Saturday, June 16, 2012

Investment Strategies for a Volatile Global Economy


Are Speculators 'Attacking' Spain and Italy?

Are Speculators 'Attacking' Spain and Italy?
Published: Friday, 15 Jun 2012

It may be hard to tell, but a subtle shift is going on behind the scenes in Europe.

Both German Chancellor Angela Merkel and French President Francois Hollande have denounced “speculators” who are “unjustly attacking” Italy and Spain.

Of course, politicians raging against speculators is nothing new. The demonization of "the Speculator" has been a running political gag for at least a century.

聯繫匯率是時候改變?

聯繫匯率是時候改變? (一)


‘Swap gave me lots of energy’

‘Swap gave me lots of energy’
In The Edge Financial Daily Today 2012
Written by Isabelle Francis
Friday, 15 June 2012 14:45

SEPANG: Tune Air Sdn Bhd shareholder and AirAsia group CEO Tan Sri Tony Fernandes said the aborted share swap with Khazanah Nasional Bhd gave his budget airline a much-needed wake-up call. As he bluntly puts it, the deal was a “kick up my backside”, and made him realise how crucial it was for his airline to get its edge back.

The aborted deal also gave him the opportunity to meet face-to-face with his detractors at Malaysian Airline System Bhd (MAS) and give them the opportunity to get to know him.

Asia Investment Guru Hu Li Yang’s Predictions On Europe

5 JUNE 2012
Asia Investment Guru Hu Li Yang’s Predictions On Europe
By Daniel Loh

If you had came for Asia’s leading investment leading guru Hu Li Yang’s seminar last September, you would recall that he talked about the Europe situation. Ten months later, his predictions did seem to come true.

Last September, he urged all of us not to worry about the European crisis. It is in fact a golden opportunity to go into the market. Indeed, this January, the Dow Jones Industrial Average reached a new height since 2009 and the European crisis seemed behind us.

理財八寶袋.小賈斯汀善用名氣的投資家

風靡全球的流行歌手賈斯汀畢柏(Justin Bieber,小賈斯汀)已連續兩年入選《福布斯》全球100名人榜,年僅18歲的他,今年更晉升至季軍位置。
根據《福布斯》,今年上榜名人多是同時具備商業與舞台天賦的人。

估計身家達8000萬美元(逾2.5億令吉)小賈斯汀,正是善用自己名氣和財富進行投資的其中一人。

加拿大籍的小賈斯汀,除了驚人影響力和賺錢能力之外,鮮少人知道,他也是一名眼光獨到的投資者。

书中自有黄金屋:文教区因学府而富

书中自有黄金屋:文教区因学府而富
Created 06/15/2012 - 14:17

近年来,高等学府建到哪里,发展商就建到哪里。

两者之间相互配合得很好,房产因学府而身价高涨,学府因有这些房产计划支援,整个“文教区”越来越旺。如雪隆的文良港、斯里肯邦安、梳邦、赛城、双溪龙和汝莱,以及霹雳金宝的房价,相对之下,在晋身“文教区”后升值不俗,许多人赚得眉开眼笑。

“文教区”这个雅号,的确是房产升值潜能和出租的票房灵药吗?

本期《产业周刊》访问了几家在文教区附近有屋业计划的发展商,为大家分享个中的玄妙…

发展商抢进产托市场

发展商抢进产托市场
Created 06/15/2012 - 13:44

产业投资信托(REITs)成为火热投资工具,除了现有的产托业者之外,许多发展商也重组旗下产业资产,摩拳擦掌进军产托市场。

之前市场就传出,城中城产业(KLCCP,5089,主板产业股)将是下一个投身产托的产业公司。

产业公司进攻产托市场,和投资者对这项工具的接受度不断提高有关,不过分析员日前却指出,产业投资信托(REITs)并非如众人想象的抗跌投资,因大马在2008年全球金融风暴期间,几乎所有产托都面临回酬率萎缩的窘境。

吉隆坡房产的未来 从住宅转向商用产业

吉隆坡房产的未来 从住宅转向商用产业
Created 06/15/2012 - 13:34

近期热烈讨论的调高外国产业买家门槛至100万令吉的课题,相信这仅局限在吉隆坡市中心、雪兰莪州一些较富裕的地区、槟城部分地区和依斯干达区的一小部分。

然而,大马其他地区的产业价格则介于30万至60万令吉。

目前,市场出现低价产业过剩的现象,可想而知,这些不满情绪不是来自低收入阶层人士,反而来自中等收入阶层人士。

产业买家希望以低于100万令吉的价格,在理想的地点购买屋子;不过,他们在吉隆坡物色不到合心意的房屋,因而引起不满情绪。

逃离日本 大马购屋

逃离日本 大马购屋
Created 06/15/2012 - 13:25

日本3·11地震海啸发生至今,已超过1年,不过长期活在天灾威胁下的日本人,仍然心有余悸。

除了天灾,经济前景低迷也加剧了悲观情绪,许多日本人开始计划离开日本,在别处安家落户,《逃离日本》一书因此在日本大销。

由于在大马买房的成本不到东京的三分之一,马来西亚崛起成为日本人的置房天堂之一。

全球關注希臘骨牌效應‧馬股料續橫擺

全球關注希臘骨牌效應‧馬股料續橫擺
Created 06/16/2012 - 16:56

展望
交投料淡靜

正當美國聯儲局準備祭出刺激經濟指數之際,美國工業生產指數出人意表下跌,歐洲聚焦希臘關鍵性選舉,此關乎希臘債信乃至歐洲經濟會否產生骨牌效應,烏雲籠罩下,馬股料處橫擺格局。

儘管美國4月工業生產指數升1%,5月指數出人意表下跌0.1%,消費情緒指數由上月79.3下跌至74.1。中國與亞洲各國經濟放緩,也間接導致美國製造業走疲。美國羅克韋爾柯林斯公司(Rockwell Collins)說,3個月前無人預期亞洲放緩,美國經濟未脫離疲態。

分享锦集:大马吊机王 辉高●冷眼

分享锦集:大马吊机王 辉高●冷眼
Created 06/16/2012 - 10:07

以上四种工场,彼此之间没有一点关系,但是,假如你远望这四个场景的话,你一定会发现它们有一个共同点:吊机(Crane)林立,正在繁忙地工作。

没有了吊机,大厦根本无法施工,码头无法起卸货物,船坞无法操作,油井无法钻探石油煤气。

吊机是这些工作的核心器械,没有了吊机,工场都得停顿操作。

实际上,凡是与“举重”有关的作业,都少不了吊机,这说明了吊机的重要性,吊机制造厂,永远有生意。大马“吊机王”辉高(Favco,代号7229,工业股,全名为Favelle Favco Berhad),十年来每年都取得数亿令吉的营业量,可以为证。

区域提振 基本面强 种植股维持增持评级

区域提振 基本面强 种植股维持增持评级
Created 06/16/2012 - 11:11

(吉隆坡15日讯)分析员相信,中国降息可能会引发其他国家推行宽松政策提振经济,进而提高对原棕油的需求,加上种植领域的健康基本面,因而维持该领域“增持”评级。

肯南嘉投资研究分析员指出,今年5月原棕油出口按月增长5%至140万公吨,主要是巴基斯坦和欧洲国家的需求增长所致。

“虽然中国与印度的原棕油需求走低,但随着斋戒月即将来临和棕油使用量走高,因而推动巴基斯坦和欧洲国家的原棕油需求,促使我国5月的原棕油出口按月走高。”

散户定价每股RM4.45 土展创投超购6.75倍

散户定价每股RM4.45 土展创投超购6.75倍
Created 06/16/2012 - 11:13

(吉隆坡15日讯)土展局全球创投(Felda Global Ventures Holdings,FGVH)首次公开售股(IPO)计划,公众部分超额认购6.75倍。

文告显示,土展局全球创投发售7296万3000股给公众,但却接获5万8526份申请认购5亿6540万1200股,相等于超额认购6.75倍。

资料显示,土展局全球创投保留4亿1953万7000股给土著机构投资者和外贸发展局挑选的投资者、12亿889万900股的大股东销售股,2亿8685万2000新股则保留给国内外机构投资者和特选投资者,以及2亿64万8000股给员工、殖民者和有贡献的人。

次季恐再泥足深陷 航空业第3季谷底攀爬

次季恐再泥足深陷 航空业第3季谷底攀爬
Created 06/16/2012 - 12:10

(吉隆坡15日讯)分析员指出,2012财年首季陷入盈利大跌困境的航空领域,次季可能进一步泥足深陷,相信要迟至第三季才会从谷底攀爬。

马银行投银分析员表示,所追踪的本区域所有航空业者当中,在2012财年首季皆出现显著的盈利下滑,如国内的亚洲航空(AirAsia,5099,主板贸服股)和马航(MAS,3786,主板贸服股)。

此外,在市况艰巨之际,有些航空公司甚至陷入亏损的局面,主要归咎于按年增长了13%的油价、低迷的乘客收益和充满挑战的货物空运市场。

原料价走软 美元走强 顶级手套前景唱好

原料价走软 美元走强 顶级手套前景唱好
Created 06/15/2012 - 19:11

(吉隆坡15日讯)顶级手套(TopGlov,7113,主板工业产品股)在2012财年第三季业绩报捷,分析界纷纷唱好,加上原料价格走软以及美元兑令吉走强,相信该公司本财年能有亮丽的表现。

益资利投资研究分析员表示,最近天然胶价格回落以及令吉贬值,对橡胶手套业者有利。

乳胶价格从1年前的每公斤7.95令吉高价位,猛降17%至目前的每公斤6.59令吉。

罗杰斯:欧元资产现在还不是“底部”

罗杰斯:欧元资产现在还不是“底部”
2012年06月15日 01:28 来源: 第一财经日报

继乔治·索罗斯向欧元区发出“三个月时间”的最后通牒后,投资大师吉姆·罗杰斯(Jim Rogers)也发话了:“退出欧元区将会是希腊的错误、欧洲的错误,也会是世界的错误。”

  罗杰斯近日在接受《第一财经日报》记者电话采访时表示,欧元资产现在还不是“底部”。他预计可能会有国家在未来一两年内离开欧元区,但退出欧元区对希腊并不是好事,而且可能会因此导致全球经济衰退,中国也会因此遇到麻烦。

Asian Shares Rise on Signs Central Banks May Help If Chaos After Greece Polls

15 JUNE 2012
Asian Shares Rise on Signs Central Banks May Help If Chaos After Greece Polls
By Dow Jones Newswires

Asian markets were up Friday on signs that major central banks are planning to try to rescue the global economy, though there was caution ahead of the Greek elections over the weekend.

“The mood is turning slightly more positive compared to a week ago, but we remain cautious until we see the results,” said Diane Lin, fund manager at Pengana Capital in Sydney, which manages US$1.1 billion.

