Saturday, February 2, 2013

谁主王朝? 屋价还会升5-9%


谁主王朝? 屋价还会升5-9%
Created 02/01/2013 - 14:56
继续领导整体表现之际,住宅产业的售价又有什么样走势呢?

会持续趋涨吗?

接受“2013年房市调查”的发展商中,76%参与者预计屋价今年再涨5%至9%,而成本升高是价格增长的关键。

他们指出,地价扬升是发展商成本增加的主因,加上劳工和原料成本上涨,从而会推高房屋售价。

谁主王朝?


谁主王朝?
Created 02/01/2013 - 15:03
需求继续增加、政府助购第一间房子等等有利措施下,未来,依然是住宅房产的天下,主导并支撑整个房地产市场。

但是,哪一类的住宅会大热?大、中或小?高楼或平房?北、中或南马?

我们向30位全马发展商进行调查,从他们即将推出的楼盘种类和地点,多少可以探索未来的住宅房产走势。

成本高涨 土地有限 小户单位崛起

迈进2013年全新的一年,住宅产业的“市场地位”不变,依然是本地产业领域的主要支撑,是众发展商的焦点。

3年內進軍東馬‧寶光盈利料增5%

3年內進軍東馬‧寶光盈利料增5%
Created 02/01/2013 - 10:51
(吉隆坡31日訊)寶光控股(POHKONG,5080,主板消費品組)料今年黃金價會持續波動,但有信心維持2012財政年的佳績。

同時,該公司已經完成了2個階段的內部重組計劃,剩餘的一個階段也將在今年內完成,待整個計劃結束後,預計稅前盈利可提高5%。

今年擬增4分店

寶光控股執行主席兼董事經理拿督鍾義翔在股東大會後表示,今年會分別在森州士那旺KipMart、吉隆坡旺沙逍遙游購物中心、吉隆坡PandanKapital購物中心、梳邦USJ Giant霸級市場等處增設4家分店。

每股RM5.30 溢价19% 国油私有化马国际船务


每股RM5.30 溢价19% 国油私有化马国际船务
Created 02/01/2013 - 10:30
(吉隆坡31日讯)国家石油(Petronas)献议以每股5.30令吉的现金,全面收购马国际船务(MISC,3816,主板贸服股)剩餘的37.33%股权。

截至目前,国油持有马国际船务62.67%股权或相等於27亿9745萬9800股。马国际船务另一大股东为雇员公积金局(EPF),握有9.66%股权。

料申请下市

国油若成功献购马国际船务,无意维持上市地位。

IGB REIT in for strong retail sales


The Star Online > Business
Friday February 1, 2013
IGB REIT in for strong retail sales

By WONG WEI-SHEN
weishen.wong@thestar.com.my

PETALING JAYA: Analysts expect IGB Real Estate Investment Trust (REIT) to continue bringing in strong retail sales in the first half of 2013, spurred by the upcoming Chinese New Year celebration, year-end bonus payouts and government incentives such as the Bantuan Rakyat 1Malaysia (BR1M).

“The expected strong retail sales should have a positive impact on IGB REIT's earnings, as its assets capture both the mass-market and higher-end segments,” RHB Research analysts said.

MPCorp ordered to pay RM113mil


The Star Online > Business
Friday February 1, 2013
MPCorp ordered to pay RM113mil

PETALING JAYA: Property developer Malaysia Pacific Corp Bhd (MPCorp) and its unit Oriental Pearl City Properties Sdn Bhd have been ordered by the Kuala Lumpur High Court to pay some RM113mil to AmanahRaya Development Sdn Bhd (ADSB) which had brought a suit against the former.

Based on MPCorp’s latest annual report, ADSB had filed an action against both firms on Sept 27, 2012, claiming RM113mil allegedly owing to both firms, as a result of a put option exercised by ADSB as per a joint-venture agreement between ADSB and Oriental and a deed of undertaking between ADSB and MPCorp.

Poh Kong in expansion mode this year


The Star Online > Business
Friday February 1, 2013
Poh Kong in expansion mode this year

By WONG WEI-SHEN
weishen.wong@thestar.com.my

KUALA LUMPUR: Poh Kong Holdings Bhd is on an expansion drive this year, targeting to open another three to five stores by end-2013, potentially bringing the total up to 112 stores. As at Chinese New Year, the company would have 107 stores up and running.

So far in 2013, Poh Kong has opened four new stores in Seremban, Kuala Lumpur and Selangor.

MISC to sail away from Bursa


The Star Online > Business
Friday February 1, 2013
MISC to sail away from Bursa

By GURMEET KAUR and LIZ LEE
starbiz@thestar.com.my

PETALING JAYA: In a move that has caught the market by surprise, Petroliam Nasional Bhd (Petronas) is offering RM5.30 per share to buy out minority shareholdings in MISC Bhd, with the intention of taking the latter private.

The buyout, if successful, will remove the close to RM20bil company in market capitalisation from Bursa Malaysia, making it one of the largest privatisation deals in recent times.

中海油冀今年增產2% 24項目陸續投產 明年後年複合增達10%


中海油冀今年增產2% 24項目陸續投產 明年後年複合增達10%
http://paper.wenweipo.com   [2013-01-31]

 香港文匯報訊(記者 涂若奔)中海油(0883)昨日公布2013年度經營策略及發展計劃,全年淨產量目標為3.38億至3.48億桶油當量,而2012年淨產量為3.41億至3.43億桶。中海油首席財務官鍾華表示,今年的產量目標較去年微增2%,是基於生產經營和項目建設情況而定,「不激進也不保守」,強調公司此前曾定下2011至2015年每年產量增長6%至8%的目標,截至目前仍非常有信心完成。

 鍾華昨日於記者會上透露,2013年公司將有10個項目投產,大部分在下半年,另有24個新項目在建,將於未來數年陸續投產。他稱,雖然今年的產能表現將較平穩,但明年和後年會達到6%至10%的年複合增長水平,其中來自中國海域的貢獻將達4%至5%;又強調,公司於2009年至今,每年在勘探方面均有重大進展,例如蓬萊油田、南海和秦皇島項目等,均是大型項目,可為未來的穩定增長奠定基礎。

Thai Billionaire Charoen Wins Control of Fraser & Neave

Thai Billionaire Charoen Wins Control of Fraser & Neave

Thailand’s richest man won control of Fraser & Neave Ltd. (FNN) after his S$13.8 billion ($11.2 billion) offer for the 130-year-old property and beverage company gained the backing of a majority of shareholders.

Thai billionaire Charoen Sirivadhanabhakdi’s Jan. 18 offer of S$9.55 a share topped a proposal from rival Overseas Union Enterprise Ltd. (OUE) His bid had the support of 50.9 percent of shareholders yesterday, according to a Singapore exchange statement by his company, TCC Assets Ltd.

微軟蓋茨A股專家

微軟蓋茨A股專家

近年蓋茨夫婦退下微軟管理,成立「比爾.梅林達蓋茨基金」,為保障慈善項目順利進行,蓋茨基金還利用QFII(合格境外機構投資者)資格投資內地A股。

涉農產品等行業

很多人以為,蓋茨因電腦成名,必會投資科技有關工業,但蓋茨基金的投資,大多是有關農產品、日常消費品、社會服務及製造業公司,科技類股份只佔其組合的一部分。截至一二年第三季度止,擁有3億美元QFII投資額度的蓋茨基金主要投資三一重工、用友軟件、豫園商城、中國中鐵、晨鳴紙業A及B、天壇生物及飛樂音響,而早期基金有投資的兗州煤等A股則被減持。

麥嘉華(Marc Faber)筆記:風險高過回報 股票唔抵博


麥嘉華筆記:風險高過回報 股票唔抵博 - 麥嘉華

基於美股每年11月到翌年4月慣常有好表現,我上月指出美股在總統選舉後應會有一波升浪,但由於多隻龍頭股均出現明顯調整,所以我不認為主要美股指數有能力再攀上近期的高峯。對於美股好友們高呼股票不算貴,我不能百分百否定,可是這並非事實的全部。如果按照目前「水份」很多的企業盈利來推算,美股才稱得上是便宜。

企業盈利水份多
我之前解釋過,財政赤字加上央行狂印銀紙,將會帶來通脹,最終會推高消費品、商品、物業以至股票價格。關於盈利含有「水份」這個問題,我的一位朋友另有一番見解。他說,正常情況下,當許多打工仔飯碗不保時,企業的每股盈利理應下跌才對,原因是職位減少會削弱消費意欲,到最後會殃及企業生意收入。

MISC buyout by Petronas isn’t great for longer-term investors


The Star Online > Business
Saturday February 2, 2013
MISC buyout by Petronas isn’t great for longer-term investors

PETALING JAYA: Petroliam Nasional Bhd's (Petronas) proposed buyout offer of RM5.30 per MISC Bhd share is likely disappointing to some minority shareholders who may have been hoping to benefit from the recovering shipping wave.

Some analysts are questioning Petronas' intention of privatising MISC when the latter is turning around, albeit within a longer-term horizon. It is also coming close on the recent C$5.2bil (RM16.16bil) takeover of Canada-listed Progress Energy Resources Corp by Petronas.

大英Blog物館 22.01.13 : 「宗教式」投資極危險 大注獨贏不可取

「宗教式」投資極危險 大注獨贏不可取
《財富》雜誌每年年底,都會印行「來年投資指南」。內文大半照本宣科:或五大芬佬圓桌會議,講大路經濟、資產配置;或行業分析員,一人一飛,整夠幾十條,又股又ETF,任君選擇。可是今年卻見新意,有篇介紹「蘋果(AAPL)教」的奇文。

文中介紹不同形式的蘋果股票迷,有大有小,人多勢眾。其中一對夫婦,絕對可以稱為「教」內的「光明左右使」。兩人退休前,在廣告公司工作,一來用過蘋果各式產品,二來親身目睹行業,隨教主創意大幅改變,印象更深。

一注獨贏隨時輸到嘔血

退休後,一般財務顧問,多建議買基金、搵人管,光明二使卻一於懶理,將退休金連積蓄,兩球半美金一下子投入蘋果。沒有分散投資、沒有新興市場、沒有資產配置,只有「一片丹心」(外加膽博膽),竟然給他們博中:$30買,揸到依家,雖然高位回落三成,都仲有五百蚊一股。投資得利,光明二使拋下豪情壯語:「分散投資?對保護原有身家,可能有用;但我哋係要財富增值,唔係守業咁簡單。」

曾淵滄教路22.01.13 : 供應短期難增 新世界買得過


供應短期難增 新世界買得過
梁振英的首份施政報告出爐了,香港市民最關心的當然是他的房屋政策。但是,建樓房從零開始,重新規劃土地用途,要通過重重關卡、城規會、環保、交通、區議會……把一塊未規劃的「生地」變成「熟地」至少三年至四年,然後打地基、建樓房又是三年至四年,全部加起來最少七年,前特首在兩年前已公開這麼說,因此,今後五年,梁振英所能提供的房屋就只是曾蔭權留下的規劃所能提供的,無法增加,真要增加就得等七年,那是二○二○年的事了。那時候的樓市也不知是甚麼世界了,國際大氣候也不知會走向甚麼方向。

也因此,施政報告公布的那一天,恒指表現的差強人意,但地產股則一枝獨秀,之後連升三天。

DBS In Conversation: Keeping Your Emotions in Check


SGX Sector Watch 2012 10 15 Commodities Topic 02 Biz models of commodity companies

SGX Sector Watch 2012 10 15 Commodities Topic 02 Biz models of commodity companies

What's Next for Apple?: Surveillance (1/24)


索羅斯預警美息狂飆


索羅斯預警美息狂飆
正當多名出席瑞士達沃斯世界經濟論壇的財金猛人唱好環球股市和經濟前景之際,新一期《經濟學人》卻潑冷水,形容金融市場正陷入「半理性亢奮」狀態,而國際投資者索羅斯警告美國經濟一旦出現明顯回升迹象,利率將隨即飆升。高盛副總裁科恩則擔心如果利率抽升或投資者從債市撤走資金,將觸發債券價重大調整。

科恩唱好全球股市
標普五百指數周四自○七年以來首破1,500點關,全球多國股市近期處於數年來新高,反觀俗稱恐懼指數的VIX指數則回落至○七年來低位。科恩接受訪問時稱對全球股市「頗為看好」,主要是隨利率上升,投資者將把資金由債券轉至股票,又指環球藍籌企業股息率相對利率仍吸引。

Singapore’s biggest deals hit by property curbs: Southeast Asia


WRITTEN BY BLOOMBERG  
FRIDAY, 25 JANUARY 2013 18:00

Singapore’s latest round of measures to curb record property prices has become a stumbling block in the city-state’s two-biggest corporate takeover deals.

