Saturday, October 19, 2013

Khalid: MRT might possibly be extended to i-City

Khalid: MRT might possibly be extended to i-City
Posted on October 17, 2013 - Featured, Property News.
SHAH ALAM: Talks are under way to extend the Mass Rapid Transit (MRT) line to i-City pending studies by the concessionaire and relevant parties in the planning routes.

Selangor Mentri Besar Tan Sri Khalid Ibrahim said due time must be given to the concessionaire to plan the routes which, if implemented, could solve traffic congestion in the district.

“We need to be fair and allow a certain level of independence to MRT and the Performance Management and Delivery Unit (Pemandu) for this purpose,” he told reporters yesterday after witnessing the signing of a memorandum of understanding between I-Berhad and Best Western International on the development of a hotel in i-City.

李澤楷2.3億染指美電動車

【本報訊】李澤楷買「新車」。外電報道,李澤楷旗下的投資公司有機會從美國能源部投得當地電動車廠Fisker Automotive連同1.68億美元的政府欠款,作價逾3,000萬美元(2.34億港元),為他進軍保險業務後,另一新的投資範疇。


報道指,美國能源部於10月11日舉行的Fisker 1.68億美元債務拍賣會,當中李澤楷的公司擊敗了兩個對手,作價最少3,000萬美元,報道又引述知情人士稱,美能源部要求競標者交上一份發展綠色汽車工程的計劃書。

Malaysia's Westports surges in market debut



Capitamalls Malaysia Trust - Melawati Mall by its sponsor under construction

Capitamalls Malaysia Trust -
Melawati Mall by its sponsor under construction BUY
Publish date: Fri, 18 Oct 10:26

-  We reaffirm our BUY recommendation on CapitaMalls Malaysia Trust (CMMT), with an unchanged fair value of RM2.15/unit, based on our DCF-based valuation.

-  The group’s sponsor, CapitaMalls Asia Limited (CMA), has just commenced construction of Melawati Mall – a 50:50 joint venture with Sime Darby.

水务处理专家 实康企业(SALCON)多元至房产领域更有看头

实康(SALCON)是马来西亚著名的水务公司,它目前的核心业务主要分成三个部份,即水及环境部份,废水处理部份及贸易服务部份。此外,它也是马来西亚少数几家成功进军中国市场的公司。

最近实康企业动作频频,而使得它的展望备受市场的关注,例如2013年9月份时,实康宣布将子公司--实康达阔环境私人有限公司,及江苏实康有限公司的所有股权脱售给北京水务集团。

此外,实康与其持有60%股权的子公司实康水务,也将所持有的福建实康公司、浙江实康公司及山东实康公司股权,脱售给北京水务集团。有关交易的总值达5亿1828万令吉。

胡立陽:輕忽QE退場 恐十倍奉還

胡立陽:輕忽QE退場 恐十倍奉還

【經濟日報╱記者葉家瑋、王奐敏/台北報導】


被譽為「亞洲股市教父」的胡立陽,昨(26)日推出新書「股票投資百寶箱」,分享投資策略;談到美國量化寬鬆(QE)退場在即,胡立陽以「金錢遊戲玩完」形容,預期QE退場後,美股年底或明年初恐「崩盤」,明年投資台股「難度很高、需步步為營」。

胡立陽昨天舉行新書發表會,該書主要回應全球投資人最關心的金融情勢、最想學的多空情勢判斷、及股票操作問題等。

Marc Faber on whether the Fed will start tapering once this panic is over


Globetronics Technology :Riding the Crest (Kenanga)

Globetronics Technology -
Last Price - RM3.04
Kenanga Trading buy RM3.42
Riding the Crest

INVESTMENT MERIT

- Solid earnings track record with consistent dividend payout of  > 50%. Globetronics Technology (GTB), one of the outperformers in the semiconductor industry, has remained profitable for more than a decade (with 10-year CAGR of 7%) despite the cyclical nature of the industry.

Buffett: Debt limit is 'political weapon of mass destruction'



B'fast Grille 07Sep2012 Datuk Eu Hong Chew i-Berhad



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Trading Psychology – A Pillar Of Successful Trading

15 OCTOBER 2013
Trading Psychology – A Pillar Of Successful Trading
By Simeon Ang

Investing in stocks can be a daunting task and recent developments have not helped stir confidence amongst investors. Take your pick, there are so many negative developments out there that one wonders if investing in stocks is really a good way to preserve capital, let alone earn income.

Case in point, the drastic fall of Blumont, Asiasons and Liongold. Did the stocks fall because of a trading anomaly or was it because of malicious rumors? Could mass crowd psychology have something to do with it? In particular, did psychology have anything to do with the rapid ascent of a counter like Blumont?

6 Stocks For The Modern Homemaker

6 OCTOBER 2013
6 Stocks For The Modern Homemaker
By Simeon Ang

Remember Lynette Scavo from Desperate Housewives? That drama series was widely acclaimed in the US and received quite a bit of fanfare on Channel 5 before its first season was aired. Or perhaps, you might know Claire Dunphy of the sitcom, Modern Family? Winning various awards in the US as well although only aired on cable television here in Singapore due to mature themes.

These two characters, though from two different shows, have much in common. They are both full-time homemakers (well, at least for most of their air time). And being full-time homemakers, they have many concerns, not the least of it, financial security.

