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China August Industrial Output Rises 10.4%

China?s industrial output grew at the fastest pace in 17 months in August, adding to signs of a rebound this quarter that include a pickup in export gains.

Factory production rose 10.4 percent from a year earlier, the National Bureau of Statistics said in a statement in Beijing today, compared with a median forecast of 9.9 percent in a Bloomberg News survey. Retail sales advanced 13.4 percent, while fixed-asset investment excluding rural households increased 20.3 percent in the January-August period, both topping estimates.

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Bicycle Factory

Nelson Ching/Bloomberg

An employee welds metalwork during the manufacture of bicycles at the Giant Manufacturing Co. Ltd. factory in the Kunshan area of Suzhou, Jiangsu Province.

An employee welds metalwork during the manufacture of bicycles at the Giant Manufacturing Co. Ltd. factory in the Kunshan area of Suzhou, Jiangsu Province. Photographer: Nelson Ching/Bloomberg

Today?s data suggest Premier Li Keqiang?s measures from tax cuts to extra spending on railways have helped halt a two-quarter slowdown in the world?s second-biggest economy. Li?s government has signaled that it will defend its 7.5 percent expansion goal while cutting overcapacity and squeezing shadow banking to limit financial risks.

?All the economic data published since July have been quite positive, showing a noticeable short-term recovery,? Zhu Haibin, chief China economist at JPMorgan Chase & Co. in Hong Kong, said before the release of today?s figures. ?Demand is picking up on the ground.?

The benchmark Shanghai Composite Index extended gains after today?s data and was up 0.7 percent at 1:42 p.m. local time.

The government doesn?t release separate industrial data for January and February, which are distorted by the Chinese New Year holiday.

Estimates for industrial-production growth from 45 analysts ranged from 9.2 percent to 10.2 percent, according to a Bloomberg News survey, following a 9.7 percent gain in July. The median estimate for retail sales was a 13.3 percent advance after 13.2 percent in July.

Investment Estimates

Fixed-asset investment was projected by economists to rise 20.2 percent in the January-August period, after a 20.1 percent gain in the first seven months of the year.

China?s exports rose 7.2 percent from a year earlier, the General Administration of Customs said Sept. 8. That exceeded the 5.5 percent median estimate of analysts. At the same time, imports rose a less-than-estimated 7 percent from a year earlier, leaving a trade surplus of more than $28 billion.

Consumer prices rose 2.6 percent in August, the statistics bureau said yesterday, leaving room for extra stimulus if needed. The producer-price index (SHCOMP) fell 1.6 percent, the least since February.

Premier Li, in an opinion article published yesterday in the Financial Times, said the economy ?will maintain its sustained and healthy growth,? with expansion around a 7.5 percent ?lower limit? intended to ensure steady growth and employment.

Growth Forecast

Goldman Sachs Group Inc. last week raised its estimate for China?s economic growth for the third and fourth quarters, citing improving global demand and a stronger-than-expected domestic industrial recovery. JPMorgan and Deutsche Bank AG raised their growth forecasts over the past month, bolstering optimism that Li will meet the government?s target for expansion this year.

Analysts surveyed by Bloomberg News last month gave a median estimate for 7.5 percent expansion this quarter and 7.3 percent in the October-December period.

China?s top solar-panel makers are returning to profitability following two years of losses as higher demand and prices drive up margins. JinkoSolar Holding Co. last month reported second-quarter net income of $8 million, its first profit since the third quarter of 2011, as sales jumped 43 percent from a year earlier.

In other economies today, France will report on industrial production, while Italy releases final figures for second-quarter gross domestic product, forecast to show a contraction.

To contact Bloomberg News staff for this story: Xin Zhou in Beijing at xzhou68@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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10-Sep-2013 10:04

Midas / Midas

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Bei Da Han......

Laughing at the China FMs........

They are then gu gu.......their mind set is to buy all the quantities q at sell.........

They have no plan to buy in term of the budget........

They said money not a problem, problem is do not let ppls know we are buy huge quantities........

Siao lor, when we saw all be eaten up must be BBs are buying meh........

Ah tiong till an ah tiong......

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10-Sep-2013 09:49

Midas / Midas

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PRC funds are in to buy.......FYI only......

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10-Sep-2013 09:48

Swiber / Huge contracts Lagger

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Lai Liao......

Today prepared to cross over 70cents......

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10-Sep-2013 09:35

Midas / Midas

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Singapore Daily

Midas Holdings: The Catalyst Worth Waiting For Is Here Buy, $0.475 - TP $0.75
MIDAS SP | Mkt Cap USD455m | ADTV USD3.2m

Last weekend, China Railway Corp (CRC) announced the result of its first high-speed train tender in past two years. A total of 159 train sets order have been split between CSR (108 train sets) and CNR (51 train sets).We believe this is just the beginning of a new train purchase cycle by Chinese government. Remain positive on Midas. Maintain BUY with TP SGD0.75.
We expect Midas to win around RMB250-300m supply contracts in high-speed train space this year. But it is very small compared to what we are likely to see in FY14/15. We expect Midas? order book to reach RMB1.5b in FY15 onwards.
Historically Midas? P/B closely followed its order book, which makes us believe that currently undemanding P/B multiples deserve a re-rating if order book could be substantially boosted to RMB1b or above.
Click here for full report weibin@maybank-ke.com.sg

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09-Sep-2013 12:45

Swiber / Huge contracts Lagger

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From Charts, MACD golden cross confirmed UPTREND......

