Saturday, April 27, 2013

建行多賺16% 四大行最勁

建行多賺16% 四大行最勁
九內銀季績全勝券商預期
2013年4月27日
【明報專訊】工行(1398)、建行(0939)、農行(1288)等5間內銀昨日公布第一季業績,其中工行第一季純利增長12.1%,建行更增長達15.7%。在港上市9家內銀首季盈利無一例外地勝於券商預期。不過,淨息差方面除中行(3988)外,其餘內銀續呈收窄趨勢,中型銀行的收窄幅度較大。內銀的不良貸款率則表現各異,工行、交行(3328)等續有上升,中信行(0998)第一季不良率更升0.14個百分點(表)。

工行純利增長12.1%

截至3月底止第一季,工行錄得純利688.1億元(人民幣.下同),按年增長12.1%,高出市場的預期約5%。建行第一季純利達595.8億元,按年增長15.7%,高於市場預期近一成。農行第一季純利達470.1億元,按年增長8.2%。

中海油受惠收購銷售增13%


中海油受惠收購銷售增13%

中海油(00883)公布首季營運數據,期內油氣銷售收入553.1億元(人民幣.下同),按年上升13.3%,主要受惠納入尼克森(Nexen)產量,令集團期內產量大增17.3%所致。

中海油首席財務官鐘華昨日在電話會議中表示,中海油今年產量目標及資本開支預算,尚未計入尼克森,後者的產量及預算安排仍在審批當中,但尼克森今年的資本開支預算應介乎30至40億美元。

然而,中海油首季實現油價及氣價均下跌,每桶實現油價110.29美元,主要受遠東地區需求及基準油價表現疲弱拖累;實現氣價每千立方英尺5.79美元,亦跌1.5%,主要是尼克森實現氣價較低影響。鐘華承認,現時北美氣價較低。

无论谁将主王朝 建筑股选后续领风骚


无论谁将主王朝 建筑股选后续领风骚
Created 04/26/2013 - 21:07
(吉隆坡26日讯)分析员指出,不管本届大选的结果是什么,建筑领域都不会是绝对的输家,因此整体给予“中和”评级。

在评估我国两大阵营竞选宣言对建筑领域的冲击时,分析员发现,两者之间不尽然都是大相径庭的,当中还是有相似之处。

在分析员看来,国阵若继续掌权,将确保经济转型执行方案(ETP)连续推行,并为建筑领域带来上修的机会。

CapitaLand Q1 profit rises 41% on gains in home sales


WRITTEN BY BLOOMBERG  
FRIDAY, 26 APRIL 2013 19:00

CapitaLand, Southeast Asia’s biggest developer, said first-quarter profit rose 41% on higher home sales in Singapore and China.

Net income climbed to $188.2 million in the three months ended March 31, from $133.2 million a year earlier, the Singapore-based developer said in a stock exchange statement today. Sales rose 3.2% to $661.9 million.

CapitaLand is reorganizing into four main units to help focus on its key markets and has said it may exit some projects in the U.K., India and the Middle East. The developer in January said it will focus on China and Singapore, its two biggest markets by assets.

与国家基建联营毗邻金马轻快铁站 克立斯10亿发展商业地


与国家基建联营毗邻金马轻快铁站 克立斯10亿发展商业地
Created 04/27/2013 - 13:42

(吉隆坡26日讯)克立斯建筑(Cresbld,8591,主板建筑股)与国家基建公司(Prasarana)签署联合土地发展协议,共同发展总值10亿3800万令吉的混合商业发展计划。

克立斯建筑向马交所报备,集团持有51%股权的子公司IntanSekitar私人有限公司,与国家基建公司发展位于金马(DangWangi)轻快铁站附近的优质商业土地。

依据协议,发展地段约2.72英亩,将建设零售商场、豪华服务式公寓及办公楼,建筑面积为106万平方尺;工程预期2013财年下半年启动,并在2018年竣工。

Eye on stock-Lion Industries


The Star Online > Business
Saturday April 27, 2013
Eye on stock

By K.M. Lee

A FUTILE attempt to recover due to lack of follow-through interest, dragged the shares of Lion Industries Corp Bhd (Lion Inds) down from the RM1.10 level on April 9 to a low of 96.5 sen on April 16, in a week-long correction process.

Thereafter, prices fluctuated within a narrow range on consolidation before bouncing off in the wake of fresh bargain hunting activity.

MAS gets boost from oneworld alliance


MAS gets boost from oneworld alliance

2013/04/27

KUALA LUMPUR: Malaysia Airlines could deliver what it has promised in its turnaround plan due to the strong passenger feed from its participation in the oneworld alliance, research firm RHB Research Institute Sdn Bhd said yesterday

RHB Research said the alliance could increase the national airline's passenger feed as the load factor for its international flight continues to be encouraging.

业绩出色 鹏达前景俏秀


吉隆坡26日讯)鹏达集团(PANTECH,5125,主板贸服股)2013財政年净利大幅成长60%,营业额更创下新高,分析员皆看好该公司前景,可受惠於国內油气领域的蓬勃活动。

鹏达集团2013財政年第四季(截至2月28日止)净利按年上扬21.3%,至1262万令吉;单季营业额成长24%,至1亿5629万令吉。

全年净利大幅成长60.7%,达5500万令吉;全年营业额亦增加46.6%,至6亿3716万令吉。

鹏达集团2013財政年获得强劲成长,基本上符合分析员预期。

REDtone International - Record earnings in the making


REDtone International -
Price Target:0.56
Last Price:0.425
Record earnings in the making

Period     3Q13/FY13

Actual vs. Expectations     Redtone’s YTD 9M13 NP of RM9.9m came in within our expectations and accounted for 41% of our full-year estimates. We understand that the group will recognise soon a sizeable revenue from the USP project as well as its maiden spectrum sharing fee from Maxis. Together with the significant cost synergy as a result of its larger economic of scale in 4Q13, this should bring its full-year NP close to our estimate of RM23.6m.

Tambun Indah Land - The Best Penang Mainland Play


Tambun Indah Land -
Price Target:1.28
Last Price:0.955
The Best Penang Mainland Play

We initiate coverage on Tambun Indah with a Buy rating and fair value of MYR1.28. The stock is our top small cap pick. Despite the 57% share price appreciation since our first report in Oct last year, we believe the growth prospect of its 600-acre anchor landbank at Simpang Empat has yet to be fully priced in. The upcoming opening of the Penang Second Bridge (PSB) will provide significant economic impact at Batu Kawan area and visibility on the mainland property market.

MISC : Emerging stronger (DBSV)


MISC
BUY RM5.30
KLCI : 1,706.26
Price Target : 12 MONTHS RM 6.60 (Prev RM6.00)
Emerging stronger

Unsuccessful privatisation offer sets base value for stock
Indicates dissenting minorities look beyond the current volatility in tanker rates and believe there is greater value in the stock
BUY with RM6.60 SOP-based TP. Stock is at a multi-year low with catalysts in place

Unsuccessful pri vatisati on offer sets base val ue for stoc k Sets base value for stock. The national oil company secured only 86% of MISC, short of the 90% threshold for the offer to be unconditional. Although there might be some immediate term share price weakness, Petronas’ initial offer at RM5.30 which was subsequently revised to RM5.50 sets a base value for the stock.

Raffles Education : Can it succeed in Sri Lanka, after it failed in China?


With Sri Lanka opening its doors for foreign private players, this could be a turnaround for Raffles Education. But can it capitalise on the opportunity, given its problems elsewhere?

23/4/2013 – Raffles Education Corp will invest S$25 mln over five years to set up a private university in Sri Lanka.

While there are few other details, Chairman, CEO and 34% owner, Chew Hua Seng, says Sri Lanka is an emerging market filled with opportunities, thereby increasing demand for university education.

The group operates in 13 countries, including Sri Lanka, with almost 30 education units.

Axis REIT : Delivery On Track (MIB)


Axis REIT
Hold (unchanged)
Share price: MYR3.71
Target price: MYR3.05 (under review)
Delivery On Track

Results tracking expectations. Axis REIT (AXRB)’s 1Q13 net profit of MYR20.5m was within our and market expectations, as was the proposed 4.5sen interim DPU (+4.7% YoY). We maintain our FY13-15 earnings forecasts but put our MYR3.05 TP and HOLD rating under review pending a meeting with management. AXRB currently trades at a net FY14 yield of 4.7%, below the industry’s 5.9%. Valuations are however supported by expectations of new asset acquisitions.

AmanahRaya REIT: Buys Factories In Penang (MIB)


AmanahRaya REIT
Hold (unchanged)
Share price: MYR0.94
Target price: MYR0.95 (unchanged)
Buys Factories In Penang

Maintain HOLD. We are positive on ARREIT’s latest acquisition in Seberang Perai, Penang. New acquisitions with rental source are vital to sustain its dividend payments, especially after the disposal of Wisma UEP. This new asset is expected to enhance our FY14 DPU forecast by 0.4sen (8.5% gross yield). We maintain our FY14-15 earnings forecasts and DCF-based TP of MYR0.95 pending completion of the acquisition.

Zhulian Corp : Stronger associate contributions (DBSV)


Zhulian Corp
HOLD RM2.90
KLCI : 1,710.97
Price Target : 12-Month RM 2.80
Stronger associate contributions

1Q13 net profit of RM29.7m lifted by higher associate contributions and a lower effective tax rate; within expectations
Recovery in pretax profit margins: 1Q13’s 32.5% highest since 4Q11. Declared net DPS of 3.0 sen
Positives factored in share price with 56% gain over the last 12 months. The stock is trading at +2 SD of its 5-year PE mean. Maintain HOLD with RM2.80 TP

Highlights
1Q13 within expectation. Zhulian recorded 1Q13 net profit of RM29.7m (+4.8% y-o-y, -5.0% q-o-q). This represents 23% of our FY13 net profit forecast – within expectations.

Dah Chong Hong : Singapore NDR takeaways – improving outlook (DBSV)


Dah Chong Hong
(1828 HK)
BUY; HK$7.22
12 month Price Target: HK$10.0
Singapore NDR takeaways – improving outlook

Focus: improving sales of Japanese cars, impact of weaker yen, gross margin outlook, and impact of anticorruption drive
No plans to spin-off food & consumer products distribution operations
Attractive valuation given improving earnings outlook; maintain BUY with HK$10.0 TP

胡立阳:股、债市下半年可能同时回跌


胡立阳:股、债市下半年可能同时回跌

回顾过去二、三十年来,在世界各地演讲会中,我曾回答了投资朋友们所提出之各式各样的问题。现决定在此专栏中择其精华,陆续与网友们分享当时我的小小研究心得,也希望能继续得到大家的支持与鼓励。

美国十年期公债殖利率上升,预告股、债市下半年可能同时回跌

问: 媒体今天报导,美国上周公布的就业率优于预期,十年期公债的殖利率随即应声大涨。请问这是为什么?殖利率又是什么?对债市以及股市的影响又是什么?

投资专家的心水股:2013年第一季回顾


投资专家的心水股:2013年第一季回顾
文: 王秋莹 , 陈挚文 (译:麦美莹) 2013年04月19日 展望
你还记得在年初的时候,投资专家及《股市资讯》为大家所挑选的心水股吗?转瞬间,又过了一个季度,我们应为这些心水股作一个回顾了。在今期及接下来的一期我们将分别为大家报道由投资专家及《股市资讯》所挑选的心水股的表现及我们可能会跟进的调整。

在对个别股只的表现作出评论之前,让我们首先回顾一下市场在过去三个月所发生的重要事件,从而得悉股市在2013年第一季的粗略表现。本地方面,政府在年初宣布了第七轮全面的房产冷却措施,导致那些在本地产业市场占分量甚重的股只受到重挫。

曾渊沧博士专栏 19-04-2013


曾渊沧博士专栏
文: 曾渊沧博士 2013年04月19日 曾渊沧博士专栏
近两个月来新加坡股市几乎失去方向,升则升不上、跌也跌不下,僵住了。买也不是、卖也不是。美国股市是在不断地创新高,但是中国、香港股市正处于调整期,多多少少也影响了新加坡股市。前天,中国政府公布最新的经济数据,一般认为中国经济在放缓。于是金价狂跌,其他天然资源的价格也大跌。美国股市同样大跌,中国的经济动态已开始影响全世界。黄金价格下跌已经有好一段日子,但是近日突然变作传媒热烈报道的对象。股市大鳄当然懂得利用这个机会,把一众资源股的股价全部压下,努力造淡。

颜子伟:市场似乎岌岌可危:从图表分析未来走势


市场似乎岌岌可危:从图表分析未来走势
文: 颜子伟 (译:麦美莹) 2013年04月19日 展望
全球各大股市及金融工具表现不一:有些在涨升;有些在下跌;有些停滞不前。新加坡是属于第三类!

我们的股市究竟出了什么问题?投资者都往哪里跑了?

海峡时报指数
新加坡的经济增长将会放缓及企业将会面对劳工短缺,这是基金经理及投资者最不喜欢看到的重要新闻。试想想,一个面对经济增长放缓的国家与一个充满刺激措施的国家,投资者会选择哪个市场?

