Saturday, February 23, 2013

科恩马 俄合约仅贡献净利7%


科恩马 俄合约仅贡献净利7%
Created 02/21/2013 - 12:07

目标价:41仙

最新进展

科恩马(KNM,7164,主板工业产品股)获俄罗斯TAIF集团颁发总值1亿3万美元(约3亿860万令吉)合约,以在下卡姆斯克的重质渣油转化中心,供应硫磺回收装置硫磺回收装置。

该装置预期将在合约执行日算起的28个月内完工。

行家建议

以欧洲合约扣除利息、税务、折旧与摊销前盈利(EBITDA)平均赚幅10%计算,我们估计这合约将为科恩马2013财年、2014财年和2016财年,分别带来1100万令吉、1300万令吉和660万令吉。

马航 增购飞机应对竞争


马航 增购飞机应对竞争
Created 02/21/2013 - 12:10

目标价:64仙

最新进展

马航(MAS,3786,主板贸服股)以3亿令吉,向Avions de Transport(简称ATR)购买20架ATR72-600涡轮螺旋桨飞机,并可选择额外增购16架。

马航将从今年中起接收新飞机,直至2017年11月。

行家建议

购买新飞机是马航扩展旗下航空———飞荧(Firefly)与MASwings网络和班次的部分计划。

首季由盈轉虧‧財測大砍‧JCY前景看淡


首季由盈轉虧‧財測大砍‧JCY前景看淡
Created 02/22/2013 - 18:35

(吉隆坡22日訊)JCY國際(JCY,5161,主板科技組)首季由盈轉虧,蒙受2千572萬9千令吉淨虧損,分析員大感意外,由於驅動硬碟市場發展負面,該公司財測遭大砍,甚至預計未來兩年可能難逃陷入虧損泥沼。

僑豐研究將JCY國際2013及2014財政年財測,分別從1億5千800萬及1億5千200萬令吉淨利,下調至8千300萬及7千100萬令吉淨虧損。

豐隆研究也將2013財政年財測調降37.8%,以反映低銷售訂單。

受到業績不理想衝擊,JCY國際以全日最低55仙作收,下跌4仙或6.78%。

未派股息市場失望‧楊忠禮電力財測下調

未派股息市場失望‧楊忠禮電力財測下調
Created 02/22/2013 - 18:35

(吉隆坡22日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)2013財政年第二季淨利落後預期,中期股息“缺席"更讓分析員高喊失望,在財務面和週息率低迷之際,龐大內部現金去向對投資士氣舉足輕重。

近5年來
首次沒有宣佈季度股息

馬銀行研究指出,楊忠禮電力最近一次沒有宣佈派發股息,還要追溯到2008年首季,意味這是該股近5年來首次沒有宣佈季度股息。

淨利刷新‧財測調高‧馬銀行可保75%派息率


淨利刷新‧財測調高‧馬銀行可保75%派息率
Created 02/22/2013 - 17:26

(吉隆坡22日訊)馬來亞銀行(MAYBANK,1155,主板金融組)2012財政年淨利寫新高,符合預期,分析員隨著其收入上漲而上調新財政年淨利預測高達13%,並預見馬銀行在股息再投資計劃支撐下,有能力保住高達75%的派息率。

股價大起14仙

受業績和股息驚喜帶動,馬銀行掀起購興,股價趁勢突破重圍,衝破9令吉,終場以全天最高收市,起14仙至9令吉零7仙。成交量達1千186萬零700股,是全場十大上升股和熱門股之一。

Market Strategy Mercury Securities: Focus on value and buy on weakness

Market Strategy Mercury Securities: Focus on value and buy on weakness
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com  
Friday, 22 February 2013 15:31

KUALA LUMPUR (Feb 22): Mercury Securities has advised investors to focus on value and buy on weakness when the market “overreacts” in the run up to the election.

In a market strategy report Friday, Mercury Securities’ analyst Jack Chan said the upcoming thirteenth general election (GE) was the key macro risk and Mercury sees Malaysian equities to be highly correlated in the short-term.

胡立阳: 决胜短线



SIA sees growth at SilkAir


SIA sees growth at SilkAir
Business & Markets 2013

Written by Michelle Teo of The Edge Singapore  
Thursday, 21 February 2013 09:46

For the past month, business class passengers on Singapore Airlines’ (SIA) SQ 324 to Amsterdam have enjoyed the luxury of a flat bed on the 12-hour flight. They can also look forward to redesigned lounges at 15 airports worldwide and, in a few months, other SIA passengers can expect revamped seats and upgraded inflight entertainment systems.

These initiatives, part of a S$14 billion (RM35 billion) capital expenditure that includes aircraft purchases spread over five years, are part of a slew of highly anticipated product upgrades that SIA has announced this past year. For instance, renowned industrial designer Designworks USA has been engaged to enhance SIA’s first class cabins.

Glomac - Roaring business in Puchong


Glomac -
Price Target :0.97
Last Price : 0.85
Roaring business in Puchong

Highlights
Site visit…We paid a visit to Glomac's latest launch in Lakeside @ Puchong. The crowd showing was strong, with almost 600 participants balloting for 130 available units. The balloting registration closed at 10.00am whilst actual balloting commenced at 10.30am sharp.

Bank financing remains supportive… We were pleased to note that the project remains well-supported by the bankers, with the panel including HL Bank, Citibank, Maybank and OCBC, offering BLR minus 2.3- 2.4%.

Hua Yang Berhad - "Rakyat" housing king!


Hua Yang Berhad -
Price Target :2.10
Last Price : 1.56
"Rakyat" housing king!

We initiate coverage on Hua Yang Berhad ("HYB") with an OUTPERFORM and TP of RM2.10 based on 40% discount to our RNAV of RM3.52, which provides a total return of 44%. HYB is the only developer under our coverage which has the largest exposure to affordable housing segment (

Aviation Sector: Budget trumps premium (OCBC)


Aviation Sector: Budget trumps premium

The Jan 2013 operating statistics for Tiger Airways (TGR) and Singapore Airlines (SIA) mirrored their recent corporate result performance. TGR saw passenger load factors (PLF) improve on effective capacity management for its Singapore and Australian segments while SIA continued to see PLF falter with capacity growth outstripping passenger demand. With the environment remaining challenging – particularly in the premium carrier space – we favour TGR over SIA in the coming quarters. TGR [BUY; S$0.86] shows more promise with its turnaround story intact, and we are expecting another positive showing for 4Q13. On the other hand, SIA [HOLD; S$10.85] will likely see passenger yields remaining depressed especially with other carriers introducing fare promotions of their own. Maintain NEUTRAL on the overall aviation sector.

中国拟推行QFII 2机制,港股将受惠


中国拟推行QFII 2机制,港股将受惠
2013年02月19日 展望
文:黄玮杰

踏入2013年,中国股市果然急起直追,截至2月8日春节假期前,上证综合指数已累计上升7.2%,沪深300指数和深证成指累计升幅更达到9.7%。

1月份中国官方制造业采购经理人指数(PMI)为50.4,虽然与去年12月相比回落0.2个百分点,但仍连续四个月保持在50的荣枯分界线之上。而且,新订单指数、进口指数、原材料库存指数,以及生产经营活动预期指数均维持上升。1月新订单指数为51.6,比上月上升0.4个百分点;进口指数为49.1,比上月上升0.1个百分点;原材料库存指数为50.1,比上月上升2.8个百分点;生产经营活动预期指数上升至55.9,反映企业预期继续向好,生产经营规模仍在扩大。

Potential boost to economy with transportation link


The Star Online > Nation
Wednesday February 20, 2013
Potential boost to economy with transportation link

PETALING JAYA: The KL-Singapore high-speed rail link is poised to usher in immense economic multiplier effects in both countries during and after the completion of the transportation link, say analysts.

While the direct beneficiary is the construction and materials industry, the project is set to bring indirect economic benefits including a boom in tourism, services, property, enhanced business partnership links and job creation.

“This high-speed rail link will accelerate the economic integration of both countries which is necessary to compete in the increasingly globalised world today.

Malaysia-Singapore high-speed rail link


The Star Online > Nation
Wednesday February 20, 2013
Malaysia-Singapore high-speed rail link

SINGAPORE: Malaysia and Singapore have agreed to build a high-speed rail link between the city state and Kuala lumpur.

The link will cut travelling time between the two destinations to just 90 minutes, from the hours it now takes by rail and road.

The two countries also agreed on a rapid transit system linking Singapore's Mass Rapid Transit system with Johor Baru.

Unisem - Within Expectations


Unisem -
Price Target :0.99
Last Price : 0.91
Within Expectations

Unisem’s FY12 core loss of RM9.5m was in line with our estimates but below consensus. It declared a final dividend of MYR0.02/share. We are trimming our FY13/FY14 core earnings forecasts by 23%/9% as we had previously been too aggressive with our margin assumptions. Maintain NEUTRAL, with our FV revised lower to MYR0.99 based on 0.7x CY13 P/NTA.

Posting an FY12 core loss of RM9.5m. Unisem’s FY12 core loss of RM9.5m was within our expectation but missed consensus forecast by about RM4m. At the headline level, the company registered a wider loss of RM32.3m mainly due to one-time expenses arising from the consolidation of Departments 1 & 2 in at its Ipoh plant. We understand that this was necessary to free up space for future wafer level chip scale packaging (WLCSP) and Modules work, both of which are high-margin products. Unisem declared a final dividend of MYR0.02/share despite dipping into the red last year.

China Minzhong: Here comes Indofood! (CIMB)


China Minzhong
Current S$1.02
Target S$1.24
Here comes Indofood!

 Indofood Sukses Makmur is now a major shareholder after its proposed subscription of 98m new shares at S$0.915 each. We think this could mark the start of a shift in Minzhong’s strategy and also alleviate corporate-governance concerns.

The new shares will dilute our FY13 EPS by 15%.We are cutting our FY13-14 EPS by 8-15% to factor in the dilution. Our target  price (4x CY14 P/E, sector average) dips accordingly. Benefits could accrue, earliest in FY14. The S$89m raised will strengthen Minzhong’s ability to pay dividends this year. We keep our Outperform on the back of this possibility.

Opportunities await savvy investors

Opportunities await savvy investors

.By Teo Wee Hwee- .

The latest round of property cooling measures announced on Jan 11 triggered a sell-off in the shares of developers as analysts predicted a drop in private housing prices, but opportunities await tax-savvy investors, who may find the post-curb market not as inhospitable as initially perceived.

There’s no question that real estate has proven itself to be a sustainable asset class. Yet the additional buyer’s stamp duty (ABSD) of 5 to 7 per cent and the 25 per cent minimum cash downpayment — among other new measures imposed last month — pose an obstacle to investors looking to purchase local property.

Reits hold allure but beware potential risks


Reits hold allure but beware potential risks
It may be safer to stick to those with strong corporate parents, say analysts
04 Feb 2013 16:56 by
GOH ENG YEOW, SENIOR CORRESPONDENT

INVESTORS have been getting next to nothing on their investments if they have held cash over the past five years, so it is not surprising to find that real estate investment trusts (Reits) are coming into their own.

Reits are now among the hottest financial assets to have for risk-averse but yield-hungry investors, thanks to their returns of 5 per cent to 6 per cent.

That easily beats the offerings from banks, where interest rates have been driven down by central bankers around the world printing tons of new money.

财经追击 Episode 42- 27.01.13: Technical Analysis -MACD




Sheng Siong on track to post highest full-year net profit on new-store openings


Sheng Siong on track to post highest full-year net profit on new-store openings
Personal Finance

Written by Jo-Ann Huang of The Edge Singapore  
Thursday, 14 February 2013 00:00

SHENG SIONG GROUP'S ability to open eight new stores this year amid rising costs and the success of its first 24-hour outlets may have won the admiration of analysts. However, the supermarket operator's biggest challenge next year will be maintaining its profit margin as business costs continue to rise, they add.

In a report dated Dec 5, OCBC Investment Research analysts Lim Siyi and Andy Wong are maintaining their "buy" call on Sheng Siong, upgrading their revenue forecasts for FY2013/14 from 5% and 3% respectively to 10%.

