Hong Kong-listed Star Cruises 'B1' rating to remain under review
Tuesday, November 27, 2007; Posted: 03:57 AM
HONG KONG, Nov 27, 2007 (XFN-ASIA via COMTEX) ---- Moody's investors service said the "B1" corporate family rating of Star Cruises Ltd (SCL) will remain under review with its direction uncertain.
The review was initiated on Aug 20, 2007, after the announcement by Apollo Management LP (Apollo) that it was to invest 1 bln usd cash in NCL Corp Ltd for a 50 pct equity interest with SCL owning the remaining 50 pct stake..
"SCL's current financial profile is largely dragged down by its consolidation with NCL. An improvement in the latter's financial and liquidity positions could lower SCL's financial burden and therefore the need to provide ongoing support to NCL," Moody's said.
Moody's added that a potential dissociation with NCL, as a result of a reduction in the ownership stake it holds, could also enhance SCL's adjusted key credit metrics.
Moody's review will focus on the future development and funding plans of SCL and the associated impact on its stand-alone credit profile as well as the likelihood of SCL extending support to NCL and the impact on its adjusted financial profile.
穆迪继续检讨丽星邮轮信贷评级
评级机构穆迪周二表示，仍在检讨丽星邮轮(0678.HK)的“B1”企业家族信贷评级，因其早前以10亿美元出售旗下邮轮旅游业务公司挪威邮轮(NCL)50%股权，予机构投资者Apollo Management。所以，该行对丽星邮轮的未来方向仍未清晰。
穆迪表示，丽星邮轮出售挪威邮轮50%股权，有助减轻本身的财务负担及增加流动资金，但因其减少对挪威邮轮的投资，投资者需注意大股东云顶集团及林氏家族会否改变对丽星邮轮的支持。穆迪认为，检讨丽星邮轮的信贷评级时，需考虑其未来发展、筹资计划、信贷状况以及大股东云顶集团及林氏家族的持续支持。(中国证券报·中证网)
Wednesday, November 28, 2007
CIMB Report - 28 Nov 2007
What’s on the table
News of the Day
Pine Agritech (S$0.255) - Negatives priced in The moderation in the pace of store growth at its SOS master distributor, Shenji, is expected to reduce Pine’s SOS sales. Pine is expected to move to consignment sales, utilising supermarket distribution channels. We expect the decline in SOS sales to compress Pine’s margins, as SOS is its key profit contributor with margins of 60+%. Adding to the margin pressure would be aggressive marketing for new products and soaring soybean prices. As a result, we have lowered our FY07-09 EPS estimates by 4-29%, and reduced our target price to S$0.27 from S$0.39, still based on 10x CY09 P/E. That said, the negatives appear to have been priced in as the stock price has plummeted 42% in recent weeks. Hence, we upgrade our rating to Neutral from Underperform.
News of the Day
- Fed officials lean toward no 'holiday' rate cut
- JPMorgan estimates US$260b in CDO market losses
- Google aims for renewable energy priced below coal
- Jurong Shipyard seeks to block wind-up petition
- APB names new chairman at key juncture
- China Oilfield Q3 net surges 80% to 43.1m yuan
- United Engineers makes top bid for AMK DBSS site
- JEP Precision, Singapore Aerospace in US$40m deal
- Hosen buys into China lottery market
- Datapulse Q1 profit up at $5m
- Autron Group and Kuwait Finance House in Malaysian property investment
DBSVickers Report - 28 Nov 2007
Raffles Education Visit to China acquisitions
Story: We paid a visit to RLS’ acquired schools and campuses in China last week, including Oriental University City in Hebei, Boustead College in Tianjin and Shanghai Zhongfa in Shanghai.
Point: The visit gave us a better idea of the size and scope of the Group’s acquisitions in China, and in particular, the potential for growth in contribution from these businesses. We were also impressed with the depth in number of high quality managers that RLS has in place to manage these acquisitions. In summary, we came away from the visit more upbeat about the prospects of RLS, with increased confidence about the Group’s ability to execute.
Relevance: We continue to like Raffles Education as an education play, with strong growth prospects in China and Asia. We maintain our BUY recommendation and S$3.72 target price, based on DCF (WACC 9.1%, terminal growth 3%).
Advance Sct Limited Higher earnings growth to offset equity dilution
Story: Advance SCT has completed the placement of 50m ordinary shares at an issue price of S$1.01 per share, which should be listed on SGX today.
Point: Proceeds of S$50.5m would be used for (1) acquiring additional capacity for smelter and recycling (2) funding working capital requirements. In addition, management has guided for better margins per tonne at the smelter in China, by virtue of securing the licence for importing scrap copper in China. As such, we are conservatively raising our FY08 and FY09 earnings estimates by 10% each based on lower interest burden, higher margins at the Chinese smelter and potential buy-out of minority stake in Malaysian smelter.
Relevance: Maintain BUY at one-year target price of S$1.40 based on 14x fully diluted FY08 EPS. We see a very healthy upside of over 42% at the current stock price. Potential acquisition announcements would be the catalyst for the stock price.
Story: We paid a visit to RLS’ acquired schools and campuses in China last week, including Oriental University City in Hebei, Boustead College in Tianjin and Shanghai Zhongfa in Shanghai.
Point: The visit gave us a better idea of the size and scope of the Group’s acquisitions in China, and in particular, the potential for growth in contribution from these businesses. We were also impressed with the depth in number of high quality managers that RLS has in place to manage these acquisitions. In summary, we came away from the visit more upbeat about the prospects of RLS, with increased confidence about the Group’s ability to execute.
Relevance: We continue to like Raffles Education as an education play, with strong growth prospects in China and Asia. We maintain our BUY recommendation and S$3.72 target price, based on DCF (WACC 9.1%, terminal growth 3%).
Advance Sct Limited Higher earnings growth to offset equity dilution
Story: Advance SCT has completed the placement of 50m ordinary shares at an issue price of S$1.01 per share, which should be listed on SGX today.
