Booking.com

Booking.com

Favorite Links

Tuesday, May 28, 2013

Analysts say Hua Yang undervalued

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/28/business/13166316&sec=business

PETALING JAYA: Even though its shares have surged 80% year-to-date, developer of affordable homes Hua Yang Bhd remains a favourite of analysts due to its perceived undervaluation.

The stock whipsawed between an intraday high of RM3.07 on May 20, two days before the release of its fourth quarter 2013 financial results, to RM2.72 last Thursday.

But it rebounded strongly yesterday, closing 19 sen higher to RM2.91 with 1.42 million shares traded, giving it a market capitalisation of RM576.2mil.

TA Securities urged investors to “think twice” before taking profit on Hua Yang, citing its potential double-digit earnings growth, new landbanking activities and undervaluation relative to other small to mid-cap property firms.

Kenanga Research flagged Hua Yang’s exposure to Johor and the resilient affordable homes sector as catalysts, adding that the company’s fiscal 2014 is poised for 52% and 26% growth in sales and earnings, respectively, backed by a record-high launch target of RM1bil and unbilled sales of RM523mil.

“We also like its ability to source landbank at competitive costs and maintain its pricing strategy within the affordable range while preserving decent gross margins of 35%.

“Coupled with a decent dividend yield of 4.9%, we reiterate our outperform call on Hua Yang with a target price of RM3.52,” it said.

Hua Yang’s net profit and revenue improved to RM17mil and RM102.4mil in the three months to March, up 30.8% and 21.5%, respectively, over the same period in 2012.

For the year ended March 31, it posted a 33% rise in both net profit and revenue to RM70.5mil and RM408.7mil, underpinned by its flagship and on-going projects like One South, Taman Pulai Indah in Johor and Bandar Universiti Seri Iskandar in Perak.

Its gross profit margin increased to 37% while net profit margin dropped slightly on the back of a one-off RM20mil consulting fee incurred for the en-bloc sale of a retail block in One South. Its sales moderated to RM401.5mil versus RM519.7mil in the year prior because it held back new launches before the elections.

The company is expected to register better sales of RM613mil and RM754mil during fiscal 2014 to 2015, according to Kenanga Research.

Hua Yang is also said to be eyeing pocket landbank in Klang Valley and is in the midst of finalising a deal. “Its strategy is to focus on high density, which allows more flexibility in pricing housing units below RM500,000 per unit within populated areas. Hua Yang is currently well-positioned to embark on more acquisitions as its net gearing is at a low level of 0.26 times, meaning it has the capacity to borrow up to RM125mil based on its comfortable net gearing of 0.6 times.

“If so, the group can replenish up to RM1.2bil worth of new GDV, assuming similar parameters to its recent Puchong land acquisition where land cost made up some 10% of GDV. This provides the company decent room for growth as management intends to replenish about RM600mil in new GDV per annum to ensure healthy earnings growth of 20% year-on-year,” Kenanga Research explained.

TA Securities believes Hua Yang is on track to achieve its internal target of RM800mil revenue by 2018. The developer has RM3.7bil in outstanding GDV to last for eight years.

TA Securities also raised its earnings forecast for Hua Yang’s fiscal 2014-2016 by between 1.2% and 9.4% and target price to RM3.96, calling it the research house’s top pick in the property sector.

“All in, we believe Hua Yang share price is undervalued on two counts. First, the forward price-earnings ratio of 5.7 times and 4.5 times based on respective fiscal 2014 and 2015 earnings are unjustifiable against the strong earnings growth of 27%-34% over the next two years. Second, the compelling net dividend yield of 5.3% to 5.9% based on a payout ratio of 26% to 30% suggests further upside to the current share price and the reward to shareholders could be decent as compared with other property stocks,” TA Securities said.

Saturday, May 25, 2013

耐慕志海外新订单 下半年贡献盈利

Source: http://www.nanyang.com/node/536147?tid=462

(马六甲23日讯)由于接获海外新订单并将在下半年开始贡献,耐慕志(Daibochi,8125,主板工业产品股)预测2013财年海外业务的盈利将快速增长。

耐慕志董事经理林树坤表示,海外业务向来为集团贡献40%营业额,而主要出口市场为东南亚和澳洲。

“对于跨国公司的要求我们并不陌生,近期,我们获得著名饮食跨国公司的新订单,供应拉伸包装的合约,预计将在下半年开始贡献。”

因此,耐慕志相信,海外业务对集团营业的贡献,将在2年内提高至50%比重。

另外,林树坤也披露,马六甲的新厂房在今年第二季已开始动工,首阶段的工程预计在2013年末季完成。

该公司已经拨出4500万令吉资本开销,直到2016年。

“新厂房正合时宜,好让我们有足够的产能,应付不断增长的中长期需求。



成隆机构易名丽阳机构

Source: http://www.nanyang.com/node/536160?tid=462

(吉隆坡23日讯)成隆机构(Dijacor,5407,主板产业股)正式易名“丽阳机构”(Tropicana Corporation Bhd)。
透过一项文告,成隆机构集团执行副主席丹斯里陈志成说:“为了进一步反映公司方向以及旗下旗舰计划,我们决定依赖我们最强劲的资产,将公司易名为丽阳机构。”
陈志成表示,20年前,成隆机构以“丽阳高尔夫球度假村”(Tropicana Golf & Country Resort)推出首个度假型住宅产业计划;自此,“丽阳”(Tropicana)已经成为成隆机构标志,公司之后许多发展计划也沿用“丽阳”品牌和概念。
公司新名称已在今年3月13日获得马来西亚公司委员会(CCM)批准,股东也在5月21日召开的股东特别大会上通过了易名提案。
公司也推出包含丽阳商标的全新企业标志,更将网址改为http://www.tropicanacorp.com.my,以反映转型、新方向和旗下旗舰计划。


Friday, May 24, 2013

大选风险消除合约陆续颁发 建筑业进入振奋期

Source: http://www.nanyang.com/node/535950?tid=462


(吉隆坡22日讯)随着大选高风险已散去,分析员看好建筑领域工程合约,将在下半年陆续颁发,进而上调该领域评级至“增持”。
根据大马统计局日前公布数据,今年首季建筑领域总建筑工程价值按季滑落5.4%,至209亿令吉,但按年表现却增长18.4%。
其中,有38%为土木工程、32%为非住宅建筑物、25.8%为住宅建筑物,而剩余的4.2%为特别贸易。
另一方面,建筑领域在国内生产总值(GDP)占14.7%,低于去年同期的14%。
但分析员相信,下半年将会有强劲的建筑工程流出,随之激活整个建筑领域。
鉴于大选因素的影响,分析员也注意到4月份颁发的建筑合约总值,仅达18亿6000万令吉,相较于3月份的29亿6000令吉,下滑了37.2%。
“由于国内大选风险已散去,我们相信,对于所有建筑业者而言,目前已经进入令人非常振奋的时期。”
股价选后飙高
在某个程度上,分析员预测,将有更多工程合约将颁发。
在投资者胃口被扩大之际,建筑股股价也在大选后的第1周,立即飙升了10%至15%。
分析员点名的重大工程计划,例如敦拉萨国际贸易中心(TRX)的土木工程,已在4月份颁发给WCT(WCT,9679,主板建筑股),相信此计划将在下半年继续为建筑领域带来更多合约,预期该土木工程和低层的成本,约为10亿令吉。
此外,其他可能在今年颁发的工程计划,还包括金马士-柔佛双线铁路(总值80亿令吉)、冷岳第2污水处理厂(30亿令吉)、提炼与石化工业综合发展计划(RAPID)等。
由此,分析员把建筑领域原先的“中和”评级,上调至“增持”。
同时,给予金务大(Gamuda,5398,主板建筑股)、金轮企业(Kimlun,5171,主板建筑股)及宏洋控股(Benalec,5190,主板建筑股)“买入”评级。




Daibochi expanding exports to S-E Asia and Australia

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/24/business/13154194&sec=business

MALACCA: Daibochi Plastic and Packaging Industry Bhd, a leading flexible packaging provider based here, plans to expand its overseas markets further, targeting South-East Asian countries and Australia.

Managing director Thomas Lim said this was in light of the new sales orders, which were expected to materialise in the second half of the year.

“The overseas sales typically constitute 40% of group revenue. Equipped with the knowledge and experience, we are certainly building on our positive reputation to expand our footprint even further in regional markets,” he told Bernama after the company’s AGM.

He said Daibochi had been no stranger to serving the requirements of multinational companies (MNCs) based in Malaysia and overseas in the past decade.

He added that the company had recently secured new orders for the regional supply of flexible packaging for a notable MNC in the food and beverage (F&B) sector, which is targeted to contribute in the second half of the year.

“We believe that this would be instrumental in allowing us to grow our overseas revenue,” he said.

With this development, Lim believes the company would be able to derive 50% of group revenue from its overseas markets in two years.

Daibochi supplies laminated flexible packaging to global players such as Nestle and Cadbury in the F&B sector; Coles and Woolworths in the fast-moving consumer goods sector; and specialty brands such as Purina and Fonterra.

Lim also said that the group had begun construction works on its new facility, Daibochi Films, in the second quarter of 2013.

