Saturday, March 2, 2013

High-speed economic corridor

The Star Online > Business
Saturday March 2, 2013
High-speed economic corridor


Travelling time between KL and Singapore will be drastically shortened with the proposed high-speed rail.

IMAGINE a family residing in Kuala Lumpur planning a holiday at Universal Studios in Singapore. Their choice of transportation would either be to drive, take a bus or hop on a short flight to the republic.

Eye on Stock: YTL Power

The Star Online > Business
Saturday March 2, 2013
Eye on Stock
YTL Power International Bhd has been in correction mode since peaking out at an all-time high of RM2.76 on Nov 9, 2010.

In the wake of an apparent profit-taking activity, prices fell to an eight-year low of RM1.50 on Dec 17, last year.

Thereafter, they made an effort to recover, but a futile attempt to stage a breakout prompted the bulls to abandon the idea. Subsequently, the shares retreated and they tested the RM1.50 level again on Tuesday before turning range-bound.

Analysts impressed byMAS improved quarterly results, operating statistics

The Star Online > Business
Saturday March 2, 2013
Analysts impressed by MAS improved quarterly results, operating statistics

PETALING JAYA: Analysts remain upbeat with Malaysia Airlines' (MAS) prospects going forward and the carrier's improved quarterly results that came within their expectations.

At least two research houses have upgraded their call on MAS although most houses still have maintained a “sell” call.

Analysts said improved operating statistics were among the factors that brought the flag carrier back on track and that investors remained concerned over MAS' proposed rights issue and the sustainability of its earnings recovery.

內銀頭炮 招行多賺25%勝預期

內銀頭炮 招行多賺25%勝預期
全年盈利453億 末季增長加速

第四季賺105億 大增35%



MAS business plan yields second consecutive quarterly profit

MAS business plan yields second consecutive quarterly profit
Business & Markets 2013

Written by Janice Melissa Thean of  
Friday, 01 March 2013 09:35

KUALA LUMPUR: MALAYSIAN AIRLINE SYSTEM BHD []’s (MAS)business plan, introduced at the end of 2011, seems to be working well for the national carrier.

Yesterday, it announced its second consecutive quarter of net profit of RM51.37 million for the final quarter ended Dec 31, 2012 (4QFY12), thus narrowing the full-year 2012 loss to RM433 million against RM2.51 billion a year before.

MAS falls despite 4Q profit, challenging outlook seen

Hot Stock MAS falls despite 4Q profit, challenging outlook seen
Business & Markets 2013

Written by Charlotte Chong of  
Friday, 01 March 2013 11:37

 KUALA LUMPUR (Mar 1): MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) fell in morning trade after the company reported a fourth quarter profit which helped narrowed its annual loss.

At 11.18am, MAS fell as much as 1.5 sen or 2% to an intraday low of 72 sen with some 1.3 million shares done.

Malaysia Airlines - Making a Fresh Start

Malaysia Airlines -
Price Target :0.81
Last Price :0.725
Making a Fresh Start

We  see  MAS  potentially  reporting  decent  4Q  results,  gauging  from  the airline's improved  operating  statistics.  We  also  believe  its  coming  on  board  the  oneworld alliance  could  also  boost  yield  and  load  factor.  Overall,  its  outlook  is  brightening and we can expect better financial performance from MAS. The group has proposed several  corporate  exercises  to  beef  up  its  financials  to  make a  fresh  start.  Still, we remain cautious on the potential dilution arising from its proposed rights issue. That said, we lift our FV to RM0.81 and upgrade MAS to BUY.

Singapore Budget: A budget for SMEs and lower-income (OCBC)

Singapore Budget:
A budget for SMEs and lower-income

Summary: Singapore's economic growth is likely to be between 1-3% this year. For businesses, the Budget mainly focused on reducing foreign workers and helping to defray some operating costs for the SMEs. For the individual, more progressive tax systems were announced, and are shifting higher tax rates to the higher income group. Overall, there are some goodies for the masses and selective targeted measures to help certain businesses. We do not expect the reduction in work permit holders ratio to severely affect the local yards, but expect the Healthcare sector to benefit from the government’s commitment to make healthcare more affordable for Singaporeans. The corporate and personal income tax rebates will be welcomed by both businesses and residents to defray costs. Overall, we see the Singapore Budget 2013 as a budget for the SMEs and to also help lower the living expenses of the residents.

Neptune Orient Lines: Negative Earnings Surprise (Phillip)

Neptune Orient Lines
Target Price (SGD) 1.32
- Previous Target Price (SGD) 1.36
Closing Price (SGD) 1.23
Negative Earnings Surprise

Company Overview
Through its container shipping arm, APL, NOL is the 7th largest container shipping company in the world and derives more than half of its revenue from America. The Group also provides supply chain solutions through APL Logistics.

Olam International Ltd: Is the debt level sustainable?

Sheng Siong: Good FY12, but well in the price (CIMB)

Sheng Siong
Current S$0.61
Target S$0.59
Good FY12, but well in the price

 Sheng Siong ended the year strongly, with earnings growth driven by its eight new stores. Record high gross margins in 4Q and tight cost control were the other highlights.

FY12 core earnings were in line, at 103% of our forecast and 99% of consensus estimates. We raise our FY14 estimate by 2% for housekeeping adjustments and introduce FY15 numbers. No change to our target price (18x CY14 P/E), based on a 20% discount to Dairy Farm. Downgrade from outperform to Neutral on valuation grounds.

Gabriel Gan: Straits Times Index Still Struggling With 3,300 Points; No Need To Despair

22 FEBRUARY 2013
Straits Times Index Still Struggling With 3,300 Points; No Need To Despair
By Gabriel Gan

When the going gets tough, the tough gets going!

What the sentence is trying to convey speaks for most investors in the stock market because plenty of investors have given up hope late last year before the rally started. Investors, however, can be forgiven for behaving this way because an accumulation of fear and fatigue have taken its toll on most investors.

Ever since the US financial crisis in 2008 and the European debt crisis just a couple of years back, investors have either been too emotionally or financially-drained to even want to partake in stock market investments. Who can blame these investors when crisis after crisis had hit the stock market for the past six years? Who can safely say that the European economies will not tank when nothing much has been resolved apart from the return of confidence after ECB (European Central Bank) President Mario Draghi promised unlimited buying of sovereign bonds last year and not a cent has been spent doing so?

ChanYanChong-Commentary : 22.02.13

22 FEBRUARY 2013
Prof Chan Yan Chong Column
By Prof Chan Yan Chong

Just returned to Hong Kong from England and found the quantitative easing has done a whole world of good for the retail as well as food and beverage industries. Strangely, very little of the goods in England are local made as the high-end goods are manufactured in other parts of Europe while the rest are made in China and Southeast Asia. Is the rest of Europe facing a recovery?

I have some friends who have kids studying in England who stay in their own apartments as opposed to renting. This makes more sense as there is capital appreciation and future rental yield to be collected. Property prices in central areas in England are much cheaper than housing prices in Hong Kong’s suburbs.

Temasek-Backed MapleTree Launches US$1.3b Record REIT IPO

22 FEBRUARY 2013
Temasek-Backed MapleTree Launches US$1.3b Record REIT IPO

A real estate investment trust (REIT) backed by Singapore state investor Temasek Holdings, is betting on demand from yield-hungry investors to complete an up to US$1.3 billion initial public offering (IPO), the largest ever IPO by a REIT in the city state.

Investors and bankers hope a successful offering by the REIT, MapleTree Greater China Commercial Trust, will be a harbinger for IPOs in Asia following a dismal 2012.

It will be the biggest IPO in Asia excluding Japan since the US$3.1 billion listing of People’s Insurance Company (Group) of China’s (PICC) in late November, and comes ahead of some US$2.5 billion of offerings for business trusts and REITs expected to take place in the coming months in Singapore.

Marco Polo Marine: Generating Growth Through Offshore Oil & Gas Exposure And Publicly-Listed Indonesian Subsidiary

22 FEBRUARY 2013
Marco Polo Marine: Generating Growth Through Offshore Oil & Gas Exposure And Publicly-Listed Indonesian Subsidiary
By Ong Qiuying

With the advancing growth in Asia, the marine industry, in particular the offshore oil and gas sector, continues to thrive amidst buoyant demand for energy. Shares Investment was privileged to meet Mr Sean Lee Yun Feng, Chief Executive Officer of Marco Polo Marine Limited in an exclusive interview as the Group, together with its recently-listed Indonesian subsidiary PT Pelayaran Nasional Bina Buana Raya Tbk, gears up to tap on the rising offshore marine market in Asia.

