◆钟贵发博士 ◆马来亚大学商学院副院长
存款可以分为储蓄和定期存款；储蓄属于中介，定期存款则属于一种投资。
如上一篇所说，储蓄户头的钱在保存了足够3个月开支的款额后，个人就可以开始储存投资资本。
个人应该把足够1000令吉的投资资本，先存进定期户头，在投资资本累积至5000令吉时，就可以开始投资股票。
开定期户头需要的首期存款因银行而异。例如在联昌国际银行定期储存2个月或以上所需的首期存款至少为1000令吉。那么在个人的资本已经达到首期的定期存款的款额时，就可以先把这笔钱存入定期户头，以获得比较储蓄更高的利息回报。
把钱存进定期户头虽然可以获得比较高的利息回报，但是必须存放一个特定的期限。存放的期限越高，利息回报率也就越高。
但在该期限截止前，个人不能把存款提出来，否则会损失所有的利息。
个人在决定定期存款的存款为期时，应考虑在在期限时，个人想要获得并提出的款额是多少（定期存款+利息）。
存款的为期最好是不超过12个月，建议介于24至40岁的打工族在定期户头里的存款最好不超过1万令吉。因为在这群打工族可以利用其余的钱，转进其他投资产品，才能有效地累积财富。
此外，与储蓄户头获得的利息一样，个人从定期存款所获得的利息收入也是不用被征税的。
个人从定期存款获得的利息全数属于自己。
可供做投资资本
除了储蓄户头，定期存款的钱也可以拿来做投资资本。在这两个户头的钱到5000令吉时，个人就可以考虑做其他的投资，如购买股票。
一般上，要购买一股优质股，至少是要有5000令吉。有了5000令吉后，就可以购买一股优质股。这项投资产品将通过往后的的文章仔细讨论。
先比较存款利息
与储蓄一样，个人在开定期户头前，可以先阅读报章、上网查询或打电话咨询有关银行的定期存款服务。
在深思熟虑后，才决定要把钱定期存进哪间银行。
以下是我国其中两间银行所提供的定期存款利息率：
联昌国际银行（CIMB Bank） 存款为期（个月）定期存款利息率（%） 1～5 3.05 6～9 3.10 10 3.15 11 3.20 12 3.30 13～14 3.35 15～17 3.40 18～23 3.45 24～35 3.55 36～47 3.60 48～59 3.70 60 3.80 大众银行（Public Bank） 存款为期（个月）定期存款利息率（%） 1～2 3.00 3～5 3.05 6～11 3.10 12 3.15 13～60 有待斟酌 规划存款期限及回酬
◆规划一
一项好的投资，除了给与投资者高的回报率，也要维持他资金的流动。定期存款可以以不同的期限储蓄，个人可以把收入以不同的期限定期存起来。
例如把1000令吉定期储存3个月，把2000令吉定期储存6个月，及3000令吉定期储存1年。
那么当紧急事件发生，储蓄户头里3个月的款额又不足够应付时，存款者可以选择把为期短及利息率低的定期存款提出来，就可以把利息损失降到最低。
此外，把收入以不同期限定期存起来，可以让个人在想要购买股票时，把为期较短的存款提出来。
这样一来，既有投资资本，个人也不会损失其他存款的利息。
◆规划二
另一方面，当个人有额外收入（如：花红）时，个人可以选择把钱存进一个为期长的定期户头，这样获得的利息就会比短期的利息高。
例如把6000令吉存进为期1年的定期户头，所获得的利息就会比规划一来的高。在一年后，个人可以把这笔存款一次性提出来，购买一些优质的股票，从投资优质股票中获利。
Monday, August 8, 2011
Thursday, August 4, 2011
CIMB Research has Neutral call on MSM
KUALA LUMPUR: CIMB Equities Research has initiated coverage of MSM Holdings Bhd'' with a NEUTRAL call and a target price of RM5.50, which is based on 13 times forward P/E or a 10% discount to its target market P/E of 14.5 times.
It said on Thursday, Aug 4 the dividend yield of 5.5% will provide share price support.
MSM Holdings is currently in a sweet spot, thanks to its 57% share of Malaysia's refined sugar market. Current-year earnings growth prospects are also favourable, aided by a strong ringgit and higher selling prices.
'But these pluses are offset by uncertain raw sugar costs in 2012, slower demand growth as well as rising competition and fuel costs,' it said.
It said on Thursday, Aug 4 the dividend yield of 5.5% will provide share price support.
MSM Holdings is currently in a sweet spot, thanks to its 57% share of Malaysia's refined sugar market. Current-year earnings growth prospects are also favourable, aided by a strong ringgit and higher selling prices.
'But these pluses are offset by uncertain raw sugar costs in 2012, slower demand growth as well as rising competition and fuel costs,' it said.
MBSB extends gains, RHB Research ups TP
At 9.15am, MBSB was up seven sen to RM1.75 with 3.71 million shares traded.
RHB Research maintained its Outperform call on the stock and lifted its fair value for MBSB to RM2.60 from RM2.06, based on unchanged 11x target 2012 PER.
'We have raised our FY11-13 EPS projections by 23.7%/25.1%/28.3% respectively, mainly after raising our net interest margin projections, partly offset by downward revisions to our non-interest income forecasts.
'Our FY11-13 net DPS projections have been raised by 25-30.8%, based on unchanged payout ratio of 30%,' RHB Research said.
MBSB announced on Tuesday its net profit for the second quarter ended June 30, 2011 jumped 58% to RM78.25 million from RM49.51 million a year earlier, due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans.
RHB Research maintained its Outperform call on the stock and lifted its fair value for MBSB to RM2.60 from RM2.06, based on unchanged 11x target 2012 PER.
'We have raised our FY11-13 EPS projections by 23.7%/25.1%/28.3% respectively, mainly after raising our net interest margin projections, partly offset by downward revisions to our non-interest income forecasts.
'Our FY11-13 net DPS projections have been raised by 25-30.8%, based on unchanged payout ratio of 30%,' RHB Research said.
MBSB announced on Tuesday its net profit for the second quarter ended June 30, 2011 jumped 58% to RM78.25 million from RM49.51 million a year earlier, due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans.
Affin, banks, GAB, Favelle Favco, Catcha
KUALA LUMPUR: MALAYAN BANKING BHD [] and CIMB Group Holdings could be in focus on Friday, Aug 5 after AFFIN HOLDINGS BHD [] decided not to go ahead with its proposed acquisition of an Indonesian bank on mounting concerns about Indonesia’s central bank limiting majority shareholdings in commercial banks.
Affin called off the proposed acquisition of Indonesia’s PT Bank Ina Perdana, one year after the share purchase agreement (SPA) and subscription agreement (SA) had lapsed. It said the conditions precedent to these agreements had not been fulfilled as of Aug 4, 2011.
Most importantly, Affin expressed concern about Bank Indonesia’s currently study of the policy to limit majority shareholdings in commercial banks in Indonesia.
Maybank and CIMB are the other two banks with major shareholdings in Indonesian banks. Worries about the central bank of Indonesia possibly introducing a cap on foreign ownership in local banks later this year had worried investors.
In mid-July, ECM Libra Research said although it remained cautiously optimistic that the new regulation may not be applied retroactively given the difficulties in implementing the policy without potential backlash from foreign investors, this could pose a downside risk to CIMB and Maybank’s earnings prospects, if it was being employed retroactively.
The research house said that current rules in Indonesia make it possible for local banks to be up to 99.0% controlled by one shareholder, including foreign parties.
“We view this development to be potentially negative for CIMB and Maybank, given their majority stakes in the respective Indonesia banks. At present, CIMB owns 96.9% of CIMB Niaga while Maybank owns 97.5% of Bank Internasional Indonesia (BII). As such, the implementation of this regulation could force the banks to dispose their stakes and dampen their earnings prospects,” it said.
ECM Libra Research also said CIMB would be more severely impacted, given that CIMB Niaga’s large contribution to the group’s bottomline and to remain its key earnings driver to the group going forward.
Meanwhile, on a more positive note for the market, GUINNESS ANCHOR BHD [] (GAB) rewarded shareholders with a single tier dividend of 44 sen per share for the financial year ended June 30, 2011 (FY June 2011) compared with 35 sen a year ago.
Net profit fell 18% to RM29.08 million from RM35.48 million a year ago, mainly due to provisions made for its market restructuring. Revenue increased by 13% to RM348.76 million from RM308.71 million mainly due to price, sales mix and an increase in activities in the fourth quarter. Earnings per share were 9.63 sen compared with 11.74 sen.
FAVELLE FAVCO BHD [] has received purchase orders for two offshore cranes and a tower crane with a combined value of RM93.4 million. Its units Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd had received the purchase orders for the cranes.
HSC Healthcare Sdn Bhd has emerged as a substantial shareholder in Catcha Media after it acquired 6.66 a 5.01% stake in the company. HSC Healthcare, which is helmed by Dr Lim Yin Chow, acquired 6.66 million shares in the company.
The acquisition comes on the heels of other strategic investments in Catcha Media by Genting group’s Datuk Justin Leong Ming Loong who acquired a 5.01%t stake on Aug 2 and STAR PUBLICATIONS (M) BHD [] that bought a 4.99% stake on July 4.
Affin called off the proposed acquisition of Indonesia’s PT Bank Ina Perdana, one year after the share purchase agreement (SPA) and subscription agreement (SA) had lapsed. It said the conditions precedent to these agreements had not been fulfilled as of Aug 4, 2011.
Most importantly, Affin expressed concern about Bank Indonesia’s currently study of the policy to limit majority shareholdings in commercial banks in Indonesia.
Maybank and CIMB are the other two banks with major shareholdings in Indonesian banks. Worries about the central bank of Indonesia possibly introducing a cap on foreign ownership in local banks later this year had worried investors.
In mid-July, ECM Libra Research said although it remained cautiously optimistic that the new regulation may not be applied retroactively given the difficulties in implementing the policy without potential backlash from foreign investors, this could pose a downside risk to CIMB and Maybank’s earnings prospects, if it was being employed retroactively.
The research house said that current rules in Indonesia make it possible for local banks to be up to 99.0% controlled by one shareholder, including foreign parties.
“We view this development to be potentially negative for CIMB and Maybank, given their majority stakes in the respective Indonesia banks. At present, CIMB owns 96.9% of CIMB Niaga while Maybank owns 97.5% of Bank Internasional Indonesia (BII). As such, the implementation of this regulation could force the banks to dispose their stakes and dampen their earnings prospects,” it said.
ECM Libra Research also said CIMB would be more severely impacted, given that CIMB Niaga’s large contribution to the group’s bottomline and to remain its key earnings driver to the group going forward.
Meanwhile, on a more positive note for the market, GUINNESS ANCHOR BHD [] (GAB) rewarded shareholders with a single tier dividend of 44 sen per share for the financial year ended June 30, 2011 (FY June 2011) compared with 35 sen a year ago.
Net profit fell 18% to RM29.08 million from RM35.48 million a year ago, mainly due to provisions made for its market restructuring. Revenue increased by 13% to RM348.76 million from RM308.71 million mainly due to price, sales mix and an increase in activities in the fourth quarter. Earnings per share were 9.63 sen compared with 11.74 sen.
FAVELLE FAVCO BHD [] has received purchase orders for two offshore cranes and a tower crane with a combined value of RM93.4 million. Its units Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd had received the purchase orders for the cranes.
HSC Healthcare Sdn Bhd has emerged as a substantial shareholder in Catcha Media after it acquired 6.66 a 5.01% stake in the company. HSC Healthcare, which is helmed by Dr Lim Yin Chow, acquired 6.66 million shares in the company.
The acquisition comes on the heels of other strategic investments in Catcha Media by Genting group’s Datuk Justin Leong Ming Loong who acquired a 5.01%t stake on Aug 2 and STAR PUBLICATIONS (M) BHD [] that bought a 4.99% stake on July 4.
CIMB Group ventures into Sri Lanka
KUALA LUMPUR: CIMB Group Holdings Bhd's'' CIMB Securities International Pte. Ltd is venturing into Sri Lanka to set up an investment banking advisory joint venture.
It said on Thursday, Aug 4 CIMB Securities International -- its indirect wholly-owned subsidiary ' had entered into a joint venture agreement with its partners Alex Lovell and Reshani Dangalia to establish an investment banking advisory JV.
Under the agreement, the shareholders have committed up to US$2 million for the venture. It will be a subsidiary of CIMB Securities International upon its incorporation.
'The JV company shall provide investment banking services such as corporate, equity and debt capital market and general advisory on mergers and acquisitions, initial public offerings and secondary offerings, primary and dual listings, privatisations, corporate restructuring and capital management, as well as such other related businesses that the Joint Venture company may choose to undertake in the future,' said CIMB.
It said on Thursday, Aug 4 CIMB Securities International -- its indirect wholly-owned subsidiary ' had entered into a joint venture agreement with its partners Alex Lovell and Reshani Dangalia to establish an investment banking advisory JV.
Under the agreement, the shareholders have committed up to US$2 million for the venture. It will be a subsidiary of CIMB Securities International upon its incorporation.
'The JV company shall provide investment banking services such as corporate, equity and debt capital market and general advisory on mergers and acquisitions, initial public offerings and secondary offerings, primary and dual listings, privatisations, corporate restructuring and capital management, as well as such other related businesses that the Joint Venture company may choose to undertake in the future,' said CIMB.
Tambun Indah posts RM4.73m net profit in 2Q
KUALA LUMPUR: Tambun Indah Land Bhd posted net profit of RM4.73m in the second quarter ended June 30, on the back of RM52.44 million in revenue.
The Penang-based property company said on Thursday, Aug 4 that its earnings per share were 2.14 sen. It declared dividend of 4.6 sen per share.
Tambun Indah said the 2Q pre-tax profit before tax was RM11.33 million, up RM9000,000 than 1Q's RM10.43 million.
'This is mainly due to higher revenue were recorded during the current quarter of RM52.45 million compared to revenue of RM35.95 million in the preceding quarter,' it said.
However, the increase in revenue was partially offset by increase in cost of sales, administrative expenses and selling and marketing expenses. Higher administrative expenses in current quarter mainly due to expenses related to three proposed acquisition of Pridaman, Ikhtiar Bitara and Bandar Tasek Mutiara land.
"Higher selling and marketing expenses were incurred in the current quarter as a result of more sales activities from development projects.
Elaborating on the financial results, it said the revenue was RM88.40 million in the first half while pre-tax profit was RM21.76 million.
It said the profit and revenue were mainly from its property development activities. Ongoing projects which contributed to the Group's profit and revenue include Pearl Villas, Pearl Garden, Juru Heights, Carissa Park, Dahlia Park, Impian Residence, Tanjung Heights and Capri Park.
Apart from property development, the group's CONSTRUCTION [] activities and investment holdings activities also contributed to the earnings.
The Penang-based property company said on Thursday, Aug 4 that its earnings per share were 2.14 sen. It declared dividend of 4.6 sen per share.
Tambun Indah said the 2Q pre-tax profit before tax was RM11.33 million, up RM9000,000 than 1Q's RM10.43 million.
'This is mainly due to higher revenue were recorded during the current quarter of RM52.45 million compared to revenue of RM35.95 million in the preceding quarter,' it said.
However, the increase in revenue was partially offset by increase in cost of sales, administrative expenses and selling and marketing expenses. Higher administrative expenses in current quarter mainly due to expenses related to three proposed acquisition of Pridaman, Ikhtiar Bitara and Bandar Tasek Mutiara land.
"Higher selling and marketing expenses were incurred in the current quarter as a result of more sales activities from development projects.
Elaborating on the financial results, it said the revenue was RM88.40 million in the first half while pre-tax profit was RM21.76 million.
It said the profit and revenue were mainly from its property development activities. Ongoing projects which contributed to the Group's profit and revenue include Pearl Villas, Pearl Garden, Juru Heights, Carissa Park, Dahlia Park, Impian Residence, Tanjung Heights and Capri Park.
Apart from property development, the group's CONSTRUCTION [] activities and investment holdings activities also contributed to the earnings.
Monday, August 1, 2011
股市能屡战屡胜，方能致富。
为了避免双重损失的“机会成本”出现，最有效的方法，是在买进之前，货比三家，找出最有价值，最有希望跑赢大势的股只，使你有限的资金，发挥最大的赚钱潜能。
问题是怎样找出“最有价值”的股票？
要回答这个问题，就要返璞归真，弄清楚股票是什么？
股票就是公司股份的证明书，买股票就是买公司的股份，买公司的股份就是参股做生意。
既然如此，我们就要问：做生意的目的是什么？
答案是：赚钱。
赚钱越多的公司，其股份价值越高。
所以，假如数只股票的价格大同小异的话，那么，很明显的，每股净利最高的最值得买进。
通常我们是以本益比作为取决的标准。
假设三只股票的价格均为2令吉，它们的每股净利分别为15仙、20仙和30仙，则本益比分别为13、10及6倍。假如其他条件相同的话，那么，就应购买本益比6倍的那只股票。
参股做生意，我们希望每年都获得红利，也就是股息。
假如三只股价都是2令吉的股票，他们所分发的股息分别为5仙、10和20仙的话，则周息率（Dividend Yield）分别为2.5%、5%和7.5%。
比定存好
那么，你应该选购周息率7.5%的股票。
因为7.5%的股息回酬，比银行定期存款的利息高一倍，你可以将你的投资视为定期存款，这样就可以放心进行长期投资。
我们投资于一家公司，总希望有关公司底子扎实，经得起经济风暴的考验。
所以，最好是购买有形资产价值高过股价的股票。
通常我们是以股价与每股净有形资产的比值为标准，假如比值是低于一倍的话，表示股价被低估，可以买进。
例如股价为2令吉，每股净有形资产为2.8令吉，则股价∕资产比值为2 ÷ 2.8 = 0.71，低于1，这表示你以2令吉买进2.8令吉的资产，值得投资。
除了比较本益比，周息率和每股净有形资产价值之外，最好还要比较其他的因素，例如三家公司的财政情况、历年的业绩纪录、业务的稳定性等，然后选出优点最多的公司，买进其股
票作为投资，这样就可以减低“机会成本”出现的机遇率，提高胜算。
经过严格比较而选出的优质股，股价表现更有把握超越股市大势。
能够做到这一点，你在股市才能屡战屡胜。能屡战屡胜，方能致富。
问题是怎样找出“最有价值”的股票？
要回答这个问题，就要返璞归真，弄清楚股票是什么？
股票就是公司股份的证明书，买股票就是买公司的股份，买公司的股份就是参股做生意。
既然如此，我们就要问：做生意的目的是什么？
答案是：赚钱。
赚钱越多的公司，其股份价值越高。
所以，假如数只股票的价格大同小异的话，那么，很明显的，每股净利最高的最值得买进。
通常我们是以本益比作为取决的标准。
假设三只股票的价格均为2令吉，它们的每股净利分别为15仙、20仙和30仙，则本益比分别为13、10及6倍。假如其他条件相同的话，那么，就应购买本益比6倍的那只股票。
参股做生意，我们希望每年都获得红利，也就是股息。
假如三只股价都是2令吉的股票，他们所分发的股息分别为5仙、10和20仙的话，则周息率（Dividend Yield）分别为2.5%、5%和7.5%。
比定存好
那么，你应该选购周息率7.5%的股票。
因为7.5%的股息回酬，比银行定期存款的利息高一倍，你可以将你的投资视为定期存款，这样就可以放心进行长期投资。
我们投资于一家公司，总希望有关公司底子扎实，经得起经济风暴的考验。
所以，最好是购买有形资产价值高过股价的股票。
通常我们是以股价与每股净有形资产的比值为标准，假如比值是低于一倍的话，表示股价被低估，可以买进。
例如股价为2令吉，每股净有形资产为2.8令吉，则股价∕资产比值为2 ÷ 2.8 = 0.71，低于1，这表示你以2令吉买进2.8令吉的资产，值得投资。
除了比较本益比，周息率和每股净有形资产价值之外，最好还要比较其他的因素，例如三家公司的财政情况、历年的业绩纪录、业务的稳定性等，然后选出优点最多的公司，买进其股
票作为投资，这样就可以减低“机会成本”出现的机遇率，提高胜算。
经过严格比较而选出的优质股，股价表现更有把握超越股市大势。
能够做到这一点，你在股市才能屡战屡胜。能屡战屡胜，方能致富。
Sunday, July 24, 2011
机会成本
在谈到什么是“机会成本”（Opportunity cost）之前，首先让我们认识经济学一个重要的术语“稀少性”（Scarcity），这样才能引导我们将“机会成本”概念，应用在股票投资上，以减低投资风险，增加投资回报。
台湾著名经济学家高希均教授在他的著作《经济学的世界》中，对“稀少性”（Scarcity）有很好的说明。
他说，“每个社会都必须面对一项基本的经济难题：如何将有限的资源做最佳的运用，以满足无穷的欲望，这就是经济学上“稀少性”的问题。”
“稀少性定律”告诉我们，我们永远不可以在一定的时间内，生产出所有人类想要的东西。
稀少资源
稀少资源就算能增加，也是要靠努力或付出代价，而且无法取之不尽，用之不竭。
资源的稀少迫使每个经济体系都必须有所选择，决定多生产某项产品，通常就意味着决定少生产其他的产品，所有的社会，都面临一个基本问题，就是决定要牺牲什么，以换取想要的
东西。
在股票投资上，“稀少性”就更加明显。
无论你的资金多么雄厚，跟动辄以万亿令吉计的市场总值相比，总是微不足道的，也就是说，股票投资的资金，“稀少性”特强，将你有限的资金，投入股市，只不过是沧海一粟。
不断选择
所以，你买了A股，就不得不放弃买B股。你必须在A股和B股之间，作出抉择。
你在股市买进卖出，其实就是在不断的作出选择。 (这段话说得真好！）
假设你选择买A股，一年之后，A股跌了20%，假如你的投资额为10万令吉，一年后你的身家降至8万令吉。
与此同时，B股上涨了30%，你一年后的身家，就由10万令吉增至13万令吉。
由于你的错误选择，使你的身家在一年中相差5万令吉（13万令吉减8万令吉），等于少了50%，这5万令吉，就是你的“机会成本”。
有些人以为股票下跌了20%，他的损失是2万令吉，他忘记了他失去了从B股赚取30%利润的机会，他实际上是损失了5万令吉，这个“机会成本”所付的代价实在比他想像的高得多。
相信大部分投资者，都有这样的经验，他原本是要买甲股，后来因为听信“师爷”，转买乙股，结果甲股大跌，乙股大起，他哑子吃黄莲，出声不得，只好夜夜“暗搥”。
他是为“机会成本”而“搥”。
每一名投资者都是认为他所相中的股票会涨价，所以才决定买进，至于买进之后该股的套现，是否一如他的所料，那就谁也没有把握。
慎选好股 屡战屡胜
为了避免双重损失的“机会成本”出现，最有效的方法，是在买进之前，货比三家，找出最有价值，最有希望跑赢大势的股只，使你有限的资金，发挥最大的赚钱潜能。
问题是怎样找出“最有价值”的股票？
要回答这个问题，就要返璞归真，弄清楚股票是什么？
股票就是公司股份的证明书，买股票就是买公司的股份，买公司的股份就是参股做生意。
既然如此，我们就要问：做生意的目的是什么？
答案是：赚钱。
赚钱越多的公司，其股份价值越高。
所以，假如数只股票的价格大同小异的话，那么，很明显的，每股净利最高的最值得买进。
通常我们是以本益比作为取决的标准。
假设三只股票的价格均为2令吉，它们的每股净利分别为15仙、20仙和30仙，则本益比分别为13、10及6倍。假如其他条件相同的话，那么，就应购买本益比6倍的那只股票。
