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Thursday, January 31, 2013

"Man. Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then he dies having never really lived."
                                                                                Quote from the Dalai Lama

避险策略推高估值 餐饮零售股宜趁高套利

Source: http://www.nanyang.com/node/508175?tid=462


吉隆坡30日讯)达证券指出,“抗跌”性质高的餐饮和零售股如今估值过高,全国大选前可能会经历一轮下调情势,建议投资者目前趁高脱售。
根据达证券的分析报告,餐饮和零售股如星狮集团(F&N,3689,主板消费产品股)、雀巢(Nestle,4707,主板消费产品股)、永旺(Aeon,6599,主板贸服股)等均属稳健跨国企业,受惠于内需和消费能力增长。
因这些股项防御性强,股市低迷之际成了投资者眼中最好的抗跌股,波动也未如富时隆综指般大。
分析员也不排除大选消息促使投资者转向避险投资策略,由此推高这些跨国消费股的估值。
大选前恐下滑
“但需注意的是,近期大选消息不断,马股上周一度猛挫40点,我们所关注的消费股也开始感受此不利影响。”
分析员深信,第13届全国大选前这些估值过高的餐饮与消费股将有一轮下调风险。
其中,星狮集团目前在24倍的1年现行本益比上交易,雀巢为29倍、永旺在22倍,而安利(马)控股(Amway,6351,主板贸服股)在19倍,均显昂贵。
对此,该行重申这4只股的“卖出”投资评级,但也赋予全利资源(QL,7084,主板消费产品股)“买入”投资评级和3.81令吉的目标价。
“这是因为我们看好如鱼类产品、鸡肉鸡蛋等主食产品需求仍然强稳,全利资源也致力于提升家禽业务产量,加上海产新业务的贡献,前景看好。”
原料成本存风险
虽然许多跨国消费性企业不受最低薪金制影响,但原料成本高涨始终是一项威胁。
我国今年正式启动最低薪金制,但跨国企业薪资相信已高于标准,本地的全利资源今年的薪资成本也额外多出700万令吉。
但分析员仍担心原料价格高企,如去年中旬美国干旱,乳固体和小麦原料供应成了雀巢的隐忧之一。
“星狮集团则受白糖价格左右,全利资源受原棕油、饲料价格走高影响。”
报道: 谢静雯 

Singapore’s earnings season likely mixed: NRA

Source: http://www.theedgesingapore.com/the-daily-edge/business/42540-singapores-earnings-season-likely-mixed-nra.html


Singapore’s earnings season is likely to offer a mixed showing, says Kevin Scully, executive chairman of NRA Capital.

He expects the electronics sector’s earnings to be poor, while property will likely have a good showing, depending on recognitions. But he adds, “that’s not important. That’s historical data. The focus will be on what they’re going to say about this year. The forward guidance is definitely more important than the results.”
He expects the electronics sector to remain weak until 2Q; “then, if there’s some signs of recovery, it might start to move up,” he says. “The property sector is difficult,” he says, expecting a blip up on the population expectations. The government has projected the city-state’s population will rise to 6.9 million by 2030, from the current 5.3 million.

“You have to overlay that with government concerns on affordability. I don’t think the government will let prices continue to rise because that’s a political issue. I think we can expect more measures to bring prices down,” Scully says. “The only sector I like is oil and gas, and I’m only looking at the exploration sector,” including rig builders and charterers.

Wednesday, January 30, 2013

XMH: 1Q Revenue Up 78.6% At S$21.9 M, Cash Level Rose To $51 M

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/916-2012/5824-xmh-1q2013-revenue-up-786-at-s219-m


THINGS ARE looking up for diesel engine, propulsion and power generating solutions provider XMH. It posted a 78.6% jump in 1Q2013 revenue to S$21.9 million after successfully working with customers to take delivery of back-log orders.
350_1q2013-GP
1Q2013 gross profit of S$6.2 million is up 85.9% year-on-year.
Net profit attributable to shareholders was also up 42.0% at S$2.2 million.

Cash and cash equivalents were 31.4% higher at S$51.5 million.  With a market cap of only S$71 million, this works out to an attractive price to cash ratio of only 1.4 times.

Trade and other receivables decreased sharply by 60.7% to S$5.9 million, as the Group was able to collect outstanding trade receivables during the quarter under review.

Net margins were 9.9%, compared to 12.4% a year ago.

Even though demand for coal shipments has decreased recently, the management remains optimistic about the Group’s outlook.

“Order books are still healthy. We have more than S$90 million, most of which will be filled this year. Our orderbooks are normally filled in one to two years,” said CEO Elvin Tan at the Group’s results briefing on Friday.

”Indonesian demand remains strong. There was a glut in offshore supply vessels in Singapore last year, but this has improved this year,” said executive director Sam Chua, who was also present at the meeting.

Indonesia is one of the largest coal exporters, exporting 400 million tons of coal per year. It uses tug and barges extensively because it does not have a good railway system, unlike Australia.


”There is also domestic transshipment demand as Indonesia is building many coal-based power generation plants,” added Mr Chua.

Below is a summary of questions raised by investors at the meeting, and the replies provided by Mr Tan, Mr Chua and financial controller Johnson Yap.
Q: What is your market share in Indonesia?
For newbuild tugboats, we believe we are the largest.

Q: What engines are popular?
600 horsepower and 1,000 horsepower engines used in tugboats are popular. These are used to tow barges that carry coal, palm oil and other commodities.

Q: Which brand accounts for the bulk of your revenue?
Mitsubishi accounts for over 80% of Group revenue. XMH has been the largest Mitsubishi dealer for the past 7 years. All other dealers for Mitsubishi have so far only secured single-country dealer rights.

Q: Do you have plans to mitigate this exposure?

We are constantly sourcing for new brands. Also, our package solutions include other brands for engines and gearboxes.

Q: Why is your finance cost so high? It is almost half your profit before tax.
The S$1.5 million reported in finance cost comprises entirely of a one-off loss in unrealized forex translation on our cash balance. We do not have borrowings.

