Saturday, June 15, 2013

Eye on stock - Freight Management

The Star Online > Business
Saturday June 15, 2013
Eye on stock

LOW-KEY Freight Management Holdings Bhd (FMH), a logistics services provider, recently emerged out of its shell when it announced that it was entering the oil and gas (O&G) industry in a bigger way together with Scomi Energy Services Bhd to jointly acquire, own and operate marine vessels.

FMH has already gained some exposure in the O&G sector by providing warehousing services to oil giant Shell.

After the JV, FMH would be able to provide more services to its oil and gas-related clients and expand its clientele in the O&G sector, RHB Research told its clients in a recent report.

Telecoms industry seen headed for consolidation

The Star Online > Business
Saturday June 15, 2013
Telecoms industry seen headed for consolidation

By LIZ LEE
lizlee@thestar.com.my

THERE will come a time when the market is so saturated with a type of service or product that the provider industry will have to, inevitably, slow down, like a giant impeded by its own inertia.

The telecoms industry in Malaysia is currently that giant, its gazelle pace from a few years back moderating into a steady march.

With maturity as the backdrop, analysts are now mostly “neutral” on the sector which is trading at a rich premium compared with the regional peers and has no immediate re-rating catalysts in sight.

Starhill REIT plans to raise up to RM800mil

The Star Online > Business
Saturday June 15, 2013
Starhill REIT plans to raise up to RM800mil

PETALING JAYA: Starhill Real Estate Investment Trust (REIT) has proposed to undergo a placement exercise to raise up to RM800mil to repay some of its borrowings and reduce its gearing level.

In November last year, Starhill REIT primarily financed the acquisitions of the Sydney Harbour Marriott Hotel, Melbourne Marriott Hotel and Brisbane Marriott Hotel along with the business assets of the respective hotels via borrowings.

To accommodate the placement exercise, it has also proposed to increase its existing fund size to a maximum of 2.125 billion units from the current 1.324 billion units.

Lenders ordered by central bank to set aside billions until deficiencies are addressed

By Wong Wei Han- .

SINGAPORE — Bank traders, including those at the three local lenders and at international banking giants such as ING, Royal Bank of Scotland and UBS, have tried to rig benchmark interest rates, the Monetary Authority of Singapore (MAS) said yesterday, following a year-long review that also revealed deficiencies in the way 20 banks operated in the rate-setting process.

A total of 133 traders were found to have made several attempts each to manipulate rates, including the Singapore Interbank Offered Rate (SIBOR) that is used to benchmark many home loans, but there was no conclusive finding that those attempts succeeded, the MAS said.

新电信正面对经济及监管条例所带来的挑战

新电信正面对经济及监管条例所带来的挑战
文: 陈挚文 (译:伍丽芳) 2013年06月14日 企业摘要

“起伏不定”确实非常适合用来形容新电信这只股近几周的走势。其股价在5月20日创下4.09元的一年高位后开始下跌至6月6日的3.63元(两周来共下滑12.7%)。在本文中,我们将试图了解可能造成公司股价波动不定的原因。

根据伯南克(Ben Bernanke)最近发表的声明,美国联储局很可能会开始考虑收紧其货币振兴政策。此消息一出,全球经济随之再度陷入不明朗,而购买新电信(SingTel)这类高获益率的防御性股票似乎是投资者的明智选择。

但新电信的股价却在近几周出现了些许波动,这主要是因有关经济和公司本身的消息影响了其股价,例如澳元退跌、投标缅甸电讯执照及与媒体发展管理局(MDA)发生激烈纠纷。

没有热钱充斥的世界 — 真的会很糟吗?

没有热钱充斥的世界 — 真的会很糟吗?
文: 钟旭光 (译:麦美莹) 2013年06月14日 展望
联储局可能会把“水龙头关上”的传言令环球股市不寒而栗,因为自从量化宽松政策在2008年推出后,它似乎已被大为受落,我们已很难想像没有热钱充斥的世界会是怎样。那么,为什么现在忽然间又出现变化?本文将会探讨美国经济在经过多轮的刺激措施后所得到的成果及如果经济真的正在复苏,一旦把“水龙头关上”后,为何情况不一定会很糟糕。

在2008年发生了巨大的金融危机后,美国国债已经处于支撑不住的高水平,而凯恩斯那套主张由政府刺激经济的老式经典经济学(Keynesian)已经救不了燃眉之急。联邦储备局主席伯南克因此一而再地挥动了他的魔术棒,释放出货币宽松的威力,目的是点燃起经济复苏的希望。

两年后的2010年,拥有27个会员国的欧盟区首次出现了主权债务危机,除了急需对希腊给予援助外,其他四个国家(爱尔兰、葡萄牙、西班牙及塞浦路斯)也岌岌可危,令过往一直慎防制造通胀恐慌的欧洲央行没有太多的选择,只好采取货币宽松政策。

嘉茂中国商用产业信托(CapitaRetail China Trust)

嘉茂中国商用产业信托(CapitaRetail China Trust)
嘉茂中国商用产业信托自从今年初开始便一直处于升势中。目前,它正位于1.50元的重要支持位。这只股也受到上升趋势线的支持。可是,如果这条趋势线被穿破,它可能会进一步下滑。接下来的支持位是在1.33元。如果这只股跌穿1.50元,大家不妨考虑抛售。目标价是1.33元。





Muhibbah Engineering (M) - Favelle Favco secured RM161m orders

Muhibbah Engineering (M) -
Price Target:1.63
Last Price:1.42
Favelle Favco secured RM161m orders

News    Yesterday, Muhibbah’s 62%-owned subsidiary, Favelle Favco (Not Rated) announced it has secured crane supply orders worth RM161.1m from 5 different customers (i.e. Keppel Fels Ltd, China Merchants Heavy Industry (Shenzhen) Co Ltd, Marr Contracting Pty Ltd, Jiangsu ZhenJiang Shipyard (Group) Co. Ltd, PPL Shipyard Pte Ltd, and Rongsheng Offshore & Marine Pte Ltd). The cranes are expected to be delivered to the customers in mid to end of 2014.

Comments    Although we are not entirely surprised with the news, we are certainly positive on the new orders as including these jobs, their crane division’s orderbook increased to c.RM806m from c.RM645m previously. Assuming net margin of 9%, these new orders could add another RM9.0m into Muhibbah’s bottomline next year, translating into2 sen/share of EPS.

Press Metal - Phase 2C coming on stream; roll forward to FY14F

Press Metal -
Price Target:3.60
Last Price:2.46
 Phase 2C coming on stream; roll forward to FY14F

-  We re-affirm BUY on Press Metal with higher fair value of RM3.60. The higher fair value reflects:- (i) higher target PE (of 12x from 10x previously) as we roll forward our valuation base to FY14F to capture full-year roll-out of Phase 2 of its capacity extension programme; (ii) higher net profit estimates to reflect higher capacity assumptions from its new Samalaju plant under Phase 2 (i.e. from 240,000 tonnes p.a. to 320,000 tonnes); (iii) introduction of FY15F estimates.

Singapore Nearly Back at an Attractive Entry Level (Citi)

Singapore Nearly Back at an Attractive Entry Level
 Singapore's 10Y government bond yields rise to 5-year average — Yields have risen sharply (Fig 1), reaching just above the 5-year average of 2.1%. Better GDP growth (we recently raised 2013’s GDP forecast to 2.3%, more details in Citi’s economist Wei Zheng Kit’s note Singapore Macro Flash), discussions on the possibility of the US tapering its QE program plus a stronger US$ are likely contributors. While rising 10Y yields have initially caused weakness among REITs and yield stocks in Singapore, recent concerns about the current-account deficit in Indonesia have increased worries. The STI Index has lost nearly 10% in a month and is now flat YTD. Singapore’s economy is linked to Indonesia’s via exports, banking (trade finance, wealth management), property ownership, tourism as well as the medical tourism segment.

United Engineers : Rights issue significantly dilutive (CIMB)

United Engineers  
Rights issue significantly dilutive
UNDERPERFORM - Downgrade |
S$2.81 - Tgt. S$1.92
Property Development |

 UE has proposed a 1-for-1 rights issue to raise proceeds of up to S$490m. The money will be used to pare down debt taken to acquire WBL. The rights are priced at a 48% discount to its last traded price (0.4x P/BV), with significant earnings dilution, in our estimation. We reduce our FY13-15 core EPS by 36-53% to factor in an enlarged share base. Our target price drops accordingly, still based on a 40% discount to RNAV. We downgrade UE to Underperform from Neutral, expecting de-rating catalysts from this event coupled with uncertainties in the restructuring of WBL’s assets.

量化宽松政策结束将对新加坡股市有什么影响?

量化宽松政策结束将对新加坡股市有什么影响?
文: 王秋莹 (译:朱爱伦) 2013年06月14日 展望
市场在过去两个星期依旧对美国量化宽松政策可能收紧而担忧,但同时把经济数据不佳的坏消息视为好消息,由于美联储局可能因而采取更多援助措施。然而,随着美国经济出现复苏的迹象,美联储局结束量化宽松举措的“坏消息”可能即将成为事实。

重要的是,结束量化宽松举措也意味着与低利率告别。一旦低利率回升,资金成本随之而增加几乎无疑地会抑制许多企业的增长。那么,本地市场有哪些领域将因而受影响呢?

