by Linette Lim
04:46 AM May 30, 2011
SINGAPORE - With volatile oil prices and dwindling supplies of fossil fuels, observers are putting their bets on renewable energy. This includes solar and wind energy, as well as bio-fuels.
Market players here say Singaporean consumers can expect solar energy, for example, to be as cost-effective as conventional energy in a matter of a few years. This is due to economies of scale and higher efficiency owing to better production methods.
Mr Christophe Inglin, managing director of solar company Phoenix Solar, told Today: " Solar energy in places like California or Italy is already cost-effective and, in Singapore, we're only about two or three years away."
Currently, renewable energy accounts for less than 10 per cent of global power supply. Analysts say it could make up a quarter of global power supply within a decade.
Besides the increasing cost of crude oil, the outlook for the renewable energy sector is boosted by the fact that public opposition to nuclear power is high following the Fukushima Dai-ichi incident.
The cost of nuclear energy is also likely to increase exponentially to meet more stringent safety standards, making the argument for greater adoption of renewable energy even more compelling.
However, the main obstacle to switching to renewable energy remains its high cost of production, said Mr Ng Kian Teck, investment analyst at SIAS Research.
" Compared to coal and crude oil, which are the conventional methods, wind energy is around one-and-a-half to two times costlier in terms of cost of production," he added. " For solar energy, it is approximately two to two-and-a-half times costlier than the conventional methods."
Conventionally generated energy currently costs between 5 to 10 US cents per kilowatt-hour (6 to 12 Singapore cents per kilowatt-hour).
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krisluke
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30-May-2011 07:21
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Australia shares seen steady on weaker U.S. dollar
MELBOURNE, May 30 (Reuters) - Australian stocks look set to open flat on Monday, with the weaker U.S. dollar shoring up the resources sector while investors remain nervous about weak growth in the rest of the economy.
Volumes are likely to remain thin amid long weekends in the United States and Britain. * Stock index futures < YAPcm1> rose 0.1 percent to 4,695.0, an 11-point premium to the underlying S& P/ASX 200 index . The benchmark rose 0.5 percent on Friday. * New Zealand's benchmark NZX 50 index inched up 6.2 points, or 0.2 percent, to 3,534.2 in early trade. * The Dow and S& P 500 closed out their fourth week of losses with a small gain on Friday, but only with the help of a weaker dollar boosting metals prices and basic materials stocks. * Copper surged to a three-week high on Friday, bucking negative demand implications from another batch of weak U.S. data, as prices pushed higher in front of a long holiday weekend with the help of a weaker dollar and steady equities. |
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krisluke
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30-May-2011 07:19
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Shares likely flat as gloomy data weighs
WELLINGTON, May 30 (Reuters) - Asian stocks are poised for a steady start on Monday with a positive lead from global markets to be tempered by poor economic news from the U.S.
The main Wall Street indices rose as much as 0.5 percent in thin trade on Friday as many market participants were absent ahead of the Memorial day on holiday on Monday. Weak data on consumer spending and housing capped the market gains, with recent data out of the world's largest economy casting doubt on the strength of the recovery. [ID:nN271881] However the weaker greenback supported prices for a range of key commodities including oil < CLc1> and base metals, which lifted materials shares. Asian stocks listed on Wall Street rose 0.55 percent, while Asia stocks excluding Japan rose 1.09 percent. British shares, which are also closed for a holiday on Monday, rose 1 percent while European shares gained 0.7 percent, with miners and banks leading. The euro had its best week against the U.S. dollar in a month, as European officials said Greece would be able to meet its debt repayments, however the safe-haven Swiss Franc was the best performer amongst currencies. The yen was stronger against the greenback. Japanese stocks, which are seen close to a technical resistance level, will also struggle with the firmer yen, after last week's lacklustre performance. Nikkei futures traded in Chicago < 2NKc1> 40 points below the last closing level in Osaka < JNIc1> . Australian stocks are also facing a flat start with share price index futures < YAPcm1> up 5 points to 4,695, an 11 point premium to the close of the underlying S& P/ASX 200 index. |
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krisluke
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30-May-2011 07:08
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Bet on renewable energy |
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krisluke
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30-May-2011 07:01
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Paul Ebeling on Gold, Silver, Oil
Showing 1 of 2
The Overall Fundamentals for the week ending May 20, 2011 Macro-economic data took a backseat on lack of US data Friday. In Canada, inflation missed market expectations. Headline inflation rose to +3.3% Y-Y in April, same as the reading in March but was below consensus of +3.4%. Core inflation remained benign, gaining +1.6% in April after a +1.7% growth in the prior month, Retail sales was flat in March, easing from a +0.4% growth in February. This was disappointing as the market had anticipated an accelerated +0.9%. Excluding auto, the reading contracted -0.1%, after rising +0.7% in February. These data reinforced the view that the BOC will not feel urgent to hike the policy rate in coming months. The Bundesbank said in its monthly report that growth in Germany ’is likely to ease a bit in the foreseeable future’. The Country’s economy grew +1.5% in Q-1 Y 2011, following an annual expansion of +3.6% in Y 2010. But, the central bank said growth in Q-1 overstates the underlying economic momentum. Output growth lifted during the reporting period by back loading and catching-up effects’. Market sentiment was damped by the comments as Germany’s strong expansion has been the Key driver for growth in the EuroZone. Risks in Germany have exacerbated fears over the 17-Nation region’s outlook which is clouded by sovereign crisis in peripheral countries. The market remains concerned about the fate of Greece even after the EU meeting. Fitch’s down graded the Greece’s credit rating to B+ with negative outlook, signaling further down grades are possible in the near future. The rating agency said that the down grade reflected ‘the scale of the challenge facing Greece in implementing a radical fiscal and structural reform program necessary to secure solvency of the state and the foundations for sustained economic