Saturday, March 23, 2013

中海油續擴產 資本開支升5成


中海油續擴產 資本開支升5成
去年少賺9% 派末期息32仙
剛完成收購尼克森(Nexen)的中海油(00883)繼續加大資本開支力谷產量增長,今年資本開支預算升最多逾五成。董事長王宜林表示,中海油在資本支出一向穩健及審慎,考慮持續發展,未來會加大勘探投入。

中海油去年資本開支增長43.1%至91.9億美元,當中勘探開支大增73.3%,今年總開支將進一步提高30.6%至52.3%,到120億至140億美元。

物流業復甦‧3股受看好

物流業復甦‧3股受看好
Created 03/22/2013 - 17:24
(吉隆坡22日訊)國內物流業已開始在2013年復甦,興業研究維持“加碼"評級,並建議趁低累積大馬郵政(POS,4634,主板貿服組)、貨運管理(FREIGHT,7210,主板貿服組)及泛亞物流(TASCO,5140,主板貿服組),尤其大馬郵政稅務優惠戶頭一筆7千多萬令吉有望派作特別股息。

興業研究認為,儘管2012年受全球經濟疲弱所挫,但專注國內業務的大馬郵政持續錄下不俗增長。今年出口成長改善,東南亞按年強勁成長,中美各有成長,國際貨幣基金組織(IMF)預料全球取得較去年更俏麗增長,微揚3.5%,料有助推動全國實質出口增長4.5%,大馬今年經濟料成長5.4%。

大選逆風影響‧睦興旺展望難評斷


大選逆風影響‧睦興旺展望難評斷
Created 03/22/2013 - 18:39
(吉隆坡22日訊)睦興旺工程(MUHIBAH,5703,主板建築組)旗下造船部門在沉寂多時之後,最近終於迎來一項總值2億1千600萬令吉的造船合約,分析員認為這是正面進展,惟由於大選逆風影響,該股中期仍難被重新評級。

同時,該股在昨日飆漲18%,利好因素已大致反映在股價上。

睦興旺工程獲得SILK控股(SILKHLD,5078,主板基建計劃組)子公司Jasa Merin公司頒發訂造3艘錨定處理拖船(AHTS)的合約。同時其62%股權子公司輝高(FAVCO,7229,主板工業產品組)宣佈在今年2月和3月收到4項總值共7千880萬令吉的採購訂單或意向書。

3B計劃各方覬覦‧楊忠禮電力挑戰大

3B計劃各方覬覦‧楊忠禮電力挑戰大
Created 03/22/2013 - 17:25
(吉隆坡22日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)尋求參與競標國內1千兆瓦新煤炭發電廠,興業研究相信競標新發電廠可望填補獨立發電廠業務盈利,惟繼續對新加坡西拉雅電力賺幅收窄和WiMax業務保持謹慎。

興業研究與該公司管理層會面後指出,楊忠禮電力放眼參與能源委員會(EC)招標的3B計劃,該計劃包括2座1千兆瓦發電廠,替該公司提供填補發電廠業務盈利的機會。

不過,由於其他業者對3B計劃同樣興趣濃厚,興業相信楊忠禮電力可能必須呈交極具競爭力的競標書才能攬下3B計劃。

Shipping: Facing the hard realities (CIMB)


 Facing the hard realities
AE spot rates rose 42% wow as more than half of the sought-after GRI was passed through. But rates may be eroded absent major capacity management. The CKYH alliance’s move to abandon the reintroduction of the NE4 loop in May is a step in the right direction.

 Meanwhile, TP spot rates are holding up relatively well and indicative rates for the 2013/14 contract season are likely to be better than in the previous year. Overall, the container industry’s profitability should improve and we are keeping OOIL and SITC as Outperforms. However, our top pick remains Pacific Basin, on the back of its 24% discount to trough SOP. We are Neutral on the sector overall.

Are you scared to invest? Billionaire Warren Buffett's tips on how to overcome it


The Star Online > Business
Monday March 18, 2013
Are you scared to invest? Billionaire Warren Buffett's tips on how to overcome it

Financial Snacks - By Joyce Chuah

“If you’re going to be this way each time your shares drop by one sen, you might as well just sell them off!”
Fear is a common emotion in our lives and in many instances, it protects us from danger.

However, investors' fear may be more punishing than protective, writes JOYCE CHUAH.

I HAVE often said this in my seminars: “Many of us want to invest but a few of us are NOT prepared to be investors.”

麥嘉華(Marc Faber)筆記:股債已飆 寧願揸黃金


麥嘉華筆記:股債已飆 寧願揸黃金 - 麥嘉華

我最近出席了一個投資研討會,會上有一位頗具人氣的經濟師向金市好友們大潑冷水。我認同黃金和工業用金屬曾有一段日子表現不濟,跑輸給股票。不過,自2000年起,黃金和商品的回報率一直跑贏美國股票。

金價並非那麼昂貴
對於有說法指股市可以節節上揚,同時金價將慘跌,我確實無法說服自己相信這一套理論,原因是我認為各大中央銀行尚無意放棄「印鈔救市」的大計,到頭來恐怕會令到整體經濟活動和資產市場變得不穩定。部份人或會反駁稱,在上世紀1980和90年代,當時便是「股市得意,金市失寵」,為何這局面一定不會在今天歷史重演?

Astro – FY13 results mostly within expectations (OCBC)


Astro –
Fair value MYR3.00
add: 12m dividend forecast MYR0.10
versus: Current price MYR2.76

FY13 results mostly within expectations
• Total dividend of 4.0 MYR cents
• Margin recovery from FY15
• BUY with higher MYR3.00 FV

Astro Malaysia Holdings Berhad (Astro) reported FY13 revenue of MYR4265.0m, up 10.9%, and was 0.3% above our forecast. Although net profit fell 33.6% to MYR418.0m, weighed by higher operating cost including depreciation, it was 4.7% below our forecast.

胡立阳 :与“熊”共舞



泡沫,似近还远?


泡沫,似近还远?
Created 03/22/2013 - 13:24
这几年,不断听到大马房产价格好贵的抱怨,要拥有自己的家,似乎难若登天。

当房贷成为肩上沉重的压力,收入又追不上房价增值步伐时,“大马房产是否趋近泡沫?”的言论,便不绝于耳。

究竟,什么是产业泡沫,我们离它是近、是远?

房地产泡沫难测试

财经追击 Episode 47 : 03.03.13 -Singapore Budget





财经追击 Episode 46 : 24.02.13 -Singapore Budget





曾淵滄教路 05.03.13 : 中國多富豪名牌股有「錢」途

中國多富豪名牌股有「錢」途
近一段日子,股市波動非常激烈,調整加劇,但又會突然出現巨大的反彈,原因是外國情況也如此,特別是美國,美國道瓊斯指數已愈來愈近創歷史新高點,但也在這種水平遇上很強的阻力。

不過,大家不妨留意,只要業績好,股價一定能抗跌,逆市上升,最佳例子就是友邦(1299),上星期友邦公布一個非常亮麗的業績,去年盈利增長89%,而且展望未來也很好,於是友邦股價逆市上升,更創出歷史新高的水平,因此,大家選股時,只要選中有前途的股,就不必太擔心調整。

大英Blog物館 26.02.13 : 資訊爆棚年代 問題需拆細分析


資訊爆棚年代 問題需拆細分析
全球最大對沖基金Bridgewater掌門人達利奧(Ray Dalio)(詳見本欄482期),一九七一年時,尚是初出茅廬的大學畢業生,在紐約股票交易所當個文員,大概就是《大時代》中,劉青雲剛進華人會時,擔任的高級跑腿「後生」。同年八月中,總統尼克遜公告天下,官方停止接受美元兌換黃金。廢除布雷頓森林協定,意味廿多年來貨幣相對穩定的年代告終,可以算是近代金融的頭等大事。

睇住電視直播,達利奧心想:「廢除金本位?銀紙無價值,天下大亂喎!」第二朝一早,他便抱着這個想法,在交易大堂紥行馬步,等候股市大瀉。哪知道杜瓊斯指數一下子便爆升4%,金價當然亦同時猛上。這段走勢,後來被稱為「尼克遜大漲」(Nixon Rally)。於此一役,並沒有達利奧當時輸贏的記載,況且以當時一介

Midas Holdings : Wait. The Orders Will Come (KE)


Midas Holdings
Buy (unchanged)
Share price: SGD0.485
Target price: SGD0.75 (from SGD0.48)
Wait. The Orders Will Come
Expect more clear visibility after the NPC. China’s 12th National People's Congress (“NPC”) has kicked off in Beijing last week and will last for about two weeks. New policies, budget approval and legislation will be discussed during the NPC session and the new policies will be gradually announced to public after NPC closes. We expect more clear visibility in the development of high-speed railways after the NPC.

Restructuring of Ministry of Railways? It seems that the Ministry of Railways may soon be restructured as part of a wider exercise by the Chinese government to streamline its ministries.

KS Energy: Early redemption of CB resolved; overhang over (OCBC)


KS Energy:
Fair value S$0.70
add: 12m dividend forecast S$0.00
versus: Current price S$0.68

Early redemption of CB resolved; overhang over
• Rights issue at S$0.41/share
• New conv bonds issue
• Early redemption issue resolved

KS Energy (KSE) recently announced that it will undertake a renounceable underwritten rights issue to raise gross proceeds of about S$42.1m. The last day for the trading of “nil-paid” rights is this Wed (20 Mar 2013).

Kevin Scully: What does the revamp of the China Railway Ministry mean for Midas - one of My Stock Picks ?


What does the revamp of the China Railway Ministry mean for Midas - one of My Stock Picks ?
Monday, 11 March, 2013  1:44 PM
Posted by Kevin Scully

China's new Government under President Xi Jinping has announced a major overhaul of China's railway bureaucracy with the closure of the once powerful but corrupt Railway Ministry.  Over the weekend, China announced that it was scrapping its Raiway Ministry and folding its functions into the Transport Ministry.  It would also be creating the Railways Corporation of China to run China's railway system.  Nobody knows the impact of this change but we can speculate.

AirAsia : Adding Zest to the Philippines (CIMB)


AirAsia
Current RM2.82
Target RM3.10
Adding Zest to the Philippines

 AirAsia entered into an alliance with Zest Airways that will see AirAsia Philippines (AAP) own 49% of Zest. We view this positively as it will provide AirAsia access to Zest's precious slots at Manila airport and give it a platform for potentially profitable domestic services.

There is no change to our EPS estimates pending further details of funding plans for this alliance. We maintain our Outperform rating and target price (still at 9x CY14 P/E, sector average). AirAsia continues to entrench its position as the dominant low-cost carrier in Asia. Upside catalysts include the new dividend policy and potentially lower losses for AAP and AirAsia Japan.

China COSCO: What’s next on the COSCO block? (CS)


China COSCO Holdings
Price (12 Mar 13 , HK$) 4.08
TP (prev. TP HK$) 3.30 (3.30)
Maintain UNDERPERFORM
What’s next on the COSCO block?

● Bloomberg reported that China COSCO could sell more assets to its parent to raise as much as Rmb27 bn. This followed its announced sale of COSCO Logistics on 11 March 2013.

● We believe COSCO will consider divesting more non-core assets in order to boost FY13 profits. CIMC, the box manufacturing associate and box leasing unit, as well as older dry bulk vessels seem likely to be top of the list. Selling the entire loss-making dry bulk unit is unlikely, given the sector’s current low valuation.

Sunway: New Job From Prasarana (MIB)


Sunway
Hold (unchanged)
Share price: MYR2.76
Target price: MYR2.65 (unchanged)
New Job From Prasarana

Another new job. We are mildly positive on Sunway’s latest MYR452.5m job win from Prasarana. Whilst the short-term earnings impact could be muted due to corporate social responsibility (CSR) initiatives worth MYR99m, the proposed BRT line should enhance property/land value in Bandar Sunway over the long term. We maintain our earnings forecasts and MYR2.65 TP (45% discount to RNAV), as we already assume job wins of MYR1.8b for FY13. Maintain HOLD.

