Saturday, June 15, 2013

Eye on stock - Freight Management

The Star Online > Business
Saturday June 15, 2013
Eye on stock

LOW-KEY Freight Management Holdings Bhd (FMH), a logistics services provider, recently emerged out of its shell when it announced that it was entering the oil and gas (O&G) industry in a bigger way together with Scomi Energy Services Bhd to jointly acquire, own and operate marine vessels.

FMH has already gained some exposure in the O&G sector by providing warehousing services to oil giant Shell.

After the JV, FMH would be able to provide more services to its oil and gas-related clients and expand its clientele in the O&G sector, RHB Research told its clients in a recent report.

Telecoms industry seen headed for consolidation

The Star Online > Business
Saturday June 15, 2013
Telecoms industry seen headed for consolidation


THERE will come a time when the market is so saturated with a type of service or product that the provider industry will have to, inevitably, slow down, like a giant impeded by its own inertia.

The telecoms industry in Malaysia is currently that giant, its gazelle pace from a few years back moderating into a steady march.

With maturity as the backdrop, analysts are now mostly “neutral” on the sector which is trading at a rich premium compared with the regional peers and has no immediate re-rating catalysts in sight.

Starhill REIT plans to raise up to RM800mil

The Star Online > Business
Saturday June 15, 2013
Starhill REIT plans to raise up to RM800mil

PETALING JAYA: Starhill Real Estate Investment Trust (REIT) has proposed to undergo a placement exercise to raise up to RM800mil to repay some of its borrowings and reduce its gearing level.

In November last year, Starhill REIT primarily financed the acquisitions of the Sydney Harbour Marriott Hotel, Melbourne Marriott Hotel and Brisbane Marriott Hotel along with the business assets of the respective hotels via borrowings.

To accommodate the placement exercise, it has also proposed to increase its existing fund size to a maximum of 2.125 billion units from the current 1.324 billion units.

Lenders ordered by central bank to set aside billions until deficiencies are addressed

By Wong Wei Han- .

SINGAPORE — Bank traders, including those at the three local lenders and at international banking giants such as ING, Royal Bank of Scotland and UBS, have tried to rig benchmark interest rates, the Monetary Authority of Singapore (MAS) said yesterday, following a year-long review that also revealed deficiencies in the way 20 banks operated in the rate-setting process.

A total of 133 traders were found to have made several attempts each to manipulate rates, including the Singapore Interbank Offered Rate (SIBOR) that is used to benchmark many home loans, but there was no conclusive finding that those attempts succeeded, the MAS said.


文: 陈挚文 (译:伍丽芳) 2013年06月14日 企业摘要


根据伯南克(Ben Bernanke)最近发表的声明,美国联储局很可能会开始考虑收紧其货币振兴政策。此消息一出,全球经济随之再度陷入不明朗,而购买新电信(SingTel)这类高获益率的防御性股票似乎是投资者的明智选择。


没有热钱充斥的世界 — 真的会很糟吗?

没有热钱充斥的世界 — 真的会很糟吗?
文: 钟旭光 (译:麦美莹) 2013年06月14日 展望



嘉茂中国商用产业信托(CapitaRetail China Trust)

嘉茂中国商用产业信托(CapitaRetail China Trust)

Muhibbah Engineering (M) - Favelle Favco secured RM161m orders

Muhibbah Engineering (M) -
Price Target:1.63
Last Price:1.42
Favelle Favco secured RM161m orders

News    Yesterday, Muhibbah’s 62%-owned subsidiary, Favelle Favco (Not Rated) announced it has secured crane supply orders worth RM161.1m from 5 different customers (i.e. Keppel Fels Ltd, China Merchants Heavy Industry (Shenzhen) Co Ltd, Marr Contracting Pty Ltd, Jiangsu ZhenJiang Shipyard (Group) Co. Ltd, PPL Shipyard Pte Ltd, and Rongsheng Offshore & Marine Pte Ltd). The cranes are expected to be delivered to the customers in mid to end of 2014.

Comments    Although we are not entirely surprised with the news, we are certainly positive on the new orders as including these jobs, their crane division’s orderbook increased to c.RM806m from c.RM645m previously. Assuming net margin of 9%, these new orders could add another RM9.0m into Muhibbah’s bottomline next year, translating into2 sen/share of EPS.

Press Metal - Phase 2C coming on stream; roll forward to FY14F

Press Metal -
Price Target:3.60
Last Price:2.46
 Phase 2C coming on stream; roll forward to FY14F

-  We re-affirm BUY on Press Metal with higher fair value of RM3.60. The higher fair value reflects:- (i) higher target PE (of 12x from 10x previously) as we roll forward our valuation base to FY14F to capture full-year roll-out of Phase 2 of its capacity extension programme; (ii) higher net profit estimates to reflect higher capacity assumptions from its new Samalaju plant under Phase 2 (i.e. from 240,000 tonnes p.a. to 320,000 tonnes); (iii) introduction of FY15F estimates.