recovery’. Fitch’s is dissatisfied with the possible agreement among EU members to extending the maturity of debts to Greek and the move will be considered as a ‘default’. Commodities fell in European session after the Bunsdebank said that economic growth in Germany will slow. Gold gained despite weaknesses in the Euro and Crude Oil as intensified sovereign debt concerns drove demand for safe-haven assets. The benchmark Comex contract rose +1.34% Friday. Silver for July delivery also climbed 0.155, or 0.4%, to 35.087 oz. Platinum for July delivery finished up 0.40, or 0.02%, to 1,769.4 oz. Crude Oil rebounded in NY session as the sell off earlier in the day triggered bargain-hunting. The front-month contract for WTI Crude Oil price fell as much as -2.61% to 96.35 before bouncing back to 99.47 while the equivalent Brent Crude Oil contract rebounded to 112.3 after initially falling to as low as 108.6. The Overall Technical Outlook Gold Trading was between 1488.00 and 1505.00 zones following the double ZZ wave. I am Bullish since trading remains above the up-trend line. This is supported by the suggested Elliott wave count and the positivity of the Stochastic. The trading range for Friday is between the Key support at 1462.00 and Key resistance now at 1537.00. The general trend over the short term is to the Northside targeting 1600.00, the psych mark, as long as the 1430.00 ish Zone remain intact on the weekly closing. Support: 1494.00, 1488.00, 1480.00, 1477.00, 1474.00 Resistance: 1500.00, 1505.00, 1513.00, 1523.00, 1530.00 Recommendation Based on the charts my POV is: buy Gold around 1488.00 gradually targeting 1505.00, 1523.00 and 1537.00, with a trailing the stop loss at a 4-Hr closing below 1462.00 might be wise. Stay tuned. Silver The Silver correction was limited at 38.2% Fibo of BC leg of 5-0 pattern and it did not reach 50% level at 34.35 Zones. The rules of this pattern are clear and we need to have the price around 50% to clarify that the pattern is completed. But I see chances for more upside actions over intra-day basis but 34.50-34.35 could be retested first to confirm the “5-0″ pattern. The trading range for Friday was within the Key support at 32.20 and Key resistance now at 38.50. The general trend over short term is to the downside targeting 26.65 as long as 48.50, the Key resistance, remain intact on weekly closings. Support: 34.85, 34.50, 34.35, 34.00, 33.60 Resistance: 35.65, 35.85, 36.15, 36.80, 37.45 Recommendation Based on the charts my opinion is: buy Silver around 34.50 gradually targeting 35.85, 36.15 and 37.45, and a stop loss is a daily closing below 33.60 may be wise. Stay tuned… Crude Oil There is stability above 96.60 on the daily closings last week. So, the classic Bullish pattern is still valid. The Stochastic Friday supports the Northside action, and the RSI is attempting to stabilize above 50. I expect another upside attempt affected by the mentioned classic pattern, but remember that the general formation is still Bearish, and recommend being very alert in here as Crude Oil is now in a temporary upside wave. The trading range for Friday is between the Key support at 95.05 and the Key resistance at 106.50. The short term trend is to the Southside with steady daily closing below 109.75 targeting 85.40. Support: 98.20, 97.70, 96.60, 95.05, 94.30 Resistance: 99.85, 101.05, 101.80, 102.20, 102.75 Recommendation Based on the charts my opinion is: buy crude around 99.00 and take profit in stages at 101.80 and 102.75, and placing a stop loss on daily closing below 97.70 may be wise. Stay tuned 
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krisluke
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30-May-2011 02:26
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Warren Buffett's Portfolio. NB: He is famous for " loon" the investment 
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rotijai
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29-May-2011 11:49
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master krisluke.. May is about to end.. i guess it's about time for oil and oil stocks to go up.. hehe |
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krisluke
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29-May-2011 10:02
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CRB ends up 3rd straight week as dollar wilts * US crude ends above $100 on weak dollar * Copper and grains up about 2 pct each * CRB index on track for 7 pct decline on month * Coming Up: NY state May manufacturing data on Tues (Recasts, updates prices and market activity to close) By Barani Krishnan NEW YORK, May 27 (Reuters) - Commodities rose in thin pre-holiday trading on Friday and posted their third weekly increase as crude oil stayed above the $100 a barrel mark and corn and copper rose as much as 2 percent each. The Reuters-Jefferies CRB index, a bellwether for commodities, posted a 1.4 percent weekly rise but remained on track for its biggest monthly decline since May 2010 when the European debt crisis roiled commodity markets. Volumes were thin on Friday, with investors cautious heading into the long weekend that includes the U.S. Memorial Day holiday on Monday. Volumes for oil futures in New York were more than 40 percent below the 30-day average corn 36 percent and U.S. copper 25 percent. The 19-commodity CRB index rose nearly 1 percent on the day and 1.4 percent on the week. It had risen a total of 2.6 percent over the last three weeks. A weaker dollar buoyed commodity markets. The euro rose against the U.S. currency as European officials said Greece should be able to shoulder its heavy debt burden without restructuring. With two trading sessions left in May, the CRB was down about 7 percent for the month to date, which would be its biggest monthly decline since May 2010. Analysts doubted that the index would make up those losses before trading for May closed on Wednesday. " I wouldn't expect the CRB to jump that much in two sessions, though I admit we live in an extremely volatile and fluid world, where headlines can make everything look great one moment and like utter chaos the next," said Sean McGillivray, vice president and head of asset allocation for Great Pacific Wealth Management in Oregon. " From the point of inflation and tightening supplies, there are grounds to pay more for everything, from gasoline to cotton. But we have to consider the larger backdrop of the economy and consumer demand as well." This month's sharp losses in commodities stemmed from a particularly sharp sell-off on May 5, when crude oil posted a record daily decline of $12 a barrel on worries that global economic growth was slowing. On Friday, benchmark crude on the New York Mercantile Exchange settled up 36 cents at $100.59 per barrel. For the month, it was down more than $13 or nearly 12 percent -- which would be its biggest monthly decline in a year. The Commodity Futures Trading Commission posted data this week showing signs that May's sharp decline may be drawing investors back to the sector. The CFTC data showed speculators loaded up in commodities adding long positions worth $4.7 billion in the week ending May 24. It was the biggest increase in net longs since early April, according to an analysis of data by Thomson Reuters. While commodity bulls were hoping for the traditional spike in U.S. consumption of gasoline, or petrol, during the peak summer driving season, statistics did not yet bear that out. " U.S. petrol demand ... continues to be slack ahead of the summer driving season, which traditionally kicks in over the coming (Memorial) holiday weekend," said Andrey Kryuchenko, analyst in London for Moscow-based investment banker VTB Capital. In grains markets, spring wheat prices rose for a third day, posting their highest close since 2008 as wet weather delayed seeding of the high-protein crop. Strong demand also boosted corn. Corn and wheat have made hefty gains in the last fortnight from bad weather that disrupted plantings in Europe and the United States. Copper prices hit a three-week high, pushed higher in front of the long holiday weekend as the weak dollar and steady equity markets helped sentiment negative implications for demand from another soft U.S. economic data. |
