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OSK DMG Securities says?
MIDAS HOLDINGS LTD | BUY | TP: S$0.75
Midas? 3Q13 revenue surged 48.5% y-o-y to CNY301.0m, as utilisation of its production lines continued to improve (3Q13: 55%, 2Q13: 50%)
However, as it took on more low-margin jobs, the gross margin dipped to 20.8% (2Q13: 22.5% 3Q12: 31.5%)
Going forward, we expect profitability to improve as more high-speed train orders, which command higher margins, are secured
The China Railway Corporation recently released a second tender for train cars
China CSR Corp (1766 HK, NR) and China CNR Co (601299 CH, NR) secured the bulk of the first tender?s orders a few months ago
The results of the second tender are expected to be announced in Dec 2013, with China CSR and China CNR being the likely winners again
As both companies are major customers of Midas, it is in a good position to secure more orders
This is expected to boost its current orderbook of CNY900m, with deliveries scheduled for 2014 and 2015
In the meantime, its associate Nanjing SR Puzhen Rail Transport (NPRT)?s orderbook is currently at CNY8.5bn
Midas? FY13 PATAMI is expected to be boosted by NPRT?s strong performance this year
NPRT?s 3Q13 performance has already exceeded our FY13F numbers
We raise our revenue estimates after taking into account the expected continued improvement in Midas? capacity utilization
However, we lower our gross margin assumption for FY13 and factor in higher operating expenses, which results in our PATAMI estimate of CNY32.9m for the period (from CNY80m)
FY14 is expected to be stronger, as gross margins improve along with higher revenue and strong contributions from NPRT
Maintain BUY
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UOB KAY HIAN says ?
CAPITALAND LTD | BUY | TP: S$4.35
CapitaLand has announced that it has entered into a secondary placement agreement to sell 115.66m (~A$400-433m) of stapled securities in Australand Property Group (Australand)
This represents an overall 20% stake in Australand, and comprises about 34% of the 341.89m Australand units that CapitaLand owns
The placement will reduce CapitaLand?s stake in Australand from 59.1% to 39.1%, bringing the shareholding level to that of an associate
Citigroup has underwritten the sale and has been appointed as the sole bookrunner for the issue
Allocation and pricing of the securities is expected to take place on 21 November 2013
We believe that represents a good opportunity for CapitaLand to partially monetize its stake in Australand, although we do not expect a significant gain from the share placement
We currently have a BUY on CapitaLand with a target price of S$4.35 based on 15% discount to its RNAV of S$5.11 per share
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SINGAPORE DAYBOOK : Fed's Bullard: December taper 'definitely on the table'
[WASHINGTON] Recent US economic data is looking better and a solid jobs report for November would increase the likelihood that the Federal Reserve would start to scale back bond buying at its meeting next month, a senior Fed official said on Wednesday. " It is definitely on the table, but it is going to depend on the data," James Bullard, president of the St. Louis Federal Reserve Bank, told Bloomberg television. " A strong jobs report, I think, would increase the probability some for a December taper." Bullard is a voting member of the Fed's policy-setting committee this year.
The central bank at its October policy meeting voted to keep buying bonds at an US$85 billion monthly pace, delaying a decision to start scaling back the program until it saw more evidence of a durable recovery that could sustain job creation.
The Fed had stunned markets in September when it opted to keep buying bonds at the same pace, after allowing expectations to harden over the summer that it was getting set to taper. Yields on longer-term bonds, which had risen sharply on expectations of tapering, snapped back when the Fed opted to stick with the US$85 billion pace.
Mr Bullard said that when the Fed does eventually decide to start reducing bond purchases, markets would be better prepared. " If we taper because we see a stronger economy, I think the markets will swallow that without a problem," he said.
(Source: The Business Times)
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NEWS HEADLINES
- US stocks fell on Wed after Federal Reserve meeting minutes signaled the central bank was on track to slow down its bond-buying programme.