Q: What is your forex exposure in revenue?
We have a natural hedge as we buy and sell back-to-back in Japanese Yen. We hold the Euro, Japanese Yen, USD and the Singapore dollar as these are the currencies that we procure in. Our largest holdings are in Yen. Since the Yen is relatively volatile, this item may even become positive in the next reporting period.

Q: What are your 'other financial assets'?
We have investments in other listed companies.

Q: What is your dividend policy?
We paid one cent per share for FY2012, which translated into a payout ratio of 41%. We hope to maintain the one-cent dividend this financial year
.

不满绿野种植大会日期 投资者社交网号召展延

Source: http://www.nanyang.com/node/507940?tid=462


(吉隆坡29日讯)由于投资者不满绿野种植计划(Country Heights Grower Scheme,简称CHGS)负责公司在农历新年召开种植者大会,因此正通过社交网络号召更多投资者一起要求展延大会日期。
据悉,这群投资者已在槟城、怡保和八打灵再也召开紧急会面,针对绿野种植计划终止一事讨论,同时也在面子书(Facebook)上开设“CHGS群”,希望能有更多投资者发表不满声浪。
来自怡保的投资者许麦克(译音)表示,当务之急是要取得50%种植者同意,以展延订于2月8日的种植者大会。
“我们希望投资者能将代理委托书给我们,这个日期像是故意要尽速通过终止计划献议。”
退款时间太长
丹斯里李金友旗下Bee Garden控股公司所控制的Plentiful Gold-Class有限公司(简称PGC),以气候、土地不佳、缺乏人力等不利因素为理由,建议通过回退现金给参与者,全面终止绿野种植计划。
该公司献议,在议案批准的30天内,PGC先以现金回退10%资本,并承诺在2年内将其余90%归还投资者。
许麦克不满意上述回退献议,称2年的时间太长,希望PGC能展延大会,再提出更具吸引力的条件。

Malaysia's semiconductor sector sees turnaround amid gradual pick-up in global chip sales

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/1/30/business/12643447&sec=business


PETALING JAYA: The local semiconductor sector welcomed some cheer as expectations are that it would undergo a mild recovery in the second half of 2013, in tandem with a gradual recovery in the global economy.
However, it was not enough to call for a re-rating of the sector as CIMB Research remained “neutral”, and is cautiously optimistic of the recovery, given the improvement in chip sales and positive data from the United States, while smartphone sales slow down and PC sales remain weak.
“We are still watchful of the turnaround in earnings for both Malaysian Pacific Industries Bhd (MPI) and Unisem (M) Bhd. Our stock recommendations, earnings forecasts and target prices remain intact. We prefer Unisem to MPI for its higher beta and liquidity,” opined analyst Terence Wong in a sectoral report.
He said global chip sales were expected to undergo a mild recovery in 2013 and market researchers have forecast chip sales to rise moderately year-on-year in the order of 4% to 8%.
“We think chip sales peaked in November 2012, in time for the festive demand, and we expect demand to weaken in the first quarter as it enters the quiet season. We expect chip sales to recover in the second half of 2013, as demand is expected to catch up with supply after strong capital spending over the past two years,” he said.
He believes that a gradual global recovery is underway but only from second-half 2013, while advanced economies are still facing headwinds.
“In contrast, emerging Asia's growth has re-accelerated, as supportive policies continue to bolster domestic demand. Recent high-frequency data showed the United States muddling through, with better growth expected in second-half 2013, which could lead to improvement in consumer spending,” he said.
Reviewing 2012, he likened the share price performances of local semiconductor stocks to a dead cat bounce.
“The first four to five months of the year were encouraging, driven by a combination of inventory restocking, rising utilisation rates and strong expectations of recovery in second-half 2012. But the sector's fortunes began to erode towards the end of the second quarter of 2012, when customers of MPI and Unisem turned negative and order visibility deteriorated as the crisis in the eurozone resurfaced,” he said.
Besides the “neutral” calls on MPI and Unisem, he also maintained an “underperform” call on JCY International Bhd, as JCY's operating environment will remain tough, as both Western Digital and Seagate have guided for a flat quarter-on-quarter Total Available Market for the hard disk drive or HDD sector in the traditionally busiest December quarter.
He said the semiconductor equipment market started to bounce back strongly in late 2009 and 2010, after the 2008 downturn, to return to the US$1.8bil (RM5.54bil) monthly level.
“Bookings and billings fell in the latter half of 2011 and recovered to the US$1.8bil level in the first half of 2012. Shipments of semiconductor manufacturing equipment have been trending downwards since June 2012, based on data from SEMI for North American and European manufacturers,” he said.
He added that the latest downturn was more severe than in 2011, falling below the US$800mil-a-month level.
“However, the downturn may be bottoming out, with the November 2012 book-to-bill up 5% from October. Also, the rate of decline for three-month-average bookings has slowed down to 3% month-on-month,” he said.

Noble down 2.4%; Argentina grain registry suspension

Source: http://www.theedgesingapore.com/the-daily-edge/business/42499-noble-down-24-argentina-grain-registry-suspension.html


Noble (N21.SG) is down 2.4% at $1.22 in solid volume, but the decline may be as much due to Monday's 2.0% rise as news Argentina suspended it from a key grain registry for alleged tax evasion; a person at Noble said the suspension wouldn't impact operations.
"A Noble spokesman said the exclusion will only result in a slower procedure to reimburse the VAT and the firm was in the process of appealing," notes Eugene Ng, an analyst at UOB KayHian, in a note, adding similar measures were taken against other major grain exporters. "If Noble is subjected to higher tax rates, we believe there could be some short-term decline in grain volumes from Argentina. However, impact to Noble's bottomline is not likely to be material."