Friday, October 18, 2013

槟二桥即将通车 威南房产水涨船高

槟二桥即将通车 威南房产水涨船高
Created 10/18/2013 - 14:43
距离第二大桥全面竣工及通车的日子已经近在眉睫,威省越来越多发展计划渐渐移至威南一带,接踵而来的好消息也将全面催谷威南的房地产。

槟城的发展一直以来以槟岛为主,而威省一带的房地产随着3‧08后掀起的涨风,房价也一样逐年稳健成长。

过去数年来,威北和威中新兴商业区商业活动蓬勃,仅有威南仍未见显著商业区的成型。

嘉德商託新資產啟建

嘉德商託新資產啟建
Created 10/18/2013 - 17:22
(吉隆坡18日訊)嘉德商托(CMMT,5180,主板產業投資信托組)開始與森那美(SIME,4197,主板貿服組)聯營的美拉華蒂商場建築工程,雙方各持50%股權,商場位於吉隆坡西北部,可出租面積62萬平方呎,高8層,預計2016年杪竣工。

分析

分析員看好以上發展將強化潛在注入資產項目,預計該集團將比其他產托先出手,收購符合條件的購物商場。

黃金周 金鷹百盛同店銷售倒退

黃金周 金鷹百盛同店銷售倒退
瑞信:末季續低迷 或需加大促銷
2013年10月18日
【明報專訊】雖然內地力谷內需,視之為推動經濟增長新動力,但實際情卻頗堪憂,就連向為消費力集中爆發的黃金周也開始失色。本報記者近日在上海巡察,發現不少百貨公司人流冷清,瑞信報告亦稱,內地百貨龍頭新世界百貨(0825)今年黃金周同店銷售零增長,分別以長三角及北京為基地的金鷹(3308)及百盛(3368)更首次出現負增長,消費疲弱問題已遍及全國。

百貨企業陷入疲態,已成全國性現象,本報記者昨日在位於上海南京西路的金鷹國際購物中心內視察情,名牌Gucci和Bottega Veneta佔據了商場底層和一樓的大部分空間,而這兩層幾乎是空空蕩蕩。二樓的女裝鞋區稍有人氣,主要因為不少品牌在做打折促銷,例如百麗(1880)正以六八折促銷。

明年投资2.5亿 顶级手套稍缓扩展步伐

明年投资2.5亿 顶级手套稍缓扩展步伐
Created 10/18/2013 - 12:03
(吉隆坡17日讯)顶级手套(TOPGLOV,7113,主板工业产品股)将为2014财年拨出2亿至2.5亿令吉的资本开销,但集团将稍微放缓扩展计划。

顶级手套执行董事林将源表示,集团今年拨出至少2亿令吉为资本开销,其中1亿2000万令吉用于扩展新产能和土地的营运资本、5000万令吉用于新办公楼,以及3000万令吉投资在种植业务。

顶级手套主席丹斯里林伟才说:“我们会继续扩展,却不会再如此前迅速。扩展计划说得容易,但需要许多工作”。

普华永道: 改善财务状况 消费税至少6%才有效

普华永道: 改善财务状况 消费税至少6%才有效
Created 10/18/2013 - 08:39
(吉隆坡17日讯)审计公司普华永道(PwC)认为,我国的消费税率须定在至少6%,才能达到增加税收、减轻财政压力的效益,否则将毫无意义。

“若把消费税的税率设为4%,则从中所收到的税款,将差不多跟来自现有销售与服务税(sale and service tax)的税款一样,那对改善国家财务状况而言,毫无意义。”

普华永道高级执行董事尹庆春,今天在媒体汇报会上如是表示。

Genting Singapore : Uneventful 3Q13 at MBS (CIMB)

Genting Singapore
Current S$1.47
Target S$1.17
Uneventful 3Q13 at MBS

 Marina Bay Sands (MBS) had yet another business-as-usual quarter with both its VIP and mass GGR growth capped by the availability of credit and regulated local access respectively.

We expect Genting Singapore (GENS) to mirror the same structural issues.

Cosco Corporation : One step forward, two steps back (CIMB)

Cosco Corporation
Current S$0.81
Target S$0.46
One step forward, two steps back

 We doubt the simultaneous string of order wins announced by Cosco, amounting to US$400m, will mask the negative impact of the termination of a contract worth more than US$500m.

Cosco’s only drillship order, due to be delivered in 3Q12, has been terminated by its owner, which is now seeking a US$110m refund. We keep our EPS estimates for now, pending more clarity regarding the arbitration and potential provision to be made. Maintain Underperform and target price based on 22x CY14 P/E (five-year mean). We see re-rating catalyst from consistent quarterly earnings.

Ascendas REIT : Stable but limited growth (CIMB)

Ascendas REIT
Stable but limited growth
 NEUTRAL - Downgrade
| S$2.31 - TP: S$2.47

▊ 2QFY14 results were largely in line with our expectations with DPU accounting for 25% of our FY14 estimate. Management indicated that positive rental reversion will continue but industrial market growth in general is seeing a slowdown. 1HFY14 DPU met consensus and our expectations, forming 50% of our full-year estimate. However, after including performance fees into the model, DPU estimates were lowered by 1.8%/1.6% for FY14/FY15 respectively. As a result, we downgrade AREIT to Neutral with a slightly lower DDM-based (discount rate of 7.2%) target price of S$2.47.

Pan-United Corporation : CXP earnings are sustainable(DBSV)

Pan-United Corporation
BUY S$0.94 STI : 3,174.03
Price Target : 12-Month S$ 1.21

CXP earnings are sustainable
• CXP contributes > 25% to earnings post acquisition
• CXP earnings are sustainable, group earnings still driven by ready-mixed concrete segment
• Maintain BUY and S$1.21 TP

Port visit provides confidence that earnings are sustainable. Post acquisition of MIIF’s 34.2% stake for S$101m (out of MIIF’s 38% in CXP), CXP now contributes more significantly to PAN’s earnings (27% vs 18% previously). Based on our estimates, the acquisition is earnings accretive and will improve FY14F’s earnings by 10%. We visited CXP port to gain further insight to its operations and have confidence that CXP is capable of contributing a sustainable stream of earnings to PAN going forward.

