Saturday, January 11, 2014

S’pore construction demand to remain strong this year: BCA

Malaysia-Solid execution, visible growth (DBSV)

Solid execution, visible growth
Support from sturdier global growth, low interest rates and ample liquidity
Overweight oil & gas, construction. Underweight telcos, consumer services
Key picks with solid execution, visible growth: Public Bank, SapuraKencana, Bumi Armada, IJM Corp
Buy small-mid caps with favourable risk-reward profiles: MKH, TSH Resources, Muhibbah Engineering

Supportive global growth environment. For 2014, we foresee support for the KLCI from slightly sturdier growth in key economies (US, Eurozone, China), low interest rates, and ample liquidity. This is partly offset by mounting cost pressures, leading to slower growth in domestic consumer spending and tighter margins. Continued capital outflow could further weigh down Malaysia Government bonds and Ringgit. Our year-end KLCI target is 1,930, based on 15x 2015 earnings.

Axis REIT - Attractive yields (DBSV)

BUY RM2.89
KLCI : 1,829.18
(Upgrade from HOLD)
Price Target : 12-Month RM 3.70
Attractive yields

Recent selldown an opportunity to buy stock for 7% distribution yield
Growth drivers intact; shielded from higher electricity tariffs and assessment tax
Upgrade to BUY, but maintain RM3.70 TP

Esthetics International Group (EIG) -Growing beauty player (DBSV)

Esthetics International Group (EIG)
NOT RATED RM1.05 KLCI : 1,852.95
Return *: 1
Potential Target * : 12-Month RM 1.40 (33% upside)
Growing beauty player

Successful turnaround with new management to drive 3-year earnings CAGR of 40%
Proxy to ASEAN’s growing affluence with new salon expansion and product distributorships
Attractive valuation of 8x FY15 PE (ex-cash); fair value of RM1.40 implies 33% upside

MREITs - Lackluster Prospects in 2014 (Kenanga)

MREITs - Lackluster Prospects in 2014

Recently, bond yields rose to a high of 4.1% from 3.1% in mid-2013 driven mainly by the anticipation of the US Federal Reserve QE tapering. The reversal in bond yields has also caused MREITs spreads to expand. MREITs could be facing weaker rental reversions as tenants combat against rising cost issues (e.g. higher assessment rates, electricity hikes, consumer spending to plateau, competition costs) and office space gluts in the Klang Valley. Meanwhile, MREITs have suffered from a subdued acquisition environment which is expected to persist. We make no changes to our MREITs call and TPs since we have recently increased our yield spreads to reflect the aforesaid risks and the effects of bond yield reversals, which have also caused MREITs’ spreads to expand. Maintain UNDERWEIGHT on MREITs.

M'sia Construction - Return of the upcycle (CIMB)

Construction - Return of the upcycle
Long Term: Over Weight

The ETP and private sector-driven jobs are the two key themes for the sector in 2014. Public transport and rail upgrades are catalysts for the longer term, while excitement in the medium term will come from job rollouts in the private sector. The sector's upcycle is intact. MRT, the largest contract under the ETP, is likely to return to investors' radar in 2014 as execution of MRT 2 gains momentum. Meanwhile, private sector jobs should fill the gap and mitigate the risks of project sequencing. The sector's upcycle should continue in 2014, after a moderation in 2H13. We maintain Overweight on the sector. Gamuda, which offers a good price point, is still our top pick.

Malaysia: Asia’s Overlooked Emerging Market

06 JANUARY 2014
Malaysia: Asia’s Overlooked Emerging Market
By Shane Goh

In Singapore, the Straits Times Index started 2014 in a similar fashion to 2013 at 3181.62 points as a potential quantitative easing tapering comment by Ben Bernanke in May sent world markets spiralling south, erasing all gains achieved in the first five months of the year and condemned it into the negative territory.

However, across the causeway, the FTSE Bursa Malaysia EMAS Index (FBM EMAS) generated a positive 12.4 percent capital gain for 2013, compared to a negative 2 percent return in the FTSE ASEAN Index, bolstered by political stability after the conclusion of an election during the year. Over a longer horizon, the FBM EMAS Index has more than doubled over the past five years.