曾淵滄-股市资讯专栏 14.06.2013

曾渊沧博士
文: 曾渊沧博士 2013年06月14日 曾渊沧博士专栏
习近平访美,奥巴马送他一张加州红杉木制成的双人椅。两人坐在椅上让记者拍照,中国人民网称,这是中美平起平坐。以国力而言,中美是不是平起平坐,读者们自己去辩论。以对新加坡及香港股市影响力而言,中美的确是平起平坐。

新加坡及香港股市就是如此地被夹在中美股市之间。日本股市的升跌已不再影响新加坡及香港股市,新加坡及香港股市回复受中美两大市场左右的局面。美国股市升,新加坡及香港股市未必升,理由是中国A股大跌。A股之所以大跌,是中国资金非常紧张所致,隔夜息一度抽升至8厘以上。人民银行毫不手软不断向市场抽走资金。过往人民银行抽资,主要目的是压通胀。现在中国通胀率不高,但是人民银行依然不断地从市场抽走资金,很明显是在压抑人民币炒风。

颜子伟: 当前及明显的危险正威胁着牛市脱轨

当前及明显的危险正威胁着牛市脱轨
文: 颜子伟 (译:麦美莹) 2013年06月14日 展望
相信很多投资者对目前迟来的调整期待已久,但有趣的是,有些投资者却不敢进场,尽管他们之前声称一旦股市出现5至10%的调整,他们必然会入市。

这当然又是恐慌及贪婪在搞鬼,因为贪心的投资者希望股市再跌多一些,他们便可以在更低的价位进场;而恐慌的投资者则害怕入市后市场会继续往下跌。

日经225指数在两周内从15,942点高位下跌至12,548点低位,然后回弹至13,584点后,再下跌至6月13日的12,415点低位。从交易高位至最低位,日经指数足足下跌了总共22%,但从5月22日的15,627点收盘价至6月13日的12,445点收盘价来算,日经指数的跌幅为20.3%,它现在已经进入熊市,除非它可以在近期内收复一点失地。

Friday, June 14, 2013

IOI產业2016营业额料破突25亿

(吉隆坡14日讯)IOI集团(IOICORP,1961,主板种植股)旗下分拆上市的IOI產业(IOI Properties),预计將可於2016年取得超过25亿令吉的营业额。

IOI集团执行主席丹斯里李深静指出,IOI產业將陆续推出多项產业项目,包括位於巴生谷、依斯干达特区、新加坡及中国。他表示,该公司的海外產业业务未来3年料带来35%至40%营业额贡献。

「展望未来,单单IOI產业便可创造非常好的收入来源。」李深静估计新加坡的產业业务將贡献营业额25%,而中国厦门的项目则贡献当中的15%。

他透露,中国厦门的项目將分成2个阶段,即一座公寓大楼加零售发展项目,以及一项综合发展项目。「首阶段下月公开销售。」

投資大馬大會‧鄧普頓或加碼馬股

投資大馬大會‧鄧普頓或加碼馬股
Created 06/14/2013 - 10:44
(吉隆坡13日訊)鄧普頓新興市場集團資深董事總經理林崇文表示,大馬在大選後的一切跡象還不錯,新政府可能致力提振成長,該基金可能加碼馬股。

他說:“馬來西亞是我們留意的市場之一,可能會加碼。”

拜東盟市場這波修正之賜,原本合理划算的股票如今更划算。

林崇文指出,泰國、印尼股市估值合理,新加坡和馬來西亞則略高。菲律賓股市估值也較高,因為該國未來幾年料有強勁的成長,市場投資人瞭解這點。

联储局减QE 世行砍预测 亚股暴跌综指泻32点

联储局减QE 世行砍预测 亚股暴跌综指泻32点
Created 06/14/2013 - 07:23
(吉隆坡13日讯)美国联邦储备局和各国央行可能削减刺激措施,以及世界银行宣布调降全球经济预测,导致全球股市情绪几乎崩溃,在美国隔夜股市走跌之际,亚洲区域股市也哀鸿遍野,马股一口气挫跌了32.25点。

美国经济增长放缓的忧虑,加上美国联邦储备局或减少购债,扩大美国股市的不稳定情绪,美国道琼斯工业指数周三下滑126.79点,或0.84%,至1万4995.23点,也是今年首次连续3天走跌。

由于海外投资者忧心全球央行缩减刺激举措,因而持续抛售亚股,导致亚洲区域股市今天全面倒地。

取代杨忠礼电力布米阿马达 沙肯石油马国际船务晋综指股

取代杨忠礼电力布米阿马达 沙肯石油马国际船务晋综指股
Created 06/14/2013 - 08:57
(吉隆坡13日讯)沙肯石油(Skpetro,5218,主板贸服股)和马国际船务(MISC,3816,主板贸服股),一同晋升为大马富时隆综指成分股行列。

上述这两只股,将在6月24日起,取代杨忠礼电力(YTLPowr,6742,主板基建股)及布米阿马达(Armada,5210,主板贸服股)。

富时集团(FTSE)和大马交易所今日公布大马隆综指30只成分股的半年检讨结果,杨忠礼电力及布米阿马达被挤出成分股行列,转而列为富时大马70中型股项。

MIDAS : METRO INDUSTRY GAINING MOMENTUM (OCBC)

MIDAS
Fair value S$0.54
add: 12m dividend forecast S$0.005
versus: Current price S$0.485

METRO INDUSTRY GAINING MOMENTUM
• Strong order wins from JV company
• Seeking to grow its exports business
• BUY rating and S$0.54 FV intact

JV company NPRT on a roll
Midas Holdings’ (Midas) 32.5%-owned JV company Nanjing SR Puzhen Rail Transport (NPRT), which manufactures metro trains in China, recently secured three contracts amounting to ~CNY2.45b (assuming a 70% stake for one of the contracts won together with its consortium partners) within a span of two weeks (29 May to 11 Jun). This entails the supply of a total of 428 train cars, with delivery spread over 2013 to 2016 (Exhibit 2). We believe this highlights the fast growing momentum of China’s metro industry, which is targeted at easing China’s traffic congestion and environmental pollution issues. As Midas is also a key supplier of aluminium alloy extrusion profiles to NPRT, we expect it to strive to win new orders from NPRT. YTD, Midas has already clinched CNY99m worth of contracts from NPRT (for projects which NPRT won last Jul-Sep).

SINGAPORE POST : GOOD STOCK TO HOLD IN CURRENT ENVIRONMENT (OCBC)

SINGAPORE POST
Fair value S$1.23
add: 12m dividend forecast S$0.06
versus: Current price S$1.25

GOOD STOCK TO HOLD IN CURRENT ENVIRONMENT
• Share price returns to normalcy
• Still in the midst of transforming
• Good stock to hold

Rise and fall of share price post results
Since our last report on Singapore Post (SingPost) on 6 May 2013, its share price rose about 8.5% to reach S$1.40 in mid May, but fell by an even greater amount (~10%) subsequently to its current price of S$1.25. As mentioned in our earlier report, we expect the stock to be supported by investors seeking yield, given the nature of SingPost’s businesses and consistency of its dividends. However, the strength of its rally (boosted by heightened interest in dividend-yielding instruments such as REITs) took us by surprise, and the subsequent profit-taking by investors has brought the share price down to a range that is supported by fundamentals.

Wilmar : A very challenging 2Q (CS)

Wilmar
Maintain NEUTRAL
Price (11 Jun 13, S$) 3.16
TP (prev. TP S$) 3.81 (3.81)
A very challenging 2Q

● We believe 2Q 2013 will be challenging for Wilmar (results to be announced in mid-August) and we expect all divisions to be under pressure.

● Plantations: Palm oil prices are down 29% YoY. Oilseed: The bird-flu scare has resulted in crush volumes falling by 10-20% YoY. Palm refining margins are deteriorating with new capacities coming on stream. Sugar: the Yellow Canopy syndrome has resulted in less sugar content. Consumer pack: 2Q is a seasonally weak quarter due to the lack of major festivals.

Jaya Holdings: Another Vessel Sold At A Loss? (OSK)

Jaya Holdings: Another Vessel Sold At A Loss?
(SELL, SGD0.59, TP: SGD0.53)

Jaya announced that it had sold its second 16,000 brake horsepower (bhp) Anchor Handling Tug Supply (AHTS) vessel, the Jaya Sovereign, to Atlantic Towing. Our channel checks indicate that the vessel was sold at around USD73m. The sale of sister vessel Jaya Supreme at this price caused Jaya to record a USD1.3m loss, which we fear may happen again. With few positive catalysts visible, we maintain our SELL call on Jaya with a TP of SGD0.53.