The company had earlier announced the purchase of a 2.08ha land in the Jasin Industrial Park for the purpose of building the new factories, and had allocated a total of RM45mil in capital expenditure until 2016 to be invested in the new facilities.

“We are pleased that works on the new facilities are progressing as scheduled, with the targeted completion of the first phase by the fourth quarter of 2013,” he said.

Lim is optimistic of the company’s prospects, as the new facilities would be timely in affording it sufficient capacity to fulfil the anticipated growth in sales orders in the near to long-term. — Bernama

Thursday, May 23, 2013

新车款刺激销量 汽车业增长势头稳健

Source: http://www.nanyang.com/node/535711?tid=462


(吉隆坡21日讯)尽管4月份汽车总销量走软至5万2489辆,但仍企于5万辆以上健康水平,券商遂维持汽车领域“增持”评级。
马银行投银分析员还维持今年汽车销量预测,并重申“买入”陈唱摩多(TChong,4405,主板消费产品股)与MBM资源(MBMR,5983,主板贸服股)及“守住”合顺(UMW,4588,主板消费产品股)。
除了万事达(Mazda)汽车销量按月增4%之外,大多数非国产车的销量均滑落。
分析员说,4月最大输家是本田(按月跌35%,按年涨49%),其次是福士伟根(按月跌31%,按年挫40%)及日产(按月减25%,按年升56%)。
第二国产车撑场
他续称,4月的汽车总销量仅靠第二国产车支撑(按月与按年分别扬9%及24%),归功于该公司为全新的S系列型号,落力推动大型销售活动。
对于5月总销量,分析员说:“我们估计会稍微回弹,以及由年初推出新车款支撑。”
尽管调整后的国家汽车政策尚未出炉,但他预计,近期的销售趋势将继续维持在5万辆以上水平。
“我们预计这个调整后的国家汽车政策,主要是应对现有的问题,包括大马汽车领域的方向、入口汽车与组件的税务与关税架构,以及即将于2016年届满的汽车入口准证(AP)系统。”
首选陈唱摩多
在汽车股当中,分析员首推陈唱摩多,主要是该公司在现财年首季取得强劲的汽车销售额,让其盈利增长潜能备获唱好。
他也非常看好MBM资源,并在该公司公布业绩之前,把2013至2015财年盈利预测,上修2%至14%。
“日元走低可让该公司节省不少成本。同时,其全新铝合金轮毂厂将从2014财年起,带来额外盈利贡献。”
另外,分析员暂时给予合顺“守住”评级,主要是该公司的石油与天然气业务新上市(IPO)还未定价。
截至目前,汽车业者的股价表现走势凌厉,取得双位数增长。
分析员相信,陈唱摩多和MBM资源将可获得上修评估的机会,因为汽车销量高企,让两家公司拥有稳定的盈利增长潜能,以及可从日元贬值中受惠。

Hong Kong Ready To Release The Bulls?

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/921-2013-chinahk/6868-hong-kong-ready-to-release-the-bulls

ONE INVESTOR is very bullish on Hong Kong shares, and even gives one in three odds that the benchmark index will more than double by the end of 2015.

A Morgan Stanley analyst recently told a large gathering of fund managers gathered in the Special Administrative Region (SAR) that the Hong Kong’s benchmark Hang Seng Composite Index reaching the 50,000 point level by the end of 2015 was not out of the realm of possibility.

That is likely the most bullish forecast out there by any research house, and would represent a nearly 117% surge from present levels if realized.

The Hang Seng Index closed last week at 23,083, having recessed on Friday to commemorate Buddha’s birthday.

The benchmark tracker of shares is currently up nearly 22% from year-earlier levels, and has added around 2% since the beginning of 2013.

The analyst got a lot of attention from conference attendees not only for making the bold prediction that Hong Kong shares could more than double in value in just two and a half years.

But he also gave listeners a lesson in history, saying that market behavior over the Hang Seng’s 44-year history pointed to another possible major bull run on the horizon.

Despite many scoffing at the bullish prediction, especially given the sluggish economic recoveries in the US and Europe as well as slower-than-expected growth in Mainland China, there is precedent for prolonged bull runs over the Hang Seng’s history.

Hong Kong shares' recent performance. Source: Yahoo Finance

The most previous example was between late 2008 and early 2011 when the Index added 121%, getting its start just as the full extent of the Wall Street meltdown became fully known.

Prior to that run, Hong Kong’s stock market skyrocketed some 132% between early 2005 and late 2007.

When pressed by the curious onlookers for some odds-making, the analyst said the likelihood of another such triple digit percentage-point increase by end-2015 becoming reality was around 33%.

He added that the Hong Kong authority’s ongoing attempts to control property price inflation and speculation are having a positive knockdown impact on equities as investors exit real estate projects and dump more money into the local stock market.

Hong Kong’s bourse is heavily populated with H-shares, which are PRC-based firms selling shares in the SAR.

Therefore, as goes the Mainland Economy, so goes the Hang Seng Index.

The new national government in Beijing is repeatedly pushing for more pro-growth policies and urging greater tapping of China’s 1.3 billion consumer strong domestic market,

It therefore only stands to reason that barring unforeseen external shocks, Hong Kong shares – whether local equities or H-shares – will benefit across the board from healthy growth in the world’s most populous country.



Wednesday, May 22, 2013

5 Ways Money Can Buy Happiness

Source: http://my.entertainment.yahoo.com/news/5-ways-money-buy-happiness-131502088.html

Psychologists have been busy testing the premise that money can't buy happiness. Nobel prize-winning economist Daniel Kahneman has garnered lots of attention with research that says this largely is true. Beyond about $75,000 in annual income - enough to fund a moderately comfortable lifestyle - more money does not make people much happier, he said.

Not so fast, say two young academics. Elizabeth Dunn, an associate professor of psychology at the University of British Columbia, and Michael Norton, an associate professor of marketing at Harvard Business School, have written a new book called "Happy Money: The Science of Smarter Spending." In the book, they make a persuasive case that money does have the ability to buy happiness, and it's not how much money you have that matters, but how you spend it.

Much of the "money can't buy happiness" school of behavioral thought rests on a concept called hedonic adaptation: The human brain rapidly adjusts to what it senses. What's new today becomes ho-hum tomorrow. And so it is with material acquisitions. That shiny new car gives us immense happiness when we drive it off the lot. But we soon get used to it, and it ceases to provide much happiness. Ditto for other possessions.

Hedonic adaptation extends to human relationships. The torrid romance gives way to the memorable honeymoon, which is followed by the exciting early years of marriage and then often succeeded by a reality in which even the strongest marriage may become routine to both members of the happy couple.

The path to happiness, Dunn and Norton say in their short and engaging tour of the happiness landscape, is, in effect, an end run around the brain's adaptive power. They cite a wealth of research supporting the notion that we should spend money on a range of things besides material goods and services that the brain can adjust to. They also include solid examples of how people and organizations employ these principles to increase satisfaction and happiness.

In a jargon-free and anecdotal guide (hedonic adaptation is my phrase, not one you'll find in their book), the authors say, "Shifting from buying stuff to buying experiences, and from spending on yourself to spending on others, can have a dramatic impact on happiness." They set forth five key principles for what they call "happy money."

1. Buy experiences. The brain doesn't adapt as successfully to experiences. While things may wear out their welcome, experiences can provide increasing benefits over time. A memorable trip takes on even more luster with the passage of time. Even an unpleasant adventure may produce stories that grow in value as the years pass. The happiest experiences usually involve other people we care about, and thus tap into human beings' greatest source of meaning - social interaction.

2. Make it a treat. "Abundance, it turns out, is the enemy of appreciation," the authors write. Using your money for surprises can be a great way to produce happiness and bypass the brain's basket that collects and negates the benefits of the predictable and routine. Better still, it's possible to change the way we make even repeated material purchases and turn them back into the treats they were when you first began buying them. Human brains love surprises. Like other principles on the list, the happiness impact of treats can be amplified if they are produced using multiple principles.

3. Buy time. Having more time is a form of wealth that can be used to "buy" more happiness. So it can make sense to spend money to create both the reality and, of equal importance, the perception of what Dunn and Norton describe as "time affluence." It also turns out that giving away our time, through volunteer work for example, can make us feel even more time-affluent. We have time to spare. It's literally possible to buy more time by spending money on time-saving products and services. But the book also makes a strong pitch for spending less time on two of the least happy uses of time - television and commuting - and spending more time with family and friends.

4. Pay now, consume later. This principle is particularly appealing to me because it turns the basis of our debt-loaded "buy now, pay later" consumption economy on its head. Spending money is, literally, a pain to our brains. That's one major reason credit cards are so alluring; they separate the purchase from the pain.

But it turns out that paying in advance for something you will consume in the future does the same thing and turns the actual purchase into something our brains regard as being free. Buying pleasurable things and experiences ahead of time - such as a weekend spa getaway or vacation - also frees our minds to imagine all sorts of wonderful outcomes, and this anticipation can add to our happiness. Finally, it's also true that laying out the money ahead of time is an effective check on overspending. So we can get more happiness and spend less money.

"Because delaying consumption allows spenders to reap the pleasures of anticipation, without the buzzkill of reality," the authors say, "vacations provide the most happiness before they occur."