He rates Noble Hold with a $1.17 target. Noble could see some added pressure as 13.2%-owned Yancoal (YAL.AU) said heavy rainfall disrupted production at its Yarrabee and Middlemount open cut mines in central Queensland state, with Middlemount output expected to be affected for at least three weeks.

UOB-KH starts Triyards at Buy, $1.11 target

Source: http://www.theedgesingapore.com/the-daily-edge/business/42505-uob-kh-starts-triyards-at-buy-111-target.html


UOB KayHian starts Triyards at Buy with a $1.11 target. "We see Triyards as a proxy to the growing acceptance of liftboats internationally as it is one of the few yards outside the US capable of building such vessels."
It estimates the markets in Southeast Asia, the Mideast and West Africa will be able to absorb 30-50 additional liftboats over the next two to three years. It expects Triyards to see further growth by developing proprietary third-generation liftboat designs, expanding its ship-repair capacity, diversifying into new products such as aluminum shipbuilding and growing its equipment business and branding.

It also expects Triyards to continue to get shipbuilding and repair contracts from 67%-owner Ezra. UOB-KH estimates 2012-15 core net profit CAGR of 18.7%, excluding the contribution from the Constellation, a US$420 million ($519.5 million) construction vessel, which will comprise 17% of FY14 net profit.

Indofood Agri's Brazil sugar buy positive: CIMB

Source: http://www.theedgesingapore.com/the-daily-edge/business/42510-indofood-agris-brazil-sugar-buy-positive-cimb.html


CIMB is positive on Indofood Agri's (5JS.SG) acquisition of 50% in Brazil sugar mill and estates player CMAA for around US$71.7 million ($88.6 million).

"We believe that the acquisition will boost future earnings and help the group to partially shed its image as merely a holding company of SIMP (SIMP.JK)."
It expects the acquisition will allow the group to expand into Brazil's sugar and ethanol businesses and boost its earnings base.

"We continue to favor the stock due to its attractive valuations in terms of assets."

It rates the stock at Outperform with $1.51 target. The stock is down 0.4% at $1.32.

Tuesday, January 29, 2013

Save Money on Gas: Tips for Better Gas Mileage & Fuel Economy

Source: http://lifehacker.com/5979549/get-better-gas-mileage-and-fuel-economy-with-these-diy-car-care-tips


Why spend more at the gas pump when you can easily spend less? The team at The Family Handyman shares this list of DIY tricks for a noticeable difference in your fuel costs. The savings are based on driving 20,000 miles per year, in a car that gets 20 mpg, with gasoline priced at $3.75 a gallon.

Save $900 by Keeping Your Tires at the Right Pressure

Surveys show that 60 percent of the vehicles on the road have tires that are underinflated by at least 30 percent. That's at least 9 psi below the manufacturer's recommended pressure. That can cost you almost 7 percent in wasted fuel ($245 per year, or 24¢ per gallon). Plus, low air pressure causes premature tire wear, and that can cost almost $300 over the life of the tires. For best results, check your tire's air pressure with a digital pressure gauge (about $10 at any auto parts store) and fill to the recommended pressure shown on the decal inside the driver's door or on the driver's door pillar.
Get Better Gas Mileage and Fuel Economy with These DIY Car Care Tips

Change Spark Plugs Before They're Due

If your 100,000-mile spark plugs have 80,000 miles on them, they're 80 percent worn. Misfires and incomplete combustion occur more frequently during that last 20,000 miles, costing you almost $562.50 in wasted fuel. You have to replace your spark plugs anyway, so do it early and pocket the savings. Even if you have to replace the plugs one extra time over the life of your car, you'll still come out way ahead. And don't automatically assume your plugs are good for 100,000 miles. Many four-cylinder engines require new spark plugs at either 30,000 or 60,000-mile intervals.

Save $350 by Changing Your Air Filter Early and Often

Your engine sucks in 14 million gallons of air through the filter every year. On older vehicles (pre-1999) a dirty air filter increases fuel usage by almost 10 percent ($350 per year, or 35¢ per gallon). On newer vehicles, the computer is smart enough to detect the lower airflow, and it cuts back on fuel. So your engine will lack power and pick-up. Check the filter when you change your oil and replace it at least once a year, or more if you drive in dirty, dusty conditions.
Get Better Gas Mileage and Fuel Economy with These DIY Car Care Tips

Save $177.50 by Keeping Your Car Aligned

If your tires are bowed out of alignment by just .017 in., it's the equivalent of dragging your tire sideways for 102 miles for every 20,000 you drive. That'll cost you $187.50 a year in wasted gas. It will wear your tires faster, costing you $70 more a year.
Here's an easy way to check your alignment without taking your car in to the shop. Buy a tread depth gauge ($2) and measure the tread depth on both edges of each tire (rear tires too). If one side of the tire is worn more than the other, your car needs to be aligned. An alignment costs about $80, so you'll still save $177.50 the first year alone.

Lead Foot = Lead Wallet

Hard acceleration in stop-and-go driving costs you 20 percent in gas mileage. If you live your life in rush hour traffic and like to put the pedal to the metal, spend all your extra time at the next stoplight figuring out how you could have spent the $750 a year you're wasting (70¢ per gallon).
Get Better Gas Mileage and Fuel Economy with These DIY Car Care Tips

Replace a Broken or Missing Spoiler

The plastic air dam (aka "spoiler") that's broken or missing wasn't just for a sporty look. If your car had an air dam, driving without it or with a damaged one can reduce your gas mileage. The air dam literally "dams off" airflow to the undercarriage of your car, forcing the air up and over the hood. That helps your car cut through the air with less drag. It also increases airflow to the A/C condenser and radiator, reducing the load on your car's electrical system. Contact a junkyard or visit certifit.com to get a replacement air dam.

