Saturday, August 3, 2013

拟转商业信托释放现金流 数码网络股息看涨

拟转商业信托释放现金流 数码网络股息看涨
Created 08/03/2013 - 11:59
(吉隆坡2日讯)分析员认为,一旦数码网络(DIGI,6947,主板基建股)转为商业信托(Business Trust,简称商托),将有利于该集团的派息表现。

惟在看好此举或成为该股重估催化因素之际,分析员指需等待更多详情出炉,再看新架构是否可提升股东价值。

针对数码网络放眼在今年底向股东提交设立商托的建议,达证券分析员表示,相信该集团将把旗下子公司-———Digi Telecommunications私人有限公司切割出来,再注入一个商托,然后在大马交易所上市。

曾渊沧@股友通讯录2013 年07 月份

曾渊沧@股友通讯录
MICA (P) 120/09/2012
2013 年07 月份

各位朋友
今年的七月,我有一半的时间不在家,四处游历,先到冲绳岛,再到青海,昨日刚刚从广州回到家。出发旅游前,得收拾行李,回家后往往一两天什么事也不想做,休息休息,因此,本月份的通讯写在七月份的最后一天。幸好,这是不错的一个月,股市已从六月份的谷底反弹。

投资股市有多年经验的人往往会听过 “sell in May and go away”或者「五穷六绝七翻身」这两段话。这本是众多投资者一种感觉,经传媒多年来的提醒,使到许多投资者深信不疑,真的在五月份卖掉股票,然后再於六月份买回。今年,这段股市名言竟然很准确地重现,海峡时报指数真的在今年五月创下高位,然后急速下跌,六月见底,七月份持续地上升。

Malaysia Property : Higher likelihood of more cooling measures (CS)

Malaysia Property Sector
Higher likelihood of more cooling measures

● Malaysia's housing minister Abdul Rahman Dahlan has expressed the possibility of implementing more cooling measures on the property market with potential use of tools such as an increase in RPGT, DIBS restriction and lower LTV.

● We believe the last few measures such as the 5 pp hike in RPGT during the 2013 budget and the cap on housing loans tenures were moderate. But the use of more measures collectively could be more significant.

Quill Capita Trust: No Surprises (MKE)

Quill Capita Trust
Hold (from Buy)
Share price: MYR1.22
Target price: MYR1.27 (unchanged)
No Surprises

 Downgrade to HOLD. QCT’s 1H13 core net profit of MYR17m was in line with expectations. Despite rising vacancy rates and flat rental growth in the over-supplied office market, QCT has still managed to retain the majority of its tenant base, showing its capability and good relations with tenants. We maintain our earnings forecasts and MYR1.27 DCF-based TP. The unit price is approaching our TP since our last upgrade to BUY in May 2013 and now offers an overall prospective return of c.10.7%.

Cosco Corporation: Hit by forex loss (DBSV)

Cosco Corporation:
FULLY VALUED S$0.745;
Hit by forex loss;
Price Target : 12-month S$ 0.75;

•2Q13 below due to forex loss
•Secured US$270m new contracts
•Concerns over execution of diversified vessel types and competitive pricing
• Maintain FULLY VALUED, S$0.75 TP

2Q below.   Cosco’s 2Q13 net profit grew 24% q-o-q to S$12m, but fell short of our expectations of S$15-20m due to forex loss of S$10.2m Overall gross margin held up at 10.8%, attributable to Cosco's improved efficiency and lower steel cost, offsetting the lower newbuild prices. Shipbuilding and rigbuilding margins are hovering at 7-9% while repair and conversion jobs have returned higher margins of 15%. 1H13 earnings only make up 35% of our initial full year estimate.

Pavilion REIT : Unsurprising Pavilion (CIMB)

Pavilion REIT
Current RM1.45
Target RM1.53
Unsurprising Pavilion

 Pavilion's 1H12 core net profit of RM106.2m was in line with our and consensus forecasts, accounting for 50% of our and consensus full-year estimates. There were no surprises at its semi-annual results call.

We maintain our Neutral recommendation on Pavilion REIT. We cut our DDM-based target price to RM1.53, from RM1.59, as we adjusted our risk-free rate assumptions in view of the rising 10-year MGS yields. Given the upward pressure on MGS yields, currently at 4.09%, Pavilion's yields of 5.2-5.4% are rather unattractive.

AirAsia X : The future is for those who dare (CIMB)

AirAsia X
Current RM1.18
Target RM1.47
The future is for those who dare

AirAsia X’s maiden flight in 2007 was greeted by a chorus of derision. Five years on, the sceptics have proven to be only partially right. By learning from its mistakes, AAX has built a solid base in KUL and a business model that can be successfully replicated across several hubs.

We initiate with an Outperform rating. Re-rating catalysts are aggressive expansion of its profitable KUL hub and the opening of new hubs in Bali and Bangkok. Our SOP-based target price is based on 11x CY14 P/E for the KUL hub and a separate 8x CY14 P/E for the Bali hub. AAX has superior unit costs that helps it build new demand with cheap fares and eat into FSCs‟ market share, leveraging AirAsia Group‟s short-haul networks.

Malaysia Building Society - Tapping Into Private Sector Financing

Malaysia Building Society -
Price Target:3.7
Last Price:3.05
Tapping Into Private Sector Financing

The  company’s  1HFY13  core  profit  of  MYR330.8m  exceeded expectations. The near two-fold surge in core profit was mainly boosted by  improvements  in  personal  financing  (PF-i)  and  NIMs.  We  lift  our FY13/14  EPS  forecasts  by  10%/13%  on  renewed  confidence  in  the company’s strategy. Upgrade to BUY, with our FV revised to MYR3.70.

-  Profit  nearly  doubles.  Malaysian  Building  Society  (MBSB)’s 1HFY13 earnings  made  up  57%  of  our  and  58%  of  consensus’  FY13  forecasts respectively. The group’s core earnings growth (+93.6% y-o-y, -0.9% q-o-q)  trounced  its  pre-provision  operating  profit  (PPOP)  growth  (+20.6% y-o-y, 19.0% q-o-q), thanks to a 51.4% y-o-y drop in loan loss provision (LLP)).  Interest  income  from  Islamic  financing  surged  81.2%  y-o-y  on increased PF-i volume, and a 4.4% rise in net interest margins (NIMs).

Hutchison Port Holdings Trust 2Q13 results: Hits consensus and likely at the trough (CS)

Hutchison Port Holdings Trust
Upgrade to NEUTRAL
Price (30 Jul 13 , US$) 0.74
TP (prev. TP US$) 0.72 (0.72)
2Q13 results: Hits consensus and likely at the trough

● Hutchison Port Holdings Trust (HPHT) reported 2Q13 pre-ex NPAT of HK$409 mn, down 30% on last year’s HK$594 mn, but 5% ahead of our estimate of HK$390 mn and in line with consensus of HK$416 mn.

● The results included performance fees and ACT acquisition fees totalling HK$60 mn, although exchange gains and a lower tax rate together with better unit revenues at Hong Kong operations accounted for the difference.

Globetronics :- Another Good Set Of Results

Globetronics Technology Bhd -
Price Target:3.00
Last Price:2.57
Another Good Set Of Results

Globetronics’ 1HFY13 results were within our expectations, with net profit of MYR24.3m accounting for about 48% of our FY13F target. Y-o-y,  1HFY13  net  income  surged  53%  on  the  back  of  a  29%  y-o-y  jump  in  revenue.  EBIT  margin  improved  to  16.9%  from  14.7%  in  1HFY12, underpinned  by a  better product mix, economies of scale achieved across most of  its product segments and higher volume  loadings from most of its customers. As at end-June, the Company is in a net cash position, with net cash per share of MYR0.48. We leave our forecasts unchanged, but lift our dividend payout projection to MYR0.16 (FY13F) and MYR0.18 (FY14F), which translates into decent dividend yields of 6.2% and 6.9% respectively. Maintain BUY with a FV of MYR3.00, pegged to a higher target P/E of 13.0x.

China COSCO: 85% loss reduction on asset disposals(cs)

China COSCO Holdings
Maintain UNDERPERFORM
Price (30 Jul 13 , HK$) 3.35
TP (prev. TP HK$) 3.00 (3.00)
85% loss reduction on asset disposals

● COSCO has issued an earnings guidance, expecting its 1H13 loss to reduce by 70-85% YoY. This implies a loss of Rmb731 mn- Rmb1.4 bn or a mid-range loss forecast 35% lesser than consensus and 41% lesser than our expectation.

● Selling the logistics unit and CIMC, as well as reducing dry bulk vessel charters are the key reasons of the loss reduction. Excluding the one-off items, we expect the recurring loss to remain substantial at Rmb4.5 bn, only 8% lower than last year.

市场展望以及投资趋势 - STI 在第二和第三季度的表现



马来西亚股神冯时能——冷眼的投资之道 (一) (财商网)



Friday, August 2, 2013

Pacific Basin's fleet strategy pays off

Pacific Basin's fleet strategy pays off
Friday, 02 August, 2013, 12:00am
Business›Companies
Anita Lam Anita.lam@scmp.com
Pacific Basin Shipping's strategy to expand its fleet at a time when the market was down is paying off as its earnings from Handysize ships outperformed its peers by 32 per cent and helped the dry bulk operator to turn around in the first half.

Thanks to lower vessel costs and strong Chinese imports, the world's largest Handysize operator posted a net profit of US$300,000 in the six months to June, after a loss of US$195.9 million a year ago. The dry bulk ship owner's underlying profit jumped by four times to US$13.6 million year on year, despite a 12 per cent drop in rates for its Handysize ships.