巴菲特投资三十六计之二十九:抛砖引玉

巴菲特投资36计”之二十九:抛砖引玉 (2011-07-11 11:37:52)

股市抛砖引玉引诱投资者受骗上当最经常用的一大诱饵是伪成长股。其实股市中真正的超级成长股极其罕见,只有独具慧眼又能危中取机如此有胆有识才能成为挑出 并买到这些大牛股的少数大赢家。而很多时候,一些机构或个人推荐的看似非常赚钱的所谓超级成长股,其实是他们好心做坏事甚至是居心叵测故意做坏事,故意诱 你上钩抛出砖头,目标是引出你手中的宝玉——宝贵的资金。伪成长股如同用粮草来诱敌,看似类同,实质有很大不同。正如巴菲特所说:“查理和我即便在寻觅一生之后,也只能够鉴别少数竞争优势持续"注定必然如此"的公司。领导能力本身提供不了什么必然的结果:看看几年前通用汽车、IBM和 西尔斯百货所经历的震荡,所有这些公司都享受过很长一段表面上看起来所向无敌的时期。尽管有一些行业或者一些公司的领导者具有实际上无与伦比的优势,因此 自然而然成为行业中翘楚,但大多数公司并不能做到这一点。在确定一家注定必然如此的公司时,都会碰到十几家冒牌货,这些公司尽管高高在上却在竞争性攻击下 会脆弱得不堪一击。”

S'pores-NODX-down-306-onyear-in-February



HSBC-may-be-planning-big-job-cuts



《专家透视》:看好中国增长故事可把握入市时机



小摩唱空而未做空 所持银行股未见变动



《創富激發點》何文俊:比亞迪進軍香港市場



What the Fed Needs to See Before They Scale Back QE



Battle of the Banks: BofA vs. Citi



Yen Policy Unlikely to Change Japan Much: King



Wealth Strategies: Apple won't be a tech leader in 2013



Friday, March 22, 2013

擴大印尼產能‧全利資源下一成長引擎


擴大印尼產能‧全利資源下一成長引擎
Created 03/22/2013 - 17:24
(吉隆坡22日訊)全利資源(QL,7084,主板消費品組)將擴大印尼泗水魚漿及魚肉工廠的產能,分析員預期這將成為該集團下一輪盈利成長的催化力量。

大眾研究分析員在受邀前往泗水參觀全利資源的魚漿及魚肉業務後指出,全利資源即將啟動下一階段的高成長。

泗水魚廠目前達到100%產能(每天60至80公噸),每日操作16個小時,共有500名員工,惟技術而言該廠有充足空間供每日生產多達150公噸。

Stock Analysts’ upgrades lift Glomac


Hot Stock Analysts’ upgrades lift Glomac
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Friday, 22 March 2013 10:33

KUALA LUMPUR (Mar 22): Investors chased GLOMAC BHD [], lifting shares of the property developer as much as 5% in morning trade on target price (TP) upgrades for the stock.

The higher TP is in tandem with analysts' upward revision of the company's profits after the firm reported higher new property sales in its latest set of financials.

未完成订单增至42亿 双威3年盈利看涨


未完成订单增至42亿 双威3年盈利看涨
Created 03/22/2013 - 10:51
(吉隆坡21日讯)分析员认为,双威(Sunway,5211,主板产业股)获颁吉隆坡城中城(KLCC)价值3亿400万令吉的停车场建筑合约后,未完成的订单因此增至42亿令吉,加强了公司2至3年的盈利能见度。

双威是透过独资子公司———双威建筑私人有限公司,获Cititower私人有限公司颁发上述合约,后者是KLCC控股有限公司和QD亚太有限公司的联营公司。

建筑工程的范围包括挖掘、建筑和安装地下连续墙、打桩工程,以及建筑6层地下停车场和相关工程,建筑期约178个星期。

保绿美 业绩符合预测

保绿美 业绩符合预测
Created 03/21/2013 - 13:46
目标价:1.17令吉

最新进展

保绿美(BOILERM,0168,创业板)截至2013年1月31日第3季净利达630万3000令吉,较上财年同期的397万2000令吉,增长58.69%。

同期营业额则涨26.44%,报4403万1000令吉,上财年同期为3482万3000令吉。

行家建议

保绿美2013财年首9个月净利,符合我们全年预测的76.9%,营业额则达到了全年预测的97.9%。

Muhibbah gets boost


Muhibbah gets boost
Business & Markets 2013

Written by theedgemalaysia.com  
Friday, 22 March 2013 09:00

KUALA LUMPUR: MUHIBBAH ENGINEERING (M) BHD [] bagged two crucial contracts valued at RM294.8 million yesterday which will boost earnings for the group as it suffered a net loss in its 2012 financial year ended Dec 31 (FY12).

The contracts were secured by two subsidiaries — non-listed Muhibbah Marine Engineering Sdn Bhd (MME) and listed FAVELLE FAVCO BHD [].

Glomac’s RM350mil price for mall exceeds market estimates


The Star Online > Business
Friday March 22, 2013
Glomac’s RM350mil price for mall exceeds market estimates

By LIZ LEE
lizlee@thestar.com.my

PETALING JAYA: Glomac Bhd's en bloc sale of its retail mall in Glomac Damansara for a potential RM350mil is higher than market estimates, but the property developer is buoyed by how well-received the mixed and commercial development has been.

Analysts have cited landed projects and the residential units of Glomac Damansara as a major factor for the developer's improved earnings for its 2013 nine-month period.

美息魔隨時早醒


美息魔隨時早醒
美國聯儲局結束一連兩日議息會議,一如預期按兵不動,但主席伯南克首度提及當局可能會調整買債步伐;同時,聯儲局最新經濟預測顯示,預期美國失業率將於一五年觸及加息門檻的6.5%,雖然預期今年恢復加息的公開市場委員會(FOMC)成員數目減少一人,但預期息口一五年底處於1厘或以下的人數,由去年十二月12人減少至11人,可見加息時間「有早冇遲」。

聯儲局維持每月購買400億美元按揭證券及450億美元國庫債券,並且承諾在通脹低於2.5%及失業率高過6.5%的情況下維持低息。議息聲明表示,去年底停滯不前的經濟回復溫和增長,近月就業市場情況有改善迹象,但失業率依然高企。

曾渊沧:资金并未出走 港股长远仍乐观


深圳的海砂案再加上塞浦路斯向银行存户征税的事件导致港股从反弹中再度急跌,更创出今年的新低,恒指一度跌破22000点,之后有所反弹,但反弹依然乏力。

这段时间,美股表现得非常好,创了历史新高后的道琼斯指数依然不断地再创新高。昨晚,即3月21日向下调整90点。前一日,即3月20日依然再创历史新高位。美股表现得这么好,为什么港股表现却这么差,若说是中国A股的影响,但是港股的跌幅比A股更大,更何况每一天都在做单日转势的动作。上午升,下午跌,或上午跌,下午升,很明显地,近一段日子是好淡大户在火拼的日子,炒指数成分股,炒A股ETF及其衍生工具。

新工程合约带动 睦兴旺大热大起


(吉隆坡21日讯)睦兴旺工程(MUHIBAH,5703,主板建筑股)周四股价一度急涨25%,写下近10个月最高单日涨幅。 除了捷运公司上周颁发的工程以及今天宣佈的造船合约(总值约2.16亿令吉)之外,市场也对睦兴旺工程能否在4月的债权人会议上「救活」亚洲石油中心(APH)工程有所期待。

睦兴旺工程的股价於上周五(14日)便呈上扬趋势,过去5个交易日共涨了33%。睦兴旺工程21日持续交投活跃,闭市时成为全场第2热门股和第8大上升股。

该股今天盘中一度攀升至1.26令吉,写下2012年5月15日以来的最高水平,並以1.17令吉掛收,全天上升16仙或15.84%,成交量达5931万4000股。同时,睦兴旺工程持有62%股权的辉高(FAVCO,7229,主板工业股)同样价量齐涨,以1.75令吉收市,全日上升12仙或7.36%,成交量为222万1100股。

HPH Trust: Entrenching its leadership position (AM)


HPH Trust: Entrenching its leadership position
ACT acquisition a good strategic fit. On 7 March 2013, Hutchison Port Holdings Trust (HPH Trust) announced its acquisition of Asia Container Terminals (ACT) for a cash consideration of approx. HKD3.2bil. HPH Trust also procured an amount of HKD750mil to fund the full repayment of ACT’s existing indebtedness. ACT owns and operates Container Terminal 8 West (CT8W), which has two berths located in Kwai Chung, Hong Kong and has a concession lease that runs till 30 June 2047.

AREIT: Raising capital for potential acquisitions (RHB)


AREIT: Raising capital for potential acquisitions
 (NEUTRAL, S$2.65, TP: S$2.73)

Ascendas REIT (AREIT SP) recently proposed the placement of 140m new shares (with an upsize option of 20m new units) at price range of SGD2.50 to SGD2.55, posting a discount of 3.8% - 5.7% from Thursday's closing price. Assuming all 160m units are issued, this adds an additional c.7.2% of shares to the existing share base. According to the announcement, the proceeds will be used to 1) fund potential acquisition of a property located within Singapore Science Park II and 2) to part fund potential acquisition of an integrated industrial mixed use property at Kallang Avenue.

Genting Singapore: VIPs Are Making A Roaring Comeback (MIB)


Genting Singapore
Buy (from Hold)
Share price: SGD1.50
Target price: SGD1.67 (from SGD1.35)
VIPs Are Making A Roaring Comeback

 The worst is over; upgrade to BUY. We upgrade Genting Singapore (GENS) to BUY with a higher TP of SGD1.67 (+24%). While GENS delivered results that were within expectations, VIP volumes at Resorts World Sentosa (RWS) positively surprised. Going forward, VIP volumes may positively surprise again as Singapore is now a CNY hub with Industrial and Commercial Bank of China (ICBC) as the clearing bank.

Hutchison Port Holdings Trust : Hutch buys the neighbours out (CS)

Hutchison Port Holdings Trust
Maintain UNDERPERFORM
Price (07 Mar 13, US$) 0.79
TP (prev. TP US$) 0.74 (0.69)
CT8 acquisition ... Hutch buys the neighbours out

● Hutchison Port Holdings Trust (HPHT) has acquired 100% of Asia Container Terminals, the operator of Container Terminal Eight (CT8) in Hong Kong for HK$3,917 mn, all debt financed.

● The rationale for the acquisition resides with the price and the potential synergies as back office expenses and sales forces are merged, rather than the rate of CT8's throughput growth, which has declined for the last two years.

Sheng Siong : Await better valuations (DBSV)


Sheng Siong
HOLD S$0.61
STI : 3,287.60
Price Target : 12-Month S$ 0.68 (Prev S$ 0.51)
Await better valuations

• FY12 earnings in line, revenue and earnings were within 2-3% of our projections
• Declared final DPS of 1.75 Scents, DPS of 2.75 Scents for FY12
• Maintain Hold, TP raised to S$0.68 on peer group rerating but upside limited on lofty valuations

Highlights
FY12 revenue and earnings within expectations. FY12 earnings of S$41.7m was in line with our S$42.8m projection while revenue of S$141m matched our S$142m revenue forecast.

KLCC Property: A Good Year (MIB)


KLCC Property
Buy (unchanged)
Share price: MYR6.10
Target price: MYR6.61 (unchanged)
A Good Year

 Above expectations. FY12 core pretax profit beat our and consensus estimates by 8.7% and 11.5% respectively. Final DPS of 4.5sen (FY12: 16.5sen) was also above expectations. We maintain our FY13-14 earnings forecasts pending the completion of the restructuring exercise. The listing of KLCC stapled REIT (KLCCSR) by end-1H13/early 2H13, which would take over KLCCP’s listing status, will provide investors with an alternative yield play. Maintain BUY and MYR6.61 DCF-based TP.

TEE International: Property spin-off looks on track (OCBC)


TEE International:
Fair value S$0.30
add: 12m dividend forecast S$0.015
versus: Current price S$0.360

Property spin-off looks on track
• IPO of its property business
• More updates expected in weeks ahead
• Maintain HOLD and S$0.30 fair value

TEE International announced recently (22 Feb) that it would inject S$16m worth of its property assets into wholly owned subsidiary TEE Land, as part of its plans to spin off its real estate business and list it separately on SGX by May.

Tiger Airways: Fund raising to shore up financial position (Phillip)


Tiger Airways
Target Price (SGD) 0.65
- Previous Target Price (SGD) 0.65
Closing Price (SGD) 0.69
Fund raising to shore up financial position

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.

• 1-for-5 Rights Issue at S$0.47 to raise S$77mn
• 1-for-4 PCCS offering to raise S$220mn
• Proceeds raised would significantly improve its financial position and provide capital for growth in the region.
• Depending on the conversion price that would be set for the PCCS, our target price would range from S$0.62 – S$0.67 on an Ex-Rights basis.

ECS ICT - FY12 results within expectations


ECS ICT -
Price Target :1.03
Last Price :1.02
FY12 results within expectations

Period    4Q12/FY12

Actual vs.  Expectations  The FY12 net profit of RM29.9m was in line and accounted for 104.5% and 103.4% of ours and the street's full-year estimates respectively.

Dividends   The company announced a single tier interim dividend of 2.5 sen/share during the quarter. The ex-date has been set as 29 May 2013.

 The total net dividend for FY12 amounted to 5.5 sen (including an interim net dividend of 3.0 sen/share issued in 3Q12) and is within our expectation.

Wilmar International : Some Insights into the Sabah-Sulu Saga (Citi)


Wilmar International (WLIL.SI)
Price (06 Mar 13) S$3.48
Target price S$4.08
Some Insights into the Sabah-Sulu Saga

  Implications for the palm oil industry – Malaysia’s Sabah state is a key palm oil grower, accounting for 5.5m t (30% of Malaysia’s CPO production or 11-12% of global CPO production) and hosts 40% of Malaysia’s plantation hectarage. There are also key refineries spread across port towns such as Sandakan, Tawau/Kunak & Lahad Datu (close to where the skirmishes have taken place). Sabah is key part of the supply chain that supplies China with palm oil. While press reports have indicated possibility of some delays in logistics for refiners near to Lahad Datu, we believe that unless the conflict prolongs we will see minimal impact on palm-oil prices (especially given the buffer from high level of inventories currently) or on the overall palm oil supply chain.