CapitaLand: Focus now on lifting ROEs (CIMB)

Current S$3.90
Target S$4.33
Focus now on lifting ROEs

 Operational pick up is now in progress. China sales continue to improve with the expected handover of over 3k units to underpin core earnings growth in FY13. Further stock catalysts could come from disposals of non-core assets to facilitate a new phase of recycling.

4Q12 core earnings were in line at 29% of our full year and 20% of consensus. FY12 core earnings were 100% of our full year. We lower our FY13-14 core EPS on lower SG ASPs and introduce FY15 estimates. Our target price is lifted on higher values for CMA and a lower 15% RNAV discount (20% previously), in line with other large cap property stocks. At 24% discount to RNAV, CapLand remains the most attractively valued large cap; maintain Outperform.

Asia Media : Proposed Rights Issue of Shares with Warrants (TA)

Asia Media
TP: RM0.115
Last traded: RM0.155
Proposed Rights Issue of Shares with Warrants

Asia Media Group Berhad (Asia Media) has proposed to undertake renounceable rights issue of up to 752.4mn new shares in Asia Media on the basis of 1 rights share for every 1 existing Asia Media share held, together with up to 188.1mn warrants on the basis of 1 free new warrants for every 4 rights shares subscribed. The proposal is expected to be completed in 2QFY13.

The actual issue price will be fixed later but the indicative price of the rights share is assumed at RM0.13 per rights share. For warrant, based on the indicative exercise price of RM0.25/existing warrant, the exercise price of the existing warrants will likely be reduced to RM0.24/warrant.

KLCC Property:Towering results (CIMB)

KLCC Property
Current RM6.11
Target RM6.70
Towering results

 KLCC Prop's FY12 core net profit of RM373m was above expectations, beating our estimate by 9% and consensus by 5%. The variance was mainly due to the higher-than-expected margins. The final dividend of 4.5 sen was also higher than our 4 sen expectation.

As such, we raise our margin assumptions which leads to a slight 0.8% rise in EPS, and a higher DDM-based target price. Our Outperform rating is maintained. Catalysts are approval for its new stapled security structure, as well as potential transfer of assets like Suria KLCC and Kompleks Dayabumi into the REIT in the future, which could mean higher dividends as tax savings can be returned to shareholders.

YTL Power: No Dividend Payout! (HLG)

Price Target: RM1.66
Share price: RM1.54
No Dividend Payout!

 In line - Reported 2QFY13 core earnings of RM224.6m, leading to RM417.1m for 1HFY13, which is 42.1% of HLIB’s FY13 forecast. We expect stronger earnings for 2HFY13, banking on lower losses from Yes and tariff hikes from Wessex Water.

 None.

JCY - 1QFY13 Results: Below Expectations

JCY - 1QFY13 Results:
Price Target :0.45
Last Price :0.565
Below Expectations

JCY’s 1QFY13 core net loss of RM25.7m came in below expectations, not comparable with HLIB and consensus full year core net profit estimates of RM311.8m and RM211.0m respectively.

In 1QFY13, JCY registered revenue of RM376.8m (-32.6% yoy, -29.8% qoq), EBITDA of –RM7.7m (-104.0% yoy, -118.5% qoq), and normalized PATAMI of –RM32.9m (>- 100% yoy, >-100% qoq).

Jim Rogers: Wall Street is doomed

Jim Rogers on China’s ascension, Wall Street’s downfall and Obama’s failures


“巴菲特投资36计”之二十二 打草惊蛇
011年05月23日 02:28 中国证券网-上海证券报


Singapore Airlines: Are weak fundamentals

Vasu Menon: US Fed Must Manage Expectations



證券分析:太平洋航運業績勝預期   [2013-03-02]

 經營乾散貨船及拖船的太平洋航運 (2343)公佈2012年年度業績。經常性盈利同比下滑17.3%至4,780萬(美元,下同)。太平洋航運淨虧損達到1億5,850萬,主要由於年內出售的滾裝船業務分部的減值虧損所致。

 乾散貨業務分部及拖船業務分部的純利分別為3,930萬及3,770萬,滾裝船業務分部則錄得1,210萬的淨虧損。靈便型船隊2012年的等價期租水準(TCE)同比下滑23%。收入日數則同比增加25%,部分抵銷TCE的跌幅。然而,乾散貨運業務分部整體的純利同比下降52%。2012 年下半年的分部純利為3,180萬元,大幅高於上半年的750萬元。


A Better Hong Kong in the Year of the Snake?


Bullish on Stocks: Is Ben Bernanke Right?

Apple's Cash Talks Fail to Comfort Investors

Talking Numbers: What's Next For Apple's Stock?

QE and Currencies

Friday, March 1, 2013






2月差强人意 马股3月向好




全年净亏收窄至4.3 亿 马航末季转盈5137万

全年净亏收窄至4.3 亿 马航末季转盈5137万
Created 03/01/2013 - 08:02




Petronas Towers owner to list Malaysia's biggest REIT

Petronas Towers owner to list Malaysia's biggest REIT

Friday, Mar 01, 2013
KUALA LUMPUR/HONG KONG - KLCC Property Holdings Bhd, which owns Malaysia's iconic Petronas Twin Towers, is set to complete a restructuring and list in April the nation's biggest real estate investment trust (REIT), sources told Reuters.

The trust, three times larger than the next biggest Malaysian REIT, will raise no new money.

The corporate restructuring was unveiled in November, creating a so-called stapled REIT by bundling existing shares of KLCC Property and units of KLCC REIT, in a bid to lure yield-hungry investors.

Noble sees earnings buoyed by agriculture unit recovery

Noble sees earnings buoyed by agriculture unit recovery
FRIDAY, 01 MARCH 2013 17:18

Noble Group, Asia’s biggest commodity trader by sales, said earnings this year will be driven by a recovery at its agricultural business after reporting a 14% decline in fourth-quarter profit.

Net income fell to US$91.2 million ($113 million) from US$105.7 million a year earlier, Hong Kong-based Noble said yesterday in a statement. That met the US$91 million average estimate of five analysts surveyed by Bloomberg. Sales rose 21% to US$24.3 billion.


Created 03/01/2013 - 17:27



Low shipping rates causes Shin Yang to incur 2Q loss.

Low shipping rates causes Shin Yang to incur 2Q loss.
Business & Markets 2013

Written by Madiha Fuad of  
Thursday, 28 February 2013 20:05

KUALA LUMPUR (Feb 28): Shin Yang Shipping Corporation Bhd posted net loss of RM12.8 million for the second quarter ended December 31, 2012, compared to a net profit of RM15.6 million a year earlier due to stiff competition on shipment rates.

In a filing to Bursa, the group said the losses were mainly due to unrealised margin during ONSTRUCTION [] and stiff competition on freight rates on domestic shipping routes.

MAS swings back to black, reports net profit of RM51.4mil for Q4

The Star Online > Business
Friday March 1, 2013
MAS swings back to black, reports net profit of RM51.4mil for Q4


PETALING JAYA: Malaysia Airlines' (MAS) financials continued to improve as it posted a net profit of RM51.4mil for the fourth quarter, reversing the net loss of RM1.3bil a year earlier.

Earnings per share stood at 1.54 sen for the quarter ended Dec 31, compared with a loss per share of 38.22 sen previously.

“We are on an upward growth trend,” MAS group chief executive officer Ahmad Jauhari Yahya told reporters at the carrier's results briefing yesterday.

CIMB Research lowers Muhibbah target price to 87 sen

The Star Online > Business
Published: Friday March 1, 2013 MYT 8:48:00 AM
CIMB Research lowers Muhibbah target price to 87 sen

KUALA LUMPUR: CIMB Equities Research lowered its target price for Muhibbah Engineering from 94 sen to 87 sen following the weaker financial performance.

It said on Friday Muhibbah made a large RM245mil provision relating to the Asian Petroleum Hub (APH) project, resulting in a RM98mil net loss for FY12.

“This is below our and consensus net profit forecasts of RM65mil-RM70mil. Losses were partially offset by cranes and concession earnings in 4Q12,” it said.

Jadi Imaging : Still in the Red (TA)

Jadi Imaging
TP: RM0.11
Last traded: RM0.105
Still in the Red

_ Jadi Imaging’s (Jadi) 4Q12 results stayed in the red for two consecutive quarters. The cumulative FY12 net loss of RM111k came in lower than our loss projection of RM1.1mn. However, we note that the lower losses in Q4 were partly due to tax savings.