大英Blog物館 05.02.13: 不看圖表數據 只需「路在口邊」


不看圖表數據 只需「路在口邊」
上期本欄談過,要尋找趨勢,重點在於觀察,而不在預測。觀察的目標,不必然是死咕咕的數據、圖表,正所謂「路在口邊」,與身邊不同的人交談,隨時可以幫手捉路。美國財經博客主筆Craig Rowland(下稱克雷格),在次按的虎口邊緣,也是靠吹水,僥倖撿回一命。

話說二○○六年底,他正好要買點二手小工具,便到了一家雜貨店選購。購物之際,與店東攀談,發現原來老闆並非開二手貨小店,而是販賣家當。店東坦承原本是拍小電影,但現在撒手不幹了,所以散盡機器架生套現。克雷格正在納悶,「撈偏」應甚好賺,何故忽然「改邪歸正」?「大製片家」對曰:「係就係,但去炒樓仲正!」接下來用了半個時辰,向克雷格這位新相識,詳細介紹如何「摸貨」(flipping houses)、加按、零首期操作。

曾淵滄教路 05.02.13 : 樓價高企 地價成本低 地產股立不敗之地

樓價高企 地價成本低 地產股立不敗之地
中原城市領先指數再創歷史新高,我不想在這篇文章鼓勵大家買樓。不過,我倒看好地產股,本地的地產股。

買樓與買地產股的最大分別是靈活性不同,買樓的靈活性很低,更何況現在買樓得受特別印花稅(SSD)綑綁三年,風險不小。買地產股就靈活得多,幾時想沽,只要在電腦鍵盤上按一按就成交了。

美股升幅不錯,會推動香港的藍籌股上升,而藍籌股中就有不少地產股,香港四大富豪都是搞地產生意的,這包括長實(001)的李嘉誠、恒地(012)的李兆基、新地(016)的郭氏兄弟、新世界發展(017)的鄭裕彤。

Cache Logistics Trust: Acquires S$55m Warehouse; Prelude To More To Come (


Cache Logistics Trust
Share Price S$1.28
Target Price S$1.52
Acquires S$55m Warehouse; Prelude To More To Come

Cache has announced the S$55.2m acquisition of a newly-completed threestorey ramp-up warehouse in western Singapore. Also Cache has obtained its first credit rating from Moody’s, which will enable the REIT to increase its gearing limit to 60%. If the acquisition is fully debt-funded, gearing remains moderate at 35.3%. We anticipate that this is a prelude to more acquisitions to come. Maintain BUY with a higher target price of S$1.52 (from S$1.47).

DBS: Momentum coming back in 1Q13 (OCBC)


DBS:
Fair value    S$15.94
add: 12m dividend forecast S$0.56
versus: Current price  S$14.96

Momentum coming back in 1Q13
• Slightly below expectations 4Q
• Outlook is more positive in 1Q
• Maintain BUY despite property measures

Summary: DBS posted 4Q12 net earnings of S$760m which were slightly below market expectation. Net Interest Margin continued to ease off, down from 1.73% in 4Q11 and 1.67% in 3Q12 to 1.62% in 4Q12. For the year, double-digit declines in Stockbroking and Investment Banking due to weak equity markets were compensated by double-digit gains for Wealth Management and Cards.

Biosensors: CE Mark approval for BioFreedom (CS)


Biosensors International Group Ltd.
Maintain OUTPERFORM
Price (04 Feb 13 , S$) 1.38
TP (prev. TP S$) 1.96 (1.80)
New report: CE Mark approval for BioFreedom

● Biosensors announced last week CE Mark approval for its polymer-free drug-coated stent BioFreedom™, which will be launched in select markets  in 2013 with full commercial launch anticipated in 2014. Click here to view full report

● Despite its current products mainly in the “stent” space, Biosensors has developed a pipeline to sustain its future growth. After biodegradable polymer, which has been followed up by other global leading drug eluting stent companies, Biosensors’ polymerfree concept once again pioneered in stent innovation.

Technology - Cautiously optimistic


Technology - Cautiously optimistic

We reiterate our NEUTRAL view on the technology sector. The latest global semiconductor sales in December 2012 grew by 3.8% YoY (or -3.0% MoM) to USD24.7b, closing the year with total sales of $291.6b according to the Semiconductor Industry Association ("SIA").  Although the 2012 sales number was the industry's third highest yearly sales ever, it  was lower by 2.7% YoY, weighed down by the prevailing global economic uncertainties. On a separate measure, the book-to-bill ratio for North America-based semiconductor equipment manufacturers has improved to 0.92x in December from 0.79x in November.

巴菲特投资三十六计之二十:围魏救赵

围魏救赵,在股票投资上最类似的行为是套利交易,主要是对公司并购交易事件进行的套利交易。巴菲特做股票套利交易有几十年的经验,而且回报丰厚,在套利上运用围魏救赵这一计简直是炉火纯青。巴菲特在1988年致股东的信中详细介绍了他的套利经验和一个详细套利案例,相信会对您很有帮助:

巴菲特投资36计之20:围魏救赵
2011年04月25日 上海证券报
  ⊙刘建位
http://finance.sina.com.cn/stock/t/20110425/02099743462.shtml

  原文为:共敌不如分敌,敌阳不如敌阴。

  围魏救赵,在股票投资上最类似的行为是套利交易,主要是对公司并购交易事件进行的套利交易。

Jim Rogers: Washington Lies About Inflation



PhillipCapital Weekly Market Watch 19.02.2013-ParkwayLifeREIT



Does an AirAsia-Tata Airline Venture Make Sense?



AirAsia Plans New Low-Cost Airline with Tata



索罗斯再度“狙击”英镑?



Where Is the Dollar-Yen Exchange Rate Heading?



Why We Need Higher Interest Rates Right Now



Why Is Gold Slumping Again?



Time For Jamie Dimon to Go?



Housing Starts Down 8.5% In January



Friday, February 22, 2013

中美齊收水 港股急散水


中美齊收水 港股急散水
恒指瀉400點 沽空率達11%
2013年2月22日
【明報專訊】中美貨幣政策「收水」信號乍現,環球股市即時「散水」,恒指昨天隨外圍大跌400點,把今年以來的升幅近乎蒸發,國指昨天跌了2.2% 後,今年更是倒跌。此外,除了美元上升外,油金及其他風險資產均同步急跌,情一如歐債危機時。本周末意大利大選,亦令金融市場陰霾重重。

成交額813億 今年升幅近蒸發

美國聯儲局上月雖維持買債規模不變,但紀錄顯示,會內多名委員提出,由於憂慮潛在的金融風險,可能要在就業情好轉前便停止買債。美股周三應聲下跌逾百點,拖累恒指昨日甫開市即跌穿50天線,全日反覆向下,收市跌400點至22,906點,成交增加至813億元,大市沽空率亦升至11.1%。

傳賽莫達覬覦馬新高鐵‧楊忠禮機構和Hartasuma料加入戰圍


傳賽莫達覬覦馬新高鐵‧楊忠禮機構和Hartasuma料加入戰圍
Created 02/22/2013 - 17:26
(吉隆坡22日訊)市場消息稱,柔佛州政府及土著企業家丹斯里賽莫達放眼攫取馬新高鐵工程。

此外,其他對馬新高鐵計劃感興趣的企業還包括楊忠禮機構(YTL,4677,主板貿服組)及Hartasuma公司。

消息人士對The Edge透露,柔佛州政府計劃透過旗下公司滲入該州的工程,但若獲頒發工程,相信會以聯營方式執行。至於賽莫達旗下哪家公司會涉及高鐵計劃,暫時無法掌握。

目前賽莫達是透過MMC機構(MMCCORP,2194,主板貿服組),和金務大(GAMUDA,5398,主板建筑組)聯營全長329公里的北馬雙軌鐵道工程。

Charoen’s down-to-the-Wire F&N takeover was years in the making

Charoen’s down-to-the-Wire F&N takeover was years in the making
WRITTEN BY BLOOMBERG
FRIDAY, 22 FEBRUARY 2013 13:07

Thai billionaire Charoen Sirivadhanabhakdi’s US$11.2 billion ($13.9 billion) takeover of Singapore’s Fraser & Neave, clinched after a rival bid was dropped at the last minute, was more than three years in the making.

Charoen debated an investment in the 130-year-old conglomerate as early as mid-2009 as he considered expanding outside Thailand, said four people with knowledge of the matter who asked not to be identified because the talks were private. A decision was put on hold amid doubts that pivotal F&N shareholders, including Oversea-Chinese Banking Corp., would be willing to sell, the people said.

Construction — this time, it’s for rail


Construction — this time, it’s for rail
Business & Markets 2013

Written by theedgemalaysia.com  
Friday, 22 February 2013 09:34

CONSTRUCTION []
Maintain overweight: The agreement by the heads of government of both Malaysia and Singapore to proceed with the KL-Singapore high-speed rail (HSR) project will benefit the construction sector over the next five to seven years. Potential beneficiaries include GAMUDA BHD [], IJM Corp Bhd, MMC Corp Bhd, MALAYSIAN RESOURCES CORP [] Bhd, Sunway Bhd and WCT BHD [].

Wilmar profit falls 4.7% after lower plantation value gain


WRITTEN BY BLOOMBERG  
FRIDAY, 22 FEBRUARY 2013 11:05

Wilmar International, the world’s largest palm oil processor, said fourth-quarter profit dropped 4.7% after palm oil prices declined and it booked a smaller gain on the value of its plantations.

Net income was US$476.8 million ($590.5 million) in the three months ended Dec. 31, from US$500 million a year earlier, the Singapore-based company said today in a statement. It recorded a US$28.8 million gain on its plantations, from a US$262.7 million gain a year ago.

大选逼近卖压沉重 马股看跌避开高贝他股


大选逼近卖压沉重 马股看跌避开高贝他股
Created 02/22/2013 - 10:16
(吉隆坡21日讯)全国大选一触即发的紧张氛围笼罩马股,分析员认为富时隆综指短期继续面对下跌风险,因而警惕投资者小心不要被高贝他(beta)股“烧到”。

黄氏星展唯高达研究分析员表示,随着全国大选的哨声即将响起,年初迄今下滑了4.4%的马股,将再度面对下跌压力。

“基于第13届全国大选通常被视作推高政治风险的因素,因此,投资者或受不了而纷纷抛售。”

中短期前景保持谨慎 友尼森保留资金稳赚幅


中短期前景保持谨慎 友尼森保留资金稳赚幅
Created 02/22/2013 - 10:59
(吉隆坡21日讯)友尼森(Unisem,5005,主板科技股)2012财年第四季业绩表现无法扭转劣势,中短期前景保持谨慎,管理层主张资本保存策略,以确保稳定的盈利和赚幅。

友尼森第四季净亏损扩大至1950万令吉,主要纳入了2200万令吉的资产减值、拨备和注销成本;这也促使友尼森全年亏损扩大至3330万令吉。

不过,分析员正面看好该公司在第四季业绩采取的保守记账决策,把厂房和机械的损值拨备金一次过纳入在末季中。

Uncertainty in global economy poses challenges to MISC deal


The Star Online > Business
Friday February 22, 2013
Uncertainty in global economy poses challenges to MISC deal

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), which is seeking to take private its 62.6% subsidiary MISC Bhd, said the prevailing industry backdrop and uncertain global economy have made efforts to sustain and transform the businesses of MISC challenging.

In this respect, Petronas said the offer of RM5.30 per MISC share to buy out minority shareholdings represented a significant step to take MISC private and obtain full control of the company which would provide Petronas greater flexibility in deciding MISC's strategic direction.