Point: Proceeds of S$50.5m would be used for (1) acquiring additional capacity for smelter and recycling (2) funding working capital requirements. In addition, management has guided for better margins per tonne at the smelter in China, by virtue of securing the licence for importing scrap copper in China. As such, we are conservatively raising our FY08 and FY09 earnings estimates by 10% each based on lower interest burden, higher margins at the Chinese smelter and potential buy-out of minority stake in Malaysian smelter.
Relevance: Maintain BUY at one-year target price of S$1.40 based on 14x fully diluted FY08 EPS. We see a very healthy upside of over 42% at the current stock price. Potential acquisition announcements would be the catalyst for the stock price.
Tuesday, November 27, 2007
Genting Bhd ups Landmarks stake to 30.28%
27-11-2007: Genting ups Landmarks stake to 30.28%
KUALA LUMPUR: Genting Bhd continued to accumulate shares of Landmarks Bhd, acquiring 2.87 million shares from Nov 19 to 23 to increase its stake to 145.55 million shares, or 30.28%.
A filing with Bursa Malaysia showed the shares were acquired by Genting’s unit Phoenix Spectrum Sdn Bhd.
It acquired 130,000 shares at RM3.18 apiece on Nov 19 and another 1.18 million shares the next day at RM3.159 each.
On Nov 21, it bought 1.2 million shares for RM3.16 apiece, another 306,000 shares for RM3.10 each on Nov 22 and another 60,000 shares at RM3.10 each on Nov 23.
Landmarks closed two sen lower at RM3.10 yesterday.
KUALA LUMPUR: Genting Bhd continued to accumulate shares of Landmarks Bhd, acquiring 2.87 million shares from Nov 19 to 23 to increase its stake to 145.55 million shares, or 30.28%.
A filing with Bursa Malaysia showed the shares were acquired by Genting’s unit Phoenix Spectrum Sdn Bhd.
It acquired 130,000 shares at RM3.18 apiece on Nov 19 and another 1.18 million shares the next day at RM3.159 each.
On Nov 21, it bought 1.2 million shares for RM3.16 apiece, another 306,000 shares for RM3.10 each on Nov 22 and another 60,000 shares at RM3.10 each on Nov 23.
Landmarks closed two sen lower at RM3.10 yesterday.
麗星郵輪（０６７８）
麗星郵輪（０６７８）：有意以合資方式，入標競投郵輪碼頭項目
11月 26日 星期一 13:23 更新
《經濟通通訊社２６日專訊》麗星郵輪（０６７８）執行董事兼副行政總裁吳高賢於記者會表示，有意以合資方式，入標競投本港郵輪碼頭項目，料會盡快入標。而被問及會否與九倉（０００４）合作競投時，他則不予置評。
另外，若明年「兩岸三通」措施能落實，集團計劃開設來往台灣及內地航線，目前正待台灣當局落實措施，但他對能成功開航感到樂觀。
此外，集團今年首三季業績虧損擴大，他承認與油價高企有關，目前油價佔總成本已高出以往７％水平，而集團對沖有關風險的主要做法為收取燃油附加費。
11月 26日 星期一 13:23 更新
《經濟通通訊社２６日專訊》麗星郵輪（０６７８）執行董事兼副行政總裁吳高賢於記者會表示，有意以合資方式，入標競投本港郵輪碼頭項目，料會盡快入標。而被問及會否與九倉（０００４）合作競投時，他則不予置評。
另外，若明年「兩岸三通」措施能落實，集團計劃開設來往台灣及內地航線，目前正待台灣當局落實措施，但他對能成功開航感到樂觀。
此外，集團今年首三季業績虧損擴大，他承認與油價高企有關，目前油價佔總成本已高出以往７％水平，而集團對沖有關風險的主要做法為收取燃油附加費。
Koh Brothers buys 2 Shell kiosks for $19.6m
KOH Brothers has bought two petrol kiosks from Shell - one in Bukit Timah and the other in Changi - for close to $19.6 million.
The first site, at 383 Bukit Timah Road, is next to Koh Brothers' freehold serviced apartment complex, Alocassia Apartment. The site has a strata land area of 13,500 square feet and cost Koh Brothers $13.3 million.
Singapore-listed Koh Brothers bought Alocassia Apartment - a residential and commercial site - in May last year for $30 million.
The company intends to convert the whole site to full residential use and launch a luxury condominium with about 50 units in the third quarter of next year, chief executive Francis Koh told BT.
With the new acquisition, the entire freehold site covers 44,900 sq ft and has a 1.4 plot ratio. The latest purchase brings the price paid by Koh Brothers for the site to $799 per square foot (psf) per plot ratio, including an estimated development charge of $6.9 million.
Mr Koh estimates the project could break-even around $1,250 psf since the company does not plan to tear down the whole building. Luxury apartments in the Bukit Timah area now go for about $1,800-$2,000 psf.
'Given its prime location, freehold status, proximity to reputable schools and easy accessibility to the city centre, we are confident the site will appeal to home buyers who appreciate the exclusivity and prestige,' Mr Koh said.
The second site bought by the company - at 80 Changi Road - adjoins its freehold Changi Hotel.
Bought for $6.3 million, the site has a strata area of 8,000 sq ft. The entire freehold Changi Road site now has a total area of 26,400 sq ft.
Mr Koh said the company will look to build a newer, larger hotel on the combined site. Changi Hotel is now a three-storey, 61-room hotel.
Shell's general manager for retail, Henry Chu, said such sales allow the company to capitalise on the hot property market.
'The timing of closure and sale of these sites is a commercial decision and is to allow us to take advantage of the buoyant property market to maximise our returns,' he said.
The first site, at 383 Bukit Timah Road, is next to Koh Brothers' freehold serviced apartment complex, Alocassia Apartment. The site has a strata land area of 13,500 square feet and cost Koh Brothers $13.3 million.
Singapore-listed Koh Brothers bought Alocassia Apartment - a residential and commercial site - in May last year for $30 million.
The company intends to convert the whole site to full residential use and launch a luxury condominium with about 50 units in the third quarter of next year, chief executive Francis Koh told BT.
With the new acquisition, the entire freehold site covers 44,900 sq ft and has a 1.4 plot ratio. The latest purchase brings the price paid by Koh Brothers for the site to $799 per square foot (psf) per plot ratio, including an estimated development charge of $6.9 million.
