Saturday, April 6, 2013

Petronas ups MISC buyout price

Petronas ups MISC buyout price

By Zaidi Isham Ismail

Petroliam Nasional Bhd (Petronas) will now have to pay more than RM9 billion to privatise its shipping arm MISC Bhd after revising its takeover offer price.

Petronas yesterday raised its offer to RM5.50 per MISC share from RM5.30 previously. This will increase the takeover price for the remaining 37.3 per cent stake by about RM400 million to RM9.2 billion.

券商看好盈銷策略 海鷗或派6仙終期股息





Created 04/05/2013 - 18:32




Wild volatility emerges after GE13 is called

Wild volatility emerges after GE13 is called
Business & Markets 2013

Written by Lee Cheng Hooi  
Friday, 05 April 2013 10:13

US stocks fell, dragging the Standard & Poor’s 500 Index down from a recent high of 1,573.66, as financial and energy shares tumbled after oil plunged and worse than estimated data spurred concern over American economic growth. American companies boosted employment by 158,000 workers in March, figures from the ADP Research Institute showed on Wednesday.

Mercury Securities: Risks outweigh potential rewards

Mercury Securities: Risks outweigh potential rewards
Business & Markets 2013

Written by  
Friday, 05 April 2013 14:15

KUALA LUMPUR (April 5): Mercury Securities expects the broader market to be increasingly volatile in the near term, said its analyst Jack Chan.

In a strategy note Friday, Chan said Malaysia’s FBM KLCI had a knee-jerk reaction towards the announcement and dropped more than 60 points from its day high before recovering to 1685.40 at end of day.


Created 04/05/2013 - 10:25



Hot Stocks Favelle Favco, Muhibbah rise on prospects

Hot Stocks Favelle Favco, Muhibbah rise on prospects
Business & Markets 2013

Written by Shalini Kumar of  
Thursday, 04 April 2013 10:43

KUALA LUMPUR (April 4): FAVELLE FAVCO BHD [], a 62% owned unit of MUHIBBAH ENGINEERING (M) BHD [] saw its shares rise in early trades after RHB Research Institute Sdn Bhd initiated coverage on the stock.

This takes into account Favelle Favco's orderbook and the bright global outlook for the oil & gas (O&G) sector.

Parkson has a lot to do before the year is up

Parkson has a lot to do before the year is up
Business & Markets 2013

Written by  
Thursday, 04 April 2013 11:20

(April 3, RM4.61)
Maintain neutral at RM4.63 with a target price of RM4.50: We attended a meeting with Parkson Retail Asia’s (PRA) management last week and the key takeaways are as follows.

Parkson Holdings Bhd previously announced that 15 stores have been planned for opening in 2013 financial year ending June (FY13). Of the total, seven will be located in Southeast Asia and the remaining eight in China. As at the end of the second quarter (2Q) of FY13, only two of the planned seven stores in Southeast Asia have been opened.

IGB REIT shows robust organic growth potential

IGB REIT shows robust organic growth potential
Business & Markets 2013

Written by  
Thursday, 04 April 2013 11:18

(April 3, RM1.40)
Maintain add at RM1.41 with a target price of RM1.49: We met with IGB REIT’s management recently and discussed the operations and development plans for Mid Valley Megamall and The Gardens Mall.

We gathered that management will continue to grow the REIT assets organically by focusing on asset enhancement initiatives (AEI) in Mid Valley and improving the overall tenant mix in The Gardens.

Hai-O - MLM Catches Up

Hai-O -
Price Target:2.35
Last Price:2.40
MLM Catches Up

Hai-O’s 9MFY13 results were largely in line with consensus and our estimates. Its MLM division continued to support both its top- and bottom-line growth, affirming our view that the company’s recovery is indeed on track. Maintain NEUTRAL with its FV unchanged at RM2.35, based on 12x FY13 EPS.

Decent performance. Hai-O’s revenue and core earnings (excluding a one-off compensation of RM0.57m received by the manufacturing division and a RM4.8m gain from disposal of vacant land) improved by 15.2% and 31.6% yo-y respectively, largely supported by a stronger showing from its multi-level marketing (MLM) and wholesale divisions. Compared to the preceding quarter, Hai-O’s sales grew by 4.6% while earnings contracted by 2.7%. This was mainly due to extensive A&P incurred pre-Chinese New Year and higher operating costs.

中国电池大王 王传福 WANG CHUANFU 跨领域闯汽车业

中国电池大王 王传福 WANG CHUANFU 跨领域闯汽车业



胡立阳:私募基金 一年亏十亿的代价

Bank of China 4Q12 results: Beat driven by low credit cost (CS)

Bank of China Ltd
Price (26 Mar 13 , HK$) 3.55
TP (prev. TP HK$) 4.13 (4.13)
Maintain NEUTRAL
4Q12 results: Beat driven by low credit cost
(and lower deposit cost)

● BOC’s FY12 net profit came in at Rmb139.4 bn (up 12% YoY), 3% and 5% ahead of CS forecast and consensus. We judge that the beat was of low quality, derived from muted credit cost. 2012 dividend at Rmb0.175/share represents a 35% payout ratio.

Agricultural Bank of China : 4Q12 results: Miss due to credit cost (CS)

Agricultural Bank of China
Price (26 Mar 13 , HK$) 3.78
TP (prev. TP HK$) 4.44 (4.44)
4Q12 results: Miss due to credit cost (management discretion);
operationally in line

● ABC reported 4Q12 profit of Rmb25.01 bn, -37% QoQ/ +18% YoY, one-third below ours and 14% below consensus estimates. Variance mainly due to credit cost which was almost double our forecast.

● Loans (+3.0% QoQ vs CS 2.8%), deposits (+0.7% QoQ vs CS 0.8%), net interest margins (2.80% vs CS 2.78%) and operating costs were consistent with our expectations. But credit cost of 130 bp (annualised) during 4Q was far ahead of CS est. of 70 bp.

China Construction Bank 4Q results slightly behind forecast—an element of kitchen-sinking? (CS)

China Construction Bank
Price (22 Mar 13 , HK$) 6.17
TP (prev. TP HK$) 8.24 (8.24)
4Q results slightly behind forecast—an element of kitchen-sinking?

● CCB reported 4Q12 net profit of Rmb35 bn (+16% QoQ/ -33% YoY), 12% shy of our forecast. We attribute the variance primarily to higher operating cost and credit cost. The bank proposed a 2012 cash dividend of Rmb0.268/shr = 35% payout ratio.

● Net interest margins remained resilient, down just 2 bp QoQ vs CS’ -12 bp. On an HoH basis, flat loan spreads and 19 bp higher securities spreads more than offset the 33 bp compression in interbank spreads. Operating costs were 12% higher than our forecast due to inclusion of CCB Life and marketing costs.

Iskandar Winners and Unloved Local Brand Losers


谢仁勇   2013-03-26 18:52

冷眼在最近的讲座中提到了ROE(Return of equity)为他近几年最重要的选股指标,什么是ROE呢?ROE能代表什么?又如何计算ROE呢?这一篇文章我们较为详细的谈谈ROE。



2013年03月09日 17:08  新浪财经

新浪财经讯 3月9日消息,据报道,从4月1日起,内地的港、澳、台居民可开立A股账户。有台湾股神之称的胡立阳对新浪财经表示,A股就需要源源不断,来自四面八方的资金,以此改变市场资金需求和暴涨暴跌的局面。他非常支持任何大幅度的放开QFII及RQFII的举措。


U.S. Markets Won't Go Up Much More: Faber

Faber: Governments Will Take 20-30% of My Wealth

Faber: U.S. Is Creating Nowhere-to-Hide Bubbles

'Looting' of Bank Accounts Has Rogers Worried

Speculative Stocks and Syndicates : Boon or Bane?

REDtone - Inks Ethernet agreement with TM

REDtone -
Price Target:0.56
Last Price:0.42
Inks Ethernet agreement with TM

News     Redtone has teamed up with Telekom Malaysia (TM) in a wholesale ethernet deal, where TM will provide the former with instant access to all TM’s Metro-E infrastructure nationwide.

