SINGAPORE - Singapore shares closed 2.5 per cent higher on Thursday, mirroring gains in regional markets as investors cheered Japan's plans for a new stimulus package, dealers said.
The main Straits Times Index rose 44.55 points to 1,828.51. Volume was 1.64 billion shares worth $1.17 billion (US$780 million) and there were 364 rising issues, 125 losers and 709 issues even.
Japan's plans for a fresh stimulus package worth over US$150 billion are seen as good news with Singapore likely to gain in terms of improved exports should the world's second biggest economy turn around, dealers said.
'If one believes in economic recovery, the Singapore market should be a good bet given it is among the cheapest in the region and has such an open economy,' a trader at a local brokerage said.
Among the banks, DBS added 41 cents to $8.91, Oversea-Chinese Banking Corp put on 16 cents to $5.46 and United Overseas Bank was 38 cents higher at $10.50.
Singapore Airlines climbed 48 cents to $11.46 and Singapore Telecommunications was three cents up at $2.55.
Friday, April 10, 2009
中冶集团承建的新加坡环球影城混凝土主体结构封顶
3月31日，中国冶金科工集团公司中国京冶承建的新加坡圣淘沙环球影城项目地下主体结构封顶仪式在新建成的顶板上举行。圣淘沙岛发展公司(SDC)、项目业主(RWS)、建筑咨询公司（DPA）、结构咨询公司（MCS）、机电咨询公司（BECA）的代表与数百名参与设计、施工和管理的工程技术人员和工人一起参加了封顶仪式。
该项目地下室顶板面积超过10个标准足球场，水平投影面积约7.6万平方米，模板面积近10万平方米，混凝土方量6万立方米，总数超过1万辆泵车混凝土量，高峰期每天要下200辆混凝土泵车的灰量，钢筋15，000吨，该顶板于2008年8月开始施工。在业主单位、设计单位、监理单位及其他相关部门的共同努力下，现场施工人员克服了边设计边施工等种种困难，顶高温、战酷暑，昼夜奋战，历时8个月完成了地下主体结构的封顶，按期实现项目计划施工进度中的一个重要里程碑。
地下主体结构（E-deck）的封顶，标志着MC-04项目由地下结构施工阶段转为建筑和机电施工为主的阶段，MCC环球影城项目部全体人员有信心在业主及管理咨询公司的协助下确保工程整体施工计划的如期完成。新加坡环球影城项目竣工后将成为世界第6座环球影城主题公园，计划在2010年初开业，届时将成为新加坡一个新的旅游景点。作为中冶集团目前所承接的规模最大的海外民用项目，新加坡环球影城项目的顺利实施将会奠定中冶集团在新加坡乃至整个东南亚地区建筑市场中的领先地位。
免责声明：本文仅代表作者个人观点，与凤凰网无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
Source
该项目地下室顶板面积超过10个标准足球场，水平投影面积约7.6万平方米，模板面积近10万平方米，混凝土方量6万立方米，总数超过1万辆泵车混凝土量，高峰期每天要下200辆混凝土泵车的灰量，钢筋15，000吨，该顶板于2008年8月开始施工。在业主单位、设计单位、监理单位及其他相关部门的共同努力下，现场施工人员克服了边设计边施工等种种困难，顶高温、战酷暑，昼夜奋战，历时8个月完成了地下主体结构的封顶，按期实现项目计划施工进度中的一个重要里程碑。
地下主体结构（E-deck）的封顶，标志着MC-04项目由地下结构施工阶段转为建筑和机电施工为主的阶段，MCC环球影城项目部全体人员有信心在业主及管理咨询公司的协助下确保工程整体施工计划的如期完成。新加坡环球影城项目竣工后将成为世界第6座环球影城主题公园，计划在2010年初开业，届时将成为新加坡一个新的旅游景点。作为中冶集团目前所承接的规模最大的海外民用项目，新加坡环球影城项目的顺利实施将会奠定中冶集团在新加坡乃至整个东南亚地区建筑市场中的领先地位。
免责声明：本文仅代表作者个人观点，与凤凰网无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
Source
拥45亿现金兼丽星邮轮转盈 2投资银行看好名胜世界
（吉隆坡7日讯）马银投资银行在投资研究报告说，名胜世界有限公司（RESORTS，4715，主板贸易服务组）持股19.6％的长期投资－丽星邮轮（Star Cruises）2008年下半年核心净利480万美元，较去年同期大幅改善，是由于每季净收益率较高以及分担较低的NCLC集团亏损。
丽星邮轮浮现希望，它在2008年净亏损7950万美元，较2007年的2亿零80万美元有显著改善。除去特别项目（主要是耗蚀亏损），2008年核心净亏损1亿2620万美元也是低过2007年核心净亏损1亿5080万美元。
丽星邮轮在2008年下半年转亏为盈录得核心净利480万美元，相对2008年上半年核心净亏损1亿3090万美元；是由于每季净收益率较高，分担较低的NCLC集团亏损以及可能拨回呆账拨备金。
应留意它分担NCLC集团亏损减至1710万美元，较去年同期减低80％，然而该集团的耗蚀亏损高达1亿2880万美元。
筹集现金的风险减低，该份报告说，虽然亏损已收窄，但是丽星邮轮的北美洲竞争者，皇家加勒比海（Royal Caribbean）以及嘉年华机构（Carnival Corporation）已预警说，虽然美国经济疲软，但是净收益率今年不会大幅下跌至低双位数。加上预测每季较疲软的2009年上半年，马银投资银行置疑丽星邮轮将继续收窄亏损。
然而，欣慰的是NCLC集团已获得借贷者同意，将2009年以及2010年届期的负债再融资，提示了没有立即发售附加股或是筹集现金的风险，这最终须由名胜世界承担。与去年同期比较，丽星邮轮集团的净负债率已下跌6.5个百分点至21.7％。
随着将持股减至19.6％后已不须结合丽星邮轮的业绩，后者的业绩对名胜世界盈利没有影响，现金结存目前很安全。
马银投资银行保持名胜世界的<买入>评级，2009年底目标价2.86令吉是基于现金流量拆现合理估值3.18令吉折扣10％。
名胜世界可能须注入现金给丽星邮轮的忧虑已消除，因此提示有上升空间。截至2008年底，它有净现金结存45亿令吉，相等于每股77仙。
名胜世界没有宣布派发股息。
此外，名胜世界有限公司仍然是联昌国际投资研究行首选的博彩业股，现时股价处在2.27令吉并保持<超越大市>评级不变，虽然调低目标价至2.95令吉，是经修订盈利后的标准经营程序（SOP）估值折扣20％。
联昌国际投资研究行在短笺中说：“股价推动力仍然是强劲的赌场营业，巨额现金结存超过40亿令吉，高股息以及潜在的本区域合并收购计划。”
“相对于云顶有限公司（GENTING，3182，主板贸易服务组），我们选择名胜世界是基于它纯粹参与仍然具回弹潜能的国内赌场业务。在估值方面，名胜世界的远期本益比低于9倍，较它的15年平均数低超过一半，以及是云顶的远期本益比折扣21％。
“至于价格对账面值比率，这只股也是以历年低点进行交易。它的企业继续经营价值/付息税前收益额也写下新低点。”
但是，由于经济情况恶化以及今年内可能撤销澳门的签证限制，联昌国际投资研究行谨慎估计名胜世界的豪赌客收益大幅下跌10％，而不是较早前估计下跌3％。
该投资研究行的修订预估，也假定大马观光客来源改变；因为在新加坡的2个综合休闲胜地明年开始营业后，来自新加坡以及新山的观光客可能减少。
“因此，名胜世界的2009至2011财政年盈利预估调低4至6％。现有盈利预估反映了赌场盈利减少2至1.5％，而不是较早前预估增长2至5％。但是2009至2011财政年每股派息预估保持不变。”
联昌国际投资研究行说，由于有巨额的45亿令吉现金结存，名胜世界可能主导该集团的合并收购计划。除去名胜世界的每股77仙现金接存后，远期本益比5至6倍，是与亚洲金融危机时期的估值一致。
“名胜世界的每股现金结存，占了现有股价超过三份之一。”
Source
丽星邮轮浮现希望，它在2008年净亏损7950万美元，较2007年的2亿零80万美元有显著改善。除去特别项目（主要是耗蚀亏损），2008年核心净亏损1亿2620万美元也是低过2007年核心净亏损1亿5080万美元。
丽星邮轮在2008年下半年转亏为盈录得核心净利480万美元，相对2008年上半年核心净亏损1亿3090万美元；是由于每季净收益率较高，分担较低的NCLC集团亏损以及可能拨回呆账拨备金。
应留意它分担NCLC集团亏损减至1710万美元，较去年同期减低80％，然而该集团的耗蚀亏损高达1亿2880万美元。
筹集现金的风险减低，该份报告说，虽然亏损已收窄，但是丽星邮轮的北美洲竞争者，皇家加勒比海（Royal Caribbean）以及嘉年华机构（Carnival Corporation）已预警说，虽然美国经济疲软，但是净收益率今年不会大幅下跌至低双位数。加上预测每季较疲软的2009年上半年，马银投资银行置疑丽星邮轮将继续收窄亏损。
然而，欣慰的是NCLC集团已获得借贷者同意，将2009年以及2010年届期的负债再融资，提示了没有立即发售附加股或是筹集现金的风险，这最终须由名胜世界承担。与去年同期比较，丽星邮轮集团的净负债率已下跌6.5个百分点至21.7％。
随着将持股减至19.6％后已不须结合丽星邮轮的业绩，后者的业绩对名胜世界盈利没有影响，现金结存目前很安全。
马银投资银行保持名胜世界的<买入>评级，2009年底目标价2.86令吉是基于现金流量拆现合理估值3.18令吉折扣10％。
名胜世界可能须注入现金给丽星邮轮的忧虑已消除，因此提示有上升空间。截至2008年底，它有净现金结存45亿令吉，相等于每股77仙。
名胜世界没有宣布派发股息。
此外，名胜世界有限公司仍然是联昌国际投资研究行首选的博彩业股，现时股价处在2.27令吉并保持<超越大市>评级不变，虽然调低目标价至2.95令吉，是经修订盈利后的标准经营程序（SOP）估值折扣20％。
联昌国际投资研究行在短笺中说：“股价推动力仍然是强劲的赌场营业，巨额现金结存超过40亿令吉，高股息以及潜在的本区域合并收购计划。”
“相对于云顶有限公司（GENTING，3182，主板贸易服务组），我们选择名胜世界是基于它纯粹参与仍然具回弹潜能的国内赌场业务。在估值方面，名胜世界的远期本益比低于9倍，较它的15年平均数低超过一半，以及是云顶的远期本益比折扣21％。
“至于价格对账面值比率，这只股也是以历年低点进行交易。它的企业继续经营价值/付息税前收益额也写下新低点。”
但是，由于经济情况恶化以及今年内可能撤销澳门的签证限制，联昌国际投资研究行谨慎估计名胜世界的豪赌客收益大幅下跌10％，而不是较早前估计下跌3％。
该投资研究行的修订预估，也假定大马观光客来源改变；因为在新加坡的2个综合休闲胜地明年开始营业后，来自新加坡以及新山的观光客可能减少。
“因此，名胜世界的2009至2011财政年盈利预估调低4至6％。现有盈利预估反映了赌场盈利减少2至1.5％，而不是较早前预估增长2至5％。但是2009至2011财政年每股派息预估保持不变。”
联昌国际投资研究行说，由于有巨额的45亿令吉现金结存，名胜世界可能主导该集团的合并收购计划。除去名胜世界的每股77仙现金接存后，远期本益比5至6倍，是与亚洲金融危机时期的估值一致。
“名胜世界的每股现金结存，占了现有股价超过三份之一。”
Source
Tuesday, April 7, 2009
Shares close 2.47% lower
SINGAPORE - Singapore shares slid 2.47 per cent on Tuesday as investors booked some profits after recent gains, dealers said.