5. Invest in others. "Spending money on others provides a bigger happiness boost than spending money on yourself," Dunn and Norton write. They also cite research that this is not restricted to materialistic societies but is also true in relatively impoverished countries.

"The principles we've outlined should not be considered as independent from each other," they say. "You shouldn't either buy experiences or invest in others, but rather think about applying as many principles as you can in your daily spending. It's even possible to apply multiple principles with a single purchase."

Spending on others, to cite one example, can provide the biggest happiness bang for the buck when people invest in others in a way that connects them to other people and especially to other people they care about.

Turning the money you spend into happy money is hardly an automatic process. We have lots of inflexible spending requirements and habits and think things such as fancy homes and cars bring us happiness when research shows they don't.

"For one week, keep track of all the money you spend," Dunn and Norton suggest. "Rather than grouping your expenditures into the traditional categories used by the Bureau of Labor Statistics, try putting them into categories according to our five spending principles. Then take a close look at all the discretionary income you've spent that falls outside these categories - and see how much of it you can forego the following week."

Happy spending!




Plantation player TSH sees breaching 50,000ha by year-end

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/22/business/13140583&sec=business

PETALING JAYA: Plantation player, TSH Resources Bhd, is expected to achieve a significant milestone - breach the 50,000ha of total oil palm planted area - by year-end.

As of last year, its total oil palm planted area was 46,500 hectares.

“This is an important milestone for us after so many years of hard work.

“The group has been growing its plantation land bank size rapidly over the last five Araceli Roiz years.

“And most importantly, 60% of the total planted areas consist of immature trees as well as young trees.

“Thus, we expect our production will reflect a significant increase from this year onwards.

“For 2013, we expect our fresh fruit bunches (FFB) to grow at least 30% over last year,” group managing director Datuk Tan Aik Sim told reporters after the company's AGM yesterday.

TSH's overall FFB production grew by 6% to 424,700 tonnes last year.

Chairman Datuk Kelvin Tan further explained that the company expected a positive growth story going forward as the company still has a lot of unplanted areas in its total landbank.

“About 60% or 61,000 hectares of our land bank has yet to be planted.

“We still have plenty of land to grow oil palm plantations and that's where the growth will come from.

“And I am also very proud that we will achieve 50,000 hectares of total planted area this year that will make us as a significant player in the industry,” he said.

With its total planted area and land bank located in Malaysia and Indonesia, TSH Resources is considered a mid-size player in the palm oil industry.

Additionally, Tan said TSH also planned to increase its milling capacity to reach three million tonnes per annum by 2018.

Currently, TSH's capacity stood at 2.2 million tonnes per annum from six palm oil mills in Sabah and Indonesia.

“We build a new palm oil mill every alternate year and that includes this year,” he said.

On the outlook for the crude palm oil price, Tan said many industry experts predicted that the CPO price would recover to RM2,600 to RM2,800 per tonne level in the second half of this year.

Three-month CPO futures price stood at RM2,327 per tonne at press time yesterday.

“Factors that are expected to support the increase in CPO price are the wide discount between soy bean oil and CPO prices as well as healthy consumption demand,” he said.

On dividend, Tan said the company would continue to pay up to 30% of its net profit to its shareholders.



Dijaya Q1 profit soars, confident going forward

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/22/business/13143026&sec=business


PETALING JAYA: Dijaya Corp Bhd’s net profit jumped to RM43.8mil for its first quarter ended March 31, compared with the RM12.3mil recorded in the previous corresponding quarter.
Revenue surged to RM305.3mil from RM117.8mil previously.
“We are confident of sustaining our growth momentum, underpinned by our high unbilled sales of RM1.1bil as at March 31, 2013, and our RM3bil worth of new launches in the current financial year. These new projects are located in prime locations within Iskandar Malaysia, Greater KL and Penang island,” said group chief executive officer Datuk Yau Kok Seng in a statement.
He said the company was highly encouraged that upcoming launches such as Tropicana Gardens and Tropicana Metropark in Greater KL were seeing strong interest, with bookings in excess of 70% even before their official launch.
Group managing director Datuk Dickson Tan said the group was going through its strategic transformation phase, where it was implementing its strategy to unlock the value of its property landbank, strengthen its balance sheet through a proactive degearing exercise and create a clear corporate identity with its rebranding efforts.
“We aim to deliver not only a quantum leap in our earnings, but also to elevate Dijaya into a formidable property group with strong brand equity in the coming year,” he said.
Dijaya recently acquired a piece of prime land in Canal City, Selangor, and has effectively expanded its existing undeveloped landbank from 323ha to 809ha, with future gross development value rising to potentially RM70bil from the current estimation of RM50bil.
Shareholders at its EGM yesterday also approved its change of company name to Tropicana Corp Bhd.



MIDAS: "Second Half Should Be Significantly Better"

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/6874-midas-qsecond-half-should-be-significantly-betterq

I HAD A good meeting with the management of Midas late last week.

My key findings are as follows:

a) the bulk of the Q1-2013 loss came from its associate Nanjing SR Puzhen Rail Transport Co - similar to its loss in Q1-2012 and was due primarily to fewer trains being delivered.

b) Midas has a healthy order book of more than RMB8bn of which RMB1.5bn is its own and another RMB7bn from its associate Nanjing SR Puzhen Rail Transport Co. In 2013 alone, Midas has secured about RMB400mn in new orders while its associate has secured contracts of about RMB1bn.

c) A typical contract for Midas and its associates lasts about 24 months - so we can expect better revenue and profit in the coming quarters.

d) group gearing is now about 34% and should rise to just over 50% in 2013 as its completes its RMB600-800mn capex upgrade

e) current utilisation is around 40% which gives Midas the much needed capacity to accept and deliver new high speed train orders as and when they are tendered out.

f) no issue with its receivables which are usually from the Rail and now Transport Ministries. No provisions are required and they expect that the aging of these will fall back below the 12 month level in 2013 now that the Ministries have been recapitalised.

g) China Zhongwang is not a direct competitor although its also in the aluminium extrusion business. In terms of capacity its about 20 times bigger than Midas with annual output of up to 1mn tonnes compared to 50,000 tonnes for Midas. Its trading at about 5-6 times PER according to Bloomberg. The initial euphoria surround ZhongWang has subsided and it would appear on valuation terms that its doesnt enjoy the same investor confidence as Midas.

h) Midas like us.....continues to wait for the release of high speed train orders which are long overdue and behind schedule. The delay is linked to the formation of the new Ministry of Transport and also that new China President Xi Jinping is more concerned with tackling corruption which may in the short term slowdown its pump priming activities.

Conclusion

My key conclusion is that there is no change in the reasons and rationale for recommending Midas which remains undervalued. The Q1-2013 results although reflecting a loss does not detract from its growing and more healthy order book which should start to kick-in in the second half of 2013.

I still like the stock and see this weakness as a good medium term buying opportunity. Remains as a Stock Pick.



GIC Says returns on stocks and bonds to lower in next 10 years

Source: http://www.theedgesingapore.com/the-daily-edge/business/43979-gic-says-returns-on-stocks-and-bonds-to-lower-in-next-10-years.html

Government of Singapore Investment Corp., which manages more than US$100 billion ($125.6 billion) of assets, said lower returns on bonds and stocks in the next 10 years are a concern for investors.

The average annual return on bond yields will be about 1.9% over the next decade, while equities may offer a 1.6% median real return a year during that period, said Lim Chow Kiat, chief investment officer of the fund, citing different portfolio models.

“The current low level of asset yields is a concern,” Lim, who assumed his position in February, said at a conference in Singapore today. “No one can predict when the end game will be, but we can prepare for it.”

Central banks are putting downward pressure on benchmark borrowing costs, leading investors to seek higher-yielding assets outside of government bond markets. U.S. 10-year rates fell to an all-time low of 1.38% in July, and the Standard & Poor’s 500 Index rallied to a record this week.

Investors have had “largely good returns” over the past three decades, Lim said, adding that they are seeing the latest part of a 30-year credit expansion cycle with low interest rates.

“We see bubbles everywhere,” Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said on Bloomberg Television last week. “As long as the Fed, and the Bank of Japan and other central banks keep writing checks and don’t withdraw, then the bubble can be supported.”

NEW OPPORTUNITIES

GIC said in July its cash allocation almost quadrupled to 11% of its portfolio in the year ended March from 3% a year earlier. Stock holdings fell to 45% from 49% as it pared equities in developed markets, while bond investments dropped to 17% from 22%, it said in its annual report.

The so-called 20-year annualized real return was 3.9% as of March 2012, unchanged from the previous year, it said. The annualized nominal rate of return in U.S. dollar terms was 3.4% over five years, 7.6% over 10 years and 6.8% over 20 years, it said. The fund, which doesn’t report an annual return or disclose the actual size of its portfolio, will release its next performance figures in July.

“As price of risk assets improve, there are more pressures and temptations to reach out,” said Lim, 42, who previously oversaw GIC’s investments and relationships in Europe, Africa and the Middle East.

Lim said there are investment opportunities in technology, such as China’s growing online retail market, as well as the rising middle class in emerging economies. About one in two middle-class consumers will come from Asia within seven years, he said.

“Though valuations are not low currently, longer-term prospects are not to be missed,” he said.