Friday, January 10, 2014


2014年 01月 08日 10:40



VICOM -Resilient business with formidable balance sheet (AM)

FA * VALUE S$6.28
Resilient business with formidable balance sheet

Initiating coverage on VICOM with BUY, TP $6.28. VICOM Ltd has a balance of pro-cyclical and anti-cyclical business segments. Vehicle inspection (anti-cyclical) provides for earnings stability while investors may participate in economic cycle recovery provided for by its subsidiary SETSCO Services.

Marco Polo Marine -Sailing into higher growth (AM)

Marco Polo Marine Ltd
Sailing into higher growth

Marco Polo Marine Ltd (“MPM”) is an integrated marine logistics group whose primary business include 1) Ship owning & chartering and 2) Shipyard services. The chartering division provides mainly Anchor Handling Tug Supply (“AHTS”) vessels as well as Tugs and Barges to various industries. The shipyard division undertakes ship building, repair and maintenance, outfitting and conversion services from its yard in Batam, Indonesia.

Tiger Airways -Reverse course and move on (CIMB)

Tiger Airways
Current S$0.52
Target S$0.47
Reverse course and move on

Tiger Airways was reported to be in discussions to sell its 40% stake in Tigerair Philippines (TAP) to Cebu Air, a good move in our view as it will take TAP a long time to break even in a tough Philippine market.

Nevertheless, we keep our Reduce call as it may continue to face an uphill struggle in Indonesia, while the core Singapore operations are likely to face overcapacity in the next 6-12 months. We retain our forecasts and target price, still based on 1x CY14 P/BV. Share price de-rating catalysts include likely poor results in the immediate future.

Asia-Pacific Dry Bulk Shipping Sector - Go with the grain (CS)

Asia-Pacific Dry Bulk Shipping Sector
New report: Go with the grain

● Seaborne global grain volumes are expected to rise 13% in the 2013/14 grain year, driven by a 20% increase in PRC imports, especially of soyabeans and wheat, as consumption exceeds domestic production. Full report.

● This will lift demand for the smaller vessel classes typically used to transport such commodities, as will changing patterns in global sourcing and demand. We now anticipate another 0.7% in global dry bulk demand growth in 2014, taking us > 7% vs. supply of 5%.

Mencast Holdings -Built To Last (DMG)

Mencast Holdings
Target Price: SGD0.74
Price: SGD0.52
Built To Last

 Mencast is a maintenance-repair-overhaul (MRO) service provider to multiple points along the value chain of the oil & gas industry. Having delivered an earnings CAGR of 21% over the last 5 years, the company is targeting for similar growth through 2020. With its strong cash generation ability, the company remains on the lookout for acquisitions. Initiate coverage with BUY and SGD0.74 TP, based on 11x FY14F EPS.



Halcyon Agri - Tapping into rubber growth (CS)

Halcyon Agri Corporation Ltd
Price (02 Jan 14, S$) 0.80
Target price (S$) 1.10¹
Tapping into rubber growth

■ Initiating coverage with OUTPERFORM. We initiate coverage of Halcyon Agri with an OUTPERFORM rating and target price of S$1.10. We believe there is a 38% share price upside driven by significant capacity growth and supported by increasing demand in the global tyre market, which should drive earnings CAGR of 60% over 2013-16E.

Thursday, January 9, 2014

AMTEK - Leading Manufacturer With An Attractive Yield (UOBKH)

Leading Manufacturer With An Attractive Yield

• Amtek is a leading end-to-end design and manufacturing solution provider for precision components, casings and enclosures that are used in a wide range of industries like automotives, servers and consumer electronics. The company was delisted from SGX in Aug 07, as it underwent a major restructuring to streamline its operations and expand its product offerings.

Key themes for 2014 -Theme 3: Measures on the property sector (MKE)

Theme #3: Measures on the property sector
Too early to remove cooling measures. Our property developer analyst Wilson is of the view that the anti-speculation measures, introduced since 2009, will unlikely be removed in 2014. In his sector report, Tipping On Tapering, dated 17 Dec 2013, he explains why:

Mortgage rates are only expected to rise in 2015. Removing the measures prematurely could spark another round of irrational exuberance.

