Saturday, June 1, 2013

立通国际 后台增强得标率

立通国际 后台增强得标率
Created 05/31/2013 - 12:10
【目标价:75仙】

最新进展:

立通国际(Redtone,0032,创业板)与三大全球品牌———华为、媒体广播及普华永道,投标地面数码广播电视(DTTB)的基础建设。

该投标是由立通网络私人有限公司负责进行,其大股东是柔佛王族,持有51%股权,立通国际则持有余下49%股权。

行家建议:

根据早前的报道,整个投标地面数码广播电视耗资约10亿令吉,其中3亿令吉是供应机顶盒。

需更长时间转盈 券商大砍马航财测

需更长时间转盈 券商大砍马航财测
Created 06/01/2013 - 10:46
(吉隆坡31日讯)马航(MAS,3786,主板贸服股)首季再陷亏损阴霾,券商们直言过去预期过于乐观,马航或需更长时间以全面转亏为盈,纷纷大砍财测。

马航上财年末季录得盈利,券商一度认为公司已度过最糟糕的情况,但最新首季业绩显示,净亏损高达2亿7882万7000令吉,让市场大跌眼镜。

其中,安联投资研究昨天在报告称过去预估“过于乐观”,除了首季业绩较预期疲弱,也预见航班收益(Yield)将持续受压。

尽管股市火热,你应该避开日本市场

尽管股市火热,你应该避开日本市场
文: 汤森路透 (译:伍丽芳) 2013年05月31日 展望
日本股市进入白热化阶段令投资者纷纷涌入该市场,但基于一些理由,你不应该随波逐流。

日本基准指数日经225指数(Nikkei 225)在今年上升了多达50%,升幅高于任何一个发达市场,且是标准普尔500指数(S&P 500)直至2013年5月21日的约17%升幅的近3倍。这确实非常吸引人。

这股升势促使投资者于4月投入净额为91亿美元的资金买入日本股票基金和挂牌基金(ETF)。事实上,理柏(Lipper)的数据显示,上述资金净额构成投资者在同月投入到各大领域基金的99亿美元的一大部分。

在投资信托方面,你是否做出了正确的选择?

在投资信托方面,你是否做出了正确的选择?
文: 朱皓翔 , 王秋莹 (译:杨佳文) 2013年05月31日 基本理念
在投资信托方面,你是否做出了正确的选择?
由于市场的流动资金充沛,这些热钱正在寻找会带来高回报的投资,因此在新加坡上市的信托受到追捧。虽然信托向来被视为会带来稳定回报的投资,但商业信托的股价与房地产投资信托相比,似乎有点比下去。持有商业信托的投资者会否感到有点不安呢?

第一个在新加坡交易所上市的信托大约是在10年前,之后越来越多信托在新交所上市。在过去的12个月里,于本地上市的23只新股中,信托占了其中大约四分之一。

曾淵滄-股市资讯专栏 31.05.13

曾渊沧博士专栏
文: 曾渊沧博士 2013年05月31日 曾渊沧博士专栏
近来,全球经济形势与讯息相当混乱,欧洲多国已正式步入衰退期,经济增长率是负数。汇丰银行编制的5月份中国采购经理指数(PMI)初值低于50,这表示中国的制造业正在收缩中。不久前,中国政府公布中国的工业生产价格指数(PPI)呈负数,这表示工业生产原料价格在下降中。

欧洲经济放缓、衰退的直接效果是消费减少,对新加坡的影响是巨大的。当欧洲消费者的消费能力大减,新加坡的出口就面对巨大的压力。在政冶压力之下,新加坡减少输入外劳也推高了劳工成本。海外消费减少,生产成本增加,这两大不利因素加起来对新加坡经济带来压力。

颜子伟:更多危险信号出现:市场是否只会微跌或重大调整将会出现?

更多危险信号出现:市场是否只会微跌或重大调整将会出现?
文: 颜子伟 (译:麦美莹) 2013年05月31日 展望
所有一切皆因日经225指数而起,对吗?

对于那些被套住的投资者来说,自5月23日以来,日经225指数的暴跌成为了市场热话。自从日本经济掉入失落的十年后,许多投资者可能对日本股市已经避之则吉,但人们近日对它的关注比海啸摧毁核电站的消息来得更甚。

日本新一轮的牛市始于去年11月,它从11月16日的8,619点低位一直升高至5月23日的15,942点高位,在短短的6个半月里,升幅足足达到84.5%!

OldTown - 15MFY13 Results Spot On

OldTown -
Price Target:3.08
Last Price:3.10
15MFY13 Results Spot On

OldTown’s 15MFY13 results were above consensus but in line with our forecast,  with  revenue  and  net  profit  coming  in  at  MYR421.5m  and MYR56.1m respectively. Its new FMCG plant in Ipoh, which will kick off operations  next  month,  is  likely  to  fuel  the  Group’s future earnings. However, due to the limited share price upside, we downgrade the stock to NEUTRAL, with our new FV at MYR3.08 (previous FV MYR2.82).

KLCC Property : Better results securely stapled (CIMB)

KLCC Property
Current RM7.25
Target RM8.00
Better results securely stapled

 1QFY13 core net profit of RM87.9m was in line with our and consensus expectations, despite making up only 14% our full-year number and 16% of consensus’. We expect stronger earnings in coming quarters, underpinned by lower taxes arising from its new stapled structure beginning 2QFY13.

Dividends of 4.5 sen was also in line with our forecasts. We maintain our Outperform rating and forecasts, but revise up our DDM-based target price to RM8.00 as we update our risk-free rate assumptions. Positive catalysts are the injection of KLCCP's other assets, such as Menara Dayabumi, into its REIT vehicle which would reduce taxes and improve earnings.

IGB REIT : Stronger margins (DBSV)

HOLD RM1.34
KLCI : 1,767.13
Price Target : 12-Month RM 1.40
Stronger margins

1Q13 net profit within our and market expectations
NPI margin improved 2.9ppt led by key assets
Under-rented Gardens Mall to drive growth, but limited asset pipeline in the near-term
Maintain HOLD rating and RM1.40 TP

Highlights
Flat revenue growth q-o-q. 1Q13 net profit fell 66% q-o-q to RM49.3m due to a RM100m revaluation gain booked in 4Q12. Excluding this, earnings grew 5% driven by a 68% increase in net property income vs. 65.3% growth in 4Q12.

IJM Plantations : Hold for long-term growth (DBSV)

IJM Plantations
HOLD RM3.00
KLCI : 1,767.13
Price Target : 12-Month RM 3.00
Hold for long-term growth

4QFY13 profit within our estimate but below consensus’
Strong 3-year FFB production CAGR of 18% to buffer against low CPO price
Declared 7sen interim DPS
Maintain HOLD rating and RM3.00 TP

Highlights
Within expectation. Excluding RM1.2m forex translation loss and RM0.1m fair value loss on palm oil pricing swaps, IJMP’s 4QFY13 core earnings came in at RM23.6m (-35% q-o-q, +12% y-o-y). This takes FY13 core profit to RM124.5m (-31% y-o-y) – in line with our forecast but below consensus’.

MAS : Lower yields on intense competition (DBSV)

MAS
FULLY VALUED
RM0.41 KLCI : 1,783.47
Price Target : 12 month RM 0.35
Lower yields on intense competition

1Q13 net loss of RM262m was below expectations
Operating environment remains challenging; intense competition from regional and domestic carriers
Increasing net loss projection for FY13F on lower yields
Maintain Fully Valued rating and RM0.35 TP

Parkson Holdings - China’s negatives appears to have been priced in

Parkson Holdings -
Price Target:4.43
Last Price:3.84
China’s negatives appears to have been priced in

- We re-affirm our HOLD recommendation on Parkson Holdings Bhd (PHB), with an unchanged fair value of RM4.43/share, based on a sum-of-parts valuation for FY14F.

- PHB cumulative 9MFY13 results came in at no surprise of RM210mil (-30%YoY, +4% QoQ) – within our forecasts at 80%, but below consensus at 63%. This follows the expected continued weakness in consumer spending, particularly in China, which commands 76% of the group’s EBIT, followed by Malaysia with 20%.

AmanahRaya REIT :No Surprises (MKE)


AmanahRaya REIT
Hold (unchanged)
Share price: MYR1.04
Target price: MYR0.95 (unchanged)

No Surprises
1Q13 results in line. ARREIT’s 1Q13 core net profit of MYR11.4m is within our expectation at 26% of our full-year forecast. We are positive on ARREIT’s recent factory acquisition in Penang, cushioning the loss of rental income after the sale of Wisma UEP (completed in Jan 2013) and Permanis factory (by 2H13). No change to our FY13-15 earnings forecasts pending the completion of the Penang factory acquisition. Maintain HOLD with an unchanged DCF-based TP of MYR0.95.

WCT: Momentum To Continue (MKE)


WCT
Buy (unchanged)
Share price: MYR2.64
Target price: MYR3.00 (from MYR2.85)
Momentum To Continue

 Maintain BUY, raising TP. Our FY13 net profit forecast for WCT is just marginally raised post analyst briefing for its 1Q13 results, with the stronger-than-expected earnings in 1Q13 to be offset by negligible contributions expected from the KLIA2-IC in the current year after we shift our expectation for the opening date. With an improved outlook for domestic construction job wins post the 13th general election, we impute a higher PER target (14x core mid-FY14 PER vs 13x FY13 previously), deriving a new MYR3.00 SOP-based TP (+5%).

Hua Yang Berhad - FY14 to be a Stronger Year


Hua Yang Berhad -
Price Target:3.52
Last Price:2.84
FY14 to be a Stronger Year

Although Hua Yang has undergone a slight correction to RM2.72 since its all-time high of RM3.07 or YTD gains of 88%, they remain one of our favourite picks amongst the small-mid cap space due to its exposure to Johor and affordable housing segment. Moreover, FY14E would be another good year, as sales and earnings are expected to grow by 52% and 26% YoY, respectively, buoyed by its record-high launch target of RM1b and current unbilled sales of RM523m. We also like their ability to source landbank at competitive costs and maintain its pricing strategy within the affordable range while preserving decent gross margins of 35%. Forecast maintained. Coupled with a decent dividend yield of 4.9%, we reiterate our OUTPERFORM call on Hua Yang with TP of RM3.52. Our TP is on parity with our DCF-driven RNAV @ 10 WACC, which implies 1.7x FY14E PBV.

MISC: Ahead Of Expectations (MKE)


MISC
Buy (from Hold)
Share price: MYR4.39
Target price: MYR5.70 (from MYR5.30)
Ahead Of Expectations

 Upgrading to BUY. MISC’s 1Q13 results were ahead of our forecasts, prompting a 44%/13%/16% upgrade to our FY13/14/15 earnings estimates. MISC has, in our view, started on a sustained recovery path. Although petroleum and chemical shipping are likely to remain in the red over the next few quarters, losses are expected to narrow. With limited earnings downside, the stock is due to re-rate. We lift our TP to MYR5.70 (+8%) as we shift our valuation methodology, reinstating the sum-of-parts valuation but with a 20% discount (previously 1x P/BV).

曾淵滄教路 14.05.13 : 避免胡亂撈底 擅用平均線入市法

避免胡亂撈底 擅用平均線入市法
四月二十三日那一期的《東周刊》,我建議大家入市買股,當時我說向來我不喜歡撈底,不過,我會趁低吸納,從四月二十三日至今,恒指升幅不小,看來,不喜歡撈底的人都撈到底?

非也!我的確不喜歡撈底。實際上,四月二十三日恒指不是近期的最低點,相反的,恒指在四月初跌破22,000點後,在低位徘徊一段日子,浮浮沉沉,起不來跌不下,而且有反彈之勢,這是大型上落市轉勢的徵兆。

JCY - 2QFY13 Results - Continue Bleeding

JCY -
Price Target:0.37
Last Price:0.61
2QFY13 Results - Continue Bleeding

Results
JCY’s 1HFY13 core net loss of RM66.3m came in below expectations, not comparable with HLIB and consensus full year core net profit estimates of RM194.1m and RM61.5m respectively.

In 2QFY13, JCY registered revenue of RM401.4m (-30.4% yoy, +6.5% qoq), EBITDA of –RM5.0m (>-100% yoy, +35.3% qoq), and normalized PATAMI of –RM33.3m (>- 100% yoy, >-1.2% qoq).

Friday, May 31, 2013

Sealink expects better earnings in 2013

Sealink expects better earnings in 2013
Business & Markets 2013

Written by Insider Asia  
Monday, 04 March 2013 09:40

Operating conditions are expected to remain challenging for SEALINK INTERNATIONAL BHD [] (33 sen) going forward. However, the company is upbeat for an earnings turnaround in 2013 following its kitchen sinking exercise in the fourth quarter of 2012 financial year (4QFY12).