曾淵滄教路 12.06.12 : 中央減息 內房股飆 期望再放寬貸款政策

中央減息 內房股飆 期望再放寬貸款政策
人民銀行終於減息,但是市場並不完全領情,六月八日減息正式開始的那一天,恒指下跌0.947%,滬綜指數也下跌0.5%。

恒指下跌的主因是四大國企銀行大跌,工行(1398)跌4.9%、建行(0939)跌4%、中行(3988)跌3.2%,不屬於恒指成分股的農行(1288)也跌3.8%。

與此同日,多家內房股股價皆升,雅居樂(3383)升5.2%、恒大(3333)升7.2%、世茂(0813)升4.9%,屬恒指成分股中的中國海外(0688)升2.5%、華潤置地(1109)升2%。

大英Blog物館 12.06.12: 長揸回報源源不絕 高息股受歡迎有因

長揸回報源源不絕 高息股受歡迎有因
有讀者來函相詢,如果股份派息,股價沒有上升,那是否只是數字遊戲,沒有實際得益?有此問題,不難理解。市況波動,愈來愈多人轉入派息慷慨的股份棲身,筆者在本欄也曾鼓勵。但很多股民,坐貨收息,始終感覺怪怪。存定期,終結時收回本利和。

債券或iBond(4208)等,息還息,到期亦收番本。買股收息,卻有除淨這回事,現金是落了袋,但股價卻同時下跌,表面看來,如果升不回原先的價格,好像只是「食老本」,吃掉了早前投資金額的一部分。買樓收租,卻又沒有這個問題,雖然樓價會升跌,但不論收幾多期租,四幅牆依然存在,斷不會收收吓間屋會細咗。

歐國盃開鑼 港股表現例淡

上周四人民銀行突然宣布減息四分之一厘,惟港股翌日不升反跌,上周五收報一萬八千五百零二點,跌一百七十六點。四年一度的歐洲國家盃正式開鑼,一直踢到七月一日,市場人士料港股短期得個「悶」字,相信不少「芬佬」和股民會趁歐國盃歇一歇,踢完再算。

根據統計,○四及○八年的歐國盃,港股成交均顯著減少,兩屆賽事進行期間較全年每日平均成交,分別少百分之十八和十三。以上屆歐國盃為例,因撞正○八年金融海嘯,恒指在歐國盃舉行期間,累積下跌百分之九點七,○四年一屆亦跌了百分之一點四。今屆歐國盃又撞正歐債危機第二波,料港股短期內繼續偏淡。

五穷六绝已现 港股七月翻身可期

五穷六绝已现 港股七月翻身可期
2012年06月14日 02:43
来源:中国证券报 作者:岑智勇

在港股市场中,有一句名为“五穷、六绝、七翻身”的顺口溜,若把这句顺口溜套用在今年的港股,则“五穷”早已应验,“六绝”则在持续进行中。究竟港股会否出现“七翻身”?笔者尝试从宏观分析的角度去寻找答案。

据统计,2012年年初至今港股每日的平均成交金额约为580.63亿元,但踏入6月的成交量明显缩减,于6月5日当天更曾出现不足400亿元成交金额。这反映经过5月的大跌市后,投资者的资金和信心已经被大幅消耗,观望气氛甚浓。

Bob Doll: Stocks 10% off April highs, but panic is not warranted

FOR SOME TIME, we have been suggesting that the US economy has been holding up relatively well compared with the rest of the world. While we are not changing that view, recent data — particularly May’s US employment report — provided a negative jolt and pushed stock prices down sharply. With their recent declines, US stocks are now down 10% from their April highs (meeting the technical definition of a correction), but are still up 18% from their October 2011 lows.

Singapore telcos: New data price plans will help operators monetise high-speed mobile networks

Consumers are in an uproar over Singapore Telecommunications’ decision to end its buffet-style mobile data plans. On June 4, SingTel, the country’s largest telco, announced a significant change to the way it charges customers for mobile data. From July 1, new customers and those renewing their contracts will see the data bundles on their mobile service plans reduced to between 2GB and 4GB, from 12GB previously. Only those paying $205 a month will continue to enjoy a 12GB data bundle.

Muhibbah: Outlook improves

Muhibbah: Outlook improves
In The Edge Financial Daily Today 2012
Written by Insider Asia
Friday, 15 June 2012 14:31

Muhibbah Engineering (M) Bhd’s (RM1.21) earnings prospects are improving, underpinned by a large order book totalling nearly RM3 billion with earnings visibility until 2014.

We are impressed by the company’s high success rate in securing new contracts and order book replenishment, despite a generally tough environment for Malaysian contractors. With the roll-out of major projects under the Economic Transformation Programme, we think Muhibbah stands a good chance to secure some of these.

欧洲银行系统分裂攸关欧元区存亡

欧洲银行系统分裂攸关欧元区存亡
2012年 06月 15日 07:30
David Wessel

攸关欧元生死存亡的最大威胁可能并非希腊退出欧元区,而是欧洲银行系统分崩离析。

金融市场已经为希腊迟早脱离欧元区这一概率越来越大的事件做好了准备。虽然不排除未来有其他欧元区成员国效仿,但把希腊退欧作为一个个体性事件来看似乎更加合理,因为该国毕竟有着惊人的政府债务,而且政局又不稳定。

更大的风险实际上来自于推进了十年之久的欧洲银行业一体化进程正在破裂瓦解。这不仅使东欧、南欧国家的信贷供应受到威胁,加剧了他们的经济问题,而且还使欧洲作为一个经济统一体存在的概念受到质疑。

发掘中国股市有升值潜力的好股票

对于外人而言,中国看起来可能就像一个神秘莫测的矛盾体。它的城市信奉露骨的资本主义和炫耀性消费,但这个国家仍在共产主义中央政府的严格管理之下。它拥有全球第二大的经济体,但人均收入仅排在全球第92位。13亿人中的新兴中产阶级为这里的公司提供了五花八门的机会,但问题重重的公司治理却令在中国投资充满危险。

颜庆华很清楚这种形势。这位44岁的美国人于2004年创办了一家小型私募股权公司──华禾投资(CSV Capital Partners),以在中国进行投资,在此之前,他生命中四分之一的时间都是在亚洲担任花旗集团(Citigroup)和贝尔斯登(Bear Stearns)的投资银行家。在金融危机之后,华禾投资增加了一个小型对冲基金,以投资廉价的公开交易股票。

里昂证券解读香港股市的“秋官效应”

香港股市投资者要注意了:郑少秋的新戏开播了。

这位香港演员主演的新剧每次一播出,香港的股指就会神秘下跌。这一次,由于上个月郑少秋主演的TVB新剧《心战》开播,一些比较迷信的香港投资者又不约而同地倒吸了一口凉气。

为了对这个不可思议的关联有更多了解,经纪商里昂证券(CLSA)分析了一些数据。里昂证券发现,在过去10年里,郑少秋主演的电视剧在电视上播出期间,恒生指数(Hang Seng Index)有70%的时间是在下跌,平均每部剧集播放期间下跌6.6%,之后才会出现反弹。难道是巧合?有可能。里昂证券写道,但是一些当地人的确当真了,他们警告人们不要低估“秋官效应”。

UEM Land to bank on Nusajaya

The Star Online > Business
Saturday June 16, 2012
UEM Land to bank on Nusajaya

By JOHN LOH
johnloh@thestar.com.my

It is a bold statement to make, but Datuk Wan Abdullah Wan Ibrahim, managing director and chief executive officer of UEM Land Holdings Bhd, does not mince his words when he says the company has “delivered on its promises”.

“When we got listed in 2008, we told the media and analysts where we were going,” he tells StarBizWeek in an interview.

It is a challenge to get the majority of Malaysians to understand the ETP

The Star Online > Business
Saturday June 16, 2012
It is a challenge to get the majority of Malaysians to understand the ETP

By CECILIA KOK
cecilia_kok@thestar.com.my

MALAYSIA is in for an exciting journey, and Datuk Seri Idris Jala is eager to get this message across to all Malaysians.

The CEO of Performance Management and Delivery Unit (Pemandu) and Minister in the Prime Minister's Department has recently uploaded four video clips on YouTube to tell of this big vision for the country, hoping to engage more ordinary people in this nation-building effort.

Enduring lessons from first job

The Star Online > Business
Saturday June 16, 2012
Enduring lessons from first job

By SOO EWE JIN
ewejin@thestar.com.my

DATUK Seri Idris Jala has come a long way since his first job as an industrial relations officer in Shell Malaysia. If not for an interesting twist of fate, he could well have been an unknown professor sharing his insights to a limited audience a classroom of undergraduates or at an international conference with his peers.

Idris Jala : Remodelling the economy

The Star Online > Business
Saturday June 16, 2012
Remodelling the economy

Remodelling the national economy is not a job for the faint-hearted. What's more when Malaysia is at the crossroads as the global economy is in a very challenging period with the eurozone crisis.. It looks almost like an impossible task, but Performance Management and Delivery Unit (Pemandu) CEO and Minister in the Prime Minister's Department Datuk Seri Idris Jala (pic) takes the challenge in his stride, choosing to remain optimistic in ensuring Malaysia remains on the right track. He takes some time off his busy schedule to answer questions from StarBizWeek. Below are the excerpts:

Idris is a man on a mission to fulfil Vision 2020

The Star Online > Business
Saturday June 16, 2012
Transforming the nation

By CECILIA KOK
cecilia_kok@thestar.com.my

Idris is a man on a mission to fulfil Vision 2020

SINGLE-MINDED and with a clear mission at heart nation-building. That's how Datuk Seri Idris Jala sees what he's doing.

Is there a real reprieve in prices?

The Star Online > Business
leecheng@thestar.com.my"/> Saturday June 16, 2012
Is there a real reprieve in prices?

HOUSING INVESTMENTS
By THEAN LEE CHENG
leecheng@thestar.com.my

NOW that we are in the middle of 2012, it is probably a known and accepted fact that the property market is taking a long-awaited breather, after a steep and breathless uphill climb in 2010 and last year.

“水晶球”——吉姆·罗杰斯的投资预言

直播智慧山:“水晶球”——吉姆·罗杰斯的投资预言
来源:搜狐焦点网天津站 2012年06月09日

滨海高新区宣传部将联合智慧山、中国金融博物馆书院、华章经管在天津滨海高新区海泰大厦三楼报告厅举办“《水晶球》- 吉姆·罗杰斯的投资预言”讲坛活动。届时,吉姆·罗杰斯先生将与中国金融博物馆理事长王巍、中国证券金融公司总经理聂庆平共同回顾并解读其传奇般的投资生涯,与各界嘉宾共同分享并探讨其投资经验与投资预测。

四叔:食埋尾胡退休

年屆83歲的恒地(00012)主席李兆基,透露自己可能三至五年後退休,退休前的心願就是「食尾胡」!他又重申「買股好過買樓」,但由於外圍環境「大風大雨」,相信未來二至三個月仍不是「安全期」,投資宜「睇定啲」,四叔的審慎態度或與他近兩年認購的新股全部仍在「水底」有關,包括老友鄭裕彤的周大福(01929),仍帳面蝕逾3億元。

四叔再被問及打算何時正式退休,他以打麻雀作比喻,希望可「食埋鋪尾胡先」,他指金融海嘯令不少人的財富大打折扣,希望三至五年內收復海嘯時的失地。

亚洲股市上升,因为央行表示如果希腊大选后出现混乱将会伸出援手

亚洲股市上升,因为央行表示如果希腊大选后出现混乱将会伸出援手
文: 道琼斯通讯社 (译:麦美莹) 2012年06月15日 道琼斯通讯社
亚洲市场在6月15日(星期五)上升,尽管本周末希腊将举行大选令情绪谨慎,但有迹象显示主要央行正在密谋计策来拯救环球经济。

位于悉尼的资产管理公司Pengana Capital(管理11亿美元资产)的基金经理Diane Lin 表示:“市场情绪比一周前好转了一些,但直至结果公布前,我们仍会保持谨慎。”

路透社的一份报告指出,如果希腊大选结果令市场出现混乱,央行将会进行联合行动来提供资金。

海指本周共升2.7%

因市场传闻全球主要央行可能携手刺激经济的消息,推动区域股市普遍上扬。海峡时报指数昨日也攀高1.34%,重回久违了的2800点水平。

  希腊将在本周末重新举行议会选举,其结果不但决定这个国家的未来,也将影响整个欧元区的经济,继而牵动全球市场的走向。

  就在投资者内心充满焦虑之时,路透社(Reuters)周四引述二十国集团(G20)官员的话称,如果希腊大选结果引发市场震荡,全球主要国家央行将准备联合行动稳定金融市场。这个消息瞬时间给股市注入了新动力。除隔夜美股走高外,本区域市场也普遍上扬。

综合保健控股1亿余股在新加坡发售

东南亚最大医药保健集团综合保健控股(Integrated Healthcare Holdings,简称IHH)昨日在新马两地提交了售股计划书,在新加坡发售的股票将达1亿4060万股(不到IHH扩大后股本的2%),其中5200万股发售给新加坡公众。
  售股计划书并没透露每股发售价,但显示新加坡政府投资公司(GIC)是其中一家基石投资者,证实了较早时的报道;淡马锡控股(Temasek Holdings)的子公司富敦基金管理公司(Fullerton Fund Management),也签订为基石投资者。

  IHH是马来西亚主权财富基金国库控股(Khazanah)旗下的东南亚最大医药保健集团,IHH旗下的资产包括新加坡的百汇控股、土耳其医院集团Acibadem、印度的Apollo Hospitals企业以及马来西亚的班底(Pantai)医院和国际医药大学。

