AMARA HOLDINGS LTD - Incorporation of Silk Road Restaurant (M) Sdn. Bhd
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C3FA029430ACA0EA4825739C0036A415/$file/IncorporationSilkRoadRestMSdnBhd.pdf?openelement
Saturday, November 24, 2007
Rumour About Genting
Rumour About Genting
Rank looks a sitting duck for a takeover and dealers continue to hear whispers that Malaysian giant Genting is sniffing around. Apparently, it would like to put some casinos into its hotels.
It has been reported that Genting, the Malaysian company that owns Stanley Leisure, is rumoured to be building a stake. However, the source also downplayed a possible bid for Rank by Genting. He said that Genting’s focus is currently on strengthening its presence in its home market of Malaysia, which is “a massive undertaking for them.” The source also added that Genting owns UK-based casino and gaming outfit Stanley Leisure and, as such, a takeover offer of Rank could prove to be anti-competitive as the enlarged entity would own almost half of the existing casino licenses in the UK.
A source familiar with Genting said, “never say never, but I think a Genting bid for Rank in the short term is unlikely.” He explained that they are slightly different businesses; Rank’s main business is bingo. Bingo has taken a big hit in the recent past with the introduction of the smoking ban in the UK.
Rank looks a sitting duck for a takeover and dealers continue to hear whispers that Malaysian giant Genting is sniffing around. Apparently, it would like to put some casinos into its hotels.
It has been reported that Genting, the Malaysian company that owns Stanley Leisure, is rumoured to be building a stake. However, the source also downplayed a possible bid for Rank by Genting. He said that Genting’s focus is currently on strengthening its presence in its home market of Malaysia, which is “a massive undertaking for them.” The source also added that Genting owns UK-based casino and gaming outfit Stanley Leisure and, as such, a takeover offer of Rank could prove to be anti-competitive as the enlarged entity would own almost half of the existing casino licenses in the UK.
A source familiar with Genting said, “never say never, but I think a Genting bid for Rank in the short term is unlikely.” He explained that they are slightly different businesses; Rank’s main business is bingo. Bingo has taken a big hit in the recent past with the introduction of the smoking ban in the UK.
Shoppers start holiday marathon
Shoppers start holiday marathon Black Friday crowds spend an estimated $20 billion.
The big question for the economy: Will they keep buying?
By Parija B. Kavilanz, CNNMoney.com senior writer
November 23 2007: 2:20 PM EST
By Parija B. Kavilanz, CNNMoney.com senior writer
November 23 2007: 2:20 PM EST
NEW YORK (CNNMoney.com) -- Worried retailers and mall operators breathed a sigh of relief after the 2007 holiday shopping marathon off to a robust start Friday.
According to the first early sales estimate, MasterCard Advisors retail analyst Michael McNamara expects Black Friday sales to hit $20 billion. MasterCard Advisors tracks spending made on credit and debit cards as well as cash and check transactions.
McNamara said the estimate represents 5 percent of total expected holiday sales and slightly outpaces last year's Black Friday sales of $19.1 billion.
However, some industry analysts caution that the early buying frenzy could soon peter out - and endanger crucial weekend sales - as millions of pre-dawn shoppers succumb to shopping fatigue.
"The early bird shoppers are definitely out there. But will it last through the day?" said Marshal Cohen, chief industry analyst with market research firm NPD Group.
Already, Cohen estimates that mall traffic in the early hours appeared to be down slightly compared last year.
"I'm basing this on mall parking lot capacity and the actual lines in front of stores before they opened today," Cohen said. "Last year there were 200 to 300 people waiting for stores to open on Black Friday. This year, it's maybe 100. And when these 100 people get in, that's it. I'm not seeing a second big rush into the store."
To his point, a Wal-Mart (Charts, Fortune 500) store in Union, N.J., seemed to attract a smaller crowd than last year for its 5 a.m. opening. The shoppers who came out rushed to grab toys such as the Bratz fashion dolls and Dora products and electronics like the Polaroid 42-inch LCD TV set for $798 and a Magnavox DVD/VHS player for $69.
"[Today] will be an OK sales day, but the big issue is whether or not we'll get a slowdown midday," said Cohen. "I'm waiting to see how sales do today and the weekend. All three days are important, although I think Sunday will be much quieter than last year."
The day after Thanksgiving is dubbed Black Friday because it traditionally marks the day when retailers finally move out of the red, indicating losses, and into the black, representing profit.
It also sets the tone to the four weeks of gift-buying leading up to Christmas. Moreover, November and December, together, can account for as much as 50 percent of merchants' annual profits and sales.
This year's Black Friday rush is even more critical for retailers, who are facing a tepid sales forecast for holiday 2007. The National Retail Federation expects total holiday sales to grow 4 percent to $475 billion, its slowest growth in five years as millions of American households curtail their spending habits amid a housing downturn and other economic pressures.
If holiday sales come in below 4 percent, experts fear it could result in a retail industry shakeout marked by store closings in 2008.
"Retailers still haven't felt the full impact of the housing slump, sub-prime [mortgage] collapse, credit card problems and fuel prices on American households and their ability to spend," said Tim Finley, former CEO of men's specialty chain Jos. A Bank who is now managing director with turnaround consulting firm Alvarez & Marsal.
Retail analyst Britt Beemer said he, too, expects the shopping momentum to wane by mid-afternoon and in the coming weeks.
Vedanta shares jump on speculation of bid from China
Vedanta shares jump on speculation of bid from China
Vedanta Resources plc jumped the most in 17 months in London trading on speculation a Chinese company may buy a stake in India`s largest copper and zinc producer.
Alex Pettifer, a spokesman for London-based Vedanta, declined to comment on "market speculation". "Whether the Vedanta bid speculation is fact or rumor, itseems almost certain that the Chinese will be buyers of resource assets for strategic reasons over the next few years," said Richard Scott, who helps oversee about US$1 billion at Iimia Investment Group in Exeter, England. "
A lot of investors will be reluctant to give up on emerging markets and commodities as a key positive theme, and obviously Vedanta plays to both."
China is seeking access to natural resources to help meet rising commodity demand, driven by its booming economy which expanded 11.5% in the third quarter. It`s the biggest consumer of steel, copper, zinc and aluminum.
