Tony Tan 8888

环球影城12月建竣第一年要吸引450万人次

2009-10-21T22:11:00.002+08:00

(2009-10-21)

位于圣淘沙名胜世界的新加坡环球影城建造工程已完成超过90%，预料这个东南亚第一个，也是唯一的环球影城主题公园会在12月底之前建好。

七大主题区有什么

名胜世界昨天邀请海内外媒体参观环球影城（Universal Studio）工地，并首次公开里头七大主题区的内容。

环球影城运作署长哈伦贝克估计，开业第一年到访的游客有望达450万人次，入门票可分成人、孩童、乐龄者、单日和双日套票等不同配套。详情预计下月公布。

环球影城共设有24个以卖座电影为主题的游乐设施和景点，其中18个是专为新加坡设计或改良，首阶段会率先开放20个景点，目前这些设施如过山车等已进入测试阶段。

　　
其他设施如“变形金刚”（Transformers）会在日后建好和启用，以保持主题公园的新鲜感。

名胜世界共耗资44亿美元（约61亿新元）建造，其中环球影城的建造费就超过10亿美元。　

　
此外，定第一阶段开放的四家酒店目前也已建得七七八八，各有约一半的楼层客房已开始进入内部装潢阶段。　　

虽然有迹象显示名胜世界有望赶在年底提前开放首阶段设施，它昨天回答媒体询问时仍守口如瓶，表示会如期在明年初之前开幕，具体日期稍后公布。　

　
遥远王国　　

高40米的“遥远王国”城堡，让游客一窥奥斯卡得奖动画片《怪物史瑞克》（Shrek）的神奇世界。游客可体验城堡内的超强互动多媒体演出，包括史瑞克4-D（四维）历险记及多话驴耍宝秀。

马达加斯加　　

进入马达加斯加的神秘世界，犹如身陷原始森林，周围四处可见到怪异的狐猴和窝灵猫，让游人踏上马达加斯加木箱漂流记的探险之旅。

失落的世界

走入“侏罗纪公园”和“未来水世界”的电影世界中，势必让你流连忘返。重新设计后的侏罗纪公园河流探险，让游客逆转时空闯入远古时代的恐龙世界。游人也可目睹“未来水世界”电影中的高难度爆炸特技场面。

古埃及　　

神秘宏伟的古老金字塔和方尖碑，重现古埃及黄金时代的探险辉煌。游客可随着胆大心细的考古学家的足迹，登上木乃伊复仇记过山车，在浩瀚沙漠中破解金字塔之谜。　

　
科幻城市　　

进入时光穿梭机来到未来世界！这个在奇思妙想下打造而成的未来大都会，充满了令人难以置信的尖端科技，游客可登上世界最高的双轨过山车“太空堡垒”，亲身参与人类与机械人之战。
纽约　　

走在活力四射的纽约街头，一部部经典的电影场景展现眼前，让人全情投入美国最繁华的国际大都会。由电影大师史提芬司匹堡（Steven Spielberg）主持的“电影特效片场”，让游人走入鲜为人知的电影场景幕后制作。

好莱坞　　

富有百老汇风味的好莱坞剧院、星光熠熠的“星光大道”，让游人仿佛置身于闻名遐迩的好莱坞大道，陶醉于五光十色的环球娱乐世界里。好莱坞怀旧经典老片《美国风情画》（American Graffiti）中的梅尔斯汽车快餐店也在这里重现，让人重温美式快餐的复古情怀。

《联合早报》

行家论股:区域领域估值获改善云顶明年财测调高

2009-10-21T21:44:00.001+08:00

●南洋商报2009/10/20 18:54:05

随着新加坡圣淘沙名胜世界接近完成，加上区域领域的估值获改善，分析员因此调高云顶（Genting，3182，主板贸服股）的目标价格。

新加坡博彩领域的展望获改善，特别是目前中国政府正加紧对博彩领域的管制，以限制澳门当地过度扩展的博彩活动，并严紧管制签证规例。

此外，随着旅游业预测会在明年改善，因此，估计将有助于推动酒店入住率及消费者开销。分析员维持云顶2009财年的盈利预测，惟调高2010财年盈利预测1.5％。与此同时，分析员维持云顶“买入”评级，但上调目标价格至9.00令吉，本益比为21倍。

Genting Malaysia:Subscribed To $15 Million Wynn Resorts Notes

2009-10-21T21:41:00.001+08:00

KUALA LUMPUR (Dow Jones)--Genting Malaysia Bhd. (4715.KU) said Wednesday it has subscribed for $15 million nominal value of Wynn Resorts Ltd.'s (WYNN) new 7.875% First Mortgage Notes due 2017.

The Malaysian casino operator said in a stock exchange filing that the notes issued by Wynn's wholly owned units Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. represent "a good opportunity for Genting Malaysia to expand its investment portfolio and enhance returns on its existing cash balances."

The notes are secured against Wynn's gaming and entertainment assets in Las Vegas, the company said.

Sentosa theme park ticket sales put at $315m a year

2009-10-21T21:28:00.007+08:00

Universal Studios aims to draw 4.5m visitors; 20 rides to open next year

AT around S$70 per entry to Universal Studios Singapore (USS), Genting Singapore, which invested more than S$1 billion in the theme park could reap around S$315 million a year in ticket sales alone.

Speaking at a news conference yesterday, Douglas Trueblood, general manager (sales & marketing) for Universal Parks and Resorts, said the target is to attract 4.5 million visitors a year to the theme park at Resorts World at Sentosa (RWS), which is owned by Genting Singapore.

Assuming USS sells 4.5 million tickets at S$70 apiece, ticket sales could hit S$315 million.

Mr Trueblood did not reveal ticket prices, but Genting Singapore chairman and CEO Lim Kok Thay has said they will be lower than those at other Universal Studios theme parks.

Earlier estimates by analysts put the entry price at around S$80, compared with about US$70 in the US and 5,800 yen in Japan.

Analysts at Morgan Stanley Research (Asia-Pacific) expect entry prices to USS to be even lower at around S$70.

In a recent Morgan Stanley Research report, it was also estimated that USS could register total revenue of S$388 million for 2010, S$491 million for 2011 and S$545 million for 2012. This includes revenue from merchandising and F&B.

Interestingly, Morgan Stanley Research said Genting Singapore can offer cheaper entry tickets because of the lower construction cost of USS at about US$1 billion, which it said is about half the cost of Universal Studios Japan.

Morgan Stanley Research noted that no details have been made public on the USS franchise fee, but said it is likely that RWS will have to pay an upfront fee as well as a share of gross profit to Universal Studios once the theme park is operating.

Giving an update on USS which is in the final stages of construction, Mr Trueblood said that of the park's 24 rides, 20 will open next year, with 18 of them original or adapted for Singapore.

Universal Parks & Resorts chairman and CEO Tom Williams said: 'Universal Studios Singapore will be a unique experience and family destination with many new rides, shows and themes that can't be found at other Universal Studios parks.'

USS will consist of seven themed zones that surround a man-made lagoon. The zones are: The Lost World; Ancient Egypt; Sci-Fi City; New York; Hollywood; Madagascar; and Far Far Away. Rides including the Jurassic Park Rapids Adventure, WaterWorld and Revenge of the Mummy will be located within these zones.

Mr Trueblood revealed that a Transformers attraction will open in 2011 and other new attractions will be added in turn. 'Over the years, we will evolve,' he said.

两综合度假胜地正式申请赌场经营执照

2009-10-16T06:31:00.001+08:00

本地兴建中的两个综合度假胜地（IR）已正式向赌场管制局申请赌场经营执照，为新加坡有史以来设立的首个赌场铺路。

根据种种迹象显示，已建得七七八八的圣淘沙名胜世界最快有望赶在今年底前建好第一阶段设施，如今它能否提前开业，就要看它是否能及时领取所需的赌场执照。

我国政府规定，综合度假胜地经营者须在投入至少一半的承诺投资额，并建好至少一半的总建筑面积、有能力接待访客后，才能申请设立赌场的执照。

不过据了解，由于有关申请程序需一段时间进行，只要IR经营者能确保可在当局对赌场执照申请完成审查之前，达到上述目标，便可提前提出申请。

赌场管制局（Casino Regulatory Authority，简称CRA）昨晚回答本报询问时证实，该局已分别在本月8日和9日收到滨海湾金沙和名胜世界的赌场执照申请。

赌管局策划与企业通讯助理署长符芩慧告诉本报，目前正处理两个IR的申请，预计有关业者背景是否清白的调查工作（probity investigations）需大概三个月时间完成。

她指出，赌管局在审查申请时，将彻底调查赌场执照申请者的背景，看是否符合赌场管制法令第45节条文及有关赌场执照与收费方面的条例。

根据第45节条文，申请者及相关伙伴须具有良好声誉、诚实正直、财务背景良好稳定、建有可靠的企业结构、有能力掌握所需的资源来确保赌场在财务上维持可行性，以及在赌场管理与经营方面累积足够的经验等。

此外，当局也规定所有与经营者有关的商业伙伴财务背景要清清白白，公司每个董事、伙伴、受托人、执行官和秘书等人的背景和能力也会受到审查。

符芩慧说，如果申请者与合伙人给予全力合作，把所需文件和资料全部提呈给赌管局，预计有关调查需约三个月。

除严格的背景调查，申请者也须通过所有监管机构的批准才能获颁赌场执照。也就是说，名胜世界能否如愿在年底提前开业，就要看它是否能顺利申请到赌场执照。

一般相信，由于赌场是整个IR最赚钱的设施，业者会争取在第一阶段开业就让赌场开门营业。

两IR日夜赶工争取率先开业

目前名胜世界和滨海湾金沙都分秒必争日夜赶工，争取成为本地第一家开业且附有赌场的综合度假胜地。

但与名胜世界比起来，滨海湾金沙的工程进度明显落后，它较早前已表示会展延到明年第一季开放首阶段设施，至于确切开幕日期则要看横跨三座酒店大楼的空中花园的工程进度。

针对赌场执照的申请，两个IR昨天受询时都不愿置评。

在2006年12月，云顶新加坡的前身云顶国际（Genting International）和丽星邮轮（StarCruises）在赢得我国第二个IR经营权后不久，宣布将和澳门赌场大亨何鸿燊合作，结果引起我国内政部介入调查，要进一步了解云顶、丽星与何鸿燊的合作关系。

为解决问题，云顶国际在2007年5月底，从姐妹公司丽星邮轮买下名胜世界其余25%股权，云顶国际也退出了和何鸿燊的合作计划，这场风波才告一段落。

根据规定，业者须在获颁赌场执照的3年后，投入全数所承诺资金来发展综合度假胜地，以确保该计划最终得以成功落实。

政府已承诺在经营综合度假胜地的首10年里，只发出两张赌场执照，而每个IR可享有30年的赌场经营权，不过赌管局将会每三年检讨赌场执照一次。

赌管局是隶属内政部的法定机构，于去年4月成立，主要负责监督赌场的内部管制系统，并发出执照给赌场经营者、中介和主要职员。

海指昨微跌4点　　指数股成交量渐缩

2009-09-26T21:50:00.001+08:00

由于美国隔夜发布的房屋数据疲弱，而各地央行开始缩减刺激经济配套的规模，引起投资者担忧经济复苏势头会否减弱，本地股市昨日微跌0.2％。

德意志摩根建富证券高级交易主管叶忠英认为，自3月股价回升至今，市场一直没有出现像样的调整。一场介于8％和10％的健康调整是投资者正在期待的，投资者接下来应该采取趁跌吸购的策略。

费利社证券研究认为，目前市场似乎出现大户正调整交易策略的迹象，这是基于主要指数股的成交量日益萎缩，而根据基本投资规律，这是跌市的先兆。

海峡时报指数闭市报2662.82点，跌4.61点。全日股价升多跌少，上升股309只，下跌股218只，而没有变动的有812只。全场成交量大增至34亿4822万股，总值却减至16亿9968万元。

指数股方面，报业控股起2分到3.74元。星展集团研究预测它在下个月12日发布的全年业绩中会增派股息，因此给予它“买入”评级，把它的目标价定在4.21元。

云顶新加坡跌4分到1.12元。法国巴黎银行看好它明年初开业的圣淘沙名胜世界的营运情况，给予它“买入”评级，把它的目标价定在1.35元。

香港置地大涨24美分到4.38美元。麦格理研究指香港的办公楼需求正在增加中，因此给予它“表现优于大市”评级，把它的目标价提高到4.75美元。

嘉茂商产信托起5分到1.79元。瑞士银行因它近期的股价表现胜于同行，将它的评级从“买入”降至“中性”，但却把它的目标价调高到1.88元。

联合环境技术再涨5.5分到52.5分。它宣布以630万元或每股18分收购3500万股亚洲水务科技股票。临沂震元纸业起1.5分到23.5分。它表示为了促使纸化学生产产能增加一倍，已经斥资约8000万元人民币到扩充生产设施上。

胜科海事跌3分到3.16元，吉宝企业起5分到8.38元。大华继显研究认为巴西石油将会压低浮式生产储油船的承建价格，意味着有关合同的毛利率会偏低，因此分别给予胜科和吉宝“持有”和“抛售”评级。

黄金股票下挫1.40美元到97.70美元。

云顶许胜不许败

2009-09-26T21:45:00.003+08:00

云顶（GENTING，3182，主板贸服股）旗下的云顶新加坡（前名云顶国际）自从成功标得新加坡赌场的发展计划以来，它的一举一动便备受众人的注目，因为这项计划对云顶集团而言，是举足轻重的。
对于投资者而言，他们更希望希望云顶集团可以在新加坡复制马来西亚的成功模式，进而让他们的投资可以获得良好回酬。

不过，由于这项发展计划耗资相当庞大，再加上成功标得之后，建筑原料成本，包括钢铁和其他建材价格飙升，所以，市场不断会传出云顶新加坡面对建筑成本超支的窘境。

云顶集团在2006年12月成功标得这赌场发展计划时，建筑成本价标为52亿新元（约126亿8800万令吉），不过，如今最新成本预测已经高涨至65亿9000万新元（161亿4000万令吉）。

云顶新加坡自2005年12月上市新加坡后接连蒙受亏损，主要是因为其新加坡赌场的兴建成本，以及相关收购英国赌场的成本所造成。在截至今年6月杪的第2季，该公司蒙受5070万新元净亏损，比前的180万新元净亏严重扩大。

英国赌场赌客减少在之前一个季度，即截至2009年3月31日止首季，云顶新加坡的业绩已经由盈转亏，蒙受3190万新元（7700万令吉）净亏损，主要是英国赌场业务继续蒙受赌客减少冲击。

在公布业绩时，该公司表示，其表现主要是受到英国赌场业务低迷冲击，同时新加坡的新赌场在首季再动用4亿2500万新元贷款，也令到业绩表现逊色。尽管在财务上面对成本增加的窘境，但是云顶新加坡在这期间还是不断地重申，新加坡赌场会如期在2010年初开幕，而且更有消息传出指，有关赌场甚至会比预定的期限提前开张。

云顶股价水涨船高提前开张消息出街之后，除了云顶新加坡的股价之外，控制其54%股权的云顶母公司股价也随着扬升。可见市场是多么重视新加坡赌场的发展计划，这赌场的一举一动都牵动市场对云顶新加坡和云顶母公司的股价表现。

改变亚洲观光业面貌其实，云顶集团本身更加重视这项计划，因为毕竟这项计划得之不易，它是与美国的环球制片结盟，联手参与竞标，打败来自巴哈马的赌场经营业者——柯兹那国际公司以及来自拉斯韦加斯的第八大奇景公司，成功拿下新加坡政府发出的第二张赌场度假胜地开发执照。

新加坡政府的第一张执照是于今年5月由拉斯韦加斯金沙集团 (Las Vegas Sands)取得。该集团斥资36亿美元的新加坡赌场度假区开发案，预定在2009年7月以前对外营业。

根据云顶的规划，这项名为圣淘沙度假世界的发展计划，在2010年完工后，将改变亚洲地区观光业面貌，一年可望吸引1千500万名游客到访。圣淘沙度假世界共占地49公顷，内有6座酒店，总计超过1800个房间；一座占地8公顷的海洋公园；一座占地20多公顷、有22项游乐设施的环球影城主题公园；以及一座梦工场动画制片场。

因此，对于这项计划，云顶集团绝对是抱着许胜不许败的决心。所以为了能够顺利取得充裕的资金，云顶新加坡宣布，以5配1的比例，发行高达20亿4371万6094股附加股，每股发售价格为0.80新元（1.96令吉），预测可筹集16亿3000万新元（39亿9350万令吉）。

现金充裕·融资无压力根据云顶在云顶新加坡持有54％股权，届时它将认购云顶新加坡10亿5000万的附加股，所需资金约21亿令吉。

其实，云顶要出这笔钱肯定是没有问题，因为单是云顶及云顶马来西亚（GENM，4715，主板贸服股）的现金已逾70亿令吉，该集团在融资方面没有压力。

不过，虽然云顶及云顶马来西亚能够提供资金给云顶新加坡，而且配股集资计划也能够令它节省利息，但是，无可否认的，这项计划还是会影响云顶新加坡的股价表现，因为附加股使到其股本扩大了。

因此，自从云顶新加坡提出附加股计划之后，其股价便应声下跌。另一方面，摩根大通则因省下的利息而调高了云顶新加坡接下来三个财年的净利预测，但将它的目标价从1.20新元下调至1.15新元，以便反映股本的扩大。

瑞银投资研究则表示，圣淘沙名胜世界(Resorts World at Sentosa，RWS)已有充分资金——之前40亿新元（97.6亿令吉）的贷款和前年20亿新元（48.8亿令吉）的配股集资活动。因此，它认为，这次筹集的资金料不会用于该项目。

它认为，云顶新加坡较有可能在新加坡以外地区寻找新收购或投资商机。

不过，高盛则认为，由于之前筹得的资金和66亿新元项目成本仍有差距，这次筹集的资金可帮忙填补资金缺口。

它也指出，市场对本地博彩业的需求可能持有过于乐观态度，加上该股今年以来已上涨了不少，这次的集资活动料将拖累该股接下来的走势，它维持对它的“卖出”评级。

总结显而易见的，从云顶新加坡获得新加坡赌场计划以来，众人的目光便一直紧盯着它，它的任何举动都会引起市场的揣测。

其实，抱着长远投资目标的投资者更加期望云顶新加坡在新加坡赌场能够取得成功，并复制马来西亚云顶的成功模式，以让他们的投资日后可以取得数十倍，甚至上百倍的回酬。

史瑞克与马达加斯加将落户新加坡环球影城

2009-09-25T21:54:00.004+08:00

(2009-09-25)

位于圣淘沙综合度假胜地的环球影城开幕后，走出动画片的史瑞克（Shrek）的第一个家将是新加坡！

这是因为全世界首座以史瑞克动画片里“遥远王国城堡”（Far Far Away Castle）为设计主题的景点将落户新加坡环球影城。

除此之外，以另一部梦工厂（DreamWorks Animation）卖座动画片《马达加斯加》（Madagascar）为主题的景点也将是全世界唯一以该部动画片为背景的主题公园。

根据之前报道，圣淘沙名胜世界最快有望在今年底开幕。昨天也是圣淘沙名胜世界首次公布环球影城里的景点细节。

史瑞克之《遥远王国》和《马达加斯加》两个主题区共有6大景点，超过10个餐饮和购物场所将遍布这两个主题区。　

其实，近月来有到过圣淘沙的公众或许已经在通往圣淘沙的桥上看到类似城堡的建筑物，这就是“遥远王国城堡”的一部分。

在《遥远王国》主题区里，高达40米的哈洛德国王（史瑞克的岳父，费欧娜公主的父亲）城堡里将设有“史瑞克四维影院”、“多话驴耍宝秀”（Donkey Live）和摩天轮“魔法轮转”（Magic Potion Spin）等景点。

《马达加斯加》主题区里的皇牌则将是名为“马达加斯加：木箱漂流记”（Madagascar: A Crate Adventure）的过山车游戏，小型过山车“小龙飞行学校”（Enchanted Airways），以及旋转木马“朱利安国王旋转舞会”（King Julien’s Beach Party-Go-Round）。

竣工后的环球影城将有24个游戏和景点，其中18个是只能够在新加坡环球影城找到，或是特地为本地改良的设计。在第一阶段开幕时，预计24个景点当中的多数景点都已经完成。

两个主题区的六大景点

一、《遥远王国》主题区

1）史瑞克四维影院

看了动画片《史瑞克》但仍意犹未尽的公众可在这里继续“追看”史瑞克与费欧娜公主的爱情故事，和多话驴（Donkey）一起跟随两名主人公展开蜜月之旅。在这部原创的三维电影中，访客将透过“绿色怪物”（ogre）的神奇视野，乘搭时而弹跳、时而起伏的座车，穿越喷气和撒水器，身历动画片其境。

2）多话驴耍宝秀

动画片里的多话驴将带领访客一起唱歌，甚至近距离聊天！另外，位于“遥远王国”的罗密欧大街的夜店“铁钩骑士俱乐部”（Hook’s Knight Club）也将是城中最热闹的一角。

3）魔法轮转

走进魔法婆婆的神奇屋，这里最引人注目的是为魔法剂装瓶的神奇魔法小型摩天轮。

4）小龙飞行学校

适合一家大小的小型过山车将载着访客飞越“遥远王国”，途中与童话故事里的三只小猪、大野狼、皮诺丘木偶（Pinocchio）等见面。

二、《马达加斯加》主题区 5）朱利安国王旋转舞会

在这里，不论是男女或老少，将在朱利安国王的带领下，随着节奏强劲的“绕圈圈”舞曲一起玩旋转木马，亲身体验一场截然不同的沙滩派对。

6）马达加斯加：木箱漂流记

通过幻影和声效，《马达加斯加》动画片里的主角将出现在访客面前，带领大家置身于刺激的惊险之旅。旅途中，访客将遇到俏皮的狐猴首领朱利安国王，并与国王的死对头窝灵猫展开激烈战争。大家将在这场“大战”中，从随时就要爆发的火山口一跃而出，取得胜利。

《联合早报》（编辑：黄爱莲）

Casino operators can expect stringent probity checks

2009-07-05T08:23:00.002+08:00

CASINO operators at the upcoming integrated resorts can expect probity investigations to be 'extensive and intrusive'.