內銀照開喉料月貸8千億

內銀照開喉料月貸8千億
人民銀行收緊市場流動性,內銀股昨日顯著受壓,然而內地傳媒報道,繼一月新增貸款高過市場預期後,四大行於二月上旬的新增人民幣貸款高達2,500億元(人民幣‧下同),遠高過去年二月全月的1,800億元,顯示放貸沒有「手軟」。

根據內地《21世紀經濟報道》引述消息人士透露,工行(01398)、建行(00939)、中行(03988)、農行(01288)本月首三日的新增貸款已達1,900億元,反映市場信貸需求旺盛,情況令人詫異,預期二月全月新增貸款會超過8,000億元。

股市縱橫:農行急回 低吸機會


股市縱橫:農行急回 低吸機會
http://paper.wenweipo.com   [2013-02-22]
fi0222a8.jpg (400×270)
韋君
 受到中美股市顯著調整拖累,港股昨日甫開市即「裂口」走低,過去一段時間一直有不俗支持的23,100點,也告輕易被擊穿,而全日在300點之下爭持,期指亦見持續炒低水,可見淡友已重佔主導。中美利淡消息陸續出籠,美國聯儲局會議紀錄顯示,聯儲局或會提前結束第三輪量化寬鬆措施;至於人民銀行再次進行正回購收緊流動性,中央又再次強調會調控樓市,都利淡投資氣氛。

A股ETF今年升幅全蒸發


A股ETF今年升幅全蒸發

【跌市拖垮】

經過內地A股連日跌市後,本港上市的A股ETF(交易所買賣基金),年初至今升幅已化為烏有,其中,安碩A50中國(2823)昨日重挫3.2%,令今年回報變為負0.5%。

安碩A50今年回報正變負
除外安碩A50之外,南方A50(2822)及華夏滬深300(3188)昨日亦跌約3%,前者年初至今持平,後者仍升1.6%,三隻A股ETF當中,表現以低溢價的華夏滬深300較佳。以昨日收市價計算,安碩A50價格較每股資產淨值溢價4.82%,華夏滬深300溢價僅0.01%,南方A50則為2.13%。安碩A50中國昨發行單位維持不變,未有延續較早前出現淨贖回情況,暫未足以確認資金從A股ETF流走的趨勢已緩和。

曹仁超預警: 恒指再跌千點


曹仁超預警: 恒指再跌千點
【本報訊】中美放水變收水,中港股天堂變地獄!儲局量寬或提早玩完,加上人行再錄正回購的攜手夾擊,A股昨狂挫3%、恒指亦在大額成交下,收市跌1.7%。大行專家齊齊高呼未跌夠,野村直指兩會前亦難有運行,知名財經專欄作家曹仁超更估計恒指起碼有千點跌幅。淡友遂密謀再食大茶飯,港股沽空率昨大增至11%。
記者:林 靜

美國聯儲局會議紀錄揭示官員提出停止購買資產要求,無獨有偶人行昨再錄200億元人民幣正回購,兩大市場大閂水喉的意圖突變明顯,觸發中港股市急挫。滬綜指及深成指昨分別大跌3%及2.6%,前者更創逾14個月來最大單日跌幅,拖累恒指亦跌400點至22906點,失守23000水平;H指亦重傷,大跌256點或2.2%,報11426點。

CNY rush over, what now? (CIMB)


CNY rush over, what now?
The Chinese New Year rush for shipments is over and container carriers will now have to face the hard realities of the newbuilding order spree of 2011, delivering in 2013-14. Unless demand surprises on the upside, rates may have difficulty sustaining their upward trend.

 On the dry bulk and tanker side, rates are so low now that they cannot get any worse. Rising steel prices may help lift China‟s demand for iron ore while refinery and petroleum reserve completions will likely raise China‟s crude oil imports across the rest of 2013. We maintain Neutral on shipping overall and our container shipping stock calls are under review.

Technics Oil & Gas: Shocking miss (OSK)

Technics Oil & Gas: Shocking miss
(NEUTRAL,  S$1.02,  TP:  S$0.95)
Technics surprised on the downside this quarter, with revenue coming in a third below expectation and achieving a breakeven performance at the bottom line. We are cutting our revenue forecast by 15%, while reducing our EPS forecast by 10%. Downgrade to NEUTRAL with a TP of SGD0.95.

Big revenue miss, but gross margin up to 44% from 37%. The first and last quarters of the financial year are typically the weakest with the monsoon season preventing offshore work, but the SGD11.2m showing  is weaker than our seasonally-adjusted SGD17m expectation, after factoring in the loss of revenue from deconsolidating the Norr Offshore Group (NOG). On the bright side, margins improved to 44% as a result of a stronger mix of high-margin EPCC contracts.

DBS: Results Flash - Sequentially weak 4Q12 core earnings (OSK)


DBS: Results Flash  - Sequentially weak 4Q12 core earnings
(NEUTRAL,  S$15.20,  TP:  S$14.83)

DBS reported 4Q12 net profit of S$1.21b, in line with our expectation of S$1.23b.

Excluding the one-time 4Q12 S$450m gain from partial divestment of a stake in BPI, net profit would have been S$760m, down 11% QoQ. This sequential weakness is attributed to fee & commission income contracting 12% QoQ, expenses rising 5% sequentially, and allowances more than doubling.  We will provide more colour on the results after the analyst briefing.  Our recommendation is likely to remain unchanged, although we may finetune our earnings forecast and target price.

Genting Hong Kong: All systems go (DBSV)


Genting Hong Kong
BUY US$0.44/HK$3.32
STI : 3,297.37/ HSI: 23,685.01
Price Target : 12-month US$0.54/ HK$4.20 (Prev US$0.38/HK$2.90)
All systems go

• Strong earnings growth driven by NCL newbuilds, RWM Phase 2 expansion and Manila Bayshore
• Strong re-rating from NCL listing, RWM may be next but not so soon
• Raised 2012-14F earnings by 44-89%; Maintain BUY, raised SOPTP to US$0.54/ HK$4.20

Strong earnings outlook. GENHK’s 2H12E core profit is expected to recover strongly to US$133m from US$33m in 1H, driven by:
a) seasonally stronger demand for cruises and visitor arrivals to RWM;
b) reversal of RWM’s poor VIP luck factor and double-digit volume growth; and
c) rebound in SCL’s occupancy rate.

Starhill Global REIT: Asset sale a positive move


Starhill Global REIT:
Fair value    S$0.95
add: 12m dividend forecast S$0.05
versus: Current price  S$0.83

Asset sale a positive move
• Sale of Japan property
• Occupancy and yield to improve
• Expecting firm performance

Starhill Global REIT (SGREIT) announced that it had divested its entire interest in the Roppongi Primo Building in Tokyo, Japan for JPY700.0m (~S$9.5m). We welcome the move because 1) the divestment is likely to lead to an improvement in both occupancy and yield, 2) it may mean that its Japan properties are starting to gain investor interest, and 3) it is expected to reduce its gearing level by 30bps to 30.0% since the net proceeds would be used to repay its JPY loans.

Malaysian Airline System: Best Month in Recorded History (MIB)


Malaysian Airline System
Buy (unchanged)
Share price: MYR0.69
Target price: MYR1.02 (unchanged)

Best Month in Recorded History

 Real traction to turnaround story. MAS’ Dec 2012 operating statistics was inspiring; passenger load factor of 81.4% (+7ppt YoY) is the highest ever in its recorded history (since Apr 2002). Cargo load factor was weaker at 70.5% (-3.0ppt YoY) which is in-line with the global market softness. This brings the full year 2012 passenger load factor to 74.7% (-0.3ppt YoY) and cargo load factor to 70.1% (+0.9ppt YoY). This performance is better than expected and reaffirms our positive call. Maintain BUY, with an unchanged target price of MYR1.02/share.

Malaysia Smelting Corp - Two Tales From The Tin Price Boom (OSK)

Malaysia Smelting Corp
Price Target :3.17
Last Price : 3.13
Two Tales From The Tin Price Boom

Malaysia  Smelting  Corp  (MSC)'s  share  price  continue  to  slide  despite  the  43.6% rebound  in  tin  price  from  its  recent  bottom.  As  we  reexamine  the  group,  we  found potential overhands in the extension of PT Koba Tin's CoW and the high book value in KM Resources despite its depleting ore reserve. Though MSC has taken all efforts to address both issues, the outcome is out of its hands. Hence, we downgrade MSC to NEUTRAL, with our fair value tuned down to RM3.17. That said, any panic selling may represent a good opportunity to accumulate the stock at the lower level.  

MISC :To Be Taken Private At MYR5.30 (MIB)

MISC
Accept Offer
Share price: MYR4.45
Target price: MYR5.30 (GO price)
To Be Taken Private At MYR5.30

ACCEPT OFFER. PETRONAS intends to take MISC private at MYR5.30/share with no intention to keep it listed. At an 18% premium to its pre-suspension price and 16% above our TP, this represents a good exit level when MISC’s two core divisions, chemical and petroleum shipping, are still languishing in the red with no signs of a turnaround over the next 12 months. We advise shareholders to accept this offer.

AIMS AMP Capital Industrial REIT: New Project = More Rental Uplift (SIAS)

AIMS AMP Capital Industrial REIT
New Project = More Rental Uplift
 Intrinsic Value S$1.680
 Prev Close S$1.585

AIMS AMP Capital Industrial REIT (AA REIT) posted 3Q gross revenue of S$25.7m (rose S$4.2m QoQ) as a result of S$4.1m of recovery in property tax on 27 Penjuru Lane. NPI came in at S$14.7m, flat YoY. DPU was 2.58 S cents, up 0.08 cents due to the tax adjustment. Manager has also resolved to distribute 100% of distributable income in 3Q instead of 4Q as they have more than sufficient funding for capex and other activities.

With the 20 Gul Way Phase 2 and new Defu Lane projects ongoing, we only expect more of such redevelopment projects (which generate higher yields than new acquisitions) in 2014. We also expect minimal impact from the new government policies on AA REIT. Maintain Invest with an intrinsic value of S$1.68.

Hutchison Port Holdings: 2012 DPU Spot-on; Yields Still Attractive (KE)


Hutchison Port Holdings
Buy(unchanged)
Share price: USD0.82
Target price: USD0.93 (from 0.925)
2012 DPU Spot-on; Yields Still Attractive

4Q results in-line, 2H2012 DPU as promised. Hutchison Port Holdings Trust (HPHT) reported 4Q results that were in line with our forecasts as FY2012 EBITDA came in at 2% above our estimates. As expected, 2H2012 DPU of HK27.19 cts /share was declared, bringing FY2012 DPU to HK51.24 cts, exactly in line with IPO prospectus projections. Although FY2013 will have a market-expected dip in DPU, HPHT remains a solid yield play (~8% p.a.) when put in perspective with S-REITs which currently trade closer to ~5% p.a. Reiterate BUY.

China Minzhong: Alliance With Indofood (KE)


China Minzhong
Buy (unchanged)
Share price:SGD1.02
Target price:SGD1.36 (from SGD1.16)
Alliance With Indofood

 Indofood comes! China Minzhong announced issue of 98m new shares by way of private placement to Indofood Sukses Makmur Tbk, a leading Indonesian packaged food producer, at SGD0.915 per share. The new shares will represent 14.95% of total shares outstanding following the placement. Upon the completion of the deal, Indofood will surpass GIC becoming the biggest shareholder of Minzhong.

The alliance with Indofood should benefit Minzhong. Indofood is a leading packaged food producer in Indonesia. With the support from this strategic shareholder, Minzhong could not only expand its revenue by supplying raw materials to Indofood, but also leverage on Indofood’s distribution network to march into fast-growing Southeast Asia market.

Watch list for high-beta stocks (HwangDBS)


Watch list for high-beta stocks
High-beta stocks could pull back more in a falling market
Companies with weak fundamentals and inflated share prices are also more vulnerable to a market sell-off
The benchmark FBM KLCI may slide to a low of 1,500 before staging a recovery

Downside risk outweighs upside potential. In the near term, Malaysian equities (down 4.4% so far this year) will be facing renewed downward pressures as election nerves cloud sentiment. Investors may be tempted to sell due to perceived heightened political risk ahead of the 13th General Election, which could be held in March or April this year.

金價現死亡交叉 基金狂沽貨


金價現死亡交叉 基金狂沽貨


【本報綜合報道】市場憂慮美國提早退市,被視為對沖通脹的黃金價格周三大瀉2.5%,出現「死亡交叉」,技術走勢極差。

美恐年底收水 全球恐慌


美恐年底收水 全球恐慌
【本報綜合報道】美國或提早退市,震散全球股市。聯儲局周三公佈上月底會議紀錄,當中顯示有多位官員開始對資產負債表不斷擴大感到不安,人數遠較以往多,並對維持現時資產購買的成本及風險感憂慮,是儲局官員罕有對資產負債表規模、甚至退市方案作如此詳細討論,反映美國有可能提早叫停QE3,更不排除年底有加息可能。

「債王」格羅斯在會議紀錄公佈後,隨即在Twitter上發表意見,指若經濟持續改善,QE會在今年底有終結的風險。彭博統計最新利率情況亦顯示,有市場人士開始認為儲局最快會在下半年加息,其中預期今年最後一次議息會議、即12月18日加息四分一厘的人有5%。

曾淵滄專欄 22.02.13:拆售酒店 疑似見頂


曾淵滄專欄:拆售酒店 疑似見頂 - 曾淵滄

前晚,美股開市後不久,再創五年新高,更加接近歷史高位,但今年1月份聯儲局議息會議紀錄公佈後,美股轉升為跌,跌幅頗大,收市時道指下跌0.77%。昨日,輪到港股跟着跌,港股的跌幅遠超美股,理由是內地股市跌得更慘。

滬綜指收市跌2.97%,跌至2300點邊緣,過去三個月,A股反彈的速度太快,而且沒有任何像樣的調整,現在調整是應該的,冷卻一下熱錢炒作A股ETF的熱潮。

Sheng Siong posts 53% rise in full-year earnings to $41.7mil

Sheng Siong posts 53% rise in full-year earnings to $41.7mil
Supermarket chain operator Sheng Siong Group has announced a 10.2% y-o-y increase in revenue to $637.3 million for FY2012.

