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Saturday, March 30, 2013

正在研发中的十大未来科技产品

Source: http://it.zaobao.com.sg/pages12/itech130327.shtml

电影电视里常常会出现飞行汽车和助理机器人,但如今这些我们想象中“未来”产品却真的有可能变为现实。
  大部分的这些未来产品还处在研发当中,但都已经颇具成效。事实上,你已经能够以非常低的价格20万美元购买到一辆飞行汽车了。但想要购买飞行汽车像购买东风Civic那样简单还需要很长的一段时间。
  每一天我们都在科学技术、太空探索、医药等领域取得进步。近日,国外知名科技媒体Mashable就评出了即将在未来出现的10大高科技产品,本文为榜单详情:
1.隐形汽车

  为了推广其全新的燃料电池汽车,即无尾气排放汽车,梅赛德斯近日展示了一款“隐形”汽车,该款汽车将不会对环境造成影响。
2.太空电梯

  日本在研发太空电梯方面已经取得了显著成果,该太空电梯从地面的太空站出发将一直延伸到2.2万英里以外地球同步轨道上的空间站上。
  电梯厢内可容纳下30人,从地面到空间站的电梯的时速高达125英里,总共时长为8天左右。这一电梯厢内包括生活区以及其他的观光景观。
  日本表示,到2050年有望建成这一科技上的奇观。
3.无人驾驶汽车

  如今的汽车已经装配了GPS、车道偏离警报系统、自动停车功能,所以无人驾驶汽车的面世只是一个时间上的问题。
  谷歌已经获取了无人驾驶汽车技术的专利,目前谷歌正在内华达州对无人驾驶汽车进行测试。
4.助理机器人

  不论是开门这样简单的工作还是帮助残疾人走路稍复杂的工作,现在的机器人比以往都更为先进。
  事实上,一个新的研究预计在未来的10年里,每一个家庭都会有一个助理机器人完成日常的家务。
5.飞行汽车

  一直以来人们对未来的讨论总会涉及飞行汽车,而现在飞行汽车要真的出现了。飞行汽车公司Terrafugia最先提出研发飞行汽车,并在2012纽约汽车展展出了其最新成果。
6.人造肉

  为了保护环境,荷兰科学家正在研发能够在实验室生长的人造肉。科学家表示人工肉至少能够提高食物供给35%的效率。
  这种方法是将动物身上的干细胞转变为肌肉组织,之后再转变为小肉饼。善待动物组织(PETA)希望能够在今年6月底实现人造鸡肉。
7.月亮基地

  为了进一步探索月亮上的生命,太空组织正在努力建造一个永久性基地。这意味着将有可能在月亮上建造一个基地或是推出一个环绕月亮轨道运行的空间站。
8.思维读取器

  在过去的五年里,IBM希望能够开发出一款能和人类思维互动的电脑。带上耳机,就能够检测到来自大脑的信号,并将这些信号传送到电脑中,对机器发出指令。
  同时,电脑会记录下你的这些思维信号,从而使机器的运作完全适应你的思维。
9.无人飞机普及

  奥巴马总统已经签署了一项立法,允许联邦航空管理局执法时使用远程遥控的无人驾驶飞机。
10.无线电流

  插线取电已经是过去式了。很多公司研发的技术可已经以实现无线充电,而其他设备制造商很可能会纷纷效仿。
(文章转载自新华网)
《联合早报网》
(编辑:冯玉君)

Friday, March 29, 2013

RHB-OSK ups target for Nam Cheong to 35 c

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/6626-nam-cheong-second-chance-what-analysts-now-say

Nam Cheong announced that it has won a USD72.1m contract for six vessels – two anchor handling tug supply vessels (AHTS) and four emergency response and rescue vessels (ERRVs).

While the AHTS were within our shipbuilding model, the four ERRVs are a pleasant surprise.

With an extremely strong orderbook, Nam Cheong is a growth stock at value multiples.

We raise our TP from SGD0.34 to SGD0.35.

印钞难振经济 麦嘉华: 黄金难逃泡沫劫

Source: http://www.nanyang.com/node/520831?tid=462


(香港28日讯)有“末日博士”之称的着名经济学家麦嘉华指出,世界上充满了泡沫,无处躲藏,即便是在黄金中也不能。
麦嘉华周三接受彭博社访问是认为,最新的泡沫是美国股市。
美股近历史新高
近期美国股市正在历史最高点位附近徘徊。
“自2009年以来我对美国股市相对积极,我没有任何空头。自2009年以来我没有做空任何股票。但是美国股市上扬、消费者信心下探、新兴市场相对美国表现糟糕、美元走强表明国际流动性紧缩。
所以我不认为美国股市会再上涨多少,相反我认为目前存在可观的下行风险。”
被问及黄金怎样、为什么没有被当做避险天堂时,麦嘉华说,央行印的钞票并没有均衡流入它们试图帮助的经济,相反,这仅仅导致了更多泡沫,就像2000年时的互联网泡沫、2007年的楼市泡沫和2008年的大宗商品泡沫,这些资金近期选择了新兴市场和美国的股票指数。
麦嘉华表示:“我的考虑是,我们将面临一场系统性危机,很难躲藏,即使在黄金中也很难躲藏。”

刺激经济压低汇率 欧元美元两年半或平价

Source: http://www.nanyang.com/node/520837?tid=462


(柏林28日讯)摩根史丹利预测,欧洲为刺激经济正采取压低汇率的政策,两年半内欧元可能贬至与美元平价。
欧元兑美元27日盘中最多贬值0.6%至1.2782美元,是去年11月21日至今最低。德国国债涨至三周来最高价。
德国商业银行分析员阮素兰(译音)说,外汇市场担心塞浦路斯纾困案的中期蔓延效应。
塞国的银行纾困贷款要求大额存户和一些银行优先顺位债券的持有人必须承担银行损失后,欧元区官员暗示未来的纾困贷款可能比照办理,冲击投资者信心。
前景悲观
欧元年初至今共贬值2.6%,摩根史丹利全球货币策略主管雷德克预测,塞国纾困案让投资者担心欧元区存款会面临同样问题,欧元将持续贬值。
此外,意大利上个月举行选举至今新政府依然难产,也打压欧元汇价。
雷德克说:“塞浦路斯的政策,会让人们更担心周边国家筹资状况和存款。”
“长期意义是欧洲的货币转移机制失灵,失去信用,没有增长,财政政策依然分散。因此欧元的前景非常悲观。”
雷德克预测,在两年半内,欧元会贬至相当接近与美元平价水准,而且进一步贬值风险大。他认为欧元今年底将贬至1.25美元,2014年底进一步贬到1.19美元。

Property launches, land deals renew interest in Iskandar

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/3/29/business/12901660&sec=business


