2011年5月18日星期三
Malaysia's economy expands 4.6 per cent in Q1
Malaysia’s economy grew by 4.6 per cent in the first quarter, the central bank said Wednesday, slower than expected due to a tepid performance by the manufacturing sector.
Moody's downgrades Australia's big four banks
Moody's on Wednesday downgraded the debt ratings of Australia's big four banks to Aa2, citing their dependence on volatile global lending markets.
The move was well-flagged, with Moody's placing the banks on a negative ratings watch in February, and brings them in line with the other two major ratings agencies, Standard and Poor's and Fitch, analysts said.
The downgrade was from Aa1 and affects the country's big lenders -- Australia and New Zealand Banking Group Ltd, Commonwealth Bank of Australia, Westpac Banking Corp., and National Australia Bank Ltd.
"The downgrade reflects our view of the Australian banking system's structural sensitivity to conditions in wholesale funding markets," said Patrick Winsbury, senior vice president based in Moody's Sydney office.
"Australia's major banks have relatively high levels of wholesale funding and the global financial crisis has underlined the speed with which shifts in investor confidence can impact bank funding.
"While the major banks have reduced their sensitivity to disruptions in the wholesale funding markets, the Australian financial sector's long-term, underlying reliance on offshore debt remains in place," he added.
"Moody's believes this is better reflected at the Aa2 rating level."
Shares of all four banks declined after the decision but National Australian Bank and ANZ both bounced back to finish in the green, while Commonwealth and Westpac were only marginally in the red.
The move was well-flagged, with Moody's placing the banks on a negative ratings watch in February, and brings them in line with the other two major ratings agencies, Standard and Poor's and Fitch, analysts said.
The downgrade was from Aa1 and affects the country's big lenders -- Australia and New Zealand Banking Group Ltd, Commonwealth Bank of Australia, Westpac Banking Corp., and National Australia Bank Ltd.
"The downgrade reflects our view of the Australian banking system's structural sensitivity to conditions in wholesale funding markets," said Patrick Winsbury, senior vice president based in Moody's Sydney office.
"Australia's major banks have relatively high levels of wholesale funding and the global financial crisis has underlined the speed with which shifts in investor confidence can impact bank funding.
"While the major banks have reduced their sensitivity to disruptions in the wholesale funding markets, the Australian financial sector's long-term, underlying reliance on offshore debt remains in place," he added.
"Moody's believes this is better reflected at the Aa2 rating level."
Shares of all four banks declined after the decision but National Australian Bank and ANZ both bounced back to finish in the green, while Commonwealth and Westpac were only marginally in the red.
2011年5月17日星期二
Genting Singapore Plc
Genting Singapore Plc (GENS SP): The owner of one of two casino resorts in the city-state said a unit will acquire a 68.6% stake in Goldnature Investments, a company that has stakes in a portfolio of natural resources ventures, for US$60 million ($74.7 million). Genting sank 1.4% to $2.07.
US dollar falls against euro as EU tackles debt
The US dollar fell against the euro on Tuesday as European Union officials grappled with sovereign debt woes in Greece and other eurozone countries.
The euro was trading at $1.4234 around 2100 GMT, up from $1.4153 at the same time on Monday.
Against the Japanese currency, the dollar fetched 81.36 yen compared with 80.76 yen.
The European currency started the day rising against the dollar as EU finance ministers meeting in Brussels on Tuesday considered how to prevent Greece from defaulting on its loans.
Leading eurozone policy-maker Jean-Claude Juncker said that a "soft restructuring" of Greece's 330-billion-euro debt is a possibility as an EU-IMF mission in Athens was extended by one week.
On Monday, EU ministers approved a 78-billion bailout for debt-laden eurozone nation Portugal.
The pound sterling remained strong, following the announcement that British inflation rose to 4.5 percent in April, the highest rate since September 2008.
The figure is likely to increase the calls for the Bank of England to raise interest rates to dampen inflation, despite the fragile economic recovery.
The pound rose to $1.6248 from $1.6186.
The dollar was under pressure after US data showed that housing construction plunged in April.
Housing starts tumbled 10.6 percent from March to a seasonally adjusted annual rate of 523,000, the Commerce Department reported.
Against the Swiss currency, the dollar fell to 0.8801 francs from 0.8843 late Monday.
The euro was trading at $1.4234 around 2100 GMT, up from $1.4153 at the same time on Monday.
Against the Japanese currency, the dollar fetched 81.36 yen compared with 80.76 yen.
The European currency started the day rising against the dollar as EU finance ministers meeting in Brussels on Tuesday considered how to prevent Greece from defaulting on its loans.
Leading eurozone policy-maker Jean-Claude Juncker said that a "soft restructuring" of Greece's 330-billion-euro debt is a possibility as an EU-IMF mission in Athens was extended by one week.
On Monday, EU ministers approved a 78-billion bailout for debt-laden eurozone nation Portugal.
The pound sterling remained strong, following the announcement that British inflation rose to 4.5 percent in April, the highest rate since September 2008.
The figure is likely to increase the calls for the Bank of England to raise interest rates to dampen inflation, despite the fragile economic recovery.
The pound rose to $1.6248 from $1.6186.
The dollar was under pressure after US data showed that housing construction plunged in April.
Housing starts tumbled 10.6 percent from March to a seasonally adjusted annual rate of 523,000, the Commerce Department reported.
Against the Swiss currency, the dollar fell to 0.8801 francs from 0.8843 late Monday.
Breaking news: US market
Home Depot Q1 EPS 50 cents vs 49 Cents Forecast
Wal-Mart Q1 EPS 98 Cents Ex-Items vs 95 Cents Forecast
HP Second-Quarter EPS $1.24 Ex-Items vs $1.21 Estimated
Stocks traded sharply lower amid worries of a global economic slowdown and mixed earnings results. HP led blue chips laggards, falling more than 8 percent.
U.S. stocks fell sharply on Tuesday, with the S&P 500 and the Nasdaq falling below their 50-day moving average, as a negative outlook from Hewlett-Packard and weak U.S. economic data raised jitters about the state of the recovery.
Industrial Production Unchanged in March, Estimates Called for Increase of 0.3%
US Housing Starts Fall More Than Expected Down 10.6%, Consensus Called for Rise of 2.7%
The Dow slumped after a disappointing earnings forecast by Hewlett-Packard, and after worse-than-expected reports on housing and industrial production.Stocks traded sharply lower amid worries of a global economic slowdown and mixed earnings results. HP led blue chips laggards, falling more than 8 percent.
U.S. stocks fell sharply on Tuesday, with the S&P 500 and the Nasdaq falling below their 50-day moving average, as a negative outlook from Hewlett-Packard and weak U.S. economic data raised jitters about the state of the recovery.
2011年5月16日星期一
US hits debt ceiling, begins pullback (commentary)
From US debt ceiling,begins pullback, it hinged that a weak US dollar era had ended and replace it should be a strong up trend for The Dollar index in the LONG RUN.Must be cautious if still shorting the Dollar in long term.This also signed that QE2 will be end soon?When you had spread out money with low value into the market just with the printing machines running overtime schedule.Will there be a crisis in other parts of the world when the Supper Power is sucking the wealth outside their country? For sure.
US hits debt ceiling, begins pullback
WASHINGTON: The US Treasury warned of economic catastrophe on Monday as it ran into its $14.29 trillion ceiling on borrowings and began short-term measures to delay breaching the limit.
In a letter to US Senate leader Harry Reid, Treasury Secretary Timothy Geithner said the country had reached the statutory debt limit as of Monday and was initiating a "debt issuance suspension period" to keep from going over it.
Geithner urged Congress to raise the ceiling "in order to protect the full faith and credit of the United States and avoid catastrophic consequences for citizens."
To avoid topping the ceiling, the government would halt the automatic cycling of civil service pension funds into US Treasury debt, the way they are traditionally stored, he said.
The move will give the Treasury about $224 billion dollars of headroom as it meets an estimated $120 billion a month in net new borrowing needs to cover the government's mounting budget deficit.
However, by August 2, according to Treasury projections, spending requirements will exhaust the temporary measures and the government will have to either slash spending on existing obligations or possibly default on its debts.