Speed Kills Your Gas Mileage and Your Wallet

Yes, you've heard it before, but how about some real world numbers to drive the point home? Aerodynamic drag is a minor concern in city driving, but it really kills your gas mileage at speeds over 55 mph. In fact, increasing your speed to 65 increases drag by 36 percent! If you do a lot of highway driving, getting to your destination a few minutes early could cost you an extra $500 to $600 a year. Keep it closer to 55 mph and use your cruise control. It will pay off.
Get Better Gas Mileage and Fuel Economy with These DIY Car Care Tips

Replace Your Oxygen Sensor Before the Light Goes On

Oxygen sensors monitor the efficiency of combustion by tracking the amount of oxygen remaining in the exhaust. But they degrade over time and that can cost you up to 15 percent in gas mileage. When they fail, the computer lights up your "service engine soon" light, forcing you to incur an $80 diagnostic fee. On pre-1996 vehicles, replace your oxygen sensor every 60,000 miles to keep your mileage at its peak. On 1996 and newer vehicles, replace the sensors every 100,000 miles. Oxygen sensors cost about $60 each. Some vehicles have as many as four, but the sensors installed behind the catalytic converter rarely fail.

IQ Scores - Average IQ Score at IQ Test Center



IQ Scores - 

Average IQ Score at IQ Test Center


华阳蒲种购地 发展15亿产业

Source: http://www.nanyang.com/node/507736?tid=462


(吉隆坡28日讯)华阳(HuaYang,5062,主板产业股)在雪州蒲种收购了一块新地皮,打算发展总值达15亿2000万令吉的综合产业发展项目。
公司股东已批准以1亿5800万令吉、向Mentaru Hari私人有限公司收购上述地皮。
华阳总财长陈晓梅表示,公司希望能在截至今年3月杪财年前完成土地收购。
她在文告中披露,今年公司将在多个策略地点推出新产业项目,包括住宅与商用产业。
截至去年杪,华阳录得总销售额达3亿1218万令吉。现财年首三季净利5346万令吉,较上财年同期4000万令吉,按年增34%。
现财年首三季营业额则报3亿627万令吉,按年增加38%,上财年同期为2亿2213万令吉。
陈晓梅表示,公司很满意当前的增长势头,首9个月的平均认购率达86%。

Cypark Resources Bhd


Source: http://biz.thestar.com.my/news/story.asp?file=/2013/1/29/business/12638990&sec=business
Cypark’s solar plant at Pajam.Cypark’s solar plant at Pajam.
INTEGRATED renewable energy developer and environmental solutions provider Cypark Resources Bhd is poised to ride on the initiatives implemented by the Government to promote green energy.
Before it was listed in 2010, it said it had been mandated by the Government to close 16 landfills nationwide.
The projects have since been completed and are ready for handover to the Government.
Apart from these, the company has also invested RM94.29mil to build a renewable energy park (RE Park) with grid connection on a 26ha remediated landfill in Pajam, Nilai.
The RE Park, announced by the Prime Minister, is one of the new investments from entry point projects of the ETP.
Cypark plans to develop RE with total generating capacity of 100 MW by 2015.
If the project is implemented in full, the 100 MW green energy is expected to generate additional revenue of up to RM130mil annually.
Cypark foresees market growth for solid waste management which is expected to be driven by increasing waste output from the country's population and heightened awareness of environmental protection.
The group expects to benefit from government projects as demand for solid waste management solutions and services is likely to come from public sector initiatives.
Cypark saw its net profit more than double to RM4.96mil for the fourth quarter of its financial year ended Oct 31, 2012 from RM2.42mil in the corresponding quarter a year ago.
The stock was traded at RM1.63 on Friday, 25% off its one-year high of RM2.18.

Monday, January 28, 2013

DUKANG DISTILLERS: Provincial Power Looks To Toast Nation

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/921-2013-chinahk/6374-dukang-distillers-provincial-power-looks-to-toast-nation


DUKANG DISTILLERS (SGX: DKNG), a Henan-based maker of baijiu liquor, enjoys top market share in its home province – also China’s most populous with over 100 million residents.

However, a company official told investors the spirits play is looking to be a national name via capacity increases, channel expansion, product diversification and brand enhancement.

It makes perfect sense that Dukang Distillers is based in one of China’s most ancient of places – Henan Province – home to over 103 million people and often referred to as the “Cradle of Chinese Civilization.”

Furthermore, baijiu is often nicknamed “China’s national drink” -- so it only makes sense to distill the beverage in the country's "cradle."
dukang_mets
Dukang recently 0.32 sgd
Dukang is the leading brand in Henan, which currently has abaijiu market size of 35 billion yuan, or around 10% of China’s entire baijiu market despite the province having just 8% of the country’s population.

Therefore, being based in one of the country’s most traditional regions while producing perhaps the civilization’s most traditional spirit is a double bonus for Dukang.

Toasting Henan, Eyeing China

Despite Henan Province having a population larger than The Philippines and just shy of Mexico’s, Dukang Distillers is not content to rest on its laurels as the top baijiu player in China’s biggest province.

“Dukang is operating proactively to capture growth opportunities arising from rapidly expanding market demand for baijiu all across China,” said Dukang’s Investor Relations Manager Mr. Ngo Yit Sung.

Speaking at the Aries Consulting-sponsored “Braving the Waves: China Investment Strategies 2013” conference in Shenzhen, which featured Singapore, Hong Kong and PRC-listed firms, Mr. Ngo added that boosting production capacity was not merely undertaken to grab more potential market share.

It was also in response to real time, on the ground growth in demand for Dukang’s expanding portfolio of products across the country.

And there was plenty of room for growth because no one producer enjoyed a dominant market share on a national scale.

“China’s baijiu market is a fast-growing but highly fragmented sector with a CAGR of over 30% for the past five years and over 5,000 baijiu liquor enterprises operating across the country,” Mr. Ngo said.
Construction_of_fermentation_pools_shelter
Construction of fermentation pools: Henan-based Dukang is not shy about boosting capacity in a big way to chase growing demand. 
Company photo
Total baijiu sales across China from all players in 2011 amounted to 374.7 billion yuan and profits stood at 57.2 billion, while in the first half of 2012, thebaijiu sector maintained an impressive 17.2% growth.