曾淵滄專欄 18.10.13:大市波動 炒家最愛

美國共和黨與民主黨終於就美國國債上限的談判達成協議,把限期向後推,明年初仍可再談判,但是,我相信總統奧巴馬不會讓步,一步也不讓,因為過去一段日子的談判過程中,共和黨的民意支持度在下降中。

前天晚上共和黨與民主黨達成的協議,實際上就是共和黨讓步,既然奧巴馬不願讓步,共和黨每次只好把問題向後延期數個月,不必多久,即今年12月份,相信市場又會再為明年初美國債務上限到期而波動,對炒家來說,這可製造多一些翻雲覆雨的機會。

CNOOC : On track with strong volume growth in FY14-15 (CIMB)

CNOOC Limited
Current HK$15.96
Target HK$18.00
On track with strong volume growth in FY14-15

 CNOOC’s production growth is on track, driven by new projects that are expected to come on stream by the end of this year. We believe the market’s concerns are overdone and the stock’s current valuation is attractive.

Even excluding the contribution from CNOOC’s overseas assets, we believe it can achieve a 7% rise in production in FY14-15. We see an opportunity to accumulate the stock. As such, we maintain our Outperform rating and our target price of HK$18 based on 9.8x CY14 P/E (207-2010 historical average). CNOOC remains our top pick in the China oil and gas universe.

Mapletree Logistics Trust : Sluggish growth expected (CIMB)

Mapletree Logistics Trust
Sluggish growth expected
UNDERPERFORM - Downgrade | S$1.08 - TP: S$1.08

▊ As the M&A-driven growth tapers off, the earnings outlook for MLT appears less sanguine. More than 90% of its distributable income is hedged, shielding MLT’s earnings from the yen volatility, but this alone is not a compelling reason to buy the stock. MLT’s 2QFY14 results were in line with consensus and our expectations, with this quarter’s DPU accounting for 25% of our full-year forecast and 1HFY14 DPU comprising 50%. Given the lack of growth catalysts (after factoring in the S$150m acquisitions in FY14), we downgrade MLT, based on valuation, to Underperform, with an unchanged DDM-based (discount rate of 8.1%) target price.

Thursday, October 17, 2013

Planned OUE REIT to include Shanghai’s Lippo Plaza

OUE Commercial Trust, a property trust controlled by Singapore-listed developer and hotelier OUE, will buy an office and shopping complex in Shanghai ahead of a listing that is likely to take place early next year, according to regulatory filings.

OUE Commercial Trust will acquire the 38-storey Lippo Plaza along Huaihai Middle Road, an upmarket shopping district, from Hong Kong-listed Lippo China Resources, whose chairman Stephen Riady is also the boss of OUE.

I城市主題公園投資7千萬

I城市主題公園投資7千萬
Created 10/17/2013 - 10:53
(吉隆坡16日訊)I公司(IBHD,4251,主板產業組)旗下I城市迄今在25英畝的主題公園投資了7千萬令吉,另將在未來幾年投資3千萬令吉。

公司副主席拿督尤芳洲說,位於I城市的Central Plaza@i-City購物中心不單是州內最大,同時也將對週遭地區在就業商機等作出積極貢獻。

該公司在I城市首建的5千萬令吉酒店計劃,預計216間客房精品酒店於明年9月開幕,I公司是與BEST WESTERN國際集團展開策略聯盟,由後者提供5年+5年酒店管理與服務型套房管理服務。

Pacific Basin Shipping Hires Citigroup to Sell Australian Units

October 14, 2013, 8:47 PM ET
Pacific Basin Shipping Hires Citigroup to Sell Australian Units
ByGillian Tan

Pacific Basin Shipping Ltd. has hired Citigroup Inc. to find a buyer for its Australian units, PB Towage and PB Sea Tow.

The units could fetch more than 500 million Australian dollars (US$476 million), a person familiar with the matter said. The Hong Kong-listed company wants to focus on its dry bulk business.  Pacific Basin’s dry bulk business transports cargoes like grains, fertilizer and forestry products. That unit experienced the weakest half-year since 1986, the company said in August.

I-Bhd partners Best Western for hotel venture

I-Bhd partners Best Western for hotel venture

SHAH ALAM: I-Bhd has partnered with Best Western International, the world’s biggest hotel chain, to develop the first hotel in the 29ha i-City project, scheduled to open in September 2014.

The three-star hotel, Best Western@i-City, has a gross development value of RM50mil, and represents the first of two hotels planned for the international park.

At the signing ceremony between the two parties, I-Bhd deputy chairman Datuk Eu Hong Chew said the hotel would probably have one of the shortest gestation periods due to the attractions based in the park.

KWAP to invest in small-cap and medium-cap firms

KWAP to invest in small-cap and medium-cap firms
PETALING JAYA: Kumpulan Wang Persaraan (KWAP) has allocated RM300mil to invest in small-cap and medium-cap companies on Bursa Malaysia and has already identified 30 such companies, its new chief executive officer Wan Kamaruzaman Wan Ahmad said.

Sources said the small caps that KWAP is close to investing in includes MyEG Services Bhd, a star performer among small caps, having risen by some 146% to RM1.94 year to date.

M1: Roamers hanging up (CIMB)

M1 Limited
Roamers hanging up
S$3.46 - TP: S$4.10

▊ At 94% of our forecast, M1’s annualised 9M13 core net profit was in line as we expect 4Q13 to be stronger qoq on lower subsidies. But M1 is a little ahead of consensus estimates at 98%. Data revenue was the key driver, but M1 was dragged by weaker roaming and IDD revenues. We revise our FY14 DPS to 19 Scts to include a special DPS of 4 Scts and a final DPS of 8 Scts on the back of a net debt/EBITDA of only 0.5x. As such, we tweak our EPS estimates down. M1 remains an Outperform with a higher DCF-based target price after rolling a year forward. Likely price catalysts are a special dividend and earnings surprise.

Keppel T&T : Temporary pinch (CIMB)

Keppel T&T
Temporary pinch
OUTPERFORM - Maintained | S$1.53 - TP: S$1.92

▊ Keppel T&T’s 3Q13 operating margins fell to a seven-quarter low of 10.5%. Both the logistics and data centre segments were affected by higher operating costs. We believe the margins are likely to stay depressed ahead of the opening of new facilities in FY14-15. 9M13 net profit of S$45.5m, at 75% of our full-year forecast, was in line with our estimates. We maintain our EPS forecasts, but roll forward our valuation to CY15 earnings which raises our SOP-based target price to S$1.92. We maintain Outperform and see the new facilities as catalysts for the stock.

