Saturday, April 20, 2013

OldTown White Coffee brewing plans to expand


OldTown White Coffee brewing plans to expand
By Francis Dass
bt@mediaprima.com.my
2013/04/20

MALAYSIA'S most successful "kopitiam" chain, OldTown White Coffee, is set to spend RM9 million to open 20 to 30 more outlets nationwide.

Lee Siew Heng, group managing director of OldTown White Coffee, said this is in keeping with the company's determination to maintain its trajectory of dynamic growth.

太航報喜船租收入提升


太航報喜船租收入提升
航運市場有回升迹象,太平洋航運(02343)行政總裁貝律銘率先報喜,指今年餘下三季貨船租金收入將較首季有提升,至今有五成的小靈便型貨船獲訂約。他又指,現時集團淨負債水平低,有發展空間擴充船隊。

物色擴充船隊機會
太航之小靈便型乾散貨船於首季錄得日均租金為8,820美元,貝律銘表示,雖然表現不強勁,但已見改善,並且接近該船業務的收支平衡點,相信餘下三季租金收入會有提升,至今獲訂約船隻達五成,而且日租金達9,500美元的水平。貝氏認為,受惠於美國經濟復甦,內地煤炭及鐵礦石運輸帶動下,市場需求增長不俗,料今年全球乾散貨需求增長約6%至7%,不過運力過剩是主要問題所在,更認為市場仍需時去消化。

MSCI納入A股 市場人士指有排等

MSCI納入A股 市場人士指有排等
2013年4月20日
【明報專訊】一句關於MSCI新興市場指數或加入A股的傳聞,成為炒起中港兩地股市的藉口之一,然而有市場人士指出,外資無法自由進出中國股市,所以,MSCI納入A股作為成分股,仍是美好但非常遙遠的事情。MSCI公司倫敦發言人拒絕評論市場傳聞,《中國證券報》則引述中證監新聞發言人說,近期中證監與包括MSCI在內的國外指數公司交流、探討,還需研究外匯管制、財稅等事宜。

中國現佔比18% 屬H股或紅籌

按國家分類,MSCI新興市場指數現時以中國佔最大比重,達18.07%,但當中所謂「中國」股份,主要為在香港上市的H股或紅籌,如中移動(0941)、建行(0939)及工行(1398),3家公司位列MSCI新興市場指數佔比首10名。內地的A股尚未列入(見表)。

擬351億購IBM伺服器部門 市場受落 聯想股價飆10%


擬351億購IBM伺服器部門 市場受落 聯想股價飆10%

【本報訊】面對個人電腦(PC)需求急速萎縮,聯想(992)擬再向IBM收購業務抗衡。消息指,今次聯想看中的是IBM伺服器部門,作價25至45億美元(195至351億港元),倘落實將是聯想歷來最大宗收購。消息刺激聯想狂升近一成,為全日升幅最大藍籌。
記者:石永樂

聯想昨證實,正就一項潛在收購事項與第三方進行磋商,惟未簽任何協議,若有關收購有進展,會作進一步公佈,消息刺激該股全日向上,收報7.06元,升9.4%,成交額增至11億元。

Mark Mobius: I Am Still Bullish on China


Mark Mobius: I Am Still Bullish on China
Leading emerging markets investor Mark Mobius is still bullish on China, despite the country's disappointing economic growth in the first quarter.

"The new administration in China is just getting its game going, I think that growth engine will continue and so we remain bullish on China," Mobius, executive chairman of Templeton Emerging Markets Group, told CNBC on Thursday.

China, which is currently the world's second largest economy, will grow at 7-8 percent per annum over the next few years, forecast Mobius.

Lenovo in M&A Talks; Report of IBM Deal


Lenovo in M&A Talks; Report of IBM Deal

Lenovo Group said on Friday it was in preliminary talks about a potential acquisition, following a media report that IBM Corp was negotiating the sale of its x86 server hardware business to the Chinese computer maker.

IBM wants $5 billion to $6 billion for the business, which sells low-priced servers traditionally used to power large corporate data centers, said technology news site CRN, citing a high ranking industry executive.

Lenovo did not identify the acquisition target.

Pacific Basin Shipping CEO on Results, Strategy



兩陣宣言拼派錢‧陳鼎武:選後經濟恐更糟


兩陣宣言拼派錢‧陳鼎武:選後經濟恐更糟
Created 04/19/2013 - 17:30
(吉隆坡19日訊)資本投資(ICAP,5108,主板封閉式基金組)董事經理陳鼎武以“在數以億元計的直接和間接選舉活動和承諾後,大馬經濟可能依然如故,甚至可能變得更糟",來形容大馬選後經濟的困境。

他在接受《星洲財經》專訪時直言,無論誰執政,都應致力解決大馬根本的經濟問題――大馬正失去效率和生產力而沒有競爭力,然而,讓人遺憾的是,兩黨對這卻隻字未提,令大馬長期經濟展望堪憂。

P.I.E Industrial Bhd - A timely opportunity


P.I.E Industrial Bhd -
Price Target:5.14
Last Price:4.69
A timely opportunity

INVESTMENT MERIT

- An under-researched stock. P.I.E Industrial Bhd (“PIE”) may not be in the spotlight of analysts, but in times where income-yielding stocks are sought as one of the preferred investment strategies, we believe that PIE is certainly worth a look by investors given its resilient earnings quality, sizeable cash pile and attractive yields.

- Resilient earnings. Despite its association with the Hon Hai/Foxconn Technology Group, PIE actually sources its own contracts. Currently, its Malaysian business contributes less than 10% of the group’s total revenue. However, the local contribution is likely to increase with the kick-start of its new set-up box contract, where production is likely to go full steam from 4Q13 onwards. We project FY13 EPS to grow 4.8% on the back of a 5% rise in the revenue.

JCY International : Hard (disk) times (CIMB)


JCY International
Current RM0.53
Hard (disk) times

 We are ceasing coverage on JCY due to the deteriorating operating environment and uncertainty over the group’s earnings prospects. We expect its earnings to continue to be volatile. Our last rating on the stock was an Underperform.

We recommend investors switch to MyEG, which provides defensive earnings and growth. Also, MyEG’s nature of business is recession-proof.

曾渊沧@股友通讯录 2013 年04 月份


各位朋友
有好一段日子没有写通讯,原因是近两个月来新加坡股市几乎失去方向,升则升不上,跌也跌不下,僵住了,买也不是,卖也不是,我也不知道该写些什么让大家参考。

美国股市是在不断地创新高。但是中国、香港股市正处於调整期,多多少少也影响了新加坡股市。前天,中国政府公布最新的经济数据,一般认为中国经济在放缓,於是金价狂跌,其他天然资源的价格也大跌。美国股市同样大跌,中国的经济动态已开始影响全世界。

CapitaMalls Malaysia Trust : Results Tracking Expectations (MKE)


CapitaMalls Malaysia Trust
Buy (unchanged)
Share price: MYR1.88
Target price: MYR2.01 (unchanged)
Results Tracking Expectations

 Maintain BUY. CMMT’s 1Q13 core net profit of MYR35.8m was within our and market expectations. We maintain our FY13/14/15 earnings forecasts and DCF-based target price of MYR2.01. We keep our BUY rating in anticipation of the imminent injection of Queensbay Mall, which could add 1.7sen to our FY14 DPU to 9.8sen or a 5.2% yield. CMMT is our top pick in the M-REIT space, with a gross FY13 yield of 4.7% yield vs an average of 4.9% among the large-cap REITs.

2013年十大華人富豪簡介


fi12.jpg (907×417)

1Q13 In Review: Which Stocks Beat The Rest? Do They Have Any Steam Left?


16 APRIL 2013
1Q13 In Review: Which Stocks Beat The Rest? Do They Have Any Steam Left?
By Simeon Ang

A gloomy macroeconomic environment may have put a dent in consumer and business sentiments, but it most certainly did not put a significant dent in the stock markets. In fact, for the first quarter of 2013, stock markets continued to perform better than what most analysts expected. For instance, the Straits Times Index (STI) appreciated 4.5 percent over 1Q13 despite an already impressive year in 2012.

Just which stocks fared the best during this somewhat bullish market? Do they still have room for further ascent? Let us take a look at the winners of 1Q13 in three broad categories, namely the STI components, FTSE ST Mid-Cap components and the FTSE ST Small-Cap components.

Ascendas REIT : Building for the long-term (CIMB)


Ascendas REIT
Current S$2.86
Target S$3.05
Building for the long-term

 4QFY3/13 was another positive quarter as AREIT executed its growth strategy well, aided by a portfolio of quality assets and past investments. With steady DPU growth and a defensive balance sheet, AREIT should benefit from the recent resurgence in demand for yields.

At 22% and 98% of our FY13 forecast, respectively, 4Q13 and FY13 DPU broadly met our and consensus forecasts, with the slight variance resulting from a performance fee. We nudge up our DPUs and DDM-based target price as we factor in the results and a lower discount rate of 6.4%. Maintain Outperform on the catalysts of accretive AEI and developments.

曹仁超於二月八日L plus H Fashion 週年員工會議分享他的人生反省



曾淵滄教路 09.04.13 : 大利淡因素夾擊 散戶宜離場觀望

大利淡因素夾擊 散戶宜離場觀望
現在,市場上同時出現四個不利於股市的消息,第一個是中國上海、江蘇、浙江一帶的禽流感爆發,第二個是北韓的神經刀又再發作,第三是中國人民銀行在收緊銀根,第四是中國中央政府一再地說調控樓市絕不手軟。

問題真的很嚴重嗎?

禽流感未人傳人

先談禽流感,香港人試過二○○三的SARS,於是杯弓蛇影,加上傳媒永遠喜歡誇張報道,甚麼搶購板藍根,板藍根賣斷市……這為大戶造淡提供了炮彈,許多香港人把禽流感與SARS搞混亂了,SARS會人傳人,所以恐怖,禽流感至我寫這篇稿為止,全世界仍未有任何人傳人的個案,一些傳媒報道說一些科學家恐嚇大家說變種禽流感可能會人傳人,那只是部分想出名的,語不驚人死不休的科學家的言論,只要禽流感一天不發生人傳人的事件,禽流感對香港股市的影響相信很快地會過去,現在已是四月天,香港季候鳥開始向北飛而不是上海的鳥往南飛,因此不必擔心帶有禽流感的鳥由上海飛來香港,要擔心的反而可能是北京,因為上海的季候鳥的確可能飛到北京,禽流感一點也不可怕,只要你不去碰飛禽、雞鴨就一定沒事。

大英Blog物館 09.04.2013:「止蝕盤」非萬無一失 市況惡化前宜先減磅


「止蝕盤」非萬無一失 市況惡化前宜先減磅
上期本欄提到,交易剛開始時,最為脆弱,一旦出意外,會極危險,所以一如駕駛飛機,未到足夠高度,要隨時準備「逼降」。入市之初,應將倉位當作錯誤來看,直至盈利出現為止。

或許會問:「我有擺定止蝕盤,仲使乜搞到成日雞咁腳,輸少少就走?」很多交易者,習慣在入市後,隨手將止蝕盤放在某一水平,多為圖表上的支持位、近期高、低位,或者用吓黃金比例,就自覺信心十足,損失已受嚴控。可是,就算不計隔日裂口開市,用這種做法,許多時候損失還是比預期中多。

学习巴菲特 坚持5原则


学习巴菲特 坚持5原则
Created 04/15/2013 - 13:00
巴菲特每年都会撰写一封著名的致伯克夏股东的信件,并被大家广泛阅读和引用,而公司投资组合的构筑原理明明白白就在当中。当然,哪怕只想获得最基本的技巧和知识,也需要大量的实践。

巴菲特自然不可能例外,虽然他现在已经达到了极高的水平,但是他所撒播的投资种子,确实是在任何地方都可以发芽的,只要我们会按照他的方式行事。

Everything You Know About The Market “Is Wrong”


 19 MARCH 2013
Everything You Know About The Market “Is Wrong”

By Alastair Kellett

What’s striking about the accepted truths of our time is that they are, for the most part, unsubstantiated by the facts.

Casual observers of financial markets are these days likely to have formed a fairly clear view of things. Common perceptions are that stocks have never been as volatile and dangerous; that the good times are behind us and we should all learn to live with much lower returns in our portfolios; and that physical gold is the only thing we can really call a safe investment anymore. What’s striking about the accepted truths of our time is that they are, for the most part, unsubstantiated by the facts.