In a letter to another senator on Friday, Geithner warned that failure to increase the debt limit "would force the United States to default on the obligations, such as payments to our service members, citizens, investors, and businesses."
"Default would not only increase borrowing costs for the federal government, but also for families, businesses, and local governments - reducing investment and job creation throughout the economy," he told Senator Michael Bennet.
In a letter to US Senate leader Harry Reid, Treasury Secretary Timothy Geithner said the country had reached the statutory debt limit as of Monday and was initiating a "debt issuance suspension period" to keep from going over it.
Geithner urged Congress to raise the ceiling "in order to protect the full faith and credit of the United States and avoid catastrophic consequences for citizens."
To avoid topping the ceiling, the government would halt the automatic cycling of civil service pension funds into US Treasury debt, the way they are traditionally stored, he said.
The move will give the Treasury about $224 billion dollars of headroom as it meets an estimated $120 billion a month in net new borrowing needs to cover the government's mounting budget deficit.
However, by August 2, according to Treasury projections, spending requirements will exhaust the temporary measures and the government will have to either slash spending on existing obligations or possibly default on its debts.
In a letter to another senator on Friday, Geithner warned that failure to increase the debt limit "would force the United States to default on the obligations, such as payments to our service members, citizens, investors, and businesses."
"Default would not only increase borrowing costs for the federal government, but also for families, businesses, and local governments - reducing investment and job creation throughout the economy," he told Senator Michael Bennet.
環球影城新景點 《馬達加斯加》登場啦
新加坡環球影城新景點－－全球首創《馬達加斯加：木箱漂流記》今天登場！
新景點長約9分鐘的室內木伐漂流之旅，讓你闖入奇異的叢林世界。
《馬達加斯加：木箱漂流記》新景點，是以全球動畫巨片《馬達加斯加》為構想藍本。
借助幻影、聲效及特效等科技手段，《馬達加斯加》的動物主角們如夢似真地呈獻在眾人眼前。
每個木伐，可以乘坐20人，沿著室內的特設水道緩緩前進。
在12幕主要場景中，公眾可以看到89個動畫角色，其中四位動物主角是：獅王亞歷克斯、斑馬馬蒂、河馬格洛麗婭及長頸鹿麥爾曼。
聖淘沙名勝世界企業傳播總監林順華說，室內木伐漂流之旅溫和，適合全家人遊玩。
评论：
这将会使联云顶新加坡止跌回扬，对母股云顶的上扬有所激励。
新景點長約9分鐘的室內木伐漂流之旅，讓你闖入奇異的叢林世界。
《馬達加斯加：木箱漂流記》新景點，是以全球動畫巨片《馬達加斯加》為構想藍本。
借助幻影、聲效及特效等科技手段，《馬達加斯加》的動物主角們如夢似真地呈獻在眾人眼前。
每個木伐，可以乘坐20人，沿著室內的特設水道緩緩前進。
在12幕主要場景中，公眾可以看到89個動畫角色，其中四位動物主角是：獅王亞歷克斯、斑馬馬蒂、河馬格洛麗婭及長頸鹿麥爾曼。
聖淘沙名勝世界企業傳播總監林順華說，室內木伐漂流之旅溫和，適合全家人遊玩。
评论：
这将会使联云顶新加坡止跌回扬，对母股云顶的上扬有所激励。
Dollar gains; euro extends declines (16/05/11)
SYDNEY (MarketWatch) — The U.S. dollar strengthened during Asian trading hours Monday, driving the euro lower ahead of a meeting of European finance leaders on efforts to resolve the region’s sovereign-debt problems, a situation complicated by the weekend arrest of the head of the International Monetary Fund.
The dollar index /quotes/comstock/11j!i:dxy0 DXY -0.13% , a measure of the U.S. unit against a basket of six major currencies, rose to 75.870, from 75.761 in North American trading late Friday.
The euro /quotes/comstock/21o!x:seurusd EURUSD +0.46% extended its decline, trading at $1.4064, down from $1.4111 in North American trading late Friday.
The International Monetary Fund and European Union finance ministers were slated to meet late Monday. They were expected to ratify the Portuguese bailout and may adjust loan conditions for Ireland, as well as consider the situation in Greece.
An agreement on Greece — which has dominated the headlines recently on speculation over the possible restructuring of its debt arrangements — is expected to be left off the agenda, according to strategists.
Strategists at RBC Capital Markets support that view that a new deal for Greece won’t be settled this week, and they added that sovereign-debt issues have overshadowed strong regional economic data issued last Friday.
Euro-zone first-quarter gross domestic product beat analyst expectations with a quarter-on-quarter rise of 0.8%, including upside surprises in French and German growth.
“Such a performance by the core might have had — and might have — a more lasting impact on the euro when European Union periphery issues are dormant, but that is not the case at present.” RBC Capital Markets wrote.
The British pound /quotes/comstock/21o!x:sgbpusd GBPUSD +0.20% traded at $1.6172, down from $1.6186 on Friday.
Against the Japanese yen, the dollar /quotes/comstock/21o!x:susdjpy USDYEN +0.11% traded at ¥80.87, up from ¥80.82 late Friday.
The Australian dollar /quotes/comstock/21o!x:saudusd AUDUSD +0.12% weakened against the greenback on Monday, trading at $1.0552, down 0.1% for the trading day.
Commonwealth Bank currency strategist Joseph Capurso said the Australian dollar/U.S. dollar is likely to move higher following the release of minutes of the Federal Reserve’s policy meeting on Wednesday.
The Commonwealth Bank forecast the Australian dollar/U.S. dollar pair will rise to $1.12 by September, “reflecting a weak U.S. dollar, strong commodity prices and low volatility.”
The recent fall in commodity prices has been matched with declines in commodity currencies, including the Australian dollar.
“The period of unrelenting trend deterioration in U.S. dollar and support for risk and carry currencies may have reached a temporary hiatus,” currency strategists at BNP Paribas said.
Israel Warning Shots At Malaysia Aid Ship To Gaza - Organizer
KUALA LUMPUR (AFP)--Israeli naval forces fired warning shots Monday at a ship carrying aid to Gaza as it approached the shore, forcing it to withdraw to Egyptian waters, the vessel's Malaysian organizer said.
"The MV Finch, carrying sewage pipes to Gaza, had warning shots fired at it by Israeli forces in the Palestinian security zone this morning at 0654 Jordan time (0354 GMT)," said Shamsul Azhar from the Perdana Global Peace Foundation.
"The vessel was in the Palestinian security zone, about 400 meters from the Gaza shoreline, when they were intercepted by Israeli naval forces," he said, adding it was now anchored 30 nautical miles away in Egyptian territory.
The Perdana Foundation is helmed by former Malaysian premier Mahathir Mohamad, an 85-year-old firebrand who was a strident critic of the West and Israel over the Palestinian issue during his two decades in power.
The organization was also involved in the first "Freedom Flotilla," a 2010 attempt to break the Israeli embargo on Gaza which ended in disaster when naval commandos raided the aid ships, killing nine Turks on board one of them.
Perdana Foundation officials said the MV Finch left the Port of Piraeus in Greece on May 11 for Gaza, carrying plastic pipes to help restore the "devastated" sewage system in Gaza.
Alang Bendahara, a Malaysian journalist on board said that in a dramatic encounter, Israeli naval ships stopped the vessel with a volley of gunfire as it approached the shore.
"The Israeli naval vessel fired a warning shot at us upon approaching and asked us to leave the waters but the ship's captain refused and the Israelis fired again, circling the MV Finch before firing twice more," he said.
"At that point they threatened the ship's captain that they would board the vessel and we were forced to turn back, it was lucky that no one was injured," he added.
Alang said the ship's propellers then got stuck in fishing nets but that it managed to move away shortly after.
"Two Egyptian naval vessels were monitoring us and they escorted us once we were in Egyptian waters," he said.
"They have now boarded our vessel and are inspecting our cargo to make sure there is nothing illegal onboard. They will be escorting us to the port of Al-Arish because they say they will detain the ship."
