Saturday, May 4, 2013

What the election results will mean for Malaysia's economy.


@ GEO ENERGY's AGM: Jim Rogers In The Limelight


@ GEO ENERGY's AGM: Jim Rogers In The Limelight

NOT SURPRISINGLY, there was noticeable shareholder interest in Jim Rogers, the world-famous investor who lives in Singapore.

Shareholders seized the opportunity to speak with him after the AGM, the first AGM for Geo Energy Resources as a listed company. He obliged them and appeared in no hurry to leave.

Jim Rogers has brought an investor's perspective to the Board's discussions and he also had many fund contacts to introduce, said Mark Zhou, Geo Energy's chief investment officer, after the AGM to a shareholder and I while we all had tea.

BUFFETT & BLACK GOLD: Which China Shares To Benefit?


Written by Andrew Vanburen (China Correspondent)
Saturday, 27 April 2013 09:08
Main reference: Story in Sinafinance

WARREN BUFFETT'S recent buys into US-based oil equipment and growing consensus that the largely untapped shale oil business in the US is about to take off are shining the light on potential beneficiaries.

Some A-share oilfield equipment suppliers are likely to see more upside than others.

The reason for optimism from a “Buffett Effect” is that the Nebraska-based billionaire investor has essentially ambushed related sector plays.

CapitaLand : Revving up in next few quarters (DBSV)


CapitaLand
BUY S$3.65
STI : 3,348.87
Price Target : 12-month S$ 4.44 (Prev S$ 4.42)
Revving up in next few quarters

• Higher y-o-y growth, led by residential and portfolio gains
• Better earnings momentum in coming quarters
• Maintain Buy, TP S$4.44

Highlights
Results in line with street estimates. Capitaland’s 1Q13 PATMI of S$188.2m is in line with market expectations but slightly below our estimates, accounting for 19% of our full year forecast. This represents a 41% jump y-o-y, driven by portfolio gains, lower effective tax rate and higher associate contributions while revenue inched up 3.2% to S$662m. Operating PATMI came in at S$133m, +70% y-o-y.

China Life Earnings upturn in 1Q13; unlikely sustainable (DBSV)


China Life
HOLD HK$20.60
HSI : 22,401
Price Target : 12-Month HK$ 23.50
Earnings upturn in 1Q13; unlikely sustainable

1Q13 net income is above expectations; driven by higher than expected interest income & lower impairments
Surrender cost has been escalating; may further pressurise earnings
Maintain HOLD on the lack of earnings momentum (TP HK$23.5). Prefer Ping An (BUY TP HK$78.9).

Unisem: Still Far From Seeing The Light At The End Of The Tunnel (TA)

Unisem (M) Berhad

TP: RM0.85
Last Traded: RM0.88
Still Far From Seeing The Light At The End Of The Tunnel

Review
_ Unisem suffered RM9.7mn losses in 1Q13 and this earnings disappointment can be attributed to contraction in revenue. For this quarter, the group’s revenue trailed analysts’ estimates and came in at 22% of our full-year forecasts and 21% of consensus estimates.

_ The absence of retrenchment costs of RM5.7mn recorded in 1Q12 has helped Unisem to narrow its core losses to RM9.7mn in 1Q13. However, we consider 1Q13 performance as a huge disappointment as: 1) the effort of trimming workforce in FY12 failed to lift profit margin higher; and 2) the quarterly revenue has dropped to the record low level since 2Q09.

Pantech Group: A whisker short of all-time profit high (TA)


Pantech Group
TP: RM 0.90
Last Traded: RM0.75
A whisker short of all-time profit high

Review
_ Pantech’s FY13 net profit of RM55 mn (+61% YoY) was within our expectations and consensus’, accounting for 103% and 96% of full-year estimates respectively.

_ Pantech’s stellar performance in FY13 was just a whisker short of exceeding its all-time record high profit of RM61.5mn in 2009. Nevertheless, it is commendable that the group increased its net profit by more than 50% over FY12 (RM37.9mn), and expanded operating margin by 2 ppt in FY13.

Malaysia Smelting Corp - Bracing For Bad News From Koba Tin


Malaysia Smelting Corp -
Price Target: 2.73
Last Price:2.91
Bracing For Bad News From Koba Tin

MSC’s audited FY12 net loss of MYR172.3m was a radical change from its previous announcement of MYR111.2m. The wider loss was attributed to impairments and provisions made amid the uncertainty over the renewal of its 75%-owned PT Koba Tin’s Contract of Works (CoW). As the Indonesian Government’s extended evaluation on its renewal may have kept some investors hopeful, the surprise backdated adjustment could come as a shock. Maintain SELL.

Cash: A Call Option With No Expiration Date


Cash: A Call Option With No Expiration Date
April 26 2013

Cash is generally regarded as a drag on investment returns, but sometimes it may be preferable to hold a substantial cash amount instead of investing it in other assets. This is because having cash on hand gives an investor the flexibility to acquire an asset or assets at bargain prices when the opportunity arises. In this respect, cash can be viewed as a call option – on virtually any asset – with no expiration date.

 Note that "cash" in this context refers to monies invested in Treasury bills, money market funds and other very liquid instruments. As well, recall that a call option or a “call” gives the buyer the option or right to purchase an asset at a pre-determined price (the “strike price”) on or before a specific date (the “expiration date”). The most appealing characteristic of call options is that they offer the call buyer theoretically unlimited upside, while restricting the maximum loss to the premium paid by the buyer.

曾淵滄教路 16.04.13: 誠哥四叔趁低增持 本港地產股可長線買入


誠哥四叔趁低增持 本港地產股可長線買入
上星期,我向大家分析股市的四大利淡因素,在我眼中,這所謂的四大利淡因素都沒甚麼了不起,只不過是大戶想造淡,配合傳媒誇大事實的本性而製造恐慌。

四月五日,恒指在利淡消息滿天飛的壓力之下急跌610點,但城中最富有的兩大富豪不為所動,入市買股。而且是一出手就數億元的掃貨,他是李嘉誠與李兆基,李嘉誠入市買長實(001)、李兆基入市買恒地(012)。

大英Blog物館 26.04.13 : 深入了解公司 由閱讀財務報表開始


深入了解公司 由閱讀財務報表開始
最近的商業周刊,有一個頗有趣的「百事通」特輯(The How To Issue),由變魔術到冥想,一應俱全。比較正經的,有講述財務報表分析入門。周刊請來甲骨文(ORCL)聯席主席、惠普(HPQ)前行政總裁Mark Hurd,用企業角度,提供一個閱讀框架:

財務報表中,先看損益表和資產負債表兩項,兩者乃是一唱一和。閱讀兩者,足以對公司的體格,有初步概念。損益表中,全程跟進收入、支出,反映出公司的盈利能力。正常的盈利,最終必然變成現金流,出現在資產負債表中。

Axis REIT : Bright prospects (DBSV)


Axis REIT
BUY RM3.71
KLCI : 1,706.68
Price Target : 12-Month RM 4.05 (Prev RM 3.35)
Bright prospects

1Q13 in line; revenue growth driven by new properties and rental reversions
4.5sen DPU declared – as expected
Good growth prospects through potential asset acquisitions and unlocking value in existing assets
Raised DCF-based TP to RM4.05; Maintain BUY

Warren Buffett's Empire Is Everywhere



Suntec REIT: AEI works on track (DBSV)


Suntec REIT
HOLD S$1.98
STI : 3,337.71
Price Target : 12-Month S$ 1.99 (Prev S$ 1.70)
AEI works on track

• Results impacted by Suntec Mall AEI works, marginal top up of S$2.7m required
• Strong pre-commitment levels at Suntec Mall mitigates leasing risks and reaffirms earnings sustainability
• Maintain Hold, TP S$1.99

Highlights
Dragged by intensifying AEI works at Suntec Mall. Suntec reported a 32% y-o-y (-10% q-o-q) decline in gross revenue to S$49.7m on lower income from Suntec Mall and Suntec Spore as AEI works at the mall intensifies. This was partly offset by higher revenue from Suntec Office. Distributable income of S$47.6m was boosted by a small capital top-up of S$2.7m, bringing income available for distribution to S$50.3m, a slight drop of only 7% y-o-y. This translates to a DPU of 2.228 S cts.

Sheng Siong: Staying neutral (DBSV)


Sheng Siong
HOLD S$0.715
STI : 3,337.71
Price Target : 12-Month S$ 0.72 (Prev S$ 0.68)
Staying neutral

• Revenue was 5% below expectations, but earnings beat our estimates by 12% on lower than expected operating costs
• FY13F earnings raised 5%; trimmed revenue growth rate but factored in better operating margins
• Maintain HOLD, TP raised to S$0.72

Highlights
1Q13 earnings beat our expectations by 12% aided by lower than expected operating costs. 1Q13 earnings came in at S$10.5m, 12% above our S$9.4m estimate. The difference was mainly due to lower than expected operating costs. Operating costs were S$29.6m, 11% lower than our S$33.1m forecast, due to benefits from bulk handling and direct sourcing initiatives in our view.

MISC : “Privatization offer fail – expect selling pressure”(M&A)


MISC BHD
Current Price (RM)4.54
New Fair Value (RM)5.19
Previous Value (RM)5.77
“Privatization offer fail – expect selling pressure”

Petronas has failed to get at least the 90% acceptance level with only 86.07% voting shares or 3.84 billion units at the close of the acceptance at 5pm on 19th April 2013. There is uncertainty whether PNB has accepted the offer from Petronas. However, we expect that PNB may have accepted the offer since it was the second largest minority shareholder after EPF with a 6.4% stake to bring the total acceptance to 86%. The failure of Petronas’ bid may drag down MISC’s share price. Currently, the share price has already fallen by -16.7% from the closing price of RM5.30 on 19th April 2013.

Unisem - 1Q13 Results


Unisem -
Price Target:0.95
Last Price:0.86
1Q13 Results

Results
1Q13 results continue to disappoint with core net loss of RM10.3m, not comparable to HLIB and consensus’ full year profit forecasts of RM8.4m and RM24.4m profit respectively.

However, we consider this as largely within expectations as we are expecting better 2Q with industry wide recovery in 2H13.

曾淵滄教路 30.04.13: 急跌因大鱷炒作 搶金熱難撐金價


急跌因大鱷炒作 搶金熱難撐金價
最近,國際金價突然大跌,金價大跌之後,香港出現一個過去從沒發生的怪現象;所有的金舖人山人海,黃金首飾被搶購一空,不少金舖每天一開門之後,三小時內,一天所能供應的黃金首飾就賣光了。據報道,在如此人山人海的搶購之下,全香港的金舖庫存黃金已全部售清光,得趕快從海外入口。

投資界流行一句金句:「不買當頭跌」,投資界流行順勢而行,非逆市而行。但是,為甚麼香港的大小金舖會出現這麼一大群逆市買金的人?很有趣的是,這一大群人出現之後,國際大鱷竟然也退讓三分,國際金價也不再下跌,並出現小幅度的反彈。

胡立阳:分析一波新行情启动的两项指标


胡立阳:分析一波新行情启动的两项指标

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

问:行情已连续盘跌两、三个月,但有天指数突然暴涨,且涨幅超过2.5%。有人说这是属于“破底翻”型态的触底反弹,行情已正式翻多,可以开始买进了。但也有专家说这绝对只是昙花一现的跌深反弹,逢高是应该减码的,真是让我茫然不知所措!类似的情况也常在个股出现,究竟该如何应对呢?