PETALING JAYA: The recent influx of property launches and land deals in Iskandar Malaysia has renewed investor interest in the region, said two research houses. But they had different views on the sustainability of the demand.
The more bullish view was expressed by Maybank IB Research analyst Wong Wei Sum. She expects the price momentum and demand for properties to remain strong, as foreign investments continue to rise, coupled with better connectivity by 2018 following the scheduled completion of the rapid transit system (RTS) link between Johor and Singapore.
Wong noted that Singaporean investors were impressed by the infrastructure development and visible incremental progress in the Iskandar region, from a year ago.
“Most of them are more bullish on Iskandar's long-term potential post site visit and believe that it would benefit from skyrocketing property prices in Singapore given its close proximity,” she said in a note after a recent visit to the region.
She said the focus was currently on lifestyle landed property projects in Nusajaya, including Medini, as Danga Bay was still undergoing massive reclamation works.
Wong pointed out that UEM Land Holdings Bhd's Teega @ Puteri Harbour, a high-end condominium project, was close to being fully taken up in just three months since its official launch. The average selling price for Teega @ Puteri Harbour is between RM850 and RM1,100 per sq ft.
Wong also highlighted that SP Setia Bhd's Sky Breeze at Bukit Indah, a condominium project priced at RM550 per sq ft, was fully sold in a month.
“Landed properties continue to do well in both the primary and secondary markets. In a private preview, all 24 semi-detached units priced between RM650 and RM700 per sq ft in East Ledang were snapped up in a day,” she said.
However, PublicInvest Research, in a note, questioned the sustainability of demand flowing into the region.
“Notwithstanding Iskandar's potential, we are of the view the sheer size of Iskandar Malaysia (measuring 2,217 sq m or three times the size of Singapore) would mean demand should normalise despite the recent brisk sales,” said PublicInvest Research analysts.
The research house added that the recent cooling measures in Singapore sparked the interest in Iskandar.
However, based on its estimates, the demand for Iskandar properties might take longer than expected to achieve the sales in Kuala Lumpur and Selangor.
“We note that currently for properties above RM500,000 per unit, Johor is selling circa 1,000 units (from 300 units in 2008) as compared with 18,000 units in Selangor and 10,000 in Kuala Lumpur,” it noted.
Should rental yields fail to meet the benchmark prices recorded in recent launches, eventually the fundamentals might prevail in the long run and hence, the strong price momentum might struggle to continue, PublicInvest said.
The key drivers that sparked investors' interest of late were the completion of attractions such as Legoland, Johor Premium Outlet, Puteri Harbour Family Indoor Theme Park, universities and other upcoming big profile projects such as Pinewood Studios.
In addition, warmer Malaysia-Singapore government ties may lead to possible collaboration, in particular high-impact infrastructure projects such as the high-speed rail linking Kuala Lumpur and Singapore, RTS connectivity linking Johor and Singapore and other highway projects.
Recent land deals from Singapore included established names such as Temasek, CapitaLand and Ascendas Land.
“Ultimately, we believe the key is still tapping the demand from Singapore,” PublicInvest analysts said.

Thursday, March 28, 2013

KSL - Deep Value Stock

Source: http://www.theedgemalaysia.com/index.php?option=com_content&task=view&id=234034&Itemid=79



Maintain buy at RM2.05 with a target price of RM2.61: The positive news
flows on Iskandar Malaysia in Johor has picked up considerably over the
past three months.

Notable news flows have been the announcement of the proposed high speed
rail link between Kuala Lumpur and Singapore and the Singapore-Johor
Baru rail transit system, as well as the entry of major foreign real
estate players like Singapore’s CapitaLand Ltd and Ascendas Land Pte
Ltd, and China’s Country Garden Holdings Ltd to undertake development
projects in Iskandar Malaysia.

Also, the latest property cooling measures implemented in Singapore
(higher buyer stamp duty, lower loan-to-value ratio) have driven some
prospective Singapore property buyers to Iskandar Malaysia.

These positive developments, coupled with improved market sentiment,
have resulted in the share price rally of developers with sizeable
exposure to Iskandar Malaysia.

KSL Holdings is a real estate group with strong roots in Johor to ride
the Iskandar boom. We estimate the group to have three township projects
with over 720 acres of land bank and RM2.5 billion gross development
value (GDV) in Iskandar Malaysia.

Its projects are located in Nusajaya, Kempas and Ulu Tiram, enabling the
group to undertake multiple concurrent launches and capture the rising
demand in different localities within Iskandar.

Also, the group’s key property investment assets — the 450,000 sq ft KSL
City Mall and 868-room KSL Resort Hotel — are the key beneficiaries to
the higher economic activities in Iskandar Malaysia.

We gather that KSL Resort Hotel is enjoying high occupancy rates driven
by its strong marketing team as well as strong underlying demand for
hotel rooms in Johor.

KSL Holdings had undertaken two major capital intensive projects in the
past four years, namely the integrated KSL City project as well as the
acquisition, planning, site preparation and landscaping of its 445-acre
Canary Garden project.

Moving forward, we forecast that the group will enjoy strong free cash
flow of RM30 million to RM80 million per year, assuming RM40 million
yearly capital expenditure for land acquisitions. —

/Affin Research,March 25/

This article first appeared in The Edge Financial Daily, on March 26, 2013.

克鲁曼吁塞国弃欧元保经济

Source: http://www.nanyang.com/node/520624?tid=462


(华盛顿27日讯)塞浦路斯经济动荡,诺贝尔经济学奖得主克鲁曼在《纽约时报》部落格中建议,塞国应马上离开欧元区,才能保住经济发展。
克鲁曼在文章中强调,“塞浦路斯应该要离开欧元区,而且是现在,塞国发行一个新的、更便宜货币,会让经济复苏更快。”
他说,如果塞浦路斯继续留在欧元区,经济增长将缩减达20%,因为该国作为境外避税天堂的日子可能已经结束,而且欧盟计划强迫塞浦路斯政府大幅删减预算,此举将伤害塞浦路斯经济。
克鲁曼认为,塞浦路斯应立刻放弃欧元,才能保住经济发展。
惠誉26日宣布,将塞浦路斯的评级列入负面观察名单。

Scientex's Q2 net profit stretches to RM26m

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

KUALA LUMPUR: Scientex Bhd posted a net profit of RM25.61 million in the second quarter period ended January 31 2012 compared with RM20.18 million in the same previous period.

Revenue rose 26.4 per cent to RM271.1 million compared with RM214.5 million in the same corresponding period, as the company reaped its maiden contribution from the businesses of newly-acquired GW Plastics Holdings Bhd.

In a press statement, Scientex said the rise was due to higher demand for Scientex's stretch film from export markets, and food and beverage packaging sales from Great Wall Plastic Industries Bhd and GW Packaging Sdn Bhd.

The acquisitions of these subsidiaries were completed in January 2013, the company said.



During the second quarter under review, the revenue of Scientex's manufacturing division grew 30.5 per cent to RM193.5 million while its property division raked in a revenue of RM77.6 million, or 17.2 per cent higher.

For the first-half period, Scientex recorded a 19.7 per cent rise in revenue to RM512.7 million and net profit stood at RM50.5 million, up 23.7 per cent from RM40.8 million posted in the first half of the previous financial year.

Managing director Lim Peng Jin said for the rest of the year, the group is optimistic that the manufacturing division's performance will be in line with expectations, given initiatives already in place to reduce costs and improve operational efficiencies.

"At the same time, we will strengthen our foothold in the highly-promising regional F&B market to undergird the company's future growth prospects," he said.

Lim added that the property business is also likely to do considerably well as it taps the fast-growing property market in Johor.

Nam Cheong sells six vessels, expects robust order book Read more: Nam Cheong sells six vessels, expects robust order book

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

KUALA LUMPUR: Nam Cheong Ltd has sold six vessels worth US$72.1 million (RM223 million) to two of its existing customers.

In a statement yesterday, Nam Cheong said the vessels were sold to subsidiaries of Icon Offshore Bhd, one of Malaysia's largest offshore support vessel groups.

Nam Cheong executive director Leong Seng Keat said in the first three months of this year, the company has seen robust sales, which is an indication of the strong momentum of the industry in the region and globally.

"With the contract win, our order book to date stands at RM1.3 billion. Orders from existing customers are a demonstration of their satisfaction in our products and services, and their confidence in us to deliver again.

"We look forward to continuing our working relationships with them as partners, riding on this industry boom," he said.

Leong said 2012 was a fruitful year for the company and he expects the local momentum to continue this year, driven by Petrolium Nasional Bhd's (Petronas) expanded capital expenditure from 2011 to 2015.

"Our close ties with Petronas-licensed companies continue to serve us well, as we are able to leverage on our track record and our unique build-to-stock model," he said.

He said the six vessels were all of American Bureau of Shipping class and will be built at the company's sub-contracted yard in China.

"They are scheduled for delivery between the second quarter of 2013 and the fourth quarter of 2014, and are expected to contribute positively to the group's earnings for the financial years ending 2013 and 2014."