Singapore Nearly Back at an Attractive Entry Level (Citi)

Singapore Nearly Back at an Attractive Entry Level
 Singapore's 10Y government bond yields rise to 5-year average — Yields have risen sharply (Fig 1), reaching just above the 5-year average of 2.1%. Better GDP growth (we recently raised 2013’s GDP forecast to 2.3%, more details in Citi’s economist Wei Zheng Kit’s note Singapore Macro Flash), discussions on the possibility of the US tapering its QE program plus a stronger US$ are likely contributors. While rising 10Y yields have initially caused weakness among REITs and yield stocks in Singapore, recent concerns about the current-account deficit in Indonesia have increased worries. The STI Index has lost nearly 10% in a month and is now flat YTD. Singapore’s economy is linked to Indonesia’s via exports, banking (trade finance, wealth management), property ownership, tourism as well as the medical tourism segment.

United Engineers : Rights issue significantly dilutive (CIMB)

United Engineers  
Rights issue significantly dilutive
UNDERPERFORM - Downgrade |
S$2.81 - Tgt. S$1.92
Property Development |

 UE has proposed a 1-for-1 rights issue to raise proceeds of up to S$490m. The money will be used to pare down debt taken to acquire WBL. The rights are priced at a 48% discount to its last traded price (0.4x P/BV), with significant earnings dilution, in our estimation. We reduce our FY13-15 core EPS by 36-53% to factor in an enlarged share base. Our target price drops accordingly, still based on a 40% discount to RNAV. We downgrade UE to Underperform from Neutral, expecting de-rating catalysts from this event coupled with uncertainties in the restructuring of WBL’s assets.


文: 王秋莹 (译:朱爱伦) 2013年06月14日 展望


曾淵滄-股市资讯专栏 14.06.2013

文: 曾渊沧博士 2013年06月14日 曾渊沧博士专栏


颜子伟: 当前及明显的危险正威胁着牛市脱轨

文: 颜子伟 (译:麦美莹) 2013年06月14日 展望



Friday, June 14, 2013


(吉隆坡14日讯)IOI集团(IOICORP,1961,主板种植股)旗下分拆上市的IOI產业(IOI Properties),预计將可於2016年取得超过25亿令吉的营业额。





Created 06/14/2013 - 10:44




联储局减QE 世行砍预测 亚股暴跌综指泻32点

联储局减QE 世行砍预测 亚股暴跌综指泻32点
Created 06/14/2013 - 07:23



取代杨忠礼电力布米阿马达 沙肯石油马国际船务晋综指股

取代杨忠礼电力布米阿马达 沙肯石油马国际船务晋综指股
Created 06/14/2013 - 08:57




Fair value S$0.54
add: 12m dividend forecast S$0.005
versus: Current price S$0.485

• Strong order wins from JV company
• Seeking to grow its exports business
• BUY rating and S$0.54 FV intact

JV company NPRT on a roll
Midas Holdings’ (Midas) 32.5%-owned JV company Nanjing SR Puzhen Rail Transport (NPRT), which manufactures metro trains in China, recently secured three contracts amounting to ~CNY2.45b (assuming a 70% stake for one of the contracts won together with its consortium partners) within a span of two weeks (29 May to 11 Jun). This entails the supply of a total of 428 train cars, with delivery spread over 2013 to 2016 (Exhibit 2). We believe this highlights the fast growing momentum of China’s metro industry, which is targeted at easing China’s traffic congestion and environmental pollution issues. As Midas is also a key supplier of aluminium alloy extrusion profiles to NPRT, we expect it to strive to win new orders from NPRT. YTD, Midas has already clinched CNY99m worth of contracts from NPRT (for projects which NPRT won last Jul-Sep).


Fair value S$1.23
add: 12m dividend forecast S$0.06
versus: Current price S$1.25

• Share price returns to normalcy
• Still in the midst of transforming
• Good stock to hold

Rise and fall of share price post results
Since our last report on Singapore Post (SingPost) on 6 May 2013, its share price rose about 8.5% to reach S$1.40 in mid May, but fell by an even greater amount (~10%) subsequently to its current price of S$1.25. As mentioned in our earlier report, we expect the stock to be supported by investors seeking yield, given the nature of SingPost’s businesses and consistency of its dividends. However, the strength of its rally (boosted by heightened interest in dividend-yielding instruments such as REITs) took us by surprise, and the subsequent profit-taking by investors has brought the share price down to a range that is supported by fundamentals.

Wilmar : A very challenging 2Q (CS)

Maintain NEUTRAL
Price (11 Jun 13, S$) 3.16
TP (prev. TP S$) 3.81 (3.81)
A very challenging 2Q

● We believe 2Q 2013 will be challenging for Wilmar (results to be announced in mid-August) and we expect all divisions to be under pressure.

● Plantations: Palm oil prices are down 29% YoY. Oilseed: The bird-flu scare has resulted in crush volumes falling by 10-20% YoY. Palm refining margins are deteriorating with new capacities coming on stream. Sugar: the Yellow Canopy syndrome has resulted in less sugar content. Consumer pack: 2Q is a seasonally weak quarter due to the lack of major festivals.