K-Green Trust : 3Q Results in Line, Profit Margin Remains Higher(S&P)

K-Green Trust
Price: SGD1.01
Fair value: SGD1.06 - SGD1.13
Date: October 16, 2013
3Q Results in Line, Profit Margin Remains Higher

• Little change in our fair value and profit estimates. We keep our profit and fair value estimate for KGT largely unchanged following 3Q profit performance that was in line with our expectation. We see little risk to potential dividend per unit of SG 7.8 cents payout over the next 12 months, which leaves KGT’s dividend yield at a relatively attractive 7.7% vs. the FSSTI average of 3.2% and in line with other infrastructure trusts in Singapore.

• Revenue and profit are stable. 3Q13 revenue of SGD17.1 mln is stable (+0.3% YoY, +1.9% QoQ) while net profit of SGD3.8 mln is up 7.4% YoY, but down 1.6% QoQ. The slightly lower QoQ profit is mainly due to an uptick in electricity costs. We do not think the slightly higher electricity cost is anything to worry about as this has swung from quarter to quarter, reflecting fuel cost and usage variations – the bulk of which is passed through to customers.

Keppel REIT : Tracking along (DBSV)

Keppel REIT
HOLD S$1.25
STI: 3,165.25
Price Target : 12-Month S$1.23 (Prev S$1.19)
Tracking along

• 3Q13 DPU of 1.97 Scts in line
• Robust occupancy levels with minimal refinancing risks in coming financial year
• HOLD with revised TP of S$1.23

Highlights
3Q results in line with expectations. Keppel REIT (K-REIT) reported a 5% rise in distributable income to S$54.1m (DPU of 1.97 Scts, +0.5% y-o-y), on the back of a 7% increase in net property income to S$34.3m.

Pan United : Key takeaways from Changshu Xinghua Port site visit (UOBKH)

Pan United
Share Price S$0.94
Target Price S$1.25
Key takeaways from Changshu Xinghua Port site visit

Valuation/Recommendation
• Maintain BUY and target price of S$1.25.
• We recently visited Pan United’s Changshu Xinghua Port (CXP) in China to get an update on the operations from the local management.

曾淵滄專欄 17.10.13:三四線股多捧場客

香港電視(1137)不獲發免費電視牌照的事,已迅速演變成政治事件,這是特區政府作出決定前,應該預先知道的結果。

昨日香港電視股價大跌33%,而獲發牌照的有線寬頻(1097)則狂升155%,電訊盈科(008)也升4%。搞免費電視真的這麼好賺嗎?看看亞視,多年來換了多少個老闆,有誰賺到錢?現任老闆王征已虧蝕了十幾億元。

昨日是A股小股災日,事緣A股創業板爆煲,多隻創業板股跌停板,有大行出報告說,創業板已炒至驚人的PE水平,大行報告一言驚醒正炒得如癡如醉的股民。

Pacific Basin : New-ish broom sweeps clean: PB Towage on the block (CS)

Pacific Basin Shipping Ltd
Price (15 Oct 13 , HK$) 5.22
TP (prev. TP HK$) 5.65 (5.65)
New-ish broom sweeps clean: PB Towage on the block

● Pacific Basin (PB) has confirmed media speculation that it is in the early stages of a sale of its Australian unit, PB Towage...this would be the second such divestment in about a year that CEO Mats Berglund has overseen since he took the helm in 2012.

● At this point, the company has given no guidance as to valuation, which we put at around US$460 mn on the basis of estimated 2013 earnings and the multiples of its nearest comparable listed company, Mermaid Marine...also based in Australia

人幣破頂美元落難


有「起」有悲人民幣升勢凌厲,市場預期投資者將減少依賴近期疲弱的美元,並增加人民幣投資比重。

人民幣匯價連續三日創新高,昨日更升穿每美元兌6.10元人民幣水平,為○五年匯改以來的歷史高位。近期美元受多項負面因素包括債務上限問題困擾,分析指隨着人民幣升值步伐持續,投資者將減少對美元的依賴,並增加人民幣投資比重,亞洲各央行會增持人民幣債券,有助人民幣國際化。

Wednesday, October 16, 2013

房價3年漲31%‧打房應對症下藥

房價3年漲31%‧打房應對症下藥
Created 10/16/2013 - 17:06
(吉隆坡16日訊)房價漲不停,政府打房一刻不得閒,但分析員認為“一網打盡”的全面性措施成效不大,應放手讓市場“看不見的手”展開一次調整機會,或透過更針對性的措施打房才可見到更顯著的效果。

黃氏唯高達研究表示,在供不應求、新產業標高价格、成本走揚和宏觀經濟等因素影響下,過去3年大馬產業價格已飆升31%,其中住宅產業在2012年創下678億令吉和27萬2千699單位的銷售價值和數量新高。

私有化Medi-Felx 出价合理 顶级手套开源节流受看好

私有化Medi-Felx 出价合理 顶级手套开源节流受看好
Created 10/16/2013 - 08:19
(吉隆坡15日讯)分析员虽认为顶级手套(TOPGLOV,7113,主板工业产品股)私有化新加坡上市子公司———Medi-Felx所带来的盈利影响不大,但基于出价合理且可开源节流,纷纷抱着正面看法。

持有Medi-Felx约79.88%股权的顶级手套在上周献议,以每股0.15新元(约0.38令吉)现金,全面收购未持有的股权。

Singapore Press Holdings: Twin initiatives for growth and cost savings (OCBC)

Singapore Press Holdings:
Fair value S$4.14
add: 12m dividend forecast S$0.22
versus: Current price S$4.12

Twin initiatives for growth and cost savings
• FY13 figures mostly in line
• Cost savings of S$19m p.a. ahead
• S$100m New Media Fund

SPH reported FY13 (ending 31 Aug) PATMI of S$431.0m – down 25.0% – mainly due to a lower fair value gain on investment properties and a S$40.4m increase in the “other operating expenses” item.