Jim Rogers: Never In History Has This Been Seen



Olam, under Temasek’s gaze, shifts to slower growth path


WRITTEN BY REUTERS  
THURSDAY, 25 APRIL 2013 20:38

Olam International, propped up by Singapore state investor Temasek Holdings after worries mounted over its high debt, bowed to investor pressure and said it will nearly halve its capital spending over the next three years and trim its businesses.

The Singapore-based agricultural commodities company, which came under attack from short-seller Muddy Waters last November and was forced to raise cash as its stock and bond prices tumbled, has been urged to rein in its global expansion plans and generate more cash.

“The change that we want to make, as far as the next three years are concerned, is in addition to our focus on profitable growth. We want to rebalance that with an equal focus on accelerating cash flow generation,” Chief Executive Officer Sunny Verghese told a news conference on Thursday after announcing the results of a business strategy review.

Asia IPO pipeline and why Singapore has become a haven for real estate trust listings


Olam Drops Profit Target as It Cuts Spending



Li Ka-Shing Fails to Remove Striking Dock Workers



'I'd Buy Chinese Stocks': Dennis Gartman



市場驚爆MSCI將納入A股?!MSCI全球新興市場基金權值將要大洗牌?



KLCI Dancing Near the Ceiling



外资频频减持 港股内银股遭遇倒春寒



Chinese Stocks Bottomed, Will Grind Higher: Goetti



Why Apple's Boosting Buybacks by $50 Billion



Friday, April 26, 2013

MK Land sells Sg Buloh land for RM84m


MK Land sells Sg Buloh land for RM84m
Business & Markets 2013

Written by Madiha Fuad of theedgemalaysia.com  
Friday, 26 April 2013 09:58
KUALA LUMPUR: MK LAND HOLDINGS BHD [] is selling its tract of land near Sungai Buloh, Selangor for RM83.5 million.

In a filing with Bursa Malaysia yesterday, MK Land said its unit Medan Prestasi Sdn Bhd has entered into a sale and purchase agreement (SPA) with Jaya Megah Building & Engineering Sdn Bhd (JMBESB) to sell a 9.59 acre tract at RM200 per sq ft compared with the market value of RM125 psf.

MK置地印度房產計劃告吹


MK置地印度房產計劃告吹
Created 04/26/2013 - 10:38
(吉隆坡25日訊)MK置地(MKLAND,8893,主板產業組)表示,由於土地和建築成本上漲,以及印度產業市場競爭激烈,聯營各方同意取消印度產業聯營計劃。

該公司今日發表文告說,已與聯營公司達成協議,取消上述計劃。

該公司早前在股東大會上已指出,由於印度律法和稅務在一年內改變許多,連帶成本架構隨之上漲,為平衡風險及獲利前景,會謹慎探討此計劃的可行性。

這是該公司首個海外產業發展計劃,於2010年宣佈與印度發展商Embassy集團簽約,聯手發展北邦加羅爾總值30億令吉可負擔房屋計劃,在距離邦加羅機場約8公里地段興建廉價公寓。

通胀降温 失业率高 联储局延长振兴措施


通胀降温 失业率高 联储局延长振兴措施
Created 04/25/2013 - 21:12
(纽约、布鲁塞尔25日讯)美国面临通胀降温和高失业率窘境,经济学家认为,联储局将延长空前振兴措施。

同时,欧洲则迎来一批又一批令人失望的经济数据,市场普遍预测欧洲央行则料在下周宣布降息。

联储局上月开会时,联邦公开市场委员会(FOMC)的多位理事成员纷纷表态支持放慢购债步调,并于年底前终结购债措施。

每股均价RM4.52 马国际船务332万股场外易手


每股均价RM4.52 马国际船务332万股场外易手
Created 04/26/2013 - 08:53
(吉隆坡25日讯)马国际船务(MISC,3816,主板贸服股)24日出现一批80万股或约0.02%股权在场外交易,总交易价332万令吉。

上述股权以每股4.15令吉成交,比24日闭市价4.52令吉低37仙或8.92%。

自国家石油(Petronas)提出私有化献议后,马国际船务就受到市场瞩目。不过,最后国家石油的私有化计划失败。

Unisem results reflect volatile semiconductor sector outlook


The Star Online > Business
Friday April 26, 2013
Unisem results reflect volatile semiconductor sector outlook

KUALA LUMPUR: Unisem (M) Bhd’s latest quarterly earnings reflect the volatile outlook for the semiconductor industry, which appears far from a full-fledged recovery, market consensus shows.

Analysts at Kenanga Investment Bank Bhd believe that the near-term outlook for local technology companies could continue to be overshadowed by a sluggish PC demand coupled with the prolonged global economic uncertainties.

Tambun sales target on track


The Star Online > Business
Friday April 26, 2013
Tambun sales target on track

Analyst Reports
TAMBUN INDAH LAND BHD
BIMB Securities Research
Buy
Target price: RM1.08

TAMBUN Indah's first-quarter 2013 net profit ended March 31 improved to RM11.7mil (4% quarter-on-quarter, 28% year-on-year) and is within our and market expectations.

Bulk of the sales were derived from Straits Garden and Pearl Residence which received encouraging responses with registered bookings of 80% and 65% respectively with actual take-ups of 70% and 42% to date.

Lion Industries shares bought at hefty premium

The Star Online > Business
Friday April 26, 2013
Lion Industries shares bought at hefty premium

KUALA LUMPUR: Lion Industries Corp Bhd’s 127.29 million shares, or a 17.7% stake, were transacted at an average RM1.399 each yesterday.

Stock market data showed the shares, which accounted for a 17.7% stake, were crossed in several blocks. At RM1.399, it was 41.9 sen or 42.7% over the Wednesday’s closing price of 98 sen. At 5pm yesterday, Lion Industries was unchanged at 98 sen.

Drivers for Pavilion REIT, better rental growth and possible asset injection


The Star Online > Business
Friday April 26, 2013
Drivers for Pavilion REIT, better rental growth and possible asset injection

PETALING JAYA: Pavilion Kuala Lumpur's (pic) likely better rental growth and possible injection of new assets in the medium to long term are among the drivers for the Pavilion Real Estate Investment Trust (REIT), going forward.

In a report, Maybank Investment Bank Research said financial year ending Dec 31, 2013 (FY13) would be an exciting year for Pavilion REIT, as 71% of its net lettable area was due for renewal in the third quarter, and assumed its rental growth rate would be 13% for 2013 and 10% in 2014.

首季淨息差擴闊 證券界讚好 中行母子業績報喜


首季淨息差擴闊 證券界讚好 中行母子業績報喜

【本報訊】首間公佈第一季度業績的四大行中國銀行(3988),淨息差錄得輕微擴闊,不良貸款亦保持雙降,截至今年3月底首季盈利,按年增長8.2%至398.15億元(人民幣.下同),按季更升20.4%;旗下中銀香港(2388),首季提取減值準備前經營溢利達69.91億港元,按年及按季分別升3.4%及28.8%。

記者:劉美儀

證券界對中行兩母子表現,皆持正面評價,中銀淨息差按季表現更屬「標青」,分析員估計擴闊達10點子,又認為短期內,兩行股價將受惠向上。中行及中銀昨收報3.53港元及26港元,分別升0.57%及跌0.38%。

投資學堂:買A股ETF等收成


投資學堂:買A股ETF等收成 - 譚紹興

上周五,市場傳出MSCI新興市場指數可能加入A股,令中港兩地股市勁升,當日筆者便在電台節目中指出,MSCI新興市場指數可能加入A股,並非甚麼新消息,久不久便會在內地投資市場出現傳聞,傳出這消息,時間上實在太巧合,巧合得來有點假,因為當日剛巧是內地股指期貨到期日,大戶用以挾淡倉意圖太明顯!

倘納摩指 基金焗買
筆者雖然猜測該消息可能是大戶挾淡倉的伎倆,但極之相信未來一年MSCI新興市場指數頗大機會加入A股,參考其他地區如台灣、南韓等地,MSCI新興市場指數加入A股在時間上已頗接近了,所以筆者近期已慢慢吸納A股基金及ETF,如南方A50(2822)、安碩A50(2823)等,等候該日來臨!

首季不賺反虧‧友力森2年財測大砍


首季不賺反虧‧友力森2年財測大砍
Created 04/25/2013 - 17:27
(吉隆坡25日訊)友力森(UNISEM,5005,主板科技組)2013年財政年首季業績,出乎市場意料之外不賺反虧,預料弱勢將持續至次季,使分析員普遍大砍其未來兩年的淨利財測。

興業研究指出,該公司2013年財政年首季業績比該行及一般市場預測低,使該行將其2013年及2014年財政年淨利預測下調83%及43%,分別至300萬令吉及2千萬令吉。

興業指出,該公司在中國成都的工廠沒有受到地震影響。該公司計劃推高第二工廠產品及服務需求,以提昇目前偏低的工廠使用率,即僅達到約25%水平。

隨著該公司首季業績出爐,達證券指出,它將其2013年及2014年淨利預測,分別削減85.6%及31.7%至680萬令吉及4千零80萬令吉。

次季表現仍具挑戰

達證券指出,這主要是該行削減其產品平均售價預測,以及其營運盈利賺幅從20%降至16%所致,特別是該公司管理層認為次季表現仍具挑戰。

MIDF研究指出,該公司首季業績表現疲弱,主要是1月及2月的佳節期間的市場需求疲弱,特別是中國市場,不過,今年3月營業額已复甦,預料將持續至今年次季,特別是其產品平均售價料在次季全面顯現。

Axis REIT: Follow this Axis to Iskandar (CIMB)


Axis REIT
Current RM3.71
Target RM3.68
Follow this Axis to Iskandar

 Axis REIT's 1Q13 core net profit of RM20.9m was in line with expectations, making up 25% of our and consensus estimates. We like Axis REIT as we believe it offers a lower risk alternative to the exposure to the industrial activity boom in Iskandar Malaysia.

We reiterate our Outperform rating on Axis REIT and DDM-based target price. Rerating catalysts are 1) further yield-accretive asset acquisitions, and 2) upside surprises to rental rates post asset enhancement initiatives.

Tiger Airways: Core strengths will emerge (OCBC)


Tiger Airways:
Fair value S$0.79
add: 12m dividend forecast S$0.00
versus: Current price S$0.69

Core strengths will emerge
• Well performing TGR SG to be main focus
• Some risks from associates remain
• But turnaround intact

Following the TGR AU sale approval, investors can now look to TGR SG as the main growth driver for the Group. As a recap, TGR SG recorded an impressive set of growth figures for 9MFY13 (revenue +30.7% YoY to S$444m) while its operating statistics for the quarter just ended has been equally positive and encouraging.

Petronas’ GO for MISC unravels (CIMB)


 Petronas’ GO for MISC unravels
As at last Friday, Petronas secured acceptances which took its stake in MISC to 86%, short of the 90% required to make the RM5.50/share general offer unconditional. MISC’s share price fell 13.6% yesterday to RM4.58, and we expect more selling in the next two weeks.

 Anecdotally, we believe many event-driven and short-term funds recently took positions in MISC to play the GO, and we do not expect these shareholders to hold on to their stakes. Petronas will not be able to make another offer for one year. We are Neutral on shipping overall, with Pacific Basin as our top pick.

First REIT: Full-quarter of contributions from new assets (OCBC)


First REIT:
air value S$1.31
add: 12m dividend forecast S$0.078
versus: Current price S$1.40

Full-quarter of contributions from new assets
• 1Q13 core DPU +9.4% YoY
• Ex-dividend date on 29 Apr
• YTD share price appreciation of 32.1%

First REIT (FREIT) reported its 1Q13 results which were within our expectations. Gross revenue grew 25.0% YoY to S$17.5m, underpinned by a full-quarter of contribution from the two properties it acquired on 30 Nov 2012.

Courts Asia: CEO Luncheon Takeaways (MKE)


Courts Asia
Buy(unchanged)
Share price: SGD0.965
Target price: SGD1.49 (unchanged)
CEO Luncheon Takeaways

Key takeaways from luncheon. We hosted a luncheon for Courts Asia’s CEO Terry O’Connor this week which was well-received by institutional investors. Following an introductory briefing on Courts’ evolvement and past problems, investors grilled them on current market positioning, plans for Indonesia, and its liquidity issue. We continue to view its ambitions to expand regionally in a positive light. Our TP remains the highest on the Street at SGD1.49 on this under-researched stock.

M-REIT: “Cautious about Retail REITs” (M&A)

REITs (Overweight)
“Cautious about Retail REITs”

 REITs Update
The share prices of REITs shares have recently corrected and many were down from their late 2012 all-time high. For most of the retail REITs, they were trading at a relatively high P/E multiple to their net operating income, excluding gains from revaluation. REITs like Axis (20.8x); Capitamalls (24.1x); IGB REIT (25.4x); Pavillion (24.2x) and Sunway (20.6x) were trading at more than 20x to their net operating income. We are particularly cautious on the notion of paying a 20x multiple on REIT’s net operating income.

Tiger Airways : Positive, but still too early (CIMB)


Tiger Airways
Current S$0.66
Target S$0.63
Positive, but still too early

 Tiger’s proposed JV with Virgin Australia has received approval from Australia’s ACCC. It also concluded its capital-raising this week, though the bulk of its PCCS issue has been subscribed by SIA. Operational risks appear lower now.

