Saturday, August 17, 2013

盈利表现符合标准 Instacom冀2 年转至主板

盈利表现符合标准 Instacom冀2 年转至主板
Created 08/17/2013 - 11:50
(吉隆坡16日讯)已完成倒置收购并易名至Instacom集团(INSTACO,0069,创业板)冀望,1至2年内转至主板。

Instacom集团总执行长龚世情表示,公司盈利表现已符合转板标准,的确有转板计划,但一切将交由保推荐人(Sponsor)———兴业研究投行作出相关研究后,视他们所给予的意见进行。

“转至主板的想法目前只在构思中,但相信能在1至2年内实现。”

龚世情今日在特别股东大会结束后,与执行董事吴新贤一同会见记者,并表示公司有信心能达到1500万令吉的盈利保证,但今年却未有派发股息的决定。

阿末佐哈里约满引关注 马航无意撤换CEO

阿末佐哈里约满引关注 马航无意撤换CEO
Created 08/17/2013 - 09:17
(吉隆坡16日讯)尽管面临马航雇员职工会压力,令马航(MAS,3786,主板贸服股)总执行长兼董事经理阿末佐哈里的去留增添变数,但分析员指出,管理层对阿末佐哈里表现感到满意,并无计划撤换掌舵人。

阿末佐哈里于马航的任期即将在下个月到期,随着马航雇员职工会(MASEU)频频对外发言,指对他的领导失去信心,不仅让外界揣测阿末佐哈里的去留问题,更有市场人士开始“点名”极有可能接棒的领导人选。

不过,一名航空领域分析员向《南洋商报》指出,他们近期和马航管理层会面,也曾询问阿末佐哈里合约问题,管理层表示,认同阿末佐哈里任期期间所作的努力,销售数字也反映出绩效,并无撤换人选打算。

Residential prices remain flattish

Residential prices remain flattish

BY THEAN LEE CHENG
LEECHENG@THESTAR.COM.MY

VARIOUS issues related to affordability and speculation continue to hog the overall residential market for the first half of this year. Coupled with the recently concluded 13th general election, the first half was “relatively sluggish”, property research reports concluded.

In fact, prices have been “flattish over the past 12 months”, one report concluded, due in part to the various cooling measures instituted by the Government.

Up Close & Personal with Instacom Group Bhd CEO Anne Kung

Up Close & Personal with Instacom Group Bhd CEO Anne Kung

BY CHERYL POO
CHERYLPOO@THESTAR.COM.MY

ANNE Kung has made her career count.

A lawyer who later took on an accounting qualification as well, she paved her way first in a law firm, then corporate recovery in several industries from retail, manufacturing and financial institutions before moving on to business development and finally, into director roles.

This past decade, the Kuching native has made her presence known in the telecoms industry through her role as Instacom Group Bhd chief executive officer (and executive director as of last October).

Oil business hurts MISC profit

Oil business hurts MISC profit

BY SHARIDAN M ALI
SHARIDAN@THESTAR.COM.MY

PETALING JAYA: MISC Bhd’s net profit for the second quarter ended June 30 dipped 20.8% to RM300.9mil, mainly due to higher operating losses in its petroleum business.

“In addition, in the previous corresponding quarter, the group had recognised a one-off settlement received from the early re-delivery of vessels on time charter contracts,” the energy shipping giant said in a statement yesterday.

The profit for the quarter was achieved on an RM2.28bil revenue, which was marginally lower than last year’s RM2.35bil.

Making profit from MAS

Making profit from MAS

BY B.K. SIDHU
BKSIDHU@THESTAR.COM.MY

Should MAS be taken private or should its management be given time to perform?

MURMURS of ownership change and the sale of Malaysia Airlines (MAS) is now making its rounds.

Sparking such talk was Minister in the Prime Minister’s Department Datuk Seri Idris Jala’s comments that the national airline should not be sold at a loss. And the other point he made was for the Government to exit the aviation industry. His comments were quickly clarified but checks have revealed that there is some behind-the-scene movement to what he has said.

曾淵滄-股市资讯专栏 16.08.2013

曾渊沧博士专栏
文: 曾渊沧博士 2013年08月16日 曾渊沧博士专栏
反弹了数星期的股市,前周突然出现幅度不小的调整,主要与美国股市有关。美股调整是因为美国联邦储备局数位官员,突然不约而同地就退市时间发表评论。有的认为9月就该减少买债,有的认为10月才适合,引发新一轮的退市恐慌症,减少买债的日子近了?

美国联邦储备局退市会影响股市,也该同时影响汇市。理论上,美国退市,美元应该转强。但很奇怪,过去一两星期,美汇并没有走强,美元兑日圆汇率创近期新低,成为传媒财经版的大新闻。日圆上升导致日股一度大跌,安倍的政策就是要日圆贬值,希望透过日圆贬值来推动日本的出口竞争力。因此前阵子日圆升值可能也是另一种形式的震仓。美元兑英镑、澳元等等货币全线下跌,甚至连黄金价格、石油价格也因美元弱势而上升。联邦储备局的退市把戏究竟会如何玩?为什么股市与汇市有不同的反应?我认为过去3个多月,伯南克出口术的真正目的是维护美元的地位。伯南克若不谈退市,美元会长期贬值,然后逐渐失去领导世界的地位。

颜子伟: 经济基础面良好,投资者无惧刺激措施退市威胁?

经济基础面良好,投资者无惧刺激措施退市威胁?
文: 颜子伟 (译:麦美莹) 2013年08月16日 展望
首先提出第三轮量化宽松政策(QE III)将会退市的人是联邦储备局主席,此话一出,道琼斯工商指数出现了重大的调整,从5月至6月,足足下跌了约1,000点之多。

当伯南克意识到投资者不接受刺激措施退市后,他的态度马上软化,并向全世界宣布,联储局并没有定出时间表,一切得视乎美国经济数据的表现。 其他联储局官员也帮忙救火,让道指得以收复失地有余。

如果重要决策者经常突然改变他们的言论,我们将会越来越难在市场中打并。这不禁令我们想起美国国会差不多无论大小事情都争辩不休,就像美国债务顶限,以至出手救助规模庞大的企业等。

AirAsia - Watch Out For Yields

AirAsia -
Price Target:3.94
Last Price:3.16
Watch Out For Yields

AIRA’s 2QFY13 earnings  are expected to be within our estimates, with core earnings likely to inch higher  (+3% q-o-q; +5% y-o-y). Yields  may face competitive pressure, although  2Q passenger volume has grown. BUY call on AIRA maintained and MYR3.94 FV unchanged, premised at 13.0x FY14F P/E – in line with the average multiples of its peers.

- Earnings to be satisfactory.  AIRA is expected to announce 1HFY13 earnings on 21 Aug after market close. We expect its  numbers to be satisfactory and within our expectations.

Notion VTec : Recovery to continue in 2HCY13 (DBSV)

Notion VTec
BUY RM0.81
KLCI : 1,792.21
Price Target : 12-Month RM 0.90 (Under Review)
Recovery to continue in 2HCY13

9MFY13F earnings below our estimates but in line with market
Core net profit rose >100% q-o-q; received RM36m in insurance claims for YTD exceptional gains of RM8m
Expect 2HCY13 to improve on the back of growing enterprise HDD demand and DSLR product launches
Maintain BUY, TP under review

Parkson Retail Asia : Penetrating Indonesia (CIMB)

Parkson Retail Asia
Current S$1.56
Target S$1.88
Penetrating Indonesia

Parkson offers good exposure to discretionary spending by a growing middle class across ASEAN. Malaysia delivers the bulk of its profits currently, but Indonesia looks promising.

We have an unchanged Outperform and target price, still pegged at 20x CY14 P/E, which is at a 20% discount to ASEAN peers. Catalysts are expected from faster-than-expected SSSG and store expansion.

Bumitama 2Q13: Expect A Stronger Performance In 2H13 (UOBKH)

Bumitama
Share Price S$0.95
Target Price S$1.23
2Q13: Expect A Stronger Performance In 2H13

BAL reported a net profit of Rp155b for 2Q13 and Rp306b for 1H13. 1H13 profit was 40% of full-year expectation, in line with an expected stronger 2H13 due to higher production and slightly lower costs. CPO sales were higher qoq despite lower FFB production in 2Q13 on higher third-party fruits processed by its mills. More update after today’s briefing. Maintain BUY. Target price: S$1.23.

First Resources 2Q13: Better-than-expected ASP And Refining Margin (UOBKH)

First Resources
Share Price S$1.78
Target Price S$2.40
2Q13: Better-than-expected ASP And Refining Margin

Results above expectation on better-than-expected ASP and refining margin. Forward selling has helped to boost FR’s ASP to be better than the industry. Although downstream margin was declining but it was much better than our expectation. FR has revised its FFB production growth target to 0-5% from 10% owing to the severe trees stress in 1H13. Maintain BUY. Target price: S$2.40.

Results
• Results above expectation. First Resources (FR) reported net profit of US$37.7m (-40.7% qoq, -25.7% yoy) for 2Q13 and US$101.3m (+1.6% yoy).

Fufeng : Uptrend since 2H (CIMB)

Fufeng Group
Current HK$3.56
Target HK$4.00
Uptrend since 2H

 Fufeng’s 1H13 net profit of Rmb206.3m dropped 24.8% yoy and was 18% lower than our expectation, mainly due to sluggish MSG price. We expect xanthan gum will be the key earnings driver for FY13 and gross profit margin (GPM) of MSG segment will slightly rebound in 2H13.

We cut FY13/14 earnings by 8%/18% to reflect lower MSG price and higher expenses ratios, but raised FY15 earnings thanks for margin recovery. Maintain Outperform as we expect the MSG segment to gradually bottom out from 2H13 onwards. The DCF-based target price is slightly raised to HK$4.0 (WACC 12.1%).