惠誉:银行借贷能力下降 中国政府或须出面干涉

在流动性收紧和宏观需求降低的影响下,中国银行借贷能力普遍下降,中国政府或有必要出面干涉,以支撑信贷需求并促进经济发展。

  惠誉(Fitch)中国金融机构评级主管朱夏莲(Charlene Chu)日前在新加坡举办的“惠誉环球银行峰会”发表以上看法。

  她指出,中国银行以往借由稳健的存款增长进行融资,不过近来流动性紧缩和宏观经济需求趋于疲弱,导致中国银行的借贷能力开始降低。

  她表示,中国银行借贷能力之所以被削弱,是因为零售与机构投资者开始将存款转而投入信托公司等回报率较高的管道。

新能源澳洲网络完成 售股筹资4亿3400万澳元

能源基建集团新能源澳洲网络(SP AusNet)昨日宣布已完成售股筹资4亿3400万澳元的活动,所筹得的这笔资金将用于扩充其资产基础以及把握其他增长机会。

  新能源澳洲网络这次筹资,已在5月间成功向机构投资者股东筹资3亿4200万澳元(4亿3400万新元),昨日则完成发售新股给散户投资者的部分,筹集另外9200万澳元(1亿1660万新元)资金,售价同样是每股1澳元(1.25新元)。

港股飆425點炒過龍

港股飆425點炒過龍
「七.一」將至,投資者繼續熱炒中央會再送大禮,同時市場憧憬全球央行聯手「放水」救市,昨日尾市好友大挾淡友,恒指重越19,000點關後,短短一個小時內極速掃高至19,233點收市,全日漲幅擴大至425點或2.26%,並且令港股扭轉連續五周跌勢,全周累漲731點或3.95%。證券界預期,儘管恒指或可進一步挾高至19,600點樓上,但慎防部分股份「炒過龍」及「炒錯股」。

「航天」股升空賀神九

昨日恒指高開115點後,尾市在長和系及石油股帶動下,漲幅一度擴大至446點,高見19,254點;昨日國企指數最多漲240點,全日漲225點,收報9,744點,全周計更累漲4.18%或391點。好友挾淡友下,昨日港股總成交達561億元,即使扣除金沙中國(01928)及永利澳門(01128)配股上板,成交額依然達541億元。

Australia's Echo to raise cash to boost VIP business

Australia's Echo to raise cash to boost VIP business
Updated 05:11 PM Jun 15, 2012
MELBOURNE - Australian gaming firm Echo Entertainment plans to raise about A$454 million (S$580 million) through a new share issue to pay down debt and help bolster its high-roller business as it vies with billionaire James Packer to win Asian players.

Echo said on Friday the 1-for-5 entitlement offer would reduce gearing and help ensure a more appropriate capital structure for the gaming group, whose high-roller business has been underperforming.

SIAs-passenger-load-factor-increases-in-May

New-private-home-sales-down-316-in-May


Will airlines find the silver lining?

Will airlines find the silver lining?
2012/06/16

CLOUDY SKIES: As the industry’s profitability balances on a knife’s edge, some carriers remain upbeat IS THERE still a profitable future in the airline business? Ponder that a return economy fare from Beijing to New York - a 22,000-kilometre journey - is about US$1,500 (RM4,751), which works out to seven cents a km.

Compare this to a taxi ride in Beijing which is 10 yuan (RM5) for the first three km, and 2 yuan per km for the rest of the journey, averaging about 32 cents a km.

人行減息勢令內銀受壓

希臘周日重新舉行大選,標普認為無論希臘是否「脫歐」,已經拖累中國出口,相關行業如運輸等會受影響,雖然不會對內銀造成直接衝擊,但內地減息及利率市場化,對中資銀行業構成短暫影響,料今、明兩年內銀平均資產回報分別下降10點子,及20至25點子。

小型銀行具議價優勢
標普又預期,由於大型國有銀行的貸款客戶,議價能力較強,因此短期內大型國有銀行的利息收入會被削弱;相反,小型銀行與小型企業洽商貸款條件時,更具議價優勢,但隨着大型國有銀行會吸納更多小型企業及個人客戶,未來兩、三年小型銀行業務將受壓。

歐央行寫包單 港股尾市急升

歐央行寫包單 港股尾市急升
英倫銀行同時放水千億英鎊 刺激信貸
2012年6月16日
【明報專訊】昨天恒指收市前1小時突然升150點,理由是歐央行行長德拉吉聲言,有需要時會為歐洲銀行提供流動性;差不多同一時間,英倫銀行宣布將向銀行業提供千億英鎊低息流動資金,由後者轉借予企業,以刺激經濟,央行泵水,投資者未等及希臘周日大選結果就先行掃貨,令恒指全日急升425點。再者,市場傳出人民銀行今明兩日會再減存款準備金率(RRR),亦令股市做好。惟有分析員認為,即使短期市反彈,但外圍形勢仍有待觀察。

美股早市延續環球升市,截至昨晚11時15分,道指升67點,報12719點。匯控(0005)的美國預託證券(ADR)報66.9元,較港收市價升0.1元,中移動(0941)則報79.8元,跌0.2元。

標普:利率鬆綁 內銀「陣痛」

標普:利率鬆綁 內銀「陣痛」
2012年6月16日
【明報專訊】人行降息,並擴大存貸息率管制範圍,開啟內地利率市場化大門。評級機構標準普爾昨天表示,降息及放寬利率管制將導致內銀淨利差收窄,影響盈利能力,短期出現「陣痛」,但相信長遠對銀行體系有利,有利於建立更有效配置的信貸資源系統,貨幣新政不會影響標普對內銀的評級。

存貸利率擴大浮動 削盈利能力

標普亞太區董事兼信用分析師廖強表示,存貸利率浮動區間擴大,將令內銀盈利能力下降,預期今年凈息差收窄12至13個點子(100點子為1厘),平均資產收益率下降10個點子,相當於170億美元,至2013年,將進一步下跌20至25個點子,相當於420億美元,此外由於內地經濟增長放緩,預期今年平均資產回報率錄0.8%至1%,去年為1.3%。

全球嚴陣以待 保資金流通

全球嚴陣以待 保資金流通
G20準備出招 英千億鎊助銀行
全球央行或政府明言已準備預防措施,應對希臘周日大選的結果,以確保金融體系有足夠資金流通。英國更率先出招,計劃針對本土經濟,推出1,000億英鎊的支援計劃,以激活銀行信貸市場。

路透社引述二十國集團(G20)官員報道,若希臘、法國和埃及周末舉行大選後,導致市場承受嚴重壓力及信貸緊縮,全球央行或政府已準備就緒,有共識採取一致行動確保金融體系有充足的資金流動性。

G7財長將召緊急會議

Rochdale's Bove on JPMorgan, Morgan Stanley, Fed


Germany Can't Escape Rising Yields, Spain at Record



Can Europe Keep it all Together?


Bank Picks From a `Worlds Best' Picker


A 'Golden' Opporutnity Ahead of Greek Elections


Preparing Your Portfolio for Greek Election Fallout


'Grexit' Would Be 'Lehman Sort of Moment'


Here's What Happens If Greece Leaves the Euro


Is There Life After Oil's `Death Cross'


Forget Europe, Is China the Big Worry?


Friday, June 15, 2012

Ask The Experts: A Grexit Can Be Good For The Eurozone


《創富激發點》施俊威:料各國積極救市港股造好


Ask The Experts: Consider Property Stocks Amid Market Uncertainties


012-0614-57金錢爆(歐洲大圍捕)


Asian markets mostly up on US stimulus hopes

Asian markets mostly up on US stimulus hopes
Posted: 15 June 2012

HONG KONG: Asian markets mostly rose on Friday amid hopes that the US Federal Reserve will embark on a fresh round of economic stimulus and Greece will return a pro-austerity government in weekend polls.

However, with Spain's borrowing costs hitting another record high despite a $125 billion bank bailout, traders remain on edge while German Chancellor Angela Merkel warned leaders not to place too many expectations on Berlin.

Greek crisis different from Lehman Brothers collapse

Greek crisis different from Lehman Brothers collapse
By Lynda Hong | Posted: 15 June 2012

SINGAPORE: Global markets are hit by jitters from the growing uncertainty ahead of the Greek elections.

Investors are holding back on concerns that a Greek exit from the eurozone may spark a global recession.

券商買進心頭好.城中城產業 可趁低估買進

券商:艾芬投銀研究
目標價:5令吉

城中城產業(KLCCP,5089,主要板房產)擁有標誌性主要資產、防禦型盈利及大量流動現金,以資產和本益比等角度評估,現有股價遭大幅低估,投資者應趁現有股價錯估買進。

 由于目前市場投資者對高素質的大型房地產投資需求越來越高,城中城產業很有可能會如其他公司般,在2014年進行產托項目,釋放目前仍鎖住的價值。

 產托已是一個趨勢,我們相信2014年會是一個很好的時機,一旦該公司進行產托,加上5%淨回酬目標,股價或有可能重估至7.30令吉。

马航翻身战 倍增亚太航线

(吉隆坡15日讯)马航(MAS,3786,主板贸服股)经过连续5个季度亏损后,有意在3年內增加亚太区航线,作为转亏为盈计划的部分。

马航目前涵盖的区域航线为13个城市,在2015年將增至25个城市,包括中国、日本和印度。马航主席莫哈末诺接受《彭博社》访问时表示,一些现有航线的航班亦可能最高提升50%。

或进行裁员

他指出:「航空业务与经济循环关係密切,目前市场视亚太区为航空领域亮点,拥有许多乐观的理由。」

Possible Greek Election Scenarios & Implications on the Eurozone


Greek Election: 'Collapse' Possible No Matter Who Wins

Greek Election: 'Collapse' Possible No Matter Who Wins
Published: Thursday, 14 Jun 2012

An upstart radical leftist is racing neck and neck with the conservative heir of a prominent Greek family in an election on Sunday that will decide if Greece stays in the euro zone and could spread turmoil across global financial markets.

Voters fed up with the harsh measures prescribed by international lenders in a 130 billion euro bailout punished mainstream parties in an inconclusive May 6 election and appear split over the choices offered in the repeat vote.

Why Joint Central Bank Action Is Unlikely and Won’t Work

Why Joint Central Bank Action Is Unlikely and Won’t Work
Published: Thursday, 14 Jun 2012 |
Speculation that major central banks are planning coordinated action heightened on Friday on a media report that Group of 20 nations are preparing to provide liquidity to financial markets.

But market watchers tell CNBC that this won’t happen unless results from this weekend’s elections in Greece trigger a “Lehman-type” event, which, they believe is unlikely.

Union support vital for MAS turnaround plan

Union support vital for MAS turnaround plan
2012/06/15

KUALA LUMPUR: A union is usually described as a democratic organisation of working people standing up for their rights on the job.

On the other hand, it is also said that unions can also be unreasonable to deal with when they put pressure on companies in terms of wages or their attitude towards certain company policies.

In the case of Malaysia Airlines (MAS), its workers unions were opposed to the share-swap arrangement with AirAsia and hence the subsequent rescinding of the deal.

MAS plans to double Asia-Pacific routes

MAS plans to double Asia-Pacific routes
2012/06/15

Malaysian Airline System Bhd intends to almost double its Asia-Pacific destinations in three years as part of a turnaround plan prompted by five straight quarterly losses.

The carrier may fly to 25 cities in countries including China, Japan and India by 2015, compared with 13 regional destinations now, Chairman Md Nor Yusof said in an interview yesterday in Subang, near Kuala Lumpur where the carrier is based. Flights on some existing routes will also be increased by as much as 50 per cent, he said.