参股做生意，我们希望每年都获得红利，也就是股息。
假如三只股价都是2令吉的股票，他们所分发的股息分别为5仙、10和20仙的话，则周息率（Dividend Yield）分别为2.5%、5%和7.5%。
比定存好
那么，你应该选购周息率7.5%的股票。
因为7.5%的股息回酬，比银行定期存款的利息高一倍，你可以将你的投资视为定期存款，这样就可以放心进行长期投资。
我们投资于一家公司，总希望有关公司底子扎实，经得起经济风暴的考验。
所以，最好是购买有形资产价值高过股价的股票。
通常我们是以股价与每股净有形资产的比值为标准，假如比值是低于一倍的话，表示股价被低估，可以买进。
例如股价为2令吉，每股净有形资产为2.8令吉，则股价∕资产比值为2 ÷ 2.8 = 0.71，低于1，这表示你以2令吉买进2.8令吉的资产，值得投资。
除了比较本益比，周息率和每股净有形资产价值之外，最好还要比较其他的因素，例如三家公司的财政情况、历年的业绩纪录、业务的稳定性等，然后选出优点最多的公司，买进其股
票作为投资，这样就可以减低“机会成本”出现的机遇率，提高胜算。
经过严格比较而选出的优质股，股价表现更有把握超越股市大势。
能够做到这一点，你在股市才能屡战屡胜。能屡战屡胜，方能致富。
补正
上周“基本面剖析”一文中引ECS ICT BHD为例，此公司去年每股净赚（EPS）为25.7仙，并非20.7仙，特此补正（资料来源：ECS 2010年报）
冷眼 股市基本面大师
台湾著名经济学家高希均教授在他的著作《经济学的世界》中，对“稀少性”（Scarcity）有很好的说明。
他说，“每个社会都必须面对一项基本的经济难题：如何将有限的资源做最佳的运用，以满足无穷的欲望，这就是经济学上“稀少性”的问题。”
“稀少性定律”告诉我们，我们永远不可以在一定的时间内，生产出所有人类想要的东西。
稀少资源
稀少资源就算能增加，也是要靠努力或付出代价，而且无法取之不尽，用之不竭。
资源的稀少迫使每个经济体系都必须有所选择，决定多生产某项产品，通常就意味着决定少生产其他的产品，所有的社会，都面临一个基本问题，就是决定要牺牲什么，以换取想要的
东西。
在股票投资上，“稀少性”就更加明显。
无论你的资金多么雄厚，跟动辄以万亿令吉计的市场总值相比，总是微不足道的，也就是说，股票投资的资金，“稀少性”特强，将你有限的资金，投入股市，只不过是沧海一粟。
不断选择
所以，你买了A股，就不得不放弃买B股。你必须在A股和B股之间，作出抉择。
你在股市买进卖出，其实就是在不断的作出选择。 (这段话说得真好！）
假设你选择买A股，一年之后，A股跌了20%，假如你的投资额为10万令吉，一年后你的身家降至8万令吉。
与此同时，B股上涨了30%，你一年后的身家，就由10万令吉增至13万令吉。
由于你的错误选择，使你的身家在一年中相差5万令吉（13万令吉减8万令吉），等于少了50%，这5万令吉，就是你的“机会成本”。
有些人以为股票下跌了20%，他的损失是2万令吉，他忘记了他失去了从B股赚取30%利润的机会，他实际上是损失了5万令吉，这个“机会成本”所付的代价实在比他想像的高得多。
相信大部分投资者，都有这样的经验，他原本是要买甲股，后来因为听信“师爷”，转买乙股，结果甲股大跌，乙股大起，他哑子吃黄莲，出声不得，只好夜夜“暗搥”。
他是为“机会成本”而“搥”。
每一名投资者都是认为他所相中的股票会涨价，所以才决定买进，至于买进之后该股的套现，是否一如他的所料，那就谁也没有把握。
慎选好股 屡战屡胜
为了避免双重损失的“机会成本”出现，最有效的方法，是在买进之前，货比三家，找出最有价值，最有希望跑赢大势的股只，使你有限的资金，发挥最大的赚钱潜能。
问题是怎样找出“最有价值”的股票？
要回答这个问题，就要返璞归真，弄清楚股票是什么？
股票就是公司股份的证明书，买股票就是买公司的股份，买公司的股份就是参股做生意。
既然如此，我们就要问：做生意的目的是什么？
答案是：赚钱。
赚钱越多的公司，其股份价值越高。
所以，假如数只股票的价格大同小异的话，那么，很明显的，每股净利最高的最值得买进。
通常我们是以本益比作为取决的标准。
假设三只股票的价格均为2令吉，它们的每股净利分别为15仙、20仙和30仙，则本益比分别为13、10及6倍。假如其他条件相同的话，那么，就应购买本益比6倍的那只股票。
参股做生意，我们希望每年都获得红利，也就是股息。
假如三只股价都是2令吉的股票，他们所分发的股息分别为5仙、10和20仙的话，则周息率（Dividend Yield）分别为2.5%、5%和7.5%。
比定存好
那么，你应该选购周息率7.5%的股票。
因为7.5%的股息回酬，比银行定期存款的利息高一倍，你可以将你的投资视为定期存款，这样就可以放心进行长期投资。
我们投资于一家公司，总希望有关公司底子扎实，经得起经济风暴的考验。
所以，最好是购买有形资产价值高过股价的股票。
通常我们是以股价与每股净有形资产的比值为标准，假如比值是低于一倍的话，表示股价被低估，可以买进。
例如股价为2令吉，每股净有形资产为2.8令吉，则股价∕资产比值为2 ÷ 2.8 = 0.71，低于1，这表示你以2令吉买进2.8令吉的资产，值得投资。
除了比较本益比，周息率和每股净有形资产价值之外，最好还要比较其他的因素，例如三家公司的财政情况、历年的业绩纪录、业务的稳定性等，然后选出优点最多的公司，买进其股
票作为投资，这样就可以减低“机会成本”出现的机遇率，提高胜算。
经过严格比较而选出的优质股，股价表现更有把握超越股市大势。
能够做到这一点，你在股市才能屡战屡胜。能屡战屡胜，方能致富。
补正
上周“基本面剖析”一文中引ECS ICT BHD为例，此公司去年每股净赚（EPS）为25.7仙，并非20.7仙，特此补正（资料来源：ECS 2010年报）
冷眼 股市基本面大师
Friday, July 15, 2011
别让儿女负债累累●罗凤琴
望子成龙、望女成凤，让孩子接受优质高等教育，是大家共同心愿。
但这几年经济环境恶化，上班族薪资负成长，再加上目前面临的高通膨压力，教育费一路攀升，越来越昂贵的教育费用也让不少家长负担沉重，需要申请就学贷款的人数也节节高涨。
雪上加霜
在我们谈家庭理财规划时，总是提醒大家要把子女教育费考虑进去，但一般家庭几乎是付完房贷、生活费与孩子补习费后，就所剩不多，等孩子真正面临高等教育要花费的钱，却没有预先准备，因此近年来申请助学贷款的人数与金额不断攀高。
虽然目前在政府的特别补助下，就学贷款是毕业满一年后才开始本息摊还，而且适用优惠利率2-4%，同时可分10年偿还，但一毕业就背债数十万，而且要偿还10年。
以目前社会新鲜人就业难度高，平均起薪又偏低的情况，真的可说是雪上加霜。
虽然让孩子自己负担教育费，也是一种负责任与独立的训练，但从财富累积的角度来看，理财要越早开始越好。
设想，一个每月背债500令吉的年轻人，和一个每月投资500令吉的年轻人，25年后财富至少相差30万令吉(用年报酬率5%估算)。
越早越好
所以，疼爱孩子的父母，真的要好好盘算一下，为孩子准备教育金，可能才是帮儿女站好人生舞台的重要规划。
子女教育金的储备应当从孩子出生开始，越早准备越轻松，家庭财务安排可以越从容。
教育金应遵循6方针
1.目标合理
国内读私立大学、本地大学还是国外留学，费用是千差万别。
以上仅是学费，高等教育还牵涉到小孩的生活费问题，国内和国外读书生活费也有相当大差别。
同时别忘了通货膨胀所带来的影响。以4% 通货膨胀计算，18年后的学费将是当下的双倍。
根据自己的情况以及根据您对孩子的期望，设定一个目标，目标合理，然后提前规划。
2. 定期定额
这是除了保险之外很好的理财方式。
父母也可通过股票或基金存教育金，尤其很多家庭每月能存的教育费不到200令吉，在结余有限的情况下，如果父母懂得挑选基金，就很适合用定期定额买基金的方式帮孩子存钱。
3. 稳健投资
稳健投资是非常重要的，一般父母都有個盲点，以为存得越多越好，投资赚得越多越好，无形中就会陷入为了多赚一点钱而不顾风险、追高杀低理性不足、买错投资产品等3大陷阱。
4. 提前规划
提前规划得越早，我们的规划余地越足。
与退休规划和购房规划相比，教育费用的开支最没有弹性，既不能不支出也不能减少或延缓支出，因此子女教育金是最没有时间弹性和费用弹性的理财目标，及早筹划准备就十分必要。
5. 量力而行
父母必须了解本身的财务状况及现金流，根据本身的能力及风险承受度来做进一步的规划。
在存子女教育金的过程中，父母最容易忽略的是自己的退休金，只把钱留给儿女念书，自己退休后却苦哈哈地过日子。
现代人不能再奢望“养儿防老”，虽然让孩子接受良好的教育是父母应尽的义务，但也别忘了自己的下半辈子还是得靠自己，而不是靠子女。
6. 设立教育金专户
设定子女教育金专户，独立进行分户管理及投资布局，避免孩子的教育金遭挪用。许多父母常会因为家庭临时出现的重大支出，甚至是以为稳赚不赔的投资，而去动用子女教育金，这是错误的观念。
每个家庭应该根据自己的财务状况，着手整理家庭资产负债表、每月收支表，看看每一年扣除房贷、生活费、保险费，以及夫妻两人的退休金准备后，还有多少家庭结余，再根据家庭结余，提供符合预算的教育资源。
但这几年经济环境恶化，上班族薪资负成长，再加上目前面临的高通膨压力，教育费一路攀升，越来越昂贵的教育费用也让不少家长负担沉重，需要申请就学贷款的人数也节节高涨。
雪上加霜
在我们谈家庭理财规划时，总是提醒大家要把子女教育费考虑进去，但一般家庭几乎是付完房贷、生活费与孩子补习费后，就所剩不多，等孩子真正面临高等教育要花费的钱，却没有预先准备，因此近年来申请助学贷款的人数与金额不断攀高。
虽然目前在政府的特别补助下，就学贷款是毕业满一年后才开始本息摊还，而且适用优惠利率2-4%，同时可分10年偿还，但一毕业就背债数十万，而且要偿还10年。
以目前社会新鲜人就业难度高，平均起薪又偏低的情况，真的可说是雪上加霜。
虽然让孩子自己负担教育费，也是一种负责任与独立的训练，但从财富累积的角度来看，理财要越早开始越好。
设想，一个每月背债500令吉的年轻人，和一个每月投资500令吉的年轻人，25年后财富至少相差30万令吉(用年报酬率5%估算)。
越早越好
所以，疼爱孩子的父母，真的要好好盘算一下，为孩子准备教育金，可能才是帮儿女站好人生舞台的重要规划。
子女教育金的储备应当从孩子出生开始，越早准备越轻松，家庭财务安排可以越从容。
教育金应遵循6方针
1.目标合理
国内读私立大学、本地大学还是国外留学，费用是千差万别。
以上仅是学费，高等教育还牵涉到小孩的生活费问题，国内和国外读书生活费也有相当大差别。
同时别忘了通货膨胀所带来的影响。以4% 通货膨胀计算，18年后的学费将是当下的双倍。
根据自己的情况以及根据您对孩子的期望，设定一个目标，目标合理，然后提前规划。
2. 定期定额
这是除了保险之外很好的理财方式。
父母也可通过股票或基金存教育金，尤其很多家庭每月能存的教育费不到200令吉，在结余有限的情况下，如果父母懂得挑选基金，就很适合用定期定额买基金的方式帮孩子存钱。
3. 稳健投资
稳健投资是非常重要的，一般父母都有個盲点，以为存得越多越好，投资赚得越多越好，无形中就会陷入为了多赚一点钱而不顾风险、追高杀低理性不足、买错投资产品等3大陷阱。
4. 提前规划
提前规划得越早，我们的规划余地越足。
与退休规划和购房规划相比，教育费用的开支最没有弹性，既不能不支出也不能减少或延缓支出，因此子女教育金是最没有时间弹性和费用弹性的理财目标，及早筹划准备就十分必要。
5. 量力而行
父母必须了解本身的财务状况及现金流，根据本身的能力及风险承受度来做进一步的规划。
在存子女教育金的过程中，父母最容易忽略的是自己的退休金，只把钱留给儿女念书，自己退休后却苦哈哈地过日子。
现代人不能再奢望“养儿防老”，虽然让孩子接受良好的教育是父母应尽的义务，但也别忘了自己的下半辈子还是得靠自己，而不是靠子女。
6. 设立教育金专户
设定子女教育金专户，独立进行分户管理及投资布局，避免孩子的教育金遭挪用。许多父母常会因为家庭临时出现的重大支出，甚至是以为稳赚不赔的投资，而去动用子女教育金，这是错误的观念。
每个家庭应该根据自己的财务状况，着手整理家庭资产负债表、每月收支表，看看每一年扣除房贷、生活费、保险费，以及夫妻两人的退休金准备后，还有多少家庭结余，再根据家庭结余，提供符合预算的教育资源。
八种方法让你快速赚大钱
如何赚大钱怎样赚大钱 八种方法让你快速赚大钱
创立量子基金的投机大师索罗斯说：“我生活的重心不是金钱，但钱是达到我目标的手段，哲学才是我生命中最重要的东西。”
没错，有钱绝不是目的，但有足够财富让生活不虞匮乏后，才能无后顾之忧地去实践自己的生活方式。现实的状况是，大多数人都还没有存够本，因此害怕去做个突破性的尝试后，会陷入失业的没钱有闲困境，最后只好躲在既有工作的保护伞下。
如果你达到向往人生的流程图，是希望先冲刺事业、累积财富，以下八种方法，都有机会助你提前实现财富自由梦：
方法1：转进有上市可能的小型科技公司。
如果您刚好是将要公开发行股票的公司的员工，就能够获得数目不少的内部职工股，一旦内部职工股上市，所获得的收益就非常的多。这已经被那些曾经上市的国有大公司的员工证明是一条发财的捷径了。
不过，由于上市的名额有限，审批程序也比较复杂，带有一定的偶然性。
方法2：寻找最具价值的投资创业机会
投资到具有前景的行业，不管是自己当老板，还是投资别人当老板，都会给投资者带来更多的收益。
方法3：连锁店复制，让别人帮你赚钱。
自己先找到开店赚钱的诀窍，然后发展连锁，开放加盟让别人帮你赚钱。
方法4：转到业务报酬最高的行业
想要快速致富，做业务比较有机会，只是除了人脉与交际手腕外，专业知识才是拓展客户的关键。
方法5：具有不怕被淘汰的专业能力
其实如果你有一个足以重回职场的专业知识与技能，就等于拥有无形的财富，即使积蓄还不足以让你过一辈子，但你有本钱，可以趁年轻时，去做更多尝试，提前实践你所向往的人生。
方法6：网络商机+代理商机，副业也能赢过正职喜欢上网购买物品的人很多，想到利用网络赚钱的人却不多。
如果能够与国外供货厂商联系，通过e-mail做成国际贸易，轻松赚钱。不过需要注意的是，经营网络商店初期，一般来说，没把握能有稳定的获利。
方法7：工作与理想兼顾
如果爱好旅游的话，可以将人生目标与职场结合，专找可以到处旅行的工作。比如旅游作家等工作就需要不停地跑动。
方法8：不受地域、年龄限制的投资专业，最能实现自由人生比如一些金融领域的投资工作，只要掌握了投资技
，另外住的地方有网络，就可以投资全世界的股市与期货。
创立量子基金的投机大师索罗斯说：“我生活的重心不是金钱，但钱是达到我目标的手段，哲学才是我生命中最重要的东西。”
没错，有钱绝不是目的，但有足够财富让生活不虞匮乏后，才能无后顾之忧地去实践自己的生活方式。现实的状况是，大多数人都还没有存够本，因此害怕去做个突破性的尝试后，会陷入失业的没钱有闲困境，最后只好躲在既有工作的保护伞下。
如果你达到向往人生的流程图，是希望先冲刺事业、累积财富，以下八种方法，都有机会助你提前实现财富自由梦：
方法1：转进有上市可能的小型科技公司。
如果您刚好是将要公开发行股票的公司的员工，就能够获得数目不少的内部职工股，一旦内部职工股上市，所获得的收益就非常的多。这已经被那些曾经上市的国有大公司的员工证明是一条发财的捷径了。
不过，由于上市的名额有限，审批程序也比较复杂，带有一定的偶然性。
方法2：寻找最具价值的投资创业机会
投资到具有前景的行业，不管是自己当老板，还是投资别人当老板，都会给投资者带来更多的收益。
方法3：连锁店复制，让别人帮你赚钱。
自己先找到开店赚钱的诀窍，然后发展连锁，开放加盟让别人帮你赚钱。
方法4：转到业务报酬最高的行业
想要快速致富，做业务比较有机会，只是除了人脉与交际手腕外，专业知识才是拓展客户的关键。
方法5：具有不怕被淘汰的专业能力
其实如果你有一个足以重回职场的专业知识与技能，就等于拥有无形的财富，即使积蓄还不足以让你过一辈子，但你有本钱，可以趁年轻时，去做更多尝试，提前实践你所向往的人生。
方法6：网络商机+代理商机，副业也能赢过正职喜欢上网购买物品的人很多，想到利用网络赚钱的人却不多。
如果能够与国外供货厂商联系，通过e-mail做成国际贸易，轻松赚钱。不过需要注意的是，经营网络商店初期，一般来说，没把握能有稳定的获利。
方法7：工作与理想兼顾
如果爱好旅游的话，可以将人生目标与职场结合，专找可以到处旅行的工作。比如旅游作家等工作就需要不停地跑动。
方法8：不受地域、年龄限制的投资专业，最能实现自由人生比如一些金融领域的投资工作，只要掌握了投资技
，另外住的地方有网络，就可以投资全世界的股市与期货。
槟城房地产延烧
制造业回扬、旅游业炽热、第二家园计划受落、乔治市入世遗等等因素使槟城房地产继续大热。
这些利好也吸引不少外资进驻，业界和官方单位纷纷唱好。
受到制造业、旅游业及大马第二家园计划（MM2H）因素激励，永利行估价行高级合伙人倪传鹏预测，槟州产业市场将会继续炽热。
加上外资纷纷进驻，预计产业价格将继续被炒高。
他说，大马，尤其是槟州的产业价格，仍低于香港及新加坡，他估计距离顶限还有20至30%的涨幅空间。
他出席马来西亚中华总商会青商团，在长荣桂冠酒店举行的第四届交流会上，主讲 “槟城产业概况与机会”时，如是指出。
10重要发展地区
倪传鹏预测，槟州未来的10个重要发展地区，尤其是靠近槟城第二大桥的槟岛南部将会出现大规模的房地产发展、包括峇都加湾、峇都茅、将展开教育中心的浮罗山背、峇六拜、木蔻山、槟城升旗山、海墘及新关仔角。
而未来的沿岸填土发展，将集中在新关仔角及峇央珍珠。
此外，当提到槟岛与威省产业市场的距离，他说，2年前北海的产业价格仅有槟岛的一半，如今不论是在槟岛或者是北海购置产业投资，价格差不多一样。
他说，如果当年亚航建议在槟城兴建廉价航空终站能够如愿落成，增加槟城直飞中东杜拜及英国伦敦，将能够带来更多中东国家及英伦的有潜质投资者。
“这些也将进一步推高槟州的房地产业市场和行情。”
然而，过度依赖制造业，尤其是电子及电器工业贡献槟州经济50%，却是槟州一大弱点。
世遗光环继续发亮
乔治市被联合国教科文组织列为世界文化遗产，刺激槟城老房子抢手及价格飙涨。
槟州行政议员罗兴强指出，入遗后，新加坡及瑞士人大量涌入抢购槟城的老房子。
倪传鹏也认同，槟城乔治市联合马六甲申遗成功，也是刺激槟州产业市场在近年飙涨的因素之一。
“外国投资者，尤其是新加坡人涌入槟岛大量收购老房子发展成餐厅、古迹及晶品酒店等，让槟城的老房子抢手。”
倪传鹏大胆预测，槟城世遗区内，包括核心区及缓冲区的老房子价格，将在未来5年内双倍增值。
条件不逊首都 价格依然落后
槟州产业价格指数以246点，排在榜首联邦直辖区与吉隆坡（266点）之后。
尽管很多人投资槟城的产业价格涨得太离谱及不寻常，但倪传鹏指出，槟州产业价格指数仍排在吉隆坡之后，事实上槟城的条件并不输吉隆坡。
沙巴产业排第三
他说，根据大马产业估价局的数据指出，2009年槟州产业价格指数以246点排在第二，而吉隆坡则以266点称霸。
他说，沙巴州的产业价格指数则235点排在第三，接下来是砂拉越州的204点、新加坡203点及柔佛州的162点。
他说，至于价业价格方面，沙巴州的产业价格则是高居榜首（196点），每年成长率达7.76%槟城则是以145点排在第二，成长率4.21%。
外资热购商场
槟州行政议员罗兴强指出，外资买气热劲，同时也带动了其他类型的产业。
“当中，狮城嘉德置地（CapitaLand）通过旗下亚洲嘉茂（CapitaMallsAsia） ，以6亿5000万令吉收购槟城第二大广场的皇后湾广场。而来自新加坡的资金收购了槟城广场。”
罗兴强说，怀古热潮吹起的当儿，加上旅游业带动，槟城的酒店业看俏，本土投资者和外资相继收购及提升槟城的酒店产业。
例如，本土投资者耗资3000万令吉，收购夜兰亚珍路14间老房子翻新为Penaga晶品酒店。
“据悉，印尼富商家族控制的国际酒店集团，也将投资2000万令吉翻新槟城升旗山的克拉克酒店，打造成星级的国际水疗酒店。”
他说，目前高居大马第二家园计划（MM2H）排行榜仅次予沙巴州，但领先吉隆坡的槟州，预料将会吸引更多外国人到槟城安度退休生活及购置产业。
这些利好也吸引不少外资进驻，业界和官方单位纷纷唱好。
受到制造业、旅游业及大马第二家园计划（MM2H）因素激励，永利行估价行高级合伙人倪传鹏预测，槟州产业市场将会继续炽热。
加上外资纷纷进驻，预计产业价格将继续被炒高。
他说，大马，尤其是槟州的产业价格，仍低于香港及新加坡，他估计距离顶限还有20至30%的涨幅空间。
他出席马来西亚中华总商会青商团，在长荣桂冠酒店举行的第四届交流会上，主讲 “槟城产业概况与机会”时，如是指出。
10重要发展地区
倪传鹏预测，槟州未来的10个重要发展地区，尤其是靠近槟城第二大桥的槟岛南部将会出现大规模的房地产发展、包括峇都加湾、峇都茅、将展开教育中心的浮罗山背、峇六拜、木蔻山、槟城升旗山、海墘及新关仔角。
而未来的沿岸填土发展，将集中在新关仔角及峇央珍珠。
此外，当提到槟岛与威省产业市场的距离，他说，2年前北海的产业价格仅有槟岛的一半，如今不论是在槟岛或者是北海购置产业投资，价格差不多一样。
他说，如果当年亚航建议在槟城兴建廉价航空终站能够如愿落成，增加槟城直飞中东杜拜及英国伦敦，将能够带来更多中东国家及英伦的有潜质投资者。
“这些也将进一步推高槟州的房地产业市场和行情。”
然而，过度依赖制造业，尤其是电子及电器工业贡献槟州经济50%，却是槟州一大弱点。
世遗光环继续发亮
乔治市被联合国教科文组织列为世界文化遗产，刺激槟城老房子抢手及价格飙涨。
槟州行政议员罗兴强指出，入遗后，新加坡及瑞士人大量涌入抢购槟城的老房子。
倪传鹏也认同，槟城乔治市联合马六甲申遗成功，也是刺激槟州产业市场在近年飙涨的因素之一。
“外国投资者，尤其是新加坡人涌入槟岛大量收购老房子发展成餐厅、古迹及晶品酒店等，让槟城的老房子抢手。”
倪传鹏大胆预测，槟城世遗区内，包括核心区及缓冲区的老房子价格，将在未来5年内双倍增值。
条件不逊首都 价格依然落后
槟州产业价格指数以246点，排在榜首联邦直辖区与吉隆坡（266点）之后。
尽管很多人投资槟城的产业价格涨得太离谱及不寻常，但倪传鹏指出，槟州产业价格指数仍排在吉隆坡之后，事实上槟城的条件并不输吉隆坡。
沙巴产业排第三
他说，根据大马产业估价局的数据指出，2009年槟州产业价格指数以246点排在第二，而吉隆坡则以266点称霸。
他说，沙巴州的产业价格指数则235点排在第三，接下来是砂拉越州的204点、新加坡203点及柔佛州的162点。
他说，至于价业价格方面，沙巴州的产业价格则是高居榜首（196点），每年成长率达7.76%槟城则是以145点排在第二，成长率4.21%。
外资热购商场
槟州行政议员罗兴强指出，外资买气热劲，同时也带动了其他类型的产业。
“当中，狮城嘉德置地（CapitaLand）通过旗下亚洲嘉茂（CapitaMallsAsia） ，以6亿5000万令吉收购槟城第二大广场的皇后湾广场。而来自新加坡的资金收购了槟城广场。”
罗兴强说，怀古热潮吹起的当儿，加上旅游业带动，槟城的酒店业看俏，本土投资者和外资相继收购及提升槟城的酒店产业。
例如，本土投资者耗资3000万令吉，收购夜兰亚珍路14间老房子翻新为Penaga晶品酒店。
“据悉，印尼富商家族控制的国际酒店集团，也将投资2000万令吉翻新槟城升旗山的克拉克酒店，打造成星级的国际水疗酒店。”
他说，目前高居大马第二家园计划（MM2H）排行榜仅次予沙巴州，但领先吉隆坡的槟州，预料将会吸引更多外国人到槟城安度退休生活及购置产业。
Dialog's unit to buy Indian firm for RM7.88m
KUALA LUMPUR: Dialog Group Bhd's wholly-owned subsidiary, Dialog Systems (Asia) Pte Ltd, is acquiring a 51 per cent stake in
India's Anewa Engineering Private Ltd for RM7.88 million.
In a filing to Bursa Malaysia today, it said the proposed transaction will further provides access to new customers in various parts of the world, namely in the Middle East and India.
It was also in line with Dialog's strategy of focusing and growing its core businesses, penetrating new markets and investing in businesses with a long term sustainable income.
Anewa is an outsourcing company that provides engineering design to customers, mainly multinational companies in India, the Middle East and Southeast Asia in the oil, gas and petrochemical industry.
Under the exercise, Dialog's unit will finance the purchase consideration from its own funds and/or borrowings. It is expected to be completed by end of next month.
India's Anewa Engineering Private Ltd for RM7.88 million.
In a filing to Bursa Malaysia today, it said the proposed transaction will further provides access to new customers in various parts of the world, namely in the Middle East and India.
It was also in line with Dialog's strategy of focusing and growing its core businesses, penetrating new markets and investing in businesses with a long term sustainable income.
Anewa is an outsourcing company that provides engineering design to customers, mainly multinational companies in India, the Middle East and Southeast Asia in the oil, gas and petrochemical industry.
Under the exercise, Dialog's unit will finance the purchase consideration from its own funds and/or borrowings. It is expected to be completed by end of next month.
New Myvi wins Asian auto award
Barely a month on the road, the new Perodua Myvi recently bagged the "Best Local Assembly Compact Car" award at the Asian Auto Industry Awards ceremony.
The previous Myvi won 11 awards in 5 years.
In a statement today, Perodua said the new Perodua Myvi, launched on June 16, has lived up to its tagline of "Lagi Best".
"This new Perodua Myvi is continuing the proud legacy of its predecessor.
"We are proud and honoured with the recognition given to the new Perodua Myvi from one of Malaysia's leading motoring publication," said Perodua Managing Director Datuk Aminar Rashid Salleh in the statement.
Since bookings opened on June 4, the company had received orders for 19,000 units of the new Perodua Myvi, of which, an estimated 10,000 units will be delivered this month.
The previous Myvi won 11 awards in 5 years.
In a statement today, Perodua said the new Perodua Myvi, launched on June 16, has lived up to its tagline of "Lagi Best".
"This new Perodua Myvi is continuing the proud legacy of its predecessor.
"We are proud and honoured with the recognition given to the new Perodua Myvi from one of Malaysia's leading motoring publication," said Perodua Managing Director Datuk Aminar Rashid Salleh in the statement.
Since bookings opened on June 4, the company had received orders for 19,000 units of the new Perodua Myvi, of which, an estimated 10,000 units will be delivered this month.
Musa challenges palm oil critics
Sime Darby Bhd's Chairman Tun Musa Hitam today threw a challenge to the critics of Malaysia's palm oil industry, saying he wants to meet them, specifically those in the Australian Senate who had proposed and supported the 'Truth in Labelling-Palm Oil Bill'.
"I want to meet those who are against us. I would rather they come here and see what we have done to ensure sustainable oil palm planting," he said.
The bill, which was moved by independent senator Nick Xenophon in late 2009, proposed, among others, amendment on the Food Standards Australia New Zealand (FSANZ) Act 1991 requiring food manufacturers to list palm oil on food labels.
However, last month, the Community Affairs Legislative Committee of the Australian Senate in Canberra recommended that the bill not be passed.
The bill raised concern on the relationship between palm oil production and deforestation, and the endangerment of orang utans and other wildlife.
Musa, who was speaking to reporters after launching a book today, made the remarks in response to a question on whether he would be travelling to Australia.
He also called on the critics to stop "scaring consumers with your labelling and exploiting their fears. Come to us. You want a green world, we (also) want a green world. We are democrats after all."
The former cabinet minister said he welcomed criticisms, provided it came with knowledge and awareness of the implications it could bring on the economy of Malaysia and other oil palm-producing nations as well as the impact on consumers in other countries.
"We accept their criticisms, but not just to cut off our lifeline."
He said Malaysia was also undertaking her development with responsibility, awareness and sensitivity to the modern current needs of the world.
When the issue that palm oil was unhealthy was proven wrong during Musa's tenure as primary industries minister, lobbyists took up a new issue that Malaysia was destroying forests and threatening the wildlife to make way for oil
palm plantation.
"I must say there was a great deal of truth in what they (lobbyists) said. But I can also safely say that they are out of date in the sense that we Malaysians had the courage and the strength to admit our mistakes in the past and now, we give top priority to what we call sustainable development of the oil palm," he added.
Meanwhile, Musa said Sime Darby, one of the major oil palm planters in the country, had spent so much money in environment and wildlife preservation.
"We clean up forests, we allocate areas to ensure that threatened species, especially the orang utans, are no longer being threatened.
"You can check up on what we have been doing, our list of species that we have identified and our dedication with the collaboration with related institutions, bodies and departments. We are seriously spending money and effort on this," he said.
"I want to meet those who are against us. I would rather they come here and see what we have done to ensure sustainable oil palm planting," he said.
The bill, which was moved by independent senator Nick Xenophon in late 2009, proposed, among others, amendment on the Food Standards Australia New Zealand (FSANZ) Act 1991 requiring food manufacturers to list palm oil on food labels.
However, last month, the Community Affairs Legislative Committee of the Australian Senate in Canberra recommended that the bill not be passed.
The bill raised concern on the relationship between palm oil production and deforestation, and the endangerment of orang utans and other wildlife.
Musa, who was speaking to reporters after launching a book today, made the remarks in response to a question on whether he would be travelling to Australia.
He also called on the critics to stop "scaring consumers with your labelling and exploiting their fears. Come to us. You want a green world, we (also) want a green world. We are democrats after all."
The former cabinet minister said he welcomed criticisms, provided it came with knowledge and awareness of the implications it could bring on the economy of Malaysia and other oil palm-producing nations as well as the impact on consumers in other countries.
"We accept their criticisms, but not just to cut off our lifeline."
He said Malaysia was also undertaking her development with responsibility, awareness and sensitivity to the modern current needs of the world.
When the issue that palm oil was unhealthy was proven wrong during Musa's tenure as primary industries minister, lobbyists took up a new issue that Malaysia was destroying forests and threatening the wildlife to make way for oil
palm plantation.
"I must say there was a great deal of truth in what they (lobbyists) said. But I can also safely say that they are out of date in the sense that we Malaysians had the courage and the strength to admit our mistakes in the past and now, we give top priority to what we call sustainable development of the oil palm," he added.
Meanwhile, Musa said Sime Darby, one of the major oil palm planters in the country, had spent so much money in environment and wildlife preservation.
"We clean up forests, we allocate areas to ensure that threatened species, especially the orang utans, are no longer being threatened.
"You can check up on what we have been doing, our list of species that we have identified and our dedication with the collaboration with related institutions, bodies and departments. We are seriously spending money and effort on this," he said.
