Saturday, October 26, 2013

Weekend Comment Oct 25: Boustead's hidden value

Written by Chan Chao Peh  
Saturday, 26 October 2013 10:09
IT IS DIFFICULTto find a Singapore-based company with a history as long as Boustead Singapore, which can trace its roots back to the year 1828. But despite its pedigree, the company is not exactly on the radar of most investors.

Analysts from AmFraser Securities agree the company has often been overlooked. That's because Boustead’s four major businesses seem to be unrelated. But it is also the reason why the company has been able to ride out different business cycles and grow.

Hua Yang : Stronger 2H Expected (Kenanga)

Hua Yang Berhad -
Price: RM2.27
Target Price: RM2.91
Stronger 2H Expected

Period  2Q14/1H14

Actual vs. Expectations Hua Yang Berhad (HYB) reported 1H14 net profit of RM24.6m which is lower than expectations as it only makes up c.27% of street and our full year forecasts. The weak performance is due to billings being heavily loaded towards 2H14 and higher construction costs, which resulted in lower-than-expected margin. On a brighter note, HYB raked in RM197.7m of sales which is 11.5% YoY higher, mainly from its on-going projects.

Pantech - Staying On Track (RHB)

Pantech -
Target Price: MYR1.43
Price: MYR1.06
Staying On Track

Pantech (PGHB)’s  2QFY14  net  earnings  of  MYR15.3m  (+11.2%  q-o-q, +7.0%  y-o-y)  came  in  within  our  and  street  estimates.  Although  the quarter’s revenue fell, margin improved on higher contribution from its manufacturing  arm.  The  company  has  declared  a  1.2  sen  interim dividend. We revise lower our topline assumption while maintaining our full-year earnings forecast. Maintain BUY, with our FV at MYR1.43.

窥探2014财政预算案 开源兼顾节流

窥探2014财政预算案 开源兼顾节流
Created 10/21/2013 - 12:46
即将在本周五宣布的2014年财政预算案,官方在事前都喊出“履行承诺,加速转型”的口号!

因此,“开源”与“节流”的取舍,将考验政府眼下的理财功力及政治智慧。

财政拮据政府掌柜考验大

夹击在大选后的选举支票兑现及国家财务急需改善之间,马来西亚政府该如何在宣布2014年财政预算案的关键转捩点,展示取舍平衡的“大掌柜”功力,得出一个不负众望的预算案?

打造全球十大宜居城市

打造全球十大宜居城市
Created 10/25/2013 - 15:33
依斯干达特区发展即将迎来7周年,致力透过着重教育、休闲与旅游、卫生保健及创意,将特区打造成全球十大最适合居住城市之一,明年的重点发展项目,则是食品与农产品加工、物流、以及石油与天然气领域。

依斯干达特区发展局(IRDA)总执行长拿督依斯迈说,大马成为全球清真食品枢纽,穆斯林旅游业市场不断增长,而特区的策略性地理位置,加上拥有海港等设施优势,将能迎合本区域、东协国家和世界各地的清真食品需求。

大马“深圳” 依斯干达吸金大法

大马“深圳” 依斯干达吸金大法
Created 10/25/2013 - 15:42
马来西亚依斯干达特区从2006年提出概念,到今时今日的蓬勃发展,已经带动了柔佛的实质经济增长。

根据最新数据,该特区至今累积总投资额已高达1282亿1000万令吉。

除了数字外,依斯干达特区也带动了周边发展,包括基础建设、住宅产业、商用建筑,以及教育中心等等。

首3季业绩达标 马建屋企业贷款重拾动力

首3季业绩达标 马建屋企业贷款重拾动力
Created 10/26/2013 - 13:20
(吉隆坡25日讯)企业贷款和存款活动重拾动力,马建屋(MBSB,1171,主板金融股)2013年首9个月净利,普遍符合市场预期。

尽管个人贷款增长因国行在7月份所推行的紧缩政策而走缓,惟兴业研究分析员表示,上扬的企业贷款和存款活动,成功帮助企业业务重拾动力。

马建屋首9个月的税前盈利,已超越2012财政年全年税前盈利的水平,主要是因为重拾动力的企业贷款业务,抵消了温和增长的个人贷款组合。

经济学家:官方通胀预测露端倪 补贴合理化不会太激进

经济学家:官方通胀预测露端倪 补贴合理化不会太激进
Created 10/26/2013 - 09:51
(吉隆坡25日讯)经济学家认为,政府对今明两年经济展望保持谨慎,加上对通胀率扩大幅度预估温和,可推敲出政府在补贴合理化的进程中将不会过于激进,反之将逐步行动以降低财政赤字。

根据财政部《2013/2014年经济报告书》,政府预计今年国内生产总值(GDP)将录4.5至5%增长率,明年则介于5至5.5%范围之间;同时,通胀率则料从今年的1.7%,扩大至明年的2至3%。

YTL Power International - Corporate Activities Yet Again (MKE)

YTL Power International -
Hold (unchanged)
Share price: MYR1.89
Target price: MYR1.84 (from MYR1.75)
Corporate Activities Yet Again

Risk-reward remains uncompelling. The share price rally in Sep-Oct 2013 (+18%) has been driven by the company’s aggressive share buybacks. The intent behind such aggression is unclear, but share buybacks (and subsequent cancelation) is a way for parent YTL Corp to raise its stake in YTLP. Nevertheless, with share price having exceeded our RNAV estimate, we view the risk-reward as being uncompelling. Maintain HOLD, with a higher target price of MYR1.84.

Axis REIT - No Surprises (MKE)

Axis REIT -
Hold (unchanged)
Share price: MYR3.40
Target price: MYR3.35 (unchanged)
No Surprises

Maintain HOLD. Axis REIT (AXRB)’s 9M13 core net profit of MYR63m (+7% YoY) was within our and market expectations. 3Q13 DPU of 4.7sen (+9.3% YoY, +2.2% QoQ) was also in line. We maintain our FY13-15 earnings forecasts and DCF-based TP of MYR3.35. AXRB currently trades at a net FY14 yield of 5.1%, slightly below the average yields of 5.2% for large-cap retail REITs.

曾淵滄-股市资讯专栏 25.10.2013:国债上限谈判告一段落,但仍疑云重重

国债上限谈判告一段落,但仍疑云重重
文: 曾渊沧博士 2013年10月25日 曾渊沧博士专栏
美国共和党与民主党终于就美国国债上限的谈判达成协议,把限期向后推,明年初仍可再谈判。但是我相信总统奥巴马不会让步,一步也不让,因为过去一段日子的谈判过程中,共和党的民意支持度在下降中。

奥巴马说,如果共和党不批准提高债限,美国将会发生立国以来第一次的国家债务违约。到了期的国债没钱还,这将严重影响美元地位,从此美国国债可能没人买。共和党则说,总统不能以此为由,任意花钱,国会必须加以限制。共和党与民主党达成的协议,实际上就是共和党让步。既然奥巴马不愿让步,共和党每次只好把问题向后延期数个月。不必多久,即今年12月份,相信市场又会再为明年初美国债务上限到期而波动。对炒家来说,这可制造多一些翻云覆雨的机会。

Mark Mobius: Dividend story remains compelling

Dividend story remains compelling
Business & Markets 2013
Written by Mark Mobius    
Tuesday, 22 October 2013 09:47

MANY people think of emerging market stocks as pure growth plays, and may not realise that there is a separate potential benefit —dividends — that can also be available to investors in these markets. A prolonged period of easy monetary policies in many developed nations (particularly the US) has left income-seeking investors searching for alternatives to traditional fixed income, including dividend-paying stocks.

