STOCKS FALL, APPLE AND GOOGLE TANK AGAIN: Here's What You Need To Know

Sam Ro

 Apr. 30, 2012

YouTube.com Derrick Rose

A bumpy close to the month.

First the scoreboard:

Dow: 13,213.6, -14.6, -0.1%

S&P 500: 1,397.9, -5.4, -0.3%

NASDAQ: 3,046.3, -22.8, -0.7%

And now the top stories:

• Everyone woke up to the announcement that Microsoft would invest $300 million in a joint venture with Barnes & Noble. The plan is to spin off the Nook e-reader and College businesses.  Shares of BKS exploded higher today.  Among the big winners were Whitney Tilson's T2 Partners.
• In other deal news, Energy Transfer Partners said it would acquire energy giant Sunoco for $5.3 billion.  Shares of Sunoco jumped 20 percent on the news. 

• Elsewhere in the energy space, shares of natural gas giant Chesapeake Energy jumped.  The company has fallen under scrutiny due to compensation matters tied to its CEO Aubrey McClendon.  However, BMO's Dan McSpirit argued that shares were reflecting "peak negativity."  McSpirit upgraded the stock to outperform and slapped a $25 price target on the stock.

• March incomes climbed 0.4 percent, which was a bit ahead of expectations of 0.3 percent.  Spending, however, increased by 0.3 percent, which was just short of the 0.4 percent gain expected.  Nothing really earth-shaking here.

• Some widely followed sentiment indicators provided some disappointing reads on the economy.  The Chicago Purchasing Managers index fell to 56.2 from 62.2 last month.  Economists were looking for 60.0.  The Dallas Fed manufacturing survey index plunged to -3.4 from 10.8 a month ago.  Economists were looking for a more modest decline to 8.0.
• Apple sold off again today on no obvious news.  The iPhone maker's tax evasion practices was the target of criticism by the New York Times this weekend.  Apple also made the cover of this week's Barron's; Andrew Bary argued fervently that the stock should be added to the Dow Jones Industrial Average.  Despite the selling, longer term prospects for Apple could be extremely promising, especially if Apple can maintain its foothold in China.  Jim O'Neill, Chairman of Goldman Sachs Asset Management, recently wrote: "But if you look at Apple in the context of the Goldman Sachs 2050 scenarios for China and their consumer, the potential sales are multiples are what they are today. And, if the brand can stay fashionable, wow."  

• With April over, everyone wants to know if we should "sell in May and go away."  RBC Capital Markets' Myles Zyblock looked at the data going back to 1958, which show the summer months were pretty weak.  However, USGI's Frank Holmes argues that it would be a mistake to sell in May.  Looking at data going back to 1988, Holmes notes that May is actually a pretty good month for stocks.

30 Apr 2012 Kuala Lumpur Closing Stock Prices

30 Apr 2012     Kuala Lumpur Closing Stock Prices

Close Prior Change % Change AMMB 6.26 6.30 -0.04 -0.63 BAT 55.54 54.80 +0.74 +1.35 C&C 2.86 2.89 -0.03 -1.04 Genting 10.34 10.32 +0.02 +0.19 GenM 3.84 3.79 +0.05 +1.32 IGB 2.74 2.72 +0.02 +0.74 L&G 0.33 0.33 -0.01 -1.52 MayBank 8.63 8.64 -0.01 -0.12 MAS 1.22 1.24 -0.02 -1.61 PetGas 16.78 16.94 -0.16 -0.94 Proton 5.48 5.48 unch unch PbBank 13.70 13.68 +0.02 +0.15 RHB 7.37 7.25 +0.12 +1.66 Sime 9.74 9.72 +0.02 +0.21 Telekom 5.39 5.39 unch unch Tenaga 6.43 6.43 unch unch TopGlove 4.69 4.68  +0.01 +0.21 UMW 7.87 7.83 +0.04 +0.51 UMW 1.62 1.64 -0.02 -1.22