- Singapore?s domestic wholesale trade rose 5.1% in 3Q13 compared with a year ago, according to data released by the Department of Statistics Singapore. ...
- The Draft Master Plan 2013 has taken a more holistic approach to developing new activity clusters and encouraging green spaces.
- Keppel Corporation has secured a contract to build a repeat KFELS Super A Class harsh environment jackup rig from Ensco plc for around US$265m.
- CapitaLand has unveiled plans for a quick sale of about a third of its stake in Australand Property Group that could fetch around A$434m (S$507m).
- Rex International Holding has received the green light to acquire 10% stakes in two offshore licences in Norway from North Energy ASA.
- SIIC Environment Holdings is buying a 50% stake in Shanghai Pucheng Thermal Power Energy for 530m yuan (S$108.2m).
- Hafary Holdings is placing a big bet on Singapore's housing outlook with the opening of its new S$21.5m showroom building.
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CAPITALAND - PARING OF AUSTRALAND STAKE
We dialed into the analyst conference call for regarding CapitaLand?s paring of its stake in Australand from 59.1% to 39.1% via an overnight secondary placement. The placement was priced at A$3.685 per stapled security, representing a small discount of 1.7% to the closing price of Australand as of 20 Nov 2013. The placement increases Australand?s free float by approximately 50% and should significantly improve Australand?s ranking in the ASX 200 and ASX 200 A-REIT indices.
Here are the key highlights for CAPL: ...
1) Proceeds of S$485m from the placement will be available for redeployment towards new opportunities.
2) Divestment gain of S$9m
3) Revaluation/FV gain of S$27m (Remeasurement of FV of the remaining 39.1% stake, because placement was carried out at a price above the carrying value of Australand)
4) One-time accounting loss of S$163m is to flow through P& L related to the whole 59.1% portion because it will be deconsolidated Important to note that there will be no impact on CAPL?s NTA because this is a realisation of Foreign Currency Translation Reserve (FCTR) and hedging reserve losses Unrealised FCTR losses on CapitaLand?s balance sheet will be reduced from S$177m to S$55m
CAPL believes that its remaining stake in Australand still provides it a lot of flexibility and remains confident with its prospects.
We have a FV of S$3.77 and BUY rating on CAPL.
Source : OCBC Securities
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Singapore Property Sector - Beneficiaries and Highlights From Draft URA Masterplan 2013 The Urban Redevelopment Authority (URA) has released the draft Masterplan 2013. Our key views are as follows:
A step in the right direction, in our view, balancing the economic priorities of housing, commercial and industrial developments with greater emphasis on decentralisation, eco-friendly initiatives and better public accessibility. Greater priority on integrated and mixed-use developments could benefit larger developers with relevant experience such as CapitaLand, Frasers Centrepoint (F& N), Keppel Land, and City Developments.
Southern Waterfront development with the relocation of the Pasir Panjang and Tanjong Pagar terminals will benefit Mapletree Commercial Trust with its substantial retail and commercial exposure in the area.
Land earmarked for 500,000 new homes, with greater emphasis on HDB estates, will provide new opportunities for HDB construction companies such as United Engineers, Chip Eng Seng, Hock Lian Seng and Tiong Seng, together with HDB estate managers such as Isoteam, and material suppliers such as Hafary.
Opportunities for underground development (eg. 800m pedestrianised street with underground mall at Marina Bay) to benefit specialised underground construction players such as Kori Holdings.
Marina Bay and Marina South to offer new opportunities for office, retail and entertainment amenities that will complement REITs with existing developments in the area, such as Keppel REIT and Suntec REIT. Further development in the Jurong Lake District will be advantageous to CapitaMalls Trust and CapitaMalls Asia.