Many investors may not realise dividends aren’t just a developed market phenomenon. In fact, the historical ability of a company to pay back shareholders in the form of dividends is an important criterion for us as we select stocks for our emerging market portfolios.

MARKET SENSE:股神點解想IBM下跌?

上周四股神巴菲特旗下巴郡持有股權的IBM(國際商業機器)因為公布令市場失望的業績,單日股價大跌6.37%,截至今年六月底,巴郡大約持有6,812萬股IBM,估計每股平均成本約為173元(美元.下同),同目前市價173.78元相若。巴郡從一一年三月開始買進IBM股票,即使IBM股價在一二年第二季升至210元的高位,從一二年第一季至第三季這段期間,巴菲特仍然持續少量買進IBM股票,平均價由185元至197元。

上周四巴郡持有的IBM股票單日市值下跌8.1億元,如果從年內最高位215.9元計算,表示巴郡對IBM的投資帳面盈利29.22億元頓時化為烏有,但巴菲特仍然能從容面對。

曹仁超減持港股 股份亂炒「係時候止賺食糊」

【本報訊】科網、濠賭股大升浪,已令港股投資者唔理指數升跌,日日喪炒,六大賭股連同六大當炒科網股昨合共成交額達76億元,佔股票成交15%。人稱「曹sir」的中國高增長集團首席經濟學家曹仁超,昨拒絕為大市估頂,惟坦言旗下基金10月起已開始逐步減持套利,「都係時候take吓profit啦!」記者:林靜

今年7月底大市在二萬二關樓下浮沉之際,曹sir曾估計大市可上望23900水平,惟目前港股今年三度在23500關口受阻、加上個別板塊瘋炒現象出現,他昨表示「有啲擔心」,「通常個市到尾聲,啲股就會亂炒一通,但𠵱家係咪尾聲,我未有答案,不過三中全會之前,大家不妨癲落去」。他強調,對大市的目標仍然未變,只是對走勢開始模糊,「我唔知個頂係邊,應該仲搵緊,但如果三中全會有乜冬瓜豆腐唔好怨,市冧之前,通常都冇人響鐘」。

CapitaMalls Malaysia Trust - Results In Line; Awaiting New Catalysts (MKE)

CapitaMalls Malaysia Trust -
Buy (unchanged)
Share price: MYR1.55
Target price: MYR1.85 (from MYR1.91)

Results In Line; Awaiting New Catalysts
Maintain HOLD. CMMT’s 9M13 core net profit of MYR109.9m (+6.3% YoY) was in line at 77% of our full-year forecast and 73% of consensus. No DPU was declared due to CMMT’s bi-annual distribution policy. Elsewhere, the impact of the potential acquisition of the Tropicana City mall and office tower (TCMO) hinges strongly on the pricing. We maintain our FY13/14/15 earnings forecasts but shave our DCF-based target price to MYR1.85 (-3%) to account for a higher beta of 0.76 (from 0.65) given the more volatile bond market since Jun 2013.

IGB REIT : IGB REIT delivers (CIMB)

IGB REIT
Current RM1.22
Target RM1.44
IGB REIT delivers

 9M13 core net profit of RM153.9m was above expectations, accounting for 78% of our full-year estimate. However, despite the positive results, we believe there is little to cheer about moving forward given the lack of acquisition news flow for the stock.

Pacific Basin CEO: Shipping demand to remain firm



2H-13: Between Fire and Ice (DBS View)



Friday, October 25, 2013

祐玛战略有望在第四季上涨?

祐玛战略有望在第四季上涨?
文: 游俊昌 2013年10月25日 技术分析
祐玛策略(Yoma Strategic Holdings)的股价在过去两个星期在窄幅内盘整,于星期四(2013年10月24日)收报0.78元。笔者因此对这只股感兴趣,因为其图表似乎出现了一个双底形态。

以笔者的图表来看,在短期至中期内,这只股的走势看涨,因为其股价位于10天和50天简单移动平均线之上。股价与相对强弱指标(RSI)一样,出现了低位逐渐提高的情况。这预示着如果股价开始突破0.84元的阻力位的话,可能会出现大幅度变动。短期之内,其支持位是0.705元,即10月初形成的低位。如果股价跌穿这个水平,便可能有下行风险。

中海油產量增18%

【本報訊】中海油(883)公佈第三季度營運數據,油氣淨產量比去年同期增加17.77%,達到1.03億桶,油氣淨產量主要由海外尼克森公司貢獻。

市場憂慮,剛收購巴西海底油田Libra會增加集團的財政壓力。中海油聯席公司秘書鍾華於電話會議中指,集團有力能負擔。

強調有財力投資Libra
集團第三季度營業收入亦較去年同期增加17.14%至573.51億元(人民幣.下同),惟勘探、開發等資本開支的增幅卻大幅飆升49.2%,由去年同期的150億元,大幅增至223.82億元。

Glomac sees 7 good years ahead

Glomac sees 7 good years ahead

SHAREN KAUR
sharen@mediaprima.com.my
2013/10/25

SUSTAINED GROWTH: Developer has 12 ongoing projects with estimated RM7b GDV
GLOMAC Bhd expects to sustain earnings growth for the next seven years, driven by RM7 billion worth of new launches during the period.

The developer has 12 ongoing projects with estimated RM7 billion gross development value. That could reach RM10 billion by April next year as it targets strata properties for higher margins and townships in Greater Kuala Lumpur.

Budget 2014: Property stocks may be hit by real property gains tax

Updated: Friday October 25, 2013 MYT 7:44:22 AM
Budget 2014: Property stocks may be hit by real property gains tax



PETALING JAYA: Property stocks may take a hit in a knee-jerk reaction following the much-speculated hike in the real property gains tax (RPGT) expected to be announced in Budget 2014 today.

I-Bhd embarks on new to develop RM820mil condo project near KLCC

Updated: Friday October 25, 2013 MYT 8:02:07 AM
I-Bhd embarks on new to develop RM820mil condo project near KLCC

PETALING JAYA: I-Bhd has purchased about a 0.40ha piece of land for a proposed project with a gross development value of RM820mil in the vicinity of the Kuala Lumpur City Centre (KLCC) as part of its next growth phase, said deputy chairman Datuk Eu Hong Chew.

“We have reached a stage where we have to look beyond i-City in Shah Alam,” he said in a telephone interview with StarBiz. I-Bhd is the master developer of i-City.

Implications of the capesize crash (CIMB)

 Implications of the capesize crash
Capesize rates have plunged 41% from the recent high of US$42,211/day on 25 September to US$24,845 at yesterday’s close as the Chinese halt their restocking of iron ore for now. But supramax and handysize rates continued to rise 10-15% in the past month.

 Although we are Neutral on the sector, we reiterate an Outperform on our top pick, Pacific Basin as we expect the rate uptrend for smaller vessel classes to continue in 4Q13. We also have Maybulk on Outperform but Underperforms on PSL and STX Pan Ocean due to continued losses from the core bulk shipping business.

Sheng Siong : Chugging along nicely (CIMB)

Sheng Siong Group
Current S$0.63
Target S$0.77
Chugging along nicely

 A solid set of results, with earnings growth led by contributions from new stores and margin expansion. The decline in comparable store sales looks worrying but is largely due to temporary factors.