30 Apr 2012 Kuala Lumpur Most Actives

30 Apr 2012     Kuala Lumpur Most Actives

Volume Close Change % Change AGlobal 39,910,300 0.245 -0.010 -3.92 Utopia 33,300,800 0.085 unch unch Metronic 30,076,100 0.175 -0.010 -5.41 CSL 23,316,400 1.510 +0.020 +1.34 ASuprem 23,072,500 0.330 +0.015 +4.76 Focus 21,993,000 0.125 -0.010 -7.41 Armada 20,766,600 3.990 -0.070 -1.72 YTL 13,867,000 1.620 -0.020 -1.22 NICORP 13,341,900 0.455 -0.010 -2.15 Kencana 13,192,900 3.300 +0.030 +0.92 Daya 12,520,700 0.225 -0.005 -2.17 Ingenus 11,724,400 0.095 +0.005 +5.56 CIMB 9,891,500 7.410 +0.080 +1.09 Axiata 9,286,900 5.310 unch unch JCY 8,524,200 1.560 -0.010 -0.64 Sanichi 8,078,500 0.115 -0.005 -4.17 Compugt 7,841,800 0.090 unch unch Sime 7,565,400 9.740 +0.020 +0.21 WinSun 7,244,400 0.135 unch unch DiGi 7,231,000 4.040 +0.030 +0.75 DRB-HICOM 7,127,400 2.550 +0.010 +0.39 Scomnet 6,704,800 0.195 -0.005 -2.50 MayBank 6,670,500 8.630 -0.010 -0.12 OSK 6,306,200 1.710 +0.150 +9.62 YTLPowr 5,918,100 1.720 +0.020 +1.18 BjCorp 5,844,000 0.800 -0.005 -0.62 TIMECom 5,833,800 0.710 -0.005 -0.70 Tebrau 5,771,600 0.745 +0.005 +0.68 Silver 5,762,200 0.160 +0.005 +3.23 Ramunia 5,488,700 0.375 -0.015 -3.85 Maxis 5,408,700 6.120 +0.020 +0.33 PetChem 5,098,400 6.530 -0.010 -0.15 AMMB 5,078,200 6.260 -0.040 -0.63 UMW 4,994,000 7.870 +0.040 +0.51 GPRO 4,859,500 0.115 +0.010 +9.52 Genting 4,792,700 10.340 +0.020 +0.19 Hubline 4,664,700 0.080 unch unch Telekom 4,644,900 5.390 unch unch TMS 4,524,900 0.090 unch unch Tenaga 4,300,500 6.430 unch unch Tambun 4,238,200 0.595 -0.010 -1.65 Time 4,115,000 0.335 -0.040 -10.67 IOI 4,085,700 5.220 +0.020 +0.38 Oversea 4,005,100 0.140 +0.015 +12.00 D.B.E. 3,900,500 0.090 unch unch IRIS 3,843,500 0.175 unch unch GenM 3,788,600 3.840 +0.050 +1.32 MPay 3,710,600 0.190 -0.025 -11.63 R&A T 3,394,900 0.090 -0.005 -5.26 RHB 3,342,400 7.370 +0.120 +1.66

Occupy Wall Street Plans A Huge Day Of Protest To Grind New York To A Halt Tomorrow

Lisa Du

 Apr. 30, 2012,

Getty/Sarah Rice

Occupy Wall Street is trying to make a huge comeback tomorrow with an entire day of protests have been planned in honor of May Day.

City officials and financial firms are already on high alert and also planning on how to operate around this day of protest that could shut down the city.

What are these protests that could handicap New York so? OWS wasn't shy about making that publicly available information on their website—here's the whole list of events from 8am to 8pm tomorrow, along with their location, time and organization sponsors:

99 Picket Lines
Midtown Manhattan
Community groups, unions, affinity groups and OWS

Pop-up Occupation with Mutual Aid (unpermitted)
8am–2pm, Bryant Park, Manhattan
Occupy Wall Street

May Day Morning Commute from Brooklyn
8:00am, Maria Hernandez Park, Brooklyn
Free Coffee + Breakfast! MARCH from Knickerbocker to Flushing to Broadway to Continental Army Plaza
Occupy Williamsburg, Occupy Bushwick

Sitting Meditation
8–11am, Bryant Park (southwest corner), Manhattan
OWS Meditation working group

Bike Bloc
9am, Union Square, Manhattan
Strike Everywhere

The Free University: Lectures, Workshops, Skill-Shares and Discussions
10am–3pm, Madison Square Park, Manhattan
more info

Occupy Brooklyn March over the Williamsburg Bridge and into Wall Street
10:30am, Continental Army Plaza, Brooklyn
Occupy Williamsburg, Occupy Bushwick

Building Community Alternatives to Capitalism Day
11am–10pm, LaunchPad, 721 Franklin Ave., Brooklyn
Brooklyn Skillshare

Teach-in: How to Keep Your Cool and Occupy…Understanding Aggression
11am, Bryant Park (southwest corner), Manhattan
OWS Meditation working group

High School Student Walkout Convergence
12pm, Fort Greene Park, Brooklyn

Guitarmy: Guitar Workshop and Rehearsal with Tom Morello
Permitted Gathering Space for May Day Festivities
12pm, Bryant Park, Gertrude Stein Statue (east side), Manhattan
OWS Music working group

Call2Create
all day, art events throughout NYC

Wildcat March (unpermitted)
1pm, Sara D. Roosevelt Park (East Houston St. & 2nd Ave.), Manhattan
Strike Everywhere

OWS Mutual Aid cluster
1pm-4pm, Union Square
OWS Mutual Aid cluster is hosting a free store, skill shares and workshops on a variety of subjects related to life outside the dominant capitalist paradigm.

* 3pm May Pole Dance with Movement for Change and the Puppet Guild.