柏威年產託財測不變

柏威年產託財測不變
Created 08/02/2013 - 18:27
(吉隆坡2日訊)柏威年產業信托(PAVREIT,5212,主板產托組)2013年次季業績普遍符合市場預測,該公司管理層有信心,旗下資產未來3年的租金成長,料可達到雙位數水平,不過份析員預測短期內不會有併購計劃,普遍維持財測不變。

興業研究指出,柏威年購物中心的租金更新按照計劃進行,包括62%淨可出租樓面將在今年到期更新,其中50%已經更新租約,其餘則尚在進行洽商。

柏威年產托可出租樓面空置的風險偏低,因任何未續約將是調整租戶組合良好時機。興業對該公司未來3年的租金成長率保持在15%水平,預料仍有一些揚升空間的意外驚喜。

立通2年財測上調

立通2年財測上調
Created 08/02/2013 - 11:38
(吉隆坡1日訊)立通國際(REDTONE,0032,創業板貿服組)第四季淨利按年增長10倍,肯納格研究認為表現在預期中,並上調該公司未來兩年財測。

立通國際短期的淨利增長,將依賴與明訊(MAXIS,6012,主板貿服組)為期10年的基建及頻譜共享合約;以及使營業額飆漲32%至1億4千100萬令吉,價值達8千250萬令吉的政府工程。

肯納格表示,該公司目前正在競標的工程計劃中,任何定案浮出台面都將可能成為業績表現的下一個催化劑。

肯納格表示,該公司撤離核心與正在面臨虧損的業務後,因而提高成本效益,推動第四季稅前盈利激增9倍至3千370萬令吉,進而使淨利按年揚升10倍至2千520萬令吉。

《福布斯》亞洲10億美元中小企業200強‧大馬12公司上榜

《福布斯》亞洲10億美元中小企業200強‧大馬12公司上榜
Created 08/02/2013 - 18:13
(吉隆坡2日訊)《福布斯》亞洲10億美元以下中小企業200強,大馬總共有12家上榜,但比較去年少了2家,上榜的包括馬屋業(MBSB,1171,主板金融組)、手套商賀特佳(HARTA,5168,主板工業產品組)、建築公司成榮集團(MUDAJYA,5085,主板建筑組)、半導體製造商JCY國際(JCY,5161,主板科技組)榜上有名,其中賀特佳和成榮集團連續4年上榜。

大馬其他入榜企業是C B工業(CBIP,7076,主板工業產品組)、巴迪尼控股(PADINI,7052,主板消費品組)、鵬發(PTARAS,9598,主板建筑組)、在新加坡上市的銀行核心系統方案商銀湖公司(Silverlake Axis)、恆大置地(TAMBUN,5191,主板產業組)和緯鉅集團(WELLCAL,7231,主板工業產品組)。

Petronas’ ship purchase seen as second MISC privatisation attempt

Analysis Petronas’ ship purchase seen as second MISC privatisation attempt
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com    
Friday, 02 August 2013 10:57

KUALA LUMPUR (August 2): Petroliam Nasional Bhd's (Petronas) move to  buy ships directly for liquified natural gas (LNG) transportation is seen as a second attempt to privatise the national oil firm's 63%-owned subsidiary MISC BHD [ ], market observers and analysts said.

A market observer told the theedgemalaysia.com that privatising shipping firm MISC will give Petronas the "flexibility" to manage the latter's LNG shipping-capacity cost.

Robert Kuok's Wilmar Ghana gains to record on palm oil rally

Robert Kuok's Wilmar Ghana gains to record on palm oil rally
Business & Markets 2013
Written by Bloomberg    
Friday, 02 August 2013 11:17

(Aug. 1): Wilmar International Ltd.’s Ghanaian unit climbed for a fourth day to the highest on record after crude palm oil gained, attracting pension-fund managers in West Africa’s second-biggest economy.

Benso Oil Palm PLANTATION [] Ltd., based in the Western region city of Takoradi, advanced 2.9 percent to 3.60 cedis by 12:03 p.m. in the capital, Accra, the highest since November 2004 when Bloomberg began compiling the data. Trading volume was equal to 1.8 times the three-month daily average.

Elec and Eltek’s (E&E) 2Q’13 profit fell 65% (LImtan)

ELEC AND ELTEK
US$2.16-ELEC SP

Elec and Eltek’s (E&E) 2Q’13 profit fell 65% yoy to US$4.2mln, dragging 1H’13 profit down 53% to US$8.2mln.

As 1H’13 profit of US$8.2mln only accounts for 20% of full year consensus estimate of U$42mln, the performance was below expectations and requires downward revision in consensus estimates.

The lower than expected performance reflects weak demand from their key customers, downward pressure on average selling prices due to intense competitive pressures as well as higher operating costs in China.

Cordlife Group : Keeping the best for our children (AM)

Cordlife Group Limited
LAST CLOSE: S$1.05
FAIR VALUE: S$1.32

We initiate coverage on Cordlife Group Limited (CLGL) with a Buy rating and target price (TP) of $1.32. CLGL is a leading provider of cord blood and umbilical tissue storage services in Singapore, Hong Kong, India, Indonesia and the Philippines. We view the low penetration rates of the stem cells storage industry as an opportunity for investors to ride on the industry’s growth potential in Asia.

Defensive qualities with sustainable recurring cash flow. CLGL provides attractive exposure to the defensive healthcare universe amid broad market decline. The Group presents a strong business model which generates sustainable recurring cash flows from its growing subscription base. Building on economies of scale, the Group in expected to sustain its high margins in the long term.

Elec & Eltek: Success Depends On Yangzhou Plant Ramp-Up (OSK)

Elec & Eltek: Success Depends On Yangzhou Plant Ramp-Up
 (BUY, USD2.16, TP: USD2.50)

Elek & Eltek (E&E)’s 1QFY13 results came in below expectations, with PATAMI of USD4.2m (-64.2% y-o-y) on the back of revenue of USD131.0m (-3.5% y-o-y), as the group continued to face downward margins pressure. We lower our earnings estimates to factor in the risks to its plant rationalisation process. Maintain BUY, albeit with a lower TP of USD2.50, based on a 14.2x blended FY13/14 P/E.

Margins decline further. While revenue improved 13.1% q-o-q to USD131.0m following the return of demand, gross margins took a hit, falling down by 1.2 ppts q-o-q to 10.3% (-5.1 ppts y-o-y). This further fall in gross margins was largely due to the USD5m forex impact as the result of the CNY appreciation as well as an additional USD1.6m in expenses arising from the minimum wage hike in China.

Pacific Basin Shipping : Towage and RoRo assets for free (CIMB)

Pacific Basin Shipping
Current HK$4.27
Target HK$5.70

 Towage and RoRo assets for free
Pacific Basin’s (PB) 1H13results missed expectations, with core net profit only 21% of our full-year forecastas we had likely over-estimated the ability of the spot markets in 2H13 to make up for the weak 1H.Hence, we revise down rates and reduce EPS forecasts.

We lower our SOP-based target price on the back of the earnings cuts. Still, we keep our Outperform call as the share price implies no value attached to its towage and RoRo assets. Catalysts include a gradual 2H13 rate recovery as newbuilding deliveries taper off. Pacific Basin (PB) has positioned well for the recovery by rapidly buying attractive vessels.

Hi-P International: Recovery on track (DBSV)

Hi-P International;
BUY S$0.83;
Recovery on track ;
Price Target : 12-month S$ 0.97 (Prev S$ 0.88)

•2Q13 net profit of S$10.9m was in line, formed 39% of FY13F
•Outlook is positive, driven by multiple new product launches in 2H13
•Maintain Buy, TP raised to S$0.97 as valuation is  rolled over to blended FY13/14 EPS

Positive product mix and re-organisation boosted results. Core profit of S$10.6m (+441% y-o-y, -21% q-o-q) was in line with our S$11m forecast. Sales grew 13% y-o-y to S$285m on increased orders, mainly driven by wireless customers including Apple, Motorola and Blackberry. We believe sales growth would have been stronger if not for Blackberry’s weaker than expected shipment. Core operating margin was a tad weaker at 3.7% vs 5% in 1Q13 due to upfront cost incurred for new products to be introduced in 2H13.    

Kreuz: Initiation - Poised, But Not Priced, For Growth (OSK)

Kreuz: Initiation - Poised, But Not Priced, For Growth
(BUY, SGD0.76, TP: SGD1.14)

Kreuz (KRZ) is a fast-growing subsea services provider with very strong margins and highly visible medium-term growth as its capacity is set to more than double by FY16F. Given its very low 6% net gearing and strong cashflow, KRZ is attractively priced at 7.1x FY13F EPS and 19% growth. We initiate coverage with a BUY and SGD1.14 TP, based on 10x blended FY13F/14F EPS, and backed by a SGD2.05 DCF value.

30%/20% EBITDA/net margins. KRZ commands very high margins as subsea work is highly specialised. As demand for subsea work – buoyed by sustainable high oil prices – has exceeded the Group’s limited capacity, it is now cherry-picking contracts thereby supporting its margins.

Broadway Industrial: Outlook Dims (OSK)

Broadway Industrial: Outlook Dims
(NEUTRAL, SGD0.275, TP: SGD0.30)

Broadway Industrial (BWAY)’s 2QFY13 results were below estimates, with a core PATAMI loss of SGD1.1m on the back of a 8.5% y-o-y drop in revenue to SGD158.6m. We expect the Group to face an uphill task in rationalising its HDD operation while garnering new clients to take up excess capacity. Maintain NEUTRAL, with a lower SGD0.30 TP, based on 0.6x FY13 P/BV (-0.5SD from the stock’s 5-year historical mean).

