新加坡股市周一收盘上涨，因投资者未受美国就业数据创5年来最大跌幅影响，转而追随亚洲地区其他主要市场涨势。
海峡时报指数收盘涨26.36点，至3181.92点，涨幅0.8%。30只成份股中有18只上涨；大盘有400只股票上涨，235只股票下跌。
市场成交量约为17亿股，高于上周五的14亿股。
DMG & Partners Securities资深交易主管Gabriel Yap称，股指在过去的6个月中显著下挫；市场今日对美国就业数据的反应是股指筑底的初步迹象。
但分析师称，股指短线涨幅或有限。
大华继显(UOB-KayHian)分析师K. Ajith表示，股指已从近期低点2746点上涨超过400点而未发生任何明显回调；目前股指明显处于超买水平，至少应有一次回调。
Monday, April 7, 2008
Friday, April 4, 2008
海峡时报指数跌0.3%；交投淡静，关注美国就业数据
新加坡股市尾盘仍微跌，市场交投淡静，因缺乏香港方面的指引，而且美国关键的就业数据将于今晚公布，令市场保持谨慎。
海峡时报指数午盘跌0.3%，至3162.49点，预计支撑位在3100点。AmFraser研究部高级副总裁Najeeb Jarhom称，市场在关键技术水平徘徊，并尝试在3160点一线形成新的支撑位，这是个好兆头。
至于基本面因素，他表示，美国就业数据将是下一关键影响因素。如果该数据好于预期，将推动市场再度走高。
大盘成交量低迷；214只股票上涨，221只股票下跌。
海峡时报指数午盘跌0.3%，至3162.49点，预计支撑位在3100点。AmFraser研究部高级副总裁Najeeb Jarhom称，市场在关键技术水平徘徊，并尝试在3160点一线形成新的支撑位，这是个好兆头。
至于基本面因素，他表示，美国就业数据将是下一关键影响因素。如果该数据好于预期，将推动市场再度走高。
大盘成交量低迷；214只股票上涨，221只股票下跌。
DBSVickers Report - 04 April 2008
Hyflux Water Trust (Buy (Initiating Coverage); S$0.59; Bloomberg: HYFT SP)
Ready To Surf Up
Price Target : 12-Month S$ 0.78
BY: Singapore Research Team +65 6533 9688 and : Ai Teng Tan +65 6398 7967
Story: Hyflux Water Trust (“HWT”) is the first pure-play water trust to be listed in the region and should benefit from strong market fundamentals in the water infrastructure sector in China.
Point: The initial portfolio consists of water-related assets – water treatment plants, wastewater treatment plants and water recycling plants – capable of supplying a total capacity of 445,000 cu m / day in key industrial belts of high growth provinces in China. Growth potential in the initial years will stem from completing plants and escalating utilization rates of existing plants, which could lead to an 82% increase in annual tariff receipts over 2008-2010. Additionally, Hyflux has granted HWT the rights of first offer and refusal (“ROFOAR”) to a pipeline of assets with total design capacity of 760,000 cu m/ day, all ready to be injected into the trust in tranches every 12-18 months. HWT’s debt free position at IPO also leaves significant headroom for debt-sponsored acquisitions in the future.
Relevance: HWT is a defensive earnings play with predictable cash flows, promising a DPU yield of 7-9% for FY08 and FY09. At current valuation of 0.88x P/BV, HWT compares favourably with REITS and other infrastructure/ shipping trusts listed in Singapore, but with a much higher debt headroom to fund stronger growth potential. We believe the counter will outperform over time as HWT begins to deliver on it post-IPO acquisition schedule, just as market has favoured developer-backed REITs which have delivered on their acquisition promises. We initiate coverage on HWT with a BUY call at a DDM-backed Target Price of S$0.78 (WACC 10.0%).
Ready To Surf Up
Price Target : 12-Month S$ 0.78
BY: Singapore Research Team +65 6533 9688 and : Ai Teng Tan +65 6398 7967
Story: Hyflux Water Trust (“HWT”) is the first pure-play water trust to be listed in the region and should benefit from strong market fundamentals in the water infrastructure sector in China.
Point: The initial portfolio consists of water-related assets – water treatment plants, wastewater treatment plants and water recycling plants – capable of supplying a total capacity of 445,000 cu m / day in key industrial belts of high growth provinces in China. Growth potential in the initial years will stem from completing plants and escalating utilization rates of existing plants, which could lead to an 82% increase in annual tariff receipts over 2008-2010. Additionally, Hyflux has granted HWT the rights of first offer and refusal (“ROFOAR”) to a pipeline of assets with total design capacity of 760,000 cu m/ day, all ready to be injected into the trust in tranches every 12-18 months. HWT’s debt free position at IPO also leaves significant headroom for debt-sponsored acquisitions in the future.
Relevance: HWT is a defensive earnings play with predictable cash flows, promising a DPU yield of 7-9% for FY08 and FY09. At current valuation of 0.88x P/BV, HWT compares favourably with REITS and other infrastructure/ shipping trusts listed in Singapore, but with a much higher debt headroom to fund stronger growth potential. We believe the counter will outperform over time as HWT begins to deliver on it post-IPO acquisition schedule, just as market has favoured developer-backed REITs which have delivered on their acquisition promises. We initiate coverage on HWT with a BUY call at a DDM-backed Target Price of S$0.78 (WACC 10.0%).
CIMB Report - 04 April 2008
What’s on the table
Construction Sector - Caution on opportunistic developers With rising property prices over the past few years, many opportunistic property developers have jumped into the fray to capitalise on quick profits. However, the tide has since turned following the US subprime problems in mid 07, leading to a massive weakening in buyer sentiment.
With continued rising construction costs exacerbated by higher steel prices, these construction companies turned developers are likely to be saddled with properties that are below current benchmark prices. We maintain our Overweight call but recommend that investors focus on pure-play construction companies or specialist contractors. Our top picks are Tat Hong Holdings, Tiong Woon Corporation and CSC Holdings.
Quick Takes
Dry Bulk Shipping - Will conversions cause freight rates to collapse?
Corporate News
Construction Sector - Caution on opportunistic developers With rising property prices over the past few years, many opportunistic property developers have jumped into the fray to capitalise on quick profits. However, the tide has since turned following the US subprime problems in mid 07, leading to a massive weakening in buyer sentiment.
With continued rising construction costs exacerbated by higher steel prices, these construction companies turned developers are likely to be saddled with properties that are below current benchmark prices. We maintain our Overweight call but recommend that investors focus on pure-play construction companies or specialist contractors. Our top picks are Tat Hong Holdings, Tiong Woon Corporation and CSC Holdings.
Quick Takes
Dry Bulk Shipping - Will conversions cause freight rates to collapse?
Corporate News
- Genting Group to take part in the Philippines’ first integrated casino resort
- Pacific Healthcare increases stake in The Clinic @ Cuppage to 100%
- Al-Futtaim bags Robinson after Lippo accepts offer
- Wilmar in JV with Ukraine, Russia firms
- Japan Land unveils new focus
- Japan Asia Hldgs, unit serious about share buy-back: chief
- Noble raises $209m from private placement
OCBC Report - 04 April 2008
Infrastructural Sector: Building blocks for growth
Summary: Singapore's construction sector is booming again after years of languishing at below S$12b contract level. Since 2004, the total contract awarded grew at annual rate of 25% and hit a new record high of S$24.5b in 2007.
For this year, the Building and Construction Authority (BCA) is projecting some S$23-27b worth of contracts to be awarded. Of this, the bulk will still come from the private sector at around 62%, but the pace of public sector jobs is likely to pick up due to numerous infrastructural projects in the country.
The slew of residential projects launched in the past 12-18 months and the re-development of residential sites have also added to the pool of available jobs. However, prices of raw materials have spiked up and could impact margins, especially if the developers or contractors are unable to pass on the additional costs.