胡立阳: 肖氏"三把火"烧向何方



具重估潜能 东益电子下半年盈利有惊喜


具重估潜能 东益电子下半年盈利有惊喜


(吉隆坡19日讯)分析员相信东益电子(GTRONIC,7022,主板科技股)具有重估潜能,预计盈利成长在下半年会有惊喜。

东益电子即將於本月30日公佈2013財政年首季业绩。

虽然分析员预测首季表现无法与上个季度的1170万令吉核心净利相比较,但看好其营业额及盈利將能够取得按年成长,盈利预测將符合预期。

新领导带来新气象 Masterskill教育有望转盈


新领导带来新气象 Masterskill教育有望转盈
Created 04/19/2013 - 14:38
(吉隆坡18日讯)分析员相信,Masterskill教育(MEGB,5166,主板贸服股)新总执行长可为集团的财务和文化带来新气象、将助集团转亏为盈。

Masterskill教育周四宣布,最大股东(持股23.8%)兼总执行长拿督斯里艾蒙德桑塔拉辞职,并委任西瓦古马为执行董事。

兴业研究分析员对艾蒙德桑塔拉的辞职不感到太意外,因去年有报道指后者面对健康问题需动手术。

据知,集团自2012年中起就开始寻找适当的接班人。

摩指加A H股有救


摩指加A H股有救
MSCI新興市場指數擬加入A股權重,更市傳有關方面昨與中證監及外匯局正式溝通。有分析認為,若落實勢刺激追蹤有關指數的基金大量買入A股,未來投資A股的資產或超過3,000億美元(約2.34萬億港元),不但有助A股打破悶局,在港上市H股將更受惠,上漲空間或達20至30%。

推進內地資本市場與國際接軌,一直是中證監重要目標,去年滬深交易所官員曾進行全球推介會,期望提高境外投資者對中國股市的興趣,同時中證監與外匯局降低境外投資者申請合格境外機構投資者(QFII)門檻與投資限制,早前更再度放寬人民幣合格境外機構投資者(RQFII)試點機構類型與投資限制。

Gold Fears Overstated?



Investors Bearish on Apple



China Selloff Ahead?



Buying Opportunities: KNM and Benalec



中国经济增长缓慢?



黃金12年多頭結束?全球央行偷偷關掉印鈔機,商品市場崩盤,下一個受害者會是誰?



Friday, April 19, 2013

Analysis Gold slide flashes warning signs for global economy


Analysis Gold slide flashes warning signs for global economy
Business & Markets 2013

Written by Reuters  
Friday, 19 April 2013 14:27

NEW YORK (April 19) : The plunge in the gold price in the past week may have raised a big red flag over the global economy.

Some top investors say the gold sell-off, and the broader declines in oil and metals prices, reflect the failure of the Federal Reserve and other central banks to create robust demand even as they inject massive amounts of money into the world financial system.

Ivory looks like a gem in the making


Ivory looks like a gem in the making
Business & Markets 2013

Written by Lee Cheng Hooi  
Friday, 19 April 2013 10:31

Eurozone efforts to fight off banking and sovereign debt problems are starting to show results as five officials from the bloc said they are prepared to explain what actions shall be taken to end the recession and re-stabilise the financial markets. The European officials said  measures such as the European Central Bank’s (ECB) bond buying programme, widespread fiscal consolidation and increased lending are leading towards a lasting correction of imbalances.

Rail sector to provide jobs till 2030


Rail sector to provide jobs till 2030
Business & Markets 2013

Written by theedgemalaysia.com  
Friday, 19 April 2013 10:34

CONSTRUCTION [] sector
Maintain overweight: According to press reports, the high-speed rail (HSR) and East Coast rail route (ECRR) may cost a total of RM100 billion — potentially providing more sizeable jobs for the construction sector between now and 2030.

These would be in addition to the estimated RM50 billion (to be adjusted subject to actual launch dates) worth of jobs from Line 2 and Line 3 of the Klang Valley MRT (KVMRT) project, likely to be awarded between now and 2016.

OldTown expects to maintain growth


OldTown expects to maintain growth
Business & Markets 2013

Written by Insider Asia  
Friday, 19 April 2013 10:36

OldTown Bhd’s (RM2.53) shares appear to be trading at fairly decent valuations relative to the company’s expected growth — at roughly 17.3 times our estimated earnings for 2014 financial year ending March (FY14).

The company’s two primary businesses — the café chain and the manufacturing of instant coffee/tea mixes — have being faring well and should continue to underpin earnings growth for the foreseeable future.

Hektar REIT targets RM2b assets


The Star Online > Business
Friday April 19, 2013
Hektar REIT targets RM2b assets

Its total asset value surpassed RM1bil last year after it bought two malls in Kedah

By CHOONG EN HAN
han@thestar.com.my

PETALING JAYA: Hektar Real Estate Investment Trust (REIT) hopes to expand its total asset value to RM2bil as it embarks on efforts to enhance its assets and improve its retail mix.

“Our total asset value surpassed the RM1bil mark last year after we bought two malls, Central Square and Landmark Central, in Kedah for RM181mil. I think we will expand this to RM2bil by targeting more neighbourhood malls.

MISC below buyout price ahead of offer expiry today


The Star Online > Business
Friday April 19, 2013
MISC below buyout price ahead of offer expiry today

PETALING JAYA: MISC Bhd shares continued to trade below the buyout price of RM5.50 one day before the offer expires.

MISC’s major shareholder – Petroliam Nasional Bhd’s (Petronas) offer to take it private ends today at 5pm, with it interest in MISC still at 79.77% as of yesterday.

What this means is that it needs to garner another 10.2% of acceptance from minorities to hit the required 90% shareholding level to make the offer unconditional.

股市縱橫:A股回穩 南方A50可低吸


股市縱橫:A股回穩 南方A50可低吸
http://paper.wenweipo.com   [2013-04-19]

韋君
fi0419a8.jpg (400×270)
 美股道指急彈一日後隔晚又告掉頭,收市急插138點,不過昨日港股拋壓則明顯輕於預期,而外圍市況過於波動,本地市場炒股的鑊氣也告明顯收斂。昨市升幅逾1成的個股已大減至僅得9隻,其中有4隻更屬創業板股份,反映投資者高追意慾並不強。

工行《福布斯》稱王 華企初登榜首


工行《福布斯》稱王 華企初登榜首
2013年4月19日
【明報專訊】終於有中國公司登上全球企業最頂峰,美國《福布斯》雜誌昨日公布的2013年全球企業2000強排行榜,內銀股工行(1398)擊敗去年榜首埃克森美孚成為今年全球最大企業,這亦是此榜推出10年來,首次有中國企業成為國際第一;緊隨其後的亦是內銀四大行之一的建行(0939)。此外,頭十大企業當中更有4間來自中國(見表),但在內地經濟學者眼中,這同時亦反映內地國企巨無霸壟斷市場的問題,雖然國際稱王,但卻是犧牲社會財富所得來。

建行奪榜眼 中行居11位

《福布斯》全球企業2000強排名,是以銷售額、利潤、資產和市值綜合計算,工行以銷售額1348億美元、利潤378億美元、資產28,135億美元及市值2373億美元奪冠,建行亦一口氣躍升11位至全球第二;去年冠軍埃克森美孚則跌至第五,2011年榜首摩根大通也僅排第三。另外,農行(1288)、中石油(0857)和中行(3988)分別居第8、9和11位。

內線王:安本資產掃中石油


內線王:安本資產掃中石油 - 范董

美國近期經濟數據差,加上內地首季GDP按年增長7.7%遜於市場預期,資源股普遍冇運行。不過,安本資產冇理會紐約期油在周一跌穿90美元,於16日再以9.498元均價大手買1,100萬股中石油(857),持股量更較去年8月披露增持時多出1.89億股。

美資基金再煲國藥
安本資產由去年4月起持續吸貨,持股量由原來7%增至現時9.01%,可謂一路睇好。中石油現價預期市盈率約為11倍,股息率4厘,對這類長線投資基金有一定吸引力。另外,中央政府將推出新成品油價格機制,預期煉油業務可轉虧為盈,同時亦逐漸提高天然氣價格,相信均有利中石油發展。

CapitaMalls Malaysia Trust : Trust this mall (CIMB)


CapitaMalls Malaysia Trust
Current RM1.88
Target RM1.99
Trust this mall

 CMMT's 1Q13 core net profit of RM35.8m is broadly in line with our and consensus expectations, making up 24% of estimates. We trust that CMMT will utilise the RM60m planned spending on East Coast Mall wisely, which should drive rental rates in Kuantan's leading mall.

We maintain our Outperform rating and DDM-based target price. The rise in rental rates post the RM60m asset enhancement work in East Coast Mall and future yield-accretive acquisitions are the re-rating catalysts. The FY13 4.8% dividend yield should support CMMT's share price.

Singapore Residential Property: Wave of launches driving firm Mar sales (OCBC)


Singapore Residential Property:
Wave of launches driving firm Mar sales

URA reported that a headline total of 3,072 new private homes (including 279 EC units) were sold in Mar 13, which was up 235% MoM and 1% YoY. These healthy numbers were driven by a wave of new launches after the Lunar New Year, including D'Nest (912 total units, Pasir Ris) 699 units sold at a median S$963 psf, Bartley Ridge (868 total units, Mt Vernon Rd) 367 units sold at S$1,296 psf and Urban Vista (582 total units, Tanah Merah) 348 units sold at S$1,503 psf. We see sales reflecting still firm residential demand and an environment of continued liquidity but remain cognizant of potential incremental curbs should the housing sector show excessive activity going forward. Maintain NEUTRAL on the residential property sector and we prefer developers with strong balance sheets and diversified exposure. Our top picks are CapitaLand [BUY, S$4.29], Keppel Land [BUY, S$4.53] and CapitaMalls Asia [BUY, S$2.55].

STX OSV: Tailwinds from New Orders vs Headwinds from Margin Pressure (CIti)


STX OSV
Price (16 Apr 13) S$1.22
Target price S$1.50
Tailwinds from New Orders vs Headwinds from Margin Pressure

 Headwinds Adequately Priced — We have lowered our FY13 and 14 earnings est. by 12% and 3% respectively, largely on the back of moderated margin assumptions. We trim our target price from S$1.70 to S$1.50 accordingly, based on an unchanged ~9x FY13E earnings multiple. While acknowledging i) a mixed outlook for order wins; and ii) margin pressure stemming from operational issues in Brazil, we are maintaining a Buy on STX OSV (to be renamed ‘Vard’) as we view the negatives to be adequately priced. Even taking into account reduced expectations, STX OSV is still expected to deliver ROE in excess of 20% between FY13-14E (among the highest in the industry) and earnings could comfortably support a dividend yield of about 5% at current valuations.

Mapletree Greater China Commercial Trust:More than meets the eye (DBSV)


Mapletree Greater China Commercial Trust:
 BUY (Initiating Coverage) S$1.05;
More than meets the eye;
Price Target : 12-Month S$ 1.18

•A best-in-class portfolio of commercial assets
•Resilient cashflow with strong organic growth drivers
•Recommend BUY with TP of $1.18

A portfolio with scarcity value. Mapletree Greater China Commercial Trust (MGCCT) offers investors an attractive opportunity to own iconic, best-of-breed commercial assets - Festival Walk and Gateway Plaza - through a capital efficient platform. It offers investors both attractive yield and total return derived from strong and resilient operating cashflow with inbuilt organic growth drivers which will underpin earnings and NAV expansion.

GEO ENERGY: Acquiring Its 5th Mining Concession Year-To-Date


GEO ENERGY: Acquiring Its 5th Mining Concession Year-To-Date

Written by Sim Kih
Tuesday, 16 April 2013 13:00

GEO ENERGY Resources, an Indonesian coalmining specialist, has signed a conditional sale and purchase agreement to acquire its fifth mine concession in 2013.

This new concession, spanning a total area of 4,600 hectares, is estimated to contain average calorific value coal of 7,200 kcal/kg (GAR) and semi-coking coal, much higher than the 3,400 kcal/kg of the mine that the Group is currently operating.

AIMS AMP Capital Industrial REIT: Another Huge Redevelopment in the Pipeline?


AIMS AMP Capital Industrial REIT
• Intrinsic Value S$1.740
• Prev Close S$1.660
Another Huge Redevelopment in the Pipeline?

AIMS AMP Capital Industrial REIT (AA REIT) posted a healthy set of FY13 results with revenue in-line with our projection and DPU outperforming our expectation by 0.58 S cents. The latter was backed by 0.30 S cents of capital gains on the back of the 31 Admiralty Road divestment, 0.09 S cents of retained distribution and better than expected contribution from the 20 Gul Way Phase 1. 4Q gross revenue rose 10.0% QoQ to S$23.8m (excluding the S$4.1m of recovery in property tax on 27 Penjuru Lane in 3Q) while NPI inched up 5.2% QoQ to S$15.5m. The weaker rise in NPI can be partially explained by the lower occupancy rate, which fell 2.4% points QoQ to 96.1%. Management remains optimistic about the outlook, as they are currently in active discussions with a few companies on the available areas.

TEE International : Reaching Into New Markets (SIAS)


TEE International
 Intrinsic Value S$0.475
 Prev Close S$0.370
Reaching Into New Markets

TEE International Limited’s (TEE) 9M FY13 revenue was up 22.6% to S$127.7m. Since our last update on 11 January 2013, TEE has been aggressively growing its portfolio with new projects in Thailand, Singapore and New Zealand. It even plans to tender for a project in Myanmar with its business partners. The proposed listing of TEE’s property development arm saw progress as TEE Land managed to secure total investment of S$4.0m from certain Pre-IPO investors. (Increase Exposure).

Keppel REIT 1Q13: Best Grade-A Office Portfolio In Singapore (UOBKH)


Keppel REIT
Share Price S$1.42
Target Price S$1.64
1Q13: Best Grade-A Office Portfolio In Singapore

KREIT’s results are in line, with the best Grade-A office portfolio in Singapore continuing to deliver higher occupancies (up 0.3ppt to 98.8%). With office rentals expected to bottom out in 2013 and to rise 8% in 2014, the key re-rating catalyst would be an accretive acquisition of MBFC Tower 3. We have raised our target price to S$1.64 (from S$1.57), mainly factoring in a 50bp reduction in required rate of return on improving office segment fundamentals adjusted for the risk of dilutive equity fund-raising. Maintain BUY.