Management indicated that the latest partnership with TM will allow the group to have the opportunity to provide the high-capacity Metro-E product as an additional offering to its corporate customers numbering more than 10k currently.

成IBM业务伙伴 佳杰科技开拓云端技术市场

成IBM业务伙伴 佳杰科技开拓云端技术市场
(吉隆坡3日讯)佳杰科技(ECS,5162,主板科技股)週三与IBM签署一项业务伙伴协议,成为后者在推出SmartCloud Solutions方案的首个业务伙伴,并预计这会带来持续性的收入。




China's Crackdown on Property Sector

China's Banking Sector Has Gone Great Guns: Pro

Stiglitz: Japan QE May Have Bigger Impact Than US

BOJ Will Continue Easing: BNP's Shulyatyeva

What Happens When the Fed Stimulus Ends?

黄金大幅下跌 牛市或终结

Pimco's Gross: Here's What We're Buying Now

Friday, April 5, 2013

下跌股 百盛控股RM4.50支撑

下跌股 百盛控股RM4.50支撑
Created 04/05/2013 - 13:03

跌性强国际校务利润丰 教育股乱世避风港

跌性强国际校务利润丰 教育股乱世避风港
Created 04/05/2013 - 11:08



选绩保持轻易破1700点 竞选期间综指1685点

选绩保持轻易破1700点 竞选期间综指1685点
Created 04/05/2013 - 08:39




A rare gem unearthed

A rare gem unearthed
Business & Markets 2013

Written by  
Friday, 05 April 2013 10:19

(April 4, RM2.29)
Initiate coverage at RM2.12 with a buy rating and fair value of RM3.35: Favelle Favco is a 62%-owned subsidiary of MUHIBBAH ENGINEERING (M) BHD [], with its core business in manufacturing customised cranes for the offshore oil and gas (O&G), CONSTRUCTION [] and ports/wharf industries.

RHB Investment bullish on FAVELLE Favco offshore crane segment

The Star Online > Business
Friday April 5, 2013
By RHB Investment Research
Target price: RM3.35

FAVELLE Favco (FFB) is a 62%-owned subsidiary of Muhibbah Engineering, with its core business in manufacturing customised cranes for the offshore oil and gas (O&G), construction and ports/wharf industries.

Given the encouraging global outlook for the O&G industry, and based on the average oil price of US$95 per barrel for financial year 2013 as well as anticipated flow of new O&G projects, we are bullish on the offshore crane segment for financial year 2013 and 2014.

Affin upbeat on Hai-O MLM division

The Star Online > Business
Friday April 5, 2013
Affin upbeat on Hai-O MLM division

Analyst Reports
By Affin Investment Back
Buy (upgrade)
Target Price: RM2.98

WE came away positive from our meeting with management on Hai-O's prospects.

Although third quarter 2013 net profit of RM11mil is still far from its hey day of RM15mil to RM20mil in financial year 2009 to 2010, we note that the company's new strategy of focusing on higher margin products (eg foundation garments) developing new operating structure for its multi-level-marketing (MLM) division is bearing fruit.

高息股成避風塘 領匯創新高

高息股成避風塘 領匯創新高
電盈5厘息 逆市大升4%


Created 04/04/2013 - 18:44




Created 04/04/2013 - 18:31

該公司董事經理胡善正與IBM簽署雲端智慧方案(Smart Cloud Solutions)合約儀式後表示,此方案將擴大企業客源及強化該業務收入,為中小型企業提供安全及成本撙節的附加值服務。


Semiconductors - A Flattish February

Semiconductors - A Flattish February
Global semiconductor sales inched up by 2% y-o-y in February while the semiconductor equipment industry’s book-to-bill ratio stayed above parity. Our outlook on the industry remains unchanged. Maintain NEUTRAL on MPI and Unisem.

Fourth straight month of growth. Recent data from the Semiconductor Industry Association (SIA) showed that February global chip sales ticked up by only a mere 2% y-o-y to USD23.3bn, which although tepid, marks the fourth consecutive month of growth. During the m onth, the Americas and Asia Pacific continued to be the leading contributors of semiconductor sales (+2% and +7% y-o-y respectively), while Europe and Japan were the laggards (-2% and -16% y-o-y respectively). YTD, global sales also perked up marginally – by 3% y-o-y – which was slightly below the full-year 2013 forecast of 4% y-o-y, according to World Semiconductor Trade Statistics (WSTS).

Frasers Centrepoint Trust: Downgrade to HOLD - fair value hit (OCBC)

Frasers Centrepoint Trust:
Fair value S$2.13
add: 12m dividend forecast S$0.11
versus: Current price S$2.14

Downgrade to HOLD - fair value hit
• Good news priced in
• Trading at premium to peers
• Switch to CapitaMall Trust

Frasers Centrepoint Trust (FCT) has enjoyed a good run-up in its unit price, clocking a 7.0% return YTD and 40.8% return YoY. This compares significantly to the 5.7% YTD and 31.4% YoY increase seen by the FTSE ST REIT Index.

Hai-O Enterprise Bhd - 3Q13 results beat expectations

Hai-O Enterprise Bhd -
Price Target:2.90
Last Price:2.40
3Q13 results beat expectations

Period  3Q13/9MFY13

Actual vs. Expectations  The 9M13 net profit (NP) of RM37.3m came in above both the street’s estimate and our forecast of RM39.8m, making up 93.7% of the estimates. This was mainly due to the higher-than-expected other income number. However, the revenue was in line with our forecast of RM259.3m, making up 75% of the number.

Dividends  No dividend was declared for the quarter.

中國海洋石油 (0883.HK) - 維持增持評級(輝立証券)

推介日期   08-03-13 
建議時股價$ 14.660
目標價$ 16.700

中國海洋石油 (0883.HK) - 維持增持評級



比亞迪股份 (1211.HK) - 2013年將迎來業績拐點(輝立証券)

推介日期   28-03-13 
建議時股價$ 25.150
目標價$ 29.000

比亞迪股份 (1211.HK) - 2013年將迎來業績拐點


公司創立於1995年,現擁有IT,汽車和新能源三大產業,其中IT零部件包括二次充電電池和手機部件及組裝。公司2003年1月通過收購秦川汽車進入汽車製造業,2007年12月將手機部件、模組及組裝業務分拆旗下比亞迪電子(285 HK)於香港主板獨立上市。新能源方面,公司推出太陽能電站、儲能電站、電動車、LED等。

Iskandar Malaysia: Unveiling The Opportunities - Sunway (UOBKH)

Share Price RM2.78
Target Price RM3.48

Sunway is a leading construction company and property developer in Malaysia. The leading regional property and construction group has a presence in Malaysia, Singapore and China. Sunway is also one of the largest landbank owners in Iskandar Malaysia (IM).

• Still a laggard. Sunway now owns 1,770 acres of land in IM, boasting a potential GDV of RM30b spanning 17 years. As Sunway is one of the largest landowners in IM, we view it as a laggard despite its impressive run-up over the past quarter.

Iskandar Malaysia: Unveiling The Opportunities (UOBKH)

Iskandar Malaysia:
Unveiling The Opportunities

We expect the Iskandar Malaysia (IM) theme to gain further momentum, driven by robust foreign and local participation. With some IM theme proxies like  UEM Land and Dijaya Corporation (Dijaya) having performed impressively, we expect laggard beneficiaries such as Sunway and Eastern & Oriental (E&O) to outperform peers soon. Key Singapore beneficiaries include CapitaLand, Low Keng Huat and Wee Hur Holdings.

DBS Eyeing HDB loans (RHB)

Target SGD17.2
Previous SGD15.0
Eyeing HDB loans

DBS’ HDB loan initiative reflects renewed interest in housing? DBS has launched a floating rate home loan for HDB flat buyers which caps interest at 2.5% for the first 10 years – 0.1% below HDB’s 2.6% concessionary rate. The interest rate for the first 10 years will be 3-month SIBOR plus 1.38%. We believe this will attract buyers who are concerned with future rises in interest rates.

