Saturday, March 2, 2013

High-speed economic corridor


The Star Online > Business
Saturday March 2, 2013
High-speed economic corridor

By SHARIDAN M. ALI and CHOONG EN HAN
starbiz@thestar.com.my

Travelling time between KL and Singapore will be drastically shortened with the proposed high-speed rail.

IMAGINE a family residing in Kuala Lumpur planning a holiday at Universal Studios in Singapore. Their choice of transportation would either be to drive, take a bus or hop on a short flight to the republic.

Eye on Stock: YTL Power


The Star Online > Business
Saturday March 2, 2013
Eye on Stock
By K.M. LEE
YTL Power International Bhd has been in correction mode since peaking out at an all-time high of RM2.76 on Nov 9, 2010.

In the wake of an apparent profit-taking activity, prices fell to an eight-year low of RM1.50 on Dec 17, last year.

Thereafter, they made an effort to recover, but a futile attempt to stage a breakout prompted the bulls to abandon the idea. Subsequently, the shares retreated and they tested the RM1.50 level again on Tuesday before turning range-bound.

Analysts impressed byMAS improved quarterly results, operating statistics


The Star Online > Business
Saturday March 2, 2013
Analysts impressed by MAS improved quarterly results, operating statistics

PETALING JAYA: Analysts remain upbeat with Malaysia Airlines' (MAS) prospects going forward and the carrier's improved quarterly results that came within their expectations.

At least two research houses have upgraded their call on MAS although most houses still have maintained a “sell” call.

Analysts said improved operating statistics were among the factors that brought the flag carrier back on track and that investors remained concerned over MAS' proposed rights issue and the sustainability of its earnings recovery.

內銀頭炮 招行多賺25%勝預期


內銀頭炮 招行多賺25%勝預期
全年盈利453億 末季增長加速
首家公布業績的內地銀行股報喜,招商銀行(03968)昨披露,截至去年12月底止初步業績數據,全年盈利升25%至近453億元(人民幣,下同),高於市場預期中位數6.6%。

第四季賺105億 大增35%

招行去年第四季錄得盈利104.8億元,按年大升35%,增幅高於第三季的16.6%。

招行公告指,預期全年多賺25.3%至452.7億元。據彭博社對19家券商所作的統計,預期招行去年盈利中位數為424.75億元,按年升17.6%;當中,預期上限是聯昌證券的451.3億元最為接近,即按年多賺24.9%,而預期下限則為盈利倒退10%至325億元。

MAS business plan yields second consecutive quarterly profit


MAS business plan yields second consecutive quarterly profit
Business & Markets 2013

Written by Janice Melissa Thean of theedgemalaysia.com  
Friday, 01 March 2013 09:35

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD []’s (MAS)business plan, introduced at the end of 2011, seems to be working well for the national carrier.

Yesterday, it announced its second consecutive quarter of net profit of RM51.37 million for the final quarter ended Dec 31, 2012 (4QFY12), thus narrowing the full-year 2012 loss to RM433 million against RM2.51 billion a year before.

MAS falls despite 4Q profit, challenging outlook seen


Hot Stock MAS falls despite 4Q profit, challenging outlook seen
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Friday, 01 March 2013 11:37

 KUALA LUMPUR (Mar 1): MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) fell in morning trade after the company reported a fourth quarter profit which helped narrowed its annual loss.

At 11.18am, MAS fell as much as 1.5 sen or 2% to an intraday low of 72 sen with some 1.3 million shares done.

Malaysia Airlines - Making a Fresh Start


Malaysia Airlines -
Price Target :0.81
Last Price :0.725
Making a Fresh Start

We  see  MAS  potentially  reporting  decent  4Q  results,  gauging  from  the airline's improved  operating  statistics.  We  also  believe  its  coming  on  board  the  oneworld alliance  could  also  boost  yield  and  load  factor.  Overall,  its  outlook  is  brightening and we can expect better financial performance from MAS. The group has proposed several  corporate  exercises  to  beef  up  its  financials  to  make a  fresh  start.  Still, we remain cautious on the potential dilution arising from its proposed rights issue. That said, we lift our FV to RM0.81 and upgrade MAS to BUY.

Singapore Budget: A budget for SMEs and lower-income (OCBC)


Singapore Budget:
A budget for SMEs and lower-income

Summary: Singapore's economic growth is likely to be between 1-3% this year. For businesses, the Budget mainly focused on reducing foreign workers and helping to defray some operating costs for the SMEs. For the individual, more progressive tax systems were announced, and are shifting higher tax rates to the higher income group. Overall, there are some goodies for the masses and selective targeted measures to help certain businesses. We do not expect the reduction in work permit holders ratio to severely affect the local yards, but expect the Healthcare sector to benefit from the government’s commitment to make healthcare more affordable for Singaporeans. The corporate and personal income tax rebates will be welcomed by both businesses and residents to defray costs. Overall, we see the Singapore Budget 2013 as a budget for the SMEs and to also help lower the living expenses of the residents.

Neptune Orient Lines: Negative Earnings Surprise (Phillip)


Neptune Orient Lines
Target Price (SGD) 1.32
- Previous Target Price (SGD) 1.36
Closing Price (SGD) 1.23
Negative Earnings Surprise

Company Overview
Through its container shipping arm, APL, NOL is the 7th largest container shipping company in the world and derives more than half of its revenue from America. The Group also provides supply chain solutions through APL Logistics.

Olam International Ltd: Is the debt level sustainable?



Sheng Siong: Good FY12, but well in the price (CIMB)


Sheng Siong
Current S$0.61
Target S$0.59
Good FY12, but well in the price

 Sheng Siong ended the year strongly, with earnings growth driven by its eight new stores. Record high gross margins in 4Q and tight cost control were the other highlights.

FY12 core earnings were in line, at 103% of our forecast and 99% of consensus estimates. We raise our FY14 estimate by 2% for housekeeping adjustments and introduce FY15 numbers. No change to our target price (18x CY14 P/E), based on a 20% discount to Dairy Farm. Downgrade from outperform to Neutral on valuation grounds.

Gabriel Gan: Straits Times Index Still Struggling With 3,300 Points; No Need To Despair

22 FEBRUARY 2013
Straits Times Index Still Struggling With 3,300 Points; No Need To Despair
By Gabriel Gan

When the going gets tough, the tough gets going!

What the sentence is trying to convey speaks for most investors in the stock market because plenty of investors have given up hope late last year before the rally started. Investors, however, can be forgiven for behaving this way because an accumulation of fear and fatigue have taken its toll on most investors.

Ever since the US financial crisis in 2008 and the European debt crisis just a couple of years back, investors have either been too emotionally or financially-drained to even want to partake in stock market investments. Who can blame these investors when crisis after crisis had hit the stock market for the past six years? Who can safely say that the European economies will not tank when nothing much has been resolved apart from the return of confidence after ECB (European Central Bank) President Mario Draghi promised unlimited buying of sovereign bonds last year and not a cent has been spent doing so?

ChanYanChong-Commentary : 22.02.13


22 FEBRUARY 2013
Prof Chan Yan Chong Column
By Prof Chan Yan Chong

Just returned to Hong Kong from England and found the quantitative easing has done a whole world of good for the retail as well as food and beverage industries. Strangely, very little of the goods in England are local made as the high-end goods are manufactured in other parts of Europe while the rest are made in China and Southeast Asia. Is the rest of Europe facing a recovery?

I have some friends who have kids studying in England who stay in their own apartments as opposed to renting. This makes more sense as there is capital appreciation and future rental yield to be collected. Property prices in central areas in England are much cheaper than housing prices in Hong Kong’s suburbs.

Temasek-Backed MapleTree Launches US$1.3b Record REIT IPO


22 FEBRUARY 2013
Temasek-Backed MapleTree Launches US$1.3b Record REIT IPO

A real estate investment trust (REIT) backed by Singapore state investor Temasek Holdings, is betting on demand from yield-hungry investors to complete an up to US$1.3 billion initial public offering (IPO), the largest ever IPO by a REIT in the city state.

Investors and bankers hope a successful offering by the REIT, MapleTree Greater China Commercial Trust, will be a harbinger for IPOs in Asia following a dismal 2012.

It will be the biggest IPO in Asia excluding Japan since the US$3.1 billion listing of People’s Insurance Company (Group) of China’s (PICC) in late November, and comes ahead of some US$2.5 billion of offerings for business trusts and REITs expected to take place in the coming months in Singapore.

Marco Polo Marine: Generating Growth Through Offshore Oil & Gas Exposure And Publicly-Listed Indonesian Subsidiary


22 FEBRUARY 2013
Marco Polo Marine: Generating Growth Through Offshore Oil & Gas Exposure And Publicly-Listed Indonesian Subsidiary
By Ong Qiuying

With the advancing growth in Asia, the marine industry, in particular the offshore oil and gas sector, continues to thrive amidst buoyant demand for energy. Shares Investment was privileged to meet Mr Sean Lee Yun Feng, Chief Executive Officer of Marco Polo Marine Limited in an exclusive interview as the Group, together with its recently-listed Indonesian subsidiary PT Pelayaran Nasional Bina Buana Raya Tbk, gears up to tap on the rising offshore marine market in Asia.

CapitaLand: Focus now on lifting ROEs (CIMB)


CapitaLand
Current S$3.90
Target S$4.33
Focus now on lifting ROEs

 Operational pick up is now in progress. China sales continue to improve with the expected handover of over 3k units to underpin core earnings growth in FY13. Further stock catalysts could come from disposals of non-core assets to facilitate a new phase of recycling.

4Q12 core earnings were in line at 29% of our full year and 20% of consensus. FY12 core earnings were 100% of our full year. We lower our FY13-14 core EPS on lower SG ASPs and introduce FY15 estimates. Our target price is lifted on higher values for CMA and a lower 15% RNAV discount (20% previously), in line with other large cap property stocks. At 24% discount to RNAV, CapLand remains the most attractively valued large cap; maintain Outperform.

Asia Media : Proposed Rights Issue of Shares with Warrants (TA)


Asia Media
TP: RM0.115
Last traded: RM0.155
Proposed Rights Issue of Shares with Warrants

Asia Media Group Berhad (Asia Media) has proposed to undertake renounceable rights issue of up to 752.4mn new shares in Asia Media on the basis of 1 rights share for every 1 existing Asia Media share held, together with up to 188.1mn warrants on the basis of 1 free new warrants for every 4 rights shares subscribed. The proposal is expected to be completed in 2QFY13.

The actual issue price will be fixed later but the indicative price of the rights share is assumed at RM0.13 per rights share. For warrant, based on the indicative exercise price of RM0.25/existing warrant, the exercise price of the existing warrants will likely be reduced to RM0.24/warrant.

KLCC Property:Towering results (CIMB)


KLCC Property
Current RM6.11
Target RM6.70
Towering results

 KLCC Prop's FY12 core net profit of RM373m was above expectations, beating our estimate by 9% and consensus by 5%. The variance was mainly due to the higher-than-expected margins. The final dividend of 4.5 sen was also higher than our 4 sen expectation.

As such, we raise our margin assumptions which leads to a slight 0.8% rise in EPS, and a higher DDM-based target price. Our Outperform rating is maintained. Catalysts are approval for its new stapled security structure, as well as potential transfer of assets like Suria KLCC and Kompleks Dayabumi into the REIT in the future, which could mean higher dividends as tax savings can be returned to shareholders.

YTL Power: No Dividend Payout! (HLG)


YTLPower
Price Target: RM1.66
Share price: RM1.54
No Dividend Payout!

Results
 In line - Reported 2QFY13 core earnings of RM224.6m, leading to RM417.1m for 1HFY13, which is 42.1% of HLIB’s FY13 forecast. We expect stronger earnings for 2HFY13, banking on lower losses from Yes and tariff hikes from Wessex Water.