GIC is ranked the eighth-largest government investment fund globally by the Sovereign Wealth Fund Institute, which estimates it manages US$247.5 billion.

Tuesday, May 21, 2013

股海宝藏:依华建台落后大市建筑股

Source: http://www.nanyang.com/node/535247?tid=702


依华建台(Sendai,5205,主板建筑股)在现有的建筑股涨潮中表现落后同侪。
在全国大选之后,建筑股指数从2013至今已经飙涨18.4%,较富时隆综指的4.7%更佳。
建筑股之所以有这么好的表现,主要是受到三大因素的推动:1.政府将恢复之前在经济转型计划和第十大马计划下的工程,这使建筑公司可争取到更多合约2.由于订单合约继续增加,使得建筑公司中的盈利增长更佳3.随着全国大选出现对建筑商有利的成绩,他们不必再对前景感到担忧。因此,建筑领域的估值已经回到公司的基本面
在建筑股当中,唯一落后大市的股项为依华建台,因为它的股价自大选后从2013至今不涨反跌1.5%。
依华建台是一家架构钢铁专家,它的业务主要分布在我国、中东和印度。
它通过增持新加坡上市公司———Technics油气有限公司股权至20.1%,从而进军压缩系统和工艺模块领域,预料依华建台2013财政年的盈利将来自这个新的领域。
不明朗因素消除
在大选尘埃落定之后,政府将会恢复经济转型计划和第十大马计划下的大型基建合约。
这样的发展趋势在市场的预料当中,并相信政府会在近期内颁发这些合约,所以建筑公司争取合约的能见度已经提高。
因此,可以预见的,建筑领域将会受到这些利好消息和合约颁发的激励,最先发出的合约相信会是对公众有利的计划,例如捷运和铁道计划。
小型建筑展望更佳
在近期的建筑涨潮当中,大部份大型建筑股都已经接近或达到分析员的目标价,以及目前是在综指本益15倍至16倍的水平交易。
因此,随着市场人士对风险承担提高以及游资增加的情况,笔者相信小型/中型和落后大市的建筑股将会受到市场人士的垂青。
被抛售不合理
这主要是因为这些股项仍处在7至8倍的本益比水平交易,所以可以获得风险回酬比率更高。
依华建台拥有庞大的订单合约以及良好的业绩记录,所以被抛售下跌是不合理的。
根据丰隆投行表示,在纳入了依华建台子公司依华建台工程(杜拜)获颁总值8730万令吉的项目,以负责阿塞拜疆巴库新月城的钢铁架构工程之后,依华建台拥有的订单合约总值已经达到16.8亿令吉,这相等于2012财政年营收1.6倍以及订单价值对市值的2倍。
兴业投行表示,随着合约纠纷曝光,以及那些涉及中东业务的公司取消工程之后,依华建台的股价面对重大抛售压力是不合理的,因为该公司在中东面对纠纷的未完成工程不大,以及在中东没有面对大型工程取消的情况。
此外,它在整个建筑业的价值链当中处于独特的地位,因为它是钢铁架和特别二手承包商,所以不会面对很高的风险。
中东合约没问题
根据兴业投行,依华建台证实它在过去没有在中东客户有任何重大的合约纠纷。
市场对此感到关注,主要是因为金务大和WCT在卡塔尔的一项高速大道计划的诉讼案中败诉,而分别必须赔偿2740万和2630万令吉。
所以,市场对涉及中东业务的公司存有戒心。
依华建台在过去没有在中东面对任何重大工程取消的问题,而且它没有预见在这方面会遇到很大的风险。
依华建台拥有本身的优势,因为它是钢铁架机构的专业二手承包商,因此,它是在工程的基本土木工程,例如地面清理和打桩工完工后才正式进场。
卡塔尔经济蓬勃发展
这是非常佳的时机,因为基本土木工程完成之后,有关工程取消的几率就降低。
此外,依华建台在中东所负责的工程主要是大厦,基本上不是超过几十亿令吉的工程,所以有关工程由于欠缺资金而取消的几率是非常之低。
依华建台看好卡塔尔的经济发展,因为它举办2022年世界杯,所以它目前正在大兴土木兴建基本设施、建筑物、体育馆和酒店等,以便为世界杯做好准备。
现在它是在兴建大楼以改变市容,接着下来便会兴建体育馆和其他的基本设施和便利,以支援整个世界杯活动。
保持买入评级
投银的报告都喜欢依华建台,因为:
●它在中东拥有良好的立足点,特别是卡塔尔
●它在争取巴生谷的捷运计划也占有优势
●它是钢铁架构专家,可以争取到中东地区的工程计划
●钢铁架构比混凝土架构更受欢迎
风险
●过度依赖使用钢铁架构的大楼建筑工程
●在中东的业务占相当高的比例
免责声明

本文分析仅供参考,并非推荐购买或脱售。投资前请咨询专业金融师。
慧眼 电邮:shares888@yahoo.com 

Monday, May 20, 2013

吸引大型外资基金 马星目标价RM3.80

Source: http://www.nanyang.com/node/534742?tid=462


(吉隆坡17日讯)售前营业额目标增至37亿令吉,加上市值刚超越10亿美元(约30.2亿令吉),正式进入大型外资机构基金的投资雷达,马星集团(MahSing,8583,主板产业股)展望因而持续看俏。
大马研究分析员重申对马星集团的“买入”评级,目标价则上修至3.80令吉。
他说:“我们已除去对净资产值的折现(之前为25%)以反映马星集团优势,也就是说,在大股东丹斯里梁海金的管理下,公司已成为产业领域楷模。”
“梁海金承诺(透过Mayang Teratai)包销一半的4亿令吉3配1附加股(附送免费凭单,3月完成)计划,进一步支撑我们看涨的看法。”
公司计划用附加股计划所筹集的资金购地,特别在巴生谷和柔佛一带;因此,分析员预见未来数月内,购地消息会持续提供动力,带动未来售前销售增长。
37亿产业计划达标
据分析员,计划推出总值37亿令吉产业计划的马星计划目前达标,走在现财年30亿令吉新销售额记录的路途上。
其中,近期刚开放独家预览的The Meridin@Medini获得热烈的市场反应;即将推介的36亿令吉Southville城镇,则已有近1万2000名潜在买家登记。
分析员也不担心马星集团尚未售出的进行中发展计划;截至2012年底,公司总计有12亿令吉的未售出建造中单位,主要来自Icon Residence、M City、Icon City、Kinrara Residence及Garden Residence。
他指出,管理层正积极出售这些单位,过去4个月已售出价值4亿3000万令吉的单位,未售出建造中单位的价值进而降至7亿3800万令吉。
本益比偏低
估值方面,大马研究分析员认为马星集团仍处在评级上调周期的初步阶段,因市值近期刚超越10亿美元(约30.2亿令吉)。
他说:“这表示,马星集团如今已经进入大型外国机构基金的投资雷达,截至4月11日,此类投资者占其股票基础27%。”
“该股还很便宜,2013至2015财年本益比为10至13倍,而且比我们的全面稀释净资产值低23%。”
他补充,未来的产业首次公开募股(IPO)似乎会有更高的估值,有助支撑马星集团股价。
净利预测上修
整体上,他看涨马星集团2013至2015财年表现,预计受发展总值(GDV)达200亿令吉(包括32亿令吉锁定销售额)的产业计划带动,盈利复合年增长率将达26%。
此外,他也将马星集团2014和2015财年的净利预测上修1%至9%。



美股結束13年結構性熊市

Source: http://www.mpfinance.com/htm/finance/20130513/columnist/ed7_ed7a1.htm

【明報專訊】當股市幾乎每天都創出新高時,一種令人不安感似是難以避免。畢竟,投資者到達山頂之後,很自然的就會開始預期,之後會有好一段時間走下坡。但是,在字面上,我們應該怎樣形容這個上山落山的比喻呢?看淡的分析員經常聲稱,在股市高峰之後,往往是大跌市的來臨。

例如,美國股市在2007年10月創出新高之後,很快就累積大跌了57%。而對上一個高峰,則是在2000年3月出現,之後亦累積下跌了37%。而再對上一個高峰,則是在1987年8月出現,同年10月19日星期一,華爾街即出現有史以來最大的股災。道瓊斯指數在一天之內重挫了508.32點,跌幅達22.6%,創下自1941年以來的單日最大跌幅。6.5小時之內,紐約股市就損失了5000億美元,相當於美國當年GDP的八分之一。

當然,這些先例聽起來顯然嚇人。但是,當仔細一看,就會發覺這樣的先例實際上不意味什麼。沒錯,股市每次創出高峰之後,看似都會出現大跌市,但其原因卻是修辭(semantics)上的問題,而不是甚麼金融或經濟問題。

長時間橫行 鋪路創新高峰

顧名思義,高峰就是之前要上一個斜坡,之後要落一個斜坡。若果之後不回落,那算是什麼高峰呢?取而代之會是突破更上一層樓,翻看以往的創新高記錄,股市都曾經過一段長時間的橫行,這是為創新高而不是為大跌市而鋪路。