Meditation Flash Mob followed by Kirtan
1pm, Bryant Park (southwest corner), Manhattan
OWS Meditation working group

Day Without Workers/Día sin los Trabajadores: May Day March and Speakout
2pm, 5th Ave. at 54th St. in Brooklyn, marching to 36th St & 4th Ave. to take subway at 3:30pm to Union Square rally in Manhattan
Occupy/Ocupemos Sunset Park

MayDay on D-Block!!
2pm, Houston & Ave D, Manhattan
LES public housing residents & tenants take their struggle to the street! All invited!
Occupy Avenue D

Occupy Wall Street & Guitarmy March (unpermitted)
2pm, Bryant Park to Union Square, Manhattan

Lesbian, Gay, Bisexual, Two-Spirit, Trans and Gender Non-Conforming Contingent!
3pm at Regal Movie Theatre, 50 Broadway (at 13th St.) - joining rally at Union Square after
Audre Lorde Project, FIERCE, Queers for Economic Justice, Streetwise and Safe and the Sylvia Rivera Law Project

Solidarity Rally with Tom Morello, Dan Deacon, Immortal Technique, Das Racist, Bobby Sanabria and special guests(permitted)
4–5:30pm, Union Square, Manhattan
May First Coalition, Labor Unions and OWS

May Day Choir Convergence
5:15pm, Madison Square Park (in front of the fountain), Manhattan

Occupy the Rent Guidelines Board: A Tenants’ General Assembly
5:30pm, 7 East 7th St. (outside Cooper Union), Manhattan
Real Rent Reform Campaign

Solidarity March (permitted)
5:30pm, Union Square to Wall Street, Manhattan
May First Coalition, Labor Unions and OWS

JD Samson & MEN Perform
7pm, 2 Broadway
After the march concludes, more performances and speakers will start the after-party!

Occupy Wall Street Afterparty
8pm, Wall Street area
details forthcoming…

10 Things You Need To Know This Morning

Eric Platt

 Apr. 30, 2012

Getty Images

Good morning. Here's what you need to know.

• Markets in Asia rallied moderately higher overnight, with Hong Kong's Hang Seng up 1.7 percent. European markets are mixed this morning while U.S. futures point to a flat open.

• Euro area consumer prices increased 2.6 percent in March, ten basis points below the previous reading as fuel costs moderated.

• Taiwan's economy grew 0.36 percent year-on-year, as the country emerged from recession. That was below forecasts for 0.91 percent growth during the first quarter. The government forecasts GDP will grow by 3.38 percent this year, below earlier estimates.

• Barnes & Noble has entered a joint venture with Microsoft to spin off its Nook e-reader and College businesses. Microsoft invested $300 million in the new company, valuing it at $1.7 billion

• Apple paid just 9.8 percent in taxes last year, substantially below peers across the S&P 500, The New York Times' Charles Duhigg reports. The company paid $3.3 billion of cash taxes on profits of $34 billion. 

• Phil Falcone agreed to step down as an officer of LightSquared, potentially giving the company a one-week extension on its debt deal to avoid default. Sources tell the Journal that if the one-week plan is approved, Falcone and LightSquared's lenders will go to work on a longer extension. 

• Energy Transfer Partners will buy Sunoco for $5.3 billion, bolstering the company's oil and gas unit. ETP offered Sunoco $25 in cash and 0.56245 units of stock per share. 

• Embattled law firm Dewey & LeBoeuf announced over the weekend it has ousted its former chairman and ended merger talks with Greenberg Traurig. Dewey faces a major deadline on Monday to extend a credit line or face potential default. 

• Economic announcements in the U.S. kick off at 8:30 a.m. with March personal income and outlays. Consensus is for incomes to increase by 0.3 percent, while spending increases 0.4 percent. 

• Both NYSE Euronext and Humana missed earnings expectations this morning. The trading group was a penny short, with EPS at $0.47. Meanwhile, healthcare giant Humana earned $1.49 per share, below the $1.55 estimate. 

Monday, 30 April 2012 AXIATA – Stock Pick

AXIATA ( 6888 : 5.29 ) : Key support 5.15

Description

Resistance : 5.58

Support : 5.15 5.23

RSI of 54
RSI is neutral

STOCHASTIC
It is oversold, indicating a technical rebound

Comment
The current pullback from 5.44 is on a limited downside, with support at 5.23. A technical rebound is likely,
with resistance around 5.58. Caution is a downside breach of 5.15, which will be negative

Trading Strategy
Buy. Stop loss is at 5.15

Disclaimer
This report is provided for information purposes only. It is not a complete analysis of every material fact respecting any company, industry, security or investment. Opinions expressed are subject to change without
notice.

Monday, 30 April 2012 LEESK – Stock Pick

LEESK ( 8079 : 0.145 ) : Targeting 0.19/Stop loss 0.13

Description

Furnitures

Resistance : 0.20

Support : 0.11 0.135

RSI of 47
RSI is recovering

STOCHASTIC
It is oversold

Comment
It is on a technical rebound to target the 50% retracement of 0.19, following the trendline breakout yesterday


Trading Strategy
Buy. Stop loss is at 0.13


Disclaimer
This report is provided for information purposes only. It is not a complete analysis of every material fact respecting any company, industry, security or investment. Opinions expressed are subject to change without
notice.