The company’s earnings results for 4Q and the full year were well below our expectations.

Turnover in 4Q was lower than our estimate due primarily to the delay in recognition of the sale of two landing craft. The sale, worth some RM42 million, will now likely be recognised in 1QFY13.

MAS regains ground after sharp decline

The Star Online > Business
Friday May 31, 2013
MAS regains ground after sharp decline

By LEONG HUNG YEE
hungyee@thestar.com.my

KUALA LUMPUR: Malaysia Airlines (MAS), whose shares succumbed to a sharp decline in early trading yesterday, regained some lost ground in the later part of the day, closing at 39 sen, down 1.5 sen.

Within the first 15 minutes of trading, MAS’ shares had dropped as much as 7%, its steepest decline since early March, following the release of its disappointing first-quarter results. Some analysts have downgraded their call on the national carrier to a “sell”.

IGB to seal RM6bil Southkey Megamall deal soon

The Star Online > Business
Friday May 31, 2013
IGB to seal RM6bil Southkey Megamall deal soon

By JOHN LOH
johnloh@thestar.com

KUALA LUMPUR: IGB Corp Bhd expects to ink its joint-venture agreement with Selia Pantai Sdn Bhd for the RM6bil Southkey Megamall in Johor's Iskandar Malaysia within the next 30 days.

The deal to develop the 14.57ha in Plentong, Johor Baru, into a mix of offices, retail outlets and residences was announced in March last year, but was delayed due to general election-related uncertainties, company officials said.

IGB: Business picking up after quiet first qtr

IGB: Business picking up after quiet first qtr
By Roziana Hamsawi
roziana@mediaprima.com.my
2013/05/31

KUALA LUMPUR: IGB Corp Bhd, which owns the retail space in Mid Valley City, has started to see business beginning to pick up since the second quarter after a rather quiet first quarter, managing director Robert Tan said.

He said May and June will be the peak season for shoppers and the company will continue with its various marketing campaigns to boost tenants' revenues.

Ann Joo Resources: Domestic Steel Upcycle Play (MKE)

Ann Joo Resources
Buy (unchanged)
Share price: MYR1.44
Target price: MYR2.10 (unchanged)
Domestic Steel Upcycle Play

 Back into the black. AJR finally turned around in 1Q13, with a core net profit of MYR2m from core net losses of MYR15m and MYR10m in 1Q12 and 4Q12 respectively. We see stronger sequential earnings, underpinned by strong local demand and margin expansion on falling raw material costs. We maintain our earnings forecasts, BUY rating and TP of MYR2.10 (1x P/BV). Share price downside is also limited given that it is trading at -1SD to its mean P/BV of 0.8x.

QE神話隕落 高息股崩

QE神話隕落 高息股崩
債息上揚激化市場對聯儲局量寬(QE)神話隕落的憂慮,全球高息股遭拋售,MSCI環球高息股票指數市值在本周三單日蒸發約932.58億美元(約7,274億港元)。惟基金經理稱,高息股遭拋售只是獲利藉口,相信不會爆發收息基金贖回潮,更揚言高息股下跌反而造就低吸機會。

在退市陰霾下,歐美高息股周三率先下跌,以貝萊德環球股票入息基金十大持股為例,周三股價均跌,當中輝瑞挫逾2.5%、可口可樂跌逾2.7%。沽售潮昨蔓延至亞洲,本港上市的公用股、收租股、房託基金(REITs)同樣未能幸免,中電(00002)、電能(00006)、煤氣(00003)挫逾3%;領匯(00823)、越秀房託(00405)雙雙瀉逾4%。

焦點:美債升如走火警 領匯「散水」?

焦點:美債升如走火警 領匯「散水」?
2013年5月30日
市場關注美國長債息率上升,美國10期國債息率收報2.1287厘,對比上日2.1153,上升0.64%,創逾一年新高,本港今早見高息及收租股再受壓,領匯(0823)再挫3.7%,半日收報39.85元,失守40元關,較1個月高位46.4元至今已累跌14%,現價提供今明兩年股息率分別達3.45厘及3.6厘,是否意味領匯高息熱潮「散水」?。

美聯儲局過往進行多次量寬後,令無止境的低息憧憬,推動了近年高息房託、收租股步步高升,但此刻美國經濟漸見改善,環球資金似棄債換入美國股樓資,此一資金流向的逆轉,美聯儲局「閂水喉」,經濟活動肯定大受影響,或會令高息股經歷嚴峻的挑戰。由於今輪美債息率或會升至3厘水平,相信高息、收息及公用股的熱潮勢將迅即「冷卻」。

King Wan Corp: FY13 Results - Greater Confidence In Special Dividend

King Wan Corp: FY13 Results - Greater Confidence In Special  Dividend
(BUY, SGD0.33, TP: SGD0.43)

KWAN posted FY13 results yesterday, beating expectations by  13% on a revenue surge, albeit with lower margins. Its order book  of SGD167m provides 2.2 years of revenue visibility and should easily sustain the 1.5 cent core dividend. With the Thai sugar mill listing in July 2013, we expect a 1.5 cent special dividend in
2QFY14F. We raise our TP to SGD0.43 based on a 7% yield as we expect further yield compression.

Beat expectations by 13%. KWAN’s 4QFY13 revenue was 2.7x that of the preceding quarter, but conservative revenue recognition led to lower margins. We expect a positive reversal in later quarters. Interest income of SGD1.3m from associates also contributed to the outperformance.

Malaysian Bulk Carriers : Weak 1Q13 expected (DBSV)

Malaysian Bulk Carriers
BUY RM1.62
KLCI : 1,783.47
Price Target : 12-Month RM 2.10
Weak 1Q13 expected

1Q13 result within expectations
POSH listing an impending catalyst
Maintain BUY with RM2.10 TP

Highlights
Depressed charter rates. MBC reported 1Q13 profit of RM9m (- 47% q-o-q, -71% y-o-y) which is 18% of our FY13F earnings. The poor 1Q13 quarter was largely anticipated in view of the weak Baltic Dry Index which dipped 15% q-o-q and 10% y-o-y to 797 points in 1Q13. Nevertheless, MBC’s overall charter rates were up 7% q-o-q to US$9,154/day despite the weak shipping market, implying strong execution. Its revenue came in at RM60.3m (-1% q-o-q, -16% y-o-y) as the stronger charter rates q-o-q were offset by lower hire days due to scheduled docking of 2 vessels.

Boilermech Holdings Bhd - Ended On a Strong Note

Boilermech Holdings Bhd -
Price Target:1.70
Last Price:1.46
Ended On a Strong Note

Boilermech’s FY13 results were within our forecasts, with top-line of MYR165.8m accounting for about 101.4% of our full-year estimate. Its net  profit  of  MYR23.7m  was  slightly  above  expectations  on  improved  margin.  Due  to  a  change  of  FYE  from  April  to  March,  FY13  only comprised 11 months’ contribution. Hence, the group’s annualised net profit of MYR25.9m represents a 34.3%  y-o-y jump compared with FY12  full-year  net  profit  of  MYR19.3m,  on  the  back  of  a  20.9%  jump  in  annualised  revenue.  On  a  quarterly  basis,  annualised  net  profit surged  25.4%  to  MYR10,  vs  3QFY13’s MYR8.1m.  The  better  performance  was  largely  attributed  to  increased  manufacturing  activities, deliveries and installation of boilers. Factoring in a higher margin assumption, we upgrade our FV to MYR1.70, pegged to an unchanged P/E of 14x and a PEG of 0.4x. Maintain BUY.

首季业绩符合预期 怡保花园产托财测不变

首季业绩符合预期 怡保花园产托财测不变
Created 05/31/2013 - 12:09
(吉隆坡30日讯)怡保花园产托(IGBReit,5227,主板产业信托股)首季业绩符合预期,没有惊喜,分析员因此维持业绩预估。

安联投资研究分析员表示,怡保花园产托首季营业额按季跌1.5%,但被较低的营运成本所抵消。

怡保花园产托营运成本按季下滑9.8%,但这是基于季节性因素,产托在之前季度的广告和宣传费用比较高。

整体而言,怡保花园产托每单位核心净利按季增长5%。

Singapore Press Holdings : Pushing Ahead With Property REIT Listing (UOBKH)

Singapore Press Holdings
Share Price S$4.48
Target Price S$4.50
Pushing Ahead With Property REIT Listing

SPH will pay a special DPS of 18 S cents from the cash proceeds it stands to receive from the sale of Paragon and Clementi Mall to SPH REIT. Overall, SPH REIT’s IPO listing is neutral to our SOTP valuation for SPH, but SPH’s earnings and dividend yields are likely to be reduced by about 7%. Maintain HOLD with our target price unchanged at S$4.50. We recommend entry at S$4.20 and exit at S$4.80.

Golden Agri-: Will the stock price rise, now that China has returned to profitability?

Golden Agri is turning around in China, making progress on environmental issues and exploring ways to save costs. But the stock is still trading below book value. Can it win back the love?

30/5/2013 – Golden Agri-Resources Ltd is still trading below book value, despite announcing a turning-around in China during its Q1 earnings report on May 13.

The Indonesian palm oil conglomerate is facing higher costs and lower selling prices.

But the previously loss-making China business has swung back into profitability, now that the government leadership transition is over and market dynamics are returning to normal.

Biosensors Int'l : Fortune favours the brave (CIMB)

Biosensors Int'l
Current S$1.16
Target S$1.65
Fortune favours the brave

 Despite headwinds in FY3/13, BIG delivered satisfactory results.The next 12 months may see persistent challenges before things start to pickup. The stock’s risk-rewardpropositionappearspalatable,considering the big uplift in earnings beyond that period.

4Q13/FY13 core earnings were in line with our expectations, forming 23%/102% of our full-year estimates. We cut FY14 EPS by 7% for lower margin assumptions while shaving our SOP-based target price to S$1.65. We reiterate our Outperform rating as the positive financial effects from new products, better operations and M&A accretion are understated.

Malaysian Airline - On the right direction for the future

Malaysian Airline -
Price Target:0.37
Last Price:0.38
On the right direction for the future

Period     1QFY13/3MFY13

Actual vs. Expectations      MAS’ core net loss of RM340m came in below our full year profit expectations of RM570m and consensus net loss of RM15m. The loss was mainly attributed to the lower than expected yields, arising from an increased in competition within the aviation industry (i.e. local, regional and international).

Singapore Press Holdings: Rewarding Shareholders in the Long Term (MKE)

Singapore Press Holdings
Buy(unchanged)
Share price: SGD4.47
Target price: SGD4.95 (unchanged)
Rewarding Shareholders in the Long Term

REIT spinoff a big step further. SPH has received the approval from SGX for the proposed SPH REIT listing. Initial portfolio includes Paragon (SGD2,500m) and Clementi Mall (SGD570m) as expected. SPH will hold about 70% of the proposed REIT after IPO. If the proposal is approved by shareholders at the EGM on 18 June, the REIT is expected to be listed in early July, which is earlier than we expected before. We overall like this practice as it can 1) free up capital for future growth, 2) create a more efficient platform for the holdings of investment properties and 3) generate management fee income for SPH. We maintain our BUY call and target price SGD4.95.

Malaysian Bulk Carriers : A Weak Quarter(ta)

Malaysian Bulk Carriers Berhad
TP: RM 1.26
Last Traded: RM 1.62
A Weak Quarter

Review
_ Maybulk’s 1Q13 core net profit of RM4.6mn was broadly in line as we expect the associate contribution to increase further in the 2H.

_ 1Q13 core net profit plunged 73.7% YoY to RM4.6mn on the back of 27.5% drop in revenue to RM33.4mn. The poor performance was mainly due to the fall in TCE rates and hire days for the dry bulk fleet. However, the company’s performance was largely supported by higher profit contribution from its 21.23%-owned associate company, PACC Offshore Services Holdings (POSH), which grew 65.4% YoY to RM13.4mn.

