Saturday, March 30, 2013

加强组合拓新市场 海鸥净利预测上修


加强组合拓新市场 海鸥净利预测上修
Created 03/30/2013 - 11:06
(吉隆坡29日讯)业绩表现标青且超越预测,分析员纷上修海鸥(HaiO,7668,主板贸服股)2013和未来财年净利预测。

海鸥截至今年1月31日第三季净利增加21.05%至1097万1000令吉,首9个月净利则跃升51.42%至3734万6000令吉,净利表现超越肯纳格投资研究分析员的预测。

分析员说:“首9个月的3730万令吉净利占我们全年3980万令吉预测的93.7%,其他收入超越预期是主要的原因。”

多元电子获普腾合约


多元电子获普腾合约
Created 03/30/2013 - 10:41
(吉隆坡29日讯)多元电子(Multico,7004,主板工业品股)获得普腾(Proton)颁发5年的供应合约,这期间估计将带来7410万令吉的营业额。

该公司将供应功能转换键及防盗系统,估计将从2014财年首季开始,为期2至5年。

该公司为此而投资在机械和设备的成本,估计是190万令吉。

多元电子宣布派发每股3仙中期股息,除权日期为4月12日,支付日期是5月8日。

Shipping industry leaders upbeat on sector outlook


Shipping industry leaders upbeat on sector outlook
Business & Markets 2013
Written by Bernama  
Friday, 29 March 2013 16:00

SINGAPORE, March 29 (Bernama) -- Asia's shipping industry Asia will continue to grow in the long term fuelled by economic growth in countries like China and India, despite fundamental problems such as vessel over-supply and uncertainty in the US and European economies, senior industry executives said.

Michael Chia, Chairman of the Singapore Maritime Foundation, said Asia would come to play a more prominent role in world shipping, noting that Singapore’s yards had been relatively free of the global economic downturn because they had taken the decision to focus on niche areas like offshore oil and gas.

上月捎惊喜 马股4月料有调整


上月捎惊喜 马股4月料有调整

(吉隆坡29日讯)儘管3月份的马股表现超越预期,但即將来临的大选始终是马股目前主要的风险及投资者的忧虑,市场普遍预测马股4月份或出现调整。

回顾3月份,正当市场认为大选即將重挫马股之际,马股却让市场预测失准大步走高。达证券首席投资员朱瑞麒在接受《东方財经》的电访时披露,从未预计马股会在3月份攀至1670点的水平。

朱瑞麒表示:「马股有许多外资买家支撑著,再加上塞浦路斯的影响不大,因此这或会是导致马股在面临全国大选风险时,仍能大步走高的原因。」

MAS climbs in active trade as operating data improves


The Star Online > Business
Published: Friday March 29, 2013 MYT 11:20:00 AM
MAS climbs in active trade as operating data improves

By Joseph Chin

KUALA LUMPUR: Shares of Malaysian Airline System Bhd (MAS) rose in active trade on Friday after its February 2013 operating data showed a significant improvement.

At 11.08am, MAS was up two sen to 76.5 sen. It was the most active with 11.59 million shares done.

The FBM KLCI slipped 2.88 points to 1,671.16. Turnover was 193.96 million shares valued at RM248.78mil. There were 200 gainers, 247 losers and 234 counters unchanged.

售地給大股東‧全利資源土地交易價合理

售地給大股東‧全利資源土地交易價合理
Created 03/28/2013 - 18:34

(吉隆坡28日訊)全利資源(QL,7084,主板消費品組)以1千萬令吉脫售烏魯冷岳14萬2千方英尺的工業地,予相關的RubyTech資源公司,脫售行動獲益340萬令吉。

分析

達證券認為,此舉符合該公司脫售無收益資產之原意。

該地段當年收購時值660萬令吉,原打算用作食品與魚漿等業務,後來覺得不適合而脫售。

李嘉誠:買樓自住無問題


李嘉誠:買樓自住無問題

長實(00001)管理層早前透露,今年中港物業銷售目標可望再創新高,高達350億至400億元,當中香港佔300億元。主席李嘉誠強調,並非因看淡樓市而「盡地一煲」沽貨,又說即使建築費持續上揚,然而在政府平穩樓市政策下,樓價前景會維持平穩。若市民財政不緊絀,買樓自住或讓家人住絕對沒有問題,但直言不宜炒樓。

「買唔起樓係唔健康」

李嘉誠表示,現時許多因素影響樓價,特別是金融市場依然動盪,因此不贊成炒樓。他又說,建築費不斷上漲,成本增加會令樓價上升,政府希望樓市平穩,施行政策是對,能讓地價及樓價平穩,又直言「樓價日日升,買唔起樓係唔健康。」他又說,現時九成九發展商財政穩健,除非有意外,否則樓市可以維持平穩。至於應否買股票,他認為要留意自己「銀包」有多少資金,炒股票或貨幣均有風險。

GTRONIC : Buoyed by Smartphone, Tablet Boom


GTRONIC
(FV RM1.91 – BUY)
Stock Idea: Buoyed by Smartphone, Tablet Boom

To steer away from the technology industry’s strong headwinds, Globetronics has opted to ride on the fast-growing smartphone and tablet wave.  The company’s  fundamentals  are  underpinned  by  its:  (i)  prudent  management throughout  the  industry’s up-  and  down-cycles,  (ii) strong  balance  sheet,  (iii)  consistently  high  dividend  payout, and  (iv)  ability  to  capitalise  on  the  smartphone  and  tablet  boom.  We  are recommending a BUY on Globetronics, with RM1.91 FV, pegged to a 5-year average PE of 11.6x on its projected FY13 earnings.

Muhibbah Engineering - Three awards alone in March


Muhibbah Engineering -
Price Target:1.46
Last Price:1.11
Three awards alone in March

News  Muhibbah announced yesterday that it had received a ship building contract award worth RM216m from Jasa Merin (Malaysia) Sdn Bhd, a 70%-owned subsidiary of Silk Holdings Berhad. At the same time, its 62%-owned subsidiary Favelle Favco also announced four crane orders totalling up to RM78.8m.

Comments  The contract awards and caught us by surprised on their timings as the contract awards all came within a month.

China Construction Bank: Good end to the year (CIMB)


China Construction Bank
Current HK$6.17
Target HK$8.04
Good end to the year

 While CCB narrowly missed our 4Q12 forecast, revenue trends were strong, and we think these should carry over into 2013. The 35% dividend pay-out should send an additional strong positive signal.

FY12 net profit of Rmb193.2bn was 0.4% below our forecast, but 0.3% above consensus. 4Q12 net profit of Rmb34.9bn was 2.0% below our forecast due to higher-than-expected asset impairment charges. We raise our FY13 by 1% (higher NIM) and cut our FY14 by 1.7% (lower trading income) Our GGM-derived target price is unchanged (1.5x FY13 P/BV). Key catalysts include NIM and asset quality resilience.

李礼辉:中行不良贷款比率已下降



曾淵滄教路 12.03.13 : A股調整期不會太長 趁低吸納優質港股


A股調整期不會太長 趁低吸納優質港股
美股創出歷史新高,超越了二○○七年的高位。可惜,港股離二○○七年的高位仍有一定的距離,原因是中國A股的確跌得很慘,去年年底才剛剛見底回升,現在正處於回升第一浪的調整期,A股不振,港股也受到連累。

不過,個別板塊的表現依然很好,友邦AIA(1299)及長江基建(1038)是最佳例子。在優越的業績帶動之下,股價也創下歷史新高。此外,一些REITs的表現也很不錯,若非近月的調整,也創歷史新高價。

Genting Hong Kong: When valuations stop making sense (Macq)


Genting Hong Kong
Price (at 01:21, 26 Mar 2013 GMT) US$0.45
12-month target US$ 0.63
When valuations stop making sense

Event
Despite very strong 2012 results, we think investors are ignoring the obvious deep value in GENHK. Following robust profit growth of 152% and 28%, respectively, over the past two years; and the IPO of NCL in 4Q12 which unlocked significant value, and despite profits expected to almost double over 2012-15e, ex-NCL is trading at only 2x EV/EBITDA.

大英Blog物館 12.03.13 : 避免放錯焦點 留意沉默的證據

避免放錯焦點 留意沉默的證據
二次大戰期間,歐洲空戰正酣,英國空軍着意加強轟炸機裝甲,以減低傷亡。但增加裝甲,會同時令戰機增磅,更難起飛、操控,當中要有取捨。軍方找來統計學教授華爾德,請其研究對策。

證據盡在沒回來戰機

華爾德搜集所有轟炸機曾中彈的位置,紀錄顯示最常被擊中的地方是機翼;駕駛艙和部分機身,則較少受創的數據。收到詳盡的資料,負責軍官便匯報,認為應該盡量加強機翼的裝甲。華爾德一聽,立即飛身㩒停:「並非如此!應該增加裝甲之處,乃是少有中彈紀錄的駕駛艙、機身。」眾人大感疑惑,教授解釋:「炮彈無眼,機身中彈的分布,本應是平均才對,但結果卻不是。要留意的是,研究過程中,能夠收集的數據,全部來自成功返航的轟炸機。中彈紀錄愈多的位置,表示不會一擊斃命,起碼被射中了,還是可以勉強歸來;反而很少中彈紀錄之處,並非代表沒被擊中,而正是戰機要害(駕駛艙中的飛行員,機身的機件),受創的飛機,全部沒能回來。」

分享集: 何時賣股?

分享集: 何時賣股?
2007/11/26
14:27:49
●馮時能股票研究人
大部份股票投資者,對何時脫售股票,感到棘手。

這是因為大部份人都沒有一個賣股的標準。

沒有標準可以遵循,當然就難以作出決定。

沒有標準,是因為大家都把注意力集中在股市,根據股市的走勢來決定賣或不賣。

股市受情緒左右,根據市場走勢作出的決定,往往是情緒,而不是理智的決定。

民间股神林园:沪指4000点合理 现在买五年赚几十倍


民间股神林园:沪指4000点合理 现在买五年赚几十倍
2012年12月08日16:21 来源:和讯股票

和讯股消息 国盛证券于2012年12月8日在北京钓鱼台国宾馆6号楼举行国盛证券2013年大型投资策略报告会。和讯股票图文直播了此次策略会。在此次会议上,林园投资管理有限公司董事长林园先生发表了演讲,他素有“中国民间股神”之称号,演讲的题目是“寻找未来市场上的牛股”。

  在会上他表示,股市的估值目前非常便宜,我们按照长期的估值来说,上证指数在4000点左右是合理的,在今天这么多估值的情况下,我不敢说最低点,但是这个位置已经非常有投资价值了,今天买股票,我认为五年之内赚三五十倍不是梦,上万点也不是梦。

胡立阳:别住股市的“黄金套房”


胡立阳:别住股市的“黄金套房”

回顾过去二、三十年来,在世界各地演讲会中,我曾回答了投资朋友们所提出之各式各样的问题。现决定在此专栏中择其精华,陆续与网友们分享当时我的小小研究心得,也希望能继续得到大家的支持与鼓励。

别住股市的“黄金套房”
问:2012年的全球政经情势动荡不安,欧债问题更是造成人心惶惶。同事们都说这个时候应该把手中资金再多买些黄金比较安全。但我早在前一波1900元的高档时就有买进,至今仍是在套牢之中,连后来推出的QE3也推不动它的价格,这是怎么一回事呢?下面的关键价位是在什么地方?还可以逢低买进吗?

曾渊沧博士股市资讯专栏 22.03.13

曾渊沧博士专栏
文: 曾渊沧博士 2013年03月22日 曾渊沧博士专栏
近一段日子,新加坡股市与香港股市分头发展。虽然两地股市同样面对调整的压力,但是,很明显地香港股市面对的调整压力远大于新加坡。理由是香港之前炒过中国新领导层概念股,炒国策概念股,炒中央放宽货币政策,现在就全部落空。

人大政协开会前,不少人憧憬新领导层会推出一些政策来推动经济、内销、城镇化,于是多只股票被炒上,理由是受国策支持。但是,两会已结束,根本听不到任何实际的、有利于那些股价已被炒上的企业政策。新能源是最佳例子,在政策原则上,政府说会支持。但是,支持新能源不是用嘴巴讲讲就够,必须真金白银的补贴,全面补贴政府负担不起,局部补贴则表示电价要调升,老百姓会反对。香港的中电控股(002)近一两年因被政府逼用较乾净的能源,故此大搞西气东输,令成本上涨。我始终认为,新能源成本远高于传统能源,只有得到国家的直接金钱补贴才能成事,相信国家补贴只能缓慢地做。因此,炒作环保新能源股的行动一定要快,迟一点点就可能接火棒。

颜子伟:在美国股市失去动力之前,亚洲股市必须努力急起直追


在美国股市失去动力之前,亚洲股市必须努力急起直追
文: 颜子伟 (译:麦美莹) 2013年03月22日 展望
亚洲股市(日本除外)的表现与美国股市的表现差很多,甚至连欧洲市场的表现也比一些亚洲主要市场的表现来得好,尽管对欧洲国家来说,经济持续取得增长只是难以实现的梦想,尤其是发生了塞浦路斯的事件后。

虽然道琼斯工商指数继续向前冲,创下多个历史高位,但亚洲市场包括中国、香港及新加坡却落在后面。随着市场对道指的创纪录走势莫名兴奋,投资者忽略了标准普尔500指数仍差一点点才冲破在2007年10月创下的历史高位。

Hong Kong Index To Double In 2 Years?


