Saturday, April 6, 2013

Petronas ups MISC buyout price


Petronas ups MISC buyout price

By Zaidi Isham Ismail
bt@mediaprima.com.my
2013/04/06

Petroliam Nasional Bhd (Petronas) will now have to pay more than RM9 billion to privatise its shipping arm MISC Bhd after revising its takeover offer price.

Petronas yesterday raised its offer to RM5.50 per MISC share from RM5.30 previously. This will increase the takeover price for the remaining 37.3 per cent stake by about RM400 million to RM9.2 billion.

券商看好盈銷策略 海鷗或派6仙終期股息


(吉隆坡4日訊)券商看好海鷗集團(HAIO,7668,主要板貿易)新盈銷策略,並預計該公司2013財年末季營業額將因此而受惠,持續派發每股6仙終期股息。

 艾芬投銀研究今日透過報告指出,海鷗集團正積極開發更多新盈銷策略,以帶動該公司營業額持續增長,其中包括有效的執行廣告與宣傳計劃,向公眾推廣更多健康知識、擴大會員人數,以取下更大市場分額等。

 “在批發業務帶動下,海鷗集團第3季營業額及淨利皆符合預期,表現強勁,多層次傳銷業務亦獲得適當改善,預計該新盈銷策略可更有效的帶動末季業績成長。”

售新股計劃‧嘉德商託料啟動收購


售新股計劃‧嘉德商託料啟動收購
Created 04/05/2013 - 18:32
(吉隆坡5日訊)嘉德商托(CMMT,5180,主板產業投資信托組)獲股東通過發售新單位,分析員認為此舉是在為收購新資產鋪路,皇后灣(Queensbay)購物中心注入時機成熟,相信將是下一個收購目標。

該公司已在昨日舉行的股東大會獲84.4%股東通過發售高達3億5千360萬新單位,或相等於現有資本規模的20%。

大馬研究認為,這是在為收購新資產鋪路,以擴大其資產規模。

“嘉德商托一直積極在大馬尋找可增加收益的資產,潛在收購將專注於購物中心,符合純零售商托投資組合。"

Wild volatility emerges after GE13 is called


Wild volatility emerges after GE13 is called
Business & Markets 2013

Written by Lee Cheng Hooi  
Friday, 05 April 2013 10:13

US stocks fell, dragging the Standard & Poor’s 500 Index down from a recent high of 1,573.66, as financial and energy shares tumbled after oil plunged and worse than estimated data spurred concern over American economic growth. American companies boosted employment by 158,000 workers in March, figures from the ADP Research Institute showed on Wednesday.

Mercury Securities: Risks outweigh potential rewards


Mercury Securities: Risks outweigh potential rewards
Business & Markets 2013

Written by theedgemalaysia.com  
Friday, 05 April 2013 14:15

KUALA LUMPUR (April 5): Mercury Securities expects the broader market to be increasingly volatile in the near term, said its analyst Jack Chan.

In a strategy note Friday, Chan said Malaysia’s FBM KLCI had a knee-jerk reaction towards the announcement and dropped more than 60 points from its day high before recovering to 1685.40 at end of day.

分析員:慎防外資趁高套利


分析員:慎防外資趁高套利
Created 04/05/2013 - 10:25
(吉隆坡4日訊)第十三屆全國大選已經吹起交戰號角,分析員認為,當投票日期逼近,預料馬股也將隨著日趨疲軟,主要是投資者將把政治風險計算在內,包括外資也會趁馬股走高時進行套利,從而使馬股這段期間下跌比上升空間來得大。

外資料趁馬股走高套利

馬銀行研究預料今次大選前情況,不至於如上屆大選前一樣,即綜指在解散日至投票日之間重挫8.9%。

Hot Stocks Favelle Favco, Muhibbah rise on prospects


Hot Stocks Favelle Favco, Muhibbah rise on prospects
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Thursday, 04 April 2013 10:43

KUALA LUMPUR (April 4): FAVELLE FAVCO BHD [], a 62% owned unit of MUHIBBAH ENGINEERING (M) BHD [] saw its shares rise in early trades after RHB Research Institute Sdn Bhd initiated coverage on the stock.

This takes into account Favelle Favco's orderbook and the bright global outlook for the oil & gas (O&G) sector.

Parkson has a lot to do before the year is up


Parkson has a lot to do before the year is up
Business & Markets 2013

Written by theedgemalaysia.com  
Thursday, 04 April 2013 11:20

PARKSON HOLDINGS BHD []
(April 3, RM4.61)
Maintain neutral at RM4.63 with a target price of RM4.50: We attended a meeting with Parkson Retail Asia’s (PRA) management last week and the key takeaways are as follows.

Parkson Holdings Bhd previously announced that 15 stores have been planned for opening in 2013 financial year ending June (FY13). Of the total, seven will be located in Southeast Asia and the remaining eight in China. As at the end of the second quarter (2Q) of FY13, only two of the planned seven stores in Southeast Asia have been opened.

IGB REIT shows robust organic growth potential


IGB REIT shows robust organic growth potential
Business & Markets 2013

Written by theedgemalaysia.com  
Thursday, 04 April 2013 11:18

IGB REIT
(April 3, RM1.40)
Maintain add at RM1.41 with a target price of RM1.49: We met with IGB REIT’s management recently and discussed the operations and development plans for Mid Valley Megamall and The Gardens Mall.

We gathered that management will continue to grow the REIT assets organically by focusing on asset enhancement initiatives (AEI) in Mid Valley and improving the overall tenant mix in The Gardens.

Hai-O - MLM Catches Up


Hai-O -
Price Target:2.35
Last Price:2.40
MLM Catches Up

Hai-O’s 9MFY13 results were largely in line with consensus and our estimates. Its MLM division continued to support both its top- and bottom-line growth, affirming our view that the company’s recovery is indeed on track. Maintain NEUTRAL with its FV unchanged at RM2.35, based on 12x FY13 EPS.

Decent performance. Hai-O’s revenue and core earnings (excluding a one-off compensation of RM0.57m received by the manufacturing division and a RM4.8m gain from disposal of vacant land) improved by 15.2% and 31.6% yo-y respectively, largely supported by a stronger showing from its multi-level marketing (MLM) and wholesale divisions. Compared to the preceding quarter, Hai-O’s sales grew by 4.6% while earnings contracted by 2.7%. This was mainly due to extensive A&P incurred pre-Chinese New Year and higher operating costs.

中国电池大王 王传福 WANG CHUANFU 跨领域闯汽车业


中国电池大王 王传福 WANG CHUANFU 跨领域闯汽车业

2008年,“股神”巴菲特宣布将以18亿元人民币认购比亚迪的10%股份,让有中国电池大王之称的王传福上榜2009年中国首富,为王传福带来人生中的最高点。王传福也曾被评为20世纪影响中国的25位企业家之一,现在是比亚迪股份有限公司董事局主席兼总裁以及比亚迪电子(国际)有限公司主席。

1966年2月15日,王传福出生在中国安徽无为县一户再寻常不过的农民家庭,在父母的关爱下度过了无忧无虑的童年。然而,在他读初中时家里发生的变故,让他经受了心灵的创伤并从此沉默寡言。为了忘掉痛苦,年纪尚小的王传福便两耳不闻窗外事,一心苦读,形成了坚强忍耐的性格。他相信,没有比脚更高的山,没有比脚更远的路;他坚信,只要灵魂不屈,自己一定会走出一条康庄大道。

胡立阳:私募基金 一年亏十亿的代价


Bank of China 4Q12 results: Beat driven by low credit cost (CS)


Bank of China Ltd
Price (26 Mar 13 , HK$) 3.55
TP (prev. TP HK$) 4.13 (4.13)
Maintain NEUTRAL
4Q12 results: Beat driven by low credit cost
(and lower deposit cost)

● BOC’s FY12 net profit came in at Rmb139.4 bn (up 12% YoY), 3% and 5% ahead of CS forecast and consensus. We judge that the beat was of low quality, derived from muted credit cost. 2012 dividend at Rmb0.175/share represents a 35% payout ratio.

Agricultural Bank of China : 4Q12 results: Miss due to credit cost (CS)


Agricultural Bank of China
Maintain UNDERPERFORM
Price (26 Mar 13 , HK$) 3.78
TP (prev. TP HK$) 4.44 (4.44)
4Q12 results: Miss due to credit cost (management discretion);
operationally in line

● ABC reported 4Q12 profit of Rmb25.01 bn, -37% QoQ/ +18% YoY, one-third below ours and 14% below consensus estimates. Variance mainly due to credit cost which was almost double our forecast.

● Loans (+3.0% QoQ vs CS 2.8%), deposits (+0.7% QoQ vs CS 0.8%), net interest margins (2.80% vs CS 2.78%) and operating costs were consistent with our expectations. But credit cost of 130 bp (annualised) during 4Q was far ahead of CS est. of 70 bp.

China Construction Bank 4Q results slightly behind forecast—an element of kitchen-sinking? (CS)


China Construction Bank
Price (22 Mar 13 , HK$) 6.17
TP (prev. TP HK$) 8.24 (8.24)
Maintain OUTPERFORM
4Q results slightly behind forecast—an element of kitchen-sinking?

● CCB reported 4Q12 net profit of Rmb35 bn (+16% QoQ/ -33% YoY), 12% shy of our forecast. We attribute the variance primarily to higher operating cost and credit cost. The bank proposed a 2012 cash dividend of Rmb0.268/shr = 35% payout ratio.

● Net interest margins remained resilient, down just 2 bp QoQ vs CS’ -12 bp. On an HoH basis, flat loan spreads and 19 bp higher securities spreads more than offset the 33 bp compression in interbank spreads. Operating costs were 12% higher than our forecast due to inclusion of CCB Life and marketing costs.

Iskandar Winners and Unloved Local Brand Losers



冷眼最爱的ROE是什么?如何计算?


冷眼最爱的ROE是什么?如何计算?
谢仁勇   2013-03-26 18:52

冷眼在最近的讲座中提到了ROE(Return of equity)为他近几年最重要的选股指标,什么是ROE呢?ROE能代表什么?又如何计算ROE呢?这一篇文章我们较为详细的谈谈ROE。

ROE在中文的称呼比较广泛,基本上网络能找到好几种中文称呼,主要是不同国家的股民和报章都使用不同的术语,我上网搜索了一下,发现ROE基本被翻译为以下几种称呼:

台湾股神胡立阳:A股需四面八方源源不断的资金


台湾股神胡立阳:A股需四面八方源源不断的资金
2013年03月09日 17:08  新浪财经

新浪财经讯 3月9日消息,据报道,从4月1日起,内地的港、澳、台居民可开立A股账户。有台湾股神之称的胡立阳对新浪财经表示,A股就需要源源不断,来自四面八方的资金,以此改变市场资金需求和暴涨暴跌的局面。他非常支持任何大幅度的放开QFII及RQFII的举措。

  胡立阳称,我们首先需要源源不断的新资金。他非常支持任何大幅度放开放开QFII及RQFII的举措,A股的确需要资金。过去两三年里,A股的资金流出比流入多,这是因为企业成长快以及新股发行和再融资的原因。这导致散户慢慢离开市场。

U.S. Markets Won't Go Up Much More: Faber



Faber: Governments Will Take 20-30% of My Wealth



Faber: U.S. Is Creating Nowhere-to-Hide Bubbles



'Looting' of Bank Accounts Has Rogers Worried



Speculative Stocks and Syndicates : Boon or Bane?



REDtone - Inks Ethernet agreement with TM


REDtone -
Price Target:0.56
Last Price:0.42
Inks Ethernet agreement with TM

News     Redtone has teamed up with Telekom Malaysia (TM) in a wholesale ethernet deal, where TM will provide the former with instant access to all TM’s Metro-E infrastructure nationwide.

Management indicated that the latest partnership with TM will allow the group to have the opportunity to provide the high-capacity Metro-E product as an additional offering to its corporate customers numbering more than 10k currently.