平保撐A股估值吸引


平保撐A股估值吸引

【本報訊】平保(2318)首席財務官姚波昨於網上交流會表示,從今年投資環境來看,A股估值具備一定吸引力。但經濟放緩、證券市場政策變化、資金供求等,都對證券市場產生影響,市場未來走勢,仍存在一定不確定性。

壽險定價市場化成趨勢
至於平保首季的投資業務,公司只提到首季投資收入增長,主要得益於權益類投資收益提升。但未有披露公司首季淨投資收益率及總投資收益率。姚波稱,公司首季壽險保費收入高於同業增速,主要受惠產品策略保持穩定,仍以分紅及萬能險為主,壽險退保率亦在正常水平。

Friday, May 3, 2013

印度电厂料如期启动 成荣前景看好


吉隆坡3日讯)成荣集团(MUDAJYA,5085,主板建筑股)在印度的发电厂计划有迅速的进展,加上相信有关发电厂將如期完成,同时预计该公司有望贏取总值28亿令吉的煤炭发电厂的土建工程,分析员重申买进该股。

丰隆投行分析员指出,成荣集团在印度的联营发电厂有令人惊喜的进展,该工程的主要架构,包括烟囱、冷却塔、涡轮大厅、输送水管等已將近完成。因此下一步就是进入复杂的组装程序,包括电源设备组装、控制信令、机械和电气工程,以及发电单位的测试。目前锅炉分开进行调试。

相较实际基础设施工程,上述组装工作可谓挑战较少,因未有涉及发电厂工程设计知识產权。有鑑於此,分析员相信成荣集团將在2013財政年第三季成功进行发电厂测试。

Do Watch Out Before Taking The Property Plunge


24 APRIL 2013
Do Watch Out Before Taking The Property Plunge

By MIGB Commentary

In spite of the Asian financial crisis in 1997 and the nightmarish collapse of the US economy in 2008, East Asian countries have since recovered from these crises. Just look at how eager buyers flock the burgeoning property markets in Malaysia and Singapore; even the series of cooling measures that Singapore had implemented could not dampen the fevered rise in property prices. This can be attributed to the flush of liquidity in the market. In the bid to attract buyers, houses are built more luxuriously and well decked-out, like the dual-key apartments and fenced properties, and they are selling like hot cakes despite the million-dollar price tags.

附加股除权激励 马航交投热盘中飙16%


附加股除权激励 马航交投热盘中飙16%
Created 05/03/2013 - 12:33
(吉隆坡2日讯)附加股今日除权,马航(MAS,3786,主板贸服股)大热走高,股价飙涨14%,并成为全场最热门的股项。

马航今日以33仙开盘走高,一度微跌至全日最低水平32.5仙。

不过,在成交炽热推动下,该股攀至全日最高水平37仙,随后陷入横摆。

无论如何,以32仙理论除权价令吉计算,马航一度走高15.63%。

善用产托上市资金 怡保花园双箭头推增长


善用产托上市资金 怡保花园双箭头推增长
Created 05/03/2013 - 12:17
(吉隆坡2日讯)怡保花园(IGB,1597,主板产业股)将善用旗下怡保花园产托(IGBReit,5227,主板产业信托股)上市所筹集的资金,用于推动集团未来的内部增长及收购计划。

怡保花园主席丹斯里阿布达力奥玛,以及董事经理陈俊明在2012年报中指出,集团内部增长主要来自谷中城美佳广场和The Gardens广场,为集团提供许多资产升值良机。

他们说,在怡保花园仅营运了5年的The Gardens广场,预计可成为怡保花园产托的盈利增长来源,该广场54.2%出租空间将会在2013年杪届满,新租约会争取提高租金。

DBS: Stronger-than-expected 1Q (OCBC)


DBS:
Fair value S$18.28
add: 12m dividend forecast S$0.560
versus: Current price S$16.76

Stronger-than-expected 1Q
• Significantly higher 1Q performance
• Several areas of growth
• Raised FV to S$18.28

Summary: DBS Group Holdings Ltd posted stronger-than-expected 1Q13 net earnings of S$950m versus market expectations of S$824m. The key contributors were the strong double-digit increase in Fee and Commission Income, +25% YoY to S$507m, as well as higher Trading Income (+26% YoY to S$410m).

OKP Holdings: 1Q13 misses expectations (OCBC)


OKP Holdings:
Fair value S$0.46
add: 12m dividend forecast S$0.020
versus: Current price S$0.505

1Q13 misses expectations
• Gross margin falls from 21% to 15%
• Lower tax rate
• Cut FV to S$0.46

OKP's 1Q13 revenue grew 28.4% YoY to S$32.0m but gross margin fell to 15.1% from 21.0% in 1Q12, chiefly due to increased subcontracting and labour costs. PATMI dropped 22.2% YoY to S$2.4m. 1Q13 EPS of 0.77 S cents was lower expected, forming 18% of ours and 15% of the street's FY13 estimates.

SMRT Corporation: No turnaround yet (OCBC)


SMRT Corporation:
Fair value S$1.45
add: 12m dividend forecast S$0.03
versus: Current price S$1.51

No turnaround yet
• FY14 to remain weak
• Bus business could be impaired further
• Fair value reduced again

SMRT reported its weakest set of FY results in over ten years as increases in operating expenses – namely staff costs and repairs and maintenance (R&M) expenses – outpaced revenue growth across its various sectors.

Frasers Commercial Trust: Advancing steadily (OCBC)


Frasers Commercial Trust:
Fair value S$1.66
add: 12m dividend forecast S$0.07
versus: Current price S$1.54

Advancing steadily
• Better-than-expected results
• Strong operating performance
• Expecting further DPU uplift

Frasers Commercial Trust’s (FCOT) 2QFY13 DPU came in at 1.9883 S cents, representing a 14.4% YoY growth. This is slightly above our expectations, as 1HFY13 DPU of 3.5715 S cents already formed 51.4% of our full-year DPU forecast.

Fitters Diversified : Visible catalyst (DBSV)


Fitters Diversified
BUY RM0.59
KLCI : 1,707.97
Price Target : 12-Month RM 0.95

Major Shareholders
Dato' Wong Swee Yee (%) 32.0
Free Float (%) 68.0

Visible catalyst

Unlocking value by listing merged fire-fighting unit (with Singaporean partner)
RM300m unbilled sales from ZetaPark@Setapak offer earnings visibility
Maintain BUY rating and RM0.95 TP

HPH Trust: Poised to leverage on a cyclical upturn in global trade (AM)


Poised to leverage on a cyclical upturn in global trade
In its latest quarterly results, Hutchison Port Holdings Trust (HPHT) continued to showcase its resilience against the backdrop of a softened macro environment. While HPHT’s recent labour dispute at Hong Kong International Terminal (HIT) will put a slight dampener on its bottom-line, we believe this will be negated by the revenue contribution from its recent acquisition of Asia Container Terminals (ACT).

We reiterate that HPHT’s current valuations remain hugely enticing given the sustainability of its 7+% yield and the scope for recovery in global trade conditions. Maintain BUY with a FV of US$0.955.

Chinese banks : 1Q13 wrap (DBSV)

Chinese banks
1Q13 net profit, fees, NIM and capital trends beat estimates
Asset quality was disappointing for some banks
GDP recovery is key to loan pricing power, bad debt pressure, and P/BV valuations
Prefer large cap banks; ABC and ICBC are our top picks

1Q13 trends were generally positive. All H-share banks’ 1Q13 net profit figures were higher than our forecast. Non-interest income was a key positive  and drove much of the earnings surprise. 1Q13 NIM was more resilient than  forecast, particularly for the Big 5 banks, which saw only minor q-o-q NIM declines. Impacts of new capital rules were also milder than expected. However, asset quality of Bocom and Citic Bank were disappointing. On the other hand, ABC and CQRCB’s bad debt levels continued to fall.

Nam Cheong: This Incumbent Will Stay In Power (OSK)


Nam Cheong: This Incumbent Will Stay In Power
(BUY, S$0.245, TP: S$0.35)

Nam Cheong announced yesterday that it has won a USD59m contract for two Accommodation Work Barges (AWBs) from Malaysia's Perdana Petroleum. The early sale of these vessels provides greater revenue and profit visibility for the next four quarters. Nam Cheong is a growth stock at value multiples - earnings are growing 33% this year yet it trades at 7.0x FY13F EPS. We maintain our BUY call with a TP of SGD0.35.

Early sale provides revenue and profit visibility. The two AWBs are scheduled for delivery in 1HFY14. Unit prices of USD29.5m were exactly in line with our forecasts. The sale of these two vessels will provide a strong boost to 2QFY13 earnings (recognising all work complete at once) and increases the baseline revenue and bottom line for the next four quarters due to the stronger confirmed order book.

Pavilion REIT - Organic growth driver intact


Pavilion REIT -
Price Target:1.65
Last Price:1.62
Organic growth driver intact

 We re-affirm our HOLD recommendation on Pavilion REIT (PREIT), with an unchanged fair value of RM1.65/unit, based on our DCF valuation, following release of its 1Q results.

- PREIT posted a 1Q13 distributable income of RM56mil (+11% YoY, +4% QoQ) and a 1.86 sen DPU, in-line with our and consensus estimates at 26% and 27%, respectively.

Sheng Siong Group: A local darling (OCBC)


Sheng Siong Group:
Fair value S$0.82
add: 12m dividend forecast S$0.02
versus: Current price S$0.72

A local darling
• Strong set of 1Q13 results
• Outlook remains positive
• More upside ahead

Sheng Siong Group reported an excellent set of 1Q13 results with contributions from new stores boosting revenue growth by 12.3% YoY while cost management initiatives continued to improve operating margins. In the coming quarters, Sheng Siong’s outlook remains positive as the lack of any foreseeable price competition amongst the Big 3 players, and defensive consumer spending in the face of continued economic uncertainty should prove supportive for the group.

CapitaMalls Asia: firm start to the year but clouded by drop in China traffic (DB)


CapitaMalls Asia
Price at 24 Apr 2013 (SGD) 1.97
Price target - 12mth (SGD) 2.09
52-week range (SGD) 2.24 - 1.35
1Q ahead; firm start to the year but clouded by drop in China traffic

CMA reported headline 1Q13 PATMI of S$73m (+9.6% YoY, -60% QoQ) which exceed our forecast mainly due to lower pre-opening losses, operating expenses and corporate tax, development profit from Orchard Residences and a S$7m warehousing gain from two China assets divested to CMCDF III. Gross margin rose from 58% to 66% YoY while admin expenses were flat despite the higher number of malls. Excluding portfolio and revaluation gains, 1Q core PATMI rose 85% YoY, +71% QoQ. Net gearing fell slightly from 30% to 26% (34% on a look-through basis).

Suntec REIT: Top-up likely lower = catalyst for pullback (Nomura)


Suntec REIT
Target price Remains SGD 1.68
Closing price April 25, 2013 SGD 1.98
Top-up likely lower = catalyst for pullback

1Q: Excluding top-ups, core operations in line
SUN reported its 1QFY13 results on 25 April after the market close. Excluding a distribution from capital of SGD2.7mn (or 0.1Scts/unit), 1QFY13 DPU of 2.1Scts (-14.1%y-y; -9.4%q-q) –met 25% of our fullyear forecast of 8.4Scts (including a projected distribution from capital of SGD25mn or 1.1Scts/unit, our FY13F DPU forecast is 9.5Scts). Better-than-expected contribution from ORQ and MBFC I helped offset the lower-than-expected earnings from Suntec City Mall (on account of ongoing asset enhancement) during the quarter.

Hutchison Port Holdings Trust: Negotiating rough waters (DBSV)


Hutchison Port Holdings Trust
BUY US$0.83
STI : 3,368.18
Price Target : 12-Month US$ 0.87 (Prev US$ 0.89)
Negotiating rough waters

• Overall volume growth flattish in 1Q13, results lagged expectations
• Disruptions caused by port workers’ protest in HK will have an impact on FY13/14 distributions
• Recent acquisition and fast ramp up of ACT will help mitigate the impact to an extent
• Yields still attractive at close to 7%, maintain BUY with slightly lower TP of US$0.87 (WACC 7.1%)

Sunway REIT : Reinstating Coverage with NEUTRAL (CS)


Sunway REIT
Price (30 Apr 13, RM) 1.60
TP (prev. TP RM) 1.62 (NA)
Reinstating Coverage with NEUTRAL
Muted DPU growth in FY14

● SunREIT’s 9M FY13 distributable income of RM172 mn, up 14% YoY, was within expectations. The increase was mainly driven by lower finance cost and strong rental growth at Sunway Pyramid and Sunway Carnival.

● Sunway Putra Mall has been closed for renovations which are expected to last 20-22 months. The details of the renovations will be unveiled in the coming weeks; however, media reports indicate that targets are for rentals to more than double.

