Saturday, January 26, 2013

樓價指數破頂 升穿雙辣招前

樓價指數破頂 升穿雙辣招前
按周升2.1% 未反映施政報告無辣招
2013年1月26日
【明報專訊】市場早已消化雙辣招,加上5000白表申請超額11倍、置安心計劃申請超額57倍等因素刺激,本港樓價再闖歷史新高。中原城市領先指數(CCL)最新報118.38點,打破去年辣招前116.81點的歷史高位之餘,按周更升2.11%,升幅創過去101周(近2年)按周新高。有業內人士預期,短期內升勢未能扭轉,料至下半年才有機會回落。

反映本港樓價的兩大指數,包括CCL及中原城市大型屋苑領先指數(CCL Mass),最新數字同創新高,其中CCL報118.38點,升穿雙辣招前高峰的116.81點,CCL按周升2.11%,並連升兩周共2.4%;而CCL Mass則報116.61點,升穿舊紀錄的114.32點,數字按周升2.03%,創37周最大升幅,並連升兩周共2.35%。

索羅斯:中國出現樓泡

索羅斯:中國出現樓泡

國際投資者索羅斯認為,歐債危機最壞階段已過去,相信歐元將不會瓦解,而由於其他經濟體推行量寬,歐元匯價更可能上升。對於有指市場正醞釀信貸泡沫,索羅斯稱短期內絕無可能,但直言中國出現地產泡沫,並把這歸咎於地下銀行放貸造成。

Property buying sentiment holding up despite cooling measures


Property buying sentiment holding up despite cooling measures

By Wong Wei Han- .3 hours 20 min agoSINGAPORE — In the immediate aftermath of the announcement of the Government’s most sweeping property cooling measures to date, property stocks plummeted as analysts said the impact on demand could be severe with a possible double-digit drop in sales of private residential units.

But as the panic gradually settles, a snapshot of the market suggests that buyer sentiment may still be on the positive side, and the immediate dampening effect may be less than forecast.

One project that does not seem to have been unduly affected is Q Bay Residences, in Tampines. The first condo to be launched after the cooling measures were announced on Jan 11, 312 of the 510 units launched there had been sold as of Jan 21, according to joint developer Fraser and Neave.

业绩利好 速远財测上调


业绩利好 速远財测上调

(吉隆坡25日讯)隨著速远集团(ZHULIAN,5131,主板消费股)2012財政年全年净利表现和股息派发超越预测,促使分析员上调该公司2013至2014財政年的净利和股息预测。

在正面消息带动下,该股週五上升10仙或3.55%,至2.92令吉,並挤进20大上升股的排名。

较低的有效税率,加上印尼联营贡献按年提高22%,至1330万令吉,促使速远集团2012財政年末季(截至2012年11月30日)净利按年上升8.8%,至3130万令吉。全年净利则按年增长23%,至1亿1710万令吉。

虽然销售和盈利获得改善,但是未计算利息和税项前收入(EBIT)赚幅却因为较高营运成本,在末季下跌至20.6%。截至2012年11月杪,该公司共持有1亿3770万令吉的净现金,或相等於每股0.30令吉。

Bank-of-Japan-adopts-2-inflation-target-openended-easing


CapitaMall Trust : AEI came into fruition (DBSV)

CapitaMall Trust
HOLD S$2.16
Price Target : 12-Month S$ 2.15 (Prev S$ 2.02)
AEI came into fruition

• In line with expectations
• FY13 earnings to be driven by full contributions from JCube, Bugis+ and The Atrium
• Low gearing and strong balance can be utilised to drive inorganic growth
• Maintain HOLD at TP S$2.15

Highlights
In line results. CMT reported 4Q revenue and net property income (NPI) of S$173.67m and S$112.9m, +10% y-o-y and +14% y-o-y respectively. The top-line benefitted from the opening of JCube and Bugis+. On a q-o-q basis revenue grew by 1-3% supported by healthy rental reversions of 5.4% to 10.9% p.a for most of its operating malls.

Pavilion REIT (HOLD) - A solid 4Q to end the year


Pavilion REIT (HOLD) -
Price Target : 1.43
Last Price : 1.43
A solid 4Q to end the year

Results
Results in-line. FY12 normalised PAT came in at RM195m, making up 101% and 105% of HLIB and consensus forecasts respectively.

4Q net profit of RM50m was relatively flat qoq (+3.3% qoq).

Deviations
None

In buying low PE stocks, beware of value trap


In buying low PE stocks, beware of value trap
While stocks with the lowest PEs generally offer the best returns, there are duds as well
TEH HOOI LING

Last week, we discussed one of the measures used by the market to value stocks – the price-earnings or PE ratio. We noted that the market likes high-growth companies and accords them a higher earnings multiple.

The higher the price a stock trades at relative to its current earnings, the more difficult it is for it to meet the market’s expectations. As such, the higher the probability its share price will underperform.

香港股神曹仁超:港股将步入牛市三期


1月15日消息,据香港信报报道,港股由去年11月初开始发力,至今恒指已直迫2011年上半年的高位24000点水平。“香港股神”曹仁超接受媒体专访时表示,港股牛市二期理论上已经完成,预料即将步入牛市三期,并直言:“港股今年上半年一定好,即使‘猫狗股’都会照升可也。”

曹仁超表示,港股于2008年见底后,若由2009年开始踏入牛市一期计算,港股于2009年10月左右已完成牛市一期,及后资金开始在不同板块炒作,是为牛市二期,亦即慢牛期。随着恒指近日逼近24000点水平,预料牛市二期也将确认完结,朝着牛市三期,也就是什么都升(Everything Grows)的时期进发。

曾淵滄教路 15.01.13 : 「雙辣招」不治本 天晉銷情後市指標

雙辣招」不治本 天晉銷情後市指標
近一個月,恒指走勢不錯,但是,我的愛股友邦(1299)的表現則差強人意,股價反覆向下,最重要的原因當然是AIG的大量配售。AIG配售手上所持的最後一批友邦股票,導致市場上友邦股票的供應量大增,導致AIG的配售價30.4元也守不住,AIG配售友邦時,反應非常好,可以說是搶購,搶購者中當然不全是長期投資者,也包括不少短炒者,短炒者希望獲得配售後短時間內售出套利,但是眼看其他股表現得更好,友邦相對落後,就缺乏耐性持有,紛紛沽售換馬,改買其他當炒的股。

友邦可低吸

我從友邦上市的第一天就經常說,持有友邦者必須有長期持有的耐性才能見到真正的好回報,友邦是優質保險股,不怕長期持有,我自己也在上市時申請並獲配了一些友邦股票,並持有至今。我認為,現在友邦股價跌破配售價是好事,是讓大家低價買入的機會。

大英Blog物館 15.01.13: 提升炒股功力 先整合經驗和理論


提升炒股功力 先整合經驗和理論
不少投資者,皓首窮經、飽覽百家,心法陣法應有盡有,但到實際操作,總是掛一漏萬,發揮不出所學。聽過熊仔捉魚的寓言未?話說一隻熊去捉魚,捉到一尾,一掌按在石上。「熊」心不足,未享用收穫,又伸手去抓。兩手一伸,原有那條自然「放生」。如此一來一回,不論勞動多少遍,始終只有一條魚吃。如果理論和經驗,不能有系統地整合,疏理出箇中的關係,好好消化,都是和熊仔一樣,事倍功半,見到的多,到肚的少。

系統化整理招式,避免投資失誤,最好的方法之一,就是製作檢查清單。巴菲特拍檔蒙格,對此也推崇備至。(詳見本欄400期)但始終是知道的人多,實際做的人少。真有執行,而且成果不錯的Checklist投資達人,當數Mohnish Pabrai。達人並非等閒之輩:他既是基金經理,又有兩本投資著作,在有本事與股神「把可樂」言歡的層次。但在金融海嘯時期,卻慘遭滑鐵盧,比原本跌幅已經很大的大市更差。

Fund managers (Vasu Menon) upbeat on first half of 2013


Fund managers upbeat on first half of 2013
26 Dec 2012 12:08
By Vasu Menon
Vice-president, Wealth Management Singapore
OCBC Bank

OCBC Bank’s Wealth Management unit polled 13 fund management companies recently for their views on the investment outlook for the next six months.

Aberdeen Asset Management, Allianz Global Investors Singapore, Amundi Asset Management, BlackRock Inc., BNP Paribas Investment Partners, Deutsche Asset Management (DWS), Eastspring Investments, Fidelity Worldwide Investment, First State Investments, Henderson Global Investors, ING Investment Management, Lion Global Investors, Schroder Investment Management, participated in the poll.

Reits - A haven even in slower times?

Reits - A haven even in slower times?
Regardless of their performance, investors should still do their homework to assess the growth potential, says GERALD LIM
28 Sep 2012

IN the past two years, the Singapore Real Estate Investment Trust (Reit) market has been gaining increasing investor confidence as it has outperformed the broader equity markets and delivered revenue growth and stable dividends.

Since the start of this year, the FTSE ST Real Estate Investment Trust index, which tracks the performance of the S-Reit market, appreciated by 23 per cent versus 16 per cent for the benchmark Straits Times Index (STI).