Lian Beng: 1QFY14 results marred by marketing expenses (OCBC)

Lian Beng:
Fair value S$0.58
add: 12m dividend forecast S$0.02
versus: Current price S$0.54

1QFY14 results marred by marketing expenses
• 1QFY14 PATMI down 31% YoY
• Gross margins dip due to revenue mix
• Increasing uncertainties in resi segment

Lian Beng announced 1QFY14 PATMI of S$7.3m – down 30.9% YoY – mostly due to increased selling and marketing expenses incurred at development projects and the cessation of tenant leases at Hougang Plaza. Topline for 1QFY14 came in 44.2% higher YoY at S$163.5m;

Thai Beverage: Local beer consumption gives brewer reason to cheer, says StanChart’s Tiruchelvam

Written by Kang Wan Chern
Monday, 14 October 2013 13:05
More people than ever are consuming beer in Singapore as the citystate goes all out to attract more expatriates and tourists as a global financial and entertainment hub. At the same time, more beer is being sold in hawker centres, kopitiams and provision shops to folks in the heartlands while more women are tossing back a lager or two alongside their male counterparts in bars and clubs.

Keppel REIT - Another solid quarter (CIMB)

Keppel REIT -
Current S$1.25
Target S$1.32
Another solid quarter

KREIT’s 3Q13 DPU was in line, meeting 25% of our FY13 forecast. Key positives include
1) management’s proactive refinancing of loans due in 2014 and 2015,
2) completion of the acquisition of 8 Exhibition Street, Melbourne, and
3) achieving Temporary Occupation Permit of OFC Phase 2.

S-REITs - Losing momentum (CIMB)

As the industrial market becomes more regulated, coupled with a mismatch in the pricing expectations of vendors and investors, we expect industrial REITs’ earnings growth to slow down.

As a result of a more competitive and regulated market, announced acquisitions and BTS projects have dropped off in recent quarters. In the coming results season, we expect growth from organic positive reversions rather than acquisitions. We remain Neutral on the sector with CACHE and AREIT as our preferred choices.

曾淵滄專欄 16.10.13:長揸享創新高樂趣

昨日恒指升幅一般,僅0.51%。不過,多個板塊則出現非常熱鬧的炒作,三中全會概念股開始熱身了,上個月我建議大家買醫療股,現在,這個板塊開始熱了,並開始出現炒收購的消息,相信可以再繼續炒。

過去一整年屬強勢股天下,股價屢創新高的股依然是強勢股,我的愛股之一友邦(1299)又再破頂,過去一年,股市整體而言不算好,恒指至今未破年初高位,但友邦、銀娛(027)股價則不斷創新高,很可惜,我問過許多股友,絕少人能像我那樣有耐性長期持有至今,享受股價創新高的樂趣。

Genting Singapore PLC - All in Order But In The Price

Genting Singapore PLC - All in Order But In The Price
Publish date: Mon, 14 Oct 15:17

Highlights
Genting Singapore’s share price have soared 12% from its bottom in late Aug when it plunges after a disappointing 1HFY13 results. We believe the increase in share price was on the back of Japan’s victory in hosting the 2020 Olympics.

To recall our gaming report written on 10 Sept ’13 titled “Japan to Host Olympics 2020”, the win could potentially expedite its gaming liberalisation process as it needs to add hotel capacity and entertainment venue to cater for visitors.

新世界百货2.8亿收购上海汇姿 百货业并购渐热

继王府井百货集团股份有限公司(下称“王府井百货”)控股股东王府井国际完成对香港上市公司中国春天百货96.72%股权的收购后,百货业并购再添一案。

昨日,新世界百货中国有限公司(00825.HK,下称“新世界百货”)公告称,旗下全资子公司沈阳新世界百货有限公司(下称“沈阳新百”),与上海汉新有限公司(下称“上海汉新”)订立股权转让协议,沈阳新百以2.8亿元收购上海汉新旗下上海汇姿百货有限公司(下称“上海汇姿”)100%股权。

此次,沈阳新百收购上海汇姿的举动,暗合了之前新世界百货制定的在“辐射城市”、“一市多店”,扩张自有门店的策略。

Tuesday, October 15, 2013

Viva Trust to raise $365 mil through Singapore share sale

Viva Trust to raise $365 mil through Singapore share sale

Written by Bloomberg  
Monday, 14 October 2013 19:28
Viva Industrial Trust, a Singapore business and real estate trust, said it will raise $365 million through a share sale to Chinese property tycoon Tong Jinquan and the public.

Tong, the chairman of Shanghai Summit Property Development, will purchase $200 million of shares in Viva Industrial as a cornerstone investor, the trust said in a filing to the Monetary Authority of Singapore today. Viva Industrial will sell 468 million shares at 78 Singapore cents each in the island- state, according to the filing.

曾淵滄教路 09.10.13 : 長線投資兩大要訣 揀啱對象 揀對時機

長線投資兩大要訣 揀啱對象 揀對時機
我推崇長期投資,不論是股市或樓市,我都是長期投資的推崇者,長期投資最重要的事有兩件,一是投資對象的選擇,二是進場的時間,這兩件事一定得同時做對。

投資對象的選擇也千萬不好孤注一擲,想一注獨贏,所有正在熱炒的股永遠只能短炒,短炒就一定得堅守紀律,股價一跌穿自己定下的止蝕點就一定得忍痛賣掉。要長期投資一些股票,就等於長期投資於該企業,長期投資於該企業的管理層及其產品的長期競爭力,股神巴菲特在一九九九年至二○○○年IT股狂炒時沒有買任何IT股,許多人笑他錯失良機。不過,對巴菲特而言,他堅持不熟不投資,近一段日子,IT股再度狂熱,有第二春之熱,騰訊上市十年,升值一百倍,使到許多沒有買中的人感到可惜。

QE衰退 新興市場是福是禍?