With order books at unprecedented levels, this should help to mitigate rising construction costs. Overall, the outlook for the sector is still positive for the next 2-3 years. (Research Team)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pan-United Corporation: Constructing a good yield
Summary: Pan-United Corporation (PANU) recently reported its FY07 results with topline growing 45% to S$437m while PATMI (ex EI) grew a respectable 16% to S$34.2m.
Total gross dividends declared for FY07 was 4.56 cents, translating to a payout ratio of 72%. Singapore's infrastructural spending surge with mega projects like the Circle and Downtown line, Coastal Expressway, Sports Hub and Youth Olympic Village will healthily sustain PANU's pipeline for the next 2-5 years.
We project a pay out of >65% of FY08F PATMI to sustain a healthy yield of 7.5%. A divestment of freehold Octagon property at current market value could yield up to S$0.036/share cash which could be partially distributed to shareholders via a special dividend. We have not factored in a divestment of freehold Octagon property at S$20m that could yield up to S$0.036/share.
Based on our DCF model (WACC: 10.1%, Terminal: 2%), we derive a fair value of S$1.03, cross checked with a 14.7x FY08F PER (vs. peer FY08 PER of 20x). Initiate coverage on PANU with BUY. (65% upside). (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: Singapore's construction sector is booming again after years of languishing at below S$12b contract level. Since 2004, the total contract awarded grew at annual rate of 25% and hit a new record high of S$24.5b in 2007.
For this year, the Building and Construction Authority (BCA) is projecting some S$23-27b worth of contracts to be awarded. Of this, the bulk will still come from the private sector at around 62%, but the pace of public sector jobs is likely to pick up due to numerous infrastructural projects in the country.
The slew of residential projects launched in the past 12-18 months and the re-development of residential sites have also added to the pool of available jobs. However, prices of raw materials have spiked up and could impact margins, especially if the developers or contractors are unable to pass on the additional costs.
With order books at unprecedented levels, this should help to mitigate rising construction costs. Overall, the outlook for the sector is still positive for the next 2-3 years. (Research Team)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pan-United Corporation: Constructing a good yield
Summary: Pan-United Corporation (PANU) recently reported its FY07 results with topline growing 45% to S$437m while PATMI (ex EI) grew a respectable 16% to S$34.2m.
Total gross dividends declared for FY07 was 4.56 cents, translating to a payout ratio of 72%. Singapore's infrastructural spending surge with mega projects like the Circle and Downtown line, Coastal Expressway, Sports Hub and Youth Olympic Village will healthily sustain PANU's pipeline for the next 2-5 years.
We project a pay out of >65% of FY08F PATMI to sustain a healthy yield of 7.5%. A divestment of freehold Octagon property at current market value could yield up to S$0.036/share cash which could be partially distributed to shareholders via a special dividend. We have not factored in a divestment of freehold Octagon property at S$20m that could yield up to S$0.036/share.
Based on our DCF model (WACC: 10.1%, Terminal: 2%), we derive a fair value of S$1.03, cross checked with a 14.7x FY08F PER (vs. peer FY08 PER of 20x). Initiate coverage on PANU with BUY. (65% upside). (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Wilmar International is establishing a US$136m JV firm with Russia's Nizhny Novgorod Fats & Oils Group and Ukraine's Delta Exports Pte Ltd.
- SIA is adding flights to Australia, Vietnam and Dubai, but suspending service on two other routes, in response to 'changing patterns in demand for travel'.
- The Al-Futtaim offer for Robinson & Co is now unconditional, and at a higher offer price of S$7.20 per share. The S$619m offer, which will close on 30 April, has been accepted by Indonesia's Lippo Group.
- Hosen Group is planning the demolition of its existing single storey JTC standard factory and the construction of a new office cum warehouse at Pandan Loop for S$6.29m.
- The average occupancy rate for business parks has hit a five-year high, crossing the 90% mark.
- The public tender for the Ten Mile Junction development site closed with just two bids received. A Kheng Leong unit emerged as the top bidder, offering S$162.4 psf ppr or S$61m.
- Indonesia may join China, India, Vietnam and Egypt in curbing rice exports as declining inventories threaten to spark unrest around Asia.
- The Land Transport Authority has turned down SMRT Corp's request for a reduction in the S$387,176 penalty imposed for an incident in January that disrupted train services.
Thursday, April 3, 2008
KSH wins $53m KepLand deal
CONSTRUCTION and property group KSH Holdings has secured a contract worth about $53 million from a Keppel Land subsidiary.
Mr Choo: Orders secured in the first three months of this year - $277m - are more than half of the $510m KSH achieved for 2007
The contract from Keppel Land Realty is for the construction of Madison Residences, an 18-storey luxury condominium development at Bukit Timah Road.
Construction work is scheduled to begin in June and expected to be completed within 130 weeks.
Choo Chee Onn, executive chairman and managing director of KSH Holdings, said: 'Including this contract, our total contract value secured within the first three months of this year has exceeded $277 million, more than half of the $510 million we had achieved for 2007.'
Existing orders now stand at more than $658 million, with the unfulfilled contract value for all existing contracts on hand expected to cover up till the third quarter of the financial year ending March 31, 2011.
Mr Choo added that KSH would continue to expand its clientele base to include more blue-chip property developers.
Besides the Madison Residences deal, the group's current residential contracts include three at Sentosa Cove. These include the $121 million The Coast contract and the $65 million Turquoise contract, both from Ho Bee Group.
The third, Seascape At Sentosa Cove, was awarded by Seaview (Sentosa), a co-owned company of Ho Bee and IOI Group.
Other residential projects on hand include a $53 million high-end condominium residential project at Orange Grove Road, also from Ho Bee, and a $32 million contract for the construction of landed housing at Old Holland Road from developer Brisbane Development.
Anthony Soh's offer for Jade Tech hits a snag
Ownership of 295m shares pledged to failed Aussie broker unclear
By CHEW XIANG
JADE Technologies group president Anthony Soh's takeover bid for the company has run into a snag after Dr Soh said yesterday in a letter to Jade's board he could not confirm he had sufficient resources to go through with the offer. He also said that OCBC has ceased to be the financial adviser for the offer.
Dr Soh explained that his ownership of a block of shares, representing about 30.5 per cent of Jade, has become unclear.
On Tuesday he revealed that to secure financing he had pledged that block of shares last October to Australian stockbroker Opes Prime. Opes went into receivership last Thursday after directors found irregularities in the firm's accounts. Under the terms of the agreement with Opes, ownership of those shares may now have passed to Opes and on to its creditors.
In yesterday's letter, Dr Soh said that assuming his shareholdings were stated at just 16.06 per cent of the company, rather than about 46 per cent as previously thought, then he could 'not confirm as at 2 April 2008 that sufficient resources are available ... to satisfy full acceptances of the offer'.
Last month, Dr Soh through his investment vehicle Asia Pacific Links (APL) had offered 22.5 cents a share to acquire all outstanding shares. The offer document stated then that he controlled about 46 per cent of the company's shares.
Jade had called a trading halt yesterday for the release of an earlier letter dated Apr 1 from Dr Soh stating that he had entered into a Global Master Securities Lending Agreement (SLA) with Opes dated Oct 12, 2007, pledging 295,450,000 shares in Jade, or about 30.47 per cent of its total share capital, in order to secure financing from Opes.
Although news of Opes's collapse broke last week, in his letter dated Apr 1 to Jade's board of directors, Dr Soh said he 'did not realise until 1 April 2008 that the SLA had operated as a transfer of title and was under the impression all along that the said shares were pledged'.
He added that he was 'under the impression', due to 'representations made by the CEO of Opes, Laurie Emini, that the ownership of the said shares remained with the offeror (APL) at all times and that at any time the said shares could be redeemed by the offeror'.