 HDD outlook unexciting. Losses at BWAY’s hard disk drive (HDD) business persisted, with the unit posting an operating loss of SGD1.5m despite the 16.4% y-o-y and 17.1% q-o-q growth in sales to SGD97.9m in 2QFY13.

SMRT Corporation: Disruptions continue (OCBC)

SMRT Corporation:
Fair value S$1.30
add: 12m dividend forecast S$0.02
versus: Current price S$1.43

Disruptions continue
• 1Q14 results disappoint
• Higher OPEX to linger
• Downgrade to SELL

SMRT's 1Q14 results came in below our expectations as revenue growth slowed while higher staff and depreciation expenses caused operating and net profit to decline 49.4% YoY to S$22.2m and 55.2% YoY to S$16.3m respectively.

COSCO Corporation 2Q13 below expectations despite tax gain; net gearing increases further (CS)

COSCO Corporation (Singapore) Ltd
Maintain UNDERPERFORM
Price (01 Aug 13 , S$) 0.75
TP (prev. TP S$) 0.60 (0.60)
2Q13 below expectations despite tax gain; net gearing increases further

● Cosco’s 1H13 revenue of S$1,623 mn represents 47% of consensus FY13 forecasts; its net profit of S$21.8 mn represents a mere 29% of consensus 1Q13 forecasts. While 1Q13 gross margin of 10.8% was in line with our expectations, the company was negatively impacted by lower gain on sale of scrap material, higher interest costs, offset by a tax credit in 2Q13.

OSIM International: To uInfinity and beyond! (OCBC)

OSIM International:
Fair value S$2.40
add: 12m dividend forecast S$0.06
versus: Current price S$2.06

To uInfinity and beyond!
• 2Q13 PATMI jumps 15.9% YoY
• 2 S cents interim DPS declared
• Product pipeline remains strong

Despite challenging economic conditions in China, OSIM International Ltd (OSIM) managed to record a 15.9% YoY jump in its 2Q13 PATMI to S$26.1m on the back of a 7.0% increase in revenue to S$165.5m.

曾淵滄專欄 02.08.13:炒友可跟大戶入場

美國經濟增長好過預期,道指一度再創新高,但很快地投資者又開始擔心美國聯儲局會不會因為經濟升溫而提早退市,因此道指最後反升為跌,倒是中國A股好,中國官方的PMI數據不錯,推動滬綜指再度升上2000點,A股升勢也帶動香港恒指上升。

一連兩個星期,恒指總是在好幾天裏窄幅波動,然後急升一天,將指數往上拉,使到走勢有如樓梯級一樣,成交額極小,這說明那兩個急升的日子,全是靠大戶在推動,散戶仍未敢入市,短炒者實在應該急速跟隨大戶入場。

Hutchison Port Holdings Trust: Well past the worst (DBSV)

Hutchison Port Holdings Trust
BUY US$0.735
STI : 3,245.45
Price Target : 12-Month US$ 0.82

 Industrial action at HIT impacted 2Q13 results as expected, though partly offset by ACT acquisition
 On a positive note, 1H13 DPU of 2.4UScts was slightly ahead of expectations
 Expect higher DPU in 2H13 in line with seasonal patterns
 Maintain BUY with unchanged TP of US$0.82

Highlights
Weak results as expected. 2Q13 net profit declined 26% y-o-y to HK$420.5m, which was within expectations given the impact of the port workers’ strike in HK earlier in April 2013. Overall volumes handled in 2Q13 were down about 2% y-o-y, as the Trust’s HK operations recorded a 6% dip in volumes. The impact on volumes and revenue would have been greater if not for the acquisition of ACT, which helped soften the impact to an extent. Yantian Port volumes registered steady growth of 2%, mainly driven by transhipment activities as mainlane exports remained flattish.

WILMAR INTERNATIONAL : Challenging Quarter; Brighter Days Ahead (UOBKH)

WILMAR INTERNATIONAL                                
Price/Tgt: S$3.15/3.80      
 Hi/Lo: S$3.89/3.00
2Q13 Preview: Challenging Quarter; Brighter Days Ahead
Wilmar is scheduled to release its 2Q13 results on 6 Aug 13 after market close. We expect Wilmar to deliver a net profit of US$240m-280m, lower qoq but higher yoy on the turnaround of the oilseed & grain division from losses in 2Q12. The palm & laurics division is likely to be the only division to show stronger numbers to partly offset the weakness of the other divisions. Maintain BUY. Target price: S$3.80.

太航虧轉盈不派息

太航虧轉盈不派息
太平洋航運(02343)中期扭虧為盈。集團昨公布,截至六月底止,半年純利為26.5萬美元,每股盈利0.01美仙,不派中期息。集團去年同期業績受滾裝貨船減值影響,錄1.95億美元虧損。

船租高市場逾28%
太航期內營業額按年升10.96%,達7.66億美元。面對上半年乾散貨運市場持續疲弱,集團核心業務乾散貨船仍錄盈利,當中小靈便型乾散貨船日均租金跌12%至9,290美元,但表現仍較市場高逾30%,而大靈便型乾散貨船租金高出市場水平28%。

Thursday, August 1, 2013

馬屋業財測上調

馬屋業財測上調
Created 08/01/2013 - 18:01
(吉隆坡1日訊)馬屋業(MBSB,1171,主板金融組)今年首6月業績表現超預期,分析員上調財測,並預料個人貸款業務(PF-i)繼續成為該公司成長動力,對該公司所實施的新策略有信心,惟貸款條規收緊及競爭升溫,可能限制貸款成長與淨利息賺幅成長空間。

該公司今年首6月核心盈利表現超預期,成長93.6%至3億3千零80萬令吉,遠超20.6%的撥備前營運盈利成長,歸功於貸款損失撥備下滑51.4%、依斯蘭貸款利息收益激增81.2%、個人貸款額上升以及淨利息賺幅(NIM)揚4.4%。

理財Campus:星洲REITs諗得過?

理財Campus:星洲REITs諗得過?
買入房地產投資信託基金(REITs)做另類「收租佬」,一向是「好息」股民的投資選擇之一。不過,本地REITs數目有限,業務亦主要集中於商場及寫字樓等,頗受地產市道及樓價的影響,想長期穩定收息為資金增值?投資者不妨多參考較本港發展成熟的新加坡REITs市場,也許有你的心動之選。

強勢之選:Parkway Life拓展醫護
自「退市」預期出現,星港REITs多受挫,但較少受地產市道影響的REITs成「逆市奇葩」。

IGB REIT : Weaker margins at key assets (DBSV)

IGB REIT
HOLD RM1.26
KLCI : 1,795.08
Price Target : 12-Month RM 1.40
Weaker margins at key assets

• 1H13 net profit was within our and consensus estimates; higher revenues were diluted by weaker NPI margins
• Declared 3.43 sen DPU, implying 100% payout of 1H13 distributable income
• Gardens Mall to remain revenue growth driver; still see limited asset acquisition opportunities
• Maintain HOLD with RM1.40 TP

Highlights
1H13 earnings within expectations. 2Q13 net profit of RM51m was 3% higher q-o-q driven by higher revenue (+6%), but the impact was partly offset by higher operating expenses (+13%). The REIT’s revenue growth (higher percentage rent) was driven

Singapore REITs Challenging environment prompts industrial REITs to buy offshore assets (SCB)

Singapore REITs
Challenging environment prompts industrial REITs to buy offshore assets

 New regulations make acquisition yields 8-10% lower and less accretive for industrial REITs.
 All industrial REITs are seeking offshore assets in locations such as Malaysia, Australia, China and Indonesia.  We prefer industrial REITs with internal redevelopment potential (AAREIT and MINT) and strong rent reversions (AREIT and CREIT) rather than acquisition ambitions.
 We expect factory and warehouse rents to fall 3% p.a. in 2013-14, compared to our previous forecast of a 6-8% p.a. decline.
 Upgrade MINT to Outperform; MINT and CREIT are our top industrial SREIT picks.

Yoma Strategic Holdings: Weak results, positive guidance (DBSV)

Yoma Strategic Holdings:
BUY S$0.865;
Weak results, positive guidance;
Price Target : S$ 1.02

•1QFY14 profit tumbled 82% y-o-y to S$0.4m, missing expectation
•Sales were below forecast due to slow construction and weaker sales at Star City, offset by LDRs
•Trimmed FY14F/15F earnings: weaker margins and higher SGA expenses partly offset by expectations of stronger committed LDR sales in Q2 and quicker construction
•Maintain BUY rating and S$1.02 TP

APTT: Tuning in to an alluring yield play

APTT: Tuning in to an alluring yield play
Asian Pay Television Trust (APTT) is down 8.8% from its IPO price of S$0.97, and now trades at a projected 10% yield. At current valuations, we believe that investors have overpriced in their concerns surrounding APTT’s business risks. As reflected in our projections, we are confident about the sustainability of APTT’s distribution yield on the back of its stable Basic Cable TV growth, digitization initiatives and continued market share gains in the broadband market.

Consumer dynamics working in TBC’s favor. Youthful demographics, higher-than-average income levels and strong population growth are the key characteristics of TBC’s franchise markets. These favorable dynamics will continue to prop up TBC’s headline growth going forward.