Deviations
 None.

JCY - 1QFY13 Results: Below Expectations

JCY - 1QFY13 Results:
Price Target :0.45
Last Price :0.565
Below Expectations

Results
JCY’s 1QFY13 core net loss of RM25.7m came in below expectations, not comparable with HLIB and consensus full year core net profit estimates of RM311.8m and RM211.0m respectively.

In 1QFY13, JCY registered revenue of RM376.8m (-32.6% yoy, -29.8% qoq), EBITDA of –RM7.7m (-104.0% yoy, -118.5% qoq), and normalized PATAMI of –RM32.9m (>- 100% yoy, >-100% qoq).

Jim Rogers: Wall Street is doomed


Jim Rogers on China’s ascension, Wall Street’s downfall and Obama’s failures



巴菲特投资三十六计之二十二:打草惊蛇

2007年10月央视记者问:“巴菲特先生,您认为投资以前实地调研是必需的吗?”巴菲特说:“你必须了解你买的是什么。”巴菲特投资如同用兵,非常谨慎小心,先用怀疑的眼光提出各种疑问,打动草惊跑蛇,必疑以叩实,方察而后动。
“巴菲特投资36计”之二十二 打草惊蛇

http://finance.sina.com.cn/stock/t/20110523/02289880959.shtml
011年05月23日 02:28 中国证券网-上海证券报
    ⊙刘建位
  
  原文为:疑以叩实,察而后动;复者,阴之媒也。

  按语为:敌力不露,阴谋深沉,未可轻进,应遍探其锋。兵书云:“军旁有险阻、潢井、葭苇、林木、翳荟者,必谨覆索之,此伏奸之所处也。”

Singapore Airlines: Are weak fundamentals




Vasu Menon: US Fed Must Manage Expectations



Progressive-property-tax-rates-unlikely-to-dampen-investor-sentiment-analysts



證券分析:太平洋航運業績勝預期


證券分析:太平洋航運業績勝預期
http://paper.wenweipo.com   [2013-03-02]

交銀國際
 經營乾散貨船及拖船的太平洋航運 (2343)公佈2012年年度業績。經常性盈利同比下滑17.3%至4,780萬(美元,下同)。太平洋航運淨虧損達到1億5,850萬,主要由於年內出售的滾裝船業務分部的減值虧損所致。

 乾散貨業務分部及拖船業務分部的純利分別為3,930萬及3,770萬,滾裝船業務分部則錄得1,210萬的淨虧損。靈便型船隊2012年的等價期租水準(TCE)同比下滑23%。收入日數則同比增加25%,部分抵銷TCE的跌幅。然而,乾散貨運業務分部整體的純利同比下降52%。2012 年下半年的分部純利為3,180萬元,大幅高於上半年的750萬元。

S$3.6b-scheme-to-cofund-wage-increases-for-Sporean-workers



A Better Hong Kong in the Year of the Snake?



田渭东:2013年是A股市场转折之年



Bullish on Stocks: Is Ben Bernanke Right?



Apple's Cash Talks Fail to Comfort Investors



Talking Numbers: What's Next For Apple's Stock?



QE and Currencies



Friday, March 1, 2013

公积金促提高MISC献购价


公积金促提高MISC献购价
(吉隆坡1日讯)雇员公积金局(EPF)表示,国家石油公司(Petronas)应该提高之前对MISC公司(MISC,3816,主板贸服股)提出的每股5.30令吉献购价。

公积金局首席执行员阿兹兰再努今天受访时指出,「我们希望国家石油可以提出更高价格来收购MISC公司。这个献购活动目前还未有最终定案,我们將关注事情的发展。」

公积金局是MISC公司的第二大股东,持有9.63%股权。

国油公司是在1月31日,提出以每股5.30令吉全面收购MISC公司,並无意保留其上市地位。

2月差强人意 马股3月向好


(吉隆坡1日讯)儘管大选忧虑仍笼罩著马股,但市场普遍认为,3月份对马股而言將会是走势较正面的一个月份,而美国即將生效的自动减支亦不会对马股带来太大的影响。

接受《东方財经》电访的2名研究主管异口同声表示,影响马股3月份表现的关键依旧在於迫在眉睫的大选。

3月份象徵一个季度的结束,英特太平洋证券研究主管冯廷秀相信,马股本月的走势料逐步攀高。他认为,3月份的马股或可收復之前累积的跌幅。

全年净亏收窄至4.3 亿 马航末季转盈5137万


全年净亏收窄至4.3 亿 马航末季转盈5137万
Created 03/01/2013 - 08:02
(八打灵再也28日讯)马航(MAS,3786,主板贸服股)2012年第四季再次扬眉吐气,转亏为盈之余亦成功收窄全年亏损,并放眼2013财年成绩可更上一层楼。

相比于2011财年末季的12亿7738万4000令吉净亏损,马航2012财年末季转而取得5137万3000令吉净利。

营业额是从上财年末季的36亿7817万6000令吉,微扬5%,报38亿6633万2000令吉。

基于第三季和第四季皆写下盈利,马航的全年净亏损从2011财年的25亿2398万8000令吉,大幅收窄至净亏损4亿3258万7000令吉。

Petronas Towers owner to list Malaysia's biggest REIT

Petronas Towers owner to list Malaysia's biggest REIT

Reuters
Friday, Mar 01, 2013
KUALA LUMPUR/HONG KONG - KLCC Property Holdings Bhd, which owns Malaysia's iconic Petronas Twin Towers, is set to complete a restructuring and list in April the nation's biggest real estate investment trust (REIT), sources told Reuters.

The trust, three times larger than the next biggest Malaysian REIT, will raise no new money.

The corporate restructuring was unveiled in November, creating a so-called stapled REIT by bundling existing shares of KLCC Property and units of KLCC REIT, in a bid to lure yield-hungry investors.

Noble sees earnings buoyed by agriculture unit recovery


Noble sees earnings buoyed by agriculture unit recovery
WRITTEN BY BLOOMBERG  
FRIDAY, 01 MARCH 2013 17:18

Noble Group, Asia’s biggest commodity trader by sales, said earnings this year will be driven by a recovery at its agricultural business after reporting a 14% decline in fourth-quarter profit.

Net income fell to US$91.2 million ($113 million) from US$105.7 million a year earlier, Hong Kong-based Noble said yesterday in a statement. That met the US$91 million average estimate of five analysts surveyed by Bloomberg. Sales rose 21% to US$24.3 billion.

盈利能見度低‧馬航料2014年才止損


盈利能見度低‧馬航料2014年才止損
Created 03/01/2013 - 17:27
(吉隆坡1日訊)馬航(MAS,3786,主板貿服組)2012財政年第四季雖然扭轉虧損局面,但全年仍無法轉虧為盈,在市場預期中,分析員基於馬航盈利能見度低,唯有進一步改善回酬才能扭轉乾坤,預見馬航至2014年才能全面擺脫虧損厄運。

馬航2012財政年末季成功轉虧為盈,獲利約5千萬令吉,比較前期為淨虧損近12億8千萬令吉,全年雖仍蒙損4億3千萬令吉,卻自前期淨虧損25億2千萬令吉顯著改善。

安聯研究坦言,按年比,馬航虧損雖已減半,但馬航有必要加把勁改善回酬,因提高營收回報,是唯一翻轉馬航劣勢的管道。

Low shipping rates causes Shin Yang to incur 2Q loss.

Low shipping rates causes Shin Yang to incur 2Q loss.
Business & Markets 2013

Written by Madiha Fuad of theedgemalaysia.com  
Thursday, 28 February 2013 20:05

KUALA LUMPUR (Feb 28): Shin Yang Shipping Corporation Bhd posted net loss of RM12.8 million for the second quarter ended December 31, 2012, compared to a net profit of RM15.6 million a year earlier due to stiff competition on shipment rates.

In a filing to Bursa, the group said the losses were mainly due to unrealised margin during ONSTRUCTION [] and stiff competition on freight rates on domestic shipping routes.

MAS swings back to black, reports net profit of RM51.4mil for Q4


The Star Online > Business
Friday March 1, 2013
MAS swings back to black, reports net profit of RM51.4mil for Q4

By CECILIA KOK
cecilia_kok@thestar.com.my

PETALING JAYA: Malaysia Airlines' (MAS) financials continued to improve as it posted a net profit of RM51.4mil for the fourth quarter, reversing the net loss of RM1.3bil a year earlier.

Earnings per share stood at 1.54 sen for the quarter ended Dec 31, compared with a loss per share of 38.22 sen previously.

“We are on an upward growth trend,” MAS group chief executive officer Ahmad Jauhari Yahya told reporters at the carrier's results briefing yesterday.

CIMB Research lowers Muhibbah target price to 87 sen


The Star Online > Business
Published: Friday March 1, 2013 MYT 8:48:00 AM
CIMB Research lowers Muhibbah target price to 87 sen

KUALA LUMPUR: CIMB Equities Research lowered its target price for Muhibbah Engineering from 94 sen to 87 sen following the weaker financial performance.

It said on Friday Muhibbah made a large RM245mil provision relating to the Asian Petroleum Hub (APH) project, resulting in a RM98mil net loss for FY12.

“This is below our and consensus net profit forecasts of RM65mil-RM70mil. Losses were partially offset by cranes and concession earnings in 4Q12,” it said.

Jadi Imaging : Still in the Red (TA)


Jadi Imaging
TP: RM0.11
Last traded: RM0.105
Still in the Red

Review
_ Jadi Imaging’s (Jadi) 4Q12 results stayed in the red for two consecutive quarters. The cumulative FY12 net loss of RM111k came in lower than our loss projection of RM1.1mn. However, we note that the lower losses in Q4 were partly due to tax savings.

_ 4Q12 net loss extended to RM678k from RM139k in 3Q12 despite an improvement in revenue. This was mainly due to increase in raw material cost, coupled with the weakening of the US$ against the Ringgit. On a cumulative basis, the group suffered losses of RM111k vs. a profit of RM4mn in FY11. We believe this was due to the tough operating environment as the demand for toner slowed in respect to the decline in printer sales.

China Minzhong: Cultivating strong sales (CIMB)


China Minzhong
Current S$1.02
Target S$1.35
Cultivating strong sales

 Two consecutive quarters of strong sales bode well for China Minzhong, ahead of its peak season. At 47% of our FY13 estimate and 44% of consensus numbers, 1H convincingly beat our expectations, thanks to surprisingly strong yields from new farmland.

2QFY13 earnings amounted to 28% of our full-year forecast. We raise FY13-15 EPS by 7-9% to incorporate 1H’s strength. Our target price is raised for the higher earnings and a higher CY14 P/E of 4x on par with the sector (previously 3x) as the sector re-rates. We upgrade it from Neutral to Outperform, with the key catalyst being the potential payment of dividends later this year, given its increased cash.

Perennial China Retail Trust: Looking towards monetisation (CIMB)

Perennial China Retail Trust
Current S$0.64
Target S$0.69
Looking towards monetisation

Traditionally a weaker quarter,4Q12 was saddled by pre-operating costs for Foshan and Chengdu malls too. Management expects leasing improvements. Of greater interest is a clear direction towards asset trading and stratatitling to boost near-to mid-term returns.

4Q/FY12 was in line with consensus and our expectations at 25%/100% of full-year estimates, supported by earn-out structures. Our target price rises as we cut our RNAV discount from 30% to 20% as >90% of the IPO portfolio is now completed. We raise FY13 DPU by 4% and lower FY14 by 6% for balance earn-out structures. Maintain Outperform, with accretive divestments as the catalyst.

