Saturday, January 19, 2013

鄧普頓唱好 石油股飆逾2%

鄧普頓唱好 石油股飆逾2%
近日國際油價上升,而內地十二月份原油加工量創紀錄,石油股昨日全線向上,升幅均超過2%。鄧普頓亦表示看好中石化(00386)及中石油(00857)。

紐油曾升穿96美元
儘管中國經濟數據理想,周四曾升穿每桶96美元的紐約期油昨日略見回吐,美國早段報95.41美元,跌7.9美仙。

中石化及中石油昨日股價分別升2.33%及2.01%,中海油(00883)升亦2.24%。外電引述鄧普頓基金經理表示,中國經濟已經轉向,故看好中國商品類股票,其中看好中石化及中石油。

除了中國經濟回暖,此前公布的美國經濟數據也向好,加上阿爾及利亞人質事件再度令地緣局勢緊張,國際油價周四顯著上升,帶動石油股受追捧。惟油價昨日出現回吐。

黄金进口税致难以竞争 宝光不扩充海外业务

黄金进口税致难以竞争 宝光不扩充海外业务
吉隆坡18日讯)大马最大的珠宝首饰零售连锁企业----宝光控股有限公司(POHKONG,5080,消费产品组),由于黄金进口税使到它难以与其他业者竞争,因此公司现没有计划扩大其海外业务。

该公司执行董事蕭德明指出,虽然中国是一个大市场,公司是不可能跻入该市场,这是因为黄金进口税可使到公司“铩羽而归”。

他告马新社称:“目前,我们在本地市场仍然舒适无比,并仍然有改进的余地,事实上,我们仍然未涉及沙巴,砂拉越和一些东海岸市场的业务。”

The ever-rising house prices

The Star Online > Business
Saturday January 19, 2013
The ever-rising house prices

By THEAN LEE CHENG
leecheng@thestar.com.my

LAST week, three Singapore government ministries put their heads together and initiated a slew of measures to curb property prices in the city state. It was their seventh round since 2009.

Maybank Kim Eng analysts Wilson Liew says it was the “most comprehensive”. The Wall Street Journal reported DBS Group Holdings Ltd CEO Piyush Gupta as saying it was one with “a lot of teeth” while Credit Suisse says the timing was “a surprise” as the previous round was only three months ago.

顺利实业可能私有化


顺利实业可能私有化
(吉隆坡18日讯)在价值被低估、于柔佛建立地库和大股东具备充裕现金等3大因素下,拉昔胡申研究认为顺利实业(KSL,5038,主板產业股)有可能成为私有化的目標。

市场传出顺利实业或被私有化,让其股价在上週大涨近20%。这固然是投机活动,不过,拉昔胡申研究分析员不排除私有化的可能性,而收购价將是关键。

分析员指出有3大因素,让顺利实业具私有化潜能。

价值被低估

第一,顺利实业被低估。该公司股价从去年3月至4月,在1.40至1.50令吉之间游走,这比重估凈资產(RNAV)和本益比严重低出60%和近5倍。

RAM reaffirms long-term debt rating of YTL Power


The Star Online > Business
Saturday January 19, 2013
RAM reaffirms long-term debt rating of YTL Power

PETALING JAYA: RAM Rating Services Bhd has reaffirmed the long-term AA1 rating of YTL Power Generation Sdn Bhd's (YTLPG) RM1.3bil medium-term notes programme (2003/2014), with a stable outlook.

RAM said the rating reflected YTLPG's strong business profile by virtue of its power business that was protected from demand risk by its power purchase agreement, as well as the monopolistic water-and-sewerage business that operated through a perpetual concession under a stable and transparent regulatory regime.

估值慘遭低估 雲頂看漲230億現金待擴充


估值慘遭低估 雲頂看漲230億現金待擴充

報導:林慧蓮

 (吉隆坡18日訊)雲頂(GENTING,3182,主要板貿易)去年全年走勢落后富馬隆綜指多達29%,券商認為目前估值慘遭低估,並相信以公司擁握230億令吉現金,今年將有更多併購等擴充計劃浮上檯面,全年可望上挑10.90令吉。

 聯昌證券研究一份賭博領域報告中指出,在雲頂相關股項中仍看好雲頂“跑贏大市”,投資者可直接考慮雲頂,甚于雲頂新加坡和雲頂大馬(GENM,4715,主要板貿易)。

 該行指出,雲頂目前在場上的股價淨值比仍處在類似危機水平上(crisis-like P/BV multiples),依目前的交易價,投資者也只是“買”了它的上市單位,並沒有將公司非上市資產和現金納入投資考量中。

Revaluation surplus of RM435.6mil for Pavilion REIT


The Star Online > Business
Saturday January 19, 2013
Revaluation surplus of RM435.6mil for Pavilion REIT

PETALING JAYA: Pavilion Real Estate Investment Trust (REIT) recorded a revaluation surplus of RM435.6mil as at Dec 31, 2012 following the revaluation of its retail mall.

In an announcement to Bursa Malaysia yesterday, it said the net book value had increased to RM4.01bil from RM3.58bil at end-2011 following a revaluation exercise during the financial year ended Dec 31, 2012 (FY12).

BCorp’s Tan continues to buy TMC shares


The Star Online > Business
Saturday January 19, 2013
BCorp’s Tan continues to buy TMC shares

By YVONNE TAN
yvonne@thestar.com.my

PETALING JAYA: Tan Sri Vincent Tan Chee Yioun via Berjaya Corp Bhd (BCorp) has continued to buy into medical group TMC Life Sciences Bhd, increasing his stake to 32.27% from 31.06% last month and edging closer to the shareholding of the current largest shareholder in the firm Singapore billionaire Peter Lim Eng Hock who has a 32.59% stake.

UBS: Property stocks set for uptrend

UBS: Property stocks set for uptrend

2013/01/19

KUALA LUMPUR: There is potential for some property stocks to move upwards this year, despite a sluggish performance in 2012.

According to UBS Investment Research, some property counters will do better this year although they failed to meet expectations in 2012.

UBS is expecting better global economic data and pick-up in regional equity markets. It expects property developers to also do better as investors start to put fresh money into the physical property market after the general election.

Local factors drive optimism in Malaysia


Local factors drive optimism in Malaysia
By Rupa Damodaran
rupabanerji@nstp.com.my
2013/01/19

KUALA LUMPUR: Optimism is rising in Malaysia, thanks to its resilient domestic economy as well as external market risks which have receded, according to corporate clients of a foreign bank.
Standard Chartered Bank (StanChart) found optimism rose in Kuala Lumpur but fell sharply in Jakarta and remained unchanged in the case of Bangkok.

"This suggests that local factors are now driving sentiment more than in 2012, when the European debt crisis was a major cause for concern."

內地准中海油購Nexen

內地准中海油購Nexen
【本報訊】發改委昨公佈,2012年12月核准中海油(883)收購加拿大油氣公司尼克森(Nexen)。這份公告的消息來源是國家能源局,但公告未披露更多信息。

加拿大政府於去年12月批准中海油收購Nexen的交易,從而為中國企業完成有史以來最大規模的海外併購交易,掃清一個重大障礙。該交易還有待美國政府的批准。中海油發言人於上個月表示,預計該交易將在今年第一季度完成。

發改委同時公佈於去年12月份核准中海油總公司荔灣3-1氣田總體開發方案。這是中國第一個深水天然氣田。

中海油集團正與加拿大能源公司赫斯基能源共同開發荔灣天然氣項目,該項目包括三個天然氣田。

銀基渴水 狂集資6億 用盡批股額度 市場震驚


銀基渴水 狂集資6億 用盡批股額度 市場震驚
【本報訊】業績欠佳、又有董事跳船的五糧液經銷商銀基(886),昨日向市場伸手攞錢,以最多8.2%折讓價格,用先舊後新方式大比例配售最多19.7%股份,集資額最高達6.12億元。有基金界消息指,批股反應不大理想,認為銀基要籌錢,反映公司對收回逾12億元應收賬款的信心不大,其「渴水」情況令人憂慮。

記者:吳綺慧

銀基昨開市前已經停牌,指有待內幕消息公佈,至下午公司透過中銀國際開始進行批股。銷售文件顯示,銀基以先舊後新方式配售1.8億股股份,另按市場反應再加碼6000萬股,佔現有發行股本比重達14.8%及4.9%,幾乎已用盡公司在股東會獲通過可增發20%新股的授權,反映銀基的確「求財若渴」。

萬科B轉H  溢價5%

萬科B轉H  溢價5%
【本報訊】內地最大上市地產商萬科昨晚宣佈B股轉H股上市計劃,如早前中集集團(2039)一樣,選擇以介紹形式上市,不發行新股,故不涉及集資。據萬科向B股股東提出的現金選擇方案,每股現金代價13.13元,較B股停牌前有5%溢價。

限現金選擇股份比例
目前萬科超過95%B股由境外投資持有,其中九成以上由境外機構投資者持有。集團提醒,B轉H後,境內投資者只能持有或出售萬科H股;根據方案,原持有萬科B股的股東可繼續持有,若股東選擇行使現金選擇權,則可以每股13.13元將B股售予大股東。

萬科的B轉H方案須經股東會通過,並要取得中證監、港交所(388)同意和批准,但為避免因選擇離場的股東比例過高,導致流通量過低,有關方案規定,若申請行使現金選擇權的股份數目超過萬科B股的三分之一,有關方案將不會實施。

圓滙續尋底 日企大翻身 電子汽車業最受惠


圓滙續尋底 日企大翻身 電子汽車業最受惠

【本報綜合報道】自日本首相安倍晉三在去年11月中、尚未上場執政就出口術表明,掌權後會要求日本央行採取更進取的寬鬆貨幣政策,令圓滙見頂回落,至今累計已下跌13%,美元兌日圓昨更升穿90關,令一直拖累出口的一大負面因素掃除,一眾以出口維生的日本汽車及電子企業有望翻身。


NODX-down-16.3%-onyear-in-Dec-2012-IE-S'pore


Buy-and-hold works - up to a point


Buy-and-hold works - up to a point

Key still lies in picking low-valuation stocks and knowing when to cash out and reinvest. -ST
Teh Hooi Ling

Tue, Jan 15, 2013
The Straits Times

SINGAPORE - It's very hard for us to think outside the environment we are in, a learned friend told me. In other words, many times, we are products of our environment.

Take someone who, early in his or her investment career, went through the boom years of the 1920s only to see everything wiped out during the Great Depression.