成IBM业务伙伴 佳杰科技开拓云端技术市场


成IBM业务伙伴 佳杰科技开拓云端技术市场
(吉隆坡3日讯)佳杰科技(ECS,5162,主板科技股)週三与IBM签署一项业务伙伴协议,成为后者在推出SmartCloud Solutions方案的首个业务伙伴,并预计这会带来持续性的收入。

佳杰科技董事经理胡善正表示,该公司目前所拥有超过1000名的系统客户,都將会是该方案的潜在客户。

「我们冀望新业务在开始阶段会取得50至100名客户,目標客户是以中小型企业为主。」

有鉴于云端技术市场对大马而言,仍算是一个新领域,故目前尚未看见真正的市场领导者。对此,胡善正说道:「我们会以成为市场领导者为目標。」

China's Crackdown on Property Sector



China's Banking Sector Has Gone Great Guns: Pro



Stiglitz: Japan QE May Have Bigger Impact Than US



BOJ Will Continue Easing: BNP's Shulyatyeva



What Happens When the Fed Stimulus Ends?



黄金大幅下跌 牛市或终结



Pimco's Gross: Here's What We're Buying Now



Friday, April 5, 2013

下跌股 百盛控股RM4.50支撑


下跌股 百盛控股RM4.50支撑
Created 04/05/2013 - 13:03
百盛控股(Parkson,5657,主板贸服股)的股价趋势于4月4日间跌破4.60令吉支撑后,陷入短期巩固回调趋势中,闭市时以4.51令吉报收,按日跌10仙或2.17%。它的近期股价趋势或会于4.35-4.50令吉水平间取得应有技术支撑。

跌性强国际校务利润丰 教育股乱世避风港


跌性强国际校务利润丰 教育股乱世避风港
Created 04/05/2013 - 11:08
(吉隆坡4日讯)尽管高等教育市场竞争越来越剧烈,但当前政治前景欠明朗之际,教育领域的抗跌性及利润丰厚的国际学校业务陆续推出,将为投资者提供急需的庇护,券商因而给予本地教育领域“中和”评级。

肯纳格投资研究的分析报告指出,高等教育部自去年3月份起已把6间私人学院升格私人大学。

分析员说:“随着提供类似课程业者增加,我们相信,将加剧高等教育业者间的竞争,并可能导致日后赚幅收窄。”

选绩保持轻易破1700点 竞选期间综指1685点


选绩保持轻易破1700点 竞选期间综指1685点
Created 04/05/2013 - 08:39
(吉隆坡4日讯)花旗银行表示,假设大选结果与目前议席保持不变,富时隆综指能走高至1690点,甚至轻易来到1700点。

该行给与富时隆综指年终目标为1720点。

花旗银行财富管理研究和投资策略师蔡顺利表示,假设大选结果由在野党胜出,富时隆综指仅会出现情绪主导的短期波动,仍能重拾涨幅。

“富时隆综指竞选期间相信会在1650至1685点间游走。”

A rare gem unearthed


A rare gem unearthed
Business & Markets 2013

Written by theeedgemalaysia.com  
Friday, 05 April 2013 10:19

FAVELLE FAVCO BHD []
(April 4, RM2.29)
Initiate coverage at RM2.12 with a buy rating and fair value of RM3.35: Favelle Favco is a 62%-owned subsidiary of MUHIBBAH ENGINEERING (M) BHD [], with its core business in manufacturing customised cranes for the offshore oil and gas (O&G), CONSTRUCTION [] and ports/wharf industries.

RHB Investment bullish on FAVELLE Favco offshore crane segment

The Star Online > Business
Friday April 5, 2013
FAVELLE FAVCO BHD
By RHB Investment Research
Buy
Target price: RM3.35

FAVELLE Favco (FFB) is a 62%-owned subsidiary of Muhibbah Engineering, with its core business in manufacturing customised cranes for the offshore oil and gas (O&G), construction and ports/wharf industries.

Given the encouraging global outlook for the O&G industry, and based on the average oil price of US$95 per barrel for financial year 2013 as well as anticipated flow of new O&G projects, we are bullish on the offshore crane segment for financial year 2013 and 2014.

Affin upbeat on Hai-O MLM division


The Star Online > Business
Friday April 5, 2013
Affin upbeat on Hai-O MLM division

Analyst Reports
HAI-O ENTERPRISE BHD
By Affin Investment Back
Buy (upgrade)
Target Price: RM2.98

WE came away positive from our meeting with management on Hai-O's prospects.

Although third quarter 2013 net profit of RM11mil is still far from its hey day of RM15mil to RM20mil in financial year 2009 to 2010, we note that the company's new strategy of focusing on higher margin products (eg foundation garments) developing new operating structure for its multi-level-marketing (MLM) division is bearing fruit.

高息股成避風塘 領匯創新高


高息股成避風塘 領匯創新高
電盈5厘息 逆市大升4%
2013年4月4日
【明報專訊】股市疲不能興,資金盡泊高息股以觀望後市。恒指昨微跌0.1%,但本地公用股大獲追捧。領匯(0823)、電能(0006)及煤氣(0003)紛創上市新高,內銀股則未止瀉。經歷首季後,投資者應以守為攻還是勇於撈底?對此,瑞信認為港股第二季為「整固、觀望」的季節,建議投資者不可再追隨概念和板塊,而應注重基本因素,選擇防守型的績優股。星展則認為,中資股值博率已高,現時撈底「國策股」能有不錯回報。

大馬發展成馬股遺珠


大馬發展成馬股遺珠
Created 04/04/2013 - 18:44
(吉隆坡4日訊)大馬發展(DAIMAN,5355,主板產業組)被黃氏唯高達視為“馬股遺珠",仍具有94%的上漲空間,2千餘英畝受低估地段、強勁產業銷售,加上3億餘令吉強勁現金流,派發特別股息和私有化可能性非常高。

具有94%上漲空間

黃氏唯高達分析員說,大馬發展派特別股息可能性非常高,108條文稅務優惠下尚存3億1千600萬令吉或每股1令吉49仙。基於產業銷售強勁,2013財政年料錄下強勁成長,過去4年派息政策達33%至68%。

佳傑科技放眼成雲端方案領導者


佳傑科技放眼成雲端方案領導者
Created 04/04/2013 - 18:31
(吉隆坡4日訊)佳傑科技(ECS,5162,主板科技組)放眼成為雲端方案市場領導者,藉此強化收入及提昇企業系統服務的貢獻比例。

該公司董事經理胡善正與IBM簽署雲端智慧方案(Smart Cloud Solutions)合約儀式後表示,此方案將擴大企業客源及強化該業務收入,為中小型企業提供安全及成本撙節的附加值服務。

“大馬的雲端服務處於初始階段,相信未來許多企業將尋求該系統方案,市場上提供此服務的業者眾多,但未有表現特出或成就顯赫的競爭者,對此服務前景展望樂觀。"

Semiconductors - A Flattish February


Semiconductors - A Flattish February
Global semiconductor sales inched up by 2% y-o-y in February while the semiconductor equipment industry’s book-to-bill ratio stayed above parity. Our outlook on the industry remains unchanged. Maintain NEUTRAL on MPI and Unisem.

Fourth straight month of growth. Recent data from the Semiconductor Industry Association (SIA) showed that February global chip sales ticked up by only a mere 2% y-o-y to USD23.3bn, which although tepid, marks the fourth consecutive month of growth. During the m onth, the Americas and Asia Pacific continued to be the leading contributors of semiconductor sales (+2% and +7% y-o-y respectively), while Europe and Japan were the laggards (-2% and -16% y-o-y respectively). YTD, global sales also perked up marginally – by 3% y-o-y – which was slightly below the full-year 2013 forecast of 4% y-o-y, according to World Semiconductor Trade Statistics (WSTS).

Frasers Centrepoint Trust: Downgrade to HOLD - fair value hit (OCBC)


Frasers Centrepoint Trust:
Fair value S$2.13
add: 12m dividend forecast S$0.11
versus: Current price S$2.14

Downgrade to HOLD - fair value hit
• Good news priced in
• Trading at premium to peers
• Switch to CapitaMall Trust

Frasers Centrepoint Trust (FCT) has enjoyed a good run-up in its unit price, clocking a 7.0% return YTD and 40.8% return YoY. This compares significantly to the 5.7% YTD and 31.4% YoY increase seen by the FTSE ST REIT Index.

Hai-O Enterprise Bhd - 3Q13 results beat expectations


Hai-O Enterprise Bhd -
Price Target:2.90
Last Price:2.40
3Q13 results beat expectations

Period  3Q13/9MFY13

Actual vs. Expectations  The 9M13 net profit (NP) of RM37.3m came in above both the street’s estimate and our forecast of RM39.8m, making up 93.7% of the estimates. This was mainly due to the higher-than-expected other income number. However, the revenue was in line with our forecast of RM259.3m, making up 75% of the number.

Dividends  No dividend was declared for the quarter.

中國海洋石油 (0883.HK) - 維持增持評級(輝立証券)


推介日期   08-03-13 
投資建議增持
建議時股價$ 14.660
買入價N/A
目標價$ 16.700


中國海洋石油 (0883.HK) - 維持增持評級

公司簡介

中國海洋石油有限公司是中國最大的海上石油及天然氣生產商,亦為全球最大的獨立油氣勘探及生產企業之一,其主要業務包括勘探、開發、生產及銷售石油和天然氣。

比亞迪股份 (1211.HK) - 2013年將迎來業績拐點(輝立証券)

推介日期   28-03-13 
投資建議增持
建議時股價$ 25.150
買入價N/A
目標價$ 29.000


比亞迪股份 (1211.HK) - 2013年將迎來業績拐點

公司概要

公司創立於1995年,現擁有IT,汽車和新能源三大產業,其中IT零部件包括二次充電電池和手機部件及組裝。公司2003年1月通過收購秦川汽車進入汽車製造業,2007年12月將手機部件、模組及組裝業務分拆旗下比亞迪電子(285 HK)於香港主板獨立上市。新能源方面,公司推出太陽能電站、儲能電站、電動車、LED等。

Iskandar Malaysia: Unveiling The Opportunities - Sunway (UOBKH)


Sunway
(SWB MK)
Share Price RM2.78
Target Price RM3.48

BACKGROUND
Sunway is a leading construction company and property developer in Malaysia. The leading regional property and construction group has a presence in Malaysia, Singapore and China. Sunway is also one of the largest landbank owners in Iskandar Malaysia (IM).

OUTLOOK/RECOMMENDATION
• Still a laggard. Sunway now owns 1,770 acres of land in IM, boasting a potential GDV of RM30b spanning 17 years. As Sunway is one of the largest landowners in IM, we view it as a laggard despite its impressive run-up over the past quarter.

Iskandar Malaysia: Unveiling The Opportunities (UOBKH)


Iskandar Malaysia:
Unveiling The Opportunities

We expect the Iskandar Malaysia (IM) theme to gain further momentum, driven by robust foreign and local participation. With some IM theme proxies like  UEM Land and Dijaya Corporation (Dijaya) having performed impressively, we expect laggard beneficiaries such as Sunway and Eastern & Oriental (E&O) to outperform peers soon. Key Singapore beneficiaries include CapitaLand, Low Keng Huat and Wee Hur Holdings.

DBS Eyeing HDB loans (RHB)


DBS
Target SGD17.2
Previous SGD15.0
Eyeing HDB loans

DBS’ HDB loan initiative reflects renewed interest in housing? DBS has launched a floating rate home loan for HDB flat buyers which caps interest at 2.5% for the first 10 years – 0.1% below HDB’s 2.6% concessionary rate. The interest rate for the first 10 years will be 3-month SIBOR plus 1.38%. We believe this will attract buyers who are concerned with future rises in interest rates.