Therefore, the Henan-based distiller is not shy about boosting capacity in a big way to chase this growing demand.

“Our strategy is to fully establish our Dukang-branded products by increasing annual grain alcohol production capacity for the Dukang brand by around 40%, or 3,000 tonnes, in 2013,” he said.

And Dukang is also increasing its distribution channels to attain national coverage, with the total number of distributors for the Dukang brand recently increasing from 170 to 222, covering 25 provinces in 2012.

“Dukang’s strategy enables us to achieve market leadership in distributing Dukang and similar brand products in China,” Mr. Ngo said.
dukang_grainalcohol
Dukang's baijiu aging in Henan.  Company photo
Dukang produces, markets, and sells itsbaijiu products under the Dukang and Siwu brand names in the PRC.

Popular product series under the Dukang brand include Jiuzu Dukang,Guohua Dukang andZhonghua Dukangwhereas the best-selling product series under the Siwu brand include Yu Shang Jiu and Siwu Old Cellar 1949.

For the 12 months ended June 2012, Dukang’s revenue rose 28.1% year-on-year to 1.83 billion yuan on faster sales of products sold under the Dukang brand.

The sales mix fromLuoyang Dukang’s premium series and regular series increased to 26.6% and 34.8%, respectively, from 22.1% and 32.0% for FY2011.

More recently, Dukang saw its bottom line surge nearly 75% year-on-year during the July-September 2012 quarter (1Q2013) to just under 64 million yuan, boosted mainly by the contribution from the Luoyang Dukang brand series.

It was also benefitting from a higher percentage of sales of high margin items.
dukang_bottle
Photo: Dukang
The Luoyang Dukang series accounted for 74.2% of group revenue in 1Q2013, compared with 61.4% in FY2012.

The Luoyang Dukang premium series – the group’s top-shelf star performer – has an average current selling price of around 188.50 yuan per kilogram, up over 23% year-on-year.

While the Dukang series will be the key products for the company, the Siwu brand will serve demand for quality yet economically-priced products.

And it wasn't just "China's National Drink" that interested Dukang.

The firm recently inked an agreement with Taiwan's Tobacco and Liquor Corp (TTL) for the latter to produce Japanese sake products that will be sold in PRC under the Dukang brand name.

Hua Yang plans RM1.52b mixed project in Puchong Read more: Hua Yang plans RM1.52b mixed project in Puchong http://www.btimes.com.my/Current_News/BTIMES/articles/HUAYANG/Article/#ixzz2JDzvYy00

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/HUAYANG/Article/


HUA Yang Bhd is planning a RM1.52 billion mixed property development project on its newly acquired land in Puchong, Selangor.

Its shareholders have approved the company's decision to buy the land from Mentaru Hari Sdn Bhd for RM158 million.

Hua Yang chief financial officer May Chan said the group expects to complete the acquisition before the end of its financial year ending March 31 this year.

The group has also lined up various new property launches in strategic locations throughout the year, which include residential and commercial properties, Chan said in a statement.
It posted a net profit of RM19.93 million for the third quarter ended December 31 2012 from RM14.58 million a year ago. Revenue rose 24 per cent to RM104.6 million, compared with RM84.3 million in the previous corresponding quarter.

The strong financial performance was attributable to steady construction progress recognition, especially in serviced apartment projects in the Klang Valley and other projects in Johor Baru and Perak.

Its board of directors has declared an interim dividend of five sen per share for the quarter under review. 

The group registered total sales of RM312.18 million as at end-2012. It posted a cumulative net profit of RM53.46 million for the nine months ended December 31 2012, up 34 per cent from RM40 million in the previous corresponding period.

Revenue for the nine months stood at RM306.27 million, which was 38 per cent higher than the RM222.13 million in the same period a year ago.

Chan said Hua Yang is satisfied with its growth momentum due to strong demand and sales achieved for the first nine months with an average property take up rate of 86 per cent.

She said the first nine months of the financial year 2013 exceeded the company's 12-month profit after tax for financial year 2012.

"Our earning visibility for the rest of financial year 2013 has also improved with total unbilled sales of RM506.24 million as at December 31 2012," she said.

Moving on, Chan is positive of the company's results for the remaining period of the current financial year.

"We expect our property development business to continue its forward growth momentum, given the strong underlying demand as well as the various measures and policies made by the government to enable young Malaysians to own a house under the provisions of the 2013 Budget," she said.

Read more: Hua Yang plans RM1.52b mixed project in Puchong http://www.btimes.com.my/Current_News/BTIMES/articles/HUAYANG/Article/#ixzz2JE0B6rSr