曾淵滄專欄 31.05.13:大戶火併暫宜旁觀

日股仍未止跌,昨天日經指數再跌5.15%,而港股受到的影響也減少,恒指收市只跌0.31%,不過,股市收市時恒指期貨仍然低水,看來大戶仍在火併,這情況散戶最好旁觀,如此動盪,忽升忽跌,波幅300多點的市,不論是買是賣,都是賭。

最近我申請兩隻新股,都分到一點,不多,每一隻都沒超過1萬股。可惜,兩隻新股都跌破上市價,我也無所謂,填白表申請取股票實貨,本來就是打算長期持有,中煉化(2386)業務穩定,PE不高,朗廷(1270)則純粹是收息,年紀大了,我會逐漸增加收息股的比例,不想冒太大風險,遲些時候,新世界發展(017)也將分拆旗下酒店以半REIT的形式上市,如果收息率合理,也會申請。

Thursday, May 30, 2013

買進券商心頭好. 保綠美業績符預期 擴業務增生產力

券商:興業證券研究
目標價:1.70令吉

生產業務貢獻良好,保綠美(BOILERM,0168,創業板工業股)2013財年業績符預期,營業額共佔我們預期的1倍,因賺幅改善,淨利表現亦稍高預期。

 該公司在2012年11月份收購廠房后,仍保持淨現金狀況,估計截至今年3月底有4010萬令吉現金,相等于每股15.1仙。

 展望未來,我們預計保綠美將持續專注在發展公司強項,鍋爐製造、出貨和安裝的業務,不排除該公司將擴展該業務至其他地區,提高公司營業額。

亏损扩大 市场失望 马航股价应声下跌

(吉隆坡30日讯)马航(MAS,3786,主板贸服股)第一季的亏损进一步扩大,出乎市场预料,也让原本对该公司的重组充满期待的投资市场感到失望,股价一度应声下挫7%。

分析员普遍认为,收益率下跌是马航在这一季表现让人大跌眼镜的原因,分析员指出,在这样的局势中,马航今年料难以摆脱困局,因此,纷纷下调给予该公司的投资评级及目標价。

马航今日最高一度下挫7.4%,至0.375令吉,最终收回部分失地,收在0.39令吉,下跌1.5仙或3.7%。全天成交量达4428万股,是周四热门榜第5位。

在业绩出炉之前,看好马航可以连续3个季度取得盈利的马银行金英投行分析员今日指出,马航在这一季的载客及货运收益率分別下跌5%及7%,比行业平均低1至3%,管理层表示,收益率萎缩的情况,今年內將持续。

馬航財測大砍97%

馬航財測大砍97%
Created 05/30/2013 - 17:41
(吉隆坡30日訊)馬航(MAS,3786,主板貿服組)首季淨虧損擴大讓市場大失所望,分析員對這家昔日本土航空霸主營運賺幅明顯遭市場競爭榨壓感到意外,不僅大砍今年財測和股票評級,部份分析員更預料馬航2014年轉虧為盈“夢想”難以成真。

財測下修幅度45.8至97%

為反映首季業績低迷,分析員紛揮刀大砍馬航今年財測,下修幅度介於45.8至97%之間不等,2014年財測亦遭下調10至22.1%之間。其中,豐隆研究和安聯研究分別估計馬航將於2014年蒙受4億1千700萬令吉和2億7千370萬令吉虧損。

大马散装货运联号公司 PACC 年杪新加坡挂牌

大马散装货运联号公司 PACC 年杪新加坡挂牌
Created 05/30/2013 - 10:02
(吉隆坡29日讯)大马散装货运(Maybulk,5077,主板贸服股)预计,新加坡联号公司———PACC岸外服务控股,将于今年杪或明年初,在新加坡交易所上市。

从事岸外海事服务的PACC岸外服务控股,是大马散装货运的主要盈利来源,尽管过去5年盈利滑落,但仍协助后者保持盈利。

大马散装货运总执行长郭孔光指出,PACC岸外服务控股的上市计划只欠所需的审批。

竞争激烈压缩赚幅 马航首季转亏2.7亿

竞争激烈压缩赚幅 马航首季转亏2.7亿
Created 05/30/2013 - 07:58
(吉隆坡29日讯)马航(MAS,3786,主板贸服股)本财年首季业绩,未能承接上季(2012财年末季)的盈利表现,再度蒙受亏损逾2.7亿令吉。

本财年首季,马航净亏损达2亿7882万7000令吉,除了比上财年同期的1亿7179万3000令吉净亏损扩大外,比起上季的5137万3000令吉净利更是黯然失色。

马航首季营业额则年增13.8%,至35亿4574万8000令吉,上财年同期为31亿1468万9000令吉;每股净亏损从上财年同期的5.14仙,扩大至8.34仙。

Unisem confident of better growth

The Star Online > Business
Thursday May 30, 2013
Unisem confident of better growth

KUALA LUMPUR: Semi-conductor assembly and test services provider, Unisem (M) Bhd, is confident of recording better growth in the second half of this year backed by the global economy’s promising outlook.

Its chairman and group managing director John Chia Sin Tet said the first half of 2013 remained challenging for the company. “But there is a forecast of stronger growth for us in the second half with a better outlook in the US economy, although China is facing a slowdown,” he told reporters after the company AGM here yesterday.

Hap Seng may spin off property unit

The Star Online > Business
Thursday May 30, 2013
Hap Seng may spin off property unit

Group to consider option on most profitable business arm

By JOHN LOH
johnloh@thestar.com.my

KUALA LUMPUR: Hap Seng Consolidated Bhd may consider spinning off its lucrative property arm into a separate listed entity, similar to the exercise being undertaken by plantation giant IOI Corp Bhd, according to group managing director Datuk Edward Lee Ming Foo.

Malaysia Airlines shares down on weaker results

The Star Online > Business
Published: Thursday May 30, 2013 MYT 9:43:00 AM
Malaysia Airlines shares down on weaker results

KUALA LUMPUR: Shares of Malaysian Airline System Bhd (MAS) fell to a low of 37.5 sen in early trade on Thursday after its net loss increased to RM278.6mil from RM171.38mil a year ago.

At 9.27am, MAS was down 1.5 sen to 39 sen. There were 12.40 million shares done at prices ranging 37.5 sen to 39 sen.

The FBM KLCI fell 6.4 points to 1,777.07. Turnover was 233.08 million shares valued at RM130.06mil. Declining counters beat advancers 277 to 130 while 194 stocks were unchanged.

Maybank : Strong dividend yield intact (DBSV)


Maybank
BUY RM10.08
KLCI : 1,783.88
Price Target : 12-month RM 11.80
Strong dividend yield intact

1Q13 earnings in line; provisions remained low and non-interest income still lagged
Expect loan growth and corporate activities to pick up in 2H 2013
Maintain BUY and RM11.80 TP; top pick for the sector

Highlights
Modest start. 1Q13 net profit is 24% of our and consensus’ estimates. NIM and net interest income was stable q-o-q, while lower non-interest income (softer mandates in 1Q13) was offset by low provisions. Pre-provision profit was flat q-o-q. Provision remained low but there was an uptick in absolute impaired loans (largely working capital loans to the domestic manufacturing sector) and gross NPL ratio inched up to 1.9% from 1.8%.

Fitters Diversified - Expanding property business

Fitters Diversified -
Price Target:0.95
Last Price:0.845
Expanding property business

Fitters Diversified; Buy
Price Target: RM0.95; FIT MK

Fitters announced that it has entered into 2 separate sale and purchase (S&P) agreements with Ebic Development Sdn Bhd for a total purchase consideration of RM9m:

I) Acquisition of 100% in Rasa Anggun Development Sdn Bhd (RADSB) for RM1m
ii) Acquisition of 100% in Superior Villa Sdn Bhd (SVSB) for RM8m

Uchi Technologies : A stronger brew (CIMB)

Uchi Technologies
Current RM1.33
Target RM1.28
A stronger brew

 Uchi’s adjusted 1Q13 core earnings were 9% above our forecast and 13% above consensus numbers due to stronger demand. Management has turned slightly positive as it expects a stable sales volume in FY13 instead of a decline. Nevertheless, the outlook remains challenging.

We raise our FY13-15 EPS forecasts by 4-6% as we impute flat sales instead of a 5% decline. Despite keeping our valuation basis of 35% discount to our target market P/E, our target CY14 P/E rises from 8.6x to 10.1x, raising our target price. Given the weakness in the Eurozone, we remain Neutral on Uchi and recommend a switch into Jobstreet or MyEG for growth.

Maxis : Is its dividend policy sustainable?

21/5/2013 – Maxis expects the mobile business to remain competitive in a market that is highly penetrated and fast maturing.

But it is positive of its prospects this year.

The telco just announced earnings for Q1 FY13:

Revenue: +4% to RM 2.3 bln
Profit: -17% to RM 476 mln
Cash flow from operations: RM 727 mln vs RM 788 mln
Dividend: 8 sen per share vs 8 sen per share

Investor Central. We keep your investments honest.

 1. Is the dividend commitment sustainable?

YTL Power : Waiting for WiMAX to deliver (CIMB)

YTL Power
Current RM1.51
Target RM2.55
Waiting for WiMAX to deliver

 YTLP’s 9MFY6/13 core net profit fell by 7% yoy and missed expectations, coming in at only 63% of our FY13 forecast and 67% of consensus estimates. The shortfall resulted from higher maintenance at its Malaysian IPP and lower sales from its Singapore merchant power plants which wiped out the impact of a 10% drop in WiMAX losses.

We lower FY13-15 EPS by 9-10% and cut our SOP-based target price to reflect lower power generation earnings. As forecast, no dividends were declared. Despite the earnings cut, we reiterate our Outperform call on YTLP as we believe a turnaround of broadband earnings and possible M&A of utility assets are catalysts.

MISC - Decent 1Q Earnings Signal Better Outlook

MISC -
Price Target:5.88
Last Price:4.44
Decent 1Q Earnings Signal Better Outlook

MISC’s 1QFY13 core earnings met our estimates as earnings (excluding the liner division) surged 64% y-o-y on narrowing losses from the petroleum and chemical tanker division. However, the q-o-q numbers were weaker given the smaller contribution from its LNG and offshore segment. Management cited the possibility of paying a dividend this year on expectation of an improving outlook. Maintain BUY, with MYR5.88 FV.

Malaysian Bulk Carriers : POSH stealing the limelight (CIMB)

Malaysian Bulk Carriers
Current RM1.62
Target RM1.93
POSH stealing the limelight

 Although 1Q13 core profit came in at only 11% of our FY13 estimate, we do not consider the results disappointing as we expect bulk rates to recover strongly in the coming quarters. In fact, we are upgrading our FY13-15 EPS as we are now even more bullish on POSH.

POSH's steady earnings were the saving grace in 1Q and helped to offset the bulk losses. This also explains our double upgrade from underperform to Outperform. Our target price is raised as we remove the 20% discount that we previously applied to its SOP, in anticipation of the bottoming of the dry bulk cycle. Catalysts include higher bulk rates and listing of POSH.

Sunway Real Estate Investment Trust MANAGEMENT REPLY: Is Parkson renewing its leases?

21/5/2013 - The manager of Sunway REIT thinks there might be a marginal decline in income contribution from the hotel and office segment for the year, but is optimistic of the prospect of Sunway Carnival Shopping Mall, which is enjoying growing footfall due to aggressive promotions and tenancy mix.

It is also optimistic of more visitors to Sunway Resort City, and is introducing fresh retail concepts to stay ahead of competition in its malls.

The company recently announced earnings for Q3 FY13:

Revenue: +9% to RM 106.4 mln
Profit: +16% to RM 55.2 mln
Cash flow from operations (9M): RM 205.8 mln vs RM 206.4 mln
DPU: 2.06 sen per share vs 2.19 sen per share

Investor Central. We keep your investments honest.

 1. Is Parkson renewing its leases?

Parkson Holdings - 9MFY13 inline with ours but below consensus

Parkson Holdings -
Price Target:4.06
Last Price:3.84
9MFY13 inline with ours but below consensus

Period     3QFY13/9MFY13

Actual vs. Expectations   The 9MFY13 net profit of RM210.2m came in within our expectations at 71% of our full-year forecast. However, it was below the consensus forecast at only 62% of its full-year net profit estimate.

Dividends    No dividend was declared during the quarter.

我们是否被新加坡房地产投资信托的回报冲昏了?

我们是否被新加坡房地产投资信托的回报冲昏了?
文: 汪文龙 (译:杨佳文) 2013年05月28日 展望
由于目前的利率偏低,投资者都选择投资于经常派发股息的股票和房地产投资信托(REIT)。然而,吉宝企业(Keppel Corporation)最近脱售了吉宝房地产投资信托(Keppel REIT,以下简称“K-REIT”),投资者可能会问:新加坡房地产投资信托的价格是否被高估了?

吉宝脱售单位给高盛
吉宝企业在上周把K-REIT出售给高盛(Goldman Sachs),令人们开始讨论新加坡的REIT是否被高估的课题,因为投资者不断追捧收益率高的资产。这是吉宝第二次脱售K-REIT的单位,它之前在巴克莱银行(Barclays Bank)的安排下通过私下配售将其单位出售给不知名的买家。

Hap Seng plans up to RM500m capex

Hap Seng plans up to RM500m capex

2013/05/30

HAP Seng Consolidated Bhd plans to allocate up to RM500 million capital expenditure (capex) this year.

Hap Seng managing director Datuk Edward Lee Ming Foo said it will invest between RM400 million and RM500 million to expand its four core businesses for the year ending December 31 2013.