Courts Asia :Looking To A Stronger Second Half (MKE)

Courts Asia
Buy (unchanged )
Share price:SGD0.90
Target price: SGD1.47 (from 1.49)
Looking To A Stronger Second Half

 1QFY14 in-line with expectations. Courts Asia posted 1QFY14 revenue of SGD197.1m (1.6% YoY, 4.6% QoQ) and net earnings of SGD7.0m (5.1% YoY, -44.3% QoQ), which is broadly in-line with ours and consensus’s expectations. We made some adjustments to our earnings forecast to account for higher GFA guidance which is offset by lowered sales per sq ft and higher start-up costs from Indonesia’s operations. Maintain Buy with a lowered TP of SGD1.47, pegged to 16.6x FY3/14F P/E.

STAR PUBLICATIONS (M) BERHAD - Re-inventing Star

STAR PUBLICATIONS (M) BERHAD -
Price Target:3.49
Last Price:2.79
Re-inventing Star

Star Publications (M) Berhad (Star) has undergone restructuring in the past 2 years, which we believe has re-aligned the group‟s focus to grow as an integrated media platform. We are initiating coverage on Star with our likes for its i.) growth plans especially in its non-print media business while defending its print business, ii.) undervalued at 10x PE which we believe is deserving of a higher PE valuation, and iii.) expected net cash pile of RM295m (FY14F) which could be seen to translate into higher dividends. We recommend Star with an Outperform call at TP RM3.49 on the basis of our blended DCF and SOP valuation. We are also positive on the recent appointment of Datuk Seri Wong Chun Wai as acting group CEO, a veteran in the media industry with 29 years of experience with Star to minimise any doubts of capable management succession.

SKP Resources : Targeting Revenue Recovery in 1QFY14 (TA)

SKP Resources Berhad
Last traded: RM0.325
TP: RM0.65(+100%)
Targeting Revenue Recovery in 1QFY14

Arresting the fall in quarterly revenue. In this results season, we expect SKP Resources’ (SKP) to demonstrate the sustainability of future earnings by arresting the fall in quarterly revenue, which happened over the past two quarters. Since 2QFY12, SKP has been recording quarterly revenue in excess of RM100mn (see Chart 1) when the group started manufacturing and assembling Dyson Uprights vacuum cleaners. However, the revenue slipped below the RM100mn mark in 3Q and 4QFY13 when Dyson started to unload the excess orders made during 4QFY12 to 1QFY13, 3-6 months ahead of the opening of new outlets in China.

Yangzijiang Shipbuilding: Still a steady ship (OCBC)

Yangzijiang Shipbuilding:
Fair value S$0.99
add: 12m dividend forecast S$0.04
versus: Current price S$0.95

Still a steady ship
• Decent results
• Still securing orders
• Financing business still growing

Yangzijiang Shipbuilding (YZJ) reported a 12% YoY rise in revenue to RMB4.4b and a 8% decrease in net profit to RMB811.7m in 2Q13, such that 1H13 net profit accounted for about half of our full year estimates, within expectations.

Friday, August 16, 2013

INSTACOM建电讯塔出租

吉隆坡16日讯)考虑到电讯业者常受到资金的约束而无法更快速地开拓服务区域,INSTACOM集团(INSTACO,0069,创业板)计划在大马实行基建设施租用计划,以便能够让电讯业者与基建业者达到互补的关係。

与此同时,INSTACOM集团也不排除在1至2年內转至主板掛牌上市。

INSTACOM集团首席执行员龚世情表示,目前的基建设施主要是由基建业者为电讯业者负责建筑,但其拥有权还是保留在后者手中。然而,由於基建设施的建设工程需动用丰厚的资金,因此很多时候都受到一定的限制。

NOTION財測上調

NOTION財測上調
Created 08/16/2013 - 18:01
(吉隆坡16日訊)NOTION集團(NOTION,0083,主板科技組)2013財政年第三季營收表現不理想,但分析員認為硬碟和鏡頭業務已現曙光,短期業務前景持續健康,看好下半年業務將持續復甦,上修2013和2014財政年盈利預測。

豐隆研究表示,NOTION集團2013財政年第三季營業額按年下跌35.1%,表現符合市場預期,但核心淨利1千零60萬令吉則高於預期,主要是元旦工廠火患獲賠3千580萬令吉,令集團取得820萬令吉的特殊收益。

黃氏唯高達研究說,扣除相關效益,核心盈利按年下跌65%至700萬令吉,主要是威騰電子和尼康等關鍵客戶訂單下跌,但按季盈利走揚逾100%,其中鏡頭業務營業額增長47%,顯示市場對可換鏡頭相機需求復甦。

OSK-DMG'S Selection Of Small Cap Jewels For 2013

OSK-DMG'S Selection Of Small Cap Jewels For 2013
Friday, 16 August 2013 07:00

"The 2012 edition of our Small Cap Jewels made quite a splash. Over 70% of the stocks we picked made money, with the biggest companies making the most. Based on value-weighted averge, the returns were well over 60%."  -- Terence Wong, CFA, head of research, DMG & Partners.


osk_listjewels
OSK-DMG has recently released its 2013 edition for institutional clients (and it's not for sale).

Instacom aims to fiber up Peninsular Malaysia in 3-5 years

Instacom aims to fiber up Peninsular Malaysia in 3-5 years
Posted on 5 August 2013 - 05:36am
Ee Ann Nee
sunbiz@thesundaily.com

PETALING JAYA (Aug 5, 2013): Instacom Group Bhd, a Kuching-based solutions provider for the telecommunications industry, has an ambitious plan to build a 3,176.4km fibre optic cable network that will link the entire Peninsular Malaysia within the next three to five years.

According to Instacom executive director Thomas Ngu Sing Hieng, the planned cable network will compose of four phases of deployment. Phase 1 will consist of laying 705km of fibre cable in Johor and 188km in Kedah.

Biodiesel demand to fuel CPO price recovery

Biodiesel demand to fuel CPO price recovery
Posted on 16 August 2013 - 05:37am
Izwan Idris
sunbiz@thesundaily.com

PETALING JAYA (Aug 16, 2013): Crude palm oil (CPO) prices, which have fallen by 24% over the past year, may recover in the last quarter of this year on expectation that rising production and stockpile in the country will be mitigated by increased demand for biodiesel.

Analysts pointed to a jump in domestic consumption, which hit 289,900 tonnes last month after the government start the mandatory use of biodiesel in Johor. Exports of fuel blended with CPO also shot up 71% to a record 33,300 tonnes in July.

MAS sale a hot conversational topic

MAS sale a hot conversational topic

FRIDAY REFLECTIONS - BY B.K. SIDHU

Will a straight-forward sale solve MAS problems?

THE question of whether Malaysia Airlines (MAS) is up for sale is clearly the topic of the day, although the fact remains that hardly anyone knows its answer at this juncture.

Developments are taking place behind closed doors it seems.

施永青怒掟11億物業

施永青怒掟11億物業

【本報訊】中原地產創辦人施永青「怒火」沽貨!近期多次出口術、要求政府撤樓市辣招的老施,昨有感而發,指「香港仇視地產投資者」,所以決定放售旗下持有市值約11億元之工商舖物業。施永青指,市場認為投資物業儼如「地產霸權,做乜要俾人哋當係地主咁鬥喎!」
記者:程俊華 湯家明

昨市場瘋傳一則短訊,指「施永青私人秘書致電前線董事,說施生私人持有物業全部出售」。物業全部都為商舖及商廈,並無任何住宅物業,大部份物業俱無放售價格,要由買家自行出價洽購,只要合乎業主心水便會出售。

Banyan Tree : On firmer ground (DBSV)

Banyan Tree Holdings Limited,
BUY S$0.70,
On firmer ground
Price Target : 12-Month S$ 0.83  

•Core operations continue to improve
•Positive indicators going forward despite a seasonal lull period; expect stronger profitability
•Maintain BUY rating, S$0.83 TP

Highlights
Decent profit in 2Q13. Core operations continued to improve with Banyan Tree Holdings (BTH) reporting S$1.7m PATMI on the back of a 5.7% increase in revenues to S$83.6m. The improvement was driven by the following: (i) Thailand resorts’ RevPAR rose 8% y-o-y to S$143/night largely led by Angsana Phuket which continue to stabilise post-refurbishment, while Banyan Tree Bangkok saw good corporate bookings, and (ii) RevPAR in the Maldives hotels increased by 59% to S$349/night led by strong demand from the leisure market. However, this was partly offset by softer revenues from property sales (branded residences and existing properties) and fees.

First Resources; Weak 2Q Results On Delayed Shipments (MKE)

First Resources
Buy (unchanged)
Share price: SGD1.775
Target price: SGD2.06 (unchanged)
Weak 2Q Results On Delayed Shipments

 Better quarters ahead. Lower sales volume, higher plantation costs and lower refining margins offset high locked-in CPO ASP resulting in sequentially lower 2Q13 net profit of USD38m (-41% QoQ, -26% YoY). 2Q13 results were in line, meeting 21% and 19% of our and consensus full year forecasts. We raise our FY13 net profit forecast by 13% on higher CPO ASP assumption (+18%) while cutting our FFB growth forecast to 4% (from 10%). FY14-15 forecasts are marginally tweaked. Maintain BUY with an unchanged TP of SGD2.06 on 13x FY14 PER.