QE衰退 新興市場是福是禍?
今周刊
( 2013/09/27 )
投資機構普遍看好QE延退對新興國家的正面效果,但所謂的效果,不過就是一段「喘息時間」,當這段時間結束,存在赤字問題的新興國家恐怕還是得再次面對衝擊。除非,他們能夠及時調整經濟結構。

「全球資金行情延燒」、「新興股市醒了」、「新興市場債的資金派對再次亮燈」,這些都是美國聯準會主席柏南克在九月十九日宣布暫不減少QE(量化寬鬆貨幣政策)規模之後,見諸國內外各媒體的標題。彷彿柏南克在貨幣政策上的戲劇轉變,是投資市場好不容易掙來的一場重大勝利。

AIRASIA X : A Step Closer To Establishing Bangkok Hub

AIRASIA X BERHAD -
A Step Closer To Establishing Bangkok Hub
Publish date: Mon, 14 Oct 15:13

AirAsia X (AAX) announced its 49%-owned associate, Thai AirAsia X (TAAX), has received approval from Department of Civil Aviation of Thailand for Air Operator‟s License (AOL). We are positive on AAX taking a step closer to establishing its operating hub in Bangkok, Thailand. Although AAX currently faces challenges from aggressive pricing from MAS and volatility in USD/MYR & fuel prices, we believe the strong growth prospects of AAX remain intact with ongoing fleet expansion and setting up operating hubs in Bangkok and Bali. As such, we maintain our Outperform on AAX with an unchanged target price of RM1.43.

竞争开打硝烟弥漫 电讯业合作创新机

竞争开打硝烟弥漫 电讯业合作创新机
Created 10/14/2013 - 12:19
智慧时代来临,人们已养成“机不离手”习惯,对通讯需求自然不在话下,从而促成本地电讯业者之间的激烈竞争。

俗话说团结力量大,“孤军作战”不再是电讯业者秉持的原则,本地业者纷纷转向“合作联盟”。

不管是在预付市场,还是炙手可热的4G-LTE网络上,电讯巨头皆采用与他人合作的方式共创新局,利用“1+1>2”的概念,携手扩大自身市场地位,力抗竞争对手的强势攻占。

旅游业运财 房地产发威

旅游业运财 房地产发威
Created 10/11/2013 - 11:29
即使全球经济前景仍看淡,但根据莱坊国际(Knight Frank)最新发表的《全球屋价指数》,全球屋价增幅仍不俗。当中,亚洲房地产仍是全球经济增长引擎,包括我国在内的区域房地产在今年上半年均走扬,其增长动力将延续至下半年。

如市场预期,吉隆坡、槟城及依斯干达,仍然问鼎国内三大投资热点。

这期,且让我们看看这3大热点上半年的发展概况,以及下半年值得期待的发展项目。

CB Industrial Product - First Contract From Bumitama

CB Industrial Product -
First Contract From Bumitama
Publish date: Mon, 14 Oct 11:51

News  CB Industrial Product Holding (CBIP) has been awarded a contract to build a Continuous Sterilisation (CS) palm oil mill in Central Kalimantan, Indonesia. We gather that the total value of the contract is RM33m with a capacity of 60mt/hour. More notable is that the contract is from PT Windu Nabatindo Abadi, a subsidiary of PT Bumitama Gunajaya Agro (PBGA).

 PBGA is a 90% subsidiary of Bumitama Agri. Ltd. (Bumitama) which is listed in Singapore with a market cap of SGD1.74b.

实康第一炮 Res 280认购率70%

实康第一炮 Res 280认购率70%
Created 10/11/2013 - 12:18
在跨足房地产发展业务后,实康(SALCON,8567,主板贸服股)推出首项房产计划大受欢迎,写下1亿800万令吉的首日销售,认购率达70%。

实康执行董事拿督梁国华在文告中指出,这项位于士拉央及命名为Res280的综合计划,发展总值达1亿5400万令吉,为实康与Mepro控股的联营发展项目。

预计2016年完工

威达进军房产 首推Urbana Residences

威达进军房产 首推Urbana Residences
Created 10/11/2013 - 12:22
业务多元化至房地产发展领域的威达(Weida),推介Urbana Residences公寓计划,为该公司跨足精品房地产业的首项计划。

打造356间服务式公寓威达会将建筑与工程管理的专长注入房地产发展业务中,借由专长及对市场的了解,推出迎合市场需求的房产。

位于阿拉白沙罗(Ara Damansara)的Urbana Residences计划,发展总值达2亿3100万令吉,15层楼高的建筑将打造356间服务式公寓。

Top Glove : Hurt by price discounting (CIMB)

Top Glove
Current RM6.15
Target RM6.44
Hurt by price discounting

 Core net profit represented 97% of our full-year forecast, in line with expectations, but only 93% of consensus. Although sales volume was stronger yoy, lower ASP due to high competition weighed on its net profit. We believe this issue will persist.

Given intensifying competition and the proposed Medi-Flex privatisation, we cut our FY14-15 core net profit and introduced FY16 forecasts. Our target price, based on a higher 17.2x P/E (10% premium over our revised market P/E of 15.9x) vs. 17.5x previously and rolled over to CY15, is reduced. We remain Neutral as we still expect it to post stable earnings given the higher contribution from nitrile, which will compensate for weak natural rubber glove demand. We prefer Kossan.