"The capital will be channelled towards our core businesses namely plantations, property holding and development, automotive as well as quarry and building materials," Lee said after the company's 37th annual general meeting (AGM) yesterday.

MAS net loss widens to RM278.8m in Q1

MAS net loss widens to RM278.8m in Q1
By Bilqis Bahari
bbahari@mediaprima.com.my
2013/05/30

KUALA LUMPUR: Malaysia Airlines Systems Bhd (MAS) posted higher net loss in the first quarter ended March 31 2013 but analysts said it does not mean poor business performance by the airline.

RHB Research Institute Sdn Bhd analyst Jerry Lee told Business Times that the national carrier did post an overall operating financial improvement year-on-year in terms of revenue and costs.

曾淵滄專欄 30.05.13:日股中線仍未見頂

昨日日經指數收市微升0.1%,前日也升,短期見底了嗎?不容易估計。不過,我估計中期而言,日股仍未見頂,目前只是出現較大型的調整罷了。

日本現任首相安倍未上台,日股已開始升,那是日本投資者認同安倍的「印鈔加貶值救經濟」策略;安倍正式上任後,更獲得日本中央銀行全無保留的支持,開始其印鈔大計。

許多經濟學家說,過去日本也推行過量化寬鬆政策,但是仍然救不了經濟。我的看法是:過去的量化寬鬆,膽子不夠大,鈔票印得不夠多,這一次,安倍真是狠狠地賭一賭,印鈔的數量會是驚人的,許多國家的政府都擔心鈔票印得多,貨幣會貶值,但對安倍來說,他正期望日圓貶值,大大的貶值。4月23日,日圓滙價一回升,日股即刻狂跌;過去兩天,日圓再度貶值,日股就回穩。

友尼森放眼下半年稳健成长

(吉隆坡29日讯)有鉴於全球经济前景看好,友尼森(UNISEM,5005,主板科技股)有信心下半年可写下更佳的成长。

友尼森主席兼董事经理谢圣德表示,2013年上半年对该公司而言仍备具挑战。

「虽然中国正面临放缓,但也有预测显示,隨著美国经济前景转佳,我们在下半年料会取得更强稳的成长。」

谢圣德乃是在股东大会结束后,对记者发表谈话。

友尼森有近59.1%的销售是出售给北美洲的客户,而其余的21.3%及19.6%,则是分別卖给欧洲及亚洲的顾客。

合成统一5亿扩展业务

(吉隆坡29日讯)合成统一(HAPSENG,3034,主板贸服股)將在2013財政年大幅增加其资本开支,为该集团的各项核心业务--种植、產业、汽车以及採石场与建筑材料业务,投入4亿至5亿令吉的资金。

合成统一董事经理拿督李民富表示,对大马的经济前景以及国內消费与投资抱持乐观態度,並看好该集团的核心业务將可从中获益。「因此,我们计划进一步投资原有的產品组合,以便能够继续加强股东的价值。」

相较与2012財政年仅有的1亿3600万令吉,合成统一本財政年度的资本开支有著翻倍的成长。

李民富透露,上述资本开支主要將投入產业发展项目和扩大地库。他指出,该集团近期在孟沙和敦拉萨路一带各收购了一块土地,並计划发展服务式公寓项目;同时在无拉港购入一块面积9英亩的土地,用於发展综合发展项目。

Wednesday, May 29, 2013

马航首季净亏损扩大至2.78亿

吉隆坡29日讯)马航(MAS,3786,主板贸服股)2013財政年第一季(截至3月31日止)面对高达2.78亿令吉净亏损,比去年同期高出62.3%,主要是偏高的燃油成本和营运开支再度令马航面对成本压力。

马航2013財政年第一季的营业额,按年上扬13.84%,至35亿4575万令吉,但净亏损不减反增,从1亿7179万令吉急增62.3%,至2亿7883万令吉。

开销增加8%

马航首席执行员阿末佐哈里在文告中表示,每一年的上半年向来是航空领域的低迷期。马航第一季的开销按年上扬8%,至37亿1000万令吉,主要来自飞机燃油成本、操控和降落成本、飞机相关和租赁开支。

大馬散裝貨運聯號POSH料明年初新加坡上市

大馬散裝貨運聯號POSH料明年初新加坡上市
Created 05/29/2013 - 18:50
(吉隆坡29日訊)大馬散裝貨運(MAYBULK,5077,主板貿服組)料於明年初為持股21.23%的聯號公司PACC岸外服務控股(POSH),完成新加坡上市計劃。

首席執行員郭孔光昨日在股東大會後說:“我們已採取必要步驟,還得看時機是否恰當,會在獅城上市。”

分析員認為,一旦PACC岸外服務控股(POSH)上市,將給予大馬散裝貨運重新估值的潛在動力。

大馬散裝貨運2008年以2億2千100萬美元(6億6千300萬令吉)或每股6.50美元(19令吉50仙)向太平洋航運(Pacific Carriers Ltd)收購21%股權,主要目的要以至少每股6.50美元讓POSH上市。

資產買賣提振盈利‧產業股漲風待起

資產買賣提振盈利‧產業股漲風待起
Created 05/29/2013 - 17:30
(吉隆坡29日訊)市場看好產業公司今年盈利大發,但首季盈利卻出現零星資產買賣的“一次過”提振情況,到底產業公司盈利前景真的如分析員所言般光明?

麥格理集團(Macquarie Group)早前表示,雖然市場視2012年為依斯干達經濟特區的“引爆點”(Tipping Point),但相信今年將是產業發展商盈利的“引爆”年。

各大證券行也紛紛看好產業領域,相信在更多政府土地頒佈、巴生河流域第二和第三捷運線、吉隆坡-新加坡高鐵和新山-新加坡捷運系統計劃等基礎建設計劃支撐下,今年領域將充斥正面消息流。

MD says worst is over for Unisem

Update MD says worst is over for Unisem
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Wednesday, 29 May 2013 12:42

Kuala Lumpur (May 29): UNISEM (M) BHD [] is anticipating better prospects in the second half of financial year ending December 31, 2013. The semiconductor manufacturer had experienced losses in the past two quarters.

Group managing director John Chia Sin Tet said "the worst is over," for Unisem.  Chia was speaking to reporters after the company's AGM today.

Vincent Tan raises stake in REDtone

Vincent Tan raises stake in REDtone
Business & Markets 2013

Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Wednesday, 29 May 2013 08:21

KUALA LUMPUR: Tycoon Tan Sri Vincent Tan Chee Yioun has raised his equity stake in REDTONE INTERNATIONAL BHD [] to 13.13% from 10.41% as at October last year.

Filings with Bursa Malaysia show that Berjaya Philippines Inc, a unit of BERJAYA SPORTS TOTO BHD [], had bought 13.1 million shares on May 22 and 23 on the open market. With that, Tan, who also owns U-Mobile Sdn Bhd, holds 62.7 million shares in the telco. He is the second largest shareholder in REDtone, after Indah Pusaka Sdn Bhd with 32.79%.

UOA Dev looking for new landbank in Klang Valley

The Star Online > Business
Wednesday May 29, 2013
UOA Dev looking for new landbank in Klang Valley

KUALA LUMPUR: UOA Development Bhd (UOA Dev) is “always on the lookout” for potential new landbank, but it does not have any plans in the short-term to expand outside the Klang Valley, according to general manager Eugene Lee.

“We go over landbanking opportunities on a daily basis. In the past year we have bought land in Segambut, Sentul and Kepong,” he told reporters after the company's AGM.

MAS confident of achieving 50% growth target in Indonesia

The Star Online > Business
Wednesday May 29, 2013
MAS confident of achieving 50% growth target in Indonesia

JAKARTA: Malaysia Airlines (MAS) is optimistic of achieving its 50% growth target in the Indonesia market this year following the encouraging growth recorded in the first quarter of 2013.

Area Manager for Indonesia Roslan Ismail said the vibrant Indonesian economy over the past five years had driven the national airline to continue recording double-digit growth and in Q1 2013, it chalked up growth of 40%.

Matrix Concepts aims to grow profit by one third this year

Matrix Concepts aims to grow profit by one third this year

2013/05/29

KUALA LUMPUR: Newly-listed Matrix Concepts Holdings Bhd aims to raise its net profit this year by one third, on the back of strong unbilled sales and new projects coming onstream.

As at March 31 this year, the Negri Sembilan-based property developer had locked in unbilled sales of RM445 million, along with ongoing projects worth RM1.4 billion.

For this year alone, the company plans to launch RM680 million worth of new projects in Negri Sembilan and Johor.

私有化破局不影响业务 马国际船务节流保盈利

私有化破局不影响业务 马国际船务节流保盈利
Created 05/28/2013 - 08:06
(吉隆坡27日讯)马国际船务(MISC,3816,主板贸服股)指出,大股东私有化计划破局不影响日常业务,并冀望透过控制成本等维持首季转亏为盈的佳绩。

《星报》引述马国际船务总裁兼总执行长拿督纳萨鲁丁指出,大股东国家石油(Petronas)私有化计划失败后,公司并无大变化。

“业务照常进行,己拟定好的计划也会继续。”

国家石油早前献议以5.30令吉全面收购马国际船务,但遭包括雇员公积金局(EPF)在内的大股东们强烈反对,后将献购价调高至5.50令吉。

百盛挑戰重重

百盛挑戰重重
Created 05/28/2013 - 17:43
(吉隆坡28日訊)百盛(PARKSON,5657,主板貿服組)首9個月錄2億1千餘萬令吉淨利,分析員預期最大業務區中國需求趨軟,未來還受高租金、高人力成本等阻撓,前景充滿層層挑戰。

基於受高營運開銷所累,興業研究調低2013與2014財政年財測11%與15.4%。

肯納格研究說:“營運前景看來充滿挑戰,佔大比重的中國營運市場消費情緒疲弱,除需面臨更大業界競爭,也面臨更高租金與人力成本衝擊。"

Tomypak : Facing cost pressures (CIMB)

Tomypak
Current RM1.47
Target RM1.71
Facing cost pressures

 Tomypak’s annualised 1QFY13 core net profit at only 62% of our full-year forecast was below our expectations. The company blames it on higher production costs. Its interim DPS of 2sen was however in line with our expectations.

We cut our FY13-14 EPS forecasts but our target price rises as its higher valuation (at 9.5x CY14 P/E) remains pegged at a 30% discount to Daibochi’s revised 13.5x CY14 P/E target (previously at 10.8x P/E). Dividend yield is attractive at 5-6%. Catalysts include an EBITDA margin recovery and securing more major MNC orders from the region. Outperform maintained.

S-REIT: Are We Blinded By Yield?

 28 MAY 2013
S-REIT: Are We Blinded By Yield?
By Raymond Leung and Simeon Ang

In this low interest environment, investors have been actively seeking yield through investments in dividend paying stocks and REITs. However, the recent sell-off of Keppel REIT by Keppel Corp have sparked the question: Are we overpaying for S-REITs?

Sale Of K-Reit Stake
In the past week, the sale of Keppel Reit (K-Reit) by Keppel Corporation to Goldman Sachs has sparked the discussion of the overvaluation of S-REITs. This, the result of buying behaviour exhibited by investors chasing yield. This is the second divestment of K-Reit by Keppel Corp this year following the sale of stake through a placement to unknown buyers arranged by Barclays Bank.

曾渊沧:日股狂跌与伯南克言论无关


5月22日,美国联邦局主席出席国会一个听证会,发表了一些模棱两可的可能减少或停止发债的言论,该言论使到美国先升后跌,不过,跌幅不算大,道琼斯指数下跌不足1%。

5月23日,轮到亚洲开市,日本股市在开市后初段,再向上升约2%,日经指数升至15943点,很接近16000点大关,日经指数从去年9月约8000点起步,至今不足9个月,上升幅度接近一倍,的确很喜人,但是,日经指数就是在快升破16000点的罐头,急速掉头大跌,越跌越急,最后一泻而下,收市时一口气跌了1143点,即7.32%。

以全日最低位收市,若从高位15942点来计算,跌幅更惊人。

Maybulk expects POSHlisting by end-2013

Maybulk expects POSHlisting by end-2013
Business & Markets 2013

Written by Zatil Husna of theedgemalaysia.com  
Wednesday, 29 May 2013 09:28

KUALA LUMPUR: MALAYSIAN BULK CARRIERS BHD [] (Maybulk) expects its Singapore-based associate, PACC Offshore Services Holdings Pte Ltd (POSH), to be listed by end of 2013 or early 2014 on the Singapore Exchange.

An offshore marine services company, POSH is a major contributor to Maybulk’s earnings and has helped the group to remain profitable despite declining earnings in the last five years.