KLCC Property: The Alternative Yield Play (MIB)


KLCC Property
Share price: MYR6.13
Target price: MYR6.61 (from MYR6.38)
The Alternative Yield Play

 Maintain BUY with a higher TP. The listing of KLCC stapled REIT (KLCCSR) by end-1H13/early-2H13, taking over KLCCP listing status, will provide investors with an alternative yield play. Although it will not enjoy the tax incentives of a pure REIT, shareholders will still be able to reap an additional 9-11sen DPS under the new corporate structure, closing the yield gap with M-REITs. We raise our FY13/14 earnings forecasts by 27%/32%. Our new DCF-based TP is MYR6.61 (+23sen).

Cordlife: The auspicious year of the Dragon helped boost performance (Limtan)

CORDLIFE GROUP
S$0.625-CORD.SI
 Cordlife Group (CG) outperformed market expectations for 2Q Dec ’13 with sales rising 24% yoy to $8.8mln. raising 1H Dec ’13 revenues by 18% to $17mln and 2Q profit (excluding $2.66mln gain on disposal of an associate) rising 58% to $3mln, raising 1H profit (excluding the associate gain) by 53% to $5.8mln.

 The auspicious year of the Dragon helped boost performance.

 While the year of the snake is usually not an auspicious year for newborns, the new year ahead may be different as the Singapore government has just announced an enhanced parent hood package from the previous $1.6bln to $2bln in an attempt to boost total fertility rate in Singapore from 1.2 in 2011 to 1.45 with higher cash incentives, longer paternity leave package and higher subsidies for artificial insemination processes.

Thai Beverage: Not just an elephant now (CIMB)

Thai Beverage
Current S$0.52
Target S$0.70
Not just an elephant now

 Gaining control of F&N’s brands and extensive distribution network in Singapore, Malaysia, and Brunei could transform Thai Bev/TCC into a regional consumer name. The grouse that it was a single-country, low-growth beer/spirits company is now no longer valid.

Synergies can show up via F&N’s entry into Thailand and Oishi’s overseas expansion. Valuations should also expand as growth accelerates. We have not factored in synergies yet though our FY12-14 EPS does rise by 1-8% to reflect lower Thai corporate tax rates; this lifts our SOP target price. Catalysts for our intact Outperform could come from a streamlining of its F&B business and earnings delivery, in our view.

Malaysian Bulk Carriers : POSH to the rescue (CIMB)

Malaysian Bulk Carriers
Current RM1.53
Target RM1.48
POSH to the rescue

Maybulk's 2012 core profit of RM27.7m was 29% above our forecast of RM21.4m, but 50% below consensus numbers, likely due to exceptional items. It was a strong performance by its associate POSH but the same cannot be said of its bulk division which suffered a RM10.5m EBIT loss.

We increase our FY13-14 EPS by 25-56% on higher POSH earnings. We now value POSH at a 25% premium, which nudges our target price higher (20% discount to SOP). Despite the strong earnings in 4Q, we downgrade the stock from Neutral to Underperform due to larger bulk losses and the recent run-up in its share price. De-rating catalysts include weaker freight rates and larger bulk losses.

Lippo Malls Indonesia Retail Trust: Downgrade to HOLD


Lippo Malls Indonesia Retail Trust:
Fair value    S$0.52
add: 12m dividend forecast S$0.036
versus: Current price  S$0.520

Downgrade to HOLD
• 4Q12 in line
• Good occupancy
• Downgrade to HOLD

LMIRT posted 4Q12 gross rental income of S$33.0m, up 35% YoY. The increase was primarily due to the contributions from Pluit Village and Plaza Medan Fair (acquired in 4Q11) and marginal contributions from the six acquisitions made in 4Q12. Results for the quarter were generally in line with our expectations; DPU of 0.74 S cents formed 97% of our estimate. NAV per unit rose 6.3% QoQ to 56.16 S cents, giving a current P/B of 0.93x. Gearing remains healthy at 24.5%. Management indicates that the average weighted all-in cost of debt for FY13 is likely to be 5.5%-5.7%. We maintain our fair value of S$0.52. Since the current unit price is near our fair value, we downgrade LMIRT to a HOLD. We estimate a FY13F yield of 6.9%.

Olam International 2Q13: Not much surprise (Nomura)

Olam International
Target price SGD 2.30
Closing price February 7, 2013 SGD 1.64
2Q13: Not much surprise
Improved trading conditions amid good volumes; remains attractive on valuations

Action: Volume growth positive and asset-light on sugar
Olam’s 2Q13 net adj earnings were at SGD121mn (adj for bio gains and the sale of land), up 15% y-y and in line with our SGD117mn forecast. 1H now forms 48% of full-year figures (48% of Nomura estimate, and 46% of consensus); we don't expect many consensus changes. A key negative from the results was discontinuation of the sugar asset purchase in Brazil; however, positives were volume growth in edible nuts, food staples and a recovery in cotton markets. We expect a subdued stock reaction.

CapitaMalls Asia : Consolidating for next phase of growth (Phillip)

CapitaMalls Asia
Target Price (SGD) 2.11
- Previous Target Price (SGD) 1.93
Consolidating for next phase of growth

Company Overview
CMA is a shopping mall developer, owner and manager. It has interests in and manages a pan-Asian portfolio over 90 shopping malls. Its principle business strategy is to invest in, develop and manage a diversified portfolio of real estate used primarily for retail purposes in Asia.

CapitaLand : Focus on Improving ROE (KE)

CapitaLand
Buy (unchanged)
Share price: SGD3.90
Target price: SGD4.30 (from SGD4.27)
Focus on Improving ROE

 No earnings surprise. For the first time since 2005, CapitaLand’s headline PATMI failed to cross the billion-dollar mark, as its FY12 PATMI came in at SGD930.3m, down 12% YoY. Excluding revaluation gains and impairments, core PATMI would have been SGD568.7m, which is a 1% YoY decline and largely in line with expectations. We remain positive on the stock and CapitaLand remains one of our top-picks in the Singapore developer space. Maintain BUY.

KLCC Property: Ending the year with a bang (DBSV)


KLCC Property
BUY RM6.10
KLCI : 1,614.05
Price Target : 12-Month RM 7.70 (Prev RM 7.60)
Ending the year with a bang

4Q12 earnings beat expectations; revenue growth was led by higher rental income from office (Menara Petronas 3) and retail properties
Raised FY13-14F earnings by 8%/6%
Maintain BUY with RM7.70 TP

Highlights
Strong 4Q12 result. 4Q12 earnings (ex-EI) grew 42% y-o-y (- 21% q-o-q) to RM89m on 27% higher rental revenues from office and retail properties.

Pan-United Corp: Goodness all priced in (CIMB)

Pan-United Corp
Current S$0.92
Target S$0.91
Goodness all priced in

 FY12 ended on a good note due to buoyant demand for building materials. A turnaround for loss-making shipping was the icing on the cake. Operating momentum is likely to continue into 2013 but earnings could fluctuate due to the timing of contract completion.

FY12 core net profit of S$40.6m met our S$41.5m estimate and consensus’s S$40.3m. Operating momentum has been positive. We raise our FY13-14 numbers by 7-9% and introduce FY15. Our residual income-based target price rises to S$0.91. However, given the recent price run-up, we downgrade PUC from Outperform to Neutral as near-term potential is priced in.

MAS' best quarterly performance in 2 years


MAS' best quarterly performance in 2 years
By Bilqis Bahari
bbahari@nstp.com.my
2013/03/01

Malaysia Airlines (MAS) has posted its best quarterly results in nearly two years and expects further improvements in the coming quarters.

The national carrier attributed the much-improved set of results to its Business Turnaround Plan, introduced a year earlier to help beef up its financials.

MAS posted a net profit of RM51.4 million for the fourth quarter ended 31 December 2012, reversing a RM1.3 billion loss it registered in the same period a year ago.

太航轉虧 料貨運快復甦


太航轉虧 料貨運快復甦
受累撤出滾裝貨船業務帶來的減值及匯兌虧損,太平洋航運(02343)截至去年底止全年盈轉虧,蝕1.58億元(美元‧下同)。公司預料,乾散貨運市場今年第二季將適度復甦,但仍需消化供應過剩問題。

年蝕12億 擬撤滾裝貨運
期內,營業額按年升9.92%至14.43億元,毛利跌24.44%至8,190萬元,虧損1.58億元(約12.324億港元),派末期息5港仙,二○一一年則賺3,200萬元。

惟若撇除1.98億元的滾裝貨船減值及匯兌虧損,公司去年基本盈利為4,780萬元,跌17.3%。

佐丹奴派高息 彤叔袋近億


【本報訊】佐丹奴(709)去年核心盈利雖然倒退,但公司仍堅持派高息,末期息金額較前年還增加8.7%至25仙。公司的大股東、周大福(1929)榮譽主席鄭裕彤,因此可「袋走」9,600萬元股息。佐丹奴主席劉國權形容,自己是「最鐘意派高息的CEO」,強調今次決定周大福絕無干預。

佐丹奴連同中期派息,全年派息金額達40仙,為有史以來最高水平,派息比率亦由前年的79%增加至87%。以昨日收市價7.8元計算,佐丹奴現時股息率為5厘。

彤叔私人持有佐丹奴25%股權,今次末期息可獲利9,600萬元,全年計已收息1.54億元。去年5月,彤叔乖孫鄭志剛以及周大福執行董事陳世昌正式入主董事局,任非執行董事。

曾淵滄專欄 01.03.13:勾地制度名存實亡


曾淵滄專欄:勾地制度名存實亡 - 曾淵滄

美股在創歷史新高前出現多次動盪,不過每一次的動盪後,很快又創出今年新高,亦是五年新高,前一陣子,聯儲局公佈上一回議息會議紀錄後,投資者得到的訊息是,聯儲局可能提早退市,於是股市下跌。之後,意大利選舉,出現懸峙國會,政府難產,投資者擔心意大利新政府將不再推行緊縮經濟政策,引致歐盟不再支持意大利,美股又一次下跌。

過去兩天,聯儲局主席伯南克親自出來告訴大家,美國不會輕易退市,再加上經濟數據好,美股很快就收復失地,倒是香港的反彈仍未能肯定,調整是否已結束,原因是我們也無法肯定內地股市的調整是否已結束。無論如何,近幾日我不斷的強調兩個觀點,第一個觀點是不要企圖捕捉調整的最低點,最好是訂下一個有足夠調整折扣幅度的股價,一見價就入市買。

马航全年亏损大幅收窄


马航全年亏损大幅收窄

(吉隆坡28日讯)马航(MAS,3786,主板贸服股)2012財政年亏损大幅收窄至4亿3073万令吉,比前年同期的25亿1232万令吉的亏损明显改善,离止亏目標再进一步。

营业额则从139亿零142万令吉,按年收窄1.04%,至137亿5641万令吉。

马航末季(截至12月31日)转亏为盈至5137万令吉,去年同期则净亏达12亿7728万令吉。单季营业额从36亿7817万令吉,按年升5.12%至38亿6633万令吉。本季度也是马航连续第二次取得盈利。

展望2013財年,阿末佐哈里信心满满,希望团队带领公司表现取得更上一层楼的表现。

Air Asia: Flying High on More Passengers



Apple Absolutely Needs Cheaper iPhone: Munster



China to Shift Focus to High Value Sectors: HSBC



伯南克:超宽松货币政策利大于弊



U.S. Economy Beginning to Recover



中海油151亿美元收购加拿大尼克森公司



Thursday, February 28, 2013

券商買進心頭好.整體前景露曙光 馬航投資評級獲上調


券商買進心頭好.整體前景露曙光 馬航投資評級獲上調
★券商:僑豐投資研究
★目標價:81仙

隨著營運數據改善,看好馬航(MAS,3786,主要板貿易)末季財報將不錯,加上加入世界航空聯盟寰宇一家(Oneworld),有助提高乘客率,整體前景漸露曙光。

 馬航2月1日加入寰宇一家,是東協唯一一個會員,將從其他成員航空公司飛往東協國家航班中受益,據了解馬航飛往曼谷載客率已獲提振。

 如此一來,相信未來會有更多客戶使用忠誠積分換取其他航班優惠,乘客越多對馬航越有利。

億萬富翁逆勢拋股 暗示美股或大跌?