Friday, July 8, 2011
年轻上班族， 你要当“小富翁”，还是“小负翁”
对多数的人而言，30岁是一个成家立业的关卡，对於未来的计划，如家庭、子女、房子，….等，在规划上都需要上轨道。但目前我们所面临到的，是数十年以来利率水平最低的一个环境，90年代末8%以上的定存利率，在今日看来已是遥不可及；而在另一方面，却有越来越多人使用银行的信用卡，再毫无节制的“先洗未来钱”的情况下﹐使得年轻的上班族间，属於“小负翁”一族者不在少数。
负实质利率的时代
保值唯有靠理财
从目前大马的经济情况来看，尤其是吉隆坡地区一带，在通货膨胀的情况下，汽油，过路费，房屋等，每年的通货膨胀率都大约高达5%。但目前银行一年的定存才只有3.7%，这代表了目前的实质利率已为负值。也就是说，如果将钱放在银行定存，若考虑到通膨对於物价的影响，不仅没赚，反而还亏钱。由於在目前低利率的环境中，以定存保值已不可靠，所以今日应要采取更为积极的做法，才能达到资产保值，甚或是增值的目的。
因此，投资理财就已不再是一个选择，或是只属於有钱人的活动，而应该是所有希望资产不要缩水的人，都该要从事的全民活动了。所以对於20至30岁间，没有什么经济基础，年轻的社会新鲜人而言，微利时代的出现，使得他们的理财态度也必需跟著改变，这样才不会因为一直忙於工作而疏於理财，结果发现到头来，辛勤劳动的所得被通膨所侵蚀，最後还是什么都没有。
及早利用基金投资
定期定额轻松没压力
要当“小富翁”，时间是最佳的魔术师。投资时间愈长，财富累积的效用也愈大。单位信托的低投资门槛，及专业的投资管理方式，打破了长久以来要有钱、有闲，才能进行理财的限制，所以财力并不雄厚的年轻上班族，应该要趁年轻就开始投资。
但若没有时间理财，则不妨采用定期定额的方式进行投资。此种投资方式可以降低投资风险，而且期间也较长，所以在选择适合的投资组合时，可挑选较积极的投资，但若要进一步提高其效益，则可以参考以下的策略：
（一）依据长短期不同的目标，搭配不同的基金，并在投资金额上稍做搭配，藉由适度将投资分配在积极及稳健的投资管道上，以追求较佳的回报。
（二）不要太看重短期的绩效表现。投资报酬固然重要，但并不是唯一的指标，所以如果是从事长期的规划，因短线下跌而放弃了长期上涨的空间，反而会得不偿失。
（三）依财务能力调正投资金额。随著收入的提高，也可提高每月的投资金额，这是缩短投资时间，或提升投资效率最直接的方式。
每个人都想快一点把财富累积起来，早日成为“小富翁”，但在过程中绝对不能失去理性，必须随时考量风险意识，时时采取稳扎稳打的理性投资，并维持一贯的投资策略，那么，成为“小富翁”应该也不是件太困难的事。
负实质利率的时代
保值唯有靠理财
从目前大马的经济情况来看，尤其是吉隆坡地区一带，在通货膨胀的情况下，汽油，过路费，房屋等，每年的通货膨胀率都大约高达5%。但目前银行一年的定存才只有3.7%，这代表了目前的实质利率已为负值。也就是说，如果将钱放在银行定存，若考虑到通膨对於物价的影响，不仅没赚，反而还亏钱。由於在目前低利率的环境中，以定存保值已不可靠，所以今日应要采取更为积极的做法，才能达到资产保值，甚或是增值的目的。
因此，投资理财就已不再是一个选择，或是只属於有钱人的活动，而应该是所有希望资产不要缩水的人，都该要从事的全民活动了。所以对於20至30岁间，没有什么经济基础，年轻的社会新鲜人而言，微利时代的出现，使得他们的理财态度也必需跟著改变，这样才不会因为一直忙於工作而疏於理财，结果发现到头来，辛勤劳动的所得被通膨所侵蚀，最後还是什么都没有。
及早利用基金投资
定期定额轻松没压力
要当“小富翁”，时间是最佳的魔术师。投资时间愈长，财富累积的效用也愈大。单位信托的低投资门槛，及专业的投资管理方式，打破了长久以来要有钱、有闲，才能进行理财的限制，所以财力并不雄厚的年轻上班族，应该要趁年轻就开始投资。
但若没有时间理财，则不妨采用定期定额的方式进行投资。此种投资方式可以降低投资风险，而且期间也较长，所以在选择适合的投资组合时，可挑选较积极的投资，但若要进一步提高其效益，则可以参考以下的策略：
（一）依据长短期不同的目标，搭配不同的基金，并在投资金额上稍做搭配，藉由适度将投资分配在积极及稳健的投资管道上，以追求较佳的回报。
（二）不要太看重短期的绩效表现。投资报酬固然重要，但并不是唯一的指标，所以如果是从事长期的规划，因短线下跌而放弃了长期上涨的空间，反而会得不偿失。
（三）依财务能力调正投资金额。随著收入的提高，也可提高每月的投资金额，这是缩短投资时间，或提升投资效率最直接的方式。
每个人都想快一点把财富累积起来，早日成为“小富翁”，但在过程中绝对不能失去理性，必须随时考量风险意识，时时采取稳扎稳打的理性投资，并维持一贯的投资策略，那么，成为“小富翁”应该也不是件太困难的事。
Thursday, June 30, 2011
MRCB, Yinson, BCorp, Hiap Teck, KNM
KUALA LUMPUR: With the FBM KLCI closing at a historic high of 1,575.01 on Wednesday, June 29, aided by a late nudge of selected index-linked stocks, investors would want to watch if the index can extend the gains.
With the second quarter coming to a close on Thursday, 30, perhaps it is possible to see mild gains due to window dressing. However, investors may have to brace for some profit taking before the KLCI can build a stronger base to scale higher.
External factors including the Greek debt issue would be in focus on Thursday. Reuters reported equities gained strongly and the euro rose on Wednesday as investors bet on the ability of Greece's government to pass new austerity measures designed to prevent the country from going bankrupt.
Stocks to watch on Bursa Malaysia include MALAYSIAN RESOURCES CORP [] Bhd (MRCB), YINSON HOLDINGS BHD [], Berjaya Corp Bhd, HIAP TECK VENTURE BHD [] and KNM GROUP BHD [].
MRCB is collaborating up with the Korean Teachers’ Credit Union (KTCU) to collaborate in potential future projects.
KTCU is a Korean government guaranteed welfare agency with about US$17 billion of assets under its management and nine affiliated business organisations.
KTCU is an investor of two real estate funds established by HanaDaol for two projects in Kuala Lumpur Sentral, which are Tower 2 Lot G and Q Sentral, with a total investment value of RM660 million.
Yinson and its partner Petrovietnam Technical Services Corporation have secured a US$331.15 million (RM1.01 billion) to provide a floating storage and off-loading (FSO).
The total contract value of RM1.01 billion was for 20 years, of which RM626.81 million was for the firm period of 10 years and the remaining RM383.20 million was for options to extend for another 10 years in four different periods.
Yinson will have a 49% stake in JV and PTSC 51%. Yison’s cash injection in the JV is expected to be RM55.125 million.
To finance it, part of it would be from a renounceable two-call rights issue of up to 131.85 million rights shares on the basis of three rights shares for every two existing shares held.
Yinson's net profit of RM7.14 million for the quarter ended April 30 versus RM4.67 million a year ago. Revenue was higher at RM196.80 million compared with RM184.31 million.
However, Yinson has only cash and bank balances of RM4.74 million as at April 30, 2011 while receivables are RM260.23 million. Short-term borrowings, categorised under current liabilities, are RM138.88 million.
Berjaya Corporation’s fourth quarter earnings fell 27.9% to RM103.61 million in the period ended April 30 from RM143.85 million, partly due to the impairment in value and losses from sale of investments.
Revenue was RM1.87 billion compared with RM1.89 billion while earnings per share were 2.37 sen compared with 3.39 sen. Its pre-tax profit of RM261.61 million was a decrease of 12.2% from RM298.06 million a year ago. It proposed a 2% single-tier exempt dividend per share.
For the financial year ended April 30, 2011, the net profit was RM348.08 million compared with RM79.99 million in FY10 while revenue was higher at RM7.11 billion compared with RM6.75 billion a year ago.
Hiap Teck’s net profit slumped 67.8% to RM5.42 million in the third quarter ended April 30, 2011 from RM16.87 million a year ago but the steel maker expected domestic steel demand to pick up.
Revenue declined 18.3% to RM236.45 million from RM289.62 million while earnings per share were 1.69 sen compared with 5.24 sen. Hiap Teck said pre-tax profit of RM8.20 million was 64% lower than the RM22.56 million a year ago.
KNM Group Bhd is tendering for about RM17 billion worth of contracts as at end-May and expects a success rate of about 20%.
Group managing director Lee Swee Eng said he was also positive on the outlook in the second half as the contracts secured last year were now being realised.
"For our tender book, the success rate before 2008 was in the range of 25% to 30%. But since the last two years due to the competitive market, we have seen our success rate at 20%. So assuming that you can get 20% of RM17 billion, maybe we have a prospect of RM3.4 billion of new orders," he said.
With the second quarter coming to a close on Thursday, 30, perhaps it is possible to see mild gains due to window dressing. However, investors may have to brace for some profit taking before the KLCI can build a stronger base to scale higher.
External factors including the Greek debt issue would be in focus on Thursday. Reuters reported equities gained strongly and the euro rose on Wednesday as investors bet on the ability of Greece's government to pass new austerity measures designed to prevent the country from going bankrupt.
Stocks to watch on Bursa Malaysia include MALAYSIAN RESOURCES CORP [] Bhd (MRCB), YINSON HOLDINGS BHD [], Berjaya Corp Bhd, HIAP TECK VENTURE BHD [] and KNM GROUP BHD [].
MRCB is collaborating up with the Korean Teachers’ Credit Union (KTCU) to collaborate in potential future projects.
KTCU is a Korean government guaranteed welfare agency with about US$17 billion of assets under its management and nine affiliated business organisations.
KTCU is an investor of two real estate funds established by HanaDaol for two projects in Kuala Lumpur Sentral, which are Tower 2 Lot G and Q Sentral, with a total investment value of RM660 million.
Yinson and its partner Petrovietnam Technical Services Corporation have secured a US$331.15 million (RM1.01 billion) to provide a floating storage and off-loading (FSO).
The total contract value of RM1.01 billion was for 20 years, of which RM626.81 million was for the firm period of 10 years and the remaining RM383.20 million was for options to extend for another 10 years in four different periods.
Yinson will have a 49% stake in JV and PTSC 51%. Yison’s cash injection in the JV is expected to be RM55.125 million.
To finance it, part of it would be from a renounceable two-call rights issue of up to 131.85 million rights shares on the basis of three rights shares for every two existing shares held.
Yinson's net profit of RM7.14 million for the quarter ended April 30 versus RM4.67 million a year ago. Revenue was higher at RM196.80 million compared with RM184.31 million.
However, Yinson has only cash and bank balances of RM4.74 million as at April 30, 2011 while receivables are RM260.23 million. Short-term borrowings, categorised under current liabilities, are RM138.88 million.
Berjaya Corporation’s fourth quarter earnings fell 27.9% to RM103.61 million in the period ended April 30 from RM143.85 million, partly due to the impairment in value and losses from sale of investments.
Revenue was RM1.87 billion compared with RM1.89 billion while earnings per share were 2.37 sen compared with 3.39 sen. Its pre-tax profit of RM261.61 million was a decrease of 12.2% from RM298.06 million a year ago. It proposed a 2% single-tier exempt dividend per share.
For the financial year ended April 30, 2011, the net profit was RM348.08 million compared with RM79.99 million in FY10 while revenue was higher at RM7.11 billion compared with RM6.75 billion a year ago.
Hiap Teck’s net profit slumped 67.8% to RM5.42 million in the third quarter ended April 30, 2011 from RM16.87 million a year ago but the steel maker expected domestic steel demand to pick up.
Revenue declined 18.3% to RM236.45 million from RM289.62 million while earnings per share were 1.69 sen compared with 5.24 sen. Hiap Teck said pre-tax profit of RM8.20 million was 64% lower than the RM22.56 million a year ago.
KNM Group Bhd is tendering for about RM17 billion worth of contracts as at end-May and expects a success rate of about 20%.
Group managing director Lee Swee Eng said he was also positive on the outlook in the second half as the contracts secured last year were now being realised.
"For our tender book, the success rate before 2008 was in the range of 25% to 30%. But since the last two years due to the competitive market, we have seen our success rate at 20%. So assuming that you can get 20% of RM17 billion, maybe we have a prospect of RM3.4 billion of new orders," he said.
Wednesday, June 29, 2011
小强与小明的伟大的故事
小强每天在村里晃悠，爹妈看着发愁，心想这孩子将来怎么办呀；小明每日都苦读诗书，父母喜在心里，村里人都认定他必有出息。
那年，小强和小明都是十九岁，小强跟着村里的外出打工，来到了高速公路的工地，保底工资三千块；小明考上了一所重点大学，读的是道路与桥梁专业，学费每年五千多。
那年，小强和小明都是二十三岁小强的爹妈给他说个巧媳妇，是邻村的，特别贤惠；小明在大学里谈了个女朋友，是邻校的，很有文化。
那年，小强和小明都是二十四岁小强在老家结了婚，把媳妇带到工地上，来给他洗衣做饭，恩爱有加；小明终于大学毕业，找了施工单位工作，跟女友分居两地，朝思暮想。
小强每天很快乐，下了班就没事，吃了饭和媳妇散散步，晚上便和工友打麻将看电视；小明每天很忙碌，白天跑遍工地，晚上还做资料画图纸，好久不见的女友跟他分手了。
那年，小强和小明都是二十八岁，小强攒下了二十万，已是两个娃娃的爹，心想着回家盖栋漂亮的楼房；小明过了中级职称，还是单身一个人过，心想着再干几年就是高级了；
小强在农村老家盖了两层小楼，装修很漂亮，剩的钱买了一群仔，让媳妇回家种地养猪；小明在城里贷款买了一套新房，按揭三千多，父母给介绍了新女朋友，在城里上班很少见面。
那年，小强和小明都是三十一岁，小强媳妇从老家打电话来说：小强，现在家里有房有存款，咱喂喂猪，种种地，很幸福了，家里不能没有男人，你快回来吧；小明媳妇从城里打电话来说：小明，小孩的借读费要十五万呢，家里没有存款了，你看能不能找公司借点。
小强听了媳妇的话，离开了工地，回老家跟老婆一起养猪，照顾父母小孩；小明听了妻子的话，更努力工作，去了偏远又艰苦的工地，很难回家一次。
那年，小强和小明都是三十五岁猪肉价格疯涨，小强的一大圈猪成了宝贝，一年赚了十几万；通货膨胀严重，小明的公司很难接到项目，很多人都待岗了；
那年，小强和小明都是五十岁了小强已是三个孙子的爷爷，天天晒着太阳抽着旱烟在村里转悠；小明已是高级路桥工程师，天天顶着太阳皱着眉头在工地检查；
那年，小强和小明都是六十岁了，小强过六十大寿，老伴说：一家团圆多好呀，家里的事就让娃们操心吧，外面有啥好玩的地方咱出去转转；小明退休摆酒席，领导说：回家歇着没意思，返聘回单位做技术顾问吧，工地上有什么问题您给指导指导；
小强病了一场，小强拉着老伴的手说：我活了快七十岁了，有儿有孙的，知足了；小明病了一场，小明抚着妻子的手说：我在外工作几十年，让你受苦了，对不起；
……由于长期体力劳动，吃的是自家种的菜、养的猪，小强身体一直很硬朗，慢慢就恢复了。由于长期熬夜加 班、小明喝酒应酬、工地食堂饭菜也很差，身上落下很多毛病，很快就去世了。
八十岁的小强蹲在村头抽着旱烟袋，看着远远的山；远远的山上有一片公墓，小明已在那里静静睡去；小强在鞋底磕磕烟灰，拄着拐杖站起身，望了望那片公墓，自言自语地说：唉，都是一辈子呀…
谨以此向工作在大城市，付出了青春、爱情、亲情甚至生命的人。
人的一生很短暂，希望大家给自己多一些时间，给家人多一些关爱。
那年，小强和小明都是十九岁，小强跟着村里的外出打工，来到了高速公路的工地，保底工资三千块；小明考上了一所重点大学，读的是道路与桥梁专业，学费每年五千多。
那年，小强和小明都是二十三岁小强的爹妈给他说个巧媳妇，是邻村的，特别贤惠；小明在大学里谈了个女朋友，是邻校的，很有文化。
那年，小强和小明都是二十四岁小强在老家结了婚，把媳妇带到工地上，来给他洗衣做饭，恩爱有加；小明终于大学毕业，找了施工单位工作，跟女友分居两地，朝思暮想。
小强每天很快乐，下了班就没事，吃了饭和媳妇散散步，晚上便和工友打麻将看电视；小明每天很忙碌，白天跑遍工地，晚上还做资料画图纸，好久不见的女友跟他分手了。
那年，小强和小明都是二十八岁，小强攒下了二十万，已是两个娃娃的爹，心想着回家盖栋漂亮的楼房；小明过了中级职称，还是单身一个人过，心想着再干几年就是高级了；
小强在农村老家盖了两层小楼，装修很漂亮，剩的钱买了一群仔，让媳妇回家种地养猪；小明在城里贷款买了一套新房，按揭三千多，父母给介绍了新女朋友，在城里上班很少见面。
那年，小强和小明都是三十一岁，小强媳妇从老家打电话来说：小强，现在家里有房有存款，咱喂喂猪，种种地，很幸福了，家里不能没有男人，你快回来吧；小明媳妇从城里打电话来说：小明，小孩的借读费要十五万呢，家里没有存款了，你看能不能找公司借点。
小强听了媳妇的话，离开了工地，回老家跟老婆一起养猪，照顾父母小孩；小明听了妻子的话，更努力工作，去了偏远又艰苦的工地，很难回家一次。
那年，小强和小明都是三十五岁猪肉价格疯涨，小强的一大圈猪成了宝贝，一年赚了十几万；通货膨胀严重，小明的公司很难接到项目，很多人都待岗了；
那年，小强和小明都是五十岁了小强已是三个孙子的爷爷，天天晒着太阳抽着旱烟在村里转悠；小明已是高级路桥工程师，天天顶着太阳皱着眉头在工地检查；
那年，小强和小明都是六十岁了，小强过六十大寿，老伴说：一家团圆多好呀，家里的事就让娃们操心吧，外面有啥好玩的地方咱出去转转；小明退休摆酒席，领导说：回家歇着没意思，返聘回单位做技术顾问吧，工地上有什么问题您给指导指导；
小强病了一场，小强拉着老伴的手说：我活了快七十岁了，有儿有孙的，知足了；小明病了一场，小明抚着妻子的手说：我在外工作几十年，让你受苦了，对不起；
……由于长期体力劳动，吃的是自家种的菜、养的猪，小强身体一直很硬朗，慢慢就恢复了。由于长期熬夜加 班、小明喝酒应酬、工地食堂饭菜也很差，身上落下很多毛病，很快就去世了。
八十岁的小强蹲在村头抽着旱烟袋，看着远远的山；远远的山上有一片公墓，小明已在那里静静睡去；小强在鞋底磕磕烟灰，拄着拐杖站起身，望了望那片公墓，自言自语地说：唉，都是一辈子呀…
谨以此向工作在大城市，付出了青春、爱情、亲情甚至生命的人。
人的一生很短暂，希望大家给自己多一些时间，给家人多一些关爱。
Monday, June 13, 2011
外汇真相背后的真相
外汇分析派系最主要分为两大宗派。当然还有其它派系，我这里暂时只说明两种派系的趣事。
1。基本面分析 Fundamental Analysis
2。技术性分析 Technical Analysis
基本面分析 Fundamental Analysis，是通过新闻，经济成长等的信息、报告、 该国政府机构所公开的数据，来分析出未来或者即将会出现的走势。很多初学者接触时，会认为正面的信息，必带来货币强化，所以就买入该国货币。这个逻辑的确合理，可是事实又岂会那么简单。以下的顺序就是淘汰基本面分析的散户的经历。
1。英国公布Consumer Price Index （消费价格指数）上升。
2。检查过ForexFactory对CPI的注解。CPI上升，就证明该国人民的消费力好。是不是应该买入英镑GBP呢？
3。结果：GBP下跌。
4。媒体其后的新闻稿对英国CPI的评语是英国经济还在低微阶段，消费价格指数上升，全因油价冲击所致，让外资担忧。
5。散户在想：吸取教训，应该要看得比较全面才可以。CPI上升，货币不一定强化，还要看经济景不景气。
一个月后
6。英国公布Consumer Price Index （消费价格指数）上升。
7。散户一直有留意英国经济走势的新闻。同时还检查过这一个月来Brent Crude（英国综合原油价格），再加上国际原油价格两者都上升不少。
8。散户的分析：成长已经缓慢，原油又再高涨，又再让百物涨价。好！英镑会跌，我卖英镑！（信心满满）
9。结果：GBP上升。
10。媒体其后对CPI的评语：原油价格上升，百物涨价，通货膨胀引发危机。投资者猜想英国国家银行会在此季升息。
11。散户在想：好，我要多注意通膨和国行的新闻。
又再一个月后
12。英国公布Consumer Price Index （消费价格指数）上升。
13。散户一直有留意英国经济走势的新闻。同时还检查过这一个月来Brent Crude（英国综合原油价格），再加上国际原油价格两者都上升不少。而且英国多家私立银行高层同时表示近期和国行接触频密，很快就会升息了。
14。散户的分析：成长缓慢，原油高涨，百物涨价。连银行家都说会升息。好！英镑会升，我买英镑！（信心 x 200% 满满）
15。结果：GBP下跌。
16。媒体其后对CPI的评语：（并没有相关新闻）
17。散户在想：TMD！！我以后也不再相信基本面分析了！
综合来说，很多初学者都因为这样而淘汰基本面分析。媒体有时候就好像马后炮一样。不过，并不代表基本面分析是没有用。其实，我本人是靠基本面分析才赚钱的一名散户。
更有趣的是，该国政府所公布的数据究竟可不可信。我举个实例就是在上个月，5月15日，日本所公布的Core Machinery Order（机器订单）数据。这个Core Machinery Order数据是在3月份结束后的40日才公布的，换言之，这份数据是3月的综合机器订单报告。日本3月11日发生了历史上的9级大地震。其后，影响到核电厂，让该国电源输送不足。日本政府为了应付电源输送给住家地区惟有减少用电量高的工业区。Toyota、 Honda、 Nissan和Sony暂时停产。预测下跌负数9.7%。但是事实上，这个数据不大减，反而大增2.9%。
其实数据的真实性，一向都有可疑。英国、美国都时常出现这些本应让人争议性的数据。可惜，这些数据没有人公开去考证。对于投机者来说，这些数据只是属于短期性的参考。没有必要花太多时间在它的身上。
技术性分析 - 技术迷信病
大部分（并非全部人）相信技术分析，只是依靠技术分析来做外汇交易的人都是迷信的。迷信在技术分析能帮他们预测走势继而来帮他们赚钱。大部分现今的技术分析都已经被演变成为都市奇谈了。这些人有一些病症。若你有一下其中一种，你极可能患上了技术迷信病。
1。当你去学习一项新的技术分析时，你是不会去了解该技术如何能够计算出对的Signal。你只执著于该技术有没有实际用处而已。
这是一个的通病，也是最常见的病症。技术分析就演变成为一个宗教般。我以前也有这样的病症。要进场做买卖，但是必须要等Signal(启示)。技术分析忽然间就变成上帝，而Signal就是上帝所给我的启示。我从来都不会过问：技术分析啊，你是如何知道时机的来临的。
2。当你发觉你的技术分析有破绽时，你会设法以另一种技术分析来补给其不足之处。
3。你知道技术分析不能预测走势，不过能够确定和你说走势的方向已经确定了，是时候进场了。
技术迷信病的由来
1。价位常徘徊至支撑线、阻力线、回撤线。所以感觉上技术分析容易抓摸，潜意识觉得钱就是那么容易赚。
2。听信很多人用技术分析赚钱，所以开始盲目寻找一个能赚钱的技术分析。潜意识觉得寻得这技术，犹如得到宝藏。
3。听见某一样技术分析非常可行，去学习后不得其法。虽然放弃该技术，但是潜意识相信必定有一种技术分析能够赚钱的。
大户vs散户 （在附上刚刚发生的实例）
大型基金的确会在几个Majors和Cross Pair之间投入了资金。最常见的方法是对冲。数据对他们来说并非重要，可是散户对数据非常在意，让大型基金不得不忽视它的存在。因为他们要玩散户就必须要知道大部分散户的心态。而数据和新闻是最好操纵和综合散户买卖方向。所以我在第一节里面说过，基本面所给的信息与市场实际走势通常都不一样，但是我是靠基本面赚钱的。因为我要综合散户的投资方向和心态，分析出大型基金应对的举动，最重要最重要是该区域的中行和幕后大老板的意愿是什么。因为大型基金有时候也会遭殃，幕后大老板才是最高统治者。那么我永远都站在他们的影子，抓着他们的车边，赚你们散户的钱。幕后大老板，这五个字，听起来在外汇世界里头有什么大阴谋论。这我以后再说明。我现在暂时解释大型基金何时和怎样发动大型攻击。
大型基金通常会选择两个其中之一个时机
1。淡市。
淡市是很多散户非常痛恨的时候，因为价格波动不大。由于很多散户都被教育为技术分析家，所以对基本面的认识是非常短浅的。他们不会看财经日历来判断是否有什么重要的数据报告出现、在什么时段（session）、今日是星期一等，反而只会用尽自己一整天的时间，等待市场出现波动和等待Signal，或者任凭EA帮他们做事。这是很容易让他们亏的。
反之，就是这样的时候，给了大型基金所谓的时机。由于很少资金在市场交易，倘若稍微巨大的资金投入市场，价格波动就会明显出现。而这价格波动的第一轮风波，其实是大型基金的资金，进行抛砖引玉之法，引发散户冲动进场跟风，引发Signal出现，EA自动入单。大型基金早已买入，散户其后跟风，只会将基金买入的价位炒高，然后基金就来一个鲤鱼翻身，exit出场，散户不自觉间就已经帮了大型基金卖单了。大型基金撤出，价位就会出现回撤，到时候是否会出现逆转就看造化了。
所以我在第二节，技术迷信病当中，清除说出如果你不去了解你的技术分析为何会赚钱，只是盲目以过往记录来试验你这一个技术分析是可以赚钱的话，你会注定失败。首先大部分技术分析已经是一种Lagging Indicator（迟缓的指引），因为它通常来来去去都是依靠着市场走势走到一半时候出现confirmation（肯定性），才给你所谓的Signal。如果你是那种认为跟风就可以顺势取利的话，但是并未觉悟这些大户正在埋伏着，那么你将会是受害者。
2。非常之轰动的预期性新闻出现之时。
非常轰动的预期性新闻，以下是一个昨日发生的实例。
欧中行主席Trichet即将会在记者招待会，说明他们的货币政策。这个记者招待会本已经设定日期和时间，只要翻阅财经日历都知道。至于Trichet的政策当然要到那个时候才知道。大型基金亦都不会预先收到内幕。可是，会做足准备功夫。昨日也就是2011年6月9日，我国时间晚上8时30分，正是这个欧中行主席讲解未来欧元货币政策和计划。只要Trichet讲一句，“今年内会升息”；就会很多人买EUR，EURUSD一定在两个小时内上升过百点。而事实他说了更轰动的说话：“我们（欧中行）已经进入一个模式，就是会在下一个欧中行会议（七月）中升息。可是我们现在并不是预先承诺大众。” 虽然不会是承诺，但是过往只提到升息，该货币就会猛然上升。更何况他暗示甚至明示七月就会升息。
当时Trichet说了这一句后，EURUSD瞬间上升了数十点。可是只是维持了数分钟，就大幅下跌，一去不回头，跌了百余点。到现在很多炒家都很无奈，根本就不知道为什么会如此。也有哪些马后炮的文章在解释，但是都是 牛头不对马嘴。
http://www.forexfactory.com/news.php?do=news&id=297955
这一页文章是马后炮，而下面有很多炒家的评语都表示很无奈，同难以接受。
这项新闻本应会让欧元上升百余点，为何又会反其道而行呢。答案简单非常，大型基金们所做的好事。当欧中行主席Trichet说了会升息，价位爆升数十点，大型基金联盟们趁价位高涨，连续投下大量资金，卖欧元，将欧元炒下来。欧元价格下跌数十点，看似一去不回头，慌张的散户们怕亏更多，就撤出场。有部分散户撤出场后，思议价位会继续下跌，趁机卖欧元，赚取快利，将欧元下跌走势加剧。大前提，大型基金已经在高高在上的价位卖欧元了，继续下来的下跌走势是散户们所助他们一把，将价位炒得远远更低。历时1小时，在9时30分，大户们逐步出场，留下散户们。
大型基金赚钱手法层出不穷，若然你还是无视他们的存在，那么你是将你自己的金钱放在非常危险的地带。
1。基本面分析 Fundamental Analysis
2。技术性分析 Technical Analysis
基本面分析 Fundamental Analysis，是通过新闻，经济成长等的信息、报告、 该国政府机构所公开的数据，来分析出未来或者即将会出现的走势。很多初学者接触时，会认为正面的信息，必带来货币强化，所以就买入该国货币。这个逻辑的确合理，可是事实又岂会那么简单。以下的顺序就是淘汰基本面分析的散户的经历。
1。英国公布Consumer Price Index （消费价格指数）上升。
2。检查过ForexFactory对CPI的注解。CPI上升，就证明该国人民的消费力好。是不是应该买入英镑GBP呢？
3。结果：GBP下跌。
4。媒体其后的新闻稿对英国CPI的评语是英国经济还在低微阶段，消费价格指数上升，全因油价冲击所致，让外资担忧。
5。散户在想：吸取教训，应该要看得比较全面才可以。CPI上升，货币不一定强化，还要看经济景不景气。
一个月后
6。英国公布Consumer Price Index （消费价格指数）上升。
7。散户一直有留意英国经济走势的新闻。同时还检查过这一个月来Brent Crude（英国综合原油价格），再加上国际原油价格两者都上升不少。
8。散户的分析：成长已经缓慢，原油又再高涨，又再让百物涨价。好！英镑会跌，我卖英镑！（信心满满）
9。结果：GBP上升。
10。媒体其后对CPI的评语：原油价格上升，百物涨价，通货膨胀引发危机。投资者猜想英国国家银行会在此季升息。
11。散户在想：好，我要多注意通膨和国行的新闻。
又再一个月后
12。英国公布Consumer Price Index （消费价格指数）上升。
13。散户一直有留意英国经济走势的新闻。同时还检查过这一个月来Brent Crude（英国综合原油价格），再加上国际原油价格两者都上升不少。而且英国多家私立银行高层同时表示近期和国行接触频密，很快就会升息了。
14。散户的分析：成长缓慢，原油高涨，百物涨价。连银行家都说会升息。好！英镑会升，我买英镑！（信心 x 200% 满满）
15。结果：GBP下跌。
16。媒体其后对CPI的评语：（并没有相关新闻）
17。散户在想：TMD！！我以后也不再相信基本面分析了！
综合来说，很多初学者都因为这样而淘汰基本面分析。媒体有时候就好像马后炮一样。不过，并不代表基本面分析是没有用。其实，我本人是靠基本面分析才赚钱的一名散户。
更有趣的是，该国政府所公布的数据究竟可不可信。我举个实例就是在上个月，5月15日，日本所公布的Core Machinery Order（机器订单）数据。这个Core Machinery Order数据是在3月份结束后的40日才公布的，换言之，这份数据是3月的综合机器订单报告。日本3月11日发生了历史上的9级大地震。其后，影响到核电厂，让该国电源输送不足。日本政府为了应付电源输送给住家地区惟有减少用电量高的工业区。Toyota、 Honda、 Nissan和Sony暂时停产。预测下跌负数9.7%。但是事实上，这个数据不大减，反而大增2.9%。
其实数据的真实性，一向都有可疑。英国、美国都时常出现这些本应让人争议性的数据。可惜，这些数据没有人公开去考证。对于投机者来说，这些数据只是属于短期性的参考。没有必要花太多时间在它的身上。
技术性分析 - 技术迷信病
大部分（并非全部人）相信技术分析，只是依靠技术分析来做外汇交易的人都是迷信的。迷信在技术分析能帮他们预测走势继而来帮他们赚钱。大部分现今的技术分析都已经被演变成为都市奇谈了。这些人有一些病症。若你有一下其中一种，你极可能患上了技术迷信病。
1。当你去学习一项新的技术分析时，你是不会去了解该技术如何能够计算出对的Signal。你只执著于该技术有没有实际用处而已。
这是一个的通病，也是最常见的病症。技术分析就演变成为一个宗教般。我以前也有这样的病症。要进场做买卖，但是必须要等Signal(启示)。技术分析忽然间就变成上帝，而Signal就是上帝所给我的启示。我从来都不会过问：技术分析啊，你是如何知道时机的来临的。
2。当你发觉你的技术分析有破绽时，你会设法以另一种技术分析来补给其不足之处。
3。你知道技术分析不能预测走势，不过能够确定和你说走势的方向已经确定了，是时候进场了。
技术迷信病的由来
1。价位常徘徊至支撑线、阻力线、回撤线。所以感觉上技术分析容易抓摸，潜意识觉得钱就是那么容易赚。
2。听信很多人用技术分析赚钱，所以开始盲目寻找一个能赚钱的技术分析。潜意识觉得寻得这技术，犹如得到宝藏。
3。听见某一样技术分析非常可行，去学习后不得其法。虽然放弃该技术，但是潜意识相信必定有一种技术分析能够赚钱的。
大户vs散户 （在附上刚刚发生的实例）
大型基金的确会在几个Majors和Cross Pair之间投入了资金。最常见的方法是对冲。数据对他们来说并非重要，可是散户对数据非常在意，让大型基金不得不忽视它的存在。因为他们要玩散户就必须要知道大部分散户的心态。而数据和新闻是最好操纵和综合散户买卖方向。所以我在第一节里面说过，基本面所给的信息与市场实际走势通常都不一样，但是我是靠基本面赚钱的。因为我要综合散户的投资方向和心态，分析出大型基金应对的举动，最重要最重要是该区域的中行和幕后大老板的意愿是什么。因为大型基金有时候也会遭殃，幕后大老板才是最高统治者。那么我永远都站在他们的影子，抓着他们的车边，赚你们散户的钱。幕后大老板，这五个字，听起来在外汇世界里头有什么大阴谋论。这我以后再说明。我现在暂时解释大型基金何时和怎样发动大型攻击。
大型基金通常会选择两个其中之一个时机
1。淡市。
淡市是很多散户非常痛恨的时候，因为价格波动不大。由于很多散户都被教育为技术分析家，所以对基本面的认识是非常短浅的。他们不会看财经日历来判断是否有什么重要的数据报告出现、在什么时段（session）、今日是星期一等，反而只会用尽自己一整天的时间，等待市场出现波动和等待Signal，或者任凭EA帮他们做事。这是很容易让他们亏的。
反之，就是这样的时候，给了大型基金所谓的时机。由于很少资金在市场交易，倘若稍微巨大的资金投入市场，价格波动就会明显出现。而这价格波动的第一轮风波，其实是大型基金的资金，进行抛砖引玉之法，引发散户冲动进场跟风，引发Signal出现，EA自动入单。大型基金早已买入，散户其后跟风，只会将基金买入的价位炒高，然后基金就来一个鲤鱼翻身，exit出场，散户不自觉间就已经帮了大型基金卖单了。大型基金撤出，价位就会出现回撤，到时候是否会出现逆转就看造化了。
所以我在第二节，技术迷信病当中，清除说出如果你不去了解你的技术分析为何会赚钱，只是盲目以过往记录来试验你这一个技术分析是可以赚钱的话，你会注定失败。首先大部分技术分析已经是一种Lagging Indicator（迟缓的指引），因为它通常来来去去都是依靠着市场走势走到一半时候出现confirmation（肯定性），才给你所谓的Signal。如果你是那种认为跟风就可以顺势取利的话，但是并未觉悟这些大户正在埋伏着，那么你将会是受害者。
2。非常之轰动的预期性新闻出现之时。
非常轰动的预期性新闻，以下是一个昨日发生的实例。
欧中行主席Trichet即将会在记者招待会，说明他们的货币政策。这个记者招待会本已经设定日期和时间，只要翻阅财经日历都知道。至于Trichet的政策当然要到那个时候才知道。大型基金亦都不会预先收到内幕。可是，会做足准备功夫。昨日也就是2011年6月9日，我国时间晚上8时30分，正是这个欧中行主席讲解未来欧元货币政策和计划。只要Trichet讲一句，“今年内会升息”；就会很多人买EUR，EURUSD一定在两个小时内上升过百点。而事实他说了更轰动的说话：“我们（欧中行）已经进入一个模式，就是会在下一个欧中行会议（七月）中升息。可是我们现在并不是预先承诺大众。” 虽然不会是承诺，但是过往只提到升息，该货币就会猛然上升。更何况他暗示甚至明示七月就会升息。
当时Trichet说了这一句后，EURUSD瞬间上升了数十点。可是只是维持了数分钟，就大幅下跌，一去不回头，跌了百余点。到现在很多炒家都很无奈，根本就不知道为什么会如此。也有哪些马后炮的文章在解释，但是都是 牛头不对马嘴。
http://www.forexfactory.com/news.php?do=news&id=297955
这一页文章是马后炮，而下面有很多炒家的评语都表示很无奈，同难以接受。
这项新闻本应会让欧元上升百余点，为何又会反其道而行呢。答案简单非常，大型基金们所做的好事。当欧中行主席Trichet说了会升息，价位爆升数十点，大型基金联盟们趁价位高涨，连续投下大量资金，卖欧元，将欧元炒下来。欧元价格下跌数十点，看似一去不回头，慌张的散户们怕亏更多，就撤出场。有部分散户撤出场后，思议价位会继续下跌，趁机卖欧元，赚取快利，将欧元下跌走势加剧。大前提，大型基金已经在高高在上的价位卖欧元了，继续下来的下跌走势是散户们所助他们一把，将价位炒得远远更低。历时1小时，在9时30分，大户们逐步出场，留下散户们。
大型基金赚钱手法层出不穷，若然你还是无视他们的存在，那么你是将你自己的金钱放在非常危险的地带。
Amedia stock PE Ratio is very low, but does worth?