Globetronics: Reaffirming Our Positive View


Globetronics Technology Bhd -
Reaffirming Our Positive View

Following our recent meeting with Globetronics' management, we reaffirm our positive view on the company's prospects for the next two years. As its sensor manufacturing segment is making good progress, we expect its full-year contribution to boost the group's FY13 revenue. In addition, the company is co-developing new sensor devices with its clients. With its outlook intact going forward, Globetronics' FY13 earnings will be underpinned by firm demand for smartphones and tablets, new orders from its Swiss and Japanese clients and organic growth from existing clients. Maintain BUY on Globetronics, with a FV of RM2.08, pegged to the stock's 5-year average PER of 11.6x.

SMRT: Cutting Target Price On Profit Warning (RHB)


SMRT: Cutting Target Price On Profit Warning
 (SELL, S$1.54, TP: S$1.37)

SMRT has announced that it is expecting to report a net loss for 4QFY13 due to deteriorating profitability as well as a SGD17m impairment of goodwill in its associate Shenzhen ZONA Transportation Group. We are lowering our FY13 and FY14 earnings by 21.1% and 7.2% respectively. Maintain SELL with lower TP of SGD1.37 (from SGD1.43 previously) based on DCF. This implies a FY14 P/E of 19.9x.

冷眼42心水股系列6:多元电子手握4000万现金


冷眼42心水股系列6:多元电子手握4000万现金
Created 04/04/2013 - 11:44
多元电子(Multico,7004,主板工业产品股)是一家设在柔佛,生产国产车配件的公司,手头持有长期合约。

该公司去年每股净赚25仙,手头现金1100万令吉,扣除600万令吉的债务后,手头净现金为500万令吉。

数年前,该公司多年累积而成超过4000万令吉现金,竟被人提走,该公司在新马法庭起诉这批人。

经过多年的诉讼追讨,终于打胜官司,12名被起诉者需退还4400多万令吉给公司。

2008馬股崩盤會否重演?


2008馬股崩盤會否重演?
Created 04/04/2013 - 10:06
(吉隆破3日訊)政府讓市場苦等多時後終於宣佈解散國會,消息一出立即打亂馬股近期漲勢,導致綜指一度因賣壓強襲而大跌超過3%,市場焦點也重新集中到同一個疑問上:2008年崩盤慘劇會否在短期內上演?

翻開過往紀錄,馬股在歷屆選舉期間並沒有非常明確的趨勢,過去5屆選舉紀錄顯示馬股走勢趨向波動,且起落參半,其中最叫投資者難忘的,莫過於馬股在上屆大選讓人怵目驚心的潰跌走勢。

楊忠禮電力獲私有化支撐


楊忠禮電力獲私有化支撐
Created 04/03/2013 - 18:35
(吉隆坡3日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)旗下英國水務及新加坡電力兩大核心業務盈利前景料較遜色,惟預料不會對其股價產生太大負面衝擊,因目前市場將把焦點落在其換股私有化計劃,將可支撐其股價表現。

馬銀行研究指出,該公司恢复股票回購活動,顯示其股價已找到支撐點,即其平均價為1令吉46仙。雖然近期該公司面對營運困境,不過,預料不會對股價產生重大影響。

Macquarie’s fund rises on pay TV listing plans


Macquarie’s fund rises on pay TV listing plans
WRITTEN BY BLOOMBERG  
THURSDAY, 04 APRIL 2013 12:02.

Macquarie International Infrastructure Fund rose the most in more than three months on plans to list cable television operator Taiwan Broadband Communications Co. on the Singapore stock exchange.

The shares gained as much as 4.4% to 60 cents, set for the biggest increase since Dec. 18, and traded at 58.5 cents as of 10:58 a.m. in Singapore. The stock sale comes as it considers divesting its 47.5% stake in Taiwan Broadband to the trustee manager of Asian Pay Television Trust, which has obtained a preliminary approval to list on the Singapore bourse, it said.

曾淵滄專欄 05.04.13:銀娛貴抑或嘉國抵


曾淵滄專欄:銀娛貴抑或嘉國抵 - 曾淵滄

銀河娛樂(027)與嘉華國際(173)先後公佈業績,銀娛每股利潤為1.762元,嘉國每股利潤為1.634元,兩者的每股盈利差不遠,但是兩者股價則差得很遠。4月3日,銀娛股價32.35元,嘉國股價4.11元,銀娛股價是嘉國的7.9倍。

為何會差得這麼遠?是銀娛股價太貴,還是嘉國股價太便宜?

分析員:選後可攻高貝他股


分析員:選後可攻高貝他股
Created 04/04/2013 - 11:02
(吉隆坡3日訊)市場引頸長盼的大選終於到來,聯昌研究建議投資者在投票日之前持續採取抗跌策略,買進高週息率、非週期性領域如釀酒、產業投資信托(REITs)及公共事業股。

在大選舉行後,聯昌則建議投資者轉向已落後的高貝他週期股。

聯昌對國會解散至投票日期間持謹慎看法,主要相信在競選期間股市的波動性將飆升,因此認為投資者應停留在場外觀望,因為大選風險將拖累大市表現。

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上半年银行不良率恐继续增加 拐点或于下半年出现



高盛维持苹果买入评级不变 苹果或在下半年推低端手机



Thursday, April 4, 2013

国会解散 综指戏剧性起伏 马股全天来回60点


国会解散 综指戏剧性起伏 马股全天来回60点
(吉隆坡3日讯)在首相纳吉公布解散国会之前,马股早盘遭受一轮重大卖压,在消息証实后,却逐步收復失地,最终收在1685.40点,全天微涨0.4点。市场相信马股近期会较为波动,风险承受能力高的投资者可逢低进场。

纳吉于今上午11时30分透过电视直播宣布解散国会前,富时大马综合指数在早盘10时14分大跌超过50点或3.23%,至全天最低1632.28点。此前,马股最高攀升至1692.83点,最高及最低点来回波动幅度达60.5点。

放眼增产再生能源 Cypark下半年营收看涨


放眼增产再生能源 Cypark下半年营收看涨
Created 04/03/2013 - 21:19
(吉隆坡3日讯)Cypark资源(Cypark,5184,主板贸服股)2013财年放眼增加15兆瓦再生能源产能,获分析员看好将有可观及新的再生能源计划流入,进而预期在下半年带来更大贡献。

联昌国际研究分析员表示,Cypark资源2013财年首季业绩显示,再生能源营业额的贡献呈显著增长,单季430万令吉,就相等于2012财年整体的81%。

随着Cypark资源管理层表示,放眼在2013财年额外增加15兆瓦或83%的再生能源产能。

推动宽频数据业务 立通携手马电讯批发以太网


推动宽频数据业务 立通携手马电讯批发以太网
Created 04/03/2013 - 21:21
(吉隆坡3日讯)为了进一步推动数据业务,立通国际(Redtone,0032,创业板)再与马电讯(TM,4863,主板贸服股)携手合作推出批发以太网交易(Wholesale Ethernet Deal)。

肯纳格研究看好这项合作可扩大和加强立通国际的企业业务。在正面消息推动下,该股今日逆市走高,闭市时起1仙或2.439%,报42仙,成交量有781万6200股。

根据双方在周二联合发布的文告,立通国际透过独资子公司———立通通讯私人有限公司,与马电讯签署上述协议。

购兴浓表现佳 产业股选后料上修


购兴浓表现佳 产业股选后料上修
Created 04/04/2013 - 12:55
(吉隆坡3日讯)马银行投资银行分析员表示,投资者对于产业股的购兴会在大选后愈加浓厚,估计产业股的估值将获得上修,以亮眼的表现终结全年走势。

他说:“我们预计产业股的估值将会上修,并以更加亮眼的表现,终结全年走势。

“在这种情况下,我们估计被严重低估的产业领域或者股项,估值将会上修。这包括目前在我们覆盖范围内,以实际净资产价值(RNAV)折价29%至54%交易的产业股项。”

谁主布城不影响政府工程 马股选后涨潮追落差


谁主布城不影响政府工程 马股选后涨潮追落差
Created 04/04/2013 - 09:07
(吉隆坡3日讯)国会今天解散,分析员认为无论谁入主布城,进行中的政府工程不会变动,进而看好马股选后将出现补涨,追回与全球股市的落差。

投资界担心,大选风险之一是政府工程会否因执政者易人而变动。

对此,MIDF研究分析员表示,不完全排除会出现预期之外的大选结果,但有信心进行中的政府工程不会因此重新谈判、延迟或作废。

Parliament dissolution gives clearer stock market direction; players, analysts remain cautious


The Star Online > Business
Thursday April 4, 2013
Parliament dissolution gives clearer stock market direction; players, analysts remain cautious

By TEE LIN SAY
linsay@thestar.com.my


ECS to work with IBM on smartCloud


ECS to work with IBM on smartCloud

2013/04/03

ECS Pericomp Sdn Bhd, a subsidiary of ECS ICT Bhd, today entered into a partnership agreement with IBM to deliver the latter's SmartCloud cloud computing solutions for enterprises.

IBM Malaysia Managing Director Paul Moung said the SmartCloud Solution is optimised for mission-critical enterprise workloads with the scalable flexibility of a public cloud.

"We see a growing demand for cloud computing solutions in Malaysia. IBM's research shows that cloud yields from 25 to 30 per cent or more in savings for organisations, thus shifting investment from maintaining infrastructure to pursuing new projects while reducing cost," he told reporters after the signing ceremony.

擬東南亞開7商場‧百盛擴張或難達標

擬東南亞開7商場‧百盛擴張或難達標
Created 04/03/2013 - 17:25
(吉隆坡3日訊)百盛(PARKSON,5657,主板貿服組)計劃在今年於東南亞和中國開設15家商場,惟分析員認為該集團擴張東南亞市場的步代可能未如預期。

分析員預計,百盛在本區域市場近期將開張營業的兩大商場分別位於緬甸仰光及印尼。

MIDF研究表示,該集團上述兩個商場設在仰光的FMI中心,預期2013年4月或5月開張,位於印尼Bekasi的Metropolitan Grand的廣場則可能在6月啟業。

選後可跑贏大市‧UOA發展具重估利好


選後可跑贏大市‧UOA發展具重估利好
Created 04/03/2013 - 18:30
(吉隆坡3日訊)UOA發展(UOADEV,5200,主板產業組)受派息13仙、產業正面收益率及貝他值支撐,分析員看好大選後可跑贏大市,領域上升週期料帶來重估利好。

興業研究估計,整棟銷售、Binjai 8及One@Bukit Ceylon高利潤銷售支撐,UOA發展首季盈利將走高,銷售料達到9億令吉,加上次季推出發展總值13億令吉辦公及住宅產業貢獻,今年20億令吉銷售預測可達標。

2012財政年,該公司銷售為17億令吉,第四季未結賬銷售企於7億1千300萬令吉。

3月底期满 政府评估中 马熔锡印尼采锡未续约


3月底期满 政府评估中 马熔锡印尼采锡未续约
Created 04/03/2013 - 12:31
(吉隆坡2日讯)马熔锡机构(MSC,5916,主板工业产品股)指出,持股75%的子公司在印尼的锡矿业务合约仍然悬而未决,目前,印尼政府正在评估是否要延长合约。

马熔锡机构持有75%股权的PT Koba Tin,在印尼进行的锡矿开采合约,已在今年3月31日期满并失效。

目前,PT Koba Tin正寻求与印尼政府探讨续约问题。

Globetronics: Ended On A Strong Note (OSK)


Globetronics Technology Bhd
Target RM2.08
Previous RM1.91
Price  RM1.74

 Ended On A Strong Note
Globetronics’ FY12 results were above our and consensus forecasts, with its RM41.3m net earnings accounting for 107.2%/111.0% of our and street estimates. The group’s FY12 EBIT margin improved to 15.9% from 10.8% in FY11. The better performance was driven by stronger sales in Malaysia and Singapore, as well as a disposal gain from its Jitra plant. We expect a 25% sales contribution from the group’s sensor manufacturing segment for FY13, which is set to be its fourth growth engine. We are maintaining our BUY call on Globetronics with a revised fair value of RM2.08, pegged to a higher projected FY13 EPS of 17.9sen, based on its 5-year average PER of 11.6x.