No change to our EPS or SOP target price, both of which already incorporate the above. The above positives notwithstanding, we think it is too early to buy into Tiger’s recovery, as we remain wary of its cash burn by associates in Indonesia and the Philippines. The latter is expected to provide de-rating catalysts for our unchanged Underperform rating.

Mapletree Commercial Trust : FY13 beat expectations on strong reversions at PSAB (SC)


Mapletree Commercial Trust
Downgrade to NEUTRAL
FY13 beat expectations on strong reversions at PSAB, VivoCity, but growth now appears  priced in

● FY13 DPU of S¢6.487 beat expectations by 5% on: (1) better NPI margins with cost initiatives; (2) better reversions and occupancies at VivoCity and PSAB; and (3) completion of Anson purchase on 4 Feb.

● All 223 leases expiring in FY13 were renewed, securing very strong reversions of 44% for offices (mainly PSAB) and 33% for retail (213 leases at VivoCity, mainly specialty). Portfolio occupancies fell slightly due to tenant movements, but likely to improve with tenants moving in. ARC’s now 81.9% pre-leased.

CapitaCommercial Trust: Prepare for a Weaker Second Half (MKE)


CapitaCommercial Trust
Sell (unchanged)
Share price: SGD1.66
Target price: SGD1.43 (unchanged)
Prepare for a Weaker Second Half

Higher passing rent offset by lower occupancy. CCT’s average office portfolio rent crept up by 2.5% YoY to SGD7.83 psf as of 1Q13, making it the third consecutive quarter of growth. However, overall performance was offset by a lower portfolio occupancy rate, which was dragged down by Capital Tower as Cisco moved out. We expect further weakness in 2H13, as the yield protection at One George Street expires. We maintain our contrarian SELL based on CCT’s unattractive valuations and limited upside.

CapitaMall Trust :Positive Start to the Year (MKE)


CapitaMall Trust
Buy(unchanged)
Share price: SGD2.26
Target price: SGD2.45 (from SGD2.36)
Positive Start to the Year

FY13 DPU growth on track. Following the opening of the Atrium in end-Oct 2012, CMT enjoyed the full-quarter contributions from those malls that had completed major AEIs in 1Q13. 1Q13 DPU of 2.46 cts/unit could have been higher if not for the SGD6.6m of taxable income retained for future distribution within FY13. While no major AEIs for Tampines Mall or Funan were announced, plans were revealed instead for enhancing Bugis Junction. We remain sanguine about CMT’s growth potential and reiterate our BUY recommendation.

Olam survives as short-seller Waters proves shareholders’ friend


Olam survives as short-seller Waters proves shareholders’ friend
WRITTEN BY BLOOMBERG  
THURSDAY, 25 APRIL 2013 09:25

Short-seller Carson Block’s charge that Olam International will fail, his first attack on a Singapore company, is a victory for shareholders after it made the commodity trader more responsive to investors.

In the five months since Block and his Muddy Waters LLC questioned Olam’s accounts, the world’s second-largest rice trader raised US$712.5 million ($884.9 million) selling bonds, scrapped a sugar deal and sold almond orchards to boost cash. The company also won increased backing from Temasek Holdings, Singapore’s state investment firm, which now holds 24% of Olam.

曾淵滄專欄 26.04.13:濠賭股很快再破頂


曾淵滄專欄:濠賭股很快再破頂 - 曾淵滄

盡管近一段日子港股受A股拖着走,幾乎同步升跌,幸好美股表現好,在升跌同步的同時,港股下跌幅度就比A股細,上升幅度也比A股大,上周四(4月18日),滬綜指收報2197點,昨日收報2199點,幾乎沒變動。

恒指在4月18日收報21512點,是近幾個月的收市低點,昨日收報22401點,強得多,恒指成份股中,本地地產股表現不錯,長實(001)、恒地(012)、新地(016)及新世界(017)過去一星期皆有不錯表現,使恒指的表現能優於滬綜指。

业绩逊预期 友尼森走低


吉隆坡25日讯)友尼森(UNISEM,5005,主板科技股)2013財政年首季(截至3月31日止)业绩表现逊于市场预测,致使分析员纷纷下调对该股的目標价格。

基於业绩表现不如预期,友尼森在週四面临卖压,股价盘中一度跌3.5仙或3.97%,至0.845令吉全天最低价位;不过,该股在稍后收窄跌幅,全天以0.86令吉掛收,全天跌2仙或2.27%。

该股週四共有497万2800股易手,显著高於週三的94万4200股。

友尼森2013財政年首季净亏损按年缩小27.98%,至974万令吉;营业额则按年减少2.68%,至2亿4972万令吉。

券商買進心頭好.地庫近檳城第2大橋 恆大置地股價未反映前景


券商買進心頭好.地庫近檳城第2大橋 恆大置地股價未反映前景

券商:興業證券研究
目標價:1.28令吉

檳城第2大橋將在今年9月全面竣工並通車,屆時料將帶動週邊土地發展,恆大置地(TAMBUN,5191,主要板房產)地庫臨近該大橋,預期該公司未來2年盈利增長可達20%。

 恆大置地地庫橫越北海、大山腳及Simpang Empat,自我們去年10月首次評估該股,至今股價已上漲57%。

 不過,我們認為這等股價漲幅,尚未全面反映該公司在Simpang Empat名為Pearl City的標誌性綜合發展區,目前僅完成50%發展計劃,尚有600英畝土地未發展。

MISC top decliner, falls 4% on possible downgrade


Hot Stock MISC top decliner, falls 4% on possible downgrade
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com  
Thursday, 25 April 2013 15:12

KUALA LUMPUR (April 25): Top decliner MISC BHD [] fell as much as 4.4% in afternoon trade after analysts said they may cut target prices (TP) for shares in the shipping firm.

This is in anticipation that investors will continue to sell the stock in the next two weeks following a failed takeover offer by Petroliam Nasional Bhd (Petronas).

At 2.59pm, MISC was traded at RM4.33 with some eight million shares done after falling as much as 20 sen to RM4.32 earlier. The stock was also the 10th most-active entity across the bourse.

CIMB Investment Bank Bhd analyst Raymond Yap said the research firm may cut its TP for MISC from the current RM5.30 to RM4.32 which was the fair value for the shipping firm prior to the proposed takeover.

Pantech 4Q profit jumps 21%, declares 1.2 sen dividend

Pantech 4Q profit jumps 21%, declares 1.2 sen dividend
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com  
Thursday, April 25, 2013
KUALA LUMPUR (April 25): PANTECH GROUP HOLDINGS BHD [] enjoyed a 21% jump in its final quarter net profit, following higher demand for its trading division’s hardware from the oil and gas industry.

In a filing to Bursa Malaysia, the group reported that net profit for its fourth quarter for the financial year ended February 28, 2013 (4QFY13) came to RM12.62 million against RM10.41 million last year.

Revenue was 24% higher at RM156.3 million versus RM126.02 million in the previous corresponding period.

Croesus bets on Japan growth, REIT demand with $362m IPO


Croesus bets on Japan growth, REIT demand with $362m IPO: Update
WRITTEN BY REUTERS  
THURSDAY, 25 APRIL 2013 16:14

Japan-focused Croesus Retail Trust launched a US$292 million ($362 million) Singapore IPO on Thursday, looking to benefit from demand for high-yield securities and an expected increase in consumer spending in the world’s third-largest economy.

The deal comes as a surge in demand for real estate investment trusts pushed Singapore’s REIT index to an all-time high last week. It also looks to capitalize on renewed optimism over Japan’s economy on the back of Prime Minister Shinzo Abe’s aggressive fiscal and monetary expansion campaign.

Unisem lowers 1Q loss to RM9.74m

Unisem lowers 1Q loss to RM9.74m
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Thursday, 25 April 2013 10:15

KUALA LUMPUR: Global semiconductor producer UNISEM (M) BHD [] has seen a lower net loss of RM9.74 million for the first quarter of 2013 financial year (1QFY13) against a loss of RM13.53 million a year ago.

Revenue came in at RM249.72 million, a marginal 2.7% dip from the RM256.61 million recorded in the same quarter last year.

阻澳商清盘子公司 科恩马获禁令股价回升


阻澳商清盘子公司 科恩马获禁令股价回升
Created 04/25/2013 - 09:19
(吉隆坡24日讯)科恩马(KNM,7164,主板工业产品股)获得法庭禁令,禁止澳商对子公司清盘。

此消息激励下,科恩马今日股价也追回昨日的“失地”。

科恩马今日向马交所报备,今早获得莎阿南高庭授予临时禁令(Interim Injunction)、成功阻止Mission生物燃油私人有限公司对科恩马子公司--KNM处理系统私人有限公司采取申请清盘进一步行动。

REDtone again nets positive results


REDtone again nets positive results
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Thursday, 25 April 2013 10:22

KUALA LUMPUR: REDTONE INTERNATIONAL BHD [] chalked up strong earnings growth for the third quarter ended Feb 28, posting a quarterly net profit of RM3.9 million compared with RM427,000 in the previous corresponding period.

REDtone said with only one quarter left for its financial year ending May 31, 2013 (FY13), the company “looks set to hit its revenue and profit targets this year”.

Goldman Sachs Says Chinese Stocks Appealing



债市稽查风暴:平安保险全线清仓债基头寸



Tim Cook: Apple `Acknowledges' Growth Is Slowing



Apple Facing Serious Headwinds: Misek



Why a China Slowdown Would Be Good



China's Manufacturing Slowdown Inevitable: Foster



Thursday, April 25, 2013

馬國際船務 遭拋售挫20仙


吉隆坡25日訊)馬石油獻購未成,市場驚見馬國際船務(MISC,3816,主要板貿易)80萬股場外折價交易,引發投資者拋售潮,盤中一度勁挫20仙,位列10大下跌股榜。

 該股今早低開,以4.48令吉迎市,跌4仙,交易半小時猛跌20仙,至4.32令吉,一度成全場最傷股項,較后雖數度收窄跌勢,但在投資者大肆拋售下,始終在4.36令吉水平線下波動。

 休市時,馬國際務暫掛4.36令吉,跌16仙,半日計有735萬6000股易手,較后以全日最低閉市報4.30令吉,滑落22仙,成交量1411萬700股。

 馬國際船務昨日(24日)計有80萬股以每股4.15令吉場外交易,較當日閉市價4.52令吉折價37仙或8.9%。

租金有望雙位數成長‧柏威年產託展望唱好


租金有望雙位數成長‧柏威年產託展望唱好
Created 04/25/2013 - 17:28
(吉隆坡25日訊)柏威年產業信托(PAVREIT,5212,主板產業投資信托組)有望在今年提高柏威年商場續約租金,加上收購飛輪海88商場在握,分析員看好其中短期盈利成長展望。

黃氏唯高達研究表示,受續約租金提高的推動,柏威年產業信託2013財政年第一季淨利成長14%至5千430萬令吉;同時,營業額按年成長11%,因時裝大道(Fashion Avenue)的貢獻與柏威年大樓(Pavilion Tower)的佔用率提昇至100%所致。

該行說,柏威年的淨產業收入賺幅下滑0.9%,至70%,主要因為例常冷氣維修的支出所影響;同時,負債比按季維穩於16.9%,但按年比卻有所改善,因2012年第四季時進行資產重估獲益。

產品合理化見效‧友力森首季淨虧收窄


產品合理化見效‧友力森首季淨虧收窄
Created 04/25/2013 - 11:00
(吉隆坡24日訊)隨著產品賺幅合理化行動見效,使友力森(UNISEM,5005,主板科組)截至2013年3月31日為止,首季淨虧損減少至974萬4千令吉,比較前期淨虧損則是1千352萬9千令吉。

該公司首季營業額為2億4千972萬3千令吉,前期為2億5千661萬1千令吉,微跌2.68%。

初步報告顯示,該公司進行產品賺幅合理化行動,即減少低賺幅、無盈利產品,使整體賺幅改善,也是公司虧損減少的原因。

多空一线:力之源上挑RM1.59


多空一线:力之源上挑RM1.59
Created 04/25/2013 - 11:07

力之源(Pwroot,7237,主板消费产品股)于4月24日闭市时反弹了。

该股闭市时收1.58令吉,按日涨5仙或3.27%。

力之源于4月24日上破一道双重底型态的颈线(B1:B2)后,收在这道水平线上。

数据宽频业务走强 立通国际净利飙820%


数据宽频业务走强 立通国际净利飙820%
Created 04/25/2013 - 09:21
(吉隆坡24日讯)受数据与宽频服务业务激励,立通国际(Redtone,0032,创业板)截至2月28日第三季净利飙涨近820%,写下392万4000令吉的佳绩。

文告指出,第三季净利从上财年同期的42万7000令吉,猛涨818.97%至392万4000令吉;营业额也从2357万8000令吉扬至4047万7000令吉,涨幅高达71.67%。

首三季方面,立通国际成功挥别去年同期的32万4000令吉净亏损窘境,转亏为盈至990万6000令吉净利;营业额涨16.13%至9782万8000令吉,上财年为8424万令吉。

可负担房屋抢滩 房价今年看涨10-15%


可负担房屋抢滩 房价今年看涨10-15%
Created 04/24/2013 - 21:05
(吉隆坡24日讯)威廉氏、达哈与王私人有限公司(CH Williams Talhar & Wong,简称WTW)估计,我国的住宅产业价格今年将会上涨10至15%。

董事经理符儒仁指出过去5年,住宅产业价格每年增值10至15%,相信今年也不例外。

他说,基于市场对有地住宅产业的需求仍然殷切,促使很多发展商趋向建造更小面积的房屋,每间价格介于35万至40万令吉。

Tycoon Robert Kuok’s record payment for land in Johor is talk of the town in M'sia-S'pore


The Star Online > Business
Thursday April 25, 2013
Tycoon Robert Kuok’s record payment for land in Johor is talk of the town in M'sia-S'pore

By NG BEI SHAN
beishan@thestar.com.my




中国经济复苏停滞令股市受挫


2013年 04月 24日 08:45
中国经济复苏停滞令股市受挫..