Overseas Union Enterprise this week gave up its two- month $13.8 billion tussle against Thai billionaire Charoen Sirivadhanabhakdi for property and drinks company Fraser & Neave, citing the measures. Wheelock Properties Ltd., which tried to thwart a plan by SC Global Developments Ltd.’s chief executive officer to buy out the company, dropped the fight less than a week after the new rules, citing “market developments.”

Singapore’s latest curbs -- from higher taxes to tougher mortgage requirements -- have been described by broker Knight Frank LLP as the “most severe” since the government started cooling the market more than three years ago. Announced acquisitions of Singapore property companies and real estate investment trusts were worth US$37.3 billion ($45.9 billion) last year, the top destination for property deals behind the U.S., according to data compiled by Bloomberg.

Sunway (BUY ) - Grabbing all of Pendas


Sunway (BUY ) -
Price Target : 2.93
Last Price : 2.39
Grabbing all of Pendas

News
Following the acquisition of 2 parcels of land in  Pendas (refer to report “Sunny days ahead in Iskandar” dated 5 Dec- 12), Sunway has proceeded to acquire the remaining landbank in Pendas South, known as Eastern Pendas South (see Figure #1). The acquisition cost is RM183.9m for ~300 acres (RM14.1/sq ft). The land will be jointly developed by Sunway-Iskandar Investment Bhd JV (60:40% stake) for a mixed integrated development with a GDV of RM6bn.

Capitacommercial Trust: Looking for growth catalysts (DBSV)

Capitacommercial Trust
HOLD S$1.705
Price Target : 12-Month S$ 1.53 (Prev S$ 1.50)
Looking for growth catalysts

•Full year DPU of 8.04 cts in line with expectations
• Steady occupancy, positive rental reversion, higher contributions from 6 Battery Road to drive FY13 earning.
• Low gearing and strong balance sheet can be used to drive inorganic growth Maintain HOLD at a higher TP of S$1.54

Highlights
In-line results. On a year-on-year basis, gross revenue and NPI rose by 8.0% and 1.6% respectively. The uplift in income was driven by the higher revenue from HSBC Building, the additional contribution from Twenty Anson and the higher income support from One George Street (OGS).

Suntec REIT Results Review: AEI impressive but lack driver in near term (OSK)

Suntec REIT Results Review: AEI impressive but lack driver in near term
(NEUTRAL,  S$1.74,  TP:  S$1.80)

FY12 results within expectations. Suntec (SUN) reported its FY12 results,  posting gross revenue and distributable income of S$261.9m (-3.1% YoY) and  S$213.0m (-3.5% YoY) respectively. DPU for the year came in at 9.49S¢ - inline  with our FY12 DPU forecast with a deviation of -0.2%. The drop in both earnings  and DPU was mainly attributable to the loss in income from the divestment of CHIJMES and the commencement of the AEI work at Suntec City since June 2012. Going forward, as SUN is preparing to close down the areas involved in phase 2 of the AEI by end February; before the completion and opening of Phase 1 AEI – scheduled for 2Q13, we believe SUN might have to use a portion of its cash on hand to top up for the drop in DPU in 1Q13.

胡立阳: 买得好不如卖得巧


謝國忠:二月起掀起貨幣競貶潮。


2013-0121-57金錢爆(黃金不對盤...)4-2

REDtone International - New Growth Era

REDtone International -
Price Target :0.56
Last Price :0.41
New Growth Era

We are initiating coverage on REDtone Berhad ("REDtone") with an OUTPERFORM recommendation and a target price of  RM0.56, based on targeted FY13 PER of 11.0x. REDtone, an integrated leading telecommunication solution service provider, is expected to receive a handsome resource sharing fee and a series of recurring incomes from Maxis under its 10-year NSA  agreement. Meanwhile, the recent awarded of RM82.5m 3-year USP project is also expected to contribute positively to the group's earnings going forward via various cost synergies. All in all, we expect the group's FY13 net profit to reach RM23.6m (more than a 10-fold jump YoY) and thereafter to RM25.0m (+6.0% YoY) in FY14.

Pantech - Good Start For 2013


Pantech -
Price Target : 1.00
Last Price : 0.765
Good Start For 2013

Pantech's 9MFY13 results beat  consensus  but were  in  line with our estimates.  The good showing was due mainly to strong demand from the O&G sector and a bigger contribution  from  Nautic  Steel.  We  expect  more  earnings  upside  from  Nautic  Steel and  Pantech's stainless  steel  division.  The  board  has  proposed  an  interim  single-tier  dividend  of  1.2  sen,  which  is  in  line  with  our expectation.  The  recent  market correction  opens  a  window  of  opportunity  for  investors  to  accumulate  this  stock. Maintain BUY, with FV unchanged at RM1.00.

Sunway REIT: Sunny outlook (CIMB)

Sunway REIT
Current RM1.51
Target RM1.63
Sunny outlook

Sunway REIT’s 1H13 net profit of RM108m was broadly in-line with expectations at 52% of our and consensus estimate. We expect a weaker 2H as 2Q is typically the seasonally strongest quarter for the hotel assets and Sunway Putra Mall will start renovation from 4Q.

Sunway REIT remains an Outperform as further asset injections could catalyse the stock. Higher-than-expected rentals at Sunway Putra Place post-renovation is another catalyst. Our forecasts and DDM-based target price are unchanged. Sunway REIT remains our top pick in the REIT sector.

Cache Logistics Trust 4Q12: Looking Forward To More Acquisitions In 2013 (UOBKH)


Cache Logistics Trust
Share Price S$1.27
Target Price S$1.47
4Q12: Looking Forward To More Acquisitions In 2013

No surprises as DPU rises 2.3% yoy following the acquisition of Pan Asia Logistics Centre and Pandan Logistics Hub. Cache remains a resilient highyielding (7.1% yield) logistics pick on the back of low gearing (32.6%), locked-in long master leases (4.1 years), and absence of refinancing requirements until 2015. Maintain BUY with a target price of S$1.47.

Results
• Results in line with expectations. Cache Logistics Trust (Cache) reported a 4Q12 distributable income of S$15.2m (+12.8% yoy, 12.7% qoq) and a DPU of 2.154 S cents (+2.5% yoy, +0.5% qoq). The DPU for 2012 is in line with our expectations, accounting for 99.6% of our fullyear estimates.

Roubini Faces the Music: Did Dr. Doom Get It Wrong?


巴菲特投资三十六计之十四:无中生有

巴菲特投资36讲之十四:无中生有
2011年02月28日 来源:上海证券报 作者刘建位
http://finance.ifeng.com/fund/jjdt/20110228/3514839.shtml

原文为:诳也,非诳也,实其所诳也。少阴、太阴、太阳。

无中生有出自道德经:天下万物生于有,有生于无。

古人按语为:无而示有,诳也。诳不可久而易觉,故无不可以终无。无中生有,则由诳而真,由虚而实矣,无不可以败敌,生有则败敌矣。

Crest Builder aims to play with the big boys in construction and property



Beveridge: Nexen Deal to Boost Cnooc Earnings By 9%



Thai Billionaire Charoen Wins Control of F&N



Fed Won't Wait Till 6.5% Jobless Rate to End QE: Pro


Is a Credit Crisis Coming in China?


Improving India's Credit Rating


Signs of Life in the Housing Market



離岸人民幣匯率與港幣也急貶,大中華資金逃難潮湧現?

2013-0125-57金錢爆(人在冏途之台冏)4-2

避險基金巨鱷索羅斯說:德國慘了!

2013-0125-57金錢爆(人在冏途之台冏)4-3

Analyst: Why BlackBerry 10 Won't Save RIM



Wealth Strategies: Housing market not "off to the races"


China the promised land? Not for Goldman Sachs



Tech Battle: Apple vs. RIM



Is Apple a Value Investor's Dream?


Friday, February 1, 2013

與明訊合作利長期‧立通有望轉盈

與明訊合作利長期‧立通有望轉盈
Created 01/31/2013 - 18:33
(吉隆坡31日訊)立通國際(REDTONE,0032,創業板貿服組)前景獲多項利好支撐,特別是與明訊(MAXIS,6012,主板貿服組)頻譜共享的持續性收益貢獻及固定派息政策,達證券樂觀看待該公司在展開業務合理化計劃後,從2013財政年起轉虧為盈。

明訊頻譜共享
獲持續收益

該行對立通國際盈利前景感到樂觀,主要是因為從明訊的頻譜共享取得持續性收益、資本開銷較低,並帶來更高的派息率。

同時,該公司也潛在攫取政府的數據及寬頻計劃,目前的競標額達到5億令吉,一般的成功率為10至20%。

雅加达飞跃亚太最佳投资市场 吉隆坡升12位排第5


雅加达飞跃亚太最佳投资市场 吉隆坡升12位排第5
Created 02/01/2013 - 13:12
未来12个月,全球经济依然未明朗,但在动荡的时刻,总有一些市场会跑赢大市,或相较下有看头的。

中国城市土地学会(Urban Land Institute,简称ULI)研究团队和普华永道(PwC)联合出版的《2013年亚太房地产市场新兴趋势报告》就指出,印尼雅加达、中国上海和大马吉隆坡都是最佳投资市场榜中的热门。

《2013年亚太房地产市场新兴趋势报告》主要针对400多位亚太地区不动产专家的就亚太地区22个城市,进行2013年的不动产投资與开发动向、房地产资本市场、各物业类型和各大城市的发展趋势进行了预测。

大选将至冲击情绪 令吉面临卖压


大选将至冲击情绪 令吉面临卖压
Created 02/01/2013 - 10:32
(吉隆坡31日讯)全国大选即将来临冲击市场情绪,导致令吉面对“卖出”(short position),这是自去年7月以来首次出现此情况。

據路透社对14名分析员进行的调查,由於预见新兴亚洲货币会趋向负面或比较不乐观,货币市场投资者也对令吉采更悲观的令吉投资态度。

过去两周,令吉的“买入”(long position)走势已达致超过10个月的最高水平。

市场在等待全国大选来临之际採取谨慎态度,是导致令吉走势受压的主要原因。

抵消办公室和酒店走弱 强劲零售资产撑双威产托


抵消办公室和酒店走弱 强劲零售资产撑双威产托
Created 02/01/2013 - 12:37
(吉隆坡31日讯)虽料双威产托(Sunreit,5176,主板产业信托股)办公室和酒店资产表现持续走弱,但分析员相信强劲的零售资产,有能力支撑集团整体表现。

双威产托日前宣布截至2012年12月31日次季表现显示,旗下办公室资产表现因一些租赁合约不获更新而下滑。

拉昔胡申研究分析员表示:“无论如何,我们发现Sunway Tower现有的租客有兴趣租下已经空置的单位,所以我们预料,未来的办公室业务会更好。”

分析员也预测,若现有租户增加租用单位,Sunway Tower的出租率将在今年6月份时超越90%。

中海油遭削盈測挫2.3%

中海油遭削盈測挫2.3%
中海油(00883)剛發表今年產量目標令市場失望,部分大行更下調其目標價及盈測,拖累中海油昨曾跌逾3%。

中海油周三發表的今年產量目標介乎3.38億至3.48億桶油當量,按年最多僅升約2%。多數券商指出,該產量目標較預期失望,瑞銀和大和總研將其目標價分別下調至16.9元和19.7元。另外,部分券商亦將中海油今年每股盈利預測下調3至10.2%不等。中海油昨股價最多曾跌3.29%,低見15.86元,收市仍跌2.31%,報16.02元。