胡立阳: 股市寻宝图


2013年市场展望及《股市资讯》的心水股


2013年市场展望及《股市资讯》的心水股
文: 王秋莹 (译:麦美莹) 2013年01月18日 展望

牛市将大驾光临!在上一期的特写里专家是这样说的!相信大家都不想错失这个大好良机,继续寻找在蛇年里将会带来高回报的股只。今期,《股市资讯》将为大家挑选另外三只心水股。

信不信由你,在2012年里,股票的表现在众多资产类别中,独占鳌头。股市在2012年的首6个月里,举步维艰,但接下来它却奋起直追,取得最优秀的表现,个中原因是环球多个政府采取了前所未有的大刀阔斧措施来确保经济不会再陷入衰退中。那么,现在才转换跑道,从避险(risk-off)改为趋险(risk-on)的投资模式,是否会迟了一点呢?看来应该不会太迟。


海峡时报指数2013年目标
资料来源: 多份研究报告
有鉴于此,我们比较看好盈利主要来自海外市场的企业。它们最好是在亚洲拥有业务,特别是在中国,因为后者正在增加其在固定资产的投资,并继续扩大内需。我们也看重岸外及海事领域,因为石油与天然气业的上游活动在2012年十分活跃。现在,就让我们来为大家作详细的分析。

中国回弹带来的优势
中国股再次受到追捧,因为中国硬着陆的风险渐走渐远。经济师预测中国将会连续第7个季度取得轻微增长,2012年第四季的国内生产总值(GDP)将会增长7.8%。随着中国共产党新领导层接班后很可能推出宽松措施,世界银行(World Bank)也预测中国在2013年将取得8.4%增长。由于中国的疲弱增长已经从其全年的缓慢扩张中见底回升及经济数据预期将会回弹,我们认为龙筹股今年的表现将会不错。

鹏瑞利中国商用信托
鹏瑞利中国商用信托(Perennial China Retail Trust)专门从事中国零售发展业务,因此它将可从中国的快速城市化中受惠。中国零售业也在很大程度上从新的消费模式获益,因为国内中产阶级人士增多,他们的可随意支配收入及消费能力提高将会对公司组合里的产业带来一片兴旺。

通过与上海长峰及能兴集团的战略伙伴合作关系,公司可以不断获得更多位于交通便利据点的商厦单位。其中两个产业是直接连结成都及西安高铁站。在长沙的一个类似高铁商厦发展项目,公司也有优先投资权。总的来说,这些发展项目价值最少为30亿元。公司也可以优先收购在广东省的零售项目,并正在成都高铁东站(已经开始通车)附近发展另一个零售商场。

虽然公司目前的零收入及低派息率(FY11及FY12最少为90%至FY13最少为50%)令人关注,FY13的盈利很可能会出现转折。发展项目的建筑工程将会在2012年尾至2014年陆续完工,而到时预期收入将会逐渐增多。其大部份发展项目已经超过一半出租,如鹏利青羊广场及沈阳龙之梦购物中心。当项目在年内开始全面运作后,盈利及贡献的透明度将会提高。

此外,当发展项目完工后,公司的重估收益将会大大提高,因为它们的收购价偏低。目前,这只股是以低于其净资产值(NAV)交易。星展唯高达研究也指出,在发展项目完工后,公司的NAV将会实现,而其与股价的距离很可能会拉近。

鹏瑞利中国商用信托是由在地产界经验丰富的潘锡源领导,他曾经出任凯德商用产业(CapitaMalls Asia)的首席执行官,并处理过中国境内超过70个商场的收购、发展及管理事宜。我们认为公司在他的精明领导下,在今年内将可以达标。

石油与天然气业仍蓬勃发展
我们仍看好石油与天然气业,尤其是岸外及海事领域。随着近几年来,资本开支逐渐恢复正常及上游业务加强,岸外支援业者正等待时机从中受惠。因此,我们把注意力放在一些盈利清晰的滞后股,而Swiber控股(Swiber Holdings)正是其中之一。

Swiber控股
Swiber控股最亮眼之处是其盈利透明度很高。公司的订单自从在FY11越过10亿美元水平后,越增越多。去年所获得的新订单约为17亿美元(FY11为7亿3,300万美元),让其可以保持订单总额在10亿美元的水平之上。截止2012年11月,公司的订单总额为14亿美元,大部份项目预期在未来两年内完工。

当然,单单这样并不足够。马来亚银行金英(Maybank Kim Eng)的一份报告指出,2013年在环球岸外项目的开支预期大幅增加至1万6,000亿美元,比2012年所作的1万2,000亿美元预估为高。这家研究机构还特别指出亚太及中东将会成为资本及营运开支提高的主要受惠者。公司在这两个地点都拥有稳健的据点,因此可以从这个趋势中大大受益。公司把自身船队扩大,因此在部署船只方面拥有较大的伸缩度,而这意味着公司将会取得较佳的毛利。

不过,公司不断扩大其财务来支付船队的扩充令人有点担忧。它的负债比从截止2006年12月的财政年度的0.26倍提高至2012年首9个月的1倍,后者将令公司在短期内受困。长期而言,随着扩充船队计划接近尾声,其负债水平预期也会减少。

至于股价方面,Swiber的表现在2012年攀升接近11%,比大部份同行录得超过20%的升幅来得逊色。这只股目前是以其账面值折扣交易,而考虑到它的前景大有可为,Swiber应该是一只不错的价值型股。

兴旺领域的受惠者
亚洲经济体在2012年大部份时间的表现都在冒升,而我们认为这个趋势将会持续。因此,我们不单看好提供支援服务给这些兴旺领域的企业,也留意到一些可从亚洲经济的增长中受惠及从中国的经济复苏中间接获益的公司。

澳洲集团
我们挑选的第三只股是澳洲集团(AusGroup),因为我们认为石油与天然气业及采矿业对组建及结构钢工程的需求在2013年将会上升。原因是扩张经济体的增长对原油及原材料十分渴求,从而令这行业的活动高涨。这对澳洲集团来说是好消息,因为澳洲集团的油气及采矿工程分别占了其FY12总销售的55%及45%。

值得一提的是,公司自1H11起,订单不断增加。FY12末的积压订单价值3亿2,400万澳元。截止1月9日,在获得1,700万澳元新项目后,它拥有2亿8,400万澳元未完成订单。虽然订单似乎不多,但德意志摩根建富证券(DMG & Partners)预期集团将会取得更多订单,就正如集团在FY11末只取得2亿6,400万澳元订单,但在FY12它取得的收入却高达6亿3,200万澳元。此外,在澳洲,很多时候只要投入小部份工程,而如果工程的质素良好,便可以在日后获得更大型的合约。

在过去三年,澳洲集团的回头客户为其收入带来大约70%的贡献,其中包括阿帕奇能源(Apache Energy)、雪佛龙(Chevron)-Gorgon项目、必和必拓(BHP Billiton)、力拓集团(Rio Tinto)及伍德塞得石油(Woodside)。集团的优势持续比其竞争者高,因为它的全面维修配套服务可以提供一站式的方案,而其在各方面均具备的能力让其可以处理大型和复杂的项目。

更值得嘉许的是,公司在改善成本及项目管理后,在过去8个季度里,毛利稳步提高。我们认为随着公司为从液化天然气(LNG)的蓬勃发展中受惠而扩大在澳洲的规模及让其子公司在澳洲交易所独立上市后,其盈利能见度将会进一步提高。德意志摩根建富证券注意到,澳洲集团的本益比低于其新加坡同行CIVMEC,并很有可能把估值距离拉近。

看过投资专家及《股市资讯》团队为大家挑选的心水股后,我们祝愿各位投资者财源广进。请留意我们的季度检讨报告,第一个报告将会在4月初出炉!



Source/Extract/Excerpts/来源/转贴/摘录: 新加坡股市资讯网
Publish date: 18/01/13

曾淵滄博士-股市资讯专栏 18.01.13


曾渊沧博士专栏
文: 曾渊沧博士 2013年01月18日 曾渊沧博士专栏
1月11日,新加坡政府出其不意地再推出多项打压楼价的税项,同时第一次推出打压商业、工业楼宇炒风的措施。地产股股价马上下跌。早在2011年,新加坡政府己经推出多项打压房价的措施。1月11日推出的该说是加强版的打压房价的措施,这些措施都以压仰需求为主。而房价的升跌,除了受需求影响外,也受供应量影响。而政府在短时期内是无法增加供应量, 因此只能以压仰需求来买时间。

新加坡已经推出额外买家印花税(ABSD)超过一年。开始的时候,海外买家的确少了,但是,经过一年之后,又开始慢慢地增加。这些海外买家就把ABSD当成楼价上涨,以买贵楼的心态买。他们之中有些是真的想在新加坡置业,多付10% ABSD是付得起的。此外,新加坡地产商也尽量建一些单位面积小的新楼以卖给新加坡人,呎价虽高但单位面积小了,新加坡人仍然买得起。因此,新加坡推出ABSD一年之后,楼价不再下跌,还微升呢!现在,ABSD提升到15%,那是与香港看齐。2012年10月,香港也推出类似的措施,香港称之为BSD。

颜子伟 :牛市在2月份是否很难支撑下去?

牛市在2月份是否很难支撑下去?
文: 颜子伟 (译:麦美莹) 2013年01月18日 展望
当美国国会就财政悬崖暂时获得妥协后,各大指数在新年迎来满堂红。如果大家看看环球指数在协议达成前的表现,似乎投资者对美国经济可能会坠崖一点也不担心。

道琼斯工商指数从11月中至1月16日飙升了大约930点或7.3%,而标准普尔单单在这两个月内便跳升了12%,表现比道指还要好很多。道指目前看来将会重探在去年9月/10月的高位,然后再尝试上探在2007年创下的14,198点历史高位。

很多人会认为日本度过长时间的经济萧条后已经成为日落之国,但日经225指数在11月中至1月中的表现最为出色,从8,661点升高至10,879点,在短短两个月内,增幅高达25%!个中原因大概是因为自民党重掌政权后,目前日本的政策是主张让日元贬值来刺激出口。

最新的楼市降温措施将令银行的信贷状况改善


最新的楼市降温措施将令银行的信贷状况改善
文: 朱皓翔 (译:杨佳文) 2013年01月17日 展望
政府实施了一系列新措施来为本地的房地产市场降温,产业发展商的股票都因此而滑落,但本地银行在某些方面却可能受惠。

背景

在金融管理局(MAS)于三个月前采取多项方案来控制楼价之后,国家发展部于上周五推出了一系列全面的楼市降温措施。这是新加坡政府自2009年底以来第七次出招以防止产业泡沫出现。虽然政府在去年10月之前已接连实施多项政策来抑制楼价上涨,但由于新加坡的利率极低,国人所得持续提高,住宅产业的需求丝毫不减。国家发展部实施的新措施并不会对首次购屋者造成影响,它们的作用主要在于防止过度借贷,从而进一步降低需求。

CapitaMall-Trust-reports-2.6%-rise-in-Q4-DPU


嘉華筆記:企業盈利存疑 趁高沽貨 - 麥嘉華 (Marc Faber)

嘉華筆記:企業盈利存疑 趁高沽貨 - 麥嘉華

智能手機和平板電腦大行其道,擁有此「新玩具」的很多是尚未懂得搵錢的年輕一族,包括我的女兒在內。若說學生正是智能手機和平板電腦最大的客戶群,我對於此說法並不感到意外。在美國,每當有新款iPad出爐,學生貸款巧合地會增加。

美國債冚債何時了
政經分析網站Zero Hedge引述紐約聯邦儲備銀行的《家庭債務及信貸季度報告》稱:「在美國,未償還的學生貸款達到9560億美元(約7.5萬億港元),按季增加了420億美元。在這420億美元的貸款中,230億美元屬於新欠款,餘下的190億美元是先前拖欠的學生貸款。換言之,拖欠期達90日以上的學生貸款比率增至11%。」

Roubini: Climate change causing economic disaster


Roubini: U.S. still a standout bet for investors


Malaysia Property: Value emerging for developers (HwangDBS)

Investment Strategy
Value emerging for developers. We still like retail REITs for their resilient yields, strong rental reversions and growth via asset injections, but there is value emerging in developers which had lagged behind as property sales growth decelerated with weaker consumer sentiment and tighter bank lending guidelines. Some of these risks may have been priced in as the average discount to RNAV of 45% is near historical mean, while P/BV has fallen below mean to 0.8x. Potential large IPOs (e.g. IOI Properties), award of lucrative government redevelopment projects, and announcements of alignment for the remaining two MRT lines and high speed rail may revive interest towards the sector.