KS Energy : S$1.6M NET PROFIT IN 2Q13 (OCBC)

KS ENERGY
Fair value S$0.50
add: 12m dividend forecast S$0.00
versus: Current price S$0.47

S$1.6M NET PROFIT IN 2Q13
• Continues to recover
• Distribution still the main contributor
• Maintain HOLD

Still recovering
KS Energy (KSE) reported a 29.4% YoY rise in revenue to S$196.2m and a net profit of S$1.6m in 2Q13 vs. S$0.7m in 2Q12, such that 1H13 revenue and net profit accounted for 54% and 42% of our full year estimates, respectively. Gross profit margin was lower at 22.8% in 2Q13 compared to 27.5% in 2Q12 and 23.3% in 1Q13, and this is because the distribution division had executed more larger-scale projects that had comparatively lower margins.

Wilmar International : Proven business model (CIMB)

Wilmar International
Current S$3.16
Target S$3.74.
Proven business model

 Wilmar’s briefing left us feeling more positive on the group as we sense the benefits of lower raw material costs for its downstream division and expansion into value-added palm products can more than offset weaker CPO prices and lower refining margins.

We expect the group to post better earnings in 2H13 vs. 1H13, driven by higher sugar and palm oil earnings. It also highlighted its plans to achieve RSPO certifications for all its estates by FY16. We maintain our earnings forecasts, SOP-based target price and Outperform rating. A recovery in earnings can catalyse the stock.

Neptune Orient Lines – Lacklustre 2H ahead (OCBC)

Neptune Orient Lines –
Fair value S$0.95
add: 12m dividend forecast S$0.000
versus: Current price S$1.07

Lacklustre 2H ahead
• 2Q13 results weaker than expected
• Peak season unlikely to spur improvement
• Outlook to remain weak for medium term

With a disappointing set of 2Q13 results, we downgrade Neptune Orient Lines’s (NOL) to SELL. Despite the onset of the 3Q13 peak season, freight rates according to the Shanghai Containerised

Nam Cheong : Executing well (DBSV)

Nam Cheong Ltd,
BUY S$0.29,
Executing well        
Price Target : 12-Month S$ 0.36  

•2Q13 earnings jumped 83% to RM41m - slightly above
•Strong vessel sales momentum YTD and looks set to exceed last year’s record sales numbers
•Expect EPS CAGR of 17% over FY12-14, upside potential remains if vessel sales are faster than expected
•Maintain BUY with unchanged TP of S$0.36

Bumitama Agri : Within Expectations (MKE)

Bumitama Agri
Buy (unchanged)
Share price: SGD0.97
Target price: SGD1.24 (unchanged)
Within Expectations

 Growth remains intact. BAL’s 2Q13 core net profit of IDR155m (+2% QoQ, -19% YoY) met 18% of our and consensus full-year estimates – within our and consensus expectations. We maintain our FY13 earnings forecast in anticipation of higher FFB output, higher CPO ASP and relatively lower plantation costs in 2H13. Maintain BUY with an unchanged TP of SGD1.24 on 16x FY14 PER, which implies 0.9x PEG.

Courts Asia : Malaysia contributes more (CIMB)

Courts Asia
Current S$0.90
Target S$1.49
Malaysia contributes more

 Increased EBIT contribution from Malaysia compensated for muted sales growth because of one-off factors. Management continues to execute well on securing new sites with a second big box store in Malaysia announced.

1Q14 earnings is in line at 15% of our and consensus estimates. 1Q is seasonally its weakest quarter. We raise FY15/16 EPS estimates by 3% to account for new stores in Malaysia. Our residual income target price rises accordingly. We maintain Outperform, with catalysts to come from store openings and faster-than-expected SSSG.

Tat Hong: Avoid the Falling Knife (MKE)

Tat Hong Holdings
Sell (from Buy)
Share price:SGD1.09
Target price:SGD0.79 (from SGD1.80)
Avoid the Falling Knife; Cut to SELL

 1QFY3/14 results significantly below expectation. Tat Hong reported a set of disappointing results. Revenue declined by 18% yoy to SGD175.5m and net profit dropped by 51% yoy to SGD8.2. First quarter net profit only accounts for 10% of our full-year number. The decline was broad-based with revenue down in almost all divisions except a marginal improvement in Tower Crane Rental. We suspect that Tat Hong could face tougher time going forward especially in Distribution and General Equipment Rental division. We cut our net profit forecast by 36/41/37% respectively for the next three years. Downgrade to SELL as we think the market will further de-rate the stock on a more bearish growth outlook. Our new target price is pegged to 10x FY3/14 PER.

曾淵滄專欄 16.08.13:提防業績股掉轉炒

美國股壇大鱷伊坎,在微博公開透露自己大手買入蘋果股票後,當日蘋果股價急升4.75%,這的確顯示了這名大鱷呼風喚雨的能力,美國如此,香港也如此。過去兩個星期,多隻藍籌股公佈業績,但是業績好,不代表股價會升;業績差,不跌反升的現象也很多。不論業績如何,大鱷、大行的分析員,都有能力按自己已預定的策略唱好或唱衰,進行所謂的「分析」。

上星期公佈業績的匯控(005),我看來看去,都看不出這是一份很差的業績,但是,多家大行竟聯手一同唱衰,股價裂口大跌,兩天之內跌6.3%。

Perennial China Retail Trust : Striving for Higher Shopper Traffic and Tenant Occupancy (Phillip)

Perennial China Retail Trust
Target Price (SGD) 0.63
Closing Price (SGD) 0.555
Striving for Higher Shopper Traffic and Tenant Occupancy

 Company Overview
Perennial China Retail Trust (“PCRT”) is Singapore’s first pure-play PRC retail development trust. Listed on the main board of SGX on 9 June 2011. PCRT’s key investment lies mainly in major 2nd tier cities of China, including Shenyang, Foshan and Chengdu. PCRT also holds 10% in predominantly retail Bejing Tongzhou integrated development.

CNOOC : Back to growth (CS)

CNOOC Ltd
Assuming Coverage with OUTPERFORM
Price (13 Aug 13 , HK$) 14.56
TP (prev. TP HK$) 20.00 (20.20)
New report: Back to growth

● Assuming coverage with OUTPERFORM and HK$20 TP (37% potential upside). In the past 12 months, CNOOC has underperformed both indices and peers. CNOOC trades at 7.7x/6.9x 2013E/14E P/E—well below the average valuation of 11.3x during 2006-10 when it exhibited strong growth. Full report.

● We expect a 15% production CAGR in the next two years. We expect the company to post strong organic volume growth in 2014E/15E (14.8% CAGR), excluding Nexen.

Thursday, August 15, 2013

黄德几:中海油走势呈突破 目标价16.2元

黄德几:中海油走势呈突破 目标价16.2元
名家视点腾讯财经金利丰证券
黄德几2013-08-14

石油输出国组织(OPEC)成员国利比亚出口受阻,忧虑油价供应,利好油价上升。另外,内地最近公布的一系列经济数据,都对油价有支持。中海油(883) 集中在上游业务,主要从事海上油气勘探、开发和生产,受油价变动影响较为直接。集团去年业绩录得轻微倒退,但市场对其收购加拿大油企Nexen(US:NXY)态度正面,期望收购可增加集团整体的油气产量。

集团首季总净产量同比上涨17.3%至93.6百万桶油当量。虽然期内油气价格均录得下滑,但油气销售收入升13.3%至553.1亿元人民币。另外,停产多时的蓬莱19-3油田已获准逐步恢复生产,有助提升产量,加上集团全年共有24个新项目在建,计划钻探约140口勘探井,尤其加强深水勘探,有助中长线的产量增长。

與惠譽唱反調‧穆迪維持大馬評級展望

與惠譽唱反調‧穆迪維持大馬評級展望
Created 08/15/2013 - 17:30
(吉隆坡15日訊)雖然惠譽(Fitch)憂慮大馬赤字惡化先下調主權信貸評級展望,令市場擔心其他評估機構也將接連開鎗,但穆迪卻大派安心丸,在權衡經濟增長前景相對健康,以及龐大外匯儲備將可緩衝外圍衝擊下,維持大馬“穩定”的主權信貸評級展望和“A3”評級不變。

外匯強勁
國債仍屬理想

穆迪發文告表示,雖然大馬政府透過落實逆週期(Counter-cyclical)政策來喚醒因全球金融危機陷入昏睡的國內經濟,進而導致財政和債務比率惡化,且遲遲未返回危機前水平,但整體融資情況並未受到嚴重影響,而政府債務組合與同儕相比仍屬理想。

摩指權重‧馬股雙升

摩指權重‧馬股雙升
Created 08/15/2013 - 17:24
(吉隆坡15日訊)大馬5月全國大選後,政經回穩支撐經濟成長,股市表現亮眼,帶動大馬在摩根士丹利資本國際公司(MSCI)新興市場和MSCI新興亞洲指數的權重雙雙“升級”,各躍升0.04%和0.07%至3.89%和6.26%。

MSCI於14日公佈最新季度調整,就3大新興市場在MSCI新興市場指數的權重變化來看,亞洲及拉美遭調降,降幅分別達0.02%及0.04%,調降後權重為62.22%及20.19%,歐非中東則上升0.06%至17.58%,是本次唯一獲得調升的區域。

Pan-United : Some doubts linger on (CIMB)

Pan-United
Current S$0.91
Target S$0.90
Some doubts linger on

 PAN’s reported 2Q13 numbers are satisfactory.However, the recent increase in its CXP stake suggeststhat it has regionalambitions. Although weare positive on CXP’s future earnings contribution, we question the seemingly high acquisition price.

1H13 EPS is in line, at 52% of our FY13 forecast and slightly below consensus at 47%. We keep our FY13-15 EPS and residual income-based target price unchanged. We maintain our Neutral rating as we think that the stock’s near-term potential has been priced in. The main theme for PAN now is the latest CXP acquisition's earnings contribution. We will elaborate on this post-analyst briefing.