The increase came from the opening of new stores, an increase in same-store sales and a one-off gain of $10.5 million from the sale of its old Marsiling warehouse.

Earnings rose 52.9% y-o-y to $41.7 million.

The board has proposed a final dividend of 1.75 cents a share, bringing total dividend for the year to 2.75 cents a share, which works out to a 90% payout ratio.

Cosco Corp posts 24% drop in full-year earnings


Cosco Corp posts 24% drop in full-year earnings

Cosco Corp reported a 10% y-o-y decline in revenue to $3.7 million for its FY2012 ended Dec 31.

The decline was due to a decrease in shipbuilding and dry bulk shipping revenue, despite the growth in revenue from its marine engineering segment.

Earnings declined 24% y-o-y to $105,700, owing to the lower sale value of scrap materials and the lack of the one-off compensation received from its customers in FY2011.

突破RM1.28阻力點 POWER ROOT有望攀抵RM1.52

(吉隆坡21日訊)POWER ROOT(PWROOT,7237,主要板消費)今日走勢大勇,技術分析顯示,該股衝破1.28令吉阻力點后,未來3至6月內有望攀高至1.52令吉價位。

 該股今早甫開市即衝破52週新高的阻力水平1.28令吉,微升3仙以1.30令吉報開,較后節節攀高,交易2句鐘后起9仙,站上1.36令吉。

 休市時,POWER ROOT掛在1.35令吉,起8仙,計有60萬8000股易手,午盤間跌出10大上升股榜,閉市收在1.35令吉,升8仙,成交量74萬4500股。

 艾芬投資銀行報告指出,曾在本月6日撰寫POWER ROOT分析報告,發現該股極有潛力試探1.28令吉阻力水平;該股昨日閉市收在1.27令吉。

US Market Overbought?



外资减持不一定意味着看空中资银行



财华专题:银行股逼空上涨 未来空间还有多大



Commodity Prices to Stay Range Bound



民生等中小银行股2月来被外资机构重点减持



U.S. Markets to Go Significantly Higher: Pro



Thursday, February 21, 2013

Wilmar’s oilseed segment set to improve: Citi


Wilmar’s (F34.SG) oilseeds segment is the key focus for its earnings release Friday, Citigroup says.

“While overcapacity and price volatility resulted in negative crush margins and losses for its oilseeds division in 1H12, this should improve in FY13 as China’s inventory of lower-priced beans is consumed and grey finance firms (speculative interest in soybeans has reduced in 2H12) that have plagued bona-fide crushers such as Wilmar become less relevant as margins for such activities recede.”

While it expects average China crush margins remained weak in 4Q12, it doesn’t believe this will persist long-term given the mainland’s large soy deficit.

CapitaLand’s Q4 profit falls 45% on lower gains


WRITTEN BY BLOOMBERG  
THURSDAY, 21 FEBRUARY 2013 10:02
CapitaLand, Southeast Asia’s biggest developer, said fourth-quarter profit fell 45% as it booked lower gains from the divestment of assets and posted higher impairment charges for some investments.

Net income slid to $262.7 million in the quarter ended Dec. 31, from $476.6 million a year earlier, it said in a statement to the Singapore exchange today. Sales rose 4.9% to $1.11 billion, the Singapore-based developer said. For the full year, profit declined 12% to $930.3 million, higher than the $881.5 million mean estimate of 12 analyst estimates compiled by Bloomberg.

ECS 4Q profit falls 8% under tough conditions


ECS 4Q profit falls 8% under tough conditions
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Wednesday, 20 February 2013 19:44

KUALA LUMPUR (20 Feb): ECS ICT Bhd (ECS) posted net profit of RM9.6 million for its fourth quarter ended December 31, 2012, an 8.1% fall from RM10.5 million in similar quarter a year ago.

Earnings per share dropped to 5.3 sen, compared to 5.8 sen previously.

ECS managing director Foo Sen Chin said, “FY2012 was indeed a tough year for the ICT industry overall as consumers and corporate customers turned cautious on account of dampened economic sentiment.”

Dividends lift Amway among top gainers


Hot Stock Dividends lift Amway among top gainers
Business & Markets 2013

Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Thursday, 21 February 2013 10:25

KUALA LUMPUR (Feb 21): AMWAY (M) HOLDINGS BHD [] rose among top gainers in early trade after the multilevel-marketing company reported better financials and declared dividends to shareholders.

As of 9.46am, Amway rose 12sen or 1.1% to RM11.18 with some 37,000 shares done. The stock had risen as much as 20 sen or 2 % to RM11.26 earlier.

专注二三线城市 亚航联手塔塔飞进印度


专注二三线城市 亚航联手塔塔飞进印度
Created 02/21/2013 - 11:27
(吉隆坡20日讯)亚洲航空(AirAsia,5099,主板贸服股)宣布,在印度以联营方式申请成立新航空公司,正式开拓印度廉航市场。

亚航发文告表示,通过投资膀臂———亚航投资有限公司,已向印度外国投资促进委员会(FIPB)提出申请,以持股49%的方式,跟塔塔集团旗下的控股公司———塔塔有限公司(Tata Sons)和TelestraTradeplace私人有限公司的阿伦巴哈迪亚(Arun Bhatia),成立联营公司———印度亚航。

该公司指,一旦获得FIPB批准,联营公司将向印度航空监管单位申请航空营运执照。

Masterskill Education Group intends to be asset light by hiving off properties

The Star Online > Business
Thursday February 21, 2013
Masterskill Education Group intends to be asset light by hiving off properties

By YVONNE TAN
yvonne@thestar.com.my

PETALING JAYA: Masterskill Education Group Bhd's (MEGB) plan of employing an asset-light strategy by hiving off its properties is nearing fruition.

The plan, which includes using the proceeds from the sale to retire borrowings and return some cash to shareholders, would be considered by the MEGB board at a meeting this week, sources told StarBiz.

AirAsia’s Indian dream takes flight


The Star Online > Business
Thursday February 21, 2013
AirAsia’s Indian dream takes flight

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

Petaling Jaya: Tan Sri Tony Fernandes' dream of launching AirAsia India is beginning to fall into place after AirAsia Bhd sealed an agreement with two influential partners, India's Tata Sons Ltd and Telestra Tradeplace Pvt Ltd.

Under the deal on Tuesday, AirAsia will hold a 49% stake in a joint venture to set up AirAsia India while the Indian parties will take up 51% (30% by Tata Sons, the promoter of Tata Group's key companies, and 21% by Telestra, owned by Arun Bhatia).

馬新高鐵助拉近房價差距 大馬房產可望升值


馬新高鐵助拉近房價差距 大馬房產可望升值

報導︰張潔瑩

 (吉隆坡20日訊)馬新兩國將搭起高速快鐵(HSR)及捷運,市場分析師相信,此舉不僅拉近縮短距離,更可拉近兩國目前相差6.5倍的房地產價格。

 大眾投銀研究分析師在報告中指出,根據一項亞洲主要城市房地產的綜合調查,大馬平均每平方公尺叫價2182美元(約6755令吉),僅高于印尼。

 但如今新加坡房地產價格已高達1萬6350美元(約5萬620令吉),僅次于香港,馬新兩地每平方公尺價格相差1萬4168美元(約4萬3864令吉),相等于約6.5倍。

 分析師回應《中國報》詢問時指出,這項工程勢必將振奮大馬房地產價,不過由于詳情未定,目前兩地房價可縮小幅度仍難斷定。

兴建马新高速铁路 建筑房產正面 航空受衝击


兴建马新高速铁路 建筑房產正面 航空受衝击

(吉隆坡20日讯)马新两国同意兴建马新高速铁路(HSR),市场分析员认为除了对建筑领域带来正面影响,日后亦会提振房地產,但同时会衝击航空领域。

马新昨日举行第4次非正式双边会谈,双方达成多项协议,其中包括两国联合发展马新高速铁路,以及连接新山与新加坡的马新捷运系统(RTS)进入第2阶段的研究工作。

丰隆投行分析员表示,上述两项铁路工程諭示著建筑业者拥有许多潜在的合约订单机会,为建筑领域带来乐观情绪。

丰隆投行对该高速铁路计划的预测成本约为300亿令吉,视路线方向和地形而定。分析员预计,该项目需要数年的时间才会实际执行。

溫總再出5招 防樓市失控

國務院推「國五條」 加大樓市調控
溫總再出5招 防樓市失控
趕「兩會」前推新政 擴房產稅試點
面對近期全國大部分城市的樓價加速上漲,以及民眾對樓價上漲的預期不斷升溫,國務院在全國人大政協「兩會」3月初召開前,推出五條措施(簡稱「國五條」,見表)加大樓市調控力度。

大摩估友邦純利增近倍

大摩估友邦純利增近倍

【本報訊】友邦保險(1299)將於下周三(27日)公佈截至去年11月止全年度業績,摩根士丹利報告估計,友邦去年去年純利按年增長92.75%至30.84億美元(約240.5億港元),主要受投資收益帶動;反映主要業務增長的新業務價值(NBV)料錄得27%強勁增長,達11.9億美元。友邦股價昨創上巿以來新高,升2.06%至32.25元。

評級增持 目標價38元
單計去年第四季,大摩料友邦新業務價值按年增長達三成。有關增長主要由泰國業務帶動,主因前年第四季受水災影響,導致基數較低。

滬綜指今年可望升25%


滬綜指今年可望升25%

【大行睇好】

蛇年A股未出現明顯升勢,市場率先「引蛇出洞」。德盛安聯看好A股今年表現,估值可向15倍進發,即滬綜指可升25%。

料市盈率可達15倍
德盛安聯亞太首席投資總監陳致強在記者會上表示,相信今年企業盈利增長會較去年為佳,料中國新領導班子會推出金融、稅制及利率自由化等改革,即使經過近期的升勢,估值仍然吸引,滬綜指2012年市盈率為12倍、滬深300指數則約10倍,相信合理值為14至15倍。

滬綜指昨收報2397點,若以德盛安聯的合理值14至15倍計算,指數有望上試3000點水平,有25%上升空間。

Technical watch: TAMBUN (RM0.745-Buy on weakness)

Technical watch: TAMBUN (RM0.745-Buy on weakness)

 Ripe for a technical rebound
Listed in Jan 2011, TAMBUN is a niche and deep value reputable provider of premium and luxury homes in Penang.

TAMBUN is currently trading at undemanding 4.8x FY13 P/E, supported by handsome dividend yield of 8.1% and a netcash per share of 11sen (FIG6). As the 2nd Penang Bridge, which connects Batu Maung and Batu Kawan, is scheduled to be completed in Sep 13, the 1st wave of spill over will be on the surrounding areas which the 2nd Penang Bridge will link to on the mainland. One of the major beneficiaries is TAMBUN due to its strategic 660 acres of land, spanning over Butterworth, Bukt Mertajam, and Simpang Empat, which are well-positioned to tap on the strong growth potential ahead.

Astro Malaysia: Proxy to Malaysia’s rising income/spending (OCBC)


Astro Malaysia:
Fair value    MYR2.98
add: 12m dividend forecast MYR0.10
versus: Current price  MYR2.79

Proxy to Malaysia’s rising income/spending
• Capitalise on rising income
• Dividend yield potential in medium term
• Initiate with BUY and MYR2.98 FV

Astro Malaysia Holdings Berhad (Astro), the largest Pay TV operator in Malaysia (with a 99% market share in 2011), looks well-positioned to capitalise on the potential growth of the Malaysian economy and a young population demography that is open to the adoption of new technologies. And because of its steady stream of cash receipts, we believe that Astro could be seen as a dividend play.

Quill Capita Trust: Hit by higher vacancies (DBSV)


Quill Capita Trust
BUY RM1.20
KLCI : 1,627.55
Price Target : 12-month RM 1.45 (Prev RM 1.55)
Hit by higher vacancies

FY12 within expectations; realised income growth was flat from lower rental revenue due to higher vacancies
4.28sen DPU declared – FY12 DPU of 8.38sen implies 7% distribution yield
Continuing headwinds in the office market to pressure rental reversions
Cut FY13F earnings by 4% after imputing vacancy at QB10; Maintain BUY with lower RM1.45 TP

Raffles Education rises as OEL heads for IPO (AM)


Raffles Education rises as OEL heads for IPO
A surge of interest in impending new listee Overseas Education Ltd (OEL) has also lifted the stock of another listed education player, Raffles Education. Raffles Education started stirring last week, gaining some 10 per cent to hit a four-month high before the close of Friday trading, when it edged up 2.5 cents to 38.5 cents.