The shares rose as much as 220 pence, or 12%, to 2,120 pence in London, and were trading at 2,002 pence as of 10:22 am local time, valuing the company at £5.76 billion (US$11.9 billion).
Vedanta, 54%-owned by billionaire Anil Agarwal, produces copper in Australia, India and Africa. The company is spending more than US$1 billion expanding its copper mine and smelter in Zambia.
It also smelts aluminum and refines zinc. Vedanta was denied permission by the India`s Supreme Court to mine bauxite in Orissa, the Press Trust of India reported on November 23.
The company had asked for rights to mine a forest area of 672 hectares (1,660 acres) in the Niyamgiri region of Kalahandi and Rayagada districts of the eastern Indian state, the agency said.(Bloomberg, November 23)
Vedanta Resources plc jumped the most in 17 months in London trading on speculation a Chinese company may buy a stake in India`s largest copper and zinc producer.
Alex Pettifer, a spokesman for London-based Vedanta, declined to comment on "market speculation". "Whether the Vedanta bid speculation is fact or rumor, itseems almost certain that the Chinese will be buyers of resource assets for strategic reasons over the next few years," said Richard Scott, who helps oversee about US$1 billion at Iimia Investment Group in Exeter, England. "
A lot of investors will be reluctant to give up on emerging markets and commodities as a key positive theme, and obviously Vedanta plays to both."
China is seeking access to natural resources to help meet rising commodity demand, driven by its booming economy which expanded 11.5% in the third quarter. It`s the biggest consumer of steel, copper, zinc and aluminum.
The shares rose as much as 220 pence, or 12%, to 2,120 pence in London, and were trading at 2,002 pence as of 10:22 am local time, valuing the company at £5.76 billion (US$11.9 billion).
Vedanta, 54%-owned by billionaire Anil Agarwal, produces copper in Australia, India and Africa. The company is spending more than US$1 billion expanding its copper mine and smelter in Zambia.
It also smelts aluminum and refines zinc. Vedanta was denied permission by the India`s Supreme Court to mine bauxite in Orissa, the Press Trust of India reported on November 23.
The company had asked for rights to mine a forest area of 672 hectares (1,660 acres) in the Niyamgiri region of Kalahandi and Rayagada districts of the eastern Indian state, the agency said.(Bloomberg, November 23)
Metals - Gold up on weak dollar
Metals - Gold up on weak dollar; volumes light as US holidays continue
November 23, 2007: 07:30 AM EST
LONDON, Nov. 23, 2007 (Thomson Financial delivered by Newstex) -- Gold rose as the dollar remained weak, having hit a record low against the euro in Asian trading hours, which sparked demand from those trading in other currencies as they found the metal to be cheaper.
November 23, 2007: 07:30 AM EST
LONDON, Nov. 23, 2007 (Thomson Financial delivered by Newstex) -- Gold rose as the dollar remained weak, having hit a record low against the euro in Asian trading hours, which sparked demand from those trading in other currencies as they found the metal to be cheaper.
Dollar-denominated gold moves in the opposite direction to the dollar and in line with high oil prices, as it is seen as a hedge against inflation.
Oil, while lower on the day, was still within sight of a record high around 99 usd struck earlier this week.The US was on holiday for Thanksgiving yesterday and although some players have returned to their desks, ongoing celebrations will again keep volumes on the light side and no economic data is scheduled for release.
Gold surged to 845.58 usd an ounce in early November, just 0.5 pct lower than its all-time record high price of 850 usd in January 1990.At 12.02 pm, spot gold was trading up at 809.63 usd per ounce against 803.25 usd in late London trade yesterday. Earlier today gold hit a day-high of 815.60 usd.
Safe-haven buying has also helped lift gold's value. Credit-crunch jitters have hammered equity markets and gold has been bought as a hedge, as it is seen as a safe store of value.'Sentiment remains bullish as the latest credit jitters prompt further safe-haven positioning by investors and speculators...the recent period of consolidation has improved the technical picture, signalling a re-test of 850 usd,' said James Moore, analyst at TheBullionDesk.Com.
Some analysts warned however that after such dramatic price increases, short-term corrections are likely at some point.'There is the potential for short-term price corrections, we would view these in the context of what remains a strong medium-term uptrend for gold,' said Barclays (NYSE:BCS) Capital analysts.
There is also a strong possibility traders might sell off as the end of the year approaches to book profits.'I'm generally still bullish on gold but there is a definite possibility of a correction at the end of the year' said Walter De Wet, analyst at Standard Bank.Looking ahead, there is no important US economic data today to impact the dollar or gold.
In other precious metals, platinum was steady at 1,468 usd per ounce from 1,468.50 usd.Silver was up at 14.54 usd per ounce against 14.53 usd late in London yesterday, while palladium edged down to 349 usd per ounce against 349.50 usd.
美国商品市场：金价在清淡的交投中大幅上扬
2007年11月24日 04:17
黄金期货周五收盘大幅走高，美元最初下跌时金价曾一路飙升。
2007年11月24日 04:17
黄金期货周五收盘大幅走高，美元最初下跌时金价曾一路飙升。
分析师表示，虽然美元后来反弹，但技术因素和原油走强仍令金价走高。本交易日界于感恩节(Thanksgiving)和周末之间，因此交投清淡。
Future Path Trading经纪商兼期货分析师Frank Lesh表示，由于市场交投淡静，金价波幅可能被放大；但投机人士和基金确实把资金重新投向了黄金。
纽约商交所，Comex十二月黄金期货合约收盘大幅上涨26.10美元，至每盎司824.70美元。市场今日提前收盘。
十二月银期货上涨31.5美分，至每盎司14.735美元。一月铂期货涨13.30美元，至每盎司1,480.50美元。十二月钯期货涨3.55美元，至每盎司361.50美元。交投最活跃的三月铜期货合约涨9.95美分，至每磅3.0295美元。
Friday, November 23, 2007
金融市场
新加坡股市收盘微幅走高；未来数周料将反弹
2007年11月23日 18:59
2007年11月23日 18:59
新加坡股市周五收盘微幅走高，可能是追随港股上涨走势，美国股市周四因感恩节(Thanksgiving)休市而没有提供方向指引。
然而本地股市交投振荡，投资者仍等待观察次级抵押贷款危机对美国经济的影响。
海峡时报指数涨13.01点，至3325.89点，涨幅0.4%；成交量仅为14.2亿股，低于周四的17.9亿股。
分析师预计未来数周新加坡股市可能反弹。
大华继显(UOB Kay Hian)在一份报告中表示，该指数可能在3,300点一线走稳，然后涨至接近3,540点的水平；报告补充称，近日股市跌幅过大。
Amara selects Alcatel-Lucent solution
Amara selects Alcatel-Lucent solution
Network solutions provider Alcatel-Lucent has been awarded a contract for the delivery of an IP telephony infrastructure for the Amara Sanctuary Resort Sentosa, a hospitality property in Singapore.