Globetronics: Reaffirming Our Positive View

Globetronics Technology Bhd -
Reaffirming Our Positive View

Following our recent meeting with Globetronics' management, we reaffirm our positive view on the company's prospects for the next two years. As its sensor manufacturing segment is making good progress, we expect its full-year contribution to boost the group's FY13 revenue. In addition, the company is co-developing new sensor devices with its clients. With its outlook intact going forward, Globetronics' FY13 earnings will be underpinned by firm demand for smartphones and tablets, new orders from its Swiss and Japanese clients and organic growth from existing clients. Maintain BUY on Globetronics, with a FV of RM2.08, pegged to the stock's 5-year average PER of 11.6x.

SMRT: Cutting Target Price On Profit Warning (RHB)

SMRT: Cutting Target Price On Profit Warning
 (SELL, S$1.54, TP: S$1.37)

SMRT has announced that it is expecting to report a net loss for 4QFY13 due to deteriorating profitability as well as a SGD17m impairment of goodwill in its associate Shenzhen ZONA Transportation Group. We are lowering our FY13 and FY14 earnings by 21.1% and 7.2% respectively. Maintain SELL with lower TP of SGD1.37 (from SGD1.43 previously) based on DCF. This implies a FY14 P/E of 19.9x.


Created 04/04/2013 - 11:44





Created 04/04/2013 - 10:06



Created 04/03/2013 - 18:35


Macquarie’s fund rises on pay TV listing plans

Macquarie’s fund rises on pay TV listing plans
THURSDAY, 04 APRIL 2013 12:02.

Macquarie International Infrastructure Fund rose the most in more than three months on plans to list cable television operator Taiwan Broadband Communications Co. on the Singapore stock exchange.

The shares gained as much as 4.4% to 60 cents, set for the biggest increase since Dec. 18, and traded at 58.5 cents as of 10:58 a.m. in Singapore. The stock sale comes as it considers divesting its 47.5% stake in Taiwan Broadband to the trustee manager of Asian Pay Television Trust, which has obtained a preliminary approval to list on the Singapore bourse, it said.

曾淵滄專欄 05.04.13:銀娛貴抑或嘉國抵

曾淵滄專欄:銀娛貴抑或嘉國抵 - 曾淵滄




Created 04/04/2013 - 11:02



Gold's Fundamentals Remain Attractive

Fear of Federal Reserve Phasing Out QE: Marinelli

Marc Faber: US Stocks Could 'Crash' This Year

Stock in 60 Seconds: Facebook

90 Seconds with Art Cashin: Sell in May Go Away?

上半年银行不良率恐继续增加 拐点或于下半年出现

高盛维持苹果买入评级不变 苹果或在下半年推低端手机

Thursday, April 4, 2013

国会解散 综指戏剧性起伏 马股全天来回60点

国会解散 综指戏剧性起伏 马股全天来回60点


放眼增产再生能源 Cypark下半年营收看涨

放眼增产再生能源 Cypark下半年营收看涨
Created 04/03/2013 - 21:19



推动宽频数据业务 立通携手马电讯批发以太网

推动宽频数据业务 立通携手马电讯批发以太网
Created 04/03/2013 - 21:21
(吉隆坡3日讯)为了进一步推动数据业务,立通国际(Redtone,0032,创业板)再与马电讯(TM,4863,主板贸服股)携手合作推出批发以太网交易(Wholesale Ethernet Deal)。



购兴浓表现佳 产业股选后料上修

购兴浓表现佳 产业股选后料上修
Created 04/04/2013 - 12:55



谁主布城不影响政府工程 马股选后涨潮追落差

谁主布城不影响政府工程 马股选后涨潮追落差
Created 04/04/2013 - 09:07



Parliament dissolution gives clearer stock market direction; players, analysts remain cautious

The Star Online > Business
Thursday April 4, 2013
Parliament dissolution gives clearer stock market direction; players, analysts remain cautious


ECS to work with IBM on smartCloud

ECS to work with IBM on smartCloud


ECS Pericomp Sdn Bhd, a subsidiary of ECS ICT Bhd, today entered into a partnership agreement with IBM to deliver the latter's SmartCloud cloud computing solutions for enterprises.

IBM Malaysia Managing Director Paul Moung said the SmartCloud Solution is optimised for mission-critical enterprise workloads with the scalable flexibility of a public cloud.

"We see a growing demand for cloud computing solutions in Malaysia. IBM's research shows that cloud yields from 25 to 30 per cent or more in savings for organisations, thus shifting investment from maintaining infrastructure to pursuing new projects while reducing cost," he told reporters after the signing ceremony.


Created 04/03/2013 - 17:25


MIDF研究表示,該集團上述兩個商場設在仰光的FMI中心,預期2013年4月或5月開張,位於印尼Bekasi的Metropolitan Grand的廣場則可能在6月啟業。


Created 04/03/2013 - 18:30

興業研究估計,整棟銷售、Binjai 8及One@Bukit Ceylon高利潤銷售支撐,UOA發展首季盈利將走高,銷售料達到9億令吉,加上次季推出發展總值13億令吉辦公及住宅產業貢獻,今年20億令吉銷售預測可達標。


3月底期满 政府评估中 马熔锡印尼采锡未续约

3月底期满 政府评估中 马熔锡印尼采锡未续约
Created 04/03/2013 - 12:31

马熔锡机构持有75%股权的PT Koba Tin,在印尼进行的锡矿开采合约,已在今年3月31日期满并失效。

目前,PT Koba Tin正寻求与印尼政府探讨续约问题。

Globetronics: Ended On A Strong Note (OSK)

Globetronics Technology Bhd
Target RM2.08
Previous RM1.91
Price  RM1.74

 Ended On A Strong Note
Globetronics’ FY12 results were above our and consensus forecasts, with its RM41.3m net earnings accounting for 107.2%/111.0% of our and street estimates. The group’s FY12 EBIT margin improved to 15.9% from 10.8% in FY11. The better performance was driven by stronger sales in Malaysia and Singapore, as well as a disposal gain from its Jitra plant. We expect a 25% sales contribution from the group’s sensor manufacturing segment for FY13, which is set to be its fourth growth engine. We are maintaining our BUY call on Globetronics with a revised fair value of RM2.08, pegged to a higher projected FY13 EPS of 17.9sen, based on its 5-year average PER of 11.6x.

Iskandar Malaysia: Unveiling The Opportunities-CapitaLand (UOBKH)

Share Price S$3.54
Target Price S$4.41

CapitaLand is one of the largest listed real estate companies in Asia with an asset value of S$33.4b (excluding treasury cash) as at Jun 12. Its core businesses in real estate, hospitality and real estate financial services focus on gateway cities in Asia- Pacific, Europe and the Middle East. The company’s real estate and hospitality portfolio spans more than 90 cities in over 20 countries. Listed subsidiaries and associates include CapitaMalls Asia, The Ascott Group, Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust and Quill Capita Trust.

YTL Power : A Potential Price Floor (MIB)

YTL Power International
Share price: MYR1.48
Target price: MYR1.70 (from MYR1.80)
A Potential Price Floor

Limited downside risk. The resumption of share buy-backs suggests a price floor may have been found. The group faces operational headwinds, but we think this is unlikely to have a material impact on share price performance. Recent corporate actions are supportive of an eventual share swap, thus we reiterate our BUY rating on YTLP. The stock risks becoming a value trap if no privatisation offer is made.

Cambridge Industrial Trust: Immense Value Within (DBSV)

Cambridge Industrial Trust
BUY S$0.79
STI : 3307.58
Price Target : 12-Month S$ 0.93 (Prev S$ 0.75)
Immense Value Within

• Unlocking hidden value in its portfolio
• Sale of Lam Soon Building to result in potential substantial gains
• BUY, TP raised to S$0.93

Hidden value to be extracted in its portfolio. The coming few years could be transformational for Cambridge REIT (CREIT). With a number of its the master leases rolling off, we believe it is an opportune time for CREIT to relook at potential re-development or asset enhancement plans within its portfolio, which can potentially reap a further 2.6m sqft GFA.