Amedia PE ratio is 8.1 (Dec 2010).
Growth is 100% (2011) PE ratio 4.1x, 71% (2012) PE Ratio 2.4x.
No net gearing and Amedia dividend yield is zero.
The above is using PEGGY Method to evaluate and the figures are by Philip Capital.
With the 35% additional shares due to proposed private placement, then the figures will be different.
2011 PE ratio will be 5.5x and 2012 will be 3.2x.
I have few questions. How Amedia can get so high growth rate. The growth rate are totally different from analysts forecast during IPO in January 2011.
Comparison on Amedia EPS 2012 forecast
RHB RM0.053 (forecast made in January 2011)
If we adjust for 35% proposed private placement, then the EPS will be RM0.039
TA Securities RM0.06 (forecast made in December 2010)
TA Securities RM0.11 (forecast made in May 2011)
TA Securities RM0.08 (forecast made in Jun 2011, adjusted for proposed 35% private placement)
Philip Capital RM0.12 (forecast made in June 2011)
Philip Capital RM0.09 (forecast made in June 2011, adjusted for proposed 35% private placement)
As you can see, during Amedia IPO, the earnings forecast by TA or RHB was just about RM0..06. Then slowly TA revised the earning upwards.
In Jun 2011 TA securities revised the earnings from RM0.11 to RM0.08 due to Amedia proposed private placement of up to 35% of the total issued paid up capital.
Why can have so high growth farecast within this few months?
Another question on Asia Media Group Bhd, why they are having proposed private placement of up to 35%? Why have so huge private placement? Any corporate governance issue?
For info, Amedia major shareholder is Wong SK Holdings Sdn Bhd.
Based on the above figures, if you trust that they can have so high growth? Then this stock may be attractive due to low PE ratio. But you must be remember that probably no dividend and whether you may get another sudden shock just like the 35% private placement.
You think they can have high growth?
Growth is 100% (2011) PE ratio 4.1x, 71% (2012) PE Ratio 2.4x.
No net gearing and Amedia dividend yield is zero.
The above is using PEGGY Method to evaluate and the figures are by Philip Capital.
With the 35% additional shares due to proposed private placement, then the figures will be different.
2011 PE ratio will be 5.5x and 2012 will be 3.2x.
I have few questions. How Amedia can get so high growth rate. The growth rate are totally different from analysts forecast during IPO in January 2011.
Comparison on Amedia EPS 2012 forecast
RHB RM0.053 (forecast made in January 2011)
If we adjust for 35% proposed private placement, then the EPS will be RM0.039
TA Securities RM0.06 (forecast made in December 2010)
TA Securities RM0.11 (forecast made in May 2011)
TA Securities RM0.08 (forecast made in Jun 2011, adjusted for proposed 35% private placement)
Philip Capital RM0.12 (forecast made in June 2011)
Philip Capital RM0.09 (forecast made in June 2011, adjusted for proposed 35% private placement)
As you can see, during Amedia IPO, the earnings forecast by TA or RHB was just about RM0..06. Then slowly TA revised the earning upwards.
In Jun 2011 TA securities revised the earnings from RM0.11 to RM0.08 due to Amedia proposed private placement of up to 35% of the total issued paid up capital.
Why can have so high growth farecast within this few months?
Another question on Asia Media Group Bhd, why they are having proposed private placement of up to 35%? Why have so huge private placement? Any corporate governance issue?
For info, Amedia major shareholder is Wong SK Holdings Sdn Bhd.
Based on the above figures, if you trust that they can have so high growth? Then this stock may be attractive due to low PE ratio. But you must be remember that probably no dividend and whether you may get another sudden shock just like the 35% private placement.
You think they can have high growth?
Sunday, June 12, 2011
投資者趁低吸購 馬股本週打翻身戰
（吉隆坡12日訊）投資者本週或趁低吸納，馬股市可望在陰霾掃除后，展開一波攻勢。
艾芬投資銀行研究主管納斯里甘說，富馬隆綜指在這5個交易日，料重現4月份的升勢，向1565點攀高。
他指出，儘管大多投資者因美國和歐盟債務危機未除，仍不願進場，大盤交投疲弱，所幸，富馬隆綜指的跌勢比預期中小，表示特定藍籌股還有“市場”，繼續有人買賣。
目前，馬股和其他區域股市的最大動力是，美國聯邦儲傋局（FED）會否展開第三輪的量化寬鬆政策，可減綬金融市場對歐債危機的擔憂。
馬股的另一指引還包括，經濟轉型執行方案（ETP）的工程施工，及原產品價格行情看俏，都會增大股票投資購興，特別是石油天然氣類股。
上週，馬股全週下跌3.66點收1556.19點，總成交量從40億7200萬股減至36億7400萬股，成交值從98億2700萬令吉降至66億800萬令吉。
表現較為突出的類別指數有金融指數（漲125.09點）、工業指數（起10.73點）和種植指數（揚55.10點）。
關注通脹走勢
分析員說，儘管新興國家股市反映通脹惡化，但投資者無需過度擔心，這是景氣復甦過程中的必有現象。
預估新興市場通脹高點或落在今年7月或8月，6月此時是考慮進場的時機。
回顧上一波通脹攀升的2004年間，通脹數據在2004年8月達到高峰，但MSCI新興市場指數的落底時間是7月，由于股市總是提早一步反映，在通脹見頂前，投資者該留意佈局時點。
另外，今年最大規模首發股馬來亞糖廠（MSM），新股認購將在週一（13日）截止。
該公司暫定6月28日上市馬股主要板，發售價定在3.38令吉，預計籌措4億2250萬令吉資金。 各板成交表現 6月6日至10日 5月30日至6 月3日 總成交量（股） 總成交值（令吉）總成交量（股）總成交值（令吉） 主要板 26億600萬 64億3300萬 32億3400萬 96億4300萬 創業板 7億9091萬 1億1753萬 4億9826.2萬 7783萬4000萬 總計 33億9691萬 65億5053萬 37億3226.2萬 97億2083.4萬
海外股市閉市起落 紐約道瓊斯指數 11,951.90 -172.45 倫敦金融時報100項股 5,765.80 -90.54
艾芬投資銀行研究主管納斯里甘說，富馬隆綜指在這5個交易日，料重現4月份的升勢，向1565點攀高。
他指出，儘管大多投資者因美國和歐盟債務危機未除，仍不願進場，大盤交投疲弱，所幸，富馬隆綜指的跌勢比預期中小，表示特定藍籌股還有“市場”，繼續有人買賣。
目前，馬股和其他區域股市的最大動力是，美國聯邦儲傋局（FED）會否展開第三輪的量化寬鬆政策，可減綬金融市場對歐債危機的擔憂。
馬股的另一指引還包括，經濟轉型執行方案（ETP）的工程施工，及原產品價格行情看俏，都會增大股票投資購興，特別是石油天然氣類股。
上週，馬股全週下跌3.66點收1556.19點，總成交量從40億7200萬股減至36億7400萬股，成交值從98億2700萬令吉降至66億800萬令吉。
表現較為突出的類別指數有金融指數（漲125.09點）、工業指數（起10.73點）和種植指數（揚55.10點）。
關注通脹走勢
分析員說，儘管新興國家股市反映通脹惡化，但投資者無需過度擔心，這是景氣復甦過程中的必有現象。
預估新興市場通脹高點或落在今年7月或8月，6月此時是考慮進場的時機。
回顧上一波通脹攀升的2004年間，通脹數據在2004年8月達到高峰，但MSCI新興市場指數的落底時間是7月，由于股市總是提早一步反映，在通脹見頂前，投資者該留意佈局時點。
另外，今年最大規模首發股馬來亞糖廠（MSM），新股認購將在週一（13日）截止。
該公司暫定6月28日上市馬股主要板，發售價定在3.38令吉，預計籌措4億2250萬令吉資金。 各板成交表現 6月6日至10日 5月30日至6 月3日 總成交量（股） 總成交值（令吉）總成交量（股）總成交值（令吉） 主要板 26億600萬 64億3300萬 32億3400萬 96億4300萬 創業板 7億9091萬 1億1753萬 4億9826.2萬 7783萬4000萬 總計 33億9691萬 65億5053萬 37億3226.2萬 97億2083.4萬
海外股市閉市起落 紐約道瓊斯指數 11,951.90 -172.45 倫敦金融時報100項股 5,765.80 -90.54
Dow, S&P end sixth losing week - is seventh on tap?
NEW YORK: The Dow and S&P 500 closed out their sixth week of losses on Friday, June 10 as further signs of a global economic slowdown set the stage for more losses ahead.
The deepening gloom raised the prospect for the S&P, which suffered its worst week since August 2010, to break below the year's low of 1,250 next week.
The Nasdaq wiped out its yearly gains on Friday and also posted its biggest weekly decline since August 2010, as the latest deterioration in sentiment came on fear of flagging Chinese growth and fresh worries about Greece's debt crisis.
The Dow closed below 12,000 for the first time since mid-March.
Reflecting the bearish sentiment, options traders eyed calls on the CBOE Volatility Index .VIX, Wall Street's so-called fear gauge, which moves inversely to the S&P 500's performance. The VIX rose 6.1 percent to end at 18.86.
"We broke below the April low, which was about 1,295 (on the S&P 500) pretty much at the open today. We are probably going to test the March lows if data next week remain weak," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
"But investors are very susceptible to any kind of news and since we are very oversold here, we could see the market instantly bounce back if we get anything remotely good."
The Dow Jones industrial average .DJI fell 172.45 points, or 1.42 percent, to 11,951.91. The Standard & Poor's 500 Index .SPX slid 18.02 points, or 1.40 percent, to 1,270.98. The Nasdaq Composite Index .IXIC tumbled 41.14 points, or 1.53 percent, to 2,643.73 at the close.
For the week, the Dow was down 1.6 percent, the S&P 500 was off 2.2 percent and the Nasdaq was down 3.3 percent.
The S&P 500 has fallen about 6.6 percent from its intraday peak early last month. Many see the benchmark index sliding back down to around 1,250, its March low, where valuations could bring investors back into equities.
At 1,250, the S&P 500 would be roughly 1.7 percent below current levels and approaching a 10 percent decline commonly referred to as a correction.
FINANCIALS DECLINE
Bank stocks, already under pressure, finished lower, with the KBW Banks Index .BKX dropping 0.4 percent after sliding more than 2 percent earlier in the day. The Federal Reserve said it will subject more banks to annual stress tests to determine whether they have enough capital and can raise their dividends.
Some of the biggest decliners were regional bank stocks that are now going to face annual tests.
Northern Trust Corp (NTRS.O) fell 1.2 percent to $46.77 and M&T Bank Corp (MTB.N) lost 1.2 percent to $84.41.
But large banks, including JPMorgan Chase (JPM.N) and Bank of America (BAC.N), rose in a late rebound, on a news report that the extra capital charge on big banks will likely be 2 percent to 2.5 percent, compared with the widely predicted 3 percent, traders said.
Bank of America shares rose 1.4 percent to $10.80 and JPMorgan added 0.2 percent to $41.05.
The S&P energy index .GSPE declined 1.9 percent while the S&P index of industrial stocks .GSPI lost 1.6 percent.
China's sales to the United States and the European Union slumped to their weakest since late 2009, excluding Lunar New Year holidays, underlining the view that the world economy is stumbling.
In another negative for stocks, the euro tumbled more than 1 percent against the U.S. dollar as fears about Greece's debt returned to the forefront and investors curbed expectations about the European Central Bank's interest-rate hikes. Investors have been recently trading the correlation between stocks and the dollar.
The PHLX semiconductor index .SOX slid 1.7 percent, sinking to its lowest since early December. The SOX fell below its 200-day moving average for the first time since last October.
About 7.47 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, compared with the daily average of 7.59 billion.
Declining stocks beat advancing ones by 2,419 to 587 on the NYSE while on the Nasdaq, decliners beat advancers by 1,987 to 593.
The deepening gloom raised the prospect for the S&P, which suffered its worst week since August 2010, to break below the year's low of 1,250 next week.
The Nasdaq wiped out its yearly gains on Friday and also posted its biggest weekly decline since August 2010, as the latest deterioration in sentiment came on fear of flagging Chinese growth and fresh worries about Greece's debt crisis.
The Dow closed below 12,000 for the first time since mid-March.
Reflecting the bearish sentiment, options traders eyed calls on the CBOE Volatility Index .VIX, Wall Street's so-called fear gauge, which moves inversely to the S&P 500's performance. The VIX rose 6.1 percent to end at 18.86.
"We broke below the April low, which was about 1,295 (on the S&P 500) pretty much at the open today. We are probably going to test the March lows if data next week remain weak," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
"But investors are very susceptible to any kind of news and since we are very oversold here, we could see the market instantly bounce back if we get anything remotely good."
The Dow Jones industrial average .DJI fell 172.45 points, or 1.42 percent, to 11,951.91. The Standard & Poor's 500 Index .SPX slid 18.02 points, or 1.40 percent, to 1,270.98. The Nasdaq Composite Index .IXIC tumbled 41.14 points, or 1.53 percent, to 2,643.73 at the close.
For the week, the Dow was down 1.6 percent, the S&P 500 was off 2.2 percent and the Nasdaq was down 3.3 percent.
The S&P 500 has fallen about 6.6 percent from its intraday peak early last month. Many see the benchmark index sliding back down to around 1,250, its March low, where valuations could bring investors back into equities.
At 1,250, the S&P 500 would be roughly 1.7 percent below current levels and approaching a 10 percent decline commonly referred to as a correction.
FINANCIALS DECLINE
Bank stocks, already under pressure, finished lower, with the KBW Banks Index .BKX dropping 0.4 percent after sliding more than 2 percent earlier in the day. The Federal Reserve said it will subject more banks to annual stress tests to determine whether they have enough capital and can raise their dividends.
Some of the biggest decliners were regional bank stocks that are now going to face annual tests.
Northern Trust Corp (NTRS.O) fell 1.2 percent to $46.77 and M&T Bank Corp (MTB.N) lost 1.2 percent to $84.41.
But large banks, including JPMorgan Chase (JPM.N) and Bank of America (BAC.N), rose in a late rebound, on a news report that the extra capital charge on big banks will likely be 2 percent to 2.5 percent, compared with the widely predicted 3 percent, traders said.
Bank of America shares rose 1.4 percent to $10.80 and JPMorgan added 0.2 percent to $41.05.
The S&P energy index .GSPE declined 1.9 percent while the S&P index of industrial stocks .GSPI lost 1.6 percent.
China's sales to the United States and the European Union slumped to their weakest since late 2009, excluding Lunar New Year holidays, underlining the view that the world economy is stumbling.
In another negative for stocks, the euro tumbled more than 1 percent against the U.S. dollar as fears about Greece's debt returned to the forefront and investors curbed expectations about the European Central Bank's interest-rate hikes. Investors have been recently trading the correlation between stocks and the dollar.
The PHLX semiconductor index .SOX slid 1.7 percent, sinking to its lowest since early December. The SOX fell below its 200-day moving average for the first time since last October.
About 7.47 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, compared with the daily average of 7.59 billion.
Declining stocks beat advancing ones by 2,419 to 587 on the NYSE while on the Nasdaq, decliners beat advancers by 1,987 to 593.
How to price a warrant and the influence of "The Greeks"
There are six variables to consider in the pricing of a warrant:
1. The price of the underlying over which the warrant is issued
2. Time to expiry of the warrant
3. The strike price of the warrant
4. The expected interest rate
5. The volatility the warrant is priced at
6. The dividends expected over the life of the warrant Some of these variables have been given the name "The Greeks" on trading
1. The price of the underlying over which the warrant is issued
2. Time to expiry of the warrant
3. The strike price of the warrant
4. The expected interest rate
5. The volatility the warrant is priced at
6. The dividends expected over the life of the warrant Some of these variables have been given the name "The Greeks" on trading
Tuesday, June 7, 2011
FBM KLCI closes above 1,550-level
KUALA LUMPUR: ''The FBM KLCI closed above the 1,550-point level on Tuesday, June 7 as it pared down its earlier losses in line with the slight rebound at most key regional markets.
The 30-stock index shed 0.02% or 0.25 point to close at 1,551.89, coming off its intra-day low of 1,548.30.
Gainers overtook losers by 428 to 297, while 324 counters traded unchanged. Volume was 705.81 million shares valued at RM1.34 billion.
At the regional markets, Japan's Nikkei 225 rose 0.67% to 9,442.95, the Shanghai Composite Index added 0.60% to 2,744,30, Taiwan's Taiex was up 0.12% to 9,057.10 and Singapore's Straits Times Index edged up 0.07% to 3,115.95.
Meanwhile, Hong Kong's Hang Seng Index shed 0.35% to 22,868.67 and South Korea's Kospi fell 0.65% to 2,099.71.
On Bursa Malaysia, Tahps was the top loser and fell 19 sen to RM4.60.
Shell lost 18 sen to RM10.62, BLD PLANTATION []s 13 sen to RM7.13, PPB and BAT 12 sen each to RM17.40 and RM46.90, Fututech 11.5 sen to 43 sen, RHB Capital 10 sen to RM9.83 and Cocoaland down seven sen to RM2.05.
MBSB's warrants were actively traded with 29.5 million units done. The warrants added 27.5 sen to 77.5 sen.
Other actives included Asia Media, HWGB, KNM, Axiata, Tenaga, Karambunai and UEM Land.
Plantation-related stocks were among the major gainers today, with Glenealy up 45 sen to RM5.88, Boustead 31 sen to RM6.16, NSOP 24 sen to RM5.79, Tradewinds Plantations 21 sen to RM4.13, Rimbunan Sawit 20 sen to RM2.62 and United Plantations 18 sen to RM18.88.
Other gainers included Tradewinds that added 74 sen to RM11.02 and Quality up 20 sen to RM1.50.
The 30-stock index shed 0.02% or 0.25 point to close at 1,551.89, coming off its intra-day low of 1,548.30.
Gainers overtook losers by 428 to 297, while 324 counters traded unchanged. Volume was 705.81 million shares valued at RM1.34 billion.
At the regional markets, Japan's Nikkei 225 rose 0.67% to 9,442.95, the Shanghai Composite Index added 0.60% to 2,744,30, Taiwan's Taiex was up 0.12% to 9,057.10 and Singapore's Straits Times Index edged up 0.07% to 3,115.95.
Meanwhile, Hong Kong's Hang Seng Index shed 0.35% to 22,868.67 and South Korea's Kospi fell 0.65% to 2,099.71.
On Bursa Malaysia, Tahps was the top loser and fell 19 sen to RM4.60.
Shell lost 18 sen to RM10.62, BLD PLANTATION []s 13 sen to RM7.13, PPB and BAT 12 sen each to RM17.40 and RM46.90, Fututech 11.5 sen to 43 sen, RHB Capital 10 sen to RM9.83 and Cocoaland down seven sen to RM2.05.
MBSB's warrants were actively traded with 29.5 million units done. The warrants added 27.5 sen to 77.5 sen.
Other actives included Asia Media, HWGB, KNM, Axiata, Tenaga, Karambunai and UEM Land.
Plantation-related stocks were among the major gainers today, with Glenealy up 45 sen to RM5.88, Boustead 31 sen to RM6.16, NSOP 24 sen to RM5.79, Tradewinds Plantations 21 sen to RM4.13, Rimbunan Sawit 20 sen to RM2.62 and United Plantations 18 sen to RM18.88.
Other gainers included Tradewinds that added 74 sen to RM11.02 and Quality up 20 sen to RM1.50.
Friday, June 3, 2011
US new jobless claims fall less than expected
WASHINGTON: New US claims for unemployment benefits fell less than expected last week, according to a government report on Thursday that could add to fears the labor market recovery has taken a step back.
Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 422,000, the Labor Department said. The prior week's figure was revised up to 428,000.
Economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 424,000.
The claims report falls outside the survey period for the government's closely watched data on nonfarm payrolls for May.
The government is expected to report on Friday that employers hired 150,000 last month, according to a Reuters survey, after increasing payrolls by 244,000 in April.
Initial claims have been volatile in recent weeks as supply chain disruptions from the March earthquake in Japan caused temporary motor vehicle plant closures.
Claims have also been distorted by bad weather in some parts of the country and problems smoothing the data for seasonal variations.
A Labor Department official said there was nothing unusual in the state-level data, but noted that four states and territories, including Virginia and Oklahoma, had been estimated because of the Memorial Day holiday on Monday.
He also said Missouri had indicated that floods were affecting claims in the state, but provided insufficient information to quantify the impact.
The four-week moving average of new jobless claims, considered a better gauge of labor market trends, fell 14,000 to 425,500.
Initial claims have now been perched above the 400,000 mark for eight weeks in a row. Analysts normally associate that level with steady job growth.
The number of people still receiving benefits under regular state programs after an initial week of aid slipped 1,000 to 3.71 million in the week ended May 21.
Economists had expected so-called continuing claims to dip to 3.67 million from a previously reported 3.69 million.
The number of people on emergency unemployment benefits rose 3,363 to 3.42 million in the week ended May 14, the latest week for which data is available. A total of 7.68 million people were claiming unemployment benefits during that period under all programs.
Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 422,000, the Labor Department said. The prior week's figure was revised up to 428,000.
Economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 424,000.
The claims report falls outside the survey period for the government's closely watched data on nonfarm payrolls for May.
The government is expected to report on Friday that employers hired 150,000 last month, according to a Reuters survey, after increasing payrolls by 244,000 in April.
Initial claims have been volatile in recent weeks as supply chain disruptions from the March earthquake in Japan caused temporary motor vehicle plant closures.
Claims have also been distorted by bad weather in some parts of the country and problems smoothing the data for seasonal variations.
A Labor Department official said there was nothing unusual in the state-level data, but noted that four states and territories, including Virginia and Oklahoma, had been estimated because of the Memorial Day holiday on Monday.
He also said Missouri had indicated that floods were affecting claims in the state, but provided insufficient information to quantify the impact.
The four-week moving average of new jobless claims, considered a better gauge of labor market trends, fell 14,000 to 425,500.
Initial claims have now been perched above the 400,000 mark for eight weeks in a row. Analysts normally associate that level with steady job growth.
The number of people still receiving benefits under regular state programs after an initial week of aid slipped 1,000 to 3.71 million in the week ended May 21.
Economists had expected so-called continuing claims to dip to 3.67 million from a previously reported 3.69 million.
The number of people on emergency unemployment benefits rose 3,363 to 3.42 million in the week ended May 14, the latest week for which data is available. A total of 7.68 million people were claiming unemployment benefits during that period under all programs.
US factory orders broadly lower in April
WASHINGTON: New orders received by U.S. factories declined in April, partly because of a sharp drop in demand for transportation goods, according to a Commerce Department report on Thursday.