加强品牌地位 亚航设区域办事处受看好

加强品牌地位 亚航设区域办事处受看好
Created 06/15/2012 - 12:15

(吉隆坡14日讯)分析员认为,亚洲航空(AirAsia,5099,主板贸服股)设立新区域办事处属于正面举措,因这有助于加强公司的区域品牌和地位,也能在各个市场寻机进行更多联营。

昨日宣布在雅加达设立“亚航东协(AirAsia ASEAN)”的区域办事处时,亚航创办人兼总执行长丹斯里东尼费南德斯表示,该公司接下来的目标,是成为区域业者。

此外,亚航也将推出东协管理架构,即东尼担任区域总执行长,然后旗下有数个国家总执行长,公司业务也将分为多个部门。

据艾芬投资研究分析员,亚航会在东协架构下委任20个职位,而该公司下周一会做出宣布。

希腊大选或成引爆点 欧各央行或联合出招

希腊大选或成引爆点 欧各央行或联合出招
Created 06/15/2012 - 17:24

(伦敦15日综合讯)多国央行进一步示警,欧洲对债务危机的控制不力将危及全球金融市场及经济表现,希腊后天将举行大选,对投资人是下一个引爆点。

20国集团(G20)官员告诉路透社,多个主要经济体的中央银行,为因应希腊17日重选国会可能导致经济混乱,准备联手行动,提供流动资金,防止信贷紧缩以稳定金融巿场。

一位高阶美国官员提醒,希腊选举不会是欧元区债务危机的“决定性讯号”。

不確定的破壞力

不確定的破壞力
Created 06/15/2012 - 11:04

希臘將於17日舉行大選,選舉結果可能暗示希臘是否會退出歐元區;希臘脫歐與否,成為近日歐洲風暴中最大的不確定因素,也造成全球金融市場隨猜測而大起大落的波動。

市場最怕的就是不確定性,商人最擔心的也是不確定性。

歐債風暴野火燎原,一日一爆,讓市場提心吊膽,成為大馬市場的最大外圍風險,也讓大馬出口表現受干擾,經濟成長蒙上陰影,商業活動不用說也被拖慢。

膠價跌‧需求升‧頂級手套第三季淨利倍增

膠價跌‧需求升‧頂級手套第三季淨利倍增
Created 06/15/2012 - 11:38

(吉隆坡14日訊)膠價下跌、需求提昇及效率改善,帶動頂級手套(TOPGLOV,7113,主板工業產品組)截至5月31日的第三季淨利揚升110%至5千381萬令吉,去年同期為2千560萬令吉。

第三季營業額成長13%至6億330萬令吉,創下該集團歷來最高紀錄,去年同期為5億3千340萬令吉。

派息7仙

該公司建議派發每股7仙的單層中期股息,高於去年同期的5%,派息日期為7月19日。

放眼轉虧為盈‧馬航3年內倍增亞太航線

放眼轉虧為盈‧馬航3年內倍增亞太航線
Created 06/15/2012 - 17:43

(吉隆坡15日訊)馬航(MAS,3786,主板貿服組)計劃在3年內,將亞太航線增加一倍,以扭轉連續5季虧損的頹勢。

馬航主席丹斯里莫哈末諾接受訪問時指出,該公司計劃在2015年之前,飛往中國、日本、印度等國家的25個城市,比目前區域市場的13個城市增加約一倍,一些熱門的航線,料將增加多達50%的航班。

亞太區域成焦點市場

莫哈末諾說:“航空事業與經濟周期緊密聯繫,人們普遍的共識是亞太區域市場成為焦點市場,存在許多讓人看好的因素。”

Industrial REITs: Muted Impact Of 30-year Lease For Industrial Properties (UOBKH)

Industrial REITs: Muted Impact Of 30-year Lease For Industrial Properties

What’s New
• The Ministry of Trade and Industry (MTI) announced that it is halving the tenure of industrial sites under its government land sales (GLS) programme from a maximum of 60 years to a maximum of 30 years. Smaller industrial sites will see a slight increase in tenure from 19 years to 22 years.

China Shipbuilding: Headwinds remain but opportunity in fuel-efficient vessels (CS)

China Shipbuilding Sector
Headwinds remain but opportunity in fuel-efficient vessels

● Credit Suisse hosted lunch with SS Teo, Chairman of Singapore‘s second largest (and the world‘s 19th largest) liner company Pacific International Line (unlisted), where he shared his thoughts on rates, profitability and newbuilding opportunities.

六月股市 谨慎看多

六月股市 谨慎看多
2012年06月13日 展望
文:桂浩明(申万研究所)

当5月份股市出现“开门红”行情时,很多人开始想象是否还会有一个“红五月”。但是,这个不乏美好的愿望却并没有能够实现。尽管在5月下旬,大盘出现了反弹,但是却止步于2400点关前,以至到5月底的时候,大家遗憾地发现在5月份,股指是下跌了1%。尤其是那些在管理层所发利好消息感召下进入股市的投资者,遭受了不小的损失。

Singapore Property:Keeping supply steady but high (DBSV)

Singapore Property

Keeping supply steady but high
• Housing supply to be maintained at >7,000 units in 2H12
• Rising medium term inventory to cap price upside
• Prefer diversified or non-residential plays such as Capitaland, UOL, CMA, GLP

鸿通电子控股的获益率及前景均甚为诱人

鸿通电子控股的获益率及前景均甚为诱人
文: 王秋莹 (译:麦美莹) 2012年06月12日 企业摘要
鸿通电子控股(Valuetronics Holdings)最近在公布了截止2012年3月31日的全年业绩后,其主席兼董事经理谢创兴接受了《股市资讯》新加坡版的独家访问。公司在FY12取得亮丽的财务表现。

鸿通电子是一家为原设备制造商(OEM)及原设计制造商(ODM)提供综合电子制造服务(EMS)的领先商家,它所公布的全年业绩高于市场预期,令人刮目相看,因为很多其他制造企业在欧洲危机持续及美国与中国的增长放缓情况下,正在艰苦作战。

Genting Singapore:Too much reading between the lines (DBSV)

Genting Singapore
BUY S$1.46
(Price as of 12 Jun 2012)
Price Target : 12-Month S$ 2.05
Too much reading between the lines

• Echo’s stake likely an opportunistic investment for now
• Better off saving bullets for new markets rather than outright tussle with Crown in their homeground
• Maintain Buy and SOP-based TP of S$2.05

Olam International: Which mode was the right way to reward shareholders - share buyback or dividends?

Olam launches share buyback programme

[6/14/12] – Olam commenced a share buyback program on 8 June 2012.

This follows the mandate which was renewed on 28 Oct 2011, where Olam may purchase up to 10% of its total issued shares.

All shares purchased under the share buyback program may be held as treasury shares or cancelled, as Olam may decide from time to time.

Oil prices have fallen below its psychological levels (OCBC)

Oil prices have fallen below its psychological levels, notably with Brent and WTI fading below $100/bbl and $85/bbl respectively. Given the shift in focus from geopolitical concerns between Iran and the Western powers to the deepening Eurozone banking concerns, the fall in prices from their 2012 high is not surprising. However, key fundamentals have radically evolved over the span of three months, which ultimately convinced us that crude oil prices are set to decline further to late 2010 levels by end year.

Valuetronics: Sporting Attractive Returns In Yields And Prospects

12 JUNE 2012
Valuetronics: Sporting Attractive Returns In Yields And Prospects
By Ong Qiuying

Recently, Shares Investment had the opportunity to catch up with the chairman and managing director of Valuetronics Holdings, Ricky Tse Chong Hing, in an exclusive interview following the company’s sterling financial performance for the full year ending 31 March 2012.

The leading integrated electronic manufacturing services (EMS) provider of original equipment manufacturing (OEM) and original design manufacturing (ODM) has probably turned heads as it announced results ahead of expectations while many other manufacturing firms struggle in the midst of the prevailing Euro crisis and the slowing growth concerns in United States and China.

CDL Hospitality Trust: Still on track (CIMB)

CDL Hospitality Trust
Current S$1.90
Target S$2.08
Still on track

Arrivals touched a record 1.2m for the month of Apr. Yoy growth was commendable at 9%,albeit lower than previous months’ 13-16%.Upscaleand mid-tier hotels sustained their performances, and CDLHT should be a beneficiary.

We keep our DPU estimates, DDM target price(discount rate: 8.1%) and Outperform rating. We see catalysts from higher-than-expected REVPAR and accretive debt-funded AEI and acquisitions, backed by balance-sheet strength and retained earnings.

There's Something About MAS


UEM Land: Iskandar Malaysia taking off (CIMB)

UEM Land
Current RM1.96
Target RM2.56
Iskandar Malaysia taking off

At our Asean Conference yesterday, UEM Land reiterated its view that Iskandar Malaysia will reach a tipping point this year. It gave us a peek at its newest exciting mega project in Nusajaya and explained how the newly acquired Desaru land fits into the wider picture.

UEM Land remains the best proxy for Iskandar Malaysia, which is showing signs of truly taking off this year. We make no changes to our Trading Buy call or target price basis of 5% discount to RNAV. The stock is not an outperform due to election risks for property stocks. Potential rerating catalysts include positive newsflow on Nusajaya and strong 2H12 sales.

Is SPH targeting equal contribution from property business?

Pressure in ad revenues likely to continue

[6/14/12] - OCBC Research expects Singapore Press Holdings’ (SPH) retail business to provide a stable counterweight to its core print business.

Its print business is expected to face pressure from dipping ad demand.

The retail business, comprising of the Paragon and the Clementi Mall, contributed S$47.9 mln of profits before tax (PBT) in H1 FY12, making up a respectable 22% of total PBT.

Dialog Group: Bags MYR17m Snamprogetti Job (MIB)

Dialog Group
Buy (unchanged)
Share price: MYR2.38
Target price: MYR3.05 (unchanged )
Bags MYR17m Snamprogetti Job

Maintain BUY; TP unchanged at MYR3.05. That Dialog has bagged its maiden contract from Snamprogetti (MYR17m) for the supply base operations in Jubail is positive. Impact to order backlog and earnings is negligible but we expect job win momentum to build up as it grows its expertise in the Middle East. Nevertheless, its long-term tank terminal expansion program in Johor will be its trump card - for earnings, cashflows and dividends. Our target price is based on sum-of-parts.

Macro uncertainties still weigh on sentiment (DBSV)

KEY POINTS
�� STI - Current rebound can extend to 2825 or even 2860 before the decline to 2540
�� Yield picks - CMT, Cache Log, Mapletree Log, CDL HT, Hutchison Port Trust, SIA Engineering and China Merchant
�� Trading picks to STI 2825 – Keppel Corp, Ezion, ASL Marine, Noble Group

Wired Weekly
The €100bil Eurozone bailout of Spain’s beleaguered banking sector over the weekend offers short-term respite to the current crisis. STI’s technical rebound that started from 2700 last week has room to extend to 2825 or even 2860 should the upcoming Greece election yields favourable results for the pro-austerity parties.

曾淵滄專欄 15.06.12:今日不要理會股市

曾淵滄專欄:今日不要理會股市

過去幾日,股市升跌無常,非常不穩定。悲觀之人會擔心本周日希臘國會選舉,選出左翼政權,不再遵守去年與歐盟訂下的救助協議,使歐盟停止救助,希臘要違約破產,被踢出歐元區。

西班牙的國債,從 A級淪落到再跌一級就是垃圾級的危險邊緣。意大利的問題也一樣嚴峻,希臘是小國,西班牙與意大利可是大國,特別是意大利,被稱為 G7的成員,曾經的工業大國。西班牙與意大利若無力還債,問題比雷曼兄弟破產還更嚴重,勢必掀起另一場超級金融海嘯,殺傷力比08年的金融海嘯更大。但市場內也同時有一批樂觀者,他們認為歐盟、歐央行絕對不會讓上述的事情發生,要救希臘、意大利、西班牙並不難,只要歐央行開動印鈔機就行了,問題只是要不要救,在甚麼時候救而已。

黃國英 對沖國度:謀定後動 準備低吸

昨日港股可以用外馳內張來形容,表面上成交超低,跌幅不算太勁,尤其是富時指數調整比重,亦增添了壓力,但股票的跌勢似乎變得更全面,另外期權引伸波幅上升,反映市場相當緊張。
上述情況絕對正常,上次希臘選舉之後的慘況記憶猶新,自然個個酌量減持,又或者至少買些Put以作對沖。

向好處想,是今次市場早有準備,照計留下來的投資者,信念都會比較強,牛證街貨和一個月前相比已大幅減少,出乎意料大跌機會應該不大。

對冲人生:魚翅撈飯變豉油撈飯

對冲人生:魚翅撈飯變豉油撈飯

黑莓智能手機生產商 RIM,不足四年股價就大跌九成。

踏入2012年,對很多人來說,操作很困難,在全靠佣金收入的股票及衍生工具買賣行業中,更見艱難。江湖傳聞,某美資大行過去十年,每年賺錢的亞洲零售業務,5月份無止境下跌,聽聞那「大行」的零售業務主力是做股票買賣,連投資者也被嚇怕了。「 Cowboy Firm」在江湖極有地位,但由於行情大大不妙,聽聞會先由 Sales Assistant開刀,一個助理要幫幾名 Top Producer,而 Top Producer現在變了普普通通的 Producer,經紀由數年前的「魚翅撈飯」,換成「豉油撈飯」。

智取大市:希臘大選後港股點都跌

周初內房股強勢,周二炒到落後內房股,然後周三大市上升,資金轉炒煤炭呢類超賣板塊,噚日就一齊轉弱。
噚日港股接近800隻下跌,全線轉弱味濃,反彈浪有機會炒完,係時候沽貨鬆綁,之前推介嘅中國聯通(762)可以食糊,賺少少就算。

唔計周一裂口急升嗰吓,本周港股算反覆,希臘大選嘅負面因素越講越淡化,坊間認為希臘右派勝出,股市就反彈;左派勝出,股市就會跌,原本晉佳都以為形勢係咁,但睇希臘左派 Syriza領袖齊普拉斯周三為英國《金融時報》撰文,發現佢想希臘留喺歐元區,但唔使遵守財政協議。

Central Bankers Brace for Euro Break-Up

Central Bankers Brace for Euro Break-Up
Published: Thursday, 14 Jun 2012

At least one country will leave the eurozone in the next five years, according to a survey of central bank reserve managers who collectively control more than $8,000 billion.

