Saturday, March 16, 2013

比亞迪業績前突傳配股


【本報訊】昨日收市前約20分鐘,彭博資訊突然發出報道,指比亞迪(1211)有意大幅配股集資41.7億元,消息拖累該股於尾市急插7.8%。有關消息被比亞迪發言人否認,但有市場人士指出,昨日市場確有此傳聞,更有傳中投已首肯接貨。

昨午3時40分左右,彭博突然報道,比亞迪董事會將於下周批准發行最多20%股份集資,並已聘任德銀及瑞銀為配售代理;以前天收市價計,涉及41.7億元。

股價一度跌9%
消息馬上震散比亞迪股價,一度急跌8.75%,收報24.25元,跌7.79%,全日成交額1.73億元,沽空比率亦增至30.35%。由於比亞迪下周五才召開董事會審議去年業績,理論上業績前公司不能配股。

A/NE rates below US$1,000/teu (CIMB)


A/NE rates below US$1,000/teu

 Asia-North Europe (A/NE) rates fell for the eighth consecutive week from US$1,418/teu in early January to US$999/teu now. Rates are fast approaching levels last seen in 2011, when carriers made massive losses. Most are hoping that the rate hikes next week will be a success.

 Meanwhile, capesize rates continue to languish near its all-time lows, while VLCC rates saw a slight pick-up on strong demand from the US. We maintain Neutral on shipping overall. Our top pick is Pacific Basin as its 2H12's profits were above expectations, despite the weak bulk market. The stock is trading at a huge discount to its SOP. We also have Outperform calls on OOIL and SITC.

曾淵滄博士-股市资讯专栏 08.03.2013


曾渊沧博士专栏
文: 曾渊沧博士 2013年03月08日 曾渊沧博士专栏
3月5日,美国道琼斯指数终于创出历史新高记录,收市报14,253点, 比2007年的历史高点14,198高。过去一个月,美国道琼斯指数在很接近历史新高的水平出现多次的大震荡。美国联储局会议记录公布那一天,出现一个大震荡。意大利国会选举出现悬峙国会,政府难产,美股再出现大震荡。不过,每次震荡之后不久,美股再度创今年新高,再度迫近历史新高。因此,当时我认为这只是股市在创新高之前的阵痛。

今年1月份联储局议息会议纪录公布后,美股转升为跌,跌幅颇大。当天收市时道琼斯指数下跌0.77%。美国联储局内意见分歧,有委员认为应提早退市,减少购买国债及其他债券。当时我认为意见分歧是正常的,不必太担心。

颜子伟: 尽管道指创下历来新高,投资者反应不一


尽管道指创下历来新高,投资者反应不一
文: 颜子伟 (译:麦美莹) 2013年03月08日 展望
美国投资者等了超过五年才等到道琼斯工商指数升至之前的历史高位。在金融危机来袭之前,道指在2007年升至14,198点历来高位。当年的牛市持续了超过四年,即从2003年当亚洲受严重急性呼吸道综合症(沙斯)打击后直至2007年。

在3月6日,道指不但越过了在2007年所创下的高位,还一度超越120点,收盘时稍微回落,以14,296点作收。目前的牛市是从2009年开始,当美国联邦储备局推出量化宽松政策及当中国也注资大量现金于其金融系统后,因此从2009年3月的6,469点至今,这个牛市已经踏入第五年。虽然一路走来遇到不少障碍,如欧洲债务危机,但对牛市来说,五年算是一个很长的时间。可是,部分投资者却认为这个升势还有上涨的空间,而且它还充满动力。

大型IPO丰树大中华商业信托来势汹汹


大型IPO丰树大中华商业信托来势汹汹
文: 李金婷 (译:朱爱伦) 2013年03月08日 新股
赫赫有名的公司总是会引人注意。与淡马锡控股(Temasek Holdings)有关联的丰树大中华商业信托(Mapletree Greater China Commercial Trust)的17亿元上市计划在过去几个星期吸引了许多投资者的关注。该信托在首次公开售股(IPO)活动中供公众认购的股票被超额认购9倍并不令人感到意外,这只是显示市场对以中国为主的房地产投资信托(REIT)兴趣甚浓,尽管计划在本地上市的盛世产业信托(Dynasty REIT)于2012年10月宣告夭折。

机构投资者对丰树大中华商业信托的购兴也不逊色。共有11名基石投资者将认购合计9亿5,350万股的股票,即相等于公司将发售的17亿股中的55%股权,它们也同意不会在锁定期内脱售它们手上的股票。基石投资者包括友邦保险集团(AIA Group)、世邦魏理仕集团(CBRE Group)、宏信环球投资(Henderson Global Investors)及摩根士丹利(Morgan Stanley)等名声响当当的企业,因而有助提高投资者情绪。

丰树品牌威力无穷

丰树品牌威力无穷
文: 王秋莹 (译:麦美莹) 2013年03月08日 展望
丰树大中华商业信托(Mapletree Greater China Commercial Trust,以下简称MGCCT)可以说是威力无穷,一点也没有夸张。因为它不单只是和记港口控股信托(Hutchison Port Holdings Trust)自从以55亿美元上市以来,在新加坡交易所上市的最大型房地产投资信托(REIT),而且它也获得国家投资公司淡马锡控股(Temasek Holdings)的房地产子公司丰树投资(Mapletree Investments)的支持,后者管理三个上市REIT及三个私人产业基金。MGCCT将会是丰树投资的第四个上市REIT,并且是新加坡第一个把焦点放在中国及香港商业房地产的REIT。

Sealink : Outlook challenging but expected to improve in 2013 (Asia)


Sealink International Berhad
Price 35 sen
Drop in shipbuilding revenue as sale delayed
Chartering business holding up well
Provisions take bite out of earnings
Outlook challenging but expected to improve in 2013

Sealink International Berhad’s earnings results for 4QFYDec12 and 2012 were well below our expectations.

Turnover in 4Q12 was lower than our estimate due, primarily, to the delay in recognition of the sale for two landing crafts. The sale, worth some RM42 million, will now likely be recognised in 1Q13.

MAS : FY13 Yield Pressure, More Efforts Needed (HLG)


MAS
Price Target: RM0.62(«)
Share price: RM0.735
FY13 Yield Pressure, More Efforts Needed

Results
In Line – 4Q12 core net loss at RM124.7m and FY12 loss of RM779.1m vs. HLIB’s FY12 estimates of RM733.2m loss, but worse than consensus’s RM432.6m loss.

Deviations
None

Giordano: Sustainable margin expansion (CIMB)


Giordano International
Current HK$7.80
Target HK$9.40

 Sustainable margin expansion
Despite the negative sales growth in China, Giordano posted a top line growth of 1%, supported by its steady performance in Hong Kong and robust growth in Indonesia and Thailand. The strong rebound in its 4Q gross margin signals healthy inventory control.

Giordano’s FY12 core net profit, at 2% above our forecast, was largely as we had expected, but it was 8% short of the more bullish consensus expectation. We raise our target price on a higher CY14 P/E multiple of 15x (vs. 13x before), based on its 10-year average. Catalysts include gross profit margin expansion and operational improvements in China. Maintain Outperform.

Dah Chong Hong : Better 2013 outlook (DBSV)


Dah Chong Hong
BUY HK$7.96
HSI : 22,577
Price Target : 12-month HK$ 10.00
Better 2013 outlook

FY12 earnings are below expectations, due to weaker auto business in China
Expect gradual price recovery and improvement in GP margin on new car sales
Food & consumer segment remains a growth driver
Maintain BUY with HK$10.00 TP

Worst is over for Chinese auto business. FY12 net earnings were down 21%, largely due to the political tension in Sep and low GP margin in China. The Japanese auto brands accounted for c.60% of total volume sales and hence, vehicle sales in China fell c.19% in 2H.

Golden Agri : Downstream push takes time (CIMB)


Golden Agri
Current S$0.65
Target S$0.70
Downstream push takes time

 Golden Agri’s FY12 core net profit was 6% below our forecast and 14% below consensus numbers. The shortfall came from an unexpected US$48m net loss from its China operations which we had forecast to turn in US$4m net profit.

We are less positive after the briefing due to cost pressure from higher interest expenses, depreciation and the hiring of senior people for its downstream expansion. Factoring in this and lower contributions from its China agribusiness, we cut our FY13-14 earnings by up to 15%, lowering our target price to US$0.70 (based on its historical average of 14x P/E). We downgrade the stock from Outperform to Neutral.

JCY International: Rain, rain, come again (CIMB)

JCY International
Current RM0.50
Target RM0.45
Rain, rain, come again

 Like most HDD component suppliers, JCY is reeling from a slowdown in HDD demand, incurring losses in the Dec quarter. Our conversations with industry contacts suggest that volume will remain soft in 2013, affecting JCY.

We cut our FY13-15 EPS by 36-131% to assume lower HDD shipments by its customers with corresponding effects on its GP margins. Our lower target price is still based on the industry average of 6x CY14 P/E (previous average 5x). Although it has underperformed significantly since our downgrade in Nov 12, we see further de-rating catalysts from 1-2 more weak quarters and maintain our Underperform.

Asia Media : Surprised by Deferred Tax Liabilities (TA)


Asia Media Group
TP: RM0.115
Last traded: RM0.145
52-wk Hi/Lo (RM) 0.575/0.15
Surprised by Deferred Tax Liabilities

Review
_ Asia Media’s FY12 net profit of RM11.8mn came in below our estimate. The variance was due to lumpy deferred tax liabilities (DTL) of RM4.2mn recognised in 4Q12. We understand that the DTL resulting from the difference in annual depreciation rate of 10% and initial capital allowance of 20% in the purchase of Digital Terrestrial Television Broadcasting (DTTB) equipment. At PBT level, the earnings was slightly below our forecast, accounting for 94% of our estimate.

UOA Development - Within expectations, DPS of 12.0sen


UOA Development -
Price Target :2.30
Last Price :1.84
Within expectations, DPS of 12.0sen

Period  FY12

Actual vs. Expectations FY12 core earnings of RM301m were within expectations, being only ahead of street and our estimates by 2% and 4%, respectively.

 FY12 sales RM1.7b (+101%) was slightly above our RM1.6b due to 4 major en bloc sales (Horizon office blocks); stripping out en bloc sales, offplan sales were up by 46% YoY to RM1.2b.

巴菲特投资三十六计之二十六:借刀杀人

巴菲特控股的伯克希尔公司规模非常庞大,资产总额超过人民币2万亿,下属公司员工人数超过25万人,股东人数超过56.5万人,但总部员工却只有20人,管理人员却只有他和芒格两个人。巴菲特是如何做到这一点的呢?他运用的是借刀杀人的最高境界借人治人,而且他借的不是一般人,而是明星经理人:“我们持续受惠于所持股的这些公司的超凡出众的经理人,他们品德高尚、能力出众、始终为股东着想,我们投资这些公司所取得的非凡的投资回报,恰恰反映了这些经理人非凡的个人品质。”

巴菲特投资36计之二十六:借刀杀人
http://finance.sina.com.cn/stock/t/20110627/032010050457.shtml
2011年06月27日 03:20 上海证券报 作者:刘建位
  ■
  原文:敌已明,友未定,引友杀敌,不自出力,以《损》推演。

  按语曰:敌象已露,而另一势力更张,将有所为,便应借此力以毁敌人。

Stock in 60 Seconds: Midas



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Friday, March 15, 2013

RHB downgrades IGB REIT to ‘Neutral’; fair value RM1.43


RHB downgrades IGB REIT to ‘Neutral’; fair value RM1.43
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com  
Friday, 15 March 2013 10:43

KUALA LUMPUR (Mar 15): RHB Research has downgraded its rating on IGB REIT to ‘neutral’ from ‘buy’, with a fair value of RM1.43, given the “limited upside to the stock”.

In a note today, RHB analyst Alia Azani said IGB REIT’s next growth catalyst will likely be the major rental renewal for The Gardens Mall, as leases for about 54% of its net leaseable area (NLA) are due to expire in FY2013.

Affin keeps ADD call on Salcon, target price 49 sen

Affin keeps ADD call on Salcon, target price 49 sen
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Friday, 15 March 2013 10:53

KUALA LUMPUR (Mar 15): Affin Investment Bank has maintained its Add rating on SALCON BHD [] at 42 sen with an unchanged target price of 49 sen, after the company's wholly-owned subsidiary Salcon Engineering Bhd was awarded a project known as the CONSTRUCTION [] of Kandana Water Treatment Plant extension in Sri Lanka

The two year contract worth RM57.9 million is projected to commence within 14 days from March 11, 2013.