Monday, 30 April 2012 WIJAYA – Stock Pick

WIJAYA ( 4022 : 0.68 ) : Targeting 0.80/Stop loss 0.665

Description

Timber

Resistance : 0.80

Support : 0.67

RSI of 43
RSI is stabilising

STOCHASTIC
It is oversold

Comment
While it is hovering at a good support of 0.675, it is not expected to breach the 0.675 support, due to
oversold technicals. A rebound is likely to test the 61.8% retracement of 0.80. A tight stop loss should be
placed at 0.665

Trading Strategy
Buy. Stop loss is at 0.665

Disclaimer
This report is provided for information purposes only. It is not a complete analysis of every material fact respecting any company, industry, security or investment. Opinions expressed are subject to change without
notice.

Monday, 30 April 2012 THPLANT – Stock Pick

THPLANT ( 5112 : 2.70 ) : Targeting 2.90/Stop loss 2.62

Description

CPO

Resistance : 2.85-2.90

Support : 2.63

RSI of 34
RSI has rebounded from its oversold level

STOCHASTIC
It is oversold

Comment
It has bottomed at the recent low of 2.63, which is a key support level. A technical rebound to 2.85-2.90 is
likely. A tight stop loss should be placed at 2.62


Trading Strategy
Buy. Stop loss is at 2.62


Disclaimer
This report is provided for information purposes only. It is not a complete analysis of every material fact respecting any company, industry, security or investment. Opinions expressed are subject to change without
notice.

阿南达没加入卖股行列 布米阿玛达（ARMADA) 逾8%易手

布米阿玛达（ARMADA，5210，主板贸服股）今日晚间发文告澄清，涉及脱售股权的大股东分別为OmbakDamai私人有限公司、WijayaSinar私人有限公司与KarismaMesra私人有限公司，而有意脱售的股票数额为2亿9300万股。同时，这也推翻了丹斯里阿南达要脱售股权的传闻。

无论如何，阿南达有意脱售股权的消息，引起该股週五大幅下挫，並一度跌破4.00令吉的价位，写下一个多月的新低。

同时，布米阿玛达週五也出现多宗场外交易，但仍低於股东欲脱售的总额。

在脱售股权的消息传出后，布米阿玛达週五出现强大的卖压。该股全天股价走跌，以4.15令吉开盘后，虽然曾触及4.17令吉的全天最高水平，但隨后却大幅下挫，跌至3.98令吉的全天最低水平，这也是该股自3月16日大挫以来的盘中新低。

该股最终收在4.06令吉，下跌16仙或3.79%，为全场第7大下跌股。同时，在市场卖压的趋势下，该股共有1204万5600股易手，为20大热门股项之一。

此外，从下午3时21分至4时44分之间，布米阿玛达共有2亿4300万股在场外易手，交易价为每股3.95令吉，或相等于9亿5985万令吉。该批场外易手的股票佔该公司缴足资本的8.3%。

同时，上述的场外交易共分成27个部分进行脱售，其中最大批的脱售股权为7000万股，最少的只有2万5000股，因而符合市场传出，脱售股权是为了增加市场流通量的消息。

市况不佳

事实上，市场在週四便传出阿南达要脱售布米阿玛达部分股权的消息。当时，《路透社》援引消息人士的话报导，阿南达將以约18亿2400万令吉，脱售其所持有的6亿股股权。阿南达透过旗下控股公司Objektif Bersatu持有布米阿玛达12亿4184万股，或相等于42.41%的股权。

无论如何，《路透社》旗下IFR机构却在週五指出，阿南达最终选择不脱售其股权。该消息指出，脱售的目標也从早前的6亿股，一度降低至4亿4000万股，而在阿南达拒绝售股后，涉及脱售的股权仅將为2亿9300万股。

阿南达选择不脱售股权，主要在于目前的市况不佳，投资情绪不理想所致。

虽然阿南达不选择脱售股权，但布米阿玛达其他的股东，如Wijaya Sinar、Karisma Mesra、Wijaya Baiduri以及Ombak Damai仍会脱售上述涉及的股权分额。

消息指出，在脱售上述股权后，布米阿玛达的自由浮动率（freefloat）將提高至约40%。同时，该批股权大部分將落到国內投资者的手中。

根据《彭博社》的数据，上述4家投资机构共持有布米阿玛达的27.5%的股权。

马股来周走势看跌

428黄绿大集会在即，以致富时大马综合指数全週跌跌不休，投资者更在週五纷纷走避。展望来週，市场人士皆倾向於看跌马股走势，交投亦將显得淡静，关键因素在於週六大集会的事態演变。

本週，富时综指价量齐跌，按週下跌1.51%或24.05点。全週成交量和成交值在投资者离场观望的情况下，分別按週下跌15.03%和0.181%，至73亿零900万股和75亿2098万令吉。