CapitaLand :Patience Will Be Rewarded (KE)


CapitaLand
Buy (unchanged)
Share price: SGD3.59
Target price: SGD4.30 (unchanged)
Patience Will Be Rewarded

 Reiterate BUY. Since CapitaLand reported its FY12 results, residential property policy concerns in both Singapore and China have affected its market value. While CapitaLand’s sales in China are likely to decelerate following a good 2H12, we are nonetheless of the opinion that the recent pullback offers an attractive entry-level for investors with a medium-term view. Reiterate BUY, with a target price of SGD4.30.

Not all about residential in China. With new home prices in China showing stronger-than-expected appreciation in January, the government is widely expected to introduce more measures in the coming months to rein in prices.

曾淵滄專欄 22.03.13:俄國出手另有所圖


曾淵滄專欄:俄國出手另有所圖 - 曾淵滄

普京的確是一個難得的強勢領袖,一見塞浦路斯為100億歐元搞到全世界議論紛紛,馬上伸出援手,塞浦路斯財長見機不可失,馬上飛去莫斯科求援,現在輪到提出苛刻條件的歐盟領袖德國着急,如果俄羅斯利用區區100億歐元控制塞浦路斯政府,從此,俄羅斯可以利用塞浦路斯的歐盟及歐元區地位,大舉入侵歐洲經濟體系,我估計最後歐盟會乖乖的送上100億歐元給塞浦路斯,免俄羅斯借機入侵。

股市依然方向未明,中國最大太陽能面板企業無錫尚德太陽能破產了,無錫尚德老闆施正榮曾留學澳洲,取得博士資格,將太陽能的先進技術帶回中國發展,一度成為中國首富,可惜中國有多位首富下場都是破產,甚至坐牢。

Muhibbah unit bags contracts worth RM216m

Muhibbah unit bags contracts worth RM216m
Business & Markets 2013
Written by theedgemalaysia.com  
Thursday, 21 March 2013 18:59

KUALA LUMPUR (March 21): MUHIBBAH ENGINEERING (M) BHD [] announced that its wholly owned unit, Muhibbah Marine Engineering Sdn Bhd, has been awarded shipbuilding contracts by a subsidiary of Silk Holdings Bhd.

The contracts consist of the CONSTRUCTION [] of three Anchor Handling Tug Supply Vessels for a total consideration of approximately RM216 million.

The company said the contracts are expected to contribute positively to the earnings and net assets of Muhibbah group for the current and future financial years.

訂單有增無減‧東益2年業務看俏


訂單有增無減‧東益2年業務看俏
Created 03/21/2013 - 18:38
(吉隆坡21日訊)東益電子(GTRONIC,7022,主板科技組)未來兩年業務前景看俏,主要是旗下感應器製造領域進展良好,現有及新客戶訂單有增無減等利好,推動2013年財政年營收俊俏走高。

興業研究指出,該公司2013年財政年盈利表現催化因素,包括智能手機及平板電腦等穩健需求,瑞士及日本客戶的新訂單,以及現有客戶的內部成長等。

該公司旗下4項核心業務包括綜合電路、定時及石英水晶器材、發光二極管(LED)零件,以及感應器製造等未來2、3年前景亮麗,而感應器業務於去年11月才成為全面一站式承包商,預料今年將會作出全年盈利貢獻。

國際品牌分杯羹‧巴迪尼下半年盈利或蒙塵


國際品牌分杯羹‧巴迪尼下半年盈利或蒙塵
Created 03/21/2013 - 18:33
(吉隆坡21日訊)巴迪尼控股(PADINI,7052,主板消費品組)2014財政年有新亮點出現,但仍難抵銷分析員對現財政年下半年盈利表現可能低迷不振的憂慮,主要是消費模式朝選擇性消費轉移,加上國際品牌不斷進駐將營業額、賺益和擴張計劃帶來壓力。

肯納格研究近期與巴迪尼控股管理層會晤,認為集團2014財政年有些亮點出現,但仍掃不走心中對2013財政年下半年表現可能持續低迷的疑慮。

“隨著店舖翻修工作持續,加上更多元化高價時尚商品和平價商品開始帶來盈利貢獻,2014財政年有望是巴迪尼控股另一好年。"

“複製"大馬成長模式‧馬銀行冀成區域伊銀“一哥"


“複製"大馬成長模式‧馬銀行冀成區域伊銀“一哥"
Created 03/21/2013 - 17:26
(吉隆坡21日訊)馬來亞銀行(MAYBANK,1155,主板金融組)旗下伊斯蘭銀行業務受看好快速驅動成長,正在區域“複製"大馬成長模式,寄望由2015年成為區域伊斯蘭金融“一哥",其成長優勢備受分析員看好,料使前景更為亮麗。

達證券說,該集團國內伊斯蘭金融業務的貢獻已由2010年的26.1%增長至目前的30%。

“管理層預料伊斯蘭金融將持續比傳統銀行業務表現亮眼,其6年複合年均增長率、貸存款增長達20%、21%與22%,比傳統銀行的大約8至9%增長快上逾倍。"

積極尋覓新“支柱"‧雲頂廉宜估值抗風險


積極尋覓新“支柱"‧雲頂廉宜估值抗風險
Created 03/21/2013 - 17:25
(吉隆坡21日訊)雲頂(GENTING,3182,主板貿服組)繼續多元化業務,以尋找博彩及休閑以外第四項新“支柱",分析員雖擔心這些計劃存在風險,但看好其偏低估值足以抵銷這些利空。

目前該公司的3大核心業務,分別為博彩、種植及能源領域,若是要將業務進一步多元化,相信將使其投資架構更難以瞭解。

聯昌研究日前訪問該公司策略投資高級副總裁溫玉珊後,該行認為,該公司的投資策略為擁有活躍的私人股份的投資組合,目前它擁有20至30個小資本投資,涉及範圍廣泛,其中包括在斯里蘭卡持有一家銀行的股份。

新合約選前熱絡發出‧建築股動起來


新合約選前熱絡發出‧建築股動起來
Created 03/21/2013 - 17:30
(吉隆坡21日訊)市場估計政府將趕在大選前發放多項建築工程,建築業訂單或在短期內“快馬加鞭",帶動早前因大選壓力而走勢低迷的建築股重新迎來投資者關注,交投大熱之餘,股價亦漸有起色。

建築股過去一年來表現低迷,主要因投資者有感建築業政治風險偏高,紛選擇趁早套利退場旁觀,惟隨著分析員近期考量估值低企和領域訂單有增無減因素後,開始重新唱好建築股,深信建築股可在大選後跑贏大市,引起投資者重新留意建築股。

美股三大指數期貨開盤大跌逾1.5%, 賽普勒斯小國搖撼到全球股市?



2013-0318-57金錢爆(這是搶劫!!)4-4

Where's the Love For JPMorgan?



五大行去年净利或超7500亿元



2007年至今全球股市跌幅排行:希腊第一上证第二



陶冬:央行今年将逐步回收流动性



Are U.S. Stocks in a Fed-Inflated Bubble?



Thursday, March 21, 2013

OUE +3.3%; REIT statement improves visibility: CIMB


OUE +3.3%; REIT statement improves visibility: CIMB

Overseas Union Enterprise (LJ3.SG) is up 3.3% at $3.10, tapping its highest levels since June 2011 on trade resumption after the company made an official statement that it is in preliminary talks with bankers for the potential listing of a REIT in Singapore, although it hasn't decided which properties to inject into the portfolio or the timing for the IPO.

"Obviously, this makes things more visible," says Donald Chua, an analyst at CIMB, noting management mooted a REIT plan a couple years ago, but the listing didn't materialise. "The market can expect this event to happen sooner rather than later."

Muhibbah at 10-mth high, better outlook seen


Hot Stock Muhibbah at 10-mth high, better outlook seen
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Thursday, 21 March 2013 11:21

KUALA LUMPUR (Mar 21):  MUHIBBAH ENGINEERING (M) BHD [] jumped as much as 25 % to a 10-month high, helped by improving sentiment on the builder's prospects.

Analysts said this follows Muhibbah's move to make full provision for debts owed by troubled entity Asia Petroleum Hub Sdn Bhd (APH) to the former.

獲3.04億工程‧雙威訂單上看15億


獲3.04億工程‧雙威訂單上看15億
Created 03/21/2013 - 10:56
(吉隆坡20日訊)雙威(SUNWAY,5211,主板產業組)獲Cititower公司頒總值3億零400萬令吉工程,在吉隆坡城市中心(KLCC)公園建地下建築、完成6層東北停車場及進行綜合發展計劃,工程料在178週內竣工。

分析

分析員以雙威目前新訂單估算,相信其可輕易達至15億令吉訂單目標。

分析員認為新合約符合預期,除了提昇建築營業額及現有訂單量,未來3.7年內也料貢獻約2千130萬令吉利潤,帶來每股1.2仙貢獻。

新利好需時發酵‧沿海工程評級不變


新利好需時發酵‧沿海工程評級不變
Created 03/21/2013 - 10:55
(吉隆坡20日訊)沿海工程(COASTAL,5071,主板工業產品組)雖迎來國家石油發放合約、船隻更換需求等利好,惟黃氏唯高達表示,這些利好因素已部份反映在股價上,而其他催化因素則需時發酵,因此仍抱持審慎態度。

黃氏唯高達研究表示,隨著國油探勘(Petronas Carigali)頒發合約予環境海事資源(ALAM,5115,主板貿服組)與柏達納石油(PERDANA,7108,主板貿服組),意味著沿海工程在從服務供應商獲得合約方面出現轉折點,因他們需要透過的艦隊模板作為競標用途,惟時間尚不能肯定。

分析员: 保留资金供商托上市 成功多多末季料不派息


分析员: 保留资金供商托上市 成功多多末季料不派息
Created 03/21/2013 - 12:26
(吉隆坡20日讯)成功多多(BjToto,1562,主板贸服股)2013财年第三季盈利走跌且没派股息,令市场失望;分析员预测,现财年末季亦不会派发股息,推荐投资者转码头到马化控股(MPHB,3859,主板贸服股)。

成功多多业绩普遍符合市场预期,艾芬投资银行分析员点出,上财年的农历新年落在第三季,才会导致现财年第三季表现较为逊色。

東南亞航空業群雄爭霸‧贏面子‧輸裡子


東南亞航空業群雄爭霸‧贏面子‧輸裡子
Created 03/19/2013 - 17:24
(吉隆坡19日訊)日本全日空(ANA)放眼在印度和泰國等國家展開併購或結盟,而印尼獅航(Lion Air)大手筆採購飛機積極擴大陣容,紛紛搶食東南亞航空大餅,國內航空業者也強勢反擊,但分析員認為航空業群雄爭霸的結果可能是贏得面子卻賠上裡子。

即將在4月1日走馬上任為全日空總裁的篠辺修表示,集團正考量多元選項,其中包括在順利尋找合適對象時展開併購或合作,其中重點目標為東南亞。

Masterskill 教育 有能力回退36.6仙


Masterskill 教育 有能力回退36.6仙
Created 03/19/2013 - 11:38
【目标价:61仙】

最新进展:

Masterskill教育(MEGB,5166,主板贸服股)早前宣布,收购八打灵再也的Takaful Ikhlas大楼作为非医疗保健科系学生(如商业和法律系)的校舍。

行家建议:

上述新校舍也预料在今年6月份启用,Masterskill教育也设下目标,在2013财年内招收到1200名的商业系学生。

杨忠礼电力 竞标Project-3B竞争大

杨忠礼电力 竞标Project-3B竞争大
Created 03/20/2013 - 12:13
【目标价:1.50令吉】

最新进展:
杨忠礼电力(YTLPowr,6742,主板基建股)计划参与Project-3B工程竞标,兴建发电量2000MW的燃煤发电厂,竞标结果将于4月份公布。

行家建议:

Glomac net profit rises on improved sales


The Star Online > Business
Thursday March 21, 2013
Glomac net profit rises on improved sales

PETALING JAYA: Property developer Glomac Bhd posted a 16% increase in net profit to RM25.3mil for the third quarter ended Jan 31 on an improvement in residential property sales.

The company said in an announcement to Bursa Malaysia that revenue rose to RM159.8mil.

It said earnings improved due to sales from Glomac Damansara, Reflection Residences in Mutiara Damansara and strong sales from its township developments; Bandar Saujana Utama and Saujana Rawang.

Sunway has successfully replenished its construction orderbook by RM1.25bil


The Star Online > Business
Thursday March 21, 2013

SUNWAY BHD
By RHB Research Institute
Buy (maintained)
Target Price: RM3.25

SUNWAY has accepted the letter of award for the KLCC North East Car Park worth RM304mil. With this contract, Sunway has successfully replenished its construction orderbook to RM1.25bil year-to-date.

We believe Sunway can easily meet our orderbook assumption of RM1.5bil for the year. Its current outstanding orderbook amounts to RM4.2bil. Coupled with RM2.78bil in unbilled sales, earnings visibility will be strong.