The blue-chip Straits Times Index (STI) closed 45.59 points lower at 1,802.39 on volume of 1.22 billion shares worth $1.08 billion (US$713 million).
Losers outnumbered gainers 297 to 141, with 745 issues unchanged.
Dealers said the pullback after five days of gains would not significantly derail the surge.
'Selling volumes are fairly light, so the correction looks healthy in nature and shouldn't be too dramatic,' said Gabriel Gan, senior vice president of AmFraser Securities.
Another dealer said pockets of positive economic data out of China and the United States should help galvanise the market.
'We believe that bears will have limited ammunition as economic data out of China and the US continues to improve,' said Yeo Kee Yan, a strategist at DBS Vickers Securities.
Banking shares closed down. DBS fell 35 cents to $8.83, United Overseas Bank slipped 46 cents to $10.48 and Oversea-Chinese Banking Corp eased nine cents to $5.24.
Among property shares, CapitaLand shed 24 cents to $2.57, City Developments retreated 36 cents to $5.82 and Keppel Land closed 13 cents lower at $1.64.
Singapore Telecommunications gained seven cents to $2.53 while Singapore Airlines was unchanged at $11.00.
Oil rig maker Keppel Corp dropped 32 cents to $5.46 and agribusiness firm Wilmar International eased three cents to $3.32.
The blue-chip Straits Times Index (STI) closed 45.59 points lower at 1,802.39 on volume of 1.22 billion shares worth $1.08 billion (US$713 million).
Losers outnumbered gainers 297 to 141, with 745 issues unchanged.
Dealers said the pullback after five days of gains would not significantly derail the surge.
'Selling volumes are fairly light, so the correction looks healthy in nature and shouldn't be too dramatic,' said Gabriel Gan, senior vice president of AmFraser Securities.
Another dealer said pockets of positive economic data out of China and the United States should help galvanise the market.
'We believe that bears will have limited ammunition as economic data out of China and the US continues to improve,' said Yeo Kee Yan, a strategist at DBS Vickers Securities.
Banking shares closed down. DBS fell 35 cents to $8.83, United Overseas Bank slipped 46 cents to $10.48 and Oversea-Chinese Banking Corp eased nine cents to $5.24.
Among property shares, CapitaLand shed 24 cents to $2.57, City Developments retreated 36 cents to $5.82 and Keppel Land closed 13 cents lower at $1.64.
Singapore Telecommunications gained seven cents to $2.53 while Singapore Airlines was unchanged at $11.00.
Oil rig maker Keppel Corp dropped 32 cents to $5.46 and agribusiness firm Wilmar International eased three cents to $3.32.
亚太股市周二涨跌互见
亚太股市周二涨跌互见。由于投资者都在等待美国及部分亚太公司发布第一季度业绩情况，市场交投清淡，股指一直在前日收盘点位附近徘徊。
东京股市收盘小幅走低，前夜美国股市下跌促使投资者对新日本制铁(Nippon Steel)等近期上涨的个股进行获利回吐，市场交投淡静。日经指数跌25.08点，至8832.85点，跌幅0.3%。包括东京证交所一部所有股票在内的东证指数涨1.63点，至832.60点，涨幅0.2%。六月日经指数期货收盘跌30点，至8860点，跌幅0.3%。
香港股市收盘走低，主要因投资者在恒生指数前三个交易日累计上涨11%后进行获利了结。但是，在中资金融类股走高的带动下，股指的跌幅在尾盘收窄。分析师预计，恒生指数将追随中国大陆股市近期涨势而重拾升势，并将在未来几个交易日内上探15,800点。中国大陆股市周二收于七个月高点。恒生指数周二收盘跌69.07点，至14,928.97点，跌幅0.5%；股指在前市触及盘中低点14,743.71点。今年迄今为止，恒生指数已累计上涨3.8%。分析师称，成交额为509.3亿港元，远低于周一的621.9亿港元，这说明抛盘压力并不强。
中国股市创下逾七个月高点，金属价格上涨以及对于资源需求上升的期望带动有色金属类股走高。基准上证综合指数收盘涨0.8%，至2439.18点，为去年8月20日收于2523.28点以来的最高水平。深证综合指数涨0.8%，至2439.18点。上海证交所成交额降至人民币1,184.4亿元（合173.3亿美元），上周五为人民币1,596.3亿元。中国金融市场周一因公共假日休市。澳大利亚股市收盘走低，结束连续三个交易日涨势，未受澳大利亚央行(Reserve Bank of Australia)减息、
澳大利亚电信(Telstra)在政府宣布国家宽频计划后强劲上扬的影响。基准S&P/ASX 200指数收盘跌50.3点，至3706.3点，跌幅1.3%，给位于该水平的技术支撑位带来压力。该指数盘中一度触及两日低位3704.5点。澳大利亚央行最新利率决定与市场普遍预期相符，将隔夜拆款利率下调25个基点，至49年低位3.00%。
新加坡股市经历了交易员们所谓的“良性回调”，最终收盘走低，因投资者决定对过去几周的涨势进行部分获利回吐。新加坡海峡时报指数收盘下跌45.59点，至1802.39点，跌幅2.5%。大盘有297只股票下跌，141只股票上涨。市场成交量总计12亿股，低于周一的成交量20亿股。
东京股市收盘小幅走低，前夜美国股市下跌促使投资者对新日本制铁(Nippon Steel)等近期上涨的个股进行获利回吐，市场交投淡静。日经指数跌25.08点，至8832.85点，跌幅0.3%。包括东京证交所一部所有股票在内的东证指数涨1.63点，至832.60点，涨幅0.2%。六月日经指数期货收盘跌30点，至8860点，跌幅0.3%。
香港股市收盘走低，主要因投资者在恒生指数前三个交易日累计上涨11%后进行获利了结。但是，在中资金融类股走高的带动下，股指的跌幅在尾盘收窄。分析师预计，恒生指数将追随中国大陆股市近期涨势而重拾升势，并将在未来几个交易日内上探15,800点。中国大陆股市周二收于七个月高点。恒生指数周二收盘跌69.07点，至14,928.97点，跌幅0.5%；股指在前市触及盘中低点14,743.71点。今年迄今为止，恒生指数已累计上涨3.8%。分析师称，成交额为509.3亿港元，远低于周一的621.9亿港元，这说明抛盘压力并不强。
中国股市创下逾七个月高点，金属价格上涨以及对于资源需求上升的期望带动有色金属类股走高。基准上证综合指数收盘涨0.8%，至2439.18点，为去年8月20日收于2523.28点以来的最高水平。深证综合指数涨0.8%，至2439.18点。上海证交所成交额降至人民币1,184.4亿元（合173.3亿美元），上周五为人民币1,596.3亿元。中国金融市场周一因公共假日休市。澳大利亚股市收盘走低，结束连续三个交易日涨势，未受澳大利亚央行(Reserve Bank of Australia)减息、
澳大利亚电信(Telstra)在政府宣布国家宽频计划后强劲上扬的影响。基准S&P/ASX 200指数收盘跌50.3点，至3706.3点，跌幅1.3%，给位于该水平的技术支撑位带来压力。该指数盘中一度触及两日低位3704.5点。澳大利亚央行最新利率决定与市场普遍预期相符，将隔夜拆款利率下调25个基点，至49年低位3.00%。
新加坡股市经历了交易员们所谓的“良性回调”，最终收盘走低，因投资者决定对过去几周的涨势进行部分获利回吐。新加坡海峡时报指数收盘下跌45.59点，至1802.39点，跌幅2.5%。大盘有297只股票下跌，141只股票上涨。市场成交量总计12亿股，低于周一的成交量20亿股。
Malaysia's CIMB to close 60 branches-report
KUALA LUMPUR, April 6 (Reuters) - Malaysia's second largest lender CIMB Bank will close nearly 60 surplus branches this year to save up to 60 million ringgit ($16.77 million) annually, local daily The Malaysian Reserve reported on Monday.
