Saturday, May 5, 2012

估值太高 基本面波动大 罗杰斯不买面子书

估值太高 基本面波动大 罗杰斯不买面子书
Created 05/05/2012 - 17:24

(纽约5日讯)面子书可能在五月中旬进行首次公开售股(IPO),究竟值不值得买成为市场讨论话题,国际财经大师罗杰斯(Jim Roger)就指出,面子书价格太贵,基本面变化太快,他不会买。

罗杰斯说:“我不会去买面子书的股票,因为面子书股价太贵,且面子书目前被市场气氛炒作,基本面变化也太快。”

他也看淡面子书的后市走势,预料面子书挂牌后只会红2到3个月,所以他不会去买面子书的股票。

罗杰斯(Jim.Rogers)是国际著名的投资家和金融学教授。他具有传奇般的投资经历,是在1997年令东南亚国家闻风丧胆的“量子基金”的前合伙人。

歐債添變數.大選欠明朗‧國內基金撐場綜指企穩

歐債添變數.大選欠明朗‧國內基金撐場綜指企穩
Created 05/05/2012 - 16:53

展望

全球經濟前景不明朗,振興措施不見出台,加上國內上週舉行的428大集會餘波連連,導致政治風險又再上探,在國內外利空夾攻下,預計馬股投資情緒仍趨向謹慎,儘管上週的漲勢有望延續至本週,惟相信會在1,600點遇阻。

歐美經濟數據時好時壞,增添股市起伏的變數,尤其是歐洲多國的選舉結果,更牽引歐債的解決方案;若出現亂局,全球股市恐又籠罩在歐債的陰影中。

同時,美國就業等宏觀數據欠佳,突顯經濟復甦力度放緩,令市場憂心未來數月的表現可能不見樂觀,前進之路頗為顛簸。

2012-0503-57金錢爆(吶喊)


分析员:供应过剩 桂嘉信托租金成长挑战大

分析员:供应过剩 桂嘉信托租金成长挑战大
Created 05/05/2012 - 12:41

(吉隆坡4日讯)尽管刚出炉的2012财年首季业绩表现不错,但分析员仍认为,相较于领域同业,桂嘉信托(QCapita,5123,主板产业信托股)的成长率并不令人振奋。

拉昔胡申分析员预料,未来办公司单位供应会持续增加,桂嘉信托的租金成长会因此受到打击,而桂嘉信托的产业组合并不振奋人心。

马银行投资银行分析员附和道:“以目前供应过剩的情况看来,我们不排除集团未来会面对出租率下滑的挑战。”

Retail Reits doing well in inflationary environment

Published May 05, 2012
Retail Reits doing well in inflationary environment
Bymichelle tan print |email this article INFLATIONARY pressures and escalating retail rents seem to have benefited retail focused real estate investment trusts (Reits) and business trusts over recent months.

Six Singapore-listed Reits which have been categorised to have a retail focus by Bloomberg - namely Lippo Mapletree Indonesia Retail, CapitaRetail China Trust, Starhill Global Reit, Frasers Centrepoint, Fortune Reit and CapitaMall Trust - yielded an average price return of around 13 per cent since the onset of 2012, which is almost on par with the year-to-date return of the Straits Times Index (STI), even before factoring in their compelling distribution returns.

Foreign investors cut exposure to rupiah assets

Published May 04, 2012
Foreign investors cut exposure to rupiah assets

[SINGAPORE] Investors in Indonesia are facing a tricky manoeuvre balancing their bullishness on the economy with fears the currency is set to weaken this year, and are finding the best option is to cut exposure to rupiah-denominated assets.

Foreign investors have been cutting exposure to rupiah bonds and stocks for weeks, suspending a long spell of bullishness based on Indonesia's high yields, strong growth and its swift ascension into the investment grade club. Fund managers have been distancing themselves from the rupiah market too, moving to neutral or even underweight positioning.

Masterskill未使用资金 料回馈股东丰厚股息

Masterskill未使用资金 料回馈股东丰厚股息
Created 05/05/2012 - 17:33

(吉隆坡5日讯)有投资银行认为,Masterskill教育(MEGB,5166,主板贸服股)从2010年首次公开献售(IPO)筹集且未使用的资金,可能会可用来回馈股东,届时将是一笔丰厚的股息。

Masterskill教育在上市时共筹获1亿4760万令吉,当时的计划是主要用于在加影打造一座新校园。

不过,截至2011年12月31日,该资金仅用了6983万令吉,其中包括3880万买入新校园的土地,及2000万令吉扩充现有校园设施。

加上扣除上市费用和营运资本,上市筹得的款项依然还剩约7366万令吉。

PhillipCapital Weekly Market Watch 04.05.2012


马熔锡续扩展锡矿资源

马熔锡续扩展锡矿资源
Created 05/05/2012 - 12:38

(吉隆坡4日讯)马熔锡机构(MSC,5916,主板工业产品股)将继续在海内外,寻求扩展锡矿资源的机会,包括我国的彭亨、吉打、登嘉楼和霹雳,以及非洲刚果。

首先进行勘探

马熔锡机构集团总执行长拿督斯里默阿吉阿努尔今日出席股东常年大会后,向媒体透露上述消息。

“无论如何,这些拥有丰富锡矿藏量的地区,必须先进行更多的勘探。若有收购该资源的必要,我们将会根据集团的财务情况去规划,但是将倾向于从集团内部来筹集资金。”

Dennis Ng share views on Singapore Property Market Outlook


Dennis Ng - 2012 Market Outlook in Channel News Asia


MT has sold Hougang Plaza to Oxley for $117.8 mln net (Limtan)

CapitaMall Trust
S$1.815-CMTS.SI
 CMT has sold Hougang Plaza to Oxley for $117.8 mln net, thereby realizing profit of $83.8 mln.
 The “bonanza” reflects Oxley’s plan to redevelop the asset into a residential-cum-retail development, currently a hot recipe for developers.
 We wish CMT had chosen to distribute at least the gain, which would have come to cents a unit.
 CMT has said it will not be doing so, preferring to keep cash for other uses, eg acquisitions and / or reduce debt.

CapitaLand: Seasonally Weak Quarter (KE)

CapitaLand
BUY(unchanged)
Share price: SGD2.94
Target price: SGD4.00 (previously $3.96)
Seasonally Weak Quarter

Yearly improvement at core level. CapitaLand posted a 1Q12 PATMI of SGD133.2m (+31% YoY; -72% QoQ). Excluding revaluation gains, core PATMI of SGD107.2m would have been a 7% YoY improvement, largely in line with expectations given the seasonally weak first quarter. With policy loosening seen in some Tier-2/3 cities in China, we expect some re-rating for CapitaLand along with better-positioned Chinese developers. Maintain BUY.

SMRT : FY12 NPAT below DBe (DB)

SMRT Corporation
Price at 30 Apr 2012 (SGD) 1.68
Price target - 12mth (SGD) 1.61
52-week range (SGD) 1.96 - 1.68

FY12 NPAT below DBe; TP cut on margin and capex revisions
FY12 NPAT impacted by impairment; maintain Hold on lower TP
SMRT reported S$120m FY12 NPAT, down 26% YoY and significantly below DBe (S$141m) on a S$22m bus impairment charge. Excluding the impairment, the underlying NPAT would have been broadly in-line. An in-line 7.5c/share (94% payout) FY12 dividend was announced and management reiterated the minimum 60% payout div commitment. Few further details on the asset renewal plan were provided, although management indicated debt funding will be prioritised, if required. We cut estimates and lower TP to S$1.61, maintain Hold given limited downside from current share price.

Quill Capita Trust: Organically-driven growth (NIB)

Quill Capita
Hold (unchanged)
Share price: MYR1.13
Target price: MYR1.10 (unchanged)
Organically-driven growth

No surprises. QCT’s 3M12 results were in line, accounting for 21-23% of our and consensus full-year estimates. As expected, no dividend was declared. No change to our earnings forecasts and MYR1.10 TP. Despite its higher-than-average yield of 7.7% (gross) (vs. industry’s 6.8%), we maintain our Hold rating on QCT as we see high occupancy risk in office REITs given the current oversupply situation.

All great entrepreneurs are great dreamers

The Star Online > Business
Saturday May 5, 2012
All great entrepreneurs are great dreamers

ON YOUR OWN
By TAN THIAM HOCK

You can feel the sombre mood of the American participants in the lecture hall as the American Professor tore into the subject of unsustainable deficit spending by the US government.

High unemployment, high consumption and zero savings. And then he highlighted the massive economic problems of the European zone and the high 20% unemployment in Spain. If unresolved, the European malaise would drag the global economy down by five percentage points.

颜子伟: 重要的消息不多 投资者无所适从

重要的消息不多 投资者无所适从
文: 颜子伟 (译:麦美莹) 2012年04月27日 展望
对那些喜欢买卖微型股(通常是指那些只值几分钱的股)的投资者来说,今个月应该会有不错的收获。表现最出色的微型股有JEL企业(现改名为GSH Corporation)及TT国际。

JEL企业的股价迅速冒升,因为薄饼大王魏成辉买入这家公司的股份,令其股价从3月尾的0.006元飚高至4月25日的0.158元。但地心吸力的定律告诉我们,有起必有跌。这家公司的股价在升高至0.158元高位后的同一天,收盘时跌至0.122元。在接下来的交易日,它继续跌至0.088元低位,因为经济行实施交易限制(trading restriction) – 当一只股出现过多的投机买卖时,经纪行惯常使用的方法。

曾渊沧博士-股市资讯专栏 27.04.12

曾渊沧博士专栏
文: 曾渊沧博士 2012年04月27日 曾渊沧博士专栏
我又有新书出版,书名《不要输在起点前》。这是我的第29本作品,从书名来看,你也许会以为这是一本写给初学投资的人看。但就算你已有好几年投资经验,每次投资决定都是一个起点。起点前是你的心态与观念,希望这本书能协助你不要败给你的投资心态与观念。

经过一月份、二月份的急速上升,股市开始失去冲力,进入漫长的调整期。不过,调整并非直线下跌式的调整,而是一上一下的无规则走势,阴晴不定,许多股民觉得无可适从。好消息、坏消息穿插其间,不过,如果我们详细分析,目前市场上出现的众多消息,实际上多数是不断翻炒的冷饭。冷饭不断炒来炒去,变不出新花样,对市场的影响力也不断地下降。

我们何时才会看见香港股市活跃起来?

我们何时才会看见香港股市活跃起来?
(译:伍丽芳) 2012年04月30日 展望
文:AsiaPacFinance.com

市场宽度分析(market breadth analysis)能够体现大部分投资者对整体市场的看法。恒生指数(Hang Seng Index)是由香港交易所选出的成份股所组成的自由浮动市值加权指数(free float capitalization-weighted index)。恒指于1964年7月31日设立时的基准水平为100。

在恒生指数当中,我们欲了解有多少只股在高于它们的200天移动平均线上交易。200天移动平均线是广受认可的长期走势指标。在高于200天移动平均线上交易的恒指成份股的比例,能够让我们了解市场的走势。
图表显示了恒指自2004年至目前为止的动向。

立合斯顿能否因科技企业的表现而受惠?

立合斯顿能否因科技企业的表现而受惠?
文: 林伟杰 (译:杨佳文) 2012年04月30日 企业摘要
科技企业最近的表现不错,尤其是在今年首两个月。硬盘驱动器(HDD)生产商如希捷(Seagate)和西部数据(Western Digital)的股票本年至今分别上涨了80%和34%。在新加坡上市的HDD元件生产商如力达工业(Armstrong Industrial Corporation)和大道工业(Broadway Industrial Group)的股价也因而受到带动,本年至今分别上涨了33%和52%。此外,大部分市场观察家都预计HDD生产商的表现将在泰国水灾后改善。基于业界前景向好,科技领域似乎也掀起了并购潮,如铭板集团(Meiban Group)和Adampak集团。笔者因而想到了一家可能因科技企业的表现而受惠的公司,即立合斯顿(Riverstone Holdings)。立合斯顿的主要客户包括大型HDD生产商如希捷、日立(Hitachi)、西部数据、东芝(Toshiba)和三星(Samsung),以及半导体企业如英飞凌(Infineon)和德州仪器(Texas Instruments)。

‘Sell in May and go away’ may not hold sway this year

The Star Online > Business
Saturday May 5, 2012
‘Sell in May and go away’ may not hold sway this year

By YVONNE TAN
yvonne@thestar.com.my

PETALING JAYA: Emerging market investors may have less of a response to the “sell in May and go away” adage this year as markets have been down in the past three months, suggesting that investors will hold on to their current holdings and buy more shares when opportunities arise amid generally positive prospects.

