Saturday, April 7, 2012

解码财商:高收益债券 垃圾还是黄金

解码财商:高收益债券 垃圾还是黄金
2012-3-5 09:44


2009-09-25 22:31:53 来源: 网易财经


Technology Sector: Likely tale of two halves (OCBC)

We believe that 1QCY12 could be a point of inflection for the tech sector. We are expecting a gradual improvement in industry conditions from 2QCY12, with a more significant recovery in 2HCY12. Latest industry data has provided optimism on the outlook of the tech sector, but we believe that pockets of uncertainty remain in the macro economy, while cost pressures could also pose a dampener to corporate growth. As such, we maintain NEUTRAL on the tech sector. We advocate investors to be selective on stocks within the sector. Besides Valuetronics Holdings [BUY; FV: S$0.31], we add Venture Corp [BUY; FV: S$9.41] to our preferred picks following our upgrade on 3 Apr 2012. Both companies are run by strong management teams, offer an attractive dividend yield, and are in a healthy financial position.

Tiger Airways: Will the increase in ticket prices pay off?

'If a business does well, the stock eventually follows'

Business Times - 07 Apr 2012
'If a business does well, the stock eventually follows'

So says Warren Buffett. And his insight rings true in some recent examples on the Singapore stock market


SOME three months ago, Venture Corp - a global electronics services provider which has been around for 28 years as it grew from a start-up to a multibillion-dollar business - was trading at an expected dividend yield of over 8 per cent. It has little debt, if any. Its forecast price-to-earnings multiple was 11 times, and the market was valuing it at its book value. That is, it was valued as much as the recorded price of its net assets, with no premium given to it as a company which can add value in its production process.

Shares of Asian developers may be dampened in H2: UBS

Business Times - 07 Apr 2012

Shares of Asian developers may be dampened in H2: UBS
S'pore ranked last among 8 Asian nations in terms of providing investment opportunities

By MINDY TAN (Singapore)

INCREASING government intervention and potentially higher mortgage rates could dampen the share price performance of Asian developers in the second half of this year, said UBS in a report issued earlier this week.

Singapore, in particular, was ranked last in a list of eight Asian countries, based on which provided the best investment opportunities.

Industrial REITs averaged 12.8% return in March Qtr.

3 April 2012
Industrial REITs averaged 12.8% return in March Qtr.
  • REITs allow individual investors to access real property assets and share the benefits and risks of owning a portfolio of property assets which typically distribute income at regular intervals.
  • SGX is the largest REITs listings venue by number and market capitalisation in Asia outside Japan. Thirty percent of these REITs focus holdings on industrial real estate assets.
  • In the March quarter, the total return of seven industrial REITs averaged 12.8%, marginally higher than the weighted FTSE ST Real Estate Investment Trust Index which produced a total return of 12.1%.  

Improving Economic Outlook but Policy Risks Remain (Citi)

Singapore Property
Improving Economic Outlook but Policy Risks Remain

 1Q GDP growth on track with upside risk to 2012 GDP growth — Kit Wei Zheng, our Singapore economist, believes notwithstanding a slightly weaker than expected February IP figure and downward revisions, overall data suggests QoQ expansion in manufacturing – Jan-Feb seasonally adjusted average levels are 4.9% above the 4Q average for headline IP and 5.2% for ex-biomed IP. Advance estimates for 1Q12 GDP growth appears to be on track for 6.1% QoQ SAAR, 0.7% YoY expansion. He now expects full-year 2012 GDP growth of 3.6%, from 3% previously.

CapitaMalls Asia: Strong Same Store Growth (Citi)

CapitaMalls Asia (CMAL.SI)
Price (03 Apr 12) S$1.66
Target price S$1.88
Expected share price return 13.6%
Expected dividend yield 2.1%
Expected total return 15.7%

Strong Same Store Growth
 Maintain Buy, TP S$1.88 — We maintain our Buy on CMA. We believe the stock valuation is not demanding despite the recent run up in the share price. The stock is still trading at a slight premium to its book value of S$1.60 and a 21% discount to our RNAV estimate of S$2.07. Operationally, we expect the group to continue an improvement in its core earnings from its retail malls.

CapitaLand: Stock is Cheap but Operating Environment Remains Challenging (Citi)

CapitaLand (CATL.SI)
Price (03 Apr 12) S$3.13
Target price S$3.59 from S$2.94
Expected share price return 14.7%
Expected dividend yield 2.2%
Expected total return 16.9%

Stock is Cheap but Operating Environment Remains Challenging
 Raising TP to S$3.59 (from S$2.94) — We are raising our TP to S$3.59 as we peg it to -0.5 standard deviation from -1 given that we have averted a technical recession with some upside risk to 2012 GDP growth. However, due to policy risks in Singapore and the challenging operating environment in China, we do not think the stock is ready to revert back to mean valuation. We raise our RNAV to S$4.38 (from S$4.20) to reflect higher selling prices of projects, and higher prices for its listed entities. We are raising our earnings by 3-14%.

Weekend Comment Apr 5: On cue the Myanmar gold rush

A NEW ERA has dawned in Myanmar. After two decades of being silenced, the pro-democracy activist and opposition leader Aung San Suu Kyi has led her party to a landslide victory, winning at least 40 out of 44 seats in a parliamentary by-election despite being just one out of 17 political parties in the contest. Encouraged by the progress the country is making, the US says it is easing sanctions and restrictions on doing business in Myanmar that have been in place since 1988.

This is perhaps just the signal that investors worldwide have been waiting for. In the eyes of infrastructure and property developers, manufacturers, oil and gas and natural resources companies, Myanmar is Asia’s last untapped frontier and opportunities abound.

DueDilligence: Raffles Education Corp

财经正前方2012-02-24 石油风暴来袭

The Fate Of Chinese Banks If Non-Performing Loans Increase – A Stress Test (Part 1)

The Fate Of Chinese Banks If Non-Performing Loans Increase – A Stress Test (Part 1)
January 18, 2012

One of the concerns investors may have on the Chinese market is that rising non-performing loans will jeopardise banks’ earnings and financial position as they have been on a lending spree since 2008. In order to put the situation into perspective, we create a series of stress tests to investigate whether banks’ capital could survive a significant increase of non-performing loans (NPLs). In Part 1, we lay out the background on the concerns surrounding Chinese banks and also the implications of our stress tests. In Part 2, we present our findings and conclusion.

ETP still a catalyst for the market

The Star Online > Business
Saturday April 7, 2012
ETP still a catalyst for the market


The last one month hasn't exactly been exciting for Bursa Malaysia. While the main index may appear to have rocketed, the broader market tells a different story.

On April 2, the FBM KLCI broke past the 1,600-mark, fueled by blue-chip buying as liquidity from global markets continued to flow into growing economies including Malaysia.