Mr Koh estimates the project could break-even around $1,250 psf since the company does not plan to tear down the whole building. Luxury apartments in the Bukit Timah area now go for about $1,800-$2,000 psf.
'Given its prime location, freehold status, proximity to reputable schools and easy accessibility to the city centre, we are confident the site will appeal to home buyers who appreciate the exclusivity and prestige,' Mr Koh said.
The second site bought by the company - at 80 Changi Road - adjoins its freehold Changi Hotel.
Bought for $6.3 million, the site has a strata area of 8,000 sq ft. The entire freehold Changi Road site now has a total area of 26,400 sq ft.
Mr Koh said the company will look to build a newer, larger hotel on the combined site. Changi Hotel is now a three-storey, 61-room hotel.
Shell's general manager for retail, Henry Chu, said such sales allow the company to capitalise on the hot property market.
'The timing of closure and sale of these sites is a commercial decision and is to allow us to take advantage of the buoyant property market to maximise our returns,' he said.
OKP HOLDINGS LIMITED - AWARD OF CONTRACT
The Board of Directors of OKP Holdings Limited (“the Company”) wishes to announce that the tender for contract RD226 – Road Works in City Centre (Phase 2) (“the Contract”) by its wholly-owned subsidiary, Or Kim Peow Contractors (Pte) Ltd has been accepted by the Land Transport Authority.The amount of the Contract is SGD5,786,000 and the commencement date for the Contract is 19 November 2007. The Contract is expected to be completed on 18 December 2008.The Contract is expected to contribute positively to, but has no material impact on, the earnings per share or net tangible assets per share of the Company and its subsidiary companies for the financial years ending 31 December 2007 and 31 December 2008.None of the Directors has any interest, direct or indirect, in the Contract. As far as the Directors are aware, none of the controlling shareholders of the Company has any interest, direct or indirect, in the Contract. The press release in respect of the award of the Contract is attached.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_D50CD68FA40467154825739F0030A050/$file/LTAContract.pdf?openelement
Week 48 (26 Nov 2007 - 30 Nov 2007)
Daily Share Buy-Back Notice - 26 Nov 2007
INNOTEK LIMITED (174,000)
TREK 2000 INT'L LTD (124,000)
UNITED OVERSEAS BANK LTD (70,000)
BANYAN TREE HOLDINGS LIMITED (775,000)
LMA INTERNATIONAL N.V. (110,000)
AZTECH SYSTEMS LTD (150,000)
CHUAN HUP HOLDINGS LIMITED (1,475,000)
ASTI HOLDINGS LIMITED (6,000)
Daily Share Buy-Back Notice - 27 Nov 2007
TREK 2000 INT'L LTD (550,000)
UNITED OVERSEAS BANK LTD (100,000)
DBS GROUP HOLDINGS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (2,958,000)
INNOTEK LIMITED (500,000)
LMA INTERNATIONAL N.V. (90,000)
ASTI HOLDINGS LIMITED (500,000)
JADASON ENTERPRISES LTD (300,000)
BANYAN TREE HOLDINGS LIMITED (2,025,000)
Daily Share Buy-Back Notice - 28 Nov 2007
STARHUB LTD (135,000)
TREK 2000 INT'L LTD (200,000)
INNOTEK LIMITED (200,000)
RICHLAND GROUP LIMITED (40,000)
NEPTUNE ORIENT LINES LIMITED (50,000)
LMA INTERNATIONAL N.V. (100,000)
UNITED OVERSEAS BANK LTD (100,000)
AZTECH SYSTEMS LTD (50,000)
ASTI HOLDINGS LIMITED (282,000)
Daily Share Buy-Back Notice - 29 Nov 2007
MEMTECH INTERNATIONAL LTD (80,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (132,000)
CHUAN HUP HOLDINGS LIMITED (1,053,000)
RICHLAND GROUP LIMITED (50,000)
INNOTEK LIMITED (100,000)
Daily Share Buy-Back Notice - 30 Nov 2007
WBL CORPORATION LIMITED (31,000)
INNOTEK LIMITED (200,000)
ELEC & ELTEK INT CO LTD (50,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (108,000)
AZTECH SYSTEMS LTD (180,000)
ASTI HOLDINGS LIMITED (750,000)
ASIAPHARM GROUP LTD (50,000)
INNOTEK LIMITED (174,000)
TREK 2000 INT'L LTD (124,000)
UNITED OVERSEAS BANK LTD (70,000)
BANYAN TREE HOLDINGS LIMITED (775,000)
LMA INTERNATIONAL N.V. (110,000)
AZTECH SYSTEMS LTD (150,000)
CHUAN HUP HOLDINGS LIMITED (1,475,000)
ASTI HOLDINGS LIMITED (6,000)
Daily Share Buy-Back Notice - 27 Nov 2007