Overall orders fell 1.2 percent to a seasonally adjusted $440.4 billion after an upwardly revised 3.8 percent rise in March. That was steeper than the 1 percent fall that Wall Street economists surveyed by Reuters had forecast for April and implied some weakness in the factory sector that had performed relatively well until recently and helped support economic recovery.
Transportation orders plunged 9.3 percent in April, nearly wiping out a 10.6 percent rise in March orders. It was the sharpest falloff in monthly transportation orders since an 11.9 percent fall in December.
But order declines were widespread in April, affecting categories including primary metals, machinery, computers and electrical equipment in addition to cars and other transportation goods. '
Overall orders fell 1.2 percent to a seasonally adjusted $440.4 billion after an upwardly revised 3.8 percent rise in March. That was steeper than the 1 percent fall that Wall Street economists surveyed by Reuters had forecast for April and implied some weakness in the factory sector that had performed relatively well until recently and helped support economic recovery.
Transportation orders plunged 9.3 percent in April, nearly wiping out a 10.6 percent rise in March orders. It was the sharpest falloff in monthly transportation orders since an 11.9 percent fall in December.
But order declines were widespread in April, affecting categories including primary metals, machinery, computers and electrical equipment in addition to cars and other transportation goods. '
FBMKLCI Analysis 2/6/11
Despite the overnight drop in Dow and the bearish regional market, KLCI increased by 1.6 points to 1558 with a lower volume of only 0.72b shares. Apparently there were late support of the index at the last 10 minutes of trading session. The resistance of 1562 will be likely broken tomorrow, if volume can be increased.
Saturday, May 21, 2011
亚股续向熊市低头
（吉隆坡20日讯）由于全球经济不明朗、中国通货膨胀上升且政府可能进一步收紧货币政策，加上市场被担忧气氛笼罩着，导致周五的亚太股市收市时普遍走低。
基准上证综合指数收盘下跌1.11点至2858.46点，跌幅0.04%。该指数本周累计下跌0.4%。深证综合指数下跌0.4%至1192.66点。
港股全日窄幅上落，最多升79点，恒生指数收市报23199点升36.01点，成交577亿港元，比上日少8%。国企指数报12947点升12点。
美股周四收红，台股却仿佛陷入520魔咒中，今日早盘虽以红盘开出，盘面上以金融股及电子题材股表现为主，可惜在买盘不继下，指数震荡翻黑，撑盘的金融股、电子股也翻黑，中概股在卖压出笼下跌势相对沉重，盘中最低下探至8822.75点，终场则以8837.03点作收，下跌55.85点或0.63%，成交953亿9900万新台币。
由于未有利好消息的带动，东京股市也随外围股市下跌，日经225项平均指数收市时降13.74点或0.14%报9607.08点。
韩国成分指数涨15.99点或0.76%至2111.50点，澳洲交所普通股指数降20.50点或是0.42%挂4807.70点。
新加坡海峡时报指数跌4.02点或0.13%报3168.54点，泰国SET指数微降4.56点或0.42%至1072.94点。印尼雅加达综指挺涨13.14点或0.34%挂3872.95点，菲律宾PSE综指降12.77点或0.30%至4285.16点，越南胡志明股票指数跌11.98点或2.69%至432.87点。
基准上证综合指数收盘下跌1.11点至2858.46点，跌幅0.04%。该指数本周累计下跌0.4%。深证综合指数下跌0.4%至1192.66点。
港股全日窄幅上落，最多升79点，恒生指数收市报23199点升36.01点，成交577亿港元，比上日少8%。国企指数报12947点升12点。
美股周四收红，台股却仿佛陷入520魔咒中，今日早盘虽以红盘开出，盘面上以金融股及电子题材股表现为主，可惜在买盘不继下，指数震荡翻黑，撑盘的金融股、电子股也翻黑，中概股在卖压出笼下跌势相对沉重，盘中最低下探至8822.75点，终场则以8837.03点作收，下跌55.85点或0.63%，成交953亿9900万新台币。
由于未有利好消息的带动，东京股市也随外围股市下跌，日经225项平均指数收市时降13.74点或0.14%报9607.08点。
韩国成分指数涨15.99点或0.76%至2111.50点，澳洲交所普通股指数降20.50点或是0.42%挂4807.70点。
新加坡海峡时报指数跌4.02点或0.13%报3168.54点，泰国SET指数微降4.56点或0.42%至1072.94点。印尼雅加达综指挺涨13.14点或0.34%挂3872.95点，菲律宾PSE综指降12.77点或0.30%至4285.16点，越南胡志明股票指数跌11.98点或2.69%至432.87点。
Friday, May 20, 2011
JCY Q2 pre-tax profit drops to RM12.5m
JCY International Bhd's pre-tax profit for the second quarter ended March 31, 2011 dropped to RM12.52 million from RM66.23
million in the same period last year.
Revenue also decreased to RM397.43 million from RM549.69 million previously, the company said in a filing to Bursa Malaysia today.
For the six-month period, the company's pre-tax profit fell to RM20.08 million from RM144.02 million while revenue fell to RM836.34 million from RM1.08 billion.
It said the lower revenue was due to depreciating US dollar against ringgit and lower volume of components sold for the current quarter as a result of weaking global demand for Hard Disk Drive (HDD).
The lower pre-tax was mainly due to increase in the cost of production resulting from increase in the cost of raw materials like aluminium and stainless steel and also increase in labour cost, it added.
million in the same period last year.
Revenue also decreased to RM397.43 million from RM549.69 million previously, the company said in a filing to Bursa Malaysia today.
For the six-month period, the company's pre-tax profit fell to RM20.08 million from RM144.02 million while revenue fell to RM836.34 million from RM1.08 billion.
It said the lower revenue was due to depreciating US dollar against ringgit and lower volume of components sold for the current quarter as a result of weaking global demand for Hard Disk Drive (HDD).
The lower pre-tax was mainly due to increase in the cost of production resulting from increase in the cost of raw materials like aluminium and stainless steel and also increase in labour cost, it added.
Tuesday, May 17, 2011
屋价上扬贡献大 产业股盈利展望看俏
（吉隆坡16日讯）券商认为，产业抗通胀的特性、本地人口相对年轻，以及银行与发展商提供优惠配套等因素，将是产业价格扬升，进而利惠产业市场。
丰隆研究表示，建材价格高涨；加上本地的资金充裕，使具抗通胀特性的产业需求增加，带动产业价格高升，而这将使发展商的销售额及盈利上扬。在巴生谷一带，高捷工程激励蕉赖及加影产业发展商；柔佛方面则受到新马的关系改善而带动；至于槟城方面，土地贫乏但其产业二手市场活络；这些因素皆将带动产业价格上涨。
分析员指出，大多产业发展商（特别是小资本型业者）已被低估，并以重估净资产值显著折价进行交易；而获得大型工程的中小型发展商将是该领域的超越大市者，如高美达（Glomac，5020，产业组）和顺利实业（KSL，5038，产业组）。
此外，完成合并后的大型产业发展商，如马友乃德置地（UEMLand，5148，产业组）及阳光（Sunrise）、双威控股（Sunway，4308，建筑组）及双威城（Suncity，6289，产业组）等的出现，加上UOA发展的上市计划，都将重新激励投资者对产业股项的购兴。
尽管如此，原料价格和地价继续攀升，将侵蚀产业发展商的赚幅。
丰隆研究基于产业价呈上升趋势、加上高捷工程及雇员公积金局旗下双溪毛糯发展计划，为产业领域提供长期的催化激励作用，进而给予该领域“超越大市”评级。
该行首选高美达及顺利实业，分别给予两家公司2.40令吉及2.11令吉的目标价。两者皆获“买入”评级。
丰隆研究表示，建材价格高涨；加上本地的资金充裕，使具抗通胀特性的产业需求增加，带动产业价格高升，而这将使发展商的销售额及盈利上扬。在巴生谷一带，高捷工程激励蕉赖及加影产业发展商；柔佛方面则受到新马的关系改善而带动；至于槟城方面，土地贫乏但其产业二手市场活络；这些因素皆将带动产业价格上涨。
分析员指出，大多产业发展商（特别是小资本型业者）已被低估，并以重估净资产值显著折价进行交易；而获得大型工程的中小型发展商将是该领域的超越大市者，如高美达（Glomac，5020，产业组）和顺利实业（KSL，5038，产业组）。
此外，完成合并后的大型产业发展商，如马友乃德置地（UEMLand，5148，产业组）及阳光（Sunrise）、双威控股（Sunway，4308，建筑组）及双威城（Suncity，6289，产业组）等的出现，加上UOA发展的上市计划，都将重新激励投资者对产业股项的购兴。
尽管如此，原料价格和地价继续攀升，将侵蚀产业发展商的赚幅。
丰隆研究基于产业价呈上升趋势、加上高捷工程及雇员公积金局旗下双溪毛糯发展计划，为产业领域提供长期的催化激励作用，进而给予该领域“超越大市”评级。
该行首选高美达及顺利实业，分别给予两家公司2.40令吉及2.11令吉的目标价。两者皆获“买入”评级。
EON Cap declares dividend of RM5.16 per share
KUALA LUMPUR: EON CAPITAL BHD [] has declared a special tax exempt dividend of RM5.16 per share.
It said on Monday, May 16 the dividend will go ex on June 9 while the entitlement date is June 13.
It said on Monday, May 16 the dividend will go ex on June 9 while the entitlement date is June 13.
Monday, May 16, 2011
首季经济数据出炉 投资者谨慎入市
（吉隆坡15日讯）马股市本周看点是首季经济数据和4月份通胀率，有关数据将左右投资情绪，影响大盘走势。
美国上周连续两周收跌，加上周二（17日）卫塞节马股休市，全周仅4个交易日，分析师预计，该周走势或疲软，缺乏上升动力，投资焦点或分散在特定股项，非整体投资情绪或改善。
新股亮相
国家银行将在周二召开记者会，总裁丹斯里哲蒂博士亲自宣布首季经济数据，市场普遍预测，由于日本强震在首季后阶段，其冲击尚未完全反映在首季经济表现，估计成长率超出4%。
不过，通胀仍是我国经济发展的大敌，下半年要增长稳定，必须依靠经济转型执行方案的大型工程，和强劲的民间消费支撑。
宣布首季经济数据当天，统计局亦将一同公布4月消费价格指数（又称通胀率）。3月通胀率扬高至3%，创下23个月新高，市场较为担心是，非食品价格也已腾涨，面对沉重的通胀压力。
另外，马股本周有数亮点，包括新股超额认购达315倍的捷卡控股（IJACOBS），将在18日上市创业板，每股发售价27仙。
该公司发售3000万新股，其中200万股供公众认购，2800万股私下配售给指定投资者。
马石油（Petronas）上周五宣布，投资200亿美元（约600亿令吉）在柔佛兴建提炼和石油化工综合中心，石油天然气类股将持续受到市场关注。
与国贸资本（EONCAP，5266，主要板金融）完成并购的丰隆银行（HLBANK，5819，主要板金融），上周每天创纪录新高，全周劲涨2令吉，是否本周继续延烧，就得看它的承接力有多强。
上周，富马隆综指全周累积扬升25.24点，报1540.74点，本周料重探15550点。
各板成交表现 5月9日至14日
5月2日至7日 总成交量（股） 总成交值
（令吉）总成交量（股）总成交值
（令吉） 主要板 34亿4000万 65亿9000万 29亿5000万 52亿2000万
创业板 8亿5694万 2亿2153万 7亿2794万 1亿8318万
总计 42亿9694万 68亿1153万 36亿7794万 54亿318万
海外股市闭市起落
纽约道琼斯指数 12,595.80 -100.17
伦敦金融时报100项股 5,925.87 -19.09
美国上周连续两周收跌，加上周二（17日）卫塞节马股休市，全周仅4个交易日，分析师预计，该周走势或疲软，缺乏上升动力，投资焦点或分散在特定股项，非整体投资情绪或改善。
新股亮相
国家银行将在周二召开记者会，总裁丹斯里哲蒂博士亲自宣布首季经济数据，市场普遍预测，由于日本强震在首季后阶段，其冲击尚未完全反映在首季经济表现，估计成长率超出4%。
不过，通胀仍是我国经济发展的大敌，下半年要增长稳定，必须依靠经济转型执行方案的大型工程，和强劲的民间消费支撑。
宣布首季经济数据当天，统计局亦将一同公布4月消费价格指数（又称通胀率）。3月通胀率扬高至3%，创下23个月新高，市场较为担心是，非食品价格也已腾涨，面对沉重的通胀压力。
另外，马股本周有数亮点，包括新股超额认购达315倍的捷卡控股（IJACOBS），将在18日上市创业板，每股发售价27仙。
该公司发售3000万新股，其中200万股供公众认购，2800万股私下配售给指定投资者。
马石油（Petronas）上周五宣布，投资200亿美元（约600亿令吉）在柔佛兴建提炼和石油化工综合中心，石油天然气类股将持续受到市场关注。
与国贸资本（EONCAP，5266，主要板金融）完成并购的丰隆银行（HLBANK，5819，主要板金融），上周每天创纪录新高，全周劲涨2令吉，是否本周继续延烧，就得看它的承接力有多强。
上周，富马隆综指全周累积扬升25.24点，报1540.74点，本周料重探15550点。
各板成交表现 5月9日至14日
5月2日至7日 总成交量（股） 总成交值
（令吉）总成交量（股）总成交值
（令吉） 主要板 34亿4000万 65亿9000万 29亿5000万 52亿2000万
创业板 8亿5694万 2亿2153万 7亿2794万 1亿8318万
总计 42亿9694万 68亿1153万 36亿7794万 54亿318万
海外股市闭市起落
纽约道琼斯指数 12,595.80 -100.17
伦敦金融时报100项股 5,925.87 -19.09
Thursday, May 12, 2011
國油斥500億柔建油氣中心‧油氣業成贏家‧產業和建築“沾光”
（吉隆坡11日訊）國家石油（PETRONAS）將宣佈投資500億令吉在柔佛邊佳蘭的綜合油氣和石化廣場，分析員看好這龐大的投資不但能帶動油氣業，也令產業和建築業同步受惠，而柔佛州也因此得利，成為區域油氣中心，加強吸資能力。
由於投資油氣業，因此油氣公司有望競標合約，不過，除了油氣，這計劃也有助提昇柔佛地帶的產業價值，同時也讓建築業在建築投標方面分一杯羹。
允跨國外資公司聯營
根據報導引述消息說，國油會週五宣佈的綜合廣場計劃，除了有比格底更龐大的石油提煉和石油化學廠，最終也包括跨國油氣公司作為聯營伙伴。除了油氣活動，這綜合中心也包括天然氣發電和其他支持工業。
這項計劃是經濟轉型計劃下的啟動檳城項目之一，選擇邊佳蘭，主要是這裡的水深26公尺，是東南亞最深的，檳城港口只有10至12公尺、巴生西港只有14至16公尺，而甘馬挽碼頭只有18公尺。
戴樂成油氣領域最大受惠者
分析員說，這項計劃最大的受惠領域當然是油氣業，國油的大手筆投資，已經成油氣業最大激素；由於這計劃之前已經由戴樂集團（DIALOG, 7277, 主板貿服組）透露，只是規模比預期龐大，因此，戴樂集團將是此計劃下油氣領域最大受惠者。
戴樂集團獲取的合約是50億令吉的石油槽終站計劃，這佔地500英畝的邊佳蘭站預期在2017年全面完工。
興業研究說，戴樂集團預料也可獲取更多電機、採購和建築工程；其他主要受惠公司包括鵬達集團（PANTECH, 5125, 主板貿服組）和科恩馬集團（KNM, 7164, 主板工業產品組）。
大馬研究認為，在電機、採購和建築合約方面，其他投標者包括肯油企業（KENCANA, 5122, 主板貿服組）、丹絨岸外（TGOFFS, 7228, 主板貿服組）、睦興旺工程（MUHIBAH, 5703, 主板建筑組）和科恩馬集團。
國油化學國油氣體可分杯羹
馬銀行研究則預料國油化學（PCHEM, 5183, 主板工業產品組）和國油氣體（PETGAS, 6033, 主板工業產品組）也是大贏家。
國油氣體會因為供應氣體給新建天然氣發電廠而得利；至於國油化學會因稍後對石化需求增加，以及產能擴充而受惠。
柔佛吸資能力加強
聯昌研究認為，油氣領域當然得利最多，但是柔佛州也受惠不淺，有了這項龐大投資案，柔佛南部將成油氣和石化重鎮，有助吸引這方面的投資，包括外資跨國公司的前來；同時，柔佛毗鄰新加坡，新加坡是全球繼續倫敦和紐約後的第三大貿易中心，但土地有限，並且產業極之昂貴，可能部份投資者會選擇一堤之隔，但成本比較低的柔佛。
國油的這項油氣石化綜合廣場，歡迎外資加入，據知會與新加坡裕廊石化中心相當相似。
建築業分一杯羹
達證券表示，建築業也會因為這項500億投資案而分到甜頭，因為開發邊佳蘭，很許多土木工程，諸如道路、基建和大廈等。
不過，從過往記錄顯示，油氣計劃的土木工程通常落在中小型的建築公司，有兩家中型建築公司曾有油氣建築合約記錄，第一家是涉及沙巴油氣終站計劃的納因控股（NAIM, 5073, 主板產業組）；另一家是計劃參與汶萊油氣提煉廠的TRC協作（TRC, 5054, 主板建筑組）。
金輪佔地主之便受惠
金輪企業（KIMLUN, 5171, 主板建筑組）是柔佛公司，佔了“地主”之便，也會受惠；其他有能力提供電機建築工程而有望受惠的建築公司包括成榮集團（MUDAJYA, 5085, 主板建筑組）、睦興旺工程、聯熹（RANHILL, 5030, 主板建筑組）和吉朗（ZELAN, 2283, 主板建筑組）。
柔產業公司得利
馬銀行研究也看好產業公司可以因為柔佛州的進一步發展而得利，特別是在柔佛有產業計劃的公司，其中一家在邊佳蘭有龐大地庫的公司是馬化控股（MPHB, 3859, 主板貿服組），這地庫佔地4千641英畝，如果以4億6千900萬令吉脫售，可以獲利3億9千萬令吉。
怡保置地（IJMLAND, 5215, 主板產業組）在鄰近的SEBANA COVE有70%股權，有關土地達1千188英畝，計劃一項10年產業發展計劃，發展總值為14億令吉，產業價格在國油投資後，有望水漲船高。
由於投資油氣業，因此油氣公司有望競標合約，不過，除了油氣，這計劃也有助提昇柔佛地帶的產業價值，同時也讓建築業在建築投標方面分一杯羹。
允跨國外資公司聯營
根據報導引述消息說，國油會週五宣佈的綜合廣場計劃，除了有比格底更龐大的石油提煉和石油化學廠，最終也包括跨國油氣公司作為聯營伙伴。除了油氣活動，這綜合中心也包括天然氣發電和其他支持工業。
這項計劃是經濟轉型計劃下的啟動檳城項目之一，選擇邊佳蘭，主要是這裡的水深26公尺，是東南亞最深的，檳城港口只有10至12公尺、巴生西港只有14至16公尺，而甘馬挽碼頭只有18公尺。
戴樂成油氣領域最大受惠者
分析員說，這項計劃最大的受惠領域當然是油氣業，國油的大手筆投資，已經成油氣業最大激素；由於這計劃之前已經由戴樂集團（DIALOG, 7277, 主板貿服組）透露，只是規模比預期龐大，因此，戴樂集團將是此計劃下油氣領域最大受惠者。
戴樂集團獲取的合約是50億令吉的石油槽終站計劃，這佔地500英畝的邊佳蘭站預期在2017年全面完工。
興業研究說，戴樂集團預料也可獲取更多電機、採購和建築工程；其他主要受惠公司包括鵬達集團（PANTECH, 5125, 主板貿服組）和科恩馬集團（KNM, 7164, 主板工業產品組）。
大馬研究認為，在電機、採購和建築合約方面，其他投標者包括肯油企業（KENCANA, 5122, 主板貿服組）、丹絨岸外（TGOFFS, 7228, 主板貿服組）、睦興旺工程（MUHIBAH, 5703, 主板建筑組）和科恩馬集團。
國油化學國油氣體可分杯羹
馬銀行研究則預料國油化學（PCHEM, 5183, 主板工業產品組）和國油氣體（PETGAS, 6033, 主板工業產品組）也是大贏家。
國油氣體會因為供應氣體給新建天然氣發電廠而得利；至於國油化學會因稍後對石化需求增加，以及產能擴充而受惠。
柔佛吸資能力加強
聯昌研究認為，油氣領域當然得利最多，但是柔佛州也受惠不淺，有了這項龐大投資案，柔佛南部將成油氣和石化重鎮，有助吸引這方面的投資，包括外資跨國公司的前來；同時，柔佛毗鄰新加坡，新加坡是全球繼續倫敦和紐約後的第三大貿易中心，但土地有限，並且產業極之昂貴，可能部份投資者會選擇一堤之隔，但成本比較低的柔佛。
國油的這項油氣石化綜合廣場，歡迎外資加入，據知會與新加坡裕廊石化中心相當相似。
建築業分一杯羹
達證券表示，建築業也會因為這項500億投資案而分到甜頭，因為開發邊佳蘭，很許多土木工程，諸如道路、基建和大廈等。
不過，從過往記錄顯示，油氣計劃的土木工程通常落在中小型的建築公司，有兩家中型建築公司曾有油氣建築合約記錄，第一家是涉及沙巴油氣終站計劃的納因控股（NAIM, 5073, 主板產業組）；另一家是計劃參與汶萊油氣提煉廠的TRC協作（TRC, 5054, 主板建筑組）。
金輪佔地主之便受惠
金輪企業（KIMLUN, 5171, 主板建筑組）是柔佛公司，佔了“地主”之便，也會受惠；其他有能力提供電機建築工程而有望受惠的建築公司包括成榮集團（MUDAJYA, 5085, 主板建筑組）、睦興旺工程、聯熹（RANHILL, 5030, 主板建筑組）和吉朗（ZELAN, 2283, 主板建筑組）。
柔產業公司得利
馬銀行研究也看好產業公司可以因為柔佛州的進一步發展而得利，特別是在柔佛有產業計劃的公司，其中一家在邊佳蘭有龐大地庫的公司是馬化控股（MPHB, 3859, 主板貿服組），這地庫佔地4千641英畝，如果以4億6千900萬令吉脫售，可以獲利3億9千萬令吉。
怡保置地（IJMLAND, 5215, 主板產業組）在鄰近的SEBANA COVE有70%股權，有關土地達1千188英畝，計劃一項10年產業發展計劃，發展總值為14億令吉，產業價格在國油投資後，有望水漲船高。
Wednesday, May 11, 2011
陈庆炎：美债券若失AAA评级，全球或再面对经济危机
新加坡政府投资公司（GIC）副主席兼执行董事陈庆炎博士指出，假设全球零风险的资产，如美国债券在被恐慌抛售的情况下，失去其AAA的信贷评级，那么全球可能面对另一次严重的金融和经济危机。
陈庆炎博士是在新加坡政府投资公司的30周年大会上演讲时，作出上述表示。
信贷评级机构标准普尔上个月虽保留了美国债券的AAA评级，但却下调了它的长期展望——从“平稳”调整到“负面”。标准普尔也警告，在接下来的两年内，它有33％的可能性会调低美国债券的评级。
李总理：各经济体面对自身问题
另两家评级机构对美国债券的评级展望则保持“平稳”。
在大会上担任嘉宾的李显龙总理也指出，全球经济目前已处于比较稳定的状态，但各个经济体也面对了自身的问题。
他认为，主要经济体正踏上缓慢复苏的道路，但随时爆发的风险还是存在的，一些长期问题也还无法解决。例如：美国需要处理财政赤字的问题，除了为债务融资，也将影响美元的币值。
李显龙总理相信，若以稳定为前提，最好的做法是逐渐迈向一个多货币的世界。
陈庆炎博士也表示，尽管全球金融危机已过去，今年的经济展望看似比过去几年强健，但危机后的主要结构问题依然存在。例如：主要经济体的高负债水平、全球收支不平衡、美国和欧洲屡降不下的高失业率、欧洲经济与货币联盟（EMU）的主权债务危机、以及新兴市场的通胀和资产价格泡沫风险。此外，中东的事件也再一次提醒人们，地缘政治也会造成影响。
他说：“未来的经济和投资环境看似不寻常地不确定。”
他指出，新兴市场在中国和印度的带领下，也空前迅速地崛起，除了带来更复杂的全球关系和竞争，也提高了对全球国际政策协调的需求。
陈庆炎博士说：“自冷战结束后，地缘政治目前的风险和政策上‘失足’的可能性比任何时候都高。”
李总理也指出，亚洲的展望是正面的，但中国面对的问题，包括快速城市化和如何重新平衡经济，将重心从出口为导向的增长，转向促进消费。印度在改革开放方面则面对了局限。
整体来说，他认为，东南亚算是平稳的，各国则都有自己的问题，尽管亚细安未必能在2015年达到区域经济一体化目标，但届时应已取得显著进展，创造了一个联系更强的亲商领域。
GIC是在1981年5月成立的，主要管理和投资新加坡的外汇储备。目前，它在全球九个办事处共有超过1000名职员，投资遍布全球40多个国家，总投资额超过1000亿美元。
过去30年，GIC的投资从证券、固定收益产品和房地产，扩大到今天包含私募基金、商品、对冲基金及与通胀挂钩的债券。
昨天的大会是为了纪念GIC在过去30年，如何披荆斩棘，安然航过金融危机、资产泡沫、地缘政治动荡和金融市场巨变。
在金融海啸期间，GIC的投资组合在2009年3月底时损失了超过20％。但在去年9月发表的年报中，GIC已迅速回弹，并指出，截至去年3月底取得的增长，已抵销了大部分损失。在截至去年3月底的20年里，GIC每年平均取得比环球通胀率高出3.8％的实际回报率，一年前为2.6％，如果不经通胀调整，以美元计算的平均名义年回报率为7.1％，一年前为5.7％。
超过800名GIC的全球商业伙伴、客户、董事、本地金融业成员和一些主权财富基金出席了昨天的大会和晚宴。
大会围绕三个主题进行——全球展望及对投资的意义、全球投资经理如何应付危机后的环境、以策略意义来看，新兴市场是否还吸引人？
与会嘉宾也包括了财政部长尚达曼。大会主要是以闭门会议方式进行，不开放给媒体采访。
陈庆炎博士是在新加坡政府投资公司的30周年大会上演讲时，作出上述表示。
信贷评级机构标准普尔上个月虽保留了美国债券的AAA评级，但却下调了它的长期展望——从“平稳”调整到“负面”。标准普尔也警告，在接下来的两年内，它有33％的可能性会调低美国债券的评级。
李总理：各经济体面对自身问题
另两家评级机构对美国债券的评级展望则保持“平稳”。
在大会上担任嘉宾的李显龙总理也指出，全球经济目前已处于比较稳定的状态，但各个经济体也面对了自身的问题。
他认为，主要经济体正踏上缓慢复苏的道路，但随时爆发的风险还是存在的，一些长期问题也还无法解决。例如：美国需要处理财政赤字的问题，除了为债务融资，也将影响美元的币值。
李显龙总理相信，若以稳定为前提，最好的做法是逐渐迈向一个多货币的世界。
陈庆炎博士也表示，尽管全球金融危机已过去，今年的经济展望看似比过去几年强健，但危机后的主要结构问题依然存在。例如：主要经济体的高负债水平、全球收支不平衡、美国和欧洲屡降不下的高失业率、欧洲经济与货币联盟（EMU）的主权债务危机、以及新兴市场的通胀和资产价格泡沫风险。此外，中东的事件也再一次提醒人们，地缘政治也会造成影响。
他说：“未来的经济和投资环境看似不寻常地不确定。”
他指出，新兴市场在中国和印度的带领下，也空前迅速地崛起，除了带来更复杂的全球关系和竞争，也提高了对全球国际政策协调的需求。
陈庆炎博士说：“自冷战结束后，地缘政治目前的风险和政策上‘失足’的可能性比任何时候都高。”
李总理也指出，亚洲的展望是正面的，但中国面对的问题，包括快速城市化和如何重新平衡经济，将重心从出口为导向的增长，转向促进消费。印度在改革开放方面则面对了局限。
整体来说，他认为，东南亚算是平稳的，各国则都有自己的问题，尽管亚细安未必能在2015年达到区域经济一体化目标，但届时应已取得显著进展，创造了一个联系更强的亲商领域。
GIC是在1981年5月成立的，主要管理和投资新加坡的外汇储备。目前，它在全球九个办事处共有超过1000名职员，投资遍布全球40多个国家，总投资额超过1000亿美元。
过去30年，GIC的投资从证券、固定收益产品和房地产，扩大到今天包含私募基金、商品、对冲基金及与通胀挂钩的债券。
昨天的大会是为了纪念GIC在过去30年，如何披荆斩棘，安然航过金融危机、资产泡沫、地缘政治动荡和金融市场巨变。
在金融海啸期间，GIC的投资组合在2009年3月底时损失了超过20％。但在去年9月发表的年报中，GIC已迅速回弹，并指出，截至去年3月底取得的增长，已抵销了大部分损失。在截至去年3月底的20年里，GIC每年平均取得比环球通胀率高出3.8％的实际回报率，一年前为2.6％，如果不经通胀调整，以美元计算的平均名义年回报率为7.1％，一年前为5.7％。
超过800名GIC的全球商业伙伴、客户、董事、本地金融业成员和一些主权财富基金出席了昨天的大会和晚宴。
大会围绕三个主题进行——全球展望及对投资的意义、全球投资经理如何应付危机后的环境、以策略意义来看，新兴市场是否还吸引人？
与会嘉宾也包括了财政部长尚达曼。大会主要是以闭门会议方式进行，不开放给媒体采访。
Tuesday, May 10, 2011
OSK Research maintains Buy on Salcon, FV 72 sen
KUALA LUMPUR: OSK Research is maintaining its fair value for Salcon at 72 sen pending its disclosure of more details of the industrial wastewater treatment plant (IWTP) in China.