SPH: Challenging times (DMG)


SPH: Challenging times
(NEUTRAL, S$4.11, TP: S$3.80)

SPH’s results came in slightly below our expectations, with 1QFY13 recurring earnings down 9.8% YoY to S$109m (+26.7% QoQ) due to lower than expected revenue from the N&M advertisement and other businesses segments. Other operating expenses had crept up by 15.4% to S$33m during the period but remain within our forecasts. On the back of a challenging domestic outlook ahead, we lower our FY13 PATMI by 7% on lower advertisement and other business revenue. Though earnings expectations have been moderated, we believe SPH’s cash flow remains strong enough to sustain a dividend payout of 24S¢ per annum, implying a yield of 5.8%. We believe its FY13 dividend yield of 5.8% remains attractive and will limit share price downside. Maintain NEUTRAL with lower SOTP TP of S$3.80 (from S$3.95 previously).

陸東唱好 A股照跌

陸東唱好 A股照跌
國務院總理溫家寶表態要逐步建立起覆蓋住房交易、持有等環節房地產稅制,同時俗稱「新三板」的全國中小企業股份轉讓系統在北京揭牌,引發投資者對A股資金分流憂慮,滬深股市昨反覆下跌,滬綜指更一度重挫逾2%。不過,Look's Asset Management董事總經理兼投資總監陸東認為,今年A股會有大升浪,看好在港上市內險股及中資券商股

投資者憂慮房地產稅試點範圍擴大,同時穆迪發表報告,警告上交所鼓勵上市公司提高現金分紅指引,會妨礙中資銀行及保險公司透過留存利潤來充實資本,會有負面信用影響,地產及金融股成為重災區。滬綜指一度低見2,279點,全日跌幅縮窄至0.7%,收報2,309點,深成指下跌0.28%,收報9,355點,雙雙結束連續兩日漲勢,兩市成交額較上一交易日萎縮一成至2,592億元人民幣。

股神慧眼識銀行業?美國銀行業大復甦?

2013-0111-57金錢爆(蘋果派的奇幻漂流)4-2

Is Banyan Tree’s resort sale a ‘win-win’ deal?


Is Banyan Tree’s resort sale a ‘win-win’ deal?
In The Edge Financial Daily Today 2013
Written by Michelle Teo of The Edge Singapore  
Tuesday, 15 January 2013 11:57

Every week, some 70 flights from China and Hong Kong descend on Male, the capital of Maldives. On each plane are hundreds of Chinese tourists lured by the pristine private beaches of the Maldivian atolls and islands, surrounded by the azure waters of the Indian Ocean. Chinese tourists made up a quarter of the nearly 900,000 visitors to Maldives last year, and are beginning to replace the Europeans as the islands’ fastest growing market.

More Cooling Measures, Less Bite On Banks’ Share Price (UOBKH)


More Cooling Measures, Less Bite On Banks’ Share Price
The seventh set of cooling measures signifies the government’s determination to stamp out any vestige of speculation. However, loan growth has already moderated after previous six sets of measures. The slight pullback in banks’ share prices last week means that the correction this week is unlikely to be severe. Maintain OVERWEIGHT due to attractive valuations.

What’s New
• The seventh set and counting. The government has announced its seventh set of cooling measures for the property market, which became effective on 12 January. Higher additional buyer stamp duty (ABSD) and lower limit on loan-to-value (LTV) ratio were targeted at investment demand. Some of the measures are temporary and will be reviewed once the property market has “cooled”.

It’s Pouring Measures In The Residential Market (UOBKH)


It’s Pouring Measures In The Residential Market
The harsher-than-expected measures will impact investment demand and mass-market the most. We expect overall sales volumes to drop 20-40% and prices to fall 5% (previously flattish) in 2013. Maintain OVERWEIGHT. We reduce the target prices of developers by 5-10% on average and downgrade City Developments to SELL (from HOLD). We prefer selective diversified developers and REITs, with CapitaLand, Ho Bee, CDL Hospitality Trusts and Suntec REIT as our top picks.

What’s New
• The government announced the seventh round and the most severe and comprehensive policy measures covering all residential properties and industrial units. The key changes include:

New ABSD Structure


Private-property-prices-may-fall-by-5%-to-7%-analyst


股票回购利弊谈

股票回购开始火起来,但投资者应该小心为妙。尽管股票回购意在使股东可以收回部分资金,但却常常难以如投资者所愿。

巴菲特(Warren Buffett)最近引起了极大的轰动,他旗下的伯克希尔哈撒韦公司(Berkshire Hathaway)宣布将扩大股票回购计划。但这样做的并非只有巴菲特一人。据标准普尔(Standard & Poor's)的数据,今年前三个季度的股票回购规模较2000年以来的平均水平高出约50%。此外,由于迫近的“财政悬崖”可能会产生一系列增税,更多的公司可能会从派发股息转为股票回购,因为股票回购能更多地避税。

理论上讲,股票回购应该有利于投资回报。当一家公司花费大量资金在公开市场上回购股票时,总股数将会减少。这就使剩余的每位投资者在公司中的持股比例略有上升。当总股数减少时,每股收益会上升。

曾渊沧@股友通讯录 2013 年01 月份

曾渊沧@股友通讯录

各位朋友
2012 年过去了,除夕那一晚,我与太太也混在人群中,於尖沙咀文化中心旁参加倒数的盛会。人山人海中,人人都希望新的一年比旧的一年好。但是,经济、人生永远有起伏。

2008 年的国际金融海啸,影响太深远了,至今仍有许多后遗症,美国接二连三的推出QE1, QE2, QE3, 钞票不断地印。但是,美国经济至今仍未复苏,失业率依然很高,房地产市道低迷。欧洲的国债问题,表面上是解决了,因为欧洲中央银行决定无限量的印钞票来买欧元区国债,但是条件是接受援助的国家必须紧缩政府开支。这只会使到欧洲国家陷入经济衰退。世界第三大经济体的日本更糟糕,每年都在换首相。为什么?因为谁也解决不了日本的经济问题。现在,自民党重新执政,决定狂印钞票来救经济。2012 年,中国似乎是全世界最谨慎,不敢印钞票来推动经济的国家,原因是2011 年中国通胀问题严重,不得不收紧银根。可是,中国股市在2012 年的最后一个月突然扭转长期下跌的走势而急速回升,投资者也在憧憬中国会在2013 年再度印钞票来推动经济。

PropNex-CEOs-comments-on-latest-property-cooling-measures


More-property-cooling-measures-announced


胡立阳: 股市十大买讯


Atlantis Investment's Liu On Her 2013 Strategy


Where Marc Faber Sees Apple Going


Marc Faber: Why I'll 'Never' Sell Gold


Faber: Here's What Bonds Will Do In 2013


Buffett Guarantees Banks Pose No Risk to U.S.


Warren Buffett's Bank Guarantee


马银行MAYBANK(MAYBANK,1155) 马来西亚银行业老大哥

马银行MAYBANK(MAYBANK,1155) 马来西亚银行业老大哥
马银行是一家赚钱的银行集团,在截至2012年9月30日为止的9个月业绩当中,马银行的净利上涨18%,至42亿8千万令吉,它的营业额也扬升21%,至206亿令吉。

在马来西亚的银行当中,马银行(MAYBANK,1155)的资产规模最大,所以它是目前马来西银行领域当中的老大哥。
在全球顶尖品牌顾问公司--Brand Finance所公布的2012年大马首100大最有价值品牌报告当中,马银行则排名第五的位置,品牌价值为15亿6600万美元。

马银行在马来西亚是一家历史悠久的银行,因为是1960年成立,创办人为一名马来西亚华侨,名叫邱德拔,后来该行发生挤提事件,导致该行被政府接管,最后由马来西亚土著拥有。

四叔最牛 恒指年底睇28000


四叔最牛 恒指年底睇28000
港股今年首三個交易日反覆向好,恒指累漲近3%,撲一一年六月來高位,昨恒地(00012)主席李兆基稱,隨着港股基本因素好轉,料今年上半年見26,000點,年底更望攀至28,000點。證券界料,短線先會在22,800至23,800點間徘徊,然而環球資金流向續為港股再走高創造條件。

近年李兆基已甚少在公開場合預測恒指走勢,更曾自嘲為「無牌股神」,昨日他一再強調自己看市不準,又說股市走勢其實各有各看法,然而個人意見認為,目前港股基本因素較之前明顯為佳,恒指上半年有望見26,000點,年底更有望進一步攀至28,000點。

世纪股神 WARREN BUFFETT沃伦·巴菲特 史上最伟大的投资家


世纪股神 WARREN BUFFETT沃伦·巴菲特 史上最伟大的投资家
沃伦·巴菲特(Warren Buffett),出生于美国内布拉斯加州的奥马哈市,故有“奥马哈先知”的尊称。巴菲特从小就极具投资意识,他钟情于股票和数字的程度远远超过了家族中的任何人。。。

沃伦·巴菲特(Warren Buffett),出生于美国内布拉斯加州的奥马哈市,故有“奥马哈先知”的尊称。巴菲特从小就极具投资意识,他钟情于股票和数字的程度远远超过了家族中的任何人。上中学时,除利用课余做报童外,他还与伙伴合伙将弹子球游戏机出租给理发店老板,挣取外快。他所做的股市投资往往都会得到盈利,于是人们便赐予他“股神”的美称!

巴菲特是有史以来最伟大的投资家,他依靠股票、外汇市场的投资,成为世界上数一数二的富翁。他倡导的价值投资理论更是风靡世界。他借由睿智地投资,汇聚了非常庞大的财富,尤其是透过他在伯克希尔·哈撒韦公司(Berkshire Hathaway)的持股,让他成为当今世上最富有的三个人之一。

股神缘何折戟?



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Friday, January 18, 2013

KL real estate expected to attract foreign funds — DTZ

KL real estate expected to attract foreign funds — DTZ
In The Edge Financial Daily Today 2013
Written by Wong King Wai of theedgeproperty.com  
Friday, 18 January 2013 11:51

KUALA LUMPUR: The Kuala Lumpur real estate sector can expect to attract more investment from foreign funds in the coming months, according to real estate consultancy DTZ Malaysia in its Property Times Kuala Lumpur 4Q 2012 report.

“Foreign funds are not particularly targeting Malaysia, but given comparatively attractive yields and quantitative easing in the US and Europe, we may expect to see more money coming this way,” said Brian Koh, DTZ head of investment.