3Q13 core earnings is in line and forms 27% of our and consensus full-year estimates, while 9M13 forms 74%. We tweak our estimates as a result of housekeeping. There is no change to our target price, which is still based on 23x CY14 P/E (10% discount to Dairy Farm). Catalysts are to come from earnings delivery led by new stores and margin expansion. We maintain our Outperform rating.

FCOT – High DPU growth to continue till FY15 (Religare)

FCOT – High DPU growth to continue till FY15
■ Results inline: FY13 DPU rose 17% YoY to S$7.83cts despite a 11% fall in NPI (owing to divestment of Keypoint and Japanese properties and weak AUD) due to savings on interest costs and CPPU redemption. 4Q13 DPU was up 19% YoY to S$2.08cts. Portfolio occupancy was stable at 97.9% (98.1% in 3Q13), with Singapore at 98.4% (vs 97.4% in 3Q), as CSC occupancy improved to 93.5% (vs 91.7% in 3Q), and Australia at 97.1% (vs 99.5% in 3Q13), as Central Park occupancy dipped to 93.5% (vs 99% in 3Q). FCOT achieved 4-23% reversions in 4Q. Gearing declined to 37.7% (39.5% in 3Q) as FCOT booked S$100m of revaluation gains, primarily driven by Alexandra Technopark. Cost of debt was at 2.7% with 51% of borrowings hedged.

Pacific Basin: given expectation on better spot rates in 4Q13 and 2014

BUY Pacific Basin (2343) given expectation on better spot rates in 4Q13 and 2014

Pacific Basin (2343, PB, $5.55), which provides marine transportation service through a fleet of Handysize and Handymax dry bulk ships, released trading update for 3Q13. Comment: The counter outperformed peers in terms of operating performance in 3Q13. PB achieved 3Q average daily earnings of US$9,550 net on 14,410 Handysize revenue days, compared to spot market rates average US$7,500 per day. Management attributed the premium against average spot rates to scale effect of fleet size and cargo-focused dry bulk business model. Management expected seasonally stronger demand combined with reduced newbuilding deliveries to support a stronger Handysize spot market in 4Q13. This will bolster the counter’s share price performance in upcoming two months.

AAREIT – Attractive yield, low gearing and locked-in growth (Religare)

AAREIT – Attractive yield, low gearing and locked-in growth
■ Results inline as DPU growth kicks in: AAREIT 1H14 DPU at S$5.25cts (+5% YoY) was in-line with our and consensus estimates (48% of full year). For 2Q14, AAREIT delivered a DPU of S$2.75cts (+10% YoY and QoQ) as revenue increased 25% YoY to S$27m, while NPI was up 24%YoY to S$18m. Gearing was at 25.2% (vs 25.4% in 1Q14) with no refinancing till Oct-15 and cost of debt of 4.1%, which is fully hedged.

Nam Cheong: Risk Taker Sees Rewards (MKE)

Nam Cheong:
Buy (new)
Share price: SGD0.285
Target price: SGD0.37 (new)
Risk Taker Sees Rewards;

 Risk-taking to pay off, initiate with BUY. We initiate coverage on Nam Cheong with a BUY rating and TP of SGD0.37, pegged to 9x PER on average FY13-15F EPS. We see Nam Cheong benefiting from (1) a recovering Offshore Support Vessel (OSV) market, (2) OSV replacement cycle, (3) Petronas’ Oil & Gas capex and (4) its foresight in reading the supply-demand dynamics of the sector. We expect the company to deliver 16% EPS CAGR over FY13-15F as vessels in its ramped-up newbuild programs are readily absorbed by the market.

Engtex Group - Robust Pipeline Of Orders

Engtex Group - Robust Pipeline Of Orders

We believe Engtex Group (ENGT) may be a major beneficiary of water pipe replacement projects in the country, as it still has sufficient production capacity to cater to rising demand. Our sensitivity analysis shows that a 10% increase in its utilisation rate could boost FY13F/14F bottomline by 13.0/12.4% respectively. We value ENGT at MYR2.00.

- Water pipe replacement projects. We think that ENGT, a leading onestop pipeline systems provider in Malaysia, could be a major beneficiary of water pipe replacement projects in the country (as highlighted under the macro overview in our sector report New Opportunities Beckon). The company mainly caters to the water & sewerage, infrastructure and construction sectors and is one of the few players in the country with the ability to manufacture large diameter pipes.

Hutchison Port Holdings (HPH) Trust : Sign of the Times (Citi)

Hutchison Port Holdings (HPH) Trust
Price (21 Oct 13) US$0.77
Target price US$0.70
Sign of the Times: Core 3Q13 Results Decline 8% YoY

 3Q13 Results Struggle as Expected — HPHT reported 3Q earnings of HK$539.2m, down 8% YoY as volume at Yantian and HIT each fell in the quarter (although the weakness was offset by the acquisition of ACT in March).

Sheng Siong : 3Q13 Margins Improve Further (DMG)

Sheng Siong
Target Price: SGD0.74
Price: SGD0.63
3Q13 Margins Improve Further

 SSG’s 3Q13 earnings of SGD10.6m (+8% y-o-y, +24% q-o-q) were in line with our SGD9.8m estimate as margins continued to improve. The stock offers dividend yields of >4% on earnings growth averaging 14% over next two years, and we see room for possible special dividends from its SGD108m cash pile. Maintain BUY, albeit at a slightly lower DCF-derived TP of SGD0.74, on a higher risk-free rate assumption.

曾淵滄專欄 25.10.13:市場恐慌 炒家伎倆

人民銀行收水?實際上不是,只是不放水罷了。市場之所以出現小恐慌,乃有心人把不放水動作誇大,借力推倒股市,這只是炒家翻雲覆雨的手法罷了。

暫時而言,人民銀行仍沒有收水必要。美國雖然可能暫緩退市,但遲早一定會出手,人民銀行現在仍在留意美國退市的可能動靜,因此一動不如一靜,暫停放水,但同時也沒有收水。

北京市政府推出所謂京七條,又成了打壓內房股的理由。過去五年,中央政府及各地地方政府,也不知道推出了多少條打壓樓價的辣招,但是,樓價壓來壓去仍壓不下,道理很簡單,每一天都有成千上萬的農民,由鄉間農村搬到城市,導致城市人口不斷上升。

CapitaMall Trust 3Q13: Tampines Mall To Undergo Upgrading (UOBKH)

CapitaMall Trust
Share Price S$2.00
Target Price S$2.14
3Q13: Tampines Mall To Undergo Upgrading

Results were in line as AEIs and rental reversions continued to support DPU growth. A new AEI was announced for Tampines Mall, while future initiatives may include acquisitions and development plans to maximise the plot ratio at Funan. Maintain HOLD and target price of S$2.14, based on DDM (RR: 6.8%, terminal:1.8%). Entry price is S$1.86.

Frasers Centrepoint Trust : Takeaways From Results Briefing (UOBKH)

Frasers Centrepoint Trust
Share Price S$1.85
Target Price S$2.15
Takeaways From Results Briefing

Results are in line. Revaluation gains of S$196m resulted in a 3ppt drop in gearing to 28%. Although near-term weakness from Bedok Point may arise due to new competition, the mall remains a small 6% of portfolio. Look ahead to the acquisition of Changi City Point in 2014 to further boost distributions. Maintain BUY with a DDM-derived target price of S$2.15.