MSC to look for new tin resources

The Star Online > Business
Saturday May 5, 2012
MSC to look for new tin resources

KUALA LUMPUR: Malaysia Smelting Corp Bhd (MSC) will continue to pursue opportunities to expand its tin resources in Pahang, Kedah, Terengganu and Perak, group chief executive officer Datuk Seri Dr Mohd Ajib Anuar said.

However, the prospective tin mineralised areas required more exploration, he said.

Ajib said if there were to be any purchases by the company, it would be funded by internal capital.

亚洲贷款违约增多 大型银行风险上升

在我国上市的印尼油轮运营商BLT,今年较早时停止偿还20亿美元债务,这起违约事件给全球一些最大的银行带来了冲击。BLT估计,今年将需要偿还4.18亿美元的债券、贷款和融资租赁。目前该公司正在与银行协商债务重组事宜。

  今年早些时候,在我国上市的印尼油轮运营商Berlian Laju Tanker(简称BLT)停止偿还20亿美元债务,并将此归咎于全球经济放缓,这起违约事件给全球一些最大的银行带来了冲击。

  BLT的债权人包括英国渣打集团(Standard Chartered)、法国巴黎银行(BNP Paribas)和挪威银行(DnB)。

  BLT估计,今年将需要偿还4.18亿美元的债券、贷款和融资租赁。目前该公司正在与银行协商债务重组事宜。

  2011年,渣打集团参与了向BLT提供6.85亿美元贷款的工作。据一位知情人士透露,渣打集团承诺提供约1.15亿美元。

发售新股集资 腾飞房地产投资信托股价大跌

腾飞房地产投资信托(AREIT)发售新股筹集2亿9850万元资金后,股价昨日一度猛挫4.55%,闭市时跌幅虽然收窄至3.8%,仍创下接近20个月最大跌幅,而昨日成交量也是去年4月以来最高——2218万股。
  腾飞房地产投资信托以每股1.99元的价格发售新股,根据一份提交新交所的文告,这个价格是它之前销售给投资者时预示价范围(1.99元至2.04元)的低端。它所筹得的资金将用于发展建筑项目以及购买中国的一个房地产。

  星展集团研究部(DBS Group Research)昨日表示,它将降低对这只房地产投资信托今后两年的派息预测,降幅是3至4%。

  该股昨日收报2.01元,跌幅缩小至8分或3.8%,这是它自2010年9月14日以来最大跌幅。

大东方首季净利增65%

尽管新业务加权总保费仅略增1%至1亿7680万元,但新业务内含价值仍取得高达14%的增长,至8380万元,主要是因为公司转卖更多定期保费产品,这类产品主要为保障性质产品,更有助于增加集团的长远盈利。

何丽丽 报道
holily@sph.com.sg

  在承保盈利(underwriting profit)增长以及投资市场改善的带动下,大东方控股(Great Eastern Holdings)首季净利同比增长65%,至2亿6250万元。

欧洲政坛或有变数 投资者离场观望

美国非农就业数据尚未出炉,法国和希腊将在周末分别举行总统大选及议会选举,政坛的拼杀结果也可能造成股市起伏跌宕,面对一个个不确定因素,投资者选择暂时离场观望。昨日本地股市成交量进一步走低,海峡时报指数也下挫10.35点,滑至3000点重要心理水平线下。

  我国4月份的制造业采购经理指数(PMI)回跌到49.7点,再次陷入萎缩状态,加上隔夜美股走软,令海指以2991.16点低开,全日在2987.99点至2998.48点的窄幅区间内波动,闭市收于2990.59点,下跌0.3%。本周海指累计微扬0.3%。

  昨日股价跌多升少,下跌股238只,上升股132只。成交量持续走软,由周四的近30亿减至24亿7050万股,总值也进一步下滑至8亿6560万元。市场人气受抑主要是因美国非农就业数据将在周五晚间公布,以及欧洲政坛将可能出现变化,因此投资者采取观望态度。

Berkshire's Charlie Munger Speaks


飞萤难构成威胁 亚航及3认购凭单齐升

(吉隆坡4日讯)宣布取消换股后的第二个交易日,亚洲航空(AIRASIA,5099,主板贸服股)和3只认购凭单今天价量齐升。早盘休市,亚航母股上涨7仙,至3.67令吉。该股在盘中更一度做到3.76令吉,涨幅高达4.44%。此外,马航(MAS,3786,主板贸服股)则在早盘休市去到1.25令吉,微升1仙。

值得关注的是,亚洲航空和3只认购凭单(亚洲航空-CP、CO、CT),在今天交投非常炽热,半天成交量分別高达1060万股、5066万股、3764万股、892万股,分別挤进全场热门股排行榜第9位、第1位、第3位、第12位。

此外,亚洲航空-CP、CO、CT在半天內各上扬0.5仙、0.5仙、1.5仙,至0.075令吉、0.06令吉、0.08令吉。

Fernandes: We could have made a difference

The Star Online > Business
Saturday May 5, 2012
Fernandes: We could have made a difference

By RISEN JAYASEELAN
risen@thestar.com.my

ONE of the key characters embroiled in the Malaysia Airlines-AirAsia Bhd saga is the colourful Tan Sri Tony Fernandes (pic).

His detractors say his dominance in MAS, after the share swap agreement was inked last August, was too much of a culture shock to MAS. The deal has also been seen as one that was more beneficial to Fernandes and AirAsia. And then there were also concerns of it transgressing competition laws But Fernandes' proponents say he was probably the only hope of saving MAS.

MAS back to square one

The Star Online > Business
Saturday May 5, 2012
MAS back to square one

By LEONG HUNG YEE
hungyee@thestar.com.my

IT was a short-lived transformation. The share swap agreement between Malaysia Airlines (MAS) and AirAsia Bhd that could have alleviated MAS woes turns out to be the opposite. The radical agreement was probably MAS' shortest plans in its rich history, sustained for only nine months and its most controversial.

The reversal of the deal has raised concerns over MAS' resolveness on sticking to its strategy.

“Such a flip flop would show that nothing has changed. It will have to go back to square one and start the transformation process again,” an analyst says.

Engagement with employees vital

The Star Online > Business
Saturday May 5, 2012
Engagement with employees vital

ASK any company and the usual mantra will be the customer comes first. That’s true even for Malaysia Airlines but now the happiness of the employee is something the airline has realised is crucial.

The dissatisfaction of Malaysia Airlines System Employee’s Union (Maseu) towards the shareholder tie-up between the airline and AirAsia Bhd, where the union was said to have used its leverage to reverse the share swap agreement brings into light the need to have employees buy-in into any game changing plans the management may have for the future of a company.

Can MAS make it on its own?

The Star Online > Business
Saturday May 5, 2012
Can MAS make it on its own?

By B.K. SIDHU
bksidhu@thestar.com.my

After its share swap deal with AirAsia has been unravelled, analysts are sceptical on MAS future odds. However, its chairman Tan Sri Md Nor Yusof sees a silver lining in the dark clouds.

THE deal that was designed to save Malaysia Airlines (MAS) ended with more bitter than sweet memories for all those involved.

Knowledge is power

Knowledge is power
by Elaine Heng 04:45 AM May 05, 2012
Benjamin Franklin put things in perspective when he said: "An investment in knowledge pays the best interest." Knowledge and experience certainly set astute investors apart and pay off in the long term.

Investor knowledge is also increasingly becoming important when investing in Singapore. Since the beginning of this year, for instance, banks have had to assess if an individual has the relevant knowledge and experience before offering a Specified Investment Product or opening an account to trade Specified Investment Products listed on an exchange. As an investor, what are the basics one should be aware of and what resources can be leveraged to build up one's knowledge?

Indian-rupee-slides-to-4month-low


StarHub-reports-28-rise-in-Q1-profits


MALAYSIA SMELTING CORP BHD -ANNUAL REPORT 2011




Fajarbaru bags RM300m LRT sub-contract job

Government Boost for China's Consumer Sector


Market Recovery Boosted Profits: Great Eastern CEO


Facebook valued at S$106.9 billion in IPO

Facebook valued at S$106.9 billion in IPO
by THE NEW YORK TIMES Updated 09:23 AM May 04, 2012
NEW YORK - Facebook set the estimated price for its initial public offering (IPO) at US$28 (S$35) to US$35 a share yesterday, according to a revised prospectus. At the midpoint of the range, the social networking company is on track to raise US$10.6 billion, in an debut that could value the company at US$86 billion, or S$106.9 billion.

The company is finalising its prospectus, as it prepares for a roadshow to meet investors in cities like New York, Boston, San Francisco, Chicago and Baltimore.

Buffett on Facebook IPO


Berkshire Kicks Off Annual Meeting


Omaha Gears Up for Berkshire Hathaway


Priming, pricing KL property for future

The Star Online > Business
Saturday May 5, 2012
Priming, pricing KL property for future

COMMENT
By KUMAR THARMALINGAM

THE debate on the RM1mil price tag for foreign buyers is only relevant in the capital city of Kuala Lumpur and some of the more affluent Selangor neighbourhoods, parts of Penang and small parts of Iskandar. The rest of the country is pretty much stuck in the RM300,000 RM600,000 category.

9亿元加强地铁系统 SMRT与陆交局商讨如何分担

针对SMRT企业和陆路交通管理局将拨出9亿元展开加强地铁系统,吕德耀说,双方目前仍在讨论各方该负责的费用款额,以确保各方分担“应该支付的费用”。

  交通部长吕德耀说,双方大致上将根据内定的方程式,基本设施的费用应该归于陆交局,而即将更新的经营资产的费用则由SMRT承担。

  SMRT在上个月宣布,南北与东西线地铁系统将在接下来八年里,分阶段展开大规模的系统更新及预防性维修工程,以加强系统的安全与可靠,有关工程估计将耗资9亿元。

Friday, May 4, 2012

巴菲特 别买国债和黄金只买股票 120502


Positive on China Markets


东尼:换股协议告吹 马航重启廉航业务几率低

东尼:换股协议告吹 马航重启廉航业务几率低
Created 05/04/2012 - 19:55

(吉隆坡4日讯)亚洲航空(AirAsia,5099,主板贸服股)创办人丹斯里东尼费南德斯表示,随着换股协议告吹,马航(MAS,3786,主板贸服股)目前重启廉价航空业务——飞荧喷射式飞机(Firefly Jet)几率不大。

拉昔胡申研究指出,东尼在一项电话记者会上披露,目前没有直接和明显的迹象,马航会恢复飞荧喷射式飞机的业务。

不过东尼说:“不能说永远不会,我无法保证马航会否重启次业务,但目前看来不会(马航会维持全方位服务航空定位)。”

虽然飞荧喷射式飞机业务停摆,但位于梳邦机场的涡轮螺旋桨飞机(Turboprop)的飞荧(Firefly)业务并无影响。

大馬散裝船運漲14仙

吉隆坡4日訊)散裝船運費指標看漲,大馬散裝船運(MAYBULK,5077,主要板貿易)股價應聲揚,全日漲14仙晉今日十大上升股榜。

 該公司憑單大馬散裝船運-CC則交投大熱,同時躋進十大熱門股榜。

 市場需求看漲,使向來皆是散裝船運費率指標的波羅地海乾貨運價指數(Baltic Dry Index,簡稱BDI)持續上升,今日上升至1164點水平。

 大馬散裝船運受船運費有望起價帶動,開市揚3仙至1.68令吉,爾后股價直線上升,休市時已漲14仙,報1.79令吉。

料未有財力重振飛熒 亞航暫無威脅股價續漲

(吉隆坡4日訊)儘管取消換股,馬航(MAS,3786,主要板貿易)料未有財力大肆重振飛熒航空(Firefly),亞洲航空(AIRASIA, 5099,主要板貿易)廉價航空地位暫不受威脅,且將從兩家公司合作中獲利。

 自週三晚宣佈取消換股后,亞航股項受投資者追捧,今日母股及憑單繼續交投熱烈。

 今早開市時,亞航股項即受投資者熱烈追捧,開市雖僅起2仙至3.62令吉,但走勢持續昨日凌厲表現,與旗下憑單皆交投熱烈。

 休市時,亞航漲幅擴大至7仙,掛3.67令吉,半日成交量1060萬7700股;其中2隻憑單亦以高成交量,與母股同列早盤最熱門股項之列。

China Increasingly Shifts Focus to Domestic Growth


YANGZIJIANG: Celebrates 5 Stellar Years Of Growth On Singapore Bourse

YANGZIJIANG: Celebrates 5 Stellar Years Of Growth On Singapore Bourse

Written by The NextInsight Team
Friday, 04 May 2012 07:00

YANGZIJIANG SHIPBUILDING has touched its 5th year of being listed on the Singapore Exchange, and celebrated the milestone with a dinner at the Mandarin Oriental last week.

Its chairman, Ren Yuanlin, told guests and staff: "Yangzijiang Shipbuilding made the first leap 5 years ago to introduce corporate restructuring, construction of an addition yard and also the decision to list on the Mainboard of Singapore Stock Exchange.

