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Saturday, June 29, 2013

Kimlun Corporation - Bags RM43mil underground cable tunnel job BUY

Source: http://klse.i3investor.com/blogs/amresearch/32221.jsp

- We maintain BUY on Kimlun Corp with an unchanged fair value of RM3.28/share, based on a 20% discount to our SOPderived value of RM4.10/share.

- Kimlun yesterday announced on Bursa that has secured a SGD17.13mil (RM43mil) job to supply tunnel segment linings (TLS) for the East-West Transmission Cable Tunnel Project EW2 in Singapore.

- Kimlun is expected to deliver the TLS over a period of 33 months.

- EW2 is part of the 35km Transmission Cable Tunnel Project, a 60m underground transmission grid to supply electricity in Singapore.

- We view this news positively and expect Kimlun to secure more TLS and segmental box girders (SBG) jobs for upcoming MRT works in Singapore and Klang Valley. Kimlun also currently supplies SBG and TLS for the KVMRT Line 1.

- Kimlun is currently expanding its Johor plant (RM80mil sales p.a.) in anticipation for more MRT jobs while its Senawang plant is almost at full capacity (RM150mil sales p.a.).

- In our view, some of the upcoming manufacturing jobs include:- (i)Thomson MRT line in Singapore; (ii) KVMRT Line 2; (iii) other proposed extension of MRT network in Singapore, i.e. Eastern Region line, and North East line extension.

- Our channel checks indicate that the PDP for KVMRT 2 is expected to be appointed in July/August, with the SBG and TLS tender (worth ~RM300mil) to be awarded in the 2H of FY14F. We believe Kimlun is a frontrunner as it is one of only two major players in the industry.

- The new win reaffirms our view of Kimlun as a direct proxy to MRT jobs and to construction works in Iskandar Malaysia (IM).

- In our recent company visit, group CEO Sim Tian Liang said there had been a strong pick-up in construction jobs in IM and the Klang Valley post the 13th general election. However, the group will only tender for selective construction jobs with better margins of 8%-10%.

- Kimlun has a construction order book of RM1.2bil currently (end-Dec 2012: RM1.2bil) while manufacturing order book is currently at ~RM340mil.

- We expect new orders to grow from RM650mil in FY13F to RM900mil in FY14F and rising further to RM1.1bil in FY15F. Manufacturing order book is currently at RM300mil.

- With a focus on better margin jobs, we believe Kimlun’s valuations are undemanding given its strong fundamentals.

Source: AmeSecurities



小故事,大启发

Source: http://klse.i3investor.com/blogs/kianweiaritcles/32304.jsp

许多年前,有一个美国老年人,他在路旁开了一家小吃店。当时正是经济不景气的年头。那个老人眼力不好,又几乎是个聋子。那老人的运气好,这里说他运气好,是因为他眼力不好,所以不能看报章;耳朵有重听,很难从朋友或收音机看听外面的情况。对外面的情况,他都不能去了解。
因为他并不晓得经济不景气有多严重,做事照旧很起劲。他把小店的门面油漆得漂漂亮亮,在路边竖起宣传的招牌,让人老远可以闻香下车,他店里预备的货色价廉物美,味道很好,吸引了很多外地来的客人到他的店去用餐,生意蒸蒸日上,一踏进他的店都不觉得像是在经济萧条的生活。
老人是个十分勤奋的人,赚了钱把他的儿子送到大学去读书。那儿子在学校中选了经济学系,他对于整个美国经济的惨况了如指掌。那年过圣诞节,他回家度假去。他看到店中业务仍然很兴旺,就对他父亲说:“爸爸,这地方有点不对劲。你不应该有这么好的生意呀,瞧您的兴致这样好,仿佛外面并没有经济不景气这回事一样。”
于是,他把经济萧条的前因后果仔细地讲解给他的父亲听,并且说全美国的人都在拼命地节省、紧缩;每个人都不敢去消费,货币的流通量逐渐下滑。
这时,那个老人便受到了消极思想的影响,他对他自己说:既然如此,我今年最好也不再油漆门面了。外面闹恐慌,我还是省下一点钱来最好。三明治的肉馅应该缩小一点,饮料应该缩小一点,面包应该切成更小块一点。再来,既然人人都没有钱,我又何必在路边做招牌来吸引顾客呢?还是把做招牌的钱省下来算了吧!
他把之前说有积极性的努力都停止了下来。结果呢?生意果然一落千丈。当那位大学生在假期又回到家时,父亲对他说:“儿子呀,我要谢谢你告诉我关于经济不景气的消息。那是千真万确的事,连我的店也感受到了,儿啊,受大学教育实在太有用了!”
总结:这样的故事,带来了什么结论?如果这个老人不听专家的话,光凭他的努力和拼劲,店里的生意会受到经济不景气的影响吗?不会,可是他偏偏因不景气的消极思想所影响,放弃继续为店里的生意奋斗。
观点: 我们在现实生活中也一样,很多人因为专家的一句话而改变了当初的决定。往往都相信专家所说的一切都是对的,而我们所想的都是错的。笔者在这里不是要贬低专家的专业知识,而是想奉劝大家应该有独立的思考方式,不要盲目地跟从专家的每一句话。有些专家因自身的利益而发放假消息也说不定。专家所说的话可以当作参考,再理性分析当中的内容是否属实,才来做决定。透过独立思考的观念,进一步内观与自省,重新看待自我生命的价值。

Friday, June 28, 2013

吉星盈利成長獲支撐

Source: http://biz.sinchew.com.my/node/77543

(吉隆坡26日訊)吉星機構(CRESNDO,6718,主板產業組)首季淨利攀升47.2%至1千798萬6千令吉,符合市場預期,分析員指出,該公司未來兩年預定推出的12億令吉新產業計劃,將持續支撐盈利成長。
受到亮眼業績帶動,該股今日一度起12仙至2令吉93仙,終場掛2令吉84仙,起3仙。
達證券表示,新計劃將以工業及商業產業為主,而Nusa Cemerlang工業園仍是現財政年的主要貢獻者,因為該公司據稱已以每平方呎350令吉脫售4家廠房。
“同時,該公司的未入賬銷售從今年1月杪的1億令吉,增至3月杪的1億3千300萬令吉,顯示其盈利前景看俏。”
肯納格研究指出,該公司首季錄得35.6%營運盈利賺幅,顯著超越全年預期的27.3%,意味著仍有盈利上調空間。
雖然市場盛傳國家銀行將收緊發展商承擔利息計劃(DIBS),不過該行相信該公司不會受到影響,因為目前的計劃主要是可負擔房子及工業產業,並沒有涉及DIBS。
肯納格也不擔心柔佛州向海外買家徵收額外產業盈利稅措施,因為國內產業價格仍比新加坡低30%,加上新加坡工業地段供應吃緊,迫使更多新加坡中小企業將營運據點轉移至大馬。
(星洲日報/財經)