Speaking on the sidelines of a training symposium for officers of the Criminal Investigations Department (CID) and Casino Regulatory Authority (CRA) yesterday, Lim Tung Li, manager of the investigations division at CRA, reiterated that the casino licenses are a 'privilege and not a right'.

'This is why we can enforce what some might consider extensive and intrusive checks on the operators,' he said.

Probity investigations into Marina Bay Sands and Resorts World at Sentosa were done in the run-up to the two operators winning the tenders to build their resorts.

But such investigations will be an ongoing process, and the next round of checks are expected to start when the operators apply for casino licences, which will be issued by CRA.

One issue that could be contentious is a recent investment by Genting Singapore's parent Genting Bhd in MGM Mirage.

The New Jersey Association of Gaming Enforcement in the US raised objections about MGM Mirage's Macau joint venture with Pansy Ho, the daughter of Macau's casino kingpin Stanley Ho.
Genting Bhd invested US$200 million in MGM Mirage - half of it on a 3.2 per cent equity stake and the other half on a bond issue.

Whether this will jeopardise Genting's standing with casino regulators is not known.

Mr Lim said enforcement agencies and regulators will share their expertise and information on industry players.

'An association with any company with possible criminal links would be something we would look into,' he noted.

On the merits of the symposium, Mr Lim said it gives CRA the opportunity to 'network' with other casino regulators.

'This allows us to understand what kind of checks they do, what they look into more often than not, and what are the red flags to look out for,' he explained. Forging links with 'strategic partners' is vital, he added.

Participants in the symposium included representatives of the Federal Bureau of Investigation, Nevada Gaming Control Board, Commission Against Corruption of SAR Macau and the Hong Kong Police Force's Criminal Intelligence Bureau.

At the opening of the symposium on Wednesday, CRA chief executive Raja Kumar said: 'I cannot over-emphasise the importance of forging such links. We live in a highly connected world, and crime is increasingly transnational. For the casino regulators, casino operators are expanding internationally. Both Marina Bay Sands and Resorts World at Sentosa have parent companies with an international presence. Hence, CRA has to liaise with fellow regulators where our operators have a presence.'

CRA is already developing protocols to prevent money laundering and screen key casino employees, associates and junket operators.

New South Wales casino supervising inspector P J Hennessey, who also attended the symposium, added: 'Whenever there is money involved, people will find a way to cheat the system.'

工程已完成80% 圣淘沙IR春节前可落成

2009-06-28T11:18:00.002+08:00

瞄准明年农历新年旅游旺季，圣淘沙名胜世界综合度假中心将在接下来两个月增加四成建筑人手，以确保建设工程能在农历新年来临前完成。
　　
名胜世界工程部高级执行副总裁秦永国告诉本报，建筑工地目前有6500人，分三班制，每天24小时赶工，接下来会增加到8000人至9000人。
　　
他说，第一期工程已完成了80%，预计在明年初启用的所有建筑物，包括四家酒店：美星豪华酒店、节庆酒店、硬石酒店和迈克尔酒店，估计都能在下月落成。
　　
名胜世界已敲定在明年第一季开业，不过确切开业日期未定。据本报了解，旅游业者估计它会抢在农历新年前开幕，以便把握农历新年假期的旅游旺季。
　　
它已确定参与明年妆艺花车游行，并安排焦点娱乐设施环球影城成为花车设计的灵感，为开业宣传造势。

这座号称全球最顶尖的亲家庭度假胜地，耗资65亿9000万元，占地49公顷，建筑工程分两个阶段进行。预计在明年春季开业所开放的设施属于第一阶段的工程，这些建筑物集中在中央区及东侧，占总建筑楼面的六成。
　　
第二阶段的工程，则包括位于西侧的另外两家酒店Equarius和ESPA别墅（总共400间客房）以及其他设施如水上乐园、海事博物馆和海洋生物园。
　　
秦永国指出，要在4年半的时间完成这项大规模工程，与时间赛跑是最大的挑战。
　　
昨天早上名胜世界开放建筑工地让本地及外国四十多名记者和摄影师参观其中三个主要设施，环球影城的“未来水世界”剧院、双轨过山车“太空堡垒卡拉狄加”及美星豪华酒店，见证主要设施正逐渐成形。
　　
“未来水世界”剧院已进入最后完工阶段，观众席的盖顶和水池的水管都已完成装置，预计下个月便开始放水入池，测试剧院的灯光电源设施。
　　
双轨过山车的轨道已完成了70%的装置。至于最先完成盖顶的美星豪华酒店建筑工程已大致完工，剩下保护层的装置工作。
　　
眼前的经济衰退令名胜世界将原来定下每年吸引1500万入场人次的目标，改为1200万至1300万人次，减幅约20%。
　　
圣淘沙名胜世界企业传播总监巫翠兰在记者会上透露，公司已把营业第一年内部收益率减少了1至2个百分点。
　　
巫翠兰表示，各项娱乐设施的收费还未定价，但价格应该不会标得太高，以确保多数人能够负担得起。

圣淘沙新桥第三季可通车
　　
去年初开始兴建的圣淘沙新桥，工程进度顺利，预计可在8月底或9月通车，所有从本岛前往圣淘沙的车辆，到时将取道新桥；而离开圣淘沙的车辆，则将照旧通过现有的圣淘沙大桥。
　　
秦永国说，总长710公尺的新桥虽然已建好，仍需要时间安排交通疏导工作，预计可在8月底完成。
　　
圣淘沙新桥与现有大桥并行，共有三条车道，最左边的车道可通往圣淘沙名胜世界地下停车场，最右边的车道则直通圣淘沙。建设新桥正是为了应付综合度假胜地启用后的车辆流量。
　　
圣淘沙新桥工程耗资约8000万元，由圣淘沙名胜世界出资，澳洲建筑与工程公司McConnell Dowell负责建造。

《联合早报》（编辑：苏亚华）

Source

60% of Resorts World to be ready at soft opening

2009-06-26T11:39:00.001+08:00

WHEN Resorts World at Sentosa (RWS) finally opens its doors in early 2010, just 60 per cent of the project will be ready.

At the soft opening of the 49-hectare integrated resort (IR) next year, Universal Studios Singapore, Resorts World Casino, its resident show theatre, part of its dining strip, and four hotels will commence operations first, RWS said Thursday.

Two more attractions, the Marine Life Park and the Maritime Xperiential Museum, the ESPA and two more hotels - Equarius and Spa Villas - will open progressively.

"Since the award of Resorts World at Sentosa in December 2006, time has been our biggest challenge in building this world-class resort destination," said Mr Michael Chin, Executive Vice President of Projects, RWS.

RWS announced the completion of all structural buildings by July this year.

Fitting out of the hotels' façade and installation of the Universal Studios Singapore attractions - already begun - will ramp up after the last building Hotel Michael tops out next month.

Testing and commissioning of the theme park rides and attractions will take place later this year, as scheduled, to put RWS "on track" for the soft launch.

Source

阿朗获得新加坡RWS统一通信解决方案合同

2009-06-25T11:29:00.003+08:00

6月23日消息，阿尔卡特朗讯近日宣布，新加坡圣淘沙名胜世界(RWS)已选择阿尔卡特朗讯作为战略合作伙伴，为其坐落于圣淘沙度假岛、占地49公顷的综合娱乐城部署IP电话网络。
　　
按照协议，阿尔卡特朗讯将为圣淘沙名胜世界提供一整套电话业务，包括当今最为先进的IP语音网络、服务于员工和游客的统一通信设施以及联络中心解决方案。该项目将于2009年第二季度开始实施部署。
　　
圣淘沙名胜世界IT部高级副总裁Yap Chee Yuen表示：“我们需要寻找的是长期合作伙伴，而不只是眼前项目的设备供应商。阿尔卡特朗讯拥有广泛的产品线、专业的服务及全球的影响力，我们相信阿尔卡特朗讯能够理解我们的战略目标，从而助力我们成为家庭度假的首选。”
　　
圣淘沙名胜世界由云顶新加坡公司(Genting Singapore)开发，是投资达65.9亿新元的综合娱乐城。此处将建成东南亚首家也是唯一一家环球影城、世界最大的海洋馆-- Marine Life Park、一座海洋博物馆、一座水上主题乐园，六家不同风格的主题酒店，以及众多娱乐、购物及美食场所。
　　
圣淘沙名胜世界将于2010年初建成，不仅将成为理想的家庭度假胜地，还将拥有最为优秀的酒店通信系统。届时，六家酒店的1,800套客房将安装超过3,000部电话。此外，预计还将有2,000名员工和管理人员也将接入这套重要的骨干网络。该系统将确保整个度假胜地的通信畅通无阻。
　　
阿尔卡特朗讯为圣淘沙名胜世界提供的解决方案主要包括以下部分：
　　
阿尔卡特朗讯Hotel Link(AHL)解决方案：允许集中连接至酒店物业管理系统，从而更有效地管理多个酒店设施。
　　
赌场、酒店及管理网络所使用的IP语音通信均采用军事化级别安全编码。
　　
为所有管理员及房务人员提供OmniTouch统一通信套件。用户通过功能丰富的桌面插件“我的即时通”(My Instant Communicator)来无缝集成电子邮件、传真服务器、语音信箱及“我的团队”(My Teamwork)通知服务器等功能。
　　
OmniTouch联络中心高级版本配备视频交互、语音应答及可视联络中心图形界面功能简化了联络中心的运行管理。
　　
此套综合通信系统还为今后的升级预留了空间，比如只需简单的指端控制，即可通过IP电话为酒店客户提供更多先进功能及服务。
　　
阿尔卡特朗讯企业网络集团东南亚区副总裁Derrick Lee指出：“我们很高兴圣淘沙名胜世界能够选择阿尔卡特朗讯为其综合娱乐城提供全面的IP通信及统一通信解决方案。圣淘沙名胜世界深知在当今竞争激烈的酒店行业中构建可靠的语音通信系统的重要性。阿尔卡特朗讯业界领先的解决方案将确保游客更好的体验，使运营管理更加顺畅，并最大限度地提升运营收益。”

Source

圣淘沙名胜世界：调低第一年游客预估

2009-06-25T11:24:00.002+08:00

新传媒新闻报道，由于全球经济严峻，打造圣淘沙综合娱乐城的圣淘沙名胜世界，调低了第一年到访的旅客人数，从原本估计的一千五百万个，下降到一千三百万个。

耗资大约66亿新元的圣淘沙名胜世界，建筑工程还在进行中，估计三分之二的建筑物，包括景点，旅店和赌场，将在2010年第一季竣工。而坐落在名胜世界的新加坡环球影城的装饰，和水上世界3500个座位的装配，以及世界最高过山车的设施工程，预定从8月开始进行。

名胜世界有信心，综合娱乐城内的娱乐设施和节目，能够吸引游客的到来。

不过，由于经济环境的影响，名胜世界表示，第一年到访的游客，估计是一千三百万个。

名胜世界最后阶段的建筑工程，将在明年第一季展开，整个发展计划预料将在两年内完成。

Source

Malaysia's Genting pays $100 mln for MGM stake-paper

2009-06-10T20:38:00.003+08:00

KUALA LUMPUR, June 10 (Reuters) - Malaysian gaming group Genting has paid $100 million for a 3.2 percent stake in U.S. casino operator MGM Mirage, the Financial Times reported on Wednesday.

Genting is "constantly looking to broaden our portfolio of strategic investments and strengthen partnerships around the world," Justin Leong, head of strategic investments and corporate affairs for Genting, was quoted by the newspaper as saying.

When contacted by Reuters, Leong said the company is not required to disclose the share purchase.

Genting and its unit Resorts World had earlier subscribed for a combined $100 million worth of notes issued by MGM Mirage last month.

The debt papers were part of MGM's $1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes.

Analysts had said the investments could pave the way for Genting to acquire a stake in MGM or take over the U.S. casino operator's investment in MGM Grand Macau.

Source

云顶再拨3.5亿　参股美高梅3.2%

2009-06-10T20:32:00.002+08:00

（吉隆坡10日讯）大马博彩集团云顶有限公司（GENTING，3182，主板贸易服务组）已支付1亿美元（3亿5200万令吉），收购美国赌场经营商美高梅集团的3.2%股权。

该美国公司的官员透露，上述股权是属于美高梅集团于上个月提出10亿美元股权配售的一部份。
美高梅集团公共事务高级副总裁菲德曼表示：“我们认为这是对我们公司极具信心的迹象。”

上个月，云顶及其子公司名胜世界有限公司（RESORTS，4715，主板贸易服务组）已认购了由美高梅集团所发行的1亿美元债券。

这批债券为美高梅集团15亿美元融资活动的一部份，以协助解决其现有债务以及充作普通企业用途。

大马分析师早前认为，这些投资可能铺路让云顶集团收购美高梅集团股权，或接收该美国赌场经营商在澳门美高梅金殿的投资。

Source

3.5亿购米高梅幻影3.2% 云顶进军澳门前兆?

2009-06-10T20:29:00.003+08:00

（吉隆坡10日讯）云顶（Genting，3182，主板贸服股）已斥资1亿美元（约3亿5200万令吉）收购米高梅幻影（MGM MIRAGE）3.2%股权，分析员不排除该集团持续增持后者股权的可能性，也进一步加强了云顶借助米高梅幻影进军澳门赌场的传言。

根据英国《金融时报》报道，云顶日前以1亿美元的价格，收购米高梅幻影3.2%的股权，借此开拓未来进军澳门和美国市场的发展。米高梅幻影发言人戈登也证实了这个消息。

这是云顶继上个月与名胜世界（Resorts，4715，主板贸服股）各别认购米高梅幻影5000万美元（1亿7600万令吉）的有限支付有担保债券后，再次通过购股来巩固与后者的关系。

因此，云顶可能借助米高梅幻影进军澳门赌场的传言，再次甚嚣尘上。

对此收购股权活动略感惊讶的联昌国际投资研究，依旧对这项新发展维持正面的态度。虽然云顶所购入的股权数量并不大，但已是这两家赌场业者成立潜在伙伴关系的踏板。

“有鉴于云顶仍处于舒适的现金盈余水平中，加上其在区域拓展市占率的长期计划，我们相信云顶在经过这次小规模收购股权活动后，将可能继续增持米高梅幻影更多的股权。”

“我们认为，云顶在大马已拥有不可动摇的地位，以及接下来将在新加坡攫取赌场领域的市占率，通过米高梅幻影进军澳门这个亚洲博彩中心，将会进一步加强云顶成为强大区域博彩业者的地位。”

目标价上修至7.20令吉分析员依旧保持云顶的收益预估及“超越大市”投资评级，惟将截至年杪的目标价格，从原本的6.80令吉上调至7.20令吉。

据了解，云顶的投资金额与亿万富翁兼米高梅幻影大股东柯克科克里安，在上个月出手收购该公司股权的金额相同，两者在每股7美元（24.64令吉）的价格分别收购了1430万股票。

Source

马来西亚云顶出资1亿美元入股米高梅幻影

2009-06-10T20:27:00.002+08:00

马来西亚博彩集团云顶(Genting)出资1亿美元，买入美国博彩集团米高梅幻影公司(MGM Mirage) 3.2%的股份。

此笔交易巩固了双方关系，有助于为未来在澳门与美国的更多交易铺平道路。

上月，在米高梅幻影10亿美元的股权融资中，其最大股东科克•科克里安(Kirk Kerkorian)的出资额也是1亿美元。云顶与科克里安旗下的Tracinda Corp各自以每股7美元的价格购入1430万股。

除了无需披露的购股交易外，云顶还购入了米高梅幻影1亿美元的有担保债券。在5月21日上报交易所的材料中，云顶证实了债券购买事宜。

云顶的创始人是已故马来西亚华人大亨林梧桐，该公司尤其热衷于在澳门发掘商机。米高梅幻影与澳门赌王何鸿燊(Stanley Ho)之女何超琼(Pansy Ho)在澳门有一家对等持股的合资企业。

米高梅幻影与拉斯维加斯金沙集团(Las Vegas Sands)在澳门经营着世界上最大的两家赌场。二者一直在努力减轻债务负担，市场猜测它们可能通过出售股份来筹集现金。

云顶战略投资与公司事务主管梁铭隆(Justin Leong)表示：“我们一直在寻求机会，扩大我们的战略投资组合，加强在世界各地的合作关系”。记者无法联系到米高梅幻影请其置评。

但新泽西州博彩业执法局(Division of Gaming Enforcement)官员最近作出裁决，称何超琼“不适合”作为米高梅幻影的合作伙伴，使其在澳门的任何后续交易充满了悬念。米高梅幻影还拥有大西洋城Borgata赌场50%的股份。

云顶一直有意入股何超琼与米高梅幻影的合资赌场——规模达12.5亿美元的澳门美高梅金殿(MGM Grand Macau)。

在向美国证券交易委员会(SEC)递交的材料中，米高梅幻影表示，新泽西州博彩业执法局(DGE)建议应“命令”该公司与何超琼成立的合资企业“脱离关系”。

新泽西州博彩监管委员会(Casino Control Commission)未对博彩业执法局的建议置评，但预计将就此事举行听证会。

英国《金融时报》汤姆•米切尔(Tom Mitchell)香港、马修•加拉汉(Matthew Garrahan)洛杉矶、约翰•伯顿(John Burto)新加坡报道