OKP Holdings : Labour costs to remain challenging (DBSV)


OKP Holdings
HOLD S$0.54
STI : 3,308.89
Price Target : 12-Month S$ 0.49
Labour costs to remain challenging
• 4Q12 and FY12 earnings slightly below as operating costs were higher than expected due to tight labour supply
• Order book and revenue outlook remains positive, however tight labour supply will continue to challenge margins
• FY12 DPS of 1.5 Scts declared, below our 2.0 Scts expectations, represents 2.8% yield
• Maintain Hold, TP unchanged at S$0.49

Olam International: Is the debt level sustainable - which of the brokers is right?


Is its plan to recalibrate its strategy an admission that there are problems?

19/2/2013 – Olam International says it is "recalibrating its strategy" over the next three months.

Meantime, analysts are divided over whether its current debt level is sustainable, and the stock has barely moved in the days after it announced its Q2 earnings:

Revenue: +9.2% YoY to S$4.9 bln
Net contribution (NC): +19.1% to S$422.9 mln
Profit: -1.4% to S$151.3 mln

IPCO International : If Innopac writes down investment, why won't IPCO?


Innopac makes sensational disclosure about its 25% stake in Grand Prosper, and says it's been sitting idle for more than a year with no hope of recovery. Then why is 75% owner IPCO still hanging on?

5/3/2013 – The onus is on IPCO International now to clarify its investment in Grand Prosper Group Ltd, after Grand Prosper's 25% owner, Innopac Holdings Ltd, has made some sensational disclosures to the Singapore Exchange.

工商銀行 (1398.HK) - 盈利表現符合預期 (輝 立 証 券)

推介日期   04-03-13 
投資建議增持
建議時股價$ 5.520
買入價N/A
目標價$ 6.140



工商銀行 (1398.HK) - 盈利表現符合預期

公司概要

工商銀行成立于1984年,是中國最大的上市銀行。2005年,工商銀行改制爲股份有限公司,幷與2006年10月27日同時在香港及上海上市。截止2011年末,工商銀行以成爲全球市值最大、存款第一,以及盈利最多的上市銀行。銀行擁有明顯的規模優勢,渠道網絡遍布全球,目前擁有16,648個境內機構、239個境外機構以及1,669個代理行,同時擁有411萬公司客戶以及2.82億個人客戶。

友邦保險 (1299.HK) - 新增業務增長超預期,業績屢創新高 (輝 立 証 券)

推介日期   01-03-13 
投資建議增持
建議時股價$ 33.600
買入價N/A
目標價$ 36.500


AIA是亞太區主要的壽險集團,區內植根超過90年,提供保險、保障、儲蓄、投資和退休方面等多種金融服務,服務範圍遍及亞太區內15個國家及城市,包括: 香港、韓國、泰國、新加坡、中國、馬來西亞、菲律賓、印尼、越南等 。

UMS Holdings : Growth with dividend (CIMB)


UMS Holdings Limited
Price @1/3/12: S$0.445
BUY; TP:S$0.54
52-week range (SGD): 0.33 – 0.515
Growth with dividend

Final DPS = 2.0 Scts
• Dear investors, please turn to page 16 of the FY12 results release – the proposed final DPS is 2 Scts, bringing the full-year total to 5 Scts. This offsets the pain from a 39% yoy decline in net profit.

• Mike Splinter, chairman and chief executive officer (of AMAT, UMS’s major customer), said, “2013 looks to be another strong year for mobile products like smartphones and tablets, and customers are increasingly turning to Applied to help solve the technology challenges they face in this growing market.”

China Minzhong: Will 29% be the End? (KE)


China Minzhong
Buy(unchanged)
Share price: SGD1.20
Target price: SGD1.36 (unchanged)
Will 29% be the End?

GIC passed the baton to Indofood. Indofood bought the entire GIC’s stake in China Minzhong last Friday through a marriage trade at a price of SGD1.12. This confirms our view of two weeks ago that Indofood will not be satisfied with only 15% control of Minzhong. We view this transaction positively. Maintain BUY with target price unchanged at SGD1.36, pegged to 5x PER.

Nam Cheong: Four Bumi PSV L-o-Is Now Firm Contracts (RHB)


Nam Cheong: Four Bumi PSV L-o-Is Now Firm Contracts
(BUY, S$0.26, TP: S$0.34)

Yesterday, Nam Cheong announced that four of its PSVs, formerly on Letter-of-Intent since 20 Jun 2012, have now been converted to firm contracts for delivery in FY15. We think that Nam Cheong’s current valuations are extremely attractive – 7.6x FY13F EPS for the largest OSV builder in the Eastern Hemisphere riding the global OSV cycle upswing – and maintain our BUY call with a TP of SGD0.34.

Extended order book visibility. While there is little additional information content, this does extend Nam Cheong’s order book visibility into FY15, and the Build-to-Order nature of these contracts will help to stabilise future earnings. Cash in the register.

Wilmar International ; Refining margins could erode significantly by end-2013 due to overcapacity (CS)


Wilmar International
Price (21 Feb 13 , S$) 3.68
TP (prev. TP S$) 3.81 (3.38)
Maintain NEUTRAL
Refining margins could erode significantly by end-2013 due to overcapacity

● Wilmar’s FY12 core net profit fell 23% YoY to US$1.17 bn (4% above market expectation). Improved profitability in the palm merchandising and consumer product divisions was mitigated by a poorer showing in the plantations and oilseed divisions.

● The palm merchandising division was the standout performer in 4Q as pretax profits rose 80% YoY, with margins improving 48% YoY to US$30/t and sales volume rising 21% YoY (expanded refining capacity in Indonesia). We think 1Q/2Q FY13 could be the ‘sweet spot’ for the palm merchandising division but margins will likely be eroded by end-13 as we expect a refining glut.

Hutchison Port Holdings Trust : Shot in the arm for HK business (DBSV)


Hutchison Port Holdings Trust
BUY US$0.79
STI : 3,298.54
Price Target : 12-Month US$ 0.89 (Prev US$ 0.85)
Shot in the arm for HK business

• Acquires 2 more berths in HK port with EV of US$505m; fully funded by debt
• Acquisition will raise HPHT’s market share in HK to 57%, and provide revenue/cost synergies
• FY13/14F DPU raised by 3%/5%, assuming 4% cost of debt
• Maintain BUY with higher TP of US$0.89

Expanding market share in HK further. HPH Trust announced the acquisition of a 100% stake in Asia Container Terminal Holdings (ACT) for a cash consideration of HK$3,167m from existing shareholders DP World and PSA.

Marco Polo Marine: Banking on ship repair and OSV growth (OCBC)


Marco Polo Marine:
Fair value S$0.56
add: 12m dividend forecast S$0.00
versus: Current price S$0.42

Banking on ship repair and OSV growth
• Steady results
• Positioning for opportunities in Indonesia
• Ship repair outlook still good

In its recent 1QFY13 results, Marco Polo Marine (MPM) reported a 38% YoY drop in revenue to S$15.2m but saw a 3% rise in net profit to S$4.5m in 1QFY13, such that the latter formed about 20% of our full year net profit estimate, within our expectations.

尚德破產 9內銀71億危

尚德破產 9內銀71億危
無錫市中級人民法院裁定對無錫尚德太陽能電力公司實施破產重整。截至二月底,包括工行(01398)、農行(01288)、中行(03988)等在內的9家債權銀行,對無錫尚德的本外幣授信餘額達71億元(人民幣‧下同),銀行表示,由於所欠債務陸續到期,考慮到債務方實況及至今未對債權銀行逾期授信提出可行還款方案等,須對尚德實施破產重整。

尚德太陽能電力為紐交所上市尚德電力的子公司,股價在盤前交易時段急跌逾40%至0.35美元。

中資太陽能股業務近期受重創,拖累相關債權銀行,此外,內銀存貸比率亦受壓,迫使內銀千方百計攬存,以增加存款資金,市傳在三月上旬,四大國有銀行中、工、建、農存款量共流失近200億元,有內銀更出奇招吸客,以零機價智能手機計劃吸引存戶,有消息指四大行受資金限制,三月上旬其信貸速度明顯放緩。

曾淵滄專欄 21.03.13:賣樓做富翁最倒楣


曾淵滄專欄:賣樓做富翁最倒楣 - 曾淵滄

昨日,港股大幅反彈,有些股民即馬上追入,但我仍然認為在現階段保守一點比較好,等2日線升穿19日線才追入,雖然屆時肯定不是撈底價,不是最低價。

但是,博撈底與賭大細沒多大分別,是在賭運氣,實際上,昨日上午開市時恒指是低開的,開市後才一路回升。

前陣子,恒指也曾在22500點水平大幅反彈,回升至23000點水平,但很快又跌下來,更一度跌破22000點,只有那些手腳很快的人才有本事在22500點左右買入,並在23000點賣出,賺一點錢,其他在22500點之上追入,又未能在23000點沽出的,之後見到恒指跌破22000點,不嚇破膽嗎?

中海發展:航運業到谷底


中海發展:航運業到谷底

【本報訊】對於市場傳出國務院會推出政策救助虧損嚴重的中國遠洋(1919),中海發展(1138)董事長李紹德回應記者提問時透露,中央政策細節仍未有定案,惟指出國家並非只想救助中遠,而是想幫助整個航運業,如提供補貼等。

李紹德表示,由於全球經濟增長緩慢,因此今年航運業仍未能復蘇。惜至今中央拯救航運業招數只聞樓梯響,不過,李紹德預期航運企業再捱一年便見曙光。他說,目前波羅的海指數已到900點,相信行業已走到谷底、2014年會復蘇。

保持竞爭力 手套领域盈利前景看好


保持竞爭力 手套领域盈利前景看好
(吉隆坡20日讯)安联研究认为,手套领域未来可继续在全球市场保持竞爭力,盈利成长动能完好,且不受全国大选风险影响。

安联研究分析员认为,大马手套业者未来將继续在全球保持竞爭力,支配全球手套市场,其中的扶持因素包括较好的產量技术和令吉贬值。

因此,分析员相信大马手套业者可以將劳工成本提升,以及潜在的燃料成本调涨效应转嫁客户。

另外,分析员认为,三项推动手套业者盈利的利好因素仍完好,分別是胶乳价格稳定、隨著美国经济復甦而走强的美元,以及供应和需求动力都获得改善。

擬投3.4亿旧楼重建 MGPA看好大马房產投资


吉隆坡20日讯)麦格理集团旗下房地產私募投资机构MGPA未来4年將以8500万欧元(约3亿4170万令吉),收购大马及亚洲一线城市中央商业区的旧楼,重建成高档办公楼出租。

MGPA推出的Asien Spezialfonds基金,去年进行首轮募资,从3家德国机构型投资者筹得8500万欧元。 该资金投资年期为4年,放眼投资亚洲房產。

隨著大马首座耗资22亿令吉翻修的「The Intermark」综合商用大厦获得摩根大通(JP Morgan)等跨国企业入驻,MGPA亚洲区资本管理总监许按祖看好,「The Intermark」及未来收购的本地產业可带来17%的投资回酬(ROI)。

Will Markets Continue to Rise?



China Growth Will Pick Up



国有资本或减持四大行?内外资券商争议银行股估值



Apple Dividends: Now and Then



India Will Cut Rates Today to 7.5%: Gandhi



Apple May Raise Dividend by More Than 50%



Wednesday, March 20, 2013

UOB KayHian upgrades Wilmar to Buy from Hold

UOB KayHian upgrades Wilmar to Buy from Hold

UOB KayHian raises Wilmar (F34.SG) to Buy from Hold.

“We foresee 2013 pre-tax margin to be more stable and have better visibility. As Asia’s largest agri-commodity company, Wilmar can have better bargaining power in a high-inventory market and enjoy lower raw material prices.”

It expects Wilmar to benefit from the release of oilseeds and vegetable-oil reserves in China, starting in early March; “as the largest oilseed crusher and consumer pack cooking oil producer, Wilmar will bid for these, which are usually released from national reserves at a below-market price.”

OUE picks banks for $1 bil hospitality REIT


OUE picks banks for $1 bil hospitality REIT
WRITTEN BY REUTERS  
WEDNESDAY, 20 MARCH 2013 15:13

Singapore property firm Overseas Union Enterprise has chosen three banks for its planned US$800 million ($1 billion) listing of a hospitality real estate investment in the second half of the year, sources said.

The plan comes as 2013 is shaping up as a busy year for REIT IPOs in Singapore, which are attractive to investors looking for steady income streams.

OUE chose Credit Suisse, Goldman Sachs and Standard Chartered to advise on the listing, sources with direct knowledge of the matter said.

Olam shares top level last reached before Carson Block attacked


Olam shares top level last reached before Carson Block attacked
WRITTEN BY BLOOMBERG  
WEDNESDAY, 20 MARCH 2013 09:53

Olam International, the commodity trader targeted by short-seller Carson Block, rebounded in Singapore, topping the price before the founder of Muddy Waters LLC said he was betting against the company.

The stock rose 1.5% to $1.745 at 9:13 a.m. local time. Shares of Singapore-based Olam, which rejected Block’s claims and sued for defamation, closed at S$1.74 on Nov. 19 before Block questioned the company’s accounts at a London conference.

The rebound shows returning confidence among investors after the shares slumped 20% following Block’s allegations in November. Olam, whose largest shareholder is Singapore’s state investment firm Temasek Holdings Pte, will in April present the results of a review of its businesses.