具體來說,在過去100年間,美國的標準普爾500指數或其前身,就有8次經過長時間的窄幅上落後,而創出新高。這裡所說的「創新高」,我們定義為比之前的最高紀錄要高出至少3%或以上。這8次「創新高」的時間分別是:1924年12月,1954年9月,1963年9月,1967年8月,1972年5月,1980年7月,1982年11月和1989年7月。

所有這些新紀錄,之後都被下一個新紀錄超越,並沒有突然其來的顯著大跌市。最長的3次熊市和窄幅上落是在1908年至1924年,1929年至1954年,以及1973年至1982年,都是為下一次大升市而鋪路。

1924年創新高之後,標準普爾500指數上升了兩倍。1954年創新高之後,又上升了3倍。1982年創新高之後,更上升了幾乎9倍。

科網股盈利追上高預期 美日經濟亦好轉

過去一星期的美國股市,突破了過去13年的窄幅上落,是否可以產生類似上述的壯觀效果?這個問題只有事後孔明的答案。但有幾個理由相信,過去一星期的股市表現,標誌著自2000年3月互聯網泡沫爆破以來的結構性熊市的結束。

第一個理由純粹是時間效應。當股價好像1990年代後期那樣出現過高時,它們都會透過價格和時間來調整。好像微軟、英特爾和亞馬遜的股價,在2000年3月科網泡沫最高峰時是貴得荒謬,但其收入和盈利經過13年來的增長,最終也追上了當年的高預期,它們的股價現在已經變得相當便宜。

第二個理由,則是美國和日本的經濟周期和政治情況看來出現好轉,中國和亞洲大部分地區的經濟增長亦可能穩定在尚算不錯的水平,而歐洲南部經濟停滯不前對世界的影響,則可能不會超過1990年代的日本。這一切都不是確定的,但華爾街的表現表明,周期性情況出現好轉的可能性要大於惡化。

第三個,債券市場已經前所未有地興旺了15年,似乎不太可能繼續興旺下去。

商品黃金前景不佳 股市為唯一選擇

因此,投資者正面對一個進退兩難的局面。他們不能再留守在債券市場上收取微薄的固定收益,因為在現時實質利率為負數的環境下,他們實際上等於蝕錢(除非全世界出現大通縮)。那麼,投資者應該如何部署資本?

商品?這看來並不是一個好主意。因為中國的經濟增長正在轉型至投資沒有那麼密集的形式(這是經過過去十年大幅增加產能投資的結果)。

黃金?過去幾個月的情況顯示,這是一條絕不平坦的道路。更何況,黃金是一種負收益的資產(投資者必須付款來儲存黃金)。對於儲蓄者來說,就只剩下股市。

最後,還有上周討論過的結構性力量的動態平衡問題。現在,大家都充分認識到投資者在2008年金融海嘯之前忽視了的長期挑戰和風險,例如人口老化、債務不可持續地增加、醫療費用不斷上升、實際利率為負數等等。

等牛市明確才入市 往往太遲

但身處危機年代時,同樣很容易忘記了那些在危機之前令投資者和商界領袖感到鼓舞的長期機會。例如,全球將會增加以十億計的消費者和勞動者,環球經濟正在圍繞資本主義和自由貿易而重組;還有電子科技、生物科學以及非傳統能源提供的新產品、新服務和效率。

沒有人可以肯定地說,長期趨勢是否真的轉向這些促進增長的力量。但可以肯定的是,市場往往跑在經濟學家和投資分析員之前,早已察覺到一些結構性變化。當牛市的原因變得很明顯時才入市,通常都已經太遲了。

Pierre Gave

GaveKal亞洲區 研究部主管





Saturday, May 18, 2013

综合业务赚幅走高 马面粉首季转盈1022万

Source: http://www.nanyang.com/node/534449?tid=462


(吉隆坡16日讯)面粉业务及家禽综合业务的赚幅走高,马面粉(MFlour,3662,主板消费产品股)截至今年3月31日首季成功转亏为盈录得1021万8000令吉净利,上财年首季净亏59万8000令吉。
营业额则增加11.60%至5亿2125万8000令吉,上财年为4亿6760万3000令吉;首季每股盈利达1.90仙,上财年同期为0.19仙。
马面粉主席丹斯里阿尔沙阿尤今日出席该公司股东常年大会后透露,正探讨进军面粉厂不多的缅甸市场。
他说:“我们放眼今年内,让面粉制造业务增长5%。成功在印尼联营之后,我们视缅甸为下一个有潜能的市场。”
马面粉透过与PTFKS资本、丰田通商株式会社(ToyotaTsusoho Corp)、丰田通商(新加坡)私人有限公司和印尼PT丰田通商联营成立印尼PT Bungasari面粉厂,已经正式进军印尼市场,它共持有该联营公司的30%股权。
此外,该公司目前也已在越南设有两间厂房。
阿尔沙表示,印尼厂房每日可生产大约1500吨面粉,而整体面粉业务占公司盈利的50%至70%。



Sarawak politically-linked stocks rally Key stocks hit new highs and gain more than 25% over past two weeks

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/18/business/13127371&sec=business

PETALING JAYA: Sarawak-based politically-linked companies have rallied strongly, with key stocks making new highs and gaining more than 25% over the past two weeks since the elections.
Fund managers have been realigning their portfolios by taking positions in stocks deemed to be obvious beneficiaries over the next five years in the resource-rich state following the strong Barisan Nasional win.
Since May 6, the benchmark FBM KLCI has soared 16 points in buoyant trading. Yesterday, the FBM KLCI closed 2.44 points higher at 1,769.16 on volume of 2.11 billion shares. The FBM KLCI touched an all-time high of 1,788.43 on May 14.
Cahya Mata Sarawak Bhd (CMSB) was the leader of the pack among the Sarawak-based stocks, which saw gains over the two-week period. It gained 46% over this period to close 31 sen higher at RM5.11, also the counter’s all-time high. The stock touched an intraday high of RM5.15.
The counter continues to be actively traded, with some 2.83 million shares changing hands yesterday.
CMSB’s market capitalisation has also ballooned to RM1.7bil due to its rising share price.
Analysts said CMSB’s earnings outlook remained bright over the long-term, due to the company’s being the direct proxy of Sarawak’s growth story and in large part being the sole supplier of cement in the state.
It also has exposure to the extremely lucrative Sarawak Corridor of Renewable Energy (SCORE) project through its 20% stake in OM Materials Sarawak.
Moreover, the company has other businesses linked to the state’s development plans including in property, construction materials, quarry and road maintenance.
Property developer Naim Holdings Bhd also emerged as another hot favourite, with its share price rising 27.7% over the last two weeks to RM3.37 on volume of 1.13 million shares as of yesterday.
Naim recently launched a mixed commercial, residential and leisure project in Bintulu with a gross development value of RM2bil.
Naim’s 30% associate, Dayang Enterprise Holdings Bhd, has always been a hot favourite among investors and analysts, with many research houses recommending a “buy” on the stock.
Dayang’s share price has also surged, closing eight sen higher yesterday at RM4.78 on volume of 3.73 million.
The stock touched an all-time high of RM4.95 on May 14.
Hong Leong Research analysts have revised their forecasts to include RM4bil (from RM2.5bil previously) of contract wins from an estimated RM10bil of offshore hook-up and commissioning construction work for Dayang.
This indicates a fair value range of between RM6 and RM9. They like this Miri-based integrated oil and gas service provider due to higher margins, skilled execution and valuation.
Infrastructure specialist Hock Seng Lee Bhd has also appreciated 14% over the past two weeks. It closed yesterday up five sen to RM1.83.The company has some 30 projects in-hand worth close to RM2bil, with more than half being outstanding projects.


Friday, May 17, 2013

If you are Bearish .......

2013年05月16日 

图为最新期《经济学人》杂志封面

Source: http://finance.sina.com.cn/world/20130516/215715490593.shtml

2013年05月15日
图为最新期《巴伦周刊》杂志
Source: http://finance.sina.com.cn/world/20130515/151015472635.shtml

2013年04月30日 
图为最新期《巴伦周刊》封面
Source: http://finance.sina.com.cn/world/20130430/164115319118.shtml

2012年11月09日
图为最新期《巴伦》杂志封面

Source: http://finance.sina.com.cn/world/20121109/140313628475.shtml





建築產託看俏‧雙威合理價上調

Source: http://biz.sinchew.com.my/node/75066


(吉隆坡16日訊)雙威(SUNWAY,5211,主板產業組)為估值被低估的依斯干達發展計劃相關產業股項,加上旗下建築及產業投資信托業務前景看俏,興業研究調高其合理價,並列為首選產業股。
列首選產業股
興業指出,隨著參與依斯干達發展計劃的多家產業公司估值被調升,雙威估值偏低,股價尚有進一步揚升潛能,以拉近與其他同儕估值的差距。
“其他依斯干達產業股,如UEM置地(UEMLAND,5148,主板產業組),吉星機構(CRESNDO,6718,主板產業組),以及大馬發展(DAIMAN,5355,主板產業組)等,它們的2013年財政年預測本益比,分別為25.1倍,10.1倍及12.8倍,比較雙威僅為11.5倍。"
該行認為,雙威不僅估值偏低,它比其他依斯干達計劃股項素質更佳,特別是它過去記錄,管理層能力,以及未來盈利可見度等,可說是無懈可擊。
該行指出,雙威除了建築及貿易業務外,在依斯干達發展計劃也擁有規模不小的發展計劃,占地逾1千800英畝,占其產業發展業務總發展值的57%。
興業指出,雙威的地皮具策略性,接近通往新加坡的第二通道。該公司在米迪尼的土地成本為每平方尺27.23令吉及其餘每平方尺12.69令吉,若以目前依斯干達地區的地價為准,它們尚屬便宜。
該公司手握建築工程訂單創下44億令吉新高,未入賬銷售額為23億令吉。該公司持有34%股權的雙威產業信托(SUNREIT,5176,主板產業投資信托組),一旦雙威布特拉購物中心轉虧為盈,預料明年尾的盈利貢獻會顯著增加。
該行預測其2013年財政年淨利為3億8千300萬令吉,以及2014年則增加至4億5千400萬令吉。
該行將其合理價調高至4令吉28仙(之前為3令吉50仙),或等於2013年預測本益比14.5倍,並給於“買進"評級。(星洲日報/財經)