Hutchison Port Holdings Trust: Maintain Buy on A􀆩rac􀆟ve Yield (AM)

Hutchison Port Holdings Trust
LAST CLOSE: US$0.735
FAIR VALUE: US$0.820
Maintain Buy on A􀆩rac􀆟ve Yield

DPU below expectations. In H113, Hutchison Port Holdings Trust (HPHT) reported a 0.9% y-o-y decline in overall revenue and a 11% y-o-y fall in net profit. By stripping out the one-time acquisition and performance fees, this translates into a 7.3% y-o-y decline in net profit, on normalised terms. HPHT announced its half-yearly dividend of HKD18.7cents, which was 7.8% lower than our forecast.
A mixed bag. There was a mixed showing between HPHT’s Yantian and Hong Kong ports. HIT reported a 13.9% decline in its throughput volumes, and this could be attributed to the unfavourable factors of an absence of transhipment flows and the labour strike impact. Specifically, FY2012 witnessed the formation of new liner alliances, which underpinned strong transhipment flows in that year. Yantian, on the other hand, performed comparatively better, with container throughput up 2.3% on the back of stronger growth in transhipment cargoes.

SMRT: Still a bumpy ride ahead (DBSV)

SMRT:
FULLY VALUED S$1.43; Bloomberg: MRT SP
Still a bumpy ride ahead;
Price Target : 12-month S$ 1.20

•1QFY14 results were below expectations, net profit tumbled 55% y-o-y to S$16.3m
•Soaring costs remained the main culprit, and is expected to continue to rise
•Change in operating model and fare review is key to profitability, but timing of government move is uncertain
•Maintain Fully Valued and S$1.20 TP

OKP: 2Q13 Results Hit By Lower Margins (OSK)

OKP: 2Q13 Results Hit By Lower Margins
(NEUTRAL, SGD0.41, TP: SGD0.35)

OKP recorded 2Q13 PATMI of SGD0.7m (-77.0% y-o-y), even as revenue was 27.5% stronger y-o-y at SGD30.1m, due to higher costs incurred on a project. Gross margins are expected to remain low until the project is completed towards end-3Q13. With our margin assumptions lowered, we adjust our estimates and arrive at a TP of SGD0.35. OKP has strong balance sheet, with net cash of SGD0.15/share.

Gross profit margin dips. OKP achieved gross profit margin of 8.2% in 2Q13, compared with 24.3% in 2Q12. This was largely due to the lower margins at its Anguilla Park construction project. This project was at the active stages of construction, resulting in higher sub-contracting costs. As the project nears completion, the amount of sub-contracting is likely to taper off. Meanwhile, the increase in headcount contributed to higher staff costs, which also dragged down gross margins. We think gross margins will remain low in 3Q13, and may only start to pick up slightly from 4Q13.

Lian Beng Group: Expecting a Strong FY14 (OSK)

Lian Beng Group: Expecting a Strong FY14
(BUY, SGD0.57, TP: SGD0.70)

LBG recorded 4QFY13 PATMI of SGD9.3m (-19.3% y-o-y), on the back of a 39.1% revenue growth. It expects to book profits from the sale of its industrial development – M Space – in FY14, which should boost its earnings growth. LBG’s orderbook of SGD1.3bn would keep it busy till FY16. The Group’s outlook remains positive, as LBG is set to secure more contracts on robust construction demand. Maintain BUY. Margin squeeze. LBG achieved a lower gross margin of 10.4% in 4QFY13, vs 17.6% in 4QFY12, due to higher raw material costs and lower revenue in the higher-margin property development segment. This pushed PATMI lower. LBG declared a dividend of SGD0.01 per share and a special dividend of SGD0.0025 per share.

曾淵滄專欄01.08.13:買保險變資產管理

我的愛股友邦(1299)股價又再創新高,友邦應該是一隻值得持有10年的股,當然我不敢期望友邦能像騰訊(700)那樣爆升近百倍,但肯定是一隻穩健、逐步向上的高速增長股,數天前友邦公佈半年多賺34%。

過去幾年,香港與新加坡已雙雙崛起,成為國際上最重要的資產管理中心,而資產管理的主要運作者就是保險公司,今日買保險已不再是防止萬一自己有甚麼三長兩短,要保金來照顧家屬,今日保險已發展成一整套的資產管理系統,我相信香港與新加坡的保險公司,有越來越多的來自中國大陸的客戶,我能講流利的普通話,因此也曾受到保險公司的邀請,向他們的中國客戶發表演說,保險公司付機票、酒店之錢,千里之遠把中國內地的客戶接到香港遊覽及聽演說,可見這些客戶都是大客戶。中國內地居民到香港與新加坡買保險,是分散投資,不想將所有的雞蛋存放在一個籃子。

Malaysia Bulk Carriers : Impending IPO of associate Revised (MIDF)

Malaysia Bulk Carriers
Maintain NEUTRAL
Price (30 March 2013) RM1.91
Target Price RM1.90
Impending IPO of associate Revised

• Impending IPO of POSH Semco bodes well for the prospect of Maybulk.
• Global capacity glut in dry bulk shipping may ease and this will likely help Maybulk to register a meaningful turnaround by FY14.
• Maintain NEUTRAL with revised TP of RM1.90 (from RM1.53), derived from Sum-of-Parts method.

置地通用未来专注產业投资业务

(吉隆坡31日讯)置地通用(L&G,3174,主板產业股)未来將专注產业投资业务。

置地通用董事经理刘毅德指出,为了增加经常性收入,置地通用將业务多元化至產业投资。 「目前,產业发展业务占90%。我们冀望產业投资业务越来越吃重。无论如何,商机地点以及价格,將是我们收购產业的考量因素。」

他在置地通用特別股东大会结束后,向媒体如此表示。

置地通用今日在特別股东大会通过两项议案,第一、发售总值7778万令吉的不可赎回可转换无担保债券(ICULS);第二、以现金7248万令吉收购位于布城的一幢13层高办公大楼。

刘毅德透露,该办公大楼的建筑工程已完成50%,预计明年下半年竣工并交付。

降评级衝击股匯 马股连失两关跌22点

(吉隆坡31日讯)隨著惠誉国际评级(Fitch Ratings)在周二下调大马展望评级至「负面」,导致大马股匯市在周三败退。富时大马综合指数全天下跌22.46点或1.251%,至1772.62点,写下7周以来的最大跌幅。 令吉兑美元匯率一度下挫至3.2536令吉兑1美元,是3年新低水平。

无论如何,市场人士对《东方財经》指出,马股自505全国大选后呈上升格局,今天走跌是属于短期的调整,长期而言,马股仍处在健康、正面的格局。

在美国联储局两天会议的结果出炉前,区域股市在周三普遍下跌,除了中国上海证券指数与印尼雅加达指数,分別微起0.19%和0.04%。

First Real Estate Investment Trust : Exciting Plans Ahead (SIAS)

First Real Estate Investment Trust
Exciting Plans Ahead
• Intrinsic Value S$1.485
• Prev Closing Price S$1.225

First Real Estate Investment Trust (First REIT) posted another healthy set of results with revenue rising 43.4% and distributable income rising 26.6% YoY to S$20.1m and S$12.7m respectively. The increase is mainly backed by 1) maiden contribution from Siloam Hospitals Bali and Siloam Hospitals TB Simatupang, which were acquired around mid-May 2013, and 2) Siloam Hospitals Manado and Hotel Aryaduta Manado and Siloam Hospitals Makassar which were purchased in November 2012. Revenue for the next two quarters is likely to be even better as the prior two assets can contribute full quarter earnings.

Wednesday, July 31, 2013

POSH Semco IPO a catalyst for Maybulk

PETALING JAYA: The impending listing of offshore marine services provider PACC Offshore Services Holdings (POSH Semco) is an added catalyst for shipping firm Malaysian Bulk Carriers Bhd (Maybulk) which owns a 21.23% stake in the company.

In a report last Thursday, HwangDBS Vickers said the plan to unlock value by listing POSH Semco was an “added catalyst” for Maybulk.

“We estimate Maybulk’s stake may conservatively be worth RM870mil (pegged at financial year 2013 forecast price/earnings of 12 times) or 87 sen per Maybulk share.”

Reuters reported on Monday that POSH Semco was seeking to list shares in Singapore in a deal worth S$300mil (RM763mil) to S$500mil (RM1.27bil).

传郭鹤年海事公司最多筹13亿 POSH Semco 拟狮城上市

传郭鹤年海事公司最多筹13亿 POSH Semco 拟狮城上市
Created 07/31/2013 - 12:30
(吉隆坡30日讯)消息指,大马富豪郭鹤年所持有的岸外海事服务供应公司———POSH Semco,将在今年9月或10月于新加坡交易所上市,首次公开募股(IPO)规模预计介于3亿至5亿新元(约7.7亿至12.8令吉)。

路透社引述两名消息人士谈话指出,在完成上市后,POSHSemco的市值料可达10亿美元(约32.4亿令吉)。

POSH Semco在截稿前并未回应提问,消息人士说,上市计划仍在初期筹划阶段,POSH Semco尚未决定现有股献售及新股发行的数量。

Globetronics Technology : Earnings uptrend intact (DBSV)

Globetronics Technology
BUY RM2.65
KLCI : 1,798.78
Price Target : 12-Month RM 3.50 (Prev RM 3.00)
Earnings uptrend intact

Increasing production of temperature devices to lift FY13-15F earnings; raise EPS by 1-5%
Expect stronger 2Q13 earnings driven by healthy volume loading
Raise forecast dividend payout to 75%
Maintain BUY rating; raise TP to RM3.50

New products gaining traction. We raise FY13-15F EPS by 1-5% as Globetronics (GTB) has been gradually ramping up production of its temperature compensated frequency device (TCXO) to about 9m units/month currently (from 2m units/month in 2012).