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惠誉国际下调不足为患云顶维持买入评级

2009-06-08T20:24:00.002+08:00

云顶（Genting，3182，主板贸服股）的评级展望虽面对惠誉国际的下调，唯分析员维持该股的买入评级。

惠誉国际评级上周宣布调整云顶展望，从原本的“稳定”下调至“负面”，并申明发行者违约评级在“A-”。

达证券分析员表示，鉴于有关调整并不是显著的下修行动（并非是下调至投资评级以下），因此并不足以为患。

由于该评级仍在A的范围内，即是反映了云顶博彩业务的稳定表现。

达证券分析员表示，将云顶评级保持在6.60令吉目标价格，投资评级保持“买入”。

Source

云顶念念不忘澳门赌业？

2009-06-07T23:55:00.002+08:00

“澳门的赌场收入现在已超越了拉斯维加斯，有机会进军澳门和拉斯维加斯，将让云顶集团扩展赌业地盘。然而，不通过云顶集团或名胜世界，林国泰家族以其他身份参与美高梅集团在澳门的赌场项目，而何鸿燊是其中一个股东，我国政府会感到自在吗？
　　
云顶新加坡（Genting Singapore）投入65亿9000万元建造的“圣淘沙名胜世界”（Resorts World at Sentosa），还有10个月就开业，前个星期却有9％的股权转手，引发市场猜测这个综合度假胜地（IR）执照的颁发可能有变卦。
　　
云顶集团（Genting Bhd）控制股东林氏家族的两家相关企业，脱售云顶新加坡的9％股权，被认为是要投资美高梅集团（MGM Mirage）在澳门的赌场项目。这次脱售股权，林氏家族总共筹集到大约6亿1500万元，加上去年11月脱售在美国Walker Digital的10％股权给名胜世界（Resorts World），筹措2亿5000万令吉，两项脱售共筹措17亿5000万令吉的资金。
为澳门赌业铺路？
　　
云顶集团大股东兼主席林国泰家族两度售股筹措资金行动，分析员怀疑这是准备以私人身份进军澳门赌业，去年底大股东利益相关的那场交易，还曾因为出价太高，引起市场非议，但足见该家族筹集资金之必要性。
　　
云顶集团持有云顶新加坡的54％股权。云顶集团已经在新加坡投资了综合度假胜地，我国政府恐怕不会同意它或其马国子公司名胜世界参与美高梅集团的澳门赌场项目，林氏家族因此必须本身去筹资参与有关澳门项目。
　　
这样的分析是合理的。云顶集团和名胜世界5月21日刚买入面值1亿美元的美高梅集团担保票据（secured notes），云顶集团入股对方在澳门的赌场项目的可能性非常高。
　　
也因为这样，云顶新加坡要取得圣淘沙的赌场执照，相信要面临另一次的考验。
　　
在2006年12月，云顶新加坡的前身云顶国际（Genting International）和丽星邮轮（Star Cruises）赢得我国第二家赌场的执照后不久，宣布将和澳门赌场大亨何鸿燊合作，让我国政府感到不快。
　　
为了解决问题，云顶国际在2007年5月底，从姐妹公司丽星邮轮买下圣淘沙综合度假胜地项目其余25％股权，云顶国际退出了和何鸿燊的合作计划，不过，丽星邮轮还维持着该项交易。
　　
在上个月，美国新泽西州赌博监管局（New Jersey Division of Gaming Enforcement）要求美高梅集团，断绝与何鸿燊女儿何超琼的生意联系，理由是何鸿燊被指与非法组织人士来往。美高梅集团需要决定放弃在澳门的投资项目，还是退出在大西洋城的投资。
　　
美高梅集团于2004年与何超琼达成私人协议，以约15亿6000万港元（3亿新元）购入她父亲何鸿燊旗下澳门博彩控股有限公司（澳博）转批的赌场营业执照，并合资超过78亿港元，在澳门发展美高梅金殿度假村，双方各占一半权益。
　　
对于何超琼被指是“不适当”的合作伙伴，美高梅集团上周三向美国监管当局发出了挑战。这件事还没有得到解决，云顶集团若参与美高梅集团在澳门的赌场投资项目，由于何鸿燊的问题，它要在我国取得圣淘沙赌场的执照就复杂了。
　　
我们不知道林国泰家族会如何参与美高梅集团在澳门的赌场项目，但可以确定的是，尽管澳门已有31家赌场，但在未来10年至20年，澳门的赌业仍是吸引人的投资项目。澳门博彩收益5月份回升至88亿澳门元，按月增加5亿澳门元，增幅6％。
引进新股东使领取执照复杂化
　　
云顶新加坡在我国建造赌场和主题公园，目前正承受显著的开张前成本，包括员工聘用、培训和销售与市场营销计划，这些成本预计会对云顶新加坡今年的净利产生显著的影响。目前云顶新加坡主要业务收入来自英国的赌场，由于赌客减少、英镑贬值及英国赌博税率突然调高，云顶新加坡今年第一季亏损了3187万元，营收下滑36％至1亿零537万元。
　　
云顶新加坡引进新的股东，可能使得取得赌场执照的过程复杂化，云顶新加坡还未向负责监管综合度假胜地赌场的法定机构赌场管制局（Casino Regulatory Authority）申请执照，也不知道它何时会这样做，赌场管制局会在搞清楚新股东的背景、资金来源及与其他业务的关系后才颁发执照。
　　
林国泰家族在5月27日将9％云顶新加坡股权出售给投资机构，新股东的身份并没有透露，云顶集团是否和其他个人或集团有关联，而“不受欢迎的联系”绝对是我国政府所关注的，特别是涉及有组织的犯罪活动（organised crime）。
　　
赌博业是特种行业，是复杂的行业。林国泰家族可能私自筹集资金来进行在澳门赌场的投资，但由于在新加坡的大笔投资，云顶集团和名胜世界如何能绕道投资美高梅集团在澳门的赌场项目，这并是不容易的事，投资者的关系将会错综复杂，我国政府不可能没有意见。
　　
针对马来西亚研究机构OSK的报告，说它可能收购美高梅集团在澳门赌场项目的股权，云顶集团上周三表示不予置评，但这家亚洲最大赌场经营者已表示，对任何收购机会采取开放的态度。
　　
美高梅集团要筹集15亿美元的资金，来解决尚未偿还的债务及应付一般的开支，云顶集团买入它的担保票据，可能是为了买入这个集团的股权，或接过这家美国公司在澳门的投资项目而铺路。
　　
澳门的赌场收入现在已超越了拉斯维加斯，有机会进军澳门和拉斯维加斯将让云顶集团扩展赌业地盘。然而，不通过云顶集团或名胜世界，林国泰家族以其他身份参与美高梅集团在澳门的赌场项目，而何鸿燊是其中一个股东，我国政府会感到自在吗？
　　
澳门是亚洲赌博业的重镇，云顶集团作为亚洲赌博业的老大，不进去占据一个地盘是说不过去的。在正式得到我国第二张赌场执照之前，云顶集团必须公布它的全盘计划，到时相信又会有一番争议。

《联合早报》（编辑：黄秀茱）

Source

Brokers' Take

2009-05-30T01:50:00.004+08:00

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

2009-05-30T01:46:00.004+08:00

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.

Source

Two shareholders sell 854m shares in Genting Singapore

2009-05-27T20:36:00.002+08:00

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.

Source

Genting Singapore Open Gap

2009-05-25T20:35:00.003+08:00

市场看好狮城赌场云顶新加坡股价写2年新高

2009-05-22T20:20:00.003+08:00

（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。

Source

Genting Singapore surges to 2-year high

2009-05-22T20:16:00.003+08:00

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

2009-05-21T20:24:00.001+08:00

（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。

Source

盛傳博彩稅調高雲頂第3季或遇賣壓

2009-05-20T20:12:00.003+08:00

（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

2009-05-20T19:51:00.002+08:00

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。

Source

Valiram Group confirms luxury retail breakthrough with Resorts World at Sentosa

2009-05-20T08:21:00.004+08:00

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.

Source

债务沉重传美金沙集团拟分拆业务赴港上市

2009-05-17T20:25:00.001+08:00

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%）。

Source

云顶新加坡首季亏损3187万元

2009-05-14T20:28:00.003+08:00

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。

Source

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

2009-05-14T00:50:00.002+08:00

（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

2009-05-12T21:15:00.002+08:00

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.”

Source

2利好因素激励云顶新加坡前景乐观

2009-05-11T20:52:00.003+08:00

（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。”

Source

Universal Studios conquers Southeast Asia and the Middle East

2009-05-09T17:27:00.002+08:00

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.

Source

觊觎海外赌场资产　名胜世界趁机壮大实力

2009-05-05T17:45:00.001+08:00

（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。

Source

Genting Singapore Gap Between 0.74-0.75 & 0.815-0.87

2009-05-03T00:31:00.002+08:00

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

2009-05-02T08:53:00.004+08:00

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.”

Source

談判破裂　克萊斯勒破產成定局

2009-05-01T10:28:00.001+08:00

（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。

Source

Resorts World at Sentosa to seek new agency

2009-04-30T05:53:00.004+08:00

SINGAPORE - Resorts World at Sentosa (RWS) is to launch a search for a creative agency after parting ways with TBWA yesterday.

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

Other sources have suggested that “several” agencies have already held talks with the client, while one argued that a pitch consultant could be brought in to invite agencies to pitch in time.

TBWA Singapore resigned the RWS creative business after two years, citing "creative and strategic differences".

Angela Lam, head of marketing at Resorts World at Sentosa, said: “Both companies have decided that this would be the best move at this point in time.”

Source

Traders bet on Wall Street rising

2009-04-30T05:45:00.003+08:00

Hang Seng's surge, 60-point bounce in Dow Jones Industrial Average June futures push STI up 41 points

IF INDICES in this part of the world should rise sharply, it's a fair bet that it was because traders are betting heavily on Wall Street rising just as sharply later the same day. Such was the case yesterday when fears of Mexican swine flu, which had dragged the Straits Times Index down some 45 points on Monday and Tuesday, were suddenly banished, thanks to a 2.7 per cent rise in Hong Kong's Hang Seng Index and a 60-point bounce in the June futures on the Dow Jones Industrial Average.

The outcome was a 41.16-point rise in the STI to 1,849.57, with some amount of short-covering no doubt playing a part.

The bulk of brokers' reports dealt with the possible consequences on markets if the swine flu threat was to rise beyond present, relatively benign levels.

In a Hong Kong Economics report on Tuesday, Morgan Stanley said that it thinks the negative impact on the economy will be smaller than that experienced during the 2003 Sars outbreak. 'The biggest blow during Sars was the collapse of in-bound tourism, which will unlikely be the case this time round as Hong Kong/China is not the source of the outbreak,' said MS. It also said that Hong Kong today is different from 2003 because the relevant authorities are better prepared for epidemic disease outbreaks.

Airline stocks have understandably come under pressure this week, although Singapore Airlines yesterday rebounded 16 cents to $10.30 with 2.7 million traded.

In assessing the impact of the swine flu on SIA, DBS Vickers said in a Tuesday note that it does not expect a major impact on the airline's business yet, because SIA does not fly to Mexico and flies to only a few US cities.

'Of greater importance is a recovery in demand and thus load factors, which can help the stock re-rate . . . Maintain 'hold' with $11.30 target price. The earnings outlook for the next two quarters remains weak and we would advise buying only if 1) load factors start to improve or 2) the shares drop below $9 per share,' said DBSV.

Elsewhere, Chartered Semiconductor was the day's most active stock, rising 1.5 cents to 16.5 cents on volume of 84.4 million. Goldman Sachs yesterday released a 'sell' on the counter, saying that because the stock has doubled in the past month and is now trading at 0.6 times 2009 estimated book, it is overvalued. Among other reasons, GS also based its call on Chartered not having had positive annual cash flow since inception and the likelihood that it will need further financing in 2009-10 to supplement a recently-completed rights issue.

Meanwhile, Credit Suisse (CS) joined the ranks of investment houses such as Nomura, UBS Investment Research and Citi Investment Research in recommending an 'overweight' on the local market.

In a April 28 Strategy report, CS said it believes that the local market may have bottomed and could gain 20-48 per cent from current levels. It said it is 'overweighting' banks and financials while 'underweighting' telecoms and property.

In a April 24 Global Economics Weekly report, Bank of America/Merrill Lynch said that the current bounce on Wall St is at best, 'the famed reflexive rebound that occurs between down-legs of a secular bear market'.

It added that economic support for the rally has been dubious so far and pointed out that although bull markets may start out being driven by technicals like sentiment and market positioning, they have to be driven by economic fundamentals to be sustained.

Shares close up 2.28%

2009-04-30T05:42:00.001+08:00

SINGAPORE - Singapore shares closed 2.28 per cent higher on Wednesday, boosted by strong performances in the Chinese and Hong Kong markets, dealers said.

The blue-chip Straits Times Index closed 41.16 points higher at 1,849.57 on volume of 1.52 billion shares worth $1.16 billion (US$777 million).

Gainers led losers 373 to 116, with 761 issues unchanged.

'We are basically following the region,' said a trader at bank-backed brokerage.

'The initial reaction by the market to the swine flu outbreak was probably overdone.'

Hong Kong share prices closed 2.76 per cent higher on Wednesday, while China shares climbed 2.78 per cent.

Banking shares closed higher. DBS advanced 11 cents to $9.10, Oversea-Chinese Banking Corp climbed 12 cents to $5.48 and United Overseas Bank edged up six cents to $11.00.

Among property shares, CapitaLand rose 13 cents to $2.56, City Developments gained 14 cents to $5.82 while Keppel Land was unchanged at $1.67.

Singapore Airlines gained 16 cents to $10.30 and Singapore Telecommunications rose eight cents to $2.54.

Investment holding company Sembcorp Industries was up nine cents to $2.65 and motor vehicle firm Jardine Cycle and Carriage climbed 34 cents to $13.26.

猪流感可能打击马国赌场

2009-04-29T14:31:00.001+08:00

（吉隆坡讯）猪流感来袭，旅游业首当其冲，分析员认为尽管整体展望负面，但实际影响仍视疫情扩散程度和长度，2009至2011财政年盈利预测和评级暂时保持不变。　　

联昌研究表示，致命病毒将对旅游和相关服务行业带来沉重打击，而赌场次领域更直接受害，主要是民众将削减旅游次数，以及减少曝露于公开场合等方式降低感染机率。　　

“对名胜世界(RESORTS)而言，这意味着云顶度假村和赌场旅客人数减少，但鉴于国内旅客为其主要客源，相信政府加强旅客检疫动作将不会对业务造成重大威胁，而云顶(GENTING)则因持有云顶国际和名胜世界股权而间接受创。”　　

截至2008财政年，云顶72％旅客为当天往返的短途旅客，其余28％为酒店房客，其中54％为当地人，22％新加坡旅客以及中国／香港22％和其他15％。　　

另外，阿马研究则认为，尽管整体展望负面，但对旅游和相关服务领域实际影响仍胥视疫情扩散程度和周期。　　

根据历史趋势，疫情爆发对博彩业者影响程度参差，但毫无疑问将对博彩相关类股信心带来负面冲击，其中名胜世界和云顶股价在2003年沙斯爆发初期，分别从高位下滑29％和23％，但随疫情在下半年趋缓，双方股价则从低位飙升60％和67％。

Source

名胜世界或购海外博彩资产手持庞大现金·财务稳固

2009-04-28T18:18:00.002+08:00

手持45亿令吉净现金在手的名胜世界（Resorts，4715，主板贸服股），企在非常舒适的财务状况，使之在收购海外博彩资产上拥有更好的地位。

受到美国疲弱经济所影响，美国及澳门的多家博彩公司也处在危险财务的边缘，加上澳门的签证限制，估计在未来的6至12个月内，全球的博彩领域会掀起并购浪潮。

有鉴于目前一些博彩资产价值低于一般水平，预见名胜世界将趁机利用手上45亿令吉的充裕现金，来加强其稳健的博彩资产。

在美国及亚洲（尤其是澳门），一些博彩公司在过去18个月来是在低估值下交易；而在欧洲，反而是线上或网络博彩已开出另一条生路，法国及德国有可能会合法化网络博彩活动。在这些博彩公司面对财务危机之际，进而为名胜世界提供了并购的机会，包括了波伊德博彩（Boyd aming）、驿站集团（Station Casino），以及热带娱乐公司（Tropicana Entertainment）。

承接债务数量是关键

另外较引人瞩目的是澳门的银河娱乐（Galaxy Entertainment）以及新濠博亚博彩（Melco Crown）这两个主要特许经营公司，名胜世界仅需80%以下的现有现金，就能够收购其中一家。

然而，若名胜世界决定要采取全面收购的方式，该公司将必须自身承接剩余债务的能力，而关键也在于名胜世界愿意承接被收购者的多少债务。

另一方面，虽然预见名胜世界于新加坡的度假村在2010年投入运作后，将面临另一度假村强劲的挑战而仅取得100万的新加坡顾客，但相信在具吸引力的房间收费率及演唱会的带动下，2011年的顾客数量将有所恢复。有鉴于看好名胜世界收益将维持稳健，分析员也给予名胜世界“买入”评级，并将目标价格上调至3.10令吉。

Source

Shares close 1.8% lower

2009-04-27T20:20:00.002+08:00

SINGAPORE - Singapore shares fell 1.85 per cent on Monday on fears over the economic impact of a deadly swine flu outbreak, analysts said.

The blue-chip Straits Times Index (STI) closed 34.24 points down at 1,818.61, led by Singapore Airlines on concerns that air travel will take a further hit from the new health threat.

Volume was 1.77 billion shares worth $1.16 billion (US$774 million). Losers outnumbered gainers 427 to 125, with 700 issues unchanged.

The STI's decline was in line with other regional bourses, as fears of a worldwide swine flu outbreak dragged markets down.

'We expect uncertainty to hit the markets this week on growing concerns of the swine flu spreading and that a possible cure for this is not yet certain,' said NetResearch Asia.

'Much like SARS did in 2003, this would deal another blow to the travel and leisure industry.' Singapore Airlines dived 48 cents to $10.12 and Singapore Telecommunications eased two cents to $2.47.

Banking shares closed lower. DBS and United Overseas Bank eased six cents apiece to $8.98 and $11.12 respectively, and Oversea-Chinese Banking Corp shed 12 cents to $5.31.

Among property shares, CapitaLand fell 12 cents to $2.47, City Developments retreated 16 cents to $5.67 and Keppel Land slid five cents to $1.71.

Motor vehicle firm Jardine Cycle and Carriage fell 40 cents to $12.66 while agricultural products supplier Olam International rose five cents to $1.68.

亚太股市大多下跌猪流感疫情令投资者谨慎行事

2009-04-27T20:18:00.001+08:00

亚洲股市大多走低，美国和墨西哥爆发的猪流感疫情令投资者谨慎行事，旅游类和航空类股遭受重创，但制药类股走强。香港股市收跌2.7%。

东京股市收盘微幅走高，受大型银行股上涨提振。但由于爆发猪流感疫情的消息导致美元走软，并引发投资者担心美国股市可能对这一消息作出负面反应，东京股市回吐了早盘时的大部分涨幅。日经225指数收盘涨18.35点，至8726.34点，涨幅0.2%。包括东京证交所一部所有股票的东证指数涨3.05点，至833.10点，涨幅0.4%。市场成交量温和，约为20亿股。大阪证券交易所，六月日经225指数期货收盘涨10点，至8750点，涨幅0.1%。

航空和酒店类股大幅下跌拖累香港股市收盘走低，墨西哥、美国和加拿大猪流感疫情的爆发引发了国际旅游业可能大幅下滑的担忧。中资银行股也走低，因在美国运通(American Express)和安联保险(Allianz)合计持有的2.3%的中国工商银行股份有限公司(Industrial & Commercial Bank of China Ltd., 简称：工商银行)股份中，有一半即将解除锁定。恒生指数跌418.43点，至14,840.42点，跌幅2.7%，盘中低点14,798.90点。成交额总计530.1亿港元，高于上周五的517.3亿港元。

中国股市连续第二个交易日走低。受猪流感疫情引发的担忧拖累，猪肉供应商和航空类股下挫。基准上证综合指数收盘下跌1.8%，至2405.35点，上周五跌0.6%。深证综合指数跌3.2%，至794.95点。

澳大利亚股市小幅走高，全天走势振荡。墨西哥爆发猪流感疫情在全球股市引起紧张情绪。基准S&P/ASX 200指数收盘涨19.3点，至3731.6点，涨幅0.5%，市场交投淡静。股指早盘曾一度升至五个交易日高点3780.8点，之后又回落至3680.6点低点。

新加坡股市收盘走低，受到猪流感疫情可能在全球蔓延的担忧拖累。新加坡海峡时报指数收盘下跌34.24点，至1818.61点，跌幅1.8%。下跌股以427比125领先上涨股。成交量为18亿股，高于上周五的14亿股。

旅游业惊弓之鸟云顶名胜世界一起跌

2009-04-27T20:09:00.001+08:00

2009/04/27 17:54:51
●南洋商报

在市场预见猪流感的爆发将打击旅游业，并导致旗下博彩及酒店的业务放缓，云顶（Genting，3182，主板贸服股）今日股价受挫，写下5个月来最大跌幅。

云顶今日共下滑了0.28令吉或5.74%，以4.60令吉的价位挂收；子公司名胜世界（Resorts，4715，主板贸服股）亦难逃一劫，闭市时报2.39令吉，下挫0.15令吉或5.91%。

达证券分析员詹姆斯拉特南解释：“只要爆发任何疫病，这些股项皆会受到影响，现在只是投资情绪的问题，毕竟目前还没有任何新闻报导亚洲区域也受到猪流感的侵袭。”

原棕油价格大挫4.3% 另一方面，由于墨西哥在受感染的情况下将减低肉类及谷类的需求，进而影响总是跟随谷类市场波动的植物油价格，大马原棕油价格今日大挫4.3%。

7月份原棕油期货在开始后的几分钟便大跌了110令吉，至每公吨2475令吉的水平。

Source

Still no dividend payout for Genting shareholders

2009-04-24T22:05:00.000+08:00

SINGAPORE: If you own Genting International shares, don't bet on receiving dividends anytime soon. It has been almost 20 years since the casino operator last rewarded its shareholders with a dividend payout. And its board of directors warned on Friday that shareholders may have to wait at least a few more years.

