Saturday, April 13, 2013

國際船務新全購價‧國投料點頭


國際船務新全購價‧國投料點頭
Created 04/13/2013 - 12:02
(吉隆坡12日訊)緊隨僱員公積金局(EPF)接受國家石油以5令吉50仙全面獻購國際船務(MISC,3816,主板貿服組)的獻議,興業研究預料持股6.3%的國民投資(PNB)與其他小股東也會接受修訂後的出價。

該行促請小股東接受上述修訂後的出價,5令吉50仙出價比早前的5令吉30仙高;上述獻售接受期限是至4月19日下午5時截止。

受上述消息激勵,國際船務閉市漲6仙或1.10%至5令吉47仙。

齐力售子公司20%


齐力售子公司20%
Created 04/13/2013 - 10:09
(吉隆坡12日讯)齐力(PMetal,8869,主板工业产品股)董事局宣布,脱售独资子公司齐力民都鲁私人有限公司的20%股权,予日本的住友商事株式会社(Sumitomo)。

齐力向马交所报备,公司是在今日与住友商事株式会社签署了解备忘录。

根据文告,了解备忘录的期限为6个月,并不会对齐力2013财年的股本、股权、每股净资产、资产负债和每股盈利造成影响。

待三马拉朱(Samalaju)工业园完成后,齐力民都鲁的主要业务是为铝锭及钢坯生产提炼铝。

聯想續插水 券商意見分歧


聯想續插水 券商意見分歧
2013年4月13日
【明報專訊】受市場對IDC公布的全球電腦出貨量首季創歷史新低的消息拖累,電腦生產商聯想(0992)股價連瀉兩日,昨日再跌6%至6.66元,成交額達到15.3億元,為最大成交及跌幅的藍籌。而兩日下來,聯想市值已蒸發逾90億元。

兩日蒸發市值逾90億元

在IDC數據公布後,多間券商昨日對聯想發表報告點評,惟意見不一,有叫快沽售亦有說可低吸。當中以花旗最為看淡,該行認為,這數年聯想的內地電腦業務為其貢獻逾70%盈利,給予其他新業務資金支持及抵消智能手機及平板電腦業務之虧損,預期其內地電腦銷售轉差,將減弱其最大盈利貢獻來源,故一口氣將評級由「買入」直接降至「沽售」,並削目標價逾16%至6.5元。

Malaysia Airlines shares slip after fixing of rights issue


The Star Online > Business
Published: Friday April 12, 2013 MYT 9:43:00 AM
Malaysia Airlines shares slip after fixing of rights issue

KUALA LUMPUR: Shares of Malaysian Airline System Bhd (MAS) slipped in early Friday trade after the fixing of its rights issue of 13.36 billion rights shares at 23 sen each, which will see the national carrier raising up to RM3.07bil.

At 9.18am, MAS was down 6.5 sen to 76 sen. There were 10.09 million shares traded.

Singapore keeps currency policy as inflation outweighs GDP drop


Singapore keeps currency policy as inflation outweighs GDP drop
WRITTEN BY BLOOMBERG
FRIDAY, 12 APRIL 2013 09:26

Singapore stuck to its policy of allowing gradual gains in its currency even after the economy unexpectedly contracted last quarter, as inflationary pressures curbed scope for monetary stimulus.

Gross domestic product shrank an annualized 1.4% in the three months through March 31 from the previous quarter, when it rose 3.3%, the Trade Ministry said today. The median of 10 estimates in a Bloomberg News survey was for 1.7% expansion. The Monetary Authority of Singapore said today it won’t change the slope and width of the currency trading band that it uses as its main policy tool.

Are Singapore REITs Still Attractive?

26 FEBRUARY 2013
Are Singapore REITs Still Attractive?

By Yeoh Mei Kei

As of 6 February 2013, there were 24 Real Estate Investment Trusts (REITs) listed on the Singapore Exchange which are included in the Singapore REIT benchmark index (the FTSE ST Singapore REIT index). Within the index, industrial REITs form a fairly large proportion of the market (approximately 33.0%), while retail REITS form 27.8%. Other major segments of the Singapore REIT market include office and mixed commercial (retail and office) REITs, with serviced apartments/hotels, healthcare and residential (foreign) REITs forming the rest of the local REIT market (see Chart 1).

Weekend Comment Apr 5: China flows again for Hyflux


IT HAS TAKEN many months, but Hyflux finally has some good news from its business development efforts in China. On April 4, the company said it has signed two memoranda of understanding (MOUs) to explore collaborations with two prefectural governments in Yunnan province. Among the projects covered in the MOUs are the high-tech water recycling and wastewater treatment plants in the cities of Chuxiong and Qujing. The total investment value is estimated to be about RMB 2 billion ($400 million) and RMB 1.2 billion respectively.

“This is a welcome pickup in order momentum for Hyflux in China,” notes Citigroup analysts Patrick Yau and Goh Aik Joon. “Since 2009, Hyflux has recorded a decline in revenue from China. Last year, Hyflux in China had only an $88 million organic expansion project that raised the capacity of six (Galaxy Spring) wastewater treatment plants by 100,000 cubic metres.” Should Hyflux secure the Chinese projects, worth about US$516 million ($640 million), it could offer a 22% boost to its overall orderbook of $2.9 billion, Citigroup adds. Hyflux’s engineering, procurement and construction (EPC) orderbook currently stands at less than $1 billion, by the analysts’ estimates.

DBS Market Perspectives - Stay Overweight Equities



麥嘉華(Marc Faber)筆記:港股已見頂 趁反彈減磅 - 麥嘉華


老子說:「民之饑,以其上食稅之多,是以饑。」意謂人民之所以要捱餓,就是因為君王苛捐賦稅。

請再看以下一個故事。一群小孩在兩條火車軌附近玩耍,其中一條早已廢棄不用,另一條則每日都有火車駛過。除了一名孩子寧願在早已被棄用的火車軌上玩耍,其他小孩都選擇在常有火車經過的路軌玩個不亦樂乎。

不久,一列火車疾駛而來,而你剛好站在路軌交滙處,可以拉動扳手讓火車轉軌至廢棄的路軌。若果你這樣做,當然可以拯救到最多的孩子,同時也意味着那名守規矩的小孩要成為犧牲者。或者,你會否寧可任由火車沿着原本的路線向前衝?

曾淵滄教路 26.03.13: 政府打壓樓市 難助無樓人置業

26/03/13
政府打壓樓市 難助無樓人置業
最近,不論是本地地產股,或是中國內地的地產股,股價皆出現相當大幅度的調整,調整的原因之一當然是跟隨大市調整而調整,另一個原因是兩地政府都加重了調控打壓樓市的力度,接二連三的推出新措施以壓抑需求,投資者擔心地產商的利潤會因此受損。

打壓樓價,不外乎增加供應與打壓需求兩種手法,今日香港特區政府已經是出盡法寶,仍然無法大量增加樓房供應。在中國三、四線城市土地供應沒問題,但是,三、四線城市實際上,樓房供應早已供過於求,許多樓房蓋好了,賣不出去,相反的,一、二線城市的情況就與香港一樣,很難擠出可供建房屋的土地。於是,一、二線城市的政府也只好不斷地推出各種各樣的限制令,限價、限購、抽稅……不斷地干預。

大英Blog物館 26.03.13: 高通脹低增長憂慮 買黃金ibond最安全


高通脹低增長憂慮 買黃金ibond最安全
早前在報章以「收租股靜靜走樣」為題,談到近日在港股中,觀察到一個現象,就是收租股整個板塊,除了九倉(0004)此一強勢分子外,在大市上升途中,似乎無力跟隨。收租股向來是自己心頭好,所以對這個問題格外關注。地產股弱勢,不算甚麼謎團,始終政策主導,隔月一鞭,「超人都死」。但收租股有所不同,一直以收入穩定見稱,何以也隱隱然有內傷之象?

但凡有疑問不清,都可以重返基本的思考框架。其中一項常用的工具,是PIMCO行軍布陣圖(見圖),圖中所述的,是各種資產類別,在不同的經濟環境中(即實質增長與通脹的四個組合),何者最佳何者最差。

索羅斯預言日圓「雪崩」


索羅斯預言日圓「雪崩」
http://paper.wenweipo.com   [2013-04-06]

狙擊港元先警示 賺錢首要識捉錯
 香港文匯報訊 (記者 方楚茵) 曾狙擊港元的國際金融「大鱷」索羅斯,昨在港出席旗下索羅斯基金投資所創辦的新經濟思維研究所(INET)會議。去年曾有報道指其對沖基金(George Soros)押注日圓貶值,大賺10億美元。83歲寶刀未老的索羅斯,新動向備受關注,當被問會否再對港元「感興趣」時,他就大賣關子,只笑說「若再狙擊港元,我會給大家警告!」

 「大鱷」講明會畀警號大家,不知孰真孰假,而他在會上與青年學者對話時,就提到其實在金融市場上不需要有道德,當年自己還是一個小小的無名參與者,下決定簡單好多,但現時已身為公眾人物就需面對道德問題。他又教路大家若真想在金融市場上賺錢,就必須學會批判思考,更指自己是一個具高度批判性及非常強悍的人,又透露當自己14歲時,當時納粹德國佔領了匈牙利,自己的生命都受到威脅,其父親就教他,當遇到危機時,選擇面對比起逃避才是更佳方法,但前提是必須懂得控制風險。

《高息股》:股息率5%值博 長內銀股


《高息股》:股息率5%值博 長內銀股
http://paper.wenweipo.com   [2013-04-07]    
 步入第二季不久,恒指上周五已大跌逾600點,是自去年5月中以來最大的單日跌幅。股市波動,資金流入高息股以觀望後市,本地公用股大獲追捧,高息股及公用股頓時成為避風塘。高息股方面,內銀股可謂位列前矛,雖其受到內地銀監會收緊對理財產品的要求的影響,成沽售對象。但有危有機,分析員指內銀股的業績不論是整體盈利、息差及不良貸款比率餘額表現不俗,而股息率更達5%以上,十分適合長期投資之選。

工行建行較穩陣
 金利豐證跡研究部董事黃德几表示,在理財產品風險的拖累下,內銀股有所調整或下跌是正常狀況,並為一個良機。其中,中小型銀行受到措施的影響會較大。他建議,選擇時會偏向大型銀行,建行(0939)在多隻內銀股中屬較為理想,從高位回落的幅度應不大,投資者可考慮於6元水平吸納。

Mark Mobius on Global Investing



谢国忠, :後機會


中國經濟當前情況堪憂,已經變得依靠泡沫將銀行貸款和灰色收入轉變成政府收入。

  這是一個兩難的局面:如果泡沫消失,政府就會不穩定;如果泡沫繼續,社會就會不穩定。選擇是艱難的,但中國必須做出選擇。

  泡沫是槓桿的一種形式,亦即向未來借錢來實現當前的增長。不安全的食品、受污染的水和空氣都是例子,也就是說,中國經濟沒有為增長支付足夠的成本,但這種成本終究會以某種方式表現出來的。

  但是,中國正在面臨勞動力短缺和通脹的問題。現行模式下的增長將會使這兩個問題愈加惡化。這種增長怎麼會給社會帶來益處?

Interview with a Futurepreneur-Dr_Bhupendra_Kumar_Modi



Prof Chan Yan Chong Column 05.04.2013

05 APRIL 2013
Prof Chan Yan Chong Column
By Prof Chan Yan Chong
The Japanese stock market outperformed the rest of the world in the first quarter, rising 19.3 percent. Beating even European and US markets, the Nikkei 225 has risen almost 50 percent over the last six months compared to the Dow Jones Industrial Average’s 11.3 percent rally in the first quarter – the heftiest gain since 1998. The DJIA reached all all-time high of 14,585 points on 28 March.

The Hong Kong and China stock markets were the worst performers especially the latter. The Shanghai Stock Exchange (SSE) reached a high of 2,444 points in the first quarter and started its fall, culminating in a 1.4 percent loss in the first quarter while the Hang Seng Index, dragged down by the SSE, hit a high of 23,944 point before retreating. In the first quarter, the Hang Seng Index fell 1.6 percent with the H-shares index correcting 4.7 percent. Singapore did not fare too badly, rising 4.5 percent in the first quarter.

Gabriel Gan: Technical Indicators Look Precarious For Asian Markets Even As Dow Hits New Highs


05 APRIL 2013
Technical Indicators Look Precarious For Asian Markets Even As Dow Hits New Highs
By Gabriel Gan

It is yet another solid fortnight for the US market as the Dow Jones Industrial Average (DJIA) touched new highs while the S&P 500, too, touched fresh closing highs at levels not seen since October 2007. During the fortnight, the DJIA surged ahead to reach 14,684 points on brighter prospects of the US economy only to be disappointed on 3 April when the services sector showed that the growth in the US economy was not as strong as expected while the private sector added less jobs than expected in the month of March.

The triple-digit drop in the DJIA, while not the first time in recent weeks, resembled the correction on 20 February when the index fell 200-odd points to 13,784 points only to recover almost immediately to move higher.

