Showing posts with label Investment Report and Research. Show all posts
Showing posts with label Investment Report and Research. Show all posts
Friday, February 3, 2012
Friday, January 27, 2012
判断一家公司的优劣
希望可以通过这样的方式协助你判断一家公司的优劣
首先，
我们必须知道这是一家什么公司，做什么买卖。（年报有详细的解释。）处于什么样的地位。（世界级？垄断的地位？）
接着，可以开始从年报下手。
我们从营收开始：
1. 他的盈利状况如何？ （盈利 / 营收=？ ）
【答案：10%】
2. 为什么会得到上述的答案？
接着，资产表。里面显示他的财务状况。（必须配合营收表来看而言，否则意义不大。）
1. 总债务严重吗？可以负担吗？ （ 总资产 / 总债务= ？ ）
【总资产 725 / 总债务 218 = 3.32】
2. 上述的数字代表什么？ （每三元的资产中，有一元是债务）属于可承担的程度吗？
3. 短期债务情况如何？ （ 流动资产 / 流动债务 = ？ ）
【答案：1.54】
4. 每一元的短期债务，有多少的资产承担？
【 每一元债务，有1.54 的流动资产承担】
5. 进一步检验流动资产的素质。（ 速动 / 流动债务 = ？）
速动= 流动资产 - 库存
6. 上述的数字是否安全？符合你的要求？
7. 公司握有的现金部位，你认为是否足够？
再来，以的收益的角度评估这项投资：
1. 本益比多少？ 是否合理？多少年可以回本？
2. 每年的派息率如何？
3. ROE 合理？
4. NTA 多少？
最后，以投资者的角度来看这项投资：
如果你有足够的资金，你会用什么价格把整家公司买下？
假如，今天SCIENTX 的市价大约是五亿七千五百万，也就是你把整家公司吃下的价格。你会舍得用这笔钱RM 575,000,000 买下它吗？买下他的机器、厂房、库存、现金等等。你觉得划算吗？
这笔钱RM 575,000,000 可以让你在未来赚回来吗？多少年？
设想，这家公司每年可以为你赚取 60，000，000～80，000，000 （未来还会增加）的利润 。那么，可以为你赚回所花去的钱吗？
评估之后，就可以做出判断了。
一宗好的的买卖，取决于你的出价。
好的投资，如果出价不好，就会变成不好的投资。所以，必须很谨慎的出价。
首先，
我们必须知道这是一家什么公司，做什么买卖。（年报有详细的解释。）处于什么样的地位。（世界级？垄断的地位？）
接着，可以开始从年报下手。
我们从营收开始：
1. 他的盈利状况如何？ （盈利 / 营收=？ ）
【答案：10%】
2. 为什么会得到上述的答案？
接着，资产表。里面显示他的财务状况。（必须配合营收表来看而言，否则意义不大。）
1. 总债务严重吗？可以负担吗？ （ 总资产 / 总债务= ？ ）
【总资产 725 / 总债务 218 = 3.32】
2. 上述的数字代表什么？ （每三元的资产中，有一元是债务）属于可承担的程度吗？
3. 短期债务情况如何？ （ 流动资产 / 流动债务 = ？ ）
【答案：1.54】
4. 每一元的短期债务，有多少的资产承担？
【 每一元债务，有1.54 的流动资产承担】
5. 进一步检验流动资产的素质。（ 速动 / 流动债务 = ？）
速动= 流动资产 - 库存
6. 上述的数字是否安全？符合你的要求？
7. 公司握有的现金部位，你认为是否足够？
再来，以的收益的角度评估这项投资：
1. 本益比多少？ 是否合理？多少年可以回本？
2. 每年的派息率如何？
3. ROE 合理？
4. NTA 多少？
最后，以投资者的角度来看这项投资：
如果你有足够的资金，你会用什么价格把整家公司买下？
假如，今天SCIENTX 的市价大约是五亿七千五百万，也就是你把整家公司吃下的价格。你会舍得用这笔钱RM 575,000,000 买下它吗？买下他的机器、厂房、库存、现金等等。你觉得划算吗？
这笔钱RM 575,000,000 可以让你在未来赚回来吗？多少年？
设想，这家公司每年可以为你赚取 60，000，000～80，000，000 （未来还会增加）的利润 。那么，可以为你赚回所花去的钱吗？
评估之后，就可以做出判断了。
一宗好的的买卖，取决于你的出价。
好的投资，如果出价不好，就会变成不好的投资。所以，必须很谨慎的出价。
Friday, July 15, 2011
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。
Monday, June 13, 2011
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
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.
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.
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
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
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.
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.
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