_ 4Q12 net loss extended to RM678k from RM139k in 3Q12 despite an improvement in revenue. This was mainly due to increase in raw material cost, coupled with the weakening of the US$ against the Ringgit. On a cumulative basis, the group suffered losses of RM111k vs. a profit of RM4mn in FY11. We believe this was due to the tough operating environment as the demand for toner slowed in respect to the decline in printer sales.

China Minzhong: Cultivating strong sales (CIMB)

China Minzhong
Current S$1.02
Target S$1.35
Cultivating strong sales

 Two consecutive quarters of strong sales bode well for China Minzhong, ahead of its peak season. At 47% of our FY13 estimate and 44% of consensus numbers, 1H convincingly beat our expectations, thanks to surprisingly strong yields from new farmland.

2QFY13 earnings amounted to 28% of our full-year forecast. We raise FY13-15 EPS by 7-9% to incorporate 1H’s strength. Our target price is raised for the higher earnings and a higher CY14 P/E of 4x on par with the sector (previously 3x) as the sector re-rates. We upgrade it from Neutral to Outperform, with the key catalyst being the potential payment of dividends later this year, given its increased cash.

Perennial China Retail Trust: Looking towards monetisation (CIMB)

Perennial China Retail Trust
Current S$0.64
Target S$0.69
Looking towards monetisation

Traditionally a weaker quarter,4Q12 was saddled by pre-operating costs for Foshan and Chengdu malls too. Management expects leasing improvements. Of greater interest is a clear direction towards asset trading and stratatitling to boost near-to mid-term returns.

4Q/FY12 was in line with consensus and our expectations at 25%/100% of full-year estimates, supported by earn-out structures. Our target price rises as we cut our RNAV discount from 30% to 20% as >90% of the IPO portfolio is now completed. We raise FY13 DPU by 4% and lower FY14 by 6% for balance earn-out structures. Maintain Outperform, with accretive divestments as the catalyst.

KLCC Property: The Alternative Yield Play (MIB)

KLCC Property
Share price: MYR6.13
Target price: MYR6.61 (from MYR6.38)
The Alternative Yield Play

 Maintain BUY with a higher TP. The listing of KLCC stapled REIT (KLCCSR) by end-1H13/early-2H13, taking over KLCCP listing status, will provide investors with an alternative yield play. Although it will not enjoy the tax incentives of a pure REIT, shareholders will still be able to reap an additional 9-11sen DPS under the new corporate structure, closing the yield gap with M-REITs. We raise our FY13/14 earnings forecasts by 27%/32%. Our new DCF-based TP is MYR6.61 (+23sen).

Cordlife: The auspicious year of the Dragon helped boost performance (Limtan)

 Cordlife Group (CG) outperformed market expectations for 2Q Dec ’13 with sales rising 24% yoy to $8.8mln. raising 1H Dec ’13 revenues by 18% to $17mln and 2Q profit (excluding $2.66mln gain on disposal of an associate) rising 58% to $3mln, raising 1H profit (excluding the associate gain) by 53% to $5.8mln.

 The auspicious year of the Dragon helped boost performance.

 While the year of the snake is usually not an auspicious year for newborns, the new year ahead may be different as the Singapore government has just announced an enhanced parent hood package from the previous $1.6bln to $2bln in an attempt to boost total fertility rate in Singapore from 1.2 in 2011 to 1.45 with higher cash incentives, longer paternity leave package and higher subsidies for artificial insemination processes.

Thai Beverage: Not just an elephant now (CIMB)

Thai Beverage
Current S$0.52
Target S$0.70
Not just an elephant now

 Gaining control of F&N’s brands and extensive distribution network in Singapore, Malaysia, and Brunei could transform Thai Bev/TCC into a regional consumer name. The grouse that it was a single-country, low-growth beer/spirits company is now no longer valid.

Synergies can show up via F&N’s entry into Thailand and Oishi’s overseas expansion. Valuations should also expand as growth accelerates. We have not factored in synergies yet though our FY12-14 EPS does rise by 1-8% to reflect lower Thai corporate tax rates; this lifts our SOP target price. Catalysts for our intact Outperform could come from a streamlining of its F&B business and earnings delivery, in our view.

Malaysian Bulk Carriers : POSH to the rescue (CIMB)

Malaysian Bulk Carriers
Current RM1.53
Target RM1.48
POSH to the rescue

Maybulk's 2012 core profit of RM27.7m was 29% above our forecast of RM21.4m, but 50% below consensus numbers, likely due to exceptional items. It was a strong performance by its associate POSH but the same cannot be said of its bulk division which suffered a RM10.5m EBIT loss.

We increase our FY13-14 EPS by 25-56% on higher POSH earnings. We now value POSH at a 25% premium, which nudges our target price higher (20% discount to SOP). Despite the strong earnings in 4Q, we downgrade the stock from Neutral to Underperform due to larger bulk losses and the recent run-up in its share price. De-rating catalysts include weaker freight rates and larger bulk losses.

Lippo Malls Indonesia Retail Trust: Downgrade to HOLD

Lippo Malls Indonesia Retail Trust:
Fair value    S$0.52
add: 12m dividend forecast S$0.036
versus: Current price  S$0.520

Downgrade to HOLD
• 4Q12 in line
• Good occupancy
• Downgrade to HOLD

LMIRT posted 4Q12 gross rental income of S$33.0m, up 35% YoY. The increase was primarily due to the contributions from Pluit Village and Plaza Medan Fair (acquired in 4Q11) and marginal contributions from the six acquisitions made in 4Q12. Results for the quarter were generally in line with our expectations; DPU of 0.74 S cents formed 97% of our estimate. NAV per unit rose 6.3% QoQ to 56.16 S cents, giving a current P/B of 0.93x. Gearing remains healthy at 24.5%. Management indicates that the average weighted all-in cost of debt for FY13 is likely to be 5.5%-5.7%. We maintain our fair value of S$0.52. Since the current unit price is near our fair value, we downgrade LMIRT to a HOLD. We estimate a FY13F yield of 6.9%.

Olam International 2Q13: Not much surprise (Nomura)

Olam International
Target price SGD 2.30
Closing price February 7, 2013 SGD 1.64
2Q13: Not much surprise
Improved trading conditions amid good volumes; remains attractive on valuations

Action: Volume growth positive and asset-light on sugar
Olam’s 2Q13 net adj earnings were at SGD121mn (adj for bio gains and the sale of land), up 15% y-y and in line with our SGD117mn forecast. 1H now forms 48% of full-year figures (48% of Nomura estimate, and 46% of consensus); we don't expect many consensus changes. A key negative from the results was discontinuation of the sugar asset purchase in Brazil; however, positives were volume growth in edible nuts, food staples and a recovery in cotton markets. We expect a subdued stock reaction.

CapitaMalls Asia : Consolidating for next phase of growth (Phillip)

CapitaMalls Asia
Target Price (SGD) 2.11
- Previous Target Price (SGD) 1.93
Consolidating for next phase of growth

Company Overview
CMA is a shopping mall developer, owner and manager. It has interests in and manages a pan-Asian portfolio over 90 shopping malls. Its principle business strategy is to invest in, develop and manage a diversified portfolio of real estate used primarily for retail purposes in Asia.

CapitaLand : Focus on Improving ROE (KE)

Buy (unchanged)
Share price: SGD3.90
Target price: SGD4.30 (from SGD4.27)
Focus on Improving ROE

 No earnings surprise. For the first time since 2005, CapitaLand’s headline PATMI failed to cross the billion-dollar mark, as its FY12 PATMI came in at SGD930.3m, down 12% YoY. Excluding revaluation gains and impairments, core PATMI would have been SGD568.7m, which is a 1% YoY decline and largely in line with expectations. We remain positive on the stock and CapitaLand remains one of our top-picks in the Singapore developer space. Maintain BUY.

KLCC Property: Ending the year with a bang (DBSV)

KLCC Property
BUY RM6.10
KLCI : 1,614.05
Price Target : 12-Month RM 7.70 (Prev RM 7.60)
Ending the year with a bang

4Q12 earnings beat expectations; revenue growth was led by higher rental income from office (Menara Petronas 3) and retail properties
Raised FY13-14F earnings by 8%/6%
Maintain BUY with RM7.70 TP

Strong 4Q12 result. 4Q12 earnings (ex-EI) grew 42% y-o-y (- 21% q-o-q) to RM89m on 27% higher rental revenues from office and retail properties.