Saturday, January 26, 2013

“合訂"產託若注入陽光廣場吸引力將大增‧KLCC產業有望躋身富時30

Source: http://biz.sinchew.com.my/node/69570


(吉隆坡25日訊)KLCC產業(KLCCP,5089,主板產業組)打造的“合訂"KLCC產業投資信托(KLCC REIT),需把零售明珠KLCC陽光廣場注入才會燦然生光,有望仿傚95億令吉市值的UEM置地(UEMLAND,5148,主板產業組),以逾100億令吉市值躋身富時30股項。
興業研究說,市場預期陽光廣場注入合訂產託中,若因一些阻撓而未納入,在市場預期納入陽光廣場並視為重估催化劑時,可能會令市場“大失所望"。
興業對合訂產託建議結構微微失望,主要是未如全方位產託顯現潛在稅務優惠與擴大股息流,而以非產託的辦公樓作為交換,坐落產業旁邊1.4英畝土地將建辦公樓,出租面積達100萬平方英尺。
出現這樣的結構,主要是世邦魏理仕(CBRE)緊捉陽光廣場不放手,自2011年杪收購ING產業臂膀起,世邦魏理仕便掌控陽光廣場40%股權。預料內部整合程序與企業活動,可能是招致陽光廣場未注入合訂產託之部份原因。
“倘若設立全方位產託,世邦魏理仕在綜合產託所獲市價,並不比持有40%陽光廣場股權吸引人。"
興業強調,若該產託只納入宏圖大廈(Menara Dayabumi)與文華東方酒店,市場可能要大失所望。
合訂產託將於年2013年上半年完成,而任何收購案或於明年進行。
興業預測,在企業活動後,上述產託市值可能高達100億至110億令吉之間,視股價高低而定,將是其中一項優勢。
在企業活動後,KLCC產業合訂產託最高有18億股,包括把可贖回可轉換無抵押債券股(RCULS)轉換為股隻,另發售5億1千萬每股5令吉60仙新股,以收購未持有的國油雙峰塔(Petronas Twin Towers)未持有的49.5%股權。
興業預測今明兩財政年可從合訂產託效應獲利,淨利增長35.3%至4億9千480萬令吉和21.2%至5億9千960萬令吉。每股派息由上兩財政年的13.3和12.0仙,預計增長至21.7與29.9仙。
興業維持KLCC產業“反映大市"評級,目標價由5令吉92仙調高至6令吉56仙。(星洲日報/財經)



業績符預期‧新公寓延後推介‧華陽盈利衝擊微

Source: http://biz.sinchew.com.my/node/69571


(吉隆坡25日訊)華陽(HUAYANG,5062,主板產業組)2013財政年首9個月盈利表現符預期,但新服務型公寓推介計劃因需進行調整而有所延宕,令全年銷售目標恐難達標,分析員對此並不過度憂慮,相信推介計劃只是延遲數月,並不會對盈利造成巨大衝擊。
華陽2013財政年首9個月淨利上漲34.1%至5千350萬令吉,普遍符合預期,主要歸功於現有服務型公寓計劃帶來穩定進賬,其中第三季新銷售達到1億3千490萬令吉,推動今年為止銷售達3億1千220萬令吉。
管理層下調
現財政年銷售目標
達證券表示,基於監管單位要求對Desa Pandan公寓發展計劃進行微調,迫使推介計劃延遲至4月,僅有望在2014財政年帶來盈利貢獻,因此華陽管理層下調2013財政年銷售目標,從5億5千萬令吉降至4億5千萬令吉。
“我們相信2013財政年第四季新屋銷售可能放緩,但並不過度憂慮,因只是延遲3個月,不會對2013至2015財政年盈利帶來顯著影響,同時其高達5億零600萬令吉的未入賬銷售將為2013至2015財政年盈利成長帶來支撐。"
達證券雖下調華陽2013至2015財政年新銷售目標為4億3千900萬、5億9千300萬和5億9千800萬令吉,但基於首9個月淨利表現符合預期,維持2013財政年盈利目標不變,卻上調2014和2015財政年盈利目標6.5%和7.8%。
蒲種地庫
將創造15億發展值
另一方面,華陽計劃收購蒲種5塊地庫來進行綜合產業發展計劃,管理層預見相關產業在6至8年發展期限內將創造15億令吉發展總值,達證券對此看法正面,相信這將替代趨向成熟的One South發展計劃。
“此外,政府將`我的首間房屋計劃’(My First Home Scheme)收入頂限從3千令吉提高至5千,或夫妻聯名每月貸款1萬,將有利提振首購族興趣,而華陽憑藉可負擔性產業組合,以及70%客戶為首購族優勢,將可成為箇中贏家。"
整體而論,該證券行持續看好華陽前景,並相信盈利、營業額和股價成長表現將繼續超越同儕,歸功於該集團立志成為國內可負擔房屋市場的領導者。
“該股現以3.6倍每股盈利進行交易,估值遭到低估,加上高達8.2%誘人週息率因素,我們決定維持`買進’評級。"(星洲日報/財經)

New projects for Penang

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/1/26/business/12623798&sec=business