Development of Woodlands North Coast and Woodlands Central, together with the rail linkage to Malaysia, will generate greater demand for malls and upcoming developments owned by Frasers Centrepoint Trust (eg Causeway Point and Northpoint) and Frasers Centrepoint/F& N.
| Figure 1: Key Beneficiaries |
Benefits to accrue over the medium to long term for the URA Masterplan. We remain cautious in the near term on the residential segment and prefer deep value and diversified property developers such as CapitaLand, Ho Bee and OUE as our top BUYs. (Read Report)
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Midas ST: as long as 0.477 is support look for 0.546 Our preference: as long as 0.477 is support look for 0.546.Our pivot point stands at 0.477. Our preference: as long as 0.477 is support look for 0.546. Alternative scenario: below 0.477, expect 0.455 and 0.442. Comment: the RSI is above 50. The MACD is below its signal line and positive. The stock could retrace in the short term. Moreover, the stock is trading above both its 20 and 50 day MA (respectively at 0.5 and 0.48). Supports and resistances: 0.56 * 0.546 ** 0.532 0.5 last 0.486 0.477 ** 0.455 * Copyright 1999 - 2 
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 Alert Admin |
Huat arh......
" We're confident that we'll be able to secure one or two orders at least" in the coming weeks, Holger Dilling, an executive vice- president at Vard, said in a phone interview. " We are expecting the best order intake since 2007."
Hawkeye ( Date: 12-Nov-2013 13:43) Posted:
Published November 12, 2013 Vessel builder Vard expects best order intake since 2007 But its Brazilian yards are taking their toll, with Q3 income slumping 67%
The company changed its name to Vard from STX OSV Holdings this year after Fincantieri SpA bought it from South Korea's debt-ridden STX Group for 455 million euros (S$761 million) - PHOTO: AFP
[SINGAPORE] Vard Holdings, a builder of offshore support vessels, has said that it would close 2013 with its biggest annual order in six years as oil and gas companies boost spending on energy exploration.
" We're confident that we'll be able to secure one or two orders at least" in the coming weeks, Holger Dilling, an executive vice- president at Vard, said in a phone interview. " We are expecting the best order intake since 2007."
Demand from North Sea, Brazil and West Africa and explorations in new areas such as the Arctic Sea may help boost orders for Vard's specialised ships, said Mr Dilling. Investment in exploration and production may rise to US$750 billion next year as companies seek to add reserves and expand output, the IFP Energies Nouvelles policy group said last month.
Vard, based in Alesund, Norway, won contracts worth 11.9 billion kroner (S$2.4 billion) in the first nine months, 45 per cent more than a year earlier. That boosted its total orderbook to 19.6 billion kroner with deliveries stretching into 2017. In 2007, the company had received orders worth 15.5 billion kroner.
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sean123 ( Date: 21-Nov-2013 11:09) Posted:
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big order is coming and the company is recovering. No need to worry too much. |
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Singapore Property Sector - Beneficiaries and Highlights From Draft URA Masterplan 2013 The Urban Redevelopment Authority (URA) has released the draft Masterplan 2013. Our key views are as follows:
A step in the right direction, in our view, balancing the economic priorities of housing, commercial and industrial developments with greater emphasis on decentralisation, eco-friendly initiatives and better public accessibility. Greater priority on integrated and mixed-use developments could benefit larger developers with relevant experience such as CapitaLand, Frasers Centrepoint (F& N), Keppel Land, and City Developments.
Southern Waterfront development with the relocation of the Pasir Panjang and Tanjong Pagar terminals will benefit Mapletree Commercial Trust with its substantial retail and commercial exposure in the area.
Land earmarked for 500,000 new homes, with greater emphasis on HDB estates, will provide new opportunities for HDB construction companies such as United Engineers, Chip Eng Seng, Hock Lian Seng and Tiong Seng, together with HDB estate managers such as Isoteam, and material suppliers such as Hafary.
Opportunities for underground development (eg. 800m pedestrianised street with underground mall at Marina Bay) to benefit specialised underground construction players such as Kori Holdings.