The results of the poll, conducted by UBS, highlight the concern among some of the world’s top central bank officials ahead of the Greek election this weekend that is widely seen as a pivotal moment for the future of the single currency.

Axis-REIT buying two buildings in PJ

The Star Online > Business
Friday June 15, 2012
Axis-REIT buying two buildings in PJ

KUALA LUMPUR : Axis Real Estate Investment Trust's (Axis-REIT) trustee, OSK Trustee Bhd, has entered into two sales and purchase agreements to acquire Wisma Academy and the Annex in Petaling Jaya for RM85m il from Academy Resources Sdn Bhd.

“The proposed acquisitions will also enable Axis-REIT to diversify and enlarge its portfolio of properties and is expected to benefit the trust in the long-term as a result of economies of scale,” said Stewart LaBrooy, chief executive officer of Axis REIT Managers Bhd, the manager of the trust.

Tony Fernandes speaks to StarBiz on AirAsia's future plans

The Star Online > Business
Friday June 15, 2012
Tony Fernandes speaks to StarBiz on AirAsia's future plans

It will not be sending aircraft to MAS for maintenance

By B.K. SIDHU
bksidhu@thestar.com.my

PETALING JAYA: Adieu Kuala Lumpur, welcome Jakarta!

The big move has begun and Jakarta will be home for AirAsia Bhd after being based in Kuala Lumpur for a decade.

希腊选举结果 将影响海指升跌

周末的希腊选举逼近,加上隔夜发布的美国零售数据欠佳导致纽约股市走跌,以致本地股市昨日再跌0.5%。

  星展集团研究预测,新加坡海峡时报指数在等待希腊选举结果揭晓前应会守稳在2750点大关。要是支持节约紧缩政策的政党获胜,那么本地股将冲至2825点甚至2860点,相反的要是反对节约紧缩措施的左翼政党报捷,海指下周恐会再试2700点,并且加快跌至2540点。

  联昌国际研究认为,海指短期内在2800点至2811点之间会遇阻,尽管技术指标显示本地股还会继续攀高,股价目前料会横摆。

赫比国际

按图索骥 本栏意见

本栏于今年4月6日曾论及这只股票短期内将填补介于0.92元至0.905元及介于0.835元至0.81元间的缺口。当时股价为0.94元左右。果然,股价过后缓缓下滑,4月23日骤然下试0.885元遂即将上述第一个缺口填补;5月9日股价进一步下探0.805元,又将第二个缺口填补。6月5日股价下跌至0.66元并于当天以“一日转向”讯号止跌回升,接着也于该周每周一杆图中以“转向”讯号向上回扯。估计短期回扯当填补介于0.80元至0.805元及介于0.845元至0.85元间的缺口,过后重返跌势。

燃料价格下降 华能国际电力盈利上升

我们预计,鉴于国际煤炭相对于国内煤炭的价格优势,华能国际电力(902 HK)将会增加进口煤炭的使用量至3000万吨,超过管理层之前预计的2500万吨。这额外500万吨进口煤炭的使用,可以降低公司燃料费用约0.5%。

  根据敏感性测试的结果,这部分燃料费用的下降可以让公司2012年度的盈利增加约5.9%。

  另外,可行性测试显示华能最多可使用5110万吨进口煤(标准煤),约合其今年煤炭使用量的52%。

回应“对中国股市涨跌负责”

China could see rate cuts, not stimulus: Officials

China could see rate cuts, not stimulus: Officials
Updated 05:45 PM Jun 14, 2012
BEIJING - The Chinese government is more likely to implement further reforms or cuts in interest rates and reserve ratios, rather than launching an expensive new stimulus plan, current and former officials told a conference on Thursday.

Two more interest rate cuts and three more reserve ratio (RRR) cuts were possible before the end of the year, said Mr Cao Wenlian, the former deputy director of the finance department at the National Development and Reform Commission.

Temasek in big Chinese securities push

Temasek in big Chinese securities push
Applies for S$897 billion new investment quotas under country's QFII programme
by Agencies 04:45 AM Jun 15, 2012
SINGAPORE - Temasek Holdings, which holds stakes in China's biggest banks, said yesterday it filed an application to boost its quota for publicly traded securities in mainland exchanges to tap the nation's long-term growth.

The Singapore investment company is seeking to increase allocations through the so-called qualified foreign institutional investor (QFII) programme, it said. Only approved institutional investors can buy or sell yuan-denominated securities within a preset quota under the QFII programme.

Malaysia is now Asia's top IPO destination

Malaysia is now Asia's top IPO destination
2012/06/15

HONG KONG: Believe it or not, Malaysia has just become Asia's top IPO destination in 2012.

Palm oil producer Felda priced its US$3.1 billion (RM9.88 billion) public offering near the top of its price range, making it the year's second-largest initial public offering (IPO) after Facebook.

That leaves Kuala Lumpur ahead of even China's bourses.

UEM to start work on Johor project by Dec

UEM to start work on Johor project by Dec
BY Sharen Kaur
sharen@nstp.com.my
2012/06/15

UEM Land Holdings Bhd, Malaysia's largest property developer by market capitalisation, aims to start works on Gerbang Nusajaya, its new project in Johor worth RM18 billion, by the end of the year.

The 1,875ha development is located next to Nusajaya, one of five key nodes of Johor's Iskandar Malaysia economic growth corridor.

西債息7厘衝紅燈

西班牙銀行業雖獲千億歐元援助,不但未能消除市場疑慮之餘,評級機構穆迪周三狠劈該國評級三級,由A3削至Baa3,僅較垃圾級別高一級,消息刺激西國十年期國債孳息率首次衝破7厘的「紅色警號」水平,很大可能步希臘、葡萄牙及愛爾蘭後塵,向歐盟尋求全面性援助。

穆迪表示,西班牙政府為打救銀行業借入1,000億歐元,將導致財政狀況顯著轉差,估計今年負債佔國內生產總值(GDP)比率將升至90%。此外,西國依賴歐洲救市機制融資,顯示其市場融資渠道十分有限,亦愈益依賴本地銀行購入新發行國債,相信情況難以持續。

金融徐筆:內銀股可塑性提升

近日最大嘅新聞,要數內地銀行資本新規推遲至明年一月一日實施!由於中國入咗世貿,佢就《巴塞爾資本協定III》實施嘅時間同方案都會與國際差不多一致,而且條約已較早前嘅版本有所放鬆,呢個消息絕對有利宏觀經濟面,特別係銀行股,只爭在唔知幾時會反映出來!大家知啦,一如Prof. J話頭,價值係需要時間去發酵嘅,成功只屬於有耐性嘅人!

咁多間內銀入面,比較有資金壓力嘅要數光大銀行,其他內銀可藉住內部信貸評級、寬限期、非核心資本充足率、資產組合調整等等,成功過關。

Money Views:內銀賺夠要還

今年四月,溫總話「中國的銀行獲得利潤太容易」,引起市場激烈討論,內地金融業是否有進一步打破壟斷的空間。事實上,內地幾間大型銀行佔去超過八成的借貸通路份額,賺取驚人利潤,二○一一年,五大銀行淨利潤達6,745億元(人民幣‧下同),等於每天淨賺18.48億元。邢理強知道,有關係的國企借錢容易,民營資本要取得貸款就好困難,「國富民困」的深層次問題,令內地銀行業進一步開放市場的呼聲高唱入雲。

利率市場化揭序幕
上星期,人行突減息四分一厘,儘管屬於存貸息率同步下調,可是人行同時容許個別銀行有限度放寬存款利率浮動空間,標誌着銀行未來有更大誘因,用盡存款利率上浮額度,爭取存款或者防範存款流失,意味着銀行之間營運生態變化,相互競爭加劇,大型銀行的貸存淨息差,保守估計至少收窄10至15個基點,為利率市場化揭開序幕。

花旗撐四叔籲買地產股

花旗撐四叔籲買地產股

【本報訊】自嘲是「冒牌股神」的恒地(012)主席李兆基(圖)早前建議朋友買地產股好過買樓,言猶在耳,立即有券商響應,花旗成為「冒牌股神」粉絲,昨發表名為「狼來了」報告,預測下半年樓市將放緩,建議買地產股好過買樓。

花旗指,梁振英即將上任,加上新地(016)案仍在處理,投資者對地產板塊存憂慮,但相信現時是買發展商股的時候,因預期未來土地的回報率將會高於目前,地產商正加快資金流轉,如加快推出項目套現增加土儲,加上政策風險紓緩,目前是適當時機買入地產股。

市場徐想:內銀股政策面好轉

市場徐想:內銀股政策面好轉

近日內地將銀行資本新規推遲至明年一月一日實施!由於中國入咗世貿,佢就《巴塞爾資本協定III》實施嘅時間同方案都會與國際差不多一致,而且條約已較早前嘅版本有所放鬆,呢個消息絕對有利宏觀經濟面,特別係銀行股,只爭在唔知幾時會反映出來。

咁多間內銀入面,比較有資金壓力嘅要數光大銀行,其他內銀可藉住內部信貸評級、資產組合調整等成功過關。最穩陣嘅莫過於農行(01288)及中行(03988),資金壓力會比較細。

西國評級近「垃圾」債息首破7厘

西國評級近「垃圾」債息首破7厘

西班牙銀行業雖獲千億歐元援助,不但未能消除市場疑慮之餘,穆迪周三狠劈該國評級3級,由A3削至Baa3,僅較垃圾級別高一級,刺激西國十年期國債孳息率首破7厘「魔咒」水平,很大可能步希臘、葡萄牙及愛爾蘭後塵,向歐盟尋求全面援助。

穆迪表示,西班牙政府為打救銀行業借入1,000億歐元,令財政顯著轉差,料今年負債佔國內生產總值(GDP)比率升至90%。穆迪亦調低塞浦路斯評級,由Ba1調低至Ba3,較投資級別低3級,並列入降級觀察名單,主因希臘「脫歐」機會上升,令該國前景嚴重惡化,增加政府打救當地銀行業的機會。

滙豐搶樓按 估高康怡百萬

滙豐搶樓按 估高康怡百萬

本港樓價持續高企,二手交投嚴重萎縮,銀行為爭奪按揭生意,估價仍然積極,如鰂魚涌康怡花園一個高層單位,近日以約555萬元轉手,但據網上銀行估價,該單位估值達628萬元,較其他銀行估高逾百萬元,亦較成交價高出逾13%。另外,永隆銀行昨日下調按揭息率40點子至P減3.1厘,即實際利率2.15厘,觸及金管局監管「下限」。

樓市交投放緩,但個別銀行估價仍進取。中原楊文傑稱,康怡花園D座高層15室,面積647方呎,兩房間隔,原業主原先開價約575萬元,最後減價20萬元,至555萬元交吉售出,呎價8,578元,較早前同類成交價回落。

李寧三連跌 百貨股遭殃

負面消息纏身的內需民企股繼續被洗倉,李寧(02331)昨被高盛大削目標價近五成至5.7元,受消息拖累股價連跌三日,收報4.94元,下跌2.94%。一眾百貨股亦受拖累,其中百盛集團(03368)跌6.13%。

高盛大削目標價
早前曾發盈警的李寧再被大行唱淡,高盛昨發表報告指,由於市場的焦點已轉至發展休閒服飾類,認為對內地的體育用品行業,特別是對經營體育用服裝類的企業帶來挑戰。報告又指,李寧需要時間去重組品牌形象及扭轉現時業務虧損的情況,料短期內公司都不會出現正面的盈利貢獻。

宽松政策有望出台 股市反弹可期

宽松政策有望出台 股市反弹可期
http://paper.wenweipo.com [2012-06-15]

贝莱德首席股票策略师 博多尔
 继前周的暴跌之后,股市于上周反弹,主要原因是市场预期欧洲和美国的政策制定者可能推出进一步宽松措施,炒作气氛浓厚。欧洲的形势告急,进一步迫使欧洲央行和其他政策制定者采取更强硬的行动;并且在周末,欧洲财政部长宣布了协助西班牙银行业重组资本的新计划。美国方面,由于经济数据最近出现疲弱趋势,某些市场人士相信美联储将会出台进一步的宽松措施,但我们对此持保留态度。