Already in forecast. The Jaya Sovereign is a sister vessel to the Jaya Supreme,which was delivered to Atlantic Towing in Nov 2012. This sale is already part of our forecast as we believe that Jaya will use the sales proceeds to bridge the gap between cash on hand and cash required to complete its shipbuilding programme.

金狮集团执行董事长:要把百盛商场开到中国四线城市

金狮集团执行董事长:要把百盛商场开到中国四线城市
2013年01月28日18:38

 马来西亚金狮集团执行董事长钟廷森先生(右)接受本台记者采访

  原标题:“要把百盛商场开到中国的四线城市”——专访马来西亚金狮集团执行董事长钟廷森

  国际在线报道(记者 周乔西):由中国-东盟商务理事会主办的2012十大走进东盟的中国企业和十大走进中国的东盟企业评选颁奖典礼24日晚在北京举行。在本次评选活动中,马来西亚金狮集团执行董事长、马来西亚中华总商会永久名誉会长钟廷森先生获得了“2012东盟走进中国杰出企业家奖”荣誉称号。钟廷森先生在活动现场接受本台记者专访时和记者聊起了集团1987年创办的百盛百货一路走来的发展历程和投资心得。他表示,中国的内需市场很大,十分看好中国市场的投资前景。除中国市场以外,集团今后还会进一步加大在东南亚各国的投资力度。

庞大现金与净利 杨忠礼或私有化子公司

庞大现金与净利 杨忠礼或私有化子公司

 二零一三年六月十三日 晚上十一时五十三分

吉隆坡13日讯)杨忠礼机构有限公司(YTL,4677,建筑组)集团董事经理丹斯里杨肃斌博士表示,有意持有更多子公司,继而私有化旗下子公司。

“身为一名股东,我当然要持有更多(股权),这些公司的现金流动和净利都很庞大。”他出席于投资大马举行的记者会时,作出有关回应。

此外,被问及有意竞标马新高速铁路?对此,杨肃斌没有给予正面回答。

但他表示,杨忠礼机构是最早提出上述概念的公司,因次,有意参与竞标也有迹可寻。惟他不愿透露竞标上的细节。

Glomac expects sales to hit RM900m next year

Glomac expects sales to hit RM900m next year
Muhammed Ahmad Hamdan
bt@mediaprima.com.my
2013/06/14


PROPERTY developer Glomac Bhd aims to hit the RM900 million sales mark for the financial year (FY) ending April 2014.

Its group managing director and chief executive officer Datuk FD Iskandar Mansor said the higher target is driven by consistent sales at township developments, full take-up at its latest flagship Lakeside Residences, as well as sustained momentum at other ongoing projects.

恒指3周瀉3000點 反撲待下季

恒指3周瀉3000點 反撲待下季
夜期短線反彈238點 料下月始見底
2013年6月14日
【明報專訊】內地A股於端午節後復市即大跌,拖累國指連跌11天,平了1995年10月底的最長跌浪紀錄。恒指亦不遑多讓,早段隨外圍一度急挫700點,以昨日最低點計算,自5月20日恒指高見23,512點起計,3周已累計跌近3000點。投資界指出,美國收水預期、日圓回升及各國經濟數據不佳,三大因素繼續困擾後市,最快也要下個月才完成調整。

亞太區繼續爆發小股災,日本及菲律賓股市都跌逾6%,上證綜指復市後大跌2.83%。國指難逃厄運,再跌2.73%。恒指亦急插水,昨日跌467點至20,887點,較5月20日高位亦已跌逾2600點,昨天低位曾見20,652點。全日沽空率為12.4%,繼續處於高位,成交增至877億元。恒指期貨在夜市時段見反彈,收市報21,038點,較日間期指升238點。昨晚道指先跌後回升,截至昨晚11時報15,036點,升42點。匯控(0005)美國預託證券(ADR)報83.8元,較港收市升0.75元。

MISC allocates RM1.6bil for capital expenditure

The Star Online > Business
Friday June 14, 2013
MISC allocates RM1.6bil for capital expenditure

By LEONG HUNG YEE
hungyee@thestar.com.my

KUALA LUMPUR: MISC Bhd has allocated US$500mil (RM1.56bil) for its capital expenditure (capex) this year.

Corporate planning and development vice-president Yee Yang Chien said the capex would be utilised for its offshore site, among others.

“We have enough cash to fund our capex. We are not raising any capital,” Yee said on the sideline of Invest Malaysia 2013 conference.

Invest in mid-cap stocks, GLICs urged

Invest in mid-cap stocks, GLICs urged
ZAIDI ISHAM ISMAIL
xydee@mediaprima.com.my
2013/06/14

GREAT MOBILISER OF CAPITAL: Move will increase overall market vibrancy, says prime minister PRIME Minister Datuk Seri Najib Razak wants government-linked investment companies (GLICs), especially the Employees Provident Fund (EPF), to play a more prominent role and increase market vibrancy by investing in good quality mid-cap stocks.

He said Malaysia possesses a collective savings pool in excess of RM1 trillion and the fund management industry, including public sector funds, is a great mobiliser of capital.

"It is time for EPF to step up and play a prominent role as this will increase the velocity of shares traded and make a significant contribution to the overall market vibrancy.

曾淵滄專欄 17.06.13:大市下跌浪超預期

股市狂跌,跌破一個又一個的支持位,依然是在炒作美國退市,再加上日圓拆倉所產生的沽壓也非同小可,最重要的當然是大鱷在沽空做世界。所謂不買當頭跌,股市急跌之時,散戶多不敢入場撈底,更多是嚇破膽,將手上的股票也全都賣掉,以免夜長夢多,不然股價再跌,晚上肯定睡不着。

這一輪急跌,跌幅超過我的預期,我還在跌市之前申請了兩隻新股,幸好,當時市場氣氛仍佳,申請的兩隻新股,分別只獲得數千股的配售,賬面損失的金額不算大,可以丟到一邊不去理會。

2008年金融海嘯,中原地產的創辦人施永青說,這是地產代理的冰河時期,而當時對冰河時期,主張無為而治的施永青甚麼也沒做,沉着觀望。

藍籌20大跌幅中資股佔17席 大行料H指跌17%

【本報訊】中資股六月飛霜,隻隻跌得誇張。H股指數最近創下11連跌,為1995年12月以來首次,跌幅更達到11.3%。其中,H指昨日再插2.7%,17隻中資股打進藍籌20大跌幅榜,可謂沒有最衰、只有更衰。
記者:馮健鏗 林 靜 黃尹華

H股指數昨日錄得第11連跌,下挫271點收報9688點,內銀股、內險股幾乎無一倖免,至於恒指成份股內,20大跌幅榜除了思捷(330)、煤氣(003)及旺旺(151),其餘均為中資股,大弱勢似乎由高息股、地產股,蔓延至中資股。


美銀美林最近發表研究報告,以技術走勢分析H股,指出當H指跌破9990至10000點的支持位後,便轉向睇淡,下一個支持位直指去年7至9月期間的低位8985點至9120點。不過,按照量度跌幅,H指有機會下試2011年低位8000點水平。以昨日收市價9688點計算,若然跌至美銀美林的預測水平,H指仍將會有17.4%的潛在跌幅。

China Minzhong Food : Now that it is generating free cash flow, will it pay a dividend?

12/6/2013 – China Minzhong says demand for its processed vegetables remains healthy, buoyed by a middle class which is increasingly urbanised and more conscious of eating a healthier diet.

With an increased focus on higher value products such as edible fungi, it will benefit from rising affluence in China.

It continues to benefit from demand from food manufacturers abroad, which seek a cost competitive and consistent supply of raw materials for their own production.

The company just announced earnings for Q3 FY13:

Thursday, June 13, 2013

How low can the FSSTI go? (CIMB)

How low can the FSSTI go?

 The FSSTI has fallen 9% from its mid-May peak. We were positive on the FSSTI for most of 2012 but turned cautious in Dec 2012 prior to our Underweight rating in March 2013. Having given up all its gains YTD, any further fall in the FSSTI will drive a more positive view. We remain Underweight on Singapore for now, with an unchanged end-2013 FSSTI target of 3,460 (bottom-up). The stocks that have fallen the most in the past month are REITs, developers, STE, DBS, M1, Starhub and Noble. We prefer non-REIT yield stocks, developers and banks to REITs, telcos and commodity stocks. Our top picks are DBS, Thai Bev and UOL. UOL, STE and CAPL look particularly attractive after their respective corrections.

