新加坡股市周三收盘走高，因投资者在美国股市前夜上扬鼓舞下继续逢低买进。
新加坡海峡时报指数涨31点，至3087.49点，涨幅1%；该指数30只成份股中有20只上涨。
整体市场348只股票上涨，260只股票下跌。然而成交量依然不大，为12亿股，这意味着投资者都在等待本周将公布的美国大公司收益报告，以从中获得指引。
DBS唯高达(DBS Vickers)表示，鉴于本周余下时间内将迎来一系列业绩报告和经济数据，股市可能会振荡反弹。
DBS唯高达还称，由于当前的市场预期值较低，投资者不太会对业绩报告过于失望，因此股市下行空间有限。
Wednesday, April 16, 2008
Tuesday, April 15, 2008
亚太股市多数上扬
亚太股市周二收盘多数走高，虽然投资者在美国大型公司发布业绩前依然谨慎，但逢低吸纳仍推动东京和中国股市实现反弹。
东京股市收盘走高，市场交投清淡；主要是因为周一股市大幅下挫3.1%之后，投资者逢低买进丰田汽车(Toyota)及其他部分蓝筹股，从而给股市以提振。不过，本周剩余时间投资者不太可能大举买进股票，而会等待美国主要金融机构公布业绩。日经225指数收盘涨73.07点，至12990.58点，涨幅0.6%；该指数周一收盘跌406.22点，跌幅3.1%。东京证交所一部成交量估计为16.67亿股，远低于25日移动均线19.58亿股，但高于上周三的15.08亿股（不包括半日交易的年内最低成交量）。包括东京证交所一部所有股票的东证指数收盘涨9.73点?255.97点，涨幅0.8%。
香港股市出现反弹，受电力供应商类股及中国大陆股市上涨提振。分析师称，市场对中国大陆将采取进一步紧缩政策的担忧情绪限制了香港股市的涨幅，并可能导致股市在短期内出现大幅波动。投资者目前正等待本周发布的大陆重要经济指标，其中包括定于周三发布的第一季度国内生产总值(GDP)数据。恒生指数收盘涨90.13点，至23,901.33点，涨幅0.4%，盘中交易区间为23,613.49点至24,043.89点。成交额降至714.5亿港元，低于周一的748.5亿港元。
中国股市收盘走高，因蓝筹股继周一大幅下挫后获得逢低买盘推动；不过由于投资者担心中国政府可能会在周三公布完第一季度经济数据后采取进一步紧缩货币政策，因此市场涨幅有限。上证综合指数收盘涨1.6%，至3348.35点，盘中曾一度跌至3212.15点，为2007年4月2日以来的最低水平。
深证综合指数涨1.9%，至1028.77点。
澳大利亚股市收盘走高，逆转了五个交易日以来的跌势，澳大利亚央行的积极言论、能源价格走强及针对Insurance Australia Group的收购出价相关事宜推动市场上涨。
基准S&P/ASX 200指数收盘涨58点，至5400.4点，涨幅1.1%，未受美国股市前夜下跌0.2%影响。
新加坡股市收盘走高，受温和逢低买盘提振，但交易员表示，在美国大型企业本周公布业绩前，市场人气将继续保持谨慎。新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
东京股市收盘走高，市场交投清淡；主要是因为周一股市大幅下挫3.1%之后，投资者逢低买进丰田汽车(Toyota)及其他部分蓝筹股，从而给股市以提振。不过，本周剩余时间投资者不太可能大举买进股票，而会等待美国主要金融机构公布业绩。日经225指数收盘涨73.07点，至12990.58点，涨幅0.6%；该指数周一收盘跌406.22点，跌幅3.1%。东京证交所一部成交量估计为16.67亿股，远低于25日移动均线19.58亿股，但高于上周三的15.08亿股（不包括半日交易的年内最低成交量）。包括东京证交所一部所有股票的东证指数收盘涨9.73点?255.97点，涨幅0.8%。
香港股市出现反弹，受电力供应商类股及中国大陆股市上涨提振。分析师称，市场对中国大陆将采取进一步紧缩政策的担忧情绪限制了香港股市的涨幅，并可能导致股市在短期内出现大幅波动。投资者目前正等待本周发布的大陆重要经济指标，其中包括定于周三发布的第一季度国内生产总值(GDP)数据。恒生指数收盘涨90.13点，至23,901.33点，涨幅0.4%，盘中交易区间为23,613.49点至24,043.89点。成交额降至714.5亿港元，低于周一的748.5亿港元。
中国股市收盘走高，因蓝筹股继周一大幅下挫后获得逢低买盘推动；不过由于投资者担心中国政府可能会在周三公布完第一季度经济数据后采取进一步紧缩货币政策，因此市场涨幅有限。上证综合指数收盘涨1.6%，至3348.35点，盘中曾一度跌至3212.15点，为2007年4月2日以来的最低水平。
深证综合指数涨1.9%，至1028.77点。
澳大利亚股市收盘走高，逆转了五个交易日以来的跌势，澳大利亚央行的积极言论、能源价格走强及针对Insurance Australia Group的收购出价相关事宜推动市场上涨。
基准S&P/ASX 200指数收盘涨58点，至5400.4点，涨幅1.1%，未受美国股市前夜下跌0.2%影响。
新加坡股市收盘走高，受温和逢低买盘提振，但交易员表示，在美国大型企业本周公布业绩前，市场人气将继续保持谨慎。新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
新加坡股市收盘走高，市场在美国企业公布业绩前继续保持谨慎
新加坡股市周二收盘走高，受温和逢低买盘提振，但交易员表示，在美国大型企业本周公布业绩前，市场人气将继续保持谨慎。
新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
该指数30只成份股中有19只上涨；整体市场有326只股票上涨，262只股票下跌。
市场交投清淡，成交量为11亿股。
AmFraser研究部门的资深副总裁Najeeb Jarhom表示，股指不可能会跌破2800点。
海峡时报指数很有可能会在未来一到两个月中触及50%回撤目标3250-3300点。
新加坡海峡时报指数收盘涨13.53点，至3056.49点，涨幅0.4%。
该指数30只成份股中有19只上涨；整体市场有326只股票上涨，262只股票下跌。
市场交投清淡，成交量为11亿股。
AmFraser研究部门的资深副总裁Najeeb Jarhom表示，股指不可能会跌破2800点。
海峡时报指数很有可能会在未来一到两个月中触及50%回撤目标3250-3300点。
CIMB Report - 15 April 2008
Singapore What's on the table
China Fishery Group (S$1.49) - Improving efficiency of fishmeal operations China Fishery has announced the acquisition of its eighth fishmeal plant for US$19.9m. The new plant with a steam-dried fishmeal processing capacity of 110 tonnes/hour is located in the central-southern part of Peru, complementing its existing fishmeal processing plants along the northern coast.
