Saturday, October 13, 2012

MIDCAP-Mudajaya most attractive in Malaysia's industrials sector

MIDCAP-Mudajaya most attractive in Malaysia's industrials sector

Mudajaya Group Bhd looks the most attractive among 26 stocks in Malaysia's industrials sector tracked by at least three analysts, data from Thomson Reuters StarMine shows.

The company has a Relative Valuation (RV) model score of 96, the highest in the sector. The higher the score, the cheaper the stock. It also has high Value-Momentum (Val-Mo) and Earnings Quality (EQ) scores of 92 and 99 respectively. A near-perfect Smartholdings (SH) score of 99 suggests a potential increase in institutional ownership.

Mudajaya's net margin and free cash flow (FCF) for 2011 exceed industry average by 12.3 percent and 8.8 percent respectively. Its FCF for the six months ending June 2012, at 229 million ringgit was an increase of over 20 times from a year earlier. Its net income stayed stable at 60 million ringgit during the same period.

Of the four analysts tracking the stock, three give it a "strong buy" or "buy" rating while one has a "hold".

The stock currently trades at 23 percent of its intrinsic value of 11.79 ringgit. It is up over 22 percent so far this year, while the broader index has gained 8.15 percent for the same period, as of Thursday's close.

On the other end of the spectrum, Malaysian Resources Corporation is the most expensive stock in the sector with an RV score of 8.


The builder and developer reported a 57 percent increase in second-quarter revenue at 559 million ringgit from a year ago while net income remained flat at 60 million ringgit.

StarMine's Relative Valuation model combines six different ratios that measure a company's valuation and then ranks it compared with all other stocks in the same region.

StarMine's Val-Mo model provides a 1-100 percentile ranking of stocks and rates companies based on a combination of value and momentum metrics.





Boom time seen for oil and gas

The Star Online > Business
Saturday October 13, 2012
Boom time seen for oil and gas


WITH more oil finds and disruptive technologies coming onstream, the level of merger and acquisition (M&A) activity in the oil and gas sector is set to increase.

It’s going to be a boon for oil and gas service providers as the abundance of opportunities propel these companies to expand into new regions and grow bigger through acquisitions, say oil and gas experts from Ernst & Young.

Slumping CPO price hurting income

The Star Online > Business
Saturday October 13, 2012
Slumping CPO price hurting income


THE steady drop in the price of crude palm oil (CPO) this year is already eroding the incomes of households relying on the crop. And there is no telling when prices will start to rise again to a level which producers are comfortable with, generally considered to be around the RM2,800 per tonne level.

The price of CPO has fallen nearly 42% (as of Thursday’s close) from its peak on March 3, 2008, when it hit RM4,330 per tonne.

依市价征4.5%-8.5% 原棕油出口税下调

依市价征4.5%-8.5% 原棕油出口税下调
Created 10/13/2012 - 10:08





Stabilising CPO prices

The Star Online > Business
Saturday October 13, 2012
Stabilising CPO prices


MALAYSIA may rank as the world’s second largest crude palm oil (CPO) producer after Indonesia but in terms of pricing, the local CPO traded both on the spot and futures market has been the global pricing benchmark for the commodity trading worldwide for more than two decades.

Therefore, when Malaysia’s CPO price plunged to a three-year low last week with the lowest trade clocked in at below RM2,200 per tonne, it caused strong jitters particularly among major producing nations, players and investors in the entire oil palm value chain.

Asia Media share price drop ‘temporary’, says CEO

The Star Online  Business
Saturday October 13, 2012
Asia Media share price drop ‘temporary’, says CEO


PETALING JAYA: Asia Media Group Bhd, the hot stock in the news following the steep plunge of its share price by over 150% in the last few days, expects the share price to “stablise” sooner or later, said its chief executive officer Datuk Ricky Wong.

He said he had no idea what was causing the drastic drop in the share price but added he was sure the panic selldown was temporary.

中国GDP料增7.7% 四季触底明年返8

中国GDP料增7.7% 四季触底明年返8   [2012-10-13]

 中国社科院昨日发布2012年秋季报告预测,今年中国GDP增长速度为7.7%左右,为1999年以来最低增长水平,但比年初「两会」政府工作报告预测的7.5%为高,而明年将温和回升至8.2%。报告建议,鉴于当前经济下行压力仍然较大,2013年继续实施积极的财政政策和稳健的货币政策,适当扩大赤字规模,加大结构性减税力度,适当减低增值税的标准税率。  ■香港文汇报记者 海岩


全年CPI 2.7%

航運股反彈 繼續追落後

波羅的海指數升越900 創逾兩月高位
航運股反彈 繼續追落後


张仰荣预测大马或重演金融危机 短期内勿投资房产

张仰荣预测大马或重演金融危机 短期内勿投资房产
Created 10/12/2012 - 08:31





Marc Faber: Market Setting Up for 'Serious Setback'

Marc Faber: Market Setting Up for 'Serious Setback'

Stocks Hit Today, After Hours Earnings Positive

Stocks Hit Today, After Hours Earnings Positive


2012/10/12 07:55:04

炒股日当午,最是交易苦。对着K线图,一哭一上午。哭了一上午,还要哭下午。仓位补不补,心里非常苦。──作者 白交易(引自网上诗文)



经济降温 罗杰斯:中国走对路

经济降温 罗杰斯:中国走对路
(台北10日讯)《中时电子报》报道,国际投资大师吉姆罗杰斯(Jim Rogers)昨日表示,中国「正在朝正確的道路走」;美元更会在10年后丧失其全球储备货幣地位。



















樓價指數3連升 一城破頂

樓價指數3連升 一城破頂
395呎333萬 歷史新高呎價8430


美法院撤三星禁令 再挫蘋果

美法院撤三星禁令 再挫蘋果
股價跌一成 分析料調整後再上
蘋果近期負面消息接踵而來,致股價由高位持續下滑,最新一宗為加州法院駁回6月對三星(Samsung)頒布的部分禁制令,准許後者的手機Galaxy Nexus重售,觸發部分投資者憂慮公司前景,惟分析普遍仍看好這間全球最大市值企業。