Pacific Basin : Source of opportunity (GS)

Pacific Basin (2343 HK, Buy, on Conviction List)

Source of opportunity
We upgrade Pacific Basin to Buy from Neutral, and add the stock to our Conviction List (CL), given:
(1) Sector leading returns: We expect steady recovery of the dry bulk market to drive ROE from 3% in 2013E to 7%-8% by 2015E-16E. We forecast Pacific Basin to garner sector leading CROCI of 12% over 2014E-16E vs. sector average of 8% helped by its roll-on/roll-off (RoRo) vessels disposal.

Thursday, October 24, 2013

Singapore central bank, SGX launch probe into penny stocks crash

Written by Reuters  
Thursday, 24 October 2013 21:03
Singapore’s central bank said it is conducting an extensive review with Singapore Exchange (SGX) of recent share price volatility in three inter-linked Singapore companies, but said the operations and financial positions of broking firms exposed to those stocks remain sound.

“MAS has been closely monitoring the exposure of the broking firms by collecting reports on losses and major counterparty exposure arising from their exposures to the three counters,” the Monetary Authority of Singapore told Reuters in an e-mail response to questions.

“The operations and financial positions of the broking firms remain sound. We will continue to monitor the situation closely.”

房市无泡沫 高美达冀稳定政策


(吉隆坡24日讯)高美达(GLOMAC,5020,主板產业股)希望政府可在周五(25日)出炉的2014年財政预算案中,保持现有政策的稳定与持续性,以免对產业领域乃至整体经济带来负面打击。

高美达集团董事经理兼首席执行员拿督法迪依斯干达坦言,为了国家长期利益著想,政府的確有必要建立起审慎的財政政策。

不过,若出现太多大刀阔斧的政策改革,最终將打击產业领域甚至是整体经济。

I-Bhd acquires land near KLCC for RM132m

I-Bhd acquires land near KLCC for RM132m
Business & Markets 2013
Written by theedgemalaysia.com  
Thursday, 24 October 2013 13:05

KUALA LUMPUR (October 24): I-Bhd, the master developer of i-City, announced it has bought a 1.05-acre tract in the vicinity of the Kuala Lumpur City Centre (KLCC) to develop a luxurious high-rise project.

Located at Jalan Changkat Kia Peng, the land is acquired by I-Marcom Sdn Bhd (a subsidiary of I-Berhad) from Sumuracres Sdn Bhd for RM132 million. This is its maiden foray outside Shah Alam.

50亿更换水管计划 勇达争取20%工程

50亿更换水管计划 勇达争取20%工程
Created 10/24/2013 - 12:21
(吉隆坡23日讯)球墨铸铁管生产商勇达集团(ENGTEX,5056,主板贸服股)放眼从总值50亿令吉全国水管更换计划及新市场中,争取其中20%工程计划。

财经报章《TheEdge》日前引述勇达集团董事经理拿督黄福谈话指,雪兰莪水库告急情形已不再是秘密,无收益水(NRW)因国内水管坏损情况严重,进一步加剧,各州政府急需更换水管。

“水管坏损导致水源浪费在2011年时平均达37%,一些州属如彭亨、沙巴、玻璃市及吉兰丹,更超过50%。”

人行收水 內銀季報前震散

人行收水 內銀季報前震散
資金避險 恐再跌一成
2013年10月24日
【明報專訊】明天開始九大內銀將陸續公布第三季業績,然而昨天大市疲弱,內銀股領跌港股,普遍跌逾2%。綜合券商意見,各行基本預期內銀第三季仍能多賺逾一成,不過對資產質量惡化的擔憂仍在,分析師指出,內地經濟前景仍不明朗,利率市場化進程亦在加快,而近日人行「收水」預期漸強,故昨日內銀股全線捱沽,料資金出於獲利避險目的會繼續逃離該板塊,不排除年內再跌一成。

Mapletree Industrial Trust : Good but not great (CIMB)

Mapletree Industrial Trust  
Good but not great
NEUTRAL - Maintained | S$1.37 - TP: S$1.48

▊ Positive rental reversion and asset enhancements have mitigated the drop in occupancy at The Signature. Although headline yields continue to be attractive, we maintain our Neutral stance, pending future backfilling at the Signature and meaningful growth catalysts. 2QFY14 results were largely in line with consensus and our estimates. DPU for the quarter accounted for 27% of our FY14 forecast, with 1H14 DPU meeting 54%. We bump up FY14-16 DPUs in anticipation of better rental reversion, but maintain our Neutral rating with a higher DDM-based (discount rate: 8.1%) target price of S$1.48.

Midas Holdings: Awaken the sleeping giant (OCBC)

Midas Holdings:
Fair value S$0.65
add: 12m dividend forecast S$0.005
versus: Current price S$0.475

Awaken the sleeping giant
• High-speed contracts win a re-rating catalyst
• YTD order wins hit CNY812.6m
• Maintain BUY and S$0.65 FV estimate

Following last week’s CNY221.8m international train and China metro contract wins, Midas Holdings (Midas) announced last evening that it has secured contracts to supply aluminium alloy extrusion profiles and certain fabricated parts for the manufacture of high-speed trains in China.

Olam International : Takeaways from Africa (Citi)

Olam International
Price (21 Oct 13) S$1.51
Target price S$2.60

 Olam’s African operations in Nigeria and Gabon – We visited several of Olam’s assets in these two countries. We saw assets in tomatoes paste processing (Tasty Tom), flour milling (Crown Flour Mills), and biscuits manufacturing (OK Foods) in Nigeria as well as a rice farm (Africa’s largest at Nasarawa, Nigeria) and Olam’s young palm plantations in Gabon. We also visited the site for the proposed urea fertilizer plant at Gabon’s Port Gentil as well as the Special Economic Zone (SEZ) project at Nkok. Below are some key takeaways.

CapitaMall Trust : AEIs offset moderating rental outlook (CIMB)

CapitaMall Trust
Current S$2.00
Target S$2.12
AEIs offset moderating rental outlook

 CMT announced more asset enhancement initiatives (AEIs) at Tampines Mall, which is expected to raise FY15 DPU. AEIs are still CMT’s key NPI driver as retail sales and shopper traffic growth remain flat. We think that the same-store rental outlook remains moderate.

CMT’s 9M13 DPU was in line at 73% of our full-year estimate (3Q13 at 25%) and consensus. We roll over our valuation to FY15 estimates and raise our DDM-based target price (7.3% discount rate) by 3%. We lower our DPU estimates by 1.4% in FY13 and 0.6% in FY14 but raise DPU by 2.2% in FY15, based on tweaks to our model and higher rent from Tampines Mall. Maintain Neutral.

Hutchison Port Holdings Trust - Sequential earnings improve (DBSV)

Hutchison Port Holdings Trust -
BUY US$0.765
STI : 3,195.76
Price Target : 12-Month US$ 0.82
Sequential earnings improve

■ 3Q earnings fell 8% y-o-y to HK$539m, but improved 28% q-o-q as HIT operations are now back on track

■ Signs of some improvement in US bound trade but cargo traffic to Europe remains tepid

Frasers Commercial Trust : Becoming stronger (CIMB)

Frasers Commercial Trust
Current S$1.28
Target S$1.45
Becoming stronger

 FCOT announced stellar FY9/13 results with DPU growth of 19%. As some of its leases are at below-market rates and the outlook for the office market is positive, we believe that FCOT will continue to grow organically.

4Q results are in line, with 4Q DPU at 26% of our full-year forecast and FY13 DPU at 99% of our forecast. We trim our FY14 DPU by 3% to reflect slightly slower growth while nudging FY15 up by 1%. We maintain our Outperform rating and DDM-based (discount rate: 8.4%) target price of S$1.45. The expected catalysts are organic positive rental reversion and full-year cost savings resulting from the redemption of CPPUs.