曾淵滄專欄 15.10.13:三中全會概念煞食

恒指上周五急升,理由是美國共和黨人建議把10月17日的國債上限談判死線推後六星期。我仍然維持看法不變,即美國政府國債違約機會很低,但萬一真的發生,代價極大。談判成功,股市升2%,談判失敗,股市跌20%。

10月已進入中旬,內地三中全會下個月就舉行,我相信股市應該很快會炒作相關概念股,三中全會是習近平及李克強正式接掌中國政經大權後,第一份長期經濟規劃,為未來10年制定的規劃,非常重要,經濟改革、戶籍改革、土地改革將是重要的改革主題,這些課題在過去也討論了千遍萬遍,只是時機未成熟,就等習近平去改革,改革成功與否關係中國夢的成功與否,因此我是樂觀的。

Malaysia Building Society - Details of the proposed rights issue

Malaysia Building Society -
Details of the proposed rights issue

- We are maintaining our BUY rating on Malaysia Building Society Bhd (MBSB), with a lower fair value of RM3.40/share (from RM3.60/share previously) (cum basis) or RM2.99/share (vs. RM2.18 previously) on an exrights price basis.

- Our earnings forecasts and fair value already reflect the latest information on the proposed rights issue, and is fully diluted for the previous warrants issue in FY11. This is based on a fully-diluted ROE (for previous warrants and potential imminent rights issue) of 19.0% (from 19.7%), leading to fair P/BV of 1.86x (from 1.94x).

Monday, October 14, 2013

亞航X成長料強勁

亞航X成長料強勁
Created 10/14/2013 - 17:07
(吉隆坡14日訊)亞航X(AAX,5238,主板貿服組)的49%子公司泰國亞航X獲得泰國民航局批准航空營運執照(AOL)。

分析:

儘管亞航X須面對競爭對手馬航(MAS,3786,主板貿服組)價格戰、匯率及油價問題挑戰,分析員依然看好此進展,相信亞航X在飛行團隊持續拓展,曼谷和峇厘島設立運作中心推動下,未來成長前景強勁。

亞航X取得航空營運執照後,將呈上航空營運證書(AOC)完成執照申請,過程料須3個月,將初步專注於北亞市場,如日本及韓國。目前並無長程廉價航空以曼谷為基地。

龙筹股 掀「中国旋风」

吉隆坡14日讯)基于明天是哈芝节公共假日,马股在今日交投淡静,市场交易活动则以低价股为主,当中有数只龙筹股交投炽热,在今日掀起一阵「中国风」。

马股在今日表现平平,呈横摆格局,而且交投也显得淡静,但几只龙筹股的交易活跃,它们分別是喜得狼(XDL,5156,主板消费股)、中国文具(CSL,5214,主板消费股)及华运控股(MSPORTS,5150,主板消费股)。

针对龙筹股于今日交投活跃,JFApex证券研究主管李忠正在接受《东方財经》询问时表示,其实,並无特定因素造成该些股项的交易在今天炽热。

一股作气:成荣集团 利好催升股价

一股作气:成荣集团 利好催升股价
Created 10/14/2013 - 13:30
继印度煤炭供应问题已解除不稳定的风险因素后,当局或有意重新开放超大型的发电厂工程竞标活动,有望让成荣集团(MUDAJYA,5085,主板建筑股)在当地的业务更上一层楼。不仅如此,该股重新评估催化剂还包括计划进军再生能源相关的独立发电厂项目,以及国内发电厂和大型基建工程合约的发放。

至于与姐妹公司———马化置地(MULPHAL,7889,主板产业股)携手发展的产业项目,更对该集团具有一鸟二石的效益。

Perennial China Retail Trust : Highlights from China visit (DBSV)

Perennial China Retail Trust
BUY S$0.535
STI : 3,179.71
Price Target : 12-Month S$ 0.84
Highlights from China visit

• Portfolio improving operationally
• New completions to boost income visibility
• Maintain Buy, TP S$0.84
Still ramping up. Our site visit to PCRT’s portfolio of assets reaffirms our view that operating performance is improving with 85% of its IPO portfolio completed and operational. Shenyang Longemont Shopping Mall (SLSM) is experiencing higher occupancy of > 80%, better foot traffic and tenant sales, while Shenyang Longemont Office (SLO) is seeing increasing take up rates.

Singapore Press Holdings: Lower dividends as expected (CIMB)

Singapore Press Holdings
Lower dividends as expected
NEUTRAL - Maintained
| S$4.12 - TP: S$4.11

▊ Media continues to be impacted by a weak advertising climate, leading to a fall in regular dividends. However, the cash from SPH REIT provides management with a war chest for property development, the success of which will be key to growing shareholder’s wealth. FY13 core earnings forms 94% of our full-year estimates. We deem it in line as the slight miss was due to a fall in investment income. Recurring earnings formed 100% of our estimates. We tweak FY14-15 forecasts on housekeeping matters, and introduce FY16 numbers. Our SOP-based target price rises as we roll over to end CY14. We maintain our Neutral rating.

Grave Digger To Gold Digger: Singapore Business Shifts Feed Governance Worries

11 OCTOBER 2013
Grave Digger To Gold Digger: Singapore Business Shifts Feed Governance Worries

A funeral parlour switches into gold mining; a steel trader turns into a property developer; and a food packaging firm ventures into resources.

Reverse takeovers and shifting corporate business strategies on Singapore’s stock market have come under the spotlight in the wake of a recent collapse in the share prices of three companies listed on Southeast Asia’s biggest bourse.

Dr Chan Yan Chong : US Shutdown Temporary; Catastrophic Repercussions On Default

11 OCTOBER 2013
US Shutdown Temporary; Catastrophic Repercussions On Default
By Dr Chan Yan Chong

Last weekend, I was invited to Singapore for an investment seminar that was co-organised with Shares Investment. While I was there, I took the opportunity to go on a side trip to Malacca. It has been 20 years since I last visited Malacca. Malacca has basically not changed over these 20 years, except that there are more tourists than before, and most are from China. From the Tuas Checkpoint at the westernmost tip of Singapore, I crossed the causeway into Johor before hitting the highway. During the nearly three-hour drive, there were no signs of houses on either sides of the highway, only miles after miles of oil palm plantations.