Iskandar Malaysia: Unveiling The Opportunities-CapitaLand (UOBKH)


CapitaLand
Share Price S$3.54
Target Price S$4.41

BACKGROUND
CapitaLand is one of the largest listed real estate companies in Asia with an asset value of S$33.4b (excluding treasury cash) as at Jun 12. Its core businesses in real estate, hospitality and real estate financial services focus on gateway cities in Asia- Pacific, Europe and the Middle East. The company’s real estate and hospitality portfolio spans more than 90 cities in over 20 countries. Listed subsidiaries and associates include CapitaMalls Asia, The Ascott Group, Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust and Quill Capita Trust.

YTL Power : A Potential Price Floor (MIB)


YTL Power International
Buy(unchanged)
Share price: MYR1.48
Target price: MYR1.70 (from MYR1.80)
A Potential Price Floor

Limited downside risk. The resumption of share buy-backs suggests a price floor may have been found. The group faces operational headwinds, but we think this is unlikely to have a material impact on share price performance. Recent corporate actions are supportive of an eventual share swap, thus we reiterate our BUY rating on YTLP. The stock risks becoming a value trap if no privatisation offer is made.

Cambridge Industrial Trust: Immense Value Within (DBSV)


Cambridge Industrial Trust
BUY S$0.79
STI : 3307.58
Price Target : 12-Month S$ 0.93 (Prev S$ 0.75)
Immense Value Within

• Unlocking hidden value in its portfolio
• Sale of Lam Soon Building to result in potential substantial gains
• BUY, TP raised to S$0.93

Hidden value to be extracted in its portfolio. The coming few years could be transformational for Cambridge REIT (CREIT). With a number of its the master leases rolling off, we believe it is an opportune time for CREIT to relook at potential re-development or asset enhancement plans within its portfolio, which can potentially reap a further 2.6m sqft GFA.

Singapore Hospitality: Still flying high (DBSV)


Singapore Hospitality
Still flying high

• Qantas-Emirates re-routing kangaroo routes from Changi Airport to Dubai
• Minimal implications on Changi Airport operations and Singapore Hospitality sector
• BUY calls CDREIT, FEHT, GENS

Qantas re-routing kangaroo routes via Singapore to Dubai more of a headline grabber. Qantas website indicates that it has re-routed its kangaroo routes via Singapore to Dubai from 31 Mar, as part of its new alliance with Emirates. This move has led some investors wondering about the impact on Changi Airport, Singapore's tourism, Singapore Airlines (SIA) as well as SIA Eng and SATS. Our thoughts and assertions are:

SMRT : Profit warning of loss in 4QFY13E (Phillip)

SMRT Corporation Ltd
Target Price (SGD) 1.20
- Previous Target Price (SGD) 1.41
Closing Price (SGD) 1.58
Profit warning of loss in 4QFY13E

SMRT is a multi-modal land transport operator with exposures to various modes of operations, including rail, bus & taxi services. A significant part of its profits are generated from its ancillary businesses, such as advertising & rental of commercial spaces.
• Profit warning of a loss for 4QFY13E.
• Impairment charge on goodwill of S$17mn.
• Other cost items could also be higher than usual.

Midas Holdings: Potential to secure more orders (RHB)


Midas Holdings: Potential to secure more orders
(BUY, S$0.52, TP: S$0.75)

We recently hosted Midas on a roadshow in Singapore. Highlights are: Management indicated that 1H13 will be challenging, but 2H could be stronger if things pick up. Visibility on how soon the Chinese government will award high-speed rail contracts remains low, but management is optimistic of the government’s commitment. Asian countries are planning to improve their connectivity by building highspeed railways to neighbouring countries and Midas is in a good position to ride on this trend. Maintain BUY with a TP of SGD0.75, based on 1.5x FY13 P/B.

STX OSV :A Bargain Hunt; (MKE)


STX OSV Holdings
Buy (new)
Share price: SGD1.23
Target price: SGD1.66 (new)
A Bargain Hunt; Initiate with BUY

 A steal at current price. We initiate coverage on STX OSV (VARD) with a Buy and TP of SGD1.66, pegged to 9x PER on average FY13-15F earnings. As a quality Norwegian shipyard with a niche in high specification offshore support vessels (OSV), VARD deserves to trade at a premium to Asian OSV yards. The conclusion of its sale to Fincantieri Group removes the overhang on share price, while recovering OSV orders will support an earnings turnaround. With a potential capital upside of 35% and FY13F dividend yield of 4.9% (which can rise to 7.3% in FY15F), the stock is a steal.

Sheng Siong: Dominating the budget segment (CIMB)


Sheng Siong
Current S$0.65
Target S$0.75
Dominating the budget segment

 Shop n Save’s 57 stores will be re-branded into Giant stores from today. Dairy Farm’s retreat from the budget segment highlights Sheng Siong’s competitive positioning in this space.

We upgrade to Outperform (from Neutral) on evidence of Sheng Siong’s dominance in the budget segment. Our estimates are maintained. We raise our target price, which is based on a higher applied multiple of 23x CY14 P/E (previously 18x) on a 5% discount to Dairy Farm (previously 20%). We see catalysts as earnings delivery from new stores and continued store expansion.

Overseas Union Enterprise: Revival of assets spin-off (Phillip)


Overseas Union Enterprise Ltd
Target Price (SGD) 3.24
- Previous Target Price (SGD) 3.07
Closing Price (SGD) 3.07
Revival of assets spin-off

 Overseas Union Enterprise Ltd (OUE) is a diversified real estate owner, developer, and operator. It focuses its business across the commercial, hospitality, retail and residential sectors primarily in Singapore.

• Revival of hospitality REIT plan a positive note
• Move could strategically unlock asset value while remaining as a substantial shareholder and asset manager
• Net proceeds give rise to potential of special dividend payout
• Maintain Accumulate with higher fair value of $3.24

冷眼42心水股系列5:二三线股被低估


冷眼42心水股系列5:二三线股被低估
Created 04/03/2013 - 12:27
1至2令吉的股项我选了19间,主要是因为第二、三线股中,在此个价格范围内的股项价值被低估的最多,所以较易选择。

★佳杰科技手握7300万现金

试想想,要取得全球超过30家名牌跨国科技公司产品的代理权,又在全国委任2500家分销店,需要多少时间?

又要经营多少年才能赚钱,同时派发红利给股东呢?

國會解散‧馬股劇烈震盪


國會解散‧馬股劇烈震盪
Created 04/03/2013 - 17:30
(吉隆坡3日訊)首相拿督斯里納吉宣佈解散國會,投資者明哲保身迅速離場,馬股“拋"聲震天,拖累富時綜合指數盤中一度猛挫逾50點,其中政治和政府相關公司賣壓最為慘重。

富時綜合指數今日開高走低,開盤起3.33點至1688.33點,隨後在國家能源(TENAGA,5347,主板貿服組)等藍籌股帶動下,一度走高7.85點或0.47%至1692.85點全日最高。

但是,納吉在11時30分解散國會消息開始傳開,令場內積壓已久的憂慮情緒瞬間爆發,場內賣聲隆隆,政府相關公司拋壓最為慘重,拖累大盤由起轉跌。

港股三大凶兆殺到


【本報訊】鄭少秋新戲上映、稻香推出「一蚊雞」,及光大銀行計劃來港上市,三件看似風馬牛不相及的事,原來均是港股凶兆。上述三大凶兆過往於不同時間出現,港股投資者往往輸到一頸血,今次更是一齊殺埋身,股民隨時「有得震冇得瞓」。有分析員認為,雖然所謂凶兆屬心理大於實際,但跟市場有直接關係的壞消息眾多,後市仍面對沽壓,估計22000點難穩守。
記者:高明輝 林 靜

稻香(573)剛宣佈推出「一蚊雞」優惠,其股市明燈效應,不能輕視。稻香自08年至今,共六次推出一蚊雞優惠,大市皆跌,最多更跌近半。例如08年8月上旬,稻香一蚊雞賀奧運,適逢金融海嘯,恒指由21800點水平開始大瀉,至10月底恒指曾穿11000關。09年2月中再推,一個月後恒指跌18%。去年4月初一蚊雞重來,大市由4月中跌至6月初,跌幅達12%。

Malaysia Smelting Corp rallies on Indon ops

The Star Online > Business
Wednesday April 3, 2013
Malaysia Smelting Corp rallies on Indon ops

Its Indonesian unit given permission to temporarily extend operations

By WONG WEI-SHEN
weishen.wong@thestar.com.my

PETALING JAYA: Malaysia Smelting Corp Bhd (MSC) shares, which was voluntarily suspended in late morning on Monday ahead of details about its Indonesian operations, surged 20 sen, representing a 6.45% jump, to RM3.30 with 253,000 shares traded.

招行:整體資產質量仍相對穩定

招行:整體資產質量仍相對穩定
http://paper.wenweipo.com   [2013-04-03]

香港文匯報訊 (記者 陳遠威) 招商銀行(3968)去年不良貸款率上升0.05個百分點至0.61%,不良貸款餘額增加25.21億元(人民幣,下同)至116.94億元。招行副行長張光華昨於發布會上表示,去年零售貸款壞賬增加,令不良貸款略有上升,未來或隨經濟周期及個別地區和行業情況而有影響,但整體資產質量仍相對穩定,相信不良貸款率仍可維持在健康水平。

房貸進入正常風險暴露期
 零售金融總部常務副總裁劉建軍續指,不良貸款主要在於房貸及小微企業貸款,房貸的貸款年期為3至5年,由於2008至2010年房貸增長較快,去年有關不良貸款增加屬正常暴露。小微企業貸款一般在一年內會有相似情況,明白有關企業風險程度較高,惟仍在可控範圍內,不良貸款或有出現,但不要忽視可帶來的收益,該行會識別有關企業的經營情況;目前有抵押貸款佔比達80%。

工行50億進軍台灣金融業


工行50億進軍台灣金融業
收購永豐金控或旗下銀行20%
2013年4月3日
【明報專訊】全球市值最大的銀行工行(1398)不斷加快海外擴張步伐,該行昨天宣布,將以大約49億元(人民幣.下同)認購台灣永豐金控20%的股份,或以39億元認購永豐金控旗下永豐銀行20%的股份,目前雙方已簽訂認購協議,隨後將履行監管報批手續,若交易成功,工行將成為首家投資台灣金融業的中資銀行。

工行昨天與台灣永豐金融控股和永豐商業銀行(由永豐金控全資擁有)簽署認購協議,工行將認購永豐金控或永豐銀行 (見圖)以私募方式發行的新股,交易完成後,工行將持有對方公司20%的股份。

各書己見:工行績優資金追捧


各書己見:工行績優資金追捧

港股於一月份升至二十個月新高之後,於二月及三月份出現整固,各個板塊出現不同程度的下調,地產、金融或資源板塊,調整幅度由一至三成不等。而於過去一個月的業績期中,業績稍有差池的,更被沽售得體無完膚,但業績超出預期的,則會有不俗的反彈。中資銀行板塊整體業績異常參差,其中工商銀行(01398)交出了漂亮的業績,其股價近日於低位出現支持,未有跟隨大市出現急挫。

工行股價由去年十月十一日突破250日線4.74元,一直衝上一月二十三日高位6元,升幅達26.7%。於過去兩個月,工行跟隨內地A股及港股調整,先後跌穿50日及10日平均線,低見5.19元,累積下跌13.5%。

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Wednesday, April 3, 2013

MSC updates Bursa on Indonesian unit contract


MSC updates Bursa on Indonesian unit contract

2013/04/03

KUALA LUMPUR: Malaysia Smelting Corp Bhd (MSC) reiterates that its mining and smelting investment in Indonesia will be adversely affected if it fails to get a contract extension there.

The Indonesian government is still evaluating the contract extension of MSC's 75 per cent-owned PT Koba Tin.

Although the contract expired on March 31 this year, PT Koba is still allowed to undertake production operations up to a maximum of three months from Monday, pending the evaluation.