曾淵滄專欄 24.10.13:止賺隨時錯失好股

前日美國勞工部公佈,上月新增非農業職位僅14.8萬份,遠差過市場預期,投資者都很高興,紛紛認為美國聯儲局不會這麼早退市。因此,昨日恒指又一次衝上23500點之上,但最終卻被A股拉下來,變成單日轉勢,而且一跌驚人,收市時竟然跌破23000點,由高位計單日下跌500點。

美不退市 人行難放水
過去一段日子,我一而再告訴大家,我最擔心的事,就是中國人民銀行會與美國的聯邦儲備局對着幹,美國退市時,中國會放水;而美國不退市時,中國則會收水。很明顯的,過去兩天,中國人民銀行正在收水,停止逆回購,令銀行同業拆息上升。

CapitaRetail China Trust: 3Q13 results in line (OCBC)

CapitaRetail China Trust:
Fair value S$1.64
add: 12m dividend forecast S$0.091
versus: Current price S$1.395

3Q13 results in line
• Distributable income up 2.1% YoY
• Tenant sales up 10.1% YoY
• FV of S$1.64

CRCT reported 3Q13 results that were in line with ours and the street’s expectations. Gross revenue climbed 2.2% YoY to S$39.5m. Property expenses rose 7.8% to S$14.5m, chiefly due to higher property management fees and staff related costs.

Noble Group - Positives from Fire at Brazil’s Copersucar (Citi)

Noble Group -
Price (21 Oct 13) S$1.01
Target price S$1.26

Positives from Fire at Brazil’s Copersucar

■ Fire at competitor facilities at Santos Port, Brazil – A fire which burnt through several warehouses and loaders belonging to Copersucar at Santos, Brazil on Friday destroyed 180k tons of sugar. Copersucar shipped about 5m tons of sugar for the 2011-12 season. Santos Port is a key hub for Brazil’s sugar exports, accounting c.50% of the country’s exports.

Wednesday, October 23, 2013

收紧贷款衝击 马建屋后市看淡

(吉隆坡23日讯)马建屋(MBSB,1171,主板金融股)提升商业贷款的努力获得初步成功,抵销个人贷款因国家银行收紧贷款条件而应声放缓的部份衝击,但市场分析员认为,国行措施的后续衝击仍有待观察,因此普遍维持对该公司负面倾向中和的看法。

马建屋2013財政年第三季(截至9月30日止)净利按年成长47.5%,至1亿3272万令吉,营业额则成长23.7%,至6亿4403万令吉。首9个月,该公司净利成长76.4%,至4亿6402万令吉,营业额则扬升35.1%,至18亿1534万令吉。

该股股价週三应声上涨,一度上探全天最高的2.89令吉,最终以2.84令吉掛收,全天上涨2仙或0.71%,成交量达353万8800股。

Hai-O Marketing aims to recruit over 3,000 agents

Hai-O Marketing aims to recruit over 3,000 agents
Business & Markets 2013
Written by Bernama    
Wednesday, 23 October 2013 16:07

KUALA LUMPUR (Oct 23):  Hai-O Marketing Sdn Bhd, a subsidiary of manufacturer and wholesaler of traditional and herbal pharmaceutical products Hai-O Enterprise Bhd, aims to recruit more than 3,000 agents in the near future.

Its General Manager Teoh Nee Siang said it is currently recruiting between 2,500 to 3,000 agents a month and 36,000 agents a year for its multi-level marketing (MLM) division.

Berjaya Food - Spreading its wings

Berjaya Food - Spreading its wings

- We reiterate our BUY recommendation on Berjaya Food (BFood), with an unchanged fair value of RM2.30/share, based on our DCF-based valuation.

- We came away from the company visit with a more upbeat view on BFood as it is an excellent play on consumption growth (robust 3-year earnings CAGR: 32%) given its regional presence and strong franchise value.

CapitaRetail China Trust’s 3Q distributable income up 2.1%

CapitaRetail China Trust’s 3Q distributable income up 2.1%
Written by The Edge  
Wednesday, 23 October 2013 10:54
CapitaRetail China Trust Management Limited (CRCTML), the manager of CapitaRetail China Trust (CRCT), announced today an increase of 2.1% in distributable income to $17.1 million for the period from 1 July 2013 to 30 September 2013 (3Q 2013), compared to $16.7 million over the same period last year (3Q 2012).

The increase was led by higher revenue growth contributed by better tenants’ sales and higher rental reversions at CapitaMall Xizhimen, CapitaMall Wangjing and CapitaMall Saihan, that offset the absence of contributions from CapitaMall Minzhongleyuan which is currently undergoing asset enhancement works.

MBSB: Retail segment lifts Q3 pre-tax earnings by 10.6pc

MBSB: Retail segment lifts Q3 pre-tax earnings by 10.6pc

2013/10/23

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) reported an increase of 10.6 per cent in pre-tax profit for the third quarter ended September 30 2013 to RM196.24 million from RM177.38 million in the previous corresponding quarter.

Revenue rose to RM644.03 million from RM520.68 million previously.

For the nine-month period, the group's pre-tax profit jumped 65.9 per cent to RM680.93 million from RM410.48 million in the same period last year while revenue rose to RM1.82 billion from RM1.34 billion.

中海油中石油 豪奪巴西油田 未來須投資3,120億

中海油中石油 豪奪巴西油田 未來須投資3,120億

【本報訊】國企頻頻到海外大手收購,中海油(883)宣佈聯合中石油集團等4企組成財團,投得位於巴西的全球最大海底油田Libra,按項目估計總投資約2,000億美元(約1.56萬億港元)計,中海油及中石油集團未來35年合共需支付投資金額達400億美元(約3,120億港元)。記者:鄧偉忠

中海油剛於今年初以約180億(美元.下同)創下國企海外收購最高紀錄,有分析員擔憂中海油再斥巨資海外收購,或為財政帶來壓力,拖累股價昨日全日受壓,全日收市報15.88港元,微跌0.63%。

Hutchison Ports Holdings Trust - Uncertainty Prevails (RHB)

Hutchison Ports Holdings Trust -
Target Price: USD0.79
Uncertainty Prevails

Hutchison Ports Trust (HPHT)’s  9MFY13  earnings were in  line with  our expectations. Management remains cautious on the company’s outlook for  2014.  Boosting  yields  remains  priority  in  the  current  challenging times, with the impending P3 alliance giving rise to more concerns. We maintain NEUTRAL on the stock, with an unchanged USD0.79 FV, as the stock’s 7.5% yield for FY14 still looks attractive.

Boustead Singapore - Crystallizing the embedded value within (AM)

Boustead Singapore -
LAST CLOSE: S$1.385
FAIR VALUE: S$1.91
Crystallizing the embedded value within

We initiate coverage on Boustead with a BUY recommendation and a target price of S$1.91. Boustead is a progressive global Infrastructure‐Related Engineering Services and Geo‐Spatial Technology Group listed on the Singapore Exchange. Boustead’s Engineering services include Energy‐Related Engineering, Water & Wastewater Engineering and Real Estate Solutions.

Frasers Centrepoint Trust : Ready for next stage of growth (CIMB)

Frasers Centrepoint Trust
Current S$1.85
Target S$2.05
Ready for next stage of growth

 With footfalls returning to the pre-asset enhancement initiative level and the increase in sales per sq ft, we expect Causeway Point to continue to grow albeit at a slower rate. The next stage of growth is expected to come from the accretive acquisition of Changi City Point.