投資大馬大會‧商品大師:美日“收水”全球禍源

投資大馬大會‧商品大師:美日“收水”全球禍源
Created 06/13/2013 - 17:24
(吉隆坡13日訊)商品投資大師吉姆羅傑斯(Jim Rogers)直言,匯率動盪和聯儲局是全球市場兩大亂源,美國和日本大事印鈔和各國中央銀行競相讓貨幣貶值,令貨幣動盪可能一觸即發,一旦美日在明年“收水”,兩大經濟體恐出現經濟問題,各國經濟料難逃劫數。

羅傑斯在《投資大馬》大會中表示:“印鈔風潮可能在2014和2015年劃下句點,市場料出現更多貨幣問題,我對利率前景不樂觀。”

或增持馬股

同時,在羅傑斯眼中,大馬未像其他區域,面對產業泡沫問題,但大馬節節攀升的債務卻是大馬經濟的最大挑戰,雖不至於阻止他投資大馬,但絕對是大馬國家銀行必須關注的問題。

羅傑斯:債務有疑慮‧大馬無產業泡沫危機

羅傑斯:債務有疑慮‧大馬無產業泡沫危機
Created 06/13/2013 - 17:19
(吉隆坡13日訊)商品投資大師吉姆羅傑斯指出,大馬沒有像其他區域,如新加坡般,面對產業泡沫的潛在危機,只是,債務節節攀升成了疑慮。

“然而,首相拿督斯里納吉說將處理債務問題,我但願如此,也希望大馬有所改變。”

無論如何,他認為,東盟已不再像1997和1998年亞洲金融風暴期間過度舉債,不至於陷入高度負債危機。

An Update On Oil And Gas, Are There Still Opportunities?

An Update On Oil And Gas, Are There Still Opportunities?
By Simeon Ang

At the start of the year, I wrote about the prospects of the oil and gas industry with a perspective on Singapore. Much has happened since then, in particular oil prices have slumped since the last time I wrote about it (14 February 2013).


Source: FactSet, graph of Brent Crude Oil prices from February 2013 to date
Prior to the slump, the oil and gas industry made robust capital expenditures in automation on the back of continued strong demand as well as record high oil prices. Since then, demand has been reined in by the gloomy economic outlook. Despite this, the oil and gas industry still enjoys a favourable investment environment.

与UoM 合作把关质量 必达量建品牌打知名度

与UoM 合作把关质量 必达量建品牌打知名度
Created 06/13/2013 - 12:53
(吉隆坡12日讯)分析员针对必达量(PRESBHD,5204,主板贸服股)与UoM商业公司的合作合约表示看好,并认为这显示了前者建立品牌和提高知名度的决心。

必达量在上周五宣布,旗下大马电脑科学与工程大学(UniMy)与UoM商业公司合作,后者提供校外考评服务。

在上述合约下,UoM商业公司将为UniMy审查学期末考卷、课程、考试流程等。同时,也会在学年末针对大学的考试流程撰写报告。

Globetronics Technology Bhd - Making Steady Progress

Globetronics Technology Bhd -
Price Target:2.76
Last Price:2.11
Making Steady Progress

We  recently  met  Globetronics’  management  for  a  review  on  the  company’s  latest  quarterly  results  and  an  update  on  its  outlook.  The company  has  been  ramping  up  production  capacity  to  meet  clients’  needs.  It  has  also  pulled  off  a  design  win  which  saw  it  supplying  a component for a smartphone model from a prominent Korean brand, thus diversifying its client base. It has also obtained a 10-year pioneer status for its proximity sensors  as well as  applied for  a grant  that would  see the  return  of about MYR15m of capex invested  over  three years.  We  are  tweaking  our  FY13F  forecast  and  rolling  over  our  valuation  to  FY14F.  Maintain  BUY  on  Globetronics,  with  a  higher  FV  of RM2.76, pegged to the stock’s 5-year average P/E of 12x.

摩指研納A股 中資ADR照跌

摩指研納A股 中資ADR照跌
專家料喜有限 港股續尋底
2013年6月13日


關閉本視窗
【明報專訊】摩根士丹利資本國際公司(MSCI)昨天宣布,將對A股進行評估,可能納入其MSCI新興市場指數。德銀估計,若消息落實,或引發最多10.7萬億港元資金追入A股。不過證券界人士認為,這對A股市場帶來象徵性的意義大於一切,對港股的喜作亦有限。昨晚港股ADR(美國預託證券)僅匯控(0005)向好,中資股ADR仍無起色。

King Wan Corp: Post Roadshow Takeaways (OSK)

King Wan Corp: Post Roadshow Takeaways
(BUY, SGD0.315, TP: SGD0.43)

We showcased King Wan (KWAN) at a road show last week. Management briefed investors on how it arrived at the decision to dispose of its Thai associates as well as clarified KTIS’ IPO timeline. We think that post-special dividend, the market will not allow KWAN trade at a 9% yield indefinitely. Instead, we expect yield compression to move the share price closer to a 7% yield, as implied in our SGD0.43 TP.

QE 资金撤出 双印新港最伤 亚洲汇市哀鸿遍野

QE 资金撤出 双印新港最伤 亚洲汇市哀鸿遍野
Created 06/13/2013 - 12:05
(香港12日讯)美国联储局可能缩减刺激措施规模,加上新兴经济体前景疲软,外国投资者把资金撤出亚洲汇市,印度卢比等亚洲货币近来哀鸿遍野。

野村公司说,印度、印尼,香港及新加坡最易受到联储局缩减量化宽松(QE)规模的冲击。

市场揣测联储局将缩减QE规模,引发资金流出亚洲汇市,导致仰赖海外资金融资的亚洲经济体,货币汇价更容易遭受资本外流的冲击。

US jobs numbers alleviate imminent QE3 cut back worry (DBSV)

US jobs numbers alleviate imminent QE3 cut back worry
Last Friday’s May non-farm payrolls of 175k (consensus 165k) with the unemployment rate edging higher to 7.6% from 7.5% as more workers entered the workforce, was seen by investors that the economy was growing at a modest pace but yet not strong enough for the FED to immediately alter its USD85bil/month bond purchase. The Dow rallied 1.4% that lifted it back above the 15-day EMA as the latest jobs numbers were viewed as ‘not too hot, not too cold’.

Likewise, the Singapore market should put up a better performance this week and we believe that STI’s correction should end at c.3180 last Friday. Defensive, yield and interest rate sensitive stocks that rocked the STI lower in the past 2-3 weeks are likely to lead the index rebound

Tiger Airways: Time for a tiger (OCBC)

Tiger Airways:
Fair value S$0.79
add: 12m dividend forecast S$0.00
versus: Current price S$0.63

Time for a tiger
• May stats encouraging
• Industry favours budget carriers
• Gain exposure with a proven carrie

In light of its more than 6% price correction, we are reiterating our BUY rating on Tiger Airways (TGR) with an unchanged fair value estimate of S$0.79 as we believe prospects remain positive for the counter.

Genting Hong Kong Bag of tricks(DBSV)

Genting Hong Kong,
BUY US$0.47/HK$3.60,
Bag of tricks
Price Target : 12-month US$0.61/ HK$4.75 (Prev US$0.55/HK$4.24)
•RWM IPO may be as early as 3Q13; offer price values RWM at US$8bn - implying GENHK’s other businesses thrown in for free!
•Potential upside: PAGCOR absorbing corporate tax, spillover demand from Manila Bay ramp up, strong demand for NCL’s newbuilds
•Maintain Buy, raise SOP-based TP to US$0.61/HK$4.75 on higher earnings forecasts for NCL and valuation for RWM

Strategy – Singapore Yield Impact From Change In Government Bond Rate (UOBKH)

Strategy – Singapore
Yield Impact From Change In Government Bond Rate
We highlight yield stocks that have declined the most in yield terms vs the 10-year Singapore government bond and also conduct a sensitivity test on how our DDM-based target prices would react to changes in the risk-free rate. We favour AREIT, M1, ST Engineering and Suntec REIT and are cautious on SMRT, Parkway Life REIT and SATS.

What’s New
• Yield stocks tumble but not equally. A rise in sovereign bond rates has led to a decline in yield instruments. In Singapore, the benchmark 10-year Singapore government bond (10Y SGS) rate has risen by 64bp to 1.94% since March. Correspondingly, 15 stocks in our yield universe have seen their yields rise by a greater quantum than the Singapore government bond rate. The bulk of these are REITS, underscoring the market’s concern over the sector’s risk profile. Ascendas REIT and Sabana REIT stand out as having declined the most with their respective yields rising by 124bp and 106bp respectively.

Pacific Basin : Asset value bottom picked (CS)

Pacific Basin Shipping Ltd
Maintain OUTPERFORM
Price (10 Jun 13 , HK$) 4.57
TP (prev. TP HK$) 5.00 (5.00)
Asset value bottom picked... now doing the same for rates

● Pacific Basin (PB) has acquired ten 9- to 12-year old handysize ships from its financiers for an aggregate sum of US$119 mn, taking advantage of reduced funding costs and capturing the full benefits of a recovery in handysize rates.

● The transaction will result in exceptional costs of US$15.8 mn in 2013 and interest savings of US$21.1 mn spread over the next five years (NPV of US$18.6 mn); while PB will use a combination of cash and restricted cash to finance the acquisitions, it is expected to refinance the vessels, eating into the net benefits.