He added that a circular sent out on Monday by receivers and managers appointed by a creditor of Opes told clients that 'where securities are 'lent' to Opes, absolute title to the securities passes from the lender to Opes'.
Dr Soh said 'a review of the terms of the SLA is consistent with the position as set out' in that circular, meaning that ownership may have passed to Opes.
An analyst said that if this is the case the offer may not become unconditional as Dr Soh may not be able to secure more than 50 per cent of the company. 'In this case, they may have to return the acceptances,' he said. Dr Soh said yesterday that as at Apr 1, he had received acceptances representing 3.06 per cent of Jade's share capital.
Traded volume in Jade has spiked recently. Last Wednesday, about 1.46 million shares changed hands. This rose to 15.9 million shares on Friday and hit 196 million on Tuesday before trading was halted. Its share price closed at 22 cents.
According to Australian media reports, clients of Opes have become unsecured creditors because the securities lending agreements they signed transfered away legal title to their shares.
Opes lent clients money on the securities, mostly small cap stocks, financing its loans by borrowing from banks at a lower cost. The firm reportedly owed A$650 million to ANZ and A$350 million to investment bank Merrill Lynch.
By CHEW XIANG
JADE Technologies group president Anthony Soh's takeover bid for the company has run into a snag after Dr Soh said yesterday in a letter to Jade's board he could not confirm he had sufficient resources to go through with the offer. He also said that OCBC has ceased to be the financial adviser for the offer.
Dr Soh explained that his ownership of a block of shares, representing about 30.5 per cent of Jade, has become unclear.
On Tuesday he revealed that to secure financing he had pledged that block of shares last October to Australian stockbroker Opes Prime. Opes went into receivership last Thursday after directors found irregularities in the firm's accounts. Under the terms of the agreement with Opes, ownership of those shares may now have passed to Opes and on to its creditors.
In yesterday's letter, Dr Soh said that assuming his shareholdings were stated at just 16.06 per cent of the company, rather than about 46 per cent as previously thought, then he could 'not confirm as at 2 April 2008 that sufficient resources are available ... to satisfy full acceptances of the offer'.
Last month, Dr Soh through his investment vehicle Asia Pacific Links (APL) had offered 22.5 cents a share to acquire all outstanding shares. The offer document stated then that he controlled about 46 per cent of the company's shares.
Jade had called a trading halt yesterday for the release of an earlier letter dated Apr 1 from Dr Soh stating that he had entered into a Global Master Securities Lending Agreement (SLA) with Opes dated Oct 12, 2007, pledging 295,450,000 shares in Jade, or about 30.47 per cent of its total share capital, in order to secure financing from Opes.
Although news of Opes's collapse broke last week, in his letter dated Apr 1 to Jade's board of directors, Dr Soh said he 'did not realise until 1 April 2008 that the SLA had operated as a transfer of title and was under the impression all along that the said shares were pledged'.
He added that he was 'under the impression', due to 'representations made by the CEO of Opes, Laurie Emini, that the ownership of the said shares remained with the offeror (APL) at all times and that at any time the said shares could be redeemed by the offeror'.
He added that a circular sent out on Monday by receivers and managers appointed by a creditor of Opes told clients that 'where securities are 'lent' to Opes, absolute title to the securities passes from the lender to Opes'.
Dr Soh said 'a review of the terms of the SLA is consistent with the position as set out' in that circular, meaning that ownership may have passed to Opes.
An analyst said that if this is the case the offer may not become unconditional as Dr Soh may not be able to secure more than 50 per cent of the company. 'In this case, they may have to return the acceptances,' he said. Dr Soh said yesterday that as at Apr 1, he had received acceptances representing 3.06 per cent of Jade's share capital.
Traded volume in Jade has spiked recently. Last Wednesday, about 1.46 million shares changed hands. This rose to 15.9 million shares on Friday and hit 196 million on Tuesday before trading was halted. Its share price closed at 22 cents.
According to Australian media reports, clients of Opes have become unsecured creditors because the securities lending agreements they signed transfered away legal title to their shares.
Opes lent clients money on the securities, mostly small cap stocks, financing its loans by borrowing from banks at a lower cost. The firm reportedly owed A$650 million to ANZ and A$350 million to investment bank Merrill Lynch.
Special audit for Advance Modules
THE Singapore Exchange (SGX) has directed Advance Modules Group to appoint special auditors immediately to investigate the affairs of the company, including a US$11.89 million acquisition that has been questioned by its auditors.
Advance Modules, which disclosed this yesterday, said it is in the process of appointing Messrs KPMG to undertake the special audit. The special auditors will report to both the company's audit committee and SGX.
Trading in shares of Advance Modules, a manufacturer of memory modules and flash memory products, was halted yesterday prior to the release of the news in the evening.
The company earlier disclosed concerns from its auditors, Horwath First Trust, in its 2007 full-year financial statement on March 31.
Advance Modules had made deposit payments and acquired new machinery and equipment amounting to around US$11.89 million, but Horwath did not 'consider evidence and information made available to them sufficient for them to form an opinion on the validity of the acquisition'.
Horwath recommended that the company's audit committee commission a special audit to look into the validity of the acquisition, and the board, following the audit committee's advice, has agreed to appoint an independent auditor to do so.
Shares of Advance Module resume trading today.
Advance Modules, which disclosed this yesterday, said it is in the process of appointing Messrs KPMG to undertake the special audit. The special auditors will report to both the company's audit committee and SGX.
Trading in shares of Advance Modules, a manufacturer of memory modules and flash memory products, was halted yesterday prior to the release of the news in the evening.
The company earlier disclosed concerns from its auditors, Horwath First Trust, in its 2007 full-year financial statement on March 31.
Advance Modules had made deposit payments and acquired new machinery and equipment amounting to around US$11.89 million, but Horwath did not 'consider evidence and information made available to them sufficient for them to form an opinion on the validity of the acquisition'.
Horwath recommended that the company's audit committee commission a special audit to look into the validity of the acquisition, and the board, following the audit committee's advice, has agreed to appoint an independent auditor to do so.
Shares of Advance Module resume trading today.
麗星郵輪涉足菲律賓賭場
麗星郵輪稱，同意與一個集團攜手發展和經營菲律賓賭場。
麗星郵輪宣布，計劃與Alliance Global Group. Inc聯合發展和經營於菲律賓的賭場綜合項目。公司通告稱，雙方就有關合作訂立的框架協議，包括麗星郵輪透過購買現有股份及新股方式，收購AGI旗下附屬公司--Travellers International Hotel Group Inc，合共50%的權益，收購總代價為3.35億美元。AIG承諾，將完成於菲律賓其中一個名為Newport City的項目。
此外，該框架協議亦包括，Travellers及麗星郵輪將組成合營公司，發展另一個在菲律賓馬尼拉灣的綜合城市項目--Pagcor City。Travellers將持有合營公司60%的股權，其餘則由麗星郵輪持有，麗星郵輪有權提高於合營公司的持權至75%。
AGI股份於菲律賓證券交易所上市，主要從事物業發展、餐飲及快餐店等業務。
Source
麗星郵輪宣布，計劃與Alliance Global Group. Inc聯合發展和經營於菲律賓的賭場綜合項目。公司通告稱，雙方就有關合作訂立的框架協議，包括麗星郵輪透過購買現有股份及新股方式，收購AGI旗下附屬公司--Travellers International Hotel Group Inc，合共50%的權益，收購總代價為3.35億美元。AIG承諾，將完成於菲律賓其中一個名為Newport City的項目。
此外，該框架協議亦包括，Travellers及麗星郵輪將組成合營公司，發展另一個在菲律賓馬尼拉灣的綜合城市項目--Pagcor City。Travellers將持有合營公司60%的股權，其餘則由麗星郵輪持有，麗星郵輪有權提高於合營公司的持權至75%。
AGI股份於菲律賓證券交易所上市，主要從事物業發展、餐飲及快餐店等業務。
Source
Rank Slides as Malaysia's Genting Says It Doesn't Plan Offer
April 3 (Bloomberg) -- Rank Group Plc, the second-largest U.K. bingo hall operator, dropped the most in more than five months in London trading after Malaysia's Genting Bhd. denied speculation that it plans to make an offer.
