Mine adjust their stakes


Shareholders of CNMC Gold Mine adjust their stakes
Personal Finance

Written by Leu Siew Ying of The Edge Singapore  
Tuesday, 25 December 2012 00:00

PETER Choo, the one-time IPO King, has cut his stake in CNMC Gold Mine Holdings, the Malaysian gold miner he helped bring to market late last year. Choo, who is an executive director of the company, sold 10 million shares on Nov 19, paring his stake to 12.93% from 15.38%.

He isn't alone.

Just a few days before that, another key shareholder of CNMC Gold Mine cut his stake. On Nov 15, local businessman Bill Ng sold two million shares, reducing his stake by 0.49 percentage points to 14.49%. Meanwhile, Lin Xiang Xiong, the founder of the company and its chairman, tells The Edge Singapore that he will also be selling a portion of his 34.3% stake.

CitySpring : Interest in business trusts has been pathetic (Limtan)


CITYSPRING
S$0.435-CISP.SI
 The utilities business trust may well take a lead from the proposed restructuring at Macquarie Int’l Infrastructure (MIIF) announced yesterday.

 As has been evident for some time now, interest in business trusts has been pathetic.

 CitySpring’s stock market performance since listing in Feb ’07 (IPO at 89 cents or 69 cents adjusted)has been dismal, as has MIIF.

 This in turn makes growth via acquisitions difficult. (CitySpring offers 7.5% yield based on sustainable distribution of 0.82 cent a quarter.)

招商銀行 (3968.HK) - 盈利增長好于預期 資産質量有所下降 (輝立証券)

推介日期   18-12-12 
投資建議增持
建議時股價$ 16.440
買入價N/A
目標價$ 18.280
招商銀行 (3968.HK) - 盈利增長好于預期 資産質量有所下降

公司概要

招商銀行(或招行)成立于1987年,是中國第一家完全由企業法人持股的股份制商業銀行,分別于2002年和2006年在上海、香港上市。在英國《金融時報》發布的全球銀行市淨率排行榜中,招行在全球市值最大的50家銀行中,市淨率排名第一。 在英國《銀行家》(The Banker)雜志發布的2011年“全球1000家大銀行”排名中,位居第60位。

Themes that could do well in 2013 (Phillip)


Themes that could do well in 2013
We live in uncertain times; let’s focus on what is at hand.
There are plenty of uncertainties in our world today, which creates a prevailing mood of hesitance and fear among investors. Let us focus on the more certain issues at hand. Firstly, interest rates are expected to stay low for the next 2- 3yrs as the global economic recovery remains weak. Secondly, a high level of construction activity is expected due to major infrastructure projects for both the private and public sectors in Singapore. Hence, we believe that investors should position themselves in the following areas to take advantage of these for 2013.

Theme #1: Dividend plays would remain in focus
Flight to dividend yielding stocks remains the vogue. Despite a fairly strong run-up in various high yielding counters, the dividend theme remains very much in focus in our conversations with clients. We believe that this preference for dividend yielding stocks stems from the reasons below:
1) Low interest rate environment forces investors to search for other income yielding assets, such as stocks with a consistent dividend track record.

Singapore 2013 Market Outlook (Phillip)

Singapore 2013 Market Outlook
Four valuation & momentum indicators points to a positive 2013
Using four valuation and momentum indicators, we conclude that the Singapore Market should turn in positive performance for 2013. Our analysis of earnings trend suggests that earnings momentum in the Singapore Market have just bottomed out. Risk premium in the Singapore market is 0.8ppt higher than its long term average and risk appetite could return as macro concerns ease off in the year ahead. A correlation analysis of STI’s P/B multiple against GDP growth in Singapore led us to conclude for multiples expansion as well. Lastly, Singapore Market’s valuation remains below its historical average and could exhibit mean reversion in the year ahead.

We believe that 2013 is probably comparable to the 2005/06 period where earnings growth was low and multiples expansion was moderate. Using top down assumptions and the Grinold & Kroner model, we believe that a 24% return for the Singapore Market is not unreasonable in 2013. Given the dynamic nature of financial markets, we opine that setting an absolute target on the market index is rarely meaningful. However, for tactical recommendations on the market, clients may refer to our daily market commentaries.

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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