Malaysia Property: 5 Thematic plays for 2013: (HwangDBS)

5 Thematic plays for 2013:
a) REIT spin-off to unlock value
Due to heightened economic uncertainties, there is strong gravitation towards REITs for their resilient earnings and higher yields, and as instruments to hedge against inflation.

Specifically, large-cap retail REITs have outperformed other MREITs and the KLCI, and some are trading at a premium to SREITs. Retail MREITs offer stronger growth potential than SREITs premised on stronger rental reversion and more visible acquisition pipelines.

We expect the strong investor interest and tax benefits (REIT income is not taxable if distribution payout is > 90%) to encourage the launch of more retail MREITs and unlock value.

Malaysia Property: A glimmer of hope (HwangDBS)

Malaysia Property
A glimmer of hope

• Slower sales, but still robust demand for landed properties, mass housing and prime areas
• Thematic plays: REIT spin-off, MRT & high speed rail, government redevelopment projects, Iskandar Malaysia, M&A/privatization
• REITs are safer bets, but there is value emerging in developers; Top pick is KLCC Property

Pockets of strength in a tepid market. Property sales will remain soft as affordability remains dented by stubbornly high prices which might continue to inch up with rising land & construction costs, and strict lending by banks. But demand should remain robust for landed properties (dwindling supply), mass housing at <  RM500k/unit (further out/smaller built-up), and prime locations. Biggest beneficiaries: Glomac, Hua Yang, MKH, Mah Sing.

巴菲特投资三十六计之十二:树上开花

巴菲特投资36”计之十二 树上开花
作者: 刘建位来源:上海证券报 2011-01-30
http://fund.cnstock.com/jjb/201101/1134090.htm
原文为:借局布势,力小势大。鸿渐于陆,其羽可用为仪也。

此计是说弱小的部队通过凭借某种有利的外部因素,来改变整体的阵容,使之充实强大,就像鸿雁长了羽毛丰满的翅膀一样。而大鸟展翅,如同树上开花,鸟借翅力,花借树势。

在 巴菲特看来,公司业绩好比树,股价好比是花。长期而言业绩增长是推动股价增长的最主要动力,只要业绩持续增长,股价早晚会随之增长。以合理价格买入业绩能 够长期持续增长的优秀公司,只需要懒惰地长期持有,就会轻松享有股价长期的巨大涨幅,正如树上开花一计:借局布势,力小势大。

Macro data improved further while domestic stayed weak (DBSV)

Macro data improved further while domestic stayed weak
Optimism about an improving macro environment and fund flows from bonds to equities should continue to underpin equity markets. This even as investors faces a weak Singapore domestic economy that is also plagued by high inflation; and the near-term uncertainty from the end- Feb/early-Mar US debt ceiling deadline.

Stocks that are leveraged on China’s recovery and urbanization trend such as PCRT, Sound Global and China Merchants as well as recovery cyclicals such as Tiger Airways, Noble Group, NOL, Jaya and ASL Marine are likely to outperform banks and residential property stocks that are Singapore domestic heavy weights.

Pavilion REIT: A steady Pavilion (CIMB)

Pavilion REIT
Current RM1.47
Target RM1.59
A steady Pavilion

 Pavilion's FY12 core net profit of RM195m was in line, at 99% of our forecast, but slightly (2%) above consensus. 4Q was the first full quarter of contribution from Fashion Avenue, a new fashion precinct.

We retain our Outperform rating and DDM-based target price. Re-rating catalysts are from higher-than-expected rental reversions for 67% of Pavilion KL Mall this year. FY13 dividend yields of 5.1% should support its share price.

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Friday, January 25, 2013

法力不足?


法力不足?
Created 01/25/2013 - 11:23
垃圾没人清、走廊电灯不亮、泳池和公园失修、居民拖欠百万管理费、管理层跑路…。

几乎每一天,不同地区不同的高楼住宅,包括组屋和公寓,都上演着不同程度的民声问题和管理纠纷,缠扰着约半人口。

刚在国会通过的2012年分层管理法令(Strata Management Act 2012),能否一劳永逸日夜缠绕组屋或公寓居民的烦恼?这道原本该是万灵药之方,处理不当会否反成催命符?我们访问了法律界人士、发展商和购屋者协会,全面检讨这项新法令。

当高楼房产越建越多,当约半人口买不起有地住宅,我们的确非常需要一个保障及制衡业主和管理层的法律约束。

管理房产须估价师


管理房产须估价师
Created 01/25/2013 - 12:05
分层管理法令规定,产业管理者都必须注册,而且必须拥有估价师资格,才能算是正式与合法的管理者。

针对这项条款,估价师、评估师和房地产代理委员会之前有召开汇报会,表示会规范及献议让非估价师管理代理员注册为产业管理者,但前提是必须符合该委员会的条款及条件。

争议1:建筑管理被垄断?

据统计,我国目前的建筑物管理领域共有5万名拥有专业资格的建筑物管理者,管理商用、高楼以及住宅产业。

双威再购地 押注特区发展


双威再购地 押注特区发展
(吉隆坡25日讯)双威(SUNWAY,5211,主板產业股)在柔佛本达斯南(Pendas South)再次购入一块面积约300英亩的永久业权土地,押注依斯干达区的发展。

分析员认为,双威成为依斯干达大地主之一,长期而言这项发展是正面的,不过,短期则可能让该公司的股价在大选的不稳定因素中,涨势受限。

双威通过联营公司——Harmony Impulse私人有限公司(HISB)以1亿8390万令吉(相等于每平方尺14.07令吉),在柔佛本达斯南购入一块面积约300英亩的永久业权土地。

HISB是双威与依斯干达投资公司(Iskandar Investment)的联营公司,持股率为60:40。以购买价格10%为准的定金將在买卖协议(SPA)签署后的14天內支付,而余额则將从协议签署后的72至120个月內,分5期支付。

Sunway gaining larger presence in Iskandar Malaysia


Sunway gaining larger presence in Iskandar Malaysia
Business & Markets 2013

Written by Madiha Fuad of theedgemalaysia.com  
Friday, 25 January 2013 16:20 .

Sunway Bhd announced on Wednesday that it had formed a joint-venture (JV) company with Iskandar Asset Sdn Bhd (IASB), a wholly-owned subsidiary of Iskandar Investment Bhd(IIB), for a project on a 300-acre parcel of land worth RM183.9 million.

The tract is adjacent to the previously acquired Western Pendas South land and opposite the Pendas North land, which is across the Pendas River.

Maybank final dividend may exceed expectations

The Star Online > Business
Friday January 25, 2013
Maybank final dividend may exceed expectations

PETALING JAYA: Malayan Banking Bhd (Maybank), the largest financial institution in the country, is forecast to announce a higher-than-expected final dividend for the fourth quarter ended Dec 31, 2012, said Affin Investment Bank (Affin IB).

“Maybank has announced an interim dividend payout of 32 sen gross, of which 28 sen was under the dividend reinvestment programme.

“Based on management's guidance, Maybank is expected to fully utilise all its remaining Section 108 tax credit in financial year ended 2012 (FY12) instead of setting aside any reserves for payment in FY13.

Chairman denies privatisation of KSL


Chairman denies privatisation of KSL
Business & Markets 2013

Written by Isabelle Francis of theedgemalaysia.com  
Friday, 25 January 2013 12:50

KUALA LUMPUR (Jan 25): The chairman and largest shareholder of KSL HOLDINGS BHD [], Ku Hwa Seng, has denied talks of privatising the low-profile Johor-based property firm.

"We have denied it in the past. I am still denying it," Ku told edgedaily.com.

Ku's family owns over 50% of KSL, the fourth largest land bank owner in Iskandar Malaysia with some 1500 acres.

Pantech: Good valuations, bright prospects


Pantech: Good valuations, bright prospects
Business & Markets 2013

Written by Insider Asia  
Friday, 25 January 2013 09:39

PANTECH GROUP HOLDINGS BHD []’s (76.5 sen) newly released earnings results for the third quarter of the financial year ending February 2013 (3QFY13) were ahead of our expectations. Nonetheless, we are keeping our forecast for the full financial year broadly unchanged because we expect a slight pullback in 4Q due primarily to the lower number of working days.

Overall, sales and net profit for FY13 are expected to register strong double digit growth, estimated at 48% and 61%. We remain upbeat that the company will continue to grow in strength in FY14/FY15.

Hai-O shares seen cheap


The Star Online > Business
Friday January 25, 2013
Hai-O shares seen cheap

Analyst Reports
Hai-O Enterprise Bhd
By HwangDBS Research

Trading Buy
Fair value: RM2.95

THE stock has undemanding valuations with a price earnings (PE) multiple the cheapest among peers.

Hai-O is currently trading at 10.5 times 1-year forward PE, which is cheaper than Zhulian and Amway, which are both trading at 11 times and 17.5 times FY13F PE respectively.

As such, we arrive at a fair value of RM2.95, pegged to 13 times FY13F EPS (25% discount to Amway due to smaller market cap), indicating potential upside of 25% based on current share price.

Firefly set to fly high again, aims for higher passenger load, sustained profitability

The Star Online > Business
Friday January 25, 2013
Firefly set to fly high again, aims for higher passenger load, sustained profitability

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

SUBANG: After having incurred losses due to its short-lived jet operations, Firefly turned the corner last year. And now, to enhance its position in the marketplace before the Asean skies open for competition, the community airline is set to raise loads and sustain profitability.

Energising its product offering and targeting leisure travellers is a good start towards this end.

Firefly aims to raise average passenger loads by 5% to 75% this year. It plans to carry 1.8 million passengers by year-end and about two million by June, 2014, as compared to the 1.6 million carried in 2012.

Apple奇迹光芒盡失

Apple奇迹光芒盡失

蘋果公司(Apple Inc.)公布被視為歷年最關鍵季度業績,雖然延續盈利增長神話,然而純利增長僅0.1%,創九年來最低增長幅度,iPhone銷情只符預期,反映行政總裁庫克上任一年半蜜月期告一段落。蘋果公司股價周四曾急挫12%,市值蒸發近582億美元(約4,539億港元),隨時失去「一哥」地位,被埃克森美孚取代。

周三公布業績前,蘋果公司股價曾漲1.8%,收報514美元,然而投資者對業績不滿意,美國周四早段勁瀉12%,至452美元,市值跌至4,244億美元,股價從高位累挫35.8%,市值累積蒸發2,385億美元,相當於戴爾電腦、諾基亞及黑莓手機生產商Research In Motion市值。

ICBC : Low cost of funds (Daiwa)


ICBC (1398 HK, HKD5.53, Buy [1])
Investment thesis
ICBC is our top pick in the sector for 2013, due to its strong deposit franchise, steady asset quality, and strong capital base.