(紐約27日訊)美股過去3個月來上漲6.5%,但美國億萬富翁鮑爾森、索羅斯和股神巴菲特卻都不約而同拋售股票;巴菲特大動作出清消費性產品股票,不僅表現出對消費市場信心不足,更暗示著未來股市可能大跌。

 根據《大紀元》報導指出,投資新聞網站Moneynews.com指美股雖然近3個月都在走升,但許多億萬富翁卻悄悄拋售持股,而且動作越來越快。

 其中,一直擔任美股啦啦隊長的股神巴菲特,其賣股速度更是驚人;巴菲特最近常抱怨強生、寶潔和卡夫卡食品等績優股的股價“表現不如預期”。

青心直說:國壽應投資友邦 - 胡孟青


青心直說:國壽應投資友邦 - 胡孟青

拯救A股成效,已儼然被視為郭樹清任內成敗指標,甚至是只許成功不許失敗的非常任務。為此,中證監無所不用其極,繼QFII、RQFII、養老金後,終於再找到刺激股市的新點子,向全國住房公積金打主意,啟動該批資金入市的研究工作。

截至2011年底規模已達2.1萬億元人民幣的全國住房公積金,將會成為撐起A股的生力軍,皆因在現行限制下,其投資範圍仍只局限於銀行存款及國債。但現時內地保險公司對股票及股票型基金等權益類資產僅佔保險總資產一成,連兩成上限亦未達到,再逼保險公司加注未必湊效,加上股市回報不佳,惟有再拓可供入市的資金來源。

Golden Agri quarterly profit plunged 93% as palm prices dropped


Golden Agri quarterly profit plunged 93% as palm prices dropped

Golden Agri-Resources, the world’s second-biggest palm oil producer, said fourth-quarter profit declined 93% as prices of the commodity declined.

Net income was US$53.6 million ($66.2 million) in the three months ended Dec. 31, from US$747.8 million a year earlier, the Singapore-based company said today in a statement. Revenue in the quarter gained 14% to $1.519 billion.

Noble quarterly profit fell 14% on lower agriculture earnings

Noble quarterly profit fell 14% on lower agriculture earnings

Noble Group, Asia’s biggest commodity trader by sales, said fourth-quarter profit fell 14% as earnings from its agricultural unit dropped.

Net income was $91.2 million ($112.7 million) in the three months ended Dec. 31, from US$105.7 million a year earlier, the Hong Kong-based company said today in a statement. That met the US$91 million average estimate of five analysts surveyed by Bloomberg. Revenue rose 21% to $24.3 billion.

Sales at Noble’s agriculture unit, its second-largest, slumped for a third straight quarter as drought in Argentina and poor oilseed crushing conditions in China weighed on the unit. Noble said today it’s committed US$500 million to expand its agricultural business in the next two years.

國行派馬幣定心丸‧馬股2月反敗為勝


國行派馬幣定心丸‧馬股2月反敗為勝
Created 02/28/2013 - 17:30
(吉隆坡28日訊)隨著今年2月份農曆新年長假縮短交易日,加上全國大選近在眉睫,投資者離場觀望,新年漲潮欠奉,表現平淡無奇;所幸國行臨尾“大派馬幣定心丸",驅使馬股在2月最後一個交易日“異軍突起",避開陷入赤字窘境。

收盤時,富時綜指高掛1637.63作收,漲13.49點,以全日最高水平掛收;而2月全月,則微起10.08點。

馬股2月份表現仍由大選因素主宰,特別是市場傳出政府要解散國會消息後,即拉緊股市神經而出現拋售股票活動。

物色区域新据点 马航瞄准中国印度


物色区域新据点 马航瞄准中国印度
Created 02/28/2013 - 08:11
(吉隆坡27日讯)马航(MAS,3786,主板贸服股)披露,正在区域内物色新据点,特别是中国与印度。

该公司总执行长阿末昭哈里披露,马航看好区域航空市场的增长,并将为客户提供不错的选择。

他告诉马新社说:“明显的,我们必须从其他航空公司与廉价航空公司的竞争中,善用这种机会。”

同时,马航子公司飞荧(Firefly),计划开拓更多飞往印尼、新加坡及泰国南部的航线。

AirAsia upgraded to reflect risk of rivalry


The Star Online > Business
Thursday February 28, 2013
AirAsia upgraded to reflect risk of rivalry

By NG BEI SHAN
beishan@thestar.com.my

PETALING JAYA: Analysts have upgraded AirAsia Bhd as its share price has already reflected the risk of Malindo Air's entry while it provided potential upside due to the new dividend policy introduced.

“We believe there will be a price war between Malindo Air and AirAsia later in the year, said Maybank Investment Bank Research in a report.

友邦業績靚 掀炒風


友邦業績靚 掀炒風
【本報訊】業績股有睇頭,友邦保險(1299)公佈去年純利大增88.69%至30.19億美元(約235億港元),以核心業務計算的新業務價值,亦按年增長27.47%至11.88億美元,兩者表現勝預期外,更同為友邦上市後新高,吸引資金追捧友邦,成為昨日港股焦點股份。
記者:董曉沂

友邦昨開市前公佈省鏡業績,開市即湧現大量買盤,帶動股價全日逆市造好,以接近全日高位收市,升4.12%至32.85元,收市價亦為友邦掛牌兩年多來的歷史高位,更為昨日恒指貢獻45點升幅。

YTL Power : Broadband making a comeback (CIMB)


YTL Power
Current RM1.54
Target RM2.58
Broadband making a comeback

 1H13 core EPS accounted for 41% of our forecast and 50% of consensus, which missed our but met consensus expectations as we over estimated power generation profits. No dividends were declared, which disappointed. Internet revenue surged by 7x yoy due to higher subs.

We maintain our Outperform rating on YTL Power, but lower our SOP-based target price after reducing FY13-15 core EPS by 2-5% on lower profits at Power Seraya. We cut our FY13 DPS estimate from 4sen to 3sen as we overestimated the payout rate. A turnaround of the internet broadband business would catalyse the stock.

CitySpring back in the black, DPU at 0.82¢ (AM)

CitySpring back in the black, DPU at 0.82¢
CitySpring Infrastructure Trust yesterday reported a third-quarter net profit after a loss last year, supported by higher gas sales and lower costs.

In the three months to Dec 31, the company said net profit was $6.5 million, up from a net loss of $3.8 million a year ago.

Revenue for the same period grew 4.1 per cent to $130.7 million, while cash earnings rose 31.4 per cent to $24.9 million in the third quarter.

CitySpring unit City Gas, which produces and retails town gas, contributed $96.1 million to revenue, a gain of 3.5 per cent from the year-ago quarter. The increase was due to higher volume of gas sold, and higher tariffs charged in response to higher feedstock costs for gas production, CitySpring said.

Parkson Retail Asia : Looking ahead (CIMB)


Parkson Retail Asia
Current S$1.69
Target S$1.75
Looking ahead

 2Q13came in modestly below expectations, but 3Qcould partly compensate with Chinese New Year spending and the low-base yoy comparisons. Catalysts include earnings improvements in 2H.

1H13 reported net profit came in at 51% of our full-year forecast (vs. 55% expected) and 47% of consensus. We reduce our FY13-15 estimates by 3-6% but maintain Outperform as we look for 21% earnings growth in 2H vs. -8% in 1H. We maintain our target price which is pegged to ~20x CY14 EPS, within the historical average range.

Genting Hong Kong : A Predictably Good Set Of Results At NCL (UOBKH)


Genting Hong Kong
Share Price US$0.43
Target Price US$0.35
A Predictably Good Set Of Results At NCL

We are raising our forecasts for GENHK following its subsidiary NCL Corp’s better-than-expected 2012 results, and on improved gaming performance at its Asian cruise operations. However, we believe GENHK’s share price runup has priced in these positives and downside risk remains amid looming competition in Manila. Maintain SELL on GENHK, with an interim target price of US$0.35.

What’s New
• NCL Corp’s (NCL) results came in slightly above expectations, with 2012 EBITDA coming in at US$546.6m vs our expected US$530.7m. The outperformance stemmed from lower operating expenses as a result of cost improvement initiatives.

Neptune Orient Lines: Is the worse over? (OCBC)


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

Is the worse over?
• 4Q12 missed our forecasts
• Turnaround still on; just delayed
• Leaner NOL to cope well

We were disappointed by Neptune Orient Lines's (NOL) 4Q12 performance. Although there were YoY improvements, NOL still registered a net loss of US$98.1m. On a full-year basis, NOL saw revenue inch higher by 3.3% YoY to US$9,511.6m with net losses falling to US$419.4m from US$478.2m.

Mapletree Commercial Trust: Positives priced in (CIMB)

Mapletree Commercial Trust
Current S$1.36
Target S$1.39
Positives priced in

While we like MCT for rental-reversion tailwinds from VivoCity, we expect such tailwinds to slowly peter out with most low-lying fruits plucked in FY13. Trading at 1.3x P/BV and forward yields of 4.7% after the recent share price run-up, we see positives priced in.

We keep our DPU estimates unchanged but downgrade the stock to Neutral from Outperform with an unchanged DDM-based (discount rate: 6.9%) target price. We see re-rating catalysts from higher-than-expected rental reversions at VivoCity and accretive acquisitions. For cheaper valuations, we prefer FCT in the retail REIT space.

S-REIT: Equity-raising back in vogue (CIMB)


Equity-raising back in vogue
The year has barely started and two REITs have already announced equity placements while an IPO of Mapletree Greater China Commercial Trust is reportedly in the works. We take a look at REITs which could potentially raise funds this year.

Bond yields are now off their record lows on a resurgence of risk appetite, taking yield spreads to just 13bp above their long-term average. Maintain our non-consensus UNDERWEIGHT on S-REITs on poor risk-rewards. We downgrade MCT to Neutral (from Outperform) and replace it with FCT as one of our top picks after its YTD outperformance. Our top picks are now AREIT and FCT.

CapitaMalls Asia : Improvement across the board (DBSV)


CapitaMalls Asia Limited
BUY S$2.08
STI : 3,261.77
Price Target : S$ 2.30
Improvement across the board

• FY12 results slightly ahead of our expectations on across the- board operational improvement
• Accelerated earnings growth momentum as operational assets ramp up
• Maintain Buy, TP S$2.30

Highlights
Results ahead of our expectations. CMA reported 4Q12 net profit of S$184.8m, -10% y-o-y, on a 71% jump in revenue. Stripping out divestment and revaluation gains, bottomline would have been S$56.8m. The improvement came from both investment and management segments of the business.

Olam International: Shaking off the mud (CIMB)


Olam International
Current S$1.64
Target S$1.59
Shaking off the mud

 Olam’s 1HFY6/13 results met expectations but earnings did not take centre stage. Instead, it was the group’s recalibration of strategy, capex plans and balance sheet health that came under scrutiny in the aftermath of Muddy Waters’ accusations.

1H13 core net profits, which typically make up 40% of full-year earnings, met expectations at 39% of our FY13 forecast and 45% of consensus numbers. We keep our EPS forecasts and target price, which is based on CY13 NAV. The stock remains a Neutral in the absence of re-rating catalysts.