雲頂香港挪威郵輪IPO‧每股19美元‧可籌逾5億美元


雲頂香港挪威郵輪IPO‧每股19美元‧可籌逾5億美元
Created 01/18/2013 - 17:30
(吉隆坡18日訊)雲頂(GENTING,3182,主板貿服組)旗下的雲頂香港公佈,擬在美國分拆上市的挪威郵輪業務(NCLC),董事部決定以每股19美元(下同)定價,高於早前公佈的招股價16至18元上限,預期發售將於1月24日截止。

根據公司之前公佈的發售最多2,705.8萬股計算,今次首次公開發售將籌集約5.1億美元。

董事部強調,概無保證發售將會完成,上市時間表及發售詳情尚未確認及落實。

雙威金字塔租金猛漲‧雙威產託次季料賺5700萬


雙威金字塔租金猛漲‧雙威產託次季料賺5700萬
Created 01/17/2013 - 17:32
(吉隆坡17日訊)雙威產業信托(SUNREIT,5176,主板產托組)即將出爐的業績,有望符合馬銀行研究和市場預期,次季淨利料按年或按季增8到10%,至5千500萬到5千700萬令吉,帶動上半年核心淨利,按年起14%到1億零800萬令吉。

馬銀行研究表示,次季淨利有望走高,歸功於該公司旗下雙威金字塔購物中心的租金成長強勁,加上資本管理活躍,抵銷酒店和雙威塔租用率走低問題。

管理層放眼每年收購至少1項產業,馬銀行認為,該公司明確的資產方向也是受看好的原因,未來業績驚喜或來自具增值效應的收購計劃。

售伊斯干達地庫唱好‧UEM置地熱炒

售伊斯干達地庫唱好‧UEM置地熱炒
Created 01/18/2013 - 09:57
(吉隆坡17日訊)UEM置地(UEMLAND,5148,主板產業組)脫售伊斯干達地庫於4位本地商界大亨消息今日發酵,股價一度大漲15仙或6.8%,帶動8隻UEM置地回購憑單聞聲跟漲。

UEM置地今早平盤開場,最初10分鐘保持平靜狀態,惟過後交投開始湧現,股價也逐漸升高,可惜在午盤休市前觸碰2令吉35仙全日最高後回落,午盤股價鞏固在約2令吉30仙水平,終場閉市掛2令吉29仙,漲9仙,並以2千553萬7千股交投成為全場第6大熱門股。

重申除牌決定‧KRIS:資產僅剩3仙


重申除牌決定‧KRIS:資產僅剩3仙
Created 01/18/2013 - 09:51
(吉隆坡17日訊)KRIS資產(KASSETS,6653,主板產業組)股價在2令吉60仙資本回退額除權後莫名其妙暴漲引起管理層關注,今日特別發文告重申公司除牌及自願清盤決定,並強調公司在完成資本回退計劃後,每股淨有型資產“形式上”僅剩區區3仙。

該公司管理層今日特別發文告引述早前宣佈的資產脫售建議公告內容,即KRIS資產在以46億令吉脫售旗下核心資產和完成資本回退後,無意保留上市地位,會於完成資本回退後自願清盤。

虧損累累 ‧不符經濟效益‧國庫:馬航不私有化


虧損累累 ‧不符經濟效益‧國庫:馬航不私有化
Created 01/18/2013 - 07:28
(吉隆坡17日訊)儘管市場揣測,私有化馬航(MAS,3786,主板貿服組)是馬航的最佳出路,但國庫控股(Khazanah)董事經理丹斯里阿茲曼莫達卻因不符合經濟效益,直言無意私有化馬航。

“若將馬航私有化,國庫控股必須支付較市價高的獻購價,所以,私有化並不符合一家需要資金的公司。”

他說,馬航業務正在掙扎,私有化顯然必須花更多錢,同時也可能喪失市場紀律,更重要的是,馬航表現已有所改善。

亚洲航空 积极增航班航点

亚洲航空 积极增航班航点
Created 01/16/2013 - 12:45
目标价:3.70令吉

最新进展

虽然Malindo航空即将进军大马,但亚洲航空(AirAsia,5099,主板贸服股)泰然自若,近期更下订单购买100架A320飞机,预计2015年后交机。

今年,亚航集团预计接收33架飞机,其中10架将用在大马业务,泰国亚航则会接收7架飞机。

在大马,亚航将会增加新航线和热门航点班次。在印尼则正努力提高市场渗透率,希望能从目前的3%增至10%,将分别在苏拉威西和望加錫增新枢纽。

城中城产业 目标价上调


城中城产业 目标价上调
Created 01/17/2013 - 12:33
目标价:6.56令吉

最新进展

城中城产业(KLCCP,5089,主板产业股)将推出“合订型”产业投资信托(stapled reit)。

完成整合后,市值及净资产价值可达100至110亿令吉。

根据目前股价,城中城产业合订集团可能继UEM置地控股(UEMLand,5148,主板产业股)后,成为富时隆综指数30只成分股的第二只产业股。

多空一线:科恩马试叩54 仙

多空一线:科恩马试叩54 仙
Created 01/17/2013 - 12:42

科恩马(KNM,7164,主板工业产品股)于1月16日闭市时反弹了。该股闭市时收53.5仙,按日涨2仙或3.88%。

该股60分钟线图表走势于1月16日间的交投趋势,突破一道短线顶头阻力趋势线(B1:B2)上报收。

科恩马60分钟线平滑异同移动均线指标(MACD)。

Fraser & Neave bidders face auction as deadline approaches


Fraser & Neave bidders face auction as deadline approaches
WRITTEN BY BLOOMBERG  
FRIDAY, 18 JANUARY 2013 12:10

A four-month battle for Fraser & Neave’s $13.8 billion property and beverage empire may be nearing a close as Singapore regulators consider forcing rival bidders to compete for the assets at an auction.

Thai billionaire Charoen Sirivadhanabhakdi, who in September offered $8.88 a share for control of the Singapore company, is competing with investors led by Overseas Union Enterprise, which on Nov. 15 bid $9.08. The stock rose as much as 0.8% to S$9.58 today, as investors demand a higher price.

MAS: No plans to buy airline stake in India


The Star Online > Business
Friday January 18, 2013
MAS: No plans to buy airline stake in India

NEW DELHI: Malaysia Airlines (MAS) has reiterated that it has no plans to take up stakes in airline companies in India.

“We are not looking at investment (in airline companies) in India,” its regional vice president for South Asia and Middle East Azhar Hamid said yesterday.

At the panel discussion on “Aviation in India - The Way Forward” at the South Asia Tour and Travel Exchange Exhibition here yesterday, he said.

券商買進心頭好.領先佰樂泰廣場 巴迪尼仍受喜愛


券商買進心頭好.領先佰樂泰廣場 巴迪尼仍受喜愛

券商:馬銀行投資銀行
目標價:2.40令吉

即便競爭對手不斷增加,巴迪尼(PADINI,7052,主要板消費)仍是市場領導人,該品牌仍被大馬消費者所喜愛,更是佰樂泰購物廣場(Paradigm Mall)最大贏家。

 由于農曆年購物潮已開始,我們上週就前往佰樂泰購物廣場觀察市場動向,發現即便在眾多品牌中,巴迪尼仍受喜愛。

 在佰樂泰購物廣場6大服飾品牌中,市佔率最大的品牌是H&M(38%),接著就是Brands Outlet(31%),巴迪尼概念店則占了14%;可見,巴迪尼仍是該商場最大贏家。

派息政策穩定 海鷗收入尚處高成長

派息政策穩定 海鷗收入尚處高成長
(吉隆坡17日訊)多層次傳銷穩定成長,券商看好海鷗(HAIO,7668,主要板貿易)收入尚處在高成長階段,預測該公司將派紅股或股息;海鷗最新派息將在2月28日付款。

 肯納格證券研究指出,根據歷史紀錄來看,海鷗有可能發行紅股和派息股東;該公司目前所保留的收益已經超過股本逾25%。

 “我們預期會有5配1的紅股作業,這樣一來,該公司的保留收益和股本仍能維持在1比1;該公司另外也有回購股票的舉動,相信也有可能派息。

 該行指出,該公司若派紅股可增加交易流動量;海鷗在2009年12月曾經發送紅股,3個月時間內股價也因此起漲55%,成交量也大幅翻漲2倍。

從成長型轉至價值型 蘋果股票進入關鍵期


從成長型轉至價值型 蘋果股票進入關鍵期

(洛杉磯17日訊)全球市值最大企業蘋果本週股價一度跌破500美元(約1510令吉),引發投資者思考,蘋果是否已從成長型轉為價值型股票。

 蘋果股價16日早盤大漲3.6%至每股503.34美元(約1520令吉),重登500美元大關,收復前3個交易日重挫7.2%的部分跌幅。

 許多基金經理人認為,蘋果近來股價直線下滑,可能意味著蘋果正由成長型股票,逐漸轉型為價值型股票。

StarHub: Still Starry Nights (KE)

StarHub
Buy(unchanged)
Share price: SGD3.86
Target price: SGD4.31 (from SGD3.99)
Still Starry Nights

Top yield pick among the telcos. Despite last year’s outperformance, we continue to promote StarHub for its attractive dividend yield, which has room to increase further if it raises 2013 dividend guidance beyond the current SGD0.20/share. There is every reason to be believe so given its low low net debt/EBITDA of 0.4x and the recently beefed-up balance sheet following a recent bond isue.

Starhill Global REIT :Poised For Greater Upside (KE)


Starhill Global REIT
Buy (unchanged)
Share price: SGD0.79
Target price: SGD0.85 (unchanged)
Poised For Greater Upside

Orchard Road’s limited supply. From 2013-2016, only three malls along Orchard Road (representing ~12% of available stock) are expected to be completed in 2013, including the AEI of the Heeren (156k sqft), Orchard Gateway (180k sqft), and the redevelopment of 268 Orchard Road (147.5k sqft). The Heeren will be almost fully occupied by Robinsons (which will move out of Centrepoint) and that Orchard Gateway is already more than half pre-committed with tenants like Crate & Barrel, Religion, Swatch Megastore, Nike’s new concept stall called Amplify Women’s and library@Orchard. According to CBRE, 3Q12 Prime Orchard Road rents stood at SGD31.60 psf/mth (unchanged QoQ & YoY) while capital value for strata-titled retail space remained at SGD6,500 psf (unchanged QoQ; +3.8% YoY). Occupancy rate remains robust at 93.7%.

Noble Group: Leveraged To A China Recovery (KE)

Noble Group
Buy(unchanged)
Share price: SGD1.205
Target price: SGD1.48 (unchanged)
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.

Neptune Orient Lines: Trained On The Trans-Pacific Trade (KE)


Neptune Orient Lines
Buy(unchanged)
Share price: SGD1.195
Target price: SGD1.46 (unchanged)
Trained On The Trans-Pacific Trade

Steady recovery in container shipping. NOL made its first net profit in seven quarters during its most recent 3Q2013 results, which was just as we forecast. The net profit was a result of better cost control and favourable freight rates during the peak season. We believe freight rates, especially those of the Trans-pacific trade will be sustained at profitable levels through a mix of controlled capacity and an economic recovery led by the US economy.