Brace for hot money outflows

The Star Online > Business
Saturday April 7, 2012
Brace for hot money outflows


KUALA LUMPUR: The trading of shares on Bursa Malaysia and the FTSE Bursa Malaysia KL Composite Index (FBM KLCI), which are close to their all time highs, are prone to a sharp crash should hot money, which have been net buyers of Malaysian stocks for the past six months, liquidate their holdings.

Hot money, also known as foreign purchases into any type of local financial security including equities, can leave for various reasons including any change in the dynamics of the global economy, said OSK Research head of research Chris Eng.

海鸥成竹盐独家总代理 放眼15%销售成长

海鸥成竹盐独家总代理 放眼15%销售成长
財经 2012年4月6日
By A Web Design




SPH: How long before it is renamed Singapore Property Holdings? (IS)

Company: Singapore Press Holdings Limited
Slug: How long before it is renamed Singapore Property Holdings?
Date of Report: 12/01/2012
Producer: Kiran Rameshchandra

Only property segment performed in Q1

Singapore Press Holdings’ (SPH) revenue will continue to move in line with the performance of the domestic economy, the company says in its Q1 FY 12 results, announced today.

Newsprint prices are expected to soften in the near term, but meantime it's staying cost-conscious because business is tough.

Offshore and marine stocks: Looking for value among smaller plays

With crude oil prices staying persistently above US$100 per barrel for much of the first quarter, the offshore and marine sector has returned to the limelight. Since the start of the year, the commodity’s price has strengthened by 7.5%, in part due to heightened geopolitical risks in the Middle East. At the same time, demand has also started picking up, notably in Japan, one of the largest energy consuming countries. Oil uptake has risen following the earthquake- related Fukushima nuclear disaster last March, which saw nuclear power production in the country grinding to a near-halt.

Genting Singapore: Betting on a boost from junket operators

As with games of chance, it came out of the blue. The Casino Regulatory Authority (CRA) of Singapore said on March 22 it had issued licences to two “International Market Agents”, opening Singapore’s casinos to the system of junket agents that prevails in Macau, the world’s largest gambling market. The two IMAs will be based at Resorts World at Sentosa, owned by Genting Singapore, whose shares spiked as much as 8.6% in trade the next day.

Analysts have scrambled to put a number to how much this long-awaited move could bump up Genting Singapore’s earnings by. However, it is proving to be difficult. For a start, not much is known about these two junket operators, identified as Huang Yu Kiung and Low Chong Aun. According to UOB KayHian, the first hails from Sarawak while the second is from Penang. Both are believed to specialise in supplying mostly Malaysian high-rollers to Malaysia’s sole casino at Genting Highlands.

Daryl Guppy: Shanghai Index retreat

THE DOW JONES Industrial Average (DJIA) slipped above a long-term trendline that had created a strong resistance barrier. Now, this trendline acts as a support level and the DJIA is clear of resistance to tackle the previous all-time high near 1,498 in October 2007. While this is good news for the US, it is even better news for China. Rather than facing the prospect of two of its major export markets, the US and Europe — shrinking in unison — it now looks as if the US recovery is developing sustainably. Previously, the US had taken 20% of China’s exports.

The genuine concern with the Chinese economy was the extent to which an increase in domestic demand would be sufficient to overcome the twin drags of declining or stagnating European and US economies. Those concerns have now eased and this is reflected in the longer-term outlook for Chinese economic growth. This, however, is not reflected in the Shanghai Index with its sudden fall below 2,300 on March 28.


2009-06-14 11:39:07

A股跌破1664概率不足5% 现在无股可买




Tapping on dividend-paying equities

Tapping on dividend-paying equities
by Shrikant Bhat 04:45 AM Apr 07, 2012
J D Rockefeller, the first American to be worth more than a billion dollars, once said that the only thing that gave him pleasure was to see his dividends coming in. In line with the wisdom of this tycoon, investors have started embracing dividends as a key income stream, especially after the global financial crisis.

The low interest rate environment brought on by the financial crisis has led to a fall in income levels on many assets. Central banks in major economies have indicated that low interest rates may be the norm for a few years to come.

'Facebook to pick NASDAQ over NYSE'

'Facebook to pick NASDAQ over NYSE'
by REUTERS 04:45 AM Apr 07, 2012
SAN FRANCISCO - Facebook, preparing for what would be Silicon Valley's largest initial public offering, has picked NASDAQ over the New York Stock Exchange (NYSE) for its listing in a major victory for the technology-laden United States bourse, a source familiar with the situation said.

One of the most coveted stock listings in recent years, Facebook's choice of its future exchange translates into a relatively small sum in annual listing fees. But it bestows major bragging rights on the NASDAQ OMX Group, already home to the likes of Apple and Google. A spokesman for Facebook declined to comment. NASDAQ OMX and the NYSE also declined to comment.

Bull run not out of steam yet, analysts say

Bull run not out of steam yet, analysts say
By Goh Thean Eu

KUALA LUMPUR: Bursa Malaysia's upward trend in the past six months is not done yet, analysts said.

The local market must, however, trade above the 1,600 next week to build on the momentum especially in the last two weeks, they added.


Friday, April 6, 2012

Interpreting CapitaLand Limited Annual Report 2010

The Fate Of Chinese Banks If Non-Performing Loans Increase – A Stress Test (Part 2)

The Fate Of Chinese Banks If Non-Performing Loans Increase – A Stress Test (Part 2)
January 18, 2012

One of the concerns investors may have on the Chinese market is that rising non-performing loans will jeopardise banks’ earnings and financial position as they have been on a lending spree since 2008. In order to put the situation into perspective, we create a series of stress tests to investigate whether banks’ capital could survive a significant increase of non-performing loans (NPLs). In Part 1, we lay out the background on the concerns surrounding Chinese banks and also the implications of our stress tests. In Part 2, we present our findings and conclusion.


Created 04/06/2012 - 17:45




Airline share prices losing ground on expected lower profits

Business Times - 06 Apr 2012
Airline share prices losing ground on expected lower profits

PRICES of airline stocks lost ground worldwide in March and underperformed the market amid concerns about their profitability as fuel prices remain stubbornly high.

Citing the Bloomberg Worldwide Airlines Index, the International Air Transport Association (Iata) said airline shares slipped 3 per cent last month as increasing fuel prices eroded the optimism seen at the start of the year.



目前,世界排名第二富有的是有“股神”之雅称的巴菲特。如果你有机会向巴菲特的师父学习,你会有兴趣吗?今天就让财务策划师吴加万与您分享巴菲特的师父Benjamin Graham本杰明·格雷厄姆在他的有名的投资书籍“聪明投资者”(The Intelligent Investor)第14章传授的“7招的防御性投资策略”。

1. 企业具一定规模

在新加坡上市的公司而言,那么可能是公司的市值至少$50 million ,年营业额至少$100 million。


2012年03月31日 05:53
来源:中国证券报-中证网 作者:刘建位



Bet on Singapore & Taiwan Dollar

Breakup of China's Bank Monopoly?