The new plant is expected to improve overall efficiency as it would allow the company's fishing vessels harvesting in nearby waters to dislodge their catch quickly and return to the fishing grounds. However, we maintain our EPS estimates for now as the ability to procure anchovies and not processing capacity is the critical factor. Maintain Outperform. The company continues to trade at a discount to our unchanged target price of S$3.30, still based on 14.0x CY09 P/E, in line with the industry’s normal trading band.
Quick takes
News of the Day
China Fishery Group (S$1.49) - Improving efficiency of fishmeal operations China Fishery has announced the acquisition of its eighth fishmeal plant for US$19.9m. The new plant with a steam-dried fishmeal processing capacity of 110 tonnes/hour is located in the central-southern part of Peru, complementing its existing fishmeal processing plants along the northern coast.
The new plant is expected to improve overall efficiency as it would allow the company's fishing vessels harvesting in nearby waters to dislodge their catch quickly and return to the fishing grounds. However, we maintain our EPS estimates for now as the ability to procure anchovies and not processing capacity is the critical factor. Maintain Outperform. The company continues to trade at a discount to our unchanged target price of S$3.30, still based on 14.0x CY09 P/E, in line with the industry’s normal trading band.
Quick takes
- Pacific Andes (S$0.49) - Acquisition of eighth fishmeal processing plant
- SGX (S$7.93) - 3QFY08 results - Encouraging signs in a downturn
- Singapore Press Holdings (S$4.43) - 2QFY08 results - Still going strong
News of the Day
- Japan shares open higher
- Brazil oil find may be biggest in 30 years
- Wachovia loss hits banks, cancels oil gains
- Record $8bn worth of government tenders up for grabs
- Stronger S$ may weigh down interest rates
- Tuan Sing set to gain from sale of two Aussie hotels
- Dayen to sell Indonesian coal concession
- C&O Pharma in venture with US outfit
DBSVicker Report - 15 April 2008
Singapore Telecom : BUY S$3.87;
Bloomberg: ST SP Associate setback but potential special dividends
Price Target : 12-month S$ 4.35 (Prev S$ 4.50)
By: Sachin Mittal +65 6398 7950
Story: SingTel’s upcoming 4QFY08 results will be clouded by a strong Singapore dollar and not-so strong performance of Indonesian associate Telkomsel. We expect SingTel to complement its regular dividend with a special dividend to be announced with 4QFY08 results.
Point: Three issues surrounding SingTel are (i) concerns of strong appreciation of SGD against the Indian rupee that could impact earnings and valuation contribution of its Indian associate - Bharti in terms of SGD; (ii) significant reduction in tariff of Indonesian associate Telkomsel that could lower its earnings contribution; and (iii) SingTel potentially paying 8-10 cents in special dividends on top of the 6.5 cents regular dividend with 4QFY08 results.
Relevance: We trimmed our pre-exceptional estimates for FY08F and FY09F by 1.4% and 3.7%, respectively. Overall, net profit for FY08F is unchanged due to S$155m exceptional income (evident in 9M08 results) compared to our assumption of S$100m. SingTel remains a BUY with a new sum-of-parts (SOP) based valuation of S$4.35 (prev. S$4.50) due to lower contribution from Telkomsel and Bharti.
SPH: BUY S$4.43;
Bloomberg: SPH SP Core business going strong;
Price Target : 12-month S$ 5.80
BY; Paul Yong +65 6398 7951
Story: SPH reported a good set of operating results as at 1H08, which helped to offset poorer investment income. 1H08 PBT for the core newsprint and magazine business rose by 16% yoy to S$191m, boosted by double-digit ad revenue growth whilst PBT for Treasury and Investment dropped by 76% yoy to S$14.5m, due to a lack of special dividends and a poor equities market. Stronger contribution from the property segment, boosted by contribution from Sky@Eleven also helped offset lower investment income. As at halftime, net earnings for the Group declined by 2% yoy to S$212m. An S 8cts dividend was declared, vs S 7 cts a year ago.
Point: SPH continues to benefit from strong consumer sentiment in Singapore, as evidenced by the double-digit growth in ad spend in 2Q08 and we believe the Group can post double digit earnings growth for the full year for this business even with a slower second half. Meanwhile, we have lowered our investment income projections for FY08 and FY09 and also factored in a delay in construction for Sky@Eleven, which has been affected somewhat by a shortage in manpower and bad weather. These changes have not impacted our sum-of-the-parts valuation for SPH.
Relevance: We continue to like SPH for its attractive valuation and as a defensive stock, backed by a net yield of 7.2% (premised on 90% payout of EBIT; in line with last 6 years), and re-iterate our BUY call. Our 12-month target price is S$5.80, based on SOTP valuation.
Bloomberg: ST SP Associate setback but potential special dividends
Price Target : 12-month S$ 4.35 (Prev S$ 4.50)
By: Sachin Mittal +65 6398 7950
Story: SingTel’s upcoming 4QFY08 results will be clouded by a strong Singapore dollar and not-so strong performance of Indonesian associate Telkomsel. We expect SingTel to complement its regular dividend with a special dividend to be announced with 4QFY08 results.