The bank has identified the 60 banks to be closed in August, the report quoted its head of consumer sales and distribution, Sulaiman Mohd Tahir as saying.
"CIMB can save in the region of 50 million to 60 million ringgit from the closing of the branches from next year onwards. And when we close the branches, we will redeploy the people.
"The group may also see the possibility of new revenue to be generated by redeploying people to other areas which has value creation in terms of new business," he said.
The network rationalisation was prompted by the merger between CIMB and Southern Bank in 2006.
Source
The bank has identified the 60 banks to be closed in August, the report quoted its head of consumer sales and distribution, Sulaiman Mohd Tahir as saying.
"CIMB can save in the region of 50 million to 60 million ringgit from the closing of the branches from next year onwards. And when we close the branches, we will redeploy the people.
"The group may also see the possibility of new revenue to be generated by redeploying people to other areas which has value creation in terms of new business," he said.
The network rationalisation was prompted by the merger between CIMB and Southern Bank in 2006.
Source
股海明灯: 降低注资丽星邮轮疑虑 名胜世界扭转劣势
身为蓝筹股之一的名胜世界（Resorts，4715，主板贸易服务股）股价最近波动激烈，在2月份时面对强大卖压，股价在3月11日时猛挫至1.90令吉的最低价水平。
这主要是受到它在2月底公布亏损的业绩所入拖累，在截至2008年12月31日的第四季内，名胜世界受到在丽星邮轮投资价值折损的拖累，蒙受高达3亿8784万3000令吉的净亏损，前期的净利为3亿4409万4000令吉。
由于名胜世界之前将丽星邮轮的投资损失分类为储备，如今将之纳入其账目内，因此后者的高达7亿8150万令吉的投资折损造成了其庞大的净亏损表现。 所以，在3月份名胜世界的股价表现并不理想，处于低点横摆。
不过，进入4月之后，名胜世界开始扭转劣势。 这除了最近丽星邮轮（Star Cruises）在2008财年净亏损收窄，降低市场置疑名胜世界可能注入现金予前者的忧虑，令到名胜世界股价具有增长潜能的利好因素带动之外。
相信这一轮名胜世界股价反弹与名胜世界近期进场回购股票有关。其实，在3月份股价低迷时，已经进场回购本身公司股票，在这一个月期间回购了将近740万股的名胜世界股票。
以2.19令吉的股价计算，名胜世界目前是处于2008财政年本益比20.39倍的水平交易。
公司回购股票的考量 为何名胜世界会决定进行股票回购？
根据回购股票的最基本的理由，那便是名胜世界管理层认为，名胜世界的股票价格已经被低估。
对于公司管理层而言，回购股票也能够稳定公司的股价，以及支持公司的基本因素。
所以，名胜世界管理层在股价滑跌时大事进场回购股票，那是合理的现象。 此外，回购股票其他的好处包括所派发的股息不必分给那么多股票，所以公司可以派发更高的股息。 还是就是股票数额减少，每股净利也能相应的提升。
另一个强点是，如果股票被当作库存股的，公司也可以选择当作股息派发给现有股东，或者是在股价上涨时在公开市场中卖出。 股东视为积极行动 对于现有股东来说，股票回购受到他们欢迎的，因为这是一个积极的行动，会加强股东的价值。
很多股东也认为，公司一旦进行回购股票，股价将会获得扶持。所以，名胜世界股价最近走势恢复升势，或多或少也受到回购股票的激励。 当然，想要进行回购股票的活动，公司的先决条件便是必须拥有现金，因为条例规定股票回购必须通过公司的保留盈利以及/或股票溢价户口进行。
回购股票必须司通过本身的資金在公开市场进行回购本身的股票。 凡是进行股票回购，上市公司必须通过公开市场进行。不过，不可以超过其缴足資本的10%。 此外，条例也规定上市公司进行股票回购的价格，不能超过在进行回购前5个交易日平均加权股价的15%。
还有就是公司在进行股票回购之后，公司必须进行公布有关的回购详情。 所以，投資者可以从交易所的网站中，找到有关名胜世界回购股票的資料。 回购股票乃股本回退 在回购股票之后，上市公司可以选择将股票当作库存股，或是注销，所以回购股票也可以说是股本回退的一种方式。
不过，反映公司管理层除了回购股票之外，便无法投資在适当的业务，以为公司带来额外盈利。这也可能导致公司财务資源减少，并失去未来可能出现的投資机会。
总结 根据大马交易所的最新记录显示，在3月24日之后，名胜世界便不再回购股票，这意味着名胜世界是选择在股价处于2.00令吉以下的水平进行股票回购，这也显示2.00令吉将是名胜世界的强力支持，而投资者在目前市场购兴良好的时候考虑此股，风险应该是相当低的。
Source
这主要是受到它在2月底公布亏损的业绩所入拖累，在截至2008年12月31日的第四季内，名胜世界受到在丽星邮轮投资价值折损的拖累，蒙受高达3亿8784万3000令吉的净亏损，前期的净利为3亿4409万4000令吉。
由于名胜世界之前将丽星邮轮的投资损失分类为储备，如今将之纳入其账目内，因此后者的高达7亿8150万令吉的投资折损造成了其庞大的净亏损表现。 所以，在3月份名胜世界的股价表现并不理想，处于低点横摆。
不过，进入4月之后，名胜世界开始扭转劣势。 这除了最近丽星邮轮（Star Cruises）在2008财年净亏损收窄，降低市场置疑名胜世界可能注入现金予前者的忧虑，令到名胜世界股价具有增长潜能的利好因素带动之外。
相信这一轮名胜世界股价反弹与名胜世界近期进场回购股票有关。其实，在3月份股价低迷时，已经进场回购本身公司股票，在这一个月期间回购了将近740万股的名胜世界股票。
以2.19令吉的股价计算，名胜世界目前是处于2008财政年本益比20.39倍的水平交易。
公司回购股票的考量 为何名胜世界会决定进行股票回购？
根据回购股票的最基本的理由，那便是名胜世界管理层认为，名胜世界的股票价格已经被低估。
对于公司管理层而言，回购股票也能够稳定公司的股价，以及支持公司的基本因素。
所以，名胜世界管理层在股价滑跌时大事进场回购股票，那是合理的现象。 此外，回购股票其他的好处包括所派发的股息不必分给那么多股票，所以公司可以派发更高的股息。 还是就是股票数额减少，每股净利也能相应的提升。
另一个强点是，如果股票被当作库存股的，公司也可以选择当作股息派发给现有股东，或者是在股价上涨时在公开市场中卖出。 股东视为积极行动 对于现有股东来说，股票回购受到他们欢迎的，因为这是一个积极的行动，会加强股东的价值。
很多股东也认为，公司一旦进行回购股票，股价将会获得扶持。所以，名胜世界股价最近走势恢复升势，或多或少也受到回购股票的激励。 当然，想要进行回购股票的活动，公司的先决条件便是必须拥有现金，因为条例规定股票回购必须通过公司的保留盈利以及/或股票溢价户口进行。
回购股票必须司通过本身的資金在公开市场进行回购本身的股票。 凡是进行股票回购，上市公司必须通过公开市场进行。不过，不可以超过其缴足資本的10%。 此外，条例也规定上市公司进行股票回购的价格，不能超过在进行回购前5个交易日平均加权股价的15%。
还有就是公司在进行股票回购之后，公司必须进行公布有关的回购详情。 所以，投資者可以从交易所的网站中，找到有关名胜世界回购股票的資料。 回购股票乃股本回退 在回购股票之后，上市公司可以选择将股票当作库存股，或是注销，所以回购股票也可以说是股本回退的一种方式。
不过，反映公司管理层除了回购股票之外，便无法投資在适当的业务，以为公司带来额外盈利。这也可能导致公司财务資源减少，并失去未来可能出现的投資机会。
总结 根据大马交易所的最新记录显示，在3月24日之后，名胜世界便不再回购股票，这意味着名胜世界是选择在股价处于2.00令吉以下的水平进行股票回购，这也显示2.00令吉将是名胜世界的强力支持，而投资者在目前市场购兴良好的时候考虑此股，风险应该是相当低的。
Source
赌场业未来几年会改善 梦城机构可保优势