曾淵滄專欄 13.06.13:提防大鱷又做世界

今天是iBond的最後申請日,若未申請就要趕快,富豪窮人都可以申請,包賺不虧,特區政府送大包,沒理由不拿。這一回,申請人數可能破紀錄,讓全世界都知道香港人人皆股民。

iBond包賺不虧,股市則淒淒慘慘,所謂退市陰影源頭的美國,至今股市僅是微跌,倒是世界各地股市大跌,我擔心這是國際大鱷在做世界,吃大茶飯,想重演1997年亞洲金融風暴的傑作,因為目前的背景與當年的確有些相似。

四大警號預示港股運滯

【淡友轟炸】

港股陰雲密佈,在美國退市憂慮、內地經濟放緩、港滙疲弱,以及淡友囤重兵四大利淡消息下,後市相信會舉步維艱。

港滙疲弱 沽空高企
美國經濟漸見起色,市場擔心聯儲局收水退市,衍生而來是美國債息抽升、日圓拆倉等問題,對環球股市造成重大衝擊,美國退市其實只是時間問題,這因素預期將來會不時成為淡友興兵理據。

內地經濟情況是另一隱憂,國家統計局上周公佈,內地5月居民消費價格指數(CPI)按年增長2.1%,工業品出廠價格指數(PPI)則創8個月新低,內地經濟恐放緩,加上出口及新增貸款等數據強差人意,更令H股指數出現十連跌慘痛局面。

Wednesday, June 12, 2013

新订单加持 辉高应声涨 睦兴旺工程未沾光

吉隆坡12日讯)市场对辉高(FAVCO,7229,主板工业股)于近两个月共拿下1亿6110万令吉的订单抱持正面看法,引领该股在周三受买盘扶持;而持有辉高62%股权的睦兴旺工程(MUHIBAH,5703,主板建筑股)则无法从中沾光,全天股价普遍处于跌势。

辉高周二宣佈,该公司在今年5月与6月期间,接获总值1亿6110万令吉的订单,分別为5架海上起重机和1架塔式起重机提供合约。据该公司文告指出,上述订单將於2013年第3季至2014年杪之间交付。

拉昔胡申研究分析员透露,上述的订单將把辉高年初迄今的起重机订单量累积到17架,年迄今总共拿下3亿1590万令吉的合约订单。在区域强劲的油气活动扶持下,分析员看好该公司將在下半年持续接获更多海上起重机订单。

涉足油气工程培训 必斯达亮专注本业

(吉隆坡12日讯)儘管必斯达亮(PRESBHD,5204,主板贸服股)开始涉足油气领域,不过,这仍然与该公司的本业相关,即为有关领域提供培训和软件业务,该公司强调,日后亦会持续专注在科技教育的核心业务上。

必斯达亮是通过工程培训的方式涉足油气领域,主要是进行软件和培训工作,且是通过合適的合作伙伴-Autodesk,进军该领域。

必斯达亮首席执行员阿布哈山表示,该公司会持续专注在科技教育的利基领域。

目前,墨尔本大学已经和必斯达亮签署合作协议,显示墨尔本对必斯达亮的教育素质有信心,而后者亦对现有的表现感到满意,誓言將会在未来持续交出更好的成绩。

中国A股或纳入MSCI新兴指数


(纽约/北京12日讯)摩根史丹利资本国际公司(MSCI Inc.)週二称,將对中国A股进行评估,可能把A股纳入MSCI新兴市场指数。

如果中国A股被纳入MSCI新兴市场指数,则可能引发更多资金流入A股市场,並將提升中国在该指数中的权重。

摩根史丹利资本国际公司週二在其年度市场分类评估报告中强调,中国的监管改革已取得积极进展,中国A股市场已经向更多外国投资者开放。

摩根史丹利资本国际公司指数研究部门的董事总经理兼全球主管里美(Remy Briand)在电话会议上表示,过去12个月中国在监管方面作出了努力,为国际投资者进入A股市场创造了便利。举例来说,中国放宽了合格境外机构投资者(qualified foreign institution investors,简称QFII)的申请门槛,加快了QFII的审批速度。

Malaysian Air to Add A380 Jets to Aid Turnaround: Southeast Asia

Malaysian Air to Add A380 Jets to Aid Turnaround: Southeast Asia
Elffie ChewJun 12, 2013 5:43 am ET
June 12 (Bloomberg) -- Malaysian Airline System Bhd. plans to add more Airbus SAS superjumbos to its fleet as modern, fuel- efficient aircraft will assist a turnaround from two consecutive years of losses.

The flag carrier, which has six A380s, may order “a few more” double-decker planes, Group Chief Executive Officer Ahmad Jauhari Yahya said in an interview in Kuala Lumpur yesterday. Malaysian Air will arrive at a decision by the year-end, he said.

Ahmad Jauhari needs new aircraft to cut fuel expenses, the airline’s biggest cost at 37 percent, end losses and take on competition from Singapore Airlines Ltd., which also boosted its A380 orders last year. Asian carriers may help spur demand for Airbus’s superjumbo, whose sales have suffered in recent years as a weak global economy and a flaw with a wing component damped orders, leading to some unsold production slots.

綜指股檢討13日揭盅‧阿瑪達和楊忠禮電力或出局

綜指股檢討13日揭盅‧阿瑪達和楊忠禮電力或出局
Created 06/12/2013 - 17:26
(吉隆坡12日訊)大馬交易所即將於明日公佈富時綜合指數成份股半年檢討結果,分析員預期佔市值最低的阿瑪達(ARMADA,5210,主板貿服組)和楊忠禮電力(YTLPOWR,6742,主板基建計劃組)可能會出局,至於沙肯石油(SKPETRO,5218,主板貿服組)料將晉身為綜指新成員。

沙肯石油和國際船務呼聲高

國際船務(MISC,3816,主板貿服組)的市值也在今年上半年大幅飆升,符合入榜資格,惟分析員懷疑該股能否重返成份股行列。

Starhill Global REIT: Another positive development (OCBC)

Starhill Global REIT:
Fair value S$1.00
add: 12m dividend forecast S$0.051
versus: Current price S$0.88

Another positive development
• 6.7% increase in Toshin base rent
• Poised for continued growth
• Valuation looks attractive

Starhill Global REIT (SGREIT) announced that the rent review for the Toshin master lease has been concluded, and that a renewal rent at 6.7% higher than the prevailing rate has been secured. This is consistent with our 29 Apr report that SGREIT may again benefit from rental upside following the completion of the review process. We now factor in the increased rents in our forecasts but lower our fair value marginally to S$1.00 on higher risk-free rate (S$1.05 previously).

S- REIT: As the dust settles, value emerges (DBSV)

Rising bond yields generally negative; but S-REITs’ ability to grow distributions a compensating factor
Impact of rising bond yields more “expected than real”
Buy Growth. Picks MCT, MAGIC, FCOT and Cache

S-REITs’ ability to grow distributions to compensate for rising bond yields/interest costs a key consideration. We believe that fears of the impact of rising bond yields on S-REITs are an over-reaction at this point as our economists do not expect QE to taper off anytime soon. Over the medium term, a rise in long bond yields is likely to be more gradual than abrupt and S-REITs’ continued ability to grow distributions (estimated at 4.0% y-o-y) is a compensating factor. Thus, we believe that the knee-jerk reaction seen in the S-REITs’ share prices (FSTREI index was down 10% YTD vs STI 5% dip in the past few weeks) is unwarranted.

齐力 提升产能降负债

齐力 提升产能降负债
Created 06/12/2013 - 11:27
目标价:3.60令吉

最新进展

齐力(PMetal,8869,主板工业产品股)Samalaju厂房提升2C阶段的产能,拟今年杪全面投产。目前,2A和2B阶段的产能达到22万吨。

木胶(Mukah)厂房首阶段产能是12万吨。齐力厂房的整体使用率约50%,管理层冀明年达到100%使用率。

齐力新Samalaju港口生产成本趋低,加上双重免税和电力供应收费偏低,公司成功节省大笔成本。

全面改革引进外资 缅甸概念股乐观

全面改革引进外资 缅甸概念股乐观
Created 06/12/2013 - 10:12
(新加坡11日讯)缅甸全面改革带动外来直接投资和旅游业,许多已在缅甸发展或者即将在当地大展拳脚的新加坡公司,大多在股价上都有正面的表现。

《联合早报》报道,星展唯高达发表一份关于缅甸概念股的报告指出,它在过去报告中所列出的缅甸概念股的股价如今都纷纷上扬。

其中,超级集团(Super Group)的股价在8个月内高出一倍,祐玛战略(Yoma Strategic)也为投资者带来可靠的回报。

Lian Beng : Ready For A Record Breaking Year (MKE)

Lian Beng Group
Buy (from Hold)
Share price: SGD0.525
Target price: SGD0.68 (from SGD0.48)
Ready For A Record Breaking Year

 Bright outlook next year; upgrade to BUY. We caught up with Lian Beng’s management for updates on ongoing construction and property launches, and are now convinced that FY5/14 will be a record breaking year with earnings surpassing its 2012 peak of SGD51.4m. We are also positive that Lian Beng will be able to maintain its dividend payout of 2ct/share payable in the next quarter. We have revised our FY5/14 and FY5/15 estimates by 8-11%, and applied a higher multiple on its construction earnings. Upgrade to BUY with a revised TP of SGD0.68, indicating upside of 30.8%.

