Wednesday, December 20, 2006
Royal Flush
Friday, December 15, 2006
Year end Hoilday Travel
It's the year end and time for me to search the papers for travel and I really hate searching from page to page and onle getting limited information. I was glad when a friend of my introduced a website called Hotel Reservation and when I went to the site I am able to get everything in one site, you can book hotels anywhere in theworld for very competitive prices, not only hotel but you can get car rental buy your air tickets. What I like is the rebate of $100 that gurantees the lowest price as compared to any other companies. This reassures me that I am getting my money's worth.
link popularity
Everyone who owns a website especially a business website know how important it is to have link popularity and more importantly how to continue to maintain the increase in popularity. Because this will lead to high hits and higher income.
To know the mechanic of the search engine is important way of understanding how a website gets place high on a search engine like Google. Like Google it score a high is no longer Page Rank, but links and it is important that 1000 links makes as compared to page rank.
Blogitive is one way a website owner can take the advantage to increase it page ranking and it important for a website owner to know this.
Roly
Roly International Holdings Ltd stock was
sharply higher after RI Special Holdings Bermuda Ltd offered to buy out its
minority shareholders for 0.35 sgd per share with a view to delisting the
company, dealers said.
In mid-morning trading, Roly International was 0.045 sgd or 15.25 pct
higher at 0.34, on volume of 5.25 mln shares.
RI Special Holdings Bermuda is a new company created by some of the
owners of Roly International for the purpose of making the offer to buy out
the minority shareholders.
RI Special Holdings proposes to acquire statutory control of Roly
International with a stake of about 53.1 pct, which will combine a stake of
35.4 pct held by Roly International chairman Wang Lu Yen, his wife and
Megastar, a company he controls, and a stake of 17.7 pct held by RI
Investment Holdings Ltd.
Straco
New Marketing Event Launched
Themed event launched. Shanghai Ocean Aquarium (SOA), a major
subsidiary of Straco, is holding a competition for Best Christmas Tree Made with
Recycled Materials. Selected works are on display at the aquarium during the
competition in December. The event aims to promote waste reduction and
recycling, consistent with SOA's image as an environment activist.
More marketing initiatives scheduled. Management plans to launch two
themed exhibitions in 2007. A greater variety of VIP programmes and annual
entry passes will be launched. Also, more efforts will be made to collaborate
with travel agents from neighbouring provinces, which could bring in more group
visitors. We expect all these initiatives to attract more visitors.
Industry developments. The Aquarium Division of China Science Museum
Association, the only association in the aquarium industry, held its annual
meeting recently. Professionals in the industry agreed that cutting entrance fees
is no longer an effective way of improving business. Exhibitions should develop
from putting up pure displays to more interactive ones supported by modern
multimedia technology and cater to the needs and habits of visitors. These are
in line with our earlier analysis that more interactive activities could attract more
repeat visitors.
Maintain HOLD. Although SOA is trying to become more dynamic in its
operation, its existing business model of relying on walk-in visitors and a single
income source has not improved significantly. We maintain our earnings
forecasts of $3.24m and $3.42m for FY06 and FY07 respectively, assuming a
mild growth rate of 5%. Given that the valuation is still demanding at 29x FY07
PE, we maintain our HOLD call with an entry price of $0.10.
online learning
Nowadays it is possible to complete your degree program through online learning via through the internet. One particular University that caught my eye was Capella University, founded in 1939. It is an accredited online university that offers graduate degree programs in the field of business, information technology, education, human services and psychology, as well as bachelor’s degree programs in business and information technology.
A leading online University with over 16,000 students from all 50 states as well as from 63 countries world-wide.
SMRT
Launches issue of S$200m fixed rate notes
SMRT announced the launch of a new issue of S$200m in notes under its
S$500m Multicurrency Medium Term Note (MTN) Programme. The proceeds
from the issue will be used to refinance the existing S$250m 3.41% bonds due
on 21 Dec 06. The Notes comprise 2 series (a) S$100m of 3-yr fixed rate Notes
with a coupon of 3.30% and (b) S$100m of 5-yr fixed rate Notes with a coupon
of 3.27%.
Gearing will remain at an acceptable level. As of Sep 06, SMRT has net debt
of S$157m, or a net gearing of 27%. Factoring in the issue of the S$200m notes
and the repayment of S$250m existing bonds, SMRT’s proforma net gearing will
rise to 36%, which is still an acceptable level. This is consistent with our DCF
valuation model, which assumes a capital structure of debt : equity of 30% :
70%. The longer duration of the new issue is, however, a positive.
Mixed outlook for 3Q07. SMRT, in its results announcement in late Oct 06,
guided that 3Q07 ridership for MRT, LRT and bus could be lower qoq due to
seasonal fluctuation. However, the fare increases effective 1 Oct 06 will be
positive for 3Q07 earnings. SMRT also guided 3Q07 rental and advertising
income to be comparable to that of 2Q07. We believe that rental will continue
to be a key driver (following the 34.9% yoy rental revenue surge in 2Q07) as
SMRT has increased its rental space and yield following the redevelopment of
retail spaces at various MRT stations. Correspondingly, we expect rental’s
share of operating profit to increase from 2Q07’s 16.3%.