George Soros: Why BOJ Stimulus is Risky



巴菲特的五大投资秘诀


Jonathan Burton

披露:本月作者通过一个退休金账户持有伯克希尔-哈撒韦的B类股。

对于大部分投资者来说,模仿沃伦•巴菲特(Warren Buffett)而取得成功的机会,就跟模仿足球巨星戴维•贝克汉姆(David Beckham)的动作而射球入门的机会差不多。

像贝克汉姆一样踢球?不大可能。

像巴菲特一样投资?去吧。巴菲特甚至还会教你怎么做。

UOB KayHian: Iskandar given S’pore government’s endorsement


UOB KayHian: Iskandar given S’pore government’s endorsement
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Friday, 12 April 2013 12:03

KUALA LUMPUR (12 Apr): UOB KayHian research is maintaining its ‘market weight’ rating on the property sector, following a marketing visit to Iskandar Malaysia (IM) where foreign investors have warmed up to the idea of Iskandar being the next growth cluster, after the “endorsement” given by the Singapore government.

In a note today, UOB analyst Jonathan Lai said UOB had also placed an ‘Overweight’ rating on IM proxies namely, Sunway, Dijaya and Eastern & Oriental.

MAS tumbles 10% rights issue in focus


Hot Stock MAS tumbles 10% rights issue in focus
Business & Markets 2013

Written by Kamarul Anwar of theedgemalaysia.com  
Friday, 12 April 2013 11:00

KUALA LUMPUR (April 12): MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) tumbled as much as eight sen or 10% to 74.5 sen in the morning trades before recouping a portion of its losses.

This followed updates on it rights issue. At 10:09 am, shares of the national carrier was down 6.5 sen or 7.88% to 76 sen. About 15.58 million shares were traded, making the stock the third most-active entity across the exchange.

股海宝藏:必达量茁壮成长


股海宝藏:必达量茁壮成长
Created 04/08/2013 - 12:30
必达量(PRESBHD,5204,主板贸服股)于2011年7月上市,是我国资讯科技领域的主要业者。

该集团的核心业务是训练和软件分销,提供资讯科技训练和文凭课程,以及分销合法软件以及管理服务。

必达量为成年人以及终身学习者提供训练和文凭课程,至今已训练超过12万名在资讯科技和油气领域的职员。

基金经理无法忽视 产托上市催化城中城产业


基金经理无法忽视 产托上市催化城中城产业
Created 04/10/2013 - 10:07
(吉隆坡9日讯)股东通过“合订型”产托(stapled reit)提案的消息将是带动城中城产业(KLCCP,5089,主板产业股)股价的催化剂,因基金经理难以忽视产托规模。

联昌国际投资研究分析员对股东通过提案不感意外,因自2012年11月27日宣布至今,此建议一直深受投资者欢迎,城中城产业股价已扬升了27%。

分析员说:“我们相信‘合订’后的城中城产业、有能力以至少和怡保花园产托(IGBReit,5227,主板产业信托股)及柏威年产托(PavReit,5212,主板产业信托股)等现有大型零售产托一致的价位交易。”

Goldman Sachs: Corporate Profits in Japan to Double



What Will It Take For Apple to Hit $888?



汇金第四轮增持四大行完毕 增持工行2.12亿股



黃金近期暴跌, 背後有陰謀?



QE偷偷退場? 美國同意日本超寬鬆, 掩護Fed退出。有圖有真相。



Friday, April 12, 2013

速远机构 赚幅股息胜同行


速远机构 赚幅股息胜同行
Created 04/12/2013 - 14:32
目标价:3.40令吉

最新进展

速远机构(ZHULIAN,5131,消费产品组)是直销公司,拥有320个授权经销商和67万4000个分销商。

公司计划3到5年内把海外营业额从58%推高至70%。

行家建议

5利好因素支撑 印尼可称霸东协


5利好因素支撑 印尼可称霸东协
Created 04/12/2013 - 12:33
(雅加达11日讯)印尼外交部东协经济合作总司总司长伊万日前指出,基于目前印尼的国际地位和经济发展势头,印尼有望成为2015年建成的东协经济共同体的领头羊。

当地媒体10日援引这位官员的话分析指出,与其他东协国家相比,印尼有自身独特的优势。

经济持续较快增长

虽然当前全球经济不景气,欧美日等传统经济体需求疲弱,但东协国家经济发展较为突出,其中印尼经济更是多年保持6%以上,并成为主要经济体中增速率仅次于中国的国家,2012年印尼国内生产总值约8585亿美元(2.6兆令吉),居东协国家首位。

热门股:马航 上探93仙


热门股:马航 上探93仙
Created 04/11/2013 - 14:21
马航(MAS,3786,主板贸服股)趋势于4月10日间显现着一段技术反弹后于闭市时报85仙,按日涨5仙或6.25%。它于昨日平开后收高,整日波幅介于7.5仙(80至87.5仙)。短期间该股料会尝试上探85.5至93仙间的阻力水平。

多空一线:杨忠礼电力RM1.68

多空一线:杨忠礼电力RM1.68
Created 04/11/2013 - 14:23

杨忠礼电力(YTLPowr,6742,主板基建股)于4月10日闭市时反弹了。它于闭市时收1.53令吉,按日涨5仙或3.38%。

杨忠礼电力于4月10日间上破一道短线顶头阻力趋势线(B1:B2)后收在这道水平线上。

60分钟分时线平滑异同移动均线指标(MACD),于4月10日处于一道短期技术反弹趋势中。

它的60分钟分时线图于4月10日进入它的短期反弹走势中。

馬航附加股1配4‧國庫控股需付21.3億


馬航附加股1配4‧國庫控股需付21.3億
Created 04/12/2013 - 10:34
(吉隆坡11日訊)馬航(MAS,3786,主板貿服組)建議以1配4比例配售附加股,每股售價23仙,比今日收市價折價59.5仙或72%。

今日收盤,馬航報82.5仙,下滑2.5仙或2.94%。

馬航今日盤後發表文告說,建議以1配4比例配售最多133億6千860萬股附加股,每股面值10仙、售價23仙。

大市透視:內銀潛在沽壓仍未散

大市透視:內銀潛在沽壓仍未散
http://paper.wenweipo.com   [2013-04-12]    
第一上海首席策略師 葉尚志
 4月11日。受到美股續創歷史新高的帶動,港股延續跌後反彈的行情走勢,恒指連升第三個交易日,但是縮量的狀態依然未能扭轉,資金介入積極性仍有待提振。目前,在大盤穩定性未能確認恢復之前,建議在總體操作上要保持中性偏防守的態度,要注意短線追高的風險。

A股倒跌處弱勢
 外圍股市方面,美股標普500指數終於跟上道指的升勢,突破了1,576創出歷史新高。雖然美股仍在延續強勢,但是環球股市似乎有跟不上的情況,這種各走一端的狀態,有可能是受到環球股票基金的重新配置動作所影響,資金從環球股市退出然後轉投美股,因而做成了美股獨強的走勢。在這種資金流向的影響下,相信美股的升勢將難以對其他地區股市構成積極的推動作用。

全球PC付運量挫 聯想捱沽


全球PC付運量挫 聯想捱沽
「視窗8」反應差累事 影響料持續
智能手機蠶食市場,微軟新視窗系統反應遜預期,令環球個人電腦(PC)出貨量首季錄得13.9%跌幅,創20年最大按年跌幅。個人電腦貢獻收入八成的聯想(00992),股價首當其衝,昨大跌5.8%,為跌幅最大藍籌。

受消息影響,聯想股價昨最多跌6.5%,收市報7.09元,跌0.44元或5.8%,為近7個月來最大單日跌幅,成交達8.2億元。

聯想首季出貨持平 跑贏同業

財智語陸:內銀股6月先炒? - 陳永陸


財智語陸:內銀股6月先炒? - 陳永陸

中國人民銀行公佈上月新增貸款1.06萬億元人民幣,遠高於市場預期的8,500億元人民幣,反映內地的貸款並沒有全面收緊,就算人行持續作出正回購行動,最後受影響的,亦可能是一些影子銀行,又或者理財產品。不過,昨日內銀股並沒有因為此消息造好,相信與投資者仍然憂慮近日不少外資對內地信貸市場泡沫之問題作出警告,及昨日人行仍有正回購動作有關。

既然中國銀監會已收緊理財產品的監管,代表中央在一些透明度低的貸款活動上作出適當調節,加上新增貸款並沒有如市場預期般按年下跌,反映不少貸款已重回「正軌」,這訊息對建行(939)及工行(1398)等大型商業銀行是有利的。

UOA Development Berhad - Growth And Yield At Bangsar South


UOA Development Berhad -
Price Target:2.60
Last Price:2.21
Growth And Yield At Bangsar South

We raise UOAD’s fair value to RM2.60. UOAD offers both the yield and beta angles that will help to outperform post election overhang/selldown, while downside is supported by the dividend. In tandem with the sector upcycle, the stock warrants a re-rating. 1Q earnings will be strong, boosted by the gain of an enbloc sale, and the higher-margin sales from Binjai 8 and One @ Bukit Ceylon. Compared to RM1.7bn sales in 2012, 1Q13 sales already hit about RM900m. We see any election selldown a buying opportunity.

STX OSV: Looming Brazilian harvest (CIMB)


STX OSV
Current S$1.22
Target S$1.38
Looming Brazilian harvest

We believe that the lacklustre share price of STX OSV, which has adopted a new brand name, VARD, could be catalysed by sizeable Brazilian orders worth up to US$530m or NOK3bn (translating to 27% of our FY13 order target) in the next couple of weeks.

Given its recent underperformance and sentiment uplift from this headline-win, we upgrade VARD to Trading Buy from Neutral. The stock is not an Outperform as there could be downside risks to the company’s longer-term margins profile. Further, the absence of communications from the new majority owner, Fincantieri, could put off longer-term investors. No change to our EPS or target price, still at 8x CY14 P/E, one s.d. above its trading mean.

Hutchison Port Holdings Trust: Strike At HIT Has Insignificant Direct Impact (UOBKH)


Hutchison Port Holdings Trust
Share Price US$0.845
Target Price US$0.96
Strike At HIT Has Insignificant Direct Impact

There has been a strike at HPHT’s HIT since 28 March. Operations at HIT were smashed in the first few days but have resumed to 80% of the normal level after some workers went back to work. The direct financial impact is insignificant (less than 2% of 2013F net income) but is still too early to evaluate the long-term impact. Maintain BUY. Target price: US$0.96.

First REIT: First target of S$1bn in acquisition asset size achieved! (CIMB)


First REIT
Price @08/04/13: S$1.27
BUY; TP:S$1.32
52-week range (SGD): 0.84 – 1.27
First target of S$1bn in acquisition asset size achieved!

Two new hospitals added to portfolio
• We are amazed by how this REIT has progressed in a year! Recently, First REIT entered into conditional sale and purchase agreements to acquire two new income-producing hospitals in Indonesia for a combined purchase consideration of approximately S$190.4m.

Biosensors International Group: Challenges apparent, but seeking market share gains (OCBC)


Biosensors International Group:
Fair value S$1.60
add: 12m dividend forecast S$0.00
versus: Current price S$1.265

Challenges apparent, but seeking market share gains
• Peers experienced industry headwinds
• Weakening Yen to stifle licensing revenue
• Maintain BUY, but FV lowered to S$1.60

Biosensors International Group’s (BIG) regional peers have faced headwinds in the Chinese drug-eluting stent market, as highlighted in their recent results announcement. We believe that these factors, such as a slowdown in growth of PCI surgeries, would also have an adverse impact on BIG.

Fortune REIT: Strong fundamentals


Fortune
Fair value HK$7.28
add: 12m dividend forecast HK$0.33
versus: Current price HK$6.89

REIT: Strong fundamentals
• HK sales rebound
• No impact from proposed Park’N Shop boycott
• Maintain BUY

The growth in HK’s retail sales has picked up significantly since 4Q12. Combining the first two months of 2013 to eliminate distortions from the timing of Chinese New Year, retail sales climbed up 15.8% in value. Robust retail sales will continue to underpin the growth in retail rents throughout HK.

Ascendas Hospitality Trust: First deal in Singapore (DBSV)


Ascendas Hospitality Trust
HOLD S$1.02
STI : 3,284.61
Price Target : 12-Month S$ 1.03
First deal in Singapore

• First acquisition in Singapore
• Long master lease with potential upside, creating a more stable earnings base
• Maintain HOLD call and S$1.03 TP

First foray in Singapore. Ascendas Hospitality Trust (AHTRUST) announced the proposed acquisition of Park Hotel Clarke Quay for S$300m (S$893k/key). The price tag seems fairly valued but may be a reflection of management’s optimistic outlook for Singapore’s tourism sector. The proposed acquisition is subject to unitholders’ vote at an EGM to be convened.

KLCC Property: Yes to a stapled structure (CIMB)


KLCC Property
Current RM7.09
Target RM7.20
Yes to a stapled structure

 Shareholders’ approval of the formation of Malaysia's first-ever stapled security should act as a catalyst for KLCC Prop as we think that fund managers will not be able to ignore its sheer size – by asset size and by market cap.

We maintain our Outperform rating while raising our DDM-based target price for a lower WACC as we think that news of the shareholders’ approval will catalyse the stock. Further catalysts are the potential transfer of assets like Suria KLCC and Kompleks Dayabumi to the REIT, which could mean higher dividends as tax savings can be returned to shareholders.