马航看好槟州市场 冀乘客营收增逾25%


马航看好槟州市场 冀乘客营收增逾25%
Created 03/20/2013 - 12:17

(乔治市19日讯)马航(MAS,3786,主板贸服股)预期槟城航空服务的乘客和营收,今年可增长超过25%。

马航大马与东协区高级副总裁慕占米莫哈末赛益表示,依据去年的表现和过往纪录,他们预测槟城服务有望创下佳绩。

“去年,我们成功推动槟城的营收增长17%,而乘客增长则达到16%。因此,我们预期今年的乘客和营收可以达到25%。”

透過併購擴展規模‧實康:中國資產翻倍才上市


透過併購擴展規模‧實康:中國資產翻倍才上市
Created 03/20/2013 - 11:00
(吉隆坡19日訊)實康(SALCON,8567,主板貿服組)有意透過業務拓展或併購計劃,翻倍提昇現有中國水務資產後,才考慮中國上市計劃。

實康執行董事拿督梁國華在股東特大後表示,目前中國的水務資產規模還不足以達到上市條件,認為每日25億至30億公升產能的水務資產才是最理想的上市規模。

“計劃通過內部產能增長或併購具有每日10億公升產能的中國外資公司來提昇水務資產規模。"

曾渊沧:大鳄借A股调整沽空恒指获利


 美股创出十连升的佳绩,港股虽没有十连跌,但本周一至周四早上的急跌,足以吓坏许多投资者,恒指在短短的四天高低位相差900点,也就是说一度由高位急跌900点才企稳。昨日算是出现反弹,反弹的主因也只是沽空盘的平仓,而不是有什么利好消息传出。过去几天,恒指沽空盘大增,有大鳄在上下其手一方面在市场上散布各种各样的坏的假消息,另一方面则大手沽空恒指。

  当然,大鳄之所以能不顾美股一升再升的因素,主要是看到了内地A股的调整仍未结束。去年12月初,香港涌入大量外来的所谓热钱,这些热钱先抄起A股ETF,即X安硕A50(02823)与南方A50(02822),使到这两只A股ETF的股价与其手上所代表的A股市值出现大幅的溢价,终于使得A股止跌回升,上海综合指数由1949点的低位回升,回升的速度极快,短短一个多月,急升25%,这么急速,不可能没有调整。

股市縱橫:國壽超賣 分段吸納

股市縱橫:國壽超賣 分段吸納
http://paper.wenweipo.com   [2013-03-20]

fi0320a8.jpg (400×270)
韋君
 港股昨日先升後回,表現依然令捧場客失望,不過投資者炒股唔炒市則成為市場特色。在昨日淡市之中,過去一段時間持續受壓的本地地產股、中資建材股,以及濠賭股等,都不乏錄得不俗升幅的股份。資金繼續在市場流竄,中國人壽(2628)早於上月19日已率先跌穿100天線,昨低見20.8元,乃屬去年9月初以來的低位,收報21元,現價較1月中所造出的27.35元高位,回落幅度已達23%。值得留意的是,國壽自去年6月底均能穩守於20元樓上,如今股價已漸退近該承接區,不妨考慮作分段收集博反彈。

Hutchison Port Hldgs: Final Piece to HK Jigsaw? (KE)


Hutchison Port Hldgs
Buy(unchanged)
Share price: USD0.790
Target price: USD0.930 (unchanged)
Final Piece to HK Jigsaw?

Light on details, but a positive. Hutchison Port Holdings Trust (HPHT) announced the acquisition of the entire stake in Asia Container Terminals (ACT) for a total cash consideration of HKD3,167m (USD408m) from DP World (55%) and PSA (45%). HPHT also procured the payment of HKD750m (USD97m) in ACT’s loans owed to DPW and PSA’s affiliates. All these would be financed entirely from a term loan facility agreement. We view this acquisition positively for three reasons: 1) it alleviates capacity constraints to growth in HK for HPHT, 2) HPHT expects the acquisition to be accretive to DPU, and 3) ACT is already an ‘overflow’ port for HPHT, and is hence tried and tested.

COSCO Corp 4Q12: Still Not Out Of The Woods (UOBKH)


COSCO Corp
Share Price S$0.965
Target Price S$0.86
4Q12: Still Not Out Of The Woods

Results were within our expectation. While gross margin of 16.1% in 4Q12 was higher than 3Q12’s 11.3% (signalling gross margin has turned the corner), interest expense in 2012 more than doubled to S$100m. This was a result of a doubling in net gearing as the yard is handling more projects with back-end loaded payments amid a more competitive landscape. Valuations remain unattractive vs earnings prospects. Maintain SELL and target price of S$0.86.

Noble Group 4Q12: Weak Agriculture Margins Drag Earnings (UOBKH)


Noble Group
Share Price S$1.19
Target Price S$1.17
4Q12: Weak Agriculture Margins Drag Earnings

Weaker-than-expected Agriculture margin in 4Q12 is likely to lead to consensus downgrades. We downgrade the stock to SELL as we believe it is fully valued at its current price. Target price: $1.17.

Results
• Operating profit below expectations on weaker-than-expected Agriculture margins. Noble Group’s (Noble) 4Q12 operating profit from the Agriculture segment was significantly below expectations, declining 90% yoy to US$11m. However, lower overheads, finance costs, as well as a tax credit brought the group back in line with our estimates at the net profit level. Full-year net profit was in line with our estimate but 10% below consensus estimate of US$521m.

Wilmar: Downgrade to HOLD; positives priced in (OCBC)


Wilmar:
Fair value S$3.90
add: 12m dividend forecast S$0.06
versus: Current price S$3.63

Downgrade to HOLD; positives priced in
• Outlook more upbeat
• Most positives priced in
• Downgrade to HOLD

Wilmar International Limited (WIL) has posted a much stronger-than-expected set of FY12 results. Although reported net profit was down 21.6% at US$1255.5m, core earnings at US$1167.0m (down 23.1%) were still 14% ahead of our forecast.

KNM Group: Correcting Earlier Misconception (MIB)


KNM Group
Hold (from Sell)
Share price: MYR0.475
Target price: MYR0.50 (from MYR0.40)
Correcting Earlier Misconception

HOLD reinstated, TP raised to MYR0.50. Post analyst briefing yesterday, we raise our FY13/14/15 earnings estimates by 33%/24%/ 16%, after imputing for lower depreciation charges (-24%) and interest costs (-24%) as confusion, which stemmed from its 4Q12 results, have been addressed. Going forward, operating outlook is improving. Job enquiries are picking up and margins should also be sustainable. These have however been largely reflected in the share price. Our target price pegs KNM at an unchanged 8x FY14 EPS.

Sunway : Property anchors growth (CIMB)


Sunway Bhd
Current RM2.49
Target RM2.61
Property anchors growth

 Sunway's FY12 core net profit, making up 98% of our full-year number and exceeding consensus expectations by 4%, was generally in line, with property continuing to be the primary earnings driver. 2013 will be underpinned by RM1.3bn in targeted sales.

Our EPS forecasts are unchanged and we introduce our FY15 numbers. Although we continue to apply a 40% RNAV discount, our target price rises as we update for balance sheet items. We continue to rate Sunway a Neutral, as despite the deep value proposition from its massive land bank (60% of RNAV), elections risks could limit share price upside in the medium-term.

Midas reports full year FY2012 results with net profit of RMB27.8mn down 85% (Kevin Scully )


Midas reports full year FY2012 results with net profit of RMB27.8mn down 85%.....
slightly better than expected
Thursday, 28 February, 2013  8:21 AM
Posted by Kevin Scully

 Following its recent profit guidance, there were no major surprises in the Midas 2012 results.  In fact the net profit of RMB27.8mn is slightly better than what I was looking for, ie it was a 85% decline compared to my expectations of a 90% decline.

Key highlights of the results:
 a) revenue was RMB869.5mn down 19.5%
b) pretax profit was RMB43.8mn down 80.6%
c) net profit was RMB27.8mn down 85%

Nam Cheong Limited: A strong quarter to finish FY12 (OCBC)


Nam Cheong Limited:
Fair value S$0.30
add: 12m dividend forecast S$0.005
versus: Current price S$0.28

A strong quarter to finish FY12
• 4Q12 net profit up 87% YoY
• Order-book of MYR 1.3b
• Expansion of shipbuilding programme

Nam Cheong Limited reported a strong set of 4Q12 results with revenue and net profit increasing by 172% and 87% to MYR 379m and MYR 49m respectively. On a full-year basis, revenue climbed 45% to MYR 877m, while net profit increased 47% to MYR 137m.

Rickmers Maritime: 4Q12 earnings dampened by impairment charge (S&P)

Date: February 27, 2013
Rickmers Maritime
Price: SGD0.38

Results Review
4Q12 earnings dampened by impairment charge. Rickmers Maritime (RMT) reported 4Q12 revenue of USD36.3 mln (-4.0% YoY) and net profit of USD2.2 mln (-81.0% YoY). Profit fell short of our estimate due to charges totaling of SGD6.6mln related to vessel and goodwill impairments.

Lower operating profit on the fall in revenue and rising operating cost. The decline in 4Q12 revenue was mainly due to reemployment of vessel Kaethe C. Rickmers at a lower daily charter rate. Vessel operating expenses increased 4.1% YoY to USD8.8 mln on a contractual increase in fixed operating expenses along with higher insurance and lubricant prices.

Neptune Orient Lines: Look beyond the losses (DBSV)


Neptune Orient Lines
BUY S$1.23
STI : 3,288.13
Price Target : 12-month S$ 1.45

Look beyond the losses
• Losses in 4Q12 were higher than expected, but current freight rates have rebounded from 4Q12 lows
• Further rate hikes planned in March-April
• FY13F earnings are likely to benefit from lower cost base and better industry discipline
• Maintain BUY with S$1.45 TP (1.2x FY13 P/BV)

Highlights
FY12 - another year to forget. While we were expecting NOL to report a net loss in 4Q12, the magnitude of the loss was higher than expected at US$98m, as rates slid faster than expected in 4Q12 before liners pushed through some rate restoration in mid-December.

SPH : Pressing towards a REIT (DBSV)

SPH
BUY S$4.31
STI : 3,292.97
(Upgrade from HOLD)
Price Target : 12-month S$ 4.79 (Prev S$ 4.01)
Pressing towards a REIT

• Upgrade SPH to BUY with possible asset value?realisation through establishment of REIT
• Formal announcement may be taken as a signal that conditions are ripe and process is ongoing
• Paragon and Clementi Mall, fair market value at S$3bn, are most likely candidates
• TP raised to S$4.79, unlocking value for shareholders; special dividends are key catalysts

Upgrade SPH to BUY, announcement signals conditions are ripe.

Noble Group: Focus on asset recycling, cost savings (OCBC)


Noble Group:
Fair value S$1.19
add: 12m dividend forecast S$0.03
versus: Current price S$1.17

Focus on asset recycling, cost savings
• Asset-light driven strategy
• Save cost and interest
• HOLD as M/T still challenging

We recently attended Noble Group’s (Noble) post-results analyst briefing and one of the key takeaways was management’s focus on maintaining an “asset light” strategy with opportunistic capital recycling.

大好友摩通突看淡A股


大好友摩通突看淡A股
http://paper.wenweipo.com   [2013-03-20]      
 香港文匯報訊(記者 裘毅、蔡競文)滬深兩市昨延續震盪走勢,全日探低回升。滬指報2,257點,升17點或0.78%,深成指報9,034點,漲35點或0.39%。滬深兩市成交為755億元(人民幣,下同)及685億元。昨天消息面偏淡,塞浦路斯擬對存款徵稅10%,影響環球股市大都下跌。而一向被譽為中國大好友的摩根大通,則轉看淡,主要理由是中國經濟增長放緩和通脹加速。

經濟增長放緩籲沽貨
 摩根大通首席亞洲和新興市場策略師Adrian Mowat發佈報告稱,下調中國評級至減持,建議客戶減持中國股票,同時購買看空中國四大銀行的衍生品。Mowat在2月20日報告中對中國的立場為中性,其最新報告則指,經濟增長勢頭正在放緩,而政策響應則受到抑制;這是個兇險的組合。

大摩估2015年恒指見5萬點


大摩估2015年恒指見5萬點
2013年3月20日
【明報專訊】環球市場對塞浦路斯銀行危機的憂慮消退,昨天亞洲股市普遍反彈,但港股反彈乏力,收市仍跌41點,收報22,041點,成交683億元。港股疲不能興,但摩根士丹利發出的報告,列4大原因,估恒指至2015年底會升至50,000點,較目前升1.2倍。

指港股目前市盈率極偏低

大摩分析員Jonathan Garner在報告中列出的4大原因包括﹕

1.發達國超寬鬆貨幣加上中國及環球經濟恢復增長。

2.港股過往每隔6至8年會升至高點(1973、1981、1987、1994、2000、2007年),50,000點較上次高位高出58%,符合以往的模式。

曾淵滄專欄 20.03.12:跌勢未止撈底勿急


曾淵滄專欄:跌勢未止撈底勿急 - 曾淵滄

恒指跌勢未止,現在最好耐心地等待恒指2日線上越19日線後才出手撈底,不必太心急。從去年至今年,恒指出現多次大幅度的升跌,2日、19日線可以發揮很不錯的作用,這套技術分析方法是我於20多年前發現的,並發表在多年前的投資書籍中,這套分析法的好處是遇上市場大起大落,獲利不錯,市場不起不落,虧損也很有限,是輸少贏多的買賣方法。

中國政府公佈去年棄之不用的風電能量達200億千瓦小時,去年我訪問甘肅戈壁沙漠之後,就寫了一篇文章告訴大家,戈壁沙漠上有大量的風電機停用,理由是沒有足夠的需求,在中國,搞甚麼新事物都是一窩蜂的做,很快就供過於求。戈壁沙漠上風很大,很適合建風電廠,但是,戈壁沙漠上沒人居住,沒有工廠,誰用電?