"Icon Offshore has been growing at a steady pace and the acquisition of the additional vessels will allow us to meet existing contracts and market demand," said its chief executive fficer Dr Jamal Yusof in a statement yesterday.

He added that the acquisition will enable the company to be more competitive and increase its bottom line.

The first vessel will be delivered in the second quarter of 2013 while the second vessel is scheduled for delivery in the subsequent quarter. Bernama

Tosei makes its debut on SGX

Source: http://www.theedgesingapore.com/the-daily-edge.html?type=rss

Tosei Corporation, the Japanese real-estate company, has successfully completed a secondary listing on the SGX by way of introduction.

Tosei has a primary listing on the First Section of the Tokyo Stock Exchange.

Making its debut today, its shares are traded in SGD and in board lots of 10 shares.

Tosei has six divisions including property development, property revitalisation, property investment, property management, fund management and alternative assets.

The company has shareholders funds of 25 billion yen ($327.8 million) as at Aug 31 and made a net profit of 1.4 billion yen for FY12.

Nam Cheong unit wins $89.7mil in sales contracts

Source: http://www.theedgesingapore.com/the-daily-edge.html?type=rss

Nam Cheong says a wholly-owned unit has won US$72.1 million ($89.7 million) in sales contracts for two units of anchor-handling, towing supply vessels and four units of emergency-response and rescue vessels. The vessels were sold to two of its existing customers and are scheduled for delivery between the second quarter of this year and the fourth quarter of next year. The contracts will bring its order book to RM1.3 billion ($521 million).

Wednesday, March 27, 2013

Hwang DBS starts Muhibbah with 'buy'

Source: http://www.btimes.com.my/articles/20130327121930/Article/

Hwang DBS Vickers Research started coverage of civil engineering company Muhibbah Engineering (M) Berhad with a 'buy' rating and a target price of RM2.15 per share, citing bright earnings prospects due to its niche position in the market.

Muhibbah’s spread of businesses, which includes crane manufacturing, ship building and civil construction projects, differentiates it from the average contractor, giving it a scarcity premium, Hwang DBS said in a note on Wednesday.

"Muhibbah’s niche strengths in marine infrastructure and construction leave it nicely poised to win additional contracts in both the booming domestic oil and gas industry as well as abroad," Hwang DBS said.

The research house said based on the group’s recent share prices, its earnings in the financial years of 2013-2014 could see a net yield growth between 4 and 5 per cent.

"Moving forward, we are anticipating at least a 20 per cent net profit payout, based on its historical distribution record, coupled with better forward earnings," Hwang DBS added.

The research house said Muhibbah could give the Asia Petroleum Hub — one of the largest petroleum storage projects in the region — a "new lease of life" in a recovery plan that could be revealed after the general elections.

"If this happens, we expect possible writebacks of RM405 million (RM1 per share), further boosting our forecasts."

As of 11.18am, shares in Muhibbah were up 0.85 per cent against the benchmark stock index’s 0.88 per cent gain.-- Reuters

油氣盈利支撐‧雲升控股全年料賺3800萬

Source: http://biz.sinchew.com.my/node/72254

(吉隆坡26日訊)雲升控股(YINSON,7293,主板貿服組)即將於本週內公佈第四季業績,馬銀行研究估計全年淨利介於3千600萬至3千800萬令吉,相等於按年成長35%至43%。

馬銀行估計雲升控股第四季淨利介於700萬至900萬令吉,按季下滑21%,交通和貿易業務表現預計因商業活動放緩而轉弱,惟油氣盈利可望填補空缺。

“雲升控股持股49%的浮式儲油船(FSO)如期在2月份完成,儘管開工期卻因客戶要求而拖延至今年第四季,惟雲升料獲一筆介於1千500萬至1千600萬美元的賠償額,扣除相關開銷,料對雲升淨利作出500萬至600萬美元貢獻。"

FPSO預定2014年首季完工

至於建築中浮式生產儲油船艦(FPSO),馬銀行表示預定在2014年首季完工。

預料從2014年開始,油氣業務將佔雲升控股稅前盈利73%至78%之間,成功執行FSO和FPSO合約將鞏固該公司在浮式解決方案市場的信譽。

馬銀行補充,雲升目前僅以未來1年盈利的8倍本益比交易,考量其在油氣領域的中長期合約,未來3年年均複合成長料達53%,目前估值或遭到低估。

馬銀行保持該股2令吉54仙目標價不變,給予“買進"評級。(星洲日報/財經)

订单趋低经济不稳 半导体业复苏有心无力

Source: http://www.nanyang.com/node/520228?tid=462


(吉隆坡25日讯)大部分科技股2012年末季面对周期影响而盈利被压缩,硬盘驱动器(HDD)与半导体领域订单趋低、客户情绪也相对低弱,加上宏观经济不稳定,预期2013年复苏仍然将有劲无力。
联昌国际研究主管黄大任表示,科技股2012年末季表现起落不一,只有就业坊(Jobst,0058,主板贸服股)的表现超出预期,而JCY国际(JCY,5161,主板科技股)再度令人失望。
此外,友尼森(Unisem,5005,主板科技股)、马太平洋(MPI,3867,主板科技股)、MYEG服务(MYEG,0138,主板贸服股)及宇琦科技(Uchitec,7100,主板工业产品股)表现均符预期。
针对半导体股,马太平洋和友尼森受周期性影响,2012年末季盈利萎缩,主要是客户通常在年杪缩减库存。
由于订单趋低和固定成本高,导致马太平洋转盈为亏;友尼森则成功收支平衡,营运赚幅亦持续改善。
黄大任预期,两家公司2013年首季表现将继续走弱,特别是首季通常放缓。
全球晶片销售2013年间将出现比较温和的复苏,市场预测晶片销售将按年扬升4至8%。
整体上,尽管美国公布的数据正面,如晶片销售增加、智能手机销售创高等,但黄大任对科技领域复苏仍然维持谨慎,并维持领域的“中和”评级,但销量下半年会复苏。
首选MYEG服务
非半导体股的表现好坏参半,其中陆路交通局网上登记路税和更新车险服务带动了MYEG服务表现。
联昌国际研究主管黄大任认为,今年下半年遇上周期性影响,表现将更强劲;加上开始获得新服务的贡献,预计MYEG服务可更上一层楼。
具抗跌性和增长能力的MYEG服务,继续成为联昌国际投行首选科技股。
驱动器出货量跌
基于2012年电脑需求疲弱,影响全球硬盘驱动器船运按年下滑7%。
此外,欧美经济增长欠佳,而且平板电脑和智能手机充斥市场,打击电脑销售。
踏入2013年,大部分硬盘驱动器供应商和原件设计生产(ODM)都预期今年出货量将延续2012年趋势而走跌。
JCY国际季度营业额锐减而由盈转亏,黄大任预期公司未来两季将继续蒙亏,或需等到2013年末季才能够转盈。

Sunway re-rated based on its RM30bil Iskandar development

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/3/27/business/12893132&sec=business


