Saturday, February 16, 2013

瑞信睇好內銀 全線上調目標價


瑞信睇好內銀 全線上調目標價
內銀板塊近期做好,瑞信發表報告,指內銀去年第四季貸款按年增加16%,加上在資金充裕環境下,銀行資產質素良好,而致力開拓小額貸款亦有助擴闊淨息差,故全線上調內銀目標價,幅度由4至59%不等。

內地貸款需求續勁
內地今年一月新增貸款超出市場預期,瑞信料全年貸款額可達8.5至9萬億元(人民幣‧下同),按年增長13.5至14.3%,而銀行貸款於今、明兩年,分別可錄得按年增長13%及12%。大和報告亦指出,內地貸款需求保持強勁,銀行批出貸款時擁有較佳的議價能力。

星再谷REITs 香港大落後

星再谷REITs 香港大落後

淡馬錫旗下豐樹產業(Mapletree Investment)將分拆房託基金(REIT)於新加坡上市,集資12.9億美元(約100.62億港元),成為當地兩年來最大宗IPO(首次公開招股),也是星洲迄今最大宗REIT集資。

星房託多港逾三倍

事實上,星洲REITs市場較香港早三年起步,發展成熟,房託數量較香港多逾三倍,首四大房託昨日的成交額也直逼香港,反觀香港僅靠領匯(00823)「獨撐」。

航空業挑戰大‧馬航押寶亞洲


航空業挑戰大‧馬航押寶亞洲
Created 02/15/2013 - 14:25
(吉隆坡14日訊)馬航(MAS,3786,主板貿服組)董事經理阿末佐哈里指出,馬航將加強亞洲區域的曝光度,以進一步開發航空領域業務與營收。

他說,馬航處於航空運輸業未來成長樞紐,對未來的深具挑戰營運環境保持謹慎樂觀態度。

“儘管新興市場驅動需求,但很多廉航同時也爭相提供物有所值旅遊與飛行,競爭益見劇烈而使所有航空公司回酬面臨壓力。"

他接受《馬新社》專訪時說,高油價成本、需求震蕩、機位與航空運力之落差等,將持續帶來重重挑戰。

曾渊沧:资金借势调仓 卖进取股买防守股


曾渊沧:资金借势调仓 卖进取股买防守股

恒指升至23945点之后,眼看快要破24000点,调整就突然来到,一调整就是800点,过去几天,天天又不利于股市的传闻。有传闻说香港特区政府将再度出手打压楼价,有传闻说中国政府将整顿澳门赌博业的中介人与洗黑钱行动,有传闻说……

香港特区政府打压楼价已经不是第一次的了,也不是第二次,而是好几次了,每次打压措施一出,地产股急跌,但是很快又回升,再创一年新高。

中国中央政府将整顿澳门赌博业的传闻以前也传过,也曾经令赌博股股价下跌,但最后股价又再创历史新高记录。回头想一想,过去的所谓传闻,是不是大户特意放出来的谣言,目的是震仓,震一震,股价下跌了,可以杀掉一些牛证,可以趁低吸纳正股。过去一星期的情况与过去的每次调整很相似,震仓多过真正有问题。

曹仁超:A股步入牛市二期 看好大金融


曹仁超:A股步入牛市二期 看好大金融

《红周刊》作者 郝艳辉

    “现在投资A股的大机会已经出现,未来3~5年大方向是反复向上,每次回落都是吸纳优质A股的时刻”。香港股神曹仁超毫不掩饰对于A股的看好。而他去年7月份接受《红周刊》采访时,曾经告诫投资者不可盲目抄底。12月5日大盘在银行板块带动下至今反弹逾20%,曹仁超认为行情已经逆转了,正在步入牛市二期。

  抛弃5年熊市心态

    《红周刊》:现在上证指数涨到了2400多点,您如何看待A股的表现呢?

《信報視聽頻道》曹Sir:內地有決心反貪污



Short US Government Bonds ‘Right Now’: Jim Rogers


Short US Government Bonds ‘Right Now’: Jim Rogers

With the Federal Reserve and now Bank of Japan printing massive amounts of money, billionaire investor Jim Rogers told CNBC's "Closing Bell," he is shorting U.S. government debt.

"It's all artificial what's going on right now," Rogers said. "The Federal Reserve is printing money as fast as they can. The Bank of Japan said 'we're going to print unlimited money.'"

He called the Fed's monetary stimulus "outrageous."

All that money printing has Rogers bearish on U.S. Treasury debt. He said he's shorting government bonds and that if it's indeed the end of the 30-year bond bull market, those shorts will pay off. In particularly he said it's time to short long-dated U.S. government debt.

Lim Say Boon: Time to Embrace Risk?


胡立阳: 寻找“会发芽”的股票


Poor China Showing for DBS Is a Concern



Singapore Market : How long does momentum last? (CS)


Singapore Market Strategy
How long does momentum last?

● How long does momentum last in SG? Monthly data for 62 SG stocks  since January 2006 suggests that c.50% of times stocks that begin out/under-performing in a month continue to do so beyond. Among large caps—JCNC, SingTel and Keppel started O/P in January 13.

● Telecom, cap goods and real estate have tended to outperform longer than sectors such as Media, Food & Staples and Transportation. Banks (large index weight) and Telecom tended to have shorter periods of underperformance.

HPH Trust: Anchoring Growth Against Macro Headwinds (AM)

HPH Trust: Anchoring Growth Against Macro Headwinds
HPH Trust, sponsored by the world’s top container operator Hutchison Port Holdings, is structured as a business trust holding container port assets in Hong Kong and Yantian. HPH Trust’s core container ports are Hong Kong International Terminals (HIT) (100%) and Yantian Ports (51.6-56.4%), which boast market leading positions in the Pearl River Delta (PRD) region.

Backed by its twin pillars of growth, we believe HPH Trust is strategically poised to leverage on PRD’s growth potential. Yantian and HIT are equipped with competitive advantages such as natural deep-water facilities, superior land and sea connectivity as well as strong operational efficiency. These asset positives have underpinned HPH Trust’s resilience through the global financial crisis and, in our opinion, will continue to support its sturdy growth going forward.

DBS Group: Weak 4Q does not negate thesis (CIMB)


DBS Group
Current S$15.20
Target S$17.39
Weak 4Q does not negate thesis

 4Q12 was below expectations due to greater-than-expected NIM compression, a rise in credit costs and higher opex. Reflecting seasonality, IB and trade fees were weak though wealth management and credit cards. Some of the negatives look one-off in nature.

We are not too concerned. 4Q12 core net profit (S$760m) fell below our S$807m and Street’s S$787m. FY12 forms 98% of our FY12. DBS has guided for bottoming margins. We trim FY13-14 EPS by 2-3% but maintain Outperform with a slightly higher DDM-based target price (1.27x CY13 P/BV; g 4.2%) after trimming margins. Catalysts are still expected from a variety of fee earnings drivers.

曾淵滄教路 29.01.13 - 炒前海概念 銀行保險股最受惠


炒前海概念 銀行保險股最受惠
上星期,股市突然爆出一陣炒前海概念的火花,不過,火花閃一閃就沒了,概念維持不了。早在去年年中,我已經提起前海概念。

至今為止,前海仍只是一片未開發的土地,前海的開發,最關鍵的焦點是中央政策,前海這片土地原本的用途是建碼頭、搞物流,這也是為甚麼目前前海有相當大片的土地屬招商局集團所擁有,但要知道,不是上市的那家招商局(144),而是其母公司、沒上市的母公司,前海是突然於數年前改變規劃,要發展為深圳特區中的特區,如何特法?當然由深圳政府經過集思廣益之後向中央呈報申請,於是深圳市政府提出要將前海變成深圳的中環,是金融中心。

大英Blog物館 29.01.13 : 抓緊金融趨勢 避免後知後覺

抓緊金融趨勢 避免後知後覺
能夠快而準地找出趨勢,人皆希冀,因為報酬無比豐富,尤其在金融市場,效果最明顯。當然,對趨勢後知後覺,而失諸交臂,我們早有經驗。(西諺有云:“Experience is what you get when you don't get what you want.”)

要增強發現趨勢的能力,可以倒過來想,先找出以往錯過之因。這個問題,趨勢學家林奎斯特(Lindkvist)累積了不少心得。據他所講,trend一詞,起源於挪威文trendr,意思是「轉動」。察覺趨勢,心態上要保持開放,絕對不可以妄下結論。他認為趨勢學、未來學,並不等於風水占卜,他將重點放在觀察,而不是預測,甚至自稱以「不知道」為榮。

Marc Faber loves the odds of a ‘big-time’ market crash


Marc Faber loves the odds of a ‘big-time’ market crash
January 31, 2013

The world’s central bankers will end up behind the market equivalent of the woodshed after flooding the world with cheap money, veteran investor Marc Faber told CNBC on Thursday.

“When you print money, the money doesn’t flow evenly into an economy. It flows to some people or to sectors first, and in this case, it flowed into equities, and until about five months ago, bonds,” Faber said. “I believe that markets will punish central banks at some stage through an accident.”

The bond market could collapse, Faber said, adding that bonds have been weak considering the scope of the U.S. Federal Reserve’s quantitative easing program. The other possibility is that stocks could end up in a bubble.

曾淵滄-股市资讯专栏 01.02.2013


曾渊沧博士专栏
文: 曾渊沧博士 2013年02月01日 曾渊沧博士专栏
去年一整年,新加坡海峡时报指数很长时间的受制于3,100点之下,要等到12月才出现突破。突破后就一路上升,而香港股市则早在9月己一路上升。很有趣的现象是中国股市在去年几乎一路下跌,不断地创新低, 一直等到12月才见底回升。上海综合指数于12月初跌至1,949点的谷底后急速回升,在短短的一个多月里回升20%。看来新加坡股市受中国影响的力度比香港还大。

港股的表现主要动力来自美国QE3,去年9月美国推出QE3后,恒生指数直线上升。2008年全球金融海啸,2009年全球股市却复苏得很快,依靠的就是全球印钞票。但是,中国很快地收紧银根。美国的QE2不成气候,金额太少,“扭曲操作”(Operation Twist)则不知所谓。欧洲更爆发欧债危机,股市再一次跌入深渊。

颜子伟:海峡时报指数靠近3,300点;跟风股受追捧


海峡时报指数靠近3,300点;跟风股受追捧
文: 颜子伟 (译:麦美莹) 2013年02月01日 展望
没错!海峡时报指数似乎终于打破了农历新年所带来的厄运,因为在2012年(刚好是龙年)之前,股市连续六年都在农历新年遇上厄运。

是不是龙真的可以降魔伏妖?本地股市是否终于可以摆脱前几年一直在农历新年前后缠绕着投资者的厄运?