滙控賣平保 生死未卜


滙控賣平保 生死未卜

滙控(00005)出售平保(02318)股權予泰國卜蜂集團擾攘多時,今日終屆交易限期,市場預計中保監需要更多時間作審批,交易將會延期,事件中三位主角未有就事件作出回應。有消息指卜蜂正研究在沒有銀行融資支持下完成這項近600億元的「大刁」,但最終收購方案仍有待監管機構如中保監等開綠燈。

有分析指,即使交易告吹,對滙控及平保股價影響不大,市場揣測滙控出售平保股權後會增加派息,刺激股價逆市上升0.28%,收市報88.3元,創一年新高。

fb重本攻手機 純利狂插79%

fb重本攻手機 純利狂插79%

全球最大社交網站facebook(fb)去年第四季在拓展流動廣告收入方面取得顯著進展,憑着團隊改良應用程式及「轉身」夠快,相關收入較前一季急翻一倍,有助提振市場對其前景的信心,惟對業績暫時未見成效,上季純利按年勁插79%,至6,400萬美元(約4.99億港元),憂慮邊際利潤受壓,fb股價昨日美國早段挫8%,報28.74美元。

fb於流動市場的成功,全靠團隊改良了fb的手機應用程式(app),而背後推動改革的就是星級工程師Cory Ondrejka。

fb上季純利插水,主要由於推出新廣告工具及員工股份相關開支增加,期內整體收入按年跳升40%,至15.9億美元,雙雙勝預期。fb上季整體廣告收入顯著增長41%,至13.3億美元,當中流動廣告收入佔23%,即約3.06億美元,比例較前一季的14%或1.53億美元顯著提升。

Premature to dismiss housing market


Premature to dismiss housing market

By COLIN TAN- .1 hour 51 min agoNew measures unveiled by the Government on Jan 11 to cool the housing market have been described by many industry watchers as the most comprehensive and harshest ever.

Hold on. Hasn’t this description been used to describe at least one other previous set of cooling measures? To put the most recent curbs into proper context, we are moving from “Harsh” to “Harsh+”.

Following the announcement, property analysts predicted developers’ sales to crash by up to 50 per cent and price falls of up to 25 per cent for the whole year.

Poh Kong looking to expand to Sabah, Sarawak

Poh Kong looking to expand to Sabah, Sarawak
By Cheryl Yvonne Achu
bt@nst.com.my
2013/02/01

KUALA LUMPUR: Malaysia's largest jewellery retail chain store, Poh Kong Holdings Bhd, which plans to open about five new outlets this year, is also looking to expand to Sabah and Sarawak.

Its executive chairman and group managing director Datuk Choon Yee Seiong said for this year, the company plans to open three to five new outlets but the expansion will not include Sabah and Sarawak.

"So far, we have identified two locations for the new outlets which are in Kota Damansara and Seremban," he said.

Choon, who spoke to newsmen after the company's annual general meeting here yesterday said it costs about RM3 million to open each new outlet.

MAS sees positive impact from oneworld


MAS sees positive impact from oneworld
By Bilqis Bahari
bbahari@nstp.com.my
2013/02/01

NATIONAL carrier Malaysia Airlines (MAS) is confident that its decision to join oneworld alliance will help it swing back into the black.

Group chief executive officer Ahmad Jauhari Yahya said joining one of the world's three largest global airline alliances will have a positive impact on MAS revenue in the future.

The airline will also be able to gain financial benefits through the additional passenger feed, he added.

Petronas makes RM8.8b buyout offer for MISC

Petronas makes RM8.8b buyout offer for MISC
By Zuraimi Abdullah
zuraimi@nstp.com.my
2013/02/01

Petroliam Nasional Bhd (Petronas)is privatising shipping giant MISC
Bhd under an RM8.85 billion takeover offer.
The national oil company has offered to buy the remaining 1.67 billion MISC shares it does not already own, or a 37.33 per cent
stake, at RM5.30 each.

This represents an 81-sen premium over MISC’s last traded price of RM4.49 on Wednesday, and RM1.13 premium over its average closing price in the past three months.

高盛變A股大好友 撐滬深300指數最牛升24%


高盛變A股大好友 撐滬深300指數最牛升24%

【本報訊】內地股市牛氣未止,滬綜指昨再彈0.1%創八個月高,大行高盛再發表唱好報告,看好滬深300指數今年可升抵3000點,潛在升幅11.7%,最樂觀,更可升24%至3330點。而中央昨發表的一號文件連續10年聚焦「三農」,更提倡增加農民收入,料農業股及消費股受惠。
記者:林靜 黃尹華


滬綜指昨收報2385點,升0.1%,但深成指則回軟1.2%,報9667點,兩地全共成交額約1,200億元,較上日減約8%;累計整個1月,兩地指數齊齊彈升約5.1%。高盛兩個月前唱始唱好A股,大市至今彈升逾兩成,該行昨因而上調滬深300指數目標,並上調全年企業盈利增長5個百分點至16%,預測市盈率(PE)由10.7倍上調至11.2倍。

增逾10家分行 寶光致力加強市佔率


增逾10家分行 寶光致力加強市佔率
(吉隆坡31日訊)國內最大金鑽珠寶連鎖店寶光(POHKONG,5080,主要板消費),從去年10月底至今年華人農曆新年前,增設7家新分行,並在之后再增3至5家。

 寶光集團董事經理拿督鐘義翔指出,目前該公司的市佔率為15%至16%,將在華人農曆新年前,將國內分行數量增至107家。

 “每家新分行建設成本為300萬令吉,其中包括首飾等商品的成本。”

內部重組

 除了上述7家分行,他說,集團今年會再增設3至5家新分行,目前已確定會在白沙羅鎮(Kota Damansara)和森美蘭的Palm Mall增設。

券商買進心頭好.強勁資產負債表 中鋼大馬或派息


券商買進心頭好.強勁資產負債表 中鋼大馬或派息

券商:豐隆證券研究
目標價:1.29令吉

儘管我們預測需求疲軟,加上熱軋鋼卷(hot rolled coil)價格走低,會持續壓低中鋼大馬(CSCSTEL,5094,主要板工業)盈利,但強勁資產負債表料有能力派息。

 我們相信該公司2012財年第4季盈利比第3季盈利(530萬令吉至560萬令吉)低約10%至15%。

 全年盈利約介于2770萬至2800萬令吉,比預期的全年淨利3080萬令吉要低。

 該公司盈利雖薄弱,但有強勁的負債資產表,以過去派息大方的作風,相信2012財年股息派發率亦接近100%。

Sunway REIT: Ready To Grow (MIB)


Sunway REIT
Buy (unchanged)
Share price: MYR1.55
Target price: MYR1.60 (unchanged)
Ready To Grow

 Maintain BUY. Upcoming results are likely to come in within our and consensus estimates. We expect a positive +8-10% YoY/QoQ growth in 2QFY6/13 net profit. No change to our earnings forecasts and MYR1.60 DCF-based TP which has upside potential. Surprises could come from yield accretive acquisitions from its sponsor/third party. SunREIT now trades at 5.0% gross yield (CY13) vs. large cap REITs’ 4.6%.

Yangzijiang: Warrants for the long term (CIMB)


Yangzijiang Shipbuilding
Current S$1.02
Target S$0.75
Warrants for the long term

 Yangzijiang’s issuance of 330m new warrants could be a sign that it expects the shipbuilding industry to turn around over the next three years and that more corporate developments are in the pipeline.

But we keep our Underperform rating in view of the earnings slump expected for the next two years due to weak shipbuilding orders and potential teething issues for offshore projects. Also unchanged are our EPS and target price, still based on 0.8x CY13 P/BV (30% discount to its last trough).

Midas Holdings : Starting the year on a good note (CIMB)


Midas Holdings
Current S$0.52
Target S$0.59
Starting the year on a good note

 We get positive signals from Midas’s associate NPRT’s latest low-floor tram contract win. This lends credence to our expectations of positive order flow momentum and could signify back-to-back contract win announcements and further re-rating potential.

This contract win is within our expectations and we maintain our estimates. Midas’s recent run-up resembles the price trajectory seen in 2009, before it won back-to-back contracts. This reflects resurrected investor confidence in Midas. Thus, we deem it appropriate to raise our P/E peg to 17.5x CY14 EPS (five-year forward average) from 15.5x. We raise our P/E-based target price and maintain Outperform.

CapitaMalls Asia: Deepening its presence in Wuhan China


CapitaMalls Asia:
Fair value    S$2.55
add: 12m dividend forecast S$0.03
versus: Current price  S$2.15

Deepening its presence in Wuhan China
• Acquired new site in Wuhan
• Projected IRR in mid teens
• FV raised to S$2.55

CapitaMalls Asia (CMA) announced yesterday that it has been awarded a 70,400 sqm land site in Wuhan, China for RMB660m (S$128m) or RMB2,700 per sqm. The envisioned development would consist of a six-storey shopping mall and two office towers to open in 2015. Estimated total GFA is 240k sqm (160k sqm retail, and 80k sqm office), with a total development cost of ~RMB 2,800m (S$543m) or RMB 12,000 per sqm.

Ascendas REIT : Industrial Landlord - Best in class (KE)

Ascendas REIT
Buy (unchanged)
Share price: SGD2.48
Target price: SGD2.60 (unchanged)
Industrial Landlord - Best in class

 3Q-9M FY3/13 results inline. 9MFY3/13 revenue at SGD430.5m, was 75% of ours and 78% of consensus estimate. 3QFY3/13 revenue at SGD145.2m, was 25% of ours and 26% of consensus estimate. 9MFY3/13 DPU at 10.68 SG-cts (+6.2% YoY) was 75% of ours and 76% of consensus estimates. 3QFY3/13 DPU at 3.62 SG-cts (+2.5% QoQ, +4.0% YoY) was 25% of ours and 26% of consensus estimates. Aggregate leverage inched up to 32.8% from 32.5% last quarter, following funding of committed investments. All-in-financing costs for 3QFY3/13 averaged 3.19% (2Q: 3.15%) with an average term of debt of 3.9 years (2Q: 4.2 years).

Tiger Airways Holdings : Well-positioned for growth (DBSV)


Tiger Airways Holdings
BUY S$0.765
Price Target : 12-Month S$ 0.95
Well-positioned for growth

• Improving operating data in recent months, potential of earnings turnaround in 3Q-FY13
• Growth at Tiger Singapore will be key to restoring profitability in near term
• Leveraged to rebound in Asian growth
• Maintain BUY with TP S$0.95

Singapore Airlines : Lack of visible catalysts (DBSV)

Singapore Airlines
HOLD S$11.08
Price Target : 12-Month S$ 11.20
Lack of visible catalysts

• As a premium carrier, SIA’s prospects remain muted in a still soft global macro environment
• Silkair has a good growth outlook whilst Scoot has potential, but losses at SIA Cargo are likely to continue to be a drag in 2013
• Sale of VA stake would boost cash pile to over S$4bn net cash but questions remain over what SIA will do with its cash horde
• Maintain HOLD with a TP of S$11.20 (1x FY13 P/B); prefer Cathay Pacific (BUY, TP HK$16.20)

Malaysian Airlines : Difficult times ahead (DBSV)


Malaysian Airlines
FULLY VALUED RM0.72
Price Target : 12 month RM 0.65 (Prev RM 0.90)
Difficult times ahead

•Expect jet fuel price of US$131/bbl and US$135/bbl in FY13F and FY14F respectively
• RM3.1bn rights issue will dilute shareholder interest by 60% based on issuance at RM0.60
• Maintain FULLY VALUED with RM0.65 TP

Expect slightly lower jet fuel cost. Based on DBS’ latest forecast for jet fuel of US$131/bbl and US$135/bbl for FY13F and FY14F respectively (vs previous forecast of US$135/bbl and US$141/bbl), we increase FY13F and FY14F earnings assumptions to RM66m loss and RM308m profit.

