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krisluke
Supreme |
04-Feb-2011 15:52
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CFD: Go Long, Go Short, Still Make Money A contract for difference (CFD) is a futures contract where the buyer will pay to the seller the difference between the current value of an asset and its value at contract time or vice versa. It allows investors to speculate on price movements of equities without having to own it. Virtually unheard of in the 90s, CFDs have been gaining popularity amongst brokers in Singapore – particularly as a substitute for trading covered warrant. A CFD functions like a swap except that the buyer/seller is dealing with a market maker (typically a broker) and there is no physical exchange of goods or commodities. It is like a futures contract except that it can be dealt in smaller amounts. CFDs can also be deemed as a very simplified options contract except that there is no price decay as the expiry date draws nearer. A ‘3-in-1’ combo that offers flexibility and simplicity. CFD allows the investor to go long or short, according to his view of the market and make money both ways. As a single-stock future, it also allows for hedging (‘locking-in of profits’ without having to liquidate a cash position). A third advantage according to Goh Jun Yi, Head of Educational Sales at CMC Markets, is diversification among various asset classes. “With CFDs, retail players have ready access to a wide range of asset classes and financial markets on one single trading platform. It is noteworthy that different trading instruments tend to perform differently in different markets and thus offer returns that are not perfectly correlated,” says Goh. Spreading investment across different asset class attempts to minimize the probability of incurring significant and prolonged portfolio losses. If CFD is such a magic pill, why is its level of acceptance so low? In a recent survey by Investment Trends of Australia on trading behavior in Singapore, it is estimated that there are 290,000 share traders here out of which 10,000 trade in CFD (this figure excludes those who use CFDs exclusively for FX trades only). Among these traders, local shares have been the most traded instrument. Goh feels that the general investing community in Singapore lacks a certain ambition. Naturally, people will be apprehensive if a product is new. In order to mitigate this, the investing community should be educated on the merits of CFDs to be able to fully appreciate its uniqueness. “For investors, they can put CFDs to their original use as a hedging tool and to lock in gains on investments for traders, the availability of a wide range of asset classes on a single trading platform allows fast and efficient execution of different trading strategies,” he adds. The low level of acceptability could also be due to a misconception of CFDs being more risky as it is traded on margin. Goh compares stock trading on ‘contra’ with trading in CFDs. He feels that trading on ‘contra’ where investors are not required to close their positions until 5 days later can result in huge losses should the market dip and the investor is not disciplined enough to cut his losses. CFD brokers, on the other hand, provide free risk management tools, education seminars and tutorials to ensure clients understand how they can, and should, protect their downside risks when trading. Also, the provision of free live newswire, real-time streaming charts and market depth functions (for shares CFDs) gives clients more trading tools to make better informed trading decisions. That being said, professionals do tend to turn to traditional financial instruments that perform the same role but are more matured. These instruments are also traded over established exchanges and/or clearing houses. Chief among these are futures contracts, options, exchange traded funds, covered warrants and foreign exchange. Then again, CFD does have certain advantages when compared to these traditional instruments, particularly futures and options. Most importantly, there is no expiry date, thus no price decay (prices of futures contracts and options will drop to the level of the spot market. As a rule of thumb, future prices will always trade at a premium to spot). Minimum contract sizes are small enough for retail investors as they can purchase as few as 1 CFD share. Entry threshold is also low as compared to the standard contract sizes of futures. Disadvantages, though, are risks, risks, and more risks. Other than the risk associated with margin trading (where little capital is required but risks are increased), the biggest risk that sticks CFD out like a sore thumb is counterparty risk. As CFD trading is done over the counter (OTC) and not through a regulated exchange, there will always be counterparty risks, and to a lesser degree, liquidity risks. So where will CFD head, say, 5 years down the road? Goh thinks that as the financial market in Singapore matures and retail players grow increasingly sophisticated, the quest for alternative products to conventional cash market instruments will continue at pace. Retail players will seek to switch to a provider that is more cost efficient, more effective and delivers greater functionality. CFDs are expected to continue to grow in importance in the years ahead. Strategies For Trading CFDs