还有一个星期我们便过农历新年,但投资者目前还在享受牛市所带来的好运,这当然是好消息。在坏消息欠奉的情况下,环球股市终于可以持续其升势,甚至当美国经济在2012年第四季下跌0.1%的消息公布后,市场也不为所动。毕竟,美国联邦储备局主席伯南克向投资者再次保证,第四季的数字只是稍微下跌,并重申其一直以来希望获取适度经济增长的立场。最重要是,他没有更改他的政策声明,意味着在可见的未来,联储局将继续每个月买入850亿美元的债券。

Billionaire Kuok Says His Empire Can Last ’Generations’


Billionaire Kuok Says His Empire Can Last ’Generations’
By Chanyaporn Chanjaroen & William Mellor - Feb 1, 2013 6:00 AM GMT+0800
Bloomberg Markets Magazine

When billionaire Robert Kuok introduced a luxury hotel brand in 1971, he named it Shangri-La, after the fictional utopia in which inhabitants enjoy unheard-of longevity.

Ensconced in his executive suite 32 floors above Hong Kong’s Victoria Harbor -- the room decorated with a pair of elephant tusks gifted by the late Tunku Abdul Rahman, the first prime minister of Malaysia -- the world’s 38th-richest person appears to have defied the aging process himself.

胡立阳: 股票和基金的买卖时机


巴菲特投资三十六计之十八:反客为主

巴菲特投资36计之十八:反客为主
2011年03月28日 上海证券报  ⊙刘建位
http://finance.sina.com.cn/stock/stocklearnclass/20110328/03169600942.shtml

  原文为:乘隙插足,扼其主机,渐之进也。

  古人按语为:为人驱使者为奴,为人尊处者为客,不能立足者为暂客,能立足者为久客,客久而不能主事者为贱客,能主事则可渐握机要,而为主矣。故 反客为主之局:第—步须争客位;第二步须乘隙;第三步须插足;第四足须握机;第五乃为主。为主,则并人之军矣;此渐进之阴谋也。如李渊书尊李密,密卒以 败;汉高视势未敌项羽之先,卑事项羽。使其见信,而渐以侵其势,至垓下一役,一亡举之。

曾渊沧@股友通讯录 2013 年02 月份

曾渊沧@股友通讯录
2013 年02 月份

各位朋友
今年的农历初一巧逢星期日,因此共有3 天连续的公共假期,再加上许多人星期六不上班,因此离开香港出外度假的人很多,相信今日蛇年第一天的开市,许多人仍在海外度假,我自己也不例外,现在正在英国度假。我对蛇年的股市是乐观的。我看不出美国联储局会在蛇年加息,停止印钞票。日本的情况也一样。欧债危机基本上也已解决,除非有新的黑天鹅式的新的重大金融危机出现,否则蛇年股市应该是个大牛市。

日圓貶值大鱷先發財

日圓貶值大鱷先發財

日揆安倍晉三去年底上台後,致力加碼量寬、推低日圓匯價來振興經濟,沽空日圓及增持日股,榮膺近年最佳賺錢黃金機會,中外「大鱷」獲利數10億美元,當中因狙擊英鎊而廣為熟悉的國際著名投資者索羅斯,去年十一月日本準備大選以來,因沽空日圓及買日股,獲利約10億美元(約78億港元)。除中外「大鱷」外,有本港散戶棄股從匯,跟風加入沽日圓行列,匯商透露,近期日圓交易盤急增達五倍。

根據《華爾街日報》引述消息透露,索羅斯基金管理去年底增加沽空圓匯持倉,同時大舉增持日股,日股佔其投資組合比重達10%。索羅斯基金公司消息人士直言,這是為「安倍經濟學」作出的賭注。

海指在突破升势线后可能会在近期内回撤


海指在突破升势线后可能会在近期内回撤
文: 林伟杰 (译:杨佳文) 2013年02月13日 展望
亚洲各地大部分指数在过去两周都上扬,原因是美国企业的盈利优于预期。然而,欧洲中央银行表示欧元上涨可能会影响经济复苏,打击了市场情绪。图表1为各大指数在过去两周的表现。


图表1:各大指数在过去两周的表现
来源:彭博社;作者汇编


SingTel-Q3-net-profit-falls-8.3%


Why OCBC Leads The Singapore Pack - Analyst



Interview-with-Chua-Sock-Koong-Group-CEO-SingTel



Hang Seng Index to Hit 26,000 in 2013: Pro



INR/USD to Hover Around 54 Mark: Pro



What's in Warren Buffet's Fridge?


Buffett to CNBC: 'I'm Ready For Another Elephant!'



Berkshire Hathaway Takes New Stakes



Friday, February 15, 2013

马国际船务油轮业亏损 国油全购进度恐受影响

马国际船务油轮业亏损 国油全购进度恐受影响
Created 02/15/2013 - 12:35
(八打灵再也14日讯)马国际船务(MISC,3816,主板贸服股)旗下油轮业务面临亏损危机,或影响国家石油(Petronas,简称国油)全面收购马国际船务进度。

鉴于运费下滑、承载力过剩以及美国减少进口导致油轮领域走弱,油轮业者经营压力也随之倍增,马国际船务油轮业务子公司———AET油轮控股私人有限公司也面临业绩压力。

资料显示,截至2012年9月30日,AET油轮控股已亏损3亿5350万令吉。

拓航空业务营收 马航全力强化亚洲地位


拓航空业务营收 马航全力强化亚洲地位
Created 02/15/2013 - 12:36
(吉隆坡14日讯)马航(MAS,3786,主板贸服股)今年将着重强化亚洲区市场地位,进一步拓展航空业务和营收。

马航总执行长阿末昭哈里表示,马航虽然身处航空业未来增长枢纽中,但集团接下来仍然会审慎乐观面对营运环境的考验。

加速落实转型

2011年至2030年间,全球航空业增长动力估计将来自亚洲市场,符合年度国家生产总值的强稳增长展望,特别是南亚国家、中国和亚太区。

股息回酬高 KLCC產业合股房產信託受看好


股息回酬高 KLCC產业合股房產信託受看好
(吉隆坡14日讯)分析员看好KLCC產业(KLCCP,5089,主板產业股)设立的全马首个合股房產信託將会提供高股息回酬的选项,假设成功注入阳光广场(Suria KLCC)后,股息將会更高。

KLCC產业的合股房產信託將在2013年中左右上市,届时將提供市场另一个良好收益的投资选项。

分析员指出,合股房產信託其中一个优点是减少现金支出,不需如一般的房產信託缴付管理费予第三方。

首季核心盈利料疲软 NOTION集团最坏已浮面


首季核心盈利料疲软 NOTION集团最坏已浮面
(吉隆坡14日讯)NOTION集团(NOTION,0083,主板科技股)2013財政年首季核心盈利表现料將疲弱,但已在市场预期之內。

该股在三个月內下滑28%,已反映电子產品销售下跌以及去年杪发生火灾的影响,相信最坏的情况已经出现。

业绩低迷意料中

NOTION集团將在2月21日公布2013財政年首季业绩,马银行金英投行分析员预计,其核心净利的按季比较將显著低迷。

对行业前景谨慎乐观 马航加强区域扩张

对行业前景谨慎乐观 马航加强区域扩张
吉隆坡14日讯)马航(MAS,3786,主板贸服股)將在今年加强在亚洲地区的足跡,以进一步扩大业务和营业额。

马航首席执行员阿莫佐哈里指出,基於马航位於航空业的未来增长中心,马航对未来数年充满挑战的经营环境保持谨慎乐观態度。

「儘管新兴市场將推动需求增加,不过廉价航空公司目前提供物有所值的旅游而加剧竞爭,增加了所有航空业者的收益率压力。」

阿莫佐哈里是在接受《马新社》的访问时如此表示。

「BDI魔咒」困擾 航運業仍暗淡


「BDI魔咒」困擾 航運業仍暗淡
http://paper.wenweipo.com   [2013-02-15]  

 香港文匯報訊(記者 涂若奔)農曆新年已經來臨,港股創下21個月新高,但航運板塊卻未能迎來春天,「龍頭老大」中國遠洋(1919)和中海發展(1138)先後發盈警,其中前者更注定連續兩年穩居「虧損之王」,顯示全行業仍在寒冬中苦苦掙扎。由於反映貿易景氣程度的波羅的海乾散貨指數(BDI)屢創新低,業界普遍認為在需求疲弱、運力過剩的嚴峻形勢下,航運業仍難逃「BDI魔咒」,2013年的前景將會持續低迷。

 中國遠洋於1月發盈警,預期2012年全年業績將出現大幅虧損,雖然公告未披露具體數字,但接近中遠集團的消息人士一早向內地媒體放風,稱虧損額將超過百億元規模。中海發展也宣布,2012年業績將同比倒退9成,最差可能「沒有盈利」。其餘航運股雖然暫未公告最新情況,但翻查去年上半年業績,多間公司均有不同程度的倒退,其中招商局國際(0144)中期大跌55%,中外運航運(0368)大跌64%,中國外運(0598)跌11%,中遠太平洋(1199)首三季也跌16.4%。

集裝箱市場將反覆無常


集裝箱市場將反覆無常
http://paper.wenweipo.com   [2013-02-15]  

 香港文匯報訊(記者 涂若奔)雖然航運業2012年的乾散貨業務普遍差強人意,但在集裝箱市場卻是另一番景象。經營業務以集裝箱為主的東方海外(0316),去年至今總共六次上調運費,中海集運(2866)和馬士基等大型企業也都紛紛跟隨,令集裝箱市場呈現「爭相加價」的態勢。不少分析指,該情形「異乎尋常」,主要是由於此前運費實在太低、加上業界「自律自救」導致,有可能難以持久。

去年爭相加運費追落後
 航運業在集裝箱市場的表現,一直以來都「大起大落」,波幅較乾散貨市場更劇烈。多數企業為了爭奪市場份額,在2011年紛紛採取了「每箱必爭」的搏殺態勢,甚至不惜和對手同歸於盡。據總部設在倫敦的德魯里海事研究所統計,2011年全球集裝箱運價跌幅超過35%,全行業的經營狀況只能用「慘不忍睹」來形容。