AirAsia : Challenging outlook (DBSV)


AirAsia
HOLD RM2.92
Price Target : 12-month RM 2.90
Challenging outlook

•Emergence of Malindo Airways will hurt both MAS and AirAsia
• Cost pressures will likely continue; potential upside from opening of KLIA2
• Maintain HOLD and RM2.90 TP

New competition in Malaysian skies. Malindo Airways, a 51:49 joint venture between National Aerospace and Defence Industries (NADI) and PT Lion Group (parent company of Indonesia’s largest low-cost carrier Lion Air), is set to begin operations in Mar 2013. We expect the entrance of Malindo Airways into the Malaysian aviation landscape to hurt both Malaysian Airline System (MAS) and AirAsia, with both airlines likely to experience lower load factors as consumers are given more options to fly.

Tiger Airways: Strong performance out of Singapore (Phillip)

Tiger Airways
Target Price (SGD) 0.65
- Previous Target Price (SGD) 0.45
Closing Price (SGD) 0.77
Strong performance out of Singapore

Company Overview
Tiger Airways is a low cost carrier based in Singapore and Australia. The Group aims to grow its footprint through strategic joint ventures across Asia-Pacific. Tiger Airways intends to grow its fleet size to 68 by the end of 2015.
• Turnaround in profits as expected.
• Outstanding performance from Tiger Airways Singapore on seasonal strength.
• Start up losses at the JVs remain a drag
• Switched to SOTP valuation model.
• Maintain Sell with revised TP of S$0.65.

MIIF: Special dividend declared… divestment on the way (NRA)


 Macquarie International Infrastructure Fund Ltd
 Current Price S$0.65
Fair Value S$0.66
 Special dividend declared… divestment on the way

4QFY12 distribution marginally ahead of expectations. 4QFY12 distribution income of $1.1m rose 15.9% YoY, marginally ahead of our expectations due to an unexpected distribution of $0.2m from Changshu Xinghua Port (CXP). FY12 distribution of $68.2m grew 18.1% due to higher distributions from all assets, except Miaoli Winds (MW), and largely from higher distribution from TBC, reflecting MIIF’s increased ownership. FY12 distribution from TBC grew 46.3% YoY to S$43.7m, while those from CXP grew 32.4% to $7.0m, a reflection of higher average tariffs across CXP’s general cargo volumes and higher log and paper & pulp volumes.

CNOOC : Accumulate on price weakness (DBSV)


CNOOC Ltd
BUY HK$16.40
(Upgrade from HOLD)
Price Target : 12-Month HK$ 18.90 (Prev HK$ 15.50)
HSI : 23,822

Accumulate on price weakness
Flattish production growth guidance in 2013 in line with our expectations
Capex on last mile of development stage, impact on production more pronounced at end-2013
Upgrade to BUY as negatives are in the price, TP revised to HK$18.90/share

曾淵滄專欄 01.02.13:勿讓業績影響判斷


曾淵滄專欄:勿讓業績影響判斷 - 曾淵滄

近日新股熱潮於昨天冷卻了,中鋁礦業(3668)跌破招股價,是新股熱潮退卻,還是中鋁礦業本身缺乏吸引力?暫時仍不易判斷,得再觀察多一兩家新股上市的表現才能決定。

中鋁礦業本身也的確可能缺乏吸引力,因為這家企業仍處於投資階段,未有收入,投資者買的是將來的利潤,希望中鋁礦業跌破招股價,不會影響其他新股招股的吸引力。

表面上,恒指依然處於高位,但大市升得太久,部份二三線股經過一輪炒作之後,無力再上,股民們也就小心翼翼的,一些投資者會買put對沖風險,一些投資者轉買保守的收息股,如公用股及REITs,前陣子從高位往下調整的領匯(823)又再站穩,逐步回升。

出價每股RM5.30 馬石油私有化馬國際船務

(吉隆坡31日訊)大股東馬石油(Petronas)確定私有化,以每股5.30令吉有條件獻購馬國際船務(MISC,3816,主要板貿易)。

 馬石油握有馬國際船務62.67%股權或相等于27億9700萬股,每股5.30令吉的獻購價,相等于週三閉市價4.49令吉的18.4%溢價。

 馬證交所報備文件指出,在完成上述收購后,馬石油將無意保留該公司的上市地位。

 馬石油指出,將馬國際船務私有化是重大舉動,可使公司有更大彈性可決定后者往后的營運策略。

 “在全球經濟充滿不穩定性及整個行業不景氣的前提下,馬國際船務欲持續營運或轉型都會是項艱辛的動作。”

完成內部重组 宝光净利將增5%


完成內部重组 宝光净利將增5%

吉隆坡31日讯)正进行內部重组计划的宝光控股(POHKONG,5080,主板消费股),预计在今年將非核心或不活跃子公司的清盘后,集团净利將增加5%。

宝光控股执行主席兼集团董事经理拿督钟义翔透露,该集团通过內部重组计划,已將现有业务整合为6项核心业务,即零售、批发与经销、製造、產业投资、特许经营以及海外投资。

「至於一些非核心或不活跃的子公司,我们將分作3个阶段来进行清盘工作。目前我们已完成前2个阶段的工作,最后阶段预期將在今年內完成,届时料將为我们的净利带来5%的成长。」

钟义翔是在周四宝光控股的第10届常年股东大会后,在记者会上向媒体如此表示。股东大会也通过了派发每股1.5仙的一次过单层股息的建议。

新年「涨潮」无助 马股2月不乐观

新年「涨潮」无助 马股2月不乐观

(吉隆坡31日讯)大马股市在1月先扬后跌,4日写下1699.68点新高水平不久后,就因国会即將被解散的传言而急挫至1602.12点才喘定。市场人士认为,马股在2月料持续交投淡静,直至全国大选尘埃落定,即使2月將迎来农历新年「涨潮」及业绩旺季也无助提振投资情绪。

富时大马综合指数周三在跌势中窄幅波动,终场以1627.55点掛收,略跌0.18点或0.01%,而全日成交量达10亿7466万9300股,成交值为20亿1326万7587令吉。

截至1月31日闭市,大部份亚洲股市过去一个月呈涨势,惟有在区域股市垫底的韩国和大马掉队,与12月最后一个交易日相比分別下挫1.74%和3.64%。至于菲律宾股市在1月共升7.4%,成为本月表现最佳的股市。

国油每股5.30令吉私有化MISC


国油每股5.30令吉私有化MISC

(吉隆坡31日讯)国家石油(Petronas)计划以每股5.30令吉全面收购MISC公司(MISC,3816,主板贸服股),並无意保留其上市地位。

配合上述宣佈,MISC公司周四下午12时28分暂停交易,最后掛价为4.45令吉,成交量达76万7500股。该公司晚间发文告说,接获国家石油提出每股5.30令吉现金的收购献议,以买下MISC公司的37%股权。

截至今天,国家石油共持有MISC公司的62.67%股权,相等於27亿9745万9800股。国家石油提出的每股5.30令吉收购价,比MISC公司停牌前的4.45令吉市价高出19%。

中海油今年投資增52%

中海油今年投資增52%

中海油(00883)公布今年經營策略及發展計劃,產量目標介乎3.38至3.48億桶油當量,較去年預計產量3.41至3.43億桶油當量,最多增2%,但今年資本開支預算料按年大升約31至52%,達120至140億美元(約936至1,092億港元)。

產量目標僅增2%

中海油首席財務官鐘華解釋,公司今年加大勘探開發力度,包括計劃鑽探約140口勘探井、增加深水勘探等,都令資本開支有所增加。他否認產量目標最多增2%是保守,稱已根據生產經營及項目建設狀況作最佳判斷,並指今年公司在中國海域將有十個新油氣田投產,大部分於下半年以至年底投產,新項目產量於隨後兩年會有較顯著增長,公司有信心完成一一年至一五年產量年複合增長6至10%的目標。

中国银行业增速下滑 规模扩张放缓


高盛减持屡次上演唱多做空


中国远洋ST几成定局 董秘否认要靠政府扭亏


渣打上调2013年中国GDP增长预测至8.3%


Goldman Sachs to Raise $1 Billion from ICBC Sale


Seaspan CEO: Global Economy Is Recovering



Keeping India's Economy Afloat



7 Million U.S. Properties Are Underwater


Dow Timeline: 2007 to Now


JPMorgan's Lee: Dow Heading Toward 20,000


History of Apple's Market Dips



The Race to Unseat Apple as the Smartphone King


Thursday, January 31, 2013

業績符預期‧租金調整‧怡保花園產託有望重估


業績符預期‧租金調整‧怡保花園產託有望重估
Created 01/31/2013 - 18:35
(吉隆坡31日訊)怡保花園產托(IGBREIT,5227,主板產業投資信托組)最新業績表現符合市場預期,分析員預料園中城(The Gardens Mall)租金調整和谷中城可能在家樂福(AEON BIG)退租後重新組合其租戶,將成為該股獲重新評級的催化劑。

怡保花園產托2012財政年第四季取得4千700萬令吉核心淨利,全年淨利共5千300萬令吉,和分析員及管理層在招股書的預測相近。

興業研究指出,谷中城仍是主要收入來源,貢獻怡保花園產托全年約75%的淨產業收入,惟隨著園中城逐步進入成熟期和專走高檔路線,未來收入成長將可超越谷中城,中期內兩家商場的盈利貢獻差距將收窄。

大選跫音近‧元月效應無‧綜指1月挫3.64%


大選跫音近‧元月效應無‧綜指1月挫3.64%
Created 01/31/2013 - 17:35
(吉隆坡31日訊)由於全國大選因素,特別是首相拿督斯里納吉在21日表示,他很快就會宣佈大選日期,投資者的神經馬上拉緊,紛紛拋售股票,使馬股今年失去傳統報起的元月效應,綜指今年1月慘跌3.64%。

馬股今年料先衰後盛

馬股在1月首個交易日即出師不利,即在投資者進行套利情況下獨自憔悴,綜指重挫逾14點,反觀區域其他主要股市因美國傳來利好而紛走高。

由於全國大選將近,拖拉馬股表現,所以,市場分析員一般預料,馬股在2013年走勢將是先衰後盛,使年初多看漲的傳統升勢,今年料會受到阻礙。

盈利強穩‧美英貢獻走強‧雲頂大馬展望持穩


盈利強穩‧美英貢獻走強‧雲頂大馬展望持穩
Created 01/31/2013 - 10:37
(吉隆坡30日訊)雲頂大馬(GENM,4715,主板貿服組)因全國大選逼近而面臨新風險,大馬研究認為一旦反對黨勝選,現有25%博彩稅可能調漲,惟“雲頂名勝世界"盈利強穩,加上紐約和英國業務貢獻走強,展望依然正面。

雲頂大馬
雲頂賣壓沉重

大選傳言陸續有來,雲頂大馬偕同母公司雲頂(GENTING,3182,主板貿服組)今日雙雙面對賣壓,分別下跌3仙和17仙,收在3令吉67仙和9令吉35仙。

释放房产业务价值 WCT 新架构更具效率

释放房产业务价值 WCT 新架构更具效率
Created 01/31/2013 - 11:37
(吉隆坡30日讯)WCT(WCT,9679,主板建筑股)一旦完成企业架构重组后,集团结构将更具效率和更好地反映在其业务。

WCT去年10月建议进行重组计划,把所有股权转移到取代其大马交易所上市地位的WCT控股(WCT Holdings Bhd)。

该集团同时建议,把所有WCT Land私人有限公司的股权转移到WCT控股。

WCT的重组计划,是期望可释放WCT产业发展业务的的价值。

私立学府申办冻结2年 高教领域将大整合


私立学府申办冻结2年 高教领域将大整合
Created 01/31/2013 - 11:50
(吉隆坡30日讯)高教部下达私人学府申请冻结令,分析员正面看待高教部这项措施,或促使国内高等教育领域大整合,并促进一些新业者并购现有业者现象。

侨丰投资研究分析员对此不感惊讶,因为目前国内高等学府数量,远超过入学人数。

“此举在中期内可催化更多并购活动,并可能有新业者透过买进现有学府,取得营运执照。”

他看好此现象,并认为教育领域有机会大幅度整合,特别是小型业者之间,以望降低缺乏竞争能力的学府。

避险策略推高估值 餐饮零售股宜趁高套利

避险策略推高估值 餐饮零售股宜趁高套利
Created 01/31/2013 - 08:00
(吉隆坡30日讯)达证券指出,“抗跌”性质高的餐饮和零售股如今估值过高,全国大选前可能会经历一轮下调情势,建议投资者目前趁高脱售。

根据达证券的分析报告,餐饮和零售股如星狮集团(F&N,3689,主板消费产品股)、雀巢(Nestle,4707,主板消费产品股)、永旺(Aeon,6599,主板贸服股)等均属稳健跨国企业,受惠于内需和消费能力增长。

因这些股项防御性强,股市低迷之际成了投资者眼中最好的抗跌股,波动也未如富时隆综指般大。

IGB REIT Q4 pre-tax profit hits RM147mil


The Star Online > Business
Thursday January 31, 2013
IGB REIT Q4 pre-tax profit hits RM147mil

KUALA LUMPUR: IGB Real Estate Investment Trust (REIT) posted a pre-tax profit of RM146.89mil for its fourth quarter ended Dec 31, 2012.