Pan-United Corp: Goodness all priced in (CIMB)

Pan-United Corp
Current S$0.92
Target S$0.91
Goodness all priced in

 FY12 ended on a good note due to buoyant demand for building materials. A turnaround for loss-making shipping was the icing on the cake. Operating momentum is likely to continue into 2013 but earnings could fluctuate due to the timing of contract completion.

FY12 core net profit of S$40.6m met our S$41.5m estimate and consensus’s S$40.3m. Operating momentum has been positive. We raise our FY13-14 numbers by 7-9% and introduce FY15. Our residual income-based target price rises to S$0.91. However, given the recent price run-up, we downgrade PUC from Outperform to Neutral as near-term potential is priced in.

MAS' best quarterly performance in 2 years

MAS' best quarterly performance in 2 years
By Bilqis Bahari

Malaysia Airlines (MAS) has posted its best quarterly results in nearly two years and expects further improvements in the coming quarters.

The national carrier attributed the much-improved set of results to its Business Turnaround Plan, introduced a year earlier to help beef up its financials.

MAS posted a net profit of RM51.4 million for the fourth quarter ended 31 December 2012, reversing a RM1.3 billion loss it registered in the same period a year ago.

太航轉虧 料貨運快復甦

太航轉虧 料貨運快復甦

年蝕12億 擬撤滾裝貨運


佐丹奴派高息 彤叔袋近億




曾淵滄專欄 01.03.13:勾地制度名存實亡

曾淵滄專欄:勾地制度名存實亡 - 曾淵滄









Air Asia: Flying High on More Passengers

Apple Absolutely Needs Cheaper iPhone: Munster

China to Shift Focus to High Value Sectors: HSBC


U.S. Economy Beginning to Recover


Thursday, February 28, 2013

券商買進心頭好.整體前景露曙光 馬航投資評級獲上調

券商買進心頭好.整體前景露曙光 馬航投資評級獲上調




億萬富翁逆勢拋股 暗示美股或大跌?




青心直說:國壽應投資友邦 - 胡孟青

青心直說:國壽應投資友邦 - 胡孟青



Golden Agri quarterly profit plunged 93% as palm prices dropped

Golden Agri quarterly profit plunged 93% as palm prices dropped

Golden Agri-Resources, the world’s second-biggest palm oil producer, said fourth-quarter profit declined 93% as prices of the commodity declined.

Net income was US$53.6 million ($66.2 million) in the three months ended Dec. 31, from US$747.8 million a year earlier, the Singapore-based company said today in a statement. Revenue in the quarter gained 14% to $1.519 billion.

Noble quarterly profit fell 14% on lower agriculture earnings

Noble quarterly profit fell 14% on lower agriculture earnings

Noble Group, Asia’s biggest commodity trader by sales, said fourth-quarter profit fell 14% as earnings from its agricultural unit dropped.

Net income was $91.2 million ($112.7 million) in the three months ended Dec. 31, from US$105.7 million a year earlier, the Hong Kong-based company said today in a statement. That met the US$91 million average estimate of five analysts surveyed by Bloomberg. Revenue rose 21% to $24.3 billion.

Sales at Noble’s agriculture unit, its second-largest, slumped for a third straight quarter as drought in Argentina and poor oilseed crushing conditions in China weighed on the unit. Noble said today it’s committed US$500 million to expand its agricultural business in the next two years.


Created 02/28/2013 - 17:30



物色区域新据点 马航瞄准中国印度

物色区域新据点 马航瞄准中国印度
Created 02/28/2013 - 08:11




AirAsia upgraded to reflect risk of rivalry

The Star Online > Business
Thursday February 28, 2013
AirAsia upgraded to reflect risk of rivalry


PETALING JAYA: Analysts have upgraded AirAsia Bhd as its share price has already reflected the risk of Malindo Air's entry while it provided potential upside due to the new dividend policy introduced.

“We believe there will be a price war between Malindo Air and AirAsia later in the year, said Maybank Investment Bank Research in a report.

友邦業績靚 掀炒風

友邦業績靚 掀炒風


YTL Power : Broadband making a comeback (CIMB)

YTL Power
Current RM1.54
Target RM2.58
Broadband making a comeback

 1H13 core EPS accounted for 41% of our forecast and 50% of consensus, which missed our but met consensus expectations as we over estimated power generation profits. No dividends were declared, which disappointed. Internet revenue surged by 7x yoy due to higher subs.

We maintain our Outperform rating on YTL Power, but lower our SOP-based target price after reducing FY13-15 core EPS by 2-5% on lower profits at Power Seraya. We cut our FY13 DPS estimate from 4sen to 3sen as we overestimated the payout rate. A turnaround of the internet broadband business would catalyse the stock.

CitySpring back in the black, DPU at 0.82¢ (AM)

CitySpring back in the black, DPU at 0.82¢
CitySpring Infrastructure Trust yesterday reported a third-quarter net profit after a loss last year, supported by higher gas sales and lower costs.

In the three months to Dec 31, the company said net profit was $6.5 million, up from a net loss of $3.8 million a year ago.

Revenue for the same period grew 4.1 per cent to $130.7 million, while cash earnings rose 31.4 per cent to $24.9 million in the third quarter.

CitySpring unit City Gas, which produces and retails town gas, contributed $96.1 million to revenue, a gain of 3.5 per cent from the year-ago quarter. The increase was due to higher volume of gas sold, and higher tariffs charged in response to higher feedstock costs for gas production, CitySpring said.

Parkson Retail Asia : Looking ahead (CIMB)

Parkson Retail Asia
Current S$1.69
Target S$1.75
Looking ahead

 2Q13came in modestly below expectations, but 3Qcould partly compensate with Chinese New Year spending and the low-base yoy comparisons. Catalysts include earnings improvements in 2H.

1H13 reported net profit came in at 51% of our full-year forecast (vs. 55% expected) and 47% of consensus. We reduce our FY13-15 estimates by 3-6% but maintain Outperform as we look for 21% earnings growth in 2H vs. -8% in 1H. We maintain our target price which is pegged to ~20x CY14 EPS, within the historical average range.

Genting Hong Kong : A Predictably Good Set Of Results At NCL (UOBKH)

Genting Hong Kong
Share Price US$0.43
Target Price US$0.35
A Predictably Good Set Of Results At NCL

We are raising our forecasts for GENHK following its subsidiary NCL Corp’s better-than-expected 2012 results, and on improved gaming performance at its Asian cruise operations. However, we believe GENHK’s share price runup has priced in these positives and downside risk remains amid looming competition in Manila. Maintain SELL on GENHK, with an interim target price of US$0.35.

What’s New
• NCL Corp’s (NCL) results came in slightly above expectations, with 2012 EBITDA coming in at US$546.6m vs our expected US$530.7m. The outperformance stemmed from lower operating expenses as a result of cost improvement initiatives.

Neptune Orient Lines: Is the worse over? (OCBC)

Neptune Orient Lines:
Fair value S$1.38
add: 12m dividend forecast S$0.00
versus: Current price S$1.23

Is the worse over?
• 4Q12 missed our forecasts
• Turnaround still on; just delayed
• Leaner NOL to cope well

We were disappointed by Neptune Orient Lines's (NOL) 4Q12 performance. Although there were YoY improvements, NOL still registered a net loss of US$98.1m. On a full-year basis, NOL saw revenue inch higher by 3.3% YoY to US$9,511.6m with net losses falling to US$419.4m from US$478.2m.

Mapletree Commercial Trust: Positives priced in (CIMB)

Mapletree Commercial Trust
Current S$1.36
Target S$1.39
Positives priced in

While we like MCT for rental-reversion tailwinds from VivoCity, we expect such tailwinds to slowly peter out with most low-lying fruits plucked in FY13. Trading at 1.3x P/BV and forward yields of 4.7% after the recent share price run-up, we see positives priced in.

We keep our DPU estimates unchanged but downgrade the stock to Neutral from Outperform with an unchanged DDM-based (discount rate: 6.9%) target price. We see re-rating catalysts from higher-than-expected rental reversions at VivoCity and accretive acquisitions. For cheaper valuations, we prefer FCT in the retail REIT space.

S-REIT: Equity-raising back in vogue (CIMB)

Equity-raising back in vogue
The year has barely started and two REITs have already announced equity placements while an IPO of Mapletree Greater China Commercial Trust is reportedly in the works. We take a look at REITs which could potentially raise funds this year.