The Amara Sanctuary Resort Sentosa is a 121-room boutique resort to be built by the Amara Group on a 3.5 hectares parcel that includes four old colonial buildings.
Alcatel-Lucent is delivering the OmniPCX Enterprise IP telephony system, which will be fully integrated with special XML software applications jointly developed for the resort with its application partner, Malaysia-based FCS Computer System, a player in communications solutions for the hospitality industry.
Guests will be able to access hotel features and services on IP phones in their own rooms, as well as enjoy wireless IP access throughout the hotel premises.
These features include up-to-date weather reports, tourist and visitor information, and resort facility guides, Alca-Lu noted.
CIMB Report - 23 Nov 2007
What’s on the table
Gems TV Holding Limited (S$0.43) - No total loss of glitter
In spite of poor 1Q08 results, we believe Gems TV can turn around on the back of organic growth in dynamic consumer markets and cost rationalisation. Despite near-term economic challenges in its key new markets (US, Japan and China), its longer-term prospects remain intact, in our view. Surging costs could be turned into an opportunity. Our sensitivity analysis suggests that a 100bp improvement in COGS could boost its net profit by 10%. While we remain upbeat on its longer-term outlook, we have cut our EPS estimates for FY08 to US$0.02 (-38%) and for FY09 to THB0.04 (-35%). As a result, we have lowered our end-CY08 target price from S$1.32 to S$0.78, now based on 13x CY09 P/E (discount to our previous 15x target) and 7x CY09 EV/EBITDA. With a debt-free balance sheet, strong net cash and the potential to offer a 3-year EPS CAGR of above 100%, Gems TV is in a position to stage a comeback, in our view. Maintain OUTPERFORM.
News of the Day
- WBL in the red with full-year loss of $20.2m
- CapitaLand opens new training facility in Sentosa
- Del Monte Pacific acquires S&W brand outside the Americas
- Straits Trading unit to open hotel in UAE
- Innovalues issued profit warning
- SingXpress has acquired of Green Travel Service Pty Ltd
- Koh Brothers Group Ltd has acquired two commercial sites
- NOR Offshore to raise US$150m in Singapore IPO
- DBS says China profits years away
- Hor Kew purchased a residential and commercial land at Malaysia
Trading Ideas - Lian Beng Group
Link to full report including important disclosures
http://www.bestsharing.com/files/6X2OjNe370813/Daybreak-231107.pdf.html
SINGAPORE HYFLUX TRUST
SINGAPORE, Nov 23 (Reuters) - Singapore's Hyflux will raise S$129 million ($89 million) in the initial public offering of its water business trust, having priced the units at the bottom of an indicative price range.
Hyflux Water Trust, which is based on 13 water treatment plants in China, is selling 165 million units priced at S$0.78 in its stock market listing, according to its prospectus filed with the Monetary Authority of Singapore.
Shares in the new trust are scheduled to start trading Dec 3, at 2.00 p.m. (0600 GMT). Hyflux said in a statement that it expects a gain from the divestment of its plants, but the sum will only be known after the offer closes.
Hyflux Chief Executive Officer Olivia Lum said in the statement that the company will subscribe for new units representing 31.5 percent of the new trust to show its commitment to the business.
"Through the establishment of Hyflux Water Trust, Hyflux will be able to pursue our asset-light strategy, recycle our capital and continue to expand and develop our business," Lum added.
JPMorgan is handling the deal, which had an indicative price range of S$0.78 to S$0.91 per unit.
Hyflux Ltd
Corporate Profile
Hyflux Ltd began in 1989 as Hydrochem (S) Pte Ltd, a trading company selling water treatment systems in Singapore, Malaysia and Indonesia and later, China. A little more than a decade later, Hyflux Ltd became the first water treatment company to be listed on the Singapore stock exchange in January 2001 and it is an index stock on the Straits Times Index since March 2005.
Today it has a market capitalization exceeding S$1 billion and is recognized as Asia’s leading environmental company with operations and projects namely in Singapore, China, the Middle East and India.
Specialising in membrane technologies, Hyflux is today an integrated solutions provider offering services that include process design and optimization, pilot testing, fabrication and installation, and engineering, procurement and construction. It is also engaged in the commissioning, operation and maintenance of a wide range of liquid treatment systems on a turnkey or Design-Build-Own-Operate (DBOO) arrangement.
Backed by its membrane and materials research centre in Singapore, the largest in Asia outside of Japan, Hyflux ensures that development of cutting edge membrane technologies is the key driver to spearhead sustainable company growth. Hyflux leverages on its technologies to develop a comprehensive range of membranes - polymeric, stainless steel and ceramic for a wide range of applications in the pharmaceuticals, biotechnology, chemicals and petrochemicals sectors.
More recently, Hyflux has also moved into the field of clean energy with the use of its proprietary membranes in additional environmental applications – the recycling of spent oils and solvents, as well as in the production of bio-based materials such as lactic acid and biodegradable plastics.
Hyflux’s outstanding performance has been widely recognized. In 2006, Hyflux was awarded Water Company of the Year by the UK’s Global Water Intelligence at the Global Water Awards. Hyflux was also twice listed as Forbes Asia's "Best Under a Billion" company in 2005 and 2006.
Ahead, Hyflux will focus on the development of cutting edge technologies as well as strong technical, financial and project execution capabilities and human capital to extend its reach in the growing markets of China, the Middle East, India and Southeast Asia.
Hyflux currently focuses on four core businesses:
- Water – Seawater desalination, raw water purification, wastewater cleaning, water recycling, water reclamation and ultra pure water production for municipal and industrial clients, development of consumer lifestyle products for homes and offices;
- Industrial Processes – Separation, concentration and purification treatments for manufacturing process streams;
- Energy - membrane system applications in resource recovery, waste recycling and energy reclaimation such as oil recovery and recycling.