  “One of the key benefits of CFDs is the availability to go short, which allows you to hedge your cash positions in adverse market conditions. The concept of hedging involves a trader taking an opposite position to their long term holding such that paper losses on the cash position are offset by gains in the hedge position. In single position hedging, you can lock in the gains of your long cash position by adopting a reverse short position using CFDs. When market subsequently corrects and the price of your position drops, the loss on your long cash position will be offset by the gains on your short CFD position. However, it is important for investors to ascertain from their CFD providers which CFD they can or cannot short. Alternatively, you can also mitigate and reduce price exposure risk by shorting a correlated market index. For example, you can short the Dow Jones Industrial Average to hedge your long shares cash position in adverse market conditions. When market subsequently corrects and the price of your position drops, the loss on your long cash position will be offset by the gains on your short Dow Jones Industrial Average CFD position.” Goh Jun Yi Head of Educational Sales CMC Markets The Difference Between Buying Spot and CFD – PAY LESS, MAKE MORE! DBS is trading at $9.8/$10 for both the spot and CFD markets. The margin requirement for CFDs varies from instrument to instrument. As an overview, Singapore shares CFDs command a margin ranging from 10% to 20% index CFDs have a margin of 5% forex CFDs have a margin of 2% and all other CFDs (i.e. commodities, bullion, treasuries) have a margin of 20%. Daily financing charges for Singapore shares = 3% + SIBOR (approximately 3.5% per annum) when it is a long position there is no financing charges for shorts or ‘sell’ transactions. The Financing rates are calculated on the basis of a 360 day year. The financing charges will vary dependent on which instrument you are trading (i.e. US shares, HK shares). There is no commission charge if a short position is initiated with an S& P500 CFD. There is also no expiry (i.e. the investor can hold on to the position for as long as he wants. Charges for rolling-over position will apply, though). This is not possible if the investor should purchase a futures contract. There will be sales charges, price decay, and expiry. (*Rates provided by CMC Markets) |
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Citigold
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04-Feb-2011 10:29
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DJ MARKET TALK:Genting +3.4% Refinancing Brings Div Hopes-Analyst02 Feb 2011 12:10
DJ MARKET TALK:Genting +3.4% Refinancing Brings Div Hopes-Analyst 0409 GMT [Dow Jones] Genting Singapore (G13.SG) rises 3.4% to S$2.12, with over 58 million shares traded, after the casino operator says, in an exchange filing, it obtained syndicated secured credit facilities for up to S$4.1925 billion to refinance the debt incurred in building its RWS integrated resort. The new facilities comprise S$3.5 billion in term-loan facilities, S$0.5 billion in revolving credit facilities. An analyst says today's gains are likely down to hopes the new financing could lead to future payouts: " The terms that they have got are a lot less restrictive. Besides the lower spread, the less restrictive covenants mean there's potential for dividends, because the previous financing had a clause preventing them. So Genting, being as cash generative as they are, you can join the dots." In December, Genting said the proposed refinancing " is less restrictive as compared to the Original Facilities as it allows RWSentosa more flexibility for the use of its funds." Orderbook suggests upside may be limited from S$2.12 next resistance tipped at S$2.22. |
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Citigold
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04-Feb-2011 10:01
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                                                  Three Months Ended                                                 ----------------------   Marina Bay Sands                December    September   Operations(1)                          31,                30,   (Dollars in millions)          2010              2010          $ Change          Change                                                 ----------  ----------  ----------  -----------       Revenues:       Casino                            $      457.1  $      414.5  $        42.6                10.3%       Rooms                                          50.8              38.2              12.6                33.0%       Food and Beverage                   38.4              31.9                6.5                20.4%       Retail and Other                    43.7              31.3              12.4                39.6%       Less - Promotional         Allowances                            (29.6)          (30.0)              0.4                  1.3%                                                 ----------  ----------  ----------   Net Revenues                      $      560.4  $      485.9  $        74.5                15.3%       Adjusted Property   EBITDA                                $      305.8  $      241.6  $        64.2                26.6%       EBITDA Margin %                    54.60%            