曾淵滄專欄03.05.13:點解領匯升極都有


曾淵滄專欄:點解領匯升極都有 - 曾淵滄

美國最新就業與建造業數據並不理想,導致前晚美股下跌,美股下跌也影響昨日港股表現。不過,港股的表現算是比美股強得多,一個可能因素是4月份港股先跌後回升,市場信心恢復。另一個原因或與美國聯儲局議息會議結束後的聲明有關。

聯儲局議息聲明說將來可能會增加或減少購買債券,表面看,可以是增加,也可以是減少,但明眼人知道,增加購買債券的機會比較大。因為聯儲局在聲明中清楚地說美國經濟有下滑風險,換言之,伯南克去年所說的財政懸崖正在顯現。

2因素不利 双威末季盈利或放缓


(吉隆坡2日讯)虽然双威房地產投资信托(SUNREIT,5176,主板房產信托组)2013財政年首9个月(截至3月31日止)业绩表现普遍上符合市场预期,不过,分析员认为,在两个负面因素影响下,其末季盈利或將放缓。

以上两项负面因素是,酒店面临季度低迷期以及正在进行装修的双威太子广场做出的贡献预料將减少。

该股在周四的股价走势窄幅向下,该股以1.58令吉结束全天交易,跌2仙或1.25%,成交量为1.89万股。

中海油擔保子公司發債


中海油擔保子公司發債
http://paper.wenweipo.com   [2013-05-03]    
 香港文匯報訊  中海油(0883)昨表示,擬擔保子公司CNOOC Finance(2013)發行優先票據,籌資以償還部分因收購加拿大Nexen而產生的短期貸款。國際信貸評級機構穆迪就CNOOC Finance(2013)擬發行的美元票據給予Aa3優先無擔保評級,同時確認中海油的Aa3發行人評級以及由中海油擔保子公司發行的債券評級,展望均為穩定,反映出對中海油產量增長以及儲量交替均為平穩的預期。

 市場消息指中海油債規模為50億美元。中海油昨稱,由CNOOC Finance(2013)發行的票據,銷售對象為香港境內及美國境外的其他地方的專業投資者,所得款項凈額擬主要用作償還中海油因收購Nexen而產生的一項60億美元短期貸款協議項下的部分未償還貸款。今年2月,中海油完成對Nexen價值151億美元的收購,這是迄今中國企業最大宗海外併購個案。

人行籲中央 減持四大銀行


人行籲中央 減持四大銀行

【本報訊】就在監管機構嚴控銀行理財之際,人行副行長劉士餘表示,現階段四大國有銀行國家持股比例還是太高,金融機構還遠沒有達到真正的公司治理的境界。不過,他未有進一步提到國家應持多少比例銀行股權。

劉士餘表示,伴隨內地經濟結構調整,中國金融業發展面臨諸多挑戰。在影子銀行問題上,他認為儘管定義不同,但影子銀行客觀存在且有一定規模。目前,影子銀行提供的資金基本還是在實體經濟當中,如果影子銀行資金進入房地產,落後產能,或者一些資質狀況不佳的地方政府融資平台,可能會產生比較大的風險。同時游離於金融監管之外,一些交叉性金融產品容易滋生跨市場風險傳遞,因此在鼓勵金融業務多元化的同時,對於影子銀行體系的潛在風險要保持高度警惕和有效監管。

Thursday, May 2, 2013

屋價後市受關注‧柔特區前景仍樂觀


屋價後市受關注‧柔特區前景仍樂觀
Created 05/02/2013 - 17:25

(吉隆坡2日訊)亞洲海外投資者對於柔佛依斯干達特區看法樂觀,惟關注該區房市供需及房價能否持穩,同時馬股的大選風險仍是當前謹慎考量的課題。

聯昌研究指出,在近期向亞洲投資者推廣依斯干達經濟特區的巡展中,該行收集的意見顯示,投資者主要擔心,若依斯干達缺乏經濟活動,當地可能會在兩三年後面對房產供應過剩窘境。

中國業務放緩‧百盛全年盈利料挫42%


中國業務放緩‧百盛全年盈利料挫42%
Created 05/02/2013 - 18:31

(吉隆坡2日訊)受到中國業務成長放緩拖累,大馬研究認為百盛(PARKSON,5657,主板貿服組)盈利前景仍將毫無驚喜,並預計2013財政年盈利將大幅挫跌42%。

短期而言,中國是主要拖累該公司業務成長的市場,估計中國同店銷售成長的復甦之路將相當顛簸;即使出現反彈,也僅能循序漸進,不預期大幅度攀升。

H7N9衝擊銷售

“預計這將導致在香港上市的百盛零售集團短期內同店銷售將萎縮,因為受到經濟成長放緩影響。"

強化資產‧雙威產託評級不變


強化資產‧雙威產託評級不變
Created 05/02/2013 - 18:38

(吉隆坡2日訊)雙威產業信托(SUNREIT,5176,主板產業投資信托組)首9個月淨利按年增長14.6%至1億6千300萬令吉,符合市場預期,儘管近年辦公室商產供應過剩導致租金上漲受壓,惟基於金字塔購物中心仍具韌力且資產強化措施正如火如荼進行,分析員多維持評級不變。

首9個月淨利符預期

安聯研究說,雙威產業信托將著重產業強化措施,包括雙威金字塔購物中心,已開始的Oasis Boulevard 5,新添淨出租面積達2萬零362平方英尺,現有2萬3千432平方英尺則轉型中,管理層試圖讓國際服裝品牌進駐。

DBS Q1 profit up 2% at record high


WRITTEN BY REUTERS  
THURSDAY, 02 MAY 2013 10:00

DBS Group Holdings, Singapore’s biggest bank, posted a record quarterly profit, beating expectations, as higher fee and commission income offset a slight drop in income from its key lending business.

DBS earned $950 million in the three months ended March, compared with the previous record profit of $933 million a year earlier. Its profit was far above the $836 million average forecast of eight analysts polled by Reuters.

Singapore’s no. 2 lender Oversea-Chinese Banking Corp on Tuesday posted a 16% fall in first quarter profit, hurt by lower contributions from its insurance unit and weak interest rate margins.

Cornerstone investors lined up for Taiwan pay-TV operator’s $1.4b IPO


WRITTEN BY DOW JONES & CO, INC  
THURSDAY, 02 MAY 2013 12:39

Asian Pay Television Trust, an investment vehicle for one of Taiwan’s biggest pay-TV operators, has secured commitments from as many as eight cornerstone investors to take up nearly a third of its planned initial public offering, which is expected to raise 1.4 billion dollars, people with knowledge of the deal said Wednesday.

Cornerstone investors commit to holding a significant stake for a certain length of time, demonstrating their confidence in the shares. The cornerstone investors that have committed to Asian Pay Television Trust’s IPO include insurance companies, long-only funds and hedge funds, the people said, without naming the investors.

IGB aims to focus on organic and inorganic growth


IGB aims to focus on organic and inorganic growth
Business & Markets 2013

Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Thursday, 02 May 2013 09:49

KUALA LUMPUR: IGB Corp Bhd will use the proceeds from the listing of IGB Reit (real estate investment trust) to fund its organic and inorganic growth in the near future.

Its chairman Tan Sri Abu Talib Othman and group managing director Robert Tan Chung Meng said the organic growth would be driven by Megamall and The Gardens Mall, which offer numerous asset enhancement opportunities for the group.

MAS jumps 12.5%, trades ex-rights


Hot Stock MAS jumps 12.5%, trades ex-rights
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, 02 May 2013 11:14

KUALA LUMPUR (May 2): MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) jumped 12.5% from its theoretical ex-rights price of 32 sen to become the most-active counter in morning trade. The stock trades ex-rights today.

At 10:11am, the national carrier’s stock jumped four sen or 12.5% to 36 sen. More than 25 million shares changed hands. At 11.09am, the stock was traded at 35.5 sen.

陈凯希: 攻精致产品 海鸥低本高利创高峰


陈凯希: 攻精致产品 海鸥低本高利创高峰
Created 05/02/2013 - 12:56
(巴生1日讯)海鸥(HaiO,7668,主板贸服股)集团董事经理陈凯希表示,该集团计划在未来两年采取低成本高利润的新销售方案,把业绩推向另一高峰。

他希望以该方案能够提振未来两年的业绩,并作为该集团于2015年迈入40周年时的“大礼物”。

陈凯希是在昨晚庆祝海鸥38周年纪念的晚宴上,发表谈话。

基金布陣五月 有買無沽


港股四月份結束連續兩個月跌勢,恒生指數不但收復二月及三月份失地,首四個月更倒升0.35%。不過,傳統上股市有「五窮、六絕、七翻身」之說,同時○三年至去年期間,五月份跌市比率達六成,投資者應遵從傳統智慧五月沽貨(sell in May),還是採用新投資智慧,五月份繼續持貨(hold in May)或五月買貨(buy in May)?當中Look's Asset Management董事總經理兼投資總監陸東選擇「buy in May」,主要原因港股估值依然偏平,恒指顯著下挫空間有限。

本報向12名基金經理進行調查,顯示選擇「buy in May」及「hold in May」基金經理各佔五成,反而沒有基金經理選擇「sell in May」。原因是現時股市估值很低殘,追沽會「無肉食」,候低吸納或趁高獲利沽貨更划算。

Unisem : Set to recover from soft revenue (MIDF)


Unisem (M) Bhd
Price (24 Apr. 2013) RM0.88
Target Price RM1.08
Set to recover from soft revenue

Unexpected losses in 1Q13 due to soft January and February revenues. However, revenue recovered in March and expected to continue into 2Q13.
Higher ASP will take full effect in 2Q13.
EBITDA improvement, growing +14.4%yoy in 1Q13. EBITDA margins improved to 14.3%.
Revenue will rebound in the coming quarters and when demand improves, the ramp-up can be drastic. Maintain our BUY recommendation for the recovery and undemanding valuation.

Rickmers Maritime : 1Q13 Earnings in line (Clarkson)

Rickmers Maritime
RMT SP:
1Q13 Earnings in line.
Rights issue could accelerate deleveraging. Maintain Market-perform, SGD 0.38 target.
1Q13 operating results met our expectations. Rickmers Maritime (RMT) reported earnings of $0.0193/unit for 1Q13. Revenues of $35.5 million and EBITDA of $25.8 million were in line with our estimates. The company had lower-than-expected finance expenses in the quarter, resulting in a net profit of $10.7 million versus our estimate of $8.2 million.

Charter extended for largest vessel. RMT announced that the charter for the Kaethe C. Rickmers was extended from March to September at a net daily rate of $5,700/day. This vessel is the largest in RMT’s fleet and the only vessel that will seek new employment during 2013. We had been modeling a charter rate of $11,000/day for the vessel’s next charter. We now project a rate of $10,000/day beginning in October. We have also lowered our projected finance expenses, resulting in higher earnings estimates for 2013-14. Our projected EPU for 2013 is $0.082/unit (was $0.063) and our 2014 estimate is $0.083/unit (was $0.064).

Yangzijiang Shipbuilding: Calm before the storm (CIMB)


Yangzijiang Shipbuilding
Current S$0.95
Target S$1.00
Calm before the storm

 Cheaper raw materialsplus theexecution of remaining pre-GFC high-value contracts preserved YZJ’s shipbuilding margins. This trend could sustainfor a while, potentially supporting its share price overthe next 12 months.

1Q13 core EPS is 18% above our expectation, at 30% of our FY13 and 26% of consensus, thanks to higher-than-expected shipbuilding revenue and margins. We raise our FY13-14 EPS by 3-16% for higher margins and orders. Upgrade to Neutral from Underperform in view of its better outlook this year with a higher target price at 1.2x, its last trough (previously 30% discount to last trough).

Great Eastern Holdings : trong new business growth, but at the expense of margin (CS)


Great Eastern Holdings .
Price (25 Apr 13 , S$) 17.74
TP (prev. TP S$) 22.50 (20.00)
Maintain OUTPERFORM
1Q13 result: Strong new business growth, but at the expense of margin

● Great Eastern reported a strong headline 1Q13 result, with S$207.5 mn NPAT, although below an even stronger 1Q12 of S$262.5 mn which had much higher mark to market gains.

● Strong new business growth. Total weighted new business sales were S$205 mn in 1Q13, up 16% YoY. Singapore new business growth was strong (+19%) especially bancassurance regular premium. Malaysia new business was up 7% YoY, with strong growth in other markets (+43%), driven by Indonesia.

F&N – Valuation Support But Let The Dust Settle (UOBKH)


F&N – Valuation Support But Let The Dust Settle
The sharp pull-back in share price reflects the expiry of GO and the removal of the stock from various indices. A conglomerate discount of 10-20% suggests a potential valuation of S$8.60-9.70.

What’s New
• Sharp pull-back in share price; what to do now? Since resuming trading on 22 April, F&N (NOT RATED) has fallen 13.6% from the presuspension price of S$9.43. Other than the expiry of the general offer (GO) on 18 February, the decline could have been attributed to the removal of the stock from several MSCI Indices. This report highlights our latest views on F&N.

Olam International : Re-balancing Growth And Cashflow (UOBKH)


Olam International
Share Price S$1.67
Target Price S$1.98
Re-balancing Growth And Cashflow

Management unveiled its latest strategic review, which seeks to balance growth and cash flow. Though its growth targets will be scaled back, investors may welcome its move to reduce gearing and prioritise cash flows. Maintain BUY. Target price: S$1.98.