最大癥結 運力嚴重過剩

最大癥結 運力嚴重過剩
http://paper.wenweipo.com   [2013-02-15]

 香港文匯報訊(記者 涂若奔)雖然乾散貨和集裝箱市場的具體情況有所不同,但細查真正的癥結其實都是同一個原因,即「運力嚴重過剩」。據國家交通運輸部水運科學研究院副院長賈大山估算,2012年全球有約9,000萬載重噸的運力過剩,船舶訂單與船隊規模之比在35%左右,遠遠超出10%的合理水平。中國船東協會副會長張守國也認為,目前全球航運運力過剩達20%以上,預料2013年不少船東仍將面臨「無貨可運」的局面。

 據多位業內人士估算,2012年全球乾散貨的需求僅有低單位數增長,遠低於運力增幅。中遠散貨運輸集團有限公司副總經理何應傑早前表示,去年全球需求的增長為5%,但運力的增長則在10%以上,「有1,000多艘船舶下水,而且單船平均載重越來越大,這些都將加劇運力過剩局面」。著名研究機構克拉克松也發表報告指,2012年底全球乾散貨船達到6.9億載重噸,較2011年淨增7,390萬載重噸,增幅為12%,運力的增長速度超過需求增速一倍多。

Singapore Post : S$179m spent on acquisitions so far (DBSV)


Singapore Post
HOLD S$1.21
Price Target : 12-month S$ 1.14 (Prev S$ 1.04)
S$179m spent on acquisitions so far

• 3Q13 underlying profit of S$39.8 (+2% y-o-y, 22% q-o-q) and interim DPS of 1.25 Scts were in line
• Acquired two more companies for S$97m, taking amount spent on acquisitions to S$179m over the last two years
• Limited disclosure on acquisitions so far. The stock is not cheap at 17x PE. HOLD with revised TP of S$1.14.

Highlights
Divergence between revenue and operating profits. Top line grew 14% y-o-y versus a decline of 3% in operating profits. E-commerce activities for all the segments and new contribution from Novation Solutions (acquired in May 2012) were key drivers of top-line growth.

Parkway Life REIT :Stable earnings (DBSV)


Parkway Life REIT
HOLD S$2.30
Price Target : 12-Month S$ 2.19 (Prev S$ 2.08)

 Stable earnings
• Declared 2.69 Scts DPU (+9% y-o-y) in 4Q12, taking FY12 DPU to 10.3 Scts
• Gearing remains healthy
• Raised 2013 CPI assumption to 4%
• Maintain HOLD, nudged up TP to S$2.19 after adjusting for higher CPI

Highlights
4Q12 DPU in line. Gross revenue grew 5% led by three properties in Japan acquired in Mar12, Gleneagles Medical Centre Kuala Lumpur (acquired in Aug12), as well as higher rents at its Singapore hospitals in Year 6 of its lease commencing 23 Aug12 (yield: CPI+1% = 6.31%).

Biosensors Int'l : Opening the doors of goodness (CIMB)

Biosensors Int'l
Current S$1.32
Target S$1.75
Opening the doors of goodness

 The timely recovery of BIG’s China market should compensate for challenges in its Japanese market. Armed with fresh fundsfrom its recent note, we see its successful transformation into a medical technology platform company.

Our FY13-15 earnings have been adjusted down by 4-6% to factor in MTN interest costs and a more judicious view of its licensing revenue. Our target price, still based on SOP, dips accordingly. Reiterate OUTPERFORM with catalysts expected from accretive acquisition and volume growth in emerging markets.

CapitaMalls Asia: Undeterred, Stay Overweight (MS)


CapitaMalls Asia
Shr price, close (Feb 7, 2013) S$2.17
52-Week Range S$2.26-1.32
Undeterred, Stay Overweight

Quick comment: CMA shares down 4% after 4Q12 results. Operationally, numbers were ahead; though core PATMI missed by S$11mn – or 20% – we think this is largely explainable by one-offs. Management’s guidance of 30-40% growth in 2013 PATMI implies S$229-246mn while consensus is S$262mn, but we think there is scope to deliver ahead of guidance. Revaluations were also a focus, but CMA’s valuations are typically conservative and Chinese revaluations are in line with its NPI growth surprise of 7-9ppts for 2012.

Tiger Airways: Rain, rain, go away… (CIMB)


Tiger Airways
Current S$0.76
Target S$0.74
Rain, rain, go away…

 Australia has been hit by a wild weather system, in a re-enactment of Dec 10, this time by Cyclone Oswald. Brisbane is bracing for floods and Sydney is likely to be next. Flight cancellations, delays, complaints and refunds will follow. Not exactly a help to Tiger’s recovery plans.

Tiger has cancelled flights to and from Melbourne, Sydney, Brisbane and the Gold Coast. Losses could widen in the next quarter. We expect stock weakness in the near term, though we remain longer-term Neutral, in view of a potential divestment of its loss-making Australian operations. We raise our FY13 loss estimate by 16% to account for Cyclone Oswald, but keepFY14-15EPS and SOP target price intact.

Salcon: New project help to improve the performance of its construction division (NRA)


Salcon
Target Price: RM 0.78
Current Price : RM 0.465

1. Recent developments

 Salcon announced that its wholly-owned Salcon Engineering Berhad has been awarded with a project for the construction of sewage pipes network at Klang, Selangor from the Sewerage Services Department, Ministry of Energy, Green Technology and Water of Malaysia.

 The scope of works encompass all works associated with the sewage rationalisation within the South Klang sub-catchment located in Klang, Selangor

REDtone International: 2QFY13 Results Highlight(NRA)

REDtone International
Target Price: RM0.52
Current Price : RM0.41

 REDtone’s earnings performance continued to improve into 2QFY13. While turnover declined by 25.8% to RM26.7m, earnings turned around substantially with a net profit of RM3.97m in 2QFY13 as compared with a small loss in 2QFY12.

 Had it not for the impairment loss on other receivables amounting to RM1.5m, profit performance would have been more impressive.

 The lower topline turnover growth was due to the absence of lumpy contracts as revenue for 2QFY13 was mainly from recurring maintenance services.

Pantech Group: Another strong quarter of profits on rising demand (ASIA)

Pantech Group Holdings Berhad
Another strong quarter of profits on rising demand
Stainless steel fittings plant on verge of turning around
Expect strong double-digit growth in FY13-FY15
Forward P/E of only 6x with estimated 7% net yield

Pantech Group Holdings’ earnings results for 3QFYFeb2013 were slightly ahead of our expectations.

Turnover was up a strong 52.3% to RM171.5 million from the previous corresponding quarter and 4.5% higher q-q. Growth was registered from both the trading and manufacturing units.

Trading sales stood at RM100.8 million in the latest quarter while manufacturing sales came up to RM70.7 million. The latter now accounts for 41% of the company’s total sales. Recall that in 3QFY12, manufacturing sales stood at only RM40.6 million. The sharp increase was due, in part, to contributions from Nautic Steels, the UK-based manufacturing outfit that was acquired at the beginning of the current financial year.

Marco Polo Marine: Banking on ship repair and OSV growth (OCBC)

Marco Polo Marine:
Fair value    S$0.56
add: 12m dividend forecast S$0.00
versus: Current price  S$0.41

Banking on ship repair and OSV growth
• No surprises in results
• Positioning for opportunities in Indonesia
• Ship repair outlook still good

Marco Polo Marine (MPM) reported a 38% YoY drop in revenue to S$15.2m but saw a 3% rise in net profit to S$4.5m in 1QFY13, such that the latter formed about 20% of our full year net profit estimate, within our expectations. The fall in revenue was mainly due to slower progress in newbuild orders, resulting in lower shipbuilding revenue.

Olam Int’l: 1HFY13 results slightly ahead (OCBC)

Olam Int’l:
Fair value    S$1.50
add: 12m dividend forecast S$0.04
versus: Current price  S$1.64

1HFY13 results slightly ahead
• Earnings met 48% of FY13 forecast
• Recalibration exercise
• HOLD with new S$1.50 FV

Olam International (Olam) reported 1HFY13 results which were slightly ahead of our forecast. Revenue grew 24.3% to S$9589.5m, meeting 48.1% of our FY13 projection; while estimated core net profit came in around S$147.6m, also meeting around 48.4% of our FY13 estimate. However, its net gearing increased from 1.95x in 1HFY12 to 2.21x in 1HFY13.

Malaysian Airline System: Capital Restructuring and Rights Issue (MIB)


Malaysian Airline System
Buy (unchanged)
Share price: MYR0.68
Target price: MYR1.02 (unchanged)
Capital Restructuring and Rights Issue

Already priced in. MAS released a circular to shareholders to call for an EGM on 5 Mar 2013. The proposals to be tabled at the EGM are: i) a par value reduction of MYR0.90/share to MYR0.10/share; ii) a share premium reduction with the objective of resetting accumulated losses to zero; and iii) a rights issue to raise a maximum of MYR3,100m. The market has already priced in this scenario and the clarity over the timeline will spark more interest in the stock, in our view. Our BUY call is unaffected; our estimates already reflected this scenario.