Marina Bay and Marina South to offer new opportunities for office, retail and entertainment amenities that will complement REITs with existing developments in the area, such as Keppel REIT and Suntec REIT. Further development in the Jurong Lake District will be advantageous to CapitaMalls Trust and CapitaMalls Asia.
Development of Woodlands North Coast and Woodlands Central, together with the rail linkage to Malaysia, will generate greater demand for malls and upcoming developments owned by Frasers Centrepoint Trust (eg Causeway Point and Northpoint) and Frasers Centrepoint/F& N.
| Figure 1: Key Beneficiaries |
Benefits to accrue over the medium to long term for the URA Masterplan. We remain cautious in the near term on the residential segment and prefer deep value and diversified property developers such as CapitaLand, Ho Bee and OUE as our top BUYs. (Read Report)
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Singapore Property Sector - Beneficiaries and Highlights From Draft URA Masterplan 2013 The Urban Redevelopment Authority (URA) has released the draft Masterplan 2013. Our key views are as follows:
A step in the right direction, in our view, balancing the economic priorities of housing, commercial and industrial developments with greater emphasis on decentralisation, eco-friendly initiatives and better public accessibility. Greater priority on integrated and mixed-use developments could benefit larger developers with relevant experience such as CapitaLand, Frasers Centrepoint (F& N), Keppel Land, and City Developments.
Southern Waterfront development with the relocation of the Pasir Panjang and Tanjong Pagar terminals will benefit Mapletree Commercial Trust with its substantial retail and commercial exposure in the area.
Land earmarked for 500,000 new homes, with greater emphasis on HDB estates, will provide new opportunities for HDB construction companies such as United Engineers, Chip Eng Seng, Hock Lian Seng and Tiong Seng, together with HDB estate managers such as Isoteam, and material suppliers such as Hafary.
Opportunities for underground development (eg. 800m pedestrianised street with underground mall at Marina Bay) to benefit specialised underground construction players such as Kori Holdings.
Marina Bay and Marina South to offer new opportunities for office, retail and entertainment amenities that will complement REITs with existing developments in the area, such as Keppel REIT and Suntec REIT. Further development in the Jurong Lake District will be advantageous to CapitaMalls Trust and CapitaMalls Asia.
Development of Woodlands North Coast and Woodlands Central, together with the rail linkage to Malaysia, will generate greater demand for malls and upcoming developments owned by Frasers Centrepoint Trust (eg Causeway Point and Northpoint) and Frasers Centrepoint/F& N.
| Figure 1: Key Beneficiaries |
Benefits to accrue over the medium to long term for the URA Masterplan. We remain cautious in the near term on the residential segment and prefer deep value and diversified property developers such as CapitaLand, Ho Bee and OUE as our top BUYs. (Read Report)
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you also do not know what to say..............lol...
Peter_Pan ( Date: 21-Nov-2013 00:13) Posted:
..........
Peter_Pan ( Date: 17-Nov-2013 18:23) Posted:
| vard hong mani hong downside risk 0.78-0.80, upside reward 0.xxx ...marlin come...magic.. |
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guoyanyunyan ( Date: 21-Nov-2013 09:00) Posted:
华 丽 姐 ， 早 安 。 拥 抱 ， 我 喜 欢 。 亲 人 ， 朋 友 之 间 应 该 多 拥 抱 。 我 们 就 来 个 拥 抱 吧 ！
线 ？ 还 没 什 么 看 。 慢 慢 看 ， 一 面 看 一 面 回 复 吧 。 |
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Stocks pull back after Fed minutes
Stocks finished Wednesday lower after minutes from the latest Federal Reserve meeting showed the central bank could cut back on its bond-buying program even if the job market doesn't improve dramatically.
The Dow, S& P 500 and the Nasdaq all went from being up slightly to down modestly after the Fed minutes were released.