- Specialty Materials - development and commercialization of materials such as lactic acid and biodegradable plastics using membrane technology.
公司简介
凯发有限公司创立于1989年，前身是一家在新加坡、马来西亚、印尼和后来在中国等地销售水处理系统的贸易公司——凯能(Hydrochem)。约十年后, 凯发有限公司于2001年1月成为首家在新加坡交易所上市的水公司，并自2005年3月份起，成为海峡时报指数的指数股(index stock)。
今日，凯发市值超过10亿新元，并是被认可的亚洲一家领先的水和流体处理公司。集团在新加坡、中国、中东及印度都有业务。
集团对膜(membrane)相关技术方面有专门研究，是全面综合方案的供应商，提供的总承包服务包括工序设计与优化、设计采购与施工管理、试验、建造、安装。另外，集团的业务也包括，在统包式或“设计-建造-拥有-操作”DBOO(Design-Build-Own-Operate)的安排下，委托、操作与维护一系列液体处理系统。
集团在新加坡拥有一所膜及材料研究中心，中心是日本以外亚洲最大的，而这所研究中心确保集团将不断发展尖端的膜技术，并以它为催动集团持续增长的动力。集团利用所研发的技术，开发出一系列的膜，包括聚合、不锈钢及硅纤维、可用在药剂、生物科技、化学及化工业等的不同程序。
该集团于2003年初次涉足消费市场，并设立消费休闲部门。专为这个市场所设计的产品包括空气转换为水的生水机、龙头过滤器及水罐，这些产品都利用集团的膜技术。最近，集团也开始涉及净化能源领域，将集团自身所开发的膜用在环境程序，如循环失活油脂及溶剂，及生产生物为基的材料如乳酸及生物降解塑料。
凯发的卓著表现亦受到各方的认可。在2006年，集团荣获英国的国际水务情报局所颁发的全球水务公司奖 。在2005年，集团也在《福布斯》亚洲财务少过10亿最强的小型企业公司的名单中占一席之地。
展望未来，集团将专注开发尖端科技，及加强技术、财务及计划执行技能，和人力资源，以将集团的足迹扩展到中国、中东、印度、及东南亚的新兴市场。
凯发目前集中的五个核心业务是：
水处理—海水淡化、生水净化、废水处理、水循环、水回收和为市政和工业客户生产超纯净水；
工业过程—为制造流程提供分解、浓缩和净化处理；
结构化项目—私人融资项目的形式可分为“建造-拥有-操作”BOO(Build-Own-Operate)，或者“建造-拥有-移交”BOT(Build-Own-Transfer)计划；
消费市场—为消费市场提供“将空气转化为食水”产品和家庭过滤产品包括龙头和水槽下过滤器；
聚合物及专用材料—通过内部研究或与世界著名机构合作，促进在生物降解(biodegradable)塑料和乳酸生产等材料科学领域的先进技术发展。
Genting Third-Quarter Profit Falls on U.K. Writedown
Genting Third-Quarter Profit Falls on U.K. Writedown(Update 1)
Updated : 22-11-2007
Media : Bloomberg
Story By : Angus Whitley
(Adds analyst's comment in fourth paragraph.)
Nov. 22 (Bloomberg) -- Genting Bhd., Asia's largest listed casino operator, said third-quarter profit fell after higher U.K. gaming tax led to a writedown at the company's British unit.
Net income dropped 34 percent to 275.2 million ringgit ($81 million), or 7.45 sen a share, from 418.7 million ringgit, or 11.87 sen, a year earlier, Genting said in a release today. The company proposed a dividend of 30 sen a share, or 807 million ringgit, in memory of founder Lim Goh Tong, who died last month.
A 937.8 million-ringgit impairment charge, mostly at Genting's U.K. betting chain, offset higher income at the Malaysian casino unit and power division. The British government unexpectedly raised gaming taxes in April and a July smoking ban deterred gamblers. That triggered the writedown and hindered Genting's international expansion plans, some analysts said.
``The main reason people buy Genting shares is for the expansion overseas,'' said Hoe Lee Leng, an analyst at RHB Research Institute Sdn., who rates the stock as ``outperform''. The scale of expansion that investors expected ``hasn't materialized yet.'' Investors should buy Genting shares, she said.
Genting has climbed 14 percent this year, trailing the 23 percent gain on the benchmark Kuala Lumpur Composite Index. The stock, which reached 9.25 ringgit in April, closed at 7.5 ringgit today. The company reported earnings after close of trading today.
Group revenue surged 40 percent to 2.22 billion ringgit. Sales at the hotel, plantation, power and oil and gas businesses rose while revenue at the property unit fell, Genting said.
Casino Earnings
Profit before tax at the hotel and leisure unit climbed 19 percent to 524.6 million ringgit as the mountain casino outside Kuala Lumpur attracted more visitors. Profit at Genting's plantations division, the second-biggest earner, more than doubled to 131.3 million ringgit after the price of palm oil surged.
Genting's assets include Kuala Lumpur-listed Resorts World Bhd., operator of the Malaysian casino, and Singapore-listed Genting International Plc, owner of a license to build the city- state's second gaming resort.
Genting has said revenue from its S$5.2 billion ($3.6 billion) Singapore venture will make it the world's third-largest casino operator in a decade. The resort is due to open in 2010.
Updated : 22-11-2007
Media : Bloomberg
Story By : Angus Whitley
(Adds analyst's comment in fourth paragraph.)
Nov. 22 (Bloomberg) -- Genting Bhd., Asia's largest listed casino operator, said third-quarter profit fell after higher U.K. gaming tax led to a writedown at the company's British unit.
Net income dropped 34 percent to 275.2 million ringgit ($81 million), or 7.45 sen a share, from 418.7 million ringgit, or 11.87 sen, a year earlier, Genting said in a release today. The company proposed a dividend of 30 sen a share, or 807 million ringgit, in memory of founder Lim Goh Tong, who died last month.
A 937.8 million-ringgit impairment charge, mostly at Genting's U.K. betting chain, offset higher income at the Malaysian casino unit and power division. The British government unexpectedly raised gaming taxes in April and a July smoking ban deterred gamblers. That triggered the writedown and hindered Genting's international expansion plans, some analysts said.