PETALING JAYA: The 1,770 acres with a gross development value (GDV) of RM30bil Sunway Bhd owns in the Iskandar region and its plan to pay out dividends semi-annually are deemed as catalysts, UOB KayHian Research says.
In a report, the research house revised Sunway's target price to RM3.48 from RM2.98 as it removed the 10% discount to sum-of-the-parts. The new target price implied a 12 times 2014 forecast price-to-earnings (PE), which was slightly higher than its historical mean PE of 11 times, and remained a “buy” rating.
The research firm said: “Given that Sunway Iskandar makes up almost 30% of Sunway's revised net asset value, the market will eventually recognise Sunway as one of the key proxies to the Iskandar theme. We believe that re-rating should continue when earnings contribution begins in 2014.”
It also viewed the new dividend policy positively.
Sunway group chief financial officer Chong Chang Choong said in an e-mail reply to StarBiz: “Dividends will be paid on a semi-annual basis with effect from financial year ending Dec 31, 2013 onwards.”
For the financial year ended Dec 31, 2012, the company declared a final, single-tier dividend of 6 sen per share which will be paid on April 30.
Based on its closing price at RM2.79 yesterday, the yield worked out to be 2.15%.
Meanwhile, UOB KayHian Research expected a 2.5% dividend yield for 2013.
Chong said the company had a dividend policy of paying out at least 20% of its core profit after tax and minority interest every year as dividends to its shareholders.
“We are comfortable with our current dividend policy as it provides the group with the flexibility to pay a minimum dividend payout and it can be increased accordingly if the group's prospective free cash flow is stronger.
“This dividend policy will not impede the group's expansion plans,” he said.
UOB KayHian said the proposal indicated that the company was in a favourable cash position despite possibly needing high capital expenditure for its development in Iskandar.
The research unit also said Sunway Iskandar's masterplan included interesting “township components” such as Education Park, Eco Theme Park, Lifestyle Malls, Medical Park, Business Park and an Eco Marina.
“We believe the re-rating will continue as the Iskandar theme has only warmed up'. We expect positive sales response from their maiden launch of Sunway Iskandar in the fourth quarter of 2013,” UOB KayHian said.
The research house expected Sunway's property sales in Iskandar to contribute 25% and 32% of its initial property earnings forecast for 2014 and 2015 respectively.
In a filing with Bursa, Sunway announced that it had gotten the green light from the Securities Commission to establish a medium term note programme of up to RM1bil in nominal value via its subsidiary.

Tuesday, March 26, 2013

Kenanga starts Dijaya with 'outperform'

Source: http://www.btimes.com.my/articles/20130326112121/Article/

Kenanga Research started property developer Dijaya Corporation Berhad with an 'outperform' call and a fair value of RM2.05 per share, citing a bright outlook on the back of the firm’s RM50 billion total gross development value (GDV).

Dijaya’s pipeline is also bigger than other local property developers Mah Sing Group, Sunway Bhd and IJM Land, while it holds prime landbanks around the country, Kenanga said in a note on Tuesday.

"The mismatch between their pipeline and GDV does indicate that Dijaya’s market value is far from its full potential, especially when it has an aggressive launch target," Kenanga said.

Kenanga is bullish on Dijaya’s position as the third-largest listed large-cap landbank owner in Iskandar, an economic zone three times the size of Singapore, because the region could be
"the next big engine growth for developers."

The research house expects Dijaya’s core earnings in its financial year of 2013 to nearly triple year-on-year to RM166 million.

Shares in Dijaya were unchanged at RM1.52 against the benchmark stock index’s 0.45 per cent gain.-- Reuters

JPMorgan upgrades Malaysian equities

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/3/26/business/12887691&sec=business


KUALA LUMPUR: Malaysian equities have been upgraded to an “overweight” by JPMorgan in a report, which advised investors to buy quality growth stocks whose businesses relied on domestic demand and Economic Transformation Programme (ETP)-related growth.
The bank's Kuala Lumpur- and Hong Kong-based analysts said investors should buy “quality growth stock” now as local equities have underperformed emerging markets while emerging markets have significantly underperformed developed markets.
They made their case based on the fact that Malaysian equities have underperformed Asean neighbours Indonesia, Thailand, and the Philippines whose growth were also based on domestic consumption and investment growth.
Among signs of growth and consumption, they said Malaysia's capital expenditure (capex) grew 20% in 2012 up from a five-year average of 7% while January vehicle sales grew 26%.
“Our economist forecasts 5.1% gross domestic product growth (GDP), similar to that for other Asean economies. The central bank is on hold. Inflation is modest the 2013 forecast is 2.3%,” they said, adding that private investment grew 22% last year with this year's to grow 15.6% while infrastructure is funded by a savings-investment gap at over 11% of GDP.
The ETP would be supported by a strong pipeline of RM211.3bil in committed investments derived from 152 entry point projects, with 149 projects announced. These projects were expected to generate gross national income of RM135.6bil in 2020 and create 400,000 jobs.
They said investors should “probably not wait” for the imminent dissolution of parliament, the last day of which to do so would be April 28. Following which, the general election must be held within 60 days.
“Investors are asking when to buy. Inbound investors' visits year to date are equivalent to the whole of 2012. Our advice is to buy quality growth stock now,” they said.
Furthermore, they said the Iskandar growth region continues to boom with cummulative investments hitting the RM100bil target in the third quarter of last year.
They pointed out that property demand remains strong in the growth region with several companies announcing multi-billion ringgit property projects.
The basket of stocks which they believe provides a strong franchise, domestic-led earnings growth and double-digit earnings per share growth were AMMB Holdings BhdAxiata Group BhdBerjaya Sports Toto BhdCIMB GroupDialog Group BhdGamuda BhdIJM Land BhdKLCC Property Holdings Bhd and Media Prima Bhd.
These stocks have potential for earnings and dividend upgrades. They said Axiata offers a healthy yield (4%) with higher dividend per share forecast, and double-digit earnings per share growth; CIMB is a high growth, low price-to-earnings ratio stock; Gamuda Bhd continues to leverage on the RM60bil MRT project and has a high backlog of RM10bil and KLCC Property is the largest, most liquid REIT with prime portfolio and offers 4.5% dividend yield, with potential upside.
Meanwhile, MIDF Research said the Malaysia and Indian stock markets escaped the global funds outflow deluge which hit Asian markets last week
As a weekly aggregate, the research house said net outflow of foreign equity investment for the seven markets it tracked increased to about US$2.7 trillion, the highest weekly outflow since mid-May 2012.
The seven markets in MIDF's research coverage are South Korea, Taiwan, Thailand, Malaysia, Indonesia, the Philippines and India. The report noted that Malaysia continued to register net inflow of foreign equity capital albeit in smaller quantum last week whereas Indonesia, Thailand and the Philippines recorded negative foreign flows albeit well within the usual weekly cyclical band.

Lian Beng wins $220mil contract to build Bartley Ridge

Source: http://www.theedgesingapore.com/the-daily-edge/business/43233-lian-beng-wins-220mil-contract-to-build-bartley-ridge.html

Lian Beng construction group says it wholly-owned subsidiary, Lian Beng Construction (1988) Pte Ltd, has clinched a $220 million contract for the construction of 868-unit Bartley Ridge.

The Bartley Ridge project, located along Mount Vernon Road opposite Bartley MRT station, involves the construction of eight 18-storey and one 19-storey residential towers with penthouses, totalling 868 units. The project also includes basement carparks, landscape deck and communal and clubhouse facilities such as swimming pools, tennis courts and a hydrotherapy oasis.

The construction of Bartley Ridge starts this month and is due to complete in mid-2016 and the project will boost its order book to $884 million.

Monday, March 25, 2013

BUFFETT Video: Close Up With The Man And Author Of Latest Book

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/6598-warren-buffett-wisdom-a-wit-from-latest-book

Written by Leong Chan Teik Saturday, 23 March 2013 09:05

I WAS searching online for information on a very credible book that came out a few months ago on Warren Buffett, and I stumbled onto a Youtube video where he is interviewed in conjunction with the publication of the book.

What makes the video even more interesting is that the author of the book, Carol Loomis, was also interviewed. 

An editor-at-large at Fortune magazine, she is a long-time friend of Buffett whom she first knew in 1966 as a journalist with Fortune.

As she recalls, Buffett's company shares traded at around US$22 a share at that time -- and has since reached US$130,000 or so.

That meteoric increase in value has certainly made Carol Loomis happy as she has been not only a close friend of Buffett for over 40 years but also a shareholder of his company, Berkshire Hathaway, for about as long.

Along the way, she became the editor Buffett turned to every year for a professional polish of his famous annual letters to shareholders. 

The video is 54 minutes long, full of wit and wisdom on a wide range of topics from someone who is arguably the best investor ever. I thought you might like to watch it too, so check it out below.  