Singapore Hospitality: Still flying high (DBSV)

Singapore Hospitality
Still flying high

• Qantas-Emirates re-routing kangaroo routes from Changi Airport to Dubai
• Minimal implications on Changi Airport operations and Singapore Hospitality sector

Qantas re-routing kangaroo routes via Singapore to Dubai more of a headline grabber. Qantas website indicates that it has re-routed its kangaroo routes via Singapore to Dubai from 31 Mar, as part of its new alliance with Emirates. This move has led some investors wondering about the impact on Changi Airport, Singapore's tourism, Singapore Airlines (SIA) as well as SIA Eng and SATS. Our thoughts and assertions are:

SMRT : Profit warning of loss in 4QFY13E (Phillip)

SMRT Corporation Ltd
Target Price (SGD) 1.20
- Previous Target Price (SGD) 1.41
Closing Price (SGD) 1.58
Profit warning of loss in 4QFY13E

SMRT is a multi-modal land transport operator with exposures to various modes of operations, including rail, bus & taxi services. A significant part of its profits are generated from its ancillary businesses, such as advertising & rental of commercial spaces.
• Profit warning of a loss for 4QFY13E.
• Impairment charge on goodwill of S$17mn.
• Other cost items could also be higher than usual.

Midas Holdings: Potential to secure more orders (RHB)

Midas Holdings: Potential to secure more orders
(BUY, S$0.52, TP: S$0.75)

We recently hosted Midas on a roadshow in Singapore. Highlights are: Management indicated that 1H13 will be challenging, but 2H could be stronger if things pick up. Visibility on how soon the Chinese government will award high-speed rail contracts remains low, but management is optimistic of the government’s commitment. Asian countries are planning to improve their connectivity by building highspeed railways to neighbouring countries and Midas is in a good position to ride on this trend. Maintain BUY with a TP of SGD0.75, based on 1.5x FY13 P/B.

STX OSV :A Bargain Hunt; (MKE)

STX OSV Holdings
Buy (new)
Share price: SGD1.23
Target price: SGD1.66 (new)
A Bargain Hunt; Initiate with BUY

 A steal at current price. We initiate coverage on STX OSV (VARD) with a Buy and TP of SGD1.66, pegged to 9x PER on average FY13-15F earnings. As a quality Norwegian shipyard with a niche in high specification offshore support vessels (OSV), VARD deserves to trade at a premium to Asian OSV yards. The conclusion of its sale to Fincantieri Group removes the overhang on share price, while recovering OSV orders will support an earnings turnaround. With a potential capital upside of 35% and FY13F dividend yield of 4.9% (which can rise to 7.3% in FY15F), the stock is a steal.

Sheng Siong: Dominating the budget segment (CIMB)

Sheng Siong
Current S$0.65
Target S$0.75
Dominating the budget segment

 Shop n Save’s 57 stores will be re-branded into Giant stores from today. Dairy Farm’s retreat from the budget segment highlights Sheng Siong’s competitive positioning in this space.

We upgrade to Outperform (from Neutral) on evidence of Sheng Siong’s dominance in the budget segment. Our estimates are maintained. We raise our target price, which is based on a higher applied multiple of 23x CY14 P/E (previously 18x) on a 5% discount to Dairy Farm (previously 20%). We see catalysts as earnings delivery from new stores and continued store expansion.

Overseas Union Enterprise: Revival of assets spin-off (Phillip)

Overseas Union Enterprise Ltd
Target Price (SGD) 3.24
- Previous Target Price (SGD) 3.07
Closing Price (SGD) 3.07
Revival of assets spin-off

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

• Revival of hospitality REIT plan a positive note
• Move could strategically unlock asset value while remaining as a substantial shareholder and asset manager
• Net proceeds give rise to potential of special dividend payout
• Maintain Accumulate with higher fair value of $3.24


Created 04/03/2013 - 12:27





Created 04/03/2013 - 17:30




記者:高明輝 林 靜


Malaysia Smelting Corp rallies on Indon ops

The Star Online > Business
Wednesday April 3, 2013
Malaysia Smelting Corp rallies on Indon ops

Its Indonesian unit given permission to temporarily extend operations


PETALING JAYA: Malaysia Smelting Corp Bhd (MSC) shares, which was voluntarily suspended in late morning on Monday ahead of details about its Indonesian operations, surged 20 sen, representing a 6.45% jump, to RM3.30 with 253,000 shares traded.


招行:整體資產質量仍相對穩定   [2013-04-03]

香港文匯報訊 (記者 陳遠威) 招商銀行(3968)去年不良貸款率上升0.05個百分點至0.61%,不良貸款餘額增加25.21億元(人民幣,下同)至116.94億元。招行副行長張光華昨於發布會上表示,去年零售貸款壞賬增加,令不良貸款略有上升,未來或隨經濟周期及個別地區和行業情況而有影響,但整體資產質量仍相對穩定,相信不良貸款率仍可維持在健康水平。




工行昨天與台灣永豐金融控股和永豐商業銀行(由永豐金控全資擁有)簽署認購協議,工行將認購永豐金控或永豐銀行 (見圖)以私募方式發行的新股,交易完成後,工行將持有對方公司20%的股份。





ICBC Seeks 20% Stake in Taiwan's Sinopac



India: Asia's Biggest Risk

Looking for Cheap Stocks? What Shanghai Offers

Tech Wars: Apple Down 17% YTD

Wednesday, April 3, 2013

MSC updates Bursa on Indonesian unit contract

MSC updates Bursa on Indonesian unit contract


KUALA LUMPUR: Malaysia Smelting Corp Bhd (MSC) reiterates that its mining and smelting investment in Indonesia will be adversely affected if it fails to get a contract extension there.

The Indonesian government is still evaluating the contract extension of MSC's 75 per cent-owned PT Koba Tin.

Although the contract expired on March 31 this year, PT Koba is still allowed to undertake production operations up to a maximum of three months from Monday, pending the evaluation.

REDtone ‘widens coverage’ by signing wholesale ethernet agreement with TM

REDtone ‘widens coverage’ by signing wholesale ethernet agreement with TM
Business & Markets 2013

Written by Bernama  
Wednesday, 03 April 2013 10:31

KUALA LUMPUR: REDTONE INTERNATIONAL BHD [], which eyes RM80 million in data revenue this year, has teamed up with TELEKOM MALAYSIA BHD [] (TM) in a wholesale ethernet deal.

In a joint statement yesterday, the companies said the agreement will provide REDtone instant access to all of TM’s Metro-E infrastructure nationwide.

BToto revisiting its FY13 dividend policy, again

BToto revisiting its FY13 dividend policy, again
Business & Markets 2013

Written by  
Wednesday, 03 April 2013 11:12

(April 2, RM4.32)
Maintain neutral at RM4.14 with a target price of RM3.95: On April 1, Berjaya Sports Toto (BToto) declared a third interim dividend of eight sen per share (DPS) for 2013 financial year ending April (FY13).

This brings the total DPS declared for the first nine months of FY13 to 24 sen, representing a payout ratio of 103.2%.

REDtone, TM sign ethernet deal

The Star Online > Business
Wednesday April 3, 2013
REDtone, TM sign ethernet deal

KUALA LUMPUR: REDtone International Bhd, which eyes RM80mil in data revenue this year, has teamed up with Telekom Malaysia Bhd (TM) in a wholesale ethernet deal.

In a joint statement yesterday, the companies said the agreement would provide REDtone instant access to all TM’s Metro-E infrastructure nationwide.

“The collaboration is set to widen REDtone’s coverage for its data and broadband services and strengthen its grasp in the corporate and small medium industries/small medium enterprises segment where its data solutions are targeted at,” it said.