Riding on a stronger gross domestic product (GDP) forecast of 4.5% to 5.5% for 2013, Kuala Lumpur and Penang-based developers plan RM9.733bil gross development value (GDV) of residential and commercial properties on Penang island this year.
The GDP forecast from the Finance Ministry is slightly stronger than the projected 4.5% to 5% for 2012.
IJM Land Bhd (GDV of RM5.4bil), Mah Sing Group Bhd (RM248mil),Sunway Bhd (RM120mil)Ideal Property Development Sdn Bhd (RM2bil)SP Setia Bhd (RM945mil)Eastern & Oriental Bhd (RM500mil) and Ivory Properties Group Bhd (RM520mil)) are among the developers with plans for new residential and commercial schemes on the island.
Some RM5bil are commercial properties, while the remaining RM4.6bil residential properties.
The North-East district, which covers prime residential cum commercial neighbourhoods such as Tanjung Tokong, Batu Ferringhi, Pulau Tikus, and Bayan Mutiara, will see some RM6.7bil worth of projects taking off this year.
The South-West district, covering residential cum commercial neighbourhoods such as Relau, Batu Maung, Bukit Jambul, Bayan Lepas, Sungai Nibong and Teluk Kumbar, will see the development of the remaining RM3bil projects.
The South-West district still draws developers to launch high rise properties for RM400,000 to RM670,000 per unit, considered as “affordable” nowadays, although land prices in the area has risen by about 30% compared to two years ago.
Presently, the construction cost to build a condominium in the South-West district is about RM250 per sq ft to RM300 per sq ft, which is inclusive of land cost which is hovering around RM100 to RM150 per sq ft, about 30% more than two years ago.
“Thus it is still possible for developers to build homes within the RM400,000 and RM670,000 range in the South-West district and still make a decent profit despite the higher land costs and development charges,” said Ideal Property managing director Datuk Alex Ooi.
The commercial projects are IJM Land's RM5bil The Light Waterfront Penang, IPGB's RM100mil shopping mall in Tanjung Tokong, and SP Setia's RM55mil Setia Tri-Suites in Bayan Lepas.
IJM Land will start its commercial precinct project on 102 acres in mid-2013 located next to the Penang Bridge on Tun Dr Lim Chong Eu Expressway.
The precinct is designed to accommodate four hotels, a shopping centre, the Penang Waterfront Convention Centre, and an international business district, which will take seven to eight years to complete, said IJM Land general manager (North) Toh Chin Leong.
“The RM346mil Penang Waterfront Convention Centre (PWCC), scheduled for completion in 2017, will serve as an alternative to renowned convention venues in places such as Kuala Lumpur, Bangkok, Singapore, and Hong Kong,” he added.
In mid-2013, IJM Land is also launching the RM400mil Light Collection IV scheme in The Light Waterfront Penang, comprising 79 condominium units and 19 sea-fronting bungalows.
The condominiums have built-up areas of 1,990 sq ft and 3,249 sq ft, while the built-up areas of bungalows starts from 8,000 sq ft
“The selling price of the properties starts from RM1,000 per sq ft,” Toh said.
IPGB's shopping mall is part of the RM320mil City Mall & City Residence project in Tanjung Tokong, comprising an RM100mil shopping mall and two blocks of 202 condominiums with a RM220mil GDV, which will be launched during the Chinese New Year.
“The condominiums with 1,230 sq ft and 1,830 sq ft of built-up areas will be sold at RM800 per sq ft. So far we have received registrations for over 50% of the condominiums,” said IPGB executive director Murly Manokharan.
In Bayan Mutiara, the IPGB will launch 400 condominium units with built-up areas ranging from 460 sq ft to 1,300 sq ft in the second quarter.
“These properties, with RM200mil GDV, are priced at RM550 per sq ft, and are in phase one of the RM10bil Penang World City project, which will be completed in eight years,” he said.
SP Setia will be launching the RM55mil Setia Tri-Suites, comprising 72 business suites with built-up areas of 700 sq ft and 1,200 sq ft in Bayan Lepas, during the Chinese New Year.
This year, S P Setia is also undertaking the development of the recently launched RM290mil Setia Pinnacle, comprising 434 condominiums, and the RM600mil Sky Vista, comprising 800 condominiums, scheduled for launching in the second quarter.
The built-up areas of Sky Vista range from between 900 sq ft and 1,500sq ft, while the built-up areas of Setia Pinnacle range between 1,100 sq ft and 1,500 sq ft.
“All the residential and commercial properties are priced around RM450 per sq ft,” said SP Setia (Property North) general manager Khoo Teck Chong.
Mah Sing will undertake the development of the RM248mil Emaryl Condo Villas in Ferringhi Residence, a low-rise condominium scheme comprising 200 condominum units in Batu Ferringhi.
“The units, with built-up areas ranging between 1,510 sq ft and 1,752 sq ft, are priced from RM1mil, which is very competitive compared to the properties of similar range found in Hong Kong and Singapore,” said itschief operating officer Teh Hong Chong.
The Emaryl Condo Villas were launched on Jan 19 and Jan 20.
Eastern & Oriental Bhd deputy managing director Eric Chan Kok Leongsaid the group would launch the third tower of Andaman Condominiums at Tanjung Seri Pinang in Tanjung Tokong, comprising 210 condominiums with RM500mil GDV soon.
“In April 2011, we obtained the approval-in-principle from the Penang state government to reclaim the balance of the 760 acres at Seri Tanjung Pinang.
“We are in the midst of obtaining approvals from relevant authorities and which include the undertaking of environmental impact assessment and traffic impact studies with the overall concept master-plan,” Chan said.
The second largest project on the island is the RM2bil Ideal Vision Park by Ideal Property in Bayan Lepas in the South-West district.
The project, to be launched in May, comprises 1,945 condominiums that are priced from RM400,000 to RM670,000, in Bayan Lepas.
Ideal Property said that the project located on 25 acres in Bayan Lepas would comprise six phases to be launched in stages over a five-year period.
“We will start off with the launch of the first two phases this year,” he said.
Some 80% of the project comprises residential high-rises, while the remaining are commercial properties.
The condominiums, with built-up area of 900 sq ft and 1,500 sq ft, are priced at RM450 per sq ft.
“This means that a unit, depending on the size, is priced between RM400,000 and RM670,000,” he said.
Ideal Vision Park will also have the space to accommodate an international school, according to Ooi.
Sunway Bhd is launching the RM120mil Sunway Cassia in Batu Maung, which comprises 96 super-linked homes with built-up areas of 3,000 sq ft priced from RM1mil.
“The selling price is very competitive, as it is difficult to find a landed property nowadays with a RM1mil price tag.
“We also provide a two-acre park for Sunway Cassia, which is a guarded project,” Tan said.
According to Raine & Horne Malaysia director Michael Geh residential property prices in Penang are likely to rise by at least about 7% to 8% by the first half of 2013, due to the steady demand from the domestic and overseas market.
“New properties launched with a bundled-up financial package would be most popular.
“This is why this segment will perform better than those properties in the sub-sales market, where the buyer and seller have to do more paper work,” he said.
According to the latest National Property Information Centre property market report, total transactions for residential properties in Penang hit 18,316 for the first nine months of 2012, with a transacted value of RM5.2bil.
The whole of 2011 saw the state registering some 30,674 residential property transactions valued at RM7.7bil.
Geh says the total volume of property transacted for 2012 was unlikely to catch up with last year.
Meanwhile, Chan says the group maintained a cautiously positive outlook on the residential property market in Penang.
“For the first half, we anticipate that investors and buyers may adopt a wait-and-see attitude in light of the impending general election, global economic uncertainties as well as the market expectation for further measures to curb speculation.
“Notwithstanding these uncertainties, we expect the overall outlook for residential properties in a leading property destination like Penang to remain favourable, as its properties are still competitively priced in the region,” he says.
Penang Master Builders and Building Materials Dealers Associationpresident Lim Kai Seng says construction cost will likely be maintained in the first quarter of 2013.
Although sand prices have gone up, the smaller volume of construction jobs available is off-setting the impact of the rising prices.
“Due to the competition for jobs, construction cost will be maintained,” he says.

