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Monday, March 31, 2008
London Metals
海峡时报指数跌0.5%，丧失早盘涨幅；Olam逆市上扬
新加坡股市在获利回吐拖累下走低，因投资者逢高抛售，市场等待新鲜指引。
海峡时报指数午盘跌0.5%，至3015.74点；大部分成份股走低，前市高点3058.93点；如果3000点失守，预计下一支撑位在2950点。
DBS唯高达称，由于股市长期走势仍不确定，投资者应当采取积极交易策略，而非买入并持有。
称，仍然认为股市尚未脱离风险。
Olam (O32.SG)涨3.9%，至2.15新元，是海峡时报指数成分股中 少数上涨的股票之一；因为该公司最新发行3.07亿新元优先股，缓解了市场对该公司融资能力的担忧。
市场整体成交量低，336只股票下跌，190只股票上涨。
海峡时报指数午盘跌0.5%，至3015.74点；大部分成份股走低，前市高点3058.93点；如果3000点失守，预计下一支撑位在2950点。
DBS唯高达称，由于股市长期走势仍不确定，投资者应当采取积极交易策略，而非买入并持有。
称，仍然认为股市尚未脱离风险。
Olam (O32.SG)涨3.9%，至2.15新元，是海峡时报指数成分股中 少数上涨的股票之一；因为该公司最新发行3.07亿新元优先股，缓解了市场对该公司融资能力的担忧。
市场整体成交量低，336只股票下跌，190只股票上涨。
Sunday, March 30, 2008
雲頂成功有意參與台賭場計劃
（台灣‧澎湖）馬英九當選後，他承諾的“澎湖設置博弈事業”政見備受矚目，已經表達投資意願的財團包括丹斯里林國泰領導的大馬雲頂（GENTING，3182；主板貿服組）和丹斯里陳志遠名下的成功集團（BJCORP，3395；主板貿服組）。
其他表示對這項賭場 計劃表達投資意願的還有南美洲鄧氏集團及美國上市公司。
Source
其他表示對這項賭場 計劃表達投資意願的還有南美洲鄧氏集團及美國上市公司。
Source
RWS awarded the superstructure contract
RWS awarded the above-ground superstructure contract, worth over S$1 billion to Japanese construction company, Kajima Construction.
The company will undertake the superstructure development of the central zone, which includes Hotel Michael, the Le Vie showroom, Maxims Residences and FestiveWalk.
Construction will ramp up towards mid-2008, with as many as 8,000 workers laboring round-the-clock.
The company will undertake the superstructure development of the central zone, which includes Hotel Michael, the Le Vie showroom, Maxims Residences and FestiveWalk.
Construction will ramp up towards mid-2008, with as many as 8,000 workers laboring round-the-clock.
Brokers' Take Published March 29, 2008
CapitaCommercial Trust
March 28 close: $2.18
CITIGROUP RESEARCH, March 27
CALL option on 1 George Street at a price of S$1.165 billion: This works out to be S$2,600 psf of NLA. The call option is conditional upon unitholders' approval at EGM by June 30, 2008.
4.25 per cent net property yield support for 5 years: CapitaLand will provide a yield protection to CCT, ensuring a minimum net property income (NPI) of S$49.5 million per annum for 5 years to 2013. The minimum. NPI translates to a breakeven rental rate of S$10.50 psf per month.
Net debt/asset ratio to rise from 27 per cent to 40 per cent: CCT has obtained 100 per cent committed debt-funding for the transaction and will not be raising equity via placement of CCT units or rights issue. The acquisition will increase its asset size to S$6.5 billion from S$5.3 billion.
Little disclosure: Although CCT disclosed during the media/analysts briefing that 50 per cent of the leases are due for renewal over the next two years, the manager was unable to provide details and if there are rental caps among its key tenants. The cost of debt is not disclosed either. Based on our initial estimates, DPU enhancement could be 1.3 per cent, 3 per cent and 5 per cent respectively if cost of debt is 3.5 per cent, 3.25 per cent and 3 per cent.HOLD.
MACQUARIE RESEARCH EQUITIES, March 27
CCT has been granted a call option from parent CapitaLand to buy 1 George St, a completed office building for S$1.165 billion, or S$2,600 psf.
In August 2007, CapitaLand bought out the balance 50 per cent interest in 1 George St from the Eureka fund for circa S$2,700 psf. With 100 per cent ownership, it has granted to CCT the option to purchase the asset, subject to unit-holder approval at an EGM to be held before June 30, 2008. If approved, timing of completion is expected to be before July 31, 2008.
CapitaLand is providing a 5-year yield protection for CCT, to ensure a minimum net property income (NPI) of S$49.5 million per annum or a 4.25 per cent yield at the purchase consideration. The implied rental rate is circa S$10.50 psf, which is lower than spot rents of S$16-18 psf.
1 George St was completed in 2004 when rents were softer, hence we believe the current NPI is likely to be below the guaranteed amount until the next reversion cycle.
The acquisition will enhance CCT's position in prime office exposure, from 43 per cent of income to 55 per cent of income. Its total office exposure will also rise from 59 per cent of income to 69 per cent. Further, the single asset concentration is reduced from 40 per cent (from Raffles City) to 32 per cent.
The purchase will be debt funded, and borrowings are already fully underwritten by banks. Hence, there will be no equity issuance in any form.
CCT's gearing will increase from 27 per cent to 40 per cent post this transaction, well within its optimum of 40-50 per cent and below the regulatory limit of 60 per cent. Based on current passing rents of S$6.50 psf, the net yield works out to about 2.2 per cent; hence a theoretical dilution to FY09 DPU of 12.5 per cent. However, given the current spot rents of S$16-$18 psf for that location, we believe that by FY09/10, the rental income may even be higher than the income support provided.
Earnings revision: No change. We have not included the contribution from 1 George St until the acquisition is approved. With the income support, assuming 3.6 per cent cost of debt, accretion to FY09 DPU will be 4.3 per cent. Even if CCT gets funding at its current portfolio cost of debt of 3.9 per cent, accretion will still be about 2.1 per cent.
12-month price target: S$3.53 based on a DCF methodology.
Catalyst: Strong rental reversions in 2008E and 2009E. Passing rents are 50 per cent below current spot rents.
CCT remains our top S-Reit pick with potential upside of about 70 per cent. Its asset base will grow to S$6.5 billion once 1 George St is acquired.OUTPERFORM.
StarHub
March 28 close: $3.11
CIMB RESEARCH, March 28
StarHub has successfully retained its four lots of 1800 MHz spectrum rights and won two additional lots of 2G spectrum - one lot of 1800 MHz and one lot of EGSM - in a spectrum reallocation exercise by the IDA. Existing spectrum rights for all three mobile operators were originally due to expire on Sept 30, 08, but have now been extended to Dec 31, 08. The six lots of spectrum would cost StarHub a one-time fee of S$1.9 million.
Comments: Prospects of improved coverage quality but no significant earnings impact. The win of the EGSM spectrum, which operates on 900 MHz, will enable StarHub to improve its mobile coverage in harder-to-serve areas due to better signal propagation properties relative to the 1800 MHz spectrum.
This would improve its mobile subscriber experience but we do not expect a big impact on earnings. The new spectrum lots are not expected to require fundamental changes to mobile networks and the cost for spectrum had been included in management's guidance for 2008.
DCF-based target price of S$3.76: StarHub remains our top Singapore telco pick for its attractive CY08 yield prospect of 9.8 per cent backed by strong free cash flow, an unrivalled triple-play proposition and exposure to telco service consumption growth in Singapore.
Key catalysts for a sustained outperformance could include an upgrade on consensus dividend/capital return expectations which remain well below StarHub's free cash flow prospects, steady earnings delivery (cable TV likely to surprise on the upside) and a risk-averse market environment. OUTPERFORM.
Compiled by UMA SHANKARI
Disclaimer: All analyses, recommendations and other information herein are published for general information. Readers should not rely solely on the information published and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein. Brokers who wish to send in their reports can email us at btnews@sph.com.sg
Brokers' Take Published March 28, 2008
Olam International
STRUCTURAL de-leverage needed: We are downgrading Olam to 'sell' from 'neutral' due to: 1) reduction in our fair value estimate to S$1.60, 2) high net gearing of 4.6 times implying an immediate need for equity, 3) reduction in growth associated with de-leveraging, and 4) aggressive accounting policy. We are one of the first to advocate a 'sell' on the stock.
Gearing at risky level: Olam has become dependent on leverage for growth which, in our view, is not sustainable given the high 460 per cent net gearing and low 1.7 times interest coverage. We think a structural de-leverage is imminent since we believe bankers would likely impose stricter covenants as debt usage accelerates.
Lower leverage = slower growth = lower multiples: We are expecting earnings growth in FY09-FY10 to fall short of management guidance, in the absence of an equity placement. Our FY09 estimate is 10 per cent below consensus. Even with an equity injection, the sustainable ROE would likely fall to the around 20 per cent achieved in 2005-2007, as de-leveraging takes place.
The prospect of de-leveraging and slower growth would lead to a de-rating of valuation multiples.
Fair value of S$1.60; switch to Noble Group: The stock is trading at 5.3 times FY08 NAV estimate. We think 5.3 times book value is a high price to pay for a business that generates 20 per cent ROE. We value the company at 3.6 times FY08 NAV estimate or S$1.60 using the Gordon growth model. At the current level, we recommend a switch to Noble Group, which is trading at 2.1 times NAV and 13 times PE.SELL
Jurong Technologies
March 27 close: S$0.315
Nomura Research, March 26
OUR VIEW: Margins at Jurong Technologies' (JTL) handset ODM business look under pressure, given increased competition from global handset OEMs and Chinese tier-1 handset players. With JTL facing a funding crunch given its high gearing, and margins unlikely to recover in the short term, our numbers depend on strong execution by management.
Anchor themes: As flagged in 'Handsets: Sleep mode' (March 21), we believe that while developed markets will bear the brunt of the consumption slowdown, handset OEMs will re-direct resources to 'relatively safer' emerging markets, especially the sub-US$50 market, increasing the competition for JTL's ODM business.
Sales from the accessories business rose to 46 per cent of the total in FY07, from 15 per cent in FY06, increasing working capital needs. With net debt to equity at 100 per cent, JTL faces a catch-22 situation in its attempts to clean its balance sheet.
Fair value at S$0.27 per share; 'reduce': We have forecast sales growth will slow as the company changes its product mix to increase ODM business and reduce its exposure to wireless accessories. We now expect sales to grow 7.8 per cent year-on-year in FY08, 4 per cent year-on-year in FY09, and 2.3 per cent year-on-year in FY10.
We expect Ebit margin to fall 0.5 percentage point year-on-year to 3.4 per cent in FY08, to reflect: 1) pressure from core EMS business, ie, lower utilisations in PCBA and rising sales of lower-margin wireless accessories; 2) higher operating expenses given the increase in R&D as JTL positions itself as an IP design house; and 3) higher interest costs as loans increase to fund higher working capital needs. We have assumed the Ebit margin will return to the 4-5 per cent range (closer to industry Ebit margins) after FY08, contingent on execution by management.REDUCE
Venture Corporation
March 27 close: S$11.20
DBS Group Research, March 27
SLOWER-THAN-EXPECTED Q1: Our recent update indicated that apart from a seasonally softer March quarter, customers have continued to tighten and rebalance supply chains for printing and imaging as well as some retail store solutions (RSS) products. This, coupled with further weakening of the US dollar against the Sing-dollar, down 4 per cent year-to-date, would result in sequentially lower Q1 sales.
It is also inevitable that Venture's bottomline would be impacted by bigger marked-to-market losses for CDOs, as the market spread has continued to widen from last quarter.
On a more positive note, margins at the operating level could hold steady as new products are driving strong margins in the RSS and communication/networking space, which help to mitigate printing and data storage margin erosions. Venture's design initiatives to lower material content and manufacturing costs are also gaining positive tractions with several key customers, but actual benefits will only be visible over the next few quarters.
FY08 forecast cut by 14 per cent: We now expect Q1 net profit of S$67 million (-5 per cent year-on-year, -10 per cent quarter-on-quarter), on revenue of S$937 million (-3 per cent year-on-year and quarter-on-quarter). We have cut FY08 earnings by 14 per cent to account for weaker revenue and lower non-operating gains, given potentially bigger CDO losses. Consequent to this earnings revision, our target price is adjusted to S$12.81, still pegged to 12 times FY08 earnings.
Downgrade to 'hold': Venture has done well, outperforming the broader market with a 16 per cent gain versus the Straits Times Index's 4 per cent decline in the past one month. Although the stock is undemanding at 10.7 times FY08 PE, upside may be limited in the near term, given a lack of positive price catalyst and continued pressure from forex and credit risks.HOLD
- Compiled by UMA SHANKARI
Disclaimer: All analyses, recommendations and other information herein are published for general information. Readers should not rely solely on the information published and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein. Brokers who wish to send in their reports can email us at btnews@sph.com.sg
STRUCTURAL de-leverage needed: We are downgrading Olam to 'sell' from 'neutral' due to: 1) reduction in our fair value estimate to S$1.60, 2) high net gearing of 4.6 times implying an immediate need for equity, 3) reduction in growth associated with de-leveraging, and 4) aggressive accounting policy. We are one of the first to advocate a 'sell' on the stock.
Gearing at risky level: Olam has become dependent on leverage for growth which, in our view, is not sustainable given the high 460 per cent net gearing and low 1.7 times interest coverage. We think a structural de-leverage is imminent since we believe bankers would likely impose stricter covenants as debt usage accelerates.
Lower leverage = slower growth = lower multiples: We are expecting earnings growth in FY09-FY10 to fall short of management guidance, in the absence of an equity placement. Our FY09 estimate is 10 per cent below consensus. Even with an equity injection, the sustainable ROE would likely fall to the around 20 per cent achieved in 2005-2007, as de-leveraging takes place.
The prospect of de-leveraging and slower growth would lead to a de-rating of valuation multiples.
Fair value of S$1.60; switch to Noble Group: The stock is trading at 5.3 times FY08 NAV estimate. We think 5.3 times book value is a high price to pay for a business that generates 20 per cent ROE. We value the company at 3.6 times FY08 NAV estimate or S$1.60 using the Gordon growth model. At the current level, we recommend a switch to Noble Group, which is trading at 2.1 times NAV and 13 times PE.SELL
Jurong Technologies
March 27 close: S$0.315
Nomura Research, March 26
OUR VIEW: Margins at Jurong Technologies' (JTL) handset ODM business look under pressure, given increased competition from global handset OEMs and Chinese tier-1 handset players. With JTL facing a funding crunch given its high gearing, and margins unlikely to recover in the short term, our numbers depend on strong execution by management.
Anchor themes: As flagged in 'Handsets: Sleep mode' (March 21), we believe that while developed markets will bear the brunt of the consumption slowdown, handset OEMs will re-direct resources to 'relatively safer' emerging markets, especially the sub-US$50 market, increasing the competition for JTL's ODM business.
Sales from the accessories business rose to 46 per cent of the total in FY07, from 15 per cent in FY06, increasing working capital needs. With net debt to equity at 100 per cent, JTL faces a catch-22 situation in its attempts to clean its balance sheet.
Fair value at S$0.27 per share; 'reduce': We have forecast sales growth will slow as the company changes its product mix to increase ODM business and reduce its exposure to wireless accessories. We now expect sales to grow 7.8 per cent year-on-year in FY08, 4 per cent year-on-year in FY09, and 2.3 per cent year-on-year in FY10.
We expect Ebit margin to fall 0.5 percentage point year-on-year to 3.4 per cent in FY08, to reflect: 1) pressure from core EMS business, ie, lower utilisations in PCBA and rising sales of lower-margin wireless accessories; 2) higher operating expenses given the increase in R&D as JTL positions itself as an IP design house; and 3) higher interest costs as loans increase to fund higher working capital needs. We have assumed the Ebit margin will return to the 4-5 per cent range (closer to industry Ebit margins) after FY08, contingent on execution by management.REDUCE
Venture Corporation
March 27 close: S$11.20
DBS Group Research, March 27
SLOWER-THAN-EXPECTED Q1: Our recent update indicated that apart from a seasonally softer March quarter, customers have continued to tighten and rebalance supply chains for printing and imaging as well as some retail store solutions (RSS) products. This, coupled with further weakening of the US dollar against the Sing-dollar, down 4 per cent year-to-date, would result in sequentially lower Q1 sales.
It is also inevitable that Venture's bottomline would be impacted by bigger marked-to-market losses for CDOs, as the market spread has continued to widen from last quarter.
On a more positive note, margins at the operating level could hold steady as new products are driving strong margins in the RSS and communication/networking space, which help to mitigate printing and data storage margin erosions. Venture's design initiatives to lower material content and manufacturing costs are also gaining positive tractions with several key customers, but actual benefits will only be visible over the next few quarters.