着中国经济复苏止步不前的迹象越来越多,投资者对中国股市的信心不断减弱。

基金经理已连续八周抛售中国股票。据数据供应商EPFR Global提供的数据,截至4月17日的八周基金经理从中国股票基金撤资31亿美元,而在这之前的八周他们买入了36亿美元。

近期的抛售导致上海和香港股市大幅下挫,跌至去年年底水平下方,从而步入全球表现最差的股市行列。

HIT母公司股價未收復失地


【罷工影響】


碼頭工潮爆發近一個月,香港國際貨櫃碼頭(HIT)董事總經理嚴磊輝聲稱,每日損失500萬港元,事實上,全資持有HIT、於新加坡上市的和記港口信託(HPHT),由工潮開始至今,其股價確實亦無大變動。德銀指罷工對集團影響微不足道,建議繼續增持該股。

發債派息Apple降級


發債派息Apple降級
蘋果公司(Apple Inc.)一如預期上季錄得十年首度純利縮水,今次業績亮點卻在於靠大開水喉派錢取悅不滿股價插水的股東,亦為新產品青黃不接「買時間」。蘋果公司擬把回饋股東計劃加碼一倍,但由於大量現金存放海外,故計劃透過發債融資來派息和回購股份,評級機構穆迪及標普齊齊摘除其AAA最高信貸評級。

蘋果公司股價美國早段最多跌3.3%,跌見392.5美元。

儘管蘋果公司截至三月底止的一季,手頭現金達1,450億美元,但據一月底監管資料,當中942億美元現金存放海外,倘班資回美將面臨徵收重稅。為派錢,不得不打破零負債局面,決定發行「iBond」債。

MISC : Unsuccessful privatisation offer (MIDF)


MISC Bhd
Downgrade to SELL
Reduced Target Price (TP): RM4.76
Unsuccessful privatisation offer

At 86.07%, PETRONAS offer failed to reach the minimum 90% threshold level.
Consequently, MISC’s share price may retreat towards prebuyout levels.
Downgrade to SELL with reduced TP of RM4.76, or 15% discount to its SOPV, due to foreseen selling pressure.

Failed to meet 90% acceptance level. PETRONAS failed to meet the required 90% acceptance threshold to take MISC private despite its revised offer of +3.8% to RM5.50 per share on 5 April 2013. As of market closed last Friday, PETRONAS received 23.4% of minority acceptance which raised its total shareholding to 86.07%, but still short 3.93% to make the offer unconditional.

CapitaMalls Asia: Positive Outlook Maintained (KE)


CapitaMalls Asia
Buy(unchanged)
Share price: SGD1.98
Target price: SGD2.57 (from SGD2.55)
Positive Outlook Maintained

Earnings growth set to continue. We expect CMA to report a 1Q13 PATMI of ~SGD44m (+12% QoQ; 22% YoY) on 24 April. The improvement will be mainly on the back of full-quarter contribution from the malls completed last year and positive rental reversion. We will also watch for updates on its acquisition outlook. CMA remains our top pick amongst Singapore developers. Reiterate BUY.

Hutchison Port Holdings Trust : Impact from contract labour strike (SCB)

Hutchison Port Holdings Trust
PRICE as of 19 Apr 2013 USD 0.81
PRICE TARGET USD 0.81
Impact from contract labour strike

Management estimates daily revenue loss of HKD 2.4mn from the strike, down from the HKD 5mn during the first few days when operations were seriously affected. We estimate a one-month strike could hurt HPHT‟s 2013 revenue by 0.7%.

Management continues to guide a labour cost increase of 5-6% in Hong Kong in 2013. The probable higher cost pressure from the April strike could be offset by better-than-expected transpacific trade in 2H13, in our view.

Golden Agri-Cutting 2013E CPO estimate (Phillip)


Golden Agri-Resources
Target Price (SGD) 0.550
- Previous Target Price (SGD) 0.685
Closing Price (SGD) 0.525
Cutting 2013E CPO estimate

Golden Agri-Resources Ltd (GAR) is the world’s second largest palm oil plantation company with plantations located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat.
• Lowering FY13E CPO estimate to US$820/MT
• Time needed for downstream growth
• Downgrade to Neutral from Accumulate

Sabana Shari’ah Compliant REIT 1Q13: Watch For Acquisitions (UOBKH)


Sabana Shari’ah Compliant REIT
Share Price S$1.37
Target Price S$1.40
1Q13: Watch For Acquisitions

Results in line, but potential income volatility could emerge with 45% of leases due for renewal in 2013. Further acquisitions are likely, especially if CB holders decide to convert into equity. We maintain HOLD with a higher DDM-derived target of S$1.40 (from S$1.30) factoring in greater acquisitions post CB-conversions. Trading at 7% yield, Sabana offers one of the highest yields among the REITs. Entry price is S$1.22.

Wilmar International: Bird flu concerns likely less than initially feared (Phillip)


Wilmar International
Target Price (SGD) 3.70
- Previous Target Price (SGD) 3.79
Closing Price (SGD) 3.34
Bird flu concerns likely less than initially feared

Wilmar International is Asia’s leading agribusiness group. Its business activities include oil palm cultivation, oilseeds crushing, edible oils refining, sugar, specialty fats, oleochemicals & biodiesel manufacturing & grains processing.
• Impact from China’s bird flu likely limited
• Vertically integrated model resilient to low CPO prices
• Upgrade to Accumulate with new TP of S$3.70

CapitaRetail China Trust : Benefiting from active tenant remixing (DBSV)


CapitaRetail China Trust
HOLD S$1.755
STI : 3,294.05
Price Target : 12-month S$ 1.78 (Prev S$ 1.77)
Benefiting from active tenant remixing

• Results in line, positive rental reversions on higher tenant sales and shopper traffic
• Income vacuum from MZLY expected to be offset by rental expansion from other malls
• Maintain HOLD, TPS$1.78

Highlights
1Q13 results within expectations. Gross revenue and NPI, in Rmb terms, grew 6.6% and 4.6% respectively to Rmb200.7m and Rmb132m, on improved performance at all malls except MZLY, which is currently undergoing AEI. Tenant sales were up 11.1% and shopper traffic expanded 10.6% y-o-y. Distributable income, in S$, came in 4.2% higher to S$17.3m, translating to a DPU of 2.31Scts.

CapitaCommercial Trust : Driven by positive rental reversion (DBSV)


CapitaCommercial Trust
HOLD S$1.66
STI : 3,294.05
Price Target : 12-Month S$ 1.72 (Prev S$ 1.53)
Driven by positive rental reversion

• YoY growth from rental renewal upside and 20 Anson contributions
• Low gearing and strong balance sheet give room for inorganic growth potential
• Maintain HOLD, TP S$1.72

Highlights
Earnings in line, boosted by positive rental reversion and 20 Anson. 1Q13 topline of S$96m was up 10% y-o-y on additional contributions from 20 Anson and HSBC rent reversion but down 1.2% sequentially, dragged by lower occupancy at Capital Tower.

CapitaMall Trust: Results from AEIs now apparent (OCBC)


CapitaMall Trust:
Fair value S$2.43
add: 12m dividend forecast S$0.10
versus: Current price S$2.26

Results from AEIs now apparent
• AEIs come to fruition
• Progress on various fronts
• New initiatives to sustain growth

CapitaMall Trust (CMT) turned in a strong set of 1Q13 results last Friday. DPU increased by 7.0% YoY to 2.46 S cents, despite a retention of S$8.4m in income for the quarter. This is slightly ahead of our expectations, as S$6.6m in taxable income may be distributed in FY13 (1Q DPU already formed 25.2% of our FY13F DPU). Operationally, we note that CMT continued to deliver on various fronts.

Frasers Centrepoint Trust : Cause to remain positive (DBSV)


Frasers Centrepoint Trust
BUY S$2.24
STI : 3,291.46
Price Target : 12-Month S$ 2.33 (Prev S$ 2.15)
Cause to remain positive

• 2Q13 results ahead
• Organic growth to remain stable; acquisition of Changi City Point to provide catalysts for earnings upside
• BUY, TP raised to S$2.33

Highlights
2Q13 results ahead. Frasers Centerpoint Trust (FCT)’s 2Q13 topline grew 8.4% to $39.8 million, and NPI saw a 9.7% growth to $28.7 million, attributable to higher contributions from Causeway Point and Northpoint, with other malls remaining stable.

China Minzhong: Will It Be A Shorting Opportunity On Rebound?


22 APRIL 2013
China Minzhong: Will It Be A Shorting Opportunity On Rebound?
By Robin Han

China Minzhong Food Corporation has been on a downtrend since early March. When the Straits Times Index was trading sideways, China Minzhong has not been able to hold in consideration but started making new lows consecutively, showing a sign of weakness.

We can see that the moving averages crossed downwards and the MACD histogram also indicated a bearish signal suggesting that the downtrend is likely to continue. One may consider to short China Minzhong on strength during rebound. A 38.3 percent Fobonacci retracement will be a relatively safe entry for short. China Minzhong had just released its annual report on 14 February. The next report is likely to be released in mid-May and will not affect short term trading for next one to two weeks.

The Factor Of Inflation And Interest Rates That Many May Have Neglected


 22 APRIL 2013
The Factor Of Inflation And Interest Rates That Many May Have Neglected

By Chong Kok Wai

Lately, there has been euphoria in the Asian property markets, as prices have risen sky high.  Many  own a few houses nowadays, some even accumulated more debt than they will ever be able to pay in their lifetime hoping that their owned house rental can automatically settle their debt obligation. The question we should ask is what really makes people so optimistic enough that they rent out several of their purchased houses? Why are they so confident that the property prices will rise perpetually? The reason could be due to the worries about central banks worldwide trying to outdo each other in printing money to debase their currency to such that it becomes worthless. People are betting for a rise in inflation and against low interest rates, which they believe, will remain perpetual.

曾淵滄專欄 25.04.13:地產界嚴陣迎新例


曾淵滄專欄:地產界嚴陣迎新例 - 曾淵滄

過去幾天港股走勢,相信任何專家也沒有能力預測得準,見升追買,見跌沽空者會輸死,現在的股市不是沒有方向,而是天天在變換方向,因此,當個旁觀者比入市搏殺安全,不過,我的所謂當個旁觀者,不是手上完全不持有股票,基本上,我認為目前股市的基本面是向好,股票的估值相對便宜,只要耐心地持有,一定會有收穫,不必每天追捕走勢。

4月29日,地產商賣一手樓要遵守新條例,不遵守新條例者會犯上刑事罪,可能罰款,也可能要坐監,地產界上上下下相信都嚴陣以待,並彼此在觀察其他行家怎麼做。為安全起見,相信地產商在新條例推行之後的一段時間內會很保守,盡可能少推盤,說不定下星期當新條例推行之後,新盤供應會出現一段小真空期。傳媒報道說地產商,不論是發展商或代理商,這幾天都忙着培訓銷售人員,以免誤闖禁區,犯了法而不自知,實際上,公眾人士對所謂的新條例也一知半解,特別是何謂實用面積?實用面積的定義,如何衡量?

阻子公司清盤訴訟 科恩馬獲臨時禁令


阻子公司清盤訴訟 科恩馬獲臨時禁令

 (吉隆坡24日訊)科恩馬(KNM,7164,主要板工業)獲臨時禁令,阻止子公司科恩馬程序系統私人有限公司的清盤訴訟。

 科恩馬程序系統因無法償還1220萬令吉債務,本月19日遭澳洲上市公司Mission新能源公司發出清盤訴訟。

 科恩馬週三向馬證交所報備指出,法院已授出臨時禁令,限制Mission Biofuels私人有限公司對科恩馬程序系統進一步的清盤訴訟。Mission Biofuels為Mission新能源的子公司。

舊街場白咖啡 一度漲20仙創新高


(吉隆坡24日訊)舊街場白咖啡(OLDTOWN,5201,主要板貿易)股價走勢與咖啡香氣一樣誘人,盤中高漲20仙至2.79令吉創新高!

 舊街場白咖啡今早開市僅微揚1仙至2.60令吉,不過該股早盤極旺,股價步步走高至2.79令吉新高水平,共漲20仙,不過休市時漲幅回落至17仙,掛2.76令吉,成交量92萬1700股;截至下午3時30分,該股走勢仍然看俏,揚18仙至2.77令吉,成交量125萬9700股,為今日漲幅最多股項之一。

 肯納格證券研究技術分析報告中指出,舊街場白咖啡成交量連續數日來逐漸增長,在大市普遍疲軟中保持強勁表現。

Unisem records Q1 net loss of RM9.7 million

Unisem records Q1 net loss of RM9.7 million
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com  
Wednesday, 24 April 2013 17:35

KUALA LUMPUR (Apr 24): UNISEM (M) BHD [] has recorded a net loss of RM9.7 million for its first quarter ended Mar 31, a slight improvement over the RM13.5 million in losses it posted in the previous corresponding quarter.