財智語陸: 港股見底否 可睇內銀 - 陳永陸

財智語陸: 港股見底否 可睇內銀 - 陳永陸



易城購物街完工 華陽正式跨足商場房產

易城購物街完工 華陽正式跨足商場房產

(吉隆坡2日訊)華陽(HUAYANG,5062,主要板房產)近期完成位于雪蘭莪州斯里肯邦安的易城購物街(Street Mall @ One South),意味著正式跨入商場行列,為長達30多年的企業歷史中寫下重要的一頁。



政治局势乐观 马股选后將收復失地

政治局势乐观 马股选后將收復失地






吉隆坡2日讯)隨著马熔锡机构(MSC,5916,主板工业股)旗下印尼子公司科巴锡(PT Koba Tin)的续约问题悬而未决,分析员奉劝投资者宜作好最坏的打算,即续约遇阻,將导致马熔锡机构或面临逾1亿令吉的减损。



Dry bulk shipping : Confidence in the shipping sector is rising (CIMB)

Dry bulk shipping
Bulk rates across the various shipping segments, with the exception of handysizes, fell slightly amidst light activity in the market. Average rates fell 2.6-6.1%, while handysize rates gained 0.9% wow. China's appetite for iron ore imports has yet to pick up, despite ore inventories hovering close to a four-year low. This is attributed to weaker steel demand, low steel prices, and high rebar inventory. In addition, iron ore prices are trading at relatively high levels, currently around US$136/ton, which is deterring steel mills from heavily restocking the raw material.

China Merchants Bank: Surprise hike in dividend (CIMB)

China Merchants Bank
Current HK$16.44
Target HK$17.57
Surprise hike in dividend

 A rise in dividend payout from 25% to 30.0% was the biggest surprise in CMB’s results announcement, which added colour to the pre-results announcement in early Mar. We question whether CMB can afford the higher payout given its weak capital ratios and delayed rights issue.

FY12 (pre-announced) net profit was 0.3% above our forecast. Comparisons with consensus are not meaningful given the pre-announcement. We cut FY13 EPS by 11% and FY14 by 9% for lower fee growth of 20% (prev. 22%) and lower NIM for FY14. Our GGM-derived target (1.16x P/BV) falls to HK$17.57. We reiterate our Neutral rating.

Nam Cheong Ltd: US$72m contract for six vessels (OCBC)

Nam Cheong Ltd:
Fair value S$0.30
add: 12m dividend forecast S$0.005
versus: Current price S$0.27

US$72m contract for six vessels
• Two AHTS to Icon Offshore Berhad
• Four ERRVs for deployment in the North Sea
• Buoyant industry outlook

Nam Cheong Ltd announced that it has sold six vessels worth a total of US$72.1m to two of its existing customers. Two 5,150 bhps Anchor Handing Towing Supply (AHTS) vessels were sold to Icon Offshore Berhad, one of Malaysia’s largest OSV group, while four Emergency Response and Rescue Vessels (ERRVs) were sold to a Singapore-based company that provides ship management and chartering services. The six vessels will be built in one of its sub-contracted yards in China with expected deliveries between 2Q13 and 4Q14.

Fufeng Group: MSG to bottom out in 2H13 (CIMB)

Fufeng Group
Current HK$2.77
Target HK$3.90
MSG to bottom out in 2H13

 FY12 net profit dropped 29% yoy and was 8.5% behind our forecast due to a higher expenses ratio and finance costs. We expect MSG prices to rebound to Rmb7,500/t in 2H13 as industry consolidation is coming to a close. Xanthan gum would contribute 65% net profit in FY13.

We cut FY13-14 earnings by 10% to reflect weaker MSG prices, a higher distribution cost/sales ratio and increase in finance costs. We maintain Outperform due to a positive outlook for xanthan gum and the bottoming of MSG prices in 1H13. Our DCF-based target price was diluted to HK$3.9 given the one-for-five rights issue.

Noble Group: A great bargain (CIMB)

Noble Group
Current S$1.22
Target S$1.47
A great bargain

Slower economic activity, heightened risk aversion and earnings disappointments have pinned Noble’s share price near to all-time lows. The IMF now projects an acceleration of global growth in 2013-2014, suggesting that Noble’s fortunes could be turning.

Against a backdrop of low expectations and low ownership, any positives from earnings surprises and a return of risk appetites could spark Noble’s rerating. We maintain our Outperform rating, EPS estimates and target price (10.1x CY14 P/E, 0.5SD below the 5-year mean).

Food Empire - Key roadshow takeaways

Food Empire -
Target SGD0.84
Previous SGD0.84
Price SGD0.66
Key roadshow takeaways

We recently hosted Food Empire for a roadshow in Singapore. Among the key takeaways are: 1) Management has turned more bullish in terms of topline growth, 2) Backward integration plans are on track and should come on-stream in 3Q13. While we raise our FY13/14 revenue growth projections to 17%/21%, our earnings remain largely unchanged as we take into account higher depreciation and start-up costs. We continue to like the firm for its dominant position in Russia and Eastern Europe. Re-iterate BUY with an unchanged TP of SGD0.84. This translates into 16x FY13F P/E vs Super Group which is trading at 26x.

Agricultural Bank of China 2012: Slightly Below Consensus But Stronger Growth To Continue (UOBKH)

Agricultural Bank of China (1288 HK)
Share Price HK$3.78
Target Price HK$4.60
2012: Slightly Below Consensus But Stronger Growth To Continue

Earnings missed consensus by 2.4% but this was largely due to conservative provisions made in 4Q12. Fundamentally, results were strong with qoq NIM expansion, increased coverage ratio and better utilisation of its liquid balance sheet through LDR expansion. We forecast that ABC will continue to deliver faster growth vs Big 4 peers. Maintain BUY with a target price of HK$4.60.

Sunway : A Prelude To Bigger Ambitions (UOBKH)

Sunway Berhad
Share Price RM2.78
Target Price RM3.48
A Prelude To Bigger Ambitions

Being one of the largest landowners in Iskandar with about 1,770 acres with a projected GDV of RM30b, we believe Sunway could replicate similar success in their Sunway township in Iskandar. On another note, Sunway intends to pay out dividends semi-annually to reward shareholders, which we view as positive. We remove our 10% discount to SOTP with a revised target price of RM3.48. Maintain BUY.

Failure of STX Pan Ocean sale? (CIMB)

 Failure of STX Pan Ocean sale?
TradeWinds reported that the proposed disposal of a 35% stake in STX Pan Ocean by STX Corp has failed to attract suitable bids, and that Korea Development Bank may have to eventually buy the stake in order to inject cash into its troubled parent.

 As a result, after rising from W2,810 to a high of W6,100 on 30 Jan, the share price has corrected 35% to W3,970, and we expect it to correct another 25% to our target price of W2,960 (S$3.30), which incidentally, is close to its early-Dec lows. STX Pan Ocean is our top Underperform in our coverage universe, with Pacific Basin as our top pick. We are Neutral on the shipping sector overall.

REIT Sector Still outperform the benchmark! (Phillip)

REIT Sector
Still outperform the benchmark!
Sector Overview
• The Real Estate Investment Trust (REIT) Sector in our Singapore coverage consists of 26 REITs listed on Singapore exchange with a market capitalization of USD46

• Year-to-date, S-REIT continued to beat the broad market (4.6%) by a margin, registering price return of 5.2%

• S-REIT yield spread and forward dividend yield remain appealing compared to some developed REIT markets




拉昔胡申研究相信,房產信託股在去年创下新高后,这股涨势可持续,预计今年表现仍可超越大市5%。虽然股价已走高,但拉昔胡申研究分析员艾拉(Alia Arwina)表示房產信託在全国大选后可维持在高点。



曾淵滄專欄:好壞消息要逆向思維 - 曾淵滄




Created 04/02/2013 - 12:08



政局明朗带动 股匯齐创新高

政局明朗带动 股匯齐创新高




Created 04/02/2013 - 18:37






Created 04/02/2013 - 17:26




How High Will the Stock Market Climb?

Buying Up Japanese Property at Bargain Prices

Stock in 60 Seconds: Apple

China Equity Market Still Attractive: Expert

Don't Get Carried Away By China Data Pick-Up: Pro

Is the Housing Crisis Really Over?