REDtone ‘widens coverage’ by signing wholesale ethernet agreement with TM


REDtone ‘widens coverage’ by signing wholesale ethernet agreement with TM
Business & Markets 2013

Written by Bernama  
Wednesday, 03 April 2013 10:31

KUALA LUMPUR: REDTONE INTERNATIONAL BHD [], which eyes RM80 million in data revenue this year, has teamed up with TELEKOM MALAYSIA BHD [] (TM) in a wholesale ethernet deal.

In a joint statement yesterday, the companies said the agreement will provide REDtone instant access to all of TM’s Metro-E infrastructure nationwide.

BToto revisiting its FY13 dividend policy, again


BToto revisiting its FY13 dividend policy, again
Business & Markets 2013

Written by theedgemalaysia.com  
Wednesday, 03 April 2013 11:12

BERJAYA SPORTS TOTO BHD []
(April 2, RM4.32)
Maintain neutral at RM4.14 with a target price of RM3.95: On April 1, Berjaya Sports Toto (BToto) declared a third interim dividend of eight sen per share (DPS) for 2013 financial year ending April (FY13).

This brings the total DPS declared for the first nine months of FY13 to 24 sen, representing a payout ratio of 103.2%.

REDtone, TM sign ethernet deal


The Star Online > Business
Wednesday April 3, 2013
REDtone, TM sign ethernet deal

KUALA LUMPUR: REDtone International Bhd, which eyes RM80mil in data revenue this year, has teamed up with Telekom Malaysia Bhd (TM) in a wholesale ethernet deal.

In a joint statement yesterday, the companies said the agreement would provide REDtone instant access to all TM’s Metro-E infrastructure nationwide.

“The collaboration is set to widen REDtone’s coverage for its data and broadband services and strengthen its grasp in the corporate and small medium industries/small medium enterprises segment where its data solutions are targeted at,” it said.

財智語陸: 港股見底否 可睇內銀 - 陳永陸


財智語陸: 港股見底否 可睇內銀 - 陳永陸

在第二季首個交易日,港股低開後總算企穩收市,本周只有3個交易日,觀乎昨日只有約600億元成交額,恒指升跌暫不可為大方向帶來主導性。儘管恒指重上22300點水平,H股指數卻跌84點收市,反映港股仍未完全擺脫弱勢。

如果再將港股升跌比例作分析,下跌股份數目超過800隻,上升股份只有400多隻,都反映出大市反彈動力,其實仍然不太足夠。當中最大問題是一些績差股見光即死,反映市場汰弱留強,正如昨日本欄所言,千萬不要加注溝弱勢股。

易城購物街完工 華陽正式跨足商場房產


易城購物街完工 華陽正式跨足商場房產

(吉隆坡2日訊)華陽(HUAYANG,5062,主要板房產)近期完成位于雪蘭莪州斯里肯邦安的易城購物街(Street Mall @ One South),意味著正式跨入商場行列,為長達30多年的企業歷史中寫下重要的一頁。

 華陽集團總財務長陳曉梅指出,易城購物街是由華陽集團旗下的獨資子公司PropPark私人有限公司負責發展,商場所在地提供高度便利,並沿著繁忙的隆芙大道,是名副其實的策略商業地標。

 “易城地理位置位于吉隆坡市中心邊緣,是一項全方位的房產發展計劃。易城購物街也被四周成熟的社區所圍繞,當中還包括高等教育機構及各類公共設施。”

政治局势乐观 马股选后將收復失地

政治局势乐观 马股选后將收復失地

(吉隆坡2日讯)MIDF研究乐观看待国內的政治情况,认为大选后的政权极有可能保持现状,届时富时大马综指將收復失地,迎头赶上其他国家的步伐。

MIDF研究称,综指因大选因素而出现6.3%,或101点的折价,如果没有大选干扰,综指目前的水平应企於1754点。

回顾首季,儘管市场於1月份中旬曾因大选所引发的拋售而受衝击,但2013年的开局表现属相当不错。同时,全球股市持续走高,因投资者已被美国经济改善及美联储承诺放宽货幣政策所提振。

马熔锡续约悬而未决


马熔锡续约悬而未决

吉隆坡2日讯)隨著马熔锡机构(MSC,5916,主板工业股)旗下印尼子公司科巴锡(PT Koba Tin)的续约问题悬而未决,分析员奉劝投资者宜作好最坏的打算,即续约遇阻,將导致马熔锡机构或面临逾1亿令吉的减损。

有鑑於此,分析员维持该股「沽售」投资评级。儘管如此,马熔锡机构周二復牌后,股价反而呈扬,全日涨20仙或6.452%,至3.30令吉,创2个月闭市新高记录。並成为全场第13大上升股。

该股今日早盘10时以3.20令吉开动后稍微回调至3.18令吉。但盘中一度攀高至3.30令吉全日最高价位。最终以3.10令吉接受全日交易。该股昨日(1日)上午11时13分暂停交易,停牌前价格3.10令吉。

Dry bulk shipping : Confidence in the shipping sector is rising (CIMB)


Dry bulk shipping
Bulk rates across the various shipping segments, with the exception of handysizes, fell slightly amidst light activity in the market. Average rates fell 2.6-6.1%, while handysize rates gained 0.9% wow. China's appetite for iron ore imports has yet to pick up, despite ore inventories hovering close to a four-year low. This is attributed to weaker steel demand, low steel prices, and high rebar inventory. In addition, iron ore prices are trading at relatively high levels, currently around US$136/ton, which is deterring steel mills from heavily restocking the raw material.

China Merchants Bank: Surprise hike in dividend (CIMB)


China Merchants Bank
Current HK$16.44
Target HK$17.57
Surprise hike in dividend

 A rise in dividend payout from 25% to 30.0% was the biggest surprise in CMB’s results announcement, which added colour to the pre-results announcement in early Mar. We question whether CMB can afford the higher payout given its weak capital ratios and delayed rights issue.

FY12 (pre-announced) net profit was 0.3% above our forecast. Comparisons with consensus are not meaningful given the pre-announcement. We cut FY13 EPS by 11% and FY14 by 9% for lower fee growth of 20% (prev. 22%) and lower NIM for FY14. Our GGM-derived target (1.16x P/BV) falls to HK$17.57. We reiterate our Neutral rating.

Nam Cheong Ltd: US$72m contract for six vessels (OCBC)


Nam Cheong Ltd:
Fair value S$0.30
add: 12m dividend forecast S$0.005
versus: Current price S$0.27

US$72m contract for six vessels
• Two AHTS to Icon Offshore Berhad
• Four ERRVs for deployment in the North Sea
• Buoyant industry outlook

Nam Cheong Ltd announced that it has sold six vessels worth a total of US$72.1m to two of its existing customers. Two 5,150 bhps Anchor Handing Towing Supply (AHTS) vessels were sold to Icon Offshore Berhad, one of Malaysia’s largest OSV group, while four Emergency Response and Rescue Vessels (ERRVs) were sold to a Singapore-based company that provides ship management and chartering services. The six vessels will be built in one of its sub-contracted yards in China with expected deliveries between 2Q13 and 4Q14.

Fufeng Group: MSG to bottom out in 2H13 (CIMB)

Fufeng Group
Current HK$2.77
Target HK$3.90
MSG to bottom out in 2H13

 FY12 net profit dropped 29% yoy and was 8.5% behind our forecast due to a higher expenses ratio and finance costs. We expect MSG prices to rebound to Rmb7,500/t in 2H13 as industry consolidation is coming to a close. Xanthan gum would contribute 65% net profit in FY13.

We cut FY13-14 earnings by 10% to reflect weaker MSG prices, a higher distribution cost/sales ratio and increase in finance costs. We maintain Outperform due to a positive outlook for xanthan gum and the bottoming of MSG prices in 1H13. Our DCF-based target price was diluted to HK$3.9 given the one-for-five rights issue.

Noble Group: A great bargain (CIMB)


Noble Group
Current S$1.22
Target S$1.47
A great bargain

Slower economic activity, heightened risk aversion and earnings disappointments have pinned Noble’s share price near to all-time lows. The IMF now projects an acceleration of global growth in 2013-2014, suggesting that Noble’s fortunes could be turning.

Against a backdrop of low expectations and low ownership, any positives from earnings surprises and a return of risk appetites could spark Noble’s rerating. We maintain our Outperform rating, EPS estimates and target price (10.1x CY14 P/E, 0.5SD below the 5-year mean).

Food Empire - Key roadshow takeaways

Food Empire -
Target SGD0.84
Previous SGD0.84
Price SGD0.66
Key roadshow takeaways

We recently hosted Food Empire for a roadshow in Singapore. Among the key takeaways are: 1) Management has turned more bullish in terms of topline growth, 2) Backward integration plans are on track and should come on-stream in 3Q13. While we raise our FY13/14 revenue growth projections to 17%/21%, our earnings remain largely unchanged as we take into account higher depreciation and start-up costs. We continue to like the firm for its dominant position in Russia and Eastern Europe. Re-iterate BUY with an unchanged TP of SGD0.84. This translates into 16x FY13F P/E vs Super Group which is trading at 26x.

Agricultural Bank of China 2012: Slightly Below Consensus But Stronger Growth To Continue (UOBKH)


Agricultural Bank of China (1288 HK)
Share Price HK$3.78
Target Price HK$4.60
2012: Slightly Below Consensus But Stronger Growth To Continue

Earnings missed consensus by 2.4% but this was largely due to conservative provisions made in 4Q12. Fundamentally, results were strong with qoq NIM expansion, increased coverage ratio and better utilisation of its liquid balance sheet through LDR expansion. We forecast that ABC will continue to deliver faster growth vs Big 4 peers. Maintain BUY with a target price of HK$4.60.

Sunway : A Prelude To Bigger Ambitions (UOBKH)


Sunway Berhad
Share Price RM2.78
Target Price RM3.48
A Prelude To Bigger Ambitions

Being one of the largest landowners in Iskandar with about 1,770 acres with a projected GDV of RM30b, we believe Sunway could replicate similar success in their Sunway township in Iskandar. On another note, Sunway intends to pay out dividends semi-annually to reward shareholders, which we view as positive. We remove our 10% discount to SOTP with a revised target price of RM3.48. Maintain BUY.

Failure of STX Pan Ocean sale? (CIMB)


 Failure of STX Pan Ocean sale?
TradeWinds reported that the proposed disposal of a 35% stake in STX Pan Ocean by STX Corp has failed to attract suitable bids, and that Korea Development Bank may have to eventually buy the stake in order to inject cash into its troubled parent.

 As a result, after rising from W2,810 to a high of W6,100 on 30 Jan, the share price has corrected 35% to W3,970, and we expect it to correct another 25% to our target price of W2,960 (S$3.30), which incidentally, is close to its early-Dec lows. STX Pan Ocean is our top Underperform in our coverage universe, with Pacific Basin as our top pick. We are Neutral on the shipping sector overall.

REIT Sector Still outperform the benchmark! (Phillip)


REIT Sector
Still outperform the benchmark!
Sector Overview
• The Real Estate Investment Trust (REIT) Sector in our Singapore coverage consists of 26 REITs listed on Singapore exchange with a market capitalization of USD46
billion.