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krisluke
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29-May-2011 10:00
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US says China yuan undervalued, but not manipulated * US Treasury says China yuan " substantially undervalued" * US-China Business Council says backs Treasury decision * Analyst says currency report becoming a " minor joke" (Adds quotes from report) By Doug Palmer WASHINGTON, May 27 (Reuters) - The U.S. Treasury Department ruled on Friday China was not manipulating its currency to gain an unfair trade advantage, but said Beijing still needs to allow the yuan to rise much faster in value. Although the Obama administration has often used blunt language to warn China over its currency practices, the semiannual report issued by Treasury on Friday maintained its practice of avoiding the harsher step of naming it a currency manipulator. The department said it concluded China did not meet the U.S. legal definition of a currency manipulator due to the appreciation of its currency -- known as the yuan or renminbi -- since June 2010 and recent Chinese statements that it would continue to promote exchange rate flexibility. But a number of factors, including China's continued rapid accumulation of dollar reserves and a projected widening of its current account surplus, " all indicate that the real effective exchange rate of the renminbi remains substantially undervalued," the department said. " Treasury's view ... is that progress thus far is insufficient and that more rapid progress is needed," the department said in the report. The report had originally been due on April 15 but was delayed ahead of a key meeting with senior Chinese officials in Washington earlier this month. China says it is moving to revalue the yuan, but will proceed at its own pace. The yuan closed at 6.4917 to the dollar on Friday, little changed on the day, but up 5.15 percent since it was loosened from a peg to the dollar in June 2010. Treasury's decision came as no surprise, even though the U.S. trade gap with China hit a record $273 billion in 2010. President Barack Obama's Democratic administration has declined to name China as a currency manipulator in five consecutive reports now, following the pattern set by the Republican administration of former President George W. Bush. Many U.S. lawmakers and import-sensitive manufacturers, such as steel and textiles, claim that China's currency is undervalued by as much as 40 percent, giving Chinese companies an unfair price advantage in international trade. But Erin Ennis, vice president of the U.S.-China Business Council, which represents roughly 230 American companies that do business in China, said Treasury made the right call. " While USCBC has advocated repeatedly that China should allow its exchange rate to better reflect market forces, designating China as a 'manipulator' would achieve nothing," Ennis said. Congress has threatened for years to pass legislation to pressure China to revalue its currency, but so far no bill has reached the president's desk. Commerce Secretary Gary Locke, tapped to be the next U.S. envoy to China, told the Senate Foreign Relations Committee on Thursday that a more flexible Chinese currency was key to U.S.-China economic rebalancing. " We are seeing movement on the currency," he said, referring to a roughly 5 percent increase since China slightly loosened the yuan peg to the dollar in June 2010. " We believe it should float more and faster," Locke said. By preventing the yuan from rising more rapidly, China imposes an unfair burden on other emerging economies with more flexible exchange rates and eliminates a tool it could be using to counter domestic inflation, Treasury said. Derek Scissors, a research fellow with the Heritage Foundation, said he agreed with Treasury's decision not to cite China because it should be focused on other Chinese policies that are much more damaging to the United States. However, the department has turned the report into a " minor joke" by repeatedly delaying its release, he said. " It is no longer ever issued when scheduled because that time is always wrong for some reason. ... At this point no one should take the report seriously," Scissors said. Altogether, Treasury reviewed the exchange rate practices of 10 major trading partners in the semi-annual report. It concluded none was manipulating their currency to gain an unfair trade advantage or to prevent an effective balance of payments adjustment. (Reporting by Doug Palmer, Glenn Somerville and Paul Eckert Editing by Leslie Adler) |
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krisluke
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29-May-2011 09:57
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Wall St Week Ahead: Nervous investors to demand bigger returns By Edward Krudy NEW YORK, May 27 (Reuters) - The world looks a lot more dangerous then it did only a few months ago and signs are that U.S. stock investors are starting to demand more for the added risk. With important manufacturing and jobs data due next week, it could start to get even riskier. That means nervous investors are likely to keep a lid on equity prices this year as they grapple with slowing global growth and a host of geopolitical risks from the Arab Spring to debt defaults in the euro zone. The actions of some big Wall Street banks best show the shift in the risk-reward nexus. Over the last two weeks, UBS, Citigroup and Goldman Sachs have effectively lowered their view of what investors will be willing to pay for a dollar of corporate earnings this year. Jonathan Golub, chief U.S. equity strategist at UBS in New York, made the decision to keep his S& P 500 Index target on hold, even though he increased his expectations of what S& P 500 companies would likely earn this year and next. " Earnings are going to continue to surprise to the upside, but investors will continue to be reluctant to believe in the sustainability of earnings and, therefore, not give full credit to that," Golub said. Golub raised his average S& P 500 earnings