49.7%                                        4.9 pts       Operating Income              $      225.1  $      166.2  $        58.9                35.4%       Gaming Statistics   (Dollars in millions)       Rolling Chip Volume        $ 8,139.10  $ 10,254.6  $ (2,115.5)            -20.6%       Rolling Chip Win         %(2)                                          3.11%            2.65%                                      0.46 pts       Non-Rolling Chip Drop    $      942.1  $      892.1  $        50.0                  5.6%       Non-Rolling Chip Win         %                                                22.6%            22.1%                                        0.5 pts       Slot Handle                        $ 1,835.40  $  1,358.7  $      476.7                35.1%       Slot Hold %                                5.3%              5.9%                                      -0.6 pts       Hotel Statistics           Occupancy %                              84.8%            68.2%                                      16.6 pts       Average Daily Rate         (ADR)                            $          258  $          246  $            12                  4.9%       Revenue per         Available Room         (RevPAR)                      $          219  $          168  $            51                30.4%   |
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Citigold
Senior |
04-Feb-2011 09:43
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Marina Bay Sands Fourth Quarter Operating Results Marina Bay Sands in Singapore delivered adjusted property EBITDA of $305.8 million and adjusted property EBITDA margin of 54.6%. Net revenue in the quarter was $560.4 million. After its debut in April 2010, the property continues to build momentum as additional dining, convention and exhibition, and retail offerings came online during the fourth quarter. Gaming volumes were healthy in each segment of the business. Rolling Chip volume was $8.14 billion, with Rolling Chip win percentage of 3.11%, slightly above our expected Rolling Chip win percentage of 2.7% to 3.0%. Non-Rolling Chip drop was $942.1 million with Non-Rolling Chip win percentage of 22.6%. Slot handle, which includes play from electronic table games, was $1.84 billion for the period with slot hold percentage of 5.3%. |
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Leinadgnow
Senior |
04-Feb-2011 02:04
Yells: "Retired" |
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genting seems to be primed for an uptrend.. i'm going in .. stop loss 2.07 .. target 2.21.. facing resistance over at 2.21 ... e/p at 2.13 if i can get.  | ||||
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limkt009
Veteran |
02-Feb-2011 20:51
Yells: "Watch your front, grab $$$$$ at your own time" |
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Ya, both are talking rubbish. | ||||
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elton81
Master |
02-Feb-2011 19:17
Yells: "$$ very hard to earn :(" |
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Haha alot of pple say I talking rubbish when I say my remiser friend tell me the weather affect sti.
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Citigold
Senior |
02-Feb-2011 17:48
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Reposted.^^ From Petrobras 2010 -2014 business plan ,   Drilling Rigs                                        5                    26                31                  53   Supply & Special vessel                    254                  465              491            504 Production Platforms SS e FPSO          41                      53                63              84 Others(Jacket and TLWP)                        79                    81                  83              85 Accumulated values for the above data.. |
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Citigold
Senior |
02-Feb-2011 17:41
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From Petrobras 2010 -2014 business plan ,   Drilling Rigs                                                                            5                                              26                        31                          53   Supply & Special vessel                                    254                                      465                      491                    504 Production Platforms SS e FPSO          41                                          53                          63                        84 Others(Jacket and TLWP)                              79                                            81                      83                          85   *Accumulated values for the above data.. |
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Citigold
Senior |
02-Feb-2011 17:31
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Straits Asia~ ~~~~
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Citigold
Senior |
02-Feb-2011 17:30
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Actually,STXOSV had 10 yards ard the globe. 5 in Norway, 2 in Romania, 2 in Brazil (1 yard is under construction)and one in Vietnam. Singapore office is a sales office. The next big catalyst to push STXOSV up is Petrobras contract.Below r the table which i had posted at STXOSV post.Fr here u can figure out how important the contract is for STXOSV if they managed to clinch to build some vessels for Petrobras.