CapitaMall Trust :Future Proofing With Fresh Funds (KE)

CapitaMall Trust
Buy(unchanged)
Share price: SGD2.12
Target price: SGD2.29 (unchanged)
Future Proofing With Fresh Funds

Boosted by fresh funds. CapitaMall Trust (CMT) recently placed out 125m new units at SGD2.00/unit to raise SGD250m in fresh funds. FY13 DPU dilution is minimal at 3.6%, but we believe the placement will provide the necessary funds for some very interesting new asset enhancement plans that could potentially add another 6% to our fair value, raising the target price to SGD2.42. We think CMT is very likely to reposition Funan DigitaLife Mall, in keeping with the upcoming injection of buzz into the area. Reiterate our BUY recommendation.

CapitaMalls Asia: Front Row Seats For Consumption Boom (KE)


CapitaMalls Asia
Buy(unchanged)
Share price: SGD2.11
Target price: SGD2.53 (from SGD2.25)
Front Row Seats For Consumption Boom

Growing from strength to strength. CapitaMalls Asia is one of the best proxies to gain exposure to the consumer markets in Asia and China, in our view. Currently with 59 malls across China, CMA will be a major beneficiary as private consumption grows. It is also not resting on its laurels within Singapore, where both Westgate and Bedok Mall are scheduled to open by 2013. Maintain BUY.

CapitaLand: Embracing Diversity (KE)


CapitaLand
Buy(unchanged)
Share price: SGD3.80
Target price: SGD4.27 (from SGD4.21)
Embracing Diversity

Looking bright on most fronts. We like CapitaLand’s diversified model, which gives it exposure to various markets and across asset classes. For 2013, we expect the retail mall business to continue to drive growth, while the China residential business also looks to build on the stronger sales momentum enjoyed in 2012. Maintain BUY.

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 FY3/13 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).

Hi-P International: Toning down its lofty plans (CIMB)


Hi-P International
Current S$0.78
Target S$0.74
Toning down its lofty plans

 Our suspicion of a mismatch between Hi-P’s initial capacity expansion plans and its weak order visibility has been confirmed with itslatest announcement, which we believe stemmed from lower visibility from its key customers.

This confirmation of weak visibility in orders affirms our bearish view on the stock. We tweak our numbers slightly as we reduce our projected capex and debt drawdown but make no changes to other assumptions. Our target price of S$0.74,which is based on 1x CY13 P/BV,(slight discount to its historical average due to its weak outlook)remains unchanged. We reiterate our Underperform call.

Saizen REIT: The forgotten child! (Phillip)

Saizen REIT
Closing Price (SGD) 0.187
The forgotten child!

Company Overview
Saizen REIT is a Singapore-based REIT. Its mandate is to invest in a diversified portfolio of income-producing real estate which is primarily used for residential and/or residential-related purposes in Japan
 On a property tour to visit six residences in Fukuoka, Kumamoto and Hiroshima, Japan
 Residential property is good property asset class in Japan with stable and resilient cash flow
 Japan residential property prices are firming up
 No rating on the stock

Citi profit hit by S$2.8b in charges

Citi profit hit by S$2.8b in charges
10:25 PM Jan 17, 2013
NEW YORK - Citigroup on Thursday posted US$2.3 billion (S$2.8 billion) of charges for layoffs and lawsuits in the first financial report under its new chief executive Michael Corbat, who cautioned that the bank would need more time to deal with its problems.

Even with the charges, Citi reported a higher fourth-quarter profit as trading revenue rebounded, but the result was well below Wall Street expectations.

Mr Corbat, who took the reins in mid-October after predecessor Vikram Pandit was ousted, said in a statement that Citi's various businesses were combating competitive and regulatory problems, as well as issues dating to the financial crisis that continue to plague the bank and its peers.

GLP sells three properties to its J-REIT for S$174m


GLP sells three properties to its J-REIT for S$174m
Updated 08:37 PM Jan 17, 2013
SINGAPORE - Warehouse operator Global Logistic Properties (GLP) said on Thursday it would exercise an option to sell three Japanese properties to Tokyo-listed GLP J-REIT for US$142 million (S$174 million), Dow Jones Newswires reported.

The deal is part of a November transaction in which the Singapore-based company sold 30 Japanese warehouses to the real estate investment trust for 209 billion yen (S$2.8 billion), in a precursor to the trust's December listing in Japan.

S'pore IPO for Borsig unit likely in Sept: KNM


S'pore IPO for Borsig unit likely in Sept: KNM

Updated 07:59 PM Jan 17, 2013KUALA LUMPUR - Malaysia's KNM Group is hoping for a September listing in Singapore for its German industrial equipment unit Borsig Beteiligungsverwaltungsgesellschaft, Dow Jones Newswires reported on Thursday.

"We should be able to submit the required documents by the second quarter, which will put us on track for a listing towards the end of September," said Mr Richard Voon, the chief financial officer of KNM, an oil and gas services company.

MAS to offer oneworld services from Feb 1

MAS to offer oneworld services from Feb 1
By Cheryl Yvonne Achu
cherylyvonne@nstp.com.my
2013/01/18


KUALA LUMPUR: Award-winning national carrier Malaysia Airlines (MAS), which is set to become a full member of the oneworld(R) airline alliance, will start offering a full range of oneworld services and benefits from February 1 this year.

The membership will strengthen MAS' competitive position and help expand its international network as it becomes the 12th member of the global alliance.

No plans to take MAS private

No plans to take MAS private
By Adeline Paul Raj
adeline@nstp.com.my
2013/01/18

KUALA LUMPUR: There are no plans to take Malaysia Airline System Bhd (MAS) private, its controlling shareholder Khazanah Nasional Bhd said, dismissing market speculation that such a move may be on the cards for the ailing airline.

"No, there are no plans," managing director Tan Sri Azman Mokhtar told reporters yesterday when asked about recent analyst and press reports suggesting that it would be better for Khazanah to take MAS private instead of opting to help bankroll a RM3.1 billion cash call the airline proposed last year.

買股勝買樓 四叔大豐收

買股勝買樓 四叔大豐收

恒地(00012)主席李兆基(四叔)去年五月底表示,買樓不及買地產股,並且「坐言起行」,多次入市增持恒地,期間恒地股價由38.45元漲至昨日59.15元,累積漲幅高達53.83%,跑贏期間住宅樓價漲幅「幾條街」,若不計算持股量變化,「四叔」李兆基持有的恒地股權,期間累積升值超過300億元。

去年五月底,李兆基被問及樓市前景時,曾說:「供應大咗,貨多個市就唔爽」,又說:「你買樓普遍只會起少少,幾年唔會大起」,建議「不如買股票,一、兩年後1,000萬元可以升一倍到2,000萬元。」

建銀唱好兩中資券商股

建銀唱好兩中資券商股

【本報訊】內地股市反彈,中資券商股當然受惠,建銀國際金融研究部分析師范思為認為,近日再傳出中證監有意擴大合格境外機構投資者(QFII)及合格境內機構投資者(QDII)額度與範圍,將令A股成交更熾熱,給予兩隻在港上市的券商股中信証券(6030)及海通證券(6837)跑贏大市評級,更分別上調兩者目標價30%及24%。

受惠A股成交熾熱
據建銀國際報告指出,A股今年市盈率約9.8倍,低於本港的11.3倍之餘,亦是全球主要股市估值較便宜之選,相信日後倘無重大經濟下滑情況,資金會繼續支持A股升勢及交投。范思為表示,高成交量將對內地券商帶來更佳盈利,倘內地股市日均交投量增長10%,可為券商盈利帶來3%增長。

曾淵滄專欄18.01.13:買收息股切勿高追


曾淵滄專欄:買收息股切勿高追 - 曾淵滄

中證監主席郭樹清在香港大談放寬QFII及QDII2,令A股狂升。但經兩天調整,又打回原形,滬綜指跌回2300點以下。A股回落,港股自然受拖累,幸好,多隻地產股依然堅挺,支撐起恒指。

過去一年,中移動(941)出現過至少兩次大調整,每一次都是慢慢地升,用了好幾個月才上升至另一個高水平,但是在很短的時間內出現大調整,將之前的升幅吃掉一半。最近幾天,似乎又再出現這種現象。

中移動1997年上市,前10年是業績急速增長期,但近幾年增長已穩定下來,成了投資者眼中的公用股。

可是,因為中移動是恒指中的重量級股,炒作恒指不可能不碰,因此,其股價會經常隨着恒指的上升而走高,當然升幅是緩慢的。

待急跌後才吸納
但是,在有了一定的升幅之後,股息率相對之下就沒那麼吸引了,這可能導致原本以收股息為目標的投資者寧,可在高價時賣掉套利。股價一旦逆轉,引來更多急於套利的短炒者拋售,跌勢就可快了。不過,跌了一輪之後,股息率又有了吸引力,投資者再度回來捧場,股價就再次慢慢回升。

除了中移動外,領匯(823)也有類似的走勢,慢慢地升,但升了一個幅度之後,就會突然急速調整,每一次的調整都是又急又猛。

中移動與領匯的確是一流的收息股,收息股要等急跌一輪後才買入。否則,高追之後股價急跌,調整幅度吃掉兩年的股息,也的確是會有放棄收息的壓力。當然,理論上買收息股就不該再理會股價的升幅,而是安坐家中每年收股息,年齡越大,收息股佔整個投資的比重應該增加。

曾淵滄
大學教授


Source/Extract/Excerpts/来源/转贴/摘录: 蘋果日報
Publish date:18/01/13

Citi Falls Short on Earnings; Blames New Regulations

Citi Falls Short on Earnings; Blames New Regulations

Citigroup badly missed earnings estimates in the fourth quarter, reflecting what its new CEO called a "challenging" environment due to increased regulatory pressures and legal costs.

Citi said it made 69 cents a share excluding items, against analyst expectations of 96 cents. Revenue also was light, coming in at $18.66 billion against projections of $18.82 billion.

Shares fell 2 percent in premarket trading on the news.

This is Citigroup's first quarterly release with new CEO Michael Corbat at the helm after Vikram Pandit's abrupt departure stunned Wall Street in October.

今年房產市场看俏 產业股反弹


吉隆坡17日讯)在市场情绪获得改善下,瑞银(UBS)投行看好產业股將从2012年的低迷反弹,房市和產业股的表现將比去年来得更强。

2012年房產市场表现参差,中低档住宅房產市场(50万至100万令吉)保持强韧的表现,但高档產业的销售量却显得呆滯,主要因为外部环境因素和来临的大选对市场情绪带来极大的压力,而国家银行推出的负责任借贷准则也抑制了投资者需求。

在瑞银投行追踪的3个產业股,马星集团(MAHSING,8583,主板產业股)、实达集团(SPSETIA,8664,主板產业股)及UEM置地(UEMLAND,5148,主板產业股),皆在2012年跑输大市。

Likely Q4 profit for MAS

The Star Online > Business
Thursday January 17, 2013
Likely Q4 profit for MAS

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

PETALING JAYA: It is likely to be another profitable quarter for Malaysia Airlines (MAS) when it announces its fourth-quarter 2012 (4Q12) results next month.