estimate to $101 from $96 for this year, but left his year-end S& P 500 target at 1,425. By doing that, Golub has effectively lowered his price-to-earnings (P/E) ratio -- the amount investors are willing to pay for a dollar of earnings -- to 14.1 from 14.8. That amounts to an increase in the expected equity yield -- a measure of the return investors want -- to 7.1 percent from 6.8 percent. That is significant because the expected price-to-earnings ratio was already below what investors have historically been willing to pay for S& P 500 earnings. The average trailing P/E ratio is 15.6 over the last five years and 19.2 since 1988, according to Standard & Poor's. Golub argues that a batch of weak economic data pointing to slowing manufacturing, a weak housing market and stubbornly high unemployment is weighing on investor sentiment. Weakness in commodity markets and rotation into defensive sectors of the stock market testify to that shift. SOFT JOBS DATA MAY HIT S& P With next week's ISM national manufacturing survey for May expected to show more weakness and payroll data tipped to show under 200,000 jobs added during the month, risk aversion -- driven by fear about the economy -- could get worse before it gets better. Goldman Sachs economist Zach Pandl said his firm is predicting 150,000 jobs were added in May, compared with a Reuters consenus of 185,000. An ISM reading below 60 next Wednesday would show " the strongest period of growth has passed and investors may need to adjust their expectations going forward," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut. Economists in a Reuters poll expect the ISM reading to fall to 58 in May from 60.4 in April. Goldman Sachs has also been tweaking its stocks outlook. It cut its year-end S& P 500 target, one of the highest on the Street, to 1,450 from 1,500, and lowered its 2012 earnings outlook to $104 to $106, citing lower global growth, higher commodity prices and slightly higher inflation. Goldman analyst David Kostin, who is responsible for the S& P 500 target, was unavailable for an interview. However Goldman's analysts wrote: " As we transition into the late expansion phase of the cycle later this year, the risk-reward balance for the S& P 500 is likely to become slightly less attractive." Citigroup also slightly increased its earnings estimates for S& P 500 companies, lifting its 2011 forecast to $98 from $96.50. Although admittedly only a small increase, it chose to leave its S& P 500 target at 1,400. Tobias Levkovich, Citigroup's chief U.S. equity strategist, could not be reached for comment. The targets for all three banks are still at the upper end of analysts' estimates and are 5 percent to 8 percent above current levels. Even if the index does get up to those levels later this year, those gains are slight compared to the near 80 percent run the S& P 500 has experienced since hitting a bear market low in March 2009. For people like Bill Strazzullo, partner and chief investment strategist at Bell Curve Trading in Boston, that means the risks are firmly on the downside. " The good news is there's some upside. The bad news is that you've probably made about 80 (percent) to 90 percent of this rally," Strazullo said. " From a 'bigger picture' standpoint, the risk-reward really doesn't make sense." Strazullo believes the S& P 500 will revert toward fair value, which he places at 1,100, based on where most of the money in the S& P 500 is invested. He is looking at some longer-term bearish options trades to capitalize on the end of the March 2009 rally. " I'm not saying we'll go all the way back there, but the point is, you could drop a lot further than most people anticipate." (Wall St Week Ahead appears every Friday. Questions or comments on this column can be e-mailed to: edward.krudy(at)thomsonreuters.com) (Reporting by Edward Krudy Additional reporting by Rodrigo Campos Editing by Jan Paschal) |
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krisluke
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27-May-2011 12:45
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5 Ominous Signs Stocks Could Drop FurtherAlthough the S& P is still up by about 5 percent so far this year, the index has dropped 3 percent so far during May. Market watchers point to a number of reasons why stocks could head lower, including the end of the Federal Reserve's highly controversial second round of quantitative easing, known as " QE2." Here are five signs that don't bode well for stocks: End of QE2. Part of the intended goal of QE2—in which the Fed is buying up $600 billion worth of treasury securities to help jumpstart economic growth—was to boost stock prices. But after the Fed program ends, experts worry that stocks could falter without the Fed's stimulus. " No one knows what's going to happen after the Fed stops buying treasuries," says Charles Biderman, CEO of TrimTabs Investment Research. Biderman says this is the riskiest market he's seen since August 2010, a few weeks before Fed chair Ben Bernanke hinted at plans for QE2. " It looks as if investors are anticipating the end of QE2 and starting to take profits," he says. He points to increased insider selling—the selling of shares by executives and employees of companies—which has risen to $8.3 billion in May, its highest level since February, according to TrimTabs. That's about 26 times higher than insider buying. The ratio of insider selling to insider buying typically in the low single digits, he says. [See The 100 Best Mutual Funds for the Long Term.] A stronger dollar. In recent weeks, the dollar has strengthened against other currencies, such as the Euro, and experts say it could go even higher after the end of QE2. The U.S. Dollar Index, which tracks a basket of foreign currencies against the dollar, is down about 4 percent year-to-date, but it has risen by about 4 percent so far during May. Some experts say a weaker dollar has contributed to the stock market rally because it helps make the products of multinational companies cheaper overseas, which translates to higher earnings and stock prices. " Clearly, the weaker dollar has been part of the fuel which has driven commodity prices and equity prices higher," says Richard Ross, global technical strategist at brokerage firm Auerbach Grayson. " Now we have QE2 ending, and the dollar is showing some nice strength." A stronger dollar could chip away at the earnings of big U.S. companies overseas, he says. [See the top-rated T. Rowe Price funds from U.S. News.] Weaker economic indicators. A number of recent economic indicators have shown a slowdown in growth, one of which was this week's Richmond Federal Reserve survey, which showed an unexpected drop in manufacturing activity. " What you're seeing right now is the market readjusting, recalibrating, and waiting to see economic data," says Quincy Krosby, market strategist with Prudential Financial. " If you do not get the economic data picking up after this soft patch, the market could pull back." Seasonal factors. Historically, the six-month period that begins in May and ends in October is a slow time for the stock market. As summer approaches, trading volume typically trends lower than in previous months. From 1950 through 2010, during the period of November 1 through April 30, stocks in the Dow Jones Industrial Average have risen 7.5 percent, on average, according to The Stock Trader's Almanac. In stark contrast, stocks have risen a paltry 0.4 percent, on average, during the time period between May 1 and October 31. [See Investing Takes Patience.] Treasuries rallying. Most experts thought treasury yields would rise as QE2 draws to a close, because the Fed is no longer buying treasuries. But the opposite has happened. Earlier this year, the yield on the 10-year treasury rose to nearly 4 percent. Now, the 10-year treasury bond yields around 3.1 percent. A lower yield means that investors are once again buying treasuries. " I think that's a bearish divergence," Ross says. " It's telling me investors want safety." |