What’s New
• Strategic review. After extensive consultation with stakeholders in the company over the past few months, management unveiled its latest strategic review for the period FY14-16.

Sheng Siong: Good start to the year (CIMB)


Sheng Siong Group
Current S$0.72
Target S$0.75
Good start to the year

 A healthy ramp-up in sales from the new stores powered Sheng Siong to a good set of results. Earnings were further aided by the absence of price competition, which decimated gross margins this time last year.

1Q13 core net profit forms 26% of our and consensus full-year estimates. We make no change to our earnings estimates, or target price, which is still based on 23x CY14 P/E (at a 10% discount to Dairy Farm). We expect catalysts to come from new store openings and stronger-than-expected same store sales growth (SSSG). Outperform maintained

CapitaMalls Asia: New malls contribute (CIMB)


CapitaMalls Asia
Current S$1.97
Target S$2.16
New malls contribute

 CMA’s 1Q13 results show further improvements in operating metrics –new rental streams from new malls, robust tenant sales and same-mall NPI growth in China. More malls are expected to be completed this year and execution will be key.

1Q13 core earnings were in line at 26% of our full-year estimate and 25% of consensus. We tweak EPS but keep our target price, still based on a 10% discount to RNAV. We retain our Neutral stance on valuation grounds. We think that compression in cap rates and accretive asset recycling are needed to push the stock beyond its 1.2x P/BV valuation in the near term.

Suntec REIT: Intensification of Suntec AEI (CIMB)


Suntec REIT
Current S$1.98
Target S$1.96
Intensification of Suntec AEI

 1QFY13 DPU was expectedly hit by the intensifying AEI works at Suntec City Mall, though its impact was softened by management tapping on the divestment proceeds from Chijmes. The stock has done well YTD, and could increasingly be pricing in a smooth AEI execution.

1QFY13 DPU was broadly in-line with consensus and our expectations at 24% of our FY13 forecast. We adjust FY13-15 DPUs as we update for leases up for rent reviews and renewals and cost of borrowing. Our DDM-based target price is also higher, on a lower discount rate of 7.5% (previously 7.7%). Maintain Neutral on valuations.

Starhill Global REIT: Strong quarter, Singapore shines (CIMB)


Starhill Global REIT
Current S$0.97
Target S$0.96
Strong quarter, Singapore shines

 1Q13 saw overall occupancy rate rising to 99.7%. Singapore was the star performer, led by strong occupancy and positive rental reversions, including a 10% rise in Toshin master rent. Overseas performance was mixed, with Chengdu still affected by the softening China retail market.

1Q13 DPU, at 27% of our full-year number, was slightly above consensus and our forecasts. Factoring in the Toshin lease uplift and higher assumed occupancy and rental, we raise our FY13-15 DPUs and DDM-based target price on a lower discount rate of 7.7% (previously 7.9%). Maintain Neutral, with acquisitions, AEIs and stronger rental growth as catalysts.

Bank of China : 9.5% core Tier 1 somewhat low for a global SIB?


Bank of China
Maintain NEUTRAL
Price (25 Apr 13 , HK$) 3.53
TP (prev. TP HK$) 4.05 (4.05)
1Q13 results: Almost in line; 9.5% core Tier 1 somewhat low for a global SIB?

● BOC reported profit of Rmb39.8 bn, almost in line with CS estimates. Fee income (6% ahead of est.) and cost savings (opex 2% lower) offset shortfall in net interest income (2% behind est.).

● Margin held up well in 1Q13, down 1 bp QoQ (CS -4 bp) as BOC further trimmed high-cost structured deposits by half during 1Q13. The surprise in BOC is that average interest earning assets have been flat for three quarters despite an 8.5% jump in loans (+6.7% QoQ in 1Q13), 3% in interbank and 5% in investments.

Yangzijiang 1Q13 in line; further offshore orders unlikely (CS)


Yangzijiang Shipbuilding (Holdings) Ltd
Maintain NEUTRAL
Price (26 Apr 13 , S$) 0.96
TP (prev. TP S$) 1.10 (1.10)
1Q13 in line; further offshore orders unlikely

● 1Q13 net profit of Rmn717 mn was in line with our expectation, representing 25.8% of our FY13 forecast of Rmb2.78 bn. Shipbuilding revenue declined to Rmb2,472 mn from Rmb3,234 mn in 4Q12, with gross margins flat YoY at 26%.

● Held-to-maturity (HTM) financial assets increased slightly to Rmb11.6 bn from Rmb11.4 bn at the end of 4Q12. Interest income grew 28% QoQ to Rmb394 mn in 1Q13 from Rmb309 mn in 4Q12.

曾淵滄專欄02.05.13:阿爺暗示你信不信


曾淵滄專欄:阿爺暗示你信不信 - 曾淵滄

4月29日,《人民日報》海外版罕有發表兩篇文章談股市,一篇題為「唱空中國的偏見與不見」,另一篇更露骨直接,題為「股市『熬人行情』還會持續多久」,兩篇文章同時指摘近日外資大行及評級機構唱淡是別有用心與偏見,文中甚至詳細解釋近日被指為負債纍纍的鐵道部實際上資產雄厚,只是因為資產值從來沒有重估,才顯示出負債比率高的假象,同時也指出地方政府的債務是投資,而不同一些歐洲國家那樣超前消費。

過去幾天,中國A股因黃金周而停市,4月26日滬綜指收市時是2177點,再次跌破2200點的心理關口,4月29日《人民日報》這兩篇文章似乎在暗示中國A股已經跌過龍,同時指出「未來會走出一輪較大行情」,暗示是很明顯的。現在,問題是你信不信《人民日報》的暗示?《人民日報》的確很少談論股市。4月29日為甚麼會同一日發表兩篇文章談股市?的確耐人尋味。

KNM reports results deviation


The Star Online > Business
Wednesday May 1, 2013
KNM reports results deviation

PETALING JAYA: Process equipment maker KNM Group Bhd has reported a deviation of more than 10% in its announced unaudited accounts and audited net profit for the financial year ended Dec 31, 2012.

The unaudited net profit announced before was RM130.6mil vis-a-vis the audited figure of RM82.03mil.

The company told Bursa Malaysia that this was due to the adjustments from normal operations and the significant audit adjustments to its Brazilian operations.

“The goodwill of RM29.557mil, which was attributed to the skills and technical talent of the business acquired in 2008, has been fully impaired during the year,” KNM said.

Wednesday, May 1, 2013

資金還在不會崩盤 馬股抵得住烏巴風


報導:林苡欣、張潔瑩

 (吉隆坡30日訊)市場普遍把國陣在大選中勝出列為投資考量,分析員說,若民聯“烏巴”成功並執政中央,馬股市料將因“自然反射”效應而率先挫跌,但只要股市資金還在,馬股不會崩盤,跌勢料屬短暫,不足為懼。

 選情出現拉鋸戰,市場普遍揣測國陣將勝出,投資者紛紛買入,推高股市走勢,唯若選情出現轉折,並由民聯大勝,有者擔心會否在股市引起一片恐慌。

挫跌屬短暫

股價月內挫近25% 依華仙台遭不合理拋售

(吉隆坡30日訊)大馬公司于西亞的工程計劃頻告吹,依華仙台(SENDAI,5205,主要板建築)股價月內挫近25%,券商認為,該股遭過度拋售不合理,持續看好是西亞建築領域中最好的本地業者。


 興業證券研究分析報告指出,依華仙台的股價從4月8日的高水平1.43令吉,慘遭拋售至上週五的1.08令吉,短短一個月內股價下挫近25%。

 報告指出,本月傳來部分大馬公司于西亞的工程腰斬的消息漸散去,但依華仙台遭拋售的程度始終不合理。

 該股全日窄幅波動,遊走介于1.09令吉至1.10令吉之間,休市時暫掛1.10令吉,揚1仙,交投56萬6300股。

PhillipCapital Weekly Market Watch 22.04.2013- Cordlife



國陣若沒大勝 馬股或下跌86點


國陣若沒大勝 馬股或下跌86點

獨家報導:林苡欣

 (吉隆坡1日訊)大選投票日倒數4天,馬股昨日閉市再衝上1717.65點史上新高,在華裔選民反風仍狂吹下,政權易手的呼聲此起彼落,券商揣測,如果國陣穩住中央政權但卻非大勝,股市將詮釋為“雖勝猶輸”,馬股或下跌5%或約86點。

 艾芬投資銀行零售研究主管納茲里博士告訴《中國報》說,基于市場已把國陣會贏納入考量,故若僅是險勝保中央政權,並不能激起市場新一波投資浪潮,相反投資者料趁勢套利,政企概念股恐難逃跌勢。

力之源拟股息再投资


力之源拟股息再投资
Created 05/01/2013 - 12:34

(吉隆坡30日讯)力之源(Pwroot,7237,主板消费产品股)向马交所报备,让股东表决股息再投资新股计划。

根据文告,力之源将让股东选择接受上述献议,并把股息再投资每股定价20仙新股。

董事局表示:“若股东选择接受,可以决定股息再投资比重。若拒绝,也可以继续接受现金股息。”

另一方面,力之源的另一分报备文件显示,截至2013年2月28日财年末季,净利按年增117.7%,即从上财年同期的412万5000令吉,增至898万令吉。

附加股2日除權‧馬航賣壓中收黑

附加股2日除權‧馬航賣壓中收黑
Created 05/01/2013 - 11:04

(吉隆坡30日訊)今天是馬航(MAS,3786,主板貿服組)附加股計劃除權前的最後一個交易日,股價雖一度受扶持,但最終仍敵不過看淡附加股和轉型計劃的拋壓而收黑。

馬航附加股將於週四(2日)除權,而大馬股票交易所將配合勞動節在明日(週三)休市,讓今日成為附加股計劃的最後“衝刺"日。

不過,由於投資者對馬航附加股計劃不感樂觀,導致馬航全天在68至69仙水平窄幅游移,開市雖起0.5仙至69仙,惟最終只能報收68仙,挫0.5仙,成交量達1千381萬股,在淡市中顯示賣壓不小。

美元與商品的關係?走勢永遠相反的嗎?

美元與商品的關係?走勢永遠相反的嗎?—施凌教學第六十一集


Yangzijiang : A soft sailing (DBSV)


Yangzijiang
HOLD S$0.96 STI : 3,348.87
Price Target : 12-Month S$ 1.02 (Prev S$ 1.10)
A soft sailing

• 1Q13 was below our expectations but in line with the consensus
• Trim FY13/14 net profit by 8.2/0.2%
• Yen depreciation reduces cost competitiveness of Chinese yards
• Maintain HOLD with a lower TP of S$1.02

Another cancellation in 1Q13. Yangzijiang’s 1Q13 net profit fell 30% y-o-y to Rmb717m on the back of slower shipbuilding activities and a higher tax rate. Results came in below our above consensus estimate of Rmb750-800m due to lower revenue recognition.

Unisem - A muted 1QFY13


Unisem -
Price Target:0.95
Last Price:0.86
A muted 1QFY13

Period     3MFY13/1Q13

Actual vs. Expectations     The group’s 1QFY13 normalised net loss of RM9.7m (50% YoY) came in below expectations, mainly dragged down by a weaker revenue number on the back of a lower sales volume amid the typical seasonal weakness of the quarter.

Dividends     No dividend was declared as expected. For the full financial year, we expect the group to declare 2.0 sen DPS, implying a 2.3% dividend yield.

Pavilion REIT: A good start (CIMB)


Pavilion REIT
Current RM1.60
Target RM1.59
A good start

 Pavilion REIT is off to a good start this year by posting an in-line 1Q13 net profit of RM54m that makes up 25% of our and consensus full-year numbers. The 1.86 sen DPU declared is also on track to meeting our full-year estimate of 7.4 sen.

We maintain our Outperform rating and our DDM-based target price. Rerating catalysts could come from higher-than-expected rental reversions for 67% of Pavilion KL Mall this year. FY14 dividend yields of 4.9% should support its share price.

Bank of China: Solid start to the year (CIMB)


Bank of China
Current HK$3.53
Target HK$3.78
Solid start to the year

 Results were ahead of our expectation on solid revenues and good cost control, allowing management to further strengthen its balance sheet provisions. A well-flagged decline in Tier 1 ratio is the main negative.