（吉隆坡5日讯）梦城机构有限公司（DGATE，0037，主板贸易服务组）经营电子博彩机行业（EGM），制造与销售电子博彩机以及赌场器材。该公司也提供机器专营权配套与技术支援管理，其他业务包括投资在赌场，管理酒店与拥有赌博执照的俱乐部。
该公司在2004年1月在自动报价市场挂牌上市，以及去年1月转至主要交易板。董事经理拿督蔡金城（译音）是它的最大股东持股38.7％，执行董事马芝兰依斯迈则透过Gerak Juara私人有限公司持股18.6％。
梦城机构在1980年代进军博彩行业，获颁发执照分销电子博彩机给国内博彩业经营公司，包括云顶（GENTING，3182，主板贸易服务组）。此后，该公司已开拓更大市场，目前它的电子博彩机销售至本区域多个国家，例如新加坡、澳门、菲律宾、韩国、越南，柬埔寨、印度以及寮国。它的业务模式也逐渐发展，由原有的分销其他公司产品转移至研发与销售高盈利率的专利权产品，例如RGB博彩机。
梦城机构的RGB博彩机（通常是彩色款式）部门基于3个模式分销它的电子博彩机。第1个是直接销售，顾客一次付款购买；这是最简单以及风险最低的模式，梦城机构的盈利不会受到经营者亏盈影响。但是，电子博彩机售价昂贵（每架1万至2万美元）可能是经营者的沉重负担。此外，他们也须负担高昂的维修以及替换成本。
虽然直接销售剔除了信贷风险，但是盈利是一次过以及每年有变动。由于目前全球经济放缓，梦城机构专注于“租赁与拥有”模式。在这模式下，顾客向梦城机构租赁电子博彩机以及在议定期限内按时付款，期满后拥有权即转移给顾客。梦城机构考虑在它营业的其他国家彩用这模式。
最后一个模式是梦城机构将电子博彩机装置在经营者的店铺，以及根据机器专营权配套，与后者分享盈利。梦城机构将负责维修与技术支援，以及缴付一部份营业成本。每个经营者以及每个国家的盈利分享条件不同。
由于梦城机购拥有电子博彩机，它可以重新部署在盈利更高的国家，甚至是不同区域。一个重大进展是该公司与澳门赌场业巨仔旗下的一家联号公司签署机器专营权配套。该联号公司已在澳门两个地点开始营业，以及今年内将陆续设立更多营业地点。
梦城机构也在菲律宾扩充业务，今年1月签署9项新的专营权协议。它的机器专营权配套是最大收益来源，以及在2009年预测占55％营业额。
在机器专营权配套以及直接销售模式下，梦城机构今年将推出更多架专利权产品的RGB博彩机；但是没有反映在收益方面，因为新机器仍然在测试阶段。然而，该公司深信它的产品将会受到亚洲博彩业经营者欢迎。
在欣荣时期，由于现有博彩机深受欢迎，经营者不愿测试新机器。随着全球金融危机后营业放缓，经营者拨出更多空间装置梦城机构的电子博彩机。该公司预测今年销售至少500架专利权博彩机。这方面进展胥视它的研发能力，继续推出新款以及深受欢迎的博彩机。该公司有一支研发队伍，设计与制造新博彩机，迎合亚洲国家顾客的需求。
在这方面，梦城机构的优势可能不及它的国际同侪，例如Aristocrat，WMS工业，以及国际博彩科技（International Game Technology）。这些公司收益每年超过5亿美元，因此有更多研发资金。
梦城机构独资子公司Macrocept在柬埔寨与越南边界的Bavet市镇经营博彩业。该市镇吸引大量游客，政府致力发展该地区以及计划设立一家赌场。梦城机构计划今年次季在该地设立的Chateau De Bavet赌场将有大约200架博彩机，80张赌桌，以及70个酒店客房另加娱乐与饮食中心。该公司预测到了2010年，收益达到200万美元。
由于销售缓慢以及更多经营者减少开支，梦城机构的盈利在2008年下跌。随着该国政府决定控制过度赌博后，该公司在柬埔寨的一些营业据点可能关闭，因此须拨出耗损拨备金。
虽然梦城机构经营的赌场不受影响，但是该公司将博彩机迁移至盈利较高的其他赌场与俱乐部。今年的销售将继续疲软，但是专利权产品的盈利较高，将舒缓影响。
梦城机构致力扩充至其他国家，但是大约50％收益是来自柬埔寨，因此须面对该国政局以及外汇风险。
它的2009财年预测本益比2.9倍，与国际同侪比较有大幅折扣；估值也可能是市场价折扣35％。梦城机构规模可能较小以及它的产品不获普遍认同，但是该公司有巨大潜能，折扣是过于苛刻。这只股预测有很好的5.9％收益率，目前是以价格对账面值0.45倍进行交易。
虽然赌场业面对巨大挑战，但是情况将不会持续以及接着2至3年内应改善。澳门以及在新加坡的综合休闲胜地最终将成为亚洲旅游业主要据点，柬埔寨应可保持它的优势。在菲律宾需求也可持续，因为持有赌场执照的主题公园即将开幕。
Source
该公司在2004年1月在自动报价市场挂牌上市，以及去年1月转至主要交易板。董事经理拿督蔡金城（译音）是它的最大股东持股38.7％，执行董事马芝兰依斯迈则透过Gerak Juara私人有限公司持股18.6％。
梦城机构在1980年代进军博彩行业，获颁发执照分销电子博彩机给国内博彩业经营公司，包括云顶（GENTING，3182，主板贸易服务组）。此后，该公司已开拓更大市场，目前它的电子博彩机销售至本区域多个国家，例如新加坡、澳门、菲律宾、韩国、越南，柬埔寨、印度以及寮国。它的业务模式也逐渐发展，由原有的分销其他公司产品转移至研发与销售高盈利率的专利权产品，例如RGB博彩机。
梦城机构的RGB博彩机（通常是彩色款式）部门基于3个模式分销它的电子博彩机。第1个是直接销售，顾客一次付款购买；这是最简单以及风险最低的模式，梦城机构的盈利不会受到经营者亏盈影响。但是，电子博彩机售价昂贵（每架1万至2万美元）可能是经营者的沉重负担。此外，他们也须负担高昂的维修以及替换成本。
虽然直接销售剔除了信贷风险，但是盈利是一次过以及每年有变动。由于目前全球经济放缓，梦城机构专注于“租赁与拥有”模式。在这模式下，顾客向梦城机构租赁电子博彩机以及在议定期限内按时付款，期满后拥有权即转移给顾客。梦城机构考虑在它营业的其他国家彩用这模式。
最后一个模式是梦城机构将电子博彩机装置在经营者的店铺，以及根据机器专营权配套，与后者分享盈利。梦城机构将负责维修与技术支援，以及缴付一部份营业成本。每个经营者以及每个国家的盈利分享条件不同。
由于梦城机购拥有电子博彩机，它可以重新部署在盈利更高的国家，甚至是不同区域。一个重大进展是该公司与澳门赌场业巨仔旗下的一家联号公司签署机器专营权配套。该联号公司已在澳门两个地点开始营业，以及今年内将陆续设立更多营业地点。
梦城机构也在菲律宾扩充业务，今年1月签署9项新的专营权协议。它的机器专营权配套是最大收益来源，以及在2009年预测占55％营业额。
在机器专营权配套以及直接销售模式下，梦城机构今年将推出更多架专利权产品的RGB博彩机；但是没有反映在收益方面，因为新机器仍然在测试阶段。然而，该公司深信它的产品将会受到亚洲博彩业经营者欢迎。
在欣荣时期，由于现有博彩机深受欢迎，经营者不愿测试新机器。随着全球金融危机后营业放缓，经营者拨出更多空间装置梦城机构的电子博彩机。该公司预测今年销售至少500架专利权博彩机。这方面进展胥视它的研发能力，继续推出新款以及深受欢迎的博彩机。该公司有一支研发队伍，设计与制造新博彩机，迎合亚洲国家顾客的需求。
在这方面，梦城机构的优势可能不及它的国际同侪，例如Aristocrat，WMS工业，以及国际博彩科技（International Game Technology）。这些公司收益每年超过5亿美元，因此有更多研发资金。
梦城机构独资子公司Macrocept在柬埔寨与越南边界的Bavet市镇经营博彩业。该市镇吸引大量游客，政府致力发展该地区以及计划设立一家赌场。梦城机构计划今年次季在该地设立的Chateau De Bavet赌场将有大约200架博彩机，80张赌桌，以及70个酒店客房另加娱乐与饮食中心。该公司预测到了2010年，收益达到200万美元。
由于销售缓慢以及更多经营者减少开支，梦城机构的盈利在2008年下跌。随着该国政府决定控制过度赌博后，该公司在柬埔寨的一些营业据点可能关闭，因此须拨出耗损拨备金。
虽然梦城机构经营的赌场不受影响，但是该公司将博彩机迁移至盈利较高的其他赌场与俱乐部。今年的销售将继续疲软，但是专利权产品的盈利较高，将舒缓影响。
梦城机构致力扩充至其他国家，但是大约50％收益是来自柬埔寨，因此须面对该国政局以及外汇风险。
它的2009财年预测本益比2.9倍，与国际同侪比较有大幅折扣；估值也可能是市场价折扣35％。梦城机构规模可能较小以及它的产品不获普遍认同，但是该公司有巨大潜能，折扣是过于苛刻。这只股预测有很好的5.9％收益率，目前是以价格对账面值0.45倍进行交易。
虽然赌场业面对巨大挑战，但是情况将不会持续以及接着2至3年内应改善。澳门以及在新加坡的综合休闲胜地最终将成为亚洲旅游业主要据点，柬埔寨应可保持它的优势。在菲律宾需求也可持续，因为持有赌场执照的主题公园即将开幕。
Source
Friday, April 3, 2009
STI skyrockets 6% on recovery hopes
US data, G-20 optimism help fuel powerful Asian rally
(SINGAPORE) An improvement in US economic numbers ignited hopes yesterday that a recovery could be taking shape and sent the Straits Times Index up 101.08 points, or 5.9 per cent, to a three-month high of 1,803.34.