Kreuz控股的业绩良好,估值偏低


Kreuz控股的业绩良好,估值偏低
文: 林伟杰 (译:杨佳文) 2013年04月03日 企业摘要
在2008年7月之前,Kreuz控股(Kreuz Holdings)还是Swiber集团(Swiber Group)属下的一个部门。它随后于2010年7月29日在新加坡交易所上市,并于2012年10月8日转移至主板。公司的业务是提供海底服务,包括海底建筑和装置服务,以及为既有岸外开采设施及管道提供检查、维修及保养(IRM)服务。
要点
1. 公司的FY13收入和盈利可能打破在FY13创下的纪录
截至2013年2月底,公司持有的订单总额约为2亿零500万美元。从图表1可见,大部分订单将在FY13确认为收入(其FY12收入约为1亿9,300万美元)。因此,若计入变更订单及未公布的合约,公司的FY13业绩应会优于FY12。公司的FY12收入和净利均创下了自上市以来的最高纪录。

Sunway: Surprises with a cash call (CIMB)


Sunway
Current RM3.16
Target RM2.95
Surprises with a cash call

 Sunway's proposed 1-for-3 rights issue at RM1.17 is set to dilute FY14-15 EPS by 26% even though the proceeds of up to RM1bn will go towards new landbank, property investments and debt repayment. The theoretical ex-rights price is 9% below our ex-rights target price.

Our target price which factors in a 40% discount to RNAV is raised as we update for Sunway's outstanding land in Iskandar and balance sheet items. Though rights issues are typically negative for share prices, we remain Neutral on the stock as it is supported by investors' positive expectations for companies with exposure to Iskandar (12% of Sunway’s RNAV) and the group's strong construction job wins YTD.

冷眼42心水股系列11:置地通用重振雄风


冷眼42心水股系列11:置地通用重振雄风
Created 04/09/2013 - 12:04
要谈置地通用(L&G,3174,主板产业股),有几点值得注意:

1.财力

置地通用在去年杪时,手持现金约1亿6000万令吉,在扣除约7600万令吉债务后,手头握有净现金8400万令吉,或是每股14仙。

该公司是低价股中,少数握有颇巨现金的公司之一。

2.荒山变宝地

分享锦集:置地通用何以发债券?


分享锦集:置地通用何以发债券?
Created 04/11/2013 - 12:44
作为基本面股票投资者,我们必须贴身跟踪公司的变化。

当公司有新的动作时,必须立刻加以分析,以了解有关动作,对公司的影响,从而作出买进、卖出或继续持有股票的决定。

这就是投资管理,是任何严肃投资必须做的事。

买进前不做研究工作,买进后又置之不理,这种投资态度已落后,在资讯传递迅速远比的当代,持有这种态度的投资者,很难在股市生存,更不要说成功了。

曾淵滄專欄 12.04.13:廉價勞力要靠農民


曾淵滄專欄:廉價勞力要靠農民 - 曾淵滄

中國上個月的通脹相對溫和,不過,我不認為人民銀行會馬上放鬆銀根,估計會再觀察多兩個月的通脹數據,才決定是否放寬銀根。

在人民銀行收緊銀根的同時,中國的銀行貸款額依然上升,市場並不是非常缺錢,因此也不需要過度擔心人民銀行收緊銀根的事,總之,人民銀行不會搞垮經濟,中國經濟依然得向前快速地發展。

中國經濟經過過去20年高速發展後,今後想再快速發展的壓力越來越大,生產成本越來越高,人口紅利消失,故唯一能為城市的工廠、服務業提供足夠的、比較廉價勞動力的方法,就是不斷地鼓勵農民入城,入城的農民能繼續提供較低廉的勞動力,以推動GDP的發展。

李澤楷趁高 沽香港電訊套13億


【本報訊】港股三連升後,淡友趁反彈突起異軍,盈富基金(2800)沽空比例高達73.6%,創33個月新高;李澤楷亦趁機減持香港電訊(6823)套現近13億元,恐觸發抽水潮,對後市進一步施壓。

基金造淡 盈富沽空率73.6%
銷售文件顯示,李澤楷昨在場外透過旗下三公司,以每股7.66元至7.82元,沽出1.63億股香港電訊股份,較昨日收市價折讓1%至3%,佔已發行股份2.5%,套現12.87億元。香港電訊2011年底以每股4.53元上市,昨收報7.9元,跌0.5%,接近歷史新高的8元水平。

PC銷量勁跌14% 19年最惡劣


【本報綜合報道】市場研究機構IDC周三公佈,今年首季全球個人電腦(PC)的付運量按年銳減14%,創該項統計19年歷史以來最大跌幅。PC銷量下跌主因平板電腦持續搶佔市場份額,而本來被視為挽救PC市場的微軟Windows 8系統亦吸引不到消費者重視。

IDC調查顯示,上季全球PC付運量按年減少14%,至7,630萬部,跌幅幾乎是該機構預估7.7%的兩倍,亦創自1994年開始統計以來最差紀錄,同時亦是PC付運量連續第四季下滑。分析指,今次數據更加確立了PC不敵智能手機及平板電腦的現象。IDC指或有必要下調今年全球PC付運量預期,目前預期跌1.3%。

券商買進心頭好.證券產託催化利好 城中城或派更高息


券商 :聯昌證券研究
目標價:7.20令吉

股東同意打造大馬首個合訂證券型房產信托(stapled REIT,簡稱證券產托),該行動將可作為城中城產業(KLCCP,5089,主要板房產)催化劑,我們認為,基金經理不會忽略其龐大的規模,包括資產規模和總市值。

 我們維持“跑贏大市”評級,並依據較低的加權平均值(WACC)調高目標價,因為我們相信該項利好消息將可推進該股股價。

 另外,該公司可能將資產如陽光購物中心及Dayabumi大廈轉移至產托旗下,這也將會是另一個潛在的催化劑,意味著該股有更高的股息可派發給股東。

杨德龙:A股上市公司质量不如美股



PC Shipments Post Worst-Recorded Decline in 1Q



Driven by Dividends, REITs Outperform Stocks



Goldman: Time to Short Gold



How Abenomics is Driving Japanese Property: Pro



受日本超級版QE影響,日圓已貶至100元大關?!



日本絕地大反撲,為結束通縮不擇手段?!



Thursday, April 11, 2013

L&G shares ease more than 6% on proposed rights issue


L&G shares ease more than 6% on proposed rights issue
Business & Markets 2013

Written by Janice Melissa Thean of theedgemalaysia.com  
Thursday, 11 April 2013 09:58

KUALA LUMPUR:  Land & General Bhd (L&G) shares slid more than 6% yesterday following the company’s proposal to raise RM77.78 million from a rights issue.

The share price of the property investment and development company closed at 42.5 sen yesterday on a volume of 23.49 million shares.

多空一线:多美包装上挑RM1.33

多美包装(Tomypak,7285,主板工业产品股)于4月9日闭市时反弹。该股闭市时收1.32令吉,按日涨5仙或3.94%多美包装于4月9日间,上破一道短线顶头阻力趋势线(B1:B2)后收在这道水平线上。

该股60分钟分时线平滑异同移动均线指标(MACD),于4月9日处于一道短期技术反弹趋势中。

多美包装60分钟分时线图于4月9日进入短期反弹走势中。

利空盡出吸引購興‧馬航一度漲9.38%


利空盡出吸引購興‧馬航一度漲9.38%
Created 04/11/2013 - 10:57
(吉隆坡10日訊)大選不確定因素造成不少政府相關公司(GLC)跌跌撞撞,利空盡出的馬航(MAS,3786,主板貿服組)反而浮現買進良機,獲得投資者追捧,週三(10日)股價一度猛漲9.38%。

馬航2月跌至今年最低的67仙後,開始在70仙左右築底,直到3月底微露漲勢後,4月開始起跑,繼週二登上81仙改寫今年新高後,週三繼續衝刺,在買盤湧現下,盤中一度上揚7.5仙或9.38%至87.5仙,收盤掛85仙,全天仍漲5仙或6.25%,成交量達4千118萬零400股,為第三大熱門股。

金狮脱售金狮工业股权 独立顾问:不公平但合理


金狮脱售金狮工业股权 独立顾问:不公平但合理
Created 04/11/2013 - 12:32
(吉隆坡10日讯)独立顾问认为,金狮(LionCor,3581,主板工业产品股)脱售金狮工业(LionInd,4235,主板工业产品股)26.38%股权的献议,属于“不公平但合理”,并呼吁股东接受献议。

股东应投赞成票

达证券表示,脱售价格“不公平”,但脱售行动“合理”,主要是考虑到金狮财务表现欠佳、脱售价高于目前股价、金狮需要偿还的债务、改善金狮负债水平,以及每年省下6800万令吉利息。

旧街场收购港咖啡分销商

旧街场收购港咖啡分销商
Created 04/11/2013 - 12:39
(吉隆坡10日讯)旧街场白咖啡(OldTown,5201,主板贸服股)收购香港咖啡分销商公司,提升分销网络和扩大中国市场,预期2014财年开始贡献盈利。

旧街场白咖啡透过旗下的旧街场(马)私人有限公司、以总值6700万港币(约2638万令吉)收购香港Advanced City有限公司(简称ACL)140万股或70%股权。

加强市场促销

肯纳格研究分析员表示,以2012财年未审核税后盈利推算,旧街场白咖啡只是以6.7倍本益比收购,所以收购价合理。

Ringgit strengthens and hits highest level since mid-January


The Star Online > Business
Thursday April 11, 2013
Ringgit strengthens and hits highest level since mid-January

CIMB forex strategist Suresh Kumar Ramanathan told StarBiz that the ringgit had experienced a boost since Parliament was dissolved on April 3, while institutional buying of Malaysian Government Securities (MGS) had picked up in tandem, an indication of confidence in Malaysia's economy.

PETALING JAYA: The ringgit has strengthened to its highest level against the US dollar since mid-January now that two major election-related uncertainties have been removed with the dissolution of Parliament and the fixing of nomination and polling dates.

高庭批准重組計劃 馬航引購興揚5仙


(吉隆坡10日訊)馬航(MAS,3786,主要板貿易)重組計劃已獲吉隆坡高等法庭批准,引來投資者購興,帶動該股大熱走高,盤中最高勁起7.5仙。

 馬航今早平盤,以80仙報開,交易15分鐘后緩步升高,早盤一度揚高7.5仙或9.3%至87.5仙,交投火熱高居10大熱門股榜,休市時暫掛在85.5仙,揚5.5仙,計有3503萬8300股易手。

 閉市時,該股掛在85仙,起5仙,成交量4118萬400股。

 母股走勢穩定,旗下備兌憑單馬航-CK(MAS-CK,3786CK,主要板備兌憑單)同樣大受追捧,與馬航併列10大熱門股榜,但在買、賣盤激烈拉址下,股價窄幅波動,遊走于0.5仙至1仙間。

贏輸家言之過早‧大選投資策略宜保守


贏輸家言之過早‧大選投資策略宜保守
Created 04/10/2013 - 17:30
(吉隆坡10日訊)全國大選投票日落在5月5日,朝野兩黨各項政策利多滿天飛,建築房產等敏感領域率先以漲聲回應,分析員認為政策利多意在營造良好氛圍,但政權花落誰家仍難測,哪個領域將崛起成為選舉贏家仍有待觀察,投資者策略宜以保守為好。

大選不明朗因素已影響馬股表現,富時綜合指數連日難攻克1700點關口,開始陷入窄幅橫擺的窘境,但在大選隨時舉行之際,部份領域卻上演“春江水暖鴨先知"的好戲,近期漲勢銳不可當,其中,市場看好政府趕在大選前發放多項建築工程,帶動低迷已久的建築股重迎投資者關注,交投大熱,產業領域也獲依斯干達經濟特區激勵,漲聲不斷。

HSBC upgrades Singapore's market to Overweight


WRITTEN BY DOW JONES & CO, INC  
WEDNESDAY, 10 APRIL 2013 14:23

HSBC upgrades to Singapore's stock market to Overweight from Neutral for the second quarter. "With markets across the region stuck in a holding pattern, we believe Singapore provides a relatively safe haven," it says.

"Singapore is one of the more stable, low beta Asian markets with very low earnings volatility. The expected 2013 dividend yield of 3.5% -- with an appreciating Singapore dollar -- is in the upper end of the region's range, and one of the main attractions of the market."

HSBC notes mutual-fund investors have rotated to underweight Singapore equities in relative terms, with their exposure at a five-year low and sell-side analysts are increasingly bearish on Singapore equities.

HSBC starts Mapletree Greater China Trust at Neutral


HSBC starts Mapletree Greater China Trust at Neutral
WRITTEN BY DOW JONES & CO, INC  
WEDNESDAY, 10 APRIL 2013 13:27

HSBC initiates Mapletree Greater China Commercial Trust (RW0U.SG), or Magic, at Neutral with $1.10 target.

It calls Magic's portfolio "best in class," on the quality of tenants and size, offering a quality Greater China commercial-property exposure. It expects the portfolio to see steady rental growth on the two assets' relatively resilient nature, high occupancy levels and periodic rental step-up provisions.

"We believe Magic is well-positioned to enhance rental growth via asset enhancements and/or acquisitions, both of which should be supported by the track records of Magic's management and sponsor." It estimates FY14-15 DPU growth at 7.2% and 6.7% respectively, with the trust offering fiscal-FY14-15 dividend yields of around 5.2%-5.5% at the current share price.

大选后需求增 今年房市胜往年


大选后需求增 今年房市胜往年
(吉隆坡9日讯)2013年的大马房產市场估计不会再次面临如2012年般的种种挑战,更料在来届大选结束后重拾需求,或將推高今年6至7月份的房產交易量。

PPC国际私人有限公司代理部门首席执行员希瓦(Siva Shanker)正面看待2013年的房產前景,并认为今年的表现將优於去年。

他披露,2012年二手房產市场的交易量出现滑落,主要是因为卖家开价太高,导致售价与银行的估值出现太大的落差。另外,国行实行尽责借贷指南(Responsible Lending Guidelines)也是造成房產市场放缓的原因之一。

MISC - Accept Enhanced Offer


MISC -
Price Target:5.88
Last Price:5.41
Accept Enhanced Offer

PETRONAS has raised its offer for MISC shares by 3.8% to MYR5.50. Although still below our revised SOP FV of MYR5.88, we think there is a high chance of its largest minority shareholders accepting this revised price. We advise minority shareholders to accept the MYR5.50 offer, which is our new FV. For now, we downgrade the stock to NEUTRAL. There may be exciting times may ahead when MISC or its business units relist and raise funds again as valuations improve.