 但无论如何,对新刺激方案的炒作足以推动股市上升,其中道琼斯工业平均指数攀升3.6%至12,554点,标普500指数上升3.7%至1,325点,纳斯达克综合指数上扬4.0%至2,858点。

美股再炒QE3 收市漲155點

美股再炒QE3 收市漲155點
西銀危機稍紓 債息見7厘後回順
西班牙主權評級遭連降3級至接近垃圾級別,刺激10年債息首次升破危險的7厘關口,連同希臘選舉前景不明朗,令歐股下滑,但美國勞工及通脹數據疲弱,增加聯儲局推刺激經濟政策機會,美股不跌反升,歐股跌勢紓緩。

道指尾市升幅擴大,本港今晨4時(即收市),升155點,報12651點;標普500指數升15點,報1329點;納指升17點,報2836點。Stoxx歐洲曾跌1.2%,收市跌0.3%;英德收市分別跌0.3%及0.2%,法股微升0.1%。

憧憬緊縮派勝選 希股飈1成

瑞信﹕內地不能「保八」

瑞信﹕內地不能「保八」
經濟正在尋底 進入L形周期
2012年6月15日
【明報專訊】中國經濟放緩牽動全球神經,由於第二季內地經濟下滑明顯,加之外圍情惡化令出口前景堪憂,兩名重量級經濟師,瑞信亞太區首席經濟師陶冬及德銀大中華區首席經濟師馬駿昨天齊齊下調2012年中國GDP預測,分別至7.7%和7.9%。陶冬表示,內地經濟正在尋底而未見反彈,預期進入「L」形疲弱增長周期,同時通縮風險開始顯現。

陶冬指出,央行減息政策雖可減小經濟下行風險,但投資動力仍難恢復,中國需要進行結構性改革以促經濟回暖。「企業盈利正在下滑,經濟面臨極大挑戰,雖然政府已有穩增長措施,但一個L形的經濟周期已現,即經濟觸底卻難從疲弱態勢中反彈。」陶冬說,未來幾年,中國將進入低增長周期,包括信貸、出口、房地產都將處於疲弱期。瑞信在5月28日還維持對GDP 8%的預測,不足3周時間,就下調至7.7%,並預測2013年僅增7.9%。

人幣業務再鬆綁 釋千億資金

人幣業務再鬆綁 釋千億資金
增銀行貸款彈藥 CNH遠期價彈升
金管局繼上月取消人民幣未平倉淨額上限後,昨日再公布兩項優化措施,包括即時生效的人民幣流動資金比率,以取代人民幣風險管理限額,令銀行可計入更多人民幣資產。銀行界估計,料為市場釋出最多1,000億元(人民幣,下同)流動性。

流動資產比率 取代風險限額

本港人民幣流動性增加,1年期離岸人民幣CNH遠期價格即有所反應,昨已告升22點子,報6.4423。恒生(00011)人民幣業務策略及計劃部主管顏劍文指,反映市場預期人民幣息率將會下調,惟本港人民幣存息亦不會馬上下跌。

減息效應 內地買樓潮再現

減息效應 內地買樓潮再現
深圳買家:調控不果 不買怕遲
2012年6月15日

【明報專訊】人民銀行上周突然減息,竟成為內地民眾蜂擁入市買樓的「響號」。內地一線大城市,久違了的排隊買樓潮上周再臨。本報記者近日赴深圳、北京實地直擊,發現內地買家心態已大變,有深圳買家直言,目前政策放寬已愈來愈近「溫家寶調控不力,再不買就怕遲了。」北京炒家亦稱,「是時候入市炒(撈)底。」買家唯恐買得遲,造就新盤熱銷,深圳一樓盤逾千單位,一周內即沽清,發展商套現十多億元。

蘇州銷售按年大增兩倍

New Credit Crisis? What This Bank's Stock Is Telling Markets

New Credit Crisis? What This Bank's Stock Is Telling Markets
Published: Thursday, 14 Jun 2012

Shares of Credit Suisse fell below levels the multinational banking giant hit during the U.S. housing crisis, signaling an even deeper and broader credit crisis may be awaiting global markets, many investors said.

Credit Suisse [CS 17.97 -1.87 (-9.43%) ], the second-largest Swiss bank, with offices in 46 countries, plunged nearly 10 percent in U.S. trading Thursday to below the $18 level hit in 2008 and then again in 2009.

Big-investors-eye-Chinas-equity-markets

Could Italy follow Spain to bailout?


How to Protect Your Money Amid Europe's Crisis


'There is Likely to Be Easing': Economist


Debt Markets Hammer Italy and Spain


Markets Could Stay Volatile for 2 Years: Expert


Major Bank Prepares for Possible Greek Retreat


2012-0611-57金錢爆(要五毛給一塊)


Are Analysts Less Bullish?


In Eurozone Dash for Cash, Italian Woes Spread as Spanish Yields Soar


Euro Zone Crisis = U.S. Crisis?


《創富激發點》許忠豪:港元脫美元 港紙升值紓緩通脹


Felda IPO Said to Raise $3.3 Billion


Time-ripe-for-selective-stock-bargain-hunting

第3季派息7仙 顶级手套净利翻倍

第3季派息7仙 顶级手套净利翻倍
Created 06/14/2012 - 19:08

(吉隆坡14日讯)截至2012年5月31日止第三季,顶级手套(TopGlov,7113,主板工业产品股)的净利按年劲飙1.1倍至5381万令吉,营业额也刷下新高记录,按年上涨12.69%至6亿329万5000令吉。

鉴于业绩表现亮眼,该公司董事部宣布,于今年7月19日派发每股7仙的首次单层中期股息(税后),比上财年同期所派发的每股5仙中期股息,剧增40%。

该公司在截至今年5月杪首三季内,共净赚1亿3869万7000令吉,比上财年同期的8705万7000令吉,按年弹升59.32%。

Thursday, June 14, 2012

GLS 2H12: Focus On ECs And Suburban Regional Centres (UOBKH)

What’s New
• The Ministry of National Development (MND) unveiled a list of 39 sites (15 confirmed and 24 reserved) in the 2H12 Government Land Sales (GLS) Programme. These consist of 26 residential sites, four commercial sites, six hotels sites and one commercial & residential site. These sites could yield 14,185 private residential units, 388,400sqm (4.2msf) gross floor area (GFA) of commercial space and 3,655 hotel rooms.

Bank of China sets up oil products trading desk in Singapore

A unit of Bank of China , one of China’s big-four state-owned banks, has started an oil products trading desk in Singapore, industry sources said on Thursday.

The team of three traders hired by the Bank of China International Holdings (BOCI) will be focused primarily on building customer flow business for fuel oil and light distillates, sources said.

MASkargo to pay RM20.5m penalty

MASkargo to pay RM20.5m penalty
2012/06/14

MASkargo has agreed to pay a penalty of A$6 million and contribute A$500,000 to the Australian Competition and Consumer Commission's (ACCC) legal costs (approximately RM20.5 million) in five installments over 24 months to settle an alleged price fixing litigation.

Under the terms of the settlement, MASkargo admits - for the purpose of the proceedings only - that it reached an understanding with certain airlines regarding the level of fuel surcharges from 2002-2005, security surcharges from 2001-2005 and customs fees from 2004-2005, to be applied in relation to the supply of services from Indonesia to Australia, said MASkargo in a statement.

罗杰斯:援助错误 西班牙希腊应破产

罗杰斯:援助错误 西班牙希腊应破产
Created 06/14/2012 - 17:21

(纽约14日讯)对于欧盟同意向西班牙银行业借出1000亿欧元(4000亿令吉)贷款,市场纾了一口气,不过商品大王罗杰斯却不放心,认为援助方案错误,甚至或将导致更坏的情况出现。

罗杰斯接受CNBC访问时说,让西班牙及希腊破产,相信救助方案无助解决欧洲困境。

他认为救助方案荒唐,不过将资产从有能者,转移到能力不足者之手,欧盟令本已差的情况更坏。

他又形容,解决太多债项的方案并不是更多的债项,又指此是闻所未闻的疯狂事情,这只会令情况恶化。

Indonesia's Fundamentals Strong: Analyst


下半年外围阴影笼罩 锁定抗跌高回酬股

下半年外围阴影笼罩 锁定抗跌高回酬股
Created 06/13/2012 - 19:06

(吉隆坡13日讯)外围持续捎来负面消息导致熊市已经张牙舞爪,分析员因而相信股市下半年“生死未卜”,建议投资者探讨具备抗跌能力的高回酬股项。

欧元区财务情况近期再度恶化——希腊持续不稳定和西班牙债务形势成定时炸弹,导致人们顾虑市场会重演2011年的灾情。

25亿永久回债全售 马航资本水平可改善

25亿永久回债全售 马航资本水平可改善
Created 06/14/2012 - 10:47

(吉隆坡13日讯)马航(MAS,3786,主板贸服股)首批25亿令吉永久回债(Perpetual Sukuk)全数售出,分析员看好这可改善马航的资本水平,不过,营运前景仍崎岖不平。

马航昨天透露,退休金局(KWAP)认购了当中的10亿令吉回债,其余的15亿令吉回债也已被其他机构表明认购。

这25亿令吉回债,是马航90亿令吉融资计划的一部分,马航期望借此来改善财务状况和负债率。

金融海嘯以來最大手筆‧升喜13億購澳洲3酒店

金融海嘯以來最大手筆‧升喜13億購澳洲3酒店
Created 06/14/2012 - 10:13

(吉隆坡13日訊)近年來不斷放話物色“超值”資產的丹斯里楊肅斌,今日終於“重錘出擊”,宣佈全球金融海嘯以來最大手筆的收購計劃,將以超過10億令吉添購澳洲酒店資產,為資產雄厚的楊忠禮集團錦上添花。

升喜產業信托(STAREIT,5176,主板產業投資信托組)公佈,將以4億1千500萬澳元(約13億1千零57萬令吉)收購澳洲的悉尼港口、布里斯本,以及墨爾本的3間萬豪酒店(MARRIOTT HOTEL)。

楊忠禮機構(YTL,4677,主板貿服組)董事經理兼升喜產業信托經理公司Pintar計劃首席執行員丹斯里楊肅斌指出,一旦落實上述收購,該公司的投資組合資產價值將從目前的15億8千萬令吉急增至30億令吉。

雲頂大馬私有化?林國泰:考量潛能但嚴正看待

雲頂大馬私有化?林國泰:考量潛能但嚴正看待
Created 06/14/2012 - 17:45

(吉隆坡14日訊)雲頂(GENTING,3182,主板貿服股)將持續探討私有化雲頂大馬(GENM,4715,主板貿服股)的潛能,惟將謹慎處理私有化計劃,以維持股東價值。

雲頂主席兼首席執行員丹斯里林國泰在股東大會中表示,私有化雲頂大馬一直是公司考慮的計劃之一,但這胥視金融市場的條件,董事部也需嚴正看待此事,以降低投機成份。

雲頂有意私有化雲頂大馬的消息早自2008年浮現,分析員認為,海外拓展計劃蓬勃的雲頂可能藉私有化雲頂大馬,掌握更多現金。

Jim Rogers: Let Spain, Greece Go Bankrupt

Jim Rogers' advice amid all the global economic turmoil: Short stocks, consider commodities and to heck with European bailouts.

A day after the billionaire investor told CNBC that the Spanish bailout was "absurd," he amplified on his point that letting any country go bankrupt wouldn't be the worst thing.

"New York City went bankrupt, the world didn’t come to an end. Mississippi went bankrupt once, the world hasn’t come to an end. Detroit’s bankrupt, the world hasn’t ended," Rogers said Tuesday on CNBC's "Closing Bell."

曾渊沧:中国进入减息周期 股市发展可乐观

曾渊沧:中国进入减息周期 股市发展可乐观
2012年06月08日13:45腾讯财经

人民银行突然宣布减息0.25%,这是三年半以来的第一次,2008年9月全球金融海啸发生后人民银行开始减息,并且以很快的速度一减再减,至2008年底停止,然后保持低息运行近一年,那时候是股市表现最佳时候。可惜通胀很快出现了,2009年底人民银行开始加息,一步一步加到2011年年中停止,原因是欧债危机的爆发,全球经济有放缓迹象。如此保持观望近一年,终于于今天进入减息周期。

Asia Shipping Sector : In no one's interest to "rock the [rates] boat" (CS)

Asia Shipping Sector
Maintain OVERWEIGHT
In no one's interest to "rock the [rates] boat"

● Credit Suisse hosted lunch with SS Teo, Chairman of Singapore’s second largest (and the world’s 19th largest) liner company Pacific International Line (unlisted), where he shared his thoughts on rates, profits and bunker prices.