At Genting's annual general meeting, several shareholders asked the board when they would finally receive a dividend payout. The answer was "at least five years from now".

Managing director Justin Tan said the company's finances would likely remain stretched for the first few years after the opening of its Resorts World integrated resort on Sentosa in 2010.

This is because the firm has to repay almost S$1 billion in loan each year over the next five years. This is for a loan of almost S$4.2 billion that Genting had obtained from over 20 banks early last year to fund the building of the integrated resort.

But once the company has stabilised its gearing, Mr Tan said, it would definitely reward its shareholders. This answer was good enough for at least one shareholder, who declined to be named.

The shareholder said: "Dividends are important, but until and unless the company has established itself and there is some balance in the company, then it can start paying slowly, stage by stage, in order to keep the shareholders happy, if the company does make money. If it doesn't make money, you have to bear with it for a little while."

Genting's board said it is confident that Resorts World Sentosa will be completed within budget, as labour and material costs have stabilised. As such, the firm has no plans to launch a rights issue to raise more funds.

The board added that the integrated resort is on track for its soft opening in the first quarter of 2010. On day one, four of the six planned hotels at the resort should be ready, as well as a Universal Studios theme park and the casino.

Genting's CEO Lim Kok Thay said he is confident that Resorts World will be able to reach its target of seven to eight million visitors in its first year, and 10 million annually thereafter.

Source

Resorts World family fun rooms

2009-04-24T13:26:00.005+08:00

[top photo: A room in Festive Hotel. The family-friendly hotel has designed most of its room with loft beds for children, while parents will have separate sleeping chambers.]

A room in the Maxims Tower.

When Resorts World at Sentosa opens next year, young visitors can crash out in their own loft beds after a day at the Universal Studios theme park.

The family-friendly Festive Hotel has designed most of its 390 rooms with loft beds. Parents have separate sleeping chambers.

For the kids, this means climbing a ladder to their private space for the night. Each loft bed can sleep two children.

Mr Patrick Burke, 51, principal architect at American firm Michael Graves & Associates, which is the architect for the Resorts World, gave the media a sneak preview of the rooms in three hotels at Resorts World yesterday.

The other two hotels are Maxims Tower and Hotel Michael. He said: 'The Festive Hotel is about having fun, and loft beds allow families with kids to share the same room.''

The $6.59-billion casino development is the firm's first project in Singapore. It is also doing the interiors for five of the six hotels on the site.

The three hotels which had the media preview yesterday and Hard Rock Hotel Singapore, which has its own team of designers, are scheduled to open in the first quarter of next year. They will account for about 1,350 hotel rooms out of the 1,800 rooms at the resort. Two other hotels will open later.

Mr Burke, who designed the Walt Disney World Swan and Dolphin Hotels in Florida and Hotel New York at EuroDisneyland Paris, says the perfect hotel room is one that is 'warm and inviting and makes the visitor feel at home'.

But he throws in little surprises to cater to the needs of target guests.

For example, the loft beds and bright colours in the Festive Hotel make it fun for youngsters.
The 120-room Maxims Tower, aimed at high rollers, is furnished with deep woods and rich colours such as red and gold. The bathrooms come with a personal steam room.

The Hotel Michael, which has 470 rooms, is named after the famous American architect Michael Graves. All the rooms will come with a circular shower decorated with blue mosaic tiles, a replica of his personal shower room.

Resorts World at Sentosa says room rates will be announced at a later date.

Source

STI closes up 0.9%

2009-04-23T21:39:00.001+08:00

SINGAPORE - Singapore shares closed 0.90 per cent higher on Thursday as investors picked up bargains following recent declines, dealers said.

The blue-chip Straits Times Index added 16.57 points to end at 1,859.98 on volume of 1.55 billion shares worth $1.25 billion (US$831 million).

Gainers led losers 251 to 198, with 792 issues unchanged.

'It seems as though the correction in the last few days has been enough to get some bargain-hunting underway again,' said a trader at a local brokerage.

Banking shares were mixed. DBS eased two cents to $9.03 while Oversea-Chinese Banking Corp gained seven cents to $5.56 and United Overseas Bank closed 12 cents higher at $11.20.

Among property shares, CapitaLand fell five cents to $2.65 while City Developments climbed seven cents to $5.83 and Keppel Land rose 12 cents to $1.88.

Singapore Airlines advanced 22 cents to $10.82 while Singapore Telecommunications remained at $2.47.

Agribusiness group Wilmar International gained 18 cents to $3.61 and beverage maker Fraser and Neave edged up a cent to $2.60.

亚太股市周四多数上涨

2009-04-23T21:37:00.001+08:00

亚太股市周四多数收高，汽车股在东京股市领涨。中国股市午盘后自低位反弹，并带动香港股市收复前一日的部分失地。

东京股市周四走高，汽车类股领涨，因为在高盛(Goldman Sachs)将汽车类股评级上调至具有吸引力的级别之后，市场预期全球汽车销售将有所回暖。日经225指数涨119.71点，至8847.01点，涨幅1.4%。包括东京证交所一部所有股票的东证指数涨9.54点，至839.50点，涨幅1.2%。大阪证券交易所，六月日经225指数期货收盘涨80点，至8830点，涨幅0.9%。

香港股市走高，汇丰控股(HSBC)领涨，受投资者对金融类股的逢低买盘以及中国大陆股市的涨势提振。恒生指数收盘涨336.01点，至15,214.46点，涨幅2.3%，股指本交易日早些时候一度升至15,222.20点的高位。中国股市收盘小幅走高，因投资者逢低吸纳金属和煤炭类股，但是围绕企业业绩的担忧限制了股指涨幅。基准的上证综合指数收盘上涨0.1%，至2463.95点，盘中低点为2422.79点。深证综合指数上涨0.7%，至825.22点。

澳大利亚股市涨至三日高点，受指数基金买盘、消费必需品行业的并购活动以及瑞信(Credit Suisse)好于预期的业绩等诸多因素推动。基准S&P/ASX 200指数收盘上涨74.8点，至3743.0点，涨幅2.0%；盘中一度触及3745.4点。成交量放大。此前，股指自上周五触及3851.2点的五个月新高后，已连续三个交易日走低。今日的上扬扭转了市场的颓势。

新加坡股市走高，受股市近期下跌之后出现的一些逢低买盘推动，但分析师们表示，市场短期内将维持振荡。新加坡海峡时报指数收盘涨16.57点，至1859.98点，涨幅0.9%。大盘251至股票上涨，198只股票下跌。成交量为16亿股，低于周三的17亿股。

Genting Int 23 April 2009 - Can break 0.63-0.64 ??

2009-04-23T20:37:00.003+08:00

Star Cruises shares surge 65 percent

2009-04-21T21:18:00.002+08:00

Star Cruises Ltd (麗星郵輪), Asia’s biggest cruise operator, surged by a record 65 percent in Hong Kong trading after China said it would allow cruise tours to Taiwan to stop in the city.

Star Cruises rose as much as HK$0.53 to HK$1.35, the most since being listed in Hong Kong in 2000, and traded at HK$1.18 as of 2:35pm.That boosted the stock’s gains for this year to 97 percent, compared with a 10 percent climb for the benchmark Hang Seng Index.

After his meeting with Chinese authorities, Hong Kong Chief Executive Donald Tsang (曾蔭權) said on Saturday in a press briefing at the Boao forum in Hainan that China would allow cruise tours from mainland ports to stop at Hong Kong en route to Taiwan.

Star Cruises said in November it plans to begin a service between Taiwan and China by the end of the first quarter of this year.

ON THE UP

The Singapore-traded shares of Star Cruises rose 26 percent, the most in two years.The cruise operator isn’t aware of the reasons for the increases in price and trading volume, it said in statements to the Hong Kong and Singapore stock exchanges yesterday.

Calls to the Hong Kong-based office of Star Cruises weren’t immediately returned.

RESTRICTIONS RELAXEDHong Kong will relax travel restrictions for Taiwanese visitors entering the city, the city’s government said in a statement on April 15.

Taiwanese residents with a valid travel permit for China will be allowed to stay in Hong Kong for seven days.Taiwan, Hong Kong, Guangdong and Fujian should form a regional economic alliance to improve their competitiveness, Taichung Mayor Jason Hu (胡志強) said last week after meeting in Hong Kong with Stephen Lam (林瑞麟), the city’s secretary for constitutional and mainland affairs.Taiwan plans to start talks with China on cross-strait economic cooperation at the end of this year, Mainland Affairs Council Deputy Chairman Chao Chien-min (趙建民) said last week.

Source

Genting Int

2009-04-21T20:45:00.005+08:00

劉兆祥: 知悉麗星(0678.HK)可星港套戥能免炒錯市

2009-04-20T21:07:00.003+08:00

信誠證券投資部經理劉兆祥表示，今天港股先跌後升，最終是向上升穿還是跌穿上升通道的支持線，要多看一段時間，但在現時仍然以不變應萬變的心態，即靜侯突破位出現才跟隨趨勢而行。值得留意，這種完美的通道，未突破前千萬不要逆勢而行，當然是否跟隨向上，便要看投資者的膽量。

倫敦(新聞 - 網站 - 圖片)匯控(0005.HK)(0005.HK - 新聞 - 公司資料)似乎要跌穿上升軌，如果上升軌失守，加上近日英鎊轉弱，便有可能跌回50元水平。至於市場經常出現不理性活動，正如今早筆者所言，中央挽救，個別股份可以受惠，但要小心當中一隻是麗星郵輪(新聞 - 網站 - 圖片)(0678.HK)(0678.HK - 新聞 - 公司資料)，股價開市即炒高，最多更升至$1.35，但隨後大幅回落。

如果炒開這隻股份的投資者到清楚，這隻股票在香港及新加坡(新聞 - 網站 - 圖片)上市，因此投資者可以進行套戥活動，而且過去一段時間，都是新加坡股份高於香港超過$0.10，而今天新加坡股份並沒有上升，但香港竟然升至$1.30，較新加坡高出$0.40，自然有大量套戥者加入沽貨行列，使股價回落。

到中段時，新加坡股份才接力向上，但以收市計，香港股份仍高於新加坡$0.10，如果明白這個關係，今天便不會炒錯市。這個世界往往是一物治一物，例如被小股東痛罵的電盈(0008.HK)(0008.HK - 新聞 - 公司資料)主席李先生，卻千不該，萬不該，竟然找到這些律師代表上庭，看到這個律師的表現，真的大嘆難道香港沒有人才嗎？筆者作為電盈的股東，深信私有化的理據在電盈那邊(撤除是否有一致行動的情況)，因此一定成功，竟然出現上訴情況，已經大跌眼鏡(因為這些律師提出的理據不能服人)，而且隨時輸掉這場官司，就算能贏，仍然面對終審法院(新聞 - 網站 - 圖片)，如果李先生能聘請清洪作為律師(一定不可能，因為他是英皇的御用律師)，一定在第一堂已經控制大局，贏得極精彩，怎會到目前仍未分勝負呢？

其實今次事件，正好反映監管機構沒有監管中央結算，使中央結算在代客投票前，沒有盡代理的本份，只為客戶投票而沒有計算人頭數量，才是今次問題的所在。

Source

丽星邮轮(0678.HK)高涨42.7%；但股价涨势看来过度

2009-04-20T21:04:00.001+08:00

香港时间1502（道琼斯）--丽星邮轮(0678.HK)高涨42.7%至1.17港元，成交额猛增至2,090万港元，而上周五成交量只有1,000股，原因是香港媒体报导，中国将推出进一步支持性措施帮助香港。措施包括，容许内地旅游团乘坐以香港为母港的邮轮，前往台湾旅游。不过股价涨势看来过度，盘中高位1.35港元不太可能再度企及，因为暂时还缺乏具体的实施细节；难以评估影响，《英文虎报》估计，新计划每年可为香港带来额外1亿港元的收入，丽星邮轮可获利多少目前可能难以估算，但股价似乎远远跑在了基本面的前面。交易屏幕上，沽售指令远超过买入指令，表明更多投资者把股价上涨看作是平仓机会而不是追高。

Source

GENTING: Resorts World Sentosa to contribute from 2010

2009-04-19T20:57:00.000+08:00

THE GENTING GROUP will be the biggest winner and we reiterate our Buy recommendation - so said Merrill Lynch last week in a report evaluating how different sectors stand to gain with the opening of the integrated resorts.

However, FY09 may be the third year in a row that SGX-listed Genting International loses money. This will change when its integrated resort opens in Sentosa next year.

The broker believes the integrated resort will start contributing to Genting’s revenues in 2H10, turning around pretax loss of S$148.5 million in FY08 as well as expected losses this year.

With operations in Australia, USA, Malaysia, the Philippines and UK, the leading integrated resort developer has lost one cent per share in FY08 and 5 cents in FY07.Merrill Lynch's and other brokers’ consensus on Bloomberg is that Genting International will lose another 2.5 cents per share for FY09 before making half a cent per share for FY10.

Resort World @ Sentosa’s much-hyped amenities are a casino, four hotels and a 7,300-seat ballroom, as well as the first Universal Studio theme park in Southeast Asia will soft launch in the first quarter of next year.

The movie theme park will transport visitors into 6 unique movie settings and simulate experiences of movie protagonists.But be it Resorts World @ Sentosa or Marina Bay Sands, whoever opens doors first will claim first mover advantage.

After all, some gamblers may not visit both casinos, deterred by the prospect of paying entrance fees twice.Merrill Lynch estimates the gaming market in 2010 to be about S$3-4 billion.

Based on this, it projects the integrated resort’s total earnings before interest, taxes and depreciation (EBITDA) will reach S$720 million by 2011, of which gaming will contribute 85-90%.

The integrated resorts are expected to increase tourist arrivals to Singapore by 25% from a forecasted 9 million visitors in 2009.Of this, Genting expects Universal Studios to attract about 5 million visitors a year, comprising of a 60:40 foreigner to local ratio.

These estimates appear conservative, considering that Hong Kong’s Disneyland has consistently achieved 4 to 5 million visitors a year since opening in 2005. Genting International’s stock price last closed at 61 cents per share on Friday.

Source

Is SGX price surge overdone?

2009-04-18T21:36:00.001+08:00

THE stock market, they say, is driven by hope, greed and fear.

In simple terms, greed led investors to push stock prices to dizzying heights some two years back, while fear drove investors out as the economy headed south.

And judging by the recent stock market rally, hope appears to be creeping back into the system.
Anecdotally, there is evidence that investors starved for some stock market action have been nibbling away.

This has benefited the stock of Singapore Exchange (SGX) as some investors went on a buying spree in the hope that the market could have bottomed.

Within a short span of three months, the stock has recovered some 25 per cent in price and has even outperformed the Straits Times Index.

But should investors be hopeful? Several analysts have noted in their comments on SGX's Q3 earnings that the speed of the stock's recovery was not justified.

The exchange reported a 45.5 per cent dive in quarterly net profit to $55.3 million from $101.5 million a year ago.

Though the earnings broadly met expectations, there were surprises in the derivatives trading segment, as net derivatives clearing revenue dropped 20 per cent to $31.2 million.

This suggests that SGX's derivatives trading - seen as the means to offset the slump in securities revenue - may not have been as strong as earlier touted.

'As the derivatives engine sputtered, SGX's earnings stream is not looking as robust anymore,' said CIMB-GK analyst Kenneth Ng, who downgraded the stock to 'underperform' from 'outperform'. 'Time to take money off the table,' he said in a client note.

'On a more structural note, we wonder if the blow-up over the S-chip asset class means that listing pipelines and turnover velocities for SGX will be hampered in the years ahead, making HKSE (Hong Kong stock exchange) the preferred exchange,' he added.

Many have also hesitated to call a bottom, despite the improved average daily trading value seen in April. It now hovers around $1 billion, as compared with $910 million in Q3.

OCBC analyst Carmen Lee noted yesterday that it was too early to call for a recovery. 'While some indicators have shown signs of bottoming-out, our view remains that a sustained economic recovery is necessary for confidence to return to the market.'

While some see the GDP figures of Q1 as indicating that the economy has hit the floor, analysts have cautioned that other factors such as consumer spending would determine a turnaround.
And as unemployment is set to rise, spending will be crimped, indicating a potential fall in investor interest over the next few quarters as pent-up demand pushing the markets up now fades away.

As Kim Eng analyst Pauline Lee puts it, there has been 'an overdose of optimism'. 'SGX's sharp price rally . . . and premium valuations to its peers look overdone,' she said in a report yesterday.
So take a swig from your cup and call it half-empty. This burst of hope that shares of SGX are riding on could pop soon.