Key themes for 2014 -Theme 1: Fed tapering (MKE)

Three issues stand out. 2013 has passed and there are signs that 2014 could turn out to be a much better year, given that the global economy is in a recovery mode. In this report, we explore three important themes that we believe will pan out throughout the course of 2014 and examine their implications for the equity market.

1. A year of Fed tapering. The first cut will commence this month when the Federal Reserve reduces its asset purchases by USD10b to USD75b per month. This comes five years after the start of a series of quantitative easing (QE) exercises that has spawned a prolonged period of low interest rates globally, providing a substantial boost to asset prices. Now that the taper is upon us, the asset inflation cycle could reverse, which would have an impact on the equity market.

Key themes for 2014 -Theme 2: Stance on immigration policies (MKE)

Theme #2: Stance on immigration policies
Curbs on foreign labour inflow to stay. In our view, the current tight immigration policies will remain in place in 2014. We do not think the recent riot in Little India will significantly change the landscape because foreign workers remain critical to Singapore’s economic growth. As illustrated in Figure 13, the Republic has become increasingly reliant on foreign labour to meet its growth targets.

Influx of foreign workers has slowed in recent years. As shown in Figure 14, the growth in the number of foreign workers (excluding foreign domestic helpers) has slowed to 5.9% in Jun 2013, its slowest in four years. The slowdown was led by cutbacks in the number of foreign workers under Employment Pass (Figure 15). At end-Jun 2013, as many as 172,100 employment passes were issued, accounting for 15.9% of the total foreign workforce (excluding foreign domestic helpers).

2014 Strategy Outlook- It’s A Stock-picking Market (MKE)

2014 Strategy Outlook
FSSTI 3,167 (31 Dec 2013)
FSSTI target 3,500 (31 Dec 2014)
It’s A Stock-picking Market

 Stay selective. At 13.5x forward P/E and 1.4x forward P/BV, the Singapore market valuation looks modest from both the historical and regional perspectives. An improving macro outlook supports our view that the FSSTI would hit 3,500 by end-2014, based on 15x 2014E EPS or an implied P/BV of 1.6x, providing a 10.5% upside. We would recommend that investors stay selective, with aviation services, banks, healthcare and offshore and marine our preferred sectors.




Thai Beverage - FCL spin-off could be a prelude to restructuring (SCB)

Thai Beverage
PRICE as of 3 Jan 2014 SGD 0.54
FCL spin-off could be a prelude to restructuring

•On 2 January 2014, the books closed for the subscription for the listing of Fraser Centrepoint Limited (FCL), F&N’s property arm. Each shareholder of Fraser & Neave (F&N) will receive two FCL shares for every one held.

• We reiterate our case for a restructuring. The streamlining of F&N’s business should generate up to THB 8bn in synergy gains, in our view.

Wednesday, January 8, 2014

麥博士(Mark Mobius)單挑大行挺新興市


高盛叫沽 大摩睇淡


Osim International -A safe bet (DBSV)

Osim International
BUY S$2.30
STI : 3,167.43
Price Target: 12-month S$2.60
A safe bet

• Met estimates against earnings disappointment in the sector
• New products to propel growth next year
• Expect TWG to contribute more significantly
• Maintain BUY with S$2.60 TP

Midas Holdings - Speeding ahead (DBSV)

Midas Holdings
BUY S$0.51
STI : 3,167.43
Price Target : 12-Month S$ 0.64
Speeding ahead

•Beneficiary of China’s high speed railway (HSR) program
• Earnings to rebound in FY14F as HSR contracts roll in, plus more metro and overseas projects
• Potential huge HSR order for Midas from recent second rolling stock tender for 314 sets
• BUY with S$0.64 TP, based on 1.2x FY14 P/BV

Hutchison Port Holdings Trust - Smoother sailing expected (DBSV)

Hutchison Port Holdings Trust
BUY US$0.675
STI : 3,167.43
Price Target : 12-Month US$ 0.80 (Prev US$ 0.82)
Smoother sailing expected

•Should see better organic throughput growth in 2014 as Europe and US recover
• Lack of one-off events such as industrial action and acquisition costs to boost FY14 numbers
• Attractive prospective yield of 8.1% for FY14 with FY13 final dividend of HK21cts coming up
• BUY with DCF based target price of US$0.80

Goodpack - Proxy to US/Europe recovery (DBSV)

BUY S$1.95
STI : 3,167.43
Price Target : 12-Month S$ 2.25
Proxy to US/Europe recovery

• Prime beneficiary of US/Europe recovery
• New auto part contract is a strong re-rating catalyst
• Reiterate BUY, TP S$2.25

Stronger growth ahead. Goodpack is one of the best proxies to US/Europe recovery with almost half of its revenue from that region. On the back of stronger SR volume, we expect Goodpack to deliver US$14-15m profit (+26-35% y-o-y) in 2Q14 (FYE Jun), depending on the duration of the traditional year-end closing of factories in Dec.