长期营收能力强 小型建筑股趁势崛起

Source: http://www.nanyang.com/node/544512?tid=462

(吉隆坡26日讯)建筑大型股涨潮在大选后显露疲态,反倒估值尚低小型股趁势崛起,券商看好小型股得以应对备具挑战的赚幅压力,且具有长期营收能力,建议投资者给予关注。
政府在经济转型执行方案(ETP)下推出更多大型基建计划,不仅是大型建筑公司受惠,中小型建筑业者也能从中分一杯羹。
再者,石油及天然气领域一片欣荣,大型合约不断释出,同样利于建筑公司参与其中基建工程,为建筑领域展望增添光彩。
鉴于建筑领域的优秀展望,许多大型股从去年开始已纷纷高涨,相较于富时隆综指今年至今涨2.35%,建筑领域更是超越大市扬12.78%。
但据本报观察,大型股在大选后的上涨空间渐现疲态,相反的,小型股的涨潮更加猛烈。
市场人士相信,大部分大型股的股价已接近或超越目标价,因此促使市场购兴流向估值尚低、展望依旧优秀的中小型股。
选后涨幅优于大型股
由于5月适逢全国大选,政治不稳定因素一度影响小型股的涨势,但在大选结束后已逐步回温,如今涨潮比大型股来得激烈。
其中,金务大(GAMUDA,5398,主板建筑股)和IJM(IJM,3336,主板建筑股)在选后涨幅约有10.64%和2.04%。
反观辉高(FAVCO,7229,主板工业产品股)、依华建台(SENDAI,5205,主板建筑股)和克立斯建筑(CRESBLD,8591,主板建筑股)等小型股,表现更加亮眼,同期涨幅分别高达36.45%、28.97%和26.7%。
肯纳格投资研究表示,在日前举办的“小型建筑股:下一颗巨星?”的企业汇报会上发现,不少小型承包商拥有良好估值,且积极采取新营运策略,表现良好。
在建筑赚幅备受竞争压力之际,这些小型股却拥有良好的订单表现,长期收益永续能力可期,分析员亦维持建筑领域的“增持”投资评级。
高峰控股(BPURI,5932,主板建筑股)
投资评级:跟随大市
目标价格:78仙
klia2延误不担忧
高峰集团拥有16亿7000万令吉的强劲订单,足以让公司忙上3年,并获国家基建公司(Prasarana)颁发吉隆坡十五碑单轨火车站附近的土地发展合约,发展总值近13亿令吉。
对于新廉航终站(klia2)的延误,公司呼吁投资者不必关于担忧,预计建筑工程将能在10月如期完成,并在明年4月30日完成测试与移交。
辉高(FAVCO,7229,主板工业产品股)
投资评级:-
目标价格:-
提高售后服务出租业务贡献
国际起重机供应商辉高,截至6月中旬的未入账订单达8亿600万令吉,确保未来12至18个月的收益能力。
肯纳格投资研究表示,辉高顾客横跨超过100个国家,且和大型油气公司拥有良好关系,并放眼将售后服务和出租业务对营收贡献,从当前的5至10%提高15%。
睦兴旺(MUHIBAH,5703,主板建筑股)
投资评级:超越大市
目标价格:1.63令吉
放眼国油Rapid工程
睦兴旺未入账订单有22亿令吉,45%来自油气领域,冀望能获得更多国家石油(Petronas)释出的工程,并能缅甸的机场特许经营权竞标中成功出线。
其中,总值600亿令吉的提炼与石化工业综合发展计划(Rapid),将分成20个配套,分析员相信睦兴旺至少能获得一项配套。
克立斯建筑(CRESBLD,8591,主板建筑股)
投资评级:超越大市
目标价格:1.73令吉
竞标60亿工程
克里斯建筑未入账订单达13亿令吉,并正竞标总值60亿令吉的工程。
除了在捷运计划周边的产业发展计划之外,公司目前的两项产业投资The Crest和Tierra Crest,认购率分别达90%和85%,产业业务前景亦备受看好。
依华建台(SENDAI,5205,主板建筑股)
投资评级:超越大市
目标价格:1.68令吉
扩大油气营收来源
目前15亿令吉的订单中,有53%来中东,放眼在2017年取得20亿令吉营收。
分析员相信,近期依华建台工艺(Eversendai Technics)的成立将扩大油气相关营收来源,超过11%的净利赚幅更是业界中最高。
阿末查基(AZRB,7078,主板建筑股)
投资评级:-
目标价格:-
多元化至油气种植
当前订单接近20亿令吉,不包括16亿令吉的吉隆坡外环公路(KLORR)计划高速大道工程,预期近期可再听到获颁新合约的消息。

该公司放眼在2013年取得7亿令吉的订单,并积极多元化至油气和种植领域,相信种植臂膀将在2015财年大道收支平衡,并在2017财年开始作出盈利贡献。


Masteel sets aside RM100mil as capex for new mill

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/28/business/13299220&sec=business

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd (Masteel) is allocating RM100mil for capital expenditure (capex) over the next two years to construct a new steel rolling mill.
Managing director and chief executive officer Datuk Seri Tai Hean Lengis targeting the new mill to be completed by early 2015 and boost the company's annual steel bar production capacity to 550,000 tonnes from 350,000.
“The new mill is adjacent to our Bukit Raja, Klang, meltshop and would give us greater operational efficiency in terms of logistics and economies of scale,” he told reporters after the company's AGM.
Tai said that 65% of the capex would be funded with bank loans and the balance with internal funds.
On another note, Tai hopes works on the 100km intercity rail network from Iskandar Malaysia to Singapore will start early next year.
“We are targeting to finalise the financing by the end of the year and it would take approximately three years to complete the development,” he said.
The joint-venture company for project, Metropolitan Commuter Network Bhd, is 60% owned by Masteel and the balance by KUB Malaysia Bhd. Masteel would be in charge of the operations of the rail network post-completion.
As for steel sales, Tai expects the volume to increase by between 8% and 10% this year.
However, he noted that the company's revenue would experience slow growth this year due to declining global steel prices.
Tai said the company planned to increase dividends to 15% this year from 13.4% in 2012.


Thursday, June 27, 2013

名家观点:获利生产脱钩不是福•克鲁曼

Source: http://www.nanyang.com/node/544220?tid=462

最近出现的经济困境,为我们带来的教训就是历史依然管用;每一次的经济危机,其间都有相似之处。
然而,经济本身也会随着时间而改变,而且有时还会发生基本改变。因此美国在21世纪究竟会有哪些不同?
我所提出的最重要答案,就是“垄断租值”(monopoly rent)的重要性越来越高,亦即:企业获利并不代表投资报酬,而是在反映企业支配市场而产生的价值。
这种支配利益有时是企业理所应得,有时却不然。但不论是何种形式,“垄断租值”的重要性不断提高,会在获利与生产之间造成新的脱钩现象,而且可能成为使经济低迷拖长的因素之一。
要了解我的论点,可以想一想两个不同时代的代表性企业有何差异:亦即1950至1960年代的通用汽车,与今天的苹果公司。
通用汽车在全盛时期的确拥有强大的市场能力,但公司价值主要来自于产能;通用当时拥有数百座工厂,员工数也占全国非农业就业人口的1%。
工资获利比例背离
相对来看,苹果公司与实体世界的关联似乎甚低。苹果股价的总市值很高,在全美数一数二,然而苹果的员工数还不到美国非农业就业人数的0.05%。原因之一是苹果几乎将所有的生产都委由国外厂商执行;然而中国的代工厂从苹果产品销售额中所赚的钱,却远比苹果公司少。消费者对苹果产品所付的价格,与产品的生产成本几无关联。
其他许多科技及金融业者过去都有类似情况。
这些企业的获利中,有许多看起来都像“垄断租值”,估计约占企业总盈余的30%左右。
不论这些企业是否应该取得这种特殊地位,然而当企业获利主要是在反映公司在市场上所拥有的力量,而非生产活动时,经济便会受到影响,而且绝非正面影响。
大约从2000年开始,所得分配方式出现重大的转变,亦即工资占所得的比例下降,获利占所得的比例上升。
令人百思不解的是:既然获利提高且资金成本又非常低,为何没有出现企业投资热潮?
获利不丰厚不拓展
如果获利增加其实是在反映“垄断租值”而非投资报酬,这个问题就不难理解了。一个获利丰厚的独占者,没有理由要扩大产能,显然也觉得没必要再投资。
如果“垄断租值”的重要性不断提高,结果也会同时压缩工资及投资报酬。
这对整体经济当然不好。如果劳工薪资占国民总所得的比例下降,将使家庭所得及支出降低;企业尽管获利增加,但缺乏投资的诱因。如此一来需求将持续低迷。这也是目前经济复苏力道疲弱的肇因之一。
由于企业获利与生产脱钩的情况越来越严重,因此在当前经济仍然低迷之际,仍高度需要扩张性的货币与财政政策。
•克鲁曼 诺贝尔经济学奖得主 

Kimlun wins RM43mil Singapore contract

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/27/business/13293946&sec=business

PETALING JAYA: Kimlun Corp Bhd has been awarded a S$17.13mil (RM43.1mil) contract to supply precast concrete tunnel segment linings for the East-West Transmission Cable Tunnel Project EW2 in Singapore.
In a filing with Bursa Malaysia, the company said the contract was awarded to its unit SPC Industries Sdn Bhd by SK Engineering & Construction.
It said the supply of concrete tunnel segment linings was expected to spread over about 33 months and was expected to contribute positively to the group’s earnings.