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krisluke
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27-May-2011 12:35
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China’s Yuan rises 28 basis points to 6.4921 per USD
China’s Yuan rises 28 basis points to 6.4921 per USD Thursday The Chinese currency Yuan (Renminbi), continued to strengthen 28 basis points to 6.4921 per USD on Thursday, according to the China Foreign Exchange Trading system. The Yuan hit an all-time high on May 11 when the central parity rate was set at 6.4848 per USD. On China’s foreign exchange spot market, the yuan can rise or fall 0.5% from the central parity rate each trading day. The central parity rate of the RMB against the USD is based on a weighted average of prices before the opening of the market each business day. |
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krisluke
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27-May-2011 12:34
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Singapore Preview, UOB, DBS, OCBC
Singapore will break the 3,150 level today and Shayne Heffernan Best Buys are Singapore banks. The Best three Singapore banks are Development Bank of Singapore (’AA-’), United Overseas Bank (’AA-’) and Overseas-Chinese Banking Corp (’AA-’). After a strong 14% GDP growth in 2010, Fitch forecasts Singapore’s GDP to expand 5% in 2011. Hong Kong, Indonesia, Malaysia and Thailand, where Singapore banks also have sizable operations, are also poised to post favorable GDP growth of 4%-6%. While the local banks’ profitability in 2011 could moderate due to pressures on margin and trading gains, Fitch expects their earnings profiles to be satisfactory amid the favorable operating backdrop, which supports increases in fee income and keeps credit costs low. Singapore’s property prices, which have appreciated sharply with the domestic economic recovery since mid-2009 and are at record highs. In the event of a modest price correction, however, the quality of the local banks’ property-related loans (about half their total loans) wil remain intact due to conservative risk management, pre-emptive regulatory measures to encourage borrowers’ financial prudence and a modest threat of widespread unemployment. A key historical rating strength of Singapore banks has been their strong, high-quality capital base, with a core Tier 1 capital adequacy ratio (excluding hybrids and preference shares) of more than 11% at end-December 2010. Fitch believes that the banks are likely to keep their capital at around current levels, giving them a strong buffer to cope with losses in a worst case scenario. The agency also does not expect Basel III to be onerous for Singapore banks, given their strong core capital levels. Finally, Singapore banks have robust funding and liquidity profiles, due to their solid deposit franchises in Singapore and ample liquidity in the financial system. Their loans/deposits ratio was at an average 83% at end-December 2010, further supporting their financial profiles. United Overseas Bank Limited (UOB or the Bank) is principally engaged in the business of banking in all its aspects, including the operation of an Asian Currency Unit under the terms and conditions specified by the Monetary Authority of Singapore (MAS). The principal activities of its major subsidiaries include commercial banking, merchant banking, leasing, insurance, investment, investment management, gold/futures dealing, property, property management and travel. The Bank provides a range of financial services through its global network of branches, offices, subsidiaries and associates, personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services. In August 2009, the Bank announced that its subsidiaries, UOB.Com Pte. Ltd. and FEB Realty Company Pte Ltd commenced voluntary liquidation. Valuation Ratios
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DBS Group Holdings Ltd is an investment holding company that operates through its main subsidiary, DBS Bank Ltd (the Bank). The Bank is engaged in the provision of retail, small and medium-sized enterprise, corporate, and investment banking services. The Company’s financial businesses are organized into five sectors: Consumer Banking, Institutional Banking, Global Financial Markets, Central Treasury Unit, and Central Operations. Valuation Ratios
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Oversea-Chinese Banking Corporation Limited is a Singapore-based bank. It operates in five segments: Global Consumer Financial Services, which comprises a range of products and services offered to individuals, including deposit products, consumer loans, credit cards and wealth management products Global Corporate Banking, which provides financial services to business customers Global Treasury, which engages in foreign exchange activities, money market operations and derivatives trading Insurance, which includes its fund management activities, and Others, which comprises P.T. Bank OCBC NISP Tbk, PacificMas Berhad, corporate finance, capital markets, property holding, stock brokerage and investment holding. On January 29, 2010, it acquired ING Asia Private Bank Limited and its subsidiaries. In July 2010, the Company’s subsidiary, PT Bank OCBC NISP Tbk, sold its 45% stake in PT NISP Sekuritas. In September 2010, it dissolved its subsidiary, Walden Malaysia II Co. Ltd. Valuation Ratios
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In Singapore yesterday the Straits Times Index rallied 38.37 points or 1.3 per cent to end at 3,095.32. Volume rose to 1.57 billion shares worth S$1.85 billion, compared to 1.05 billion shares worth S$1.07 billion on Tuesday. Bank and property stocks finished firmer. DBS edged up 2 cents to S$14.52, OCBC gained 11 cents to S$9.46, and UOB added 28 cents to S$18.82. City Developments rose 10 cents to S$11.42, CapitaLand was up 1 cent to S$3.27, while Keppel Land advanced 6 cents to S$4.45. SingTel gained 5 cents to S$2.99, Fraser & Neave closed 13 cents higher at S$5.93, but Venture Manufacturing fell 4 cents to S$9.56. |
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Hulumas
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27-May-2011 12:32
Yells: "INVEST but not TRADE please!" |
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Will it work?