Low cost of funds. We believe a bank’s deposit franchise will differentiate its NIM, and hence its earnings. ICBC’s cost of funds remains one of the lowest among the listed PRC banks. We estimate its average cost of funds was 2.1% for 9M12, only marginally higher than Agricultural Bank of China’s 2.0%, while all the other banks under our coverage had an average cost of funds of 2.5%. Given that it had the largest number of branches and a comfortable loan-todeposit ratio of only 63.4% at the end of 3Q12, ICBC does not need to pay high costs to compete for deposits. This provides a sustainable, low funding cost, in our view.

CNOOC:Accelerating production growth does not appear to have been priced into the share price (Daiwa)

CNOOC Ltd (883 HK, HKD16.8, Buy [1])
Investment thesis
For CNOOC, 2013 should be the first of three years of material production growth over 2013-15. Significant contributors include major projects in offshore China, both in shallow and deep water, as well as offshore West Africa and onshore US. In addition, we think regular quarterly project updates, together with news on progress for CNOOC’s new wells, could prove to be important share price drivers over the course of 2013. Relative to its Chinese oil company peers, we highlight CNOOC’s lack of regulatory risk, given it does not have a refining business in China.

2013 Outlook Singapore REITs (Daiwa)

Singapore REITs – Neutral
Top-3 share-price drivers
Sub-par GDP growth to persist. Daiwa forecasts Singapore real-GDP growth of 1.3% YoY for 2012 and 3.0% YoY for 2013. These growth rates, a far cry from the median growth of 6.2% YoY over the past 10 years, reflect the lingering uncertainties in the major developed economies, as well as Singapore’s export dependence. The implication of consecutive years of sub-par GDP growth, something Singapore has only experienced once in its history (during the damaging global financial crisis period of 2008-09), should have negative consequences for some industries, but the market appears complacent because few economists are forecasting a recession. For S-REITs, subdued GDP growth would have direct implications for spot rents and rental growth.

TEE International : Proposing to spin-off its property division (NRA)


TEE International
Current Price S$0.39
Fair Value S$0.45
Proposing to spin-off its property division

2Q13 earnings in-line with expectation. Tee's 2QFY05/13 net profit was in line with our expectation. The key variances were better-than-expected revenue, but offset by lower-than-expected margins, associates' contribution and higher taxation. We maintain our FY13 forecast but raise FY14 and FY15 by 8% as we expect more property projects will be launching soon. As we roll forward our valuation base from FY13 to FY14, our fair value has been lifted from S$0.39 to S$0.45, still pegged at 7.7x PER. Despite the potential upside reducing to 14%, it comes with an attractive yield of 6%, maintain Overweight.

Sunway REIT: Sunny outlook (CIMB)


Sunway REIT
Current RM1.54
Target RM1.63
Sunny outlook

Sunway REIT has a clear pipeline of assets for acquisition growth. This should help it grow its asset size from the current RM4.9bn to RM7bn in the next 3-5 years.

Sunway REIT remains an Outperform as further asset injections could catalyse the stock. Higher-than-expected rentals at Sunway Putra Place post-renovation is another catalyst. We continue to value Sunway REIT using DDM. It remains our top pick in the REIT sector.

Pavilion REIT: Fashion buzz (CIMB)


Pavilion REIT
Current RM1.47
Target RM1.59
Fashion buzz

In 2013, Pavilion REIT's earnings will be spurred by Fashion Avenue, we believe, its new fashion precinct in Pavilion KL Mall that opened recently in Sep. Two-thirds of the mall's tenancies will be expiring next year, giving the REIT a great opportunity to raise rental rates.

We retain our Outperform rating, and DDM-based target price. Re-rating catalysts are from higher-than-expected rental reversions for 67% of Pavilion KL Mall this year. FY13 dividend yields of 5.1% should support share price.

Fufeng Group: A new opportunity (CIMB)


Fufeng Group
Current HK$3.58
Target HK$3.50
A new opportunity

 The US’s plan to impose import tariffs on xantham gum, preliminarily at 21.69% for Fufeng and 127% for its main rival, Zhongxuan, could be positive for Fufeng by allowing it to gain market share in the US.

We maintain our Outperform rating given the likely strong sales and earnings growth for xanthan gum in FY13, aided by this new import duty. But there is downside risk to our FY12 earnings forecast given the weaker MSG ASP and margin in 4Q12. We are reviewing our forecasts and DCF-based target price of HK$3.5 (WACC: 12.1%).

Chow Tai Fook: Bottom in sight despite weak 3Q (CIMB)


Chow Tai Fook Jewellery
Current HK$13.00
Target HK$14.60
Bottom in sight despite weak 3Q

 We are not overly concerned on the weaker-than-expected 3QFY13 operational data (Oct-Dec 12) as the Dec numbers suggest a bottoming, with SSSG in Hong Kong turning positive. Continued sales recovery should lead to further rerating in the near term.

Factoring in slower SSSG assumptions, we lower EPS by 6% for FY13, 5% for FY14 and 2% for FY15. As a result, our price target falls from HK$15 to HK$14.6, based on an unchanged CY14 P/E of 16.6x, a 30% premium over the sector’s mid cycle valuation of 12.8x. We reiterate our Outperform rating, with earnings recovery in FY14 being the main catalyst.

1H13 REITs Strategy: Yield Compression To Continue (UOBKH)

1H13 REITs Strategy: Yield Compression To Continue

We remain OVERWEIGHT on S-REITs, raising target prices by 5-11% as yields continue to compress, driven by positive rental reversions and growth from acquisitions and asset enhancements. Yield spreads for S-REITs remain the most attractive regionally and further yield compression to long-term levels implies another 16% upside. Our top S-REIT picks are Suntec REIT, K-REIT, CDREIT and ART. We also upgrade MINT to BUY and AREIT to HOLD.

What’s New
• 1H13 REITs Strategy. Property REITs recorded strong 35% yoy gains over the past year, outperforming the broader market by 16%. We expect the outperformance to follow through into 2013 and retain our OVERWEIGHT stance on property REITs. Amid a low-interest rate environment, coupled with high inflation and an appreciating Singaporedollar, S-REITs will continue to deliver defensive yields.

Curbs imposed on loans for HDB flats


Curbs imposed on loans for HDB flats
22 Jan 2013 15:45 by DARYL CHIN
PROPERTY COOLING MEASURES

NEW rules governing loans for HDB flats have been rolled out to ensure buyers do not overstretch their finances.

Starting today, the Monetary Authority of Singapore has capped the mortgage servicing ratio for loans granted by banks at 30 per cent of a borrower’s gross monthly income.

There were no caps on this previously and banks were known to grant loans even if the repayments took up as much as 60 per cent of the monthly income, as long as the borrower was credit-worthy.

Malaysia Strategy : Cautious ahead (MIB)

Strategy Note
Neutral (unchanged)
Current KLCI: 1,636 (21 Jan 2013)
YE KLCI target: 1,710 (unchanged)
Foreign Shareholdings

Cautious ahead. Yesterday’s market sell-down (KLCI down 41 pts, - 2.4%) was the largest (in absolute terms) in a single-day since March 2008 on heavy volume/value of 1.86b shares/MYR2.63b (versus 2012’s average daily volume/value of 1.36m shares/MYR1.67b). We remain cautious and expect the market to weaken further ahead of the 13th General Election (13GE) as investors price in political risk. Heavyweights with high foreign shareholdings are more vulnerable to further sell-downs, casting aside fundamentals.

Suntec REIT: Positive 4Q showing (CIMB)

Suntec REIT
Current S$1.74
Target S$1.80
Positive 4Q showing

 Positives in 4Q came from a milder-than-expected qoq fall-off in DPU despite AEI disruption at Suntec City Mall. Though disruption could be more significant this year, management continues to guide for ‘sustainable’ DPUs through buffers from its Chijmes ‘piggy-bank’.

4Q/FY12 DPUs at 25/102% of our FY12 forecast were slightly above our and consensus expectations due to higher income support at MBFC. We raise FY13-14 DPUs on stronger ORQ and MBFC numbers; our DDM-based target price (discount rate: 7.5%) rises accordingly. We maintain Neutral as we see positives already priced in.

內地智能手機有賺 聯想飆6%


內地智能手機有賺 聯想飆6%
蘋果公司在季度業績中,再強調內地市場帶來的增長動力。惟在內地智能手機市佔率早已超越蘋果公司iPhone的聯想(00992),其於內地智能手機業務的進度較市場預期為快。聯想首席財務官黃偉明昨透露,聯想於中國內地的智能手機業務已獲盈利,在其他新興市場的智能手機業務亦強勁增長。

聯想將於下周三公布至十二月底,集團財年的第三季業績。在管理層透露內地智能手機業務獲利的帶動下,投資者借勢炒作股價,聯想昨日急升6.57%,收報8.43元,創聯想自○七年以來的新高。

聯想主席楊元慶去年十一月曾稱,聯想於中國內地的智能手機業務需數個財季才能獲利,而今年一月楊氏指內地有關業務可於短期內扭虧,黃偉明昨「確認」內地智能手機業務成功獲利,反映聯想在早前成為內地第二大智能手機品牌後,其取得的發展進度正持續加快。

創新淪為跟風 蘋果神話不再


創新淪為跟風 蘋果神話不再
欄名:社評

蘋果業績遜預期,股價曾暴挫一成。自創辦人喬布斯前年逝世後,蘋果新產品都未能令消費者眼前一亮,市場更感蘋果已由領導者變成跟風者,先行者獨享的溢價隨之消退,象徵蘋果雖仍是高盈利企業,但蘋果神話已近落幕。

新產品欠創意 蘋果教難為繼

蘋果上季盈利僅131億美元,與前年同期持平。惟蘋果銷售成績其實不差,就如iPhone智能手機上季銷量達4,780萬部的歷史新高,只是與市場憧憬的5,000萬部有落差。業績公布後,蘋果股票被投資者狠沽,令這家全球市值最大巨企的股價曾暴挫近一成,較去年9月的歷史高位更蒸發近三成半。

