Saturday, June 8, 2013

營運開銷不斷漲‧馬航翻身太難

營運開銷不斷漲‧馬航翻身太難
Created 06/08/2013 - 11:45
(吉隆坡7日訊)區域同行都犧性機票回酬以爭取更多乘客,加上營運開銷不斷高漲,令馬航(MAS,3786,主板貿服組)翻身太難,分析員下調其評級,預期該公司要在2015年才有望看到曙光。

MIDF研究指出,本區域全方位服務航空公司都採取犧牲回酬率的策略以獲取更高的承載率,在國際競爭激化的壓力下,馬航截至3月杪的首季回酬率下跌4.7%至24.2仙,儘管其載客率增加3.6%至76.6%。

同樣的,新航(SIA)由於展開強力促銷,最近公佈的季度業續也顯示其回酬率萎縮4.3%。

Singapore REITs: Office property REITs offer best upside amid rush for yield, says UOB Kay Hian’s Khi

Singapore REITs: Office property REITs offer best upside amid rush for yield, says UOB Kay Hian’s Khi
WRITTEN BY GOOLA WARDEN  
MONDAY, 27 MAY 2013 12:45

Real estate investment trusts (REITs) have performed strongly in the past couple of years, lifted by an insatiable demand for yield in the market. In fact, forward yields for Singaporelisted REITs have compressed to 5.2% to 5.4%, down from 5.8% to 6% just two months ago. They now trade at 1.24 times book value. At the last peak, in mid-2007, the yields of leading Singapore-listed REITs fell to as low as 3.8%, and they were valued at as much as 1.64 times book value.

Thai Beverage: Still more upside to ThaiBev after F&N acquisition, says Stanchart’s Tiruchelvam

Thai Beverage: Still more upside to ThaiBev after F&N acquisition, says Stanchart’s Tiruchelvam
WRITTEN BY KANG WAN CHERN  
MONDAY, 03 JUNE 2013 13:05

At 65 cents apiece, shares of beer and beverage maker Thai Beverage have shot up 65% since the start of the year, buoyed by a strengthening Thai economy that has lifted the value of consumer stocks in that market.

However, analysts believe there is even more upside for ThaiBev. One of them is Standard Chartered’s Nirgunan Tiruchelvam. “Thai consumer- stock valuations have run up in the past year, owing to factors such as a rise in the Thai minimum wage and a corresponding increase in disposable incomes among Thai consumers,” says Tiruchelvam. “But despite rising more than 70% in the past 12 months, ThaiBev is still cheaper than the regional beverage sector average.”

Singapore Press Holdings: REIT plan heralds boost for property division

Singapore Press Holdings: REIT plan heralds boost for property division
WRITTEN BY GOOLA WARDEN
MONDAY, 18 MARCH 2013 12:11

Shares in Singapore Press Holdings have sprung to life after the company said on March 10 that it was exploring the creation of a real estate investment trust (REIT) to be listed on the Singapore Exchange. The move, some market watchers say, isn’t just a statement of its intention to monetise its property assets, but to expand its property division and perhaps become a more aggressive developer. That could buoy shares in SPH in the months ahead, even after the fillip they have enjoyed in the past week.

“I see it as a very interesting long-term rerating story: that a Singapore blue chip is turning its cash-cow dynamics on its head, and using its capital-rich resources to compete as a major retail mall player, akin to CapitaMalls Asia,” says Eli Lee, an analyst at OCBC Investment Research.

曾淵滄教路 21.05.13 : 引民資外資齊入市 A股前景不應悲觀

引民資外資齊入市 A股前景不應悲觀
美股繼續創新高,中國A股則繼續不振,當然也壓抑着港股回升之勢,中國證監放寬外資進入A股市場,批出2,000億人民幣的RQFII額度。但是,與此同時,中國人民銀行又正回購,又發票據,向市場抽走資金,兩項政策互相矛盾。到底,中國新任政府最高層的總體思路如何?

既引外資又抽資

五月十三日,國務院總理李克強在國務院會議上發表的談話內容,可作參考。

大英Blog物館 28.05.13 : 品牌價值 猶如「現金製造機」

品牌價值 猶如「現金製造機」
早前曾應報章之邀,推介數本財經書籍,其一是會計入門書:《壽司幹嘛轉來轉去?!你一定用得到的財務知識》(作者:林總)。怕睇字也唔拘,因為是漫畫。故事背景,是女主角由紀,原於父親經營的服飾公司Hanna任設計師。豈料父親突然逝世,遺囑竟將社長一職,傳給由紀。翌日債主臨門:銀行派員來訪,原來公司業績已下滑多時,故嚴限一年內扭轉形勢,否則便收水,還迫令個人擔保,衰咗屋都收埋,真係瞓街。危急之際,由紀經母親介紹,結識會計達人安曇,求得每月一堂速成班,將累積的經營危機,一一拆彈。

書中除一般會計知識外,其關於品牌價值的論述,對投資者也有助益。話說由紀的公司已漸回正軌,可是對於清減存貨,仍有極大阻力。將賣剩蔗推到特賣場,只值雞碎咁多,而且有些男裝還賣不去。訴苦未完,會計達人便一句質埋嚟:「由紀小姐,妳想讓公司成為特賣品製造商?還是成為香奈兒?」Chanel或其他公認的國際名牌,產品叫價高昂,兼且加價多減價少,銷路卻毫不遜色;如果減價,破壞形象,銷量反跌,才更大鑊。

Eye on stock -Prestariang

The Star Online > Business
Saturday June 8, 2013

Eye on stock

Prestariang is the country's largest provider of information communications technology (ICT) training, certification and software licence management and distribution.

The group is also involved in providing professional ICT training and certification, offering more than 50 certification courses.

Over the week, the Employees Provident Fund emerged as a substantial shareholder of Prestariang Bhd with a 5.21% stake or 11.41 million shares.

轉揸Yen吸日股 索羅斯雙贏

轉揸Yen吸日股 索羅斯雙贏
「不敗之神」索羅斯再下一城。市傳索羅斯本周初日本債市漸現穩定訊號時,已開始在外匯市場由「沽日圓」轉為「揸日圓」;同時更在近期日股下挫之際,大量吸納大型藍籌股及中型增長股,可謂「賺到盡」。

大手買藍籌中型股
國際大炒家索羅斯在外匯市場的買賣一向極為精準,繼早於五月日股大跌前,已盡沽手上日股套利後;近日市場消息透露,其旗下管理資產達240億美元的索羅斯基金,在日本債市近日回穩,而日本股市卻由高位累跌約20%之際,出手掃入大量日股。

據《華爾街日報》引述消息透露,索羅斯基金在日股大跌後,認為日股再重現吸引力,故再次大手買入,買入目標包括大型藍籌股及中型增長股。

PhillipCapital Weekly Market Watch 04.06.2013 -Wilmar



PhillipCapital Weekly Market Watch 27.05.2013 -Offshore & Marine



Investors reassessing asset allocations


More REIT IPOs coming to market


實戰理論:領匯見30元才合理 - 沈振盈

領匯(823)股價大跌,市場有不同的意見及分析,當然,各有各的立場及見地,但對於普羅小投資者來說,一定要有深入了解,不要被誤導。事實上,不要以為買領匯是安全,冇風險,價位只升不跌,又或不會跌得多。要知道,所有投資工具都是升跌有序,能夠不停地升,也一定有機會不停地跌,這就是近代投資市場的定律。

領匯截至3月底全年可分派收入增長14.6%,總收益升9.7%,每單位資產淨值35.68元。基於樓市見頂,資產淨值有減冇加的情況下,領匯的合理價應在35元以下,這是從NAV角度去計算。至於從租金回報角度,首先,增長已放緩,現價雖有約3.7厘的回報率。但在未來息口趨升的情況下,再加上合理的風險溢價,理論上回報息率起碼要逾五厘才合理。因為買債可以算得上是零風險,但買房地產基金是相對地有風險。

人保禁售期滿即大跌

【本報訊】去年底在17名基礎投資者「擁護」下成功上市的人保(1339),其6個月禁售期正式於前日屆滿,昨日隨即面對龐大沽壓,人保昨日急瀉5.7%至上市以來新低,成交額較平日多十幾倍。有機構性經紀表示,昨日人保已見多宗大手成交,由於除AIG外,人保其他基礎投資者都只持股0.5%至3.5%左右,故相信昨日或已有投資者在市場「掟貨」。

人保昨日收報3.61元,為去年12月上市以來最低水平。人保全日成交較平日激增十多倍,至13.75億元,為5個月來新高。

有經紀表示,昨開市不久即見至少兩宗人保大手成交,分別達5,630萬股5,000萬股,成交價為3.65元,這批股份已佔人保H股比重約1.2%。該經紀指除了與人保合作在內地搞保險的AIG為真正的策略性投資外,人保其餘基礎投資者都只持有0.5%至3.5%股份,先沽貨獲利不足為奇,毋須配售,直接在市場「掟貨」即可。人保上市時定價為3.48元,故投資者昨日減持仍有小量水位。

Friday, June 7, 2013

東益電子盈利可寫新高

東益電子盈利可寫新高
Created 06/07/2013 - 18:25
(吉隆坡7日訊)東益電子(GTRONIC,7022,主板科技組)生產的新產品獲強勁需求,分析員預期該公司今年盈利將寫新高。