In the explanatory notes accompanying the financial statements, the lower net loss was attributed to the Asia segment recording losses whereas both the USA and Europe regions recorded profits for the quarter under review.

Tambun Indah 1Q profit rises 28% to RM11.73 million


Tambun Indah 1Q profit rises 28% to RM11.73 million
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com  
Wednesday, 24 April 2013 17:50

KUALA LUMPUR (April 24): Tambun Indah Land Bhd reported a 28% rise in first quarter profit from a year earlier as the property developer raked in higher real estate sales.

In a statement to the bourse today,Tambun Indah said net profit came to RM11.73 million in the quarter ended March 31, 2013 versus RM9.16 million previously. Revenue rose 19% to RM78.32 million from RM65.99 million.

"The group's CONSTRUCTION [] and project management segment returned lower revenue in the current quarter as compared to previous corresponding quarter.

市場成熟應對大選‧房價料不會急挫


市場成熟應對大選‧房價料不會急挫
Created 04/24/2013 - 17:30
(吉隆坡24日訊)房產顧問公司CH Williams Talher & Wong認為,全國大選料左右產業市場接下來的走勢,若出現懸峙國會,恐進一步打擊產業市場,惟無論國陣還是民聯執政,相信大馬產業市場的成熟度足以支撐產業價,不至於在選後面對大幅調整。

今年房市展望平平

然而,由於可負擔住宅產業皆為兩陣營在選後的焦點,恐向早已面臨住用率挑戰的高檔住宅產業施壓,產業價可能繼續面臨5至10%的調整。

上财年减派息率 精英国际保留现金建2校

上财年减派息率 精英国际保留现金建2校
Created 04/24/2013 - 10:52
(吉隆坡23日讯)为保留现金兴建梳邦再也2校园,精英国际集团(Help,7236,主板贸服股)因而减少上财年的派息率。

精英国际集团执行董事(企业策划与投资者关系)陈耀坚,在股东大会上回应小股东权益监管机构(MSWG)关于低股息派发率的提问时表示,目前公司仍有发展计划进行中,为了确保现金足够,因此减低派息率。

“对公司而言,这是相对舒适的水平,但我们希望未来能提升股息,维护小股东权益。”

How to Play the Malaysian Election



Why Investors Shouldn’t Worry About Us Stocks At All-Time Highs


 22 APRIL 2013
Why Investors Shouldn’t Worry About Us Stocks At All-Time Highs

By Yeoh Mei Kei

S&P 500 At A New All-Time High
The S&P 500 index recently ended 1Q 2013 at a new all-time-high of 1569.19 points, finally surpassing the 1565.15 closing high achieved in 2007 (see Chart 1), and having risen a hefty 131.9% (in USD terms, excluding dividends) since the market trough in March 2009. Driven by a swift resolution of the “fiscal cliff” situation which threatened to derail the US economy alongside continual improvements in both the housing market and job market, investor sentiment improved in 2013, helping the S&P 500 post a 10% gain on a year-to-date basis (as of 29 March 2013), the third-best performing market under our coverage in 1Q 2013.

China Vanke Profit Rises as Home Sales Defy Curbs



What's Behind China's Weak PMI Data?



Impact Of Commodities Slide On Asian Economies



Tech Talk: IBM Down 10% Since Earnings



Wednesday, April 24, 2013

STI index edges up, REITs at record high


Singapore shares rose marginally, with First REIT and Mapletree Industrial Trust hitting record high after posting strong results on Wednesday.

The Straits Times index was up 0.3% at 3,295.03 points, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1%.

Units of Mapletree Industrial Trust jumped as much as 1.6% to $1.585, their highest level since the unit was listed in late 2010.

Mapletree Industrial Trust, which owns factories and other industrial assets, said its fourth-quarter distribution per unit rose 6.8% to 2.37 Singapore cents from a year earlier, boosted by higher rental rates and occupancies.

Quiet Week for KLCI; Technical Buy on Inari



Gold - How Low Can it Go?



Update REDtone 3Q profit jumps 9 times, revenue up 72%

Update REDtone 3Q profit jumps 9 times, revenue up 72%
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Wednesday, 24 April 2013 13:52

KUALA LUMPUR (April 24): Mobile virtual network operator REDTONE INTERNATIONAL BHD []’s third quarter net profit was nine times greater than the previous corresponding quarter's figure, thanks to the group’s data and broadband businesses.

In a filing to Bursa Malaysia today, the ACE Market firm said net profit for its third quarter ended February 28, 2013 (3QFY13) stood at RM3.92 million compared to RM427,000 a year earlier.

金輪捷運“必買股"


金輪捷運“必買股"
Created 04/23/2013 - 18:37
(吉隆坡23日訊)如果說巴生河流域捷運工程是國陣政府執政成績單的亮點,負責為這項重點計劃供應混凝土產品的金輪企業(KIMLUN,5171,主板建筑組),就是大型基建計劃類股中的亮點。

週二獲激成6430萬合約

週二金輪企業就宣佈,接受激成(馬)(KSENG,3476,主板工業產品組)頒發的合約,以在柔佛古來再也興建268單位的房屋,合約總值6千430萬令吉。

沿海工程获4.34亿订单

沿海工程获4.34亿订单
Created 04/24/2013 - 09:57
(沙巴23日讯)沿海工程(Coastal,5071,主板工业产品股)向马交所报备,获得总值4亿3400万令吉的7艘岸外支援船(OSV)和2艘驳船的订单。

沿海工程的文告指出,独资子公司———沿海岸外(纳闽)私人有限公司和Thaumas Marine私人有限公司,分别获得来自荷兰、西非、大马、意大利和挪威买家的船只订单。

上述船只预料在2013年和2014年陆续交到买家手中,并预料贡献截至2013年12月31日和2014年12月31日财年的净利。

传云顶香港子公司 Travellers第3季上市


传云顶香港子公司 Travellers第3季上市
Created 04/24/2013 - 09:59
(香港23日讯)消息指出,云顶(Genting,3182,主板贸服股)子公司———云顶香港,已聘请5家银行负责旗下Travellers国际酒店集团在马尼拉的首次公开募股(IPO)计划,规模料达5亿美元(15亿2850万令吉)。

路透引述不具名消息来源报道,Travellers国际酒店集团是云顶香港和菲律宾Alliance环球集团的联营公司,计划最快在今年第三季于菲律宾股市登场。

Alliance今日在一份文告中指出,Travellers国际酒店集团正研究不同的融资计划,包括通过债券和股市,惟未透露详情。

难摆脱负面阴霾 MISC先起后跌


难摆脱负面阴霾 MISC先起后跌
Created 04/24/2013 - 09:59
(吉隆坡23日讯)昨日惨跌的马国际船务(MISC,3816,主板贸服股),虽今日大部分时间得以回弹处于涨势,但却在最后差“临门一脚”,转跌3仙或0.7%,以跌势挂收。

由于国家石油(Petronas)私有化献购案无法在期限内获得小股东支持,并在上周五宣告破局,导致马国际船务在昨日开市后即刻承受剧烈卖压,单日跌幅高达73仙或13.77%,以4.57令吉挂收。

不过,该股今日大部分时间得以暂摆脱负面阴霾而开高,早盘一度反弹11仙或2.4%,攀至4.68令吉的全日最高点。

澳商申请清盘子公司 科恩马: 不符司法程序


澳商申请清盘子公司 科恩马: 不符司法程序
Created 04/24/2013 - 10:55
(吉隆坡23日讯)针对子公司被澳商申请要求清盘,科恩马(KNM,7164,主板工业产品股)喊冤指申请清盘是没有法律基础的报复性举动,也不符司法程序。

针对上述事件,科恩马今日特邀《南洋商报》出席汇报,冀厘清整个事件的来龙去脉,并重申集团立场。

科恩马企业公关主管法利兹表示,Mission生物燃油的清盘申请完全没有法律基础。

HELP International expects revenue to rise 10%


The Star Online > Business
Wednesday April 24, 2013
HELP International expects revenue to rise 10%

By LIZ LEE
lizlee@thestar.com.my

KUALA LUMPUR: Small-cap education group HELP International Corp Bhd (HIC) believes it can grow its revenue by 10% in its current financial year, from RM117.1mil in 2012, on the back of strategic initiatives.

The group has projected revenue growth of above 10% in the next five years, as it begins to recognise earnings from major projects as well as its expansion into new markets and franchises.

DiGi sets up business trust, pays 90% of net profit as dividend


The Star Online > Business
Wednesday April 24, 2013
DiGi sets up business trust, pays 90% of net profit as dividend

By LEONG HUNG YEE
hungyee@thestar.com.my

PETALING JAYA: DiGi.Com Bhd, which recorded a net profit of RM328.6mil for the first quarter ended March 31, has confirmed it is currently working on setting up a business trust.

“We are working on it (business trust) now and it has not been concluded yet. It is a new framework and it will be the first business trust in Malaysia, so we are evaluating it,” DiGi chief executive officer Henrik Clausen (pic) told StarBiz yesterday.

Major endorsement for Johor


Major endorsement for Johor

2013/04/24

VOTE OF CONFIDENCE: Kuok’s investment in Nusajaya set to spur more top-tier investors to follow suit
HE is described as the man who controls the Shangri-La hotel chain, the South China Morning Post in Hong Kong, and a shipping and property portfolio that stretches from Sydney to Paris.

Forbes ranks him as Malaysia's richest man with personal wealth valued at US$12.4 billion (RM37.8 billion) in 2011.

The Bloomberg Billionaires Index, meanwhile, puts his fortune at US$19.4 billion as of January 31, although he has since claimed, out of modesty perhaps, that this was exaggerated.

各書己見:資金流入國壽購證


各書己見:資金流入國壽購證
恒指二月至今調整近3個月,至上周低位調整幅度接近去年九月低位至今年高位上升幅度的一半,近日略作反彈,但並未突破20日及50日線。藍籌股中國人壽(02628)這一波的調整遠超恒指,但最近股價數次跌穿20元水平均尋獲支持,另資金流亦持續流入其相關認購證。

國壽一月中股價最高升至27.35元,先於恒指見到今年高位,其後反覆下挫,至四月八日跌至最低19.1元,累幅30.2%,比同期恒指調整幅度大得多(恒指由二月四日高位23,944點,調整至四月十八日低位21,423點,跌幅約10.5%)。另外,調整期間國壽股價的20日線發揮比較明顯的阻力。由四月八日至今,國壽股價似乎在20元尋獲支持,而股價最近亦曾突破10日及20日線。

股市縱橫:建行調整低吸機會


股市縱橫:建行調整低吸機會
http://paper.wenweipo.com   [2013-04-24]
fi0424a8.jpg (400×270)
韋君
 豐中國4月製造業採購經理人指數(PMI)初值降至50.5,低於市場預估的51.5。新的經濟數據出爐也成為本地淡友推低大市的藉口,其中上周五領漲港股的內銀股,再成主要沽壓對象。

筹1.2亿建新分校 精英国际或发附加股


筹1.2亿建新分校 精英国际或发附加股
(吉隆坡23日讯)精英国际(HELP,7236,主板贸服股)的精英国际学院(HIS)在2014年1月起招生之后,接下来將专注於筹建同样位於梳邦且规模更大的另一分校,並將在未来3个月內公佈融资方案,以集资1亿2000万令吉。

精英国际主席拿督陈德鸿与其担任执行董事的儿子陈耀坚今天会见记者时表示,耗资4000万令吉的精英国际学院將在2014年1月开始招生,第一批的学生人数料达350人。

相信该学院在4年后將有2000名学生就读,届时可带来约7000万令吉营业额和1300万至1400万令吉盈利。

陈氏父子是在出席精英国际的股东常年大会后,向记者发表谈话。

MISC : Deal Is Off (MIB)


MISC
Hold (unchanged)
Share price: MYR5.30
Target price: MYR5.30 (unchanged)
Deal Is Off

Maintain HOLD. PETRONAS’ bid to take MISC private has failed. It only secured 86.07% of shareholder acceptances as at the 5pm 19 Apr 2013 deadline, below the 90% threshold required to make this offer unconditional. As such, PETRONAS will return all MISC shares to the respective holders who had accepted the offer earlier, within 14 days from 19 Apr 2013. MISC will remain listed. Our forecasts and 12-month TP of MYR5.30, which pegs MISC to 1.1x P/BV, are under review pending an update with management.

M-REITs Priced In: Glory Days May Soon Pass (MIB)


M-REITs
Priced In: Glory Days May Soon Pass

Downgrade to Neutral. Whilst remaining positive over its longer term prospects, we downgrade the M-REITs sector to Neutral: 1) unit prices are approaching our targets, 2) investors may adopt more aggressive investment strategies post-13GE, 3) competition from new yield instrument, business trust (BT) and 4) likely interest rate hike in 4Q13. We downgrade PavREIT, KLCCP, SunREIT and IGB REIT to HOLD. Axis REIT and QCT are under review. Our BUY pick is CMMT.