蘋果高處不勝寒,上月21日寫下705.07美元新高後,面對的打擊可謂無日無之,至今已跌一成。先是iPhone 5因外形一成不變,連同連接埠被重新設計,遭「果粉」批評;再來是用戶不滿iOS 6取締及禁止下載Google Maps,迫得行政總裁庫克(Tim Cook)連忙公開致歉。

iOS 6地圖出事 富士康廠房暴亂

此外,負責替蘋果製造零件及組裝的富士康,上月底又傳出山西廠房工人因iPhone 5發售趕工,最終不堪壓力而發生暴亂。






摩通:美樓市轉勢 按揭業務佳助業績

摩通:美樓市轉勢 按揭業務佳助業績

【本報綜合報道】摩根大通及富國銀行昨為美國銀行股第三季業績期揭開序幕。以資產計為美國最大銀行的摩通(JP Morgan),於期內純利按年增長34%,折合每股賺1.4美元,較市場預期為佳。摩通有此佳績主要受惠按揭及交易業務理想所賜,同時亦象徵該行已逐漸走出年初「倫敦鯨」交易虧損的陰霾。


該行第二季公佈業績時表示,因「倫敦鯨」事件而造成首席投資辦公室(CIO)有58億美元損失,並預期會有約17億美元潛在損失,但去季因上述事件而造成的損失僅4.49億美元,遠低於預期。摩通總裁戴蒙(Jamie Dimon)昨舉行業績簡報會時表示,「倫敦鯨」事件令摩通的「盔甲出現了一道裂縫」,但除此以外,摩通仍有很好的內部監控機制。


Created 10/12/2012 - 19:04

(吉隆坡12日訊)網上新聞指出,亞航(AIRASIA,5099,主板貿服組)及印尼亞航合作伙伴-Fersindo Nusaperkasa將不併購印尼的發達飛航空(Batavia Air),因為有關方面未能達致協議,特別是收購價格問題。不過,至今尚沒有正式宣佈,亞航管理層也拒絕對它評論。








百億資金捧內銀 中資股看俏

百億資金捧內銀 中資股看俏
匯金揚言再掃貨 滙豐外圍造好


進入超買格局 JCY國際股價寫新低  

進入超買格局 JCY國際股價寫新低  





出色业绩捎喜 顶级手套前景唱好

出色业绩捎喜 顶级手套前景唱好










取消免税出口固打 明年降低原棕油出口税

取消免税出口固打 明年降低原棕油出口税






Created 10/12/2012 - 14:34






Created 10/12/2012 - 14:25






Created 10/12/2012 - 14:52






The big bear

The big bear
Personal Finance

Written by Kelvin Tan  
Friday, 05 October 2012 00:00

Albert Edwards, global strategist at French investment bank Société Générale, is telling the world that the US economy is headed for recession, and that a hard landing looms for China. The result could be a more than 80% collapse in copper prices, and a 60% to 70% crash in the Standard & Poor’s 500 Index within the next 18 months. And, forget about the latest round of quantitative easing by the US Federal Reserve saving the day. “All it wants is to push up asset prices with more money printing to keep confidence high,” he says of the US Fed’s efforts. “If the market sees that QE3 doesn’t work, and the US still goes into recession, people will panic.”

Warren Buffett looks at cash differently than most investors: report

Warren Buffett looks at cash differently than most investors: report
September 25, 2012,

Berkshire Hathaway’s  BRKA +0.40%   BRKB +0.57%  Warren Buffett does not view cash the way most people do.

For him, it is a universal call option that never expires, giving him the flexibility to swoop in and buy more lucrative assets at a bargain when the opportunity arises, reported the Globe and Mail, citing his biographer Alice Schroeder.

Buffett’s Berkshire reportedly has nearly $41 billion in cash on hand.

“He thinks of cash differently than conventional investors,” said Schroeder according to the report. “This is one of the most important things I learned from him: the optionality of cash. He thinks of cash as a call option with no expiration date, an option on every asset class, with no strike price.”

Apple And Google Much Better Bets Than Black Or Yellow Gold

Apple And Google Much Better Bets Than Black Or Yellow Gold

Correlation between oil and stock prices is high, but I’m not sure who is leading whom by the nose.  Energy is a macro factor that in recent years turned financially sensitized, tied to the course of the dollar and gold.  But, oil is no longer black gold.

Macro players as well as Saudi sheiks put on long gold-short-the-dollar hedges because oil is denominated in dollars.  This worked for years but not lately.  The dollar waxes strong while gold is below its $1,800 high.  Even with the cost of carry minimal for gold bugs, this is a losing play.

Market pundits seize on this oil-stock correlation, some 82 percent between crude oil prices and equity markets since the bottom in 2008.  So what?  Oil prices ratcheted up because worldwide GDP recovered.  Oil didn’t power the stock market, just a coincident indicator at best.  With worldwide GDP numbers coming in, oil futures rapidly turned wobbly, but not stocks.



    我要说,这听起来简直就像是“蓝色小丸子”─ “伟哥”故事的翻版!为什么我这么说呢?大家记得吗,当初会研发出伟哥,原是为了治疗心血管疾病的一种用药,但却无心插柳的意外发现它对男性的另一项生理功能有显着的刺激效用,原本只是想救心却反成了全球无数男性的救星。


曾淵滄教路 09.10.12: 中共人事安排拍板 A股有望見底

中共人事安排拍板 A股有望見底


大英Blog物館 09.10.12: 打動感覺 改變很容易

打動感覺 改變很容易
「幾乎所有成功轉變的變化順序,都是看見→ 感受→ 改變。」《改變很容易》(作者:Chip Heath)



話說史泰格納(J. Stegner,下稱史Sir),幫一間大型工廠打工,眼見公司採購時,水魚到暈,年浪費十億美元之譜,立心變革。史Sir並非CEO,無權無勢,要說服牛咁大間公司大改,簡直是天方夜譚。誰知史Sir找了個暑期工幫手,略施小計,竟然說服到全間公司,心悅誠服,自承問題,之後更死心蹋地,痛改積弊。唔通史Sir同暑期工,識得落降頭?非也!只是成功打動了眾同事的感覺。

Money Mind -07-/10/12 : Asian Currencies & QE3

Money Mind -07-/10/12 : AGRI-COMMODITIES OUTLOOK

财经追击 Episode 26 - Singapore Property


Created 10/12/2012 - 19:11




SPH posts 5.9% lower full-year net of $365.5m

SPH posts 5.9% lower full-year net of $365.5m

Singapore Press Holdings reported a net profit of $365.5 million for the year ended Aug 31, 5.9% lower compared to the previous year.