黃氏唯高達研究表示,東益電子目前的新產品近距離傳感器,以及即將生產的光學接口感應器,料推高該公司未來兩年盈利。

“近距離傳感器預料為2013/14財政年約6千萬/7千200萬令吉的稅前盈利作出20%貢獻。”

該行預期東益電子在2013財政年料可取得5千100萬令吉淨利,明年則為6千200萬令吉。

檳高架路橋坍塌‧恆大置地不受影響

檳高架路橋坍塌‧恆大置地不受影響
Created 06/07/2013 - 17:35
(吉隆坡7日訊)■新聞

銜接檳城第二大橋的檳島峇都茅施工中的高架路工程,於週三傍晚7時發生坍塌意外,有關當局仍未公佈確實的傷亡數據。

■分析

興業研究認為,檳城第二大橋意外事件並未對檳城威省與恆大置地(TAMBUN,5191,主板產業組)的基本面與前景造成影響,並視投資者對意外事件所作出的反射性拋售為購買機會。

無損檳威成長前景

興業研究表示,檳城第二大橋原本擬訂在今年9月開始使用,意外發生後,雖然已大致完工的跨海橋身並未受影響,但相信該橋將會接受完整的技術調查與稽查工作以確保整個大橋的安全,因此,該橋的開放日期料將展延數週甚至數月。

半導體展望不一

半導體展望不一
Created 06/07/2013 - 17:30
(吉隆坡7日訊)4月份全球半導體銷售跌入負成長區域,市場有不同解讀,部份分析員更審慎看待領域前景,但也有分析員認為這只是短暫現象,看好該領域仍處長期復甦的初期。

SEMI最新訂單出貨
仍高於榮枯水平

半導體協會(SIA)公佈,4月全球半導體銷售額(3個月移動平均值)年減1.8%至236.2億美元,是7個月以來首度萎縮和跌入負面區域。

分區而言,與去年同期相比,日圓走貶導致日本4月半導體銷售額劇減19.4%,美洲地區同樣表現不佳挫跌4.4%;僅亞太地區和歐洲出現成長,分別上揚3%、0.4%。

領匯遭削目標價 基金換馬


【本報訊】領匯(823)可分派收入增長創近4年新低,股息率亦不及其他房託,有持貨基金經理坦言日前有份「出貨」,並指領匯是靠股價升值多過收息,料可分派收入會進一步受壓,因此將部份資金換馬至其他高息股。領匯昨跌2.02%至38.8元,創5個月新低。

美銀最狠 目標價降13%
領匯日前首次披露,除了以翻新再翻新為資產增值外,更會考慮出售物業來保持增長,不過市場並不受落,股價隨大市連續兩日大跌,多間大行昨下調領匯目標價,其中美銀最狠,大削其目標價13.33%至39元,評級維持「中性」。美銀認為美國十年債息率已升至2.5厘,加上市場對中長期的利息仍持上升態度,對息率不足4厘的領匯股價會有影響。高盛預計領匯旗下零售增長及零售租金增長在下半年放緩,雖然租金收入能維持穩定,但投資者反而着重加息的周期,評級維持「中性」,目標價37.6元。

Frasers Commercial Trust: Development opportunity resurfaced (OCBC)

Frasers Commercial Trust:
Fair value S$1.60
add: 12m dividend forecast S$0.071
versus: Current price S$1.48

Development opportunity resurfaced
• DPU poised for further growth
• Evaluating options from URA grant
• Valuations remain attractive

Frasers Commercial Trust (FCOT) announced that it has successfully exercised its right of redemption in respect of 2.2m Series A Convertible Perpetual Preferred Units (CPPUs). This, together with the redemption of 157.1m CPPUs in Apr, is likely to provide FCOT with further DPU uplift going forward.

看好油气业前景 依华建台冀2年进账4亿

看好油气业前景 依华建台冀2年进账4亿
Created 06/06/2013 - 21:18
(吉隆坡6日讯)依华建台(Sendai,5205,主板建筑股)乐观认为,油气和石化业务未来两年会带来6亿令吉的营业额。

依华建台执行主席兼董事经理丹斯里AK纳登说,由依华建台工艺(Eversendai Technics)私人有限公司负责的业务,预计会在第3季带来净利。

他在马新社的访问中指出,油气和平台建筑工程业务,预计会在未来两年带来3至4亿令吉进账。

分析员: 实质数额不多 柔州征高产业税冲击微

分析员: 实质数额不多 柔州征高产业税冲击微
Created 06/07/2013 - 09:48
(吉隆坡6日讯)柔佛州政府日前表示有意对外国买家征收更高产业税,分析员指虽难以量化评估,但相信对发展商整体冲击有限。

根据柔佛州务大臣拿督斯里卡立诺丁日前表示,目前共有13万名外国人在柔州置业。

柔州各地方政府今年内将全面检讨和调整产业税额。

原棕油价格低迷 种植股业绩看淡股价趋跌

原棕油价格低迷 种植股业绩看淡股价趋跌
Created 06/07/2013 - 10:20
(吉隆坡6日讯)受累于较低的原棕油平均销售价,券商预见本地种植企业今年第二季财报依旧不振,种植股今日更是深陷跌势泥沼。

观察今日下跌股排行榜,联合种植(UtdPlt,2089,主板种植股)成为最大下跌股,显示市场不看好种植公司的未来收益能力。

大华继显今日在报告中指出,下半年将进入高产季节,原棕油价格将逐步缓升,但种植公司仍受限于较低的原棕油平均销售价,截至6月的第二季业绩表现料表现疲弱。

DBS CIO Lim Say Boon: Spring Swoon Comes Late



King Wan Corporation : KTIS Listing Looks On Track, Unlocking Value In Two Associates (UOBKH)

King Wan Corporation
Price/Target S$0.33/ S$--
KTIS Listing Looks On Track, Unlocking Value In Two Associates

Valuations
• Based on the current price of 33.0 S cents per share, the stock is trading at 16.6x FY13 PE.
• Share price catalysts include special dividend post the listing of its two Thai associates, new JVs, backed by a strong balance sheet.

Investment Highlights
• We first highlighted the company when it was trading at 17.7 S cents and it has since returned 86.4%. Strong share price performance was driven by the company’s divestment of its entire stake in Environment Pulp and Paper Company Limited (EPPCO) and Ekarat Pattana Company Limited (EPC) for approximately S$50.2m to Kaset Thai Industry Sugar Company Limited (KTIS).

Midas Holdings : On the road to recovery (CIMB)

Midas
Current S$0.50
Target S$0.70
On the road to recovery

 Midas’s JV company, NPRT has landed another metro contract valued at Rmb1.1bn, which brings total contracts won YTD to c.Rmb2.5bn. The latest and largest of the four contracts clinched this year was awarded by Nanjing Metro Group Co. Ltd.

With the recovery of the Chinese railway sector underway, we are positive that order wins by Midas and its associates will gain momentum and NPRT’s earnings will turnaround in FY13. Our earnings estimates are unchanged, as is our S$0.70 target price that is still based on 1.29x CY13 P/BV(20% discount to 2010-11 avg. P/BV of 1.62x). We maintain our Outperform rating, which is premised on Midas’s ability to tap into the recovery of China’s railway sector.

曾淵滄專欄 07.06.13:高價奪地禍福難料

中國海外(688)一口氣奪下香港首兩幅「港人港地」的土地,標價為市場預期上限,有測量師認為,將來這兩幅土地,建好出售,呎價必破萬元,不是上車客有能力買得起。

實際上,土地價格與將來房屋建好時的售價,沒有很強的關係,售價絕對不是簡單的土地成本價加建築費再加上合理回報這麼簡單。在現實情況下,從買下土地到推出市場賣樓需要大約三年時間,三年後的樓價絕不是地產商有能力控制的。屆時如果整體樓市下跌,個別地產商只能順從市場,或者收起來不賣,或者跟隨市場以低價虧本出售。

大行踩息率低 領匯連插兩日

領匯股價走勢
領匯(00823)日前公布業績後,股價連插兩日,昨日再挫2.02%至38.8元,續創約五個月新低。多家投資銀行認為,美國債券孳息率趨升,令領匯派息率變得不吸引,紛紛調低其投資評級及目標價。

Thursday, June 6, 2013

AA REIT and CWT to upgrade 20 Gul Way for $77.2mil

AIMS AMP Capital Industrial REIT (AA REIT) and CWT Limited have agreed to add another 496,944 sqft of development at 20 Gul Way via a Phase 2 Extension (2E) and Phase Three.

The total development cost is estimated to be $77.2 million which will be funded from the $110 million raised by AA REIT in a private placement in April.

Upon satisfaction of certain conditions estimated to be completed by August or September, AA REIT and CWT Limited will enter into a design and construction contract and agreement for lease. Construction will start thereafter and is expected to take 17 months.

內銀就緒 利率市場化加速

內銀就緒 利率市場化加速

短短半年五家內銀已經完成易帥,意味內地財金官員、內銀及政策性銀行管理層換位大致完成,分析指出,人民銀行於二○一二年推進利率市場化至今近一年,內銀表現克制,內地或會於短期內再擴大利率市場化,更可能乘勢推出存款保險制度,一口氣加快完善內地的銀行體系,與國際金融體系更接軌。

在十八大後,工行(01398)、中行(03988)、交行(03328)、信行(00998)及招行(03968)的董事長或行長亦已換上新臉孔,中證監主席肖鋼履新後,各監管機構帥印亦已塵埃落定,分析認為內地再推進銀行業改革的條件已基本齊備。

Higher Globetronics earnings seen

The Star Online > Business
Thursday June 6, 2013
Higher Globetronics earnings seen

PETALING JAYA: Globetronics Technology Bhd's earnings are forecast to improve in light of the company's increasing exposure to the expanding smartphone and tablet markets, according to analysts.