Point: Three issues surrounding SingTel are (i) concerns of strong appreciation of SGD against the Indian rupee that could impact earnings and valuation contribution of its Indian associate - Bharti in terms of SGD; (ii) significant reduction in tariff of Indonesian associate Telkomsel that could lower its earnings contribution; and (iii) SingTel potentially paying 8-10 cents in special dividends on top of the 6.5 cents regular dividend with 4QFY08 results.
Relevance: We trimmed our pre-exceptional estimates for FY08F and FY09F by 1.4% and 3.7%, respectively. Overall, net profit for FY08F is unchanged due to S$155m exceptional income (evident in 9M08 results) compared to our assumption of S$100m. SingTel remains a BUY with a new sum-of-parts (SOP) based valuation of S$4.35 (prev. S$4.50) due to lower contribution from Telkomsel and Bharti.
SPH: BUY S$4.43;
Bloomberg: SPH SP Core business going strong;
Price Target : 12-month S$ 5.80
BY; Paul Yong +65 6398 7951
Story: SPH reported a good set of operating results as at 1H08, which helped to offset poorer investment income. 1H08 PBT for the core newsprint and magazine business rose by 16% yoy to S$191m, boosted by double-digit ad revenue growth whilst PBT for Treasury and Investment dropped by 76% yoy to S$14.5m, due to a lack of special dividends and a poor equities market. Stronger contribution from the property segment, boosted by contribution from Sky@Eleven also helped offset lower investment income. As at halftime, net earnings for the Group declined by 2% yoy to S$212m. An S 8cts dividend was declared, vs S 7 cts a year ago.
Point: SPH continues to benefit from strong consumer sentiment in Singapore, as evidenced by the double-digit growth in ad spend in 2Q08 and we believe the Group can post double digit earnings growth for the full year for this business even with a slower second half. Meanwhile, we have lowered our investment income projections for FY08 and FY09 and also factored in a delay in construction for Sky@Eleven, which has been affected somewhat by a shortage in manpower and bad weather. These changes have not impacted our sum-of-the-parts valuation for SPH.
Relevance: We continue to like SPH for its attractive valuation and as a defensive stock, backed by a net yield of 7.2% (premised on 90% payout of EBIT; in line with last 6 years), and re-iterate our BUY call. Our 12-month target price is S$5.80, based on SOTP valuation.
OCBC Report - 15 April 2008
Singapore Exchange: Strong 3Q despite uncertain market
Summary: Singapore Exchange posted 3Q earnings of S$101.5m, +14% YoY (-35% QoQ), in line with market estimate of S$103m. The QoQ decline was due to the slowdown in the securities market, but mitigated by derivatives market revenue which grew 36% YoY to S$39m. Moving ahead, there are several pockets of growth for SGX despite present uncertain market conditions.
The increase in the net clearing fee for the MSCI Singapore futures and CNX Nifty futures with effect from 1 April 2008 should help to support revenue contribution from the Derivatives segment.
The Structured Warrant segment registered 9-month traded value of S$24.5b, surpassing the S$18.8b in FY07. The ETF segment jumped 127% YoY to S$1500m in 9MFY08. Management has declared a 3Q dividend of 3 cents, payable on 13 May 2008.
We have raised our FY08 earnings estimate to S$460.5m. Using the same parameter of 21x earnings, we are raising our fair value estimate from S$8.20 to S$8.80. At this level, yield is still attractive at 4.1%. We are therefore retaining our BUY rating on the stock. (Carmen Lee)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Singapore Press Holdings: Still a Stalwart
Summary: SPH reported its 2Q08 results yesterday with topline rising 19% YoY to S$301.8m but net profit declined 6.3% YoY to S$99.6m. This was primarily due to lower than expected recognition from the Sky@Eleven project and weaker investment income.
About S$150m has been committed for investment into new media businesses which we anticipate is currently loss making. Along with yearly annual increments, this expansion has caused staff costs to rise 12% YoY to S$159m at half time.
We expect SPH to ride its monopolistic market position in the growing Singapore economy to insulate itself against the slowing western economies. Paragon will continue to contribute strongly to the group due to strong rental income and increased NLA by Oct 08 with its S$82m makeover.
Assuming a similar payout ratio as previous years, we estimate that the stock’s dividend yield could be 5.7% in FY08, making SPH an attractive defensive play for a shaky market. Using SOTP, we raise our fair value slightly to S$5.15 (vs. S$5.14) as SPH pays down its debt for Paragon. Maintain BUY. (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pacific Andes Holdings: Widening its Peru footprint
Summary: Pacific Andes Holdings (PAH) announced that its subsidiary, China Fishery Group Limited (CFG) has entered into an agreement to buy the entire share capital of Epesca Pisco S.A.C for US$19.9m. This marks its eight fishmeal plant in Peru.
This acquisition comes with one fishmeal plant and three fishmeal depots, increasing its processing capacity by 110 tons per hour to 655 tons per hour. In addition, this plant is located in the south of Lima, complementing its existing operations in the north and central parts of Peru. We view this acquisition as complementary to its operations and retain our BUY rating for PAH with fair value estimate of 82.5 cents. As its FY08 result is coming out soon, we will review our numbers then. (Carmen Lee)
Li Heng Chemical Fibre: Weaving a good FY07 showing
Summary: Li Heng Chemical Fibre Technologies (Li Heng) posted a good set of FY07 results, with revenue up 62.6% at RMB2758.1m, buoyed by strong demand for its high-end nylon yarn products, which it was able to meet by the first full-year operation of its Liheng plant at Binhai Industrial Zone. New products, namely nylon FDY and DTY, contributed positively to its product mix and output.
And thanks to higher ASPs of these products, Li Heng was able to hold its gross margin stable at 34.3% (versus 35.0% in FY06), despite higher raw material prices. Net profit jumped 89.4% to RMB905.1m, in part aided by a tax exemption, which helped to offset higher depreciation (+68.0% at RMB46.9m) and interest cost (+108.4% at RMB21.5m). We will have more after we speak to management later. We currently do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
Summary: Singapore Exchange posted 3Q earnings of S$101.5m, +14% YoY (-35% QoQ), in line with market estimate of S$103m. The QoQ decline was due to the slowdown in the securities market, but mitigated by derivatives market revenue which grew 36% YoY to S$39m. Moving ahead, there are several pockets of growth for SGX despite present uncertain market conditions.