``The main reason people buy Genting shares is for the expansion overseas,'' said Hoe Lee Leng, an analyst at RHB Research Institute Sdn., who rates the stock as ``outperform''. The scale of expansion that investors expected ``hasn't materialized yet.'' Investors should buy Genting shares, she said.
Genting has climbed 14 percent this year, trailing the 23 percent gain on the benchmark Kuala Lumpur Composite Index. The stock, which reached 9.25 ringgit in April, closed at 7.5 ringgit today. The company reported earnings after close of trading today.
Group revenue surged 40 percent to 2.22 billion ringgit. Sales at the hotel, plantation, power and oil and gas businesses rose while revenue at the property unit fell, Genting said.
Casino Earnings
Profit before tax at the hotel and leisure unit climbed 19 percent to 524.6 million ringgit as the mountain casino outside Kuala Lumpur attracted more visitors. Profit at Genting's plantations division, the second-biggest earner, more than doubled to 131.3 million ringgit after the price of palm oil surged.
Genting's assets include Kuala Lumpur-listed Resorts World Bhd., operator of the Malaysian casino, and Singapore-listed Genting International Plc, owner of a license to build the city- state's second gaming resort.
Genting has said revenue from its S$5.2 billion ($3.6 billion) Singapore venture will make it the world's third-largest casino operator in a decade. The resort is due to open in 2010.
Casinos back on agenda in UK
Casinos back on agenda in UK
Editor, Jackpot.co.uk - 2007-11-21 11:16:57
The UK government looks set to introduce new legislation which will clear the path for 16 new casinos to be built in the UK – though the super-casino earmarked for Manchester looks like a non-starter.
When the legislation was first put forward, there were 17 casinos on the bill; 8 small casinos, 8 large and the super-casino. When the House of Lords trumped the legislation in March, with the super-casino the greatest cause of debate, plans for all the other casinos were scuppered at the same time.
But now the Department for Culture, Media and Sport (DCMS) have been working on revised legislation that would cover all the other casinos except the super-casino.
Manchester was outraged when the initial legislation was blocked, and even more so when the then newly appointed Prime Minister Gordon Brown ordered a rethink into other possible ways to regenerate the area.
Brown is currently waiting on a report from communities minister Hazel Blears into the best ways to regenerate deprived areas which could prove crucial to Manchester’s aspirations of finally getting their super-casino.
As for a time-line, Neil Goulden, chief executive of gambling company Gala Coral, believes that the 16 casinos could be put on the table before the year’s end.
Editor, Jackpot.co.uk - 2007-11-21 11:16:57
The UK government looks set to introduce new legislation which will clear the path for 16 new casinos to be built in the UK – though the super-casino earmarked for Manchester looks like a non-starter.
When the legislation was first put forward, there were 17 casinos on the bill; 8 small casinos, 8 large and the super-casino. When the House of Lords trumped the legislation in March, with the super-casino the greatest cause of debate, plans for all the other casinos were scuppered at the same time.
But now the Department for Culture, Media and Sport (DCMS) have been working on revised legislation that would cover all the other casinos except the super-casino.
Manchester was outraged when the initial legislation was blocked, and even more so when the then newly appointed Prime Minister Gordon Brown ordered a rethink into other possible ways to regenerate the area.
Brown is currently waiting on a report from communities minister Hazel Blears into the best ways to regenerate deprived areas which could prove crucial to Manchester’s aspirations of finally getting their super-casino.
As for a time-line, Neil Goulden, chief executive of gambling company Gala Coral, believes that the 16 casinos could be put on the table before the year’s end.
City hits back over super casino
The panel recommended a super-casino be built in east ManchesterManchester City Council may challenge the government if plans to build a super-casino in the city are scrapped.
The city was a surprise winner when it was chosen as the location of Britain's first Las Vegas-style super-casino.
But Gordon Brown put the plans on hold and asked Communities Secretary Hazel Blears to carry out a review into other ways to regenerate Manchester.
Senior councillors have now said they would seek a judicial review if the casino plan does not get the go-ahead.
Council chief executive, Sir Howard Bernstein, said the team behind the review had not even visited the proposed site of the super-casino in Beswick.
An "open-ended invitation" had not been taken up, he said.
The stakes are high, but so are the rewards
Councillor Simon AshleyHe said: "The evidence is clear that there is no other option for the site which could deliver anything like the same scale of jobs and investment.
"On the basis of this evidence we fully expect the regional casino to be approved.
"However, we have been frequently asked by the media whether we could consider a legal challenge if the regional casino does not proceed, especially if the 16 smaller casinos do go ahead.
"Clearly it is premature to give a definitive answer, but in this event we would be obliged to consider all the options available to do us in order to protect 3,500 jobs and more than £250m of private investment for Manchester, and east Manchester residents in particular."
Lib Dem Councillor Simon Ashley, the leader of the opposition, has supported the council's stance.
He said: "Sir Howard knows he has my full support on this issue.
"The stakes are high, but so are the rewards - £265m of private investment and 3,000 new jobs are worth fighting for."
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STI's six-week loss hits 15 per cent
Another woeful day sees local index mirror Hang Seng swings before ending 34 points down
By R SIVANITHY
SENIOR CORRESPONDENT
WHO wants to read 'buy' reports now that the party is over?' said a dealer yesterday, adding that 'it doesn't matter what the stories are now - and there are still plenty going around - nobody wants to believe them'.
That pretty much sums up the current sentiment in the local stock market which, in turn, is reflective of investor attitudes to stocks worldwide following Wall Street's sharp correction over the past five weeks.
Yesterday's session, for instance, was hugely volatile and therefore not for the faint-hearted. Much of it was driven solely by wild swings in the Hang Seng Index since the other main barometer that traders here use for direction, the US futures market, was closed for Thanksgiving.
Given that the Hang Seng first rose 400 points but closed 613 or 2.3 per cent lower at 26,004, it perhaps came as no surprise that the Straits Times Index (STI) was dragged along with it, first gaining 27 before losing all of this by lunchtime. The selling accelerated after lunch, leaving the index a net 34.32 points or just over one per cent down at 3,312.88.
The broad market duly followed suit, recording only 129 rises versus 344 falls with 355 untraded or unchanged counters, excluding warrants.