In the first 8 minutes or so, interviewer Charlie Rose gets Buffett to talk about his views on income taxes. Buffett advocates progressive tax rates where the more you earn, the higher your tax contribution. Sounds logical but that is not how it is in the US!

Coincidentally, in this year's Budget, Singapore enhanced the already progressive nature of its system by increasing taxes on owners of investment homes and larger homes and the more expensive cars.
The book title 'Tap Dancing to Work' derives from Buffett having said that he enjoys his work so much that he, figuratively, tap dances to work. 

By the way, his advice for anyone who dreams of finding work which inspires them to tap dance to work: "Find your passion. I was very, very lucky to find it when I was seven or eight years old... You're lucky in life when you find it. And you can't guarantee you'll find it in your first job out. But I always tell college students that come out (to Omaha), 'Take the job you would take if you were independently wealthy. You're going to do well at it.'"

If you must buy the book, check out Kinokuniya stores in Singapore. 


I have yet to get my copy -- in due course, I will. 




Europe may not solve debt woes in 10 years

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/chinfin24/Article/

BEIJING: China's new finance minister said yesterday it was unclear whether the eurozone would solve its debt problems over the next decade and suggested further turmoil would complicate efforts to reduce Beijing's fiscal deficits.

Lou Jiwei said external difficulties might oblige China to run deficits for longer than anticipated as government expenditure was rising quickly and revenues growing only at a single-digit pace.

"I am really very worried about Europe. I am worried about whether it can get out of trouble in the next 10 years," Lou said in an address to an economic forum.

Lou made his remarks as Cypriot President Nicos Anastasiades travelled to Brussels to discuss a European Union bailout and a reprieve from financial meltdown. Reuters

Worst over for plantation cycle, CPO price seen hitting RM2,900

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/3/25/business/12866261&sec=business


PUTRAJAYA: IOI Corp Bhdexecutive chairman Tan Sri Lee Shin Cheng is positive on crude palm oil (CPO) prices and believes that the worst of the plantation cycle is over.
He foresees CPO prices hitting RM2,900 by the year-end before breaching the RM3,000 level, driven by falling inventory levels and the renewed B10 biodiesel programme, which would pick up pace by the end of 2013.
“Furthermore, the price discount between CPO prices and soybean oil is currently at about US$300 (RM930), which is at one of its highest levels,” Lee noted.
The CPO price now is at around RM2,430 per tonne.
“I believe the CPO prices would be going up. So far, I have not been wrong before. Let us see this year,” he said.
He added that inventories were coming down steadily.
“We are now also entering the low-crop period. Give that another one to two months, then you'd see things getting better. The fact is that palm oil is a vegetable oil which is a good oil. It contains no trans fatty acid,” Lee said.
Lee, Malaysia's sixth wealthiest man, never imagined he would attain what he has today. “All I wanted to do was to become a school teacher and ride a Vespa!”
Meanwhile, the Government is now pushing the B10 biodiesel programme to be implemented nationwide by June 2014. This is part of its plan to reduce high palm oil stocks and support the CPO price. As at December 2012, palm oil stocks were are at a record high of 2.63 million tonnes.
The B10 palm oil-based biodiesel comprising 10% palm oil and 90% petroleum diesel was launched in early February this year.
Plantation Industries and Commodities Minister Tan Sri Bernard Dompok said the Government had allocated a RM300mil grant, of which RM80mil had been disbursed to oil companies and biodiesel producers to set up the infrastructure, ranging from blending facilities and tanks to oil pumps.
Dompok said B10 would take away one million tonnes a year from the national stockpile of 2.6 million tonnes.
Going back to Lee, he said IOI was aiming to go back to an oil yield of six tonnes per hectare from 4.9 as of 2012. Its oil yield has been on a downtrend in the last five years.
“We do face some labour shortage issues and there are difficulties in looking for good estate managers. We don't mind paying higher rates for local workers. We can pay piece rates.
“Plantation is all about productivity. A good estate manager and an inefficient estate manager would make a big difference in determining the profits of an estate,” Lee said.
As at June 30, 2012, IOI's total planted area stood at 158,881ha, from 158,174ha in 2011. Approximately 99% of the estates' planted area sapns over 82 estates.
About 65% of the group's oil palm plantation holdings are in Sabah and Sarawak, 29% in Peninsular Malaysia and the remaining 6% in Indonesia.
Lee considers himself a property man just as much as a planter. This is obvious not just from IOI's size, but also its property margins.
While IOI Properties was privatised in 2009, the last three financial years have seen the company's revenue base closing in on the RM1bil mark.
For the year ended June 30, 2012, the company posted a revenue of RM843mil, a 13% decrease from the RM971mil in the previous year. Operating profit dropped 12% to RM451.13mil.
When it was a listed entity, IOI Properties was one of the most profitable developers around.
IOI has property developments in Xiamen (China), Singapore and Malaysia, with the bulk of its gross development value in Singapore.
Lee said Xiamen was an exciting market which held lots of potential.
IOI plans to embark on a RM2bil property development in Xiamen this year. This would be a mixed development comprising a shopping mall, a hotel and office space, condominiums and villas.
Lee is just as excited about Singapore and Johor. IOI recently launched its properties in Clementi Avenue Singapore, which he said was very well received. The average selling price was S$1,500 (RM3,736.49) per sq ft.
Last year, IOI tendered for the parcel of land in Jalan Lempeng, off Clementi Avenue 6 in Singapore, for S$408mil (RM995mil). It is within walking distance of the Clementi Mass Rapid Transit station and the Clementi bus interchange.
“Property is all about stamina and location. The measures taken by the Singaporean government will really drive down property prices, which may not be good for the long term,” Lee said.
He is equally optimistic on property in the Iskandar Development region, and has been looking to buy pockets of land around the area. At present, IOI has some 1,416ha for property development spread out in Johor.
“Undeniably, the Iskandar region is developing. Property prices in Singapore are still extremely high. The infrastructure is now coming up in Johor.
“There is now a good relationship between the governments of Singapore and Malaysia. While you need to be extremely careful with location, I believe Johor holds a lot of potential,” he said.
On another note, IOI's new mall, IOI City Mall in Putrajaya, is on track to be completed by end-2014.
Lee said it had secured Tesco and Parkson as anchor tenants, and some 60% of the entire 1.4 million lettable area had been taken up. The rental per square feet would be going for approximately RM10 to RM12.

Sunday, March 24, 2013

股海探温:侨丰控股派息率看俏

Source: http://www.nanyang.com/node/511659?tid=702


问:
1.请问侨丰控股(OSK,5053,主板金融股)把投资银行业务脱售给兴业资本(RHBCap,1066,主板金融股)后,会带来什么影响?
2.侨丰控股的估值如何?值得买入吗?
3.侨丰控股的未来展望如何?
答:
早前,兴业资本(RHBCap,1066,主板金融股)以20亿令吉,收购了侨丰控股(OSK,5053,主板金融股)的投资银行业务。
兴业资本是支付方式有二:
1)发售2.45亿新股,总值18亿令吉,相等于每股7.36令吉;
2)1.475亿令吉的现金。
在收购完成后,侨丰控股将持有兴业资本约9.9%股权。
由于侨丰控股目前的总市值(14亿令吉)与所持有的兴业资本股权的市值(19亿令吉),存有巨大的差距,意味着侨丰控股蕴藏着巨大的价值,也使侨丰控股成为间接投资兴业资本的廉价管道。
根据我们的敏感度分析,兴业资本的股价每上涨50仙,将会使侨丰控股调整后每股净资产值(RNAV)增加12仙。
合并协同效益
此外,两家公司的投资银行业务合并,对侨丰控股来说是正面的举动,以来能够从股权上获益,二来在营业额上也可以产生协同效益。
侨丰控股也能够借助财雄势大的兴业资本带动增长。
从合并计划的所得,加上未来的资本开销减少,我们预测侨丰控股应该有能力把股息派发率提高至60至70%。
在考虑了上述所有因素后,我们相信侨丰控股的合理价格是1.83令吉。