Bond yields are now off their record lows on a resurgence of risk appetite, taking yield spreads to just 13bp above their long-term average. Maintain our non-consensus UNDERWEIGHT on S-REITs on poor risk-rewards. We downgrade MCT to Neutral (from Outperform) and replace it with FCT as one of our top picks after its YTD outperformance. Our top picks are now AREIT and FCT.

CapitaMalls Asia : Improvement across the board (DBSV)

CapitaMalls Asia Limited
BUY S$2.08
STI : 3,261.77
Price Target : S$ 2.30
Improvement across the board

• FY12 results slightly ahead of our expectations on across the- board operational improvement
• Accelerated earnings growth momentum as operational assets ramp up
• Maintain Buy, TP S$2.30

Results ahead of our expectations. CMA reported 4Q12 net profit of S$184.8m, -10% y-o-y, on a 71% jump in revenue. Stripping out divestment and revaluation gains, bottomline would have been S$56.8m. The improvement came from both investment and management segments of the business.

Olam International: Shaking off the mud (CIMB)

Olam International
Current S$1.64
Target S$1.59
Shaking off the mud

 Olam’s 1HFY6/13 results met expectations but earnings did not take centre stage. Instead, it was the group’s recalibration of strategy, capex plans and balance sheet health that came under scrutiny in the aftermath of Muddy Waters’ accusations.

1H13 core net profits, which typically make up 40% of full-year earnings, met expectations at 39% of our FY13 forecast and 45% of consensus numbers. We keep our EPS forecasts and target price, which is based on CY13 NAV. The stock remains a Neutral in the absence of re-rating catalysts.

Unisem : “Net loss in 4Q12” (M& A)

Unisem (M) Bhd
Current Price RM0.99
New Fair Value RM1.63
“Net loss in 4Q12”

Unisem’s turnover decreased -4.78%QoQ and -1.37%YoY to RM269.44 million in 4Q12. Unisem recorded a net loss of RM20.17 million in 4Q12. We maintain our BUY call on Unisem and revise upwards the Fair Value to RM1.63 from RM1.42. We value Unisem based on 1.06x current P/BV due to its loss making status with 65% upside to current price.

Results Highlights
 Turnover decreased -4.78%QoQ and -1.37%YoY to RM269.44 million in 4Q12 mainly due to the lower average selling prices arising from changes in product mix and depreciation of RM against USD.

Yangzijiang : Staring at a hard landing (CIMB)

Yangzijiang Shipbuilding
Current S$0.96
Target S$0.75
Staring at a hard landing

 4Q missed expectations on lower shipbuilding contributions. With a potential order drought, YZJ could bestaring at a hard landing inFY14.Diversificationinto financial investments, a sticking point, is unlikely to provide much buffer.

At 21% of our FY12 EPS (full year at 92%), 4Q is below our number though broadly in line with consensus. A final DPS of 5 Scts (27% payout) has been declared. We cut our by FY13-14 EPS by 7-16% for lower revenue assumptions and introduce FY15 forecasts. Maintain Underperform and target price at 0.8x CY13 P/BV (30% discount to its last trough) with potential order cancellations as de-rating catalysts.

Hyflux: Waiting for the flow (DBSV)

HOLD S$1.35
STI : 3,287.60
Price Target : 12-Month S$ 1.43 (Prev S$ 1.39)
Waiting for the flow

• Earnings in line; higher tax expenses offset growth in revenue and improvement in margins in 4Q12
• Final dividend of 2.5Scts declared (FY11: 2.0Scts)
• Hyflux needs to deliver on contract wins and grow its S$1bn EPC orderbook further to inspire more confidence
• Maintain HOLD on limited upside to TP of S$1.43

Profit growth lags revenue growth in FY12. 4Q12 net profit of S$21.3m (up 15% y-o-y) was in line with our estimates. Though 4Q12 revenue of S$198m and PBT of S$28m was above our estimates, this was offset by higher than expected tax rate.


Investing Ideas: Small offshore support providers set to recover from short slump, says CIMB

Investing Ideas: Small offshore support providers set to recover from short slump, says CIMB
Personal Finance

Written by Kang Wan Chern of The Edge Singapore  
Tuesday, 26 February 2013 00:00

SINCE the offshore support vessel (OSV) market hit rock bottom during the global financial crisis, demand has recovered significantly, with utilisation levels now at more than 80%, after dropping below 50% in 2009. Day rates have recently slipped, however, and are now more than 50% below their 2011/12 levels on the back of higher vessel deliveries in offshore hotspots such as the North Sea, leading to speculation that the OSV market may have peaked and is now on its way down.

曾淵滄專欄 28.02.13:濠賭股業績有睇頭

曾淵滄專欄:濠賭股業績有睇頭 - 曾淵滄



馬股嚴防選後政治海嘯 自動停盤制限10%跌幅  

馬股嚴防選後政治海嘯 自動停盤制限10%跌幅  +

(吉隆坡27日訊)儘管全國大選未落定,據稱馬證交所為防上屆大選政治海嘯重演已築起“防洪堤”,其中包括跌幅逾10%即暫停交易的自動停盤機制(circuit breaker)。




Created 02/27/2013 - 17:26





尼克森宣布新董事會名單,合共有六名成員,除李凡榮之外,還包括中海油副總裁方志,其餘四名成員悉數來自尼克森原有董事會,當中Kevin Reinhart將繼續擔任首席執行官。


Buffett's Bank of America $5B Bet Pays Off

No Equity Bubbles: Is Bernanke Right?

耗资282亿 中海油八年收购路

AIA Group FY Annualized New Premium Rises 9%

AIA: Expect Robust Growth to Continue

Wednesday, February 27, 2013

AirAsia Ready to Take on India Challenge: CEO

Asia's largest low-cost carrier by passenger numbers, AirAsia, said it was "confident" about entering the Indian aviation space - a market that has been challenged by intense price competition and exorbitant operating costs.

"We've taken a lot of time to study this market, and we feel that we can now have a really low cost product, which many of the other airlines struggled to do earlier. And that's giving us confidence," Tony Fernandes, CEO of Malaysia-based AirAsia told CNBC on Wednesday.

"When we started in Malaysia - Malaysian airlines had consistently lost in domestic business, it doesn't mean what happened in the past can't be turned around," he added.

Maybulk buckling under weak rates

Maybulk buckling under weak rates
Business & Markets 2013

Written by Lee Wen Ai of  
Wednesday, 27 February 2013 09:07

KUALA LUMPUR: MALAYSIAN BULK CARRIERS BHD []’s (Maybulk) profit continued to deteriorate as the supply and demand imbalance of dry bulk vessels persists.

The carrier’s fourth quarter net profit shrank to RM17.13 million, 1.71 sen per share, compared with RM33.08 million or 3.31 sen in the previous corresponding period.

KNM returns to the black in 2012

KNM returns to the black in 2012
Business & Markets 2013

Written by Kamarul Anwar of  
Wednesday, 27 February 2013 09:25

KUALA LUMPUR: KNM GROUP BHD [] has returned to the black for the financial year ended Dec 31, 2012 (FY12) after posting a net profit of RM17.59 million in the fourth quarter.

Profit for the full year stood at RM130.6 million, against a net loss of RM91.77 million in 2011. Revenue for FY12 was higher at RM2.37 billion, against RM1.96 billion previously.

Upgrades, dividends lift AirAsia

Hot Stock Upgrades, dividends lift AirAsia
Business & Markets 2013

Written by Chong Jin Hun of  
Wednesday, 27 February 2013 10:09
KUALA LUMPUR (Feb 27): AIRASIA BHD [] rose as much as 9% in early trade on analysts' upgrades after the low-cost carrier (LCC) posted a significant rise in quarterly and full-year profit. Investors had also chased the stock for its dividends.

At 9.55am, AirAsia changed hands at RM2.84 with some eight million shares done, after rising as much as 23 sen to RM2.87 earlier. The stock was among the most-active and top-gainer list across the exchange.

净利劲翻1.68倍 亚航末季派息18仙

净利劲翻1.68倍 亚航末季派息18仙
Created 02/27/2013 - 08:09




存款戰瀕爆 內銀全挫

存款戰瀕爆 內銀全挫



瑞銀:看好港股今年盈利   [2013-02-27]  

香港文匯報訊 (記者 黃詩韻) 踏入新一年,外圍經濟環境仍然未見理想定局,瑞銀財富管理料在兩會上擬定的中國今年經濟增長目標將為7.5%,並看好今年港股盈利。





CapitaLand 4Q12: Focusing On Core Segmental Growth (UOBKH)

Share Price S$3.90
Target Price S$4.41
4Q12: Focusing On Core Segmental Growth

China’s residential sales momentum is building up, driven by first-time homebuyers. In Singapore, the new incentive schemes after the latest round of policy measures are generating home-buying interest with strong sales pickup seen at ‘D'Leedon’. The acquisition of a prime waterfront mixed development site in Iskandar is a long-term positive. Potential monetization of AustraLand, Storhub and Surbana businesses could unlock shareholder value. Maintain BUY with a raised target of S$4.41 (from S$4.33).