The airline is also set to turn the corner with about RM174mil in net profit for 2013, a year sooner than its earlier forecast, according to a source who is familiar with the airline.

Salcon advances to 2-month high on RM110m sewerage job


The Star Online > Business
Published: Thursday January 17, 2013 MYT 10:58:00 AM
Salcon advances to 2-month high on RM110m sewerage job

KUALA LUMPUR: Shares of wastewater treatment specialist Salcon Bhd rose to 48 sen on Thursday, the highest since mid-December 2012 after it won a RM110mil sewerage contract in Klang.

At 10.39am, it was up 0.5 sen to 47 sen. There were 1.54 million shares done at prices ranging from 47 sen to 48 sen.

The FBM KLCI slipped 0.23 of a point to 1,682.72. Turnover was 462.62 million shares valued at RM336.57mil. There were 217 gainers, 218 losers and 282 counters unchanged.

陸東撐A股今年爆升

陸東撐A股今年爆升

投資者對A股資金分流憂慮,昨日滬深股市反覆下跌,當中滬綜指更一度重挫逾2%。不過,Look's Asset Management董事總經理兼投資總監陸東認為,今年A股會有大升浪,看好在港上市內險股及中資券商股,今年恒指合理值為27,800點。

投資者憂慮房地產稅試點範圍擴大,同時穆迪發表報告,警告上交所鼓勵上市公司提高現金分紅指引,會妨礙中資銀行及保險公司透過留存利潤來充實資本,會有負面信用影響。

China Tech Stocks for 2013


公募基金整体看多2013年股市表现


What's Driving the Demand for Capital in Malaysia?


Ex-Soros Adviser: Japan Could Face Fiscal Collapse


Internalization of China's Renminbi


Debt Ceiling Debate: Fiscal Cliff 2.0?


Asia is Growing, But Beware Of Inflation!


Has the Sea Tide Changed for Jamie Dimon?


Bernanke `Cautiously Optimistic' on Economy


How Far Is the Fed Out of Its Comfort Zone?


What's Driving Apple's Component Cuts?


Is Apple Losing Its Appeal?


Thursday, January 17, 2013

Ringgit strengthens and emerges as Asia’s 2nd best

The Star Online > Business
Thursday January 17, 2013
Ringgit strengthens and emerges as Asia’s 2nd best

PETALING JAYA: The ringgit emerged as the second best performer in the region year-to-date, as investors continue to chase higher yields amid a stronger outlook for growth in Asia.

Earlier this week, the ringgit hit a intra-day high of 3.0032 per US dollar, registering a nine-month high since March 12 last year. At the close on Tuesday, the local currency ended slightly lower at 3.0161 to the US dollar.

'Lots of teeth' in new curbs: DBS chief


'Lots of teeth' in new curbs: DBS chief

Mr Gupta is generally optimistic about 2013 and believes that there are opportunities for investors to make decent returns. -ST

Thu, Jan 17, 2013
The Straits Times

SINGAPORE - DBS Group Holdings chief executive Piyush Gupta expects Singapore's economic growth rate to come in on "the low side" of the Government's official 1 per cent to 3 per cent forecast.

This is partly because he believes that the latest property cooling measures, announced last Friday, have "a lot of teeth" and affect everyone.

Singapore curbs to cut industrial property sales: Southeast Asia

Singapore curbs to cut industrial property sales: Southeast Asia

Singapore’s industrial building sales may drop 10% this year after the city became the first in Asia to impose curbs on such properties, according to the world’s largest closely held commercial real estate broker.

The government on Jan. 11 imposed as much as 15% in stamp duties on sellers of properties such as warehouses and logistics buildings to curb speculation after prices doubled in the past three years and outpaced the increase in rents.

Genting M’sia stirred by 'buy' advice, US optimism


Hot Stock Genting M’sia stirred by 'buy' advice, US optimism
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, 17 January 2013 14:37

KUALA LUMPUR (Jan 17): Shares of Genting Malaysia Bhd (GenM) rose in active trade in the morning session following a research report advising investors to "accumulate" the stock pending the outcome of its New York bid.

At the noon break, the stock had risen 13 sen or 3.68% to RM3.66, with 4.48 million shares traded, after hitting an earlier high of RM3.67.

KrisAssets surges despite cash distribution going ex

KrisAssets surges despite cash distribution going ex
In The Edge Financial Daily Today 2013
Written by Esther Lee of theedgemalaysia.com  
Thursday, 17 January 2013 10:10

KUALA LUMPUR: The shares of soon-to-be-delisted KrisAssets Holdings Bhd gained a surprising 17.5 sen despite its cash distribution going ex yesterday.

The 291.67% gain propelled its theoretical ex-dividend and capital repayment price of six sen to 23.5 sen at the end of the trading day.

The theoretical ex-dividend price of six sen is derived by subtracting the RM2.60 cash distribution from the stock’s closing price of RM2.66 a day earlier.

JPMorgan downgrades Golden Agri to ’underweight’


J.P. Morgan downgraded palm oil firm Golden Agri-Resources to ‘underweight’ from ‘neutral’ and lowered its target price to S$0.50 from $0.56, on expectations it will be hurt by a muted recovery in crude palm oil (CPO) prices.

By 11:29 a.m., shares of Golden Agri were down 3.1% at $0.62, and have fallen about 4.6% since the start of the year, compared to the Straits Times Index’s 1% rise.

J.P. Morgan said it expects Golden Agri’s fourth-quarter earnings to miss expectations, and forecast a 20% quarter-on-quarter decline in core net profit to US$69 million ($84.5 million) as average CPO prices fell 23% in the period.  

It also cut its 2013 and 2014 earnings per share estimates by 10% to factor in lower CPO prices.

Undervalued SOP slides further


Undervalued SOP slides further
Business & Markets 2013

Written by Janice Melissa Thean of theedgemalaysia.com  
Thursday, 17 January 2013 09:49

KUALA LUMPUR: The share price of SARAWAK OIL PALMS BHD [] (SOP), which already lagged its peers with a huge discount, continues to slide since it started on a downward trend last September.

The stock dropped 1.53% to close at RM5.79 yesterday, adding to its 14% drop since September last year.

Is KLCCP Stapled REIT more, equal or less than a REIT?

Is KLCCP Stapled REIT more, equal or less than a REIT?
Business & Markets 2013

Written by theedgemalaysia.com  
Thursday, 17 January 2013 10:52

KLCC PROPERTY HOLDINGS BHD []
(Jan 16, RM6.44)
Maintain market perform at RM6.44 with a revised fair value of RM6.56 from RM5.92: We were slightly disappointed with the proposed stapled structure of KLCCP, as the potential tax benefit and dividend stream are not being maximised, compared with a full-fledged real estate investment trust (REIT). However KLCCP Stapled does offer an additional property development/non-REIT segment that a typical REIT does not have.

OSK: Malindo will not hinder AirAsia’s expansion plans


OSK: Malindo will not hinder AirAsia’s expansion plans
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, 17 January 2013 11:19

KUALA LUMPUR (Jan 17): AIRASIA BHD []’s expansion plans will not be hindered by Malindo Air’s arrival, said OSK Research, as AirAsia has been pushing for early delivery of its aircraft. This prompted the research house to retain its “buy” call on AirAsia with an unchanged fair value of RM3.39.

At 10:22 am, the counter rose 2 sen to RM2.94, with an intraday high of RM2.95.

Commodities: Once Bitten, Twice Shy?

16 JANUARY 2013
Commodities: Once Bitten, Twice Shy?
By Louis Lee

It is no surprise that the commodities sector saw blood in 2012, in terms of valuation, this sector is trading at a historical low. Notable earnings’ shockers hit the market, and double digit slips in share prices can be seen in big counters such as Wilmar International (Wilmar) and Olam International (Olam).

Wilmar saw its shares pummel 36 percent last year as it struggled with losses at oilseeds and grains from a continued difficult operating environment in China, lower plantation profits and prices, and a drop in production yield and higher production costs.

Olam, on the other hand saw its share price take a 28 percent nosedive, which was exacerbated by the accusations of Muddy Waters, about the company’s financial health and debt levels.

A comparison between the Straits Times Index (STI) and the S&P GSCI (A global commodity index representation) on the chart below shows how the commodity index (orange line) has been underperforming the STI, for the past 12 months.



















But didn’t this sector used to do fine and was one of the favourites to look at? What Happened?

High Volatility And Excessive Expansion
As mentioned earlier, things have taken a turn for companies in the commodities sector. Profit growth is no longer as brilliantly amazing as it used to be as the commodity prices are subjected to higher than ever volatility, perhaps due to uncertain global economic outlook, which in turn places a worrying impact on overall earnings.

In a bid to secure commodity supply and improve their margins, large commodities companies have invested fervently in assets over the past few years. In the face of slower global commodity demand, it is believed that the higher overhead costs, which include things like interest expense have been a continuing factor adding pressure to the overall earnings position.

The realisation of the taxing nature of such investments on their sheets have prompted the big players to slow down on such asset investments. In the context of Olam, such asset purchases will be under more scrutiny especially in light of the Muddy Waters episode, therefore, it is possible that its strategy pertaining to asset purchases might have to be recalibrated.

Still Looking Cheap
Although it is not very likely that the commodities sector will be given a lift and be re-rated in the short term, it is important to note that the prices of stocks in this sector remains attractive (e.g Noble Group). It might not be too bad of an idea if you are looking to park an early position in this sector as this sector still play a very important and relevant role in the longer-term.

Before anyone decides to write off the commodities sector, naysayers need to remember that commodities flow into Asia is expected to rise as population grows and cities develop. It is still too early to put a black mark on the commodities sector for 2013.