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krisluke
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27-May-2011 12:32
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US economy grows 1.8%
US economy grows 1.8% in Q-1 The US economy expanded in Q-1, reflecting government spending cuts, the Commerce Department reported Thursday. US real gross domestic product rose at an annual rate of 1.8% in the January to March Quarter, according to the Commerce Department’s 2nd estimate. Thursday’s report confirmed the initial estimate issued last month, and was weaker than the pace of 3.1% in Q-4 of Y 2010. Consumer spending grew at just half the rate of the prior Quarter. And a rise in imports widened the US trade deficit. Federal spending decreased 7.9% in Q-1, compared with a decrease of 0.3% in Q-4. Local government spending decreased 3.2%, compared with a decrease of 2.6%. From January to March, the US exported more goods and services to foreign buyers, but its contribution to GDP was offset by the increase of imports. Real exports of goods and services grew at a 9.2% pace, higher than a 8.6% growth in Q-4 Y 2010. Imports, however, increased 7.5% in contrast to a decrease of 12.6% in the October-December Quarter. Consumer spending, which accounts for roughly 70% of overall economic activity, increased at just half the rate of the prior Quarter. Imports, which are a subtraction in the calculation of GDP, increased. The housing sector remained weak. Non-residential fixed investment increased 3.4% in Q-1, lower than the 7.7% advance in Q-4. Residential fixed investment decreased 3.3%, in contrast to an increase of 3.3%. In the latest estimate, the Federal Reserve lowered its growth estimate for the whole year to 3.1 to 3.3%, from its January projection of 3.4 to 3.9%. Many economists believe the economy is growing only slightly better in the current April-June Quarter. Consumers remain squeezed by relatively high gasoline prices near US$4.00 gal (1 USD per liter) and renewed concerns from Europe’s debt crisis. |
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krisluke
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27-May-2011 12:31
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Singapore Stock News > > > IOCBC Biosensors International Group Ltd. (BIG SP): The maker of drug-coated stents used to treat blocked arteries said fourth- quarter sales increased 36 percent from a year ago to $44.5 million. Biosensors was unchanged at S$1.32. (Bloomberg) Boustead Singapore Ltd. (BOCS SP): The engineering company said it had a fourth-quarter net loss of S$1 million ($804,375), compared with a net profit of S$14.2 million a year ago, as it booked impairment charges on two projects in Libya that it wasn’t able to complete after civil war broke out in the North African nation. The stock was unchanged S$1. (Bloomberg) Genting Singapore Plc (GENS SP): The operator of one of two casino resorts in the city-state has encountered some “unforeseen difficulties” with the second-phase of expansion at Resorts World Sentosa and is completion may be delayed, its parent Genting Bhd. said yesterday. Genting Singapore was unchanged at S$2.01. (Bloomberg) Nam Cheong Ltd. (NCL SP): The Malaysian builder of offshore support vessels will start trading today. The company, which completed the acquisition of Eagle Brand Holdings Ltd. on April 28, said it sold 191.3 million shares at 21 Singapore cents each in a placement to comply with Singapore Exchange’s requirement for it to relist. Trading of its shares, which last traded at 50 Singapore cents, was suspended on April 29. (Bloomberg) Olam International Ltd. (OLAM SP): The supplier of agricultural commodities said it will take a fully underwritten $1.25 billion syndicated term loan facility to refinance debt and for working capital. Olam climbed 2.5 percent to S$2.90. (Bloomberg) Pacific Andes Resources Development Ltd. (PAH SP): The supplier of frozen seafood said it plans to sell as much as 600 million yuan of three-year notes to yield 6.5 percent. The stock fell 1.7 percent to 29 Singapore cents. (Bloomberg) Tat Hong Holdings Ltd. (TAT SP): The crane leasing company said full-year net income slumped 33 percent from the year before to S$26 million as it booked impairment charges arising from the floods in Australia. Excluding the one-off items, full- year net income would have improved 12 percent to S$38.3 million. Tat Hong lost 1.8 percent to 84 Singapore cents. (Bloomberg) |
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krisluke
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27-May-2011 12:28
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Technically:. > > > > CIMB - Yangzijiang Shipbuilding (YZJ SP S$1.63 SELL) - Candles below its key moving averages. - Keppel Land (KPLD SP S$4.03 BUY) - Bullish flag pattern. - Yanlord Land Group (YLLG SP S$1.35 SELL) - MACD still in the red. What's Relevant... Singapore's STI gained 5.1pts (+0.2%) to 3,123.7. In the broader market, losers led gainers 206 to 204 with 1.1bn shares worth S$1.0bn changing hands. We expect the FSSTI to open lower this morning. Corporate News... Biosensors FY11 net profit rose 35.0% yoy to US$43.3m. Turnover rose 35% yoy to US$156.6m driven largely by Interventional Cardiology revenues which rose by 34% yoy. Gross margins from total product sales rose from 70% in FY10 to 75% in FY11 driven by the shift in product mix to higher margin DES products combined with increased economies of scale. Keppel Corp's subsidiary Keppel Philippines Marine and its associate company - Goodsoil Marine Realty have sold their respective stakes in Keppel Cebu Shipyard Land for $23.7m. Pending review, maintain OUTPERFORM, TP S$14.00. King Wan FY11 net profit rose 30.0% yoy to S$12.3m. Though revenue remained flat at S$70.4m, its M& E business contributed to more ongoing contracts which resulted in improved margins. It also benefited from the gain on the disposal of an associate – Cable International and the disposal of a subsidiary – Self Cote Investment. A final dividend of 0.8 Scts has been declared. Stamford Land FY11 net profit rose 111.0% yoy to S$60.1m. Revenue rose by 5% yoy to S$250.7m attributable to higher turnover from both its hotel and trading segment which offset the decline it its property and development segment. A final dividend of 2 Scts and a special dividend of 1 Scts has been declared. Tat Hong 4Q11 core net profit of S$5.8m (-40% yoy) came in within our estimate but below consensus. Exceptional items recorded during the quarter resulted in a 61% decline in reported net profit to S$3.8m. We reduce our FY11-12 net profit estimates given that stiff competition and cost pressures remain. Maintain NEUTRAL but reduce TP to S$0.98 (from S$1.02). A final dividend of 0.5 scts brings total dividend for FY11 to 1.5 scts. TPV Technology 1Q11 net profit of US$42m (+2% yoy) was in line with consensus and our estimates. Maintain OUTPERFORM TP of S$0.95. This already pegs TPV at the low end of its 5-year band for its challenging near-term prospects. Willas Array FY11 net profit rose 22.0% yoy to HK$86.0m. Revenue rose 29.1% to HK$3,797m, attributable to its extensive reach in the China market, enabling it to respond swiftly to the rebound in market demand. A first and final dividend of 1.65 Scts has been declared. Pending review, maintain BUY TP S$0.24. |
