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Tuesday, May 28, 2013

Analysts say Hua Yang undervalued


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











(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)。
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。

Friday, May 24, 2013

大选风险消除合约陆续颁发 建筑业进入振奋期



Daibochi expanding exports to S-E Asia and Australia


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



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


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


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


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"


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.


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


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.”


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




慧眼 电邮 

Monday, May 20, 2013

吸引大型外资基金 马星目标价RM3.80


“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。”
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。






長時間橫行 鋪路創新高峰





科網股盈利追上高預期 美日經濟亦好轉





商品黃金前景不佳 股市為唯一選擇





等牛市明確才入市 往往太遲



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


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。

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


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 .......











首谈健康问题 不影响工作生活 谷歌CEO患声带麻痹症






Noble Group falls after quarterly profit slumps


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




熱股評析 2013-05-10 17:24







































中东冠状病毒疑虑升 旅游概念股恐受打击



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


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


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


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


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


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


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%


(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 @
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。



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。
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。
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。

再承诺不操纵汇率 G7默许贬值 日元料见105