Ascendas REIT 4QFY13: Looking Overseas To Offset Slowing Singapore Growth (UOBKH)


Ascendas REIT
Share Price S$2.86
Target Price S$2.86.
4QFY13: Looking Overseas To Offset Slowing Singapore Growth

Results were in line with expectations. Positive rental reversions are expected to continue in FY14 and FY15 as expiring leases are 9-35% higher than passing rentals. AREIT continues to see near-term opportunities in China tier-1 cities while Iskandar Malaysia remains a medium-term opportunity, especially for light industrial space, as AREIT sponsor Ascendas jointly develops the industrial park with UEM Land. Maintain HOLD with a higher target price of S$2.86 (from S$2.73). Entry price is S$2.49.

Singapore Press Holdings: 2Q13 weaker than expected; REIT plans still in 'consultation' phase (CS)


Singapore Press Holdings
Maintain NEUTRAL
Price (12 Apr 13 , S$) 4.60
TP (prev. TP S$) 4.50 (4.50)
2Q13 weaker than expected; REIT plans still in 'consultation' phase

● SPH FY8/2Q13 core net profit of S$71.5 mn (-21% QoQ / -15% YoY) was weaker than expected, driven by weaker core media performance, partly offset by better growth in the property business.

● Group revenue (-12% QoQ, -6% YoY) was weaker driven by the newspaper business (-15% QoQ, -7% YoY) as the government’s cooling measures targeting the property/auto market affected display and classified ads, but appear to have bottomed in February.

Hi-P : iPhone sales may fall short of expectations (Limtan)


HI-P
S$0.71-HIP SP
 Hi-P’s major customer Apple fell 5.5% last night (bringing its decline since peaking in Sept ’12 to -43%) after one of its key audio chip supplier (Cirrus Logic) reported an inventory glut that suggests iPhone sales may fall short of expectations.

 According to several US analysts, Cirrus Logic (Apple accounts for 90% of its sales) which makes sound components for the iPhones and iPads is a good indicator of demand for Apple’s top selling products and they blame Apple for losing its mobility mojo and that there was an inventory over-build for iPhone 5 relative to Apple’s previous forecast.

MSCI指數密斟添A股


MSCI指數密斟添A股

MSCI新興市場指數擬加入A股權重,市場更盛傳有關方面昨日與中國證監會、國家外匯管理局正式進行溝通。分析認為,若落實勢刺激追蹤有關指數的基金大量買入A股,未來投資A股的資產或超過3,000億美元(約2.34萬億港元),不但有助A股打破悶局,在港上市H股將更受惠,上漲空間或達20至30%。

推進內地資本市場與國際接軌,一直是中證監重要目標,去年滬深交易所官員曾進行全球推介會,期望提高境外投資者對中國股市的興趣,同時中證監與外匯局降低境外投資者申請合格境外機構投資者(QFII)門檻與投資限制,早前更再度放寬人民幣合格境外機構投資者(RQFII)試點機構類型與投資限制。

投資學堂:買內銀時機將至


投資學堂:買內銀時機將至 - 譚紹興

筆者一向認為短炒好玩、有快感,但不容易賺到大錢,反而中長線持有,獲利較豐厚。短炒是指一兩日完成買賣,而中長線持有則指半年以上的投資。

短炒方面,筆者只信電腦程式,其他人的意見,若無訊號支持則不買也罷。近期短炒最得意之作是深圳國際(152),當日開市不久,電腦程式已發出買入認號,即日獲利兩成多,當然即時走人!該次成交夠大,可以買入較大量的貨,因為很多三四線股,雖有升幅,卻常有出不到貨的情況。

国油仅持86%股权 MISC私有化告吹


(吉隆坡19日讯)国油公司(Petronas)提高MISC公司(MISC,3816,主板贸服股)私有化献购价格的举动无法奏效,徒让MISC公司除牌行动正式告吹。

在献购期截止后,接受献议的股权达23.4%,加上原本持有的62.67%股权,国油只持有MISC公司的86.07%股权,未达到该献议所设定的90%股权门槛。

週五(19日)是国油对MISC公司私有化献购期的最后一日,隨著今日的事態发展,这起1月31日发展至今的爭议性私有化案件宣布告吹,而这家全球第二大液化天然气运输公司將继续留守大马股市。

MISC公司在晚间发表的文告阐明,基於无法达到国油设定的献议生效条件,后者將在14天內,把所有收到的股票归还予相关股东。

曾淵滄專欄 19.04.13:港人買居屋如抽獎


曾淵滄專欄:港人買居屋如抽獎 - 曾淵滄

過去兩年,中央政府一直不停打壓樓市。不過,在過去兩年,我亦不斷地告訴大家,長遠而言,中國樓價是壓不下的。因為農民不斷遷往城市,城市人口膨脹,樓價如何壓得下去?而鼓勵農民工入城,是中國政府更為重要的基本大政策,比起打壓樓價更重要。

上一任國務院總理溫家寶留下的「國五條」,至今仍沒有正式執行,昨天,中國政府公佈今年3月的全國房價統計數字又見上升,昨日內房股幾乎全面上漲。

昨日股市最有趣的地方是,內房股上漲的同時,本地地產股則下跌,而且跌幅不小,令恒指埋單最終要下跌。

股王不再 蘋果累挫44%


本報綜合報道】做了全球股王20個月的蘋果(Apple),一哥寶座終於不保。蘋果股價昨晚再跌穿400美元,低見393美元,跌2%,創2011年12月以來最低,更將全球市值一哥之位拱手讓給石油巨企埃克森美孚(Exxon Mobil)。

美國電訊商Verizon昨公佈業績,指今年首季為400萬部蘋果iPhone開戶,較去年第四季的620萬個急跌35%,顯示iPhone需求的確有下跌趨勢。

擔心產品需求買少見少,投資者拋售公司股份,蘋果前晚急挫近6%,市值跌至3,745億美元(約2.92萬億港元),被埃克森的3,854億美元超越。蘋果自去年9月創下每股705美元的歷史新高後,至今已回落44%,期間市值已蒸發2,800億美元(約2.18萬億港元),比搜尋器一哥Google的2,591億美元市值還要多。今年迄今,蘋果股價累跌25%,對手三星(Samsung)股價走勢剛好相反,年內僅跌2.6%,市值約1.5萬億港元。

Hektar reit to focus on asset enhancement, retail mix improvements


Hektar reit to focus on asset enhancement, retail mix improvements
Business & Markets 2013
Written by Bernama  
Thursday, 18 April 2013 16:49

KUALA LUMPUR (April 18) : Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust (Hektar REIT), will focus on asset enhancement and retail mix improvement to further boost rental yields of its five mall assets.

They are Subang Parade (Selangor), Mahkota Parade (Melaka), Wetex Parade(Muar), Central Square (Sungai Petani) and Landmark Central (Kulim).

Hektar Asset Management executive director, Zalila Mohd Toon, said the company will invest RM19 million to refurbish two of its malls in Kedah -- Central Square and Landmark Central -- which were recently acquired for RM181 million.

高盛:黄金已成“昨日黄花” 天然气或成下个“避险天堂”



How Healthy Is the U.S. Housing Market?



Shanghai Comp. Year-End Target of 2,500: Sun



Talking Numbers: Gold & Oil Buying Opportunity?



金价爆挫之殇 全球黄金储备或受打击



What the new government will likely do to boost the Chinese economy.



Thursday, April 18, 2013

20大馬公司上榜《福布斯》‧馬銀行排332居首


20大馬公司上榜《福布斯》‧馬銀行排332居首
Created 04/18/2013 - 17:30
(吉隆坡19日訊)《福布斯》今天公佈全球2000大上市企業排行榜(Forbes Global 2000),馬股共有20家上市公司上榜,表現標青,比較去年的18家增加2家。

馬來亞銀行(MAYBANK,1155,主板金融組)排名第332位,是大馬排名最高的上市企業,排名也比2012年的366位大幅躍升了34位;馬銀行前年排名是458名。

聯昌集團(CIMB,1023,主板金融組)以467位排名居次,排名也較2012年的493位突飛猛進;聯昌2011年的排名是466位。

放眼資產達20億‧賀達產託尋求收購良機


放眼資產達20億‧賀達產託尋求收購良機
Created 04/18/2013 - 17:26
(吉隆坡18日訊)賀達產業信托(HEKTAR,5121,主板產業投資信托組)總資產規模突破10億令吉大關,將繼續強化現有資產與尋找收購機會,以實現接下來的20億令吉目標。

該公司執行董事兼首席財務員扎麗拉在股東大會表示,公司雖然不是大型產業信託,但也一步一腳印地將總資產規模從初始的5億令吉提昇至今突破10億令吉大關。

“我們將繼續尋找更多的收購機會,並提昇現有資產的價值,以實現20億令吉的目標。"

黄金暴跌的九大幕后原因


黄金暴跌的九大幕后原因
BWCHINESE中文网 2013-04-17 星期三

黄金再度暴跌10%至1358美元/盎司,创30年来两天内最大跌幅纪录。本文列出可能致金价暴跌九大原因。

15日,黄金再度暴跌10%至1358美元/盎司,创30年来两天内最大跌幅纪录。在这个重要的历史时刻,对幕后原因的无知令人愤怒而痛苦。

综合连日来的报道,以及目前铺天盖地涌出的国际信息,列出可能致金价暴跌九大原因。

大马凯德产托 或注入皇后湾商场


大马凯德产托 或注入皇后湾商场
Created 04/18/2013 - 08:31
目标价:2.01令吉

最新进展

大马凯德产托(CMMT,5180,主板产业信托股)2013财年首季核心净利为3580万令吉,符合市场预期。

因现有商场续约租金上调、租用率平均达98.7%,首季营业额按年涨4.2%。该公司也宣布,首季派发每单位2.18仙股息。

打造武吉免登“乌节路” 柏威年产托8亿建新广场


打造武吉免登“乌节路” 柏威年产托8亿建新广场
Created 04/18/2013 - 08:24
(吉隆坡17日讯)柏威年产托(PavReit,5212,主板产业信托股)开始在武吉免登动工盖新购物广场,打造大马版“乌节路”,分析员认为,新广场能受惠于当地各购物广场的人流量,但预期最早要到2017年方会注入产托。

稍早前媒体报道,柏威年产托保荐人———林晓春夫妇持有的Urusharta Cemerlang私人有限公司(简称UCSB),3年前以每平方尺7209令吉购买的土地,已开始土木工程,计划打造集住宅和零售单位的50层高楼,发展总值料达8亿令吉。

Bumper dividend from Masterskill seen


Bumper dividend from Masterskill seen
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, 18 April 2013 13:09
KUALA LUMPUR (April 18): RHB Research Institute Sdn Bhd foresees a bumper dividend from Masterskill Education Group Bhd's potential sale of its fixed assets.

In a note today, RHB said assuming that all of Masterskill's fixed assets are disposed of at current book value, this could translate into a cash bumper dividend of 36.6 sen a share to be paid to existing shareholders after its outstanding debts are settled.

HPHT faces concerns on labour flexibility: Citi


WRITTEN BY DOW JONES & CO, INC  
WEDNESDAY, 17 APRIL 2013 17:03

The labour disruptions at HPHT’s Hong Kong port are spurring concerns over the impact on labour flexibility and likely wage-rate pressure, Citigroup says, noting wage rates could be pressured upward by 10% this year on an annual basis, above the 5% the house originally considered.

“More important, we believe that the notable flexibility that HIT enjoys regarding its current subcontractor labor structure (pertaining to roughly two-thirds of its operational staff) could also be in jeopardy, particularly in the current volume environment and what we believe to be structural longer-term headwinds for export growth out of South China/HK.” It cuts its target to US$0.71 ($0.91) from US$0.74 to reflect the selloff in Cosco Pacific and China Merchants, resulting in lower peer P/E multiples of 14.4X and 9X respectively, compared with HPHT’s 23.8X. It keeps a Sell call.

Aviation kept ‘neutral’ on bird flu concerns


The Star Online > Business
Thursday April 18, 2013
Aviation kept ‘neutral’ on bird flu concerns )

AVIATION SECTOR By Alliance Research Neutral (maintained)
Analyst Reports

SINCE its outbreak in early April, 77 cases of human infection of the deadly H7N9 avian influenza have been reported in China up to April 16, 2013.

With death toll at 16 now, this flu outbreak may adversely impact global aviation sector in the event of a widespread outbreak beyond China.

MISC under selling pressure


The Star Online > Business
Thursday April 18, 2013
MISC under selling pressure

Opportunities open as counter trades below RM5.50 buyout price

By GURMEET KAUR
gurmeet@thestar.com.my

PETALING JAYA: MISC Bhd, which is the subject of a takeover bid by its parent company, saw some selling pressure at below the RM5.50 buyout price, leading to opportunistic investors punting on the stock.

As a result, a whopping 17.09 million shares changed hands at prices ranging from RM5.30 to RM5.46. The counter closed at RM5.37, 1.8% below the RM5.50 price.

Healthy market and stronger ringgit point to brighter future for M'sia


The Star Online > Business
Thursday April 18, 2013
Healthy market and stronger ringgit point to brighter future for M'sia

By NG BEI SHAN
beishan@thestar.com.my





搜財奴:誰在驅趕資金羊群?