CapitaCommercial Trust: 1Q13 DPU up 3.2% YoY (OCBC)


CapitaCommercial Trust:
Fair value S$1.80
add: 12m dividend forecast S$0.08
versus: Current price S$1.66

1Q13 DPU up 3.2% YoY
• 1Q13 results in line
• Positive rental reversion in portfolio
• Outlook for growth intact

CapitaCommercial Trust (CCT) reported 1Q13 distributable income of S$55.7m – up 3.3% YoY. This translates to a 1Q13 DPU of 1.96 S-cents, which is 3.2% above the 1.90 S-cents paid in 1Q12. We see this to be in line with expectations and 1Q13 distributable income now makes up 24% of our full year forecast.

Thai Beverage : A more convoluted restructuring (CIMB)

Thai Beverage
Current S$0.57
Target S$0.77
A more convoluted restructuring

 Without an offer from TCC/Thai Bev which intend to keep F&N listed, F&N’s share price will fall when trading resumes on Monday. But the share price fall will have only 1-4 Scts impact on Thai Beverage’s SOP.

Thai Bev’s price weakness reflects concern that F&N may continue in its current structure (29% owned by Thai Bev, 62% by TCC), necessitating a holding company discount at Thai Bev’s level. But we do not think that this is the end of F&N’s restructuring or Thai Bev’s regional consumer thesis. Maintain Outperform rating and S$0.77 SOP target price. Catalyst will come from corporate restructuring further out.

CapitaMall Trust : Searching for growth (CIMB)


CapitaMall Trust
Current S$2.26
Target S$2.23
Searching for growth

CMT’s operating metrics picked up in 1Q, with the ongoing completion of AEIs. Management retained a higher sum in 1Q, including S$6.6m which will be released in FY13 for income-smoothening. We think that CMT’s current valuations price in the positives.

At 24% of our FY13 forecast, 1Q13 DPU broadly met our and market expectations. We raise FY13 DPU for reduced interest cost and retained earnings but lower FY14-5 for occupancy and rental changes. We keep our DDM-based target price (discount rate: 6.7%) and Underperform call. De-rating catalyst from over-paying for acquisitions.

CapitaRetail China Trust: 1Q13 in line (OCBC)


CapitaRetail China Trust:
Fair value S$1.76
add: 12m dividend forecast S$0.09
versus: Current price S$1.76

1Q13 in line
• 1Q13 results within expectations
• Seeing dip in NPI at MZLY
• Offers for refinancing

CRCT's 1Q13 results were generally in line with ours and the street's expectations. Gross revenue climbed 3.7% YoY to S$39.3m and net property income rose 1.8% YoY to S$25.9m. On a QoQ basis, NPI at CapitaMall Minzhongleyuan (MZLY) fell 32% to RMB4.7m.

AIMS AMP Capital Industrial REIT : Strengthening balance sheet for the next phase of growth(SCB)


AIMS AMP Capital Industrial REIT
PRICE as of 18 Apr 2013 SGD 1.66
PRICE TARGET SGD 1.80
Strengthening balance sheet for the next phase of growth

 AIMS AMP Capital Industrial Trust (AAREIT) raised SGD 110mn at SGD 1.60/unit on 17 April 2013.
 We expect liquidity to improve as free float rises 18% to c.SGD 735mn post-issuance.
 Management intends to use the proceeds to partially fund two redevelopment projects – Phase 3 of 20 Gul Way and 103 Defu Lane
 We expect management to make further acquisitions in the next 24 months, given AAREIT‟s higher debt headroom.
 We upgrade AAREIT to Outperform and raise our price target 10% to SGD 1.80/unit (from SGD 1.64).

Frasers Centrepoint Trust: No surprises in 2QFY13 (OCBC)


Frasers Centrepoint Trust:
Fair value S$2.13
add: 12m dividend forecast S$0.11
versus: Current price S$2.24

No surprises in 2QFY13
• 1HFY13 DPU up 8.5% YoY
• Causeway Point as growth driver
• Further growth potential in sight

Frasers Centrepoint Trust’s (FCT) 1HFY13 DPU climbed 8.5% to reach 5.1 S cents, forming ~47% of ours and consensus full-year DPU forecasts. This is broadly in line with expectations, given that the income retained in 1H is likely to be distributed in 2H. On the whole, we note that positive rental reversion of 6.6% was achieved in 1H (1Q: 5.2%, 2Q: 10.1%).

Cambridge Industrial Trust : A busy year awaits (CIMB)


Cambridge Industrial Trust
Current S$0.83
Target S$0.87
A busy year awaits

 A busy year awaits Cambridge as its asset leverage of 35% and divestment proceeds provide it with further ammunition for growth. Yields are fairly attractive at more than 6% with upside from value-unlocking and accretive investments.

1QFY13 DPU met Street and our expectations, at 26% of our FY13 forecast. We raise FY13-15 DPUs by 1-3% for higher AEI / development assumptions and capital payouts. Our DDM-based target price rises with a lower discount rate of 7.5% (previously 7.7%). Maintain Outperform with catalysts expected from value-unlocking, accretive investments and strong reversions.

Weekend Comment Apr 19: Keppel stays resilient amid rising competition


KEPPEL CORP HAS proven that it is still a force to be reckoned with in the rig-building business, even as its rivals continue to encroach on its turf.

A decline in work volume pushed its offshore and marine (O&M) revenue down 15% y-o-y and 0.6% q-o-q to $1.7 billion in 1Q2013. But Keppel’s operating profit margin of 14% was the highest in four quarters, indicating an improvement in operational efficiency.

Analysts now expect more upside to margins in the quarters ahead, with some branding Keppel’s internal target of 10% to 12% as conservative.

曾淵滄專欄 24.04.13:金飾市場用家主導


曾淵滄專欄:金飾市場用家主導 - 曾淵滄

股市變幻莫測,4月19日,A股急升,滬綜指上升47點,帶動港股也急升,恒指升501點,可是,昨日4月滙豐中國PMI數字遜預期,A股馬上急跌,不只是打回原形,更創近月新低,滬綜指單日跌58點,跌至2184點收市,比4月18日收市位2197點更低,2200點再次不保。

A股大跌,那些在4月22日炒得不亦樂乎的地震概念股全部震散了,想發災難財的人都虧錢,實際上,昨日就算沒有出現A股大跌的打擊,地震概念股也沒甚麼好炒,雅安是個落後山區,當地的民房用不上多少鋼鐵、水泥,相信重建也會是一樣的落後簡陋民房。雅安也是熊貓的棲息中心,至今傳媒仍未有報道熊貓的傷亡,地震概念股沒有多大值得憧憬之處,同樣的,所謂地震受害股,即那些保險公司股也一樣不會因地震而虧損,雅安這個落後山區,當地人很窮,那有閒錢買保險?更何況,一般保險不保地震,要保地震得另買地震險。

投资者转战高贝他产业股 产托失宠中期展望低迷


投资者转战高贝他产业股 产托失宠中期展望低迷
Created 04/23/2013 - 21:15
(吉隆坡23日讯)分析员预期,投资者料将在大选后采取积极的投资策略,不排除将目光转至高贝他发展商上,产业投资信托(REITs)不再获聚焦之余,还得面临商业信托的竞争,中期展望备受挑战。

马银行投资研究将大马产托领域展望,下调至“中和”投资评级,调降评级的其中一个元素,就是即将来到尾声的全国大选。

“经过两年的防御策略后,投资者将更积极转向高贝他产业股上,特别是过去两年表现低于大市的产业发展商,除了股价低廉的优势,还有巴生谷基建发展的加持,如捷运计划(MRT)和马新高速火车等。”

标普:偿债能力强 大马产业没泡沫


标普:偿债能力强 大马产业没泡沫
Created 04/23/2013 - 21:16
(吉隆坡23日讯)由于多项因素支撑着贷款者偿还能力,标普(S&P)评级机构不认为大马市场正逐渐形成一个产业泡沫。

标普评级服务信贷分析员陈艾文(译音)在一份报告上指出,大马经济具韧力,低失业率,以及利率偏低等,是主要的支撑因素。

他指出,尽管产业价扬升,家庭负债水平依然未有太大变动,这显示家庭贷款仍与增长的家庭收入和稳定的就业情况一致。

Help International sees 10% revenue growth in 2013


Help International sees 10% revenue growth in 2013
Business & Markets 2013
Written by Bernama  
Tuesday, 23 April 2013 17:48

KUALA LUMPUR: Help International Corp Bhd expects its revenue this year to grow by 10% from RM117.1mil in 2012.

Help University vice-Chancellor and co-founder Datuk Dr Paul Chan, said growth would be driven by its strong local and international education business.

Chan said the increase in student enrollment into the various campuses and an average fee increment of 10%-15% were some of the growth drivers.

Coastal Contracts secures RM434 million worth of orders


Coastal Contracts secures RM434 million worth of orders
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com  
Tuesday, 23 April 2013 17:50

KUALA LUMPUR (April 23): Ship builder COASTAL CONTRACTS BHD [] has secured orders for nine offshore vessels with a collective value of approximately RM434 million from global buyers.

In a statement to Bursa Malaysia today, Coastal Contracts executive chairman Ng Chin Heng said the orders comprise seven offshore support vessels (OSV) and two oil barges.

"These vessels are scheduled for delivery during 2013 and 2014. The revenue stream from these vessels is expected to contribute positively to the top and bottom line performance of the group for the financial years ending December 31, 2013 and December 31, 2014.

Gold Prices: Is Physical Demand Providing a Floor?



Apple Losing its Cool?



蘋果股價大失血 執行長庫克恐遭撤換?



油價也暴跌!!除了加油可以省點錢外,紐約與布蘭特原油價差大幅收斂,預算股市走勢?



黃金,什麼時候能進場摸底?



银行业不良资产率可控吗



Tuesday, April 23, 2013

F&N falls to 9-mth low as listing to be kept


F&N falls to 9-mth low as listing to be kept
Shares of Fraser and Neave extended their decline, falling to the lowest in around nine months, after the company’s biggest shareholders said they intend to maintain the listing of the Singapore property and drinks group.

F&N shares lost as much as 10.9% to $8.02 on Tuesday, the weakest level since July 25 last year. The stock had plunged around 15% since trading of the shares resumed on Monday.

In January, Thai billionaire Charoen Sirivadhanabhakdi won a two-month battle against a group led by Overseas Union Enterprise after raising his bid for the remaining F&N shares he did not own to $9.55 a piece.

郭鶴年效應發酵‧依斯干達主題延燒


郭鶴年效應發酵‧依斯干達主題延燒
Created 04/23/2013 - 17:25
(吉隆坡23日訊)依斯干達經濟特區地段交易價屢創新高,分析員認為這將為依斯干達提供更大的重估利好,加上依斯干達浮城控股(Iskandar Waterfront Holdings)及Medini依斯干達有望陸續上市,相信依斯干達主題將能延燒,並成為今年國內產業市場的領導者。

最新的交易是大馬首富郭鶴年及國庫控股(Khazanah)聯手以1億8千200萬令吉,或每平方呎333令吉,向UEM置地(UEMLAND,5148,主板產業組)收購努沙再也公主港佔地12.518英畝土地。

原產品跌價‧經濟成長恐走軟至4.5%


原產品跌價‧經濟成長恐走軟至4.5%
Created 04/23/2013 - 17:24
(吉隆坡23日訊)原產品近期元氣大傷,料向大馬經濟施壓,首季和全年經濟成長恐走軟至4.5%,落後國家銀行的全年經濟成長預測5至6%。

豐隆研究表示,原產品(棕油、橡膠和原油)走勢將向大馬外圍領域施壓,同時,隨資產膨脹放緩,在高原產品價提振收入的因素缺席下,今年家庭消費成長也料放緩,並對大馬經濟添憂。

Tiger Airways rises on regulator approval


Tiger Airways rises on regulator approval
WRITTEN BY REUTERS  
TUESDAY, 23 APRIL 2013 11:43

Shares of Singapore’s Tiger Airways Holdings rose to their highest in more than three months after Australia’s competition regulator approved a deal between the budget carrier’s Australian unit and Virgin Australia Holdings.

Tiger Airways shares jumped as much as 12% to $0.735 on Tuesday, their highest since Jan. 18. Some 10.7 million shares were traded, 7.4 times the average full-day volume over the past 30 days.

Tiger-Virgin joint venture receives green light


Tiger Airways Holdings said it has received approval from the Australian regulators for the sale of 60% of Tiger Airways Australia stake to Virgin Australia.

Koay Peng Yen, Group CEO of Tiger Airways, said, “We are delighted to receive the green light from the ACCC on this transaction. With this approval in place, we can now look forward to commencing discussions with Virgin on our plans to grow Tiger Australia, and enable it to compete more effectively in the Australia’s budget carrier space.”

Real estate investment trusts losing lustre, investors opting for more aggressive strategies


The Star Online > Business
Tuesday April 23, 2013
Real estate investment trusts losing lustre, investors opting for more aggressive strategies

By NG BEI SHAN
beishan@thestar.com.my

PETALING JAYA: Local real estate investment trusts' (REITs) allure for investors may be waning on a combination of factors including lower returns due to REIT prices approaching target prices pegged by analysts.

Analysts said that while the industry's longer-term prospects remained positive, REITs were now downgraded to “neutral” as unit prices approached targets.