   
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Citigold
Senior |
02-Feb-2011 17:15
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Noble Group set to rally due to drought in China and Cyclone sweeping across Northern Australia. Genting SP rally up due to signing of bank loans and performance shares awarded to the directors who hit performance targets for the develpoment of RWS. |
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icetomato
Elite |
02-Feb-2011 14:54
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Coincidentally, today is a bright sunny day. | ||||
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BullishTempo
Supreme |
02-Feb-2011 14:16
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Some meaningful New Year Resolutions
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StarBright
Member |
02-Feb-2011 13:56
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Wish everyone a HAppy NEw YEar and huat ah................ | ||||
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bladez87
Master |
02-Feb-2011 13:37
Yells: "I AM PAPER TRADING AFTER LOSING 5k!" |
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wow gensp rocket sia | ||||
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et3rnity
Member |
02-Feb-2011 13:30
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This seems quite bad for Australia again , 700MM of rain..lol Flooding again    CAIRNS, Australia (AFP) - – A terrifying cyclone roaring towards Australia has strengthened to the most dangerous threat level, as forecasters warned it was shaping up as the deadliest storm in generations. Severe Tropical Cyclone Yasi was upgraded to a category five storm from category four as it menaced the populous east coast, where it was expected to hit around 10:00 pm (1200 GMT) on Wednesday, the Bureau of Meteorology said. " This impact is likely to be more life-threatening than any experienced during recent generations," it said in an ominous warning that raised the expected strength of the looming storm. Yasi, packing a storm front 650 kilometres (400 miles) long and an eye measuring about 35 kilometres across, was on course to slam into the populous area between the tourist hub of Cairns and Cardwell to the south. It was expected to generate highly destructive winds of more than 280 kilometres (175 miles) per hour, 700 millimetres (27.5 inches) of rain and a storm surge that could flood towns and tourist resorts. " The next 24 hours is going to be, frankly, a very terrifying 24 hours for the people in the danger area," Queensland Premier Anna Bligh said, adding it was " the most severe, the most catastrophic storm to ever hit our coast." The monster cyclone was over the Coral Sea about 650 kilometres offshore early Wednesday as thousands of locals and tourists fled the coast of northern Queensland state while they still could. Seaside residents were urged to desert their homes ahead of an " extremely dangerous" storm surge of between 2.3 and four metres (yards) that was likely to cause extensive flooding. " I cannot say in strong enough terms, you have to take this window of opportunity now" to evacuate," Bligh said. " Do not bother to pack bags, just grab each other and get to a place of safety. " Frankly I don't think Australia has ever seen a storm of this intensity in an area as populated as this stretch of our coast," she said. Thousands of residents and holidaymakers have flown out of the region, while two hospitals in Cairns were evacuated and shuttered, with patients airlifted on military planes to the city of Brisbane. Airports and ports in Cairns and other cities in the area were set to close Wednesday morning as winds picked up strength, while frightened residents remained battened down and prayed for safety. In an atmosphere of eerie calm, locals in Cairns and Townsville queued up early to buy petrol, bread and food before shops and service stations were boarded up. " It's a bit scary," doctoral student Kirsty Nash told AFP from her home in Townsville, where officials say more than 10,000 homes are at risk of flooding. " I have been here for a few cyclones that have headed our way, but no-one has been all that worried about it in the past. This one is different." Schools and universities were shuttered, while the Australian military was racing to move ships and planes out of the Townsville area before Yasi hit. Cairns, usually bustling with holidaymakers and diving enthusiasts, was all but deserted. Seven evacuation centres set up to shelter those who were forced to flee their homes were full. A blanket of intense humidity and menacing clouds weighed over the region, but there was little wind and only scattered showers. The storm's size and power dwarfs Cyclone Tracy, which hit the northern Australian city of Darwin in 1974, killing 71 people and flattening more than 90 percent of its houses. It will also be twice the size and far stronger than the category four Cyclone Larry that caused Aus$1.5 billion ($1.5 billion) of damage after hitting agricultural areas around Innisfail, just south of Cairns, in 2006. Forecasters said Yasi could be " horrific" and take 24 hours to weaken after it makes landfall. " There's still potential for it to become stronger ... (if it becomes) a strong category five we could see wind gusts in excess of 320 kilometres an hour, which is just horrific," meteorologist Gordon Banks told public radio. |
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chris168
Senior |
02-Feb-2011 12:59
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Congrats to all winners. BT hysterical liao ah ... hit jackpot ... Just read this page so don't know " head tail" . Happy Rabit Year.
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iPunter
Supreme |
02-Feb-2011 12:52
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Greenbean
Senior |
02-Feb-2011 12:52
Yells: "Live green. Let it be GREEN." |
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Gong Xi Fa Cai  to ALL SJ Forumers, Wishing You ALL Safe and Prosperous Trading. Meantime, enjoy the Lunar New Year break with family and loved ones.    |
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