Tuesday, April 2, 2013

印尼業務不樂觀 馬熔錫反漲20仙

印尼業務不樂觀 馬熔錫反漲20仙


 該公司配合持股75%印尼子公司Koba Tin延長合約事宜,昨日早盤停牌,今早10時復牌時,揚10仙以3.20令吉報開,交易近1個小時半,漲幅擴大至起15仙,寫全日新高3.25令吉。


This is just the beginning for Cypark

This is just the beginning for Cypark
Business & Markets 2013

Written by  
Tuesday, 02 April 2013 09:41

(April 1, RM1.61)

Maintain outperform at RM1.62 with a target price of RM2.82: Cypark remains an “outperform” with an unchanged discounted cash flow-based (Re: 11.7%) target price. No dividends are expected. The stock could be catalysed by the successful roll-out of new renewable energy (RE) projects and the signing of the Ladang Tanah Merah landfill concession.

RHB keeps ‘sell’ on MSC after raising its liabilities

RHB keeps ‘sell’ on MSC after raising its liabilities
Business & Markets 2013

Written by Shalini Kumar of  
Tuesday, 02 April 2013 12:10

KUALA LUMPUR (Apr 2): RHB Research is maintaining its ‘sell’ rating on Malaysia Smelting Corp Bhd (MSC), with a target price of RM2.77, following the company’s announcement that it is still waiting for the Indonesian government to evaluate its works contract extension.

MSC told Bursa Malaysia this morning that the company has received notification from the Indonesia government that it is still evaluating the company’s application for the extension of PT Koba Tin’s contract of work (CoW), which expired on 31 March 2013.

Malaysia Smelting Indonesia tin-mining contract yet to be renewed

Malaysia Smelting Indonesia tin-mining contract yet to be renewed
Business & Markets 2013

Written by Chong Jin Hun of  
Tuesday, 02 April 2013 10:34

KUALA LUMPUR (April 2): Malaysia Smelting Corp Bhd (MSC) says the Indonesian government has yet to renew the tin-mining contract of the company's 75%-owned subsidiary PT Koba Tin. The work contract had expired last Sunday (March 31).

In a statement to Bursa Malaysia today, MSC said PT Koba Tin has received notification from authorities there that they are still evaluating the possibility of extending the contract.

拨3亿资本开销 双威产托5月装修八佰伴

拨3亿资本开销 双威产托5月装修八佰伴
Created 04/02/2013 - 11:16

双威产托管理私人有限公司有意从资本开销拨出3亿令吉,全面整修如今已命名为Sunway Putra Place(简称SPP)的零售商场,並估计在2015年首季重新开张,成为“城市生活时尚商场”。



Created 04/01/2013 - 17:27


BToto declares eight sen interim dividend

The Star Online > Business
Tuesday April 2, 2013
BToto declares eight sen interim dividend

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) has declared a third interim cash dividend of eight sen per share for the financial year (FY) ending April 30, 2013.

With the declaration, the quantum of the total dividends declared to-date for FY2013 is RM319.4mil, equivalent to about 103.2% of the attributable group profit for the nine months to Jan 31, 2013.

森德综合 长城产能带动下半年

森德综合 长城产能带动下半年
Created 03/29/2013 - 12:05



展望好高贝他股次季看俏 宜趁低吸纳估值诱人股

展望好高贝他股次季看俏 宜趁低吸纳估值诱人股
Created 04/02/2013 - 08:06


ICBC: Another solid quarter (CIMB)

Current HK$5.45
Target HK$6.43
Another solid quarter

 ICBC reported another solid quarter. Yet, management’s cautious outlook on NIMs and its Rmb loan growth drive our earnings and target price somewhat lower. In spite of these changes, we reiterate our Outperform rating for ICBC which remains one of our top picks.

FY12 net profit of Rmb238.5bn was in line at 1.2% above our forecast and 2.8% above consensus. 4Q12 net profit of Rmb52.9bn was 5.5% above our forecast on higher non-interest revenue. We cut our FY13-14 EPS by 3-10% on lower NIMs, lower loan growth and fees, but partly offset by lower loan provisions. We cut our GGM-derived target price to HK$6.43 for a 1.42x FY13 P/BV. Better NIM and asset quality are catalysts.

Noble Group: Leaner Is Better (KE)

Noble Group
Share price: SGD1.21
Target price: SGD1.53 (from SGD1.48)
Leaner Is Better

A leaner Noble. We are positive on Noble’s new strategic direction to become a leaner version of its former self. We think the key drives over the next 12-24 months will remain 1) strengthening its balance sheet, 2) reducing overhead costs and 3) refocusing on its role as an independent middleman between commodity producers and customers. We believe some of these will bear fruits in the near-term, which may provide an upward lift to earnings.

Mapletree Industrial Trust: Winning a sweet deal (DBSV)

Mapletree Industrial Trust:
HOLD  S$1.395;
Winning a sweet deal;
Price Target : 12-Month S$1.46 (Prev S$ 1.43)

•‘Built-to-suit’ project with quality earnings
•Good returns with accretion to distributions
•HOLD, TPS$ 1.46

Built-to-suit project for Equinix Singapore. Mapletree Industrial Trust
(MINT) announced an agreement to develop a ‘built-to-suit’ facility for Equinix Singapore, a 7 storey, high specification property located in One-North (land allocated by JTC) which will primarily be used as a data centre. On completion, Equinix will sign a long term lease of 20 years with step-ups and further renewal options.  Equinix have an option to enhance and add additional infrastructure at two floors of this proposed faclity where additional rent will be payable.


Fair value S$1.38
add: 12m dividend forecast S$0.00
versus: Current price S$1.21

• Rate hikes to come off stable bases
• Industry cautiously optimistic despite supply overhang
• NOL turnaround still ongoing

Overall 1Q rates okay despite jitters
Despite the constant reminders of lingering economic uncertainty, the Shanghai Containerised Freight Index has stayed within a tight band (1,073-1,246) since the start of CY2013.

Nam Cheong: Closing 1QFY13 With Massive Win (RHB)

Nam Cheong: Closing 1QFY13 With Massive Win
(BUY, S$0.26, TP: S$0.35)
Nam Cheong announced that it has won a USD72.1m contract for six vessels – two anchor handling tug supply vessels (AHTS) and four emergency response and rescue vessels (ERRVs). While the AHTS were within our shipbuilding model, the four ERRVs are a pleasant surprise.

With an extremely strong orderbook, Nam Cheong is a growth stock at value multiples. We raise our TP from SGD0.34 to SGD0.35.

Parkway Life REIT: Defensive without losing sight of growth (CIMB)

Parkway Life REIT
Current S$2.48
Target S$2.40
Defensive without losing sight of growth

 We recently brought Plife to see investors in Europe. Management articulated moves it undertook to strengthen its portfolio to ensure a sustainable DPU and further strategies to maintain DPU growth. We sense increased optimism about acquisitions this year.

Factoring in higher retained earnings partially offset by higher acquisition accretion, we lower DPUs. Our DDM-based target price (discount rate: 6.7%) is, however, raised after rolling forward valuations. Maintain Neutral for premium valuations with catalysts from higher-than-expected accretion from acquisitions.

CNOOC (883.HK) – Bottoming out (Bocom)

CNOOC (883.HK) – Bottoming out

A “flat 2012” mostly fell within expectation. CNOOC’s 2012 results came in mostly flat from 2011, with revenue increasing 2.8% to Rmb247.6bn, operating profit dropping 3.8% to Rmb87.1bn, and net profit dropping 9.3% to Rmb63.7bn. Net profit missed consensus and our estimate slightly by 2.6% and 1.4%, respectively. The dividend of Rmb0.35/shr is in line with past policy, representing a 24% payout ratio.

2012 production and realized prices did not move the needle from 2011. Unlike in the past years when either CNOOC’s production or realized oil/gas prices made significant movement (such as prices rising 25% and 36% YoY in 2010 and 2011 and production growing by 18% and 45% in 2009 and 2010,

Pavilion Reit - Limited upside, earnings upside have been priced in

Pavilion Reit -
Price Target:1.65
Last Price:1.61
Limited upside, earnings upside have been priced in

- We are downgrading Pavilion REIT (PREIT) to a HOLD, with an unchanged fair value of RM1.65/unit, based on our DCF valuation, given PREIT's limited upside to its share price.