Global Logistic Properties - In a sweet spot (DBSV)

Global Logistic Properties
BUY S$2.89
STI : 3,167.43
Price Target : S$ 3.31
In a sweet spot

• Good proxy to China’s medium term growth prospects
• Broadening expansion track with China logistics fund
• Maintain Buy with TP of S$3.31

Strong proxy to China’s growth from recent reforms. GLP offers exposure to the long term growth prospects in China with 54% of its gross asset value exposed to the country, spread over an attributable 12.9m sm of GFA. In addition, it has another 11.8m sm of land reserves, providing a strong pipeline for future developments.

Genting Singapore - On a rebound (DBSV)

Genting Singapore
BUY S$1.495
STI : 3,167.43
Price Target : 12-Month S$ 1.75
On a rebound

• Earnings recovery from stronger tourist and MICE visitors and steady expansion in rolling chip
• Potential M&A and Japan gaming liberalization could be strong re-rating catalysts
• Valuation lagging behind regional peers. Maintain Buy with TP of S$1.75

曾淵滄專欄 08.01.14:老股民要安全收息



Courts Asia - Compelling valuations (DBSV)

Courts Asia
BUY S$0.615
STI : 3,167.43
Price Target : 12-Month S$ 0.77
Compelling valuations

• Opportunity to accumulate at current valuations
• Credit tightening factored into share price; likely to end post-FYE Mar’14
• Valuation attractive at -1SD, downside risk looks limited on our below consensus growth estimates
• Maintain BUY with S$0.77 TP

Tuesday, January 7, 2014

OUE’s $451 mil Singapore REIT IPO to be launched next week

Written by Reuters  
Tuesday, 07 January 2014 22:23
Singapore-listed property firm Overseas Union Enterprise will begin book-building for a commercial real estate investment trust listing in the city-state on Jan. 13 that may raise as much as US$355 million ($451 million), the Thomson Reuters publication IFR reported on Tuesday.

This will be the first major Singapore IPO of 2014, which could be followed by the South Korea’s Lotte Shopping Co Ltd’s US$1 billion REIT after the Chinese New Year holiday.

The OUE Commercial REIT is targeting a market capitalisation of $700 million-$800 million and sponsor OUE plans to retain a stake of around 40%.


Created 01/06/2014 - 15:52





Created 01/06/2014 - 16:04


Singapore 2014 Outlook -Transportation Sector- Safety first on road to recovery (DBSV)

Safety first on road to recovery

• Sector should generally see a mild rebound in profitability as demand slowly improves and with more downside than upside risk for fuel prices
• Prefer yield plays such as HPH Trust and CMH (Pacific) as the road to recovery is still fragile
• Our top picks are blue chip names : ComfortDelgro (TP S$2.19) for its consistent growth profile and SIA (TP S$11.40) for its value and potential to return cash

Singapore 2014 Outlook -Singapore Telecom Sector- Mobile - heading in the right direction (DBSV)

Singapore Telecom Sector
Mobile - heading in the right direction

• Data re-pricing to benefit mobile business
• Handset subsidy costs may decline by another S$50-80 per handset
• M1 is our top pick as it offers higher growth and better yield (5.4%) than peers

Singapore 2014 Outlook -Singapore REITs- Refocusing on growth (DBSV)

Singapore REITs
Refocusing on growth

• REITs to see rising cost of capital a hurdle to pursue growth
• Prefer S-REITs with internal growth engines/lower leverage
• Top picks: CDL HT, Suntec REIT, CRCT and FCOT

S-REITs faced with rising cost of capital.
We interpret the FED’s decision to begin tapering its monthly bond-buying program and at the same time keeping short-term interest rates low as a signal that “taper” and “rate hikes” are not synonymous events. As such, the yield curve will continue to remain steep,