Yongnam :In Crisis Lies Opportunity (MKE)

Yongnam Holdings
Buy (unchanged)
Share price: SGD0.27
Target price: SGD0.40 (from SGD0.465)
In Crisis Lies Opportunity

 Unsuccessful in both Myanmar airport tenders. Having earlier estimated a 50% chance for Yongnam’s consortium in both the Hanthawaddy International Aiport (HIA) and Yangon International Airport (YIA) extension, we are disappointed at the outcome. However, given that 1) material impact in the short-medium term is small and 2) there is still a remote possibility of getting back into the projects, we think share price has been over-penalized.

Tat Hong : Growth in TAT-ters down under (CIMB)

Tat Hong Holdings
Current S$1.09
Target S$1.18
Growth in TAT-ters down under

 This set of results is by far TAT’s worst showing in two years. Loads of issues have surfaced though they are pretty much out of TAT’s hands. While we do not think that the company has become altogether bad overnight, it does need to repair certain leaks in the house.

At only 8% of our FY13 estimate, 1QFY3/14 core profit was below our and consensus forecasts due largely to lower margins. We slash FY14-16 EPS by 18-41%, which lowers our target price (based on CY14 P/E of 11x, 5-year average forward P/E). We downgrade it from outperform to Neutral as uncertainties over its performance in Australia eclipse other growth engines.

Asian Pay Television Trust: Stay tuned to a spectacular full-year performance (AM)

Asian Pay Television Trust:
Stay tuned to a spectacular full-year performance
(Maintain BUY, FV: S$1.04)

On track to delivering its 9.8% yield. APTT’s first set of quarterly results runs parallel to our estimates and its full-year guidance in its prospectus. For the half-year ending 30 June 2013, APTT recorded overall revenues of S$154.1mil, comprising 49.6% of its FY2013 guidance of S$310.8mil.

Accompanying its results, APTT announced its DPU of 4.8c for the period ended 30 June, which is payable on 24 September 2013. APTT also reaffirmed its second-half DPU of 4.13c, in line with our full-year forecast of 9.0c.

First Resources : Defying the odds in 1H (CIMB)

First Resources
Current S$1.78
Target S$2.22
Defying the odds in 1H

 First Resources defied the odds of weaker CPO selling prices, lower FFB yields and rising labour costs to post a 2% rise in its 1H13 net profit. This is a remarkable achievement vis-à-vis other upstream players, thanks mainly to the realisation of forward sales.

1H13 net profit was broadly in line with our expectation as it accounted for 51% of our and consensus FY13 forecasts. But we trim our 2013 EPS by 2% to account for a weaker FFB yield guidance and better 1H13 CPO ASPs. We maintain our Outperform call and target price, still based on 12.3x CY14 P/E or 1 s.d. above its 4-year mean. Re-rating catalysts are expected from higher production and downstream contributions.

Asian Pay Television Trust : Slower growth, but oversold (DBSV)

Asian Pay Television Trust ,
BUY (Initiating Coverage), S$0.91
Slower growth, but oversold
 Price Target : 12-Month S$ 0.97  

•2Q13 earnings of US$37.7m were below our US$45-50m estimates due to lower refining profit; 1.25Sct interim DPS declared
•Own FFB output growth guidance cut to 0-5% from 5-10%; new planting target of 15-20k ha unlikely to be met due to labour shortage
•FY13F-15F earnings revised by +2%/-5%/-3% on lower yields, biodiesel volume, export taxes; DCF-based TP tweaked to S$2.15 (WACC 15.4%, TG 3%)
•BUY call reiterated on 21% upside; share price has more than priced in weaker performance

Wilmar: 2H13 outlook still challenging (OCBC)

Wilmar:
Fair value S$3.33
add: 12m dividend forecast S$0.06
versus: Current price S$3.16

2H13 outlook still challenging
• 1H earnings below forecast
• 2H outlook still challenging
• Maintain HOLD; higher S$3.33 FV

Wilmar International Limited (WIL) reported 1H13 revenue slipping 4.0% to US$20626.8m, meeting 41.5% of our full-year forecast; net profit climbed 43.1% to US$533.9m, or about 40.1% of our FY13 forecast. WIL declared an interim dividend of S$0.025/share, versus S$0.02 in 1H12.

Neptune Orient Lines 2Q13: Results Beat Expectations On Cost Reduction And Fleet Optimisation (UOBKH)

Neptune Orient Lines
Share Price S$1.07
Target Price S$1.30
2Q13: Results Beat Expectations On Cost Reduction And Fleet Optimisation

2Q13 results beat our expectations due primarily to NOL’s consistent cost reduction efforts and fleet optimisation. A better-than-expected US housing market will be a share price catalyst. Maintain BUY. Target price: S$1.30.

Results
• Neptune Orient Lines (NOL) turned around from a net loss of US$371m in 1H12 to a net profit of US$41m in 1H13 but with a net loss of US$35m in 2Q13, down 71% yoy and is better than our expectation of a loss of US$150m. Revenue was US$2.06b in 2Q13 (-12% yoy) and slid slightly by 6% yoy to US$4.4b in 1H13. The earnings turnaround in 1H13 was mainly due to a US$200m gain from the sale of its office building in 1Q13. Excluding the one-off gain, core EBIT in 1H13 was a loss of US$120m, -45% yoy, thanks to its continuous effort to cut costs.

Yangzijiang 2Q13: Solid Results And Strong Order-winning Momentum (UOBKH)

Yangzijiang Shipbuilding
Share Price S$0.935
Target Price S$1.32
2Q13: Solid Results And Strong Order-winning Momentum

YZJ delivered solid 2Q13 results with only an 8% yoy net income decline. Order-winning momentum was still very strong with a remarkable market share of 7.5% in China and over 30% among non-SOE Chinese yards. In addition, YZJ will benefit from recent supportive policies. Maintain BUY and raise target price to S$1.32.

Results
• Yangzijiang Shipbuilding’s (YZJ) 2Q13 revenue was Rmb4.42b (+12% yoy), of which shipbuilding revenue was Rmb4.0b (+12% yoy). Overall gross margin (including investment business) slid to 27.4% from 2Q12’s 30.5%, of which shipbuilding margin was still stable at a relatively healthy 21% (2Q12: 24%). Net income was Rm811.7m (-8% yoy), including interest income of Rmb383m generated from financial products, cash and Runyuan micro financing (1Q13: Rmb394m, 2Q12: Rmb331m).

曾淵滄專欄 15.08.13:內房走出打壓陰影

昨日八號風球,港股停市。A股一度表現不錯,滬綜指升至2123點,但最後倒跌6點,守在2100點邊。過去兩天,港股急升,靠的是中國A股急升所帶動,昨日港股若沒停市,也可能出現調整,過去兩個星期,港股急跌一輪,然後再急升,許多人都無法適應,短期走勢的確不易捕捉。不過,中長線而言,仍然是應該樂觀的。

三中後 城鎮化料明朗
從最基本的因素來看,港股的平均PE值很低,美國不會輕易的大退市,三中全會過後,城鎮化的規劃應該明朗化。

Courts Asia : Slow start but expect better 2Q (DBSV)

Courts Asia,
Buy S$0.90,
Slow start but expect better 2Q
Price Target : 12-Month S$ 1.05 (Prev S$ 1.13)

•1Q14 slightly below as SSSG declines
•Expect recovery in the coming quarters backed by new stores and Hari Raya effect
•Trim FY14F/FY15F earnings by 7%/3%
•Maintain BUY with lower TP of S$1.05

Highlights
1Q14 slightly below, SSSG declines.  1Q14 sales grew 2% y-o-y to S$197m while earnings grew 5% to S$7m.  Revenue growth was driven by the Singapore market (+2% y-o-y to S$137m), supported by the relaunch of Courts Megastore Tampines (Dec 12) and Toa Payoh (Mar 13) branches.  Malaysia registered flat growth as store sales declined 2.5% due to the haze situation and election campaigns, compensated by a 5% increase in service charges.  Same Store Sales Growth (SSSG) in Singapore and Malaysia shrank by 0.9% and 4.2%, respectively.

Marco Polo : Trading Below Book Value Despite Steady Profits (OSK)

Marco Polo Marine:
Trading Below Book Value Despite Steady Profits
(BUY, SGD0.38, TP: SGD0.61)

MPM’s 3QFY13 results were in line with expectations, although y-o-y and q-o-q comparisons were muddied by significant one-off gains booked in 3QFY12 and 2QFY13. A steadily-profitable company at its core with a consistent 15% ROE, MPM is currently trading at 0.8x P/BV. With a strong FY14F expected after its current vessel charters are renewed at higher market rates, we maintain a BUY with a SGD0.61 TP.

Wednesday, August 14, 2013

Fairly good yield spread for industrial S-REITs

Fairly good yield spread for industrial S-REITs
Insider Asia
Written by InsiderAsia    
Wednesday, 07 August 2013 12:57

After being buffeted by the sharp rise in government bond yields in the past two months, triggered by talks of tapering by the US Federal Reserve, prices for Singapore-listed real estate investment trusts (REITs) appear to have stabilised somewhat in recent days.

As mentioned in our previous article, yields on S-REITs have risen — and unit prices declined — in tandem with that for the benchmark 10-year US Treasury notes and Singapore Government Securities (SGS). Having risen sharply in May, the pace of increase for yields on the 10-year Treasury notes declined in June and further in July. Yields ended at 2.67% on Monday, from 1.66% at the start of May.