“With improving earnings visibility and increasing exposure to the rapidly expanding smartphone and tablet markets, we believe that it is only a matter of time before the market accords Globetronics a per-multiple re-rating.

“At the same time, we believe there is also room for positive earnings surprise particularly post the expiry of its exclusive period for its proximity sensors in July.

Lion buys shares in Parkson for RM19.2mil

The Star Online > Business
Thursday June 6, 2013
Lion buys shares in Parkson for RM19.2mil

PETALING JAYA: Lion Industries Corp Bhd (LICB) has acquired five million ordinary shares of RM1 each in Parkson Holdings Bhd (PHB) from Amsteel Mills Sdn Bhd (AMSB), a 99%-owned subsidiary of LICB, for RM19.2mil.

LICB told Bursa Malaysia yesterday that the acquisition represented 0.46% of the voting shares of PHB.

“The acquisition was transacted at RM3.84 per PHB share representing the prevailing market price on June 5, 2013, where the volume-weighted average price was RM3.80 per PHB share,” said LICB, adding that the acquisition would be financed via bank borrowings.

EPF no longer MAS substantial shareholder

EPF no longer MAS substantial shareholder
By Francis Fernandez
bt@mediaprima.com.my
2013/06/06

Fund (EPF) has ceased to be a substantial shareholder of national carrier Malaysia Airlines (MAS).

In a statement to the stock exchange yesterday, MAS said the fund sold five million shares on May 30.

However, EPF, the world’s sixth largest sovereign provident fund, may still hold a sizeable amount of shares in MAS.

This is because when the EPF sold two million shares on May 27, MAS had told the stock exchange that the fund still owned some 174 million shares in the company.

S-REITs : Volatility Here To Stay (MKE)

S-REITs
Volatility Here To Stay

Clear and present danger. We expect the current “QE-inflated growth” to run out of steam in the months ahead and S-REIT prices will continue to rationalize. Despite our regional economics’ team’s expectations that QE will persist through 2013, the fact that Bernanke’s mere hint1 of QE tapering on 22 May had driven the S-REITs down by 9.4% by 3 Jun showed how jittery investors have become with yield plays. While some will find S-REITs to be still attractive, we believe fears of impending stimulus withdrawal and rate hikes overhang will cap further upside. Downgrade to Underweight and switch to developers (prefer CapitaLand, Keppel Land, CMA and Wing Tai). For those who must be in S-REITs, we prefer the retail REITS (Suntec REIT, CapitaMall Trust and StarHill Global REIT).

Marco Polo Marine: Ceasing coverage (OCBC)

Marco Polo Marine:
Fair value NA
add: 12m dividend forecast NA
versus: Current price S$0.40

Ceasing coverage
• Provides exposure to offshore Indonesia
• Chartering provides a base load
• Ceasing coverage

After BBR’s listing on the Indonesia Stock Exchange early this year, Marco Polo Marine (MPM) has been increasingly branding itself as an entity for investors to gain exposure to Indonesia’s growing offshore sector. Demand for larger sized AHTS vessels in Indonesia is expected to increase, benefitting owners such as MPM.

Genting Singapore: Upgrade to HOLD on valuation (OCBC)

Genting Singapore:
Fair value S$1.41
add: 12m dividend forecast S$0.030
versus: Current price S$1.42

Upgrade to HOLD on valuation
• Stock down 14%
• Steady state for operations
• Upgrade to HOLD

Genting Singapore (GS) recently saw a pretty sharp tumble in share price, falling some 14% to a recent low of S$1.41, after we downgraded our call from Hold to Sell; this on the company posting slightly softer-than-expected 1Q13 results on 2 May. We have already pared our estimates after its 1Q13 results and we see no need for any revision for now. But we upgrade our rating from Sell to HOLD as the current share price is hovering around our unchanged DCF-based fair value of S$1.41.

INARI :“EPS3Q13 beat consensus by 30.12%” (M&A)

INARI
Current Price (RM)RM0.64
New Fair Value (RM) N/A
“EPS3Q13 beat consensus by 30.12%”

 Inari’s revenue fell -8.51%QoQ but grew 29.51%YoY to RM56.78 million in 3Q13. Net profit 3Q13 for Inari was recorded at RM12.44 million, increased by 43.73%QoQ and 210.23%YoY from RM8.65 million in 2Q13 and RM4.01 million in 3Q12. EPS3Q12 was recorded at 3.68 sen in 3Q13. Its EPS1Q13 of 3.68 sen beat consensus estimates by 30.12% of 2.85 sen and beat our estimates by 28.67% of 2.86 sen. We have a Non-Rated call for Inari because it is a sister company.

領匯兩招保增長神話

【本報訊】靠收購及翻新商場提高租金收入的領匯(823),公佈截至3月底止全年業績,全年每單位分派1.4646元,屬預期下限,其13.1%升幅是過去4年最低。為保持增長神話,擁有全港最多商場街市的大業主以兩招抗衡,包括首次表態會考慮出售物業,及翻完再翻新商場,冀租金「加到盡」,其中街市三年加租達28%。
記者:石永樂 陳新政

領匯業績未見驚喜,下午跌幅擴大,一度跌近4%,最終失守40元,報39.6元,創近5個月低位。期內集團收益總額增長9.7%至65.06億元,整體租用率由92.9%升至94.1%,商舖的租用率亦創新高,達96.3%,續租率為進一步增至82.7%。

Freight Management - Expanding Further Into O&G Sector

Freight Management -
Price Target:1.71
Last Price:1.47
Expanding Further Into O&G Sector

Freight Management (FMH) announced that  it has  inked a joint-venture (JV)  agreement  with  Scomi  Energy  Services  (SES)  to  jointly  pursue businesses  relating  to  the  provision  of  services  to  the  O&G  industry, which include  leasing or chartering marine vessels on  a  bare boat/time charter  basis to third parties in the region.  While there is  no change to our  earnings  for  now,  we  view  the  pact  positively  and  revise  our  FV upwards to MYR1.71, pegged to a higher P/E of 11x. Maintain BUY.

Muhibbah Engineering : Jobs are coming back (CIMB)

Muhibbah Engineering
Current RM1.43
Target RM1.83
Jobs are coming back

 Though Muhibbah's annualised 1Q13 core net profit beat our forecast by 6% and made up 99% of consensus, it was in line as 1Q is seasonally strong for airport concessions. But future quarters could be flat at best for infra given job depletion. The outlook for project awards is positive.

Our target price, which remains pegged to a 40% discount to RNAV, rises by 17% as we update the balance sheet items and factor in the surge in Favelle Favco's market cap. Maintain Outperform. We expect oil & gas-related infrastructure jobs under ETP and port expansion projects to act as catalysts in 2H13. Its shipyard and cranes segments remain key beneficiaries of local and regional oil & gas ventures.

UMS Holdings : On an upcycle again (CIMB)

UMS Holdings
Current S$0.50
Target S$0.60
On an upcycle again

 UMS should be able to benefit from increasing demand for mobile devices. While risks include potential further sell downs by its CEO, industry downturn and high single customer reliance, strong cash flows and high dividend yields should compensate.

We initiate coverage with Outperform and a S$0.60 target price, based on 1.12x CY13 P/BV (high end of its last earnings upturn). Re-rating catalysts are expected from an upturn in the semiconductor market and the increasing consumption of mobile devices. We expect 5Scts DPS for FY13 and 4Scts each for FY14-15, implying yields of 8-10%.

Globetronics : Riding the tech wave (HwangDBS)

Globetronics
BUY RM2.15
KLCI : 1,776.74
(Initiating Coverage)
Price Target : 12-Month RM 3.00
Riding the tech wave

Electronics manufacturer with steady earnings and margins
New sensor products to drive earnings, supported by strong sales of hand-held devices
Attractive FY13F dividend (4% yield) and valuation (8x FY13F ex-cash PE)
Initiate coverage with BUY rating and RM3.00 TP

曾淵滄專欄 06.06.13:散戶亂買慘變點心

曾淵滄專欄:散戶亂買慘變點心

領匯(823)公佈業績,可派發的利潤增長14%,算是很不錯,但是,目前市場在炒作美國退市,因此,業績公佈後,領匯股價下跌2.5%,像領匯這類的REITs,本質是用來收息的,但是,當越來越多保守投資者進場買入時,股價也就快速上升,股價一升就引來投機者,大行也推出各種各樣的衍生工具,領匯的窩輪為散戶提供槓桿炒作的機會,結果升速更快,升得快也自然會突然急跌。

過去,我已多次告誡大家,當REITs的股價連續上升一定的幅度後,一定會突然急跌,任何股一出現槓桿式的炒作,急升急跌是不可避免的,因此,REITs只能買來收息,不該用來炒作,買REITs收息就該等其股價突然大跌,跌到股息符合你的要求。當然,人人的要求不一樣。目前領匯的股息率,因股價下跌,已從3厘回升至3.5厘,3.5厘對你而言,有沒有吸引力?