Wednesday, June 26, 2013

興業資本傳私有化‧僑豐有望受惠

Source: http://biz.sinchew.com.my/node/77471

(吉隆坡25日訊)市場日前盛傳雇員公積金局(EPF)有意將興業資本(RHBCAP,1066,主板金融組)私有化,這使後者大股東之一的僑豐控股(OSK,5053,主板金融組)也獲得市場覬覦,因有助估值從“水漲船高”中受惠獲利。
豐隆研究指出,興業資本因私有化傳言,購興料有增無減,而持有其9.82%股權的僑丰控股料獲青睞。
目前興業資本股價比較僑丰控股的購入價7令吉36仙來得高。
該行指出,若是真的推行私有化計劃,預料獻購價將顯著高過目前股價以确保成功推行,特別是最近馬股數項私有化計劃都以失敗告終。這將對僑丰控股有利。不過,若是僑丰控股無意將私有化籌得資金回饋給股東,則是美中不足之處。
雖然最近僑豐控股股價已走高,不過,比其簡單綜合估值法下每股值2令吉47仙仍有折價,目前市價為准,它仍比興業資本折價37%。
雖然興業資本潛在私有化計劃令人振奮,不過,基本面而言,該公司與同儕比較的估值折價差距應可縮減,這將進一步增加該公司的價值。
該行認為,若投資者注重僑丰控股價值,應該專注在其基本因素的價值,並把任何私有化計劃視為額外的“紅利”。
該公司其他潛在利好因素,包括該公司為投資興業資本較顯著便宜的代理股項(即折價高達37%),僑丰大廈(1億5千700萬令吉或是每股16仙),毗鄰地皮(1億4千900萬令吉或每股15仙)及其他資產及業務視為免費。上述毗鄰地皮進行產業投資信托以釋放價值。潛在派發良好股息等。
該行指出,假設簡單綜合估值計算其控股折價為20%,該公司股價值得1令吉98仙。若是以興業資本參考價10令吉8仙為准,它的綜合估值合理價則為2令吉87仙,而20%折價後也有2令吉29仙。(星洲日報/財經)


Mah Sing on track to achieve RM3bil sales target

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/26/business/13287806&sec=business

KUALA LUMPUR: Property developer Mah Sing Group Bhd is poised to achieve its RM3bil sales target for 2013, having delivered about RM750mil in sales for the first quarter of this year.
Year-to-date, the company has acquired four parcels of land with a combined gross development value (GDV) of RM7.78bil.
The said parcels of land include integrated commercial centres like D'sara Sentral, Greater Kuala Lumpur; Lakeville Residence, Kepong; Meridin@Senibong, Iskandar Malaysia; and the Kota Kinabalu Convention Centre in Sabah.
Further acquisition of prime land is feasible based on the current low net gearing of 0.19 times and cashpile of some RM822mil as at March 31.
“We have the financial prowess to take on more land, be they fast turnaround niche projects or large townships. Yet we can comfortably maintain our growth with our existing land bank,” said group managing director and chief executive Tan Sri Leong Hoy Kum at the company's AGM.
The main focus of future acquisitions would be Greater Kuala Lumpur due to the healthy market and urbanisation, he added.
The total land acquired by Mah Sing in 2012 amounted to a GDV of RM7.38bil.
The company has progressively launched new and existing projects, including Icon City, Petaling Jaya; M Residence@Rawang; The Loft@Southbay City; The Meridin@Medini; and Sutera Avenue, Kota Kinabalu.
With regards to Bank Negara's potential curb on the developer interest-bearing scheme (DIBS), Leong said “there has been no announcement yet”.
He, however, “hoped that any implementation would take into proper consideration the industry's feedback and the current market condition”.
He also noted that “the lending environment was generally still conducive, financing liquidity was still attractive and interest rates were still low”.
According to CIMB Investment Bank Bhd head of research Terence Wong, Mah Sing should be less susceptible and would still manage to break new sales records. This is because it had limited the offering of DIBS to only a handful of projects since 2012.
“We remain overweight' on the property sector, with Mah Sing as our top pick and robust sales and earnings growth as sector catalysts. Any weakness in property stocks is an opportunity to accumulate,” he said in a report.
The brokerage remains selectively optimistic on certain segments of the property market, particularly for the medium to mid-high-end segments.
“We still see good demand for serviced residences from 500 sq ft in prime city or commercial locations, landed properties below RM1mil in good schemes with easy access and amenities, or mid-high to high-end residences in matured schemes.”
Among the resolutions approved during the AGM was the declaration of the first and final dividend of 7.6 sen per ordinary share.
The company recorded a 16% year-on-year increase in net profit to RM69.5mil for the first quarter of 2013.


Tuesday, June 25, 2013

How the QE tapering could hurt Asean

Source: http://www.btimes.com.my/articles/20130625211548/Article/

KUALA LUMPUR: The tapering of the US Federal Fund's quantitative easing (QE) stimulus is likely to bring headwinds to the countries in the region including Malaysia, said research houses.
One of the main risks is a `sudden stop' in capital inflows, where the Asean markets recently bore the brunt of sell-off. 

Drawing parallels with the 1997 Asian financial crisis were however, misplaced even though there may be similar factors which led to the contagion, said economists. 

Frederic Neumann, senior Asian economist for HSBC Bank said the differences outweigh the similarities. 

“What's needed to restore confidence is an all-out move towards structural reforms; above all in China, but elsewhere, too." 

In events leading to the contagion, debt had soared as capital rushed into the region, spurred at first by a generous Fed and sustained by the Bank of Japan. 

While the borrowed money was used to build and purchase property, this was not matched by productivity growth which led to shaky fundamentals and the reversal of capital, he said.
Neumann said growth has shifted downwards in the region and market volatility will likely persist for a while.

“Still, the region's defences are sturdier than 16 years ago...that should help it brave the coming headwinds with a little more poise.” 

Current account positions of most countries are in surplus which should cushion the blow from departing funds, while the region also no longer suffers from a currency mismatch between its assets and liabilities. 

Although a stronger dollar will not impose `a crippling spike in debt service costs', it does not mean that foreign investors may not pull their cash out of emerging markets. 

Given their exchange rate exposure, they may now be more likely to do so than before but given the excess savings available, local financial systems should be able to cope. 

“But there are two complications here. One, the transition of funding from foreign to local sources in itself is bound to be bumpy. The cost of capital is likely to rise, with fewer investors chasing assets,“ he said, adding that with excess savings at hand, volatility is bound to persist, funding costs to rise and growth to slow. 

Neumann also pointed out that unlike the 1997 situation, the banking systems in most countries in the region are more robust, with capital buffers are higher, loan-to-deposit ratios lower, and the regulatory and risk control frameworks more advanced than they once were. 

“The `sky-high' foreign exchange reserves, and the potential availability of regional swap lines (though so far untested), are perhaps the biggest dissimilarity between now and then,” he said, adding that for the most part, they should still prove plenty enough to stave off bigger trouble. 

Since every crisis takes on a different guise, Neumann warned of vulnerabilities which may raise risks but confidence is key to maintain growth. 

“With volatility on the rise, however, it takes a much smaller upset to knock down confidence, with unpredictable consequences for liquidity, leverage, and growth.” 

Bond markets have also grown at a rapid rate, which has also raised risk that their institutional infrastructure -- building blocks such as a deep local investor base, tested legal certainty and experienced rating agencies - has not kept pace. 

Distribution of debt also matters, he said. 

He said leverage is also another risk to watch out for. If in the run-up to the Asian financial crisis, it was generally large, often listed firms that accounted for a big chunk of debt, today, the rise in leverage has been more concentrated in households, smaller companies and government entities (state-run enterprises or local government vehicles). 

Touching on capital inflows, Dr Chua Hak Bin of Bank of America Merrill Lynch warned that Malaysia looks most vulnerable to a “sudden stop”. 

Foreign ownership of Malaysian government securities is currently about 48.3 per cent, compared with 13.4 per cent in February 2009, just before the first QE started. 

He pointed out that foreign ownership of Bank Negara Bills is even higher, at about 58 per cent of outstanding. 

Although Malaysia bonds yields have risen because of the recent sell-off, the spike has not been as dramatic as some of the other Asean countries. 