Instacom: A possible Main Market transfer candidate

Instacom: A possible Main Market transfer candidate
admin Aug 13th, 2013

Instacom Group Berhad, a company which is principally providing support services to the telco industry and recently made its debut on the Ace Market of Bursa Malaysia (via the RTO of I-Power Berhad) in October 2012 may well be on its way to a possible Main Market transfer.

Already with its current Ace Market Listing, Instacom has already garnered a fair bit of followings from the retail investors, coupled with its possible Main Market transfer, according to some local fund managers it may well be a darling stock with some of the local as well as foreign fund managers once the transfer to Main Market is done with (most fund managers currently don’t have the mandate to invest in Ace Market stocks).

馬鋼廠淨利或雙位增長

馬鋼廠淨利或雙位增長
Created 08/14/2013 - 17:30
(吉隆坡14日訊)馬來西亞鋼廠(MASTEEL,5098,主板工業產品組)未來兩年將投入1億8千萬令吉擴充產能,獲分析員看好營運賺益將獲得提昇,未來3年淨利有望呈雙位數增長。

大眾研究近期前往馬來西亞鋼廠進行探訪,而公司管理層預見未來數年市場對鋼鐵產品需求將增長,因此正擴展其上游和下游業務產品產能,其中未來2年將投放1億令吉資本開銷來興建新軋鋼廠,並放眼在2015年初竣工,有望提振公司年鋼筋產量從35萬公噸至55萬公噸。

同時,馬來西亞鋼廠也已投資8千萬令吉來推動煉鋼廠產能從年產60萬公噸鋼坯提昇至70萬公噸,預計工程將在2014年完成,屆時其鋼筋和鋼坯比重將相近。

客戶銷量提昇‧星光資源有望轉盈

客戶銷量提昇‧星光資源有望轉盈
Created 08/14/2013 - 17:32
(吉隆坡14日訊)星光資源(SKPRES,7155,主板工業產品組)營業額在過去2季度挫至1億令吉以下後,有望隨客戶銷量提昇在2014財政年扭轉乾坤並重返1億令吉風光水平,惟礙於勞工成本提高,稅前盈利賺幅或走疲。

股價遭低估

另外,該股現僅以本益比5倍交易,若以該公司擁有的龐大淨現金來看,現有估值的本益比可能僅3.4倍,在盈利展望不俗、資產負債表強勁下,估值明顯遭低估。

隔夜利率或走高‧大馬產託股抗跌獲青睞

隔夜利率或走高‧大馬產託股抗跌獲青睞
Created 08/14/2013 - 11:10
(吉隆坡13日訊)大馬產托因最近大馬政府債券回酬告升而股價跌超過10%,緊隨惠譽調低債券展望至“負面”,大馬經濟處於謹慎氛圍,未來利率醞釀走高或有導致融資成本每年飆1至5%之風險,黃氏唯高達調低大馬產託目標價3至5%,並認為目前是趁低吸購良機。

分析員指出,過去兩個月,政府債券回酬平均擴大20至30個基點至6.1%,預期隔夜利率走高,促使大馬產託股過去兩個月已下跌超過10%。該行認為目前是趁低吸購“抗跌”產托股良機。

認行認為目前是趁低吸購良機,目前的產託估值仍比區域高,具有成長潛能與注入新資產的馬產託為其首選,包括柏威年產業信托(PAVREIT,5212,主板產業投資信托組)、KLCC產托(KLCC,5235SS,主板產業投資信托組)。

No Fire Sale Of Malaysia Airlines

No Fire Sale Of Malaysia Airlines

BY B.K. SIDHU AND LEONG HUNG YEE
STARBIZ@THESTAR.COM

PETALING JAYA: Talks about the sale of Malaysia Airlines (MAS) has resurfaced, with several parties believed to have sent in proposals to the Government to buy over the loss-making airline, industry sources said. However, it is learnt that no deal has been formalised yet.

Industry talk has it that any move by the Government to sell the airline could be inspired by the turnaround stories of Japan Air Lines and Philippines Airlines, which have sprung back to life after years in the doldrums and with new private owners now at the helm.

BreadTalk Group: Improvement in 2H13 unlikely (OCBC)

BreadTalk Group:
Fair value S$0.77
add: 12m dividend forecast S$0.010
versus: Current price S$0.95

Improvement in 2H13 unlikely
• 2Q13 results disappoint
• Non-performing restaurant brands a concern
• Maintain SELL

BreadTalk’s 2Q13 results disappointed despite double-digit revenue growth to S$126.5m as operating profit fell by more than expected (15.1% YoY to S$3.8m) and operating profit and PATMI margins remained low at 3.0% and 2.4% respectively. In the coming months,

Vard Holdings: Pipelay vessel orders in the bag (DBSV)

Vard Holdings Ltd,
HOLD S$0.89,
Pipelay vessel orders in the bag
Price Target : 12-Month S$ 0.92 (Prev S$ 0.88)

•Pipelay support vessel orders from DOF-Technip JV worth NOK6.5bn largely within expectations
•But given the extended delivery schedule and possibly low margins especially in Brazil, we cut FY13F/FY14F EPS by 1%/12%
•Maintain HOLD with a revised TP of S$0.92
•Rerating will depend on visible margin improvements and order win momentum in coming quarters

Yongnam : Loses out on Myanmar airport projects (DBSV)

Yongnam Holdings
FULLY VALUED S$0.29
STI : 3,229.91
Price Target : 12-Month S$ 0.24 (Prev S$ 0.28)
Loses out on Myanmar airport projects

• Incheon Airport Group wins Hanthawaddy International Airport Project
• Pioneer Aerodome Services reported to have won Yangon Airport development project
• Slow order book, low margins going forward
• Maintain FULLY VALUED with TP lowered to S$0.24

Incheon Airport Group wins Hanthawaddy International Airport Project. The Myanmar Department of Civil Aviation (DCA) announced that Incheon Airport Group has successfully won the tender for the US$1.1bn development of Hanthawaddy International Airport (HIA). Yongnam’s consortium has been appointed as the backup tenderer. Three other bidders which submitted bids were Korea’s Incheon Airport Group, France’s Vinci Airport and Japan’s Taisei corporation.

Maxis :Margins Back Above 50% (MIB)

Maxis
Hold (unchanged)
Share price: MYR7.15
Target price: MYR7.20 (unchanged)
Margins Back Above 50%

Overall in line. Maxis’ 2Q13 net profit of MYR528m (+14% YoY, +11% QoQ) brings 1H13 net profit to MYR1,003m (-3% YoY), 49% of ours and 47% of consensus full-year forecast. An 8sen DPS was declared as expected. Maxis continues to offer attractive dividend yields, but we are wary of the long-term sustainability of its dividend commitment. Maintain HOLD with an unchanged target price of MYR7.20.

Sunway REIT: In Line; Huge Capex Plan Underway (MIB)

Sunway REIT
Hold (unchanged)
Share price: MYR1.33
Target price: MYR1.42 (from MYR1.60)
In Line; Huge Capex Plan Underway

Maintain HOLD with a lower TP. SunREIT’s FY6/13 core net profit of MYR219m (+15% YoY) was in line. The proposed fourth interim DPU of 2.0sen (YTD: DPU of 8.3sen, +11% YoY) was also within expectations. We adjust our FY14/15 earnings forecasts by +4%/-1% post actual FY6/13 results, and lower our DCF-based TP by 11% to MYR1.42 mainly on higher capex assumptions. SunREIT currently offers a net yield of 5.7% (FY14) vs 4.9% for large-cap REITs.

Noble Group Ltd: Downgrade to SELL with S$0.76 FV (OCBC)

Noble Group Ltd:
Fair value S$0.76
add: 12m dividend forecast S$0.030
versus: Current price S$0.915

Downgrade to SELL with S$0.76 FV
• 1H met 20% of FY estimate
• Agri continues to drag
• SELL with new S$0.76 FV

Noble Group (Noble) reported a poor set of 1H13 results last Wed, marred by losses in its Agricultural segment in 2Q13, such that reported earnings only met 20% of our full-year forecast. No doubt the second half tends to be seasonally stronger; but we suspect that its Agriculture segment could continue to be a drag on its overall profitability.

Neptune Orient Lines: Exceed Expectations, Weak Outlook Remains (MKE)

Neptune Orient Lines
Hold (unchanged)
Share price:SGD1.065
Target price:SGD1.28 (from SGD1.25)
Exceed Expectations, Weak Outlook Remains

 2Q13 weak but still better than expectations. Driven by the weak freight rate environment, NOL reported a 2Q13 net loss of USD35m (1QFY13: -USD76m; 2QFY12: -USD118m). Key operating metrics were better than expected but headline numbers were boosted by a gain on PPE disposal of USD11.4m. Financing expenses were also flattered by a gain from financial hedging instruments (undisclosed amount), which led to a finance income of USD0.6m (versus large negative charges in the past). On the bright side, NOL reported that cost savings of USD240m in 1H13 from its ongoing efficiency drive. On the downside, outlook remains poor with management seeing few signs of a quick recovery.

Yangzijiang Shipbuilding: Biding Its Time (MKE)

Yangzijiang Shipbuilding
Hold (unchanged)
Share price:SGD0.94
Target price:SGD0.93 (unchanged)
Biding Its Time

 2Q13 within expectations, maintain Hold. Yangzijiang (YZJ) reported 2Q13 revenue of CNY4,422m (+12% YoY, +54% QoQ) with corresponding PATMI of CNY812m (-8% YoY, +13% QoQ). 1H13 PATMI made up 54% of our FY13F forecast. We had forecasted 2Q13 PATMI of CNY707m in our results preview, but we view this set of results as within expectations as we attribute the variance to recognition timing of shipbuilding contracts. We maintain our Hold call with unchanged TP of SGD0.93.