The S& P 500 fell 0.4 percent to 1,781.37 at 4 p.m. in New York. The Dow Jones Industrial Average retreated 0.4 percent to 15,900.82 and has topped 16,000 for three straight days before returning below the threshold. About 5.9 billion shares changed hands on U.S. exchanges, in line with the three-month average.
?We?ve also had a very, very good year, so this may be a decision-making point for those who have enjoyed a very good return in the equity market,? Paul Mangus, head of equity strategy and research for Wells Fargo Private Bank in Charlotte, North Carolina, said in a phone interview. His firm manages $170 billion. ?The minutes were a continuation of what the FOMC has been saying all along.?
The S& P 500 has rallied 25 percent in 2013, poised for its best year in a decade, following stimulus from the Fed and better-than-estimated earnings. The gauge traded for about 17 times its companies? reported earnings at its last record on Nov. 15, the highest valuation since May 2010.
The Fed has long maintained that it wants to see a healthier labor market before it would pull back, or taper, its stimulus programs. But according to the minutes, the Fed suggested it could taper for reasons other than substantial improvement in the job market.
Investors have been hoping that the central bank will continue its stimulus program into 2014, extending the $85 billion a month bond-buying spree that has supported the U.S. economic recovery and helped boost stock markets to record levels.
Kate Warne, investment strategist with Edward Jones, said before the minutes were released that she does not expect the Fed to make any significant changes to policy until the job market improves. That said, she believes there will be market volatility between now and the end of the year and throughout the early part of 2014 as investors speculate about the timing of the Fed's next move.
Warne even suggested that a full-blown correction, or 10% pullback from recent peaks, is possible given how high stocks have soared this year.
On Tuesday evening, chairman Ben Bernanke made a speech that indicated Fed support was likely to continue into 2014. Although that decision won't be Bernanke's to make. His terms end early next year. President Obama has nominated Fed vice chair Janet Yellen to replace Bernanke. She just needs to be confirmed by the Senate, which seems almost certain.
Related: Bernanke says the recent jobs reports were " disappointing"
On the economic front, retail sales for the month of October rose more than expected. Consumer prices were relatively flat for the month, a sign that inflation remains tame.
With inflation currently not a threat, Jim Baird of Plante Moran Financial Advisors said " the Fed isn't likely to feel any urgency to pull in the reins on policy."
There was some not so encouraging news about housing though. The National Association of Realtors reported that existing home sales in October fell more than economists were expecting.
Tapering Decision
Policy makers expected that the economic data will show ongoing improvement in the labor market and ?thus warrant trimming the pace of purchases in coming months,? according to the record of the Federal Open Market Committee?s Oct. 29-30 gathering. Stocks pared gains earlier as Fed Bank of St. Louis President James Bullard said a reduction in bond buying is ?on the table? for the next policy meeting in December.
As of yesterday, four of five investors expected the Fed to delay a decision to begin reducing its bond buying until March 2014 or later, with just 5 percent looking for a move next month, according to the latest Bloomberg Global Poll. Only one in 20 said the central bank will begin to reduce its purchases at its Dec. 17-18 meeting, according to the poll yesterday of investors, traders and analysts who are Bloomberg subscribers.
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World MarketsNorth and South American markets finished mixed as of the most recent closing prices. The IPC gained 0.37%, while the Bovespa led the S& P 500 lower. They fell 2.35% and 0.36% respectively. North and South American Indexes |
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CIMB, OCBC, StanChart to manage OUE's S$600 mln REIT IPO: Reuters
CIMB, Oversea-Chinese Banking Corp and Standard Chartered
Plc were hired to manage OUE Commercial REIT's initial public offering of about S$600 million ($482.4 million), IFR reported on Wednesday, citing sources familiar with the deal.
...
Other banks will likely be added to the group handling the IPO, set to take place early in 2014, said IFR, a Thomson Reuters publication.
The size of the offering may also change depending on the assets injected into the real estate investment trust (REIT), which will include the OUE Bayfront office building in Singapore and the Lippo Plaza Property in Shanghai, IFR said.