曹仁超 :“长线投资”变笑话

四月 3rd, 2012 by 曹仁超

1987年,美国联邦储备局格林斯潘上场后大幅加息,引发10月股灾,到1987年12月后,每次股市回落他便减息,令美股踏入”有调整、没大跌”的时期。伯南克2006年出任联储局主席后亦曾调高利率,至2007年10月才持续减息,但2009年3月推出QE、到2010年8月股市回落又提出QE2,2011年8月再推OT……美股自2009年3月至今仍在上升。The roads to wealth便是投资a rising market!无论2000至2011年的黄金,或2003年9月至2011年下半年的香港楼市,或2009年开始上升的股市,到了今天,股市仍在上升,但风险亦在上升。

Ask The Experts: Bullish on Technology Sector

Pan-United Corporation Ltd -Annual Report 2011

Pan-United Corporation Ltd -Annual Report 2011

Source/Extract/Excerpts/来源/转贴/摘录: SGX
Publish date:29/03/12

财经追击Episode 51--01.04.2012 ( STI Outlook & Personal Tax Savings)

Check out this great 财经追击: Episode 51


文: 骆伟嵩 2012年04月05日 展望

在星期二和星期三出现的下滑,我们觉得可能是个错误。联邦储备局公布,美国暂时不会推出第三期量化宽松政策(QE 3),不会印钞票。市场作出强烈的反应,因为上个星期很多人以为伯南克(Ben Bernanke)暗示美国可能会印更多钞票。在感到失望之余,市场出现大量抛售。





私宅市场 料可平稳持续发展


赵恺健 报道



按图索骥:赫比国际 Hi-p

颜子伟: 谁说的话比较有份量?

文: 颜子伟 (译:麦美莹) 2012年03月30日 展望


曾渊沧博士股市资讯专栏 30.03.2012

就凭这句话,道琼斯指数同日急升160点,收报13,242点,已经很接近再创 4年高位的水平。

美国传出变种QE3的消息。之前我解释过变种QE3的运作,这变种QE3不会令市场上的资金增加。资金没增加,那来的钱炒股票?新的可能推出的变种 QE3的目的是推低长期债券的利率而同时不增加市场货币的供应,长期债券利率下降有助支撑房价。



文: 骆伟嵩 2012年03月26日 技术分析



文: 彭博社 (译:陈锦如) 2012年03月30日 展望

在3月23日发布的美国商品期货交易委员会(Commodity Futures Trading Commission, CFTC)交易商持仓报告(Commitments of Traders)显示,基金经理在截至3月20日的七天内将汽油长仓合约减少了6.4%。净长仓因而下跌至1月31日以来的最低水平。



文: 李廷伟 (译:朱爱伦) 2012年03月30日 基本理念



(译:杨佳文) 2012年03月30日 基本理念
文:Sam Seiden



Property price trends: Taking stock

Property price trends: Taking stock
by Colin Tan 04:45 AM Apr 06, 2012
Many have been earnestly seeking advice on what they should do after the Urban Redevelopment Authority's flash estimate on Monday showed overall private home prices falling in the first quarter for the first time in nearly three years even as suburban prices continued to rise.

First, let me clarify the comment I made on Tuesday when I said that resale market activity was picking up momentum again. Resale volumes are picking up simply because the market was "dead" before - a knee-jerk reaction to the latest round of cooling measures introduced last December.

S'pore second in world for network readiness

S'pore second in world for network readiness
04:45 AM Apr 06, 2012NEW YORK - Singapore ranked second in the world for network readiness, only behind Sweden, according to a report by the World Economic Forum.

However, the digital divide persists between developed and developing countries, even in regions such as Europe, said the report, which ranked countries on the success of their efforts in using information and communications technology (ICT) to boost economic competitiveness.

Thursday, April 5, 2012

Yangzijiang: Orders slowing or growing - which broker is right?

Absolute Research: Uncover the Uniqueness in the China A-Shares Market

溫家寶揪貪抓〝裸官〞 劍指薄熙來及傳薄瓜瓜是拖垮薄熙來的主因

20120331文茜的世界週報3 溫家寶揪貪抓〝裸官〞 劍指薄熙來及傳薄瓜瓜是拖垮薄熙來的主因

Out of the woods? (MIB)

Out of the woods?
Current KLCI: 1,604
YE KLCI target: 1,565 (unchanged)

Maintain target. We maintain our year-end KLCI target of 1,565 points, based on 13.3x one-year forward earnings. While external conditions have improved and global financial markets continue to receive liquidity support, we are not out of the woods yet as the eurozone debt crisis has yet to fully play out, and there are still downside risks to the global economy. On the domestic front, an early 13th General Election (13GE), to be followed by the UMNO party elections this year-end, may lend to cautiousness in trading over the next few months.

Bye-Bye QE3? Don't Bet On It (BFM)

才花4年半!美股金融海嘯熊市已完全收復 抱股長多無誤

才花4年半!美股金融海嘯熊市已完全收復 抱股長多無誤
鉅亨網編譯張正芊 綜合外電  2012-04-05 20:10

2007-2009 年長達 2 年的美國股市熊市,如今已正式完全收復:跌幅全都反攻回來了。

怎麼說呢?《MarketWatch》專欄記者 Mark Hulbert 指出,道瓊 Wilshire 5000 指數經股利調整後,目前已突破 2007 年 10 月 9 日牛市高峰的水準。


Analysts cautious on KLCI’s sustainability

Analysts cautious on KLCI’s sustainability
In The Edge Financial Daily Today 2012
Written by Sheikh Al-Zaquan
Thursday, 05 April 2012 14:37

KUALA LUMPUR: Despite the market hitting an all-time high on Tuesday, analysts are cautious on the sustainability of the rally on the grounds that the global economy still faces downside.

Maybank IB in a research report two days ago said the crisis in Europe has yet to fully play out although external conditions have improved and global financial markets have begun to see stronger liquidity. Maybank maintains its year-end target of 1,565 points for the FBM KLCI.

Asian markets slip after weak Spain debt auction

Asian markets slip after weak Spain debt auction
Posted: 05 April 2012 1221 hrs

HONG KONG: Asian markets were hit by renewed eurozone fears Thursday after a weak Spanish auction raised the prospect that it could be the next country to be hammered by a debt crisis.

The news out of Madrid, as well as another batch of poor data from the region, compounded downbeat sentiment after the US Federal Reserve indicated it would not provide any new stimulus to the economy in the near term.

放弃区域优质航班 马航转型执行力遭质疑

放弃区域优质航班 马航转型执行力遭质疑
Created 04/05/2012 - 11:37



国债殖利率飙升引担忧 西班牙成下一颗炸弹?