OSK Research said on Tuesday, March 22 Salcon's subsidiary Salcon Changzhou (HK) Ltd secured a 30 million litres per day IWTP concession in Jiangsu Province, China. The concession period is for 30 years upon the signing of the agreement with Jiangsu Province and will be acquired via a transfer-operate-transfer (T-O-T) basis.
The acquisition is priced at 60 million renminbi, or about RM27.7 million (as of March 9, 2011 based on RM1 vs 2.1659 renminbi).
'Pending the disclosure of more salient terms (especially on the cost structure) on the IWTP, we maintain our FV for Salcon at 72 sen. Riding on the company's growing portfolio of water concessions in China, we also maintain our BUY recommendation on the stock. Securing the latest concession enhances the stock's FV,' it said.
OSK Research said on Tuesday, March 22 Salcon's subsidiary Salcon Changzhou (HK) Ltd secured a 30 million litres per day IWTP concession in Jiangsu Province, China. The concession period is for 30 years upon the signing of the agreement with Jiangsu Province and will be acquired via a transfer-operate-transfer (T-O-T) basis.
The acquisition is priced at 60 million renminbi, or about RM27.7 million (as of March 9, 2011 based on RM1 vs 2.1659 renminbi).
'Pending the disclosure of more salient terms (especially on the cost structure) on the IWTP, we maintain our FV for Salcon at 72 sen. Riding on the company's growing portfolio of water concessions in China, we also maintain our BUY recommendation on the stock. Securing the latest concession enhances the stock's FV,' it said.
Dialog rises on possible marginal oilfield jobs
KUALA LUMPUR: DIALOG GROUP BHD [] shares advanced on Tuesday, May 10 after The Edge FinancialDaily reported that the company and its Australian partner Roc Oil were on the verge of bagging the marginal oilfield projects from Petroliam Nasional Bhd (Petronas) for Balai and Bentara fields, located off the coast of Sarawak.
At 9.30am, Dialog was up three sen to RM2.55 with 330.600 shares traded.
CIMB Equities Research has maintained its sum-of-parts target price of RM2.67 for Dialog and also its earnings per share (EPS) forecasts.
It was commenting on the article that suggested that the JV between Dialog and Australia's Roc Oil was set to secure the risk sharing contract (RSC) for the development of the Balai and Bentara marginal fields.
'The RSC would mark new milestones for both companies ' upstream diversification for Dialog and a Malaysian debut for Roc,' it said.
CIMB Research said assuming that 1) Dialog has the minimum 30% stake in the JV, and 2) other terms are similar to those for the Berantai marginal field, Dialog's FY6/12-13 EPS could be boosted by 8-9%.
'The fees from oil production will be realised beyond our forecast period. Dialog remains an OUTPERFORM, with the potential re-rating triggers being 1) announcement of the marginal field development, and 2) new markets, i.e. Saudi Arabia,' it said
At 9.30am, Dialog was up three sen to RM2.55 with 330.600 shares traded.
CIMB Equities Research has maintained its sum-of-parts target price of RM2.67 for Dialog and also its earnings per share (EPS) forecasts.
It was commenting on the article that suggested that the JV between Dialog and Australia's Roc Oil was set to secure the risk sharing contract (RSC) for the development of the Balai and Bentara marginal fields.
'The RSC would mark new milestones for both companies ' upstream diversification for Dialog and a Malaysian debut for Roc,' it said.
CIMB Research said assuming that 1) Dialog has the minimum 30% stake in the JV, and 2) other terms are similar to those for the Berantai marginal field, Dialog's FY6/12-13 EPS could be boosted by 8-9%.
'The fees from oil production will be realised beyond our forecast period. Dialog remains an OUTPERFORM, with the potential re-rating triggers being 1) announcement of the marginal field development, and 2) new markets, i.e. Saudi Arabia,' it said
KrisAssets 1Q net profit up 31% to RM35.44m
KUALA LUMPUR: KRISASSETS HOLDINGS BHD [] posted net profit of RM35.44 million in the first quarter ended March 31, 2011, which was a 31.2% increase from the RM27.01 million a year ago, mainly due to higher total rental income and lower finance and utility costs in the current quarter.
It said on Monday, May 9 the revenue increased by 7.7% to RM63.46 million from RM58.89 million. Earnings per share were 8.17 sen compared with 8.02 sen.
'For the current quarter ended March 31, 2011, the group's revenue, reflecting mainly the operations of Mid Valley Megamall, increased by 7.81% to RM63.5 million, compared with the corresponding period of RM58.9 million in 2010. This was mainly due to higher total rental income,' it said.
KrisAssets said pre-tax profit rose 27.8% to RM46.9 million compared with pre-tax profit of RM36.7 million a year ago.
When compared with the immediate preceding quarter ended Dec 31, 2010, group's revenue of RM63.5 million was a 2.75% increase from RM61.8 million. This was mainly due to higher total rental income in current quarter.
'The group recorded a pre-tax profit for the current quarter ended March 31, 2011 of RM46.9 million, representing 56.33% decrease, compared with pre-tax profit of RM107.4 million in the immediate preceding quarter. This was mainly due to recognition of revaluation surplus of RM70 million as fair value gain on investment property in the immediate preceding quarter,' it said.
KrisAssets also disclosed it had borrowings of RM448.32 million as at March 31, 2011.
It said on Monday, May 9 the revenue increased by 7.7% to RM63.46 million from RM58.89 million. Earnings per share were 8.17 sen compared with 8.02 sen.
'For the current quarter ended March 31, 2011, the group's revenue, reflecting mainly the operations of Mid Valley Megamall, increased by 7.81% to RM63.5 million, compared with the corresponding period of RM58.9 million in 2010. This was mainly due to higher total rental income,' it said.
KrisAssets said pre-tax profit rose 27.8% to RM46.9 million compared with pre-tax profit of RM36.7 million a year ago.
When compared with the immediate preceding quarter ended Dec 31, 2010, group's revenue of RM63.5 million was a 2.75% increase from RM61.8 million. This was mainly due to higher total rental income in current quarter.
'The group recorded a pre-tax profit for the current quarter ended March 31, 2011 of RM46.9 million, representing 56.33% decrease, compared with pre-tax profit of RM107.4 million in the immediate preceding quarter. This was mainly due to recognition of revaluation surplus of RM70 million as fair value gain on investment property in the immediate preceding quarter,' it said.
KrisAssets also disclosed it had borrowings of RM448.32 million as at March 31, 2011.
AmFirst REIT 4Q net profit falls to RM14.42m
KUALA LUMPUR: AmFirst Real Estate Investment Trust net profit for the fourth quarter ended March 31, 2011 fell to RM14.42 million from RM23.53 million a year earlier, due mainly to reduction in occupancy rates and cessation of income guaranteed.
Revenue for the quarter fell to RM19.12 million from RM25.28 million in 2010. Earnings per unit was 3.36 sen while net assets per unit was RM1.41.
AmFirst declared a final income distribution of 4.94 sen per unit (of which 4.027 sen per unit is taxable and 0.913 sen per unit is tax exempt) in respect of the six-month period ended March 31, 2011.
For the financial year ended March 31, AmFirst's net profit decreased to RM43.36 million from RM54.06 million a year earlier on the back of revenue RM88.54 million.
Reviewing its performance, AmFirst said on Monday, May 9 that the realised income available for distribution was slightly lower by 4.3% due to cessation of guaranteed minimum net income for the Summit Subang USJ provided by Bounty Dynamics Sdn Bhd (Formerly known as Meda Development Sdn Bhd) and drop in average occupancy rate of Kelana Brem Towers and Menara Merais.
Office rental market remained soft and continues to be under pressure with average rental rates continue to experience downward pressure due to the anticipation of incoming new supply in the next few years, it said.
On its prospects, AmFirst said it expects to maintain its performance based on its current tenancy profile, diversity of the tenants mix and its continuous efforts on proactive asset enhancements and portfolio management for the financial year ending March 31, 2012.
Revenue for the quarter fell to RM19.12 million from RM25.28 million in 2010. Earnings per unit was 3.36 sen while net assets per unit was RM1.41.
AmFirst declared a final income distribution of 4.94 sen per unit (of which 4.027 sen per unit is taxable and 0.913 sen per unit is tax exempt) in respect of the six-month period ended March 31, 2011.
For the financial year ended March 31, AmFirst's net profit decreased to RM43.36 million from RM54.06 million a year earlier on the back of revenue RM88.54 million.
Reviewing its performance, AmFirst said on Monday, May 9 that the realised income available for distribution was slightly lower by 4.3% due to cessation of guaranteed minimum net income for the Summit Subang USJ provided by Bounty Dynamics Sdn Bhd (Formerly known as Meda Development Sdn Bhd) and drop in average occupancy rate of Kelana Brem Towers and Menara Merais.
Office rental market remained soft and continues to be under pressure with average rental rates continue to experience downward pressure due to the anticipation of incoming new supply in the next few years, it said.
On its prospects, AmFirst said it expects to maintain its performance based on its current tenancy profile, diversity of the tenants mix and its continuous efforts on proactive asset enhancements and portfolio management for the financial year ending March 31, 2012.
Higher tin prices boost Malaysia Smelting Corp 1Q profits
KUALA LUMPUR: MALAYSIA SMELTING CORPORATION [] Bhd posted net profit RM28.28 million for the first quarter ended March 31, 2011 compared to net loss RM29.13 million a year earlier, due mainly to higher tin prices.
Revenue for the quarter rose 13.3% to RM737.87 million from RM651.18 million. Earnings per share was 30.40 sen while net assets per share was RM3.89.
In a filing to Bursa Malaysia on Monday, May 9, MSC said the increase in net profit was due mainly to higher operating profits by its tin mining and smelting operations in Malaysia and Indonesia on the back of higher tin prices.
On its current year prospects, MSC said it expects its overall performance for 2011 to be better than last year.
Revenue for the quarter rose 13.3% to RM737.87 million from RM651.18 million. Earnings per share was 30.40 sen while net assets per share was RM3.89.
In a filing to Bursa Malaysia on Monday, May 9, MSC said the increase in net profit was due mainly to higher operating profits by its tin mining and smelting operations in Malaysia and Indonesia on the back of higher tin prices.
On its current year prospects, MSC said it expects its overall performance for 2011 to be better than last year.
Friday, May 6, 2011
國行升息0.25%‧銀行法定儲備率也上調1%
（吉隆坡5日訊）國家銀行感受到通膨揚升的壓力，今日宣佈把隔夜政策利率調漲0.25%，從現有的2.75%上調至3%；國行也宣佈從5月16日起，將銀行法定儲備率（SRR）從2%調升至3%。
國行今日在議息會議後發表文告指出，升息後，隔夜政策利率的下限與上限分別是2.75%及3.25%。
房貸車貸率料同步調高
配合國行今日的雙升息，預料國內商業銀行將宣佈調升基本貸款利率，這意味著房貸和車貸率可能同步調高；定存率也預料會調升，但升幅胥視銀行的決定。
調高SRR，顯示國行對熱錢湧入和家庭債高築的擔憂，預料銀行也會因為國行的雙升息行動，對放貸趨向謹慎。
國行透露，大馬經濟穩健成長，因此貨幣政策委員會決定調整貨幣政策至適當的水平。
“以現有的利率水平，仍可支撐成長。未來的貨幣政策是否調整胥視成長風險與通膨展望而定。”
國內通膨繼續攀升
國內通膨繼續攀升，3月份上揚至3%，今年首季平均為2.8%，主要是因為食品與燃料價格上漲。
“全球原產品及能源價格在今年料持續騰漲，主要貿易夥伴國的通膨料進一步揚升。”
國行表示，有跡象顯示，內需因素或加劇下半年的價格壓力。
國內經濟方面，最新的指標顯示，私人投資及私人消費在首季走強，出口表現也改善，主要獲得區域需求的支撐。
展望未來，大馬經濟評估保持穩健的成長步履，在今年其餘月份的成長會獲得堅定內需擴張的支撐。
“儘管全球經濟的復甦在未來料保持勢頭，但下調風險也在加劇中，主要來自高能源及高原產品價格、日本進展導致供應受阻以及新興經濟體的資金流動高度波動。”
上調SRR 1%
吸納70億過剩游資
另一方面，國行上調SRR，主要是防患未然，以管理顯著的游資，避免可能造成金融的失衡及威脅金融的穩定。
SRR每調高1%，將可吸納銀行體系過剩游資達70億令吉。
國行說，銀行法定儲備率是管理游資的一項工具，而非貨幣政策立場的訊號。隔夜政策利率是唯一充作貨幣政策立場訊號的指標，在每次的貨幣政策委員會會議後，發佈貨幣政策聲明。
國行今日在議息會議後發表文告指出，升息後，隔夜政策利率的下限與上限分別是2.75%及3.25%。
房貸車貸率料同步調高
配合國行今日的雙升息，預料國內商業銀行將宣佈調升基本貸款利率，這意味著房貸和車貸率可能同步調高；定存率也預料會調升，但升幅胥視銀行的決定。
調高SRR，顯示國行對熱錢湧入和家庭債高築的擔憂，預料銀行也會因為國行的雙升息行動，對放貸趨向謹慎。
國行透露，大馬經濟穩健成長，因此貨幣政策委員會決定調整貨幣政策至適當的水平。
“以現有的利率水平，仍可支撐成長。未來的貨幣政策是否調整胥視成長風險與通膨展望而定。”
國內通膨繼續攀升
國內通膨繼續攀升，3月份上揚至3%，今年首季平均為2.8%，主要是因為食品與燃料價格上漲。
“全球原產品及能源價格在今年料持續騰漲，主要貿易夥伴國的通膨料進一步揚升。”
國行表示，有跡象顯示，內需因素或加劇下半年的價格壓力。
國內經濟方面，最新的指標顯示，私人投資及私人消費在首季走強，出口表現也改善，主要獲得區域需求的支撐。
展望未來，大馬經濟評估保持穩健的成長步履，在今年其餘月份的成長會獲得堅定內需擴張的支撐。
“儘管全球經濟的復甦在未來料保持勢頭，但下調風險也在加劇中，主要來自高能源及高原產品價格、日本進展導致供應受阻以及新興經濟體的資金流動高度波動。”
上調SRR 1%
吸納70億過剩游資
另一方面，國行上調SRR，主要是防患未然，以管理顯著的游資，避免可能造成金融的失衡及威脅金融的穩定。
SRR每調高1%，將可吸納銀行體系過剩游資達70億令吉。
國行說，銀行法定儲備率是管理游資的一項工具，而非貨幣政策立場的訊號。隔夜政策利率是唯一充作貨幣政策立場訊號的指標，在每次的貨幣政策委員會會議後，發佈貨幣政策聲明。
Thursday, May 5, 2011
HK shares stumble to 5-wk low, futures signal more weakness
HONG KONG: Hong Kong shares ended at a five-week low on Thursday, May 5 as persistent weakness in energy counters offset gains by some financials, while index futures signalled further downside before the end of the month.
The Hang Seng Index fell 0.23 percent to 23,261.61, closing below a chart support level. The China Enterprises Index fell 0.46 percent.
On the mainland, the Shanghai Composite Index managed to eke out a gain, closing up 0.22 percent as banks and steel plays rose after the benchmark's 2.3 percent rout on Thursday. Lacklustre volume continued to suggest that most investors remained on the sidelines.
''
HIGHLIGHTS:
* PetroChina Co Ltd , down 2.6 percent, and CNOOC Ltd , down 2 percent, led the sector lower for a seventh session as reports that China may introduce an oil and gas resources tax added to fallout from weaker commodities prices. The energy sub-index has lost 9 percent in the past month.
* Tencent Holdings Ltd recovered some of Thursday's loss, rising 0.6 percent, partly on short-covering after Chinese social networking company Renren Inc surged 29 percent on its New York trading debut. Bearish bets on Tencent have built up, with 21 percent of total turnover over the past two days sold short, exchange data showed. [ID:nN04185096]
* It was another strong session for China Resources Power Holdings Co Ltd , which rose 1.03 percent on heavy volume lifting it well into technically overbought territory. It is up 10 percent this week as investors piled in on expectations that acute power shortages in China would result in tariff increases. - Reuters
''
THE DAY AHEAD:
Market players will focus on U.S. payrolls data scheduled for Friday, which is expected to show job growth eased in April and add to weak economic data coming out of the U.S.
Japanese markets are set to reopen on Friday after the Golden Week holiday and could come under pressure on a stronger yen and play catch-up to weaker global markets.
The Hang Seng Index fell 0.23 percent to 23,261.61, closing below a chart support level. The China Enterprises Index fell 0.46 percent.
On the mainland, the Shanghai Composite Index managed to eke out a gain, closing up 0.22 percent as banks and steel plays rose after the benchmark's 2.3 percent rout on Thursday. Lacklustre volume continued to suggest that most investors remained on the sidelines.
''
HIGHLIGHTS:
* PetroChina Co Ltd , down 2.6 percent, and CNOOC Ltd , down 2 percent, led the sector lower for a seventh session as reports that China may introduce an oil and gas resources tax added to fallout from weaker commodities prices. The energy sub-index has lost 9 percent in the past month.
* Tencent Holdings Ltd recovered some of Thursday's loss, rising 0.6 percent, partly on short-covering after Chinese social networking company Renren Inc surged 29 percent on its New York trading debut. Bearish bets on Tencent have built up, with 21 percent of total turnover over the past two days sold short, exchange data showed. [ID:nN04185096]
* It was another strong session for China Resources Power Holdings Co Ltd , which rose 1.03 percent on heavy volume lifting it well into technically overbought territory. It is up 10 percent this week as investors piled in on expectations that acute power shortages in China would result in tariff increases. - Reuters
''
THE DAY AHEAD:
Market players will focus on U.S. payrolls data scheduled for Friday, which is expected to show job growth eased in April and add to weak economic data coming out of the U.S.
Japanese markets are set to reopen on Friday after the Golden Week holiday and could come under pressure on a stronger yen and play catch-up to weaker global markets.
New Hoong Fatt posts higher Q1 pre-tax profit
New Hoong Fatt Holdings Bhd has chalked up a higher pre-tax profit of RM7.809 million in the first quarter ended March 31, 2011, up 8.3 per cent, compared with RM7.190 million chalked up in the same period last year.
In a statement today, the company said higher income from the sale of steel scrap contributed to the better showing.
Revenue also increased to RM53.710 million, during the peiod under review, from RM52.845 million previously.
The group expects operating conditions to remain challenging and competitive, it said, adding that rising cost pressures and margin squeeze would remain a challenge for the company.
Barring unforeseen circumstances, the group is optimistic it will continue its positive performance in the current financial year.
In a statement today, the company said higher income from the sale of steel scrap contributed to the better showing.
Revenue also increased to RM53.710 million, during the peiod under review, from RM52.845 million previously.
The group expects operating conditions to remain challenging and competitive, it said, adding that rising cost pressures and margin squeeze would remain a challenge for the company.
Barring unforeseen circumstances, the group is optimistic it will continue its positive performance in the current financial year.
Tuesday, March 29, 2011
OSK Research maintains Buy on Alam Maritim, unchanged TP RM1.50
OSK Research is maintaining its Buy call on Alam Maritim with an unchanged target price of RM1.50.
Alam Maritim recently accepted an extension of a spot charter contract to supply of one straight supply vessel worth a contract value of RM11.0m.
OSK Research said the company's announcement of the one-year contract however did not identify the customer, but it believed it is likely be Petronas or its PSC contractors since this is a renewal of contract and the bulk of Alam's existing vessel contracts are from the domestic market
'After the company undertook a kitchen sinking exercise in FY10, we believe the worst is now over. However, as we mentioned earlier, we do not expect Alam's 1H11 results to be very good as it was still affected by the monsoon season in 1Q.
'Also, Petronas' focus is now on the initial stage of marginal oilfield developments and not towards the tail-end of activities, which would more of a 2H11 focus. We maintain a Buy on the company for now, with an unchanged target price of RM1.50 based on the existing PER of 15x FY11 EPS,' it said.
Alam Maritim recently accepted an extension of a spot charter contract to supply of one straight supply vessel worth a contract value of RM11.0m.
OSK Research said the company's announcement of the one-year contract however did not identify the customer, but it believed it is likely be Petronas or its PSC contractors since this is a renewal of contract and the bulk of Alam's existing vessel contracts are from the domestic market
'After the company undertook a kitchen sinking exercise in FY10, we believe the worst is now over. However, as we mentioned earlier, we do not expect Alam's 1H11 results to be very good as it was still affected by the monsoon season in 1Q.
'Also, Petronas' focus is now on the initial stage of marginal oilfield developments and not towards the tail-end of activities, which would more of a 2H11 focus. We maintain a Buy on the company for now, with an unchanged target price of RM1.50 based on the existing PER of 15x FY11 EPS,' it said.
HELP to have better 2Q results
HELP International Corp Bhd
Maintain buy at RM2.54 with revised fair value of RM2.82 (from RM2.59): HELP's 1QFY11 earnings were within our expectations, although accounting for only11.9% of our full-year forecast due to seasonal factors related to its twinning courses conducted with foreign institutions. Revenue grew marginally by 3.3% year-on-year while net profit was up by 12.7%, supported by improved margins.
We believe the better margins were largely attributed to prudent cost management and the increasing number of HELP University College's home-grown courses, which generally command higher margins as the company does not have to pay royalty for them, unlike twinning or foreign courses developed by other institutions. As a result, earnings before interest and taxes margin in 1QFY11 improved to 18.5% from 16% in 1QFY10.
As the company's revenue and net profit were significantly lower quarter-on-quarter (q-o-q) due to seasonality, given that fewer classes were conducted owing to the summer holidays associated with courses conducted in collaboration with institutions in the southern hemisphere, particularly Australia and New Zealand.
Q-o-q, revenue dropped by 11.1% while net profit plunged by 57.9% in 1QFY11. This is due to the nature of the business. The company continues to incur high fixed costs, thus causing a bigger contraction in profitability when revenue falls. Moving forward, we expect the 2QFY11 results to be significantly better q-o-q as more classes are conducted during this period as the new semester for its Australian and New Zealand courses commences.
We maintain our forecast and 'buy' recommendation at a higher fair value of RM2.82 from RM2.59 previously after rolling over our earnings per share from FY11 to FY12 at 14 times price-earnings ratio, plus its net cash of 32 sen per share as at end-FY10.
We believe the company's robust and clean books, as well as solid management will stand it in good stead in expanding comfortably without straining its balance sheet. ' OSK Research
Maintain buy at RM2.54 with revised fair value of RM2.82 (from RM2.59): HELP's 1QFY11 earnings were within our expectations, although accounting for only11.9% of our full-year forecast due to seasonal factors related to its twinning courses conducted with foreign institutions. Revenue grew marginally by 3.3% year-on-year while net profit was up by 12.7%, supported by improved margins.
We believe the better margins were largely attributed to prudent cost management and the increasing number of HELP University College's home-grown courses, which generally command higher margins as the company does not have to pay royalty for them, unlike twinning or foreign courses developed by other institutions. As a result, earnings before interest and taxes margin in 1QFY11 improved to 18.5% from 16% in 1QFY10.
As the company's revenue and net profit were significantly lower quarter-on-quarter (q-o-q) due to seasonality, given that fewer classes were conducted owing to the summer holidays associated with courses conducted in collaboration with institutions in the southern hemisphere, particularly Australia and New Zealand.
Q-o-q, revenue dropped by 11.1% while net profit plunged by 57.9% in 1QFY11. This is due to the nature of the business. The company continues to incur high fixed costs, thus causing a bigger contraction in profitability when revenue falls. Moving forward, we expect the 2QFY11 results to be significantly better q-o-q as more classes are conducted during this period as the new semester for its Australian and New Zealand courses commences.
We maintain our forecast and 'buy' recommendation at a higher fair value of RM2.82 from RM2.59 previously after rolling over our earnings per share from FY11 to FY12 at 14 times price-earnings ratio, plus its net cash of 32 sen per share as at end-FY10.
We believe the company's robust and clean books, as well as solid management will stand it in good stead in expanding comfortably without straining its balance sheet. ' OSK Research
Kencana awarded RM216m Petrofac job
Kencana Petroleum Bhd has announced that wholly-owned Kencana HL Sdn Bhd (KHL), has secured a RM216 million contract from Petrofac (Malaysia-PM304) Ltd (Petrofac), for the engineering, procurement and construction (EPC) of well head platforms for the Cendor oil field.
In its filing to Bursa Malaysia, the company said KHL is to undertake the EPC of two units of wellhead platforms for the Cendor Phase 2 Development Project, located off the coast of Terengganu.
It said the one-off construction contract is expected to be completed within the second quarter of 2012.
Meanwhile, the contract is expected to contribute positively to the earnings and net assets per share of Kencana Petroleum Group for the financial years ending July 31, 2011 and 2012.
In its filing to Bursa Malaysia, the company said KHL is to undertake the EPC of two units of wellhead platforms for the Cendor Phase 2 Development Project, located off the coast of Terengganu.
It said the one-off construction contract is expected to be completed within the second quarter of 2012.
Meanwhile, the contract is expected to contribute positively to the earnings and net assets per share of Kencana Petroleum Group for the financial years ending July 31, 2011 and 2012.
Friday, March 18, 2011
SP Setia a 'buy' at HwangDBS, OSK
Several research houses have maintained "buy" calls on SP Setia Bhd, reflecting its within-expectation first quarter 2011 results.
Both HwangDBS Vickers Research and OSK Research today left their target prices unchanged at RM7.90 and RM7.23 respectively.
"SP Setia is in a good position to win more land deals given its strong execution track record and solid balance sheet which is set to be enhanced further by a RM1 billion placement," HwangDBS Vickers said in its note today.
OSK Research said SP Setia was set for an impressive showing this year, driven by unbilled sales of more than RM2.2 billion and new launches.
ECMLibra Research, meanwhile, maintained its "hold" recommendation on SP Setia and said RM6.00 would be its fair value.
"Although we expect more landbank acquisitions but we believe this has been priced-in and the impending 15 per cent private placement may cap further upside in the near-term," ECMLibra added.
Both HwangDBS Vickers Research and OSK Research today left their target prices unchanged at RM7.90 and RM7.23 respectively.
"SP Setia is in a good position to win more land deals given its strong execution track record and solid balance sheet which is set to be enhanced further by a RM1 billion placement," HwangDBS Vickers said in its note today.
OSK Research said SP Setia was set for an impressive showing this year, driven by unbilled sales of more than RM2.2 billion and new launches.
ECMLibra Research, meanwhile, maintained its "hold" recommendation on SP Setia and said RM6.00 would be its fair value.
"Although we expect more landbank acquisitions but we believe this has been priced-in and the impending 15 per cent private placement may cap further upside in the near-term," ECMLibra added.
OSK Research maintains Trading Buy on Faber, unch TP RM3.02
KUALA LUMPUR: OSK Research is maintaining a Trading Buy on FABER GROUP BHD [] at an unchanged target price of RM3.02 based on SOP valuation.
The research house said on Friday, March 18 that it still thinks'' Faber should be able to get its existing concession renewed in view of its track record and excellent execution of the existing concession, which should provide the upward catalyst for its share price.
On Thursday, Faber announced a capital reduction by way of cancellation of 75 sen of the existing par value of each RM1 ordinary share, and ii) a share premium reduction of RM116m to reduce the accumulated losses in Faber Group.
'The proposals came in as no surprise given that we had mentioned in our last March 16 report that Faber was in the midst of finalising proposals to strengthen its balance sheet, largely with regard to 'legacy' accumulated losses at the company level.
'As we had mentioned earlier, despite the company's willingness to pay a higher dividend payout, its ability to increase the payout ratio had been constrained by its accumulated losses at the company level,' it said.
OSK Research said the main rationale for the proposed corporate exercise is to enable Faber to beef up its capacity to raise its dividend payout and provide higher dividend returns to its shareholders.
The research house said on Friday, March 18 that it still thinks'' Faber should be able to get its existing concession renewed in view of its track record and excellent execution of the existing concession, which should provide the upward catalyst for its share price.
On Thursday, Faber announced a capital reduction by way of cancellation of 75 sen of the existing par value of each RM1 ordinary share, and ii) a share premium reduction of RM116m to reduce the accumulated losses in Faber Group.
'The proposals came in as no surprise given that we had mentioned in our last March 16 report that Faber was in the midst of finalising proposals to strengthen its balance sheet, largely with regard to 'legacy' accumulated losses at the company level.
'As we had mentioned earlier, despite the company's willingness to pay a higher dividend payout, its ability to increase the payout ratio had been constrained by its accumulated losses at the company level,' it said.
OSK Research said the main rationale for the proposed corporate exercise is to enable Faber to beef up its capacity to raise its dividend payout and provide higher dividend returns to its shareholders.
Bursa Malaysia: Credit Suisse: AirAsia can weather high oil price, keeps TP of RM4.30
KUALA LUMPUR: Credit Suisse Research remains positive on AirAsia as it believes the low-cost'' carrier'' can weather the high oil price environment.
In a research note issued on Thursday, March 17, it said AirAsia's management was not in favour of imposing a fuel surcharge, preferring instead to raise loads and ancillary income (higher baggage fees, new services, etc).
Credit Suisse Research said AirAsia management was comfortable with its margins with jet fuel at US$150 per barrel but could impose a surcharge if prices are sustainable at around these levels.