中国设中央厨房 旧街场展望正面


(吉隆坡14日讯)分析员认为旧街场在中国设立中央厨房,將让供应更为顺畅,有助于中国分店的开设。

旧街场(OLDTOWN,5201,主板贸服股)与在中国广东经营旧街场白咖啡餐厅的香港渝富集团(Year Full)签署股东协议,在香港成立联营公司。旧街场与渝富分別持股51%和49%股权。

该联营公司主要涉及中央厨房业务,供应在中国南方的市场。

肯南嘉投行分析员认为,51%股权的投资成本为510万港元,或200万令吉,不会对旧街场的资產负债表带来任何显著影响,因为旧街场在截至2012年9月,拥有6400万令吉的净现金。

彤叔身家日漲33億

彤叔身家日漲33億
2013年2月15日
【明報專訊】龍年身家暴漲的城中富豪鄭裕彤,「牛氣」延續至蛇年,蛇年首個交易日彤叔所持的新世界(0017)及周大福(1929)股價昨升逾2%,帶挈其身家一日內漲逾33億元。

珠寶銷情旺 周大福一吐烏氣

彤叔的「掌上明珠」周大福,去年一度跌至8.4元低位,臨近2012年尾受惠於本港珠寶手飾銷情暢旺,股價重上13元水平;至今年1月尾時又回吐,龍年除夕前報11.6元。幸蛇年首個交易日一吐烏氣,股價一度重上12元水平,最後收報11.94元,升2.58%。

按彤叔旗下Chow Tai Fook(Holding)持股量達89.34%來計,周大福昨單日為鄭氏家族貢獻26.8億元。

中海油買尼克森料產量升25%


中海油買尼克森料產量升25%

中海油(00883)收購尼克森(Nexen)獲美國當局批准後,交易最後一道障礙亦告清除,刺激中海油昨日股價做好。券商認為收購尼克森後,中海油今年產量可增20至25%。

中海油早前披露今年目標產量增長最多2%,瑞信發表報告指出,交易獲美國外國投資委員會批准後,若計入尼克森今年十個月共200萬桶油當量,中海油的產量增幅可達20至25%。該行又指若計入尼克森今年三個季度的盈利貢獻,預測中海油今年每股盈利為1.66元人民幣,亦相信市場對中海油的盈利預測將上調。瑞信維持該股「跑贏大市」評級,目標價維持20元不變。中海油昨日股價最多升2.43%,收市仍升1.92%,報15.88元。

82歲索羅斯沽YEN勁賺78億


82歲索羅斯沽YEN勁賺78億
【本報訊】日圓急速貶值,受惠的除了是經濟及出口企業,一眾對沖基金亦在過去數個月撈了不少「油水」。外電消息指,年屆82歲、在90年代狙擊英鎊及港元的投資大鱷索羅斯(George Soros),自去年11月起沽空日圓,兩個半月間狂賺10億美元(約78億港元),成為日圓沉淪下的最大贏家。

記者:黃家欣 梁嘉麒

《華爾街日報》引述消息指,多個對沖基金把握日圓跌勢沽空,其中以索羅斯的賺幅最大。索羅斯旗下基金規模達240億美元,自去年11月中起增持日圓空倉,短時間大賺近10億美元。另外,該基金持有日股佔整體投資規模比例達10%,日股在日圓下跌刺激下暴升,亦帶挈基金大賺一筆。

曾淵滄專欄15.02.13:買恒地新地如賭運

曾淵滄專欄:買恒地新地如賭運 - 曾淵滄

香港地產商中,農地儲備最多的是恒地(012),其次是新地(016),梁振英政府急於尋找土地建住宅,恒地與新地手上的農地應該在數年之內先後變成住宅地。

不過,對於恒地與新地而言,農地變住宅地將是賺大錢或是蝕大本,在於政府如何規劃這些土地的用途。

若是建公屋,政府會動用徵地法令,以農地的價格向地產商徵用,然後建公屋。農地價格很低,地產商肯定蝕大本。

Still Looking at Cost Cuts at Optus: SingTel CEO



Apple Has Lost its Safety Premium: Pro



Aggressive Easing Only Way Out for Japan?



Apple's One-Third Fall Attracts Value Investors


Where Will Gold Be in Three Months?



Can Apple's Board Solve Its Cash Conundrum?


Thursday, February 14, 2013

外匯儲備有望續擴張‧資金未撤離馬股

外匯儲備有望續擴張‧資金未撤離馬股
Created 02/14/2013 - 12:05
(吉隆坡13日訊)1月國際外匯儲備持續增加,掃除市場對資金顯著撤離隱憂,經濟學家看好全球經濟前景改善及發達經濟體寬鬆貨幣政策將繼續為國內引進資金潮,今年外匯儲備有望持續擴張,但全國大選風險可能對外匯儲備增長帶來短期影響。

大選因素影響馬股

國家銀行截至2013年1月31日止,國際外匯儲備較前期增長2億美元至1千402億美元,增速較1月首半月增長3億美元為慢,而1月整體外匯儲備增長15億令吉至4千286億令吉。

肯納格研究說,隨著富時綜合指數顯著下跌,加上馬幣持續走貶,市場預期資金可能開始流出,但外匯儲備並未如預期般顯著下跌,顯示馬幣和股市走跌可能由全國大選引發的不明朗因素影響。

MAS to focus on Asia this year


MAS to focus on Asia this year

2013/02/14

Malaysia Airlines (MAS) will strengthen it presence in the Asian region this year in order to further grow its business and revenue in the aviation sector.

Group Chief Executive Ahmad Jauhari Yahya said while MAS was located in the centre of the aviation industry's future growth hub, the airline remained cautiously optimistic of a challenging operating environment in years to come.

"Although increased demand will be driven by emerging markets, a host of low-cost carriers now offer value-for-money travel and increased competition, thereby putting pressure on yields of all airline players.

SingTel profit drops 8.3% on Optus restructure, Globe charge


SingTel profit drops 8.3% on Optus restructure, Globe charge
WRITTEN BY BLOOMBERG  
THURSDAY, 14 FEBRUARY 2013 11:11

Singapore Telecommunications, Southeast Asia’s biggest phone company, said third-quarter profit fell 8.3% on charges from its Australian and Philippine businesses.

Net income dropped to $827 million in the three months ended December, Singapore-based SingTel said in a statement today. That missed the $907 million average of four analyst estimates compiled by Bloomberg and follows charges at its Globe business in the Philippines and costs associated with restructuring its Optus unit in Australia.

MISC hit by low freight rates, dwindling demand and overcapacity in tanker ops


The Star Online > Business
Thursday February 14, 2013
MISC hit by low freight rates, dwindling demand and overcapacity in tanker ops

By SHARIDAN M. ALI
sharidan@thestar.com.my




Upbeat outlook on SapuraKencana


Upbeat outlook on SapuraKencana

2013/02/14

RHB RESEARCH: Seadrill deal may lift firm’s profit by RM330m
RHB Research remains positive on SapuraKencana Petroleum Bhd's acquisition of Seadrill's tender rig assets.

The deal, the firm said, remains EPS (earnings per share) accretive even with SapuraKencana's enlarged share base of 19.2 per cent.

It estimated the deal to increase SapuraKencana's net profit by RM330 million, or 44 per cent, for the financial year ending January 2014 (FY01/14).

STI May Face Near Term Pullback After Breaking Uptrend


 13 FEBRUARY 2013
STI May Face Near Term Pullback After Breaking Uptrend
By Ernest Lim

Most Asian indices rose in the past two weeks on stronger than expected US corporate earnings. However, this positive news was offset by caution sounded by the European Central Bank that the strength in European currency may hamper an economic recovery. See Table 1 below for the indices’ performances over the past two weeks.


Table 1: Indices’ performance over the past two weeks
Source: Bloomberg; Ernest’s compilations


CapitaMalls Asia : Year of consolidation (JPM)


CapitaMalls Asia
Price: S$2.08
Price Target: S$2.30
Year of consolidation

CapitaMalls Asia declined more than 4% today as the group reported 4Q12 results that missed the Street’s expectation. While FY12 results were still in line with group management’s guidance of over 30% core earnings growth, market expectations ran ahead in the last two months. We see a potential 5-10% downward earnings revision for FY13-FY15 and believe that the stock will consolidate in the near term, especially after a 3% YTD outperformance. That said, with underlying operating statistics remaining healthy and management guiding for 30%-40% core PATMI growth in 2013, we retain our Overweight rating and raise our Dec-13 PT to S$2.30.

Sunway: Dominating the Southern Part of Johor(TA)


Sunway
TP: RM3.41
Last Traded: RM2.37
Dominating the Southern Part of Johor

Acquiring additional 300 acres Pendas land
Sunway via its 60:40 JV company with Iskandar Asset Sdn Bhd, Harmony Impulse Sdn Bhd (HISB), has agreed to purchase the second plot in Pendas South (Eastern), measuring 300 acres in Iskandar Malaysia for a total purchase consideration of RM183.9mn. A deposit of 10% of purchase price for the land will be paid within 14 days from the date of the SPA, and the balance will be paid in 5 installments from 72 to 120 months from the date of the SPA.

Sheng Siong Group: Caution ahead of FY12 earnings (OCBC)


Sheng Siong Group:
Fair value    S$0.58
add: 12m dividend forecast S$0.03
versus: Current price  S$0.66

Caution ahead of FY12 earnings
• More than 25% gain to start the year
• Market reaction overdone in our view
• Urge caution; downgrade to HOLD

Despite having no significant developments since our last update report issued on 10 Dec 2012, Sheng Siong Group’s (SSG) share price has soared by more than 25%. We view this amazing appreciation as a result of the street playing catch-up ahead of SSG’s FY12 results release.

Ascott Residence Trust: Raises S$150m through private placement (OCBC)

Ascott Residence Trust:
Fair value    S$1.36
add: 12m dividend forecast S$0.09
versus: Current price  S$1.42

Raises S$150m through private placement
• Acquisitions more likely
• Advanced distribution
• Maintain HOLD

Ascott Residence Trust (ART) has raised gross proceeds of S$150m through a placement of 114.9m new units at an issue price of S$1.305 per new unit. At the FY12 results briefing a few days ago, management stated that it is comfortable with gearing between 40-45%, hence even if the proceeds are used to pay off the debt that is maturing, we think the additional financial flexibility from the placement will likely be utilised over the longer run for yield-accretive acquisitions.

Marco Polo Marine: Margin surge


Marco Polo Marine: Margin surge
(BUY,  S$0.41,  TP:  S$0.61)
Last Friday, MPM released its 1Q13 results which were in line with expectations. While revenue fell, margins improved strongly, demonstrating the resilience of this business. We maintain our Buy call with a TP of $0.61, highlighting that once again this profitable business is trading under book value ($0.423), and offers investors exposure to the booming Indonesian Offshore Support Vessel (OSV) market.

Topline fell 38% but profits up 3%. Gross margin jumps from 25.2% to 38.6%. Most of the $9.4m fall in revenue to $15.2m was due to shipbuilding revenues falling 92% to $1.1m, while ship repairs grew 75.5% to $8.6m. The fall in shipbuilding revenue is mostly due to accounting procedures – last year, MPM could recognise 49% of shipbuilding revenues for BBR, but that vessel has been delivered and going forward due to consolidation it no longer can.

Malaysia Market Strategy : Market jitters ahead of the GE (CS)

Malaysia Market Strategy
Market jitters ahead of the GE

■ Latest Merdeka Centre survey creates more uncertainties. The outcome of the General Elections (GE) remains uncertain, as the Merdeka centre survey reveals that (1) PM Najib’s personal popularity remains relatively high at 63%, but this is not translating into popularity for the government (which (stands at 45%). (2) For PM Najib, his popularity has improved among the Indians and Malays HoH, but has deteriorated across all races YoY. (3) The government and ruling coalition, Barisan Nasional, score better among the rural voters versus the urban voters. The rural votes are disproportionately important, as two-thirds of the federal seats are located in the rural areas.