Aviation Sector - Flu alert NEUTRAL


Aviation Sector - Flu alert
NEUTRAL

- Concerns about a deadly new strain of bird flu (H7N9) intensified last Friday as the disease claimed the sixth victim in Eastern China. Agricultural authorities in Shanghai ordered a wide-scale slaughter of poultry in an effort to stem its spread.

- China has now confirmed 16 cases of H7N9 with patients ranging from age 4 to 87, who became ill between 19 Feb and 31 March. The number of cases, while small, is considered large for the early stages of an outbreak. Flu experts say that the fact that it is spread over a relatively wide geographic area is a reason for concern. Positively, so far, there are no signs of human-to-human infections.

MIIF: Divesting its crown jewel TBC (AM)


Macquarie International Infrastructure Fund
LAST CLOSE: S$0.580
FAIR VALUE: S$0.590
Divesting its crown jewel TBC

• Divestment of crown jewel Taiwan Broadband Communications (TBC). Macquarie International Infrastructure Fund (MIIF) has proposed the divestment of its 47.5% stake in TBC to a new SGX‐ST listed business trust Asian Pay Television Trust (APTT). According to MIIF, APPT has obtained a letter of eligibility‐to‐list from SGX and is targeting an initial public offering (IPO) by end May pending shareholders’ approval.

Under the proposed divestment, shareholders could elect to receive their proportionate share of the MIIF APPT units or elect to receive their entitlement in cash based on APPT’s IPO price.

Lessons from SARS may curb H7N9 (MIDF)


Aviation Sector
Maintain NEUTRAL
Lessons from SARS may curb H7N9

New strain of H7N9 virus found with reported 21 cases that caused 6 fatalities in China.
Airports in Hong Kong and Japan took pre-emptive measures to contain the spreading of influenza.
Maintain NEUTRAL call on aviation sector given the tighter measures in controlling the flu contagion and limited impact to the regional travel demand.

New avian flu outbreak. As of 7 April 2013, there were a total of 21 H7N9 cases reported in China, with six fatalities from the new strain of avian flu virus. In an effort of tracking the source of virus, few pigeon samples were collected at the agricultural products markets in Shanghai last Thursday. After the gene sequence analysis, the avian flu reference laboratory confirmed that he H7N9 virus strain found on pigeons was highly linked to the infected patients.

Tiger Airways and KS Energy see buying activity from top management


Tiger Airways and KS Energy see buying activity from top management

Low-cost carrier Tiger Airways saw its shares trade actively this month, with CEO Koay Peng Yen snapping up 450,000 shares over four occasions from March 12 to March 15 at 68 cents a share. Hsieh Fu Hua, a director at Tiger Airways and the former CEO of the Singapore Exchange, bought 300,000 shares at 69 cents apiece on March 11, while De Vaz Don Emmanuel Maurice Rosario, another director, purchased 50,000 shares at 71 cents apiece on March 22.

Singapore Press Holdings: REIT plan heralds boost for property division

Singapore Press Holdings: REIT plan heralds boost for property division

Shares in Singapore Press Holdings have sprung to life after the company said on March 10 that it was exploring the creation of a real estate investment trust (REIT) to be listed on the Singapore Exchange. The move, some market watchers say, isn’t just a statement of its intention to monetise its property assets, but to expand its property division and perhaps become a more aggressive developer. That could buoy shares in SPH in the months ahead, even after the fillip they have enjoyed in the past week.

“I see it as a very interesting long-term rerating story: that a Singapore blue chip is turning its cash-cow dynamics on its head, and using its capital-rich resources to compete as a major retail mall player, akin to CapitaMalls Asia,” says Eli Lee, an analyst at OCBC Investment Research.

Chinese yards: Industry profitability remains under pressure (OCBC)


Chinese yards:
Industry profitability remains under pressure

The share price performances of COSCO Corp (Singapore) and Yangzijiang Shipbuilding (YZJ) have been uninspiring in recent history. COSCO’s share price has fallen by about 21% in the past one year, while YZJ’s has decreased by about 25%. We believe this is mainly due to a lack of positive catalysts amidst the difficult operating environment in China. In terms of offshore projects, Chinese yards still lack the established track records of their Asian competitors, but their organization, efficiency and sophistication are on the rise. To compete, the Chinese yards are going after orders at lower margins and back-end loaded payment terms. This inevitably leads to lower profitability and higher working capital requirements. Over the near- to medium- term horizon, we believe that the industry dynamics is unlikely to change significantly. Maintain HOLD ratings for both COSCO (FV: S$0.90) and YZJ (FV: S$0.95).

BreadTalk Group: Not fully baked yet (OCBC)


BreadTalk Group:
Fair value S$0.77
add: 12m dividend forecast S$0.01
versus: Current price S$1.02

Not fully baked yet
• Counter should see further sell-offs
• Better bottom-line figures needed before any GO
• Take profit now

The 12% correction in BreadTalk’s share price over the past two days has helped to temper the sudden spike from late-Mar, and we take this opportunity to caution investors against getting too carried away. In our view, a takeover by Minor International is remote at this juncture.

Sunway: Raising Funds For A Bigger Ambition (UOBKH)


Sunway
Share Price RM3.16
Target Price RM3.48
Raising Funds For A Bigger Ambition

Sunway proposed a 1-for-3 rights issue to raise up to RM1.02b to pare down debts and for the development of Sunway Iskandar. The rights are attractively priced at RM1.70, a 53.8% discount to its last closing price. While share price may ease in the near term due to the dilutive impact, the proceeds will strengthen its balance sheet to allow for more land acquisitions.

Cordlife: Strong FCF generation at a reasonable price (Phillip)


Cordlife
Target Price (SGD) 0.84
- Previous Target Price (SGD) n.a.
Closing Price (SGD) 0.645
Strong FCF generation at a reasonable price

 Company Overview
Cordlife Group (Cordlife) is a provider of cord blood and tissue banking services. Cordlife operates primarily in Singapore and Hong Kong, but offers indirect exposure to China with a 10% stake in China Cord Blood Corporation.

• Core earnings to increase at CAGR of 8.5%.
• Strong FCF generation to sustain high dividend payout to shareholders.

冷眼42心水股系列10:辉德多元没负债


冷眼42心水股系列10:辉德多元没负债
Created 04/08/2013 - 10:32
很少人注意到,辉德多元(Fitters,9318,主板贸服股)是一家没有负债的公司。

其实,在去年9月杪,该公司仍有3500多万的净债额(债务减现金),但在3个月后,即去年12月31日结账时不但没有负债,手头还有超过700万净现金(现金减负责),成为一家无债公司。

原来辉德多元大股东拿督黄瑞意夫妇,在该公司凭单于去年杪到期前,以53仙的转换价,全部转为普通股。

积极扩展多元化业务

曾淵滄專欄 11.04.13:跟富豪掃貨要長坐


曾淵滄專欄:跟富豪掃貨要長坐 - 曾淵滄

香港兩大富豪李嘉誠及李兆基,不約而同地在4月5日恒指急跌610點時入市掃貨,趁低價買回自己的股,你可以視之為托市,也可以說在他們眼中,當日長實(001)及恒地(012)股價的確很便宜。他們兩人增持的消息昨日見報,為昨日股市帶來一定支持,在北韓發射導彈的陰影下,恒指反彈164點。

跟隨藍籌股的大股東買股票,錯不了,但條件是必須長線投資,藍籌股的大股東買股票,絕不是短炒,而是認為當前的股價偏低,低過他心目中的股價。當然,我強調是長線投資,因為大股東一樣無法預測股市短期走勢,他認為當前股價低過他心目中的價,但是,股市往往是低處未算低,大股東增持後,短期內該股股價一樣有下跌可能。

Midas unit wins $17.3mil supply contract for new MRT trains


Midas Holdings says its subsidiary, Jilin Midas Aluminium Industries Co., has been awarded orders totalling $17.3 million from Alstom Transport S.A. to supply train car body module components for new trains on the Singapore North East Line (NEL) and Circle Line (CCL).

According to the orders, Midas will supply train car body module components for 18 train sets (1 train set = 6 train cars), or 108 train cars for the NEL, and 24 train sets (1 train set = 3 train cars), or 72 train cars for the CCL.

发售价诱人 大股东保证 双威附加股全面认购不难


发售价诱人 大股东保证 双威附加股全面认购不难
Created 04/09/2013 - 12:12
(吉隆坡8日讯)尽管双威(Sunway,5211,主板产业股)发附加股将稀释每股盈利,但分析员认为发售价有吸引力,加上大股东认购信心保证,要达到全面认购不难。

双威上周建议以3股普通股配1股附加股方式、发售最高5亿9455万2301股附加股,发售价为1.70令吉,预计可筹最低3亿6260万令吉至最高10亿1070万令吉。

旧街场白咖啡2638万 入股香港分销公司70%


旧街场白咖啡2638万 入股香港分销公司70%
Created 04/09/2013 - 12:10
(吉隆坡8日讯)旧街场白咖啡(OldTown,5201,主板贸服股)宣布,以总值6700万港币(约2638万令吉)收购香港的Advanced City有限公司的140万股或70%股权。

旧街场白咖啡是通过独资子公司———大马旧街场白咖啡有限公司,进行上述收购案。

Advanced City有限公司主要是在香港、澳门及中国广东贸易和分销咖啡产品。

这项收购让Advanced City从旧街场白咖啡独资子公司———白咖啡有限公司,直接取得咖啡产品,并分销至香港、澳门和中国广东。

分析員:國際船務主要股東成阻力


分析員:國際船務主要股東成阻力
Created 04/09/2013 - 10:46
(吉隆坡8日訊)國家石油上週五宣佈將全面獻購國際船務(MISC,3816,主板貿服組)的獻購價格,調高20仙或3.8%至5令吉50仙,分析員一般認為,以目前情況而言,新收購價是可以接受水平,不過,基於出價還是低於估值,收購最大阻力還是其他主要股東是否會接受新獻購價。

分析員認為,新收購價比市場預期略低,惟相信是“合理及公平"價位,主要是船運業未來數年的營運環境仍然惡劣。

“合订型” 议案获股东放行 城中城产托5 月上市


“合订型” 议案获股东放行 城中城产托5 月上市
Created 04/09/2013 - 12:07
(吉隆坡8日讯)城中城产业(KLCCP,5089,主板产业股)的股票与城中城产托单位捆绑在一起,所设立的“合订型”产托(stapled reit)预计在今年5月初上市大马,并以接近120亿令吉的上市市值,成为全马最大型的房产信托,也是国内第一项符合回教教义“合订型”产托。

同时,该产托也是亚洲市场其中一项最大型的产托。

城中城产业总执行长哈欣瓦西尔今天向媒体表示:“这项全马第一项‘合订型’产托议案,已经获得股东通过。我们预计整个重组将在5月初完成,并取代城中城产业的上市地位。根据周五的闭市价计算,这项目产托的市值将达约120亿令吉。”

KLCC Property Holdings aims to be No. 1 on REIT


The Star Online > Business
Tuesday April 9, 2013
KLCC Property Holdings aims to be No. 1 on REIT

It sees potential in redeveloping some of its assets

By CHOONG EN HAN
han@thestar.com.my

PETALING JAYA: KLCC Property Holdings Bhd (KLCCP) is eyeing significant redevelopment opportunities for some of its assets as it transforms itself to become the country's largest real estate investment trust (REIT) - KLCCP Stapled Group.

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Wednesday, April 10, 2013

亚洲航空 印度业务竞争激烈


亚洲航空 印度业务竞争激烈
Created 04/09/2013 - 12:52
【目标价:2.84令吉】

最新进展:

亚洲航空(AirAsia,5099,主板贸服股)获印度外资促进委员会(FIPB)批准、与塔塔和Telestra Tradeplace的阿伦巴蒂亚设立联营航空公司。

亚航、塔塔和TelestraTradeplace将分别持股49%、30%和21%。

各方预计4月签署股权认购及品牌协议,但联营公司仍需向印度民航局申请飞行准证。

联营航空公司预计屠妖节启航,以受惠印度最大型节日。

MISC: 20 sen none the richer



置地通用发债券 7248万购办公楼


置地通用发债券 7248万购办公楼

(吉隆坡9日讯)置地通用(L&G,3174,主板產业股)计划以每1股普通股,配售0.13令吉面值的不可赎回可转换无担保债券(ICULS),以发售总值7778万令吉的5年期债券。

与此同时,该公司计划以7248万令吉,购入位於布城的一栋13层高办公楼,以作为投资用途。

为了確保这批债券全数认购,置地通用大股东Mayland Parkview私人有限公司,同意包销剩余无法成功配售的债券。

Mayland Parkview目前持有置地通用17.29%股权。

鋼鐵股全面飆升‧鍾廷森和方天興趕搭大選漲潮


鋼鐵股全面飆升‧鍾廷森和方天興趕搭大選漲潮
Created 04/10/2013 - 10:35
(吉隆坡9日訊)大馬鋼鐵股今日突然掀起漲潮,在“鋼鐵大王"丹斯里鍾廷森和華總會長丹斯里方天興名下鋼鐵股騰漲帶領下全面飆升,崛起成週二馬股亮點。

分析員認為,鋼鐵股被低估,而預期選後鋼鐵需求將增加,或成為今日鋼鐵股異軍突起的原因。

金獅工業一度飆20%

MAS on uptrend on expectation of better performance


The Star Online > Business
Wednesday April 10, 2013
MAS on uptrend on expectation of better performance

PETALING JAYA: Shares of Malaysia Airlines (MAS) rose in active trade yesterday, as investors expect the national carrier to record an improvement in its 2013 financial performance.

