星期四, 八月 06, 2009

Starhub


StarHub after hitting a high of $2.29 on 27th May 2009, had retraced and stablised around $2.10 before slowly edging upwards to current level of $2.20. The price chart indicates that Starhub could possibly be bottoming out, thus traders can consider buying at current level.

Cut loss can be set at $2.

Possible target level can be set at $2.50 (50% retracement level) and $2.70 (61.8% retracement level)

Fundamental wise, it is trading at a P/E of around 12 and dividend yield based on the most recent year is 8%. On the whole, it is trading at reasonable valuations and is also a defensive play. However, you might have to exercise some patience which means you must be prepare to hold for this trading idea. Their cashflow is strong but their debt level is pretty high. They are currently using their cashflow to finance their debt which they have been coping quite well over the past couple of years.

星期一, 八月 03, 2009

NEPTUNE ORIENT LINES CONFIRMS DATES FOR RELEASE OF 2009 FINANCIALS

Neptune Orient Lines Limited wishes to confirm the following key dates for the release of its 2009 Financial Results:

* Thursday 6 August 2009 - Release of Second Quarter 2009 Financial Results
* Thursday 29 October 2009 - Release of Third Quarter 2009 Financial Results
* Friday 12 February 2010 - Release of Full Year 2009 Financial Results

BY ORDER OF THE BOARD
NEPTUNE ORIENT LINES LIMITED

Ms Wong Kim Wah
Company Secretary

15 July 2009

星期日, 八月 02, 2009

星期五, 七月 31, 2009

Singapore REITs : StarHill Gbl REIT



Based on the adjusted price because of its recent Rights issue, StarHill had retreated to a low of around $0.45 from the recent high of $0.60 before edging up to current price of $0.545. On the chart, this looks like a Wave 3 in the making so we are of the view that StarHill could trend higher especially if the general markets continue their upswing.

1st level target can be set at $0.60.

2nd level target can be set at $0.70.
Cut Loss: if it drops below 0.49

Risk Profile: Medium

52wk Range : 0.38 - 1.11

Fundamentally, it is trading at fair valuation based on our opinion. NAV is around 0.64. Yield is around 6% at current valuations.

星期四, 七月 30, 2009

Singapore Shipping Trust

1. FSL - CFO
- mkt cap US$229 million. Trust setup 27 mar 2007
- buy and lease ships. do not operate ships
- owns a total of 23 vessels
- bareboat charter
- lease term fixed. At least 7 yrs. Average age of vessels 4 yrs
- loans maturing in 2012
- a total of 8 customers
- no acquisition without funding in place

2. PST - CEO
- listed 26 May 2006
- owns 12 vessels. Average age 4 yrs. (vessels hv lifespan of 25 to 30 yrs)
- pay 90% out as DPU
- does not own dry bulk vessels as they are volatile
- address asset erosion by paying down debts against vessel depreciation
- no assets convenant

3. Rickmers - CEO
- listed 4 May 2007
- owns and operate vessels
- 16 vessels on water, 7 vessels delivering
- customers are top 5 of the 12 biggest leasees
- average age 1.6 yrs
- US$13 mil top-up factility maturing in 2Q 2010
- financing 4 vessels in 3Q 2010

星期一, 七月 27, 2009

Pls join the online petition for Beng Hock

http://www.petitiononline.com/benghock/petition.html

星期六, 七月 18, 2009

We demand justice for Beng Hock!



Body may perish but never a soul.

My most heartfelt condolences to Beng Hock's family and friends, may he rest in peace.

星期二, 六月 16, 2009

Newbies to SGX ?

Found that recently there are more and more friends start buying singapore shares.
So just to share few websites which is useful for this market,

www.sgx.com
forum from channelnewsasia.com
shareinvestment.com

Good to have one shares investment magazine which been published twice a month.
It contains all the general infos for all companies listed on SGX including
1. profit/lose before tax
2. operating profits,
3. ROE
4. EPS
5. Debt
6. Nett Asset
7. Dividend
8. PE ratio and etc
data for up to 5 fiscal years..

Will update some good blogs' link once I have time.

星期六, 三月 28, 2009

泪雨 - 年少之岛1998

The song that I like since secondary school especially the lyrics, can't find the mp3 in baidu but found its old music video today at

http://video.aol.com/video-detail/and-1998/1885704692

Click the link if you like it too :)

方炯镔&黄启铭 泪雨 - 年少之岛1998
年轻的愁可以很无奈 年少的情却是义无反顾的爱 推开了这扇门 我已不再想什麽退路了 而你呢?
词曲: 许森泉 庄建文 合音: 巫启贤
泪雨 - 年少
我没有想你 这只是欺骗自己的话题 你的影子早已占据了我的心 对你所有的情 早已像阴霾布满我的心 我在期待下一场雨 早就应该测预爱情弥漫的天气 任由风暴来临 思念和愁绪 我无从逃避 我的泪水化成雨 悄悄地落在你家的屋顶 让你知道我在轻轻的哭泣 我的思念结成冰 冻结着我俩之间的距离 热泪也无法化解这场冰

星期四, 三月 26, 2009

Strong Net Cash Position Companies

Strong Net Cash Position Companies ... (shared by Kok Chin Keong)
source: http://sensecents.blogspot.com/

Top 50 Companies With The Highest Gearing

Company Name Net Debt to Shareholders Equity (%)

Lion Corp 430
Encorp 357
AEON Credit 312
PMI 278
RCE Capital 248
UEM Builders 229
Talam Corp 223
MBF Holdings 208
KEuroplus 205
Tanjung Offshore 203
Airasia 190
LCL Corp 188
Puncak Niaga 178
MMC Corp 167
MTD Infra 160
Swee Joo 159
Alam Maritim 151
MSC 138
ESSO Malaysia 134
PLUS 128
AMMB 124
Oilcorp 122
Can-One 121
Muhibbah Engineering 120
Transmile 120
BAT 109
Tanjong Plc 106
KPS 106
Hexagon 105
MTD Capital 101
Scomi Group 96
Time Engineering 96
Putrajaya Perdana 96
YTL Power 95
Silver Bird 88
Sunway Holdings 88
RSawit 86
PMetal 84
YTL Corp 84
Petra 82
BStead 78
Malayan Flour Mills 78
Hap Seng Consolidated 77
Kinsteel 76
Hip Teck 76
MPHB 73
Pelikan 61

Top 50 Companies In Net Cash Position

Company Name Net Debt to Shareholders Equity (%)

MAS -103
Amway -98
TH Plantations -89
Uchi Tech -85
POS -81
Jobstreet -77
Panasonic -76
VADS -64
INSAS -58
Maybulk -57
UBG -57
Bintulu Port -56
Halim -53
JT Intl -50
Nomad -50
Resorts World -49
Deleum -48
Loh & Loh -47
Guiness -44
Carlsberg -42
United Malacca -41
Sungei Bagan Rubber -41
Dayang Enterprise -40
TAHPS group -40
CNI -39
PIE -39
Star -36
Genealy Plantations -36
L&G -35
Kencana -35
Oriental -35
NCB -34
Globetronics -33
Pan Malaysia Capital -32
TA Enterprise -32
Negri Sembilan Oil Palms -32
Hai-O -32
APM Automotive -31
OPUS -31
Tong Herr -30
Sarawak Energy -27
MAHB -27
Asiatic -27
LCTH -26
Green Packet -26
TRC Synergy -25
Mamee -25
Zelan -25
Media Chinese Intl -24
Selangor Properties -24

星期三, 三月 25, 2009

S'pore dividend yields seen falling this year

Source: BT
Analysts expect cuts amid pressure on corporate earnings

Dividend payouts likely to fall in '09: UBS analysts

星期二, 三月 17, 2009

星期一, 三月 16, 2009

Khazanah 2008年财政年度最赚钱官联公司

国库控股有限公司(Khazanah Nasional)2008年财政年度最赚钱官联公司:
国家能源公司 - 25亿9400万令吉
土著联昌控股有限公司 - 19亿5204万令吉
马来西亚电讯公司 - 7亿9190万令吉
马电讯国际私人有限公司 - 4亿9798万令吉
马来西亚机场控股公司 - 3亿0520万令吉
马来西亚航空公司 - 2亿4431万令吉
普腾控股有限公司 - 1亿8455万令吉
*UEM世界独资公司 - 8037万令吉(2008年上半年)
(2008年第三季被UEM置地有限公司取代)

source: http://www.kwongwah.com.my/news/2009/03/16/110.html

星期日, 三月 15, 2009

STIHighsLows


Below is the data showing the percentage decline from the peak 93/98 high to 97/98 low during the Asian Financial Crisis and from the peak 99/00 high to 02/03 low during the Sars period for the various STI counters.

taken from money-and-girls.blogspot.com

星期六, 三月 14, 2009

Statistics


*2008's GDP growth and GDP are taken from advance estimates.
src: The data for Singapore GDP comes from www.singstat.gov.sg; STI index from finance.yahoo.com; HDB resale price index from www.hdb.gov.sg; private property price index from www.ura.gov.sg

Indicated on the graphs are 4 red lines, each indicating the 4 significant events affecting Singapore's economy, namely Asia Financial Crisis, Dot Com bubble burst, September 11th terrorist attack in the US and SARS crisis.

4 findings:
Property prices (both private & HDB) are much higher now than during each of the 4 crisis.

GDP growth is badly hit during each of the 4 crisis and Singapore entered into recession (-ve growth) during 2 of the them, Asia financial crisis and SARS.

V-shaped GDP growth recovery seems to mark the bottom of the property prices, around beginning of 1999 and during the period from 1Q02 to 1Q05.

No conclusion to be drawn for relationship between property prices peak and GDP growth.

星期日, 二月 22, 2009

Country Default Risk

November 07, 2008 by seekingalpha.com

星期六, 二月 21, 2009

通貨緊縮

通縮怎樣產生?
在現代經濟體,通縮由商品及貨幣供需所致,尤其是貨幣供應減少商品供應增加。

過去發生的通縮現象,一般是商品供應在貨幣供應未提高情況下增加,或商品需求下跌的同時貨幣供應也減少;1930年經濟大蕭條和日本90年代經濟情況屬后者。

在以信貸為基礎的現代經濟體,中央銀行為控制通脹而制定高利率,造成資產泡沫爆破或長時間維持高產能的經濟崩塌,進一步引發通縮漩渦。

貨幣供應減少將導致借貸減,使貨幣供應不足問題惡化,並引發市場對商品的需求走軟。

需求急減拉扯物價下滑,甚至低于生產成本,不管商家如何下調價格,還是無法取得合理賺幅,進而掀起倒閉潮。

此時銀行若脫售價值大幅下挫的收回資產,將惡化市場供應過剩問題,為抑制通縮漩渦,銀行一般緊握呆賬,銀行被迫收緊銀根。

當中央銀行將利率降至零時,再也無法透過利率來刺激需求了,國家經濟遂陷入流動陷阱(liquidity trap),因此需要透過“特別安排”釋出資金,以增加貨幣供應。

通貨膨脹 整體物價水平相對特定數額貨幣(購買力)持續上升的狀態。
通貨緊縮 指商品和服務整體價格長時間持續下跌。
通脹減緩 指通脹率持續降低、放緩,整體物價水平增幅下跌。



星期三, 二月 11, 2009

星期二, 二月 10, 2009

Buffett's metric says it's time to buy


According to investing guru Warren Buffett, U.S. stocks are a logical investment when their total market value equals 70% to 80% of Gross National Product.
Fortune Magazine) -- Is it time to buy U.S. stocks?

He visualized a moment when purchases might make sense, saying, "If the percentage relationship falls to the 70% to 80% area, buying stocks is likely to work very well for you."

Well, that's where stocks were in late January, when the ratio was 75%. Nothing about that reversion to sanity surprises Buffett, who told Fortune that the shift in the ratio reminds him of investor Ben Graham's statement about the stock market: "In the short run it's a voting machine, but in the long run it's a weighing machine."

星期日, 二月 08, 2009

7小事让皮肤变好

1.早晚两杯白开水:至少早晚各一杯白开水。早上的一杯可清洁肠道。补充夜间失去的水分,晚上的一杯则能保证一夜之间血液不至于因缺水而过于黏稠。血液黏稠会加快大脑的缺氧、色素的沉积,使衰老提前来临。

2.一个蕃茄:在水果和蔬菜中,蕃茄是维生素C含量最高的一种,所以每天至少保证一个蕃茄,可以满足一天所需的维生素C。

3.一杯醋:每日三餐中食用醋可以延缓血管硬化的发生,已经是重复多次的保健常识。如果你住的地方自来水水质较硬,可以在每天的洗脸水中稍微放一点醋,就能起到养顏的作用。

4.一杯酸奶:从补钙角度看,女人是最容易缺钙的群体,而牛奶的补钙效果优于任何一种食物,特別是酸奶,更容易被人体吸收,所以女人应每天饮用一杯酸奶。

5.一瓶矿泉水:矿泉水含有的微量元素和矿物质是皮肤最需要的。清洗脸部后仰臥,用矿泉水浸湿纱布,然后敷在脸上,待纱布变干后再次浸湿,如此反覆,就等于给面部做了一次微量元素的营养补充。

6.一袋茶叶:女人一定要喝茶,如果胃没有毛病,绿茶和乌龙茶最好。特別是想要减肥的女性,茶是最天然、最有效的减肥剂,再没有什么比茶叶更能消除肠道脂肪了。

7.一个简单的面膜:每晚临睡前做个简单面膜,其作用是將沉积在面部的脏东西除去,並使皮肤作一次“紧绷运动”,然后涂上护肤品,这样,晚间的皮肤才能得到最科学的修復。

星洲互动·2009.02.07

星期六, 二月 07, 2009

BURSA


自大马交易所(BURSA,1818)上市以来都把稅後盈利的91至92%,用股息派给各位股東。
大马交易所(BURSA,1818)在第4季也建议派发7.8仙每股股息,把全年股息推高到24.3仙,相等于淨利的91%。。
但相等于去年的全年85仙。今年的派息减少了71%。。

星期五, 二月 06, 2009

服务一生、战斗一生

“您一生为了争取华教权益和民族平等地位而鞠躬尽瘁、死而后已。您服务一生、战斗一世的精神,永远是我们的楷模。”但愿沈老一路上走好!


http://www.youtube.com/watch?v=T5smUUKjISk

年代 事迹
1913年 7月20日出生于马六甲吉灵街。祖籍福建晋江。父亲为马六甲同盟会领袖沈鸿柏。
1920年 8岁破笔入学。
1925年 高小毕业。
1926年 14岁入培风初中部肄业。
1928年 以第一名的成绩毕业于培风第二届初中。
1929年 在父亲创设的明新印务公司(马六甲最早印务所)工作。
1931年 担任其父之私人秘书,并随父赴南京出席中国国民党四全大会。
1933年 返马后在培风母校任职,将培风传统广西话改为标准华语。
响应兄长慕周的召号,晨钟夜学一开办即担任教职。
1934年 担任晨钟励志社青年部总务。
1937年 芦沟桥事变,参与抗日行列,组织歌咏队、戏剧团,到处宣传。
1938年 1月23日,与曾月霭完婚。
1939年 发起培风校友会,担任首届文书。
1940年 成立马六甲华校教师公会,担任文书。
1941年 太平洋战争爆发,担任马六甲各社团抗敌动员总会秘书,后又出任马六甲华侨青年战时服务团团长。
1942年 1月,马六甲沦陷,逃至新加坡后又返回马六甲。
3月,马六甲大戒严,与兄长慕周同时被捕,囚禁在怡力监牢,后因天长节获赦,兄长慕周则不幸遇害。
1944年 避免再次遭日寇毒手,开始逃亡生涯。
1945年 8月15日,日寇投降。
9月,受聘为马六甲华侨公立第一小学校长。复兴晨钟励志社及青年部。
11月,复办晨钟义务夜学。
12月9日,复兴马六甲华校教师公会。
1946年 复办培德学校,并担任校长。
为国民党组织三民主义青年团马六甲支团之干事,并担任党团干训班教育长。
1947年 将培德女校校政交给龙在天女士。
接办平民学校。
1949年 2月,加入陈祯禄创组之马华公会,连任马六甲分会义务秘书要职六、七年。
1950年 12月,会见林连玉于逸园公馆,倡议组织全国华校教师总会。
1951年 9月27日,坚持反对宾尼斯报告书中建议废除方言学校。
12月25日,马来西亚联合邦华校教师会总会(教总)成立,担任研究组主任。
1952年 受教育部委为中央教科书委员及教师咨询员。
首创马六甲华校教师职工会。
1953年 组织华人教育协会,并担任官民合办之《古城月报》总编辑为期4年。
1955年 1月,代表教总出席马六甲会谈。
5月,组织马华青年团,被称为“马青之父”。
6月,出任马六甲华人参事局议员。
1956年 6月,被英女皇封赐为太平局绅。
9月,在马青团首届全国大会用华语报告,打破马华历来议事以英语为媒介的惯例。
1957年 获美国青年领袖奖金,到美国观光及考察两个月,在内布拉斯加(Nebraska)议会以华语演讲。
1958年 出席三机构召开的全马华教大会,提议如果政府坚持以官方语文为考试媒介,则应列华文为官方语文。
1959年 宣传公民权运动有功,受首任最高元首封赐第三级卓越护国勋章J.M.N.。
1960年 4月,出席世界教师总会亚洲区大会。
1961年 受派参加印尼亲善访问团。
返吉隆坡获悉林连玉被褫夺公民权,即访马华公会会长陈修信,要求平反,不果。
1963年 4月,担任全国华校教师职工总会首届主席。
1965年 4月,因丁品松退休,出任教总代主席。
发动争取华文为官方语文,全国党团及华社热烈响应。被副首相拉萨、内长伊斯迈、财长陈修信相继
召见,又遭联邦警察总部政治部主任两次秘密盘问威迫;无畏无惧,据理力争,直言争取母语为官方
语文的重要性。
12月,被选为教总主席。
1966年 2月,当选马青副总团长。
10月,以“一息尚存,难安缄默”的书面谈话,回应陈修信发表不支持华文为官方语文的言论。
10月18日,因坚持争取华文为官方语文而遭马华开除党籍。
1968年 4月,在独大发起人大会中,被推选为筹委会副主席。
5月,独立大学(独大)马六甲分会成立,被推举为主席。
1969年 3月,受马华苏承球等人劝请归队,沈慕羽坚持原则,结果不欢而散。
4月,出席世界教总亚洲区大会,以华语发言,呼吁民办大学。
1971年 2月,接受陈修信邀请,参加全国华人团结大会。
4月,遭警方以“涉嫌于怡保华人大团结集会上发表煽动性演说”逮捕,并控上法庭,诉讼两年。
1972年 10月,政府撤销涉及嫌煽动法令案件,拟委为上议员,被婉拒。
1973年 7月,卸下担任27年平民校长之职位。
受委为发展华文独立中学运动工作委员会的署理主席。
1974年 担任孔教会第八届主席,订下复兴计划。
1975年 1月,受聘为亚洲人寿保险有限公司马六甲分行经理。
1979年 7月,荣任马六甲华校校友会联合会第一届主席。
10月,荣任马六甲晋江会馆第十一届主席。
12月,荣任全国独中工委会副主席。
1981年 领导教总反对3M计划。
1982年 4月,教总改选提出引退,全场一致挽留。
1985年 5月,母亲李良去世,享寿101岁。
12月,林连玉溘然长逝,被选为林连玉基金会主席。
1987年 10月11日,反对政府派不谙华文教师到华小担任高职,在天后宫全国华团政党抗议大会中致词。
10月28日,在内安法令下遭扣留,60天后被送往太平扣留营。
1988年 2月,因受社团法令的限制,致函教总辞职。
6月3日,获有条件释放。
1989年 7月,被选为中华大会堂主席。23日,在三保山为第6届文化节升旗礼及传灯仪式主持开幕,开创点燃
火炬运动。
复出担任教总主席。
1990年 4月,担任马六甲华人抗日义士纪念碑管理委员会主席。
赴台湾参加侨务委员会主办的“全球侨务会议”。
1991年 12月,与林玉静竞选堂联(即“华总”)第一届总会长职位。
1992年 3月,表明退出教总与马六甲华堂改选。
4月,教总及26个属会挽留,继续领导教总。
1994年 5月,从副首相安华手中接领希望集团给新纪元学院之百万令吉捐款。28日,卸下教总主席职位。
8月,教总、马六甲华校教师公会、马六甲中华大会堂及马六甲华校校友会联合会联合主办
“沈慕羽表扬会”。
1995年 5月,荣获马来西亚华人文化奖。
1997年 荣膺台湾最高荣誉行政院文化奖。
荣颁第三届“春晖照人间”模范父母亲奖。
1998年 庆祝钻婚纪念,捐献5万令吉予新纪元学院。
装置心脏调剂器。
1999年 马六甲元首封赐拿督勋衔(D.M.S.M)。
荣获“林连玉精神奖”。
2002年 马六甲华团庆贺沈慕羽九十大寿,24万令吉贺仪捐献于培风中学。
受台北市长马英九邀请赴台湾主持祭孔典礼。
2003年 被《马来西亚记录大会》评选为全国服务最久的校长。
2004年 平民学校“沈慕羽礼堂”落成。吉隆坡育南学校建“沈慕羽楼”。
5月1日,夫人曾月霭逝世。
2005年 3月,对媒体公开48年来所写70本日记本。
9月,主持马六甲孔子大厦开幕典礼。
2006年 2月,参观金马士“沈慕羽纪念馆”。
2007年 2月,“沈慕羽书道馆”成立。
7月,全国182个华团在马六甲培风中学举办“沈慕羽95荣寿大会”。
11月15日,荣获大马佛教大学颁发名誉博士。
12月9日,荣获美国高登大学颁发名誉博士。

星期四, 二月 05, 2009

青蛙 - 转载自山芭佬

一只青蛙,两只眼睛,四条腿。噗通!跳下水。。
两只青蛙,四只眼睛,八条腿。噗通!噗通!跳下水。。
三只青蛙,六只眼睛,十二条腿。噗通!噗通!噗通!跳下水。。

一个政客,两只眼睛,两条腿。毛桶!你有水。。
两个政客,四只眼睛,四条腿。毛桶!毛桶!你有水。。
三个政客,六只眼睛,六条腿。毛桶!毛桶!毛桶!你有水。。

星期四, 一月 22, 2009

Chipmaker, Intel to cut production at 2 U.S. plants, shut 3 facilities in Asia

The No. 1 maker of microprocessors said production will be halted at the Fab 20 facility in Hillsboro, Ore., and the D2 facility in Santa Clara, Calif.

Operations are being shut at two facilities in Penang, Malaysia, and a third in Cavite, Philippines.

The plant shutdowns are slated to occur between now and the end of the year, according to Intel.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: January 21, 2009: 5:55 PM ET

星期三, 一月 21, 2009

F&N



Recession Record

To Raise at least RM1 billion from Bond Sale



PUBLIC Bank Bhd (1295), the country's third biggest lender, plans to raise at least RM1 billion from a bond sale this year to improve its capital position.

The debt will take the form of Tier-1 capital securities and subordinated debt securities, Public Bank chief operating officer Leong Kwok Nyem said.

4th Quarter Results
Net profit rose 13 per cent due to lower tax charges.
Quarterly pre-tax profit dropped 1 per cent as it set aside more money to cover potential bad loans.

A net profit of RM654 million for the quarter to December 31 2008.
Net interest income, or interest on loans after deducting those paid out for deposits, rose 9.2 per cent to RM952 million.

For Full Year
Net profit rose 22 per cent to RM2.58 billion, driven by healthy growth in net interest and financing income and other operating income.

Dividend
Proposed a final cash dividend of 25 sen and a share dividend of 33.7 sen.
Together with the 30-sen interim cash dividend declared earlier, this makes a total of 88.7 sen a share for the year, or a payout of RM2.22 billion.

Public Bank's strategy this year is to focus on the consumer and small- to medium-sized enterprises (SMEs) as well as expand its depositor base.

It aims to grow loans by about 15 per cent this year, Public Bank managing director Datuk Seri Tay Ah Lek said.

"This means an additional RM18 billion to the group's total loan outstanding. This is a respectable number," he added.

The group's net non-performing loan (NPL) ratio further improved to 0.86 per cent per cent last year, which was about a third of the banking industry's net NPL ratio of 2.4 per cent.

昇喜產托淨利飆636%

即時新聞 國內財經 2009-01-21 14:05
(吉隆坡)昇喜產業信托(STAREIT,5109,主板產業投資信托組)截至2008年12月31日止首6個月,淨利狂飆635.67倍至2億9509萬7000令吉,前期為4011萬3000令吉。

首6個月營業額從5357萬7000令吉,微增2.79%至5507萬4000令吉。

單季的淨利為2000令10萬4000令吉,這間公司於首3個月期間重估樂天大廈、昇喜廣場和吉隆坡萬豪酒店,取得2億5435萬令吉的未實現盈利。

董事部建議派發免稅的每單位中期收入3.4554仙。

星期四, 一月 15, 2009

Dividend Stocks (SG)

As we enter the new year, this is the bonus post that hopefully can make us rich in time to come!

Short Name Industry Subgroup Dividend Yield
SINGAP SHIPPING Transport-Marine 10.53
SIA ENGINEERING Commercial Services 10.05
MOBILEONE LTD Cellular Telecom 9.864
SINGAP AIRPORT T Airport Develop/Maint 9.859
DEL MONTE PAC LT Food-Canned 9.586
SINGAP REINSURAN Reinsurance 9.154
SINGAP PRESS HGS Publishing-Newspapers 8.599
CEREBOS PACIFIC Food-Misc/Diversified 8.503
SINGAPORE POST Transport-Services 8.17
SINGAPORE FOOD Food-Misc/Diversified 7.684
SINGAPORE EXCH Finance-Other Services 7.49
HAW PAR CORP Diversified Operations 6.964
SINGAPURA FINANC Finance-Mtge Loan/Banker 6.667
UNITED O/S INSUR Property/Casualty Ins 6.55
HONG LEONG FINAN Finance-Other Services 6.341
PARKWAY HLDGS Medical-Hospitals 5.804
GREAT EAST HOLD Life/Health Insurance 5.791
SING INV FIN Diversified Finan Serv 5.714
CHUAN HUP HLDGS Transport-Marine 5.263
UNITED OVERSEAS Commer Banks Non-US 5.208
RAFFLES EDUCATIO Schools 5.13
APB BREWERIES Brewery 3.168

This is a list of stocks that have never had a single year of negative free cash flow for the past 8 years and hence I would deem that they should be able to pay dividends for the foreseeable future.

As a surprise, high dividend yield is not selected as a criteria for this list but 15 out of 23 stocks have a dividend yield of more than 6% which I think as high considering that with their strong FCF generative ability, the co.s have less probability of cutting their dividends and what you see is likely to be what you can get as dividends. But don’t be too hopeful, co. mgmt can play the conservative card and decide to keep cash and not pay you.

HAIO & ZHULIAN

HAIO

坐擁4790萬令吉現金.
海鷗承諾,將保留50%盈利作為股息。
海鷗在08財年的股息回酬達12.3%,預測09財年可維持同樣回酬。


ZHULIAN

现金有1.2亿
total liabilities只有3千300万
每unit有0.347的现金

Drawback : 董事费高

以下是这间公司过去的派息记录:
18/8/07派发中期股息7仙
16/11/2007派发第二次中期股息3.5仙
26/02/2008派发中期股息5仙
03/06/2008派发第一次中期股息2仙
08/09/2008派发第二次中期股息3仙
08/12/2008派发中期股息3仙

星期三, 一月 14, 2009

Citigroup Estimation

星期二, 一月 13, 2009

Dividend Policy


It’s not so much about the dividend yield but it is the dividend policy of some bluechips that some investors may find the information useful to them.

棕油價震盪料受控‧IOI維持派息率50%


大馬財經 2009-01-12 18:05

(吉隆坡)雖然全球經濟開始放緩,但IOI集團(IOICORP,1961,主板種植組)相信,原棕油需求料持續回揚,價格劇烈波動格局將受控。
IOI評級遭下調
不過,分析員認為,此公司宏觀展望雖有改善,但原棕油昔日風光難返,加上產業臂膀銷售疲憊,盈利賺益恐持續受壓,因而下調其評級。
達證券在近期造訪IOI集團後如是分析。
IOI集團相信,原棕油需求料因人口增加而上漲3至4%。“歐洲和美國市場需求持續旺盛,主要由食品領域推動,而生物柴油業也出現復甦,特別是歐盟。目前,鹿特丹提煉廠已將20至30%產量出售於生物柴油和發電領域。”
違約率料趨穩
此公司管理層表示,在2008年上半年,公司總違約率介於1萬至2萬公噸間,遠比340萬公噸提煉總產量為低,主要是歐盟、美國擁有良好信貸評級的買家成功轉移風險,相信隨著原棕油價格波動格局受控,違約率料趨向穩定。
此公司不願對原棕油價作出預測,但透露舒適水平落在每公噸1800至2000令吉。達證券預測今年平均原棕油價將企於每公噸2000令吉。
鑒於原棕油價持續低迷,IOI集團管理層將採取積極現金流管理措施,但保證維持40至50%淨利派息率不變。
此公司計劃維持印尼每年栽種1萬5000公頃園丘目標,但削減下游製造活動擴充資本,未來2年資本開銷將從每年7億或8億令吉下調至5億令吉,股票回購計劃也暫擱置(最近一次回購為去年12月2日)。
此外,儘管平均每公頃肥料成本已從去年的1800令吉下滑17%至1500令吉,但今年上半年成本仍遠較2007年的每公頃1100令吉為高。
同時,IOI集團也計劃在今年翻種5%成熟園丘,較往常的3至4%為高,以從政府2億令吉翻種獎掖中獲利。
產業銷售或跌逾20%
至於產業發展業務,分析員認為,經濟放緩將對產業市場帶來雙倍衝擊,主要是疲憊需求恐導致新推介計劃展延,從而導致銷售下滑,預計2009財政年銷售可能按年下跌超過20%。
IOI集團管理層表示,儘管建築成本也持續呈跌勢發展,但憂慮相關利好將遭銷售成績參差抵銷,預計產業發展業務營運賺益將維持在40%水平,但較上財年的49%遜色。
達證券指出,儘管宏觀前景改善,但相信已反映在其17至18倍本益比估值上。以合理14倍本益比計算,需在2009財政年取得每公噸3千零50令吉平均售價,方可達到相關估值水平。
“當前原棕油售價為每公噸1900令吉,雖然整體前景展望正面,料不會在可預見的未來能重試相關水平。”
許福裕任財務董事
IOI集團(IOICORP,1961,主板種植組)執行主席丹斯里李深靜透露,此集團新任財務董事許福裕已在今年1月2日正式上任。
許福裕是接替拿督楊豪的職位,後者加入新加坡的一家印尼種植公司。
加入IOI集團之前,許福裕是興業資本(RHBCAP,1066,主板金融組)的中央財務策略運作單位主管,在這之前,他是興業銀行的首席財務員,在拉興胡申集團已服務約11年。
他氏對油棕業也頗熟悉,在1989年至1996年曾擔任森那美(SIME,4197,主板貿服組) 的財務董事。
也是一名特許會計師的許福裕,擁有大約30年稽查、企業融資、財務會計及管理的經驗。

星期二, 一月 06, 2009

Cash Rich Companies


Below are the companies within the top 100 biggest market cap with the most net cash:

1) Berkshire Hathaway $106bn
2) Bank of China $100.6bn
3) Industrial & Comm Bank of China $89bn
4) China Construction Bank $81.5bn
5) ExxonMobil $28.2bn
6) Apple $24.5bn
7) Cisco Systems $19.9bn
8) Microsoft $18.7bn
9) Google $14.4bn
10) Nintendo $11bn
11) Roche $9.9bn
12) Intel $9.8bn
13) Pfizer $9.7bn
14) Qualcomm $6.4bn
15) CNOOC $6.1bn
16) Visa $5.2bn
17) China Life $4.3bn
18) Nokia $4.1bn
19) Chevron $4bn
20) Genentech $2.9bn
21) Wyeth $2.7bn
22) Statoil Hydro $2.2bn
23) Oracle $1.8bn
24) Axa $1.7bn
25) Bristol Myers Squibb $1.2bn

Out of the top 100 biggest companies in the world, only 29 are in a net cash position. Cash within a company won't be valued at a premium if the company is perceived to be just sitting on it. Cash per share valuation will only be relevant if its a good M&A candidate, thus ruling out most China companies. Cash basically only creates a buffer for NTA valuation, which is good if you are breaking up the company or selling the company, or distributing them as dividends.

Many of the companies use their cash as investing/ corp acquisition strategy: Berkshire Hathaway, the bulk of tech companies and also drug companies - they will acquire strategic stakes to protect their turf or to fuel growth via acquisition.

Companies that uses cash to buyback shares might as well give back as dividends. I am always against share buybacks. Taking them private usually will not happen as the size is too big. Actually if KKR and TPG were to pool their resources together, in a bull market setting, they can very well take some of them private... but certainly not in current market conditions.

Locally, there are very sizable cash rich companies, but to compare on absolute basis is a bit one dimensional. A better measure would be to take the cash per share and divide it as a percentage of market price. All in RM.

Net Cash / Paid up / Cash Per Share / % of Mkt Price
MAS 4.4bn / 1.25bn / 3.52 / 109%
-admirable considering that the company has had to deal with very high jet fuel prices over the past few years, as long as Jala is at the helm, MAS can be a core long term holding
Resorts 4.15bn / 5.68bn / 0.73 / 30%
Genting 2.16bn / 3.69bn / 0.58 / 14.8%
- the cost overruns at Sentosa and slumping revenue at overseas subsidiaries may stretch demand on its cash hoard, share buybacks will have to take a backseat, cautious on both stocks
PetGas 1.53bn / 1.978bn / 0.77 / 7.8%
Sime Darby 1.16bn / 5.997bn / 0.19 / 3.2%
- very low cash position for the world' biggest plantation company, simmering problems with integration of other big plantation firms, avoid for now
Proton 1.14bn / 549m / 2.07 / 110%
- solid buy for cash if the company can be sold to a foreign carmaker, cash alone worth more than the stock, i.e. its auto assembly assets are valued at less than zero
Bursa 1bn / 519m / 1.92 / 33%
Malaysia Airports 766m / 1.1bn / 0.69 / 29.8%
UMW 745m / 521m / 1.42 / 26.7%
DIGI 504.8m / 750m / 0.67 / 2.8%
Bintulu Port 488m / 400m / 1.22 / 21.7%
- often ignored but a good, solid, conservative company, core holding
Star Pub 457m / 738m / 0.62 / 19%
YNH 323m / 356.6m / 0.90 / 75.4%
- one of the better managed property companies
Asiatic 279m / 752m / 0.37 / 8.7%
Amway 244m / 164.3m / 1.48 / 21.5%
Carlsberg 222m / 308m / 0.72 / 19.6%
JT 213m / 261.5m / 0.81 / 18%
TH Plant 204.6m / 196m / 1.04 / 77%
- another conservative plantation company, if it can boost its CPO yield, valuations will fly

仅提供优惠价购买天然气 国能未津贴发电厂及国能

转载新闻 二零零八年七月八日 下午四时五十八分

首相署副部长拿督迪瓦玛尼表示,国油公司(Petronas)并没有给予任何金钱上的津贴予独立发电厂(IPP)或是国家能源公司(国能TNB),只是给予两者“优惠价”购买天然气。
他今日在下议院回答峇眼国会议员林冠英的口头问答时说,根据国油与相关单位于1997年所签署的“天然气供应协议”规定,政府必须以较低的价格出售天然气予能源领域,目的是要控制发电的成本和用户有能力偿还电费。
他披露,这种津贴方式并没有为独立发电厂带来任何益处,反观是对消耗较低电源的用户有利。
据市价浮动调整
他补充说,国油是根据“天然气供应协议”为国能、独立发电厂及半岛一带的工业区提供“优惠价”的天然气,而这个“优惠价”是根据市场价格的浮动而作出调整。
他表示,自1997年5月起,政府给予能源领域的天然气“优惠价”为每单位6令吉40仙,而自2002年10月起,政府给予工业领域的天然气“优惠价”为每单位11令吉32仙,大马天然气私人有限公司为每单位9令吉40仙。
他指出,自今年6月4日起,政府已经宣布重组津贴机制,这包括减少对能源领域的天然气津贴。根据新的机制,国油以每单位14令吉31仙出售天然气予能源领域,从今年7月1日生效。
他解释,这项新机制目的是要每年对能源领域减少5%的“优惠价”以在未来15年内将优惠价达到市场的销售价。
不愿回答津贴发电站数额 冠英:迪瓦玛尼维护朋党
槟州首席部长林冠英对于首相署副部长拿督迪瓦玛尼不愿意回答,政府津贴给独立发电站的数额,这显示政府正在维护本身的“朋党”,继续让本身的“朋党”受益。
他在新闻发布会上指出,首相阿都拉曾透过书面回答指出,政府给予国油的津贴达780亿令吉。
可是迪瓦玛尼则不愿回答,政府提供给独立发电站的津贴,这显示有关津贴显然不是维护人民的人民,反之这是在维护本身“朋党”的利益。
他坦言,在750亿令吉给国油的津贴中,其中有450亿令吉是拨给独立发电站。因此,如果把部份给独立发电站的拨款,平分的人民,相信每个人民可获得达3000令吉的津贴。
他说:“目前国内只有区区的数家独立发电站从中获益,这显示维护“朋党”的举动。”

YTL Defends Power Plan

YTL Power has proposed to invest almost RM4 billion, assuming it can build a new 1,200-megawatt plant, to replace its ageing plants.

The source explained that the proposal was not to double YTL Power's capacity but rather for the group to maintain its current generation size.
The new plant, to be built at no cost to Tenaga Nasional Bhd (TNB), would use 20 per cent less gas.

"The country would save 20 per cent of the gas currently utilised. The quantity of gas saved could be redeployed for use by other industries," said the source.

This could help Malaysia deal with gas supply issues given Petroliam Nasional Bhd's uncertainty of new supply after 2016.

TNB would also benefit from having to pay less for fuel, which IPPs currently pass through to the national utility, he said.

YTL Power made its proposal sometime in July last year in response to the call by the Minister of Energy, Water and Communications for more efficient IPPs which could produce the same amount of power with less gas.

At present, YTL Power operates a plant each in Terengganu and Johor, with a total capacity of 1,212MW. It sells power to TNB under long-term contracts that expire in 2015.

According to the source, YTL Power might be willing to strike a lower price for power from its proposed new plant.

Under the existing contract, YTL Power sells electricity to TNB at 15 sen per kilowatt-hour (kWh). Between 2001 and 2003, it sold excess power to the utility at 10.9 sen per kWh.

In November last year, Energy, Water and Communications Minister Datuk Shaziman Abu Mansor said Malaysia did not need a new power plant until end-2009 owing to high levels of spare capacity.

The 1,400MW Jimah coal plant in Negri Sembilan will push spare capacity over 50 per cent when it starts this year.

TNB may also not be worried about new capacity by 2015, said AmResearch analyst Alex Goh.

" ... the supply could come from the 2,400MW Bakun hydro-electric dam and undersea submarine cable, which will be operational by then," he said in a report.

星期五, 一月 02, 2009

RESORTS World Bhd






RESORTS World Bhd seems to be regaining the favour of investors after the recent selldown of its shares, following its announcement of a related-party acquisition, involving a 10% stake in Walker Digital Gaming LLC (WDG) and a 100% of Digital Tree for US$69mil, late last month.

Its share price has been beaten down to an attractive valuation that it is currently trading at an undemanding price/earnings ratio of about eight times; hence, an opportune time to begin accumulating the defensive stock.

Resorts was one of the most actively traded stocks over the week and analysts believe there is further upside for the counter, particularly in this window-dressing season.

The company on Wednesday announced to Bursa Malaysia that it had completed its proposed acquisition of WDG and Digital Tree. The company is currently scouting for more gaming-related acquisition opportunities in Macau and Las Vegas in the United States.

Given its robust net cash position, Resorts could easily afford to go on a shopping spree for good deals. By the end of the year, Resorts’ cash pile is expected to reach RM5bil.

Against the backdrop of a challenging economic environment, Resorts’ earnings have remained fairly stable and resilient. For the nine months ended September 2008, the company posted a net profit of around RM1bil (-15.6% year-on-year) on revenue of RM3.6bil (+10.8% y-o-y).

EPF may bid for Menara Citibank



Menara Citibank, a 50-storey building that is almost fully occupied, is up for sale again after IOI Corp Bhd called off its purchase that was priced at RM586.73 million.
IOI backed out of the deal in November, forfeiting its RM73.36 million deposit paid to Inverfin Sdn Bhd, citing concern over the economy.

Inverfin is 50 per cent owned by Menara Citi Holding Co Sdn Bhd, a unit of US bank Citigroup. Singapore's CapitaLand Ltd holds another 30 per cent, while Amsteel Corp Bhd owns the rest.

Menara Citibank has a net lettable area of 733,626 sq ft and 99 per cent occupancy rate. The net book value of the building as of December 31 2007 is RM458 million and the gross rental revenue is RM43.3 million (excluding revenue from the car park of RM3.3 million).

EPF invested RM1.78 billion in real estate in 2007, or just 0.6 per cent of its total investments. Its portfolio includes properties such as the Sogo shopping mall, Wisma KFC and a building in KL Sentral.

星期四, 一月 01, 2009

DOW ups 108 points closing 2008



DOW ups 108 points closing 2008. Light, sweet crude for February delivery rose $5.57, or 14.2%, to settle at $44.60 a barrel on the New York Mercantile Exchange on 31/12/2008. Oil could rebound next year? KLSE testing 900 points soon? It largely depends on the plantation performance.. Obama rally? CNY rally? Going south after all the rallies? Testing 700 then?