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09-Sep-2013 12:13

Swiber / Huge contracts Lagger

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Today morning BBs buying up very fiece, 500 lots on 67cents and 500 lots on 67.5cents....

Could it be insiders sell the news to institutional buyers.......?

Looking good on the TA as well......

Huat Lar...

ruanlai ( Date: 06-Sep-2013 10:41) Posted:

Wait4Opp

You meant tat insiders cannot buy till new announcement is out....

So I have to buy....but never see your post.....

NOW 65.5cents liao....sigh

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09-Sep-2013 12:03

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New Criteria for Category A Cars

News Releases

9 Sep 2013

COE system

Most premium models to be taken out of Cat A

1. As announced today by the Minister for Transport, Mr Lui Tuck Yew, the Land Transport Authority (LTA) has completed the public consultation on possible refinements to the Certificate of Entitlement (COE) system to better ensure some element of social equity in car ownership.

2. After careful consideration, LTA will retain the existing criterion for Category (Cat) A that the engine capacity of the car should not exceed 1,600 cylinder capacity (cc), and add a new criterion that the engine power of the car should not exceed 97 kilowatts (kW) (equivalent to about 130 brake horsepower (bhp)). (Please refer to Annex A for more information on the proposed refinements to the COE system.)

3. LTA will not implement a surcharge on multiple car ownership, in view of concerns over its effectiveness and possible impact on larger households.

Fundamental principles of the COE framework are sound

4. The fundamental principles of the COE framework remain sound. The public consultation exercise showed that Singaporeans too, understand the need for car ownership controls, and that car ownership is not in the same category as housing, health or education, which are basic necessities. In fact, some commented that the COE system is fundamentally sound and any changes should not detract from its core purpose of managing the vehicle population.

5. Nevertheless, over 80% of online survey respondents felt that the current COE categorisation criteria should be changed to better retain the original purpose of Cat A being for mass-market cars, in view of the rising proportion of premium cars appearing in Cat A in recent years.

New categorisation criteria for Category A and B cars

6. A new set of categorisation criteria to better delineate mass market from premium cars will be introduced. The new categorisation will retain the existing Cat A criterion that the engine capacity of the car should not exceed 1,600cc for Cat A, and add a new criterion that the engine power of the car should not exceed 97kW (equivalent to about 130 bhp). Had this additional engine power criterion been applied to the 2012 vehicle registrations, almost 50% of cars in Cat A would have moved into Cat B. (Please refer to Annex B1 for the list of Cat A car models registered in 2012 that would have been moved to Cat B under the new criteria, and Annex B2 and Annex B3 for the list of car models in Cat A and Cat B respectively under the new criteria.)

7. LTA acknowledges that many who were consulted favoured cars to be categorised based on their Open Market Value (OMV). However, it is not practical to use the OMV of a car model for categorisation as OMV can fluctuate quite significantly for different batches of the same car, due to variations in exchange rates and car model specifications. This means that the same car model can end up in Cat A and Cat B at different times.

8. Engine capacity had been a good proxy for the value of a car until recent years. The new twin criteria of engine capacity and engine power will be an improvement as a proxy for the value of a car, compared to the single criterion, while giving buyers certainty over the COE category of the car model they are intending to purchase. With the new criteria, more than 90% of the car models in Cat A will have an OMV of less than $20,000, which was the OMV threshold for Cat A/B most respondents preferred.

9. To keep pace with market trends and technological improvements, LTA will review the criteria every few years and consider if adjustments are necessary.

10. To give car buyers and the industry lead time to adjust, the change will only be implemented for all cars registered using COEs obtained from the February 2014 first open bidding exercise.

Mixed views on multiple car ownership surcharge impossible to implement effectively

11. Today, there are other measures outside the COE system that address social equity in car ownership. For example, premium car buyers pay significantly more than buyers of mass-market cars through a tiered Additional Registration Fee and higher road tax.

12. Although imposing a further levy such as a multiple car ownership surcharge was a popular suggestion in the online survey, subsequent focus group discussions found no agreement on how the surcharge should be designed. Most agreed that such a surcharge would be easy to circumvent and extremely difficult to enforce, and could also unnecessarily penalise some groups (e.g. those in multi-generation households). Some were also concerned about the underlying principle of whether such a measure is fair, and the signal that it sends against our meritocratic system.

13. LTA will therefore not implement a multiple car ownership surcharge given the varied concerns and the difficulty of implementing such a surcharge effectively.