The increase in the net clearing fee for the MSCI Singapore futures and CNX Nifty futures with effect from 1 April 2008 should help to support revenue contribution from the Derivatives segment.
The Structured Warrant segment registered 9-month traded value of S$24.5b, surpassing the S$18.8b in FY07. The ETF segment jumped 127% YoY to S$1500m in 9MFY08. Management has declared a 3Q dividend of 3 cents, payable on 13 May 2008.
We have raised our FY08 earnings estimate to S$460.5m. Using the same parameter of 21x earnings, we are raising our fair value estimate from S$8.20 to S$8.80. At this level, yield is still attractive at 4.1%. We are therefore retaining our BUY rating on the stock. (Carmen Lee)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Singapore Press Holdings: Still a Stalwart
Summary: SPH reported its 2Q08 results yesterday with topline rising 19% YoY to S$301.8m but net profit declined 6.3% YoY to S$99.6m. This was primarily due to lower than expected recognition from the Sky@Eleven project and weaker investment income.
About S$150m has been committed for investment into new media businesses which we anticipate is currently loss making. Along with yearly annual increments, this expansion has caused staff costs to rise 12% YoY to S$159m at half time.
We expect SPH to ride its monopolistic market position in the growing Singapore economy to insulate itself against the slowing western economies. Paragon will continue to contribute strongly to the group due to strong rental income and increased NLA by Oct 08 with its S$82m makeover.
Assuming a similar payout ratio as previous years, we estimate that the stock’s dividend yield could be 5.7% in FY08, making SPH an attractive defensive play for a shaky market. Using SOTP, we raise our fair value slightly to S$5.15 (vs. S$5.14) as SPH pays down its debt for Paragon. Maintain BUY. (Kelly Chia)
For more information on the above, visit www.ocbcresearch.com for detailed report.
Pacific Andes Holdings: Widening its Peru footprint
Summary: Pacific Andes Holdings (PAH) announced that its subsidiary, China Fishery Group Limited (CFG) has entered into an agreement to buy the entire share capital of Epesca Pisco S.A.C for US$19.9m. This marks its eight fishmeal plant in Peru.
This acquisition comes with one fishmeal plant and three fishmeal depots, increasing its processing capacity by 110 tons per hour to 655 tons per hour. In addition, this plant is located in the south of Lima, complementing its existing operations in the north and central parts of Peru. We view this acquisition as complementary to its operations and retain our BUY rating for PAH with fair value estimate of 82.5 cents. As its FY08 result is coming out soon, we will review our numbers then. (Carmen Lee)
Li Heng Chemical Fibre: Weaving a good FY07 showing
Summary: Li Heng Chemical Fibre Technologies (Li Heng) posted a good set of FY07 results, with revenue up 62.6% at RMB2758.1m, buoyed by strong demand for its high-end nylon yarn products, which it was able to meet by the first full-year operation of its Liheng plant at Binhai Industrial Zone. New products, namely nylon FDY and DTY, contributed positively to its product mix and output.
And thanks to higher ASPs of these products, Li Heng was able to hold its gross margin stable at 34.3% (versus 35.0% in FY06), despite higher raw material prices. Net profit jumped 89.4% to RMB905.1m, in part aided by a tax exemption, which helped to offset higher depreciation (+68.0% at RMB46.9m) and interest cost (+108.4% at RMB21.5m). We will have more after we speak to management later. We currently do not have a rating on the stock. (Carey Wong)
For more information on the above, visit www.ocbcresearch.com for detailed report.
NEWS HEADLINES
- US benchmark crude hit US$111.76 per barrel – an all-time high, even after adjusting prices during past booms for inflation.
- Wachovia Corp, the fourth-largest US bank, reported an unexpected 1Q loss, cut its dividend and said it will raise about US$7b in a share sale to replenish capital.
- China’s central bank chief said there’s still room to raise interest rates after six increases last year, as China tries to counter the highest inflation since 1996.
- Indonesia said it is unlikely to import rice from other Asian nations in 2008 because of big local harvests, reducing pressure on global supplies.
- The Singapore government is calling for S$5.8b worth of tenders in the construction sector this fiscal year. All in, its tenders for FY08 will touch a record S$8b.
- Yongnam Holdings has entered into a JV with Japan’s JFE Engineering Corp to undertake a S$50.3m contract for the Marina Bay Sands IR. This marks Yongnam’s second set of contracts for the IR.
- C&O Pharma is setting up a JV with a US contract research organization, XenoBiotic Labs as demand for research outsourced to Asia booms.