"Markets have treated Malaysian bonds as more defensive and stable in part because of the pension fund’s (Employees Provident Fund) captive savings. 

"But soaring quasi-public debt and risk of a ratings downgrade if fiscal reforms are delayed may question these qualities." 

Malaysia is the largest recipient of capital flows since QE started (whether QE1, QE2 or QE3), measured as percentage of recipient gross domestic product (GDP). 

Since QE1 began, foreign portfolio inflows into Malaysia is the highest (7 per cent of GDP), followed by Thailand (2.7 per cent), the Philippines (2.3 per cent), Indonesia (1.5 per cent) and Singapore (0.3 per cent). 

Portfolio inflows into Malaysia are largely through bond, rather than equity inflows.
Between 2004 and 2012, cumulative foreign portfolio investment flows totalled US$248 billion, with the largest inflows seen in Indonesia, Malaysia, Thailand, the Philippines and Singapore.


Maybank Kim Eng says Vard Holdings has most attractive valuation among O&M stocks

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7009-maiden-dividend-from-china-minzhong

Analyst: YEAK Chee Keong, CFA

Vard’s share price is off its low of SGD1.015 following an unwarranted selldown previously. While there are some easing of concerns over margins and order intake, further rerating would need to be triggered by real order wins which we believe would gather pace towards 2H13.

Vard has the most attractive valuations among the O&M stocks under our coverage, trading at 5.8x FY14F PER, 5-6% forward dividend yields and FY13-15F ROEs of >25%.

Reiterate Buy and TP of SGD1.65.

Phillip starts Amara Holdings at Buy, $0.74 target

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

PhillipCapital starts Amara Holdings (A34.SG) at Buy with a $0.74 target.

While Amara has a hotel, luxury hotel, retail podium, and office tower in Singapore, the house notes that growth is coming from substantial overseas developments.

It tips Amara has a "visible growth profile from a pipeline of assets under development," including Amara Bangkok and Amara Signature, Shanghai.

It also tips a potential catalyst in a memorandum of understanding to develop a hotel in Yangon, Myanmar. The house notes that shares currently trade at an over 50% discount to its RNAV, "representing a value opportunity."


Lian Beng wins 2 projects worth a total of $200 mil

Source:http://www.theedgesingapore.com/the-daily-edge/business/44409-lian-beng-wins-2-projects-worth-a-total-of-200-mil.html

Lian Beng Group, the Singapore BCA Grade A1 construction group, has secured two projects worth $200 million, boosting its order book to about $1.4 billion.

The group’s wholly-owned subsidiary, Lian Beng Construction (1988), was awarded the building contract of a condominium along Flora Drive in Pasir Ris estate worth $115 million.

The contract involves the building of nine eight-storey residential blocks, one block of clubhouse, a basement car park, a swimming pool, tennis courts and other amenities within the condominium compound.

The contract period will last 28 months start from July this year to October 2015. This condominium is developed by Tripartite Developers, a joint venture of Hong Leong Holdings, City Developments and TID.

Meanwhile, the group’s another wholly-owned subsidiary, Deenn Engineering, recently secured a contract worth $85-million on June 17 for a project in Singapore.



Monday, June 24, 2013

Tambun Indah Land - A Strategic Value-Enhancing Move

Source: http://klse.i3investor.com/blogs/rhb/31972.jsp

We raise our fair value to MYR1.82 and maintain our Buy rating on the stock. We view Tambun Indah’s (TILB) acquisition of the minority stake in Pearl City positively, given the resulted RNAV and EPS enhancement. We also bump up our GDV for Pearl City by 26%, as the latest launching price has way exceeded the price assumption for the previous GDV estimate. FY14 PE is compressed back to an undemanding level of 6.4x.

- Pearl City is now 100% owned.TILB is acquiring the minority stake in Pearl City from Nadayu for a consideration of MYR112.2m, to be satisfied via MYR40.7m cash and 55m shares issued at MYR1.30 each (worth MYR71.5m). Meanwhile, TILB has also announced its proposed private placement of 15m shares. Proceeds will be used to partly fund the deal and future new landbank acquisition. At the same time, it will also further enhance TILB’s institutional shareholder profile.

- A good deal. Based on our minority interest estimate of MYR23-24m (only for Pearl City), the transaction is valued at a PE of only 4.7x. Upon completion of the deal in Sept, Nadayu will emerge as the second largest shareholder, with a shareholding of about 13-14%, and Mr Teh’s shareholding will be lowered to about 38-39%. The composition of board members and control will remain unchanged. After factoring in the impact of the deal, our RNAV/share estimate is enhanced by 14 sen.

- Upward revision in Pearl City’s GDV. We are impressed with the management ability to buyout the minority stake in Pearl City. TILB now claims the full ownership of its crown jewel and it is a motivational deal for the management. This has always been the idealsituation as minority interest in P/L will be largely wiped out, and net profit will see a quantum leap immediately. Net profit could potentially hit MYR100m mark in FY15. We raise our GDV estimate for Pearl City by 26%, as the recent launch of terraces at Pearl Residence has already achieved an ASP of MYR438k/unit, vs. the price assumption of MYR350k for the previous GDV estimate. Our RNAV/share is boosted by an additional 18 sen.

- No dilution. Our FY13-14 net profit forecasts are raised by 9-37%. After factoring in the larger share base, our FY14 EPS estimate is enhanced by 9.2%, and FY14 DPS is now 7.8 sen vs. 7.2 sen previously.

- Our top small cap pick. Our fair value on TILB is raised to MYR1.82 (from MYR1.55), based on an unchanged 15% discount to RNAV. BUY.




Make Money Like Munger: 4 Tips from Warren Buffett's Right-Hand Man

Source: http://www.dailyfinance.com/2013/05/30/charlie-munger-warren-buffett-money-investing-tips/

Charlie Munger
AP
Charlie Munger is best known as the second-in-command behind Warren Buffett at Berkshire Hathaway (BRK.A)(BRK.B). He's also a world-class billionaire investor in his own right, capable of similar market-trouncing results as Buffett himself.

As a successful investor and all around nice guy, Munger often shares his investing wisdom with those who care to listen. Paying attention to what he says and acting upon his best advice should help you make yourself financially comfortable -- maybe even rich.

With that in mind, here are some of his most pertinent words of wisdom for those who want to invest.

1. The No-Brainer Secret to Getting Rich

If you're looking to do more with your money than just stick it in a CD or savings account, perhaps the most important Munger quote of all time is this one:
"Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer."

Because you need to spend less than you earn in order to properly invest, and because investing defers your ability to spend money from today to sometime in the future, even lousy investing beats not investing at all.

Following Munger's advice throughout your career is just about the closest thing you'll find to a guaranteed way for you to wind up financially comfortable during your retirement.

2. The Key Financial Lesson for Those Not Yet Able to Invest

For those not yet able to regularly sock away cash for their futures, Munger has these words of wisdom:
"Once you get into debt, it's hell to get out. Don't let credit card debt carry over. You can't get ahead paying 18 percent."

Once again, Munger is absolutely correct. He and his partner Buffett may be among a handful of investors in the world with a legitimate chance of outrunning credit card debt with investment earnings. We mere mortals don't have a prayer.

The long-run returns from investing in stocks is somewhere around the 8 percent to 10 percent annualized range -- and even that isn't guaranteed. When compared to the 13 percent or more interest rates that typical credit cards charge, the importance of always paying off that credit card bill -- and the futility of trying to beat that rate investing -- becomes abundantly clear.
The most important instructions for those who do invest

Finally, for those who are ready to invest, Munger has two critically important pieces of advice. The first:
"The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage."

And Munger's second key piece of investing advice:
"There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn't awash in cash -- and I don't want to go back."

Taken together, they form the foundation of the value-investing strategy that made Munger and his partner Buffett two of the richest people on the planet. In essence, Munger's advice boils down to:
  • Figure out why a company has a right to win (its staying quality/competitive advantage)
  • Determine what that company is worth (the discounted future cash flow)
  • Pay less than that amount to buy it, and
  • It's a better idea to hold on to cash than to invest your money poorly.
It's a pretty straightforward strategy, but it's the one that made Munger the billionaire he is today.