"We estimate that the company needs to raise total fares by merely RM1 to compensate for a US$1 per barrel increase in jet fuel prices. If jet fuel averages at US$120, fares would have to rise by RM10 to compensate. This is less than the price of a large McValue meal (RM11.20), thus, in our view, would not significantly impact demand,' it said.
Credit Suisse Research forecast US$110 for FY11-FY13 jet fuel (+20% on-year versus FY10). AirAsia effectively pays the market rate, as it only hedges 25% of its forward quarter requirements.
It also said AirAsia's management had been actively addressing market's various concerns over the company by improving transparency, strengthening its team and reducing aircraft rollout in an effort to contain gearing.
The research house said AirAsia had also proposed to monetise its 'other business units' including the AirAsia Academy (pilot and crew training) and 16%-owned sister-company, AirAsia X (AAX, unlisted).
The future listing of its long-haul carrier AAX, and its subsequent spin off, is the final part of the restructuring to counter the perceived dilution in AirAsia's short haul business model.
Credit Suisse Research said AirAsia was considering paying its first maiden dividend. In its view, the potential dividend would be a small but symbolic amount to signal the market that it is on a better financial footing.
'We estimate that a 10% payout ratio would result in a dividend yield of 1.2%. We believe that this move will be well received by local institutional funds in Malaysia, which could reverse the stock's low local shareholdings and provide fresh impetus to the share price,' it said.
The research house said it remained positive on AirAsia, which has the second largest airline fleet in Asia, with a combined fleet of 93 aircraft. Although Singapore Airlines has110 aircraft, the company 'only' carried 16.6 million passengers in 2010 which is 35% less than AirAsia's combined total of 25.7 million.
In a research note issued on Thursday, March 17, it said AirAsia's management was not in favour of imposing a fuel surcharge, preferring instead to raise loads and ancillary income (higher baggage fees, new services, etc).
Credit Suisse Research said AirAsia management was comfortable with its margins with jet fuel at US$150 per barrel but could impose a surcharge if prices are sustainable at around these levels.
"We estimate that the company needs to raise total fares by merely RM1 to compensate for a US$1 per barrel increase in jet fuel prices. If jet fuel averages at US$120, fares would have to rise by RM10 to compensate. This is less than the price of a large McValue meal (RM11.20), thus, in our view, would not significantly impact demand,' it said.
Credit Suisse Research forecast US$110 for FY11-FY13 jet fuel (+20% on-year versus FY10). AirAsia effectively pays the market rate, as it only hedges 25% of its forward quarter requirements.
It also said AirAsia's management had been actively addressing market's various concerns over the company by improving transparency, strengthening its team and reducing aircraft rollout in an effort to contain gearing.
The research house said AirAsia had also proposed to monetise its 'other business units' including the AirAsia Academy (pilot and crew training) and 16%-owned sister-company, AirAsia X (AAX, unlisted).
The future listing of its long-haul carrier AAX, and its subsequent spin off, is the final part of the restructuring to counter the perceived dilution in AirAsia's short haul business model.
Credit Suisse Research said AirAsia was considering paying its first maiden dividend. In its view, the potential dividend would be a small but symbolic amount to signal the market that it is on a better financial footing.
'We estimate that a 10% payout ratio would result in a dividend yield of 1.2%. We believe that this move will be well received by local institutional funds in Malaysia, which could reverse the stock's low local shareholdings and provide fresh impetus to the share price,' it said.
The research house said it remained positive on AirAsia, which has the second largest airline fleet in Asia, with a combined fleet of 93 aircraft. Although Singapore Airlines has110 aircraft, the company 'only' carried 16.6 million passengers in 2010 which is 35% less than AirAsia's combined total of 25.7 million.
Friday, March 11, 2011
Asian markets skid on flurry of negative news
KUALA LUMPUR: Asian markets skidded on Thursday, March 10 as a spate of negative news spooked investors already worried of high crude oil prices as a result of escalating tensions in the Mid-east that could stem global economic growth.
A contraction in Japan’s 4Q GDP growth, China posting its largest traded deficit in seven years in February as well as Moody's downgrade of Spain's rating further dampened already jittery investor confidence.
The FBM KLCI fell 6.78 points to 1,516.91, weighed by losses including at MISC, DiGi and Petronas Gas. Losers beat gainers 483 to 253, while 280 counters traded unchanged. Volume was 1.09 billion shares valued at RM1.56 billion.
At the regional markets, the Shanghai Composite Index fell 1.5% to 2,957.14, Japan’s Nikkei 225 lost 1.46% to 10,434.38, Taiwan’s Taiex fell 1.22% to 8,642.90, South Korea’s Kospi Index was down 0.99% to 1,981.58, Hong Kong’s Hang Seng Index lost 0.82% to 23,614.89 and Singapore’s Straits Times Index fell 0.56% to 3,075.44.
Regionally, China swung to a trade deficit in February of US$7.3 billion, its largest in seven years, as the Lunar New Year holiday dealt an unexpectedly sharp blow to exports.
European shares declined on Thursday as Moody's downgrade of Spain's rating raised concerns about the health of peripheral euro zone economies, while higher oil prices on
Libya unrest stoked worries about global growth, said Reuters.
At Bursa, among the major losers, BAT fell RM1.40 to RM46.24, Nestle 48 sen to RM45.02, DiGi 44 sen to RM27.36, Panasonic 26 sen to RM19.70, MISC 21 sen to RM7.70, PPB 20 sen to RM17, BLD PLANTATION []s 18 sen to RM5.20 and Petronas Gas 14 sen to RM11.58.
Far East Corp was the top gainer and rose 20 sen to RM7.50; HELP was up 17 sen to RM2.53, Pos Malaysia 15 sen to RM3.20, Media Prima 13 sen to RM2.38, Top Glove 11 sen to RM5, Ewein and Batu Kawan 10 sen each to RM1 and RM15.38, while Bintulu Port added nine sen to RM6.59.
SAAG was the most actively traded counter with 67.76 million shares done. The stock shed half a sen to 9.5 sen. Other actives included Borneo Oil, Perisai, Sumatec, Axiata and HWGB.
A contraction in Japan’s 4Q GDP growth, China posting its largest traded deficit in seven years in February as well as Moody's downgrade of Spain's rating further dampened already jittery investor confidence.
The FBM KLCI fell 6.78 points to 1,516.91, weighed by losses including at MISC, DiGi and Petronas Gas. Losers beat gainers 483 to 253, while 280 counters traded unchanged. Volume was 1.09 billion shares valued at RM1.56 billion.
At the regional markets, the Shanghai Composite Index fell 1.5% to 2,957.14, Japan’s Nikkei 225 lost 1.46% to 10,434.38, Taiwan’s Taiex fell 1.22% to 8,642.90, South Korea’s Kospi Index was down 0.99% to 1,981.58, Hong Kong’s Hang Seng Index lost 0.82% to 23,614.89 and Singapore’s Straits Times Index fell 0.56% to 3,075.44.
Regionally, China swung to a trade deficit in February of US$7.3 billion, its largest in seven years, as the Lunar New Year holiday dealt an unexpectedly sharp blow to exports.
European shares declined on Thursday as Moody's downgrade of Spain's rating raised concerns about the health of peripheral euro zone economies, while higher oil prices on
Libya unrest stoked worries about global growth, said Reuters.
At Bursa, among the major losers, BAT fell RM1.40 to RM46.24, Nestle 48 sen to RM45.02, DiGi 44 sen to RM27.36, Panasonic 26 sen to RM19.70, MISC 21 sen to RM7.70, PPB 20 sen to RM17, BLD PLANTATION []s 18 sen to RM5.20 and Petronas Gas 14 sen to RM11.58.
Far East Corp was the top gainer and rose 20 sen to RM7.50; HELP was up 17 sen to RM2.53, Pos Malaysia 15 sen to RM3.20, Media Prima 13 sen to RM2.38, Top Glove 11 sen to RM5, Ewein and Batu Kawan 10 sen each to RM1 and RM15.38, while Bintulu Port added nine sen to RM6.59.
SAAG was the most actively traded counter with 67.76 million shares done. The stock shed half a sen to 9.5 sen. Other actives included Borneo Oil, Perisai, Sumatec, Axiata and HWGB.
KNM sees potential EBITDA of RM363m for FY11, RM564m for FY12
KUALA LUMPUR: KNM GROUP BHD [] has set an internal target of potential earnings before interest, tax, depreciation and amortisation (EBITDA) of RM363 million for FY11 against expected total revenue of RM2.4 billion.
It said on Thursday, March 10 the potential EBITDA for FY12 was RM564 million on the back of an expected revenue of RM3.4 billion.
KNM said the potential EBITDA was released during its recent briefing for analysts on March 7.
“The above EBITDA and revenue figures are strictly KNM Group’s internal management targets based on its current order backlog and tender book, and these figures have not been reviewed or confirmed by the external auditors.
“The targets are merely internal management targets or aspirations set to be achieved by the company and are not intended to be an estimate, forecast or projection,” it said.
It said on Thursday, March 10 the potential EBITDA for FY12 was RM564 million on the back of an expected revenue of RM3.4 billion.
KNM said the potential EBITDA was released during its recent briefing for analysts on March 7.
“The above EBITDA and revenue figures are strictly KNM Group’s internal management targets based on its current order backlog and tender book, and these figures have not been reviewed or confirmed by the external auditors.
“The targets are merely internal management targets or aspirations set to be achieved by the company and are not intended to be an estimate, forecast or projection,” it said.
Friday, January 28, 2011
US STOCKS-Tech results keep Wall Street advance alive
NEW YORK: Strong corporate earnings led Wall Street to a 29-month closing high for a second day on Thursday, Jan 27, but another run of big gains may be harder to achieve.
The Dow and the S&P struggled to advance past major technical levels -- the 12,000 mark for the Dow and 1,300 for the S&P -- but investors see more gains for companies that outperform in their earnings.
Microsoft Corp surprised Wall Street with a better-than-expected profit, but its shares stayed flat as investors expressed concern about the weakness of computer sales.
Microsoft stock ended regular trading up 0.3 percent at $28.87 after the earnings were posted on the company's website. Microsoft was down slightly in after-hours trading.
Other TECHNOLOGY [] stocks, such as Netflix and Qualcomm, supported the Nasdaq, but disappointing results from blue chips AT&T and Procter & Gamble kept the Dow's advance in check.
"What's healthy is that companies that come out with good reports are being rewarded and those that are not are getting punished," said Randall Warren, president at Warren Financial Service in Philadelphia.
The Dow Jones industrial average finished up 4.39 points, or 0.04 percent, at 11,989.83. The Standard & Poor's 500 Index closed up 2.91 points, or 0.22 percent, at 1,299.54. The Nasdaq Composite Index was up 15.78 points, or 0.58 percent, at 2,755.28.
Movie-rental company Netflix Inc soared 15.2 percent to $210.87 and electronics test equipment maker Teradyne Inc jumped 11.8 percent to $16.35. Both posted results Wednesday after the close.
Dow components AT&T and P&G fell as their profits slid from the year-ago period. AT&T dropped 2.1 percent to $28.13, while P&G lost 2.9 percent to $64.18.
"The market is not viewing everything as being correlated, like it used to before," Warren said.
The technology sector, however, may start off weak on Friday, pressured by Amazon.com and Sandisk, both of which slipped after reporting after the market's close.
Amazon.com posted quarterly revenue that fell short of analysts' estimates. Its stock dropped 9.8 percent to $166.40 in extended trade.
Sandisk Corp shares also dipped 2.8 percent to $49.90 after the bell following results.
The S&P 500 faces technical resistance near 1,300, an area where closing and session highs clustered during August 2008. Technical analysts also view 12,000 on the Dow as a possible sell trigger as the blue-chip average approaches nine straight weeks of gains.
The S&P has risen 2 percent since the start of the earnings season and is up 23.7 percent since Sept. 1. Various technical measures indicate the market may be overstretched.
Qualcomm Inc also helped lift the Nasdaq, rising 5.8 percent to $54.89 a day after it raised its outlook for second-quarter and full-year revenue.
Caterpillar shares also rose 0.9 percent to $96.63 after the heavy equipment maker reported results.
Thomson Reuters data showed 71 percent of the S&P 500 companies that have reported earnings so far have beaten estimates.
Weekly initial jobless claims surged to the highest level since late October while factory orders fell unexpectedly in December, the government said. - Reuters
The Dow and the S&P struggled to advance past major technical levels -- the 12,000 mark for the Dow and 1,300 for the S&P -- but investors see more gains for companies that outperform in their earnings.
Microsoft Corp surprised Wall Street with a better-than-expected profit, but its shares stayed flat as investors expressed concern about the weakness of computer sales.
Microsoft stock ended regular trading up 0.3 percent at $28.87 after the earnings were posted on the company's website. Microsoft was down slightly in after-hours trading.
Other TECHNOLOGY [] stocks, such as Netflix and Qualcomm, supported the Nasdaq, but disappointing results from blue chips AT&T and Procter & Gamble kept the Dow's advance in check.
"What's healthy is that companies that come out with good reports are being rewarded and those that are not are getting punished," said Randall Warren, president at Warren Financial Service in Philadelphia.
The Dow Jones industrial average finished up 4.39 points, or 0.04 percent, at 11,989.83. The Standard & Poor's 500 Index closed up 2.91 points, or 0.22 percent, at 1,299.54. The Nasdaq Composite Index was up 15.78 points, or 0.58 percent, at 2,755.28.
Movie-rental company Netflix Inc soared 15.2 percent to $210.87 and electronics test equipment maker Teradyne Inc jumped 11.8 percent to $16.35. Both posted results Wednesday after the close.
Dow components AT&T and P&G fell as their profits slid from the year-ago period. AT&T dropped 2.1 percent to $28.13, while P&G lost 2.9 percent to $64.18.
"The market is not viewing everything as being correlated, like it used to before," Warren said.
The technology sector, however, may start off weak on Friday, pressured by Amazon.com and Sandisk, both of which slipped after reporting after the market's close.
Amazon.com posted quarterly revenue that fell short of analysts' estimates. Its stock dropped 9.8 percent to $166.40 in extended trade.
Sandisk Corp shares also dipped 2.8 percent to $49.90 after the bell following results.
The S&P 500 faces technical resistance near 1,300, an area where closing and session highs clustered during August 2008. Technical analysts also view 12,000 on the Dow as a possible sell trigger as the blue-chip average approaches nine straight weeks of gains.
The S&P has risen 2 percent since the start of the earnings season and is up 23.7 percent since Sept. 1. Various technical measures indicate the market may be overstretched.
Qualcomm Inc also helped lift the Nasdaq, rising 5.8 percent to $54.89 a day after it raised its outlook for second-quarter and full-year revenue.
Caterpillar shares also rose 0.9 percent to $96.63 after the heavy equipment maker reported results.
Thomson Reuters data showed 71 percent of the S&P 500 companies that have reported earnings so far have beaten estimates.
Weekly initial jobless claims surged to the highest level since late October while factory orders fell unexpectedly in December, the government said. - Reuters
Stocks to watch: O&G players, Benalec, Taliworks, Perisai, banks
KUALA LUMPUR: Stocks on Bursa Malaysia could trade range bound on Friday, Jan 28 despite the slightly firmer overnight close on Wall Street.
With the short trading week ahead due to the Chinese New Year holidays, investors may be reluctant to take fresh positions.
However, there could be some trading interest in oil and gas counters after Petronas Nasional Bhd said it will develop marginal oilfields to boost Malaysia's oil production.
Banks could be in focus after Bank Negara said it is maintaining the overnight policy rate at 2.75% as it considers current monetary policy stance as appropriate and consistent. However, Bank Negara said additional policy tools may be considered to avoid the risks of macroeconomic and financial imbalances.
On Wall Street, strong corporate earnings led Wall Street to a 29-month closing high for a second day on Thursday, but another run of big gains may be harder to achieve. The Dow and the S&P struggled to advance past major technical levels -- the 12,000 mark for the Dow and 1,300 for the S&P -- but investors see more gains for companies that outperform in their earnings.
Microsoft Corp surprised Wall Street with a better-than-expected profit, but its shares stayed flat as investors expressed concern about the weakness of computer sales.
The Dow Jones industrial average finished up 4.39 points, or 0.04 percent, at 11,989.83. The Standard & Poor's 500 Index closed up 2.91 points, or 0.22 percent, at 1,299.54. The Nasdaq Composite Index was up 15.78 points, or 0.58 percent, at 2,755.28.
Stocks to watch on Friday are oil and gas players after Petronas, for the first time ever, announced its decision to develop marginal oilfields to boost Malaysia's oil production. The development of the initial four clusters will be via service contracts and not the normal production sharing contracts (PSCs).
The Edge FinancialDaily reports interest in oil and gas stocks may spill over to the sector’s laggards which have yet to catch up with the rally in the broader industry and which observers say could somehow benefit when the flow of investments accelerates in the sector.
Other stocks in focus will be Benalec Holdings Bhd, TALIWORKS CORPORATION BHD [], PERISAI PETROLEUM TEKNOLOGI [] Bhd and INTEGRAX BHD [].
Benalec is acquiring two handysize bulkcarriers for US$6.8 million (RM20.75 million) to expand its fleet to transport sand for land reclamation activities.
It said the acquisitions are to facilitate the expansion of Benalec group’s fleet of vessels, in particular vessels for transporting of sand for land reclamation activities.
Taliworks will take over four municipal waste water treatment plants with recycled water facilities in Yinchuan City, China after it had failed to formalise the JV company with Beijing Puresino-Boda Environmental Engineering Co. Ltd (BODA).
The company said it would be on a takeover-operate-transfer basis for 810 renminbi or RM374.71 million.
Perisai has proposed to acquire a 51% stake in Intan Offshore Sdn Bhd for RM45.23 million via new shares. With the acquisition, Perisai Group will enhance its ability to compete in the vessel supply and chartering business while gaining access to new revenue streams around the region.
Integrax has taken legal action against Amin Halim Rasip, alleging he had breached his fiduciary duties and want the court to issue an order to restrain him from acting as a director or co-chief executive officer.
The company had filed an action at the High Court of Malaya against Amin and sought a declaration he had allegedly acted in breach of his fiduciary duties to the plaintiffs.
With the short trading week ahead due to the Chinese New Year holidays, investors may be reluctant to take fresh positions.
However, there could be some trading interest in oil and gas counters after Petronas Nasional Bhd said it will develop marginal oilfields to boost Malaysia's oil production.
Banks could be in focus after Bank Negara said it is maintaining the overnight policy rate at 2.75% as it considers current monetary policy stance as appropriate and consistent. However, Bank Negara said additional policy tools may be considered to avoid the risks of macroeconomic and financial imbalances.
On Wall Street, strong corporate earnings led Wall Street to a 29-month closing high for a second day on Thursday, but another run of big gains may be harder to achieve. The Dow and the S&P struggled to advance past major technical levels -- the 12,000 mark for the Dow and 1,300 for the S&P -- but investors see more gains for companies that outperform in their earnings.
Microsoft Corp surprised Wall Street with a better-than-expected profit, but its shares stayed flat as investors expressed concern about the weakness of computer sales.
The Dow Jones industrial average finished up 4.39 points, or 0.04 percent, at 11,989.83. The Standard & Poor's 500 Index closed up 2.91 points, or 0.22 percent, at 1,299.54. The Nasdaq Composite Index was up 15.78 points, or 0.58 percent, at 2,755.28.
Stocks to watch on Friday are oil and gas players after Petronas, for the first time ever, announced its decision to develop marginal oilfields to boost Malaysia's oil production. The development of the initial four clusters will be via service contracts and not the normal production sharing contracts (PSCs).
The Edge FinancialDaily reports interest in oil and gas stocks may spill over to the sector’s laggards which have yet to catch up with the rally in the broader industry and which observers say could somehow benefit when the flow of investments accelerates in the sector.
Other stocks in focus will be Benalec Holdings Bhd, TALIWORKS CORPORATION BHD [], PERISAI PETROLEUM TEKNOLOGI [] Bhd and INTEGRAX BHD [].
Benalec is acquiring two handysize bulkcarriers for US$6.8 million (RM20.75 million) to expand its fleet to transport sand for land reclamation activities.
It said the acquisitions are to facilitate the expansion of Benalec group’s fleet of vessels, in particular vessels for transporting of sand for land reclamation activities.
Taliworks will take over four municipal waste water treatment plants with recycled water facilities in Yinchuan City, China after it had failed to formalise the JV company with Beijing Puresino-Boda Environmental Engineering Co. Ltd (BODA).
The company said it would be on a takeover-operate-transfer basis for 810 renminbi or RM374.71 million.
Perisai has proposed to acquire a 51% stake in Intan Offshore Sdn Bhd for RM45.23 million via new shares. With the acquisition, Perisai Group will enhance its ability to compete in the vessel supply and chartering business while gaining access to new revenue streams around the region.
Integrax has taken legal action against Amin Halim Rasip, alleging he had breached his fiduciary duties and want the court to issue an order to restrain him from acting as a director or co-chief executive officer.
The company had filed an action at the High Court of Malaya against Amin and sought a declaration he had allegedly acted in breach of his fiduciary duties to the plaintiffs.
Thursday, January 27, 2011
KLCI 6-day losses, longest since July last year
KUALA LUMPUR: The FBM KLCI extended its losing streak for six days on Wednesday, Jan 26, the longest negative run since July 5 last year as tepid investor sentiment kept investors on the sidelines ahead of the holiday-shortened trading next week.
At the close, the 30-stock index fell 0.42% or 6.43 points to 1,520.00, weighed by losses including at the Petronas subsidiaries, index-linked PLANTATION [] stocks and select blue chips.
The index had earlier fallen to its intra-day low of 1,505.36 in the morning session.
Gainers trailed losers by 328 to 418, while 311 counters traded unchanged. Volume was 1.42 billion shares valued at RM2.6 billion.
MIDF Research head Zulkifli Hamzah said the market was supported by local investors as reflected by the intraday swing in the FBM KLCI.
“The pattern of order flow strongly indicates aggressive selling by foreign investors, which came as no surprise given weak sentiment towards emerging Asian markets.
“It will take some time before the market stages a sustainable rebound. We expect the index to consolidate at current level with 1,500 providing a strong support,” he said.
On Bursa Malaysia, among the Petronas group of companies, Petronas Gas fell 18 sen to RM11.20, Petronas Chemicals down eight sen to RM5.96 and Petronas Dagangan lost four sen to RM12.04.
Plantation stocks also declined, with KLK losing 50 sen to RM20.90, Batu Kawan 28 sen to RM16.30, Sime Darby 10 sen to RM9.20 and Kulim four sen to RM12.84.
Meanwhile, GAB fell 37 sen to RM9.58, DiGi 36 sen to RM25.10, Dutch Lady 18 sen to RM16.92. DFZ Capital 14 sen to RM3.15, LPI Capital 12 sen to RM13.62, Tenaga seven sen to RM6.38, Telekom two sen to RM3.68 and Maxis one sen to RM5.31.
Gainers included BAT, Nestle, Sarawak Cables, Perak Corp, Melati Ehsan and Kumpulan Europlus.
SAAG was the most actively traded counter with 59.4 million shares done. The stock added half a sen to 12.5 sen. Other actives included Compugates, Ho Wah Genting, Ramunia. Karambunai,. Olympia, KUB and Kencana.
Meanwhile, Hong Kong shares rose for the first time in five days on Wednesday, though losses in banking heayweight HSBC and flagging turnover suggested investor confidence remained frail, according to Reuters.
The Hang Seng ended up 0.2%, with HSBC the biggest drag on the benchmark index after an unexpected contraction in the UK economy hit shares of Europe's largest lender. HSBC's Hong Kong-listed shares fell 1%.
The Shanghai Composite Index rose 1.2%, but turnover shrunk to its lowest in four months as investors continued to worry that Beijing will unleash more policy tightening measures this year to cool inflation.
The Shanghai index has lost 4.2% this year, making it North Asia's worst performing equity market.
At the close today, the Shanghai Composite Index jumped 1.17% to 2,708.81, South Korea’s Kospi rose 1.14% to 2,110.46, Singapore’s Straits Times Index up 1.25% to 3,220.78, Taiwan’s Taiex up 0.71% to 9,055.59 and Hong Kong’s Hang Seng Index gained 0.23% to 23,843.24.
Japan’s Nikkei 225, however, fell 0.60% to 10,401.90.
At the close, the 30-stock index fell 0.42% or 6.43 points to 1,520.00, weighed by losses including at the Petronas subsidiaries, index-linked PLANTATION [] stocks and select blue chips.
The index had earlier fallen to its intra-day low of 1,505.36 in the morning session.
Gainers trailed losers by 328 to 418, while 311 counters traded unchanged. Volume was 1.42 billion shares valued at RM2.6 billion.
MIDF Research head Zulkifli Hamzah said the market was supported by local investors as reflected by the intraday swing in the FBM KLCI.
“The pattern of order flow strongly indicates aggressive selling by foreign investors, which came as no surprise given weak sentiment towards emerging Asian markets.
“It will take some time before the market stages a sustainable rebound. We expect the index to consolidate at current level with 1,500 providing a strong support,” he said.
On Bursa Malaysia, among the Petronas group of companies, Petronas Gas fell 18 sen to RM11.20, Petronas Chemicals down eight sen to RM5.96 and Petronas Dagangan lost four sen to RM12.04.
Plantation stocks also declined, with KLK losing 50 sen to RM20.90, Batu Kawan 28 sen to RM16.30, Sime Darby 10 sen to RM9.20 and Kulim four sen to RM12.84.
Meanwhile, GAB fell 37 sen to RM9.58, DiGi 36 sen to RM25.10, Dutch Lady 18 sen to RM16.92. DFZ Capital 14 sen to RM3.15, LPI Capital 12 sen to RM13.62, Tenaga seven sen to RM6.38, Telekom two sen to RM3.68 and Maxis one sen to RM5.31.
Gainers included BAT, Nestle, Sarawak Cables, Perak Corp, Melati Ehsan and Kumpulan Europlus.
SAAG was the most actively traded counter with 59.4 million shares done. The stock added half a sen to 12.5 sen. Other actives included Compugates, Ho Wah Genting, Ramunia. Karambunai,. Olympia, KUB and Kencana.
Meanwhile, Hong Kong shares rose for the first time in five days on Wednesday, though losses in banking heayweight HSBC and flagging turnover suggested investor confidence remained frail, according to Reuters.
The Hang Seng ended up 0.2%, with HSBC the biggest drag on the benchmark index after an unexpected contraction in the UK economy hit shares of Europe's largest lender. HSBC's Hong Kong-listed shares fell 1%.
The Shanghai Composite Index rose 1.2%, but turnover shrunk to its lowest in four months as investors continued to worry that Beijing will unleash more policy tightening measures this year to cool inflation.
The Shanghai index has lost 4.2% this year, making it North Asia's worst performing equity market.
At the close today, the Shanghai Composite Index jumped 1.17% to 2,708.81, South Korea’s Kospi rose 1.14% to 2,110.46, Singapore’s Straits Times Index up 1.25% to 3,220.78, Taiwan’s Taiex up 0.71% to 9,055.59 and Hong Kong’s Hang Seng Index gained 0.23% to 23,843.24.
Japan’s Nikkei 225, however, fell 0.60% to 10,401.90.
Sunday, January 23, 2011
投资的态度。。。
在理财投资的路上，大家都是从新手开始，从对于理财投资一知半解到一步步地认知，除了在网上，书本上获得有关的知识。
很多人的理财投资之路就是从这样的脚步慢慢的开始，那个时候新手一名，而且本的投资的书籍也很少，那个时候踏出第一步就是买基金，但是和其他人一样，还没有买之前就有很多问题需要询问，但问基金代理员，相信很多人也拿不到自己想要的答案，开始慢慢想办法开始学习相关的知识，如基金表现，基金技术加码，某个基金的表现。。。
投资了基金后，就更上一层楼，开始了股票投资，那个时候有关股票投资的新知识更多，ROE， PE， EPS。。。全都是一个新的知识，刚刚开始时问身边的朋友，渐渐的有了自己的团队互相学习，互相讨论投资。
其实除了需要自己努力的学习知识外，还有一样重要的需要学习的就是态度。
随着每一日的学习，本身的投资理财知识自然就会比他人来的高，他人或许是你的朋友，对于很多刚刚起步的新手，他们曾经也处在当年你的困境，想要答案，但苦于没有门路或指引，那么这个时候，你应该以当初别人所帮你一样，对于他们给与帮助。
无奈，有些人知道了一些投资理财知识外，态度就180度改变，看不起那些没有投资的朋友，轻视那些刚刚要学投资的朋友，自己觉得自己比他们成功，连讲话也比他们大声，而且句句里都有骨，何必呢？
这些人已经迷失了，忘了自己是如何从刚刚的时候是怎么爬起来的，如果，不是当初的谦虚，不是别人的慷慨，他们今日还会投资吗？他们今日懂得投资理财的重要性吗？
在投资的路上，态度很重要，当你看不起人的时候，那么你无形中已经自满了，那么危机离你也不远了，因为很多人已经看不清前方，所以请记得态度非常的重要。。。
很多人的理财投资之路就是从这样的脚步慢慢的开始，那个时候新手一名，而且本的投资的书籍也很少，那个时候踏出第一步就是买基金，但是和其他人一样，还没有买之前就有很多问题需要询问，但问基金代理员，相信很多人也拿不到自己想要的答案，开始慢慢想办法开始学习相关的知识，如基金表现，基金技术加码，某个基金的表现。。。
投资了基金后，就更上一层楼，开始了股票投资，那个时候有关股票投资的新知识更多，ROE， PE， EPS。。。全都是一个新的知识，刚刚开始时问身边的朋友，渐渐的有了自己的团队互相学习，互相讨论投资。
其实除了需要自己努力的学习知识外，还有一样重要的需要学习的就是态度。
随着每一日的学习，本身的投资理财知识自然就会比他人来的高，他人或许是你的朋友，对于很多刚刚起步的新手，他们曾经也处在当年你的困境，想要答案，但苦于没有门路或指引，那么这个时候，你应该以当初别人所帮你一样，对于他们给与帮助。
无奈，有些人知道了一些投资理财知识外，态度就180度改变，看不起那些没有投资的朋友，轻视那些刚刚要学投资的朋友，自己觉得自己比他们成功，连讲话也比他们大声，而且句句里都有骨，何必呢？
这些人已经迷失了，忘了自己是如何从刚刚的时候是怎么爬起来的，如果，不是当初的谦虚，不是别人的慷慨，他们今日还会投资吗？他们今日懂得投资理财的重要性吗？
在投资的路上，态度很重要，当你看不起人的时候，那么你无形中已经自满了，那么危机离你也不远了，因为很多人已经看不清前方，所以请记得态度非常的重要。。。
Wednesday, January 19, 2011
Disappointing day for most property stocks
KUALA LUMPUR: Most property stocks closed lower, with SP Setia the main drag, on Tuesday, Jan 18 as the previous day’s gains evaporated following the lack of follow-through buying support during this holiday-shortened trading week.