Group recurring earnings were $410.2 million for the year, or 0.3% higher as growth in the property and exhibitions businesses offset the lower profits from the newspaper and magazine segment.

Group operating revenue of $1.27 billion was 1.8% higher compared to the previous year. Revenue for the group's newspaper and magazine business was $1 billion.

Finding Value in Palm Oil



How low-cost is low-cost?

Bear Deal Not Fair: Dimon

Jamie Dimon Speaks About 'London Whale'

Jamie Dimon: Not Worried About JPMorgan, Worried About Country

JPMorgan's Dimon Bullish on the U.S.

《财经早班车》 标普:印度评级被降可能性颇大

《财经早班车》 标普:印度评级被降可能性颇大 2012年10月11日 宁夏卫视《财经早班车》

《财经早班车》 美联储报告:美国经济增长缓慢

《财经早班车》 美联储报告:美国经济增长缓慢 2012年10月11日 宁夏卫视《财经早班车》

《环球第一财经》野田称日元走强危害日本经济 日本准备采取果断行动

《环球第一财经》野田称日元走强危害日本经济 日本准备采取果断行动 2012年10月11日 宁夏卫视《财经夜行线》

China in Process of Bottoming Out: Pro

China in Process of Bottoming Out: Pro





New leadership unlikely to breathe life into China markets

Can China Provide Earnings Support?

Don't Fear China's Slowdown: Strategist

2013 Airline Recovery?

《财经中间站》保险巨头罕见集体加仓 规模逾百亿

《财经中间站》保险巨头罕见集体加仓 规模逾百亿 2012年10月10日 第一财经《财经中间站》

《财经早班车》 首只双币股启航 A股将迎20亿增量资金

《财经早班车》 首只双币股启航 A股将迎20亿增量资金 2012年10月10日 宁夏卫视《财经早班车》

《财经早班车》 汇金增持银行股 具有稳定作用

《财经早班车》 汇金增持银行股 具有稳定作用 2012年10月10日 宁夏卫视《财经早班车》

Global Growth Outlook Gloomy, but US a Bright Spot: Pro

Finding Value in Emerging Asia

Asia Still Has Great Growth Potential: IHG CEO

Friday, October 12, 2012









2012/10/12 16:42:29





聯想(00992)雖榮登個人電腦PC行業一哥,但使人關注到聯想在PC行業轉型面對的挑戰,而其威脅更明顯是來自蘋果公司(Apple Inc),以及與聯想合作關係一向密切的軟體巨人微軟(Microsoft)!


因應蘋果公司iOS平台的成功,微軟正以Windows8平台推出結合平板電腦功能的新一代PC產品,聯想周三才發布的IdeaPad Yoga亦為其中一員,但市場已認為其達799美元(約6232.2港元)的定價根本不吸引。

中央維穩掃內銀 工行4%

中央維穩掃內銀 工行4%
匯金表明續買 不設限期







Yeoh: Global crisis won’t impact luxury watch sales in Starhill

Yeoh: Global crisis won’t impact luxury watch sales in Starhill
Business & Markets 2012
Written by Ho Ching-Ling of  
Wednesday, 10 October 2012 16:54

KUALA LUMPUR (Oct 10): YTL Corp Bhd managing director Tan Sri Francis Yeoh believes that the current global economic crisis will not negatively impact the luxury watch market.

“This market is quite insulated from recessions. People who collect luxury watches are of a whole new category,” he said during the pre-launch of Asia’s grandest luxury watch and jewellery showcase, "A Journey Through Time VI", to be held at Starhill Gallery under the Starhill REIT.

“There will always be people buying so I don’t think the high-end industry will be affected,” Yeoh added.

Hektar trailing its larger peers

Hektar trailing its larger peers
In The Edge Financial Daily Today 2012
Written by Insider Asia  
Friday, 12 October 2012 14:35

It was one of the first real estate investment trusts (REITs) to be listed on Bursa Malaysia, in December 2006, but Hektar REIT has lost some of its lustre with the subsequent listing of larger, higher profile retail-focused trusts such as Sunway REIT, Pavilion REIT, CapitaMalls Malaysia Trust (CMMT) and most recently IGB REIT.

Indeed, it is currently among the cheapest REITs in terms of price-to-book value and expected yields.

Rights issue to fund expansion
The trust recently completed a one-for-four rights issue of 80 million new units, priced at RM1.23, to partially fund two new acquisitions in Kedah.

Wilmar +3.9%; Malaysia CPO-export tax eyed

Wilmar +3.9%; Malaysia CPO-export tax eyed

Wilmar is up 3.9% at $3.18 as players await further details from the Malaysian government on a CPO export-tax cut. "It's one of the better companies in terms of having feet in both Indonesia and Malaysia and (being) able to trade around any opportunities from that" on the potential tax change, an analyst says.

He adds, the slightly improved soybean supply-side numbers from the U.S. were also positive for the stock as soybean availability is key for Wilmar. He notes the stock is starting from an overly depressed position and a number of players are "relooking" it after its selloff.

ThaiBev becoming regional consumer play: UOB-KayHian

ThaiBev becoming regional consumer play: UOB-KayHian

Thai Beverage is an emerging regional consumer company, not just a spirits player, after several strategic investments, including Wrangyer, Oishi and F&N, UOB KayHian says after a conference call with management.

"All these moves will position ThaiBev with a strong Southeast Asian presence." The September 2011 acquisition of Serm Suk was strategic given its strong non-alcohol product portfolio and logistics infrastructure, with ThaiBev seeing stronger growth prospects for non-alcoholic beverages and with Serm Suk providing an efficient returnable bottle system, it says.