Jaya Holdings: Another Vessel Sold At A Loss? (OSK)

Jaya Holdings: Another Vessel Sold At A Loss?
(SELL, SGD0.59, TP: SGD0.53)

Jaya announced that it had sold its second 16,000 brake horsepower (bhp) Anchor Handling Tug Supply (AHTS) vessel, the Jaya Sovereign, to Atlantic Towing. Our channel checks indicate that the vessel was sold at around USD73m. The sale of sister vessel Jaya Supreme at this price caused Jaya to record a USD1.3m loss, which we fear may happen again. With few positive catalysts visible, we maintain our SELL call on Jaya with a TP of SGD0.53.

Already in forecast. The Jaya Sovereign is a sister vessel to the Jaya Supreme,which was delivered to Atlantic Towing in Nov 2012. This sale is already part of our forecast as we believe that Jaya will use the sales proceeds to bridge the gap between cash on hand and cash required to complete its shipbuilding programme.





  国际在线报道(记者 周乔西):由中国-东盟商务理事会主办的2012十大走进东盟的中国企业和十大走进中国的东盟企业评选颁奖典礼24日晚在北京举行。在本次评选活动中,马来西亚金狮集团执行董事长、马来西亚中华总商会永久名誉会长钟廷森先生获得了“2012东盟走进中国杰出企业家奖”荣誉称号。钟廷森先生在活动现场接受本台记者专访时和记者聊起了集团1987年创办的百盛百货一路走来的发展历程和投资心得。他表示,中国的内需市场很大,十分看好中国市场的投资前景。除中国市场以外,集团今后还会进一步加大在东南亚各国的投资力度。

庞大现金与净利 杨忠礼或私有化子公司

庞大现金与净利 杨忠礼或私有化子公司

 二零一三年六月十三日 晚上十一时五十三分





Glomac expects sales to hit RM900m next year

Glomac expects sales to hit RM900m next year
Muhammed Ahmad Hamdan

PROPERTY developer Glomac Bhd aims to hit the RM900 million sales mark for the financial year (FY) ending April 2014.

Its group managing director and chief executive officer Datuk FD Iskandar Mansor said the higher target is driven by consistent sales at township developments, full take-up at its latest flagship Lakeside Residences, as well as sustained momentum at other ongoing projects.

恒指3周瀉3000點 反撲待下季

恒指3周瀉3000點 反撲待下季
夜期短線反彈238點 料下月始見底


MISC allocates RM1.6bil for capital expenditure

The Star Online > Business
Friday June 14, 2013
MISC allocates RM1.6bil for capital expenditure


KUALA LUMPUR: MISC Bhd has allocated US$500mil (RM1.56bil) for its capital expenditure (capex) this year.

Corporate planning and development vice-president Yee Yang Chien said the capex would be utilised for its offshore site, among others.

“We have enough cash to fund our capex. We are not raising any capital,” Yee said on the sideline of Invest Malaysia 2013 conference.

Invest in mid-cap stocks, GLICs urged

Invest in mid-cap stocks, GLICs urged

GREAT MOBILISER OF CAPITAL: Move will increase overall market vibrancy, says prime minister PRIME Minister Datuk Seri Najib Razak wants government-linked investment companies (GLICs), especially the Employees Provident Fund (EPF), to play a more prominent role and increase market vibrancy by investing in good quality mid-cap stocks.

He said Malaysia possesses a collective savings pool in excess of RM1 trillion and the fund management industry, including public sector funds, is a great mobiliser of capital.

"It is time for EPF to step up and play a prominent role as this will increase the velocity of shares traded and make a significant contribution to the overall market vibrancy.

曾淵滄專欄 17.06.13:大市下跌浪超預期




藍籌20大跌幅中資股佔17席 大行料H指跌17%

記者:馮健鏗 林 靜 黃尹華



China Minzhong Food : Now that it is generating free cash flow, will it pay a dividend?

12/6/2013 – China Minzhong says demand for its processed vegetables remains healthy, buoyed by a middle class which is increasingly urbanised and more conscious of eating a healthier diet.

With an increased focus on higher value products such as edible fungi, it will benefit from rising affluence in China.

It continues to benefit from demand from food manufacturers abroad, which seek a cost competitive and consistent supply of raw materials for their own production.

The company just announced earnings for Q3 FY13:

Thursday, June 13, 2013

How low can the FSSTI go? (CIMB)

How low can the FSSTI go?

 The FSSTI has fallen 9% from its mid-May peak. We were positive on the FSSTI for most of 2012 but turned cautious in Dec 2012 prior to our Underweight rating in March 2013. Having given up all its gains YTD, any further fall in the FSSTI will drive a more positive view. We remain Underweight on Singapore for now, with an unchanged end-2013 FSSTI target of 3,460 (bottom-up). The stocks that have fallen the most in the past month are REITs, developers, STE, DBS, M1, Starhub and Noble. We prefer non-REIT yield stocks, developers and banks to REITs, telcos and commodity stocks. Our top picks are DBS, Thai Bev and UOL. UOL, STE and CAPL look particularly attractive after their respective corrections.


Created 06/13/2013 - 17:24
(吉隆坡13日訊)商品投資大師吉姆羅傑斯(Jim Rogers)直言,匯率動盪和聯儲局是全球市場兩大亂源,美國和日本大事印鈔和各國中央銀行競相讓貨幣貶值,令貨幣動盪可能一觸即發,一旦美日在明年“收水”,兩大經濟體恐出現經濟問題,各國經濟料難逃劫數。





Created 06/13/2013 - 17:19



An Update On Oil And Gas, Are There Still Opportunities?