These Words of Wisdom Work in Good Times and Bad

Those straightforward bits of timeless advice from Charlie Munger contain the keys that will let anyone able to follow them throughout a career wind up comfortable, if not downright rich. Yet while his advice can work wonders, life does have a way of throwing us curve balls. Jobs get lost, health is not always with us, cars get wrecked, and roofs leak.

Don't let those curve balls dissuade you: Following Munger's advice gets you in a better position to hit them when they come flying past. For instance, it's a lot easier to deal with the costs of a wrecked car if you've got a pile of cash awaiting investment than if you're already in a hole from carrying credit card debt.

Even if you're not yet ready to invest, structuring your financial life around Munger's advice can set you up for success once you're able to get started.

Chuck Saletta is a Motley Fool contributing writer. For investing ideas, try any of our newsletter services free for 30 days.

Saturday, June 22, 2013

印尼部长:已锁定八家企业涉嫌非法烧芭

Source: http://www.zaobao.com.sg/special/report/supplement/sgsmoke/story20130622-219049

印度尼西亚通过新加坡提供的卫星图像,锁定八家涉嫌非法烧芭引发林火的企业,我国环境及水源部长维文医生促请印尼加速调查,公布这些公司,并加以惩治。

在3小时空气污染指数昨天一度飙升到401点危险水平之际,维文抵达印尼首都雅加达会见印尼环境部长巴塔扎尔,促请印尼采取确切行动,对抗这个正在影响新加坡、马来西亚和印尼数百万人的烟霾问题。

维文之后在面簿上发帖说:“这是一个人为的灾害,人类必须解决它。我们不可以等雨或风来解救我们。”

维文也说,双方的会谈是一场“坦诚及具建设性的交流”,而印尼方面了解事态严重,将尝试投掷水弹,扑灭苏门答腊林火。“我促请对方快速采取行动,并重申新加坡愿意在任何方面给予援助。”

维文昨天也以我国李显龙总理特使身份,亲手将总理针对烟霾问题致印尼总统尤多约诺的信函交给巴塔扎尔。

李总理在信中对烟霾问题表达深切关注,并表示新加坡愿意协助扑灭林火,包括出动飞机进行“播云”(cloud-seeding)造雨,以及提供卫星图像和火点位置以揪出罪魁祸首。

外交部昨天发文告说,巴塔扎尔承诺会考虑新加坡的援助提议,并进一步探讨如何跟进李总理信函中所提的建议。

巴塔扎尔也告知维文,已通过新加坡提供的卫星图进行调查,锁定了八家涉嫌烧芭的企业。维文促请对方“加速调查,公布这些公司,并加以惩治”。

有外电指,这八家被点名的企业中,有两家是新加坡公司亚太资源集团(Asia Pacific Resources International)和金光集团(Sinar Mas)。然而,根据本报查询,亚太资源集团只是一家总部设在新加坡的印尼纸浆纸品公司,而金光集团则是印尼的纸张和棕榈油巨头,在新加坡拥有几家上市公司。印尼环境部预计会在今天公布所有八家企业的名单。

另外,维文也代表总理,呼吁印尼尽快批准《亚细安跨国界烟霾污染协定》。

亚细安成员国在2002年因为印尼林火造成严重烟霾问题,而通过该协定。但印尼是至今唯一未批准这项协定的亚细安成员国。

维文说:“巴塔扎尔告诉我,总统和部长们都支持批准协定,但需要国会通过。”

两国环境部长也同意提前举行原定在8月的“亚细安次区域跨国烟霾事务部长级指导委员会会议”,商讨加强区域合作及跨国界烟霾污染的管控机制。

外电报道,尤多约诺前晚已下令“立即动员全国资源”扑灭苏门答腊林火,印尼昨天出动了两架直升机到苏门答腊廖内省造雨灭火。但猛烈火势让当地前线消防员疲于应付,廖内省天然资源保护局主管阿末(Ahmad Saerozi)申诉“过去两周已每天24小时灭火”,并强调“需要尽快投掷水弹,否则难以应付”。


MBM放眼后年 营收增至40亿

Source: http://www.nanyang.com/node/542946?tid=462

(吉隆坡20日讯)MBM资源(MBMR,5983,主板贸服股)董事经理雷国伦表示,公司放眼在2015年把营业额增加至40亿令吉。
投资计划支撑展望
他在股东大会后向记者透露,为了提高业绩,公司在2010年至2012年期间,共拨出2亿2850万令吉作为资本开销,以设立铝合金轮圈(Alloywheel)厂房、日本日野(Hino)联营设立商用汽车厂房,和增加汽车代理品牌。
“这些投资将继续支撑公司业绩,2012财年营业额从2011年的17亿560万令吉,按年提升33%,至22亿6770万令吉,就是证明。”
“目前的发展显示,公司正走在正确的轨道上。”
资本开销2800万
另外,雷国伦指出,公司的主要投资都已完成,因此,今年的资本开销是2800万令吉,主要投资在铝合金轮圈厂房。
“铝合金轮圈厂目前在试验生产阶段,放眼在2015年全面投入生产,届时年产量将达100万只铝合金轮圈。”
至于负债率高达19.5%的问题,他说,随着业务扩展活动完成,营业额的提升及所需的资本开销减少,将有助于减低负债率。
客户合作力保赚幅
当询及国家汽车政策(NAP)降低汽车售价对公司的影响时,MBM资源子公司Federal Auto控股有限公司董事经理郑承福表示,公司将与客户合作,在保持赚幅的情况下,降低车价。
雷国伦补充道,公司将致力提高生产效率、重新设计产品和寻找较为廉宜的原料供应,以达到减低成本的目的。
与此同时,就与中国上汽集团签署解备忘录,在大马推介MG品牌一事,郑承福指出,双方仍就本地组装和代理一事进行讨论,暂未有定案。
出席今天股东大会的人士,包括了旗下各子公司的主管,例如Oriental Metal Industries有限公司董事蔡景福、Autoliv Hirotako Safety私人有限公司总执行长阿兹米、Autoliv Hirotako Safety私人有限公司总营运长饶儒仁,以及MBM资源财务总监江锦尚。


依华建台年内再争取10亿合约

Source: http://www.nanyang.com/node/542989?tid=462

(吉隆坡20日讯)依华建台(Sendai,5205,主板建筑股)冀在今年剩余的时间内,争取总值10亿令吉合约。
依华建台执行主席兼董事经理丹斯里AK纳登表示,公司自今年初开始已争取总值5亿令吉的合约。该公司冀望今年竞标80亿令吉的计划,目前的订单为15亿令吉。
“一些已争取的合约仍有待公布,相信会在未来1至2个月揭晓。”
AK纳登昨天是在股东大会后,发表以上谈话。
他表示,依华建台今年所争取到得合约,料能促进公司所有业务。
依华建台放眼在阿塞拜疆(Azerbaijan)取得总值至少5至6亿令吉的钢铁工程,AK纳登对公司能争取合约的能力相当有信心。
“我们过去的工作记录良好,且都能准时完工。”
瞄准中东市场
有关合约将在今年作出宣布,他表示,阿塞拜疆标志着公司开始进军独立国协(Commonwealth of Independent State),这为公司未来进军哈萨克斯坦(Kazakhstan)建立基础。
AK纳登强调,公司会专注在大马、中东、独立国协和东非国家,作为公司扩展业务的目标。
在东非市场方面,尤其是肯尼亚(Kenya)、莫桑比克(Mozambique)和坦桑尼亚(Tanzania)非常有前途,这些国家刚好探索到新油田。
“我们正评估在当地一些工程,希望能尽快做出公布,这些区域的展望为我们的盈利带来希望。”
在中东主要的基建工程积极展开之际,AK纳登表示,公司订单在今年初将交出出色表现。
他说,卡塔尔(QATAR)在2022年的世界杯足球赛(FIFAWorld Cup),相信会带动相关基础设施的发展项目,并且在明年开始。


The Elena Cooke Education Fund

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/22/business/13261013&sec=business

A GOOD education steeped in values is key if you want to ensure high corporate governance, with all the transparency, accountability and discipline that it entails.

Recently, we have the pleasure of being part of a journey not just to promote education, but to preserve the legacy of someone who did so.