BOC's 1Q13 net profit of Rmb39.8bn (up 8.2% yoy) was 3.4% above our estimate and 4.5% above consensus, mainly on higher other revenues – partly offset by higher loan impairment charges. As 1Q13 net profit forms 26% of our full-year forecast and other revenues are unlikely to sustain its 1Q13 pace, we maintain our forecasts. We reiterate our Neutral rating and GGM-derived target price (0.94x FY13 P/BV).

Olam International: Taking a breather (CIMB)


Olam International
Current S$1.67
Target S$1.56
Taking a breather

 In its strategy review, Olam has decided to sacrifice profit growth for free cash flow generation. We see room for earnings disappointment, but believe that the refined strategy could be more supportive of a sustainable, disciplined long-term growth approach.

We cut our FY13-15 EPS by 12-18% to factor lower margins and downgrade our rating from Neutral to Underperform amid heightened risk of earnings disappointment. Our target price, based on 1x CY13 NAV, falls to S$1.56. In the absence of re-rating catalysts, we think Olam will underperform the STI.

CapitaMalls Asia : Earnings in line (DBSV)


CapitaMalls Asia Limited
BUY S$2.04
STI : 3,337.71
Price Target : S$ 2.38 (Prev S$ 2.30)

• Earnings in line, gross margin improvement and divestment gains boosted results
• Bedok Residences to contribute from 2Q, 6 new malls to open this year
• Maintain BUY, TP S$2.38

Highlights
1Q13 results in line, accounting for 27% of our FY13 forecast. CMA reported 10% higher PATMI to S$73.2m on a 29% hike in topline to S$91.5m compared to 1Q12. Stripping out revaluation gains in previous period, growth would had been a more impressive 103%. Bottomline was boosted by an improvement in gross margins, higher associates & JCE (jointly controlled entity) income, and an S$6.6m gain from 2 assets sold to CMCDF III.

Suntec REIT: DPU Stable Amid Weak Earnings (DMG)


Suntec REIT: DPU Stable Amid Weak Earnings
(Neutral, S$1.98, TP: S$2.10)

Suntec (SUN) reported its 1Q13 results with revenue and distributable income of SGD49.7m (-32.2% y-o-y) and SGD50.3m (-8.4% y-o-y) respectively, while DPU for the quarter came in lower at 2.23 cents (-9.2% y-o-y). In view of the recent rally on this counter, we have downgraded SUN to Neutral with an unchanged TP of SGD2.10; as we believe the near-term upside have mostly been priced in.

Revenue lower than expected but DPU inline. As a result of closing c.67% of the Suntec City mall for Phase one and Phase two AEI, revenue for 1Q13 was much lower than street consensus and our forecast by c.29%. However, DPU for the quarter remains largely inline with our estimate with a deviation of -3%; largely attributed to a better than expected top up of DPU using the proceeds from the divestment of CHIJMES.

Sheng Siong Group: Core Earnings Within Expectations (DMG)


Sheng Siong Group: Core Earnings Within Expectations
(NEUTRAL, S$0.72, TP: S$0.69)

1Q13 core net earnings surged 31.3% y-o-y to SGD10.5m, in line with ours and market expectations. Revenue growth of 12.3% y-o-y was driven by contributions from new stores while gross margins expanded by 1.7ppt yo-y to 22.5%, having recovered from competitive price pressures in 1Q12.

While we continue to like the company, valuations appear rich at 25x FY13F P/E. Maintain NEUTRAL.

Cache Logistics Trust: Awaiting acquisitions (CIMB)


Cache Logistics Trust
Current S$1.38
Target S$1.50
Awaiting acquisitions

 1Q13 was a steady quarter, led by organic growth from rental step-ups within the portfolio master leases. We look forward to the rest of FY13 as contributions from Precise Two kicks in and expect debt headroom to be utilised for accretive debt-funded acquisitions.

1Q13 DPU met our and consensus estimates at 26% of our FY13 forecast. We lower FY13-15 DPUs, factoring in Cache’s recent equity issuance, offset partially by a higher acquisition assumption. Our DDM-based target price, however, is raised on a lower discount rate of 7.1% (previously 7.7%). Maintain Outperform, with accretive acquisitions as catalysts.

Mapletree Commercial Trust: A solid set of results (HSBC)


Mapletree Commercial Trust
Target price (SGD) 1.45
Share price (SGD) 1.42
A solid set of results

 FY12/13 results beat HSBC and consensus estimates
 VivoCity still the key driver of organic growth; acquisition growth a possibility in the near to medium term
 TP increased to SGD1.45 (from SGD1.25); maintain Neutral

.MCT reported a good set of results; FY12/13 DPU came in 3% and 5% above HSBC and consensus estimates, respectively. MCT reported FY12/13 revenue of SGD219m and DPU of SGD0.065, beating HSBC estimates of SGD216m and SGD0.063 and consensus estimates of SGD210m and SGD0.062, respectively. The beat was driven by stronger-than-expected performance from VivoCity and PSA Building (PSAB), as well as better-than-expected NPI margins in 4Q. FY12/13 revenue and DPU were up 16% and 15% y-o-y, respectively.

CapitaMall Trust 1Q13: New AEI At Bugis Junction (UOBKH)


CapitaMall Trust
Share Price S$2.26
Target Price S$2.54
1Q13: New AEI At Bugis Junction

Results are in line as CMT reaps the rewards of AEIs completed in 2012. A new AEI was announced at Bugis Junction while the space vacated by Carrefour at Plaza Singapura has been filled. Watch for acquisitions and further AEIs in 2013. Maintain BUY with a target of S$2.54. CMT is trading at a healthy forward yield of 4.8%.

Results
• Results in line with expectations. CapitaMall Trust (CMT) reported a 1Q13 distributable income of S$85.3m (+11.3% yoy, +6.9% qoq) and a DPU of 2.46 S cents (+7.0% yoy, 4.2% qoq). The 1Q13 DPU is in line with our expectations, accounting for 23.9% of our full-year DPU estimate of 10.30 S cents. CMT has also retained S$6.6m (0.2c per unit) to be distributed by 2013.

CapitaLand: Operational pick-up in progress (CIMB)


CapitaLand
Current S$3.65
Target S$4.33
Operational pick-up in progress

 CapLand’s 1Q13 core earnings jumped 1.3x yoy. Incentive schemes have helped move inventory in Singapore, while units were handed over in China. More will be delivered in 2H12, with strong sell-through rates reported in 1Q13 pointing to stronger operational momentum.

As such, we deem 1Q13 core earnings in line at 20% of our full year and 18% of consensus. We tweak our FY13-15 core EPS estimates but maintain our target price, still based on a 15% discount to RNAV. Stock catalysts are expected from an earnings recovery in FY13 and corporate restructuring initiatives. Outperform maintained.

Ascendas India Trust: Eye on Park Square (DBSV)

Ascendas India Trust
HOLD S$0.86
STI : 3,348.87
Price Target : 12-Month S$ 0.82 (Prev S$ 0.81)'
Eye on Park Square

• Currency remains a drag; DPU of 1.04 Scts slightly below
• Park Square to undergo further tenant remix
• Acquisitions a potential re-rating catalyst
• HOLD maintained, TP S$0.82

Highlights
Currency continues to remain a drag. In INR terms, Ascendas India Trust’s (a-itrust) underlying operational performance remained fairly stable, with topline falling by 1% to INR 1.3bn. This was due to lower fit-out and utilities income, offset by progressive rental income from an expanded portfolio.

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Tuesday, April 30, 2013

Unisem: Back in the woods (CIMB)


Unisem
Current RM0.88
Target RM0.84
Back in the woods

 Unisem’s management dished out a negative surprise with its bearish FY13 outlook at its results briefing yesterday. We also learnt that weak demand may take a toll on EBITDA margin improvements, even if they should continue to progress due to cost efficiencies.

1Q13’s core loss was below ours and consensus’ expectations. We cut our FY13-15 EPS by 38-72% on lower sales growth and slower EBITDA margin gains. Based on an unchanged -1s.d. below its 5-year historical average P/BV, our target price is cut by 12.5% (pegged to 0.56x FY13 P/BV). We keep our Neutral call; the lack of rerating catalysts is matched by undemanding valuations. Switch to MyEG.

Suntec REIT: 1Q13 results speak volumes on strength (OCBC)


Suntec REIT:
Fair value S$2.16
add: 12m dividend forecast S$0.09
versus: Current price S$1.98

1Q13 results speak volumes on strength
• 1Q13 results within view
• Office segment delivers again
• Suntec City AEI on track

Suntec REIT announced 1Q13 DPU of 2.228 S cents, down 9.2% YoY. This is within expectations, given that the quarterly distribution made up 24-25% of our and consensus FY13F DPU. Retail segment registered a 38.9% YoY decrease in revenue due to the partial closure of Suntec City Mall. However, the office segment continued to perform, achieving a 7.6% growth in revenue on the back of positive rental reversions and consistently high occupancy of 99.7%.

Pavilion REIT :In Line; Driven By Fashion Avenue (MIB)


Pavilion REIT
Hold (unchanged)
Share price: MYR1.60
Target price: MYR1.63 (unchanged)
In Line; Driven By Fashion Avenue

A good start to 2013. PavREIT’s 1Q13 net profit of MYR54.3m (+14% YoY, +8% QoQ) was within our and consensus expectations. We maintain our FY13-15 earnings forecasts and DCF-based TP of MYR1.63. The REIT has risen 14% in price since Jan 2013, outperforming the KLCI’s 2% rise. It currently trades at an FY14 gross yield of 4.8% vs the large-cap REIT average of 5.0%. Total return is less than 10%. Reiterate HOLD.

Midas Holdings: On the road with Midas (CIMB)


Midas Holdings
Current S$0.50
Target S$0.70
On the road with Midas

 Feedback during our Midas roads how covering five US cities in as many days was generally favourable, with investors anticipating a positive price performance due to potential order book momentum. Sceptics were concerned about potential order delays and debt levels.

We continue to rate Midas an Outperform. The catalyst is the likelihood of orders commencing in 2H13 from China, which is committed to its Rmb130bn plan for rolling stocks. Midas is also gaining traction on the international stage. Its diversification into cold rolling could provide earnings growth from 2015 onwards. We raise our target price to S$0.70, now based on 1.29x P/BV (prev. 17x CY14 P/E) to smooth out earnings volatility.

Cache Logistics Trust: Promising start to FY13 (OCBC)


Cache Logistics Trust:
Fair value S$1.45
add: 12m dividend forecast S$0.08
versus: Current price S$1.38

Promising start to FY13
• Solid results as expected
• Zero renewal risk in FY13
• Precise Two to contribute positively

Cache Logistics Trust (CACHE) reported 1Q13 DPU of 2.234 S cents, up 7.1% YoY. This is in line with our expectations, given that the quarterly DPU made up 26.5% of our DPU forecast. The strong performance was mainly attributable to upward rental adjustments and incremental contribution from its past acquisitions.

Switch out of REITs to HPHT (DB)


Switch out of REITs to HPHT
Excellent returns YTD, time to switch into HPH Trust

Singapore REITs have outperformed the FSSTI by 7% YTD. With valuations and yields having compressed, and equity issuance a potential speed bump, we see limited total return potential for the REITs over the next 12 months. In Singapore, we would recommend investors switch to Hutchison Port, which yields more than 7% and has underperformed the SREIT index by 8% YTD. We see limited impact from the recent strike and the company is a long-term beneficiary of the move to larger vessels.

CapitaMalls Asia: Sharp execution bearing fruit (OCBC)


CapitaMalls Asia:
Fair value S$2.55
add: 12m dividend forecast S$0.03
versus: Current price S$1.97

Sharp execution bearing fruit
• 1Q13 above view
• LT bird flu impact unlikely
• Sharp execution on pipeline

CMA’s 1Q13 PATMI came in at S$73.2m – up 9.6% YoY mostly due to contributions from Star Vista, four malls in Japan and Queensbay Mall, a S$6.6m gain from warehousing of two assets sold to CCDFII, better performance from CMT, ION Orchard and the China Funds, and a sale at The Orchard Residences.

Rickmers Maritime: Flattish operating profit growth (S&P)


Rickmers Maritime
Price: SGD0.34
Date: April 24, 2013

Results Review
1Q13 earnings higher due to lower finance expense. Rickmers Maritime (RMT) reported 1Q13 revenue of USD35.5 mln (-0.5% YoY) and net profit of USD10.7 mln (+30.3% YoY). Profit beat our expectations due to interest expense savings.