The rise was in tandem with gains elsewhere, led in the region by a 7 per cent jump in Hong Kong's Hang Seng Index and a 100-point rise in June futures on the Dow Jones Industrial Average.
Turnover here, excluding foreign currency issues, which dropped to a low $755 million on Wednesday, rose to 1.8 billion units worth $1.7 billion yesterday.
The last time the index closed at this level was Jan 9, when it ended at 1,806.02. In the three weeks since touching 1,456.95 on March 9, the index has gained 346.39 points, or 24 per cent, on hopes of a US-led economic recovery.
'Bear market rallies can be very powerful and can sometimes last a few months,' said a dealer, suggesting further upside is still possible. But most also admit that unless economic figures show clear signs of improvement, the upcoming earnings reporting season could slam the brakes on the market's rise.
Yesterday's push was fuelled by hopes that the US economy was improving, following improved residential construction figures and a manufacturing report that was bad, but not as bad as expected. Also helping were comments by officials that there are signs that coordinated international action to spur the global economy is gaining some traction.
'There's speculation that something good will come out of the G-20 meeting, so the buying is also in anticipation of this,' said a dealer. Leaders from the 20 nations started their meeting in London yesterday.
Assessing local news of a 13.8 per cent drop in private property prices in the first quarter, DMG & Partners said that although there will be more prospective buyers, most will only window-shop until prices become considerably more attractive.
'HDB prices should fall further on the back of economic weakness, job insecurity and filtering of interest into the mass market condominiums, which should result in an increase in bargaining power of buyers,' DMG said.
'While we are cognisant of units disposed at distressed prices in the secondary market, these remain selective ones. For the remaining year, we should see an increased quantum of such transactions, especially from the 10,000 units that will receive TOP (temporary occupation permits) in 2009. As such, we are keeping our neutral call for the property sector.'
In his latest market commentary dated April 1, fund manager Marc Faber said that the current bounce is because stock markets were heavily oversold and are experiencing a powerful bear market rally. 'While I do not expect any full-market recovery within the next few years (after that, we shall need to see how much money will be printed) I would not be surprised to see some further headway until summer 2009,' Dr Faber said.
'Very near-term, the stock market has become overbought and should correct. But for the immediate positive stance to be maintained, it is important that the November 2008 low of 741 for the S&P 500 not be violated on the downside.'
The S&P 500 closed at 811.08 on Wednesday.
Dr Faber also pointed out that although US residential construction appears to have stabilised, non-residential construction has only just started to contract, so talk of a recovery is premature.
Thursday, April 2, 2009
Brokers' Take
Singapore strategy
CIMB-GK Research, April 1
MARKET is expecting the Monetary Authority of Singapore to allow the Singapore dollar to weaken this month. Consensus is predicting that MAS will lower the mid-point of the Singapore-dollar trading range by 2-4 per cent later this month. Our economist, Song Seng Wun, agrees that MAS might favour a weakening of the Singapore dollar, going by weak Q1 2009 GDP figures and receding inflation. However, he thinks that this would be done not by shifting the band downwards, but perhaps by changing the slope of the band. A weaker Singapore dollar would make exports more attractive. Our house continues to forecast a S$1.60 per US dollar exchange rate for end-2009.
We view the offshore and marine sector as a key immediate beneficiary. A lower Singapore dollar would also help exporters such as Venture Corp. Key losers should be companies that sell mostly to the local market, earning Singapore-dollar revenues, yet are dependent on raw materials quoted in US dollars. Obvious losers will be transport companies (SMRT Corp, Singapore Airlines and Singapore Post) where fuel ensures a relatively high US dollar-denominated cost base. Other companies with mostly Singapore dollar revenues and some US dollar costs are Singapore Press Holdings and StarHub.
While there might not be much of an operational effect on others, there could still be a significant translation impact. SingTel will derive some 72 per cent of its FY2010 pre-tax profit and 80 per cent of our sum-of-parts valuation from overseas operations, and stands to be a big beneficiary of a weaker Singapore dollar. Maintenance, repair and overhaul (MRO) operators such as ST Engineering and SIA Engineering can also gain from positive translation of overseas revenues.
A weaker Singapore dollar is good for Singapore's export sector and its wilting tourism industry.
If tourist numbers can recover, stocks such as Genting International and CDL Hospitality Trusts could gain. Also, with the intended effect of a weaker currency being a slower rate of job losses and corporate bankruptcies, the move would be marginally positive for banks. The flipside is that a weaker Singapore dollar trend will be detrimental to investment prospects for property.
Maintain 'neutral' weight on the market and 1,800 Straits Times Index target.NEUTRAL
Singapore Reits
OCBC Investment Research, April 1
CONSENSUS forward yields, ranging from 7 per cent to 38 per cent, are showing a wide divergence in valuations across the Singapore real estate investment trust sector.
Our thesis is that the S-Reit sector is now broadly segregated into two camps - the 'haves' (large, blue-chip sponsored Reits with strong balance sheets) and the 'have-nots' (smaller, non-sponsored Reits with high gearing). Valuation catalysts also vary accordingly - we believe the market focus for the weaker 'have-nots' is still on their ability to secure refinancing but the focus for the 'haves' is on 1) how the macroeconomic picture affects earnings and 2) the need for equity issues to recapitalise balance sheets. Investors can expect some key data points on both the refinancing and the earnings fronts in the coming months.
MacarthurCook Industrial Reit (not rated) announced yesterday that it has received a 60-day extension for its loan facility worth $220.8 million maturing on April 18. MI-Reit is geared at almost 40 per cent and this facility constitutes the bulk of its borrowings. The extension buys MI-Reit some time to continue negotiations with its lenders, National Australia Bank and Commonwealth Bank of Australia.
Its inability to secure a resolution by April is a disappointment, in our view.
MI-Reit's refinancing efforts will likely be benchmarked against the December 2008 refinancing completed by peer Cambridge Industrial Trust (not rated) as both are relatively smaller, non-sponsored and industrial focused.
We expect negative refinancing news to further widen the valuation gap between the two S-Reit classes. For the broader sector, such refinancing news may be indicative of lender-risk appetite. Tighter loan-to-value demands may trigger a sector-wide overhaul of capital structures, potentially via equity issues.
Most S-Reits should report earnings for the first quarter of calendar year 2009 over the last two weeks this month. We believe that H1 2009 earnings are worth watching as the impact of macroeconomic events slowly filters through to the S-Reit bottomline.
For the office sector, we will be watching the pace of the decline in achieved rents as well as any change in occupancy levels. Given the economic slowdown, occupancy levels will be the key metric to watch in the industrial space. We are also looking out for an update on the post-Chinese New Year retail landscape and validation of the consensus 'sub-urban means defensive' view. We leave our estimates and ratings for individual S-Reits unchanged in anticipation of Q1 results.NEUTRAL
CIMB-GK Research, April 1
MARKET is expecting the Monetary Authority of Singapore to allow the Singapore dollar to weaken this month. Consensus is predicting that MAS will lower the mid-point of the Singapore-dollar trading range by 2-4 per cent later this month. Our economist, Song Seng Wun, agrees that MAS might favour a weakening of the Singapore dollar, going by weak Q1 2009 GDP figures and receding inflation. However, he thinks that this would be done not by shifting the band downwards, but perhaps by changing the slope of the band. A weaker Singapore dollar would make exports more attractive. Our house continues to forecast a S$1.60 per US dollar exchange rate for end-2009.
We view the offshore and marine sector as a key immediate beneficiary. A lower Singapore dollar would also help exporters such as Venture Corp. Key losers should be companies that sell mostly to the local market, earning Singapore-dollar revenues, yet are dependent on raw materials quoted in US dollars. Obvious losers will be transport companies (SMRT Corp, Singapore Airlines and Singapore Post) where fuel ensures a relatively high US dollar-denominated cost base. Other companies with mostly Singapore dollar revenues and some US dollar costs are Singapore Press Holdings and StarHub.
While there might not be much of an operational effect on others, there could still be a significant translation impact. SingTel will derive some 72 per cent of its FY2010 pre-tax profit and 80 per cent of our sum-of-parts valuation from overseas operations, and stands to be a big beneficiary of a weaker Singapore dollar. Maintenance, repair and overhaul (MRO) operators such as ST Engineering and SIA Engineering can also gain from positive translation of overseas revenues.