ThaiBev's valuation on consensus forecasts is undemanding at 14.8x FY13 P/E vs projected 12.7% on-year EPS growth vs regional F&B consumer companies' 21.7x and 11.9% on-year respectively, it says. UOB-KH doesn't rate the stock.

CapitaMall Trust +2.4%; Possible yield play

CapitaMall Trust +2.4%; Possible yield play

CapitaMall Trust is up 2.4% at $2.11, at its highest since October 2010, after a series of large trades, suggesting institutional interest. Two analysts say they aren't aware of a specific reason for the move. "In general, it's been a laggard," one of the analysts says.

The other notes, "effectively, all the bigger REITs have been moving up" recently, noting CMT is among the largest and most-liquid. He adds, it may also be on a yield play.

On Wednesday, Barclays initiated the stock at Equal-Weight with a $2.22 target, saying it believed its market-leadership position, quality portfolio and expectations for annual FY12-14 DPU growth of 4%-10% are mostly priced in, with its FY12-14 DPU yield of 4.5%-5.1% relatively low; "We would hold this stock as a long-term, low-volatility investment."

Hot Stock Top Glove rises on higher earnings, dividends

Hot Stock Top Glove rises on higher earnings, dividends
Business & Markets 2012

Written by Chong Jin Hun of  
Friday, 12 October 2012 09:54

KUALA LUMPUR (Oct 12): TOP GLOVE CORPORATION BHD [] shares rose as much as 2.5% among top gainers in early trade on Friday after the world's rubber glove manufacturer reported better earnings and proposed a higher dividend for shareholders.

While analysts have raised their target prices for Top Glove share, they are also mindful that its earnings have been priced into the stock.

Oldtown White Coffee assures customers of halal food and drinks

Oldtown White Coffee assures customers of halal food and drinks
Business & Markets 2012

Written by Bernama  
Friday, 12 October 2012 11:42

KUALA LUMPUR (Oct 12): Oldtown White Coffee has given an assurance that the food and drinks served at all its outlets are halal.

Oldtown White Coffee has of late been faced with allegations from certain quarters that its food and drinks are not halal with even Muslim staff being instigated to resign.

"Oldtown White Coffee does not serve any non-halal products or alcohol.

Legoland traffic to benefit KSL, Genting, MMC

Legoland traffic to benefit KSL, Genting, MMC
Business & Markets 2012

Written by Cindy Yeap of  
Friday, 12 October 2012 12:08

KUALA LUMPUR (Oct 12): Investors looking for proxies to the expected rise in traffic flow between Iskandar Malaysia’s newly opened Legoland theme park and Universal Studios Singapore (USS) should consider KSL HOLDINGS BHD [], GENTING BHD [] and MMC Corp Bhd, Affin Investment Research said.

“We believe major attractions like Legoland and USS will increase the visibility of Malaysia and Singapore as key tourist destinations. Given the proximity of Johor, Legoland is expected to benefit from Singapore tourists flow,” the research house wrote in a note Friday morning, highlighting that Singaporeans make up 54% of the 24.7 million tourists to Malaysia last year.


Created 10/12/2012 - 07:45




购医药中心长期看好 双威产托盈利预测上修

购医药中心长期看好 双威产托盈利预测上修
Created 10/12/2012 - 11:57



Singapore escapes recession, keeps tight monetary policy

Singapore escapes recession, keeps tight monetary policy

Singapore defied forecasts on Friday by keeping monetary policy tight and allowing the local dollar to appreciate at its current pace, bucking the regional trend as it warned of persistent inflationary pressures in a slowing economy.

The trade-dependent economy contracted more than expected in the third quarter, and most economists had predicted an easing of policy as the island barely avoided a recession due to a revision to the second quarter numbers.

But high inflation, fed partly by a tight labour market because of policies to control the influx of foreign workers in the densely populated city-state, remained a key concern for the central bank.

Singapore unexpectedly holds policy stance to combat inflation

Singapore unexpectedly holds policy stance to combat inflation

Singapore’s central bank unexpectedly announced it will leave monetary policy unchanged, seeking to curb consumer price gains even after the economy shrank an annualised 1.5% in the last quarter.

“This policy stance is assessed to be appropriate in containing inflationary pressures and keeping the economy on a path of restructuring towards sustainable growth,” the Monetary Authority of Singapore said today in a statement following its semi-annual exchange-rate review. There will be no change to the slope and width of the local currency’s trading band that the MAS uses as its main policy tool, the bank said. The level at which it is centered will also remain unchanged, the MAS said.

P1 aims for top four position

The Star Online > Business
Friday October 12, 2012
P1 aims for top four position

PETALING JAYA: Packet One Network (Malaysia) Sdn Bhd (P1) is aiming to be among the top four telecommunication companies in the country by 2020.

The subsidiary of Green Packet Bhd, which has made efforts to increase its current reach, currently has a nationwide coverage of more than 55% while in the Klang Valley, it stands at 70%.

“Wherever P1 has coverage, we have about at least 25% of the market share,” said P1 brand and marketing director Shirley Ah Yong, adding that P1 was rapidly expanding both its coverage and market share.

MISC: No gain or losses from stake sale

The Star Online  Business
Friday October 12, 2012
MISC: No gain or losses from stake sale

PETALING JAYA: MISC Bhd’s proposed disposal of its 50% equity interest in Gumusut-Kakap Semi-Floating Production System (L) Ltd (GKL) to E&P Venture Solutions Co Sdn Bhd, a unit of Petronas Carigali Sdn Bhd, will not result in any gain or loss to MISC.

It said that this was because the stakes were sold at the cost of the company’s equity investment in GKL.

The share disposal consideration of US$305.7mil (RM934.4mil) represents 50% of the total cost of MISC’s equity investment in GKL as at Oct 4, which amounts to about US$611.4mil.

JCY International falls to 11-month low

The Star Online  Business
Published: Friday October 12, 2012 MYT 11:41:00 AM
JCY International falls to 11-month low

By Joseph Chin

KUALA LUMPUR: Shares of hard-disk manufacturer JCY International fell to the lowest since late November last year on some technical selling.