四叔預告煤氣派糖 「有股送又有息派」 挽留收息客

四叔預告煤氣派糖 「有股送又有息派」 挽留收息客

【本報訊】基於市場對未來息口走勢預期改變,作為近年「收息兼避險」首選的煤氣(003),近日遭投資者拋售,股價由上月23.85元高位,回落至昨日的21.9元。作為煤氣主席兼大股東的李兆基(四叔)大派「定心丸」,希望集團未來能維持「有股送,又有息派」的派息政策。 
記者:陳健文

李兆基昨在煤氣股東會上,闡述集團未來的派息政策。他說︰「無諗住要變……希望未來每年都可以有股送,又有息派,希望可以保持不變。」他又「賣花讚花香」,指若果有投資者於25年前購入1萬元煤氣,相關投資已變成了逾40萬元,相信是同期港股中回報最好的股份之一。

Wednesday, June 5, 2013

林吉灵2招 吸纳劳动力成本

吉隆坡5日讯)儘管最低薪金制推高林吉灵集团(CSCENIC,7202,主板消费股)的劳动力成本,不过林吉灵集团认为,將通过转嫁价格给客户,和合理化生產过程,来吸纳劳动力成本走高的问题。

林吉灵集团董事经理林志明指出,「最低薪金制將该集团的整体劳动力成本提高10%(100万令吉)。不过,该集团將通过提高售价,將更高的劳动力成本转嫁给客户。」

他在林吉灵集团常年股东大会结束后的记者会如此表示。

林吉灵集团执行董事林志华补充,在经济不景气之际,客户对价格较为敏感。

「不过我们发现,林吉灵集团在这期间都获得不俗的表现。」

售英能源園‧科恩馬財測下調

售英能源園‧科恩馬財測下調
Created 06/05/2013 - 17:28
(吉隆坡5日訊)科恩馬集團(KNM,7164,主板工業產品組)週二宣佈,脫售獨資子公司科恩馬計劃服務公司在英國彼得堡能源園所持80%股權。

分析

興業認為這並不意味將放棄英國能源的8億英鎊(約40億令吉)投資,惟基於其前景波動,調低今明兩財政年財測24.8%與20.1%,至獲利5千300萬與8千200萬令吉。

融資潛藏延宕風險

睦兴旺 下半年料获3 亿合约

睦兴旺 下半年料获3 亿合约
Created 06/05/2013 - 13:01
目标价:1.83令吉

最新进展

睦兴旺(Muhibah,5703,主板建筑股)在截至3月杪首季,净赚1980万1000令吉,较上财年同期的1652万6000令吉,按年上扬19.8%。

惟现财年同季营业额按年跌7.9%,至3亿8620万9000令吉,上财年同期报4亿1920万3000令吉。

星光资源 首季销量料复苏

星光资源 首季销量料复苏
Created 06/04/2013 - 12:58
目标价:65仙

最新进展

劳工成本高企,导致星光资源(SKPRes,7155,主板工业产品股)的2013财年末季净利按季跌27.7%。

同时,受到季节性影响的情况下,现财年同季营业额也微跌2.6%。

值得注意的是,配合农历新年假期,现财年末季的工作日较少。

Sunway Velocity to contribute RM1bil upon completion

The Star Online > Business
Wednesday June 5, 2013
Sunway Velocity to contribute RM1bil upon completion

beishan@thestar.com.my

PETALING JAYA: Sunway Bhd will see the book value of its investment properties balloon by about RM1bil after the completion of the shopping mall, hotel and office tower at its integrated mixed development Sunway Velocity along Jalan Cheras.

Central region property development division executive director Ong Ghee Bin said the investment cost for phase two, which included a 1.4 million sq ft shopping mall, hotel, office tower and corporate office, was RM1.5bil.

Johor property sales seen not affected by proposed state tax

The Star Online > Business
Wednesday June 5, 2013
Johor property sales seen not affected by proposed state tax

By ZAZALI MUSA
zaza@thestar.com.my

NUSAJAYA: Foreigners will continue to buy properties in Johor, especially in and around Iskandar Malaysia, despite the Johor government’s proposal to impose higher taxes on foreigners owning properties in the state.

Pulau Indah Ventures Sdn Bhd general manager Roslina Arbak, who said this, revealed that the company had not seen foreigners who registered as buyers for its newly-launched project Afiniti Residences @ Medini Iskandar Malaysia pulling out.

魯比尼料QE玩多兩年

魯比尼料QE玩多兩年

「末日博士(Dr. Doom)」魯比尼化身「爆升博士(Dr. Boom)」?他日前接受財經頻道CNBC訪問時,「睇死」美國樓市以至經濟衰多兩年,因此預期聯儲局量化寬鬆措施(QE)尚有兩年壽命,料支持美股升多兩年,惟「債券大王」格羅斯則持相反意見。

投資者對美國何時退市無限揣測,任何經濟壞消息,均成為股民的利好消息。魯比尼在訪問中表示,美國現時經濟增長步伐未見加快,通脹正在降溫,市場仍然相當依賴聯儲局「放水」,雖然投資者擔心聯儲局提早退市,但他認為退市之日未至,相信美股將會繼續揚升。

魯比尼認為,QE最少維持至明年中,最快明年底才收水,相信收水之時,失業率已回落至6.5%,基於經濟依然疲弱,他建議當聯儲局未來退市時,必須非常、非常緩慢地進行,好讓投資者消化。

Low interest rates become a thing of the past (CIMB)

 Low interest rates become a thing of the past
Global equity and bond markets appeared to have abruptly entered the twilight zone in the past two weeks. From a balmy scenario of low interest rates and mild growth, the investment climate has suddenly turned into a stormy one with the risks of rising interest rates and bubbly bond valuations.

 Should interest rates rise, winners in Singapore would be banks and companies with cash piles. Losers would be companies with high net gearing and REITs. The fact that REITs have already reacted to rising bond yields does not mean that they will automatically recover to pre-selldown highs. We maintain our 3,460 FSSTI target (bottom-up) and Underweight rating given FSSTI’s lack of EPS growth.

King Wan : Looking at Investment Opportunities (SIAS)

King Wan
Increase Exposure
 Intrinsic Value S$0.420
 Prev Close S$0.330
Looking at Investment Opportunities

 King Wan Corporation Ltd (King Wan) booked revenue of S$66.3m and PATMI of S$6.14m for FY13 – the figures were 129% and 103% of our previous forecast. The uptick in revenue was backed by completion of milestones for certain M&E projects.

King Wan had recently raised its effective stake in the Dairy Farm project from 17.5% to 20% and secured six M&E projects worth S$28.4m. The listing of KTIS is expected to be around July 2013 and the company is looking for investment opportunities, particularly in the dry bulk shipping arena.

Singapore REITs: Capitalize on over-reaction (OCBC)

Singapore REITs:
Capitalize on over-reaction
• Dip from Fed fears and profit-taking
• Selling likely overdone
• Prefer Starhill, CCT and Fortune

We see two key factors driving the S-REITs price correction over the last two weeks. First, increased expectations that the Federal Reserve could taper its bond purchases as early as 2H13; and secondly, opportunistic profit-taking on the back of a strong performance over 2012-13. At this juncture, however, we see the selling to be overdone. In our view, the odds of the Fed tapering bond purchases in 2H13 are roughly 50-50 and we see fundamental valuations for the S-REITs sector (370bp against the 10Y government bonds) to be undemanding currently.

Nam Cheong: Ride the upcycle! (OCBC)

Nam Cheong:
Fair value S$0.35
add: 12m dividend forecast S$0.005
versus: Current price S$0.275

Ride the upcycle!
• Leadership transition expected to be smooth
• Dominant in Malaysian market
• Rising OSV demand

Nam Cheong Limited recently announced that its Executive Director, Mr. Leong Seng Keat, has been re-designated as the CEO. Mr. Leong, also the son-in-law of ex-CEO Datuk Tiong Su Kouk, has been with the group since 2005. We expect the leadership transition to be smooth. Meanwhile, we continue to like Nam Cheong for its market leadership in the increasingly active Malaysia oil & gas industry. Having seen a healthy pick-up in order wins, Nam Cheong recently expanded its shipbuilding programme to 28 vessels for FY14F (FY13: 19 vessels). Its large order-book of MYR1.3b, for 26 vessels delivered over FY13-15F, helps to mitigate its risk by providing a base level of earnings. Maintain BUY with a higher FV of S$0.35 (previously S$0.30).

StarHub Ltd: Upgrade to HOLD on valuation grounds (OCBC)

StarHub Ltd:
Fair value S$3.82
add: 12m dividend forecast S$0.20
versus: Current price S$4.01

Upgrade to HOLD on valuation grounds
• 15% correction
• Yields back at 5%
• Upgrade to HOLD

StarHub Ltd saw a sharp 15% drop in its share price after we downgraded our call from Hold to Sell on 10 May following its 4Q12 results announcement. Besides a more muted guidance from management, investors were also seen switching out of the defensive stocks like telcos as the yield compression story is starting to lose its appeal.

Ezra Holdings: Long-term growth in the SURF market (OCBC)

Ezra Holdings:
Fair value S$1.10
add: 12m dividend forecast S$0.00
versus: Current price S$0.98

Long-term growth in the SURF market
• Pipe-lay vessel secures work in North Sea
• Strategic positioning in the SURF market
• Time needed for large project awards

Ezra Holdings (Ezra) announced last week that a pipe-lay vessel (Lewek Centurion) of its subsea division has been contracted for some 60km of pipeline installation work.