4QFY13 results are in line, with DPU accounting for 28% of our full-year forecast and FY13 results at 103%. We tweaked our model to account for the slightly better-than-expected results. Maintain Outperform with higher DDM-based (discount rate: 7.4%) target price of S$2.05, given re-rating catalysts from accretive acquisitions and strong rental reversion.

Midas Holdings : High speed mode reactivated (CIMB)

Midas Holdings
Current S$0.48
Target S$0.74
High speed mode reactivated

 Midas announced that it has securedRmb167.5m worth of high speed rail contracts for delivery of 51 train setsover2013-14.This is within our expectations of Midas securing a majority of the 51 train set orders issued to CNR in Sep due to Midas being its key supplier in the past.

Given that this is Midas’s first high speed rail (HSR) contract win since orders were suspended in China in 2011, we believe this news is likely to provide a strong re-rating catalyst for the stock. Maintain Outperform, as we roll forward our target price to $0.74, based on 1.29x CY14P/BV(20% discount to mean P/BV from 2010-11).

曾淵滄專欄 23.10.13:超人賣產如何盤算

前些日子,和黃(013)打算賣掉百佳超級市場,也打算分拆電能(006)旗下的港燈獨立上市。消息使和黃的股價一度升至99.8元,差兩毫子就變成紅底股。

後來,因百佳的叫價太高,賣盤不成,告吹之後,和黃又再宣佈打算將百佳的母公司屈臣氏整體上市,簡單的說,李嘉誠賣資產的決定沒有改變,變的只是賣的方式、賣的內容。

和黃賣百佳,首選自然是直接找個買家賣掉,賣掉百分百的股權,這樣的賣法,價格會比較高,因為可能有其他企業,希望借百佳的基礎,去搶佔香港以至中國內地的市場,而願意付出高價。

Pacific Basin Shipping : The rising tide of asset values (CIMB)

Pacific Basin Shipping
Current HK$5.50
Target HK$6.55
The rising tide of asset values

 We have re-examined our valuation of Pacific Basin’s fleet in light of the rising secondhand ship prices and hence, raise our SOP by 15%. The stock continues to trade at an undeserved discount to its underlying fleet values, despite its strong balance sheet.

Furthermore, Pacific Basin’s core bulk shipping business has remained profitable since the GFC. We share the company’s view that spot handysize and handymax rates will gradually recover in the medium term, which will the key re-rating catalyst. We lower FY13 EPS as we nudge down expectations for the towage arm, but raise FY14-15's on better dry bulk rate forecasts. Maintain Outperform, with a higher SOP-based target price.

Salcon Berhad - Coming Home (Kenanga)

Salcon Berhad -
Current - RM0.645
Consensus Buy RM0.87
Coming Home

INVESTMENT MERIT
- Timely exit from China. Recently, Salcon Bhd (SALCON) announced the disposal of its entire water and waste water asset in China to Beijing Enterprises Water Group Limited for a total consideration of RMB955m (approximately RM518.3m), giving a net gain of RM94.6m. We are positive with Salcon’s move as this provides an opportunity to realise and unlock the value in its China concession investments. The cash raised will reduce its current outstanding debt by 98% to only RM8m and thus turning the company into a net cash position. The disposal is timely given that the operating environment in China had become more challenging as compared to previous years.

Tuesday, October 22, 2013

楊忠禮電力私有化澆冷水

楊忠禮電力私有化澆冷水
Created 10/22/2013 - 17:13
(吉隆坡22日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)加快回購股票,私有化消息越傳越熾熱,惟分析員認為,該公司股價漲勢超越母公司,排除近期換股私有化的可能。

楊忠禮電力積極回購股票,推動股價在9至10月短短時間走高18%。馬銀行研究指出,雖然回購目的不詳,不過回購後再取消庫存股,卻是母公司楊忠禮機構(YTL,4677,主板貿服組)提昇持股率的方法之一。

馬銀行研究指出,早前楊忠禮電力僅在跌破1令吉60仙時回購股票,目前卻改變,雖然股價漲勢迅猛,該公司依然自9月開始加快回購。

實康加強大馬業務

實康加強大馬業務
Created 10/22/2013 - 17:15
(吉隆坡22日訊)實康(SALCON,8567,主板貿服組)脫售中國資產償還大部份債務,淨現金雄厚,分析員預測可能每股派息9仙,看好產業業務將於2015財政年貢獻高盈利。

近期實康以總值9億5千500萬人民幣(約5億1千830萬令吉)全面脫售中國水務及廢水資產,取得淨收益9千460萬令吉。

肯納格研究看好此企業活動,認為如今中國運作環境比早年更為挑戰,脫售正是時候。

“不僅釋放中國水務經營權投資價值,脫售獲取的現金也將降低現有債務98%至800萬令吉,讓實康成為淨現金公司。”

Engtex rises on report it is eyeing 20% of water pipe replacement industry Business & Markets 2013

Hot Stock Engtex rises on report it is eyeing 20% of water pipe replacement industry
Business & Markets 2013

Written by Surin Murugiah of theedgemalaysia.com  
Tuesday, 22 October 2013 10:39

KUALA LUMPUR (Oct 22):  Shares of ductile water pipe manufacturer Engtex Group Bhd rose at mid-morning on Tuesday, following a report that it was eyeing 20% of the replacement and new markets in the country’s estimated RM5 billion water pipe industry.

At 10.30am, Engtex rose five sen to RM1.53 with 2.29 million shares done.

Engtex eyes 20% of water pipe replacement market

Engtex eyes 20% of water pipe replacement market
Business & Markets 2013
Written by Surin Murugiah of theedgemalaysia.com    
Tuesday, 22 October 2013 10:30

KUALA LUMPUR: Ductile water pipe manufacturer Engtex Group Bhd is eyeing 20% of the replacement and new markets in the country’s estimated RM5 billion water pipe industry.

Engtex group managing director Datuk Ng Hook said it is no secret the water distribution infrastructure has reached a “red flag” level.

IGB Corp joins Iskandar Malaysia development wave

IGB Corp joins Iskandar Malaysia development wave
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com    
Tuesday, 22 October 2013 10:39

Johor Baru: IGB Corp Bhd yesterday kick-started its first property project in Johor, the RM6 billion integrated Mid Valley Southkey Megamall project, which will be the state’s single biggest integrated retail and commercial development.

Located on 14.57ha of land in the new township of Southkey near Johor Baru and within the flagship Zone A of Iskandar Malaysia, the project comprises eight 30-storey tower blocks featuring three hotels — Cititel Johor Baru (675 rooms), Boulevard Hotel (450 rooms) and The Gardens Hotel (450 rooms).

州内最大综合零售与商业计划 柔打造“第二个谷中城”

州内最大综合零售与商业计划 柔打造“第二个谷中城”
Created 10/22/2013 - 07:20
(新山21日讯)约15年前落成的吉隆坡谷中城(Mid Valley Megamall)大获成功后,如今转攻柔佛新市场的同一发展商怡保花园(IGB,1597,主板产业股)在新山打造“第二个谷中城”Mid Valley Southkey Megamall广场,也是柔州单一最大的综合零售与商业计划。

  • 以谷中城购物广场为主的吉隆坡谷中城综合发展计划取得成功,并成为许多国内外消费者与旅客的购物天堂后,谷中城发展商怡保花园(IGB)再接再厉,准备在柔佛新山“复制”这个成功故事。






Pacific Basin: Following seas into 4Q13 (CS)

Pacific Basin Shipping Ltd
Maintain OUTPERFORM
Price (18 Oct 13 , HK$) 5.50
TP (prev. TP HK$) 5.80 (5.65)
3Q13 trading update: Following seas into 4Q13


● Pacific Basin (PB) has released its 3Q13 trading statement revealing that revenues contracted and realised for its core dry bulk business thus far this year have risen 15%, with a strong finish expected to the year.