The journalist said there were 12 people on board the vessel--seven Malaysians, two Irish, two Indians and a Canadian--including anti-war activists and journalists.
Foundation officials said the MV Finch isn't part of an international aid flotilla which plans to set sail for the Gaza Strip in June.
Last month, Israeli Foreign Minister Avidgor Lieberman condemned the new convoy, dubbed "Freedom Flotilla II," as aimed solely at harming his country.
Since the 2010 flotilla incident, Israel has loosened some of the restrictions on imports into Gaza and exports from the coastal enclave, but aid vessels are routinely diverted to Ashdod in Israel or Egyptian ports.
The Perdana Foundation sent volunteers on the first aid flotilla operation, and also sponsored part of the cost of the mission.
"The MV Finch, carrying sewage pipes to Gaza, had warning shots fired at it by Israeli forces in the Palestinian security zone this morning at 0654 Jordan time (0354 GMT)," said Shamsul Azhar from the Perdana Global Peace Foundation.
"The vessel was in the Palestinian security zone, about 400 meters from the Gaza shoreline, when they were intercepted by Israeli naval forces," he said, adding it was now anchored 30 nautical miles away in Egyptian territory.
The Perdana Foundation is helmed by former Malaysian premier Mahathir Mohamad, an 85-year-old firebrand who was a strident critic of the West and Israel over the Palestinian issue during his two decades in power.
The organization was also involved in the first "Freedom Flotilla," a 2010 attempt to break the Israeli embargo on Gaza which ended in disaster when naval commandos raided the aid ships, killing nine Turks on board one of them.
Perdana Foundation officials said the MV Finch left the Port of Piraeus in Greece on May 11 for Gaza, carrying plastic pipes to help restore the "devastated" sewage system in Gaza.
Alang Bendahara, a Malaysian journalist on board said that in a dramatic encounter, Israeli naval ships stopped the vessel with a volley of gunfire as it approached the shore.
"The Israeli naval vessel fired a warning shot at us upon approaching and asked us to leave the waters but the ship's captain refused and the Israelis fired again, circling the MV Finch before firing twice more," he said.
"At that point they threatened the ship's captain that they would board the vessel and we were forced to turn back, it was lucky that no one was injured," he added.
Alang said the ship's propellers then got stuck in fishing nets but that it managed to move away shortly after.
"Two Egyptian naval vessels were monitoring us and they escorted us once we were in Egyptian waters," he said.
"They have now boarded our vessel and are inspecting our cargo to make sure there is nothing illegal onboard. They will be escorting us to the port of Al-Arish because they say they will detain the ship."
The journalist said there were 12 people on board the vessel--seven Malaysians, two Irish, two Indians and a Canadian--including anti-war activists and journalists.
Foundation officials said the MV Finch isn't part of an international aid flotilla which plans to set sail for the Gaza Strip in June.
Last month, Israeli Foreign Minister Avidgor Lieberman condemned the new convoy, dubbed "Freedom Flotilla II," as aimed solely at harming his country.
Since the 2010 flotilla incident, Israel has loosened some of the restrictions on imports into Gaza and exports from the coastal enclave, but aid vessels are routinely diverted to Ashdod in Israel or Egyptian ports.
The Perdana Foundation sent volunteers on the first aid flotilla operation, and also sponsored part of the cost of the mission.
2011年5月15日星期日
KLCI Off 0.1% In Thin Pre-Holiday Trade; 1535 Support
The KLCI is off 0.1% at 1538.99 in lackluster trade early afternoon as investors stay on the sidelines ahead of Tuesday's holiday, a local dealer says. "Regional market sentiment isn't too good and I don't think players want to take any aggressive positions today," he says. The benchmark is tipped in a 1535-1545 range for the rest of the day. The market breadth is negative with 433 decliners against 233 advancers. Among decliners, Latexx Partners (7064.KU) is down 9.4% at MYR2.41 after a planned buyout by Navis is aborted, Genting (3182.KU) is down 1.9% at MYR11.18 and Hong Leong Bank (5819.KU) is down 1.1% at MYR12.30. On the positive ledger, SP Setia (8664.KU) is up 2.9% at MYR4.20 and Maxis (6012.KU) is up 1.3% at MYR5.54.
Affin Keeps Overweight On Malaysia Oil, Gas Plays
Affin Investment says Petronas' plans to develop a $20 billion oil complex (to be known as Rapid) that includes an oil refinery and petrochemical plants in the southern Johor state will benefit the country's oil and gas fabricators in the longer-term. The house says Petronas Chemicals (5183.KU), together with BASF as its potential partner, may play a "key role" in the ownership of the planned naphtha cracker. This third cracker will boost capacity by 30% (from 11 million tons currently). Impact on other domestic oil and gas companies' earnings may be positive, with potential contracts flowing in by 2012-2014. Apart from PChem, other key potential beneficiaries are fabricators and engineering & construction companies - Dialog (7277.KU), Kencana (5122.KU), KNM (7164.KU) and Muhibbah Engineering (5703.KU). In addition, Dialog may further benefit from the project spillover to its MYR5 billion Pengerang terminal and future catalysts handling, and plant maintenance works, it adds. Affin keeps an Overweight rating on Malaysia's Oil and Gas sector.
UMA
CME GROUP BERHAD ("CME")
UNUSUAL MARKET ACTIVITY
We refer to the letter from Bursa Malaysia Securities Berhad ("Bursa
Securities") dated 16 May 2011 in respect of the unusual market activity of CME
Group Berhad ("CME").
Pursuant to Paragraph 9.11 of the Main Market Listing Requirements, the Board
of Directors of CME, after having made due enquires, wish to advise that, to
the best of their knowledge, the Board of Directors and major Shareholders of
CME are not aware of any activities that may have contributed to the unusual
market activity and want to confirm that :-
1) There is no corporate development relating to the Group's business and
affairs that has not been previously announced that may account for the unusual
market activity including those in the stage of negotiation or discussion.
2) They are not aware on any rumour or report concerning the business and
affairs of the Group that may account for the unusual market activity.
3) They are not aware of any possible explanation to account for the unusual
market activity.
4) The Group is not aware of any material information that requires immediate
disclosure in accordance to Rule 9.03 of the Listing Requirements and will
undertake to comply such rule when it is being triggered.
This announcement is dated 16 May 2011.
You are advised to read the full contents of the announcement or attachment at
http://www.bursamalaysia.com. |
16/05/2011 12:43 PM |
UMA
LISTING'S CIRCULAR NO. L/Q : 61160 OF 2011
Bursa Malaysia Securities Berhad has on 16 May 2011 issued an UMA query on the
sharp increase in price and high volume of CME shares recently.
In this respect, investors are advised to take note of the Companys reply to
the above UMA query which will be posted at Bursa Malaysias website under the
company announcements, http://announcements.bursamalaysia.com when making their
investment decision.
The contents of the UMA query is as follows:-
UNUSUAL MARKET ACTIVITY
We draw your attention to the sharp increase in price and high volume in your
Companys shares recently.
In accordance with the Corporate Disclosure Policy on Response To Unusual
Market Activity pursuant to paragraph 9.11 of the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities LR"), you
are requested to furnish Bursa Malaysia Securities Berhad ("Bursa Securities")
with an announcement for public release after making due enquiry with the
directors and major shareholders seeking the cause of the unusual market
activity in the Companys securities.
In this respect, you are also required to publicly confirm, amongst others, the
following:-
1. whether there is any corporate development relating to your Groups
business and affairs that has not been previously announced that may account
for the unusual market activity including those in the stage of negotiation /
discussion. If yes, kindly provide the details including the status of the
corporate development to enable investors to make informed investment decision;
2. whether there is any rumour or report concerning the business and
affairs of the Group that may account for the unusual market activity and in
this respect, you are required to comply with paragraphs 9.09 and 9.10 of the
Bursa Securities LR;
3. whether you are aware of any other possible explanation to account
for the unusual market activity; and
4. your compliance with the Bursa Securities LR, in particular paragraph
9.03 of the Bursa Securities LR on immediate disclosure obligations.
Please note that the contents of the announcement must be endorsed by the Board
of Directors of the Company and the announcement must reach Bursa Securities
immediately via Bursa LINK.