A weaker Singapore dollar is good for Singapore's export sector and its wilting tourism industry.
If tourist numbers can recover, stocks such as Genting International and CDL Hospitality Trusts could gain. Also, with the intended effect of a weaker currency being a slower rate of job losses and corporate bankruptcies, the move would be marginally positive for banks. The flipside is that a weaker Singapore dollar trend will be detrimental to investment prospects for property.
Maintain 'neutral' weight on the market and 1,800 Straits Times Index target.NEUTRAL
Singapore Reits
OCBC Investment Research, April 1
CONSENSUS forward yields, ranging from 7 per cent to 38 per cent, are showing a wide divergence in valuations across the Singapore real estate investment trust sector.
Our thesis is that the S-Reit sector is now broadly segregated into two camps - the 'haves' (large, blue-chip sponsored Reits with strong balance sheets) and the 'have-nots' (smaller, non-sponsored Reits with high gearing). Valuation catalysts also vary accordingly - we believe the market focus for the weaker 'have-nots' is still on their ability to secure refinancing but the focus for the 'haves' is on 1) how the macroeconomic picture affects earnings and 2) the need for equity issues to recapitalise balance sheets. Investors can expect some key data points on both the refinancing and the earnings fronts in the coming months.
MacarthurCook Industrial Reit (not rated) announced yesterday that it has received a 60-day extension for its loan facility worth $220.8 million maturing on April 18. MI-Reit is geared at almost 40 per cent and this facility constitutes the bulk of its borrowings. The extension buys MI-Reit some time to continue negotiations with its lenders, National Australia Bank and Commonwealth Bank of Australia.
Its inability to secure a resolution by April is a disappointment, in our view.
MI-Reit's refinancing efforts will likely be benchmarked against the December 2008 refinancing completed by peer Cambridge Industrial Trust (not rated) as both are relatively smaller, non-sponsored and industrial focused.
We expect negative refinancing news to further widen the valuation gap between the two S-Reit classes. For the broader sector, such refinancing news may be indicative of lender-risk appetite. Tighter loan-to-value demands may trigger a sector-wide overhaul of capital structures, potentially via equity issues.
Most S-Reits should report earnings for the first quarter of calendar year 2009 over the last two weeks this month. We believe that H1 2009 earnings are worth watching as the impact of macroeconomic events slowly filters through to the S-Reit bottomline.
For the office sector, we will be watching the pace of the decline in achieved rents as well as any change in occupancy levels. Given the economic slowdown, occupancy levels will be the key metric to watch in the industrial space. We are also looking out for an update on the post-Chinese New Year retail landscape and validation of the consensus 'sub-urban means defensive' view. We leave our estimates and ratings for individual S-Reits unchanged in anticipation of Q1 results.NEUTRAL
Shares close 5.94% higher
SINGAPORE - Singapore shares closed 5.94 per cent higher on Thursday, mirroring gains in regional markets following Wall Street's overnight bounce.
The Straits Times Index rose 101.08 points to 1,803.34. Volume traded totalled 1.82 billion shares worth $1.66 billion (US$1.1 billion), and there were 417 rising issues, 107 losers while 673 issues were even.
A better-than-expected survey on the US manufacturing sector was the main reason behind the market optimism, dealers said.
'The market has for some time believed the global economy will take a long, long time to get out of the doldrums and that it'll go into depression,' a dealer at a foreign brokerage said.
'But now, we're seeing some data showing things are not as bad as thought, and that some of the pump-priming measures by governments are starting to take effect,' the dealer said.
Among the banks, DBS advanced 55 cents to $9, United Overseas Bank put on 68 cents to $10.48 and Oversea-Chinese Banking Corp was 25 cents higher at $5.05.
Singapore Airlines rose 32 cents to $10.56, Singapore Telecommunications gained two cents to $2.55 and Keppel Corp was 59 cents up at $5.77.
In the property sector, Keppel Land firmed 12 cents to $1.60, City Developments added 56 cents to $5.70 and CapitaLand was 25 cents stronger at $2.60.
The Straits Times Index rose 101.08 points to 1,803.34. Volume traded totalled 1.82 billion shares worth $1.66 billion (US$1.1 billion), and there were 417 rising issues, 107 losers while 673 issues were even.
A better-than-expected survey on the US manufacturing sector was the main reason behind the market optimism, dealers said.
'The market has for some time believed the global economy will take a long, long time to get out of the doldrums and that it'll go into depression,' a dealer at a foreign brokerage said.
'But now, we're seeing some data showing things are not as bad as thought, and that some of the pump-priming measures by governments are starting to take effect,' the dealer said.
Among the banks, DBS advanced 55 cents to $9, United Overseas Bank put on 68 cents to $10.48 and Oversea-Chinese Banking Corp was 25 cents higher at $5.05.
Singapore Airlines rose 32 cents to $10.56, Singapore Telecommunications gained two cents to $2.55 and Keppel Corp was 59 cents up at $5.77.
In the property sector, Keppel Land firmed 12 cents to $1.60, City Developments added 56 cents to $5.70 and CapitaLand was 25 cents stronger at $2.60.
Las Vegas Sands says to resume Macau projects in 2009
HONG KONG, April 2 (Reuters) - Las Vegas Sands said on Thursday it aims to resume construction of its stalled Macau projects by year-end with talks now ongoing with potential new investors to restart the half-finished Cotai strip projects.
"We are certainly looking to resume in this calender year, keeping in mind that when we suspended these works, we were only about nine months off from opening the first phase," Stephen Weaver, the firm's Asia President told reporters.
Weaver, however, wouldn't give specifics on who the investors might be though said it was not the Macau government.
The debt-straddled Sands said late last year it was halting any further casino expansion in Macau and laid off most of the 11,000 or so construction workers working on phase one of two plots of land on the Cotai strip.
Sands has said since last November it was in talks with a syndicate of banks to secure funding of around US$1.5 to 2 billion to finance its stalled projects, which are a stone's throw from its gargantuan Venetian Macau casino resort, the world's largest casino, also on the stretch of reclaimed land in Macau called the Cotai Strip fashioned after Las Vegas' famed neon alley.
Sands also said they were on track to open the first phase of its US$5.4 billion Marina Bay Sands in Singapore by the end of this year, and there was no risk with regard to funds drying up.
"The company has funds available at the parent level which if needed, could be used to complete the project. I think you should rest assured that this would be financed," said Weaver.
Source
"We are certainly looking to resume in this calender year, keeping in mind that when we suspended these works, we were only about nine months off from opening the first phase," Stephen Weaver, the firm's Asia President told reporters.
Weaver, however, wouldn't give specifics on who the investors might be though said it was not the Macau government.
The debt-straddled Sands said late last year it was halting any further casino expansion in Macau and laid off most of the 11,000 or so construction workers working on phase one of two plots of land on the Cotai strip.
Sands has said since last November it was in talks with a syndicate of banks to secure funding of around US$1.5 to 2 billion to finance its stalled projects, which are a stone's throw from its gargantuan Venetian Macau casino resort, the world's largest casino, also on the stretch of reclaimed land in Macau called the Cotai Strip fashioned after Las Vegas' famed neon alley.
Sands also said they were on track to open the first phase of its US$5.4 billion Marina Bay Sands in Singapore by the end of this year, and there was no risk with regard to funds drying up.
"The company has funds available at the parent level which if needed, could be used to complete the project. I think you should rest assured that this would be financed," said Weaver.