FY08 forecast cut by 14 per cent: We now expect Q1 net profit of S$67 million (-5 per cent year-on-year, -10 per cent quarter-on-quarter), on revenue of S$937 million (-3 per cent year-on-year and quarter-on-quarter). We have cut FY08 earnings by 14 per cent to account for weaker revenue and lower non-operating gains, given potentially bigger CDO losses. Consequent to this earnings revision, our target price is adjusted to S$12.81, still pegged to 12 times FY08 earnings.
Downgrade to 'hold': Venture has done well, outperforming the broader market with a 16 per cent gain versus the Straits Times Index's 4 per cent decline in the past one month. Although the stock is undemanding at 10.7 times FY08 PE, upside may be limited in the near term, given a lack of positive price catalyst and continued pressure from forex and credit risks.HOLD
- Compiled by UMA SHANKARI
Disclaimer: All analyses, recommendations and other information herein are published for general information. Readers should not rely solely on the information published and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein. Brokers who wish to send in their reports can email us at btnews@sph.com.sg
Friday, March 28, 2008
新加坡股市收于三月最高水平；交易员建议谨慎入市
新加坡股市周五创出3月份最高收盘水平，因亚洲主要市场及美国股指期货走强，抵消了美国股市前夜走软带来的负面影响。
海峡时报指数涨6.70点，至3031.90点，涨幅0.2%。
该指数成份股中有21只上涨，大盘有509只股票上涨，184只股票下挫。
市场成交量约为19亿股，高于周四的15亿股。
不过据当地一家银行的分析师称，鉴于今日市场走高主要受粉饰帐面的买盘推动，散户买盘规模仍然较低，投资者应谨慎入市。
海峡时报指数涨6.70点，至3031.90点，涨幅0.2%。
该指数成份股中有21只上涨，大盘有509只股票上涨，184只股票下挫。
市场成交量约为19亿股，高于周四的15亿股。
不过据当地一家银行的分析师称，鉴于今日市场走高主要受粉饰帐面的买盘推动，散户买盘规模仍然较低，投资者应谨慎入市。
Thursday, March 27, 2008
OCBC Report - 27 March 2008
Singapore Exchange: Time for a relook
Summary: Singapore Exchange (SGX) has also been hit by the recent volatility in the market. Its share price has fallen in line with its regional peers, down about 57% from its 52-week high. This is reflective of the generally weak sentiment in the market where trading volume has fallen in Feb and Mar this year. Taking these factors into account, we have imputed the drop in trading activities into our 2H FY08 estimates, and lowered FY08 earnings by 11.7% to S$428.6m and FY09 earnings by 12.4% to S$434.5m. Using lower valuation of 21x (versus 19x for its regional peers and 23x for its global peers), we are lowering our fair value estimate to S$8.20 (previous: $11.20). As SGX’s stable revenue (terminal, listing, price information and other fees) is fairly secured, we believe that together with the attractive yield of 4.9% at current price level, the stock is starting to look attractive again, especially for medium to longer term holders as SGX continues to grow its suite of products and services to buoy its long term income. With recent volatile market conditions and on price weakness, SGX is a BUY. (Carmen Lee)
Rickmers Maritime: Key charterer moves into the shipping trust space
Summary: The world’s third largest container shipping company CMA CGM SA (CMA) has spun off one of its units in a play that mirrors the shipping trust concept. According to the Wall Street Journal, it will retain a 34% stake in Global Ship Lease (GSL), which would be listed on NYSE. GSL owns 12 container ships with five more under contract from parent CMA, all of which are chartered back to CMA with an average term of 11 years. CMA currently charters six of Rickmers Maritime’s (RMT) ten existing vessels – contributing about 60% of the trust’s revenue. There is no immediate threat to RMT as CMA is locked in these charters until 2015. However, the future development of their relationship will depend on the extent of CMA’s demand for vessels and the privileges it grants GSL (such as rights of first refusal). GSL would likely get first priority in a low-demand scenario. At the same time, RMT is aggressively diversifying its customer base. If its plans for 13 contracted acquisitions are approved at an upcoming EGM, CMA's share of its revenue would decline to about 21% in 2010. Maintain BUY at target price S$1.22. (Meenal Kumar)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- CapitaLand has granted CapitaCommercial Trust a call option to acquire office building 1 George Street for about S$1.2bn. CapitaLand said it would provide yield protection to the REIT at 4.25% for five years.
- A-REIT announced its property value gained S$483.6m at its annual valuation, an appreciation of about 14%.
- Lippo-Mapletree Indonesia Retail Trust said it will purchase Sun Plaza, a retail mall located in Medan, North Sumatra for S$147.4m.
- According to the BT, Allco REIT intends to reduce its leverage from 43% currently to about 30% over the next 12 months. - Asia Pacific Breweries has raised the annual capacity of its Vietnam plant by more than 50% at cost of US$1m.
- Tee International has won contracts for electrical installation for the Marina Bay Sands IR worth S$109m.
- Abterra Ltd will buy 49.9% of Shanxi Loudong, a producer of coal and other by-products, for up to S$181m in new Abterra shares.
- Ausgroup has won a new offshore contract worth A$12m, taking its order book above A$190m.
- SP Ausnet has upgraded its earnings forecasts buoyed by higher revenues and a debt refinancing.
Summary: Singapore Exchange (SGX) has also been hit by the recent volatility in the market. Its share price has fallen in line with its regional peers, down about 57% from its 52-week high. This is reflective of the generally weak sentiment in the market where trading volume has fallen in Feb and Mar this year. Taking these factors into account, we have imputed the drop in trading activities into our 2H FY08 estimates, and lowered FY08 earnings by 11.7% to S$428.6m and FY09 earnings by 12.4% to S$434.5m. Using lower valuation of 21x (versus 19x for its regional peers and 23x for its global peers), we are lowering our fair value estimate to S$8.20 (previous: $11.20). As SGX’s stable revenue (terminal, listing, price information and other fees) is fairly secured, we believe that together with the attractive yield of 4.9% at current price level, the stock is starting to look attractive again, especially for medium to longer term holders as SGX continues to grow its suite of products and services to buoy its long term income. With recent volatile market conditions and on price weakness, SGX is a BUY. (Carmen Lee)
Rickmers Maritime: Key charterer moves into the shipping trust space
Summary: The world’s third largest container shipping company CMA CGM SA (CMA) has spun off one of its units in a play that mirrors the shipping trust concept. According to the Wall Street Journal, it will retain a 34% stake in Global Ship Lease (GSL), which would be listed on NYSE. GSL owns 12 container ships with five more under contract from parent CMA, all of which are chartered back to CMA with an average term of 11 years. CMA currently charters six of Rickmers Maritime’s (RMT) ten existing vessels – contributing about 60% of the trust’s revenue. There is no immediate threat to RMT as CMA is locked in these charters until 2015. However, the future development of their relationship will depend on the extent of CMA’s demand for vessels and the privileges it grants GSL (such as rights of first refusal). GSL would likely get first priority in a low-demand scenario. At the same time, RMT is aggressively diversifying its customer base. If its plans for 13 contracted acquisitions are approved at an upcoming EGM, CMA's share of its revenue would decline to about 21% in 2010. Maintain BUY at target price S$1.22. (Meenal Kumar)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- CapitaLand has granted CapitaCommercial Trust a call option to acquire office building 1 George Street for about S$1.2bn. CapitaLand said it would provide yield protection to the REIT at 4.25% for five years.
- A-REIT announced its property value gained S$483.6m at its annual valuation, an appreciation of about 14%.
- Lippo-Mapletree Indonesia Retail Trust said it will purchase Sun Plaza, a retail mall located in Medan, North Sumatra for S$147.4m.
- According to the BT, Allco REIT intends to reduce its leverage from 43% currently to about 30% over the next 12 months. - Asia Pacific Breweries has raised the annual capacity of its Vietnam plant by more than 50% at cost of US$1m.
- Tee International has won contracts for electrical installation for the Marina Bay Sands IR worth S$109m.
- Abterra Ltd will buy 49.9% of Shanxi Loudong, a producer of coal and other by-products, for up to S$181m in new Abterra shares.
- Ausgroup has won a new offshore contract worth A$12m, taking its order book above A$190m.
- SP Ausnet has upgraded its earnings forecasts buoyed by higher revenues and a debt refinancing.
Singapore's KS Energy in $175 mln rig charter deal
SINGAPORE, March 27 (Reuters) - Singapore oil services firm KS Energy said on Thursday it has secured a $175 million deal to rent out an offshore rig to an oil exploration firm for up to four years, confirming an earlier Reuters report.
"The KS MedStar-1 will serve drilling activities in the Mediterranean Sea for a firm contract period of 3 years plus a renewal option for one year," the company said in a statement.
The charter contract for the jackup rig is valued at $130 million for the first three years and at $175.2 million if the one-year option is exercised, the statement said, without naming the oil firm.
A company source had told Reuters earlier that the rig deal would be worth over $200 million.
KS Energy suspended trade in its shares late on Wednesday pending an announcement. Its stock last traded at S$1.63, valuing the company at about $300 million.
The charter deal would be the first for KS Energy, which embarked into the offshore oil services business in May last year when it acquired Norway-based Atlantic Oilfield Services.
Oil firms are boosting exploration efforts to tap record crude prices.
KS Energy now has a combined fleet of about 20 onshore and offshore rigs, with one jackup rig under construction at the MIS Shipyard in the Middle East.
"The KS MedStar-1 will serve drilling activities in the Mediterranean Sea for a firm contract period of 3 years plus a renewal option for one year," the company said in a statement.
The charter contract for the jackup rig is valued at $130 million for the first three years and at $175.2 million if the one-year option is exercised, the statement said, without naming the oil firm.
A company source had told Reuters earlier that the rig deal would be worth over $200 million.
KS Energy suspended trade in its shares late on Wednesday pending an announcement. Its stock last traded at S$1.63, valuing the company at about $300 million.
The charter deal would be the first for KS Energy, which embarked into the offshore oil services business in May last year when it acquired Norway-based Atlantic Oilfield Services.
Oil firms are boosting exploration efforts to tap record crude prices.
KS Energy now has a combined fleet of about 20 onshore and offshore rigs, with one jackup rig under construction at the MIS Shipyard in the Middle East.
Wednesday, March 26, 2008
Genting Stanley partnership has proved a good bet
IT’S a fair bet that Malaysian company Genting is not a household name in Merseyside.
But, under its previous identity of Stanley Leisure, it was one of Merseyside’s best-known names.
Stanley was until its takeover a FTSE 250 listed company. It sold its chain of UK betting shops, including 125 in Merseyside and Cheshire, to rival William Hill in a £504m deal in 2005.
Genting’s links with Stanley began in 2005 when the two companies teamed up to look at the opportunities for new casinos under the 2005 Gambling Act.
Genting built up its stake in Stanley to 20% before agreeing a takeover deal with the company’s management.
Stanley Leisure was last year renamed Genting Stanley. Its headquarters has moved to Birmingham, but it still employs 27 people from its finance and IT divisions in Liverpool’s Stanley House.
It has four venues in Merseyside – the new Circus in Queen Square, which opened in December, Mint in Renshaw Street, Liverpool city centre, a Mint in Birkenhead and a Mint in Southport.
Genting Stanley is a wholly-owned subsidiary of Genting International, a Singapore-listed company with a market capitalisation of over £2bn. It is the Genting group’s overseas investment arm, with projects currently including a £1.5bn casino and resort complex in Singapore.
Genting International’s parent company is the £3.6bn Genting Berhad group, based in the Malaysian capital, Kuala Lumpur.
The group is Malaysia’s largest multinational, with other ventures including the Genting Highlands Resort hotel, theme park, gambling and leisure complex outside Kuala Lumpur. It also produces palm oil and has interests in oil and gas exploration in Asian waters.
Source
But, under its previous identity of Stanley Leisure, it was one of Merseyside’s best-known names.
Stanley was until its takeover a FTSE 250 listed company. It sold its chain of UK betting shops, including 125 in Merseyside and Cheshire, to rival William Hill in a £504m deal in 2005.
Genting’s links with Stanley began in 2005 when the two companies teamed up to look at the opportunities for new casinos under the 2005 Gambling Act.
Genting built up its stake in Stanley to 20% before agreeing a takeover deal with the company’s management.
Stanley Leisure was last year renamed Genting Stanley. Its headquarters has moved to Birmingham, but it still employs 27 people from its finance and IT divisions in Liverpool’s Stanley House.
It has four venues in Merseyside – the new Circus in Queen Square, which opened in December, Mint in Renshaw Street, Liverpool city centre, a Mint in Birkenhead and a Mint in Southport.
Genting Stanley is a wholly-owned subsidiary of Genting International, a Singapore-listed company with a market capitalisation of over £2bn. It is the Genting group’s overseas investment arm, with projects currently including a £1.5bn casino and resort complex in Singapore.
Genting International’s parent company is the £3.6bn Genting Berhad group, based in the Malaysian capital, Kuala Lumpur.
The group is Malaysia’s largest multinational, with other ventures including the Genting Highlands Resort hotel, theme park, gambling and leisure complex outside Kuala Lumpur. It also produces palm oil and has interests in oil and gas exploration in Asian waters.
Source
新加坡股市收于3周高点，受美国积极消息提振
新加坡股市周二收于3周高点。
美国强劲的2月成屋销量数据和摩根大通公司(JPMorgan Chase & Co.)大幅提高对贝尔斯登(Bear Stearns Cos.)收购出价的消息推动本地投资者大举买盘。
海峡时报指数收盘涨72.40点，至3000.19点，涨幅2.5%。该指数30只成份股中有23只走高，大盘有599只股票上涨，179只股票下挫。市场成交量从周一的12亿股攀升至23亿股。
某交易商表示，投资者显然越来越相信市场已经度过最艰难的时期，至少从短期来看是这样；他认为市场已经见底，预计未来将出现反弹。
但多数交易员仍然警告称，市场反弹势头可能难以持续，建议投资者逢高抛售。
美国强劲的2月成屋销量数据和摩根大通公司(JPMorgan Chase & Co.)大幅提高对贝尔斯登(Bear Stearns Cos.)收购出价的消息推动本地投资者大举买盘。
海峡时报指数收盘涨72.40点，至3000.19点，涨幅2.5%。该指数30只成份股中有23只走高，大盘有599只股票上涨，179只股票下挫。市场成交量从周一的12亿股攀升至23亿股。
某交易商表示，投资者显然越来越相信市场已经度过最艰难的时期，至少从短期来看是这样；他认为市场已经见底，预计未来将出现反弹。
但多数交易员仍然警告称，市场反弹势头可能难以持续，建议投资者逢高抛售。
Tuesday, March 25, 2008
Rank Group says Hong Leong Co lifts stake in co to 9.02 pct
LONDON (Thomson Financial) - Rank Group PLC said Hong Leong Company (Malaysia) Berhad continues to increase its stake in the UK casino and bingo company.
It said Hong Leong Co held 33.21 mln shares in Rank as of March 21, representing some 8.5 pct of the company's voting rights, but has since raised its stake further to 35.21 mln shares as of today, representing 9.02 pct of its total voting rights.
Hong Leong Co has been consistently raising its stake in the since the beginning of 2008. It held some 6.05 pct in February.
Rank has been subject to takeover speculation since Malaysian gaming group Genting purchased a 9.38 pct shareholding on Nov 29, subsequently boosting it to around 11 pct.
US gaming group Harrah's Entertainment is exploring strategic options in the European gambling market, including a potential bid for Rank, according to recent media reports.
TFN.newsdesk@thomson.com ukn/ms1
Source
It said Hong Leong Co held 33.21 mln shares in Rank as of March 21, representing some 8.5 pct of the company's voting rights, but has since raised its stake further to 35.21 mln shares as of today, representing 9.02 pct of its total voting rights.
Hong Leong Co has been consistently raising its stake in the since the beginning of 2008. It held some 6.05 pct in February.
Rank has been subject to takeover speculation since Malaysian gaming group Genting purchased a 9.38 pct shareholding on Nov 29, subsequently boosting it to around 11 pct.
US gaming group Harrah's Entertainment is exploring strategic options in the European gambling market, including a potential bid for Rank, according to recent media reports.
TFN.newsdesk@thomson.com ukn/ms1
Source
Singapore's GIC, Host Hotels in property venture
SINGAPORE, March 25 (Reuters) - The real estate arm of the Government of Singapore Investment Corp (GIC) and Host Hotels & Resorts Inc have set up a joint venture to pursue investments in Asia and Australia, both companies said in a statement on Tuesday.
Both partners will invest a maximum of $600 million of equity into the venture, with Host Hotels, the largest U.S. hotel real estate investment trust, owning a 25 percent stake. GIC is Singapore's largest sovereign wealth fund.