三重底的研判与投资技巧

2009-04-18T19:37:00.002+08:00

三重底。三重底既是头肩底的变异形态，也是W形底的复合形态，三重底相对于W形底和头肩底而言比较少见，却又是比后两者更加坚实的底部形态，而且形态形成后的上攻力度也更强。其形态的成立必须等待有效向上突破颈线位时才能最终确认。因为，三重底突破颈线位后的理论涨幅，将大于或等于低点到颈线位的距离。所以，投资者即使在形态确立后介入，仍有较大的获利空间。
　　
三重底的研判技巧：
　　
在三重底的研判过程中最值得注意的要点是：三重底不是依据有三个低点就能形成的，三针探底的形态只能表示股价的走势图形具有三重底的雏形，未来发展极有可能向三重底演化，至于最终是否能构筑成三重底，并形成一轮上升行情，还需要进一步的检验。三重底成立的确认标准是：
　　
1、三重底形态的三次低点时间，通常至少要保持在10～15个交易日以上，如果时间间隔过小，往往说明行情只是处于震荡整理中，底部形态的构筑基础不牢固，即使形成了三重底，由于其形态过小，后市上攻力度也会有限。而近期的三重底的第一和第二低点之间间隔9天，第二和第三低点之间间隔11天，只是勉强符合标准。
　　
2、三重底的三次上攻行情中，成交量要呈现出逐次放大的势态，否则极有可能反弹失败。如果大盘在构筑前面的双底形态时，在期间的两次上升行情中，成交量始终不能有效放大的话，将极有可能导致三重底形态的构筑失败。
　　
3、在三重底的最后一次的上攻行情中，如果没有增量资金积极介入的放量，仍然会功败垂成。所以，三重底的最后一次上涨必须轻松向上穿越颈线位时才能最终确认。股价必须带量突破颈线位，才能有望展开新一轮升势。
　　
投资者在实际操作中不能仅仅看到有三次探底动作，或者已经从表面上形成了三重底，就一厢情愿的认定是三重底而盲目买入，这是非常危险的。因为，有时即使在走势上完成了形态的构造，但如果不能最终放量突破其颈线位的话，三重底仍有功败垂成的可能。三重底由于构筑时间长，底部较为坚实。因此，突破颈线位后的理论涨幅，将大于或等于低点到颈线位的距离。所以，投资者需要耐心等待三重底形态彻底构筑完成，股价成功突破颈线位之后，才是最佳的建仓时机。大可不必在仅有三个低点和形态还没有定型时过早介入，虽然有可能获取更多地利润，但从风险收益比率方面计算，反而得不偿失。

受客户Petroprod临时清盘影响胜科海事股价下跌

2009-04-18T08:34:00.001+08:00

受客户Petroprod公司临时清盘(provisional liquidation)事件影响，胜科海事(Sembcorp Marine)的股价昨天一度跌至两个多星期以来的新低。
　　
胜科海事的股价昨天一度下滑至2.02元，跌幅高达9.4％，早上10时24分时则回升到2.09元，并在闭市时回涨到2.13元，全日跌幅为0.10元(即4.5％)。　　　　
　　
挪威石油公司Petroprod公司是在开曼群岛(Cayman Islands)注册的，这家公司日前被令临时清盘。
　　
胜科海事独资子公司裕廊船厂(Jurong Shipyard)在2007年5月，曾获得Petroprod子公司——Petroprod D&P I Ltd一份价值4亿4200万美元(约6亿7000万新元)的合同，为对方建造一座能在恶劣环境中运作的升降式钻油台(jack-up rig)。裕廊船厂原本预计在2010年中交货。　　
　　
Petroprod的另外一家子公司Petroprod 1也把一个将现有油槽船(tanker)改造成浮式生产储油船(FPSO)的项目合同，颁发给裕廊船厂。因此，两项合同的总值超过5亿美元。
　　
胜科海事日前发表文告指出，裕廊船厂已接获Petroprod被令临时清盘的通知，裕廊船厂目前正向Petroprod的临时(公司)清算人(KPMG公司)索取更多有关资料，若有必要，集团也会提供新的消息。集团相信，这起事件不会对这两项合同造成任何实质影响。
　　
一般来说，钻油台工程都需要客户以竣工程度来定期支付工程期款。据媒体报道，胜科海事相信已为钻油台工程收取了约一半的工程费。
　　
据挪威报章TradeWinds报道，Petroprod的机构债券持有人向法庭申请清盘令。Petroprod为这两个项目融资所发行的债券面值总值约为3亿美元。
　　
然而，据一名知情者透露，这些债券持有人希望这两个项目还能继续进行，因为他们相信项目的价值，但却因为某些事件而对Petroprod的管理层没有信心。
　　
今年2月，Petroprod也曾表示因为信贷紧缩，要获得贷款和进行证券融资不容易。

由于原油价格已从去年7月的顶峰下滑了66％，环球信贷紧缩的问题也促使一些钻油台经营者取消与船厂的订单或延迟交货日期。

Source

荣南获迪拜地铁4040万元合约

2009-04-18T08:33:00.001+08:00

荣南控股（Yongnam Holdings）获得总值4040万元的三项迪拜地铁（Dubai Metro）合约。
　　
其中最大的一项合约价值3080万元，要为12个地铁站提供钢铁结构的供应、制造和移交等工程。这三项合约预计会于今年年底前完工，将对集团的营收和经理产生积极的贡献。

Source

九天化工集团（Jiutian Chemical）

2009-04-18T08:32:00.001+08:00

九天化工集团是中国主要的二甲基甲酰胺（DMF）生产商之一。它本来属于中国河南安阳市国营企业安阳化学工业集团的一部分，后来经由管理层收购而分拆成立私人企业。
　　
它前日发出盈警，预期集团截至3月底的09财年首季度业绩会出现净亏损，指出二甲基甲酰胺的需求因全球经济放缓而继续疲弱，以致它的厂房使用率只有55％。它料在本月27日发布季度业绩。联昌国际研究早在去年就停止对它作出分析，因此没有给予它任何评级和目标价。
　　
九天化工集团昨日收报7分，跌半分。
　　
（联昌国际研究，CIMB-GK Research）

Source

美股收盘上涨；投资者关注经济复苏的迹象

2009-04-16T06:42:00.001+08:00

美国股市大幅上扬，道琼斯工业股票平均价格指数收盘上涨逾100点；因为投资者关注国际纸业公司(International Paper Co., IP)、英特尔(Intel Co., INTC)的表态及联邦政府数据中体现出来的经济需求改善迹象。道琼斯指数涨109.44点，至8029.62点，涨幅1.38%；距离近期收盘高位还有不到60点。标准普尔500指数涨10.56点，至852.06点，涨幅1.25%；纳斯达克综合指数涨1.08点，至1626.8点，涨幅0.07%；不过英特尔下跌限制了该指数涨势。

在美国联邦储备委员会(Federal Reserve, 简称Fed)于美东时间下午2点公布黄皮书(Beige Book)后，美国股市进一步上涨。

虽然整体消费支出依然疲软，但部分辖区报告称，销售额小幅上升或降幅放缓。房地产市场情况类似，市况仍然疲软，但部分辖区称住房销售有所回升。

据美国全国住房建筑商协会(National Association of Home Builders, 简称NAHB)/富国银行住房市场指数(Wells Fargo Housing Market Index)显示，4月份单户型预售屋建筑商信心指数上升了5点，至14点，为2003年5月份以来的最大单月升幅。

这是该指数六个月以来首次升至两位数字。国际纸业公司股价涨1.58美元，至8.80美元，涨幅22%，因德意志银行(Deutsche Bank)此前援引该公司管理人士的话称，对经济敏感的市场即将复苏。英特尔股价跌39美分，至15.62美分，跌幅2.4%，该公司此前警告称，预计第二财政季度收入与第一财季持平或略低于第一财季。

不过，英特尔表示，个人电脑市场最糟糕的时期可能已经过去。野村证券公司(Nomura Securities)经济学家David Resler表示，周二的一个积极信号是库存销售比率在下降。他表示，这是经济复苏或反弹的先期迹象。

市场对中国经济数据寄予厚望

2009-04-16T06:39:00.002+08:00

中国周四最好能够传出一些好消息来。

毕竟，最近正是在稍微令人欣慰的中国经济数据的支撑下，亚洲股市才实现了大幅飙升。

正是因为中国，市场才抱着“下滑势头放缓就相当于上扬”的看法，认为市况的逐步好转总比没有任何变化强。

中国方面一直在传出信贷规模持续上升的消息，但多数分析师怀疑这种状况能否持久。与此同时，亚洲其他地区则显示出对华出口略微有所复苏的迹象。

上述情况使市场忽视了国内生产总值(GDP)、工业产值及贸易等那些显示经济依然普遍疲软的数据。新加坡海峡时报指数周二上涨1.1%，尽管此前公布的第一季度GDP数据十分糟糕，同时新加坡政府还将2009年GDP降幅预期从此前的2%-5%下调至了6%-9%。

不过投资者却选择将注意力放在新加坡3月份出口数据上。该数据显示，与韩国和台湾类似，新加坡的出口一定程度上也受到了中国需求的提振。但投资者实际上是在孤注一掷。市场起先曾将希望寄托在美国经济复苏上，现在又开始指望中国经济的恢复。

这样做的危险在于，一旦中国不再传来利好的经济数据，那么就会促使近期风险偏好高涨的汇市、股市以及金属市场等出现回调，部分市场人士认为，这种情况不可避免。

中国周四将公布包括GDP数据在内的一系列第一季度经济数据。接受道琼斯通讯社(Dow Jones Newswires)调查的经济学家们预计，中国第一季度GDP将较上年同期增长6.0%，低于去年第四季度6.8%的增幅。

对中国而言，6.0% GDP的增幅已是7年来最低水平，但考虑到世界大多数国家的状况，这仍是相当不错的增长率。市场还对中国季度性经济数据寄予厚望。（中国政府通常不公布季度性经济数据，但多数经济学家会从官方数据中推算出季度数据。）德意志银行(Deutsche Bank)经济学家马骏预计，经季节性因素调整后，中国第一季度GDP折合成年率将较上季度增长6.8%，根据估算的第四季度GDP增速为1.5%。市场普遍预计，定于周四公布的固定资产投资、工业产值及消费者价格指数(CPI)等数据将对中国经济增长前景构成支撑。

鉴于市场如此倾向于认为周四公布的中国经济数据会表现强劲，揭晓结果的责任就落在中国政府身上了，中国政府或者让市场如愿以偿或者戳破这个希望气球。

亚太股市周三涨跌互见

2009-04-16T06:36:00.002+08:00

亚太股市周三涨跌互见，一些投资者担心近期股市涨幅过大，因而获利回吐。受英特尔的悲观预期影响，科技股成为领跌板块。

东京股市下跌，因前夜美国股市遭遇获利回吐，令日本金融及科技类股承压，另外日圆反弹也打击了股市人气。日经225指数下跌99.72点，至8742.96点，跌幅1.1%。包括东京证交所一部所有股票在内的东证指数下跌8.17点，至835.25点，跌幅1%。市场成交量温和，约为23亿股。

对中国经济反弹以及中国政府将推出更多经济刺激措施的预期推动香港股市连续第三个交易日走高，指数权重股中国移动有限公司(China Mobile Ltd., 0941.HK, 简称：中国移动)补涨，推高大盘。恒生指数收盘上涨89.46点，至15,669.62点，涨幅0.57%，盘中交易区间15,213.39点至15,669.85点。

中国股市连续第五个交易日收高；中国明日将公布第一季度国内生产总值(GDP)数据。不过，继近期上涨后，股市在本交易日大部分时间横盘整理。上证综现甘张陶?.4%，至2536.06点。深证综合指数涨1.2%，至860.37点。

澳大利亚股市小幅走低，近期买进银行股的投资者在美国金融企业公布业绩前获利回吐。基准S&P/ASX 200指数收盘跌5.4点，至3747.5点，跌幅0.1%。

新加坡股市收盘走高，收复了最初追随美国股市前夜跌势而产生的失地，主要受到投资者对小型股的持续需求推动，此外，市场对中国政府将推出额外经济刺激方案的预期推动香港股市反弹，这也给新加坡股市带来指引。新加坡海峡时报指数收盘上涨8.97点，至1,905.99点，涨幅0.5%。

Genting International 15 April 2009 - How far can it goes ??

2009-04-15T20:28:00.003+08:00

Fill The Gap ???

2009-04-14T20:49:00.001+08:00

How to avoid a short squeeze As stocks rally and feds circle, short sellers face tough calls

2009-04-12T11:27:00.005+08:00

SAN FRANCISCO (MarketWatch) -- Short sellers are being ambushed from all sides, from tighter regulations to double-digit stock gains. But there are ways to get out of the jungle alive.
Selling stocks short, which worked well as the market plunged to its bear-market lows, came back to bite practitioners as the broad market staged a swift, double-digit rally over the last month.

A watchful eye on contrarian indicators, heavily shorted stocks and safe-haven investment flows -- plus an ear for market sentiment -- can help investors determine when it's time to get out of, or back into, a short-selling strategy.

"You want to look for extremes," said Paul Brigandi, vice president of trading at Direxion Funds, which runs $5 billion in exchange-traded and mutual funds, including leveraged short funds such as Direxion Financial Bear 3X Shares.

That largely means watching the metrics that signal investor fears have gone too far, such as highs in the CBOE Volatility Index, called the Vix, and gold prices, as well as lows in Treasury-bond yields and investor-sentiment surveys. When investors are hunkering down in cash, Treasurys and gold, the thinking goes, stocks may have sold off too much and are ready to rally.

"A huge amount of money sitting on the sidelines and in safe havens creates a recipe for a snapback," Brigandi said.

Retail investors can engage in short sales -- placing bets that an individual stock or a broader sector will fall -- by borrowing stock through a margin account or purchasing exchange-traded funds or mutual funds that engage in short trades. E-Trade Financial Corp and Scottrade, for instance, allow investors to sell stock short with as little as $2,000 in a margin account.

Prescription for heartburn

To execute a short sale, investors borrow stock, then sell it. If the shares fall, they can buy them back at a lower price, return the securities to the lender and pocket the difference as profit.
It was an attractive strategy as U.S. stocks were moving toward 12-year lows earlier this year. But in the past month, they rebounded quickly and dramatically, with the S&P 500 jumping about 27%. Some beaten-down stocks, such as Wells Fargo & Co and Bank of America Corp, made gains of that magnitude in a single day's trading.

This climate spells heartburn for short sellers. When a lot of investors suddenly want to buy a stock, brokers can require short sellers to return those borrowed shares. To "cover" their positions, short sellers need to buy shares in the market -- perhaps at higher prices than those at which they originally sold them, triggering a loss.

What's worse, demand from a multitude of short sellers trying to cover their positions at the same time can send prices even higher -- that's known as a short squeeze.

"This is a very high-risk environment to be short," said Doug Noland, a senior portfolio manager on Federated Investors' $1.3 billion Federated Prudent Bear Fund. "Short squeezes can be dramatic, and a lot of money can be lost."

The dramatic recent rallies in the broader market and in some specific sectors have battered short sellers who bet against company stocks and index-based ETFs.

Take recent action in SPDR Financial Select, an ETF that tracks financial companies -- and was the fourth-most-shorted stock on the New York Stock Exchange at the end of March. Bad news for these shorts: The ETF has rallied 72% since the S&P 500 hit its bear-market intraday low March 6.

SPDR S&P 500, an ETF that tracks the S&P 500, was the second-most-shorted stock on the NYSE. It's vaulted 25% since March 6.

Meanwhile, securities regulators are debating ways to rein in the impact of some forms of short selling.

Under pressure from lawmakers and from banks, the Securities and Exchange Commission is considering five approaches to reinstating the uptick rule, which restricts the short selling of stocks that are in decline.

Regulators can crack down even more heavily on short selling when certain sectors are getting pummeled. Last year the SEC placed a temporary restriction on short selling in nearly 800 financial institutions' shares.

Bear tracks

In this dicey environment, retail investors have to keep a close eye on signs that a bear market is about to turn bullish.
One signpost is a jump in the Vix to levels exceeding 80%.
The index, which reflects expectations for future volatility in S&P 500 stocks, rose to about 81% on Nov. 20. Over roughly the next seven weeks, the S&P 500 gained 24%.

A steep jump in gold prices and Treasury bonds, two asset classes that are traditionally bid up when investors are feeling particularly pessimistic about stocks, can also flag a coming rebound in stocks.

Two weeks after gold prices shot past $1,000 an ounce on Feb. 20, the S&P 500 hit its bear-market intraday low of 666.

Low Treasury yields, which fall as bond prices climb, can also signal stocks are readying for a rebound -- though the reversal can take time.

Starting in mid-September, in the wake of the Lehman Bros collapse and the bailouts of American International Group, Fannie Mae and Freddie Mac, investors were so hungry for safe, liquid government debt that they were willing to do without any interest payments at all on the shortest-term Treasurys.

Yields on 1-month and 3-month Treasury bills, which move inversely to prices, neared 0% as investors gave up on returns and tried to protect capital.

"That's not a normal market when that starts to happen; that's extreme fear," said Direxion's Brigandi.

The S&P 500 hit new lows after 1-month T-bill yields skirted 0% in September. But by December it was rallying, a bad turn for shorts.

Sharp gains in heavily shorted stocks or sectors can spell trouble for short sellers everywhere, Prudent Bear's Noland said. "We don't like to see stocks with big short positions outperforming the market," Noland said.

Citigroup, the most shorted stock on the NYSE, has tripled to just over $3 a share since March 6.
On Wednesday, Bed Bath & Beyond Inc. shares jumped 23% after the retailer posted a smaller-than-expected profit decline. Investors had sold about 12% of its shares short, a relatively high proportion.

And in October, the German automobile manufacturer Volkswagen AG briefly became the world's largest company by market capitalization after hedge funds shorting the stock -- caught by surprise when Porsche Automobil Holding revealed a larger stake in the company -- made a forced grab for shares to cover their short positions.

Intense bidding for the few shares owned by the public quadrupled the value of VW shares in just two days.

The New York Stocks Exchange maintains a list of the most shorted stocks on its Web site.

In any market, professional short sellers say it's easy to get burned by focusing on a company's fundamentals and ignoring sentiment among investors.

That was a lesson many short sellers learned the hard way in the late 1990s, as stocks in start-up technology companies skyrocketed along with a general equity-market euphoria, even if the companies had booked no profits and faced questionable prospects. Many later went bust, but only after handing heavy losses to short sellers along the way.

"All companies, even companies that are total frauds, are susceptible to emotional responses to overall market action," said Manuel Asensio, managing member of Mill Rock Investment Advisors, a hedge-fund manager that engages in short selling and other strategies.

Source

2009-04-12T11:20:00.002+08:00

NEW YORK (Dow Jones)--The recent winning streak for two beaten-down casino stocks was a classic case of what some traders suspect happened on a grander scale during the 28% rally for the Standard & Poor's 500: a short squeeze.

Shares of Strip giants MGM Mirage and Las Vegas Sands, owner of the Venetian casino, are both more than 90% from their peaks in 2008. During recent boom times, both loaded up with debt to build glistening developments that helped Vegas transform from seedy "Sin City" to a desert Monte Carlo. Now, Vegas's premium-price reputation makes it anathema to recession-struck tourists, and the casinos' debt loads are threatening to bust the companies.

This week, money manager Colony Capital LLC has broken off talks about an investment with MGM Mirage. The casino operator must come up with alternative financing for its $13.5 billion in debt, and to fund payments on its City Center project, an $8.6 billion development on the Las Vegas Strip.

Gambling, like liquor and cigarettes, was once thought to grow in popularity when times got tough. But gambling is no longer the only game in town. Data from the Nevada Gaming Commission shows that non-gaming revenue - think breakfast buffets and top-dollar suites - exceeded gaming revenue on the Strip in 2007.

Betting on red for Vegas is almost as dangerous as betting it will be in the black, however. Indeed, action in Sands and MGM Mirage has come to resemble a high-stakes game of "All-In" poker. Las Vegas Sands has more than tripled in value (to $4.44) and MGM more than doubled (to $5.30) from their March lows, when investors had effectively priced in a bust. Some short-sellers likely lost their shirts during those rallies.

Roughly 23% of Las Vegas Sands' float and 30% of MGM's were recently on loan to short sellers who borrowed it in the hopes of a fall, according to shortsqueeze.com. When an event - such as MGM's tentative deal with Colony Capital on April 1, when it closed at $2.63 - causes a stock with a large portion on loan to tick up, it can cause a stampede of buyers. That's because short-sellers lose money every time the stock ticks a little higher. Every tick prompts another short-seller to cut their loss by buying the stock. And every purchase of the stock causes another tick higher.

Outstanding short positions in New York Stock Exchange issues rose by 11% in the first half of March, suggesting that short-sellers buying back stock played some role in the recent rally beyond the action in the casinos. That's one reason some investors expect another dip for the market once the short covering is done.

One reason people may not be flocking to Vegas: they can have the same thrills and spills just watching their stock investments.

Source

MGM Mirage, Colony Capital Loan Discussions Said to Be On Hold

2009-04-10T18:47:00.002+08:00

April 10 (Bloomberg) -- MGM Mirage’s talks to get a $750 million secured loan from Colony Capital LLC have been put on hold as the casino company focuses on negotiations with banks, two people with knowledge of the discussions said.

Talks with Colony, the Los Angeles-based private equity firm, may restart and a loan is still possible, said the people, who declined to be named because negotiations are private. Colony and Australia’s Crown Ltd. were considering a debt investment in Las Vegas-based MGM Mirage, people familiar with the talks said this week.

MGM Mirage, controlled by 91-year-old Kirk Kerkorian, has until May 15 to offer a plan to restructure debt totaling more than $12 billion. The company also has been funding construction of the multibillion-dollar CityCenter development on the Las Vegas Strip alone after partner Dubai World sued and asked to be relieved of financing obligations.

The next CityCenter payment is due on April 13. Bank waivers allowing MGM Mirage to cover state-owned Dubai World’s half also expire on that day.

Spokespeople for MGM Mirage and Colony Capital declined to comment to Bloomberg News.
Geoff Kleeman, a spokesman for Melbourne-based Crown, didn’t return voice-mail messages left by Bloomberg on his office and cell phone outside of business hours.

The Wall Street Journal reported yesterday that Colony had ended talks with MGM Mirage. Alan Feldman, a spokesman for MGM Mirage, said the company continues to hold talks with investors and declined to identify them, the newspaper said.

MGM rose 55 cents, or 12 percent, to $5.30 yesterday in New York Stock Exchange composite trading. The shares have more than doubled this month.

Source

Shares close 2.5% up

2009-04-10T00:16:00.001+08:00

SINGAPORE - Singapore shares closed 2.5 per cent higher on Thursday, mirroring gains in regional markets as investors cheered Japan's plans for a new stimulus package, dealers said.

The main Straits Times Index rose 44.55 points to 1,828.51. Volume was 1.64 billion shares worth $1.17 billion (US$780 million) and there were 364 rising issues, 125 losers and 709 issues even.

Japan's plans for a fresh stimulus package worth over US$150 billion are seen as good news with Singapore likely to gain in terms of improved exports should the world's second biggest economy turn around, dealers said.

'If one believes in economic recovery, the Singapore market should be a good bet given it is among the cheapest in the region and has such an open economy,' a trader at a local brokerage said.