Unisem : “Net loss in 4Q12” (M& A)

Unisem (M) Bhd
Current Price RM0.99
New Fair Value RM1.63
“Net loss in 4Q12”

Unisem’s turnover decreased -4.78%QoQ and -1.37%YoY to RM269.44 million in 4Q12. Unisem recorded a net loss of RM20.17 million in 4Q12. We maintain our BUY call on Unisem and revise upwards the Fair Value to RM1.63 from RM1.42. We value Unisem based on 1.06x current P/BV due to its loss making status with 65% upside to current price.

Results Highlights
 Turnover decreased -4.78%QoQ and -1.37%YoY to RM269.44 million in 4Q12 mainly due to the lower average selling prices arising from changes in product mix and depreciation of RM against USD.

Yangzijiang : Staring at a hard landing (CIMB)


Yangzijiang Shipbuilding
Current S$0.96
Target S$0.75
Staring at a hard landing

 4Q missed expectations on lower shipbuilding contributions. With a potential order drought, YZJ could bestaring at a hard landing inFY14.Diversificationinto financial investments, a sticking point, is unlikely to provide much buffer.

At 21% of our FY12 EPS (full year at 92%), 4Q is below our number though broadly in line with consensus. A final DPS of 5 Scts (27% payout) has been declared. We cut our by FY13-14 EPS by 7-16% for lower revenue assumptions and introduce FY15 forecasts. Maintain Underperform and target price at 0.8x CY13 P/BV (30% discount to its last trough) with potential order cancellations as de-rating catalysts.

Hyflux: Waiting for the flow (DBSV)


Hyflux
HOLD S$1.35
STI : 3,287.60
Price Target : 12-Month S$ 1.43 (Prev S$ 1.39)
Waiting for the flow

• Earnings in line; higher tax expenses offset growth in revenue and improvement in margins in 4Q12
• Final dividend of 2.5Scts declared (FY11: 2.0Scts)
• Hyflux needs to deliver on contract wins and grow its S$1bn EPC orderbook further to inspire more confidence
• Maintain HOLD on limited upside to TP of S$1.43

Highlights
Profit growth lags revenue growth in FY12. 4Q12 net profit of S$21.3m (up 15% y-o-y) was in line with our estimates. Though 4Q12 revenue of S$198m and PBT of S$28m was above our estimates, this was offset by higher than expected tax rate.

Interview-with-Cindy-Chow-CEO-Mapletree-Greater-China-Commercial-Trust-Management



Investing Ideas: Small offshore support providers set to recover from short slump, says CIMB


Investing Ideas: Small offshore support providers set to recover from short slump, says CIMB
Personal Finance

Written by Kang Wan Chern of The Edge Singapore  
Tuesday, 26 February 2013 00:00

SINCE the offshore support vessel (OSV) market hit rock bottom during the global financial crisis, demand has recovered significantly, with utilisation levels now at more than 80%, after dropping below 50% in 2009. Day rates have recently slipped, however, and are now more than 50% below their 2011/12 levels on the back of higher vessel deliveries in offshore hotspots such as the North Sea, leading to speculation that the OSV market may have peaked and is now on its way down.

曾淵滄專欄 28.02.13:濠賭股業績有睇頭


曾淵滄專欄:濠賭股業績有睇頭 - 曾淵滄

人生匆匆,我在城市大學工作了足足四分之一個世紀,應該是時候停一停,走出校園到外頭闖天下。今日是我在城大最後一個工作日,不過我不是退休,我從來沒有退休的意圖,將來不論年齡多大,我都會繼續工作,現在只不過換個工作環境,不再打工,而是自由自在地做各種各樣的工作。

昨日,我在文章中已經提到,業績期已展開,只要業績好,股價一定獲得支持,不必太擔心。昨天,我的愛股友邦(1299)打頭炮,去年利潤增長89%,太好了。

馬股嚴防選後政治海嘯 自動停盤制限10%跌幅  


馬股嚴防選後政治海嘯 自動停盤制限10%跌幅  +

(吉隆坡27日訊)儘管全國大選未落定,據稱馬證交所為防上屆大選政治海嘯重演已築起“防洪堤”,其中包括跌幅逾10%即暫停交易的自動停盤機制(circuit breaker)。

 若以今日富馬隆綜指休市1626.08點為準,倘若指數跌162.61點或10%,馬股將休市1小時后再恢復交易,防指數持續下陷。

 所謂自動停盤機制,即是富馬隆綜指跌幅觸10%即暫停交易1小時,除了保持市場穩定,亦讓投資者有時間審視狀況。

業績大好‧對手料掀價格戰‧亞航盈利展望參差


業績大好‧對手料掀價格戰‧亞航盈利展望參差
Created 02/27/2013 - 17:26

(吉隆坡27日訊)亞洲航空(AIRASIA,5099,主板貿服組)第四季和全年淨利大唱豐收,不過,分析員對亞航盈利前景看法參差,將在3月杪“展翅高飛"的馬印航空可能掀起的價格戰仍是亞航今年挑戰,亞航整體回酬恐受壓。

盈利報喜又捎來股息驚喜,該公司股價一洗之前頹風,在投資者追捧下一度飆升30仙或11.36%至2令吉94仙,躍升全場漲幅和成交量第四大。

中海油完成收購尼克森


中海油完成收購尼克森
中海油(00883)昨日宣布,完成151億美元(約1,177.8億港元)收購尼克森交易,尼克森將為中海油全資附屬公司,並由中海油首席執行官李凡榮擔任董事長。

派兩人入董事會
尼克森宣布新董事會名單,合共有六名成員,除李凡榮之外,還包括中海油副總裁方志,其餘四名成員悉數來自尼克森原有董事會,當中Kevin Reinhart將繼續擔任首席執行官。

加籍董事須佔半
是次為中國企業歷來最大宗海外收購,由於收購價值不菲,因而引起不少爭議。外電早前曾報道,加拿大政府要求尼克森保留最少一半董事及管理層由加拿大人擔任,才肯為交易「開綠燈」。

Buffett's Bank of America $5B Bet Pays Off



No Equity Bubbles: Is Bernanke Right?



耗资282亿 中海油八年收购路



AIA Group FY Annualized New Premium Rises 9%



AIA: Expect Robust Growth to Continue



Wednesday, February 27, 2013

AirAsia Ready to Take on India Challenge: CEO


Asia's largest low-cost carrier by passenger numbers, AirAsia, said it was "confident" about entering the Indian aviation space - a market that has been challenged by intense price competition and exorbitant operating costs.

"We've taken a lot of time to study this market, and we feel that we can now have a really low cost product, which many of the other airlines struggled to do earlier. And that's giving us confidence," Tony Fernandes, CEO of Malaysia-based AirAsia told CNBC on Wednesday.

"When we started in Malaysia - Malaysian airlines had consistently lost in domestic business, it doesn't mean what happened in the past can't be turned around," he added.

Maybulk buckling under weak rates

Maybulk buckling under weak rates
Business & Markets 2013

Written by Lee Wen Ai of theedgemalaysia.com  
Wednesday, 27 February 2013 09:07

KUALA LUMPUR: MALAYSIAN BULK CARRIERS BHD []’s (Maybulk) profit continued to deteriorate as the supply and demand imbalance of dry bulk vessels persists.

The carrier’s fourth quarter net profit shrank to RM17.13 million, 1.71 sen per share, compared with RM33.08 million or 3.31 sen in the previous corresponding period.

KNM returns to the black in 2012


KNM returns to the black in 2012
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Wednesday, 27 February 2013 09:25

KUALA LUMPUR: KNM GROUP BHD [] has returned to the black for the financial year ended Dec 31, 2012 (FY12) after posting a net profit of RM17.59 million in the fourth quarter.

Profit for the full year stood at RM130.6 million, against a net loss of RM91.77 million in 2011. Revenue for FY12 was higher at RM2.37 billion, against RM1.96 billion previously.

Upgrades, dividends lift AirAsia


Hot Stock Upgrades, dividends lift AirAsia
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Wednesday, 27 February 2013 10:09
KUALA LUMPUR (Feb 27): AIRASIA BHD [] rose as much as 9% in early trade on analysts' upgrades after the low-cost carrier (LCC) posted a significant rise in quarterly and full-year profit. Investors had also chased the stock for its dividends.

At 9.55am, AirAsia changed hands at RM2.84 with some eight million shares done, after rising as much as 23 sen to RM2.87 earlier. The stock was among the most-active and top-gainer list across the exchange.

净利劲翻1.68倍 亚航末季派息18仙


净利劲翻1.68倍 亚航末季派息18仙
Created 02/27/2013 - 08:09
(吉隆坡26日讯)截至2012年12月31日止第四季,亚洲航空(AirAsia,5099,主板贸服股)的净利按年劲翻1.68倍至3亿5064万9000令吉,上财年同期为1亿3067万9000令吉。

第四季营业额也按年上扬10.16%至14亿838万8000令吉,上财年同期为12亿7845万5000令吉。

同时,现财年第四季的每股盈利为12.60仙。

该公司董事部建议,在现财年末季派发每股18仙终期股息。

存款戰瀕爆 內銀全挫

存款戰瀕爆 內銀全挫
內地流動性趨緊,市傳昨日有數間核心內銀向人行要求定向逆回購遭拒絕,交行(03328)則打破五大行沉默,加入中小行行列,為吸引存款把存息上浮到頂,市場憂慮存款戰蔓延或會打擊內銀盈利,昨日內銀股價跌幅介乎0.97%至3.19%,市值單日蒸發約1,525億元。

中、小型銀行在存款定價上一向較大行進取,減息後不少城商行均對所有年期的存息應用上浮區間上限,股份制銀行亦把一年期或以下存款利率上浮到頂,惟大型銀行則按兵不動,普遍較長期的定存利率僅執行基準利率,交行是次帶頭加息,或將牽動同業反應。

瑞銀:看好港股今年盈利


瑞銀:看好港股今年盈利
http://paper.wenweipo.com   [2013-02-27]  

香港文匯報訊 (記者 黃詩韻) 踏入新一年,外圍經濟環境仍然未見理想定局,瑞銀財富管理料在兩會上擬定的中國今年經濟增長目標將為7.5%,並看好今年港股盈利。

 瑞銀財富管理投資總監研究部執行董事何偉華表示,港股歷史性盈利開始反彈,預期盈利增長10%。其中工業股、銀行股、中國相關股票,例如澳門賭業股盈利開始反彈,推動港股盈利增長。並指港股市盈率沒有上升空間,中資股則有少許上升空間。何偉華看好金融股,建議選擇性吸納內房股,同時看好汽車相關的消費股、石油和天然氣相關的能源股。

新百貨核心多賺逾11%

新百貨核心多賺逾11%
2013年2月27日
【明報專訊】內地百貨業未見明顯復蘇,但新世界百貨(0825)中期業績仍然有增長,截至去年12月底,撇除收益及投資物業公平值變動之利潤為3.17億元,按年升11.6%,宣布派中期息9.8仙。管理層認為,今年經營環境困難,但對內地消費前景有信心,開店步伐保持不變。

期內公司收入增長19.7%至20億元,主要由專櫃銷售佣金、自營貨品銷售及租金收入增加推動。專櫃銷售佣金收入及自營貨品銷售收益按年升17%,同店銷售增長9.2%。租金收入增長尤為強勁,升47%,主要由3間新收購店帶來全期租金收入所貢獻。

CapitaLand 4Q12: Focusing On Core Segmental Growth (UOBKH)


CapitaLand
Share Price S$3.90
Target Price S$4.41
4Q12: Focusing On Core Segmental Growth

China’s residential sales momentum is building up, driven by first-time homebuyers. In Singapore, the new incentive schemes after the latest round of policy measures are generating home-buying interest with strong sales pickup seen at ‘D'Leedon’. The acquisition of a prime waterfront mixed development site in Iskandar is a long-term positive. Potential monetization of AustraLand, Storhub and Surbana businesses could unlock shareholder value. Maintain BUY with a raised target of S$4.41 (from S$4.33).