Parkson Retail Asia: Look forward to a stronger 2H (OSK)

Parkson Retail Asia: Look forward to a stronger 2H
(Downgrade to Neutral,  S$1.69,  TP:  S$1.77)
PRA reported a 3% decline in 2Q13 PATMI of S$13.2m, which came in below our expectations. The decline is attributed to lower same-store-sales growth across all markets. Malaysia recorded SSSG of 2.8% vs our forecast of 7% (guided: 7-9%) due to a late Chinese New Year which will see the festive season buying only reflected in 3Q13. In Indonesia, SSSG was 4.5% vs forecast of 9% (guided: 8-10%) as one store in Jakarta suffered from a temporary drop in traffic due to a new mall opening  nearby but traffic has since reverted back to normal. Vietnam fared worse  than expected with SSSG declining by a steep -8.4% yoy due poor economic conditions as well as operating losses from its new mall. Going forward, we expect a stronger 2H13, particularly from Malaysia which accounts for 74% of Group revenue.

Olam International: Debt Level Rising (KE)

Olam International
Sell (unchanged)
Share price: SGD1.635
Target price: SGD1.30 (unchanged)

Debt Level Rising
 Below expectations. We believe Olam 2QJuneFY13 results were slightly below market expectation, but in-line with ours. Net profit excluding exceptional gains was up just 6% yoy to SGD136.1m, bringing 1HFY13 to SGD179.2m. Stripping out biological gains, 1HFY13 net profit comes to SGD147m, against full-year consensus of SGD347m.

Volumes up, but core earnings weak. Similar to the previous quarter, volume growth continues to be strong this year, up 54% yoy for the quarter.

Jaya Holdings: Early dividend surprise (DBSV)

Jaya Holdings
BUY S$0.71
STI : 3,261.77
Price Target : 12-month S$ 0.85
Early dividend surprise

• 2Q13 below expectations as impairment charge a drag on an otherwise good quarter
• Earlier than expected resumption of dividends; interim DPS of 0.5 Scts declared
• FY13F earnings cut by 19% on impairment charge and expectation of a weaker 3Q; FY14F is intact
• Stay invested for the longer term recovery; BUY, TP S$0.85

Impairment charge a drag on an otherwise good quarter. 2QFYJune13 revenue jumped >7x, within expectations, mainly from higher vessel sales (2Q13: 2 units vs. 2Q12: nil).

Biosensors International: Enhancing shareholder value (DBSV)

Biosensors International
BUY S$1.37
STI : 3,261.77
Price Target : 12-Month S$ 1.71 (Prev S$ 1.41)
Enhancing shareholder value

• 3Q13 results 16% below expectations as Terumo sales disappoints again
• Positive catalyst from impending acquisition utilising S$300m funds raised
• Maintain BUY with higher TP of S$1.71

16% below expectations, Terumo disappoints again. Net profit of US$24.9m for the quarter was 16% below our US$29.5m expectations. Terumo licensing revenue was US$13.7m (-38% y-o-y, -4% q-oq), 24% below our forecast of US$18m as a result of reduction in Terumo’s DES sales in Japan.

CapitaMalls Asia: Focus to be on Delivering Growth (KE)

CapitaMalls Asia
Share price: SGD2.08
Target price: SGD2.55 (unchanged)
Focus to be on Delivering Growth
Core PATMI missed the mark. Excluding revaluation and portfolio gains, CMA reported a 45% YoY growth in FY12 core PATMI to SGD175.7m, missing the consensus estimate of SGD208.5m. This was due mainly to higher-than-expected corporate costs and pre-opening expenses. Operationally, the malls are largely performing in line with expectations, with quite a number of recently completed malls to contribute more strongly in FY13. CMA has proposed a final dividend of 1.625 cents, for a full-year dividend of 3.25 cents. Maintain BUY.

发展台双子星破局 怡保花园股价企稳

发展台双子星破局 怡保花园股价企稳
Created 02/27/2013 - 11:14




Singapore Airlines: Premature optimism (OCBC)

Singapore Airlines:
Fair value    S$10.85
add: 12m dividend forecast S$0.16
versus: Current price  S$11.15

Premature optimism
• Results fall short
• Our optimism was premature
• Recent share run-up likely to be reversed

Singapore Airlines’s (SIA) 3Q13 results came in below our expectations with operating profit declining 20.4% YoY to S$131.0m. Although revenue held up well during the seasonal travel peak, it came at expense of declining passenger yields (YoY basis) following increased promotional activity, which offset some savings from favourable fuel prices during the quarter.

Asia Enterprises : Holding Steel In Hard Times (UOBKH)

Asia Enterprises
Price/Target S$0.255/
Holding Steel In Hard Times

• Annual net profit down 81% yoy. Asia Enterprise Holding Ltd (ASEH) reported an annual net profit of S$1.67m, down 81% yoy. This is mainly attributable to a 21% drop in revenue and decline in gross profit margins from 12.3% to 7.8%. The group also charged a one-time write-down of S$1.2m in its inventory in view of the recent decline in steel prices. Excluding the write-down of inventory, annual net profit will be S$2.87m

Amtek Engineering: Hang on for a little more (CIMB)

Amtek Engineering
Current S$0.58
Target S$0.56
Hang on for a little more

 Amtek continues to see strong tooling sales which should eventually translate into component sales further down the road; at the same time cash flows and dividends stay decent. However, the current macro environment remains soft for Amtek.

2QFY13 core net profit was about 4% below our forecast, and formed about 21% of consensus and 23% of our full-year estimate. With largely in-line results, we leave our FY13-15 forecasts and 1.4x P/BV target (still based on the industry average) unchanged. Maintain Neutral as we expect decent dividend yields to support its share price.

ASL Marine: It ain’t over till the fat lady sings (CIMB)

ASL Marine
Current S$0.74
Target S$0.86
It ain’t over till the fat lady sings

 ASL delivered a sterling 1H report card owing to robust growth from all three segments. The most telling indicator of a bright outlook during the briefing was a marked bullishness by ASL’s conservative CEO, Mr Ang. Quarterly earnings momentum and strong orders are catalysts.

At 32% of our FY12 forecast (1H at 69%), 2Q core earnings were 52% ahead of our expectations, and broadly in line with consensus. The positive variance stems from higher-than-expected gross margins across all segments. We raise our FY13-15 estimates by 4-23%. Maintain Outperform and raise our target price, still at 0.9x CY13 P/BV, its 5-year mean.

Airasia to Start India Venture in 4th Quarter: CEO

CapitaLand Limited: Overall positive on Danga Bay project (OCBC)

CapitaLand Limited:
Fair value    S$4.29
add: 12m dividend forecast S$0.08
versus: Current price  S$3.95

Overall positive on Danga Bay project
• 51% stake in Johor Bahru project
• Estimated S$0.04/share RNAV accretion
• Fair value estimate raised to S$4.29

Summary: CAPL is taking a 51% stake, alongside Iskandar Waterfront Sdn Bhd (40%) and Temasek (9%), in a JV to acquire and develop a 71.4 acre freehold site in A2 Island, Danga Bay in Johor Bahru, Malaysia. This is the group’s first major Malaysian township development, which is envisioned to be a premier waterfront residential community.

Singapore Strategy: Taking stock of our preferred (CIMB)

 Taking stock of our preferred
Singapore’s FSSTI, having rallied together with the MSCI APxJ index though Dec-Jan, shows signs of losing momentum in Feb, in-line with equity markets .Our Singapore downgrade in November was premised on expectations of it lagging China. That has worked until recently.

 Singapore has started to outpace the MSCI APxJ, only because China’s SSE has been weak recently; we do not think the recent outperformance will prove to be lasting. We retain Neutral on the FSSTI with unchanged year-end target of 3,316 (bottom-up, implies 14.8x CY13 P/E). We make some changes to our top picks though.