CNOOC : Volume growth on the horizon (CIMB)

CNOOC Limited
Current HK$13.94
Target HK$18.00
Volume growth on the horizon

 CNOOC’s growth engines have stalled since 2010 and are about to restart. Its current valuations pose a good entry point to climbon board.

We initiate coverage with an Outperform rating and a target price of HK$18.0, based on a 2007-2010 historical average P/E multiple of 9.8x to our CY14 earnings which implies an upside of 29% with a dividend yield of 3.3%. Catalysts include new projects launch as well as appraisal and discovery success. Despite a lack of volume growth this year, CNOOC is positioned to stage a comeback with volume growth of 11% yoy in FY14 and 12% in FY15.

MISC Berhad - Improved results in 1QFY13


MISC Berhad -
Price Target:5.04
Last Price:4.44
Improved results in 1QFY13

Period     1Q13/3M13

Actual vs. Expectations     The 1Q13 core net profit of RM327.9m was within our expectations as well as that of the consensus, accounting for 27.8% and 26.8% of our (RM1.18b) and the market (RM1.22b) full-year FY13 forecasts.

Dividends    No dividend was declared as expected.

AirAsia : Overcapacity threat reduced (CIMB)

AirAsia
Current RM3.24
Target RM4.00
Overcapacity threat reduced

 AirAsia's 1Q results were below expectations at just 15% of our 2013 estimate against the typical 20%.While Malaysia performed in line, huge losses from Japan dragged down the group. On the bright side, however, Malaysia's story has perked up considerably.

Dry Bulk Shipping Bottom Fishing Orders Harm Long-term Industry Outlook (UOBKH)

Dry Bulk Shipping
Bottom Fishing Orders Harm Long-term Industry Outlook
In 4M13, dry bulk carrier orders surged 40% yoy and notably, Capesize orders soared 1.44x. The numerous bottoming fish orders were a result of: a) low newbuild price, b) favourable payment terms to buyers, and c) relatively relaxed ship financing conditions from Chinese banks which may prolong the current downcycle. Maintain UNDERWEIGHT.

What’s New
• Newbuild orders of dry bulk carriers surged 40% yoy to 15.0m dwt in4M13, in terms of tonnage. Notably, tonnage of Capesize (including VLOCs) orders soared 1.44x. Based on statistics from Clarksons, 57 Capesize bulk carriers have been ordered ytd and Asiasis, a Korean shipbuilding insider, stated that the number is actually 73. Whether it is 57 or 73 bulk carriers ordered, these orders have created another peak after 2011.

YTL Power :Lacklustre Quarter (MKE)


YTL Power International
Buy (unchanged)
Share price: MYR1.51
Target price: MYR1.70 (unchanged)
Lacklustre Quarter

 Below expectations on higher taxes. 3QFY13 core net profit of MYR221m (-10% YoY, -11% QoQ) brings 9MFY13 net profit to MYR686m (-17% YoY), 65% of our and 58% of consensus full-year forecasts respectively. There remains no quarterly dividend. YTLP has been aggressively buying back shares in recent months (it has accumulated 2% of total shares), and could cancel these shares in the future. Maintain BUY with an unchanged target price of MYR1.70.

KLCC Property & REIT: Earnings On Track (MKE)


KLCC Property & REIT
Hold (unchanged)
Share price: MYR7.24
Target price: MYR7.25 (from MYR6.61)
Earnings On Track

Maintain HOLD. KLCCP’s 1Q13 net profit of MYR88m came in as expected. 1Q net DPS of 4.5sen was also in line. The successful listing of its REIT vehicle on 9 May 2013 (1 KLCC REIT for every KLCC Property share) has created the largest REIT in Malaysia with a market value of MYR13.3b. No change to our FY13-15 earnings forecasts but we raise our DCF-based TP to MYR7.25 (+64 sen) after imputing a lower 0.6 beta (from 0.8), on par with large cap REITs under coverage.

Valuetronics Holdings: Starting on a fresh page (OCBC)

Valuetronics Holdings
Fair value S$0.195
add: 12m dividend forecast S$0.013
versus: Current price S$0.210
Starting on a fresh page

Valuetronics Holdings Limited’s (VHL) FY13 results were within our expectations. Revenue from continuing operations fell 3.4% to HK$2,210.2m, or just 0.6% shy of our forecast. Net profit from continuing operations fell 26.1% to HK$118.4m, while net losses from its now discontinued Licensing division widened by 32.7% to HK$39.8m, resulting in overall PATMI decline of 39.6% to HK$78.7m. Excluding exceptional items, we estimate that core PATMI for FY13 fell 14.7% to HK$103.7m (1.1% above our estimate). VHL also slashed its FY13 DPS from HK$0.17 to HK$0.08. This was below our HK$0.11/share forecast but still translates into a decent yield of ~6.0%. We foresee an improvement in VHL’s bottomline and DPS in FY14 as it does not expect to incur any further expenses for its Licensing business. We maintain our HOLD rating but raise our fair value estimate slightly from S$0.19 to S$0.195 due to a marginal 2.7% increase in our FY14 core PATMI forecast.

TERENCE WONG: "REITS Are Over-Owned, Downgrading REITS"


TERENCE WONG: "REITS Are Over-Owned, Downgrading REITS"

Written by Terence Wong, CFA (OSK-DMG)
Monday, 27 May 2013 19:42

I RETURNED from Japan last Thursday after marketing to fund managers. And what a difference half a year makes!

The mood was totally different from when I last visited, as consumers and investors were evidently more upbeat, thanks to Prime Minister Shinzo Abe and Bank of Japan governor Haruhiko Kuroda.

Luxchem Corp eyes 10pc revenue increase in 2013

Luxchem Corp eyes 10pc revenue increase in 2013

2013/05/29

KUALA LUMPUR: Industrial chemical supplier Luxchem Corporation Bhd is eyeing a 10 per cent revenue growth for 2013.

The company recorded RM496.918 million last year.

Its managing director and chief executive officer Tang Ying See said the company will continue to expand its range of products this year.

He added that since establishing a subsidiary in Indonesia in 2011, the company had been expanding its customer base in the country.

MAYBULK - POSH listing in the pipeline

MAYBULK -
Price Target:2.10
Last Price:1.62
 POSH listing in the pipeline

Malaysian Bulk Carriers ; Buy
Price Target: RM2.10; MBC MK

According to The Financial Daily, MBC is set to list its 21.23%-owned associate, PACC Offshore Services Holdings Pte Ltd (POSH) by end-13 or early next year. Its CEO Kuok Khoon Kuan said that the IPO will take place in Singapore after the group’s AGM yesterday.

Strong Q1 earnings likely for MAS

Strong Q1 earnings likely for MAS

By Bilqis Bahari
bbahari@mediaprima.com.my
2013/05/29

NATIONAL carrier Malaysian Airline System Bhd (MAS) is expected to post improved earnings in the first quarter, which is due to be announced today.

"It is highly likely for MAS to be profitable in the first quarter due to its strong load factor number," an analyst from a bank-backed research house told Business Times.

Last year, MAS' load factor rose 4.9 per cent to 77.3 per cent.

曾淵滄專欄:iBond遠勝銀行存款

A股昨日午後突然大幅走高,滬綜指不但重返2300點,更大升1.23%,估計有好消息等待出爐。城鎮化規劃肯定會是中央新領導層上任後最重要的大政策,規模會比當年四萬億元投資大得多,影響也更加深刻,對股市影響也一定是正面的。

《人民日報》每篇文章在刊出前都經過中央高層審過稿,我深信,4月29日的兩篇談論股市的文章不會無的放矢。

昨日,香港政府正式公佈推出第三批iBond,規模仍然是100億元,本港銀行存款息接近零利率,而且已維持多年,而且有金融機構提供各種優惠鼓勵申請,iBond肯定會大受歡迎。

Tuesday, May 28, 2013

低價股急起直追‧散戶變活躍

低價股急起直追‧散戶變活躍
Created 05/28/2013 - 17:34
(吉隆坡28日訊)過去一年落後大市的低價股在大選後重新攫取動力,加上最近散戶士氣大勇轉而成為淨買家,更潛在為低價股護航,分析員認為低價股雖有望隨大市看俏而延續活絡表現,但仍受限於套利活動引發的週期性漲勢。

同時,分析員說,估值誘人的低價股有望持續吸引市場的購興,惟須強烈爭取本地投資者的助力,否則漲勢最終僅曇花一現。

英特太平洋研究主管馮廷秀指出,一般上低價股的週期性漲潮並不長,起起落落,主要受到逢高套利活動影響。

MISC sails into safe waters posting RM300mil profit

The Star Online > Business
Tuesday May 28, 2013
MISC sails into safe waters posting RM300mil profit

By INTAN FARHANA ZAINUL
intanzainul@thestar.com.my

PETALING JAYA: It would appear that MISC Bhd is sailing out of troubled waters, as analysts revise up their target price for the shipping giant on the back of a better earnings outlook, moving forward.

MISC kick-started the year positively, as its first quarter ended March 31 showed significant growth in profits against a net loss a year ago.

Analysts say Hua Yang undervalued

The Star Online > Business
Tuesday May 28, 2013
Analysts say Hua Yang undervalued

PETALING JAYA: Even though its shares have surged 80% year-to-date, developer of affordable homes Hua Yang Bhd remains a favourite of analysts due to its perceived undervaluation.

The stock whipsawed between an intraday high of RM3.07 on May 20, two days before the release of its fourth quarter 2013 financial results, to RM2.72 last Thursday.

中越業務低迷‧百盛第三季淨利跌25%

中越業務低迷‧百盛第三季淨利跌25%
Created 05/28/2013 - 10:21
(吉隆坡27日訊)歸咎於中國和越南零售業務持續低迷,百盛(PARKSON,5657,主板貿服組)截至2013年3月31日止第三季淨利下跌24.85%至7千691萬9千令吉,令首9個月淨利萎縮29.62%至2億1千零20萬5千令吉。

第三季營業額為9億3千284萬8千令吉,走揚1.59%,推動首9個月營業額達27億零19萬3千令吉,增長3.02%。

派息8仙

馬航附加股認購超額41.51%

馬航附加股認購超額41.51%
Created 05/28/2013 - 10:54
(吉隆坡27日訊)馬航(MAS,3786,主板貿服組)附加股計劃獲得不俗迴響,取得高達141.51%的認購額,或相等於41.51%認購超額。

聯昌投資銀行代馬航發文告稱,在5月21日截止日為止,共接獲189億1千834萬2千零71股附加股申請,相等於133億6千862萬4千960股附加股認購超額41.51%。

其中,總有效認購為132億8千318萬7千940股,相等於總附加股比重的99.36%,認購超額56億3千515萬4千131股,或41.51%。

建材股忧喜参半 钢铁股唱好 洋灰股中和

(吉隆坡27日讯)虽然国內蓬勃的房產与基建项目,表面上看来会对建材领域整体有利,但由于市场习性与成本结构有异,在分析员眼中,同样属于建材股类的钢铁股与洋灰股,却是「同人不同命」,一个备受看好;另一个则原地踏步。

针对建材领域的表现,马银行投行分析员看好钢铁股项,並上调其投资评级,不过依旧维持洋灰股「中和」的投资评级。当拉法基马洋灰(LMCEMNT,3794,主板工业股)的估值来到歷史新高水平,分析员相信,其3.6%至4.2%的净週息率,可扶持股价走势。

至於钢铁股方面,分析员认为,盈利復甦会让市场重估这些股类。分析员將安裕资源(ANNJOO,6556,主板工业股)和锦记钢铁(KINSTEL,5060,主板工业股)的投资评级上调至「买进」,且是建材领域的首选股项。

楊忠禮電力捧現金海外併購

楊忠禮電力捧現金海外併購
Created 05/27/2013 - 17:51
(吉隆坡27日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)第三季淨利滑落2.5%至2億5千616萬1千令吉,分析員預期該公司手握110億現金,正好準備積極到海外併購,以抵銷現有資產的低盈利前景。

黃氏唯高達研究表示,“現有資產如新加坡西拉雅能源(Power Seraya)與英國韋塞克斯水供(Wessex Water),以及2015年到期的大馬電供協定都潛在走低,出手競購資產此其時。"

“在2013財政年,上述兩大資產尚保持競爭力,歐洲危機延續,一旦韋塞克斯水供今後要求調高收費可能面臨阻力。"

馬銀行研究預測下一季享更低稅率,更強勁第四季使其維持2013財政年財測。

轉虧為盈步伐穩健 ‧ 國際船務財測上調

轉虧為盈步伐穩健 ‧ 國際船務財測上調
Created 05/27/2013 - 17:45
(吉隆坡27日訊)私有化告吹的國際船務(MISC,3816,主板貿服組),首季業績加強了轉虧為盈的跡象,股價今日回揚。