The counter closed up 3.5 sen to 80 sen, its highest in about four months. It was also one of the most heavily traded counters, with 19.2 million shares done. Year to date, MAS has gained some 13.38% on its increasingly positive outlook.

Affin Investment Research has upgraded MAS to a trading buy, with a higher target price of 83 sen. The research house said the flag carrier’s fleet replacement was on track and that its operating statistics were also improving.

Secondary property market transaction value to go up


The Star Online > Business
Wednesday April 10, 2013
Secondary property market transaction value to go up

PETALING JAYA: The Malaysian Institute of Estate Agents (MIEA) is targeting the transaction value of the secondary property market to increase by between 5% and 8% this year.

MIEA president Nixon Paul says: “Historically, the transaction value would increase at about that range every year.”

Speaking at a press conference on the Malaysian Secondary Property Exhibition (Maspex) 2013, Paul said for this year, the market would see a dramatic increase in residential properties priced from RM300,000 to RM700,000.

Outperform rating for KLCCP amid REIT plans


Outperform rating for KLCCP amid REIT plans
2013/04/10

MAY LISTING: Potential RM15.4b assets, RM12b market cap expected to draw investors
THE sheer size of KLCC Property Holdings Bhd's new unit, KLCCP Stapled Group, will make it a stock that fund managers will want to hold, a research house said.

CIMB Research said fund managers will not be able to ignore KLCCP Stapled's RM15.4 billion assets and over RM12 billion market capitalisation.

KLCCP Stapled is the country's first ever stapled real estate investment trust (REIT) and is due to be listed in early May.

中資股回勇 A股ETF看好


中資股回勇 A股ETF看好

【本報訊】內地通脹數據低於預期,收水陰霾稍沖淡,中資股即回勇。騰訊(700)及國壽(2628)等昨領航恒指反彈0.7%,多隻A股ETFs(交易所買賣基金)昨亦跟隨上升1%至2%,當中多隻ETFs價格較每股資產淨值(NAV)溢價近期大收窄,甚至出現折讓,隨時再吸引資金撈貨。

資料顯示,華夏滬深300(3188)及易方達100(3100)昨日價格較NAV分別見0.45%及0.8%折讓,後者周一更錄3%的大幅折讓;至於南方A50(2822)周一NAV出現折讓後,昨日即使重回溢價,但卻僅不足0.4%;安碩A50中國(2823)則錄3.3%溢價,較年初近12%大幅收窄8.6個百分點,股價昨則彈1.6%。

瞄准中高档市场 启顺造纸6108 万越南设厂


瞄准中高档市场 启顺造纸6108 万越南设厂
Created 04/09/2013 - 12:09
(乔治市8日讯)启顺造纸(NTPM,5066,主板消费产品股)今年将斥资2000万美元(6108万令吉),在越南胡志明市设厂。

启顺造纸董事经理李斯仁接受《星报》采访时表示,位于越南新加坡工业园的工厂,占地10万平方尺,当中也包含一个仓库。

“去年我们进军越南,当地纸巾产品市场还未有主领业者。当地监管单位去年11月批准我们的计划,很快就会投入建厂工程,计划明年投产。”

Analysts surprised by Sunway’s cash call to raise RM1bil


The Star Online > Business
Tuesday April 9, 2013
Analysts surprised by Sunway’s cash call to raise RM1bil

PETALING JAYA: Sunway Bhd’s cash call to raise RM1bil, which would dilute its earnings by more than 20%, came as a surprise to analysts.

The proposed rights issue, however, failed to douse investor sentiment. Sunway closed yesterday up two sen to RM3.12, off its day-high of RM3.15 with 3.25 million shares traded. This was just four sen lower than its all-time high of RM3.16 last week.

購香港先進城70%‧舊街場加強盈利


購香港先進城70%‧舊街場加強盈利
Created 04/09/2013 - 18:37
(吉隆坡9日訊)舊街場(OLDTOWN,5201,主板貿服組)宣佈以2千608萬令吉現金收購香港先進城有限公司(ACL)70%股權,公司將用早前私下配售活動所得4千469萬令吉資金融資這項計劃。收購預計在6月完成。

分析

分析員看好這項收購可加強盈利,同時認為收購可使該公司加強在中國立足,讓公司直接控制ACL管理、行銷及在中國的分銷網絡,使其可參與定價、行銷與品牌推廣策略。

曾渊沧:耐心等待市场信心恢复


曾渊沧:耐心等待市场信心恢复

本星期香港股市放两天公共假期,只有三个交易日,成交稀少,收市阴跌。美股不断创新高,而内地A股在中央收紧银根的背景下无力回升,局面因此胶着。

4月1日开始,中国证监会允许在内地工作的港人买A股,不过头几天反应不佳。在内地工作的港人皆在观望,也许,中国人民银行特别在中国证监会放宽在内地工作的港人买A股的同时收紧银根,以防止这些人胡乱入市。去年12月,A股突然由谷底急速上升,就是因为中国证监会要放宽境外资金买A股,即放宽RQFII及QFII。中国证监会只是说说而已,真正放宽仍未落实,A股就在短短一个月里上升25%。中国股市暴升暴跌的特性太明显,人民银行就不得不出手压一压,让暴升的A股冷却。

Hot Singapore REITs Still Seen Offering Attractive Yields


Hot Singapore REITs Still Seen Offering Attractive Yields
By Leslie Shaffer

If dividend stocks are sexy, Singapore’s real-estate investment trusts just might be Ryan Gosling.

But while Singapore-listed REITs may seem expensive after a rally over the past year or so, they aren’t when compared with equities and bonds, says Tim Gibson, head of Asian property equities at Henderson Global Investors, which manages US$106.7 billion. “They should sit somewhere between the two.”

The FTSE ST REIT index tacked on 5.1% in the first quarter and was up 30.7% for the year ending March 31.

Salcon bags two projects worth RM13m


Salcon bags two projects worth RM13m
Business & Markets 2013

Written by theedgemalaysia.com  
Wednesday, 10 April 2013 09:31

SALCON BHD []
(April 9, 54.5 sen)
Maintain add at 54 sen with a revised target price of 55 sen (from 49 sen): Salcon Bhd has announced that Envitech Sdn Bhd, a 60% owned unit of Salcon Engineering Bhd which in turn is a wholly owned subsidiary of the company, had accepted two awards.

The first, awarded by Lebar Daun Development Sdn Bhd (LDD) is for carrying out upgrading works on the Sam 048 pump station at a proposed housing and commercial development located in Section 13, Shah Alam.

Suntec REIT: A New Dawn (RHB)


Suntec REIT: A New Dawn
(BUY, S$1.85, TP: S$2.10)

As previously indicated by its management, the pre-commitment rate for Suntec City Mall’s Phase 1 AEI reached 83% in 4Q12. We speculate that the rate is now over 90%, as Phase 1 of the AEI is near to completion and prepares to commence operations in about 1.5 months.

On the back of a well-executed AEI, we have upgraded our rating on SUN to BUY, with a revised TP of SGD2.10.

Genting Singapore: Pick A Card, Any Card (KE)


Genting Singapore
Buy(unchanged)
Share price: SGD1.45
Target price: SGD1.67 (unchanged)
Pick A Card, Any Card

Two cards up its sleeve - VIP and FISH. GENS remains optimistic on its prospects going forward, especially in the VIP segment, while we are sanguine on potential margin compression from the newly-opened Marine Life Park (MLP). There are significant economies-of-scale in the operation of aquariums that will ensure a quick turnaround. Our 2013 earnings estimates are trimmed by 6% but 2014-15 forecasts are unchanged as we expect the MLP margin compression to be temporary. Maintain BUY call and SGD1.67 TP on 13.5x 1-year forward EV/EBITDA.

Wilmar International: Near term downside risks (DBSV)

Wilmar International
HOLD S$3.39
STI : 3,299.78
Price Target : 12 months S$ 3.72 (Prev S$ 3.88)
Near term downside risks

• We continue to monitor the mass culling of poultry flocks in China; no significant impact on soybean crush margins thus far
• But we expect 1Q13 Palm & Lauric pretax to drop q-o-q on weaker Indonesian refining margins
• Cut FY13F/14F/15F earnings by 8%/8%/4% after imputing lower palm oil refining margins
• Maintain HOLD call; no major near term re-rating catalyst

YANGZIJIANG: Shipbuilding Downturn, Yes, But We Will Prevail With New Income Streams


YANGZIJIANG: Shipbuilding Downturn, Yes, But We Will Prevail With New Income Streams

Sunday, 07 April 2013 12:26

FORTIFIED BY MULTIPLE INCOME STREAMS

To mitigate the cyclical nature of our core shipbuilding business, it is our long-term strategy to generate about 60% of revenue from construction of marine vessels and the remaining 40% from related activities such as the offshore sector, ship demolition and other nonshipbuilding activities.

In order to achieve our long-term strategy, on 1 January 2012, we very purposefully set up YZJ Offshore Engineering Pte Ltd (“YOEPL”), a 45%-owned joint venture providing marketing, procurement, front end engineering and design, and management consultancy services for the construction, fabrication and repair of oil & gas marine vessels and platforms.

Rickmers Maritime: Will discounted rights issue set trust on new course?


Rickmers Maritime: Will discounted rights issue set trust on new course?

Thomas Preben Hansen, CEO of Rickmers Maritime, is seeing signs of an uptick in the beleaguered container-shipping industry and priming the shipping trust for potential vessel acquisitions. That will enable it to ride the recovery and increase its yield over the longer term, should the market turn for the better. “We are strengthening our financial position and lowering our debt so that we are able to take advantage of the expected improved asset values and stronger charter hires for further growth,” Hansen tells The Edge Singapore.

CapitaMalls Malaysia Trust - Shareholders vote in favour of resolution


CapitaMalls Malaysia Trust -
Price Target:2.00
Last Price:1.89
Shareholders vote in favour of resolution

- We-reaffirm our HOLD recommendation on CapitaMalls Malaysia Trust (CMMT), with an unchanged fair value of RM2.00/unit, based on our DCF valuation.

- At CMMT’s AGM yesterday, shareholders who account for 84.4% of the shares voted in favour of the resolution in relation to the new issue of units of up to 353.6mil, representing 20% of CMMT’s existing paid-up capital.

诗董橡胶销往中国的产量在1Q13创下新高,对中国市场依然看涨


诗董橡胶销往中国的产量在1Q13创下新高,对中国市场依然看涨
文: 李金婷 (译:伍丽芳) 2013年04月05日 企业摘要
2012年对诗董橡胶(Sri Trang Agro-Industry PCL)来说是充满挑战的一年。实际上,诗董橡胶(泰国最大的上市橡胶加工商)的股价自2012年3月升至0.91元高位以后,便一路下跌37.9%至2012年12月的0.565元。诗董橡胶在2013年的表现又将会如何呢?

要找出诗董橡胶股价下滑的原因并不难。过去两年,由于中国、印度和美国对轮胎的需求持平,加上欧洲的工业产值下跌,作为轮胎业主要需求指标的橡胶消费量因而减少。而由于公司也和其他天然胶业者一样,不能控制天然胶价格的波动时间及幅度,其表现因此受到影响。

Shipping: Asia-Europe remains troubled (CIMB)

Asia-Europe remains troubled
Current Asia-North Europe rates, despite carriers’ best efforts at four general rate increases (GRI) since November, are now US$700/teu below their equivalent 2012 levels and US$200/teu lower YTD. The transpacific spot rates are, however, doing better than last year.

 We remain Neutral on shipping overall, with Pacific Basin staying as our top pick for its compelling valuations and good earnings report card amid weak bulk shipping markets. STX Pan Ocean remains our top Underperform. We also like strong companies with relatively resilient earnings and peer-beating performance like OOIL and SITC, especially after the recent sell-off in the stockmarkets.

Conviction Idea: Pair trade - Long SPH / Short STH


We recommend a long SPH/short STH pair trade. Investors would pick up a 63 bps dividend yield spread (to offset transactions costs) and gain significant upside exposure to the scenario that SPH lists its REIT. Two bases for our trade: first, we believe SPH’s 63 bps spread over STH is attractive. Newspapers are generally perceived to have weaker prospects than telcos but SPH has a virtual monopoly in its market while STH perennially competes against the much larger SingTel and has been losing market share in both its mobile and Pay TV segments. Second, from our calculations, we believe a SPH REIT listing scenario is realistic given the current yield/valuation dynamics of its assets and the size of its portfolio. Assuming SPH retains a 51% stake in the REIT, we see potential divestment gains of S$625m to S$744m or 39 to 46 S-cents per share. This could consequently lead to a special dividend and/or distribution in specie of REIT units for SPH shareholders.