国债殖利率飙升引担忧 西班牙成下一颗炸弹?
Created 04/05/2012 - 17:28





Created 04/05/2012 - 11:30




Created 04/05/2012 - 17:45



'MAS rebranding exercise at early stages'

'MAS rebranding exercise at early stages'

Malaysia Airlines (MAS) is now focusing more on long and short haul flights under different brand names, said Datuk Seri Najib Razak.

The prime minister said the original MAS brand was being maintained for the long haul flights, while for the latter, it is operated under the brand name of Firefly.

Hyflux : Desalination prospects improving (CS)

Hyflux Ltd
Rating (from Neutral) OUTPERFORM*
Price (30 Mar 12, S$) 1.50
Target price (S$) (from 1.40) 1.90¹
Chg to TP (%) 27.1
52-week price range 2.19 - 1.03

Desalination prospects improving
■Upgrade to OUTPERFORM. Hyflux’s shares have declined 30% over the past 12 months on concerns about exposure to the Middle East and the impact of tighter credit markets on its ability to finance new plants. With the stock trading close to 2008/09 lows, the visibility on earnings through 2013 provided by its order book and a growing pipeline of desalination projects, we upgrade the stock to OUTPERFORM (from Neutral). We raise our 2012E EPC orders to S$500 mn, and our target price to S$1.90 from S$1.40.

April Could See Some Weakness

Shipping crisis to extend into 2013, says Moody's

Shipping crisis to extend into 2013, says Moody's

THE global shipping slump is expected to last well into 2013 as a glut of vessels and a growing credit squeeze will challenge even the toughest companies in the seaborne sector, Moody's Investor Service said.

Shipping companies, especially in the oil tanker and dry bulk sectors, already hit by worsening economic turmoil, weak earnings and oversupply ordered in the good times now face tighter financing as banks cut their exposure to risky and dollar denominated assets such as ship finance to meet tougher capital rules.

Chinese Shipbuilding Conditions weak and deteriorating (DB)

Chinese Shipbuilding
Conditions weak and deteriorating

Weak industry fundamentals; numerous concerns
Conditions in the Chinese shipbuilding sector remain challenging, with vessel oversupply, tight credit conditions, yard over-capacity, declines in vessel prices, lack of orders and aggressive competition plaguing the space. Execution issues in relation to certain companies, such as China Rongsheng and Cosco Corp, are a further area of concern. In our view, valuations are unattractive, and we reiterate our Sell on RHI, and our Hold on COS and YZJ.

Genting Malaysia: Keeping tabs on its overseas ventures (CIMB)

Genting Malaysia
Current RM3.81
Target RM4.10
Keeping tabs on its overseas ventures

We see no dearth in newsflow on Genting Malaysia’s overseas operations. While there have been some positive developments in its US ventures recently, it will take a while before these developments translate into meaningful earnings contribution for the company.

We see few meaningful near-term earnings catalysts that could drive a further share price rerating. We remain Neutral with an unchanged SOP-based target price. Genting Bhd, which offers more near-term growth catalysts, is our preferred pick in the Malaysian casino gaming space.

Focus on Fundamentals for Q2 (BFM)

曾淵滄專欄 2012 04 05: 內房變招薄利多銷

儘管國務院總理溫家寶在全國人大會議閉幕禮上,說中國樓價仍遠遠未跌至合理水平,但一線城市核心區域的樓房依然很暢銷。日前,越秀地產( 123)公佈 3月份合同銷售金額按年增加 7.79倍至 20.65億元(人民幣.下同),今年首季合同銷售額上升 1.17倍至 31億元,佔全年銷售目標的 31%。

越秀今年首季銷售金額 31億元, 3月份就佔了 20.65億元,熱銷很明顯就是在溫總講話之後。越秀賣樓主力是廣州市中心的樓盤,這證明中心樓盤依然不愁賣,買樓者根本不擔心中央政府的打壓。

美联储:没必要采取QE3 海指昨跌30点




Market rally seen as unconvincing

The Star Online > Business
Thursday April 5, 2012
Market rally seen as unconvincing

Overall underlying tone of stock market said to be cautious


PETALING JAYA: There are no sufficient catalysts for the bulls to launch a convincing rally despite the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) having broken past the 1,600-point mark.

And with the penny stock fever pretty close to being over, investors and traders would do best to stay at the sidelines for the moment, said market traders.

Syscorp diversifies operations

The Star Online > Business
Thursday April 5, 2012
Syscorp diversifies operations


KUCHING: Shin Yang Shipping Corp Bhd (Syscorp), which recently acquired four chemical tankers from Swee Joo Bhd, is diversifying into transportation of palm oil to broaden its revenue base.

Two of the bigger chemical tankers will be operated by Micaline Sdn Bhd, a joint-venture company between Syscorp's wholly-owned subsidiary Danum Shipping Sdn Bhd (DSSB) and Sarawak Oil Palms Bhd (SOP), while Syscorp will operate the other two.

MSC up despite worries over Indonesia’s tax hike plan

The Star Online > Business
Thursday April 5, 2012
MSC up despite worries over Indonesia’s tax hike plan


PETALING JAYA: The share price of Malaysia Smelting Corp Bhd (MSC) was not affected by the news that the Indonesian government may increase export tax on coal and base metals this year. The counter closed 3 sen higher to RM4.13 yesterday.

MSC has a 75% stake in PT Koba Tin, a mining company operating in Indonesia.

Perennial China Retail Trust: Proxy for China’s retail spend (KE)

Perennial China Retail Trust
Share price: S$0.52
Proxy for China’s retail spend

Pure-play China retail development business trust. Listed in June last year, Perennial China Retail Trust (PCRT) is Singapore’s first pureplay China retail development business trust. This means that there is no restriction on the number of development assets PCRT can hold, unlike a REIT. Gearing also is not capped, although management has a self-imposed limit of 60%.

涨幅有限评级下调 砂油棕一度跌16仙

涨幅有限评级下调 砂油棕一度跌16仙
財经 2012年4月4日



DBS share price continues to fall

DBS share price continues to fall
by Thomas Cho 04:46 AM Apr 05, 2012SINGAPORE - DBS shares fell for the second consecutive day after it announced on Monday that it was seeking control of Indonesia's Bank Danamon.

At the end of trading yesterday, the bank's share price was down 2.2 per cent to S$13.48 per share, after falling 2.8 per cent on Monday.