TREK 2000 INT'L LTD (550,000)
UNITED OVERSEAS BANK LTD (100,000)
DBS GROUP HOLDINGS LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (2,958,000)
INNOTEK LIMITED (500,000)
LMA INTERNATIONAL N.V. (90,000)
ASTI HOLDINGS LIMITED (500,000)
JADASON ENTERPRISES LTD (300,000)
BANYAN TREE HOLDINGS LIMITED (2,025,000)
Daily Share Buy-Back Notice - 28 Nov 2007
STARHUB LTD (135,000)
TREK 2000 INT'L LTD (200,000)
INNOTEK LIMITED (200,000)
RICHLAND GROUP LIMITED (40,000)
NEPTUNE ORIENT LINES LIMITED (50,000)
LMA INTERNATIONAL N.V. (100,000)
UNITED OVERSEAS BANK LTD (100,000)
AZTECH SYSTEMS LTD (50,000)
ASTI HOLDINGS LIMITED (282,000)
Daily Share Buy-Back Notice - 29 Nov 2007
MEMTECH INTERNATIONAL LTD (80,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (132,000)
CHUAN HUP HOLDINGS LIMITED (1,053,000)
RICHLAND GROUP LIMITED (50,000)
INNOTEK LIMITED (100,000)
Daily Share Buy-Back Notice - 30 Nov 2007
WBL CORPORATION LIMITED (31,000)
INNOTEK LIMITED (200,000)
ELEC & ELTEK INT CO LTD (50,000)
UNITED OVERSEAS BANK LTD (70,000)
TREK 2000 INT'L LTD (108,000)
AZTECH SYSTEMS LTD (180,000)
ASTI HOLDINGS LIMITED (750,000)
ASIAPHARM GROUP LTD (50,000)
蔡明发：我们看好厦门所以说来就来
2007年5月才走马上任的丽星邮轮总裁蔡明发，在不到半年时间里已是第二次来厦门了。昨天上午，这位穿着丽星邮轮蓝色制服的总裁早早出现在厦门国际邮轮码头上。45岁的蔡明发，身材高大，戴着金丝眼镜，显得温文尔雅，但是，这位总裁却一点不闲着，不仅在码头上跑来跑去，招呼客人，还亲自推着一位坐轮椅的小朋友下船，并大声叫着“开车咯！”让孩子乐不可支。记者与这位可爱型总裁进行了对话。丽星邮轮是厦门的“常客”
记者：我7月份曾在厦门采访过您，这一次您又专程赶到厦门，对于厦门的市场很有兴趣吧？
蔡明发：7月7日我是来参加丽星邮轮“宝瓶星”号来厦的首航仪式，从那以后，“宝瓶星”号每月定期来厦两次，这次将是“宝瓶星”号第七次来厦，总共搭载了近14000人次来厦门观光旅游。而首航厦门的“天秤星”号，也载了1400人到厦观光。应该说，丽星邮轮是用“脚步”来体现对厦门市场的重视，因为我们说来就来了。丽星邮轮已是厦门的“常客”。
7月份来到厦门时，我和副市长叶重耕曾提出了一个“两岸一家亲”的策划。我当时说，如果顺利的话，今年11月2日，丽星的两艘邮轮分别从台湾和香港出发，同时来到厦门港口相聚，再载上福建的游客到澎湖旅游，这将是两岸一个历史性的邮轮会面。现在，我们的双星——“宝瓶星”和“天秤星”将分别载着香港和台湾游客来到厦门，实现了两岸在厦门相聚的设想。当然，惟一的遗憾就是我们的邮轮还不能载着福建和厦门的客人到澎湖旅游。希望不久的将来，这一个愿望能够实现。
厦门和丽星合作空间会更大
记者：据说，厦门政府曾经和丽星邮轮洽谈过在厦共建邮轮母港的事宜。目前，厦门的国际邮轮码头已经建好，丽星邮轮还有与厦门合作的可能吗？
蔡明发：7月份与叶重耕见面，他就和我开过玩笑，问我看到厦门这么好的国际邮轮码头是不是有点后悔没跟厦门合作。哈哈，当然后悔！不过，丽星和厦门市商谈的时候，我还不是丽星邮轮的总裁啊。如果是，我肯定会考虑。
应该说，厦门无论从硬件和软件上都基本具备了邮轮母港的条件。而且，厦门拥有天然的深水良港，码头和机场距离非常近，厦门及周边的旅游景点和接待设备都相当不错。比如，这次我们“天秤星”号载来的台湾客人就可以选择厦门、漳州、泉州和湄洲一日游，非常多样也非常方便。
丽星邮轮公司看好大中华区业务，今年五月已将营运总部自马来西亚迁到香港，目的就是希望未来两岸直航时可以有更大的发挥空间。厦门是我们大中华区布局上很重要的一个点。随着两岸旅游往来的加大，厦门将成为大陆居民赴台湾旅游的口岸，丽星邮轮和厦门合作的空间会更大。
将为北京奥运推出特别航次
记者：丽星邮轮在中国发展如何，对于分享中国的邮轮经济“蛋糕”有何打算？
蔡明发：丽星邮轮是一间以香港为基地的邮轮公司，致力发展大中华市场，并以拓展该地区旅游及邮轮市场为己任。丽星邮轮的创办人就是福建人，因此丽星邮轮也热衷于回馈祖国并以中国为家，致力推动中国旅游业，多年来先后在多个港口扎根。
目前我们尽可能地按照中国的国情和状况来制定航线，设计出不同的中、短航线及节目；提供充足的普通话服务人员，力求使客人不会感到语言障碍；船员和乘客的比例为1∶2，为客人提供亲切周到的服务；首创自由休闲式的邮轮旅游方式以迎合亚洲人的生活习惯，使游客能享受到更舒适的假期；在中国大力发展蜜月等主题旅游和公司会议奖励旅游。为迎接2008北京奥运积极推出特别航次，接载世界各地的观光者前往奥运主办或协办城市旅游。
本报记者 孙丽萍 王元晖
CIMB Report - 27 Nov 2007
What’s on the table
Jiutian Chemical Group (S$0.445) - Improving macro-environment Recent DMF prices have risen faster than our expectations, as DMF producers successfully raised prices to pass on higher costs of production to customers. On the other hand, methanol prices (key raw material) have started to decline in the past two weeks. As such, we expect Jiutian’s gross margins to improve in 4Q07. We have raised our FY07-08 EPS forecasts by 18-33% to factor in higher DMF ASPs and lower methanol cost assumptions. Accordingly, our target price climbs to S$0.77 from S$0.75, still based on DCF valuation (WACC 14%, LTG 1.5%). Maintain Outperform. We see catalysts from a good set of 4Q07 numbers in Feb 08, and potential M&A announcements.
News of the Day
Jiutian Chemical Group (S$0.445) - Improving macro-environment Recent DMF prices have risen faster than our expectations, as DMF producers successfully raised prices to pass on higher costs of production to customers. On the other hand, methanol prices (key raw material) have started to decline in the past two weeks. As such, we expect Jiutian’s gross margins to improve in 4Q07. We have raised our FY07-08 EPS forecasts by 18-33% to factor in higher DMF ASPs and lower methanol cost assumptions. Accordingly, our target price climbs to S$0.77 from S$0.75, still based on DCF valuation (WACC 14%, LTG 1.5%). Maintain Outperform. We see catalysts from a good set of 4Q07 numbers in Feb 08, and potential M&A announcements.