All this comes ahead of the Thursday listing of private foreign education player Overseas Education, whose 125 million shares are being offered at 48 cents apiece, translating into a price-earning multiple of 6.6 times. It has an NTA of 27.8 cents, total equity of $54.7 million and a return on equity of 35.4 per cent.

Pantech - A Glowing Outlook

Pantech -
Price Target : 1.00
Last Price : 0.725
A Glowing Outlook

We  came  away  from  Pantech's analysts  briefing  last  week  feeling  upbeat  on  the group's future outlook, buoyed by: i) its RM298m order book, which will keep it busy until  July  2013,  ii)  its  stainless  steel  division  has  reached  breakeven,  iii)  Nautic Steel's  expansion  will  boost  earnings  significantly,  and  iv)  the  O&G  sector's operating  environment  is  favourable  for  the  group  as  a  whole.  Maintain  BUY,  with our RM1.00 FV based on 9x its FY14F PE.

9MFY13  results  meet  our forecast.  Pantech reported another round of healthy earnings growth for 9MFY13, chalking up a higher revenue of RM480.9m as well as better net profit of  RM42.4m,  in  line  with  our  forecast.

Hutchison Port Holdings Trust 2012: DPU In-Line Despite Revenue And Net Income Missing IPO Projections (UOBKH)

Hutchison Port Holdings Trust
Share Price US$0.82
Target Price US$0.96
2012: DPU In-Line Despite Revenue And Net Income Missing IPO Projections

Hutchison Port Holdings Trust’s (HPHT) 2012 DPU meets IPO projection despite revenue and earnings missing expectations. There will be a one-off fall in 2013 DPU as some capex has been deferred to 2013, but we still see mid-single-digit growth in DPU from 2014 onwards. Maintain BUY and we raise target price to US$0.96 in our updated 3-stage DCF model.

Results
• Revenue and earnings missed IPO projections. Revenue and net income missed consensus by 9% and 12% respectively, due primarily to a slower-than-expected container throughput growth in Pearl River Delta (PRD).

Jaya Holdings: All aboard the Jaya Express! (CIMB)


Jaya Holdings
Current S$0.71
Target S$0.90
All aboard the Jaya Express!

 A new set of leaders could just provide the silver bullet for Jaya. A shift in focus towards chartering could mean steady and improving cashflows while its tie-up with Dutch shipbuilder, IHC Merwede, would enable it to ascend the value chain.

With net cash and trading below book, we initiate Jaya with an Outperform and target price at 1x CY13 P/BV, as expected ROEs match COEs (also in line with its 4-year mean and peer average). Jaya is also our top pick in our small-mid-cap offshore coverage. We see catalysts from higher utilisation and dayrates, and higher-value shipbuilding orders from its partnership with IHC. Longer term, the resumption of dividends could offer catalysts.

Far from „To infinity and beyond‟ (CIMB)

The big problems are ageing and a low birth rate. The solution is to keep the current slow pace of population growth and accelerate infrastructure investments. Long-term beneficiaries are construction, healthcare and education; losers are industrial REITs and the manufacturing sector. Our Neutral rating and end-13 FSSTI target of 3,316 are unchanged.

Implications of the two planning papers
The Population White Paper shed light on the country‟s biggest fears: a diminishing workforce as the twin spectres of an ageing population and low birth rates collide in 2025-30. To douse the flames of (future) woes from an inverted population pyramid, the paper plans to keep an 80k-90k annual population growth rate (similar to 2010-2012, but much reduced from 2007-2009) while the Land Use Paper alluded to an acceleration of infrastructure work to prepare for the growth.

Overseas Union Enterprise: Valuation catch-up; expect more recycling moves (CIMB)


Overseas Union Enterprise
Current S$3.03
Target S$3.53
Valuation catch-up; expect more recycling moves

 With fears of OUE overpaying for F&N now removed, its share price which has lagged behind the sector should catch up. The key takeaway from this failed M&A is that OUE is serious about growing its asset base but with financial discipline. We expect more recycling moves.

We lower our RNAV and cut FY12-14 core EPS by 7-10% for lower prices for Twin Peaks. But our target price is raised slightly for 1) compressed cap rates for its office assets and 2) a tighter 20% discount to RNAV (prev. 25%) as we benchmark to market averages. We maintain our Outperform call given its attractive 31% discount to RNAV, with potential asset recycling being the catalyst.

AIMS AMP Capital Industrial REIT: Results within expectations (S&P)


AIMS AMP Capital Industrial REIT
Results within expectations
Price: SGD1.57 Date: January 31, 2013

Results Review
Results within expectations. AIMS’ 3QFY13 (Mar) results were within our expectations. Excluding one-off property tax recovery of SGD4.1 mln, 3QFY13 gross revenue was flat QoQ. AIMS had 21 new and renewal leases in 3QFY13. 2.3% of its portfolio’s lettable area was renewed at a weighted average increase in rental of 23.5%. Its portfolio’s lease expiry exposure for FY13 has been lowered to 6.3% in 3QFY13 from 33.9% in 3QFY12. AIMS declared a higher DPU of 2.58 cents in 3QFY13 (vs. 2.5 cents in 2QFY13), giving an annualized DPU of 10.1 cents (based on 9MFY13 DPU).

Starhill Global REIT: Positive Resolution With Toshin With 10% Upward Rental Reversion (UOBKH)


Starhill Global REIT
Share Price S$0.865
Target Price S$1.03
Positive Resolution With Toshin With 10% Upward Rental Reversion

SGREIT has announced the positive resolution of its Toshin rent review with a 10% upward rental reversion starting from Jun 11. Rental arrears of S$3.8m, or 0.19 S cent/unit, will be distributed with SGREIT’s 1Q13 distribution. Further upside to Toshin rentals could emerge from the extension of the Toshin master lease from Jun 13. Maintain BUY with a higher target of S$1.03 (from S$1.00).

Indonesia listed PT Indofood Sukses Makmur taking a 14.95% stake in China Minzhong (Limtan)

CHINA MINZHONG
S$1.02-CMIN.SI
 Indonesia listed PT Indofood Sukses Makmur Tbk (Indofood) which produce instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil and snacks is taking a 14.95% stake (representing 98mln new shares) in China Minzhong at 91.5 cents each, representing a 10% discount to its last traded price.

 Indofood’s sales for 2012 is estimated to be around US$5.12bln about 10x bigger than China Minzhong’s US$512mln and is expected to help China Minzhong penetrate into new markets and distribution channels, especially into Indonesia which Minzhong currently does not have a presence.

曾淵滄專欄 21.02.13:友邦剛破位未見頂


曾淵滄專欄:友邦剛破位未見頂 - 曾淵滄

已回港兩天,因為時差關係,仍昏昏欲睡,到英國度假的前幾天也是如此,東西半球飛來飛去的度假常常提不起精神玩,很浪費。

內地股市2月18日才復市,首兩天不理想,導致港股也跟着調整,第三天才回升,但是滬綜指仍在2400點之下,投資者很謹慎,前幾天我已提到,公用股、REITs的股價造好,已表示投資者對大市的短期走勢並不看好。

比較兩隻本地電力公用股,中電(002)股息率3.8厘,電能(006)股息率3.2厘,很明顯地中電股價是落後了,也許投資者是擔心中電燃料成本上升但不易加價,不過,我仍然相信香港政府會遵守合約精神而讓中電加價。也許為了顧及民情,會向商業用戶及用電多的家庭用戶開刀,要他們付多一些電費。

FBM KLCI may slip to 1,500, says HwangDBS

FBM KLCI may slip to 1,500, says HwangDBS
2013/02/21

KUALA LUMPUR: The stock market, faced with downward pressure ahead of the upcoming general election, could see the benchmark index slip to a low of 1,500 points before posting a rebound, says HwangDBS Vickers Research.

"In the near term, Malaysian equities will be facing renewed downward pressures as election nerves cloud sentiment. Investors may be tempted to sell due to perceived heightened political risk ahead of the general election, which could be held in March or April," HwangDBS said in a report yesterday.

RM30b budget for high-speed rail project


RM30b budget for high-speed rail project
SHAREN KAUR
bt@nstp.com.my
2013/02/21

Malaysia is budgeting some RM30 billion for the high-speed rail project linking Kuala Lumpur and Singapore
KUALA LUMPUR: The government is budgeting around RM30 billion for the high-speed rail (HSR) project linking Kuala Lumpur and Singapore, according to people familiar with the matter.

This confirms a Business Times report last year that said the HSR project may cost between RM25 billion and RM30 billion to develop.

大选风险拖低马股 高贝他值股跌幅更重


大选风险拖低马股 高贝他值股跌幅更重

(吉隆坡20日讯)在大选来临之际,黄氏星展唯高达研究分析员预计大马综合指数將下滑至1500点,特別是高贝他值(Beta)的股项,跌幅或会更严重。

分析员认为,在大选的紧张情绪下,年至今已下滑4.4%的马股料將在近期面临新一轮的卖压。「第13届大选的政治风险极高,將导致投资者纷纷离场。」

在此情况下,分析员预测股价波动比市场来得高的股项或將受到重创。参考过去2年的记录,分析员相信杨忠礼置地(YTLLAND,2577,主板產业股)(贝他值1.86)、柏力赛石油(PERISAI,0047,主板工业股)(贝他值1.83)及马资源(MRCB,1651,主板建筑股)(贝他值1.71)將遭受比综指更大的跌幅。

馬新高鐵開動‧建築和建材最大贏家


馬新高鐵開動‧建築和建材最大贏家
Created 02/20/2013 - 17:30
(吉隆坡20日訊)吉隆坡-新加坡高速火車終於獲准開動,分析員無不為此高聲歡呼,預見建築和建材將是最大贏家,而鐵路所到之處將推動各方產業水漲船高,博彩和旅遊業也有望從中受惠,惟航空業恐因激烈競爭而折翼。

大馬和新加坡兩國領袖達成初步協議,將會在2020年之前建造吉隆坡直通新加坡高速鐵路,將大大減低來往兩地車程至約90分鐘,而兩國將組成部長級委員會來探討相關細節和整體設計。

高鐵成本料達300億

豐隆研究指出,高鐵計劃成本料達300億令吉,將取決於線路和地形,相信將為建築業者帶來合約更新的潛在機會,但相關工程需時數年方有望實際落實。

REDtone sets the stage for strong turnaround


REDtone sets the stage for strong turnaround
Business & Markets 2013
Written by Insider Asia  
Wednesday, 20 February 2013 09:42

REDTONE INTERNATIONAL BHD [] (38 sen) presents a pretty compelling turnaround story for investors amid somewhat tepid corporate earnings growth forecasts, on average, for the broader market this year. And if all goes to plan, the company intends to apply for a transfer to Bursa Malaysia’s Main Market, perhaps as early as next year.

A brief recap
The company, which was listed on the then Mesdaq, now ACE Market, in 2004, has its roots as an alternative voice service provider. It did well in the early years, making money primarily from discounted voice call business but fell into the red in the financial year ended May 2008 (FY08) due to changes in the industry landscape and intense competition.

KNM unit wins RM300m contract in Tatarstan


The Star Online > Business
Wednesday February 20, 2013
KNM unit wins RM300m contract in Tatarstan

PETALING JAYA: KNM Group Bhd’s wholly owned subsidiary KNM Process Systems Sdn Bhd (KNMPS), has received a letter of award to supply a sulphur recovery unit valued at US$100mil (RM308.6mil) for the Heavy Residue Conversion Complex in Nizhnekamsk, Tatarstan.

KNMPS secured the letter from public stock company TAIF-NK, a production and investment company based in Russia, KNM said in an announcement to Bursa Malaysia.

The sulphur recovery unit is estimated to be completed within 28 months from date of the execution of contract.

涂国彬:比亚迪股份基本面未出现大幅改善



Housing Bear Is Back



Coffee Near 3-Year Lows



《創富激發點》黃文傑:評索羅斯近日兩大舉措


Shanghai Composite to Hit 3,500 This Year?