Sr. Manager, Issuers
|
16/05/2011 10:06 AM |
Singapore's offshore trade turnover hit US$700b in 2010
SINGAPORE: Singapore's offshore trade community generated US$700 billion (S$874b) in trade turnover last year, a 50.5% increase over 2009.
This achieved a compound annual growth rate of 25% over the past decade, said International Enterprise (IE) Singapore on Monday.
Singapore's economy and job market also gained from the growth of this industry last year.
Total jobs created by offshore trade reached 11,250 - an increase of 18.5% over 2009.
Total business spending from offshore trade players reached S$10.5 billion, an increase of 18% over 2009.
This boosted the ancillary services sectors especially freight & logistics, and financial services, with business spending for these two sectors totalling S$4.4 billion and S$750 million respectively.
IE Singapore is the lead government agency driving Singapore's external economy.
Mr Teo Eng Cheong, CEO of IE Singapore, said: "Offshore trade contributes significantly to our economy through business spending and high quality employment. Singapore is the biggest physical commodities trading hub in Asia.
"With global trade flows shifting to Asia, Singapore is well positioned to capture trading activities due to two key reasons. First, we are close to many source and demand markets, and second, we have a sophisticated physical and financial infrastructure for trading."
This achieved a compound annual growth rate of 25% over the past decade, said International Enterprise (IE) Singapore on Monday.
Singapore's economy and job market also gained from the growth of this industry last year.
Total jobs created by offshore trade reached 11,250 - an increase of 18.5% over 2009.
Total business spending from offshore trade players reached S$10.5 billion, an increase of 18% over 2009.
This boosted the ancillary services sectors especially freight & logistics, and financial services, with business spending for these two sectors totalling S$4.4 billion and S$750 million respectively.
IE Singapore is the lead government agency driving Singapore's external economy.
Mr Teo Eng Cheong, CEO of IE Singapore, said: "Offshore trade contributes significantly to our economy through business spending and high quality employment. Singapore is the biggest physical commodities trading hub in Asia.
"With global trade flows shifting to Asia, Singapore is well positioned to capture trading activities due to two key reasons. First, we are close to many source and demand markets, and second, we have a sophisticated physical and financial infrastructure for trading."
Crude prices slump on stronger dollar
Crude prices dived in Asia Monday as the euro slumped against the dollar on worries over Greece's sovereign debt repayment and the arrest of the International Monetary Fund chief.
New York's main contract, light sweet crude for delivery in June, fell US$1.12 to US$98.53 per barrel, and Brent North Sea crude for June delivery shed 88 cents to US$112.95 on its last trading day.
The euro was trading at US$1.4085 at 0200GMT in Asia on Monday, down from US$1.4108 in New York late Friday. A stronger greenback makes dollar-priced oil more expensive, leading to softer demand and lower prices.
"Lately the driver has been the value of the dollar versus the euro," said Victor Shum, senior principal of Purvin and Gertz international energy consultants in Singapore.
"The dollar is getting stronger because of the re-emergence of the European sovereign debt issue," he told AFP.
Eurozone debt concerns were highlighted on Sunday by German Finance Minister Wolfgang Schaeuble, who said financially-strapped Greece could be granted an extension to its debt repayment if private creditors are also involved.
Greece's 110-billion-euro (US$155 billion) rescue in spring 2010 was the first of three European rescues, followed by Ireland and Portugal, but a severe recession has complicated Athens' efforts to get its finances back in order.
Greece was expected to return to the financial markets next year but it appears unlikely and there is speculation that it will need further financial assistance.
Worries over the eurozone's debt-ridden economies were further complicated by sexual assault charges lodged against IMF chief Dominique Strauss-Kahn.
"The arrest of the IMF chief over the sexual assault charge in New York City makes the aid to Greece quite uncertain too," Shum said.
The global financial watchdog is leading the efforts to help the debt-ridden countries in the eurozone.
Strauss-Kahn's arrest forced the IMF executive board to postpone its meeting from Sunday to later Monday.
The board was to finalize an IMF-backed bailout for Portugal and discuss Greece's debt position.
Strauss-Kahn, whose stint at the IMF does not officially end until September 2012, had been due to meet with German Chancellor Angela Merkel in Berlin on Sunday to discuss an aid package for Greece.
- AFP/ir
New York's main contract, light sweet crude for delivery in June, fell US$1.12 to US$98.53 per barrel, and Brent North Sea crude for June delivery shed 88 cents to US$112.95 on its last trading day.
The euro was trading at US$1.4085 at 0200GMT in Asia on Monday, down from US$1.4108 in New York late Friday. A stronger greenback makes dollar-priced oil more expensive, leading to softer demand and lower prices.
"Lately the driver has been the value of the dollar versus the euro," said Victor Shum, senior principal of Purvin and Gertz international energy consultants in Singapore.
"The dollar is getting stronger because of the re-emergence of the European sovereign debt issue," he told AFP.
Eurozone debt concerns were highlighted on Sunday by German Finance Minister Wolfgang Schaeuble, who said financially-strapped Greece could be granted an extension to its debt repayment if private creditors are also involved.
Greece's 110-billion-euro (US$155 billion) rescue in spring 2010 was the first of three European rescues, followed by Ireland and Portugal, but a severe recession has complicated Athens' efforts to get its finances back in order.
Greece was expected to return to the financial markets next year but it appears unlikely and there is speculation that it will need further financial assistance.
Worries over the eurozone's debt-ridden economies were further complicated by sexual assault charges lodged against IMF chief Dominique Strauss-Kahn.
"The arrest of the IMF chief over the sexual assault charge in New York City makes the aid to Greece quite uncertain too," Shum said.
The global financial watchdog is leading the efforts to help the debt-ridden countries in the eurozone.
Strauss-Kahn's arrest forced the IMF executive board to postpone its meeting from Sunday to later Monday.
The board was to finalize an IMF-backed bailout for Portugal and discuss Greece's debt position.
Strauss-Kahn, whose stint at the IMF does not officially end until September 2012, had been due to meet with German Chancellor Angela Merkel in Berlin on Sunday to discuss an aid package for Greece.
- AFP/ir
Euro down as market frets over EU debt after IMF chief's arrest
The euro fell half a cent in opening Asian trade Monday as markets fretted that talks on Greece's debt crisis would be thrown into disarray by the arrest of IMF chief Dominique Strauss-Kahn.
The euro dropped to $1.4056 in Tokyo morning trade, down from $1.4108 in New York late Friday. It recovered slightly to stand at $1.4076 mid-morning.
The single European currency fell to 113.61 yen before recovering to 113.94, down slightly from Friday's close. The dollar fetched 80.98 yen, compared to 80.71 yen.
Investors were mulling the implications of the arrest in the United States of the International Monetary Fund boss on charges of attempted rape, criminal sexual assault and unlawful imprisonment.
Eurozone finance ministers were scheduled to meet later Monday to discuss finalising an IMF-backed bailout for Portugal and were expected to discuss Greece's debt position too.
The Washington DC-based fund named its number two official John Lipsky as acting managing director but currency strategists said the turmoil is bound to stall efforts to reach a solution in Europe.
"Any delay is likely to rattle the nerves of euro bulls," Gareth Berry, currency strategist at UBS, told Dow Jones Newswires.
"For a few days at least, the market will likely suspect leadership paralysis at the IMF. Again, the euro has most to lose from this, given the IMF is now active or becoming active in three eurozone countries (including Ireland)."
The scandal is seen likely to bury Strauss-Kahn's long-held ambitions to be elected president of France. Widely praised for his stewardship of the IMF, he is so well known in France he is often referred to by his initials, DSK.
Athens received a 110-billion-euro bailout from the EU and IMF a year ago, but a severe recession has complicated its efforts to bring its finances in order.
The EU Commission, the IMF and Germany are calling for Greece to reschedule its massive debt burden, due to the deteriorating situation, the German daily Die Welt said in its Saturday edition.
"When you look at the new data, you know the situation has changed," a European Commission source was quoted as saying.
The EU Commission spokesman on economic affairs, Amadeu Altafaj, dismissed the report as "absurd information."