"It was the peak of the shipbuilding industry and the Group managed to grab hold of the golden opportunity and that catapulted the Group into a stage of unprecedented growth.
"We have produced outstanding results over the past 5 years of listing. Based on the latest FY2011 Annual Report, the Group reported a total revenue of RMB15.7 billion, which is 4x of what we achieved in 2007.

HSBC: ‘Bullish’ On China Shares In 2012; Prefers ICBC, CCB, CITIC

HSBC: Lower Trading Cost to Sustain A-share Rebound

HSBC Global Research said China’s market regulator, the CSRC, revealed several policy initiatives over the past week including lower trading fees, IPO reform and new delisting rules.

“Transaction handling charges and scrip fees will be lowered by 25% from June 1, or around three billion yuan saving (2-3% of all trading costs). This is positive for sentiment and lower stamp duty tax so we reiterate our year-end target of 2,800 for the benchmark Shanghai Composite (currently 2,438).”

MSC to expand its tin resources

MSC to expand its tin resources
2012/05/04

Malaysia Smelting Corp Bhd (MSC) will continue to pursue opportunities to expand its tin resources in Pahang, Kedah, Terengganu and Perak, Group Chief Executive Officer Datuk Seri Dr Mohd Ajib Anuar said.

However, the prospective tin mineralised areas, require more exploration.

Mohd Ajib, who is also the Executive Director, said if there is to be any purchases, it would be funded via internally generated capital.

Time to move forward, MAS, AirAsia told

Time to move forward, MAS, AirAsia told
2012/05/04

JERLUN: The cancellation of swap deal involving Malaysia
Airlines and AirAsia shares should not be a reason for the two carriers not to cooperate because the real competition is at the international level.

Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir told reporters this after opening a programme hosted by the women's wing of Jerlun Umno here today.

He said both companies should move forward and share resources because the aviation business involves large expenditures.

放弃与亚航换股自讨苦吃? 马航料须筹30亿应急

放弃与亚航换股自讨苦吃? 马航料须筹30亿应急
Created 05/03/2012 - 19:15

(吉隆坡3日讯)马航(MAS,3786,主板贸服股)放弃与亚洲航空(AirAsia,5099,主板贸服股)换股,被外界视为“自讨苦吃”,估计前路“荆棘满布”。

此外,更有消息指出,马航可能需要通过发行回教债券,筹资高达30亿令吉的银弹应急。

发债筹资有难度

少了亚航创办人丹斯里东尼费南德斯的加入,马航的转亏为盈之路更显艰辛,市场大有传闻,马航可能需要通过发售永久回教债券、高级回教债券或可转换债券,来筹资30亿令吉。

禁止出口冲击矿商 印尼拟征20%矿石税

禁止出口冲击矿商 印尼拟征20%矿石税
Created 05/04/2012 - 18:31

(雅加达4日讯)印尼将开征新的金属矿石出口税,并禁止原材料出口,除非矿商提交建造冶炼厂的计划,该决定可能让这个全球主要金属出口国的采矿业出现重组。

不涵盖热能煤

该税项是从5月6日开始,对铜、金、镍等14种矿石出口平均征收20%的关税,税率略低于预期,但足以对这个东南亚地区最大经济体的矿商构成打击。

收入太低‧房價太高‧25萬至45萬房產搶手

收入太低‧房價太高‧25萬至45萬房產搶手
Created 05/04/2012 - 07:40

(吉隆坡3日訊)銀行界消息指出,收入成長步伐跟不上房價,民眾可負擔能力逐漸減弱,售價介於25萬至45萬令吉的產業成為市場追逐目標,相信大眾市場熾熱行情將持續延燒,直到收入與房價差距收窄為止。

根據興業研究向部份銀行的詢問顯示,對於每月薪酬超過7千令吉的高收入群,家庭融資普遍門檻現達到淨薪酬的85%,而月收入少於3千令吉者貸款門檻則為65%,其餘收入介於兩者之間的貸款門檻則為75%。

楊忠禮電力獲15億教育合約‧有助推動Yes 4G

楊忠禮電力獲15億教育合約‧有助推動Yes 4G
Created 05/04/2012 - 11:07

(吉隆坡3日訊)楊忠禮電力(YTLPOWR,6742,主板基建計劃組)證實獲頒價值15億令吉的1 Bestarinet虛擬學習計劃,分析員認為是預料中事,看好此合約將推動Yes 4G的用戶基礎和收入增長,不過由於資本開銷太高,預料Yes 4G將繼續蒙虧。

根據The Edge財經日報的報導,楊忠禮電力董事經理丹斯里楊肅斌最終證實,其擁有60%股權的楊忠禮通訊公司已取得15億令吉的1 Bestarinet計劃,該計劃於今年初展開,將在5年時間內完成,主要涉及提供雲端計算為基礎的虛擬學習環境平台和高速互聯網連結至全國9千924間學校,這些學校將裝置4G上網和相關設備。合約期限可延長15年。

中國人行逆回購‧實質寬鬆來了

中國人行逆回購‧實質寬鬆來了
Created 05/04/2012 - 17:42

在資金面平穩之際,中國人民銀行(中國中行)於公開市場意外進行逆回購人民幣650億元,此舉被市場解讀為貨幣政策進入實質寬鬆,並且中行有推遲調降存準率或引導利率之意。

中國中行於網站上公告,昨日進行人民幣650億元7天期逆回購操作,中標利率為3.53%。

4月銀行存款流失嚴重

從資料來看,人行上一次進行逆回購,是在今年1月19日,因當時正值春節前夕,市場資金需求巨大。市場認為,此次逆回購操作的背景,可能與4月銀行存款流失嚴重,銀行信貸投放能力不足有關。

Marco Polo Marine achieved record Revenue and Gross Profit for H1FY2012




Marco Polo Marine achieved record Revenue and Gross Profit for H1FY2012
¨ Record revenue of S$55.6 million and gross profit of S$14.6 million attained for H1FY2012, representing year-on-year increases of 33.9% and 33.4% respectively
¨ Ship Building and Repair Operations, accounting for more than 80% of total revenue, continue to be the key driver of strong operating performance
¨ Comparable operating profit of S$11.4 million attained for H1FY2012 relative to H1FY2011’s S$11.9 million, despite lower gain on disposal of vessels of S$1.0 million in H1FY2012 compared to H1FY2011’s $5.4 million
¨ Notwithstanding a lower net profit of S$8.6 million attained for H1FY2012 relative to H1FY2011’s S$9.4 million, excluding the unrealised exchange loss attributed to an associated company, net profit for H1FY2012 would have outperformed that of H1FY2011 by 17.0%

推特贴文祝福马航 东尼离职心情五味杂陈

推特贴文祝福马航 东尼离职心情五味杂陈
Created 05/04/2012 - 11:36

(吉隆坡3日讯)“离开马航,工作未完成,我此刻的心情是错综复杂、五味杂陈,但我还是祝愿马航的全体同仁好运。”

这是亚航与马航换股结盟计划告吹后,作为这项联盟计划主导人之一的亚航集团总执行长丹斯里东尼费南德斯,在推特贴文发表的内心感言。

东尼说:“我是带着复杂的思绪离开马航。我的工作还未完成。我祝愿马航的全体同仁好运,也感谢在我于短暂进驻马航的日子里,大多数人对我的厚待。”

Cosco: New order but concern lies in project execution (DBSV)

Cosco Corporation
FULLY VALUED S$1.05
Price Target : 12-month S$ 0.88

New order but concern lies in project execution
Secured a new contract worth over US$200m. Cosco has secured a contract with COTEMAR S.A., a Mexican service provider to Pemex, to build a harsh environment Semi-Submersible Accommodation Vessel valued at over US$200m.

Ascendas REIT: Cash call to fund growth (DBSV)

Ascendas REIT
HOLD S$2.09
Price Target : 12-Month S$ 2.15 (Prev S$ 2.17)
Cash call to fund growth
• Proposed placement of 150m new units to raise gross proceeds of S$298.5m-S$306m.
• Initial dilution due to delayed contribution from development/enhancement projects
• Maintain HOLD with revised TP of S$2.15

A-REIT proposes private placement of 150m new units.
Ascendas REIT (A-REIT) is proposing to raise S$298.5m - S$306m through a private placement exercise of 150m new units (7% of total units in issue). The placement units will be priced at S$1.99 – 2.04/unit representing a 2.1-4.5% to the VWAP of S$2.0482/unit of A-REIT’s last traded price. This is not unexpected as it is the manager’s strategy to tap the equity market with bite-sized fund-raisings at regular intervals to fund its growth initiatives.

OSIM International: Another Stellar Year in the Making (KE)

OSIM International
BUY (unchanged)
Share price: SGD1.215
Target price: SGD2.02 (unchanged)
Another Stellar Year in the Making

Setting the tone for 2012. OSIM is due to announce its 1Q12 results next Monday. We expect the company to kick off a strong year following its robust 2011 results, and set the tone for another stellar year in 2012 with revenue and profit growth in excess of 10% and 20%, respectively.

China Banks: Prefer large caps despite slower (DBSV)


China Banking Sector
Prefer large caps despite slower
1Q12 momentum
• 1Q12 results were generally positive, and we have revised upwards FY12-13 earnings forecasts
• Fee income was a key positive but NIM was mildly disappointing
• Prefer large banks for earlier IRB adoption and defensiveness against interest rate liberalisation; ICBC and BOC are our top large cap picks

Solid 1Q12. All H-share banks reported either in-line or better-than-expected 1Q12 net profits. Fee income was a key positive, thanks to bank card fees and settlement fees. However, NIM was mildly disappointing due to funding cost pressures. Large banks saw higher deposit- and loan-growth during 1Q12, but this may be reversed in 2Q12 if smaller banks become more aggressive with deposits. There were no shocks to NPL or capital adequacy during 1Q12.

Oil & Gas – Field Trip Notes (DBSV)

Oil & Gas – Field Trip Notes

Brace for more order flows
• Regional oil & gas tour in Singapore, Malaysia, and Vietnam reveals high activity levels currently
• Yards and fabricators continue to be bullish about prospects for further order flows
• Among the companies we visited, we re-iterate BUY on SMM, STX OSV, Dialog and Dayang; MMHE is Fully Valued given the lofty valuations

We recently organized a regional oil & gas field trip for our clients. This trip involved yard visits in Singapore and Vietnam, as well as management meetings in Malaysia. The key takeaway is that offshore oil & gas-tendering activity is definitely on the rise and enquiry levels remain robust. Most players under our coverage are well placed to benefit from this boom.

Hyflux: Some fixing needed (CIMB)

Hyflux
Current S$1.44
Target S$1.23
Some fixing needed

Even if results weren’t entirely stellar due to the challenging dynamics, they did reflect management’s hard work. Our main grouse is the sudden revised capex for Tuaspring. We also think the market needs to see the crystallisation of contracts and divestments.

Ascendas REIT: Opportunistic Placement On Rich Valuations? (UOBKH)

Ascendas REIT
Share Price S$2.09
Target Price S$1.80
Downside -13.9%
(Previous TP S$1.90)

Opportunistic Placement On Rich Valuations?
What’s New
• Ascendas REIT (AREIT) announced a private placement of 150m units to raise gross proceeds of S$298.5m. The issue price of S$1.99 represents a discount of 4.5% to the volume-weighted average price of S$2.0844 on 2 May 12.

Quill Capita Trust: Growth ahead (Hwang)

Quill Capita Trust
BUY RM1.13
Price Target : 12-month RM 1.55
Growth ahead
• 1Q12 earnings within expectation; 5% higher y-o-y
• 24% lease renewals to support FY12 earnings
• Maintain Buy with RM1.55 TP

Highlights
1Q12 earnings within expectation. 1Q12 net profit was 5% higher y-o-y at RM8m (-39% q-o-q from revaluation gains in 4Q11). Net property income (NPI) margin improved slightly by 0.3ppt y-o-y to 74.7%, resulting in an increase in NPI to RM13.3m (+2% y-o-y, +3% q-o-q). No distribution was declared for the quarter - in line with the REIT’s semi-annual distribution policy - but 100% of the quarter’s earnings were provisioned for distribution.

Share swap reversed (Hwang)

Share swap reversed
• Khazanah Nasional and Tune Air reverse share swap
• Advanced collaboration in specific areas; some areas dropped
• Maintain Fully Valued on MAS (RM1.10 TP) and AirAsia (RM3.10 TP)

Swap reversal. Khazanah Nasional and Tune Air have reversed the share swap exercise which took place in August last year. The deal involved Khazanah Nasional exchanging a 20.5% stake in Malaysian Airline System (MAS) for 10.0% in AirAsia. As part of the reversal, AirAsia’s Tan Sri Tony Fernandes and Dato’ Kamarudin Meranun resigned from MAS’ board, with Datuk Mohamed Azman bin Yahya following suit from AirAsia’s board.