Flattish operating profit growth. The revenue growth remained relatively unchanged as vessel Kaethe C. Rickmers extended her employment with a lower daily rate of USD5,700/day (vs. USD 7,600/day previously) starting Mar. 25, 2013. Vessel operating expenses decreased slightly by 3.1% YoY due to lower bunker expenses from the absence of costs associated with Kaethe C. Rickmers’ positioning voyage in 1Q12.

AIMS AMP Capital Industrial REIT: Building On Its Strengths (RHB)


AIMS AMP Capital Industrial REIT (Initiation):
Building On Its Strengths
(BUY, $1.70, TP: S$1.90)

We initiate coverage on AIMS AMP Capital Industrial REIT (AAREIT) with a BUY rating. Based on our DDM model, by assuming a terminal growth rate of 2.0% and a COE of 7.8% (with a risk-free rate of 1.6%, 0.8x beta and 6.8% equity risk premium), we arrive at our target price of SGD1.90. We believe the direction the trust’s manager is currently taking will benefit the unitholders, thanks to its long-term growth potential.

Unlocking value through redevelopment. To drive growth and unlock values within its portfolio, AAREIT’s manager is dedicated to redevelop several of its properties with an underutilized plot ratio. Recently, its management estimated up to 50% of the total portfolio has underutilized plots that could be developed. Through this, the REIT will be able to unlock the values of its existing properties while avoiding the risks of overpaying for an asset, particularly when the capital values of industrial properties in Singapore are currently at their historic highs.

Mapletree Commercial Trust : Waiting for the next big bang (DBSV)


Mapletree Commercial Trust
BUY S$1.415
STI : 3,308.92
Price Target : 12-Month S$ 1.53 (Prev S$ 1.37)
Waiting for the next big bang

• 4Q13 results slightly ahead of our expectations
• Organic growth outlook robust; further upside from acquisitions
• BUY, TP raised to S$1.53

Highlights
Strong end to FY13; slightly ahead of our expectations. Mapletree Commerical Trust’s (MCT) 4QFY13 revenue and net property income (NPI) rose by 22% and 23% y-o-y, to S$60.7m and S$44.2m respectively. Growth was largely driven by strong rental reversions at Vivo City and PSA Building, supported by improved occupancy levels of 97.7% (vs 94.6% a year ago). Meanwhile, the quarter also saw partial contribution from Mapletree Anson, which was acquired on 4 Feb 13. Distributable income came in at S$34.7m (+20% y-o-y), translating to a DPU of 1.737 Scts (+12% y-o-y).

CapitaMall Trust ; 1Q13 in line: Solid performance as profits improved post AEIs (CS)


CapitaMall Trust
Price (19 Apr 13, S$) 2.26
TP (prev. TP S$) 2.47 (2.40)
Maintain OUTPERFORM
1Q13 in line: Solid performance as profits improved post AEIs

● 1Q13 DPU of S¢2.46 (+7% YoY) was in line with expectations. Growth was driven by JCube (opened in April 2012), AEI completions and strong rent reversions (6.2% on average).

● Portfolio’s gross turnover improved to +2.4% (2012: +1.6%) post AEIs, with shopper traffic +4.3%YoY, versus 2012’s 1.4% decline. Occupancies improved slightly to 98.3% as Atrium fills up, although partly offset by IMM due to AEIs.

內銀高增長期恐完


內銀股已經全數公布今年首季業績,摩根大通指出,四大行在淨利息收益率及資產質素方面,表現勝其他股份制銀行。儘管內銀淨息差顯著受壓,惟管理層均預期未來將轉趨平穩。另一方面,銀行手續費及佣金收入增速回升,不過內銀高增長的年代或者已經完結。

摩通指,內銀首季盈利平均增長12%,較去年同期16%增速放緩,認為工行(01398)、建行(00939)、中行(03988)及農行(01288)四大國有銀行在淨利息收益率等表現較佳。
細行盈利表現勝大行

中小型內銀的財務數據表現不及大型銀行,但卻保持盈利增長較快的一貫優勢,今年首季,除了信行(00998)外,中小型銀行的盈利增長介乎11.51至20.09%,較大型銀行優勝。

曾淵滄專欄 30.04.13:熊市不存在強勢股


曾淵滄專欄:熊市不存在強勢股 - 曾淵滄

昨日談起友邦(1299)股價極可能在短期內創新高,除了友邦,另一隻國際性保險公司保誠(2378)的股價近日也屢創新高,其他如電能實業(006)、長江基建(1038)、煤氣(003)、銀娛(027)都是同一類股,這類股的股價不會急升,但是,能在之前股市調整期不斷地逆市創新高,屬於強勢股。

我從來不贊成高追任何股票,包括強勢股在內,因此,投資強勢股也應該耐心地等待股價調整時才買入。若股價調整10%時買入,將來回升再創新高,可獲利11%,如果股價調整20%時買入,將來回升再創新高,可獲利25%。

爭取新合約增產‧鵬達展望續正面


爭取新合約增產‧鵬達展望續正面
Created 04/29/2013 - 18:32
(吉隆坡29日訊)鵬達集團(PANTECH,5125,主板貿服組)2013財政年盈利表現符合預期,分析員相信隨著管理層積極爭取新合約,並考慮提昇Nautic鋼鐵產能,有望推動貿易和製造業務走揚,業務前景將持續正面。

興業研究表示,鵬達集團2013財政年淨利為5千500萬令吉,符合市場預期,其中第四季淨利受農曆新年等佳節影響走緩,按季下跌19.2%,而貿易臂膀在石油與天然氣需求旺盛支撐下,銷售和稅前盈利分別按年增長25%和39%,至3億8千410萬令吉和5千980萬令吉。

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Monday, April 29, 2013

企業盈利低迷‧馬股難逃5窮魔咒


企業盈利低迷‧馬股難逃5窮魔咒
Created 04/29/2013 - 17:30
(吉隆坡29日訊)馬股本週即將告別驚奇4月,市場憂慮漲勢恐遭“5窮"魔咒擊破,分析員表示在低迷企業盈利、短期經濟疲勢等負面因素干擾下,馬股恐難逃調整命運,但一旦股市回調將為投資者創造為年杪高位部署的良機。

豐隆研究表示,與市場預測不同,馬股在國會解散後僅短暫低迷,而隨著市場韌性不斷強化,並接連創造歷史新高,相信市場已將視角放在全國大選以後,並反映出國陣贏得大選的結果,料這將導致馬股估值將持續比區域同儕出現溢價。

一股作气:吉星产业定价占优势


一股作气:吉星产业定价占优势
Created 04/29/2013 - 12:30
在大马依斯干达特区的驱动,并在该区拥有过千英亩地库,将成为纯柔佛州产业发展商的吉星(Cresndo,6718,主板产业股)重新评估的催化剂。

购地成本廉宜,让吉星在产业定价上更具优势,或具潜力进一步带动税前盈利赚幅。

此外,预计吉星剩余的发展总值(GDV)达74亿令吉,这也意味盈利可维持8至9年。

吉星是一家纯柔佛州产业发展商,并在该州拥有2983英亩地库,其中超过一半(1663英亩)位于大马依斯干达特区范围内。

Dufu to grow non-HDD business


Dufu to grow non-HDD business
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Monday, 29 April 2013 10:05

KUALA LUMPUR: While Dufu TECHNOLOGY [] Corp Bhd plans to focus on its non-hard disk drive (HDD) business, it is not neglecting its core HDD business which suffered supply chain disruptions caused by a spate of natural disasters in 2011.

“We are not diversifying away from the HDD business but we are growing the non-HDD business as the former is experiencing slow growth at the moment,” said CEO Yong Poh Yow.

3A sees period of consolidation


3A sees period of consolidation
Business & Markets 2013

Written by theedgemalaysia.com  
Monday, 29 April 2013 10:32

THREE-A RESOURCES BHD [] (3A) (RM1.02) will likely see a period of consolidation having undertaken several major expansions over the past two to three years. Thus, with its shares currently trading at higher than market average valuations — roughly 22 times our estimated earnings for 2013 — the prospect for upside gains appears to be limited, for the time being.

Recall that the company had expanded production capacities for the glucose, maltodextrin and caramel colour products in recent years. The maltodextrin lines had been doing particularly well, with both plants — the older 1,200 tonnes per month plant and newer 2,000 tonnes per month plant, which was completed in 2011 — running near full capacity.

沿海工程 多元化净利来源


沿海工程 多元化净利来源
Created 04/25/2013 - 10:54
目标价:2.10令吉

最新进展

沿海工程(Coastal,5071,主板工业产品股)宣布,取得总值4亿3400万令吉、共7艘船的订单。

这些船将售给来自荷兰、西非、大马、意大利和挪威的新客户。

船只预计2013和2014年交给客户。

立通国际 2项目催化盈利


立通国际 2项目催化盈利
Created 04/26/2013 - 11:18
目标价:56仙

最新进展

立通国际(Redtone,0032,创业板)本财年首三季录得9800万令吉营业额,按年飙升158%,主要是总值8250万令吉的电讯服务供应(USP)项目推高数据业务(狂飙117%至4540万令吉)贡献。

本财年第三季,已有两成的USP项目入账。

公司脱售非核心与亏损业务后,加上数据业务营业额表现亮眼,激励税前盈利也暴涨36倍至1230万令吉。

鹏达集团 合约陆续有来


鹏达集团 合约陆续有来
Created 04/27/2013 - 13:39
目标价:1.14令吉

最新进展

鹏达集团(Pantech,5125,主板贸服股)2013财年第四季营业额按年上升24%,按季却下滑8.9%至1亿5630万令吉,净利也按年上升21%,按季却下挫20%至1260万令吉。

行家建议

税务高企加上营业额增长缓慢,导致公司业绩表现低于我们的预测。

商品面臨寒冬‧大馬經濟警鐘響?


商品面臨寒冬‧大馬經濟警鐘響?
Created 04/29/2013 - 10:41
近期全球大宗商品市場經歷強震,黃金、白銀、工業金屬、原油及棕油皆遭衝擊,撼動大宗商品市場多年來所建立的根基,邁入所謂的熊市。

全球大宗商品行情低迷利弊兩面看,對大部份亞洲經濟體而言是項“好消息",可支撐中國、印度及泰國等市場的成長;不過,這卻導致大馬、印尼及澳洲等成為最大輸家。

大宗商品表現冷颼颼,與大馬關係較密切的原油及棕油走勢不靖,也對未來經濟成長響起了警訊,因所佔出口日益吃重。

Golden Triangle of KL has grown bigger


The Star Online > Business
Monday April 29, 2013
Golden Triangle of KL has grown bigger

By LIZ LEE
lizlee@thestar.com.my

KUALA LUMPUR: The Golden Triangle of Kuala Lumpur city centre may have just grown bigger, accommodating the developments that have been rippling from the heart of the city in the past few years.

Property consultancy CH Williams Talhar & Wong believes that the commercial, retail and entertainment hub should be redefined to encompass a larger area reflecting the growth of city.

Oneworld factor lifts MAS passenger load 3.5% in Q1


The Star Online > Business
Monday April 29, 2013
Oneworld factor lifts MAS passenger load 3.5% in Q1

By B.K. SIDHU
bksidhu@thestar.com.my

PETALING JAYA: Malaysia Airlines' (MAS) entry into the oneworld alliance, among other factors, has lifted loads, although not drastically. The airline saw a 3.5% rise in passenger loads for the first three months of 2013 to 76.6% from the 73% recorded a year ago.

It also saw a 16.5% rise in revenue passenger km (RPK) over the said quarter as opposed to the same period last year. RPK is the average amount an airline makes for flying a paying passenger over a distance of one km.