Hong Kong Index To Double In 2 Years?

Written by Andrew Vanburen (China Correspondent)
Friday, 22 March 2013 07:00
Main reference: Story in Sinafinance

HONG KONG'S benchmark Hang Seng Index could hit the 50,000 point level by 2015, said Morgan Stanley.

That would be more than a doubling of the current 22,234 level.

Performances like Wednesday’s 1% mini spike in the Index would certainly be a nice start to the over 27,000 points still needed in order to reach the US investment bank’s lofty 2015 prediction.

巴菲特收购亨氏的背后


巴菲特收购亨氏的背后
《滚雪球》作者 艾丽斯•施罗德 为英国《金融时报》撰稿 2013-02-20 (www.ftchinese.com)
到目前为止,“巴菲特交易”已经为人熟知,这是指由伯克希尔哈撒韦公司(Berkshire Hathaway)对高收益优先股所进行的风险极低的投资。伯克希尔上周对亨氏食品公司(Heinz)的收购就符合这一经典模式。我们在惊呼“他又做成一笔交易”之前先停下来想一想,亨氏为沃伦•巴菲特(Warren Buffett)作为交易撮合者和资本家的形象带来了哪些新的变化。另一个值得注意之处是,该交易对美国经济走势的微妙暗示。历史上巴菲特在这方面总是正确的,因此应该引起我们的重视。

Singapores-February-inflation-up-4.9%-from-year-earlier



Interview-with-Ng-Yat-Chung-CEO-of-Neptune-Orient-Lines



NOL-unveils-its-largest-container-ship



Myanmar Offers Rich Potential: Maersk



Chinese Market May Have Peaked in February: Hong



五大行去年日赚逾20亿元 股息率超定存



China Banks Set For Tough Year Ahead: Pro



China Banks



China Slowdown Exaggerated: Pro



Buffett Becomes Goldman's Largest Shareholder



Friday, March 29, 2013

原料成本衝擊‧加迪影像賺利受壓

原料成本衝擊‧加迪影像賺利受壓
Created 03/28/2013 - 18:42

(吉隆坡28日訊)加迪影像(JADI,7223,主板工業產品組)近年受高原油與原料價所困,導致淨利節節下挫,最近以棕油基礎取代石油樹脂作為原料可節省成本25%至30%,不過這項方案有待驗證與實踐。

達證券說,加迪影像自2006年上市以來直至2008年每季營業額約1千500萬令吉,以稅前賺益平均18%計,每季獲稅前盈利平均達260萬令吉。

2009至2010財政年營業額突破2千萬令吉,然而因受上述因素所困稅前賺益挫至7.6%,稅前盈利更跌至110萬令吉,2011年第四季起(2012年第二季除外)累積虧損。

海鷗直銷業務持續復甦


海鷗直銷業務持續復甦
Created 03/28/2013 - 18:37

(吉隆坡28日訊)海鷗企業(HAI-O,7668,主板貿服組)首9個月淨利按年增長51.4%至3千734萬6千令吉,興業研究認為其多層次直銷將支撐業務成長,確認其直銷業正在復甦的進程中,惟料賺益下季正常化而維持財測不變。

首9個月直銷業營業額按年增長27.4%至1億2千100萬令吉,淨利按年增長29.4%至2千200萬令吉,主要是保健品更佳銷售、新推展產品獲很好反應和飲品食品業務更佳,直銷會員增長等。

fb未上市 超人已投資


fb未上市 超人已投資


【點石成金】

李澤楷攞走超人 逾百億元


李澤楷攞走超人 逾百億元

【助拓業務】

去年李嘉誠(超人)在股東會上清晰披露其分身家的藍圖,其中他提及向二仔李澤楷開出「支票」,會全力支持其發展新業務,結果去年,李澤楷以167億元購入荷蘭國際集團(ING)香港、澳門以及泰國保險的業務。


李嘉誠昨日亦透露,李澤楷已經從其「支票戶口」中,提取超過100億元。

李嘉誠警告 不要炒樓


李嘉誠警告 不要炒樓

【本報訊】香港首富為樓市降溫!作為本港最大地產商之一,長實(001)主席李嘉誠表示,由於全球經濟欠佳,再加上各地政府都「大印銀紙」,今年加息機會不大,不過,他卻一改口風,警告大家不要「炒樓」,用詞與今年1月時指「炒樓」要「量力而為」的態度明顯有變。
記者:陳健文 石永樂

被外界稱為「超人」的李嘉誠,昨日在長實及和黃(013)的業績會上,用了稍多篇幅回答有關香港樓市的問題。

Singapore REITs To Vary Funds On Interest Rates: Southeast Asia


 22 MARCH 2013
Singapore REITs To Vary Funds On Interest Rates: Southeast Asia

Singapore’s property trusts, the second-best performers in Asia in the past year, may have to diversify funding sources as they aren’t prepared for an “interest rate shock,” according to Fitch Ratings.

The city’s real estate investment trusts or REITs have been increasing short-term debt with record-low interest rates, according to Johann Kenny, director of corporates at Fitch. They face refinancing risks when borrowing costs rise, and may be pushed to sell assets or shares to boost their funding, he said.

曾淵滄教路 26.02.13 : 印花稅倍增具效力 地產股勢現調整


印花稅倍增具效力 地產股勢現調整
上星期,政務司司長林鄭月娥到北京開會,會議內容是有關前海的開發,前海在深圳,要香港政務司司長到北京參加討論,說明香港將會積極參與前海的開發,前海開發已不是一個概念,而是到了開發大綱細則擬定的時候。

前一陣子,前海概念股炒過兩次,一次是習近平當上中共總書記後到前海考察,另一次是前海的跨境人民幣貸款業務正式推行,相信很快的,前海的開發總綱,前海特區之特是甚麼?內容將公布,公布前後,有可能引起另一次的前海概念股的炒作。

大英Blog物館 04.03.13 : 不看圖表數據 只需「路在口邊」


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

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

Singapore Press: Exploring the Establishment of a REIT (CIti)


Singapore Press (SPRM.SI)
Price (11 Mar 13) S$4.29
Target price S$3.80
Alert: Exploring the Establishment of a REIT

Announcement: SPH announced that it is currently exploring the establishment of a REIT to be listed on the Singapore Exchange. The properties forming the REIT portfolio and the terms at which the assets will be injected into the REIT are still under review. No further details were provided.

Property Assets: SPH’s property division owns two commercial properties at present – Paragon (fully-owned) and Clementi Mall (60% stake). The two properties were collectively valued by Knight Frank at S$3bn in Aug 2012 (Paragon: S$2.4bn; Clementi Mall: S$0.6bn).

Wilmar: Upgrade to BUY; sell-down likely overdone (OCBC)


Wilmar:
Fair value S$3.90
add: 12m dividend forecast S$0.06
versus: Current price S$3.30

Upgrade to BUY; sell-down likely overdone
• Inflation fears likely overdone
• Potential 18% upside from here
• Upgrade to BUY

Wilmar International Limited (WIL) fell some 3.8% yesterday to S$3.30, likely spooked by news that China’s inflation rate has rebounded to a 10-month high; this after consumer prices rose 3.2% YoY in Feb, driven by a 6% increase in food prices due to the Chinese New Year festivities.

Muhibbah : Clinches vessel building jobs


Muhibbah Engineering
Current RM1.17
Target RM1.24
Clinches vessel building jobs

 After a lull in 2012, the RM216m award of new vessel orders is positive for the group's shipbuilding segment. This is not entirely a surprise as we had expected demand to recover this year. The stock shot up 18% yesterday and the good news is largely priced in.

Our EPS forecasts are backed by RM1bn worth of assumed new jobs for FY13. Though we continue to apply a 50% discount to RNAV, we raise the target price after imputing a higher 13.5x P/E, in line with our revised market P/E, and remove the RM245m provisions we had earlier imputed in our RNAV. We maintain Neutral as the lack of visibility in job flows in 1H13 and election risks could cap further rerating of the stock.

FOOD EMPIRE: US$21 M Net Profit In FY12, Upstream Projects Taking Shape


FOOD EMPIRE: US$21 M Net Profit In FY12, Upstream Projects Taking Shape

Written by Leong Chan Teik
Sunday, 10 March 2013 11:29

coffee_3_2012resultsData compiled by NextInsight. MacCoffee is a top product of Food Empire.


FOOD EMPIRE and its Singapore-listed peers in the 3-in-1 instant coffee business have had a strong 2012, as the revenue and profit figures in the table above show.

Sunway: Bags Contract Worth RM304mn (TA)


Sunway Berhad
TP: RM3.59
Last Traded: RM2.74
Bags Contract Worth RM304mn

Letter of Award for KLCC North East Car Park
Sunway secured a contract worth RM304mn from Cititower Sdn Bhd (a JV Co between KLCC (Holdings) Sdn Bhd and QD Asia Pacific Ltd) for the construction and completion of North East Car Park (NEC) underneath the KLCC Park.

Coastal Contracts: Local and global opportunities (DBSV)


Coastal Contracts
HOLD RM2.02
KLCI : 1,625.46
Price Target : 12-Month RM 1.90
Local and global opportunities

•Petronas-related contracts could imply greater contract flow from service providers
•Beneficiary of OSV replacement demand
•Maintain HOLD with RM1.90 TP

Petronas-related contracts a positive sign. Recent award of Petronas base fleet contracts to Perdana Petroleum and Alam Maritim from Petronas Carigali could signal a turning point for Coastal in terms of contracts from service providers, as more contracts are expected to be doled out (10 OSVs contracted; 24 more up for grabs for Hook-up & Commissioning contracts, which are mostly PSVs and SSVs fetching higher margins).

Berjaya Sports Toto: Awaiting listing of STM Trust (DBSV)


Berjaya Sports Toto
HOLD RM4.21
KLCI : 1,627.64
Price Target : 12- month RM 4.30
Awaiting listing of STM Trust

3QFY13 result in line; no interim dividend given cash conservation mode
Weaker gaming revenue growth, STM Trust listing may be delayed to next quarter
Maintain HOLD rating and RM4.30 TP

Highlights
Result in line. 3QFY13 net profit came in at RM86m (-24% y-o-y and q-o-q), accounting for c.70% of our and consensus’ estimates. 4QFY13 will likely be seasonally stronger with the Chinese New Year impact.

UNI-ASIA FINANCE: Stock For Recovery In Ship Charter Rates & Asset Values


UNI-ASIA FINANCE: Stock For Recovery In Ship Charter Rates & Asset Values
Written by Leong Chan Teik
Thursday, 21 March 2013 07:00

UNI-ASIA FINANCE CORPORATION is largely a play on a potential recovery in chartering income and asset values of cargo ships that have plummeted following the global financial crisis and the overbuilding of vessels.

The company made a net profit of US$3.25 million from its ship-owning and chartering business last year, up from US$1.1 million in 2011.

BYD AUTO: Finally Charged For Sustained Ride?


BYD AUTO: Finally Charged For Sustained Ride?

Written by Andrew Vanburen (China Correspondent)
Thursday, 21 March 2013 12:11
Main reference: Story in Sinafinance

HONG KONG and Shenzhen-listed hybrid and fully-electric automaker BYD Co Ltd (HK: 1211; SZA: 002594) has surprised on the upside in terms of sedan sales of late.

Is the Shenzhen-based firm poised for an extended run?

ROWSLEY: My Take On Its Possible Profit From Johor Projects


ROWSLEY: My Take On Its Possible Profit From Johor Projects

Written by Sumer
Tuesday, 19 March 2013 07:00
This was first posted in the NextInsight forum by 'Sumer' who may be regarded as the resident guru on property investments.

ROWSLEY LTD's sharp and sudden fall on Friday afternoon (from 49 cents the day before to 40 cents) was supposedly due to talk of someone giving an "overvalued" assessment on the counter.