H股冧十日 17年最慌

H股冧十日 17年最慌
美國退市陰霾及日圓匯價反彈,引發全球去槓桿化拆倉潮,股市、匯市、債市均受壓。當中,港股響起「熊出沒」警號!恒指跌260點,收報21,354點,跌穿250天牛熊線之餘,並創去年十一月底來新低。國指更「十連跌」,失守萬點關,亦是一九九五年十一月後最長跌市。大和證券指,聯儲局退市等同向亞洲區投資者追孖展。有基金經理預期,最壞情況恒指或下試20,000點關。

全球股市昨受壓,尤新興市場股市,印尼股市五連跌,昨再跌3.5%;菲律賓股市跌約4.64%,結束三連揚強勢;泰國股市重挫4.97%,為一一年十月來最大單日跌幅。

Karin Technology: Dropping coverage (OCBC)

Karin Technology:
Fair value N.A.
add: 12m dividend forecast N.A.
versus: Current price S$0.32

Dropping coverage
• Mobile devices a key growth driver
• Dividends look set to grow
• Lack of trading liquidity

Our recent conversation with Karin Technology’s (Karin) management revealed that its Components Distribution business has continued to pick up momentum. This is due to the proliferation of lower-end smartphones in China, resulting in stronger distribution volume of connectors used in these smartphones for Karin. Management is also focusing on growing its higher-margin IT Infrastructure segment.

ASL Marine: Ceasing coverage (OCBC)

ASL Marine:
Fair value NA
add: 12m dividend forecast NA
versus: Current price S$0.65
Ceasing coverage

Among the various offshore and marine stocks, ASL Marine (ASL) is one of the counters with a more diversified business model. Its shipbuilding operations accounted for 46% of gross profit in 9MFY13, ship-repair and conversion accounted for 22%, while ship-chartering contributed 32%.

Golden Agri-Resources: Modestly firmer CPO boost (OCBC)

Golden Agri-Resources:
Fair value S$0.63
add: 12m dividend forecast S$0.010
versus: Current price S$0.56

Modestly firmer CPO boost
Golden Agri-Resources (GAR), being one of the largest palm oil plantation owners in the world, should benefit from the recent rebound in CPO (crude palm oil) prices to MYR2450/ton; we note that there is a strong historical correlation of nearly 0.78 between CPO prices and GAR share price. While the general outlook for commodities is still uncertain (as China’s economic growth continues to sputter along), we believe that headwinds appear to be dissipating. Furthermore, management remains fairly upbeat about its prospects as it continues to expand its integrated operation capabilities to benefit from the firm industry outlook. Maintain BUY with an unchanged S$0.63 fair value (based on 12.5x FY13F EPS).

Starhill Global REIT – Toshin Master Lease renewed with 6.7% upward reversion (UOBKH)

Starhill Global REIT (SGREIT SP)  
Price/Tgt: S$0.885/S$1.06      
Mkt Cap: S$1,720m/ US$1,383m      
1-Yr Hi/Lo: S$0.985/S$0.615
Current/ Forward Div Yield: 5.7%/ 5.7%

SP: Starhill Global REIT – Toshin Master Lease renewed with 6.7% upward reversion

•Starhill Global REIT (SGREIT) has announced that the Toshin master lease has been renewed at a rate which is 6.7% higher than the prevailing rate.  This is based on the average of three market valuations by independent market valuers.

•The renewal rent will be valid for a period of 12 years from 8 June 2013, with a provision for a rental review every three years during the renewal period.  

Stop Perstima's bullying tactics, group urges govt

Stop Perstima's bullying tactics, group urges govt
Ooi Tee Ching
bt@mediaprima.com.my
2013/06/12

MALAYSIAN Tin Can Manufacturers Association (MTCMA) has warned that canned food and beverages will become more expensive if the government were to support Persaduran Timah Malaysia Bhd's (Perstima) proposal for an anti-dumping duty on tin plate imports.

"If the government proceeds to slap an anti-dumping duty on tin plate imports, we'll have no choice but to pass on the higher costs to our clients, who are mainly in the food and beverage sector," said MTCMA committee member Datuk Anthony See.

恒指跌破牛熊線 港股響警號

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美國退市陰霾印度盧比創新低 走資加劇亞幣喪跌

美國退市陰霾印度盧比創新低 走資加劇亞幣喪跌

【本報綜合報道】美國國債孳息繼續抽升,市場擔心在美國聯儲局退市陰霾下,資金加快撤出新興市場,拖累亞洲貨幣昨日跌勢加劇,印度盧比跌至歷史新低。分析員警告,歐美央行近年推行的量寬措施,引發大量資金流入新興市場,但如今情況正在逆轉,區內貨幣短期恐繼續遭殃。

彭博摩通亞洲貨幣指數昨日曾跌0.37%,至115.92,是去年9月以來新低。面對印度央行可能再減息及經常賬赤字創新高夾擊,印度盧比昨日曾跌至58.985兌1美元的新低。區內貨幣表現亦相當慘情,印尼盾跌穿10,000兌1美元關口,創近四年新低,菲律賓披索則跌至一年低位。

Tuesday, June 11, 2013

馬鍍錫申請馬口鐵反傾銷保護令. 鋁罐若漲價 或引發物價上漲


 (吉隆坡11日訊)馬來西亞製罐廠公會說,一旦壟斷本地馬口鐵(Electrolytic Tinplate)原料的馬鍍錫(PERSTIM,5436,主要板工業),成功申請中國和韓國馬口鐵反傾銷保護令,預計將導致鋁罐漲價,這可能引發一連串的物價上漲。

 該公會反傾銷委員會主席拿督施朝源說:“我們不排除馬鍍錫將在成功申請中國和韓國馬口鐵反傾銷保護令后,調高馬口鐵原料價錢,藉此直接影響製罐公司。”

 他指出,一旦馬口鐵原料漲價,各製罐公司將同時提高鋁罐價錢,各中小型企業或小販為保自身利益,亦將提高產品零售價,最終受影響的將是本地消費者。

 施朝源今日出席反對馬鍍錫申請中國和韓國馬口鐵反傾銷保護令的媒體記者會時,如是指出;列席者包括該反傾銷委員會副主席施志達、財政吳其昌及秘書梁雄樂。

CapitaLand Limited: Expanding serviced residence presence (OCBC)

CapitaLand Limited:
Fair value S$4.29
add: 12m dividend forecast S$0.07
versus: Current price S$3.34

Expanding serviced residence presence
• Expanding SR presence
• Competitive edge from scale
• Good pipeline for recycling

CapitaLand (CAPL) announced yesterday that it has secured a contract to manage a serviced residence in Manila, Philippines. We note this is the sixth contract acquired over the last month by its serviced residence unit, the Ascott Ltd (Ascott). We note Ascott has been actively expanding its presence (an impressive 13% CAGR of units owned/managed since 2000) and is the world’s largest international owner-operator with 31,770 units in 78 cities as at end 1Q13.

Jaya Holdings: Charter Contracts Disappoint In Value (OSK)

Jaya Holdings: Charter Contracts Disappoint In Value
(SELL, SGD0.60, TP: SGD0.53)

Jaya announced it has secured charter contracts for three platform supply vessels (PSVs) currently under construction. We estimate the total contract value for the vessels at USD61.3m, which falls short of our expectation of between USD76m and USD81m. We see more downgrades in consensus numbers and maintain our contrarian SELL call, with a lower TP of SGD0.53.

3 plus X contracts from South-East Asian, Latin American clients. The charters are fixed for three years, with options for an unspecified period of time. While these long-term charters are positive in terms of earnings visibility, they tend to lock in lower-than-expected charter rates for the foreseeable future.

AAREIT: New Extension For 20 Gul Way (OSK)

AAREIT: New Extension For 20 Gul Way
(BUY, SGD1.66, TP: SGD2.10)

AAREIT announced yesterday that it has entered into a conditional development agreement with logistics firm CWT Ltd, which would see it add 496,944 sq ft to 20 Gul Way via Phase 2 Extension and Phase Three. This announcement is largely in line with our forecast of a 11.8% increase in dividends per unit (DPU) for FY16, when extension works is completed in end-2014.

20 Gul Way plot ratio expansion to pave way for Phase 3. AIMS AMP Capital (AAREIT) recently announced that the Urban Redevelopment Authority has approved in principle its application to rezone the plot ratio of 20 Gul Way from 1.4x currently to 2.0x. The increase will allow AAREIT to extend Phase 2 (Phase 2E has 123,253 sq ft) and add 373,691 sq ft to this plot of land in Phase 3. The cost of development for both phases totaling SGD77.15m is slightly lower than our previous estimate of SGD90m.