何启斌:经济无大影响 来届大选前后股市将大波动

何启斌:经济无大影响 来届大选前后股市将大波动

槟城23日讯)政治和经济评论人何启斌说,来届大选前后对国家的经济不会造成大影响,相反,股市则会出现大波动。

股市过去3次大选 出现下跌情况

他指出,过去3次大选包括1969年、1990年和1999年选前都出现股市下跌情况,原因是当时国家发生多项重大课题包括1969年的马币贬值、种族关系紧张和社会动乱、1990年大选前巫统闹分裂和合作社风暴、1999年大选前一年的国际金融风暴、前副首相拿督斯里安华被逮捕和资金管制措施等。

曾淵滄專欄 25.01.13:重播八萬五有意思


曾淵滄專欄:重播八萬五有意思 - 曾淵滄

剛剛於不久前買殼上市的萬科海外(1036),其姊妹公司聯同新世界發展(017)成功中標,投得荃灣西站上蓋項目。儘管每呎5,088元的中標價被市場認為是偏高,但是大行馬上出報告唱好新世界,認為在現階段成功增加土地儲備是重要的,而萬科海外將來則有機會獲注入有關項目。明顯地,將來準備B股轉H股的另一隻萬科,與萬科海外將經營不同業務。H股的萬科集中於內地,為內地的龍頭地產股,萬科海外則集中於香港,為香港新晉的地產商。當然,因為萬科海外只是一個殼股,將來的發展需要大規模的集資。

前日有電視節目重播董建華宣讀他上任後第一份施政報告中,有關「八萬五」的內容,真有意思,希望可以讓過度亢奮的樓市冷卻一下。

Tiger Airways back in the black


Budget carrier in profit after six quarters of losses, but expects tough times ahead
SINGAPORE — Tiger Airways returned to profit in the quarter ended December after six consecutive quarters of losses, but the budget carrier flagged a tough few months ahead as demand for air travel enters a seasonal slowdown.

Tiger swung to net profit of S$2 million from a S$17.4-million loss a year earlier after passenger traffic improved and the carrier better utilised its aircraft fleet.

Revenue rose 47 per cent to S$248 million. It was the company’s first profit since the quarter ended March 2011.

Mr Koay Peng Yen, Tiger’s Group Chief Executive, said it was too early to say whether the airline would report a profit or loss in the final quarter of the current fiscal year.

Olam bond sale oversubscribed


Olam bond sale oversubscribed

SINGAPORE — Olam International, the commodity supplier targeted by United States short-seller Muddy Waters, has raised the full US$712.5 million (S$875 million) in gross proceeds from its bond sale after the issue was oversubscribed.

Its two largest shareholders, Kewalram Singapore and Temasek Holdings — with stakes of 20.2 per cent and 20 per cent, respectively — took up all of their entitlement of bonds and warrants, Olam said yesterday.

Temasek, which had agreed to buy any rights to participate in the bond issue not taken up by other investors, did not buy beyond its entitlement, said Mr Jeffrey Fang, a spokesman for the Singapore investment giant.

Local funds net sellers during stocks' losing run


Local funds net sellers during stocks' losing run
GOH THEAN EU
gohtheaneu@nstp.com.my
2013/01/25

MARKET HICCUP: But some analysts believe that the correction this past week may pave way mini bull-streak

THE Employees Provident Fund (EPF), the country's largest pension fund, and other local funds were the net sellers of local stocks when the stock market experienced its worst five-day run in more than a year.

During the period, foreign funds were not aggressively selling local shares as the ringgit maintained its strength against the US dollar. Over the past few days, the US dollar-ringgit exchange rate has hovered around the 3.01 to 3.04 level.

超人投資IPO賬面蝕五億

超人投資IPO賬面蝕五億
【過往戰績】

長實(001)主席李嘉誠(超人)投資眼光一向精準,但翻查資料,他近年以個人或旗下長實名義認購新股的戰績卻只算普通,其中尤以資源股宏橋(1378)及嘉能可(805)的回報最「損失慘重」。

受全球經濟下滑的影響,若果現時仍然持有相關股份,超人賬面共蝕逾5億元。

僅農行恒大有進賬
翻查資料,李嘉誠最近一次任基礎投資者的新股是2011年3月上市的鋁業股宏橋,投資金額達1億美元(約7.8億港元),惟資源股備受全球經濟下滑影響,宏橋與「超人」其後認購的嘉能可上市至今分別跌29.2%及40.4%,假設他認購股份獲全數分派並持貨至今,賬面共蝕5.43億元。

Eye On Japan


Challenges Facing the US Economy


2013's Biggest Risks


Algeria Attack To Lift Oil Prices, But Not By Too Much


China's GDP Growth to Hit 8.6% in 2013: HSBC


Time For Relief Over the US?


大米神话难保“平安”


Expect 9% Growth in China This Year


Is the Shanghai Composite on a Bull Run?


China Growth Bodes Well for Commodities: Expert


Can BlackBerry 10 Save RIMM?


Thursday, January 24, 2013

CNOOC Upped to Outperform

CNOOC Upped to Outperform
by Zacks Equity Research
January 23, 2013

On Jan 14, 2013, we upgraded the Chinese energy giant CNOOC Ltd. (CEO - Analyst Report) to Outperform. The company’s premium assets portfolio, excellent execution strategy, unique position as a pure oil player and potential transactions in the merger and acquisition space are the key drivers of its growth.

Why the Upgrade?

The Chinese company believes that it will be able to maintain a 6–10% compound annual production growth rate over the next five years backed by various organic and inorganic measures.

花旗:大選結束前‧馬股續震盪


花旗:大選結束前‧馬股續震盪
Created 01/24/2013 - 11:25
(吉隆坡23日訊)受大選疑慮影響,馬股過去兩個交易日連掉2.85%,花旗集團(Citibank Group)預見馬股將持續處於波動格局,直到大選投票日結束為止。

不過,經過一輪大幅回調後,馬股恐慌沽售情緒暫時紓緩,今日開低走高,開市不久後即獲市場趁低吸納活動扶持而回彈,盤中一度起8.76點至1637.42點,閉市掛1635.25點,揚6.59點,重返1630點關卡。

藍籌股普遍反彈,特別是權重比例最高的金融股回溫,促使馬股趨穩,以大眾銀行(PBBANK,1295,主板金融組)的漲勢最亮眼,走高10仙,而興業資本(RHBCAP,1066,主板金融組)及馬來亞銀行(MAYBANK,1155,主板金融組)則各起3仙。

马股大选前难逃下调震荡 券商: 大型股值得买


马股大选前难逃下调震荡 券商: 大型股值得买
Created 01/24/2013 - 12:20
(吉隆坡23日讯)因全国大选日期传得沸沸扬扬,让马股经历连续两日的惨烈跌势,目前,券商普遍预计,马股在大选前难逃下调震荡,让一些大型股浮现趁低吸纳价值。

随着首相拿督斯里纳吉表明,全国大选日期不远,加上市场传闻大选将落在3月杪的学校假期,促使马股在周一急挫2.43%,昨日更一度写下30点的跌幅,所幸最后得以收窄至仅跌0.43%,收报1628.66点。

花旗集团今日在报告中指出,综指的预估本益比已跌至14.5倍,是自去年6月5日来的最低水平。

REDtone to focus on complete solutions


The Star Online > Business
Thursday January 24, 2013
REDtone to focus on complete solutions

By WONG WEI-SHEN
weishen.wong@thestar.com.my

PETALING JAYA: REDtone International Bhd will focus on delivering complete solutions as part of its growth strategy.

Managing director Datuk Wei Chuan Beng said to this end, the company targeted organisations which may require the use of multiple technologies such as fibre, wireless, point-to-point, satellite, or a combination of 3G and 4G networks.

Zhulian profit jumps on higher sales


The Star Online > Business
Thursday January 24, 2013
Zhulian profit jumps on higher sales

PETALING JAYA: Zhulian Corp Bhd’s net profit for the financial year ended Nov 30 (FY12) jumped 23% to RM117.09mil from the RM95.32mil a year ago on higher export and local sales.

The company’s revenue leaped 26% to RM450.425mil year-on-year.

In a statement, group managing director Danny Teoh said the revenue growth was regarded as the group’s highest performance for the past five years.

Property prices seen to moderate


The Star Online > Business
Thursday January 24, 2013
Property prices seen to moderate

Analyst Reports
PROPERTY SECTOR
By Hong Leong Investment Bank
Neutral (maintain)

THE Valuation & Property Services Department (VPSD) of the Finance Ministry had been quoted from a news report that the key takeaways of the VPSD's official view include that the Malaysian property market is expected to be sustained at a lower growth rate in 2013, with growth in the number of transactions to moderate.

輪商精選:A50彈力強留意16269

輪商精選:A50彈力強留意16269
內地A股自去年底快速上升以來,近周持續於高位整固,未具明確方向,惟滬綜指截至周三止,多番測試2,300點均能重返其上,或已於該水平逐步建立穩健支持。

A股ETF跟隨內地股市整固,當中A50中國(02823)於一月初高見11.74元後回落,逐步形成三角形技術走勢,近日運行至尖端位置,或已醞釀突破。此外,股價於一月中下試20天線11.3元即以單日轉向回升,兩日間最多反彈5.2%,近日股價再度測試該支持,可留意能否再度出現強力反彈。

投資者如擬作看反彈部署,可留意長期的價外認購證16269,行使價13元,十月三十日到期,實際槓桿7.5倍,引伸波幅26.2%,成交活躍;或周四新上市的認購證22881,行使價13.9元,七月八日到期。

德心應手:聯想 盈利增長穩定


德心應手:聯想 盈利增長穩定

科技日新月異,創新及市場策略乃必不可少的策略。早前傳出戴爾計劃私有化,務求達到轉型目的。而聯想(00992)自○九至一○年度轉虧為盈後,盈利一直保持穩定增長,截至去年九月底止中期收入及盈利繼續錄得雙位數增幅。根據IDC資料,集團在全球個人電腦市場地位逼近惠普。

聯想積極推動「四屏一雲」戰略,去年上半年於內地推出多個新型號的智能手機,令集團於內地智能手機市場份額上升11.6個百分點至13%。集團亦於去年推出智能電視,惟由於定價過高,銷情未如理想,而且產量不多,未能享受規模生產帶來的經濟效益。

經紀追蹤:中海油服小注跟進

經紀追蹤:中海油服小注跟進

近期大市盈警頻傳,要挑選有潛質股份確實不易。中海油服(02883)有同系中海油(00883)力撐,盈利應可保持不俗增長,不妨小注跟進。

在「十二五」規劃下,內地將爭取於一五年實現新增海上石油探明儲量10億至12億噸,行業前景樂觀。中海油收購尼克森獲加拿大政府開綠燈,中海油服亦可望間接受惠。雖然早前受挪威稅務局罰款消息所拖累,惟對中海油服基本因素沒有影響。

股價方面,近期已在15.5元附近築成圓底,重返16元樓上後,走勢反覆向好,昨日收報16.58元,升0.24%,巴克萊便買入242次,美林遠東亦見活躍,若成交配會,要突破17元關應沒有難度,下站目標睇18.2元,支持15.6元。

工行發35億資產證券


工行發35億資產證券

繼交行(03328)和國開行後,市傳工行(01398)將發行35.42億元(人民幣.下同)資產支持證券(ABS),當中包括60筆貸款及30個借款人,交易正待人行批准。

工行行長楊凱生指,內地要繼續推動金融創新,但不應推出金融衍生產品的再衍生品。

溫州銀行壞帳改善

內地經濟發展回暖,銀行資產質素有改善迹象,內地傳媒引述溫州銀監局數據,去年十一月溫州銀行業不良貸款率,按月跌0.01個百分點至3.43%,十七個月以來首降,但不良貸款餘額仍續升至239.8億元。

Sunway buys land in Johor Baru


Sunway buys land in Johor Baru
2013/01/24

KUALA LUMPUR: Sunway Bhd bought a second plot of land measuring 121.4ha in Johor Baru from Iskandar Asset Sdn Bhd (IASB) for RM183.8 million yesterday.