An Update On Oil And Gas, Are There Still Opportunities?
By Simeon Ang

At the start of the year, I wrote about the prospects of the oil and gas industry with a perspective on Singapore. Much has happened since then, in particular oil prices have slumped since the last time I wrote about it (14 February 2013).

Source: FactSet, graph of Brent Crude Oil prices from February 2013 to date
Prior to the slump, the oil and gas industry made robust capital expenditures in automation on the back of continued strong demand as well as record high oil prices. Since then, demand has been reined in by the gloomy economic outlook. Despite this, the oil and gas industry still enjoys a favourable investment environment.

与UoM 合作把关质量 必达量建品牌打知名度

与UoM 合作把关质量 必达量建品牌打知名度
Created 06/13/2013 - 12:53



Globetronics Technology Bhd - Making Steady Progress

Globetronics Technology Bhd -
Price Target:2.76
Last Price:2.11
Making Steady Progress

We  recently  met  Globetronics’  management  for  a  review  on  the  company’s  latest  quarterly  results  and  an  update  on  its  outlook.  The company  has  been  ramping  up  production  capacity  to  meet  clients’  needs.  It  has  also  pulled  off  a  design  win  which  saw  it  supplying  a component for a smartphone model from a prominent Korean brand, thus diversifying its client base. It has also obtained a 10-year pioneer status for its proximity sensors  as well as  applied for  a grant  that would  see the  return  of about MYR15m of capex invested  over  three years.  We  are  tweaking  our  FY13F  forecast  and  rolling  over  our  valuation  to  FY14F.  Maintain  BUY  on  Globetronics,  with  a  higher  FV  of RM2.76, pegged to the stock’s 5-year average P/E of 12x.

摩指研納A股 中資ADR照跌

摩指研納A股 中資ADR照跌
專家料喜有限 港股續尋底


King Wan Corp: Post Roadshow Takeaways (OSK)

King Wan Corp: Post Roadshow Takeaways
(BUY, SGD0.315, TP: SGD0.43)

We showcased King Wan (KWAN) at a road show last week. Management briefed investors on how it arrived at the decision to dispose of its Thai associates as well as clarified KTIS’ IPO timeline. We think that post-special dividend, the market will not allow KWAN trade at a 9% yield indefinitely. Instead, we expect yield compression to move the share price closer to a 7% yield, as implied in our SGD0.43 TP.

QE 资金撤出 双印新港最伤 亚洲汇市哀鸿遍野

QE 资金撤出 双印新港最伤 亚洲汇市哀鸿遍野
Created 06/13/2013 - 12:05



US jobs numbers alleviate imminent QE3 cut back worry (DBSV)

US jobs numbers alleviate imminent QE3 cut back worry
Last Friday’s May non-farm payrolls of 175k (consensus 165k) with the unemployment rate edging higher to 7.6% from 7.5% as more workers entered the workforce, was seen by investors that the economy was growing at a modest pace but yet not strong enough for the FED to immediately alter its USD85bil/month bond purchase. The Dow rallied 1.4% that lifted it back above the 15-day EMA as the latest jobs numbers were viewed as ‘not too hot, not too cold’.

Likewise, the Singapore market should put up a better performance this week and we believe that STI’s correction should end at c.3180 last Friday. Defensive, yield and interest rate sensitive stocks that rocked the STI lower in the past 2-3 weeks are likely to lead the index rebound

Tiger Airways: Time for a tiger (OCBC)

Tiger Airways:
Fair value S$0.79
add: 12m dividend forecast S$0.00
versus: Current price S$0.63

Time for a tiger
• May stats encouraging
• Industry favours budget carriers
• Gain exposure with a proven carrie

In light of its more than 6% price correction, we are reiterating our BUY rating on Tiger Airways (TGR) with an unchanged fair value estimate of S$0.79 as we believe prospects remain positive for the counter.

Genting Hong Kong Bag of tricks(DBSV)

Genting Hong Kong,
BUY US$0.47/HK$3.60,
Bag of tricks
Price Target : 12-month US$0.61/ HK$4.75 (Prev US$0.55/HK$4.24)
•RWM IPO may be as early as 3Q13; offer price values RWM at US$8bn - implying GENHK’s other businesses thrown in for free!
•Potential upside: PAGCOR absorbing corporate tax, spillover demand from Manila Bay ramp up, strong demand for NCL’s newbuilds
•Maintain Buy, raise SOP-based TP to US$0.61/HK$4.75 on higher earnings forecasts for NCL and valuation for RWM

Strategy – Singapore Yield Impact From Change In Government Bond Rate (UOBKH)

Strategy – Singapore
Yield Impact From Change In Government Bond Rate
We highlight yield stocks that have declined the most in yield terms vs the 10-year Singapore government bond and also conduct a sensitivity test on how our DDM-based target prices would react to changes in the risk-free rate. We favour AREIT, M1, ST Engineering and Suntec REIT and are cautious on SMRT, Parkway Life REIT and SATS.