In a filing with Bursa Malaysia, IGB REIT said it recorded a revenue of RM102.98mil for the period.

For the full financial year, pre-tax profit was RM153.29mil while revenue amounted to RM115.28mil.

Eversendai ups Technics stake


The Star Online > Business
Thursday January 31, 2013
Eversendai ups Technics stake

PETALING JAYA: Construction and structural steel fabricator Eversendai Corp Bhd has acquired a further 21.19 million ordinary shares in Singapore-listed Technics Oil & Gas Ltd, bringing its total stake in the company to 20.10% or 45.12 million shares.

This confirms an earlier report in StarBiz that Eversendai was looking to raise its stake in the company to enable it to equity account the profits of its Singapore unit.

Fajarbaru gets Prasarana letter to continue extension works

The Star Online > Business
Thursday January 31, 2013
Fajarbaru gets Prasarana letter to continue extension works

PETALING JAYA: Fajarbaru Builder Group Bhd has received the letter of acceptance from Syarikat Prasarana Negara Bhd to continue works on the Ampang line extension project for RM289.44mil.

On Jan 23, 2013, Fajarbaru Builder received notice of termination of its unit Fajarbaru Builder Sdn Bhd’s (FBSB) sub-contract from MRCB Engineering Sdn Bhd, based on MRCB Engineering’s mutual agreement with Syarikat Prasarana Negara Bhd.

MAS Aerospace Engineering-SR Technics tie-up?


The Star Online > Business
Thursday January 31, 2013
MAS Aerospace Engineering-SR Technics tie-up?

MAS unit said to be keen to take on airline component repair works partner

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

PETALING JAYA: Is MAS Aerospace Engineering (MAE), a unit of Malaysia Airlines, going the joint-venture (JV) route or taking the sole proprietorship path in tapping the burgeoning Asia-Pacific airline component repair works industry?

法巴料A股次季升溫

法巴料A股次季升溫
http://paper.wenweipo.com   [2013-01-31]  
香港文匯報訊(記者 卓建安)繼香港之後中國證監會將批准台灣RQFII的試點,海外資金將源源不絕流入內地A股市場。法國巴黎投資管理大中華區高級策略師羅念慈表示,目前內地散戶對A股信心仍不足,料未來數個月之後散戶信心有望確立,最快農曆年後或第二季,散戶對A股的投資興趣會升溫,他看好今年A股市場。

 羅念慈昨日在記者會上表示,過去3年A股持續下跌,而海外投資者由於「看不通」中國經濟,對A股持審慎的態度。去年11月開始,海外資金開始不斷流入亞洲市場,剛好RQFII投資的ETF在港推出,推動海外資金流入A股市場。他說,去年11月以來的A股反彈,海外資金居功不小。

中海油資本開支料增半

中海油資本開支料增半
【本報訊】中海油(883)昨公佈今年戰略發展計劃,預期全年資本開支將大幅增加五成至最多140億元(人民幣.下同),惟產量目標維持與去年相約的3.38至3.48億桶油當量。

中海油首席財務官鐘華解釋,產量僅輕微增長主因是今年投產的10個項目集中於下半年投產,明年才會體現帶來的產能增長。

中海油今年迎來工程建設新高峯,集團目前有24個在建項目,全年產量目標3.38至3.48億桶油當量,較去年目標3.41至3.43億桶油當量相若,估計資本開支約120至140億元,較去年同期增加31%至52%。

Analysts’ Breakdown: Riding A Chinese Turnaround With Midas


30 JANUARY 2013
Analysts’ Breakdown: Riding A Chinese Turnaround With Midas
By Simeon Ang

China intends to invest heavily in its railway infrastructure in 2013. According to the country’s 12th Five-Year national development plan, China will invest around Rmb600 billion ($119 billion) to Rmb650 billion ($125 billion) this year. State newspaper, The People’s Daily quoted a senior engineer at the China Railway Construction Company as saying that both the planned railway investment and length of railways to be constructed in 2013 will far surpass that of 2012.

Singapore Airlines: A decent landing for 2012 (CIMB)

Singapore Airlines
Current S$11.07
Target S$11.00
A decent landing for 2012

Load factors for SIA mainline rose for the fifth consecutive month as it continued its promotional activities. However, cargo remained underwhelming and SIA is still cutting capacity in this segment.

We reiterate our Neutral rating on SIA as we think that competitive pressures will continue to weigh on earnings. We leave our target price and estimates unchanged. Our end-CY13 target price is based on a trough multiple of 4.2x CY14 EV/EBITDAR.

Padini Holdings: No Stranger To Competition (MIB)


Padini Holdings
Buy (unchanged)
Share price: MYR1.83
Target price: MYR2.40 (unchanged)
No Stranger To Competition

 Recent concerns addressed; Maintain BUY. We conducted channel checks to determine whether Padini has been affected by increasing competition. Our on-the-ground findings are that Padini’s brands remain popular among shoppers, and Brands Outlet in particular has been well received. Maintain BUY with an unchanged TP of MYR2.40 (14x 2013 PER). A net dividend yield of 4.4-4.9% and quarterly dividend payments further enhances the stock’s appeal.

Salcon to replenish its depleting orderbook (NRA)

Salcon
Current Price : RM 0.465
Target Price: RM 0.78

1. Recent developments

• Salcon announced that its wholly-owned Salcon Engineering Berhad has been awarded with a project for the construction of sewage pipes network at Klang, Selangor from the Sewerage Services Department, Ministry of Energy, Green Technology and Water of Malaysia.

AIA Group : New beginnings (CIMB)


AIA Group
Current HK$30.45
Target HK$33.58
New beginnings

 In 2012, concerns for AIA had revolved around the expiry of AIG’s moratorium. Following AIG’s complete exit in Dec, investors can now focus on the things that matter: positive operating metrics from success in its growth initiatives.

We continue to hold a positive longer-term view on AIA, with stock catalysts expected from increased traction of initiatives in the next 3-5 years. Watch for robust VONB margins and strong sales in key markets, testifying to strong execution of its growth plans. We raise our estimates by 1-4% following its acquisition of ING Malaysia. However, our SOP target price dips as the acquisition will be near-term EV-dilutive.

CapitaMalls Asia : Deepening its Presence in Wuhan(KE)


CapitaMalls Asia
Deepening its Presence in Wuhan
Share Price: S$2.15
Target Price: S$2.55

 CMA acquires fourth mall in Wuhan. CapitaMalls Asia (CMA) has been awarded a prime site in Qiaokou District (桥口区), Wuhan for RMB660m, or around RMB2,700 psm GFA. CMA will build a mall with a GFA of ~160,000 sqm, and has the option of building two office towers of up to 80,000 sqm in GFA. This acquisition will take CMA’s China mall count to 60. CMA remains amongst our top picks, maintain BUY.

Ascendas REIT 3QFY13: Healthy Reversions But Slowdown Ahead (UOBKH)

Ascendas REIT
3QFY13: Healthy Reversions But Slowdown Ahead
Share Price S$2.48
Target Price S$2.62

Results were above expectations on better-than-anticipated reversions from business park and high-tech rentals. However, we remain cautious on the outlook on the back of falling occupancies (presently 82% island-wide) and rentals in the business park segment and slow pre-leasing momentum in the oncoming supply. Maintain HOLD with a higher target price of S$2.62 (from S$2.48). Entry price is S$2.20.

Singapore Clearer Skies Ahead (UOBKH)


Strategy – Singapore
Clearer Skies Ahead

Despite the FSSTI’s 20% rise in 2012, valuations remain undemanding. We would position for a constructive outlook in 2013 in themes like mid-cap oil services, consumer, laggards with catalysts, yield and capital management. What’s New

• We have just issued our 1H13 strategy for Singapore (please refer to “Clearer Skies Ahead” dated 15 January for more details). This report is to highlight the investment summary from our report.

Midas : Contract win will boost NSRP’s order books by only 3.8% to Rmb9.338 billion (Limtan)

MIDAS
$0.52 - MIDAS.SI
Midas’ 32.5% owned associate company Nanjing SR Puzhen (NSRP) has won its first 100% low-floor tram contract valued at Rmb338mln.

The contract (awarded by Suzhou New District Tramway Co Ltd) will see NSRP supply 18 modern 100% low-floor trams to the Suzhou National New & Hi-tech Industrial Development Zone Tramline 1.

Delivery of the trams is slated to take place in 2014.

Yangzijiang: Investors in S Chips can surely live with less uncertainties, that the above deal will create (Limtan)


YANGZIJIANG
$1.02 - YZJ.SI
The stock’s 7.3% share price drop yesterday should not surprise given the company’s plan to raise $18 mln via placement of warrants to un-named parties at Rmb 0.3072 or 6 Singapore cents.

This is despite the exercise price being set at Rmb 7.617 or S$1.50, implying a substantial 53% premium.

Investors in S Chips can surely live with less uncertainties, that the above deal will create.

Tiger Airways : 3QFY13: Turnaround In A Peak Quarter But Cash Burn Remains A Concern (UOBKH)

Tiger Airways
Share Price S$0.765
Target Price S$0.63
3QFY13: Turnaround In A Peak Quarter But Cash Burn Remains A Concern

Headline numbers are positive, but cash burn and loans to Philippine and Indonesian associates raise risk profile. Tiger Airways could potentially require further capital injection. Maintain SELL. Target price: S$0.63.

Results
• First operating profit after six quarters of losses. Tiger Airways Singapore saw an operating profit of S$27.0m on higher traffic volume (+27.7%) and stronger yield (+5.4%). This compensated for the $13.0m loss at Tiger Australia, which was affected by lower yields (- 11.5%). Associate SEAir however dragged earnings with an S$8.3m loss.

Frasers Commercial Trust: Expect further DPU accretion (OCBC-


Frasers Commercial Trust:
Fair value    S$1.48
add: 12m dividend forecast S$0.07
versus: Current price  S$1.37

Expect further DPU accretion
• In-line 1QFY13 results
• Fundamentals strengthened
• Expects DPU uplift

Frasers Commercial Trust (FCOT) delivered 1QFY13 DPU of 1.5832 S cents, up 4.6% YoY. This is congruent with our expectations, as the DPU met 22.2% of our full-year projection. Portfolio occupancy remained stable at 94.6% compared to 4QFY12 occupancy of 94.9%. For the rest of FY13, we note that 13.7% of its leases are due for renewal, with China Square Central (CSC) forming the bulk of lease expiry (8% of total income).