For a stock that held on well to its price last week despite the rout on speculative counters, the sudden hammering on Friday seems rather strange and sudden, and SGX apparently thought so too, querying the company at 4.30pm.

Boilermech Holdings Bhd - 9MFY13 Results In line


Boilermech Holdings Bhd -
Price Target:1.17
Last Price:1.01
9MFY13 Results In line

Boilermech's 9MFY13 results were within our forecasts, with its net profit of RM17.0m accounting for about 76.9% of our full-year estimates. Its 9MFY13 net profit had surged by 51.6% on the back of a 23.2% jump in revenue to RM131.3m. The better performance is attributed to higher manufacturing activities, deliveries and installation of boilers. 3QFY13 earnings were higher y-o-y on improved margins. We like Boilermech for its potential growth from its upcoming expansion and strong balance sheet. Despite softer CPO prices, it was still able to replenish its orderbook to over RM270m. We are rolling over our valuation to FY14 forecasts, with our FV at RM1.17, pegged to a 2-year average PE of 11.5x on its projected FY14 earnings. Upgrade to Buy.

华联企业与多家银行进行初步会谈以设立REIT

华联企业与多家银行进行初步会谈以设立REIT
文: 道琼斯通讯社 (译:杨佳文) 2013年03月21日 道琼斯通讯社
由印尼Riady家族掌控的华联企业(Overseas Union Enterprise)表示,它正与多家银行进行初步会谈,以在新加坡设立一个房地产投资信托(REIT)并上市。

华联企业为一家酒店和办公楼发展商,它在其发布于新交所的文告中表示,它尚未决定该REIT的规模和首次公开售股(IPO)的日期。它也还未决定将把哪些物业注入这个REIT。

知情人士于上个月表示,华联企业计划设立一个包含其新加坡酒店资产的REIT,以筹集8亿美元,其IPO计划可能会在今年下半年进行。

新加坡的REIT应增加融资管道以减低利率风险


新加坡的REIT应增加融资管道以减低利率风险
文: 彭博社 (译:杨佳文) 2013年03月22日 展望
评级机构惠誉(Fitch Ratings)表示,去年在亚洲表现排在第二位的新加坡房地产投资信托(REIT)可能必须采用更多种融资方式,因为它们都没有为“利率震荡”做好准备。

惠誉的企业主任Johann Kenny指出,由于利率处于历史低位,新加坡REIT一直在增加短期债务。他说,当借贷成本提高时,它们将面对再融资风险,且可能被迫出售资产或股票以取得资金。

身在悉尼的Kenny在接受电话访问时说:“新加坡REIT并没有做足准备来应对利率震荡。当评级机构在分析一家公司时,我们会看利率周期的长期平均值,而从宏观经济的角度来看,我们认为目前利率偏低的情况将不会一直持续下去。”

Big-shipping-lines-remain-upbeat-on-hopes-of-US-turnaround


中国人寿去年业绩下滑逾四成



银行股遭遇多重利空拖累早盘大幅下挫



China Banks Post Weak 2012 Profits



农业银行去年净利1451亿增19% 不良贷款双降



Apple Is 'Absolutely' a Stock to Buy: Munster



太阳能业务亏损 比亚迪去年净利下滑94%



Thursday, March 28, 2013

資本開銷不影響派息‧雙威展望正面


資本開銷不影響派息‧雙威展望正面
Created 03/28/2013 - 18:34

(吉隆坡28日訊)雙威(SUNWAY,5211,主板產業組)依斯干達產業發展高資本開銷不影響派息,分析員展望正面,預見該區產業將於今年末季開始正面貢獻,料成為2014年重估利好之因素。

目前,雙威在依斯干達持有1千770英畝地庫,發展總值300億令吉,為時17年,發展藍圖概括教育、醫藥保健、商業區、主題生態公園、商場及生態碼頭。

大華繼顯看好該發展藍圖,相信雙威有能力達標,由於發展計劃起步較晚,目前還在“熱身"階段,2013年第四季推出首個發展項目料正面帶動銷售。

海外貢獻欲增至33%‧馬銀行等待併購機會


海外貢獻欲增至33%‧馬銀行等待併購機會
Created 03/28/2013 - 17:24

(吉隆坡28日訊)馬來亞銀行(MAYBANK,1155,主板金融組)將專注透過內部成長推動海外業務發展,放眼2015年將海外業務貢獻比重提昇至33%,但不排除在適當對象、估值和時機出現時展開併購可能,特別是泰國等尚未有業務的地點。

該公司總裁兼首席執行員拿督斯里阿都華希在股東大會後表示,海外業務現佔集團總盈利的30%,放眼透過內部成長策略在2015年將海外業務貢獻比重提昇至33%,但若出現併購機會,則有望將整體盈利貢獻比重提高至40%。

馬印航空強力出擊‧大馬航空業競爭升溫


馬印航空強力出擊‧大馬航空業競爭升溫
Created 03/28/2013 - 10:22
(吉隆坡26日訊)馬印航空(Malindo Airway)強勢登陸,恐令大馬航空業者短期招架不住,在馬印航空致力擴充飛機和網絡下,大馬航空公司的回酬或載客率可能在未來數年受壓。

根據聯昌研究,馬印航空的“物有所值"已遭低估,該公司的機票價非常低,飛行經驗也非常好,無論商務和經濟艙,皆較亞洲航空(AIRASIA,5099,主板貿服組)和馬航(MAS,3786,主板貿服組)略勝一籌。

Scientex 2Q yield up 27% to RM25.6m


Scientex 2Q yield up 27% to RM25.6m
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Thursday, 28 March 2013 09:07

KUALA LUMPUR: Plastics manufacturer Scientex Bhd’s net profit for its second quarter ended Jan 31, 2013 (2QFY13), rose 26.9% to RM25.6 million from a year ago, due to higher contribution from its manufacturing and property divisions.

Revenue rose 26.4% year-on-year to RM271.1 million from RM214.5 million.

Big construction jobs to come later


Big construction jobs to come later
Business & Markets 2013

Written by theedgemalaysia.com  
Thursday, 28 March 2013 09:42

CONSTRUCTION [] sector
Maintain neutral: The underperformance in the fourth quarter of 2012’s (4Q12) reporting season was temporary as contractors’ fundamentals are still supported by major jobs in the pipeline. We remain encouraged by the slew of jobs awarded year-to-date (YTD) but reserve our optimism on other major projects pending approval.

Maybank has positive bias for property developers


Maybank has positive bias for property developers
Business & Markets 2013

Written by Zatil Husna Wan Fauzi of theedgemalaysia  
Thursday, 28 March 2013 11:17

KUALA LUMPUR (March 28): Maybank IB research has maintained “neutral” on the property developers with positive bias, ahead of the 13th general election (13GE) as it expects the market to weaken after the dissolution of Parliaments.

The research house's top picks are UEM LAND HOLDINGS BHD [] (UEML) and Sunway Bhd (Sunway)

直销与批发业务报捷 海鸥第3季净利扬21%


直销与批发业务报捷 海鸥第3季净利扬21%
Created 03/28/2013 - 08:05
(吉隆坡27日讯)海鸥(HaiO,7668,主板贸服股)的直销业务与批发业务报捷,把截至今年1月31日止第三季净利与营业额,分别按年推高21.05%及9.65%。

现财年第三季净利报1097万1000令吉,上财年同期则是906万3000令吉。第三季营业额为6885万4000令吉,每股盈利则报5.54仙。

在首三季,该公司的净利累积至3734万6000令吉,比上财年同期的2466万4000令吉,按年上扬51.42%。

银行股强势带动 综指三天飙升40点


银行股强势带动 综指三天飙升40点
Created 03/28/2013 - 08:09
(吉隆坡27日讯)大马银行股基本面良好、派息稳定,加上股票流动活络,向来成为外资首选,而银行股近期走势凌厉,一并带动富时隆综指连涨3天。

全国大选烟硝四起,富时隆综指不但没有回退,反而连涨3天,总共攀升了40.68点或2.47%;其中金融指数的表现更为强劲,3天共扬升398.56点或2.58%,走势跑赢大市。

金融指数从3月18日的15145.07点开始反弹,过去数天屡创新高,甚至在周三刷新纪录,写下15723.75点的巅峰水平,全天扬203.17点或1.31%。

MISC privatisation RM5.30 offer per share not compelling enough based on low acceptance rate


The Star Online > Business
Thursday March 28, 2013
MISC privatisation RM5.30 offer per share not compelling enough based on low acceptance rate

Comment by Rita Benoy Bushon CEO of Minority Shareholder Watchdog Group

ON Jan 31 this year, our national oil company Petronas offered to buy the rest of the shares it did not already own in the global shipping company Malaysia International Shipping Corp Bhd (MISC) for RM5.30 per share.

EPF probing selling down of MISC shares


EPF probing selling down of MISC shares
SHAREN KAUR
sharen@mediaprima.com.my
2013/03/28

BELOW OFFER PRICE: Pension fund says external portfolio managers did it

THE Employees Provident Fund (EPF) says external portfolio managers were responsible for selling down its shares in MISC Bhd below the offer price and now is probing why they did so.

Business Times reported yesterday that EPF sold 1.494 million MISC shares, just weeks after its outgoing chief executive officer, Tan Sri Azlan Zainol, said Petroliam Nasional Bhd (Petronas) should raise its offer price for the national shipping company.

內銀續受困息差壓力


內銀續受困息差壓力
大型內銀陸續公布去年業績,盈利增長速度一如市場預期顯著放緩至不足兩成,銀行管理層均表示,由去年下半年出現的淨息差壓力,將延續至今年。

儘管農行(01288)增長速度最快,管理層亦表明現時無集資計劃,但巴克萊認為,面對低於同業資本水平,農行未來仍有集資壓力。

內地減息影響內銀盈利能力,雖然工行(01398)、建行(00939)及中行(03988)全年均可力保不失,淨利息收益率按年上升,惟去年下半年已見下跌壓力,農行的淨利息收益率更按季節節下跌。

五大內銀業績比較

fi0328b1.jpg (907×696)

中遠冧莊蝕錢王 全年虧損96億 多過中鋁


中遠冧莊蝕錢王 全年虧損96億 多過中鋁

【本報訊】本年度「蝕錢之王」出爐,一如所料,央企中國遠洋(1919)全年勁蝕95.59億元(人民幣.下同)榮登寶座,中國鋁業(2600)則蝕82.34億元緊守次席。中遠連續兩年蝕錢,按規定A股會被掛上「退市風險警示(ST)」,如今年繼續虧損,則最快明年跟A股說再見。

記者:鄭柏齡 周燕芬



Hot Pick: Sound Global, Still As Hot?


26 MARCH 2013
Hot Pick: Sound Global, Still As Hot?
By Simeon Ang

As our government and civil service officials are oft to ask, “do we take things for granted?”. In a way, I suppose we do, some more so than others. But perhaps, one of the main things we take for granted is the sewage and water treatment facilities we have here in Singapore. This however, cannot be said for all our Asian counterparts living in the second largest economy in the world, China.

China – Investing To Preserve Its Water Environment
With the advancement of industralisation in China, sewage discharge also witnessed a rising trend. To combat this, China made environmental protection among the largest investments in its 12th Five-Year Plan (2011-2015). Prior to this, investments in the wastewater treatment sector had already tripled to a total of about US$54 billion (World Bank estimates). According to the Global Water Intelligence, China intends to spend Rmb380 billion (US$61.2 billion) on urban wastewater treatment facilities from 2011-2015.

OKP Holdings: Revenue visibility but margin compression (OCBC)


OKP Holdings:
Fair value S$0.48
add: 12m dividend forecast S$0.02
versus: Current price S$0.505

Revenue visibility but margin compression
• 4Q12 in line
• Partner for potential MRT jobs
• Revenue to be sustained

To recap, 4Q12/FY12 results were generally in line with our expectations. While FY12 net income of S$104.5m (-5% YoY) was 5% lower than our estimate, PATMI of S$12.4m (-53% YoY) was 6% higher than what we expected.

Thai Beverage: The “In” Entity


 22 MARCH 2013
Thai Beverage: The “In” Entity
By Choo Hao Xiang

By the time you leaf through this write-up, Thai Beverage Public Company (ThaiBev) would have already spent at least five sessions with its fellow constituents in the Straits Times Index (STI). You saw it right. ThaiBev.

Following a long four and a half years absence, the maker of Chang Beer replaced IHH Healthcare and went onboard the STI family effective 18 March. The inclusion of ThaiBev in the local benchmark materialised after the company succeeded in Singapore’s biggest takeover. Instigated in July 2012, the drawn-out tussle for Fraser and Neave (F&N) saw ThaiBev’s offer of $9.55 a share emerge triumphant to gain control of F&N, an established Asia Pacific consumer group.