冷眼42心水股系列9:亿维雅两大优势


冷眼42心水股系列9:亿维雅两大优势
Created 04/07/2013 - 12:29
在股价低过1令吉的股票中,其实有不少素质不错,且有潜能的股票。

投资者可用沙里淘金法,发掘出其中之佼佼者,买进,长期持有,可获厚利。

亿维雅(Hevea,5095,主板工业产品股)去年每股净赚16.86仙,每股净有形资产价值2.30令吉,而股价却在50仙的水平徘徊了半年仍乏人问津,很明显被市场忽略。

此股被忽略,事出有因。

原来在2008年至09的金融海啸中,亿维雅欠银行超过2亿令吉,而业务急转直下,无力还债,几乎破产。

曾淵滄專欄 10.04.13:CY睇實綠悠銷情


曾淵滄專欄:CY睇實綠悠銷情 - 曾淵滄

英國的戴卓爾夫人逝世了,對一些香港人而言,可能不喜歡她,認為她出賣了香港人,製造了香港回歸中國的歷史事實,我來自新加坡,沒有這種情意結,1987年,我之所以來香港,其中一個原因就是看到當時的香港人雞飛狗走的爭着移民,本着人棄我取的原則來香港。

1979年的英國國會大選,因為新加坡是英聯邦成員國,故以學生簽證入境的我也有投票權,我的一票投給了保守黨,在那個年代,英國幾乎天天有人罷工,很大規模的罷工,通脹也很驚人,工會勢力很大,靠工會支持而執政的工黨根本想不出甚麼方法解決問題,終於戴卓爾夫人上台,才徹底地改變了當時的困境,也改變了英國的政治生態,甚至到1997年,保守黨下台,工黨上台後推行的竟是沒有保守黨的保守黨政策,是全新的工黨政策。

Affin IB Research upgrades MAS to Trading Buy, raises target price


Affin IB Research upgrades MAS to Trading Buy, raises target price
Business & Markets 2013

Written by Shalini Kumar of theedgemalaysia.com  
Tuesday, 09 April 2013 10:10

KUALA LUMPUR (Apr 9): Affin IB Research has upgraded Malaysian Airlines Systems Bhd (MAS) to a Trading Buy at 64 sen and raised its target price to 83 sen from 64 sen previously, following the completion of the group’s long range wide body re-fleeting exercise.

In April 2013, MAS took delivery of its sixth A380-800, to replace the ageing Boeing 747-400 fleet.

RHB Research: Shipping and ports’ 1Q’s earnings are likely to disappoint


RHB Research: Shipping and ports’ 1Q’s earnings are likely to disappoint
Business & Markets 2013

Written by theedgemalaysia.com  
Tuesday, 09 April 2013 11:47

KUANTAN (April 9): RHB Research Institute Sdn Bhd has maintained its Neutral rating on the transportation sector and shipping and ports’ 1Q’s earnings are likely to disappoint while aviation could surprise in view of strong passenger numbers.

In a note Tuesday, the research house said it was however overweight on the Aviation and Logistics sectors.

外资虽续买入 死亡交叉浮现 马股料难跨越1689点


外资虽续买入 死亡交叉浮现 马股料难跨越1689点
Created 04/09/2013 - 09:03
(吉隆坡8日讯)国会解散无损外资情绪,连续17周成了马股净买入者,但这不意味着马股并无隐忧,从技术分析来看,马股指标富时隆综指正面临1689点的技术挑战点。

MIDF投资研究在每周一度的资金流动报告中点出,外资在上周每日皆为净买入者,首相拿督斯里纳吉在上周三宣布国会解散无损投资情绪,显示外资看好“政治稳定”将继续成为我国市场指标优势。

吸取SARS教训 航空业者防范流感衝击


吸取SARS教训 航空业者防范流感衝击
吉隆坡8日讯)航空业者从10年前的严重急性呼吸道综合症(SARS)事件,吸取到的经验,相信將能够协助业者对抗这一波H7N9禽流感疫情对航空业所带来的衝击。

截至2013年4月7日,中国共有21宗H7N9病例,其中6宗为死亡病例。H7N9禽流感疫情让在严重急性呼吸道综合症事件中受到衝击的行业开始警惕,包括,航空业者。

其中,香港当局已提出初步的健康警报,并在机场採取了防备措施。同时,日本机场在入境处提出相关的信息海报,警告来自中国的旅客,如果他们遇到任何类似流感的症状,得寻求医疗援助。而马航飞中国的航班也可能受到影响。

合股房產信託下月上市 KLCC產业市值达120亿


合股房產信託下月上市 KLCC產业市值达120亿

(吉隆坡8日讯)KLCC產业(KLCC產业,5089,主板產业股)的合股房產信託(stapled REIT)预计將在5月初完成后上市,市值料將达120亿令吉。

KLCC產业首席执行员哈欣瓦希表示,KLCC產业的合股房產信託是该集团重组资產计划,以將旗下的產业组合分成两个类別进行管理。 在完成这项计划后,KLCC產业股东將会同时持有集团股票和合股房產信託单位,且会在大马交易所进行交易。

在这项计划中,KLCC產业將收购作为国油双峰塔业主的Midciti资源有限公司49.5%股权,再把国油双峰塔、国油第三大厦(Menara 3 Petronas)和埃克森美孚大厦(Menara Exxon Mobil),注入KLCC房產信託(KLCCREIT)。

发股稀释盈利 双威股价受限

发股稀释盈利 双威股价受限

(吉隆坡8日讯)双威(SUNWAY,5211,主板產业股)通过附加股计划以筹集大笔资金,引发分析员关注该公司的每股盈利將遭到稀释,虽无损其良好的业务前景,但或將侷限该股的股价表现。

双威在上週五建议,以3配1比例和每股1.70令吉的发售价,发出5亿9455万2301股附加股,若获得股东全数认购,將筹集约10亿令吉。

马银行金英投行分析员指出,双威的集资活动符合预期,因该公司在依斯干达特区的玛迪尼(Medini)地区,进行地库收购和投资活动后,负债率亦隨之走高。根据计算,在双威把集资所得用以偿还贷款后,负债率將从0.45倍降至0.20倍。

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Tuesday, April 9, 2013

Lion Industries price deemed ‘not fair’


The Star Online > Business
Tuesday April 9, 2013
Lion Industries price deemed ‘not fair’

TA: Lion Corp selling LICB stake at 40.38% discount

PETALING JAYA: Independent advisor TA Securities Holdings Bhd has deemed the proposed disposal of Lion Industries Corp Bhd (LICB) shares as “not fair”.

In its letter to non-interested shareholders of Lion Corp Bhd (LCB) on Monday, TA Securities explained that the proposed disposal price of RM1.40 per LICB share implied a price-per-book ratio (PBR) of 0.31 times LICB's net assets as at June 30, 2012, which represented a discount of 40.38% over the average PBR of 0.52 times of comparable companies.

Salcon unit wins RM13.4mil contracts


The Star Online > Business
Tuesday April 9, 2013
Salcon unit wins RM13.4mil contracts

PETALING JAYA: A subsidiary of Salcon Bhd’s unit has secured two projects with a combined value of RM13.4mil in Shah Alam.

In an announcement to Bursa Malaysia, the water and wastewater engineering company said Envitech Sdn Bhd, a 60%-owned subsidiary of its wholly owned subsidiary Salcon Engineering Bhd, had received the letters of award for the projects from Lebar Daun Development Sdn Bhd and Temasya Development Co Sdn Bhd last week.

Soros says gold safe haven no more, but sees cbank support

Soros says gold safe haven no more, but sees cbank support

HONG KONG – Institutional investor George Soros said gold has been destroyed as a safe-haven asset, but expects continued central bank buying to support prices, the South China Morning Post reported.

“Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold,” Mr Soros told the newspaper in an interview published at the weekend.

“But the central banks will continue to buy them, so I don’t expect gold to go down. If you have the prospect of a crisis, you will have occasional flurries or jumps. So gold is very volatile on a day-to-day basis, no trend on a longer-term basis.”

NTPM investing RM61mil this year to set up a plant in Ho Chi Minh City


The Star Online > Business
Monday April 8, 2013
NTPM investing RM61mil this year to set up a plant in Ho Chi Minh City

By DAVID TAN
davidtan@thestar.com.my

GEORGE TOWN: Tissue paper manufacturer NTPM Holdings Bhd is investing US$20mil (RM61.15mil) this year to set up a manufacturing facility in Ho Chi Minh City, Vietnam, to penetrate the domestic market with its products.

Group managing director Lee See Jin told StarBiz that the group's plant would be located in the Vietnam Singapore Industrial Park on a 100,000-sq-ft site that would also accommodate a warehouse.

KLCC stapled REIT to be among Asia's largest


KLCC stapled REIT to be among Asia's largest
SHAREN KAUR
bt@mediaprima.com.my
2013/04/09

KUALA LUMPUR: KLCC Property Holdings Bhd's new stapled real estate investment trust (KLCC REIT) is set to become one of Asia's largest listed groups with RM15.4 billion in assets and nearly RM13 billion market capitalisation upon listing.

KLCC REIT, which will be called KLCCP Stapled Group after a corporate restructuring, is the first syariah-compliant stapled REIT in the country.

KLCC Property group chief executive officer Hashim Wahir said the REIT is expected to be listed in early May.

售附加股籌資‧雙威長期發展向好


售附加股籌資‧雙威長期發展向好
Created 04/08/2013 - 18:30
(吉隆坡8日訊)雙威(SUNWAY,5211,主板產業組)發售附加股籌資及推行雇員認購權計劃,分析員普遍認為,這對其長期業務發展有利,不過,由於股本擴大沖淡盈利,預料短期內將打擊投資者對公司的投資情緒。

股本擴大沖淡盈利

雙威以3配1比例發售附加股籌資10億令吉(每股定價1令吉70仙),以維持其業務長期成長,主要是旗下1千770英畝雙威依斯干達發展計劃,特別是獲得新加坡投資者支持。

該公司推行附加股,及最高股本15%的雇員認股權計劃,將使其股本從目前的13億股增至21億5千萬股,包括現有憑單悉數轉換至股票,因它們已落在已到價水平。

Steel shares rise suddenly after TA’s view


Hot Stocks Steel shares rise suddenly after TA’s view
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com  
Tuesday, 09 April 2013 16:22

KUALA LUMPUR (Apr 9): Steel counters, charged by TA Securities’ latest valuation of the sector, saw renewed interest as investors seek to pick up shares thought to have been undervalued, said analyst and dealer.

An analyst told theedgemalaysia.com that the sudden spike in steel counters comes after TA told minority shareholders on Monday Lion Corp Bhd’s proposed disposal price of RM1.40 per Lion Industries Corp Bhd’s (LICB) share was “not fair”.

H7N9衝擊3行業‧沙斯股經風暴料不重演


H7N9衝擊3行業‧沙斯股經風暴料不重演
Created 04/08/2013 - 17:30
(吉隆坡8日訊)中國H7N9流感來勢洶洶,令市場擔心10年前的沙斯疫情(SARS)一觸即發,但隨著全球市場已吸取SARS的教訓並做足防範措施,觀察家相信,當年SARS掀起的股經風暴不至於重演,目前航空業是最大受害者,種植和博彩業也恐遭殃。

H7N9疫情來襲,令中國確診病例升至21名,宣告不治人數增至7人。然而,根據世界衛生組織,疫情在調查中,並未出現擴散跡象。

觀察人士認為,H7N9流感對大馬市場的衝擊胥視疫情的嚴重性,目前看來不至於導致大馬市場顯著承壓,因病情未如SARS般嚴重蔓延。

曾渊沧:国际大鳄伺机做空中资银行股

曾渊沧:国际大鳄伺机做空中资银行股.

今年一月份港股气势如虹,升势凌厉,但是一季度结束了,恒指竟然倒退357点。大洋彼岸的美国则不断创历史新高。港股不振的主因当然是因为受内地A股所累,不过理论上A股只能影响H股。但是,港股除了公用股、REIT这些保守型股份之外,其余的个股也出现调整。恒指成份股中,有不少香港本地的地产股,香港特区政府打压楼价的行动也影响了一些人对地产股后市的看法。

当然,恒指下跌357点,实际上仅是1.57%,微不足道。恒指一天的上下往往超过1.57%。上周四,即今年第一季度的最后一个交易日,恒指一天下跌165点,若少了这一天,恒指第一季度跌幅不足200点。恒指每天的升跌是无规律及纯粹的随机的摆动。因此,我的结论是我们不能认为港股在今年第一季是出现明显下跌的趋势,恒指357点只是随机走势的波幅。

SSEC - Negative reaction to H7N9 to find support at 2200 or 2150 as March PMIs recovered DBSV)


SSEC - Negative reaction to H7N9 to find support at 2200 or 2150 as March PMIs recovered.
The SSEC is likely to suffer a negative reaction to news of the still developing bird flu situation when the Chinese market opens for trading after its holiday break. Still, we see good support at 2200 and even stronger at 2150 that should halt the negative reaction. Post correction; we maintain our view for the SSEC to resume its rise to 2715 in coming months.

While the SSEC has not made any headway and even broke below the 2250 technical support since our last update on March 25th, we stick to our view that the current correction that started from 2445 in mid-February is the first meaningful pullback within a primary rising trend. We peg good support at 2200 (c. 50% downward retracement) and strong/crucial support at 2150 (c. 61.8% downward retracement level) that should halt the current correction.

CapitaMall Trust: Deep value at current price (OCBC)


CapitaMall Trust:
Fair value S$2.32
add: 12m dividend forecast S$0.10
versus: Current price S$2.13

Deep value at current price
• Expecting firm financial results
• Retail rental market to hold up well
• Valuation gap to narrow

CapitaMall Trust (CMT) has been a clear laggard within the S-REITs space, staying flat YTD versus an average of 11.0% increase in unit prices for its local retail peers. We believe this is unjustified given its portfolio of 15 quality retail malls and its relentless efforts in optimizing its yield via asset enhancement initiatives.