"A restructuring of Greek debt is out of the question," he told AFP.
The Australian dollar was dragged lower too, with the commodity unit falling to US$1.0542 from US$1.0581 early on, before pulling back to US$1.0559.
Grant Turley, chief currency strategist at ANZ Bank in Sydney, said the IMF news means the Australian dollar could test as low as US$1.0450 and dealers were bracing for bad news on efforts to reach a conclusion to Europe's crisis.
"It's going to be a bit of a mess and it's going to add to the uncertainty," he said.
- AFP/ir
The euro dropped to $1.4056 in Tokyo morning trade, down from $1.4108 in New York late Friday. It recovered slightly to stand at $1.4076 mid-morning.
The single European currency fell to 113.61 yen before recovering to 113.94, down slightly from Friday's close. The dollar fetched 80.98 yen, compared to 80.71 yen.
Investors were mulling the implications of the arrest in the United States of the International Monetary Fund boss on charges of attempted rape, criminal sexual assault and unlawful imprisonment.
Eurozone finance ministers were scheduled to meet later Monday to discuss finalising an IMF-backed bailout for Portugal and were expected to discuss Greece's debt position too.
The Washington DC-based fund named its number two official John Lipsky as acting managing director but currency strategists said the turmoil is bound to stall efforts to reach a solution in Europe.
"Any delay is likely to rattle the nerves of euro bulls," Gareth Berry, currency strategist at UBS, told Dow Jones Newswires.
"For a few days at least, the market will likely suspect leadership paralysis at the IMF. Again, the euro has most to lose from this, given the IMF is now active or becoming active in three eurozone countries (including Ireland)."
The scandal is seen likely to bury Strauss-Kahn's long-held ambitions to be elected president of France. Widely praised for his stewardship of the IMF, he is so well known in France he is often referred to by his initials, DSK.
Athens received a 110-billion-euro bailout from the EU and IMF a year ago, but a severe recession has complicated its efforts to bring its finances in order.
The EU Commission, the IMF and Germany are calling for Greece to reschedule its massive debt burden, due to the deteriorating situation, the German daily Die Welt said in its Saturday edition.
"When you look at the new data, you know the situation has changed," a European Commission source was quoted as saying.
The EU Commission spokesman on economic affairs, Amadeu Altafaj, dismissed the report as "absurd information."
"A restructuring of Greek debt is out of the question," he told AFP.
The Australian dollar was dragged lower too, with the commodity unit falling to US$1.0542 from US$1.0581 early on, before pulling back to US$1.0559.
Grant Turley, chief currency strategist at ANZ Bank in Sydney, said the IMF news means the Australian dollar could test as low as US$1.0450 and dealers were bracing for bad news on efforts to reach a conclusion to Europe's crisis.
"It's going to be a bit of a mess and it's going to add to the uncertainty," he said.
- AFP/ir
MAA ( 1198 : 1.32 ) : Targeting 1.48
: 1.48
JUPITER RESEARCH
Support
: 1.14 RSI of 59
RSI is rising
STOCHASTIC
It is on an upswing
TREND INDICATOR.
Up
Comment
The current upmove is targeting 1.48
Trading Strategy
Buy. Stop loss is at 1.14JUPITER RESEARCH
MAA ( 1198 : 1.32 ) : Targeting 1.48
Description
Resistance
TEBRAU ( 1589 : 0.79 ) : Targeting 0.89
TEBRAU ( 1589 : 0.79 ) : Targeting 0.89
Description
Resistance
: 0.89Support
: 0.75RSI of 53
RSI is on the rise
STOCHASTIC
It is on an upswing
TREND INDICATOR.
Up
Comment
The current upmove is moving higher, to test a resistance at 0.89
Trading Strategy
Buy. Stop loss is at 0.75JUPITER SECURITIES RESEARCHJupiter ResearchJUPITER SECURITIES RESEARCH
DIGISTA ( 0029 : 0.47 ) : Take profit
: 0.50
JUPITER RESEARCH
Take profit. Upside is capped at 0.50
Support
: 0.43 RSI of 72
RSI is overbought
STOCHASTIC
It is overbought
TREND INDICATOR.
Up
Comment
The current upmove is likely to be capped at a strong resistance area of 0.50. Overall, it is overbought,
indicating a limited upside
Trading Strategy
JUPITER RESEARCH
Take profit. Upside is capped at 0.50
DIGISTA ( 0029 : 0.47 ) : Take profit
Description
Resistance
CIMB ( 1023 : 8.25 ) : Targeting 8.60-8.76
CIMB ( 1023 : 8.25 ) : Targeting 8.60-8.76
Description
Resistance
: 8.60 8.76Support
: 8.10RSI of 59
RSI is rising
STOCHASTIC
It is on an upswing
TREND INDICATOR.
Up
Comment
Following the trendline breakout, it is targeting 8.60, then 8.76
Trading Strategy
Buy. Stop loss is at 8.10 (Jupiter Research)
KLCI +0.1% In Thin Trade; 1533-1550 Range Eyed
The KLCI is 0.1% higher at 1542.40 in thin early trade. A local dealer says gains are driven by finance stocks in anticipation of strong 1Q earnings and M&A expectations while construction plays are also higher on hopes of more contracts after state oil firm Petronas says it's planning a $20 billion oil complex in southern Johor state. "The market is quite mixed...we don't think there'll be so much interest today and the index may be rangebound due to the holiday tomorrow," the dealer says. He tips resistance at 1550 and support at 1533. Market breadth is marginally positive with 133 advancers against 128 decliners. Among gainers, Maybank is up 0.9% at MYR8.93, Maxis (6012.KU) is up 3.7% at MYR5.67 and SP Setia (8664.ku) is up 4.4% at MYR4.26. Among decliners, Supermax (7106.KU) is down 1.8% at MYR3.89 and Genting (3182.KU) is down 0.4% at MYR11.36.
RHB Ups Dialog Group To MYR3.50 From MYR2.82
RHB Research raises Dialog Group's (7277.KU) target to MYR3.50 from MYR2.82 after the company says the Johor state government has given the go-ahead for it to begin reclamation work for its Pengerang deepwater terminal. Petronas' plan to develop a $20 billion oil complex at Pengerang will provide a long-term demand for Dialog's tank terminal and likely expedite its development. "Given Petronas' support, we have lowered our WACC rates for Dialog's three tank terminal projects to 9.75%-10.13% from 10.45%-10.9% previously," RHB says. It keeps Dialog at Outperform. The stock is down 1.4% at MYR2.76.
Ireka +1.4%; May Swing To Black In FY12-Dealer
Ireka (8834.KU) is up 1.4% at MYR0.745; a local dealer says the stock is attracting mild buying interest on hopes for profit in FY12 after the company says its wholly-owned unit Ireka Engineering & Construction wins a MYR109.8 million contract for building a 25-story hotel tower at KL Sentral in Kuala Lumpur. MD Lai Siew Wah says this is the firm's third hotel building project and it brings the group's order book to MYR1.14 billion, of which MYR513.5 million remains outstanding. "These recently awarded projects will help the company swing to the black in FY12," says the dealer. He tips immediate resistance at MYR0.75, then MYR0.77 Ireka posted a fiscal nine-month period to December 31 loss of MYR10.8 million on a revenue of MYR308.8 million.
OSK Ups Parkson Target To MYR7.42; Keeps Buy
OSK Research raises Parkson Holdings (5657.KU) target to MYR7.42 (based on 24X P/E for China operations, 15X P/E for Malaysia operations, and 12X P/E for Vietnam and other stores) from MYR6.31 after rolling forward valuations to FY12 from FY11. The house says 1Q earnings should be in line with consensus; "earnings growth momentum would be strong, riding on the aggressive expansion plan which is to open seven to eight outlets per year for the next three years," OSK says. While fundamentals remain unchanged, the house says its net profit forecasts for FY11 and FY12 are trimmed slightly by 3.0%-4.0% to MYR350.5 million and MYR422 million, respectively, due to minor adjustments. The house maintains a Buy call. The stock is up 0.7% at MYR5.71.