StarHub Ltd: Downgrade to SELL; BPL likely non-event (OCBC)

StarHub Ltd:
Fair value S$3.82
add: 12m dividend forecast S$0.20
versus: Current price S$4.26

Downgrade to SELL; BPL likely non-event
• Likely no major BPL boost
• More downside risk ahead
• Downgrade to SELL

StarHub Ltd will be able to cross carry the widely-followed BPL (Barclays Premier League) live matches for the upcoming 2013 to 2016 seasons. However, with a seemingly steep price point of S$59.90/month (before GST) for new subscribers (while existing mioTV subscribers continue to pay the current S$34.90 (before GST)),

CDREIT: Results Remain Weak (OSK)

CDREIT: Results Remain Weak
(Neutral, SGD1.69, TP: SGD1.63)
CDL Hospitality Trusts’ gross revenue and net property income for 2Q13 softened to SGD35.6m (-2.9% y-o-y) and SGD32.6m (-4.4% y-o-y) respectively. The quarter’s DPU of 2.72 cents (-6.8% y-o-y) was in line with estimates, but deviated by -1.5% from our forecast. Due to the persistently weak outlook for Singapore’s hospitality sector, we remain NEUTRAL on the stock, with a lower TP of SGD1.63.

Earnings soften due to corporate spending cuts, fewer events. CDL Hospitality Trusts (CDREIT)’s weak 2Q13 earnings were mainly attributed to softer demand for hotel space versus a year ago, as corporations continued to cut travel budgets amid uncertain global economic conditions.

Golden Agri : A price for everything (CS)

Golden Agri-Resources
Maintain OUTPERFORM
Price (25 Jul 13 , S$) 0.55
TP (prev. TP S$) 0.67 (0.80)
A price for everything

● We have cut GGR’s FY13E and FY14E earnings forecasts by 22% and 15%, respectively. Its target price has been lowered to S$0.67 from SG$0.80.

● GGR remains one of the most leveraged plantation companies to palm oil prices—for every RM100/t decrease in palm oil prices, its earnings would fall by 8%. Therefore, it works both ways—when palm oil prices eventually improve, GGR's share price should be quick to react positively.

Mapletree Industrial Trust: Growing nicely (DBSV)

Mapletree Industrial Trust:
BUY S$1.39; Bloomberg: MINT SP
Price Target : 12-Month S$ 1.52 (Prev S$ 1.63)
Growing nicely;

•DPU of 2.43 Scts in line
•Steady earnings growth backed by decent operational performance and completion of development projects
•BUY, TP revised to S$1.52

Highlights
1Q14 DPU of 2.43 Scts in line. Mapletree Industrial Trust ("MINT") reported gross revenue and net property income of S$75.1m and S$52.5m respectively, which were higher by 12% and 9% y-o-y. The better performance was largely due to higher rental reversions achieved portfolio-wide (average portfolio rents increased by 1.7% to S$1.71 psf), supported by higher occupancy levels achieved in Flatted Factories, Business Parks and Hi-Tech Buildings. MINT’s portfolio occupancy continues to remain stable at c95.4%. Distributable income was 9% higher y-o-y at S$40.2m (DPU of 2.43 Scts). On a sequential basis, distributions grew by c3.3%.

OKP Holdings: Weak outlook ahead (OSK)

OKP Holdings:
FULLY VALUED S$0.41;
Weak outlook ahead;
Price Target : 12-Month S$ 0.35 (Prev S$ 0.41)

•2Q13 below; gross margin collapsed 16ppts on higher subcontracting costs and low margin work
•Gross margins to remain depressed for at least another quarter; weak visibility for project wins
•Cut FY13F/14F earnings by 42%/12%
•Maintain Fully Valued with lower TP of S$0.35

2Q13 below expectations, gross margin declined by 16ppts.  2Q13 net profit plunged 77% y-o-y, 70% q-o-q to S$0.7m. While revenue came in at S$30.1m (+27.5% y-o-y, -6% q-o-q), gross margins declined by 16.1ppts as a result of higher subcontracting costs and low margin work. 1H13 earnings amounted to S$3.1m, accounting for just 30% of our previous forecast (net profit: S$10.1m).

曾淵滄專欄 31.07.13:賣百佳對和黃有利

中國每天都有負面的經濟新聞,有人認為這是傳媒唱衰,特別是西方傳媒,更將中國形容為即將硬着陸的樣子。因此,結論是傳媒唱衰是別有用心。

也許你可以用另一個角度來看,先問一問:傳媒從甚麼地方得到資料?國際大鱷?若是國際大鱷,他們目的是甚麼?當然是想踩低股價,我們何不順水推舟?或逆向趁低吸納?如果資料來自中國政府本身,那有甚麼好擔心的?習近平上台之後,正在不斷地做整頓,整頓過程會有驚慌、有痛苦,但是,絕對不會出亂子,所有整頓都在中央有把握推行時才推行,正如前陣子所謂中央審查地方債一樣,根本不是甚麼問題,之所以變成問題,只是分析員為了找個理由來解釋股市的升跌,於是中央審查地方債正好成為前日跌市的理由。

置富擅改造商場勁加租

【往績可尋】

由長實(001)執董「樓神」趙國雄掌舵的置富產業信託(778),近年多次成功將旗下業績差勁的商場「翻生」,其中部份「死場」,如東涌映灣薈、西九龍凱帆薈,收入淨額更在三年之內勁升超過4倍。

16個商場物業 趙國雄打理
置富在2003年由長實分拆到新加坡上市,直至2010年「回流」返港掛牌,集團在上市初期只有馬鞍山廣場、紅磡都會商場等五個商場物業,撇除昨日宣佈收購的天水圍嘉湖銀座商場,現時已擁有16個商場物業。

Asian Pay Television Trust : New port in a storm (CIMB)

Asian Pay Television Trust
Current S$0.88
Target S$1.00
New port in a storm

 Although its post-IPO performance has laggedbehind, APTT is still set to deliver a stable dividend pay-outdue to its defensive utility-like Taiwan cable TV business. As growth weakens across Asia, a highand stable dividend yield should remain attractive.

We remain unconcerned about new licence approvals as a capital-intensive build out suggests new competition is not a credible threat. While bond yields have ticked upwards, rates in Taiwan are expected to remain low for some time, keeping financing costs low. Initiate coverage with an Outperform call. Our target price is based on DCF (COE 10.2%, LTG 1.0%).

FIRST REIT: CONTRIBUTION FROM NEW ASSETS (OCBC)

FIRST REIT
Fair value S$1.20
add: 12m dividend forecast S$0.079
versus: Current price S$1.21

CONTRIBUTION FROM NEW ASSETS
• 2Q13 core DPU rises 16.4% YoY
• Aiming to reduce floating rate exposure
• Unchanged HOLD rating and S$1.20 FV

2Q13 results within our expectations
First REIT (FREIT) reported its 2Q13 results which were within our expectations. Gross revenue surged 43.4% YoY to S$20.1m due largely to contribution from its four newly acquired properties in Indonesia (two acquired in Nov 2012 and two in May 2013).

Tuesday, July 30, 2013

94億政府債期滿‧恐引贖回潮

94億政府債期滿‧恐引贖回潮
Created 07/30/2013 - 17:30
(吉隆坡30日訊)市場憂慮明日到期的29億美元(94億令吉)政府債券恐使債市掀起贖回潮,加上經常賬情況不斷惡化,拖垮投資者對馬幣前景信心,令5月大選後開始馬幣轉貶,兌美元匯率承受重壓,盤中一度走貶0.37%至3.2379的3年新低,不過據知國家銀行有出手干預穩定馬幣跌勢。

選後漲潮逐步消逝

交易商指出,市場憂慮大馬經濟轉型計劃(ETP)停滯不前、龐大財政赤字,以及經常賬可能自亞洲金融風暴以來首次錄得赤字,促使馬幣自5月選後開始掀起的漲潮逐步消逝。

Maybulk hits 18-m high after report on POSH Semco listing

Stock Focus Maybulk hits 18-m high after report on POSH Semco listing
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com    
Tuesday, 30 July 2013 12:32

KUALA LUMPUR (July 30): Shares of MALAYSIAN BULK CARRIERS BHD [] (MBC) rose to 18-month high after Reuters reported that its 21%-owned associate, PACC Offshore Services Holdings (POSH), will list its unit POSH Semco in Singapore.

According to Reuters, The initial public offer (IPO) is expected to be launched in September or October.

At 12 noon, Maybulk rose 4 sen or 2% to RM1.91 per share on trades of 1.67 million shares. The last time it was at this level was early 2012.

柔醫保2送1紅股‧發附加股籌1.23億

柔醫保2送1紅股‧發附加股籌1.23億
Created 07/30/2013 - 10:44
(吉隆坡29日訊)柔佛醫藥保健(KPJ,5878,主板貿服組)建議以2送1比例派送至多3億2千977萬股紅股,並建議每15股配售1股附加股及附送2張憑單,籌集至多1億2千311萬令吉融資業務擴充和還債。

15股售1附加股送2憑單

柔佛醫保發文告表示,紅股將透過將公司股票溢價戶頭和保留盈利戶頭資本化進行。

該公司在附加股計劃下將配售至多4千397萬股附加股,參閱發售價為每股2令吉80仙,相等於過往5天平均理論紅股除權價4令吉77仙的41.30%折價。

Asia Media gets nod for rights issue with warrants

Asia Media gets nod for rights issue with warrants

BY SHARIDAN M. ALI
SHARIDAN@THESTAR.COM.MY

KUALA LUMPUR: Asia Media Group Bhd, the country’s largest transit-TV network operator, has gained shareholders’ approval for its proposed rights issue with warrants.