首谈健康问题 不影响工作生活 谷歌CEO患声带麻痹症

Source: http://www.nanyang.com/node/534137?tid=462


(旧金山15日讯)佩奇是谷歌的形象代表,但这名总执行长却难以为公司发声。
周二,佩奇打破沉默,解释了其中的原因。
40岁的佩奇在公司旗下Google+社交网站上的一篇帖子中写道,他被诊断患有一种非常罕见的声带麻痹症。
佩奇说,14年前的一场重感冒之后,他的一根声带开始出现麻痹,声音一直没有完全恢复,医生也未能找到病因,。
佩奇补充说,去年的一次感冒让他的第二根声带也出了问题,病情因此恶化。他说,不过在此之后,他的情况已经好转。
佩奇说:“虽然我的声音比以前轻了,但我现在完全有能力完成工作和生活中需要做的事。”
他开玩笑说,谷歌的联合创始人布林说我可能成为一个更好的总执行长,因为我在说话时更加谨慎。
佩奇提供了更多关于声带麻痹如何影响了他其他方面健康状况的详细信息。
例如,由于声带影响了他的呼吸,他的有氧代谢能力最高值可能有所下降。
他还说,他的声带问题已经影响了他的甲状腺,他2003年被诊断为桥本氏甲状腺炎,不过他补充说,那是一个很常见的良性甲状腺炎,没有大碍。
这个消息解开了关于佩奇健康状况的谜团。佩奇缺席了去年6月的谷歌年度股东大会以及一些其他活动,此前,这家总部位于加州山景城的公司说他“失声”了,不过,他仍在运营这家公司。
由于此事的相关细节太少,华尔街和其他一些方面猜测,佩奇是否出现了严重的健康问题。



成隆拟私下配售10%

Source: http://www.nanyang.com/node/534147?tid=462


(吉隆坡15日讯)成隆机构(Dijacor,5401,主板产业股)建议私下配售最高缴足资本的10%。
截至今年5月8日,公司缴足股本为8亿6024万8393令吉,包括8亿6024万8393股,每股面值1令吉。
根据文告,公司没有库存股。
成隆机构2009年12月9日发行了1亿5982万3352张凭单,截止日期为2019年12月8日。
因此,公司假设私下配售最高1亿1360万2600股,发售价将在稍后公布。
成隆机构说:“发售价应该会比5天加权平均市价折价约10%。”
成隆机构将以所得资金作为未来收购地库成本与营运资本。

Noble Group falls after quarterly profit slumps

Source: http://www.theedgesingapore.com/the-daily-edge/business/43897-noble-group-falls-after-quarterly-profit-slumps.html

Noble Group, Asia’s largest publicly traded commodity trader by sales, dropped by the most in six months in Singapore after reporting a 62% slump in first-quarter profit.

Noble fell 4.5% to $1.065 as of 10:41 a.m. local time, the biggest decline since Nov. 14, after saying yesterday earnings were dragged down by a loss at its agricultural unit. The stock’s decline compared with the 0.2% gain in the benchmark Straits Times index.

The Hong Kong-based company said yesterday net income was US$41.3 million in the three months ended March 31, down from US$110.1 million ($136.9 million) a year earlier. The results were weighed down by a $66.6 million operating loss at its agricultural unit, Noble said yesterday.

“Problems in its agricultural segment persist,” James Koh, an analyst at Maybank Kim Eng Holdings Ltd. in Singapore, said in a note today. “While we expect this segment to improve as the year goes on, earnings expectations now look too optimistic and structural issues of low sugar prices will continue to hurt.”

He cut his recommendation for the stock from to hold from buy.

“Noble continues to build out its sugar milling capacity in line with earlier guidance, while we expect our agricultural segment to gain momentum as we move into the main harvest periods,” Chief Executive Officer Yusuf Alireza said in a statement yesterday.





Thursday, May 16, 2013

恒寶驚爆疑賬拖累‧紅籌股料續遭冷落

Source: http://biz.sinchew.com.my/node/74739

恒寶驚爆疑賬拖累‧紅籌股料續遭冷落

大馬
熱股評析 2013-05-10 17:24

(吉隆坡10日訊)恒寶全球(HBGLOB,5187,主板消費品組)因爆發賬目問題被列入PN17公司,恐在大馬股市掀起中資股賬目疑雲序幕,令投資者對紅籌股“惶惶不安"。

中資股疑賬風波蔓延至馬

恒寶全球由於外部審查師對該公司截至2012年12月31日為止的已審核財報拒絕給予意見,被列為PN17公司,成為大馬首家中資股爆發賬目問題而被列入PN17公司的案例,令海外中資股的疑賬風波蔓延至大馬。

達投資管理公司投資經理林治汶受訪時表示,中資股的賬目問題在大馬雖無前列,但在國際市場已非新鮮事,相信該不利消息將進一步對大馬的紅籌股雪上加霜。

CHK企業顧問莊學勤博士認為,除非疑賬事件接踵而來,否則,相信紅籌股不至於受到顯著打擊,尤其自從美國、英國和新加坡都陸續爆出中資股的疑賬問題,大馬交易所已對有一定的警惕。

輝立資本首席策略師潘立克則認為,該事件必然導致投資者對紅籌股更加謹慎,但這很可能純粹是個別情況,不足為憂。

小股東監管機構(MSWG)研究和監管部的高級經理黃雲浩表示,大馬投資者對紅籌股早已非常審慎,此次的疑賬問題唯恐再度打擊整體紅籌股士氣。

“其實早在新加坡爆出中資股的賬目問題時,大馬投資者已受到一定的驚嚇。"

目前,在馬上市的中國公司共9家,除恒寶全球,有星泉國際(XINQUAN,5155,主板消費品組)、中汽零件(CAP,5229,主板工業產品組)、中國文具(CSL,5214,主板消費品組)、喜得狼控股(XDL,5156,主板消費品組)、帝星(KSTAR,5172,主板消費品組)、中國歐華(CNOUHUA,5188,主板消費品組)、麥斯威(MAXWELL,5189,主板消費品組)和華運(MSPORTS,5150,主板消費品組)。

上市熱潮降溫

海外中資股屢浮現疑賬風波早已導致大馬交易所嚴謹看待來馬上市的中資股,這也是為何過去兩年,來馬上市的紅籌股已微不足道。

“大馬交易所看來和新加坡交易所一樣,已察覺了一些中資股的問題,並收緊了上市條例。"

林治汶坦言,大馬不能為吸引外資公司而“饑不擇食",交易所也應致力力挽聲譽,阻止類似問題重演。

儘管如此,他提到,大馬交易所應在上市前,對上市公司的賬目作全面評估,尤其針對那些業務不在本地的公司。

他說,一般上,中國公司不在內地上市,就會轉移陣地到香港或新加坡,大馬往往是最後選擇,難免引起投資者的疑慮。

“這不是說大馬的審查制度不夠完善,而是監管當局可能對相關公司的瞭解不夠`深入’。"

他也建議,交易所規定負責相關公司的投資銀行去查證,同時,規定這些投資銀行在發生問題時負起責任。

持大量現金未必穩健

擁有大量現金卻僅以單位數本益比交易,幾乎成了大馬紅籌股普遍的心情寫照,然而,大量現金,似乎不見得是公司穩健的“定心丸"。

一名分析員表示,投資者只能在財報中摸索紅籌股的“錢"途,是投資紅籌股的最大障礙,所以,現金是否只是空洞的數字,是一大問號。

“這些中國公司通常只是來馬籌資,業務都在中國,投資者根本無法掌握實際的中國情況,對公司的瞭解通常只能停留在年報中。"

黃雲浩也提及,在馬上市的中國公司,部份中國銀行並不會回應稽查師有關該公司的財務問題。

另外,若一家公司持有大量現金,卻不願派發豐厚的股息,投資者可能得質疑這些公司是否真的持有這些現金。

“當企業的現金結存激增時,這些公司應給予投資者不派發現金股息的理由。"

值得一提的是,一些中資企業雖已擁有大量現金,但仍會發股籌資,這可能表示該企業的管理層缺乏資本紀律或無法取得持續增長。

此外,若一家企業的資本開支高於尋常,或表示該公司的產能和預算管理不當,更重要的是,資本開支過高往往也與其他問題有關,如虛報盈利。

大股東的股權的易動其實也是投資者應注意的問題,一名分析員以中國文具為例,最近大股東售出很多股,台底下可能潛存一些基本面問題,投資者必須多加留意。

紅籌股仍被低估

無論如何,基於大馬紅籌股整體而言仍被低估,一些分析員認為,投資者若認定所有中資企業都有會計問題,顯然是以偏概全,畢竟大馬企業也曾傳出這樣的醜聞。

“同樣的,一些紅籌股的公司仍有好的大股東或董事。"

或掀下市風潮?