Source
牛熊交锋之时该关注哪些股票？
尽管周五的就业数据可能令人失望，20国峰会也难以令人鼓舞或者实现团结，但引人注目的是，股市却出现了上涨。
最明显的利好来自于就业市场之外的经济数据。供应管理协会(ISM)制造业调查尽管依然疲弱，但也略有增强，成屋待完成销售量出人意料地温和上扬。
虽然经济环境仍然相当暗淡，但事情可能不会再变得更糟的观点开始占据上风。包括美国联邦储备委员会主席贝南克(Ben Bernanke)在内的诸多美联储官员都对此发表了略显乐观的评论。
然而，一些相反的数据让前景依然难以琢磨。2月份建筑数据温和走强，但经济学家预计非住宅房地产领域的收缩让这份报告黯然失色。ADP的调查预计，周五的3月份就业报告可能再次令人震惊，当月失业人口可能超过70万人。
可用于观察牛熊之争的主要股票仍包括摩根大通(JPMorgan Chase & Co.)、花旗集团(Citigroup Inc.)、通用电气(General Electric Co.)、微软(Microsoft Corp.)和3M公司(3M Co.)。
摩根大通和花旗的交易受到了各种金融系统救助计划前景的影响，其中也包括20国峰会可能推出的各项方案。
通用电气的交易在某种程度上有赖于金融系统的健康稳定，但鉴于该公司遍布全球的许多业务，它也同全球经济增长的前景有关。它的10美元保卫战是目前市场上的重头戏之一。3M公司也是这样，尤其是由于其“上游”业务同全球的大量制造业活动有关。
拥有雄厚现金和良好商业前景的微软的交易同对科技投资、升级和企业界信心恢复的预期有关。随着牛熊大战的白热化，关注这些股票将使投资者了解谁会最终获胜以及个中的原因。
最明显的利好来自于就业市场之外的经济数据。供应管理协会(ISM)制造业调查尽管依然疲弱，但也略有增强，成屋待完成销售量出人意料地温和上扬。
虽然经济环境仍然相当暗淡，但事情可能不会再变得更糟的观点开始占据上风。包括美国联邦储备委员会主席贝南克(Ben Bernanke)在内的诸多美联储官员都对此发表了略显乐观的评论。
然而，一些相反的数据让前景依然难以琢磨。2月份建筑数据温和走强，但经济学家预计非住宅房地产领域的收缩让这份报告黯然失色。ADP的调查预计，周五的3月份就业报告可能再次令人震惊，当月失业人口可能超过70万人。
可用于观察牛熊之争的主要股票仍包括摩根大通(JPMorgan Chase & Co.)、花旗集团(Citigroup Inc.)、通用电气(General Electric Co.)、微软(Microsoft Corp.)和3M公司(3M Co.)。
摩根大通和花旗的交易受到了各种金融系统救助计划前景的影响，其中也包括20国峰会可能推出的各项方案。
通用电气的交易在某种程度上有赖于金融系统的健康稳定，但鉴于该公司遍布全球的许多业务，它也同全球经济增长的前景有关。它的10美元保卫战是目前市场上的重头戏之一。3M公司也是这样，尤其是由于其“上游”业务同全球的大量制造业活动有关。
拥有雄厚现金和良好商业前景的微软的交易同对科技投资、升级和企业界信心恢复的预期有关。随着牛熊大战的白热化，关注这些股票将使投资者了解谁会最终获胜以及个中的原因。
亚太股市周四强劲上扬
亚太股市周四大多强劲上扬，纷纷创下数月新高。金融及汽车类股领涨大盘。
东京股市大幅上涨，创出2009年以来第三大单日点数涨幅，市场交投旺盛。推动股市上涨的因素包括美国经济数据令人看到一丝希望，且欧洲退休基金带来强劲买盘。日经指数上涨367.87点，至8719.78点，涨幅4.4%，距离盘中高点不远。该指数在过去两个交易日中上涨7.5%。包括东京证交所一部所有股票的东证指数上涨32.87点，至826.69点，涨幅4.1%，创出今年第二大单日点数涨幅。成交量近30亿股，为2009年迄今交投最旺盛的一个交易日。大阪证交所，六月日经指数期货收盘涨310点，至8690点，涨幅3.7%。
香港股市收盘大幅走高，受汇丰控股(HSBC)及地产类股强劲上扬提振，在一定程度上得益于有关美国经济即将走出谷底的预期。恒生指数收盘涨1,002.43点，至14,521.97点，涨幅7.4%，盘中一度涨至14,533.34点。今日成交额总计752.2亿港元，高于周三的528.2亿港元。
中国股市收盘创下逾7个月新高，因强劲业绩预期推动金融类股上扬。上证综合指数收盘涨0.7%，至2425.29点，创下去年8月21日收于2431.72点以来的最高收盘点位，盘中最高见2450.00点。深证综合指数收盘涨0.8%，至805.12点。上海证交所股票成交额从周三的人民币1,691亿元升至人民币1,749亿元（约合256亿美元）。分析师们称，他们预计未来几个交易日内上证综合指数将维持涨势，并上探2500点的心理阻力位。过去14个交易日内，上证综合指数累计上涨了13.9%。
澳大利亚股市表现强于美国股市，因针对股市的资产配置增加推动亚洲市场飙升。个股大范围的强劲走势大有推动澳大利亚股市突破当前这轮涨势的高点之势。基准S&P/ASX 200指数收盘涨100.5点，至3680.2点，涨幅2.8%；盘中一度触及四个交易日高点3703.2点。
新加坡股市自1月份来首次突破1800点大关，受地产类股和大宗商品类股强劲上扬提振，一些市场人士认为全球经济可能已经触底。海峡时报指数收盘涨101.08点，至1,803.34点，涨幅5.9%，追随前夜美国股市及今日亚洲其他股市涨势。
东京股市大幅上涨，创出2009年以来第三大单日点数涨幅，市场交投旺盛。推动股市上涨的因素包括美国经济数据令人看到一丝希望，且欧洲退休基金带来强劲买盘。日经指数上涨367.87点，至8719.78点，涨幅4.4%，距离盘中高点不远。该指数在过去两个交易日中上涨7.5%。包括东京证交所一部所有股票的东证指数上涨32.87点，至826.69点，涨幅4.1%，创出今年第二大单日点数涨幅。成交量近30亿股，为2009年迄今交投最旺盛的一个交易日。大阪证交所，六月日经指数期货收盘涨310点，至8690点，涨幅3.7%。
香港股市收盘大幅走高，受汇丰控股(HSBC)及地产类股强劲上扬提振，在一定程度上得益于有关美国经济即将走出谷底的预期。恒生指数收盘涨1,002.43点，至14,521.97点，涨幅7.4%，盘中一度涨至14,533.34点。今日成交额总计752.2亿港元，高于周三的528.2亿港元。
中国股市收盘创下逾7个月新高，因强劲业绩预期推动金融类股上扬。上证综合指数收盘涨0.7%，至2425.29点，创下去年8月21日收于2431.72点以来的最高收盘点位，盘中最高见2450.00点。深证综合指数收盘涨0.8%，至805.12点。上海证交所股票成交额从周三的人民币1,691亿元升至人民币1,749亿元（约合256亿美元）。分析师们称，他们预计未来几个交易日内上证综合指数将维持涨势，并上探2500点的心理阻力位。过去14个交易日内，上证综合指数累计上涨了13.9%。
澳大利亚股市表现强于美国股市，因针对股市的资产配置增加推动亚洲市场飙升。个股大范围的强劲走势大有推动澳大利亚股市突破当前这轮涨势的高点之势。基准S&P/ASX 200指数收盘涨100.5点，至3680.2点，涨幅2.8%；盘中一度触及四个交易日高点3703.2点。
新加坡股市自1月份来首次突破1800点大关，受地产类股和大宗商品类股强劲上扬提振，一些市场人士认为全球经济可能已经触底。海峡时报指数收盘涨101.08点，至1,803.34点，涨幅5.9%，追随前夜美国股市及今日亚洲其他股市涨势。
Wednesday, April 1, 2009
技術分析的操作原則
由技術分析定義得知，其主要內容有圖表解析與技術指標兩大類。事實上早期的技術分析只是單純的圖表解析，亦即透過市場行為所構成的圖表型態，來推測未來的股價變動趨勢。但因這種方法在實際運用上，易受個人主觀意識影響，而有不同的判斷。這也就是為什麼許多人戲稱圖表解析是一項藝術工作，九個人可能產生十種結論的原因。
為減少圖表判斷的主觀性，市場逐漸發展一些可運用數據計算的方式，來輔助個人對圖形型態的知覺與辨認，使分析更具客觀性。
從事技術分析時，有下述11項基本操作原則可供遵循：
1.股價的漲跌情況呈一種不規則的變化，但整個走勢卻有明顯的趨勢，也就是說，雖然在圖表上看不出第二天或下周的股價是漲是跌，但在整個長期的趨勢上，仍有明顯的軌跡可循。
2.一旦一種趨勢開始後，即難以制止或轉變。這個原則意指當一種股票呈現上漲或下跌趨勢後，不會於短期內產生一百八十度的轉彎，但須注意，這個原則是指純粹的市場心理而言，並不適用於重大利空或利多消息出現時。
3.除非有肯定的技術確認指標出現，否則應認為原來趨勢仍會持續發展。
4.未來的趨勢可由線本身推論出來。基於這個原則，我們可在線路圖上依整個頭部或底部的延伸線明確畫出往後行情可能發展的趨勢。
5.任何特定方向的主要趨勢經常遭反方向力量阻擋而改變，但1/3或2/3幅度的波動對整個延伸趨勢的預測影響不會太大。也就是說，假設個別股票在一段上漲幅度為三元的行情中，回檔一元甚至二元時，仍不應視為上漲趨勢已經反轉只要不超過2/3的幅度，仍應認為整個趨勢屬於上升行情中。
6.股價橫向發展數天甚至數周時，可能有效地抵消反方向的力量。這種持續橫向整理的形態有可辨認的特性。
7.趨勢線的背離現象伴隨線路的正式反轉而產生，但這並不具有必然性。換句話說，這個這個原則具有相當的可靠性，但並非沒有例外。
8.依據道氏理論的推斷，股價趨勢產生關鍵性變化之前，必然有可資辨認的形態出現。例如，頭肩頂出現時，行情可能反轉；頭肩底形成時，走勢會向上突破。
9.在線路產生變化的關鍵時刻，個別股票的成交量必定含有特定意義。例如，線路向上挺升的最初一段時間，成交量必定配合擴增；線路反轉時，成交量必定隨著萎縮。
10.市場上的強勢股票有可能有持續的優良表現，而弱勢股票的疲態也可能持續一段時間。我們不必從是否有主力介入的因素來探討這個問題，只從最單純的追漲心理即可印證此項原則。
11．在個別股票的日線圖或周線圖中，可清楚分辨出支撐區及抵抗區。這兩種區域可用來確認趨勢將持續發展或是完全反轉。假設線路已向上突破抵抗區，那麼股價可能繼續上揚，一旦向下突破支撐區，則股價可能再現低潮。
為減少圖表判斷的主觀性，市場逐漸發展一些可運用數據計算的方式，來輔助個人對圖形型態的知覺與辨認，使分析更具客觀性。
從事技術分析時，有下述11項基本操作原則可供遵循：
1.股價的漲跌情況呈一種不規則的變化，但整個走勢卻有明顯的趨勢，也就是說，雖然在圖表上看不出第二天或下周的股價是漲是跌，但在整個長期的趨勢上，仍有明顯的軌跡可循。
2.一旦一種趨勢開始後，即難以制止或轉變。這個原則意指當一種股票呈現上漲或下跌趨勢後，不會於短期內產生一百八十度的轉彎，但須注意，這個原則是指純粹的市場心理而言，並不適用於重大利空或利多消息出現時。
3.除非有肯定的技術確認指標出現，否則應認為原來趨勢仍會持續發展。
4.未來的趨勢可由線本身推論出來。基於這個原則，我們可在線路圖上依整個頭部或底部的延伸線明確畫出往後行情可能發展的趨勢。
5.任何特定方向的主要趨勢經常遭反方向力量阻擋而改變，但1/3或2/3幅度的波動對整個延伸趨勢的預測影響不會太大。也就是說，假設個別股票在一段上漲幅度為三元的行情中，回檔一元甚至二元時，仍不應視為上漲趨勢已經反轉只要不超過2/3的幅度，仍應認為整個趨勢屬於上升行情中。
6.股價橫向發展數天甚至數周時，可能有效地抵消反方向的力量。這種持續橫向整理的形態有可辨認的特性。
7.趨勢線的背離現象伴隨線路的正式反轉而產生，但這並不具有必然性。換句話說，這個這個原則具有相當的可靠性，但並非沒有例外。
8.依據道氏理論的推斷，股價趨勢產生關鍵性變化之前，必然有可資辨認的形態出現。例如，頭肩頂出現時，行情可能反轉；頭肩底形成時，走勢會向上突破。
9.在線路產生變化的關鍵時刻，個別股票的成交量必定含有特定意義。例如，線路向上挺升的最初一段時間，成交量必定配合擴增；線路反轉時，成交量必定隨著萎縮。
10.市場上的強勢股票有可能有持續的優良表現，而弱勢股票的疲態也可能持續一段時間。我們不必從是否有主力介入的因素來探討這個問題，只從最單純的追漲心理即可印證此項原則。
11．在個別股票的日線圖或周線圖中，可清楚分辨出支撐區及抵抗區。這兩種區域可用來確認趨勢將持續發展或是完全反轉。假設線路已向上突破抵抗區，那麼股價可能繼續上揚，一旦向下突破支撐區，則股價可能再現低潮。
丽星邮轮(HK)08年亏损减少至7,951万美元
[世华财讯]丽星邮轮宣布，截至08年12月31日全年亏损减少至7,951万美元，每股亏损0.0107美元，公司不派末期息。
丽星邮轮(00678)4月1日发布公告称，截至08年12月31日止全年业绩，取得股东应占亏损7,951万美元，每股亏损0.0107美元，公司不派末期息。该公司07年同期取得亏损2.01亿美元。
Source
丽星邮轮(00678)4月1日发布公告称，截至08年12月31日止全年业绩，取得股东应占亏损7,951万美元，每股亏损0.0107美元，公司不派末期息。该公司07年同期取得亏损2.01亿美元。
Source
3 foreign investors interested in RP's 'mini-Las Vegas' complex
MANILA, Philippines - Three investors from South Korea, Europe, and the United States have expressed interest in helping build an entertainment complex on top of reclaimed land along Manila Bay, an official said.
All three companies have submitted their respective proposals to help construct a “total entertainment complex" called Bagong Nayong Pilipino-Manila Bay Integrated City, Efraim C.
Genuino, Chair and chief executive officer of the state-run Philippine Amusement and Gaming Corp. (Pagcor).
The project will be located on a 120 hectare property along Manila Bay.
Genuino declined to reveal the identities of the prospective investors, as the agency is still “investigating" them, a process that will last six months, he said.
Minimum cost of the project – to be considered as the Philippines’ Las Vegas – will reach $1 billion, consisting of both equity and debt.
Of this total project cost, at least 40 percent of the total project cost must be invested within a period of two years from site delivery for Pagcor-owned land or from the date of signing of the provisional license.
Investors are required to submit a concept for their investment, Genuino said, declining to identify the kind of businesses the three investors will engage in.
“Only three percent of the entire development is in gaming," Genuino said at the sidelines of the 4th Asia's Gaming and Entertainment + Lesiure Expo Manila (Asia's GEM) 2009 which opened in Manila on Wednesday.
“There will be lots of tourist attractions including sports arenas and a museum. All of [prospective investors] are global operators."
Investors will be announced within the year since the agency is already putting finishing touches in terms of concept and design, he said.
Based on the terms of reference, applicants must have the financial capability and a well-established experience in the hotel and gaming business.
Applicants who are principally financial investors are also welcome but will be required to engage qualified hotel and gaming operations entities whether organizations or individuals, who have the track record in organizing and operating world-class hotel and gaming projects.
Japan-based Aruze Corp., Malaysia’s Genting Berhad Group, and Sy-led SM Investments Corp., which secured approval to join the project, will develop at least 100 hectares of the reclaimed land.
Source
All three companies have submitted their respective proposals to help construct a “total entertainment complex" called Bagong Nayong Pilipino-Manila Bay Integrated City, Efraim C.
Genuino, Chair and chief executive officer of the state-run Philippine Amusement and Gaming Corp. (Pagcor).
The project will be located on a 120 hectare property along Manila Bay.
Genuino declined to reveal the identities of the prospective investors, as the agency is still “investigating" them, a process that will last six months, he said.
Minimum cost of the project – to be considered as the Philippines’ Las Vegas – will reach $1 billion, consisting of both equity and debt.
Of this total project cost, at least 40 percent of the total project cost must be invested within a period of two years from site delivery for Pagcor-owned land or from the date of signing of the provisional license.
Investors are required to submit a concept for their investment, Genuino said, declining to identify the kind of businesses the three investors will engage in.
“Only three percent of the entire development is in gaming," Genuino said at the sidelines of the 4th Asia's Gaming and Entertainment + Lesiure Expo Manila (Asia's GEM) 2009 which opened in Manila on Wednesday.
“There will be lots of tourist attractions including sports arenas and a museum. All of [prospective investors] are global operators."
Investors will be announced within the year since the agency is already putting finishing touches in terms of concept and design, he said.
Based on the terms of reference, applicants must have the financial capability and a well-established experience in the hotel and gaming business.
Applicants who are principally financial investors are also welcome but will be required to engage qualified hotel and gaming operations entities whether organizations or individuals, who have the track record in organizing and operating world-class hotel and gaming projects.
Japan-based Aruze Corp., Malaysia’s Genting Berhad Group, and Sy-led SM Investments Corp., which secured approval to join the project, will develop at least 100 hectares of the reclaimed land.
Source
Shares edge up 0.13%
The blue-chip Straits Times Index (STI) rose 2.27 points to 1,702.26 on volume of 822 million shares worth $755 million (US$496 million).
Gainers edged losers 196 to 174, with 835 issues unchanged.
Dealers said the STI would most likely head higher in the near term, but with concerns over the economy weighing on investor sentiment.
'We are inclined towards the view that there will be a sizeable rally due to the (low) interest rate environment engineered by the Federal Reserve,' said Phua Ming-weii, an analyst at Phillip Securities.
However, the analyst cautioned that the STI remained volatile, as 'markets very seldom move in a straight line'.
Singapore, a trade-dependent nation, is facing its worst recession in more than 40 years due to weakening global demand for its exports.
Banking shares closed mixed, with Oversea-Chinese Banking Corp easing four cents to $4.80, United Overseas Bank gaining eight cents to $9.80 and DBS remaining at $8.45.
Among property shares, CapitaLand edged up two cents to $2.35, City Developments ended four cents higher at $5.14 and Keppel Land closed up three cents at $1.48.
Singapore Airlines advanced 24 cents to $10.24 while Singapore Telecommunications was unchanged at $2.53.
Investment holding company Sembcorp Industries gained four cents to $2.39 and real estate developer Yanlord Land Group rose seven cents to $1.19.
Gainers edged losers 196 to 174, with 835 issues unchanged.
Dealers said the STI would most likely head higher in the near term, but with concerns over the economy weighing on investor sentiment.
'We are inclined towards the view that there will be a sizeable rally due to the (low) interest rate environment engineered by the Federal Reserve,' said Phua Ming-weii, an analyst at Phillip Securities.
However, the analyst cautioned that the STI remained volatile, as 'markets very seldom move in a straight line'.
Singapore, a trade-dependent nation, is facing its worst recession in more than 40 years due to weakening global demand for its exports.
Banking shares closed mixed, with Oversea-Chinese Banking Corp easing four cents to $4.80, United Overseas Bank gaining eight cents to $9.80 and DBS remaining at $8.45.
Among property shares, CapitaLand edged up two cents to $2.35, City Developments ended four cents higher at $5.14 and Keppel Land closed up three cents at $1.48.
Singapore Airlines advanced 24 cents to $10.24 while Singapore Telecommunications was unchanged at $2.53.
Investment holding company Sembcorp Industries gained four cents to $2.39 and real estate developer Yanlord Land Group rose seven cents to $1.19.
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