PhillipCapital Weekly Market Watch 11.06.2012


CapitaLand :Valuations close to 2008-09 lows, around levels where mgmt initiated share buybacks last Sept (CS)

CapitaLand
Price (08 Jun 12 , S$) 2.60
TP (prev. TP S$) 3.58 (3.58)
Est. pot. % chg. to TP 38
52-wk range (S$) 3.15 - 2.21
Maintain OUTPERFORM
Valuations close to 2008-09 lows, around levels where mgmt initiated share buybacks last Sept

● With China cutting interest rates last week and further policy easing likely, CS Asia Strategist Sakthi Siva reiterates her OVERWEIGHT call on real estate, with focus on stocks where P/B is close to 2008-09 lows (click here for her 8 June report). Within Singapore, she highlights CapitaLand – at 0.73x P/B, stock is about 15% above the 2008-09 lows (42% discount to RNAV).

Frasers Commercial Trust: Making good progress (OCBC)

Frasers Commercial Trust (FCOT) has emerged as the top performer in the S-REIT space YTD given its expected improvement in operating performance and financial position. The acquisition of the remaining 50% stake in Caroline Chisholm Centre and asset enhancement initiative on China Square Central, for example, are expected to contribute positively to its DPU. We also see several positives from the proposed divestment of KeyPoint, which are derived from using the proceeds to pare down its borrowings. We continue to like FCOT for its growth potential, proactive management and respectable FY12F DPU yield of 7.3%. Amid the positive outlook, we expect FCOT’s performance to be sustained (valuations still undemanding at 0.7x P/B). We are currently holding off adjusting our estimates as the divestment of KeyPoint is subject to unitholders’ approval. Maintain BUY with unchanged fair value of S$0.97.

Yangzijiang Shipbuilding : Why weren’t investors informed about this donation earlier?

Chairman donates 27.83% equity stake in the group

[6/13/12] – Yangzijiang Shipbuilding’s founding Chairman, Mr Ren Yuanlin, has donated US$750 mln worth of his stocks in the group to Yuanlin Charity Foundation which helps senior citizens in China.

According to a report in Irish Times, Mr Ren Yuanlin gave away 27.83% equity stake in the company in March this year.

The report quotes the Chairman saying, “in China there is the one-child policy. All the babies are much loved by their parents. But eventually society will become old and there will be a lot of problems because [each of] those one child children will have to look after two old people.”

CapitaRetail China Trust: Are footfalls declining?

China retails sales slows in May

[6/13/12] – OCBC Research says data released on Saturday shows that China's retail sales grew 13.8% YoY in May to RMB1.7 trln, marginally lower from the 14.1% growth in April and lower than economists' expectation of a 14.2% rise but still acceptable.

Adjusted for inflation, May's figure was up 11% YoY.

For the first five months of FY2012, retail sales totaled RMB8.2 trln, up 14.5% YoY.

OSIM International : Share buybacks should restore confidence in stock price (UOBKH)

OSIM International (OSIM SP)
Share buybacks should restore confidence in stock price
Price/Target S$1.135/S$1.61

Investment Highlights
• We maintain our BUY recommendation on OSIM International (OSIM) with a target price of S$1.61, pegged to its 3-year historical PE of 15x. Currently, the stock is trading at 10.6x 2012F consensus earnings with a PEG of 0.60x.
• We made no changes in our forecasts and expect OSIM to report FY12 net profit of S$82.8m, a growth of 20% yoy.

Frasers Centrepoint Trust: Refinancing savings (CIMB)

Frasers Centrepoint Trust
Current S$1.64
Target S$1.78
Refinancing savings

As we have been highlighting refinancing savings as a potential catalyst for some time, FCT’s new MTN issuance wasn’t unexpected. Still, the good rates it secured were a nice surprise. We continue to like its resilient suburban retail exposure.

We raise DPUs and DDM-based target price (discount rate:7.9%) to factor in interest cost savings on refinancing. Maintain Outperform, with other catalysts expected from stronger contributions from Causeway Point’s AEI and Northpoint.

STX OSV: Market rumours – Caveat lector (OCBC)

STX OSV’s share prices slumped recently on rumours that (i) STX Corp will not seek a management premium on its stake sale, and (ii) when no MOU was announced for the supposed Fincantieri deal. Taking a closer look on the market rumours surrounding STX OSV, we argue that the some rumours could possibly be made to influence a particular outcome. In the event that no deal materializes, STX OSV remains a strong company with a good track record. With a PER of 6.5x and estimated dividend yield of at least 5%, we keep our BUY rating (FV unchanged at S$2.00) on the STX OSV.

Olam International: A Curious Situation (KE)

Olam International
SELL(unchanged)
Share price: SGD1.805
Target price: SGD1.43 (unchanged)
A Curious Situation

Share price jumps on buyback mandate. Olam’s share price has jumped 11% since the company announced last Friday that it has commenced a share buyback programme. While such a move is usually a positive sign, the circumstances for Olam seem rather unusual. Fundamentals-wise, other than to deter the short sellers, we do not think it is necessarily an enhancive step for shareholders.

Malaysian Airline System - Thrown a lifeline

Malaysian Airline System
Price Target : 1.25
Last Price : 1.15

- According to local dailies this morning, Malaysia Airlines (MAS) has found a taker for RM1bil worth of Sukuk. The RM1bil tranche was issued to KWAP (Kumpulan Wang Persaraan) yesterday. The Sukuk will be utilised as working capital and refinancing of existing borrowings.

- It is also said that MAS has obtained firm commitments for the remaining RM1.5bil tranche of the total RM2.5bil Sukuk programme, 'where the takers will be announced in due course'. The Sukuk carries a profit rate of 6.9% per annum for the first 10 years, and balloons thereafter.

UEM Land: Expanding to the East Coast of Johor (MIDF)

UEM Land Holdings Berhad
Price (11 June 12) RM1.96
Target Price RM2.22
Expanding to the East Coast of Johor

Joint Venture development in Desaru: UEM Land Holdings Berhad (UEM) will undertake a joint venture project with 2 subsidiaries of Khazanah Nasional Berhad via a 51% owned subsidiary. The joint venture partners are subsidiaries of Desaru Development Holdings One Sdn Bhd (DDC), a subsidiary of Khazanah Nasional Berhad which is involved in the planning, development, construction and management of Desaru Coast as a destination resort, consisting of hotels, resorts, residences, retail, golf courses and clubhouses and including undertaking the business of township management at Desaru Coast

Hai-O: Back In The Reckoning

Hai-O Enterprise Berhad
Price Target : 2.34
Last Price : 2.10
Initiating Coverage - Target Price: RM2.34

Investment Highlight

We initiate coverage on Hai-O with a BUY call recommendation and target price of RM2.34. We value Hai-O at 12.5x FY13PER, which is at its upcycle PE in view of its earnings regaining momentum and attractive dividend. We reckon the stock will be back on investors’ radar screen once it posts a more convincing earnings growth in future.

Why Bearish on Gas Malaysia


Lion Industries Corp: A Safer Bet in Hazy Times?

Lion Industries Corp
Price Target : 1.41
Last Price : 1.19

Tan Sri Albert Cheng's recent move to raise his personal stake in the company prompts us to revisit Lion Industries despite the currently pallid steel market, at least till the next General Election is held. We are drawn to the stock's relatively undemanding 0.26x FY12 BV, while its share price is also lower than the entire market value of the listed companies it owns. The on-going move to dispose of part of its steel assets has been long-drawn, and we are unsure if the executive share purchase has been stirred up by the M&A, but any deal would certainty unlock the value of its steel unit, which has been discounted by the market so far. Thus, maintain Trading BUY on Lion Industries, with a fair value of RM1.41, derived from 0.32x FY12 P/BV, or -0.5 standard deviation of its historical trading range.

Golden Agri-Resources Ltd: Easing CPO assumptions (OCBC)

Golden Agri-Resources Ltd: Easing CPO assumptions
• Lower CPO assumption of US$925/ton
• Downstream operations mitigate impact
• Drops FY12 forecasts by 3%

Potential economic headwinds
The continued uncertainty in the Eurozone, sluggish economic growth in the US, and the slowing economic growth in China represent potential headwinds for the commodities sector. Although we were generally more positive on the soft commodities, we believe that prices of these soft commodities would not be immune to any pullback, albeit by a smaller extent.

First Ship Lease Trust (FSLT SP) - Not Out Of The Woods (UOBKH)

First Ship Lease Trust (FSLT SP) - Not Out Of The Woods
(NOT RATED/S$0.169)
Key takeaways from our meeting with management:

Investment Highlights
• Vessels redeployed. First Ship Lease Trust (FSL) has secured three-year time charters with Petrobras for the FSL Hamburg and Singapore, while the FSL New York, London and Tokyo will be redeployed in the Nordic Siva pool by 1H12. These vessels were redeployed after the previous lessees Groda Shipping & Transportation and PT Berlian Laju Tanker defaulted on charter payments.

Malaysian Airline System:Issuance of Perpetual Sukuk (TA)

Malaysian Airline System Berhad
TP: RM 1.10
Last Traded: RM 1.12
52-wk Hi/Lo (RM) 1.90/1.02
Issuance of Perpetual Sukuk

市场将退缩不前直至感知风险 (Phillip)

市场将退缩不前直至感知风险
(欧元区债券、美联储第二次量化宽松政策 的结束、经济增长放缓)更为明朗,但大趋势没有改变。

总结
海峡时报指数(STI)收益符合今年收益增长8%-10%的行业盈利预测。輝立证劵研究私人有限公司(PSR)自己的股票分析师已经稳步消减预期,现在同全年收益增长9.9%的行业盈利预测一致,因此,今年我们STI自己的目标已经从3650点下降到3450点,我们在以前的报告中重申过中期几乎没有盈利惊喜:盈利增长较为温和,但是市场市盈率将逐步走高。我们没有改变我们的观点:目前市场行情看好,但应注意风险。就目前而言,欧元区债券问题、美联储第二次量化宽松政策的结束以及全球经济放缓将使人们对市场前景担忧,这种前景很有可能持续到7/8月,之后,如果经济数据得以继续(我们的期望是会继续),积极买入将从新开始。优选股不变,还是DBS 和Wilmar。海洋船舶领域和Noble,虽然我们从上次4 月25日的策略报告优选股中及时剔除了上述几只股票,但仍在我们的市场关注名单中。

Sheng Siong Group: Time to revisit SSG (OCBC)

Sheng Siong Group: Time to revisit SSG
• Emergence of an attractive entry point
• Growth prospects remained unhindered
• High possibility of interim dividend

Sell-offs to cover other losses
The share price of Sheng Siong Group (SSG) fell 17.3% in less than two months from our last report compared to a drop of 6.5% for Singapore’s barometer (FTSE STI Index). With the rest of the broad market performing poorly, we deem the proportionally greater sell-off to be related to loss-covering as investors use gains from SSG since its IPO to cover other unprofitable ventures.

曾淵滄專欄 14.06.12:脫鈎有政治目的?

曾淵滄專欄:脫鈎有政治目的?

近日案頭電話與手機皆不停響,不同傳媒記者接二連三打電話來訪問,有兩大熱門話題,一是任志剛檢討港元聯繫滙率的建議,二是梁振英的社會投資。

任志剛當了很多年的金管局總裁,他當總裁的時候,聯繫滙率就等於任志剛,任志剛就等於聯繫滙率,外滙儲備就幾乎專為維護聯繫滙率而存在。真沒想到離任後三年,他突然建議應該檢討聯繫滙率,好些記者問我任志剛的談話,是不是有政治目的,我認為最好是由記者親自去訪問任志剛,以求答案,而不是問第三者的看法,所有第三者的看法,也同樣是有政治目的。

中環在線--秋官效應新觀點:越悲越跌

一年多度嘅秋官效應聲討大會又嚟料,由1992年《大時代》玩咗廿年,發展到今日,鄭少秋任何拍劇相關行動都被視為跌市元凶,大家覺得厭咗未?未!因為里昂又出咗份報告,話今次效應可以令恒指跌到17650點,即係跌多1376點咁多,小型股災呀!信唔信好先?