An education fund, the Elena Cooke Education Fund (ECEF) has been set up in honour of Elena Maud Cooke (pic), who was the principal of the premier Bukit Bintang Girls' School (better known as BBGS) from 1958 to 1977. Not only was Cooke the longest-serving headmistress of this premier school, she was also the only person to have spent half a century in it as a student, teacher and then principal.

BBGS itself no longer exists, but hundreds of its alumni are celebrating what would have been its 120th anniversary this Saturday (June 22).

The ECEF is the brainchild of BBGS' former students, and was established four years ago to provide scholarships for underprivileged children to study at tertiary level. The already daunting task of selecting the scholarship holders well is even weightier because the inspiration behind the fund, namely Elena, was famous for maintaining very high standards in educational excellence.

Under Cooke's watchful eye, BBGS girls were taught lessons for life that could not be easily found anywhere else in the world. Her focus was on ethics, punctuality, sportsmanship and good old-fashioned hard work. Any BBGS alumna can tell you how upholding school discipline meant physically having to wash the school toilets every week, not rocking our chairs, ensuring we wore only extremely white shoes and taking care never to be scruffy in any way. Comic books were banned because they would take the focus off correct and appropriate language. Above all, BBGS teachers drummed into us how important integrity, honesty and doing one's utmost best at all times were. Elena was determined that each and every one of her girls would behave well, regardless of their personal circumstances.

In doing so, she has left behind a great legacy that all her students now pass on to their children, and their children's children.

Despite not having advertised the launch of the ECEF in a large way, its selection committee received more than 60 applications from all over Malaysia.

The committee has since selected three candidates for the scholarship, all of whom happen to be women not by choice, but by sheer ability.

The selection process is very transparent and all shortlisted candidates had to turn up for an interview by the committee. The interview weeded out those candidates who were just “fishing” for money to study, and were not even bothered to come prepared for the interview. This was evident when they did not know enough about the courses they wanted to study. There were also many candidates who had picked their courses based on advice from their parents, relatives and teachers, but not because of their own passion and interest for the course, which are vital for success.

The committee required candidates to have at least a specified number of academic credits, participated in extra-curricular activities, and be within a pre-determined band of financial constraints. And, of course, the candidate had to be a Malaysian citizen.

The committee's three chosen candidates for the scholarship this year have stories that would make all Malaysians proud. They are determined, focused and have a clear vision of what they want to do with their lives. This includes living without frills.

One of the candidates was so driven that she attended the scholarship interview after just having her appendix removed. She had not wanted to risk losing the scholarship just because she did not turn up for the interview.

As one of the members of the selection committee put it, “Although our candidates do not have top-notch results, they come through as young people of good, strong character despite having disadvantaged backgrounds. Overall, all our candidates have shown resilience, determination, courage in adversity as well as the spirit of giving back to society.”

The chair of the ECEF is Moey Yoke Lai, who is a well-known educationist. The fund is happy to receive any donations in cash or in kind, including scholarships from tertiary institutions. The committee will continue to match deserving applicants with a course they are passionate about at the donor tertiary institution or with tuition fees.

One may wonder why a fund like this was started. Well, it is from the will to take Elena's brilliance and passion forward, and this stems from the driven determination of a board of directors of the BBGS Alumni Bhd (www.bbgs.com.my), the administrators of the fund, who have benefited from the wise lessons and best practices of a really splendid Malaysian, who believed that education is the best answer to breaking the vicious cycle of poverty.

Let us all seek to empower the marginalised by giving them quality education. l Datuk Shireen Muhiudeen is managing director of Corston-Smith Asset Management in Malaysia, a fund management company that makes investment decisions based on corporate governance.

Tambun: Nadayu to be taken private, its unit selling stakes in 2 developers

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/22/business/13274274&sec=business

PETALING JAYA: Nadayu Properties Bhd’s major shareholders have proposed to take the company private via a selective capital reduction (SCR) and repayment exercise.

In an announcement to Bursa Malaysia, Nadayu said it had received a letter proposing the privatisation exercise from its major shareholders via ATIS IDR Ventures Sdn Bhd and Zhoujian Associates Sdn Bhdtogether with parties acting in concert.

Under the proposed SCR, shareholders other than ATIS IDR Ventures, Zhoujian Associates and parties acting in concert will receive a capital repayment of RM93.124mil, or RM1.39 for each Nadayu share held.

This will result in the reduction of Nadayu’s capital to 134.377 million shares, from 227.501 million, by way of cancelling a total 93.124 million shares.

The offer price of RM1.39 per share represents a 7.75% premium to the stock’s closing price of RM1.29 on Thursday, prior to the trading suspension of Nadayu shares.

Nadayu shares will resume trading on Monday. The proposed SCR will be funded via the company’s internal funds.

The rationale to privatise Nadayu stemmed from the low trading liquidity of its shares, with a daily average volume of approximately 88,138 shares for the past five years.

The major shareholders do not intend to maintain Nadayu’s listing status on Bursa’s main market.

The proposed SCR is subject to the approval of the Securities Commission, as well as Nadayu’s shareholders at an EGM to be convened at a later date.

Meanwhile, in a separate statement, Tambun Indah Land Bhd has proposed to acquire the balance 40% stake in Palmington Sdn Bhd and 30% stake in Tambun Indah Development it does not already own from Nadayu’s unit for a total RM112.234mil.

Tambun Indah Land told Bursa that it had entered into an agreement with Pembangunan Bandar Mutiara Sdn Bhd, a unit of Nadayu, yesterday to acquire the Palmington and Tambun Indah Development shares.

Tambun Indah Land owns 60% and 70% of Palmington and Tambun Indah Development, respectively.

Palmington and Tambun Indah Development are involved in the development of Pearly City in mainland Penang.

“The acquisition is a strategic move for the group to not only gain complete exposure to the fast-growing township near the Penang second bridge, but also to capture a bigger pie of the expanding profits coming from the Pearl City development,” Tambun Indah Landmanaging director Teh Kiak Seng said in a statement.

At present, Palmington and Tambun Indah Development have 267.46ha in land-bank slated for a gross development value (GDV) of RM2.7bil. The ongoing projects have a GDV of RM841.3mil, while future developments with a GDV of RM1.9bil will be carried out over the next six to seven years.

“The remaining GDV of RM1.9bil in Pearl City is expected to contribute to the group with a pre-tax profit in excess of RM600mil over the next six to seven years. With the future profits from the township to be fully attributed to our shareholders, we believe the deal upon completion would create great value for them,” Teh said.

The acquisition will be satisfied via a combination of RM40.734mil in cash and the balance RM71.5mil through an issuance of 55 million new Tambun Indah Land shares. Once completed, Nadayu will own a 14.2% stake in Tambun Indah Land.

The company also has proposed a private placement of up to 15 million new shares, or up to 4.71% of Tambun Indah Land’s capital. This will increase its share capital to 388.6 million from 318.6 million before.

The two acquisitions will be funded with internal funds and bank borrowings as well as proceeds from the private placement.

Tambun Indah Land expects the acquisitions to be completed in the fourth quarter this year.