Hi-P International: All eyes on the second half (DMG)

Hi-P International: All eyes on the second half
Hi-P’s 1Q results came in within our expectation at S$1.5m PATMI (-91.4% YoY) on the back of S$278.4 million revenue (+22.8% YoY). Gross margin fell sharply by 9.3 ppts to 7.1% mainly attributable to 1) higher material costs resulting from changes in product mix, 2) increased labour costs and 3) overheads expenses in preparation for the 2H ramp up. Going forward, apart from the long-awaited Apple’s project, the group had also secured new projects with reputable customers in the pipeline. On the other hand, we are confident that given the recent lean manufacturing initiatives, Hi-P will be able to keep its cost intact when the mass production takes place. Maintain BUY with an unchanged TP of S$1.22 as we wait patiently for the 2H results.

CapitaMall Trust: At A Good Price, Why Not? (RHB)

CapitaMall Trust
Share Price : SG$1.815
Fair Value : SG$2.18
At A Good Price, Why Not?

♦ Disposal of Hougang Plaza. CT announced that it has entered into an agreement to sell its property, Hougang Plaza, to Oxley Bloom Pte. Ltd. For a total consideration of SG$119.1m. Hougang Plaza is a 3-storey shopping mall with an NLA of 75,353 sqf. Occupancy was 100% as at March 2012. Oxley Bloom is a wholly-owned subsidiary of Oxley Holdings, a listed property developer on Singapore Exchange. The property will then be jointly redeveloped by Oxley, together with Lian Beng Land Pte. Ltd..

曾淵滄專欄 2012 05 04:阿爺焗住搞旺股市

阿爺焗住搞旺股市

澳洲減息,說明經濟狀況嚴峻,澳洲經濟與其礦產掛鈎,這說明了礦產的需求在下跌中,歐債危機之後,歐洲諸國為了提升投資者對歐債的信心,紛紛大刀闊斧地削減政府開支,代價當然是經濟衰退,消費市場低迷,影響了礦產的銷量。

我相信中國政府也開始看到外圍形式的嚴峻性,數天前削減股票交易費是其中一項推動經濟的「保八」行為,中國股市從 2009年底開始調整,調整期非常長,如此長的調整期,已經把非常大量的股民趕出去,股民心灰意冷離場了。

Aviation group supports MAS-AirAsia collaboration

The Star Online > Business
Friday May 4, 2012
Aviation group supports MAS-AirAsia collaboration

KUALA LUMPUR: The unwinding of the share-swap arrangement between Malaysia Airlines (MAS) and AirAsia Bhd has gained the support of Singapore-based Centre for Asia Pacific Aviation (CAPA), which said the continued collaboration will lower costs and unlock additional value.

CAPA said the collaboration between MAS and AirAsia could continue without a share swap as it was normal for airlines to cooperate and compete against each other at the same time.

Malaysia Airlines cannot afford another failure

The Star Online > Business
Friday May 4, 2012
Malaysia Airlines cannot afford another failure

Friday Reflections - By B.K. Sidhu


A NEW chapter begins yet again at Malaysia Airlines (MAS).

This is because the much opposed share swap was finally terminated on Monday eight months after it was inked in a ceremony that had then shocked many in the aviation industry simply because full service carriers rarely partner low cost carriers. The former normally sets up their own low cost units and not enter into partnerships.

Price war likely to heat up with termination of MAS-AirAsia share swap

The Star Online > Business
Friday May 4, 2012
Price war likely to heat up with termination of MAS-AirAsia share swap

By TEE LIN SAY
linsay@thestar.com.my

PETALING JAYA: With the unravelling of the Malaysia Airlines (MAS) and AirAsia Bhd share swap exercise, analysts said that competition in the aviation industry would intensify again.

AirAsia opened 13 sen lower to RM3.20 before bouncing back up to an intraday high of RM3.65 by 10.28am.

CapitaLand: Value housing to pick up the slack in home sales (AM)

CapitaLand
LAST CLOSE: S$2.94
FAIR VALUE: S$3.48
Value housing to pick up the slack in home sales

• Net profit reported by CapitaLand Ltd (CapLand) came in at S$133mil, up 31% YoY for 1QFY12. If we exclude S$27mil revaluation gains, results would be below expectations meeting 16% of consensus estimates and 11% of our FY12F forecast. Although CapLand benefited from S$24mil divestment gain of Hilton Double Tree Hotel in Kunshan, China, margin was noticeably lower by 4% due to higher development cost. Overseas contributions constituted 61% of earnings in 1QFY12 mainly buoyed by revaluation gains from three investment properties in Japan under CapitaMalls Asia.

SMRT: Core transport issues linger (KE)

SMRT Corporation
SELL(unchanged)
Share price: SGD1.68
Target price: SGD1.38 (from 1.41)
Core transport issues linger

FY2012 results in line; dividend cut. SMRT reported core FY2012 profit of SGD141.5m, in line with expectations and representing a 12% dip YoY. Core earnings exclude one-off impairment of goodwill related to their bus business1 recognised in 4Q12. Final dividend of S 5.7 cts was declared, bringing total DPS for FY12 to S 7.45 cts (80% of core EPS), a drop of 12% vs FY11. We maintain our SELL call on the stock, with the uncertain outlook on several repair, maintenance and capexsharing issues weighing in with increasing staff and energy cost pressures.

Pantech: Expect strong double-digit growth in FY13-FY15 (Asia)

Pantech Group Holdings Berhad
Price 55.5 sen
52-week price range (RM) 0.415-0.69

_ Sales continue to strengthen in 4QFY12, up 76% y-y
_ Net profit up 19% y-y to RM34.5 million for FY12
_ Expect strong double-digit growth in FY13-FY15
_ FY13E P/E of only 5.4x with 7.2% net yield

Pantech Group Holdings’ earnings results for 4QFYFeb2012 were broadly in line with our expectations.

Total turnover was up 76.2% y-y to RM128.5 million in 4QFY12, spurred by strong trading sales on the back of improving local and overseas demand for the company’s pipes, fittings and flow control (PFF) products. Net profit more than doubled to RM10.7 million, from RM5.1 million in the previous corresponding quarter.

2012-0502-57金錢爆(苦肉記)


证券借贷计划扩大至 房地产投资与商业信托

新加坡交易所托收服务副总裁郑庆坚受询时透露以上消息。目前该计划对借票者一律收取6%的费用,加入该计划的股东们会分得其中4个百分点,这(约4%的“利率”)远高于目前的定期存款利率。

王阳发 报道

ongyh@sph.com.sg

从5月7日(下周一)开始,中央托收公司(CDP)证券借贷计划将首次扩大至房地产投资信托(REIT)和商业信托(Business Trust),共达30只,使该计划涵盖614只证券,占主板和凯利板证券总数的80%。

新加坡交易所(SGX)托收服务副总裁郑庆坚受询时透露以上消息。目前该计划对借票者一律收取6%的费用,加入该计划的股东们会分得其中4个百分点,这(约4%的“利率”)远高于目前的定期存款利率。

香港券商: 减持中行建行股份 淡马锡非看淡内银

淡马锡发言人昨天证实,日前配售中国银行及建设银行,套现近24.8亿美元(约30.8亿新元),主要目的是为了调整投资组合,以及由于相关股份在今年以来已录得显著升幅,沽售主要为未来在中国或其他地区的投资机会作好准备。
戴庆成 香港报道
taihingshing@gmail.com

  香港证券市场普遍认为,新加坡主权投资基金淡马锡近日减持中国银行及建设银行股份,并非代表它看淡内银股,但其一买一卖手法越来越有对冲基金的影子。

  证券商星展唯高达昨天发表研究报告指出,淡马锡日前沽售中行及建行股份,只是调整其内银持仓,而非看淡,因为这次套现所得,约等于淡马锡上月向高盛购入工商银行股份的所出,估计淡马锡会继续从高盛接过工行股份,以及从美银美林接下建行。

一送车一送现金 两发展商争取买家

嘉茂商产信托脱售后港大厦

(何丽丽报道)嘉茂商产信托(CapitaMall Trust,简称CMT)将以约1亿1910万元的价格将后港大厦(Hougang Plaza),脱售给Oxley Bloom Pte Ltd。

  嘉茂商产信托将因此取得一笔约8380万元的净收益。交易预计将在今年6月13日左右完成。届时,嘉茂商产信托旗下的15个营运中的购物商场,总估值为约78亿元。

  嘉茂商产信托是通过汇丰机构信托服务(HSBC Institutional Trust Services)新加坡达成这项买卖协议。

  根据最新的独立估值,截至去年12月31日,后港大厦的估值为3400万元。

分析师: 海指或跌破3000点

欧美经济数据不理想,令市场投资气氛谨慎,昨日本地股市成交量和成交额均走低,海指也微跌5.20点,不过仍悬于3000点重要心理水平线之上。

  民间就业服务机构ADP公布的4月份美国私营部门就业人数仅增加11万9000人。这是近七个月来最低的增幅,远低于预期。

  数据也引发市场人士担忧,周五将公布的非农就业报告会令投资者失望。

  此外,欧洲各国4月份制造业采购经理人指数全面低于预期,失业率大多上扬,显示迎来经济复苏春天的日子似乎还很遥远。

Perpetual bonds: A boon to Singapore REITs

Perpetual bonds: A boon to Singapore REITs
by Tan Chin Keong 04:45 AM May 04, 2012
Singapore has recently seen a surge in the issuance of perpetual bonds. As the name suggests, these are bonds that can last in perpetuity with no maturity date. Most perpetual bonds have a "call" date when the issuer may redeem the bonds, usually at a premium. However, redemption is not an obligation, and so most perpetual bonds have a "step-up coupon" feature that increases the coupon payment investors receive if the bonds are not called.

Ascendas REIT said to raise S$298.5m in placement

Ascendas REIT said to raise S$298.5m in placement
Updated 08:05 PM May 03, 2012
SINGAPORE - Singapore's Ascendas Real Estate Investment Trust, which owns industrial properties, has raised S$298.5 million in a private placement after setting the price at the bottom end of its indicative range, the Bloomberg news agency reported Thursday, citing unidentified sources.

The company sold 150 million units at S$1.99 each, the sources said.

The REIT said earlier on Thursday that it planned to sell the units at between S$1.99 and S$2.04 each.

CitySpring Infrastructure Trust : 4Q FY12 Results



四大行公布一季度业绩


QFII扩容利好A股吗


H-shares and mainland brokerage houses will ride on improving A-share market sentiment (UOBKH)

H-shares and mainland brokerage houses will ride on improving A-share market sentiment

China last adjusted charges on stock trading in Sep 08, when the Ministry of Finance removed a 0.1% stamp tax on the purchase of A-shares to stimulate trading activity.

According to Bloomberg, about 8.95b A-shares changed hands each day this year on the Shanghai stock exchange, and average daily trading in Shenzhen was 3.5b shares. That’s a fraction of the average 153b shares traded on the HKEx (388) each day, according to Bloomberg.

淡马锡控股再次减持中资银行股票

新加坡淡马锡控股(Temasek Holdings)的每一个动作,都会受到每一位中国银行业观察家的密切关注。在最近一次调整投资组合的过程中,淡马锡再次减持两家中资银行的股票。

道琼斯通讯社(Dow Jones Newswires)周四报道说,主权财富基金淡马锡通过定向减持中国银行(Bank of China Ltd.)和中国建设银行(China Construction Bank Ltd.)的股份,融资24.8亿美元。今年以来,中国银行和建设银行在香港的股价已双双上涨了14%。

淡马锡出售中国银行和建设银行股份的价格分别是每股3.13港元(合0.4美元)和每股5.99港元,都在指示价格区间的底部。中国银行H股周四开盘下跌3.7%,建设银行的股票开盘下跌2.9%。

Indonesia to impose tax on raw mineral exports

Indonesia to impose tax on raw mineral exports
Posted: 03 May 2012

JAKARTA: Indonesia will begin imposing taxes on exports of raw minerals in a bid to encourage local processing and boost the number of smelters, the energy and mineral resources minister said on Thursday.

"We will officially announce a ministerial decree on May 6 to implement a tax on the export of 14 raw minerals at an average of 20 percent," Jero Wacik told reporters.

配售內銀 淡馬錫套195億

本身持有中工建三大內銀龍頭股的淡馬錫昨日再大手重整內銀組合,繼上月以逾179億元向高盛接貨購入35.5億股工行(01398)後,昨日淡馬錫趁近日內銀股價強勢,在二手市場減持總值最多195.51億元的中行(03988)及建行(00939),淡馬錫於中行及建行持H股的比例分別降至3.389%及8.754%。

根據基金經理收到的銷售文件顯示,淡馬錫分別透過附屬Fullerton配售30.79億股中行股份,配售價3.13元至3.18元,較昨日收市價折讓2.5%至4%,套現97.91億元,摩根士丹利及美銀為交易的聯合簿記行。

Credit Is Coming Back Into the Market


Emerging Currency Doom Ahead?