Among the banks, DBS added 41 cents to $8.91, Oversea-Chinese Banking Corp put on 16 cents to $5.46 and United Overseas Bank was 38 cents higher at $10.50.

Singapore Airlines climbed 48 cents to $11.46 and Singapore Telecommunications was three cents up at $2.55.

中冶集团承建的新加坡环球影城混凝土主体结构封顶

2009-04-10T00:13:00.002+08:00

3月31日，中国冶金科工集团公司中国京冶承建的新加坡圣淘沙环球影城项目地下主体结构封顶仪式在新建成的顶板上举行。圣淘沙岛发展公司(SDC)、项目业主(RWS)、建筑咨询公司（DPA）、结构咨询公司（MCS）、机电咨询公司（BECA）的代表与数百名参与设计、施工和管理的工程技术人员和工人一起参加了封顶仪式。

该项目地下室顶板面积超过10个标准足球场，水平投影面积约7.6万平方米，模板面积近10万平方米，混凝土方量6万立方米，总数超过1万辆泵车混凝土量，高峰期每天要下200辆混凝土泵车的灰量，钢筋15，000吨，该顶板于2008年8月开始施工。在业主单位、设计单位、监理单位及其他相关部门的共同努力下，现场施工人员克服了边设计边施工等种种困难，顶高温、战酷暑，昼夜奋战，历时8个月完成了地下主体结构的封顶，按期实现项目计划施工进度中的一个重要里程碑。

地下主体结构（E-deck）的封顶，标志着MC-04项目由地下结构施工阶段转为建筑和机电施工为主的阶段，MCC环球影城项目部全体人员有信心在业主及管理咨询公司的协助下确保工程整体施工计划的如期完成。新加坡环球影城项目竣工后将成为世界第6座环球影城主题公园，计划在2010年初开业，届时将成为新加坡一个新的旅游景点。作为中冶集团目前所承接的规模最大的海外民用项目，新加坡环球影城项目的顺利实施将会奠定中冶集团在新加坡乃至整个东南亚地区建筑市场中的领先地位。

免责声明：本文仅代表作者个人观点，与凤凰网无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

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拥45亿现金兼丽星邮轮转盈　2投资银行看好名胜世界

2009-04-10T00:10:00.002+08:00

（吉隆坡7日讯）马银投资银行在投资研究报告说，名胜世界有限公司（RESORTS，4715，主板贸易服务组）持股19.6％的长期投资－丽星邮轮（Star Cruises）2008年下半年核心净利480万美元，较去年同期大幅改善，是由于每季净收益率较高以及分担较低的NCLC集团亏损。

丽星邮轮浮现希望，它在2008年净亏损7950万美元，较2007年的2亿零80万美元有显著改善。除去特别项目（主要是耗蚀亏损），2008年核心净亏损1亿2620万美元也是低过2007年核心净亏损1亿5080万美元。

丽星邮轮在2008年下半年转亏为盈录得核心净利480万美元，相对2008年上半年核心净亏损1亿3090万美元；是由于每季净收益率较高，分担较低的NCLC集团亏损以及可能拨回呆账拨备金。
应留意它分担NCLC集团亏损减至1710万美元，较去年同期减低80％，然而该集团的耗蚀亏损高达1亿2880万美元。

筹集现金的风险减低，该份报告说，虽然亏损已收窄，但是丽星邮轮的北美洲竞争者，皇家加勒比海（Royal Caribbean）以及嘉年华机构（Carnival Corporation）已预警说，虽然美国经济疲软，但是净收益率今年不会大幅下跌至低双位数。加上预测每季较疲软的2009年上半年，马银投资银行置疑丽星邮轮将继续收窄亏损。

然而，欣慰的是NCLC集团已获得借贷者同意，将2009年以及2010年届期的负债再融资，提示了没有立即发售附加股或是筹集现金的风险，这最终须由名胜世界承担。与去年同期比较，丽星邮轮集团的净负债率已下跌6.5个百分点至21.7％。

随着将持股减至19.6％后已不须结合丽星邮轮的业绩，后者的业绩对名胜世界盈利没有影响，现金结存目前很安全。

马银投资银行保持名胜世界的<买入>评级，2009年底目标价2.86令吉是基于现金流量拆现合理估值3.18令吉折扣10％。

名胜世界可能须注入现金给丽星邮轮的忧虑已消除，因此提示有上升空间。截至2008年底，它有净现金结存45亿令吉，相等于每股77仙。

名胜世界没有宣布派发股息。

此外，名胜世界有限公司仍然是联昌国际投资研究行首选的博彩业股，现时股价处在2.27令吉并保持<超越大市>评级不变，虽然调低目标价至2.95令吉，是经修订盈利后的标准经营程序（SOP）估值折扣20％。

联昌国际投资研究行在短笺中说：“股价推动力仍然是强劲的赌场营业，巨额现金结存超过40亿令吉，高股息以及潜在的本区域合并收购计划。”

“相对于云顶有限公司（GENTING，3182，主板贸易服务组），我们选择名胜世界是基于它纯粹参与仍然具回弹潜能的国内赌场业务。在估值方面，名胜世界的远期本益比低于9倍，较它的15年平均数低超过一半，以及是云顶的远期本益比折扣21％。

“至于价格对账面值比率，这只股也是以历年低点进行交易。它的企业继续经营价值/付息税前收益额也写下新低点。”

但是，由于经济情况恶化以及今年内可能撤销澳门的签证限制，联昌国际投资研究行谨慎估计名胜世界的豪赌客收益大幅下跌10％，而不是较早前估计下跌3％。

该投资研究行的修订预估，也假定大马观光客来源改变；因为在新加坡的2个综合休闲胜地明年开始营业后，来自新加坡以及新山的观光客可能减少。

“因此，名胜世界的2009至2011财政年盈利预估调低4至6％。现有盈利预估反映了赌场盈利减少2至1.5％，而不是较早前预估增长2至5％。但是2009至2011财政年每股派息预估保持不变。”

联昌国际投资研究行说，由于有巨额的45亿令吉现金结存，名胜世界可能主导该集团的合并收购计划。除去名胜世界的每股77仙现金接存后，远期本益比5至6倍，是与亚洲金融危机时期的估值一致。

“名胜世界的每股现金结存，占了现有股价超过三份之一。”

Source

Can Gent Int Break 0.58-0.59 Resistance Point ??

2009-04-10T00:03:00.002+08:00

Shares close 2.47% lower

2009-04-07T20:31:00.002+08:00

SINGAPORE - Singapore shares slid 2.47 per cent on Tuesday as investors booked some profits after recent gains, dealers said.

The blue-chip Straits Times Index (STI) closed 45.59 points lower at 1,802.39 on volume of 1.22 billion shares worth $1.08 billion (US$713 million).

Losers outnumbered gainers 297 to 141, with 745 issues unchanged.

Dealers said the pullback after five days of gains would not significantly derail the surge.

'Selling volumes are fairly light, so the correction looks healthy in nature and shouldn't be too dramatic,' said Gabriel Gan, senior vice president of AmFraser Securities.

Another dealer said pockets of positive economic data out of China and the United States should help galvanise the market.

'We believe that bears will have limited ammunition as economic data out of China and the US continues to improve,' said Yeo Kee Yan, a strategist at DBS Vickers Securities.

Banking shares closed down. DBS fell 35 cents to $8.83, United Overseas Bank slipped 46 cents to $10.48 and Oversea-Chinese Banking Corp eased nine cents to $5.24.

Among property shares, CapitaLand shed 24 cents to $2.57, City Developments retreated 36 cents to $5.82 and Keppel Land closed 13 cents lower at $1.64.

Singapore Telecommunications gained seven cents to $2.53 while Singapore Airlines was unchanged at $11.00.

Oil rig maker Keppel Corp dropped 32 cents to $5.46 and agribusiness firm Wilmar International eased three cents to $3.32.

亚太股市周二涨跌互见

2009-04-07T20:28:00.002+08:00

亚太股市周二涨跌互见。由于投资者都在等待美国及部分亚太公司发布第一季度业绩情况，市场交投清淡，股指一直在前日收盘点位附近徘徊。

东京股市收盘小幅走低，前夜美国股市下跌促使投资者对新日本制铁(Nippon Steel)等近期上涨的个股进行获利回吐，市场交投淡静。日经指数跌25.08点，至8832.85点，跌幅0.3%。包括东京证交所一部所有股票在内的东证指数涨1.63点，至832.60点，涨幅0.2%。六月日经指数期货收盘跌30点，至8860点，跌幅0.3%。

香港股市收盘走低，主要因投资者在恒生指数前三个交易日累计上涨11%后进行获利了结。但是，在中资金融类股走高的带动下，股指的跌幅在尾盘收窄。分析师预计，恒生指数将追随中国大陆股市近期涨势而重拾升势，并将在未来几个交易日内上探15,800点。中国大陆股市周二收于七个月高点。恒生指数周二收盘跌69.07点，至14,928.97点，跌幅0.5%；股指在前市触及盘中低点14,743.71点。今年迄今为止，恒生指数已累计上涨3.8%。分析师称，成交额为509.3亿港元，远低于周一的621.9亿港元，这说明抛盘压力并不强。

中国股市创下逾七个月高点，金属价格上涨以及对于资源需求上升的期望带动有色金属类股走高。基准上证综合指数收盘涨0.8%，至2439.18点，为去年8月20日收于2523.28点以来的最高水平。深证综合指数涨0.8%，至2439.18点。上海证交所成交额降至人民币1,184.4亿元（合173.3亿美元），上周五为人民币1,596.3亿元。中国金融市场周一因公共假日休市。澳大利亚股市收盘走低，结束连续三个交易日涨势，未受澳大利亚央行(Reserve Bank of Australia)减息、

澳大利亚电信(Telstra)在政府宣布国家宽频计划后强劲上扬的影响。基准S&P/ASX 200指数收盘跌50.3点，至3706.3点，跌幅1.3%，给位于该水平的技术支撑位带来压力。该指数盘中一度触及两日低位3704.5点。澳大利亚央行最新利率决定与市场普遍预期相符，将隔夜拆款利率下调25个基点，至49年低位3.00%。

新加坡股市经历了交易员们所谓的“良性回调”，最终收盘走低，因投资者决定对过去几周的涨势进行部分获利回吐。新加坡海峡时报指数收盘下跌45.59点，至1802.39点，跌幅2.5%。大盘有297只股票下跌，141只股票上涨。市场成交量总计12亿股，低于周一的成交量20亿股。

Malaysia's CIMB to close 60 branches-report

2009-04-07T06:31:00.003+08:00

KUALA LUMPUR, April 6 (Reuters) - Malaysia's second largest lender CIMB Bank will close nearly 60 surplus branches this year to save up to 60 million ringgit ($16.77 million) annually, local daily The Malaysian Reserve reported on Monday.

The bank has identified the 60 banks to be closed in August, the report quoted its head of consumer sales and distribution, Sulaiman Mohd Tahir as saying.

"CIMB can save in the region of 50 million to 60 million ringgit from the closing of the branches from next year onwards. And when we close the branches, we will redeploy the people.

"The group may also see the possibility of new revenue to be generated by redeploying people to other areas which has value creation in terms of new business," he said.

The network rationalisation was prompted by the merger between CIMB and Southern Bank in 2006.

Source

股海明灯: 降低注资丽星邮轮疑虑名胜世界扭转劣势

2009-04-07T06:20:00.004+08:00

身为蓝筹股之一的名胜世界（Resorts，4715，主板贸易服务股）股价最近波动激烈，在2月份时面对强大卖压，股价在3月11日时猛挫至1.90令吉的最低价水平。

这主要是受到它在2月底公布亏损的业绩所入拖累，在截至2008年12月31日的第四季内，名胜世界受到在丽星邮轮投资价值折损的拖累，蒙受高达3亿8784万3000令吉的净亏损，前期的净利为3亿4409万4000令吉。

由于名胜世界之前将丽星邮轮的投资损失分类为储备，如今将之纳入其账目内，因此后者的高达7亿8150万令吉的投资折损造成了其庞大的净亏损表现。所以，在3月份名胜世界的股价表现并不理想，处于低点横摆。

不过，进入4月之后，名胜世界开始扭转劣势。这除了最近丽星邮轮（Star Cruises）在2008财年净亏损收窄，降低市场置疑名胜世界可能注入现金予前者的忧虑，令到名胜世界股价具有增长潜能的利好因素带动之外。

相信这一轮名胜世界股价反弹与名胜世界近期进场回购股票有关。其实，在3月份股价低迷时，已经进场回购本身公司股票，在这一个月期间回购了将近740万股的名胜世界股票。

以2.19令吉的股价计算，名胜世界目前是处于2008财政年本益比20.39倍的水平交易。

公司回购股票的考量为何名胜世界会决定进行股票回购？

根据回购股票的最基本的理由，那便是名胜世界管理层认为，名胜世界的股票价格已经被低估。

对于公司管理层而言，回购股票也能够稳定公司的股价，以及支持公司的基本因素。

所以，名胜世界管理层在股价滑跌时大事进场回购股票，那是合理的现象。此外，回购股票其他的好处包括所派发的股息不必分给那么多股票，所以公司可以派发更高的股息。还是就是股票数额减少，每股净利也能相应的提升。

另一个强点是，如果股票被当作库存股的，公司也可以选择当作股息派发给现有股东，或者是在股价上涨时在公开市场中卖出。股东视为积极行动对于现有股东来说，股票回购受到他们欢迎的，因为这是一个积极的行动，会加强股东的价值。

很多股东也认为，公司一旦进行回购股票，股价将会获得扶持。所以，名胜世界股价最近走势恢复升势，或多或少也受到回购股票的激励。当然，想要进行回购股票的活动，公司的先决条件便是必须拥有现金，因为条例规定股票回购必须通过公司的保留盈利以及/或股票溢价户口进行。

回购股票必须司通过本身的資金在公开市场进行回购本身的股票。凡是进行股票回购，上市公司必须通过公开市场进行。不过，不可以超过其缴足資本的10%。此外，条例也规定上市公司进行股票回购的价格，不能超过在进行回购前5个交易日平均加权股价的15%。

还有就是公司在进行股票回购之后，公司必须进行公布有关的回购详情。所以，投資者可以从交易所的网站中，找到有关名胜世界回购股票的資料。回购股票乃股本回退在回购股票之后，上市公司可以选择将股票当作库存股，或是注销，所以回购股票也可以说是股本回退的一种方式。

不过，反映公司管理层除了回购股票之外，便无法投資在适当的业务，以为公司带来额外盈利。这也可能导致公司财务資源减少，并失去未来可能出现的投資机会。

总结根据大马交易所的最新记录显示，在3月24日之后，名胜世界便不再回购股票，这意味着名胜世界是选择在股价处于2.00令吉以下的水平进行股票回购，这也显示2.00令吉将是名胜世界的强力支持，而投资者在目前市场购兴良好的时候考虑此股，风险应该是相当低的。

Source

赌场业未来几年会改善梦城机构可保优势

2009-04-07T06:17:00.003+08:00

（吉隆坡5日讯）梦城机构有限公司（DGATE，0037，主板贸易服务组）经营电子博彩机行业（EGM），制造与销售电子博彩机以及赌场器材。该公司也提供机器专营权配套与技术支援管理，其他业务包括投资在赌场，管理酒店与拥有赌博执照的俱乐部。

该公司在2004年1月在自动报价市场挂牌上市，以及去年1月转至主要交易板。董事经理拿督蔡金城（译音）是它的最大股东持股38.7％，执行董事马芝兰依斯迈则透过Gerak Juara私人有限公司持股18.6％。

梦城机构在1980年代进军博彩行业，获颁发执照分销电子博彩机给国内博彩业经营公司，包括云顶（GENTING，3182，主板贸易服务组）。此后，该公司已开拓更大市场，目前它的电子博彩机销售至本区域多个国家，例如新加坡、澳门、菲律宾、韩国、越南，柬埔寨、印度以及寮国。它的业务模式也逐渐发展，由原有的分销其他公司产品转移至研发与销售高盈利率的专利权产品，例如RGB博彩机。

梦城机构的RGB博彩机（通常是彩色款式）部门基于3个模式分销它的电子博彩机。第1个是直接销售，顾客一次付款购买；这是最简单以及风险最低的模式，梦城机构的盈利不会受到经营者亏盈影响。但是，电子博彩机售价昂贵（每架1万至2万美元）可能是经营者的沉重负担。此外，他们也须负担高昂的维修以及替换成本。

虽然直接销售剔除了信贷风险，但是盈利是一次过以及每年有变动。由于目前全球经济放缓，梦城机构专注于“租赁与拥有”模式。在这模式下，顾客向梦城机构租赁电子博彩机以及在议定期限内按时付款，期满后拥有权即转移给顾客。梦城机构考虑在它营业的其他国家彩用这模式。

最后一个模式是梦城机构将电子博彩机装置在经营者的店铺，以及根据机器专营权配套，与后者分享盈利。梦城机构将负责维修与技术支援，以及缴付一部份营业成本。每个经营者以及每个国家的盈利分享条件不同。

由于梦城机购拥有电子博彩机，它可以重新部署在盈利更高的国家，甚至是不同区域。一个重大进展是该公司与澳门赌场业巨仔旗下的一家联号公司签署机器专营权配套。该联号公司已在澳门两个地点开始营业，以及今年内将陆续设立更多营业地点。

梦城机构也在菲律宾扩充业务，今年1月签署9项新的专营权协议。它的机器专营权配套是最大收益来源，以及在2009年预测占55％营业额。

在机器专营权配套以及直接销售模式下，梦城机构今年将推出更多架专利权产品的RGB博彩机；但是没有反映在收益方面，因为新机器仍然在测试阶段。然而，该公司深信它的产品将会受到亚洲博彩业经营者欢迎。

在欣荣时期，由于现有博彩机深受欢迎，经营者不愿测试新机器。随着全球金融危机后营业放缓，经营者拨出更多空间装置梦城机构的电子博彩机。该公司预测今年销售至少500架专利权博彩机。这方面进展胥视它的研发能力，继续推出新款以及深受欢迎的博彩机。该公司有一支研发队伍，设计与制造新博彩机，迎合亚洲国家顾客的需求。

在这方面，梦城机构的优势可能不及它的国际同侪，例如Aristocrat，WMS工业，以及国际博彩科技（International Game Technology）。这些公司收益每年超过5亿美元，因此有更多研发资金。

梦城机构独资子公司Macrocept在柬埔寨与越南边界的Bavet市镇经营博彩业。该市镇吸引大量游客，政府致力发展该地区以及计划设立一家赌场。梦城机构计划今年次季在该地设立的Chateau De Bavet赌场将有大约200架博彩机，80张赌桌，以及70个酒店客房另加娱乐与饮食中心。该公司预测到了2010年，收益达到200万美元。

由于销售缓慢以及更多经营者减少开支，梦城机构的盈利在2008年下跌。随着该国政府决定控制过度赌博后，该公司在柬埔寨的一些营业据点可能关闭，因此须拨出耗损拨备金。

虽然梦城机构经营的赌场不受影响，但是该公司将博彩机迁移至盈利较高的其他赌场与俱乐部。今年的销售将继续疲软，但是专利权产品的盈利较高，将舒缓影响。

梦城机构致力扩充至其他国家，但是大约50％收益是来自柬埔寨，因此须面对该国政局以及外汇风险。

它的2009财年预测本益比2.9倍，与国际同侪比较有大幅折扣；估值也可能是市场价折扣35％。梦城机构规模可能较小以及它的产品不获普遍认同，但是该公司有巨大潜能，折扣是过于苛刻。这只股预测有很好的5.9％收益率，目前是以价格对账面值0.45倍进行交易。

虽然赌场业面对巨大挑战，但是情况将不会持续以及接着2至3年内应改善。澳门以及在新加坡的综合休闲胜地最终将成为亚洲旅游业主要据点，柬埔寨应可保持它的优势。在菲律宾需求也可持续，因为持有赌场执照的主题公园即将开幕。

Source

STI skyrockets 6% on recovery hopes

2009-04-03T05:56:00.002+08:00

US data, G-20 optimism help fuel powerful Asian rally

(SINGAPORE) An improvement in US economic numbers ignited hopes yesterday that a recovery could be taking shape and sent the Straits Times Index up 101.08 points, or 5.9 per cent, to a three-month high of 1,803.34.