Latexx Partners Down 9%; Buyout Plan Aborted
Latexx Partners (7064.KU) is down 9% at MYR2.42 after the company says the planned MYR852 million buyout of its assets and liabilities by U.S.-based private-equity firm Navis has been aborted as the companies couldn't agree on the terms, a dealer says. Latexx Partners says the exclusivity period granted to Navis unit Navis Asia VI Management Co. on the planned buyout expired Sunday, and the parties "have not been able to agree" on the terms of the deal. In January, Navis offered MYR3.10 a share for Latexx's business, assets and liabilities. Navis wasn't immediately available for comment. The dealer says the recent high latex prices, strong ringgit against the greenback and the uncertain outlook for the latex glove-making industry may have contributed to the talks breaking down; "this knee-jerk reaction to the news is not unexpected, but the company remains resilient and sales are strong." He tips support at the intraday low of MYR2.39 to stay intact.
Supermax Down 1.5%; 1Q Net Profit Below View
Supermax (7106.KU) is down 1.5% at MYR3.90 after the latex glove maker says its 1Q net profit halves to MYR24.4 million from MYR51.5 million a year earlier as high latex prices and a stronger MYR eroded profit margins as its products are denominated in USD. Supermax says it may need to review its 15%-20% earnings growth target for 2011 after 2Q "in view of the significant volatility of foreign exchange rates and latex prices." A local dealer tips next support at MYR3.80. OSK Research says the results are below expectations but it's keeping its Buy call with a target of MYR6.91 as its valuation remains attractive compared with its glove-maker peers. "Within a 6 to 12 months horizon and provided the latex price does not break its recent high of about MYR11.00/kg and continues its recent uptrend, we think Supermax's earnings stand a strong chance to re-rate as it can then pass on the latex cost increase to its customers in a more accurate and timely manner," the house says.
DRB-Hicom May Fall; No Plans To Sell Bank Muamalat
DRB-Hicom (1619.KU) may fall to MYR2.30 on profit-taking from Friday's close of MYR2.36 (+4.9%), a dealer says; this comes after the company says it has no plans to sell its 70% stake in Islamic lender Bank Muamalat. The stock rose Friday after media reports suggested that it was interested in selling the stake to BIMB Holdings (5258.KU). DRB-Hicom says it had approached BIMB but "DRB-Hicom's expression of interest to BIMB was to explore... a possible merger between Bank Muamalat Malaysia Berhad with (BIMB unit) Bank Islam Malaysia Berhad and not to sell its shareholding in Bank Muamalat." The company has yet to begin discussions with BIMB, it says. The dealer says DRB-Hicom's clarification "isn't negative news as such, but it does mean the stock's gains last week are a little premature." Plans to create a larger Shariah complaint lender is positive in the longer-term but it is "common market knowledge" DRB-Hicom has been looking for a merger partner for Bank Muamalat, he adds.
2011年5月12日星期四
Breaking News ----US market
Stocks pared losses as oil prices stabilized and the dollar fell, as the market recovered from a steep commodities-driven selloff on Wednesday.
Affin Raises Carlsberg Target To MYR8.82 Vs MYR7.68
Affin Investment raises Carlsberg Brewery Malaysia (2836.KU) price target to MYR8.82 from MYR7.68 after rolling forward valuations to CY12; the house keeps a Buy rating. The house says earnings will be driven by positive consumer sentiment, strong marketing momentum and continued focus on the premium beer segment and steady growth in both the local and Singapore malt liquor market. It keeps its FY11-FY13 net earnings forecasts unchanged. The stock is up 2.5% at MYR7.41.
OSK Research Lowers MISC Bhd Target To MYR7.44
OSK Research lowers MISC Bhd's (3816.KU) price target to MYR7.44 from MYR8.20 after slashing its FY11 earnings forecast by 34%; it keeps a Neutral rating. "Plagued by ailing shipping rates amid a glut of vessels in the market, fundamentals for MISC appear to be further deteriorating," the house says. It adds, ailing rates coupled by the higher bunker fuel costs continue to keep MISC's liner, petroleum and chemical division in loss-making territory over the past few quarters. OSK also says, "nonetheless, MISC's offshore, LNG and fabrication businesses remain in the black and will continue to cushion earnings in the black." The stock is down 0.7% at MYR7.26.
必达 船租金占尽优势
目标价：1.30令吉
最新进展
必达（Petra，7108，主板贸服股）得到3项价值7300万令吉的中型操锚供应拖轮（AHTS）租船合约。
第一项合约为期半年，从5月1日生效；第二项合约为期18个月，从5月7日生效。两项合约期满后，均可获得最多两年的合约延长。
另外，公司也与国油签下为期1年的第三项合约，从6月23日生效。
盘点分析
集团主席曾透露，在过去两个月有多个租船合约找上门，必达的厂房使用率也因此从年初的60%以下，提高到超过80%。
由此可见，市场对船只需求量开始提高，同时因为供应商不多，我们认为集团在租金上可占尽优势。
无论如何，我们现在仍保持每制动马力（BHP）1.8至1.85令吉的租金价位估计，但预料价位在不久后将被提高。
我们给予“买入”评级，目标价为1.3令吉。
最新进展
必达（Petra，7108，主板贸服股）得到3项价值7300万令吉的中型操锚供应拖轮（AHTS）租船合约。
第一项合约为期半年，从5月1日生效；第二项合约为期18个月，从5月7日生效。两项合约期满后，均可获得最多两年的合约延长。
另外，公司也与国油签下为期1年的第三项合约，从6月23日生效。
盘点分析
集团主席曾透露，在过去两个月有多个租船合约找上门，必达的厂房使用率也因此从年初的60%以下，提高到超过80%。
由此可见，市场对船只需求量开始提高，同时因为供应商不多，我们认为集团在租金上可占尽优势。
无论如何，我们现在仍保持每制动马力（BHP）1.8至1.85令吉的租金价位估计，但预料价位在不久后将被提高。
我们给予“买入”评级，目标价为1.3令吉。
2011年5月11日星期三
KLCI Down 0.1%; 1525 Support Tipped - Dealer
The KLCI is down 0.1% at 1533.82 in early trade following steep declines in U.S. stocks Wednesday amid fresh concerns over eurozone debt and a selloff in commodities. The plantations subindex is down 0.2%. A local dealer says, "we have seen low volume rallies over last few sessions, which doesn't hold well for the market. We might see the selldown intensify later in the day, especially if foreign funds start to withdraw." He tips immediate support at 1525, followed by 1515. Market breadth is negative with 191 losers, compared with 135 gainers. MISC (3816.KU) is down 0.7% at MYR7.26, IOI Corp. (1961.KU) is down 0.8% at MYR5.27, Genting Malaysia (4715.KU) is down 0.8% at MYR3.61. Among gainers, Hong Leong Financial Group (1082.KU) is up 1.0% at MYR11.80 and Petronas Gas (6033.KU) is up 0.7% at MYR11.30.
Petra Perdana +2.5% On MYR73 Mln Vessels Contract
Petra Perdana (7108.KU) is up 2.5% at MYR1.02; this after the company says it's secured a total of MYR73 million worth of new charter contracts for three mid-size anchor handling tug supply (AHTS) vessels. Affin Investment says "we are positive on the new charter contracts, given the decent daily charter rate...and more importantly, these contracts will improve Petra Perdana's vessel utilisation, as well as provide the company with its much-needed cash flow." The house maintains a Trading Buy rating and a MYR1.33 price target for the stock.
OSK Ups Carlsberg Brewery Malaysia Target To MYR8.00
OSK Research raises Carlsberg Brewery Malaysia (2836.KU) price target to MYR8.00 from MYR7.20 after increasing its FY11 net profit forecast by 5.4%; the house keeps a Buy rating. The house says the company's 1Q net profit was ahead of its expectations, accounting for 35% of its full-year forecast. "Our dividend expectation for CAB is also revised higher to 39 sen per share gross upon accounting for higher profits and payout ratio assumption," the house says. The stock is up 2.4% at MYR7.40.
Hartalega Holdings Bhd RM5 . 7 7
Stock Codes
Masa 5168 / HARTA
Bloomberg HART MK
Stock & Market Data
KLCI 1534.79
Listing Main Board
Sector Industrial Products
Syariah Compliance Yes
Par Value RM0.50
Issued Shares 363.6m
Market Capitalisation RM2097.7m
YTD Performance +8.0%
52-week Hi/Lo RM6.08 / RM4.04
3M Average Volume 0.3m
Estimated Free Float 30%
Major Shareholders: -
Hartalega Industries Sdn Bhd 50.6%
Budi Tenggra Sdn Bhd 7.2%
Key Indicators @ FY11
ROA 30.2%
ROE 38.5%
Net Debt/Equity Net cash
Price / Asset per share 4.2xAnother excellent quarter
Higher revenue & EBIT
4QFY11 grew by 2.3% and 6.4% respectively, boosted
by an increase in demand and output. As the sales mix
is skewed towards nitrile gloves (~83%), which is
predominantly sold to the medical sector, demand has
been increasing due to two factors. They are 1. Usage
of glove is mandatory for disease control, and 2.
Switching over to using nitrile gloves due to lower
selling prices vis-à-vis natural latex gloves.
Revenue and EBIT forMargin above 34%
from more players switching to make more nitrile
gloves, Hartalega’s 4Q EBIT margin was maintained
above 34%, bringing FY11’s margin of 33.4%.
Despite the intensifying competitionAll round improvement
improved 28.5% while EBIT improved by 35.5% on
account of an improvement of 1.7% point in EBIT
margin. The revenue and EBIT gain was due to
continuous expansion in production capacity, higher
demand for its products, effective cost control and
improvement to the production process.
For the year, revenueRaw material price higher
been on an up trend (from USD2000/tonne to USD2200/tonne from Nov 2010 to Feb 2011) due to the higher
price of oil, while natural latex price has dropped to RM9.45/kg of late from its peak of RM10.93/kg a month
ago. This may pose a challenge to Hartalega as the competitive advantage arising from lower selling price of
nitrile gloves would slowly revert back to natural rubber gloves if the price trend of the raw materials persists.
Butadiene rubber price hasFY Mar / RM'm Q4FY11 Q4FY10 Chg YoY Q3FY11 Chg QoQ FY11 FY10 Chg YoY
Revenue 192.5 163.4 17.8% 188.1 2.3% 734.9 571.9 28.5%
Operating expenses
Other operating income 4.3 0.3 - 1.7 - 8.7 3.4 -
EBIT 66.9 57.4 16.5% 62.8 6.4% 245.7 181.3 35.5%
Finance costs
Profit before tax 66.3 56.6 17.2% 62.2 6.6% 243.3 177.9 36.7%
Taxation
Net profit for the period 52.4 46.5 12.9% 49.2 6.6% 190.2 143.3 32.8%
Profit attributable to:
Owners of the company 52.4 46.4 12.9% 49.2 6.5% 190.2 143.1 32.9%
Minority Interest 0.0 0.0 -21.7% 0.0 350.0% 0.0 0.2 -72.0%
(130.0) (106.3) 22.3% (127.0) 2.3% (497.9) (394.0) 26.4%(0.6) (0.8) -30.9% (0.6) -9.7% (2.5) (3.4) -27.0%(13.9) (10.1) 37.1% (13.0) 6.6% (53.1) (34.7) 53.0%EPS - Basic (sen) 14.4 19.2 -24.8% 13.5 6.4% 52.3 39.3 33.0%
EBIT margin 34.7% 35.1% 33.4% 33.4% 31.7%
Net profit margin 27.2% 28.4% 26.2% 25.9% 25.1%
Tax rate 20.9% 17.9% 20.9% 21.8% 19.5%
Not so much a concern
by other manufacturers to make more nitrile gloves would slow down, reducing concerns on a supply glut.Secondly, we feel nitrile gloves users are unlikely to switch back to using natural rubber gloves after getting
used to the “feel” of the gloves and in addition the absence of protein allergy, unlike in natural rubber gloves.
Expanding again in FY12
production lines thereby boosting capacity by 3bn pieces p.a. for a total capacity of 9bn pieces p.a. In
addition, a 6th production plant is being planned and construction would commence by the middle of 2011.
The new plant will boost production capacity by an additional 3bn pieces p.a., to bring total capacity to 12bn
pieces p.a.
Hartalega’s 5th production plant was completed in FY11, adding another 10Demand is still increasing
nitrile gloves arising from the switch from natural rubber gloves. The demand started increasing in 2009
when the gap between the selling prices of nitrile narrowed with that of natural rubber and when it became
lower, demand took off as more users switched over. Despite indications of a reversal of the trend, we
believe that in the future, there would be a more balance demand mix of nitrile and natural rubber gloves
versus the current lopsided mix, as users shy away from the fluctuating prices of natural rubber gloves
caused by the volatile rubber latex price.
The expanded capacity would be used to satisfy the increasing demand forFair value of RM7.34
For Hartalega, we are using a discount of 20% (versus 30% for the other glove companies) to Top Glove’s
PER rating of 15x to derive its fair value. The discount was to account for lower capitalisation of the
company and the smaller size of the company (9bn pcs p.a capacity versus Top Glove’s 22.5bn). The lower
discount viv-a-vis the other manufacturers is due to its market leadership in the nitrile segment – Hartalega
is the largest manufacturer in the country and the second largest manufacturer in the world.
Based on a PER of 12x, the fair value, basis FY12 EPS of 61.2sen, is RM7.34. A 6sen 3
pending and the shares would go ex- on 24
rd interim dividend isth May.FY Mar / RM'm FY 2008A FY 2009A FY 2010A FY 2011E FY 2012F
Operating revenue 257.6 443.2 571.9 734.9 845.2
Cost of sales
(195.9) (332.9) (363.8) (457.1) (528.2)Gross profit 61.7 110.3 208.1 277.8 316.9
Other operating income 37.3 24.1 3.4 8.7 8.0
Distribution costs
(6.3) (10.7) (10.0) (13.8) (16.9)Administrative costs
(13.1) (14.0) (16.7) (22.0) (22.0)Other operating costs
(2.8) (11.8) (3.8) (5.0) (5.0)EBIT 76.7 97.9 181.2 245.7 281.0
Finance costs
(0.7) (2.4) (3.4) (2.5) (3.0)Profit before taxation 76.0 95.5 177.8 243.3 278.0
Taxation
(6.4) (11.0) (34.7) (53.1) (55.6)Profit for the year 69.6 84.5 143.1 190.2 222.4
Minority interests
Profit to shareholders 69.6 84.5 142.9 190.3 222.4
(0.1) (0.0) (0.2) 0.0 0.0EPS (sen) 21.29 23.25 39.32 52.31 61.17
PER 27.1 24.8 14.7 11.0 9.4
EBIT margin 29.8% 22.1% 31.7% 33.4% 33.3%
Pretax margin 29.5% 21.5% 31.1% 33.1% 32.9%
Net profit margin 27.0% 19.1% 25.0% 25.9% 26.3%
Tax rate -8.4% -11.5% -19.5% -21.8% -20.0%However, we are of the opinion that the impact would be muted, as current switch
UOA發展簽包銷協議 冀首半年上市主要板
UOA發展有限公司（UOA Development）首發股計劃獲證券監督委員會批准，展望今年首半年掛牌馬股主要板！
配合上市計劃，該公司今日與包銷商簽署零售包銷協議；這些承銷商包括聯昌投資銀行、興業投資銀行、僑豐投資銀行、黃氏星展唯高達投資銀行和豐隆投資銀行。
UOA發展擴大后發行和繳足股本將達11億9586萬股，每股面值5仙。
該公司計畫透過首發股，獻售3億3700萬股給大馬與海外機構和指定投資者，這包括貿工部批准的土著投資者。
另有7000萬股供大馬公眾、公司合格董事與職員，以及對公司有貢獻者所認購。
UOA發展的產業發展總營運長許思明指出，今天的包銷協議簽約儀式，使公司向首發股計劃再邁前一大步。
他看好，在我國大型基建計劃如捷運計劃推動下，將進一步提升房地產價值，並在巴生谷營造可延續的房產市場。