第13届全国大选近在眉睫，国內政治氛围有任何风吹草动，对马股走势的影响举足轻重。侨丰投行研究主管吴保云指出，马股本週呈下跌走势，主要因为428黄绿大集会在即，加上法国总统选举可能发生变天，以及荷兰「AAA」评级危在旦夕。

「整体来说，这股笼罩全球的不確定性將在来週持续发酵，但关键仍是428黄绿大集会。」

他分析称，基於政府和集会主办者关係越趋紧张，投资者在週五已感受到，週六大集会或將重演去年7月9日净选盟2.0集会时的混乱情况，导致民怨升温。若然如此，马股料將在来週大跌。反之，若大集会和平举行，料將可逆转市场目前的悲观情绪，带动马股走高。

抽佣经纪符之源和达证券技术分析员史益合不约而同指出，大集会料將引致外资担忧大马政治风险，不排除將会暂时离场。惟符之源提醒道，在政府出手托市的情况下，马股跌幅估计不大。

对於外围因素，符之源认为，欧债危机久拖不决，或將影响部份上市公司近期出炉的季度业绩，引发投资者恐慌拋售，亦不利於马股走势。

吴保云把马股阻力水平设在1580点，首道扶持水平是1563点，第二道扶持水平则是1550点。符之源则把阻力水平设在1600点，扶持水平则是1550点。

虽然史益合把阻力水平设在1580点，但他表示，马股不大可能在来周衝破这一关。他预测，马股更有可能跌破1550点的扶持水平，下一关则是1529点。

吴保云建议，来週马股看跌，反而提供不错的买进时机，投资者可考虑建筑股、油气股和银行股，前提是马股进一步下跌之后才买进。

符之源建议，投资者在现阶段最好维持场外观望。倘若投资者坚持要进场，应確保自己有一定的保存能力，切勿投机。

史益合也建议，投资者应该场外观望，等到局势稳定之后才进场。「马股若跌至1530点至1550点，投资者便有趁低买进的机会。」

云顶（GENTING) 財测下调

由於印尼油气业务仍需资本开销扶持而出现亏损，以及近期下调云顶新加坡（Genting Singapore）的財测，所以分析员下调云顶（GENTING，3182，主板贸服股）的2012至2014財政年的財测。

拉昔胡申研究分析员最近在走访云顶后得出4项主要的关注点。

第一，大马独立发电厂（IPP）延长购电合约的事宜仍未明朗化。云顶位于瓜拉冷岳（Kuala Langat）的独立发电厂的电力购买合约將在2015年届满。虽然云顶希望能够延长有关合约，但是相信合约的条件將会出现调低收费的改变。

第二，虽然仍未获管理层確实，但是湄洲湾发电厂有可能会在2012年调升煤炭价格。然而，分析员仍未將这项计划纳入预测。

第三，印度发电厂带来联营亏损。云顶在2011財政年末季出现2700万令吉的联营亏损，其中一部分主要是受到印度发电厂拖累。印度面对著天然气供应不足和价格疲软的问题。

第四，该集团仅剩的油气资產是印尼的Kasuri气田，目前仍在开採的阶段。在2012年，將需要投入2亿4700万令吉的资本开销（CAPEX），同时，分析员了解这项资產目前出现负面的帐面价值。在2011財政年末季，云顶油气业务出现2200万令吉的计算利息和税项前亏损（EBIT Loss）。基于开採成本，分析员预计亏损的情况会延续。因此，他们在计算该业务的亏损后调整其財测。

拉昔胡申研究分析员在预计油气业务陷入亏损、近期因发售永久债券而调低云顶新加坡的財测、调高云顶大马（GENM，4715，主板贸服股）的净利预测后，將2012財政年的財测下调4.7%，而2013至2014財政年则调低12%至13%。

因此，他们也將目標价格从12.25令吉，下调至12.15令吉。儘管如此，由于该股仍是区域中最低价的博彩股，所以將投资评级保持在「超越大市」。

砂州3大家族种植股 各领风骚

虽然目前的原棕油价已回软至每公吨3500令吉以下，不过分析员普遍看好原棕油价格前景，也有分析员已將2012年的原棕油平均价格预测调高12%，至每公吨3150令吉。

年初至今，原棕油价格的涨幅为8.15%，即从1月3日的每公吨3215.50令吉，扬升至4月18日的每公吨3477令吉。

至於年大马交易所的种植指数，也跟隨原棕油的上涨步伐，从1月3日的8218.44点，上扬至4月18日的8820.37点，涨幅为7.32%。然而，综合指数年初至今的表现却落后种植指数，涨幅只有5.64%，从1月3日的1513.54点，起至4月18日的1598.86点。

以上数据显示，原棕油价格节节攀高，带动种植股水涨船高。因此，本期《资匯》將带领读者飞往东马的砂拉越，探討由该州三大家族所掌控的3只种植股的基本面、估值和股价表现是否与大市同步，抑或是更胜一筹呢？