客源增加‧楊忠禮電力寬頻業務料轉盈


客源增加‧楊忠禮電力寬頻業務料轉盈
Created 03/15/2013 - 10:57
(吉隆坡14日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)旗下流動寬頻業務客源取得增長,有信心今年轉虧為盈。

該公司執行董事拿督楊肅宏表示,基站設施將於年杪達到5千個,料引入新客戶群,流動寬頻業務有望於今年底轉虧為盈。

他是在YES和全國交通(KTB,4847,主板貿服組)推出巴士流動寬頻服務推介禮後發表上述言論。

“該業務連續兩年面臨虧損,現在雖然還未獲利,但虧損已收窄,即將取得收支平衡,今年底料轉虧為盈,比市場預期早一年。"

半导体业走出阴霾 友尼森马太平洋可转盈


半导体业走出阴霾 友尼森马太平洋可转盈
Created 03/14/2013 - 12:33
(吉隆坡13日讯)大马早前公布的电子与电器产品出口数据、反映半导体领域正在收复失地。

此外,国内与跨国半导体制造业者给予分析员的回应,让马兴业金融研究分析员更坚信领域已走出阴霾。

有鉴于此,马兴业金融研究分析员上调半导体领域投资评级至“正面”,预计智慧型手机的强劲需求,将成为今年领域的主要驱动力。

他给予友尼森(Unisem,5005,主板科技股)与东益电子(GTronic,7022,主板科技股)“买进”评级。

1.4亿建5 厂拟5年大计 顶级手套矢成丁腈王


1.4亿建5 厂拟5年大计 顶级手套矢成丁腈王
Created 03/15/2013 - 07:42
(吉隆坡14日讯)顶级手套(TopGlov,7113,主板工业产品股)矢志在3至5年内,成为全球最大丁腈手套生产商。

该公司主席丹斯里林伟才披露,该公司耗资了1亿4000万令吉,在国内增建5座丁腈手套制造厂,预计在明年4月份之前陆续竣工。

他说:“届时,我们将可额外增加76条丁腈手套生产线,相等于按年产量增加76亿只。

“同时,丁腈手套为总销量作出的贡献,也有望从目前的17%,增至25%。”

Progressive Astro dividend likely


The Star Online > Business
Friday March 15, 2013
Progressive Astro dividend likely

Group banks on strong cash-generating operations and 75% minimum payout target

By WONG WEI-SHEN

KUALA LUMPUR: Shareholders of Astro Malaysia Holdings Bhd can expect progressive dividend payments in the future, banking on its strong cash-generating business and its stance for a 75% minimum payout rate.

Astro announced a dividend payment of 1.5 sen for the fourth quarter result ended Jan 31, 2013 and a final dividend of 1 sen that is subject to shareholders' approval at the upcoming AGM in July. This brings Astro's full-year dividend payment for the financial year ended Jan 31, 2013 to 4 sen.

Yes 4G and KTB to provide WiFi for bus passengers


The Star Online > Business
Friday March 15, 2013
Yes 4G and KTB to provide WiFi for bus passengers

KUALA LUMPUR: Yes 4G and Konsortium Transnasional Bhd (KTB) have partnered to provide WiFi services to passengers that travel on NICE Imperial, NICE Coaches, Plusliner and Transnasional bus lines.

“Internet connectivity is no longer just a ‘nice-to-have’. It is necessary for our growth as a nation and by establishing reliable Internet connections across the peninsula from schools to buses, the world will start paying attention to how we are changing our landscape,” YTL Communications Sdn Bhd executive director Datuk Yeoh Seok Hong told a press conference here yesterday.

證券推介:聯想股價打回原形 可分段收集


證券推介:聯想股價打回原形 可分段收集
http://paper.wenweipo.com   [2013-03-15]  

比富達證券(香港)
 近日港股調整,不少二、三線股都出現洗倉式下跌的情況,跌幅驚人。當中有部分二、三線股的盈利前景其實不俗,無奈其股價跟隨大市調整,重返到去年底低位。筆者認為該些擁有盈利前景不俗的股票仍然值得被跟進,因為只要市場情緒稍為好轉,該些股票應該會是最快反彈,而且反彈幅度將是非常驚人。今期筆者介紹聯想集團(0992),其股價由3月初高位9.07元,跌至近日低位8元附近,回到一月中旬的水平,調整幅度約12%。

施永青陰謀論 疑政府誤判


施永青陰謀論 疑政府誤判
http://paper.wenweipo.com   [2013-03-15]  

 香港文匯報訊(記者 陳遠威)中原地產創辦人施永青昨對銀行加按息表示不解,他表示,政府出招壓抑樓市,作用較銀行加按息影響更大,現時銀行加按息只是令情況「雪上加霜」。銀行不單沒有提供稅項回贈,反而加按息趕客,不解銀行為何反其道而行,懷疑是政府誤信坊間稱辣招未奏效,而要求銀行加息。

 澳新銀行高級經濟師楊宇霆昨表示,預料美國聯儲局將在今年底開始加息,銀行加按息主要為鎖定息率以應對低息周期逆轉,同時減輕巴三要求及金管局措施所帶來的壓力。他認為若個別銀行資金流動性不足,便會再度加按息,但不認為會踏入加息周期。現時按揭息率約3厘,相信達4厘水平,買家供款就增加10%,樓價便會隨之下跌5%。

Keppel REIT : Opportunistic placement (CIMB)


Keppel REIT
Current S$1.38
Target S$1.33
Opportunistic placement

 KREIT’s capital raising is no surprise as we expected its recent purchase of Old Treasury Building to be 50:50 debt-equity funded. The dilution should be muted at about 1%, given the good pricing and small share issuance.

Adjusting for the timing of the placement vs. our earlier assumption of a more backend loaded placement for Old Treasury Building, we trim our FY13-15 DPU estimates but maintain our DDM-based target price. We reiterate our Neutral call as we see higher headline yields compensating for higher asset leverage and income support.

Courts Asia : Results Briefing Takeaways (UOBKH)


Courts Asia (COURTS SP)
Price/ Target S$0.915/S$1.14
Results Briefing Takeaways

Key Takeaways
• Full impact of Courts Tampines re-launch still to come. After the disruption in selling activity last October and  November due to ongoing renovations, sales in Courts'  Megastore in Tampines has been on a positive momentum  since the re-launch in 1 Dec 12. Management targets to see  an improvement of about 30% in the outlet's average sales  once it fully ramps up.

• On track for Indonesian venture in 2014 (FY15). Courts  has been in talks with a potential developer for what will be  its largest store to date. Average sales per sq ft in Indonesia  is expected to be higher than Malaysia's as it rides on the increasing affluency of the country's middle class. An additional revenue generator could come in the form of rental income, as management is also considering leasing out part of the space to retail partners (i.e. food & beverage outlets).

TEE International: Better outlook, but still cautious

TEE International:
Fair value    S$0.30
add: 12m dividend forecast S$0.015
versus: Current price  S$0.395

Better outlook, but still cautious
• Shares firm despite weak 2QFY13 results
• More infrastructure means more projects
• FV raised to S$0.30, maintain HOLD

Since our last report on TEE International (10 Jan), its share price has stayed firm, retaining most of the gains made since the start of the year, despite its disappointing 2QFY13 results.

KNM Group - Reversal of provision saves 4Q from a pre-tax loss


KNM Group -
Price Target:0.55
Last Price:0.475
Reversal of provision saves 4Q from a pre-tax loss

- We maintain our HOLD call on KNM Group with an unchanged fair value of RM0.55/share based on a 25% discount to our adjusted book value estimate of RM0.75/share. Our diluted book valuation excludes the group's RM772mil goodwill arising from the acquisition of BORSIG Beteiligungsverwaltungsgesellschaft mbH (Borsig).

- KNM's FY12 net profit of RM130mil (vs. a loss of RM92mil in FY11) came in above expectations, vis-à-vis street's RM114mil and our forecast of RM78mil. But excluding RM41mil worth of write-backs of provisions for foreseeable losses, the results was 31% below our FY12F pre-tax profit.

Coastal Contracts: Rough seas (DBSV)


Coastal Contracts
HOLD RM2.02
KLCI : 1,627.35
(Downgrade from BUY)
Price Target : 12-Month RM 1.90 (Prev RM 2.25)
Rough seas
4Q/FY12 below estimates; vessel delivery timings and normalised margins impacted 4Q12
Cut FY13-14F earnings by 15%/13%
Downgrade to HOLD with lower RM1.90 TP

FY12 below expectations. 4Q12 net profit of RM28m was 45% lower y-o-y, mainly due to lower revenues (-12% from timing issues in terms of vessels delivered) and lower operating margin (15% vs. 4Q11’s 24%) as margins for OSV normalise. This brought FY12 earnings to RM119m, 9% and 13% below our and consensus estimates respectively. Four vessels were delivered during the quarter compared to 4Q11’s 13 units. Coastal also declared a 2.8sen dividend, resulting in a 23% FY12 payout.

Neptune Orient Lines :A disappointing close to 2012 (CIMB)


Neptune Orient Lines
Current S$1.23
Target S$1.20
A disappointing close to 2012
 NOL’s FY12 core net loss of US$342m was 43% worse than the US$239m we had forecast as rates were slightly weaker than expected and unit cost was more than expected. While NOL should do better in 2013, its valuations are not compelling.

Hence, we maintain an Underperform, with our target price raised slightly as we increase our target P/BV from 1x to 1.1x, which is pegged to the 2011 historical average. Downside catalysts include continuing tough shipping markets. We cut EPS by 81% for FY14 to reflect expectations for a slower market recovery in 2014.

Overseas Union Enterprise: Driven by hospitality and commercial (CIMB)


Overseas Union Enterprise
Current S$2.89
Target S$3.53
Driven by hospitality and commercial

 Contributions from OUE’s hospitality and commercial segments remained robust in 4Q12. Asset values were largely up yoy and a special dividend of 5 cts (total 8 cts) was proposed. We see leasing progress at DBST and potential recycling moves as FY13’s focal points.

OUE’s 4Q12 core net profit came in at 27% of our and consensus full-year forecasts. FY12 core profits were in line, at 100% of our estimate. We lower our FY13-14 core EPS by 3-5% for higher interest costs. This does not affect our target price (still on 20% RNAV discount). OUE remains an Outperform as it is trading at 35% RNAV discount vs. a sector average of 21%.

Boustead Singapore : Economic Moat & Market Leaderships (Phillip)


Boustead Singapore
Target Price (SGD) 1.800
- Previous Target Price (SGD) n.a.
Closing Price (SGD) 1.270
Economic Moat & Market Leaderships

Company Overview
Boustead operates market leading infrastructure related businesses: Geospatial Technology (30% PBT), Industrial Property Design & Build + Property Portfolio (60%), Water & Wastewater Engineering (0%), and Energy (10%) Related Engineering. Boustead also generates strong excess cash.

Cordlife MANAGEMENT REPLY: Will more IPO proceeds end up in listed companies owned by the promoter?


Why buy 10% stake in NYSE-listed China Cord Blood Corp at a premium to market price – and how does tycoon Mr Kam Yuen fit into all this? These are among 17 questions that need to be asked.

21/2/2013 – Cordlife Group Ltd is upbeat on the government’s latest policies to boost fertility and birth rates in Singapore.

Last month, the government introduced a S$2 bln Marriage & Parenthood Package, an improvement over the S$1.6 bln package in 2008.

Singapore Strategy: Seeking growth (DBSV)

Singapore Strategy
Seeking growth

• Expect gradual ascend for STI, re-rating depends on earnings upgrades
• Big caps – go for earnings resilience or yield plays
• Bright spots in SMC, raising earnings growth to 14%

Expect gradual ascent for STI towards 3450 by end June and 3600 by year end, re-rating depends on earnings upgrades. We believe the Singapore market has shifted into a more gradual ascend compared to the fast paced climb that lifted the STI by 13% in mid Nov to reach 3320 in early February. Liquidity has pushed STI’s forward PE up to its average of 14.1x, and has the potential to lift the index closer to 3600 by year-end based on FY14F earnings. While temporary  choppiness is expected in the near term, we maintain our view that equities will rise further in 2013, with momentum picking up in 2H.

Noble Group: Takeaways from post-results luncheon (CIMB)


Noble Group
Current S$1.15
Target S$1.47
Takeaways from post-results luncheon

 “Asset-light” is the new buzzword. Key topics discussed during Noble’s post-results luncheon were its asset-recycling initiatives, strategy, and growth outlook.

Having survived its worst year ever, Noble is looking forward to some normalisation in agriculture profits: this should be enough to drive the group’s FY13 profit growth. Organic growth from the energy and metals segments could also help. We maintain our Outperform rating, EPS and target price (10.1x CY14 P/E, 0.5 s.d. below 5-year mean). Noble is a proxy to the global economic recovery.

Singapore Airlines : Taking more of Tiger (CS)


Singapore Airlines
Price (04 Mar 13 , S$) 10.76
TP (prev. TP S$) 12.10 (12.10
Maintain NEUTRAL
Taking more of Tiger

● Singapore Airlines’ (SQ) 33% investee company Tiger Airways (TR) has announced a capital raising of up to S$297 mn to be completed by the end of this quarter and to be cornerstoned by commitments from SQ and its own major shareholder, Temasek.