股海宝藏:恒大置地被低估

Source: http://www.nanyang.com/node/513264?tid=702




恒大置地(Tambun,5191,主板产业股)成立于1994年(2011年1月18日上市马交易所),该公司是槟城豪华家居产业的著名发展商。

恒大置地致力于在槟城推出创新产业概念,即推介首个具备守卫的篱围社区与首个共管社区计划。

这些年来,该公司共推出了超过6000单位的产业,发展总值约20亿令吉。

该公司通常比预期早推出产业计划,并享有完整认购率。该公司目前正发展槟城首个综合城镇———珍珠城(Pearl City),发展总值为30亿令吉。

珍珠城是恒大置地一个“皇冠上宝石”,以应付市场的庞大需求。珍珠城是槟城Simpang Ampat、北海以南的混合产业计划。

这项计划是于2009年动土、预计将在2020年竣工。

届时,这项计划将是涵盖公共设施、娱乐设备、保健及健康中心、零售店和超过1万1千项住宅产业的综合性城市。

珍珠城距离南北大道有5分钟车程,离第一及第二槟威大桥分别有15分钟及20分钟车程,同时离献议建设的电动双轨火车站有1分钟车程。

共12个工业园位于珍珠城15公里范围之内。这些工业园带来了庞大的就业契机。

目前处于77仙水平的恒大置地,是在2013财政年5倍本益比的不昂贵水平交易,并且获得7.8%周息率支撑。

任何由于大选因素而导致股市大跌,将是进场趁低吸购恒大置地的良好时机。

盈利赚幅27%

2012财年的营业额跃升54.8%,而净利则大幅飙涨74.6%。这主要是因为它的税前盈利赚幅更高,以及少数股东利益平稳所做出正面贡献。

从2007年至2012年期间,该公司的税前盈利赚幅都处于吸引人的27%水平。

这主要归功于它拥有策略性的产业设计和概念、快速地库转换、与承包商关系良好,以及产业计划提前完成。

整体而言,2012财年的强劲表现,主要是受到Simpang Empat和北海的住宅和商业产业计划取得更高营收的激励。

恒大置地让投资者可以最佳地参与槟岛对岸快速增长的产业市场,因为这里的产业市场受到第二槟城大桥(衔接峇都茅和峇都加湾)落成的提振。

由于该公司在当地的策略地点拥有660英亩的地库,所以它将从这样的发展趋势中受惠。

它的旗舰计划--珍珠城,位于现有和未来交通要道,例如南北大道、第一和第二槟城大桥以及双线电动火车站,此外,共有12个工业园位于Pearl City15公里范围之内,这些工业园带来了庞大的就业契机。

因此,珍珠城的产业价格已经稳健上升,因为槟岛人口渐迁移至对岸,因为槟岛的产业价格已经稳健上涨了约50%。目前有将近一半的珍珠城单位的购买是来自威省一带的居民,2009年时,只有约28%是威省的居民。

发展总值34亿

在2012财年的业绩检讨中,恒大置地对2013财年推介的产业乐观,将可以继续获得良好的反应。

该公司计划于2013财年推介的产业包括新计划,如珍珠城的Pearl Avenue、北海的Camellia Park及大山脚TamanBukit Residence和Seri Permai。

根据分析员报告,恒大置地的发展总值为34亿令吉,可忙碌至2020年。

地库750英亩

在这当中它拥有750英亩的地库。除了正在进行的计划,该公司还有560英亩地库将于2013年至2020年推介,发展总值为24亿令吉。

恒大置地与地主Nadayu产业公司的联营计划,使得该公司可取得超过25%健康总赚幅。这主要是因为它的珍珠城的土地成本锁定为每平方尺11令吉。目前附近的土地价值已经增值至每平方尺25令吉。

这些计划包括这些产业包括Taman Bukit Residence(发展总值6000万令吉)、Perquest JV(发展总值4000万令吉)、Villa Permai(发展总值2000万令吉)、Pearl Residence 2(发展总值2亿令吉)、Pearl Residence 3(发展总值3亿7000万令吉)以及Pearl City商业中心(发展总值6亿5000万令吉)。

60%盈利派息

恒大置地承诺将集团盈利的40至60%充作派息用途,以吸引长期的投资者和为长期投资创造股东价值。该公司资产负债表目前拥有净现金,这使得它拥有充裕的资金收购地库。

由于该公司目前位于珍珠城的650英亩地库的土地价格为每平方尺11令吉(目前市价为每平方尺over20令吉),所以它26-28%的税前盈利赚幅不只可以维持,同时表现也可以与其他表现卓越同侪一样杰出。
备注:*预测
1.它的附加股和凭单,已经于去年6月上市。它是以5配5附加股送1凭单的比例,发出总共8840万附加股以及4420万凭单。
2.恒大置地-WA届满日期为2017年5月30日,转换价为60仙,转换比例是1换1。
3.恒大置地截至2012年12月,拥有1230万令吉的净现金。
4.目标价:(马银行投资银行)0.96令吉,较它的实质净有形资产1.60令吉,折价约40%。
文:慧眼

Saturday, March 23, 2013

How to Make Your Own Yogurt

Source: http://greatist.com/health/make-your-own-homemade-yogurt-how-to-diy

Chalk this up to childhood memories best forgotten: When I was in elementary school, my classmates dubbed me Yogurt Girl. This (hopefully affectionate) title was earned thanks to my propensity for eating a fruit-on-the-bottom yogurt single every day — not just during lunch, but also during snack. Twice-a-day yogurt consumption didn’t merely earn me a rockin’ nickname; it also cultivated in me a lifelong love of yogurt.
Which is why I’m so excited that we here at Greatist have decided to explore the world of DIY yogurt-making. There’s some terminology and several steps involved, so the process can look sort of daunting — but don’t let this intimidate you! It’s actually not that tough, and we’ve broken down all the lingo and instructions to guide you every step of the way.

Greek Yogurt with Berries Photo by Jordan Shakeshaft


Before we get to the materials and ingredients list, let’s break down some of the decisions you’ll have to make in the grocery store.
Choosing a milk.
Yogurt can be made with anything from skim to whole milk. Whole milk tends to be easiest for beginners because it holds together well and makes for thick, mild yogurt. In general, whole and two-percent milks will produce yogurt with more structure and creaminess. Lower-fat milk will create runnier and less creamy yogurt, but that doesn’t mean it won’t taste good. If your diet or taste preferences call for lower-fat milk, then go for it. If going the low-fat route, feel free to add thickeners (such as nonfat dry milk powder, unflavored gelatin, or pectin) if you prefer a less runny texture. Organic, ultra-pasteurized, or regular milk can all be used. Note: While it’s possible to make yogurt from soy milk or almond milk, the ingredients and process are a bit different, so we’ll be sticking strictly to cow’s milk in this article. If you want to take a stab at non-dairy yogurt, check out this recipe for soy milk yogurt or this recipe for make-your-own almond milk yogurt.