Can May Amaze Investors?


Facebook Set to Price IPO at $28 to $35


How Much Is Facebook Really Worth?


Temasek reshuffles stakes

Temasek reshuffles stakes
2012/05/04

SINGAPORE'S state-linked investment firm Temasek Holdings said yesterday it had cut its stakes in two of China's largest banks by selling shares worth US$2.48 billion.

The limited retreat from China Construction Bank (CCB) and Bank of China (BOC) is a "rebalancing" of its China portfolio after it upped its stake in mainland lending giant ICBC Bank in April, a Temasek spokesman said .

'MAS-AirAsia collaboration a vital strategy'

'MAS-AirAsia collaboration a vital strategy'
2012/05/04

Singapore-based Centre for Asia Pacific Aviation says airlines collaborate all the time without a share swap

KUALA LUMPUR: The unwinding of a share swap arrangement between Malaysia Airlines (MAS) and Air Asia has gained the support of the Singapore-based Centre for Asia Pacific Aviation (Capa), citing that continued collaboration will lower costs and unlock additional value.

Capa says collaboration between MAS and AirAsia can continue without a share swap as it was normal for airlines to cooperate and compete against each other at the same time.

A lot of hard work ahead for national carrier

A lot of hard work ahead for national carrier
2012/05/04

AFTER nine months and a whole lot of vitriol, the share swap deal between Malaysia Airlines (MAS) and AirAsia has been cancelled.
If it had been a pregnancy, you would be literally left holding the baby.

The official reason is, it brought about noises that distracted everyone from the job at hand - which is turning around the country's national carrier.

Funny, I could have sworn Khazanah Nasional Bhd had said the share swap was done, in effect, to turn around MAS.

Thursday, May 3, 2012

Jim Rogers: New Recession Inevitable; Abolish The FED; Fiat Money Is Garbage


外資行力吹Buy in May

中證監「組合拳」維持股市穩定,加上四月份滙豐中國製造業採購經理指數(PMI)顯示經濟再改善,滬深股市昨顯著上揚,同時令港股五月份首個交易日上漲214點,恒生指數收報21,309點,為近七周高位。券商憧憬滬深股市或踏入新一輪牛市,H股將可受惠之餘,花旗及摩根大通更分別呼籲投資者「Long(Buy)in May」及「Stay in May」(持貨),千萬不要「Go away」(離場)。

中移滙控破位 H股呈強
事實上,回顧過去十年五月份股市首日表現,當中七年可準確反映全月走勢,「首日效應」應驗率高達七成,因傳統「Sell in May」緊箍咒提前於四月出現,證券界認為,今年五月份港股或「不窮」。

YTL upgraded, target price raised

YTL CORP BHD
By Affin Investment Bank
Buy (upgrade)
Target price: RM2

WE are upgrading YTL Corp Bhd’s stock from an “add” to a “buy” recommendation with a higher target price of RM2 per share. Our revised target price reflects the elimination of a 15% holding company discount, which is consistent with our investment thesis; and value enhancement from YTL Cement’s acquisition.

We believe this stock is ripe to be re-rated as its major shareholder mulls the potential elimination of holding company discount. We estimate YTL’s holding company discount ranged from 10.5% to 27.4% in the past one-and-a-half years.

换股告吹无损投资情绪 马航亚航先跌后起

(吉隆坡3日讯)儘管亚洲航空(AIRASIA,5099,主板贸服股)与马航(MAS,3786,主板贸服股)的大股东换股计划歷经9个多月后宣布告吹,但市场人士並不感意外,主要在于双方仍会成立特別用途公司,而维持合作的框架。

同时,换股协议告吹並未影响投资者情绪,亚洲航空与马航的股价先跌后起,反映投资者对两者的合作仍抱有期望。

当中,以亚航的走势最为活跃,该股全日上扬27仙或8.1%,为全日第二大上升。

亚航今日以3.33令吉开始交易,虽然一度来到3.20令吉全日最低水平,在市场追捧下,该股大幅攀升至全日最高的3.65令吉。该股隨后稍微回吐涨幅,以3.60令吉结束交易,全日成交量为1375万5400股。

CapitaMall Trust to gain $83.8m from property sale

CapitaMall Trust, Singapore’s biggest real estate investment trust by assets, said on Thursday it will make a one-time gain of $83.8 million from the sale of one of its properties in the city-state.

The property, called Hougang Plaza, will be sold to Oxley Bloom for $119.1 million or more than three times the mall’s $34 million valuation, said CMT, whose manager is a unit of Southeast Asia’s biggest developer CapitaLand.

Dark Days Ahead for MAS, Blue Skies at Air Asia



外圍陰影不散‧全國大選未定‧5月馬股回調風險升

外圍陰影不散‧全國大選未定‧5月馬股回調風險升
Created 05/03/2012 - 10:16

(吉隆坡2日訊)儘管馬股5月首個開市日隨著區域“絕地反攻”,但恐怕無法扭轉“5窮”的宿命,分析員相信,外圍風險揮之不去,馬股5月回調風險節節上升,全國大選或進一步延至9月,也恐在政經不明朗下對馬股雪上加霜。

馬股意外成“高貝他”市場

僑豐研究指出,全球市場過去5至9月表現一般較10至4月落後,馬股更意外崛起為“高貝他”市場,跌幅較其他區域沉重。

根據分析,美股過去52年和亞洲股市以往22年,市場在夏季(5至9月)一般疲態盡顯,馬股甚至在過去22年的5至9月間,成為5指數中(另為道瓊斯工商指數、標普500、印尼指數、恒生指數)表現最疲弱的市場,平均回調幅度達3.1%。

馬航亞航換股告吹‧合作採購及飛機維修

馬航亞航換股告吹‧合作採購及飛機維修
Created 05/03/2012 - 12:01

(吉隆坡2日訊)馬航(MAS)與亞洲航空(AIRASIA)在8個月前達致的股權交換協議已經取消。

不過,馬航、亞航與屬下亞航X已簽署備忘錄,在採購和飛機維修方面展開深入的合作。

馬航大股東國庫控股(Khazanah)今晚發表文告指出,與亞航大股東Tune Air的馬航及亞航股權交換的協議已經取消。

國庫控股董事經理丹斯里阿茲曼莫達指出,兩家公司大股東的交叉互持股權計劃,原本是要取得協作及經濟利惠。

鲁比尼:美明年或萧条

鲁比尼:美明年或萧条
财经天下 2012-05-03 17:25
(纽约3日讯)“新末日博士”鲁比尼周三指出,美国经济可能会在2013年陷入萧条,并最终导致该国进入所谓“双底衰退”周期。

鲁比尼指出,美国工人的真实工资并未有所增长,且美国政府庞大的债务正在阻碍经济增长。

鲁比尼预测,今年经济增长速度如果能达到2%就是很“幸运”的事情,到明年则将面临着陷入零增长的困境。

缅甸可成亚洲之虎

缅甸可成亚洲之虎
Created 05/03/2012 - 17:28

(仰光3日讯)联合国秘书长潘基文的缅甸事务特别顾问南比亚尔认为,缅甸只要能引进投资、放松金融管制和吸引到专才,这个资源丰富的国家有可能成为“亚洲之虎”。

他指出,经过20多年的封闭后,缅甸正在经历快速和巨大的政治变化。去年总统登盛和反对派领袖昂山素枝的会面“是一次重要的游戏规则改变”,他称赞登盛具有政治家风度,以及昂山素枝虽然反对在军政府时期制定的宪法,但还是参加了4月的议会补选。

匯豐瘦身‧940億落袋

匯豐瘦身‧940億落袋
Created 05/03/2012 - 19:10

為了強化競爭力與提高盈利能力,匯豐控股再度“瘦身”出售非核心資產。匯控指出,出售美國信用卡及零售服務業務已經於1日完成,匯控進賬313億美元(約939億令吉)。

新浪財經報導,根據協議,匯控旗下公司HTSU,將為美國第一資本及其子公司提供最多2年的信用卡與零售服務,而第一資本可選擇在特定情況下將該服務延長1年。

換股告吹意料中事‧自由競爭激勵股價‧馬航亞航亦敵亦友

換股告吹意料中事‧自由競爭激勵股價‧馬航亞航亦敵亦友
Created 05/03/2012 - 17:45

(吉隆坡3日訊)馬航(MAS,3786,主板貿服組)和亞洲航空(AIRASIA,5099,主板貿服組)換股計劃胎死腹中,分析員認為,馬航職工會的勝利突顯了政治因素對馬航影響勝於經濟考量,未來很可能出現的兩大情景是政府續支持血流不止的馬航或馬航在政府不支援下艱辛求存。

馬航和亞航正式宣佈換股計劃告吹,惟自由競爭利好消息反激勵復牌後表現,雙雙一度飆升近10%。

亞航先聲奪人,一度走高近9.6%或32仙至3令吉65仙,成為全場漲幅第二股項,儘管收市前漲幅收窄,仍以起27仙到3令吉60仙大唱豐收;馬航也一洗頹勢,一度急升9.84%或12仙到1令吉34仙,終場高掛1令吉34仙,起2仙。

Cosco Corporation: High risks, uncertain returns (CIMB)

Cosco Corporation
Current S$1.05
Target S$0.92
High risks, uncertain returns

We are concerned about the profitability of Cosco’s offshore projects given its aggressive bidding. The price for its latest semi-sub accommodation rig contract was about30-40% cheaper than that secured by Singapore yards recently.

Noble Group: Will 1Q12 be a catalyst? (CIMB)

Noble Group
Current S$1.22
Target S$1.40
Will 1Q12 be a catalyst?

Risk-reward dynamics are turning favourable for Noble. Key ingredients needed for a rebound –improving macroeconomic conditions, easing liquidity and low investor expectations –are surfacing.

AirAsia jumps on MAS collaboration

AirAsia jumps on MAS collaboration
2012/05/03
AirAsia Bhd and Malaysian Airline System Bhd, the nation’s two biggest carriers, surged in Kuala Lumpur trading after saying they will boost collaboration in areas including procurement, even as they end an equity tie-up.

AirAsia, the region’s biggest discount carrier, jumped as much as 9.6 per cent, the biggest intraday rise since September and largest gainer on the benchmark FTSE Bursa Malaysia KLCI Index today. It pared gains to 6.9 per cent at RM3.56 as of 2:48 p.m. Malaysian Air climbed as much as 9.8 per cent, the most in about four months.

Analysts optimistic over MAS-AirAsia MOU

Analysts optimistic over MAS-AirAsia MOU
2012/05/03
Analysts are optimist that the Memoranda of Understanding (MoU) between Malaysia Airlines (MAS) and AirAsia will benefit both and the country as well.

It was announced on yesterday that the share swap deal between MAS and AirAsia has been called off.

Instead, MAS and AirAsia inked the two MoUs for joint maintenance services and the establishment of a special purpose vehicle (SPV) to extract procurement synergies such as fuel oil, aircraft components and parts.

Lippo-Mapletree Indonesia Retail Trust: When will Indonesians go shopping in a big way?

Pluit Village and Plaza Medan Fair steals the show in Q1

3/5/2012 - Lippo-Mapletree Indonesia Retail Trust (LMIRT) says the outlook for quality retail space will remain positive in the next 3 and 6 months as indicated by Bank Indonesia in its February 2012 Retail Sales Survey.

LMIRT will look for acquisitions to achieve its goal of building a S$4 bln portfolio over the next five years.

CapitaLand: Will Chinese residential market really regain momentum in Q2?

Q1 revenue up 3.8%, Net profit up 31.3%

3/5/2012 – CapitaLand Ltd has a number of projects waiting to launch in 2012, provided market conditions remain favourable.

The group maintains Singapore and China are its key focus for investment, as the prospects in both economies remain healthy.

If the market permits, CapitaLand will release new phases from The Interlace, d’Leedon, Urban Resort Condominium and Sky Habitat in Singapore.

SMRT: Watch out for falling dividends (CIMB)

SMRT Corporation
Current S$1.68
Target S$1.50
Watch out for falling dividends

SMRT faces intensifying headwinds from an ongoing inquiry into its service disruptions. Asset renewal will call for higher capex, while mandates for more stringent repairs and maintenance will elevate its cost structure permanently, eating into profits.

CapitaRetail China Trust: Will it be able to raise rents?

Fifth consecutive quarter of double-digit growth in net property
income

26/4/2012 - CapitaRetail China Trust (CRCT) says it is well-positioned to tap into China’s robust consumption growth with its nine income-producing shopping malls.