● Assuming appropriate “whitewashes” are granted for avoidance of a mandatory takeover offer and concert party actions, SQ could fund up to S$267 mn of the offer (90%), potentially lifting its shareholding to 49.9%.

冰封樓市 地產股散


冰封樓市 地產股散
【本報訊】繼滙豐及渣打(2888)後,恒生銀行(011)昨日跟隨調高按息0.25厘。「息」魔殺到,股樓暫呈兩極化。地產股昨日應聲下挫,逆市急跌,六大藍籌地產股單日共蒸發200億元市值。反觀樓市未被加息嚇窒,量跌價未冧,賣家表面上狂劈價,其實只是將叫價回歸至市價。業界相信,二手已經陷入癱瘓狀態,樓市短期進入冰河時期。

記者:湯家明 林 靜

觀望氣氛濃 二手成交近癱瘓
息魔重臨,整體二手樓呈呆滯局面,僅大型屋苑錄零星成交。地區較偏遠的天水圍嘉湖山莊,有業主欲換樓,連減三口價共6.2萬元,以263.8萬元沽出兩房單位。荔枝角美孚新邨亦於加息後「開齋」。業界指,二手減幅不算驚人,預期短期內購買力轉投一手,二手勢呈膠着。

曾淵滄專欄 15.03.13:地產股插水太過敏


曾淵滄專欄:地產股插水太過敏 - 曾淵滄

前一陣子,我接受《蘋果日報》訪問,談起目前買樓的利率風險,前日滙豐、渣打同日宣佈加按揭利率0.25厘,昨日恒生(011)也宣佈跟隨加息,不過,我們所指的利率風險不是指香港的銀行自己加按揭利率,因為銀行之間的競爭壓力很大,不可能自己大幅加利率,因此我相信香港的銀行自己加按揭利率,最多也只能再加0.25厘,即昨日的加息已差不多加盡了,再加就得面對其他銀行不加息搶客的壓力。

加息0.25厘對樓價的打擊是很有限的,因此昨日地產股的急跌是反應過敏。

前幾天提到越房(405),這隻股的股價近一段日子表現不錯,前日該股公佈業績,純利大幅下跌48.6%。不過,純利大減的原因只是因為物業公平值重估及折舊所致,營業額實際上是增加36.4%。

Hong Kong's Third Richest Man: Cheng Yu Tung



平安净利267亿同比增18% 投资亏损增幅890%



周小川:央行今年将继续实施稳健货币政策



American Economy: Stronger Than You Think?



Thursday, March 14, 2013

杨忠礼通讯冀今年转亏为盈


杨忠礼通讯冀今年转亏为盈

(吉隆坡14日讯)杨忠礼电力(YTLPOWR,6742,主板基建股)旗下的杨忠礼通讯冀望在今年转亏为盈,且计划在第3季进军沙巴。

杨忠礼通讯执行董事拿督杨肃宏称,杨忠礼通讯旗下的Yes品牌已跃升为大马最大的4G移动网络。同时,他披露,Yes品牌也是大马唯一一家提供高达20Mbps网速的电讯公司。

杨肃宏续称,该公司目前共拥有4000座基地台(Base Station),预计会在今年拓展至5000座左右,以加强覆盖率。「我们目前有20万名直接消费者,加上进军学校领域的1BestariNet计划,也料为我们带来近1000万名的客户。」他补充,目前该公司將致力於收窄亏损,并冀望可在今年,转亏为盈。

Salcon unit gets Sri Langka water jobs worth RM58m


Salcon unit gets Sri Langka water jobs worth RM58m
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com  
Thursday, 14 March 2013 18:50

KUALA LUMPUR (March 14): SALCON BHD [] announced that Salcon Engineering Bhd, its wholly-owned unit, has obtained two awards for water works worth a total of RM57.85 million from Sri Langka.

In an announcement to the stock exchange, Slacon said the jobs came from the National Water Supply & Drainage Board, Ministry of Water Supply & Drainage of Sri Lanka, and the name of the project is Kalu Ganga Water Supply Project.

The contract duration of the project is 728 days commencing within 14 days from 11 March 2013, and there is no option for renewal, said the statement.

Investors turn away from won, Sing dlr; more bullish on baht


Investors turn away from won, Sing dlr; more bullish on baht
Business & Markets 2013

Written by Reuters  
Thursday, 14 March 2013 15:48

BANGALORE/SINGAPORE (March 14): Bets against the won rose to their highest in almost a year on worries about the impact of a weaker yen on South Korea's economy, while short positions in the Singapore dollar swelled to a near one-and-a-half year high, a Reuters poll showed on Thursday.

Bearish bets on the won hit their highest level since May 2012 as the South Korean currency touched a near five-month low to the dollar on selling from offshore funds, according to the survey of 14 currency analysts.

Kenanga Research: Power Root to double revenue to RM90m this year


Kenanga Research: Power Root to double revenue to RM90m this year
Business & Markets 2013

Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Thursday, 14 March 2013 10:56

KUALA LUMPUR (Mar 14): Kenanga Research is positive on Power Root’s long-term prospects and expects the groups export segment to double in revenue in its financial year 2013 to RM90 million from 46.2 million previously.

The research house also foresees the group’s financial year 14 revenue to increase to RM130 million through its plans of setting up a production facility in the UAE in late 2014, which is believed to further support growth in the Middle East and African markets through higher demands.

投资者选前聚焦蓝筹股 小型股大选后见春天


投资者选前聚焦蓝筹股 小型股大选后见春天
Created 03/14/2013 - 08:13
(吉隆坡13日讯)考量到政治风险,投资者或在全国大选来临前持续选择大型股和高流通量股,分析员因而预见于去年大幅落后大市的小型股,需等待大选过去才能看见春天!

据联昌国际投资研究分析员,今年至今,富时小型股指数(SCI)的走势正赶超富时隆综指(KLCI),前者扬升3.2%,后者则相对滑落2.1%。

CIMB highlights the smaller counters, with MyEG its top pick


The Star Online > Business
Thursday March 14, 2013
CIMB highlights the smaller counters, with MyEG its top pick

PETALING JAYA: A handful of small cap stocks like My E.G. Services Bhd, Cypark Resources Bhd and Daibochi Plastic and Packaging Industry Bhd, are highlighted in a report by CIMB Research for reasons ranging from their defensive nature to decent dividend yields and the fact that they are considered “cheap”.

The research house also had “outperform” calls on HELP International Corp Bhd, Perisai Petroleum Teknologi Bhd, Tomypak Holdings Bhd and Xinquan International Sports Holdings Ltd.

Coastal Contracts - 4Q12 results misses expectations


Coastal Contracts -
Price Target:2.10
Last Price:2.02
4Q12 results misses expectations

Period  4Q12/12M12

Actual vs. Expectations    4Q12 net profit of RM28.4m brought FY12 net profit to RM90.2m. This was below our expectations, accounting for only 93% of our full-year net profit estimate (RM127.1m) and 87% of consensus' (RM135.5m). The variance was mainly due to the lower-than-expected net margin (15.5% versus our 17.0%) on the vessel business.

Dividends  Final NDPS of 2.8 sen was declared, bringing full year DPS to 5.6 sen. This was above our FY12E NDPS of 3.8 sen.

ECS ICT Berhad - Focusing on Enterprise System services


ECS ICT Berhad -
Price Target :1.02
Last Price :1.00
Focusing on Enterprise System services

Management guided that the group has successfully redeemed its dwindling PC/Notebook sales with rising revenue contribution from tablet sales in the ICT distribution segment in FY12. On the bright side, ECS believes its Enterprise Systems will continue to shine in CY13 underpinned by: 1) stronger sales from enterprise network systems spurred by emerging mobility solution provided by cloud computing and smartphones in the SME space; and 2) more products/brands that are expected to be introduced in CY13. Post-result briefing, we have: 1) trimmed ICT Distribution segment revenue growth to 7.2% (-4.4%) in FY13 due to the sluggish Notebook PC sales; and 2) raised our GP margin on the Enterprise Systems segment to 10.3% (vs. 9.7% previously) in view of the higher margin recorded in the mobility enterprise solutions. Hence, our FY13-FY14 net profit has been revised down to RM30.2m and RM31.9m respectively (from RM30.4m and RM33.6m previously). We are maintaining our MARKET PERFORM rating with a lower TP of RM1.02 (from RM1.03 previously), based on unchanged targeted FY13 PER level of 6.1x.

AirAsia : Mighty Call Of A Special Dividend (MIB)


AirAsia Berhad
Buy (from Hold)
Share price: MYR2.64
Target price: MYR3.00 (from MYR3.35/share)
Mighty Call Of A Special Dividend

Above expectations. AirAsia’s core FY12 net profit of MYR828.5m (+0.3% YoY) was above our and market expectations. The group managed to capitalise on a strong 4Q to boost unit revenues and offset its weak 9M12. Management has taken a shareholder-friendly stance and will pay a generous dividend. We expect a positive investor response and a resurgence of demand for the stock. We upgrade the stock to a BUY (from HOLD) with a TP of MYR3.00/share, based on 9.2x 2013 adjusted EV/EBITDAR – in line with global peers.

Padini Holdings: Looking To A Stronger 3QFY6/13 (MIB)


Padini Holdings
Hold (unchanged)
Share price: MYR1.81
Target price: MYR1.90 (unchanged)
Looking To A Stronger 3QFY6/13

 A weak 2Q, as expected. Padini‟s 2QFY6/13 net profit of MYR19m (- 32% YoY; -26% QoQ) was in line with our forecast but below consensus estimates. While the results look bad at first glance, the trend is similar to years when CNY fell in February instead of January. Further, as we had highlighted earlier, the slowdown in consumer spending is having an impact on the retail sector. We maintain our earnings forecasts, HOLD call and TP of MYR1.90 (12x 2013 PER).

KNM Group: Below Expectations (MIB)


KNM Group
Sell (from Hold)
Share price: MYR0.465
Target price: MYR0.40 (from MYR0.60)
Below Expectations

Downgrade to SELL. Results were below expectations, with FY12 net profit accounting for just 78% and 68% of our and consensus forecasts owing to higher depreciation and interest charges, which negate the recovery in operating margins. We cut FY13-14 earnings forecasts by 40-43% and lower our TP to MYR0.40 (-33%), pegged to an unchanged 8x FY14 EPS target. The unresolved financing agreement on the Peterborough project is a concern.

New World Dept Store : As steady as it goes (DBSV)


New World Dept Store
BUY HK$4.80
HSI : 22,520
Price Target : 12-Month HK$ 5.81 (Prev HK$5.63)
As steady as it goes

1H FY13 core profit up 11.6% to HK$317m, in line. DPS of HK$0.098 and payout of 50% stayed flat.
YTD SSSG stands at solid mid to high single digit rate. Management targets at >10% SSSG for full-year FY13.
NWDS should sustain healthier medium-term profit trend than peers, thanks to a more balanced focus between existing store operations and expansion growth.
Trading at 11x 12-mth rolling PE and 17% discount to our new TP of HK$5.81, we maintain BUY.

Malaysia Smelting Corp - Wounds All Around

Malaysia Smelting Corp -
Price Target:2.77
Last Price:3.02
Wounds All Around

Malaysia  Smelting  Corp  (MSC)  posted  a  narrower  core  net  loss  of  RM4.5m  in 4QFY12,  buoyed  by  a  rebound  in  tin  price  that  boosted  RHT's  profit,  higher production  at  its  smelting  plant,  stronger  associates'  contribution,  and  lower overheads  at  PT  Koba  Tin  following  a  downsizing.  However,  this  was  partially watered  down  by  higher  provisions.  The  extension of PT Koba Tin's Contract of Works  (CoW)  remains  an  overhang.  As  its  disclosure  of  RM150m  in  potential impairment  may  shock  investors  and  spark  panic  selling,  we  downgrade  MSC  to SELL, with a lower FV of RM2.77, based on 1xFY13 NTA.

KS Energy: Still no news on convertible bonds (OCBC)


KS Energy:
Fair value S$0.78
add: 12m dividend forecast S$0.00
versus: Current price S$0.750

Still no news on convertible bonds
• Net profit in FY12
• Still no updates on conv bonds
• Cautiously optimistic about FY13

KS Energy (KSE) reported a 41.7% increase in revenue to S$698.1m and a net profit of S$1.3m in FY12, vs. our forecast of a full year net loss of S$1.0m.

UOA Development : A blowout year for new sales (CIMB)


UOA Development
Current RM1.82
Target RM2.02
A blowout year for new sales

 UOA Dev's FY12 results were very close to our forecast and 4% above consensus. The group chalked up RM1.71bn in new sales, beating its target by a hefty 71%. We believe it is on track to repeat this performance in 2013.

We tweak our EPS forecasts while raising RNAV from RM2.81 to RM2.88 for housekeeping purposes. This raises our target price which is based on a 30% discount to RNAV. UOA Dev is trading at FY13-14 P/Es of 6-7x and offers 7-8% net yield, by far the highest in the sector. It remains our top pick in the sector and a Trading Buy rather than an Outperform due to election risks.