今日收盤,國際船務漲6仙,收4令吉45仙。

國際船務第一季核心盈虧從前期的1億3千300萬令吉虧損轉為3億2千400萬令吉淨利,表現超越市場預期,歸功於燃油跌價、石油及化學品運輸業務虧損收窄、油氣終站盈利提高、脫售班輪止損等。

馬銀行研究看好該公司將繼續轉虧為盈,石油及化學品業務虧損也會繼續減少,將2013至2015財政年盈利預測分別調高44%、13%和16%。

金群利零负债获青睐


金群利零负债获青睐
Created 05/27/2013 - 14:42
即将于本周二(5月28日)上市大马交易所的森州发展商———金群利集团(Matrix Concepts Holdings Berhad),除了强劲的业务表现和40%净利供派息外,该公司接近零负债,引起投资者的注意。

目前,金群利集团共有两项城镇发展计划,地库总面积达2355英亩,包括位于森州芙蓉的达城(Bandar Sri Sendayan)和柔佛居銮的金銮镇(Taman Seri Impian)。

暂不考虑合订型 双威产托多元化资产

暂不考虑合订型 双威产托多元化资产
Created 05/28/2013 - 11:18
(吉隆坡27日讯)双威产托(Sunreit,5176,主板产业信托股)不局限单一资产,选择把旗下资产多元化至不同次领域,以从竞争对手中脱颖而出。

双威产托管理私人有限公司总执行长拿督黄中立接受《The Edge》财经日报专访时说:“我们是多元化的产业投资信托,所以不局限在基本投资,例如只依赖信托、专注在特定次领域。”

双威产托从双威(Sunway,5211,主板产业股)分拆后于2010年7月上市马交所,首次公开募股(IPO)成功筹集15亿令吉;现有资产主要为办公楼、零售商场、酒店和医疗中心。

股海探温:嘉登手握14亿订单


股海探温:嘉登手握14亿订单
Created 05/27/2013 - 13:00
1.请问嘉登(Gadang,9261,主板建筑股)的业务展望如何?业绩表现好吗?

2.该公司目前手头上有多少合约,未来有可能获得哪些工程?有竞争力吗?

3.嘉登的股息如何?

4.嘉登的股价起了相当多,还值得买进吗?合理价格是多少?

一股作气:诺申业绩有望反弹


一股作气:诺申业绩有望反弹
Created 05/27/2013 - 13:00
受火灾影响冲击上半年业绩的诺申集团(Notion,0083,主板科技股),有不少订单支撑,预计下半年将反弹。

为避免依赖硬碟和相机零件业务,诺申集团也已着手计划进军石油与天然气和航天业务。

该公司短期的催化剂包括刚宣布的派送库存股,以及有望6月杪前获得剩余的火灾理赔金。

一波才平息另一波又来侵袭下,诺申集团2013财年首6个月的业绩表现无法达致分析员的预测。

YTL Power : Awaiting accretive acquisitions (DBSV)


YTL Power
HOLD RM1.51
KLCI : 1,773.06
Price Target : 12-Month RM 1.70
Awaiting accretive acquisitions

3Q13 results within our and market expectations
Higher Wessex contribution was insufficient to compensate for lower power earnings
No dividend for 3QFY13; conserving cash for acquisitions
New acquisitions are crucial to cushion against earnings drop after expiry of Malaysian PPAs in 2015; maintain Hold with RM1.70 TP

Yield plays – upside vs downside (DBSV)


Yield plays – upside vs downside
We believe fund flows into yield stocks remain strong, supported by ample liquidity and the low interest rate environment. Since the beginning of 2013, S-REITs have seen a further c50bps compression in its yield to 5.0%. However, we are still 110 bps below the peak 3.9% yield that the SREITs traded back in 2007.

From a yield spread perspective, current S-REIT yield spread of 350 bps is in line with the average sector historical trading range, but below its peak of 100 bps, brought about by historical low bond yields of 1.5% (3% average pre-Lehman). We do not expect yield spreads for S-REITs to reach the peak of 100 bps achieved in 2006-2008, which was driven by strong distributable income growth of close to 13%.

KLCC Property : Stronger earnings ahead (DBSV)

KLCC Property
BUY RM7.24
KLCI : 1,773.06
Price Target : 12-Month RM 9.00
Stronger earnings ahead

1Q13 earnings in line; higher minority interest and tax expenses capped pre-tax profit growth at 6% y-o-y
Declared 4.5sen DPS; expect higher contribution poststapled REIT, starting in 2H 2013
Near-term growth to be driven by retail assets; office properties to provide steady cash flow
Maintain BUY and SOP-based RM9.00 TP

Highlights
1Q13 profit in line. Net profit fell 13% y-o-y and 12% q-o-q to RM88m due to higher non-controlling interest (larger contributions from partially-owned Petronas Twin Towers and Suria KLCC, respectively) and higher tax expense (27.3% effective tax rate vs. 23.6% in 1Q12).

OKP Holdings MANAGEMENT REPLY: What is the actual state of its order book?

Q1 FY13 came in below expectations but DBS Vickers and OCBC are remaining sanguine because of the order book. But can this be relied upon? Also, management clarifies its loan to China Sonangol.

22/5/2013–OKP Holdings Limited fears continued pressure on its margins due to highly competitive bids for new projects.

The company recently announced earnings for Q1 FY13:

Revenue: +28.4% to S$32.04 mln
Profit: -22.2% to S$2.38 mln
Cash flow from operations: S$0.39 mln vs (S$1.06 mln)
Dividend: Nil
Order book: S$393.5 mln up to 2015

Analysts Sarah Ong and Eli Lee at OCBC find the results to be way below expectations.

Buying opportunity after weak China data and uncertainties over QE3 (DBSV)

Buying opportunity after weak China data and uncertainties over QE3
Regional markets were hit by weak data out of China, entrenching fears that its economic recovery has stalled and that a weaker recovery may be imminent. The latest flash HSBC Purchasing Managers' Index (PMI) shows China's factory activity shrank for the first time in seven months in May as new orders fell. The PMI fell to 49.6, slipping under the 50-point level for the first time since October. The HSBC flash PMI comes about a week before the final reading and is the earliest indicator of how the Chinese economy is faring each month.

King Wan Corp: 4QFY13 Preview - A Peek Into The Next Twelve Months (OSK)


King Wan Corp: 4QFY13 Preview - A Peek Into The Next Twelve Months
(BUY, SGD0.31, TP: SGD0.40)
Our high-dividend-yield pick, King Wan Corp (KWAN) will release results next week. We raise our 4QFY13F bottom line by 9.6% given the strong core business and clarify our expectations on the timing of the dividend. We expect KWAN to yield 8.1% over the next 12 months, increasing to 9.7% the following year. Maintain BUY with a TP of SGD0.40.

3-year order book gives visibility on future core dividends. Following its SGD28.4m order win last week, KWAN now has an order book of SGD183.6m which is equivalent to three years of revenues. The large volume of work should keep operating margins healthy and provide the cash to fund the core 1.5 cent dividend.

AAREIT: Appetite For More Projects (OSK)


AAREIT: Appetite For More Projects
 (BUY, SGD1.74, TP: SGD2.10)
With the completion of Phase Two of 20 Gul Way, we believe AAREIT’s Management will soon announce its plan for Phase Three. Assuming the successful execution of Phase Three in 13 months, we expect 2015 DPU to jump by 12.3%. Based on our DDM-model (COE: 7.6%; TGR: 2.0%), we reiterate our BUY rating on this counter, with our TP revised higher to SGD2.10.

20 Gul Way plot ratio to grow from 1.4x to 2.0x. Recently, AAREIT announced that the Urban Redevelopment Authority (URA) has approved in principle its application to re-zone the plot ratio at 20 Gul Way from the existing 1.4x to 2.0x. This allows the REIT to develop a further 497,000 sq ft of gross floor area (GFA) at the property. While no details have been announced on Phase Three of 20 Gul Way, we estimate the development costs of Phase Three at c.SGD90m, based on the costs in developing Phase One and Phase Two.

REITs Sector: Rising Risks But Slower Growth (OSK)


REITs Sector: Rising Risks But Slower Growth
(Neutral)

In 1Q13, the FSTREI performed slightly better than STI, with a YTD appreciation of +12% vs the latter +7.5%. During this period, the low interest rate and high liquidity environment have prompted investors to continue their chase for yield plays. In this report, apart from providing a recap and an outlook on the sector, we also examine the effects in the event if any/all the three main drivers of the S-REITs sector changes.

Stable results – grew through AEIs and acquisitions. The latest SREITs results posted market cap weighted average growth of +3.5% y-o-y and +1.4% q-o-q in DPU for the sector. Among the 23 REITs (excluding MAGIC) listed in Singapore, only four REITs reported a lower y-o-y DPU. Among the REITs that recorded a positive growth in earnings, 61.1% of them grew as a result of AEIs (16.7%) and new acquisitions (44.4%).This is inline with our earlier view that most REITs will focus on growing their earnings inorganically, on the back of a low interest rate and high liquidity environment.

ComfortDelgro: SLF Sell-Down Presents Opportunity (OSK)

ComfortDelgro: SLF Sell-Down Presents Opportunity
 (BUY, SGD1.93, TP: SGD2.25)
Singapore Labour Foundation (SLF), ComfortDelGro’s (CD) biggest shareholder is paring down its stake via a block trade of 170m shares worth c.SGD330m. SLF’s stake will fall c.8ppt to c.3.9%. CD’s share price fell 12% on Thursday, which we believe presents a good buying opportunity. We are not concerned by the sell-down as fundamentals remain strong. Maintain BUY and TP of SGD2.25.

12% sell-down presents a good opportunity to accumulate. CD’s share price fell 12% last Thursday following the paring down of SLF’s stake. We think this sell-down is unwarranted given that company fundamentals remain intact, and this presents a good entry point for investors looking to accumulate.

Midas : Green Shoots Of Recovery (MKE)


Midas Holdings
Buy (unchanged)
Share price: SGD0.465
Target price: SGD0.75 (unchanged)
Green Shoots Of Recovery

 First bond issuance by China Railway Corp. The newly formed China Railway Corporation (spun off from former Ministry of Railways) made its capital market debut with the sale of Rmb20bn bonds last Thursday. The proceeds from the bond sales will go towards rail construction, the purchase of rolling stocks and working capital. In our view, it is a necessary move to get China’s ambitious railway plans back in gear and could potentially result in more intensive investments in the second half of this year. We continue to like Midas as a major beneficiary of the investments in China railway sector. Maintain our BUY rating and target price of SGD0.75.

YTL Land : Catalysts in sight (DBSV)


YTL Land
BUY RM1.16
KLCI : 1,773.06
Price Target : 12-month RM1.60
Catalysts in sight

Results below expectation; contribution from Capers should pick up in future quarters
Potential catalysts: Approval for MRT2 line in July, launch of Fennel & Shorefront in 2HCY13
Maintain Buy & SOP-based TP of RM1.60

Highlights
Below expectation. 3QFY13 net profit came in at RM1.2m (-88% y-o-y, -72% q-o-q), bringing 9MFY13 earnings to RM7.4m or just 34% of our full-year forecast. The drag came from completion of Sandy Island water villas at Sentosa Cove (Singapore), lower other operating income, and higher effective tax rate (64 % vs 3QFY12: 31%, 2QFY13: 43% - due to non tax deductibility of certain expenses and losses incurred). We expect earnings to pick up in future quarters as construction of Capers@Sentul East should accelerate with post-completion of super-structure works recently (targeted completion by end-2014).

曾淵滄專欄28.05.13:城鎮化規劃停不了

昨日日本股市仍未止瀉,日經指數大跌3.2%,但中港股市已穩定下來,恒指上升0.3%,滬綜指上升0.2%,這進一步證明我於上周五及昨日文章中的看法:日本股市升得太高自我爆破,但對港股的影響不大也不會太久。

昨日復星國際(656)宣佈要私有化國際旅遊公司Club Med,這家公司管理好些度假村。我持有小量復星的股票,當年復星上市時聲勢浩大,被稱為上海和黃(013),原因是復星旗下有大量各種各樣的企業,各行各業都有,內企外企都有,其管理的企業數量及種類應該比和黃更多。因此,復星基本上有如一家基金公司,手上持有大量股票。可惜,復星手上持有股票的總市值,都無法反映在自己的股價上,股價與年報上的資產淨值有23%的折讓,折讓率遠超和黃的9%。

蛤蟆變青蛙王子 馬航或三連賺

(吉隆坡27日訊)繼上財年末季轉盈,馬航(MAS,3786,主要板貿易)本財年首季料穩守盈利,券商預計本月29日公布的業績料錄1060萬令吉核心淨利,並形容蛤蟆就快變身青蛙王子,籲投資者為其重新出發買進。

 馬銀行投銀分析師莫欣阿茲在報告中指出,即將公布的首季業績料從上財年同期虧損3億6680萬令吉大幅改善,稍錄盈利帶動成為連續第3個獲得盈利的季度。

 “由于首季為傳統淡季,若首季再轉盈,馬航業務轉型計劃將更具說服力;下半年盈利則可在新飛機納入使用后獲得提升,附加股5月全面完成后亦可減緩股項停滯問題。”

Monday, May 27, 2013

SPH plans to raise $540m in retail REIT IPO

WRITTEN BY BLOOMBERG  
MONDAY, 27 MAY 2013 20:22

Singapore Press Holdings, the newspaper publisher that owns the Paragon mall along the city’s shopping belt, said it plans to raise about $540 million from the initial share sale of a property trust.