業績失色 成功多多股價探低

(吉隆坡19日訊)成功多多(BJTOTO,1562,主要板貿易)首9個月淨利微滑,今日股價探低。艾芬投銀研究估計,一旦大馬多多博彩信托(STM-Trust)掛牌獅城,該公司有望每股派發最高50仙的特別股息。

 成功多多今日開高走低,開市先起2仙,報4.23令吉,隨后漲幅收窄並走低,一度跌3仙至4.18令吉。休市時,該股收在4.19令吉,下滑2仙,半日易手32萬1500股。

 閉市時,該股收在4.17令吉,跌4仙,成交量報147萬1000股。

 艾芬投銀研究指出,由于獎金支出更高,加上華人農曆新年傳統旺季是落在第4季,該公司第3季核心淨利下滑了23.7%至8610萬令吉。首9個月核心淨利報3億280萬令吉。

实康工程业务多元化 进军柔佛巴生谷產业市场


实康工程业务多元化 进军柔佛巴生谷產业市场

(吉隆坡19日讯)实康工程(SALCON,8567,主板贸服股)宣佈要把业务多元化,进军柔佛与巴生谷的產业市场,並预计未来1至3年內带来约25%的净利贡献。

实康工程周二召开股东特別大会,在大部份股东的支持下,通过了把业务多元化至產业发展的议案。

这项举措是为了减轻其建筑和水务专营权面对净利下挫所带来的影响。

实康工程执行董事拿督梁国华在记者会上表示,现有的建筑和水务业务面对不同的挑战,近年爭取新订单合约的工作受阻以及种种条例限制之下,致使整体业绩表现受影响。因此,进军產业市场或可改善上述不利局面。

综指超卖净现吸引力 外资流入狂买马股


(吉隆坡19日讯)外资过去一周仍看好大马市场,对我国资產的风险胃纳持续强劲,因我国股市因大选前夕已跌至具有吸引力的水平。

根据大马交易所资料,截至3月15日当周,外资净买入达2亿2800万美元,相等于7亿1400万令吉,较其他东南亚国家来得高,前周外资凈买入更高达3亿6100万美元。

对于外资狂买马股现象,辉立资本首席投资员洪国兴表示:「外资认为现任政府可以保住政权,所以他们並不是那么在意大选风险。但是本地投资者较为担心,因为他们认为国阵有可能会落败。」

小摩看空中国A股



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Tuesday, March 19, 2013

大選因素‧馬幣短期面對沽壓‧熱錢或流出


大選因素‧馬幣短期面對沽壓‧熱錢或流出
Created 03/19/2013 - 17:30
(吉隆坡19日訊)在國內和外圍不利因素干擾下,馬幣兌美元匯率自今年以來便不斷走低,分析員指出,大選不明朗因素將令馬幣在短期內繼續面對沽售壓力,雖然相信在大選後可穩住陣腳,但恐怕促使部份熱錢流出大馬。

同時,他們也認為馬幣可在貨幣戰中保持競爭力。

安聯研究指出,由於大選課題令大馬政治陷入動盪局面,馬幣在短期內可能面對沽售壓力,過去6個月來流入大馬的熱錢可能掉頭離去。

測字業競爭擴大‧商托新加坡掛牌企業‧成功多多“零派息”魅力大減


測字業競爭擴大‧商托新加坡掛牌企業‧成功多多“零派息”魅力大減
Created 03/19/2013 - 17:26
(吉隆坡19日訊)成功多多(BJTOTO,1562,主板貿服組)首9個月淨利小跌0.38%至3億零935萬令吉,普遍上符合預期,不過份析員認為,測字業競爭擴大或抑制未來的成長,加上在新加坡商托掛牌前,該公司“零派息"也令投資者大感無趣。

安聯研究指出,該公司的派息率令人感到失望,並將2013財政年總派息額調降至16仙,相等於68.3%派息率,低於預期中的25仙派息額。

“相信在商托上市前,該公司都不會派發股息以保留盈利,意味著末季派息無望。"

CIMB Research: Dry bulk markets to bottom in 2013, recover in 2014.


CIMB Research: Dry bulk markets to bottom in 2013, recover in 2014.
Business & Markets 2013
Written by Zatil Husna of theedgemalaysia.com  
Tuesday, 19 March 2013 16:10

KUALA LUMPUR March 19: CIMB has rated the Asia Pacific shipping sector as “neutral” and said the dry bulk markets will bottom in 2013 and recover in 2014.

In a note Tuesday, the research house said Asia-Europe (AE) spot rates rose 42% week-on-week w-o-w but its sustainability was in doubt with slot utilisation at just 70% for the week ended March 8.

Meanwhile, TP spot rates are holding up relatively well and indicative rates for the 2013/14 contract season are likely to be better than in the previous year.

RHB cuts YTL Power target price to RM1.50


RHB cuts YTL Power target price to RM1.50
Business & Markets 2013
Written by Charlotte Chong of theedgemalaysia.com  
Tuesday, 19 March 2013 16:37


KUALA LUMPUR (MAR 19): RHB Research Institute Sdn Bhd has cut the target price (TP) of YTL POWER INTERNATIONAL BHD [] to RM1.50 from RM1.52.

In a Tuesday note, RHB Research said it is maintaining a "neutral" rating on the company but lowering its TP on the back of headwinds that YTL’s Singapore operations may face and the continued losses at WiMAX division.

Rickers Maritime plans rights issue to raise $102mil


Rickers Maritime plans rights issue to raise $102mil

The manager of Rickmers Maritime Trust says it is undertaking a non-underwritten renounceable rights issue to raise gross proceeds of up to $101.7 million.

The rights issue will be offered on a 1-for-1 basis at an issue price of $0.240 per unit. This represents a discount of 33.3% to the closing price of $0.360 per unit on the SGX on 18 March 2013.

If fully subscribed, the net proceeds of the rights Issue are expected to be $98.5 million. 100% of the net proceeds will be used to repay the Top Up Facility and other bank loans.

新計劃未成氣候‧怡保花園產托評級下調


新計劃未成氣候‧怡保花園產托評級下調
Created 03/18/2013 - 18:38
(吉隆坡18日訊)怡保花園產托(IGBREIT,5227,主板產業投資信托組)內部成長料帶動盈利,不過因拓展計劃短期內未成氣候,股價上揚空間有限,分析員下調其評級至中和。

興業研究指出,該產托盈利料由谷中城及園中城商場的資產增值計劃及租約更新帶動。

“成長催化劑大部份來自園中城商場租約更新,包括每3年提昇約15%租金。"

政府措施刺激内需 消费股可延续涨势

政府措施刺激内需 消费股可延续涨势
Created 03/19/2013 - 11:34
(吉隆坡18日讯)政府透过财政预算案派发糖果加上一个大马援助金2.0推高国内家庭额外收入,为内需注入更多利好因素,促使消费领域在2013年可延续去年的涨势。

BIMB证券研究分析员表示,旗下所评估公司的2012年第四季业绩表现参差不齐,虽然大部分公司创下高营收增长,但部分受赚幅收窄的影响,拖累净利走低。

由于额外收入增加和公务员获得花红,配合佳节与学校假期,促使国内消费者消费强劲。

Overseas Union Enterprise: Acquires US Bank Tower For US$368m (UOBKH)


Overseas Union Enterprise
Share Price S$2.86
Target Price S$3.36
Acquires US Bank Tower For US$368m

OUE announced the acquisition of US Bank Tower in Los Angeles for US$368m (S$459m). The deal is in line with management’s strategy of turning around undervalued assets through asset enhancements. The nearterm negatives of a weak US office market and dilution of Singapore focus are offset by long-term benefits of a recovery in the office cycle and asset enhancement opportunities. Maintain BUY, target price: S$3.36.

Wilmar International :Forget FY12, Look ahead to FY13 (KE)


Wilmar International
Buy (unchanged)
Share price: SGD3.63
Target price: SGD4.60 (from SGD4.65)
Forget FY12, Look ahead to FY13

Within expectations. We believe FY12 results were broadly within expectations, with recurring net profit coming in at USD1.17b (+5% above consensus estimates). We believe signs of earnings recovery are already evident from 4th quarter numbers and continue to see a positive FY13 for Wilmar as it rides a China recovery.

FY12 down on CPO and soybean crushing. Volume grew 8% during the year, though revenue was mostly level on weaker commodity prices. Performances across its divisions were a mixed bag, though Group recurring earnings were down 23%. Plantations division showed lower profit on declining CPO prices, while oilseeds & grains suffered a big reversal from FY11. Other divisions showed healthy earnings.

Yangzijiang 4Q12: Shipbuilding Margin Holding Up (UOBKH)


Yangzijiang Shipbuilding
Share Price S$0.99
Target Price S$1.45
4Q12: Shipbuilding Margin Holding Up

Results were above our expectation. Shipbuilding gross margin held up at 24.1% in 4Q12 as a large portion of turnover was still derived from highmargin contracts secured prior to the shipping downturn. Higher held-tomaturity investment income (+22% yoy) offset lower shipbuilding gross profit (-40% yoy). YZJ is still our preferred Chinese shipyard as its experienced management steers a multi-pronged business to cushion downturn. Maintain BUY and target price of S$1.45.

Results
• Above our expectation. Yangzijiang Shipbuilding (YZJ) reported net profit of Rmb808m (-22% yoy) and Rmb3,580m (-10% yoy) for 4Q12 and 2012 respectively. 2012 net profit was 7% above our forecast of Rmb3,345m. YZJ declared a final DPS of 5.0 S cents/share, marginally lower than 2011’s final DPS of 5.5 S cents/share.

Nam Cheong: Record Quarter, On Track for More (SIAS)


Nam Cheong
Increase Exposure
Record Quarter, On Track for More
• Intrinsic Value S$0.340
• Prev Closing Price S$0.275

Nam Cheong Limited (Nam Cheong) posted full year revenue and PAT of RM$877m and RM$136.6m, largely in line with our RM$825m and RM$140m forecasts.

Nam Cheong’s FY14 shipbuilding programme is an astonishing 25 vessels with value amounting to US$520m. The company has sold 13 out of their 19 FY13 shipbuilding programme and we project the remaining 6 and about 12 of the FY14 programme vessels to be sold this year.

Midas Holdings: Outlook remains sanguine (OSK)


Midas Holdings: Outlook remains sanguine
(BUY, S$0.50, TP: S$0.75)

4Q12 PATMI declined 47.8% YoY to RMB17.5m, on the back of a flat 2.6% YoY increase in revenue to RMB216.5m. PATMI was lower, largely due to more low-margin products being sold. As expected, FY12 PATMI was significantly lower due to lower orders from the railway industry for its aluminum extruded products. Share of associates was higher than expected, as it was able to recover some expenses from a project. Going forward, (1) outlook for the railway industry remains positive, supported by the Chinese government’s plans to develop the railway infrastructure. (2) Midas’s order book is expected to last till FY15, with deliveries likely from 2H13. There is also potential for more order flow to come through. We are maintaining our BUY recommendation and TP SGD0.75, as potential order flow looks good.

Neptune Orient Lines : Look Past the Seasonal Weakness (KE)


Neptune Orient Lines
Buy(unchanged)
Share price: SGD1.225
Target price: SGD1.63 (from SGD1.71)
Look Past the Seasonal Weakness

4Q2012 results dip, but take heart from positives. Neptune Orient Lines (NOL) reported a 4Q2012 core EBIT loss of USD69m, which was a significant improvement from 4Q11’s loss of USD277m. Although not within range of the EBIT breakeven we were hoping for, we still see enough signs to reaffirm NOL’s early-stage recovery from the container shipping slump. We are maintaining our forecasts and reiterating our BUY call pegged to 1.4x FY2013 P/B, Target Price trimmed to SGD1.63 based on NOL’s updated NAV.

Noble : Energy and metals save the day (CIMB)


Noble Group
Current S$1.19
Target S$1.47
Energy and metals save the day
 Noble reaped the benefits of diversification in 4Q12. Strong results from the energy and metals, minerals and ores segments masked a dismal showing from the agriculture segment. Having seen the worst of agri’s results, Noble believes that it can only get better.

FY12 core net profit beat our expectations by 6% and consensus by 7%, thanks to deferred tax credits. We tweak our FY13-14 EPS and introduce FY15 forecasts. We maintain our Outperform rating with a slightly higher target price, still based on 10.1x CY14 P/E (0.5 s.d. below 5-year mean). We anticipate a re-rating triggered by the agriculture segment’s recovery.