At 11.14am, it was down four sen to 69 sen with 11.50 million shares done.

The FBM KLCI rose 0.68 of a point to 1,656.15. Turnover was 273.76 million shares valued at RM240.22mil. There were 245 gainers, 206 losers and 284 counters unchanged.

Maybank KE Research said in its technical analysis that JCY made a daily major Wave 2 high of RM1.60 on Aug 2, 2012 with grossly overbought and bearish signals.





上季PC出貨超越惠普 聯想全球No.1

上季PC出貨超越惠普 聯想全球No.1








Apple's Stock Drops Below $630: A Normal Correction or Something More Serious?

Apple's Stock Drops Below $630: A Normal Correction or Something More Serious?

Apple’s (NASDAQ:AAPL) stock continued its descent on Tuesday. In early morning, Apple was trading around the $625 mark, down 1.85 percent for the day, and 12 percent below its all-time highs of $705, though there were no major corporate developments to count for such decline. One thing worth noticing, however, is that Apple had plenty of company in its descent among high priced stocks: Amazon (NASDAQ:AMZN) was down 2.27 percent for the day, and (NASDAQ:PCLN) was down 1.90 percent; both stocks have also been on the correction mode in the last four trading sessions.

The broader correction in the high priced stocks that have been big winners in the recent rally suggests that Apple’s decline is most likely part of profit taking rather than something most serious; and the correction may soon be over. What should investors do?




匯金增持內銀承諾屆滿 買貨不多

匯金增持內銀承諾屆滿 買貨不多


Genting Malaysia - Daily win/machine at RWNY continues to rise

Genting Malaysia -
Price Target : 4.30
Last Price : 3.75
Daily win/machine at RWNY continues to rise

- Daily win per machine at Genting Malaysia Bhd's (GenM) 'Resorts World New York' (RWNY) has improved QoQ in 3QFY12.

- According to gaming reports provided to the New York Lottery Association, win per machine at RWNY rose 3.2% from an average of US$375/day in 2QFY12 to US$387/day in 3QFY12.

- So far this year, the highest monthly average win per machine was recorded in September. Average win per machine was US$397/day in September, which was 4.7% higher than the average of US$379/day in August.

Malayan Banking - Prudent Plans in Place

Malayan Banking -
Price Target : 9.87
Last Price : 8.97
Prudent Plans in Place

THE BUZZ - Maybank held a conference call hosted by President and Chief Executive Officer Dato' Sri Abdul Wahid Omar yesterday, to explain the rationale behind the banking group's RM3.65bn private placement exercise and underline both its organic and inorganic growth strategies.

The factors driving the placement exercise were in line with what we envisaged:
Raising capital buffers ahead of Basel 3. After engaging with Bank Negara Malaysia (BNM) and simulations of worst-case scenarios to comply with the punitive Basel 3 capital deductions, its management decided that it would be prudent to shore up capital ratios ahead of any potential staggered implementations. Based on its conservative Basel 3 Group Core Tier 1 Equity (CT1E) simulation, the latest private placement would raise the group's CT1E ratio to 9.27%, assuming conservative hypothetical Basel 3 computations such as the full deduction of CT1E of investments in non-significant entities (which are non-consolidated entities).

Global Logistic Properties : Why sell stake into a feeder fund?

Sells 16.7% stake in Japanese JV

10/10/2012 – Global Logistic Properties (GLP) sold 16.7% stake in Light Year One Holdings Ltd, a 50:50 JV with China Investment Corporation (CIC) in Japan.

The company sold the stake to CBRE GLP Feeder LP for JPY7.6 bln.

As a result, GLP’s stake in Light Year One Holdings Ltd has fallen to 33.3% from 50% earlier.

However, GLP will continue to be the asset manager of JV’s portfolio of 15 properties in Japan.

Noble Group: Strong Turnaround Expected in 3Q12 On Reversal Of Losses And Brazil’s Sugar Harvest (UOBKH)

Noble Group
Share Price S$1.29
Target Price S$1.52
Strong Turnaround Expected in 3Q12 On Reversal Of Losses And Brazil’s Sugar Harvest

We expect a yoy turnaround in 3Q12 results on: a) the absence of cotton default losses, b) the absence of carbon credit losses, c) improved sugar processing volumes in Brazil, d) improved soybean crush margins, and e) firm oil prices. Maintain BUY. Target price: S$1.52 (based on 1.6x P/B).

What’s New
• Turnaround expected on doubling of operating income. We expect Noble Group to report a significant turnaround to a net profit of US$153m in 3Q12 from an US$18m loss in 3Q11. As a recap, Noble was hit in 3Q11 by defaults by US cotton farmers, carbon credits losses as well as low Brazilian sugar processing volumes from unfavourable weather and poor yields. For the quarter, we forecast operating income to more than double to US$526m, comprising contributions of US$151m (+121%) from the Agriculture division, US$330m (+113%) from Energy and US$45m (+133%) from Minerals, Metals and Ores (MMO).

QAF: Man can live by bread alone (CIMB)

Current S$0.76
Man can live by bread alone

 QAF offers a tasty dividend yield of 6.6%, which should be sustained by strong cash flows from its bakery business even though the margin outlook is soft. An improving Australian pork business increases the chances of divestment.

QAF has also recently expanded its bakery footprint to China. While initial contributions will not be material, we like the fact that management is starting to explore growth in the region. Potential divestment of its pork business could add S$280m-320m to the firm’s value if capital is ploughed into expansion of its lucrative bakery franchise.

Sunway : Unlocking value of investment property (MIDF)

Sunway Berhad
Maintain BUY
Unlocking value of investment property
Price (10 Oct 12) 2.31
Target Price 2.60

Unlocking value of investment property: Sunway Berhad (Sunway) had proposed to dispose the land, building, plant & machinery and fixtures & fittings fixed to or located or used in Sunway Medical Centre (SMC) to Sunway Real Estate Investment Trust (SUNREIT) for RM310m.

Leaseback agreement: Sunway Medical Centre Berhad, subsidiary of Sunway will subsequently lease back the property from Sunway with the following terms:
(i) Triple net lease basis for an initial period of 10 years with an  option to renew for another 10 years at the prevailing marketrate.
(ii) Annual rental of RM19m for the first year with an increment of 3.5% p.a. thereafter.