What’s New
• Yield stocks tumble but not equally. A rise in sovereign bond rates has led to a decline in yield instruments. In Singapore, the benchmark 10-year Singapore government bond (10Y SGS) rate has risen by 64bp to 1.94% since March. Correspondingly, 15 stocks in our yield universe have seen their yields rise by a greater quantum than the Singapore government bond rate. The bulk of these are REITS, underscoring the market’s concern over the sector’s risk profile. Ascendas REIT and Sabana REIT stand out as having declined the most with their respective yields rising by 124bp and 106bp respectively.

Pacific Basin : Asset value bottom picked (CS)

Pacific Basin Shipping Ltd
Price (10 Jun 13 , HK$) 4.57
TP (prev. TP HK$) 5.00 (5.00)
Asset value bottom picked... now doing the same for rates

● Pacific Basin (PB) has acquired ten 9- to 12-year old handysize ships from its financiers for an aggregate sum of US$119 mn, taking advantage of reduced funding costs and capturing the full benefits of a recovery in handysize rates.

● The transaction will result in exceptional costs of US$15.8 mn in 2013 and interest savings of US$21.1 mn spread over the next five years (NPV of US$18.6 mn); while PB will use a combination of cash and restricted cash to finance the acquisitions, it is expected to refinance the vessels, eating into the net benefits.

曾淵滄專欄 13.06.13:提防大鱷又做世界






港滙疲弱 沽空高企


Wednesday, June 12, 2013

新订单加持 辉高应声涨 睦兴旺工程未沾光




涉足油气工程培训 必斯达亮专注本业






(纽约/北京12日讯)摩根史丹利资本国际公司(MSCI Inc.)週二称,將对中国A股进行评估,可能把A股纳入MSCI新兴市场指数。



摩根史丹利资本国际公司指数研究部门的董事总经理兼全球主管里美(Remy Briand)在电话会议上表示,过去12个月中国在监管方面作出了努力,为国际投资者进入A股市场创造了便利。举例来说,中国放宽了合格境外机构投资者(qualified foreign institution investors,简称QFII)的申请门槛,加快了QFII的审批速度。

Malaysian Air to Add A380 Jets to Aid Turnaround: Southeast Asia

Malaysian Air to Add A380 Jets to Aid Turnaround: Southeast Asia
Elffie ChewJun 12, 2013 5:43 am ET
June 12 (Bloomberg) -- Malaysian Airline System Bhd. plans to add more Airbus SAS superjumbos to its fleet as modern, fuel- efficient aircraft will assist a turnaround from two consecutive years of losses.

The flag carrier, which has six A380s, may order “a few more” double-decker planes, Group Chief Executive Officer Ahmad Jauhari Yahya said in an interview in Kuala Lumpur yesterday. Malaysian Air will arrive at a decision by the year-end, he said.

Ahmad Jauhari needs new aircraft to cut fuel expenses, the airline’s biggest cost at 37 percent, end losses and take on competition from Singapore Airlines Ltd., which also boosted its A380 orders last year. Asian carriers may help spur demand for Airbus’s superjumbo, whose sales have suffered in recent years as a weak global economy and a flaw with a wing component damped orders, leading to some unsold production slots.


Created 06/12/2013 - 17:26



Starhill Global REIT: Another positive development (OCBC)

Starhill Global REIT:
Fair value S$1.00
add: 12m dividend forecast S$0.051
versus: Current price S$0.88

Another positive development
• 6.7% increase in Toshin base rent
• Poised for continued growth
• Valuation looks attractive

Starhill Global REIT (SGREIT) announced that the rent review for the Toshin master lease has been concluded, and that a renewal rent at 6.7% higher than the prevailing rate has been secured. This is consistent with our 29 Apr report that SGREIT may again benefit from rental upside following the completion of the review process. We now factor in the increased rents in our forecasts but lower our fair value marginally to S$1.00 on higher risk-free rate (S$1.05 previously).

S- REIT: As the dust settles, value emerges (DBSV)

Rising bond yields generally negative; but S-REITs’ ability to grow distributions a compensating factor
Impact of rising bond yields more “expected than real”
Buy Growth. Picks MCT, MAGIC, FCOT and Cache

S-REITs’ ability to grow distributions to compensate for rising bond yields/interest costs a key consideration. We believe that fears of the impact of rising bond yields on S-REITs are an over-reaction at this point as our economists do not expect QE to taper off anytime soon. Over the medium term, a rise in long bond yields is likely to be more gradual than abrupt and S-REITs’ continued ability to grow distributions (estimated at 4.0% y-o-y) is a compensating factor. Thus, we believe that the knee-jerk reaction seen in the S-REITs’ share prices (FSTREI index was down 10% YTD vs STI 5% dip in the past few weeks) is unwarranted.

齐力 提升产能降负债

齐力 提升产能降负债
Created 06/12/2013 - 11:27





全面改革引进外资 缅甸概念股乐观

全面改革引进外资 缅甸概念股乐观
Created 06/12/2013 - 10:12


其中,超级集团(Super Group)的股价在8个月内高出一倍,祐玛战略(Yoma Strategic)也为投资者带来可靠的回报。

Lian Beng : Ready For A Record Breaking Year (MKE)

Lian Beng Group
Buy (from Hold)
Share price: SGD0.525
Target price: SGD0.68 (from SGD0.48)
Ready For A Record Breaking Year

 Bright outlook next year; upgrade to BUY. We caught up with Lian Beng’s management for updates on ongoing construction and property launches, and are now convinced that FY5/14 will be a record breaking year with earnings surpassing its 2012 peak of SGD51.4m. We are also positive that Lian Beng will be able to maintain its dividend payout of 2ct/share payable in the next quarter. We have revised our FY5/14 and FY5/15 estimates by 8-11%, and applied a higher multiple on its construction earnings. Upgrade to BUY with a revised TP of SGD0.68, indicating upside of 30.8%.