SMRT : Ending the Year with a Whimper (KE)


SMRT Corporation
Sell (unchanged)
Share price: SGD1.54
Target price: SGD1.19 (from SGD1.34)
Ending the Year with a Whimper

Loss guidance follows wage hike – dividend cuts again? The previously unimaginable has happened. SMRT is expecting its first ever quarterly loss in its history for 4QFY3/13. Escalating operating costs and a SGD17m impairment in goodwill in its associate, Shenzhen ZONA, are the primary causes of the loss. We are expecting the PATMI loss to come in at ~SGD2m for the quarter, which still points to profitability at a core level excluding the effects of the impairment.

Kreuz Holdings – Good Results, Strong chart, Low valuations


 02 APRIL 2013
Kreuz Holdings – Good Results, Strong chart, Low valuations

Before July 2008, Kreuz Holdings was a division of the Swiber Group. Subsequently, it was listed on Singapore Exchange on 29 July 2010 and transferred its listing to the Main Board on 8 October 2012. Kreuz is a subsea provider whose services include subsea construction and installation services that support new offshore installation and construction projects, as well as, inspection, repair and maintenance (“IRM”) of existing offshore production and pipeline facilities.

Sri Trang Sales Volume To China Could Reach Record High In 1Q13; Remains Bullish On The Chinese Market


Sri Trang Sales Volume To China Could Reach Record High In 1Q13; Remains Bullish On The Chinese Market
By Jade Lee

2012 was a challenging year for Sri Trang Agro-Industry PCL (Sri Trang). In fact, the largest rubber processor in Thailand has seen its shares slumped by as much as 37.9 percent to $0.565 in December 2012 since it peaked at a record high of $0.91 in March 2012. So, how will Sri Trang fare in 2013?

The reason behind the fall is not hard to find. For the past two years, rubber consumption, a strong indicator of the demand in the tyre industry, has been dragged down by the flat demand from China, India and the US, coupled with the downturn in industrial production in Europe. And like any other participants in the natural rubber (NR) industry which has limited influence over the timing and extent of the price changes for NR, Sri Trang was not spared against this backdrop.

AirAsia : All ready for a price war (MIB)


AirAsia
Current price (MYR): 2.87
Target price (MYR): 3.00.
All ready for a price war

A class above the rest. AirAsia performed well in 2012 with a flattish profit YoY, relative to the industry which experienced 30%-40% profit decline. Its cost leadership and strong brand has enabled it to endure the challenging period unscathed. AirAsia’s dominance in the Malaysian market will soon be put to the test due to the entry of a new player and MAS has become a much leaner outfit as well.

Malaysia M&A & Privatisation Plays: Still In Play (UOBKH)

Malaysia
M&A & Privatisation Plays: Still In Play

M&A and privatisation plays continue to rage on amid a subdued FBMKLCI ytd performance, with the prominent ongoing and potential deals being led by government-linked entities. A few ways to play this theme: a) speculating on higher GO prices for ongoing privatisation offers, b) identifying new privatisation offers, and c) identifying beneficiaries of asset disposals. Interesting potential beneficiaries include KSK, MISC, MBSB, MRCB and RHBCapital.

Malaysian Airlines : Cheap, but where is the interest? (MIB)


Malaysian Airlines (
Current price (MYR): 0.75
Target price (MYR): 0.97
Cheap, but where is the interest?

Show me some love. MAS is on the path for a profitable 2013, having successfully turnaround in 3Q12. The Company is achieving higher unit revenue whilst at the same time able to reduce unit cost-excluding fuel. MAS will grow capacity modestly in 2013, which is contrary to the market. We favor this approach as it will help MAS to retain its yields and insulate itself from the imminent price war.

Singapore What Worked In 1Q13 And How To Position Ahead (UOBKH)


Singapore
What Worked In 1Q13 And How To Position Ahead

Our call to OVERWEIGHT banks and oil services has worked out well. For the rest of 2013, we remain selective on blue chips and look for alpha in solid undervalued mid-cap stocks.

What’s New
• A recap of 1Q13. 1Q13 ended on a positive note for the FSSTI, which rose 4.5% yoy, compared with the -1% to +18% in Asean indices and an 11% rise in the DJIA. This note reviews the performances of the various sectors in Singapore and our Singapore strategy for the remainder of 2013.

Aviation : Cautiously Optimistic (MIB)


Aviation
Cautiously Optimistic

BUY with caution. The aviation sector has underperformed the KLCI in 2012 due to depressed earnings, escalating fuel prices and regulatory uncertainty. The sector has de-rated with an average decline of 27.6% in 2012. 2013-YTD however saw our top pick, MAHB gaining 15% while the airlines are both up modestly with 6% rise in share prices. We are now Overweight on the sector as traffic growth will accelerate and profits will rise, in our view. Furthermore, valuations are undemanding and exhibit value. Volatile fuel price is the primary risk factor. Our top picks in order of preference are MAHB, MAS and AirAsia.

冷眼42心水股系列8:联合机械站稳国际


冷眼42心水股系列8:联合机械站稳国际
Created 04/06/2013 - 12:28
在大马市场扎根后,联合机械(Unimech,7091,主板贸服股)兵分四路,进军国际,立足印尼、泰国、中国,开拓油气领域。

该公司在印尼深耕10年,已开花结果。

近年来营业增长迅速,可望在印尼上市,泰国亦有不俗表现,预料海外业务将来将超越大马。

2000年上市的联合机械,专营阀门及其配备叫VIF,即Values、Instrumentation及Fittings,拥有自己的7间制造厂。

曾淵滄專欄09.04.13: 夜期開鑼 利港交所


曾淵滄專欄: 夜期開鑼 利港交所 - 曾淵滄

昨日恒指喘定,經過上周五急跌後,部份跌得急的股份出現不錯的反彈,國泰(293)是其中之一,至今為止,全世界沒有發生任何一宗人傳人的禽流感個案,香港傳媒把禽流感的嚴重性誇大了,也許,部份傳媒人分不清何謂禽流感,何謂「沙士」,把禽流感當「沙士」來炒作,為股市炒家增添造淡的彈藥。

國泰去年全年的業績是差了,西方國家經濟衰退,貨運需求大減,不過,去年下半年的業績已明顯比上半年強,成本控制見效,隨着美國經濟的復蘇,我估計國泰今年的盈利情況也比去年強,禽流感的出現是製造機會讓大家買便宜貨。

Credit Suisse tips Singapore plays on Japan real-estate


WRITTEN BY DOW JONES & CO, INC  
MONDAY, 08 APRIL 2013 16:34

While the lower JPY could offset some of Japanese real estate's asset-value rerating for Singapore plays under the BOJ's easing measures, the net impact may be positive due to lower debt costs, Credit Suisse says.

It expects Global Logistic Properties (MC0.SG), with around 30% of its portfolio in Japan, could benefit from cap-rate compression even if the JPY depreciates further; "the optimism on higher capital values in their Japan portfolio and better prospects of higher rents (due to pick up in economic activity) has not been factored in based on its share price performance." It believes JPY depreciation may have a positive impact on Mapletree Logistics Trust's (M44U.SG) earnings as JPY debt accounts for about 70% of its total debt despite Japan accounting for only around 30% of its portfolio.

Upward trend for property stocks


Upward trend for property stocks
Business & Markets 2013

Written by Cynthia Blemin of theedgemalaysia.com  
Monday, 08 April 2013 09:38

KUALA LUMPUR: Property counters have been on a bullish uptrend since early this year fuelled by continuous deal flows in Iskandar Malaysia and undemanding valuations of property stocks.

This is evident from the upward bias of the FBM KLCI’s Property Index, that rose from 1,038.77 points in early February to hit 1,215.66 points last Thursday. The barometer advanced to close at 1,235.97 points the next day.

Will an extra 20 sen make a difference to MISC shareholders?


Will an extra 20 sen make a difference to MISC shareholders?
Business & Markets 2013

Written by Kathy Fong of theedgemalaysia.com  
Monday, 08 April 2013 09:36

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) at the eleventh hour raised its offer price for MISC BHD [] to RM5.50 last Friday from RM5.30 previously. However, some analysts say the national oil firm, which wants to take the national shipping line private, may not have dangled a big enough carrot to garner higher acceptance.

The revised offer will remain open for 14 days until 5pm, April 19. The original offer at RM5.30 per share closed last Friday after an extension of the deadline earlier.

《績優股》:著眼基本因素 換馬績優股

《績優股》:著眼基本因素 換馬績優股
http://paper.wenweipo.com   [2013-04-07]  
 有專家表示,港股於第二季將橫行一段時間,至年中走勢才會清晰。因此,投資者於次季著眼點應放於基本因素,不宜再追隨概念與板塊,而是要因應第一季的業績表現,選一些盈利表現理想的績優股。而過去的3月,各大上市公司均已派發去年度的成績表,不少公司成績「標青」,而專家亦於其中為各投資者揀選數隻適宜吸納的績優股供大家參考。

友邦亞太增長勁
 不少分析員均指出,上市公司的業績是股價升跌的動力,當然不能只貪圖高息而忽略基本面因素,否則會陷入「賺息蝕價」的局面中。2012年業績創出歷史新高的友邦保險(1299)得到不少分析員青睞。新鴻基金融高級分析員李惠嫻表示,友邦去年純利增長9%,新業務價值上升27%,業績理想,集團於亞太區的保險滲透率仍屬低水平,有很大的增長空間;而去年10月併購荷蘭銀行(ING)馬來西亞的保險業務,可帶動業務上升。她建議投資者可於34元左右買入,目標價37元,跌穿32元止蝕。

非典重創經濟 內地損失近千三億

非典重創經濟 內地損失近千三億
http://paper.wenweipo.com   [2013-04-06]

香港文匯報訊(實習記者 孟慶舒 北京報道)內地再爆禽流疫情,不禁令人回想十年前的「非典」,如何重創內地及香港旅遊業及經濟。2002年11月16日,嚴重急性呼吸道症候群(SARS/沙士,又稱「非典」)在廣東出現第一個病例,隨後開始波及到其他省市,以及香港、越南、加拿大、台灣。據亞洲開發銀行(ADB)統計,受SARS影響,中國經濟總損失額達179億美元,佔中國GDP的1.3%。若以目前人民幣兌美元匯率7.14:1計算,SARS造成的經濟損失為人民幣1,278.6億元。

特稿:秋官新戲上畫 又爆股災


特稿:秋官新戲上畫 又爆股災
http://paper.wenweipo.com   [2013-04-06]    
香港文匯報記者 蔡明曄
 港股昨大跌逾600點,專家指是市場憂慮禽流感疫情擴散、歐美經濟數據差、朝鮮半島戰雲密佈所致,但小股民心裡卻另有想法,鄭少秋(秋官)的電影《忠烈楊家將》在周四清明節上映了,周五即爆港股小股災,被指「丁蟹效應 」(又稱「秋官效應」)再現。

廿年32次明顯跌幅
 「丁蟹效應」可算是股壇獨有現象,不論是新是舊的電視劇或電影,只要是秋官現身幕前,股市例必下跌。就在去年5月,鄭少秋參演的新劇《心戰》播出預告片時,就不幸地巧遇上歐債危機重臨,令恆指一路狂瀉,直到21日首播才止,期間共瀉2,751點。

Can Apple Play Catchup?



Is the Bubble Popping in the Stock Market?



Bird Flu Jitters Weigh on China Airline Stocks



QE Reduction Should Strengthen Dollar: Siegenthaler



Can BoJ Easing Kick Start the Japanese Economy?



日本央行吹通膨祭狠招, 日股井噴, 暴漲超過600點!!


Monday, April 8, 2013

Property stocks play catch-up


The Star Online > Business
Monday April 8, 2013
Property stocks play catch-up

By DANIEL KHOO
danielkhoo@thestar.com.my

PETALING JAYA: Property stocks, which have been off the radar screens of most short-term investors in the past six months, have come back into focus, following improving sentiment led by the booming property climate in Iskandar Malaysia.

Analysts said the counters were possibly playing catch-up on expectations of future earnings growth and favourable forward-looking dynamics such as the “mini boom time” down south in Iskandar.

Is the revised MISC offer good for EPF?


The Star Online > Business
Monday April 8, 2013
Is the revised MISC offer good for EPF?

Corporate Notes by GURMEET KAUR

SHOULD the Employees Provident Fund (EPF) accept the revised offer price of RM5.50 for the privatisation of MISC Bhd?

That is the dilemma the pension fund faces after MISC's major shareholder, Petroliam Nasional Bhd (Petronas) upped the offer by 20 sen on Friday, the last day of the share acceptance for its earlier offer of RM5.30 per share. With this, Petronas will now have to fork out RM9.2bil, or about RM400mil more to take private its shipping arm.