曾淵滄專欄14.08.13:不要迷信一注獨贏

曾淵滄專欄:不要迷信一注獨贏
恒指繼續炒上,焦點轉到中資金融股,成交額最高的六隻股,全是中國的銀行與保險股,股價也全部上升,招商銀行(3968)傳出要供股,股價竟然不跌反升,而且是大升7%。前陣子,中國銀行界鬧「錢荒」,銀行股股價大跌,如今已迅速回升。我認為中國四大國企銀行目前的估價,依然是很便宜的,以PE論,中國銀行(3988)僅5倍,其餘皆是6倍;以PB值來衡量,中行更是低至0.9倍,超值,其餘則介於1.18至1.28倍,也很低。我之前提過,「錢荒」只是一場演習,演習結束了,相信四大國有銀行的股價,仍可看高一線。

中金再生地雷難避
中央開放內地銀行的貸款利率,如果經營得法,中小銀行也一樣有前途;貸款利率開放後,相信將來存款利率也會開放,利率市場化是中央既定的目標。

Riverstone Holdings : Key Takeaways From Results Briefing (UOBKH)

Riverstone Holdings
Share Price S$0.63
Key Takeaways From Results Briefing

Valuation
• Riverstone Holdings (Riverstone) is trading at 9.8x 2014F PE. Based on Bloomberg’s consensus estimate, Riverstone has a 12-month target price of S$0.76 and its earnings are set to grow at a 3-year (2012-15) CAGR of 17.9%.

Key Takeaways From 1H13 Results Briefing
• Continued gross margin improvement on higher utilisation rate of 85% and more stable raw material prices of petroleum by-products. Overall gross margin as of 1H13 improved to 26.2%

Wilmar International: Better Times To Come (MKE)

Wilmar International
Buy (unchanged)
Share price:SGD3.15
Target price:SGD4.60 (unchanged
Better Times To Come

 2Q13 within expectations, will likely beat consensus for full-year. 2Q13 results were within expectations, with recurring net profit up 43% yoy against a weak corresponding period last year. 1H13 now makes up 42% of full-year consensus, and with seasonal sugar earnings kicking in for 2H13; we believe consensus earnings are too low. We see evidence that earnings are rebounding off a cyclical low and the current stock price level represents an opportunity for accumulation.

Tuesday, August 13, 2013

數碼網絡商託可推高回酬

數碼網絡商託可推高回酬
Created 08/13/2013 - 17:28
(吉隆坡13日訊)分析員認為,數碼網絡(DIGI,6947,主板基建計劃組)若是設立商業信托架構(BT),預料將使2014財政年每股股息增長0.6至18.1仙,或使回酬率顯著地增加0.1至3.9%之間,這將是該公司重估的“催化劑”。

商托最後架構未公佈

不過,分析員尚在等待該公司推行商業信托詳情及最後架構,才進一步确定是否能為股東帶來增值效益。

達證券指出,該公司預計2013年杪前,向股東提呈設立商業信托的建議。預料將是混合式,包括一家公司及信托,相信該公司將把“現金牛”子公司――數碼網絡通訊有限公司分拆,以商托方式自行在馬股上市,現有股東將取得新商托公司股票,現有公司最終將除牌。

Malaysian REITs downgraded, costlier financing seen

Analysis Malaysian REITs downgraded, costlier financing seen
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com    
Tuesday, 13 August 2013 14:32

KUALA LUMPUR (August 13): The prospect of higher interest rates in Malaysia is expected to raise local real estate investment trusts' (REIT) finance cost.

This has prompted analysts to cut target prices (TP) for shares of property trusts here.

In a note today, HwangDBS Vickers Research Sdn Bhd analysts Chin Jin Han and Yee Mei Hui said the firm has cut TPs for names including Pavilion Real Estate Investment Trust, and KLCC Real Estate Investment Trust to RM1.60 and RM8.55 respectively.

招行折讓一成供股 10供1.74籌350億 料周五宣佈

招行折讓一成供股 10供1.74籌350億 料周五宣佈

【本報訊】曾兩度押後的招行(3968)A+H供股計劃終於再度出爐,據市場消息透露,剛於上月獲中證監批准供股的招行,將於周五(16日)公佈中期業績後宣佈供股,據了解,招行供股比例為每10股供1.74股,供股價料不低於每股資產淨值的9.29元(人民幣.下同),集資約350億元。
 
記者:鄧偉忠 董曉沂 劉美儀

有分析員指出,招行完成供股集資後,主要內銀股已經基本解決集資需要,料內銀股集資潮將會暫告一段落,但由於供股價折讓僅約一成,料對供股反應構成一定影響。

Instacom: A towering giant in the making

Instacom: A towering giant in the making
admin Aug 13th, 2013
Instacom Group sets the pieces right for a formidable future in the telecommunications industry

By Vinodhani Nair K. & Nur Atifi

Over the past few months, a particular telecommunications solutions provider based in Sarawak has been hitting the headlines and business news front pages for all the right reasons: lucrative contracts, strong cash flow, savvy management and one that towers way above its competitors in terms of expertise, technology and industry know-how. That company is Instacom Group Berhad (Instacom) helmed by Chief Executive Officer Anne Kung and Executive Director Thomas Ngu, two visionaries who have made Instacom the pulse of Malaysia’s telecommunications industry.

亚洲航空 5大亮点推动

亚洲航空 5大亮点推动
Created 08/13/2013 - 11:03
【目标价:4.00令吉】

最新进展:

今年次季,亚洲航空(AIRASIA,5099,主板贸服股)的搭客量按年与按季分别增长20%及19%。

大马亚航与泰国亚航的搭客量剧增,而印尼亚航的搭客量增长则略有放缓,但仍保持强劲增长。

行家建议:

我们继续看好亚洲的廉价航空市场,而亚航一直都是我们在运输物流生态系统的心水股。

全年业绩达标 双威产托财测不变

全年业绩达标 双威产托财测不变
Created 08/13/2013 - 12:23
(吉隆坡12日讯)双威产托(Sunreit,5176,主板产业信托股)2013财年全年业绩,基本上符合分析员的预测。

安联投资研究分析员表示,双威产托全年实际净收入(RNI)符合他们预估。

受惠于双威金字塔购物中心的稳健表现,以及源自双威医疗中心(SMC)的新收入,营业额按年涨1.3%。

分析员说,双威金字塔的租用率稍微跌至98.3%,但购物中心24%的可租用面积(到期合约的94%)已更新合约,平均租金上调18.1%,为期3年。

债券持有者未通过重组提案 IOI 产业分拆上市恐延迟

债券持有者未通过重组提案 IOI 产业分拆上市恐延迟
Created 08/13/2013 - 12:31
(吉隆坡12日讯)IOI集团(IOICORP,1961,主板种植股)债券持有者未通过业务分拆计划相关提案,虽并非大问题,但券商担忧若处理不当,恐将延迟整个IOI产业上市计划。

IOI集团上周三向马交所报备,8月7日于香港举办的债券持有者特别大会,未能通过批准业务分拆计划的相关提案。

据了解,上述债券为总值6亿美元(19.44亿令吉)的4.375%担保优先债券,以及总值5亿美元(16.2亿令吉)的5.25%担保债券,分别在2022年和2015年到期。

Noble Group 2Q13: Below Expectations; Too Difficult To Call (UOBKH)

Noble Group
Share Price S$0.915
Target Price S$0.92
2Q13: Below Expectations; Too Difficult To Call

Noble reported a net profit of US$62.8m for 2Q13 and US$104.1m for 1H13. The results were below expectation. 2Q13 results were again dragged by unexpected losses from the agriculture division due to unresolved logistics problems in Brazil and low sugar prices. Earnings forecasts were adjusted down again and we foresee consensus downgrading earnings. Maintain HOLD. Target price: S$0.92. Entry price: S$0.83.

StarHub Ltd: Decent 2Q13 showing; but risks remain (OCBC)

StarHub Ltd:
Fair value S$3.82
add: 12m dividend forecast S$0.20
versus: Current price S$4.27

Decent 2Q13 showing; but risks remain
• 1H earnings met 53% of FY forecast
• No change to previous guidance
• Downside risks remain

StarHub Ltd reported a decent set of 2Q13 results, with revenue down 0.7% YoY (+1.2% QoQ); net profit improved 15.9% YoY and 10.3% to S$100.6m. StarHub declared a quarterly S$0.05/share dividend as guided.

Bumitama Agri : Imputing higher costs (DBSV)

Bumitama Agri,
Buy S$0.97,
Imputing higher costs
Price Target : 12-Month S$ 1.20 (Prev S$ 1.23)

•2Q13 core net profit of Rp170 bn was below our expectations of Rp201 bn-221 bn on higher costs
•COGS growth to decelerate in 2H13, but unit selling expenses may remain high
•FY13F/14F/15F earnings cut 5%/4%/6%%; DCF-based TP lowered to S$1.20 (WACC 14.4%, TG 3%)
•BUY call reiterated for 24% upside to revised TP. Expect better 2H13 earnings

Sunway REIT : Uncertain outlook (CIMB)

Sunway REIT
Current RM1.33
Target RM1.45
Uncertain outlook

 Sunway REIT's full-year FY06/13 net profit of RM218.8m was 5% above our expectations. However, despite the positive results, we believe its outlook is cloudy, given the disruptions from refurbishments in Sunway Putra Place.

We adjust our FY14-15 earnings upwards by around 1% after adjusting our finance cost assumptions. Our DDM-based target price falls to RM1.45 from RM1.63 as we cut our risk-free rate assumptions, which raises our WACC to 9.2% from 8.9%. We maintain our Neutral rating on the stock. For exposure to retail REITs, we believe investors should look to CMMT or IGB REIT.