Ride on coattails of Myanmar’s reforms (DBSV)

Ride on coattails of Myanmar’s reforms

•Myanmar’s growth is fast and sustainable
•Abundant opportunities in consumer, tourism, infrastructure and O&G sectors
•Direct access is limited; invest through foreign companies already in or expanding into Myanmar

Reforms have been progressive. Despite skepticisms and multiple challenges, Myanmar’s sweeping reforms have resulted in further easing of sanctions on the country, which in turn is drawing new aids, more visitors and even higher interest to trade and invest in Myanmar. Foreign direct investments (FDIs) have reportedly jumped >40% to US$1.4bn in FY2013 while tourist arrivals have surged 54% to 1m. ADB projected that Myanmar GDP would expand >6% in 2013 and could grow 7-8% p.a. over the decade.

中东最多重返狮城 依华建台竞标100亿海外工程

中东最多重返狮城 依华建台竞标100亿海外工程
Created 06/11/2013 - 11:03
(吉隆坡10日讯)依华建台(Sendai,5205,主板建筑股)正于海外竞标100亿令吉工程,当中多项来自中东,也有部分是新加坡的建筑工程。

《商业时报》引述依华建台执行主席兼集团董事经理丹斯里AK纳登指出,该公司正于阿塞拜疆、沙地阿拉伯、卡达尔、阿曼、迪拜、阿布扎比和斯里兰卡竞标数项工程。

他补充,随着新加坡即将推出数项建筑计划,依华建台也重新将此市场纳入其发展焦点。

他说:“市场上有很多机会去建设地标型架构,尤其是在新加坡、沙地阿拉伯、卡达尔和阿塞拜疆。”

私有化 不再一帆风顺!

私有化 不再一帆风顺!
Created 06/10/2013 - 13:07
私有化活动中在市场经常可见,但今年许多私有化活动纷纷“踢到铁板”,倒是新鲜。

以往小股东总是处于“被动挨打”状态,如今风水轮流转,反而变成献购方频频碰钉的关键,几乎无法招架。

这些“绊脚石”包括股东不满出价太低而被迫调高献购价,不达接受献议门槛而展延截止日期等等,甚至在作出一番努力后,仍不获小股东“买单”,无一不显示现今私有化活动不再“一帆风顺”!

首季盈利欠奉‧消費股估值受衝擊

首季盈利欠奉‧消費股估值受衝擊
Created 06/10/2013 - 18:03
(吉隆坡10日訊)消費股指數年初迄今雖超越富時綜合指數6.8%,但多達92%的消費業者首季表現未能超越大市,在“收水論”蠢蠢欲動,津貼合理化計劃、電費上調、消費稅等潛在利空包圍下,消費股估值或搖搖欲墜。

抗跌和回酬屬性股項在大選前受追捧,加上整體股市選後狂飆,帶動消費股指數年初迄今躍升11.9%,然而,即使政府在大選前大派現金糖,多達92%的消費股卻始終無法在首季捎來正面驚喜。

安聯研究因消費股欠缺正面盈利驚喜,加上美國隨時緊縮貨幣,領域下半年阻力重重,津貼合理化計劃、電費上調、消費稅或在明年落實,皆可能影響市場的消費力下,唱淡消費領域估值,同時下調消費領域評級,自“中和”降低到“減碼”。

曾淵滄專欄 11.06.13:美國退市有三部曲

習近平訪美,奧巴馬送他一張加州紅杉木製成的雙人椅,兩人坐在椅上讓記者拍照,中國人民網稱,這是中美平起平坐。

以國力而言,中美是不是平起平坐,讀者們自己去辯論,以香港股市影響力而言,中美的確是平起平坐,香港股市就是如此地被夾在中美股市之間,昨日分析中國對抗熱錢行動,今日談一談美國退市。

我認為退市不會一步到位,要分三部曲,目前是第一步,即吹風階段,先吹吹風,讓市場適應。1994年初,當時的美國聯儲局就是在全無吹風的情況之下,出乎意料地加息,而且加息步伐很快,加息比例也很大,結果,股市大幅度調整一年。1995年初,當股民開始絕望,賣股止蝕時,聯儲局又突然減息,也是快速地減,連減兩年,股市大升。結果,1996年底克林頓順利當選連任總統。

中海油夥Eykon 擬北極開採油氣

【本報訊】中海油(883)正與冰島能源集團Eykon Energy合作,申請在冰島北極海域進行石油、天然氣開採的許可證,英國《金融時報》引述Eykon Energy主席表示,北極海域除了石油及天然氣以外,還包括豐富的礦物,更重要的是有機會開展新的航海路線。

早前有外電報道,中海油與Eykon的申請若獲批准,今年剛完成收購加拿大Nexen的中海油將首度嘗試在北極展開海上石油鑽探。

據美國地質調查局估計,北極總石油儲量為900億桶,不過環保組織勢將極力反對在北極地區開展鑽探活動。

冰島相關官員說,如果兩家公司符合資格,許可證將於今年秋季發放,屆時將公佈Eykon和中海油在合作項目中所佔權益,及北極海上鑽探許可證區塊的確切位置。

Monday, June 10, 2013

投资家罗杰斯: 如同当年刚开放中国 缅甸商机不容错过

投资家罗杰斯: 如同当年刚开放中国 缅甸商机不容错过
Created 06/10/2013 - 09:20
(新加坡9日讯)在新加坡定居的全球知名投资家罗杰斯(Jim Rogers)指缅甸充满商机,是投资家不容错过的机遇。

“当今的缅甸如同上世纪70年代末正迎接开放的中国,充满巨大潜力。”

现年71岁的罗杰斯曾在2001年和2011年两度到访缅甸,感受当地的风土人情并考察。

他接受新加坡《联合早报》专访时说,50年前缅甸是东南亚最富有的国家,之后因封闭而变成最贫穷落后。

預測現金流轉避免陷困

預測現金流轉避免陷困
Created 06/09/2013 - 19:13
Q.現金流量健全對企業的重要性有多大?

A.企業現金流量健全的重要性,主要在於打開銀行戶頭與結存之間的差數,一般來說,企業的現金以不同方式,例如營業額與貸款融入企業,同時,以營運開銷及支付企業債務的方式外流。

假如結存顯示比建立戶頭的數額高,那麼企業現金流量被視為正面、可觀,假如結存數額顯示比建立戶頭的資金少,則被視為負數,現金流量出現盈餘,意味企業擁有的現金足以概括營運開銷。

外圍風雨如晦‧雙油蓄勢待發

外圍風雨如晦‧雙油蓄勢待發
Created 06/09/2013 - 19:22
根據世界銀行5月報告,能源價格5月增長0.2%,非能源商品微揚0.3%,食品走高2.2%、飲料微揚0.4%,其他原料走高1.5%。反之,金屬與貴重金屬如黃金則分別跌2.9%與5.7%。

全球商品需求方面,聯昌研究認為與工業基礎有關的商品,如能源與金屬,會在第二季走高;緊隨亞洲很多煉油設施進行季節性維修保養,該行預料6月起需求有望走高。中國原油進口連續兩月走低,4月才回返成長勢頭,按年成長3.6%。

西馬發展商進軍‧沙巴房產蓬勃

西馬發展商進軍‧沙巴房產蓬勃
Created 06/09/2013 - 07:31
前言

沙巴州是馬來西亞面積第二大州,位於東馬、在婆羅洲的北部,首府亞庇素有“風下之鄉”的稱號,沙巴也是大馬主要旅遊州之一,旅遊產業發展潛能看俏,其他類型產業也看漲,亞庇市的產業價格,幾乎已跟上吉隆坡和檳城的價位。

“風下之鄉”亞庇擁有富饒的天然美景,2013旅遊沙巴年,放眼吸引300萬名旅客。中央政府已經為“大亞庇”鑒定4大經濟轉型計劃,分別是城市現代化、加強生態特質、推動保健旅遊業及改善基本設施。

慧眼睇市:航運股浮現投資價值

近日各地退市聲音漸增,無論股市或債市皆面對被拋售情況,港股自然難以獨善其身,連向來被視為資金避風港的高息板塊如公用股及房地產信託基金均被基金大戶拋售,主因這些「高息」資產在一輪大升過後,息率已變得不太吸引,難免近日被資金沽出。然而,若價格調整至一個息率相對吸引水平,其防守能力亦會因而提高,浮現投資價值,不排除屆時重新受到資金垂青。

其實同一市場訊息,總有正反完全不同的解讀方式。聯儲局稍為退市鋪路而放風,尤其近期樓市和消費數據大多表現理想,可意味美國經濟已踏上復甦軌道,而經濟轉好才是最實在能支撐股市表現因素,投資者對於退市的解讀亦似乎過分悲觀。

除了個別有出口美國的股份繼續強勢外,航運股亦對退市消息沒有多大反應,可見該板塊慢慢浮現投資價值,如美國經濟繼續向好,縱然退市機會大增,惟對航運板塊卻可成為利好訊號。

Tambun Indah Land - The PSB Accident Will Not Change The Prospects

Tambun Indah Land -
Price Target:1.55
Last Price:1.34
The PSB Accident Will Not Change The Prospects

A section of the ramp connecting the PSB to the Tun Dr Lim Chong Eu Expressway has collapsed yesterday. We expect possible delay in the opening of the PSB. Nonetheless, the accident does not change our positive view on the prospects of Penang mainland, as the PSB will ultimately be opened in 6-12 months, in a worst case scenario. Possible knee-jerk reaction in share price will be a buying opportunity.