UOA發展透過旗下子公司與聯號公司，涉及房產發展、建築與房產投資業務。該公司旗下發展計劃主要集中在巴生谷的成熟和主要地段。
截至去年12月底，UOA發展旗下房產可銷售和可出租總面積超過30萬平方公尺，未來3年待完成的總發展值估計達20億令吉。
配合上市計劃，該公司今日與包銷商簽署零售包銷協議；這些承銷商包括聯昌投資銀行、興業投資銀行、僑豐投資銀行、黃氏星展唯高達投資銀行和豐隆投資銀行。
UOA發展擴大后發行和繳足股本將達11億9586萬股，每股面值5仙。
該公司計畫透過首發股，獻售3億3700萬股給大馬與海外機構和指定投資者，這包括貿工部批准的土著投資者。
另有7000萬股供大馬公眾、公司合格董事與職員，以及對公司有貢獻者所認購。
UOA發展的產業發展總營運長許思明指出，今天的包銷協議簽約儀式，使公司向首發股計劃再邁前一大步。
他看好，在我國大型基建計劃如捷運計劃推動下，將進一步提升房地產價值，並在巴生谷營造可延續的房產市場。
UOA發展透過旗下子公司與聯號公司，涉及房產發展、建築與房產投資業務。該公司旗下發展計劃主要集中在巴生谷的成熟和主要地段。
截至去年12月底，UOA發展旗下房產可銷售和可出租總面積超過30萬平方公尺，未來3年待完成的總發展值估計達20億令吉。
18日掛牌創業板 捷卡控股超購315倍
捷卡控股（IJACOBS）供公眾認購的200萬股，獲超額認購多達315.17倍！
馬興業金融諮詢與企業服務（MIDFCCS）文告指出，捷卡控股的200萬股新股共吸引1萬2482份申請，欲認購6億3233萬6200股，價值達1億7073萬令吉。
捷卡控股另私下配售給特定投資者的2800萬股新股也已完成。
獲抽中新股的投資者，會在5月16日前收到通知。
捷卡控股將在本月18日（週三）登場馬股創業板，公開發售每股面值10仙、發售價27仙的3000萬新股，其中200萬股供公眾認購，2800萬股則私下配售予指定投資者。
MIDF阿瑪納投資銀行（MIDF Amanah）是上市案的顧問、保荐商、獨家包銷商和配售商。
馬興業金融諮詢與企業服務（MIDFCCS）文告指出，捷卡控股的200萬股新股共吸引1萬2482份申請，欲認購6億3233萬6200股，價值達1億7073萬令吉。
捷卡控股另私下配售給特定投資者的2800萬股新股也已完成。
獲抽中新股的投資者，會在5月16日前收到通知。
捷卡控股將在本月18日（週三）登場馬股創業板，公開發售每股面值10仙、發售價27仙的3000萬新股，其中200萬股供公眾認購，2800萬股則私下配售予指定投資者。
MIDF阿瑪納投資銀行（MIDF Amanah）是上市案的顧問、保荐商、獨家包銷商和配售商。
Malaysian Shares End +0.8%; 1540 Resistance Eyed
The KLCI ends up 0.8% at 1536.03 led by blue chips on across-the-board advances in moderate volume after Wall Street's gains Tuesday. A local dealer says players are picking up stocks that were battered down last week in anticipation of strong 1Q results that are starting to trickle in this week. "Investors are still staying a little cautious but they are shifting their interest to heavyweights and that's a good sign for the market in general," the dealer says. He tips resistance at 1540, then 1550, with immediate support at 1525. Market breadth is positive with 593 gainers compared with 202 losers. Among advancers, Hong Leong Bank (5819.KU) is up 4.5% at MYR12.02, Sime Darby (4197.KU) is up 2.4% at MYR9.05, Genting (3182.KU) is up 1.6% at MYR11.36 and AirAsia (5099.KU) is up 3.6% at MYR3.15. Among decliners, F&N Holdings (3689.KU) is down 1.2% at MYR18.90, and JT International (2615.KU) is down 1.2% at MYR7.16.
KLCI Likely Higher; More Earnings Awaited
The KLCI is likely to open higher, supported by Wall Street's strong performance overnight, but the index is expected to trade within a narrow range as market participation has dried up in recent days, a local dealer says. "The market is likely to continue to consolidate given the lack of fresh leads. Investors are waiting for more corporate results that are expected to start trickling in next week," he adds. He tips the benchmark index to trade in a 1515-1530 range for the day.
Rajaratnam convicted of insider trading charges
NEW YORK (Reuters) - Galleon Group hedge fund founder Raj Rajaratnam was found guilty of insider trading charges on Wednesday, a verdict that could galvanize the government's aggressive tactics in future prosecutions of Wall Street figures.
Trading Volume surged In Dow Jones Islamic Fund in Malaysia (MYETFDJ, 0821EA)
Normally the trading of 25 Dow Jones Islamic Market Malaysia Index (MyETF-DJIM25) was quiet on weekdays, Tuesday,its trading activity, trading volume increased to 255 million shares, compared after 4 sessions, 3 days zero transaction. To Wednesday, 14.50 million shares changed hand, the fund accounting for No. 6 in the Top 20s, which is very rare for this fund.. On Wednesday, the Dow Jones Islamic Fund prices rose 5.3 cents, or 5.8% to 0.969 ringgit. The highest throughout the day to go to 0.985 ringgit. The fund tracks the benchmark index for the 25 Dow Jones Islamic Market Malaysia Index (MyETF-DJIM25), the constituent stocks of the Shariah 2 5 Malaysian listed companies. The top 3 are the constituent stocks, Sime Darby (SIME, 4197, Bhd), IOI Group (IOICORP, 1961, board planting stock) and the Petro- ChemicalOil (PCHEM, 5183, board of industrial shares). Sime Darby and Pchem on Wednesday up 21 cents & 15 cents respectively.
STI +0.5%; Recovers Poise After China Data Dip
Singapore's STI rises 0.5% to 3170.53 midday, regaining its poise after dipping to an intraday low of 3159 shortly after a slew of Chinese economic data at 0200 GMT. "The Singapore market didn't take too kindly to China's numbers which was a bit strange, growth didn't tank and we can certainly say, if we take the data together with the trade numbers that came out yesterday, it still shows fairly robust external demand," says CIMB economist Song Seng Wun. He adds, price front is still an area of concern, though in the domestic economy, the authorities are having some success in applying a little bit of a brake to slow down growth momentum. He adds, "the bottom-line here is the economy is still expanding and the dragon is still breathing." Market volume picks up to 620 million shares worth S$698 million, with gainers/decliners almost even now. Genting Singapore (G13.SG) is the most active, up 0.5% at S$2.19. STI resistance is pegged at 3180.
OSK Keeps Pantech At Trading Buy, MYR0.79 Target
OSK Research maintains a Trading Buy on Pantech Group Holdings (5125.KU), with a price target of MYR0.79. The house lowers its earnings forecasts by 24.2% for FY12 to MYR38.6 million, and 5.1% for FY13 to MYR53.7 million; it rolls over valuation to CY12 forecast earnings per share on 7X PER. The company recently started Pantech Stainless & Alloy Industries, a subsidiary producing stainless steel pipes and fittings. "We remain positive on this venture, though some short term dampeners include initial start up costs and the time lag impact from announcement to implementation of O&G projects," the house says. It adds, the unit will help the company in moving into higher margin value added products. The stock is up 1.6% at MYR0.630.
Charts Tip Crescendo May Rise To MYR2.09 - Maybank
Maybank IB Research rates Crescendo Corp (6718.KU) at Short-Term Buy based on charts with upside targets at MYR1.79 and then MYR2.09. Technical analyst says the stock formed a key minor Wave 2 low at MYR1.26 in March 2011, with oversold and bullish signals. "We believe the stock will trend higher, with firm positive crossovers from the CCI, DMI, MACD and Oscillator indicators support our very strong daily Wave 3 upside view for the stock," Lee says. The stock is +2.4% at MYR1.73. Resistance is eyed at MYR1.78, then MYR1.84. On the downside, support is seen at MYR1.69, then MYR1.50. Stop-loss is at MYR1.48.
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