Far East Hospitality Trust: 2Q13 below expectations (OCBC)

Far East Hospitality Trust:
Fair value S$0.92
add: 12m dividend forecast S$0.057
versus: Current price S$0.920

2Q13 below expectations
• Hotel RevPAR misses forecasts by 11%
• 3Q13 performance could be like 2Q13’s
• Decrease FV to S$0.92

2Q13 results for Far East Hospitality Trust (FEHT) were below our expectations and the street’s. Gross revenue was S$29.3m or 7.9% lower than the IPO prospectus forecast, affected by the hotels' performance.

Biosensors International Group: A quarter to forget (OCBC)

Biosensors International Group:
Fair value S$0.96
add: 12m dividend forecast S$0.025
versus: Current price S$0.975

A quarter to forget
• 1QFY14 core PATMI plunges 57.3% YoY
• Industry headwinds
• Slash FV and downgrade to HOLD

Biosensors International Group (BIG) reported 1QFY14 earnings which were significantly below ours and the street’s expectations. Core PATMI plunged 57.3% YoY to US$12.1m on the back of a 11.2% decline in revenue to US$76.7m, forming 10.1% and 20.0% of our original FY14 forecasts, respectively.

Neptune Orient Lines: Cost efficiency to the rescue (DBSV)

Neptune Orient Lines:
Hold  S$1.07,
Cost efficiency to the rescue
Price Target : 12-month S$ 1.13 (Prev S$ 1.19)

•2Q13 net loss of US$34.6m in line with estimates, after adjusting for one-offs
•Declining volumes and freight rates offset to an extent by cost control measures and lower bunker fuel prices
•Despite encouraging macro data from the US, industry demand supply gap leaves little room to expect any significant or sustainable freight rate increases
•Maintain HOLD with lower TP of S$1.13 (1x P/BV)

Hyflux: 1H13 tracking below forecast (OCBC)

Hyflux:
Fair value S$1.215
add: 12m dividend forecast S$0.030
versus: Current price S$1.300

1H13 tracking below forecast
• Met 40% of FY13F earnings
• Still muted outlook
• May see knee-jerk reaction

Hyflux Ltd reported that its 2Q13 revenue fell 24.6% YoY (but rebounded 11.1% QoQ) to S$138.4m, while net profit came in around S$17.7m, +3.0% YoY and 119.9% QoQ. 1H13 revenue of S$262.9m fell 17.6% and met about 36.0% of our full-year forecast.

Yangzijiang : Staying on course (DBSV)

Yangzijiang,
Hold  S$0.94 ,
Staying on course
Price Target : 12-Month S$ 1.02

•2Q13 slightly above; 1H made up 52% of our full year forecast
•Order wins likely to beat expectations for this year
•Sustainable dividends; pegged to 5% of NTA
•Maintain HOLD, TP S$1.02
     
Highlights
Margin dragged by other shipbuilding activities. Yangzijiang’s 2Q13 net profit of Rmb812m (-8% y-o-y; +13% q-o-q) was slightly ahead of our expectations of Rmb750m, driven by stronger revenue recognition. Revenue grew 12% y-o-y and 54% q-o-q to Rmb4.4bn. Shipbuilding gross margins, however, declined 3.6ppts y-o-y and 5.3ppts q-o-q to 20.6% as a result of a lower proportion of high margin contracts and higher contribution from the low-margin ship demolition and marine trading businesses. Stripping these out, newbuilding margins would have been 23%.

Fraser & Neave : Property earnings to catch up (CIMB)

Fraser & Neave
Current S$5.55
Target S$6.53
Property earnings to catch up

 Slower property sales recognition, i.e. timing issues led to the miss in FNN’s 3Q13 results. Unbooked presales remain high, occupancy and rents for its commercial and hospitality portfolio stayed robust and F&B volumes and margins continued to recover.

Overall, we see this as a good result. 3Q13 core earnings formed 22% of our full-year estimate (9M13 at 63%) and 20% of consensus. We adjust our development sales recognition schedule and FY13-15 core EPS by -5%/+4% but keep our target price, still at 20% discount to its property RNAV. Maintain Outperform, with more corporate actions expected to act as share price catalysts.

曾淵滄專欄 13.08.13:趁低吸納 最考耐性

內地股市突發威,滬綜指單日升2.39%,一舉突破2100點大關,創兩個月新高。自總理李克強提出「保七」的目標政策之後,A股的確有見底之勢,基建股、建築材料股、內房股、銀行股都出現較大的升勢,過去幾天,升勢加速,當然,經過今年6月的「錢荒」打擊,不少散戶、分析員、股評人也被嚇壞了,大部份分析員、股評人仍然認為,近日的現象只是反彈市罷了。

我比較樂觀,前陣子「錢荒」時,我已撰文指出,錢荒不是中國金融系統出了問題,錢荒只是中國政府自己在做試驗,試驗市場面對壓力時的反應,以防將來有國際大鱷到中國興風作浪。因此,我從來就不擔心錢荒會演變成災難;相反,錢荒正是一個趁低吸納的機會。

Riverstone : Against all odds (NRA)

Riverstone
Current Price S$0.63
Fair Value S$0.84
Against all odds

Earnings above expectation. Though 2Q13 revenue was in line with our expectation; its net profit of RM14.2m (+31% yoy) came in 25% above forecast due mainly to better gross profit margins and RM1m net forex gain.

Still growing despite tough market competition. While its expansion plan will only come onstream 3Q14, we believe the group is still able to achieve growth for these two years at its top and bottom line through better utilisation rate and cost control.

Wilmar International : Smooth Sailing Into 2H13 (UOBKH)

Wilmar International
Share Price S$3.16
Target Price S$3.80
Smooth Sailing Into 2H13

Wilmar is expected to deliver better 2H13 earnings on higher volume growth across all divisions and star performers will come from the palm & laurics and sugar divisions. Sugar crushing is 40% completed so far and sugar yield is seeing a marginal impact from YCS. Thus, sugar is on track to deliver the growth on volume and better margins. Maintain BUY. Target price: US$3.80.

Monday, August 12, 2013

印度燃料供应將解决 成荣集团股价看俏

(吉隆坡12日讯)儘管成荣集团(MUDAJYA,5085,主板建筑股)预计在8月28日公布的次季业绩料无惊喜,但考虑到该集团旗下的印度联营公司--RKM,或將在近期內与印度煤炭公司(CIL)签署燃料供应协议(FSA),分析员因而看好该股的股价前景。

根据安联研究分析员引述成荣集团管理层的消息指出,印度政府煤炭部门於7月24日与印度煤炭公司和其它的发电商会面,以商討將在8月31日签署的燃料供应协议事项。

据悉,印度煤炭公司已经和79家发电厂签署燃料供应协议,另还有52家还在等待中,包括RKM位於印度赖加尔的4x360兆瓦发电厂。

在搁置了超过1年后,管理层相信RKM面对的煤炭供应问题可在本月杪获得解决。

债券持有人反对 IOI业务分拆添变数

(吉隆坡12日讯)IOI集团(IOICORP,1961,主板种植股)上周三宣佈,旗下总数11亿美元的债券持有人在当天召开的债券持有人特別大会上,推翻了针对其IOI產业(IOI Properties)分拆上市的特別议案,为分拆业务行动带来了变数。

上述债券分別由IOI集团旗下的IOI投资有限公司与IOI创投有限公司发行,各別达6亿以及5亿美元,届满日期分別为2022年及2015年,IOI集团是有关债券的担保人。

根据该集团发佈的文告指出,董事局將对此结果,商议下一步的行动。

艾芬投行分析员表示,债券持有人推翻了上述特別议案表示,若IOI集团持续进行將產业业务的分拆上市,可被视为违反信託契约的动作,並可能引发强制赎回债券。

沙巴亞庇產業穩健成長

沙巴亞庇產業穩健成長
Created 08/11/2013 - 05:08
隨著過去2年處於上揚走勢後,沙巴亞庇產業市場整體而言、保持穩健成長步伐,在一些已發展起來、出入方便的地點,首要產業仍是多數人追逐的單位,預料可繼續取得較高價位。

2012第四季,由於原棕油價格下跌,市場基本面保持謹慎,無論如何,儘管吸購率適中,2013年的產業價格保持穩定。

辦公樓回酬率5%

2012年董事薪酬谁最高?

2012年董事薪酬谁最高?
Created 08/12/2013 - 12:27
一年一度的股东常年大会“高峰季节”来到尾声,各家上市公司的年报亦陆续出炉。

拿出各家年报,能比一比的除了业绩表现、过去一年的丰功伟业……等等,还有最让人津津乐道的便是董事薪酬!

这期《财经周刊》将上市公司董事薪酬比较一番,看看哪家董事薪酬最优渥,哪些董事的钱包又缩水了呢?

最重要的是,这些董事领着高薪酬,又是否能为公司带来增值,即所谓的“物超所值”?

Yangzijiang : Shipbuilding remains a tough business (NRA)

Yangzijiang - 2Q13 results review
Shipbuilding remains a tough business
Synopsis: Yangzijiang 2Q13 net profit dropped 6% yoy to RMB 808m due mainly to lower gross margins from its shipbuilding related business. However, revenues increase 12% yoy to RMB 4.4b as it delivered more larger vessels this quarter.

Yangzijiang 2Q13 net profit dropped 6% yoy to RMB 808m due mainly to lower gross margins from its shipbuilding related business.  However, revenues increased 12% yoy to RMB 4.4b as it delivered more larger vessels this quarter.