-  Penang Second Bridge (PSB) accident. A section of the Batu Maung interchange (in between two concrete beams) connecting the PSB to the Tun Dr Lim Chong Eu Expressway (on the Penang island), which is currently under construction, has collapsed at about 7pm yesterday. The number of death and injuries has yet to be confirmed by the authority.  

The Link REIT : On-track growth (DBSV)

The Link REIT
BUY HK$39.6
HSI : 22,069
Price Target : 12-Month HK$ 45.2 (Prev HK$47.0)
On-track growth
􀂃In line FY13 results; distribution income up 15% led by healthy rental reversions
􀂃Proactive asset enhancement and investment strategies to augment growth
􀂃Reiterate BUY with TP lowered slightly to HK$45.2

Healthy rental reversion lifted distribution income.
Distribution income grew 15% to HK$3.35bn in FY13, in line with our estimate. The growth was primarily driven by higher rental revenue. Revenue rose 10% to HK$6.51bn thanks to positive rental reversions and the full-year contribution from two retail properties acquired in FY12.

H貴A股四成才合理

張化橋認為本港經濟及股市均非常健康,而影子銀行亦不構成影響。他更認為H股股價要比A股貴三至四成才「平等」。
長線買銀行股最好

張化橋將銀行股推舉為最好的長線投資,形容是反映整體經濟的合併報表,就像買指數基金一樣,可避免集中投資在個別行業或公司,避過周期性及波動性。

他指內銀有大部分優質信貸客,亦大規模涉獵次貸業務,又料內銀在管制利率下可在未來五至十年維持豐厚回報,而小型銀行期內純利可增一倍。

他指內地樓價是在實際利率呈負數下企硬,當居民以為買樓穩陣,住房或在十五年後因改變土地規劃用途而要重建。他認為,影子銀行產品主要用家的發展商,仍會「賺大錢」,而地產商以10厘甚至13厘年息發債,可反映對盈利前景滿有信心。

Saizen REIT: Japanese reflation lifts a once-troubled REIT

Saizen REIT: Japanese reflation lifts a once-troubled REIT
WRITTEN BY GOOLA WARDEN
MONDAY, 22 APRIL 2013 20:05

Raymond Wong struggled for the last three years to repair Saizen REIT’s balance sheet. Now, amid the massive monetary stimulus unleashed by the Bank of Japan, he has plenty to cheer about.

Saizen owns a portfolio of 137 residential properties across 14 cities in Japan, valued at ¥39 billion ($490 million). In the past six quarters, it has seen its distribution per unit (DPU) rise. Now, the monetary stimulus in Japan is giving it a strong tailwind. Units in Saizen are up 9.9% this year. In fact, units in Saizen were up as much as 27%, before succumbing to selling from Argyle Street Management, a hedge fund that holds a key stake in Saizen.

看好高贝他股 马股仍有上涨空间

国阵在第13届大选保住政权后刺激了马股的走势,富时大马综指一度突破1800点的水平。同时,焦点也转移至股价较低的股项,特別是建筑、產业及油气领域的股项。 政治不確定因素消散,吸引了投资者重返股市,大量的散户参与其中,股市交投显得活络。

马股在5月份攀升了51.57点,或3%,至1769.22点。其中,联昌国际(CIMB,1023,主板金融股)、马银行(MAYBANK,1155,主板金融股)、国家能源(TENAGA,5347,主板贸服股)及大眾银行(PBBANK,1295,主板金融股)更是推高综指的幕后功臣,共占了60%的涨幅。

联昌国际、马银行、国家能源及大眾银行分別起54仙、56仙、50仙及54仙。

Eversendai targets jobs worth RM10b

Eversendai targets jobs worth RM10b
By Sharen Kaur
sharen@mediaprima.com.my
2013/06/10
GLOBAL REACH: Company sees opportunities aplenty in Middle East and Singapore, among others
Structural steel turnkey and power plant contractor Eversendai Corp Bhd is bidding for projects worth about RM10 billion, some of which are construction jobs in Singapore.

Executive chairman and group managing director Tan Sri A.K. Nathan said Eversendai is also bidding for projects in Azerbaijan, Saudi Arabia, Qatar, Oman, Dubai, Abu Dhabi and Sri Lanka.

Lum Chang: Low-key contractor offers good yield, exposure to booming construction sector

Lum Chang: Low-key contractor offers good yield, exposure to booming construction sector
WRITTEN BY GOOLA WARDEN
MONDAY, 29 APRIL 2013 21:24

Family-controlled Lum Chang Holdings does not attract much attention in the market. Yet, the decades-old contractor is an interesting play on Singapore’s property and infrastructure boom. And, its dividend of two cents per share provides investors with a steady dividend yield of about 6%. Its market value of just $123.8 million is currently a 28% discount to its book value of $173.2 million. The company also has a liquid balance sheet, with a net cash position of $33 million as at end-2012.

曾淵滄專欄:對抗熱錢要用狠招

美股繼續受反智行為影響,6月7日美國就業數字差了一點,美股隨即大升,投資者暫時把退市的陰影放到一邊。

對港股而言,美股升,港股未必升,6月6日美股升,但6月7日港股大跌,理由是A股大跌。A股之所以大跌,是內地資金非常緊張所致,隔夜息一度抽升至8厘以上,人民銀行毫不手軟不斷向市場抽走資金。過往人行抽資,主要目的是壓通脹,現在中國通脹率不高,但是人行依然不斷地從市場抽走資金,很明顯是在壓抑人民幣炒風。

Sunday, June 9, 2013

Kreuz Holdings: New vessel expected to bring in highermargin projects to subsea service provider

Kreuz Holdings: New vessel expected to bring in highermargin projects to subsea service provider

WRITTEN BY ADELE TEO  
MONDAY, 29 APRIL 2013 21:22

Kreuz Holdings, the integrated subsea service provider to the offshore oil and gas industry, recently announced plans to acquire a multipurpose subsea dive support and construction vessel worth US$113.7 million ($141 million) from a Chinese shipbuilder. As Kreuz only provides subsea installation and maintenance services for shallow water oil rigs, the new vessel, which is capable of operating in deeper waters, should enable the company to venture into deepwater installation where demand is rising. That could help Kreuz post a second year of record earnings and lift its stock, say analysts.

Genting Hong Kong: Rally spurred by imminent listing of Philippine unit Travellers International

Genting Hong Kong: Rally spurred by imminent listing of Philippine unit Travellers International
WRITTEN BY GOOLA WARDEN  
MONDAY, 03 JUNE 2013 12:50

Shares in Genting Hong Kong are up some 39% this year, and they could climb higher, according to some analysts.

The company owns Star Cruises, an Asian cruise operator with seven ships. It also owns a 43% stake in Norwegian Cruise Lines, which listed in February on Nasdaq and now has a market capitalisation of US$6.4 billion ($8.1 billion).

中國經濟看什麼最準?李克強:請看李克強指數!



曾淵滄教路 28.05.13 : 全球小股災 A股抗跌力強

全球小股災 A股抗跌力強
上星期,香港股市出現一場小股災,主因是受累於日股的更大股災,五月二十三日,日經指數急跌7%,當日,日經指數先升後急跌,先上升2%,然後才急瀉而下,先創五年新高然後才集體套利拋售。

那是日股升得太急的自然反應,沒甚麼大不了。過去九個月,日經指數上升幅度驚人,接近100%的升幅,任何股市在如此短時間如此升法,不好好地調整是不可能的,只是人人都不知道調整會在甚麼時候出現,於是人人在觀望、等待調整的到來。因此,一見股價開始急跌,人人就急急忙忙的拋售。

KLIA2 Delay - Time to Buy MAHB?



Link REIT Focused on Upgrading Properties: CEO



CNBC Exclusive: AirAsia's Ancillary Expansion



Bearish Yen, Bullish Dollar, Stronger RM?



Dr. Doom: Market is Still 'Quite Vulnerable'



Low risk premiums on M-REITs

Low risk premiums on M-REITs

By Insider Asia
Friday, 07 June 2013 12:44
Speculation the US Federal Reserve will pare down its bond purchase programme has buffeted global stock markets over the past two weeks. Given that the recent rally has been driven primarily by liquidity, it stands to reason that a reversal would hurt stock prices — in particular high yielding dividend stocks and real estate investment trusts (REITs). After all, these assets have benefited from the low interest rate environment.

They have been among the best performers in the aftermath of the global financial crisis, attracting investors seeking higher yields amid historically low returns on risk-free government bonds. For instance, yields on the benchmark 10-year US Treasury notes dropped as low as 1.4% in mid-2012 compared with the average yield of about 3.6% over the last 10 years.
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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