The acquisition, which followed the purchase of 315.2ha land last December, also from IASB, will increase Sunway's landbank in Iskandar Malaysia to about 751.9ha.

This makes Sunway as one of the largest land owners in the high growth region, it said yesterday.

"The attractive land price of RM14.07 per sq ft is expected to generate an estimated gross development value of RM6 billion," it said.

State-Owned Banks Cut Profit Expectations for 2013


State-Owned Banks Cut Profit Expectations for 2013
Four of the five state-owned banks have reduced their expectation for this year's profit growth, as banking reform continues and regulators keep a firm grip on credit supplies.

Only Agricultural Bank of China, the last of the five to list publicly, expects profit to grow at levels comparable with previous years because of a smaller base, executives from the five banks said in a recent industry meeting.

The other three of Big Four banks plus the Bank of Communications all anticipated profit growth to slow to a single-digit rate this year from an estimated level of 10 to 14 percent for 2012.

馬股2天驚跌‧中型公司忙回購扶盤


馬股2天驚跌‧中型公司忙回購扶盤
Created 01/23/2013 - 19:40

(吉隆坡23日訊)大馬上演選舉恐懼症,富時綜合指數連續2日下挫,迫使部份上市公司趕緊入市回購股票,藉此穩定股價表現,分析員認為中資本股最為積極,但認為股票回購“托市"效益只是一時,絕非逆境穩定股價的萬靈丹。

藍籌股未積極入場

首相拿督斯里納吉預告大選即將登場,投資者選舉恐慌症上身,場內賣氣衝天,拖累馬股週一和週二分別下滑40.81點和6.97點,不少股項都跌得鼻青臉腫,令股票回購行動開始蠢蠢欲動。

大馬股票交易所數據顯示,馬股連2日出現波動行情以來,不少上市公司積極回購公司股票,希望能穩住股價,避免股價跌跌不休,其中以中資本股為多,相比之下,藍籌股則未積極入場穩住局勢。

O&G sector boosts Pantech’s third quarter results


O&G sector boosts Pantech’s third quarter results
Business & Markets 2013
Written by Madiha Fuad of theedgemalaysia.com  
Wednesday, 23 January 2013 08:59

KUALA LUMPUR: PANTECH GROUP HOLDINGS BHD [] posted a net profit of RM15.6 million for the third quarter ended Nov 30, 2012, up from RM10.3 million a year ago on improved demand from the oil and gas (O&G) sector.

In a filing with Bursa Malaysia yesterday, the group said revenue for the quarter improved to RM171.52 million from RM112.65 million a year earlier.

Earnings per share rose to 3.33 sen compared with 2.29 sen previously.

IGB REIT : Buy this Gardens (CIMB)

IGB REIT
Current RM1.36
Target RM1.50
Buy this Gardens

IGB REIT has the largest exposure to retail assets that are collectively valued at RM4.6bn. Stock re-rating could come when Carrefour moves out of Mid Valley Megamall, which could lead to new specialty tenants that pay substantially higher rentals.

We keep our Outperform and DDM-based target price, with re-rating catalysts expected from higher-than-expected rental reversions for 53% of Gardens Mall's NLA next year, along with potential tenant re-mixing at Mid Valley Megamall, triggered by the potential exit of Carrefour (AEON BIG).

CapitaMalls Malaysia Trust: Trust this mall (CIMB)


CapitaMalls Malaysia Trust
Current RM1.87
Target RM1.91
Trust this mall

CMMT's shopping malls are more resilient than others given the price-inelastic basic goods that they sell. Approval from the authorities for its asset enhancement plan for East Coast Mall should help to drive earnings.

We retain our Outperform rating and value it using DDM. A rerating catalyst is the >23% potential increase in East Coast Mall’s NLA. FY13 dividend yield of 4.7% should support share price in volatile market conditions.

M-REIT: Staple this stable security to your portfolio (CIMB)

Staple this stable security to your portfolio

 REITs should continue to provide safe refuge amid the tumultuous market expected in an election year. Retail spending should also get a boost from the government’s various pro-spending measures. 2013 is a great opportunity for the REITs to raise rentals as tenancies expire.

 We remain Overweight on REITs as they still offer attractive dividend yields and is therefore a safe haven during uncertain market conditions. Our top pick is Sunway REIT.

Chow Tai Fook : 3QFY13: Dismal Operating Performance (UOBKH)


Chow Tai Fook (1929 HK)
Share Price HK$13.00
Target Price HK$8.90
3QFY13: Dismal Operating Performance

Dismal sales performance in China. There was improvement in Hong Kong albeit further deterioration in China. In view of the improving China retail sales growth and consumer confidence, we believe jewellery market recovery has come in earlier than expected. However, CTF is still losing market share in China. Despite our earnings upward revision, the stock is trading at trading at over 2SD above historical average PE. Maintain SELL. Target price: HK$8.90.

Telcos : Focus On Dividends Still (KE)


Telcos :
Focus On Dividends Still

Underweight. We are underweight on the telco sector mainly because of our Sell call on SingTel, which is being challenged on many fronts, both domestic and overseas. It is into its fourth year of declining earnings and if this continues, radical action may be called for at the management level. This year, all the telcos will be focusing on how to monetise data use, but we expect the benefit flow to be gradual. Subscriber churn in Pay TV is also likely to rise, mainly from StarHub, as SingTel beefs up content but we think this will be temporary. Earnings growth for the sector will be plodding at best. As such, we see the telco sector as still a sector to tap for dividends, and StarHub offers the best bet for sustainable dividends, especially if raises its 2013 annual DPS on record low net debt/EBITDA.

Sunway : First addition to orderbook in FY13 (MIDF)


Sunway Berhad
Price (07 Jan 13) 2.43
Target Price 2.90
52-wk price Range RM2.15 -2.75
First addition to orderbook in FY13

Awarded construction contract for package 11 of LEGOLAND Water Theme Park
RM45m contract value
First orderbook replenishment in FY13
Maintaining a strong presence in Iskandar

Malaysia 2013 Outlook & Strategy: Not An Easy Lift (UOBKH)


Malaysia
Current FBMKLCI: 1,684.57
Target 2013 FBMKLCI: 1,755
2013 Outlook & Strategy: Not An Easy Lift

We expect higher volatility for Malaysian equities in 1H13, trailing behind liquidity-driven key regional bourses as investor caution heightens ahead of the general election. Thereafter, the market is expected to bounce to a new high, and we peg our end-13 FBMKLCI target at 1,755 (-0.4SD below the post-Asian financial crisis mean PE). Stick to defensive large caps through 1H13 until buying opportunities emerge to position for a recovery in 2H13.

Supply Chain : Embrace the unloved ones (CIMB)


Embrace the unloved ones
2012 was a rocky year for commodity supply chain managers, slammed by poor demand and volatile commodity prices. Unloved and under-owned, we think this sector is worth a re-look now that global economies are recovering.
 
Our Nov 12 upgrade proved timely as stocks found their trough at book values. Global macro indicators point to stronger growth in 2013, paving the way for a re-rating of cyclical stocks. We maintain our Overweight position on the sector, with a preference for Noble (Outperform, TP S$1.45) over Olam (Neutral, TP S$1.59). Our EPS forecasts are intact.

S-REITS : Takeaways from DTZ 2013 property seminar (OSK)


Takeaways from DTZ 2013 property seminar

During the recent DTZ’s property seminar on 7th January 2013, it was highlighted that Singapore’s GDP is forecasted to grow between 1-3% in 2013 before growing at 6-7% in 2014. Furthermore, inflation is also expected to soften this year before stabilising in 2014. In terms of the commercial space, DTZ expects office rental rates to remain soft in the near term before stabilising at the later part of this year.

Concurrently, as c.80% of the 1.7m sq ft of retail space are to be completed in the suburban area in 2013, coupled with the labour crunch and higher operating costs faced by retailers, rental rates of the suburban retail space may come under pressure in 2013. Similarly, rental rates for industrial buildings are expected to come under pressure amid a higher supply of industrial space in both 2013 and 2014.

Yangzijiang Shipbuilding: Proposed issuance of new warrants (DMG)


Yangzijiang Shipbuilding: Proposed issuance of new warrants
(Neutral,  S$1.10,  TP:  S$0.95)

We are Neutral on Yangzijiang’s latest move to issue 330m new warrants at an issue price of S$0.0605/warrant. While the proposed exercise is surprising as Yangzijiang has a fairly strong balance sheet (RMB10b net cash and financial assets as of 3Q12), in our view: (1) the exercise will have no immediate impact on EPS (2) although the conversion will be dilutive (8.6% of existing shares), minorities will not be harmed as the strike price of RMB7.617 (S$1.50) is a +36.4% premium to its last price. We maintain Neutral on Yangzijiang with an unchanged TP of S$0.95. The shipbuilding sector remains challenging as yards struggle with declining order book and thin margins. We prefer to stay away from commercial shipbuilding names.

MIIF: First Round of Special Dividend (SIAS)


Macquarie International Infrastructure Fund
• Intrinsic Value S$0.710
• Prev Closing Price S$0.650
First Round of Special Dividend

Subsequent to its strategic review initiatives, Macquarie International Infrastructure Fund Ltd (MIIF) declared a final dividend of 2.75 S cents and special dividend of 3.00 S cents this quarter. This distribution is slightly above our previous estimate of 2.75 S cents ordinary dividend and 2.50 S cents special dividend.