Muhibbah Engineering : Steady growth (DBSV)

Muhibbah Engineering
BUY RM1.43
KLCI : 1,769.22
Price Target : 12-Month RM 2.15
Steady growth

1Q13 net profit of RM20m is within expectations
Growth in net profit was lifted by better contributions from infrastructure construction, cranes and concession segments
Orderbook as at end-May stands at RM2.08bn
Maintain BUY at RM2.15 TP based on SOP-valuation

Vard Holdings : An Italian love affair (CIMB)

Vard Holdings
Current S$1.12
Target S$1.40
An Italian love affair

 During Vard’s recent non-deal roadshow, we were heartened to learn of numerous opportunities for the company in conjunction with its new parent, Fincantieri. Stronger orders and toplinesshould compensate for lower margins, providing re-rating catalysts.

We keep our FY13-15 EPS and target price, at 9x CY14 P/E(1 SD above its trading mean since listing). Maintain Outperform. Vard is our top pick among small/mid-cap O&M stocks.

IOI Corporation : Hidden value in property unit (CIMB)

IOI Corporation
Current RM5.10
Target RM6.00
Hidden value in property unit

 We believe investors have yet to fully appreciate the potential value of its soon-to-be listed property unit. The group's plans to scale up new launches could boost its property earnings by 66% to its RM1bn target, while successful sales of overseas projects could lift earnings further.

We raise our FY14-15 EPS by 2-5% to reflect higher property earnings. Our SOP goes up to RM6.00 on the removal of the 20% discount to its property RNAV to reflect our more bullish view on its property division. We raise our rating to Trading Buy from Neutral as we see near-term upside to the stock given the huge potential upside for its soon-to-be listed property unit.

曾淵滄專欄 05.06.13:勿亂與大行對着幹

曾淵滄專欄:勿亂與大行對着幹
一連兩日,數家與紙相關的股份急跌,其中還包括此前股價不斷創新高的藍籌股恒安(1044)。昨日,玖龍紙業(2689)跌7.5%,維達(3331)再跌了5.5%,之後突然停牌,恒安則跌幅最輕,僅3.5%,但也屬於恒指成份股中跌幅最大的。

紙業股為甚麼會跌?市場傳言是因為多家大行唱淡,在目前成交量不大、大市氣氛不佳的情況下,大行唱淡的功效可能比唱好更有力,維達停牌更進一步令人心驚。

在目前市況下,與大行對抗是高風險的行為,因此,不論是長期投資或是短炒,暫時仍不是撈底時。

法巴:買A股可發大財 棄ETF揀個股

法巴:買A股可發大財 棄ETF揀個股

【記者林靜新加坡報道】新興市場近年一再跑輸歐美,惟大行仍未死心。法國巴黎銀行上周在新加坡舉行亞太區投資論壇,向客戶大力唱好包括中國在內的七大新興國前景,而中國代表、海富通總裁田仁燦直指,只要揀股有道,在A股市場中仍可以發大財。

法巴持續看好的市場,包括中國、巴西、印度、印尼、韓國、俄羅斯及土耳其七國,縱然大部份國家面對高通脹,但法巴旗下各國代表均對其增長潛力樂觀,指是長線之選。

Tuesday, June 4, 2013

联营计划双贏 货运管理股价走高

联营计划双贏 货运管理股价走高

吉隆坡4日讯)分析员看好货运管理控股(FREIGHT,7210,主板贸服股)与斯可米能源(SCOMIES,7045,主板贸服股)进行联营,因为可扩大货运管理控股的客户群。货运管理控股股价因而走高。

货运管理控股週二全日上扬7仙或5%,报1.49令吉。不过,货运管理控股的凭单—货运管理控股-WA(FREIGHTWA)则全日下挫0.53仙或1.02%,以0.485令吉掛收。

货运管理控股与斯可米能源签署联营合约,以联手提供油气领域的相关服务,包括租赁海船。

估值不贵 马股下半年还会涨

估值不贵 马股下半年还会涨

(吉隆坡4日讯)大马投资银行(Am Invest)认为,马股在全国大选结束一个月后虽已处於偏高水平,但在下半年仍有上升空间。同时,马股目前的估值不算贵,预计企业净利在下半年將走高,进而拉低股市的本益比(PE)。

大马投资银行和全球最大的资產管理公司贝莱德(Black Rock)今天联手召开一场媒体匯报会,分享它们对亚洲股市和马股的看法。

贝莱德董事关睿博表示,亚洲股市其实仍有很好的投资价值,价格对帐面价值比例(P/B)和本益比並不贵。其次,亚洲企业的財务状况已有改善,並更有纪律性地控制本身的资本开销。因此,这些公司可以带来高股息和取得较高的净利成长。

充裕游资激励马股续涨 综指年杪上探1850点

充裕游资激励马股续涨 综指年杪上探1850点
Created 06/04/2013 - 12:32
(吉隆坡3日讯)虽然马股收益动力料将持续疲软,但充裕游资仍可激励落后区域的马股续涨,分析员预计富时大马隆综指在年杪前攀抵1850点大关。

安联投资研究主管程宏扬建议投资者目前采取“由下而上选股法(Bottom-up)”的投资策略,特别看好银行、建筑、博彩、手套和油气领域能随着大选的结束而回归“周期股项”

的行列。

首季财报季节结束,普遍符合分析员预期,“负面惊喜”比例从前一季的41%跌至30%,意味着仅有26%所追踪的公司不符预期。

Guan Chong : Hit by adverse cocoa market (DBSV)

Guan Chong
FULLY VALUED RM1.83
KLCI :1,769.22
(Downgrade from Hold)
Price Target : 12-Month RM 1.35 (Prev RM 1.90)
Hit by adverse cocoa market

1Q13 net profit of RM16.5m way below expectations; earnings will continue to be under pressure amid weak cocoa market
Cut FY13-15F earnings by 26-29% to factor in lower sales volume and weaker margins
Downgrade to Fully Valued, TP cut to RM1.35

OSIM International:Strong Platform For Continued Growth (MKE)

OSIM International
Buy (unchanged)
Share price: SGD2.02
Target price: SGD2.60 (unchanged)
Strong Platform For Continued Growth

The “LVMH” of lifestyle products. OSIM is most famous for its massage chair, which remains the most important core product for the company. But beyond that, we really see OSIM as one of the most successful brand builders in this region. Over the next decade, we expect the company to blaze the same path in lifestyle products as LVMH did for fashion, becoming the powerhouse it is today.

Yongnam : Ready to Dance (MKE)

Yongnam Holdings
Buy (unchanged)
Share price: SGD0.335
Target price: SGD0.43 (unchanged)
Ready to Dance

Riding on Asia’s infrastructure boom. With a leading and defensible position in Southeast Asia for structural steel and strutting assets, it is a multi-bagger in the making as it is poised to transform into an infrastructure powerhouse over the next five years, riding on an unprecedented boom in Asia. It is estimated that USD8t will be spent on infrastructure over the next decade to support domestic consumption.

Vard Holdings :Take Advantage Of The Bargain Sale (MKE)

Vard Holdings
Buy(unchanged)
Share price: SGD1.115
Target price: SGD1.65 (unchanged)
Take Advantage Of The Bargain Sale

Opportunity to buy into a premium stock at knock-down prices. We believe that Vard presents an opportunity to buy into a high quality Norwegian shipyard with a niche in high-specification offshore support vessels (OSV) and that deserves to trade at a premium to Asian OSV shipbuilders. The stock is currently trading at depressed 7.5x/5.9x FY13F/FY14F PERs with attractive forward dividend yield of 5-6%) following an exit by its financially-strapped former owner, Korean STX Group, to Italian cruise ship builder Fincantieri. We expect strongerthan- expected order wins this year to drive positive re-rating. Vard is a Buy at current levels with TP of SGD1.65, based on 9x 3-year forward average earnings, a premium to the Asian OSV comps.

Tat Hong : Growth Momentum Intact (MKE)

Tat Hong Holdings
Buy(unchanged)
Share price: SGD1.48
Target price: SGD1.78 (unchanged)
Growth Momentum Intact

Riding high on ASEAN infrastructure and Australia LNG boom. We continue to see Tat Hong as the best proxy to ASEAN infrastructure and Australia oil&gas sector play. Supported by robust demand in most of the markets it operates in, we expect earnings to continue to grow at 12% CAGR between FY3/14 and FY3/16 while group ROE is expected to recover to above 10% from the low of 4.5% in FY3/11. Valuation still looks reasonable at 12x FY14. Reiterate BUY with target price SGD1.78.

Overseas Union Enterprise :Near-Term Catalysts Getting Nearer (MKE)

Overseas Union Enterprise
Buy (unchanged)
Share price: SGD3.03
Target price: SGD3.57 (unchanged)
Near-Term Catalysts Getting Nearer

Investment thesis intact. Our asset-play thesis remains on-track and we believe OUE’s plans to revamp the retail podiums at ORP and 6 Shenton Way will yield rich organic-returns, given the limited amount of quality retail space in the CBD area. The stock is one of the most inexpensive developers in our coverage universe (adjusted P/BV of 0.7x vs sector average of 1.1x), offering 22% EPS CAGR over FY12-15F. Reiterate BUY with unchanged TP of SGD3.57.