搜財奴:誰在驅趕資金羊群?
因應最新監管取向和尺度,我相信有必要在本欄作出一次性聲明和解說。就是作為一個不再相信長期持有的股市投資者,和久不久會做短線炒作的投機者。我認為自己有必要申明,自己持倉較大的股份,即使在本欄明言中、長線看好,並不代表自己在文章出版後,看見股份短線急升,而不酌量減持作短期炒賣。

事實上,在現今網絡速度,又或者快閃交易時代。很多中型內銀股,一個星期的波幅動輒都可能高達15至20%,更遑論其他三至五線股。若投資者不去嘗試捕捉這些短期波幅,回報肯定被拖低,為長期持有而長期持有,反而風險更大,尤其是在用孖展炒股之時。至於自己客戶的買賣,除委託戶口外,客戶只是參考筆者意見,所以他們的買賣或持倉,將不予披露。況且,這亦有違保障客戶私隱原則。

外資搵食 內銀遇空襲


外資搵食 內銀遇空襲
http://paper.wenweipo.com   [2013-04-18]

 香港文匯報訊(記者 卓建安)有內地傳媒稱近期有外資可能繼續做空內地銀行股,令昨日內銀股的股價受壓,特別是中型銀行股的股價跌幅較大,其中民行(1988)和招行(3968)的跌幅分別達3.97%和1.83%。

 近期國際評級機構紛紛唱淡中國,先是惠譽調低中國本幣長期信用評級,由原來的AA-下調至A+,總體展望為穩定;接著穆迪亦將中國主權債券的評級展望,由原來的「正面」下調至「穩定」,但仍維持Aa3評級。再加上中國首季經濟增長遠遜預期,令近期港股「跌跌不休」,昨日已是四連跌,其中內銀股也是被力沽的對象。

Crunch time for container carriers (CIMB)


 Crunch time for container carriers
Transpacific rates dropped 2-3% last week, giving up one-third of the rate gains since the 1 April general rate increase. What concerns us is that TP rates, after starting off the year significantly higher than the previous year, are now 2.5-4% lower than the year-ago levels.

 The container shipping outlook will depend on how well the industry manages overcapacity. We remain Neutral on shipping overall, with Pacific Basin remaining as our top pick for its compelling valuations. STX Pan Ocean is still our top Underperform. We also like strong companies with relatively resilient earnings such as OOIL and SITC, especially after the recent sell-off in stock markets.

BreadTalk : Should it quit its expansion plans – which of the brokers is right?


10/4/2013– Thai hospitality company Minor International (MINT) has recently increased its stake in BreadTalk to 10%, which has fuelled rumours about a takeover.

Minor International operates more than 1,300 restaurants and 80 hotels and resorts in Asia, the Middle East and Africa, and also has 200 retail outlets for lifestyle brands.

In recent years, MINT has been building up its restaurant brand portfolio, and bought Riverside & Courtyard restaurant in China in December 2012 and Thai Express in December 2011. It also owns Coffee Club in Singapore.

WILMAR: Expanding sugar operation in Africa (UOBKH)


WILMAR INTERNATIONAL                                
Price/Tgt: S$3.31/3.80      
Hi/Lo: S$4.96/3.00
Expanding sugar operation in Africa

What’s New:
Wilmar International (Wilmar) is acquiring a 27.5% equity stake in Cosumar SA (Cosumar) from Societe Nationale d’Investissement (SNI) for a total cash consideration of MAD2.3b (US$263m).

Impact:
Cosumar is the sole sugar supplier in Morocco, one of the largest sugar producers in Northern Africa and third largest sugar producer in Africa. It is targeting the market in Southern Europe, Northern and Western Africa. Cosumar has a total production capacity of 1.6m tonne of sugar pa. With this, Wilmar will have sugar operation in Australia, New Zealand, Indonesia and Africa.

First REIT: No major impact from possible Siloam Hospitals IPO (OCBC)


First REIT:
Fair value S$1.31
add: 12m dividend forecast S$0.079
versus: Current price S$1.30

No major impact from possible Siloam Hospitals IPO
• FREIT crucial to Lippo’s asset-light strategy
• EGM to be held on 29 Apr
• Retain HOLD and S$1.31 FV

News agency Reuters reported that Lippo Karawaci (Lippo), which is First REIT’s (FREIT) sponsor, is seeking to raise at least US$200m in an IPO of its Siloam Hospitals healthcare division. We do not foresee any major impact to FREIT’s prospects, as we believe that FREIT would remain as an important vehicle for Lippo to implement its asset-light strategy.

Suntec REIT : Rerate on Retail (MS)


Suntec REIT
Price target S$2.15
Shr price, close (Apr 9, 2013) S$1.89
52-Week Range S$1.91-1.24
Rerate on Retail; Initiate OW

New top pick in S-REITs. Outperforming office assets well appreciated by the market, but we think mall overhaul concerns are overdone. Our 2014/15 div forecasts are thus 12/15% above consensus.

Above-consensus dividends: We forecast +18%/12% growth in 2014/15 as income from reopened spaces in Suntec Mall progressively flows through. Renovations pose uncertainty for nearer-term dividends, but earmarked proceeds from the sale of Chijmes should more than cover any shortfall. We expect dividends to revert to pre-renovation levels at 9.7c (annualized) by 3Q, and surpass at 10.6c by 2014.

K‐GREEN TRUST: UNINSPIRING PROSPECTS (AM)


K‐GREEN TRUST: UNINSPIRING PROSPECTS
We initiate coverage on K‐Green Trust (KGT) with a SELL call and a fair value of S$0.80.

KGT is a business trust listed on the Singapore Exchange, with a focus on ‘green’ infrastructure assets. KGT’s portfolio contains three assets, namely Senoko Waste‐to‐Energy (WTE) Plant, Keppel Seghers Tuas WTE Plant and Keppel Seghers Ulu Pandan NEWater Plant. Out of the three assets, we estimate that Senoko WTE plant accounts for approx. 70% of KGT’s overall cash flows. KGT’s assets are held on long‐term concession agreements with statutory bodies such as NEA and PUB, which have a remaining concession term of between 11 and 21 years.

A -REIT: Another Stable Set of Results (RHB)


AREIT: Another Stable Set of Results
 (Neutral, S$2.86, TP: S$2.76)

AREIT’s FY13 DPU of 13.74S¢ (+1.3% y-o-y) was in line with our estimate (-1.2% deviation). Revenue and net property income came in at SGD575.8m (+14.4% y-o-y) and SGD408.8m (+11.0% y-o-y) respectively. The increase in revenue was mainly due to additional contributions of rental income from completed development projects and newly-acquired properties during the year. We maintain our NEUTRAL view on AREIT with a DDM-based (COE: 7.3%, TGR: 1.0%) TP of SGD2.76.

Keppel REIT 1Q13 in line: Limited upside given slower office demand outlook (CS)


Keppel REIT
Price (15 Apr 13 , S$) 1.42
TP (prev. TP S$) 1.32 (1.32)
Maintain NEUTRAL
1Q13 in line: Limited upside given slower office demand outlook

● KREIT’s 1Q13 DPU of S¢1.97 was in line. Growth was driven by the full-year contribution and higher occupancies at OFC, as well as improved occupancies at Pru Tower, 77KS, OFC and MBFC, although partly offset by the issuance of 40 mn (1.5%) new units in March. Portfolio occupancy +0.3 pp QoQ to 98.8% led by OFC.

● OFC Phase 2 (retail and car park podium) and 8 Chifley Square are on track to be completed by 3Q13. 8CS achieved 56% pre-leasing. Meanwhile, OTB acquisition was completed on 28 March, with 98% pre-leasing by the Government of W. Australia signing 25+25 year lease. With this, WALE rises from 5.7 to 6.9 years.

Malaysia Airlines : Rights structure not attractive to minorities (MIDF)


Malaysia Airlines
Maintain NEUTRAL
Price (11 April 2012) 0.825
Target Price 0.78
Rights structure not attractive to minorities

INVESTMENT HIGHLIGHTS
4:1 rights issue at 23sen.
Price is at 34% discount to theoretical ex-rights, but investors need to take up full entitlement in order not to lose out. However, taking out full entitlement means coughing out 92 sen, which is more than current price.
The main shareholder will reap all advantage in the event minorities undersubscribe, which is likely to be the case.
Maintain NEUTRAL recommendation with TP of RM0.78 premised on the improving earnings visibility with the joining of Oneworld alliance and fleet renewal plans.

SPH : REIT expectations provide support (DBSV)


Singapore Press Holdings
BUY S$4.60 STI : 3,294.19
Price Target : 12-month S$ 4.75 (Prev S$ 4.79)
REIT expectations provide support

•2Q13 lower than expectations, dragged by weak ad revenue
•7 Scts interim DPS declared; maintaining our DPS estimate of 24 Scts for the full year
•Evaluation of a property REIT still in progress and is likely to underpin share price
•Maintain BUY, S$4.75 TP

Highlights
2Q13 down on weak ads revenue. 1Q13 Singapore advance GDP estimates released on the morning of 12 Apr was a good reflection of SPH 2Q results. SPH’s 2Q13 net profit dropped by 15% y-o-y to S$71.5m, while revenue slipped by 5.5% to S$282.2m, weaker than our expectations. Interim DPS of 7 Scts was declared, similar to 1H12. We continue to expect full year DPS of 24 Scts, equating to a yield of 5.2%.

紅籌國企/窩輪:中海油跌勢有喘定跡象


紅籌國企/窩輪:中海油跌勢有喘定跡象
http://paper.wenweipo.com   [2013-04-18]     我要評論(0)
張怡
 內地股市昨日續疲,這邊廂的港股也頗見波動,而觀乎中資股則仍以個別發展為主。A+H股方面,廣州藥業在滬港兩地的表現均見不俗,其A股(600332.SS)漲逾7%,而H股(0874)更曾創出28.35元的上市以來新高,收市報27.6元,仍升8.24%。此外,新能源股也為市場焦點所在。

 強勢板塊及個股續獲資金追捧,反映市場高追意慾仍佳,料將有利部分仍然被冷落的行業龍頭股後來居上,當中中國海洋石油(0883)便屬其中之一。中海油於今年1月初曾創出17.38元的年內高位,之後股價隨即輾轉回落,近日急跌近6%,並於周二造出今年以來低位的13.3元,退近52周低位支持的13.18元前有喘穩跡象,觀乎該股昨先

德心應手:越秀房託 具增長空間


德心應手:越秀房託 具增長空間

越秀房託(00405)去年十月成功向越秀地產(00123)收購廣州國金中心,截至去年底物業估值大增2.45倍,至223.3億元人民幣。國金中心物業綜合出租率僅75.6%,其中寫字樓出租率70.2%,未來仍具增長空間。

目前該物業寫字樓租金已為廣州市甲級寫字樓的最高水平,而管理層更表示,部分未出租的高層單位租金或較高,有望獲更可觀的租金收入。集團亦會繼續研究從母公司收購成熟項目,另於上海及北京尋找合適項目。

外資傳誘大款沽內銀

外資傳誘大款沽內銀

內地傳媒報道,有外資看見不少內地資金在本港大華證券開戶,部分戶口資金更達10億元人民幣級別,因此每次擬沽空內銀股時,會在大華證券開出少量沽盤,讓經紀通知客戶跟風沽貨,「四両撥千斤」下,令內銀股股價被推低。不過,大華證券董事關淙仁接受本報查詢時直言報道失實,又笑說自己也覺得「眼紅」。

《中國證券報》引述「深圳私募人士」消息報道,內地不少高淨值客戶在大華證券開戶,每次內銀股有沽空行情前會互通訊息,外資巧妙利用這一點,每次做淡內銀股時,會在大華證券開少量空單,每次內銀股會下跌不少。報道又指,有本港對沖基金經理表示,目前市場對內銀股短期負面判斷趨於一致,做空可能是一個佔優策略。

八十年代搶金潮 無助金價


八十年代搶金潮 無助金價

【反覆走低】

黃金價格近日大跌,觸發環球爆發搶金潮,據悉,本港早在八十年代尾亦曾因內地開放買金而觸發一次買金熱,令金舖生意當旺,惟此後的國際黃金價格仍然持續處於低潮多達10年,反映市場即使出現買金的羊群心態,亦難促成金價反彈,隨時是跌浪未止的徵兆。

黃金在七、八十年代藉油價高企及通脹肆虐的因素,出現過一次大升浪,1980年甚至升抵每盎斯850美元的當年高位,本港亦爆出熱炒「紙黃金」潮,炒金公司成行成市。

香港龍鳳鈪斷貨 全球搶金


香港龍鳳鈪斷貨 全球搶金

【本報訊】金價周初喪跌後回歸平靜,卻壓抑不住全球用家購買意欲,包括東南亞、日本、印度,甚至中東及美國,都有消費者出動搶購黃金,其中澳門金舖,結果要落閘限制顧客進出。在本港有超過60間分行的龍頭周大福(1929),3至8錢重的龍鳳手鐲前日已全線賣斷貨,單日銷售逾萬隻,大破紀錄。
記者:吳綺慧 陳新政 周燕芬

紐期現貨金昨晚早段反彈1.7%,報每盎斯1,390美元。本港九九金收報每両12,890港元,升幅不足0.5%。

曾淵滄專欄18.04.13:港鐵公關工夫不足


曾淵滄專欄:港鐵公關工夫不足 - 曾淵滄

港鐵(066)與香港政府經過多個月磋商,終於達至一個新的制定票價機制,在新機制下,平均票價將有2.7%加幅,售票收入可增加3.6億元。不過,港鐵同時也推出多項優惠月票,以及票務優惠,而這些優惠將使港鐵每年少收2.89億元。因此,算起來售票收入僅增加7,100萬元,連1億元都不到,換言之,真正的票價加幅只有0.5%。

從股東的角度看,0.5%的加幅當然很少,不過,今日港鐵在許多股票分析員眼中已被收類為地產股,票價加多少對整體盈利影響太小。

對沖國度:金價暴跌的聯想


對沖國度:金價暴跌的聯想
金價暴跌,當顧客趁便宜去金舖掃貨,會計上金舖做這一筆生意,有可能要虧本,因為存貨成本很可能比現價高,可是轉過頭之後,金舖卻可以立即用低於這件貨發售價一成左右的水位,在市場上回補存貨。做完這一筆「蝕本」生意,資產負債表上卻換上更便宜的存貨,那麼金舖是不是真的蝕底了?市場上喊打喊殺的毛利率下跌,到底又是否成立?