Knight Frank’s research says the outlook for Beijing’s retail market in 2012 is positive as international and local mid-to-high brands are set to continue to expand.

A total of 880,773 square metres of new retail space is expected to become available.

Yangzijiang: Falling costs vs lower margins- which of the brokers is right?

Q1 revenue up 12%, Net profit up 7%

3/5/2012 – Analysts are divided over the impact of lower input costs and falling newbuild prices on the margins of the shipbuilder.

Yangzijiang is focused on building high-end vessels, as advanced as those produced in Japan and Korea.

It aims to develop models that are eco-friendly, fuel efficient and having higher loading capacity.

Rickmers Maritime: Can it repay debts as quick as it wants?

Profits down in Q1

26/04/2012 – Rickmers Maritime says there is currently an oversupply in ship capacity.

Freight rates in the two main trade lanes, Asia to Europe and Asia to the US, have recovered in part because liner companies raised their rates in Q1.

But high bunker prices and continued fierce competition are having a negative effect on the liners’ earnings.

Temasek Raises US$2.48 Bln Through BOC, CCB Share Sales

03 MAY 2012
Temasek Raises US$2.48 Bln Through BOC, CCB Share Sales
By Dow Jones Newswires

Singapore state-investment firm Temasek Holdings raised US$2.48 billion by selling portions of stakes it holds in Chinese lenders Bank of China Ltd. (3988.HK) and China Construction Bank Ltd. (0939.HK) via placements, people familiar with the situation said Thursday.

Temasek sold 3.079 billion shares in Hong Kong-listed Bank of China at HK$3.13 each, representing the bottom end of an indicative price range of HK$3.13 to HK$3.18, or a 4 percent discount to Bank of China’s Wednesday closing price of HK$3.26.

SMRT: Persistent cost pressures (DMG)

SMRT: Persistent cost pressures
(NEUTRAL, S$1.68, TP S$1.73)
Core earnings within expectations. SMRT’s 4QFY12 core PATMI (this excludes S$21.7m impairment of goodwill) came in within expectations and was up 5% YoY to S$36m (-4% QoQ) while top-line rose 12% YoY to S$275m (+3% QoQ). Including the impairment, 4QFY12 and FY12 PATMI was down 59% YoY to S$14m and down 26% to S$120m respectively. Our concerns over SMRT’s current cost issues remain, with further downside risks pertaining to costs related to its rail upgrading and renewal plans. A final dividend of 5.7S¢ per share has been declared bringing total FY12 dividends to 7.45S¢ per share and reflecting a decent yield of 4.4%. Our TP remains unchanged at S$1.73 based on DCF implying a FY13 (FYE Mar) P/E of 17x. Maintain NEUTRAL.

OSIM : Shaping Up (CS)

OSIM International
Price (30 Apr 12, S$) 1.21
TP (prev. TP S$) 1.85 (NA)
Est. pot. % chg. to TP 53
52-wk range (S$) 1.73–0.99

Shaping Up
● We initiate coverage on OSIM with an OUTPERFORM rating, and 53% potential upside to our S$1.85 target price.

Broadway: Warming up its engines (NRA)

Broadway Industrial
Current Price S$0.43 30 April 2012
Fair Value S$0.59
Warming up its engines

Keeping forecast and maintain Overweight. Excluding the net forex gain of S$12.4m, 1Q12 core earnings of S$3.1m were in line with our expectation. Despite this, we keep our FY12-14 estimates relatively unchanged for the time being. Our fair value remains at S$0.59, still pegged on 8x FY12 PER. Given the clear recovery signal, we maintain our Overweight recommendation. The process of an insurance claim for up to US$10m is still in process.

Pantech: Poised For a Better Year (OSK)

Pantech Group Holdings
Fair Value RM0.595
Price RM0.520
Poised For a Better Year

Pantech reported a FY12 net profit of RM34.5m – a 19% increase from RM29.0m for FY11 – which only meets 90% of our forecast and is slightly below that of consensus. Pantech’s performance in FY12 was commendable as it recorded earnings growth amid a challenging global economy and higher expenses being incurred for its newly commissioned stainless steel plant. We are expecting better growth in FY13 on the back of improved efficiency for its stainless steel division and contribution from its newly acquired subsidiary, Nautic Group. We maintain our Trading BUY recommendation with its FV remained unchanged at RM0.595.

Termination of Share Swap (HLG)

Termination of Share Swap
 Khazanah and Tune Air have jointly announced the termination of Share Swap Agreement for MAS (20.50%) and AirAsia (9.99%) stakes. Consequently the proposed warrants exchange agreement is also terminated.

 Tan Sri Anthony Fernandes and Dato’ Kamarudin Meranun have resigned from the Board of MAS as well as Datuk Azman Yahya from Board of AirAsia.

HLF: Weaker 1Q12 earnings on reversion to provisions (DMG)

HLF: Weaker 1Q12 earnings on reversion to provisions
(NEUTRAL, S$2.49, TP S$2.42)
Sharp earnings decline due mainly to general provisions. HLF reported 1Q12 net profit of S$16.7m, down 37% YoY. Whilst pre-provisioning operating profit was down a less severe 12% YoY to S$21.3m, provisions of S$1.2m (versus 1Q11’s write-back of S$7.6m) contributed to the severe earnings contraction. We cut FY12 net profit forecast by 17% to S$67.2m to reflect the 1Q12 weakness, as well as expectations of continued weakness in net interest income, as pricing for lending products remained under pressure. On a positive note, loans expanded 6.3% and deposits rose 8.2% QoQ, reflecting the balance sheet growth. We maintain our target price of S$2.42, which is pegged to 0.65x book. Neutral recommendation re-iterated.

Hi-P International: Sales up, margins yet to normalize (DBSV)

Hi-P International
HOLD S$0.91
Price Target : 12-month S$ 0.95

Sales up, margins yet to normalize
• Core profits ahead but provisions/impairment charges pulled down headline numbers
• Healthy rebound in revenue, but margin pressure to limit bottomline growth
• Expect a better 2Q but FY12 earnings to be very skewed towards 2H; 1Q accounts for <3% of FY12F • No change to estimates; Maintain Hold and S$0.95 TP

SingTel: Weak Bharti earnings although operating trends are healthy (DBSV)

SingTel
BUY S$3.12
Price Target : 12-month S$ 3.32

Weak Bharti earnings although operating trends are healthy
• Bharti improved EBITDA but earnings were 20% below consensus due to forex losses and tax provisions. Strong results at Telkomsel and AIS likely to offset weakness at SingTel in 4Q12F.

• Separately, Optus proposed an 8% reduction in its workforce in order to counter slow revenue growth.

S-REIT: 1Q operational trends & highlights- on the right track (DB)

Singapore REITs
1Q operational trends & highlights- on the right track

Stable and attractive yields; proactive capital and asset management
1Q operating trends were encouraging with steady growth expected for FY12 on positive reversions and contribution from FY11 investments. Most REITs continue to position for acquisitions, suggesting further upside to valuations. We view recent value unlocking moves positively, reflecting a more active stance on portfolio management and shareholder value orientation. Balance sheets are comfortable with proactive capital management. We remain positive on the REITs with attractive risk-adjusted yields; buy MCT, AREIT, MINT.

Lippo Malls Indonesia Retail Trust: Room for Leverage and Dividend Uplift (OCBC)

Lippo Malls Indonesia Retail Trust
Increase Exposure
Intrinsic Value - S$0.61
Prev Closing - S$0.41
Room for Leverage and Dividend Uplift

Lippo Malls Indonesia Retail Trust (Lippo) posted a healthy set of 1Q results with total gross revenue and distributable income rising 39.0% and 18.5% YoY to S$45.6m and S$15.0m respectively. 1Q total gross revenue and distributable income accounted for 28.3% and 22.4% of our previous FY12F. The variation of the former was mainly due to larger than expected service charge and utilities recovery while the latter was dragged by a one-off arrangement fee. We are adjusting our FY12F revenue upwards and lowering the FY12F distributable income by S$1.6m. Lippo’s balance sheet continues to be healthy and we expect dividend uplift from potential acquisitions. Maintain Increase Exposure with an intrinsic value of S$0.610.

曾淵滄專欄 2012 05 03: 港股未擺脫上落市

港股未擺脫上落市
恒指在 4月 30日升至 21000點之上,當日收市後,中央政府宣佈中國降低股市交易費用,於是昨日假後開市,內地股市大升,恒指也就進一步再升,兩天之內升了 568點,昨收報 21309點,走勢看來相當好,突破了之前的大圓頂走勢。但保守一點看,我們還是應該等到恒指破了 2011年 8月之下跌裂口,才能說調整已完成,換言之,恒指要再上升 500點左右,才算擺脫長達兩個月的調整與上落市。

前一陣子,多隻水泥股公佈今年首季業績,盈利皆大幅倒退,與去年的大幅增長呈強烈對比,我的愛股中建材( 3323)也一樣逃不過厄運,五一假期前公佈業績,盈利倒退 46%,看來所有的水泥股只能指望中央加大力度推動基建,同時壓抑過剩的水泥產能。

教你如何富过三代

颜金德指出,生前签订股东合约,可以保证子女能够分到公司的红利,也能保证自己辛苦打造的企业王朝不会因为接班人的问题而改朝换代,走向灭亡。

SME
中小企业专版

  据统计,家族企业能够顺利传承给下一代的

只有30%,能够传承超过三代的只有12%。在传承的过程中,家族成员往往争论不休,使得第一代辛苦建立的企业王国面临瓦解。

淡马锡减持中行与建行股权

淡马锡控股减持中国银行和中国建设银行的股权,套现达24亿美元(约30亿新元)。

  根据彭博社统计的数据,淡马锡控股脱售了约12亿美元的中行股票,以及约12亿美元的建行股票。

  淡马锡控股昨天确认了这两项股权脱售。市场情绪在这个星期有强劲上升的趋势,这项脱售是淡马锡控股在数个星期前增持工商银行H股之后,为了重新平衡投资组合作出的决定。

  据了解,淡马锡控股仍对中国市场拥有信心,重新平衡投资组合的部分原因也是为中国或其他地方的机会作出准备。

罗素投资:亚洲股市指数偏低10%

亚洲股市除日本以外在过去六至12个月内,表现不如全球其他地区如发达国家的指数。

李敏雯 报道
lminwen@sph.com.sg

  全球金融服务机构罗素投资(Russell Investments)认为,亚洲股市指数水平目前偏低10%,区域市场的估值仍然有上升空间。

  该机构亚太首席投资策略师皮斯(Andrew Peace)昨天接受媒体视像会议访问时指出,亚洲股市除日本以外在过去六至12个月内,表现不如全球其他地区如发达国家的指数。

SMRT企业股价创两年半新低

继上周宣布9亿元地铁系统更新计划后,SMRT企业令人失望的全年业绩表现再度使其股价雪上加霜。随着集团全年净利大幅下跌25.6%,集团股价也创下两年半以来的新低。

SMRT在本周一劳动节前夕闭市后宣布第四季和全年业绩。虽然第四季营收上扬12.4%,但能源价格高涨、薪金成本上扬、维修费用增加、额外的商誉摊销等因素导致集团第四季净利非但没有增加,反而猛挫59%。

这促使集团全年净利下跌25.6%至1亿1987万元,终期股息也从上财年的6.75分减少至5.7分。值得注意的是,集团看得出是在努力维持派息率,全年7.45分的总派息已经占了每股盈利的近95%。

欠缺危机实效演练 SMRT前车之鉴

商场点评

  地铁系统近期故障频发,影响了大众的出行。事故广为本地媒体报道,议员们也在国会就此展开热烈的讨论。

  有哪些潜在的因素导致SMRT企业对地铁事故应对不利?本期的《商场点评》或许能为SMRT和其他企业机构如何预备应对危机点明方向。

  古人云:居安思危,思则有备,有备无患。在3月29日的《商场点评》中,我们曾以新加坡航空公司为例,评析在SQ006失事后新航能出色地实施各种应对危机措施,主要在于它对利益相关者的高度承诺和能随时制宜。同承诺相关的主要因素包括机构所制定的目标,例如为顾客提供高素质的服务。随时制宜则涉及软性因素,例如对机构共同的信念,标准工作流程。要做到随时制宜也需具备有形条件,如可以随即调动的财务资源、人力资源。例如,虽然之前新航没有任何空难的记录,但它仍培训了数百名职员,在事故发生后,随时成为受影响乘客或其家属的“伙伴”,协助他们减轻悲痛。此外,新航迅速启动了在樟宜机场第二搭客大厦的危机管理中心,作为其组织实施应对危机策略的中枢。

纽约股市创新高 海指再破3000点

YTL Comms open to tie-ups for 4G services

The Star Online > Business
Thursday May 3, 2012
YTL Comms open to tie-ups for 4G services

By CHOONG EN HAN and YVONNE LIM
starbiz@thestar.com.my

PETALING JAYA: YTL Communications Sdn Bhd, a unit of conglomerate YTL Corp Bhd, is willing to consider collaborating with other players operating in the industry to roll out Long Term Evolution (LTE) or 4G services in the future.