Wednesday, April 4, 2012


Annual Report 2011



Chairman’s Message

MAS: Ditches Plan For Premium Airline

MAS (FV RM0.90 - SELL) Corporate News Flash: Ditches Plan For Premium Airline
Date: 04/04/2012
Source : OSK
Stock : MAS
Price Target : 0.90
Price Call : SELL
Last Price : 1.36
Upside/Downside : -0.46 (33.82%)

Malaysia Airlines (MAS) has scrapped its plan for a regional premium airline but is going ahead with its short-haul operations. The national carrier said yesterday the decision to drop the premium airline plan was partof a business model review. MAS group deputy chief executive officer Mohammed Rashdan Mohd Yusof will no longer head the shorthaul operation. MAS said the business plan it unveiled last December was very much intact and no other changes have been made.

Ascendas REIT: Still in the pink of health (OCBC)

Ascendas REIT (A-REIT) reported that the acquisition of the Cintech properties was completed on 29 Mar at a total consideration cost of S$185.5m. No consideration units were issued as its sponsor Ascendas Land had indicated that it did not wish to receive any equity consideration. As a result, the purchase consideration was fully paid in cash by way of internal resources and drawdown of debt. We estimate A-REIT’s aggregate leverage to be around 36% after factoring in revaluation gains for its portfolio properties. We also note that A-REIT’s Singapore properties continued to achieve positive rental reversions of 2.6-12.5% YTD upon renewal of its existing leases. This is in line with our view that A-REIT’s operating performance is likely to stay resilient in the coming quarters. We now factor in the acquisition of Cintech properties and portfolio revaluation into our forecasts. We also re-jig our DDM model assumptions (cost of equity at 7.5%, up from 7.0% previously) and roll over our valuation to FY13. This raises our fair value marginally from S$2.30 to S$2.31. Maintain BUY.

CDL Hospitality Trusts: Roaring hotel performance in Feb (OCBC)

Feb figures for Singapore visitor arrivals and hotel performance were released yesterday. Visitor arrivals for Jan-Feb 2012 totaled 2.3m, up 13.9% YoY and higher than the upper limit of the 2.5-10.1% growth implied by the STB’s 2012 goal of 13.5-14.5m visitor arrivals. Hotels across all tiers saw significant growth in Revenue per Available Room (RevPAR) for Feb, with increases ranging 19.2-26.4% YoY on the back of increased occupancy and average room rates. Prospects for the tourism sector continue to look bright and the gradual introduction of junkets should have positive spill-over effects on high-end hotels. We maintain our BUY rating on CDLHT and S$2.00 fair value.

UEM Land : The Sun Also Rises (PB)

UEM Land
12-Month Target Price RM2.80
Current Price RM2.23
Expected Return 26%

The Sun Also Rises
We initiate with an Outperform call and RM2.80 target price (26% upside). We believe larger developers‟ competitive positions have improved with their sizable landbank and ties with government-linked companies. The property industry is getting consolidated, with the larger developers commanding better margins and higher market share.

MAS turnaround plan faces setback

MAS turnaround plan faces setback
In The Edge Financial Daily Today 2012
Written by Isabelle Francis
Wednesday, 04 April 2012 14:44

PETALING JAYA: Malaysian Airline System Bhd’s (MAS) business turnaround plan (BTP) faces a setback. The national carrier has aborted its move to set up a new regional short-haul airline which formed a vital part of its BTP announced four months back.

Although MAS did not explain  the reason for abandoning the plan, it is no secret it has met with strong resistance from the airline’s staff union.

Sarawak Oil Palms to increase investment in JV company

Sarawak Oil Palms to increase investment in JV company
In The Edge Financial Daily Today 2012
Written by Kamarul Azhar
Wednesday, 04 April 2012 14:22

PETALING JAYA: Sarawak Oil Palms Bhd (SOP) will increase its investment in a joint venture company (JVC)  that was set up with Danum Shipping Sdn Bhd (DSSB) in 2002 by injecting RM7.65 million cash. 

In filing with Bursa Malaysia, SOP said it will raise its investment in the JVC, Micaline Sdn Bhd, through the shareholders and subscription agreement (SSA) that it had entered into DSSB on Monday.

Malaysia Smelting shares down on Indonesian export tax updates

Malaysia Smelting shares down on Indonesian export tax updates
Business & Markets 2012
Written by Chong Jin Hun of
Wednesday, 04 April 2012 10:46

KUALA LUMPUR (April 4) : Malaysia Smelting Corp Bhd (MSC) shares fell as much 0.7% in morning trade following updates that Indonesian policymakers may implement a 25% export tax on coal and base metals this year.

According to news reports quoting a government official, the export tax may be further raised to 50% next year.

十年酒價漲5倍股價55倍 炒金炒房不如炒茅台

十年酒價漲5倍股價55倍 炒金炒房不如炒茅台
大中華圈03/04/2012 20:32





Created 04/04/2012 - 17:45




Created 04/04/2012 - 11:33




Created 04/04/2012 - 11:40




Created 04/03/2012 - 19:07




Created 04/04/2012 - 19:03




Created 04/04/2012 - 19:10



DBS shares down at 6-week low

Business Times - 04 Apr 2012
DBS shares down at 6-week low

Target Indonesian bank's stock price soars on news of DBS interest


(SINGAPORE) DBS Group fell to its lowest level in more than six weeks on the stock market, a day after announcing its $9.1 billion bid for Bank Danamon Indonesia while the latter surged to a high in more than a year.

China: What Are The Implications Of A 7.5% Growth Target?

China: What Are The Implications Of A 7.5% Growth Target?
March 30, 2012

At China’s first National People’s Congress (NPC) meeting this year, held on 5 March 2012, Premier Wen Jiabao announced that the nation’s gross domestic product (GDP) growth target will be adjusted downwards from 8% to 7.5% for 2012. In this article, we will discuss the implications of the 7.5% revision of GDP growth rate target and our expectations for the economy in the coming years.
Author : iFAST Research Team

Showflat visits –East side (CIMB)

Showflat visits –East side
Robust take-up was seen in our weekend show flat visits as ample liquidity continues to support investment demand; take-up for “own stay” was distinctly lacking. Supply is building up, and is showing up in lower psf prices for new launches vs. neighbouring projects.

The 1Q12 URA flash data showed a 0.1% qoq price decline, a sign of price fatigue. We estimate monthly new sales for Mar and Apr to stay at c.1.5k-2k units, levels which could keep policy risks elevated. Maintain Neutral with stock picks - CityDev Underperform, CapLand Outperform.

Stock to watch: IVORY (HLG)

Stock to watch: IVORY
(RM:0.56 BUY on weakness)

Please refer to Fig 5 for more financial highlights

Buy on weakness for technical rebound
 Ivory is an established and reputable property developer in Penang and Northern Malaysia. Its project portfolio includes medium- to high-end apartments, luxury condominiums, semidetached and bungalows, boutique gated communities, as well as retail and commercial lots. Its completed projects included Tanjung Park, Plaza Ivory, Moonlight bay, Birch Regency etc. Its latest landmark development project is a JV (51:49) with Dijaya to undertake this RM10bn Penang World City. Maiden launch is expected by 1H2012.