FY12 revenue came in at S$69.0m while adjusted income was S$57.4m, largely in line with our previous estimates. There was a slight increase in operating expenses due to higher management fees and expenses related to the strategic review and special general meeting. The total 5.75 S cents dividend will result in about S$66.1m cash payable to shareholders, leaving the company with about S$14.2m for operating purposes. There was not much change in the valuation of its assets.

曾淵滄專欄:托住恒指炒三四線


曾淵滄專欄:托住恒指炒三四線 - 曾淵滄

恒指在現階段,每100點的升幅都得費九牛二虎之力,阻力重重,很明顯是大戶托住恒指來炒作三四線股及一些概念股。

炒三四線股及概念股最重要的事是快,最好是消息出街的同一天入市,這當然不是一般打工仔可以做得到,只有退休老人及家庭主婦才有這樣的時間盯着市場,散戶往往在數天後,在報上讀到推薦文章,在電台、電視台聽到推薦的評論才入市,這很可能已是接火棒的時候。

近日幾乎每隻新股都為小股民帶來一些小禮物,昨日上市的滉達富(1348)比招股價高11%,中鋁礦業(3668)昨日截止,市場消息說反應很好,若是一年前或兩年前,中鋁礦業這類股可能吸引不到投資者,因為這是一家仍未有利潤的礦業股,是中鋁集團分拆出來的公司。

購依斯干達300畝地 雙威擬發展60億綜合區

購依斯干達300畝地 雙威擬發展60億綜合區

(吉隆坡23日訊)雙威控股(SUNWAY,4308,主要板建築)子公司 Harmony Impulse私人有限公司(簡稱HISB),在大馬依斯干達購買一塊300畝土地,計劃興建發展總值60億令吉綜合區。

 雙威控股向馬證交所報備,子公司雙威城(SUNCITY,6289,主要板房地產)、依斯干達資產私人有限公司和HISB達成脫售協議(SSA),透過HISB成立合資公司,共同合作負責依斯干達的綜合發展項目。

 在HISB與依斯干達資產私人有限公司的買賣協議下,該土地將按現狀出售並無產權負擔,但須表明其土地產權和收益,及其他影響其4億1273萬令吉售價的因素。

去年不斷累積‧持股比重攀24%‧外資“心水股”風險加劇

去年不斷累積‧持股比重攀24%‧外資“心水股”風險加劇
Created 01/23/2013 - 14:35
(吉隆坡22日訊)外資去年頻頻累積馬股,促使外資在馬股的持股比重升至近24%,隨著全國大選迫在眉睫,外資“心水股"料因政治風險如臨大敵,外資持股比例高和外資持股去年顯著變動的股項,恐在基本面被拋諸腦後下首當其衝。

其中,近期股價節節敗退的亞洲航空(AIRASIA,5099,主板貿服組)在外資持股比例中佔最高,多達48.3%,雲頂(GENTING,3182,主板貿服組)及雲頂大馬(GENM,4715,主板貿服組)“母子",則以外資持股比例分別達45和38%居第二和第三位。

合順(UMW,4588,主板消費品組)和馬來亞銀行(MAYBANK,1155,主板金融組),去年的外資持股權變動最大,合順增加多達12.2%到25.8%,馬銀行也提高了6.3%到19.6%。

供應增加‧買家謹慎‧大馬房市料趨穩

供應增加‧買家謹慎‧大馬房市料趨穩
Created 01/23/2013 - 14:44
(吉隆坡22日訊)房地產顧問協會(PEPS)總裁林聯通認為,儘管未來數年房產供應呈上揚趨勢,惟相信不會引發供應過剩現象,今年房產價格和交易活動料整體趨穩。

他在出席《第六屆大馬產業高峰會》期間向記者表示,我國低利率和游資充裕環境為產業市場塑造一定支撐,各大基建投資項目則有助提昇市場需求,相信產業市場今年仍可微幅成長。

“種種打房條例讓買家變得謹慎,影響產業交易,去年首9個月數據顯示產業交易量成長率明顯放緩,只有約2%,顯示打房政策開始取得效果,但房市未因此冷卻,買家謹慎但仍繼續活動,這是健康現象。"

放眼資產增20%‧AXIS產託擬3.5億購4資產


放眼資產增20%‧AXIS產託擬3.5億購4資產
Created 01/23/2013 - 14:39
(吉隆坡22日訊)AXIS產業信托(AXREIT,5106,主板產業投資信托組)計劃今年收購4項資產,放眼資產總額增20%至20億令吉規模。

該公司首席執行員拿督史提沃利萊在媒體匯報會上表示,目前正洽談收購9項資產,總值6億6千萬令吉。

“放眼今年收購3至4項資產,預計收購總額3億5千萬令吉。"

這些洽談收購的產業分別位於巴生河流域、柔佛及馬六甲,地點包括巴生港口的北港、雪邦、沙亞南、士乃及丹絨柏勒巴斯港(PTP)。

鹏达第三季业绩出


鹏达第三季业绩出
(吉隆坡23日讯)鹏达集团(PANTECH,5125,主板贸服股)新出炉第三季业绩超越市场预期,主要因为油气领域的工程增加,钢铁需求好转,新收购的Nautic公司也开始带来贡献。

鹏达集团末季业绩(12月至2月)將因为农歷新年假期的影响,而稍微走软。但长期看,该集团还能从国油手中,获得更多的订单合约。无论如何,管理层交出亮眼成绩单加上派息1.2仙,即时带动该股股价周三上升1仙或1.32%,至0.765令吉掛收。

整体上,鹏达集团首三季累积凈赚为4238万令吉,占了各投行全年预测的80%比重。

达证券分析员指出,该集团的营业额和营运赚幅比预期出色。

多空一线:马银行RM8.65支撑


多空一线:马银行RM8.65支撑
Created 01/22/2013 - 10:59

马银行(Maybank,1155,主板金融股)于1月21日闭市时滑落了。

它于闭市时收8.86令吉,按日回退14仙或1.56%。

马银行的60分钟线图表走势于1月21日间的交投趋势跌破一道中期双重底型态的颈线(B1:B2)后报收。

它的60分钟线平滑异同移动均线指标(MACD)于1月21日间的交投走势已告转弱,处于“0”支撑线下波动。

REDtone approves minimum 25% dividend policy


REDtone approves minimum 25% dividend policy
Business & Markets 2013

Written by Esther Lee of theedgemalaysia.com  
Wednesday, 23 January 2013 08:52

KUALA LUMPUR: REDTONE INTERNATIONAL BHD []’s board has approved a dividend policy for shareholders to get a minimum of 25% of the company’s net profit.

In a statement to Bursa Malaysia yesterday, the company said the dividend policy is to attract long-term investors and enable shareholders to enjoy the returns on their investments.

凯德产托股息增7.2% 产业重估盈余1500 万


凯德产托股息增7.2% 产业重估盈余1500 万
Created 01/23/2013 - 07:56
(吉隆坡22日讯)凯德产托(CMMT,5180,主板产业信托股)2012财年每单位股息(DPU)按年增长7.2%至8.44仙,旗下产业重估之后更获得近1500万令吉重估盈余。

截至2012年12月31日第四季,凯德产托的DPU也按年增加6%至2.11仙;相比之下,2011财年的全年和第四季DPU分别为7.87仙和1.99仙。

凯德产托预期,单位持有人会在今年3月6日,接获从去年7月1日至12月31日期间每单位总值4.24仙的总股息。

另外,随着托管公司AmTrustee有限公司在重估旗下产业,凯德产托取得1499万6000令吉重估盈余。

Thai Billionaire Nears Win on Fraser & Neave


李韻儀:內地GDP見底反彈內需增長強勁


Foreign Investors Rush to Chinese Markets 01/18


China Growth Picks Up for First Time in Two Years


U.S. Banks Will Earn More Next Year: Analyst


Rebalancing China


马建堂:中国经济回归平稳健康增长


中外分析师预测银行业今年不良率将显升


华尔街大行四季报整体报喜


BofA Shares `Significantly Undervalued,' Brown Says


JPMorgan London Whale Report Spreads Blame


All You Need to Know About BofA, Citigroup Earnings


Kass Makes Call on Apple


Wednesday, January 23, 2013

净利营收同涨50% 鹏达集团派息1 . 2 仙

净利营收同涨50% 鹏达集团派息1 . 2 仙
Created 01/23/2013 - 11:52
(吉隆坡22日讯)鹏达集团(Pantech,5125,主板贸服股)截至2012年11月30日第三季,净利和营业额各涨五成,并宣布派发每股1.2仙中期股息。

鹏达集团向马交所报备,油气领域产品需求增加以及制造业务出口市场上扬,第三季创下优异表现。

公司维持上财年同季的股息,派出每股1.2仙的中期股息,将于3月18日除权,4月17日支付。

现财年第三季净利写下1561万3000令吉,高于上财年同季的1034万2000令吉,涨幅为50.97%。另一方面,公司营业额则从上财年第三季的1亿1265万2000令吉,按年扬升52.26%,报1亿7152万令吉。

马股再跌或掀恐慌 已达技术损伤 中期更多盘整


马股再跌或掀恐慌 已达技术损伤 中期更多盘整
Created 01/23/2013 - 07:52
(吉隆坡22日讯)对于马股周一大跌,联昌国际研究分析员表示,跌势已导致相当程度的“技术损伤”(technical damage)。

“如果富时隆综指未来几周继续下跌,很可能引发市场大恐慌。”

他指出,周线图显示综指下一个支撑水平为1610点,接下来是1590点和1526点。

“若无法守住支撑水平,会造成大问题。”

分析员补充,一周技术指标看来是负面的,意味中期内会出现更多盘整现象。

Buying opportunities emerge in M'sian stock market

The Star Online > Business
Wednesday January 23, 2013
Buying opportunities emerge in M'sian stock market

By TEE LIN SAY
linsay@thestar.com.my

PETALING JAYA: With the FBM KLCI having dropped by close to 50 points over the last two days, some analysts are seeing a buy opportunity emerge, as prices of blue chips and certain stocks in the oil and gas, property and consumer sectors retrace to attractive levels.

Analysts said that the drop in the last two days was driven mostly by sentiment, rather than real fundamental concerns.

It plans to focus on asset enhancement initiatives


The Star Online > Business
Wednesday January 23, 2013
CapitaMalls seeks to buy more malls

It plans to focus on asset enhancement initiatives

By WONG WEI-SHEN
weishen.wong@thestar.com.my

KUALA LUMPUR: CapitaMalls Malaysia Trust (CMMT) is constantly on the lookout for new shopping mall acquisitions.

“We are always exploring, but we will inform the market only when we are ready,” said CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM) chief executive officer Sharon Lim at a briefing yesterday.