H股冧十日 17年最慌

H股冧十日 17年最慌


Karin Technology: Dropping coverage (OCBC)

Karin Technology:
Fair value N.A.
add: 12m dividend forecast N.A.
versus: Current price S$0.32

Dropping coverage
• Mobile devices a key growth driver
• Dividends look set to grow
• Lack of trading liquidity

Our recent conversation with Karin Technology’s (Karin) management revealed that its Components Distribution business has continued to pick up momentum. This is due to the proliferation of lower-end smartphones in China, resulting in stronger distribution volume of connectors used in these smartphones for Karin. Management is also focusing on growing its higher-margin IT Infrastructure segment.

ASL Marine: Ceasing coverage (OCBC)

ASL Marine:
Fair value NA
add: 12m dividend forecast NA
versus: Current price S$0.65
Ceasing coverage

Among the various offshore and marine stocks, ASL Marine (ASL) is one of the counters with a more diversified business model. Its shipbuilding operations accounted for 46% of gross profit in 9MFY13, ship-repair and conversion accounted for 22%, while ship-chartering contributed 32%.

Golden Agri-Resources: Modestly firmer CPO boost (OCBC)

Golden Agri-Resources:
Fair value S$0.63
add: 12m dividend forecast S$0.010
versus: Current price S$0.56

Modestly firmer CPO boost
Golden Agri-Resources (GAR), being one of the largest palm oil plantation owners in the world, should benefit from the recent rebound in CPO (crude palm oil) prices to MYR2450/ton; we note that there is a strong historical correlation of nearly 0.78 between CPO prices and GAR share price. While the general outlook for commodities is still uncertain (as China’s economic growth continues to sputter along), we believe that headwinds appear to be dissipating. Furthermore, management remains fairly upbeat about its prospects as it continues to expand its integrated operation capabilities to benefit from the firm industry outlook. Maintain BUY with an unchanged S$0.63 fair value (based on 12.5x FY13F EPS).

Starhill Global REIT – Toshin Master Lease renewed with 6.7% upward reversion (UOBKH)

Starhill Global REIT (SGREIT SP)  
Price/Tgt: S$0.885/S$1.06      
Mkt Cap: S$1,720m/ US$1,383m      
1-Yr Hi/Lo: S$0.985/S$0.615
Current/ Forward Div Yield: 5.7%/ 5.7%

SP: Starhill Global REIT – Toshin Master Lease renewed with 6.7% upward reversion

•Starhill Global REIT (SGREIT) has announced that the Toshin master lease has been renewed at a rate which is 6.7% higher than the prevailing rate.  This is based on the average of three market valuations by independent market valuers.

•The renewal rent will be valid for a period of 12 years from 8 June 2013, with a provision for a rental review every three years during the renewal period.  

Stop Perstima's bullying tactics, group urges govt

Stop Perstima's bullying tactics, group urges govt
Ooi Tee Ching

MALAYSIAN Tin Can Manufacturers Association (MTCMA) has warned that canned food and beverages will become more expensive if the government were to support Persaduran Timah Malaysia Bhd's (Perstima) proposal for an anti-dumping duty on tin plate imports.

"If the government proceeds to slap an anti-dumping duty on tin plate imports, we'll have no choice but to pass on the higher costs to our clients, who are mainly in the food and beverage sector," said MTCMA committee member Datuk Anthony See.

恒指跌破牛熊線 港股響警號


美國退市陰霾印度盧比創新低 走資加劇亞幣喪跌

美國退市陰霾印度盧比創新低 走資加劇亞幣喪跌



Tuesday, June 11, 2013

馬鍍錫申請馬口鐵反傾銷保護令. 鋁罐若漲價 或引發物價上漲

 (吉隆坡11日訊)馬來西亞製罐廠公會說,一旦壟斷本地馬口鐵(Electrolytic Tinplate)原料的馬鍍錫(PERSTIM,5436,主要板工業),成功申請中國和韓國馬口鐵反傾銷保護令,預計將導致鋁罐漲價,這可能引發一連串的物價上漲。




CapitaLand Limited: Expanding serviced residence presence (OCBC)

CapitaLand Limited:
Fair value S$4.29
add: 12m dividend forecast S$0.07
versus: Current price S$3.34

Expanding serviced residence presence
• Expanding SR presence
• Competitive edge from scale
• Good pipeline for recycling

CapitaLand (CAPL) announced yesterday that it has secured a contract to manage a serviced residence in Manila, Philippines. We note this is the sixth contract acquired over the last month by its serviced residence unit, the Ascott Ltd (Ascott). We note Ascott has been actively expanding its presence (an impressive 13% CAGR of units owned/managed since 2000) and is the world’s largest international owner-operator with 31,770 units in 78 cities as at end 1Q13.