Parkson Retail Asia: Look forward to a stronger 2H (OSK)


Parkson Retail Asia: Look forward to a stronger 2H
(Downgrade to Neutral,  S$1.69,  TP:  S$1.77)
PRA reported a 3% decline in 2Q13 PATMI of S$13.2m, which came in below our expectations. The decline is attributed to lower same-store-sales growth across all markets. Malaysia recorded SSSG of 2.8% vs our forecast of 7% (guided: 7-9%) due to a late Chinese New Year which will see the festive season buying only reflected in 3Q13. In Indonesia, SSSG was 4.5% vs forecast of 9% (guided: 8-10%) as one store in Jakarta suffered from a temporary drop in traffic due to a new mall opening  nearby but traffic has since reverted back to normal. Vietnam fared worse  than expected with SSSG declining by a steep -8.4% yoy due poor economic conditions as well as operating losses from its new mall. Going forward, we expect a stronger 2H13, particularly from Malaysia which accounts for 74% of Group revenue.

Olam International: Debt Level Rising (KE)


Olam International
Sell (unchanged)
Share price: SGD1.635
Target price: SGD1.30 (unchanged)

Debt Level Rising
 Below expectations. We believe Olam 2QJuneFY13 results were slightly below market expectation, but in-line with ours. Net profit excluding exceptional gains was up just 6% yoy to SGD136.1m, bringing 1HFY13 to SGD179.2m. Stripping out biological gains, 1HFY13 net profit comes to SGD147m, against full-year consensus of SGD347m.

Volumes up, but core earnings weak. Similar to the previous quarter, volume growth continues to be strong this year, up 54% yoy for the quarter.

Jaya Holdings: Early dividend surprise (DBSV)

Jaya Holdings
BUY S$0.71
STI : 3,261.77
Price Target : 12-month S$ 0.85
Early dividend surprise

• 2Q13 below expectations as impairment charge a drag on an otherwise good quarter
• Earlier than expected resumption of dividends; interim DPS of 0.5 Scts declared
• FY13F earnings cut by 19% on impairment charge and expectation of a weaker 3Q; FY14F is intact
• Stay invested for the longer term recovery; BUY, TP S$0.85

Impairment charge a drag on an otherwise good quarter. 2QFYJune13 revenue jumped >7x, within expectations, mainly from higher vessel sales (2Q13: 2 units vs. 2Q12: nil).

Biosensors International: Enhancing shareholder value (DBSV)


Biosensors International
BUY S$1.37
STI : 3,261.77
Price Target : 12-Month S$ 1.71 (Prev S$ 1.41)
Enhancing shareholder value

• 3Q13 results 16% below expectations as Terumo sales disappoints again
• Positive catalyst from impending acquisition utilising S$300m funds raised
• Maintain BUY with higher TP of S$1.71

16% below expectations, Terumo disappoints again. Net profit of US$24.9m for the quarter was 16% below our US$29.5m expectations. Terumo licensing revenue was US$13.7m (-38% y-o-y, -4% q-oq), 24% below our forecast of US$18m as a result of reduction in Terumo’s DES sales in Japan.

CapitaMalls Asia: Focus to be on Delivering Growth (KE)

CapitaMalls Asia
Buy(unchanged)
Share price: SGD2.08
Target price: SGD2.55 (unchanged)
Focus to be on Delivering Growth
.
Core PATMI missed the mark. Excluding revaluation and portfolio gains, CMA reported a 45% YoY growth in FY12 core PATMI to SGD175.7m, missing the consensus estimate of SGD208.5m. This was due mainly to higher-than-expected corporate costs and pre-opening expenses. Operationally, the malls are largely performing in line with expectations, with quite a number of recently completed malls to contribute more strongly in FY13. CMA has proposed a final dividend of 1.625 cents, for a full-year dividend of 3.25 cents. Maintain BUY.

发展台双子星破局 怡保花园股价企稳


发展台双子星破局 怡保花园股价企稳
Created 02/27/2013 - 11:14
(吉隆坡26日讯)尽管怡保花园(IGB,1597,主板产业股)失去了总值达27亿美元(约81亿令吉)的台北双子星大楼联合开发案及展资格,但股价没有受到冲击。

今早甫开市,该股以2.27令吉报开,较昨日闭市价微涨1仙或0.44%。

怡保花园股价没有因为不利消息而暴跌,截至早盘休市,该股以2.26令吉平盘暂休,成交量为7万4300股。

闭市时,该股报2.26令吉平盘挂收,总成交量为58万9600股。

Singapore Airlines: Premature optimism (OCBC)


Singapore Airlines:
Fair value    S$10.85
add: 12m dividend forecast S$0.16
versus: Current price  S$11.15

Premature optimism
• Results fall short
• Our optimism was premature
• Recent share run-up likely to be reversed

Singapore Airlines’s (SIA) 3Q13 results came in below our expectations with operating profit declining 20.4% YoY to S$131.0m. Although revenue held up well during the seasonal travel peak, it came at expense of declining passenger yields (YoY basis) following increased promotional activity, which offset some savings from favourable fuel prices during the quarter.

Asia Enterprises : Holding Steel In Hard Times (UOBKH)

Asia Enterprises
Price/Target S$0.255/
Holding Steel In Hard Times

Results
• Annual net profit down 81% yoy. Asia Enterprise Holding Ltd (ASEH) reported an annual net profit of S$1.67m, down 81% yoy. This is mainly attributable to a 21% drop in revenue and decline in gross profit margins from 12.3% to 7.8%. The group also charged a one-time write-down of S$1.2m in its inventory in view of the recent decline in steel prices. Excluding the write-down of inventory, annual net profit will be S$2.87m

Amtek Engineering: Hang on for a little more (CIMB)

Amtek Engineering
Current S$0.58
Target S$0.56
Hang on for a little more

 Amtek continues to see strong tooling sales which should eventually translate into component sales further down the road; at the same time cash flows and dividends stay decent. However, the current macro environment remains soft for Amtek.

2QFY13 core net profit was about 4% below our forecast, and formed about 21% of consensus and 23% of our full-year estimate. With largely in-line results, we leave our FY13-15 forecasts and 1.4x P/BV target (still based on the industry average) unchanged. Maintain Neutral as we expect decent dividend yields to support its share price.

ASL Marine: It ain’t over till the fat lady sings (CIMB)


ASL Marine
Current S$0.74
Target S$0.86
It ain’t over till the fat lady sings

 ASL delivered a sterling 1H report card owing to robust growth from all three segments. The most telling indicator of a bright outlook during the briefing was a marked bullishness by ASL’s conservative CEO, Mr Ang. Quarterly earnings momentum and strong orders are catalysts.

At 32% of our FY12 forecast (1H at 69%), 2Q core earnings were 52% ahead of our expectations, and broadly in line with consensus. The positive variance stems from higher-than-expected gross margins across all segments. We raise our FY13-15 estimates by 4-23%. Maintain Outperform and raise our target price, still at 0.9x CY13 P/BV, its 5-year mean.

Airasia to Start India Venture in 4th Quarter: CEO



CapitaLand Limited: Overall positive on Danga Bay project (OCBC)


CapitaLand Limited:
Fair value    S$4.29
add: 12m dividend forecast S$0.08
versus: Current price  S$3.95

Overall positive on Danga Bay project
• 51% stake in Johor Bahru project
• Estimated S$0.04/share RNAV accretion
• Fair value estimate raised to S$4.29

Summary: CAPL is taking a 51% stake, alongside Iskandar Waterfront Sdn Bhd (40%) and Temasek (9%), in a JV to acquire and develop a 71.4 acre freehold site in A2 Island, Danga Bay in Johor Bahru, Malaysia. This is the group’s first major Malaysian township development, which is envisioned to be a premier waterfront residential community.

Singapore Strategy: Taking stock of our preferred (CIMB)


 Taking stock of our preferred
Singapore’s FSSTI, having rallied together with the MSCI APxJ index though Dec-Jan, shows signs of losing momentum in Feb, in-line with equity markets .Our Singapore downgrade in November was premised on expectations of it lagging China. That has worked until recently.

 Singapore has started to outpace the MSCI APxJ, only because China’s SSE has been weak recently; we do not think the recent outperformance will prove to be lasting. We retain Neutral on the FSSTI with unchanged year-end target of 3,316 (bottom-up, implies 14.8x CY13 P/E). We make some changes to our top picks though.

港股超賣 撈底時機到


港股超賣 撈底時機到
2013年2月27日
【明報專訊】恒指自去年第4季開始一路升上來,其間不少大行爭相發表最「牛」目標價,豈料意大利大選出現變數,事情還未塵埃落定,淡友已紛紛復出,市場間被悲觀氣氛籠罩。事實上,不少股票的基本因素尚未改變。物極必反,多個指標顯示港股已超賣,撈底的時機可能已悄然來到。

恒指的14天相對強弱指數(RSI)昨日已跌至32.3,已回到去年5月時水平,相當接近超賣區。另一方面,本月恒指一直徘徊在保歷加通道底部,昨日更已跌穿底部。兩者相配合,顯示市場很有可能將止跌回升。

投資SUN國度:短線炒賣難度高 加注買REITs


投資SUN國度:短線炒賣難度高 加注買REITs


意大利選舉成為外圍急速轉弱的催化劑,短期氣氛當然偏淡,但同樣亦代表暫時市場已變成新聞主導,很容易一個消息後就大上大落,短線炒賣難度提高。

近期主要靠選股減低損失,而且一向防守股比例也不算低。今次較出乎意料是REITs亦一併向下,原本以為政府出招會有幫助,不過REITs最容易計數,一向都是應該吼低位買,既然市況拖累,買其他類型股票又驚,自己便索性繼續加注在REITs之上,輸贏至少有個譜。

曾淵滄專欄 27.02.13:業績靚仔撐起股價


曾淵滄專欄:業績靚仔撐起股價 - 曾淵滄

意大利國會選舉沒有單一政黨取得兩院控制權,出現懸峙國會,情況有如去年希臘選舉之後,政府難產引發的擔憂,去年歐債危機之所以能解決,主要是南歐諸國都願意以緊縮開支來換取歐盟的支持,現在意大利沒有單一政黨能够控制國會兩院,投資者就擔心將來可能組成的聯合政府會放棄緊縮政策,引起歐盟不滿,不再協助意大利。

意大利選舉結果令美股急跌,這已是近段時間第二次急跌,是道指在創新高前的震盪。

昨日港股低開後竟然逐步收復失地,恒指一度回升至22769點,僅下跌50點。但人行向市場收緊銀根,又導致內地A股急跌,滬綜指跌破2300點關,收報2293點,港股就失去支持,越跌越多,這算是去年9月至今的升勢中最大規模的調整了。

業績改善‧私有化前景兩極‧國際船務船運前景仍罩陰霾


業績改善‧私有化前景兩極‧國際船務船運前景仍罩陰霾
Created 02/26/2013 - 18:34

(吉隆坡26日訊)國際船務(MISC,3816,主板貿服組)2012財政年業績表現有所改善,惟部份分析員認為,旗下船運業務前景仍然是陰霾籠罩,估值有可能進一步下調,建議投資者/股東,考慮接受國家石油將它私有化的全購獻議,但也有分析員看好前景,建議拒絕獻議。

部份分析員建議拒絕獻購

該公司管理層認為,今年液化天然氣業務前景保持亮麗,不過,旗下石油及化學業務持繼停滯不前,使該公司有意將石油業務進行重組。

载客率上扬 马航表现料不俗


载客率上扬 马航表现料不俗


(吉隆坡26日讯)马航(MAS,3786,主板贸服股)首席执行员阿末佐哈里透露,去年第4季的表现强稳,进入2013財政年第一季,相信会有不俗的表现。

阿末佐哈里在接受《马新社》的专访时表示,2013年的表现如何,现在还言之过早,不过,马航会全力爭取更好的成绩。

他也透露,虽然每一年的第一季通常是淡季,因为人们通常喜欢在12月出游,但是,今年的首3个月业绩相信会比去年好。

賺幅持穩‧科恩馬轉虧為盈


賺幅持穩‧科恩馬轉虧為盈
Created 02/26/2013 - 18:39

(吉隆坡26日訊)受工程進度良好和賺幅持穩帶動,科恩馬集團(KNM,7164,主板工業產品組)截至2012年12月31日止第四季和全年業績雙雙轉虧為盈,分別報淨利1千759萬1千令吉和1億3千零60萬2千令吉。

全年淨賺1.3億

第四季營業額報5億9千零24萬令吉,按年成長5.16%,全年營業額則上揚20.8%至23億7千226萬4千令吉。

該公司董事部透過文告說,集團去年業績整體改善,歸功於工程執行進度良好促進訂單兌現,其中亞洲區運作成功扭轉前期頹勢,成本和產能效率持續改善提昇業務賺幅,歐洲業務龐大訂單也持續為集團作出正面貢獻。

财华专题:长实拆售酒店 港府再出辣招



Singapore's Growth Story



美元指數創下近半年的新高,而美元的走強會導致什麼變化?

