曾淵滄專欄22.05.13：細股起飛多靠賣殼

曾淵滄專欄：細股起飛多靠賣殼 - 曾淵滄

企展控股（1808）過去兩天股價飛升，其實每天都有三四線股突然飆起，我通常不會留意，只不過我極少量的持有這隻股。我一向會買一些我認為有機會變神仙股的股票，目的不是賺大錢，而是用來視察市場動態。我不是專業證券從業員，不可能天天盯着市，每天大量三四線股大起大落，無法分神關注。不過，如果手上持有的話，我就會稍加留意。

一般來說，三四線股飛升都是因為賣殼，一賣殼就變成神仙股。近來，市場上多了賣殼的股，多了新股上市，說明市場的確是開始活躍了，炒家、莊家要入場尋找獵物。

淡馬錫接2.8億股工行

淡馬錫接2.8億股工行

【本報訊】高盛悉售工商銀行（1398）股份，淡馬錫為其中一個接貨者。

根據聯交所資料顯示，新加坡投資公司淡馬錫昨日以每股5.5元，增持2.8億股工行股份，與高盛昨日配售逾15億股工行作價一致，意味淡馬錫有份接貨，以高盛減持約15.6億股計，淡馬錫所佔比例近兩成；淡馬錫增持後，其於工行持股量達7.04%。

工行在配股壓力下，昨日跑輸大市，但全日均能穩守配售價5.5元之上，表現尚算硬淨，收市報5.52元，跌2.1%。

馬股料至少再漲半年 中小股勢頭猛有進無退

報導：謝錦彬

　（吉隆坡21日訊）馬股自大選后漲勢如虹，在投資者猶豫是否要待股市回落才進場之時，分析師大膽預測，此波漲勢將持續半年至1年，尤其中小型股將追回落后進度，料不再掉回頭。

　富馬隆綜指今日持續走高，十大上升及熱門股榜幾乎全由中小型股包辦。

　在十大上升股榜當中，中小型股佔極大部分，榜上有名的包括PLENITUDE（PLENITU，5075，主要板產業）最高漲22仙至2.45令吉；戴樂集團（DIALOG，7277，主要板貿易）最高報3.01令吉，漲21仙；游禮發產業（YNHPROP，3158，主要板房產）最高漲35仙至2.45令吉。

资本管理措施奏效 双威产托负债成本最低

资本管理措施奏效 双威产托负债成本最低
Created 05/21/2013 - 11:12
（吉隆坡20日讯）双威产托（Sunreit，5176，主板产业信托股）截至去年12月31日负债平均成本已降至3.73%，为全国产托中最低。

双威产托管理私人有限公司在文告中表示，比起去年6月30日的4.65%，负债平均成本降至更低，归功于在2012财年所采取的资本管理措施。

“该措施预计可使财年节省约1000万令吉的利息，进而允许单位持有者获得更多的收入分配。”

Goldman Sachs to buy Keppel REIT stake for $279.9m

Goldman Sachs to buy Keppel REIT stake for $279.9m
WRITTEN BY BLOOMBERG  
TUESDAY, 21 MAY 2013 09:57

Goldman Sachs Group Inc. agreed to buy a 6.7% stake in Keppel REIT from a subsidiary of Keppel Corp., the world’s largest oil-rig maker, for $279.9 Million.

Goldman Sachs will purchase 180 million units of the real estate investment trust for $1.555 per unit, according to a statement to the Singapore stock exchange today. The price represents a 3.5% discount to Keppel REIT’s closing price yesterday.

郑水兴： 2015 年聚焦大吉隆坡 今年投资首选依区

郑水兴： 2015 年聚焦大吉隆坡 今年投资首选依区
Created 04/28/2013 - 09:03
（吉隆坡27日讯）Swhengtee国际有限公司创办人郑水兴指出，今年投资者首选依斯干达特区，但在2015年会转回吉隆坡。

“因此，吉隆坡在2015年后将成为全球投资热点，犹如现在的依斯干达特区般。”

他说，在吉隆坡城中城、吉隆坡中环、独立广场、武吉免登城中购物圈和新街场空军基地重建等完成后，吉隆坡会成为世界级城市。

產業重估賺5680萬‧IOI第三季淨賺5.68億

產業重估賺5680萬‧IOI第三季淨賺5.68億
Created 05/21/2013 - 17:24

（吉隆坡21日訊）IOI集團（IOICORP，1961，主板種植組）在截至今年3月31日止，第三季淨利微漲2.9%，由5億5千200萬令吉升至5億6千780萬令吉，首9個月淨利則受惠於外匯賺益而強勢上揚22.7%，達17億零300萬令吉。

該公司第三季營業額下滑10.6%，至31億9千910萬令吉，首9個月營業額則報101億6千320萬令吉，低14.5%。

丹斯里李深靜領導的IOI集團在初步報告中說，單季來看，製造與房產業務表現改善，提振第三季盈利，惟外匯賺益和種植業務貢獻雙雙走低，減少這些正面效應。

CAPITACOMMERCIAL TRUST : Rising to the occasion

CLOSE SGD1.69
Target price (SGD) 1.97.
Rising to the occasion

INITIATION
Initiate coverage at BUY with TP of SGD1.97
We like CCT’s strong portfolio mix of 10 commercial assets (including a 40% stake in CapitGreen) in Singapore, supported by a firm office outlook and a strong balance sheet. Expiring rents for CCT’s portfolio are lower than spot rents, and there could be opportunity for further positive rental reversions, especially if office market conditions turn firmer in 2013-15.