- Following a company visit, we re-iterate our positive stance on PREIT, underpinned by its asset quality and a growing middleclass. This bodes well for PREIT's growth.

Breakdown: Tiger Keeping Up With The Pack

26 MARCH 2013
Breakdown: Tiger Keeping Up With The Pack
By Simeon Ang

The region’s budget airline industry is poised for a huge shake-up after Indonesia’s largest privately run airline, Lion Air, placed a “blockbuster order” for 234 medium-haul jets from Airbus last week. Anshuman Daga from Reuters opined that the order underlined Lion Air’s ambitious plans to mount a serious challenge to the region’s biggest budget airline, AirAsia Bhd.

Lion Air’s challenge was laid bare when it launched its first service into Malaysia, the home ground of AirAsia. With the pace of expansion reaching fever pitch levels, industry watchers have started to question if the budget carriers were overextending themselves.


文: 朱皓翔 (译:麦美莹) 2013年03月22日 企业摘要
当你在读这篇报道时,泰国酿酒(Thai Beverage Public Company)已经加入了海峡时报指数成份股最少有5个交易日。没错,我是说泰国酿酒。

在久违了四年半后,这家专门生产泰象啤酒(Chang Beer)的制造商在3月18日起替代了综合保健控股(IHH Healthcare),加入了海指的大家庭。

Trading in MSC suspended pending details of Indonesian ops

The Star Online > Business
Tuesday April 2, 2013
Trading in MSC suspended pending details of Indonesian ops

KUALA LUMPUR: Trading in the securities of Malaysia Smelting Corp Bhd (MSC) was voluntarily suspended yesterday, pending details of its Indonesian operations.

In a filing with Bursa Malaysia, MSC said the company was still awaiting information on the extension of the contract of work (CoW) for its 75%-owned Indonesian unit PT Koba Tin from the Indonesian authorities.

The contract expired on March 31. PT Timah Tbk, a public-listed Indonesian mining company, is the 25% joint-venture partner with MSC in PT Koba Tin.

Tiong Woon o sell their loss making fabrication yard in Indonesia (Limtan)

S$0.385-TWC SP
 Tiong Woon (a one stop integrated service provider  of cranes and heavy lifting equipment) has entered into a legally binding MOU with Metech Energy Corp to sell their loss making fabrication yard in Indonesia (Bintan).

 The fabrication yard lost $3.8-3.9mln in the last 2 financial years and another $1.3mln for 1H ended Dec ’12 and is expected to be sold for $18mln.

 As the net book value of the loss making yard is about $11.7mln, the exceptional gain is about $6.3mln.

MSC shares suspended at company's request

MSC shares suspended at company's request
By Roziana Hamsawi

TRADING of Malaysia Smelting Corporation Bhd (MSC) shares were suspended late yesterday morning at the company's request as it awaits details of its Indonesian operations.

The company told Bursa Malaysia yesterday that it has yet to get information on the extension of the contract of its 75 per cent-owned Indonesian subsidiary from the Indonesian authorities.

滬深開季反覆 麥博士讚抵買

滬深開季反覆 麥博士讚抵買




曾淵滄專欄:日圓大貶值的陰謀 - 曾淵滄



冷眼心水股系列3:2至5元 11股项供选择

冷眼心水股系列3:2至5元 11股项供选择
Created 04/01/2013 - 09:57





Created 03/31/2013 - 10:43





China Tests its Banks




理财产品大整肃 中小银行“最受伤”

Absolute Research: Is Policy Tightening a Concern for Chinese Equities?

Monday, April 1, 2013


Created 04/01/2013 - 17:24




Created 04/01/2013 - 14:27




Created 04/01/2013 - 10:42



Created 04/01/2013 - 10:56



Created 04/01/2013 - 10:55



Mark Mobius :Cheap China equities are worth a bet

Cheap China equities are worth a bet
Personal Finance

Written by Mark Mobius  
Thursday, 28 March 2013 00:00

CHINA's stock market was a roller coaster in 2012 and investors with a weak stomach for unpredictability probably found the ride unpleasant. It's true that, by many measures, last year's weak market performance in China's A-share market was disappointing, but in a market of this size, the story isn't all good or all bad.

So, unlike the market masses, I remain confident about China's prospects and continue to search for long-term investment opportunities in the country. As the late Sir John Templeton famously said, "The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell."

Relatively attractive yields for Al-Aqar

Relatively attractive yields for Al-Aqar
Business & Markets 2013

Written by Insider Asia  
Monday, 01 April 2013 10:11

Unit prices for Islamic real estate investment trust, Al-Aqar Healthcare REIT, have cooled off since hitting a year high of RM1.74 in September 2012 and are currently hovering around RM1.30. The recent price correction makes its yield more attractive.

The trust reported RM103.4 million in turnover last year, up 22% while income available for distribution grew 12% to RM52.2 million.

Suntec REIT :Suntec City Mall AEI in full gear (KE)

Suntec REIT
Buy (unchanged)
Share price: SGD1.78
Target price: SGD1.90 (from SGD1.81)
Suntec City Mall AEI in full gear

AEI making good progress. Pre-commitments for Suntec City Mall's (SCM) Phase 1 post-AEI leases hit 83% in 4Q12 and we believe most were secured above the targeted SGD12.59 psf/mth. Suntec also reported that 37% of Phase 2 NLA has been pre-committed. We note that Phase 2 AEI for SCM has commenced and the intensity of the refurbishment works could mean that overall AEI works should wrap up as scheduled by 4Q14. We estimate that the largest dip on FY13 DPU will occur in 1Q-2Q13, when Phase 1 new tenants have yet to start paying rentals and Phase 2 old tenants are being vacated for the AEI.

CapitaCommercial Trust: Rise of another icon (RHB)

CapitaCommercial Trust: Rise of another icon
(Neutral, S$1.61, TP: S$1.70)
We visited CapitaGreen’s showroom yesterday morning and were  wowed by its: i) 40th-floor sky garden and restaurant, ii) innovative  technology which directs cool air inwards, and iii) unique dual facade  that cuts solar heat, among others. Set to be CCT’s next growth driver, it offers c. 700,000 sq ft of Grade-A office space and is scheduled to receive its TOP by 4Q14. Due to a dearth of immediate drivers, however, CCT is still a NEUTRAL and its SGD1.70 TP remains unchanged as the contribution from CapitaGreen would only stream in by FY15.

K‐Green Trust: Delivering a predictable stream of cash flows (AM)

K‐Green Trust
Delivering a predictable stream of cash flows

K‐Green Trust (KGT) is structured as a business trust with three assets, specifically waste‐to‐energy incineration plants Senoko plant and Tuas DBOO plant as well as Ulu Pandan plant, which is a NEWater plant. These assets are operated under concession agreements with the NEA and PUB, of which KGT will build and operate the plant for a concession period between 15 and 25 years and subsequently transfer the plant to the governing agencies at the end of the concession period. Such concession arrangements are accounted for as service concession receivables.

Cache Logistics Trust : Building A S$200m War Chest To Fund CWT Hub 3? (UOBKH)

Cache Logistics Trust
Share Price S$1.31
Target Price S$1.45
Building A S$200m War Chest To Fund CWT Hub 3?

Cache announced the private placement of 70m units (9.9%) at an issue price of S$1.24 (4% discount to adjusted VWAP) to raise S$86.8m. Proceeds will be used to fund the earlier announced acquisition of Precise Two (S$57m) and to build a S$200m war chest, which could fund CWT Hub 3 (est. S$170m). Maintain BUY with a lower target of S$1.45 (from S$1.52) after factoring in the 2.3-4.4% DPU dilution.