金舖的生意模式是賺取差價及附加值,例如手工及設計等,而不是炒金,維持一盤存貨是作營運之用。由於會計準則是fifo,計成本時會先用早期的入貨價,當金價持續下跌,對當年盈利的確有影響,可是手上存貨會愈換愈平,當他日金價回升,就等於將一直積聚下來的盈利儲備釋放。

商品大王歸咎Bitcoin喪炒累事


商品大王歸咎Bitcoin喪炒累事

金價瘋狂下瀉,市場有不同解釋,「商品大王」羅傑斯認為,其中一個原因與虛擬貨幣Bitcoin價格下挫有關。對於未來金價走勢,市場意見分歧,羅傑斯認為金價長遠較現水平為高,「債王」格羅斯稱,全球將再面臨通脹,考慮現價位買入黃金。

《Business Insider》引述羅傑斯表示,黃金沽壓驟增,主要有四項因素,首先是德國總理默克爾尋求連任,因德國人已疲於拯救歐盟成員國,為尋求支持,她有必要展示強硬作風,要求塞浦路斯等國沽售部分黃金儲備來還債,上周有傳塞浦路斯央行計劃沽售4億歐元黃金,但之後該國央行發言人否認消息。

How the bird flu is impacting the businesses and stocks of Asian companies


Lenovo: PC Winner In a Tough Market



高盛領先指標:美國經濟增長已見高點?



美國M2大幅減緩?Fed正在偷偷去槓桿?



Is Gold's Fair Value Really Only $800 Per Ounce?



Chinese economy missing GDP growth projections for Q1.



What's Driving the Price of Gold Down?



China's 'New Normal': Slowing Growth, Inflation



Wednesday, April 17, 2013

CIMB: JCY squeezed by competition, high cost


CIMB: JCY squeezed by competition, high cost
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com  
Wednesday, 17 April 2013 16:57

KUALA LUMPUR (April 17): CIMB Research, which is ceasing coverage on JCY International Ltd due in part to uncertainty over the group’s earnings prospects, said the leading hard disc drive (HDD) manufacturer is squeezed by competition and high labour cost.

“We expect its earnings to continue to be volatile. Our last rating on the stock was an Underperform,” wrote Terence Wong, analyst with CIMB.

長遠潛能佳‧CYPARK專注再生能源業務


長遠潛能佳‧CYPARK專注再生能源業務
Created 04/17/2013 - 17:25
(吉隆坡17日訊)CYPARK資源(CYPARK,5184,主板貿服組)看好再生能源領域將是全球成長最快的領域,因此該公司將專注執行3年業務模型,以從中受惠。

CYPARK資源有限公司首席執行員道勿阿末表示,再生能源領域蘊含超過千億美元的市場,而不再是不起眼的行業,也將是未來成長最快的領域,因此我們必須準備好邁進這全球性成長的領域。

他在股東大會指出,美國此前宣佈,計劃在2035年美國的80%能源供應源自再生能源;而根據花旗銀行(Citibank)的報告表示,再生能源將在2020年成為主要的能源供應。

盈利稀释比预期大 马航小股东料支持附加股

.盈利稀释比预期大 马航小股东料支持附加股
Created 04/17/2013 - 12:21
(吉隆坡16日讯)分析员相信,尽管附加股计划对盈利稀释程度将较预期来得大,但预见马航(MAS,3786,主板贸服股)小股东仍会认购支持此活动。

《星报》引述熟知内情的分析员报道,马航在公布附加股发售价之前,已与股东和其他潜在投资者交换意见,并获得令人鼓舞的回应。

“附加股所筹集的资本,除了旨在降低债务,马航也将投资在购买飞机上,以达到更具成本效益的营运模式。

投资者仓皇出清 金价挫125美元创纪录


投资者仓皇出清 金价挫125美元创纪录
Created 04/17/2013 - 12:38
(纽约16日讯)黄金价格周一大跌125美元,创下纪录最高单日跌幅,因黄金表现接连数月令人失望促使投资者齐齐结清多头仓位,美国6月期金结算价暴跌140.30美元,至每安士1361.10美元。

周一9%的跌幅,创下1983年以来最大单日百分比跌幅,而且几乎是上周五跌幅的两倍。大宗商品全线走低,但均不及金银价格跌势惨重,金价触及两年低点,银价重挫11%。

Frasers Centrepoint Trust announces DPU of 2.70 cents for 2Q13


Frasers Centrepoint Trust announces DPU of 2.70 cents for 2Q13

Frasers Centrepoint Asset Management, the manager of Frasers Centrepoint Trust, has announced a distribution per unit (DPU) of 2.70 cents for the period from 1 January to 31 March 2013 (2Q13). The 2Q13 DPU is 8.0% higher than the 2.50 cents distributed in the same period a year ago.

2Q13 gross revenue grew 8.4% year-on-year to $39.81 million on higher contributions from Causeway Point and Northpoint. Revenue from Causeway Point grew 14.5% to $19.2 million, compared to the same period a year ago when the mall was still undergoing refurbishment.

Singapore's Japan-exposed plays face yen impact: DBS Vickers


Singapore's Japan-exposed plays face yen impact: DBS Vickers
WRITTEN BY DOW JONES & CO, INC  
TUESDAY, 16 APRIL 2013 21:09

While Japan's reflation/recovery theme is positive for Singapore-listed companies exposed to Japan, it will be offset by the weaker yen's effect on earnings translated back to local currencies, DBS Vickers says.

The falling yen is positive for companies buying goods and services from Japan, such as Pan United (P52.SG), which buys cement, and Tat Hong (T03.SG) and Sin Heng (KF4.SG), which buy cranes, it says. But it adds, the weaker yen will be negative for companies competing with Japanese players, such as the China shipyards Yangzijiang (BS6.SG) and Cosco Corp. (F83.SG) as Japan's goods and services become more cost attractive. It also expects the falling yen to hurt companies which aren't likely to see demand for their products fluctuate much based on the Japan's economy, such as Biosensors (B20.SG).

China Vanke bets on Singapore property after U.S. expansion


China Vanke bets on Singapore property after U.S. expansion
WRITTEN BY BLOOMBERG  
TUESDAY, 16 APRIL 2013 20:00

China Vanke Co., the biggest developer listed on Chinese exchanges, is entering Singapore’s property market in a venture with Keppel Land as it expands outside its home country.

Vanke will acquire 30% in Keppel’s Sherwood Development for $135.5 million , according to a joint statement today. The Sherwood unit will be used to co- develop properties in Singapore and China, and the first joint venture project will be a condominium development in Tanah Merah in Singapore, according to the statement.

港股大落後 估值低絕全球


港股大落後 估值低絕全球

【本報訊】商品暴瀉及美國恐襲等壞消息充斥下,恒生指數昨日僅跌100點,抗跌力突增強,但原來以估值計,港股相對環球指數出現大落後,兩者昨更錄有紀錄以來最大差距。低估值足夠為市況帶來支持,大戶紛紛撈底,令昨日港股跌幅收窄,落後中資股升勢凌厲。有專家認為,大市距離低位不遠,大可準備撈貨。 
記者:林 靜


彭博資訊昨引述數據指,港股為今年表現最差的成熟市場,恒指最新預測PE約10.4倍,相對MSCI環球指數的近14倍大低水,兩者的差距比例為1.34,為2006年有紀錄以來的最闊水平,意味估值相對全球正處於歷史最便宜階段。

羅傑斯:金價隨時跌35%

羅傑斯:金價隨時跌35%

【跌勢未止】

「商品大王」羅傑斯(Jim Rogers)在金價大跌市後接受美國網站Business Insider訪問時表示,現時不是低吸黃金的時候,因為商品價格還未跌至最低。

債王考慮入市抗通脹
他指出,印度年初增加黃金進口稅、大行警告金價未跌完、塞浦路斯或沽金還債以及虛擬貨幣Bitcoins大跌等,都是導致金價下跌的主因。金價由2011年高位時至周一收市計,已累跌29%。

Fufeng Group: Xanthan gum still positive (CIMB)


Fufeng Group
Current HK$2.67
Target HK$3.90
Xanthan gum still positive

 During NDR meetings that we arranged for Fufeng in HK this week, we learned that the company achieved sales volumes of 0.26-0.27mt for MSG and 13,000-14,000t for xanthan gum in 1Q13. At 25% and 22% of our full-year forecasts, respectively, they met our expectations.

We project57.5% earnings growth forFY13, mainly driven by strong xanthan gum performance. We maintain our DCF-based target price of HK$3.9and Outperform rating given the positive outlook and cheap valuations.

Sunway: Proposed Right Issue & ESOS (MIDF)


Sunway
Price (05 Apr 13) 3.16
Target Price* 3.50
Proposed Right Issue & ESOS

Proposed renounceable right issue of up to 594.6m new shares
Issue price set at RM1.70 on the basis of 1 for every 3 existing shares
Proposed ESOS

Right issue: Sunway Berhad (Sunway) had proposed to undertake a renounceable rights issue of up to 594.6m rights shares at an issue price of RM1.70 per rights share (36.3% discount to theoretical ex-rights price of RM2.67 based on VWAP for the past 5 market days up until 4 Apr 13). The rights issue has been proposed on the basis of one rights share for every three existing Sunway shares. Unsubscribed rights shares will be made available for excess applications by other entitled shareholders.

UNI-ASIA FINANCE: How Our Business Model Works, Where Our Profit Comes From


Please explain the rationale for the combination of shipping, property and hotel as your core businesses.

We position ourselves as an alternative investment company, where alternative investment includes investment and asset management of vessels and properties. Hotel operation business is an extension of our asset management business for hotel funds and we started it to supplement our asset management business of hotel funds.

Genting: Valuations revisited (CIMB)

Genting
Current RM10.18
Target RM11.40
Valuations revisited

 Despite the share price appreciation and outperformance over the last three months, Genting's valuations remain compelling. At an FY14 EV/EBITDA of 6x, it is still the cheapest gaming conglomerate under our coverage and level to during the SARS crisis in 2003.

We increase our RNAV-based target price as we increase the DCF value of its management fees, which were previously subjected to a discount rate that was too high. The DCF value now accounts for 15% of Genting's RNAV, in line with its contribution to group earnings. Key catalysts are M&A opportunities and capacity expansion of its various listed gaming units. Outperform maintained.

Overseas Union Enterprise :Time Ripe For Harvesting (KE)


Overseas Union Enterprise
Buy (new)
Share price: SGD2.99
Target price: SGD3.57 (new)
Time Ripe For Harvesting; Initiate BUY

Initiate BUY with Street-high TP at SGD3.57. We initiate coverage on Overseas Union Enterprise (OUE) with a BUY and target price of SGD3.57, set at a 30% discount to our end-FY13F RNAV estimate of SGD5.10. Our TP is one of the highest on the Street, as we have included OUE’s opportunistic US Bank Tower acquisition. Our 30% discount primarily reflects our cautious view on the office and residential sectors. The stock is one of the most inexpensive developers in our coverage universe (adjusted P/BV of 0.7x vs sector average of 1.1x), offering 24% EPS CAGR over FY12-15F.

Hi-P International : Better than expected 1Q13 (DBSV)


Hi-P International
HOLD S$0.70
STI : 3,294.19
Price Target : 12-month S$ 0.71
.Better than expected 1Q13

•Guidance for 1Q13 raised to >S$2m profit despite lower sales and S$4.8m provision
•Implies strong margin recovery on more profitable product mix
•Earnings upgrade possible if margin rebound is  sustainable; forecast under review
•Maintain Hold and S$0.71 TP

Upgraded profit guidance reflects strong margin improvement. Instead of flat y-o-y revenue and a loss that was previously forecasted for 1Q13, Hi-P now expects marginally lower revenue but higher profits compared to 1Q12.

Singapore Press Holdings : Tread carefully (CIMB)


Singapore Press Holdings
Current S$4.60
Target S$4.32
Tread carefully

We think it is still unclear if spinning off its prized property assets into a REIT creates shareholder value. This, coupled with the weak ad environment, suggests that the recent 10% run-up in the share price may be overly optimistic.