Friday, June 21, 2013

合約有望增至20億‧金輪盈利料增22%

Source: http://biz.sinchew.com.my/node/77211

(吉隆坡20日訊)金輪企業(KIMLUN,5171,主板建築組)正迅速崛起為具吸引力,便宜的大馬依斯干達的代表性建築股,2013至2015年的淨利復合平均成長率可達到22%。
目前該公司手握建築工程合約訂單12億令吉,預料在2013年財政年有望增添逾6億5千萬令吉新合約,接著2014年及2015年,則進一步增加20億令吉建築工程新合約。
料獲更多依斯干達工程
大馬研究指出,金輪企業擁有良好完成工程紀錄及本地公司優勢,預料它將在大馬依斯干達發展計劃中,取得更多工程合約。
該公司也涉足新馬的捷運地鐵線路發展領域,主要是供應預鑄箱式橋樑(SBG)和隧道管片襯砌(TLS)的生產項目。
該公司的製造部門將擴大其產能以生產預鑄箱式橋樑和隧道管片襯砌,以期應付巴生河流域及新加坡捷運地鐵的更多訂單。目前其柔佛工廠每年銷售額為8千萬令吉,而新那旺工廠則是1億5千萬令吉。
該公司的資產負債表良好,淨負債率為56%,預料其2013年財政年淨每股股息為5仙(23%派發率),或等於周息率2.1%。
大馬研究將金輪企業2013年及2014年財政年淨利預測,上調3%及10%,分別達5千180萬令吉及千250萬令吉,而2015年則增長至8千870萬令吉。
該行對該公司保持“買進”評級,合理價也上調至3令吉28仙(之前為2令吉20仙),或等於其綜合估值合理價4令吉10仙折價20%,主要配合該行上調其淨利預測行動。(星洲日報/財經)


購地開發2.85億產業‧華陽前景受看好

Source: http://biz.sinchew.com.my/node/77212

(吉隆坡20日訊)華陽(HUAYANG,5062,主板產業組)吉隆坡南端的史里肯邦安購地以展開總值達2億8千500萬令吉的產業計劃,分析員對此展望正面,認為有助於補充其巴生河流域的地庫。

華陽是以內部資金與貸款融資,以5千691萬令吉(或每平方呎350令吉),向Amazing Borneo私人有限公司購買佔地約3.73英畝的租賃地段。

達證券指出,基於史里肯邦安一帶的商用地段平均問價介乎於每平方呎200令吉至500令吉,華陽以每平方呎350令吉為收購價尚算合理。

該公司計劃於2014財年額外補充6億令吉發展值的土地庫存,因此分析員認為此次購地與目標相符。

根據華陽管理層,公司計劃於該項地段進行一項混合發展計劃,當中包含兩座服務式公寓和兩層零售商店。

該行假設該公司這次70%的購地成本以貸款融資,其負債率將從0.26倍上升至0.38倍,尚低於0.5倍的水平。

華陽管理層預計,這項發展計劃將在2015年中推出,因此銷售額料將於2017財年開始反映於賬面上。

有鑒於此,分析員預測華陽於2014至2016財年的收入或將為融資成本所累,因此稍微下調財測。

達證券維持華陽“買進”的評級,目標價從3令吉96仙調高至4令吉零4仙。(星洲日報/財經)

资产负债健康 恒大置地积极购地

Source: http://www.nanyang.com/node/542677?tid=462

(槟城19日讯)恒大置地(Tambun,5191,主板产业股)董事经理郑克生透露,公司的资产负债表现健康,目前正积极购买更多地库。
他说,恒大置地目前在槟城有715.9英亩的地库,发展总值超过36亿令吉,可让该公司持续发展至2020年,但是,该公司还会继续寻找机会永续发展。
“我们在威南有约500英亩尚未发展的土地,而这片土地在未来6年的发展总值会是20亿令吉。”
他是于今日举行第5届股东常年大会后,在记者会上发表谈话。
他指出,恒大置地正在寻找约300英亩地库,希望能在今年尾完成。
首季认购率70%
此外,发展主力之所以放在威省,主要是因为槟岛的屋业价格太昂贵,例如相似的双层排屋,在槟岛售价是80万,而在威省只售28万以上。
“所以,我们在威省的珍珠城发展计划,有50%买主是来自槟岛,如果第二大桥如期9月通车,我们预测将有更多槟岛人来威省置业。”
他也透露,截至今年3月31日,该公司未进账的销售额达4亿2500万令吉,预计这将继续增加公司未来2至3年的收入。
今年首季,该公司的发展计划已经售出70%,其他的项目预计会在今年内推介。

Fed: from here on in, you're on your own

Source: http://biz.thestar.com.my/news/story.asp?file=/2013/6/21/business/20130621080736&sec=business

NEW YORK: The stock market has been put on notice by the Federal Reserve: from here on in, you're on your own.

Stock markets worldwide have fallen sharply since comments on Wednesday by Fed Chairman Ben Bernanke laying out the U.S. central bank's plans to pull back on its $85 billion in monthly asset purchases. U.S. stocks endured their worst two-day selloff since November 2011, and the Dow Jones industrials fell 354 points on Thursday. <.N>

The declines, should they continue, would justify the fears of those who believed the rally that sent the S&P 500 <.SPX> to record highs last month was only due to Fed intervention.

"We are going to continue to see volatility until we get to a point where the markets come to terms with the fact that we have a sustainable recovery in our hands, that it is not in need of life support," said Peter Kenny, chief market strategist at Knight Capital in Jersey City, New Jersey.

Even though the move theoretically means market fundamentals will rise in importance, the selloff shows the process is going to be a tricky one for traders and investors to navigate as they encounter economic data likely to give off contradictory signals.

ADJUSTING TO REALITY

Many expect wild swings in the coming months as the market adjusts to this new reality. Investors are likely to worry that surprisingly strong economic figures will hasten the Fed's exit from markets - ironically putting the market in the position of rooting for good-but-not-great economic figures.

Just the same, if the Fed is bent on reducing its bond-buying program absent a calamity, signs of mediocre economic growth won't inspire buying, either.

So far this year "it was a matter of 'good data is good and bad data is good,'" said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.

"You can't take bad data any more as an excuse for a rally in the market," he said.

Investors are almost evenly split on whether the Federal Reserve will be able to manage the transition to higher interest rates without doing serious harm to the economy, according to the Wells Fargo/Gallup Investor and Retirement Optimism Index, released on Thursday. Forty-six percent of those surveyed said the Fed will be successful, while 43 percent said the economy will suffer great harm when policy changes.

Market participants are struggling with this right now. The CBOE Volatility Index <.VIX>, a gauge of anxiety on Wall Street, jumped 23 percent on Thursday to 20.49, the first time this year it has exceeded 20, an often-used line of demarcation between calm and stressed markets.

Along with the VIX, there were other indicators showing increased concern about declines. The S&P's one-month "skew," which measures the difference between buying downside put options and upside call options, surged to a one-year high, according to Credit Suisse. That means downside protection has gotten very expensive.

In addition, on a day when less than 5 percent of the S&P 500's components ended higher, shares of CME Group hit a 52-week high in a sign investors expect trading in derivatives to rise as traders protect against losses. More than 20 million options contracts traded on Wednesday, according to OCC, formerly Options Clearing Corp, the busiest day since May 22.

LOOKING AT VALUATION

For some, the selling is not justified, as Bernanke made it that clear that only when the economy is healthy enough to thrive on its own will the Fed take away "the punchbowl," - a reference to the statement by former Fed Chairman William McChesney Martin that the Fed's job is "to take away the punch bowl just as the party gets going."

In addition, for all of the recent volatility, the U.S. markets have been a relative oasis compared with stock markets around the world, which have been hit harder since Ben Bernanke first broached the reduction of stimulus on May 22.

Japan's Nikkei 225 <.N225> has lost nearly 17 percent since May 21; Brazil's Bovespa <.BVSP> is down 15 percent in that time, and the MSCI All-World Index <.MIWD00000PUS> has lost 7.1 percent. The S&P is down just 4.9 percent, a signal that investors believe the U.S. outlook is stronger.

"If you look at the fundamentals of U.S. equities, not only in a stand-alone basis but relative to the rest of the world, in both those categories it is really hard to find a more attractive asset right now than U.S. equities," said Stephen Sachs, head of capital markets at ProShares in Bethesda, Maryland.

That thesis will be tested as the summer wears on, and as earnings season approaches. The relatively attractive valuations currently seen in markets have to take into account low borrowing costs that have helped companies secure cheap funding.

With the back-up in Treasury yields, the 10-year Treasury rate at 2.42 percent is more attractive than the S&P 500's dividend yield of 2.13 percent, notes Andrew Wilkinson, chief economic strategist at Miller Tabak. That could portend more selling in stocks.

Still, at 14.4, the forward price to earnings ratio of the S&P 500 is slightly below the historic norm. A pullback could be a shallow one if valuations become more attractive, depending on the corporate earnings outlook.