Another bid for MISC in 12 months?

The Star Online > Business
Tuesday April 23, 2013
Another bid for MISC in 12 months?

MISC shares suffer knee-jerk reaction after failed takeover attempt

By JOHN LOH
Johnloh@thestar.com.my

PETALING JAYA: After its failed takeover of MISC Bhd, there is a chance Petroliam Nasional Bhd (Petronas) may put in another bid for the shipping giant.

Such a move, however, would only take place a year from last Friday, when Petronas' RM5.50 offer closed. Under the Malaysian Code on Takeovers and Mergers 2010, an offeror is not allowed to make a new offer within 12 months of announcing that its buyout had failed.

KNM Process gets winding-up petition


The Star Online > Business
Tuesday April 23, 2013
KNM Process gets winding-up petition

KUALA LUMPUR: Mission NewEnergy Ltd’s subsidiary, Mission Biofuels Sdn Bhd (MBSB), has served KNM Process Systems Sdn Bhd with a winding-up petition.

In a statement yesterday, Mission NewEnergy said MBSB’s move follows KNM’s failure to pay it approximately A$3.8mil (RM12.2mil) plus interest.

This is in relation to the liquidated ascertained damages under the engineering, procurement, construction and commissioning contract of Mission NewEnergy’s second biodiesel refinery in Malaysia.

F&N move makes ThaiBev into holding company: Religare


F&N move makes ThaiBev into holding company: Religare
WRITTEN BY DOW JONES & CO, INC  
MONDAY, 22 APRIL 2013 22:23

The decision to keep F&N (F99.SG) listed on SGX essentially turns ThaiBev (Y92.SG) into a holding company with three main units, F&N, Oishi (OISHI.TH) and Sermsuk (SSC.TH), says Jonathan Foster, director of special situations at Religare.

He notes the Thai group has a slight history of having listed subsidiaries; “it’s part of a long-term empire building. They seem to like the idea of having a Singapore-listed subsidiary, especially a blue-chip name.”

Mapletree Commercial Trust’s DPU for FY 2012/13 exceeds forecast by 19.7%


Mapletree Commercial Trust’s DPU for FY 2012/13 exceeds forecast by 19.7%

Mapletree Commercial Trust Management, the manager of Mapletree Commercial Trust, says it has recorded a DPU of 6.487 cents for FY 2012/13. This is an increase of 19.7% over the forecast DPU of 5.42 cents. Comparing against FY 2011/12, DPU has increased by 14.9%. MCT’s DPU for 4Q FY 2012/13 is 1.737 cents, which exceeds the forecast DPU of 1.449 cents by 19.9%. Comparing against 4Q FY 2011/12, DPU has increased by 11.8%.

Net property income of $156 million was 13.6% higher than forecasted while distributable income at $123.5 million was 21.8% higher. Mapletree Commercial Trust was listed at Apr 27.

私有化破局遭抛售 MISC 大跌13.8%


私有化破局遭抛售 MISC 大跌13.8%
Created 04/22/2013 - 21:18
(吉隆坡22日讯)随着国家石油(Petronas)的献购私有化计划失败后,马国际船务(MISC,3816,主板贸服股)周一股价应声下跌,闭市时大跌73仙,或13.77%,挂4.57令吉。

马国际船务早盘以4.80令吉开市,低于上周五闭市时的5.30令吉,随后在两分钟内就继续崩盘至4.50令吉的全日最低价位,狂跌80仙,或15%。

国油或再献购

随后,马国际船务虽有所回升,但回弹力度有限,全日处于4.50令吉至4.85令吉之间,成交量达1735万6100股。

Mapletree Greater China Commercial Trust :More than meets the eye (DBSV)


Mapletree Greater China Commercial Trust
BUY S$1.05
STI : 3,291.58
(Initiating Coverage)
Price Target : 12-Month S$ 1.18
More than meets the eye

• A best-in-class portfolio of commercial assets
• Resilient cashflow with strong organic growth drivers
• Recommend BUY with TP of $1.18

A portfolio with scarcity value. Mapletree Greater China Commercial Trust (MGCCT) offers investors an attractive opportunity to own iconic, best-of-breed commercial assets - Festival Walk and Gateway Plaza - through a capital efficient platform. It offers investors both attractive yield and total return derived from strong and resilient operating cashflow with inbuilt organic growth drivers which will underpin earnings and NAV expansion.

Capitacommercial Trust : Back-filling in progress (CIMB)


Capitacommercial Trust
Current S$1.71
Target S$1.69
Back-filling in progress

 Back-filling should keep CCT busy in 2013 as major tenants depart One George Street and Capital Tower and with income support falling off at One George. CCT’s share price could trade range-bound until the overhang from uncertainties is lifted.

1Q13 DPU met our and consensus expectations, forming 25% of our FY13 forecast. We tweak DPUs on occupancy adjustments but keep our DDM-based target price (discount rate 7.3%). Maintain Underperform pending the lifting of uncertainties at One George Street.

Pacific Basin Shipping : The bottom could be near (CIMB)


Pacific Basin Shipping
Current HK$4.38
Target HK$6.00
The bottom could be near

 Pacific Basin said in its 1Q13 trading update that the global handysize fleet did not grow during the first three months of the year, with scrapping fully offsetting newbuilding deliveries. As a result, we expect rates to bottom in the upcoming summer and rise thereafter.

Pacific Basin is our top shipping pick because it has never made a loss in the post-GFC period, and it is positioned to benefit from current low ship prices by its ability to buy. As valuations are very attractive we maintain Outperform and the SOP-based target price, and raise EPS on housekeeping matters. Catalysts include a likely 2H13 rate recovery.

Cambridge Industrial Trust:More surprises to come; (DBSV)


Cambridge Industrial Trust:
 BUY  S$0.83;
More surprises to come;
Price Target : 12-Month S$ 0.93

Highlights
1Q13 results in line. Cambridge REIT (CREIT) reported a 18.6% and 17.6% y-o-y rise in its topline and net property income to S$24.8m and S$21.3m, respectively. Growth was largely attributable to the additional income from the acquisitions, periodic rental escalations and higher income from its multi-tenanted properties. This more than offsets the loss of income from its divestments. Portfolio occupancy remained high at 98.6%. Distributable income rose 8.4% y-o-y to S$15.1m, translating to a DPU of 1.234 Scts (+5.4% y-o-y).

CapitaMalls Malaysia Trust : An apolitical option ahead of GE13 (CS)


CapitaMalls Malaysia Trust
Maintain OUTPERFORM
Price (16 Apr 13 , RM) 1.88
TP (prev. TP RM) 1.99 (1.99)
An apolitical option ahead of GE13

● CMMT’s 1Q13 distributable income of RM38.5 mn ( +4.6% YoY) was in line with expectations as higher rental rates from new and renewed leases drove earnings.

● CMMT achieved 8.0% rental reversions, in line with our estimates of 8.4% for the year. The strongest reversions were achieved at East Coast Mall, Gurney Plaza and The Mines. The bulk of CMMT’s portfolio (41.9%) will expire in 2014.

Keppel REIT: Continues to deliver (DBSV)


Keppel REIT
HOLD S$1.42
STI : 3,284.37
Price Target : 12-Month S$ 1.43 (Prev S$ 1.34)
Continues to deliver

• Results within expectations
• Resilient portfolio underpinned by long leases and strong income visibility
• Maintain HOLD, TP raised slightly to S$1.43

Highlights
Results in line with projections. Keppel REIT reported a 13% y-o-y increase in property income to S$41.4m in 1Q13 while NPI rose a better 21% to S$34.4m.

Mapletree Logistics Trust : Awaiting acquisitions (CIMB)


Mapletree Logistics Trust
Current S$1.31
Target S$1.33
Awaiting acquisitions

 With its currency hedges in place, MLT’s performance was unmarred by JPY weakness as it continued to deliver low single-digit DPU growth. We continue to await acquisitions, which is critical in our view, for further growth and upside from current levels.

4Q/FY13 DPUs came in broadly in line with consensus and our expectations, at 25/98% of our full-year forecast. We tweak our FY14-15 DPUs to factor in a larger but later acquisition. Our DDM-based target price is raised after rolling forward our numbers with a lower discount rate of 7.1% (previously 7.3%). Maintain Neutral.

Frasers Centrepoint Trust 2QFY13: Causeway Point’s AEI One Of The Best-performing AEIs (UOBKH)


Frasers Centrepoint Trust
Share Price S$2.24
Target Price S$2.51
2QFY13: Causeway Point’s AEI One Of The Best-performing AEIs

Results were within expectations, with Causeway Point’s AEI emerging as FCT’s best-performing AEI to-date, delivering over 17% ROI, underpinned by passing rentals that were 11% above projection. Upcoming catalyst remains the acquisition of Changi City Point. FCT’s suburban retail portfolio provides a stable yield of 5%. Maintain BUY with a higher target price of S$2.51 (from S$2.37).

K-Green Trust: Stable Profit and Cash Flow Underpins Dividends (S&P)


K-Green Trust
Price: SGD1.09
Fair value: SGD1.13 - SGD1.19
Date: April 17, 2013
Stable Profit and Cash Flow Underpins Dividends
No major changes following KGT’s 1Q13 results. We have left our earnings estimates largely unchanged following KGT’s in-line 1Q13 results. We anticipate a stable performance for KGT this year and leave our valuation range for the infrastructure trust at SGD1.13-1.19. DPU forecast is also unchanged.

Construction activity absence the key reason for headline numbers drop. As we have seen since 2H12, the YoY drop in 1Q13 profit mainly reflects the absence of construction revenue following the completion of the flue gas treatment upgrade at the Senoko WTE (waste-to-energy) plant. Stripping out construction, revenue grew 3.0% YoY.

Wilmar International : Acquires 27.5% stake in Cosumar (Phillip)


Wilmar International
Target Price (SGD) 3.79
- Previous Target Price (SGD) 3.70
Closing Price (SGD) 3.27
Acquires 27.5% stake in Cosumar

 Company Overview
Wilmar International Limited is Asia’s leading agribusiness group. Its business activities include oil palm cultivation, oilseeds crushing, edible oils refining, sugar, specialty fats, oleo-chemicals and biodiesel manufacturing and grains processing.

• Acquisition of 27.5% stake in Cosumar for MA$2.3bn
• Impact should remain insignificant in the near term
• Maintain Neutral rating

冷眼: 对国家前景有信心 股市大跌进场良机


冷眼: 对国家前景有信心 股市大跌进场良机
Created 04/22/2013 - 21:00
(居銮22日讯)基本面大师冷眼表示,无论政治如何变动,都对我国前途有信心,并称若股市因此大跌,更是难逢的入场良机。

“机会往往不会出现在股市起的时候、而是在下跌的时候。就像2009年金融风暴所导致的全球股灾一样,那时我高兴到睡不着,因为这样的机会很少有。”

冷眼强调,第13届全国大选后无论谁执政,都对大马的前途充满信心,国家的未来是美好的。所以建议投资者若马股因政治变动出现大跌,就趁此机会“择肥而噬”、选好股买入。

冷眼周日(21日)受原国会议员拿督何国忠邀约,特赴居銮给予题为“连赚10年”的股票投资心得讲座会时如此表示。

Growth-led inflation a boon to Reits: Expert


Growth-led inflation a boon to Reits: Expert
Fund manager: Their popularity reflects strong property market fundamentals
14 Apr 2013 16:32 by CHIA YAN MIN

Mr Sumner, head of property equities at Henderson Global Investors, is bullish on the outlook for property markets as low interest rates fuel a residential property boom in Singapore, Hong Kong and China.
Real estate investment trusts (Reits) in Singapore and the region will keep doing well in an environment of growth-led inflation.

The recent popularity of Reits here reflects strong property market fundamentals, said Mr Patrick Sumner, head of property equities at Henderson Global Investors, in an interview with The Sunday Times.