Malaysian Bulk Carriers - Modernizing Its Fleet For The Future


Malaysian Bulk Carriers -
Price Target:1.85
Last Price:1.56
Modernizing Its Fleet For The Future

he dry bulk index has been on an uptrend since the start of 2013, rising from 698 to 935 points currently. This supports our view that rates have clearly bottomed out after hitting a low of 647 early last year. Malaysian Bulk Carriers (Maybulk) is looking to mordernize its fleet by acquiring new vessels, as these require half the operating costs. Maintain BUY, with our RM1.85 FV unchanged.

Malaysian Airlines - A Smoother Flight


Malaysian Airlines
Price Target:1.00
Last Price:0.715  
A Smoother Flight

Malaysian Airlines (MAS)’s operating stats in February 2013 gained strength as the overall load factor improved by 590 bps y-o-y. Domestic demand accelerated due to the Chinese New Year holidays, while international RPK and load factor picked up after the national carrier joined the oneworld alliance. With the growth well within our expectations, we maintain our BUY call and RM1.00 FV.

S-REITs Rational Temperance (KE)

S-REITs
Rational Temperance

 Reiterate NEUTRAL for S-REITs following uninspiring risk-reward profile as: (1) Yield spreads against ten-year bond yields continue to tighten with rising bond yields. (2) Downward pressures on rentals with slowing growth in Singapore.(3) Risk of asset-price declines in the event that monetary tightening is not conducted gradually (a case in point: Japan’s “lost decade” after the Finance Ministry sharply raised interest rates in late 1989). Our top picks remain only with the Retail REITs, in which the mismatch between rentals and physical prices have not proved unnerving. Reiterate BUY for CMT (TP: SGD2.36), SGREIT (TP: SGD0.95), SUN (TP: SGD1.85).

Genting Hong Kong: Ending the year on a strong note (CIMB)


Genting Hong Kong
Current US$0.46
Target US$0.55
Ending the year on a strong note

 FY12 core EPS is 9% ahead of our expectation because of lower interest expense at Resorts World Manila (RWM). Underlying operations at its integrated resort were in line, though we had not expected the RWM's interest expense to halve from an interest-rate swap.

No change to our EPS as we believe the interest savings to be off and our RNAV-based target price is maintained. RWM remains a strong proxy for GDP growth in Metro Manila while GENHK’s cruise operations have a unique footprint in the Asian leisure-travel market. The re-rating of Norwegian Cruise Lines (NCL) since its IPO in Jan 13 is an additional catalyst. Maintain Outperform.

Sunway: Mixed development contract in KLCC (MIDF)


Sunway Berhad
Maintain BUY
Price (19 Mar 13) 2.74
Target Price 3.50
Mixed development contract in KLCC

Contract worth RM304m for the carpark of a new mixed development at KLCC
RM1.25b orderbook replenishment, on-track to meet target
Outstanding orderbook increased to RM4.2b

Package 1 of KLCC extension: Sunway Berhad (Sunway) has accepted a letter of award worth RM304m from Cititower Sdn Bhd (a joint venture company between KLCC (Holdings) Sdn Bhd and QD Asia Pasific Ltd) for “package 1: construction and completion of North East Car Park (NEC)” underneath KLCC Park and associated works for the proposed Lot 185, Lot 167(K) and Lot 176 mixed development at Persiaran KLCC, Kuala Lumpur City Centre.

Axis REIT: Proxy for Iskandar's industrial boom (CIMB)


Axis REIT
Current RM3.34
Target RM3.68
Proxy for Iskandar's industrial boom

 Axis REIT is the first listed Islamic industrial/office REIT globally. We like the stock as it offers exposure to the industrial property boom in Iskandar Malaysia. Management's proactive style means that growth will be driven by acquisitions, apart from organic enhancement plans.
We initiate coverage with an Outperform and a target price based on its DDM value. Rerating catalysts are 1) further yield-accretive asset acquisitions, and 2) upside surprises to rental rates post asset enhancement initiatives.

Bulk rates recover from lows (CIMB)

 Bulk rates recover from lows
Panamax, supramax and handysize rates gained 4-7% wow, boosted by grain cargoes from South America. Although this is partly seasonal in nature, we believe that dry bulk rates will bottom this year and recover by late-2013 and in 2014 as a result of fewer deliveries.

 As a result, we maintain Pacific Basin as our top pick since it is trading at a 24% discount to trough SOP. We also have Outperforms on SITC and OOIL as the container shipping sector should do better this year. We are Neutral on the sector overall.

Cache Logistics Trust: Raising equity to fund acquisition (OCBC)


Cache Logistics Trust:
Fair value S$1.33
add: 12m dividend forecast S$0.08
versus: Current price S$1.28

Raising equity to fund acquisition
• Exercise option to buy warehouse
• Fully funding acquisition by equity
• FV revised to S$1.33

Cache Logistics Trust (CACHE) has exercised the call option to acquire the newly completed ramp-up logistics warehouse known as Precise Two. In a separate announcement, CACHE also launched a private placement to raise gross proceeds of S$86.8m, of which ~66.0% of the gross proceeds is expected to be used to wholly fund the proposed acquisition of Precise Two.

曾淵滄專欄 28.03.13:超人增持論有共鳴


曾淵滄專欄:超人增持論有共鳴 - 曾淵滄

李嘉誠向來很少公開批評香港政府的政策,不論是港英政府或是特區政府,但是,前日在長實(001)、和黃(013)公佈業績時,李嘉誠公開批評政府要求目前的電訊商,讓出三分之一的3G頻譜再次公開招標,是不公平的做法。

當然,部份捕風捉影的人會從陰謀論的角度來看這件事,認為這是梁振英「處罰」李嘉誠的行動,李嘉誠在特首選舉時支持他的對手唐英年,最近又在政府推出買家印花稅後分拆酒店房間零售,有與政府對着幹的嫌疑。

股神不費分毫做高盛股東


【本報綜合報道】股神畢菲特(Warren Buffett)財技出神入化,近日再有神作!巴郡日前與高盛就2008年金融海嘯時訂立的認股證計劃作出修訂協議,有可能在10月時不費分文就得到高盛約2%股權,成為該行十大股東之一。

股神於2008年時以50億美元購入了高盛的優先股,同時獲得高盛發出的認股證;高盛於2011年以55億美元先贖回相關優先股,但巴郡仍持有認股證。

認股證換2%股權
上述認股證本確保巴郡有權今年10月1日前,以每股115美元價格購買4,350萬股高盛普通股。但按現時雙方協議,改為巴郡10月1日前10個交易日的平均收市價,與行使價115美元之間的差價,再乘以4,350萬股,為巴郡最終獲得高盛股票的總價。

宏調影響滯後 資產質素堪憂 工行警告 內銀考驗大


宏調影響滯後 資產質素堪憂 工行警告 內銀考驗大

【本報訊】全球最賺錢兼市值最大銀行工商銀行(1398),去年盈利表現符預期,升14.5%至2,385.32億元(人民幣.下同),不良貸款率亦是四大行中最佳,行長楊凱生對今年該行「保持資產質量相對穩定」具充足信心,但預警整體銀行業對未來資產質素不確定性,要做好「思想及工作準備」。 
記者:劉美儀

楊凱生昨在電話會議中指出,今年內銀資產質素「受到的考驗及挑戰壓力將較大」,尤其面對宏調滯後影響、長三角不良率上升及產能過剩等問題。去年該行境內人民幣新增貸款8,672億元,今年目標增約9,000億元,總資產及總負債增加規模分別控制在1.7萬億及1.5億元(去年分別增加2.06萬億及1.89萬億元)。

業績亮麗‧UOA發展衝破2令吉

業績亮麗‧UOA發展衝破2令吉
Created 03/27/2013 - 11:01
(吉隆坡26日訊)UOA發展(UOADEV,5200,主板產業組)業務展望亮麗,推動股價2011年8月以來首次突破2令吉關口。

儘管賣盤施壓造成該股一度跌至1令吉97仙,但UOA發展終場成功穩守2令吉,全天微漲1仙或0.5%,成交量報93萬3千400股。

UOA發展2012財政年營業額增加30.2%至7億9千915萬6千令吉,淨利則萎縮21.7%至3億零130萬令吉,比市場預測高4%。

扩大集装箱船队 昇阳船务下季可获利


扩大集装箱船队 昇阳船务下季可获利
Created 03/27/2013 - 11:53
(巴生26日讯)尽管现财年首半年面对艰巨挑战,但昇阳船务机构(SYSCorp,5173,主板贸服股)乐观看待余下季度表现,因公司仍在扩大马来西亚半岛-沙巴-砂拉越贸易航线的集装箱船队服务。

公司已经为现有船队增添1个新成员———MV Danum159,价值3500万令吉;同时,公司计划于5月份再增添1艘更大的集装箱船———Danum160,市值4000万令吉。

昇阳船务机构是向瑞裕(Swee Joo)子公司———佐汉船务(Johan Shipping)购买Danum159,然后根据船只的规格翻新,以及配备最新技术。

加盟寰宇一家见成效 马航盈利前景乐观


加盟寰宇一家见成效 马航盈利前景乐观

(吉隆坡27日讯)在加入寰宇一家(Oneworld)后,马航(MAS,3786,主板贸服股)的载客率与每公里搭客收益(RPK)都有著显著的成长,致使分析员对该股的前景抱持积极的態度。

拉昔胡申研究分析员指出,马航於2月份的营运统计数据出现改善,其中总载客率按年增加590个基点,至74.4%。2013年首两个月的载客率亦按年成长360个基点,至72.8%。

此外,在农历新年假期需求的扶持下,马航於2月份的国內每公里搭客收益和载客率,更是分別按年上涨29.6%及1250个基点。

Buffett on Track to Become Top Goldman Shareholder



汇金去年四季度斥资近28亿增持四大行8.4亿股



Why Watch Crude Oil?



Have Apple Shares Hit Bottom?



人民币对美元创19年来新高



建行净利增速创六年最低



Wednesday, March 27, 2013

Nam Cheong sells six vessels worth US$72.1m

Nam Cheong sells six vessels worth US$72.1m
Business & Markets 2013
Written by Bernama  
Wednesday, 27 March 2013 19:27

KUALA LUMPUR (March 27): Nam Cheong Ltd has sold six vessels worth US$72.1 million to two of its existing customers.

In a statement today, Nam Cheong said the vessels were sold to subsidiaries of Icon Offshore Bhd, one of Malaysia's largest offshore support vessel groups.

Nam Cheong executive director, Leong Seng Keat, said in just the first three months of this year, the company has seen robust sales, indicative of strong industry momentum in the region and globally.

可獲買盤扶持‧肯納格:馬股不會比2008糟


可獲買盤扶持‧肯納格:馬股不會比2008糟
Created 03/27/2013 - 17:26
(吉隆坡27日訊)肯納格投資者有限公司(Kenanga Investors Berhad)首席執行員阿都拉薩表示,馬股已反映全國大選等不明朗因素,縱然最糟情況出現,富時綜合指數跌勢也料受限。

他在接受《星洲財經》專訪時指出,馬股在2008年表現不濟,除受上半年大選結果影響外,下半年全球金融海嘯爆發也是拖累大盤走低的導引,因此相信隨著大選結束,股市情緒將有所改善,基本面良好的股項將獲得投資者青睞。

他補充,縱然在國陣無法重奪三分之二議席的情況下,富時綜指支持水平將落至1545點,因指數將在1600點以下水平有望獲得強勁買盤扶持,因此料馬股整體跌勢有限。

First REIT acquires 2 Indonesian hospitals for $190 mil from sponsor


First REIT acquires 2 Indonesian hospitals for $190 mil from sponsor

The manager of First REIT says it has entered into conditional sale and purchase agreements to acquire two new income-producing hospitals in Indonesia for $190.4 million.

The first is Siloam Hospitals Bali with a purchase price of $97.3 million from a wholly-owned subsidiary of PT Lippo Karawaci Tbk, the sponsor of First REIT. This will be financed entirely by a drawdown of committed debt facility.

Siloam Hospitals TB Simatupang, located in South Jakarta, has a purchase price of $93.1 million from the same subsidiary of the sponsor. This will be financed by a combination of a drawdown of committed debt facility and issuance of new units to the sponsor.