Singapore 2014 Outlook -Plantations Sector - Staying put (DBSV)

Plantations Sector
Staying put

• CY14 CPO price forecast of RM2,570 unchanged; expect higher prices in 1H14 but softer in 2H14
• Macro headwinds abound; watch out for more soybean oil supplies
• Risks: Lower-than-expected output, weak USD and higher biodiesel consumption
• Top BUYs: Bumitama Agri, Wilmar International

Singapore 2014 Outlook -Consumer Sector - Be discerning in 2014 (DBSV)

Consumer (Downstream)
Be discerning in 2014
• Advocate selective and bottom-up strategy for 2014
• FY14F overall earnings growth reduced from 14% to 9% on slower private consumption and lower margins
• Possible de-rating risk if earnings continue to underperform, with average valuations at +1SD above historical mean
• Selective stock picks are Osim for growth; Courts and Del Monte for being oversold

Singapore 2014 Theme (DBSV)

Theme 1: Leverage on US-Europe recovery
Being a globalised economy, the continued US recovery even if slow, and the anticipated shift out of recession for the Eurozone should underpin Singapore equities. DBS Research expects US GDP growth to inch higher to 2% while the Eurozone swings out from recession with a 0.5% recovery. The forecast from international organizations are more positive – the European Commission expects the Eurozone to return 1.1% growth in 2014 after contracting 0.4% in 2013.

Singapore Strategy 2014 - Recovery adds spice to growth (DBSV)

Singapore Strategy
STI Index 3,167.43
2014 Outlook
■ Earnings growth to accelerate on external recovery
■ Rotation from yield plays to growth to gain momentum
■ Focus on global proxies and China beneficiaries
■ Wave of opportunities in oil and gas sector

Recovery optimism tainted by Asean uncertainties
Singapore equities will be underpinned by the recovery momentum in the US, and the anticipated shift out of recession in the Eurozone. In Asia, China’s GDP slowdown should also stabilise in 2014. However, optimism will be capped by the extent of QE tapering and the weak market sentiment for ASEAN. STI is likely to range trade as sentiment gyrates between optimism in recovery in developed markets and uncertainties within ASEAN. We peg a STI range of 2950 to 3350 in the coming months, which coincides quite closely with 12.33x (-1SD) to 13.9x (Ave) blended FY14/FY15 PE.

曾淵滄專欄 07.01.14:買A股ETF有路捉





文: 王秋莹 , 陈挚文 2014年01月03日 展望

Monday, January 6, 2014


Created 01/05/2014 - 19:00



Top Rated Buys To Watch Out For In 2014

03 JANUARY 2014
Top Rated Buys To Watch Out For In 2014
By Ong Qiuying and Nicholas Tan

Despite a turbulent ride last year, all of us are stepping ahead into the New Year with renewed hopes to find bright spots and opportunities in 2014! Before we jump right into the stock picks with top-rated buys, let us look into some of the major themes that would be surrounding the global markets in the coming year.

Pacific Radiance - Firing up growth engines (DBSV)

Pacific Radiance Ltd -
BUY S$0.875
STI : 3,174.65
(Initiate Coverage)
Price Target : 12-Month S$ 1.05
Firing up growth engines

• Established offshore support vessel (OSV) owner/ operator with plans to go big
• Will benefit from ongoing recovery in OSV market and presence, through joint ventures, in markets protected by cabotage laws
• Expect the Group to register strong 29% net profit CAGR over FY12-15 period
• Initiate coverage with BUY rating and S$1.05 TP

Yoma Strategic Holdings Will Yoma hit a new Landmark? (CIMB)

Yoma Strategic Holdings
Current S$0.77
Target S$0.75
Will Yoma hit a new Landmark?

▊ Yoma’s outlook has benefited enormously from Myanmar’s opening-up. The immediate catalyst ahead would be the potential completion of the Landmark development acquisition. In light of the upcoming 2015 elections in Myanmar, political uncertainty is a key risk. Yoma’s share price today reflects a full RNAV of its existing assets. Further upside from here depends on the company sealing the Landmark deal. We initiate coverage on this Myanmar proxy with a reduce rating and a target price of S$0.75 (based on 1x FY15 RNAV excl. Landmark). Clinching of Landmark will add $0.09 to our RNAV.