Wilmar International: Close to fair value (DBSV)


Wilmar International
HOLD S$3.63
STI : 3,288.13
Price Target : 12 months S$ 3.88 (Prev. S$3.81)
Close to fair value

• 4Q12 core earnings came in at US$401m – slightly below forecast
• Stronger-than-expected Oilseeds & Grains and Plantations pretax contributions were offset by weaker-than-expected Palm & Lauric and Sugar
• Final DPS of S$0.03 declared, payable 14 May13
• HOLD call maintained. TP (based on DCF) adjusted slightly higher to S$3.88 on lower WACC

4Q12 earnings slightly below. Wilmar’s 4Q12 core earnings came in at US$401m (+52% y-o-y; +3% q-o-q) – slightly below our expectation of US$445m. Including non operating items, Wilmar’s reported profit was US$477m (- 5% y-o-y; +17% q-o-q).

CapitaMalls Asia: Staying Ahead of the Curve in China (KE)

CapitaMalls Asia
Buy(unchanged)
Share price: SGD2.02
Target price: SGD2.55 (unchanged)
Staying Ahead of the Curve in China

Not resting on its laurels. We caught up with CMA’s management with investors recently and hereby present some key takeaways addressing some of the investors’ queries. Overall, we remain confident of the Group’s efforts in China and are encouraged by management’s focus to scale up in key cities. Maintain BUY.

China’s budding organized retail trade. China is a key growth market for CMA and investors were keen to find out if there is any concern of oversupply going forward.

Hospitality Sector: Potential oversupply situation (OCBC)


Hospitality Sector:
Potential oversupply situation

Despite visitor arrivals climbing 9% in 2012, the total gross lettings for Singapore hotels was stagnant at 10.7m room nights. It is likely that the average length of stay has declined further from the 3.7 days in 2011, e.g. down to 3.45 days, and larger proportions of tourists may be staying in non-hotel accommodations. We understand from talking to industry players that 1Q13 operational figures for Singapore hotels are likely to be lackluster. For 2013-2015, we forecast hotel room demand growth of 5.4% p.a., lower than the projected 5.8% p.a. increase in room supply. We remain NEUTRAL on the hospitality sector. Our top pick is Global Premium Hotels [BUY, FV: S$0.33], which we believe is a longer-term asset value play. GPH is currently trading 32% below its NAV of S$0.39.

越房:穗IFC營收必雙位增


越房:穗IFC營收必雙位增
http://paper.wenweipo.com   [2013-03-14]

香港文匯報訊 (記者 黃嘉銘) 在去年注入廣州IFC項目後,被外界形容為「蛇吞象」的越秀房託(0405)昨表示,預期廣州IFC今年營收必可達到雙位數增長。同時,目前廣州IFC的整體出租率僅為75.63%,仍有進步空間,而每平方米期末租金約215元(人民幣,下同),較市場最高租金高出3成,但就未有透露實際的營收目標數字及出租率目標。

 公司行政總裁兼執行董事劉永杰稱,去年向母公司越秀地產(0123)收購廣州IFC時,越地承諾會就去年至2016年期間的酒店及服務式公寓提供補貼,而該補貼金額正是酒店及公寓實質經營毛利與保證經營毛利之間的差額,去年共獲得約4.4億元補貼,而今年公司最多可以從母公司獲得2.86億元補貼。

人行副行長:內銀股值得投資

人行副行長:內銀股值得投資
2013年3月14日
【明報專訊】人行副行長潘功勝昨天亦出席了記者會,作為曾在四大行工作過的行長以及在人行主管銀行業的副行長,他昨天大挺內銀股,調內銀股估值低,具有良好的投資價值,相信內銀業會保持穩定的盈利能力和風險控制能力。

「主要銀行的市淨率水平在1:2左右,市盈率的水平在6、7倍,應該是具有比較良好的投資價值。 潘功勝昨天首先肯定近年內銀盈利增速良好,儘管從去年開始,增速出現下滑,但主要經營指標均表現良好。

曾淵滄專欄 14.03.13:辣招逼地產商變陣


曾淵滄專欄:辣招逼地產商變陣 - 曾淵滄

恒指兩日跌533點,昨日跌幅更一度超越400點。下跌幅度更超過A股。

如此巨幅的調整,很明顯是之前炒兩會概念幻滅所致,人大政協開會前,不少人憧憬新領導層會推出一些政策來推動經濟、內銷、城鎮化,於是多隻股票被炒上,理由是受國策支持,但是,兩會已近尾聲,根本聽不到任何實際的、有利於那些股價已被炒上的企業。

新能源是最佳例子,在政策原則上,政府說會支持,但是,支持新能源不是用嘴巴講講就夠,必須真金白銀的補貼,全面補貼政府負擔不起,局部補貼則表示電價要調升,老百姓會反對。

資金狂撤走 高位累跌16%  黃金恐步入熊市


資金狂撤走 高位累跌16%  黃金恐步入熊市

【本報綜合報道】隨着環球經濟復蘇,投資者避險情緒降溫,一向被視為避險天堂的黃金出現資金流出潮。金價自2011年9月升破每盎斯1,900美元歷史高位後,至上周一度低見1,561美元水平,累跌幅已超過16%,距離被視為步入熊市指標累積兩成只差幾個百分點,市場開始討論連續12年黃金牛市是否已屆結束之時。

經歷12年牛市後,國際金價踏入2013年以來,已創下25年來最差開年表現,加上包括索羅斯在內著名投資者近月都在拋售黃金,引發了市場恐慌,令人懷疑今次這輪自一戰以來最長牛市已進入尾聲。現貨金價昨日曾升0.3%,高見1,597美元。

首半年營收增7.4%‧匯華產業下半年營收看俏


首半年營收增7.4%‧匯華產業下半年營收看俏
Created 03/13/2013 - 18:06
(檳城13日訊)匯華產業(HUNZPTY,5018,主板產業組)旗下兩項產業計劃銷量不俗,預計下半年業績可媲美上半年。

截至2012年12月31日止首半年,該公司營業額報5千770萬令吉,比前期增加7.4%,淨利為1千170萬令吉,按年下跌19%。

該公司董事主席拿督許廷忠日前在業績發佈會上說,柏淡太子城推展128單位的雙層半獨立洋房發展項目建筑工程已接近尾聲。而173單位雙層排屋發展項目剛進行推介,它將成為集團財政年度主要營業收益的來源。

寰宇一家聯盟支撐‧馬航表現續改善


寰宇一家聯盟支撐‧馬航表現續改善
Created 03/13/2013 - 18:26
(吉隆坡13日訊)馬航(MAS,3786,主板貿服組)1月的營運數據改善,整體載客率按年增160基點,分析員看好馬航在寰宇一家(One World)的支撐下2月的表現更好。

儘管1月的搭客公里營收(RPK)和載客率分別挫2.1%和9.5基點,興業研究認為,這符合預期,主要是去年1月的農曆新年導致比較基礎高,無論如何,興業看好馬航國際乘客數據改善。

隨馬航自2月1日加入寰宇一家,興業相信,馬航2月的數據更優,看好寰宇一家的額外乘客將提振馬航的回酬與營業額,同時,作為東盟的唯一航空公司,該結盟令馬航自承載率的提高中受惠。

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Apple Bear Trade Over?



Wednesday, March 13, 2013

Malindo entry to have negative impact on MAS, says RHB Research


Malindo entry to have negative impact on MAS, says RHB Research
Business & Markets 2013

Written by Bernama  
Wednesday, 13 March 2013 16:44

KUALA LUMPUR (March 13): Malindo Airways' cheaper promotional fares might have a negative impact on Malaysia Airlines (MAS), said RHB Research.

In a note today, RHB Research said although cheaper promotional fares might boost Malindo's entry into the local aviation industry the impact might not be prolonged.

Firefly shrug off impact from Malindo's entry

Firefly shrug off impact from Malindo's entry

2013/03/13

PETALING JAYA: Community airline, Firefly is not anticipating
any negative impact to its operations and load factor, as new hybrid carrier, Malindo Airways prepares to commence operations later this month.

Its chief executive officer Ignatius Ong said competition was not
something new to the five-year old airline, and believed, it would triumph due to several travel niches.

Muhibbah: Turning a corner


Muhibbah: Turning a corner
In The Edge Financial Daily Today 2013
Written by Insider Asia  
Wednesday, 13 March 2013 14:23

Despite chalking up losses due to a large provision for the Asia Petroleum Hub (APH) project, Muhibbah Engineering (M) Bhd’s (89 sen) final results for 2012 financial year ended December (FY12) were better than our expectations, demonstrating resilience in its underlying operations to absorb such a large provision.

As we had expected, Muhibbah conservatively made a RM245 million provision for APH, although the company is still pursuing legal claims for the outstanding receivables.

启顺造纸 赚幅仍看涨


启顺造纸 赚幅仍看涨
Created 03/13/2013 - 12:04
目标价:55仙

最新进展

得益于强劲的销售表现及更高的产品利润,启顺造纸(NTPM,5066,主板消费产品股)2013财政年首9个月营业按年增8%,从3.342亿令吉提高至3.609亿令吉。

营业额有47%是由个人护理业务贡献,抵消了纸巾产品营业额下滑1.2%的负面影响。

营业额和净利分别按年增长8%和10%,归功于销售额强劲及个人护理产品偏高的赚幅。

MIDF Research: Semicon sector poised for a rebound in 2013


MIDF Research: Semicon sector poised for a rebound in 2013
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Wednesday, 13 March 2013 11:15

KUALA LUMPUR (Mar 13): MIDF Research has upgraded its rating on the semiconductor industry to ‘positive’, on the back of higher export numbers, robust demand from the smartphone sector and other sub sectors of growth like optoelectronics.

In a note today, MIDF said the recovery in the semiconductor sector was gaining traction. Growth in global semiconductor sales accelerated for the third consecutive months to 3.8%yoy in January, due to a combination of improving demand as well as the low base effect.

國油出價不變‧石油運輸看淡‧國際船務一度跌破5令吉


國油出價不變‧石油運輸看淡‧國際船務一度跌破5令吉
Created 03/13/2013 - 11:13
(吉隆坡12日訊)國際船務(MISC,3816,主板貿服組)獨立顧問認為該公司應值每股5令吉69仙至6令吉10仙,不過鑒於國家石油(Petronas)堅持出價合理,看來並不妥協,加上石油運輸業務前景仍受看淡,這兩個交易日該股都走跌,今日更一度跌破5令吉關卡,挫20仙或3.87%至4令吉97仙。

該股交投熱絡,但賣壓卻頗為沉重,全日最低下探至4令吉97仙,終場掛5令吉零6仙,跌11仙,有1千619萬7千200股易手,並成為全場第七大熱門股。

旧街场白咖啡 竞争激烈成本看涨


旧街场白咖啡 竞争激烈成本看涨
Created 03/12/2013 - 11:04
【目标价:2.38令吉】

最新进展:

截至2012年9月份,旧街场白咖啡(OldTown,5201,主板贸服股)来自香港、美国、加拿大等国外投资者投资比例,从2012年2月份的4%,增至19.7%。

行家建议:

董事局指出,目前国外投资者的投资比率达到37%。不过,由于外资纷纷套现离开大马市场,所以或许旧街场白咖啡也会在近期内面临该风险。

巴迪尼控股 下半年盈利看跌


巴迪尼控股 下半年盈利看跌
Created 03/13/2013 - 12:00
目标价:1.84令吉

最新进展

巴迪尼控股(Padini,7052,主板消费产品股)管理层采取各种措施,有望增添店铺的视觉效果,从而提振客流量,以及减少目前积极进行大减价与促销活动的压力。

该公司将在2014财年开设5家新分店,包括3家品牌分店(槟城、美里及芙蓉),以及2家概念店(槟城与美里),把分店总数增至99家。

同时,零售楼面面积也将增加10%或7万1000平方尺。

Iskandar property demand not affected by GE13


Iskandar property demand not affected by GE13
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Wednesday, 13 March 2013 09:33

KUALA LUMPUR: Property buyers in the Iskandar Malaysia region, both locals and Singaporeans, seem oblivious to the potential risks associated with the coming 13th general election (GE13) — they are still  buying.

This has prompted Kenanga Research to be bullish on Iskandar and the research firm is likely to upgrade the property sector to “overweight” from its current “neutral” rating — with a preference towards developers with heavy exposure to the fast developing region.

MISC shares down despite takeover bid


The Star Online > Business
Wednesday March 13, 2013
MISC shares down despite takeover bid

PETALING JAYA: Shares of MISC Bhd took a beating despite the takeover bid launched by its major shareholder Petroliam Nasional Bhd (Petronas) at RM5.30 per share.

Its shares closed 2.1% or 11 sen lower to RM5.06, with 16.19 million shares changing hands.

The counter touched an intra-day low of RM4.97 before clawing back some of its earlier losses.