2QFY13’s earnings came in below expectations at 19% of our and consensus full-year estimates due to weaker-than-expected ad revenue. 1H13 formed 44%. We lower FY13-15 estimates by 5-9% but raise our SOP-based target price to reflect the appraised value of properties likely to be spun off into a REIT. Downgrade from Neutral to Underperform as we think the recent share price gains are unwarranted.

Feedback From Iskandar Marketing Trip (UOBKH)


Feedback From Iskandar Marketing Trip

From our Iskandar Malaysia (IM) marketing trip, foreign investors have clearly warmed up to the idea of IM being the next growth cluster, after the “endorsement” given by the Singapore government. The IM theme will continue to gain further momentum. Among the IM proxies, Sunway, Dijaya and Eastern & Oriental attracted new interest. MARKET WEIGHT on the sector but OVERWEIGHT the IM beneficiaries.

What’s New
• Investors are warming up to IM. Over the week, we were on the road meeting investors to market the up and coming IM theme. Investors have warmed up to IM, compared to the our previous IM marketing trips and programmes, particularly after the involvement of both CapitaLand in Danga Bay and Ascendas in Nusajaya.

Lian Beng Group :No Bling For Now (KE)


Lian Beng Group
Hold (unchanged)
Share price: SGD0.49
Target price: SGD0.49 (from SGD0.45)
No Bling For Now

Change in valuation matrix, maintain HOLD. 3QFYMay13 results came in in-line with expectations, 9MFYMay13 revenue and net profit are up 5.1% and down 24.2% YoY to 350.7m and 30.7m respectively, due to a lack of property earnings recognition this year. As we roll over our earnings forecast to FYMay14, we have changed our valuation matrix from P/E to SOTP valuation to account for its diversified businesses. We maintain HOLD with a higher TP of SGD0.49. We believe the market has already factored in earnings coming from its property development projects.

Malaysian Airlines - Unveils Rights Issue Details


Malaysian Airlines -
Price Target:1.00
Last Price:0.78
Unveils Rights Issue Details

Malaysian Airlines (MAS) will issue Renounceable Rights Issue of up to 13.4bn new MAS shares on the basis of 4-for-1 existing MAS share, at MYR0.23 per rights share. The theoretical ex-rights price is MYR0.35 while our ex-rights FV will be adjusted to MYR0.50. Though the dilution impact is greater than we initially expected, we maintain BUY on MAS as we remain positive on the airline’s potential turnaround.

最善房产信托的升势将会恢复吗?

最善房产信托的升势将会恢复吗?
文: 韩巍 (译:麦美莹) 2013年04月12日 技术分析
最善房产信托(Saizen REIT)已经有一段时间是处于强劲的升势中。

从每周图表我们可以看到,它已经处于升势大约有一年的时间,并突破了长期的盘整期。在形成了一个完美的底部后,它应该有潜力攀得更高。近期,它跳空突破了在0.2元的重要阻力位,并向上攀。这只股目前已升至其4年来的高位,而这个升势很可能会继续。此外,我们也看到它在过去两个月经过一个小幅度的盘整,给予它更大的力量走高。

曾淵滄專欄 17.04.13:唔買綠悠隨時後悔


曾淵滄專欄:唔買綠悠隨時後悔 - 曾淵滄

恒生指數昨日的波幅的確很大,在前晚美國道指下跌265點的影響下,恒指低開201點,之後跌幅擴大至297點,但很快地就見底回升,一路升,午後恒指一度倒升40點,但是最後收市時仍然是下跌100點,一日裏高低波幅338點,並以跌、升、再跌的走勢完成一日的買賣。

恒指如此走勢的確不易捉摸,但是,部份恒指成份股股價表現依然不錯。昨日長實(001)股價上升0.96%,恒地(012)升1.28%,是不是李嘉誠與李兆基又乘大市調整入市買便宜貨?特別是恒地,是越升越高,創近月高位,與恒指走勢全無關連。看來,恒地捐農地一事一定是雙贏,而且是恒地大贏的方案,讓我們靜待四叔的好消息。有興趣者也可以買入恒地賀喜。

本益比股息回酬看漲 東益電子後市可期


(吉隆坡16日訊)東益電子(GTRONIC,7022,主要板科技)本益比估值吸引,加上2013財年股息回酬料可高達8.5%,今日股價早盤更晉升十大上升股榜。

 該股今早平盤1.76令吉迎市,隨后直往北攀,休市時暫掛1.82令吉,揚6仙或3.4%。

 閉市時東益電子報1.80令吉,揚4仙,成交量67萬5200股。

 艾芬投銀研究的報告指出,或許是投資者發現公司強勁的業務成長,過去3個月,該股處于穩定向上交易水平,介于1.70至1.90令吉之間。

索羅斯早沽金似先知


索羅斯早沽金似先知

金價連續兩日一瀉千里,今年以來累挫超過一成,國際投資者索羅斯有先見之明,旗下索羅斯基金管理去年第四季大減黃金交易所買賣基金SPDR Gold Trust持倉55%,與今次黃金大跌市中恐慘輸的「賺錢之神」普爾遜,榮辱互見。

上周的媒體訪問顯示,索羅斯認為黃金避險資產地位不再,符合其沽金行動。早前更有報道指,索羅斯押中「安倍經濟學」,因沽空日圓及買入日股勁賺約10億美元,印證其寶刀未老。

早着金價下瀉先鞭的還有高盛,該行上周三調低今、明兩年金價預測,年底目標價分別降至1,450美元及1,270美元,更建議投資者沽空黃金。法興本月初發表題為《黃金時代的終結》報告,指出美國經濟前景向好、美元轉強,息口料將上升,可能形成完美風暴,令黃金展開較長期的熊市,預期金價年底見1,375美元,非常「應景」。

黃金大災難 預演環球金融震盪


黃金大災難 預演環球金融震盪
欄名:社評

國際金價過去兩個交易日恐慌暴跌,昨天便一度重挫逾百美元。金價走勢非關牛市熊市,而是資金市下投資者突失信心,遂現戲院失火式逃亡潮。多國央行印鈔票,熱錢造成股債等嚴重泡沫,藏暴跌危機,金市只是預演。

熱錢突逃亡 信心虛怯人踩人

金價在最近兩個交易日被狂踩,繼上周五晚每盎斯急跌逾70美元後,昨再暴挫逾120美元,曾跌穿1,360美元。有大戶踩多一腳,指金價恐跌至1,200美元。金市劇震表面上是多個壞消息所致,惟此僅藉口。

大市透視:商品市急挫 美元趨升首信號


大市透視:商品市急挫 美元趨升首信號
http://paper.wenweipo.com   [2013-04-16]    
第一上海首席策略師 葉尚志
 4月15日。受到環球資金流竄速度加快的影響,全球金融市場包括債市、股市、匯市以及商品市場,都進入了短期不穩定的狀態。而黃金價格的暴跌,相信是這種不穩定狀態的首個表露現象,估計環球股市的短期波動性風險,亦將有所增加。對於正處於弱勢盤面的港股來說,我們相信有再度重拾尋底跌勢的傾向,操作上對於倉位控制和風險管理,要持有較高的警覺性。

 日本央行在本月4日宣布加推量寬額度政策後,催化激發了環球資金的流竄,令到本來已處於不穩定、各走一端的環球股市,帶來加速調整、重新平衡的時間窗口,而過程肯定會有陣痛,尤其是一些弱勢地區股市。事實上,港股在日央行宣布加推量寬政策後的首個交易日(本月5日),恒指當天就急挫了超過600點。

許多央行開始偷偷緊縮,進行QE的退場,身為QE金絲雀的黃金,原來早聞到味道?­!



Gold's Rout Continues



爆炸短期影响投资者心理



黄金白银遭重创 12年牛市或终结



Commodities Tomorrow: How Low Could Gold Go?



China Q1 Growth 'Disappointing': Pro



Tuesday, April 16, 2013

美爆炸案商品急挫‧亞股先跌後穩


美爆炸案商品急挫‧亞股先跌後穩
Created 04/16/2013 - 17:24
(吉隆坡16日訊)全球市場利空四起,中國及美國最新經濟數據差勁,再次引起全球經濟疲弱疑慮,金價暴滑9%,美國波士頓馬拉松發生恐怖爆炸事件,都使全球市場人心惶惶,商品價格急挫,隔夜美股大跌,亞洲股市一度也全面滑落,惟午盤部份股市收復失土,表現起落參半。

中國今年首季經濟成長按年增7.7%,比去年第四季的7.9%低,使市場擔心,去年底出現的經濟复甦,已開始失去動能;美國4月房價指數意外創半年新低,4月紐約製造業指數跌幅,遠超市場預期,引發商品價格全面續遭拋售,加上波士頓馬拉松發生爆炸,憂慮恐怖襲擊。這使週一美國股市道瓊斯指數,全天重挫265.86點或1.79%至14,599.20點。

Wilmar buys stake in Moroccan sugar supplier for $326m

Wilmar buys stake in Moroccan sugar supplier for $326m
WRITTEN BY BLOOMBERG  
TUESDAY, 16 APRIL 2013 10:28

Wilmar International, the largest sugar cane miller in Australia, bought a 27.5% stake in Moroccan supplier Consumar SA from Societe Nationale d’Investissement to expand in Africa.

Wilmar paid 2.3 billion dirham ($326 million) for the shares in Africa’s third-largest sugar producer and will fund the purchase internally and with bank loans, the Singapore-based company said in a statement. Another 26.5% of Consumar will be sold to a group of Moroccan institutional investors, who will hold a 54% controlling stake with Wilmar.

Far East Hospitality Trust acquires Rendezvous Grand Hotel Singapore and Rendezvous Gallery for $264.3mil


Far East Hospitality Trust acquires Rendezvous Grand Hotel Singapore and Rendezvous Gallery for $264.3mil
WRITTEN BY THE EDGE  
MONDAY, 15 APRIL 2013 23:03

The managers of Far East Hospitality Trust (Far East H-Trust) announced they have entered into a sale and purchase agreement with The Straits Trading Company (STC) to acquire Rendezvous Grand Hotel Singapore and Rendezvous Gallery for $264.3 million.

The acquisition, Far East Hospitality’s first since its initial public offering in August 2012, is expected to be yield accretive.

内外齐强化发力 迪隆力保50%净利派息


内外齐强化发力 迪隆力保50%净利派息
Created 04/16/2013 - 14:42
(吉隆坡15日讯)油气服务供应商迪隆(Deleum,5132,主板贸服股)董事经理南尤斯里表示,将透过内外双管齐下,维持50%盈利用作派息的政策。

该公司2012财年手握净现金6100令吉,刚接手掌舵2年的南尤斯里直言,这可能引起一些股东不快,但他强调公司一直在投资。

“我们不是什么都没做……我们也在投资。我们这个行业,需要现金采购设备等,银行贷款则需时间,否则营运开支会受限(没有现金的情况下)。”

MAS rights issue likely to get support


The Star Online > Business
Tuesday April 16, 2013
MAS rights issue likely to get support

By SHARIDAN M ALI
sharidan@thestar.com.my

KUALA LUMPUR: Minority shareholders are likely to take up Malaysia Airlines'(MAS) upcoming rights issue despite concerns on a greater-than-expected dilution.

The fund-raising exercise is crucial for the growth and efficiency of the national airline in an increasingly competitive aviation industry.