• Year-to-date, S-REIT continued to beat the broad market (4.6%) by a margin, registering price return of 5.2%

• S-REIT yield spread and forward dividend yield remain appealing compared to some developed REIT markets

REIT涨势延烧


REIT涨势延烧

吉隆坡2日讯)虽然房地產信託(Reits)股价去年大幅上扬创新高,但拉昔胡申研究仍看好这类投资工具今年可维持超越大市的表现,虽然涨幅会在大选后因投资者风险胃纳提高而受限。

拉昔胡申研究相信,房產信託股在去年创下新高后,这股涨势可持续,预计今年表现仍可超越大市5%。虽然股价已走高,但拉昔胡申研究分析员艾拉(Alia Arwina)表示房產信託在全国大选后可维持在高点。

无论如何,分析员同时指出,由於大选后投资者將转向高贝他(beta)股,如房地產和建筑领域,因此房產信託的上行空间会稍微受限。拉昔胡申研究给予房產信託「中和」投资评级。

曾淵滄專欄03.04.13:好壞消息要逆向思維


曾淵滄專欄:好壞消息要逆向思維 - 曾淵滄

昨日提起中國銀監會宣佈監管內地銀行於理財產品的投資規條時提到,這則消息在市場已傳了一段時間,傳出後內銀股股價也已做出相應調整,因此,當消息公佈後,股價下跌已全面反映了這則消息的作用,一些趁消息傳達時沽空內銀股者更會選擇在這個時候趁低平倉,賺錢離場。

「壞」消息如此,「好」消息也如此,今年全國人大開幕前,市場已傳出中國鐵道部會被撤銷與改組,最後,消息正確,鐵道部被改組為國家鐵路局與中國鐵路總公司,很明顯,將來全中國的鐵路很可能會變成數家規模巨大的上市公司。

冷眼42心水股系列4:冠旺官司若了结股价更佳

冷眼42心水股系列4:冠旺官司若了结股价更佳
Created 04/02/2013 - 12:08
目前股价徘徊在2令吉30仙的冠旺(Canone,5105,主板工业产品股)收购建裕珍厂(KianJoo,3522,主板工业产品股)仍在法庭纠缠中,相信是投资者不敢买进此股的主因。

冠旺去年每股赚112仙,目前的本益比为2倍,相信是本益比最低的股票之一。

当然,这已把建裕的收益按股权比例入账,而且部分是特殊项目收入,若以去年最后一季每股净赚15.15仙的营业盈利计算,每股每年净赚60仙以上。

政局明朗带动 股匯齐创新高


政局明朗带动 股匯齐创新高

(吉隆坡2日讯)市场再传国会最快將於明日(3日)解散,为来临的大选日铺路,消息带动股匯刷新高,令吉周二盘中一度攀升至3.0820,写下两个月新高水平;同时,富时大马综指攀升17.39点或1.04%,至1685点,写下11周新高。

根据《新海峡时报》引述消息指出,首相纳吉將透过电视现场直播,正式宣布国会解散。此消息传出后,马股也结束两日来的跌势,重拾活力。

Koba錫暫允營運‧馬熔錫股價彈升


Koba錫暫允營運‧馬熔錫股價彈升
Created 04/02/2013 - 18:37

(吉隆坡2日訊)馬熔錫機構(MSC,5916,主板工業產品組)今日表示,印尼政府仍在繼續評估是否要延長其75%持股印尼子公司Kobo錫的工程合約。

與此同時,印尼政府允許Koba錫繼續進行生產業務,從4月1日起至多3個月。

馬熔錫機構在今早10時恢復交易後,股價穩健揚升,閉市時上漲20仙至3令吉30仙。

馬熔錫機構在文告中指出,Koba錫的工程合約已在3月31日屆滿,該公司早前提呈申請延長合約,並已數度和印尼政府開會匯報,惟至今仍未獲續約。

成功多多增派股息受看好


成功多多增派股息受看好
Created 04/02/2013 - 17:26

(吉隆坡2日訊)成功多多(BJTOTO,1562,主板貿服組)派發8仙股息,提振市場購興,刺激股價一度揚升4.59%。

成功多多開盤先升5仙至4令吉19仙,接下來節節攀升,最高漲至4令吉33仙,升高19仙或4.59%,隨後收窄漲幅至4令吉32仙掛收,全天上升18仙或4.35%,成交量達398萬零200股。

該公司昨日建議派發每股8仙第三次中期股息,現財政年至今總共派出24仙股息,派息率達103.2%。

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Tuesday, April 2, 2013

印尼業務不樂觀 馬熔錫反漲20仙

印尼業務不樂觀 馬熔錫反漲20仙

(吉隆坡2日訊)印尼當局仍在評估是否延長馬熔錫(MSC,5916,主要板工業)印尼業務合約,券商籲請投資者做最壞打算及建議售股,唯無阻該股攀高,復牌后盤中一度勁起15仙。

 該公司配合持股75%印尼子公司Koba Tin延長合約事宜,昨日早盤停牌,今早10時復牌時,揚10仙以3.20令吉報開,交易近1個小時半,漲幅擴大至起15仙,寫全日新高3.25令吉。

 馬熔錫休市掛在3.24令吉,起14仙,計有15萬9100股易手;閉市時則收3.30令吉,起20仙,成交量25萬3400股。

This is just the beginning for Cypark


This is just the beginning for Cypark
Business & Markets 2013

Written by theedgemalaysia.com  
Tuesday, 02 April 2013 09:41

CypARK RESOURCES BHD []
(April 1, RM1.61)

Maintain outperform at RM1.62 with a target price of RM2.82: Cypark remains an “outperform” with an unchanged discounted cash flow-based (Re: 11.7%) target price. No dividends are expected. The stock could be catalysed by the successful roll-out of new renewable energy (RE) projects and the signing of the Ladang Tanah Merah landfill concession.

RHB keeps ‘sell’ on MSC after raising its liabilities


RHB keeps ‘sell’ on MSC after raising its liabilities
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Tuesday, 02 April 2013 12:10

KUALA LUMPUR (Apr 2): RHB Research is maintaining its ‘sell’ rating on Malaysia Smelting Corp Bhd (MSC), with a target price of RM2.77, following the company’s announcement that it is still waiting for the Indonesian government to evaluate its works contract extension.

MSC told Bursa Malaysia this morning that the company has received notification from the Indonesia government that it is still evaluating the company’s application for the extension of PT Koba Tin’s contract of work (CoW), which expired on 31 March 2013.

Malaysia Smelting Indonesia tin-mining contract yet to be renewed


Malaysia Smelting Indonesia tin-mining contract yet to be renewed
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Tuesday, 02 April 2013 10:34

KUALA LUMPUR (April 2): Malaysia Smelting Corp Bhd (MSC) says the Indonesian government has yet to renew the tin-mining contract of the company's 75%-owned subsidiary PT Koba Tin. The work contract had expired last Sunday (March 31).

In a statement to Bursa Malaysia today, MSC said PT Koba Tin has received notification from authorities there that they are still evaluating the possibility of extending the contract.

拨3亿资本开销 双威产托5月装修八佰伴


拨3亿资本开销 双威产托5月装修八佰伴
Created 04/02/2013 - 11:16
(八打灵再也1日讯)双威产托(Sunreit,5176,主板产业信托股)计划在今年5月动工,装修吉隆坡最历史悠久购物商场———八佰伴(Yaohan)百货公司,让它回到当年身为城中最大商场的全盛时期。

双威产托管理私人有限公司有意从资本开销拨出3亿令吉,全面整修如今已命名为Sunway Putra Place(简称SPP)的零售商场,並估计在2015年首季重新开张,成为“城市生活时尚商场”。

根據《星报》报道,双威产托管理私人有限公司总执行长拿督黄中立表示,上述计划已向政府呈交申请,冀望可在本月内开始著手。

4大利好支撐‧立通國際展望看俏


4大利好支撐‧立通國際展望看俏
Created 04/01/2013 - 17:27
(吉隆坡1日訊)本地通訊業將進入4G時代,預料有助立通國際(REDTONE,0032,創業板貿服組)未來盈利表現,特別是獲得4大利好支撐,其中首推它與明訊(MAXIS,6012,主板貿服組)在頻譜分享預付收費中,將推高其2013/2014年財政年盈利,使未來展望看俏。

達證券指出,立通國際的其餘3項利好,分別為可從复合頻譜資源分享收費中取得多年盈利擴張,穩定的頻譜收費及偏低資本開銷有望派發較高股息,及它是政府資訊及寬頻計劃的強勁競爭者(目前競標總額達5億令吉)等利好。

BToto declares eight sen interim dividend


The Star Online > Business
Tuesday April 2, 2013
BToto declares eight sen interim dividend

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) has declared a third interim cash dividend of eight sen per share for the financial year (FY) ending April 30, 2013.

With the declaration, the quantum of the total dividends declared to-date for FY2013 is RM319.4mil, equivalent to about 103.2% of the attributable group profit for the nine months to Jan 31, 2013.

森德综合 长城产能带动下半年


森德综合 长城产能带动下半年
Created 03/29/2013 - 12:05
目标价:4.10令吉

最新进展

森德综合(Scientx,4731,主板工业产品股)2013财年首半年5050万净利符合市场预测,至于长城塑胶(GWPlast,5182,主板工业产品股)收购、相信下半年作出贡献。

展望好高贝他股次季看俏 宜趁低吸纳估值诱人股


展望好高贝他股次季看俏 宜趁低吸纳估值诱人股
Created 04/02/2013 - 08:06
(吉隆坡1日讯)来届大选变数难测,国阵是否失势忧虑尚存,券商建议投资者想办法“化危机为转机”,以在市场对结果过度反应前,早早占尽先机。

兴业投资研究在《第二季市场展望与策略》报告中点出,目前的重点不外乎是防御策略,但投资者同时也得保持实力,在市场疲软之际一举进攻、趁低吸纳绝佳股项。

ICBC: Another solid quarter (CIMB)


ICBC
Current HK$5.45
Target HK$6.43
Another solid quarter

 ICBC reported another solid quarter. Yet, management’s cautious outlook on NIMs and its Rmb loan growth drive our earnings and target price somewhat lower. In spite of these changes, we reiterate our Outperform rating for ICBC which remains one of our top picks.

FY12 net profit of Rmb238.5bn was in line at 1.2% above our forecast and 2.8% above consensus. 4Q12 net profit of Rmb52.9bn was 5.5% above our forecast on higher non-interest revenue. We cut our FY13-14 EPS by 3-10% on lower NIMs, lower loan growth and fees, but partly offset by lower loan provisions. We cut our GGM-derived target price to HK$6.43 for a 1.42x FY13 P/BV. Better NIM and asset quality are catalysts.

Noble Group: Leaner Is Better (KE)


Noble Group
Buy(maintained)
Share price: SGD1.21
Target price: SGD1.53 (from SGD1.48)
Leaner Is Better

A leaner Noble. We are positive on Noble’s new strategic direction to become a leaner version of its former self. We think the key drives over the next 12-24 months will remain 1) strengthening its balance sheet, 2) reducing overhead costs and 3) refocusing on its role as an independent middleman between commodity producers and customers. We believe some of these will bear fruits in the near-term, which may provide an upward lift to earnings.

Mapletree Industrial Trust: Winning a sweet deal (DBSV)


Mapletree Industrial Trust:
HOLD  S$1.395;
Winning a sweet deal;
Price Target : 12-Month S$1.46 (Prev S$ 1.43)

•‘Built-to-suit’ project with quality earnings
•Good returns with accretion to distributions
•HOLD, TPS$ 1.46

Built-to-suit project for Equinix Singapore. Mapletree Industrial Trust
(MINT) announced an agreement to develop a ‘built-to-suit’ facility for Equinix Singapore, a 7 storey, high specification property located in One-North (land allocated by JTC) which will primarily be used as a data centre. On completion, Equinix will sign a long term lease of 20 years with step-ups and further renewal options.  Equinix have an option to enhance and add additional infrastructure at two floors of this proposed faclity where additional rent will be payable.

NEPTUNE ORIENT LINES: TURNAROUND STILL INTACT (OCBC)


NEPTUNE ORIENT LINES
Fair value S$1.38
add: 12m dividend forecast S$0.00
versus: Current price S$1.21

TURNAROUND STILL INTACT
• Rate hikes to come off stable bases
• Industry cautiously optimistic despite supply overhang
• NOL turnaround still ongoing

Overall 1Q rates okay despite jitters
Despite the constant reminders of lingering economic uncertainty, the Shanghai Containerised Freight Index has stayed within a tight band (1,073-1,246) since the start of CY2013.

Nam Cheong: Closing 1QFY13 With Massive Win (RHB)


Nam Cheong: Closing 1QFY13 With Massive Win
(BUY, S$0.26, TP: S$0.35)
Nam Cheong announced that it has won a USD72.1m contract for six vessels – two anchor handling tug supply vessels (AHTS) and four emergency response and rescue vessels (ERRVs). While the AHTS were within our shipbuilding model, the four ERRVs are a pleasant surprise.