● While PB generated its typical premium to benchmark rates (27% for handysize and 12% for handymax), time charter equivalent rates contend to ease during the period, despite a strong finish.

Ascott Residence Trust : Unlocking value (DBSV)

Ascott Residence Trust
BUY S$1.235
STI : 3,192.90
Price Target : 12-Month S$ 1.42 (Prev S$ 1.36)
Unlocking value

• Reaping value from the sale of 81 serviced residence units in Beijing
• Proceeds to be redeployed to other value enhancing sources
• BUY, S$1.42 TP as we roll forward valuations

Proposed sale of 81 units at Somerset Grand Fortune Garden to reap significant value. Ascott REIT is considering the strata sale of its stake in 81 units at Somerset Grand Fortune Garden Beijing for an estimated consideration of up to Rmb 628m (S$128.1m). The property comprises 221 units, out of which 81 units are owned by the REIT. The selling price represents c.2.6x of its latest recorded book value (S$48.2m) and implies an exit yield of c1.6%. Ascott REIT will reap a potential gain of up to S$79.9m upon completion.

CapitaCommercial Trust: Resilient to absence of OGS income support (OCBC)

CapitaCommercial Trust:
Fair value S$1.61
add: 12m dividend forecast S$0.08
versus: Current price S$1.44

Resilient to absence of OGS income support
• 3Q13 numbers within expectations
• Resilient DPU despite loss of OGS support
• Expect Grade A turning point in FY14

Distributable income for 3Q13 increased 1.6% YoY to S$58.8m mostly due to lower interest expenses and the distribution of S$1.7m in tax-exempt income from Quill Capita Trust (QCT), which offset the loss of income support from One George St (OGS).

Mapletree Logistics Trust : Developments to take front seat (DBSV)

Mapletree Logistics Trust
BUY S$1.085
STI : 3,192.90
Price Target : 12-Month S$ 1.16
Developments to take front seat

• Weak JPY impacting performance; DPU of 1.82 Scts in line
• Tapering acquisition assumptions; more development projects unveiled to extract value
• Maintain BUY with S$1.16 TP based on DCF; attractive yields of 6.5%-6.7%

Highlights
Weak JPY affecting performance. The depreciation of the JPY against the SGD resulted in Mapletree Logistics Trust (MLT) reporting a 0.6% and 1.3% decline in gross revenue and net property income to S$77.1m and S$66.6m respectively.

曾淵滄專欄 22.10.13:散戶最愛炒毫子股

一個月前,我建議大家去買醫療股,我沒有建議買哪一隻,因為我相信目前股市的炒風,是整個板塊的,正如澳門賭業股及科網股,過去幾天,只要是這兩個板塊的股,不論是藍籌股或二三線股,股價全部飛天。

我相信醫療股也會是整體上升,昨日復星醫藥(2196)單日爆升13%,的確可觀,也帶動復星國際(656)升7%。復星醫藥打算出售兩種藥物的知識產權給一家瑞士公司,代價高達3.85億歐元,這使人驚覺原來中國的醫藥研究水平,已達到國際先進水平,可以出口知識產權。

Courts Asia : Attractive valuations (DBSV)

Courts Asia
BUY S$0.77
STI: 3,186.62
Price Target: 12-Month S$1.00 (Prev S$1.05)
Attractive valuations

• Valuations attractive, as long-term trends remain favourable
• 2Q14 results could be soft, but short-term negativities do not derail its positive long-term potential
• Trim FY14F/FY15F earnings by 5%/2%
• Maintain BUY, with lower S$1.00 TP

Appealing valuations, as long-term trends remain positive. Since Apr/May 2013, Courts’ share price has fallen 33% from a high of S$1.145 to S$0.77 currently.

Monday, October 21, 2013

依斯干达谷中城动工 怡保花园预计3年建竣

依斯干达谷中城动工 怡保花园预计3年建竣

 二零一三年十月二十一日 晚上九时二十四分

吉隆坡21日讯)在柔佛依斯干达耗资60亿令吉的综合性谷中城美佳广场建筑工程今日开始动工,并预料会于2016年年杪建竣。

工程建设的动工仪式是由Southkey美佳广场私人有限公司主持推展礼,而其他合伙者尚有怡保花园有限公司(IGB,1597,产业组)与Selia Pantai私人有限公司。

这个项目,也是新山最大的综合零售和商业发展,并盘结在Southkey新城镇14.57公顷的土地上。

股海宝藏:大马钢厂小而美

股海宝藏:大马钢厂小而美
Created 10/21/2013 - 13:41
大马钢厂(MASTEEL,5098,主板工业产品股)自1971年便在巴生谷起家,该公司在八打灵52区的轧钢厂生产钢条、钢胚(billet)产品。

自从这座钢铁厂提升产能后,产能便提高到30万公吨至35万公吨。

为了使产能赚幅提升,公司于1998年5月在巴生武吉拉惹兴建钢胚厂,该工厂已经于1999年4月全面投产,产能达60万公吨。

BToto’s STM-Trust may generate yields of up to 8%

Analysts: BToto’s STM-Trust may generate yields of up to 8%
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com    
Monday, 21 October 2013 10:08

KUALA LUMPUR:  Analysts expect Berjaya Sports Toto Bhd’s (BToto) business trust Sports Toto Malaysia Trust (STM-Trust), enroute to a Singapore listing, to generate attractive yields of up to 8%.

Last Wednesday, BToto received a new conditional eligibility-to-list letter from Singapore Exchange Securities Trading Ltd for the listing of STM-Trust on the Singapore Exchange’s (SGX) main board.

TEE Land : TEE-ed Up and Growing (VR)

TEE Land
Increase Exposure
TEE-ed Up and Growing
 Intrinsic Value $0.585
 Prev Closing S$0.355

 TEE Land Ltd (TEE Land) released its 1Q FY14 results with a 277% YoY increase in revenue to S$13.6m and a 22% YoY decrease in PATMI to S$0.6m. The increase in revenue was mainly due to the increase in revenue recognition for 91 Marshall and The Peak @ Cairnhill 1. The decrease in PATMI was mainly due to an increase of S$0.8m of administrative expenses driven by higher staff costs for TEE Land’s expanding property development activities, and an increase of S$0.8m of other operating expenses arising from the remainder of the IPO expenses and foreign exchange losses due to the depreciation of the Malaysian ringgit against the Singapore dollar.

Mapletree Logistics Trust: Delivering steady growth (OCBC)

Mapletree Logistics Trust:
Fair value S$1.11
add: 12m dividend forecast S$0.073
versus: Current price S$1.09

Delivering steady growth
• 2QFY14 DPU up 6.4% YoY
• Positive reversion of 24% achieved
• New redevelopment project in early FY15

Mapletree Logistics Trust (MLT) reported 2QFY14 DPU of 1.82 S cents, representing a 6.4% growth YoY. We deem the results to be in line with our expectations, as 1HFY14 DPU of 3.62 S cents have met 49.9% of our full-year DPU forecasts.