CapitaMalls Asia : Market Leadership Maintained (MKE)

CapitaMalls Asia
Share price: SGD1.95
Target price: SGD2.57 (unchanged)
Market Leadership Maintained

Growing underlying income. We maintain upbeat about CMA’s market leadership in Singapore and China. We see good growth coming through from these key markets, both via rental reversions and the opening of new malls, and are encouraged by the pre-commitment levels already achieved at malls that opened this year. Capital recycling opportunities may also be re-rating catalysts. Reiterate BUY.

CapitaLand: Old Block, New Knife (MKE)

CapitaLand
Share price: SGD3.51
Target price: SGD4.33 (unchanged)
Old Block, New Knife

Proven business model, but now new and improved. CapitaLand’s strongest fundamental has always been its diversified business model, which allowed for flexible capital recycling despite a complex sprawl of businesses across multiple geographies. The new CEO Lim Ming Yan is a protégé of ex-CEO Liew Mun Leong and for now, appears to be a chip off the old block, but with a message of streamlining and keener focus on long-term returns while keeping the same diversified model that has served CapitaLand well. Maintain BUY with a target price of SGD4.33, pegged to 20% discount to our RNAV of SGD5.41.

Singapore Strategy Gravity Check (MKE)

Singapore Strategy
Current FSSTI: 3,311 (31 May 2013)
YE FSSTI target: 3,500
Gravity Check

First break in the euphoria. As we write, the market has just had its first significant correction in months, brought about by fears that the Fed will be closing the taps of economic stimulus soon as the American economy improves, which would then drive the US dollar higher, putting downward pressure on Singapore companies that earn their revenue in the greenback. In addition, our regional head of economics PK Basu believes that US economic data is now likely to remain on the chilly side until Sep/Oct at best, it is quite likely that stocks that have done well last year and this year will go retreat for a while, as markets have been used to low interest rates for so long that it has become the norm. Any change to that worldview would certainly cause panic to ensue.

Rebalancing the focus between yield/defensives & cyclical (DBSV)

Rebalancing the focus between yield/defensives & cyclical
What a difference a 2-week period makes. Before that, yield and defensive plays were the darlings among investors given the loose monetary policies, tame inflation and tepid economic growth environment. That started to unravel after Ben Bernanke’s comments that the FED could cut the pace of its bond purchases if there are signs of sustained economic improvement.

Not that there are already signs of sustainable economic recovery nor that inflation is picking up, but the mere talk of a cut back in QE was sufficient to trigger profit taking among the high-yield, interest rate sensitive and defensive names, which enjoyed a good run since the start of the year.

SKP Resources - Tough Going Ahead

SKP Resources -
Price Target:0.40
Last Price:0.325
Tough Going Ahead

SKP Resources’ FY13 results were below our and consensus estimates. Revenue  inched  up  by  1.9%  y-o-y  while  earnings  rose  10.3%  y-o-y  on the  back  of  lower  operating  costs.  We  are  paring  down  our  FY14 numbers in view of the lower margin arising as a result of implementing minimum wages.  Maintain BUY, with a new FV of MYR0.40, based on 9x CY13 EPS.

紅籌國企/窩輪:中海油趨穩伺機收集

紅籌國企/窩輪:中海油趨穩伺機收集
http://paper.wenweipo.com   [2013-06-04]      
張怡
 內地最新公布的數據優於預期,紓緩市場對經濟放緩的憂慮,惟觀乎消息對A股的刺激頗為有限,上證綜指微跌0.06%報收,至於這邊廂的港股走勢也變得頗為反覆,尾市沽壓最見明顯,惟觀乎中資股仍以個別發展為主。A+H股方面,復星醫藥於滬港兩地的表現均佳,其A股(600196.SS)升3.86%,而H股(2196)也漲3.95%。

 中海油(0883)近個半月以來,主要在13.6元至14.8元的區間內上落,在昨日波動市下,該股仍能維持反覆向好的勢頭,收報13.74元,微升0.02元,但表現已明顯優於大市。中海油較早前公布截至今年3月止三個業績,營業收入上升14%至561.79億元(人民幣,下同),反映其業務增長勢頭仍佳。值得一提的是,集團於二月底完成收購加拿大油企Nexen後,至三月底,Nexen產量貢獻為6.98萬桶。由於未計及Nexen前的全年產量目標,維持全年3.38億至3.48億桶油當量,而隨著新收購提供盈利貢獻,其未來盈利增長動力仍在。

四叔李兆基﹕地產股折讓大 買股勝買樓

四叔﹕地產股折讓大 買股勝買樓
2013年6月4日
【明報專訊】有「四叔」之稱的恒基地產(0012)主席李兆基自今年3月下旬,不斷增持恒地的股份,前後投資了接近20億元。他昨日在公司的股東會後指出,如果股價相對資產淨值存在50%折讓,投資於地產股的回報,在未來二至三年內,會好過購入地產。他更明言,會繼續增持恒地的股份。

「繼續增持恒地股份」

李兆基回憶在半年前,有朋友曾經請教他,如果有1000萬元,是否適當時候買樓時,他當時回應說,香港的地產股股價相對資產折讓大,如果將公司資產拆骨出售會值100元的話,股票現價才只值50元。他沒法知道在未來三五個月的股價情如何,但是他相信,如果等待兩三年,買股的價值有機會升到2000萬或3000萬元,但是買樓的話,未必取得同等回報。

曾淵滄專欄 04.06.13:搞清城鎮化才下注

曾淵滄專欄:搞清城鎮化才下注

目前的股市真的很難炒,面對忽升忽跌的走勢,短炒者能準確估對方向的有幾個人?

昨日我去中環科大分校聽一個講座,兩位講者來頭不小,皆是被稱為中央智囊的官員,演講者的講題是城鎮化,以普通話發言,所以現場見不到多少熟面孔。

前陣子,有外電報道說甚麼城鎮化規劃被總理李克強否決,也有說城鎮化規模縮小,不過,從昨日我在講座聽到的內容,城鎮化的規劃應該是體制的改革、戶籍的改革,而不是甚麼基建大計,那些想通過城鎮化炒基建股的人,還是不要抱太大的幻想。

Monday, June 3, 2013

買進券商心頭好 棕油價波動影響不大 BC工業估值低可買進

買進券商心頭好 棕油價波動影響不大 BC工業估值低可買進

券商:興業證券研究
 目標價:3.20令吉

CB工業(CBIP,7076,主要板工業)為市場上原棕油價格波動影響的種植業者之一,首季應該是本財年最弱季,來季前景不俗。

 根據往年紀錄,首季在公司給予客戶寬限進行進度收賬(progress billing),向來是全年最弱季度。

 不過該公司首季淨利仍符合全年的20%至22%的預期,儘管核心淨利在種植業沒有貢獻后按年跌25%,營業額仍在交通工具修整部門收入錄1.1倍增長情況下,按年增11.6%。

 若以該公司淨現金余額等評估,CB工業合理價格維持在3.20令吉不變,該股算是種植股中估值不高的代表,且不太受原棕油價格波動影響,可考慮買進。

柔调高外籍人產业税 特区概念股应声跌

柔调高外籍人產业税 特区概念股应声跌

(吉隆坡3日讯)隨著柔佛政府全面检討產业税税率,並向持有当地產业的外籍人士徵收较高税务,多只依斯干达特区概念股今日应声走跌。

在今日的下跌股项中,双威(SUNWAY,5211,主板產业股)跌势最为严重,全日下挫18仙或4.327%,闭市时收在3.98令吉,跌入20大下跌股排行榜。

至於其他的下跌產业股项包括UEM置地(UEMLAND,5148,主板產业股)、地不佬盛大(TEBRAU,1589,主板產业股)、怡克伟士(EKOVEST,8877,主板建筑股)以及实达集团(SPSETIA,8664,主板產业股)。这些都是早前在依斯干达特区发展方面备受看好的股项,在当地拥有不同规模的產业发展。

首季业绩逊色 源宗净利续受压

(吉隆坡3日讯)受到可可市场负面的衝击,源宗集团(GCB,5102,主板工业股)2013財政年第一季(截至3月31日止)的净利大幅减少,从去年同期的3130万令吉,降至1654万令吉,跌幅高达47.16%。但其第一季营业额仍稍微成长2.8%,至3亿6428万令吉。

黄氏星展唯高达证券研究指出,该公司第一季的表现低于预测,接下来的净利將继续面对压缩。

第一季的净利不单按年跌47%,按季也跌33%;只占黄氏星展唯高达证券研究全年预测的13%。分析源指出,这主要是因为其產品,尤其是可可粉的销售价跌,导致营运赚幅从去年最后一季的9.1%进一步跌至7%,去年同期的赚幅为12.8%。

Singapore 2H13: Grinding Sideways (UOBKH)

2H13: Grinding Sideways
We have a year-end target of 3,600 for FSSTI but would position defensively and buy on pullbacks. Volatility could remain high as VIX could normalize and markets are trading close to 2-year highs, providing cheaper entry points.

What’s New
• We have just issued our 2H13 strategy for Singapore (please refer to “Grinding Sideways” dated 31 May 13 for more details). This report is to highlight the investment summary from our report.