Both partners will invest a maximum of $600 million of equity into the venture, with Host Hotels, the largest U.S. hotel real estate investment trust, owning a 25 percent stake. GIC is Singapore's largest sovereign wealth fund.
DBSVickers Report - 25 March 2008
Allco Commercial REIT (BUY S$0.76 Bloomberg: ALLC SP)
Re-financing issues laid to rest
Price Target : 12-Month S$ 1.23 (Prev S$ 1.54)
By: Singapore Research Team +65 6533 9688
Story: Allco REIT (Allco) share price was hit recently by a spate of negative news ranging from a Moody’s ratings downgrade to ‘Ba2’ in view of its high debt expiry and strategic review to a potential fire sale situation given its inability to obtain re-financing. However, Allco has allayed such unfounded fears by securing an in-principal approval for the extension of its S$550m loan facility expiring in July’08 to end Dec’09. In addition, the proposed strategic review raised concerns of a possible dilutive impact on earnings in the near term.
Point: We have previously maintained that re-financing should not pose much of a problem for Allco given its strong asset base of S$2bn, (of which c. 50% is made up of its Singapore properties) but at a higher price of c. 200 bps above its current rates. The group is in the process of divesting its stake in AWPF and is looking to unlock gains from its Central Park in Perth. As such, we have further adjusted FY08 and FY09 DPU to 6.6cts and 6.8cts to reflect the absence of AWPF. A recent re-composition of its board to include a majority of independent directors is a positive signal to investors as a step in the right direction for good corporate governance and should be viewed positively on a operational, asset divestment and future reinvestment standpoint.
Relevance: With re-financing issues put to rest, a re-rating of Allco would hinge on further newsflow with regards to i) the successful execution of its re-investment plans and organic growth strategies to drive DPU growth which will be partially driven by strong rental reversions from Keypoint offsetting the loss of the income from API and distribution income from AWPF, ii) clarity on the positioning of Allco REIT given API and AFG’s restructuring activities. We maintain BUY on Allco with revised TP of S$1.23 based on a 20% discount to its DCF backed price of S$1.54 on the premise of uncertainties arising from the ongoing restructuring activities at its parent level.
Re-financing issues laid to rest
Price Target : 12-Month S$ 1.23 (Prev S$ 1.54)
By: Singapore Research Team +65 6533 9688
Story: Allco REIT (Allco) share price was hit recently by a spate of negative news ranging from a Moody’s ratings downgrade to ‘Ba2’ in view of its high debt expiry and strategic review to a potential fire sale situation given its inability to obtain re-financing. However, Allco has allayed such unfounded fears by securing an in-principal approval for the extension of its S$550m loan facility expiring in July’08 to end Dec’09. In addition, the proposed strategic review raised concerns of a possible dilutive impact on earnings in the near term.
Point: We have previously maintained that re-financing should not pose much of a problem for Allco given its strong asset base of S$2bn, (of which c. 50% is made up of its Singapore properties) but at a higher price of c. 200 bps above its current rates. The group is in the process of divesting its stake in AWPF and is looking to unlock gains from its Central Park in Perth. As such, we have further adjusted FY08 and FY09 DPU to 6.6cts and 6.8cts to reflect the absence of AWPF. A recent re-composition of its board to include a majority of independent directors is a positive signal to investors as a step in the right direction for good corporate governance and should be viewed positively on a operational, asset divestment and future reinvestment standpoint.
Relevance: With re-financing issues put to rest, a re-rating of Allco would hinge on further newsflow with regards to i) the successful execution of its re-investment plans and organic growth strategies to drive DPU growth which will be partially driven by strong rental reversions from Keypoint offsetting the loss of the income from API and distribution income from AWPF, ii) clarity on the positioning of Allco REIT given API and AFG’s restructuring activities. We maintain BUY on Allco with revised TP of S$1.23 based on a 20% discount to its DCF backed price of S$1.54 on the premise of uncertainties arising from the ongoing restructuring activities at its parent level.
OCBC Report - 25 March 2008
Jishan Holdings Ltd: Challenging environment
Summary: Jishan Holdings Ltd could potentially face slowing export demand and the strengthening RMB, which may lead to reduced export revenues and margins compression in the domestic market.
China’s textile and garments exports in February declined 32.9% from January due to lower global demand. Jishan’s export sales accounted for 43.1% of FY07 revenue, and any slowdown in export demand could affect its export revenues.
With the strengthening of the RMB against the USD, this may also reduce Jishan’s export competitiveness, thereby reducing export revenues. Moreover, a slowdown in exports may lead to an increase in supply to the domestic market, resulting in a reduction in average selling prices, thereby compressing margins.
In view of the above challenging operating environment, we are reiterating our HOLD rating and fair value of S$0.08. (Selena Leong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- JPMorgan Chase & Co has increased its offer for Bear Stearns to US$10 a share.
- Singapore’s inflation rose 6.5% YoY in February, just shy of the 25-year high of 6.6% reported in January as the cost of housing, food, transport and communication increased. The Ministry of Trade and Industry issued a second statement in two months saying that underlying inflation remains stable.
- Property consultancy firm Knight Frank expects home, retail and office rental growth to ease. Private housing rents are expected to grow 5-15% YoY in 2008, after a massive 40% YoY gain last year.
- China Energy expects its Jiutai acquisition, the subject of an independent review, to pay off in three years and to enjoy a turnaround in profitability this fiscal year.
- Private equity firm MBK Partners has extended a deadline for its bid to take AsiaPharm private at S$0.725 a share by a week until March 31. MBK has so far received acceptances representing 28.53% of the total issued share capital.
- Boustead has been awarded two contracts worth S$32m to build water and wastewater treatment plants for mega power plants in Indonesia and Singapore.
- Midas has won a RMB61.9m contract to supply aluminum alloy extrusion profiles for metro train cars on the Shanghai Metro Line 10 project.
- STATS ChipPAC said it will end over-the-counter trading of its American depositary receipts “as soon as practicable”.
Summary: Jishan Holdings Ltd could potentially face slowing export demand and the strengthening RMB, which may lead to reduced export revenues and margins compression in the domestic market.
China’s textile and garments exports in February declined 32.9% from January due to lower global demand. Jishan’s export sales accounted for 43.1% of FY07 revenue, and any slowdown in export demand could affect its export revenues.
With the strengthening of the RMB against the USD, this may also reduce Jishan’s export competitiveness, thereby reducing export revenues. Moreover, a slowdown in exports may lead to an increase in supply to the domestic market, resulting in a reduction in average selling prices, thereby compressing margins.
In view of the above challenging operating environment, we are reiterating our HOLD rating and fair value of S$0.08. (Selena Leong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- JPMorgan Chase & Co has increased its offer for Bear Stearns to US$10 a share.
- Singapore’s inflation rose 6.5% YoY in February, just shy of the 25-year high of 6.6% reported in January as the cost of housing, food, transport and communication increased. The Ministry of Trade and Industry issued a second statement in two months saying that underlying inflation remains stable.
- Property consultancy firm Knight Frank expects home, retail and office rental growth to ease. Private housing rents are expected to grow 5-15% YoY in 2008, after a massive 40% YoY gain last year.
- China Energy expects its Jiutai acquisition, the subject of an independent review, to pay off in three years and to enjoy a turnaround in profitability this fiscal year.
- Private equity firm MBK Partners has extended a deadline for its bid to take AsiaPharm private at S$0.725 a share by a week until March 31. MBK has so far received acceptances representing 28.53% of the total issued share capital.
- Boustead has been awarded two contracts worth S$32m to build water and wastewater treatment plants for mega power plants in Indonesia and Singapore.
- Midas has won a RMB61.9m contract to supply aluminum alloy extrusion profiles for metro train cars on the Shanghai Metro Line 10 project.
- STATS ChipPAC said it will end over-the-counter trading of its American depositary receipts “as soon as practicable”.
CIMB Report - 25 March 2008
What’s on the table
StarHub (S$3.07) - Concerns are lifting The wall of worry due to SingTel's mioTV threat, mobile number portability (MNP) and Next-Generation Broadband Networks (NGNBN) risks have unduly weighed on StarHub's share price over the past 12 months.
We see signs that these concerns are receding, setting the stage for a sustained share price advance beyond the 12-month trading range. Looking ahead, cable TV could post upside surprise. StarHub has beefed up its line-up with 14 new channels since mid-07 which is likely to spur new subscribers and take-up of add-on packages.
In addition, the Sports Group repricing provides significant ARPU tailwind in 2008. Scope for dividend/capital return upgrades by consensus estimates of 18 cts/share (5.9% yield) towards our expectation of 30 cts/share (9.8% yield) should be an additional catalyst.
Our estimate is effectively backed by free cashflow and the management is highly committed to returning capital to shareholders. Reiterate Outperform with unchanged DCF-based target price of S$3.76. StarHub remains our top Singapore telco pick.
Quick Takes
· Regional Aviation - Risk-reward favours rebound in aviation stocks
· Oil & Gas Sector - Adjusting USDollar assumptions
· Consumer Price Index - Slight cooling in February Corporate News
· JPMorgan ups Bear Stearns bid by four times
· Cosco’s Financial Controller resigns
· MBK extends AsiaPharm offer to end of March
· Sing Lun told of general offer talks
· Aluminium unit of Midas wins 62m yuan deal
StarHub (S$3.07) - Concerns are lifting The wall of worry due to SingTel's mioTV threat, mobile number portability (MNP) and Next-Generation Broadband Networks (NGNBN) risks have unduly weighed on StarHub's share price over the past 12 months.
We see signs that these concerns are receding, setting the stage for a sustained share price advance beyond the 12-month trading range. Looking ahead, cable TV could post upside surprise. StarHub has beefed up its line-up with 14 new channels since mid-07 which is likely to spur new subscribers and take-up of add-on packages.
In addition, the Sports Group repricing provides significant ARPU tailwind in 2008. Scope for dividend/capital return upgrades by consensus estimates of 18 cts/share (5.9% yield) towards our expectation of 30 cts/share (9.8% yield) should be an additional catalyst.
Our estimate is effectively backed by free cashflow and the management is highly committed to returning capital to shareholders. Reiterate Outperform with unchanged DCF-based target price of S$3.76. StarHub remains our top Singapore telco pick.
Quick Takes
· Regional Aviation - Risk-reward favours rebound in aviation stocks
· Oil & Gas Sector - Adjusting USDollar assumptions
· Consumer Price Index - Slight cooling in February Corporate News
· JPMorgan ups Bear Stearns bid by four times
· Cosco’s Financial Controller resigns
· MBK extends AsiaPharm offer to end of March
· Sing Lun told of general offer talks
· Aluminium unit of Midas wins 62m yuan deal
Saturday, March 22, 2008
美股收盘走高
美国股市周四收盘走高。本周金融类股上限振荡，本周公布业绩的三大华尔街投资银行高盛集团(Goldman Sachs)、雷曼兄弟(Lehman Brothers)及摩根士丹利(Morgan Stanley)推动股市在周四上涨。
道琼斯工业股票平均价格指数周四收盘涨261.66点，至12361.32点，涨幅2.16%；本周累计上涨410.23点，涨幅3.4%。
标准普尔500指数涨31.09点，至1329.51点，涨幅2.39%；纳斯达克综合指数涨48.15点，至2258.11点，涨幅2.18%。本周标准普尔500指数累计涨41.37点，涨幅3.2%；纳斯达克综合指数累计涨45.62点，涨幅2.1%。
经济数据：
美国劳工部(Labor Department)周四公布，经季节性因素调整后，截至3月15日当周的首次申请失业救济人数飙升2.2万人，至37.8万人，达到2005年10月以来的最高水平。此前接受道琼斯通讯社(Dow Jones Newswires)调查的经济学家的预期仅为增加3,000人。之前一周的数据被向上修正了3,000人。
周四公布的数据显示，截至3月8日当周道琼斯－三菱东京UFJ银行(Dow Jones-Bank of Tokyo-Mitsubishi-UFJ)商业景气指数较前一周下降0.1%。此前一周为持平。当周道琼斯－三菱东京UFJ银行业景气指数较上年同期下降1%。