实康耗资3102 万 购狮城子公司余股


实康耗资3102 万 购狮城子公司余股
Created 04/28/2013 - 14:00
(吉隆坡27日讯)实康(Salcon,8567,主板贸服股)以3102万8000令吉收购集团旗下新加坡子公司———实康达阔环境私人有限公司(Salcon Darco Environmental)其余40%股权。

实康向马交所报备,将以银行贷款融资85%,其余则使用内部资金。集团表示,收购案符合公司的拓展核心业务计划。

实康去年5月以4747万5000令吉收购实康达阔环境私人有限公司60%股权。收购案预期90天内完成,估计将提升集团中至长期经常性收入,同时增强集团的市场地位。

完成收购后,实康达阔环境私人有限公司将成为集团独资子公司,并可全面控制中国浙江省德清县武康食水处理厂的拓展计划。

A股ETF勁走資


A股ETF勁走資
中國首季經濟增長表現遜預期,A股過去兩個多月走勢亦每況愈下,資金近期顯著從A股市場撤走。數據顯示,以本港最大A股ETF的安碩A50中國(02823)為例,四月以來約流走了50億元資金,一些實物A股ETF亦有類似情況。分析認為,除非中央推出刺激政策,否則難阻資金離場。

安碩A50月內少50億
觀乎多隻A股ETF近期的已發行基金單位數目都有所下降,反映有贖回情況。例如安碩A50中國的已發行基金單位數目,據彭博數字,由本月初最高的59.46億個單位,至今下跌了5.24億個單位。根據晨星(Morningstar)統計,由本月二日至二十五日,該基金共流走資金約50億港元。一些實物A股ETF也有類似情況,如易方達中證一百(03100)已發行基金單位,本月來下跌了1.566億個單位,截至上周五的已發行單位為2.61億個單位。

Suntec REIT : 1Q13 DPU slight miss as AEIs hit portfolio earnings (CS)


Suntec REIT
Price (25 Apr 13, S$) 1.98
TP (prev. TP S$) 1.65 (1.56
Maintain UNDERPERFORM
1Q13 DPU slight miss as AEIs hit portfolio earnings, though partly cushioned by DPU support

● 1Q13 DPU of S¢2.23 slightly missed our estimates at 23.5% as earnings were impacted as AEIs intensifies, with some closure to execute Phase 2 works. We highlight that there was a DPU support of S$2.7 mn (from proceeds of Chijmes divestment).

● Leasing momentum has been healthy at 96.7% for Phase 1, and 53% for Phase 2. Management indicated that committed rents are on track to yield its initial target of 10.1% ROI (implies an average rent of S$12.59psf/month post AEI).

Mapletree Grtr China Commercial Trust :High exposure to HK retail property with Beijing office kicker (SCB)

Mapletree Grtr China Commercial Trust
PRICE as of 18 Apr 2013 SGD 1.06
PRICE TARGET SGD 1.14
High exposure to HK retail property with Beijing office kicker

 We initiate coverage on Mapletree Greater China Commercial Trust (MAGIC) with an Outperform rating and price target of SGD 1.14.
 MAGIC owns a SGD 4.3bn portfolio with two commercial assets in Hong Kong and Beijing.

 We expect positive Beijing rental reversions and robust HK retail sales to drive NPI growth of 6.7% p.a. over FY14-15.

Mapletree Industrial Trust : Eyes on The Signature (CIMB)


Mapletree Industrial Trust
Current S$1.56
Target S$1.62
Eyes on The Signature

 We expect positive rental reversions at MINT’s flatted factories to mitigate downside at The Signature. Though headline yields are decent in the current climate of compressed yields, we maintain a Neutral rating pending clarity on backfilling and further growth catalysts.

4Q/FY13 DPUs were slightly above street and our expectations, forming 26/102% of our FY13 forecast. The variance was due to higher short-term business park rents. We raise DPU estimates and our DDM-based target price (discount rate: 7.3%) factoring in stronger rental assumptions and its recent BTS development.

Suntec REIT: Look Past the Expected Dip in 1Q13 DPU (MKE)


Suntec REIT
Buy (unchanged)
Share price: SGD1.935
Target price: SGD2.07 (from SGD1.90)
Look Past the Expected Dip in 1Q13 DPU

 1Q13 DPU likely down. Suntec’s 1Q13 DPU is likely to be lackluster, dragged down by Suntec City Mall’s (SCM) ongoing renovation works. 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. We forecast 1Q13 DPU at 2.20 SG-cts (-5% QoQ; -10% YoY) and FY13 DPU at 9.2 SG-cts. (-3% YoY).

Hospitality Sector: Wary about 2013 (OCBC)


Hospitality Sector:
Wary about 2013

We have analyzed the relationship between the YoY change in average RevPAR and YoY change in average tourism receipts per visitor arrival. In general, the signs of both are the same for the same year, with change in RevPAR being of larger magnitude than the change in average tourism receipts. 2012 was an exception, where average tourism receipts per visitor fell ~5.5% YoY while RevPAR grew 5.7% YoY. STB’s targets imply that average tourism receipts per visitor may fall by 1% YoY. This further supports our cautious view regarding RevPAR performance in 2013. STB preliminary data supports what we have been saying since Dec: 1Q13 performance for the sector will be weak. 2M13 RevPAR fell 3.1% YoY to S$215.00. Economy hotels were the best performers. We remain NEUTRAL on the hospitality sector. Our top pick is Global Premium Hotels [BUY, FV: S$0.33], which is a longer-term asset value play in the Economy space.

Rubber Gloves : Stick with fundamentals (DBSV)


Rubber Gloves
Stick with fundamentals

Demand surge will benefit glove makers with excess capacity; if this translates to earnings growth, valuations could be re-rated
Regulatory change is a catalyst for demand growth
Too early to call for a re-rating
We still like Kossan for its attractive valuation and earnings growth vis-à-vis the sector

Demand surge could re-rate valuations. The recent H7N9 flu outbreak would probably not trigger demand for rubber gloves immediately but we do not discount rubber glove manufacturers benefitting if the situation worsens and turns into a pandemic. Top Glove appears poised for an unexpected demand surge given its low utilisation rate (70%) and stronghold in the “entry level” powder latex gloves market.

Mapletree Commercial Trust : A difficult year to replicate (CIMB)


Mapletree Commercial Trust
Current S$1.42
Target S$1.47
A difficult year to replicate

 With strong rental reversions from VivoCity this year, we believe that MCT has set a high growth benchmark in FY13 that will be difficult to replicate in FY14. Trading at 1.4x P/BV and forward yields of 4.7%, further upside will need to come from major AEIs and acquisitions.

4QFY13/FY13 DPUs came in slightly above our and consensus expectations, forming 27/102% of our FY13 forecast. The variance is due to the earlier completion of its office acquisition. We tweak our DPUs and DDM target price (discount rate: 6.9%) higher for stronger VivoCity margins but maintain Neutral. Re-rating catalysts include accretive acquisitions.

CapitaCommercial Trust 1Q13: Lease Renewals In The Quarter Match Full-year Renewals In 2012 (UOBKH)

CapitaCommercial Trust
Share Price S$1.66
Target Price S$2.00
1Q13: Lease Renewals In The Quarter Match Full-year Renewals In 2012

Results in line with strong leasing momentum as 1Q13 leases of 410,000sf match the 459,000sf signed for the full-year 2012. Near-term headwinds from the expiry of yield protection at OGS and lower occupancies at Capital Tower are mitigated by strong rental reversions and rising occupancies at 6BR. Substantial acquisition headroom of S$1.1b with CCT’s conservative gearing of 30%. Maintain BUY. Target price: S$2.00 (from S$1.79).

Capitamall Trust : Enjoying the fruits of its labour (DBSV)


Capitamall Trust
HOLD S$2.26
STI : 3,294.05
Price Target : 12-Month S$ 2.36 (Prev S$ 2.15)
Enjoying the fruits of its labour

• 1Q13 DPU of 2.46 Scts was 7% higher y-o-y
• Steady organic growth profile; strategic enhancement programs to create value
• HOLD, S$2.36 TP

Highlights
Good start to 1Q13. CapitaMall Trust (CMT)’s 1Q13 topline and net property income grew 15% and 16% y-o-y to S$178.2m and S$125.1m respectively. This was largely attributable to income contribution upon the completion of its various asset refurbishment exercises at J-cube, Atrium and Bugis over the past few quarters.

Starhill Global REIT : The Big 1Q13??? Toshin, Japan and YTL (MKE)


Starhill Global REIT
Buy (unchanged)
Share price:SGD0.945
Target price:SGD1.02 (from SGD0.95)
The Big 1Q13??? Toshin, Japan and YTL

 Special Distribution expected in 1Q13. SGREIT will be announcing its 1Q13 results on 26 Apr (aft. market). We think SGREIT is likely to announce a special distribution of 0.2 SG-cts, following the 10% rent increase for the master lease with Toshin at Ngee Ann City (NAC). The net rental arrears from 8 Jun 2011 to 31 Dec 2012 amounted to ~SGD3.8m. We forecast 1Q13 DPU at 1.37 SG-cts and FY13 DPU at 4.88 SG-cts. This represents an 11% YoY growth, boosted by positive rental reversions following Wisma Atria’s AEI (21.5% of gross rent up for renewal in FY13) and acquisition of Plaza Arcade.

Singapore REITs: Time For Some Caution?


Singapore REITs: Time For Some Caution?
April 26, 2013
Singapore-listed REITs have had a very strong run, delivering a 27.6% return since our last update. We relook valuations in the sector and highlight some implications should interest rates begin to normalise.
Author : iFAST Research Team

Singapore-listed REITs have delivered a 27.6% return since our last update in August 2012
Present valuations indicate that the sector trades at a 22% premium to book value, placing Singapore REITs in the “expensive” zone, although not at the most expensive levels the segment has been at, historically
Correspondingly, dividend yields for the sector have also fallen to 4.5% (as of 18 April 2013)
Rising interest rates can negatively affect REITs in two key ways:

黃金周搶金周 金舖24小時鑄金


黃金周搶金周 金舖24小時鑄金
周大福大龍鳳鐲沽清 六福訂單增百倍
2013年4月29日
【明報專訊】內地「五.一」假期今天開始,剛過去周末已有內地旅客湧到香港度假,今個黃金周內地客除來港搜羅名牌、日用品外,趁金價低買金飾為重頭戲,「黃金周」隨時變成「搶金周」。面對來勢洶洶的內地旅客,本港大型金舖均啟動應急機制。周大福(1929)為加快供貨,工場已實行24小時運作產金,至於六福(0590)訂單較平常多百倍,規定員工在五一期間不得休假,全副武裝應戰搶金潮。

中壽業績翻身 利反彈


中壽業績翻身 利反彈
2013年4月29日
【明報專訊】中壽(2628)業務歷練轉型挑戰,令股價持續受壓,曾於年內高位跌逾三成,反映市場悲觀看法。隨首季業績顯示減值壓力大減,投資表現強勁,業績改善,將可緩和市場憂慮,有利股價大反彈。

首季純利101億 相當去年九成

中壽首季純利多賺近八成至101億元(人民幣.下同),相當於去年全年純利111億元約九成,純利大增主要是資產減值損失大減,由去年近77億元降至首季不足9億元,投資收益則大增37%至261億元,反映加強投資主動操作及加大固定收益類投資取得成效。公司早前宣布伙母公司等投資於蘇州市基建及產業,積極物色擴大穩定收益投資機會,也為與市政府加強業務合作帶來契機。

收購Nexen一個月  中海油產量飆 惜開支狂升


收購Nexen一個月  中海油產量飆 惜開支狂升

【本報訊】中海油(883)2月底完成收購加拿大Nexen(尼克森),雖然首季只有一個月收益貢獻,已帶動集團油氣銷售上升13.3%。中海油首次披露,Nexen一個月來已為集團帶來多8%產量,他們正對Nexen全年預算進行審批,完成後或會調升全年產量目標及資本開支金額。

記者:吳綺慧

中海油今年首季油氣銷售收入為553.1億元(人民幣.下同),按年增長13.3%,淨產量為9,360萬桶油當量,同比上漲17.3%。不過當中有690萬桶油當量,是來自尼克森一個月左右的貢獻,否則集團產量實為8,670萬桶油當量,按年只升8.6%。

曾淵滄專欄29.04.13:莊家股最多揸三日


曾淵滄專欄:莊家股最多揸三日 - 曾淵滄

我的愛股友邦(1299)再一次發出喜訊,今年首季香港核心業務按年增長25.43%,遠超市場預期上限,相信股價很快會再創歷史新高,友邦從上市開始就成了我的愛股,也是我重點投資的股份,但其股價不會像當年我推薦買中國建材(3323)那樣急升數十倍。友邦上市至今,股價升幅不足一倍,但勝在穩健,能長時間不斷創新高,慢慢地升而不斷創新高的好處是,你若錯過低價時的買進機會,仍然可以再追貨,中國建材就不行。

買中建材要賺大錢,就得捕捉2008年金融海嘯結束後,前總理溫家寶提出4萬億元人民幣基建時的機會,要當機立斷入市,才能買到便宜貨,錯過了隨時會變高追,面對長時間的調整期,中建材從2011年開始調整,至今已兩年,短期內,股價很難回到2011年的水平。

四大內銀鬥盈利鬥資本水平 建行最賺 工行穩陣


四大內銀鬥盈利鬥資本水平 建行最賺 工行穩陣

【本報訊】霸佔全球銀行股市值五強的三大內銀——工行(1398)、建行(939)及農行(1288),昨公佈首季業績,資本水平計以工行最穩健,該行因應中銀監新計算資本後,釋放威力最顯著,首季末核心資本充足率,由去年底的10.62%彈升至11%,超越建行成為四大行之冠。

記者:劉美儀
以盈利表現計,建行首季增長15.66%至595.8億元(人民幣.下同)最標青。

工商銀行管理層昨日在分析員電話會議中透露,正向當局申請採納參照《巴塞爾資本協定三》先進內評法(IRB)框架計算風險,若獲准核心資本水平將更有利。

Bank of China, Bocom Post Record 1st-Qtr Profits



蘋果10年來首次獲利衰退!蘋果欲執行史上最大量庫藏股買回計劃及加發股利?