Choosing a starter.
A “starter” contains the live bacterial cultures that help transform milk into yogurt. You can start a batch of homemade yogurt two ways: from a few tablespoons of store-bought (or previously homemade) plain yogurt, or with a yogurt starter powder. If using store-bought yogurt, pick a plain yogurt (regular or Greek should work fine) that tastes good to you and check the label to verify that it has live, active cultures (this part is very important). Also check to make sure the yogurt doesn’t contain flavors or added sweeteners (like sugar, Splenda, or Aspartame). It’s also best to avoid a yogurt that uses additives or thickeners (like pectin, gelatin, or dry milk powder). Fat content doesn’t matter. Note: These photos are of Stonyfield whole milk plain yogurt. If using previously made homemade yogurt as a starter, it’s best to create only six to eight batches from the original batch. After that, purchase some new yogurt to start all over again with a fresh culture (otherwise, the acidity balance can get off). If yogurt from a homemade batch’s culture doesn’t seem to be setting up right, it might be time to introduce a fresh starter culture.
Powdered starters tend to have set amounts of live bacteria, which allows them to perform consistently (so no worries about acidity balance). They can be difficult to find at some grocery stores but can be found at health food stores or online. Many come in pre-measured envelopes or packets; read the package instructions to determine how much starter to use for a batch of yogurt.
Choosing an incubator.
Toward the end of the yogurt-making process, you’ll need to incubate the mixture for several hours (this step is essential for converting milk into yogurt). The easiest incubation option is to purchase a yogurt maker, which is a no-frills device designed to keep the yogurt at a stable temperature while it incubates. But there’s no need to drop some dough on a yogurt maker if it’s not in the budget. There are several other options for incubating without pulling out the wallet: A thermos, oven, microwave, or slow cooker, and heating pad all work. See the instructions below for further details.
Choosing flavors and toppings.
Flavorings aren’t necessary, but they can certainly spruce up a batch of plain yogurt and appeal to different palates. Flavorings can be added right before the yogurt is served. Sweet options include fresh or preserved fruit, honey, molasses, palm sugar, jam, and flavored syrups. The more daring among us (or those without a sweet tooth), can give savory options a try: Dried spices, diced cucumber or other vegetables, minced garlic, or fresh herbs such as mint, parsley, dill, or basil are all good options. Just use whatever amount suits your taste buds and experiment with what flavor combinations are most appealing.

Recipe: DIY Yogurt

MYO Yogurt minfographic Photos by Perry Santanachote
Makes approximately 4 cups of yogurt. Recipe and instructions slightly adapted from Epicurious.
What You’ll Need:
Before embarking on a yogurt-making adventure, make sure to have these materials on hand:
Heavy, large pot or microwavable container (for warming milk)
Candy thermometer, preferably with clip for attaching to the side of the pot
Large bowl
Small bowl
Whisk or large spoon
Ladle
Storage containers
Incubator (see above)
Cheesecloth and colander for straining (optional, see step #9)
And of course, the actual ingredients:
1 quart (4 cups) milk
3 tablespoons starter (plain yogurt or powdered yogurt starter (see above)
Thickeners (optional, see above)
Flavorings and toppings (optional, see above)
Note: This recipe can be doubled or tripled; simply increase the amount of starter and milk proportionately.
What to Do:
  1. Set up.
    a. Clean and sterilize your equipment, tools, and work surface. There are two ways to do this: Use the “sanitize” setting on the dishwasher, or sterilize everything with boiling water. Set out all the equipment for easy access.
    b. Prepare an ice bath. Simply fill the large bowl or (clean!) sink with ice.
    c. Set up the candy thermometer. Attach it to the heavy, large pot. The tip should be low enough to be covered a bit by the milk, but should not touch the bottom of the pan.
  2. Heat the milk. Add the milk to the large pot, and place over medium heat. Heat the milk until it reaches at least 180 degrees (or begins to boil). Make sure to stir occasionally to prevent a “skin” from forming, and watch to make sure the milk doesn’t reach a roiling boil or boil up toward (or over!) the edges of the pot. (Not into the stove thing? Use the microwave, instead! Place the milk in a large microwave-safe bowl or a large glass measuring cup with a spout (for easy pouring) and microwave it in 2- to 3-minute intervals, until it reaches 180 degrees or boils.)
  3. Cool the milk.
    a. Once the milk reaches 180 degrees, remove it from the heat and allow it to cool to 110 or to 115 degrees.
    b. To speed the cooling process, place the large pot in the ice bath, stirring the milk occasionally. If the milk temperature drops below 110 degrees, return it to the heat.
  4. Add the starter. Once the milk reaches between 110 and 115 degrees, it’s time to add the starter culture.
    a.For yogurt starter: In the small bowl, combine about 1 cup of the warm milk with the yogurt and stir to combine. Add the yogurt-milk mixture to the pot and stir gently until completely incorporated.
    b. For powdered starter: Follow the manufacturer's instructions! This will involve adding the specified amount of powdered culture to the warm milk, and whisking gently until the powder has dissolved completely.
    Note: If using thickeners, add them now, too! To thicken: Whisk in 3 or 4 tablespoons of nonfat powdered dry milk. Or, if using pectin or gelatin, just follow the instructions on the package.
  5. Get prepped for incubation.
    a. First, pour or ladle the warm mixture into a thermos (if going with that method), or a covered heat-safe container (if using the microwave, oven, or crock pot method).
    b.During incubation, you’ll want to keep the mixture at a temperature of 100 to 110 degrees Fahrenheit. Note: If the milk’s temperature drops below this threshold during incubation, it should still be fine; your yogurt just might have a looser texture.
  6. Now it’s time to incubate.
    a. If using a thermos: Simply warm up the inside by swirling around hot tap water inside before adding the yogurt. (Pour out the water first, obviously!). Wrap the container in a towel or blanket and leave it somewhere that it won't be disturbed.
    b. If using the oven: Warm the oven to about 115 degrees (if your oven doesn’t have a low temperature setting, just set it to the lowest temperature possible and allow it to heat up for a bit). Turn the oven off. Set the container in the oven.
    c. If using a crockpot: Heat the crockpot to about 115 degrees, then unplug it. (If it only has high and low settings, just use one of them to get the pot warm, and then turn it off.). Wrap the yogurt-filled container in a towel and let it sit, covered, inside the crock pot.
    d. If using the microwave: Cover the bowl and swaddle it in a few towels to help retain heat. Pro tip: If you have a heating pad, feel free to heat it up and put it underneath or beside the container to further ensure it stays warm.
    e. If using a heating pad: Set the heating pad to low heat and wrap it around the container, or set the covered container on top of the heating pad and wrap a few towels around the container — the goal is to distribute the heat as evenly as possible around the yogurt. This option might be a bit slower than the others; don’t be shocked if the yogurt needs to sit for upwards of ten hours.
  7. Let it set. Five hours is the minimum amount of time required for incubation, but you can safely incubate for longer — even overnight. The longer the incubation period, the thicker and tarter the yogurt. After five hours, the yogurt is basically “done” when you want it to be. The texture should be creamy, and the flavor will be tart. Take a taste! If you like it, stop incubating. If you’d like it to be tangier, let it incubate for a few more hours. If you want the yogurt to be thicker, follow the instructions in step #9 once you’ve finished incubating. Note: Do not disturb or jostle the yogurt during incubation.
  8. Strain the mixture (optional). Now, if you want to make a thicker, Greek-style yogurt, follow these steps (if you want to keep it traditional, skip to the next step!). For thicker yogurt:  After incubation, spoon the yogurt into a cheesecloth-lined colander set over a bowl Cover with plastic wrap and let it drain in the refrigerator for at least one hour or overnight (probably closer to overnight). If you want extra thick yogurt — think Fage- or Chobani-esque — use a double layer of cheesecloth or a coffee filter, and allow the mixture to strain overnight. Discard the whey that drains out of the yogurt (or reserve it for another use!).
  9. Transfer the yogurt to storage containers. Covered glass, ceramic, or plastic containers work well. Or just cover the yogurt in the bowl and refrigerate until cold (about 2 to 3 hours). If you used a thermos to incubate, be sure to transfer the finished yogurt to a non-insulated container for chilling so the temperature will drop.)
  10. Add flavorings (optional). After the yogurt has fully set and cooled, feel free to add flavorings and mix-ins! Or, store plain and top with extras right before serving.
The yogurt should last for approximately two weeks, though it will have the best flavor during the first week and will become more tart as it ages. If more whey separates out of the yogurt while it’s in the fridge, just stir the whey back in before serving. Enjoy!