Asia-Europe rates rise 20% wow (CIMB)

Asia-Europe rates rise 20% wow
AE rates rose a further US$270-290/teu last week, 70% of the proposed US$400/teu rate hike on 1 April. Slot utilisation rates on the AE and TP trades are currently 95%, increasing the chances of success for the US$400/feu TP rate hike planned for 15 April.

As further rate upside seems likely and carrier capacity discipline remains high, we retain our Trading Buy on the container shipping sector. Tanker and dry bulk shipping remain Underweight although Pacific Basin stays an Outperform on valuation grounds.

StarHub: Show me the money (CIMB)

Current S$3.19
Target S$3.31
Show me the money

Our recent chatwithStarHub executives has given us reason to believe that the companyismore likely to raise dividendsthan undertakea one-off capital managementexercise. Competition in fixed broadband is likely to staybenign as we expect fibre connections to remain slow.
We tweak our EPS estimates upwards as we now assume it will raise DPS rather than pay out 25 cts in a capital reduction. StarHub remains an Outperform and our top Singapore and regional telco pick. Our DCF-based target price is unchanged.

CH Offshore: Recovery driven re-rating (DBSV)

CH Offshore
BUY S$0.390
Price Target : 12-month S$ 0.50

Recovery driven re-rating
• CHO to benefit from improving charter market; earnings to bottom out in FY12 and recover +22% in FY13F
• With 43% of market cap backed by net cash by end FY12, attractive annual DPS of 2.75 Scts should be sustainable
• BUY on earnings recovery and compelling valuations; TP S$0.50

Tiger Airways: Every cub has its day (DBSV)

Tiger Airways Holdings
BUY S$0.77
Price Target : 12-Month S$ 1.01

Every cub has its day
• Reactivation of Mandala’s AOC and set- up of new base in Australia give Tiger more flexibility in aircraft deployment in FY13 (Mar-YE)
• Now easier for Singapore operations to digest the excess capacity to be added in FY12 and improve loads
• Expect turnaround by 3Q-FY13; maintain BUY with TP of S$1.01

Padini: Dressed for success (DBSV)

Padini Holdings
BUY RM1.45
Price Target : 12-Month RM 1.75

Dressed for success
• Brands Outlets to drive revenues, supported by core brands
• Franchise agreement with a reputable fashion retailer a major re-rating catalyst
• Buy this proxy to Malaysia’s resilient economy

China Minzhong: Resilient fundamentals (DBSV)

China Minzhong
BUY S$1.00
Price Target : 12-Month S$ 1.45

Resilient fundamentals
• Near-term turnaround on the cards
• End demand remains fundamentally resilient
• Higher capacity and volume sales to drive FY13F earnings growth of 21%
• Reiterate Buy, TP S$1.45

Why Have US Financial Stocks Done So Well In 2012?

Why Have US Financial Stocks Done So Well In 2012?
March 21, 2012

In this article, we discuss a few key developments which have contributed to the strong performance of US financial stocks, while also assessing the sector’s attractiveness to investors following the strong rebound this year.
Author : iFAST Research Team

Aviation: Turbulence still (MIB)

Aviation: Turbulence still
4Q11 in a Snapshot
Airlines (Underweight) bad as expected. All the airlines we track reported significant profit declines of 33-65% YoY. The main culprit was higher fuel prices (+50% YoY), along with weak passenger yields and an atrocious cargo market. Most airlines experienced lower load factors YoY and QoQ, which supports our industry overcapacity theory. It was a very challenging quarter and management was adamant that it was a good performance relative to the challenges faced.

Airports (Overweight) still having a good time. The financial and operational performance metrics for listed airports were good, underpinned by strong traffic growth and higher tariffs. Some cost items have soared (staff, raw food) to our surprise, but it was generally at manageable levels. It was a good quarter overall and management of the various airports were generally very pleased with the outcome.

Muhibbah: Extension works for WICET project (Kenanga)

Muhibbah Engineering
Price: RM1.36
Target Price: RM1.97 ↔

Extension works for WICET project
Muhibbah announced that its 50:50 JV company with Monadelphous Group Limited (Australia) had been awarded the extension works for the existing WICET project for RM192m. To recap, in December 2011, the JV co won a RM1.05b contract from Wiggins Island Coal Export Terminal Pty Ltd’s (WICET) for the construction of a jetty and ship berth. The entire project is slated for completion by 1QCY2014. With a 50% stake in the JV, Muhibbah will recognise RM96m in construction revenue for the next 2 years on the above extension works. Its order book now stands at about RM3.0b for the next 2 to 3 years. However, we maintain our earnings estimate given our FY12E RM500m orderbook replenishment assumption. We are maintaining our OUTPERFORM recommendation with the unchanged Target Price of RM1.97 based on SOP valuation.





PhillipCapital Weekly Market Watch 02.04.2012

Divisions for MAS ops

The Star Online > Business
Wednesday April 4, 2012
Divisions for MAS ops


KUALA LUMPUR: Malaysia Airlines (MAS) will not set up a new airline for its short haul premium operations as planned earlier but will now create divisions within MAS that will separate the short and long haul operations.

MAS chief operating officer (short haul) Ignatius M.C. Ong said yesterday that there was a “slight business module realignment for the regional airline initiative”.

Property sector continues to be on solid ground

The Star Online > Business
Wednesday April 4, 2012
Property sector continues to be on solid ground


KUALA LUMPUR: The property market would continue to be active this year, supported by various government initiatives under the 10th Malaysia Plan and Budget 2012, said Deputy Finance Minister Datuk Donald Lim.

“Last year, in terms of construction activities, the higher number of new unit starts and building plan approvals signified the confidence of developers and investors,” said Lim at the launch of Malaysia’s Property Market Report 2011.

KLCI hits record high on net foreign interest

KLCI hits record high on net foreign interest

KUALA LUMPUR: Persistent foreign interest lifted the FBM KLCI to an all-time high of 1,603.78 points yesterday amid a steady ringgit underpinned by a relatively higher interest rate. 

The increase in foreign interest recent weeks is also partly because Malaysia is perceived to be shielded to some extent from any oil price shocks as the country stands to benefit from high crude oil prices, according to analysts. 

China's Luxury Market

UBS: No Need for QE3

Temasek, RRJ buy half of PetroChina unit's S$1.7b offer

Temasek, RRJ buy half of PetroChina unit's S$1.7b offer
04:45 AM Apr 04, 2012

HONG KONG - Singapore investor Temasek Holdings and private equity firm RRJ Capital have bought nearly half of the shares in the US$1.34 billion (S$1.7 billion) offering by PetroChina unit Kunlun Energy, industry sources said yesterday.