Noble Group : Awaiting agriculture turnaround (DBSV)

Noble Group,
HOLD  S$0.915,
Awaiting agriculture turnaround
Price Target : 12-Month S$ 0.93 (Prev S$ 1.00)

2Q13 continues to disappoint.   Noble’s revenue posted a decent 5% y-o-y and 12% q-o-q growth to US$25.3bn in 2Q13, on higher volume of 57.7mt (+7% y-o-y, +10% q-o-q). However, core profit disappointed at US$77.1m (excl. US$14.3m loss on supply chain asset), down 47% y-o-y, but up 27% from a low base last quarter. The culprit was again the Agriculture segment which reported a US$54m operating loss, a marginal improvement from US$66m in 1Q. This was partially mitigated by stronger performances of the other two segments, Energy and MMO.

Ascendas Hospitality Trust, : A total wash out (DBSV)

Ascendas Hospitality Trust,
HOLD S$0.845
A total wash out
Price Target : 12-Month S$ 0.80 (Prev S$ 1.00)

•1Q14 results significantly below forecasts
•Execution of growth strategy not going as well as expected; cut FY14/15F by 19%/15%
•HOLD, TP lowered to S$0.80

A perfect storm.   Ascendas Hospitality Trust (A-HTRUST)’s 1Q14 revenue and net property income of S$48.0m and S$16.2m came in 11% and 7% below IPO forecast. This was attributed to the continued weakness in the operating environment in Australia and China, which led to RevPAR falling by 3.6% and 9.9% to AUD163/night and Rmb426/night, respectively. A better performance from Ariake Sunroute hotel mitigated the weak performance at its other hotels.  In addition, the weak JPY and AUD against the SGD further impacted performance. As a result, distributable income was 12% y-o-y lower at S$10.9m, translating to a DPU of 1.29Scts.

Vard : Brazilian coup (CIMB)

Vard Holdings Ltd
Brazilian coup
NEUTRAL - Maintained |
S$0.84 - Tgt. S$0.91

▊ After some waiting, Vard has finally secured a blockbuster order for four pipelay support vessels worth NOk6.5bn or US$1.1bn, representing its largest win ever. Factoring this in, we raise our FY13-15 EPS by 3-7%. Our target price, still at 9x CY14 P/E (mean since IPO), rises on our EPS upgrade. However, until investors are fully convinced that execution hiccups in Brazil are fully over, we think a sustained re-rating is unlikely. Hence, our unchanged Neutral rating.

Neptune Orient Lines : Better than expected (CIMB)

Neptune Orient Lines
Current S$1.07
Target S$1.10
Better than expected

 NOL’s 1H13 core net loss of US$162m came in at 37% of our full-year loss forecast of US$427m,as we had underestimated the fruits of NOL’s cost-saving initiatives. Although2Q13 rates fell 11.5% yoy, the8.9% yoy fall in unit costs significantly cushioned the impact.

We maintain Underperform on NOL, but raise our target price (still based on 1.1x CY13 P/BV, average since 2011) and FY13-15 EPS forecasts back to roughly the levels prior to our 26 July cut. We lowered unit costs in our model, but this was partly offset by reduced rate assumptions. Continued pressure on spot rates despite industry efforts to raise them could de-rate the stock.

Biosensors : Missed a beat in 1Q (CIMB)

Biosensors
Current S$0.98
Target S$1.32
Missed a beat in 1Q

 The inventory adjustment was a ‘short-term pain’s trategy by BIG to strengthen its market leadership position in its key Chinese market.1QFY14 results may trigger an investor stampede to exit but valuations will become more palatable, as its long-term game plan is still intact.

1QFY14 core net profit of US$12m (-63% yoy) missed our and consensus estimates, forming 14% of our FY14 forecast. We cut our FY14-16 EPS estimates by 14-32% for lower sales assumptions and shave off 20% of our SOP-based target price. Our Outperform rating is retained as we expect 2Q-4Q to improve. The positive financial effects of the new product, better operations and M&A accretion catalysts are understated.

‘Property sector has room for expansion’

‘Property sector has room for expansion’

By Lam Lin Shi
bt@mediaprima.com.my
2013/08/12

KUALA LUMPUR: Malaysia’s property market has room for growth, said Country Garden Holdings regional president (Malaysia) Kayson Yuen.
Yuen is seen as the point man for Country Garden’s RM18 billion property venture in Danga Bay, Iskandar Malaysia, in Johor.

Country Garden, China’s seventh largest property developer listed on the Hong Kong Stock Exchange, says the Danga Bay project is its maiden solo development plan outside of China.

Yangzijiang Shipbuilding : Last one standing(CIMB)

Yangzijiang Shipbuilding
Current S$0.93
Target S$1.25
Last one standing

 1H13 core EPS is above our expectations and consensus at 54% of our FY13 forecast, thanks to strong shipbuilding revenue from the execution and delivery of high-value larger vessels. With US$1.1bn of orders secured YTD, YZJ is on track to meet its 2013 target of US$2.5bn while its non-state-owned peers are dropping like flies.

We upgrade our order-win target to US$2.5bn from US$800m and raise EPS by 22-45% for FY13-15. We have a higher target price of S$1.25, now based on 1.4x P/BV, -1SD of its 5-year mean on a better outlook (previously 30% discount to trough). Continuous orders in 2014 could swing its FY15 profits from yoy decline to growth, providing catalysts for our new Outperform rating (upgraded from Neutral).

Forterra Trust :Another positive development to close valuation gap (NRA)

Forterra Trust
Current Price S$2.36
Fair Value S$2.59
Another positive development to close valuation gap

 2QFY13 NPI fell as expected due to disposal of Central Plaza. 2QFY13 net property income (NPI) of S$13.5m fell 13.0% QoQ on the back of a 12.1% QoQ fall in gross revenue to S$20.5m largely due to the fall in rental income following the disposal of Central Plaza on 23 May 2013. The core stabilized commercial portfolio continued to enjoy a steady and high occupancy of 94.12% and 94.77% at The HQ office towers and Forterra House respectively. Twenty-six leases (new and renewals) on these assets were also successfully negotiated at an average rental increase of 7.53% (1QFY13: 12.43%) over the expiring leases.

曾淵滄專欄 12.08.13:儲局把戲怎樣玩?

反彈了數星期的恒指,上周突然出現幅度不小的調整,主要與美股有關。美股調整是因為美國聯儲局數位官員,突然不約而同地就退市時間發表評論,引發新一輪的退市恐慌症。

美國聯儲局退市,會影響股市,也該同時影響匯市,但很奇怪,過去一星期,美匯並沒有走強,美元兌日圓匯率創近期新低,成為傳媒財經版的大新聞,美元兌英鎊、澳元……全線下跌,甚至連黃金價格、石油價格也因美元弱勢而上升,聯儲局的退市把戲究竟會如何玩?為甚麼股市與匯市有不同的反應?

Malaysian Bulk Carriers - Bulk losses erode firepower (CIMB)

Malaysian Bulk Carriers -
Current RM1.87
Target RM2.00
Bulk losses erode firepower

Maybulk has been run by excellent hands over the past decade, giving significant returns to shareholders during the dry bulk boom years. What worries us now is that dry bulk losses are eroding the cash balances that are needed to pursue more aggressive vessel purchases. We downgrade from an Outperform to Neutral as we lock in the gains from a 26% rise in its share price over the past three months. We do not believe that a POSH IPO will further rerate Maybulk. Our target price is still based on SOP, and we have raised the SOP on a stronger US$ and rising secondhand vessel prices. This is partially offset by the cuts in our FY13-15 earnings forecasts due to weaker-than-expected spot rates. We recommend to switch to Pacific Basin.

Pacific Basin : Cost control the key to operating leverage(CS)

Pacific Basin Shipping Ltd
Maintain OUTPERFORM
Price (02 Aug 13 , HK$) 4.48
TP (prev. TP HK$) 5.00 (5.00)
Cost control the key to operating leverage

● We recently hosted a road show for Pacific Basin’s (PB) management following its 1H13 results announcement, which saw an improvement on last year's numbers as charter-in costs fell more than freight rates.

● Of the Asian-based clients that we saw, key concerns dealt with the perennial issues of supply, demand and when the excess of the latter over the former would lead to upward rate pressures.

Sunday, August 11, 2013

分析员: 财政及货币政策趋紧 马股年底风起云涌

分析员: 财政及货币政策趋紧 马股年底风起云涌
Created 08/08/2013 - 09:32
(吉隆坡7日讯)分析员认为,我国经济环境是时候迎来正常化,预测政府将收紧财政及货币政策,进而冲击股市表现。

政策的变动总会有人欢喜有人愁,其中化学、油气、种植、科技和公用事业领域,被分析员点名为主要受益者。

安联研究分析员表示,随着美国可能减弱购买国债力度,已触发全球游资抛售包括我国的新兴市场资产,进而拖累市场国债殖利率高涨和货币贬值。

Top 30 small-cap companies for 2013


PETALING JAYA: Brahim’s Holdings Bhd, Instacom Group Bhd and Tambun Indah Land Bhd are among RHB Research’s top picks for its Top 30 small-cap companies for 2013.

“Our 2013 edition has ‘unearthed’ 11 new jewels: Brahim’s (consumer), Deleum Bhd (oil and gas or O&G), Hua Yang Bhd (property), Instacom (telecommunications), Integrax Bhd (ports), Malton Bhd (property), Protasco Bhd (construction), Scientex Bhd (consumer), TDM Bhd (plantations), Uzma Bhd (O&G) and WellCall Holdings Bhd (industrials),” it said.

胡立阳 : 你在学巴菲特吗?



Analysts expect Singapore dollar to remain strong against ringgit


《财经追击 2013》Money Week 2013-07-05 • Episode 18



《财经追击 2013》Money Week 2013-07-28 • Episode 17



黃德几:央行放寬利率貸款下限 內銀或續



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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