Genting, Asia's largest listed casino company, said in a statement today it has ``no intention'' of making a bid for Maidenhead, England-based Rank. The Daily Mail reported this week that the Kuala Lumpur-based company had made an approach about a cash offer worth 485 million pounds ($959 million).
Rank fell as much as 11 percent in the English capital and was down 9.25 pence, or 9.3 percent, to 90.5 pence at 12:55 p.m. local time, the steepest percentage drop since Oct. 15. The stock gained 9.9 percent on April 1 after the Daily Mail said Genting proposed paying 124 pence a share.
``This decline today says to me the market thought talks were maybe closer on a takeover,'' said William Birch, an analyst at Jefferies International Ltd. who rates the stock ``hold.''
Genting fell 2.3 percent to 6.4 ringgit on the Kuala Lumpur stock exchange, extending this year's drop to 19 percent.
Rank has become a takeover target after its shares slid 59 percent last year because of an indoor-smoking ban and changes to gambling laws that hurt sales. Genting, which became the U.K. casino-market leader on buying Stanley Leisure Plc in 2006, has built a stake of about 11 percent in the British gaming company, which has a market value of about 355 million pounds.
Separately, Rank said today that Peter Gill will resign as finance director after almost three years with the company.
New Finance Director
Gill, who oversaw a 1.2 billion-pound restructuring of the U.K. company, will leave in June and be replaced by Paddy Gallagher, chief financial officer of Quadriga Worldwide Ltd.
Under the restructuring overseen by Gill, Rank sold film and media businesses and its Hard Rock restaurant, hotel and casino chain to focus on gaming in Britain. Rank, which owns the Blue Square betting Web site, also agreed in February to transfer its pension plan to a Goldman Sachs Group Inc. unit, avoiding 30.8 million pounds of future payments.
Gill ``was generally viewed as someone better suited to the old Rank,'' said Jefferies' Birch. ``This new guy has more of a technological background. For Rank to have a future they need to develop Blue Square and bring more technology into bingo.''
Source
Genting, Asia's largest listed casino company, said in a statement today it has ``no intention'' of making a bid for Maidenhead, England-based Rank. The Daily Mail reported this week that the Kuala Lumpur-based company had made an approach about a cash offer worth 485 million pounds ($959 million).
Rank fell as much as 11 percent in the English capital and was down 9.25 pence, or 9.3 percent, to 90.5 pence at 12:55 p.m. local time, the steepest percentage drop since Oct. 15. The stock gained 9.9 percent on April 1 after the Daily Mail said Genting proposed paying 124 pence a share.
``This decline today says to me the market thought talks were maybe closer on a takeover,'' said William Birch, an analyst at Jefferies International Ltd. who rates the stock ``hold.''
Genting fell 2.3 percent to 6.4 ringgit on the Kuala Lumpur stock exchange, extending this year's drop to 19 percent.
Rank has become a takeover target after its shares slid 59 percent last year because of an indoor-smoking ban and changes to gambling laws that hurt sales. Genting, which became the U.K. casino-market leader on buying Stanley Leisure Plc in 2006, has built a stake of about 11 percent in the British gaming company, which has a market value of about 355 million pounds.
Separately, Rank said today that Peter Gill will resign as finance director after almost three years with the company.
New Finance Director
Gill, who oversaw a 1.2 billion-pound restructuring of the U.K. company, will leave in June and be replaced by Paddy Gallagher, chief financial officer of Quadriga Worldwide Ltd.
Under the restructuring overseen by Gill, Rank sold film and media businesses and its Hard Rock restaurant, hotel and casino chain to focus on gaming in Britain. Rank, which owns the Blue Square betting Web site, also agreed in February to transfer its pension plan to a Goldman Sachs Group Inc. unit, avoiding 30.8 million pounds of future payments.
Gill ``was generally viewed as someone better suited to the old Rank,'' said Jefferies' Birch. ``This new guy has more of a technological background. For Rank to have a future they need to develop Blue Square and bring more technology into bingo.''
Source
新加坡股市收盘走高，市场人气出现改善
新加坡股市周四继续走高，追随亚洲主要市场涨势，因该地区投资者并未受到美国联邦储备委员会(Federal Reserve, 简称Fed)主席贝南克(Ben Bernanke)的讲话影响；贝南克周三首次公开表示，美国经济可能陷入衰退。
分析师称，市场人气已经回暖；但AmFraser负责研究部门的资深副总裁Najeeb Jarhom称，只有更多个股实现上涨才能推动海峡时报指数继续走高。
海峡时报指数收盘涨46.94点，至3171.55点，涨幅1.5%。30只成份股中有20只走高，大盘有374只股票上涨，284只股票下跌。
市场成交量约为17亿股，低于周三的20亿股。
分析师称，市场人气已经回暖；但AmFraser负责研究部门的资深副总裁Najeeb Jarhom称，只有更多个股实现上涨才能推动海峡时报指数继续走高。
海峡时报指数收盘涨46.94点，至3171.55点，涨幅1.5%。30只成份股中有20只走高，大盘有374只股票上涨，284只股票下跌。
市场成交量约为17亿股，低于周三的20亿股。
Malaysia's Genting has not approached Rank - source
KUALA LUMPUR, April 3 (Reuters) - Malaysian gaming and leisure group Genting has not made a bid approach to British casino operator Rank Group and is unlikely to be preparing one, a source close to the situation said on Thursday. "That's wholly inaccurate," the source said when asked if Genting had made an approach.
Genting said in an email it did comment on media speculation.
Rank shares have jumped 13 percent since Monday's close, after the Daily Mail reported that Genting, already an 11 percent shareholder, was strongly rumoured to have approached Rank with a cash offer of 124 pence per share.
Rank shares closed on Wednesday at 99.75 pence, valuing the company at about 390 million pounds ($776 million).
Genting bought into the British casino market in 2006 when it acquired its biggest player, Stanley Leisure, for 640 million pounds. It is like to face competition concerns if it makes a bid for Rank, Malaysian investment bank CIMB said in a research note.
Rank has had a torrid time over the last year.
Its bingo clubs have been hammered by a ban on smoking and the forced removal of nearly 1,000 lucrative slot machines, while its casinos have been hit by a surprise hike in tax.
Its share price slumped more than 20 percent after a profit warning in October and in December it scrapped its final dividend and shelved 30 million pounds of projects as its woes continued.
Takeover speculation took off in February after Rank unveiled plans to transfer its pension liabilities to an insurer, making it a more attractive target in the view of some analysts.
Genting bought most of its Rank stake in December. Hong Kong-listed investment house Guoco and the Richardson property and haulage family have also been building stakes. (Reporting by Mark Bendeich; Editing by Lincoln Feast)
Source
Genting said in an email it did comment on media speculation.
Rank shares have jumped 13 percent since Monday's close, after the Daily Mail reported that Genting, already an 11 percent shareholder, was strongly rumoured to have approached Rank with a cash offer of 124 pence per share.
Rank shares closed on Wednesday at 99.75 pence, valuing the company at about 390 million pounds ($776 million).
Genting bought into the British casino market in 2006 when it acquired its biggest player, Stanley Leisure, for 640 million pounds. It is like to face competition concerns if it makes a bid for Rank, Malaysian investment bank CIMB said in a research note.
Rank has had a torrid time over the last year.