In fact, warrants featured prominently in the top volume, top absolute gainers and top percentage gainers lists, thanks mainly to the volatility in the Hang Seng and STI. Noticeably absent from these lists were the penny stocks, which until very recently were prime trading targets for punters and house traders.
The STI has now lost almost 600 points or 15 per cent since an all-time intraday high of 3,906 on Oct 10. The all-time closing high was 3,875 on Oct 11, giving a current loss of 14.5 per cent.
The UOB Sesdaq Index, in the meantime, managed to gain 3.22 points to 206.75 despite registering 52 falls versus only 29 rises among its components. Its own all-time closing high was 302.64 on July 24, which means that its loss is much worse than the STI's, coming in at around 32 per cent.
Shipping/shipyard stocks have borne the brunt of the recent selling, perhaps not surprisingly, given that they had all surged to new highs in September-October. In yesterday's session, STX Pan Ocean collapsed by 28 cents or 9 per cent to $2.88 while Cosco Corp lost 20 cents to $5.90. STX's loss from its all-time high of $4.24 on Oct 11 is 32 per cent, while Cosco's drop from its Oct 18 high of $8.20 is 28 per cent.
Independent research outfit BCA Research looked at the minutes of the US Federal Reserve's Open Market Committee meeting on Oct 30 in which the Fed said its 25-point interest rate cut that day was a 'close call', because there were little signs that the credit crunch was hurting the economy and because upside risks to inflation remain. Astounded at the Fed's statements, BCA said the Fed has fallen far behind the curve and will have to start slashing rates aggressively soon.
It added: 'The rioting in the financial markets this month must be reversing this economic complacency. Credit conditions are tighter than they were before the Fed began cutting rates, and strains could be spreading into the prime mortgage market. Bottom line: The financial markets are warning of real economic damage, which will force the Fed to drop its concerns over inflation and provide a significant amount of additional easing.'
By R SIVANITHY
SENIOR CORRESPONDENT
WHO wants to read 'buy' reports now that the party is over?' said a dealer yesterday, adding that 'it doesn't matter what the stories are now - and there are still plenty going around - nobody wants to believe them'.
That pretty much sums up the current sentiment in the local stock market which, in turn, is reflective of investor attitudes to stocks worldwide following Wall Street's sharp correction over the past five weeks.
Yesterday's session, for instance, was hugely volatile and therefore not for the faint-hearted. Much of it was driven solely by wild swings in the Hang Seng Index since the other main barometer that traders here use for direction, the US futures market, was closed for Thanksgiving.
Given that the Hang Seng first rose 400 points but closed 613 or 2.3 per cent lower at 26,004, it perhaps came as no surprise that the Straits Times Index (STI) was dragged along with it, first gaining 27 before losing all of this by lunchtime. The selling accelerated after lunch, leaving the index a net 34.32 points or just over one per cent down at 3,312.88.
The broad market duly followed suit, recording only 129 rises versus 344 falls with 355 untraded or unchanged counters, excluding warrants.
In fact, warrants featured prominently in the top volume, top absolute gainers and top percentage gainers lists, thanks mainly to the volatility in the Hang Seng and STI. Noticeably absent from these lists were the penny stocks, which until very recently were prime trading targets for punters and house traders.
The STI has now lost almost 600 points or 15 per cent since an all-time intraday high of 3,906 on Oct 10. The all-time closing high was 3,875 on Oct 11, giving a current loss of 14.5 per cent.
The UOB Sesdaq Index, in the meantime, managed to gain 3.22 points to 206.75 despite registering 52 falls versus only 29 rises among its components. Its own all-time closing high was 302.64 on July 24, which means that its loss is much worse than the STI's, coming in at around 32 per cent.
Shipping/shipyard stocks have borne the brunt of the recent selling, perhaps not surprisingly, given that they had all surged to new highs in September-October. In yesterday's session, STX Pan Ocean collapsed by 28 cents or 9 per cent to $2.88 while Cosco Corp lost 20 cents to $5.90. STX's loss from its all-time high of $4.24 on Oct 11 is 32 per cent, while Cosco's drop from its Oct 18 high of $8.20 is 28 per cent.
Independent research outfit BCA Research looked at the minutes of the US Federal Reserve's Open Market Committee meeting on Oct 30 in which the Fed said its 25-point interest rate cut that day was a 'close call', because there were little signs that the credit crunch was hurting the economy and because upside risks to inflation remain. Astounded at the Fed's statements, BCA said the Fed has fallen far behind the curve and will have to start slashing rates aggressively soon.
It added: 'The rioting in the financial markets this month must be reversing this economic complacency. Credit conditions are tighter than they were before the Fed began cutting rates, and strains could be spreading into the prime mortgage market. Bottom line: The financial markets are warning of real economic damage, which will force the Fed to drop its concerns over inflation and provide a significant amount of additional easing.'
Thursday, November 22, 2007
Malaysia's Genting Q3 net profit drops 34.4 pct on impairment losses
Malaysia's Genting Q3 net profit drops 34.4 pct on impairment losses
Thursday, November 22, 2007; Posted: 08:06 AM
But sales improved to 2.2 billion ringgit from 1.6 billion last year.
Earnings per share stood at 7.45 sen against 11.87 sen.
Genting said sales in the third quarter jumped 40 percent as increased revenue was recorded from all the business divisions of the group with the exception of the property division.
"The revenue from the UK casino operations from Genting Stanley, a subsidiary of unit Genting International, contributed 376.3 million ringgit to the leisure and hospitality division in the current quarter," the company said in notes accompanying the results.
"The increase in the revenue is also due to the better underlying performance of Genting Highlands Resort arising mainly from the higher volume of business,'' it said.
Lower profit in the quarter was "due to the impairment losses of 937.8 million ringgit mainly from the impairment loss on goodwill arising from Genting International plc's acquisition of Genting Stanley.''
For the first nine months of the year, net profit grew to 1.5 billion ringgit against 998 million ringgit the year before.
Sales jumped to 6.2 billion ringgit from 4.2 billion.
Genting said sales in the nine months improved 48 percent to 6.2 billion ringgit mainly due to contributions from its leisure & hospitality, plantation and power divisions.