"There has to be a rotation towards more compelling, compressed valuations," said Knight's Kenny. "That should be welcome, but that doesn't mean it's going to feel good." - Reuters



Thursday, June 20, 2013

“欧洲股神”安东尼·波顿败走中国 投资三年亏损14%

Source: http://www.zaobao.com.sg/wencui/politic/story20130619-218124

“虽然安东尼·波顿管理的基金名称叫“中国特殊情况”,但面对各种情况频出的中国公司,即使他是有“欧洲股神”、“英国巴菲特”之称的投资大师也无计可施。在经历了3年的煎熬后,这位英国绅士管理的富达中国特殊情况基金业绩不佳,他辞去了该基金基金经理的职务,而他堪称完美的投资生涯也因此晚节不保。”

“欧洲股神”安东尼·波顿

1950年3月7日出生于英国,是英国最著名的基金经理和投资人。早年,他曾在剑桥大学学习材料工程学,毕业后在朋友的介绍下进入金融业。他一直都是投资界和基金管理人士的宠儿,他不仅被认为是英国乃至欧洲30年来最成功的基金经理,而且还曾被《泰晤士报》评选为史上十大投资大师,位列格雷厄姆与巴菲特之后。

安东尼·波顿是富达国际(Fidelity International)的投资总裁。1979年至2007年间其掌管的富达英国特殊情况基金,28年来的年化收益率达到19.5%,这意味着投资者的1万英镑在28年内可增长至149万英镑。在英国和欧洲的基金管理领域,其近30年来的优异业绩至今还无人能及。

看好中国延迟退休 投资三年亏损14%

日前,富达基金宣布,安东尼·波顿将辞去中国特殊情况基金经理,太平洋基金经理Dale Nicholls将接替波顿。安东尼·波顿管理的这一基金成立于2010年4月,截止到今年6月18日,该基金收益率为亏损14.42%。

记者致电波顿此前办公的富达基金(香港)公司,被告知安东尼·波顿所有的公开信息以富达基金公告为准,至于安东尼·波顿退休事宜更是他个人选择,公司无法代其回答。

对于安东尼·波顿而言,这段中国之旅饱受煎熬。实际上2007年时,波顿已经处于半退休状态,但因为看好中国市场的投资前景,他又重出江湖,在2010年4月成立了中国特殊情况基金,当时规模为6.1亿英镑。为了这次冒险,波顿还把家都搬到了中国香港。

瞄准中国消费行业 股神青睐中小企业

在管理中国特殊情况基金之前,安东尼·波顿管理过富达英国特殊情况基金,从1979年到2007年期间,年化收益率高达19.5%,其优异业绩在英国乃至欧洲至今仍无人能及,被称做“欧洲股神”。而富达基金官网数据显示,富达中国特殊情况基金从成立至今的年化收益率为-4.62%。

早在募集资金之时,波顿就明确了中国之行的计划,把重点放在中国消费行业,主要投资于小型私营企业,而不是大型刻板的国有企业。“中小企业现在定价很低,增长潜力非常可观,这类股票的价格低于西方企业的价格,但它们的增长潜力不错,这也是我们喜欢投资的类别。”2010年时,安东尼·波顿信心百倍,他在参加北京金博会时曾这样告诉记者。

2010年4月基金启动之后,安东尼·波顿把2/3的资金投向了那些在香港挂牌的中国公司,15%的资金投到了在美国上市的中国公司,6.5%的资金投入到日本、新加坡、韩国和英国股市的中国公司。一开始波顿顺风顺水,选中了华晨汽车、联邦制药等大牛股,半年多收益率达到27%。

中国公司状况频出 “欧洲股神”水土不服

但好景不长。到了2011年5月份,该基金就跌破了净值。因为这一基金是上市交易基金,投资者也开始对安东尼·波顿产生了怀疑,不愿意再为这一基金支付溢价,所以该基金长期以来处于折价状态。

面对糟糕的业绩,安东尼·波顿不得不出面道歉。他也意识到,有可能晚节不保。作为一个英国人,他虽然能够判断市场的增长、收购的价值,但他不擅长判断中国上市公司夸大其词的描述、真真假假的财务数据,尤其是这些描述放在中国巨大的消费市场背景下时。

有些投资失利是他在英国投资时无法想象的事情。比如说,他买的在纳斯达克上市的双威教育,前首席执行官陈子昂拿走了公司印章,导致公司停牌。安东尼·波顿无法想象,一个印章到底在中国公司中的经营有多大作用,不是签名就行了吗?

2011年,安东尼·波顿购买了霸王(中药洗发水)的股票。这一公司此前被检出洗发水含致癌物质,质监部门表态对消费者无害。既然无害那股价肯定能够恢复,抱着这样一个简单的逻辑,安东尼·波顿买进霸王,不料持有期间股价还是不停下跌,安东尼·波顿只能又把这些股票全部卖掉,仅这一项就亏损巨大。类似的案例还有味千拉面、博士蛙等。

英国《金融时报》曾经关注过安东尼·波顿在中国投资的惨痛经历,波顿曾经说过,中国的崛起令他目眩神迷,这是他们这一代人最宏大的经济发展和投资故事。但他对小企业的痴迷直接给自己的投资挖了很多坑。

“错误不在我的交易策略,也不在于这个不成熟的市场,而是我把自己的策略放在了这个不成熟的市场。”安东尼·波顿在总结自己的投资遭遇时表述。他在衡量公司价值时不停问自己,“他说的是真的吗?”“我能相信他吗?”股神到底还是水土不服。来源:YNET.com 北青网



5691 万沙登购地 华阳发展2.85亿综合产业

Source: http://www.nanyang.com/node/542469?tid=462

(吉隆坡18日讯)华阳(HuaYang,5062,主板产业股)宣布以5691万1050令吉,在史里肯邦安购入面积约3.73英亩的土地,进行发展总值达2亿8500万令吉的综合发展计划。
根据文告,华阳是透过独资子公司———Prop Park私人有限公司,向Amazing Borneo私人有限公司收购上述地段,以建造两栋服务式公寓和零售单位。
华阳总执行长何文渊表示,上述土地邻近公司在史里肯邦安的易城(One South)综合产业发展计划,且有加影外环公路(SILK)和新街场大道(Besraya)两条主要大道衔接。
“华阳目前拥有723英亩地库、发展总值达39亿令吉,这项收购活动符合公司扩大地库的目标,可进一步强化我们成为史里肯邦安地区主要可负担房屋发展商的地位。”
他同时透露,华阳正积极在巴生谷、霹雳和新山寻找优质地库,包括二级和新兴的策略地段,以期在产业发展计划上备占优势。


Eversendai shares undervalued

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/19EVERS/Article/

TAN Sri AK Nathan, the founder of Eversendai Corp Bhd, says the company is undervalued by the market.

On a year-to-date basis, Eversendai shares, which are listed on the Main Market, are down by 12.35 per cent, while the all blue-chip FTSE Bursa Malaysia KLCI (FBM KLCI) is up by 17.67 per cent during the same period.

The slide in Eversendai's share price comes at a time when the broader market has been on a record-breaking feat this year, with the FBM KLCI surpassing the 1,700 points for the first time in its history.

Nathan owns 70.52 per cent of Eversendai, while the Employees Provident Fund and Lembaga Tabung Haji hold 8.52 per cent and 5.11 per cent stake in the company, respectively.

Eversendai shares closed at RM1.49 yesterday, while the FBM KLCI eased 1.170 points to end at 1772.88 points.

"The current share price does not reflect the company's true business potential and track record," said Nathan.

Data obtained from Bloomberg show that all the eight research firms that track Eversendai recommend investors to buy the stock.

However, the company's first-quarter results for the period ended March 31 2013 was a disappointment, with group level pre-tax profit dropping to RM24.45 million from RM31.25 million in the same period a year ago.

Nathan is optimistic of the firm reaching its RM2 billion revenue target and doubling its profit by 2017 .

"I foresee the company's net profit and revenue to increase progressively from 2014, driven by new building and construction projects and our venture into oil and gas. We are diversifying and moving into new territories such as eastern Africa and Australia," he said.

The company's outstanding order book is RM1.5 billion, which translates into 1.5 times fiscal year 2012 revenue and 1.3 times order book-to-market cap ratio.

Eversendai is in the process of bidding for structural steel, petrochemical and power plant construction jobs, and oil and gas fabrication worth up to RM8 billion. The projects are mainly in Azerbaijan, Saudi Arabia, Qatar, Oman, Dubai, Abu Dhabi, Sri Lanka, India, Singapore and Malaysia.