港股超賣 撈底時機到

港股超賣 撈底時機到


投資SUN國度:短線炒賣難度高 加注買REITs

投資SUN國度:短線炒賣難度高 加注買REITs



曾淵滄專欄 27.02.13:業績靚仔撐起股價

曾淵滄專欄:業績靚仔撐起股價 - 曾淵滄





Created 02/26/2013 - 18:34




载客率上扬 马航表现料不俗

载客率上扬 马航表现料不俗





Created 02/26/2013 - 18:39





财华专题:长实拆售酒店 港府再出辣招

Singapore's Growth Story


2013-0222-57金錢爆(用閃電 救經濟)4-2


Cash Is at the Heart of the Einhorn-Apple Fight

Does the Singapore Budget Deliver on its Promises?

Tuesday, February 26, 2013

UOA 发展 认购率强劲

UOA 发展 认购率强劲
Created 02/26/2013 - 12:19





KNM 4Q profit down qoq, returns to black for full year

KNM 4Q profit down qoq, returns to black for full year
Business & Markets 2013

Written by Kamarul Anwar of  
Tuesday, 26 February 2013 15:04

KUALA LUMPUR (Feb 26): KNM GROUP BHD [] posted a fourth quarter profit, a turnaround from losses incurred a year earlier, as the company raked in higher revenue and registered a lower effective tax rate.

In a statement to Bursa Malaysia, KNM said net profit for its fourth quarter ended December 31, 2012 (4QFY12) was RM17.59 million, or 1.69 sen per share, on revenue of RM590.24 million.

MAS expects better results for 1Q

MAS expects better results for 1Q
Business & Markets 2013

Written by Bernama  
Tuesday, 26 February 2013 14:50

KUALA LUMPUR, Feb 26 (Bernama) -- Malaysia Airlines (MAS), which is in the midst of fund raising, expects its first quarter financial result due March 31, 2013, to be better than last year, its group chief executive officer Ahmad Jauhari Yahya said.

"The first quarter normally has been a softer quarter traditionally because December tends to see strong travelling activity," he told Bernama in an interview.  

Singapore’s Darwinian budget sparks employer ire

Companies must pay higher levies for lower-skilled foreign employees over the next two years and cut the proportion of overseas workers in some industries, Finance Minister Tharman Shanmugaratnam said in his budget speech yesterday.

Crest Builder posts strong earnings, sees busier 2013

Crest Builder posts strong earnings, sees busier 2013
Business & Markets 2013

Written by  
Tuesday, 26 February 2013 09:20

KUALA LUMPUR: CREST BUILDER HOLDINGS BHD []’s net profit for the financial year ended Dec 31, 2012 (FY12) rose 31.5% from a year ago to RM40 million or 30.7 sen a share, while its revenue gained 39.1% to RM695.13 million.

The group’s core earnings of RM19.6 million for FY12 outperformed Kenanga Research estimates of RM17.1 million, it said in a statement.

Dividend, higher profits lift Crest Builder shares

Hot Stock Dividend, higher profits lift Crest Builder shares
Business & Markets 2013

Written by Chong Jin Hun of  
Tuesday, 26 February 2013 10:12

KUALA LUMPUR (Feb 26): CREST BUILDER HOLDINGS BHD [] shares rose among top gainers as investors chased the stock to capitalise on the firm' proposed dividends. This follows the company's announcement that fourth-quarter net profit grew more than seven-fold.

At 9.50am, the stock rose as much 6.5 sen or 9% to an intraday high of 82 sen with some 158,000 shares done. Crest Builder was the fifth-largest gainer across the exchange.

Moody's cautious on high speed rail link project

Moody's cautious on high speed rail link project
Business & Markets 2013

Written by Bernama  
Tuesday, 26 February 2013 12:14
SINGAPORE (Feb 26): Despite creating a lot of excitement on both sides of the border, Moody's is taking a cautious view on the High Speed Rail link between Singapore and Kuala Lumpur until more details of the project are revealed.

Christian de Guzman, Vice President-Senior Analyst, Moody's Investors Service Singapore Pte Ltd, said: "It is definitely creating a lot of buzz, but I think we prefer to be cautious about this.

Mapletree said to plan REIT pricing at top end of marketed range

Mapletree said to plan REIT pricing at top end of marketed range

Mapletree Investments plans to sell shares in an initial public offer of a real estate investment trust at the top end of a marketed range, raising about $1.6 billion, said three people with knowledge of the matter.

Mapletree Greater China Commercial Trust, backed by assets in Hong Kong and China, will be priced at 93 cents a share, the people said, asking not to be named as the process is private. The shares had been offered at 88 cents to 93 cents.

小股东要求监理单位彻查 马帕斯发附加股违法?

小股东要求监理单位彻查 马帕斯发附加股违法?
Created 02/26/2013 - 11:55



Wilmar says China crushers cut soy stocks before Brazil crop

Wilmar says China crushers cut soy stocks before Brazil crop
MONDAY, 25 FEBRUARY 2013 18:24

Soybean crushers in China, the biggest importer, are draining inventories as they expect prices to drop on Brazil’s record harvest, even as the country struggles with shipping delays, said Wilmar International.

“We don’t carry excessive stocks of U.S. beans, which is more expensive,” Chief Executive Officer Kuok Khoon Hong said in a Feb. 22 interview, without giving figures. “Everybody is waiting for prices to fall,” he said, referring to processors in China. Wilmar is the country’s top cooking oil supplier.

High dividend stock picks (HLG)

High dividend stock picks
Defensive higher yielders in stocks/REITS
In anticipation of more volatility on Bursa Malaysia amid election jitters, high dividend yield investments are always a safer bet because they provide real downside protection. Highyield stocks/REITS (FIG3&4), which offer higher than 2012 EPF dividend of 6.15%, are attractive alternatives to low returns in fixed income instruments or fixed deposits. Currently, 3-year MGS promises yields of around 3.5% while 1-year fixed deposit rates generate returns around 3-3.5%.

For investors with a higher degree of risk-averse, big caps yielders (FIG5) are better exposures despite lower dividend yields against FIG3&4.

Biosensors International Group: Revenue guidance lowered (OCBC)

Biosensors International Group:
Fair value    S$1.63
add: 12m dividend forecast S$0.00
versus: Current price  S$1.37

Revenue guidance lowered
• 3QFY13 core PATMI slips 9.2% YoY
• Drug-eluting stent business continues to  perform well
• Lower FV to S$1.63

Biosensors International Group (BIG) reported a disappointing set of 3QFY13 results which missed our below-consensus estimates. Revenue fell 4.0% YoY to US$81.3m, dragged down by weak licensing and royalties revenue (-37.8% YoY), and was 11.2% below our forecast.

CSC Steel - FY12 Results: In Line

CSC Steel -
Price Target :1.25
Last Price : 1.21
FY12 Results: In Line

FY12 reported net profit of RM28m came in within expectations, at 97.3% of consensus estimates and 100% of our forecast.

Recommended a final NDPS of 7 sen ( 5 sen final and 2 sen special, going ex on 28 Jun 13 and payable on 11 Jul 13), translating to a commendable net yield of 5.9%.

CapitaMalls Asia: Hit by start-up costs again, but operating metrics on the up (CIMB)

CapitaMalls Asia
Current S$2.08
Target S$2.16

 Hit by start-up costs again, but operating metrics on the up

Pre-opening losses hit CMA’s result again and this could stretch to 1Q13. But operating metrics wise, growth in same-mall NPI and China tenant sales stayedfirm. We think cap rate compression and accretive recycling are needed to push the stock beyond its 1.3x P/BV valuation.

4Q12 core earnings were below expectations, at 14% of our full-year forecast (16% of consensus), taking FY12 core EPS to 83% of our forecast. We lower our FY13-14 core EPS as we factor in the expensing of some start-up costs. We lift our target price (10% RNAV discount) for higher same-mall NPI in China. Maintain Neutral on valuation grounds.

Sunway: The Singapore Factor(MIDF)

Price (05 Feb 13) 2.40
Target Price 2.96
52-wk price Range RM2.15 -2.75
The Singapore Factor

• Now one of the largest landowners in Iskandar
• Iskandar to be Sunway’s growth driver moving forward. Expect a milestone property launch in late FY13
• Undemanding valuation, steep discount to sum-of-parts

One of the largest land owners in Iskandar: Recall that Sunway Berhad (Sunway), via joint-venture companies acquired 3 adjoining land parcels (Iskandar Land) in Iskandar Malaysia (Iskandar) over the past 1 year including Medini Living (acquired in Dec 2011), Pendas North and Western Pendas South (acquired in Dec 2012) as well as Eastern Pendas South (acquired in Jan 2013). The Iskandar land measured about 1,770 acres with combined potential gross development value (GDV) of RM30b (effective GDV RM18b). The land contributed to about 57% of the total GDV of Sunway. Hence, the success of the development will have a crucial bearing on the long term sustainability of the company.