曹Sir:趁年輕多冒險


曹Sir:趁年輕多冒險
【偶像贈言】

80後炒家Jackson視著名財經專欄作家曹仁超為榜樣,曹sir昨亦贈言要趁年輕多冒險,「我成日都話,30歲之前應該學吓玩輪、玩高beta股,因為後生仔本小輸得起……未贏過可學曉點贏,輸咗下次咪小心啲囉,唔會死人㗎!」

1970年亦試過由5,000元炒上28萬元的曹Sir,現時身家以億計,對於Jackson的例子他不以為然,並相信在過去大半年的反彈浪中,類似例子應該不少,「只係佢速度快啲」。他補充指,以往亦聽過一名年輕女子由03年22歲開始以20萬元入市炒股,07年沽貨並轉向樓市,至今十年已經贏到2,000萬元。但他強調,股民承擔的風險應與年歲成反比,「40、50歲後就要保守」。

YANGZIJIANG, JES, COURAGE: Upside On Dry Bulk Bounce?

YANGZIJIANG, JES, COURAGE: Upside On Dry Bulk Bounce?
Written by Andrew Vanburen (China Correspondent)
Wednesday, 30 January 2013 07:00

LSA: DRY BULK SECTOR ‘Overweight’, CS DVPT ‘Buy’; PAC BASIN ‘Outperform’; CHINA COSCO ‘Sell’

CLSA said there is a “shifting tide” for the better for China’s dry bulk shipping sector and it is initiating coverage with an “Overweight” recommendation (see below for related news on SGX-listed dry bulk firms).

“We believe the dry bulk cycle is turning -- with 2012 as the BDI bottom -- as the tide of vessel oversupply shifts. We forecast tonne-mile supply to achieve a 5.6% CAGR over 2013-14,” CLSA said.

曾淵滄專欄31.01.13:日股牛市起步階段


曾淵滄專欄:日股牛市起步階段 - 曾淵滄

美股越升越高,道指離2007年的歷史高位不足2%,過去很長的一段歲月,港股走勢與美股幾乎一樣,現在則同時受美股及A股影響,而A股剛於上個月創下三年新低點,目前算是由谷底回升。

這是很令人感到疑問的,美國經濟低迷,失業率如此高,股市則一升再升,接近創歷史新高;中國經濟欣欣向榮,GDP不能保八也能保七,股市則如此不濟。

現在救中國股市的是外來資金,外來資金是衝着QFII及RQFII而來的。

近來日圓貶值,但日股急升,過去三個月日經指數的升幅約30%,遠遠足夠抵消日圓貶值的損失。

2013年中国股市面面观

2013年中国股市面面观
2013年01月30日 展望
文:黄玮杰

回顾2012年环球股市,中国股市的表现远远落后,上证综合指数全年仅升约1.5%,在环球股市升幅排行榜上居于末席。港股的表现倒还理想,恆生指数全年上升约23%。我个人认为中国股市今年将会急起直追,腾龙飞舞。

虽然现时上证综指已较去年12月4日所见的1,949点低位上升了21%,但从估值角来看,中国股市仍属便宜。现时全部A股公司的动态本益比约为13.8倍,沪深300的静态本益比仅约为11倍,与平均的16、17倍相比仍有一段距离。

消费股昂贵评级下调

吉隆坡30日讯)儘管大马具有稳定及缓和的经济成长,但达证券分析员指以跨国公司为主的零售和饮食股项,目前股价已处在昂贵的水平。

在大马上市的跨国企业的品牌知名度和持续性成长优势下,吸引低风险投资者。

虽然最低薪金制未有对这类股项带来影响,但原料价格上涨风险不容忽视,尤其是美国在去年的旱季,以及在去年杪下跌的原棕油价格。

根据达证券估值,相信消费股项如雀巢(NESTLE,4707,主板消费股)、星狮控股(F&N,3689,主板消费股)、永旺集团(AEON,6599,主板贸服股)以及安利控股(AMWAY,6351,主板贸服股)的估值过高,因此將消费领域评级下调至「减持」。

马股「新春大减价」 趁低买进选后套利


马股「新春大减价」 趁低买进选后套利


(吉隆坡30日讯)对于富时综指近期大跌,艾芬投行认为投资者无需恐慌,可视为「新春大减价」,积极趁低吸纳被低估优质股,隨后在大选后3个月內套利。

透过参照往届大选日期记录,及运用「排除法」,艾芬投行零售研究部主管纳兹里罕博士预测,大选日极有可能落在3月份最后两个周六—23日与30日。

「过去经验显示,大选日多落在3月至4月、周末、学校暑假;从未出现在斋月或哈芝节、中小学大考期间。且往往都会碰到一些欢悦的事件,如佳节、体育杯赛季(如欧冠联赛进入白热化)、派出预算开销或花红时期。」

星辰建筑获3亿轻快铁延长合约


星辰建筑获3亿轻快铁延长合约
(吉隆坡30日讯)星辰建筑(FAJAR,7047,主板建筑股)將继续执行安邦轻快铁(LRT)延长工程配套B合约。

星辰建筑发文告称,其子公司在1月29日接获国家基建公司(Prasarana)的信函通知,继续完成安邦轻快铁(LRT)延长工程配套B。这份合约价值2亿8944万令吉,为期27.5个月。

MAS to join oneworld global alliance on Friday


The Star Online > Business
Wednesday January 30, 2013
MAS to join oneworld global alliance on Friday

KUALA LUMPUR: Malaysia Airlines (MAS) will reach a milestone in its growth history when it joins oneworld global alliance on Friday.

To mark this significant event, a two-day celebration has been lined up for the airline.

In a statement yesterday, MAS said final preparations were being put to a massive communications programme to highlight the development, which was a key element of the flag carrier's turnaround strategy, coming on the heels of its 40 years of history in delivering its unique brand of Malaysian hospitality to the world since it first took to the skies as MAS.

What the Charts Say About the Rally


Apple Burnout?



Bull Market Could Last Through the First Quarter



US Housing Market: Recovery Ongoing


高盛拟以每股5.77港元再售工行股份


“疯涨”之后 银行股未来何去何从


多家银行发布报告 提醒投资者谨慎看待当前股市


Constructive on China A-Shares: Pro



Darby: Japan Is Going Into Financial Repression



Japan's Yen Has Weakened 14% Since November 13



The Return of Inflation in 2013?



Apple a Broken Stock?


Wednesday, January 30, 2013

Population view spurs property, transport concern: Macquarie


Population view spurs property, transport concern: Macquarie

The Singapore government policy white paper on population growth, while long term in scope, reinforces concerns over the residential-property and land-transport sectors, Macquarie says.

"Slower population growth implies slower housing demand. This trend will play out against a backdrop of record completions," it says, noting a combined 200,000 public and private housing units due to come on stream through 2016.

Its top property picks, CMT (C38U.SG), HK Land (H78.SG), ARA Asset (D1R.SG) and Suntec REIT (T82U.SG), have relatively low Singapore residential exposure, while City Developments (C09.SG), with 50% RNAV from the segment, is a key Underperform.

民聯執政或增賭場稅 雲頂大馬股價存潛在風險

民聯執政或增賭場稅 雲頂大馬股價存潛在風險
(吉隆坡30日訊)券商買進雲頂大馬(GENM,4715,主要板貿易),看好雲頂名勝世界的盈利和英國、紐約收入貢獻的增長,惟券商認為,來屆大選若是民聯獲勝,則可能會增加賭場稅,雲頂大馬股價存潛在風險。

 投資者在選前套利降低風險,作為30隻成分股之一的雲頂大馬也難逃其害,母股雲頂(GENTING,3182,主要板貿易)更在今日10大下跌股榜之列。

 大馬投資研究指出,去掉壞運氣的因素,該集團從雲頂名勝世界的收入,預期仍將受惠于高營業額收益和賭場高惠顧率;英美投資也將分別獲得9.6%和8%的回酬。

次輪大選拋售潮 種植石油股遭套現


次輪大選拋售潮 種植石油股遭套現

吉隆坡30日訊)馬股經歷第二輪大選前拋售熱潮,成分股中包含種植股和馬石油相關股項都慘遭投資者拋售套現,富馬隆綜指開高走低,早盤一度深跌24.17點至1613.17點。

 富馬隆綜指今早開盤微揚1.85點至1639.19點,但10點以后就開始承受市場賣壓,早盤一度下探至1613.17點,跌24.17點。

 至休市時,富馬隆綜指跌12.63點至1624.71點,半日交投6億7643萬3400股;今日閉市,指數跌9.61點至1627.73點,成交量11億5514萬2100股。

Salcon bags contracts worth RM15.336m


Salcon bags contracts worth RM15.336m
Business & Markets 2013
Written by Esther Lee of theedgemalaysia.com  
Wednesday, 30 January 2013 18:49

KUALA LUMPUR (Jan 30): SALCON BHD []’s 60%-owned subsidiary, Envitech Sdn Bhd, has bagged contracts from Sime Darby Elmina Development Sdn Bhd and ST Partners Sdn Bhd worth RM11.716 million and RM3.62 million respectively.

The duration for the contract by Sime Darby, beginning in February, will extend for a period of 65 weeks and will see Envitech involved in the design, CONSTRUCTION [], commissioning, completion, operation and maintenance of a sewage treatment plant and pumping station in Shah Alam.

As for the ST Partners contract, Envitech will be involved in the design, construction, testing and commissioning, completion and handover of an Intermittently Decanted Extended Aeration Activated Sludge sewage treatment plant for a mixed-use development project in Sepang, Selangor. This project is estimated to take 12 months.

与策略伙伴联手整合 实康水务资产中国上市


与策略伙伴联手整合 实康水务资产中国上市
Created 01/30/2013 - 11:06
(吉隆坡29日讯)实康(Salcon,8567,主板贸服股)计划与策略伙伴合作,并整合双方的水务资产以在中国寻求上市。

《商业时报》引述实康执行董事拿督梁国华的话指出,实康在中国的水务资产预计不久的将来将在中国上市。

“我们计划在中国上市,如今正与多名策略伙伴洽谈合作、进一步扩充中国水务资产产能以筹集更多资金。我们相信,这计划将为双方创造协同效益。”

London Investment Management continues to buy iCapital shares

The Star Online > Business
Wednesday January 30, 2013
London Investment Management continues to buy iCapital shares

KUALA LUMPUR: City of London Investment Management Co Ltd has continued to buy shares in closed-end fund iCapital.biz Bhd.

According to a filing with Bursa Malaysia, City of London acquired 421,400 shares in iCapital from the open market between Jan 18 -23.

Just a week ago, the London-based hedge fund announced that it acquired 334,400 shares in iCapital.

Padini seen paying higher dividend


The Star Online > Business
Wednesday January 30, 2013
Padini seen paying higher dividend

Analyst Reports
PADINI HOLDINGS BHD
By Kenanga Research
Market perform (initiating coverage)

Target price: RM1.84

WE are initiating coverage on Padini Holdings Bhd with a market perform call and a target price of RM1.84, which is based on a targeted price-earnings ratio (PER) of 11.2 times on the company's FY13 earnings per share (EPS) of 16.4 sen.

Malaysia's semiconductor sector sees turnaround amid gradual pick-up in global chip sales

The Star Online > Business
Wednesday January 30, 2013
Malaysia's semiconductor sector sees turnaround amid gradual pick-up in global chip sales

By CHOONG EN HAN
han@thestar.com.my

PETALING JAYA: The local semiconductor sector welcomed some cheer as expectations are that it would undergo a mild recovery in the second half of 2013, in tandem with a gradual recovery in the global economy.

However, it was not enough to call for a re-rating of the sector as CIMB Research remained “neutral”, and is cautiously optimistic of the recovery, given the improvement in chip sales and positive data from the United States, while smartphone sales slow down and PC sales remain weak.