Jaya Holdings: Charter Contracts Disappoint In Value (OSK)

Jaya Holdings: Charter Contracts Disappoint In Value
(SELL, SGD0.60, TP: SGD0.53)

Jaya announced it has secured charter contracts for three platform supply vessels (PSVs) currently under construction. We estimate the total contract value for the vessels at USD61.3m, which falls short of our expectation of between USD76m and USD81m. We see more downgrades in consensus numbers and maintain our contrarian SELL call, with a lower TP of SGD0.53.

3 plus X contracts from South-East Asian, Latin American clients. The charters are fixed for three years, with options for an unspecified period of time. While these long-term charters are positive in terms of earnings visibility, they tend to lock in lower-than-expected charter rates for the foreseeable future.

AAREIT: New Extension For 20 Gul Way (OSK)

AAREIT: New Extension For 20 Gul Way
(BUY, SGD1.66, TP: SGD2.10)

AAREIT announced yesterday that it has entered into a conditional development agreement with logistics firm CWT Ltd, which would see it add 496,944 sq ft to 20 Gul Way via Phase 2 Extension and Phase Three. This announcement is largely in line with our forecast of a 11.8% increase in dividends per unit (DPU) for FY16, when extension works is completed in end-2014.

20 Gul Way plot ratio expansion to pave way for Phase 3. AIMS AMP Capital (AAREIT) recently announced that the Urban Redevelopment Authority has approved in principle its application to rezone the plot ratio of 20 Gul Way from 1.4x currently to 2.0x. The increase will allow AAREIT to extend Phase 2 (Phase 2E has 123,253 sq ft) and add 373,691 sq ft to this plot of land in Phase 3. The cost of development for both phases totaling SGD77.15m is slightly lower than our previous estimate of SGD90m.

Ride on coattails of Myanmar’s reforms (DBSV)

Ride on coattails of Myanmar’s reforms

•Myanmar’s growth is fast and sustainable
•Abundant opportunities in consumer, tourism, infrastructure and O&G sectors
•Direct access is limited; invest through foreign companies already in or expanding into Myanmar

Reforms have been progressive. Despite skepticisms and multiple challenges, Myanmar’s sweeping reforms have resulted in further easing of sanctions on the country, which in turn is drawing new aids, more visitors and even higher interest to trade and invest in Myanmar. Foreign direct investments (FDIs) have reportedly jumped >40% to US$1.4bn in FY2013 while tourist arrivals have surged 54% to 1m. ADB projected that Myanmar GDP would expand >6% in 2013 and could grow 7-8% p.a. over the decade.

中东最多重返狮城 依华建台竞标100亿海外工程

中东最多重返狮城 依华建台竞标100亿海外工程
Created 06/11/2013 - 11:03




私有化 不再一帆风顺!

私有化 不再一帆风顺!
Created 06/10/2013 - 13:07




Created 06/10/2013 - 18:03



曾淵滄專欄 11.06.13:美國退市有三部曲




中海油夥Eykon 擬北極開採油氣

【本報訊】中海油(883)正與冰島能源集團Eykon Energy合作,申請在冰島北極海域進行石油、天然氣開採的許可證,英國《金融時報》引述Eykon Energy主席表示,北極海域除了石油及天然氣以外,還包括豐富的礦物,更重要的是有機會開展新的航海路線。




Monday, June 10, 2013

投资家罗杰斯: 如同当年刚开放中国 缅甸商机不容错过

投资家罗杰斯: 如同当年刚开放中国 缅甸商机不容错过
Created 06/10/2013 - 09:20
(新加坡9日讯)在新加坡定居的全球知名投资家罗杰斯(Jim Rogers)指缅甸充满商机,是投资家不容错过的机遇。





Created 06/09/2013 - 19:13




Created 06/09/2013 - 19:22



Created 06/09/2013 - 07:31







Tambun Indah Land - The PSB Accident Will Not Change The Prospects

Tambun Indah Land -
Price Target:1.55
Last Price:1.34
The PSB Accident Will Not Change The Prospects

A section of the ramp connecting the PSB to the Tun Dr Lim Chong Eu Expressway has collapsed yesterday. We expect possible delay in the opening of the PSB. Nonetheless, the accident does not change our positive view on the prospects of Penang mainland, as the PSB will ultimately be opened in 6-12 months, in a worst case scenario. Possible knee-jerk reaction in share price will be a buying opportunity.

-  Penang Second Bridge (PSB) accident. A section of the Batu Maung interchange (in between two concrete beams) connecting the PSB to the Tun Dr Lim Chong Eu Expressway (on the Penang island), which is currently under construction, has collapsed at about 7pm yesterday. The number of death and injuries has yet to be confirmed by the authority.  

The Link REIT : On-track growth (DBSV)

The Link REIT
BUY HK$39.6
HSI : 22,069
Price Target : 12-Month HK$ 45.2 (Prev HK$47.0)
On-track growth
􀂃In line FY13 results; distribution income up 15% led by healthy rental reversions
􀂃Proactive asset enhancement and investment strategies to augment growth
􀂃Reiterate BUY with TP lowered slightly to HK$45.2

Healthy rental reversion lifted distribution income.
Distribution income grew 15% to HK$3.35bn in FY13, in line with our estimate. The growth was primarily driven by higher rental revenue. Revenue rose 10% to HK$6.51bn thanks to positive rental reversions and the full-year contribution from two retail properties acquired in FY12.