特稿:利淡困擾 港股下望二萬一


特稿:利淡困擾 港股下望二萬一
http://paper.wenweipo.com   [2013-04-16]     我要評論(0)
香港文匯報記者 卓建安
 港股昨日受內地不佳的經濟數據打擊下挫逾300點,展望後市,有分析指出短期負面因素仍困擾股市,恒指或下試21,000點,但亦有分析指出,有多種跡象顯示短期港股有望反彈。

 國家統計局公佈的今年首季中國GDP增長7.7%,令去年第四季度錄得7.9%的反彈又出現下滑,並遠遜市場預期的8%。展望次季,中國國際經濟交流中心經濟研究部副主任張永軍指出,未來經濟回升的勢頭預計仍將延續,但回升步伐要比原來想像的慢。華創證券研究所副所長華中煒亦表示,目前中國經濟發展的大格局還是在去產能的進展中,短期內需求沒有強烈回升的跡象,但估計第二季度的經濟同比數據還是會高一點,但總體看還是在底部徘徊的狀態。綜上所述,第二季度中國經濟增長仍較疲弱,對港股不利,有不少分析師預期短期港股有可能下試250天移動平均線附近的21,000點。

MARKET SENSE:國壽估值合理勢反彈


MARKET SENSE:國壽估值合理勢反彈

以資產計全美最大銀行集團摩根大通於上周五公布今年首季淨利潤為破紀錄的65.3億美元。由於小型企業對經濟復甦仍然審慎,影響貸款增長,以及淨息差收窄,雖然部分被投資銀行業務強勁所抵銷,總收入仍然按年下跌3.73%,盈利增長主要靠節省成本,包括削減約5,300個職位,以及將按揭貸款和信用卡貸款撥備下降,大致上反映美國銀行業的現況。

摩根大通業績雖然顯示優質金融股仍然有「錢」途,不過卻已經今非昔比。事實上摩根大通年初至今股價上升11.46%,跑輸同期道指13.44%的升幅。另一邊廂內地壽險一哥國壽(02628)股價竟然下跌19.17%,傷透不少擁躉「荷包」。

品股當災 貴金屬油股急挫


品股當災 貴金屬油股急挫

【現拋售潮】

商品市場出現拋售潮,相關股份自然當災。昨日本港上市的貴金屬股份狂瀉,連累石油及煤炭等資源股亦急挫,金礦股招金(1818)勁跌近一成最慘烈,江銅(358)及中海油(883)亦分別大跌4.9%及3.1%。

商品浩劫 兩日跌一成


【本報綜合報道】在金價帶頭急插之下,環球商品價格昨日洗倉式下跌,主要商品兩日累積跌幅約一成。現貨金價昨續遭恐慌式拋售,最多再下跌97.45美元或6.57%,低見每盎斯1,385.55美元,創兩年低位;兩日累跌11%,為30年以來最大的兩日跌幅。

著名國際投資者索羅斯(George Soros)曾指黃金是「終極泡沫」(Ultimate bubble),早於去年已大手減持黃金,看來近日金價展開急劇跌勢,意味着索羅斯所指的「終極泡沫」已到爆破的時候。

追蹤全球24種商品價格的標普GSCI商品指數,昨日跌1.34%,至623.16點的9個月低位。

利字當頭:金價暴瀉的陰謀 - 利世民


利字當頭:金價暴瀉的陰謀 - 利世民

「金價暴瀉,但債價一樣插水,何解?」傳統上,避險資產,不是黃金,就是美國國債。當美國公共財政狀況,成為了風險因素,避險的定義,也變得含糊不清。過往幾年,債價高不反映美國公共財政問題見到出路,而是聯儲局的機器有多進取。債價跌,金價也跌,依書直說,就是市場價格在反映,美元正在步入強勢。

「冇理由!聯儲局冇理由就此收手。肯定係通脹預期升溫,市場拋售美債,聯儲局干預金市,打壓金價營造強美元假象,搞到好似美元購買力上升,為通脹預期降溫。」陰謀論不但有市場;最重要是陰謀論永遠無法被推翻。

Vasu Menon: Does Gold Still Have a Place in Investor Portfolios?



Sunway Berhad - The Expected Fund-Raising Exercise


Sunway Berhad -
Price Target:3.50
Last Price:3.10
The Expected Fund-Raising Exercise

We raise our fair value to RM3.50. Sunway’s equity call to raise RM1bn proceeds is crucial to sustain its long-term growth, mainly coming from the 1,770-acre Sunway Iskandar project given the powerful Singapore story. Meanwhile, the continued development of sizeable property assets will not only help driving the property development growth in the Klang Valley but also prolong the asset value unlocking angle.

The truth – immediate dilution. Sunway has proposed a 1-for-3 rights issue and ESOS of up to 15% share cap. Post exercise, excluding ESOS, Sunway’s share base will be enlarged to 2.15bn from the current 1.3bn (given the exercise price of RM2.80, we assume full exercise of the existing warrants prior to the rights issue as the warrants are already in-the-money). Earnings from FY14 onwards, and FD RNAV/share will therefore be diluted by 35% and 20% respectively.

CapitaMalls (M) Trust - Queensbay Mall, the next leg of re-rating


CapitaMalls (M) Trust -
Price Target:2.15
Last Price:1.91
Queensbay Mall, the next leg of re-rating
Buy

- We are upgrading Capitamalls Malaysia Trust (CMMT) to a BUY, with a higher fair value of RM2.15/unit vs. RM2.00/unit previously, based on a DCF valuation. This follows the potential injection of Queensbay Mall, which is set to enhance CMMT’s future earnings outlook.

Genting Singapore: Neutral For Now (RHB)


Genting Singapore: Neutral For Now
(NEUTRAL, S$1.46, TO: S$1.47)

Following our recent conversation with Genting Singapore’s management, our NEUTRAL call is maintained with our FV tweaked slightly to SGD1.47, pegged at 10x FY14 EV/EBITDA. FY13 and FY14 earnings forecasts are cut by 12.4-13.6%. The stock’s key re-rating catalyst is the potential passing of a gaming bill in Japan.

Casino growth to come with higher default risks. We expect contribution from the group’s casino operation to grow steadily by mid- to high-single digits.

Mapletree Logistics Trust: Valuation looks fair now (OCBC)


Mapletree Logistics Trust:
Fair value S$1.34
add: 12m dividend forecast S$0.07
versus: Current price S$1.31

Valuation looks fair now
• Positive expectations likely factored in
• Caution on various fronts
• Further upside appears limited

We believe investors are finally acknowledging Mapletree Logistics Trust’s (MLT) attractiveness, as evidenced by its recent strong unit price performance. At a P/B ratio of 1.45x, however, we believe MLT is now fairly priced.

Thai Beverage : Credit rating downgrade is old news (CIMB)


Thai Beverage
Current S$0.63
Target S$0.77
Credit rating downgrade is old news

 We are not concerned that S&P has downgraded Thai Bev’s debt from BBB to BBB-on the grounds of increased debt and lower cash flow as the underlying business is sound with strong recurring cash flows. Debt levels were inflated purely because of the F&N-stake purchase.

Ahead, Thai Bev’s net gearing could improve from 1.2x to 0.8x if itswaps its 29% stake in F&N for cash plus F&N’s F&B business. We maintain our SOP-based target price, estimates and Outperform call. We see catalysts from earnings delivery by the non-alcoholic beverage division and corporate restructuring.

Saizen REIT, Will It Resume The Uptrend?


12 APRIL 2013
Saizen REIT, Will It Resume The Uptrend?
By Robin Han
Saizen REIT has been experiencing strong momentum for quite some time.

From the weekly chart, we can see that it was in a long-term uptrend for around one year, and has broken the long-term consolidation zone. It has the potential to go much higher after forming such a nice bottom. Recently, it gapped up and broke the key resistance at $0.2 and went much higher. The stock is at its four year high now, and the uptrend is likely to continue. Besides, we can see that the stock went through a consolidation in a relatively small range for over two months before the breakout, giving the stock a stronger momentum to go higher.

Hua Yang: Developing Malaysia's future (CIMB)


Hua Yang
Developing Malaysia's future
Since our last note in 2011, Hua Yang's market cap has more than doubled. Despite that, valuations are still very compelling. There are so many reasons to like the stock and we list out four key ones in this report.

 Our four reasons are 1) the group's focus is on affordable properties, 2) 50-90% of its buyers are Bumis, 3) the company continues to expand aggressively, and 4) it has extremely attractive FY3/14 valuations of 4x P/E and 8-10% net yield. If we apply a 30-40% discount to RNAV, in line with the wider end of the sector range, the stock could be valued at RM2.37-2.77, offering investors 22-43% upside.

China Banks Sector Mild tightening, HPR, WMP rules (CS)


China Banks Sector
Mild tightening, HPR, WMP rules: No positive catalyst near term

● We viewed large banks’ 2012 results as ‘managing’ the profits to avoid reporting an increase in ROEs over 2011. In contrast, joint stock banks were balancing profits with capital (CMB zero provisions in 4Q, Minsheng cut dividend by half) given their weak capital ratios. Click here for full report.

● Recent developments have not been positive as: (1) State Council reiterated Housing Purchase Restrictions (HPR); (2) soft PMI; (3) PBOC withdrawing liquidity since Jan; (4) Feb contraction in incremental Total Social Financing (TSF) and (5) CBRC issuing strict rules on sale of wealth management products.

Hi-P has revised upwards its 1Q ’13 bottom-line (Limtan)


HI-P
S$0.70-HIPS SP

Hi-P has revised upwards its 1Q ’13 bottom-line from its previous guidance of a loss to profit of more than $1.5mln due to improvement in productivity, higher cost savings, change in product mix.

 If not for a $4.8mln provision for fixed assets that were damaged by a fire that broke out in their Shanghai facility, profit would have been even better.

 The $4.8mln loss is expected to be covered in whole or in part depending on their negotiations with the insurers.

Hyflux: China back on radar screen (OCBC)


Hyflux:
Fair value S$1.44
add: 12m dividend forecast S$0.03
versus: Current price S$1.43

China back on radar screen
• RMB1.2b & RMB2b projects
• Healthy S$2.9b order book
• Re-rating possible on actual contracts

Hyflux recently announced that its subsidiary – Hyflux Investment Consultancy and Management Service (Tianjin) Co – has signed two memoranda of understanding (MOUs) with the prefectural governments of Chuxiong and Qujing in Yunnan province to develop water and environmental projects in these two cities.

冷眼42心水股系列12:JCY 国际 友尼森跌至5年新低


冷眼42心水股系列12:JCY 国际 友尼森跌至5年新低
Created 04/10/2013 - 13:13
JCY国际(JCY,5161,主板科技股)和友尼森(Unisem,5005,主板科技股)是大马两家半导体大公司。

半导体的行业周期性很明显,过去一年需求和价格走下坡,使两公司蒙受亏损,最近半导体市场略有起色,但能否持续则还是个未知数。

无论如何,此两股之股价,已跌至5年来的低点,JCY由2.50令吉跌到90仙,下跌空间已有限,只是不知何时回升而已。

曾淵滄專欄 16.04.13:大鱷借機質低資源股


曾淵滄專欄:大鱷借機質低資源股 - 曾淵滄

黃金價格下跌已經有好一段日子,但是近日突然變作傳媒熱烈報道的對象,股市大鱷當然懂得利用這個機會,把一眾資源股的股價全部壓下,努力造淡。

過去幾年,美國聯儲局狂印鈔票,現在,歐洲央行及日本央行也加入印鈔行列,當然,印鈔的國家也少不了中國,換言之,全世界都在狂印鈔票,相信不少炒黃金的人在虧了大錢後仍不服氣,不明白為甚麼全世界狂印鈔票而金價會下跌。

Q1 Disaster For Global PC Sales: How’s LENOVO Doing?


Credit Suisse: LENOVO Kept ‘Outperform’

Credit Suisse said it is maintaining its “Outperform” recommendation on China’s top PC play Lenovo Group (HK: 992) with a target price of 10.00 hkd (recent share price 7.09).

"The first quarter was a tough one for Lenovo,” Credit Suisse.

Lenovo’s shares have fallen 21% from their peak on 1 March.

It said several factors have led to this pullback including: (1) insider selling in Feb; (2) concerns over weak CNY PC sell-through; (3) conflicting views on a RIM (Research in Motion) buyout; and (4) industry PC data points overnight suggesting 1Q13 PC sales downside for Lenovo.

Keppel REIT posts 20.7% rise in NPI to $34.4mil

WRITTEN BY THE EDGE  
MONDAY, 15 APRIL 2013 19:48

Keppel REIT Management, the manager of Keppel REIT, said Keppel REIT registered a 20.7% y‐o‐y increase in Net Property Income to $34.4 million in 1Q 2013.

Higher occupancies and improved performance from Ocean Financial Centre (OFC) in Singaopore and 77 King Street in Sydney were the main contributors to the rise of 13.2% y‐o‐y in property income.

In addition to the higher occupancy of OFC, which increased from 90.6% in 1Q 2012 to 96.6% in 1Q 2013, the increased contribution from OFC was also attributed to Keppel REIT’s acquisition of an additional 12.4% interest in the asset in June 2012. The acquisition increased Keppel REIT’s interest in OFC to 99.9%, enabling unitholders’ to enjoy 99.9% of tax transparent income from the asset.

Ascendas REIT delivers 3.6% higher DPU of 14.05 cents for FY12/13


Ascendas REIT delivers 3.6% higher DPU of 14.05 cents for FY12/13
WRITTEN BY THE EDGE  
MONDAY, 15 APRIL 2013 22:07

Ascendas Funds Management, the manager of Ascendas Real Estate Investment Trust (A-REIT), has reported a 3.6% y-o-y DPU growth to 14.05 cents for FY12/13 ending March 31 from 14.05 cents a year ago (FY11/12).

Net property income rose 11% to $408.8 million from $368.3 million while amount available for distribution increased by 8.5% to $305.6 million from $281.7 million.

For FY12/13, A-REIT achieved positive rental reversion averaging about 14% over preceding rental rates for renewal leases throughout its portfolio. Occupancy rate for the portfolio and multi-tenanted buildings moved slightly to 94.0% and 89.6% from 94.3% and 89.5% respectively from one year ago.