Sunway: Mind the election gap (CIMB)

Sunway
Current RM2.38
Target RM2.42
Mind the election gap

Sunway's deep value play due to its massive land bank could be muted in view of the likely heightened election risks. Though job flow outlook is backed by RM1bn-1.5bn in targeted new jobs in 2013, project awards could take a breather in 1H13.

In view of the election risks which could weigh down sentiment on cyclical stocks, we raise our RNAV discount from 30% to 40%, which reduces our target price. We downgrade Sunway from Trading Buy to Neutral. The likely slowdown in the awarding of large scale projects is balanced by Sunway's continued land banking strategy and in-house jobs.

Gamuda: A prime MRT story but... (CIMB)


Gamuda
Current RM3.80
Target RM3.95
A prime MRT story but...

The MRT is likely to re-emerge as Gamuda’s next growth theme but the two new lines look likely to be launched only after the elections. Heightened election risks to the share price could be offset by the sale of Litrak and Sprint, which could translate into special dividends.

Order book growth prospects remain positive with over RM10bn targeted this year. Being the main contractor for MRT tunnelling works and PDP for the MRT SBK line remain its competitive edge. However, we expect sector catalysts for large jobs to be revived only in 2H13. Hence, we downgrade from Trading Buy to Neutral and cut target price by raising our RNAV discount from 10% to 20%.

Muhibbah: APH still a thorny issue (CIMB)


Muhibbah
Current RM0.94
Target RM0.94
APH still a thorny issue

Although construction, crane and oil & gas-related infrastructure prospects remain positive in 2013, unresolved issues surrounding the APH project are still cause for concern. The APH saga is likely to be drawn-out given the timing of elections.

Though we raise our RNAV discount from 40% to 50% to impute likely heightened election risks in 1H13, our target price rises slightly as we update for a revised (lower) amount of potential provisions for APH. Maintain Neutral as we see no catalysts in the medium term. Switch to Mudajaya, one of our top sector picks.

WCT : Building a stronger foundation (CIMB)


WCT
Current RM2.34
Target RM2.67
Building a stronger foundation

2013 is set to be another good year for WCT which is poised to clinch RM1.5bn of new jobs. Newsflows on job wins, likely in 1H13, should provide re-rating catalysts while new recurring income should add a new dimension to its earnings.

In view of the heightened risks arising from the upcoming election, we raise our RNAV discount from 30% to 40%. We maintain our Trading Buy call, instead of an outright Outperform, in light of the election risks. Potential domestic wins which is backed by RM3.5bn tender book and more land acquisitions are likely catalysts. WCT remains one of our top sector picks.

China Minzhong: Expect Another Strong Quarter (KE)

China Minzhong
Buy(unchanged)
Share price: SGD1.01
Target price: SGD1.16 (unchanged)
Expect Another Strong Quarter

Anticipating outperformance. China Minzhong is expected to announce its 2QFY6/13 results on 14 Feb 2013. We are anticipating a set of good results with revenue likely to post robust growth. We expect 2Q revenue to come in at CNY800m, up 23% YoY due to more favourable weather conditions. The unusually cold weather in China this winter will not only speed up the growth of champignon mushrooms, Minzhong’s biggest revenue contributor, but also lift the prices of its other vegetables.

DBS Group : Upbeat Outlook (KE)


DBS Group Holdings
Buy(unchanged)
Share price: SGD15.20
Target price: SGD17.60 (from SGD17.40)
Upbeat Outlook

BUY maintained. While DBS’ 4Q12 net profit of SGD760m (exexceptionals) lagged our and consensus expectations by 7% and 4% respectively, some of the headwinds in 4Q12 have tapered off and the outlook continues to be upbeat into 2013, barring guidance for ongoing NIM pressure. Our forecasts are broadly maintained and we raise our TP slightly to SGD17.60 (from SGD17.40) after factoring in the exceptional gain, on an unchanged FY13 P/BV of 1.3x.

Shares in MIIF jump as it prepares to wind up


Shares in MIIF jump as it prepares to wind up
Personal Finance

Written by The Edge Singapore  
Monday, 11 February 2013 00:00

MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND (MIIF) will sell its assets and return the cash to its shareholders. The decision by its manager, Macquarie Infrastructure Management (Asia) Pty Ltd (MIMAL), comes after a strategic review by independent financial adviser CIMB and pressure from investors to address the weak market value of its shares.

"In coming to the decision, MIIF acknowledged that the current business model, in which MIIF operates under a listed-company structure but acts like a business trust, is constrained in its growth strategy," notes Goh Han Peng, an analyst at OSK-DMG.

內銀壞賬或再現拋售潮


內銀壞賬或再現拋售潮
http://paper.wenweipo.com   [2013-02-14]  

 香港文匯報訊(記者 陳遠威)有外媒指,內地各家銀行將出售不良資產,預料內銀壞賬可再獲投資者青睞。據《華爾街日報》報道,內外投資者正準備收購各內銀持有的壞賬,該領域存在風險,過往便曾令投資者大失所望,但潛在利潤豐厚,投資者似乎已將往事拋諸腦後。

 報道指,專業投資者認為內銀面對改善資產負債狀況壓力,預計快將出售其不良貸款,因此已經開始籌資。長期從事內地不良資產投資的Shoreline Capital Management,在去年底成立的新基金已籌集逾3億美元;而對沖基金DAC Management亦正試圖為類似的新基金募集3億美元。據悉,紐約私募基金Fortress Investment Group正擬購買廣州一家管理不良貸款的小型公司。

曾淵滄專欄:蛇年股市牛氣沖天


曾淵滄專欄:蛇年股市牛氣沖天 - 曾淵滄

今年的年初一適逢星期日,因此共有四天連續的公共假期,再加上許多人周六不上班,因此離開香港出外度假的人很多,相信今日蛇年開市第一日,不少人仍在海外度假,我自己也不例外,現在正在英國。

我對蛇年的股市是樂觀的,看不出美國聯儲局會在蛇年加息,停止印鈔票,日本的情況也一樣,歐債危機基本上也已解決,除非有新的、黑天鵝式的重大金融危機出現,否則蛇年股市應該是個大牛市。

高盛:全球股市涨过头 先观望

高盛:全球股市涨过头 先观望

纽约13日讯)高盛调降未来3个月的全球股市展望,建议投资人先抱股观望。

高盛投资组合策略研究团队在最新报告中,调降未来3个月的全球股市展望,从「加码」降至「中立」,建议投资人在美股指数涨至5年高点后,先持股观望。 但该公司长期仍看涨全球股市。

以尼尔森(Anders Nielsen)和欧本海默(Peter Oppenheimer)等策略师为首的团队指出,资產价格已涨了很长一阵子,美国財政问题的不確定性虽持续降低,企业缩减成本仍会拖累经济,但这股卖压不会持续很久,造成的股市跌幅也不会特別深。

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Wednesday, February 13, 2013

手握2500万净现金 ELSOFT科研 ELSOFT RESEARCH BHD(Elsoft,0090) 财务稳健展望佳


手握2500万净现金 ELSOFT科研 ELSOFT RESEARCH BHD(Elsoft,0090) 财务稳健展望佳

截至去年9月杪,马来西亚的ELSOFT科研拥有200万令吉现金,以及多达2千300万令吉投资在债券。这意味着它拥有2千500万令吉的净现金(现金加债券),这相等于它拥有每股拥有13.8仙净现金。

受到智能手机、平板电脑和超薄型手提电脑(Ultrabooks)需求日渐增长激励,市场人士看好ELSOFT科研(Elsoft,0090)预料将可从现有以及新客户手中获得更多有关测试方案的订单。

ELSOFT科研自去年开始便设立了一项新集成电路(IC)测试,专检测半导体及处理器。这项新测试占ELSOFT科研去年首3季总销售量的15%。

马来西亚航空 MALAYSIA AIRLINES(MAS,3786) 重组债务冀展翅高飞

马来西亚航空 MALAYSIA AIRLINES(MAS,3786) 重组债务冀展翅高飞

马航是马来西亚一家拥深厚根基以及信誉卓越的全方位航空公司,所以只要它能够成功调整步伐,以应对航空业不同的挑战以及发挥潜能,相信马航最终将能够继续展翅高飞。

马航(MAS,3786)是属于马来西亚的国家航空公司,它的主要基地是吉隆坡国际机场,它的二级枢纽机场是沙巴州亚庇。

马航在东南亚、东亚、南亚、中东、欧洲和大洋洲保持强大的竞争力。马航还运营跨大西洋航班,于1997年期间,马航拥有世界上最长的非商业航线,由波音公司西雅图公司向东飞向经过欧洲和非洲大陆,最后到达吉隆坡,打破了马来西亚的中途不降落最长飞行记录,飞行的客机是波音777-200LR飞机。

大众银行 PUBLIC BANK BERHAD(PBBANK,1295) 未曾蒙受亏损之银行


大众银行 PUBLIC BANK BERHAD(PBBANK,1295) 未曾蒙受亏损之银行

由丹斯里郑鸿标自1966年创办后所领导至今的大众银行,成功创下46年来从不曾间断获得盈利的纪录。

大众银行(PBBANK,1295)是马来西亚一家重量级的银行集团,而且每年它都获奖无数,所以它也是一家信誉卓越的银行。

在全球顶尖品牌顾问公司--Brand Finance公布2012年大马首100大最有价值品牌报告当中,大众银行名列第七的位置,品牌价值达到12亿3千300万令吉。

Singapore shares end at five-year closing high amid catchup trade


Singapore shares end at five-year closing high amid catchup trade

Singapore's shares started the Year of the Snake on an auspicious note, ending Wednesday at a five-year closing high amid broad-based gains.

"People are playing a bit of catchup on trades or opportunities they might have missed over the past couple days," said Jason Hughes, head of premium client management at IG Markets Singapore.

While many investment banks are shifting from "very bullish" to more modestly bullish, "they're seeing potential pullbacks as buying opportunities. It's feeding through to the rest of the market," he said. "Even before the Chinese New Year break, we were getting positive data out of China, and that has really filtered through to market sentiment this week."

Dry-Bulk Shipping Recovery Seen by Citigroup Beginning in 2014


Dry-Bulk Shipping Recovery Seen by Citigroup Beginning in 2014
Earnings for ships that carry dry- bulk commodities are set to start recovering in 2014 as fleet growth slows to keep pace with demand for the first time in four years, said Citigroup Global Markets Inc.