With an extremely strong orderbook, Nam Cheong is a growth stock at value multiples. We raise our TP from SGD0.34 to SGD0.35.

Parkway Life REIT: Defensive without losing sight of growth (CIMB)


Parkway Life REIT
Current S$2.48
Target S$2.40
Defensive without losing sight of growth

 We recently brought Plife to see investors in Europe. Management articulated moves it undertook to strengthen its portfolio to ensure a sustainable DPU and further strategies to maintain DPU growth. We sense increased optimism about acquisitions this year.

Factoring in higher retained earnings partially offset by higher acquisition accretion, we lower DPUs. Our DDM-based target price (discount rate: 6.7%) is, however, raised after rolling forward valuations. Maintain Neutral for premium valuations with catalysts from higher-than-expected accretion from acquisitions.

CNOOC (883.HK) – Bottoming out (Bocom)


CNOOC (883.HK) – Bottoming out
2013-03-25

A “flat 2012” mostly fell within expectation. CNOOC’s 2012 results came in mostly flat from 2011, with revenue increasing 2.8% to Rmb247.6bn, operating profit dropping 3.8% to Rmb87.1bn, and net profit dropping 9.3% to Rmb63.7bn. Net profit missed consensus and our estimate slightly by 2.6% and 1.4%, respectively. The dividend of Rmb0.35/shr is in line with past policy, representing a 24% payout ratio.

2012 production and realized prices did not move the needle from 2011. Unlike in the past years when either CNOOC’s production or realized oil/gas prices made significant movement (such as prices rising 25% and 36% YoY in 2010 and 2011 and production growing by 18% and 45% in 2009 and 2010,

Pavilion Reit - Limited upside, earnings upside have been priced in


Pavilion Reit -
Price Target:1.65
Last Price:1.61
Limited upside, earnings upside have been priced in

- We are downgrading Pavilion REIT (PREIT) to a HOLD, with an unchanged fair value of RM1.65/unit, based on our DCF valuation, given PREIT's limited upside to its share price.

- Following a company visit, we re-iterate our positive stance on PREIT, underpinned by its asset quality and a growing middleclass. This bodes well for PREIT's growth.

Breakdown: Tiger Keeping Up With The Pack


26 MARCH 2013
Breakdown: Tiger Keeping Up With The Pack
By Simeon Ang

The region’s budget airline industry is poised for a huge shake-up after Indonesia’s largest privately run airline, Lion Air, placed a “blockbuster order” for 234 medium-haul jets from Airbus last week. Anshuman Daga from Reuters opined that the order underlined Lion Air’s ambitious plans to mount a serious challenge to the region’s biggest budget airline, AirAsia Bhd.

Lion Air’s challenge was laid bare when it launched its first service into Malaysia, the home ground of AirAsia. With the pace of expansion reaching fever pitch levels, industry watchers have started to question if the budget carriers were overextending themselves.

泰国酿酒在备受追捧下,加入海指成份股


泰国酿酒在备受追捧下,加入海指成份股
文: 朱皓翔 (译:麦美莹) 2013年03月22日 企业摘要
当你在读这篇报道时,泰国酿酒(Thai Beverage Public Company)已经加入了海峡时报指数成份股最少有5个交易日。没错,我是说泰国酿酒。

在久违了四年半后,这家专门生产泰象啤酒(Chang Beer)的制造商在3月18日起替代了综合保健控股(IHH Healthcare),加入了海指的大家庭。

Trading in MSC suspended pending details of Indonesian ops


The Star Online > Business
Tuesday April 2, 2013
Trading in MSC suspended pending details of Indonesian ops

KUALA LUMPUR: Trading in the securities of Malaysia Smelting Corp Bhd (MSC) was voluntarily suspended yesterday, pending details of its Indonesian operations.

In a filing with Bursa Malaysia, MSC said the company was still awaiting information on the extension of the contract of work (CoW) for its 75%-owned Indonesian unit PT Koba Tin from the Indonesian authorities.

The contract expired on March 31. PT Timah Tbk, a public-listed Indonesian mining company, is the 25% joint-venture partner with MSC in PT Koba Tin.

Tiong Woon o sell their loss making fabrication yard in Indonesia (Limtan)


TIONG WOON CORP
S$0.385-TWC SP
 Tiong Woon (a one stop integrated service provider  of cranes and heavy lifting equipment) has entered into a legally binding MOU with Metech Energy Corp to sell their loss making fabrication yard in Indonesia (Bintan).

 The fabrication yard lost $3.8-3.9mln in the last 2 financial years and another $1.3mln for 1H ended Dec ’12 and is expected to be sold for $18mln.

 As the net book value of the loss making yard is about $11.7mln, the exceptional gain is about $6.3mln.

MSC shares suspended at company's request

MSC shares suspended at company's request
By Roziana Hamsawi
roziana@mediaprima.com.my
2013/04/02

TRADING of Malaysia Smelting Corporation Bhd (MSC) shares were suspended late yesterday morning at the company's request as it awaits details of its Indonesian operations.

The company told Bursa Malaysia yesterday that it has yet to get information on the extension of the contract of its 75 per cent-owned Indonesian subsidiary from the Indonesian authorities.

滬深開季反覆 麥博士讚抵買


滬深開季反覆 麥博士讚抵買

滬深股市自二月中見頂回落,第二季首個交易日走勢持續不振,滬綜指微跌0.1%,深成指僅微漲0.54%。不過,被喻為「新興市場之父」的鄧普頓新興國家投資團隊執行主席麥博士繼續唱好滬深股市,預期內地企業盈利觸底反彈,A股漲勢可期,看好石油股及消費股等板塊。

受到人民銀行微調貨幣政策及房地產調控加碼拖累,二月中開始滬深股市自高位回落,三月份滬綜指累挫5.45%,創去年七月來最大單月跌幅,首季則累跌1.43%,市場憧憬的「春季行情」提前結束。昨為第二季首個交易日,儘管地方樓市調控細則殺傷力遠低過預期,但銀行等權重股乏力,滬綜指跌0.1%,收報2,234點;深成指收報8,937點,漲0.54%,兩市成交縮至1,332.25億元人民幣。

曾淵滄專欄02.04.13:日圓大貶值的陰謀


曾淵滄專欄:日圓大貶值的陰謀 - 曾淵滄

中國銀監會下令監管內地銀行於理財產品的投資,消息使到所有內銀股股價下跌,但大銀行跌幅較小,小銀行跌幅較大,中國銀監會打算監控銀行於理財產品的投資早已傳遍市場,過去兩個多月,所有內銀股已出現了一定幅度的調整。

這是壞事嗎?不是的,當年美國為甚麼會出現引發全球金融海嘯的風暴?還不正是因為許多銀行,將大量資金投資於各式各樣高度複雜的理財產品,現在,中銀監決定監管內地銀行在理財產品的參與程度,是好事,是風險的監管,可能銀行會因此而少賺一點錢,但是,利潤與風險必須尋求一個平衡。

冷眼心水股系列3:2至5元 11股项供选择

冷眼心水股系列3:2至5元 11股项供选择
Created 04/01/2013 - 09:57
在2至5令吉的股项中,我选择的11家,供大家从中选择。

马熔锡可净赚60仙

我首先促大家注意的是马熔锡(MSC,5916,主板工业产品股),乍看之下,相信大部分投资者都不同意我的看法,因为马熔锡目前股价高达3令吉,而该公司去年每股亏蚀61仙。

一家亏蚀到如此严重的公司,股价如此之高实在不合常理。

冷眼42心水股系列2:蓝筹作价太高


冷眼42心水股系列2:蓝筹作价太高
Created 03/31/2013 - 10:43
5令吉以上的股票多数价值已反映在股价上,这可以从本益比看出,这类高价股大部分是蓝筹股。

蓝筹股的特征是根深蒂固,按部就班地增长,在营业量和盈利方面都不会有突破。

二三线股更划算

增长缓慢的公司只宜在本益比低时买进。

目前大部分蓝筹股的本益比在20倍以上,可谓偏高,我认为上升空间不大。

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Absolute Research: Is Policy Tightening a Concern for Chinese Equities?



Monday, April 1, 2013

放眼3年營收增至10億‧益納利展望樂觀


放眼3年營收增至10億‧益納利展望樂觀
Created 04/01/2013 - 17:24
(吉隆坡1日訊)益納利(INARI,0166,創業板科技組)2013年業務展望樂觀,放眼3年內營業額增長至10億令吉。

該公司首席執行員羅健聰在股東特大後接受《星洲財經》訪問時表示,該公司今年將專注於提昇業務盈利及空間使用率,並“消化"美昌全球公司(Amerton)的併購效應。

鑒於市場預測智能手機及平板電腦需求將成長20至30%,該公司計劃擴充檳城及柔佛工廠,以應付需求。

一股作气:PPB更胜大型种植股


一股作气:PPB更胜大型种植股
Created 04/01/2013 - 14:27
尽管原棕油价格仍维持在2400令吉水平,但业务多元化的PPB集团(PPB,4065,主板消费产品股),盈利表现比大型种植业者更胜一筹。

而且,谷物贸易、面粉与饲料加工业务前景更备受看好。

分析员指出,该股估值水平相当吸引人,过去3年预期本益比平均为22倍,但目前价位仅相等于2013年财测的18倍。

次季大選投資手冊

次季大選投資手冊
Created 04/01/2013 - 10:42
雖然政府遲遲不願宣佈解散國會,但全國大選已無懸念,必然將在今年第二季舉行,近期外資不斷進場累積股票,究竟為何而來?而一直在場外觀望的本地投資者,要如何布署新一季的投資策略?

馬股次季受大選陰霾籠罩,大選一日不舉行,不少投資者都不敢輕舉妄動,即使最近大市因受外資大量流入激勵而節節攀升,散戶也只能唉聲嘆氣,把持定力抗拒誘惑。

美國經濟向好推升油價


美國經濟向好推升油價
Created 04/01/2013 - 10:56
受美國經濟復甦勢頭向好等因素推動,紐約商品交易所輕質原油期貨價格持續走高。截至3月28日本月最後一個交易日,紐約油價收於每桶97.23美元,當月上漲5.6%,一季度上漲5.9%。

近期公佈的經濟數據顯示美國經濟持續復甦,投資者預期美國未來石油需求將增加。長期跟蹤原油市場的石油經紀公司派拉蒙期權總裁雷蒙德‧卡本指出,經濟持續好轉支持油價上漲。

馬新好光景已結束?選股為關鍵


馬新好光景已結束?選股為關鍵
Created 04/01/2013 - 10:55
近兩年東盟股市飆漲,其中菲律賓、印尼和泰國的本益比都已經高於10年歷史平均,但馬新股市仍相當便宜,特別是銀行股和日常用品股。

今年以來,不少台灣券商高喊“加碼東盟,但避開與歐美連動高的新加坡和馬來西亞"。

檢視年初至今東盟5國的股市表現,東盟3國(菲律賓、泰國和印尼)皆延續去年漲勢,漲幅超過兩位數,惟獨新加坡和馬來西亞表現落後。難道馬、新的好光景已經結束?其實未必見得。

Mark Mobius :Cheap China equities are worth a bet


Cheap China equities are worth a bet
Personal Finance

Written by Mark Mobius  
Thursday, 28 March 2013 00:00

CHINA's stock market was a roller coaster in 2012 and investors with a weak stomach for unpredictability probably found the ride unpleasant. It's true that, by many measures, last year's weak market performance in China's A-share market was disappointing, but in a market of this size, the story isn't all good or all bad.

So, unlike the market masses, I remain confident about China's prospects and continue to search for long-term investment opportunities in the country. As the late Sir John Templeton famously said, "The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell."