Saizen REIT: Japanese reflation lifts a once-troubled REIT

Saizen REIT: Japanese reflation lifts a once-troubled REIT
MONDAY, 22 APRIL 2013 20:05

Raymond Wong struggled for the last three years to repair Saizen REIT’s balance sheet. Now, amid the massive monetary stimulus unleashed by the Bank of Japan, he has plenty to cheer about.

Saizen owns a portfolio of 137 residential properties across 14 cities in Japan, valued at ¥39 billion ($490 million). In the past six quarters, it has seen its distribution per unit (DPU) rise. Now, the monetary stimulus in Japan is giving it a strong tailwind. Units in Saizen are up 9.9% this year. In fact, units in Saizen were up as much as 27%, before succumbing to selling from Argyle Street Management, a hedge fund that holds a key stake in Saizen.

看好高贝他股 马股仍有上涨空间

国阵在第13届大选保住政权后刺激了马股的走势,富时大马综指一度突破1800点的水平。同时,焦点也转移至股价较低的股项,特別是建筑、產业及油气领域的股项。 政治不確定因素消散,吸引了投资者重返股市,大量的散户参与其中,股市交投显得活络。



Eversendai targets jobs worth RM10b

Eversendai targets jobs worth RM10b
By Sharen Kaur
GLOBAL REACH: Company sees opportunities aplenty in Middle East and Singapore, among others
Structural steel turnkey and power plant contractor Eversendai Corp Bhd is bidding for projects worth about RM10 billion, some of which are construction jobs in Singapore.

Executive chairman and group managing director Tan Sri A.K. Nathan said Eversendai is also bidding for projects in Azerbaijan, Saudi Arabia, Qatar, Oman, Dubai, Abu Dhabi and Sri Lanka.

Lum Chang: Low-key contractor offers good yield, exposure to booming construction sector

Lum Chang: Low-key contractor offers good yield, exposure to booming construction sector
MONDAY, 29 APRIL 2013 21:24

Family-controlled Lum Chang Holdings does not attract much attention in the market. Yet, the decades-old contractor is an interesting play on Singapore’s property and infrastructure boom. And, its dividend of two cents per share provides investors with a steady dividend yield of about 6%. Its market value of just $123.8 million is currently a 28% discount to its book value of $173.2 million. The company also has a liquid balance sheet, with a net cash position of $33 million as at end-2012.




Sunday, June 9, 2013

Kreuz Holdings: New vessel expected to bring in highermargin projects to subsea service provider

Kreuz Holdings: New vessel expected to bring in highermargin projects to subsea service provider

MONDAY, 29 APRIL 2013 21:22

Kreuz Holdings, the integrated subsea service provider to the offshore oil and gas industry, recently announced plans to acquire a multipurpose subsea dive support and construction vessel worth US$113.7 million ($141 million) from a Chinese shipbuilder. As Kreuz only provides subsea installation and maintenance services for shallow water oil rigs, the new vessel, which is capable of operating in deeper waters, should enable the company to venture into deepwater installation where demand is rising. That could help Kreuz post a second year of record earnings and lift its stock, say analysts.

Genting Hong Kong: Rally spurred by imminent listing of Philippine unit Travellers International

Genting Hong Kong: Rally spurred by imminent listing of Philippine unit Travellers International
MONDAY, 03 JUNE 2013 12:50

Shares in Genting Hong Kong are up some 39% this year, and they could climb higher, according to some analysts.

The company owns Star Cruises, an Asian cruise operator with seven ships. It also owns a 43% stake in Norwegian Cruise Lines, which listed in February on Nasdaq and now has a market capitalisation of US$6.4 billion ($8.1 billion).


曾淵滄教路 28.05.13 : 全球小股災 A股抗跌力強

全球小股災 A股抗跌力強


KLIA2 Delay - Time to Buy MAHB?

Link REIT Focused on Upgrading Properties: CEO

CNBC Exclusive: AirAsia's Ancillary Expansion

Bearish Yen, Bullish Dollar, Stronger RM?

Dr. Doom: Market is Still 'Quite Vulnerable'

Low risk premiums on M-REITs

Low risk premiums on M-REITs

By Insider Asia
Friday, 07 June 2013 12:44
Speculation the US Federal Reserve will pare down its bond purchase programme has buffeted global stock markets over the past two weeks. Given that the recent rally has been driven primarily by liquidity, it stands to reason that a reversal would hurt stock prices — in particular high yielding dividend stocks and real estate investment trusts (REITs). After all, these assets have benefited from the low interest rate environment.

They have been among the best performers in the aftermath of the global financial crisis, attracting investors seeking higher yields amid historically low returns on risk-free government bonds. For instance, yields on the benchmark 10-year US Treasury notes dropped as low as 1.4% in mid-2012 compared with the average yield of about 3.6% over the last 10 years.
Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)

乔治·索罗斯(George Soros)



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

Tan Teng Boo

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