China's GDP Growth to Stabilize at 8.5%



Wednesday, February 20, 2013

積極擴張‧馬航斥30億購20新飛機

積極擴張‧馬航斥30億購20新飛機
Created 02/20/2013 - 10:25
(吉隆坡19日訊)馬航(MAS,3786,主板貿服組)積極擴張飛機團隊規模,宣佈耗資30億令吉購買20架新飛機。

該公司發文告說,將向法國ATR公司購買20架ATR72-600型客機和16項買權,希望藉此推動業務網絡成長及提昇服務素質。

上述新款客機將用於取代舊款ATR72-500客機,所有客機將從今年6月開始至2017年期間陸續接收。

區域貨幣戰不會開打‧RBS:大選牽制‧馬幣料趨軟


區域貨幣戰不會開打‧RBS:大選牽制‧馬幣料趨軟
Created 02/20/2013 - 10:19
(吉隆坡19日訊)近期日本中央銀行狂印鈔票促使日圓貶值,不過蘇格蘭皇家銀行(RBS)認為這並不會導致區域市場爆發貨幣戰,也不會影響大馬的出口表現,而且隨著經濟基本面強韌,亞洲貨幣將同步挺升。

不過,受到大選因素衝擊,短期內馬幣料將趨軟,直到年杪才走強至3.05。

該銀行亞洲(日本除外)經濟主管山傑馬都在《2013年大馬前景匯報會》上指出,市場擔心的貨幣戰並不“真實",基本上亞幣仍將回歸基本面,展現強勢狀態。

他對日本以增強競爭力而狂印鈔票感到不解,因為提昇競爭力不能單單以貨幣衡量,反而取決於整體經濟架構,特別是日本經濟已多年來一蹶不振。

热门股:杨忠礼机构 上挑RM1.68


热门股:杨忠礼机构 上挑RM1.68
Created 02/20/2013 - 11:57
周二间,交投活络的杨忠礼机构(YTL,4677,主板建筑股),平开迎市后高收,盘中行情显现一段技术反弹趋势。杨忠礼机构闭市时收在1.58令吉,按日起2仙或1.28%,全天波幅在3仙间,介于1.55至1.58令吉间。相信短期内会上挑1.59至1.68令吉间的阻力关口。

【19/2/13行情】

闭市:1.58令吉
起落:+2仙
最高:1.58令吉
最低:1.55令吉

多空一线:沿海工程挑战RM2.15


多空一线:沿海工程挑战RM2.15
Created 02/20/2013 - 11:59

沿海工程(Coastal,5071,主板工业产品股)于2月19日闭市时反弹了。它于闭市时收2.05令吉,按日起3仙或1.49%。

沿海工程于2月19日间,突破一道短期阻力趋势线(B1:B2)上报收。

60分钟分时线平滑异同移动均线指标(MACD),于2月19日处于一道短期技术反弹趋势中。

它的60分钟分时线图,于2月20日进入它的短期反弹走势中。沿海工程60分钟分时线趋势或会处于一段反弹走势中,将会于近期尝试上挑2.06至2.15令吉的阻力位。

低价购新船货运费回升 马散装货运长期利好

低价购新船货运费回升 马散装货运长期利好
Created 02/20/2013 - 12:16
(吉隆坡19日讯)大马散装货运(Maybulk,5077,主板贸服股)财务良好且低价收购新散货船,获得分析员看好对长期发展有利,估计可趁2014年货运费回升之际获利。

大马散装货运持有70%股权的子公司———Ambi船运私人有限公司,宣布购入一艘5万6000载重吨的散货船。船只收购价为2660万美元(约8220万令吉),将以分期付款支付。

达证券分析员指出,依据挪威最大船舶经纪商RS Platou经济研究,过去一年的新轻便极限型船(Handymax)建设合约,价格介于2400万至2700万美元(约7436万4000至8365万9500令吉)。

建筑博彩股奋起直追 落后股今年回酬看涨


建筑博彩股奋起直追 落后股今年回酬看涨
Created 02/20/2013 - 08:18
(吉隆坡19日讯)大华继显研究点名的2012年落后大市股项,已开始展现“奋起直追”之势,预期除了可在大选前交出“超越大市”表现,也能在2013年带来重大回酬。

大华继显研究分析员表示,早在今年1月13日提出的股市前景分析报告中,所建议的落后大市股项,其中有数个关键领域已开始展现“奋起直追”之势,今年迄今交出了超越富时隆综指的表现,如建筑和博彩股。

在分析员的落后股追踪名单中,今年迄今交出最佳“超越大市”表现者有股价涨了30.1%的成隆机构(Dijacor,5407,主板产业股),及扬升11.3%的实达集团(SPSetia,8664,主板产业股)。

KNM Process bags US$100m Russian deal


KNM Process bags US$100m Russian deal
2013/02/20

KUALA LUMPUR: KNM Group Bhd, via its wholly-owned KNM Process Systems Sdn Bhd, has won a US$100.03 million (RM310.09 million) contract from Russia's TAIF-NK for the supply of sulphur recovery unit (SRU) for its heavy oil residue conversion complex (HRCC project) in the Republic of Tatarstan, Russia.

The SRU supply is expected to be completed within 28 months from the execution date.

KNM said the contract reflects the group's internationally recognised technical skills and capabilities in the industry.

MAS flying higher with 36 ATR oder

MAS flying higher with 36 ATR oder
2013/02/20

KUALA LUMPUR: National carrier Malaysia Airlines (MAS) has ordered up to 36 ATR 72-600s from Avions de Transport Regional G.I.E for a combined US$840 million (RM2.6 billion).
The 36 ATRs comprise 20 firm orders and an option for the remaining 16. The deal for 20 firm orders was signed in Toulouse, France, yesterday.

The deal is a follow-up of the memorandum of understanding signed by MAS and Avions de Transport in December 2012, with deliveries starting from mid-2013.

調控殺到打冧港股 內銀股首當其衝 四大行挫2%


調控殺到打冧港股 內銀股首當其衝 四大行挫2%
【本報訊】大戶春節前已聞到「辳味」,紛沽售中國股票ETF離場,不過,凶兆顯現未幾,散戶還未來得切反應,昨即有連串調控壞消息浮上面,適逢多個行業數據走樣,令投資者慘不忍睹,連累近千隻港股齊被圍沽,中港股市跌逾1%。有基金經理認為,大市「個勢唔好」,後市或下試22800點。記者:楊智佳 林 靜

論負面影響力最廣泛的政策消息,非人民銀行以正回購收緊銀根莫屬。人行昨日進行300億元人民幣正回購,從市場收回資金,屬中央近八個月以來首度以此措施收水,扭轉春節前向市場放水的逆回購操作,屬不利股市的消息。

各書己見:看好A股惠及國壽

各書己見:看好A股惠及國壽

轉眼間,春節長假期過去了,濃厚的春節氣氛也漸漸轉淡。過新年挺好的,新的一年開始,代表着舊的一年過去,過去一年所積累下來的東西我們都可以放下,有一種重新出發的感覺,誇張一點說,一個人猶如獲得新生一樣,希望在未來日子自己及大家都愈來愈好。

春節氣氛漸淡,但股市氣氛仍然頗為熾熱,這有賴於自去年九月以來環球股市的上升趨勢所推動。香港的投資情緒也頗受農曆新年影響,截至二月十八日的五個交易天,流入窩輪市場的資金總額達到約2.8億港元,這水平堪比過去一年任何一段同樣時段的資金流入,投資者未有因為長假期前後不利持有窩輪的因素所影響。在流入的資金中,其中2.74億港元是增持認購證,另外660萬港元買入認沽證。牛氣沖天,可見一斑。

領匯擬加租7% 小租戶唔玩

領匯擬加租7% 小租戶唔玩
上市至今加幅逾六成 高於整體市場加幅
2013年2月20日
【明報專訊】由公屋商場蛻變而來的領匯(0823),股價自上市以來節節高升,近日更升破40元大關創下歷史新高。投資者追捧,源於領匯持之以恒的有效加租。行政總裁王國龍昨日指出,未來兩年領匯旗下商場仍有望平均加租7%至8%,並認為客戶營業額一年增長超過一成,有能力負擔。若加租成事,領匯上市7年加租幅度逾六成,一直在抗爭的小商戶幾已反抗無力,部分已決定棄權,「執笠好過」。

王國龍昨日在會見傳媒時稱,領匯已陸續翻新商場平台,增加細舖數目,令用戶多些選擇。過去一段時間領匯已經翻新26個商場,有6個正進行翻新,尚有10個計劃翻新。包括斥資逾1.1億元翻新的愛民商場,出租率更由50%升至90%。

韻錢證路:中海油 隨時有驚喜


韻錢證路:中海油 隨時有驚喜

筆者曾於一月提及中海油(00883)發展前景,由於近日圍繞集團的消息眾多,筆者在此分析其前景及買賣策略。

集團股價近日跑輸三大指標:大市、國際油價及同業表現,當中主要原因涉及產量增長。回顧集團去年上半年,油氣產量同比下跌4.6%至1.609億桶油當量,已令集團股價橫行於16元水平;而於本年一月底,集團公布本年淨產量目標為3.38億至3.48億桶油當量,按年介乎下跌0.9%至僅升1.5%。由於產量增長缺乏動力,市場預期其盈利增長將持平,拖累股價落後數個指標。

MISC: Cold comfort (DBSV)

MISC
BUY RM4.45
KLCI : 1,627.73
Offer price: RM5.30
Cold comfort

Petronas’ offer to take MISC private at RM5.30/share caps upside
The offer is cheap at 1.1x book; stock is at an 8- year low
MISC poised for strong earnings growth; value of Gumusut-Kakap not realised yet

Offer caps upside potential. MISC’s major shareholder Petronas launched a conditional takeover offer for the remaining 37.3% stake in MISC it does not own for RM5.30 cash/share. The offer removes the opportunity for longer term investors to reap greater share price gains.

Quill Capita Trust: ‘Flat’ End To 2012 (MIB)


Quill Capita Trust
Hold (unchanged)
Share price: MYR1.20
Target price: MYR1.27 (from MYR1.26)
‘Flat’ End To 2012

 Within expectations. Quill Capita Trust’s (QCT) FY12 results were in line, accounting for 97-98% of our and consensus estimates. 2H12 DPU of 4.28sen (FY12 DPU: 8.38sen) was also within expectations. We fine-tune our FY13/14 earnings forecasts by -0.4%/+0.2% after factoring in the actual FY12 results. Our DCF-based TP remains largely intact at MYR1.27 (+1sen). We maintain our HOLD rating on QCT.

Flattish earnings growth. Excluding the revaluation gain of MYR5.6m, QCT’s 4Q12 core net profit was MYR7.9m (-2% YoY), taking FY12 core earnings to MYR34.5m (+0.4% YoY). Although FY12 revenue eased 1.1% YoY due to higher vacancy rates, net profit posted marginal YoY growth on lower interest costs. Average cost of debt has declined to 4.33%, from 4.44% as at Dec 2011.

Great Eastern Holdings: Poised for re-rating (DMG)


Great Eastern Holdings: Poised for re-rating
(BUY,  S$16.96,  TP:  S$24.50)
A flurry of recent M&A deals in Southeast Asia’s insurance sector puts the spotlight on GEH’s under-rated insurance franchise. Global players from Prudential to AIA and Sun Life are swooping in on the region and entrenching their presence through a series of bolt-on acquisitions.

Transaction multiples, ranging from 1.9-4.7x of book values, suggest GEH’s current valuation, at 1.7x P/Book and 1x P/EV, is inexpensive and has scope for re-rating given its dominant position in Singapore and Malaysia and a growing presence in Indonesia and Vietnam. Share price catalysts include: 1) Higher dividends for FY12 with the $422m gain generated from the sale of APB/F&N shares; 2) clearing of overhang from institutional selling and 3) a third privatisation attempt by OCBC Group. We pegged our TP at $24.50 on a multiple of 1.55x P/EV for its core insurance business and attribute $4.35/share for the excess capital within the group. We maintain our BUY recommendation.

SMRT Corporation: Will it sell or close its bus business?

Warns that profits will suffer for at least another year, as it tries to get its house in order

31/1/2013 – SMRT warns of further falls in profit for the next year, because it is hiring more staff, paying them more, and reinvesting in its trains and rail lines.

While it earns a greater profit from renting retail space at its stations than its core train operations, buses continue make losses, prompting CEO Desmond Kuek to warn "the bus business will continue to incur losses as fare adjustments have not kept pace with escalating operating costs. Ongoing government studies … will have a significant impact on the sustainability of this business.