The real estate investment trust is expected to list in early July, Chief Financial Officer Tony Mallek said in a briefing today. The REIT will buy Paragon and the Clementi Mall located in a western suburb for $3.07 billion, SPH said in a statement today. It will pay a one-time dividend of 18 cents a share, the company said.

The trust “allows SPH to crystallise the value in Paragon and the Clementi Mall, and release capital to fund the group’s growth and the special dividend,” it said in the statement, adding that it will hold about 70% of the retail REIT after it goes public.

Gloomy picture for HDD market


Gloomy picture for HDD market
Business & Markets 2013

Written by Zatil Husna of theedgemalaysia.com  
Monday, 27 May 2013 09:37

KUALA LUMPUR: The hard disk drive (HDD) industry is still reeling from the Japanese earthquake and Thai floods that occurred in 2011. It now has to contend with smart gadget manufacturers.

Research houses have painted a gloomy picture for the HDD market this year, as the sector has not fully recovered from the two natural disasters in 2011. In addition, it has to face stiff competition from smart gadget manufacturers, which are solid state drivers, due to strong demand for tablets and smart phones.

Power Root looking at new plant


Power Root looking at new plant
Business & Markets 2013

Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Monday, 27 May 2013 08:47

KUALA LUMPUR: Power Root Bhd, formerly known as NATURAL BIO RESOURCES BHD [], is considering setting up a manufacturing plant in the Middle East, particularly in the United Arab Emirates (UAE), said its group executive director See Thuan Po.

10大疑問‧剖析馬股樂與憂

10大疑問‧剖析馬股樂與憂
Created 05/27/2013 - 11:02
大馬史上最激烈的選舉已經過去,股市也給予結果最熱烈回應,反應之大超乎你我想像,其中外資大舉買進更是跌破眾人眼鏡,令各大證券行紛紛唱好股市前景。

但是,證券報告往往只是一言堂,卻未將投資者看法納入計算,因此眼看投資者看漲馬股,各大證券行紛紛走下基層,與投資者進行接觸,展開一場你問我答(Q&A)的深入訪談,瞭解投資者對馬股的“樂"與“憂"。

馬熔錫沒甚麼動靜


馬熔錫沒甚麼動靜
Created 05/27/2013 - 11:48
leo問:

馬熔錫機構(MSC,5916,主板工業產品組)股價沒甚麼動靜,請問前景好嗎?

答:首先,先看看馬熔錫機構的最新業績。

受惠於印尼子公司Koba錫合理化及成本縮減措施,該公司首季淨利走高至1千510萬令吉,上一季其核心虧損450萬令吉,去年同期只取得570萬令吉淨利。

CEO is hopeful that the company will remain profitable this year


The Star Online > Business
Monday May 27, 2013
MISC sails through buyout bid

CEO is hopeful that the company will remain profitable this year

By SHARIDAN M. ALI
sharidan@thestar.com.my

PETALING JAYA: It will be business as usual for MISC Bhd although major shareholder Petroliam Nasional Bhd (Petronas) has failed to take the oil and gas shipping company private after several attempts.

“It's business as usual and we will continue with our plans,” said president and chief executive officer Datuk Nasarudin Md Idris.

Perstima likely to move towards intermediate-term resistance

Perstima likely to move towards intermediate-term resistance
2013/05/27

Perstima was one of these with gains of 3.40 per cent. Its monthly price continued to trend above its intermediate-term uptrend.

Its weekly price trend staged a successful technical breakout of its intermediate-term overhead resistance (See Perstima's weekly price chart - B1:B2) and had since continued to stay above it.

Its daily price trend staged a technical breakout of the neckline (See Perstima's daily price trend - C1:C2) of its double-bottom pattern formation on Thursday.

It continued to stay above its intermediate-term resistance-turned-support neckline at the market close on Thursday.

JobStreet plans 75pc dividend policy

JobStreet plans 75pc dividend policy
By Cheryl Yvonne Achu
bt@mediaprima.com.my
2013/05/27

KUALA LUMPUR: JobStreet Corp Bhd, Southeast Asia’s largest online employment company, plans to distribute 75 per cent of its net profit annually beginning financial year ending December 31 2013.
Last year, owners of the jobseeker database paid out 35 per cent of its net earnings to shareholders.

For the first quarter ended March 31 2013, Job-Street’s net profit surged 48 per cent to RM15.35 million from RM10.36 million a year ago while revenue rose to RM43.17 million from RM37.86 million previously.

KNM bullish on prospects

KNM bullish on prospects
By Sharen Kaur
sharen@mediaprima.com.my
2013/05/27

PROFIT MARGIN: Borsig and Petersborough project to provide
stable recurring income streams
KNM Group Bhd is set for stronger prospects ahead, led by its investment in German-based Borsig AG and the United Kingdom’s Petersborough Green Energy Project, said its managing director Lee Swee Eng.

Borsig, a cash cow for KNM, is a leader in process heat exchangers in Europe.

KNM bought Borsig in 2008 for RM1.67 billion. UOB Bank Ltd values Borsig at between RM1.8 billion and RM1.9 billion currently.

避與高盛「對賭」 內銀只宜低撈

避與高盛「對賭」 內銀只宜低撈
2013年5月27日
【明報專訊】港股上周「屋漏偏逢連夜雨 」累跌2%,受多項利淡因素「夾擊」,不單令「五窮月」轉跌0.5%,亦見外資「Sell in May」(沽貨),連美資大行高盛亦決定「埋計計數」,悉售所持工行(1398)共15.8億股持股套86億元,考慮內銀股前景仍存不少挑戰,現價吸納或意味與高盛「對賭」,但基於內銀股估值較廉,策略上宜「高沽低」。

經濟放緩 勢衝擊內銀盈利

匯豐內地製造業PMI跌穿50榮枯線,兼且各經濟師紛紛調低中國今年經濟增長目標至約7.5%,內銀股作為「百業之母」首當其衝,加上監管當局對理財產品加強監管,行業未來會推進利率市場化,勢衝擊內銀股盈利能力。

中海油無配股計劃

中海油無配股計劃
http://paper.wenweipo.com   [2013-05-25]

香港文匯報訊(記者 卓建安)中海油(0883)首席財務官兼聯席公司秘書鐘華表示,該公司剛於本月2日完成金額達40億美元債券的發行,目前公司負債水平屬於健康水平,沒有發行新股集資的計劃。
研究尼克森長期計劃

 之前中海油斥資151億美元收購加拿大能源企業Nexen(尼克森),令其融資壓力增加。中海油執行董事兼首席執行官李凡榮昨日出席該公司股東大會後表示,中海油於今年2月底完成收購尼克森,目前交接工作進展順利,現正研究尼克森長期的發展計劃以及如何與中海油的業務互相配合,充分發揮各自的優勢。

AirAsia 1Q13: Mixed Results; AirAsia Japan Drags Earnings (UOBKH)

AirAsia
Share Price RM3.24
Target Price RM3.05
1Q13: Mixed Results; AirAsia Japan Drags Earnings

We are encouraged by AirAsia's ability to grow revenue in an extremely competitive environment. But forex volatility and its impact on earnings will limit upside. We raise our fair value P/B multiple to 1.4x (from 1.3x) and raise our target price to RM3.05. Still, there is a 6% downside to our fair value. Downgrade to SELL.

Results
• Encouraged by lack of yield erosion but operating profit flat on higher fuel costs. Core airline operations rose 10% on the back of a 7.2% yoy rise in pax carriage and 2.2% yoy in net fares. Average base fare fell 5.9% yoy but AirAsia managed to recoup that via a 30% yoy rise in ancillary income per pax, due primarily to surcharges. Operating profit grew by a smaller 2.3% yoy due to higher fuel costs and depreciation costs.

Malaysian Airlines System: This Toad is Turning Into a Prince (MKE)


Malaysian Airlines System
Buy (unchanged)
Share price: MYR0.400
Target price: MYR0.460 (unchanged)
This Toad is Turning Into a Prince

 Inside the profit zone. 1Q13 results, to be released on 29 May, is expected to be marginally profitable, a big reversal from MYR366.8m losses in 1Q12. This will be MAS’ third successive profitable quarter, which adds credibility to MAS’ business turnaround story as 1Q is MAS’ seasonally weakest quarter. 2H13 profits will pick up, given the seasonally stronger period and the benefit of new aircraft induction into the fleet. MAS’ rights issue is done in mid-May and this removed the share overhang. Maintain BUY, with an unchanged target price of MYR0.46/share, pegged to 8.2x 2013 adjusted EV/EBITDAR – in line with Asia Pacific peer airlines.

Oil and gas stocks to catch up (DBSV)


Singapore Strategy
B) Oil and gas stocks to catch up

Oil and gas stocks have lagged the STI since April, triggered by the dip in oil prices, disappointing 1Q results and Keppel Corp completing the exercise of distributing KREIT shares to shareholders. Selected oil and gas picks performed well – our top picks Ezion and Kreuz outperformed the STI by 26% and 56% respectively over the past 3 months, backed by strong contract wins and sterling results.

Recent weakness in oil prices has been partly triggered by weak GDP growth in China and the US and partly seasonal due to refinery shutdowns in Asia. Oil prices may rebound as we enter the US driving season in 3Q13, while growth in 2014 will be driven by a moderate recovery in global economic growth.

The hunt for value – value unlocking (DBSV)

Strategy
A) The hunt for value – value unlocking

With earnings growth at a tepid 2% in 2013 and the Singapore market PE re-rating to a rolling 12-mth forward 14.7x (+0.5SD) PE, there leaves little room for upside on earnings potential. We turn our focus to asset plays; the Singapore market is undervalued at 1.5x P/BV, vs 2.3x for South-East Asian.

Singapore property stocks are trading at a 27% discount to RNAV, which is between the -1 and average SD to historical mean. With limited downside risk in capital values in the near term and moderated headwinds from policy risk concerns, this should underpin interest in the sector.

Singapore Strategy : Pitching on value (DBSV)


Singapore Strategy
Pitching on value

• Further re-rating tough with tepid GDP and earnings growth
• P/BV valuation not excessive, look for value buys and value unlocking potential
• Hunt for stocks with potential upside in dividend yields
• Laggard oil and gas sector offers highest returns

Value hunting trail. With STI’s earnings growth at a tepid 2% in 2013 and the Singapore market PE re-rating to a 12-mth forward 14.7x (+0.5SD) PE, there leaves little room for upside on earnings potential. We turn our focus to asset plays. At 1.5x P/BV, valuation for the Singapore market is not excessive, and lower than 2.3x for South-East Asia peers.

Religare Health Trust : Ramping up at Gurgaon (CIMB)


Religare Health Trust
Current S$0.99
Target S$1.07
Ramping up at Gurgaon

 Key positives include healthy occupancy and average revenue per bed, faster ramp-up at Gurgaon Hospital and capacity expansion plans. We expect growth from base fee step-ups, variable fee upside alongside higher underlying assets’ ARPOB and occupancy and acquisitions.

4QFY13 DPU broadly met street and our expectations, forming 24% of our FY13 forecast. We finetune DPUs incorporating 4Q, introduce FY16 numbers and raise our DDM-based target price on a lower discount rate of 11.7% (prev. 12.1%), in line with falling Indian bond yields. Maintain Outperform with catalysts from earnings delivery and acquisitions.

IOI Corporation :Boosted by Downstream & Property (MKE)

IOI Corporation
Hold (unchanged)
Share price: MYR5.35
Target price: MYR5.60 (previously MYR5.50)
Boosted by Downstream & Property

Still a HOLD. IOI Corp's 3QFY6/13 core net profit of MYR443m (+17% YoY, -4% QoQ) met 29% and 27% of our and consensus full year forecasts – above expectations. Earnings were boosted by stronger contributions from the resource-based and property development businesses while upstream plantations were within expectations. We raised our FY13 earnings forecasts by 12% on higher property and resource-based contributions. Maintain HOLD with an adjusted TP of MYR5.60 (previously MYR5.50) on unchanged 19x 2014 PER target.