Source/Extract/Excerpts/来源/转贴/摘录: www.sharesinv.com
Publish date: 16/01/13

施永青轉口風 料今季樓價升5%


施永青轉口風 料今季樓價升5%
2013年1月17日
【明報專訊】踏入2013年,二手樓市復活,而昨日公布的施政報告中,特首並無對樓市再落重藥。上月預期新春前樓價跌一成的中原地產創辦人施永青,卻似乎突轉口風,昨天指由近日樓市表現來看,本港置業需求已足以支持樓市繼續向上,短期內政府根本無計可施,預計樓價在今季將上升5%。

料創歷史新高

施永青指出,近期二手物業成交略有增加,而樓價亦輕微上升,反映即使政府已積極控制炒家及外來資金入市,但單靠本港需求,已足以支持樓價上揚。他又指出,特首已積極增加土地供應,但由找地皮到推出供市民購買,當中需進行規劃及不少部署,至少要在5至10年才能推出,故除非政府仿效內地推出限購令,禁止買家購買第二套房,否則短期樓市應會持續向上,預期首季樓價可上升5%,並再破去年高位,創歷史新高。

Exciting future for local oil and gas industry


Exciting future for local oil and gas industry
BY KAMARUL YUNUS
bt@nstp.com.my
2013/01/17

TREMENDOUS POTENTIAL: Billions of ringgit going into risk service contracts, more oil discoveries plus billions to spend in capex
THE future looks stimulating for the local oil and gas industry, with billions of ringgit of investments going into risk service contracts (RSCs), more discovery of deepwater reserves, plus tens of billions of ringgit in upstream capital expenditure (capex).

The potential in technologically demanding areas such as enhanced oil recovery, asset integrity, integra-ted operations and deepwater exploration is expected to provide opportunities for local players to develop indigenous technology.

郭樹清:QFII可穩定市場 新股撤回潮 A股有運行

郭樹清:QFII可穩定市場 新股撤回潮 A股有運行

【本報訊】怕被新股玩殘的內地股民,不用恐懼了!內地投資銀行界消息預計,正在等待審批並於2月底公開招股的企業,會出現申請撤回潮,而正力谷擴大QFII(合格境外機構投資者)和RQFII(人民幣合格境外投資者)的中證監主席郭樹清昨強調,QFII和RQFII有穩定A股作用,借外勢力派定心丸。

內地散戶愛打新(即炒新股)但也怕太多新股一湧而上。據內地《財經網》引述消息內地投資銀行界消息指,原定安排於2月底至3月初排隊IPO的企業將出現大規模撤回情況,估計最少也有200多家擬上市公司撤銷IPO申請。一位保薦人認為,出現大規模撤銷IPO申請,應該是中證監下達收緊審批公司上市申請。

Singapore, Hong Kong Look to Cool Not Kill Property Markets

Singapore, Hong Kong Look to Cool Not Kill Property Markets
Singapore and Hong Kong now have identical 15 percent levies to slow the foreign money that has added fuel to their overheated property markets - measures that will help first-time buyers but throw the spotlight on investors' next targets.

The curbs on residential real estate purchases could shift demand to retail and industrial spaces, diverting billions of dollars to those sectors as well as to housing markets in the United States, Canada, Australia and Malaysia.

Even if the pace of buying slows, analysts said, the appetite for homes in Hong Kong and Singapore is so strong that prices are expected to stay firm or ease only marginally.

實康獲1.1億排污水管合約


(吉隆坡16日訊)實康(SALCON,8567,主要板貿易)宣佈,獲得能源、綠色工藝及水務部頒發總值1億1000萬令吉合約。

 該公司向馬證交所報備指出,獨資子公司實康工程公司在14日接獲能源、綠色工藝及水務部污水處理部門的頒發書,設計及興建位于巴生的排污水管配套D55。

 是項合約總值1億1000萬令吉,為期48個月,從本月29日開始至2017年1月28日完工。

Neptune Orient Lines: Great start to the year (OCBC)

Neptune Orient Lines:
Fair value    S$1.38
add: 12m dividend forecast S$0.00
versus: Current price  S$1.23

Great start to the year
• Upward momentum continues
• Further rate hikes planned
• Collective efforts encouraging

NOL has made a great start to the year with an approximate 7% share price appreciation, which adds on to the 5% increase seen in Dec.

Mapletree Logistics Trust: Building scale through investments (OCBC)


Mapletree Logistics Trust: .
Fair value    S$1.25
add: 12m dividend forecast S$0.07
versus: Current price  S$1.15

Building scale through investments
• Performance to stay firm
• Weaker JPY to have limited impact
• Strong growth potential

Mapletree Logistics Trust (MLT) has one of the most diversified portfolios in the industrial REIT space. This allows MLT to capitalise on the robust demand for warehouse space, as well as to maintain a sturdy financial performance. For 3QFY13, we expect the positive trend to continue, driven by healthy rental and take-up rates and contributions from MLT’s past acquisitions.

Midas Holdings: Proxy play to China’s infrastructure-led growth (OCBC)


Midas Holdings:
Fair value    S$0.60
add: 12m dividend forecast S$0.0075
versus: Current price  S$0.47

Proxy play to China’s infrastructure-led growth
• High-speed order wins possible in 1H13
• Railway investments an economic boon
• BUY rating reaffirmed; higher S$0.60 FV

We view Midas Holdings (Midas) as a proxy play to the economic recovery story of China in 2013, which would be driven in part by rising urbanisation and railway investments. The latter could amount to CNY600-650b, according to media reports. We believe that China’s Ministry of Railways could resume high-speed passenger train car contract tenders in 1Q13.

Re-iterating our conviction picks (CIMB)

Re-iterating our conviction picks
The FSSTI did well in December and early January. Asian markets in general, have ignored December’s S&P500 fiscal cliff jitters but have joined in the ‘fiscal-cliff-relief’ Capricorn rally. China has led the way. Our Singapore downgrade in November was a relative call.

As fears of a hard landing for China recede, we had advocated that investors step out of their ‘yield’ comfort zone and stretch for growth. We had felt Singapore would lag because it lacked growth, hence the downgrade. Our bottom-up end-2013 FSSTI target (3,316) remains, implying target 13.2x CY14 P/E. Singapore is rated Neutral.

KLCC Property : Staple this security to your portfolio (CIMB)


KLCC Property
Current RM6.26
Target RM6.64
Staple this security to your portfolio

 At our Corporate Day, KLCC Prop explained the benefits of the new stapled security structure and how it would help to unlock asset values. The company reiterated its new dividend policy of > 90% payout.

We maintain our Outperform rating and DDM-based target price. Catalysts are expected from the approval for its new stapled security structure, as well as potential transfer of assets like Suria KLCC and Kompleks Dayabumi into the REIT in the future, which could mean higher dividends as tax savings can be returned to shareholders.

Singapore Offshore and Marine 2013 outlook: Looking beyond Petrobras (CS)


Singapore Offshore and Marine 2013 outlook:
Looking beyond Petrobras
■ Looking beyond Petrobras. Following the award of Petrobras’ deepwater rig contracts, we believe the market will focus on: (1) the prospects for non- Petrobras orders; (2) the level of sustainable margins for Singapore rigbuilders; and (3) the growing competition from Chinese and Korean yards.

■ Rig orders might have peaked in the near term. While firm oil prices should underpin the demand for offshore equipment, we expect rig orders to remain subdued due to tight credit conditions. In particular, jackup rig orders could be capped due to significant supply additions in 2013. However, we expect this to be offset by a recovery in semisubmersible orders, where Singapore yards are likely to receive a fair share of orders.

CapitaLand: New year, new CEO, new organisation structure (CS)


CapitaLand
Price (03 Jan 13, S$) 3.84
Target price (S$) (from 3.89) 3.96¹
New year, new CEO, new organisation structure

■ New CEO means business. Newly appointed President and Group CEO of CapitaLand effective 1 January 2013, Lim Ming Yan, announced organisational changes as part of efforts to simplify the company’s business and sharpen its focus on key markets, to further enhance shareholder returns.

■ Eight SBUs to be streamlined into four key businesses: CAPL’s existing organisation structure involves eight single business units (SBUs): office, malls, residential SG, value housing, serviced residences, financial services, China and Australia. These will now be streamlined into four key businesses: China and Singapore (including Malaysia), while CMA and Ascott will be the other two key focus areas. Australia (no longer a core market), Vietnam, Japan, India and others as well as fund management will be parked under the new Deputy CEO, Olivier Lim (who will relinquish his role as current CIO).

HI-P: market will likely continue to adopt a cautious stance (Limtan)

HI-P
S$0.78-HIPS.SI
 Due to the increasingly challenging business conditions and environment and also weaker than expected orders, Hi-P will be reducing their previously disclosed capex plan of S$300mln (by 2013) to S$150mln (over the next few years).

 As a result, instead of the original plan to complete phase 1 development of their new manufacturing plant in Nantong of 190,000 sqm by 2013, the company plans to only complete 50,000 sqm by 2013 with another 50,000 sqm to be completed over the next few years.

 The above announcement is in line with our recent channel checks which revealed that order bookings for Hi-P in 4Q ’12 as well as 1H ’13 came in below management’s previous expectations.

SINGAPORE PROPERTY: We do not expect a drastic impact on the property stocks (Limtan)


SINGAPORE PROPERTY
 We do not expect the latest property measures (some temporary some permanent ) by the government (the 7th and the most significant since 2009) to have a drastic impact on the property stocks.

 The authorities appear to be further “tweaking” the existing system, especially capping the size of new EC units, and taking preemptive measures as central bank in US, Europe (including UK), Japan continue to inject liquidity. We further note that the smallish developers would likely bear the brunt of the measures, while first time home buyers are not affected at all by the measures.

 They are:
a. new EC units no larger than 1722 sq ft; developers of future EC projects to launch no earlier than 15 months after the tender award.

陸東:炒股好過買樓


陸東:炒股好過買樓

陸東:今年炒股唔炒樓
【後市睇法】港股大好友、Look's資產管理董事總經理陸東,昨出席講座時大談港股及樓市展望。有在場人士透露,陸東睇淡香港本地樓市,「最近都賣咗好多物業套現,𠵱家個人物業投資組合比例係歷史新低。」他認為港股估值偏低,即使最近已累積不少升幅,但仍然有上升動力,因此認為「今年買樓回報遠低過買股票」。資料顯示,陸東於去年9月沽售上環海景商業大廈物業,持貨11年賬面賺658萬元。

睇好保險水泥股
對於特首梁振英施政報告增加土地供應,他指遠景正確,惟政府不可能快速解決「樓荒」,今年樓價不會大跌。

報告王:測航運股忌打開口牌 - 高明

報告王:測航運股忌打開口牌 - 高明



昨天麥格理推介中遠太平洋(1199),即日升2.2%報12.22元。報告指,雖然預測中遠洋吞吐量今明兩年僅升約7%,但相信現金流今年開始加速,因資本開支放緩,過去數年派息比率維持40%,有能力於今明兩年增至50%,而不會令負債比率提高,預期每股派息由2011年的0.44元,升至2015年的0.88元,不過,因佔盈利13%的集裝箱製造復蘇放慢,故維持跑贏大市,目標價由14.20元降至13.50元。

青心直說:A股靠外人炒起 - 胡孟青


青心直說:A股靠外人炒起 - 胡孟青

出版近兩年的《Red Capitalism》一書,是《經濟學人》2011年的年度最佳選書及彭博社(Bloomberg)的年度最佳商業類書籍。最近台灣臉譜文化出版了中譯版,書名並非直譯為「紅色資本主義」,而是《中國金融大揭密︰異常崛起的大銀行真相》。兩位作者Carl E.Walter與Fraser J.T. Howie,在內地金融市場打滾多年,認為絕不能忽視內地非常脆弱的金融體系。

金融體系弱爆
這算不上爆料之作,卻有其獨到體會。與其相信一些連普通話都說得一塌糊塗的分析,倒不如自己去找尋資訊。書中指出內銀股份制之前轉移的數以千億計不良資產,根本從未解決。作者要探討的是,究竟中國將會成為下一個金融新霸主,抑或是接替歐債的計時炸彈?全球爭相進軍的中國金融市場,到底還有哪些內幕?