At yesterday’s EGM, up to 752.4 million new ordinary shares along with up to 188.1 million free new warrants that could raise between RM19.6mil and RM97.8mil were approved.

The company plans to utilise the proceeds to fund its expansion and rollout of digital terrestrial television broadcasting (DTTB) on its transit-TV network.

POSH Semco seeks IPO in Singapore

SINGAPORE: Offshore marine services provider POSH Semco, controlled by Malaysia’s richest man Robert Kuok, is seeking to list shares in Singapore in a deal worth S$300mil to S$500mil, sources said.

The deal was expected to be launched in September or October, two people with direct knowledge of the deal told Reuters.

POSH Semco’s market capitalisation was expected to reach nearly US$1bil after its shares were listed, one of the sources said.

POSH Semco, a member of the Kuok Group, did not respond to a Reuters request for comment.

IOI Corporation : Demerger excitement (CS)

IOI Corporation
Maintain UNDERPERFORM
Price (25 Jul 13 , RM) 5.45
TP (prev. TP RM) 5.00 (4.60)
Demerger excitement

● We have revised up IOI’s FY13 and FY14 earnings forecasts by 10% and 5%, respectively, as its manufacturing and property divisions have beaten our expectations. We have revised up the target price of IOI to RM5.00, from RM4.60.

● IOI’s immature plantations account for only 12% of its total planted area vs. 35% for Genting Plantations and 20% for KLKepong.

承销商护盘价格反走跌 亚航X 稳定机制适得其反

承销商护盘价格反走跌 亚航X 稳定机制适得其反
Created 07/30/2013 - 07:58
(吉隆坡29日讯)亚航X(AAX,5238,主板贸服股)上市迄今,价格稳定机制承销商10度进场护盘,旨在支撑市场信心,但市场人士不排除此举徒增反效果。

亚航X上市以来,股价表现一直低于市场预期,大部分时候维持在首次公开募股(IPO)发售价1.25令吉。

担任亚航X的价格稳定机制承销商(Stabilizing Manager)———马银行投行,从7月10日以来,已10度进场购入亚航X股票。

Hutchison Port Holdings Trust : 2Q13 ... another down quarter (CS)

Hutchison Port Holdings Trust
Maintain UNDERPERFORM
Price (25 Jul 13, US$) 0.76
TP (prev. TP US$) 0.72 (0.72)
2Q13 ... another down quarter

● Hutchison Port Holdings Trust (HPHT) reports its 2Q13 profits after market close on 30 July, with a call timed for 1830 SIN time. We expect pre-ex NPAT of HK$390 mn, down 34% on last year and 6% below consensus of HK$416 mn.

● Earnings typically build in 2Q towards the 3Q summer peak; however, the impact of the dockworkers strike, slower PRC export volumes and changes in shipping patterns are expected to have combined negatively with the pernicious effect of higher wages to keep NPAT at around 1Q13's levels.

Lian Beng:And the sky clears (MKE)

Lian Beng Group
Buy(unchanged)
Share price: SGD0.58
Target price: SGD0.69 (from SGD0.68)
And the sky clears

Strong year to come. Lian Beng posted a full-year revenue of SGD505.6m (up 13.6% YoY) on contributions from its construction and manufacturing of concrete arm and net profit of SGD39.4m (down 24.3% YoY). Excluding a one-off SGD7.9m gain from sale of investment property in FY5/12, net profit would have fallen by 11%. We expect property development earnings to begin to shine through as well as ex-Seletar Garden and Changi Road sites to launch in the following year. Maintain BUY with TP raised to SGD0.69.

China Dry Bulk Shipping : Waiting for the next government handout (CS)

China Dry Bulk Shipping
Maintain OVERWEIGHT
Waiting for the next government handout

● Shanghai Securities News reports that the plan to resolve overcapacity in the shipping sector has been submitted to the State Council and its official release is imminent.

● A new subsidy programme to encourage scrapping under the banner of an environmental initiative and tax relief is likely to form the key elements of the policies. Containerships are probably not covered by the programme, owing to young average vessel age.

CDL Hospitality Trusts: 2Q13 results miss street's expectations (OCBC)

CDL Hospitality Trusts:
Fair value S$1.73
add: 12m dividend forecast S$0.104
versus: Current price S$1.675

2Q13 results miss street's expectations
• 2Q13 SG hotels RevPAR down 8.5% YoY
• Boost from Angsana Velavaru acquisition
• Maintain HOLD

CDL Hospitality Trusts reported a 4.4% YoY fall in net property income in 2Q13 to S$32.6m. Income available for distribution contracted 6.4% YoY to S$29.4m. 2Q13 RevPAR for the Singapore hotels fell 8.5% YoY to S$193, affected by increased competition, weaker corporate demand and the absence of the biennial Food & Hotel Asia event in Apr.

CACHE: A Highly Defensive REIT (OSK)

CACHE: Initiation - A Highly Defensive REIT
(BUY, SGD1.24, TP: SGD1.42)
We initiate coverage on Cache with a BUY rating. Based on our DDM model, and assuming a terminal growth rate of 2.0% and a COE of 9.1% (with a risk-free rate of 2.5%, 0.8x beta and 7.0% equity risk premium), we arrive at our TP of SGD1.42. Given the commitment from its sponsor and the high occupancy rate within its portfolio, we believe Cache to be one of Singapore’s most defensive industrial REITs.

Starhill Global REIT: Poised for further upside (OCBC)

Starhill Global REIT:
Fair value S$0.95
add: 12m dividend forecast S$0.049
versus: Current price S$0.87

Poised for further upside
• 2Q13 DPU up 10.2% YoY
• Healthy underlying performance
• Clear catalysts for growth

Starhill Global REIT (SGREIT) announced 2Q13 DPU of 1.19 S cents, up 10.2% YoY. Together with 1Q DPU of 1.37 S cents, 1H13 DPU totaled 2.56 S cents, up 19.1% YoY. This forms 52.1%/51.2% of our/consensus full-year DPU forecasts, well within expectations. The positive performance was mainly due to strong contribution from its Singapore and Australia portfolios.

CapitaLand : Focus on sustainability and growth (DBSV)

CapitaLand,
Buy S$3.22,
Focus on sustainability and growth
Price Target : 12-month S$ 4.36 (Prev S$ 4.44)

•2Q13 results dragged by lower portfolio gains and one-offs
•Strategy to generate recurrent income, capture niche in integrated projects
•Maintain Buy, TP S$4.36

Highlights
Dragged by lower portfolio gains and one-offs. Capitaland’s results were slightly below expectations. Revenue was 37% higher at S$1.18bn while PATMI was flat at S$383m due to a normalized GP margin of 27.9% (vs 39.5% last year), and after factoring in lower portfolio and revaluation gains and a S$28m one-off charge from repurchase of CBs. Stripping out these items, operating profits would have been S$108m, 20% higher than previously, to reach S$240m for 1H13.

CapitaMalls Asia : Resilient amid China Macro Headwind (Citi)

CapitaMalls Asia
Price (23 Jul 13) S$1.94
Target price S$2.58
Alert: 1H13 Result In Line; Resilient amid China Macro Headwind

 1H Operating PATMI S$120m, up 62% yoy (45% of Citi’s full-yr est) – Excluding portfolio gain of S$21m and revaluation gain of S$178m, operating PATMI for 1H increased by 62% to S$120m on the back of a 27% increase in revenue. For 2Q13, operating PATMI of S$54m was +41% YoY but -27% QoQ, with the sequential decline attributed to seasonal and other factors (like tax provision and wage adjustments).

曾淵滄專欄 30.07.13:伯老出口術護美元

深圳政府終於推出前海土地拍賣,成交價頗高,但一些所謂前海概念股,不一定能得益,前海概念股分兩種,一種是在前海區裏擁有土地者,另一種是在前海區外,即深圳的其他地方擁有土地的地產股。

退市論阻貶值
前海的前身,即前海未改變規劃,成為特區中的特區之前,原本規劃是一個港口區,因此,目前在前海擁有土地者的土地用途,只限於經營港口、碼頭業務,要將碼頭用地改為工商、住宅用途並不容易,而前海區外的深圳地產商能因前海的開發得到多大的好處?除非某上市地產商所擁有的深圳土地,剛剛好在前海邊緣,前海是特區中的特區,在前海區外的所有土地上的商家、住戶,都享受不到前海這個特區中的特區之特殊優惠,因此,區內區外的土地價格是可以有巨大的差距。

Malaysian Airlines System 2Q13: Just Outside the Profit Zone (MKE)

Malaysian Airlines System
Buy(from Hold)
Share price: MYR0.31
Target price: MYR0.35(unchanged)
2Q13: Just Outside the Profit Zone

Still making losses, but vastimprovement expected. MAS will release its 2Q13 results on 31 July. 2Q is a seasonally weak quarter, and we expect MAS to post a core loss of MYR34.6m (+78% YoY, +90%QoQ). This strong improvement is due to higher load factors and lower fuel price of USD124.4/bbl (-5.8% YoY, -7.9% QoQ). MASshould be profitable in 2H13 as it enters into its seasonally strong quarters of 3Q (strongest) and 4Q (second strongest) and benefits from lower operating cost from new aircraft induction. We upgrade the stock to a

Wilmar : Good support at S$3 (CS)

Wilmar
Maintain NEUTRAL
Price (25 Jul 13, S$) 3.16
TP (prev. TP S$) 3.73 (3.81)
Good support at S$3

● We have revised down our FY13 and FY14 earnings forecasts for Wilmar by 5%. We also reduce our target price to S$3.73 (from S$3.81).