DBS Group: A matter of timing (CIMB)

DBS Group
Current S$14.96
Target S$17.39
A matter of timing

 Management explained that DBS missed analysts’ forecasts as revenue turned out lighter than expected. Some of the spikes in expenses werealso one-off in nature. With China loan volumes back, margin pressure behind, and capital markets activity picking up, 1Q13 looks better.

We trim CY14-15 EPS by 3%on lowered margins. Our Outperform rating and DDM-based target price (1.27x CY13 P/BV; g 4.2%) are unchanged. Catalysts are expected to come from a variety of fee earnings drivers and from future evidence that the weak 4Q12 was merely seasonal.

Malaysia Strategy: Have we hit the bottom before GE13? (Mercury)

Malaysia Strategy:
Have we hit the bottom before GE13?
 Mercury advises investors to focus on value and buy on weakness when the market “overreacts” in the run up to the election.

 The General Election (GE) is the key macro risk and Mercury sees Malaysian equities to be highly correlated in the short-term.

 Mercury favours stocks with strong fundamentals, attractive valuations and presence outside Malaysia.

 Filtered by our Three Factor Model, we present a list of 6 Malaysian stocks intended for the impending GE13.

Cache Logistics Trust: First deal in the bag (DBSV)

Cache Logistics Trust
BUY S$1.28
STI : 3,276.53
Price Target : 12-Month S$ 1.40
First deal in the bag

• Proposed acquisition of ramp-up warehouse for S$55.2m at 15 Gul Way
• 8.7% initial yield higher than portfolio average
• BUY, S$1.40 TP based on DCF

Proposed acquisition of 15 Gul Way. Cache Logistics Trust (Cache) announced that they have signed an option to purchase Precise Two Building (along 15 Gul Way) for S$55.2m (inclusive of upfront land premium of S$6.15m).

Wilmar International : Saving the best for last (CIMB)

Wilmar International
Current S$3.68
Target S$3.90
Saving the best for last

 FY12 core EPS was 10% ahead of our forecast and 5% ahead of consensus on a better palm & laurics performance and lower effective tax rate of 12% in 4Q. Profits from its oilseeds & grains division were also commendable.

4Q core EPS was the best in 2012 thanks to a strong palm & laurics division. A final dividend of S$0.03 beat our S$0.01 expectation. We keep our EPS and SOP-based target price pending today's briefing. Maintain Outperform with catalysts expected from its continued earnings recovery in FY13.

Hi-P International : Too early to turn positive (CIMB)

Hi-P International
Current S$0.70
Target S$0.64
Too early to turn positive

 This morning’s results briefing covered both positive and negative issues. We believe its planned Nantong plant will be surplus capacity but are encouraged by an expected uptick in orders from BlackBerry following its new launch.

We fine-tune our EPS by ±1%but keep our target price at0.9x CY13 P/BV (-o.5 SD below its 5-year mean), its recent low. Maintain Underperform on weak results expected for the next couple of quarters.

Unisem : Focusing on Capital Preservation (TA)

Unisem (M) Berhad
TP: RM0.85
Last Traded: RM0.99
Focusing on Capital Preservation

_ Excluding those one-off extraordinary items such as impairment of assets and provision for and write-off of inventories and receivables, amounting to total RM20.7mn, Unisem recorded core losses of RM11.6mn, exceeding both our full-year loss projections of RM3.6mn and consensus estimate of a loss of RM8.5mn. The variance was due to lower-than-expected margins resulted from retrenchment cost and lower revenue.

_ In line with the general industry trend, Unisem reported a sequential weaker performance with revenue declined by 4.8%. The decrease in revenue can be attributed to the adjustment in the supply chain inventory. In term of product specific, all three segments including packaging, testing and wafer bumping, recorded sequential drop in revenue of 4%, 2% and 30% respectively.

Mapletree Greater China Commercial Trust : Riding on China’s consumption story (KE)

Mapletree Greater China Commercial Trust
Riding on China’s consumption story

Attractive Yields. Mapletree Greater China Commercial Trust (MGCCT) is slated for listing on 12 Mar 2013, with market cap of SGD2.3-2.5bn (Offering Price of SGD0.88-0.93 per unit). Its initial portfolio comprises the Festival Walk (NLA: 794k sqft; Valuation: SGD3.4bn; Avg NPI yield-on-cost: c.4.2%) in HK and Gateway Plaza (NLA: 1,146k sqft; Valuation: SGD1bn; Avg NPI yield-on-cost: c.4.9%) in Beijing, According to the preliminary prospectus, MGCCT is offering DPU yields of 5.6%-6% for FY3/14 and 6.1%-6.5% for FY3/15, to be paid semi-annually. This compares favorably with other listed Chinabased landlords such as CRCT (5.2% yield), Fortune REIT (5.1% yield) and PCRT (6% yield).

Asian Dry Bulk Shipping Sector (CS)

Asian Dry Bulk Shipping Sector
4Q12 earnings improvement and asset purchases confirm worst behind us

● Following our recent upgrade of the dry bulk shipping industry, we continue to find evidence of a sector whose earnings have bottomed out, along with signs that its asset values are poised to improve.

● STX Pan Ocean (STXPx.SI, N/R) released a preview of its 4Q12 results yesterday, demonstrating a marked turnaround in fourth quarter operating profits, with dry bulk volumes up 14%. At the same time, US-listed SAFE Bulkers (SB.N, N/R) has been buying second hand vessels—a move we expect to see echoed when Pacific Basin releases its results next week and confirmation that dry bulk physical assets are firmly in the “value zone”.

Making Greater KL 'higher, denser, greener'

Making Greater KL 'higher, denser, greener'


KUALA LUMPUR: The Greater KL/Klang Valley, whic is expected to host 10 million people in 2020, will have to have "higher, denser, faster and greener" buildings to accommodate the population.

Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said a better public transportation system, encouragement for groundfield developments with higher plot ratio and greening-the-city projects are part of enhancement efforts to make the city more livable.





 香港文匯報訊(記者 涂若奔)內地經濟持續復甦,加上有消息指RQFII(合格的人民幣境外機構投資者)將修改規則,令A股迎來千億元新資金,不少分析看好A股走勢,認為年底前有望突破3,000點關口。但亨德森遠見中國躍升基金首席基金經理沈昱認為,RQFII在A股市場佔比較小,即便該消息屬實,對A股的影響也不大。她預料A股今年將會有一定漲幅,但很難升至3,000點。

RQFII佔比小 影響不大

曾淵滄專欄 26.02.13:打壓樓市利公用股

曾淵滄專欄:打壓樓市利公用股 - 曾淵滄





Created 02/25/2013 - 17:30





《創富激發點》羅家聰 :A股與港股為蛇年焦點

PhillipCapital Weekly Market Watch 22.02.2013-China A-Shares



Growth in Singapore Poised to Change Dramatically

Monday, February 25, 2013

挥别投资转向消费 中国经济再平衡

挥别投资转向消费 中国经济再平衡
Created 02/25/2013 - 14:12

想必许多人脑中首先浮现的,会是“Made in China(中国制造)”这几个字。



Affin Research: Undervalued UOA top pick for property sector

Affin Research: Undervalued UOA top pick for property sector
Business & Markets 2013

Written by Janice Melissa Thean of  
Monday, 25 February 2013 15:01

KUALA LUMPUR (Feb 25): Affin Investment Bank has raised its target price (TP) on UOA Development Bhd to RM2.42 (from RM2.40) for undemanding valuations and high dividend yield.

“UOA remains our top pick for exposure to the property sector for its undemanding valuation at 6.3 times 2013 price-earnings ratio (PER), 1.1 times price-net tangible assets (P/NTA) and high dividend yield of over 6%; strong cash position of RM359 million; strong branding; strong execution track record; and experienced management team who are highly adaptable to changes in market dynamics,” said Affin IB analyst Isaac Chow in a note this morning.


Created 02/25/2013 - 13:19



该公司通常比预期早推出产业计划,并享有完整认购率。该公司目前正发展槟城首个综合城镇———珍珠城(Pearl City),发展总值为30亿令吉。

凭单专栏:末季业绩恶化 友尼森“母子”欲升无力

凭单专栏:末季业绩恶化 友尼森“母子”欲升无力
Created 02/25/2013 - 13:19



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)

乔治·索罗斯(George Soros)



高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo

There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
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