Olam Int’l: Completes bond rights issue (OCBC)


Olam Int’l:
Fair value    S$1.44
add: 12m dividend forecast S$0.04
versus: Current price  S$1.66

Completes bond rights issue
• Bonds, warrants trade from 31 Jan
• Expect higher interest cost
• S$1.44 FV under review

Olam International (Olam) has completed the bond rights issue which also came with free detachable warrants. While the full subscription by the major shareholders Kewalram (20.2% stake) and Temasek (20% stake) will provide near-term assurance, several medium- to long-term issues remain. Besides scrutinizing future acquisitions plans, we believe that investors will also be following the execution of past acquisitions closely.

Beneficiaries Of The White Paper On Population (UOBKH)

Strategy – Singapore
Beneficiaries Of The White Paper On Population

We highlight potential beneficiaries of the recently-released White Paper on population. Sectors impacted include developers, contractors, land transport, consumer and healthcare.

What’s New
• Release of the White Paper.
In the recently-released White Paper on population, it was highlighted that the target population for Singapore is 6.5m-6.9m by 2030. The resident population is estimated at 4.2m-4.4m, of which citizens will make up 3.6m-3.8m. This write-up is to highlight the implications from the White Paper and flag the potential winners from Singapore’s latest policies on population.

NTPM: Stepping up Expansion (OSK)

NTPM
Target MYR0.55
Previous MYR0.55
Price MYR0.46
Stepping up Expansion

 Our recent visit to NTPM in Penang, Malaysia, revealed a thriving baby diaper business at this leading local tissue paper manufacturer, thanks to the ‘Dragon baby’ boom. To widen its product range, the group plans to launch its new Baby Diapers Pull-up pants in May this year. Besides its aggressive expansion in the personal care segment, NTPM recently invested in Vietnam to open up the Indochina markets. Maintain BUY, with RM0.55 FV.

A road trip to Nibong Tebal. We recently visited NTPM Holdings in Nibong Tebal, Penang and were taken on a tour around its 60-acre production plant, which is well-hidden at the outskirts of the town. The plant currently has a production capacity of 285 tonnes/day at an average utilisation rate of 70%. Adjacent to it is another 50 acres of empty land for future expansion.

Parkway Life REIT: Are its revaluation gains for real?


Q4 NPI up 6.1%, DPU up 8.9%

31/1/2013 – Parkway Life REIT remains cautious about acquisitions in the near to medium term.

The Trust just announced earnings for Q4 FY12:

Gross Revenue: +5% to S$24 mln
Net Property Income: +6.1% to S$22.1 mln
Distributable Income: +9.5% to S$16.3 mln
Revaluation gain: S$49.7 mln vs S$46.5 mln
Cash flow from operations: S$18.2 mln vs S$18.2 mln
Dividend: 2.69 cents per unit vs 2.47 cents per unit

Sabana Shariah Compliant REIT: MANAGEMENT REPLY: When will we get clarity on expiring master leases?


No significant impact from newly imposed Seller’s Stamp Duty

31/1/2013 – Sabana Shari’ah Compliant REIT is positive about the performance for 2013, given that the majority of the existing master leases will not expire until the end of this year and beyond.

It will also not be impacted by the recently introduced Seller’s Stamp Duty (SSD), even though the SSD applies for industrial properties and land bought on or after January 12, 2013.

This is because it holds its properties for investment purposes on a long term basis.

Starhill Global REIT 4Q12: New Growth Drivers With Australia Acquisition (UOBKH)


Starhill Global REIT
Share Price S$0.845
Target Price S$1.00
4Q12: New Growth Drivers With Australia Acquisition

Results are in line with expectations as Starhill Global REIT continues to benefit from its Wisma AEI. DPU-accretive acquisition of Plaza Arcade in Perth will bring new growth drivers and AEI opportunities. Positive forward catalysts include the resolution of its dispute with Toshin, continued rental reversions and further acquisitions. Maintain BUY with a higher target of S$1.00 (from S$0.96).

Results
• Results in line with expectations. Starhill Global REIT (SGREIT) reported a 4Q12 distributable income of S$22.0m (+11.9% yoy, +1.7% qoq) and a DPU of 1.13 S cents (+11.9% yoy, +1.8% qoq). The total DPU for 2012 was 4.39 S cents (+6.6% yoy) and is in line with our expectations, accounting for 99.8% of our full-year DPU estimate.

Breakdown: Biosensors’ Disappointing Results Still A Cause For Anticipation?


4 FEBRUARY 2013
Breakdown: Biosensors’ Disappointing Results Still A Cause For Anticipation?
By Simeon Ang

It is hard to be positive when you are staring at a year-on-year drop of 74.6 percent in net profits. That is precisely what Biosensors International Group’s report card read after its 7 February release. For the third quarter, Biosensors’ net profits tumbled 91.4 percent (US$24.9 million versus US$291.5 million) even though revenue was down only 4 percent (US$81.3 million versus US$84.7 million). The main culprit for the huge drop came in the form of Biosensors’ recognition of a gain (US$273.2 million) on remeasurement of a joint venture company in the previous corresponding quarter, 3Q12. Stripping that, net profit for the current quarter, 3Q13, would have been 36.3 percent higher.

Earnings Commentary: LMIRT’s Indonesian Boost


14 FEBRUARY 2013
Earnings Commentary: LMIRT’s Indonesian Boost
By Simeon Ang

Being ranked as the fourth most populous nation with over 246 million people, Indonesia has no doubt, been an eye-catching retail market. Lippo Malls Indonesia Retail Trust (LMIRT) is perhaps a testament of the retail potential of this huge domestic market. In its FY12 earnings, the trust reported a relatively robust set of numbers.

The Numbers
Gross rental income for the fourth quarter ended 31 December 2012 grew 35.4 percent as LMIRT begun to reap dividends from its purchase of Pluit Village and Plaza Medan Fair back in 4Q11. To a certain extent, the recent acquisitions of six other properties also helped to boost top line figures.

Multi Beggar S-REIT (Current Vs 2009 Low) - Limtan





Source/Extract/Excerpts/来源/转贴/摘录: Limtan-Research,
Publish date: 18/02/13

曾淵滄專欄 20.02.13:細價樓繼續跑贏大市


曾淵滄專欄:細價樓繼續跑贏大市 - 曾淵滄

剛剛結束英國的假期回到香港,感覺上英國的景氣還不錯,購物區人山人海,餐館生意也很好,看來英國的量化寬鬆是有效的,有趣的是,英國百貨商店內所出售的貨品,很少是英國製造的,高檔的貨品於法國、意大利製造,中檔、低檔的貨品於中國及東南亞製造,不知道歐洲其他國家的經濟是不是也在復蘇中?

過去幾年,英國政府積極發展教育事業,外來的學生很多,成了一群有力的消費者,不少驕生慣養的海外學生,經常出外用餐,使到餐館越開越多,學生宿舍也越來越高檔,多是有私家洗手間的套房。

領匯冀每年加租8%


領匯冀每年加租8%

領匯(00823)行政總裁王國龍表示,有每月審視旗下商場部分租戶的營業額,認為商戶的租金負擔能力良好,期望平均每年加租幅度可維持7至8%。另外,他又指,本港監管房地產信託基金(REIT)增長的規例過嚴,已向證監會反映,期望能將旗下過舊的商場拆卸重建。

王國龍引去年中期業績數據,指截至去年九月底止,商戶營業額按年增約11%,續租租金加幅約25%,以三年租約計,即平均每年增幅約8%,平均每方呎租金達37.2元,但仍有80%租戶續租。

逾8千萬購船‧大馬散裝貨運現金充足


逾8千萬購船‧大馬散裝貨運現金充足
Created 02/19/2013 - 18:40
(吉隆坡19日訊)大馬散裝貨運(MAYBULK,5077,主板貿服組)持70%股權的子公司Ambi船運公司,以2千660萬美元(約8千231萬3千695令吉)向lEPA船運公司購買5萬6千載重噸位的散裝貨船。

此舉為大馬散裝貨運更新船艦的計劃,大馬散裝貨運將以內部資金來融資收購,同時預見收購對未來盈利的貢獻正面。

該船將於2015年上半年交付。

合訂產託受看好‧KLCC產業財測調高

合訂產託受看好‧KLCC產業財測調高
Created 02/18/2013 - 17:31
(吉隆坡18日訊)KLCC產業(KLCCP,5089,主板產業組)組成合訂產業投資信託(Stapled REITs)架構,分析員看好這將有利拉近與國內產託週息率差距,而陽光廣場潛在注入將拉抬整體盈利表現,因此上調今明2年淨利目標27至32%。

KLCC產託將取代
KLCC產業上市地位

馬銀行研究表示,KLCC產業正進行重組計劃以組成國內首個合訂產託,其中3大成熟辦公樓產業將注入產託,而其餘資產則將維持現狀不變,最後KLCC產託將取代KLCC產業上市地位。

Singapore, Malaysia agree to high-speed rail link


Singapore, Malaysia agree to high-speed rail link
Business & Markets 2013
Written by Reuters  
Tuesday, 19 February 2013 16:55

SINGAPORE (Feb 19): Singapore and Malaysia moved to strengthen growing economic ties on Tuesday with plans to build a high-speed rail link by 2020 that will cut travel time between the wealthy city-state and Kuala Lumpur to 90 minutes.

The neighbouring Southeast Asian countries also said they would look for ways to intensify cooperation in developing the Iskandar Malaysia economic zone that's across a narrow strip of water from Singapore.

The rail link announcement, after a meeting between the prime ministers of the two nations, reflects improved relations in recent years. Singapore was once part of Malaysia but they separated acrimoniously in 1965, clouding diplomatic and economic dealings for decades.

名家筆陣:A股機遇在眼前


名家筆陣:A股機遇在眼前
中國股市在二○一二年大起大落,對憂慮市況不明朗的投資者可能會感到很不安。的而且確,從許多指標看來,中國A股市場去年的疲弱表現令人失望,但在一個規模如此龐大的市場中,事情往往不會全好或全壞,因此與大多數市場人士的意見不同,我們對中國的前景仍然樂觀,並會繼續在中國尋找長線投資機遇。

正如已故環球投資之父約翰‧鄧普頓爵士的一句名言:「市場最悲觀的時候就是買入的最好時機,而最好的賣出時機就是市場最樂觀的時候」。

資產減值‧減記撥備‧友力森全年虧3230萬


資產減值‧減記撥備‧友力森全年虧3230萬
Created 02/19/2013 - 10:26
(吉隆坡18日訊)友力森(UNISEM,5005,主板科技組)因資產損記等因素,截至2012年12月31日止的末季虧損,自前期253萬1千令吉顯著擴大到1千950萬1千令吉,促使全年也由盈轉虧,蒙損多達3千230萬6千令吉,比較前期為獲利1千985萬1千令吉。

末季營業額微挫1.37%到2億6千944萬令吉;全年營業額也小跌5.94%到10億9千194萬8千令吉。

派息2仙

該公司擬派發2仙的末期股息。

Singapore Needs to Move Away From Export Reliance



MAS-reportedly-in-discussions-to-discontinue-SIBOR



国际投资人(罗杰斯):香港是中国公司融资的最佳地区



Yen Devaluation to Have Limited Benefits: Pro



Singapore’s Jan. Exports Rise Less Than Estimated



G-20 Will Allow Yen to Weaken Further: Oster



Tuesday, February 19, 2013

Malaysia, Singapore PMs unveil design of JV building


Exclusive Malaysia, Singapore PMs unveil design of JV building
Business & Markets 2013

Written by Ho Wah Foon of the edgemalaysia.com  
Tuesday, 19 February 2013 15:00

KUALA LUMPUR (Feb 19): Prime Minister Datuk Seri Najib Razak and his Singapore counterpart Lee Hsien Loong today jointly unveiled the design of Marina One, an integrated development in the heart of Singapore's new financial district in Marina Bay.

The afternoon event today was part of the annual bilateral meeting between the two heads of government, according to a statement from M+S Ptd Ltd.

Unisem falls 8% on downgrades

Hot Stock Unisem falls 8% on downgrades
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Tuesday, 19 February 2013 16:16

KUALA LUMPUR (Feb 19): UNISEM (M) BHD [] shares declined as much as 8% after analysts downgraded estimates for the semiconductor manufacturer after the company said its quarterly loss widened.

At 4.05pm, Unisem was traded at 92 sen with some 2.3 million shares done after falling as much as eight sen to 91 sen earlier.

Singapore, Malaysia set 2020 target for new high-speed rail link


Singapore, Malaysia set 2020 target for new high-speed rail link
A high-speed rail link between Singapore and the Malaysian capital of Kuala Lumpur may be completed by 2020, leaders of the two countries said today.