(1 US dollar = 3.38 ringgit)
Thursday, November 22, 2007; Posted: 08:06 AM
KUALA LUMPUR, Nov 22, 2007 -- Malaysian gaming company Genting Bhd said Thursday net profit in the third quarter fell 34.4 percent to 275 million ringgit from 419 million a year earlier, dragged down by impairment losses related to the acquisition of the Stanley group's casino operations in the UK by unit Genting International plc.
But sales improved to 2.2 billion ringgit from 1.6 billion last year.
Earnings per share stood at 7.45 sen against 11.87 sen.
Genting said sales in the third quarter jumped 40 percent as increased revenue was recorded from all the business divisions of the group with the exception of the property division.
"The revenue from the UK casino operations from Genting Stanley, a subsidiary of unit Genting International, contributed 376.3 million ringgit to the leisure and hospitality division in the current quarter," the company said in notes accompanying the results.
"The increase in the revenue is also due to the better underlying performance of Genting Highlands Resort arising mainly from the higher volume of business,'' it said.
Lower profit in the quarter was "due to the impairment losses of 937.8 million ringgit mainly from the impairment loss on goodwill arising from Genting International plc's acquisition of Genting Stanley.''
For the first nine months of the year, net profit grew to 1.5 billion ringgit against 998 million ringgit the year before.
Sales jumped to 6.2 billion ringgit from 4.2 billion.
Genting said sales in the nine months improved 48 percent to 6.2 billion ringgit mainly due to contributions from its leisure & hospitality, plantation and power divisions.
(1 US dollar = 3.38 ringgit)
HCMC stock market takes cue from global trends
HCMC stock market takes cue from global trends
The VN-Index shed 15.23 points to finish at 983.52.
Around seven million shares were traded for VND750 billion (US$46.73 million).
Volumes have decreased gradually, indicating a less than full participation by the market players.
The losers numbered 89, gainers 19, while 18 stocks remained unchanged.
Large caps like PetroVietnam Fertilizer and Chemicals, Pha Lai Thermal Power, PetroVietnam Drilling and Well Services, Song Da Urban and Industrial Zone Investment and Development, and FPT Corporation lost ground.
Construction and real estate firm Hoa Binh fell by VND2,000 to close at VND116,000.
The company confirmed it sold one million shares to strategic partners, including PetroVietnam Finance Corporation, the Singapore-based Chip Eng Seng Corp., and The Bank of Investment and Development of Vietnam.
Hoa Binh also reported it had received permission to invest in two ecotourism spots in the central province of Phu Yen.
HCMC Infrastructure Investment, another property stock, was unchanged.
The firm has been confirmed as a contractor for the Binh Trieu Bridge renovation project.
The heavily congested bridge is being reinforced to ensure safety.
PetroVietnam Fertilizer and Chemicals remained the most traded stock as nearly 1.2 million shares worth VND97 million changed hands.
Vietnam's leading fertilizer-maker, however, lost for the fourth day in a row to close at VND80,500.
Foreign investors remained net buyers, pumping VND45.6 billion ($2.84 million) into shares of Pha Lai Thermal Power, FPT Corporation, Saigon Cables and Telecommunications Material, Vinamilk, and Vietnam Electricity Construction, among others.
The mutual fund Prudential remained unchanged at VND10,500 while the other, VF1, edged down to close at VND28,900.
Hanoi's HASTC-Index lost 4.86 points to close at 340.12.
Among 96 listed stocks, there were 71 losers and only 18 gainers as more than 2.4 million shares worth VND265 billion ($16.5 million) changed hands.
Reported by Hoang Uy
Ho Chi Minh City stocks sank Tuesday, apparently tracking a plunging US market where the Dow Jones index fell 1.7 percent Monday.
The VN-Index shed 15.23 points to finish at 983.52.
Around seven million shares were traded for VND750 billion (US$46.73 million).
Volumes have decreased gradually, indicating a less than full participation by the market players.
The losers numbered 89, gainers 19, while 18 stocks remained unchanged.
Large caps like PetroVietnam Fertilizer and Chemicals, Pha Lai Thermal Power, PetroVietnam Drilling and Well Services, Song Da Urban and Industrial Zone Investment and Development, and FPT Corporation lost ground.
Construction and real estate firm Hoa Binh fell by VND2,000 to close at VND116,000.
The company confirmed it sold one million shares to strategic partners, including PetroVietnam Finance Corporation, the Singapore-based Chip Eng Seng Corp., and The Bank of Investment and Development of Vietnam.
Hoa Binh also reported it had received permission to invest in two ecotourism spots in the central province of Phu Yen.
HCMC Infrastructure Investment, another property stock, was unchanged.
The firm has been confirmed as a contractor for the Binh Trieu Bridge renovation project.
The heavily congested bridge is being reinforced to ensure safety.
PetroVietnam Fertilizer and Chemicals remained the most traded stock as nearly 1.2 million shares worth VND97 million changed hands.
Vietnam's leading fertilizer-maker, however, lost for the fourth day in a row to close at VND80,500.
Foreign investors remained net buyers, pumping VND45.6 billion ($2.84 million) into shares of Pha Lai Thermal Power, FPT Corporation, Saigon Cables and Telecommunications Material, Vinamilk, and Vietnam Electricity Construction, among others.
The mutual fund Prudential remained unchanged at VND10,500 while the other, VF1, edged down to close at VND28,900.
Hanoi's HASTC-Index lost 4.86 points to close at 340.12.
Among 96 listed stocks, there were 71 losers and only 18 gainers as more than 2.4 million shares worth VND265 billion ($16.5 million) changed hands.
Reported by Hoang Uy
NCL cites currency moves in loss
NCL cites currency moves in loss
The cruise line says its Hawaii operations are showing improvement
By Dave Segalmailto:Segaldsegal@starbulletin.com
The cruise line says its Hawaii operations are showing improvement
By Dave Segalmailto:Segaldsegal@starbulletin.com
Norwegian Cruise Line's parent said yesterday it lost $8.6 million in the third quarter due to the effect of the rising euro on its foreign-currency debt, but found a silver lining in the improvement of its Hawaii operations that is resulting in increased bookings.
The Miami-based company began taking steps earlier this year to turn around its Hawaii business by announcing that Pride of Hawaii -- one of three NCL ships in the Hawaii market -- would be sent to Europe in February to reduce capacity.