基金界「長勝將軍」加注A股

基金界「長勝將軍」加注A股
首域劉國傑指多行業龍頭 選擇勝H股
2013年1月29日
【明報專訊】正當內地銳意將A股推向國際,境外不少投資者也對這塊「肥肉」虎視眈眈。有「長勝將軍」之稱的首域大中華投資總監劉國傑認為,不少A股上市公司均是優質的行業龍頭,選擇遠較H股多亦更吸引。因此,旗下基金正努力申請加大QFII(合格境外機構投資者)投資額度,以捕捉日後A股的上升潛力。

以長期價值投資聞名的劉國傑,對上市公司素質一向苛求。「在全球範圍內,中國真正做得好、管理得好的公司並不是很多。不過,A股可選擇的層面要寬闊、多樣,不像H股,來來去去都是銀行、石油、電訊股。」劉國傑舉例稱,內地電器製造業兩大龍頭格力、海爾,均僅在A股上市;鋼鐵行業內素質最好的寶鋼,也並未登陸港股。劉國傑指出,A股去年跌到10年新低、最近開始一輪反彈,市場氣氛似乎的確有好轉,「但我們投資A股同樣是重視個股、不看指數。」

Market Insight:內銀股安心撈底

Market Insight:內銀股安心撈底
美資行高盛,○九年至今幾乎一年一度減持手上工行股份,周一再以5.77元,較市價折讓3%配售13.51億股,套現約10億美元,假如對上一次,即一一年四月高盛持股量低於5%的「隱身線」後無再沽貨的話,估計其手上還保留30億股,唔計多年收息,仲有80億元以上帳面利潤可以隨時落袋。

睇番一一年高盛批完工行後,股價級級落,接貨者要捱價的往績,佩服高盛時機掌握之好外,也替投資內銀股的股民有些少憂心。然而,昨日飯局,聽有份參與的賓架話今次反應估唔到咁熱烈,超額4倍以上,加埋工行股價全日都無試過跌破批股價,情況似乎唔係想像中咁壞。

唔少中港股票基金,都錯過去年第四季的升浪,唔少近日的頭痕到底應該買甚麼。歐美的銀行股在過去半年升幅驚人,相比之下,經濟的轉捩點明顯已出現的內銀股,無論估值及升幅上,都反而及不上海外銀行。

A股現牛氣 看升20%


A股現牛氣 看升20%
傳上半年內地對新股發行「不審不發、只收材料」,消息增強投資者信心,加上市場流動性改善,滬深股齊揚。滬綜指漲逾0.5%,創近八個月新高,由上月低位累彈20.37%,技術上重臨牛市,花旗料上半年A股有15至20%上漲空間。

消息指,目前新股發行上半年不審不發,僅接受遞交申請資料,更有傳聞指中小型銀行新股發行無限期延後,紓緩市場對新股融資壓力憂慮,加上人行進行800億元(人民幣‧下同)七日期逆回購操作,規模較上周大增,投資者憧憬人行有望結束連續四周資金淨回籠,實現資金淨投放。

傳中遠洋籲中央救市被拒


傳中遠洋籲中央救市被拒
http://paper.wenweipo.com   [2013-01-30]  

 香港文匯報訊(記者 涂若奔)中國遠洋(1919)上周發盈警,指2012年的利潤大幅度虧損。據內地媒體引述接近中遠集團的消息人士透露,虧損額可能高達上百億元規模。中遠集團董事長魏家福多次呼籲中央政府救市,但「交通部和國務院內部反對的聲音很多」。

 據《21世紀經濟報道》報道,中國遠洋2012年第四季度虧損面持續擴大,料全年虧損額逼近百億大關。雖然中遠集團和市場期望中央救市,但報道引述國家交通部水運科學研究院副院長賈大山指出,「國家要救行業,卻不會救單個公司」。他還透露,數月內交通部和國務院內部反對的聲音也很多,稱「救市的法律依據是什麼?國家再有錢,也不能亂花納稅人的錢」。

各書己見:工行估值不算昂貴

各書己見:工行估值不算昂貴

A股在一月份表現非常反覆,滬綜指大幅波動,經常出現單日波幅超過2%的情況,但整體方向仍然是反覆向上,成交金額維持高企,氣氛其實不算太差。反觀香港,恒指歷史波幅與股價走勢相反,屢創新低,現時30天波幅跌至約10%的低位。由於恒指仍於高位反覆,不少股份如中資銀行股表現並不差,例如工商銀行(01398)股價已逼近6元水平,是一一年八月以來的高位。高盛於周一收市後宣布配售工行持股,反應良好。

工行去年七月最低見3.97元,其後於九月五日再試低位4.05元,形成高低腳走勢後股價反覆攀升,自去年九月下旬開始至今,其10日、20日及50日線一直維持向好的牛排列,其中50日線一直未被跌穿。踏入一三年,儘管恒指只是窄幅徘徊,工行股價卻能創出新高,於一月二十三日最高升至6元,最近數個交易天則徘徊於5.9至6元之間。由去年九月低位至今年高位,工行已累積上升了約48%。由於升勢不急,各技術指標並沒有發出超買訊號。

MAS ready to join oneworld fraternity


MAS ready to join oneworld fraternity

2013/01/30

NATIONAL carrier Malaysia Airlines (MAS) is all set to join oneworld global airline alliance on Friday.

It said final preparations are being put into a massive communications programme to highlight the development.

Joining oneworld is a key element of the Malaysian national flag carrier's turnaround strategy and comes as it marks 40 years of delivering unique Malaysian hospitality to its guests.

SPH : Weaker but yield should sustain (DBSV)

SPH
HOLD S$4.11 STI : 3,206.59
Price Target : 12-month S$ 4.01
Weaker but yield should sustain

• 1Q was marginally weaker than expected
• Print ad growth was weaker due to economic uncertainty, offset partially by property rental contribution
• Muted growth outlook but full year DPS should remain intact at 24 Scts
• Maintain HOLD, TP: S$4.01

Highlights
1Q13 slower than expected. 1Q13 net profit dropped by 6.6% y-o-y to S$91.1m, on the back of a 3.1% drop in revenue to S$322.1m and higher operating expenses to S$210.5m (+1.8% y-o-y).

Unisem: Recovering from a tumultuous year (MIDF)

Unisem
Price (15 Jan. 2013) RM1.10
Target Price RM1.25
Recovering from a tumultuous year

We visited management of Unisem and its plant recently. Key takeaway is that FY13 is expected to be better than FY12.
Reorganization is ongoing but starting to bear fruit with margin improving.
Management will be prudent with capex. However, it has the capacity to ramp-up production should the need arises.
Maintain BUY to take advantage of sector recovery.

Lian Beng : Moving into the wrong spectrum (KE)

Lian Beng Group
Hold (from Buy)
Share price: SGD0.415
Target price: SGD0.45 (from S$0.54)
Moving into the wrong spectrum

Below expectations. 1HFYMay13 results came in below market expectations. Construction orderbook remains lukewarm at SGD547m, down 29.1% from last year’s strong orderbook of SGD772m. Although the stock is fundamentally sound, we believe recent property cooling measures and increased costs incurred from its property stakes could impact Lian Beng’s earnings and its ability to pay dividends. Downgrade to HOLD with a target price at SGD0.45, pegged to 6x FYMay13F P/E.

Shipping: the Sector Saviour (KE)


Shipping: the Sector Saviour

 Overweight Shipping. Our only overweight sub-sector call is shipping, premised on a recovering economy, led primarily by encouraging economic indicators originating from the US and China.

Neptune Orient Lines (NOL) is our top pick in the Transport sector and Shipping sub-sector for its significant exposure to the Trans-pacific trade and a relatively minimal exposure to the Asia-Europe trade. The Asia-Europe trade remains beset by Euro-zone woes and is fully exposed to the onslaught of new shipping capacity coming on-stream in 2013. Chinese import/export data released last week soundly beat street estimates, and the freight indices are starting the year with an encouraging up-tick – all these signs improving the visibility of a global economic recovery. We believe this visibility justifies a re-rating for NOL’s Target Price to SGD1.71, now pegged to 1.4x FY2013 P/BV.

Neptune Orient Lines Kicking off 2013: A Chinese Firecracker


Neptune Orient Lines
Buy (unchanged)
Share price: SGD1.325
Target price: SGD1.71 (from 1.46)
Kicking off 2013: A Chinese Firecracker

China exports kick off 2013 with pleasant surprise. Chinese exports rose 14.1% YoY in December, solidly beating street estimates of 4-5%. Imports also rose, climbing 6% YoY. This news was likely the key driver for NOL’s share price spike of 7.2% within a single day, and we see this as affirmation of our view that Chinese export growth will continue to gain momentum. Our economists have forecast a faster export growth of 11.4% YoY in 2013 compared to 8.3% YoY for 2012, and believe that China’s exports are past their trough. With firmer visibility now on global trade recovery, we believe NOL is due for a re-rating based on 1.4x FY2013 P/BV, and adjust our Target Price accordingly to SGD1.71.

Ascendas REIT: Stability comes at a price (DMG)

Ascendas REIT: Stability comes at a price
 (NEUTRAL,  S$2.46,  TP:  S$2.67)

3QFY13 DPU in line with expectations.  Ascendas REIT (AREIT) reported 3QFY13 DPU of 3.62S¢ (+4.0% YoY), equivalent to 26.2% of our FY13 DPU estimate. Revenue and net property income came in at S$145.2m and S$104.7m respectively. The rise in NPI by 11.5% YoY was mainly due to additional contribution of full quarter rental income from completed development projects and newly acquired properties since September 2011. Going forward, we expect AREIT to register continual growth in DPU, mainly from 1) additional contribution from the new properties acquired; 2) further AEIs on its existing properties and 3) positive rental reversion contributed by low rates  due for renewal in the coming quarters.

Dry Bulk Shipping : No Sign Of A Recovery; Take Profit On Share Price Strength (UOBKH

Dry Bulk Shipping
No Sign Of A Recovery; Take Profit On Share Price Strength

Baltic Dry Index (BDI) collapsed to its historical trough of 698 in end December. Capesize and Panamax rates were significantly below breakeven levels and huge vessel supply coming on stream in 2013 still suggests bleak  sector fundamentals. Valuations in terms of P/B and P/RNAV are aggressive for China COSCO Holdings and China Shipping Development. Suggest taking profit on share price strength. Maintain UNDERWEIGHT.

What’s New
• The BDI collapsed to its historical trough of 698 in end-December and recovered to 760 as of 11 Jan 13. Capesize rates dropped to US$5,048/day from late October’s US$22,051/day, and Panamax rates also tumbled by 42% to US$4,021/day from November’s level.

Singapore Press Holdings 1QFY13: No Major Surprises (UOBKH)


Singapore Press Holdings
Share Price S$4.11
Target Price S$4.30
1QFY13: No Major Surprises

No major surprises. Newspaper advertising revenue dipped 4% yoy in 1QFY13, reflecting Singapore’s subdued economic growth. While SPH’s share price is likely capped by muted advertising revenue growth, the stock still offers an attractive annual dividend yield of 5.4% for FY13-15. Maintain HOLD and target price of S$4.30. Entry price is s$3.80.

Results
• No major surprises in 1QFY13 results. Singapore Press Holdings reported a net profit of 91.1m (-7% yoy) in 1HFY13, or 26% of our FY13 net profit forecast of S$352m.

CapitaMalls Asia: Fourth mall in Wuhan (CIMB)


CapitaMalls Asia
Current S$2.19
Target S$2.05
Fourth mall in Wuhan

 CMA has acquired a shopping-mall site in Wuhan, China, deepening its exposure to this city to four malls. Entry cost looks reasonable, with a yields-on-cost target of 8-9% (after one rental cycle),achievable in our view. The site could be recycled to its PE fund in the future, we believe.

The acquisition is not expected to move RNAV much. We trim our FY14 core EPS after updating our rent assumptions. We lift our RNAV and target price (10% discount to RNAV) on a higher CRCT share price and slight accretion from this acquisition. We remain Neutral on valuationsand see execution and asset recycling to dictate share price in FY13

Tiger Airways: A positive quarter, but… (CIMB)

Tiger Airways
Current S$0.77
Target S$0.74
A positive quarter, but…

Tiger’s first profit in 18 months was boosted by an unexpectedly strong showing from Tiger Singapore. Improving operating momentum and a seasonally strong quarter narrowed Tiger Australia’s losses. However, huge associate losses marred an otherwise positive quarter.