Expansion will weaken to 5 percent amid fewer deliveries of new vessels, compared with an 18 percent average pace in the 2011-13 period, analysts led by New York-based Christian Wetherbee said in a report e-mailed today. Demand for cargoes of minerals and grains will gain 5 percent next year, it showed.

“Dry-bulk supply and demand is currently challenged, but we believe there is a solid potential for recovery beginning in the second half of 2014,” the analysts said. Returns are set to start rebounding to “sustainably profitable levels,” according to the bank.

水火不容 蛇年不稳 波动激烈 综指或探1500点

水火不容 蛇年不稳 波动激烈 综指或探1500点
Created 02/13/2013 - 09:05
(吉隆坡12日讯)蛇年到来,马股风水运程好坏参半,今年会是相当活跃的一年,不过,波动也相对激烈,这提供了许多进场好机会。

黄氏星展唯高达研究套用风水角度分析马股走势,发现今年的蛇年(2013年2月10日至2014年1月30日)同时出现五行中的“水”和“火”,因此,股市将出现不稳定格局。

土金水好运

根据风水运程,五行中的“火”在5年沉静后再次出现,表示市场今年会相对活跃;不过,蛇的外观和特性类似龙,反映去年不稳定局势以及正负面推动力或还会延续至今年。

回酬股息虽支撑 银行股仍存大选风险

回酬股息虽支撑 银行股仍存大选风险
Created 02/13/2013 - 09:06
(吉隆坡12日讯)在区域银行之间估值距离已获得收窄之际,拥有强劲盈利增长潜能的泰国银行领域,获分析员捧为2013年东协银行领域首选。

而我国银行领域在还算体面的投资回酬与股息支撑下,仍然很大价值,惟存在全国大选这个短期风险。

马银行金英分析员在区域银行领域报告中表示,东协银行领域的2013年前景发展,基本上是有利的。

“我们认为东协地区2013年贷款增长可达11%,相较于2012年的12%,支撑动力主要来自稳定的净利息赚幅,尽管面对激烈存款竞争的压力。”

小龙年 房产攻或守?

小龙年 房产攻或守?
Created 02/08/2013 - 13:15

送走龙年,就是迎接蛇年,即人们多爱称为“小龙年”的时候!

过去一年,大马的产业市场可谓持续“兴龙”,各类产业继续趋稳,尤其的房产,需求和价格更不断地攀升。

那步入“小龙年”,本地产业市场会呈现什么样的走势呢?是会像蛇滑溜溜般的顺利,还是冷冰冰般的淡静?让资深风水师何启雄师傅一一为大家剖析。

何启雄风水分析今年走势 大马产业步步高升

米兰兵法:产业买卖慎选律师


米兰兵法:产业买卖慎选律师
Created 02/08/2013 - 13:09

你的房地产或楼宇律师是你的产业投资顾问团里,不可或缺的成员。

当涉及买卖合约、贷款文件以及租约时,他们的角色便能发挥作用,保障你的交易利益。

买卖房地产涉及很多法律事务,买卖合约、贷款文件等等,若是出租也会有租用合约等文件;所以,找一个合适的律师很重要。

有时候,房地产或楼宇律师会在谈判过程扎上一角,为复杂的交易提供法律意见和指导。

还未钻研这个课题之前,请记住以下提到的几点都是非常有用的,也应用在选择其他财务顾问,例如税务顾问、产业代理、保险代理以及银行家等等。

一股作气:消费者钟情 巴迪尼地位巩固


一股作气:消费者钟情 巴迪尼地位巩固
Created 02/04/2013 - 12:00
虽国外知名品牌业者不断涌现促使服装业竞争日益严峻,但似乎难动摇巴迪尼控股(Padini,7052,主板消费产品股)在本地市场地位以及消费者的钟情。

巴迪尼控股自上市以来已有强劲的业务表现记录,且营运支出占营业额比重呈下滑趋势,预计净赚幅将提高13到21个基点。

未来增长动力包括国内分店增设计划,以及与新加坡服饰零售领域一哥FJ Benjamin集团合作所带来的营收贡献。

过去一、两年来,知名品牌如日本UNIQLO和瑞典H&M已打进我国市场,一度掀起热潮,甚至出现排长龙的情况。

Malaysia Strategy: On The Sidelines For Now (MIB)

Malaysia Strategy:
On The Sidelines For Now
Current KLCI: 1,635 (4 Feb 2013)
YE KLCI target: 1,710 (unchanged)

On the sidelines. Investors were focused on the likely outcome of the 13th general election (13GE) and our strategy pre and post the 13GE. While a few were Underweight on Malaysian equities, most were Neutral and said they would be constructive once there is clarity on the political front. Our YE2013 KLCI target of 1,710 is unchanged. We expect the market to weaken further ahead of the polls but to rebound in 2H13. Based on our base case scenario, banking, property, oil & gas and construction stocks should all re-rate post the 13GE. The defensives (telco, consumer) should de-rate.

Parkway Life REIT :Another historical high (CIMB)


Parkway Life REIT
Current S$2.30
Target S$2.32
Another historical high

 A weaker yen impacted Japan income, but this was more than compensated by the 2011/12 acquisitions, rental adjustments on CPI-pegged leases, and Japan asset enhancements. This brought 4Q12 DPU to another historical high, commensurate with the share price.

4Q/FY12 DPUs were slightly above expectations at 27%/102% of our estimates and 27%/103% of consensus, on stronger NPI margins. We tweak DPUs on adjusted margins and organic growth expectations. Our DDM-based target price (6.7% discount rate) inches up on stronger inflation expectations imputed. Maintain Neutral on valuations.

Singapore Post: Stock has done well (OCBC)

Singapore Post:
Fair value    S$1.23
add: 12m dividend forecast S$0.06
versus: Current price  S$1.21

Stock has done well; downgrade to HOLD
• Results in line
• Stock has rewarded shareholders well
• Downgrading to HOLD on valuations

Singapore Post (SingPost) reported a 14.5% YoY rise in revenue to S$171.0m but saw a 5.1% fall in net profit to S$39.5m in 3QFY13. Excluding one-off items, underlying net profit rose 2.5% to S$39.8m in the quarter, in line with our expectations.

Singapore Airlines : Takeaways From 3QFY12 Results Briefing (UOBKH)

Singapore Airlines
Share Price S$11.07
Target Price S$10.70
Takeaways From 3QFY12 Results Briefing

We highlight two areas of concern for SIA: a) the strong Singapore dollar impacting SIA’s yields, and b) the airline’s current capex plans could bring the group into a net debt position. However, Scoot remains a bright spot and was likely to have been profitable during the quarter. We maintain our SELL recommendation with a target price of S$10.70.

What’s New
• We present our key takeaways from Singapore Airlines’ (SIA) analysts’ briefing held last Friday:

Suntec REIT: Positioning well for growth (OCBC)

Suntec REIT:
Fair value    S$1.94
add: 12m dividend forecast S$0.09
versus: Current price  S$1.74

Positioning well for growth
• 4Q12 DPU exceeded expectations
• Office segment stayed resilient
• Good progress on Suntec City AEI

Suntec REIT posted an encouraging set of 4Q12 results last evening. Despite registering a 41.3% YoY decline in NPI to S$30.6m, DPU for the quarter came in at 2.326 S cents, down only 6.2%. Office segment continued to perform during the quarter, raking up 11.1% growth in revenue amid positive rental reversions and consistently high occupancy of 99.7%. This helped to cushion the softness at its retail segment, which experienced a 27.6% decline in revenue.

CapitaCommercial Trust Results Review: Good Quarter But Not Without Concern (OSK)


CapitaCommercial Trust Results Review: Good Quarter But Not Without Concern
(NEUTRAL,  S$1.71,  TP:  S$1.70)

FY12 earnings in line with expectations.  CapitaCommercial Trust (CCT) reported its FY12 results with a DPU of 8.04S¢ (+6.9% YoY); largely inline with our estimate of 8.02S¢. Revenue and net property income for the period came in at S$375.8m (+4.0% YoY) and S$295.5m (+6.6% YoY) respectively. Distributable income came in at S$228.5m (+7.4% YoY); mainly attributable to revenue contribution from the acquisition of Twenty Anson and higher rental income from HSBC Building. These results are generally respectable as 2012 has proven to be a challenging market for the office sector.

Sunway REIT: Active Capital Management Bears Fruit (MIB)

Sunway REIT
Buy (unchanged)
Share price: MYR1.51
Target price: MYR1.60 (unchanged)
Active Capital Management Bears Fruit

 Maintain BUY. SunREIT’s 1HFY6/13 results were in line, at 52% of our and consensus full-year estimates. The proposed 2QFY6/13 DPU of 2.2sen (YTD: 4.2sen, +13% YoY) was also in line. No change to our earnings forecasts and MYR1.60 DCF-based TP, pending further details of its revised plan for Sunway Putra Mall. SunREIT now trades at a CY13 gross yield of 5.2% vs. 4.8% for large-cap REITs.

Driven by retail assets and active capital management. 2QFY6/13 core net profit was MYR56m (+11% YoY, +8% QoQ), taking 1HFY6/13 earnings to MYR108m (+14% YoY). The underlying earnings strength was due to: 1) strong rental growth at the Sunway Pyramid Shopping mall (SPSM; +19%) and Sunway Carnival Shopping Mall (+16%); and 2) active capital management (average cost of debt: 3.7%, -100bps YoY), offsetting the lower occupancies in hotels and offices.

S-chips: Maligned sector makes a comeback as China’s growth bottoms and speculative fever takes off

S-chips: Maligned sector makes a comeback as China’s growth bottoms and speculative fever takes off

Singapore-listed Chinese companies, or S-chips, are a segment of the market that investors have loved to hate over the last few years, and for good reason. Many S-chips are relatively immature companies operating in highly fragmented industries, making them susceptible to economic turbulence in China as well as to shifting industry dynamics and competition. A good many of them also had lax corporate governance standards and poor communication skills. And, in the wake of a string of accounting irregularities and outright frauds, they were unable to maintain market confidence.

Things might be changing, though. With the growing risk appetite, many S-chips have performed strongly in the past year. In some instances, the performance simply reflects renewed confidence in China’s economic prospects.