这3只种植股，分別是以拿督刘利康为首的刘氏家族所控制的BLD种植（BLDPLNT，5069，主板种植股）、丹斯里张晓卿所掌控的常青油棕（RSAWIT，5113，主板种植股）以及丹斯里林昌和为首的林氏家族所控制的砂拉越油棕（SOP，5126，主板种植股）。

3家族行业背景相似

BLD种植、常青油棕和砂拉越油棕的大股东都有相似的背景，他们都是砂拉越著名的华商，所涉及的业务也雷同，除了木业、油棕、建筑等，无独有偶他们都涉及媒体业。

刘氏家族所控制的启德行集团旗下媒体业务包括出版3份中文报，即《诗华日报》、《新华日报》和《东方日报》；一份中文財经周刊－《资匯》；2份英文报，即《The Borneo Post》和《The Sunday Post》；一份马来报－《Utusan Borneo》。

张晓卿掌控的常青集团旗下的世界华文媒体（MEDIAC，5090，主板贸服股）垄断我国四大中文报，即《星洲日报》、《南洋商报》、《中国报》和《光明日报》；此外，也掌控香港的《明报》和其他刊物如《亚洲周刊》和《亚洲眼》等。

林昌和则是东马中文报《联合日报》社长。《联合日报》是婆联报业集团出版的报纸，由当地《美里日报》及《中华日报》在2003年12月合併而成。《美里日报》在1957年6月8日创刊，而总部在古晋的《中华日报》是在1945年10月1日创刊。

隨著原棕油价格气势如虹，以上三大华商在大马交易所掛牌的种植股也水涨船高，现在我们將焦点转移至BLD种植、常青油棕和砂拉越油棕的身上。

这3只种植股在今年以来的表现都跑贏种植指数。就像之前提及的，种植指数年初至今的涨幅为7.32%；然而，BLD种植、砂拉越油棕和常青油棕年初至今的股价涨幅皆是双位数增长，分別是28.26%、23.08%和21.50%。

截至4月18日的闭市价，BLD种植以9.39令吉掛收、砂拉越油棕报6.88令吉、而常青油棕则以1.13令吉闭市。

单纯从年初至今的股价表现来看，BLD种植的表现比另外两个同业略胜一筹。

与此同时，若以一年以来的表现计算，原棕油价格过去一年的涨幅只有5.46%，但是种植指数的涨幅则高达15.73%。

瑋力產业（IVORY) 连串动作忙集资

瑋力產业集团（IVORY，5175，主板產业股）在4月9日宣布，將其位於霹雳州巴登峇当（Batang Padang）497.6英亩的地皮，以总值3800万令吉脱售给Maamor Yuna棕油私人有限公司。
在地皮价格持续走高，以及產业项目售价飆涨下，產业发展商脱售旗下拥有的地皮是相对罕有与奇怪的事情。
瑋力產业选择在当前脱售地皮，背后的根源究竟是什么？
若回顾该公司自2010年7月28日上市以来的各项宣布，脱售该地皮的最大动机，无疑將是筹集资金来偿还该公司去年的最大收购项目--「檳城世界城」峇央珍珠（Bayan Mutiara）的昂贵地皮。先看瑋力產业脱售巴登峇当的事项。
根据4月9日的文告与隨后4月13日的补充文告，这项脱售预计將在签署协议的3个月后完成。而脱售该地皮可获得的3800万令吉，其中1000万令吉將用来支付银行贷款与利息，其余2800万令吉將作为该公司的营运资金。

地皮脱售价格合理


上述地皮在2007年的投资成本为2500万令吉，而在2010年的估值为2630万令吉。因此，以3800万令吉脱售该地皮，取得接近50%的溢价，属於合理的售价。

同时，就地理位置而言，该地皮位於打巴（Tapah），靠近金马伦山脚，以目前全马產业发展的趋势来看，中短期內这个地点相信还旺不起来。

虽然说该公司有脱售该地皮的理由，但为何在这个时候脱售该地皮，则需对该公司近期的发展做进一步的分析。

用1000万令吉来降低银行贷款，以2800万令吉作为营运资金，这是意味著什么？不妨看看瑋力產业2011財政年（12月31日结帐）的財务状况。

根据该公司在今年2月29日发布的业绩报告，其2011年的现金流为1939万令吉，较2010年的446万令吉已高出许多。

然而，在现金流增加的同时，该公司的借贷水平却也呈现上升的现象。该公司的长期借贷高达1亿2455万令吉，较2010年的6745万令吉，高出接近50%。而短期借贷亦多达5526万令吉，也比2010年的3768万令吉来得多。

与2011財政年2亿1625万令吉的股东基金相比，公司的净负债率达到0.83倍，这就產业发展商而言，仍是一个中和的水平。回到脱售上述地皮的事项。一旦上述地皮在3个月后完成脱售，这將意味著，该公司的现金流將会上升至4700万令吉（不计其他的变化），而在银行借贷降低1000万令吉下，其净负债率也將下滑至0.78倍。