Temasek and RRJ, founded by Malaysia-born dealmaker Richard Ong, snapped up US$600 million worth of shares in the deal, the sources said.


Tuesday, April 3, 2012


如何揀好內地股 (一) 2012/03/30 22:08

外資若大選後撤資 本地基金撐場馬股不崩盤




不設新公司 短航在馬航名下營運





「5月賣股後離場」逼近 該在4月先脫手?

「5月賣股後離場」逼近 該在4月先脫手?
鉅亨網編譯張正芊 綜合外電  2012-04-03


4 月份在是季節上,是萬聖節過後 6 個月間股市利多期即將結束,並準備進入投資人所謂「5 月賣股後離場 (Sell in May and Go Away)」的時期。究竟在這個月份,是否應該趕在 5 月前先脫手乾淨?

马熔锡预料 印尼子公司下半年转盈

马熔锡预料 印尼子公司下半年转盈
Created 04/03/2012 - 12:04



据了解,马熔锡机构持有75%股权的印尼子公司——PT Koba Tin因锡出口准证将在明年3月期满,加上2010年锡价大起大落,决定减产来减低成本而面临亏损,从而影响集团2011年末季盈利表现。


DBS Shares Slump After ‘Expensive’ Danamon Deal

DBS Shares Slump After ‘Expensive’ Danamon Deal
Published: Monday, 2 Apr 2012

Shares of DBS Group Holdings fell almost 4 percent Tuesday after it said that it will buy Indonesia's Bank Danamon for $7.2 billion, prompting markets to question whether it is paying too much to become the country’s fifth biggest lender.

DBS [DBSM.SI 13.76 -0.42 (-2.96%) ] was trading at S$13.81 ($11.04) at 9:05 a.m. Tuesday in Singapore, or 2.61 percent lower than its previous close. Bank Danamon shares surged 50 percent to a high of 6,900 rupiah at the start of trading in Indonesia, before pulling back slightly to 6,450 rupiah.

CASH IS KING: Transportation, Farming, Utilities, Chemicals All Surge

CASH IS KING: Transportation, Farming, Utilities, Chemicals All Surge
Written by Securities Daily
Sunday, 01 April 2012 07:46

Translated by Andrew Vanburen from a Chinese-language piece in Securities Daily

WE ARE IN the high tide of the reporting season.

As of Thursday, 922 A-share firms have disclosed their 2011 results.

So far, transportation, farming, public utilities and chemicals have had the most robust cash flow situations, surging 188.12%, 155.31%, 142.74% and 90.81%, respectively, on a three-year compounded basis..

大选牵引 次季转慎 马股年杪目标维持1565点

大选牵引 次季转慎 马股年杪目标维持1565点
Created 04/03/2012 - 18:32




DBS Group: Acquiring Danamon (OCBC)

Summary: DBS Group Holdings is acquiring a 67.4% stake in Bank Danamon for S$6.2b. This is priced at a 52.2% premium over Danamon’s closing price on 30 March 2012 or valuing it at 2.6x book. The transaction will be funded by the issuance of 439m new DBS shares at S$14.07 per share to Temasek, increasing DBS’s issued shares by 18.7% to 2,789m. There is also going to be a mandatory tender offer (MTO) for the rest of the Danamon shares, and assuming full acceptance, this will amount to an additional IDR21.2T (S$2.9b). This deal is expected to be EPS and ROE accretive by 2015. Integration with PT Bank DBS Indonesia will make it the 5th largest bank in the country. Over the longer run, this is a strategic move to deepen its market presence in Indonesia, which is still an Asian growth engine. However, for the near term, the acquisition premium and the potential dilution could act as dampeners as execution risks add to uncertainty. We are retaining our estimates, BUY rating and fair value estimate of S$15.40 for now.


Created 04/03/2012 - 10:38





MAS scraps regional premium airline plan

MAS’ plan for regional airline fails to take off
By Presenna Nambiar

Short-haul operations will proceed as a division within Malaysia Airlines, where its primary objectives and goals remain intact, says MAS

Kuala Lumpur: Malaysia Airlines (MAS) has scrapped its plan to start a regional premium airline but is going ahead with the short-haul operations.


Created 04/03/2012 - 11:20



Penny stock fever rages unabated

Business Times - 03 Apr 2012
Penny stock fever rages unabated
MDR accounts for 19% of the total market volume of 4.3b units worth a mere $935m


PUNTING of sub-5-cent stocks reached feverish levels yesterday as liquidity continued to drain away from the local market - excluding foreign currency issues, a massive 4.3 billion units that were worth just $935 million were traded. Of the unit volume, 802 million or 19 per cent was done in mobile phone firm MDR whose shares rose 0.2 cent to 1.5 cents. Of the top 10 most active counters, nine cost less than 5 cents and eight ended firmer.

For DBS, Danamon looks the real deal

Business Times - 03 Apr 2012
For DBS, Danamon looks the real deal


DBS Group is on the prowl. The bank, already the biggest lender in South-east Asia, has offered $9.1 billion to acquire a 99 per cent stake in Indonesia's Bank Danamon, the maximum permitted by the country's laws.

At the same time, Malaysia's central bank has given DBS the go-ahead to start talks with Temasek Holdings unit Fullerton Financial Holdings to buy its 14.2 per cent indirect stake in Malaysia's Alliance Financial Group.

DBS changes dynamics with Danamon swoop

Business Times - 03 Apr 2012
DBS changes dynamics with Danamon swoop
$9.1b bid for Indonesian bank may give it vital foothold in high-growth market


(SINGAPORE) DBS yesterday underscored its regional ambitions with a $9.1 billion bid for Indonesia's Bank Danamon.

It has agreed to buy over Temasek Holdings' 67 per cent stake in Danamon via a $6.2 billion share-swap, and plans to launch a cash offer of $2.9 billion for the rest of the Indonesian commercial bank.

Smart Money:善用恐慌指數 富貴險中尋



Cache Logistics Trust:Waiting to pull the trigger (DBSV)

Cache Logistics Trust
BUY S$0.995
Price Target : 12-Month S$ 1.11 (Prev S$ 1.13)

Waiting to pull the trigger
• Pre-emptive cash call
• Slight dilution initially; quick execution of acquisitions are key re-rating catalysts
• BUY for attractive 8.6-8.8% yield, TP adjusted marginally to S$1.11

颜子伟:近期本地商品股 受中国经济冲击

近期本地商品股 受中国经济冲击
财经一分钟 颜子伟解答 德意志摩根建富 高级副总裁

中国股市调整 影响整体投资情绪




S'pore home prices cool further

Journalist:KENNY CHEE
S'pore home prices cool further

Housing Board (HDB) resale-flat prices have registered the smallest increase in close to six years, based on flash estimates released by the HDB yesterday.

They are predicted to have inched up slightly 0.6 per cent in the first quarter of the year, over the previous quarter.