世界银行警告 雅加达2025年可能被海水淹没
（雅加达法新电）世界银行警告，印尼首都雅加达正在下沉；如果印尼当局再不采取行动，这个拥有1200万人口的沿海城市，将在2025年后逐渐被海水淹没。
世界银行一份最新研究报告指出，如果印尼当局不采取预防措施，到了2025年12月6日，海水将往内陆挺进5公里，一直来到印尼总统府，甚至完全淹没雅加达北部的历史古城。
专家说，2025年年底，是一个18.6年为一周的天文周期的下一个高峰点，到时爪哇海平面将升高，足以吞噬雅加达的低洼地区。
参与此项研究的荷兰代尔夫特水资源研究院工程师布林克曼认为，全球气候暖化的确造成海平面上升，但雅加达被海水入侵的主要因素是该城市过度发展，造成地面不堪建筑物的重量而下沉。
布林克曼说：“雅加达被淹没的主要原因，不是气候暖化或其他因素，而是雅加达正在下沉……我们可以准确地预计，海水什么时候会涌入雅加达。”
据联合国政府间气候变化委员会（IPCC）预测，到了2025年，海平面将只上升5公分，但布林克曼说，届时雅加达将下沉40至60公分。
除了建筑物的重压之外，雅加达工厂、酒店和富裕居民，无节制地抽取地下水，也使问题恶化。
世界银行已呼吁雅加达停止开采深层地下水，雅加达市政府也提高了地下水的价格，但情况至今仍没有得到显著改善。
布林克曼说：“如果不采取行动解决抽取地下水的问题，（到了2025年）雅加达部分地区将下沉5米。”
他也警告，2025年12月6日是潮汐周期的高潮，但之前极可能发生多场水灾。
Source
世界银行一份最新研究报告指出，如果印尼当局不采取预防措施，到了2025年12月6日，海水将往内陆挺进5公里，一直来到印尼总统府，甚至完全淹没雅加达北部的历史古城。
专家说，2025年年底，是一个18.6年为一周的天文周期的下一个高峰点，到时爪哇海平面将升高，足以吞噬雅加达的低洼地区。
参与此项研究的荷兰代尔夫特水资源研究院工程师布林克曼认为，全球气候暖化的确造成海平面上升，但雅加达被海水入侵的主要因素是该城市过度发展，造成地面不堪建筑物的重量而下沉。
布林克曼说：“雅加达被淹没的主要原因，不是气候暖化或其他因素，而是雅加达正在下沉……我们可以准确地预计，海水什么时候会涌入雅加达。”
据联合国政府间气候变化委员会（IPCC）预测，到了2025年，海平面将只上升5公分，但布林克曼说，届时雅加达将下沉40至60公分。
除了建筑物的重压之外，雅加达工厂、酒店和富裕居民，无节制地抽取地下水，也使问题恶化。
世界银行已呼吁雅加达停止开采深层地下水，雅加达市政府也提高了地下水的价格，但情况至今仍没有得到显著改善。
布林克曼说：“如果不采取行动解决抽取地下水的问题，（到了2025年）雅加达部分地区将下沉5米。”
他也警告，2025年12月6日是潮汐周期的高潮，但之前极可能发生多场水灾。
Source
Singapore Hot Stocks-SGX, Singapore Press in focus
SINGAPORE, April 15 (Reuters) - Singapore Exchange may be in focus on Tuesday after the bourse operator posted its smallest profit in four quarters.
U.S. stocks edged lower on Monday after an unexpected quarterly loss from Wachovia Corp dragged down the financial sector, overshadowing strong gains in energy companies as oil closed at a record.
Stocks and factors to watch:
(Reporting by Tan Wei Xin; Editing by Jan Dahinten)
U.S. stocks edged lower on Monday after an unexpected quarterly loss from Wachovia Corp dragged down the financial sector, overshadowing strong gains in energy companies as oil closed at a record.
Stocks and factors to watch:
- Singapore Exchange, Asia's second-biggest listed bourse, reported net profit of S$101.5 million ($75 million) as trading volumes slowed due to weakness in global markets. [ID:nSIN142889]
- Singapore Press Holdings, Southeast Asia's biggest newspaper publisher, said its quarterly profit fell 6.3 percent due to a sharp drop in investment income coupled with higher costs, and warned it may suffer from a slowing economy. [ID:nSIN139384]
- Shipbuilder and repair firm Cosco Corp (Singapore) plans to quote some future contracts in Chinese yuan and euros and the company has yet to receive initial payment for seven vessels valued at $280 million, Cosco said in response to queries from the stock market. [ID:nSN4E81891]
- Private equity firm MBK Partners said it has extended a deadline for shareholders to accept its takeover offer for drug company AsiaPharm for another eight days to last until April 22. [ID:nSP249135]
- Singapore's benchmark Straits Times Index fell 2.68 percent to 3,042.96 points on Monday.
- The Dow Jones Industrial Average lost 0.19 percent to 12,302.06 points and the Nasdaq Composite Index lost 0.63 percent to 2,275.82 points.
(Reporting by Tan Wei Xin; Editing by Jan Dahinten)
Friday, April 11, 2008
Singapore Hot Stocks-Cosco up on Credit Suisse recommendation
SINGAPORE, April 11 (Reuters) - Cosco Corp rose as much as 3.2 percent to S$2.94 on Friday, with 14 million shares traded, as Credit Suisse said it expected the stock to outperform.
Citi analysts had downgraded the stock to "sell" from "buy" and cut its share price target to S$2.70 from S$4.50, citing margin contraction and slowing order book momentum. For more details, double-click on [ID:nSGC001897].
But Credit Suisse disagreed and kept its "outperform" rating on Cosco with a target price of S$4.40 as it does not expect changes in its estimates based on the net change in Cosco's order book.
"We have reviewed Cosco's order book, contract by contract ... and we do not believe a wholesale meltdown of Cosco's S$9.2 billion order book will occur. Severity of market reaction does not appear to be justified," Credit Suisse analysts said in a client note.
0146 GMT - Straits Times Index <.FTSTI> up 0.96 percent.
Citi analysts had downgraded the stock to "sell" from "buy" and cut its share price target to S$2.70 from S$4.50, citing margin contraction and slowing order book momentum. For more details, double-click on [ID:nSGC001897].
But Credit Suisse disagreed and kept its "outperform" rating on Cosco with a target price of S$4.40 as it does not expect changes in its estimates based on the net change in Cosco's order book.
"We have reviewed Cosco's order book, contract by contract ... and we do not believe a wholesale meltdown of Cosco's S$9.2 billion order book will occur. Severity of market reaction does not appear to be justified," Credit Suisse analysts said in a client note.
0146 GMT - Straits Times Index <.FTSTI> up 0.96 percent.
Ma Ying-jeou Pledges to Open Up Gambling Business
Taipei, April 10, 2008 (CENS)--President-elect Ma Ying-jeou pledged yesterday (April 9) to push opening up of gambling business after swearing into office by revising the Statute for Offshore Island Development, a move expected to benefit mainly Penghu whose residents have been advocating permission for it to develop gambling business in order to invigorate its sluggish economy.
Ma made the announcement during a trip to Penghu to express his gratitude for the support of its residents for him during the presidential election, adding that after the revision of the aforementioned statute, the central government will be able to delegate municipal governments to decide whether to develop gambling business, preferably after achieving consensus among local people via either resolution of local assemblies or regional referendum.