Its bingo clubs have been hammered by a ban on smoking and the forced removal of nearly 1,000 lucrative slot machines, while its casinos have been hit by a surprise hike in tax.
Its share price slumped more than 20 percent after a profit warning in October and in December it scrapped its final dividend and shelved 30 million pounds of projects as its woes continued.
Takeover speculation took off in February after Rank unveiled plans to transfer its pension liabilities to an insurer, making it a more attractive target in the view of some analysts.
Genting bought most of its Rank stake in December. Hong Kong-listed investment house Guoco and the Richardson property and haulage family have also been building stakes. (Reporting by Mark Bendeich; Editing by Lincoln Feast)
Source
海峡时报指数跌0.1%；进一步下跌空间有限－OCBC
新加坡海峡时报指数早盘一度上扬，但随后小幅下跌，受前夜美国股市回调影响；海峡时报指数最新跌0.1%，至3122.84点，支撑位料在3100点。
OCBC Investment Research的技术分析师Ritesh Menon称，大盘下跌空间有限，因为继昨日上扬后，市场信心有所恢复；称，昨日大盘的上涨有高成交量配合，表明随着本周交易的推进，大盘可能进一步上扬。
蓝筹股涨跌互见；Noble (N21.SG)跌5.8%，至2.13新元，因配股方案引发市场对股权稀释的担忧。
大盘成交量低于昨日水平，128只股票下跌，114只股票上涨。
OCBC Investment Research的技术分析师Ritesh Menon称，大盘下跌空间有限，因为继昨日上扬后，市场信心有所恢复；称，昨日大盘的上涨有高成交量配合，表明随着本周交易的推进，大盘可能进一步上扬。
蓝筹股涨跌互见；Noble (N21.SG)跌5.8%，至2.13新元，因配股方案引发市场对股权稀释的担忧。
大盘成交量低于昨日水平，128只股票下跌，114只股票上涨。
OCBC Report - 03 April 2008
SingTel: Optus Loses Broadband Deal
Summary: SingTel's Australian unit Optus said it is considering all of its options after the Australian Government canceled a A$958m funding for its consortium's (Opel) planned regional broadband network; this after the government found that Optus' proposed WiMax network would only meet 72% of specified premises in the under-served regional areas and not the 90% condition spelt out under the contract.
If Optus cannot make any claims, SingTel will write off A$9m it had spent on building a broadband network; Opel had intended to invest an additional A$918m on the network. While SingTel noted that the disappointing event is not expected to have a material impact on its FY08 results, there may be other implications.
For one, Optus will miss out on extending its reach into the rural areas and becoming a true network-driven competitor to Telstra. Secondly, we suspect Optus may need to increase capex on the A$500m 3G mobile phone network extension, as it will now be unable to piggyback on the subsidized Opel fibre network.
Meanwhile, Optus will need to focus on the FTTN (Fibre To The Node) tender, but current odds appear to favour Telstra. We are leaving our estimates unchanged for now and will review them once we get a clearer picture after its FY08 results announcement (due in early May). As such, we retain our BUY rating and S$4.35 fair value. (Carey Wong)
StarHub: S$10 UEFA Season Pass
Summary: StarHub has announced that it plans to charge S$10 (all prices before 7% GST) for its Sports Group subscribers to catch the 2008 UEFA European Football Championship in Singapore across all three platforms – cable TV, mobile and online.
However, those who sign up after 8 May will need to pay S$20 to catch these matches on four new channels, while non-Sports Group subscribers need to pay S$50. Out of StarHub's 500,000 subscribers base, we estimate that at least 50% will subscribe, scoring a minimum of S$2.5m for the event.
However, we believe the price that StarHub paid for the TV rights may be more than that. Hence, we would not be adjusting our figures. We retain our BUY rating and S$3.51 fair value. (Carey Wong)
Noble Group Ltd: Raising S$209m via share placement
Summary: Noble Group Ltd (Noble) has announced that it will be raising S$209m via a placement of approximately 100m new shares to institutional investors. The placement shares priced at S$2.09 each represent around 3.83% of the Group's existing share capital.
Net proceeds will be used for general corporate purposes and to support the Group's continued business expansion. In line with soaring commodities prices, we expect Noble will need more working capital to fund its business operations.
While the placement will serve to strengthen its capital base, there will be dilutive impact for existing shareholders. Pending further discussion with the management, our fair value of S$2.64 is under review. Nevertheless, we retain our BUY rating. (Lee Wen Ching)
Singapore Food Industries: Renewal of key catering contract
Summary: Singapore Food Industries (SFI) has announced the renewal of its key catering contract for a further 5-year term expiring 31st March 2013. This comes as no surprise as there is no major local competitor for this aspect of its business. We are retaining our HOLD rating with fair value estimate of 82 cents. (Carmen Lee)
BBR Holdings: Secured orders until 2011
Summary: BBR Holdings, with its three core business activities in General Construction, Specialist Engineering and Property Development, is well placed to benefit from Singapore's construction boom.
According to the BCA Singapore, construction demand is expected to hit some S$23-27b this year. BBR currently sits on some S$518m worth of confirmed orders which will last out to 2011. Based on our estimates, BBR should be able to recognize about S$200m this year and next year.
Management is also confident that it will be able to add further to its order book, given the plethora of projects currently in the pipeline. Besides its construction and engineering business, BBR also intends to focus on its property business, where it wants to be a residential boutique developer as well as a value-added property player.
BBR is also looking to grow its construction/engineering business regionally, where it can leverage on the global BBR network of 46 countries and latest internationally approved technologies. We do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Tiong Woon Corporation: World-Class Heavy Lifter
Summary: Tiong Woon Corporation (TWC) is one of the leading one-stop integrated service providers in heavy lifts, heavy haulage, marine transportation and equipment installation works operating in numerous countries in the Asia Pacific region.
TWC derives the bulk of its revenue from its Heavy Lift and Haulage segment, which contributed some S$44.2m (or 67%) of its 1H08 revenue of S$65.8m, fueled by increased construction activities both domestically and from emerging markets such as Indonesia, Vietnam and the Middle East.
Going forward, TWC plans to actively seek business opportunities in the emerging markets as well as invest in higher capacity and specialized equipment. And in view of the good growth prospects in the oil-rich regions, TWC also plans to develop its fabrication and engineering competency for marine, oil & gas projects.
TWC also remains confident and will continue to work hard to grow its new income stream from fabrication and engineering projects. We do not have a rating on the stock currently. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: SingTel's Australian unit Optus said it is considering all of its options after the Australian Government canceled a A$958m funding for its consortium's (Opel) planned regional broadband network; this after the government found that Optus' proposed WiMax network would only meet 72% of specified premises in the under-served regional areas and not the 90% condition spelt out under the contract.
If Optus cannot make any claims, SingTel will write off A$9m it had spent on building a broadband network; Opel had intended to invest an additional A$918m on the network. While SingTel noted that the disappointing event is not expected to have a material impact on its FY08 results, there may be other implications.
For one, Optus will miss out on extending its reach into the rural areas and becoming a true network-driven competitor to Telstra. Secondly, we suspect Optus may need to increase capex on the A$500m 3G mobile phone network extension, as it will now be unable to piggyback on the subsidized Opel fibre network.
Meanwhile, Optus will need to focus on the FTTN (Fibre To The Node) tender, but current odds appear to favour Telstra. We are leaving our estimates unchanged for now and will review them once we get a clearer picture after its FY08 results announcement (due in early May). As such, we retain our BUY rating and S$4.35 fair value. (Carey Wong)
StarHub: S$10 UEFA Season Pass
Summary: StarHub has announced that it plans to charge S$10 (all prices before 7% GST) for its Sports Group subscribers to catch the 2008 UEFA European Football Championship in Singapore across all three platforms – cable TV, mobile and online.