● We believe 2Q 2013 was challenging for Wilmar (results to be announced on 12 August), given: (1) weak palm oil prices; (2) the bird flu scare has resulted in oilseed crush volumes falling by 10- 20% YoY; (3) palm refining margins are deteriorating with new capacities coming on stream; and (4) the Yellow Canopy syndrome in Australia could hit sugar content.

Rail tender open to international bidders

Rail tender open to international bidders
By Roziana Hamsawi
bt@mediaprima.com.my
2013/07/30

HIGH-SPEED LINK: Malaysian and Singaporean governments deciding on modality and procedure Prime Minister Datuk Seri Najib Razak yesterday confirmed that the tender for the high-speed rail (HSR) link between Kuala Lumpur and Singapore will be opened to international bidders.

He said the Malaysian and Singaporean governments are in the process of deciding on the modality, way forward and procedure for execution.

Monday, July 29, 2013

Weekend Comment Jul 26: China's next investment wave

THE CHINESE GOVERNMENT is working hard to arrest the slide in its economic growth. HSBC’s Flash China Manufacturing PMI for the month of July fell to an 11-month low, signalling marked downside pressures to growth. On June 24, its State Council announced three new measures: tax cuts for small enterprises, support for international trade and investments into the nation’s railway infrastructure. This means there may be benefits for the locally-listed China companies or so-called S-chips.

From Aug 1, the government will temporarily waive value added and business tax for companies with monthly sales of less than RMB20,000 ($4,117). It will also study the possibility of long-term tax cut measures.

股海宝藏:史格米能源服务浴火重生

股海宝藏:史格米能源服务浴火重生
Created 07/29/2013 - 14:00
在被倒置收购前,史格米能源服务(SCOMIES,7045,主板贸服股)只是专注在海事服务,特别是在印尼的煤炭运输。

它拥有72艘拖船和驳船以及11艘岸外支援船只。

在2013年3月完成收购Scomi Oilfield东半球业务之后,史格米能源服务转型为钻井液和钻井废物管理供应商。

目前,史格米集团拥有史格米能源服务的66%股权,而史格米能源服务在大马的钻井液和钻井废物管理领域,市占率有50%,也在海外例如土库曼和印尼有立足点。

摩廈凶咒唔好唔信


摩天大廈落成引爆金融風暴見證

德意志銀行駐香港分析師羅倫斯在整理前人的研究後,於一九九九年首次提出「摩天大廈指數」。雖名為「指數」,但其實是將超高大廈的落成日期,與經濟的起伏按時序並列,發現多次出現經濟下滑之時,都有世界第一高大廈落成。

投資綺理:神級大師的投資哲理

有一天,一位女士在一個投資會議裏問,何時是投資的最好時機。鄧普頓資產管理公司始創人約翰.鄧普頓(Sir John Templeton)回答,「最好的投資時機是你有錢的時候」。故事說明,若是長線投資,甚麼時候也是投資的機會,因為無人知道甚麼時候資產價格會見頂或底。

牛市歷時較熊市長

根據鄧普頓資產管理執行主席麥博士(Mark Mobius)所言,新興市場股市裏,牛市升幅往往較熊市跌幅大,而牛市歷時較熊市長。筆者讀大學時,一位教授在課堂上,教了我一個投資方法—平均成本法(Dollar Averaging),即定時(如每個月或每一季度),投資相同注碼於某一投資產品。在熊市的時候定時定額買貨,一定要克服心理上的陰影,心裏想的是十年、二十年之後的回報。

曾渊沧:港股摆脱A股影响 七月成功翻身

七月份香港恒生指数走势颇佳。至今已经比六月份的低位高出2000点以上。反弹力度远胜中国A股。这说明香港股市已逐渐摆脱中国A股的影响,要完全摆脱当然是不可能,因为有大量H股在香港上市,更是跻身香港蓝筹股行列。所谓摆脱影响是非H股的纯港股。这类股的走势更大的影响者是美股。而美国股市表现得的确不错,道琼斯指数不断创新高。投资者已完全摆脱前阵子美国联邦储备局的退市言论的阴影。

美股能摆脱退市阴影,理由是投资者相信联邦储备局不会轻易乱搞退市,退市一定是在经济增长强劲,失业率下降,通胀升温的条件下才会进行。如果经济增长强劲,企业一定赚大钱,企业赚大钱,股价怎么会跌?过去许多年的历史资料告诉我们,加息初期往往股市仍然向上,不但是向上,更是火热地狂炒,股市进入大牛市的最后狂升阶段往往是处于加息周期,只有利率一加再加,加到投资者感到不妙,加到投资者担心再加就会影响企业利润时,股市才会由高峰逆转。

Gtronic set to move towards overhead resistance zone

Globetronics Technology Bhd (Gtronic) staged a technical rebound last week. Its daily price trend rebounded to close at RM2.59, giving a week-on-week gain of 17 sen, or 7.02 per cent.

Following are the readings of some of its technical indicators:

* Moving Averages: Gtronic's daily price trend had since stayed above all its 10-, 20-, 30-, 50-, 100- and 200-day moving averages.

* Momentum Index: Its short-term momentum index stayed above the support of its neutral reference line.

Overcapacity remains a concern in shipping

Overcapacity remains a concern in shipping

BY SHARIDAN M ALI
SHARIDAN@THESTAR.COM.MY

PETALING JAYA: As the container shipping industry recuperates from a challenging market environment, concerns still abound over the looming overcapacity as more new vessels are expected to come on stream in the next two to three years.

CMA CGM group senior vice-president for Asia Europe lines Nicolas Sartini told StarBiz that the two main markets in the liner industry – Asia-Europe and Trans-Pacific trade – have entered their peak season.

Yongnam : Diversifying Into Infrastructure Investments (UOBKH)

Yongnam Holdings
Share Price S$0.340
Target Price S$0.450
Diversifying Into Infrastructure Investments

Valuation/Recommendation
• Maintain BUY and target price of S$0.45, based on peers’ average PE of 9.7x on our 2014F EPS of 4.7 cents.

Investment Highlights
• Established track record. Yongnam has more than 40 years of experience in steel fabrication and provision of engineering solutions. The company has worked with numerous reputable contractors, such as Takenaka Corporation, Shimizu Corporationg Samsung Corporation and Ssangyong E&C. It was also involved in many major projects that changed the architectural landscape in Singapore.

CapitaLand : What’s core and what’s not (CIMB)

CapitaLand
Current S$3.22
Target S$3.91
What’s core and what’s not

 The restructuring theme seems to have stalled with the failed sale of Australand. However, this does not change CapLand’s plan to inject excess capital into its core segments. Operational improvement is now the main focus, which we believe, is gradually showing in its results.

1H13 core EPS was in line with expectations, at 51% of our FY13 estimate and % of consensus. The bulk of its China completions will materialise in 4Q13. By adjusting our recognition schedule, FY13-15 core EPS changes by -10-2%. We reduce our target price (still at 20% discount to RNAV) to factor in Australand’s lower share price. We maintain our Outperform call with operational improvement as a catalyst.

CapitaMalls Asia: Gaining good traction (OCBC)

CapitaMalls Asia:
Fair value S$2.55
add: 12m dividend forecast S$0.04
versus: Current price S$1.94

Gaining good traction
• 2Q13 results within expectations
• NPI performances healthy
• Bedok Mall and Westgate to open in 4Q13

CMA’s 2Q13 PATMI is S$245.6m, which increased 5.9% YoY mainly due to higher fair value gains for Chinese assets and ION Orchard and profit recognition at Bedok Residences, partially offset by a lower divestment gain. Excluding one-time items, we view the 2Q13 results to be mostly within expectations and YTD core PATMI now makes up 63% of our FY13 forecast.

Halcyon Agri : Anticipating A Stronger 2H13 (UOBKH)

Halcyon Agri
Share Price S$0.735
Target Price S$1.00
Anticipating A Stronger 2H13

Valuation
• BUY recommendation; target price of S$1.00 based on a peer average PE of 10x applied to our 2014F EPS estimate of 9.9 S cents.

Investment Highlights
• Expect 1H13 to be weak; earnings to pick up in 2H13. We foresee 1H13 earnings to comprise less than 50% of our full-year forecast on the back of ongoing renovation works in Halcyon Agri Corp’s (HACL) Indonesian factories, flooding in Feb 13 and farmers’ low rubber tapping activity. We anticipate a pick-up in 2H13 as South Indonesia enters its peak production season and natural rubber (NR) prices recover, reviving rubber tapping activity. The benchmark NR price (SICOM TSR20*) has rebounded from a ytd low of US$2,159/tonne on 10 July to US$2,359.

CONTAINER SHIPPING: Keep-in-view for 4Q13 (CIMB)


 A structural overcapacity of container shipping and irrational competition among liners have forced the industry to dump prices even in the face of losses. The best hope we have is for the arrival of temporary sanity. The question is, has that time come?
 
The evidence suggests not yet, and if the summer shipping peak is weak, the 1 July rate hikes will not last. Nevertheless, we believe carriers will take stronger action from October, leading to possibly more sustainable rate restoration in late 2013/early 2014. We remain Neutral on the sector, with our top picks in OOIL and SITC. We downgraded EPS and also target prices across the board on a tougher competitive environment.