The rise was in tandem with gains elsewhere, led in the region by a 7 per cent jump in Hong Kong's Hang Seng Index and a 100-point rise in June futures on the Dow Jones Industrial Average.

Turnover here, excluding foreign currency issues, which dropped to a low $755 million on Wednesday, rose to 1.8 billion units worth $1.7 billion yesterday.

The last time the index closed at this level was Jan 9, when it ended at 1,806.02. In the three weeks since touching 1,456.95 on March 9, the index has gained 346.39 points, or 24 per cent, on hopes of a US-led economic recovery.

'Bear market rallies can be very powerful and can sometimes last a few months,' said a dealer, suggesting further upside is still possible. But most also admit that unless economic figures show clear signs of improvement, the upcoming earnings reporting season could slam the brakes on the market's rise.

Yesterday's push was fuelled by hopes that the US economy was improving, following improved residential construction figures and a manufacturing report that was bad, but not as bad as expected. Also helping were comments by officials that there are signs that coordinated international action to spur the global economy is gaining some traction.

'There's speculation that something good will come out of the G-20 meeting, so the buying is also in anticipation of this,' said a dealer. Leaders from the 20 nations started their meeting in London yesterday.

Assessing local news of a 13.8 per cent drop in private property prices in the first quarter, DMG & Partners said that although there will be more prospective buyers, most will only window-shop until prices become considerably more attractive.

'HDB prices should fall further on the back of economic weakness, job insecurity and filtering of interest into the mass market condominiums, which should result in an increase in bargaining power of buyers,' DMG said.

'While we are cognisant of units disposed at distressed prices in the secondary market, these remain selective ones. For the remaining year, we should see an increased quantum of such transactions, especially from the 10,000 units that will receive TOP (temporary occupation permits) in 2009. As such, we are keeping our neutral call for the property sector.'

In his latest market commentary dated April 1, fund manager Marc Faber said that the current bounce is because stock markets were heavily oversold and are experiencing a powerful bear market rally. 'While I do not expect any full-market recovery within the next few years (after that, we shall need to see how much money will be printed) I would not be surprised to see some further headway until summer 2009,' Dr Faber said.

'Very near-term, the stock market has become overbought and should correct. But for the immediate positive stance to be maintained, it is important that the November 2008 low of 741 for the S&P 500 not be violated on the downside.'

The S&P 500 closed at 811.08 on Wednesday.

Dr Faber also pointed out that although US residential construction appears to have stabilised, non-residential construction has only just started to contract, so talk of a recovery is premature.

2009-04-02T21:16:00.001+08:00

Brokers' Take

2009-04-02T21:13:00.002+08:00

Singapore strategy
CIMB-GK Research, April 1

MARKET is expecting the Monetary Authority of Singapore to allow the Singapore dollar to weaken this month. Consensus is predicting that MAS will lower the mid-point of the Singapore-dollar trading range by 2-4 per cent later this month. Our economist, Song Seng Wun, agrees that MAS might favour a weakening of the Singapore dollar, going by weak Q1 2009 GDP figures and receding inflation. However, he thinks that this would be done not by shifting the band downwards, but perhaps by changing the slope of the band. A weaker Singapore dollar would make exports more attractive. Our house continues to forecast a S$1.60 per US dollar exchange rate for end-2009.

We view the offshore and marine sector as a key immediate beneficiary. A lower Singapore dollar would also help exporters such as Venture Corp. Key losers should be companies that sell mostly to the local market, earning Singapore-dollar revenues, yet are dependent on raw materials quoted in US dollars. Obvious losers will be transport companies (SMRT Corp, Singapore Airlines and Singapore Post) where fuel ensures a relatively high US dollar-denominated cost base. Other companies with mostly Singapore dollar revenues and some US dollar costs are Singapore Press Holdings and StarHub.

While there might not be much of an operational effect on others, there could still be a significant translation impact. SingTel will derive some 72 per cent of its FY2010 pre-tax profit and 80 per cent of our sum-of-parts valuation from overseas operations, and stands to be a big beneficiary of a weaker Singapore dollar. Maintenance, repair and overhaul (MRO) operators such as ST Engineering and SIA Engineering can also gain from positive translation of overseas revenues.
A weaker Singapore dollar is good for Singapore's export sector and its wilting tourism industry.

If tourist numbers can recover, stocks such as Genting International and CDL Hospitality Trusts could gain. Also, with the intended effect of a weaker currency being a slower rate of job losses and corporate bankruptcies, the move would be marginally positive for banks. The flipside is that a weaker Singapore dollar trend will be detrimental to investment prospects for property.
Maintain 'neutral' weight on the market and 1,800 Straits Times Index target.NEUTRAL

Singapore Reits
OCBC Investment Research, April 1

CONSENSUS forward yields, ranging from 7 per cent to 38 per cent, are showing a wide divergence in valuations across the Singapore real estate investment trust sector.

Our thesis is that the S-Reit sector is now broadly segregated into two camps - the 'haves' (large, blue-chip sponsored Reits with strong balance sheets) and the 'have-nots' (smaller, non-sponsored Reits with high gearing). Valuation catalysts also vary accordingly - we believe the market focus for the weaker 'have-nots' is still on their ability to secure refinancing but the focus for the 'haves' is on 1) how the macroeconomic picture affects earnings and 2) the need for equity issues to recapitalise balance sheets. Investors can expect some key data points on both the refinancing and the earnings fronts in the coming months.

MacarthurCook Industrial Reit (not rated) announced yesterday that it has received a 60-day extension for its loan facility worth $220.8 million maturing on April 18. MI-Reit is geared at almost 40 per cent and this facility constitutes the bulk of its borrowings. The extension buys MI-Reit some time to continue negotiations with its lenders, National Australia Bank and Commonwealth Bank of Australia.

Its inability to secure a resolution by April is a disappointment, in our view.

MI-Reit's refinancing efforts will likely be benchmarked against the December 2008 refinancing completed by peer Cambridge Industrial Trust (not rated) as both are relatively smaller, non-sponsored and industrial focused.

We expect negative refinancing news to further widen the valuation gap between the two S-Reit classes. For the broader sector, such refinancing news may be indicative of lender-risk appetite. Tighter loan-to-value demands may trigger a sector-wide overhaul of capital structures, potentially via equity issues.

Most S-Reits should report earnings for the first quarter of calendar year 2009 over the last two weeks this month. We believe that H1 2009 earnings are worth watching as the impact of macroeconomic events slowly filters through to the S-Reit bottomline.

For the office sector, we will be watching the pace of the decline in achieved rents as well as any change in occupancy levels. Given the economic slowdown, occupancy levels will be the key metric to watch in the industrial space. We are also looking out for an update on the post-Chinese New Year retail landscape and validation of the consensus 'sub-urban means defensive' view. We leave our estimates and ratings for individual S-Reits unchanged in anticipation of Q1 results.NEUTRAL

Shares close 5.94% higher

2009-04-02T21:12:00.001+08:00

SINGAPORE - Singapore shares closed 5.94 per cent higher on Thursday, mirroring gains in regional markets following Wall Street's overnight bounce.

The Straits Times Index rose 101.08 points to 1,803.34. Volume traded totalled 1.82 billion shares worth $1.66 billion (US$1.1 billion), and there were 417 rising issues, 107 losers while 673 issues were even.

A better-than-expected survey on the US manufacturing sector was the main reason behind the market optimism, dealers said.

'The market has for some time believed the global economy will take a long, long time to get out of the doldrums and that it'll go into depression,' a dealer at a foreign brokerage said.

'But now, we're seeing some data showing things are not as bad as thought, and that some of the pump-priming measures by governments are starting to take effect,' the dealer said.

Among the banks, DBS advanced 55 cents to $9, United Overseas Bank put on 68 cents to $10.48 and Oversea-Chinese Banking Corp was 25 cents higher at $5.05.

Singapore Airlines rose 32 cents to $10.56, Singapore Telecommunications gained two cents to $2.55 and Keppel Corp was 59 cents up at $5.77.

In the property sector, Keppel Land firmed 12 cents to $1.60, City Developments added 56 cents to $5.70 and CapitaLand was 25 cents stronger at $2.60.

Las Vegas Sands says to resume Macau projects in 2009

2009-04-02T21:05:00.002+08:00

HONG KONG, April 2 (Reuters) - Las Vegas Sands said on Thursday it aims to resume construction of its stalled Macau projects by year-end with talks now ongoing with potential new investors to restart the half-finished Cotai strip projects.

"We are certainly looking to resume in this calender year, keeping in mind that when we suspended these works, we were only about nine months off from opening the first phase," Stephen Weaver, the firm's Asia President told reporters.

Weaver, however, wouldn't give specifics on who the investors might be though said it was not the Macau government.

The debt-straddled Sands said late last year it was halting any further casino expansion in Macau and laid off most of the 11,000 or so construction workers working on phase one of two plots of land on the Cotai strip.

Sands has said since last November it was in talks with a syndicate of banks to secure funding of around US$1.5 to 2 billion to finance its stalled projects, which are a stone's throw from its gargantuan Venetian Macau casino resort, the world's largest casino, also on the stretch of reclaimed land in Macau called the Cotai Strip fashioned after Las Vegas' famed neon alley.

Sands also said they were on track to open the first phase of its US$5.4 billion Marina Bay Sands in Singapore by the end of this year, and there was no risk with regard to funds drying up.

"The company has funds available at the parent level which if needed, could be used to complete the project. I think you should rest assured that this would be financed," said Weaver.

Source

牛熊交锋之时该关注哪些股票？

2009-04-02T21:00:00.003+08:00

尽管周五的就业数据可能令人失望，20国峰会也难以令人鼓舞或者实现团结，但引人注目的是，股市却出现了上涨。

最明显的利好来自于就业市场之外的经济数据。供应管理协会(ISM)制造业调查尽管依然疲弱，但也略有增强，成屋待完成销售量出人意料地温和上扬。

虽然经济环境仍然相当暗淡，但事情可能不会再变得更糟的观点开始占据上风。包括美国联邦储备委员会主席贝南克(Ben Bernanke)在内的诸多美联储官员都对此发表了略显乐观的评论。

然而，一些相反的数据让前景依然难以琢磨。2月份建筑数据温和走强，但经济学家预计非住宅房地产领域的收缩让这份报告黯然失色。ADP的调查预计，周五的3月份就业报告可能再次令人震惊，当月失业人口可能超过70万人。

可用于观察牛熊之争的主要股票仍包括摩根大通(JPMorgan Chase & Co.)、花旗集团(Citigroup Inc.)、通用电气(General Electric Co.)、微软(Microsoft Corp.)和3M公司(3M Co.)。

摩根大通和花旗的交易受到了各种金融系统救助计划前景的影响，其中也包括20国峰会可能推出的各项方案。

通用电气的交易在某种程度上有赖于金融系统的健康稳定，但鉴于该公司遍布全球的许多业务，它也同全球经济增长的前景有关。它的10美元保卫战是目前市场上的重头戏之一。3M公司也是这样，尤其是由于其“上游”业务同全球的大量制造业活动有关。

拥有雄厚现金和良好商业前景的微软的交易同对科技投资、升级和企业界信心恢复的预期有关。随着牛熊大战的白热化，关注这些股票将使投资者了解谁会最终获胜以及个中的原因。

亚太股市周四强劲上扬

2009-04-02T20:58:00.001+08:00

亚太股市周四大多强劲上扬，纷纷创下数月新高。金融及汽车类股领涨大盘。

东京股市大幅上涨，创出2009年以来第三大单日点数涨幅，市场交投旺盛。推动股市上涨的因素包括美国经济数据令人看到一丝希望，且欧洲退休基金带来强劲买盘。日经指数上涨367.87点，至8719.78点，涨幅4.4%，距离盘中高点不远。该指数在过去两个交易日中上涨7.5%。包括东京证交所一部所有股票的东证指数上涨32.87点，至826.69点，涨幅4.1%，创出今年第二大单日点数涨幅。成交量近30亿股，为2009年迄今交投最旺盛的一个交易日。大阪证交所，六月日经指数期货收盘涨310点，至8690点，涨幅3.7%。

香港股市收盘大幅走高，受汇丰控股(HSBC)及地产类股强劲上扬提振，在一定程度上得益于有关美国经济即将走出谷底的预期。恒生指数收盘涨1,002.43点，至14,521.97点，涨幅7.4%，盘中一度涨至14,533.34点。今日成交额总计752.2亿港元，高于周三的528.2亿港元。

中国股市收盘创下逾7个月新高，因强劲业绩预期推动金融类股上扬。上证综合指数收盘涨0.7%，至2425.29点，创下去年8月21日收于2431.72点以来的最高收盘点位，盘中最高见2450.00点。深证综合指数收盘涨0.8%，至805.12点。上海证交所股票成交额从周三的人民币1,691亿元升至人民币1,749亿元（约合256亿美元）。分析师们称，他们预计未来几个交易日内上证综合指数将维持涨势，并上探2500点的心理阻力位。过去14个交易日内，上证综合指数累计上涨了13.9%。

澳大利亚股市表现强于美国股市，因针对股市的资产配置增加推动亚洲市场飙升。个股大范围的强劲走势大有推动澳大利亚股市突破当前这轮涨势的高点之势。基准S&P/ASX 200指数收盘涨100.5点，至3680.2点，涨幅2.8%；盘中一度触及四个交易日高点3703.2点。

新加坡股市自1月份来首次突破1800点大关，受地产类股和大宗商品类股强劲上扬提振，一些市场人士认为全球经济可能已经触底。海峡时报指数收盘涨101.08点，至1,803.34点，涨幅5.9%，追随前夜美国股市及今日亚洲其他股市涨势。

技術分析的操作原則

2009-04-01T23:58:00.001+08:00

由技術分析定義得知，其主要內容有圖表解析與技術指標兩大類。事實上早期的技術分析只是單純的圖表解析，亦即透過市場行為所構成的圖表型態，來推測未來的股價變動趨勢。但因這種方法在實際運用上，易受個人主觀意識影響，而有不同的判斷。這也就是為什麼許多人戲稱圖表解析是一項藝術工作，九個人可能產生十種結論的原因。　　

為減少圖表判斷的主觀性，市場逐漸發展一些可運用數據計算的方式，來輔助個人對圖形型態的知覺與辨認，使分析更具客觀性。　　

從事技術分析時，有下述11項基本操作原則可供遵循：　　

1.股價的漲跌情況呈一種不規則的變化，但整個走勢卻有明顯的趨勢，也就是說，雖然在圖表上看不出第二天或下周的股價是漲是跌，但在整個長期的趨勢上，仍有明顯的軌跡可循。　
　
2.一旦一種趨勢開始後，即難以制止或轉變。這個原則意指當一種股票呈現上漲或下跌趨勢後，不會於短期內產生一百八十度的轉彎，但須注意，這個原則是指純粹的市場心理而言，並不適用於重大利空或利多消息出現時。　　

3.除非有肯定的技術確認指標出現，否則應認為原來趨勢仍會持續發展。　
　
4.未來的趨勢可由線本身推論出來。基於這個原則，我們可在線路圖上依整個頭部或底部的延伸線明確畫出往後行情可能發展的趨勢。　　

5.任何特定方向的主要趨勢經常遭反方向力量阻擋而改變，但1/3或2/3幅度的波動對整個延伸趨勢的預測影響不會太大。也就是說，假設個別股票在一段上漲幅度為三元的行情中，回檔一元甚至二元時，仍不應視為上漲趨勢已經反轉只要不超過2/3的幅度，仍應認為整個趨勢屬於上升行情中。　　

6.股價橫向發展數天甚至數周時，可能有效地抵消反方向的力量。這種持續橫向整理的形態有可辨認的特性。　　

7.趨勢線的背離現象伴隨線路的正式反轉而產生，但這並不具有必然性。換句話說，這個這個原則具有相當的可靠性，但並非沒有例外。　　

8.依據道氏理論的推斷，股價趨勢產生關鍵性變化之前，必然有可資辨認的形態出現。例如，頭肩頂出現時，行情可能反轉；頭肩底形成時，走勢會向上突破。　
　
9.在線路產生變化的關鍵時刻，個別股票的成交量必定含有特定意義。例如，線路向上挺升的最初一段時間，成交量必定配合擴增；線路反轉時，成交量必定隨著萎縮。　
　
10.市場上的強勢股票有可能有持續的優良表現，而弱勢股票的疲態也可能持續一段時間。我們不必從是否有主力介入的因素來探討這個問題，只從最單純的追漲心理即可印證此項原則。
　　
11．在個別股票的日線圖或周線圖中，可清楚分辨出支撐區及抵抗區。這兩種區域可用來確認趨勢將持續發展或是完全反轉。假設線路已向上突破抵抗區，那麼股價可能繼續上揚，一旦向下突破支撐區，則股價可能再現低潮。

丽星邮轮(HK)08年亏损减少至7,951万美元

2009-04-01T23:16:00.001+08:00

[世华财讯]丽星邮轮宣布，截至08年12月31日全年亏损减少至7,951万美元，每股亏损0.0107美元，公司不派末期息。

丽星邮轮(00678)4月1日发布公告称，截至08年12月31日止全年业绩，取得股东应占亏损7,951万美元，每股亏损0.0107美元，公司不派末期息。该公司07年同期取得亏损2.01亿美元。

Source

3 foreign investors interested in RP's 'mini-Las Vegas' complex

2009-04-01T22:49:00.003+08:00

MANILA, Philippines - Three investors from South Korea, Europe, and the United States have expressed interest in helping build an entertainment complex on top of reclaimed land along Manila Bay, an official said.

All three companies have submitted their respective proposals to help construct a “total entertainment complex" called Bagong Nayong Pilipino-Manila Bay Integrated City, Efraim C.

Genuino, Chair and chief executive officer of the state-run Philippine Amusement and Gaming Corp. (Pagcor).

The project will be located on a 120 hectare property along Manila Bay.

Genuino declined to reveal the identities of the prospective investors, as the agency is still “investigating" them, a process that will last six months, he said.

Minimum cost of the project – to be considered as the Philippines’ Las Vegas – will reach $1 billion, consisting of both equity and debt.

Of this total project cost, at least 40 percent of the total project cost must be invested within a period of two years from site delivery for Pagcor-owned land or from the date of signing of the provisional license.

Investors are required to submit a concept for their investment, Genuino said, declining to identify the kind of businesses the three investors will engage in.

“Only three percent of the entire development is in gaming," Genuino said at the sidelines of the 4th Asia's Gaming and Entertainment + Lesiure Expo Manila (Asia's GEM) 2009 which opened in Manila on Wednesday.

“There will be lots of tourist attractions including sports arenas and a museum. All of [prospective investors] are global operators."

Investors will be announced within the year since the agency is already putting finishing touches in terms of concept and design, he said.

Based on the terms of reference, applicants must have the financial capability and a well-established experience in the hotel and gaming business.

Applicants who are principally financial investors are also welcome but will be required to engage qualified hotel and gaming operations entities whether organizations or individuals, who have the track record in organizing and operating world-class hotel and gaming projects.

Japan-based Aruze Corp., Malaysia’s Genting Berhad Group, and Sy-led SM Investments Corp., which secured approval to join the project, will develop at least 100 hectares of the reclaimed land.

Source

Shares edge up 0.13%

2009-04-01T22:47:00.002+08:00

The blue-chip Straits Times Index (STI) rose 2.27 points to 1,702.26 on volume of 822 million shares worth $755 million (US$496 million).

Gainers edged losers 196 to 174, with 835 issues unchanged.

Dealers said the STI would most likely head higher in the near term, but with concerns over the economy weighing on investor sentiment.

'We are inclined towards the view that there will be a sizeable rally due to the (low) interest rate environment engineered by the Federal Reserve,' said Phua Ming-weii, an analyst at Phillip Securities.

However, the analyst cautioned that the STI remained volatile, as 'markets very seldom move in a straight line'.

Singapore, a trade-dependent nation, is facing its worst recession in more than 40 years due to weakening global demand for its exports.

Banking shares closed mixed, with Oversea-Chinese Banking Corp easing four cents to $4.80, United Overseas Bank gaining eight cents to $9.80 and DBS remaining at $8.45.

Among property shares, CapitaLand edged up two cents to $2.35, City Developments ended four cents higher at $5.14 and Keppel Land closed up three cents at $1.48.

Singapore Airlines advanced 24 cents to $10.24 while Singapore Telecommunications was unchanged at $2.53.