However, those who sign up after 8 May will need to pay S$20 to catch these matches on four new channels, while non-Sports Group subscribers need to pay S$50. Out of StarHub's 500,000 subscribers base, we estimate that at least 50% will subscribe, scoring a minimum of S$2.5m for the event.
However, we believe the price that StarHub paid for the TV rights may be more than that. Hence, we would not be adjusting our figures. We retain our BUY rating and S$3.51 fair value. (Carey Wong)
Noble Group Ltd: Raising S$209m via share placement
Summary: Noble Group Ltd (Noble) has announced that it will be raising S$209m via a placement of approximately 100m new shares to institutional investors. The placement shares priced at S$2.09 each represent around 3.83% of the Group's existing share capital.
Net proceeds will be used for general corporate purposes and to support the Group's continued business expansion. In line with soaring commodities prices, we expect Noble will need more working capital to fund its business operations.
While the placement will serve to strengthen its capital base, there will be dilutive impact for existing shareholders. Pending further discussion with the management, our fair value of S$2.64 is under review. Nevertheless, we retain our BUY rating. (Lee Wen Ching)
Singapore Food Industries: Renewal of key catering contract
Summary: Singapore Food Industries (SFI) has announced the renewal of its key catering contract for a further 5-year term expiring 31st March 2013. This comes as no surprise as there is no major local competitor for this aspect of its business. We are retaining our HOLD rating with fair value estimate of 82 cents. (Carmen Lee)
BBR Holdings: Secured orders until 2011
Summary: BBR Holdings, with its three core business activities in General Construction, Specialist Engineering and Property Development, is well placed to benefit from Singapore's construction boom.
According to the BCA Singapore, construction demand is expected to hit some S$23-27b this year. BBR currently sits on some S$518m worth of confirmed orders which will last out to 2011. Based on our estimates, BBR should be able to recognize about S$200m this year and next year.
Management is also confident that it will be able to add further to its order book, given the plethora of projects currently in the pipeline. Besides its construction and engineering business, BBR also intends to focus on its property business, where it wants to be a residential boutique developer as well as a value-added property player.
BBR is also looking to grow its construction/engineering business regionally, where it can leverage on the global BBR network of 46 countries and latest internationally approved technologies. We do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Tiong Woon Corporation: World-Class Heavy Lifter
Summary: Tiong Woon Corporation (TWC) is one of the leading one-stop integrated service providers in heavy lifts, heavy haulage, marine transportation and equipment installation works operating in numerous countries in the Asia Pacific region.
TWC derives the bulk of its revenue from its Heavy Lift and Haulage segment, which contributed some S$44.2m (or 67%) of its 1H08 revenue of S$65.8m, fueled by increased construction activities both domestically and from emerging markets such as Indonesia, Vietnam and the Middle East.
Going forward, TWC plans to actively seek business opportunities in the emerging markets as well as invest in higher capacity and specialized equipment. And in view of the good growth prospects in the oil-rich regions, TWC also plans to develop its fabrication and engineering competency for marine, oil & gas projects.
TWC also remains confident and will continue to work hard to grow its new income stream from fabrication and engineering projects. We do not have a rating on the stock currently. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- Brazil's Petrobras says it will order a new giant platform modeled on a working production unit and it wants the same firms, led by SembMarine's Jurong Shipyards, to build it. The original unit cost US$900m.
- Singapore's purchasing managers' index – seen as an early barometer of manufacturing – is at its lowest level in almost five years. - Island-wide office occupancy dipped in 1Q08, easing 50 basis points QoQ to 97.1%.
- Motorola is shutting down its handset production unit in Singapore by the end of this year, a near one-third cutback of its local workforce.
- CityDev's Chairman Kwek Leng Beng said the government should review its current land sales program, which was fixed in last year's buoyant market, and to rethink its decision to scrap the deferred payment scheme.
- DBS chairman Koh Boon Hwee said that although Asian banks were less affected by the US sub-prime crisis, all banks would feel the impact of the ensuing liquidity shortage.
- Biosensors announced the full launch of its drug-eluting stent system in major European markets as well as in key markets in the Middle East, Africa and Asia.
丽星邮轮进军菲酒店赌场
丽星邮轮(678)昨日宣布，与菲律宾上市公司Alliance Global Group, Inc.(AGI)订立框架协议，就于菲律宾一项酒店及赌场综合物业开发及经营计划进行策略性合作安排。丽星邮轮将收购AGI旗下Travellers公司的50%权益，收购总代价3.35亿美元(26.13亿港元)。
Travellers及丽星邮轮将组成合营公司以发展有关项目，Travellers将持有合营公司60%股权，而丽星邮轮则持有40%股权。丽星邮轮可在适用法律准许的情况下增持其于合营公司的股权至75%。
Source
Travellers及丽星邮轮将组成合营公司以发展有关项目，Travellers将持有合营公司60%股权，而丽星邮轮则持有40%股权。丽星邮轮可在适用法律准许的情况下增持其于合营公司的股权至75%。
Source
Wednesday, April 2, 2008
Star Cruises, Alliance to team up on casinos
HONG KONG/MANILA (Reuters) - Star Cruises plans to team up with Alliance Global Group Inc to develop hotels and casinos in the Philippines, spending at least $1 billion on a set of projects the company hopes will expand its reach into a relatively untapped Asian gaming arena.
The cruise and gaming operator said in a statement on Wednesday it had agreed to buy half of Travellers International Hotel Group Inc, a unit of Alliance, for $335 million as part of the deal.
The unit has applied for a provisional gaming licence, with an eye to developing hotel and gambling resorts at Manila Bay and near the airport. Alliance said the project at Manila Bay alone was worth $1 billion.
Singapore-listed shares in Star Cruises rose as much as 15.4 percent to S$0.225 before paring gains to end up 10.3 percent, outperforming a 2.6 percent rise in the Straits Times Index .FTSTI Alliance Global was up 3.9 percent in light trade.
Multinationals from the Las Vegas Sands to MGM Mirage are investing billions in Asian casino projects, particularly in the former Portuguese enclave of Macau, hoping to draw big-spending Chinese tourists.
Macau, which has boomed since the Chinese territory scrapped a decades-old monopoly on gambling and opened to foreign investment, has overtaken Las Vegas in annual gambling revenue, and has inspired Singapore to abolish its own casino ban.
Asian gaming operators such as Star Cruises are keen not to be left behind.
Star Cruises and sister company Genting International, both units of Malaysian casino operator Genting Bhd , won the right to build and operate Singapore's second casino resort in 2005.
The firm and would-be partner Alliance -- a Philippine conglomerate with interests in fast food, liquor and property development -- have entered into an agreement to build, own and operate a hotel and casino complex to be located in the Philippines' Newport City, adjacent to Manila's airport.
In addition, Star Cruises plans to form a joint venture with Travellers -- in which Star plans to own 40 percent -- to develop an integrated leisure project in Pagcor City, which is nestled up against Manila Bay.
The Pagcor City project would include a theme park, theaters, amusement and cultural centers, retail and gaming centers and hotels with a minimum of 1,000 rooms. (Reporting by Edwin Chan and Rosemarie Francisco; Editing by Anne Marie Roantree and Anshuman Daga)
Source
The cruise and gaming operator said in a statement on Wednesday it had agreed to buy half of Travellers International Hotel Group Inc, a unit of Alliance, for $335 million as part of the deal.
The unit has applied for a provisional gaming licence, with an eye to developing hotel and gambling resorts at Manila Bay and near the airport. Alliance said the project at Manila Bay alone was worth $1 billion.
Singapore-listed shares in Star Cruises rose as much as 15.4 percent to S$0.225 before paring gains to end up 10.3 percent, outperforming a 2.6 percent rise in the Straits Times Index .FTSTI Alliance Global was up 3.9 percent in light trade.