Q&M Dental: NDR Feedback (MKE)

Q&M Dental Group
Buy (unchanged)
Share price: SGD0.305
Target price: SGD0.41(unchanged)
NDR Feedback

Strong interest in Asia’s leading listed dental group. The NDR we held yesterday for Q&M drew active participation from ten institutional fund managers and surprisingly, many stimulating questions despite Q&M being a relatively unknown small cap. We also received enthusiastic involvement from Q&M, comprising CEO, CFO and COO, who were able to effectively shed greater light on the group’s growth plans in the region particularly China, its strategy of balancing geographical expansion and capital needs, its successful model of sharing revenue with dentists and cost centralisation that has allowed it to punch above its weight with almost 20% market share in Singapore, and the benefits an alliance with Q&M brings to dentists. We maintain BUY on Q&M with a target price of SGD0.41.

Sunday, October 13, 2013

股市资讯》2013年投资研讨峰会: 市场早应该出现调整

股市资讯》2013年投资研讨峰会: 市场早应该出现调整
文: 李廷伟 (译:杨佳文) 2013年10月11日 焦点
要知道该投资于哪些领域并不容易,要知道该在何时进场就更加不简单了。因此,我们请到了知名的投资大师前来担任《股市资讯》2013年投资研讨峰会的主讲人,与大家分享他们宝贵的投资心得。本文回顾了本届峰会的精彩内容,告诉你何时才是投资的最佳时机,以及大师都认同的最佳投资策略。

虽然早上下起大雨,但许多投资者还是一早抵达嘉龙剧院,等待《股市资讯》2013年投资研讨峰会开始。今年,大会请到的重量级主讲嘉宾是曾渊沧博士、胡立阳和黄达。

曾淵滄-股市资讯专栏11.10.13 :美国暂时关门 无钱还债麻烦大

美国暂时关门 无钱还债麻烦大
文: 曾渊沧博士 2013年10月11日 曾渊沧博士专栏
上周末受邀到新加坡参加《股市资讯》协办的一个投资讲座,期间到马六甲旅游。我已经20年没有到过马六甲。20年过去,马六甲基本上没变,旅客比以前多,是来自中国的旅客。近三小时的車程,两旁见不到房屋,只有绵绵不绝的油棕园。

近来,不少新加坡人热衷于投资马来西亚的房地产。投资讲座期间,许多人都问我相关的问题。但是,当我见到由新加坡对岸的柔佛直到马六甲的路上,景观竟然20年不变,可见马来西亚经济发展速度的缓慢。近几年,新加坡房地产价格猛涨,银行利率太低,不少人持有一些现金不知道该投资什么。于是多家新加坡的房地产商就到新加坡的对岸开发房地产楼盘,然后在新加坡搞促销,吸引了一群群新加坡人抢着投资。20年前,不少新加坡人也是如此抢着到印尼峇淡岛投资房地产而亏了钱。

上市企业纷纷转换跑道令监管当局有所顾虑

上市企业纷纷转换跑道令监管当局有所顾虑
文: 汤森路透 (译:杨佳文) 2013年10月11日 展望
一家从事殡葬业的企业改为从事金矿生意,一家钢铁贸易商转型成为产业发展商,还有一家食品包装企业涉足采矿业。

在新加坡三家上市公司的股价大跌之后,市场人士开始关注企业进行反向收购(reverse takeover)和转换业务策略的课题。

博诺(Blumont Group)是三家股价大跌的企业之一,其市值在过去一周减少了62亿元(49亿6,000万美元)。之前,博诺的股价在今年上涨多达12倍,是新加坡表现最佳的股票。博诺是在2000年中上市,它先后转移业务重心,所从事的业务包括食品及药品包装、房地产发展和投资(最近投资的是矿务企业)。

Wellcall Holdings Bhd Buy On Weakness

Wellcall Holdings Bhd Buy On Weakness
Publish date: Thu, 10 Oct 09:39

INVESTMENT MERIT
Irresistible dividend yield among small caps players. The company runs on a Just-in-time (JIT) production model which minimizes results in a very lean model, In fact, as at FY12, average trade receivables is stood at 14 days vs its peers of 43- 61 days. Riding on the group’s historically high dividend payout policy (90-100% payout ratio for the last 3 years), we are anticipating a payout of 18 sen and 20 sen NDPS in FY13 and FY14, translates into an attractive net dividend yield of 6.2%-6.9% as opposed to 3.2% average dividend yield in the FBMSC Index.

M-REITs - Stirred by Volatile Bond Market

M-REITs - Stirred by Volatile Bond Market
 Publish date: Thu, 10 Oct 09:43

MREITs remain quiet on the asset acquisition front, which implies fewer exciting growth prospects as strong growth, and hence, share price performance hinges on new acquisitions. We also believe retail MREITs organic growth may also be under threat for retail MREITs due to higher A&P cost due to stiff competition, thus limiting tenants ability to keep up with higher rental rates, while the supply glut for office spaces in the Klang Valley may suppress organic growth.

Airlines - Visit Malaysia Year Boost

Airlines - Visit Malaysia Year Boost
Publish date: Thu, 10 Oct 10:42

The Government has earmarked 2014 as a Visit Malaysia Yearand its efforts to promote Malaysia as a major tourist attraction will bode well for airport operator MAHB. Airlines, however, will see challenging times ahead on stiff competition from Malindo Air, although AirAsia is doing fairly well in cushioning the downside impact on its yields. We maintain our OVERWEIGHT call on the aviation sector. MAHB remains our Malaysian Top Pick.

Andy Xie:The changes China needs to make in order to re-balance its economy


Who’s In The 1,000% Club?

Who’s In The 1,000% Club?
By David Kuo - September 27, 2013

Over the last ten years, six Singapore large and mid-cap companies have delivered total returns in excess of 1,000%.

To achieve this level of return, a share would need to grow at a compound rate of at least 27% a year for a decade. Put another way, if you had bought shares in these companies, your investment should have doubled every 32 months.

Jim Rogers: Skip the MBA, get an agriculture degree



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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