Investment holding company Sembcorp Industries gained four cents to $2.39 and real estate developer Yanlord Land Group rose seven cents to $1.19.

Genting Int'l plans name change at S'pore EGM

2009-03-31T23:52:00.002+08:00

Genting International P.L.C. on Tuesday said it was planning to seek shareholders' approval to change its name to 'Genting Singapore PLC' at an Extraordinary General Meeting on April 24, 2009.

The company, which is developing the Resorts World at Sentosa, is also proposing the addition of the international sales and marketing agreement to the shareholders' mandate for interested person transactions, among others.

Shares close up 1.60%

2009-03-31T23:50:00.001+08:00

SINGAPORE - Singapore shares closed 1.60 per cent higher on Tuesday as investors hunted for bargains following a steep fall the previous day, dealers said.

The blue-chip Straits Times Index rose 26.85 points to 1,699.99 on volume of 1.32 billion shares worth $1.24 billion (US$814 million).

Gainers led losers 246 to 161, with 862 issues unchanged.

Traders said local investors will be taking guidance from the US stock market in the days ahead.

'We need clearer direction from the US side before there's more confidence here,' said a trader from a local brokerage.

Banking shares were up. DBS gained 24 cents to $8.45, United Overseas Bank rose 12 cents to $9.72 and Oversea-Chinese Banking Corp edged up six cents to $4.84.

Property shares also gained. CapitaLand was up nine cents to $2.33, City Developments advanced 12 cents to $5.10 and Keppel Land closed four cents higher at $1.45.

Singapore Airlines was unchanged at $10.00 and Singapore Telecommunications edged up two cents to $2.53.

Motor vehicle firm Jardine Cycle and Carriage rose 64 cents to $11.84, and oil rig maker Keppel Corp gained five cents to $5.01.

亚太股市周二涨跌互见

2009-03-31T23:48:00.002+08:00

亚太股市周二涨跌互见，由于投资者在日本当前财年结束前锁定收益，东京股市今日走势振荡。金融类股下滑拖累日经指数收盘走低。该指数本财年累计下挫35%。

东京股市下跌，受投资者再度对美国汽车业问题感到担忧影响，Mitsui Sumitomo Insurance Group等金融股遭到抛售，因市场担心这些公司的资产负债情况会受到影响。周二也是日本当前财政年度的最后一天。日经指数收盘下跌126.55点，至8109.53点，跌幅1.5%。由于全球金融危机拖累股价，该指数自当前财政年度开始以来累计下跌了35%。包括东京证交所一部所有股票在内的东证指数下跌15.88点，至773.66点，跌幅2.0%。六月日经指数期货合约收盘下跌1%，至8120点。

香港股市收盘走高，中国建设银行股份有限公司(China Construction Bank Corp.)表示，主要海外投资者不准备大规模抛售公司股票。受此提振，中国几大国有银行的股票在香港市场强劲上扬，带动恒生指数在3月最后一个交易日走强。恒生指数涨119.69点，至13,576.02点，涨幅0.9%，盘中一度触及高点13,696.69点。尽管该指数3月份表现良好，但自年初以来仍累计下挫5.6%。成交额共计490.4亿港元，略低于较周一的515.3亿港元。

中国股市收盘走高，保险类股上扬，因政府有望采取措施支持保险业，这使市场扭转了早些时候由流动性担忧所造成的跌势。中国证券监督管理委员会(China Securities Regulatory Commission)之前公布了首次公开募股(IPO)并在创业板(Growth Enterprise Market)上市的管理办法，为在中国推出纳斯达克式的创业板市场做好了铺垫。上证综合指数收盘涨0.6%，至2373.21点，前市阶段一度跌至2299.16点。深证综合指数涨0.9%，至784.08点。

尽管股市在月末之际大幅振荡，但澳大利亚股市仍表现出一定弹性，基本摆脱了美国股市周一大幅下跌的影响。季度末买盘和针对Macquarie Communications Infrastructure Group的收购提议对大盘构成支撑。基准S&P/ASX 200指数收盘下跌了22.3点，至3582.1点，跌幅0.6%，成交量不大，早盘该指数曾一度下探3570.5低点。

新加坡股市收盘走高，受投资者逢低吸纳推动；不过股指未能悉数收复前一交易日失地，因投资者仍然对全球经济前景和金融业现状感到不安和担忧。海峡时报指数收盘涨26.85点，至1699.99点，涨幅1.6%。

云顶渡过卖压再现活跃

2009-03-31T20:13:00.002+08:00

云顶（Genting，3182，主板贸服股）交投今日又活跃起来。近日来分析员对这只股项给予守住评级，并指这只股项已渡过沉重的卖压期。该股全日闭市报3.68令吉，下跌0.10令吉。

商业机器逆市而上综合指数全日下跌16.09点或1.82%至869.34点，整体大市处于下滑格局。惟商业机器(Msniaga，5011，主板科技股）则逆市而上。该股全日上升0.19令吉或15.70%，报1.40令吉。

大马机场全日挫7.89% 大马机场（Airport，5014，主板贸服股）全日挫跌0.21令吉或7.89%，以2.45令吉挂收。该公司预测其旗下所有机场的搭客流量将会萎缩5％，所以今年的税前盈利估计只有5亿9100万令吉。

侨丰创投异军突起侨丰创投（OSKVI，0053，自动报价股）今日异军突起，取得23.21%或0.13令吉的涨幅，全日以0.69令吉挂收。公司早前宣布，将在下个月中召开的股东大会中，寻求股东有关公司回购股票的建议。

Source

Shares close down 4.15%

2009-03-30T20:30:00.002+08:00

SINGAPORE - Singapore shares closed 4.15 per cent lower on Monday as investors locked in profits from a recent rally while more concerns about the US automobile industry weighed on sentiment, dealers said.

The blue-chip Straits Times Index (STI) closed 72.52 points lower at 1,673.14 on volume of 1.06 billion shares worth $882 million (US$579 million US).

Losers outnumbered gainers 367 to 120, with 782 issues unchanged.

Ailing US auto makers General Motors and Chrysler were told by a White House task force Monday they had failed to lay out viable plans for them to receive government aid, a move that could shake up the nation's car industry.

Publication of the report followed news that GM chief executive Rick Wagoner has resigned.

'People are saying the US is prepared to let the automakers collapse. In terms of unemployment, it will have a huge impact on markets,' said an analyst at a local brokerage.

Banking shares performed poorly. United Overseas Bank slid 58 cents to $9.60, DBS fell 35 cents to $8.21 and Oversea-Chinese Banking Corp shed 17 cents to $4.78.

Among property shares, City Developments fell 33 cents to $4.98, CapitaLand retreated 18 cents to $2.24 and Keppel Land closed 10 cents lower at $1.41.

Singapore Airlines shed 18 cents to 10.00 and Singapore Telecommunications fell 11 cents to $2.51.

Marine engineering firm Sembcorp Marine eased 16 cents to $1.75 and beverage maker Fraser and Neave closed down 14 cents at $2.44.

亚太股市周一全线走低

2009-03-30T20:28:00.002+08:00

亚太股市周一全线走低，因有报导称奥巴马政府迫使通用汽车(GM)首席执行长请辞、并建议对美国苦苦挣扎的汽车业以“迅速的、外科式的”方式使用破产法，投资者出于避险考虑抛出了手中股票。

东京股市创下2009年第三大点数跌幅，因市场对美国汽车生产商破产的担心再度升温推动美元兑日圆走软，受此影响，市场获利回吐操作增加。日经225指数收盘下跌390.89点，至8236.08点，跌幅4.5%。包括东京证交所一部所有股票的东证指数下跌34.99点，至789.54点，跌幅为4.2%。

香港股市大跌，因在建设银行(China Construction Bank)公布了弱于预期的2008年业绩之后，中资银行股遭遇获利回吐。恒生指数跌663.17点，至13,456.33点，跌幅4.7%，盘中在13,413.48-13,893.15点之间波动。成交额降至515.3亿港元，上周五为589亿港元。

中国股市收盘走低，受市场继在上周上涨后遭遇获利回吐、美国股市上周五下跌等因素拖累；由于两家大型资源类公司公布2008年收益出现严重下滑，钢铁及有色金属类股领跌。上证综合指数收盘跌0.7%，至2358.04点，回吐了上周的部分涨幅。该股指上周累计上涨4.1%。深证综合指数跌0.2%，至777.39点。

澳大利亚股市结束了连续五个交易日的涨势，盘中跌至三个交易日来低点，因美国政府发表的讲话凸现出美国汽车业岌岌可危的现状，从而对美国股指期货走势构成拖累。S&P/ASX 200指数收盘下跌67.9点，至3604.4点，跌幅1.9%，盘中曾一度跌至3592.8点。

新加坡股市本周开局人气消沉，投资者在美国汽车公司可能破产的消息传出之后变得惴惴不安，市场中避险情绪也出现升温。海峡时报指数收盘跌72.52点，至1673.14点，跌幅4.2%。367只股票下跌，120只股票上涨。成交量为11亿股，低于上周五的17亿股。

新加坡联合金属拟三配一售附加股

2009-03-28T20:55:00.003+08:00

新加坡联合金属（Unionmet）计划以每3股配1股的比例，发售2亿4542万股附加股（占现有股本的67％、扩大后股本的40％），每股售价2分。这些是可弃权附加股，而且没有包销商。

每股2分的发售价，比周一该股的最后交易价（4分）低50％。主要大股东（共持有17％股权）已承诺认购所配得的附加股，而且打算认购剩下的未获其他股东认购的附加股。

该公司将寻求其余股东批准豁免大股东提出全面收购献议，这是发售计划的先决条件之一。若全部获得认购，发售附加股计划将为公司筹得478万元资金，并全充作加强资本底子、支持业务开发以及扩充业务。

新加坡联合金属截至2月底第一季亏损增加19％至301万美元，营收猛跌49％至204万美元，每股亏损0.82美分，每股净资产值为9.11美分。

Source

Brokers' Take

2009-03-28T20:44:00.003+08:00

Shipping trustsOCBC INVESTMENT RESEARCH, March 26

THE container shipping industry faces a major supply-demand imbalance. According to AXS Alphaliner, outstanding orders for new ships account for about 47.6 per cent of the existing fleet. This translates to a 12.9 per cent per annum growth in the world fleet over the next three years.
With the global recession dampening demand, especially the US consumption story, we expect tough times ahead for the container industry.

Major operators, including shipping trust customers, have announced lay ups, vessel re-deliveries, and plans to attempt to delay order deliveries. About 1.1 million TEUs (twenty-foot equivalent units), or 8 per cent of the world's total container fleet, is currently idle. This broader reality can have a major impact on the trusts' cash flows - and consequently, on distributions to unitholders.

Charterer performance will be key in the coming months - if economic conditions continue to deteriorate, we could see charterers approaching the trust to renegotiate leases.

US-listed comparable, Danaos Corp (not rated), announced that it was suspending dividend payments to divert cash towards funding its new-building programme. It also delayed some deliveries. Back in Singapore, Rickmers Maritime (RMT) is contracted to acquire US$988 million worth of containerships over the next two years, with partial debt funding currently in place.
The manager has so far only said that it 'is exploring all options' to finance its order book, but this is not enough. The market needs more clarity on what RMT will do and whether it will (or can) follow the Danaos route of delaying deliveries or cutting dividends.

Unlike RMT, First Ship Lease Trust (FSLT) and Pacific Shipping Trust (PST) have no committed orders. Meanwhile, FSLT will retain about 20-25 per cent of cash income in Q1 2009 (versus a 100 per cent distribution payout previously) to prepay debt as a pre-emptive 'good faith' gesture to lenders eyeing debt covenants.

We believe that there is room for FSLT to lower payout further to a point where both unitholders and lenders are satisfied. In comparison, PST is only paying out about 50 per cent of cash income. An explicit debt repayment plan would also demonstrate FSLT's commitment to sustainability, in our view.

Still 'neutral' on the sector. While the Straits Times Index is down 4 per cent year-to-date, Singapore-listed shipping trusts are down 10 per cent for the year.

On average, the sector is trading at a 66 per cent discount to net asset value (NAV), but we are not quite ready to call this a 'value' opportunity. In our opinion, a re-rating of the sector depends on signs of an improving external environment and the trusts taking more aggressive action to remedy some fundamental concerns.Sector - NEUTRAL

S-shares agriculture sectorDMG & PARTNERS SECURITIES, March 26

FOR the first time since December 2002, China's consumer price index (CPI) slipped into negative.

China's inflation rate was at its 12-year peak of 8.7 per cent y-o-y in February 2008 due to shortages of grain and pork. But China's CPI fell 1.6 per cent y-o-y last month (food prices fell 1.9 per cent y-o-y). Grain prices rose 4.4 per cent y-o-y last month. We believe that this is due to the drought that hit China during Q1 2009.

We believe that if the current deflation in food prices continues in 2009, this will affect China's agriculture sector negatively, namely China Fishery and China XLX Fertiliser.
China Fishery
Aquatic product prices rose 3.3 per cent y-o-y in February, slower than January's 11.6 per cent rise. We believe that fish prices will remain stable in China due to continued demand. Alaskan pollock is the most common type of fish used in fast-food restaurants and as the global economy continues to worsen, we could see more people switching their diets to Alaskan pollock from other more expensive fishes.

We believe that China Fishery's FY2009 revenue will grow by 3 per cent to US$340 million from fishing. Management forecasts a total of 200,000 tonnes/annum of fish to be caught in FY2009 with an average selling price (ASP) of US$1,700/tonne.

Maintain 'buy' for China Fishery with a price target of $0.86 based on 3.9x FY2009 price earnings ratio.

China XLX Fertiliser

Prices for grain rose 4.4 per cent y-o-y in February and 3.9 per cent y-o-y in January. We believe that higher prices for grain were due to speculation of China's drought situation.

Management has indicated to us that the drought in Henan was not as bad as reports indicated and urea ASP remained constant at an average of 1,950 yuan/tonne (S$430/tonne) year-to-date.

If food prices continue to deflate in FY2009, this could negatively affect China XLX, because farmers will not purchase fertiliser due to cheaper food.

Currently, we are monitoring China XLX's urea and compound fertiliser sales. We are concerned that there may be an oversupply situation of fertiliser in China due to more capacity coming on stream. On the other hand, we believe that the government's 12.3 billion yuan expenditure in the agriculture sector is a tremendous step going forward.

We are currently reviewing our earnings for China XLX as we reassess its compound fertiliser profitability in FY2009.Sector - OVERWEIGHT

Shares close weaker

2009-03-28T20:39:00.001+08:00

SINGAPORE - Singapore shares closed 0.75 per cent lower on Friday as investors booked profits ahead of the weekend, dealers said.

The blue-chip Straits Times Index fell 13.13 points to 1,745.66.

Volume totalled 1.70 billion shares worth $1.08 billion (US$727 million). There were 211 rising issues, 218 losers and 830 even.

'It's to be expected that the market would give back some of its strong recent gains,' AmFraser's senior vice-president of equity sales Gabriel Gan was quoted as saying by Dow Jones Newswires.

'I think the pullback will be fairly mild and last maybe a couple of days, then I'm expecting the uptrend to resume.'

Among the banks, DBS fell 18 cents to $8.56, United Overseas Bank dropped 36 cents to $10.18 and Oversea-Chinese Banking Corp eased 12 cents to $4.95.

For the property firms, City Developments gained two cents to $5.31, CapitaLand added five cents to $2.42 and Keppel Land advanced two cents to $1.51.

Singapore Airlines slipped 12 cents to $10.18 and Singapore Telecommunications gained five cents to $2.62.

已经破0.49-0.50阻力点...下一个阻力点0.55-0.56 ??

2009-03-27T21:18:00.002+08:00

已经破0.49-0.50阻力点...下一个阻力点0.55-0.56 ??

Tony Tan 8888

环球影城12月建竣 第一年要吸引450万人次

行家论股:区域领域估值获改善 云顶明年财测调高

Genting Malaysia:Subscribed To $15 Million Wynn Resorts Notes

Sentosa theme park ticket sales put at $315m a year

两综合度假胜地 正式申请赌场经营执照

海指昨微跌4点 指数股成交量渐缩

云顶许胜不许败

史瑞克与马达加斯加 将落户新加坡环球影城

Casino operators can expect stringent probity checks

工程已完成80% 圣淘沙IR春节前可落成

60% of Resorts World to be ready at soft opening

阿朗获得新加坡RWS统一通信解决方案合同

圣淘沙名胜世界：调低第一年游客预估

Malaysia's Genting pays $100 mln for MGM stake-paper

云顶再拨3.5亿 参股美高梅3.2%

3.5亿购米高梅幻影3.2% 云顶进军澳门前兆?

马来西亚云顶出资1亿美元入股米高梅幻影

惠誉国际下调不足为患 云顶维持买入评级

云顶念念不忘澳门赌业？

Brokers' Take

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

Two shareholders sell 854m shares in Genting Singapore

Genting Singapore Open Gap

市场看好狮城赌场 云顶新加坡股价写2年新高

Genting Singapore surges to 2-year high

云顶及名胜世界完成认购 MFM Mirage担保债券

盛傳博彩稅調高 雲頂第3季或遇賣壓

扬子江船业已交付11艘船

Valiram Group confirms luxury retail breakthrough with Resorts World at Sentosa

债务沉重传美金沙集团拟分拆业务赴港上市

云顶新加坡 首季亏损3187万元

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

Resorts World at Sentosa picks agencies for creative review

2利好因素激励 云顶新加坡前景乐观

Universal Studios conquers Southeast Asia and the Middle East

觊觎海外赌场资产 名胜世界趁机壮大实力

Genting Singapore Gap Between 0.74-0.75 & 0.815-0.87

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

談判破裂 克萊斯勒破產成定局

Resorts World at Sentosa to seek new agency

Traders bet on Wall Street rising

Shares close up 2.28%

猪流感可能打击马国赌场

名胜世界或购海外博彩资产 手持庞大现金·财务稳固

Shares close 1.8% lower

亚太股市大多下跌 猪流感疫情令投资者谨慎行事

旅游业惊弓之鸟 云顶名胜世界一起跌

Still no dividend payout for Genting shareholders

Resorts World family fun rooms

STI closes up 0.9%

亚太股市周四多数上涨

Genting Int 23 April 2009 - Can break 0.63-0.64 ??

Star Cruises shares surge 65 percent

Genting Int

劉兆祥: 知悉麗星(0678.HK)可星港套戥能免炒錯市

丽星邮轮(0678.HK)高涨42.7%；但股价涨势看来过度

GENTING: Resorts World Sentosa to contribute from 2010

Is SGX price surge overdone?

三重底的研判与投资技巧

受客户Petroprod临时清盘影响 胜科海事股价下跌

荣南获迪拜地铁4040万元合约

九天化工集团（Jiutian Chemical）

美股收盘上涨；投资者关注经济复苏的迹象

市场对中国经济数据寄予厚望

亚太股市周三涨跌互见

Genting International 15 April 2009 - How far can it goes ??

Fill The Gap ???

How to avoid a short squeeze As stocks rally and feds circle, short sellers face tough calls

MGM Mirage, Colony Capital Loan Discussions Said to Be On Hold

Shares close 2.5% up

中冶集团承建的新加坡环球影城混凝土主体结构封顶

拥45亿现金兼丽星邮轮转盈 2投资银行看好名胜世界

Can Gent Int Break 0.58-0.59 Resistance Point ??

Shares close 2.47% lower

亚太股市周二涨跌互见

Malaysia's CIMB to close 60 branches-report

股海明灯: 降低注资丽星邮轮疑虑 名胜世界扭转劣势

赌场业未来几年会改善 梦城机构可保优势

STI skyrockets 6% on recovery hopes

环球影城12月建竣第一年要吸引450万人次

行家论股:区域领域估值获改善云顶明年财测调高

两综合度假胜地正式申请赌场经营执照

海指昨微跌4点　　指数股成交量渐缩

史瑞克与马达加斯加将落户新加坡环球影城

云顶再拨3.5亿　参股美高梅3.2%

惠誉国际下调不足为患云顶维持买入评级

市场看好狮城赌场云顶新加坡股价写2年新高

盛傳博彩稅調高雲頂第3季或遇賣壓

云顶新加坡首季亏损3187万元

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

2利好因素激励云顶新加坡前景乐观

觊觎海外赌场资产　名胜世界趁机壮大实力

談判破裂　克萊斯勒破產成定局

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