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MIDAS today transaction so low but both buy & sell Q so long.............
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The Board of Directors of the Company wishes to release the attached Circular to Shareholders dated 19 November 2013 for general information. The said Circular has been dieptched on Tuesday, 19 November 2013 to Shareholders.
NAV Before the proposed disposal :$ 3.43
NAV After the proposed disposal :$ 3.45 http://infopub.sgx.com/FileOpen/Circular_to_Shareholders_19_November_2013.ashx?App=Announcement& FileID=265128
HOSPITALITY TRUST TO THE SHAREHOLDERS OF OUE LIMITED.
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Midas Holdings: DMG BUY (TP: SGD0.75)
A Strong 3Q13
Midas? 3Q13 PATAMI was at CNY16.4m vs a CNY6.1m loss a year ago. This was boosted by its associate NPRT booking CNY10.9m in earnings (vs a CNY7.0m loss in 3Q12). Operating profit was lower y-o-y, dragged down by lower gross margins and higher operating costs. Nonetheless, the company remains in a good position to secure more orders over the next few quarters.
Maintain BUY with a TP of SGD0.75.
CIMB TP : 0.74 outperform
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Midas Holdings - Looking better .................Swee Swee !
 Midas?s 3Q13 net profit topped our expectations by a mile on the back of robust sales and the strong contribution from Midas?s associate, NPRT. Things are also looking brighter for its balance sheet, with inventory days and receivable days falling to one-year lows.
Midas?s 9M13 net profit was above our expectation, at 80% of our FY13 forecast. We raise FY13 EPS by 45% as we expect stronger earnings growth in 4Q13 from the recognition of new HSR contracts. However, we cut FY14-15 EPS by 4-6% for higher finance costs. Maintain Outperform and target price of $0.74, based on 1.29x CY14 P/BV (20% discount to average P/BV during 2010-11). New HSR contract wins is the key catalyst.
3Q highlights Midas?s 3Q revenue grew 6.0% qoq, while net profit increased 12.4% qoq. Gross margin compressed to 20.8% (2Q: 22.5%) due to: 1) the lower-margin products taken on to increase capacity utilisation, and 2) the rise in per unit production cost. However, 3Q net margin rose to 5.5% (2Q: 5.2%) due to the strong Rmb10.9m associates? contribution from NPRT. We believe margins will trend up in 4Q when Midas recognises its first HSR contract since FY11. Net gearing rose to 47.2% in 3Q (2Q: 40.2%) as Midas took on longterm debt to fund working capital and capex for the new cold rolling plant.
Worst is over Midas?s inventory days and receivable days improved for the second consecutive quarter in 3Q, falling to 209 and 376 days, respectively. Trade receivables fell by Rmb23.9m qoq ? the first fall in seven quarters ? suggesting that Midas is receiving payments withheld for old contracts. We believe the worst is over, and Midas is on track to achieve its inventory days target of 120-150 days.
Technical Analysis
 | | Daily Chart |
New contracts in 1Q14 The China Railway Corporation (CRC) recently announced open tenders for 258 high-speed train sets (78 sets for 250km/h, 180 sets for 350km/h). This is below our initial expectation of 314 train sets but we believe that the remaining 56 sets will be granted via a closed tender to either CSR or CNR. We estimate that Midas will win Rmb545m of HSR orders in this procurement round, based on its historical record of 90% CNR order wins (Figure 8). The orders are likely to materialise in 1Q14. (Read Report)
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Straits Times ST: limited upside.
Update on supports and resistances.
Pivot: 3120 Our preference: Long positions above 3120 with targets @ 3260 & 3330 in extension. Alternative scenario: Below 3120 look for further downside with 3070 & 2990 as targets. Comment: the next resistances are at 3260 and then at 3330. Key levels 3365 3330 3260 3190.84 last 3120 3070 2990 Copyright 1999 - 2013 TRADING CENTRAL 
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