Capitacommercial Trust : Strong but upside capped (CIMB)

Capitacommercial Trust
Current S$1.42
Target S$1.51
Strong but upside capped

Although we expect the office market to improve from here, with only 13% of its office space due for renewal next year, CCT’s upside is likely to be capped, particularly with a lack of acquisition targets.

3Q13 results are in line, with DPU accounting for 26% of our full-year forecast and 9M13 DPU at 76%. In view of a lack of meaningful near-term growth catalysts, we remain Neutral with an unchanged DDM-based target price (discount rate 7.9%).

CapitaCommercial Trust : CapitaGreen takeup is key (DBSV)

CapitaCommercial Trust
HOLD S$1.44
STI : 3,192.90
Price Target : 12-Month S$ 1.46 (Prev S$ 1.43)
CapitaGreen takeup is key

• 3Q13 DPU of 2.04 Scts in line
• Underlying portfolio occupancy showing strength
• CapitaGreen yet to secure first tenant
• HOLD, TP revised to S$1.46

Highlights
3Q13 results in line. CapitaCommercial Trust (CCT) announced gross revenue of S$95m (-0.6% y-o-y) and net property income of S$72.6m (-3.5% y-o-y).

Ascendas REIT: Continued strong execution (OCBC)

Ascendas REIT:
Fair value S$2.45
add: 12m dividend forecast S$0.141
versus: Current price S$2.31

Continued strong execution
• 2QFY14 DPU up 2.0% YoY
• Positive revisions of 10.8% achieved
• Aggregate leverage robust at 29.7%

Ascendas REIT (A-REIT) delivered a better-than-expected set of 2QFY14 results, with DPU rising 2.0% to 3.60 S cents.

曾淵滄專欄 21.10.13:創板炒家身經百戰

美國國債上限問題暫時擱下,美股再升,標普指數已創歷史新高,道指也開始接近高𥧌,經過政府局部暫停運作一役,許多人估計聯儲局短期內不會退市,下星期會議必然甚麼也不做。

但是,美股創新高,內地股市創業板則爆小股災,拖累滬綜指守不住2200點,目前中國的股市,創業板的確炒得火熱,PE非常高,但是主板股份依然相對便宜,因此我也不太擔心整體股市會爆煲,畢竟炒創業板的投資者不多,投入的金錢也不多,你敢將自己的身家財產,全部投入一隻一天之內股價急升50%的三、四線股嗎?炒創業板的人是身經百戰的精明炒家,死不了人。

Genting Singapore : Waiting for re-rating catalyst (DBSV)

Genting Singapore
HOLD S$1.465
STI : 3,186.62
Price Target : 12-Month S$ 1.42
Waiting for re-rating catalyst

• RWS may see similar volume expansion like MBS
• Don’t hold your breath for Japan yet
• Maintain Hold and TP of S$1.42

MBS: Volume growth dampened by lower margins. 3Q13 EBITDA grew 2% y-o-y (hold-adjusted) to US$374m/S$463m driven by higher volumes across the board (VIP +17%, mass +2%, slots +6%). VIP win rate has finally normalised to 2.85% after 5 unlucky quarters. EBITDA however fell 6% q-o-q (hold-adjusted) due to lower rolling chip (-4%) and mass drop (-1%). Margins also compressed by 3ppts y-o-y, 2ppts q-o-q to 48%, due to higher expenses to attract foreign premium mass (visitation +46% y-o-y), and weaker non-gaming revenue.

Sunday, October 20, 2013

Parkson's regional sales grow

PARKSON Holdings Bhd (PHB) has been moving fast in the last decade.

The Lion Group retail arm has been reaching deeper into Asia following China as its first overseas expansion, then Indonesia, and then Indochina.

Seeing as Thailand was already a matured market, PHB went for Vietnam in 2005.

“It was the readiest of its neighbours in the region. We had been working on Cambodia in the last three to four years, and found that it wasn’t ready either. Myanmar, at that time, was maturing but it wasn’t quite there either,” Parkson Vietnam, Myanmar and Cambodia CEO Tham Tuck Choy tells StarBizWeek.

券商:政府打房供应增 产业4年牛市已见顶

券商:政府打房供应增 产业4年牛市已见顶
Created 10/19/2013 - 12:04
(吉隆坡18日讯)预期政府将祭出更多打房措施,加上补贴合理化和较高的房产供应,料将持续打击本地产业市场,券商认为长达4年的“牛市”已见顶,产业领域展望将受考验。

艾芬投资研究在报告中表示,宣布将产业领域投资评级从原本的“增持”下修至中和,所追踪的发展商类产业股亦不能幸免,除了目标价格遭砍,明后两年的收益预估亦减3%至17%。

分析员表示,即将在下周宣布的“2014年财政预算案”或明上半年,将出现更多冷却房市的举措,包括产业盈利税(RPGT)和印花税的调涨,以及抑制发展商承担利息计划(DIBS)等。

冷眼: 猜股市如抓黄鳝

冷眼: 猜股市如抓黄鳝

“股市还会起吗?”
这是我最常被问到的问题。
我的回答一律是“不知道”。
我知道询问者会感到失望,甚至心里还会抱怨。
他们认为我自私,明明是知道的,却不肯跟他们分享预测股市动向的心得。
实际上,“不知道”是我最诚实、最诚恳的答复。
我确实不知道明天,下个月或明年股市会怎样,我也不认为有谁有这样的本领。
如果我真的知道的话,我一定乐于跟大家分享,就好像我乐于跟大家分享我的基本面投资心得一样。

香港成長不再?房地產拖累香港經濟?



香港首富李嘉誠頻頻處分手中資產!究竟他嗅到什麼怪味道?



China’s growing middle class to fuel shopping mall boom


Society of Remisiers defends contra trading


现代家庭主妇可考虑投资的6只股票

现代家庭主妇可考虑投资的6只股票
文: 汪文龙 (译:麦美莹) 2013年10月16日 Tradeable, 热股精选
现代家庭的全职主妇(也可能是“住家男人”)不易当,他/她们除了要好像上一代的典型主妇般样样皆能(包括预备一日三餐、打扫房屋、照顾孩子)及出得厅堂外,最重要的是,在物价高涨的社会里,他/她们也可以在空余的时间为家庭带来一点收入,让家庭的财政得到多一点的保障。

利用手头的资金来投资股票应是一个不错的选择,但他/她们可能会顾虑是否能从投资中取得回报,因此我们预备了这份投资名单。虽然在今时今日的社会里,全职的家庭主妇或主夫并不多,但这个群体的投资取向及担忧可能也适用于其他群体。

交易心理学 –成功交易的关键

交易心理学 –成功交易的关键
文: 汪文龙 (译:麦美莹) 2013年10月16日 Tradeable, 经济聚焦
投资股票可以是一件令人生畏的事,而市场近日发生的事情对投资者的信心一点帮助都没有。无论你买什么股,市场的负面发展很容易令人不禁想到,投资股票真的可以保值吗?想要获利,更不用说了。

就好像近日博诺(Blumont)、亚昇投资集团(Asiasons)及瑞狮等股票猛挫就是一个很好的例子。这些股票下滑是因为交易异常,又或者是因为恶意的谣传呢? 这有可能是与群众心理有关吗?尤其是博诺,它的股价急升与心理有关吗?

Marc Faber: Apple 'could go bust'



Money Mind - In Focus: Is the Mining Boom Over?



Money Mind - In Focus: Short-Selling


Businesses feeling impact of property slowdown


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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