The FBM KLCI closed down 4.45 points to 1,570.04, compared the record close of 1,574.49 the previous day. Turnover was 1.7 billion shares valued at RM2.02 billion.
The broader market displayed the lack of enthusiasm from investors to take fresh positions, with declining counters beating advancers more than four to one. There were 731 losers, 174 gainers while 230 stocks were unchanged.
Analysts said there could have been some disappointment over SP Setia’s proposed fund-raising exercise via a share placement of 15% of new shares to raise RM1.14 billion.
The property had on Monday confirmed that it had obtained approval-in-principle from the government to develop the 40-acre prime land in Bangsar to develop luxury residential and integrated commercial products.
SP Setia has a 50% stake in this project after a 20% profit share with the Ministry of Health. ECM Libra estimated the gross development value to be around RM8 billion and that will add 24 sen to RNAV.
ECM Libra Research said despite the land deal being positive, share price has appreciated significantly.
“Current valuation at FY11 P/E of 24.7 times is already above 2.0 times standard deviation and 22% above RNAV of RM5.50. Even rolling over target price to FY12 and maintaining 20 times P/E to derive revised target price of RM6.00, valuation still look expensive. As such, we believe all positives have been priced-in and advise investors to take profit. Downgrade from Hold to Sell,” it said.
SP Setia-WB fell the most, down 35 sen to RM1.88, SP Setia 29 sen to RM6.41, Selangor PROPERTIES [] 16 sen to RM3.94, SunCity and Mitrajaya 14 sen lower at RM4.55 and RM1.83.
Hing Yap fell 22 sen to RM1.57 as investors sold the stock after an unconditional takeover offer at RM1.50 per share by Everest Hectare Sdn Bhd which had acquired 50.02%.
SAAG was the most active with 66.7 million shares done, down 0.5 sen to 13 sen.
Tambun Indah, which made its debut on the Main Board, ended the first day 10.5 sen higher at 80.5 sen with 41.47 million units done.
PLANTATION []s were among the gainers, with KL Kepong up 18 sen to RM22.76, United Plantations 14 sen to RM16.68 and PPB eight sen to RM17.50.
The FBM KLCI closed down 4.45 points to 1,570.04, compared the record close of 1,574.49 the previous day. Turnover was 1.7 billion shares valued at RM2.02 billion.
The broader market displayed the lack of enthusiasm from investors to take fresh positions, with declining counters beating advancers more than four to one. There were 731 losers, 174 gainers while 230 stocks were unchanged.
Analysts said there could have been some disappointment over SP Setia’s proposed fund-raising exercise via a share placement of 15% of new shares to raise RM1.14 billion.
The property had on Monday confirmed that it had obtained approval-in-principle from the government to develop the 40-acre prime land in Bangsar to develop luxury residential and integrated commercial products.
SP Setia has a 50% stake in this project after a 20% profit share with the Ministry of Health. ECM Libra estimated the gross development value to be around RM8 billion and that will add 24 sen to RNAV.
ECM Libra Research said despite the land deal being positive, share price has appreciated significantly.
“Current valuation at FY11 P/E of 24.7 times is already above 2.0 times standard deviation and 22% above RNAV of RM5.50. Even rolling over target price to FY12 and maintaining 20 times P/E to derive revised target price of RM6.00, valuation still look expensive. As such, we believe all positives have been priced-in and advise investors to take profit. Downgrade from Hold to Sell,” it said.
SP Setia-WB fell the most, down 35 sen to RM1.88, SP Setia 29 sen to RM6.41, Selangor PROPERTIES [] 16 sen to RM3.94, SunCity and Mitrajaya 14 sen lower at RM4.55 and RM1.83.
Hing Yap fell 22 sen to RM1.57 as investors sold the stock after an unconditional takeover offer at RM1.50 per share by Everest Hectare Sdn Bhd which had acquired 50.02%.
SAAG was the most active with 66.7 million shares done, down 0.5 sen to 13 sen.
Tambun Indah, which made its debut on the Main Board, ended the first day 10.5 sen higher at 80.5 sen with 41.47 million units done.
PLANTATION []s were among the gainers, with KL Kepong up 18 sen to RM22.76, United Plantations 14 sen to RM16.68 and PPB eight sen to RM17.50.
Monday, January 17, 2011
ECM to review 'hold' call on SP Setia
SP Setia Bhd, a Malaysian property developer, had its 'hold' stock rating and price estimate under review at ECM Libra Capital Sdn Bhd following a newspaper report of a potential land purchase in Kuala Lumpur.
The Edge weekly newspaper reported on January 15 that SP Setia probably won a bid to purchase a prime land in Bangsar after the company agreed to build a government health institute in Shah Alam, outside of Kuala Lumpur, citing an undisclosed news report in September.
ECM will review the rating and share price estimate of RM5.20 pending the announcement of the said land deal, it said in its research note today.
The Edge weekly newspaper reported on January 15 that SP Setia probably won a bid to purchase a prime land in Bangsar after the company agreed to build a government health institute in Shah Alam, outside of Kuala Lumpur, citing an undisclosed news report in September.
ECM will review the rating and share price estimate of RM5.20 pending the announcement of the said land deal, it said in its research note today.
FBM KLCI at fresh record high, Benalec in focus
KUALA LUMPUR: Blue chips started off the new week, Monday on Jan 17 on a firm note, with the FBM KLCI advancing to a fresh record high of 1,574 while Benalec was in focus when it made its debut.
At 10am, the KLCI was up 1.6 points to 1,571.55 on mild profit taking as the market settled in during the first hour of trade, weighed down by marginal losses in Genting and Hong Leong Bank. Turnover was 435.7 million shares valued at RM325.06 million. There were 332 gainers, 194 losers and 242 stocks unchanged.
Japan's Nikkei average bounced back towards eight-month highs on Monday after stronger-than-expected earnings from JPMorgan helped financial stocks, with higher oil prices also lifting energy-related shares.
The benchmark Nikkei was up 0.3% or 35.67 points at 10,535.11. On Friday it fell 0.9% after a surprisingly weak settlement of options for January.
Meanwhile, Hwang DBS Vickers Research said that while the medium-term market outlook remained positive, it reckoned the Malaysian bourse may extend its consolidation pattern on Monday due to profit-taking pressures.
'Its benchmark FBM KLCI will probably swing sideways with a marginal downward performance. Immediate support and resistance levels are currently seen at 1,550 and 1,585, respectively,' it said.
HDBSVR said against a backdrop of mixed market breadth, selected counters could still attract strong investors' interest ahead. It cited Kumpulan Europlus and its parent company IJM Corporation, following a report that the West Coast Expressway (in which Kumpulan Europlus has a controlling interest) would proceed pending an approval from the Cabinet.
It added SP Setia would be focus on news the property developer has secured the rights to develop a large tract of prime land located in Bangsar, Kuala Lumpur.
Benalec, a marine CONSTRUCTION [] company, made a strong debut, up 31 sen to RM1.31. There were 56.29 million shares done.
Tradewinds was the top gainer, rising 32 sen to RM7.96 while related company Bernas added 18 sen to RM3.07.
DiGi rose 22 sen to RM25.30 with1,100 shares'' done.'' OSK Research is maintaining its forecast and NEUTRAL recommendation on DiGi.Com pending the release of its 4QFY10 results at month end.
'We think there is a likelihood that Digi may declare a special dividend for the final quarter, adding to RM1.20 DPS/share paid to-date as part of its progressive capital management plans (internal target to raise net debt/equity to 0.5-0.8x from 0.2x over the mid to longer term),' said OSK Research.
SPB added 23 sen to RM3.93, APM 10 sen to RM5.69, Esso 15 sen to RM3.22 and SapuraCrest 13 sen to RM3.63.
SAAG was the most active with 69.26 million shares done. It was up 0.5 sen to 13 sen.
Among the decliners were DFZ, down 13 sen to RM3.38. GAB 12 sen to RM10.80 while Dutch Lady shed eight sen to RM17.52.
Glove makers, Supermax shed seven sen to RM4,55 and Top Glove six sen to RM5.18.
Genting lost eight sen to RM11.80 and Hong Leong Bank five sen to RM9.41
At 10am, the KLCI was up 1.6 points to 1,571.55 on mild profit taking as the market settled in during the first hour of trade, weighed down by marginal losses in Genting and Hong Leong Bank. Turnover was 435.7 million shares valued at RM325.06 million. There were 332 gainers, 194 losers and 242 stocks unchanged.
Japan's Nikkei average bounced back towards eight-month highs on Monday after stronger-than-expected earnings from JPMorgan helped financial stocks, with higher oil prices also lifting energy-related shares.
The benchmark Nikkei was up 0.3% or 35.67 points at 10,535.11. On Friday it fell 0.9% after a surprisingly weak settlement of options for January.
Meanwhile, Hwang DBS Vickers Research said that while the medium-term market outlook remained positive, it reckoned the Malaysian bourse may extend its consolidation pattern on Monday due to profit-taking pressures.
'Its benchmark FBM KLCI will probably swing sideways with a marginal downward performance. Immediate support and resistance levels are currently seen at 1,550 and 1,585, respectively,' it said.
HDBSVR said against a backdrop of mixed market breadth, selected counters could still attract strong investors' interest ahead. It cited Kumpulan Europlus and its parent company IJM Corporation, following a report that the West Coast Expressway (in which Kumpulan Europlus has a controlling interest) would proceed pending an approval from the Cabinet.
It added SP Setia would be focus on news the property developer has secured the rights to develop a large tract of prime land located in Bangsar, Kuala Lumpur.
Benalec, a marine CONSTRUCTION [] company, made a strong debut, up 31 sen to RM1.31. There were 56.29 million shares done.
Tradewinds was the top gainer, rising 32 sen to RM7.96 while related company Bernas added 18 sen to RM3.07.
DiGi rose 22 sen to RM25.30 with1,100 shares'' done.'' OSK Research is maintaining its forecast and NEUTRAL recommendation on DiGi.Com pending the release of its 4QFY10 results at month end.
'We think there is a likelihood that Digi may declare a special dividend for the final quarter, adding to RM1.20 DPS/share paid to-date as part of its progressive capital management plans (internal target to raise net debt/equity to 0.5-0.8x from 0.2x over the mid to longer term),' said OSK Research.
SPB added 23 sen to RM3.93, APM 10 sen to RM5.69, Esso 15 sen to RM3.22 and SapuraCrest 13 sen to RM3.63.
SAAG was the most active with 69.26 million shares done. It was up 0.5 sen to 13 sen.
Among the decliners were DFZ, down 13 sen to RM3.38. GAB 12 sen to RM10.80 while Dutch Lady shed eight sen to RM17.52.
Glove makers, Supermax shed seven sen to RM4,55 and Top Glove six sen to RM5.18.
Genting lost eight sen to RM11.80 and Hong Leong Bank five sen to RM9.41
Friday, January 14, 2011
Bursa Malaysia: FBM KLCI retreats at mid-morning
KUALA LUMPUR:'' The FBM KLCI slipped into negative territory in early trade on Friday, Jan 14 in line with the overall decline at key regional markets following the weaker overnight close at Wall Street.
At 10am, the FBM KLCI was down 1.54 points to 1,570.02, weighed by losses at including the Genting group, CIMB, Gamuda and BAT.
Gainers trailed losers by 239 to 282 while 235 counters traded unchanged. Volume was 503.13 million shares valued at RM396.28 million.
At the regional markets, Singapore's Straits Times Index fell 0.81% to 3,229.53, the Shanghai Composite Index lost 0.66% to 2,808.91, Japan's Nikkei 226 lost 0.29% to 10,558.93, South Korea's Kospi fell 0.24% to 2,084.51, Taiwan's Taiex shed 0.15% to 8,962.01 while Hong Kong's Hang Seng Index opened little changed at 24.257.21.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note Jan 14 said that due to the softer US markets last night, the FBM KLCI could be in a profit-taking mood today ahead of the weekend, with rotational buying in the mid-cap and lower liner stocks, beside blue-chip strength being trimmed by later cashing-in of intraday gains.
On Bursa Malaysia, BAT was the top loser at mid-morning and fell 32 sen to RM48.16; United PLANTATION []s fell 28 sen to RM16.52, Dutch Lady and S P Setia lost 16 sen each to RM17.44 and RM7.66, UEM Land down 12 sen to RM3.13, Sungei Bagan 11 sen to RM3.20, Allianz lost 10 sen to RM5.10, Shell and CBIP eight sen each to RM10.70 and RM4.17, Genting and Genting Malaysia down six sen each to RM11.92 and RM3.59, while CIMB and Gamuda lost two sen each to RM8.75 and RM4.11.
The top gainer was JT International which rose 20 sen to RM6.80; IJM added 17 sen to RM6.69, Tradewinds 13 sen to RM7.59, Nestle 12 sen to RM45.30, DFZ and Suria Capital up 11 sen each to RM3.65 and RM2.39, QSR and Mudajaya up 10 sen each to RM5.53 and RM5.30, while Faber added nine sen to RM2.28.
Wah Seong jumped 16 sen to RM2.42 as work on the RM550 million-Gorgon LNG coating contract takes off.
ECM Libra Research said with orderbook growth from increased capex spend over 2011, Wah Seong should be re-rated to +1 standard deviation PE of 18x which was seen in previous rally in 2007 and 2009.
'As such, we peg its FY11 EPS to the 18x PE target to derive our revised target price of RM2.70 (previously RM2.09),' it said.
Tebrau was the most actively traded counter with 26.99 million shares done. The stock added one sen to 95.5 sen. Other actives included JAKS, Ramunia, Borneo Oil, Ho Wah Genting, Karambunai, Pentamaster and Hubline.
At 10am, the FBM KLCI was down 1.54 points to 1,570.02, weighed by losses at including the Genting group, CIMB, Gamuda and BAT.
Gainers trailed losers by 239 to 282 while 235 counters traded unchanged. Volume was 503.13 million shares valued at RM396.28 million.
At the regional markets, Singapore's Straits Times Index fell 0.81% to 3,229.53, the Shanghai Composite Index lost 0.66% to 2,808.91, Japan's Nikkei 226 lost 0.29% to 10,558.93, South Korea's Kospi fell 0.24% to 2,084.51, Taiwan's Taiex shed 0.15% to 8,962.01 while Hong Kong's Hang Seng Index opened little changed at 24.257.21.
Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note Jan 14 said that due to the softer US markets last night, the FBM KLCI could be in a profit-taking mood today ahead of the weekend, with rotational buying in the mid-cap and lower liner stocks, beside blue-chip strength being trimmed by later cashing-in of intraday gains.
On Bursa Malaysia, BAT was the top loser at mid-morning and fell 32 sen to RM48.16; United PLANTATION []s fell 28 sen to RM16.52, Dutch Lady and S P Setia lost 16 sen each to RM17.44 and RM7.66, UEM Land down 12 sen to RM3.13, Sungei Bagan 11 sen to RM3.20, Allianz lost 10 sen to RM5.10, Shell and CBIP eight sen each to RM10.70 and RM4.17, Genting and Genting Malaysia down six sen each to RM11.92 and RM3.59, while CIMB and Gamuda lost two sen each to RM8.75 and RM4.11.
The top gainer was JT International which rose 20 sen to RM6.80; IJM added 17 sen to RM6.69, Tradewinds 13 sen to RM7.59, Nestle 12 sen to RM45.30, DFZ and Suria Capital up 11 sen each to RM3.65 and RM2.39, QSR and Mudajaya up 10 sen each to RM5.53 and RM5.30, while Faber added nine sen to RM2.28.
Wah Seong jumped 16 sen to RM2.42 as work on the RM550 million-Gorgon LNG coating contract takes off.
ECM Libra Research said with orderbook growth from increased capex spend over 2011, Wah Seong should be re-rated to +1 standard deviation PE of 18x which was seen in previous rally in 2007 and 2009.
'As such, we peg its FY11 EPS to the 18x PE target to derive our revised target price of RM2.70 (previously RM2.09),' it said.
Tebrau was the most actively traded counter with 26.99 million shares done. The stock added one sen to 95.5 sen. Other actives included JAKS, Ramunia, Borneo Oil, Ho Wah Genting, Karambunai, Pentamaster and Hubline.
Tuesday, January 11, 2011
从租金回酬规划您的房地产投资
什么是规划？规划是指产业投资单位对未来评估，在环境下设定其期望之目标，拟定达成该目标的各种选择方案，并从中议决最适宜方案的一种分析过程，是一项比较全面的长远发展计划。
房地产规划对一家企业或个人都非常的重要，在我国更经常是一般企业成功的要素或企业失败的导因。
在1998年经济风暴之前，我国大企业几乎认定公司没拥有大批房地产、充裕的地库就不是大公司，而今天，我们看到多家上市公司变卖与该公司业务毫不相干的产业以求生存，这就是产业规划的奥妙与重要性。
华人「有房有地才是富」的传统观念在今天的现代企业并非绝对，正确的投资规划让公司快速成长，错误的规划则增加公司负担，房地产规划的确是企业领袖不得不熟读的经营策略。
在个人投资方面，我们看到一般人都是凭个人喜好、亲友介绍，就义无反顾地盲目投资，房地产规划与专业咨询根本不在他们的考量之内，结果往往就出现“卖了要亏本，留着租不出”的窘境，赔了夫人又折兵，左右为难。
房地产并非股票或其他流通的商品，可以随时交易，一般的房地产拥有期都至少两年或以上，一些国家或本地投资家更将之当成终身投资。因此，投资产业绝对不只是考虑其增值的回酬率，更应该将其租赁的机率与利率算在内。
房地产投资一般不是以现金交易，大部分投资者都会向银行贷款，而房子也必须维修与打理，这期间可能涉及大笔开销与管理费，更何况产业在没有使用的情况下会加速折旧，因此租金的多寡与租约的长短成了投资成败的决定因素。而一般投资人士往往在对租赁方面没有深入研究与规划之下就签下买卖合约，铸成大错，这种情况更时常出现在第一次投资房地产的年轻人身上。
有一点必须要考虑的是，容易出租的产业并不一定是高租金回酬，也很可能不是高投资回酬的产业项目；鱼与熊掌虽不能兼得，但从不同食品原料调配妥当一样会呈现美食佳肴。一些产业租金不高但升值快速，一些则租金高但难找租户，一些租户众多但问题更多，如何在这之中寻找一个平衡点就是成功投资者的特色。
购买投资性质的房地产是要用心来进行的，它像我们的生活，必须先有一个确定的目标，并谨慎的审核与调查，再进行分析与研究，才放下您的订金。
切记，不是很多人一窝蜂抢着去买的就是好产业，更不要因为您的亲戚买了就跟着去买，你本身必须头脑清晰、专业探讨后才作出决定，因为你必须对你自己的决定负责任。
一项游戏规则是，除非您有本事聘请专业人士管理或在同一地点拥有多单位的房地产单位，否则，我建议您在管理能力范围內、居所附近寻找合适产业当作投资，因为太远的距离会让你失去爱心，也会令你失去耐性，简单的说，你就不会是一个好的房东，也不会享受好的收入，那您投资为啥？
再者，将个人的喜好、偏好，注入投资决定的过程，则通常都会失去了好多真正的投资良机，或作出错误的决定。届时租不出去时才发觉，我喜欢的地点、我认为好的产业，并不是一般人要租的房子，那时也只能哀叹走错了第一步。
房地产投资是一项生意，既然是一门生意，投资的决定就必须是一项通过企业决策式的方程式去进行。
房地产本身增值的数目与速度不但是投资者必须注意到事项，其租金回酬率更是必须考虑到要点，记得! 这一切必须经过专业的规划.
红番茄
房地产规划对一家企业或个人都非常的重要，在我国更经常是一般企业成功的要素或企业失败的导因。
在1998年经济风暴之前，我国大企业几乎认定公司没拥有大批房地产、充裕的地库就不是大公司，而今天，我们看到多家上市公司变卖与该公司业务毫不相干的产业以求生存，这就是产业规划的奥妙与重要性。
华人「有房有地才是富」的传统观念在今天的现代企业并非绝对，正确的投资规划让公司快速成长，错误的规划则增加公司负担，房地产规划的确是企业领袖不得不熟读的经营策略。
在个人投资方面，我们看到一般人都是凭个人喜好、亲友介绍，就义无反顾地盲目投资，房地产规划与专业咨询根本不在他们的考量之内，结果往往就出现“卖了要亏本，留着租不出”的窘境，赔了夫人又折兵，左右为难。
房地产并非股票或其他流通的商品，可以随时交易，一般的房地产拥有期都至少两年或以上，一些国家或本地投资家更将之当成终身投资。因此，投资产业绝对不只是考虑其增值的回酬率，更应该将其租赁的机率与利率算在内。
房地产投资一般不是以现金交易，大部分投资者都会向银行贷款，而房子也必须维修与打理，这期间可能涉及大笔开销与管理费，更何况产业在没有使用的情况下会加速折旧，因此租金的多寡与租约的长短成了投资成败的决定因素。而一般投资人士往往在对租赁方面没有深入研究与规划之下就签下买卖合约，铸成大错，这种情况更时常出现在第一次投资房地产的年轻人身上。
有一点必须要考虑的是，容易出租的产业并不一定是高租金回酬，也很可能不是高投资回酬的产业项目；鱼与熊掌虽不能兼得，但从不同食品原料调配妥当一样会呈现美食佳肴。一些产业租金不高但升值快速，一些则租金高但难找租户，一些租户众多但问题更多，如何在这之中寻找一个平衡点就是成功投资者的特色。
购买投资性质的房地产是要用心来进行的，它像我们的生活，必须先有一个确定的目标，并谨慎的审核与调查，再进行分析与研究，才放下您的订金。
切记，不是很多人一窝蜂抢着去买的就是好产业，更不要因为您的亲戚买了就跟着去买，你本身必须头脑清晰、专业探讨后才作出决定，因为你必须对你自己的决定负责任。
一项游戏规则是，除非您有本事聘请专业人士管理或在同一地点拥有多单位的房地产单位，否则，我建议您在管理能力范围內、居所附近寻找合适产业当作投资，因为太远的距离会让你失去爱心，也会令你失去耐性，简单的说，你就不会是一个好的房东，也不会享受好的收入，那您投资为啥？
再者，将个人的喜好、偏好，注入投资决定的过程，则通常都会失去了好多真正的投资良机，或作出错误的决定。届时租不出去时才发觉，我喜欢的地点、我认为好的产业，并不是一般人要租的房子，那时也只能哀叹走错了第一步。
房地产投资是一项生意，既然是一门生意，投资的决定就必须是一项通过企业决策式的方程式去进行。
房地产本身增值的数目与速度不但是投资者必须注意到事项，其租金回酬率更是必须考虑到要点，记得! 这一切必须经过专业的规划.
红番茄
Saturday, January 8, 2011
Winning week for FBM KLCI
KUALA LUMPUR: Stocks on Bursa Malaysia climbed on Friday, Jan 7, with rotational interest seen in glove makers while there was some mild profit taking in PLANTATION []s.
Whatever selling there was, it was well absorbed with the FBM KLCI charting its five-straight days of gains in the first week of 2011 to end 3.84 points higher at a another record close of 1,572.21. For the week, it was up 53.3 points or 3.51% from 1,518.91 on Dec 30.
Again, it was another record high for the 30-stock index, despite some mild pullback in intra-day trading. But investors' sentiment was underpinned by the firmer external data and also the entry of foreign funds into the market.
Volume surged to 2.54 billion shares on Friday valued at RM3.45 billion. Advancing counters beat decliners 526 to 324 while 301 counters were unchanged.
Commodities slipped as the US dollar strengthened. Light crude oil was at US$88.46 per barrel while crude palm oil (CPO) futures retreated RM93 to RM3,740.
The US dollar strengthened to 3.0710 to the ringgit. The greenback also strengthened against the basket of six major world major currencies and the index was at 81, indicating the international value of the US dollar.
Key regional markets were mixed. Japan's Nikkei 225 rose 0.11% to 10,541.04, Shanghai's Composite Index added 0.52% to 2,838.80 and South Korea's Kospi 0.41% higher at 2,086.20. However, Hong Kong's Hang Seng Index fell 0.42% to 23,686.63 on profit taking, Taiwan's Taiex shed 1.13% to 8,782.72 and Singapore's Straits Times Index 0.74% lower at 3,255.53.
At Bursa Malaysia, Nestle climbed the most, up 40 sen to RM44.48 and Guinness Anchor 20 sen to RM10.36.
Glove makers showed some recovery, with Hartalega adding 31 sen to RM5.73, Supermax 22 sen tp RM4.46 and Adventa 17 sen to RM2.65. Kossan rose 10 sen to RM3.35 and the world's top glove maker Top Glove two sen to RM5.42.
Among the index-linked stocks, TM rose 17 sen to RM3.73, and pushing up the FBM KLCI by 1.44 points. Axiata added seven sen to RM4.91 while Maxis eased one sen to RM5.35. Among infrastructure stocks MMC advanced 18 sen to RM3.10 and Gamuda five sen to RM4.25.
Among the banks, Public Bank added eight sen to RM13.54 and AMMB four sen to RM7.07 but Hong Leong Bank shed five sen to RM9.30 and Maybank one sen to RM9.
Notion surged 30 sen to RM2 in relatively active trade despite a somber outlook for the semiconductor sector especially the hard-disk drive makers. JCY International added 1.5 sen to 85 sen.
Plantation stocks, which had rallied in tandem with record high CPO prices, saw some profit taking. KL Kepong shed 24 sen to RM22.38, Batu Kawan 18 sent to RM17.04, Far East 15 sen to RM7.35 while Kulim eased 12 sen to RM13.58.
Whatever selling there was, it was well absorbed with the FBM KLCI charting its five-straight days of gains in the first week of 2011 to end 3.84 points higher at a another record close of 1,572.21. For the week, it was up 53.3 points or 3.51% from 1,518.91 on Dec 30.
Again, it was another record high for the 30-stock index, despite some mild pullback in intra-day trading. But investors' sentiment was underpinned by the firmer external data and also the entry of foreign funds into the market.
Volume surged to 2.54 billion shares on Friday valued at RM3.45 billion. Advancing counters beat decliners 526 to 324 while 301 counters were unchanged.
Commodities slipped as the US dollar strengthened. Light crude oil was at US$88.46 per barrel while crude palm oil (CPO) futures retreated RM93 to RM3,740.
The US dollar strengthened to 3.0710 to the ringgit. The greenback also strengthened against the basket of six major world major currencies and the index was at 81, indicating the international value of the US dollar.
Key regional markets were mixed. Japan's Nikkei 225 rose 0.11% to 10,541.04, Shanghai's Composite Index added 0.52% to 2,838.80 and South Korea's Kospi 0.41% higher at 2,086.20. However, Hong Kong's Hang Seng Index fell 0.42% to 23,686.63 on profit taking, Taiwan's Taiex shed 1.13% to 8,782.72 and Singapore's Straits Times Index 0.74% lower at 3,255.53.
At Bursa Malaysia, Nestle climbed the most, up 40 sen to RM44.48 and Guinness Anchor 20 sen to RM10.36.
Glove makers showed some recovery, with Hartalega adding 31 sen to RM5.73, Supermax 22 sen tp RM4.46 and Adventa 17 sen to RM2.65. Kossan rose 10 sen to RM3.35 and the world's top glove maker Top Glove two sen to RM5.42.
Among the index-linked stocks, TM rose 17 sen to RM3.73, and pushing up the FBM KLCI by 1.44 points. Axiata added seven sen to RM4.91 while Maxis eased one sen to RM5.35. Among infrastructure stocks MMC advanced 18 sen to RM3.10 and Gamuda five sen to RM4.25.
Among the banks, Public Bank added eight sen to RM13.54 and AMMB four sen to RM7.07 but Hong Leong Bank shed five sen to RM9.30 and Maybank one sen to RM9.
Notion surged 30 sen to RM2 in relatively active trade despite a somber outlook for the semiconductor sector especially the hard-disk drive makers. JCY International added 1.5 sen to 85 sen.
Plantation stocks, which had rallied in tandem with record high CPO prices, saw some profit taking. KL Kepong shed 24 sen to RM22.38, Batu Kawan 18 sent to RM17.04, Far East 15 sen to RM7.35 while Kulim eased 12 sen to RM13.58.
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