RHB stays positive on MAS turnaround story after Feb data


RHB stays positive on MAS turnaround story after Feb data
Business & Markets 2013

Written by Lee Wen Ai of theedgemalaysia.com  
Wednesday, 27 March 2013 12:36

KUALA LUMPUR (Mar 27): RHB is maintaining its "buy" call on MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) at a fair value RM1.00.

MAS’ operating data in February 2013 showed a significant improvement, with its overall load factor of 74.4% improving by 590 basis points year-on-year, RHB Research said in a note today.

Hwang initiates 'buy' call on Muhibbah after contracts win; TP RM2.15


Hwang initiates 'buy' call on Muhibbah after contracts win; TP RM2.15
Business & Markets 2013

Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Wednesday, 27 March 2013 11:48

Kuala Lumpur (Mar 27): HwangDBS Vickers Research has initiated its coverage on MUHIBBAH ENGINEERING (M) BHD [] with a ‘buy’ call and  target price of RM2.15 after the company has won the refinery and petrochemical integrated development (RAPID) project contract.

“Its strong track record with Petronas and its joint venture (JV) with Monadelphous in Australia will enable it to capitalise on RM60 billion worth of tenders for the RAPID project, portions of the Wiggin Island Coal Export Terminal, and regasification projects locally,” said the research house in a report.

建議買進優質成長股‧JP摩根上調馬股評級


建議買進優質成長股‧JP摩根上調馬股評級
Created 03/27/2013 - 10:54
(吉隆坡26日訊)國際大行JP摩根調高馬股評級至“加碼",建議投資者留意內需導向,以及可從經濟轉型計劃中受益的優質成長股。

JP摩根在報告中說,馬股表現落後其他新興市場,而新興市場又落後發達市場。

他們認為,馬股表現遜於東盟同儕,包括同樣倚重國內消費和投資成長的印尼、泰國和菲律賓股市。

Kota Kinabalu property prices up and now match KL’s


The Star Online > Business
Wednesday March 27, 2013
Kota Kinabalu property prices up and now match KL’s

PETALING JAYA: Property prices in Kota Kinabalu (KK) have now matched those in Kuala Lumpur and Penang.

According to HwangDBS Vickers Research, there is strength seen in KK with new condo launches hitting RM600-RM900 per sq ft and some breaching the RM1,000 per sq ft mark.

Sunway re-rated based on its RM30bil Iskandar development


The Star Online > Business
Wednesday March 27, 2013
Sunway re-rated based on its RM30bil Iskandar development

PETALING JAYA: The 1,770 acres with a gross development value (GDV) of RM30bil Sunway Bhd owns in the Iskandar region and its plan to pay out dividends semi-annually are deemed as catalysts, UOB KayHian Research says.

In a report, the research house revised Sunway's target price to RM3.48 from RM2.98 as it removed the 10% discount to sum-of-the-parts. The new target price implied a 12 times 2014 forecast price-to-earnings (PE), which was slightly higher than its historical mean PE of 11 times, and remained a “buy” rating.

The Star Online > Business
Wednesday March 27, 2013
Genting Malaysia to pay more dividends?

PETALING JAYA: Genting Malaysia Bhd might be asked by parent Genting Bhd to pay out more dividends so that the latter could finance its Indonesian power plant and Las Vegas casino projects, said Maybank IB Research.

Both projects would need a combined US$3bil (RM9.3bil).

中行不良貸款雙升


中行不良貸款雙升

內銀去年經營環境困難,但中行(03988)淨利息收益率仍然升3點子,帶動該行一二年賺1,394.32億元(人民幣.下同),惟該行資產質素表現不及同儕,不良貸款按季「雙升」,撥備覆蓋率亦見回落,不過,該行行長李禮輝表示,有信心今年能維持不良貸款率於去年底水平。

去年多賺12%勝預期

中行去年盈利增長12.19%,表現好過市場預期,若論按季盈利表現,表現尚可,去年第四季賺330.69億元,按季微跌4.87%,每股派末期息0.175元。李禮輝預期,今年貸款增長可達12%,但利率市場化或會為淨息差帶來壓力,但該行副行長王永利稱,目標是今底淨息差仍能按年升1至2點子,人民幣業務的息差亦有進一步增長空間。

農行賺千四億 增19%遜預期


農行賺千四億 增19%遜預期

內地去年減息及利率市場化衝擊內銀盈利,令農行(01288)一二年盈利僅升19%至1,450.94億元(人民幣.下同),略遜市場預期,盈利增幅為上市以來最低,惟淨利息收入仍是該行盈利的主要增長動力之一,按年升逾11%,全年盈利亦首度跑贏中行(03988)。

農行去年第四季賺250.11億元,按季計急挫36.81%,末期息0.1565元,派息比率34.7%。農行董事會秘書李振江直言,農行未來盈利一定有增長,惟增幅將放緩,而股本回報率則不會有太大波動。

Glomac: Earnings Uptrend Continues (MIB)


Glomac
Buy (unchanged)
Share price: MYR0.985
Target price: MYR1.16 (from MYR 1.00)
Earnings Uptrend Continues

 Maintain BUY with a higher TP. Glomac’s 9MFY4/13 results were below our expectations but within consensus. The shortfall was attributed to slower-than-expected progress billings from the Lakeside Residences (LR) project. We adjust our FY13/14/15 earnings forecasts by -6%/+3%/+3%. Valuations remain attractive, with CY13 PER of 6x and PBV of 0.9x, supported by a REIT-like net yield of 5%. We raise our TP to MYR1.16 (+16sen) on an unchanged 45% discount to RNAV.

OSIM International: Expect continued resiliency (OCBC)


OSIM International:
Fair value S$2.19
add: 12m dividend forecast S$0.06
versus: Current price S$1.895

Expect continued resiliency
• Expect growth despite economic headwinds
• New product launches to drive sales
• No change to FV and BUY rating

We expect OSIM International’s (OSIM) business to remain resilient despite concerns resurfacing over China’s economic growth. This would be driven by continued efforts by management to enhance its product appeal through innovative new products such as the recently launched uAngel Sofa-Tranzformer and productivity gains to boost its margins.

TEE International: Potential new real estate projects (OCBC)


TEE International:
Fair value S$0.30
add: 12m dividend forecast S$0.015
versus: Current price S$0.335

Potential new real estate projects
• Hints of expansion into new segments
• More updates expected on spin-off plan
• Share price to remain supported

TEE International recently announced the establishment of two wholly owned indirect subsidiaries, TEE Industrial Pte Ltd (yesterday) and TEE Hospitality Pte Ltd (12 Mar), under its real estate unit, TEE Land Private Limited. The principal activity of both subsidiaries will be in real estate development.

Rickmers Maritime: Proposes Rights Issue (S&P)


Rickmers Maritime
Price: SGD0.36
Date: March 20, 2013

Recent development: Proposes Rights Issue
1-for-1 rights issuance. Rickmers Maritime’s (RM) proposed 1:1 rights issue is to raise gross proceeds of up to approximately SGD101.7 mln. The rights issue offer at SGD0.24 per share is at a 33.3% discount to the closing price prior to announcement. The equity raising exercise is expected to be completed by end-May.

Aviation Sector - 4Q12 irrelevant, diminishing pricing power


Aviation Sector -
4Q12 irrelevant, diminishing pricing power

- We remain NEUTRAL on the aviation sector: The recent 4Q12 results season was a pretty contrasting one for the two airlines under our coverage. AirAsia (AA) beat estimates while MAS disappointed, albeit with an improvement in core operating performance in 4Q12.

- AA registered exceptionally strong yields: A key surprise in AA's results was stronger-than-expected yields in 4Q12 (+5% QoQ, +7% YTD). However, the 4Q12 performance cannot be taken as a yardstick for earnings trend going forward as AA is currently enjoying a "honeymoon period" without any serious LCC competition domestically. Another surprise was AA's announcement of its maiden dividend policy, i.e. 20% of core annual earnings. While the move may attract a different breed of investors to the group, FY13 yield of 2% is not particularly attractive relative to other dividend stocks in the index, in our opinion.

Genting Hong Kong: Capable of holding its own (DBSV)

Genting Hong Kong Ltd
BUY US$0.46/HK$3.47
STI: 3256.47/ HSI : 22,083
Capable of holding its own
Minimal impact from Solaire Manila opening
Manila GGR at tipping point with Manila Bay taking off
Maintain BUY and SOP-based TP of US$0.54/HK$4.20

New kid on the block. Last weekend Bloomberry’s Solaire Manila (SM) was launched - the first integrated resort (IR) to open in Manila Bay and second privately-owned IR in Manila after GENHK’s Resorts World at Manila (RWM) in 2009. Phase 1 costing US$750m consists of 300 tables, 1200 slots and 500 hotel rooms while US$400m Phase 2 expansion to be completed in 3Q14 will add another 300 hotel rooms, 30-40 retail outlets and a theatre. Bloomberry is owned by local port magnate, Enrique Razon Jr.

Singapore Press Holdings: Opening Up More Possibilities (KE)


Singapore Press Holdings
Buy (unchanged)
Share price:SGD4.41
Target price: SGD4.95 (from SGD4.50)
Opening Up More Possibilities

 Just the first step into property. We raise our target price to SGD4.95 after factoring in REIT benefits. BUY SPH. This is just the first step of what is likely to turn out to be a multi-year value unlocking process. SPH’s confirmation of a retail REIT spin-off in the future adds another, more exciting dimension to the stock. We have long speculated that it could become more aggressive on the property front, and this has materialised. The greatest concern right now is its limited supply of sponsor assets, which can be overcome by introducing new partners, more acquisitions or expanding overseas.

Midas Holdings: Near-term uncertainties but brighter long-term outlook (CIMB)


Midas Holdings
Current S$0.52
Target S$0.58
Near-term uncertainties but brighter long-term outlook

The proposed reform of China’s Ministry of Railway (MOR) will add to near-term orderbook uncertainties–not good for price performance. However, we view MOR’s reform as a longer-term positive. Traction gained in diversification efforts should provide orderbook support.

Tiger Airways:Has cash burn stopped - which of the brokers is right?


Tiger Airways plans to raise S$297 mln via rights issue and convertible bonds, a second cash call in 18 months

20/3/2013 – Analysts are divided whether low cost carrier Tiger Airways Holdings has stopped burning cash, in the wake of the airline's announcement of a capital raising.

It is selling convertible bonds and new shares in a rights issue to raise S$297 mln.

The 1-for-5 rights shares at S$0.47 per share are 34% cheaper than the closing price of S$0.72 on March 4, before the announcement.

Tiong Woon to dispose its loss making fabrication business at a surprise gain (RHB)


Tiong Woon to dispose its loss making fabrication business at a surprise gain (SGX).

The News: Tiong Woon Holdings, ranked as the 14th largest crane owning company worldwide (Singapore listed competitor Tat Hong Holdings ranked 8th), announced yesterday that it has entered into a legally binding memorandum of understanding (MOU) to sell its fabrication yard business (wholly owned subsidiary) at a consideration of SGD18.0m.

Our thoughts: We opine positively towards the disposal. Despite the fact that the subsidiary has been generating losses for the past few years (FY12:SGD-3.8m, FY11:SGD-3.9m),

Hospitality REITs: Challenging industry environment (OCBC)


Hospitality REITs:
Challenging industry environment

We understand that players in the local serviced residence industry believe that demand for 2013 will remain flat, with average daily rates staying flat or declining. This corroborates our view that 1H13 is challenging for the Singapore hospitality industry. In the near term, acquisitions may be positive price catalysts. CDLHT completed the acquisition of Angsana Velavaru (Maldives) on 31 Jan and now the attention is on FEHT, which may buy the 298-room Rendezvous Hotel from Straits Trading around end 2Q13. We remain NEUTRAL on hospitality REITs. We have HOLDs on Ascott Residence Trust [FV: S$1.36], CDL Hospitality Trusts [FV: S$2.11] and Far East Hospitality Trust [FV: S$1.05].