News of the Day
- Singapore Exchange's Sesdaq reborn as “Catalist”
- DBS, ING to take part in TMB's capital increase
- Keppel wins $100m contract
- Stamford Tyres H1 net falls 24% to $4.3m
- AusGroup wins A$16m deal for gas plant
- China Yuanbang acquires Spirit World
- MI-Reit pays $29.2m for Japanese warehouse
Star Cruises - Race for new hot spots
Race for new hot spots as cruise industry growsTourists made a total of 450,000 visits to Hong Kong aboard cruise liners in the first nine months of this year - an increase of 150 percent over the same period last year. Una So Tuesday, November 27, 2007
Tourists made a total of 450,000 visits to Hong Kong aboard cruise liners in the first nine months of this year - an increase of 150 percent over the same period last year.
The boom has led tourism bodies to explore new cruise destinations in the Greater China region and Asia Pacific, helped by the expected opening of the territory's second cruise terminal at Kai Tak in 2012.
Speaking at a ceremony yesterday to mark the arrival of Star Cruises' redeployed vessel, SuperStar Libra, Hong Kong Tourism Board executive director Anthony Lau Chun-hon said the cruise industry is now the fastest- growing tourism sector worldwide, and the Asia Pacific region will be the hot spot for growth.
Among the 450,000 cruise visits, more than half were made by tourists who flew here first and toured Hong Kong before boarding cruise liners.
Lau said Hong Kong needs to step up the game amid stiff competition from neighbors to become a regional cruise hub.
Star Cruises - the world's third- largest cruise operator owned by Malaysia's Genting Group - is one of the leading bidders for the Kai Tak cruise terminal project announced on November 9. William Ng Ko-yin, executive director of Star Cruises, said the company is interested in bidding for the project with partners, and hopes to submit its proposals soon.
Tenders will close on March 7 next year.
Tourism commissioner Au King-chi recently met with representatives from Guangdong, Guangxi, Fujian and Hainan provinces in Kunming to discuss the possibility of opening up more destinations for cruise tourists.
Cruise operators are also positioning themselves as Hong Kong steps up efforts to become the region's cruise hub.
The 42,000-tonne SuperStar Libra, which can carry 1,480 passengers, will operate out of Hong Kong until March next year.
At present, Star Cruises is the only cruise operator to have three vessels based in Hong Kong.
The other two are SuperStar Aquarius and Star Pisces, while another liner, Virgo, will join the fleet next year.
SuperStar Libra will soon begin cruises to Zhanjiang, Haikou and Sanya in the mainland, Halong Bay in Vietnam and Kaohsiung in Taiwan.
Ng said exploring new destinations in the Asia Pacific and the Greater China region will help the group meet its future targets.
"The cruise business must have good connections with nearby countries - having a terminal is not enough," he said.
The Tourism Commission said having more cruise vessels based in Hong Kong will strengthen the territory's position as a regional cruise hub.
Singapore Hot Stock
SINGAPORE, Nov 27 (Reuters) - Keppel Land
U.S. stocks tumbled on Monday as investors worried that rising mortgage defaults and credit market losses will be a drag on the economy and cause consumers to slash spending during the vital holiday season.
Stocks and factors to watch.
U.S. stocks tumbled on Monday as investors worried that rising mortgage defaults and credit market losses will be a drag on the economy and cause consumers to slash spending during the vital holiday season.
Stocks and factors to watch.
- Citigroup has downgraded its investor recommendation for shares of Keppel Land and City Developments and cut its target price for the stocks, citing a possibility of office space oversupply in 2010. [ID:nSGC001459]
- Macquarie Research has raised the target price for shares of SingTel
, Southeast Asia's top phone firm, to S$4.37 from S$3.76 and kept its "outperform" rating on the stock, citing strong fundamentals amid a turbulent global market and robust contributions to earnings from its Indian affiliate. [ID:nSGC001458] - Deutsche Bank has raised the target price for shares of Neptune Orient Lines
to S$3.11 from S$2.60 but kept its "sell" rating on the stock citing global downside risks in 2008 such as a U.S. economic recession as dampening future earnings. - Keppel Corp
said it had won a S$100 million contract ($69.44 million) from Prosafe to convert an oil tanker into a floating drilling, production and storage facility. [ID:nSGC001457] - Chinese property developer China Yuanbang Property Holdings
said it has acquired a British Virgin Islands property company for 200 million yuan ($27 million). [ID:nSNBQ91361] - Chinese adhesive tape maker Changtian Plastic & Chemical
said its third-quarter attributable profit rose 48.3 percent to 53.3 million yuan ($7 million). Revenue grew 20.6 percent to 159.1 million yuan. [ID:nSNBR60092] - Oil-equipment maker China Oilfield Technology
said its third-quarter net profit grew 80.1 percent to 43.1 million yuan ($6 million). Revenue grew 96.3 percent to 82.8 million yuan. [ID:nSNBR20052] - The Singapore Exchange
unveiled a new listing board, modelled after London's Alternative Investment Market (AIM). The new board hopes to attract fast-growing Asian firms looking for speedier fund-raising. [ID:nSIN165998] - State investment agency Temasek Holdings [TEM.UL] was selling up to US$571.5 million worth of shares in Beijing-controlled Bank of China <3988.hk>, cashing out part of its stake in the lender, several sources familiar with the deal said. [ID:nHKG308521]
- Singapore's Straits Times Index <.STI> rose 2.79 percent to 3,418.58 points on Monday.
- The Dow Jones Industrial average <.DJI> fell 1.83 percent to end at 12,743.44. The Nasdaq Composite Index <.IXIC> tumbled 2.14 percent to 2,540.99.
DBSVickers Report - 27 Nov 2007
Man Wah Holdings 1-for-1 bonus share issue
Story: Man Wah recently proposed a 1-for-1 bonus share issue for shareholders to improve share trading liquidity. This replaces a proposal earlier in November for a rights share and warrants issue that has since been scrapped. Our fair value is revised higher to S$1.18; using a similar 10x blended FY08/09 PER, and after removing the potential dilutive effect of a warrants issue.
Point: Man Wah’s share price is currently trading at 6.3x FY08 PER and 4.5x FY09 PER (financial year ended March), which is undemanding even if we factor in the current market weakness. Indeed, at our fair value, the use of 10x blended FY08/09 PER represents about 50% discount to its peers’ current 19x. We project 52% net profit CAGR for Man Wah in our FY08-10 forecast periods, which implies an attractive 0.2x PEG at our new fair value.