Ma also noted that Makung airport of Penghu will be among the first batch of airports permitted to engage in direct cross-Taiwan Strait flights, which will facilitate effort of the local tourist industry to solicit Chinese tourists from coastal areas in Southern China, notably southern Fujian Province.
In fact, Penghu has been gearing up for development of gambling business in recent years, as the county government has planned to permit initiation of gambling business at four sites, including Meijing Fengkuei vacation resort, Great Penghu International Vacation Resort, a site of Penghu Oceanic Development Co. and a four-hectare plot owned by the county government.
Wang Chien-kang, Penghu county magistrate, noted that four foreign conglomerates, including Malaysia`s Genting Group, have expressed interest in investing in gambling business in Penghu, attracted as they are by Penghu`s favorable conditions, including convenient access to Makung airport via international charter flights.
Except Penghu, a number of other municipalities are also actively seeking permission for the development of gambling business, including Taipei county, Kaohsiung county, Miaoli county, Taoyuan county, Taichung city, Changhua county, and Taitung county.
Four leading U.S. gambling business groups, MGM, Harras, SANDS, and Wynn, have provided information to the government in formulating the statute for casino management, via the mediation of the Nevada state office in Taipei.
Charlyne Chen, Taipei representative of the Nevada state government, reported that the four U.S. groups are evaluating proper sites for their potential gambling business in Taiwan.
Source
Ma made the announcement during a trip to Penghu to express his gratitude for the support of its residents for him during the presidential election, adding that after the revision of the aforementioned statute, the central government will be able to delegate municipal governments to decide whether to develop gambling business, preferably after achieving consensus among local people via either resolution of local assemblies or regional referendum.
Ma also noted that Makung airport of Penghu will be among the first batch of airports permitted to engage in direct cross-Taiwan Strait flights, which will facilitate effort of the local tourist industry to solicit Chinese tourists from coastal areas in Southern China, notably southern Fujian Province.
In fact, Penghu has been gearing up for development of gambling business in recent years, as the county government has planned to permit initiation of gambling business at four sites, including Meijing Fengkuei vacation resort, Great Penghu International Vacation Resort, a site of Penghu Oceanic Development Co. and a four-hectare plot owned by the county government.
Wang Chien-kang, Penghu county magistrate, noted that four foreign conglomerates, including Malaysia`s Genting Group, have expressed interest in investing in gambling business in Penghu, attracted as they are by Penghu`s favorable conditions, including convenient access to Makung airport via international charter flights.
Except Penghu, a number of other municipalities are also actively seeking permission for the development of gambling business, including Taipei county, Kaohsiung county, Miaoli county, Taoyuan county, Taichung city, Changhua county, and Taitung county.
Four leading U.S. gambling business groups, MGM, Harras, SANDS, and Wynn, have provided information to the government in formulating the statute for casino management, via the mediation of the Nevada state office in Taipei.
Charlyne Chen, Taipei representative of the Nevada state government, reported that the four U.S. groups are evaluating proper sites for their potential gambling business in Taiwan.
Source
Genting Intl invests another RM924m in RWS
PETALING JAYA: Genting International Plc is pumping an additional S$400 million (RM924.15 million) into its wholly owned Resorts World at Sentosa Pte Ltd (RWS) by subscribing to 400 million new shares in the firm.
In a statement yesterday, the integrated resorts specialist said the additional investment, via its unit Star Eagle Holdings Ltd, raised its investment in RWS to S$1.5 billlion from S$1.1 billiion.
Genting International had used proceeds from its three-for-five-rights issue of 3.61 million shares at 60 cents apiece for the S$400 million subscription.
The firm said the additional investment in RWS was not expected to have any material impact on the its consolidated net tangible assets and earnings per share for its fiscal year ending Dec 31, 2008.
RWS, incorporated in Singapore in 2005, had on Dec 8, 2006 obtained the right from the Singapore government to develop an integrated resort project on Sentosa Island.
The family resort, with an estimated investment of S$5 billion, is targeted for completion in 2010. It will be home to Universal Studios Singapore, which is the region’s first Universal Studios theme park, and also the world’s largest oceanarium Quest Marine Life Park.
Source
In a statement yesterday, the integrated resorts specialist said the additional investment, via its unit Star Eagle Holdings Ltd, raised its investment in RWS to S$1.5 billlion from S$1.1 billiion.
Genting International had used proceeds from its three-for-five-rights issue of 3.61 million shares at 60 cents apiece for the S$400 million subscription.
The firm said the additional investment in RWS was not expected to have any material impact on the its consolidated net tangible assets and earnings per share for its fiscal year ending Dec 31, 2008.
RWS, incorporated in Singapore in 2005, had on Dec 8, 2006 obtained the right from the Singapore government to develop an integrated resort project on Sentosa Island.
The family resort, with an estimated investment of S$5 billion, is targeted for completion in 2010. It will be home to Universal Studios Singapore, which is the region’s first Universal Studios theme park, and also the world’s largest oceanarium Quest Marine Life Park.