Friday, January 25, 2013

Q3 净利扬37% 华阳中期股息5 仙

Source: http://www.nanyang.com/node/506803?tid=462


(吉隆坡23日讯)华阳(HuaYang,5062,主板产业股)截至2012年12月31日第三季,税后盈利按年增长37%至1993万令吉,董事部建议派发每股5仙中期股息。
第三季营业额按年扬24%至1亿460万令吉;上财年同期为8430万令吉,税后盈利则达1458万令吉。
华阳表示,建筑进度良好以及2012年推介新产品贡献销售额,是带动第三季业绩的主要原因。
截至去年12月31日首9个月,华阳共录得5346万令吉税后盈利,较上财年同期4000万令吉上涨34%;营业额也按年走高38%至3亿627万令吉,上财年同期为2亿2213万令吉。
华阳集团总财务长陈晓梅说:“需求强劲,加上政府在2013年财政预算案下所推行多项协助国人居者有其屋的措施与政策,我们预期华阳的产业发展业务将继续其前进动力。”
她补充,华阳将继续在巴生谷、柔佛和霹雳找寻土地收购机会,以增加现有地库供未来发展用途。

Hai-O Enterprise Bhd

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/1/25/business/12624124&sec=business


By HwangDBS Research
Trading Buy
Fair value: RM2.95
THE stock has undemanding valuations with a price earnings (PE) multiple the cheapest among peers.
Hai-O is currently trading at 10.5 times 1-year forward PE, which is cheaper than Zhulian and Amway, which are both trading at 11 times and 17.5 times FY13F PE respectively.
As such, we arrive at a fair value of RM2.95, pegged to 13 times FY13F EPS (25% discount to Amway due to smaller market cap), indicating potential upside of 25% based on current share price.
Hai-O has a dividend payout policy of at least 50% of net profit. Based on FY12F estimated net profit of RM38.9m (excluding RM4.8mil one-off gain from disposal of freehold land) and assuming a 50% payout ratio, this implies a single-tier DPS of 9.9 sen, translating to 4.2% net dividend yield.
The dividend payment is also supported by a strong balance sheet, with the group sitting on a net cash pile of RM118.4mil (or RM0.60/share) as at end-Oct12.
Hai-O's multi-level marketing (MLM) business currently has more than 140,000 registered members and over 40 stockists and branches nationwide. The group's MLM business is mainly targeted at the Malay market, with approximately 80% of its members currently being bumiputras.
This has helped the group's MLM business achieve tremendous growth as the Malay population constitute s67% of Malaysia's total population, with disposable income for the Malay segment expected to grow fastest compared to the Chinese and Indian population.
As of the first half financial year 2013, Hai-O has already achieved a net profit of RM21.6m (+38.5% y-o-y), excluding one-off gain from disposal of freehold land amounting to RM4.8mil, on the back of RM127mil revenue (+18.5% y-o-y).
This is mainly due to stronger performance from its MLM division driven by sales of high-margin foundation garments, series of health food products and a newly-launched health wellness product.
Management has guided that it should be able to post double-digit earnings growth this year and we think the group is well on its way to achieve a strong set of results in FY13.

JB Foods places out new shares to Tee Yih Jia Food Manufacturing to raise $21.6m

Source: http://www.theedgesingapore.com/the-daily-edge/business/42420-jb-foods-places-out-new-shares-to-tee-yih-jia-food-manufacturing-to-raise-216m.html


Mainboard-listed JB Foods, the Malaysian company which is engaged in the production and sale of cocoa powder, cocoa butter, cocoa liquor and cocoa cake, announced the group has entered into a conditional share subscription agreement with Tee Yih Jia Food Manufacturing, the producer of frozen convenience foods.
Under the agreement, Tee Yih Jia will subscribe to 80 million new ordinary shares of JB Foods, representing 16.67% of the share capital of the group on an enlarged basis to be allotted and issued by the group.

The issue price of $0.27 per share represents a discount of 9.27% of the weighted average price for trades done on the preceding market day up to the time the agreement was signed.

The net proceeds of the $21.59 million, after deducting estimated expenses, will be used to fund future acquisitions and on-going expansion plans of the group, as well as for general working capital.

JB Foods is expanding its existing facilities located at the Port of Tanjung Pelepas to ramp up production capacity from 60,000 tonnes to 85,000 tonnes of cocoa bean equivalent per year by FY2013.  The capacity upgrade will enable the group to retain production flexibility and minimise bottlenecks as it progressively and simultaneously assess the level of demand required to support its capacity expansion.

Thursday, January 24, 2013

Real Madrid highest earning football club in the world, Barcelona 2nd, MU 3rd

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/1/24/business/20130124081905&sec=business


Spanish champions Real Madrid remained the highest earning football club in the world in 2011-12, according to the annual Football Money League compiled by business services group Deloitte.
Following is the top 20: (All figures in millions of euros)
Team Earnings
1. Real Madrid (Spain) 512.6
2. Barcelona (Spain) 483
3. Manchester United (England) 395.9
4. Bayern Munich (Germany) 368.4
5. Chelsea (England) 322.6
6. Arsenal (England) 290.3
7. Manchester City (England) 285.6
8. AC Milan (Italy) 256.9
9. Liverpool (England) 233.2
10. Juventus (Italy) 195.4
11. Borussia Dortmund (Germany) 189.1
12. Inter Milan (Italy) 185.9
13. Tottenham Hotspur (England) 178.2
14. Schalke 04 (Germany) 174.5
15. Napoli (Italy) 148.4
16. Olympique Marseille (France) 135.7
17. Olympique Lyon (France) 131.9
18. Hamburg SV (Germany) 121.1
19. AS Roma (Italy) 115.9
20. Newcastle United (England) 115.3 - Reuters