费城联邦储备银行(Federal Reserve Bank of Philadelphia)周四公布，3月份费城地区制造业活动小幅反弹，反弹幅度超出预期，但依旧处于明显的萎缩阶段。该行公布的3月份商业景气指数反弹至-17.4，2月份为-24.0。该指数低于零表示制造业活动萎缩，高于零表示制造业在扩张。接受道琼斯通讯社(Dow Jones Newswires)调查的经济学家此前预计，当月商业景气指数将升至-19.5。
世界大型企业联合会(The Conference Board)发布的初步数据显示，2月份领先指标综合指数下降0.3%。这也是该指数连续第五个月下跌。这家私人研究机构公布，2月份领先指标综合指数降至135.0，1月份指标修正后为下降0.4%，去年12月为下降0.1%，11月和10月均为下降0.5%。
美国联邦储备委员会(Federal Reserve, 简称Fed)周四发布的最新一周货币供应报告显示，经季节性因素调整后，M1货币供应量减少313亿美元，至1.360万亿美元；M2货币供应量增加53亿美元，至7.65万亿美元。
公司动态：
今日涨幅居前的个股中，高盛集团收盘涨13.14美元，至179.63美元，涨幅8%；雷曼兄弟涨6.42美元，至48.65美元，涨幅15%；摩根士丹利涨6.22美元，至49.67美元，涨幅14%。
道琼斯指数成份股花旗集团(Citigroup)涨2.09美元，至22.50美元，涨幅10%，此前有报导称，该公司计划进一步裁减2,000名市场及银行部门雇员。
与金融类股整体走势相反，金融服务公司CIT Group下跌2.01美元，至9.63美元，跌幅17%，该公司透露，已经动用73亿美元的银行信贷额度，因为信贷市场的混乱状况使该公司没有能力对几个月之后到期的债务进行再融资。
周四尾盘，部分抵押贷款相关公司同样大幅上扬，因市场对监管机构为提振疲软的住房市场而放宽房利美(Fannie Mae)及联邦住房贷款抵押公司(Freddie Mac)资本要求的决定持乐观态度。此外，Keefe Bruyette & Woods的分析师们将上述两公司评级从与大盘一致上调至强于大盘。
房利美涨3.59美元，至34.30美元，涨幅12%；联邦住房贷款抵押公司涨2.68美元，至32.58美元，涨幅9%。其他上涨的抵押贷款相关公司中，Washington Mutual涨1.87美元，至11.70美元，涨幅19%；Countrywide Financial涨67美分，至5.78美元，涨幅13%。
道琼斯工业股票平均价格指数周四收盘涨261.66点，至12361.32点，涨幅2.16%；本周累计上涨410.23点，涨幅3.4%。
标准普尔500指数涨31.09点，至1329.51点，涨幅2.39%；纳斯达克综合指数涨48.15点，至2258.11点，涨幅2.18%。本周标准普尔500指数累计涨41.37点，涨幅3.2%；纳斯达克综合指数累计涨45.62点，涨幅2.1%。
经济数据：
美国劳工部(Labor Department)周四公布，经季节性因素调整后，截至3月15日当周的首次申请失业救济人数飙升2.2万人，至37.8万人，达到2005年10月以来的最高水平。此前接受道琼斯通讯社(Dow Jones Newswires)调查的经济学家的预期仅为增加3,000人。之前一周的数据被向上修正了3,000人。
周四公布的数据显示，截至3月8日当周道琼斯－三菱东京UFJ银行(Dow Jones-Bank of Tokyo-Mitsubishi-UFJ)商业景气指数较前一周下降0.1%。此前一周为持平。当周道琼斯－三菱东京UFJ银行业景气指数较上年同期下降1%。
费城联邦储备银行(Federal Reserve Bank of Philadelphia)周四公布，3月份费城地区制造业活动小幅反弹，反弹幅度超出预期，但依旧处于明显的萎缩阶段。该行公布的3月份商业景气指数反弹至-17.4，2月份为-24.0。该指数低于零表示制造业活动萎缩，高于零表示制造业在扩张。接受道琼斯通讯社(Dow Jones Newswires)调查的经济学家此前预计，当月商业景气指数将升至-19.5。
世界大型企业联合会(The Conference Board)发布的初步数据显示，2月份领先指标综合指数下降0.3%。这也是该指数连续第五个月下跌。这家私人研究机构公布，2月份领先指标综合指数降至135.0，1月份指标修正后为下降0.4%，去年12月为下降0.1%，11月和10月均为下降0.5%。
美国联邦储备委员会(Federal Reserve, 简称Fed)周四发布的最新一周货币供应报告显示，经季节性因素调整后，M1货币供应量减少313亿美元，至1.360万亿美元；M2货币供应量增加53亿美元，至7.65万亿美元。
公司动态：
今日涨幅居前的个股中，高盛集团收盘涨13.14美元，至179.63美元，涨幅8%；雷曼兄弟涨6.42美元，至48.65美元，涨幅15%；摩根士丹利涨6.22美元，至49.67美元，涨幅14%。
道琼斯指数成份股花旗集团(Citigroup)涨2.09美元，至22.50美元，涨幅10%，此前有报导称，该公司计划进一步裁减2,000名市场及银行部门雇员。
与金融类股整体走势相反，金融服务公司CIT Group下跌2.01美元，至9.63美元，跌幅17%，该公司透露，已经动用73亿美元的银行信贷额度，因为信贷市场的混乱状况使该公司没有能力对几个月之后到期的债务进行再融资。
周四尾盘，部分抵押贷款相关公司同样大幅上扬，因市场对监管机构为提振疲软的住房市场而放宽房利美(Fannie Mae)及联邦住房贷款抵押公司(Freddie Mac)资本要求的决定持乐观态度。此外，Keefe Bruyette & Woods的分析师们将上述两公司评级从与大盘一致上调至强于大盘。
房利美涨3.59美元，至34.30美元，涨幅12%；联邦住房贷款抵押公司涨2.68美元，至32.58美元，涨幅9%。其他上涨的抵押贷款相关公司中，Washington Mutual涨1.87美元，至11.70美元，涨幅19%；Countrywide Financial涨67美分，至5.78美元，涨幅13%。
Friday, March 21, 2008
大马云顶集团 有意投资澎湖博弈娱乐产业
【中央社╱澎湖县三日电】
2008.03.03 05:50 pm
丽星邮轮公司总经理卢冠群今天上午拜会澎湖县长王干发，除感谢澎湖县对丽星公司旗下「天秤星号」邮轮去年四趟澎湖行提供的协助外，也向王县长表达丽星母公司云顶集团投资澎湖博弈娱乐产业的意愿。
卢冠群今天上午由交通部高雄港务局马公办事处主任郑旭明、澎湖县政府旅游局长洪栋霖陪同，拜会王干发县长。
由于去年丽星邮轮公司四万两千吨的「天秤星号」四度航抵马公港，成功地为澎湖带来钜大的观光效益，卢冠群总经理今天特别拜访王干发，对王县长的大力支持和协助表示谢意，并决定今年「天秤星号」邮轮航驶马公的航次增加为六次，以带动澎湖整体的观光效益，并提高澎湖在国际旅游市场的能见度和竞争力。
卢冠群指出，丽星公司的经营阶层全是华人，最了解华人观光客的需求与偏好。而澎湖是非常具有潜质的观光旅游点，未来的发展远景可期，丽星将尽全力对澎湖的观光旅游作出贡献。尤其未来如果两岸三通以后，丽星邮轮可望为澎湖带来大量大陆观光客，为澎湖创造的经济效益至为惊人。
卢冠群也向王干发表达，持有丽星公司百分之九股权的母公司马来西亚云顶集团有意投资澎湖的博弈游乐产业。卢冠群指出，云顶跨足澎湖博弈产业，不会只投资casino，还会包含大型购物中心和其他相关娱乐设施。
王干发强调，博弈产业与免税商店对澎湖未来的发展助益极大，但澎湖最需要的不是五星级大饭店内附设赌场，而是一个有整体规划、配套完善的博弈产业游乐园区。澎湖县已规划了五公顷的土地，准备供业者投资设立博弈产业游乐园区，对于像云顶这样规模大、财力雄厚、有竞争力的国际财团，真正适合来澎湖投资。
卢冠群表示，云顶是最有实力可以帮助澎湖发展博弈游乐产业的财团。而且未来丽星邮轮给澎湖带来的不只有赌客，还有观光客，经过与澎湖县的协作，未来可望将澎湖推向邮轮旅游的国际舞台。
最后，王干发与卢冠群达成一致看法，澎湖现已拥有完善的机场和道路建设，未来如果成功扩建马公港成国际港，加上澎湖特有的观光景致和资源，必可迅速发展成一个全方位的观光、旅游、休闲、渡假的国际旅游点。
Source
2008.03.03 05:50 pm
丽星邮轮公司总经理卢冠群今天上午拜会澎湖县长王干发，除感谢澎湖县对丽星公司旗下「天秤星号」邮轮去年四趟澎湖行提供的协助外，也向王县长表达丽星母公司云顶集团投资澎湖博弈娱乐产业的意愿。
卢冠群今天上午由交通部高雄港务局马公办事处主任郑旭明、澎湖县政府旅游局长洪栋霖陪同，拜会王干发县长。
由于去年丽星邮轮公司四万两千吨的「天秤星号」四度航抵马公港，成功地为澎湖带来钜大的观光效益，卢冠群总经理今天特别拜访王干发，对王县长的大力支持和协助表示谢意，并决定今年「天秤星号」邮轮航驶马公的航次增加为六次，以带动澎湖整体的观光效益，并提高澎湖在国际旅游市场的能见度和竞争力。
卢冠群指出，丽星公司的经营阶层全是华人，最了解华人观光客的需求与偏好。而澎湖是非常具有潜质的观光旅游点，未来的发展远景可期，丽星将尽全力对澎湖的观光旅游作出贡献。尤其未来如果两岸三通以后，丽星邮轮可望为澎湖带来大量大陆观光客，为澎湖创造的经济效益至为惊人。
卢冠群也向王干发表达，持有丽星公司百分之九股权的母公司马来西亚云顶集团有意投资澎湖的博弈游乐产业。卢冠群指出，云顶跨足澎湖博弈产业，不会只投资casino，还会包含大型购物中心和其他相关娱乐设施。
王干发强调，博弈产业与免税商店对澎湖未来的发展助益极大，但澎湖最需要的不是五星级大饭店内附设赌场，而是一个有整体规划、配套完善的博弈产业游乐园区。澎湖县已规划了五公顷的土地，准备供业者投资设立博弈产业游乐园区，对于像云顶这样规模大、财力雄厚、有竞争力的国际财团，真正适合来澎湖投资。
卢冠群表示，云顶是最有实力可以帮助澎湖发展博弈游乐产业的财团。而且未来丽星邮轮给澎湖带来的不只有赌客，还有观光客，经过与澎湖县的协作，未来可望将澎湖推向邮轮旅游的国际舞台。
最后，王干发与卢冠群达成一致看法，澎湖现已拥有完善的机场和道路建设，未来如果成功扩建马公港成国际港，加上澎湖特有的观光景致和资源，必可迅速发展成一个全方位的观光、旅游、休闲、渡假的国际旅游点。
Source
Thursday, March 20, 2008
Aussie firm inks $5b Marina Bay contract
AUSTRALIAN company Macquarie Global Property Advisers (MGPA) is investing $5 billion in an integrated commercial development in Marina Bay and looking for more investments in Singapore and the region.
MGPA's chief executive for Asia developments, Mr Michael Wilkinson, said at the development's signing ceremony yesterday that the company is optimistic about Singapore property.
Mr Simon Treacy, who heads the firm's Asia investments unit, agreed, saying: 'Fundamentals are great in the medium to long term.' He added that MGPA is keen to invest in Singapore's residential, retail and office sectors.
The $5 billion investment will be the private equity fund management firm's largest in South-east Asia although it has invested $4.5 billion in Singapore over the past 18 months.
'MGPA's participation is a demonstration of the growing interest from foreign real estate investors in Singapore,' said Minister of State for National Development Grace Fu at yesterday's signing ceremony for the project.
Ms Fu, the guest of honour, said the Government is committed to supplying adequate land for prime office developments. The new area at Marina Bay will provide about 2.82 million sq m of office space - more than twice the size of London's Canary Wharf, she said.
MGPA's Marina View development alone will yield about 200,000 sq m of space.
It had successfully tendered for the first 1.02ha Marina View site with a $2.02 billion bid last September.
The Australia-based firm then won the second 0.9ha site last November at a $950 million bid.
The first office building will be completed in 2011, and the second - which will boast a luxury hotel with at least 220 rooms - will be ready a year later.
Source
MGPA's chief executive for Asia developments, Mr Michael Wilkinson, said at the development's signing ceremony yesterday that the company is optimistic about Singapore property.
Mr Simon Treacy, who heads the firm's Asia investments unit, agreed, saying: 'Fundamentals are great in the medium to long term.' He added that MGPA is keen to invest in Singapore's residential, retail and office sectors.
The $5 billion investment will be the private equity fund management firm's largest in South-east Asia although it has invested $4.5 billion in Singapore over the past 18 months.
'MGPA's participation is a demonstration of the growing interest from foreign real estate investors in Singapore,' said Minister of State for National Development Grace Fu at yesterday's signing ceremony for the project.
Ms Fu, the guest of honour, said the Government is committed to supplying adequate land for prime office developments. The new area at Marina Bay will provide about 2.82 million sq m of office space - more than twice the size of London's Canary Wharf, she said.
MGPA's Marina View development alone will yield about 200,000 sq m of space.
It had successfully tendered for the first 1.02ha Marina View site with a $2.02 billion bid last September.
The Australia-based firm then won the second 0.9ha site last November at a $950 million bid.
The first office building will be completed in 2011, and the second - which will boast a luxury hotel with at least 220 rooms - will be ready a year later.
Source
Singtel win Singapore rights
UEFA has awarded the exclusive rights for the UEFA Champions League and UEFA Cup for the period between 2009 and 2012 in Singapore to Singtel. The rights will be exploited across Singtel's IPTV, internet and mobile platforms.
Club competition coverageLive coverage of UEFA Champions League, UEFA Super Cup and UEFA Cup matches will be shown on their Live Sports channels, as well as being streamed via the Internet on www.ideas.singtel.com and on Singtel's mobile portal.
Tremendous popularity"We are excited at the prospect of working with a new partner in the form of Singtel," said UEFA. "The commitment they have made to acquire the media rights is evidence of the tremendous popularity of the UEFA Champions League and the UEFA Cup in Singapore. UEFA also thanks ESPN Star Sports and StarHub, for their excellent contribution to broadcasting the UEFA Champions League and UEFA Cup respectively."
Marketing agentsTEAM Marketing AG is the exclusive marketing agent of UEFA for the UEFA Champions League, UEFA Super Cup and UEFA Cup.
中国股市单日转向由跌变升
中国股市今天先跌后升。沪指一度下跌6%，但在午盘后变成升1.13%。
证指数今开3721.50 点，最高3857.62点，最低3516.33点，收盘报于3804.05点，成交额1062.44亿元，上涨42.45点，涨幅1.13%；深圳成指今开12894.41点，最高13651.57点，最低12291.91点，收盘报于13548.61点，成交额156.84亿元，上涨504.41点，涨幅3.87%。
Source
证指数今开3721.50 点，最高3857.62点，最低3516.33点，收盘报于3804.05点，成交额1062.44亿元，上涨42.45点，涨幅1.13%；深圳成指今开12894.41点，最高13651.57点，最低12291.91点，收盘报于13548.61点，成交额156.84亿元，上涨504.41点，涨幅3.87%。
Source
Published on: Mar 15, 2008
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Wednesday, March 19, 2008
新加坡股市收盘持平，受获利回吐影响；市场人气谨慎
新加坡股市周三收盘持平，盘中多数时间走高，但投资者的获利了结令股市在尾盘回吐涨幅。
新加坡海峡时报指数收盘小幅走低，下跌0.37点，至2833.21点，跌幅0.01%。
海峡时报指数30个成份股中18只股票下挫。大盘共391只股票下跌，322只股票上涨。
市场交投淡静，成交量总计16亿股。交易员称，股市人气依然谨慎。
新加坡海峡时报指数收盘小幅走低，下跌0.37点，至2833.21点，跌幅0.01%。
海峡时报指数30个成份股中18只股票下挫。大盘共391只股票下跌，322只股票上涨。
市场交投淡静，成交量总计16亿股。交易员称，股市人气依然谨慎。
宣布将配售新股 太安科技股价大涨
太安科技(Tri-M Technologies)日前宣布将以每股10.9分配售4000万新股，而该股昨日首日恢复交易就大涨23.5分或223.8％至34分。
集团表示，这项配售可集资约415万元，其中的250万元将用于在中国吉林省的原油开采发展项目，而其他资金将作为营运资本。
每股10.9分的配售价格相等于公司暂停交易前两天加权平均价折价9.47％后的价格。在交易完成后，公司的资本将从1871万元增长至2307万元，股票数量也从2亿3382万股增至2亿7382万股。
太安科技在本月14日宣布已签订谅解备忘录，有意收购成立于英属维京群岛的Kingworld Resources有限公司的所有普通股，进军原油的开发与生产业务。
去年底，中国石油天然气集团与Kingworld Resources签署合同，共同发展位于吉林省扶余县的碳氢资源，并以原油为最终产品。
该项目的占地面积为254.9平方公里，根据相关报道，区域内一块35平方公里地段的碳氢资源含量达到3280万吨。
Kingworld的股本由《星洲日报》、《南洋商报》老板张晓卿及Tiong Kiu King拥有。他们是太安科技执行董事Tiong Ik King的兄弟。张晓卿也是集团的执行主席，并与Tiong Ik King持有Surreyville私人有限公司的所有股本。这家公司拥有集团88.91％股本。
Source
集团表示，这项配售可集资约415万元，其中的250万元将用于在中国吉林省的原油开采发展项目，而其他资金将作为营运资本。
每股10.9分的配售价格相等于公司暂停交易前两天加权平均价折价9.47％后的价格。在交易完成后，公司的资本将从1871万元增长至2307万元，股票数量也从2亿3382万股增至2亿7382万股。
太安科技在本月14日宣布已签订谅解备忘录，有意收购成立于英属维京群岛的Kingworld Resources有限公司的所有普通股，进军原油的开发与生产业务。
去年底，中国石油天然气集团与Kingworld Resources签署合同，共同发展位于吉林省扶余县的碳氢资源，并以原油为最终产品。
该项目的占地面积为254.9平方公里，根据相关报道，区域内一块35平方公里地段的碳氢资源含量达到3280万吨。
Kingworld的股本由《星洲日报》、《南洋商报》老板张晓卿及Tiong Kiu King拥有。他们是太安科技执行董事Tiong Ik King的兄弟。张晓卿也是集团的执行主席，并与Tiong Ik King持有Surreyville私人有限公司的所有股本。这家公司拥有集团88.91％股本。
Source
金明创新获云顶国际总值1450万元合同
金明创新（Kingsmen Creatives）获云顶国际（Genting International）子公司圣淘沙名胜世界（Resorts World at Sentosa，RWS）总值1450万新元合同，为其环球影城（Universal Studios）的海底世界景点制造及建设剧场和道具。
项目预期明年9月之前完工，并将为金明创新2008及2009财年集团每股盈利或净有形资产带来正面及实质的影响。
耗资60亿新元兴建的圣淘沙名胜世界占地49公顷，内设有东南亚唯一环球影城主题乐园、全球最大的海洋生物馆及区域首个综合温泉保健浴。
Source
项目预期明年9月之前完工，并将为金明创新2008及2009财年集团每股盈利或净有形资产带来正面及实质的影响。
耗资60亿新元兴建的圣淘沙名胜世界占地49公顷，内设有东南亚唯一环球影城主题乐园、全球最大的海洋生物馆及区域首个综合温泉保健浴。
Source
Kingsmen secures Universal Studios Singapore contract
Kingsmen secures S$14.5 Million Universal Studios Singapore contract
http://www.kingsmen-int.com/admin/newsletter/tempfile/NSL0000088_put.pdf
http://www.kingsmen-int.com/admin/newsletter/tempfile/NSL0000088_put.pdf
OCBC Report - 19 March 2008
Tiong Woon Corporation Holding Ltd: Results synopsis
Summary: Tiong Woon Corporation Holding Limited (TWC) recently reported record profit before tax (PBT) of S$12.8m (a surge of 45% YoY) bolstered by a jump of 49% in revenue to S$65.8m for its 1H08 results ending Dec 31, 2007.
The increased in turnover was mainly attributed to the increased income of S$15.1m (+52% YoY) from the Heavy Lift and Haulage segment as well as maiden contribution of S$9.1m from the Fabrication & Engineering segment.
TWC’s Heavy Lift and Haulage segment contributed S$44.2m (or 67%) of the overall turnover in 1H08. This segment remains the core earnings driver, fueled by the increased construction activities both domestically and from the emerging markets such as Indonesia, Vietnam and Middle East.
For its maiden shipbuilding project, we understand that the pipe-laying barge is 20% completed and is slightly behind schedule due to the recent bad weather conditions. The management reassured that they are increasing the workforce productivity to bring the current schedule back on track.
TWC’s net gearing rose from 30% in FY06 to 48% in FY07, as a result of higher borrowings to fund its fleet renewal and develop the Bintan fabrication yard. As at 31 Dec 07, TWC’s net gearing increased further to 63%. We do not have a rating on this stock. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for the detailed report.
NEWS HEADLINES
- The US Federal Reserve cut its Fed Funds Rate by 75 basis points to 2.25%.
- Two US investment banks, Goldman Sachs and Lehman Brothers, posted forecast-topping (but still sharply lower) quarterly earnings.
- Moody’s downgraded Allco Reit from Ba1 to Ba2, and also signaled the possibility of a further cut in ratings. Allco had said earlier this month that it may sell its Australian properties valued at A$483m.
- The government will not award a landed housing parcel in Jurong West because the bids were too low, with the top bid at just S$77.8 psf.
- SIA said it was still in acquisition talks with China Eastern. Rival suitor Air China is also still hoping for a tie up with the much in-demand airline but is willing to look elsewhere if it has to.
- Mapletree Logistics Trust has acquired two properties in Singapore for S$56m under a sale-and-leaseback arrangement with a NYSE-listed Con-way Inc unit.
- Macquarie Global Property Advisors will spend about S$2b to build a commercial complex on two development sites at Marina View that it bought last year for almost S$3b.
- Kingsmen Creative has been awarded a S$14.5m deal by Resorts World at Sentosa to build props and show sets for an upcoming theme park.
- Peace Mark had received acceptances of 97.08% of Sincere Watch’s issued share capital at the offer’s close yesterday. It intends to maintain Sincere’s listed status and won’t exercise its powers of compulsory acquisition for the remaining shares.
Summary: Tiong Woon Corporation Holding Limited (TWC) recently reported record profit before tax (PBT) of S$12.8m (a surge of 45% YoY) bolstered by a jump of 49% in revenue to S$65.8m for its 1H08 results ending Dec 31, 2007.
The increased in turnover was mainly attributed to the increased income of S$15.1m (+52% YoY) from the Heavy Lift and Haulage segment as well as maiden contribution of S$9.1m from the Fabrication & Engineering segment.
TWC’s Heavy Lift and Haulage segment contributed S$44.2m (or 67%) of the overall turnover in 1H08. This segment remains the core earnings driver, fueled by the increased construction activities both domestically and from the emerging markets such as Indonesia, Vietnam and Middle East.
For its maiden shipbuilding project, we understand that the pipe-laying barge is 20% completed and is slightly behind schedule due to the recent bad weather conditions. The management reassured that they are increasing the workforce productivity to bring the current schedule back on track.
TWC’s net gearing rose from 30% in FY06 to 48% in FY07, as a result of higher borrowings to fund its fleet renewal and develop the Bintan fabrication yard. As at 31 Dec 07, TWC’s net gearing increased further to 63%. We do not have a rating on this stock. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for the detailed report.
NEWS HEADLINES
- The US Federal Reserve cut its Fed Funds Rate by 75 basis points to 2.25%.
- Two US investment banks, Goldman Sachs and Lehman Brothers, posted forecast-topping (but still sharply lower) quarterly earnings.
- Moody’s downgraded Allco Reit from Ba1 to Ba2, and also signaled the possibility of a further cut in ratings. Allco had said earlier this month that it may sell its Australian properties valued at A$483m.
- The government will not award a landed housing parcel in Jurong West because the bids were too low, with the top bid at just S$77.8 psf.
- SIA said it was still in acquisition talks with China Eastern. Rival suitor Air China is also still hoping for a tie up with the much in-demand airline but is willing to look elsewhere if it has to.
- Mapletree Logistics Trust has acquired two properties in Singapore for S$56m under a sale-and-leaseback arrangement with a NYSE-listed Con-way Inc unit.
- Macquarie Global Property Advisors will spend about S$2b to build a commercial complex on two development sites at Marina View that it bought last year for almost S$3b.
- Kingsmen Creative has been awarded a S$14.5m deal by Resorts World at Sentosa to build props and show sets for an upcoming theme park.
- Peace Mark had received acceptances of 97.08% of Sincere Watch’s issued share capital at the offer’s close yesterday. It intends to maintain Sincere’s listed status and won’t exercise its powers of compulsory acquisition for the remaining shares.
DBSVickers Report - 19 March 2008
Ferrochina; BUY S$1.16;
Bloomberg: FRC SP Plant Visit Reinforces
Our Confidence in the Group’s Outlook;
Price Target : 12-Month S$ 2.75 (Prev S$ 2.80)
By: Paul Yong +65 6398 7951
Story: We paid a visit to FerroChina’s production plant in Changshu, Jiangu last week and also had the opportunity to meet up with the Group’s management.
Point: FerroChina’s 3rd reverse cold rolling mill is on track for commercial production by 2Q08 whilst two more galvanizing lines are expected to be up by the second half of the year. After speaking to management, we believe FerroChina’s sales growth in 2008 is likely to be driven mostly by higher volume sales of cold rolled steel coils (CRC), which are currently in short supply and are commanding attractive margins. Demand for high quality galvanized steel also continues to be firm and we expect GP per MT for this product to hold steady, with the Group’s blended GP per MT improving as more higher margin products such as pre-painted galvanized steel coils are produced. At the same time, we have also tweaked our assumptions to match the Group’s current segmental reporting format, which breaks down their products into a) galvanized and pre-painted steel coils, b) cold rolled steel coils and c) others (antisepticised steel coils and cutting & slitting services). We have raised ASP assumptions to reflect current price trends but kept GP per MT largely intact. In summary, we have cut our FY08 earnings estimate by 2% and raised our FY09 earnings estimate by 3%.
Relevance: We maintain our BUY call, with a marginally adjusted target price of S$2.75, based on 10x FY08 earnings. At 4.1x FY08 PER and 3.2x FY09 PER, valuations are undemanding and the Group could be a take-out or investment target for upstream players looking to move into the downstream at this attractive price level.
Bloomberg: FRC SP Plant Visit Reinforces
Our Confidence in the Group’s Outlook;
Price Target : 12-Month S$ 2.75 (Prev S$ 2.80)
By: Paul Yong +65 6398 7951
Story: We paid a visit to FerroChina’s production plant in Changshu, Jiangu last week and also had the opportunity to meet up with the Group’s management.
Point: FerroChina’s 3rd reverse cold rolling mill is on track for commercial production by 2Q08 whilst two more galvanizing lines are expected to be up by the second half of the year. After speaking to management, we believe FerroChina’s sales growth in 2008 is likely to be driven mostly by higher volume sales of cold rolled steel coils (CRC), which are currently in short supply and are commanding attractive margins. Demand for high quality galvanized steel also continues to be firm and we expect GP per MT for this product to hold steady, with the Group’s blended GP per MT improving as more higher margin products such as pre-painted galvanized steel coils are produced. At the same time, we have also tweaked our assumptions to match the Group’s current segmental reporting format, which breaks down their products into a) galvanized and pre-painted steel coils, b) cold rolled steel coils and c) others (antisepticised steel coils and cutting & slitting services). We have raised ASP assumptions to reflect current price trends but kept GP per MT largely intact. In summary, we have cut our FY08 earnings estimate by 2% and raised our FY09 earnings estimate by 3%.
Relevance: We maintain our BUY call, with a marginally adjusted target price of S$2.75, based on 10x FY08 earnings. At 4.1x FY08 PER and 3.2x FY09 PER, valuations are undemanding and the Group could be a take-out or investment target for upstream players looking to move into the downstream at this attractive price level.
Motorists will travel on brand new road into Sentosa
SINGAPORE: Motorists driving into Sentosa from Tuesday will be travelling on a brand new road. It will replace the current Gateway Avenue which will be closed to make way for the development of Universal Studios Singapore, a part of the Resorts World at Sentosa.
Sentosa Leisure Group said the 730-metre, four-lane road (marked out in red) will help improve traffic on the island.
The Resorts World at Sentosa is bearing the S$60 million construction cost for the road, along with new ramps that will lead to its future 4,100-lot basement car park.
For now, ticketing will continue at Sentosa Gateway before drivers cross the bridge to the island.
However, admission booths will be located further inland on the new road starting the second quarter of this year.
This relocation is expected to cost some S$3 million. - CNA/ac
US STOCKS-Wall Street leaps on Fed cut, bank gains
NEW YORK, March 18 (Reuters) - Wall Street leaped to its biggest one-day gain in more than five years on Tuesday as a rate cut by the U.S. Federal Reserve and surprisingly solid results from two top investment banks lifted spirits darkened by Bear Stearns' sudden downfall.
The Fed fulfilled expectations by cutting its benchmark rate to the lowest since February 2005. Stocks rallied, with the S&P and the Nasdaq closing up more than 4 percent, even though policy makers opted for a slightly less aggressive rate reduction than some on Wall Street were expecting.
Recently battered financial stocks led the way as the S&P index of financial shares achieved its best day in eight years, climbing 8.5 percent.
Goldman Sachs and Lehman Brothers posted lower quarterly earnings, but both topped forecasts. The results provided evidence that bank profits were intact despite the escalating credit crisis, which forced the proposed fire-sale deal for Bear Stearns over the weekend.
Lehman shares soared 46.4 percent to $46.49 and Goldman rose 16.3 percent to $175.59.
The top 25 gainers on the New York Stock Exchange included some of the biggest losers in the subprime mortgage meltdown. Mortgage companies Fannie Mae and Freddie Mac, home builder Hovnanian Enterprises and the home lender most associated with the credit crunch, Countrywide Financial Corp, all ranked near the top of the NYSE's leading gainers' list.
"There's been tremendous panic. People throwing the baby out with the bath water, preparing for a Category 5 hurricane, and that presents a buying opportunity," said Chip Hanlon, president of Delta Global Advisors, Inc., in Huntington Beach, California.
"The economy will likely recover later this year, based on what the Fed is doing. The market is rallying today. It got so oversold that I won't be surprised to see it rally further."
The Dow Jones industrial average .DJI climbed 420.41 points, or 3.51 percent, to end at 12,392.66. The Standard & Poor's 500 Index .SPX rose 54.14 points, or 4.24 percent, to 1,330.74. The broad-based average had its biggest rise since October 2002. he Nasdaq Composite Index soared 91.25 points, or 4.19 percent, to 2,268.26.
The Nasdaq surged to its best one-day percentage advance since March 2003.
Shares of Fannie Mae rose 27.1 percent to $28.22 and Freddie Mac climbed 26.2 percent to $26.02 -- their biggest one day gains in two decades -- on expectations the government will allow the housing finance companies to expand their roles in the ailing U.S. housing market.
Hovnanian rose 18.4 percent to $10.17 and Countrywide surged 24.9 percent to $5.11.
On Sunday night, the Fed made an emergency quarter-point cut to its discount rate to 3.25 percent and expanded lending to include brokerages and investment banks, the first such move since the Great Depression of nearly 80 years ago.
Trading was heavy on the New York Stock Exchange, with about 1.95 billion shares changing hands, above last year's estimated daily average of roughly 1.9 billion, while on Nasdaq, about 2.36 billion shares traded, above last year's daily average of 2.17 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 7 to 1 and by more than 3 to 1 on Nasdaq. (Additional reporting by Ellis Mnyandu; Editing by Richard Satran)
The Fed fulfilled expectations by cutting its benchmark rate to the lowest since February 2005. Stocks rallied, with the S&P and the Nasdaq closing up more than 4 percent, even though policy makers opted for a slightly less aggressive rate reduction than some on Wall Street were expecting.
Recently battered financial stocks led the way as the S&P index of financial shares achieved its best day in eight years, climbing 8.5 percent.
Goldman Sachs and Lehman Brothers posted lower quarterly earnings, but both topped forecasts. The results provided evidence that bank profits were intact despite the escalating credit crisis, which forced the proposed fire-sale deal for Bear Stearns over the weekend.
Lehman shares soared 46.4 percent to $46.49 and Goldman rose 16.3 percent to $175.59.
The top 25 gainers on the New York Stock Exchange included some of the biggest losers in the subprime mortgage meltdown. Mortgage companies Fannie Mae and Freddie Mac, home builder Hovnanian Enterprises and the home lender most associated with the credit crunch, Countrywide Financial Corp, all ranked near the top of the NYSE's leading gainers' list.
"There's been tremendous panic. People throwing the baby out with the bath water, preparing for a Category 5 hurricane, and that presents a buying opportunity," said Chip Hanlon, president of Delta Global Advisors, Inc., in Huntington Beach, California.
"The economy will likely recover later this year, based on what the Fed is doing. The market is rallying today. It got so oversold that I won't be surprised to see it rally further."
The Dow Jones industrial average .DJI climbed 420.41 points, or 3.51 percent, to end at 12,392.66. The Standard & Poor's 500 Index .SPX rose 54.14 points, or 4.24 percent, to 1,330.74. The broad-based average had its biggest rise since October 2002. he Nasdaq Composite Index soared 91.25 points, or 4.19 percent, to 2,268.26.
The Nasdaq surged to its best one-day percentage advance since March 2003.
Shares of Fannie Mae rose 27.1 percent to $28.22 and Freddie Mac climbed 26.2 percent to $26.02 -- their biggest one day gains in two decades -- on expectations the government will allow the housing finance companies to expand their roles in the ailing U.S. housing market.
Hovnanian rose 18.4 percent to $10.17 and Countrywide surged 24.9 percent to $5.11.
On Sunday night, the Fed made an emergency quarter-point cut to its discount rate to 3.25 percent and expanded lending to include brokerages and investment banks, the first such move since the Great Depression of nearly 80 years ago.
Trading was heavy on the New York Stock Exchange, with about 1.95 billion shares changing hands, above last year's estimated daily average of roughly 1.9 billion, while on Nasdaq, about 2.36 billion shares traded, above last year's daily average of 2.17 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 7 to 1 and by more than 3 to 1 on Nasdaq. (Additional reporting by Ellis Mnyandu; Editing by Richard Satran)
Tuesday, March 18, 2008
高盛第一财季净利润下滑53%；从32亿美元降至15.1亿美元
高盛集团(Goldman Sachs Group Inc., GS)周二公布，第一财政季度净利润下降53%，至15.1亿美元，合每股收益3.23美元；上年同期净利润为32亿美元，合每股收益6.67美元。
这家总部位于纽约的公司公布，第一财季主营业务收入从127.3亿美元降至83.4亿美元。
公司首席执行长Lloyd Blankfein在公布业绩时表示，市场状况显然非常严峻。
高盛为旗下住房抵押贷款和证券业务计入10亿美元净损失，信贷产品中包含大约10亿美元的非投资级信贷发放活动相关损失，此外，投资业绩也不如上年同期。
这家总部位于纽约的公司公布，第一财季主营业务收入从127.3亿美元降至83.4亿美元。
公司首席执行长Lloyd Blankfein在公布业绩时表示，市场状况显然非常严峻。
高盛为旗下住房抵押贷款和证券业务计入10亿美元净损失，信贷产品中包含大约10亿美元的非投资级信贷发放活动相关损失，此外，投资业绩也不如上年同期。
新加坡股市收盘走高；市场关注Fed利率政策会议及银行业绩
新加坡基准股指周二走高，受投资者逢低买进一系列蓝筹股提振；但分析师们表示，市场人气仍显谨慎。
大华继显(UOB Kay Hian)分析师K Ajith表示，新加坡股市在小幅上扬后会再度回落；投资者的避险情绪依然高涨。
海峡时报指数收盘上涨40.83点，至2833.58点，涨幅1.5%；盘中一度下跌1%，至盘中低点。
该指数30只成份股中有20只走高；大盘共有349只股票下跌，331只股票上涨。
市场成交量依然较少，仅成交16亿股。
Westcomb Securities在一份报告中称，低成交量反映出，在美国联邦储备委员会(Federal Reserve, 简称Fed)于周三早间作出利率决定之前投资者持谨慎情绪。
该公司补充说，投资者还在等待高盛(Goldman Sachs)和雷曼兄弟(Lehman Brothers)定于晚些时候公布的业绩报告。
大华继显(UOB Kay Hian)分析师K Ajith表示，新加坡股市在小幅上扬后会再度回落；投资者的避险情绪依然高涨。
海峡时报指数收盘上涨40.83点，至2833.58点，涨幅1.5%；盘中一度下跌1%，至盘中低点。
该指数30只成份股中有20只走高；大盘共有349只股票下跌，331只股票上涨。
市场成交量依然较少，仅成交16亿股。
Westcomb Securities在一份报告中称，低成交量反映出，在美国联邦储备委员会(Federal Reserve, 简称Fed)于周三早间作出利率决定之前投资者持谨慎情绪。
该公司补充说，投资者还在等待高盛(Goldman Sachs)和雷曼兄弟(Lehman Brothers)定于晚些时候公布的业绩报告。
Media-Tech 2008: Kind of Blu
It’s not like they planned it that way, but Media-Tech’s North American conference, turned out to be the optical disc industry’s de facto first post-war summit. Held March 4-5 at the Mayfair Hotel in Miami’s Coconut Grove, Media-Tech 2008 was the industry's first conclave after the decisive victory of Sony’s Blu-ray over Toshiba’s HD DVD in a two-year format war that had ended only two weeks earlier.
Ostensibly, the conference was focused on business strategies that would help disc replicators and duplicators cope with diminishing demand and margins on physical media, such as duplicating Flash media and optimizing direct-mail marketing. But there was a palpable and collective sigh of relief throughout the relatively small show floor that the shoe had finally dropped in what had been a multi-billion-dollar competition for the next-generation disc format, one that effectively put capex and strategic planning on hold for both disc makers and equipment manufacturers.
Singulus, which has the largest market share in the global optical disc line manufacturing sector, seemed particularly happy. The company had held an open house a week earlier at its factory in Kahl am Main, Germany, to introduce the BD 50, its newest Blu-ray line that can manufacture the 50-GB iteration of the format. Sylvia Hitzel, v.p. of sales & marketing for Singulus, told EMedialive that the company is convinced that 50GB will be the version of choice in the U.S., where quick market traction for the format is critical to success. “The format is already moving in the U.S. and we expect Europe will begin to expand it capacity within the next few weeks,” she said, estimating that current sales of 15 lines in place or on order will increase by over 50% in Q2.
In the wake of a presentation on Blu-ray by Mike Mitchell, EVP and CTO at replicator Sony DADC, in which he outlined the format’s technical and manufacturing vision going forward, the talk turned to how quickly a Blu-ray infrastructure could be achieved and what would drive it. Cedric Collard, marketing manager for Austrian-based measurement/testing/optimization equipment maker Datarius, said quickly ramping up capacity could prove challenging. “It was a long war with a sudden end,” he said. “In the meantime, many of the line manufacturers in this business are gone, including Krauss-Maffei, 4M and Steag.”
In fact, only three companies globally have lines ready for sale – Singulus, Sony’s own lines and China-based Anwell; Sweden’s M2 has a BD 25 line that will be ready to ship by Q4. “But there have been a lot of BD-related product announcements recently, so I believe the technology is ready.”
Bob Freedman, CTO at replicator and post house Crest Digital in Los Angeles, said that getting the manufacturing infrastructure together was the first priority for the format, and that Sony was doing a good job getting information and support to potential users. However, like most replicators outside of the small top tier in the U.S. that already have BD lines in place--Sony’s DADC, BMG’s Sonopress, Cinram, and Technicolor--Freedman says his company will wait until its customer base develops sufficient demand for BD.
Pierre Van Dongen, sales agent for Anwell, which recently sold its first BD 25 line in the U.S. to CD Video in California, said he has been receiving “numerous” RFQs (requests for quotes) from replicators, including mid-tier disc manufacturers. “The expectation is that in the short term, at least, there will be more demand than capacity, so the mid-tier replicators are evaluating the possibilities of overflow from the majors and from independent studios,” he said. “What will be the challenge is not building the lines but rather installing them, training on them and support, because the BD [manufacturing] process is still evolving.”
More Than BluBD may have been the big buzz, but Media-Tech had other components. It was the first time that the Frankfurt, Germany-based organization partnered its show with AIMMA(American Independent Media Manufacturers Association), IDDA (International Disc Duplicating Association), and the DVDA (DVD Association). Media-Tech managing director Bryan Ekus said, “Blu-ray’s emergence as the next-gen format is a signal for the industry to come back together.”
Gary Reeves, president of Rochester-based duplicator Spinergy and an AIMMA member, agreed but added that physical media is diverse enough to warrant subgroups that can focus on specialized facets of the business, such as AIMMA’s Colonial Purchasing co-op, which lets members pool consumables purchases to obtain larger volume discounts. Till this year, only replicators in AIMMA could participate; at their meeting during Media-Tech this year, the organization extended it to duplicators, as well. Media-Tech’s European expo is scheduled for May 6-8 in Frankfurt.
Dan Daley (danwriter at aol.com) is an experienced journalist and author, covering the business and technology of the entertainment industry for over 20 years. His work has appeared in numerous publications, both trade and general interest, including Billboard, The New York Daily News, Mix Magazine, GRAMMY Magazine, American Way, Spin, History Channel, TravelHost, International Business, USA Today, ArchiTech, and many others.
Source
Ostensibly, the conference was focused on business strategies that would help disc replicators and duplicators cope with diminishing demand and margins on physical media, such as duplicating Flash media and optimizing direct-mail marketing. But there was a palpable and collective sigh of relief throughout the relatively small show floor that the shoe had finally dropped in what had been a multi-billion-dollar competition for the next-generation disc format, one that effectively put capex and strategic planning on hold for both disc makers and equipment manufacturers.
Singulus, which has the largest market share in the global optical disc line manufacturing sector, seemed particularly happy. The company had held an open house a week earlier at its factory in Kahl am Main, Germany, to introduce the BD 50, its newest Blu-ray line that can manufacture the 50-GB iteration of the format. Sylvia Hitzel, v.p. of sales & marketing for Singulus, told EMedialive that the company is convinced that 50GB will be the version of choice in the U.S., where quick market traction for the format is critical to success. “The format is already moving in the U.S. and we expect Europe will begin to expand it capacity within the next few weeks,” she said, estimating that current sales of 15 lines in place or on order will increase by over 50% in Q2.
In the wake of a presentation on Blu-ray by Mike Mitchell, EVP and CTO at replicator Sony DADC, in which he outlined the format’s technical and manufacturing vision going forward, the talk turned to how quickly a Blu-ray infrastructure could be achieved and what would drive it. Cedric Collard, marketing manager for Austrian-based measurement/testing/optimization equipment maker Datarius, said quickly ramping up capacity could prove challenging. “It was a long war with a sudden end,” he said. “In the meantime, many of the line manufacturers in this business are gone, including Krauss-Maffei, 4M and Steag.”
In fact, only three companies globally have lines ready for sale – Singulus, Sony’s own lines and China-based Anwell; Sweden’s M2 has a BD 25 line that will be ready to ship by Q4. “But there have been a lot of BD-related product announcements recently, so I believe the technology is ready.”
Bob Freedman, CTO at replicator and post house Crest Digital in Los Angeles, said that getting the manufacturing infrastructure together was the first priority for the format, and that Sony was doing a good job getting information and support to potential users. However, like most replicators outside of the small top tier in the U.S. that already have BD lines in place--Sony’s DADC, BMG’s Sonopress, Cinram, and Technicolor--Freedman says his company will wait until its customer base develops sufficient demand for BD.
Pierre Van Dongen, sales agent for Anwell, which recently sold its first BD 25 line in the U.S. to CD Video in California, said he has been receiving “numerous” RFQs (requests for quotes) from replicators, including mid-tier disc manufacturers. “The expectation is that in the short term, at least, there will be more demand than capacity, so the mid-tier replicators are evaluating the possibilities of overflow from the majors and from independent studios,” he said. “What will be the challenge is not building the lines but rather installing them, training on them and support, because the BD [manufacturing] process is still evolving.”
More Than BluBD may have been the big buzz, but Media-Tech had other components. It was the first time that the Frankfurt, Germany-based organization partnered its show with AIMMA(American Independent Media Manufacturers Association), IDDA (International Disc Duplicating Association), and the DVDA (DVD Association). Media-Tech managing director Bryan Ekus said, “Blu-ray’s emergence as the next-gen format is a signal for the industry to come back together.”
Gary Reeves, president of Rochester-based duplicator Spinergy and an AIMMA member, agreed but added that physical media is diverse enough to warrant subgroups that can focus on specialized facets of the business, such as AIMMA’s Colonial Purchasing co-op, which lets members pool consumables purchases to obtain larger volume discounts. Till this year, only replicators in AIMMA could participate; at their meeting during Media-Tech this year, the organization extended it to duplicators, as well. Media-Tech’s European expo is scheduled for May 6-8 in Frankfurt.
Dan Daley (danwriter at aol.com) is an experienced journalist and author, covering the business and technology of the entertainment industry for over 20 years. His work has appeared in numerous publications, both trade and general interest, including Billboard, The New York Daily News, Mix Magazine, GRAMMY Magazine, American Way, Spin, History Channel, TravelHost, International Business, USA Today, ArchiTech, and many others.
Source
DBSVickers Report - 18 March 2008
Pacific Andes BUY S$0.485;
Bloomberg: PAH SP Worth more than it is
Price Target : 12-Month S$ 0.92
By: Andy Sim +65 6398 7969
Story: Despite the volatility and risk aversion seen recently in the equities market, we believe Pac Andes presents good value at the current price.
Point: Fundamentally, operations and growth for Pac Andes is intact. Growth should continue to be driven by its fishing division (through a 64. % stake in China Fishery Group) and supplemented by its Frozen Fish Distribution. Global annual demand for fish is expected to balloon by 50m tonnes to 183m by 2015, from c. 133m in 2001, according to FAO (Food and Agriculture Organisation). Based on historical data, global fish supply has been supported by growth in aquaculture (1990 – 2005 CAGR of 9.2% vs total global fish production CAGR of 2.9%). Growth of global wild caught fish was relatively flat due to “full or over-exploitation” of wild fishes (CAGR of 0.67%). CFG seems well poised to benefit from the above-mentioned trends due to their presence in trawling and fishmeal operations, in our opinion. The current price of S$0.485 is trading even below the market value of its effective stake in CFG. Market value of its 64% stake in CFG (at S$1.60 share) is worth about S$802m or S$0.60/share. Adding this to our estimate of its frozen fish business, valued at S$0.06/share, our estimate for sum-of-the-parts valuation shows a value of S$0.60/share (after assuming a 10% holding company discount).
Relevance: Valuations are undemanding at 6.4x FY08F and only 5.4x FY09F earnings. Reiterate Buy, with our target price maintained at S$0.92, pegged at 10x FY09F PER. At current levels, counter is trading at parity to FY08F book value. Downside price risk should be protected by a forecasted dividend yield of 4.5% for FYE Mar 08. We also introduced FY10F forecasts. Catalysts for this counter could come if and when CFG successfully re-negotiates its 4th VOA to terms on a pre-payment basis, which should be more cost efficient than the current fixed daily charter hire.
Bloomberg: PAH SP Worth more than it is
Price Target : 12-Month S$ 0.92
By: Andy Sim +65 6398 7969
Story: Despite the volatility and risk aversion seen recently in the equities market, we believe Pac Andes presents good value at the current price.
Point: Fundamentally, operations and growth for Pac Andes is intact. Growth should continue to be driven by its fishing division (through a 64. % stake in China Fishery Group) and supplemented by its Frozen Fish Distribution. Global annual demand for fish is expected to balloon by 50m tonnes to 183m by 2015, from c. 133m in 2001, according to FAO (Food and Agriculture Organisation). Based on historical data, global fish supply has been supported by growth in aquaculture (1990 – 2005 CAGR of 9.2% vs total global fish production CAGR of 2.9%). Growth of global wild caught fish was relatively flat due to “full or over-exploitation” of wild fishes (CAGR of 0.67%). CFG seems well poised to benefit from the above-mentioned trends due to their presence in trawling and fishmeal operations, in our opinion. The current price of S$0.485 is trading even below the market value of its effective stake in CFG. Market value of its 64% stake in CFG (at S$1.60 share) is worth about S$802m or S$0.60/share. Adding this to our estimate of its frozen fish business, valued at S$0.06/share, our estimate for sum-of-the-parts valuation shows a value of S$0.60/share (after assuming a 10% holding company discount).
Relevance: Valuations are undemanding at 6.4x FY08F and only 5.4x FY09F earnings. Reiterate Buy, with our target price maintained at S$0.92, pegged at 10x FY09F PER. At current levels, counter is trading at parity to FY08F book value. Downside price risk should be protected by a forecasted dividend yield of 4.5% for FYE Mar 08. We also introduced FY10F forecasts. Catalysts for this counter could come if and when CFG successfully re-negotiates its 4th VOA to terms on a pre-payment basis, which should be more cost efficient than the current fixed daily charter hire.
CIMB Report - 18 March 2008
What’s on the table
Ascott Residence Trust (S$1.26) – Initiating coverage - In all the right places
ART is a serviced residence real estate investment trust focusing on serviced residences and rental housing markets in Asia. The length of stay at ART’s properties is above the industry average, given ART’s target market of business and leisure travellers, as well as residential tenants.
This largely reduces the earnings fluctuations commonly seen in the short-stay hospitality sector. ART is poised for growth via acquisitions and growth in revenue per available unit (REVPAU) from 2008 to 2010.
We expect ART to acquire S$400m of properties in 2008, to reach a target portfolio of S$2bn by end-2008. In addition, its REVPAU is expected to increase by 3-8% across the region from 2008 to 2010.
On this basis, we forecast a DPU CAGR of 9% for 2008-10. We initiate coverage on Ascott Residence Trust with Outperform and DDM-derived valuation of S$1.74. We arrive at our target price of S$1.74 using DDM valuation (discount rate at 8.4%, terminal growth rate at 3%). This represents a total return of 45% from a forward yield of 6.5% in FY08 and potential price upside of 38%.
News of the Day
· Fed's emergency moves fail to quell Asian fears
· New home sales slump to 9-month low in Feb
· Al-Futtaim raises offer for Robinson to $7 a share
· Swiber clinches five-year contract worth US$250m
· Jet fuel prices set to stay high: SIA chief
· Bharti does not plan to make steep tariff cuts
· Anwell wins Blu-Ray manufacturing deal in Hong Kong
· Novo, HG Metal in MOU on steel supply
· DBS rolls out deal for social enterprises
Ascott Residence Trust (S$1.26) – Initiating coverage - In all the right places
ART is a serviced residence real estate investment trust focusing on serviced residences and rental housing markets in Asia. The length of stay at ART’s properties is above the industry average, given ART’s target market of business and leisure travellers, as well as residential tenants.
This largely reduces the earnings fluctuations commonly seen in the short-stay hospitality sector. ART is poised for growth via acquisitions and growth in revenue per available unit (REVPAU) from 2008 to 2010.
We expect ART to acquire S$400m of properties in 2008, to reach a target portfolio of S$2bn by end-2008. In addition, its REVPAU is expected to increase by 3-8% across the region from 2008 to 2010.
On this basis, we forecast a DPU CAGR of 9% for 2008-10. We initiate coverage on Ascott Residence Trust with Outperform and DDM-derived valuation of S$1.74. We arrive at our target price of S$1.74 using DDM valuation (discount rate at 8.4%, terminal growth rate at 3%). This represents a total return of 45% from a forward yield of 6.5% in FY08 and potential price upside of 38%.
News of the Day
· Fed's emergency moves fail to quell Asian fears
· New home sales slump to 9-month low in Feb
· Al-Futtaim raises offer for Robinson to $7 a share
· Swiber clinches five-year contract worth US$250m
· Jet fuel prices set to stay high: SIA chief
· Bharti does not plan to make steep tariff cuts
· Anwell wins Blu-Ray manufacturing deal in Hong Kong
· Novo, HG Metal in MOU on steel supply
· DBS rolls out deal for social enterprises
Monday, March 17, 2008
海峡时报指数跌2%；2746点关键支撑位未失守
新加坡海峡时报指数跌幅收窄，因市场抛盘压力减轻；海峡时报指数午盘跌2%，至2780.92点，脱离盘中低点2745.96点。
当地某经纪行交易商称，前市的抛盘主要是迫于追缴保证金压力的抛盘，同时也有些恐慌性抛盘，但人们也普遍意识到目前市场的估值已降至较低水平。
新加坡经济不会陷入衰退，且许多人不愿在目前价位作空。
又称，股指在测试1月22日低点2746点后寻获稳固支撑，这可能对市场提供一定技术性支持。
大盘成交量仍很低；下跌股与上涨股的比例为5比1。
当地某经纪行交易商称，前市的抛盘主要是迫于追缴保证金压力的抛盘，同时也有些恐慌性抛盘，但人们也普遍意识到目前市场的估值已降至较低水平。
新加坡经济不会陷入衰退，且许多人不愿在目前价位作空。
又称，股指在测试1月22日低点2746点后寻获稳固支撑，这可能对市场提供一定技术性支持。
大盘成交量仍很低；下跌股与上涨股的比例为5比1。
Singapore Hot Stocks-SGX falls on poor earnings expectation
SINGAPORE, March 17 (Reuters) - Shares of bourse operator Singapore Exchange fell as much as 6.02 percent to a near 12-month-low of S$6.39 with 11.4 million shares traded, on expectation of weak earnings, dealers said.
"The higher the trading volume, the higher the revenue for SGX. And since volume is expected to be weak, the market expects them to report weaker earnings. The share price could go lower than S$6," a dealer from a local brokerage said.
0631 GMT - Straits Times Index down 1.23 percent.
"The higher the trading volume, the higher the revenue for SGX. And since volume is expected to be weak, the market expects them to report weaker earnings. The share price could go lower than S$6," a dealer from a local brokerage said.
0631 GMT - Straits Times Index down 1.23 percent.
Datacraft sees no slowdown in tech spending
Datacraft Asia Ltd, Southeast Asia's largest computer data network builder, said on Friday orders remained robust in the current quarter that and it was in acquisition talks with a handful of Asian firms.
"This quarter, the bookings seem to be pretty robust. Looking at all the headlines, concerns about clients slowing down spending -- there's been no evidence of that so far," Chief Executive Bill Padfield told Reuters in an interview.
Datacraft, a unit of South African information technology group Dimension Data, builds and maintains computer networks for banks, telecommunication and technology firms, who are facing slowing global economic growth.
"We're on track to deliver similar-looking growth to Q1, maybe even a little better," Padfield said. Datacraft reported a 51 percent jump in net profit last month to $9.4 million for its fiscal first quarter ended December, and warned of a seasonally slower quarter in the January-March period. It has an order backlog of $202 million.
Padfield said the company was targeting revenue growth of over 20 percent for the fiscal year ending September 2008.
"We had 20-plus percent growth last year, and we would like to sustain that growth level in FY'08."
Datacraft competes with the services units of Hewlett-Packard Co Ltd, International Business Machines Corp and local rivals DMX Technologies Group Ltd and Frontline Technologies Corp.
ACTIVE PIPELINE
The company has a "handful" of acquisition deals in the pipeline and has set aside $30 million for purchases, he said.
"It's a very active pipeline, we're getting into the detailed numbers, we're getting into disclosures. Valuations are getting a bit more reasonable now. If things go well, we will continue to acquire throughout the year," he added.
The potential targets would boost Datacraft's offerings in security, data centre storage and call centres, as well as in the manufacturing and financial services industries.
But risks of a cutback in technology spending due to the U.S. subprime mortgage crisis and high energy prices remain.
"Financial services is one area open to a potential downturn, but I've been talking to my financial services clients in the last two weeks, and I've not seen any material slowdown -- in some cases, it's the opposite," Padfield said.
He said that many companies had set higher growth and profitability targets for their Asian divisions to compensate for the challenges faced by their U.S. operations, and this had underpinned regional technology spending budgets.
Datacraft will continue to add 25-30 new jobs every quarter to cope with firm demand, Padfield said.
"We had 1,410 permanent staff at the end of Q1 and we're going to add up to 100 heads for full year 2008 -- that's the rough guide."
"This quarter, the bookings seem to be pretty robust. Looking at all the headlines, concerns about clients slowing down spending -- there's been no evidence of that so far," Chief Executive Bill Padfield told Reuters in an interview.
Datacraft, a unit of South African information technology group Dimension Data, builds and maintains computer networks for banks, telecommunication and technology firms, who are facing slowing global economic growth.
"We're on track to deliver similar-looking growth to Q1, maybe even a little better," Padfield said. Datacraft reported a 51 percent jump in net profit last month to $9.4 million for its fiscal first quarter ended December, and warned of a seasonally slower quarter in the January-March period. It has an order backlog of $202 million.
Padfield said the company was targeting revenue growth of over 20 percent for the fiscal year ending September 2008.
"We had 20-plus percent growth last year, and we would like to sustain that growth level in FY'08."
Datacraft competes with the services units of Hewlett-Packard Co Ltd, International Business Machines Corp and local rivals DMX Technologies Group Ltd and Frontline Technologies Corp.
ACTIVE PIPELINE
The company has a "handful" of acquisition deals in the pipeline and has set aside $30 million for purchases, he said.
"It's a very active pipeline, we're getting into the detailed numbers, we're getting into disclosures. Valuations are getting a bit more reasonable now. If things go well, we will continue to acquire throughout the year," he added.
The potential targets would boost Datacraft's offerings in security, data centre storage and call centres, as well as in the manufacturing and financial services industries.
But risks of a cutback in technology spending due to the U.S. subprime mortgage crisis and high energy prices remain.
"Financial services is one area open to a potential downturn, but I've been talking to my financial services clients in the last two weeks, and I've not seen any material slowdown -- in some cases, it's the opposite," Padfield said.
He said that many companies had set higher growth and profitability targets for their Asian divisions to compensate for the challenges faced by their U.S. operations, and this had underpinned regional technology spending budgets.
Datacraft will continue to add 25-30 new jobs every quarter to cope with firm demand, Padfield said.
"We had 1,410 permanent staff at the end of Q1 and we're going to add up to 100 heads for full year 2008 -- that's the rough guide."
Sunday, March 16, 2008
长实新地争投油轮码头
【商报专讯】记者林启健报道：位于旧启德机场的邮轮码头项目昨日截标，政府未有公布招标的详细情况。综合市场消息所得，是次招标最少获得两份标书，分别是长江实业(001)和新鸿基地产(016)所组成的财团，预计今年第二季会批标。
招标结果料次季公布
邮轮码头项目昨日中午截标。据记者在现场观察所得，昨日分别有两个财团代表，递交数十箱文件往投标地点，纸箱贴上是次招标编号，故估计至少收到两份标书。据商务及经济发展局表示，碍于财务通告规定，在现阶段不可透露任何关于招标的消息，招标结果预计在第二季公布。
长实属下与CTI合作竞投
长江实业稍后发出新闻稿，证实集团入标竞投该项目。长实表示，该项目由附属公司永邦国际与Ceres Terminals Incorporated (CTI) 合作。CTI将负责营运邮轮码头，CTI营办加拿大温哥华港的加拿大广场，为现时全球最大的邮轮码头，CTI办营其他的港口包括美国的布鲁克林邮轮码头、巴尔的摩港、迈阿密等。
新地信德南丰等合组财团入标
新鸿基地产日前表示，将会伙拍丽星邮轮(678)、卓越金融(727)及南丰合组财团入标竞投。卓越金融发出通告指，与3家房地产发展商及管理人以及一家邮轮营运商之全资附属公司订立股东协议，成立合营公司，就政府所发出有关发展位于九龙前启德机场跑道的邮轮码头之招标通知书筹备及递交标书。若成功竞投，该合营公司将参与码头设施的营运及管理。通告提及增加一家公司参与竞投，记者稍后向新地查询，新地发言人回应说，除了上述公司外，还加入信德集团(242)。
信置恒地九仓无入标
启德邮轮码头项目早于05年共接获6家公司的意向书，包括长实、南丰合组的财团、信和置业(083)、恒基地产(012)、法国宝嘉以及新加坡的Sin-gapore Cruise Centre Private Ltd。信置和恒地昨日表示，没有入标竞投这个项目。而九龙仓(004)亦没有入标参与。
据部分主要招标条款指，投标人士过去3年拥有营运‘母港’、每年上落客量达20万人次的经验。所谓‘母港’即指邮轮的基地，为邮轮提供多方面的服务。按照本港发展商本身所拥有的条件来说，符合上述条款者可说是少之又少，相信发展商需要引入外国的大型邮轮企业。从昨日两个入标财团来说，双方均引入邮轮公司参与，长实引入CTI，新地引入丽星邮轮，可见这不是一个普通的综合地产项目。
邮轮码头设施成本料约24亿
邮轮码头位于前启德机场跑道的政府用地，地盘面积约81.81万方尺，其中码头大楼内可兴建酒店、零售、会议厅、办公室、商店及食肆，其总楼面面积约为53.82万方尺；另设有行李处理区、乘客等候区、海关、出入境及徖生检疫区和其他政府部门办公室。据政府顾问估计，邮轮码头设施成本为24亿元。
Source
海峡时报指数(STI)
Daily View
Weekly View
Point & Figure View
本栏于上周一（3日）曾论及指数将于该周下调，以填补介于3002.53点至2949.54点及介于2945.03点至2926.23点间的缺口。
果然，指数过后骤跌至见报当天的2922.46点，遂将上述两个缺口填补。
7日更下跌至2848.48点，较2月11日的2859.08点来得低，即成了三小波下跌中的c波。
由于跌势甚骤，估计短期回扯当填补介于2875.56点至2917.92点及介于2951.50点至3026.45点间的缺口，过后当朝3500点至3600点的目标前进；除非指数短期内向下跌穿2746.73点，才有可能导致目标下移，这么一来，所造成的破坏就很可观了。
国际游轮终站6月动工建泊位
预计2010年建成的滨海南国际游轮终站（International Cruise Terminal），将在今年6月动工建造泊位，并在今年第三季为搭客大厦和停车场的建筑工程招标。
国际游轮终站将建在滨海岸通道附近，就在滨海南码头旁，靠近“滨海湾金沙”综合度假胜地、滨海堤坝、滨海湾花园及新加坡摩天观景轮等多个重点发展的新基础设施。
新加坡旅游局局长林梁长前天在美国迈阿密参加常年的“海洋贸易游轮运输大会”时，在记者会上透露国际游轮终站的建筑详情。
滨海南国际游轮终站将有两个非常大的泊位，可容纳目前世界最大的游轮，以及未来建成可载多达5400人的巨型游轮。这个新设施加上现有港湾城的新加坡游轮中心（Singapore Cruise Centre）的两个泊位，将显著提高我国处理游轮乘客的能力，协助在2015年取得每年处理160万游轮乘客人次的目标。新加坡游轮中心去年处理的游轮乘客达94万3000人次，
在设施方面，国际游轮终站的泊位有更深的吃水深度，更大的掉头区（turning basin），对船高也没有限制，可容纳总注册吨位高达22万吨位、船身长360公尺，吃水11.5公尺的巨型游轮。
此外，这个终站也将有完善的道路网络同地铁连接，让乘客在20分钟内前往樟宜机场。从国际游轮终站驱车前往新加坡游轮中心也只需10到15分钟的车程。
终站大厦料今年第四季动工
负责工程的裕廊集团将在下个月公布成功标得泊位打桩和建筑工程的承包商，工程随后在6月展开。
终站的大厦建筑设计和工程计划的招标将在近期截止，旅游局将在下个月公布投标结果，大厦预料在今年第四季就能开始动工兴建。
英国海洋航运咨询公司（Ocean Shipping Consultants）预测，亚洲游轮乘客量在2010年将达到154万人次，到了2015年更会增加到202万人次。
林梁长说，新的游轮设施将能协助新加坡抓紧国际和区域增长所带来的机会。他说，目前已有几个世界级游轮公司以新加坡为基地或必到的国家，如皇家加勒比国际（Royal Caribbean International ）、丽星邮轮（Star Cruises）和歌诗达游轮（Costa Cruises）。
此外，新加坡今年也将迎接展开处女航的冠达游轮（Cunard）“维多利亚皇后号”，以及公主游轮（Princess Cruises）、大洋游轮（Oceania Cruises）和荷兰美国游轮（Holland-America Lines）等公司的游轮。
Source
国际游轮终站将建在滨海岸通道附近，就在滨海南码头旁，靠近“滨海湾金沙”综合度假胜地、滨海堤坝、滨海湾花园及新加坡摩天观景轮等多个重点发展的新基础设施。
新加坡旅游局局长林梁长前天在美国迈阿密参加常年的“海洋贸易游轮运输大会”时，在记者会上透露国际游轮终站的建筑详情。
滨海南国际游轮终站将有两个非常大的泊位，可容纳目前世界最大的游轮，以及未来建成可载多达5400人的巨型游轮。这个新设施加上现有港湾城的新加坡游轮中心（Singapore Cruise Centre）的两个泊位，将显著提高我国处理游轮乘客的能力，协助在2015年取得每年处理160万游轮乘客人次的目标。新加坡游轮中心去年处理的游轮乘客达94万3000人次，
在设施方面，国际游轮终站的泊位有更深的吃水深度，更大的掉头区（turning basin），对船高也没有限制，可容纳总注册吨位高达22万吨位、船身长360公尺，吃水11.5公尺的巨型游轮。
此外，这个终站也将有完善的道路网络同地铁连接，让乘客在20分钟内前往樟宜机场。从国际游轮终站驱车前往新加坡游轮中心也只需10到15分钟的车程。
终站大厦料今年第四季动工
负责工程的裕廊集团将在下个月公布成功标得泊位打桩和建筑工程的承包商，工程随后在6月展开。
终站的大厦建筑设计和工程计划的招标将在近期截止，旅游局将在下个月公布投标结果，大厦预料在今年第四季就能开始动工兴建。
英国海洋航运咨询公司（Ocean Shipping Consultants）预测，亚洲游轮乘客量在2010年将达到154万人次，到了2015年更会增加到202万人次。
林梁长说，新的游轮设施将能协助新加坡抓紧国际和区域增长所带来的机会。他说，目前已有几个世界级游轮公司以新加坡为基地或必到的国家，如皇家加勒比国际（Royal Caribbean International ）、丽星邮轮（Star Cruises）和歌诗达游轮（Costa Cruises）。
此外，新加坡今年也将迎接展开处女航的冠达游轮（Cunard）“维多利亚皇后号”，以及公主游轮（Princess Cruises）、大洋游轮（Oceania Cruises）和荷兰美国游轮（Holland-America Lines）等公司的游轮。
Source
Double capacity for Singapore's new cruise centre
SINGAPORE is to double its cruise handling capacity with a new terminal equipped to handle the largest passenger vessels in the world set for completion in 2010. The Singapore Tourist Board released details yesterday of the long awaited new cruise terminal at Marina South as the existing Singapore Cruise Centre struggles with size and capacity constraints.
A two-berth facility will be built at Marina South and has the capacity to handle ships carrying up to 5,500 passengers, and up to 220,000 gt and 360 metres in length. Unlike the existing Singapore Cruise Centre, there will be no height or turning circle restrictions.
The size of investment in the new terminal due to be ready in 2010 was not revealed. STB said that in the third quarter of the year, it would be appointing an operator for the new terminal. An STB spokeswoman said that the operator would most likely be chosen through a tender although details were yet to be decided. She confirmed that the operator will be chosen from a number of potential candidates.
The present terminal is operated by state-owned Singapore Cruise Centre. Malaysian owned Star Cruises has shown interest in the past of operating a second cruise terminal in Singapore, and was reported to have included a terminal in a joint bid with parent Genting for its bid for the Marina Bay integrated resort and casino eventually awarded to Vegas Sands.
Star Cruises dominates the cruising market out of Singapore. Height and turning circle restrictions at the current terminal mean that any of the largest ships calling in Singapore are forced to call at container terminals due to these limitations.
The current terminal is also facing congestion issues at peak times such as the weekend and the situation has grown serious enough that last year the Maritime & Port Authority of Singapore agreed to put in place a contingency plan to berth cruise ships at anchorages as use tenders to bring the passengers to and from the shore.
Last year the cruise centre reported a passenger throughput of 943,000, up 10% year-on-year, and Singapore is targeting a passenger throughput of 1.6m by 2015.
Source
A two-berth facility will be built at Marina South and has the capacity to handle ships carrying up to 5,500 passengers, and up to 220,000 gt and 360 metres in length. Unlike the existing Singapore Cruise Centre, there will be no height or turning circle restrictions.
The size of investment in the new terminal due to be ready in 2010 was not revealed. STB said that in the third quarter of the year, it would be appointing an operator for the new terminal. An STB spokeswoman said that the operator would most likely be chosen through a tender although details were yet to be decided. She confirmed that the operator will be chosen from a number of potential candidates.
The present terminal is operated by state-owned Singapore Cruise Centre. Malaysian owned Star Cruises has shown interest in the past of operating a second cruise terminal in Singapore, and was reported to have included a terminal in a joint bid with parent Genting for its bid for the Marina Bay integrated resort and casino eventually awarded to Vegas Sands.
Star Cruises dominates the cruising market out of Singapore. Height and turning circle restrictions at the current terminal mean that any of the largest ships calling in Singapore are forced to call at container terminals due to these limitations.
The current terminal is also facing congestion issues at peak times such as the weekend and the situation has grown serious enough that last year the Maritime & Port Authority of Singapore agreed to put in place a contingency plan to berth cruise ships at anchorages as use tenders to bring the passengers to and from the shore.
Last year the cruise centre reported a passenger throughput of 943,000, up 10% year-on-year, and Singapore is targeting a passenger throughput of 1.6m by 2015.
Source
Saturday, March 15, 2008
新加坡股市收盘走高，受逢低买盘提振；市场仍显谨慎
新加坡股市周五收盘走高，受逢低买盘提振；投资者未理会来自地区主要股市及美国股指期货的负面指引。
Westcomb Securities在一份研究报告中称，虽然公司认为美国经济已步入衰退，但预计新加坡经济不会出现衰退，因此，公司相信新加坡股市可能已经接近底部。
海峡时报指数涨33.46点，至2839.01点，涨幅1.2%。30只成份股中有25只走高。
大盘有305只股票上涨，有266只股票下跌。
但市场整体基调仍显谨慎，成交量仅为13亿股。
Westcomb Securities称，由于投资者情绪将继续受到近期发生的各种事件影响，因此市场可能仍将保持振荡走势。
Westcomb Securities在一份研究报告中称，虽然公司认为美国经济已步入衰退，但预计新加坡经济不会出现衰退，因此，公司相信新加坡股市可能已经接近底部。
海峡时报指数涨33.46点，至2839.01点，涨幅1.2%。30只成份股中有25只走高。
大盘有305只股票上涨，有266只股票下跌。
但市场整体基调仍显谨慎，成交量仅为13亿股。
Westcomb Securities称，由于投资者情绪将继续受到近期发生的各种事件影响，因此市场可能仍将保持振荡走势。
Friday, March 14, 2008
Genting plans to start online gaming in Alderney
KUALA LUMPUR, March 13 (Reuters) - Genting International said on Thursday it plans to start gaming business in the second quarter of 2008 in Alderney British Channel Islands.