曾淵滄專欄17.01.13:上落市不妨抽新股


曾淵滄專欄:上落市不妨抽新股 - 曾淵滄

梁振英的第一份施政報告出爐了,與我昨日在本欄所估計的一模一樣,即沒有任何新的打壓樓市措施推出,而是向香港市民描述未來會有多少住宅單位供應,會提供多少公頃的土地。

昨日恒指走勢幾乎與施政報告毫無關連,全日跟隨A股升跌,不過,本地地產股很明顯跑贏大市,這說明了市場認為施政報告不會打擊地產商賺錢的能力。

施政報告描述的未來住宅供應是:未來三至四年供應6.7萬個單位,明年有2100居屋供申請,2018年前每年供應1.5萬公屋單位,2018年後的五年內供應10萬個單位,即平均每年2萬個單位。

新加坡今年的私宅建筑需求料将放缓

新加坡今年的私宅建筑需求料将放缓
文: 道琼斯通讯社 (译:伍丽芳) 2013年01月16日 道琼斯通讯社
新加坡政府于2013年1月16日表示,新加坡私人领域的建筑需求将可能在今年放缓多达36%,因为经济前景乌云密布及担心供应可能过剩,令产业发展商变得十分审慎。

新加坡建设局(Building and Construction Authority)预测,私人领域的建筑需求(以所颁发的合约价值计算)将可能从去年估计的188亿元减少至2013年的120亿-150亿元之间。

有关当局说,由于官方预测新加坡今年的经济增长将介于1-3%,而全球需求也不明朗,私人领域的发展商“可能会在进行新建筑投资方面更加审慎。”

云顶新加坡会继续走高吗?


云顶新加坡会继续走高吗?
文: 韩巍 (译:麦美莹) 2013年01月15日 技术分析
从每周图表可以看到,云顶新加坡(Genting Singapore PLC)在形成了一个双底模式后,开始走高。鉴于它的双底范围很大,因此它可能还会继续走高。

从每日图表看到,移动平均线(MA)及平滑异同移动平均数(MACD)均呈现上升趋势。

当海峡时报指数在上周出现盘整时,这只股升至近期高位,并站得很稳。

友尼森低潮期已過 今年仍持續重組

友尼森低潮期已過 今年仍持續重組
(吉隆坡16日訊)MIDF證券研究看好友尼森(UNISEM,5005,主要板科技),預計本財年會比上財年有更好表現,雖然該公司目前仍在進行重組計劃,但賺幅已開始提高。

 友尼森今早以1.10令吉平盤迎市后開始走低,休市時跌3仙至1.07令吉,半日成交量為130萬8500股。閉市時收在1.08令吉,跌2仙,成交量為215萬8000股。

 MIDF證券研究認為,友尼森已走過了去年低潮期,公司管理層指出,在上財年第4季,公司營業額有所增長,因此在本財年首季會稍微下跌。

Salcon bags RM110m contract


Salcon bags RM110m contract
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com  
Wednesday, 16 January 2013 18:16

KUALA LUMPUR (Jan 16): SALCON BHD [] announced to Bursa Malaysia on Wednesday that it had bagged a RM110 million contract from the Ministry of Energy, Green TECHNOLOGY [] and Water's Sewerage Services Department. The contract is expected to contribute positively towards its earnings and net assets.

The project -- known as Package D55 – CONSTRUCTION [] of Sewage Pipes Network at Lot 130, Klang, Selangor Darul Ehsan (Design & Build) -- will cover all works associated with the sewage rationalisation within the South Klang sub-catchment located in Klang.

Yangzijiang falls after announcing warrants issue plan


Yangzijiang falls after announcing warrants issue plan

Shares in Yangzijiang Shipbuilding (Holdings) fell 7.7% to a one-week low on Wednesday on concerns over the potential dilution of its stock after it announced plans to issue $20 million worth of warrants.

By 9:55 a.m., Yangzijiang shares were at $1.015, with 48.9 million shares traded, 1.2 times its average daily volume over the last five sessions.

Yangzijiang said it plans to sell 330 million warrants at $0.0605 a piece, and each will carry the right to subscribe to one new share at 7.617 yuan ($1.51).

Ong’s RRJ Capital said to plan investing in Olam bonds, stock


Ong’s RRJ Capital said to plan investing in Olam bonds, stock
RRJ Capital plans to buy bonds and shares issued by Olam International, the commodity supplier targeted by short-seller Carson Block, a person with knowledge of the matter said.

RRJ, the fund run by former Goldman Sachs Group Inc. banker Richard Ong, yesterday acquired rights to US$90 million ($1.1 billion) of Olam bonds, the person said, asking not to be identified as the information is private. Along with the bonds, RRJ will receive warrants for Olam shares which it plans to exercise after three years at a cost of US$60 million, the person said.

Investors Face U.S. Debt Ceiling


Is Facebook's Big Reveal About Search or Shopping?


IBM Too Big to Grow?


Talking Numbers: Buy Facebook on Strength?


Bernanke: QE Is An Effect Tool, But Effectiveness Could Change


iPhone May be Losing its 'Cool': Report


郭树清:考虑将RQFII范围扩至个人投资者


丁险峰:看好后市 关注主流板块


QDII 2 Has More Structure Than the Previous Policy: Former HKEX Chairman


安倍“下猛药”20万亿日元刺激经济


CPI筑底缓慢上行 降息呼声再起


Magnus: China's Slowdown May Not Be Over


Wednesday, January 16, 2013

Singapore’s regulator sets deadline in F&N takeover battle

Singapore’s regulator sets deadline in F&N takeover battle
Singapore regulators set a Jan. 20 deadline for Thai billionaire Charoen Sirivadhanabhakdi and a rival group to make final offers for Fraser & Neave, the 130-year-old beverage company at the center of a bidding war.

Charoen in September made a $8.88 a share offer for the property and beverages company. A group led by Overseas Union Enterprise on Nov. 15 topped that with a $9.08 offer.

Both companies will have till 5:30 p.m. on Jan. 20 to make final offers, the Securities Industry Council said in a statement late yesterday. An auction process will be held if there is a stalemate after that time, the regulator said.

Singapore, Hong Kong look to cool not kill property markets


Singapore, Hong Kong look to cool not kill property markets
WRITTEN BY REUTERS

Singapore and Hong Kong now have identical 15% levies to slow the foreign money that has added fuel to their overheated property markets - measures that will help first-time buyers but throw the spotlight on investors' next targets.

The curbs on residential real estate purchases could shift demand to retail and industrial spaces, diverting billions of dollars to those sectors as well as to housing markets in the United States, Canada, Australia and Malaysia.

Krisassets jumps five fold, trades ex dividend, capital repayment


Hot Stock Krisassets jumps five fold, trades ex dividend, capital repayment
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Wednesday, 16 January 2013 12:05

KUALA LUMPUR (Jan 16) –  Top gainer KRISASSETS HOLDINGS BHD [] rose as much as five fold from its theoretical  ex-dividend  price of six sen in heavy trades as investors chased the stock to  be entitled for the real estate firm’s cash distribution, dealers said.

Krisassets is making a cash distribution of RM2.60 a share comprising a capital repayment and special dividend. The final lodgement date is Friday (January 18) and the payment will be made on February 6.

市场庞大前景佳 顶级手套瞄准非洲土地


市场庞大前景佳 顶级手套瞄准非洲土地
Created 01/16/2013 - 12:21
(吉隆坡15日讯)顶级手套(TopGlov,7113,主板工业产品股)看准非洲为新崛起的高增长地区,并看中该区域数个国家的橡胶种植土地。

该公司建议到非洲进行橡胶种植计划,是其长远的愿景,看好当地的发展前景,提供庞大的胶手套市场和高吸引价格的橡胶种植地。

顶级手套将跟随美国Firestone天然胶有限公司的脚步,后者目前在利比亚拥有全球最大的天然胶生产,占地约520平方公里和800万颗橡胶树。

联购UEM 地段建公寓 马新富豪柔特区大展拳脚


联购UEM 地段建公寓 马新富豪柔特区大展拳脚
Created 01/16/2013 - 12:28
(吉隆坡15日讯)4名来自本地和海外的著名企业家,联合收购土地,以在马来西亚依斯干达特区发展一项产业发展计划。

据《星报》报道,这4名企业家包括丹斯里刘锦坤、丹斯里李爱贤、丹斯里万阿兹米,和来自新加坡的黄一超。

国库控股(Khazanah)旗下UEM置地控股(UEMLand,5148,主板产业股),近期分别以2亿1110万令吉和1亿8960万令吉,脱售两块分别占地29英亩和14.7英亩的依斯干达土地,给Liberty Bridge私人有限公司,即上述4位企业名人共同拥有的公司。

UOA REIT Q4 net profit jumps four-fold

The Star Online > Business
Wednesday January 16, 2013
UOA REIT Q4 net profit jumps four-fold

PETALING JAYA: UOA Real Estate Investment Trust’s (UOA REIT) net profit for the fourth quarter ended Dec 31, 2012, more than quadrupled to RM40.13mil from the RM9.64mil in same period a year earlier.

In a statement to Bursa Malaysia, UOA Reit attributed the significant increase to the net appreciation on the fair value of the investment properties and a gain on disposal of an office suite in UOA II in December last year.

What’s billionaire Quek up to now?

The Star Online > Business
Wednesday January 16, 2013
What’s billionaire Quek up to now?

Raison D'etre - Risen Jayaseelan

TWO corporate exercises in a month squarely puts Tan Sri Quek Leng Chan in the limelight. I can't recall the last time the savvy banking tycoon sought to privatise two of his listed vehicles in such a short span of time. No wonder the market is abuzz with questions as to whether the two deals are related. Or more importantly, could these deals be a precursor to an even bigger deal by Quek? For example, could Quek be readying his assets for a potential takeover bid for the valuable Bank of East Asia Ltd (BEA), Hong Kong's largest independent local bank?