急於加大现金流，並降低负债比例，足以反映出，瑋力產业目前急于筹钱。而筹集资金的最大原因，就是为了应对峇央珍珠「檳城世界城」的昂贵地皮成本。

亚航（AIRASIA) 首季净利料不俗

市场相信，亚洲航空（AIRASIA，5099，主板贸服股）2012財政年首季净利按年成长料有不错表现，除了载客量符合预测，也从马航（MAS，3786，主板贸服股）削减航班中受惠。

由于新航线以及班机增加，亚洲航空载客量交出良好的成绩。亚洲航空的数据显示，第一季大马亚航的乘客达482万人，按年成长12%，至于载客量（Load Factor）则持稳在80%。侨丰投行表示，亚洲航空每公里乘客营业额（ASK）和每公里搭客收益（RPK）符合全年预测24%，此外，亚洲航空泰国以及印尼的客运统计也符合其预测。

侨丰投行分析员相信，亚航首季从马航航班减少中受惠，根据大马机场（AIRPORT，5014，主板贸服股）的载客流量（passenger traffic）数字显示，吉隆坡国际机场（KLIA）的国內游客挫跌4.2%，而廉价机场的国內游客则按年成长15.1%，相信大部分是由亚航所贡献。
为此，分析员相信亚洲航空的收益率將持续取得强劲的按年成长，减少对于其降低附加费用或会导致整体收益率承受压力的忧虑。

合作与购买事项如常进行


对于亚航和马航交换股权或告吹消息，分析员相信有关决定或有政治动机。即使终止换股，但有消息人士告诉分析员，两者合作维修和购买飞机的事项也会如常进行。无论双方最终会否交换股权，分析员认为亚航可持续从马航减少航班中受惠，以马航疲弱的財务状况，短期內无法立即增加航班。

此外，分析员相信，换股事宜告吹，预计会激励亚航情绪，因外资投资者倾向于亚洲航空独立营运，和政府没有任何连结。

亚航第一季的业绩，在更高收益率扶持以及旗下公司强劲净利抵销高燃油的影响下，料取得更佳的净利按年成长至2亿9000万令吉。

分析员表示，他维持盈利预测不变，同时对亚航持正面看法，主要因为飞萤航空撤出东马航线，亚洲航空將取得更多收益率。此外，正在进行的联营计划预计会为公司今年带来贡献。分析员表示，他未將日本和菲律宾联营公司纳入財测，因而维持「买进」投资评级和4.57令吉目標价格。

亞洲股票跨境交易 馬新泰交易所率先連線

27/04/2012

亞洲股票跨境交易連線（Asean Trading Link）將如期在6月推出，馬交所及新加坡交易所（SGX）將率先採用，泰國證券交易所（SET）則于8月加入。

　東協各大交易所總執行長出席于新加坡舉辦的“第16屆東協交易所總執行長會議”時，宣佈上述新發展。

　新交所總執行長馬努斯博克于東協交易所聯合發佈文告指出，新交易連線有助擴大投資選擇，且讓投資者有機會參與區域成長帶來的生機 。

　“首階段參與連線的3家交易所已佔據東協7家交易所的總市值三分之二，相等于2.1兆美元（約6.4兆令吉）的市值。

　馬交所總執行長拿督達祖丁阿丹指出，此舉絕對是為結合東協資本市場跨了一大步。

　“這不但打破東協交易的障礙，更為在東協擴大業務版圖的跨國上市公司帶來更多投資機會。”

　在這次會議上，東協交易所亦和富時（FTSE）達成合法協議，后者將提供東協一系列的市場數據及分析。

STIGLITZ: 'Europe Is Headed To A Suicide'

Simone Foxman

 Apr. 27, 2012, 12:38 PM 

AP

Austerity measures are leading Europe on a disastrous path, Nobel-prize winning economist Joseph Stiglitz told a panel discussion in Vienna today.

"I think Europe is headed to a suicide," he said, according to a Reuters article. "Decreasing growth is causing the deficit, not the other way around. I think that austerity approach is going to lead to high levels of unemployment that will be politically unacceptable and make deficits get worse."

His comments echo economists' recent shift against austerity and towards policies that promote growth. Many opined that support for French presidential candidate Francois Hollande—a Socialist who says he would renegotiate the European fiscal compact and pursue changes to the mandate of the European Central Bank—is indicative of a larger political shift.

"What they have agreed to do last December is a recipe to make sure that (the eurozone) dies as we know it," Stiglitz told the panel, as broadcast by an Austrian radio station. He noted that a monetary union composed solely of stronger Northern European countries could probably survive, however.

Malaysia faces credit ratings cut

Malaysia faces credit ratings cut
By Melissa Goh | Posted: 27 April 2012 2051 hrs

  MALAYSIA: Concerns have been raised about Malaysia's high national debt, which currently stands at 54 per cent of its gross domestic product (GDP).

International ratings agencies Standard & Poor's and Moody's are warning of a possible credit rating downgrade if Kuala Lumpur does not rein in its federal government debt.