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krisluke
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27-May-2011 12:25
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G8 leaders to tie Arab Spring aid to reforms By Nick Vinocur and Marie Maitre DEAUVILLE, France (Reuters) - Group of Eight leaders were to approve billions of dollars in aid on Friday to new Arab democracies with a programme designed to foster change sweeping North Africa and the Middle East. Leaders were to wrap up their two-day summit in northern France by launching a partnership with the region that ties aid and development cash to progress on democracy and economic reforms by states that have thrown off autocratic rulers. Tunisia and Egypt, whose prime ministers will meet the leaders of the G8's seven Western powers plus Russia on Friday, face facing huge economic pressures following popular uprisings that toppled their long-serving authoritarian leaders. In a report to G8 leaders the International Monetary Fund said on Thursday the external financing needs of oil-importing countries in the Middle East and North Africa would top $160 billion (97 billion pounds) over the next three years. " The region needs to prepare for a fundamental transformation of its economic model," Masood Ahmed, in charge of Middle East and Africa at the IMF, told journalists on the sidelines of the G8 meeting in Deauville. " This will be greatly facilitated if international players including the G8 can enter into strategic partnership with these countries ... where incentives are linked to a social agenda." The IMF says it can provide around $35 billion to help stabilise countries' economies but the bulk of financing will need to come from the international community. The World Bank on Tuesday unveiled $6 billion in new funding for Tunisia and Egypt, whose revolts have inspired popular uprisings in Yemen, Jordan, Morocco and Syria, and left Libyan leader Muammar Gaddafi fighting to stay in power. The funds include budget support as well as lending to shore up the private sector and encourage new investment. A World Bank report issued the same day said the region needs about 50 million to 75 million jobs over the next decade to absorb new labour market entrants and cut unemployment. Diplomatic sources said the summit would also back the extension of the mandate of the European Bank for Reconstruction and Development into North Africa and the Middle East. The bank, created after the Cold War to help former Communist states become market economies, lends about 9 billion euros a year to projects anywhere from Croatia in central Europe to China. British Prime Minister David Cameron said on Thursday the G8 summit would show Arabs on the street that the world stood behind the demands for greater economic and political freedoms. " We will help you build your democracy, we will help your economies ... we will help you in all the ways we can, because the alternative to a successful democracy is more of the poisonous extremism that has done so much damage in our world." However, the state of the world economy means the extent of the aid on offer is likely to be modest. The European Union executive said it had added 1.24 billion euros of fresh grant funding to an existing programme that aims to help its neighbours across the Mediterranean. |
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krisluke
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27-May-2011 12:23
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Brent rises on softer dollar, euro zone risks weigh * US oil rises to as high as $100.76 Brent hits $115.36 * Both benchmarks set to drop in May, after eight monthly gains * Juncker's comment spooks markets * Weak data sparks concerns of U.S. oil demand * Coming Up: U.S. pending home sales 1230 GMT By Francis Kan SINGAPORE, May 27 (Reuters) - Brent crude rose on Friday, hovering above $115 a barrel, as a softer dollar and persistent Middle East tensions tempered demand worries triggered by euro zone debt concerns and weak U.S. economic data. The euro fell to a record low against the Swiss franc on worries that Greece was again teetering on the brink of a financial crisis, while the dollar index ticked down 0.6 percent, dented by data showing the U.S. economy grew less than expected in the first quarter. " The immediate factor impacting crude's trade direction is the U.S. dollar, which is helping to support prices," Victor Shum, an analyst at Purvin & Gertz, said in Singapore. A softer dollar makes commodities priced in the greenback more attractive to consumers using other currencies. " It's also the Memorial Day holiday in the U.S., and most traders wouldn't want to be caught short over the long weekend. " Brent crude < LCOc1> rose 28 cents to $115.33 a barrel by 0319 GMT. U.S. crude < CLc1> was up 45 cents at $100.68, after falling more than 1 percent on Thursday. Both benchmarks were headed for monthly losses in May, snapping eight-month winning streaks. According to technical charts, a bullish target at $118.43 per barrel is intact for Brent crude, while U.S. oil may zigzag up to $104.60 per barrel, as a rebound that started from the May 17 low of $95.02 has not completed, said Reuters market analyst Wang Tao. But demand concerns stemming from the euro zone debt crisis and disappointing data from top energy consumer United States kept a lid on oil price gains. Markets were spooked by the possibility of a Greek default after the head of euro zone finance ministers Jean-Claude Juncker said the IMF could deny Greece the next tranche of aid. Juncker's