AAREIT: Set To Grow (OSK)

AAREIT: Set To Grow
(BUY, SGD1.61, TP: SGD1.81)
AAREIT reported a DPU of 2.50 cents (flat y-o-y) for 1QFY14, in line with our FY13 forecast. 1QFY14 revenue jumped 17.1% y-o-y to SGD24.5m while net property income rose 5.7% y-o-y to SGD15.7m. In view of the exciting pipeline of upcoming projects in the next 17 months, we remain positive on the REIT’s outlook. Maintain BUY, with a higher SGD1.81 TP.

Hi-P International: All Set For a Busy 2H13 (OSK)

Hi-P International: All Set For a Busy 2H13
(BUY, SGD0.795, TP: SGD0.96)
HIP is set for an exciting 2H13. Its top customers, Apple, Blackberry and Motorola, will be launching new products for which it will be supplying components and providing assembly services. We expect its 2Q results to be strong as orders may already be pouring in. Reiterate BUY, with our TP unchanged at SGD0.96, based on a blended 13.5x FY13/FY14 P/E (-1 SD from the stock’s 3-year historical forward P/E).

Cambridge Industrial Trust: Resilient portfolio, safe earnings (DBSV)

Cambridge Industrial Trust,
HOLD S$0.74 ,
Resilient portfolio, safe earnings
Price Target : 12-Month S$ 0.78

•2Q13 in line with expectations
•Portfolio remains resilient; earnings growth to be led by opportunistic acquisitions or development projects
•HOLD maintained, TP S$0.78

Highlights
2Q13 results in line. Cambridge REIT (CREIT) reported a 14% and 13% y-o-y rise in revenues and net property income to S$24.6m and S$20.8m, respectively. The better performances were largely due to the contribution from acquisitions and development projects, rental escalations, offset by loss of income from divestments. Portfolio occupancy remained high at c.98% with a weighted lease expiry of 3.2 years. Distributable income rose by 8% y-o-y to S$15.3m (which was largely a distribution of capital as the Manager was entitled to a performance fee of S$13.9m after a voluntary 50% waiver). DPU was 1.24Scts (+5% y-o-y). CREIT also reported net revaluation gains of S$31.9m, 3% higher compared to Dec 12 values.

Starhill Global REIT : Bright lights, big city (DBSV)

Starhill Global REIT,
Buy S$0.87,
Bright lights, big city
Price Target : 12-Month S$ 0.94 (Prev S$ 0.98)
•2Q13 results in line
•Strong reversions for Singapore and Malaysian properties
•Expect stronger 2H13; Maintain BUY, TP S$0.94

Highlights
Still shining bright in Orchard Road. Starhill Global REIT recorded 2Q13 revenues of S$49m (+6% y-o-y), NPI of S$39m (+5% y-o-y) and distribution income of S$26m (+11% y-o-y).The increase in revenue and NPI were attributable to higher occupancies and reversions for the Singapore properties as well as full-quarter contributions from Plaza Arcade in Australia, which was acquired in 1Q13. The Manager announced 2Q13 DPU of 1.19Scts on an enlarged share base of 2.15bn units (+11%) after YTL Group converted their CPUs into units in early July. The 1H13 DPU of 2.56Scts includes one-off Toshin payout from accumulated rental arrears in 1Q13 of 0.19Scts. 1H13 DPU of 2.56Scts comprises c.53% of our FY13F DPU.

曾淵滄專欄 29.07.13:新王老吉復原需時

今年7月份,有差不多一半時間不在港,月初到了沖繩島,月中去青海,現在則在廣州,我雖已經辭去城大教席,城大依然委任我當特約教授,即不領薪的教授,偶爾會參與和協助城大教務、城大MBA學生每年暑假都會集體到內地一家企業進行交流及調研,今年選擇了廣藥(874)旗下的白雲山藥業。

廣藥擁多個極佳老品牌,早年也許是因為經營不善,才將王老吉這個品牌,外包給一名香港商人,王老吉是好產品,因此這名商人把王老吉建成一個營業額驚人的全國性大品牌。現在,廣藥已成功收回王老吉的品牌,這名商人於是自創加多寶這個新品牌,也很成功地通過鋪天蓋地的廣告宣傳告訴消費者,加多寶就是王老吉,配方一樣。

Frasers Commercial Trust: Boost from CPPU redemption (OCBC)

Frasers Commercial Trust:
Fair value S$1.58
add: 12m dividend forecast S$0.079
versus: Current price S$1.34

Boost from CPPU redemption
• 28.8% jump in 3QFY13 DPU
• Improvement in lease expiry profile
• China Square Central AEI completed

Frasers Commercial Trust (FCOT) reported a 28.8% YoY jump in 3QFY13 DPU to 2.19 S cents. This was due to lower interest costs and distribution savings following the redemption of 319.7m Series A Convertible Perpetual Preferred Units (CPPUs) this year.

Tenders for RM25b MRT project early next year?

Tenders for RM25b MRT project early next year?
By Sharen Kaur
sharen@mediaprima.com.my
2013/07/29

LINE 2: Project slated to be a circle line and may ply between Sungai Buloh and Putrajaya, says a source
MASS Rapid Transit Corp Sdn Bhd (MRT Corp) expects to call for tenders for Line 2 of the Klang Valley My Rapid Transit (KVMRT) project, estimated to be worth over RM25 billion, by as early as next year, sources said.

The second line is slated to be a circle line and may ply between Sungai Buloh and Putrajaya, a distance shorter than the 51km-long Line 1 from Sungai Buloh to Kajang.

Courts Asia : Going “Big” in Indonesia (HSBC)

Courts Asia
Target price (SGD) 1.46
Share price (SGD) 0.95
Going “Big” in Indonesia

 Two new Megastores in Jakarta to accelerate growth
 Sinar Mas Land will be a strong partner for Courts
 Reiterate Overweight (V) rating and raise TP to SGD1.46 from SGD1.32

Two record sized Megastores announced in Greater Jakarta. Courts announced on 22 July 2013 a tie-up with Sinar Mas Land (one of the strongest property developers in Indonesia) to build two “Big-Box” Megastores in Greater Jakarta with total retail area of 270,000sqf. The first store, that we believe will open mid CY 2014, will measure 140,000sqf and will be located in Bekasi, east of Jakarta.

Sunday, July 28, 2013

Property Developers Shifting Southwards



Courts Asia: Courting Jakarta Again



Lim Ming Yan, President and Group CEO, CapitaLand


Tony Fernandes, CEO of AirAsia


Shares Investment 2013 Stock Picks: Second Quarter Review

26 JULY 2013 2013
 Stock Picks: Second Quarter Review
By Jade Lee and Choo Hao Xiang

There is no doubt many of us would prefer to turn our backs on the April to June period. One moment, things were looking so rosy and the next thing you know, the positive momentum just evaporated. On the flip side, does this correction open up any opportunity? As we round up how the stock picks by market experts and the Shares Investment team fare over the second quarter, we would be presenting new picks that could potentially do well over the next three months.

Dr Chan Yan Chong’s Column 26.07.13

26 JULY 2013
Dr Chan Yan Chong’s Column
By Dr Chan Yan Chong

The minutes from the most recent FOMC meeting turned out to be a major positive for the stock market as the committee members have yet to decide on when to withdraw from the stimulus measures. Without a consensus, it simply means that the date has been pushed back indefinitely.

Owing to the solid performance by the US market, stock indices in Hong Kong and Singapore also performed admirably despite earlier hits caused by the falling A shares especially with the Shanghai Composite Index (SSE) trading below 2,000 points. Now that both bourses have shaken off the downward pressure exerted by the SSE, it is not hard to see both the Hang Seng Index and the Straits Times Index creating fresh highs this year.

Gabriel Gan:Does A Change In Language Alter The Fundamental Truth?

26 JULY 2013
Does A Change In Language Alter The Fundamental Truth?
By Gabriel Gan

It was a good fortnight for the global markets with the Dow Jones industrial Average (DJIA) at record territories while most other global indices, including key Asian indices, are fighting to emulate the performance of their US counterpart.

On 23 July, the DJIA set an intraday high of 15,604 points but close slightly lower at 15,564 points – still a record-breaking feat amid some stronger-than-expected earnings, upbeat economic data especially pertaining to the housing sector and, most importantly, US Federal Reserve Chairman Ben Bernanke’s comments that Quantitative Easing (QE) III will continue as long as the US economy warrants government support.

Pantech Group Holdings - A satisfactory start

Pantech Group Holdings -
Price Target:1.28
Last Price:1.08
A satisfactory start

Period     1QFY14

Actual vs. Expectations   1QFY14 core net profit of RM13.8m was largely within our and the consensus’ expectations at 20.9% and 21.1%  of full-year net profit forecasts (RM66.1m and RM65.3m respectively).

We believe the results are within expectations as:  (i) 1Q earnings are typically seasonally weaker and (ii) we suspect there will be an earnings acceleration in 2HFY14 on the back of continued improvement in the stainless steel division (which started to break-even in 1QFY14).

A Way Out through Kinsteel's Quagmire



Stock in 60 seconds: Singapore Press Holdings



黄金熊市,是该抄底了吗?



索罗斯的炼金术



胡立阳 : 职场新鲜人的掘金术



Digi Earnings Should Rise in 2014



Pavilion REIT Looks Interesting Despite Potential Pullback on KLCI



曾淵滄: 香港下半年经济预测



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
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock