INVEST STOCK

Stock Recommendation & Price Target

2012-02-13T15:36:00.001+08:00

Stock Recommendation & Price Target.pdf Download this file

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

DBS positive on prospects

2012-02-13T10:26:00.001+08:00

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

DBS's 4Q11 above consensus, CEO positive on prospects

DBS Group Holdings reported a net profit of $731 million for 4Q11 which was up 8% from a year ago but down 4% from the previous quarter. It was above the consensus estimate of $693 million and beat the highest estimates by JPMorgan of $720 million.
However, CEO Piyush Gupta says loan growth of 28% y-o-y is unlikely to be repeated, and the most likely growth figure for this year would be in the low double digits for both loans and deposits. Also, CFO Chng Sok Hui says the low tax rate of 6.5% for 4Q -- partly responsible for the profit uplift -- came about because DBS booked tax-exempt income and is unlikely to be repeated.
For the fourth quarter, net interest income increased 6% q-o-q as loans grew 5% from the previous quarter and net interest margins were flat at 1.73% q-o-q. This helped to offset lower non-interest income due to seasonally quieter markets at year-end, Chng said. Fee income fell 14% q-o-q as lower contributions from loan activities, stockbroking and investment banking were partially offset by increases in wealth management and credit cards. Income from customer flows for treasury products was also lower. Expenses rose 4% and profit before allowances declined 8%. Total allowances were down but specific allowances more than doubled q-o-q due largely to a legacy exposure in the shipping industry, Chng said.
For the full year 2011, DBS reported record net profit of $3.035 billion up 15% from last year. Return on equity rose to 11% from 10.2% a year ago. FY11 deposit growth of $31.3 billion, or 16.7% y-o-y, was one third SGD, one third USD -- which Gupta says were from US and European MNCs -- and one third other currencies.
DBS’s tier-one capital adequacy ratio of 12.9% and total CAR of 15.8% are well above regulatory requirements. These figures incorporate Basel 2.5 rules which took effect from Dec 31 2011. Liquidity remains healthy with the loan-deposit ratio at 86%. Deposits grew 16% or $32 billion during the year to $225 billion.
Gupta says economic activity is fairly robust in Singapore and the region. “We’re not seeing the train coming off the rails. There is no hard landing yet,” he says, “customer orderbooks are still good.” Still he acknowledges that Asian growth is set to slow. But so far there are no signs of stress in DBS’s portfolio.
Pricing power is returning for loans, Gupta adds, which is why net interest margins have stabilised at 1.73%. He admits there is something of a war for deposits in Hong Kong, and banks have to pay some 60bps above LIBOR to attract deposits in the SAR. On the other hand, DBS is able to tap the wholesale funding market. “We’ve been able to price commercial paper at 10 to 15 bps below LIBOR which is cheaper than the cost of deposits,” he says.
DBS Hong Kong net profits were flat at $571 million, in SGD terms. However, net profits from greater China (mainland China and Taiwan), and South and South East Asia (India and Indonesia) rose 53% to $587 million, accounting 19% of profits, up from 14% in 2010. Gupta has a target of 30% contributions from the markets outside of Hong Kong and Singapore.
DBS remains the favourite bank with analysts. CIMB says “DBS remains our top pick in the sector. A seasonally slow quarter was as expected but 1) stable margins; 2) healthy deposit growth; 3) Hong Kong looking more stable (NIM +10bp qoq); 4) improved capital ratios; and 5) below-peer valuations (1.1 times price to book) should support further outperformance.” CIMB is forecasting a net profit of $2.99 billion for FY2012.MQS

SIA flies lower as margins thin

2012-02-06T10:37:00.001+08:00

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

SIA flies lower as competition heats up, margins thin

On Feb 2, Singapore Airlines reported lower than expected results for the nine months to Dec 31, 2011, undermined by soaring jet fuel costs, losses from its cargo business and declining returns from investments in its associates -- notably Tiger Airways.

During the period, SIA reported a 59% yoy decline in net profits to $374 million as fuel expenditure went up by 30% to $4.4 billion. Fuel accounted for about 40% of the carrier’s total expenses during the period. Profits were also affected by SIA Cargo’s $40 million loss in 3Q2012, the division’s largest quarterly loss this year. Global air freight volumes have been falling following the restocking of inventory by companies in 2010 and the ongoing uncertainty in the economy, resulting in a 2.5% yoy contraction in yields.

Meanwhile, revenues were up by 2% compared to the same period last year, hitting $11.2 billion in 3Q2012. During the April to December quarters – which are seasonally strong – SIA carried 4.4 million passengers, unchanged from the same quarter a year before, as more travellers opted to fly budget given the uncertainty in the global economy. At the same time, available seat capacity grew by 3.3%, resulting in a 2.5 percentage point decline to 77.2% in passenger load factors. The passenger breakeven load factor was up 4.9 percentage points to 76%, owing to the rising costs.

Can investors expect SIA to face headwinds given Europe’s unsolved debt problems and softer growth in the US and China? For its part, the carrier warns that forward bookings for the January to March quarter have so far shown signs of weakness. What’s more, prospects for the air cargo market don’t look too promising, with forward indicators such as the Purchasing Manager Index sliding further alongside weak consumer demand in major developed economies. “Passenger yields are expected to remain under pressure while cargo yields are expected to continue to decline,” SIA noted in a statement. “As the price of jet fuel remains high and volatile, fuel costs continue to adversely impact the group’s financial performance.”

However, analysts have retained their calls on the stock ahead of a briefing with the SIA management. “While the numbers were slightly below expectations due to sustained high fuel prices, we still see SIA as the airline best positioned to emerge into strength from the current downturn,” Rohan Suppiah of Kim Eng wrote in a research note.

SIA does indeed appear to have several factors working in its favour. For one, demand for short-haul flights has held up much better than long-haul, while fuel costs make up a smaller proportion of the total cost of short-haul flights. Yields at SIA’s short-haul airlines SilkAir rose 4.4% during the quarter, offsetting an 11.7% rise in unit cost. During the period, SilkAir’s passenger load factor was 19.6 percentage points above breakeven. Later this year, SIA’s new low-cost offshoot Scoot will also lay a direct challenge to other budget airlines when it begins flying routes to Sydney.

But already the low-cost space is looking cramped. In the Feb 6 issue of The Edge Singapore, you can read how Cebu Pacific is planning to launch its long-haul by tapping into the huge market of Filipino workers overseas. From 3Q2013, the airline will start sectors in an 11-hour flight radius from the Philippines, using twin-aisle Airbus A330s.

Meanwhile, not to be outdone, SIA has commenced additional services to growth areas such as Osaka, Guangzhou, Mumbai and Beijing, while services to Tokyo have been fully reinstated following a reduction in flight frequency to the city in the wake of the Japan earthquake and tsunami last year. Meanwhile, SilkAir has also launched services to Changsha and Bandung, while SIA Cargo commenced new freighter services to Frankfurt and Chongqing while reducing its services to the Americas.

Nevertheless, Raymond Yap of CIMB is maintaining a neutral call on the stock, saying: “The weak economic conditions make it difficult to justify higher valuations, however, SIA is expected to stay in the black [in FY2012].”

MQS

Free Seminar 免費課程

2012-02-03T19:30:00.001+08:00

Please Contact Us or book online now to join the below free seminars.

請即刻聯係我們或上网登记參加以下免費講座。

http://www.utrade.com.sg/page/site/public/english/utradeSG_edu.html

Invest Stock - http://oceanforestcorp.com
Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

See the full gallery on Posterous

MQS

Unifiber's second RTO deal

2012-01-30T10:51:00.001+08:00

Unifiber's second RTO deal

Unifiber’s second makeover into coal miner

United Fiber System may soon morph from a pulp producer into a thermal coal miner through a second RTO (reverse takeover offer), giving shareholders another chance to unlock value in the stock which has been languishing since its first backdoor listing.
On Jan 27 before the market opened, Unifiber announced that it will be issuing 44.3 billion new shares at 3.5 cents each to buy over 67% stake in PT Golden Energy Mines (GEMS), in an RTO deal worth $1.55 billion. The new shares will represent 92.8% of the enlarged share capital.
The seller is PT Dian Swastatika Sentosa Tbk, the Jakarta-listed mining and infrastructure unit controlled by the Sinar Mas Group, one of Indonesia’s largest conglomerates in various resources businesses that include palm oil as well as pulp and paper. The conglomerate, founded by China-born Indonesian billionaire Eka Tjipta Widjaja, father of high profile corporate figure Oei Hong Leong, also has businesses in financial services, real estate and telecommunications.
First listed back in May 1997 as construction company Poh Lian Holdings, Unifiber shifted its focus to forestry and pulp production in April 2002 through its first RTO deal. Although the stock has plodded along after its first transformation, the new coal-mining business, if executed successfully, could provide Unifiber the lift it needs. Investors may remember it was through an RTO that Ezyhealth morphed into palm oil giant Wilmar International.
The announcement already pushed the stock to as high as 4.8 cents, its biggest increase since May 2003, from 2.8 cents, before closing the day at 3.9 cents with 112 million shares changing hands.
In its announcement via the Singapore Exchange, Unifiber notes that the GEMS group controls nearly 2 billion tonnes of thermal coal -- including reserves. “The development of extensive power plant industries including in China and India, which rely on medium and low calorie coal, has significantly increased demand for the commodity and the GEMS Group is well positioned to address the surge in demand for the commodity due to its competitive advantages over its competitors,” the company states.
These include lower stripping ratio, proximity of its mines to shipping facilities, and Indonesia itself is closer to the two main markets of India and China compared to Australia, the other leading coal exporter. “The Board is of the view that the Proposed Acquisition and resultant focusing of the Company on coal mining is appropriate given the growth opportunities they offer,” says Unifiber in its statement.
DMG & Partners Securities and Stamford Law Corporation are advising Unifiber on this deal, which the parties involved aim to complete by March 7.
In other developments, ST Engineering announced that its aerospace arm won contracts worth a total of $350 million in the last quarter. As at end September 2011, the company’s total order book is around $11 billion. The company will provide the latest updates when full year results are announced on Feb 23. On Jan 27, the stock closed 3 cents higher at $2.90.
Incidentally, ST Engineering is one of the top ten stocks picked by The Edge Singapore for 2012. The company’s aerospace division, with its business in aircraft maintenance, repair and overhaul, brings in around one third of the total revenue for the three months to September 30 2011.
While the aerospace unit gives ST Engineering a significant exposure to the global aviation industry, the business is also susceptible to the wider economic environment. But there is a limit to how much airlines can cut maintenance services, so if the global economy turns around, that would provide an extra lift for ST Engineering.
Besides ST Engineering, our other picks for the year are: Bukit Sembawang Estates, CapitaMalls Asia, FJ Benjamin Holdings, Genting Hong Kong, Noble Group, OKP Holdings, Pan-United Corp, Sembcorp Marine, and United Overseas Bank.MQS

Indonesia tanker firm Berlian Laju to stop debt payments

2012-01-27T16:58:00.001+08:00

Indonesia's largest oil-and-gas shipping company PT Berlian Laju Tanker Tbk will stop servicing its debt of around $2 billion, putting it at risk of a default rating from Fitch.

The company blamed the global economic downturn and weak freight rates on the one hand and higher shipping fuel and other operating costs on the other, highlighting concerns that have already driven other shipping firms to the wall.

These factors "have significantly impacted the company's business and financial position," President Director Widihardja Tanudjaja said in a statement, which added that the company is considering a restructuring of its operations and finances.

Berlian Laju shares were suspended from trading in Singapore and Jakarta, but the announcement sent a subsidiary's stock to a record low and hit customer shares as well.

Berlian Laju's total outstanding debt was $1.9 billion as of the company's last financial statement in September. About $418 million in scheduled principal payments are due this financial year.

Financial Director Kevin Wong insisted the standstill would be temporary and that creditors were supportive.

"Debt standstill is just a temporary solution. We still need to do a lot of work," he told Reuters between meetings in Singapore on Friday with creditors.

The Indonesian tanker firm, with a fleet of around 100 vessels, said it hopes to carry on with its normal business while it reviews its financial position and arrangements.

It will give the "highest priority" to servicing its obligations to its suppliers and trade creditors, who will not be affected by the debt standstill, the company said.

"The company has decided to temporarily cease repayments on all of the company's bank loans and bonds and payments on ship leases and on similar obligations of its other subsidiaries, save for PT Buana Listya Tama Tbk," Berlian Laju said.

The decision to freeze debt payments follows a covenant breach on a loan granted to a Berlian Laju subsidiary, for which Berlian Laju is a guarantor, the company said. It didn't identify the subsidiary.

Fitch immediately placed Berlian Laju's CCC rating, one grade above a default rating, on watch negative. If coupon payments or principal payments are not made within the contractual period, Fitch will cut the company's rating to RD to indicate the company is in default.

It also placed $400 million in unsecured notes due 2014 issued by BLT Finance B.V. and guaranteed by Berlian Laju on ratings watch negative.

Fitch downgraded Berlian Laju's rating in December from B minus, citing heightened liquidity risks. It said the company had not at that time secured refinancing for 1.1 trillion rupiah in domestic bonds maturing in May and July 2012. It also faces looming debt maturities in 2013 and 2014, Fitch said.

Berlian Laju is not alone in feeling the impact of a severe downturn in the oil tanker freight market.

"This sends across a message that owners are in deep trouble and if they default on a loan repayment ... charterers will avoid them," said a shipping broker based in Kuala Lumpur, who declined to be identified because he is not authorised to speak to the media.

General Maritime Corp, a crude oil and refined petroleum products shipper based in New York, filed for Chapter 11 bankruptcy protection in November, while the world's largest independent oil tanker operator, Frontline of Norway, was forced to restructure and split in two.

Shares in Berlian subsidiary PT Buana Listya Tama Bull fell 3.3 percent in Jakarta to a record low of 87 rupiah.

First Ship Lease Trust, which has leased three chemical tankers to Berlian Laju, fell 6.7 percent in Singapore trading.

Berlian Laju 2014 bonds dropped 10-11 points on Thursday to 22-23 cents on the dollar. They were around 39 cents at the end of December.

However, some hedge funds stepped in to lift the price on Friday to around 26-30 cents.

"We view the bonds as having largely priced in a debt restructuring scenario," Nomura said in a client note.

"That said, there could be potential downside risk in the bonds should the company go down the path of liquidation as most of its assets have already been pledged to creditors."

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

Free Seminar 免費課程

2012-01-27T14:15:00.001+08:00

Free Seminar 免費課程

Please Contact Us or book online now to join the below free seminars.

請即刻聯係我們或上网登记參加以下免費講座。

http://www.utrade.com.sg/page/site/public/english/utradeSG_edu.html

See the full gallery on Posterous

MQS

The Quest For The Sparkling 12 Continues

2012-01-26T19:09:00.001+08:00

We bet investors have been eagerly waiting for the final “show hand” of the remaining six gems in the Shares Investment Portfolio after the unveiling of the first six in issue 425. Let us jump straight to the next SPARKLING SIX!

Stable – Olam

Moving Towards Basic Food Commodities Space

While heightened volatility in 2011 caught up with the commodity sector, with signs of margin pressures becoming more apparent in small players, soft commodity players like Wilmar International and Olam International (Olam) still show a resilient outlook. Compared to hard commodity peers, they are expected to perform better.

Among these soft commodity players, the relatively recession-resistant commodity portfolio of Olam, with more than 70% in food commodities, is what intrigues us. To further insulate itself from counterparty, credit and inventory risks, the bulk of its exposure is forward-hedged.

Banking on the resiliency of its food category, which also registered the largest share of net contribution at 32.2% in 1Q12, Olam has shifted its gears towards the production and growth of staples in Nigeria. In December, Olam announced its investment plans totalling US$99.2 million to set up a 6,000 hectare paddy farming and rice milling facility as well as expand its wheat milling capacity at Crown Flour Mills in the country.

Olam’s route to growing its feed is a positive. The production of paddy and its subsequent processing into rice in the country is a fundamentally attractive industry due to high import cost duties imposed and favourable government policies spurring local production.

Based on the investments aforementioned, Olam’s total outreach in the two staple fields will expand considerably in Nigeria. This could see Olam in an advantageous position to select attractive value chains to integrate into its broader network in the Nigerian staple market.

Stable – OCBC Bank

Prospering On Asia’s Rising Wealth

Ranked as the world’s strongest bank in May 2011 by Bloomberg for its strong fundamentals and business growth potential from its regional expansions, Oversea-Chinese Banking Corporation (OCBC) is our ideal choice amongst the three local banks. Trailing at a price-to-earnings ratio of 12 times for FY10, OCBC has the lowest non-performing loans ratio of 0.7% as at 30 September 2011 whereas those of DBS and UOB were at 1.3% and 1.5% respectively.

Testimony to its success in business development, OCBC, which grabbed the headlines in 2009 when it acquired the private banking business of ING Group for US$1.46 billion in cash, has seen this private banking franchise stage an impressive asset under management (AUM) growth of more than 80% to US$29 billion as at 30 September 2011 compared to pre-acquisition AUM of US$15.8 billion as at August 2009.

Besides being quick in seizing opportunities in Asia’s burgeoning rich, the foresight to grab the opening is paramount. This can be observed from OCBC’s moves to widen its distribution channels in Malaysia, which currently contributes about 22% of total revenue for OCBC. OCBC plans to capture a greater share in Malaysia, including Islamic banking – a capital market estimated at more than US$1 trillion – and Takaful insurance. The bank entered an agreement to acquire five companies from its 63.5%-owned listed subsidiary, PacificMas, for RM428.2 million, to streamline its operations. Notably, Bloomberg also recently reported that OCBC is acquiring a 49%-stake in the brokerage business of Malaysia’s KAF-Seagroatt & Campbell to bolster its presence in Malaysia.

High Yielding – LMIRT

Indonesia’s Growing Retail Sales Not To Be Overlooked

Indonesia’s retail market is no doubt eye-catching given that the country is being ranked the world’s third most populous nation with nearly 246 million people. As Indonesia’s economy is driven mainly by domestic demand, Indonesian retail sector, safely to say, still remains largely unfazed by the slowdown in the global economy, backed by hefty retail sales and rapid modernisation.

According to Central Bank of Indonesia, the country’s retail sales grew 26.6% in November from a year ago, slower than October’s 30.7%. Yet, Indonesian retailers remain sanguine that sales will increase in the next three to six months, particularly the first quarter of 2012 due to New Year celebration. In this, we direct our attention to Lippo Malls Indonesia Retail Trust (LMIRT), which had earlier raised net proceeds of $330.5 million to partially fund its two high-quality asset acquisitions in Indonesia, namely Pluit Village and Plaza Medan Fair.

Excitingly, the net property income yields of Pluit Village and Plaza Medan Fair stood high at 10.8% and 7.4% respectively, and compared well to LMIRT’s FY10 existing portfolio of 7.5%. Also, the opportunistic purchases are expected to boost LMIRT’s distributable income up by 60.5% from FY10’s $47.9 million, while distributable yield would increase from 8.38% to 8.43%. Not to mention, with a gearing ratio remaining fairly unchanged at around 10% post acquisition, we believe LMIRT has ample debt headroom for additional acquisitions, further approaching its goal of building a $4 billion portfolio over the next four years.

High Yielding – OKP Holdings

Keynes Spells Growth While Dividends Hold Key

Espoused by Keynesian economics, construction of infrastructure is the easiest and fastest way to stimulate the economy in a period of downturn. This is clearly evident as the Singapore government has set aside more than $1.6 billion each year in the recent two years chiefly for the local road network. In 2012, we opine that this figure will remain the same or grow as we see evidence of the government’s intent through the acquisition of the Rochor site for the construction of the 21km North-South Expressway. Following further downward revisions of Singapore’s GDP forecast for 2012, analysts foresee expansionary fiscal policies in Budget 2012, which will be beneficial to overall infrastructure in Singapore. Construction seems to have returned to its former darling after recent upheavals in the private property segment.

As the island-state’s sole listed road specialist, OKP Holdings (OKP), is at the forefront to be a beneficiary of such policies. Currently, OKP has, in its pipeline, several infrastructure projects including the improvement and widening of several expressways as well as construction of roads, drains and sewers. These contracts, worth $433.4 million, are expected to be fulfilled by FY14 and thus provide some earnings visibility in the mid-term. Going forward, the projected increase in contracts for expressway widening and the construction of a new expressway would spell various new opportunities for OKP.

Analysts at OCBC noted that OKP has enjoyed a high tender success rate of 94% and thus believe that the firm will be successful in some of its tenders. Not only does OKP provide earnings stability and growth, the counter also offers a relatively high dividend yield at slightly more than 7%, inclusive of the special dividends that have been issued for the last two consecutive years.

Growth – Global Logistics Properties

Providing The All-In-One Lodging

The largest does not necessarily equate to the best. For Global Logistic Properties’ (GLP) case, the company is a distinct manifestation of such a rare combination. GLP boasts an unparalleled network of modern logistics facilities in Asia, with a presence in 28 key cities across China and Japan. This multi-location web is a natural pull. Evidently, lease ratios in GLP’s portfolio as of 30 September 2011 were over 90% while retention rates stood in excess of 75%. GLP’s integrated schemes, which allow customisation and flexible arrangements to match its customers’ needs, embody those of a best-in-class.

While GLP finished 2011 19% lower, we think that 2012 may mark a change. Beyond the modern logistics facilities scarcity situation the two biggest nations in Asia face, the re-ignition of Chinese government’s commitment to shore up domestic consumption augurs well for GLP, whose China portfolio has 76% leaned towards domestic-related demand. Beginning this year, a national program is implemented with the objective of significantly boosting local retail sales and production. Plus, the negative global macroeconomics outlook may induce hastening of the process.

Meanwhile, in Japan, GLP’s latest collaboration with China Investment Corporation to snap up 15 assets for a relatively cheaper US$1.6 billion further stretches its leadership position in the country. According to DBS Vickers, the transaction is projected to boost FY13 bottom line by 13%.

Furthermore, the stock is also trading at about 13.7% discount to its net asset value at the start of the year and the fact that the Government of Singapore Investment Corporation is an anchor stakeholder of GLP alone, is enough to stir interest.

Growth – Sound Global

Enhanced Government Support Bolsters Earnings Visibility

Plagued by a series of high profile corporate governance blow-ups, S-Chips have long been shunned by investors. However, as China holds too big a promise to ignore, we believe one can ride the nation’s mighty rise through careful stock-picking.

Given China’s planned-capitalism economic model, industries that have been identified for priority development are poised to benefit from the trickling down of government funds in the form of incentives and increased investments. In China’s 12th Five Year Plan (2011 to 2015), emphasis was shifted from chasing heady economic numbers to achieving ‘higher quality growth’. In particular, environmental protection was highlighted as one of the seven priority industries, injecting earnings visibility to companies such as Sound Global.

Established in 1993, Sound Global has grown into one of the leading integrated water and wastewater treatment solutions providers in China. For its final contract win of last year, the company secured a Rmb94 million build-operate-transfer wastewater treatment plant project with a concession period of 30 years. For the whole of 2011, DBS Vickers estimated total contract wins at more than Rmb1.9 billion – quadrupling the amount in 2010 – and noted that order book is likely to maintain at record level of Rmb2.4 billion or higher.

In its 3Q11 financial results, Sound Global’s revenue spiked 38.8% to Rmb1.7 billion on increased contribution from the operation and maintenance as well as turnkey engineering, procurement and construction segments. Gross profit margin improved to 32.4%, leading profit to surge 70.2% to Rmb306.9 million. Over a seven-year period (FY03-FY10), its performance came in equally eye-catching with the top and bottom lines posting compounded annual growth rates of 31.4% and 29% respectively.

Weighing The Portfolio

These six gems, together with last issue’s six, make up the SPARKLING TWELVE in the Shares Investment Portfolio for 2012. So, how is this equity portfolio weighed?

Last issue, we revealed a table showing the weightings assigned to different styles taking on the view of a moderate risk taker and we have categorised these stocks into their various styles. The next step would be balancing the portfolio accordingly to the desired exposure to different risk levels and industries you are positive in. Here is a peek at how we do it.

Perhaps, our portfolio has provided a good inspiration for you to start rebalancing your own portfolio. However, as an age-old adage suggests not to put all your eggs in the same basket, it is also important to set aside cash reserves for rainy days. With our SPARKLING TWELVE, we wish all investors a prosperous Lunar New Year filled with dazzling returns!

▼Olam Int'l 2.63 -0.01 -0.38% Discuss »
Business: A global integrated supply chain manager of agricultural pdts and food ingredients. [FY11 Turnover] Confectionery & beverage ingredients (40.4%), industrial raw materials (23.7%), food staples & packaged foods (22%), edible nuts, spices & beans (13.9%). Insight: Dec-11, Co will acquire 75.2% interest in Macao Commodities Trdg S.L. for US$20m. Co also has the option to acquire the remaining 24.8% interest in 5 yrs' time. Macao Commodities Trdg is a supplier of cocoa powder, cocoa beans,... Read More

▼Olam Int'l 2.63 -0.01 -0.38% Discuss »

Business: A global integrated supply chain manager of agricultural pdts and food ingredients. [FY11 Turnover] Confectionery & beverage ingredients (40.4%), industrial raw materials (23.7%), food staples & packaged foods (22%), edible nuts, spices & beans (13.9%).
Insight: Dec-11, Co will acquire 75.2% interest in Macao Commodities Trdg S.L. for US$20m. Co also has the option to acquire the remaining 24.8% interest in 5 yrs' time. Macao Commodities Trdg is a supplier of cocoa powder, cocoa beans,... Read More

▲Oversea-Chinese Banking Corp 8.51 +0.02 +0.24% Discuss »
Business: [9M11 Turnover] Interest income (69.7%), fee & commission (15.9%), insurance (7.6%), dividend & rental (2.5%), others (4.3%). Insight: Dec-11, Co entered agmt to acq 5 cos from PacificMas for RM450m. Co's 3Q11 profits fell 11% qoq despite 24% loan growth that offset pressures on net interest margin which fell 2bps qoq to 1.85%. CEO Conner expects loan... Read More

▼Lippo Malls Indonesia Retail Trust 0.380 -0.005 -1.30% Discuss »
Business: REIT that is engaged in invs in retail ppties in Indonesia. Insight: Dec-11, Co drew down $147.5m under its previous facility agmt and successfully refinanced its existing bank borrowings. The new facility will be due for repayment Jun-13. Nov-11, Co issued approx 1.09b rts (1-for-1) at $0.31 apiece and was oversubscribed... Read More

▲OKP Hldgs 0.575 +0.010 +1.77% Discuss »
Business: Co is a home-grown infrastruc and civil engrg co. [9M11 Turnover] Construction (84.3%), Maintenance (15.7%). Insight: Oct-11, Co has secured 7 public sector contracts totalling approx $152m in FY11. Co's order book currently stands at $433.4m as at 24 Oct with some pjts completing in FY14. In an effort to grow its biz, Co had... Read More

▼Global Logistic Properties 1.910 -0.025 -1.29% Discuss »
Business: Well-established provider of modern logistics facilities. [1H12 Geographical] PRC (25.1%), Japan (74.9%). Insight: Dec-11, Co entered a 50:50 JV with China Inv Corp to acq 15 logistics facilities (98.3% occupancy rate, 5.6 yrs avg lease expiry period) from Laselle Inv Mgt for JPY122.6b. The JV increases GLP's exposure in Japan, grows its... Read More

▲Sound Global 0.585 +0.010 +1.74% Discuss »
Business: [9M11 Turnover] Turnkey engrg, procurement & construction (EPC) (95.3%), op & maintenance (2.4%), hi-standard svc (2.3%). Insight: Nov-11, Co disposed its 20% stake in Shanghai Chenghuan co for Rmb2m. Co had won a bid to invest & construct a waste-water treatment plant in Ningyuan, Anshan City, Liaoning Province, PRC. The BOT pjt is designed to have... Read More

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

Stock Recommendation & Price Target 120125

2012-01-25T12:29:00.001+08:00

Stock Recommendation & Price Target 120120.pdf Download this file

MQS

Enter the dragon

2012-01-25T10:38:00.001+08:00

Year of the black water dragon

Chinese New Year has come a little early this year and soothsayers, economists, fortune tellers and strategists are all coming together to give their take on what 2012 will look like. In this weekend’s issue (Issue 507), The Edge Singapore features its own collection of crystal ball gazing from geomancers, geopolitical analysts and a number of market experts.

There are several other views floating about too though. CLSA has just put out its annual Feng Shui Index, which attempts to predict the monthly rise and fall of the Hang Seng Index (HSI) using feng shui principles. The dragon is regarded as a major game-changer, but is also an unpredictable beast. CSLA therefore sees a gradual slide in the HSI till August, when we should see a strong rebound that will begin to taper off in December.

Based on a reading of the five elements – metal, water, wood, fire and earth – CLSA also forecasts that several sectors will have a better year than others. Those with a fairly good prognosis are transport, gaming, cement, property and tourism. Cement, in particular, is likely to fare exceptionally well. Those that might see some trouble are oil and gas, telecoms and Internet, technology and utilities.

If you were born in the year of the rat, 2012 will be a fab year for you, CLSA says. To boost your wealth, put a red object in the south of your home or office. To boost your health, put a music box in the west. “This year promises sterling returns for the quick and the debt-free,” the report says. Also set to have good years: the tiger, rabbit, monkey and rooster. Cows and dogs may need to take a little extra care.

Retail therapy

Getting into the spirit of things, here are 12 names that typically enjoy some kind of seasonal boost in the first quarter because of the Lunar New Year.

Mail volumes at Singapore Post always hit a high in the period from the beginning of December to the end of the Chinese New Year. While e-cards have gained popularity, the physical greeting card is still highly valued. And companies also flood the mail system with calendars and red packets.

Preparing for the festivities means more than spring cleaning. Buying New Year clothes has become an important part of the celebration and local retailer FJ Benjamin Holdings, which distributes clothing under the brands Banana Republic, Gap, GUESS and La Senza, as well as its own brand Raoul, ought to be able to take full advantage of that.

Given the large number of foreigners and permanent residents in the population, a good number will be leaving the country to visit family and friends in their countries of birth or just to take advantage of the long break. Those with deeper pockets will fly Singapore Airlines while its regional airline SilkAir flies to several cities in China like Changsha, Chengdu, Chongqing, Kunming, Shenzhen, Wuhan and Xiamen. Budget travellers, on the other hand, will turn to Tiger Airways Holdings, which flies to the Philippines, Vietnam, Thailand, Indonesia and Malaysia.

For the all-important reunion dinner, there is a growing trend of dining out these days, or getting take-out. Popular options are dim sum restaurant Din Tai Fung, operated by BreadTalk Group, and sushi and yu sheng from Sakae Sushi, owned by Sakae Holdings. And through the course of the next few days, as visitors go from house to house, they will be downing beers distributed by Asia Pacific Breweries and all sorts of juices, teas and soft drinks made by Fraser and Neave and Yeo Hiap Seng.

Gambling is a big part of the Chinese New Year tradition, and where better to do that this year than Genting Singapore’s Resorts World at Sentosa. Many will also be heading over to Marina Bay Sands, which is particularly convenient now that the Bayfront station on SMRT Corp’s Marina Bay extension has opened.

Finally, a recent survey of Digital Life’s Facebook fans found that only 19.6% plan to save their hongbao money in the bank. An overwhelming 36.9% of them will buy a new computer, gadget or gadget accessory. What are the chances that they’ll be heading down to Epicentre Holdings to get hold of an iPad or a new case for their Apple product of choice?

Will STI reach 2,910, Dow reach 12,700?

2012-01-20T17:38:00.001+08:00

Asian stock guru Hu Li Yang mentioned: Straits Times Index (STI) at 2,640 is the Box Bottom, technically showing a strong support! Indeed, STI made its bottom on 3 January, and should continue to rise gradually to 2,790. As at 9 January, the STI ended higher at 2,691.28.

With that, we continue our stand that since the support at 2,640 has held, STI, which has currently climbed above 2,640, might enjoy a run up to 2,910, the Box Top. Of course, 2,800 is still a resistance at the 50% mark between 2,910 and 2,640. So, be careful at 2,800.

We believe that the STI and Dow should continue its climb in January. Paying close attention to the market in United States (US), we remain positive that STI will likely perform due to the following reasons.

1) The week of 9 January marks the start of the earnings season for US stocks.
Because of the great holiday season (remember the Black Friday after thanksgiving marked the best retail sales ever in US history?), I believe that quite a number of companies in US are going to beat earnings expectations this quarter.

2) Earnings season in US and Singapore will divert some attention to stocks’ earnings and less on Europe crisis.

3) The first week of the year showed a better than expected ISM (institute of supply management report), non-farm payroll report, and unemployment rate report.

To know the direction of the market, investors should pay attention to the first week of every month as ISM shows how the enterprise is doing, while non-farm and unemployment rate shows how the public situation is.

Having said that, we reluctantly have to admit that 12,700-12,900 seems to be a big hurdle for the Dow still, just like STI 2,900-3,000 is still a big barrier. We predict that the markets might not be that good in February or March. But let us take one month at a time.

Hope you enjoy the market this month and have a Happy Chinese New Year!!

Invest Stock - http://oceanforestcorp.com
Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

Retail sales growth slows

2012-01-16T10:38:00.003+08:00

Invest Stock - http://oceanforestcorp.com
Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

Retail sales growth slows amid weak consumer sentiment

Despite the lead up to the peak year-end shopping period, Singapore’s retail sales’ growth slowed in November 2011. According to the latest figures released by the Statistics Department, the retail sales index rose 6.4% from a year earlier, lower than the 8.4% growth seen in October. Adjusted for seasonal factors, November’s sales were also 0.6% lower than in October, when they had risen a revised 6%.

Telecommunications and computers saw the biggest jump in sales, or 34.5% more than the year before. However, as analysts at Barclays Capital note, the slower performance in November can be attributed to lower sales in cars, clothing and footwear, recreational goods, watches, jewellery and furniture – all of which had increased sharply in October. Vehicle sales have a 25% weighting in the retail sales index, and rose 5.5% in November from the year before.

“We think retail sales are likely to weaken gradually, alongside softer growth conditions,” analysts Leung Wai Ho and Joey Chew write in a Jan 13 note. They add that the lower bid values for vehicle Certificates of Entitlement also indicate softening consumer sentiment. Moreover, “real wages started to slip in Q3 and are likely to remain subdued as growth slows, but inflation remains fairly elevated.” BarCap forecasts CPI inflation of 5.3% in 2011 and 3.3% in 2012.

Analysts are recommending that investors stick to companies who deal with consumer staples such as food, instead of those which could be hit by lower discretionary spending. In a Jan 4 note, DBS Vickers highlighted Fraser and Neave, Breadtalk Group and Conscience Food Holding, which have sustainable earnings growth as well as the ability to control costs.

Leung and Chew add that the retail sales figures are unlikely to have an impact on the second estimate of Q4 GDP growth. On Jan 3, advance estimates from the Ministry of Trade and Industry showed GDP fell an annualised 4.9% in Q42011 from the previous quarter -- indicating a possibility of a technical recession caused by a slump in exports and manufacturing output -- although it grew 3.6% y-o-y.

“A sharp decline in manufacturing activity, largely reflecting a pullback in biomedical output, offset stronger services activity and led to overall contraction in Q4,” the BarCap analysts say. Singapore’s economy is expected to average 4.8% growth in 2011. However, “we think it is possible that the final estimate for Q4 GDP may be revised slightly higher.”

BarCap is forecasting the Singapore economy will grow 3% in 2012; the government is expecting growth of 1–3%. “Our base case remains for the Monetary Authority of Singapore (MAS) to maintain a modest and gradual appreciation stance for the SGD NEER (nominal effective exchange rate) in April, barring severe financial contagion from the European debt crisis or a hard landing in China,” Leung and Chew write.

They also expect inflation to remain. “In our view, the MAS will prefer to remain vigilant against a resurgence in cost pressures -- arising from a tight labour market and imported food and energy prices.”

MQS

Gems To Include In Your 2012 Portfolio

2012-01-13T13:51:00.001+08:00

Stable – Keppel Corporation
Strong Balance Sheet Coupled With Steady Order Book

It is no surprise that the oil & gas sector has taken a back seat recently as it oils through the eventful happenings this year. Critics of this sector have yet again been proven wrong as oil prices have remained high amidst the uncertainties and have not fallen as much as anticipated. Further substantiating reasons why we like the oil & gas sector, International Energy Agency expects oil’s long-term demand to continue growing and forecasts that world oil demand will reach 91 million barrels a day by the end of 2012. Also, the continued demand is expected to translate into continued earnings visibility. Hence, growing demand for even more energy will invariably translate into higher earnings and earnings visibility for companies within the sector.

Keppel Corporation (KepCorp) is providing just that, having secured a US$809 million contract from Urca Drilling, a subsidiary of Sete Brasil for a semi-submersible, which will be used as part of the 21 ultra-deepwater rigs that is to be chartered to Petrobas, upon delivery in 4Q15.

According to CIMB, Petrobas recently announced that it has cancelled the bidding process to hire 21 drilling rigs and will start direct negotiations with Sete Brasil and Ocean Rig instead. This could spell good news for KepCorp with more order contracts possibility if favourable negotiations are done with Sete. Although concerns that credit tightening due to the capital intensive nature of the business might affect order flows, KepCorp’s current customers are mainly drilling contractors with stronger financials compared to the 2008 crisis.

We feel that KepCorp’s strong balance sheet and order book are deeply anchored, and will be able to withstand any downturn.

Growth – Ezion Holdings Limited
Expectations Of Recurring Earnings
Industries complementing the oil sector, like offshore support services, are also expected to ride on the expected continuity of demand for oil in the long-term. This is further buoyed by the expected increase in demand in Asia, as countries like Malaysia and Indonesia could face production declines if their investments in the industry slow. However, OCBC Research noted that the tendering activity in the subsea sub-sector is firm and the oversupply situation in the offshore support vessel sub-sector for certain vessel segments should run its course, resulting in more favourable utilisation and day rates.

Ezion Holdings (Ezion) recently announced its fourth lift boat was deployed for maintenance of offshore platforms in the north-west region of the Java Sea, contracted by Indonesia’s PT Pertamina. Not only does this mark the first time a liftboat is allowed to work in Indonesia, PT Pertamina has also awarded Ezion a letter of intent to charter an additional liftboat, worth approximately US$94 million, for up to five years and to commence work in mid-2013.

Despite not reporting any surprising spikes and high dynamic events for the past year, Ezion did not reflect disappointing earnings results, which have always been in line or above many research houses’ projections. Moreover, OCBC Research expects more news to pour in pertaining to Ezion’s plans kept in the pipeline that will translate into a positive impact on the firm’s results.

Assuming the glitch-free execution of its liftboat contracts, recurring earnings should be seen. Coupled with additional logistics/marine related projects, which should add to its bottomline, we share the view with most analysts maintaining “Buy” calls on Ezion.

Stable – ComfortDelGro Corporation
Anchoring A Stable Ride
When looking at stable plays, one sector that comes straight to the mind is the public transportation sector, which is known for its resilient earnings recurring nature even in times of uncertainties. Showcasing its defensive traits, ComfortDelGro Corporation (CDG) has held up better than the STI in 2011 and would provide an anchor to our portfolio.

For 3Q11, CDG beat market consensus with profit rising 13% to $69.1 million underpinned by a broad-based revenue growth of 7% to $877 million. This pleasant surprise came mainly from its geographically diversified overseas businesses, in particular, contribution from Australia were boosted by Swan Taxis that was acquired in October 2010 and organic expansion of bus routes, which together accounted for close to 42% of revenue. Furthermore, its prudent hedging policy was highlighted by Kim Eng as energy costs inched down by 1% compared to the preceding quarter.

On its recent initiation to revise the local taxi fare structure, CDG explained that the move was to help its stable of drivers to cope with rising costs. Though it reiterated that there is no plan to raise taxi rental charges, the revision certainly gives it more leeway to do so in the future. According to DMG & Partners, assuming a 2% raise in taxi rental charges in 2Q12, CDG’s profit for FY13 would increase by 4%.

Stable – M1
Listening In On Telcos
Looking back on 2011, telecommunication company (telco) stocks have seen their share prices rise 6% on average, performing relatively well as opposed to the STI, which declined 16%. While telcos might not be totally immune to any market fluctuation, they are supported by stable earnings and fairly attractive dividend yields. Fitch Ratings believes that local telcos will generate stable free cash flows due to low capital expenditures (capex) and shareholder payments in 2011, despite some pressure on profitability. It also expects telcos to invest about 11% to 14% of 2012 revenue in capex to enhance data capacity and in the pay-TV segment.

In terms of share price appreciation in 2011, M1 has somewhat been the laggard of the three telcos, appreciating about 5%. However, 2012 could provide impetus unique to M1. We agree with DMG & Partners that the rolling out of Singapore’s fibre-based next-generation national broadband network (NGNBN) will open up the market for smaller operators like M1. Coupled with aggressive promotions, we feel that M1 has sought to procure a significant slice of the NGNBN pie. Analysts at OCBC note that while initial margins might be thin, M1 could improve this as it continues to gain customers. This continued push into the NGNBN market could augment growth prospects and offset a predicted decline in fixed and wireless voice revenue. In any case, M1 has also committed to paying at least 80% of underlying net profit as dividend in 2011 and major analysts believe this trend will continue in 2012, resulting in a potential dividend yield of around 6%.

Growth – Q&M Dental Group
Accelerating Urbanisation Keeps Chinese Dental Market Positive
Q&M Dental Group’s (S’pore) (Q&M) resilient price movement captured our attention. The stock appreciated more than 185% over its IPO price of .27, and a 54% jump since 3 January 2011 as compared to STI’s 16% drop. This points us to the general expansion direction Q&M has in mind – China.

Oral health coverage in China has developed intensely from a 1:60,000 dentists to population ratio in 1995 to a ratio of 1:13,000 in 2010. Yet, the expected ratio of 1:5,000, which is closer to average ratio in developed countries, is still far and will entail a much larger expansion of dental services and facilities across the country. As major cities like Beijing, Shanghai and Guangzhou have seen an incredible growth in their population and the increasing willingness to afford quality dental treatments, this may serve as a good chance for Q&M, which seeks to widen access to high-quality dental care in China.

In fact, a total of US$15 million financing has been obtained from the International Finance Corporation to fund Q&M’s expansion in China. Q&M aims to open 50 outlets and 20 labs within five years, and to list its China business once the joint ventures net a combined profit of Rmb80 to Rmb90 million. In yet another move to raise additional funds for its expansion in China, a TDR issue of up to US$50 million was also proposed on the Taiwan Stock Exchange in May 2011. With company’s solid fundamentals and concrete plans for future growth, we definitely hope to see more upside for its share price moving forward.

Growth – Super Group
Seeking New Growth In Consumer Sector
We like Super Group for its extensive product range beyond the 3-in-1 coffee mix it pioneered and diversified geographical reach with concentration in Southeast Asia, where it continues to hold a significant amount of market share. While instant coffee mix remains Super Group’s core product, contributing 75% of its revenue in FY10, other types of convenience food and beverages has found their way into its branded consumer segment.

Besides the sustainable growth from its branded consumer segment, the growth potential in its Ingredients business caught our attention, recording a 119% jump in sales. RHB Research Institute pointed out that Super Group began selling its excess ingredients in 2007 and has grown strongly at a compounded annual growth rate (CAGR) of 150% for the period of 2007 to 2010. Recently, the company has added two non-dairy creamer production lines, bringing the total production capacity from 75,000 metric tonnes to 125,000 metric tonnes per year, and commenced the freeze-dry facility, rendering a freeze-dried soluble coffee powder production capacity of 1,500 metric tonnes per year.

According to data compiled by Shares Investment, Super Group’s EPS has risen from .012 in FY00 to .105 in FY10, an impressive 24% CAGR over the 10-year period. During the same period, shareholders were also treated with rising dividends even as the company fuels up for growth. Notably, the company dished out .056 in dividends in FY10 compared to .005 in FY00, representing a noteworthy CAGR of 27%.
Super Group faces the threat of fluctuation in raw material prices, which it manages through forward purchase commitments.

The introduction of these six gems from the Stable and High Growth classes has probably gotten your blood pumping. As eager as you might be to have your portfolio reshuffled right away, there are six more gems vying for your attention. This time round, High Yield components included. Stay tuned as we concurrently delve into the specific weightage each stock has in our portfolio.

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

Free Seminar 免費課程

2012-01-12T18:49:00.001+08:00

Free Seminar 免費課程

Please Contact Us or book online now to join the below free seminars.

請即刻聯係我們或上网登记參加以下免費講座。

http://www.utrade.com.sg/page/site/public/english/utradeSG_edu.html

See the full gallery on Posterous

MQS

Stock Recommendation & Price Target 120111

2012-01-11T13:01:00.001+08:00

Stock Recommendation & Price Target 120111.pdf
Download this file

MQS

Bright start to 2012

2012-01-09T11:54:00.001+08:00

Bright start to the new year

If the local stock market’s performance in the first week of the New Year is anything to go by, strategists who have been advocating a defensive investment approach for fear of whiplash from Europe’s debt crisis have got it all wrong.

The Straits Times Index started the first trading day of 2012 with a bang, up 1.6% at 2,688.36, its highest close in three weeks. It ended above the 2,700 level daily for the rest of the shortened trading week, closing on Friday at 2,715.59, a weekly gain of 2.6%.

The STI’s performance so far may be nothing more than a result of the Capricorn Effect. Still, it could also suggest that investors have somewhat got accustomed to the slew of bad news from the beleaguered euro zone and would rather put some of their money to work than sit on it while waiting for events there to unfold.

Indeed, the Greek prime minister’s warning that the country could run out of cash in March, lacklustre demand for France’s €7.96-billion ($13.2 billion) bond sale, and even Singapore’s 4.9% q-o-q economic contraction in 4Q2011 – all reported this week – hardly kept investors away from the market.

“While there are still a lot of uncertainties out there, it may not be the best strategy to huddle in defensives,” says Terence Wong, research head at DMG & Partners. Based on down periods over the past 15 years, Wong says the stock market typically rebounds when the economy is at its worst.

“The inflection point for the STI in the past three crises coincided with the worst quarter in terms of GDP change year-on-year,” he says. The current quarter, according to DMG’s economics team, is likely to be the worst for the Singapore economy this year. If that’s the case, a rebound in the market could be imminent. “If history is anything to go by, the Singapore market may turn around as soon as the first quarter of 2012,” says Wong.

For small caps, DMG’s top stock picks are those in the technology and construction sectors. Tech stocks covered by DMG have lost about 20% in value since August 2011, hurt partly by the fallout from the floods in Thailand.

“HDD major Western Digital, which was the most severely affected by the floods in Thailand, is recovering much faster than expected. The component suppliers will thus start ramping up their production in the current quarter,” says Wong. “That is the inflection point I have been looking out for, and should result in interest returning to the tech sector.”

DMG’s tech favourites include Hi-P International, Nera Telecommunications, Trek 2000 International and Adampak. As for stocks in the construction industry, it likes BBR Holdings, Kian Ann Engineering, KSH Holdings, Lian Beng Group and OKP Holdings. “Given the strong pipeline of contracts, especially from the government sector, the construction players will not go hungry even if we head into a recession,” Wong says.

In the event of a recession in Singapore, Daiwa believes companies whose fortunes are tied to domestic consumption in Asian economies will still do well. It expects the city-state to slip into recession in 1H2012 as Europe’s debt woes and the US economy’s benign growth take a toll on its exports.

Sectors that Daiwa are upbeat on include palm oil, real estate investment trusts focused on the office, industrial and hospitality markets, and even banking. “Notwithstanding the challenges for loan growth given the economic slowdown and our bearish outlook for the housing market, these risks for the Singapore banks appear priced in with the sector trading at a 1.1x price-to-book ratio.”

Daiwa’s top stock picks include DBS Group Holdings, CapitaCommercial Trust, CDL Hospitality Trusts, Suntec REIT and Golden Agri-Resources.

MQS

Free Seminar 免費課程

2012-01-09T11:06:00.001+08:00

Free Seminar 免費課程

Please Contact Us or book online now to join the below free seminars.

請即刻聯係我們或上网登记參加以下免費講座。

http://www.utrade.com.sg/page/site/public/english/utradeSG_edu.html

MQS

Stock Recommendation & Price Target 120103

2012-01-03T18:09:00.001+08:00

Stock Recommendation & Price Target 120103.pdf
Download this file

MQS

Singapore Q4 economy contracts 4.9 percent

2012-01-03T17:26:00.001+08:00

SINGAPORE (AP) — Singapore's economy contracted in the fourth quarter as manufacturing plunged amid a slowdown in global trade, the government said Tuesday.

Gross domestic product shrank 4.9 percent in the October to December period from the previous quarter, the second contraction in three quarters, the Trade and Industry Ministry said in a statement.

Manufacturing, led by electronics and pharmaceuticals, slumped 22 percent from the previous quarter while construction fell 6.7 percent, the ministry said.

Singapore expects the growth of its economy — which relies on manufacturing, finance and tourism — to slow to as little as 1 percent this year as a faltering global economy undermines demand for the city-state's exports. The economy grew 4.8 percent last year, down from a 15 percent expansion in 2010.

"As the economic woes in the developed economies continue to unfold, a small and open economy such as Singapore is probably most at risk," DBS bank said in a report. "Poor economic conditions will probably last for another six months."

GDP grew 3.6 percent in the fourth quarter from a year earlier. The government said preliminary fourth quarter GDP results were based mostly on data from October and November and more complete numbers will be announced next month.

The government began allowing fewer foreigners to work in Singapore last year, a policy that will hurt economic growth, Prime Minister Lee Hsien Loong said Saturday. A backlash against a surge in foreign workers in recent years helped cut the overall vote total of the ruling People's Action Party in parliamentary elections in May to its lowest since independence in 1965.

"Companies are already feeling the pinch," Lee said. "Admitting fewer foreign workers also means forgoing business opportunities and accepting slower growth. This is one reason why we only expect 1 to 3 percent growth next year."

The government also reported Tuesday that the increase in housing costs slowed for a ninth straight quarter in the fourth quarter. Private residential home prices rose 0.2 percent last quarter from the third quarter, the Urban Redevelopment Authority said in a statement.

Prices of public housing, where about 80 percent of Singaporeans live, rose 1.7 percent, the government said.

Analysts expect housing prices to drop in the coming months after the government in December imposed a 10 percent stamp duty on residential property purchases by foreigners and companies. Private property prices rose to a record high last year and are up about 80 percent since 2004.

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

Free Seminar 免費課程

2011-12-30T11:04:00.001+08:00

Free Seminar 免費課程

Please Contact Us or book online now to join the below free seminars.

請即刻聯係我們或上网登记參加以下免費講座。

http://www.utrade.com.sg/page/site/public/english/utradeSG_edu.html

See the full gallery on Posterous

MQS

UTRADE Edge & Plus Account Promotion | UTRADE Edge & Plus户头促销

2011-12-30T10:43:00.001+08:00

UTRADE Edge & Plus Account Promotion “1st Trades ==> 2 Movie Vouchers Free!”
UTRADE Edge & Plus户头促销 “第1项交易 ==> 2张免费电影券！”

“Like” us at Facebook NOW and execute 1st trade using your UTRADE Edge & Plus account from 1 Jan 2012 till 31 Mar 2012, to enjoy two complimentary movie vouchers.
请立刻“Like”我们的Facebook网页，并从2012年1月1日至2012年3月31日间作2项UTRADE Edge & Plus户头交易以享有两张免费的电影券。

http://www.facebook.com/investstock

NUMBER OF FREE MOVIE VOUCHERS REMAINING: 20
免费电影券剩余数：20

Terms & Conditions
1. UTRADE Edge & Plus account promotion period is only valid for trade done from UTRADE Edge & Plus account from 1 Jan to 31 Mar 2012.
2. Each client is only entitled to claim one pair of movie voucher.
3. Promotion is limited to the first 5 clients and while stock last.
4. Collection of movie vouchers should be in-person, and management is not liable for any loss through other collection /delivery methods.
5. Management reserves the right to replace the movie vouchers with other gifts of equal value.

MQS

Free Seminar 免費課程

2011-12-23T20:14:00.001+08:00

Please Contact Us now to join the below free seminars.

請即刻聯係我們參加以下免費講座。

Keppel shares jump on $809 mln Brazil contract win

2011-12-23T17:37:00.001+08:00

Shares of Singapore's Keppel Corp, the world's largest oil rig builder, rose 2.3 percent on Friday after it said it has won a contract worth about $809 million from a Brazilian firm.
At 0111 GMT, Keppel shares were traded at S$9.46 with 886,000 shares changing hands.
Keppel said on Thursday it had secured the contract to design and build a semi-submersible rig for Urca Drilling BV, a unit of Sete Brasil Participações.
The contract win brings Keppel's total order wins so far this year to S$9.8 billion, DMG & Partners said.

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

FTSE Bursa Malaysia KLCI 富时大马吉隆坡综合指数 111222

2011-12-22T17:28:00.001+08:00

Charting Analysis 图表分析
http://mqs2000.blogspot.com/p/charting.html

Short term side way, mid term up trend. Support 1,428 & 1,292, resistance 1,510.
短期横摆, 中期升势。支持1,428及1,292，阻力1,510。

Index information 指數资料
http://www.bloomberg.com/apps/quote?ticker=FBMKLCI:IND

Invest Stock - http://oceanforestcorp.com
Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS

FTSE Straits Times Index 富時海峽時報指數 111222

2011-12-22T16:25:00.001+08:00

Straits Times 2,666.73 -10.42 0.39%

Charting Analysis 图表分析

http://mqs2000.blogspot.com/p/charting.html

Down trend. Support 2,600. If break, short term support at 2,521, mid term support 2,380.

Down Wave From High 3,906 10/10/07 To Low 1,455 10/3/09. Up Wave From Low 1,455 10/3/09 To High 3,313 9/11/10.

跌势。支持2,600。倘或跌破,短期支持2,521,中期2,380。

下波从高点3,906 10/10/07至低点1,455 10/3/09。升波从低点1,455 10/3/09至高点3,313 9/11/10。

Index information 指數资料

http://www.reuters.com/finance/markets/index?symbol=gb%21sti&ric=.FTSTI

Invest Stock - http://oceanforestcorp.com

Any expression of trading idea found on this website is for sharing only and does not constitute an invitation to trade or investment advice. Please read disclaimer page here.

MQS