Hunza plans RM3.5b mixed development project in Bayan Baru, Penang


The Star Online > Business
Wednesday March 13, 2013
Hunza plans RM3.5b mixed development project in Bayan Baru, Penang

By DAVID TAN
davidtan@thestar.com.my

GEORGE TOWN: Hunza Properties Bhd plans to undertake a RM3.5bil mixed development scheme in Bayan Baru, the south-west district of the island, two years from now.

Group executive chairman Datuk Khor Teng Tong said the project on a 40-acre site would comprise a shopping mall, a hospital, an indoor amusement park and a college.

AirAsia : Malindo is in the price (CIMB)


AirAsia Bhd
Current RM2.64
Target RM3.10
Malindo is in the price

 AirAsia’s 4Q12 core net profit was 23% above our forecast, due to 9% higher earnings at MAA on lower-than-expected interest expense, and stronger-than-expected performance of IAA. As a result, the full-year 2012 core group earnings were 9% above forecast.

We are raising core EPS estimates due mainly to: (1) 14% higher MAA profits on the back of more capacity additions and (2) an upward revision to IAA’s profits.

Sheng Siong: No Horsing Around (KE)


Sheng Siong Group
Buy (unchanged)
Share price: SGD0.635
Target price: SGD0.70 (from 0.60)
No Horsing Around
 Races through targets. Sheng Siong reported FY12 revenue growth of 10.2% YoY to SGD637.3m, and net profit was up 52.9% YoY to SGD41.7m, in-line with ours and consensus’s expectations. Excluding a one-off gain on sale of warehouse and provision on disposal of available for sale investment, core profit stood at SGD32.9m, up 20.6% YoY. We are positive on the Group’s margin enhancement efforts, outdoing market’s expectations on retail space growth, as well as a commitment to 2 more years of 90% dividend payout. We raise our target price to SGD0.70, pegged to 25x FY13F P/E. Maintain BUY.

Neptune Orient Lines : 2012: Results Miss Expectation But We Are Still Positive On Earnings In 2013 (UOBKH)


Neptune Orient Lines
Share Price S$1.23
Target Price S$1.54
2012: Results Miss Expectation But We Are Still Positive On Earnings In 2013

NOL posted a net loss of US$96m in 4Q12, improved yoy but below consensus, due to the higher volume shipment of lower-rated cargo. Its earnings will improve in 2013 as a result of the highly possible TP contract rate increase and one-off gain from the sale of its office building. Maintain BUY. Target price: S$1.54.

• Neptune Orient Lines (NOL) reported revenue of US$2,499m (+4% yoy) in 4Q12 and US$9,512m (+3% yoy) in 2012. Net loss narrowed 70% yoy to US$96m in 4Q12 and 12% yoy to US$419m in 2012, still below our estimate due to the higher volume shipment of lower-rated cargo.

MISC: Sailing, sailing home (CIMB)


MISC Bhd
Current RM5.27
Target RM5.30
Sailing, sailing home

 MISC's 4Q12 results were 23% above our estimates, bringing full-year core earnings to RM241m. This is 11% above our 2012 forecast but formed just 48% of consensus, likely due to exceptional items. Strong LNG earnings and lower liner losses contributed to the good results.

Despite the good performance, we cut FY13-14 EPS by 4-6% due to lower offshore earnings (delays in Gumusut) and the weaker shipping outlook guidance. We maintain Neutral and keep our target price of RM5.30, which is Petronas's offer price. For exposure to the transport sector, we prefer Malaysia Airports (MAHB MK, Outperform).

Parkson Retail Asia: Executing its business plan (CIMB)


Parkson Retail Asia
Current S$1.57
Target S$1.75
Executing its business plan

 Sales trends QTD have improved from 2Q,helped by the Chinese New Year and solid domestic consumption in Malaysia and Indonesia. PRA’s first store in Myanmar will be opened in April and management continues to build scale and increase profitability in Indonesia.

We maintain our Outperform rating and target price,which is based on 20x CY14 EPS or within the historical average range. Catalysts include earnings improvement from -8% in 1H to +4%in FY13 and mid-teens in FY14-15 as the company drives SSSG, opens new stores and expands margin through operating leverage.  

Singapore Post : MANAGEMENT REPLY: Which will it be? Better acquisitions or a lower dividend?


S&P lowers credit rating on SingPost because it's worried about profitability

26/2/2013 – Singapore Post will have to cut down on acquisitions, or lower its dividend, if it is to avoid a further downgrade in its credit ratings by Standard & Poor's.

S&P said SingPost is now slightly more of a credit risk than before, and the problem is in danger of worsening.

It lowered its long-term credit and issue ratings on SingPost and its fixed-rate notes to 'A' from 'A+' which were issued a year ago this month.

Wilmar International : Results satisfactory, but full-year still down (Phillip)


Wilmar International
Target Price (SGD) 3.79
- Previous Target Price (SGD) 3.70
Closing Price (SGD) 3.63
Results satisfactory, but full-year still down
Company Overview
Wilmar International Limited is Asia’s leading agribusiness group. Its business activities include oil palm cultivation, oilseeds crushing, edible oils refining, sugar, specialty fats, oleo-chemicals and biodiesel manufacturing and grains processing.

• FY12 core profit of US$1.2bn (+23% yoy) came above expectations
• FY13-14E earnings raised by 4-8% on better refining margins and recovery in crushing margins
• Maintain Neutral on revised target price of S$3.79

Nam Cheong 2012: Hitting New Heights But The Best Is Yet To Come (UOBKH)


Nam Cheong
Share Price S$0.275
Target Price S$0.34
2012: Hitting New Heights But The Best Is Yet To Come

Nam Cheong reported 2012 net profit of RM136.6m, in line with our forecast. Growth was driven by the shipbuilding division, which saw higher vessel sales. Nam Cheong also announced a larger-than-expected 2014 shipbuilding programme worth US$520m, higher than our US$450m assumption. We expect share price catalyst from the sale of more build-tostock vessels. Maintain BUY and target price of S$0.34.

KNM Group Bhd - Below Ours But Within The Consensus


KNM Group Bhd -
Price Target:0.53
Last Price:0.475
Below Ours But Within The Consensus
Period  4Q12 /12M12

Actual vs. Expectations  The 4Q12 profit before tax (PBT) of RM8.5m brought CY12 PBT to RM69.0m. This was below our expectations, making up only 84% of our FY12 PBT estimate of RM82.4m. However, it came in within the consensus estimate of RM71.6m (making up 96%).

INDUSTRIAL REITS : Change in game rule by JTC (DMG)


INDUSTRIAL REITS
Change in game rule by JTC

 Since the beginning of the year, JTC has indicated that property funds, such as REITs, have to pay land premium upfront for all industrial buildings acquisitions from sellers on JTC-leased sites, instead of paying in terms of a monthly land rental. Through this change in rule, REITs will have to set aside a sum of capital for the payment of upfront land premium; thus essentially raising the acquisition costs of industrial buildings. Having said that, we expect some of the REITs to counter this measure via i) lower acquisition price on the property to make up for the upfront land premium and/or ii) requesting the seller of the property to pay a higher leaseback rental to compensate for the land premium having been paid (i.e., a double net versus a triple net rental). Although the long term impact of this change in policy remains to be seen, we believe there will be pressure in the industrial property prices and rentals in the short term.

Tiger Airways: Rights Issue And Preferential Offering (UOB)


Tiger Airways
Share Price S$0.70
Target Price S$0.63 (ex-rights)
Rights Issue And Preferential Offering

Tiger Airways has commenced the second rights issue in 1.5 years. The current fund-raising, which is almost double that of the previous issuance, involves Perps which are likely to be taken up fully by SIA. Maintain SELL with target price of S$0.63.

What’s New
• Tiger announces rights issue and preferential offering. Tiger Airways (Tiger) announced a one-for-five rights issue. The rights issue will be priced at S$0.47, representing a 34% discount to Tiger’s last traded stock price prior to the announcement. The rights issue will raise gross proceeds of S$77m and is the second issue by Tiger post-listing, following a rights issue in 2011 to raise S$158m.

Starhill Global REIT: Poised for growth (OCBC)


Starhill Global REIT:
Fair value S$0.98
add: 12m dividend forecast S$0.05
versus: Current price S$0.87

Poised for growth
• Plaza Arcade to contribute from 1Q13
• Favourable outcome from rent review
• Further room for upside

We are positive on Starhill Global REIT’s (SGREIT) performance going forward. SGREIT announced that the acquisition of Plaza Arcade in Perth, Australia has been completed last Friday. At an NPI yield of 7.8%, we expect the transaction to be DPU accretive, adding 0.08 S cent to SGREIT’s FY13 DPU.

Hunza upbeat on Gurney Paragon

Hunza upbeat on Gurney Paragon
By Marina Emmanuel
bt@nstp.com.my
2013/03/13

GEORGE TOWN: Hunza Properties Bhd (HPB) is looking at generating RM3 million in annual rentals from its office block within its Gurney Paragon integrated development on Pulau Tikus.

Executive chairman Datuk Khor Teng Tong said yesterday the 10-storey office block, which boasts a total floor space of 10,000 sq ft, has already seen a take-up rate of 70 per cent.

"Two floors will serve as HPB's corporate headquarters and the other tenants so far include professional firms," he said at a briefing on HPB's half-year results for its year ended December 31 2012.

建銀證券:內銀盈利增長料放緩至10%


建銀證券:內銀盈利增長料放緩至10%
http://paper.wenweipo.com   [2013-03-13]  

 香港文匯報訊 (記者 陳遠威) 臨近中資銀行業績期,市場普遍認為受去年人行減息影響,內銀進行業務調整令盈利受壓。建銀國際證券中國銀行業高級分析師盛楠昨表示,除建行(0939)外,預期另外8家內銀H股去年總收入增長12.6%,今年繼續受息差收窄、手續費收入增長低於雙位數,以及難以削減撥備影響,料今年內銀盈利增長將放緩至10%。

 盛楠表示,據民行(1988)和招行(3968)公布初步營運數據,淨利分別增長34.5%及25.3%,或會是業內盈利增長最高的兩行,由於小規模銀行的貸款議價能力較高,以上兩行有較高定價優勢,特別是在市場手續費收入下跌時,他們仍有較高增速。民生和招行均於本月28日公布業績。

曾淵滄專欄13.03.13:海外熱錢吼實A股


曾淵滄專欄:海外熱錢吼實A股 - 曾淵滄

近日,不論股價是升是跌,兩隻A股ETF,即X安碩A50(2823)及南方A50(2822)一直高踞港股成交額的前數名,這說明了的的確確有許多國際資金,對A股市場充滿興趣,在等待A股開放,不論是通過RQFII(人民幣合格境外機構投資者)或是QFII(合格境外機構投資者)的開放都行,海外資金太多,除美國、日本競相搞量化寬鬆外,英國也靜靜地在努力地印鈔票及讓英鎊貶值。日圓、英鎊貶值,會吸引國際大炒家借日圓、借英鎊,在港美炒股票,美股創了歷史新高,港股不易炒起,是因為A股炒不起,A股炒不起是因為市場沒有游資。

提升交通系统 双威前景正面


提升交通系统 双威前景正面

(吉隆坡12日讯)双威(SUNWAY,5211,主板產业股)在原有的双威路线快捷巴士系统(BRT)计划內,额外自费进行总值9900万令吉的工程,这预料將侵蚀该系统工程的赚头,但市场分析员一致看好,此工程將进一步提升双威城的价值及未来的发展潜能。

双威在週一宣佈,获得国家基建公司(Prasarana)颁发双威线路快捷巴士系统合约,总值4亿5250万令吉。除了合约內容,双威將自愿为该系统贡献总值9900万令吉的工程,作为企业社会责任(CSR)的实践措施。

MAS ups its global network capacity


MAS ups its global network capacity

Malaysia Airlines (MAS) is increasing its capacity to the routes across its network through additional flights and bigger capacity aircraft for the Northern Summer operating pattern effective March 31, 2013.

In a statement today, group chief executive officer, Ahmad Jauhari Yahya, said the capacity increase was made possible as MAS had taken delivery of an average one 160-seater 737-800 aircraft per month, two more 494-seater A380 and four 283-seater A330-300 aircraft this year.

全世界大量QE印鈔,通膨後遺症開始浮現?


2013-0311-57金錢爆(He is Back!!)4-2

美國新增非農就業人數數據大好!景氣真的開始欣欣向榮?