Multinationals from the Las Vegas Sands to MGM Mirage are investing billions in Asian casino projects, particularly in the former Portuguese enclave of Macau, hoping to draw big-spending Chinese tourists.
Macau, which has boomed since the Chinese territory scrapped a decades-old monopoly on gambling and opened to foreign investment, has overtaken Las Vegas in annual gambling revenue, and has inspired Singapore to abolish its own casino ban.
Asian gaming operators such as Star Cruises are keen not to be left behind.
Star Cruises and sister company Genting International, both units of Malaysian casino operator Genting Bhd , won the right to build and operate Singapore's second casino resort in 2005.
The firm and would-be partner Alliance -- a Philippine conglomerate with interests in fast food, liquor and property development -- have entered into an agreement to build, own and operate a hotel and casino complex to be located in the Philippines' Newport City, adjacent to Manila's airport.
In addition, Star Cruises plans to form a joint venture with Travellers -- in which Star plans to own 40 percent -- to develop an integrated leisure project in Pagcor City, which is nestled up against Manila Bay.
The Pagcor City project would include a theme park, theaters, amusement and cultural centers, retail and gaming centers and hotels with a minimum of 1,000 rooms. (Reporting by Edwin Chan and Rosemarie Francisco; Editing by Anne Marie Roantree and Anshuman Daga)
Source
新加坡股市收盘走高，追随美国股市涨势；未来或将延续升势
新加坡股市周三走高，追随美国股市的强劲涨势；周二瑞银(UBS AG)和雷曼兄弟(Lehman Brothers)的筹资消息推动美国股市走高，另外，当天公布的美国制造业数据及建筑数据表现均好于预期也给股市以提振。
除上述因素之外，有关对信贷危机或许将逐渐平息的预期也是股市走强的原因之一。
海峡时报指数上涨39.18点，至3046.54点，涨幅1.3%。30只成份股中有18只走高；大盘有462只股票上涨，255只股票下跌。
成交量约为20亿股，高于周二的18亿股。
某本地券商的分析师称，投资者目前预计信贷紧缩局面即将结束；与此同时，交易员认为市场短期内或将进一步走高。
除上述因素之外，有关对信贷危机或许将逐渐平息的预期也是股市走强的原因之一。
海峡时报指数上涨39.18点，至3046.54点，涨幅1.3%。30只成份股中有18只走高；大盘有462只股票上涨，255只股票下跌。
成交量约为20亿股，高于周二的18亿股。
某本地券商的分析师称，投资者目前预计信贷紧缩局面即将结束；与此同时，交易员认为市场短期内或将进一步走高。
Tuesday, April 1, 2008
Rank Rises on Report of Takeover Approach by Genting
April 1 (Bloomberg) -- Rank Group Plc, the second-largest U.K. casino company, rose in London trading after a report that it was approached by investor Genting Bhd. about a cash takeover bid worth around 485 million pounds ($959 million).
Rank added 9.5 pence, or 11 percent, to 97.75 pence, the day's peak, at 2:04 p.m. local time. The percentage advance was the biggest since Nov. 29. Genting, Asia's largest publicly traded casino company, proposed paying 124 pence for each of Maidenhead, England-based Rank's shares, the Daily Mail reported.
The British gaming company has become a takeover target after its shares slid by three-fifths last year because of an indoor- smoking ban and gambling-law changes that hurt sales. Genting, which became the U.K. casino-market leader on buying Stanley Leisure Plc in 2006, has built a stake of about 11 percent in Rank, which also owns bingo clubs and a betting Web site.
Spokesmen Andrew Dowler of Rank and Justin Leong at Kuala Lumpur-based Genting declined to comment.
Source
Rank added 9.5 pence, or 11 percent, to 97.75 pence, the day's peak, at 2:04 p.m. local time. The percentage advance was the biggest since Nov. 29. Genting, Asia's largest publicly traded casino company, proposed paying 124 pence for each of Maidenhead, England-based Rank's shares, the Daily Mail reported.
The British gaming company has become a takeover target after its shares slid by three-fifths last year because of an indoor- smoking ban and gambling-law changes that hurt sales. Genting, which became the U.K. casino-market leader on buying Stanley Leisure Plc in 2006, has built a stake of about 11 percent in Rank, which also owns bingo clubs and a betting Web site.
Spokesmen Andrew Dowler of Rank and Justin Leong at Kuala Lumpur-based Genting declined to comment.
Source
新加坡股市收高，追随亚洲主要股市交投线索，未理会次贷消息
新加坡股市周二收盘走高，亚洲主要股市的积极走势以及一些公司消息推动了投资者买盘，而瑞士银行(UBS AG)和德意志银行(Deutsche Bank)计入更多冲减的消息未对市场造成影响。
交易员表示，市场目前正度过恢复阶段，这意味着一些负面消息的影响被削弱。
海峡时报指数收盘涨39.18点，至3046.54点，涨幅1.3%。30只成份股中有18只走高；大盘有361只股票上涨，258只股票下跌。