2013-0222-57金錢爆(用閃電 救經濟)4-2

中海油151亿美元成功收购尼克森



Cash Is at the Heart of the Einhorn-Apple Fight



Does the Singapore Budget Deliver on its Promises?



Tuesday, February 26, 2013

UOA 发展 认购率强劲


UOA 发展 认购率强劲
Created 02/26/2013 - 12:19
【目标价:2.07令吉】

最新进展:

UOA发展(UOADev,5200,主板产业股)2012财年盈利报3亿180万令吉。

由于公司持续发展中计划反应热烈2012财年营业额年增30.2%。

同时,公司也建议,2012财年派发每股12仙的一次过股息,全年派息率为49%。

KNM 4Q profit down qoq, returns to black for full year


KNM 4Q profit down qoq, returns to black for full year
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Tuesday, 26 February 2013 15:04

KUALA LUMPUR (Feb 26): KNM GROUP BHD [] posted a fourth quarter profit, a turnaround from losses incurred a year earlier, as the company raked in higher revenue and registered a lower effective tax rate.

In a statement to Bursa Malaysia, KNM said net profit for its fourth quarter ended December 31, 2012 (4QFY12) was RM17.59 million, or 1.69 sen per share, on revenue of RM590.24 million.

MAS expects better results for 1Q


MAS expects better results for 1Q
Business & Markets 2013

Written by Bernama  
Tuesday, 26 February 2013 14:50

KUALA LUMPUR, Feb 26 (Bernama) -- Malaysia Airlines (MAS), which is in the midst of fund raising, expects its first quarter financial result due March 31, 2013, to be better than last year, its group chief executive officer Ahmad Jauhari Yahya said.

"The first quarter normally has been a softer quarter traditionally because December tends to see strong travelling activity," he told Bernama in an interview.  

Singapore’s Darwinian budget sparks employer ire



Companies must pay higher levies for lower-skilled foreign employees over the next two years and cut the proportion of overseas workers in some industries, Finance Minister Tharman Shanmugaratnam said in his budget speech yesterday.

Crest Builder posts strong earnings, sees busier 2013


Crest Builder posts strong earnings, sees busier 2013
Business & Markets 2013

Written by theedgemalaysia.com  
Tuesday, 26 February 2013 09:20

KUALA LUMPUR: CREST BUILDER HOLDINGS BHD []’s net profit for the financial year ended Dec 31, 2012 (FY12) rose 31.5% from a year ago to RM40 million or 30.7 sen a share, while its revenue gained 39.1% to RM695.13 million.

The group’s core earnings of RM19.6 million for FY12 outperformed Kenanga Research estimates of RM17.1 million, it said in a statement.

Dividend, higher profits lift Crest Builder shares


Hot Stock Dividend, higher profits lift Crest Builder shares
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Tuesday, 26 February 2013 10:12

KUALA LUMPUR (Feb 26): CREST BUILDER HOLDINGS BHD [] shares rose among top gainers as investors chased the stock to capitalise on the firm' proposed dividends. This follows the company's announcement that fourth-quarter net profit grew more than seven-fold.

At 9.50am, the stock rose as much 6.5 sen or 9% to an intraday high of 82 sen with some 158,000 shares done. Crest Builder was the fifth-largest gainer across the exchange.

Moody's cautious on high speed rail link project


Moody's cautious on high speed rail link project
Business & Markets 2013

Written by Bernama  
Tuesday, 26 February 2013 12:14
SINGAPORE (Feb 26): Despite creating a lot of excitement on both sides of the border, Moody's is taking a cautious view on the High Speed Rail link between Singapore and Kuala Lumpur until more details of the project are revealed.

Christian de Guzman, Vice President-Senior Analyst, Moody's Investors Service Singapore Pte Ltd, said: "It is definitely creating a lot of buzz, but I think we prefer to be cautious about this.

Mapletree said to plan REIT pricing at top end of marketed range


Mapletree said to plan REIT pricing at top end of marketed range

Mapletree Investments plans to sell shares in an initial public offer of a real estate investment trust at the top end of a marketed range, raising about $1.6 billion, said three people with knowledge of the matter.

Mapletree Greater China Commercial Trust, backed by assets in Hong Kong and China, will be priced at 93 cents a share, the people said, asking not to be named as the process is private. The shares had been offered at 88 cents to 93 cents.

小股东要求监理单位彻查 马帕斯发附加股违法?


小股东要求监理单位彻查 马帕斯发附加股违法?
Created 02/26/2013 - 11:55
(吉隆坡25日讯)马帕斯集团(MPCorp,6548,主板产业股)一群小股东已去函证券监督委员会(SC)、大马交易所和小股东权益监管机构(MSWG),要求展开调查。

根据kinibiz报道,该群小股东以叶志强(译音)为首,他曾任职于证券银行,目前掌舵一家咨询服务公司MarginCapital私有有限公司。

基于马帕斯集团“落差”不断,叶志强说他上月已去函监管单位,要求彻查。

Wilmar says China crushers cut soy stocks before Brazil crop


Wilmar says China crushers cut soy stocks before Brazil crop
WRITTEN BY BLOOMBERG  
MONDAY, 25 FEBRUARY 2013 18:24

Soybean crushers in China, the biggest importer, are draining inventories as they expect prices to drop on Brazil’s record harvest, even as the country struggles with shipping delays, said Wilmar International.

“We don’t carry excessive stocks of U.S. beans, which is more expensive,” Chief Executive Officer Kuok Khoon Hong said in a Feb. 22 interview, without giving figures. “Everybody is waiting for prices to fall,” he said, referring to processors in China. Wilmar is the country’s top cooking oil supplier.

High dividend stock picks (HLG)

High dividend stock picks
Defensive higher yielders in stocks/REITS
In anticipation of more volatility on Bursa Malaysia amid election jitters, high dividend yield investments are always a safer bet because they provide real downside protection. Highyield stocks/REITS (FIG3&4), which offer higher than 2012 EPF dividend of 6.15%, are attractive alternatives to low returns in fixed income instruments or fixed deposits. Currently, 3-year MGS promises yields of around 3.5% while 1-year fixed deposit rates generate returns around 3-3.5%.

For investors with a higher degree of risk-averse, big caps yielders (FIG5) are better exposures despite lower dividend yields against FIG3&4.

Biosensors International Group: Revenue guidance lowered (OCBC)


Biosensors International Group:
Fair value    S$1.63
add: 12m dividend forecast S$0.00
versus: Current price  S$1.37

Revenue guidance lowered
• 3QFY13 core PATMI slips 9.2% YoY
• Drug-eluting stent business continues to  perform well
• Lower FV to S$1.63

Biosensors International Group (BIG) reported a disappointing set of 3QFY13 results which missed our below-consensus estimates. Revenue fell 4.0% YoY to US$81.3m, dragged down by weak licensing and royalties revenue (-37.8% YoY), and was 11.2% below our forecast.

CSC Steel - FY12 Results: In Line

CSC Steel -
Price Target :1.25
Last Price : 1.21
FY12 Results: In Line

Results
FY12 reported net profit of RM28m came in within expectations, at 97.3% of consensus estimates and 100% of our forecast.

Dividends
Recommended a final NDPS of 7 sen ( 5 sen final and 2 sen special, going ex on 28 Jun 13 and payable on 11 Jul 13), translating to a commendable net yield of 5.9%.

CapitaMalls Asia: Hit by start-up costs again, but operating metrics on the up (CIMB)


CapitaMalls Asia
Current S$2.08
Target S$2.16

 Hit by start-up costs again, but operating metrics on the up

Pre-opening losses hit CMA’s result again and this could stretch to 1Q13. But operating metrics wise, growth in same-mall NPI and China tenant sales stayedfirm. We think cap rate compression and accretive recycling are needed to push the stock beyond its 1.3x P/BV valuation.

4Q12 core earnings were below expectations, at 14% of our full-year forecast (16% of consensus), taking FY12 core EPS to 83% of our forecast. We lower our FY13-14 core EPS as we factor in the expensing of some start-up costs. We lift our target price (10% RNAV discount) for higher same-mall NPI in China. Maintain Neutral on valuation grounds.

Sunway: The Singapore Factor(MIDF)


Sunway
Price (05 Feb 13) 2.40
Target Price 2.96
52-wk price Range RM2.15 -2.75
The Singapore Factor

• Now one of the largest landowners in Iskandar
• Iskandar to be Sunway’s growth driver moving forward. Expect a milestone property launch in late FY13
• Undemanding valuation, steep discount to sum-of-parts

One of the largest land owners in Iskandar: Recall that Sunway Berhad (Sunway), via joint-venture companies acquired 3 adjoining land parcels (Iskandar Land) in Iskandar Malaysia (Iskandar) over the past 1 year including Medini Living (acquired in Dec 2011), Pendas North and Western Pendas South (acquired in Dec 2012) as well as Eastern Pendas South (acquired in Jan 2013). The Iskandar land measured about 1,770 acres with combined potential gross development value (GDV) of RM30b (effective GDV RM18b). The land contributed to about 57% of the total GDV of Sunway. Hence, the success of the development will have a crucial bearing on the long term sustainability of the company.

DBS Group: A matter of timing (CIMB)

DBS Group
Current S$14.96
Target S$17.39
A matter of timing

 Management explained that DBS missed analysts’ forecasts as revenue turned out lighter than expected. Some of the spikes in expenses werealso one-off in nature. With China loan volumes back, margin pressure behind, and capital markets activity picking up, 1Q13 looks better.

We trim CY14-15 EPS by 3%on lowered margins. Our Outperform rating and DDM-based target price (1.27x CY13 P/BV; g 4.2%) are unchanged. Catalysts are expected to come from a variety of fee earnings drivers and from future evidence that the weak 4Q12 was merely seasonal.

Malaysia Strategy: Have we hit the bottom before GE13? (Mercury)


Malaysia Strategy:
Have we hit the bottom before GE13?
 Mercury advises investors to focus on value and buy on weakness when the market “overreacts” in the run up to the election.

 The General Election (GE) is the key macro risk and Mercury sees Malaysian equities to be highly correlated in the short-term.

 Mercury favours stocks with strong fundamentals, attractive valuations and presence outside Malaysia.

 Filtered by our Three Factor Model, we present a list of 6 Malaysian stocks intended for the impending GE13.