2013-0311-57金錢爆(He is Back!!)4-1

Global Stocks Rally, Commodities Lag Behind



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Tuesday, March 12, 2013

索羅斯拋售 黃金12年漲勢恐告終


(紐約12日訊)國際金價創25年來最糟年來表現,加上投資者拋售黃金,引發市場憂心黃金自第1次世界大戰后的最長漲勢恐將告終。

 瑞士信貸和巴克萊資本雙雙表示,黃金的12年多頭走勢將在今年臻頂,國際炒家索羅斯(George Soros)上季減持在最大ETP的黃金部位達55%。金價在創下1997年以來最長月度跌勢后,距離熊市不到4%。

 根據“彭博社”彙編的數據,投資者2月從證交所交易產品(ETP)拋售106.2公噸的黃金,價值54億美元(約168億令吉),創2003年成立以來最多。從2月底以來,又減持了26.1公噸。

 隨著經濟加速,以及美國聯邦儲備局重新評估振興措施,避險基金創2007年以來最不看多黃金。

東海岸商場回報加強‧嘉德商託淨利影響微

東海岸商場回報加強‧嘉德商託淨利影響微
Created 03/12/2013 - 17:26
(吉隆坡12日訊)嘉德商托(CMMT,5180,主板產業投資信托組)委任嘉德置地零售大馬公司(CRMSB),為其東海岸商場(East Coast Mail)資產增強工程的項目經理,有關商場資產增強工程估計耗資4千330萬令吉。

分析

豐隆研究看好上述計劃將進一步加強嘉德商托在東海岸商場的資產回報,惟由於新商場僅自2015財政年才開始貢獻,計劃料對2013至2014財政年的淨利影響不大。

豐隆正面看待嘉德商托抑制資本投資的決策。東海岸商場截至2012年12月的資產回酬為6.9%,領先嘉德商托其他3資產(回報介於6.6至6.7%)。

結盟飛龍航空受唱好‧亞航和菲業務有望扭轉劣勢


結盟飛龍航空受唱好‧亞航和菲業務有望扭轉劣勢
Created 03/12/2013 - 17:25
(吉隆坡12日訊)亞洲航空(AIRASIA,5099,主板貿服組)40%聯營的菲律賓亞航(PAA)與飛龍航空(Zest Air)簽署策略結盟協議獲看好,分析員預見亞航將從中受惠,包括從中爭取菲律賓亞航降落市區機場的機會和提昇市場份額,扭轉虧損局面。

因從最初幾年累計大量虧損,亞航投資菲律賓亞航的1千200萬令吉已完全註銷,豐隆研究警告,若再為上述收購案注資,亞航投資菲律賓亞航的虧損將進一步惡化。

建4.52億巴士系統‧雙威一舉兩得


建4.52億巴士系統‧雙威一舉兩得
Created 03/12/2013 - 18:35
(吉隆坡12日訊)雙威(SUNWAY,5211,主板產業組)攫得國家基建有限公司(Syarikat Prasarana Negara)價值4億5千250萬令吉的委任合約,以承建總長5.4公里的快速巴士系統。

這項合約預期在24個月內完成,預料對2013財政年後盈利作出正面貢獻,雙威將為這項快巴服務承擔額外9千900萬令吉的成本。

分析

分析員認為,雙威不僅能從建築工作中賺取7至8%賺幅,巴士服務還能替雙威鎮產業增值,一致唱好這項發展。

確保盈利‧迎接挑戰‧馬航專注強化產品銷售


確保盈利‧迎接挑戰‧馬航專注強化產品銷售
Created 03/12/2013 - 10:45
(吉隆坡11日訊)馬航(MAS,3786,主板貿服組)商業計劃進展順利,為確保未來盈利前景,將專注於強化產品品質、銷售網絡等環節來應對市場越發激烈的挑戰。

該公司首席執行員阿末佐哈里與媒體餐敘時坦言,航空領域挑戰嚴峻,特別是馬印航空(Malindo)在今年3月投入服務後,將對國內航線帶來挑戰,因此需對市場挑戰作出反應。

“我相信馬航的票價具競爭力,但為確保公司可持續性獲利,我們將專注於強化產品品質、銷售網絡等環節,以確保為客戶提供物超所值的服務。"

多空一线:杨忠利置地上探RM1.04

多空一线:杨忠利置地上探RM1.04
Created 03/09/2013 - 13:36
杨忠利置地(YTLLand,2577,主板产业股)于2013年3月8日闭市时回升了。它于闭市时报92仙,涨5仙或5.75%。

杨忠利置地于3月8日间闭市时成功上破一道短线双重底型态的颈线(B1:B2)上报收。它的60分鈡分时线平滑异同移动均线指标(MACD)于3月8日处于一道短线反弹走势中。

它的60分鈡分时线图于3月8日进入它的短线反弹走势中。杨忠利置地的60分鈡分时线趋势或会处于一段短线反弹走势中,杨忠利置地或会于近期间展开短线巩固后始能恢复前期涨势时上探93仙-1.04令吉间的阻力关口。

与明讯合作减基建成本 立通国际小开销推4G


与明讯合作减基建成本 立通国际小开销推4G
Created 03/12/2013 - 10:46
(吉隆坡11日讯)为了避免步上韩国电讯业者在推出新科技的1年半后,仍在挣扎取得盈利的后尘,立通国际(Redtone,0032,创业板)对其4G-LTE网络采取微型资本开销的措施。

根据路透社最新报道,韩国电讯业者的业绩惨淡,主要是每名用户平均营业额(ARPU)与设立4G-LTE网络的投资成本,不成比例。

立通国际总执行长刘必顺向《The Edge》财经日报指出,该公司决定与明讯(Maxis,6012,主板贸服股)携手合作,希望可协助立通国际避免步上韩国电讯业者的后尘。

官联程度小 大选冲击微 双威依斯干达概念股诱人


官联程度小 大选冲击微 双威依斯干达概念股诱人
Created 03/12/2013 - 10:57
(吉隆坡11日讯)由于属企业主导的产业发展商,股价下跌风险会比官联发展商来得低,分析员因而认为双威(Sunway,5211,主板产业股)是个诱人的“依斯干达”投资主题股。

兴业投资研究分析员说:“市场可能担心官联产业公司会受日益升高的大选风险冲击之际,我们深信双威是个比较安全的‘依斯干达’投资主题股项。”

他解释,双威与官联公司的关系,仅在发展项目的阶段,好比在双威依斯干达(Sunway Iskandar)计划,国库控股(Khazanah)持有40%股权。

Malindo 抢食压缩赚幅 亚航马航展翅续高飞


Malindo 抢食压缩赚幅 亚航马航展翅续高飞
Created 03/12/2013 - 11:30
(吉隆坡11日讯)Malindo航空抢食市场大饼,为我国航空业者带来赚幅压缩等新挑战,惟分析员认为,2013年航空领域盈利前景仍然看俏,进而维持“增持”评级。

兴业研究分析员表示,虽然国内两大航空公司———亚航(AirAsia,5099,主板贸服股)和马航(MAS,3786,主板贸服股)在2012财年的营业额大致符合市场预期,但整体的单位成本却分别按年提高16%与3%。

值得注意的是,马航在每可用座位公里成本(CASK)方面,展示了10%的降幅,此改善情况归功于持续削减成本努力。

MISC: Stronger; even better days ahead (DBSV)


MISC
DO NOT ACCEPT OFFER RM5.27
KLCI : 1,627.35
Offer price : RM5.30
Stronger; even better days ahead

 • 4Q12 net profit above expectations; boost from 2 FSUs and heavy engineering segment
• Significant improvement in balance sheet with sale of 50% stake in Gumusut-Kakap
• Expect stronger earnings going forward; Gumusut Kakap contributions in 2H13
• Privatisation offer too low; removes opportunity for greater gains

Overseas Union Enterprise : 2012: Plans To Crystallise Asset Value (UOBKH)


Overseas Union Enterprise
Share Price S$2.89
Target Price S$3.36
2012: Plans To Crystallise Asset Value

Results were in line with our expectation. Office leasing momentum at newly completed assets showed signs of pick-up while the hotel segment remained steady. OUE is re-looking at a hospitality REIT to crystallise value with the overhang of the FNN deal out of its way. Management is also looking for expansion opportunities in Singapore, the US and China (tier-3 cities). Maintain BUY with a higher target price of S$3.36.

Second Chance Properties : Dividend Play (UOBKH)


Second Chance Properties
Price/Target S$0.42/N.A.
Dividend Play

Valuation
• Second Chance Properties (SCE) is trading at 12.3x FY12 PE and 1.3x P/B.
• Share price catalysts include revaluation gains in properties and company share buybacks.

Investment Highlights
• High dividend yield and aggressive share buybacks. The company has been paying generous dividends of at least 3 S cents for the past five FYs, translating to over 8% in dividend yield.

AirAsia : Windfall for shareholders (DBSV)


AirAsia
HOLD RM2.64
KLCI : 1,627.35
Price Target : 12-month RM 2.90
Windfall for shareholders

4Q12 core profit of RM361m above our expectations but below consensus
Declared final DPS of 6 sen and special DPS of 18 sen; announced dividend payout policy of 20% of core profit
Maintain Hold and RM2.90 TP

KNM Group: No visible improvement (DBSV)


KNM Group
HOLD RM0.47
KLCI : 1,627.35
Price Target : 12-Month RM 0.55
No visible improvement
4Q12 core profit was within our expectation but below consensus’
Weak project margins will undermine profitability
Maintain HOLD rating and RM0.55 TP

Highlights
4Q12 in line. Excluding RM16m reversal of provisions, 4Q12 core earnings were only RM1.4m (vs RM43m in 3Q12 and RM3m in 4Q11). This takes FY12 core profit to RM101m (vs RM92m net loss in FY11). Revenue was stable in 4Q12 at RM590m (-3% q-oq, +2% y-o-y), but core EBIT tumbled 66% q-o-q to RM12.5m (losses in 4Q11). Project execution remains a concern as EBIT margin has dipped to 2% (vs 6% in 3Q12).

Religare Health Trust: Maiden DPU delivery (CIMB)


Religare Health Trust
Current S$0.91
Target S$0.99
Maiden DPU delivery

 RHT’s maiden DPU came in slightly above management’s forecast, thanks to higher operating hospital income and lower operating expenses. Yields remain compelling at 9%, offering total return of 18%, with downside mitigated by fixed base fees and FX hedges till Mar 14.

3QFY3/13 DPU (19 Oct-31 Dec) was broadly in line with consensus and our estimates, at 21% of our FY13 forecast. We tweak DPUs and DDM target price higher for a lower discount rate of 12.1% (prev. 12.4%) in-line with lower Indian bond yields. Maintain Outperform, with earnings delivery, execution and acquisitions being the catalysts.

Jaya Holdings: Dividends surprise (CIMB)

Jaya Holdings
Current S$0.71
Target S$0.88
Dividends surprise

 Notwithstanding the blip from legacy shipbuilding projects, chartering was on track. This is noteworthy as our forward numbers are driven by this segment. Crucially, our argument for dividends materialised much earlier than expected. An interim DPS of 0.5 Scts was declared, signalling Jaya’s resolve to pay dividends going forward.

At 18% of FY13 (1H at 46%), 2Q core earnings were 38% below our and consensus estimates, due to losses from shipbuilding. We had expected small profits. We cut our FY13-14 EPS by 3-12% and trim our target price, still pegged at 1x CY13 P/BV or its 4-year mean. Maintain Outperform. Continued excellence from chartering and higher-value shipbuilding orders are catalysts.

OKP Holdings: Healthy order book but margin pressures remain )OSK)

OKP Holdings: Healthy order book but margin pressures remain
(NEUTRAL,  S$0.54,  TP:  S$0.57)

OKP’s 4Q12 results was in line with expectations. PATMI was 60.3% lower YoY to SGD3.8m, even as revenue grew 18.4% YoY to SGD27.5m. This was largely due to lower-margin projects during the quarter, as well as higher costs incurred for some projects. Going forward, margins are likely to be under further pressure, as the completion dates for some projects are extended resulting in higher costs, as well as keen competition in the industry. Nonetheless, growth would be supported by its healthy orde rbook and the pipeline of government projects. As we roll forward our earnings, we have a TP of SGD0.57, based on 6.5x P/E (ex-cash). Maintain NEUTRAL.

Far East Hospitality Trust: Awaiting the acquisitions trigger (DBSV)

Far East Hospitality Trust
BUY S$1.08
STI : 3,276.53
Price Target : 12-Month S$ 1.13 (Prev S$ 1.09)
Awaiting the acquisitions trigger

• DPU of 2.09 Scts is 4.5% above forecasts; NAV uplift to S$0.97
• Portfolio renewal in progress; further refurbishment plans to result in uplift in average daily rates
• BUY maintained, TP S$1.13

Highlights
Maiden results ahead of forecasts. Far East Hospitality Trust (FEHT) reported a distributable income of S$33.6m (DPU of 2.09 Scts), which exceeded forecast by 4.5% from 27 Aug12 to 31 Dec12. The stronger performance was brought about by operational costs savings and interest costs (average rate of 2.2% vs 2.5% per forecasts).

Yangzijiang NDR takeaways: Taking steps to mitigate shipbuilding downturn (CS)


Yangzijiang Shipbuilding (Holdings) Ltd
Price (04 Mar 13 , S$) 0.94
TP (prev. TP S$) 1.10 (1.10)
Maintain NEUTRAL
NDR takeaways: Taking steps to mitigate shipbuilding downturn

● We hosted a roadshow with Yangzijiang following its FY12 results, where management shared its strategy to overcome the shipbuilding downturn.