Relevance: Our recent conversations with management indicate positive sales outlook for both its export and domestic markets in October/November, while the stable raw material price trend is likely to support a normalised gross margin of 30% in 2H08. Hence, we have kept our net profit estimates unchanged at HK$176.7m in FY08 and HK$243.6m in FY09. Maintain BUY.
Monday, November 26, 2007
Singapore Hot Stock
SINGAPORE, Nov 26 (Reuters) - China Energy
Stocks and factors to watch.
Stocks and factors to watch.
- Citigroup has lowered its target price for shares in alternative fuel maker China Energy to S$1.96 from S$2.30 but maintained its "buy" rating on the stock, citing expectations of improved margins in the first quarter of 2008. [ID:nSGC001455]
- Chinese residential property developer China New Town Development
- Budget hotel operator Fragrance Group
- Bank of Communications Schroders Fund Management Co has won approval to launch funds for global securities investments, Chinese state media said. [ID:nSHA293674]
- Singapore and Malaysia will open the Singapore-Kuala Lumpur air route to budget airlines from February 1, the Singapore government said. [ID:nSIN56786]
- Singapore's monetary policy is appropriate for now and underlying inflation is in line with the country's Monetary Authority's forecasts, the deputy managing director of the authority, or central bank, said. [ID:nL23682343]
- Singapore's Straits Times Index rose 0.39 percent to 3,325.89 points on Friday.
- The Dow Jones Industrial average rose 1.42 percent to end at 12,980.88. The Nasdaq Composite Index jumped 1.34 percent to 2,596.60.
CIMB Report - 26 Nov 2007
What’s on the table
Telecommunications Sector - A less bumpy ride on the way up Singapore telco service consumption growth remains intact, as could be seen in 3Q07 results. We are bullish on Singapore telcos on account of their reliable earnings growth against the backdrop of a robust domestic economy with the fastest wage growth in seven years, coupled with an immigration boom and an expected take-off of 3G/wireless services in 2008. StarHub stands out for its ARPU growth while SingTel is a subscriber market-share gainer. Robust free cash flow is also supportive of our above-consensus CY08 sector yield projection of 8.4% (consensus: 6.0%). Maintain Overweight with StarHub as our top pick, followed by SingTel. Risk-reward is attractive as Singapore telcos are trading at 7.4x CY08 EV/EBITDA, towards the low end of their historical range.
Quick Takes
Telecommunications Sector - A less bumpy ride on the way up Singapore telco service consumption growth remains intact, as could be seen in 3Q07 results. We are bullish on Singapore telcos on account of their reliable earnings growth against the backdrop of a robust domestic economy with the fastest wage growth in seven years, coupled with an immigration boom and an expected take-off of 3G/wireless services in 2008. StarHub stands out for its ARPU growth while SingTel is a subscriber market-share gainer. Robust free cash flow is also supportive of our above-consensus CY08 sector yield projection of 8.4% (consensus: 6.0%). Maintain Overweight with StarHub as our top pick, followed by SingTel. Risk-reward is attractive as Singapore telcos are trading at 7.4x CY08 EV/EBITDA, towards the low end of their historical range.
Quick Takes
- HG Metal Manufacturing (S$0.49) - FY07 results - Best is yet to come
- Innovalues (S$0.265) - Look forward to 2008 recovery
- Global Equity Technicals - At the crossroads again News of the Day
- Singapore's October CPI up by 1.3% mom
- Pan Hong Property acquires 100% interest in land parcel in Fuzhou City
- China township developer enters Changchun deal
- AVJennings in joint venture to develop office complex at Sydney Olympic Park
- STI Weekly Outlook and HG Metal Manufacturing
OCBC Report - 26 Nov 2007
GRP Ltd: Steady growth in FY08
Summary: As GRP Ltd operates in a fairly mature industry, outlook for the next two financial years is steady with recurring income from its stable group of customers. We believe the company should not have any problems maintaining a dividend payout of at least 1.5 cents for FY08 and FY09, which translates into decent yields of 6.3% and 6.6% for FY08 and FY09, respectively. Given the recent market weakness, we believe there are good buying opportunities for oil and gas services-related companies. We remain positive of the operating environment for this industry, especially with high oil prices. Using 9x FY08F PER, our fair value remains at S$0.25. Coupled with an expected 6.3% dividend yield, we reiterate our BUY rating. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: As GRP Ltd operates in a fairly mature industry, outlook for the next two financial years is steady with recurring income from its stable group of customers. We believe the company should not have any problems maintaining a dividend payout of at least 1.5 cents for FY08 and FY09, which translates into decent yields of 6.3% and 6.6% for FY08 and FY09, respectively. Given the recent market weakness, we believe there are good buying opportunities for oil and gas services-related companies. We remain positive of the operating environment for this industry, especially with high oil prices. Using 9x FY08F PER, our fair value remains at S$0.25. Coupled with an expected 6.3% dividend yield, we reiterate our BUY rating. (Serene Lim)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- October's inflation rate surged unexpectedly to 3.6%, a 16-year high for Singapore.
- SembMarine appointed Lim Joke Mui, group CFO of SembCorp Industries, as a non-executive director in an attempt to strengthen its corporate governance.
- HG Metal reported a 31.6% YoY rise in FY07 net profit to a record $18.1m, driven by higher steel prices and strong demand. It is proposing a 1-for-3 bonus share issue.
- CosmoSteel Hldgs and Federal International announced the formation of a 50-50 JV investment vehicle, KVA Energy to target energy projects in the Asia Pacific region.
- Sihuan Pharmaceutical Hldgs has bought the rights to a Chinese antithrombotic drug for RMB3.5m, with clinical trials expected to commence in the later half of 2008.
- China New Town Dev is to take an 80% stake in a 11 sq km township project in Changchun, China. 20% will be held by the Changchun Auto Industry Development Zone Administrative Committee.
- Pan Hong Property Group announced plans for 2 property launches in Jiangxi Province next year. It also acquired about 191k sqm of land in Fuzhou City for RMB210m in order to develop high-end residential and commercial properties.