Have you made your own yogurt? Got any tips for the newbies among us? Share in the comments below, or get in touch with the author on Twitter @LauraNewc

大選逆風影響‧睦興旺展望難評斷

Source: http://biz.sinchew.com.my/node/72081


(吉隆坡22日訊)睦興旺工程(MUHIBAH,5703,主板建築組)旗下造船部門在沉寂多時之後,最近終於迎來一項總值2億1千600萬令吉的造船合約,分析員認為這是正面進展,惟由於大選逆風影響,該股中期仍難被重新評級。
同時,該股在昨日飆漲18%,利好因素已大致反映在股價上。
睦興旺工程獲得SILK控股(SILKHLD,5078,主板基建計劃組)子公司Jasa Merin公司頒發訂造3艘錨定處理拖船(AHTS)的合約。同時其62%股權子公司輝高(FAVCO,7229,主板工業產品組)宣佈在今年2月和3月收到4項總值共7千880萬令吉的採購訂單或意向書。
聯昌研究表示,睦興旺工程旗下造船部門獲得新合約是好消息,該部門在2012年表現沉靜。由於油氣領域缺乏AHTS船,因此早已預期該部門的訂單將回升。
假設稅前賺幅為20%,此訂單估計在2013年貢獻1千200萬令吉盈利及2014年貢獻1千400萬令吉。
由於聯昌已假設該公司今年可贏得10億令吉新合約,因此目前保持盈利預測不變。
總訂單達25億
整體而言,睦興旺工程的造船訂單提高88%至4億6千萬令吉,以及起重機訂單增加12%至7億1千300萬令吉,令該集團總訂單達到25億令吉。
該公司在去年第四季因亞洲石油中心(APH)計劃而作出2億4千500萬令吉撥備,令股票面對賣壓,如今重新回到投資者的投資雷達上。
上半年合約流入缺乏可見度
聯昌研究將該股目標價從87仙調高至1令吉24,惟隨著睦興旺工程股價週四大漲18%至1令吉17仙,聯昌建議投資者退居場外。由於今年上半年合約流入缺乏可見度,以及大選風險可能限制該股被重新評級,因此保持“守住"建議。
睦興旺工程今日股價回軟,閉市時下跌5仙至1令吉12仙。(星洲日報/財經)

未完成订单增至42亿 双威3年盈利看涨

Source: http://www.nanyang.com/node/519362?tid=462


(吉隆坡21日讯)分析员认为,双威(Sunway,5211,主板产业股)获颁吉隆坡城中城(KLCC)价值3亿400万令吉的停车场建筑合约后,未完成的订单因此增至42亿令吉,加强了公司2至3年的盈利能见度。
双威是透过独资子公司———双威建筑私人有限公司,获Cititower私人有限公司颁发上述合约,后者是KLCC控股有限公司和QD亚太有限公司的联营公司。
建筑工程的范围包括挖掘、建筑和安装地下连续墙、打桩工程,以及建筑6层地下停车场和相关工程,建筑期约178个星期。
马银行投资银行分析员说,继双威线巴士捷运系统(BRT-Sunway Line)项目后,这是双威今年赢得的第2项大型建筑工程。
“假设净赚幅达6%,我们预计在2013至2016财年期间,可为公司带来1800万令吉的净利贡献(每股1.4仙)。”
净利预测维持
由于分析员预估双威在2013财年会赢得18亿令吉的工程,因此,目前仍维持净利预估。
兴业研究分析员则表示,双威在少过3个月内,建筑订单增加12亿5000万令吉,目前未完成订单达42亿令吉。再加上27亿8000万令吉未入账产业销售,公司未来的净利看涨。
“双威持续完成建筑工程、谨慎寻求地库、及时针对市场推出合适产品,加上在依斯干达区拥有策略性地库,我们因此看好该股。”
地质特殊工程难度高
丰隆投资研究分析员认为,考虑了地下停车场的深度和岩溶石灰岩地质,就技术而言,这个项目充满挑战。
不过,双威是下层结构和地质技术方面的专家,分析员相信,该公司可以克服潜在的执行风险。
艾芬投资银行研究分析员正面看待双威获颁合约,预测建筑业务占2013财年净利的14至15%。
另外,根据分析员预测,双威额外赢得2亿令吉的合约,公司2013至2014财年的净利会增加1至1.5%。
“我们相信,近期依斯干达区的正面发展、以依斯干达区发展为主的发展商获上修评级,依斯干达海滨控股(Iskandar Waterfront Holdings,IWH)可能上市,因此,双威股价会更接近实际净资产价值(RNAV)。”

Muhibbah, team clinch RM202m deal

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/20130322224759/Article/

KUALA LUMPUR: Muhibbah Engineering Bhd and its two partners have bagged a RM202 million contract to design and install noise barriers and enclosures for Mass Rapid Transit Corp Sdn Bhd.

The contract for Package V1 to V8 was awarded to the Muhibbah-SV-Samjung Joint Venture, Muhibbah said in a filing to Bursa Malaysia yesterday.

The project is scheduled to commence in the second quarter of this year and is expected to be completed by second quarter of 2016, it added.

Friday, March 22, 2013

HONG KONG'S benchmark Hang Seng Index could hit the 50,000 point level by 2015, said Morgan Stanley.

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/921-2013-chinahk/6597-hong-kong-index-to-double-in-2-years

HONG KONG'S benchmark Hang Seng Index could hit the 50,000 point level by 2015, said Morgan Stanley.

That would be more than a doubling of the current 22,234 level.

Performances like Wednesday’s 1% mini spike in the Index would certainly be a nice start to the over 27,000 points still needed in order to reach the US investment bank’s lofty 2015 prediction.


The house went on to say that this year could see the Hang Seng hit 32,000 points under its most bullish scenario – up some 44% from current levels.


It may be hard for many existing Hong Kong shareholders to fully buy into this bullishness as shares have lost around 400 points since the beginning of the year after putting forth a standout second half in 2012.

But despite equities in the Special Administrative Region struggling to regain traction for much of 2013 so far, Morgan Stanley posited four reasons why it believes the Hang Seng is set for a two-plus-year extended upswing, or 120% over recent levels.

Firstly, it said a very loose monetary policy by major industrialized countries continues to buoy both external demand for Hong Kong transshipments as well as boosting asset prices in the city – notably the all-important property sector.

Indeed, despite macroeconomic measures such as China’s “marriage fees” for newlywed homebuyers and Hong Kong’s “non-resident levies” on foreign speculators looking to play the city’s property market – real estate prices in the SAR continue to edge upwards.

While not necessarily good for first-time home shoppers, it does create a stable upside for listed developers, which make up a sizeable percentage of the Hang Seng Index and can thus make or break a bull run on their own merits.

Furthermore, Hong Kong’s most important market – Mainland China – is likely to achieve its healthy and sustainable GDP target of 7.5% this year, thus keeping consumption of goods and services from Hong Kong-listed enterprises on an upward trajectory for the most part.

hs3_11Hong Kong shares have struggled to regain traction of late

Secondly, history has shown that the Hang Seng Index is a strong believer in “Lucky Seven.”

Looking back on post-War Hong Kong, every six to eight years on average the benchmark Index has surged to a new high, including the years 1973 (pre-oil shock), 1981 (recession), 1987 (pre-Wall Street selloff), 1994, 2000 (pre-dot.com bust), and 2007 (pre-Wall Street crash).

Forecasting 50,000 points by end-2015 would not be out of character with the rates of increase seen in the above-mentioned watershed end-bull run years, and would be around 58% higher than the 2007 pinnacle.

Thirdly, the current average P/E ratio is a tantalizingly affordable 11 times.

If this litmus test of value climbs back to historical levels, then a 50,000-point Hang Seng Index is within reach by 2015.

Finally, QDII expansion is putting pressure on Hong Kong authorities to help divert money away from private property investments in the crowded metropolis and balance out the flow of foreign monies into PRC stocks by boosting purchases of Hong Kong-listed shares.

Add to this the fact that in its latest market strategy report on Greater China, the US firm has begun recommending investors reduce holdings in China’s big-four state-owned commercial banks.

That could help encourage a diversion of financial sector investment from A-shares to H-shares.