The rail network will be a “huge game changer” and transform the way the two countries do business, Malaysian Prime Minister Najib Razak told reporters in Singapore today at a joint press conference with his counterpart. Prime Minister Lee Hsien Loong said the journey may take 90 minutes.

Minzhong stake buy eases governance concern: Analyst

Indofood Sukses' (INDF.JK) purchase of an around 15% China Minzhong (K2N.SG) stake will help dispel corporate governance concerns, an analyst says, noting 2011 allegations against China fruit and vegetable producer Chaoda Modern.

Last year, Chaoda's auditor, BDO, resigned because it wasn't able to complete its audit of the annual results; at the time, Chaoda said the auditor confirmed there are no matters that needed to be brought to shareholders' attention.

Noble seeking cheaper debt as loan sizes swell to five-year high


Noble seeking cheaper debt as loan sizes swell to five-year high

Companies in Asia are approaching banks with the biggest syndicated loans in five years to fund acquisitions and refinance debt as interest rates fall.

Commodities trader Noble Group and San Miguel Corp. lead 17 borrowers in the market in Asia-Pacific outside Japan seeking as much as US$11.03 billion ($13.7 billion) of bank debt, according to people familiar with the plans. That’s on top of the $17.7 billion from 63 deals already signed since Dec. 31, giving an average transaction size of US$359.6 million ($445.8 million), the most since the same period of 2008, data compiled by Bloomberg show.

大马散装货运购散货船

大马散装货运购散货船
Created 02/19/2013 - 10:20
(吉隆坡18日讯)大马散装货运(Maybulk,5077,主板贸服股)宣布,子公司Ambi航运私人有限公司,将兴建和收购5万6000载重吨(dwt)的散货船,以便更新船队。

根据文告,大马散装货运是在今年2月14日,与Lepta航运订立合约。

散货船的收购代价为8242万100令吉,将透过内部融资,并不会因此负债。散货船预计会在2015年1月1日至6月30日期间递交。

大工程年杪颁大选影响情绪 建材股佳绩难再现


大工程年杪颁大选影响情绪 建材股佳绩难再现
Created 02/19/2013 - 10:30
(吉隆坡18日讯)随着大规模工程的颁发可能要等到今年杪,加上全国大选影响承包商的情绪,建材股去年平均大涨35%的亮眼战绩,今年恐怕难以重现。

联昌国际投行建材股分析员沙里占鲁斯利预期,钢铁今年将持续上演供过于求的状况,而同场的洋灰业竞争更是水深火热,影响建材股表现。

在2012年期间,政府颁发价值240亿令吉的工程,支撑建材领域表现。

证明实力重赢信任 亚洲媒体转主板吸资

证明实力重赢信任 亚洲媒体转主板吸资
Created 02/19/2013 - 10:33
(吉隆坡18日讯)亚洲媒体(AMedia,0159,主板贸服股)预测,转至主板上市将推动公司往下一阶段发展。

据《商业时报》引述亚洲媒体总执行长拿督黄世凯的话指出:“在创业板上市将阻碍我们吸资,而大部分基金更限制了创业板公司的投资金额。”

亚洲媒体正式在今日转至主板上市。

根据大马交易所1月的数据,黄世凯通过SK控股公司,间接持有亚洲媒体的30%股权。

实康获1413万合约


实康获1413万合约
Created 02/19/2013 - 10:33
(吉隆坡18日讯)实康(Salcon,8567,主板贸服股)宣布,子公司实康工程有限公司获得能源、绿色工艺及水务部排污部门颁发1413万8249令吉B26配套的合约。

根据文告,实康工程将负责雪州7个公共污水处理厂的设计、兴建和修复工程。工程将会在本月28日开始,预计在24个月、即2015年2月27日内完成。该合约预计会为公司带来进账。

实康总营运长黄清瑞在文告中表示,公司很高兴能为雪州居民提供更好污水处理设备尽一份力,并冀望能在未来获颁更多项目。

Thai tycoon secures over 90% of F&N

SINGAPORE: A Thai tycoon on Monday acquired over 90 percent of Singapore conglomerate Fraser and Neave (F&N) as its takeover offer closed, breaching a threshold that allows him to delist the company.

TCC Assets, controlled by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement issued late Monday that it owned 90.32 per cent of F&N at the conclusion of its offer, including acceptances by shareholders.

With the 90 per cent ownership threshold breached, Charoen has the option to delist F&N from the Singapore Exchange, but the statement was silent on the tycoon's next move.

"We cannot comment on that right now," a TCC spokeswoman told AFP when asked about plans to delist the company.

AH對碰:比亞迪趁調整收集

AH對碰:比亞迪趁調整收集
去年一度成為熱話的比亞迪股份(01211),因為上月內地汽車銷售超預期,而且業務食正新能源題材,股價自今年起狂飆近四成,若以去年七月中旬低位12.54元計,股價報復式反彈1.5倍,昨日以31.45元收市。雖然仍與○九年歷史高位88.4元差一大截,不過去年業績差(預期全年少賺逾92%)的因素料已反映在股價上,未來公司將可受惠「開車還鄉」概念、新的汽車扶持政策及品質和技術改進,加上有報道指公司最快於下月赴港推售其電動車e6,有機會對股價帶來催化作用。




Unisem 4Q loss widens


Unisem 4Q loss widens
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com  
Monday, 18 February 2013 18:15

KUALA LUMPUR (Feb 18): UNISEM (M) BHD []’s net loss widened in the fourth quarter from a year earlier as lower selling prices and a firmer ringgit dragged down the export-based semiconductor manufacturer's revenue. Bottom line was also hit by a reduction in the value of the company's assets, retrenchment cost, besides provisions and write-offs of inventory and receivables.

In a statement to the exchange today, Unisem said net loss came to RM19.5 million in the fourth quarter ended December 31, 2012 (4QFY12) against a net loss of RM2.53 million previously while revenue declined 1.4% to RM269.44 million from RM273.18 million.

Cache Logistics Trust: New ramp-up warehouse addition (OCBC)


Cache Logistics Trust:
Fair value    S$1.34
add: 12m dividend forecast S$0.09
versus: Current price  S$1.29

New ramp-up warehouse addition
• Acquisition at attractive yield
• Stronger market position post acquisition
• Higher debt headroom with credit rating

Cache Logistics Trust (CACHE) has signed an option agreement to acquire a three-storey fully ramp-up warehouse for S$55.2m, or S$194 psf GFA. The transaction is expected to complete in Apr, subject to JTC approval. According to management, the initial NPI yield is ~8.7%, higher than CACHE’s FY12 implied portfolio yield of 7.1%.

OSIM International: Ends FY12 on a high (OCBC)


OSIM International:
Fair value    S$2.19
add: 12m dividend forecast S$0.06
versus: Current price  S$1.80

Ends FY12 on a high
• 4Q12 PATMI jumps 32.5% YoY
• 1+1 DPS declared
• Raise margin assumptions and FV

OSIM International (OSIM) reported a strong set of 4Q12 results which were within our expectations. For FY12, revenue and PATMI of S$601.7m (+8.7%) and S$86.9m (+25.9%) formed 99.7% and 100.9% of our projections, respectively. A positive surprise in the form of a special dividend of 1 S cent/share was declared, on top of a final dividend of 1 S cent/share.

Global Premium Hotels: Asset value play (OCBC)

Global Premium Hotels:
Fair value    S$0.33
add: 12m dividend forecast  S$0.014
versus: Current price  S$0.270

Asset value play, raise FV to S$0.33
• 4Q12 revenue rises 7% YoY
• NAV rises 25% QoQ
• Maintain BUY

Global Premium Hotels (GPH) performed in line with our expectations in 4Q12. 4Q12 revenue increased by 6.8% YoY to S$15.2m. EBIT margin fell 1.4 ppt YoY to 50.7%, partially due to increase in staff costs in relation to the general wage increases and additional staff required for Fragrance Riverside. As part of comprehensive income in 4Q12, revaluation of the land and hotel buildings led to a gain of S$83.7m, equivalent to 10.1% of 30 Sep 2012's PPE.

Fajarbaru Builder - Re-award of LRT extension project


Fajarbaru Builder -
Price Target : 0.51
Last Price : 0.625
Re-award of LRT extension project

News    Fajarbaru announced that it had been notified by MESB, which is a wholly-owned subsidiary of MRCB, that the latter had cancelled the previous sub-contract award for the Ampang LRT extension project worth RM289m to the company.

 This came about as the contract had been taken over by Prasarana from MESB, where the former had also assumed the liability and cost for the package (project). Prasarana has now reawarded the contract back to Fajarbaru.

 The contract scope is mainly for the construction and commission of depot works in Kuala Sungai Baru.

IGB REIT - Mid Valley Megamall Still The Crown Jewel


IGB REIT -
Price Target : 1.43
Last Price : 1.36
Mid Valley Megamall Still The Crown Jewel

Within expectations. IGB REIT’s 4Q12’s net profit of RM46.9m broughtfull-year FY12 net profit to RM53.3m (20 Sept to 31 Dec), and this came broadly in line with our and consensus estimates. We note that this is the maiden full-quarter contribution for the REIT, as earnings only kicked in from 20th Sep 2012 (when Mid Valley Megamall (MVM) and The Gardens Mall (TGM) were injected into the REIT). A 1.83 sen final DPU was declared during the quarter, slightly above our DPU estimate on an annualised basis.

Mid Valley Megamall still main contributor. MVM contributed RM57.4m at the net property income (NPI) level, representing about 75% of IGB REIT’s total FY12 NPI. While MVM will remain as the main earnings contributor, TGM’s earnings growth could outpace that of MVM as TGM slowly matures and cements its position in the high-end retail mall segment, thus narrowing the contribution gap between the two malls over the medium term.

CDL Hospitality Trusts: Room for growth (DBSV)


CDL Hospitality Trusts
BUY S$2.01
STI : 3,285.90
Price Target : 12-Month S$ 2.11
Room for growth

• 4Q12 results in line
• Challenges in operating environment in the near term
• Acquisitions to boost earnings performance; with more headroom, management remains on the hunt for more
• BUY, TP S$2.11 maintained

Highlights
4Q12 results in line. Gross revenue and NPI declined marginally by 1.4% and 0.2% y-o-y to S$38.3m and S$35.6m respectively.

SMRT Corporation :3Q Encumbered by Expense Escalation (KE)


SMRT Corporation
Sell (unchanged)
Share price: SGD1.675
Target price: SGD1.34 (from 1.37)
3Q Encumbered by Expense Escalation

 3Q results below expectations; SELL call reinforced. SMRT Corp (SMRT) reported 9MFY3/13 PATMI that comprised less than 70% of ours and consensus’ full-year FY3/13 estimates, as 3QFY3/13 PATMI fell 31.2% YoY to SGD25.5m. We had forecast cost increases to continue plaguing SMRT, led by staff, repair and maintenance costs, but not to the magnitude reported this quarter. SMRT remains a SELL, as its core transport business continues to be a drag on company profitability. Our Target Price is trimmed to SGD1.34, implying 20% downside.

Lenovo Group: Executing well (CIMB)


Lenovo Group
Current HK$8.30
Target HK$8.84
Executing well

 Lenovo’s 3QFY13 core net profit of US$185m (+21% yoy) was in line as higher-than-expected sales were offset by higher opex.We continue to like Lenovo’s strong executions, and will buy on price weakness.

9MFY13 core net profit of US$488.4m (+20% yoy) forms 85% of consensus and 88% of our full-year forecast, which we deem in line as 4Q is the weakest quarter. We raise our FY13-15 forecasts by 2-4% as we factor in higher margin and opex, but lower sales, tax and minority interest. Our new target price is still based on 15x CY14 P/E, a 15% discount to its 7-year average. Maintain Outperform as we see catalysts from its continuous steady earnings growth.

Starhill Global Reit: Riding on positive reversions (DBSV)


Starhill Global Reit:
BUY; S$0.845;
Riding on positive reversions
Price Target : 12-Month S$ 0.89 (Prev S$ 0.84)

•       Results in line, lifted by SG portfolio
•       Positive reversions, new acquisition, Malaysia stepping up rent and some possible interest savings to drive earnings
•       Maintain BUY at a higher  S$0.89 TP.

Highlights
4Q12 results in line.
4Q12 gross revenues and net property income grew c.2-3% q-o-q and y-o-y. Higher income from its SG properties helps more than offset  forex losses (Yen and AUD weakened by 10% and 3% respectively) and weaknesses in Chengdu performance (-13.9% y-o-y). The trust retained S $0.6m for working capital this quarter, putting YTD amount at S$1.4m.
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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