● While Yangzijiang has secured its first jackup rig order, management noted strong competition from other Chinese yards for further orders. Its shipbreaking facility is likely to see capacity ramp up in 2013, and management aims to achieve Rmb1 bn of revenue at full utilisation. Overall, the company is targeting US$1.6-2.5 bn of new orders in 2013, consisting mainly of further contracts with Seaspan for 10,000 TEU containerships.

Midas Holdings: Looking Forward To 2014 (UOBKH)


Midas Holdings
Price/ Target S$0.500
Looking Forward To 2014

Valuation
• Midas is trading at 15.9x 2014F PE based on Bloomberg consensus estimates of 42.7% earnings growth.

Investment highlights
• Midas is a dominant aluminium alloy products manufacturer for the passenger rail transport industry in China. It currently has more than a 65% market share of China’s passenger rail sector, and is capable of producing 50,000 tonnes of extrusion products for train cars and fabricating 1,000 train cars annually.

Malaysia a winner in equity play


Foreign investors are continuing to plough money into Malaysian
equities, buying RM1.12 billion in the open market in the week ended March 8 2013, the highest rate in 49 weeks.

On a net basis, foreign buying rose by almost 24 per cent last week from RM904 million the week before.

MIDF Equities Research said global liquidity continues to pour into Asian equities and at a faster rate last week, but the real winner is Malaysia.

“The tide is certainly high in Malaysia,” it said in its fund flow report yesterday.

中遠洋保A上市 擬售物流予母企

中遠洋保A上市 擬售物流予母企
連續兩年錄得巨額虧損的中國遠洋(01919)公布,為降低A股股票退市風險,提出擬向大股東中遠集團出售其直接持有的中國遠洋物流100%股權的初步建議,有關交易細節仍在協商中,將及時對外披露。

物流估值121億
據通告,出售物流業務的初步建議,是在中國遠洋A股可能面臨退市風險,從而對股東根本利益造成負面影響的情況下才作出的決定。公司預計,若該交易獲得批准並及時完成,將產生一定投資收益,有助於改善一三年業績,降低A股股票暫停上市風險。據中國遠洋去年中期業績顯示,物流業務收入比重為22%,資產值為121億元人民幣。

曾淵滄專欄 12.03.13:內地股市中線樂觀


曾淵滄專欄:內地股市中線樂觀 - 曾淵滄

上周末,中證監宣佈下個月開始,允許在內地工作的港人自由買賣A股,而且金額不限,不過,昨日A股依然不振,滬綜指收市跌0.35%,A股表現差,也令港股上午的升幅全數蒸發,A股下跌,基本上仍然是屬於上升過急後的調整,去年12月初滬綜指僅1949點,在很短時間上升25%。

中長遠一點看,我仍然對A股有信心,允許在內地工作的港人買A股,也肯定是利好A股的政策,在內地工作的港人,除了打工仔外,更有大老闆,有大量廠商,他們也一樣屬於在內地工作的港人,他們若對A股產生興趣,他們的資金是足以推高A股股價,讓我們等待下個月這個新政策正式推行後所可能帶來的好消息。

貸評山下:A股低迷 錯在太多水 - 黃元山


貸評山下:A股低迷 錯在太多水 - 黃元山

國務院總理溫家寶發表任內最後一份政府工作報告,訂出一系列中國經濟增長指標,如GDP為7.5%、CPI為3.5%、M2貨幣供應為13%。面對這些數字密碼,投資者應如何詮釋其實際意義?

溫家寶訂立GDP及CPI的目標增長,符合市場預期,然而M2設為13%,就可再深入探討。有人認為這是太低,代表會「水緊」,而且會影響A股市場的表現。越多「水」,資產價格當然會水漲船高;不過,A股的問題,是太長時間有太多水,鼓勵了資源錯配,市場競爭不能發揮出優勝劣敗的機制!

外资净买入创新高 马股牛市指日可待


(吉隆坡11日讯)马股成为外资的投资热点,在上周五的净买额达至3.49亿令吉,写下2012年7月25日以来的最高水平。分析员认为,马股在3月第一周取得良好表现,可以持续维持正面动力。

MIDF研究主管朱基菲表示,全球市场的可见度已好转,全球股市亦传来利好消息,牛市已指日可待。全球16个主要股指当中,有6个取得超过2%的涨幅。富时大马综合指数上周上升1.01%,至1654点,取得近10周以来的最佳表现。

马股週一再涨4点,至1657.96。

朱基菲指出,全球资金在过去一周迅速流入亚洲股市。全球投资者已连续6周成为净买家,主要来自韩国、台湾、泰国、大马、印尼、菲律宾和印度。而净买额高达18亿美元,高过之前一周的13亿美元。

USDJPY to Trade at 100 by Year End: UBS



Why U.S Dollar Strength is Here to Stay



美元持續升值,美元指數持續創高。全世界都在競貶,卻只有美國與中國在競升?



Talking Numbers: Buy Citi or Goldman Sachs?



《創富激發點》關萱慧:航運業持續低迷不宜沾手



Monday, March 11, 2013

Wilmar closed down 3.8%; Norway’s wealth fund exits segment


Wilmar closed down 3.8%; Norway’s wealth fund exits segment
WRITTEN BY DOW JONES & CO, INC  
MONDAY, 11 MARCH 2013 18:04

Wilmar (F34.SG) closed down 3.8% at $3.30, with an analyst saying the decline follows news Norway’s NOK3.82 billion ($832 million) sovereign wealth fund pulled out the shares of 23 palm oil companies due to concerns over deforestation.

Thomson One data indicates the fund previously held around 0.25% of Wilmar’s shares outstanding, or 16.3 million shares; the fund’s website indicates it no longer holds any Wilmar shares.

Singapore Press rises to five-year high on REIT


WRITTEN BY BLOOMBERG  
MONDAY, 11 MARCH 2013 16:28

Singapore Press Holdings, the newspaper publisher that owns the Paragon mall along the city’s shopping belt, climbed to the highest in five years after saying it’s exploring a real estate investment trust.

The stock rose 3.1% to $4.30 as of 3:35 p.m., set for the highest since June 2008. The publisher of the Straits Times and other newspapers in Singapore said in January its fiscal first-quarter publishing sales declined 2.3% to $263.5 million. Real estate revenue increased 2.9% to $48.2 million in the three months ended Nov. 30.

RHB Research maintains Overweight on aviation sector despite challenges


RHB Research maintains Overweight on aviation sector despite challenges
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Monday, 11 March 2013 15:08

KUALA LUMPUR (Mar 11): RHB Research is maintaining its ‘overweight’ rating on the aviation industry despite profit downgrades for the airlines on the back of higher staff and maintenance costs.

In a note today, RHB Research analysts Ahmad Maghfur Usman and Jerry Lee said that the overall per unit costs for AirAsia and Malaysia Airlines Holdings Bhd escalated by 16% y-o-y and 3% y-o-y respectively.

Income Investing: Higher payouts from Cambridge Industrial Trust, M1


Income Investing: Higher payouts from Cambridge Industrial Trust, M1
Personal Finance

Written by Loh Chen-Yi of The Edge Singapore  
Thursday, 07 March 2013 12:30

CAMBRIDGE Industrial Trust (CIT) has said that it will issue a distribution per unit (DPU) of 1.229 cents for 4QFY2012, a rise of almost 10% from the 1.118 cents achieved for the same period a year earlier.

Its total DPU for FY2012 ended Dec 31 will be 4.784 cents, or 12.9% higher than the 4.237 cents distributed in FY2011.

Sunway — An attractive proxy to Iskandar


Sunway — An attractive proxy to Iskandar
Business & Markets 2013

Written by theedgemalaysia.com  
Monday, 11 March 2013 09:41

Sunway Bhd
(March 8, RM2.79)
Upgrade to buy at RM2.69 with a revised target price of RM3.28 (from RM2.78): The news flows on Iskandar Malaysia (IM) in Johor have picked up considerably over the past two months. Notable reports have been the announcement of the proposed high speed rail project linking Kuala Lumpur and Singapore and the Singapore-Johor Baru rapid transit system project.

A380 a beacon of hope for MAS in Europe


A380 a beacon of hope for MAS in Europe
Business & Markets 2013

Written by Othman Abu Bakar of theedgemalaysia.com  
Monday, 11 March 2013 09:26

KUALA LUMPUR: The Airbus A380 is a beacon of hope for MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) in Europe. The new superjumbos are expected to contribute about 60% of revenue in the highly competitive European sector for the financial year ending Dec 31, 2013 (FY13).

Two of MAS’ destinations in Europe — London in the UK and Paris in France — are being served by the A380s. The Kuala Lumpur-London-Kuala Lumpur route began its A380 service last July, while the Kuala Lumpur-Paris-Kuala Lumpur route started its maiden service on March 1.

Dividend lifts NTPM


Hot Stock Dividend lifts NTPM
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Monday, 11 March 2013 09:56

KUALA LUMPUR (Mar 11): NTPM HOLDINGS BHD [] rose as much as 4% in early trade after the tissue paper manufacturer said it will pay its first interim dividend for the current financial year ending  April 30, 2013.

At 9.42am, NTPM was traded at 49 sen with some 860,000 shares done after rising as much as two sen to 49.5 sen.  The stock was transacted among the most-active entities this morning.

EPF holds the key in MISC buyout


The Star Online > Business
Monday March 11, 2013
EPF holds the key in MISC buyout

Provident fund’s decision will be closely watched by interested parties in the deal

WITH the independent adviser on Petroliam Nasional Bhd's planned buyout of MISC Bhd recommending that shareholders accept the offer, all eyes are on the Employees Provident Fund (EPF). The provident fund has already said it viewed the offer as being too low. And it has all the right to do so.

Its decision to speak out sends the right message to millions of its members. Last Friday, AmInvestment Bank Bhd, the independent adviser to the minority shareholders of MISC, said while the offer was not fair, it was reasonable.

As property prices soar M'sians face the dilemma to sell or buy, or is REITs the answer?


The Star Online > Business
Monday March 11, 2013
As property prices soar M'sians face the dilemma to sell or buy, or is REITs the answer?

Financial Snacks - by Joyce Chuah

RISING property prices has has brought about two mind-boggling questions posed by property investors: Should I sell my property now that prices have risen? Should I wait for prices to fall before I buy another real estate?

These are hard questions to answer. New property owners are waiting for lower prices whilst current owners are raising their prices hoping to cash in on the price frenzy.

楊凱生:A股放開更添活力


楊凱生:A股放開更添活力
http://paper.wenweipo.com   [2013-03-11]
 香港文匯報訊(兩會報道組 葉臻瑜、涂若奔)4月1日起境內港澳台居民將可開立A股賬戶,業界對此普遍表示歡迎。工行(1398)行長楊凱生指,這相當於「多了一個投資品種的選擇」,對A股市場是好事,又稱A股「充滿活力」。豐銀行執行董事王冬勝也稱,該政策對A股是「很好的措施」。

王冬勝:增市場活躍度
 「我相信(對境內港澳台居民)開放A股市場是個好事」,工商銀行行長楊凱生昨日出席「兩會」活動期間向媒體表示,這相當於為境內港澳台居民增加了一種投資渠道,多了一個投資品種的選擇。他指,目前中國內地是全世界發展速度比較快的一個經濟實體,「我相信A股市場還是很充滿活力,有希望的」。

Singapore Post: MANAGEMENT REPLY: Yes, Famous Holdings is profitable and the acquisition is earnings accretive.

Company replies to Investor Central's "questions that need to be asked"

5/2/2013 – Singapore Post’s sees the recent acquisition of Famous Holdings (FHPL) a strong strategic fit in its logistics business.

The company was responding to our questions in our earlier report titled "Is newly-acquired Famous Holdings profitable?" (January 25).

The group also said that FHPL’s has debts on its book which is in line with its need for growth and working capital.

FJ Benjamin: Down the Rabbit Hole (KE)


FJ Benjamin
Sell (from Hold)
Share price: SGD0.315
Target price: SGD0.195 (from SGD0.35)
Down the Rabbit Hole

75% plunge in net profit. FJ Benjamin (FJB) recorded a 12% downturn in 2QFYJun13 revenue to SGD97.9m, while net profit plunged 75% to SGD1.1m. Excluding an exceptional gain on sale of an office unit, net profit would have plunged 95% to SGD0.2m. We expect weakness in North Asia sales to persist in the second half and will continue to drag on earnings. With no strong catalysts in sight, we downgrade our rating to SELL.

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


Cache Logistics Trust,
Buy S$1.28,
Price Target : 12-Month S$ 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). The property is a newly completed three-storey ramp-up warehouse of c284k sqft GFA and sits on a land with a 30 year tenure starting Oct’03. The vendor is Precise Development Pte Ltd, who will lease back the property for a 6 year term, with an option for a further 6 years. The completion of this deal is subject to JTC Corporation approval.