Sunway REIT: Healthy addition (CIMB)

Sunway REIT
Current RM1.55
Target RM1.63
Healthy addition

 Sunway REIT's acquisition of its sponsor’s medical assets is marginally positive for earnings and DPU. While the annual rental reversion of 3.5% is less than the 5-6% it gets for its retail assets, it is locked-in under the hospital master lease agreement.

We raise EPU and DPU to factor in the latest acquisitions, as well as higher units outstanding from the private placement. Sunway REIT remains an Outperform as this news could catalyse the stock. Our DDM-based target price rises as we roll forward valuations to 2014. Sunway REIT remains our top pick in the REIT sector.

Resale prices of industrial space on the rise (AM)

Resale prices of industrial space on the rise
There are signs of speculation developing in areas of the industrial property sector, analysts say, but they are divided over whether there is overheating and if the government should step in.

A report from consultancy DTZ yesterday showed that resale prices for industrial space continued to rise in the third quarter, while industrial rents held firm.

The report showed that resale industrial prices for first-storey conventional industrial space rose 4 per cent in Q3, to $600 per square foot (psf), compared with the previous quarter. This was at the same rate as the previous quarter. For upper-storey industrial space, prices grew 3.5 per cent to $445 psf from the previous quarter, slowing from 4.9 per cent growth in Q2.

Frasers Commercial Trust: Strong value proposition (OCBC)

Frasers Commercial Trust:
Fair value    S$1.31
add: 12m dividend forecast S$0.08
versus: Current price  S$1.16

Strong value proposition
• Likely redemption of CPPUs
• Expecting uplift in income
• Fair value estimate raised

Frasers Commercial Trust (FCOT) announced on 28 Sep that it had completed the sale of KeyPoint for S$360.0m. We are maintaining our view that FCOT willikely use the bulk of the sale proceeds to redeem half of its Series A Convertible Perpetual Preferred Units (CPPUs) and reduce its existing debt liabilities, as the funding costs of the CPPUs and its gearing ratio are relatively high. Going forward, we are staying positive on FCOT’s financial performance.

M-REITs & Property Investment

Downgrading M-REITs to NEUTRAL from OVERWEIGHT as we believe there is limited room for further yield compressions. Even M-REITs 'risk-free-rate' reference point or the 10-year MGS yield has also been trending lower to current 3.5%. As investors seek safe havens in defensive stocks this year, we note that most M-REITs are trading at historically low gross yields, not to mention record low spreads to the 10-year MGS yields. Assuming the 10-year MGS yields trends lower to 3.3% (based on historical trends) in CY13E and M-REITs continues to demand current record low spreads, we have increased TPs of M-REITs under our coverage. However, our new TPs only provide less than 10% total returns, implying limited share price upsides. As a result, our CALLs/TPs are revised accordingly: 1) Downgrade CMMT to MARKET PERFORM even though we raised TP to RM1.80; 2) Maintain MARKET PERFORM on Sunway REIT even with higher TP of RM1.51; 3) Maintain MARKET PERFORM on Axis REIT even with higher TP of RM3.08. We prefer KLCC Property (OP; TP: RM6.87) as an alternative to M-REITs as our TP reflects a REIT payout structure and a target FY13E gross dividend yield of 4.6% (slightly lower than sizeable retail M-REITs).

In the property sector, we maintain preference for Reits (Limtan)


 The government has understandably introduced more measures in the aftermath of Federal Reserve’s QE infinity launched weeks ago.

 MAS will cap the tenure of all new home property loans at 35 years, as well as lower the loan-to-value ratios for new loans with a tenure of more than 30
a. 60% for a borrower with no outstanding mortgage, down from 80%;
b. 40% for a borrower with 1 or more outstanding home loans, down from 60%.

 MAS said (i) over 45% of new home loans have tenures exceeding 30 years, and (ii) average tenure of new home loans has risen over the last 3 years, to 29 years from 25 years.

MISC Berhad - Monetising 50% of Gumusut-Kakap

MISC Berhad -
Price Target : 4.66
Last Price : 4.37
Monetising 50% of Gumusut-Kakap

News   MISC has announced that it had entered into a conditional share purchase agreement ('SPA') with E&P Venture Solutions (EPV) in relation to a proposed 50% share disposal in GKL (the investment holding company of the Gumusut-Kakap Semi-FPS that is tentatively expected to be operational in mid-2013).

EPV is a wholly-owned subsidiary of Petronas Carigali (PCSB), the E&P arm of Petronas.

Total proceeds amount to USD1.7b (RM5.3b) which is due to: 1) cash consideration for share disposal amounting to USD305.7m, (RM934.4m); and 2) cash receipt amounting to USD1.4b (~RM4.4b) in lieu of settlement of the amount owing by GKL to MISC pursuant to GKL's acquisition of the Gumusut-Kakap Semi-FPS from MISC. GKL will repay the amount owing to MISC via a short-term loan obtained from PETRONAS.

F & N: No urgency for minority shareholders to do anything (Limtan)

F & N S$8.88-FRNM.SI  A new twist with a S$1.4 bln unsolicited binding cash offer from an identified party for hospitality and serviced residence business of F&N on a cash-free, debt-free, encumbrances-free basis.  Only yesterday, F&N announced $498 mln / 34.8 cents a share revaluation surplus arising from an exercise carried out by independent valuers.  All this, ahead of the Offeree Circular that is due by tomorrow Oct 11th. The document will contain advice of independent directors, who number 7 out of a total of 9 board directors.  And because of this, F&N’s board will not be responding to the latest asset offer. And who is to know Charoen Sirivadhanabhakdi ‘s stance on the offer, which if accepted will simply add to the cash trove after the sale of AP Breweries to Heineken for $5.6 bln.  Charoen S presently owns 33.17% of F&N, and his TCC Assets’ offer closes on Oct 29, which may well be extended should there be further twists. Kirin of Japan owns 14.7%, while Prudential PLC has ceased to be a substantial shareholder.  Our conclusion remains, there is no urgency for minority shareholders to do anything.