市场成交量为18亿股，高于周一的16亿股。
交易员表示，市场目前正度过恢复阶段，这意味着一些负面消息的影响被削弱。
海峡时报指数收盘涨39.18点，至3046.54点，涨幅1.3%。30只成份股中有18只走高；大盘有361只股票上涨，258只股票下跌。
市场成交量为18亿股，高于周一的16亿股。
“曙光”显现锌价能否走强
2008年以来，次贷危机全面升级：凯雷资本投资被迫清算，贝尔斯登惨遭廉价收购，美国资本市场大幅缩水，大量资金转战商品市场。然而，随着美国股市出现止跌信号，又将有多少资金抽出商品市场？美股的止跌是否说明美国经济触底？锌市消费以及锌价能否借此契机重新走强？
一、美国经济：“调整”结束还是“衰退”开始
对于成熟市场而言，股市往往是经济运行的先行指标。而美国股市近期的走势尤其值得关注，因为其运行到了一个极为敏感的阶段。同时，美联储近半年以来已经降息了300个基点，后期可调控的空间越来越小，如果美国经济短期无法见底，那么美联储极可能面临“黔驴技穷”的困境。
1.资本市场：在“牛市”与“熊市”间抉择
由于股指与经济存在极强的相关性，笔者暂且用sp500的周线走势来分析美国经济前景。技术看上，美国sp500指数最近的低点正处于2003年以来此轮上升通道的下轨，且位于此轮上涨的61.8%(黄金分割)位置，将受到较强的技术支撑，同时，也与1月的低点构成双底格局，在技术上预示着股市可能已经触底，或许美国经济的这轮调整即将结束。
但目前尚不能过于乐观。正如股指目前正处于上升通道的底部，如果后市跌破此通道便预示着其将步入漫长的“熊市”。对于美国经济也是一样，如果第二季度经济能够出现企稳的迹象，那其这轮调整可能就此结束。但如果经济状况继续恶化，那么或许经济衰退仅刚刚开始。
2.利率市场：美联储“力挽狂澜”还是“黔驴技穷”
从利率市场的变化我们就看到美联储对于救市的决心：自去年9月18日以来，美联储半年内降息300个基点，联邦基准利率从5.25%骤降至2.25%，大有“破釜沉舟”之气势。这样的政府调控手段在一定程度上能够起到稳定市场信心的作用，同时，大量的资金投放市场，将有效的缓解由于“次贷危机”造成的流动性紧张。
然而，这种手段能否奏效在一定程度上取决于这轮经济下滑究竟是短期调整还是长期衰退。正如前面对于sp500的分析，虽然美国经济出现企稳信号，但目前尚不能肯定美国经济不会陷入衰退。而一旦局势恶化，那么美联储将面临“黔驴技穷”的困境。
就美国经济而言，市场已经给出了美国经济触底的信号，但是目前情况尚不明朗。不过可以肯定地是今年第二季度将是一个重要的时间窗口，是“调整”还是“衰退”即将见分晓。
本文之所以用这么大的篇幅来分析美国经济，是因为锌作为一种重要的工业原料，和经济的相关度是极高的，而且美国是此轮经济调整的源头，美国经济能否企稳将对锌价产生极大的作用：在经济前景不佳时，工业企业是不会大量备原料库存的，而一旦经济复苏，企业的备货极有可能在短期内影响到原料的供求平衡。
二、锌价筑底过程漫长
而就锌市场而言，近期市场需求仍然较为疲软，但是，出现了“成本支撑”迹象，这预示着锌价的下跌空间有限，但锌价的走强最终需要消费来拉动。
1.中国市场：不见“消费拉动”但见“成本支撑”
春节之后，在沪锌期价上涨过程中，现货对期货出现了较大的贴水，贴水幅度一度达到了1000元/吨，接近锌价的5%，这说明我国市场目前的现货需求尚无法推动锌价上扬。
但是，在下跌过程中，现货价格又显得较为坚挺：3月初以来，锌价出现了较大的调整，期货价格自22000左右的高位一度回调到19000一下，然而，现货贴水一路缩小到100元/吨，并一度出现了现货升水。通过对现货市场的了解，基本能从两个方面来解释现货坚挺的原因：一是17000—18000元/吨被认为是锌的生产成本，加上运费等相关费用，冶炼企业几乎没有利润，因此，冶炼企业继续下调出厂价的可能较小；二是随着价格的回落，部分受到节后高锌价抑制的消费开始恢复。
因此，笔者认为19000左右的锌价已经被市场认可，虽然短期存在继续下探的可能，但市场价格重心继续下移的可能较小。
2.海外市场：消费疲软
而伦敦市场方面，情况似乎更加糟糕，现货锌继续维持高贴水的状况，与此同时，现货库存持续增加。目前中国出口0#锌亏损超过200美元，这从另一个侧面表明了欧美市场的消费状况相比中国更加糟糕。
由于美国经济恢复主要是对欧美市场以及中国的出口产生影响，所以欧美市场的消费何时恢复对锌市场整体需求影响较大，而LME0/3的升贴水将是一个重要的指标，因为它对于消费启动的反应最为敏感。
通过对目前锌市场的分析，笔者发现中国市场已经出现了“成本支撑”的迹象，但全球消费仍然较为疲软，而与中国相比，欧美市场更为疲软，锌价走强的条件仍然不成熟。
小结
整体而言，成本支撑基本可以确定锌价已经触底，但由于需求疲软，能否反转仍需观察，重要的时间窗口在于今年的第二季度，需要重点关注的问题是：美国经济是“衰退”开始，还是“调整”结束？只有美国经济复苏才能刺激锌消费的重新启动，而只有消费启动，才有望拉动锌价上扬。
朱鸣元
Source
一、美国经济：“调整”结束还是“衰退”开始
对于成熟市场而言，股市往往是经济运行的先行指标。而美国股市近期的走势尤其值得关注，因为其运行到了一个极为敏感的阶段。同时，美联储近半年以来已经降息了300个基点，后期可调控的空间越来越小，如果美国经济短期无法见底，那么美联储极可能面临“黔驴技穷”的困境。
1.资本市场：在“牛市”与“熊市”间抉择
由于股指与经济存在极强的相关性，笔者暂且用sp500的周线走势来分析美国经济前景。技术看上，美国sp500指数最近的低点正处于2003年以来此轮上升通道的下轨，且位于此轮上涨的61.8%(黄金分割)位置，将受到较强的技术支撑，同时，也与1月的低点构成双底格局，在技术上预示着股市可能已经触底，或许美国经济的这轮调整即将结束。
但目前尚不能过于乐观。正如股指目前正处于上升通道的底部，如果后市跌破此通道便预示着其将步入漫长的“熊市”。对于美国经济也是一样，如果第二季度经济能够出现企稳的迹象，那其这轮调整可能就此结束。但如果经济状况继续恶化，那么或许经济衰退仅刚刚开始。
2.利率市场：美联储“力挽狂澜”还是“黔驴技穷”
从利率市场的变化我们就看到美联储对于救市的决心：自去年9月18日以来，美联储半年内降息300个基点，联邦基准利率从5.25%骤降至2.25%，大有“破釜沉舟”之气势。这样的政府调控手段在一定程度上能够起到稳定市场信心的作用，同时，大量的资金投放市场，将有效的缓解由于“次贷危机”造成的流动性紧张。
然而，这种手段能否奏效在一定程度上取决于这轮经济下滑究竟是短期调整还是长期衰退。正如前面对于sp500的分析，虽然美国经济出现企稳信号，但目前尚不能肯定美国经济不会陷入衰退。而一旦局势恶化，那么美联储将面临“黔驴技穷”的困境。
就美国经济而言，市场已经给出了美国经济触底的信号，但是目前情况尚不明朗。不过可以肯定地是今年第二季度将是一个重要的时间窗口，是“调整”还是“衰退”即将见分晓。
本文之所以用这么大的篇幅来分析美国经济，是因为锌作为一种重要的工业原料，和经济的相关度是极高的，而且美国是此轮经济调整的源头，美国经济能否企稳将对锌价产生极大的作用：在经济前景不佳时，工业企业是不会大量备原料库存的，而一旦经济复苏，企业的备货极有可能在短期内影响到原料的供求平衡。
二、锌价筑底过程漫长
而就锌市场而言，近期市场需求仍然较为疲软，但是，出现了“成本支撑”迹象，这预示着锌价的下跌空间有限，但锌价的走强最终需要消费来拉动。
1.中国市场：不见“消费拉动”但见“成本支撑”
春节之后，在沪锌期价上涨过程中，现货对期货出现了较大的贴水，贴水幅度一度达到了1000元/吨，接近锌价的5%，这说明我国市场目前的现货需求尚无法推动锌价上扬。
但是，在下跌过程中，现货价格又显得较为坚挺：3月初以来，锌价出现了较大的调整，期货价格自22000左右的高位一度回调到19000一下，然而，现货贴水一路缩小到100元/吨，并一度出现了现货升水。通过对现货市场的了解，基本能从两个方面来解释现货坚挺的原因：一是17000—18000元/吨被认为是锌的生产成本，加上运费等相关费用，冶炼企业几乎没有利润，因此，冶炼企业继续下调出厂价的可能较小；二是随着价格的回落，部分受到节后高锌价抑制的消费开始恢复。
因此，笔者认为19000左右的锌价已经被市场认可，虽然短期存在继续下探的可能，但市场价格重心继续下移的可能较小。
2.海外市场：消费疲软
而伦敦市场方面，情况似乎更加糟糕，现货锌继续维持高贴水的状况，与此同时，现货库存持续增加。目前中国出口0#锌亏损超过200美元，这从另一个侧面表明了欧美市场的消费状况相比中国更加糟糕。
由于美国经济恢复主要是对欧美市场以及中国的出口产生影响，所以欧美市场的消费何时恢复对锌市场整体需求影响较大，而LME0/3的升贴水将是一个重要的指标，因为它对于消费启动的反应最为敏感。
通过对目前锌市场的分析，笔者发现中国市场已经出现了“成本支撑”的迹象，但全球消费仍然较为疲软，而与中国相比，欧美市场更为疲软，锌价走强的条件仍然不成熟。
小结
整体而言，成本支撑基本可以确定锌价已经触底，但由于需求疲软，能否反转仍需观察，重要的时间窗口在于今年的第二季度，需要重点关注的问题是：美国经济是“衰退”开始，还是“调整”结束？只有美国经济复苏才能刺激锌消费的重新启动，而只有消费启动，才有望拉动锌价上扬。
朱鸣元
Source
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