一股作气:升禧实业营收看涨


一股作气:升禧实业营收看涨
Created 04/15/2013 - 13:00
产业资产经过重整后的升禧实业(Stareit,5109,主板产业信托股),未来营收增长和潜在每单位分红的提高,主要推动力来自刚收购不久的澳洲三家万豪酒店。

与此同时,位于隆市黄金三角的酒店资产,相信可从进行中捷运计划、并在武吉免登站开启后激励入住率。

至于即将推出产托的城中城产业(KLCCP,5089,主板产业股),更是有望成为推高产托领域估值的催化剂之一。

紅籌透視:聯想跌幅已大 可投機性買入


紅籌透視:聯想跌幅已大 可投機性買入
http://paper.wenweipo.com   [2013-04-16]     我要評論(0)
國浩資本
 IDC公佈2013年首季全球個人電腦付運量按年急挫大約14%後,聯想集團(0992)股價於兩個交易日內急跌11.6%。近日沽壓的背景是巿場氣氛慘淡及公司主席3月初曾減持股份。IDC的付運數據被視作「證據」來確認聯想的投資評級應被下調。本行認為目前認定聯想的增長動力已失未免過早,近日沽壓忽視數項事實:

 (1) 聯想2013年首季付運表現優於同業。聯想期內付運雖無增長,但已遠較同業按年跌幅14%為優。

股海實戰:PC股 毋須睇太淡


股海實戰:PC股 毋須睇太淡

滬綜指喺清明長假後連續兩周企穩2,200點水平,市場關注匯金何時啟動第五輪增持內銀股,上周亦有聽聞中資盤喺低位吸納內銀及內險股。但無論如何,睇上周五港股成交降到得番500億元,買賣兩閒,睇怕低迷情況唔會係一頭半個月就有改善,要有心理準備成個第二季都要捱淡市。

上周五跌幅榜中排首位係就去年度業績發盈警嘅現代美容(00919)。翻查資料,該股前年度賺緊8,000多萬元,而截至去年九月底止半年純利4,378萬元,同比增長24%。若然去年度真係轉盈為虧,都真係幾惡劣。事實上,去年有市民因接受醫學美容而命喪之後,市場關注相關安全,整個行業都受負面影響。

Gold's Sudden Fall: How Far, How Fast?



Has Citigroup Controlled Its Expenses?



曹Sir教路 揸蟹貨? 由佢啦



China's First-Quarter GDP Slows to 7.7%



金融大鳄成功躲过黄金崩盘



Where Gold is Heading From Here: Pro



China to Still Give Decent Returns in 2013: Pro



Monday, April 15, 2013

MAS down on possible dilution


The Star Online > Business
Saturday April 13, 2013
MAS down on possible dilution

By DANIEL KHOO
danielkhoo@thestar.com.my

PETALING JAYA: Malaysia Airlines' (MAS) share price fell as investors reacted to the pricing of its rights issue announced on Thursday.

It closed 4.5 sen down yesterday to 78 sen, with 32.85 million shares being traded.

Market concerns on the possible dilution of its shares and the share's par value reduction from RM1 to 10 sen prevailed.

China, India ETFs may extend rally into 2013


China, India ETFs may extend rally into 2013
Personal Finance

Written by Amy Tan of The Edge Singapore  
Thursday, 11 April 2013 00:00

CHINA and India, the two heavyweight emerging markets of Asia, rebounded with a vengeance over the past year. Benchmark indices tracking China's A-share market have jumped as much as 32.76% since November last year.

The MSCI India Index has climbed 22.93% since May. Yet, these markets are still 23.5% (China A-share) and 8.65% (MSCI India Index) below their 2010 peaks. Now, many analysts say stocks in China and India could climb higher in 2013. And, locally listed exchange-traded funds such as DB-X Trackers CSI 300 ETF and the iShares MSCI India Index ETF might be a good way to ride the continued rally.

Will Cheng win Lion Industries block?


Will Cheng win Lion Industries block?
Business & Markets 2013

Written by Kamarul Anwar of theedge.com  
Monday, 15 April 2013 10:00

KUALA LUMPUR: Loss-making Lion Corp Bhd, mired in billions of debt, is proposing to dispose of its 26.38%  stake in Lion Industries Corp Bhd (LICB) to its founder Tan Sri William Cheng for RM265 million cash or RM1.40 per share.

But Cheng’s offer is deemed not a fair price as the block of shares is priced below the industry average, although at a premium over market price, according to TA Securities Holdings Bhd.

Globetronics riding high


Globetronics riding high
Business & Markets 2013

Written by Charlotte Chong at theedgemalaysia.com  
Monday, 15 April 2013 10:20

KUALA LUMPUR: Like it or not, semiconductor stocks aren’t that sexy these days compared to the dotcom boom days from 1997-2000. But GLOBETRONICS TECHNOLOGY [] BHD [], which has made speedy efforts to diversify its product portfolio, seems to remain attractive for now.

Its earnings speak well, including its share price which rebounded from a low of 80 sen in January last year to a five year-high of RM1.95 last week.

MAS rights issue fixed at 23 sen per rights share


MAS rights issue fixed at 23 sen per rights share
Business & Markets 2013

Written by theedgemalaysia.com  
Monday, 15 April 2013 10:37

MALAYSIAN AIRLINE SYSTEM BHD []
(April 12, 78 sen)
Downgrade to sell from buy at 82.5 sen with a target price of 87 sen: MAS has fixed its rights issue price at 23 sen per rights share on the basis of four rights shares for every  existing share in MAS. The issue price represents a discount of 72% to last Thursday’s closing price of 82.5 sen and 34% to the theoretical ex-rights price of 34.9 sen (based on Thursday’s close).

政治概念个股分析


政治概念个股分析
Created 04/15/2013 - 12:30
UEM置地控股(UEMLand,5148,主板产业股):依斯干达特区加持


肯纳格投资研究指出,UEM置地可说是依斯干达特区下的一颗耀眼之星,出色的表现料能在全国大选后,依旧维持超越大市态势,更会受益于依斯干达海滨控股上市活动。

爱恨交加 政治概念股


爱恨交加 政治概念股
Created 04/15/2013 - 12:36
政治概念股,也就是对政治敏感度较高的股项,政局有任何风吹草动,都可能左右公司未来经商条件,甚至会打击投资情绪,进而影响股价表现。

全国大选即将来临,朝野两党斗得难分难解,成败在5月5日前都难有分晓,股市对选情的反应更难测。

对于政治概念股,作为投资者的你,是忙着回避,还是冒险放手一搏?

聯想Smart Phone年尾港推售


聯想Smart Phone年尾港推售

研究機構IDC上周發表數據顯示,全球個人電腦(PC)付運量創二十年最大跌幅,進一步印證「PC已死」,更掀起全球PC板塊洗倉潮。聯想(00992)副總裁李世杰接受本報專訪時指,已將戰線由PC拉闊至智能接入設備市場,並指以香港市場為例,將繼續拓展PC及Android板腦市場同時,亦將於今年十月底前在港推出智能手機,從而建立完整的智能接入產品線。

目前主力掌管聯想本港、台灣及南韓業務的李世杰,過往亦曾參與聯想在中東等其他市場業務拓展。被問及外界對微軟Windows8(Win8)銷售狀況的批評,李世杰承認,市場對Win8產品的接納程度,的確較預期慢,惟從他的實際觀察,包括聯想ThinkPad Tablet系列在內的Win8觸控電腦,在企業市場的需求正逐步顯現,而他個人對Win8的市場潛力仍感樂觀。

融資成本低‧佔重估優勢‧零售產託併購添魅力


融資成本低‧佔重估優勢‧零售產託併購添魅力
Created 04/13/2013 - 11:54
(吉隆坡12日訊)國內零售產業投資信托(REIT)領域下一波成長動力,將由併購活動催化主導,特別是擁有優先收購權的零售產托股,將在價值重估中占優勢,加上目前偏低融資成本“錦上添花",使併購行動更具吸引力。

回酬率回落至正常水平

大馬研究指出,目前零售產業投資信托回酬率已回落至正常水平,至接近債務成本,這可從該領域回酬率最近顯著擠壓回調顯示出來。該領域價格表現仍超越大市,主要是市場已反映它們未來盈利成長利好。

曾渊沧:当前市场提供了长线入场良机


作者简介:曾渊沧博士,香港著名财经分析员、专栏作家,中原城市指数研究组主任,苹果日报创刊人之一。曾任香港城市大学工商管理硕士课程主任、管理科学副教授,以及多家企业、机构顾问。

4月5日,恒指突然急跌610点,当天市场传出朝鲜即将发射导弹,还有中国华南一带的禽流感大爆发,加上中国人民银行仍继续收紧银根,向银行进行正回购的行动。

不过,在同一天,香港两大超级富豪同一日入市,大手买入他们自己的股份,李嘉诚买长江实业(001)、李兆基买恒基地产(012)。如果当天没有他们两人出手买股,恒指应该不止跌610点。

Offshore and marine: Service providers favoured over rigbuilders as China yards put pressure on margins


Offshore and marine: Service providers favoured over rigbuilders as China yards put pressure on margins

China’s empty shipyards, which have been converted into rigbuilding yards because of the downturn in the shipping industry, are squeezing margins across the entire rigbuilding sector. That means profit margins of Singapore’s world-class rigbuilders are likely to come under pressure for years on end, says Vincent Fernando, an analyst at Religare. As he sees it, even the new flurry of activity in the offshore exploration and spending have not caught up with the oversupply of rigs. “We think there is a problem with overcapacity, and that is a problem for the Singapore yards as well as the Chinese yards, which are charging into the offshore space,” notes Fernando in a recent interview.

YTL Power : Weaker contributions from Power Seraya (CS)


YTL Power
Assuming Coverage with UNDERPERFORM
Price (09 Apr 13 , RM) 1.48
TP (prev. TP RM) 1.40 (1.82
Weaker contributions from Power Seraya

● YTL Power’s (YTLP) wholly owned Power Seraya in Singapore will be adversely affected by the 30% capacity increase in the island state between 2013 and 2014. The expected 15% fall in the Uniform Singapore Electricity Price (USEP) will result in an estimated 19% decline in YTL Power’s FY14 EPS.

● The outlook in Malaysia remains poor, given the non-renewal of the Power Purchase Agreement (PPA) for its Pasir Gudang plant (which expires in 2016) and continued losses at its WiMax telco division.

Courts Asia : Cavalier no more (CIMB)


Courts Asia
Current S$0.98
Target S$1.32

 Courts’ bad debt problems are a thing of the past. It still makes money from consumer financing, but it is more aware of the risks and has taken steps to control it. Today, it is proxy to a spurt of completed housing units in Singapore and store expansion across the region.

We think it is a reasonable consumer play. We initiate coverage with an Outperform. We value Courts using a residual income model with 8% cost of equity and 1% terminal growth. Our target price implies 15x CY14 P/E, which is a 25%-discount to regional peers. We see catalysts from Singapore same-store-sales growth (SSSG) and regional store expansion.

Yongnam :Steel the Undervalued Gem (MKE)


Yongnam
Not Rated
Share price: SGD0.285
Target price: na
Steel the Undervalued Gem

Specialist construction firm with high barriers to entry. Yongnam is involved in two businesses; structural steelworks and civil engineering where we believe both have high barriers to entry. In these niche areas, Yongnam is a dominant player locally and a leading firm within the region. For example, it has one of the biggest set of reusable strutting assets in Asia outside of Japan. It also has an enviable track record in iconic projects such as Marina Bay Sands and ION Orchard.

Singapore Press Holdings 2QFY13 results: print business remains weak (JPM)


Singapore Press Holdings
Price: S$4.60
Price Target: S$3.80
2QFY13 results: print business remains weak, REIT question to be the focus

•2QFY13 results in line. SPH reported 2QFY13 net income of S$72million, -10% lower Y/Y, largely in line with JPMorgan estimates but slightly below consensus estimates. 1HFY13 earnings are now at 47%/43% of JPM/Street FY13E estimates. Overall weakness in print revenues was partially cushioned by higher property revenues and modestly lower costs. The group also announced a 1HFY13 interim dividend of S$0.07/share, unchanged from a year ago.

Midas : Time to Goose the Golden Egg (MKE)


Midas Holdings
Buy (unchanged)
Share price: SGD0.49
Target price: SGD0.75 (unchanged)
Time to Goose the Golden Egg

Market leader in its field. Founded in 2000, Midas Holdings is today the leading manufacturer of aluminium alloy extruded products for the passenger rail transportation sector in China, with a 60-70% share of the market. It also exports aluminium alloy extruded products to Europe and other parts of Asia. The company has a strategic 32.5% equity investment in Nanjing SR Puzhen Rail Transport Co. Ltd, which is engaged in the development, manufacture and sale of metro trains, bogies and their related parts.

China Minzhong: Eat your Veggies and Pass the Noodles (MKE)


China Minzhong
Buy (unchanged)
Share price:SGD1.085
Target price:SGD1.36 (unchanged)
Eat your Veggies and Pass the Noodles

A leading integrated vegetable processor. China Minzhong is a leading integrated vegetable processor in China. It offers more than 100 types of processed vegetables and exports to more than 20 countries. It also produces fresh vegetables for the domestic market. Despite its high-quality assets and good business model, Minzhong’s shares are trading at a deep discount of only 4.4x PER.

Privatisation Plays From Hot Buns to Beams of Steel (MKE)


Privatisation Plays
From Hot Buns to Beams of Steel

 If only bread can talk, oh the tales they could tell! The appearance of Thai F&B player Minor International (MINT) as a 10% shareholder in one of Singapore’s leading F&B names, BreadTalk, is currently tantalising the taste buds of local investors and could prove tasty for those with the appetite to take a bet on other potential privatisation plays. We think the flour will not stop rising yet. In a world of record low interest rates against a backdrop of macro uncertainties, acquirers are obviously taking charge of their own fate by buying out the good assets.

FOOD EMPIRE: Focusing Growth Efforts In Asia, Middle East, Africa


FOOD EMPIRE: Focusing Growth Efforts In Asia, Middle East, Africa

SUDEEP NAIR was appointed CEO of Food Empire in October 2012 while his predecessor, Tan Wang Cheow, retained his executive chairman position.

In his first CEO message in the company's annual report, Sudeep described his top three priorities, one of which is to grow the business beyond its current key markets.

We reproduce his message below.