3QFY13 profits exceeded expectations; 9MFY13 losses formed 100% of our FY13 estimate. The beat would have been stronger if not for associate losses, which should continue, given intrinsic and macro headwinds. However, we expect losses in a seasonally weaker 4Q and raise our FY13 loss estimates. We also cut FY14-15 core estimates, which lower our SOP-based target price by 11% to S$0.74. Maintain Neutral.

Frasers Commercial Trust: Growth intact (CIMB)


Frasers Commercial Trust
Current S$1.37
Target S$1.49
Growth intact

 1QFY13 DPU at 21% of our FY13 forecast was expectedly soft with CPPU redemption savings and increased take-up at China Square Central yet to kick in. We continue to see legs in its share price rerating given the in-built DPU growth through FY15 and attractive yields.

1QFY13 DPU was broadly in-line with street and our estimates as we expect stronger quarters ahead. We raise our DPUs and DDM-based target price (discount rate: 7.7%) on lower cost of borrowing. We maintain Outperform as we see more catalysts from yield-enhancing actions.

曾淵滄專欄 30.01.13 :炒股揀廿隻夠晒數


曾淵滄專欄:炒股揀廿隻夠晒數 - 曾淵滄

高盛配售工行(1398),反應良好,三小時內售清,因配售價有折讓,所以昨日工行股價跌很正常,當年中國多家國企銀行準備上市時,喜歡到美國找一些國際大型金融企業當基礎投資者,想不到數年後的今天,美國金融企業在金融海嘯一役傷得極重,不得不將當年買下的中國國企銀行股份套利。

前日前海首批跨境人民幣貸款業務,金額僅20億元,很少,但我相信今後增長速度一定很快,目前前海仍是一片荒地,已開始進行貸款活動,前海概念的進展,的確比我想像快,十年之後,前海必定令人耳目一新,一個新的中環將出現,前海興起,香港最靠近前海的地區就是天水圍,希望天水圍會因此改變「悲情城市」的面貌,前海可以為天水圍居民提供就業機會。

鹏达集团 每股盈利料扬34%


鹏达集团 每股盈利料扬34%
Created 01/22/2013 - 10:46
【目标价:88仙】

最新进展:

鹏达集团(Pantech,5125,主板贸服股)将在本周或下周公布2013财年第3季业绩。

2013财年次季业绩是上市以来表现最好的季度,营业额1亿6410万令吉、净利1430万令吉。营运赚幅从2013财年的14.1%改善至15.7%。

鹏达集团持有3亿令吉订单,将竞标的项目额也达3亿令吉,预计可忙上一整年。

行家建议:

券商買進心頭好.實康1.1億升級昌樂廠 料2014年衝擊獲利

券商買進心頭好.實康1.1億升級昌樂廠 料2014年衝擊獲利

券商:艾芬證券研究
目標價:0.49令吉

實康(SALCON,8567,主要板貿易)宣布,旗下實康山東昌樂廢水處理廠為升級投資1億1300萬令吉的廠房,與該縣政府進入移交、運營和移交(TOT)方式階段,雙方已達成協議。

 2005年4月,香港實康以1800人民幣(約889萬令吉)收購昌樂縣污水處理廠和相關設施。

 同年12月,香港實康第一次修改協議,升級現有設施,從每天2萬立方米至每天4萬立方米。

 當時協議中廢水處理服務費是每立方米0.80元人民幣(約40仙)。2012年1月,調高到每立方米1.16元人民幣(約57仙)。

增優惠加強競爭力 馬航週五加入寰宇一家


增優惠加強競爭力 馬航週五加入寰宇一家

(吉隆坡29日訊)馬航(MAS,3786,主要板貿易)週五(2月1日)即將加入世界航空聯盟寰宇一家(Oneworld),借此提供乘客更多服務和優惠,加強競爭力。

 馬航在文告中指出,該集團總執行長阿末佐哈禮與頂尖團隊將在週五,于吉隆坡國際機場迎來寰宇一家在世界各地的航空會員,並且與他們一同歡迎馬航加入寰宇一家后的首批乘客。

 全球航空聯盟創始15年來,寰宇一家和另外兩個聯盟的航空會員涵蓋了全球的三分之二航空載客量;馬航加入寰宇一家后,將幫助該聯盟覆蓋全球155個國家達840個飛行目的地,2500架飛機每年可載送3.4億名乘客,年營業額達1100億美元(約3386億令吉)。

 阿末佐哈禮指出,寰宇一家讓航空公司會員得以對客戶提供更多服務和優惠,特別是常客;馬航加入聯盟后可加強競爭力。

面临大选风险 MK置地目標价下调

面临大选风险 MK置地目標价下调

(吉隆坡29日讯)由於大选將至,肯南嘉投行认为小型產业股MK置地(MKLAND,8893,主板產业股)的股价和產业销售都面临选举风险。

肯南嘉投行分析员认为,高贝他(beta)的发展商不太可能在接近大选时有所表现。

肯南嘉投行分析员表示,自他们在2012年8月7日对MK置地作出的报告开始,其股价都表现不佳。

肯南嘉投行对產业领域的短期前景转为谨慎,因为越来越逼近的大选增加谨慎投资情绪。这將限制小资本发展商的上涨空间,如MK置地。

新兴市场续成经济火车头 中国股市今年走强


新兴市场续成经济火车头 中国股市今年走强

(吉隆坡29日讯)Fundsupermart马来西亚(FSM)看好中国股市將在今年走强,泰国则无法延续去年表现。

展望2013年,FSM研究部经理林伟德表示,新兴市场股市將依然是全球经济的主要增长动力,而整个区域也有望成为经济增长最为迅速的地区之一。

林伟德预期,环球经济会在2013年改善,外部需求及全球贸易亦有望好转,因此可能利好环球新兴市场並带动股市的投资情绪。

另一方面,日本取代欧洲成为FSM最不看好的市场。

F&N’s Chairman Lee ‘disappointed’ OUE backed off on higher offer


F&N’s Chairman Lee ‘disappointed’ OUE backed off on higher offer

Fraser & Neave Ltd.’s chairman said he was “disappointed” Overseas Union Enterprise failed to challenge Thai billionaire Charoen Sirivadhanabhakdi’s $13.8 billion bid for the property and drinks company.

A planned auction for F&N may have resulted in greater value for the company, Chairman Lee Hsien Yang said at a shareholder meeting today. Charoen is poised to win control of F&N after the rival bidding group led by OUE failed to match his $9.55 a share offer.

The OUE-led group on Jan. 21 said it would not raise an earlier bid of $9.08 a share. Singapore regulators had said they would hold an auction for the 130-year-old property company in case of an stalemate between the two companies.

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日本無限量寬鬆 印鈔救經濟 引貨幣戰疑慮

20130127文茜的世界財經週報1─日本無限量寬鬆 印鈔救經濟 引貨幣戰疑慮

联想拟收购黑莓制造商RIM


蘋果只是現在,谷歌才是未來?

2013-0124-57金錢爆(伊索預言金蘋果與銀蘋果)4-3


China is Heading Into a Debt Crisis Territory: Pro



蘋果光不再,蘋概股成了"瓶蓋股"?怎麼辦?

2013-0124-57金錢爆(伊索預言金蘋果與銀蘋果)

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苹果神话破灭 股价遭遇“血洗”


Tuesday, January 29, 2013

Fraser & Neave board to resign, give Charoen 'free hand'


Fraser & Neave board to resign, give Charoen 'free hand'
WRITTEN BY DOW JONES & CO, INC  
TUESDAY, 29 JANUARY 2013 16:22

Fraser & Neave (F99.SG) said Tuesday that all of its board members, including Chairman Lee Hsien Yang, will resign from the company next week, making way for Thai billionaire Charoen Sirivadhanabhakdi, the largest shareholder, to restructure the board.

The nine board members decided to resign to allow Charoen's Thai company -- unlisted TCC Assets -- to have a "free hand to chart a new direction" for Fraser & Neave, a Singapore property and soft drinks conglomerate, Lee told shareholders at the company's annual general meeting.

Charoen, who holds a 46% stake in Fraser & Neave, has offered $9.55 dollars a share for the company's remaining shares. The offer closes Monday.

Marine business to fuel QL Resources' growth in 2013


Marine business to fuel QL Resources' growth in 2013
Business & Markets 2013

Written by Bernama  
Tuesday, 29 January 2013 16:17

KUALA LUMPUR (Jan 29): QL RESOURCES BHD []'s marine division is expected to drive the company's growth this year, buoyed by its regional expansion, said OSK Research.

The research house said the near-term performance of the entity's integrated livestock farming and palm oil activity segments was expected to be dampened by the volatility in commodity prices. In a research note, the firm said QL had the capacity to produce 30,000 tonnes of surimi currently, of which 25,000 tonnes came from Malaysia and 5,000 tonnes from its Indonesian unit in Surabaya.

Insider Asia: Industrial REITs have growth opportunities


Insider Asia: Industrial REITs have growth opportunities
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Tuesday, 29 January 2013 15:33

KUALA LUMPUR (Jan 29): The outlook for industrial real estate investment trusts (REITs) is slightly more attractive than that for retail REITs in terms of demand and rental rates, according to a report by Insider Asia.

"Broadly speaking, prevailing yields offered by industrial REITs are slightly more attractive than those by retail REITs, which have seen sharp yield compression over the past year on expectations that they carry lower risks," said Insider Asia analyst Linda Koh.

Sunway increases presence in Iskandar


Sunway increases presence in Iskandar
Business & Markets 2013

Written by Madiha Fuad of theedgemalaysia.com  
Tuesday, 29 January 2013 09:23

KUALA LUMPUR: Sunway Bhd is fast expanding its presence in the Iskandar Malaysia real estate market, having signed another deal with landowner Iskandar Investment Bhd (IIB) involving a tract measuring 121.4ha  with a potential gross development value (GDV) of RM6 billion.

“The proposed acquisition will increase Sunway’s land bank in Iskandar Malaysia to approximately 1,858 acres [751.9ha] and propel Sunway into one of the largest landowners in this high growth region,” said the company in an announcement to Bursa Malaysia last week. The land is to be developed via a 60:40 joint venture between Sunway and IIB.

Difficult to quantify Argentina impact on Noble


Difficult to quantify Argentina impact on Noble

Pinning down the financial impact on Noble (N21.SG) from Argentina's move to suspend the company from a key grain registry for alleged tax evasion could be difficult; a person at Noble said the suspension wouldn't impact operations.

"They don't have a clear breakdown out of Argentina," says James Koh, an analyst at Maybank-Kim Eng, noting Noble exports grains and soybeans from the country. But he adds, "it's not something that's company specific to Noble. All the other grain exporters have had the same setback, so we're not reading too much into it."

Robust growth prospects seen for Boilermech


Robust growth prospects seen for Boilermech
Business & Markets 2013

Written by Madiha Fuad of theedgemalaysia.com  
Tuesday, 29 January 2013 12:06

KUALA LUMPUR (Jan29): HwangDBS Vickers Research has given Boilermech Holdings Bhd a ‘trading buy’ call, as it sees robust growth prospects for the company.

“Boilermech is among the largest domestic biomass boiler manufacturers. As Malaysia and Indonesia’s palm oil industries remain robust, this offers strong growth opportunities,” said HwangDBS in a note today.

The research house added that Boilermech has about 90% of its revenues generated from the Malaysian and Indonesian markets, which have the most palm oil mills in the world.

Positive outlook for Johor property


The Star Online > Business
Tuesday January 29, 2013
Positive outlook for Johor property

By ZAZALI MUSA
zaza@thestar.com.my

JOHOR BARU: The outlook for the Johor property market is likely to remain positive this year, with Iskandar Malaysia continuing to drive growth in the years to come.

Johor Real Estate and Housing Developers Association (Rehda) branch chairman Koh Moo Hing said that the “feel good” factor from last year would continue in 2013.
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。