Frasers Centrepoint Trust 1QFY13: One More Leg Up For Causeway Point (UOBKH)


Frasers Centrepoint Trust
Share Price S$2.00
Target Price S$2.37
1QFY13: One More Leg Up For Causeway Point

Results are in line with expectations as we look forward to one more leg up for Causeway Point’s AEI with the opening of the food court and restaurants on Level 5. In 2013, we anticipate the potential acquisition of Changi City Point and also some tenant reshuffling at Bedok Point. Rentals and yields are expected to remain stable with the defensive suburban retail portfolio. Maintain BUY with a target price of S$2.37.

Results
• Results in line with expectations. Frasers Centrepoint Trust (FCT) reported a 1QFY13 distribution to unitholders of S$19.8m (+9.3% yoy) or a DPU of 2.40 S cents (+9.1% yoy). The results are in line with our expectations, accounting for 23.1% of our full-year DPU estimate of 10.4 S cents in FY13.

Mapletree Commercial Trust : VivoCity remains the Star (CIMB)

Mapletree Commercial Trust
Current S$1.22
Target S$1.39
VivoCity remains the Star

 Positive rent reversionsfrom previously negotiated leases at VivoCity kicked in in 3Q, which together with stronger GTO rentals, drove a 10% qoq jump in VivoCity revenue in 3Q.We remain positive on VivoCity, MCT’s largest asset, underpinned by its healthy operating stats.

3QFY13/9M13 met our expectations but was above street, forming 26/75% of our FY13 forecast. We tweak FY13 DPU but retain FY14-15 DPUs. We maintain Outperform with an unchanged DDM-based target price (discount rate: 6.9%). We see catalysts from stronger-than-expected rental reversions.

Mapletree Industrial Trust: Sailing along just fine (DBSV)

Mapletree Industrial Trust
HOLD S$1.42
Price Target : 12-Month S$ 1.43
Sailing along just fine

• 3Q13 results in line with expectations
• Positive rental reversions but growth moderating
• Maintain HOLD and S$1.43 TP

Highlights
3Q13 DPU of 2.29 Scts in line. Mapletree Industrial Trust ("MINT") reported gross revenue and net property income of S$69.2m and S$49.1m, higher by 6% and 8% y-o-y respectively. The stronger performance was largely organic-led with positive rental reversions portfolio wide, while occupancy levels remained fairly stable at close to 95.2%. As a result, distributable income came in 7% higher at S$37.7m, translating to a DPU of 2.32 Scts. On a sequential basis, 3Q13 was an improvement with moderate rises of 1.5% and 1.4% in topline and net property income, respectively.

K-Green Trust: No Surprises in 4Q, Outlook Remains Stable (S&P)

K-Green Trust
Price: SGD1.08
Fair value: SGD1.13 - SGD1.19
No Surprises in 4Q, Outlook Remains Stable

4Q12 profit in line with expectations. KGT’s 4Q12 net profit of SGD3.4 mln was in line with our estimate. Operation & Maintenance segment, which makes up 74% of revenue, recorded an operating profit margin of 30.3% keeping pace with 3Q12 margin of 30.2%. Coupled with stable finance income, there was little surprise in KGT’s core activities. Although, trust expense jumped in 4Q12 to SGD0.8 mln from SGD0.2 mln in prior quarters, this was partly offset by lower electricity costs. The rise in trust expense is mainly due to the recognition of costs incurred related to the search for new projects.

Noble Group: What is Standard & Poor's hinting at with bond rating?

Standard & Poor's rates Noble’s recent borrowings with a negative outlook

26/1/2013 – Standard & Poor's Ratings Services has given a surprise negative outlook on bonds being issued by Noble Group.

Noble group will borrow CNY 1 bln at 4% due in 2016.

It borrowed this money as part of a US$3 bln medium term note program, established previously.

The net proceeds will be used for refinancing and general corporate purposes.

Standard & Poor's likes the fact that Noble has "steadily improved its leverage by reducing capital expenditure, and borrowings with proceeds from asset sales" from the start of 2012.

CapitaRetail China Trust: Waiting to strike (DBSV)


CapitaRetail China Trust,
Hold  S$1.80,
Waiting to strike
Price Target : 12-month S$ 1.77(Prev S$ 1.62)

•       In line results, driven by strong positive rental reversions
•       Benefitting from active tenancy remixing
•       Low gearing helps to drive inorganic growth
•       Maintain Hold, TP raised to S$1.77

Highlights
4Q12 results in line.  4Q12 gross revenues and net property income grew 4% and 6% y-o-y respectively, which were lifted by strong rental reversions, offsetting the weaker Rmb and income vacuum from the ongoing asset enhancement initiative (AEI) work at Mingzhongleyuan.

美國送禮 中海油終購Nexen


美國送禮 中海油終購Nexen

【本報訊】中海油(883)於1月28日公告稱,由於需要更多時間獲得監管機構批准,故涉資151億美元收購尼克森(Nexen)的交易需順延至3月2日。正當市場關注中海油會否重覆8年前收購優尼科因美國政府阻撓而功敗垂成之際。美國於中國蛇年送中海油大禮,批准收購。


作為中國最大海洋石油公司中海油,其收購加拿大尼克森旗下美國資產,隨著美國對外投資委員會昨日批准中海油收購尼克森在美國部份的業務,清除了此項收購的最後障礙。

未威脅美國家安全
美國對外投資委員會表示,在審查中海油收購尼克森旗下美國資產時,由於尼克森在墨西哥擁有油氣鑽探平台,佔尼克森總產量8%,因此,美國需就國家安全進行評估,在完成有關評估後才批准有關收購,結果中海油順利過關,並預期交易可在2月25日,完成集團最大的海外收購。

散户作崇 马股新春前热不起

散户作崇 马股新春前热不起

富时综指1月份稍露牛气,攀升至1694.16点。然而,农历新年前两週则已经出现败退的跡象。今年的农历新年前涨潮再次落空。

统计显示,农历新年前涨潮已经鲜少出现,回顾2000年至2012年的开年首个交易日(1月1日)至农歷新年前的最高水平,可以发现,2000年时的涨幅可去到17.5%,但是此情此景,今年已经不再出现。

总结过去13个农历新年前夕的表现,富时综指交出10年「跌」3年「平」的成绩。这走势告诉我们,传统上的「新春涨潮」已经难得一见。到底是甚么原因让「新春涨潮」逐渐在马股中消失?

百盛控股 扩展计划看俏


百盛控股 扩展计划看俏
Created 02/09/2013 - 08:42

【目标价:4.69令吉】

最新进展:

百盛控股(Parkson,5657,主板贸服股)持有67.6%股权的子公司———百盛零售亚洲有限公司,公布2013财年次季业绩,在大马和印尼业务同店销售分别增长6.7%和4.2%,推动上半年营业额按年上扬4.6%。

不过,百盛零售亚洲的现财年首6个月税前盈利,滑落8.7%至3530万新币(约8817万958令吉)。

这主要是越南政府实行紧缩货币政策,导致越南首6个月的同店销售负增长7.4%,压缩百盛零售亚洲的盈利增长。

双威产托 新单位稀释冲击小

双威产托 新单位稀释冲击小
Created 02/08/2013 - 11:07

目标价:1.49令吉
最新进展

双威产托(Sunreit,5176,主板产业信托股)即将配售的2亿1476个新单位,定价为每单位1.49令吉,预计可筹集3亿2000万令吉。

该公司指出,上述定价比截至周一的5天交易量加权平均价格,即每单位1.535令吉,折价2.9%。

该公司将使用该笔资金还清因收购双威医疗中心(SMC)所欠下的银行贷款,以及支付相关开支。

股市風險大‧轉投房地產‧蛇年各類產業誰最優?


股市風險大‧轉投房地產‧蛇年各類產業誰最優?
Created 02/11/2013 - 11:03

有人說“新年新氣象",新的一年會有新運勢,因此投資者都得重新審時度勢,修訂自己的投資方向。

蛇年還未正式來臨,1月的股市已經讓人感覺像蛇一般,看不透的神秘而又危險,大選的疑慮讓股市顯得充滿不確定性。此時,大家或已經在認真考慮從投資股市轉而投資保值較優的房地產投資。

但各類地產屬性不一,表現可能也有高有低,在今年又是那一類型的產業比較有前景呢?我們來看一看《2013第六屆大馬產業高峰會》中的專家深入剖析各種類型產業在2013年的前景,何者最亮眼?

蛇年馬股運程把脈‧靈蛇出洞‧財源滾滾

蛇年馬股運程把脈‧靈蛇出洞‧財源滾滾
Created 02/11/2013 - 15:00

進入2013癸巳蛇年,在展望新一年之前,先行回顧前兩個蛇年(1989/2001)的經濟及馬股表現與特點,再為今年蛇年的經濟/馬股各領域運程把脈,希望在知此知彼之下能夠避凶趨吉,以在今年水蛇年裡,投資大眾的財源滾滾來!

回顧1989年蛇年馬
馬股首掀大牛市

先看1989年蛇年,實是馬股的一個好年份,即在外資蜂涌流入激勵之下,創下指數及成交量的歷來新高紀錄,使當年股友賺得盤滿砵滿,個個笑得見牙不見眼。這主要是大馬經過自1987年長達年餘的熊市之後,終於好轉及開始掀起牛市。

合约不断油价高升掘新油田 油气业今年势头强劲


合约不断油价高升掘新油田 油气业今年势头强劲
Created 02/11/2013 - 12:52

(吉隆坡8日讯)油气领域在2013年的起步激励人心,大量合约颁发、油价节节高升,以及油气公司探获新油田,印证分析员所预估:今年必定是油气领域的好年!

马兴业金融研究分析员正面看待今年的油气领域,相信2013年将有更多合约流量、探勘到更多油气田,甚至可能有更多并购活动,以扩展和强化收入来源。

“我们能够预见,国内、区域和国际合约将陆续颁发给大马油气业者。我们可以预期国家石油将保持动力,推进更多深海、高压、高气温和高二氧化碳油气田。”

2013年开年,油气领域就充斥岸外支援拖船合约,分析员指2月份也看似不错,尽管工作日较少,但已有不少合约颁发。

Olam CEO: Share Price a 'Lagging Indicator' of Progress



Olam Reports Highest Profit Since 2010



QFII集中营成功抄底 买入权重股超14亿元


资金充裕或进一步利好股市


Good Time to Rotate Into China Banks


Inflation in China Is Not Necessarily Bad


Can the Market Rally Be Sustained?



Will Apple Give More Cash to Its Shareholders?


Are We Underestimating the Impact of the Yen Slide?