置富產業信託 (778.HK) - 受惠租金高企,穩定收息之選

推介日期   19-02-13 
投資建議持有
建議時股價$ 6.910
買入價N/A
目標價$ 6.950


置富產業信託 (778.HK) - 受惠租金高企,穩定收息之選

公司簡介

置富產業信託是一家房地產投資信託基金,於2003 年7 月4 日訂立的信託契約(經修訂)組成。置富產業信託於2003 年8月12 日及2010 年4 月20 日分別在新加坡證券交易所有限公司及香港聯合交易所有限公司上市。置富產業信託持有香港16 個零售物業,包括面積約245 萬平方呎零售樓面及1,989 個車位。

China Minzhong : Minzhong NDR Feedback (KE)


China Minzhong
Buy(unchanged)
Share price: SGD1.14
Target price: SGD1.36 (unchanged)
Minzhong NDR Feedback

Minzhong NDR post placement. We hosted a China Minzhong Non-deal road show after Minzhong’s share placement to Indofood. During the road show, management discussed in details the industrialized farming model, the potential synergies with Indofood, the use of the placement proceeds as well as dividends. We listed the questions which gained the most interest below:

• Some investors asked questions about this round of placement. According to the management, this deal roughly started since late December last year when Indofood approached China Minzhong through some agent. After about two months discussion both parties managed to agree on the placement price of SGD0.915.

KLCC Property Holdings - Priced-in for now

KLCC Property Holdings -
Priced-in for now
Price Target : 6.40
Last Price : 6.16

Raising TP to RM6.40 (from RM5.90) based on a more aggressive FY13E target net yield of 5.0% (from 6.0%) and KLCC Stapled REIT FY13E 90% payout of 33.2sen. Our TP also assumes Suria KLCC will be "REIT-ed" while new shares will be issued to fund the remaining 40% of the asset not owned by the company. We believe our target net yield of 5.0% (retail M-REITs under coverage are based on 4.0%-4.7%) is apt for KLCC Stapled REIT considering that is not a full-fledge M-REIT while  its free-float shares is the least amongst sizeable retail M-REITs.

Hutchison Port Holdings Trust : Acquisition Of ACT - A Fair Deal With Long-term Benefits (UOBKH)


Hutchison Port Holdings Trust
Share Price US$0.79
Target Price US$0.96
Acquisition Of ACT - A Fair Deal With Long-term Benefits

HPHT announced the acquisition of ACT from DP World and PSA. It is a fair deal in terms of valuation, and in the long run, the acquisition creates more synergy with HPHT’s existing terminals and helps to stabilise tariff in Hong Kong in a more consolidated market. Maintain BUY with target price of US$0.96.

What’s New
• HPHT announced that it will be acquiring 100% interest in Asia Container Terminals (ACT), of which DP World (DPW) and Port of Singapore Authority (PSA) have a 55.2% and 44.8% equity stake, at a total consideration of HK$3,167m.

卖HSSV 51%给港企 合成统一进账1 . 53 亿


卖HSSV 51%给港企 合成统一进账1 . 53 亿
Created 03/19/2013 - 12:06
(吉隆坡18日讯)合成统一(HapSeng,3034,主板贸易服务股)以1亿5300万令吉、脱售Hap Seng Star(越南)私人有限公司(简称HSSV)51%股权予一家香港公司。

合成统一向马交所报备,已将HSSV的51%股权、或51万股及5万1102股可赎回优先股脱售给Prestige跑车(香港)有限公司。

同时,合成统一旗下Hap Seng Star私人有限公司也获得一项期权,将以1亿4700万令吉把HSSV其余49%股权、或49万股及4万9098股可赎回附加股脱售给Prestige跑车。

Cambridge Industrial Trust : Quality yields (CIMB)


Cambridge Industrial Trust
Current S$0.75
Target S$0.81
Quality yields

 We took management on a non-deal roadshow to Singapore, Hong Kong and Malaysia. We found investors generally less familiar with the industrial space and the role of government regulation in Singapore, which mitigates landlords’ exposures touncertain macros.

IPO assets pave the way for 5-10% rent reversions and development works in FY13/14. Combined with record acquisitions and BTS projects from 2012, we estimate 5% CAGR DPU growth for FY13/14 and strong yield of 7%. We adjust FY13-15 DPUs on reversions and development works, raising DDM-based target price (7.7% discount rate). Maintain Outperform. Accretive acquisitions and development works are catalysts.

港股曾瀉逾500點 曹仁超:暫勿撈貨


港股曾瀉逾500點 曹仁超:暫勿撈貨
【本報訊】港股上演瘋狂屠牛記!歐債危機升溫,恐慌情緒爆燈,拖累恒指一度勁瀉逾500點,並失守22000點心理關口,觸發110隻牛證打靶,意味平均每三分鐘就有一隻牛仔被劏,全日共逾千隻股份下跌,但好友未言敗,資金繼續流向牛證。著名財經專欄作家曹仁超提醒,新負面因素出現令股市前景變得難測,現水平不宜撈貨。
記者:林 靜 劉美儀

塞浦路斯擬徵收「存款稅」,加上中國兩會閉幕仍未見利好消息出台,恒指昨低開347點後持續向下,淡友顯然要直搗二萬二牛仔重倉區,午後一度勁瀉535點,至21997點,惟數分鐘後又旋即收復二萬二關口,收市報22083點,跌449點或2%;H指報10794點,跑輸恒指,跌226點或2.1%。滬綜指則跌1.7%見三個月低位。

曾淵滄專欄 19.03.13:塞浦路斯政府好蠢


曾淵滄專欄:塞浦路斯政府好蠢 - 曾淵滄

深圳「鹹水樓」事件,加上塞浦路斯向銀行存戶徵重稅,導致昨日港股出現恐慌性下跌,恒指一度跌穿22000點,市場又一次提供機會給喜歡摸底的人炒作,不過,在跌市中,仍有部份公用股逆市上升,說明恐慌性的程度還不算太高,有部份投資者只是把資金由較進取的股份轉移到較保守的股份,資金沒撤走。

我也很難想像塞浦路斯政府為甚麼會想出這個極度愚笨的政策?今日政府向銀行存戶徵重稅,是明目張膽地搶錢,今後誰會相信這個政府?還有誰會把錢存在銀行?我估計,塞浦路斯所有銀行會出現擠提,特別是來自海外的資金,一定會設法急速調走,最後恐怕塞浦路斯政府會宣佈禁止貨幣自由滙出。

欧挤兑恐慌 亚洲收黑 马股一度失守1620


(吉隆坡18日讯)全球股市因塞浦路斯擬对银行存款徵税而纷纷下挫,因市场担忧此举將令欧洲债务危机进一步恶化。同时,马股因全国大选將近而面对卖压,市场分析员认为马股未来一周將处于波动的格局。

欧洲或將迎来新一轮动盪,塞浦路斯史无前例地对银行存款徵税引发民眾愤怒与挤兑,可能导致该国財政援助遇阻。

这项消息引起市场对欧债危机重燃感到恐慌,致使周一率先开盘的区域股市面对强大卖压。

欧元区財长会议及国际货幣基金组织(IMF)16日同意对塞浦路斯提供100亿美元的紓困案,条件是塞浦路斯政府须于19日起,对所有的银行存款课徵一次性的「存款税」。

冷眼: 找出衡量股市一把尺 大胆买入被低估股


冷眼: 找出衡量股市一把尺 大胆买入被低估股
Created 03/17/2013 - 08:33
(八打灵再也16日讯)看好马股今年将走高之余,冷眼建议投资者学会应用衡量股市投资的“一把尺”,选出被低估(undervalue)的股项。

冷眼表示,股市大跌,其实就是投资好机会,例如2008年发生全球金融风暴时,在他看来是千载难逢的投资机会。

“股市大跌、人人恐惧,很多人都不敢进场买,是因为对股市走向不熟悉。所以,我们要对股市研究透彻,得出衡量投资股市的一把尺。”

蓝筹股已反映价值 二线股2年可涨30%


蓝筹股已反映价值 二线股2年可涨30%
Created 03/17/2013 - 08:41
(八打灵再也16日讯)冷眼认为,蓝筹股都是全面反映价值的股项,反而较看好蕴含许多优质公司的二线股,甚至部分可望在未来2年内,股价涨升30%。

冷眼今天下午主讲“一步步走向财富”时说,蓝筹股的本益比大部分都超过20倍,且都是非常成熟的企业,是一步步增长的公司。

“对我而言都很贵,我不会去投资。

我的意见是:蓝筹股已全面反映价值,或者估值过高了。”

冷眼: 大选影响短暂 马股将迎涨潮创新高


冷眼: 大选影响短暂 马股将迎涨潮创新高
Created 03/17/2013 - 08:20
(八打灵再也16日讯)大马股市基本面大师冷眼(冯时能)看好马股今年将出现一波涨潮,带动富时隆综指创下历史新高。

冷眼指出,投资者一直担心的第13届全国大选不确定性,其实对股市的影响只是短暂的,因为真正对股市产生深远影响的,是上市企业的盈利状况。

逾1500人“取经”

冷眼今天在由《南洋商报》及丰隆投资银行联办的“2013经济股市大趋势”系列讲座第二场“一步步走向财富”讲座会上、谈及如何看待马股今年走向时如是表示。这场讲座吸引超过1500人前来“取经”。

Trade of the Day: Why Gold Will Regain Its Safe Haven Status



Investing in China



Which Way Is China Headed?



Commodities: Bullish on Gold



Singapore February Exports Miss Estimates



Is A Correction Due For Hong Kong Property?



Monday, March 18, 2013

AmResearch keeps "neutral" call on aviation sector


AmResearch keeps "neutral" call on aviation sector
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com  
Monday, 18 March 2013 18:01

KUALA LUMPUR (Mar 18): AmResearch has maintained its “neutral” call on the aviation sector due to a contrast in the fourth quarter results of AIRASIA BHD [] and MALAYSIAN AIRLINE SYSTEM BHD []s (MAS).

AirAsia beat AmResearch’s estimations as the airline registered stronger-than-expected yields, at 5% quarter-on-quarter (q-o-q) and 7% year to date.

Smart Money:謝國忠:恒指頂盡二萬四


Smart Money:謝國忠:恒指頂盡二萬四
著名獨立經濟學家、摩根士丹利亞太區前首席經濟師謝國忠曾在九七年準確預測本港樓市暴跌,有亞洲「水晶球」之稱。對於近期熱炒的內地城鎮化概念,他在專訪時大唱反調,直言是「政府放風搞概念,其實帶有欺騙的性質」,又深信在內地今年經濟停滯不前下,恒指將於24,000點止步。

本港股民聽到「城鎮化」三字雙眼或會發光,水泥、玻璃、新能源、內房等板塊曾一再被炒起,不過經常唱淡內地樓市,被網民稱作「空軍一號」的謝國忠卻狠批,「城鎮化基本都做完了,現在還談城鎮化,有甚麼意思呢?」提醒投資者不要誤墮城鎮化概念的陷阱,相關股份未必值得長揸。

分利计划vs棕油股


分利计划vs棕油股
Created 03/18/2013 - 13:05
华商丹斯里李金友主导的国内首个棕油种植分利投资计划(Interest Scheme)———绿野种植计划(CHGS)喊停,一时成了城中热门话题。

分利投资计划可谓是“有福一起享”的投资概念,投资者坐在家里也可以享有按年回酬保障,投资风险骤然降低。

若是将钱投入在股市当中,投资者则需时时注意上市公司动态,否则一不小心便“烧到手指”,但高风险的另一面,回酬率或许来得更高。

2013 5大主題激勵產業領域


2013 5大主題激勵產業領域
Created 03/17/2013 - 16:31
前言:

對2013年的產業市場來說,基本有5大主題或焦點:分別是:1.成立產業投資信託,釋放零售產業的價值、2.改善依斯干達大馬的基本設施,吸引更多海外直接投資、3.延長與銜接新的輕快鐵路線,建立馬新高鐵系統、4.推行政府資產再發展計劃,例如發展樹膠研究院附近地帶、建立大馬城等,以及5.合併與收購或落實私有化計劃,加強一些產業發展商的潛能。

產業投資信託具吸引力

產業投資信託包括零售產業投資信託,潛在強大吸引力,主要是盈利可觀、回酬保持偏高,同時,也可作為業者的對衝通貨膨脹工具。

明星入市兼講股 美牛市凶兆?