Source
新加坡股市收盘走高，因美国股市上扬；预计上行空间有限
新加坡股市周五收盘走高，与前夜美国股市及亚洲主要股市走势一致，一举逆转此前三个交易日的颓势。
不过，交易员们表示，新加坡收益季来临之前，股市上涨空间有限。
新加坡海峡时报指数收盘上涨62.27点，至3126.87点，涨幅2%。
该指数30只成份股中有23只上涨；整体市场有396只股票上涨，227只股票下跌。
市况清淡，成交量13亿股，预示短线上行空间有限，因收益季来临之前，投资者交投愈加谨慎。
不过，交易员们表示，新加坡收益季来临之前，股市上涨空间有限。
新加坡海峡时报指数收盘上涨62.27点，至3126.87点，涨幅2%。
该指数30只成份股中有23只上涨；整体市场有396只股票上涨，227只股票下跌。
市况清淡，成交量13亿股，预示短线上行空间有限，因收益季来临之前，投资者交投愈加谨慎。
新加坡海峡时报指数午盘涨0.9%；阻力位看3130点
新加坡股市午盘走高，追随亚洲多数市场的涨势，但市场交投温和，表明大多投资者仍在离场观望。
海峡时报指数午盘涨0.9%，至3092.84点，多数成份股走高。
若大盘突破3100点，或将在周二收盘水平3130点处遇阻。
DBS唯高达指出，自市场周二回落以来，投资者依然谨慎。称，中远投资(F83.SG)昨日因订单意外被取消而下跌，这意味着只要有一点风吹草动，投资者们随时都会离场。
中远投资涨1.4%，至2.89新元。富时海峡时报所有股指数涨0.8%，至787.01点。
海峡时报指数午盘涨0.9%，至3092.84点，多数成份股走高。
若大盘突破3100点，或将在周二收盘水平3130点处遇阻。
DBS唯高达指出，自市场周二回落以来，投资者依然谨慎。称，中远投资(F83.SG)昨日因订单意外被取消而下跌，这意味着只要有一点风吹草动，投资者们随时都会离场。
中远投资涨1.4%，至2.89新元。富时海峡时报所有股指数涨0.8%，至787.01点。
Thursday, April 10, 2008
Construction of Singapore's first Hard Rock Hotel to start in May
SINGAPORE: Construction of Singapore's first Hard Rock Hotel, which will be located at the upcoming Resorts World at Sentosa, will begin in May. The 360-room hotel is one of six to be developed, and fans and visitors will be grooving to it when the famous chain opens in 2010.
Together, the hotels will provide 1,800 rooms, but this may still not be enough. Elena Arabadjieva, Deputy Vice-President, Resort Marketing, Resorts World at Sentosa, said: "We have 15 million visitors projected for the first year of operation, out of which 60% will be from overseas. "
We will definitely have challenges accommodating all our guests. Therefore, we are working with the hotels on the island to forge out some partnership. "In the years to come, we are looking at different opportunities, from block booking part of the properties and other forms of partnership."
The S$346 million five-star hotel will have 20 conference rooms which are expected to be in high demand, especially the massive ballroom with no columns. This will be located at the basement of the Hard Rock Hotel and could take up to 7,300 people.
The Hard Rock Hotel chain has operations in the US and around the region, including Bali, Penang and Pattaya. Resorts World has been promoting its wide range of offerings in trade shows overseas.
It is expected to rev up its marketing activities in 2009 in Southeast and North Asia, Australia as well as Europe. The Hard Rock Hotel is part of the S$6 billion resort development. It is also the first of six hotels to begin construction work after the building contract was awarded to Low Keng Huat Limited.
The construction firm edged out two other bidders to secure the deal. Resorts World said Low Keng Huat was selected based on its proven track record and its expertise in building construction and property development, especially in the hospitality-related sectors.
This deal is the latest in a string of construction contracts amounting to over S$1 billion that have been awarded so far. - CNA/vm
Source
Related Videos
Together, the hotels will provide 1,800 rooms, but this may still not be enough. Elena Arabadjieva, Deputy Vice-President, Resort Marketing, Resorts World at Sentosa, said: "We have 15 million visitors projected for the first year of operation, out of which 60% will be from overseas. "
We will definitely have challenges accommodating all our guests. Therefore, we are working with the hotels on the island to forge out some partnership. "In the years to come, we are looking at different opportunities, from block booking part of the properties and other forms of partnership."
The S$346 million five-star hotel will have 20 conference rooms which are expected to be in high demand, especially the massive ballroom with no columns. This will be located at the basement of the Hard Rock Hotel and could take up to 7,300 people.
The Hard Rock Hotel chain has operations in the US and around the region, including Bali, Penang and Pattaya. Resorts World has been promoting its wide range of offerings in trade shows overseas.
It is expected to rev up its marketing activities in 2009 in Southeast and North Asia, Australia as well as Europe. The Hard Rock Hotel is part of the S$6 billion resort development. It is also the first of six hotels to begin construction work after the building contract was awarded to Low Keng Huat Limited.
The construction firm edged out two other bidders to secure the deal. Resorts World said Low Keng Huat was selected based on its proven track record and its expertise in building construction and property development, especially in the hospitality-related sectors.
This deal is the latest in a string of construction contracts amounting to over S$1 billion that have been awarded so far. - CNA/vm
Source
Related Videos
S$400m increase in investments in Resorts World at Sentosa
SINGAPORE: Genting International is injecting an additional S$400 million into the integrated resort at Sentosa.
Genting said the funds will come in part from a rights issue of 400 million new ordinary shares. This will be done through its wholly-owned subsidiary, Star Eagle Holdings Limited.
Resorts World at Sentosa is slated to open in early 2010.
Genting won the bid to build the S$6 billion integrated resort in 2006. It had earlier secured more than S$4.19 billion in syndicated funding to pay for the mega project.
The funding is a record for Genting and one of the largest syndicated credit deals in Singapore’s banking history. - CNA/vm
Source
Genting said the funds will come in part from a rights issue of 400 million new ordinary shares. This will be done through its wholly-owned subsidiary, Star Eagle Holdings Limited.
Resorts World at Sentosa is slated to open in early 2010.
Genting won the bid to build the S$6 billion integrated resort in 2006. It had earlier secured more than S$4.19 billion in syndicated funding to pay for the mega project.
The funding is a record for Genting and one of the largest syndicated credit deals in Singapore’s banking history. - CNA/vm
Source
Singapore's first farm resort in Lim Chu Kang to offer villas
SINGAPORE: Lim Chu Kang looks all set for a change if the Singapore Land Authority’s plans for the first agri-tainment resort work out. Developers of the agri-tainment farm resort hope to offer visitors a more unconventional experience when it opens its doors later this year.
Visitors will be able to find out how crops like corn and coffee are grown and may even get the chance to harvest their own vegetables. In addition, the five-hectare site, which is equal to the size of six football fields, will have 21 villas and a nearby spa. And the villas will be going for up to S$200 a night.
HLH Agri International is paying S$880,000 for a 20-year lease, which it admits is "cheap". It plans to sub-lease 21 plots to entrepreneurs and will charge 10 per cent of their total earnings in management fees.