曾淵滄專欄 23.04.13:睇好地產股有原因


曾淵滄專欄:睇好地產股有原因 - 曾淵滄

恒指上星期五急升501點後,昨日升勢放緩,更一度下跌,上星期五導致A股急升的一些消息,並沒有新進展與新消息,只好再觀察。我也在昨日的文章中告訴大家,不要對MSCI將A股納入其國際新興市場指數一事太過興奮,這件事不容易辦,相當複雜,涉及人民幣的管理,談判過程會是漫長的。

昨日恒指成份股中,地產股明顯地表現得不錯,上周末,我在一場投資講座中,公開回答現場觀眾一個問題,問題就是特區政府正在打壓樓價,而樓價也出現一連四周的跌勢,為甚麼我近日依然看好本地地產股?我的答案是:香港與中國一樣,中央政府不斷地打壓樓價,內地樓價有時升有時跌,但最終仍是上升,我相信香港也會如此,樓價只升不跌,對地產發展而言不一定是最好的事。

改造武吉免登‧柏威年產託評級不變

改造武吉免登‧柏威年產託評級不變
Created 04/22/2013 - 18:37
(吉隆坡22日訊)英文媒體此前報導,柏威年產業信托(PAVREIT,5212,主板產業投資信托組)保薦人Urusharta Cemerlang公司,已開始發展3年前用天價收購的武吉免登地庫,計劃將該地庫發展成價值8億令吉的50層高住宅和零售大樓,作為延伸商場注入柏威年產托。

無論如何,豐隆投資研究指這項計劃需耗時醞釀,預料最早得等至2017年才可能兌現,認為柏威年大股東拿督林曉春先把飛輪海廣場注入柏威年產托。

豐隆表示,林曉春放眼把新加坡烏節路概念應用在武吉免登,計劃在當地各建築物建立內部銜接,包括柏威年廣場、飛輪海廣場、Banyan Tree和Harrods酒店,並把有關通道打造成零售街。

紮根國內拓展海外‧速遠高息受歡迎


紮根國內拓展海外‧速遠高息受歡迎
Created 04/22/2013 - 17:26
(吉隆坡22日訊)速遠機構(ZHULIAN,5131,主板消費品組)在大馬業務穩住陣腳後,它將計劃在未來3年至5年裡,將海外業務營收從目前58%增加至70%,而其高股息也是支持股價主要支柱,兩大利好備受分析員看好。

肯納格研究指出,該公司為國內著名的多層次傳銷商,為本地創立的直銷業佼佼者,主要分銷商分別分佈在大馬、泰國、印尼及新加坡等的主要城鎮。

肯納格指出,該公司優勢,包括製造與分銷本身品牌產品,如極受歡迎的鍍金裝飾品,食品與飲料以及營養輔助產品等。

未能支付澳公司1220 万 科恩马子公司接清盘令


未能支付澳公司1220 万 科恩马子公司接清盘令
Created 04/22/2013 - 21:02
(吉隆坡22日讯)澳洲上市的Mission New Energy有限公司(MNEL)旗下子公司,对科恩马(KNM,7164,主板工业产品股)子公司发出清盘呈请,指后者未能支付380澳元(约1220万令吉)欠款。

MNEL周一向澳洲交易所报备,其子公司Mission生物燃油私人有限公司,已针对上述欠款和利息提出呈请,以对KNM处理系统私人有限公司实施清盘。

MNEL指出,上述欠款与该公司第二间大马生物柴油提炼厂的工程、采购、建筑和启用(EPCC)合约清算确定赔偿相关。

私有化失败大热大跌 MISC股价打回原形


私有化失败大热大跌 MISC股价打回原形

(吉隆坡22日讯)隨著私有化行动告吹,MISC公司(MISC,3816,主板贸服股)在週一大热走跌,该股盘中交易一度猛挫80仙或15.09%,至4.50令吉,导致其股价打回原形,逼近私有化建议前的水平。

国家石油(Petronas)私有化MISC公司的交易正式告吹,引领该股股价走跌。

分析员普遍相信该股將在近期出现卖压,惟市场对其前景抱持两极化的看法。

黄金对冲基金:暴跌风波中的弄潮儿



大摩MSCI新兴市场指数欲加入 A股或迎资金面利好



RQFII等入市重提速 A股市场再迎活水



福布斯全球企业2000强:工行第一建行第二



Gold Bears, Stock Bulls Highlight Deepening Split



Global Outlook: China Stock Picks



Monday, April 22, 2013

Commodities slump sends slow ripples through world economy


Commodities slump sends slow ripples through world economy

(Reuters) - Lower airfares, cheaper food and rising profit margins are among the benefits that should flow from tumbling oil and commodity prices - but only after a long lead time.

Having poured $400 billion (262 billion pounds) into commodities over the past decade, many investors are now selling. Their confidence that risky assets could only float higher on a rising tide of cheap central bank money has crumbled as the global economy fails to respond to the stimulus.

Semiconductor demand hits eight-month high


Semiconductor demand hits eight-month high
Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com  
Monday, 22 April 2013 10:43

KUALA LUMPUR: The North American semiconductor equipment industry’s book-to-bill ratio of 1.14 in March was the highest (see chart) over the last eight months. This suggests that semiconductor manufacturers were not showing any signs of slowing down in equipment spending.

A book-to-bill ratio of 1.14 means that US$114 (RM346.56) worth of orders was received for every US$100 billed for the month. A book-to-bill ratio of above 1.0 indicates strong demand, while a ratio below 1.0 implies weaker demand.

MISC tumbles 15% on failed takeover


Hot Stock MISC tumbles 15% on failed takeover
Business & Markets 2013

Written by Chong Jin Hun of theedgemalaysia.com  
Monday, 22 April 2013 10:53
KUALA LUMPUR (April 22 ): MISC BHD [] tumbled as much as 15% in morning trade after the shipping firm said the proposed takeover by of the firm by its controlling shareholder Petroliam Nasional Bhd (Petronas) at RM5.50 a share had failed.

At 10.43am, MISC was traded at RM4.74 with some 10 million shares done after falling as much as 80 sen to RM4.50. The fifth most-active stock was also the second-largest decliner across the bourse.

黄金价崩惊云


黄金价崩惊云
Created 04/22/2013 - 13:10
随着黄金价格在近期惊魂崩跌后,金光闪耀的12年黄金牛市是否已经进入尾声?

目前,投资者要问的是:现在还可以投资黄金吗?如何投资?要趁低进场还是套利止亏?更重要的是,金价会“价崩”吗?

黄金避风港不再安稳?

黄金价格上周出现数十年罕见的崩跌,是否预示着“金光闪耀”的12年牛市就此落幕,改由疯狂肆虐的熊市登场?

锺子理财:退休生活不能靠公积金•锺贵发


锺子理财:退休生活不能靠公积金•锺贵发
Created 04/22/2013 - 13:10
根据《南洋商报》报道,我国目前为止的人口大约有2900万,而当中1200万人属于受薪人士(大约42%人民是打工族)。

通货膨胀率越来越高(每年提高6至9%)导致他们的生活费不断提高。

虽然在经济好景时,公司会派发额外花红给他们,不过,即使加上花红,在薪水增长率不高(每年平均提高3至5%),还是不足于应付不断提高的生活费,这使他们的生活越来越紧张及担忧。

财女风情:时间VS 本金VS 回报率


财女风情:时间VS 本金VS 回报率
Created 04/22/2013 - 13:00
不管是投资或储蓄,都牵涉三个元素,那就是时间、本金和回报率。

时间尤其重要,因为今日我给你的100令吉和10年后给你的100令吉,价值是不一样的。

这是财务策划中一个很重要的概念,就是金钱的时间值(Time Value Of Money,TVM)。

金钱具有时间价值,是基于人们希望现在而不是未来取得金钱,因而当金钱用于存款或投资时,理应获得利息,这样,金钱的未来终值(future value)应大于现值(present value)。

股海宝藏:友谊机构蓄势待发


股海宝藏:友谊机构蓄势待发
Created 04/22/2013 - 13:00
友谊机构(ULICorp,7133,主板工业产品股)是大马及东协国家电缆支援系统及综合天花板系统的知名业者,业务还包括建筑材料和灯饰的制造与贸易活动。

它于2002年4月上市马交所次板,2005年3月转至主板。

业务多元化至各领域,确保相对稳定的收入。友谊机构在25年的营运涉足多项业务,如今被视为大马市场中优质电缆支援系统和综合性天花板系统领域中的知名供应商之一。

曾渊沧:买中国地产股的致胜秘诀


过去两个月,港股夹在美国股市上升与中国A股调整的中间,表现不佳,反复向下,过去一星期,美股由高峰向下调整,调整幅度不算多。对港股而言,就有如失去一个支撑。也免不了地向下寻底。早在一两个月前,我就多次建议大家了,好寻底,不好抄底。想买股的话,最好静待调整过去,市场恢复信心,两天移动平均线超越十九天平均线才入场。

中国政府公布今年三月份全国楼价,竟然是楼价上升的城市远比楼价下跌的城市多,前一阵子新国五条搞得中国地产股饱受打击,现在应该可以趁这个新闻反弹,实际上,新国五条自从搬出后,亦没有在多少个城市真正落实推行。各地地方政府有不同的处理方式,说到底,鼓励农民入城是中央政府今后最重大的政策,只有鼓励农民入城才能维持中国的经济发展的动力。

One of Malaysia's biggest corporate takeover failures in recent memory


The Star Online > Business
Monday April 22, 2013
One of Malaysia's biggest corporate takeover failures in recent memory

Raison D'etre - By Risen Jayaseelan

MISC Bhd's unsuccessful buyout by Petroleum Nasional Bhd (Petronas) marks one of the biggest corporate takeover failures in recent memory.

And by the time you read this article this morning, the company's shares should be plummeting. Perhaps not to the RM2 level that Petronas CEO Tan Sri Shamsul Azhar Abbas had in a tongue-in-cheek manner predicted in a earlier interview with a business weekly, but still, significantly below the RM5-plus level that the stock was hovering at, when the buyout offer was still “alive”.

黃金崩盤 資金流美元避險


黃金崩盤 資金流美元避險
http://paper.wenweipo.com   [2013-04-22]

 香港文匯報訊(記者 卓建安)本月12日、15日兩個交易日國際黃金市場風雲突變,兩日現貨金每盎司下挫接近200美元,跌幅達12.4%,引起市場對黃金避險作用不再、投資價值成疑的驚呼。那麼未來投資者應該尋找哪些避險或者具投資價值的資產呢?綜合多位專家的意見認為,未來黃金的避險作用未必不再,但肯定是已弱化了,短期來講資金喜歡停泊在美元資產之上,包括美元或美債。

 雖然上周二(16日)現貨金每盎司曾再試低位1,321.95美元,但之後有所反彈,上周五收市報1,395.57美元,較低位的1,321.95美元已反彈73.62美元或5.6%。

AIMS AMP Capital Industrial REIT : Results in line with expectations (S&P)


AIMS AMP Capital Industrial REIT
Price: SGD1.72
 Date: April 17, 2013

Results Review
Results in line with expectations. AIMS’ FY13 (Mar) results were broadly in line with our expectations with its distributable income of SGD46.7 mln being 3.8% above our forecast. The highlight of its 4QFY13 results is a 17% YoY rise in distributable income to SGD12.4 mln, which enabled it to declare a 3.14 cents DPU (including 0.3 cents from capital gain), bringing its FY13 DPU to 10.72 cents from 10.45 cents in FY12. The higher distributable income was due mainly to a full 4Q contribution of SGD2.4 mln from Phase 1 of 20 Gul Way, which was completed ahead of schedule in October instead of December 2012, and also higher rental contributions from 27 Penjuru Lane, 8 & 10 Pandan Crescent and 29 Woodlands Industrial Park E1.

Container Shipping : Not All Bad News (UOBKH)


Container Shipping
Not All Bad News

AE rates fell below US$1,000TEU while TP rates remained solid. Our communication with some carriers confirms our previous expectation that2013/14 TP contractual rates will be around US$2,000/FEU (up 10-15% yoy),which could be good news for carriers. Valuations have become attractive andthe recent weakness in oil price is also positive to carriers. Maintain BUY onOOIL, CSCL and NOL and switch our top pick to OOIL from CSCL. Maintain OVERWEIGHT.

Frasers Centrepoint Trust : Awaiting accretive acquisition (CIMB)


Frasers Centrepoint Trust
Current S$2.18
Target S$2.31
Awaiting accretive acquisition

 Causeway Point and NorthPoint remain the key drivers of FCT’s performance. We continue to like FCT for its resilient retail exposure, and see catalysts from the accretive acquisition of a larger Changi City Point, which should provide FCT with its next prong of growth.

2Q/1HFY13 DPUs broadly met our and consensus expectations at 26/48% of our FY13 forecast. The slight variance was due to higher retained earnings, which should be paid out in the remaining quarters. We tweak our DPUs and DDM-based target price (discount rate: 6.7%) higher. Maintain Outperform.

Far East Hospitality Trust : Rendezvous in town (DSBV)


Far East Hospitality Trust
BUY S$1.145
STI : 3,291.58
Price Target : 12-Month S$ 1.21 (Prev S$ 1.13)
Rendezvous in town

• Value accretive acquisition in Rendezvous Grand Hotel Singapore and Rendezvous Gallery
• Capital structure remains at sustainable level, FY13- 14F DPU raised by 1-2%
• BUY, TP raised to S$1.21

Proposed acquisition of prime hotel in downtown Singapore. Far East Hospitality Trust (FEHT) announced the proposed acquisition of 298-room Hotel Rendezvous Grand Singapore Hotel and Rendezvous Gallery, its accompanying retail wing. The combined acquisition price is S$264.5m (all in cost of S$268m) for a 70-year leasehold interest in the property and represents a c.2- 5% discount to the appraised valuation by independent valuers.

Breakdown: Mixed Basket Of Thoughts For Suntec REIT


 16 APRIL 2013
Breakdown: Mixed Basket Of Thoughts For Suntec REIT
By Louis Kent Lee

Office rentals. If you think office rentals are poised to always see upside momentum in the ever bustling city of Singapore, you might want to think about that again. The lower Gross Domestic Product (GDP) figures (both current and expected), coupled with the government’s recent round of tighter labour policies and finally the pipeline of new offices supplied by upcoming business parks, which could possibly offer cheaper rental rates, will all be factors that are likely to have an impact or direct pressure on the yield of future office rentals.

In a report released recently by Credit Suisse, it noted that “the government’s tighter labour policies will have an impact on business expansion plans, coupled with expectations of lower GDP growth as well as the supply outlook, we believe that office demand may remain relatively s