點解無啦啦會出報告?事緣交銀羅家聰之前喺《信報》寫咗篇文,話有啲秋官效應分析係出術( academic dishonest),里昂覺得題目有爭議性,所以就出報告再分析。唔使擔心,寫報告嘅兩位分析員,睇名計應該係港男,唔係鬼佬談港劇。

李兆基:指歐洲大風雨 短期不宜入市

指歐洲大風雨 短期不宜入市
2012年6月12日
【明報專訊】四叔昨天主動談及,上次他「買股好過買樓」言論出街後,結果地產行家跟自己的同事都「嬲佢」,但四叔強調自己的言論不是為私利,認為現時本港地產股的市值偏低,的確值得投資。不過,他亦提醒市民,歐元區「大風大雨」,2、3個月內都不是投資「安全期」。

記者會甫開始,四叔就笑住口話「言多必失」,上次買股好過買樓論令到同事及行家不滿,「自己(恒地)都有很多樓推出,行家亦有樓盤推出,同事都嬲我,行家亦有點不高興。」但他說確相信買股回報率較買普通住宅佳,因為地產股價偏低,「折讓後再折讓,現在沒有計固定收租資產,以前收購了的項目亦無重新估值……可能折讓五、六成。」而一旦內地經濟放鬆調控,股價「數學上應該多一倍,一千萬變兩千萬」。

Felda Global Ventures' RM10bil IPO 2nd biggest in world this year after Facebook

The Star Online > Business
Thursday June 14, 2012
Felda Global Ventures' RM10bil IPO 2nd biggest in world this year after Facebook

KUALA LUMPUR: Malaysia's Felda Global Ventures Holdings, the world's third largest palm oil company by acreage, is set to price its up to US$3.2bil IPO at the top of an indicative range, as strong demand from domestic investors helps it counter a recent global trend of failed listings.

The world's second biggest initial public offering this year behind Facebook Inc's US$16bil offering will put Kuala Lumpur on par with Shenzhen as the main IPO destination in Asia-Pacific, leaving behind Hong Kong, which grossed the highest IPO proceeds in the world in both 2010 and 2011.

New CEO for AirAsia?

The Star Online > Business
Thursday June 14, 2012
New CEO for AirAsia?

Datuk Bernard Francis also set to rejoin airline

By B.K. SIDHU
bksidhu@thestar.com.my

PETALING JAYA: A day after Mohammed Rashdan Yusof quit as Malaysia Airlines (MAS) deputy group chief executive officer, there is talk that two other senior executives will relinquish their positions at the national carrier in the coming weeks and the airline's former senior general manager of marketing, Datuk Bernard Francis, will join AirAsia Bhd by July.

投资者担忧欧元区前景 海指料难突破2800点

投资者对于欧元区救助西班牙银行的计划缺乏详情及周末举行的希腊选举感到忧虑,导致本地股市昨日回落0.4%。

  联昌国际研究认为,海峡时报指数短期内在2800点至2811点之间会遇阻,尽管技术指标显示本地股还会继续攀高,但股价目前料会横摆。

  华侨银行投资研究则指出,本地股市前日的反应有点过猛,很可能已经把任何利好消息反映在内了,预料海指在2750点获得支持,到2800点则遇阻。

欧债虽恶化经济师乐观预测 我国经济今年可增长3%

分析师第二次调高全年通胀率预测,中位数通胀率从今年3月的3.5%,调高至4.2%。三个月前,分析师的预估中位预测从去年12月的3.1%调高到3.5%。

李敏雯 报道
lminwen@sph.com.sg

  尽管欧元区前景不明朗,金融管理局的最新调查显示,经济师有信心新加坡今年全年经济能取得3%增长,这比三个月前调查得出的2.5%中位增长预测来得高。

  不过分析师第二次调高我国全年通胀率的预测,中位数通胀率从今年3月份的3.5%,调高至4.2%。三个月前,分析师的预估中位预测从去年12月的3.1%调高到3.5%。

云顶不放弃海内外收购机会

云顶主席兼首席执行员林国泰表示,公司一直都在观察适当的机会,以确保收购计划可带来良好的回报率,並创造股东价值。
  (吉隆坡讯)虽然近期云顶(Genting)在美国纽约及迈阿密的博彩业务拓展计划面对阻力,不过该公司不会放弃继续在海內外寻求收购机会,以扩大其赌博业务版图。

  云顶主席兼首席执行员林国泰昨天在旗下云顶马来西亚(Genting Malaysia)股东大会上表示:“我们一直都在观察适当的机会,包括之前市场一直盛传的越南、日本及韩国市场等。”

香港稳定发展基建之一 曾荫权:港府绝不改变联汇制

中国财经

曾荫权表示,经济规模相对较小及开放,需要稳定的联汇制度以维护金融、贸易及融资中心地位。

戴庆成 香港报道
taihingshing@gmail.com

  香港特区行政长官曾荫权昨天重申,香港绝对不会改变联系汇率制度。

  曾荫权形容,联汇在香港已实施近三十年,行之有效,是香港稳定发展的基建之一。他说,“香港经济规模相对较小及开放,需要稳定的联汇制度,以维护香港金融、贸易及融资中心地位。”

絲絲講場:黃國英變招同大鱷死過

市況唔好,經常都有財經名嘴畀人鬧,話佢哋推介嘅股票輸錢,資深名嘴、豐盛資產金融管理董事黃國英又點會唔知呢個道理呢?最近佢就講,暫時唔再推介二三線股,如果訂閱咗佢嘅網上付費投資建議服務嘅話,可以要求回水。不過黃國英好識做,新加入一個簡單嘅每日買賣建議,氹番啲粉絲,咁你話啲粉絲又點會再詐型呢?

二三線股難玩 停推介

黃國英仲自爆,自己主理隻基金Leverage Partners,舊年至今仲未賺錢,佢好豪氣咁話:「係輸到冧,但未係最冧嗰個,比起好多著名基金仍未係最差。」睇番呢隻基金,資產值都有2,221萬美元,舊年下半年開始確實一路蝕,但今年開始有起色,一至四月回報都有19.51%。

秋官效應 恒指或再挫6%

秋官效應,中外廣傳。每逢有鄭少秋主演的電視劇上映,股市多數都會顯著下跌。里昂昨日發表研究報告更指,秋官主演的劇集結局愈悲慘,恒指會跌得愈「甘」。預期至本月二十九日《心戰》大結局前,恒指或再挫6%至17,650點,但其後的三個月內會反彈7%。

結局愈慘 跌得愈「甘」

里昂指,不能低估秋官效應對本地投資者的影響,尤其散戶不少都迷信劇集播出期間股市會跌,很多都跟風在劇集播出前沽貨離場。

滬綜越2300「政策底」

市場憧憬監管部門推「穩增長」具體信貸措施,加上美股重拾漲勢,金融、地產、電力等板塊輪流發力,昨滬綜指重越2,300點「政策底」,並創近一個月來最大單日漲幅。摩根大通董事總經理、中國區全球市場業務主席李晶料,下半年中國會有更多保增長政策出台,在寬鬆政策刺激下,下半年滬綜指有望反彈至2,300到2,600點水平

AirAsia makes Jakarta its regional base

AirAsia makes Jakarta its regional base
BY BILQIS BAHARI
bbahari@nstp.com.my
2012/06/14

HQ REMAINS IN SEPANG: Key appointments, CEO for airline’s Malaysia ops to be announced June 18.

AIRASIA Bhd has made Jakarta its regional base, a move that means lesser role for its heaquarters in Kuala Lumpur.

It also ends weeks of speculation that the low-cost airline’s headquarters would move from Sepang in the wake of a failed share swap deal between AirAsia and Malaysian Airlines.

Fajarbaru eyes MRT deals

Fajarbaru eyes MRT deals
By Sharen Kaur and Francis Fernandez
bt@nstp.com.my
2012/06/14

TWO PACKAGES: Firm said to have submitted bids to build seven stations for RM650.

FAJARBARU Builder Group Bhd is understood to have submitted bids to build stations for the RM40 billion MyRapid Transit (MRT) project.

Business Times (BT) understands that Fajarbaru is eyeing contracts to build MRT stations under packages S4 and S5, which closed on May 28 and June 11, respectively.

Starhill REIT to buy 3 Marriot hotels Down Under for RM1.3b

Starhill REIT to buy 3 Marriot hotels Down Under for RM1.3b
2012/06/14

KUALA LUMPUR: YTL Corp Bhd's unit, Starhill Real Estate Investment Trust (Starhill REIT), is buying Sydney Harbour Marriott Hotel, Melbourne Marriott Hotel and Brisbane Marriott Hotel for A$415 million or RM1.31 billion.

YTL Corp managing director Tan Sri Francis Yeoh said the acquisition will increase Starhill REIT's asset value from RM1.58 billion to some RM3 billion comprising hospitality assets in Malaysia, Japan and Australia.

券商買進心頭好.派息政策良好 海鷗傳銷業務有突破

券商:JF APEX證券研究
目標價:2.34令吉

海鷗(HAIO,7668,主要板貿易)派息政策良好,今年第2季多層次傳銷(MLM)業務也有突破性轉好傾向,我們預期,該公司2012財年營業額可達到2億2686萬令吉。

 我們看好海鷗,該公司過去5年來都執行良好派息政策,派息不低于50%淨利。

 自2010年4月起,海鷗對旗下多層次傳銷執行嚴格會員制,該集團2010年和2011年營業額分別因此受挫下跌56%和59%。

觀望希臘大選 升市成交續縮

觀望希臘大選 升市成交續縮
港股暴風雨恐快臨

港股於希臘大選前呈乾升狀態,全日沽空比率重上10%水平。 李潤芳攝

【本報訊】希臘大選越講越唔驚,港股轉呈乾升狀態,資金卻換馬至大落後股份,恐防反彈浪接近水尾。根據去年8月美債上限爭拗的經驗,港股於重大事件之前乾升,可能是暴風雨前夕,投資者短期內要有股市大幅波動的心理準備。 記者:楊智佳

環球股市過往一年面對不少重大事件,尤以去年8月初美國國會爭拗美債上限最令人記憶猶新。港股事前呈乾升狀態,最終參眾兩黨達成上調美債上限協議,以為是好消息,卻反而成為大戶最後散貨機會。其後受到歐債危機惡化拖累,恒指一連六個交易日狂跌3333點。事有湊巧,今次港股再遇重大事件之前,股市再來乾升,看來未必是吉兆。

意西或半年內全面求援

押注港股 如賭大細

投資者憧憬「七‧一」中央會再有挺港措施,同時外圍續炒全球央行「放水」,昨日港股先跌後升,尾市十分鐘恒生指數更「極速」掃穿19,000點關,為五月二十九日來首次。不過,證券界認為,慎防昨日是「假突破」,希臘周日重新大選,現時有如「買大細」,若希臘反對緊縮的激進左派聯盟獲勝,最壞情況下恒指或重返去年十月16,170點低位;相反,若支持緊縮的新民主黨當選,後市或可抽上19,800點。

昨日恒指高開75點後,一度倒跌59點,但滬深股市急彈,同時市場再炒中央「送大禮」及美國聯儲局下周議息或推第三輪量寬措施(QE3)或延長扭曲操作,午後港股跟隨外圍抽高,恒指收報19,026點,上漲153點;國企指數尾市最多漲140點,收報9,658點,漲138點,港股總成交近467億元。不過,港股沽空增加14.2%,達48.94億元,沽空比率10.5%。

今日睇歐施救 明恐援手內銀

今日睇歐施救 明恐援手內銀

惠譽的中資銀行評級部門放下一句話:未來幾年中國政府可能不得不為銀行業提供支持,並需要選擇幫助哪些金融機構。這是一個假設的問題,惠譽的判斷是,要麼是整個銀行系統出現問題,要麼就根本沒有問題。但惠譽的取態顯然傾向前者,因其認為中國改革不合時機,金融自由化最好從金融狀況良好時開始,中國啟動利率市場化時,金融系統現狀並不佳,具挑戰性的宏觀經濟環境,令中資銀行的資產質量承受壓力。

這裏委婉的一番描述,其實構成了一個預警:今天我們在目睹歐洲焦頭爛額地救助銀行,明天同樣的行動可能發生在中國。中國在金融現狀不佳時啟動改革,的確是可能冒風險的,若預測改革順利渡過難關,有些高估內地的能耐,從充滿爭議的理念混亂,到既成事實的亂象,還看不到改革順利的啟示。內地銀行就像學行路的小孩,當大人鬆開了扶持的手時,跌跤是難免的。

希臘銀行存戶大逃亡

希臘銀行存戶大逃亡

希臘重新大選之日將近,左派領袖齊普拉斯揚言一旦勝