曾淵滄專欄27.03.13:樓市指數調節有法


曾淵滄專欄:樓市指數調節有法 - 曾淵滄

在3月24日,受邀到新加坡演講,主辦者是新加坡潮州總會,他們花錢邀請我到新加坡而沒有收任何門票或商業贊助,是純社會活動,反映新加坡潮州人社團非常有錢。

新加坡最熱鬧的烏節路義安城就是潮州人社團義安公司擁有,義安公司更辦有義安理工學院,義安城純利45%用來資助義安理工學院經費,為甚麼新加坡的潮州社團這麼有錢?原來過去整條烏節路全屬義安公司所有,是潮州人的墳場,真想不到,當年的墳場今日成為最繁華地段。

首季淨利遜色‧精英國際前景審慎


首季淨利遜色‧精英國際前景審慎
Created 03/26/2013 - 18:32
(吉隆坡26日訊)精英國際(HELP,7236,主板貿服組)第一季核心淨利普遍低於分析員預期,分析員對其前景謹慎樂觀,一些認為9月開始收生之國際學校,兼聯營的汽車交通管理學院,或有望促使前景更俏麗。

精英國際截至1月杪的首季核心淨利按年增長10.7%和按季重挫58.2%至190萬令吉,營業額則按年上升6.8%至2千870萬令吉。

興業研究表示,首季淨利只佔該行全年的10%預測,主要是職員與營運開銷高。

有望參與開發拉斯維加斯計劃‧雲頂大馬或增派股息


有望參與開發拉斯維加斯計劃‧雲頂大馬或增派股息
Created 03/26/2013 - 17:25
(吉隆坡26日訊)雖然雲頂大馬(GENM,4715,主板貿服組)的紐約和佛羅里達計劃停滯不前,卻可能“因禍得福",受邀參與母公司的拉斯維加斯計劃,並增派股息支援這項計劃,分析員樂得靜觀其變。

馬銀行研究認為,紐約和佛羅里達短期內雖無開放賭業跡象,雲頂大馬卻不一定“無所事事"。

紐約州雖於本月14日通過設立7座賭場的首輪憲法修訂案,但政府仍糾纏於預算課題,無暇辯論次輪修訂案,萬一遲至6月底仍膠著於此,雲頂大馬恐怕無法部署賭桌計劃。

潛藏價值待釋放‧多元資源前景看俏


潛藏價值待釋放‧多元資源前景看俏
Created 03/26/2013 - 17:24
(吉隆坡26日訊)雖然需時實現,但多元資源工業(DRBHCOM,1619,主板工業產品組)擁有數年潛在收入及隱藏資產價值,加上與本田合作安排在望,興業研究重申該公司買進評級。

興業研究表示,儘管大選風險伴隨在側,但基於該公司長期跑贏大市的展望及有限的下滑空間,目前股價反映出良好的買入點。

睦兴旺 重回投资者雷达


睦兴旺 重回投资者雷达
Created 03/23/2013 - 13:09
目标价:1.24令吉

最新进展

睦兴旺(Muhibbah,5703,主板建筑股)旗下子公司睦兴旺海事,获Jasa Merin价值2亿1600万令吉的合约,兴建3艘起锚支援拖船(AHTS),预计在明年初完成。

行家建议

假设税前赚幅为20%,上述合约估计将为睦兴旺2013和2014财年,分别带来1200万和1600万令吉的净利。

中海油賺637億符預期


中海油賺637億符預期
http://paper.wenweipo.com   [2013-03-23]

香港文匯報訊(記者 涂若奔)中海油(0883)昨日公布截至2012年12月31日止全年度業績,錄得股東應佔淨利潤636.91億元(人民幣,下同),較2011年倒退9.34%,符合市場預期下限。每股基本盈利1.43元。派末期息0.32港元。首席執行官兼總裁李凡榮表示,集團完成收購加拿大油氣公司尼爾森(Nexen)後,將令集團整體儲量增長三成,而產量將增長兩成。

李凡榮昨日於業績會上表示,尼爾森於今年2月已完成全部交割手續,成為集團的全資子公司,資產交接實現了平穩過度,員工對未來也充滿期待。他稱,尼爾森擁有的資產遍布歐洲、加拿大、非洲等地,有巨大的儲量潛力,而集團則擁有30年的經驗、人力資源和健康的財務能力,收購後的整體儲量將因此增加三成,產量增加兩成。

Why You Should Be Bullish on China's Banks



Interest Rate Roulette



《創富激發點》郭家耀:三大中資石油石化股個別發展



《創富激發點》郭家耀:比亞迪盈利挫股價跌



中国远洋周四公布年报 或成A股最大ST公司



标普:中国银行业风险可控



Tuesday, March 26, 2013

订单趋低经济不稳 半导体业复苏有心无力


订单趋低经济不稳 半导体业复苏有心无力
Created 03/26/2013 - 12:24
(吉隆坡25日讯)大部分科技股2012年末季面对周期影响而盈利被压缩,硬盘驱动器(HDD)与半导体领域订单趋低、客户情绪也相对低弱,加上宏观经济不稳定,预期2013年复苏仍然将有劲无力。

联昌国际研究主管黄大任表示,科技股2012年末季表现起落不一,只有就业坊(Jobst,0058,主板贸服股)的表现超出预期,而JCY国际(JCY,5161,主板科技股)再度令人失望。

城中城合订产托 公平且合理


城中城合订产托 公平且合理
Created 03/26/2013 - 12:31
(吉隆坡25日讯)独立顾问认为,城中城产业(KLCCP,5089,主板产业股)推出“合订型”产业投资信托(REIT)的建议是“公平且合理”。

担任独立顾问的丰隆投资银行表示,城中城产业的献议不会威胁到无利害关系股东(non-interested shareholders),所以,建议无利害关系股东在即将来临的股东特别大会接受献议。

丰隆投行在报告中点出,股东将能享有城中城产托旗下产业所带来的增长潜能,还能享有城中城产业集团未来发展的好处,又能获得高回酬。

脱售资产和亏损业务 第一控股小股东期盼派息


脱售资产和亏损业务 第一控股小股东期盼派息
Created 03/26/2013 - 12:39
(吉隆坡25日讯)第一控股工业(FACBInd,2984,主板工业产品股)小股东通过资产和亏损业务脱售提案之余,部分小股东不约而同表示希望公司派发特别股息。

股东之一的马银行投资银行抽佣经纪林康勤回应提问时表示,小股东普遍希望公司就这次的脱售计划派发特别股息,但公司董事局仅表示会考虑,因此他感到失望。

林康勤说:“股价目前已上扬到一定的水平,公司却未宣布派发特别股息,加上大选因素,因此我考虑脱售第一控股工业股票。”

中海油:收购尼克森价格合适 没有买贵


中海油:收购尼克森价格合适 没有买贵
2013年03月26日 03:45  上海证券报

油气储量、产量因此约分别增长30%和20%

  ⊙记者 陈其珏 ○编辑 毛明江

  “这次收购的过程充满了艰辛和曲折。收购能够成功,对公司来说意义和价值都很大,并非如有的人认为地那样‘买贵’了。”上周五在接受上海证券报记者采访时,中海油董事长王宜林及其他高管详细解读了备受关注的尼克森收购案之前因后果,并首度回应了外界对收购对价过高的质疑。

ECS inks deal with CA Technologies


ECS inks deal with CA Technologies
Business & Markets 2013

Written by Bernama  
Tuesday, 26 March 2013 12:20

KUALA LUMPUR (March 26): Malaysia's leading information and communications TECHNOLOGY [] (ICT) distributor, ECS ICT Bhd (ECS), has inked a deal with CA Technologies to distribute the latter's data management solutions in Malaysia.

CA Technologies provides information technology (IT) management solutions that help customers manage and secure complex IT environments to support agile business services.

“鍾情"輕資產運作‧百盛長期料放眼產託


“鍾情"輕資產運作‧百盛長期料放眼產託
Created 03/25/2013 - 18:34
(吉隆坡25日訊)百盛(PARKSON,5657,主板貿服組)過去數年積極拓展中國和東南亞市場,同時放眼擴大購物商場組合,大馬研究認為百盛向來“鍾情"於輕資產運作模式,可能在集合至少5家購物商場後展開產托化活動。

大馬研究表示,百盛旗下目前只有1家購物商場--KL FestivalCity,第二家購物商場已確定在馬六甲,預料2至3年內完成,投資額約4億令吉。

“百盛具備經營百貨公司的經驗,料在經營購物商場時擁有一定優勢,儘管商場管理業務目前貢獻比重微不足道,相信是其中一支成長中盈利支流。"

Shin Yang to return to the black over next two quarters


Shin Yang to return to the black over next two quarters
Business & Markets 2013

Written by Syarina Hyzah Zakaria of theedgemalaysia.com  
Tuesday, 26 March 2013 09:01

PORT KLANG: Shin Yang Shipping Corp Bhd is confident it will return to the black by the close of its 2013 financial year ending June (FY13) despite recording losses for the first six months, its CEO says.

“We are confident of returning to the black by the end of the year. If the shipping market improves, then definitely the profit will be better,” said CEO Captain Ting Hien Liong after the maiden voyage of container vessel MV Danum 159 at Northport yesterday.

KSL: Deep value stock to ride Iskandar Malaysia boom


KSL: Deep value stock to ride Iskandar Malaysia boom
Business & Markets 2013

Written by theedgemalaysia.com  
Tuesday, 26 March 2013 09:25

KSL HOLDINGS BHD []
(March 25, RM2.01)
Maintain buy at RM2.05 with a target price of RM2.61: The positive news flows on Iskandar Malaysia in Johor has picked up considerably over the past three months.

Notable news flows have been the announcement of the proposed high speed rail link between Kuala Lumpur and Singapore and the Singapore-Johor Baru rail transit system, as well as the entry of major foreign real estate players like Singapore’s CapitaLand Ltd and Ascendas Land Pte Ltd, and China’s Country Garden Holdings Ltd to undertake development projects in Iskandar Malaysia.

Global economic recovery optimism rekindles interest in bombed out cyclical (DBSV)

Global economic recovery optimism rekindles interest in bombed out cyclical
Interest in bombed out cyclical stands to be rekindled as benign economic data releases continue to underpin optimism of the global economic improvement – 1) US housing and employment market is steadily improving; 2) Japan implements measures to revive the economy through massive fiscal stimulus, aggressive monetary easing by the BOJ and structural reforms to improve competitiveness; and 3) the latest China March HSBC flash manufacturing PMI has strengthened recovery hopes again after the February slowdown that was partly due to the CNY holiday.

Sabana Shari’ah Compliant REIT: Taking A Breather; Downgrade To HOLD (UOBKH)


Sabana Shari’ah Compliant REIT
Share Price S$1.27
Target Price S$1.30
Taking A Breather; Downgrade To HOLD

Downgrade to HOLD (from BUY) post the solid 24% return over the past half year. Near-term risks include investors switching into upcoming industrial REIT IPOs and expiry of master-leases. Key upside catalysts will be further acquisitions, although, with a S$50m debt headroom, large acquisitions will likely be paired with equity fund raising. Forward yield of 6.9% is in line with peers. Target price: $1.30. Entry price: S$1.13.

Genting Hong Kong: No Longer Solitaire In Manila (UOBKH)


Genting Hong Kong
Share Price US$0.455
Target Price US$0.39
No Longer Solitaire In Manila

While GENHK’s 2H12 earnings recovery was impressive, its near-term valuations would be dampened by concerns of rising competition for its 50%-owned RWM in the intermediate term. While there will be potential long-term upside driven by the cruise divisions, valuations are rich for now. On the positive end, we have raised our earnings outlook. We maintain our SELL call, but with a higher target price of US$0.39.

What’s New
• Key takeaways from last Friday’s results conference call. Management expressed confidence in its cruise businesses’ growths, and that Resorts World Manila (RWM) would shrug off competition in the integrated-resort-and-casino (IRC) space.

Cache Logistics Trust: Opportunistically turning on the equity tap (AM)


Cache Logistics Trust:
Opportunistically turning on the equity tap
(Maintain HOLD, FV: S$1.335)

aising S$86.8mil through a private placement. Cache Logistics Trust announced the close of a private placement of 70mil new units at an issue price of S$1.24 per new unit. Net proceeds will amount to approximately S$84.2mil. Funds raised from the private placement will be utilised to finance the acquisition of Precise Two, a fully ramp-up warehouse that is valued at approx. S$55.2mil.

China’s SSEC resumes rising trend (DBSV)


China’s SSEC resumes rising trend
The SSEC looks to have ended its recent correction and should resume the major rising trend that has the potential to lift it to 2715 in coming months. Interest in stocks that are China recovery and urbanization beneficiaries should also see a steady return in tandem. Our picks are Capitaland, CMA, China Merchants, PCRT, Sound Global and Midas. The better-than-expected March HSBC Flash Manufacturing PMI figure (actual 51.7, consensus 50.8, Feb 50.4) released last week rekindled confidence that China’s recovery appears on track. The dip in the February data that was likely due to the timing of the Lunar New Year had shaken recovery confidence but the March flash number suggests that things are returning back to norm.