“中國製造"擺脫不了“劣質"的刻板印象,令投資者對紅籌股意興闌珊,若和當初的公開發售價比,紅籌股幾乎全軍覆沒,走勢更是慘不忍睹,令人擔憂這股“低氣壓"會否掀起紅籌股下市風潮。

綜觀全場,除驚傳疑賬的恒寶全球,中國歐華的表現也同樣墊底,兩者目前的股價距離首次募股的發售價逾80%。

即使今年來勢洶洶的中汽零件,現也像泄了氣的氣球,較發售價低近45%。該股上市首日以溢價10仙或14.71%收在78仙,一度被視為近年表現最佳的紅籌股之一。

至於大馬目前最大的中國公司――中國文具,表現也不理想,較發售價折價近70%。

令人關注的是,去年,中資股差點因賬目問題在美掀起除牌潮,惟分析員認為,大馬和美國情況不同,除非大股東覺得在大馬上市已無利可圖而決定下市,否則,只有在證券監督委員會介入調查下,才會面臨除牌挑戰。

大馬交易所近日已指示恒寶全球委派特別稽查師,以調查該公司事務,特別是財務情況是否違法。根據上市條例,若恆寶全球無法在6個月期限內發佈未完成的財政報告,屆時交易所可能祭出除牌下市等的進一步行動。

(星洲日報/財經)

中东冠状病毒疑虑升 旅游概念股恐受打击

Source: http://www.nanyang.com/node/533896?tid=462


(吉隆坡14日讯)分析员指出,冠状病毒(Coronavirus)重演非典型肺炎(SARS)疑虑升温,一旦世界卫生组织(WHO)发布旅游警告,旅游相关股必受影响。
分析员建议,届时可趁低买入云顶马来西亚(GenM,4715,主板贸服股)与大马机场(Airport,5014,主板贸服股)。
从中东开始发现的冠状病毒,如今蔓延至法国和德国,此外,中国尚有H7N9隐忧未解。
不过丰隆投资研究指出,根据过往记录,只要世界卫生组织尚未发布旅游警告,与旅游业相关的航空和博彩以及家禽股和马股都不会有太大的影响。
无论如何,该行认为有了过往的经验,各国将会良好控制这次流感和病毒,稍微令人担忧的是沙地阿拉伯旅客人数多,加上已有死亡病例,因此投资情绪稍有波动。
“如果真发布旅游警告而造成股价大跌,我们预计航空和赌场股将缓步回弹,这时就是趁低吸纳的良机,建议买入云顶马来西亚和大马机场。”
手套股最大赢家
但家禽股所受的打击预计最大,总是需要较长的时间才能回弹;保健领域则是疫情蔓延后第二赢家。
“最大赢家莫过于手套领域,尽管需求未显著提高,但股价已在疫情传出时受激励走高,主要是情绪推动,我们也将领域投资评级上修至‘增持’。”
其中,手套领域首选股为高产尼品工业(Kossan,7153,主板工业产品股)和贺特佳(Harta,5168,主板工业产品股)。
【H7N9与冠状病毒疫情发展相关建议股项】
■无论恶化与否
●高产尼品工业(投资评级:买入;目标价:4.75令吉)
●贺特佳(投资评级:买入;目标价:6.37令吉)
●顶级手套(投资评级:买入;目标价:6.91令吉)
■确诊病例显著提高
●发马(投资评级:买入;目标价:9.17令吉)
■情况恶化,世界卫生组织发布旅游警告
●云顶马来西亚(投资评级:买入;目标价:4.10令吉)
●大马机场(投资评级:买入;目标价:6.80令吉)




Globetronics spends RM40mil on new chips for US and Japan smart mobile devices

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/16/business/13116017&sec=business


GEORGE TOWN: Globetronics Technology Bhd plans to spend RM35mil to RM40mil on fresh designing and development activities in the second half of 2013.
Globetronics chief executive officer Heng Huck Lee said the company would use the money to develop the next generation of sensor chips that would enhance the interface features and applications of smart mobile devices.
“These sensor chips are for customers in the US and Japan,” he said.
Globetronics' sensor chip business would generate about 15% of the group's revenue this year, compared with about 6% a year ago, said Heng in an interview after the group AGM.
“Our high brightness light-emitting diode (LED) modules for the US customers are also doing very well. These LEDs are used in the general lighting sector,” he added.
Globetronics' LED module business contributes about 30% of the group's annual revenue.One of Globetronics' US customers is Soraa, which uses a galium nitride crystals and perfectly matched the compound substrates to make energy-efficient LED light bulbs.
“Both the sensor chips and LED modules are high-value products, which will improve our bottomline,” he added.
Globetronics' LED, sensor chips, and timing devices business generates about 80% of the group's revenue.
Meanwhile, group executive chairman Ng Kweng Chong said there had been requests for it to conduct offshore road-shows, as well as business briefings for fund managers and investment bankers in Kuala Lumpur and Penang throughout the year following the group's stellar performance and bright prospects. As of Dec 2012, the group had cashflow of RM110mil, which could be use to pursue its business expansion plans, said Ng.
For its first quarter of the financial year 2013, Globetronics posted RM12.3mil in pre-tax profit on the back of RM77.4mil in revenue, compared to RM7.3mil and RM56.7mil achieved in the previous year's corresponding period.



Alliance Research sees turning point for Penang's Hunza Properties

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/5/16/business/20130516090718&sec=business


KUALA LUMPUR: Alliance Research expects 2013 to be a turning point for Hunza Properties as the completion of Gurney Paragon Mall in Penang by mid-2013 will provide significant boost to its earnings visibility and realised net asset value (RNAV).
"Over the longer term, we expect Hunza Properties to be transformed into an asset rich company with investment properties worth in excess of RM4bil," it said on Thursday.
Alliance Research said given improved prospects, it believe its share price at 71% discount to RNAV of RM6.55 is not justified.
"We recommend long-term investors to buy Hunza Properties with target price of RM2.62," it said. Its closing price on Wednesday was RM1.90.



Wednesday, May 15, 2013

OSK-DMG downgrades AusGroup to 'sell' and 35-c target

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/6844-buy-biosensors-sell-golden-agri

Analyst: Lee Yue Jer


Fabrication facility of AusGroup in Australia. NextInsight file photoAusGroup reported a disappointing 3QFY13 results with a breakeven performance and a deteriorating order book. As our original turnaround thesis is undermined by the weak order flows and lackluster execution, we downgrade AusGroup to a SELL, TP SGD0.35, based on recent trough valuation of 0.77x FY14F book value.

AUD215m order book is less than two quarters’ work. At current run rates, AusGroup will run out of work within the year. The contract wins and better margins that were supposed to boost 3Q13 and 4Q13 results failed to materialise, and the downward march of the order book presents a dire outlook in the near term.

Slash FY13F/14F estimates by 54%/48%. With this quarter’s breakeven performance in sharp contrast against management guidance, we slash FY13F estimates by 54%. Core earnings are likely to stay weak through FY14 unless a large quantum of orders is won at once. Successful claims of the variation orders present upside to our FY14F estimates, while provisions on the Karara Mining receivables is the main downside risk.

Likely support near recent P/B trough. Earnings concerns are likely to dominate the relisting revaluation potential. Valuation is supported at the recent P/B trough of 0.77x which also corresponds to one standard deviation below its 5-year mean. We would become bottom-fishers around the 0.6x P/B range.

Strong unbilled sales to drive Matrix's profit

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/14MATRIX/Article/

KUALA LUMPUR: HwangDBS Vickers Research expects Matrix Concepts Holdings Bhd's net profit to increase to RM130 million and RM451 million for the 2013 and 2014 financial years, up 26 per cent and 17 per cent, respectively.

The research house said the higher net profit will be driven by the developer's strong unbilled sales of RM440 million and expected property sales of RM550 million and RM900 million for the 2013 and 2014 financial years, respectively.

"Of the RM3.1 billion total estimated gross development value in Bandar Sri Sendayan and RM810.9 million in Taman Seri Impian, the group can rake in RM550 million sales in the 2013 financial year and RM900 million in the 2014 financial year.

"We estimate the group's revenue for the 2013 and 2014 financial years to be at RM451 million and RM589 million, respectively," the research house said in a note yesterday.

HwangDBS Vickers said demand for properties in Seremban and Kluang, where the group's key projects are located, will continue to rise and developers like Matrix stand to benefit more from a growing population base as urbanisation accelerates in these areas.

The research house placed a fair value of RM2.85 on the stock. Bernama

Matrix Concepts aim to raise RM137.5m via IPO

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/8MATRIX/Article/index_html

KUALA LUMPUR: Negri Sembilan-based property developer Matrix Concepts Holding Bhd will raise RM137.5 million in proceeds via its initial public offering (IPO).