CitySpring Infrastructure Trust : Benign Fuel Costs Supports Earnings (S&P)

CitySpring Infrastructure Trust
Price: SGD0.48
Date: 16 May 2013
 Benign Fuel Costs Supports Earnings
• Contained costs boosts profit. Even though gas input costs may have crept higher in 4QFY13 to dampen City Gas contribution relative to prior quarters, CitySpring reported a far improved overall performance in FY13 on higher gas tariffs and well contained costs. Full year net profit surpassed our expectation while cash earnings after minority interest of SGD95.1 mln was 9.9% lower than we estimated. The deviation to our forecast 4QFY13 profit was mainly due to Basslink’s derivative gain of AUD2.1 mln while cash earnings fell short of our 4QFY13 estimate on City Gas’ higher fuel costs.

VARD: Outlook Robust Despite Mild Letdown In 1Q13 (OSK)

VARD: Outlook Robust Despite Mild Letdown In 1Q13
(BUY, SGD1.06, and TP: SGD1.69)
VARD’s 1Q13 earnings of NOK188m (-30% y-o-y) were slightly below expectations as margins narrowed. Revenue growth was largely flat (-2% y-o-y) but EBITDA margin shrank to 11.1% (vs 14% in 1Q12, 11.4% in 4Q12). Management is confident of winning more orders given the company’s robust outlook. We cut our FY13F EPS by 7% but maintain our BUY rating, at a lower TP of SGD1.69, due to its undemanding 7.6x FY13F P/E and robust order outlook.

Results a letdown due to weaker margins. VARD’s 1Q13 NOK188m (-30% y-o-y, +52% q-o-q) earnings were at 23% and 21% of our and consensus estimates respectively. Its EBITDA margin was weaker at 11.1% (vs our previous 12.6%), mainly due to delays and high costs in Brazil. We cut our FY13F EPS by 7% to reflect operational challenges in Brazil and lower utilisation in Vietnam. Its five Brazilian vessels will mostly be completed in FY13, with some spillover to FY14.

Banyan Tree : Still looking bright (DBSV)

Banyan Tree
BUY S$0.65
STI : 3,441.53
Price Target : 12-Month S$ 0.83
Still looking bright

• Strong start to 2013 with a earnings rising 19% to S$14m
• Forward bookings for hotels improving while new property launches in Phuket are selling like hot cakes
• REIT a viable option given asset heavy balance sheet
• BUY, TP S$0.83 based on SOTP

Highlights
1Q13 results a strong start. Banyan Tree Holdings (BTH) has started the year well, reporting earnings of S$14.2m (+19 y-o-y) on the back of a 17% increase in topline to S$96.9m.

Yongnam : Earnings on track (DBSV)

Yongnam
HOLD S$0.33
STI : 3,441.53
Price Target : 12-Month S$ 0.33 (Prev S$ 0.25)
Earnings on track

• 1Q13 earnings slightly below but on track to meet full year expectations
• Bidding for Myanmar airport projects
• Expect back end loaded earnings as Thomson Line commences construction in 2H13
• Maintain HOLD, S$0.33 TP

Highlights
1Q13 slightly below, but on track to meet estimates. 1Q13 earnings came in at S$11.5m, slightly below expectations (20% of full year forecast) while revenue was in line at S$82m.

Biosensors International: More Acquisitions on the Way (MKE)

Biosensors International
Hold (unchanged)
Share price: SGD1.225
Target price: SGD1.28 (unchanged)
More Acquisitions on the Way

The first of more acquisitions to come. Biosensors is acquiring substantially all the assets of Spectrum Dynamics (SD) for cash consideration of USD51.13m (plus further payments based on undisclosed performance benchmarks), which translates into 7x P/B based on the book value of the assets of USD7.3m as at Mar 2013. This marks the first of more acquisitions to come as Biosensors seeks to expand its product offerings. No significant earnings contribution is expected from SD for FY3/14F although Biosensors cites the potential for ‘moderately accretive’ earnings contribution in FY3/15F. Maintain Hold and SOTP-based TP of SGD1.28.

Midas Holdings : Focus on high speed rail contract ahead (CIMB)

Midas Holdings
Current S$0.45
Target S$0.70
Focus on high speed rail contract ahead

 Midas reported yet another quarter of disappointing results due to the lack of major contracts on its orderbook. We expect momentum to pick up in 2H13 with the dishing out of new HSR contracts as MOR commits to meeting its Rmb650bn fixed asset investment target for 2013.

1Q13 disappointed, with a reported net loss of Rmb4.9mn vs. our FY13 forecast of Rmb40.63mn due to the lack of major contracts on its orderbook. This is in line as we are confident that Midas will clinch major HSR contracts in 2H13, which will make up for the losses this quarter. We keep our FY13-15 EPS intact and leave our target price of $0.70 unchanged, still based on 1.29x CY13 P/BV. Maintain Outperform.

Noble Group : Agriculture losses a surprise (DBSV)

Noble Group
HOLD S$1.12 STI : 3,432.76
(Downgrade from BUY)
Price Target : 12-Month S$ 1.00 (Prev S$ 1.45)
Agriculture losses a surprise

• 1Q13 below as agriculture segment swung into the red
• Division was hammered by idled Argentina soybean plants, logistic congestion in Brazil and weak sugar prices
• Expect sequential improvement in the absence of one-off negatives
• Downgrade to HOLD with TP cut to S$1.00