Source/Extract/Excerpts/来源/转贴/摘录: Limtan-Research,
Publish date: 10/10/12

JPMorgan Took a Bath on Bear Stearns Sale: Dimon

JPMorgan Took a Bath on Bear Stearns Sale: Dimon
Published: Wednesday, 10 Oct 2012 | 4:10 PM ET Text Size
By: Reuters

JPMorgan Chase Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.

"I'm going to say we've lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category," Dimon said, speaking at a Council on Foreign Relations event.

Dimon said the losses come from litigation and writedowns, among other expenses. JPMorgan [JPM  41.77     0.39  (+0.94%)   ] reports third-quarter earnings on Friday.

曾淵滄專欄 12.10.12: 十八大後才會印鈔

曾淵滄專欄: 十八大後才會印鈔 - 曾淵滄




對冲人生: 揸現金好過做對冲 - 錢志健

對冲人生: 揸現金好過做對冲 - 錢志健

假如你認為2012是迷失的一年,行情難有「大轉變」,You Bet!無限量印銀紙救經濟,必然令通脹加劇。上月美國失業率雖「破八」,整體而言,工作依然難尋,行情非理想,最失落的一群,我相信是希望用衍生工具作單邊大買賣的「投機者」,特別是要和「時間值」搏命的普通人,更密集的買賣很多時只會令資金曲線更傷。我以對答形式淺談一些操作經驗。

青心直說: 聯想四王牌致勝 - 胡孟青

青心直說: 聯想四王牌致勝 - 胡孟青




斥資135億元 購ING馬國業務友邦執筍貨

斥資135億元 購ING馬國業務友邦執筍貨








聯想8年外闖 終膺全球PC一哥

聯想8年外闖 終膺全球PC一哥
券商多看好 惟市場萎縮成隱憂


上季市佔15.7% 超越惠普


Bigger impact on resale market than on older buyers

Bigger impact on resale market than on older buyers
by Colin Tan 04:45 AM Oct 12, 2012

The consensus among property watchers appears to be that older buyers will be worst hit by the new home loan curbs, especially those in their 40s and 50s, but the impact of the latest cooling measures will likely be felt more acutely in the resale market.

Certainly, the mathematics will show older borrowers to be at a disadvantage, everything else being equal. But everything else is not equal. The commonly-held view assumes that most home buyers leverage to the hilt and it ignores the important fact that older home buyers - many of whom may have experienced more than one property cycle - have a lot more cash resources than younger ones.

Last Friday, the Monetary Authority of Singapore set a maximum tenure of 35 years on all home loans. And the loan-to-value ratios for new mortgages have been lowered for tenures exceeding 30 years, or if the loan extends beyond the retirement age of 65.

S'pore's first yuan-denominated IPO to list on Oct 30

S'pore's first yuan-denominated IPO to list on Oct 30
04:46 AM Oct 12, 2012

SINGAPORE - Dynasty REIT, a real estate investment trust backed by Hong Kong billionaire Li Ka Shing, plans to list on Oct 30 and has started taking orders from institutional investors for Singapore's first yuan-denominated initial public offering, according to a term sheet seen yesterday by Dow Jones.

Dynasty REIT, which is sponsored by real-estate fund manager ARA Asset Management, plans to raise up to S$956 million in Singapore's largest IPO this year. It will also be the second flotation denominated in the Chinese currency outside mainland China.

Dynasty REIT will offer between 893.9 million and 901.3 million units in an indicative range of S$0.86 to S$0.92 each. The trust has secured two cornerstone investors, Credit Suisse and Amundi, which together have subscribed to about 137.6 million units. The units will be tradable in yuan and Singapore dollars.

Top Glove gets a grip on profits

Top Glove gets a grip on profits


TOP Glove Corp Bhd, after seeing six quarters of declining profits, is posting fatter profits again.

The glovemaker yesterday said its profit margin for the year ended August 2012 fattened to 8.9 per cent from 5.6 per cent, the year before.

Top Glove's fourth quarter net profit alone jumped more than twofold to RM63.51 million, thanks to higher sales volume, competitive pricing, increased efficiency coupled with favourable latex prices and foreign exchange trends.

Its fourth quarter revenue grew 12 per cent to RM607.2 million from RM541.8 million a year ago.

9月库存已触顶 棕油价年杪料反弹

9月库存已触顶 棕油价年杪料反弹









股市創新低 中國石油市值縮水王

股市創新低 中國石油市值縮水王




DBS selling over 10% stake in Philippines’ BPI-source

DBS Group, Southeast Asia’s largest lender, is selling more than half of its US$1.3 billion ($1.6 billion) stake in Bank of Philippine Islands to Ayala Corp, a source familiar with the deal told Reuters on Thursday.

Banks around the world have been shedding minority stakes in financial institutions because they are considered inefficient for capital under Basel III rules.

DBS Group CEO Piyush Gupta wants to have controlling stakes in banks, and as part of the strategy made a US$7.2 billion bid for Indonesia’s PT Bank Danamon. The approval of that deal is delayed due to regulatory reasons.

Ayala, a conglomerate, is the biggest shareholder in BPI, which is the Philippines’ largest bank by market capitalisation. DBS owns about 20.3% of BPI.

全年净利激增80% 顶级手套派9仙股息

全年净利激增80% 顶级手套派9仙股息






Created 10/11/2012 - 19:01






Created 10/11/2012 - 17:44





Fundman睇市:匯金買貨支持 內銀未彈夠

Fundman睇市:匯金買貨支持 內銀未彈夠




領匯(00823)自五月以來,股價屢創新高,上周更高見37.7元創上市以來新高,昨日以37元收市。不少機構投資者都惜貨如金,以Capital Research and Management為例,今年五月曾在市場配售領匯,但眼見股價反覆上升,不惜以較高價在市場重新買入。



Apple Shares in Correction Territory

S&P Hit All-Time High 5 Years Ago: What Happened?

S&P Hit All-Time High 5 Years Ago: What Happened?