美國通膨率大幅低於預期,Fed鷹派的分行主席紛紛改變立場傾向寬鬆?



China's Warren Buffett: We're His 'Apprentices'



Apple Results and Supply Chain



Apple Are Buying Own Stock Cheap: Pro



Sunday, April 28, 2013

平民股神蘇松泙 連賺台股41年投資術大公開



营运数据显著改善 马航转盈计划可达标


营运数据显著改善 马航转盈计划可达标
Created 04/28/2013 - 14:15
(吉隆坡27日讯)马航今年首季营运数据改善显著,加上加入寰宇一家(One world)创造积极效应,兴业研究因此重申马航的转亏为盈计划将达标。

分析员表示,今年首季的营运数据改善显著,主要是整体承载量按年增加310个基点至74%(去年同期为70.9%)。

今年首季,国际承载量按年上扬390个基点,本地承载量则按年提高90个基点。

曾渊沧:现在是低吸A50ETF的最佳时机


4月19日,市场传出MSCI正与中国有关当局商议将中国A股纳入MSCI新兴国家指数之事。这项消息使得当日A股急升,更带动港股也急升,但是,一个星期之后,A股基本上打回原形,上海综合指数于4月18日收市时是2197点,4月25日为2199点,4月19日的巨大升幅会转为乌有。不过港股情况就好得多,升势持续,恒生指数比一个星期前高出4%。两天移动平均线也升穿十九天移动平均线。这说明,4月18日恒生指数跌至21500点水平时可能是近期的低点,市场气氛在改善中。

香港本地地产股自从出现4月5日李嘉诚及李兆基双双入市买长江实业(001)及恒基地产(012)的新闻报导之后,股价表现出一直保持跑赢大市的走势。道理很简单,想沽空的大鳄也不敢与城中富豪斗,大鳄的钱不会多过城中地产富豪。沽空会被挟死。

REITs基金 穩健之選


REITs基金 穩健之選

房地產信託基金(REITs)近兩年為投資者帶來不錯的回報,平均的正回報收益達兩成以上,其中投資亞太房地產信託的基金表現更耀眼,部分升幅更超過三成。

在低利率政策引導下,全球REITs市場近幾年都呈現不錯的走勢。REITs涵蓋的投資包括商業大廈、零售(商場)、住宅等不動產市場領域及公共基礎建設等,尤其是有固定租金收入回報的高級商廈及商用房產,因資產很多時都是在黃金地段,租金回報及價格相對較穩定及吸引,故成為一般REITs投資者的首選。

實康3103萬全購子公司


實康3103萬全購子公司
Created 04/27/2013 - 12:41

(吉隆坡26日訊)實康(SALCON,8567,以6千300萬人民幣(約3千102萬7千757令吉)現金收購實康達闊環境私人有限公司(Darco Environmental Ptd Ltd)其餘40%股權,將之變成獨資子公司。

該公司發文告表示,相關收購計劃符合集團核心業務擴充計劃,並全權掌控即將進行的武康食水處理廠擴建計劃,從而增加集團中長期永續收入,以及創造更大和更強勁的平台來進一步擴大中國市場力足點。

實康將通過85%銀行貸款和15%內部資金融資相關活動,負債比將從現有的0.16倍增加至0.21倍,預期不會對截至2013年12月31日止財政年每股盈利帶來顯著影響,但料對未來盈利作出正面貢獻。

HELP International : “First primary and secondary student intake in January 2014” (M&A)


HELP International Corporation Bhd
Current Price RM1.99
New Fair Value RM1.75
Previous Fair Value RM1.75
“First primary and secondary student intake in January 2014”

HELP International Corp Bhd which is diversifying into primary and secondary education, is expected to see its first major student intake by January 2014 and expects its revenue this year to grow by 10% from RM117.1mil in 2012. We downgrade our HOLD call to SELL on HELP International and maintain the Fair Value at RM1.75 by pegging its 3-year P/E average to its EPS13f of 10.28 sen.

Pavilion REIT - Growth Continues To Gain Momentum


Pavilion REIT -
Price Target:1.66
Last Price:1.62
Growth Continues To Gain Momentum

Pavilion REIT’s 1QFY13 results were in line with our and consensus estimates. Net profit grew 13.5% y-o-y and 7.8% q-o-q, mostly attributed to the positive impact from its new Fashion Avenue. No dividend was declared as distributions are made semi-annually. We reiterate that the REIT’s next earnings kicker will likely be its major rental renewals in 3QFY13. Maintain NEUTRAL with an unchanged target price of MYR1.66.

In line. Pavilion REIT’s (PavREIT) 1QFY13 gross revenue of MYR94.8m (+11.0% y-o-y; +3.2% q-o-q) and net profit of MYR54.3m (+13.5% y-o-y; +7.8% q-o-q) came in line with our and consensus estimates. As expected, no dividend was declared during the quarter as PavREIT distributes its dividends semi-annually.

Unimech Group - On An Expansion Track


Unimech Group -
Price Target:1.31
Last Price:1.26
On An Expansion Track

INVESTMENT MERIT

- 5-year revenue CAGR of 14.6%. UNIMECH is an under-researched growth stock with a strong track record of revenue and earnings growth. Its revenue and net profit have grown at a 5-year CAGR of 14.6% and 9.1% respectively, with growth being driven by the group’s burgeoning overseas contribution. During this period, revenue from its overseas segment has more than doubled from just RM35m in FY07 to RM95m in FY12 and management expects this overseas contribution to make up for half of the group’s revenue this year.

Unisem - Falling Short Of Projections


Unisem -
Price Target:0.98
Last Price:0.86
Falling Short Of Projections

As Unisem’s 1QFY13 results missed our and consensus expectations, we are cutting our FY13 and FY14 core earnings forecasts by 83% and 43% respectively. Maintain NEUTRAL, with our FV lowered to MYR0.98, based on 0.7x CY14 P/NTA.

- Falling short. After two consecutive quarters in the black, Unisem recorded a 1QFY13 core loss of MYR10.1m, missing our and consensus expectations. Revenue fell 7% q-o-q (-3% y-o-y) on seasonality while EBITDA slipped 25% q-o-q but was up 1% y-o-y as the group incurred  additional MYR4m in staff cost following the implementation of minimum wages. The 1QFY13 utilization rate stood at 64% vs 68% in 4QFY12. Again, the business’ high operating leverage dragged down the group’s bottomline.

SapuraKencana Sees Growth in India and Africa: CEO



Outlook for the REIT market in Singapore


China's HSBC PMI numbers and what that means for China’s economy


麥嘉華( Marc Fabe)筆記:跟風炒作要嚴守止蝕


麥嘉華筆記:跟風炒作要嚴守止蝕 - 麥嘉華

由Bain & Co.根據《資本過剩理論》所推算,到2020年,全球的金融資產總值將會遠遠超出經濟生產總值,出現10對1的「奇景」,金融資產屆時會高達900萬億美元,而全球經濟產值僅為90萬億美元。

蘋果跌浪恐未完
沒有外滙管制下,資本過剩很可能會引發資產價格大幅度忽上忽落。舉例說,與去年9月的高峯相比,蘋果公司(Apple)股價已累計跌去逾七成,而這一波跌浪恐怕還未告一段落。

我在去年10月撰寫的報告中,試將蘋果和1920年的RCA的情況作比較,得出的結論是,蘋果股價有極大風險會掉頭走下坡。

曾淵滄續踩樓市只宜自住 「減價呃人 未跌完」


曾淵滄續踩樓市只宜自住 「減價呃人 未跌完」

【本報訊】政府推出新辣招剛滿兩個月,辣死二手樓市,減價潮蔓延,馬鞍山海典居捧蛋兩月後,業主終向現實低頭,減價70萬元,以868萬元沽出三房戶。就市場頻錄減價成交應否入市,大學教授曾淵滄堅持自住無問題,但「如果諗住賺錢,樓市仲跌嘅,你買來做乜嘢呢!」 
記者:陳家雄 湯家明

對於市場頻錄減價成交,大學教授曾淵滄接受本報訪問時直言:「減價嗰啲,係呃人㗎嘛,邊度有減價呢!只不過是早前開得高,例如本來市價100萬元,開價120萬元,現在99萬元成交囉!」他稱,據最新中原城市指數顯示,樓價實際只按月跌2%。

Standard Chartered Bank chief investment strategist Steve Brice gives his take on the Japanese stocks rally


'Dr. Doom' Roubini Concerned About Crash in Markets



Roubini Doom and Gloom on European Austerity



PhillipCapital Weekly Market Watch 15.04.2013 -Telco



Experts’ Favourites: First Quarter 2013 Review


19 APRIL 2013
Experts’ Favourites: First Quarter 2013 Review
By Ong Qiuying and Nicholas Tan

Do you still remember the stock picks by market experts and the Shares Investment team earlier this year? Alas, it is the time of the year for our much anticipated quarterly review on these handpicked stocks! In this issue, we will be bringing to you the first of a two-part round-up of how the shares chosen by the experts and our team have performed so far and any adjustments that will be made to the initial stock picks.

Dr Chan Yan Chong Column 19-04-2013


19 APRIL 2013
Dr Chan Yan Chong Column
By Dr Chan Yan Chong

The Singapore market has lost its direction for the last two months, neither able to climb higher nor fall any deeper, despite the US market making fresh highs. Possibly, the weak performance of the Chinese and Hong Kong markets have dampened the mood for Singapore stocks.

When China announced a set of below-than-expected first quarter economic readings, investors took it as a slowdown for the Chinese economy and sold gold like there is no tomorrow while the prices of commodities, too, took a hit. As a matter of fact, gold prices have been falling for quite a while and the media only highlighted this issue lately giving speculators the chance to depress prices even further.

Gabriel Gan- Markets Looking Shaky: An Analysis Of What The Charts Are Telling Us


19 APRIL 2013
Markets Looking Shaky: An Analysis Of What The Charts Are Telling Us
By Gabriel Gan

It has been cities of different tales in the various major stock markets and financial instruments around the world: some tell a bullish story, some tell a bearish story while others are not telling us any stories. Singapore belongs to the third category!

What is plaguing our stock market? Where have all the investors gone to?

The Straits Times Index

With headlines saying that Singapore will experience slower growth and companies facing labour shortage does not help to encourage fund managers and investors. Between a country facing slowing growth and a country with an abundance of stimulus measures, which would an investor choose?

Piyush Gupta, CEO of DBS Bank, on building an Asian bank



曹仁超專訪:《非富不可》新書介紹



胡立阳: 股市牛皮 我該如何是好?



Three Stocks to Watch on SGX



Fallout from Falling Commodity Prices



Gamuda Still Going Strong, Arbitration Aside



曹仁超:港股近見底


【本報訊】港股二萬二關反覆,惟外資大行分析報告持續發功,繼麥格理周二唱起油氣設備股後,摩根大通昨推介的比亞迪電子(285)亦喪飆近三成,近期股民執到大行報告,好過執金。著名財經專欄作家曹仁超認為,市場對好消息開始有反應,「經驗話我聽𠵱家係downside limit(跌幅有限)……係見底先兆。」
記者:林靜

曹仁超表示,大行報告威力再現,反映市場缺乏方向但資金氾濫,「因為太多人揸住錢,一見報告就撲落去」,但同時亦可預視為股市離底不遠,「二月份都有好多報告唱好,但冇反應呀嘛!市場對利淡消息有反應,係見頂先兆;當市場對好消息有反應,呢個就係見底先兆。」

Sell in May and Go Away?



How to Look at Chinese Banks Results



A股纳入MSCI遥遥无期 万亿增量资金入市或仅百亿



China QFII-Quota Slowdown May Pressure Stocks



What Are the Chances of a Hard Landing in China?



Apple Needs New Innovation: Expert



Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
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