Relatively attractive yields for Al-Aqar


Relatively attractive yields for Al-Aqar
Business & Markets 2013

Written by Insider Asia  
Monday, 01 April 2013 10:11

Unit prices for Islamic real estate investment trust, Al-Aqar Healthcare REIT, have cooled off since hitting a year high of RM1.74 in September 2012 and are currently hovering around RM1.30. The recent price correction makes its yield more attractive.

The trust reported RM103.4 million in turnover last year, up 22% while income available for distribution grew 12% to RM52.2 million.

Suntec REIT :Suntec City Mall AEI in full gear (KE)


Suntec REIT
Buy (unchanged)
Share price: SGD1.78
Target price: SGD1.90 (from SGD1.81)
Suntec City Mall AEI in full gear

AEI making good progress. Pre-commitments for Suntec City Mall's (SCM) Phase 1 post-AEI leases hit 83% in 4Q12 and we believe most were secured above the targeted SGD12.59 psf/mth. Suntec also reported that 37% of Phase 2 NLA has been pre-committed. We note that Phase 2 AEI for SCM has commenced and the intensity of the refurbishment works could mean that overall AEI works should wrap up as scheduled by 4Q14. We estimate that the largest dip on FY13 DPU will occur in 1Q-2Q13, when Phase 1 new tenants have yet to start paying rentals and Phase 2 old tenants are being vacated for the AEI.

CapitaCommercial Trust: Rise of another icon (RHB)


CapitaCommercial Trust: Rise of another icon
(Neutral, S$1.61, TP: S$1.70)
We visited CapitaGreen’s showroom yesterday morning and were  wowed by its: i) 40th-floor sky garden and restaurant, ii) innovative  technology which directs cool air inwards, and iii) unique dual facade  that cuts solar heat, among others. Set to be CCT’s next growth driver, it offers c. 700,000 sq ft of Grade-A office space and is scheduled to receive its TOP by 4Q14. Due to a dearth of immediate drivers, however, CCT is still a NEUTRAL and its SGD1.70 TP remains unchanged as the contribution from CapitaGreen would only stream in by FY15.

K‐Green Trust: Delivering a predictable stream of cash flows (AM)


K‐Green Trust
LAST CLOSE: S$1.09
Delivering a predictable stream of cash flows

K‐Green Trust (KGT) is structured as a business trust with three assets, specifically waste‐to‐energy incineration plants Senoko plant and Tuas DBOO plant as well as Ulu Pandan plant, which is a NEWater plant. These assets are operated under concession agreements with the NEA and PUB, of which KGT will build and operate the plant for a concession period between 15 and 25 years and subsequently transfer the plant to the governing agencies at the end of the concession period. Such concession arrangements are accounted for as service concession receivables.

Cache Logistics Trust : Building A S$200m War Chest To Fund CWT Hub 3? (UOBKH)


Cache Logistics Trust
Share Price S$1.31
Target Price S$1.45
Building A S$200m War Chest To Fund CWT Hub 3?

Cache announced the private placement of 70m units (9.9%) at an issue price of S$1.24 (4% discount to adjusted VWAP) to raise S$86.8m. Proceeds will be used to fund the earlier announced acquisition of Precise Two (S$57m) and to build a S$200m war chest, which could fund CWT Hub 3 (est. S$170m). Maintain BUY with a lower target of S$1.45 (from S$1.52) after factoring in the 2.3-4.4% DPU dilution.

Thai Beverage : The third cog (CIMB)

Thai Beverage,
Current S$0.61
Target S$0.77
The third cog

 Oishi is already an integral engine of Thai Bev; its combination with F&N and Serm Suk is now being mapped. In a recent company visit, Oishi narrated its aggressive growth plans. We also understood how Serm Suk’s returnable-bottle logistics form a formidable barrier of entry.

Weaker 2012 non-alcoholic earnings were due to temporal factors and is not a concern. We tweak our FY13-14 estimates and raise our SOP target price on a higher target multiple for the non-alcoholic beverage business. Maintain Outperform with catalysts to come from earnings delivery by non-alcoholic beverage division.

CNOOC: Dividend surprise (DBSV)


CNOOC Ltd
BUY HK$14.32
HSI : 22,115
Price Target : 12-Month HK$ 18.30 (Prev HK$ 18.90)
Dividend surprise

FY12 result in line, higher-than-expected final DPS of HK$0.32 declared
Growth back-loaded, production to grow 11% p.a. in 2014-2015
Maintain BUY, tweaked DCF-based TP to HK$18.30

Within expectations. FY12 net profit of Rmb63.7bn (-9% y-oy) was at 97-98% of our and consensus forecasts. Overall production gained marginally to 342mmboe (+3% y-o-y) but will likely remain flat this year (DBSV FY13F: 343mmboe vs CNOOC’s guidance of 338-348mmboe). Realised oil price was stable at US$110/bbl in 2012. We expect oil price to average at this level this year as well. Meanwhile, CNOOC made up for the earlier interim dividend disappointment by declaring a higherthan- expected final DPS of HK$0.32, matching last year’s payout ratio of 27%. Overall yield at current share price is 3.3%.

TPV Technology: Time to take profit (CIMB)


TPV Technology
Current HK$2.49
Target HK$2.61
Time to take profit

 4Q12 profit is consistent with consensus forecast but 15% below ours on higher-than-expected opex and effective tax rates. Although good progress has been made to lower TP Vision’s operating costs, we believe the operating environment remains taxing.

FY12 EPS is 5% below our estimate on lower-than-expected 4Q12 earnings. We lower our FY13-14 EPS by 6-7% for higher opex and effective taxes and introduce FY15 numbers. Accordingly, our target price dips, still based on a conservative 0.4x P/BV (30% discount to its 5-year average). Downgrade to Neutral from Outperform following its share-price outperformance, with no immediate catalysts foreseen.

Mapletree Logistics Trust: Second disposal attempt (OCBC)


Mapletree Logistics Trust:
Fair value S$1.25
add: 12m dividend forecast S$0.07
versus: Current price S$1.21

Second disposal attempt
• Sale of Singapore property at S$15.5m
• Transaction likely successful this time
• Potential distribution of disposal gains

Mapletree Logistics Trust (MLT) announced last Friday that it has entered into an option to purchase agreement for the divestment of 30 Woodlands Loop in Singapore at a sale price of S$15.5m.

First Real Estate Investment Trust : Another Two Assets in the Pocket (SIAS)


First Real Estate Investment Trust
Invest
Another Two Assets in the Pocket
• Intrinsic Value S$1.305
• Prev Closing Price S$1.305

First Real Estate Investment Trust’s (First REIT) acquisition of another two assets in Indonesia was largely anticipated (refer to our previous update on 25 January 2013), albeit slightly earlier than expected. First REIT just completed the purchase of Siloam Hospitals Manado & Hotel Aryaduta Manado & Siloam Hospitals Makassar in November 2012 and we are much impressed by their execution speed.

CapitaMall Trust :At All The Right Places (KE)

CapitaMall Trust
Buy(unchanged)
Share price: SGD2.10
Target price: SGD2.36 (unchanged)
At All The Right Places

Expect more positive news flows. CapitaMall Trust (CMT) has used the bulk of the SGD250m raised via a private placement last November to partially finance the redemption of the SGD300m 2-year retail bonds which matured in February. Nonetheless, we still expect more positive news flows in the following months on new AEI plans, which are most likely to involve Tampines Mall and/or Funan. CMT remains one of our top picks amongst the S-REITs. Reiterate BUY, target price SGD2.36.

Genting Hong Kong: Strong growth trajectory (DBSV)


Genting Hong Kong Ltd
BUY US$0.455/ HK$3.48
STI: 3267.65/ HSI : 22,225.88
Price Target : 12-month US$0.55/ HK$4.24 (prev. US$0.54/HK$4.20)
Strong growth trajectory

• 2H12 results above expectations, all cylinders firing
• Minimal impact from rising competition at Manila Bay, NCL to jump with delivery of newbuilds in 2Q13 onwards
• Maintain Buy, SOP-based TP tweaked to US$0.55/HK$4.24

Highlights
Above expectations. 2H12 core net profit came in at US$166m (5x of 1H12’s US$33m), bringing full-year earnings to a record US$199m (+25%) – 20% above our and consensus estimates.

大选在即 次季股市严峻考验


大选在即 次季股市严峻考验

大马第13届全国大选纷纷扰扰,从去年演变至今,已成为国人首要关注的大事。在投资情绪与证券市场,大选因素或任何关于大选消息的绘声绘影,总会在大马股市泛起阵阵涟漪。 奈何,国会尚未解散,也预示著不稳定性局面依然会延续下去。

肯南嘉投行研究主管陈建尧在第二季投资策略报告中展望,即將迈入次季(4月至6月份)的马股会呈现微妙局面。只是,大选铁定会在本季內展开,次季同样「满布严峻考验」。

尽管大家对于国会解散日眾说纷紜,但相信各方期盼已久在次季內始终会尘埃落定下来。

「我们(这份报告)并不打算再推测大选结果,因为我们相信市场可能已「消化」一切潜在结果的冲击。」

內地港人千億伺炒A股


內地港人千億伺炒A股
今日起港澳台居民將獲准開戶投資A股,合資格的人士數目少於50萬人,市場估算當中有一半為內地居住的港人,按每位合資格人士均投資50萬元(人民幣‧下同)計,港人入市資金料逾1,000億元,但市場預料初期只會慢熱,刺激有限,加上內地首季樓市熾熱,以及通脹可能升溫影響下,中央或再出招收緊流動性,料今季滬綜指將徘徊2,200至2,400點之間。

45萬人合資格開戶
早前中證監宣布放寬對境內港澳台三地居民開立A股帳戶的限制,由今日起境內合資格人士提交開戶所需的證明文件後,便可開立A股帳戶,而據二○一○年人口普查數據發現,在內地居住的港澳台居民大約有45萬人。

Dry-Bulk Shipping Seen by Jefferies on ‘Cusp’ of Recovery


Dry-Bulk Shipping Seen by Jefferies on ‘Cusp’ of Recovery

Stronger demand for iron ore and coal shipped by sea, led by record monthly steel production in China amid slowing fleet growth, is poised to end a downturn in dry-bulk shipping, said Jefferies Group Inc.
“The dry-bulk shipping market could very well be on the cusp of a sustained, cyclical recovery,” the New York-based investment bank said in a quarterly report e-mailed today.

Fleet growth at 5 percent to 6 percent this year amid increased production of iron ore, a steelmaking raw material, “will likely be insufficient to absorb the incremental demand” by miners in the second half of 2013, Jefferies said. The outlook for the industry is “increasingly attractive,” with global dry-bulk trade estimated to grow by at least 6 percent in 2013, Jefferies said

銀監新規重挫中小內銀

銀監新規重挫中小內銀
嚴治理財產品 憂要集資民行跌近8%
2013年3月29日
【明報專訊】內地銀行理財產品在過去幾年激增,但同時流弊叢生,中國銀監會日前發布嚴厲規管內地銀行理財產品,限制非標準化債權資產不得超過整體理財產品規模的35%,或者銀行總資產的4%。分析指出,此舉非但會令今年理財產品增幅放緩,影響有關收費收入,亦可能令銀行資本充足率受壓,對中小型銀行尤其不利,昨日內銀股全線插水,其中民生銀行(1988)跌勢最傷,收市跌8%。內房股亦暴跌,融創跌6%。

Wilbur Ross's Big Bet on the Shipping Industry



美元牛市初露端倪?(三)



美元牛市初露端倪?(二)



美元牛市初露端倪?(一)



Sell In May & Go Away?



《創富激發點》羅家聰: 港股挫內銀受壓



Sunday, March 31, 2013

与银行保健业者洽联营 印度Spice拟进军大马


与银行保健业者洽联营 印度Spice拟进军大马
Created 03/31/2013 - 10:49
(吉隆坡30日讯)印度Spice全球集团董事经理兼主席布派达古玛表示有意进军大马电讯、科技、娱乐和全球金融领域,并正与大马银行和保健业者商谈联营合作。

仅限业务合作

布派达古玛日前出席“印度:前方道路圆桌大会”时指出,正在与马银行(Maybank,1155&#