「秋官效應」殺到 恒指第二季受考驗


上周四復活節長假前,港股受A股大瀉拖累,遭銀監開刀的內銀股首當其衝,恒指一度跌逾三百點,低見二萬二千一百三十二點,收報二萬二千二百九十九點,成交七百三十五億。

總結首季,恒指大上大落,一度自高位調整近二千點。踏入第二季,「秋官效應」率先殺到。秋官主演的《楊家將》在清明節當日上映,根據里昂的「秋官效應」研究報告,秋官的劇愈悲情,股市就跌得愈悲壯。由於楊家將一門英傑多數悲劇收場;加上塞浦路斯點起的歐債火頭又未熄,大市短期未必有運行。

實戰理論:投資哲學知易行難 - 沈振盈


實戰理論:投資哲學知易行難 - 沈振盈

著名投資者索羅斯,最近公開其投資哲學,概括起來主要有三點:其一,是跟「股神」畢菲特一樣,要有獨立思考;其二,要有忍耐力,能夠忍受得住市場的反覆震盪;其三,當市況跟預期相反,而自己又相信自己的分析正確的話,這就是加注的時候,因為這是巿場的「錯」!

以上三點,大家又會如何去分析及理解呢?

首兩點一定是正確的,但對於散戶來說,就知易行難了,因為當中的成效,一定要靠過往經驗的累積,以及取決於個人能否從失敗中反思及學習。同時,投資者本身,也要有足夠的分析能力及知識理論的基礎。而最重要的,是要有分析的邏輯及思考的方法,這亦是近年香港教育制度中最欠缺的訓練。

KLCC Property set to launch Shariah REIT

KLCC Property set to launch Shariah REIT
2013/04/08

KLCC Property Holdings Bhd (KLCCP) expects its KLCCP Stapled Group, the first-ever shariah-compliant stapled real estate investment trust (REIT), to become one of the largest property groups in Asia with a market capitalisation of RM12 billion.

Chief executive officer Hashim Wahir said the stapled group will house three properties -- Petronas Twin Towers, Menara 3 Petronas and Menara ExxonMobil.

禽疫擴散朝韓緊張 A股恐難逃一劫


禽疫擴散朝韓緊張 A股恐難逃一劫
http://paper.wenweipo.com   [2013-04-08]

——上證2200危 航空旅遊養殖板塊料重災
 香港文匯報訊(記者 李昌鴻 深圳報道)受禽流感擴散和朝鮮半島可能爆發戰爭的影響,上周五港股暴跌,恒生國企指數大跌逾3%,加上歐美股市上周五收盤紛紛下挫,截至昨晚,全國禽流感感染個案增至20宗。專家預計,A股因清明長假(4月3至7日)休市而暫避過一劫,但上周五在港股交易中,A股ETF跌幅均近2%,預示投資者對今日A股可能會大跌2%,A股勢現黑色星期一,上證2,200關勢危,航空、餐飲、旅遊酒店及養殖業等四大板塊料現暴跌。

 由於禽流感H7N9正在內地呈現擴大化趨勢,已從上海、浙江、江蘇等向其他省市擴散,截至昨晚已有20宗感染個案,並有6人死亡;與此同時,朝鮮半島戰爭一觸即發,朝鮮已在其東海岸矗立兩個導彈,擬於近期發射,而美國將其先進的戰機和防化部隊等進駐韓國。上述因素令市場擔心東北亞火藥桶隨時會引爆,從而波及A股和全球市場。

講股你要識:中行高息率佔優勢

講股你要識:中行高息率佔優勢

春節過後人行不斷進行正回購,加上內地禽流感疫情打擊A股氣氛,中資金融股表現乏善足陳,恒生H股金融指數已由今年二月高位17,436點,回落至上周五低位14,109點,累計跌幅達19%,14日RSI已跌至超賣水平,短線反彈條件將至,但中長線收集則毋須急進,宜分注行事,且宜以高息股入手,其中中國銀行(03988)現價息率6.2厘,股價回落至3.2元或樓下可考慮。

中行去年純利1,394億元(人民幣.下同),增長12%;淨息差上升0.03個百分點至2.15%,不良貸款率降0.05個百分點至0.95%;每股派息增12.9%至0.175元。以上周五收市價3.47元港元計,息率6.2厘。過去三個財政年度派息比率穩定,平均維持在35%。在四大行之中,工行(01398)、建行(00939)及農行(01288)現價息率介乎5.5至5.7厘,中行的息率最高。

A股抗疫有得炒


A股抗疫有得炒

內地變種禽流感H7N9疫情一爆不可收拾,A股今日復市沽壓勢必沉重,適逢港人本月起獲准在內地開A股戶口,即時可買賣滬深兩地近2,500隻A股,但由於「融資融券」一般要在開戶六個月後才可進行,短期內難藉壞消息沽空,其實面對表現低迷多年的A股,內地網民早已戲謔散戶來一個、死一個,港人若要在非主場跑贏,務必加倍用功。

逾45萬名在內地居住的港澳台居民上周一起可買賣A股,但初步開戶反應不見踴躍,廣發證券(香港)董事總經理王玥認為屬意料之內,「境外人士本來已可透過內地的配偶等親友參與A股市場,加上滬綜指由○七年高位6,000餘點,跌至現時2,200點水平,表現不濟,港人開戶反應平淡相當正常。」

中遠魏家福:有信心扭虧


中遠魏家福:有信心扭虧

中國遠洋(01919)因為連續兩年錄得虧損,公司A股被實施退市風險警示(ST),中遠集團董事長魏家福表示,過去曾建議取消ST制度,又說虧損幅度在可承受範圍內,有信心帶領集團扭虧為盈。

指ST制度誤導股民

去年中國遠洋虧損95.6億元人民幣,魏家福接受內地傳媒訪問時表示,集團遭貼上ST標籤,令股民利益受損,自己應該向股民道歉,但希望股民能「等一等」,未來一定會有回報。他又說,有信心帶領集團轉虧為盈。他又認為,A股的ST制度有缺陷,因本港股市沒有ST制度,若A股「戴ST帽」,令股價下跌,H股股東利益同樣受損。為此他曾向政府提過一些建議,但未獲採納。

选前波动高风险 建筑股逢低买进


选前波动高风险 建筑股逢低买进

首相拿督斯里纳吉上周三(4月3日)宣佈国会解散,第13届大选跫音近在眉睫,风险股项立即成为市场关注的焦点。

在纳吉的经济转型计划(ETP)下,捷运(MRT)、轻快铁(LRT)、敦拉萨国际金融中心(TRX)等各项大型工程正如火如荼地进行中,全马四处大兴土木。

2013年首季所颁发出的国內建筑合约数额达到44亿令吉,建筑股项表现因而受到大力扶持。上周五,建筑指数以5.6%的涨幅跑贏今年表现疲软的富时大马综合指数。

香港经不起折腾\□曾渊沧


香港经不起折腾\□曾渊沧
2013-04-01 04:25:01  来源:大公报

过去三十年,中国的改革开放。改变了世界的均冲。中国的崛起,令世界各地许多人感到不自在、不习惯,也难以接受这个事实,於是矛盾冲突产生了。今日,中国是美国的头号假想敌。

    中国人富起来,到世界各地旅游消费,这本是好事,但是中国太大了,人口太多了,十三亿中国人各不相同,有部分暴发户的行为令人难以接受,有部分农村出来的文化水平低的人的行为也令人难以接受。於是,在香港爆发了大量港人到一家名牌店抗议名牌店歧视香港人的示威,一部分港人以“强国人”来反讥内地游客。

Pavilion REIT - Extending the walk

Pavilion REIT -
Price Target:1.65
Last Price:1.59
Extending the walk

 We re-affirm our HOLD recommendation on Pavilion REIT (PREIT), with an unchanged fair value of RM1.65/unit, based on our DCF valuation.

- Some details on the Pavilion Extension were reported in the local dailies today. To recap, the Extension is located between Pavilion KL and the Grand Millennium Kuala Lumpur Hotel. It is expected to be completed in three years.

Maybank: Yield play plus regional uplift (DBSV)


Maybank
BUY RM9.42
KLCI : 1,685.40
Price Target : 12-month RM 10.60
Yield play plus regional uplift

• Expect high dividend payout and dividend reinvestment scheme (DRP) to prevail
• Regional expansion will be re-rating catalyst
• Our top large cap bank pick; MAY offers the highest dividend yields in the sector

High dividends sustainable. Dividend payout ratio should remain high as long as MAY keeps the DRP as its strategic capital management tool. Hence, we expect MAY to continue paying high dividends (we assumed 70% payout vs MAY’s official policy of 40-60%) even with its S108 tax credit fully utilised.

Tiger Airways: Business first, airline second (CIMB)


Tiger Airways
Current S$0.66
Target S$0.63
Business first, airline second

 We made a house call on Tiger last week. We like Group CEO Koay Peng Yen’s focus on long-term shareholder value. Expect a gradual breakaway from a dogmatic low-cost approach to a more return-focussed model. We think that Tiger is in good hands.

Having said that, we maintain our Underperform call in light of continued near-term cash burn from associate losses. Our SOP-based target price of S$0.63, pegged to 13.5x CY14 P/E or the LCC industry's 5-year historical forward average, also includes proceeds from its planned Tiger Australia stake sale.

Singapore Consumers : Growth May Ease In FY13 (RHB)


Singapore Consumers :
Growth May Ease In FY13

Amidst weaker consumer confidence and lacklustre results, Singapore consumer counters have risen 12% YTD, beating the STI’s 5% gain. Our consumer analysts expect earnings growth to ease to 7% in FY13, which may cap any further price upside. Still, the risk-reward profiles of cyclical plays appear undemanding, with OSIM being our top pick. Consumer confidence, retail sales weaken.

According to Nielsen, Singapore consumers were less confident in 4Q12, with the consumer confidence index dipping 3ppts to 95 points. Last year’s quarterly reading languished below 100 - at between 94 and 98 – an indication of growing pessimism. We also note that the country’s retail sales index fell by 2% y-o-y in January 2013, but this impact is likely to be less significant for many of companies we cover due to their diversified income streams outside Singapore.

Noble Investing Into a New Basket of Upstream Assets (Citi)


Noble Group (NOBG.SI)
Price (02 Apr 13) S$1.22
Target price S$1.28
Alert: Investing Into a New Basket of Upstream Assets

 New upstream investments — Noble has been active with fresh upstream investments, flexing its investment dollars at a time when capital access has become rather difficult for developing resource firms. Noble has made recent investment into Australian firms Resource Generation and Pan Asia Corporation. While not meaningful earnings drivers in the short term, we see this as a repeat of Noble’s success with Australian-based coal investments from a decade ago when it made preferential equity investments/provided loans in return for volume offtake.

Golden Agri-Resources Ltd: Near-term outlook remains weak (OCBC)


Golden Agri-Resources Ltd:
Fair value S$0.63
add: 12m dividend forecast S$0.01
versus: Current price S$0.58

Near-term outlook remains weak
• Near-term still weak
• Inventory overhang remains
• Keen closer to S$0.55

Golden Agri-Resources (GAR), after reporting a disappointing set of FY12 results at end Feb, has languished below S$0.60 in recent weeks; and may continue to do so in lieu of the still-weak near-term outlook. The main reason for the expected near-term underperformance comes from the uninspiring CPO (crude price oil) prices, which has again fallen below MYR2,400/ton.

Ascendas REIT: Nearing End of Sweet Run (KE)

Ascendas REIT
Hold (from Buy)
Share price: SGD2.66
Target price: SGD2.70 (from SGD2.60)
Nearing End of Sweet Run; Cut to HOLD

Downgrade to HOLD. The industrial REIT run looks over and we downgrade A-REIT to HOLD on valuations. It was our last BUY among Industrial-REITS. A-REIT has been our conviction BUY since we initiated in June 2012 and the stock has risen 30%. We expect the current QE-inflated growth to run out of steam once the artificially compressed interest rates in the US, and hence Singapore, start normalising sometime next year or in early 2015.

Pan-United : More value from CXP (DBSV)


Pan-United Corporation
BUY S$0.95
STI : 3,307.80
Price Target : 12-Month S$ 1.16 (Prev S$ 1.08)
More value from CXP

• Higher valuation on PAN as port business CXP is undervalued
• Port currently valued based on 7x FY13F PE, below China listed ports of 12.2x
• Revaluing CXP to be in line with China-listed ports
• Reiterate BUY with higher TP of S$1.16 based on 12x forward earnings of CXP

First REIT: Enhancing its portfolio value (OCBC)


First REIT:
Fair value S$1.31
add: 12m dividend forecast S$0.079
versus: Current price S$1.27

Enhancing its portfolio value
• Total purchase consideration of S$190.4m
• Lease terms similar to Nov 2012 acquisitions
• Bump up FV to S$1.31 but maintain HOLD

First REIT (FREIT) recently announced its proposal to acquire two Indonesian hospitals from its sponsor Lippo Karawaci (Lippo) for a total purchase consideration of S$190.4m. This would be funded largely by debt and the issuance of new units to a smaller extent to Lippo.

冷眼42心水股系列7:东益电子 盈利逆市创高


冷眼42心水股系列7:东益电子 盈利逆市创高
Created 04/05/2013 - 10:54
目前半导体公司均蒙受亏损,而东益电子(GTronic,7022,主板科技股)盈利却创新高,一枝独秀。

原来该公司已成功转型为一家高科技产品公司,半导体只占营业量的10%而已,这是该公司能避过半导体周期下势的原因。

盈利可望在未来3年中以每年25%的复利率增长,而在2016年时挤身于10亿令吉企业之林。

手头现金超过1亿令吉,派息丰厚是其优点。

曾淵滄專欄08.04.13:撈底要等更壞消息


曾淵滄專欄:撈底要等更壞消息 - 曾淵滄

上周五,恒指急跌610點,這該是期指大戶殺好倉的行動,殺完倉,很可能會有技術性反彈,但仍未是入市撈底之時。過去,我很少對短線走勢提供意見,因為我自己是長線投