“When we talk about communication, it is common sense for us to cooperate to provide users with better services and faster speed,” YTL Corp group managing director Tan Sri Francis Yeoh, who is also executive chairman of YTL Communications, told reporters after the launch of YTL Communications' first smartphone, the Eclipse.

Dropped deal won’t affect AirAsia, say analysts

The Star Online > Business
Thursday May 3, 2012
Dropped deal won’t affect AirAsia, say analysts

They see challenging times ahead for MAS, but business as usual for the low-cost carrier

PETALING JAYA: While analysts remain sceptical about Malaysia Airlines' (MAS) turnaround plan, some of them opine that AirAsia Bhd will not be impacted by the unravelling of the share-swap deal between Khazanah Nasional Bhd and AirAsia.

Analysts expect MAS to have a challenging time ahead, but they said it would be business as usual for AirAsia.

Tony Fernandes: The selfish attitude of a few has to end at MAS

The Star Online > Business
Thursday May 3, 2012
Tony Fernandes: The selfish attitude of a few has to end at MAS

TAN SRI TONY FERNANDES
Group chief executive officer
AirAsia Group

“FOR the few negative detractors who made the most noise, I wonder what their solution is for MAS.

I have seen no alternatives put forward by those people. The selfish attitude of a few has to end at MAS.

It’s official, MAS-AirAsia share swap is off

The Star Online > Business
Thursday May 3, 2012
It’s official, MAS-AirAsia share swap is off

By B.K. SIDHU
bksidhu@thestar.com.my

PETALING JAYA: Eight months later, the controversial share swap crafted for the benefit for the country's aviation industry had led to “an impediment” to the revival of MAS and has to be ditched.

However, both the nation's airlines Malaysia Airlines (MAS) and AirAsia Bhd will still cooperate on several areas in a bid to save cost in line with global trends.

HDBSVR maintains fully valued call on MAS, AirAsia

The Star Online > Business
Published: Thursday May 3, 2012 MYT 8:41:00 AM
HDBSVR maintains fully valued call on MAS, AirAsia

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) is maintaining its Fully Valued call on MAS and AirAsia with target prices of RM1.10 and RM3.10 respectively.

In its research note issued on Thursday, it said that it was concerned about MAS' stretched balance sheet. Net gearing could surpass its current 4.4 times as MAS seeks funding for scheduled delivery of aircraft.

CapitaLand: Fewer China deliveries (CIMB)

CapitaLand
Current S$2.94
Target S$3.61
Fewer China deliveries

1Q12 was below expectations because of light China completions. More deliveries are expected in the next 12-18 months. While China volume remains thin, there has been a pick-up recently. The building of mixed developments remains on track.

1Q12 core forms 17% of our FY12 estimate. We believe results are below consensus. We keep our earnings as there should be backend-loading and our target (25% disc to RNAV). Maintain Outperform with catalysts from China’s volume recovery and accretive acquisitions.

Lippo Malls Indo Retail Trust: Strong fundamentals intact (OCBC)

Lippo Malls Indo Retail Trust: Strong fundamentals intact
Fair value S$0.43
add: 12m dividend forecast S$0.03
versus: Current price S$0.41
12m total return forecast 13%

STRONG FUNDAMENTALS INTACT
• DPU slightly below expectations
• Fundamentals still strong
• Maintain BUY, but drops FV to S$0.43

Lippo Malls Indonesia Retail Trust’s (LMIRT) 1Q12 DPU was slightly lower than expected at 0.69 S cents (18.6% of our FY12F DPU), due to higher tax expenses and one-off charges of ~S1.7m. However, LMIRT’s fundamentals remain strong, with portfolio occupancy holding steady at 94.5% (94.1% in prior quarter), well above Indonesia’s retail industry average occupancy rate of ~87.6%. According to management, its malls have been seeing strong interest by international and local retailers, while shopper traffic has been rising amid strong domestic consumption. LMIRT also reiterated that Jakarta remains ‘under-shopped’, as evidenced by its low retail density of 0.4 sqm per person. Hence, it is confident that its retail malls are well positioned to benefit from the burgeoning Indonesian retail industry. We now revise our FY12-13 forecasts to factor in the 1Q results. Accordingly, our fair value eases slightly from S$0.45 to S$0.43. Maintain BUY.

Tapping China's Growing Consumer Base


Are tech stocks safe bets?

Are tech stocks safe bets?
In The Edge Financial Daily Today 2012
Written by Joan Ng of The Edge Singapore
Wednesday, 02 May 2012 11:35

Stuart O’Gorman, director of technology equities at Henderson Global Investors and fund manager of the Henderson Horizon Global Technology Fund, has seen more than his fair share of richly priced stocks. During the height of the dotcom boom in the late 1990s, the technology-heavy Nasdaq traded at nearly 200 times earnings. “When the Internet craze happened a decade ago, everybody thought we were just going to move entirely online. But it was too early. The technology wasn’t good enough,” he says.

Samsudin hopes to ‘create value’ in Ariantec

AirAsia, Malaysia Airlines unwind cooperation deal

AirAsia, Malaysia Airlines unwind cooperation deal
Posted: 02 May 2012 2215
KUALA LUMPUR: Budget flyer AirAsia and state-owned Malaysia Airlines Wednesday unwound a cooperation agreement following months of pressure from the powerful employees union of the struggling national carrier.

Both sides said in separate statements they were reversing a share swap agreement but would continue to cooperate to save costs in joint procurement, aircraft component maintenance, support and repair services.

Concerns-as-Scoot-gears-up-for-flights-to-Bangkok


Indonesias-policy-flip-flops-causing-investor-anxiety


Temasek eyes S$3.1b in BOC, CCB share sale

Temasek eyes S$3.1b in BOC, CCB share sale
04:46 AM May 03, 2012
HONG KONG - Singapore investment firm Temasek Holdings is seeking to raise up to US$2.5 billion (S$3.1 billion) by selling part of its stakes in Bank of China (BOC) and China Construction Bank (CCB) through a placement exercise.

Fullerton Financial Holdings, a unit of Temasek, plans to sell 3.079 billion shares in the Hong Kong-listed Bank of China at between HK$3.13 and HK$3.18 apiece, raising up to US$1.26 billion.

Temasek also plans to pare down 1.6 billion Hong Kong-traded shares of China Construction Bank at between HK$5.99 and HK$6.10 apiece, raising up to US$1.25 billion.

Concerns as Scoot revs up for Bangkok flights

Concerns as Scoot revs up for Bangkok flights
by Yvonne Chan 04:46 AM May 03, 2012
SINGAPORE - Scoot, the new medium-to-long-haul budget carrier of Singapore Airlines (SIA), will begin flights to Bangkok from July, putting it head-on with its bigger sister Tiger Airways and SIA itself.

This has prompted some market watchers to wonder if SIA is cannibalising its own product offerings as Scoot provides a much cheaper option for travellers.

Malaysian aviation: A free market again?

Malaysian aviation: A free market again?
By Presenna Nambiar and Goh Thean Eu
bt@nstp.com.my
2012/05/03


The new collaboration agreement between Malaysia Airlines (MAS) and AirAsia Bhd could see a de-segmentation of the local aviation scene and a return to more competitive fares.
Under its previous agreement, the two airlines had initially apportioned markets, with MAS focusing on full-service premium travel, while AirAsia and AirAsia X on low-cost and low-cost long-haul travel.

In its filing to Bursa Malaysia Bhd yesterday, however, both airlines specified that the new agreement will no longer define market focus for each airline.

It will also no longer work together on the provisioning of routes.

Wednesday, May 2, 2012

PhillipCapital Weekly Market Watch 30.04.2012



CapitaLand Ltd: Drag from slowing Chinese sales (OCBC)

CapitaLand Ltd
Fair value S$3.21
add: 12m dividend forecast S$0.08
versus: Current price S$2.94
12m total return forecast 12%

DRAG FROM SLOWING CHINESE SALES
• Boost from one-time gains
• Chinese residential sales stay muted
• Lowering fair value to S$3.21

CapitaLand’s 1Q12 PATMI came in at S$133.2m, up 31% YoY mostly due to divestment gains from the Hilton Double Tree Hotel in Kunshan and revaluation gains for three Japanese malls. Adjusting for one-time items, we estimate 1Q12 PATMI at S$78.4m, which was broadly in line with expectations. An anemic 189 residential units were sold in China over 1Q12 - much in line with the pace seen in 4Q11 (161 units). In Singapore, we saw 57 homes sold in 1Q12 and expect a bump next quarter from Sky Habitat sales (launched Apr 2012, 125 units sold on opening weekend). Retail mall subsidiary CMA’s earnings was somewhat below expectations due to higher operating expenses and a slower-than-expected ramp-up at new malls. Given latest data-points, we now expect Chinese residential curbs to stay in place for most of FY12 and that additional property curbs in Singapore are likely. We pare our fair value estimate to S$3.21 (from S$3.40 previously) mostly due to updated valuations for listed entities, and lower ASPs for residential developments. Maintain BUY.

SMRT Corporation: Not derailed yet (OCBC)

SMRT reported a weak set of FY12 results although revenue increased 9.1% YoY to S$1.057b. PATMI fell 25.6% YoY to S$119.9m following spikes in its operating expenses (energy, staff and repair/maintenance costs) and an impairment of goodwill on its Bus operations (S$21.7m). Management declared a final dividend of 5.7 S cents per share to bring the total dividend payout to 7.45 S cents. Going forward, operational headwinds are expected with higher capital outlay to upgrade and renew MRT assets and elevated levels of energy and staff costs, while dividend payouts will see reductions. However, with its stable operating cash flows and funding avenues, SMRT is well-able to address these issues. Nonetheless, we still tweaked our FY13 projections to incorporate higher operating expenses and applied a conservative 60% PATMI dividend payout ratio, which returned a valuation of S$1.71 under our dividend discount model (previous FV: S$2.04). As such, we downgrade our rating to HOLD on valuation grounds.

友邦保險 (1299) - 超乎預期的首季業績 (輝 立 証 券)

友邦保險(1299)

推介日期   02-05-12 
投資建議增持
建議時股價$ 27.600
買入價N/A
目標價$ 32.000



AIA是亞太區主要的壽險集團,區內植根超過90年,提供保險、保障、儲蓄、投資和退休方面等多種金融服務,服務範圍遍及亞太區內15個國家及城市,包括: 香港、韓國、泰國、新加坡、中國、馬來西亞、菲律賓、印尼、越南…等 。

换股计划告吹 马航亚航设SPV合作採购

换股计划告吹 马航亚航设SPV合作採购
財经 2012年5月2日

(吉隆坡2日讯)马航(MAS,3786,主板贸服股)和亚洲航空(AIRASIA,5099,主板贸服股)的换股协议正式告吹,双方將转为成立特別用途公司(SPV)进行合作。配合这项消息,亚洲航空首席执行员丹斯里东尼费南德斯与副首席执行员拿督卡玛鲁丁將退出马航董事局,不再是马航非独立非执行董事;拿督莫哈末阿兹曼雅亚则退出亚航董事局。

亚洲航空的大股东Tune Air私人公司是在去年8月同意以亚航的10%股权,向国库控股(Khazanah)换取马航的20.5%股权。儘管如此,马航与亚洲航空的换股活动在过去9个月以来都遭到政治人物和马航职工会反对。

China Construction Bank: In line but not encouraging (CIMB)

China Construction Bank
Current HK$5.91
Target HK$7.59
In line but not encouraging

CCB’s 1Q12 net profit growth of 9.2% yoy lagged behind its peers, largely because of lower NII growth and higher opex. NII growth was only 0.7% qoq, probably because it raised interest rates to attract deposits.

Agricultural Bankof China: Loan quality to contribute (CIMB)

Agricultural Bankof China
Current HK$3.62
Target HK$4.45
Loan quality to contribute

ABC’s 1Q12 net profit growth of 27.6% yoy was the highest among the big four banks, aided by loan quality improvement and strong NII growth. Its capital position improved, which should reduce capital-raising concerns.

At 31.1% of our full-year number, ABC’s 1Q12 net profit trumped our expectations. We raise FY12-14 earnings for higher fee income and lower credit cost. This increases our GGM-based target price to HK$4.45 (1.6x CY12 P/BV). We upgrade the stock from Neutral to Outperform in view of the improving loan quality and capital position.