Continuous government spending to gain public support ahead of the upcoming general election may have put Malaysia at risk of a credit downgrade.

A rating cut would be its first in 15 years.

However, Malaysia's central bank has brushed aside that concern.

It said the national debt level at 54 per cent of GDP is manageable, given Malaysia's sound economic fundamentals, improved foreign direct investment (FDI) inflows, and growth of a forecast four to five per cent this year.

Bank Negara also noted more than 90 per cent of the debt is domestically funded, which means Malaysia's external exposure is very minimal.

Bank Negara Malaysia governor Zeti Akhtar Aziz said: "The government external indebtedness is only two per cent so it's very low.

"Very often, countries have problems because foreign borrowing is very high. For us, the borrowing in mainly domestic, our financial system has been able to absorb this."

Still, there are concerns the government's spending spree ahead of a general election may drive federal government debt level to above 60 per cent.

Observers said the next cabinet voted into power must seriously take concrete steps to reduce its huge subsidy bill exceeding US$10 billion as well as to introduce a hugely unpopular goods and services tax to shore up the government's revenue.

While a credit rating downgrade will hurt investor confidence, a weak mandate at the polls means the government will find it difficult to push through some of its tough structural reforms.

Malaysia must call its next election before May next year.

- CNA/wk

Everything You Need To Know About Vaca Muerta, One Of The Biggest Shale Fields Outside Of North America

Mamta Badkar

 Apr. 27, 2012, 3:29 PM 

The Vaca Muerta formation located in Neuquén Province in Argentina is supposed to be one of the largest shale formations outside of North America. The discovery was made by Repsol-YPF, but with Argentina's recent move to nationalize YPF, it leaves the door open for foreign investors, possibly governments, to partner with YPF and help develop the resource.

Here's what we know about the Vaca Muerta formation so far:

• The Vaca Muerta formation covers a total area of 30,000 square kilometers (km²) or 7.4 million acres.
• The discovery has the potential to increase Argentine hydrocarbon production by 50 percent by 2019 according to YPF estimates.
• The field needs investment of up to $42 billion to increase production by 50 percent and will be split at $28 billion for oil production and $14 billion for gas production.
• Initial exploration efforts suggest that there are 927 million barrels of oil equivalent in non-conventional hydrocarbons. An independent study by Ryder Scott, an oil and gas consulting firm confirmed that the Vaca Muerta oil and shale gas formation has more than 21 billion barrels of oil equivalent (BOE).
• Argentina relies on natural gas to meet 51 percent of its energy needs, and natural gas was also one of the most significant facets of its energy trade deficit in 2011, according to Morgan Stanley analyst Paolo Batori. Vaca Muerta has the potential to make Argentina a net exporter of energy.

Ryder Scott

THE ECONOMY SLOWS AND MARKETS RALLY: Here's What You Need To Know

Sam Ro

 Apr. 27, 2012

screenshot via ABC News

GDP growth slowed to 2.2 percent.

First the scoreboard:

Dow: 13,228.3, +23.6, +0.1%

S&P 500: 1,403.3, +3.3, +0.2%

NASDAQ: 3,069.2, +18.5, +0.6%

And now the top stories:

• There were a number of big negative forces that could've rattled markets today.  Last night, S&P slashed Spain's credit rating to BBB+/A-2.  But as usual, most argued that S&P was late to the game.  This was certainly reflected in European stocks, which closed positive today. 

• Today's U.S. Q1 GDP report could've been bad news for stocks. The headline number reflected 2.2 percent growth, which is a sharp deceleration from the 3.0 percent growth we had in Q4.  Economists were looking for 2.5 percent.  The big drag was government spending, which plunged 5.9 percent.  On the bright side, consumer spending jumped 2.9 percent, which was much higher than the 2.3 percent increase expected by economists. 

• There was more good news about the consumer. The April University of Michigan consumer confidence index climbed to 76.4, which is higher than the 75.7 expected by economists.  

• Maybe all those consumers are shopping online.  Amazon reported a monster first quarter.  EPS came in at $0.28, which was well ahead of the $0.07 analysts were looking for.  This included around $0.19 from equity investments like LivingSocial.

• Ford fell after announcing earnings this morning. EPS of $0.39 beat expectations of $0.35.  Total vehicles sold fell to 1.358 million from 1.403 million a year ago.  The North America division booked an operating profit of $2.1 billion, which was the highest level since 2000.  However, the Europe segment reported a $149 million loss.  Management expects U.S. full year industry volume to hit at least 14.5 million.

• One of the biggest losers today was UGG boot maker Deckers Outdoors.  Share tanked after the company said Q1 EPS dropped to $0.20.  Analysts were expecting $0.25.  This was a case where good weather was bad news.  "Sales growth was driven by the addition of the Sanuk brand combined with increased demand for the UGG brand spring line, partially offset by softness in boots due to the unusually warm weather," said CEO Angel Martinez.