“Bulls” to the Bears, for now

“Bulls” to the Bears, for now
FSSTI Closing 3010
Expected Dividend Yield (%) 3.1%
P/E 10.0
Market Cap. (USD mn) 546,653
52 w eek range (SGD) 2521.95 - 3227.28

• Impressive 1QFY2012; FSSTI up 14%
• But gains mostly in Jan-Feb, Mar is a consolidation period
• Accommodative monetary policies to spur growth, but downside risks present

DBS: Hefty Danamon offer will work (CIMB)

DBS Group
Current S$14.18
Target S$15.10
Hefty Danamon offer will work

DBS made a share-and-cash offer for Danamon. It will undertake a share-swap with Temasek for the latter’s 67%-stake in Danamon, then offer IDR7,000 for the remaining minority stake. The offer looks generousat 56%-premuim to VWAP or 2.6x Danamon’s CY11 P/BV.

Outlook of the Malaysian Economy (HLG)

Outlook of the Malaysian Economy
For 2012, we are still confident that economic growth will remain stable at 4.5% as the bunching of construction projects is expected to cushion the softer manufacturing performance.

Measures announced in the Budget 2012, i.e. civil servant pay rise, RM500 for lower income group, etc. are also expected to provide extra support for domestic consumption, which has been reinforced by low unemployment rate.

MK Land:The Value Of Land (PB)

MK Land
12-Month Target Price RM0.80
Current Price RM0.29
52 Week Range (RM) 0.25 – 0.44

MK Land‟s fall from grace was due to years of earnings disappointments and bad press from poor workmanships, LAD issues and frequent change of management. In the heydays, MK Land‟s market capitalization was higher than RM4bn before it collapsed to current sub-RM400m level. However, MK Land, in our view deserves to be back on investors‟ radar again with its huge landbank in Damansara Perdana, earnings improvements, and stronger balance sheet post the 3-year turnaround stage announced in 2008.

曾淵滄專欄 2012 04 03:濠賭業旺爆解唔通

從恒指走勢圖來看, 3月份走勢很差,不過,外圍因素不差,美股走勢很好,中國官方 PMI表現得不錯,看來目前最大的問題是民企斬倉潮的影響, 3月份多隻民企出問題,多家民企出問題就產生傳染病,使到市場出現恐慌氣氛,幸好多數大藍籌股出了業績後,業績的確不差,使到恒指成份股平均 PE值向下,支撐大市不至於崩盤。

澳門公佈 3月份整體賭場收入,比去年增加 24.4%,達 250億澳門元,比 2月份多 2.89%,今年首季比去年首季也多了 27%。總額達 743億澳門元,難怪澳門賭業股在歐債危機之後能迅速復蘇,有個問題我也想不通,目前中國經濟的確是在放緩中,何以到澳門賭錢的人依然有增無減?經濟差了,賭徒賭的錢從哪裡來?

“薄饼大王”要买 JEL企业20亿新股

本地“薄饼大王”魏成辉与JEL企业(JEL Corp)签署了有条件认购协议,魏成辉将斥资1399万元,买下JEL企业新发行的20亿普通股,成为拥有JEL企业控制权的大股东。


  第一家集团(Tee Yih Jia Group)执行主席魏成辉原来已拥有了JEL企业的14.99%股份或2亿9638万股。若协议通过后,他将拥有公司经扩大后已发行总股本的57.75%,取得该公司的控制股权。这些新发行的普通股则占经扩大后已发行总股本的50.3%。



李敏雯 李静仪 报道






郭书真 报道


  星展集团将发出相等于62亿元的新股,向淡马锡控股买下印尼金融银行(Bank Danamon Indonesia)67.37%股权。在完成收购后,它将以多达29亿元现金,向少数股东买下其余股权。

曾渊沧:内房股估值低 依然打不死

曾渊沧:内房股估值低 依然打不死




Negative Asian Currencies in Coming Months

Danamon Stake to Bring More Asian Coverage: DBS Chairman

S&P 500 2012 Outlook

Jewels in the defensive sectors (Phillip)

Jewels in the defensive sectors
• Screen out stocks with sustainable/positive EPS growth, high dividend growth/yield in the defensive sectors
• Starhub and Sheng Siong look attractive with FY1 dividend yield of 6.5% and 5.9% respectively
• Diary Farm, Raffles Medical Group and Techcomp Holdings score on all fronts from EPS growth to dividend yield

Ascott Residence Trust: Compelling risk-reward (OCBC)

Summary. As European concerns reach an interlude after the recent Greek bailout, we re-evaluated ART’s risk-reward proposition by conducting a bottom-up analysis of its asset exposure. Currently, 40% of ART’s assets are located in Europe, spilt mostly between France (21%) and the UK (15%). We note that ~49% of its French portfolio, by asset value, is situated in core Paris and is unlikely to face significant long-term capital-value downside due to their prime locations. Moreover, the French portfolio is operated under master leases, providing near-term income stability. A similar dynamic exists for ART’s UK exposure. At this juncture, we judge that ART shares are attractive given a robust yield of 7.9%, which should underpin the share price, and an undemanding P/B ratio of 0.8x, which provides a reasonable margin of safety for bear case fair-value write-downs. Upgrade to BUY
with an increased S$1.12 fair value estimate, versus S$0.98 previously.

Neptune Orient Lines: The rising tide (OCBC)

Neptune Orient Lines (NOL) last Friday announced it has decided to postpone its proposed issue of perpetual capital securities to a time when market conditions are more favourable. Separately, the SCFI climbed 10% WoW in the week ended 30 Mar 2012, with Shanghai to Europe and Shanghai to Mediterranean freight rates gaining 21% and 20% WoW respectively. It is remarkable to see another significant gain in Asia-Europe freight rates shortly after shipping liners succeeded in doubling rates on 1 Mar 2012. The recent gains in freight rates show shipping liners’ collective discipline in idling capacity in the Asia-Europe trade lane. We maintain our fair value estimate of S$1.38/share and HOLD rating on NOL, but acknowledge that NOL could possibly see strong buying interest in the near term after the latest rate hike.

2012-0330-57金錢爆(把外資拆了 散戶才有居住正義)

DBS in biggest S-E Asia bank takeover

DBS in biggest S-E Asia bank takeover
S$9.1b offer made for Bank Danamon Indonesia
by Pamela Koh
04:45 AM Apr 03, 2012

SINGAPORE - In the biggest banking takeover by a South-east Asian lender, DBS Group Holdings is offering to buy Bank Danamon Indonesia for about S$9.1 billion, including paying Temasek Holdings S$6.2 billion for its 67.4-per-cent stake, as industry experts disagree over the merits of the deal.

The acquisition will make DBS the fifth- largest bank in Indonesia - where bank penetration is low and annual loan growth is running at 20 per cent.
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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