CNOOC FY12 results—good 2H12 production recovery, dividend policy re-instated (CS)


CNOOC Ltd
Price (22 Mar 13 , HK$) 14.32
TP (prev. TP HK$) 20.00 (20.00
Maintain OUTPERFORM
FY12 results—good 2H12 production recovery, dividend policy re-instated
● FY12 EPS Rmb1.42/share—in line with consensus: Full-year crude realisation was at 1% discount to Brent (5% discount in 2H12 vs 3% premium in 1H12). Gas price realisations rose by 12% YoY. Tax rate remained elevated (29% in 2012 vs 24% in 2011) as the Nigerian tax dispute has not yet been resolved.

● Strong HoH production growth: 2H12 total production grew 13% HoH, as PengLai ramped toward its new peak production level. 2H12 oil production was 14% higher HoH and gas 8% higher.

Overseas Union Enterprises: Plans to unlock value (DBSV)


Overseas Union Enterprises,
NOT RATED S$2.94
STI : 3,286.05
Return *: 2
Risk: Moderate
Potential Target * : 12-Month S$ 3.16 (10% upside)
Plans to unlock value

•Exposure largely to Singapore prime real estate
•Core earnings to continue growing while assets undergo rejuvenation; proposed hotel REIT to unlock hidden value
•Fair Value of $3.16, pegged at a 25% discount to RNAV

CDL Hospitality Trusts: Competition to increase (OCBC)


CDL Hospitality Trusts:
Fair value S$2.11
add: 12m dividend forecast S$0.117
versus: Current price S$2.110

Competition to increase
• Challenging to increase visitor spend
• Increased competition in CDLHT’s tiers
• Raise FV to S$2.11

We believe that CDLHT’s Singapore hotels are best classified as being in the Mid-tier/Upscale range, because their FY12 RevPAR was S$211, close to the mean of S$264 and S$171, which are the RevPAR averages for Singapore Upscale and Mid-tier hotels respectively.

Midas Holdings: Seeking to grow its order book (OCBC)


Midas Holdings:
Fair value S$0.595
add: 12m dividend forecast S$0.005
versus: Current price S$0.515

Seeking to grow its order book
• 2013 railway investment target unchanged
• Gunning for more contract wins
• No change to FV and BUY rating

We view China’s latest railway reforms as a mid-to-long term positive for the sector, which would likely benefit industry suppliers such as Midas Holdings (Midas). While we are cognisant that there may be some near-term uncertainties over the timeline of new high-speed railway (HSR) contract tenders, we note that the Chinese government has reaffirmed its railway investment targets for 2013. Its 12th Five-Year Plan for the sector also remains unchanged.

SPH: REIT Listing Min. Impact to Valuations (RHB)


SPH: REIT Listing Min. Impact to Valuations
 (NEUTRAL, S$4.45, TP: S$4.30)

SPH has announced a potential REIT listing for its property assets. The  properties and terms to form the portfolio are still under review. A scenario in which Paragon and Clementi Mall form the REIT portfolio with a dividend yield of 5.5% by our estimates will have little impact to our SOTP TP. We are maintaining our NEUTRAL call, but raise our SOTP TP to SGD4.30 (from SGD3.80 previously). Our revised TP does not factor in a listing of its property assets into a REIT.

Positives of a REIT listing include cash inflow, asset value realization. The listing of SPH’s property assets (we assume Paragon and Clementi Mall) into a REIT has its positives: (1) potential gross cash inflow of SGD1.5bn (assuming SPH keeps 50% cash and remainder as REIT shares), (2) upside in gross asset value realization of SGD1.3bn (Paragon and Clementi are valued at SGD1.75bn on SPH’s books versus market value of SGD3.03bn), (3) higher income in the form of dividends as a REIT is tax exempt with a minimum earnings payout of 90%.

Singapore Post: Awaiting news of larger acquisitions (OCBC)


Singapore Post:
Fair value S$1.23
add: 12m dividend forecast S$0.06
versus: Current price S$1.22

Awaiting news of larger acquisitions
• Self-storage company for S$37m
• Also acquires freight forwarding firm
• Enhances logistics & e-commerce capabilities

In recent months, Singapore Post (SingPost) has been acquiring stakes in companies to build its non-mail businesses – it completed the 100% acquisition of General Storage Company Pte Ltd (GSC) in end Jan for S$37m and the 62.5% acquisition of Famous Holdings Pte Ltd (FH) in end Feb this year for S$60m.

建行派定心丸 無懼市場化


建行派定心丸 無懼市場化
獲3大外資券商 列內銀首選
建設銀行(00939)首份大型內銀業績獲券商一致給予正面評價,連帶率先發布業績的重農行(03618),股價分別上升2.3%及4.1%,帶動整個內銀板塊造好,成為升市火車頭。

中資銀行面對內地利率市場化、金融脫媒及新資本管理辦法實施三大挑戰,建行董事長王洪章昨大派定心丸,指即使利率市場化程度再加深,亦不會把內銀迫到無利可圖的地步。

經濟下行影響 可能持續

他指建行去年盈利增長跌至6年最低的14%,但去年經濟增長下行,此盈利增速已屬合適,而且優於年初董事會計劃,預測今年經濟發展不會比去年困難。但他亦補充,經濟下行有其延遲、周期性,可能影響還會持續一段時間。

曾淵滄專欄 26.03.13:加辣招壓不住樓價


曾淵滄專欄:加辣招壓不住樓價 - 曾淵滄

雙倍印花稅政策推出後,二手樓市一片死寂,人人在觀察樓市動向,本地地產股股價也出現大幅調整。

長實(001)賣貨尾大減價,但是新地(016)推元朗新盤,又貴絕同區,中原城市領先指數也於上周創出123.66點的新高紀錄,這反映了雙倍印花稅依然壓不住樓價。

近來,我經常提醒欲買樓的人,得留意將來美國加息後的按揭風險,不過這不意味着我看淡未來一年樓價趨勢,在利率依然超低的背景下,樓價仍然是易升難跌,因此,每一次政府出招打壓樓市,導致地產股股價急跌,都是趁低吸納的好時機,不論是採取薄利多銷政策的長實,還是賣樓作價不斷創新高的新地,都有吸納價值。

貸評山下: A股低殘 藏債務炸彈 - 黃元山

貸評山下: A股低殘 藏債務炸彈 - 黃元山



上次說過,「2008年底至今,中國的社會融資總量(信貸擴張)佔GDP的比例,也從140%大幅提升到190%……整體國家債務上升速度,比收入增長更快,而國家整體的收入卻又比生產力增加更快。長此下去,這個國家的經濟泡沫便會形成,外強中乾,最終會把國家經濟推向崩潰。」

比亞迪澄清 暫無意配股


比亞迪澄清 暫無意配股

【本報訊】比亞迪去年業績倒退逾九成,總裁王傳福在業績會上承認「做得比較差」,強調「今年業績好很多」。而月初市傳比亞迪有意配H股,股價一度大跌,王傳福否認有關傳聞,指公司能發債及從銀行貸款尋獲資金,現階段無意配股。

獲股神巴菲特垂青的比亞迪,去年純利創上市後新低。雖然王傳福相信今年有改善,但他坦言,拖累集團表現的太陽能業務,在今年第四季才有望回復收支平衡。

涉足依斯干达特区发展 顺利实业受惠


涉足依斯干达特区发展 顺利实业受惠

(吉隆坡25日讯)在柔佛强稳扎根的顺利实业(KSL,5038,主板產业股),被看好可从依斯干达特区蓬勃发展中受惠。

艾芬投行分析员相信,过去3个月陆续传出对依斯干达特区有利的消息,再加上市场情绪转好,带动在当地进行项目的发展商股价,包括顺利实业在內。

股价快步走涨

年头至今,顺利实业股价从1.44令吉,扬升约41%,至目前的2.03令吉。

海外項目拖累 中海油少賺9%


海外項目拖累 中海油少賺9%
2013年3月23日
【明報專訊】海外項目成本增加,新投產項目又未能及時帶來可觀的產量貢獻,中海油(0883)去年純利下跌9.3%至636.91億元(人民幣.下同)。即使收購加拿大油氣生產商Nexen已於2月底完成交割,集團仍未能評估它所帶來的貢獻。

雖然純利下跌,但集團擬派末期息每股0.32港元,較去年增14%。但全年派息每股0.47港元,按年減少9.4%。

末期息增14% 全年派息減9%

“三桶油”净利润全部下跌 中海油超越中石化



比亚迪去年净利倒退94%



China Construction Bank Net Rises Least in 6 Years



End of Bumper Profits For China Banks: Analyst



中行去年净赚1394亿元 同比增长12%



China's Growth to Decelerate in Second Half: Yao



JPMorgan Board Says Dimon Should Remain Chair, CEO



Monday, March 25, 2013

采访手记:依德利斯 非一般的改革高手


采访手记:依德利斯 非一般的改革高手
Created 03/25/2013 - 14:28
还记得数年前第一次采访依德利斯时,他还是马航(MAS,3786,主板贸服股)总执行长,当时就已被他为马航重组的魄力所吸引。

此次有幸近距离再次访问他,他已经是一位部长,正为国家的改革转型努力,惟那股魄力还是那么地吸引人。

那些年听他如何为马航拟定详细和深入的重组计划,今次再听他谈如何为这个国家进行改革,还是那么信心十足,不管前路多艰难。

国内投资与消费支撑 今年增长动力乐观


国内投资与消费支撑 今年增长动力乐观
Created 03/25/2013 - 14:32
展望2013年的表现,依德利斯乐观看好强稳的国内投资和消费活动可支撑增长动力,唯有贸易表现或受到外围环境的冲击,或有所趋软。

他也预计国内私人投资活动,预料可持续过去两年的强势表现,因未来两年还有很多大型计划和基建工程会陆续落实,如柔佛边佳兰油气发展计划,以及捷运计划还需要大量的投资等。

我国的私人投资从2001年至2010年间的年均增长为6.7%,2011年就增至12.5%,并在2012年增加至22%。

专注力竞争力驱动 ETP冲上正轨


专注力竞争力驱动 ETP冲上正轨
Created 03/25/2013 - 14:39
政府转型计划(GTP)和经济转型执行方案(ETP)的表现再创佳绩,继续走在正轨上,朝2020年先进国目标迈进。

依德利斯带领表现管理和传递单位(PEMANDU)团队,协助我国走向改革之路,那股冲劲依然不减。

展望未来,我国绝对不可过度乐观而松懈,依德利斯点出两大挑战———“专注力”和“竞争力”,是改革道路上的关键。

股海探温:力之源套利好时机


股海探温:力之源套利好时机
Created 03/25/2013 - 13:19
问:

1.请问力之源(PWROOT,7237,主板消费产品股)的业务前景如何?出口业务顺利吗?
2.该公司的业绩是否理想?股息回酬如何?
3.该公司的股价是否偏高?还值得买入吗?

答:
若包括已经在去年11月除权的每股3仙中期股息,力之源(PWROOT,7237,主板消费产品股)自我们在2012年8月14日推荐以来,已经交出优渥的68.8%回酬率。

股海宝藏:好世纪 小而美


股海宝藏:好世纪 小而美
Created 03/25/2013 - 13:25
虽然营运条件和环境充满挑战,但是管理层继续对2013财年取得良好业绩抱持谨慎乐观,将会密切留意并采取适当的措施,以及适应不断改变的营运条件。

好世纪(CenBond,7171,主板工业产品股)于2003年10月上市,它是本区域经验丰富的最大以及最全面工业包装与合约生产商之一,拥有超过25年的良好业绩。

该公司拥有来自包括工业、电子与电器、瓷砖、食品、家具工业和霸级市场等多项工业领域的广泛客户。

Maybank Strong growth in Islamic Banking business


MALAYAN BANKING BHD
By UOBKayHian
Buy (maintained)
RM10.00

Growth in Islamic banking business has been strong in past years and outpaced Maybank's conventional banking in the domestic market.

We believe that there are ample opportunities to further grow its Islamic banking in the region, leveraging on Maybank's existing platform but it will take time to grow this segment due to the lack of legal framework. Maintain buy. Target price: RM10.

Muhibbah an ‘outperform’ on contract flows


The Star Online > Business
Monday March 25, 2013
Muhibbah an ‘outperform’ on contract flows

Analyst Reports
Muhibbah Engineering Bhd
By Kenanga Research
Outperform
Target price: RM1.46

Muhibbah announced that it had received a ship building contract award worth RM216mil from Jasa Merin (Malaysia) Sdn Bhd, a 70%-owned subsidiary of Silk Holdings Bhd. At the same time, its 62%-owned subsidiary Favelle Favco also announced four crane orders totalling up to RM78.8mil.