明星入市兼講股 美牛市凶兆?
美股上周五輕微回吐,道指連續10天的升勢斷纜,但仍創歷來第二高收市位,標指較紀錄收市高位僅相差不足5點,分析員看好標指破頂在望之際,「商品大王」羅傑斯警告美股大升市最終「冇好下場」。更甚者,美股大牛市下出現全民皆股現象,連荷里活女星也爭相入市兼高調「講股」,恐是牛市凶兆。

羅傑斯預警「冇好下場」
美股近期牛氣沖天,道指今年以來漲10.7%,羅傑斯卻大潑冷水,警告美股大升市最終「冇好下場」。他指經濟好轉只是人為結果,聯儲局振興經濟方法如把錢從窗口拋出市場,雖令貨幣貶值的刺激措施有時會取得短期成效,但永不能持久,又狠批美國是歷來最大負債國,而且情況愈來愈糟糕。

志在必得:南方A50不妨低吸


志在必得:南方A50不妨低吸
雖然歐美股市保持強勢,道指更屢創新高,但是對港股未能構成很大刺激作用。事實上,中港兩地股市在春節後都同步出現了獲利回吐壓力。內地經濟在去年第四季恢復增長速度後,似乎有再次進入維穩的狀態。

人民銀行在近來推出了較大規模的正回購操作,回收短期流動性的動作明顯,但總體上未有影響內地經濟的平穩發展,而市場觀望氣氛有轉濃機會。

投資導航:四凶兆殺到 港股有難


港股2月初上衝24000大關失敗後拾級而落,其後數度下試100日線約22500點皆能守穩,予人跌不下的感覺;但大家勿因此鬆懈,現階段雖看似風平浪靜,其實危機處處。「投資導航」今期特意點出大市四大凶兆,倘再有風吹草動,恒指隨時下試牛熊線21000點水平,投資者不得不防。

【配股頻】

大戶高位抽水
近期不少上市公司玩抽水,計及配股、分拆及發債等活動,估計最少已抽走市場近600億元資金,加上近日主要股東減持的消息持續湧現,大戶趁市旺套現走人味濃,情況令人擔憂。

內銀股需防「收水」陰霾 宜採守勢


內銀股需防「收水」陰霾 宜採守勢
2013年3月18日
【明報專訊】內銀股將陸續派成績表,市場預計本港上市的九大內銀去年純利可按年升10%,但考慮內地存「收水」隱憂,今年增長放緩將在所難免,兼且內銀股價自去年9月低位至今已累升近25%(跑贏恒指同期15%升幅),市帳率普遍處1倍之上,短線宜先用忍,採取守勢。

內銀股近日前景轉趨不明朗,人行行長周小川近日表示「通脹問題需高度謹慎」,更明言寬鬆貨幣政策已經結束,會採取中性取向,令市場擔心中央會加快「收水」,貨幣政策正常化,勢令內銀股的盈利今年增長放緩。

外资聚焦


外资聚焦
Created 03/15/2013 - 14:13
马来西亚,这个过去不大受房地产国际买家注意的市场,渐渐吸引海外投资者的注意。

政府推出“马来西亚我的第二家园计划”(MM2H)后,参与本地产业市场的外国人数一直都在增加。

首相拿督斯里纳吉推动的经济转型方案,除了关键领域受外资注意,大吉隆坡计划、柔南特区等城市规划如火如荼进行中,令大马这个名字,渐渐成为国际买家心中的亮点。

本报针对这个大家都感兴趣的课题,向国内30家发展商调查,同时追访了负责引进更多外资的大马产业机构(MPI)。

米兰兵法:产业信托基金 投资风险与潜在回酬


米兰兵法:产业信托基金 投资风险与潜在回酬
Created 03/15/2013 - 13:16
继上周和大家分享了有关银行存款、寿险或投资型保单,以及债券与债券基金的投资风险与潜在回酬后,相信大家都对相关投资活动拥有初步概念。

接下来,我想继续探讨这个课题,谈一谈产业和信托基金的投资风险与潜在回酬。

我在这里提供了一个涵盖各种投资活动的风险与潜在回酬图表(以大马为例),供大家参考。

Midas Holdings: Earnings beat from one-off item (CIMB)


Midas Holdings
Current S$0.50
Target S$0.58
Earnings beat from one-off item

 Midas reported its first quarterly operating loss in 4Q12, but results still exceeded expectations. This was due to a one-off expense write-back for associate NPRT. In the absence of this, Midas would have reported a secondly quarterly loss.

4Q12 net profit (Rmb17.1m) trounced our loss estimate of Rmb6.4m. FY12 net profit (Rmb27.8m) surpassed our Rmb4.4m forecast and consensus’s Rmb10m. Poor cash conversion is a key worry. We trim our FY13-14 EPS by 2-3% and introduce FY15. Our target price dips to S$0.58, still based on 17.3x CY14 P/E (5 yr fwd avg). Maintain Outperform as Midas could benefit from the eventual return of high speed railway (HSR) orders.

Salcon 4QFY12 Results (NRA)


Salcon Berhad
Target Price: RM 0.78
Current Price : RM 0.405

• In 4QFY12, Salcon’s turnover declined by 38.4% to RM111.08m. This was mainly attributed to lower revenue recognised on the construction of water treatment plants (WTPs) in China.

• PBT and net profit improved by 72.1% and 17.5% to RM21.02m and RM7.96m each due mainly to gain in bargain purchased on an acquisition of subsidiaries (negative goodwill) and higher concession income, but it was mitigated by loss in construction division. The negative goodwill, which amounted to RM7m in 4QFY12 arose as a result of the completion of the acquisition of a 60% stake in a JV company, Darco Environmental Pte Ltd. The company owns and operates 2 existing water treatment plants namely Wukang and Qian Yua water treatment plants in Deqing County, Zhejiang Province of China.

Pan-United: Turnaround in Shipping Segment, Positive Outlook (SIAS)

Pan-United Corporation Ltd
• Intrinsic Value S$0.960
• Prev Closing Price S$0.920

Turnaround in Shipping Segment, Positive Outlook
Pan-United Corporation Ltd’s (Pan-U) FY12 revenue and PATMI were 3.4% and 3.9% above our forecasts. The business fundamentals across all three divisions continue to be intact and we expect FY13 revenue and PATMI to be slightly better than that of FY12.

Particularly, we are pleased to see a turnaround in the shipping division, on the back of higher utilization rate due to coal shipment activities.

Wilmar International : The ingredients for a recovery (CIMB)


Wilmar International
Current S$3.63
Target S$3.90
The ingredients for a recovery

 Wilmar’s briefing left us feeling more positive as it expects oilseed crushing margins to improve in 2013 and its refinery expansion will allow it to benefit from current high palm oil output growth.

We also gathered that it expects sugar output to increase by 10% and has sold forward some of its sugar volumes at above market prices. This partially offsets nagging concerns over excess capacity in China and Indonesia. We keep our earnings forecasts, SOP-based target price and Outperform rating. The recovery of earnings in 2013 could catalyse the stock.

S-REIT: Change in industrial rulings (CIMB)


Change in industrial rulings
The impact of JTC’s change in ruling to upfront land premium on rental yields and capital values is still uncertain, given the possibility of adjusting rents and asset pricing assumptions to capture the change in initial outlay.

 The overall impact could, therefore, depend more on negotiations between sellers and buyers. We continue to Underweight S-REITs. Among industrial REITs, AREIT, Cache and Cambridge remain Outperforms; MLT and MINT remain Neutrals.

Thai Beverage : Stumbling towards market dominance (CIMB)


Thai Beverage
Current S$0.56
Target S$0.74
Stumbling towards market dominance

 Operating earnings were in line – strong spirits performance offset disappointments in beer and growing pains in the non-alcoholic beverages division.

FY12 earnings was 157% ahead of our forecast due to a one-off gain from APB’s sale under associate earnings We cut FY13-14 estimates by 5%to account for higher A&P expenses and introduce FY15 numbers. Our SOP-based target price rises as we roll forward our estimates to CY14. Maintain Outperform, with catalysts to come from streamlining the F&B business and the delivery of earnings from non-alcoholic beverages.

Overseas Union Enterprise: Potential acquisitions beyond Singapore (Phillip)

Overseas Union Enterprise
Target Price (SGD) 3.07
- Previous Target Price (SGD) 2.83
Closing Price (SGD) 2.89
Potential acquisitions beyond Singapore

 Company Overview
Overseas Union Enterprise Ltd (OUE) is a diversified real estate owner, developer, and operator. It focuses its business across the commercial, hospitality, retail and residential sectors primarily in Singapore.

• FY12 revenue increased 26%y-y to $418mn, PATMI fell 76% due to reval loss at associated company
• Continue to focus on asset enhancement works

Noble Group: Energy booster (DBSV)


Noble Group
BUY S$1.185
STI : 3,269.95
Price Target : 12-Month S$ 1.45 (Prev S$ 1.50)

Energy booster
• 4Q core profit above expectations aided by tax credit
• Growth in Energy and MMO segments partially offset by lower grain & oilseeds crush margins
• Trim FY13/14F core earnings by 4% each on lower agriculture profitability
• Maintain BUY; TP S$1.45

Sequential improvement in Energy and MMO as expected. Noble’s 4Q12 core earnings surged 72% y-o-y and 85% q-o-q to US$124m (excluding US$32.8m loss from Supply Chain assets).

Midas Holdings: Patience is a virtue (OCBC)


Midas Holdings:
Fair value S$0.595
add: 12m dividend forecast S$0.005
versus: Current price S$0.52

Patience is a virtue
• FY12 a challenging year
• 0.25 S cents final DPS declared
• BUY on brighter order wins outlook

Midas Holdings’ (Midas) FY12 PATMI of CNY27.9m represented an 85.1% decline, but still strongly exceeded our CNY6.8m estimate, thanks to a one-off boost from its associated company NPRT. Its operating profit of CNY123.5m was actually 10.1% below our forecast.

Tiger Airways : Proposes rights issue and preferential offering (CS)


Tiger Airways
Price (05 Mar 13, S$) 0.69
TP (prev. TP S$) 0.66 (0.66)
Maintain UNDERPERFORM
Proposes rights issue and preferential offering

● Tiger proposes a 1:5 rights issue and a non-renounceable 1:4 preferential offering of Perpetual Convertible Capital Securities (PCCS) to raise up to S$297 mn.

● Tiger plans to use up to 34% of the proceeds to repay debt and 27% to fund new aircraft deliveries. Up to S$80 mn will be earmarked for airline ventures, including potential new overseas JVs.

Overseas Union Enterprise: Grand Plans Still Afoot (KE)


Overseas Union Enterprise
Share price: SGD2.82
Grand Plans Still Afoot

Not the end, but the beginning. Despite not being successful in its attempted acquisition of a major consumer/property conglomerate in Singapore recently, OUE still has grand plans waiting in the wings.

Serviced Apartments conversion in the pipeline:
• OUE mentioned that it is in talks with authorities to convert one tower of Twin Peaks and DBS Tower One into serviced apartments, which can then be combined into a hospitality REIT. It expects minimal DC charges as the value derived from existing use is higher or equal to the value of the proposed development, if there is no change in GFA. There should also be minor structural alterations needed, such as escape stairways etc.

投資SUN國度:人棄我取時機到 拉長戰線博反彈


投資SUN國度:人棄我取時機到 拉長戰線博反彈

上周港股的發展,可以用令人沮喪來形容,anything but China,市場的取態十分明顯。買REITs、買燃氣、買比較好的出口股,已經是全人類都做,水漲船高有點遲。在這種環境中,還有甚麼出路?

「揸一筆現金等機會囉!」其實答案就是這樣簡單。香港股票底子未至於要再現另一次股災,尤其是外圍經濟正在好轉,所以應該是一個比較反覆的超大型上落市,趁低執平貨,會是一個主要殺着。

曾淵滄專欄 18.03.13:鹹水樓事件可大可小


曾淵滄專欄:鹹水樓事件可大可小 - 曾淵滄

全國政協人大兩會結束了,中國新領導正式全面接班,新領導層面對的是艱巨任務,2001年年底,中國加入世貿,從此中國成為世界工廠,但是,中國的工資年年上漲,生產成本上升導致中國產品面對越來越強的競爭壓力,不少原本在中國設廠的企業開始把工廠搬遷到泰國、越南、印尼……,新領導層如何面對這不斷上升的生產成本所帶來的壓力?壓抑工資上漲?

不可能,因為推高工資是推動內需的一個重要條件,如何平衡生產成本上漲與推動內銷之間所產生的矛盾?還有,樓價上漲的其中一個很重要的原因,就是中央推動城鎮化,城鎮化鼓勵農民入城,大量農民進入城市導致城鎮房屋短缺,樓價豈能不升?這又是另一項矛盾,等待新領導層解決。

標普500指数突破1600点 美国经济需至少成长4%


標普500指数突破1600点 美国经济需至少成长4%

(新加坡16日讯)高盛资產管理公司主席奥尼尔表示,美国经济必须加速成长到「匪夷所思的水平」,才能支撑標准普尔500指数突破1600点。

標准普尔500指数今年以来上涨9.6%,昨天收在1563.23点,距离歷史高点只差2点,离1600点不到3%。发明金砖四国一词的奥尼尔预测,今年標准普尔500指数可能涨到1575点。美国2013年经济成长率预估为1.9%,明年为2.7%。

「如果要证明標准普尔500指数涨到1600点以上是合理的,我们必须看到经济成长率的预估在4%,甚至是超过4%的水平,」

成功多多 奖金高吸引力强


成功多多 奖金高吸引力强
Created 03/14/2013 - 12:37
目标价:5.05令吉

最新进展

成功多多(BjToto,1562,主板贸服股)将在下周公布2013财政年第三季业绩,净利将介于1亿700万令吉至1亿1100万令吉。

另外,成功多多的两项积宝大奖“至尊多多六合彩”(Power Toto6/55)及“好运多多六合彩”(Supreme Toto6/58)总奖金达1000万令吉,远高于竞争对手,预计将获得大众青睐。

其中,“好运多多六合彩”奖金已累积达2330万令吉。
Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


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