Thai Beverage : The third cog (CIMB)

Thai Beverage,
Current S$0.61
Target S$0.77
The third cog

 Oishi is already an integral engine of Thai Bev; its combination with F&N and Serm Suk is now being mapped. In a recent company visit, Oishi narrated its aggressive growth plans. We also understood how Serm Suk’s returnable-bottle logistics form a formidable barrier of entry.

Weaker 2012 non-alcoholic earnings were due to temporal factors and is not a concern. We tweak our FY13-14 estimates and raise our SOP target price on a higher target multiple for the non-alcoholic beverage business. Maintain Outperform with catalysts to come from earnings delivery by non-alcoholic beverage division.

CNOOC: Dividend surprise (DBSV)

BUY HK$14.32
HSI : 22,115
Price Target : 12-Month HK$ 18.30 (Prev HK$ 18.90)
Dividend surprise

FY12 result in line, higher-than-expected final DPS of HK$0.32 declared
Growth back-loaded, production to grow 11% p.a. in 2014-2015
Maintain BUY, tweaked DCF-based TP to HK$18.30

Within expectations. FY12 net profit of Rmb63.7bn (-9% y-oy) was at 97-98% of our and consensus forecasts. Overall production gained marginally to 342mmboe (+3% y-o-y) but will likely remain flat this year (DBSV FY13F: 343mmboe vs CNOOC’s guidance of 338-348mmboe). Realised oil price was stable at US$110/bbl in 2012. We expect oil price to average at this level this year as well. Meanwhile, CNOOC made up for the earlier interim dividend disappointment by declaring a higherthan- expected final DPS of HK$0.32, matching last year’s payout ratio of 27%. Overall yield at current share price is 3.3%.

TPV Technology: Time to take profit (CIMB)

TPV Technology
Current HK$2.49
Target HK$2.61
Time to take profit

 4Q12 profit is consistent with consensus forecast but 15% below ours on higher-than-expected opex and effective tax rates. Although good progress has been made to lower TP Vision’s operating costs, we believe the operating environment remains taxing.

FY12 EPS is 5% below our estimate on lower-than-expected 4Q12 earnings. We lower our FY13-14 EPS by 6-7% for higher opex and effective taxes and introduce FY15 numbers. Accordingly, our target price dips, still based on a conservative 0.4x P/BV (30% discount to its 5-year average). Downgrade to Neutral from Outperform following its share-price outperformance, with no immediate catalysts foreseen.

Mapletree Logistics Trust: Second disposal attempt (OCBC)

Mapletree Logistics Trust:
Fair value S$1.25
add: 12m dividend forecast S$0.07
versus: Current price S$1.21

Second disposal attempt
• Sale of Singapore property at S$15.5m
• Transaction likely successful this time
• Potential distribution of disposal gains

Mapletree Logistics Trust (MLT) announced last Friday that it has entered into an option to purchase agreement for the divestment of 30 Woodlands Loop in Singapore at a sale price of S$15.5m.

First Real Estate Investment Trust : Another Two Assets in the Pocket (SIAS)

First Real Estate Investment Trust
Another Two Assets in the Pocket
• Intrinsic Value S$1.305
• Prev Closing Price S$1.305

First Real Estate Investment Trust’s (First REIT) acquisition of another two assets in Indonesia was largely anticipated (refer to our previous update on 25 January 2013), albeit slightly earlier than expected. First REIT just completed the purchase of Siloam Hospitals Manado & Hotel Aryaduta Manado & Siloam Hospitals Makassar in November 2012 and we are much impressed by their execution speed.

CapitaMall Trust :At All The Right Places (KE)

CapitaMall Trust
Share price: SGD2.10
Target price: SGD2.36 (unchanged)
At All The Right Places

Expect more positive news flows. CapitaMall Trust (CMT) has used the bulk of the SGD250m raised via a private placement last November to partially finance the redemption of the SGD300m 2-year retail bonds which matured in February. Nonetheless, we still expect more positive news flows in the following months on new AEI plans, which are most likely to involve Tampines Mall and/or Funan. CMT remains one of our top picks amongst the S-REITs. Reiterate BUY, target price SGD2.36.

Genting Hong Kong: Strong growth trajectory (DBSV)

Genting Hong Kong Ltd
BUY US$0.455/ HK$3.48
STI: 3267.65/ HSI : 22,225.88
Price Target : 12-month US$0.55/ HK$4.24 (prev. US$0.54/HK$4.20)
Strong growth trajectory

• 2H12 results above expectations, all cylinders firing
• Minimal impact from rising competition at Manila Bay, NCL to jump with delivery of newbuilds in 2Q13 onwards
• Maintain Buy, SOP-based TP tweaked to US$0.55/HK$4.24

Above expectations. 2H12 core net profit came in at US$166m (5x of 1H12’s US$33m), bringing full-year earnings to a record US$199m (+25%) – 20% above our and consensus estimates.

大选在即 次季股市严峻考验

大选在即 次季股市严峻考验

大马第13届全国大选纷纷扰扰,从去年演变至今,已成为国人首要关注的大事。在投资情绪与证券市场,大选因素或任何关于大选消息的绘声绘影,总会在大马股市泛起阵阵涟漪。 奈何,国会尚未解散,也预示著不稳定性局面依然会延续下去。







Dry-Bulk Shipping Seen by Jefferies on ‘Cusp’ of Recovery

Dry-Bulk Shipping Seen by Jefferies on ‘Cusp’ of Recovery

Stronger demand for iron ore and coal shipped by sea, led by record monthly steel production in China amid slowing fleet growth, is poised to end a downturn in dry-bulk shipping, said Jefferies Group Inc.
“The dry-bulk shipping market could very well be on the cusp of a sustained, cyclical recovery,” the New York-based investment bank said in a quarterly report e-mailed today.

Fleet growth at 5 percent to 6 percent this year amid increased production of iron ore, a steelmaking raw material, “will likely be insufficient to absorb the incremental demand” by miners in the second half of 2013, Jefferies said. The outlook for the industry is “increasingly attractive,” with global dry-bulk trade estimated to grow by at least 6 percent in 2013, Jefferies said


嚴治理財產品 憂要集資民行跌近8%

Wilbur Ross's Big Bet on the Shipping Industry




Sell In May & Go Away?

《創富激發點》羅家聰: 港股挫內銀受壓

Sunday, March 31, 2013

与银行保健业者洽联营 印度Spice拟进军大马

与银行保健业者洽联营 印度Spice拟进军大马
Created 03/31/2013 - 10:49




益纳利准购Amertron Global

益纳利准购Amertron Global
Created 03/31/2013 - 09:01
(吉隆坡30日讯)益纳利(Inari,0166,创业板)股东通过了Amertron Global公司的提案。

稍早前益纳利宣布,将以3200万美元(约9888万令吉)收购Amertron Global的100%股权。




中央保金融安全 衝擊內銀暴利

中央保金融安全 衝擊內銀暴利


整頓三大隱患 理財產品僅序幕


內銀小股災 4月投資趨保守

港股首季跌1.6% 大幅跑輸美日
內銀小股災 4月投資趨保守
HKET20130329AA10ATL.jpg (600×349)


Muhibbah Engineering: Scarcity value overlooked (DBSV)

Muhibbah Engineering
BUY RM1.17
KLCI : 1,652.83
(Initiate Coverage)
Price Target : 12-Month RM 2.15
Scarcity value overlooked

Scarcity premium as niche O&G contractor
Under-appreciated concession business –Myanmar airport - on the cards
Cheapest proxy to O&G and construction
Initiate coverage with BUY at RM2.15 TP

HELP International: A seasonally slow quarter (CIMB)

HELP International
Current RM1.90
Target RM2.52
 A seasonally slow quarter

HELP’s annualised 1QFY13 net profit, at 37% of our full-year number, is in line with market and our expectations, as 1Q is seasonally a very slow quarter. No interim dividend was declared and this was also within our expectations.

The positive outlook is backed by the opening of HELP's new international school this Sep. We maintain our EPS forecasts and target price, which is still based on a 10% discount to our RNAV forecast. The stock remains an Outperform in light of its strong asset base. Stronger-than-expected registrations for its international school from Sep 2013 onwards could catalyse the stock.
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