Rough Ride Ahead for Earnings - Fund Manager


《环球第一财经》IMF总裁呼吁果断行动克服经济减速 2012年10月11日 宁夏卫视《财经夜行线》

Emerging Markets Still Attractive: JPMorgan

《财经早班车》 平安证券:大盘在震荡中有所反弹

《财经早班车》 平安证券:大盘在震荡中有所反弹 2012年10月10日 宁夏卫视《财经早班车》

《财经早班车》 诺安基金:市场存在一定反弹机会

《财经早班车》 诺安基金:市场存在一定反弹机会 2012年10月10日 宁夏卫视《财经早班车》

《财经早班车》 IMF大幅下调印度经济增长预期

《财经早班车》 IMF大幅下调印度经济增长预期 2012年10月10日 宁夏卫视《财经早班车》

《财经早班车》 瑞银看好新兴市场货币

《财经早班车》 瑞银看好新兴市场货币 2012年10月10日 宁夏卫视《财经早班车》

《财经早班车》 外资大行:四季度中国经济料反弹

《财经早班车》 外资大行:四季度中国经济料反弹 2012年10月10日 宁夏卫视《财经早班车》

《财经中间站》市场资金跟风汇金 大家交易求购四大行

《财经中间站》市场资金跟风汇金 大家交易求购四大行 2012年10月09日 第一财经《财经中间站》


《财经中间站》欧元区永久性救助基金正式生效 2012年10月09日 第一财经《财经中间站》

《财经早班车》 汇金继续增持银行股 险资策应

《财经早班车》 汇金继续增持银行股 险资策应 2012年10月10日 宁夏卫视《财经早班车》

《财经早班车》 六成国际大行看多明年金价 预测中值高达1900美元每盎司

《财经早班车》 六成国际大行看多明年金价 预测中值高达1900美元每盎司 2012年10月10日 宁夏卫视《财经早班车》

The Good, Bad & Ugly for the Euro Zone

China's Slowdown Is Not a Crisis

IMF: Sovereign Risk in Japan Banks

China Expected to See Stronger Growth: Pro

PIIGS Exposure Still Weighs Heavily on U.S. Banks

Thursday, October 11, 2012


Created 10/11/2012 - 19:03






Created 10/11/2012 - 17:45


脫離美國母公司擁抱新生的友邦集團,近期致力拓展亞洲保險版圖,上個月大舉收購斯里蘭卡第二大人壽保險公司英傑華(Aviva)後,今日再以高價併購ING大馬業務,收購涵蓋ING的人壽保險、員工福利業務、ING PublicTakaful Ehsan的60%股權。


雲頂香港3年投資37億 菲律賓設更多賭場

雲頂香港3年投資37億 菲律賓設更多賭場


 該公司總裁蔡明發10日晚間在馬尼拉宣佈這項消息,繼早前聯營馬尼拉名勝世界后,將再斥8億美元合作興建海濱名勝世界(Resorts World Bayshore)賭場。

 雲頂在菲律賓的夥伴,亦是當地最大賭場業者安德集團(Alliance Global Group);該集團總裁安森去年12月曾指出,該項目將會是佔地31公頃的綜合式賭場度假村。

2退休金增持 安利股價急漲86仙

2退休金增持 安利股價急漲86仙





Fall in palm oil prices may spur India to default contracts

Fall in palm oil prices may spur India to default contracts
Business & Markets 2012
Written by Chong Jin Hun of  
Thursday, 11 October 2012 16:12

KUALA LUMPUR (Oct 11): The decline in crude palm oil (CPO) prices have prompted concerns that buyers from India, a major importer, may renegotiate or walk away from contracts entered earlier, analysts said.

Credit Suisse analyst Tan Ting Min said it is a norm among buyers to default on earlier agreements when CPO prices decline substantially.

"India appears to be the only country among the big buyers, to have continued to import palm oil. However, there are now worries that India will start to default on its earlier contracts, as Indian importers do not want to bear the higher cost.

Hot Stock MAS actively traded on better outlook

Hot Stock MAS actively traded on better outlook
Business & Markets 2012
Written by Chong Jin Hun of  
Thursday, 11 October 2012 10:13

KUALA LUMPUR (Oct 11): Investors chased shares of MALAYSIAN AIRLINE SYSTEM BHD [] (MAS), sending the stock up as much as 3% among the most-actively traded counters across the exchange in early trade following analysts’ expectations that the national airline will return to profitability in the near term.

At 10.06am Thursday, MAS rose one sen to RM1.09 with some 3.3 million shares done after climbing as much as three sen to RM1.11 earlier.

“I expect MAS to breakeven or be profitable next year,” an analyst told on Thursday.

Nam Cheong +6.5%; Lands $64.1m contracts

Nam Cheong +6.5%; Lands $64.1m contracts

Nam Cheong is up 6.5% at $0.245 in strong volume of around 5% of shares traded after it said it sold two PSVs worth a total US$52.1 million ($64.1 million) to two new customers in West Africa. “Any contract win is positive,” an analyst says, but he notes it is in line with his and the street’s estimates.

“It gives more confidence in the numbers.” Another analyst adds “in the past, they were quite dependent on a handful of Malaysian customers. They’re expanding their footprint into other regions. It’s a good thing.”

He notes this is a mid-sized contract for the company, and he expects the announcement for two larger vessels near term; if Nam Cheong wins the larger vessels, it will exceed his contract-win expectations and he will change his earnings forecasts. He notes the company has landed about 80% of his contract-win expectations so far.


Created 10/11/2012 - 11:28
(韓國‧首爾10日訊)亞洲航空(AIRASIA,5099,主板貿服組)旗下日本亞航(Airasia Japan)今日推介首兩個海外航線,從東京飛往首爾及釜山,並表示有意在韓國設立韓國亞航,惟現階段未有實質計劃。




英特尔评级遭下修 大马半导体业恐遭殃

英特尔评级遭下修 大马半导体业恐遭殃
Created 10/11/2012 - 11:22
(吉隆坡10日讯)分析员表示,英特尔公司(Intel Corporation)评级遭下修,导致隔夜纳斯达克指数暴跌后有可能会“祸及”大马半导体领域及科技业者。




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,
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock