Brokers' Take

Genting SingaporeMay 28 close: $0.71OCBC INVESTMENT RESEARCH, May 28
TWO major shareholders of Genting Singapore (GTSG) - controlled by the founding Lim family - have pared their stakes in the company. According to the company's filings, Lakewood Sdn Bhd sold about 265.809 million shares and Golden Hope Limited sold 649.073 million shares yesterday, all reportedly done at $0.72 each via placement agreements through JPMorgan Chase and UBS AG.

In total, the two parties sold nearly 9 per cent of the outstanding share capital of about 9.64 billion to raise $615 million.

However, as these were vendor shares, GTGS will not be getting any of the proceeds.

No negative implications behind the sale. Other than the sharp 16 per cent discount to the previous day closing price of $0.865, we do not think that there are any major negative implications behind the move. For one, reports suggest that the placement was made to close to 40 parties, including specialist gaming investors, long-only Asia funds and deal players who liked the big discount.

As mentioned in our earlier report, the outlook for the gaming market in Asia remains very promising - industry watchers expect the market to grow by 15.7 per cent CAGR (compound annual growth rate) for the next five years.

Lim family eyeing Mirage Macau asset? And the third reason for the stake sale could be related to talks that the Lim family is raising cash for a possible investment in MGM Mirage's Macau casino. Parent Genting Bhd and sister company Resorts World earlier bought a combined US$100 million of secured notes sold by MGM Mirage.

But given the link to Pansy Ho, the daughter of Stanley Ho, the investment could be quite a sensitive issue with authorities in Singapore. As such, we suspect the Genting group may not want to be directly involved.

The news of the discounted share sale has resulted in GTGS's share price tumbling 17.9 per cent on Wednesday to $0.71. As the share price is now 6.6 per cent below our recently revised fair value of $0.76, we upgrade our rating to 'hold'.

However, the near-term outlook for GTGS has not improved - we are still expecting its UK operations to languish for the rest of this year. Although we continue to expect a net loss in FY10, the opening of Resorts World at Sentosa in Q1 2010 could prove to be a wild card. Nevertheless, we would be buyers closer to $0.60 or so.

HOLD

Genting reaps $615m from S'pore unit stake sale

SINGAPORE: The family that owns Malaysian gaming firm Genting Bhd sold about 9 per cent of shares in its Singapore unit to institutions yesterday, raising US$425 million (S$615 million), two sources with knowledge of the deal told Reuters.

A total of 853.8 million Genting Singapore shares were sold at S$0.72 a share, a discount of around 17 per cent on its last closing price, raising S$615 million.

The sale, through the family's vehicles Golden Hope and Lakewood, was aimed at boosting the stock's liquidity, according to one of the sources.

Shares of the unit dropped more than a fifth. In Malaysia, shares in Genting, which is controlled by the family of chairman and chief executive Lim Kok Thay, fell 4.5 per cent.

The Genting Singapore shares were sold at the lower end of a S$0.72-S$0.76 per share range listed in a term sheet seen by Reuters.

Analysts in Malaysia said it is no secret that Genting has been scouting around for investment opportunities in Macau and Las Vegas, but the Genting Singapore stake sale appears to take advantage of the steep rise in the firm's share price.

Genting Singapore shares had more than doubled since early March to S$0.89. Genting shares in Malaysia have been up 7.6 per cent since last Wednesday.

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Two shareholders sell 854m shares in Genting Singapore

SINGAPORE: Two shareholders in Genting Singapore have sold a total of some 854 million shares in the gaming firm at 72 cents a share.

Golden Hope and Lakewood sold the shares to raise some S$615 million.

Bucking the overall upward trend of the local market, Genting Singapore's share price fell about 17 per cent to 72 cents in mid-afternoon trade.

The sudden price fall has prompted a query from the Singapore Exchange.

In response, Genting Singapore said it received the confirmation of the share disposals at about 12.30pm on Wednesday.

Genting Singapore said three substantial shareholders have sold a total of 1.18 billion of the company's shares.

Earlier, Dow Jones Newswires reported that Genting's founder, Lim Goh Tong, had sold a nine per cent stake, or 854 million shares, in the firm at 72 cents a share.

Genting Singapore, formerly known as Genting International, is opening a massive integrated resort in Sentosa next year.

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Genting Singapore Open Gap

市场看好狮城赌场 云顶新加坡股价写2年新高

（新加坡22日讯）随着市场乐观认为云顶新加坡公司（Genting Singapore）发展中的赌场度假村将刺激其净利，该公司股价今日大起至2年来的新高。

早盘时，该公司股价上涨了8.9%至0.795新元（约1.92令吉），是2007年7月以来的最高点。截止12时30分休市时，该股报0.76新元（约1.83令吉）。全日闭市时，该股报0.815新元（约1.967令吉），上涨11.643%。

新加坡华侨银行分析员黄凯丽（译音）说：“亚洲拥有迷人的赌博市场。投资者希望该公司即将于明年年初开张的赌场，将较其英国的赌场业绩更好。” 云顶新加坡公司在圣淘沙赌场度假村总值66亿新元（约159亿令吉），其中包括一家环球影城（Universal Studio）主题公园。

新加坡政府冀望通过2个赌场度假村，于2015年起，每年吸引1700万名游客前往该国，以取得约300亿新元（约724亿令吉）的营业额。

同时，拉斯维加斯金沙赌场也计划于今年12月或2010年1月推介第一期的度假村。

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Genting Singapore surges to 2-year high

GENTING Singapore Plc, partly owned by Asia’s biggest casino operator, jumped to its highest level in almost two years amid optimism the resort casino it is developing in the city will boost profits.

Genting jumped as much as 8.9 per cent to 79.5 Singapore cents, its highest since July 2007 in morning trade. The stock settled at 76 Singapore cents at the 12:30 pm trading break.

“They have a captive gambling market in Asia,” said Carey Wong, an analyst at Oversea-Chinese Banking Corp in Singapore.

“Investors are hoping that their Singapore casino will do better when it opens early next year than their casino operations in the UK.”

Genting’s S$6.6 billion project (US$4.56 billion), called Resorts World at Sentosa, will include Southeast Asia’s first Universal Studios theme park.

The project is one of two casino resorts the government has allowed to be built in the city-state as part of its goal to lure 17 million tourists and triple annual tourism revenue to S$30 billion by 2015.

Las Vegas Sands, controlled by US billionaire Sheldon Adelson, is planning to open the first phase of its $5.4 billion resort in December or in January 2010. -- Bloomberg

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云顶及名胜世界完成认购 MFM Mirage担保债券

（吉隆坡20日讯）云顶（Genting，3182，主板贸服股）及名胜世界（Resorts，4715，主板贸服股）今日同时宣布，分别通过旗下子公司完成认购由美国赌场营运商MFM Mirage所发行的优先支付有担保债券。

云顶是通过独资子公司云顶海外控股有限公司完成有关认购，而名胜世界则是通过非直接独资子公司名胜世界有限公司进行。

两家公司都分别认购了面值5000万美元（约1亿7600万令吉）的债券。 云顶和名胜世界均指出，这是双方拓展投资组合和加强现有现金回酬的好机会。

通过该债券超过10%的回酬率，这项投资的回酬将较现有市场来得更具吸引力。

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盛傳博彩稅調高 雲頂第3季或遇賣壓

（吉隆坡19日訊）基于我國財赤今年或走高至9.2%，馬銀行投資銀行研究認為，政府或調高博彩稅，雲頂（GENTING，3182，主板貿易）股價今年第3季表現或“落后大市”（Underperform）。

馬銀行投資銀行研究相信，此次若調高博彩稅，應是過去10年以來最大調幅。

“以直覺判斷，博彩稅每調升1%，將減低雲頂每股盈利（EPS）1%。”

馬銀行投資銀行研究指出，雲頂近期不斷攀高，屬不合理發展，因投資者明顯忽略聖淘沙名勝世界（Resorts World at Sentosa）開業前所需花費，或達4億新元（約9億6619.68萬令吉）。

先盛後衰

此外，經濟不景氣，旅客人數或減少，新加坡雲頂（Genting Singapore）早前預測，聖淘沙名勝世界明年首季營業，每年可吸引500萬人次，可新加坡旅遊局日前指出，旅客人次已減少至900萬。

“加上A（H1N1）型流感橫行，我們預計，聖淘沙名勝世界旅客人次或減少至450萬。”

雲頂早盤漲勢凌厲，惟臨尾后勁不足，僅能以平盤報收。

該股今早以4.9令吉報開，漲8仙，盤中一度勁揚14仙至4.96令吉；休市時，該股掛4.9令吉，揚8仙，半日成交量316萬2300股。

午盤間，雲頂漲幅逐步收窄至揚4仙，閉市時平盤掛收，報4.82令吉，成交量達674萬5400股。

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扬子江船业已交付11艘船

扬子江船业（Yangzijiang Shipbuilding）今年以来已经成功交付了11艘船，总价值4亿4590万美元，总吨位达20万1053吨（以CGT为基准）。
　　
集团表示，之前已经强调将注重项目的执行，并确保平稳和按时交付船只。2009年剩下的时间里，扬子江船业还将交付29艘船，集团表示有信心能够按时交付。
　　
扬子江船业目前的定单额达到64亿3000万美元，包括将在2012年前交付的145艘船。

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Valiram Group confirms luxury retail breakthrough with Resorts World at Sentosa

SINGAPORE. The Valiram Group today confirmed its appointment, first revealed last week by The Moodie Report, as the exclusive and sole luxury retail operator of Resorts World at Sentosa, Singapore.

The company said: “This strategic collaboration signifies the Valiram Group’s strength as one of the region’s leading luxury goods retailer and travel-retail specialist, as it adds onto its portfolio a world-class integrated casino-retail project.”

Resorts World at Sentosa is a lush 49-hectare integrated resort on Singapore's holiday island of Sentosa. It is due to open early next year.

Resorts World at Sentosa will own and operate all other key attractions at the resort, including six hotels, a casino, Southeast Asia’s first and only Universal Studios Singapore theme park, Marine Life Park, and a host of other family entertainment amenities and offerings.

Valiram said: “The approximately 30,000sq ft of luxury retail space will include an exciting line-up of über luxury brands, ranging from the best jewellers and fine watchmaking brands to leading fashion houses.

Additionally, it will include an exclusive Swiss Watch Gallery concept which showcases the best of Swiss watchmaking as well as a modern beauty hall which will include all major fragrance and cosmetics brands.”

The luxury retail esplanade is nestled within a linkway connecting all the three major hotels – Festive Hotel, Hotel Michael and the ultra-deluxe Maxims Tower. It is designed to provide a seamless luxury shopping experience for discerning international visitors.

Ashvin Valiram, Director of the Valiram Group, said: “We are extremely excited and honoured to be partnering the Genting Group in this world-class project slated to open in the first quarter of 2010. Luxury Fashion at Resorts World at Sentosa will bring together some of the world’s most sought-after iconic luxury brands in a distinctive and stylish environment.

“This project will encompass our experience, commitment and ability in creating exciting cutting-edge retail concepts, which we have now done successfully across many cities in South East Asia and Australia.”

Resorts World at Sentosa Vice President of Resort Operations Noel Hawkes, added: “We are confident that the Valiram Group will enhance the attraction of our fully integrated casino resort project. "We believe their deep understanding of the luxury retail sphere, coupled with their skills to create exceptional retail environments, will offer visitors a compelling and exciting luxurious shopping experience which is unique, imaginative and unparalleled.”

The luxury retail boutiques at Resort World at Sentosa are to be opened in early 2010.

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债务沉重传美金沙集团拟分拆业务赴港上市

美国博彩公司金沙集团传正计划分拆旗下澳门资产在香港上市，并已委请高盛集团安排此项交易。
路透社昨日引述消息人士透露，上述首次公开售股（IPO）计划目前尚处于初期阶段，拟上市的资产包括澳门威尼斯人度假村。
　　
该名消息人士表示，上个月金沙决定放弃出售澳门赌场和酒店的交易，原因是竞购方的出价均偏低。
　　
昨日，金沙未对有关报道置评。
　　
由于全球经济陷入低迷，金沙早前公布，2008年第四财季集团出现净亏损1亿1100万美元，上年同期则实现净利润3990万美元。

金沙拟再裁4000人
　　
金沙因此已经搁置了它在澳门的一些开发项目。日前，金沙集团证实，计划在澳门进一步裁员4000人，相当于整体人手的两成，以应对生意放缓。
　　
发言人表示，裁员行动在几个星期前已展开，预计在几个月内完成，会透过自然流失及裁减职位，削减员工数目。
　　
金沙亚洲区总裁韦建宏接受香港传媒查询时补充，当中千名员工会“过档”至将于下月开幕的另一博企旗下酒店新濠天地。

对此，澳门劳工局局长孙家雄表示，当局未收到金沙集团的通知，稍后会主动接触金沙。
　　
澳门另一家博彩公司美高梅金殿总裁简博贤接受传媒访问则表示，在现今情况下，美高梅不会大规模裁员，深信澳门经济将好转。
　　
他相信，澳门特区政府会和业界一起面对金融海啸带来的挑战，向市民承担责任。
何鸿燊：无意裁员
　　
由澳门“赌王”何鸿燊持有的澳门博彩控股有限公司也表示，虽然同业金沙计划在澳门裁员4000人，但集团目前无意裁员。由于今年还有一至两个新项目落成，集团会在不增聘人手下，进一步提高工作效率应付业务需求。
　　
澳博控股执行董事兼行政总裁苏树辉透露，今年首四个月，集团的收入及业务录得5%增长，在现金流及除息、税、摊销及折旧前盈利（EBITDA）也有10%增长，中场赌桌营运效率则提升10%，市场占有率更升至30%，为市场首位。
　　
他称，相比去年同期，澳博在澳门博彩业市占率已较去年同期上升3%至4%。
　　
对于澳门博彩业前景，投行瑞信发表报告，预计第三季度开始，博彩类上市公司利润有望高于上年同期水平，博彩业毛收入可能恢复增长。
　　
瑞信在报告中指出，多数澳门博彩类上市公司要么再融资，要么调整贷款合同，大大降低破产风险。因此，博彩类股前期大幅上涨，过去三个月涨幅达50%至200%。预计有关业绩的利好消息，将推动股价进一步走高。
　　
报告预期，澳门新一届行政长官选举结束后，中国政府可能会松绑自由行政策。另外，佣金费率趋稳。多数博彩类企业已采取降低劳动力成本的措施（成本削减规模相当于毛收入的8%至9%）。

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云顶新加坡 首季亏损3187万元

由于赌场的访客减少，云顶新加坡（Genting Singapore）今年第一季亏损3187万元，营收下滑36％至1亿零537万元。

集团税前亏损3042万元，每股亏损0.33分，净资产值28.98分。而去年同期，集团获得净利602万元，营收则为1亿6406万元。
　　
该公司最近刚从云顶国际（Genting International）改名为云顶新加坡。该公司表示，营收的下滑主要是因为集团在英国的赌场业务营收下跌5840万元，这是由业务量减少和不好的运气因素造成的。另外，相比起前一年，赌场访客的减少和英镑的贬值，进一步导致了营收下滑。
　　
英国赌博税的上调将对集团的业务产生负面影响。集团说，英国政府日前宣布，从4月27日起，把扑克牌的税率调高到与其他赌博游戏税率一致的水平，根据赌场的盈利，这使得扑克牌的税率从15％增加到至多50％。
　　
英国政府从4月22日起，也调高了赌博机器许可证的税率，英国政府之前并没有暗示会采取这一政策，也没有征求业者意见。
　　
云顶新加坡说，这对赌博业以及集团会造成负面影响。集团预计，这对集团今年整体的影响约为120万英镑（268万新元）。
　　
英国政府也宣布了关于赌博机器税率的商议，目前还不知道这会造成任何的变化。
　　
云顶新加坡是英国最大的赌场营运商，共拥有45个赌场。但集团指出，英国的经济情况不佳，展望不明朗。经济的放缓已经、也预计会继续对人们的可支配收入产生重大的影响，因此英国赌场业务的营收将继续受影响。
　　
针对目前的经济情况，管理层已经采取了一系列的削减成本措施，来减轻营收下滑的影响。

投入65.9亿在本地 建赌场和主题公园
　　
云顶新加坡正在投入65亿9000万元，在新加坡建造一个赌场和主题公园，赌场预计会于明年年初开业。为了准备综合度假村的开张，集团预计会承受显著的开张前的成本，包括人力资源的聘用、培训和销售与市场营销计划。集团预计，这会对今年的净利产生显著的影响。
　　
云顶新加坡的股价从今年3月初起开始一路上涨，从41.5分升至75.5分，涨幅高达82％。云顶新加坡昨天上扬0.5分，即0.67％，至75.5分。

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云顶2子公司建议易名 名胜世界-云顶大马 亚地种植-云顶种植

（吉隆坡13日讯）云顶（Genting，3182，主板贸服股）旗下公司的名胜世界（Resorts，4715，主板贸服股）和亚地种植（Asiatic，2291，主板种植股），分别建议把公司易名为“云顶大马”（Genting Malaysia Berhad）和“云顶种植”（Genting Plantation Berhad）。

名胜世界和亚地种植昨日发表文告表示，公司易名的这项建议，其中原因是为了反映出各别公司本身营运的业务，以及与母公司云顶之间的关系。

截至目前，云顶共持有名胜世界约47％的股权，而在亚地种植则持有54.7％的股权。

两家公司的易名建议已获得大马公司委员会的同意，目前有待股东的批准。

名胜世界和亚地种植将分别在6月16日和6月15日举行股东大会，并将会在易名方面寻求股东的批准。

一旦获得股东的通过，新公司名称将会从发行有关易名证书的日期起生效。

另一方面，名胜世界、亚地种植与云顶也纷纷宣布派发股息。

名胜世界与云顶同样派发每股扣除了25％税务的4仙终期股息；而亚地种植则宣布派发每股扣除了25％税务的5.0仙终期股息。

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Resorts World at Sentosa picks agencies for creative review

SINGAPORE - Resorts World at Sentosa (RWS) has selected seven agencies, among them Euro RSCG, McCann Worldgroup and Y&R, for its creative review.

Three local agencies have also been invited to pitch, say sources, though RWS has declined to disclose participants.

The integrated resort’s creative account came into play late in April when TBWA resigned the business after two years.

Robin Goh, assistant vice president, communications, Resorts World at Sentosa, said at the time: “Resorts World at Sentosa is on track for its opening early next year, and will be exploring options for its next creative agency.”

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2利好因素激励 云顶新加坡前景乐观

（吉隆坡11日讯）由于圣淘沙名胜世界的长期盈利能力及英国博彩领域的复苏，大马研究给予云顶新加坡公司（Genting Singapore）“买入”评级，合理价格为0.90新元（2.17令吉）。

该研究说，云顶新加坡是一项长期投资，预计将会在2011财年才开始作出盈利贡献，惟市场预测会在2010财年实现。

此外，大马研究也调高云顶（Genting，3182，主板贸服股）原有的“守住”评级至“买入”评级，合理价格为6.35令吉。

该研究指出：“我们相信圣淘沙名胜世界的投入运作，将会刺激云顶盈利，同时，原棕油价格及油气资产也逐渐复苏。”

鉴于该研究早前建议云顶“守住”评级，是因为圣淘沙名胜世界的度假村及赌场综合计划（IR）的建筑成本比预测高，以及英国赌场业务前景暗淡等因素，但云顶新加坡现有的前景已经较为乐观。

“由于新加坡名胜世界的初期营运开销较高，因此在2009财年，其对云顶作出的税前盈利贡献可能是负5亿1700万令吉，料会在2010财年才能转亏为盈，取得4亿3000万令吉盈利，而在2011财年增加至10亿6000万令吉。”

云顶2010年盈利看涨 该研究认为，云顶2009财年的净利料会下滑47％至9亿7800万令吉，但在2010财年将增长37％至12亿令吉。

圣淘沙名胜世界计划在2010年首季分阶段开始营业，料在今年下半年获得赌场营运执照，2010财年的赚幅估计为14％。

该公司的资本开销预计在2009财年到达20亿新元（48亿令吉），而在2010财年减至10亿新元。 “当圣淘沙名胜世界自由现金流量在2012财年料提高至每股0.16新元（0.38令吉）时，预估该公司将有能力派息。”

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Universal Studios conquers Southeast Asia and the Middle East

The world's most famous movie theme park, Universal Studios, is inching closer to Middle Eastern travellers as it sets off for Singapore next March.

Before it opens its doors in Dubai next year, Universal Studios hopes to beckon Middle Eastern travellers to its shores in Singapore where the theme park will open in March 2010 as part of the Sentosa Island Resort.

A first in Southeast Asia, Universal Studios Singapore will have 24 rides and attractions, 18 of which are brand new or specially redesigned for Singapore. Thrill seekers and movie buffs can look forward to brand new rides such as Transformers, as well as popular favourites the Revenge of the Mummy and the WaterWorld stunt show.

Universal Studios Dubailand is under construction and will be situated at the heart of Universal City, a huge complex of theme parks spanning over 20 million sq ft (nearly 2 million sq m) in Dubai. The city will also include hotels, restaurants and shops as well as residential and commercial areas, and will open some time next year (completion date yet to be announced).

Universal already runs theme parks in Los Angeles, Florida and Japan.

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觊觎海外赌场资产 名胜世界趁机壮大实力

（吉隆坡5日讯）马银投资银行在投资研究报告中说，名胜世界有限公司（RESORTS ，4715，主板贸易服务组）仍然是它选择的赌场业股之一，是因为回弹潜能强大。即使是在新加坡的两个综合休闲胜地开始营业之后，相信盈利仍然强劲增长。

此外，联号公司之间交易与须筹集现金的风险较低，合并收购的潜能日益提升。它以偏低的10年本益比8倍进行交易（不包括现金）。

名胜世界的<买入>评级保持不变，但是目标价由2.86令吉调高至3.10令吉，这较现有股价出现26.53%的潜在赚益。

马银投资银行将名胜世界的2009年以及2010年盈利预估分别调高6％及4％，因为较高的赌场收益将抵消游客减少的影响。采用11％加权平均资金成本，以现金流量贴现估值，得到修订净资产值3.10令吉。现有股价是名胜世界的现金结存以不合理的75％折扣来交易。

虽然经济疲软，但是游客增加（2008年第1季：470万名游客），马银投资银行预测名胜世界的2009年第1季业绩按年强劲增长。客房收费率有竞争力以及主办音乐/演奏会吸引游客的策略，在新加坡的两个新休闲胜地开始营业后，将有助于减轻游客可能减少的影响。由于较低的10％豪赌客赌博税，名胜世界将可捍卫它的豪赌客市场率。

随着收购10％的Walker Digital Gaming股权后，股东投资值损失45亿令吉；马银投资银行相信名胜世界将减少建议联号公司之间交易。

与此同时，名胜世界持股19.6％的丽星邮轮（Star Cruises）唯一重大投资承诺，是最终将5000万美元投资在它持股50％的联营企业Newport City NCL。该50％联营企业已再融资大约8亿美元在2009年以及2010年届期的债务，以及获取80％融资收购12亿美元的Norwegian Epic邮轮。

在接着的6至12个月内可能有更多赌场业相关收购计划。马银投资银行认为，名胜世界的45亿净现金结存，将在必要时用来收购著名的海外赌场业资产。由于美国经济疲软，以及随着在澳门的中国签证受限制后，美国以及澳门的赌场公司估值已剧跌。

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Genting Singapore Gap Between 0.74-0.75 & 0.815-0.87

Chrysler Drags U.S. Auto Sales to 34% Drop, Trailing Estimates

May 1 (Bloomberg) -- U.S. auto sales tumbled 34 percent in April, the 18th straight monthly decline, as Chrysler LLC’s slide toward bankruptcy helped shrink the industry more than analysts estimated.

Chrysler’s U.S. deliveries fell 48 percent in joining Toyota Motor Corp., Ford Motor Co. and Nissan Motor Co. with decreases that were worse than analysts expected. General Motors Corp. and Honda Motor Co. sales dropped less than projections.

April ended with Chrysler’s Chapter 11 filing, the swine flu outbreak and GM still racing to beat a June 1 deadline to restructure without ending up in court, tempering any benefits from rising consumer confidence.

“The cloud of bankruptcy is still very much hanging there,” said Rebecca Lindland, an IHS Global Insight analyst in Lexington, Massachusetts. “We can’t just see these little glimmers of hope in consumer confidence. We need to see an actual sustained recovery in the economy.”

April sales ran at a seasonally adjusted annual rate of 9.3 million units, according to industry research firm Autodata Corp. of Woodcliff Lake, New Jersey. That missed the 9.9 million estimate of 7 analysts surveyed by Bloomberg.

Lindland said she expects the rate to fall to 9 million in May and June. The March rate was 9.9 million, after February’s 9.1 million came in as the lowest since 1981. Sales totaled 13.2 million in 2008, and averaged 16.8 million this decade through 2007.

Automakers’ Decreases

Industrywide deliveries slid to 819,171. Ford slumped 32 percent, Toyota tumbled 42 percent and Nissan fell 38 percent. GM decreased 34 percent, and Honda dropped 25 percent from a year earlier.

Automakers took comfort from the 34 percent industrywide decline, which was the smallest this year.

“It seems like we’re bouncing around at the bottom of a bathtub,” Chrysler Vice Chairman Jim Press said in a conference call. “We have found the bottom.”

With Auburn Hills, Michigan-based Chrysler in bankruptcy court, the industry’s focus now shifts to GM’s bid to shrink $44 billion in obligations under the deadline set by President Barack Obama or face a government-backed bankruptcy.
‘A Martian’

“I’ve seen everything except that a Martian is going to run General Motors,” the automaker’s sales chief, Mark LaNeve, said on a conference call. “We’ve been fighting every one of these rumors, and I can tell you they don’t help sales.”

GM beat the average estimate for a 37 percent sales decline, based on a survey of 5 analysts. Purchases by fleet customers buoyed results, while sales to individual consumers fell 45 percent, Detroit-based GM said. Honda was projected to drop 27 percent, based on 4 estimates.

Ford’s slide exceeded the 30 percent average estimate among 5 analysts surveyed by Bloomberg, and Chrysler outstripped projections for a 37 percent drop. Toyota’s decline was greater than the 37 percent average of 4 estimates, while Tokyo-based Nissan’s slump exceeded a projected decrease of 28 percent. April had 26 selling days, the same as a year earlier.

Ford said sales slowed in the last week of April, which it attributed to heavy news coverage of the bailout plans for GM and Chrysler, as well as reports about the new flu strain.

“There was a bit of a CNN effect this week with the news focusing on Chrysler and GM,” Ford’s sales analyst, George Pipas, said in a conference call.

Ford Tops Toyota

Ford outsold Toyota City, Japan-based Toyota in April, 134,401 vehicles to 126,540, to take the No. 2 U.S. sales position behind GM. For the year, Toyota remains ahead of Dearborn, Michigan-based Ford by 27,400 cars and trucks.

South Korea’s Hyundai Motor Co. posted the smallest decline among major automakers, sliding 14 percent. Kia Motors Corp., Hyundai’s affiliate, reported a 15 percent decrease.

Automakers’ spending on incentives averaged $3,031 for each vehicle, a 29 percent increase from a year earlier, according to automotive researcher Edmunds.com of Santa Monica, California. Still, that was down from the record of $3,165 in March.

Honda’s increased incentives for Accord allowed the car to become the top-selling U.S. model, surpassing Ford’s F-Series pickups and Toyota’s Camry sedan.

Average incentive spending rose 7.9 percent at Honda to $1,439 a vehicle, Edmunds.com said. Chris Martin, a Honda spokesman, wouldn’t give a figure, while Bob Carter, Toyota’s U.S. vice president of sales, said Accord incentive spending surged “more than 50 percent” last month.
Economic Impact

Consumer sentiment surged last month to its highest since before the collapse of credit markets late last year, according to a Reuters/University of Michigan index released today.

“It’s all about credit and confidence,” said Michael Robinet, an analyst at CSM Worldwide in Northville, Michigan. “Credit continues to free up, albeit at a slow pace, and we’re not seeing confidence degrade like we have in the past.”

While the government may say May 8 that unemployment rose to 8.9 percent from 8.5 percent in March, job losses likely eased in April, based on Bloomberg surveys of economists. The drop in nonfarm payrolls was projected to be 610,000, 8 percent fewer than a month earlier.

A 9.4 percent gain for the Standard & Poor’s 500 Index, the biggest monthly rally since March 2000, also may have eased consumers’ alarm over Wall Street’s tumble late last year. As of today, the benchmark index for U.S. stocks needs to rise only 2.9 percent to erase its 2009 loss.
Those signs of life for the stock market and confidence will position auto sales for a modest second-half recovery, said Gary Dilts, an analyst at market-research firm J.D. Power & Associates in Troy, Michigan.

“It’s nothing to have a party over,” Dilts said. “But we’ve reached the point where there’s just not much lower that you can go.”

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談判破裂 克萊斯勒破產成定局

（華盛頓30日訊）據知情人士透露，美國財政部與克萊斯勒(Chrysler)貸款提供方所進行的旨在避免克萊斯勒破產的談判宣告破裂，這意味著克萊斯勒在週四申請破產保護已變得毫無懸念。

為使銀行和對沖基金寬免克萊斯勒69億美元(249.7億令吉)的債務，財政部在週三提出的最新方案中將支付給銀行和對沖基金的現金金額提高了2.5億美元(9億令吉)，達到22.5億美元(81.4億令吉)。

作為克萊斯勒的最大放貸人及貸款方的牽頭者，摩根大通在週三晚間給其他45家銀行及對沖基金就該交易進行投票表決﹔多家大型對沖基金投反對票，並拒絕讓步，為克萊斯勒申請破產鋪平道路。

申請破產保護可能也將為意大利汽車生產商飛霞公司(Fiat)接管克萊斯勒鋪平道路。

如果克萊斯勒申請破產保護，其背后原因包括，飛霞可因此將數百家汽車經銷商從其銷售網絡中清除出去。此外，克萊斯勒還有一些飛霞不希望保留的環保等方面的義務，如果申請破產，這樣的義務可以輕易地消除。

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