DBSVickers Report - 26 Nov 2007
China Sky No rude shocks with crude price spike
Story: We had an update with management with a particular focus on the crude price impact as crude prices climb towards US$100 per barrel level.
Point: China Sky (CSCF) should be able to pass on the bulk of the additional material cost, if not fully, to customers on the assumption that crude price does not remain above US$100 a barrel. As evidence, management stated that it has successfully raised product ASP by RMB300-RMB500 per tonne in 4Q07 and would gradually increase ASPs further to fully pass on the additional cost. The Group’s stable margins over the past four years and our industry findings suggest a positive correlation in pricing of nylon chip and nylon fibre, and this enhances our confidence in the Group’s ability to minimise raw material price impact.
Relevance: We continue to like CSCF as a key beneficiary of rising consumption and affluence among the Chinese. Apart from decent organic growth of c. 20%, we see further re-rating catalyst on the M&A front. We reiterate our Buy call on the counter with a TP of S$3.40, pegged to 15x blended 08/09 diluted EPS.
Story: We had an update with management with a particular focus on the crude price impact as crude prices climb towards US$100 per barrel level.
Point: China Sky (CSCF) should be able to pass on the bulk of the additional material cost, if not fully, to customers on the assumption that crude price does not remain above US$100 a barrel. As evidence, management stated that it has successfully raised product ASP by RMB300-RMB500 per tonne in 4Q07 and would gradually increase ASPs further to fully pass on the additional cost. The Group’s stable margins over the past four years and our industry findings suggest a positive correlation in pricing of nylon chip and nylon fibre, and this enhances our confidence in the Group’s ability to minimise raw material price impact.
Relevance: We continue to like CSCF as a key beneficiary of rising consumption and affluence among the Chinese. Apart from decent organic growth of c. 20%, we see further re-rating catalyst on the M&A front. We reiterate our Buy call on the counter with a TP of S$3.40, pegged to 15x blended 08/09 diluted EPS.
Sunday, November 25, 2007
Week 47 (19 Nov 2007 - 23 Nov 2007)
Daily Share Buy-Back Notice - 23 Nov 2007
STARHUB LTD (13,000)
ASTI HOLDINGS LIMITED (500,000)
UNITED OVERSEAS BANK LTD (100,000)
BANYAN TREE HOLDINGS LIMITED (200,000)
LMA INTERNATIONAL N.V. (500,000)
INNOTEK LIMITED (262,000)
DATACRAFT ASIA LTD (300,000)
ELEC & ELTEK INT CO LTD (70,000)
TREK 2000 INT'L LTD (307,000)
MEMTECH INTERNATIONAL LTD (243,000)
ASIAPHARM GROUP LTD (50,000)
AZTECH SYSTEMS LTD (50,000)
HAW PAR CORP LTD (200,000)
CHUAN HUP HOLDINGS LIMITED (100,000)
Daily Share Buy-Back Notice - 22 Nov 2007
CHIP ENG SENG CORPORATION LTD (4,134,000)
MEMTECH INTERNATIONAL LTD (257,000)
STARHUB LTD (135,000)
LMA INTERNATIONAL N.V. (210,000)
UNISTEEL TECHNOLOGY LTD (88,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
TREK 2000 INT'L LTD (402,000)
CHUAN HUP HOLDINGS LIMITED (5,360,000)
ASTI HOLDINGS LIMITED (600,000)
UNITED OVERSEAS BANK LTD (100,000)
ADVANCED HOLDINGS LTD (750,000)
AZTECH SYSTEMS LTD (250,000)
INNOTEK LIMITED (500,000)
TREK 2000 INT'L LTD (145,000)
Daily Share Buy-Back Notice - 21 Nov 2007
EZRA HOLDINGS LIMITED (340,000)
EZRA HOLDINGS LIMITED (200,000) Dated 19 Nov 2007
EZRA HOLDINGS LIMITED (1,585,000) Dated 16 Nov 2007
UNISTEEL TECHNOLOGY LTD (8,000)
DBS GROUP HOLDINGS LTD (200,000)
MFG INTEGRATION TECHNOLOGY LTD (35,000)
MAGNECOMP INTERNATIONAL LTD (404,000)
STARHUB LTD (45,000)
UNITED OVERSEAS BANK LTD (85,000)
ASTI HOLDINGS LIMITED (650,000)
LMA INTERNATIONAL N.V. (257,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
ELEC & ELTEK INT CO LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (4,084,000)
AZTECH SYSTEMS LTD (200,000)
HAW PAR CORP LTD (350,000)
TREK 2000 INT'L LTD (22,000)
Daily Share Buy-Back Notice - 20 Nov 2007
CHIP ENG SENG CORPORATION LTD (500,000)
MFG INTEGRATION TECHNOLOGY LTD (22,000)
DBS GROUP HOLDINGS LTD (200,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (138,000)
CHUAN HUP HOLDINGS LIMITED (2,875,000)
ASTI HOLDINGS LIMITED (700,000)
Daily Share Buy-Back Notice - 19 Nov 2007
WING TAI HLDGS LTD (500,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (150,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
ASTI HOLDINGS LIMITED (100,000)
CHUAN HUP HOLDINGS LIMITED (565,000)
STARHUB LTD (13,000)
ASTI HOLDINGS LIMITED (500,000)
UNITED OVERSEAS BANK LTD (100,000)
BANYAN TREE HOLDINGS LIMITED (200,000)
LMA INTERNATIONAL N.V. (500,000)
INNOTEK LIMITED (262,000)
DATACRAFT ASIA LTD (300,000)
ELEC & ELTEK INT CO LTD (70,000)
TREK 2000 INT'L LTD (307,000)
MEMTECH INTERNATIONAL LTD (243,000)
ASIAPHARM GROUP LTD (50,000)
AZTECH SYSTEMS LTD (50,000)
HAW PAR CORP LTD (200,000)
CHUAN HUP HOLDINGS LIMITED (100,000)