Cache Logistics Trust: First deal in the bag (DBSV)


Cache Logistics Trust
BUY S$1.28
STI : 3,276.53
Price Target : 12-Month S$ 1.40
First deal in the bag

• Proposed acquisition of ramp-up warehouse for S$55.2m at 15 Gul Way
• 8.7% initial yield higher than portfolio average
• BUY, S$1.40 TP based on DCF

Proposed acquisition of 15 Gul Way. Cache Logistics Trust (Cache) announced that they have signed an option to purchase Precise Two Building (along 15 Gul Way) for S$55.2m (inclusive of upfront land premium of S$6.15m).

Wilmar International : Saving the best for last (CIMB)


Wilmar International
Current S$3.68
Target S$3.90
Saving the best for last

 FY12 core EPS was 10% ahead of our forecast and 5% ahead of consensus on a better palm & laurics performance and lower effective tax rate of 12% in 4Q. Profits from its oilseeds & grains division were also commendable.

4Q core EPS was the best in 2012 thanks to a strong palm & laurics division. A final dividend of S$0.03 beat our S$0.01 expectation. We keep our EPS and SOP-based target price pending today's briefing. Maintain Outperform with catalysts expected from its continued earnings recovery in FY13.

Hi-P International : Too early to turn positive (CIMB)


Hi-P International
Current S$0.70
Target S$0.64
Too early to turn positive

 This morning’s results briefing covered both positive and negative issues. We believe its planned Nantong plant will be surplus capacity but are encouraged by an expected uptick in orders from BlackBerry following its new launch.

We fine-tune our EPS by ±1%but keep our target price at0.9x CY13 P/BV (-o.5 SD below its 5-year mean), its recent low. Maintain Underperform on weak results expected for the next couple of quarters.

Unisem : Focusing on Capital Preservation (TA)


Unisem (M) Berhad
TP: RM0.85
Last Traded: RM0.99
Focusing on Capital Preservation

Review
_ Excluding those one-off extraordinary items such as impairment of assets and provision for and write-off of inventories and receivables, amounting to total RM20.7mn, Unisem recorded core losses of RM11.6mn, exceeding both our full-year loss projections of RM3.6mn and consensus estimate of a loss of RM8.5mn. The variance was due to lower-than-expected margins resulted from retrenchment cost and lower revenue.

_ In line with the general industry trend, Unisem reported a sequential weaker performance with revenue declined by 4.8%. The decrease in revenue can be attributed to the adjustment in the supply chain inventory. In term of product specific, all three segments including packaging, testing and wafer bumping, recorded sequential drop in revenue of 4%, 2% and 30% respectively.

Mapletree Greater China Commercial Trust : Riding on China’s consumption story (KE)


Mapletree Greater China Commercial Trust
Riding on China’s consumption story

Attractive Yields. Mapletree Greater China Commercial Trust (MGCCT) is slated for listing on 12 Mar 2013, with market cap of SGD2.3-2.5bn (Offering Price of SGD0.88-0.93 per unit). Its initial portfolio comprises the Festival Walk (NLA: 794k sqft; Valuation: SGD3.4bn; Avg NPI yield-on-cost: c.4.2%) in HK and Gateway Plaza (NLA: 1,146k sqft; Valuation: SGD1bn; Avg NPI yield-on-cost: c.4.9%) in Beijing, According to the preliminary prospectus, MGCCT is offering DPU yields of 5.6%-6% for FY3/14 and 6.1%-6.5% for FY3/15, to be paid semi-annually. This compares favorably with other listed Chinabased landlords such as CRCT (5.2% yield), Fortune REIT (5.1% yield) and PCRT (6% yield).

Asian Dry Bulk Shipping Sector (CS)


Asian Dry Bulk Shipping Sector
Maintain OVERWEIGHT
4Q12 earnings improvement and asset purchases confirm worst behind us

● Following our recent upgrade of the dry bulk shipping industry, we continue to find evidence of a sector whose earnings have bottomed out, along with signs that its asset values are poised to improve.

● STX Pan Ocean (STXPx.SI, N/R) released a preview of its 4Q12 results yesterday, demonstrating a marked turnaround in fourth quarter operating profits, with dry bulk volumes up 14%. At the same time, US-listed SAFE Bulkers (SB.N, N/R) has been buying second hand vessels—a move we expect to see echoed when Pacific Basin releases its results next week and confirmation that dry bulk physical assets are firmly in the “value zone”.

Making Greater KL 'higher, denser, greener'


Making Greater KL 'higher, denser, greener'

2013/02/26

KUALA LUMPUR: The Greater KL/Klang Valley, whic is expected to host 10 million people in 2020, will have to have "higher, denser, faster and greener" buildings to accommodate the population.

Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said a better public transportation system, encouragement for groundfield developments with higher plot ratio and greening-the-city projects are part of enhancement efforts to make the city more livable.

瑋論:PC市場前景黯淡


瑋論:PC市場前景黯淡
惠普及戴爾雙雙發布季度業績,雙方的營業收入及盈利均下跌,反映個人電腦(PC)市場前景持續黯淡。戴爾第四季收入同比下跌11%至141.1億美元,純利下跌31%至5.3億美元,個人台式電腦業務收入下跌14%;惠普第一季收入下跌6%至284億美元,純利下跌16%至12.3億美元,個人電腦部門營業收入下跌8%至82億美元。

兩者業績下跌,與經濟不穩及智能手機及平板電腦熱銷有關。全球個人電腦市場正從增長轉至收縮階段,故聯想集團(00992)不可能獨善其身,其第三季個人電腦銷量同比僅增長8%,增幅遠低於上半年的17%。

亨德森:A股難上3000點


亨德森:A股難上3000點
http://paper.wenweipo.com  
[2013-02-26]    
 香港文匯報訊(記者 涂若奔)內地經濟持續復甦,加上有消息指RQFII(合格的人民幣境外機構投資者)將修改規則,令A股迎來千億元新資金,不少分析看好A股走勢,認為年底前有望突破3,000點關口。但亨德森遠見中國躍升基金首席基金經理沈昱認為,RQFII在A股市場佔比較小,即便該消息屬實,對A股的影響也不大。她預料A股今年將會有一定漲幅,但很難升至3,000點。

RQFII佔比小 影響不大
 沈昱昨日於記者會上表示,內地政府必然會逐步對境外資金開放A股,但腳步不會太快,由於A股市場的容量極大,即便允許RQFII短期內大量進入A股,也不會產生太大影響。她稱,A股仍是受內地政策影響較多,且波動性較大,有可能「一個月漲30%,一個月跌30%」,因現時A股估值較便宜,如內地經濟復甦較預期更快,相信今年A股仍有一定的上漲空間,至於能否升至3,000點,她認為「比較難」。

曾淵滄專欄 26.02.13:打壓樓市利公用股


曾淵滄專欄:打壓樓市利公用股 - 曾淵滄

美股回升,特區政府推出新的雙辣招打壓樓市,兩股力量對沖,結果昨日港股各自發展,升跌皆有,恒指微升37點。

有趣的是,地產股竟然也是各別發展,升跌皆有,下跌的有長實(001)、恒地(012)、新地(016)、信置(083)、恒隆(101),但是,九倉(004)、新世界發展(017)則上升,不過,不論是升是跌,幅度都不大,可見,股市投資者對新的雙辣招仍持觀望態度。

投資行動基本上是一種心理預期,政府於極短時間之內兩度推出新招打壓樓市,相信對不少打算買樓收租的人而言,是起了一定的心理打壓作用,他們會開始擔心政府見一招不見效就會再出另一招,這些人會開始認為,政府今後會再出招打壓樓價,買樓投資的意願會削弱。

大選風險攔路‧馬股未現進場良機


大選風險攔路‧馬股未現進場良機
Created 02/25/2013 - 17:30
(吉隆坡25日訊)2012年全球股市獲得寬鬆貨幣政策引發的流動性推升,分析員認為今年股市將由“成長"因素來接棒引領,但大馬選舉不明朗因素不斷升溫,股市風險溢價恐不斷走揚,下行風險猶存,現買進馬股還嫌太早。

聯昌研究說:“2013年料是股市另一豐收年,但我們並未被年初漲勢衝昏頭腦,預期今年股市將面對類似去年的眾多考驗。"

今年開春以來,股市即在經濟/盈利前面改善的樂觀情緒推動下迎來一波波漲潮,但市場高估異常高漲的貨幣振興活動將成為多倍擴張的主要動力,相信未來成長將比流動性扮演更吃重的股市推升角色。

Fed可能提前提止印鈔,股市、黃金驚崩?

2013-0221-57金錢爆(四大皆空)4-1


《創富激發點》羅家聰 :A股與港股為蛇年焦點



PhillipCapital Weekly Market Watch 22.02.2013-China A-Shares



(2013.01.26)2013年A股市场投资策略(四)



香港出台新一轮楼市调控



Growth in Singapore Poised to Change Dramatically



Monday, February 25, 2013

挥别投资转向消费 中国经济再平衡


挥别投资转向消费 中国经济再平衡
Created 02/25/2013 - 14:12
拥有全球13亿人口的中国,你对她的印象是什么?

想必许多人脑中首先浮现的,会是“Made in China(中国制造)”这几个字。

中国发展史上,低劳动成本是带动中国步步走向成功的关键,国际大企业过去纷纷将生产基地移至中国,让“中国制造”早已渗透你我他的生活中,中国更是成了这时代最亮眼的发展中市场。

但要步上发达国的道路,中国正挥别“投资拉动型”策略,转而朝“消费驱动型”经济模式前进。“中国再平衡”,将会迎来怎样的新中国?

Affin Research: Undervalued UOA top pick for property sector


Affin Research: Undervalued UOA top pick for property sector
Business & Markets 2013

Written by Janice Melissa Thean of theedgemalaysia.com  
Monday, 25 February 2013 15:01

KUALA LUMPUR (Feb 25): Affin Investment Bank has raised its target price (TP) on UOA Development Bhd to RM2.42 (from RM2.40) for undemanding valuations and high dividend yield.

“UOA remains our top pick for exposure to the property sector for its undemanding valuation at 6.3 times 2013 price-earnings ratio (PER), 1.1 times price-net tangible assets (P/NTA) and high dividend yield of over 6%; strong cash position of RM359 million; strong branding; strong execution track record; and experienced management team who are highly adaptable to changes in market dynamics,” said Affin IB analyst Isaac Chow in a note this morning.

股海宝藏:恒大置地被低估


股海宝藏:恒大置地被低估
Created 02/25/2013 - 13:19
恒大置地(Tambun,5191,主板产业股)成立于1994年(2011年1月18日上市马交易所),该公司是槟城豪华家居产业的著名发展商。

恒大置地致力于在槟城推出创新产业概念,即推介首个具备守卫的篱围社区与首个共管社区计划。

这些年来,该公司共推出了超过6000单位的产业,发展总值约20亿令吉。

该公司通常比预期早推出产业计划,并享有完整认购率。该公司目前正发展槟城首个综合城镇———珍珠城(Pearl City),发展总值为30亿令吉。

凭单专栏:末季业绩恶化 友尼森“母子”欲升无力


凭单专栏:末季业绩恶化 友尼森“母子”欲升无力
Created 02/25/2013 - 13:19
友尼森(Unisem,5005,主板科技股)在上周一宣布业绩持续亏损后,股价放量大幅度下跌,其公司凭单UNISEM-WA,也受影响而创下新低。

不过,由于母股跌势惊人再加上股市投资情绪低迷,投资者在短期看来对这股项兴趣不高。

友尼森母股和凭单在上周五,都创下多年新低,分别以85.5仙和16仙闭市。

从事半导体相关行业的友尼森,在2012年的第四季蒙受1950万令吉净亏损,比2011年同期的253万令吉净亏损恶化。
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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