Analyst: Outperform Rating on Apple


Tuesday, February 12, 2013

China banks : Reiterate Overweight on better- than-expected corporate health (CIMB)


Reiterate Overweight on better- than-expected corporate health

 We reiterate our Overweight call on China banks on a positive outlook for asset quality. Our bottom-up analysis of 18 industries suggests most corporates are in better financial shape than previously assumed.


Why jump on the Myanmar bandwagon? (mDR)



Sunway REIT - Largely Unaffected By Revenue Decline In Some Segments


Sunway REIT -
Price Target : 1.63
Last Price : 1.51
Largely Unaffected By Revenue Decline In Some Segments

Within expectations. Sunway REIT’s (SunREIT) 2QFY06/13 realised net profit of RM56.1m (+10.6% yoy; +7.9% qoq) was in line with our and consensus estimates. A 3.16 sen DPU was declared during the quarter, including the advanced distribution of 0.97 sen for the period of 1 Jan to 5 Feb 2013. Although contribution from the office and hospitality segments declined in 2QFY13, yoy net profit continued to grow, spurred by: 1) the flow through of positive rental reversions; and 2) lower finance costs due to active capital management, resulting in an interest saving of RM11m for 1HFY13. Renewals are on track, with rental reversions of about 18.6% over a 3-year period recorded YTD.

Masterskill Education: Will new initiatives rescue the stock from steep discount?


Would Warren Buffett touch this one?

21/1/2013 – The biggest thing you'll notice about Masterskill Education Group is that it is trading at a very high dividend yield of 26.7%.

But its free cash flow has been negative for the past two years and it has been posting losses for the last four quarters.

That's because it is not able to attract new students.

It is hard to get past the four quarters of losses and the sudden dip in student numbers.

Masterskill is now on a transformational plan to make it profitable again by Q1 2013, according to a Star article on 24 October.

Singapore Press Holdings: When will growth finally pick up?

Trend of weak print advertisement performance continues

18/1/2013 – Singapore Press Holdings (SPH) has reiterated its outlook that it provided in its Q4 FY12 results, and that is that print advertisement revenue will continue to move in line with the performance of Singapore economy.

It also expects newsprint charge-out rate to remain unchanged.

Its retail properties, Paragon and The Clementi Mall, are fully leased and continue to turn in a steady performance.

The Seletar Mall is expected to be completed by the end of 2014.

SPH remains conservative in its portfolio allocation and expects lower returns.

Come to think of it, it gives the same outlook one quarter after another.

Hunza Properties: Why is it trading at 2 for the value of 1?

No new major launches, few catalysts

21/1/2013 – The lack of new sizeable property launches seems to have hit Hunza Properties' share price to such an extent that investors almost get two for the value of one.

The small Penang-focused property developer is working on its major project Gurney Paragon, which consists of high-end condominiums and a shopping mall.

But it does not have any sizeable upcoming project launches, and Kenanga has been recommending since August 2012 investors SELL the company.

For FY2013, Kenanga does not think Hunza’s upcoming launch of 173 double-storey terrace units in Bandar Putra Bertam township will attract many takers since its Bandar Putra Bertam Phase 3A of semi-detached houses has only achieved 52% take-up since the launch in Q4 2012.

Ascott Residence Trust : An eye on high growth Asia (DBSV)


Ascott Residence Trust
BUY S$1.42
Price Target : 12-Month S$ 1.49 (Prev S$ 1.39)
An eye on high growth Asia

• 4Q12 results in line
• Moderate outlook with bright spots in Asia
• An eye on growth, TP raised to S$1.49

4Q12 DPU of 2.0 Scts in line. Ascott Residence Trust (Ascott REIT) reported 4Q12 distributable income of S$22.8m (DPU of 2.0 Scts) which was 10% higher y-o-y on the back of a 1% growth in topline to S$75.9m. This was due to the income contribution from its 4 newly acquired properties while portfolio RevPAU saw a slight dip of 5% to S$139/night. Translation impact on gross profits remains manageable at -3.3%.

Zhulian Corp: Special festive cheer (DBSV)

Zhulian Corp
HOLD RM2.82
Price Target : 12-Month RM 2.80 (Prev RM 2.60)
Special festive cheer

• FY12 net profit of RM117m beat our expectations, driven by stronger associate contribution and lower effective tax rate
• Declared 3 sen single-tier interim DPS and 3.5 sen single-tier special DPS
• Raised FY13F – 14F earnings by 7% to account for lower taxes and stronger contribution from Indonesia
• Maintain HOLD with revised RM2.80 TP

Highlights
4Q12 beat expectations. Zhulian recorded 4Q12 net profit of RM31.3m (+8.8% y-o-y; +11% q-o-q), taking FY12 earnings to RM117.1m (+23% y-o-y) or 110% of our forecast. Earnings were driven by higher associate contribution of RM13.3m (+22% y-o-y; +24% q-o-q) led by stronger exports to Indonesia. The Group also enjoyed lower effective tax rate of 16.4% in 4Q12 vs 17.6% in 4Q11 and 19.6% in 3Q12.

Cambridge Industrial Trust:Was 6 Tuas Bay Walk a bad investment from the start?

Q4 NPI up 14.8%, DPU up 9.9%

24/1/2013 – Cambridge Industrial Trust expects rentals and capital values of industrial properties to be static in 2013.

The Sellers’ Stamp Duty on industrial property will reduce speculation in the sector and moderate property values.

But it doesn’t expect the Duty to have a material impact on its performance, as it plans to hold its investment portfolio for the long term.

Pantech: Above Expectations

Pantech Group Holdings -
Price Target : 0.85
Last Price : 0.765
Above Expectations

Period     3Q13/9M13

Actual vs. Expectations     The 3Q13 core net profit of RM15.6m brought the 9M13 net profit to RM42.1m. This was above our (RM53.9m) and the consensus (RM50.8m) expectations, accounting for 78% and 84% of the above numbers respectively.

Dividends    A DPS of 1.2 sen was declared, bringing 9MFY13 DPS to 3.4 sen. This is around 94% of our estimated FY13 DPS of 3.6 sen.

Mapletree Industrial Trust: Decent 3Q performance (CIMB)

Mapletree Industrial Trust
Current S$1.40
Target S$1.50
Decent 3Q performance

MINT bucked trends of slower economic growth and delivered steady rental reversions and occupancy gains in 3Q. However, we think positives are priced in, particularly with a pure-local mandate and lack of pipeline assets likely to hinder meaningful acquisition growth.

3Q/9MFY13 DPUs were slightly above our and street expectations on stronger margins, forming 26/77% of our FY13 forecast. We tweak DPUs higher on stronger margin assumptions, but keep our DDM-based target price (discount rate: 7.5%) of S$1.50 unchanged. We maintain our Neutral rating.

Capitacommercial Trust: Rich valuations (CIMB)

Capitacommercial Trust
Current S$1.71
Target S$1.69
Rich valuations

 4Q12remainedan active quarter of leasing for CCT. In2013, all eyes are likely to rest on One George Street with the expiry of yield support and departure of major tenant, Wong Partnership in mid-2013. We view CCT’s current valuations as stretched.

4Q12/FY12 DPUs met our and market expectations, at 26%/101% of our full-year forecast. Factoring in 4Q12, we tweak DPUs but keep our DDM-based target price (discount rate: 7.3%) unchanged. We maintain an Underperform on valuations and uncertainty after income support falls off.

Suntec REIT No letdown from Suntec; Continues to shine (KE)

Suntec REIT
Buy (unchanged)
Share price: SGD1.735
Target price: SGD1.81 (from SGD1.73)
No letdown from Suntec; Continues to shine

 Suntec shines. Suntec’s FY12 DPU beats street estimates of 9.40 SG-cts with an upbeat payout of 9.49 SG-cts, without making any DPU top-ups in 2012 using its Chijmes divestment proceeds. FY12 revenue at SGD262m was 102% of ours and 96% of consensus estimate. 4QFY12 revenue at SGD55m was 22% of ours and 20% of consensus estimate. FY12 DPU at 9.49 SG-cts was 99% of ours and 101% of consensus estimates. 4QFY12 DPU at 2.326 SG-cts was 24% of ours and 25% of consensus estimates. Aggregate leverage inched down to 38.3% from 39.5% last quarter, largely following revaluation gains. Net financing costs for 4QFY12 averaged 2.83% (3Q: 2.85%) with an average term of debt of 2.0 years (3Q: 2.2 years).

Tuan Sing: Can it ramp up cash generation to make share price rise?


The Singapore government gifts one more trouble to the company

21/1/2013 – The seventh round of property price cooling measures in Singapore, and the worst economic growth record in 13 years for China, have taken their toll on Tuan Sing Holdings (TSH).

While the latest numbers show China's economy grew 7.9% in Q4 versus 7.8% estimated, it was still not what the Chinese have been used to.

What do these factors mean for TSH?

It is primarily a property developer with this segment contributing more than half of M9 FY12’s profit before tax.

The group has completed various property development projects, such Leedon Park and Adam Park Condominium in Singapore and Lakeside Ville in China.

Fortune REIT : Unlocking hidden value in malls (DBSV)

Fortune REIT
BUY HK$6.65
Price Target : 12 Month HK$ 7.18 (Prev HK$ 6.97)
Unlocking hidden value in malls

Distribution income slightly ahead of our estimate
Ongoing asset enhancement initiatives to unlock hidden value
BUY, TP raised to HK$7.18

Multiple growth engines. Fortune REIT posted a 24% growth in FY12 distribution income to HK$549m, 1% ahead of our estimate. The growth was primarily led by higher rental revenue, partially offset by increased interest expenses. Total revenue was 22.5% higher at HK$1,114m, driven by healthy rental reversions of 19.8% and maiden contributions from Belvedere Square and Provident Square acquired in Feb 12. Completed asset enhancement initiatives at Fortune City One and Ma On Shan Plaza also contributed to revenue growth.

Jim Rogers: 'Forget Finance!'



【今周刊779期】巴菲特 退休前親授的財富智慧


The DBS View - Equities Uptrend Likely to Continue


PhillipCapital Weekly Market Watch 04.02.2012 -Weekly Market Outlook


PhillipCapital Weekly Market Watch 07.02.2013-Gold prices from the Perspective of Stimulus



Unlocking Apple's Value?


Apple: In Active Discussions on Returning Cash


China Was The Biggest Source of Margin Pressure: DBS's Gupta



DBS-reports-Q4-net-profit-of-S$760m


银行股遭砸盘 普跌过后现分歧


Trade of the Day: Sell Gold, Buy Commodities



China Inflation and Property


Hard Landing in India Instead


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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