Far East Hospitality Trust: Results in line for 1 Aug-31 Dec 2012 (OCBC)

Far East Hospitality Trust:
Fair value    S$1.05
add: 12m dividend forecast  S$0.06
versus: Current price  S$1.050

Results in line for 1 Aug-31 Dec 2012
• Results as expected
• Upscale hotels facing a squeeze
• Maintain HOLD

Far East Hospitality Trust (FEHT) reported its first results since listing (for the financial period 1 Aug-31 Dec 2012) that were generally in line with our expectations. While gross revenue, at S$42.2m, was 0.7% lower than the pro-rated forecast in the prospectus, net property income of S$38.8m was 0.2% higher than the forecast as a result of lower operating expenses. Active management of finance costs and other trust expenses helped to lift its income available for distribution 4.5% above its forecast to S$33.6m. We update our assumptions for Oasia’s future RevPAR to levels closer in line with its peer hotels, and raise our fair value from S$1.02 to S$1.05. However, we maintain our HOLD rating on FEHT on valuation grounds.

ASL Marine: Can afford to be selective of new orders (OCBC)

ASL Marine:
Fair value    S$0.86
add: 12m dividend forecast S$0.02
versus: Current price  S$0.74

Can afford to be selective of new orders
• Strong margins across the board
• Busy yards and healthy order book
• FV raised to S$0.86

ASL Marine (ASL) reported a 7.3% YoY rise in revenue to S$83.0m and a 39.8% increase in net profit to S$10.6m in 2QFY13, such that results were in line with our expectations

OKP Holdings : Positioned to tap the construction boom (CIMB)


OKP Holdings
Price @21/2/13: S$0.52
52-week range (SGD): 0.485 – 0.65
BUY; TP:S$0.63
Positioned to tap the construction boom

Quick run through of 4Q12 results
• Results exceeded our estimates. 4Q12 net profit of S3.8m (-60% yoy) was a surprise, bringing the entire FY12 net profit to S$12.4m (-53% yoy), beating our numbers by 10%. The beat was commendable as the group endures a torrid year, faced with two evils of keen price competition and rising labour costs.

• … but gross profit margin declined from 39.3% to 22.4%. This was on the back of a more competitive pricing environment and costs which were higher than expected as a result of unfavourable ground conditions. Consequently, the completion dates of the affected projects were extended and additional prolongation costs were incurred.

Genting Singapore : Fuelled by credit (CIMB)

Genting Singapore
Current S$1.50
Target S$1.20
Fuelled by credit
 At 92% of our full-year core EPS forecasts, GENS’s FY12 results came in below expectations. There is renewed management optimism on the resurgence of the VIP business, but we are cautious that it has been fuelled only by credit rather than a sustainable growth in the business.

Our FY13-14 EPS estimates are 5-12% ahead of consensus, but we choose to maintain our EPS forecasts to factor in the upside risk of a potential VIP recovery, which is a catalyst. Despite this, valuations are at par on an EV/EBITDA basis to most of the Macau operators, which are structurally in a better position to operate with VIP junket credit. RNAV target price of S$1.20 and Underperform maintained.

Hyflux: Order book hits S$2.9b (OCBC)


Hyflux:
Fair value    S$1.44
add: 12m dividend forecast S$0.03
versus: Current price  S$1.35

Order book hits S$2.9b
• FY12 boosted by TuaSpring
• Strong S$2.9b order book
• Limited upside – HOLD for now

Hyflux Ltd posted FY12 revenue of S$682.4m, up 42%, and was also some 16% above our forecast, but reported net profit of S$61.0m (+15%) was around 5% below our estimate; this is likely due to higher-than-expected recognition from its TuaSpring Desalination Project (TDP), which is now substantially completed. Hyflux has declared a final dividend of S$0.025/share, versus S$0.021 last year; this brings the total dividend for the year to S$0.032, versus S$0.0277 in FY11.

Commodities Sector Results Season Takeaways (Phillip)


Commodities Sector
Results Season Takeaways
 Sector Overview
The Commodities Sector in our Singapore coverage consists of plantation and trading companies.

• CPO inventory expected to ease from record high
• Upstream planters posted mixed results
• Commodity traders saw qoq improvement

CPO inventory to remain high
Malaysia’s CPO inventory for Jan 2013 decreased marginally mom by 1.9% (+27.5% yoy), according to MPOB. Exports seem fairly strong as the numbers dropped 1.6% mom (+16.7% yoy). However, cargo surveyor, Intertek recently reports a 9.1% mom decline in Malaysia’s Feb 2013 palm oil exports. We expect CPO inventory to remain high in Feb; any drop would be marginal due to the offsetting effect from low seasonal production.

Cosco Corporation : Better execution but still expensive (CIMB)


Cosco Corporation
Current S$0.95
Target S$0.98
Better execution but still expensive

 Cosco’s execution in offshore projects appears to have improved with more reversals of provisions in 4Q12. However, we expect earnings to decline in 2013 from weaker conversion and ship repair, and dwindling shipbuilding projects. Our Neutral rating is unchanged.

4Q12 net profit is in line at 25% of our FY12 forecast and 22% of consensus, helped by S$17.6m in provisions write-back. Final DPS of S$0.02 is a payout of 42% (FY11: S$0.03, 45%). We cut our FY13-14 EPS by 8-9% on higher interest cost and lower scrap income. Our target price is reduced from earnings cut. We now value Cosco at 22x CY14 P/E (5-year mean) vs. 1.4x trough P/BV, on account of earnings growth fm. FY14.

Wilmar International 2012: No Surprise Is A Good Surprise (UOBKH)


Wilmar International
Share Price S$3.63
Target Price S$3.70
2012: No Surprise Is A Good Surprise

Wilmar reported a good set of 4Q12 results, bringing 2012 net profit to US$1.1b, in line with expectation. However, the oilseed & grain unit has yet to show a sustainable turnaround with lower PBT margin for 4Q12. 2013 is expected to be a better year on improved crushing margin and sales volume growth for consumer pack, palm refining and sugar cane crush. Maintain HOLD. Target price: S$3.70. Entry price: S$3.15.

Results
• Wilmar reported 2012 net profit of US$1.6b, -22% yoy. Excluding biological gain, core profit for 2012 was US$1.17b, -23% yoy. Net profit ex-biological gain is within expectation.

Food Empire: Results exceeded, boosted by higher margins (RHB)


Food Empire: Results exceeded, boosted by higher margins
(BUY, S$0.65, TP: S$0.84)

Food Empire reported 4Q12 net profit of USD21m (+37% y-o-y), exceeding our estimate of USD18m. This is attributed to higher than expected gross margins which expanded by 3ppt y-o-y to 46.8%. A dividend of 1.2SGD¢ was declared, translating into a yield of 1.8%. We raise our 2013-14 earnings by 18% in light of stronger growth momentum in Russia as well as higher gross margins. We rollover our valuations to derive a higher TP of SGD0.84, pegged to 15x 2014 EPS. Maintain BUY.

曾淵滄專欄 11.03.13:遏樓市最有效一招

曾淵滄專欄:遏樓市最有效一招 - 曾淵滄

3月5日,美股創歷史新高,之後的幾天,天天再創新高,美股氣勢如虹,終於令港股於上周五擺脫A股處於調整期的影響,大幅上升。當日,恒指收市上升320點,氣氛是有所改善了。

美國上周五公佈最新失業率大幅降低至7.7%,比預期為低,說明美國經濟的確有明顯的復蘇。經濟好可以支持股價再上升,但是失業率下降也可能使美國聯儲局提早退市。聯儲局上一次的議息會議中已明確表示,如果失業率降至6.5%,就會開始退市。

比亞迪賣大包 電動的士月租八千


【本報訊】股神畢菲特愛股比亞迪(1211),最快於4月尾以「賣大包」形式向香港供應90部中國產電動的士「e6」,為增加吸引力,比亞迪更已自資在多個領匯(823)停車場建充電站。分析員相信,比亞迪今次「半賣半送」向港輸出電動車,是希望藉在港打響名堂,正式進軍國際市場。

記者:鄭柏齡

消息指,全數90部電動車e6,年內將分兩批各45部抵港,其中約20多部新車最快4月尾、5月初落地。消息稱︰「森那美(車行)做代理,負責埋維修,項目傾得八八九九……90部e6全部都會用嚟做的士,會穿梭港九新界」。

投資導航:息魔殺到防禦術


息魔殺到震撼全城!滙豐控股(005)及德銀早前異口同聲表示,本地樓宇按揭息率今年有上升壓力,金融海嘯以來的低息環境可能不復再,樓價走勢隨時180度反轉,地產股肯定冇運行;相反,銀行股則可受惠息差擴闊,今期「投資導航」論盡息口上升受惠受累板塊,為加息周期殺到做好準備。

【受惠股】

息差勢擴闊 龍頭銀行着數
利息收入一向為銀行主要盈利來源之一,淨息差則為評估銀行利息收入表現的重要指標,假若今次加息潮只聚焦按揭利率,存款利率維持不變,本地銀行淨息差有望擴闊,對業績有提振作用,又以龍頭銀行具議價能力秤先。

有效成本管理航线回酬正面 马航盈利有望创新高


有效成本管理航线回酬正面 马航盈利有望创新高
Created 03/09/2013 - 12:58
(吉隆坡8日讯)Malindo航空的机队尚小而未能将票价定于很竞争的水平,马航(MAS,3786,主板贸服股)因而不对前者加入市场感到过于顾虑。

据侨丰投资研究分析报告,马航是在日前的分析员汇报会上,透露上述看法。

报告称:“Malindo航空或许是个威胁,但根据其初期的小规模机队,这新竞争对手可能还未能提供很竞争的票价,因而还不是个很大的顾虑。”

纽约赌场贡献增 云顶大马前景佳


纽约赌场贡献增 云顶大马前景佳
Created 03/09/2013 - 13:20
(吉隆坡8日讯)云顶马来西亚(GenM,4715,主板贸服股)全年业绩符合市场预期,随着大马业务持稳和海外投资带动增长,集团的盈利展望继续获看好。

由于纽约名胜世界赌场的贡献提升,云顶马来西亚2012财年末季的扣除利息、税务、折旧与摊销前盈利(EBITDA)增4%,至6亿6050万令吉,成功抵消大马和英国业务的低盈利贡献。

整体而言,美国赌场的建筑成本超额4820万令吉,加上海外赌场的商誉注销造成减值1亿8390万令吉,云顶马来西亚2012财年盈利被拉低。

英国赌场优异

集团全年扣除利息、税务、折旧与摊销前盈利扬升6.1%,报25亿令吉;但高级会员的赢率持平,加上需要支付高促销费用,导致大马业务盈利降低。

双威柏威年最大赢家 捷运铁路推升产托身价


双威柏威年最大赢家 捷运铁路推升产托身价
Created 03/09/2013 - 09:42
(吉隆坡8日讯)国内及衔接新加坡捷运与铁路工程正如火如荼进行,除了带动产业发展,产业投资信托(REITs)也会是其中赢家,最大受益者料为双威产托(Sunreit,5176,主板产业信托股)及柏威年产托(PavReit,5212,主板产业信托股)。

兴业投资研究指出,大马的捷运计划(MRT)、轻快铁(LRT)延伸工程、双威线巴士快捷交通系统(BRT)、隆新高铁(HSR)及柔新轻快铁(RTS)兴建中,许多零售广场、酒店都在附近仅步行之遥。

“大马产托普遍以商业零售和酒店资产为主,地点邻近这些公共交通设施,不仅可增加人流量,租金和资产值也有上升空间。”

受惠Fed大量印鈔之下,美股道瓊終於再度刷新歷史新高,而經濟基本面跟得上嗎?


2013-0306-57金錢爆(北韓大暴走 美股好怕哦)4-1

巴菲特:沒想到我一年賺241億美元,績效依然輸給大盤。


2013-0305-57金錢爆(央行馬戲團)4-4

美股可望刷下歷史新高。市場瀰漫著貪婪的氣味?


2013-0305-57金錢爆(央行馬戲團)4-3

貨幣大戰開打。而各國貨幣今年以來的報酬率究竟如何?

2013-0305-57金錢爆(央行馬戲團)4-2


富时集团:中国A股3年后有望加入全球股指



国泰君安:二季度行情或在2200至250点间震荡



Sunday, March 10, 2013

MAS all prepped to face on-coming competition

The Star Online > Business
Saturday March 9, 2013
MAS all prepped to face on-coming competition

By LEONG HUNG YEE
hungyee@thestar.com.my

The past few years have certainly been a mixed bag to say the least for Malaysia Airlines but recent developments will indicate that the national carrier may be on its way to recover some of its glitter.

The current management led by group chief executive officer Ahmad Jauhari Yahya has put in a business plan to turn around the airline to regain that sparkle. And if recent news are anything to go by, MAS could be going in the right direction.
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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