Frasers Centrepoint Trust : Growing with confidence (DBSV)

Frasers Centrepoint Trust
BUY S$1.76
STI : 3,167.43
Price Target : 12-Month S$ 2.14
Growing with confidence

• Acquisition of Changi City Point a positive catalyst
• Stable portfolio earnings
• Attractive yields; BUY, TP S$2.14

Acquisition of Changi City Point to propel earnings further. Changi City Point (CCP) is the largest dedicated retail outlet in Changi Business Park with 200k sf of NLA.

CDL Hospitality Trusts : Turnaround in RevPAR (DBSV)

CDL Hospitality Trusts
BUY S$1.64
STI : 3,167.43
Price Target : 12-Month S$ 1.84
Turnaround in RevPAR

• RevPAR outlook brightens in 2014
• Acquisition-driven catalysts and upside to earnings
• BUY, TP of S$1.84 maintained

Sequential improvements in RevPAR from 4Q13. Given the year-end peak season, we expect CDL Hospitality Trusts (CDREIT) to post sequentially stronger revenues from 4Q13.

曾淵滄專欄 06.01.14:認購新股有數得計



Suntec REIT : Earnings turning around (DBSV)

Suntec REIT
BUY S$1.54
STI : 3,167.43
Price Target : 12-Month S$1.80
Earnings turning around

• Remaking of Suntec City enters its final phase
• Office leasing continues to improve
• Australia acquisition to be accretive; BUY, TP S$1.80

Remaking of Suntec City Mall enters the final phase. 2014 will mark the start of Suntec City’s planned remaking of its Mall. Previous phases are seeing positive results : (i) Operations of tenants at phase 1 of the mall continue to improve, with full occupancy rates; (ii) Pre-commitment rates for phase 2 of Suntec Mall is on the rise, with c.83.5% of the space already taken up in 3Q13. While still early days (the manager will be starting phase 3 of the AEI in 1Q14), when completed by end of 2014, Suntec City Mall will attract higher footfalls, given the upcoming completion of South Beach and other transport conveniences.

Sunday, January 5, 2014



文: 彭博社 (译:麦美莹) 2014年01月03日 展望
虽然新加坡的股票在东南亚是最便宜,但施罗德(Schroders)及霸菱资产管理 (Baring Asset Management)却避之则吉,原因是区域的经济增长放缓及美国联储局的刺激措施退市将会令资金外流。



文: 王秋莹 , 陈挚文 2014年01月03日 展望

回顾2013年,新加坡股市的表现在一定程度上落后于区域其他股市。海峡时报指数(STI)在5月份上升至5年来的高位后,在下半年开始滑落,原因是美国联邦储备局“退市”的时机令人捉摸不定。各地股市的主要指数在第四季都出现“圣诞老人升浪(Santa Claus Rally)”,创下多年来的高位,但海指只能力保不失,而小型股大跌导致许多投资者离场观望。

曾淵滄-股市资讯专栏 03.01.2014 -美联储出人意料地缩减购债

文: 曾渊沧博士 2014年01月03日 曾渊沧博士专栏


Airlines - The Great Malaysian Fare War is Ending (MKE)

Airlines - The Great Malaysian Fare War is Ending

Value has emerged. The airlines sub-sector has underperformed the KLCI in 2013 with an average decline of 15.8% versus a 10.5% increase in the KLCI, due to depressed earnings and deteriorating competitive environment. The industry is gradually improving and we are optimistic on the more balanced capacity deployment plans in 2014. We forecast earnings recovery to MYR652.7m in 2014, versus a loss of MYR361.1m in 2013. This underpins our Overweight stance. Our top pick is AirAsia X, followed by AirAsia. We have upgraded MAS to a HOLD (from SELL); since our downgrade in 19 Nov 2013, the share price has been down 10.1% and it is now close to our target price.

More Business Trusts, REITs expected to list in S'pore next year

《老謝看世界》專訪瑞信亞洲區首席經濟分析師 陶冬

《投資頻道》 曹仁超:明年恒指樂觀上望3萬1

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)

乔治·索罗斯(George Soros)



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

Tan Teng Boo

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