Daily Share Buy-Back Notice - 22 Nov 2007
CHIP ENG SENG CORPORATION LTD (4,134,000)
MEMTECH INTERNATIONAL LTD (257,000)
STARHUB LTD (135,000)
LMA INTERNATIONAL N.V. (210,000)
UNISTEEL TECHNOLOGY LTD (88,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
TREK 2000 INT'L LTD (402,000)
CHUAN HUP HOLDINGS LIMITED (5,360,000)
ASTI HOLDINGS LIMITED (600,000)
UNITED OVERSEAS BANK LTD (100,000)
ADVANCED HOLDINGS LTD (750,000)
AZTECH SYSTEMS LTD (250,000)
INNOTEK LIMITED (500,000)
TREK 2000 INT'L LTD (145,000)
Daily Share Buy-Back Notice - 21 Nov 2007
EZRA HOLDINGS LIMITED (340,000)
EZRA HOLDINGS LIMITED (200,000) Dated 19 Nov 2007
EZRA HOLDINGS LIMITED (1,585,000) Dated 16 Nov 2007
UNISTEEL TECHNOLOGY LTD (8,000)
DBS GROUP HOLDINGS LTD (200,000)
MFG INTEGRATION TECHNOLOGY LTD (35,000)
MAGNECOMP INTERNATIONAL LTD (404,000)
STARHUB LTD (45,000)
UNITED OVERSEAS BANK LTD (85,000)
ASTI HOLDINGS LIMITED (650,000)
LMA INTERNATIONAL N.V. (257,000)
NEPTUNE ORIENT LINES LIMITED (100,000)
ELEC & ELTEK INT CO LTD (100,000)
CHUAN HUP HOLDINGS LIMITED (4,084,000)
AZTECH SYSTEMS LTD (200,000)
HAW PAR CORP LTD (350,000)
TREK 2000 INT'L LTD (22,000)
Daily Share Buy-Back Notice - 20 Nov 2007
CHIP ENG SENG CORPORATION LTD (500,000)
MFG INTEGRATION TECHNOLOGY LTD (22,000)
DBS GROUP HOLDINGS LTD (200,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (138,000)
CHUAN HUP HOLDINGS LIMITED (2,875,000)
ASTI HOLDINGS LIMITED (700,000)
Daily Share Buy-Back Notice - 19 Nov 2007
WING TAI HLDGS LTD (500,000)
UNITED OVERSEAS BANK LTD (70,000)
LMA INTERNATIONAL N.V. (150,000)
NEPTUNE ORIENT LINES LIMITED (150,000)
ASTI HOLDINGS LIMITED (100,000)
CHUAN HUP HOLDINGS LIMITED (565,000)
Rank rebuffs move by US rival
Rank rebuffs move by US rival
By Ben Harrington
Last Updated: 11:47pm GMT 24/11/2007
Last Updated: 11:47pm GMT 24/11/2007
Rank, the embattled casino and bingo operator, has rejected an audacious proposal from Harrah's Entertainment, the owner of the Caesars Palace casino and one of the world's largest gambling companies.
The proposal would have seen the Las Vegas-based company sell a significant portion of London Clubs International (LCI) to Rank in return for a stake of around 28 per cent, according to people familiar with the discussions.
It is not clear why Harrah's made the unusual offer - which is not thought to have included LCI's overseas operations, such as its South African Emerald Casino resort.
The US company, which is in the process of being acquired by Apollo and TPG, the private equity groups, bought LCI only last year for around £300m, its first foray into the newly deregulated British gambling market.
However, the operating environment has since changed after Gordon Brown's new government torpedoed the liberalisation plans set out by his predecessor, Tony Blair.
Leisure groups such as Rank have seen their shares hit in recent months as investors have raised concerns that tougher legislation, in particular the smoking ban, will hit profits. Last week Riva Gaming warned that 100 bingo clubs could close within six months.
In addition, changes introduced by the Gambling Act have already forced Rank, led by chief executive Ian Burke, to remove around 950 gaming terminals from its Mecca Bingo clubs and Grosvenor casinos.
Rank, which has 33 casino operating licences and 12 non-operating licences, issued a profits warning last month that sent its shares crashing to their lowest level in seven years. On Friday the shares closed at 80p, valuing the company at around £315m.
Since the profits warning, analysts have speculated that a predator - such as Harrah's, Genting, the Malaysian gaming group, or a private equity firm - could emerge with a bid for Rank.
Ladbrokes and William Hill have also been cited as potential bidders and analysts have said there would be no competition issues. However, sceptics believe that Rank's debt and a minimal freehold estate mean it is unlikely that a bidder will emerge.
There has certainly been interest from private equity firms in the past. At the beginning of the summer Charterhouse Capital Partners made an approach for Rank, but it was rebuffed by Burke. Two years ago Apollo teamed up with BC Partners and Global Leisure Partners to launch an offer; however, that plan was aborted at the last minute.
None of the parties involved would comment last night.
Saturday, November 24, 2007
铟市场难以回暖
【安泰科讯】市场参与者认为年底前铟价反弹的可能性较小，其原因主要是由于需求冷淡，生产量大，再生产量增长，以及走私严重。
株冶进出口公司王建军前不久在北京举办的2007亚洲小金属高峰论坛上表示，今年是困难的一年，现在市场的库存很难被消化完全。他认为年内不会在发生任何影响铟市场的大事件，购买商也由于价格下滑开始犹豫是否在此时进货。
德国小金属贸易商Tradium Gmbh公司负责人Matthias Ruth表示铟价不可能马上反弹，未来价格还有下降可能。市场出价很多，但无人问津，他认为铟价可能会跌至400美元，他认为2008年下半年铟价可能有回调。同时再生金属参量也肯以满足购买者的额外需求。
尽管再生铟产量并不确定，但是市场参与者相信一部分再生铟用于日本韩国生产平板显示器中使用的氧化铟锡（ITO）。业内人士还表示自从北京开始实施铟出口许可以后，走私日渐猖獗，导致价格下跌。很多公司没有拿到出口配额，或者是为了逃税将铟锭藏在锌锭中，或者将寄往香港的金属改寄到附近的越南。10月中旬中国出口精铟离岸价450-550美元/公斤。
（铅锌贵稀部编译 63978092-8062 王维玮）
（铅锌贵稀部编译 63978092-8062 王维玮）
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