Other suggestions

Pay-As-You-Bid (PAYB) system

14. Another common suggestion was a PAYB¹ auction system, which is one we have periodically received over the years. The argument is that it will result in more conservative bidding and therefore lower COE premiums.

15. We have consulted experts in auction theory on this suggestion. They explained that our current open bidding system does not encourage aggressive bidding in fact, it generally incentivises people to bid the true amount that they are willing to pay. From what we observe of the bids, very few bids are substantially above the final COE price. This suggests that bidders monitor the prices and are cautious about over-bidding.

16. According to experts in auction theory, an open PAYB system is likely to lead to a similar outcome. Industry watchers also caution that a PAYB system may not necessarily lead to lower COE prices overall no matter how risk-averse buyers are, as prices are ultimately driven by demand. (Please refer to Annex C for an explanation of the current and PAYB auction systems.)

17. Thus, LTA will not implement a PAYB system.

Ban motor dealers from COE bidding

18. Public feedback on calls to ban motor dealers from bidding for COEs has been mixed. While there were many who proposed to ban dealers from bidding, nearly half of the respondents to an earlier LTA survey were against doing so³.

19. A number of people noted that the COE bid price is ultimately dependent on buyers? willingness-to-pay. Car buyers who supported allowing dealers to bid for COEs also said that they preferred the dealers to handle all the paperwork for registration, trading in, financing and insurance. Others felt it would be impossible to prevent people from getting their dealers to bid for them by proxy. Banning dealers from bidding could also result in buyers having to find separate financing for their COEs.

20. On balance, to preserve the option that buyers have today of bidding on their own or having dealers bid for them, LTA will not ban dealers from bidding for COEs.

Smoothening the supply of COEs

21. There were also suggestions made about smoothening COE supply, which are not new. LTA will continue to study if there is a practical way of putting aside some of the upswing in supply expected in the next few years, and to save them for the future when the supply of COEs turns downwards again.

Continued investments in public transport

22. Given Singapore?s scarce land resources, it is not possible for everyone to own a car. The Government will continue to invest heavily in improving the public transport experience, as public transport is the more sustainable mode of travel, as well as improve taxi services, to provide Singaporeans with a high degree of mobility.

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09-Sep-2013 11:44

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总金额超过 500亿元，几乎全部被南车、北车两大巨头瓜分。（ Midas 将会从中获利！）

记者昨天从铁路总公司获悉，该公司已经公布时速 250公里动车组中标人资格，中国南车旗下南车青岛四方机车车辆股份有限公司获得全部 91列时速 250公里动车组。至此，铁总成立后备受关注的第一次大规模采购格局已定。

　　业内人士透露，此次招标共涉及大功率机车 795台、动车组 159列、货车近 2.9万辆、客车 726辆，总金额超过 500亿元，几乎全部被南车、北车两大巨头瓜分。由于动车组是南车、北车利润率最高的产品，作为本次招标的大头，动车组最受关注。

　　此次动车组招标共计 159列，包括时速 250公里动车组 91列，采取公开招标的形式；时速 350公里高寒动车组 46列，时速 350公里非高寒动车组 22列，采取竞争性谈判的形式。最终，中国南车获得全部 91列时速 250公里动车组，以及 17列时速 350公里非高寒动车组；中国北车获得全部 46列时速 350公里高寒动车组，以及 5列时速 350公里非高寒动车组。据了解，南车中标的 91列时速 250公里动车组的单价约为 1.3亿元。

　　 此外，在机车招标中，北车拿下 795台大功率机车中的 436台，南车获得 359台。（记者韩旭）

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09-Sep-2013 09:58

Midas / Midas

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总金额超过 500亿元，几乎全部被南车、北车两大巨头瓜分。

Midas 有望分一杯羹哟！

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09-Sep-2013 09:56

Midas / Midas

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记者昨天从铁路总公司获悉，该公司已经公布时速 250公里动车组中标人资格，中国南车旗下南车青岛四方机车车辆股份有限公司获得全部 91列时速 250公里动车组。至此，铁总成立后备受关注的第一次大规模采购格局已定。

　　 此外，在机车招标中，北车拿下 795台大功率机车中的 436台，南车获得 359台。（记者韩旭）

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06-Sep-2013 10:44

Swiber / Huge contracts Lagger

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Today good volumes building up....

Must be someone leaked out the news........

So fast....yesterday still at 63.5cents low

I shall wait it drop back first.....else wait till it break 70cents....then chiong in

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06-Sep-2013 10:41

Swiber / Huge contracts Lagger

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Wait4Opp

You meant tat insiders cannot buy till new announcement is out....

So I have to buy....but never see your post.....

NOW 65.5cents liao....sigh

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05-Sep-2013 17:02

Neptune Orient L Rg / NOL

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Lei Long now....

Who ever q to buy will be sell off by .....m...........

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05-Sep-2013 16:50

Neptune Orient L Rg / NOL

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Better sell off from now...

US Future suddenly turn RED.....

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