IPC CORPORATION LTD - 1Q2012 Results



IPC CORPORATION LTD - 1Q2012 Results

Khazanah: MAS-AirAsia share swap is off

Khazanah MAS-AirAsia share swap is off
2012/05/02

Its official now. Khazanah Nasional Bhd announced late this evening that the share swap deal between Malaysia Airlines
(MAS) and AirAsia Bhd has been called off.

"After eight months, our assessment is that, the cross-holding of
shares has become a distraction to management's efforts to turnaround MAS.

"The cross-holding of shares was well-intended to simply better align the economic interests on the part of the major shareholders of MAS (Khazanah) and AirAsia (Tune Air)," the government's investment arm said in a statement.

Hi-P reports 1Q2012 net profit of S$1.5m



Hi-P reports 1Q2012 net profit of S$1.5m, on track for stronger 2nd half with orders from new & existing customers
• 1Q2012 revenue increased 14.4% to S$278.4 million compared to 1Q2011 mainly due to more high level assembly projects
• FY2012 capex plan of S$180 million due to strong customer demand is wellsupported by cash position of S$325.4 million
• Expects FY2012 sales and net profit to outperform FY2011

亞航換股或告吹‧馬航前路難行

亞航換股或告吹‧馬航前路難行
Created 05/02/2012 - 17:45

(吉隆坡2日訊)馬航(MAS,3786,主板貿服組)和亞洲航空(AIRASIA,5099,主板貿服組)股權交換協議難產,預計不會動搖亞航盈利,惟馬航士氣可能因失去能夠扭轉頹勢的亞航領導層而受衝擊,在油價高掛和次季一般表現低迷下,要在2012財政年轉虧為盈或挑戰重重。

市場盛傳,馬航職工會向政府施壓,令備受爭議的馬航和亞航股權交換協議可能在今天宣佈告吹,馬航和亞航雙雙在週三暫停交易,暫停交易前,馬航報1令吉22仙;亞航掛3令吉33仙。

A股去年10大最賺錢公司出爐‧7銀行入榜‧工行冠軍

A股去年10大最賺錢公司出爐‧7銀行入榜‧工行冠軍
Created 05/02/2012 - 19:08

自去年開始,環球金融市場充斥悲觀情緒,作為全球經濟火車頭的中國,亦有減速跡象。

市況低迷之際,有“國字號”護身的央企,依然保持強勁增長。

據報導,去年中國最賺錢的10大上市公司名單新鮮出爐,上榜的10家公司皆為金融、能源類央企大哥。其中,工行憑藉純利2千零82.65億元(人民幣,下同)冠絕榜首。

美國經濟走在正確道路‧債市天王:惟步伐緩慢

美國經濟走在正確道路‧債市天王:惟步伐緩慢
Created 05/02/2012 - 19:11

全球最大債券基金公司Pimco首席執行員伊里安說,美國經濟走在正確的道路上,但移動步伐並不夠快。

伊里安在美國洛杉磯舉行的米爾肯全球大會上接受《CNN Money》專訪時表示,那些預期會見到快速復甦情形的人將會感到失望。

伊里安說:“民眾對經濟的走向意見分歧,在評估應該發生的事和可能發生的事上也無一致看法產生。不幸地,經濟將走弱,因其面臨了外部吹來的顯著逆風情形。”

中國持美債5.2兆‧頭號債主

中國持美債5.2兆‧頭號債主
Created 05/02/2012 - 10:30

(美國‧華盛頓1日訊)美國財政部公佈各國持有美國債券報告。其中,中國仍穩居龍頭,持有美國各類債券總值達1兆7千270億美元(約5兆1千800億令吉)。

美國財政部上一次(截至2010年6月底)的調查結果指出,各國持有美國債券總額為10兆6千910億美元、美國股票2兆8千140億美元、美國長期債券6兆9千210億美元、美國短期債券9千560億美元截至去年6月底各國持有美國債券情形的年度調查結果顯示,除了短期債券外,各國持有美國各種有價證券的總額都呈現增加的趨勢。

全年失業率守4%‧最低薪金制影響有限

全年失業率守4%‧最低薪金制影響有限
Created 05/02/2012 - 17:44

(吉隆坡2日訊)政府在5月1日勞動節為勞工階層捎來最低薪金制大禮,分析員認為相關政策雖是帶領國家走向高收入國關鍵因素,同時也可能導致失業率走高風險,尤以製造業衝擊最高,但相信對整體就業影響有限,全年失業率仍將維持在低於4%的水平。

肯納格研究表示,除強勁的馬幣政策外,設定最低薪金制也是帶領國家走向高收入國的關鍵因素,幸運的是許多雇主都對此持認同態度,從而加快政府落實相關計劃。

What's Next For Malaysia Airlines And Airsia?

May 02, 2012 19:21 PM
What's Next For Malaysia Airlines And Airsia?
By Prem Kumar Panjamorthy

KUALA LUMPUR, May 2 (Bernama) -- Now that the share swap deal between Malaysia Airlines and AirAsia is off, what does the future hold for both the national premium service carrier and low-cost carrier?

The share swap deal was put together nine months ago as one of the many initiatives to help boost Malaysia Airlines, whose financial performance has lagged in the last two years or so.

CapitaLand: 1Q12: Building For The Future (UOBKH)

CapitaLand
Share Price S$2.94
Target Price S$3.40
Upside +15.6%

1Q12: Building For The Future

Results
• Results below expectations. CapitaLand reported 1Q12 PATMI of S$133.2m (+31.3% yoy). Core PATMI (excluding revaluation and fair value gains) of S$107.2m (+7% yoy) came in lower than our expectations (15% of ours’/16% of street’s) mainly due to lower-thananticipated contributions from The Interlace, Urban Suites and its China projects.

SMRT: Lower final DPS (DBSV)

SMRT
FULLY VALUED S$1.68
Price Target : 12-month S$ 1.50

Lower final DPS
• 4Q12 core results within expectations
• Final DPS was lower at 5.7 Scts (4Q11: 6.75 Scts)
• Maintain Fully Valued and S$1.50 TP

Highlights
4Q12 core profit was within expectations. Net profit dropped by 59% y-o-y to S$13.9m, while revenue grew by 12% to S$274.8m on higher ridership, taxis, rental and advertising revenues. The drop in profits arose from impairment of goodwill of its buses amounting to S$21.7m. Excluding this, 4Q profit would have increased by c.5% y-o-y, helped by a significantly higher contribution of S$2.2m from its associate (4Q11: S$0.1m). EBIT impacted by higher costs. EBIT (excl. goodwill impairment) fell 5% y-o-y to S$39.4m while margins dropped by 2.5ppts to 14.4% (3Q11: 16.9%). EBIT from train operations, largest contributor to the company, fell 22% y-o-y to S$19.9m, but this was partially helped by stronger contribution from the rental (S$16.4m, +14% y-o-y) and advertising (S$5.1m, +26% y-o-y) segments. In 4Q12, the major cost items that led to a drop in EBIT were electricity and diesel costs (S$42.4m, +37%), repair & maintenance (S$24.1m, +13%) and other operating expenses (S$53.1m, +15%).

China Merchants Bank: Fast earnings growth in 1Q12 (CIMB)

China Merchants Bank
Current HK$16.42
Target HK$19.30
Fast earnings growth in 1Q12

CMB’s 1Q12 net profit growth of 32.2% yoy was the highest in our coverage, fuelled by strong NII growth and lower provisions. Fee income was stable.
At 31.1% of our full-year number, CMB’s 1Q12 net profit was above our estimate because of surprisingly low credit costs and high fee income. We raise FY12-14 forecasts, which increase our GGM-based target price, still pegged to 1.8x CY12 P/BV. Maintain Outperform.

Quill Capita: Driven by existing assets (MIB)

Quill Capita
Hold (unchanged)
Share price: MYR1.14
Target price: MYR1.10 (unchanged)
Driven by existing assets

Reiterate HOLD. QCT‟s 1Q12 results (to be released by tomorrow) are likely to meet expectations. Expected 11% YoY growth in earnings will be supported by existing assets given the lack of acquisitions last year. Over the medium term, we continue to expect interests on office REITs to be lacklustre given the current oversupply situation. We maintain our forecasts and MYR1.10 TP on QCT. QCT now trades at 7.6% yield.

KNM : Proposed rights issue will be dilutive (AM)

KNM GROUP
Price: RM0.85
Fair Value: RM0.75
Proposed rights issue will be dilutive

• We maintain SELL on KNM Group with an unchanged fair value of RM0.75/share, pegged to an FY12F PE of 10x – a 30% discount to the oil & gas sector’s 15x.

• KNM announced that its board has proposed a RM200mil rights issue, for which the details will be revealed later. Given that KNM’s share price of RM0.85 is below its par value, we believe the viable option for the group would be a two-call rights issue, in which KNM issues the rights at par with a cash distribution akin to a bonus issue.

ICBC: Solid earnings growth (CIMB)

ICBC
Current HK$5.11
Target HK$6.42
Solid earnings growth

ICBC’s 1Q12 results were solid, with net profit rising 14.0% yoy, thanks toNII growth, higher fee income and stable loan quality.The capital position improved slightly as core CAR rose.

At 28.6% of our full-year forecast, ICBC’s 1Q12 net profit was broadly in line. We nudge up our FY12-14 earnings forecasts for higher fee income estimates. The stock remains an Outperform in view of the solid 1Q12 results. Our GGM-based target price is unchanged, pegged to 1.7x CY12 P/BV.

Genting Hong Kong: Get on board! (DBSV)

Genting Hong Kong Ltd
BUY USD$0.375/ HK$2.86
STI : 2,981.58/ HSI : 20,741.45 (Initiate coverage)
Price Target : 12-month US$0.48/ HK$3.70

Get on board!
• Best proxy to the Philippines’ burgeoning gaming market; new supply at Manila Bay not a major threat
• Cruise operations picking up steam; NCL IPO not priced-in
• Initiate coverage with SOTP-TP of HK$3.70/US$0.48

Carrier confidence leads rates up

Carrier confidence leads rates up
Asia-Europe rates rose a furtherUS$180-230/teu last week, about half of the proposed rate hike that should take effect tomorrow. Utilisation rates are above 95% for the Mediterranean and the transpacific trades, suggesting that carriers will produce profits in the 3Q.

With no sign yet of substantial capacity redeployments, container rates should remain elevated into the summer, though we caution not to stay on the container shipping train too long. We maintain Trading Buy, but dry bulk and tanker sectors remain Underweights.

Suntec REIT : Optimistic on office (Daiwa)

Suntec REIT
Share price (23 Apr): S$1.270
Target price: S$1.590 → S$1.590

Optimistic on office
• DPU 2% above our forecast
• Management optimistic on office sector, Suntec City AEI
• Reaffirm Buy, S$1.59 target

�� What's new
Suntec REIT (Suntec) announced its 1Q12 results on 24 April 2012, after market hours.

Genting Singapore: Load up for growth (DBSV)

Genting Singapore
BUY S$1.73
Price Target : 12-Month S$ 2.06

Load up for growth
• Singapore gaming not given enough due credit, more junket licences a potential wildcard
• In a sweet spot to win bids for new growth engines
• Attractive valuation for direct proxy to Singapore gaming. Maintain Buy & TP of S$2.06

Neglected powerhouse. GENS is still 23% off its peak (10x 2013F EV/EBITDA vs 12x for big-cap Macau stocks), even as Singapore surpasses Las Vegas as the second largest gaming market in the world and started awarding junket licences. We expect Singapore 2012-13F GGR to expand to US$6.7b (+10%) and US$7.1b (+6%) respectively, before factoring in additional junket lincences (more visible impact if awarded to junkets based in China and markets where RWS does not have a presence yet). Market share will likely remain equally distributed between RWS & MBS.

Genting Berhad: All systems go (dbsv)

Genting Berhad
BUY RM10.32
Price Target : 12-Month RM 13.70

All systems go
• Diversified growth from Malaysia & Singapore gaming, potential wildcard from GENS’ & GENM’s new ventures overseas
• Disposal of non-core assets to help unlock value • Maintain Buy & SOTP-based TP of RM13.70

SMRT : FY12: The Axe Drops; Maintain SELL (UOBKH)

SMRT Corporation
Share Price S$1.68
Target Price S$1.32
Downside -21.7%
(Previous TP S$1.53)
FY12: The Axe Drops; Maintain SELL

• A year to forget, final dividend cut. FY12 revenue came in at S$1,079m (+9.0% yoy), 4.4% above our forecast. Excluding a S$21.7m impairment of goodwill for its bus operations, net profit would have been S$137.9m (-14.4% yoy), 2.1% above our forecast. Key operating costs continued to be a drag on results. Energy costs (+36.0% yoy) were impacted by higher electricity tariffs and higher electricity consumption as a result of increased train runs. Staff costs (+8.5% yoy) rose with increased headcount ahead of the opening of the Circle Line (CCL). Higher repair and maintenance costs