特區房產催化‧雙威盈利展望樂觀

特區房產催化‧雙威盈利展望樂觀
Created 06/03/2013 - 17:30
(吉隆坡3日訊)雙威(SUNWAY,5211,主板產業組)首季業績表現搶眼,分析員看好其依斯干達特區房產計劃將成為未來盈利催化劑。

雙威首季營業額增長25.31%至10億2千103萬2千令吉,推動淨利激增40.51%至9千零55萬5千令吉。

今年獲15億合約

黃氏唯高達研究指出,雙威今年至今攫取了高達15億令吉合約,建築訂單擴至44億令吉,加上未進賬房產銷售額高居23億令吉,未來數年業績相當樂觀。

金獅工業兩年財測上修

金獅工業兩年財測上修
Created 06/03/2013 - 17:29
(吉隆坡3日訊)金獅工業(LIONIND,4235,主板工業產品組)出爐業績表現穩定,分析員紛紛上修今明兩年盈利預測。

金獅工業首9月營業額下滑14.16%至35億零967萬令吉,淨利則下滑77.97%至801萬6千令吉。

豐隆研究認為金獅工業聯號公司將貢獻更多盈利,將2013至2014財政年盈利預測大幅調高63.3%和15.7%,並在看好金獅工業的低估值和市況改善下,預期其股價可能受惠,惟鋼鐵業展望依然審慎,仍維持“守住”評級。

龙筹股还是“ 龙愁股 ” ?

龙筹股还是“ 龙愁股 ” ?
Created 06/03/2013 - 13:29
对买入中国公司的投资者来说,心中可能已经升起无限的疑惑。截至今日,龙筹股股价持续低迷不振,尽管当中不乏基本面强稳的公司。

恒宝环球(HBGlob,5187,主板消费产品股)近期爆出账目遭质疑事件,进一步加深市场对龙筹股的负面看法。

龙筹股能否翻身?市场人士和龙筹股管理层都有话要说。

Eversendai plans maiden Sri Lanka foray

Eversendai plans maiden Sri Lanka foray
By Sharen Kaur
sharen@mediaprima.com.my
2013/06/03

KUALA LUMPUR: Structural steel turnkey and power plant contractor Eversendai Corp Bhd is set to make its maiden foray into Sri Lanka.

Eversendai, set up more than 30 years ago, has made Malaysia proud by playing a role in the construction of some of the world’s largest iconic buildings.

Among its notable undertakings are the Petronas Twin Towers, Burj Khalifa, Emirates Tower, Burj Al Arab Hotel, Rose Tower, Ski Dome,

SKP Resources : The Cash-cow Gaining Further Strength (TA)

SKP Resources
TP: RM0.65
Last traded: RM0.345
The Cash-cow Gaining Further Strength

Review
_ In line with expectations. SKP Resources’ (SKP) FY13 results came in within expectations with core profit increased 4.5% YoY to RM40.6mn. This was attributable to increase in revenue and interest income. SKP registered 1.8% increase in revenue on the back of increased sales volume of Dyson Upright Vacuum Cleaner. EBITDA margin improved 66bps YoY to 14.4% given the increase in operating efficiency that mitigated the increase in labour cost due to implementation of minimum wage policy.

麥嘉華(Marc Faber)筆記:資金氾濫 破壞力驚人

麥嘉華筆記:資金氾濫 破壞力驚人

諮詢機構Bain & Co指出,由現在到2020年,亞洲和中東資金氾濫,將會擾亂金融市場的秩序;到了2020年,預計全球金融資產總值將達900萬億美元(約7,020萬億港元),較全球經濟產值高出9倍。結果就是超多的資金,追逐不多的投資機會。

資產泡沫頻頻出現
在資金滿瀉的日子,Bain & Co認為,資產泡沫將會出現得更頻密、深度和規模會更大,而壽命也會更長。而我要補充一點,一旦泡沫爆破,資金滿溢到頭來恐會變成資金氾濫成災,到時將造成很大的破壞力。

曾淵滄專欄 03.06.13:iBond明益香港人

逐漸地,日股的升跌已不再影響港股,港股回復受中美兩大市場左右的局面,自從5月22日美國聯儲局主席伯南克發表可能退市的言論,美股就深受各種政府及民間機構所公佈的經濟數據影響,而且出現一個怪現象,即經濟數據好時,股市下跌;經濟數據差時,股市上漲,這真是令人啼笑皆非的結果。

政府投資 有利可圖
目前美國各種各樣的經濟數據,正處於時好時壞的情況。5月29日公佈的經濟數據好,當日股市下跌;5月30日公佈的經濟數據差,股市上升;5月31日公佈的又是好的數據,股市又跌了,投資者的確難以適從,因此,港股的短期走勢,也會因為美股的忽升忽跌而波動,賭性強的人會很喜歡波動市,好好的賭一賭自己的眼光與運氣;賭性弱的人,只好靠邊站。

Asian Pay Television Trust Can it ever make a profit with these interest and hedging costs?

1/6/2013 – If at first you don't succeed, list on the stock market.

The controversial IPO of Asia Pay Television Trust, and its main asset Taiwan Broadband Communications (TBC), closed its first week of trade on the Singapore Exchange at 93 cents, down from an issue price of 97 cents.

It had dipped to 91.5 cents on May 29.

After being unsuccessful in divesting the company, Macquarie International Infrastructure Fund (MIIF) and Macquarie Korea Opportunities Fund (MKOF) sold it to retail and institutional investors through the Singapore Exchange, in the form of Asian Pay Television Trust.

OKP 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.

2/6/2013–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.

Wilmar International : EU biodiesel antidumping tariff impact indicatively insignificant (DBSV)

Wilmar International
HOLD S$3.34
STI : 3,367.47
Price Target : 12 months S$ 3.72
 EU biodiesel antidumping tariff impact indicatively insignificant

According to Bloomberg, the EU Commission has on 27 May13 (published on 28 May13) put provisional anti-dumping tariffs on Wilmar's biodiesel sales to the EU at 9.6%; whereas those sold by First Resources were given none. These measures were applied because of complaints filed by the European Biodiesel Board, which pointed to prima facie evidence of the dumping of biodiesel. This was considered sufficient to justify an investigation, the period of which lasted between 1 Jul11 and 30 Jun12.

Selldown across S-REITs (CIMB)

Selldown across S-REITs
S-REITs saw a broad-based selldown last Thursday, alongside a rise in bond yields after Ben Bernanke’s statements. While an abrupt end to QE will impinge negatively on REITs, our strategists are expecting a more orderly rollback. We see room for bargain hunting.

 We retain our Neutral call on Singapore property stocks but are now more positive on the sector compared to three months ago. We make no changes to our regional picks, with ASEAN being our preferred region (Malaysia, Thailand and Indonesia).

Are REITs now a bargain?

Are REITs now a bargain?
By Joan Ng
Regional markets continued their slide today on the back of worries about the tapering off of quantitative easing in the US. The Straits Times Index fell 0.7% to close at 3,311.4 points. Meanwhile, the MSCI Asia Pacific Index is headed for its second weekly drop. In fact, the regional benchmark is down 4.8% for the month of May – its first monthly decline since October, according to data compiled by Bloomberg.

Shane Oliver, head of investment strategy at AMP Capital, thinks the share market correction could still continue. But Oliver isn’t overly pessimistic about the decline. “It’s worth noting that the global volatility of the last few weeks has a radically different feel to that seen in each of the last three years,” says Oliver. “This time around there hasn’t been a peep out of Europe and more importantly bond yields have gone up rather than down.”

Ann Joo - Early Signs Of Recovery In 1QFY13?

Ann Joo -
Price Target:1.91
Last Price:1.46
Early Signs Of Recovery In 1QFY13?

Although  AJR’s  1QFY13  earnings  of  MYR9.7m  in  1QFY13  failed  to excite  us,  this  may  herald  a  possible  turnaround  in  the  local  steel industry.  The  rollout  of  mega-projects  may  gather  steam  and  boost demand,  while  new  infrastructure  and  PR1MA  housing  projects  may improve  market  sentiment.  This,  together  with  growing  risk  appetites towards beta sectors post-general election, prompts us to maintain our TRADING BUY call. Our MYR1.91 FV implies a 0.9x FY14 BV, or -0.5 SD from the stock’s historical trading range.

SPH: Proposes Special Dividend After REIT Spin-Off (OSK)

SPH: Proposes Special Dividend After REIT Spin-Off
 (SELL, SGD4.47, TP: SGD4.00)

SPH is proposing to float SPH REIT, whose assets are Paragon and Clementi Mall. What surprised us was its proposal to pay a special dividend of SGD0.18 per share on condition that SPH REIT’s listing is successful. Although a special dividend payout is positive for shareholders, our focus remains on the accretive use of the proceeds raised. Maintain SELL, with our SOP TP at SGD4.00.

Special SGD0.18 dividend will push the deal through. SPH is proposing to pay a SGD0.18 special dividend but this is conditional upon a successful listing for SPH REIT. The payout is attractive as it amounts to 75% of the company’s FY12 payout and implies a boost to the stock’s FY13 dividend yield to 9.4%. We believe the special dividend payout would suffice to entice shareholders to vote in favour of SPH REIT’s listing.