Pantech Q3 pre-tax profit increases to RM20.88mil


The Star Online > Business
Wednesday January 23, 2013
Pantech Q3 pre-tax profit increases to RM20.88mil

KUALA LUMPUR: Pantech Group Holdings Bhd’s pre-tax profit for the third quarter ended Nov 30, 2012 increased to RM20.88mil from RM14.41mil in the same period last year.

Its revenue increased to RM171.52mil from RM112.65mil previously.

In a filing with Bursa Malaysia yesterday, Pantech said the higher pre-tax profit was mainly contributed by Nautic Steels Group and the improved product mix of the carbon steels manufacturing division through higher sales of market niche products.    

REDtone Q2 profit rises

The Star Online > Business
Wednesday January 23, 2013
REDtone Q2 profit rises

PETALING JAYA: REDtone International Bhd’s net profit climbed to RM3.95mil for its second quarter ended Nov 30, 2012, compared with a loss of RM82,000 recorded in the previous corresponding quarter.

Revenue was lower at RM26.6mil, compared with RM35.9mil previously.

In a filing with Bursa Malaysia, it said the significant improvement in financial performance was largely due to the divestment of non-core and loss-making businesses within the group.

Property prices to keep rising


The Star Online > Business
Wednesday January 23, 2013
Property prices to keep rising

PETALING JAYA: High property prices are set to “keep increasing” in certain areas with good fundamentals, said the Association of Valuers, Property Managers, Estate Agents and Property Consultants (AVPEP) president Lim Lian Hong.

“In certain areas, property prices will keep increasing. The property market is backed by the country's economic fundamentals.

“It is better not to try to guess which one will go up and which one will come down. This is because the property market is not (volatile) like the stock market,” Lim said.

Eye on cyclical stocks post-election

Eye on cyclical stocks post-election
Personal Finance

Written by Ben Shane Lim of The Edge  
Tuesday, 22 January 2013 00:00

CONSUMER, telecommunications and real estate investment trust (REIT) stocks were the best performers in 2012. This doesn't come as much of a surprise as investors sought shelter in defensive stocks amid the harsh global economic weather and political uncertainty on the home front.

However, moving forward, many analysts are now neutral on defensive plays, owing to yield compression. Instead, they are setting their sights on cyclical stocks that appear to be more appealing in terms of valuations.

Axis REIT targets Singapore firms, MNCs


Axis REIT targets Singapore firms, MNCs
Business & Markets 2013

Written by theedgemalaysia.com  
Tuesday, 22 January 2013 13:57

KUALA LUMPUR (Jan 22): Axis REIT Holdings is targeting foreign companies that want to relocate their operations out of Singapore and China to Malaysia, as an opportunity to add PROPERTIES [] to its existing portfolio.

“With renewed interest in the industrial hubs in Johor and Penang by MNCs and Singaporean companies…we see it as a great opportunity to add to our existing portfolio once these properties are built (by the companies),” said Axis REIT CEO Datuk Stewart Labrooy, speaking to the press after its fourth quarter results presentation today.

韻錢證路:中海油 估值存折讓

韻錢證路:中海油 估值存折讓

近年來,全球石油需求增長逾65%都來自中國,由於中國今年經濟增長仍樂觀,勢將推動石油需求;此外,儘管美國近年來正積極開發頁岩氣,惟相信短期內未能替代石油作為重要能源的地位,故石油需求未因此而明顯下降;加上地緣政治不穩,影響石油供應,預料國際油價仍有上升空間,故主要從事上游業務的油企如中海油(00883)將最能受惠。

新項目成功投產

儘管去年上半年,集團油氣產量同比下跌4.6%至160.9百萬桶油當量,惟主要是受因蓬萊19-3油田停產維修及印尼ONWJ區塊出售等因素影響,集團表示仍有信心去年全年產量達至330百萬至340百萬桶油當量。事實上,集團去年上半年分別於渤海、秦皇島、遼東灣、南海西部等地區發現油氣或天然氣資源,其中去年十二月公布南海珠江口盆地兩個新項目已成功投產,預計兩個項目分別於本年及明年達到高峰產量,這均可有效彌補蓬萊19-3油田停產帶來的缺口。

'Market over-reaction presents buying opportunities'


'Market over-reaction presents buying opportunities'

2013/01/23

KUALA LUMPUR: The sharp 48-point (or 2.8 per cent) drop in the stock market's key benchmark index over the last two days presents buying opportunities for investors, some analysts said, even as others remained more cautious.
They say the selling, the bulk of it done on Monday, was an over-reaction to concern over the country's upcoming general election.

"We believe the election risk is unduly over-emphasised," said MIDF Research head of equity Syed Muhammed Kifni.

嘉德大马房產信託派息4.24仙


嘉德大马房產信託派息4.24仙

(吉隆坡22日讯)以零售產业为主的嘉德大马房地產信託(CMMT,5180,主板房產信託股)2012財政年(截至12月31日)凈利按年上扬39.3%,至2亿5046万,上財政年凈赚1亿7981万令吉。累积营业额从2亿3088万令吉,上扬25.3%,至2亿8921万令吉。末季凈利年增7.8%,至4865万令吉。单季营业额则扩大16.8%,至7378万令吉。

同时,管理层宣布派发4.24仙的每单位终期利息(DPU),全年每股利息为8.44仙。

嘉德大马房地產信託首席执行员林慧俐在业绩匯报会上透露,公司多元化投资及发展购物广场型资產的策略奏效,未来会根据3大条件,购入有潜能的新资產。

有地產业受落 发展商大赚


有地產业受落 发展商大赚
(吉隆坡21日讯)由于有地產业持续受欢迎,而產业价格也將隨建筑成本的增加而走高,市场分析员因而相信,涉及有地房產的发展商將成为最大受惠者。

黄氏星展唯高达研究分析员表示,高美达(GLOMAC,5020,主板產业股)上周五(18日)举行的Lakeside Residence第3期新盘抽籤活动吸引了超过600人参与,比去年9月推出的第2期新盘高出两倍,令他深感意外。

这项新盘共有139个双层排屋单位,其中89个单位的买方將以抽籤方式来决定,其余50个单位已由该集团员工所预购。

More market weakening ahead of GE, says Maybank


More market weakening ahead of GE, says Maybank
Business & Markets 2013

Written by Ben Shane Lim of theedgemalaysia.com  
Tuesday, 22 January 2013 15:55

KUALA LUMPUR (Jan 22): Maybank Investment Bank (Maybank IB) sees a further weakening of the market before the 13th general election (GE) that must be called before April 27.

"We remain cautious and expect the market to weaken further ahead of the 13th general election as investors price in political risk," Maybank Investment Bank head of research Wong Chew Hann wrote in a note.

Signs of weakening semiconductor sales


Signs of weakening semiconductor sales
Business & Markets 2013

Written by theedgemalaysia.com  
Tuesday, 22 January 2013 09:02

Semiconductor sector
Maintain underweight. If we can take the latest fourth quarter 2012 (4Q12) results of Intel Corp and and Taiwan Semiconductor Manufacturing Company (TSMC) as indicators, UNISEM (M) BHD [] and MALAYSIAN PACIFIC INDUSTRIES [] Bhd’s (MPI) 4Q12 revenue will likely come under pressure.

Hewlett-Packard and Lenovo, the two largest PC makers in the world, expect to see notebook shipments drop by about 20% sequentially in 1Q13, reaffirming our “underweight” stance on the local semiconductor industry.

Asia Media Group: Delay in Rollout of DTTB (TA)

Asia Media Group Berhad
Last traded: RM0.20
TP: RM0.21(+5.0%)
Delay in Rollout of DTTB

Delay in the commissioning of DTTB
Asia Media Group Berhad (Asia Media) has completed the installation of Digital Out-of-Home (DOOH) Digital Terrestrial Television Broadcasting (DTTB) transmission system in Klang Valley and the trial run for the system. However, the rollout was delayed as i) more time is required to finalise the commercial terms with some of its clients for the air-time sales contract using DTTB technology; and ii) some of the contracts with the current customers under the existing pre-recorded system have yet to expire. The real-time DTTB is expected to command better air-time sales rate as it is a more effective method of delivering advertisements to audience, drawn by up-to-date news and entertainment, mitigating advertiser fatigue faced by traditional advertising platform.

CitySpring Infrastructure Trust: Dispute with Hydro-Electric Corp. of Tasmania an overhang(S—P)


CitySpring Infrastructure Trust
52-week Share Price Range (SGD)0.34 - 0.46
Price: SGD0.44

Dispute with Hydro-Electric Corp. of Tasmania an overhang
• CitySpring’s Basslink subsidiary in contract dispute. Basslink, which provides Bass Strait transmission services to Hydro-ElectricCorporation of Tasmania (HEC), is in a contract dispute over thecarriage of excess electricity to Victoria. The dispute stems from Basslink’s request to implement dynamic protocols, which it views to be contractually consistent, on how much available capacity can be made available. This follows engineering findings on the cause of recent trips in the undersea cable. In the recent past, the export of excess electricity may have exceeded the limits set by the dynamic protocols from time-to-time. HEC is arguing against the dynamic protocols and the matter is currently under discussion and arbitration.

TEE International: Earnings miss on weaker associates (OCBC)

TEE International:
Fair value    S$0.28
add: 12m dividend forecast S$0.015
versus: Current price  S$0.395

Earnings miss on weaker associates
• Associates’ contributions fall, taxes rise
• Real estate spin-off on track for May IPO
• Fair value cut to S$0.28, maintain HOLD

TEE International’s 2QFY13 results were below our expectations, with net profit falling 32.9% YoY to S$2.5m (taking 1HFY13 net profit to S$5.3m, just 24% of our full year forecast), due mainly to a sharp drop in associates’ contributions and higher tax expenses. We believe that the recent run-up in TEE’s share price is related to its plan to spin off its real estate business and the prospect of a special dividend if it succeeds. Given the weak 2QFY13 showing, however, we lower our FY13-14 earnings forecasts and cut our fair value estimate to S$0.28 from S$0.34. We have not factored in any potential gains from the spin-off and we prefer to remain cautious on the stock until its real estate business shows better contributions or the outlook for its engineering segment improves. We maintain our HOLD rating on TEE.

Nam Cheong: Proposed Placement Of Up To 190m New Shares (UOBKH)


Nam Cheong Limited (NCL SP
Price/Tgt: S$0.285/S$0.30  
1-Yr Hi/Lo: S$0.285/0.142
Proposed Placement Of Up To 190m New Shares

What's new?
•        Proposed placement. Nam Cheong has announced a share placement exercise of up to 190m new shares, representing 9.93% of the existing issued share capital of the company. The placement price at S$0.255 represents a discount of 9.7% to the weighted average price of S$0.2824.

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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