It said in a statement that it has received approvals from authorities in Alderney and the regulatory approval from the Singapore Exchange.
(Reporting by Saeed Azhar; Editing by Jalil Hamid) ((saeed.azhar@reuters.com; Reuters Messaging: saeed.azhar.reuters.com@reuters.net; +65 6403-5664))
It said in a statement that it has received approvals from authorities in Alderney and the regulatory approval from the Singapore Exchange.
(Reporting by Saeed Azhar; Editing by Jalil Hamid) ((saeed.azhar@reuters.com; Reuters Messaging: saeed.azhar.reuters.com@reuters.net; +65 6403-5664))
Singapore Hot Stocks-First Resources soars on Indonesia decison
SINGAPORE, March 14 (Reuters) - Shares of Indonesian palm oil producer First Resources soared as much as 23.2 percent to S$1.17 with almost 14 million traded, after Indonesia's anti-graft body said it will not auction off three of the firm's assets in relation to a case involving one of its founders.
First Resources said in a statement on Friday that the financial penalty imposed on Martias as a result of a court case has been fully paid.
The Indonesian anti-graft body then withdrew its intention to auction off properties it deemed relating to Martias, who goes by a single name.
Last Friday, the firm's share price tumbled to a record low, after it confirmed news of the anti-graft body's intentions.
0125 GMT - Straits Times Index up 1.48 percent.
First Resources said in a statement on Friday that the financial penalty imposed on Martias as a result of a court case has been fully paid.
The Indonesian anti-graft body then withdrew its intention to auction off properties it deemed relating to Martias, who goes by a single name.
Last Friday, the firm's share price tumbled to a record low, after it confirmed news of the anti-graft body's intentions.
0125 GMT - Straits Times Index up 1.48 percent.
Genting International gets online gaming licence from Alderney commission
PETALING JAYA: Genting International PLC announced yesterday it has received an online gaming licence from the Alderney Gambling Control Commission (AGCC) in the British Channel Islands.
The licence was received via wholly owned unit Genting Stanley Alderney Ltd (GSAL).
The permission to go live was still subject to AGCC's approval of the Internal Control System and the Gambling Equipment, it said in a statement.
The company said GSAL anticipated its online gaming business would commence in “the later part of the second quarter of 2008”.
On Jan 3, Genting International said it had secured approval from the Singapore Exchange Securities Trading Ltd for the conduct of gaming operations including online gaming in Alderney, British Channel Islands and/or Britain.
Further details will be made available in due course.
The receipt of the online gaming licence and anticipated commencement of the online gaming business were not expected to have any material impact on the consolidated net tangible assets and earnings per share of Genting International for the financial year ending Dec 31, 2008, the statement added.
Source
The licence was received via wholly owned unit Genting Stanley Alderney Ltd (GSAL).
The permission to go live was still subject to AGCC's approval of the Internal Control System and the Gambling Equipment, it said in a statement.
The company said GSAL anticipated its online gaming business would commence in “the later part of the second quarter of 2008”.
On Jan 3, Genting International said it had secured approval from the Singapore Exchange Securities Trading Ltd for the conduct of gaming operations including online gaming in Alderney, British Channel Islands and/or Britain.
Further details will be made available in due course.
The receipt of the online gaming licence and anticipated commencement of the online gaming business were not expected to have any material impact on the consolidated net tangible assets and earnings per share of Genting International for the financial year ending Dec 31, 2008, the statement added.
Source
Thursday, March 13, 2008
Delays in IRCs seen benefiting Resorts World
RESORTS World Bhd, which continued to buy back its shares, has outperformed the Kuala Lumpur Composite Index (KLCI), easing only 16% against KLCI’s 18.8% drop year-to-date, said Aseambankers Research.
The research house has maintained its buy recommendation on the stock but is reviewing the target price of RM3.70 for a possible upgrade, “particularly if an overseas merger and acquisition opportunity arises”.
“We understand that the entry costs to the present regional greenfield and M&A opportunities in the gaming industry may be too lofty. Nevertheless, armed with a cash hoard of RM3.05 billion and annual operating cash flows of more than RM1.1 billion, Resorts World would eventually have a strong bargaining power in this environment of sliding global asset prices,” it said in a research note.
Aseambankers has raised its 2008 and 2009 forecasts on Resort World’s net income by 6.8% and 16.4%, respectively, on assumption of better yield management and respite from neighbouring competitors, Las Vegas Sands and Genting International in Singapore.
It said construction of their integrated resorts and casinos (IRC) continued to be hampered by rain, which has affected its schedule to commence business ahead of its 1Q2010 target.
Upon commencement of the two IRCs, Resorts World’s premium segment, which accounts for 30% of its revenue could be affected and consequently its earnings could be wiped out by 15% to 20%, said Aseambankers.
Aseambankers has also forecast that Resorts World’s gaming revenue would grow 6.1% and 1% in 2008 and 2009. The slowing momentum reflected cautious sentiment at both the grind and high roller segments amid the present global financial turmoil as well as the end of the 20-month Visit Malaysia Year (VMY) campaign, it said.
“Our forecast impute a gradual slowdown in the gaming revenue per head through 1H09. Next year’s pedestrian growth reflects a slight decline in estimated footfall at the casino of 3% (from 2007’s 6% to 7%), in the absence of the VMY campaign.”
It added that Resorts World’s upside could be capped by potential fears of a gaming duty hike, as the government may need to enhance tax receipts.
新加坡股市收盘下跌，受美元疲软以及Carlyle Capital消息拖累
新加坡股市周四收盘下跌，受亚洲股市整体疲软拖累，因投资者们对美元的下滑感到不安，同时也受贷款银行将冻结美国私人资本运营公司Carlyle Capital Corp. (CCC.AE)资产的消息影响。
海峡时报指数跌110.48点，至2807.46点，跌幅3.8%。
该指数30只成份股中有28只走低；大盘下跌股为590只，上涨股仅有178只。
市场成交量持平于16亿股。
亚洲股市今日受到了美元下滑的严重影响，美元兑日圆周四跌至1995年以来的最低点。
同时挫伤市场人气的还有美国股指期货的疲软；由于有消息称，在各方就稳定Carlyle Capital财务状况的协商未果之后，Carlyle Capital的资产可能会被贷款银行冻结，该消息导致美国股指期货走低。
一位交易员称，新加坡股市周五开盘或将继续下挫。
海峡时报指数跌110.48点，至2807.46点，跌幅3.8%。
该指数30只成份股中有28只走低；大盘下跌股为590只，上涨股仅有178只。
市场成交量持平于16亿股。
亚洲股市今日受到了美元下滑的严重影响，美元兑日圆周四跌至1995年以来的最低点。
同时挫伤市场人气的还有美国股指期货的疲软；由于有消息称，在各方就稳定Carlyle Capital财务状况的协商未果之后，Carlyle Capital的资产可能会被贷款银行冻结，该消息导致美国股指期货走低。
一位交易员称，新加坡股市周五开盘或将继续下挫。
Wednesday, March 12, 2008
Singapore's KSH wins $87 mln Sentosa condo project
SINGAPORE, March 12 (Reuters) - Construction firm KSH Holdings said on Wednesday that it has won a S$121 million ($87 million) contract to build a luxury condominium project on Singapore's Sentosa island.
The contract, awarded by joint venture developers Ho Bee and IOI Land, brings KSH's existing order book to over S$614 million, the company said in a statement.
KSH managing director Choo Chee Onn told Reuters in an interview last month that the firm is aiming to get S$350-S$400 million worth of contracts this year, lower than in 2007 as a construction boom cools amid fears of an economic downturn.
Chua Ma Yu selling off his entire stake in Star Cruises
KUALA LUMPUR: Datuk Chua Ma Yu has sold off his entire 14.02% interest in Star Cruises Ltd (SCL), just eight months after he acquired the stake. Sources said the ex-stock broker sold the 1.01 billion shares in the cruise ship operator for 23.5 US cents (77 sen) each yesterday.
The buyer is believed to be Golden Hope Ltd, a company related to the Lim family, who is the major shareholder of Genting Bhd.
Chua, through his privately owned CMY Capital (L) Ltd paid a total of HK2.64 billion or HK2.62 (RM1.08) per share for the stake which he bought from Resorts World Bhd.
At that time the stock was about 33 US cents. Considering that he is disposing his block at 23.5 US cents per share, it would translate to about a total of HK1.8 billion. This means Chua suffers losses of some HK800 million within a space of eight months.
SCL was heavily traded on the Singapore’s stock exchange yesterday, surpassing the 1 billion mark. It touched a day high of US$0.225 and a day low of US$0.215.
Chua’s disposal comes as a surprise as he had stated that he was purchasing a block in the company based on its cheap valuations, that SCL has international exposure and is at the low end of the cycle.
The sale was viewed well for Resorts World as it no longer was required to equity account the volatile earnings of the SCL group. After the disposal of 14.02% in Star Cruises, Resorts World still had about 19.89% in the cruise operator.
When Resorts World announced the acquisition on July 13, many people were puzzled by Chua’s move. Many were questioning why an investor like him would pay in excess of RM1 billion for a minority stake in a cruise operator that was heavily in debt and was facing increasing operating costs?
Chua had told The Edge then that he was a contrarian and picks stocks that are shunned by others. `When they become popular, they will be fully valued. I don’t follow the herd, ‘ he had said.
In January this year, it appeared that Chua had played his cards right. Just months after he paid RM1.17 billion for the stake, SCL’s wholly-owned subsidiary NCL Corp Ltd, which is its Achilles heel, found a new shareholder in Apollo Management LP. Apollo’s entry saw the capital infusion of US$1 billion (about RM3.3 billion) into NCL Corp and reduced the burden shouldered by SCL of managing the Norway-based luxury cruise line.
The question now is why sell just eight months after acquiring a block and that too at a loss?
Source
The buyer is believed to be Golden Hope Ltd, a company related to the Lim family, who is the major shareholder of Genting Bhd.
Chua, through his privately owned CMY Capital (L) Ltd paid a total of HK2.64 billion or HK2.62 (RM1.08) per share for the stake which he bought from Resorts World Bhd.
At that time the stock was about 33 US cents. Considering that he is disposing his block at 23.5 US cents per share, it would translate to about a total of HK1.8 billion. This means Chua suffers losses of some HK800 million within a space of eight months.
SCL was heavily traded on the Singapore’s stock exchange yesterday, surpassing the 1 billion mark. It touched a day high of US$0.225 and a day low of US$0.215.
Chua’s disposal comes as a surprise as he had stated that he was purchasing a block in the company based on its cheap valuations, that SCL has international exposure and is at the low end of the cycle.
The sale was viewed well for Resorts World as it no longer was required to equity account the volatile earnings of the SCL group. After the disposal of 14.02% in Star Cruises, Resorts World still had about 19.89% in the cruise operator.
When Resorts World announced the acquisition on July 13, many people were puzzled by Chua’s move. Many were questioning why an investor like him would pay in excess of RM1 billion for a minority stake in a cruise operator that was heavily in debt and was facing increasing operating costs?
Chua had told The Edge then that he was a contrarian and picks stocks that are shunned by others. `When they become popular, they will be fully valued. I don’t follow the herd, ‘ he had said.
In January this year, it appeared that Chua had played his cards right. Just months after he paid RM1.17 billion for the stake, SCL’s wholly-owned subsidiary NCL Corp Ltd, which is its Achilles heel, found a new shareholder in Apollo Management LP. Apollo’s entry saw the capital infusion of US$1 billion (about RM3.3 billion) into NCL Corp and reduced the burden shouldered by SCL of managing the Norway-based luxury cruise line.
The question now is why sell just eight months after acquiring a block and that too at a loss?
Source
蔡傌友脱售 丽星邮轮所有股权
（吉隆坡讯）消息人士透露，商人蔡傌友已经完全脱售手上14.02％的丽星邮轮(Star Cruise)股权，而买家相信是由林梧桐家族控制的金希望(Golden Hope)。
蔡傌友可能因此蒙受8亿港元（1亿6000万新元）的亏损，市场人士纷纷揣测他脱售股票背后的动机。
根据《The Edge》报道，蔡傌友以每股0.235美元的价格，脱售10亿股丽星邮轮股票给金希望。
在八个月前，蔡傌友通过CMY Capital私人有限公司以总值26亿港元或每股2.62港元，从名胜世界(Resort)手中买下丽星邮轮的股权。
当时，丽星邮轮股价报0.33美元。假设他以每股0.235美元脱售，意味着他在八个月内蒙受约8亿港元的亏损，蔡傌友的脱售计划令市场吃惊，因为他曾经说过这项收购价是廉宜的。
丽星邮轮前天在新加坡股票交易所的交投炽热，成交量超过10亿股，是最热门的股票。不过，昨天的成交量已恢复到正常水平，有425万股转手。
去年7月，当名胜世界宣布蔡傌友收购丽星邮轮股权时，市场都在猜测他收购的动机，因为他以超过市价10亿令吉收购一家欠债累累及营运成本逐渐增加的公司，动机令人费解。
几天后当名胜世界股价从3.82令吉飙升到4.52令吉的时候，人们不禁恍然大悟。原来让丽星邮轮脱离名胜世界之后，后者的股价就可以在一个星期之内大涨18％。市面盛传在宣布收购丽星邮轮之前，蔡傌友一直在大量累积名胜世界，因此，单单是名胜世界的股价涨幅，就已经使他大赚一笔。
Source
蔡傌友可能因此蒙受8亿港元（1亿6000万新元）的亏损，市场人士纷纷揣测他脱售股票背后的动机。
根据《The Edge》报道，蔡傌友以每股0.235美元的价格，脱售10亿股丽星邮轮股票给金希望。
在八个月前，蔡傌友通过CMY Capital私人有限公司以总值26亿港元或每股2.62港元，从名胜世界(Resort)手中买下丽星邮轮的股权。
当时，丽星邮轮股价报0.33美元。假设他以每股0.235美元脱售，意味着他在八个月内蒙受约8亿港元的亏损，蔡傌友的脱售计划令市场吃惊，因为他曾经说过这项收购价是廉宜的。
丽星邮轮前天在新加坡股票交易所的交投炽热，成交量超过10亿股，是最热门的股票。不过，昨天的成交量已恢复到正常水平，有425万股转手。
去年7月，当名胜世界宣布蔡傌友收购丽星邮轮股权时，市场都在猜测他收购的动机，因为他以超过市价10亿令吉收购一家欠债累累及营运成本逐渐增加的公司，动机令人费解。
几天后当名胜世界股价从3.82令吉飙升到4.52令吉的时候，人们不禁恍然大悟。原来让丽星邮轮脱离名胜世界之后，后者的股价就可以在一个星期之内大涨18％。市面盛传在宣布收购丽星邮轮之前，蔡傌友一直在大量累积名胜世界，因此，单单是名胜世界的股价涨幅，就已经使他大赚一笔。
Source
Tuesday, March 11, 2008
Star Cruises
Star Cruises, the Malaysian cruise liner company listed in Singapore and Hong Kong, was the most actively traded stock. Traders said 1 billion shares were sold in a 'married deal,' in which shares are transferred between the parties concerned at an agreed price. Star Cruises was steady at 22 US cents with 1.01 billion shares traded.
(1 US dollar = 1.38 Singapore dollars)
Source
(1 US dollar = 1.38 Singapore dollars)
Source
新加坡股市收盘走低，受美国经济前景拖累；可能出现逢低买盘
新加坡股市周一继续走低，此前亚洲大部分股市均出现下滑，因为有更多的迹象显示美国经济面临衰退；但交易员们称，股市跌势不大可能在整周延续。一位交易员称，本周开局不利，但随着股市下跌吸引投资者逢低买进，局面或许会有所好转。
海峡时报指数收盘跌29.69点，至2836.59点，跌幅1%。在30只成份股中，有25只股票下跌；大盘有529只股票下跌，170只股票上涨。交投依然淡静，成交量为13亿股。
海峡时报指数收盘跌29.69点，至2836.59点，跌幅1%。在30只成份股中，有25只股票下跌；大盘有529只股票下跌，170只股票上涨。交投依然淡静，成交量为13亿股。
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