CB工业冀6年后 成印尼中型种植业者

CB工业冀6年后 成印尼中型种植业者

(吉隆坡31日讯)基于印尼庞大的市场潜能构,CB工业產品(CBIP,7076,主板工业股)將把种植业务的重心放在印尼,冀望于6年后在当地成为一家中型种植业者。

CB工业產品执行董事麦志明透露,该集团目前在印尼加里曼丹拥有7万5000公顷的地皮,较其位於砂拉越7200公顷的种植地有超过10倍的潜力。

「无论如何,种植业都需要一段时间来实现回酬,或许3年、5年、10年不等。」

麦志明看好CB工业產品在6年后將成为印尼一家中型种植业者,而种植公司將会是该集团下一个推动成长的领域。

业绩逊色 百盛估值下修

吉隆坡1日讯)百盛控股(PARKSON,5657,主板贸服股)首九个月业绩表现普遍低於市场预期,相信未来的营运环境充满挑战,由於缺乏佳节因素,相信该公司下一个季度的表现將更疲软,分析员因此纷纷调整该股的估值。

百盛控股2013財政年首九个月营业额按年微升3%至27亿令吉,主要因为同店销售强劲成长,其中大马和印尼分別取得5%和6%涨幅。同时,营运成本按年提升13%至22亿令吉,则抵销了销售成长的贡献,租金及员工开支是导致营运成本增加的主要原因,压低了除利息和税项前之收入(EBIT)赚幅7.3%,至18.2%。

另外,相较去年同期24.5%的税率,今年的税率提升至29%,导致百盛控股的核心净利按年下跌29.5%,至2亿1020万令吉,並且低於市场预期。

Sunday, June 2, 2013

Are You Investing In The Right Trust?

31 MAY 2013
Are You Investing In The Right Trust?
By Ong Qiuying and Choo Hao Xiang

Are You Investing In The Right Trust?

The hunt for yield has spurred a bull market in Singapore-listed trusts. While trusts have generally been perceived to be stable yield plays, share price performances of business trusts had not able to keep pace with that of its other akin investment vehicle – real estate investment trust. Are investors of such trust in danger of being left behind?

Roughly one decade into the introduction of the first trust, numerous trusts have found their way onto the Singapore Exchange. Looking at the past 12 months, trusts made up a quarter of 23 new listings on the local bourse.

Despite Hot Stock Market, You Should Avoid Japan

31 MAY 2013
Despite Hot Stock Market, You Should Avoid Japan
By Reuters

Japan’s white-hot stock market has investors crowding in, but there are few reasons why you shouldn’t follow the pack.

It’s a temptation, of course. The benchmark Nikkei 225 index is up 50 percent for the year, more than any other developed market, and nearly triple the approximate 17 percent gain for the Standard & Poor’s 500 stock index through 21 May.

This streak prompted investors to put a net US$9.1 billion into Japan equity funds and exchange-traded funds in April. In fact, that’s the bulk of the US$9.9 billion investors added to all sector funds during the same month, according to Lipper data.

An Update on China



Matrix Concepts: Playing the Outbound Greater Klang Valley Conurbation



Singapore's Retail Sector



Revival of business trusts?



Business Trusts vs REITs?


Singapore Airlines places US$17b order for Airbus, Boeing aircraft


Asian Pay TV Trust to Debut in Singapore



Ann Joo Resources : Steel a dumping issue (CIMB)

Ann Joo Resources
Current RM1.44
Target RM1.53
Steel a dumping issue

 Ann Joo's annualised 1Q13 earnings make up 83% of our full-year number and 85% of consensus. We deem the results broadly in line as we expect cost efficiencies in 1Q13 to be sustained. Key raw material prices trended down, offsetting the impact of dumping by China.

We raise our target price as we apply a higher target CY14 P/E of 12.5x (10.6x before), in line with the 3-year average historial P/E. Operational efficiencies in 1Q13 and positive domestic prospects are dampened by the continued threat of dumping by China. Macro risks still remain, which should cap further share price upside. Maintain Neutral. Switch to contractors, the earlier beneficiaries of the construction upcycle.

Parkson Holdings : Dragged by PRG (DBSV)

Parkson Holdings
HOLD RM3.80
KLCI : 1,767.13
Price Target: 12-Month RM 4.45 (Prev RM 4.65)
Dragged by PRG

Weak 3Q13 net profit of RM77m in line
Earnings were hit by China operations weaker margins and SSSG
Maintain HOLD rating; nudged down RNAV-based TP to RM4.45

Highlights
Weak results. 3Q13 net profit fell 25% y-o-y to RM76.9m. The weak results were due to lower 1QCY13 earnings in China (under 52%-owned Parkson Retail Group or PRG), which saw disappointing same-store sales growth (-2% SSSG) and weaker margins (23% vs. 31% a year ago). EBIT slipped to RM152m (- 24% y-o-y/ +9% q-o-q). Meanwhile, Malaysia and Indonesia operations achieved decent y-o-y EBIT growth of 3.5% and 19.5% backed by 6% and 5% SSSG, respectively. In Vietnam, SSSG fell 1% but EBIT more than doubled to RM2.6m.

MISC : Choppy seas ahead (CIMB)

MISC
Current RM4.39
Target RM4.35
Choppy seas ahead

 MISC's 1Q core profit came in above our expectations, at 30% of our full-year forecast. This is largely attributed to smaller losses at its chemical and liner divisions. However, we are concerned about weakening demand for petroleum and chemical tankers.

We raise FY13-14 EPS by 8-15% for lower chemical losses and higher Gumusut profits but trim FY15 by 3% for lower heavy engineering profits. We downgrade MISC from neutral to Underperform as the 2H profit outlook is worrying. For our target price, we revert to 30% discount to SOP as Petronas has failed to take MISC private. De-rating catalysts include continuing losses from tanker and chemical shipping.

合成4億提升種植廠設備

合成4億提升種植廠設備
Created 05/30/2013 - 11:28
(吉隆坡29日訊)合成(H A P S E N G,3034,主板貿服組)認為隨著棕油價傾向於回揚,相信有助於提昇整體業績表現,並放眼今年砸下4億至5億令吉資本開銷,主要用作提昇種植地段的廠房及配備。

特大通過脫售越南汽車業務

同時,鑒於今日舉行的股東特大通過全面脫售越南汽車業務,合成因而將取得2億零800萬令吉脫售賺益,預計將促使汽車業成為今年的主要盈利貢獻者,超越產業領域的表現。

馬航虧損惡化至2.79億

馬航虧損惡化至2.79億
Created 05/30/2013 - 10:19
(吉隆坡29日訊)受外匯虧損和高融資成本拖累,備受投資者注目的馬航(MAS,3786,主板貿服組)截至2013年3月31日止首季業績依然低迷不振,淨虧損從前期1億7千179萬3千令吉,進一步擴大至2億7千882萬7千令吉。

不過,在航空和貨運業務雙雙成長帶動下,營業額按年成長13.84%至35億4千574萬8千令吉,前期為31億1千468萬9千令吉。

Is It Time to Buy Into Chinese Stocks?



Singapore Rents Have Hit a Bottom: CBRE's Torto



STATS ChipPAC is investing in the mobile convergence space


Smooth Sailing for Shipping Sector?



Ask The Experts: This Expert Believes Investors Should Stay Invested In Malaysia



2013-05-18《老謝看世界》特別節目專訪日本榊原英資先生、韓國李鐘和教授



MISC : Earnings Bottoming (HLG)

MISC
Price Target: RM5.20
Share price: RM4.39
Earnings Bottoming

Results
 In line - Reported 1Q13 core profit of RM322.8m, achieving 30.2% of HLIB’s FY13 core earnings and 26.4% of consensus.

Deviations
  None.

YES Samsung 4G Chromebook



Singapore Dollar Weakens on Asia's Slowdown



曾淵滄教路 21.05.13 : 引民資外資齊入市 A股前景不應悲觀

引民資外資齊入市 A股前景不應悲觀
美股繼續創新高,中國A股則繼續不振,當然也壓抑着港股回升之勢,中國證監放寬外資進入A股市場,批出2,000億人民幣的RQFII額度。但是,與此同時,中國人民銀行又正回購,又發票據,向市場抽走資金,兩項政策互相矛盾。到底,中國新任政府最高層的總體思路如何?

既引外資又抽資

五月十三日,國務院總理李克強在國務院會議上發表的談話內容,可作參考。

Gabriel Gan: More Danger Signals Appear: Is It Just A Blip Or Are We About To Experience A Major Correction?

31 MAY 2013
More Danger Signals Appear: Is It Just A Blip Or Are We About To Experience A Major Correction?
By Gabriel Gan

It all started with the Nikkei 225, didn’t it?

For investors who are in the loop, the Nikkei’s plunge has been the talking point since 23 May. The Japanese stock market, probably removed from the radar screen of many investors ever since the Japanese economy slumped into the lost decade, received even more attention than during the tsunami that wrecked the nuclear power station.

This Japanese Bull Run, which started sometime in November last year, rallied from as low as 8,619 points on 16 November to hit a high of 15,942 points on 23 May, gained a monstrous 84.5 percent over a mere six-and-a-half months!

Dr Chan Yan Chong Column - 31.05.13

Global economic indicators have served to confuse investors, as it is now confirmed that most countries in Europe have fallen into recession with negative growth. Moreover, the HSBC PMI for the month of May showed a reading of less than 50, indicating a contraction in China’s manufacturing sector. Not too long ago, the producer price index, too, fell while the industrial production index signaled more bad news. All the above points signal falling raw material prices.

Europe’s recession means that consumers spend less, resulting in a huge impact on the Singapore economy because exports to Europe will fall. Political pressure in Singapore also forced employers to be less reliant on foreign labour causing labour cost to rise. Weaker demand from overseas coupled with higher production cost will put pressure on Singapore’s economy.
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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