Of this, RM65 million will be used for the development of the group's flagship integrated township development Bandar Sri Sendayan in Seremban.

Bandar Sri Sendayu spans across 2117.72ha with an estimated gross development value (GDV) of RM5 billion.

Another RM55 million is for working capital, while about RM11 million is for repayment of bank borrowings. The remaining RM6.5 million will be for listing expenses.

Matrix's IPO entails a public issue of 62.5 million new shares and an offer-for-sale of 37.5 million shares. While its net asset currently stands at RM1.58 a share, the RM2.20 issue price indicates a premium of 39 per cent.



Of the new shares issuance, 10 million is for the public and 8.8 million for eligible directors, employees and business associates. The remaining 43.7 million shares are private placement for selected investors.

"The outlook for the property sector for the next few years is robust. There's a lot of market demand," Matrix managing director and chief executive officer Datuk Lee Tian Hock said at the launch of its prospectus yesterday.

Matrix is due to be listed on May 28.

Golden Agri +4.7%; OCBC upgrades to Buy

Source: http://www.theedgesingapore.com/the-daily-edge/business/43884-golden-agri-47-ocbc-upgrades-to-buy.html

Golden Agri (E5H.SG) is up 4.7% at $0.555 despite reporting 1Q13 net profit fell 30.4% on-year to US$112.8 million ($139.7 million). The results were within expectations at 22% of full-year forecasts, OCBC says in a note, adding net profit was up 111% on-quarter, helped by improvement in its China operations, an inventory selldown and lower operating expenses. The inventory drop to 398,000 tons, down by 122,000 tons, was a relief, it says. It upgrades GAR to Buy from Hold, keeping a $0.63 fair value.

"While CPO prices may still remain weak in the near term, headwinds appear to be dissipating; management is also remaining fairly upbeat about its prospects," it says. "Coupled with the recent fall in share price, GAR now looks relatively attractive." The stock is still down around 15% year-to-date. Nomura says the results were above its expectation, at 31% of its full-year estimate.

But Nomura plans to keeps its full-year estimates intact, viewing the excess inventory sales as unsustainable, while expecting 4Q12's supply-chain bottleneck is likely to repeat again this year and as China soy-crushing margins remain uncertain. It keeps a Neutral call with $0.65 target.




Tuesday, May 14, 2013

预定公寓单位2.61亿 马星Meridin 5 小时卖75%

Source: http://www.nanyang.com/node/533610?tid=462


(吉隆坡13日讯)透过短短5小时的独家预览活动,马星集团(MahSing,8583,主板产业股)成功售出75%的The Meridin @
Medini(简称Meridin)套房公寓预先选购单位,价值达2亿6100万令吉。
马星集团上周六(5月11日)为Meridin的套房公寓单位,举办了一项独家预览活动;此活动共吸引了约1500名受邀的到访者。
售价38.7万起
据马星集团文告,该公司在预览活动主要出售Meridin1A期产业,即A座和C座的Meridin套房公寓;这期产业包含595单位,售价从38万7000令吉起,建筑面积从521平方尺起,每个单位更拥有两个停车位。
文告披露,5小时内,共有75%或446单位被认购,价值达2亿6100万令吉;其中65%的单位由大马人认购,海外买家则来自新加坡、日本、韩国、台湾和印尼。
马星集团董事经理兼总执行长丹斯里梁海金说:“反应热烈令人鼓舞,仅仅5小时,价值达2亿6100万令吉的产业确定被认购,反映投资者对产品、概念、地点和马星品牌有信心。我们将在Medini打造一个全新的地标。”
毗邻乐高乐园
位于马来西亚依斯干达特区且毗邻乐高乐园(Legoland)的Meridin,共分为两期发展计划,第1期包含3座Meridin套房公寓及Meridin Walk时尚生活零售单位,第2期则由Meridin Linx 小型多用途办公室(SOVO)和Meridin Exchange企业大楼组成。
独家预览和出售1A期的套房公寓后,马星集团在未来举办的正式推介礼上,将出售1B期的B座套房公寓。
随着1A期产业备受市场欢迎,马星集团执行董事林贵福有信心B座套房公寓在正式推介时,也会取得同样热烈的认购率。
“除了售价诱人,每个公寓单位都提供部分家具,好比厨房壁橱、抽油烟机和炉具、浴室的热水器、所有卧室的衣柜和冷气,客厅也已设有冷气。这将确保买家无忧无虑地购买这适合自住和投资的产业。”



推依斯干達產業‧馬星料獲25%賺幅

Source: http://biz.sinchew.com.my/node/74844


(吉隆坡13日訊)馬星集團(MAHSING,8583,主板產業組)在大選結束後推出位於依斯干達經濟走廊的高檔產業,分析員預期將可攫獲良好需求,看好可從中取得約25%的賺幅。
馬星集團上週六通過抽簽方式,正式推售的產業計劃The Meridin@Medini,獲得投資者的熱烈反應。
大馬研究指出,這項位於依斯干達經濟走廊的產業,也是本地大型產業發展商在第十三屆全國大選舉行後推售的第一項計劃。
馬星集團向公眾獻售的產業共有595個單位,每平方尺平均售價710令吉,在短短一個小時內被訂購的單位超過500個。
上述計劃是The Meridin@Medini的第一期,首期計劃3棟總共興建756個單位,發展總值5億5千萬令吉。
在上個月杪,馬星集團預售的400個住宅單位,獲訂購108個,至於30個零售單位,則已售出5個,該集團管理層計劃向海外投資者銷售The Meridin產業單位,預計第一站是鄰國新加坡。
柔南產業料續獲支持
從開始推售取得不錯反應,預料馬星集團接下來在柔南地區推出的計劃,將繼續獲得投資者的支持,不過第一點,接下來推售的單位,售價可能適度提高,公主港及新山市,特別是Danga Bay的產業計劃,已經朝向每平方尺900至1千令吉的價位邁進。
第二,這些套房單位料將獲得市場強大的需求,包括來自新加坡產業市場的買盤,其中一些單位面向(i)樂高樂園(Legoland)的地標景觀、(ii)位於策略性地點,包括靠近Medini North一些具有催化市場走勢的產業計劃,第三,海外買家豁免最低價50萬令吉的門檻。
有鑒於此,馬星集團將可取得25%稅前賺幅,同時,基於符合依斯干達發展區的地位,該集團在該產業發展的盈利,可享有10年免公司稅優惠,以及其他的特別獎掖。
接下來該集團各階段的發展計劃將包括:興建更多的住宅單位、零售墩樓,以及其興建商業產業,可能包括酒店,以便整個發展計劃更多元性,進一步展現活力。
大馬研究保持買進評級,目標價3令吉3仙。(星洲日報/財經)

再承诺不操纵汇率 G7默许贬值 日元料见105

Source: http://www.nanyang.com/node/533591?tid=462


(艾尔斯伯里13日讯)在伦敦郊外举行的七大工业国(G7)财金首长会议上周六闭幕,对于外界关心的货币战争问题,会议再次重申绝不操纵汇率的承诺。
近期针对日元汇率的讨论虽然日趋激烈,日元上周亦跌穿100的大关,但会议上日本并未受到任何公开指责。
受G7默许日元续贬所激励,周一日元一度跌破102价位,自2008年10月以来首见,为102.15兑一美元。
日元兑美元上周下跌2.6%,创下5周以来的最大单周跌幅。
日元续贬,出口类股士气如虹,日股周一收盘涨1.2%,报14782.21点,刷新5年半高点。
应对内政而非操控
分析认为,G7已默许日元贬值,日元今年将跌至105水平,明年更跌至110,年底日经指数见1万6000点。
英国财长奥斯本指出,G7重申财政及货币政策应旨在应对国内问题,而非货币操控。
G7财经首长也同意采取行动,保证没有银行因过大而不能倒,并严厉打击逃税行为。
日本财长麻生太郎指出,G7并无批评日本的货币政策,但德国财长萧伯乐说,该集团曾密集讨论有关问题,并指会密切监察有关情况。
日元大幅贬值已引起货币战争的忧虑,若其他国家透过使其货币贬值以应对日元下跌,日本的货币政策将失效,引发竞争性贬值,全球经济将受损。货币大幅波动会损害商业信心及投资。
但到目前为止,日方提出只着眼货币刺激措施而非滙率的说法,仍为G7其余成员国所接纳。奥斯本指出,G7同意确保政策是以国内目标为导向。
五十步笑百步
分析指出,G7难以公然指责日本的货币政策,因为美英等国过去几年一直被指透过货币刺激措施,使各自的货币贬值。
纽约梅隆银行高级货币策略师德里克表示,这是五十步笑百步。
星展香港财资市场部高级副总裁王良享指出,20国集团(G20)上月并无批评日元贬值,对作为G20的浓缩版G7会有相同的取向表示了解,会议各国明白日本需要利用日元贬值达成经济改革,故并无推出措施阻碍或指摘其做法。
“预期日元汇率将继续走弱,但并不会一次过跌穿110水平,贬值速度将减慢,今年年底见105,明年则跌至110水平。”
他指出,日元于2008年雷曼事件前亦曾处于110水平,强调该水平并非特别疲弱。