Keppel-REIT: Good level to take profits (Nomura)


Keppel-REIT
Target price Increased from 1.29 SGD 1.34
Closing price May 20, 2013 SGD 1.60
Good level to take profits

Action: Neutral to REDUCE; good level to take profits
KEP announced on 21 May that it is placing out 180mn units in KREIT at SGD1.555/unit, which will further reduce its direct stake in KREIT to c.5.2% from c.29% at the start of 2013 (following the earlier placement and distribution in specie). KREIT’s free float, on the other hand, will increase to c.48% from just c.24% at the start of 2013.

ComfortDelgro: Change in SLF shareholding does not change fundamentals (DBSV)

ComfortDelgro:
Change in SLF shareholding does not change fundamentals
BUY; S$2.18;
Price Target : 12 months S$ 2.19

•SLF paring 8% stake does not change fundamentals
•Reasons not disclosed, we have made our own deductions
•Remaining top 10 shareholders are international funds
•No change in fundamentals; weakness is an opportunity to accumulate; Retain BUY, TP: S$2.19

SLF pares 170m shares at S$1.94/share (8% of stake). According to media reports, Singapore Labour Foundation (SLF) has sold a stake in ComfortDelGro to raise S$329.8m at S$1.94/share. The total number of shares sold of about 170m, equates to 8% of CD shares. SLF held an 11.93% stake in CD prior to the sale, and we estimate its residual stake will decline to c.3.93%. We expect an SGX filing from SLF on this.

First Resources : Elixir of youth (CIMB)

First Resources
Current S$1.90
Target S$2.22
Elixir of youth


 First Resources'1Q13 results cement our conviction of its superior operating efficiency over peers. Its young estates offer strong FFB prospects, partially mitigating lower CPO prices. Low production costs render it one of the most profitable planters under our coverage.

We initiate coverage with an Outperform and S$2.22 target price, based on 12.3x CY14 P/E (1SD above its 4-year mean). Re-rating catalysts are expected from higher FFB production and potential dividend uplifts when free cash flows strengthen from 2014.

Tiger Airways - Roaring success in FY14? (OCBC)


Tiger Airways -
Roaring success in FY14?

Tiger Airways (TGR) reported a decent set of 4Q13 results to close out the year with a second consecutive quarter of core operating profit. This helped overturn 1H13 losses and TGR recorded a FY13 overall core operating profit of S$7.3m (FY12: -S$83.4m) and its net loss narrow to S$45.4m from S$104.3m a year ago. In the coming quarters, we expect TGR SG to continue exhibiting strong growth prospects and carry the group forward. Passenger demand has remained healthy for the group and the planned capacity increases for FY14 will allow it to capitalise. Despite the risk of a drag from its associates, we remain hopeful for a positive core net profit performance for FY14. Maintain BUY rating on TGR with an unchanged fair value estimate of S$0.79.

Weekend Comment May 23: QE doubt overrides brighter Singapore outlook

SINGAPORE’S ECONOMY FARED better than expected in 1Q2013 and is likely to improve for the rest of the year.

According to government data released an hour before the stock market opened for trading on May 23, the economy grew 0.2% y-o-y and 1.8% q-o-q in the three months to March, beating an official forecast in April for a contraction.

Strength in the construction and most services sectors offset weakness in the manufacturing industry, which shrank 6.8% y-o-y and 12.3% q-o-q.

The government is sticking to its full-year GDP forecast of 1% to 3% growth, noting that Singapore’s externally-oriented sectors are expected to pick up as the global economy gradually improves, while domestic sectors such as construction and finance continue to make headway.

曾淵滄專欄27.05.13:小型股災如何引發

5月23日亞洲出現小股災,大部份人皆認為導火線是美國聯儲局主席伯南克的討論退市言論,而我卻認為,真正原因為日本股市升得太多,自我爆煲所致。5月23日晚上,美股已經相對穩定,但5月24日日股的波動依然非常大,上下波幅超過1,000點,這進一步證明是日股自身的問題。

在如此短的時間,股市升得如此之高,人人都在等待套利那一天,有大戶帶頭大手套利拋售,其餘的人就會跟進,小股災就發生了。

我們也不必太過擔心,日本股市急跌的確會影響港股,但是力道有限,正如過去半年,日本股市狂升,卻並沒有帶動港股跟隨上升一樣。

放眼5年内 嘉隆发展扩大种植医药规模

放眼5年内 嘉隆发展扩大种植医药规模
Created 05/26/2013 - 11:08
(吉隆坡25日讯)嘉隆发展(TDM,2054,主板种植股)放眼在2018年,把旗下种植业务和医院业务的规模分别增加1倍和2倍。

公司计划扩大现有的原棕油种植地规模,从4万518公顷扩大至7万公顷。

嘉隆发展总执行长巴鲁西山马哈利表示,由于登加楼的土地已种满油棕树,因此,印尼加里曼丹将成为业务增长的动力。

他透露,公司放眼每年在加里曼丹增加5000公顷的油棕种植地,未来将是公司主要收入来源。

日本REIT陷入不利境地

日本央行(Bank of Japan)实施的大规模货幣宽鬆措施给资產价格带来的影响各不相同,房地產信託投资基金(REIT)类股受此影响大幅上涨,但標的房地產价格几乎没有变化。

投资者可能会为这种现象感到担忧。

2013年前4个月,东京证券交易所REIT指数累计涨43.5%,涨幅高於大盘指数的35.5%。

日本央行也加入了购买此类上市房產投资產品的行列,但REIT却显得非常容易受到衝击。

值得注意的是,由於市场预计日本央行的货幣政策会引发通胀,日本国债收益率可能上升。

国债收益率上升可能会令投资回报稳定的REIT丧失一些吸引力。

事实也確实是这样,本月早些时候,隨著10年期日本国债收益率从0.6%升至0.87%,REIT指数在一周內下跌了12.8%。

Sunday, May 26, 2013

PhillipCapital Weekly Market Watch 23.05.2013 - GOLD



美國可能縮小QE規模, 中國PMI陷入緊縮, 全球股市今天遭血洗?



全球QE特快車駛入"絕命終結站"?



Avoiding Burns in A Liquid Market



Instacom - Towering Above The Rest



曾渊沧@股友通讯录 2013 年05 月份


各位朋友
今年2 月至4 月中,新加坡股市经过一段长达两个多月的不起不落,无方向期,至4 月下旬才出现突破,快速上升,现在已经算是创5 年新高,准备挑战2007 年的历史高位。

美国股市早在今年第一季就创历史新高,现在更是不断地创新高,新加坡则在相当程度受到中国股市的影响,至4 月下旬才摆脱中国的影响。

中国股市本身也在5 月初有见底回升的迹象,4 月29 日,中国人民日报非常罕有的在同一日发表两篇文章谈论股市。人民日报是中共的党报,一向只谈政治,很少谈股市,因此4 月29 日的那两篇文章是值得重视。两篇文章有一个共同的看法,那就是向读者暗示,中国股市该见底回升了。过去中国股市的下跌是西方大行不怀好意的唱空导致的,如果你相信人民日报这两篇文章的评论,你应该对中国股市、新加坡股市更有信心。

Crest Builder Holdings - 1Q13 results within expectations

Crest Builder Holdings -
Price Target:1.73
Last Price:1.21
1Q13 results within expectations

Period     1QFY13/3MFY13

Actual vs. Expectations   CRESBLD’s 1QFY13 core net profit of RM6.5m came in within our expectations, making up 29% of our full year estimate of RM22.1m.

Dividends    No dividends were declared as expected.

Key Results Highlights    QoQ,  core earnings dipped by 13% from RM7.5m to RM6.5m despite a 9% growth in the operating profit of RM15.8m as the group registered a higher effective tax rate of 30.6%, an increase of 23.7ppt mainly due to nondeductable expenses.

Hua Yang Berhad - Higher than expected dividends

Hua Yang Berhad -
Price Target:3.52
Last Price:2.72
Higher than expected dividends

Period     4Q/FY13

Actual vs. Expectations    FY13 net profit of RM70.5m was within expectations, making up 99.2% and 97.8% of street and our FY13E earnings, respectively.

Dividends    Proposed a final single tier dividend of 8.25sen, ending the financial year with total dividend of 13.25sen (4.5% yield) or above our earlier forecast of 10.9sen by 21.6%.

Johore Tin - Demand for Dairy Products Weaken

Johore Tin -
Price Target:2.19
Last Price:1.97
Demand for Dairy Products Weaken

Tin (JOHO)’s 1QFY13 earnings missed our estimate as sales were marginally lower (-5% y-o-y) although net profit surged 55.6% on better operating efficiency. As the recent uptick in raw material prices has sapped distributors’ demand for dairy products, we are cautious on the F&B division’s outlook. Downgrade to NEUTRAL, with a revised FV of MYR2.19 (from RM2.60), as we cut our estimates to reflect the potentially weaker revenue from the dairies segment due to rising milk cost.

Below expectation. Revenue came in 5% lower y-o-y, down from MYR54.5m to MYR51.8m due to lower sales from the F&B segment. The 3.8% y-o-y turnover growth from tin manufacturing was offset by the negative 10.4% sales growth from F&B segment due to lower demand arising from instability in the dairy market.

Star Publications : No Lucky Number Seven (MKE)

Star Publications (M)
Hold (unchanged)
Share price: MYR2.61
Target price: MYR2.65 (unchanged)
No Lucky Number Seven

 No reprieve; maintain HOLD. Star’s 1Q13 results were below expectations yet again, as earnings contracted YoY for the seventh quarter in a row. We had expected a temporary boost to 1Q13 profit due to the pre-13th general election (13GE) ad spend, but this was not to be. Star expects its print adex to recover post-13GE but we are unsure if it will grow meaningfully YoY. Our earnings estimates are unchanged for now; so are our HOLD call and MYR2.65 TP.

JCY International - 2QFY13 results below expectations

JCY International -
Price Target:0.54
Last Price:0.61
2QFY13 results below expectations

Period     2QFY13/6MFY13

Actual vs.  Expectations   The group reported a 2QFY13 net loss of - RM20.8m, widening its 1HFY13 net losses to RM46.5m. The main culprits that deviated expectations were the lower revenue and higher cost of sales. As a result, its earnings came in below ours and the consensus full year estimates.

Dividends    No dividend was declared in the quarter review.

胡立阳:稳赚不赔的另类T+0?



Tiger Airways : Positioned for better days (DBSV)


Tiger Airways
BUY S$0.665 STI : 3,449.30
Price Target : 12-Month S$ 0.79 (Prev S$ 0.95)
Positioned for better days

• Operating profit of S$12.7m above estimates but associate losses dragged net earnings
• Upcoming divestment of stake in Tiger Australia stake and recent round of fund raising bolsters balance sheet to support growth trajectory
• Tiger Singapore/ Mandala should benefit from expansion of Singapore-Indonesia bilaterals
• Maintain BUY with revised TP of S$0.79

Notion VTec : Entering new waters (DBSV)

Notion VTec
BUY RM0.73 KLCI : 1,769.16
(Upgrade from Hold)
Price Target : 12-Month RM 0.90 (Prev RM 0.80)
Entering new waters

Stronger earnings in coming quarters from component orders and camera sector
New ventures a positive spin
Upgrade to BUY with higher RM0.90 TP

Stronger earnings in coming quarters. We expect evolution of storage capacities and a stable enterprise & data centre market requiring multi-platter drives to lift HDD component orders (e.g. antidiscs) going forward. This should help offset unencouraging PC sales and lukewarm reception to Windows 8. Moreover, interchangeable lense demand is poised to improve on the back of new product line-ups as well as expanding interest for DSLRs.

DBS-Danamon deal drags on as lawmakers push for foreign ownership limits


IOI Properties Making a Comeback



Fed減少印鈔?美元將飆出大行情?



索羅斯狙擊黃金!? 傳狂拋1500萬美元ETF



PhillipCapital Weekly Market Watch 17.05.2013 -Why China,why now?



Shipping Industry Victim of Overcapacity: Meade



Tan Teng Boo, talks on Malaysia’s disappointing Q1 GDP numbers.


Dry bulk tonnage oversupply could be coming to an end in the next couple of years


Dry bulk tonnage oversupply could be coming to an end in the next couple of years
Friday, 24 May 2013

The dry bulk market was once again down on Thursday's session, as the Baltic Dry Index (BDI) closed marginally lower to 828 points, or 0,12% lower on the day. The main reason was the dip of the Baltic Panamax Index, which was down by 17  points or 1.93 percent to 863 points. As a result, average daily earnings of Panamaxes were down to $6,878. By contrast, the Capesize Index was up by 0.45 percent to 1,339 points. Average Capesize daily earnings stood at $5,212 as of yesterday.
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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