NCL also received a $1 billion cash infusion from private-equity group Apollo Management LP to repay existing debts and support continuing expansion plans, and took advantage of new federal legislation regarding hiring limitations that allows a portion of NCL's formerly all-American crew in Hawaii to be international.
Besides Pride of Hawaii, NCL also operates the Pride of Aloha and the Pride of America in the islands.
"We are ... encouraged that the measures we have taken with respect to our Hawaii operations seem to be having a positive impact," said Colin Veitch, president and chief executive of NCL.
"These improvements have contributed to our overall fourth-quarter booking levels and ticket prices being up versus levels achieved at the same time last year. As a result, we expect that the change in net yields -- revenue minus expenses per cruise day -- for the full year 2007 will be positive."
Veitch also said pricing in the Caribbean has stabilized and is improving.
NCL, a subsidiary of Hong Kong-based Star Cruises Ltd., said the revaluation of euro-denominated debt to U.S. dollars resulted in a loss of $42.9 million last quarter versus a foreign-translation gain of $2.5 million a year ago.
In the third quarter of 2006, NCL had net income of $49 million, which included $7.3 million in connection with a settlement agreement for the remaining portion of its claims against the builder of Pride of America.
Revenue rose 5.7 percent last quarter to $631.4 million from $597.5 million as net yields increased 6.3 percent and capacity days -- double occupancy in cabins multiplied by the number of cruise days for the period -- rose 2.8 percent.
NCL said the net yields improved because of an increase in passenger ticket prices due to more consumer demand.
The cruise-line operator said net cruise costs per capacity day increased 6.6 percent from a year ago primarily due to the timing of maintenance and repairs expenses, and higher marketing and general and administrative expenses.
Average fuel prices for the quarter, including the impact of fuel hedges, increased 10 percent to $405 per metric ton from $368 per metric ton a year ago.
Star Cruises also suffered during the third quarter from the revaluation of euro-denominated debt to U.S. dollars and said last Friday that the translation resulted in a loss of $41.7 million in the quarter.
Overall, Star Cruises said it had a net loss of $21.3 million in the quarter compared with net income of $60.4 million a year ago.
21-11-2007: Dynaura sells 2.67% stake in Landmarks
21-11-2007: Dynaura sells 2.67% stake in Landmarks
by Joseph Chin
KUALA LUMPUR: Dynaura Trading Sdn Bhd disposed of 12.84 million shares of Landmarks Bhd, or a 2.67% stake, on Nov 6 at an average price of RM2.96 a piece.
Filings with Bursa showed that after the disposal, Dynaura’s shareholding in Landmarks was reduced to 24.9 million shares or 5.18%.
Nik Suffian Mohd Zain and Datuk Othman Hashim were deemed interest in the transaction via their interest in Dynaura.
Landmarks is involved in property investment and development. Its subsidiary Bintan Treasure Bay Pte Ltd (BTB) is planning a multi-billion ringgit resort on Bintan Island, Indonesia, with a gross development value of RM4 billion.
Genting Bhd has been accumulating Landmarks shares, acquiring nearly 1.96 million shares from Nov 12 to 16 to increase its shareholding to 142.68 million shares or 29.68%.
Landmarks 52-week high is RM3.60 on Oct 30 while its 52-week low is RM1.50 on Aug 17. Its price earnings is 13.62 times.
by Joseph Chin
KUALA LUMPUR: Dynaura Trading Sdn Bhd disposed of 12.84 million shares of Landmarks Bhd, or a 2.67% stake, on Nov 6 at an average price of RM2.96 a piece.
Filings with Bursa showed that after the disposal, Dynaura’s shareholding in Landmarks was reduced to 24.9 million shares or 5.18%.
Nik Suffian Mohd Zain and Datuk Othman Hashim were deemed interest in the transaction via their interest in Dynaura.
Landmarks is involved in property investment and development. Its subsidiary Bintan Treasure Bay Pte Ltd (BTB) is planning a multi-billion ringgit resort on Bintan Island, Indonesia, with a gross development value of RM4 billion.
Genting Bhd has been accumulating Landmarks shares, acquiring nearly 1.96 million shares from Nov 12 to 16 to increase its shareholding to 142.68 million shares or 29.68%.
Landmarks 52-week high is RM3.60 on Oct 30 while its 52-week low is RM1.50 on Aug 17. Its price earnings is 13.62 times.
Wednesday, November 21, 2007
Hotel investors eye Singapore
Hotel investors eye Singapore
It's a bullish market out there for hotel investments and Singapore is emerging as the darling for investors in a capital-rich environment.
The outlook couldn't be more bullish. The hotel industry is awash with capital looking for homes. The economies in Asia are booming, fuelled mainly by China and, to a lesser degree, India.
At every investment conference, hotel chief executives find it hard-pressed to point out any reason, other than the unforeseen, that could possibly burst the hotel bubble.
At Jones Lang LaSalle Hotels' 10th Asia Pacific Investment Conference held in Singapore in May, the company reported that nearly US$70 billion worth of hotel transactions were registered in 2006, approximately 53% higher than 2005's volume, which was itself a record year - 60% higher than 2004.
Mr Arthur de Hasst: No significant slowdown in sight.Good hotel growth predicted in Asia-Pacific
Asia Pacific enjoyed record growth. JLL estimated that total transaction volume in 2006 was around US$5.25 billion - 73% higher than the previous record posted in 2004 and more than double 2005's levels.
This year, the company is projecting hotel investments in Asia Pacific to get close to US$8 billion. Capital is flowing in from all areas, such as from the Middle East to new sources such as China and India.
"We will not be seeing any significant slowdown in investment activity," predicted Mr Arthur de Hasst, Global CEO of JLL Hotels.
Singapore a favourite amongst hotel investors
And Singapore, which was among the most favoured destinations in 2006, looks set to continue its popularity with investors.
Mr Scott Hetherington, JLL's Managing Director in Asia, said: "We expect to see more transactions in more markets throughout 2007 as investor interest spreads into new markets especially China, India, Vietnam, although Singapore, Hong Kong and Tokyo are expected to remain investment hot spots in 2007."
Hotel investors agree. During a panel during the conference, the top investment funds, when asked to pick their choices for 2007, named Singapore as one of their favoured sites.
The panel of five investors between them accounted for 20% of the US$70 billion in hotel transactions last year.
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