上聲通道:越秀房託避險之選


上聲通道:越秀房託避險之選

大市波動,高息的房地產信託基金(REIT)走勢較穩健,可作避險之選。越秀房地產信託(00405)近日獲穆迪確認信貸評級,料可降低其融資成本,減少利息支出,相信對業績亦有推動作用。

穆迪首度給予越秀房託「Baa2」信貸評級,並授予其中期票據計劃「Baa2」的臨時評級,同時亦授予該計劃下的優先無抵押票據「Baa2」評級,評級展望為穩定。越秀房託在同日公布旗下附屬成功設立一項10億美元有擔保中期票據計劃。穆迪表示,評級反映越秀房託擁有良好質素的資產,收入往績穩定及其業務在經濟向下周期時較具彈性,相信越秀房託租金收入繼續有穩定增長,加上改善物業計劃確保其在市場上的競爭力。

王傳福料比亞迪重生


王傳福料比亞迪重生

【本報訊】「股神」畢菲特愛股比亞迪(1211)業績一如預期「大走樣」!雖然去年為比亞迪上市的10周年,惟卻未能為集團帶來「好運」,相反諷刺地創下上市以來「賺最少」紀錄「贈興」。惟主席王傳福依然信心爆棚,相信集團在經過調整期後,有望「浴火重生」!

去年純利喪跌94%
在過去三年的調整期正式結束後,王傳福揚言比亞迪於今年將會踏入「二次騰飛」階段,集團將會重新「踩油」加速。

China National Offshore Oil Company 2012: Net Profit Below Consensus Estimate, Downgrade To SELL On Continued Earnings Risk (UOBKH)


China National Offshore Oil Company (883 HK)
Share Price HK$14.32
Target Price HK$14.00
2012: Net Profit Below Consensus Estimate, Downgrade To
SELL On Continued Earnings Risk

CNOOC reported its 2012 net profit of Rmb63.7b, down by 9.3% yoy and 2% and 5% below consensus estimate and our forecast respectively. This is mainly due to the 17% yoy all-in cost increase which is higher than expected. This year, we expect continued earnings risk from the Nexen deal and higher-than-expected cost inflation. Downgrade to SELL with target price revised down to HK$14.00.

Nam Cheong: Malaysian Offshore Activity Picks Up Steam (UOBKH)


Nam Cheong
Share Price S$0.25
Target Price S$0.34
Malaysian Offshore Activity Picks Up Steam

We see Nam Cheong as a key beneficiary of a recent pick-up in Malaysian offshore activity, being the largest Malaysian OSV shipyard with 50-75% domestic market share. OSV tendering activity is expected to pick up on the back of Petronas’ 34 vessel requirements in 2013, coupled with about 30 additional vessels required for Shell’s Pan Malaysian Hook-Up and Commissioning project. Maintain BUY with target price of S$0.34.

Sunway : Award of Bus Rapid Transit-Sunway Line (TA)


Sunway Berhad
TP: RM3.59
Last Traded: RM2.76
Award of Bus Rapid Transit-Sunway Line

Bus Rapid Transit Contract worth RM452.5mn
Sunway secured a contract worth RM452.5mn from Prasarana for the design, construction, completion and commissioning of 1) Guideway & Halts; 2) Depot; 3) Park n Ride; and 4) Mechanisation of Oxidation Pond of the Bus Rapid Transit (BRT) – Sunway Line. The project duration is two year, targeting for completion by Mar-2015.

Midas Holdings: First wins for the year (CIMB)


Midas Holdings
Current S$0.49
Target S$0.58
First wins for the year

 The five contracts totalling Rmb109.6mthat Midas has just announced are small but significant wins as they reflect Midas’s ability to sustain its order book with metro contracts. The majority came from its associate NPRT, in line with our prediction in August 2012.

The outlook for China’s railway industry is also becoming more favourable given an increase in planned railway FAI. The proposed reform of the Ministry of Railway should help alleviate financing woes in the industry. Midas’s recent price weakness following its 4Q12 results provides a good entry point. Maintain Outperform and target price based on 17.3x CY14 EPS, a 10% discount to the 5-year average forward P/E.

China COSCO : Disposal Of COSCO Logistics: Scrapping The Bottom Of The Barrel (UOBKH)


China COSCO Holdings
Share Price HK$4.08
Target Price HK$2.00
Disposal Of COSCO Logistics: Scrapping The Bottom Of The Barrel

China COSCO Holdings plans to sell wholly-owned COSCO Logistics to ensure a profit in 2013. We expect the company to turn around this year, thanks to this expected one-off gain of Rmb4b. Maintain SELL, considering that selling a profitable business is very unsustainable and will lower its P/B multiple. Target price: HK$2.00.

What’s New
• Selling COSCO Logistics. China COSCO Holdings (CCH) announced its plans to sell wholly-owned COSCO Logistics to its parent COSCO Group. The consideration is still under negotiation.

CNMC Goldmine: 2013 To Be Another Year of Growth (SIAS)


CNMC Goldmine
Increase Exposure
2013 To Be Another Year of Growth
 Intrinsic Value S$0.800
 Prev Close S$0.355

 CNMC Goldmine Holdings Limited (CNMC) reported net profit of US$1.01m for 2012, versus a loss of US$5.25m in 2011. Production volume grew by 50% to 4,642 ounces in 2012. We expect CNMC to continue ramping up production out of the heap leach in 2013. Therefore, 2013 will most likely be a bumper year for the company. Nonetheless, growth will be most obvious in 2Q and 3Q 2013 as 1Q and 4Q production tends to be affected by seasonal wet weather. Maintain Increase Exposure.

Hong Leong Finance: Confronting The Harsh Realities (UOBKH)


Hong Leong Finance (HLF SP)
Share Price S$2.71
Target Price S$2.67

Confronting The Harsh Realities

Changes in the finance services industry with the advent of floating-rate housing loans and a low interest rate environment have resulted in lower margins. Cooling measures for private residential properties and curbs on car loans create further obstacles for HLF. Surplus capital has been utilized to support loan growth but ROE remains low due to margin compression. Downgrade to HOLD. Target price: S$2.67. Entry price: S$2.42.

What’s New
• Better opportunities in public housing. Management intends to focus on housing loans for HDB flats and will place less emphasis on the private residential property market.

SMRT Corporation: Restructuring pains (OCBC)


SMRT Corporation:
Fair value S$1.62
add: 12m dividend forecast S$0.04
versus: Current price S$1.60

Restructuring pains
• Costly wage catch-up
• Impact priced in but outlook remains challenging
• Lower dividends going forward

We estimate the impact of SMRT’s wage increments for non-executive staff (~60% of its workforce) and its ~2,000 bus drivers to cost an approximate S$34.8m/year (assuming full qualification of incentive payments) from FY14 onwards.

Singapore Press Holdings: Painting Scenarios For SPH’s Property REIT (UOBKH)


Singapore Press Holdings
Share Price S$4.31
Target Price S$4.30
Painting Scenarios For SPH’s Property REIT

We attempt to paint scenarios for SPH’s property REIT. We estimate our SOTP valuation could be enhanced marginally by 21 S cents/share (+3.7%) on disposal gain. The real boost to share price would be a large special dividend as SPH could reap cash proceeds of up to S$1.5b if its stake in SPH REIT is reduced to 30%. As details are still lacking at this juncture, maintain HOLD. Target price: S$4.30. Entry price: S$4.00.

Courts Asia: I’ll See You In Courts! (KE)


Courts Asia
Buy(new)
Share price: SGD0.91
Target price: SGD1.49 (new)
I’ll See You In Courts!

Reincarnated High Prince of Retailers. Courts Asia is the reincarnation of Courts Singapore and Courts Malaysia, two separately listed companies that were privatised in 2007-2009 following the bankruptcy of its controlling shareholder. Bought out by private investors, its loss-making Thai operations closed, its credit facility strengthened and previously-separate management teams aligned, and relisted in 2012, Courts Asia is a direct play on the ASEAN consumption story in Malaysia, Singapore and soon, Indonesia. The angle of consumer financier has been buttressed and remains a key selling point for both customers and investors. Your Honour, Courts is a BUY with a target price of SGD1.49 for upside of 63.7%.

Ascendas REIT: Acquires property following placement (OCBC)


Ascendas REIT:
Fair value S$2.60
add: 12m dividend forecast S$0.14
versus: Current price S$2.58

Acquires property following placement
• Purchase price of S$126.0m
• NPI yield at 6.8%
• Bigger presence in Science Park vicinity

Ascendas REIT (A-REIT) yesterday announced the proposed acquisition of The Galen at 61 Science Park Road for a purchase consideration of S$126.0m. The Galen is a six-storey multi-tenanted science park building located within Singapore Science Park II and has a NLA of 234,384 sqft.

Sheng Siong : Potential Ace Up Its Sleeve (KE)


Sheng Siong Group
Buy (unchanged)
Share price: SGD0.625
Target price: SGD0.70 (unchanged)
Potential Ace Up Its Sleeve

 Moving into B2C e-commerce. Sheng Siong will launch its e-commerce platform in 1H13. Despite being a latecomer to online retailing, we believe this move is a step in the right direction as shopping on the Internet will inevitably erode traditional grocery shopping in the future. We expect Sheng Siong’s e-commerce platform will complement its warehouse capabilities and serve as a supplementary sales channel to its traditional brick and mortar channels. Maintain BUY with our street high TP unchanged at SGD0.70.

曾淵滄專欄25.03.13:等待投資信心恢復


曾淵滄專欄:等待投資信心恢復 - 曾淵滄

上星期,恒指一度跌破22000點,之後急速反彈,一些心急者馬上追入撈底,希望股市見了底,再繼續向上升,當時我勸大家耐心地再等一等,等移動平均線發出買入訊號才追貨。

當恒指跌破100日線,邁向250日線之後,股民信心已大受打擊,他們開始感到股災壓力,手中的股可能已經虧損20%至30%,如果他們手上持有的是不久前喪炒的垃圾股,股價更可能已下跌一半,即沈大師口中的所謂「散水」,這群人在這個時候心中只想到應不應止蝕,股價突然大幅反彈,也刺激不了他們追買的興趣,更可能快快沽出止蝕,輸少當贏,因此,當恒指跌破100日線之後,就不應見反彈就追貨,應該耐心地等待投資者的信心恢復,而移動平均線依然是用來測試市場信心的最佳工具之一。

依斯干达效应 创造经济效益


依斯干达效应 创造经济效益

联昌国际研究將依斯干达特区比喻为「大马的深圳」,形容这个经济特区在我国达到了前所未有的亢奋水平,更在去年触及了临界点。

这情况,犹如邓小平当年南巡开放中国深圳经济特区后,国际间冒起的「中国热」。

大马首相纳吉最近「南巡」柔佛,更与新加坡总理李显龙齐宣布兴建总值300亿令吉的马新高铁(HSR)。

城镇项目需求高 高美达净利续攀升


城镇项目需求高 高美达净利续攀升
Created 03/23/2013 - 13:02
(吉隆坡22日讯)分析员认为,高美达(Glomac,5020,主板产业股)城镇产品需求强劲,提供稳健的净利基础,净利上升的趋势料将持续。

马银行投资银行分析员表示,高美达2013财年首9个月业绩低于他们的预期,但符合市场预期。

业绩不如预期,是因为Lakeside Residences项目较缓慢的工程进度账款(progress billing)拖累。

中海油少賺9%派息32仙


中海油少賺9%派息32仙
受累開徵資源稅,加上勘探投入增加,中海油(00883)去年度盈利636.91億元(人民幣‧下同),倒退9.34%,為市場預期下限,惟末期息反而增加14.28%,至0.32港元,全年派息比率26.7%。

剛於今年二月完成收購尼克森(Nexen)交易的中海油,董事長王宜林及首席財務官鐘華在業績發布會均表示,未來發展會兼顧自身勘探及併購,王宜林指出,併購可以改善集團的資產結構,讓集團愈趨國際化經營。

Inari aims to breach the RM1bil-revenue mark within 3 years

The Star Online > Business
Saturday March 23, 2013
Inari aims to breach the RM1bil-revenue mark within 3 years

By CECILIA KOK
cecilia_kok@thestar.com.my

BEING in the right technology at the right time has served ACE Market-listed Inari Bhd well. It has enabled the Penang-based electronic manufacturing services (EMS) company to weather the global economic uncertainties and grow steadily over the last couple of years.

AirAsia a good proxy to robust growth potential in Asean


The Star Online > Business
Saturday March 23, 2013
AirAsia a good proxy to robust growth potential in Asean

ANALYST REPORTS
AIRASIA BHD
By Affin Investment Bank
Buy (Maintain)
Target price: RM3.70

AIRASIA continued to strengthen its regional presence with its 49%-owned associate Philippines AirAsia (PAA) entering into a strategic alliance with Zest Airways.