S'pore stocks: What to buy


S'pore stocks: What to buy

Analysts recommend companies in the oil and gas and commodity sectors. -ST
Yasmine Yahya

Tue, Jan 15, 2013
The Straits Times

SINGAPORE - Singapore stocks defied the odds to surge almost 20 per cent last year and as incredible as that was, analysts are bullish that they will continue rising this year.

They forecast that the benchmark Straits Times Index could climb a further 5 per cent to 8 per cent over the next 12 months.

雄運當頭:內銀升幅落後可吸

雄運當頭:內銀升幅落後可吸
去年首三季內銀股表現差,原因有三,分別是:1.地方債務平台或出現問題,引致壞帳率大升;2.內地地產泡沫爆破;3.去年開始推動利率自由化,銀行間競爭劇烈,息差收窄。不過,去年首三季度業績普遍較預期好,壞帳和息差收窄情況並不嚴重。

小型銀行增長較佳
內地去年十二月通脹按年升2.5%,市場開始擔心通脹重臨,筆者相信今年減息或降準機會大大降低,如經濟增長勝預期,不能抹殺年底加息的可能性,相信有利息差擴闊,加上中證監考慮推動QFII、QDII和跨境理財業務,將帶動內銀盈利上升。內銀股今年預測市帳率為0.84至1.41倍,預測市盈率約5.7至7.7倍,較國企及A股估值有折讓。

CHINA:中石油寂寞有誰憐


CHINA:中石油寂寞有誰憐
A股反彈,略為驅散過去一年的愁霧,但對於A股股民來說,始終是在「打底」而未形成上衝力。內地媒體就去年A股表現評出「十最」,內裏是差多好少,其中中國石油被評為「最寂寞的公司」,怎麼寂寞法?中石油據稱年平均換手率僅為0.01%。這是很可憐的數字,中石油交投之淡,活脫脫寫出股民「哀莫大於心死」的意態。

問中石油是不是質優股?沒人敢搖頭。中國少數幾間壟斷性石油公司之一,連股神巴菲特都曾鍾情,當然是質優股。可是上市五年多,股價跌幅累計逾八成,市值蒸發累計5.7萬億元人民幣,怎可當價值投資?

收益穩定 房託基金受捧


收益穩定 房託基金受捧
http://paper.wenweipo.com   [2013-01-16]  

 於過往十年,香港的房地產板塊與經濟同步急升,成就了不少人的致富夢。但好景不常,一次金融風暴卻令不少投資地產的人士慘遭滑鐵盧經歷。金融海嘯後,復甦所需時間較預期為多,投資者對金融資產的信心動搖,因而傾向投資實物,如黃金及房地產等;然而,黃金等金屬只有升值的機會,並沒有利息收入;房地產則為實物兼享升值及租金收益,故我們認為投資者可考慮買入房地產投資信託基金(REITs)。  ■東驥基金管理

 值得留意的是,房地產基金與REIT有些許分別,其中房地產信託基金主要投資於持有物業,如辦公室、商店或住宅的收租,而房地產基金是投資於發展商,而發展商所得的利潤未必是分給投資者,而是用來再投資。事實上,以穩定派息的REIT亦具收息兼避險作用,香港上市的REITs更明文規定,最少要將可供分派收入的90%派予單位持有人,分派比率較收租股更有保證,因此,這類高息股於股市不濟時吸引不少捧場客。

財技解碼:QDII2有兩大死穴

財技解碼:QDII2有兩大死穴
http://paper.wenweipo.com   [2013-01-16]  
 上周末2013年中國人民銀行工作會議提出要積極做好合格境內個人投資者(QDII2)試點相關準備工作。中證監主席郭樹清出席論壇時亦表示,今年內計劃推出QDII2。

 與QDII中的境內機構投資不同,QDII2是指在人民幣資本項下不可兌換條件下,有控制地允許境內個人投資境外資本市場的股票、債券等有價證券投資業務的一項制度安排。QDII2與此前所說的「港股直通車」在技術操作上或有區別,但在實質上都是境內個人投資者投資境外的一種方式和途徑。顯然,有關舉措對內地資本項目自由兌換、人民幣國際化均有推動作用。

FSM料恒指可升至28800點


FSM料恒指可升至28800點
http://paper.wenweipo.com   [2013-01-16]

 香港文匯報訊(記者 陳遠威)市場投資氣氛升溫刺激內地股市去年第4季急升19%,網上基金分銷平台Fundspuermart.com(香港)(FSM)總經理黃展威昨表示,今年內地經濟增長明朗,整體股市均有機會進一步上升,預料恒生內地綜合100指數可於年底前升27.6%至9,080點,恒指亦可在現水平上升23%至28,800點。

換機潮拉動 科技股看漲
 黃展威表示,整體而言會繼續重股票輕債券,由於債券收益率創新低,加上股市估值偏低,建議投資者降低固定收益資本增值預期。歐債危機並未處理妥當,但預料今年歐洲恢復增長,同時內地經濟再度加速,將利好投資氣氛,推動股市前景。看好科技股板塊,手機及平板電腦發展迅速,市場需求未有下降,再遇上新一輪換機潮拉動,相信會令整個板塊上升。

流感带动需求 手套股涨势料短暂


流感带动需求 手套股涨势料短暂

(吉隆坡15日讯)美国的流感短期可能带动手套领域上涨,但分析员提醒,任何涨势都是曇花一现。

美国2012-2013年流感季节比预期早开始,已蔓延至40多个州属。 卫生专家称之为自A型流感(H1N1)以来最严重的流感,目前在流感初期已有18个死亡病例,预计流感季节可能延长到3月或4月。

丰隆研究分析员指出,传统而言,在流感新闻爆发后,手套股將会有显著的升势。如果目前的状况持续或恶化,基於期望手套的需求將大幅增加(尤其外科手套),手套股可能会走高。

China Minzhong: Share buyback mandate may boost share price (UOBKH)

China Minzhong
Price/Target S$0.84/S$1.00
Share buyback mandate may boost share price

Investment Highlights
• Maintain BUY and target price of S$1.00, based on 3.1x FY14F PE, pegged to Singapore-listed peers’ average.

• Positive share price catalysts include PE expansion, share buybacks or even a dividend payout, which the company has been considering since the last financial year.

MIIF: Unearthing the treasure chest (AM)


Macquarie International Infrastructure Fund:
Unearthing the treasure chest
(FV: S$0.70)

· Unearthing the treasure chest. Macquarie International Infrastructure Fund (MIIF) has concluded its strategic review on December 18 2012 with a decision to divest its assets namely Taiwan Broadband Communications (TBC), Changshu Xinghua Port (CXP), Hua Nan Expressway (HNE) and Miaoli Wind Company (MWC), as well as return excess existing cash to shareholders. The divestment of the assets is likely to take 12-18 months.

Sunway : RM45m order from Legoland (HLG)


Sunway (BUY) - .
Price Target: RM2.93
Share price: RM2.43
RM45m order from Legoland

News
Sunway has clinched a  RM44.99m order from IDR Assets S/B for the proposed design, construction and completion of package 11 – Legoland Water Theme Park in Iskandar. The project is targeted to be fully completed by  30 Sep-13 (9 months).

MAS : Yields Pressure Imminent (HLG)

MAS (SELL) -
Price Target: RM0.62
Share price: RM0.76
Yields Pressure Imminent

Highlights
New management with better operational process and better interaction with the market (branding exercise), ultimately improving customer experience.

Continuous fleet replacement exercise to improve operational efficiency, lower unit operational cost and new product offerings.

Intense competition from AirAsia and new entrance Malindo Airways in 2013.

CDL Hospitality Trusts: Proposed acquisition of Maldives resort (OCBC)

CDL Hospitality Trusts:
Fair value    S$1.93
add: 12m dividend forecast  S$0.123
versus: Current price  S$1.945

Proposed acquisition of Maldives resort
• Upmarket Maldives resort
• Expansion opportunities
• Raise FV to S$1.93

CDLHT has announced the proposed acquisition of Angsana Velavaru in the Maldives from Banyan Tree (BT) for a total cost of US$72.4m. BT will lease back the property for 10 years and the rent payment will be GOP less management fees per annum, subject to a minimum rent and reserve of US$6m. Based on the pro forma annualised NPI for 9MCY12 of US$6.8m (after deducting outgoings of US$1.0m), as a percentage of the purchase price of US$71.0m, the NPI yield is 9.6%, versus the implied NPI yield of 6.0% for the existing portfolio. The transaction is subject to approval from a Maldivian ministry, which is likely to take over two weeks. Gearing post-acquisition will still be healthy at ~29%. Assuming the transaction is completed on 1 Feb, we raise our FV from S$1.91 to S$1.93 and maintain our HOLD rating on CDLHT.

Market: STI up; reiterating BUYs for our 2013 stock picks (OCBC)

Market: STI up; reiterating BUYs for our 2013 stock picks
Summary: Since our strategy report “A good year for equities” issued on 14 Dec 2012, the STI has moved up 2.7% and our 2013 stock picks have outperformed with gains of 4.0% for the same period. Ezion is the star performer, with gains of 20% for the same period, and we are reiterating our BUY on the stock with fair value to S$2.05. Besides Ezion, property/REIT stocks have also done well so far this year. However, do watch out for some caution and quieter trading in Feb, largely due to the result season and Chinese New Year break. While most of the stocks in our stock pick 2013 list have outperformed so far this year, we believe that the medium-term potential for these stocks remains unchanged and are reiterating our BUY ratings for these 12 stocks with average potential upside of about 12.8% from last Friday’s closing prices.

Nam Cheong Ltd: Strong vessel sales momentum (OCBC)


Nam Cheong Ltd:
Fair value    S$0.30
add: 12m dividend forecast S$0.00
versus: Current price  S$0.27

Strong vessel sales momentum
• 2 PSV and 1 AHTS sold in Dec 2012
• Petronas to catch up on projected expenditures
• Expected increase in OSV demand

Nam Cheong Limited’s share price was up about 15% since our initiation report (“Dominant M’sian OSV Builder”, 20/11/2012) less than two months ago. Last month, it sold one Platform Support Vessel (PSV) and two Anchor Handling Towing Supply (AHTS) vessels worth a combined US$56.4m, bringing its total number of vessel sold in 2012 to a record high of 21 (2011: 13 vessels). We believe this strong momentum will continue as Petronas catches up on its projected expenditures in the Malaysian oil and gas space. Meanwhile, as we adjust our model to take into account for the recent sales, our fair value estimate for the counter edges up to S$0.30 (previously S$0.28), still on 8x FY13F EPS. Maintain BUY

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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