spokesman, however, later clarified that if European and IMF inspectors were convinced by new Greek austerity measures, there would be no problem with the June aid tranche. " There's no question that the euro zone is adding to the volatility of crude futures. If the IMF appoints a new head quickly that might add some clarity to the situation which would support the euro and weaken the dollar," said Shum. The post of IMF managing director is up for grabs since Frenchman Dominique Strauss-Kahn, arrested on May 14 on charges of attempting to rape a New York hotel maid, quit. China joined other increasingly powerful but less developed nations to challenge an understanding in the recruitment process that has kept the top job in European hands ever since the IMF was created after World War Two. Weak economic data from U.S. overnight also sparked fresh concerns about oil demand. Unexpectedly weak consumer spending hobbled the U.S. economy in the first quarter, with GDP coming in at an annual 1.8 percent which was less than expected, corporate profits shrank and there were fresh signs of a slowdown in the labor market - pointing to an uphill struggle for recovery. SUPPLY DISRUPTION FEARS The risk of further supply disruptions in North Africa and the Middle gained traction again as ongoing conflicts in Yemen and the Libya showed no signs of respite. In the Middle East, Yemen stood precariously on the verge of civil war on Friday as President Ali Abdullah Saleh defied calls from opponents and world leaders for him to relinquish power. The United States, France and Canada stepped up their calls on Thursday for Yemen President to step down, after overnight gunbattles killed dozens of people. In Libya, NATO launched a fourth night of airstrikes on Tripoli on Thursday, leaving smoke rising from Libyan leader Muammar Gaddafi's compound, after the United States said a ceasefire offer from Libya was not credible. Uncertainty over pan-Arab protests and Libya's conflict pushed Brent to a 32-month peak last month, and has effectively put a floor under prices, analysts said. (Editing by Himani Sarkar) |
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krisluke
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27-May-2011 12:20
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Snapshot of Asian currencies won, Sing dlr, ringgit up
SINGAPORE, May 27 (Reuters) - The following table shows the
position of emerging Asian currencies against the dollar at 0215
GMT.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0215 GMT
Currency Latest bid Previous day Pct Move
Japan yen 81.06 81.29 +0.28
Sing dlr 1.2385 1.2430 +0.36
Taiwan dlr 28.810 28.945 +0.47
Korean won 1081.80 1088.30 +0.60
Baht 30.34 30.38 +0.13
Peso 43.36 43.42 +0.14
Rupiah 8563.00 8575.00 +0.14
Rupee 45.30 45.30 +0.00
Ringgit 3.0290 3.0430 +0.46
Yuan 6.4910 6.4915 +0.01
Change so far in 2011
Currency Latest bid End prev year Pct Move
Japan yen 81.06 81.15 +0.11
Sing dlr 1.2385 1.2820 +3.51
Taiwan dlr 28.810 30.368 +5.41
Korean won 1081.80 1134.80 +4.90
Baht 30.34 30.14 -0.66
Peso 43.36 43.84 +1.11
Rupiah 8563.00 9005.00 +5.16
Rupee 45.30 44.70 -1.32
Ringgit 3.0290 3.0820 +1.75
Yuan 6.4910 6.5897 +1.52
(Reporting by Jongwoo Cheon)
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krisluke
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24-May-2011 11:20
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Fundamentally: > > > CIMB Combine Will (COMW SP S$2.68 BUY) - 1Q11 below due to shipment scheduling. KOASDAQ listing could be an immediate catalyst if executed well. Wildcard for 2H11 outlook will be the product launch of an exiting significant customer. Maintain BUY, TP S$4.51 (from S$5.20) previously. What's Relevant... Singapore's STI shed 58.1pts (-1.8%) to 3,110.5. In the broader market, losers led gainers 432 to 95 with 1.3bn shares worth S$1.7bn changing hands. We expect the FSSTI to open lower this morning on the back of the euro-zone worries. Corporate News... Allgreen's majority shareholders, Kerry Properties and the Kouk Group, have made a privatization offer for Allgreen at S$1.60. We believe the offer price values Allgreen’s Singapore assets adequately, with the discount coming from its minority stakes in China JVs with Kerry Properties. Overall, we see this as a win-win situation for both parties. Upgrade from UNDERPERFORM to OUTPERFORM with TP raised by 37% to S$1.60. Bukit Sembawang 4Q11 core net profit of S$14.4m came in below expectations. The variance was due to higher-than-expected cost of sales. Positives however came from higher final dividend of 12 Scts (3% yield), reduction in net gearing and management's guidance of launches of Luxus Hills Phase 5 and Fairways in FY12. Maintain OUTPERFORM and TP S$5.86. Keppel Corp has secured a US$180m-KFELS B Class jack-up rig order from Dynamic Offshore. Delivery is slated in 1Q13. In view of current state of heightened enquiries and limited yard slots, pricing and milestone payments (20:80) for this contract seems less favourable. We maintain OUTPERFORM, TP S$14.00 on Keppel as order momentum remains unabated. Keppel Land Anchoring KepLand's largely township portfolio is Tianjin Eco-City (TEC), a China-Singapore government-to-government venture that, we believe, will produce sustainable growth in the next decade. We see KepLand to be a prime beneficiary in the long run. We maintain OUTPERFORM and raise our TP marginally from S$5.29 to S$5.36. Noble Exxaro Resources, a South African coal miner, has proposed a takeover offer for Noble's 22.2%-owned associate company Territory Resources (TTY AU) at A$0.46 per share. The offer, which represents a 64% premium to Territory's last closing price, has been recommended by Territory's board, and values Noble's stake at A$27m. Noble may put up a counter-offer for Territory in order to protect its interests or accept the offer if it deems valuations to be attractive. One should stay vested. Maintain OUTPERFORM, TP S$2.70. Silverlake has secured a contract to support the merger and business integration of Thanachart Bank and Siam City Bank. The Project is scheduled to be completed by the end of 2011. Pending review, maintain BUY, TP S$0.48. Swiber secured US$109m worth of contracts from Indonesia, Malaysia, Thailand and Vietnam. Scope of work comprises offshore construction projects, chartering of offshore construction and offshore support vessels and subsea works. Maintain OUTPERFORM, TP S$1.10. |
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