Dr Tan Siang Hee, CEO of HLH Agri International, said: "We're going to create the opportunity for people to have a storefront. They can be planting from somewhere else and bringing in the product. "Or in another sense, they could be planting within the 70 square metres that we give them as a demonstration plot."
HLH has refused to disclose other financial details. Each operator will be given a two-year operating permit that will be renewable subject to the overall performance of the operator.
Interested operators will be able to operate rent-free and will only have to pay a minimum management fee. They will need to submit a business plan specifying crop type.
Other nearby farm owners that Channel NewsAsia spoke to said they do not feel threatened by the new resort farm and expect it to help renew interest in the industry.
Developers are aiming to draw 500,000 local and foreign visitors a year with plans to increase that number to 650,000 by 2012. - CNA/vm/ls
Source
Related Video
Visitors will be able to find out how crops like corn and coffee are grown and may even get the chance to harvest their own vegetables. In addition, the five-hectare site, which is equal to the size of six football fields, will have 21 villas and a nearby spa. And the villas will be going for up to S$200 a night.
HLH Agri International is paying S$880,000 for a 20-year lease, which it admits is "cheap". It plans to sub-lease 21 plots to entrepreneurs and will charge 10 per cent of their total earnings in management fees.
Dr Tan Siang Hee, CEO of HLH Agri International, said: "We're going to create the opportunity for people to have a storefront. They can be planting from somewhere else and bringing in the product. "Or in another sense, they could be planting within the 70 square metres that we give them as a demonstration plot."
HLH has refused to disclose other financial details. Each operator will be given a two-year operating permit that will be renewable subject to the overall performance of the operator.
Interested operators will be able to operate rent-free and will only have to pay a minimum management fee. They will need to submit a business plan specifying crop type.
Other nearby farm owners that Channel NewsAsia spoke to said they do not feel threatened by the new resort farm and expect it to help renew interest in the industry.
Developers are aiming to draw 500,000 local and foreign visitors a year with plans to increase that number to 650,000 by 2012. - CNA/vm/ls
Source
Related Video
Wednesday, April 9, 2008
新加坡股市收盘下跌，因投资者等待公司公布业绩
新加坡股市周三收盘走低，因投资者继续等待当地公司即将公布的业绩报告，以期获得新的交投线索。
海峡时报指数收盘跌40.70点，至3089.72点，跌幅1.3%。30只成份股中有22只走低；大盘有412只股票下跌，202只股票上涨。市场交投清淡，成交量为16亿股，低于周二的20亿股。
交易员称，目前股指下行空间有限，因为投资者最近对负面消息的反应不再那么明显。
海峡时报指数收盘跌40.70点，至3089.72点，跌幅1.3%。30只成份股中有22只走低；大盘有412只股票下跌，202只股票上涨。市场交投清淡，成交量为16亿股，低于周二的20亿股。
交易员称，目前股指下行空间有限，因为投资者最近对负面消息的反应不再那么明显。
Tuesday, April 8, 2008
Singapore firm to build Hard Rock Hotel for $247 mln
SINGAPORE, April 8 (Reuters) - Genting International said on Tuesday it has chosen Low Keng Huat (Singapore) to build the city-state's first Hard Rock Hotel in a deal worth more than S$340 million ($246.6 million).
The Hard Rock Hotel will be one of six hotels at the planned S$6 billion Resorts World at Sentosa casino-resort, which is expected to be completed by 2010.
Genting International is the overseas arm of Malaysian gaming giant Genting Bhd.
(Reporting by Kevin Lim; Editing by David Cowell)
The Hard Rock Hotel will be one of six hotels at the planned S$6 billion Resorts World at Sentosa casino-resort, which is expected to be completed by 2010.
Genting International is the overseas arm of Malaysian gaming giant Genting Bhd.
(Reporting by Kevin Lim; Editing by David Cowell)
新加坡股市收盘走低，投资者等待进一步的交易线索
新加坡股市周二收盘走低，经过近期涨势后投资者纷纷平仓，等待来自美国的交易线索以及本地公司业绩。
经纪商表示，很多公司将在几周之内陆续公布业绩，投资者的焦虑情绪可能再次高涨，如果银行公布的亏损大于预期将更是如此。
海峡时报指数收盘跌51.50点，至3130.42点，跌幅1.6%。30只成份股中有26只走低；大盘有243只股票上涨，408只股票下跌。
市场成交量为20亿股，高于周一的17亿股。
经纪商表示，很多公司将在几周之内陆续公布业绩，投资者的焦虑情绪可能再次高涨，如果银行公布的亏损大于预期将更是如此。
海峡时报指数收盘跌51.50点，至3130.42点，跌幅1.6%。30只成份股中有26只走低；大盘有243只股票上涨，408只股票下跌。
市场成交量为20亿股，高于周一的17亿股。
Monday, April 7, 2008
Richardson family lifts Rank stake - report
LONDON (Thomson Financial) - The Richardson family has secretly upped its stake in Rank Group Plc., the embattled casino and bingo operator, to more than 11 pct from 9.3 pct, the Sunday Times reported.
The Richardsons, who have built an estimated 500 million pounds fortune from haulage and property, have been amassing the stake using derivatives known as contracts for difference, through a vehicle called Richardsons Capital.
Rank's shares slumped by more than 10 percent last week following the resignation of Rank's finance director and a statement from Malaysian group Genting, owner of an 11 percent stake in the gaming company, which ruled itself out from making a bid for the group.
Another big investor in Rank is Guoco, a Singaporean group, which could yet make an offer for the business, the report said.
Source
The Richardsons, who have built an estimated 500 million pounds fortune from haulage and property, have been amassing the stake using derivatives known as contracts for difference, through a vehicle called Richardsons Capital.
Rank's shares slumped by more than 10 percent last week following the resignation of Rank's finance director and a statement from Malaysian group Genting, owner of an 11 percent stake in the gaming company, which ruled itself out from making a bid for the group.
Another big investor in Rank is Guoco, a Singaporean group, which could yet make an offer for the business, the report said.
Source
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