Our DCF model, which factors in Circle Line contribution, gives a fair price
of S$1.18. This leaves little scope for share price upside. Our FY08F dividend
of 7¢ (one-tier tax exempt), which represents a high payout ratio of 90%, gives
a dividend yield of 6.0%, which is relatively attractive. However, there is little
scope for significant dividend increases ahead given the mild earnings growth
expected. Hence HOLD. Buy below S$1.06.
SATS
Singapore Airport Terminal Services (SATS SP, S$2.42, SELL, Fair value:
S$1.90) yesterday announced November operating statistics.
Unit services handled fell 1.9% yoy even as flights grew slightly at 0.2%.
Cargo and passengers handled grew 6.7% and 9.5% respectively, while unit meals increased 6.8% yoy.
The respectable growth in cargo and passengers is encouraging and will benefit SATS' performance and profitability. We will upgrade our fair value price, but we are unlikely to raise it sufficiently to reverse our SELL recommendation, as we feel the envirnoment is precarious for SATS. A slowdown in cargo has, until this month, been looming at SIA as it struggles to return its cargo unit to profitability, and SIA is responsible for over 70% of SATS cargo business. Growth in services is likely being bought and paid for with reduced margins as competitive pressure from Singapore airport handling peers continues. SATS needs more good news flow about concluding overseas ventures to significantly improve the stock's viability beyond the current price.
Maintain SELL.
Zyrtec
My brother is a Doctor and I always see him using this book which has a run down of all the medicine and the contradiction to the use of the medication. With that book he will be lost. I introduce to him this website called Epocrates. Epocrates is enhancing its free web-based drug and formulary reference guide with patient education materials and additional clinical tools . There is no longer a need for him to carry that book as everything is now online, such as drug dosing, drug interactions and health plan coverage. What more he can actually show his patients a printed picture of the pill and they will no longer be confused.
Being online there is more facilities that can be incorporated o the website such frequently asked questions for the prescribed medication. The patient-friendly educational handouts are available in English or Spanish and can be printed or emailed.
The extensive drug guide that can be found on Epocrates, take the drug Zyrtec in the website they will list out the Dosing, Contraindication, Drug Interactions, Adverse reaction, cost and other information.
China Market
The benchmark Shanghai composite index closed up 0.20% yesterday at
2,223.455 points, off an intra-day peak of 2,244.407 -- just below its record high of 2,245.435 hit on June 14, 2001. We think the index will continue to consolidate around 2,220 today before standing firmly above the record high, with total trading volume at around RMB55bn to RMB65bn. Local traders are optimistic over the A-share market in the coming year and expect the index to climb another 35% benefit from the improvement of company management after the split share reform. In addition, blue chips will continue to be the market leaders partly stimulated by the boarding of index futures.
Neutral
* The reform plan for split share structure of Nari Technology Development
(600406.SS) is structured as follows: Each floating A-share holder is offered 1.8 consideration shares (tax exempted) per 10 floating A-shares.
* Xiamen Xinda (000701.SZ) will provide joint liability guarantee for the bank loan of not more than RMB40 million applied for by Xiamen Xinda Electronics Co., Ltd., the company's controlled subsidiary, to China Construction Bank, Xiamen branch.
* Shanghai Airlines on Wednesday signed a USD550 million deal to buy aircraft engines with GE Aviation, a leading U.S. manufacturer of jet aircraft engines. The deal includes the purchase of USD300 million worth of engines to power nine Boeing 787 Dreamliner aircraft, as well as a USD250 million service contract.
PPB
Goldman Sachs says it has raised its rating for Wilmar International Ltd (formerly EzyHealth Asia Pacific) to "buy" from "neutral" because it has a favorable view of the company's proposed 4.1 bln-sgd merger with the Kuok group's plantation operations.
"Post-merger, Wilmar has a portfolio of high-growth businesses,"
Goldman Sachs said in a note.
"We believe that the deal should be earnings-accretive, and we have upgraded our 2007 and 2008 earnings per share estimates by 9 pct and 6 pct respectively. In the longer term, we believe there should be strong synergies in the combined group as it is the largest palm oil refiner in the world," it added.
The brokerage expects Wilmar's net profit to be 349 mln usd next year and 401 mln usd in 2008.
It has raised its target price for Wilmar stock to 2.12 sgd from 1.80 sgd to factor-in the likelihood that the merger will widen the company's refining margins.
At 11.08 am, Wilmar was up 0.40 sgd or 23.39 pct at 2.11, on volume of
29.2 mln shares.
PPB
PPB Group Berhad (NOT RATED/RM5.50)
Cheaper Alternative to Wilmar International
We view positively of the acquisition of PPB Oil Palms by Wilmar International. This has transform Wilmar into a large integrated plantation companies with sigificant exposure in both upstream and downstream.
PPB Group offer cheaper entry into Wilmar!
Upon completion of the M&A proposal, PPB Group will have 18% stake in the enlarged Wilmar International (estimated market capitalisation S$13.5b based on Wilmar's share price of S$2.11) .
This has transfrom PPB Group from a local coglomerate to a global player.
Based on Wilmar's share price of S$2.11, RNAV for PPB Group is RM7.75.
PPB Group should trade at the RNAV as it also give an exposure to Kuok Group's other unlisted assets.
Thursday, December 14, 2006
car insurance estimate
One thing about driving, no matter how safe you can be driving accidents still occur if the other party is at fault and knocks into your car. There are also websites that both parents and children can visit to look at materials on teen safe driving.
However to fully prepared, I still think it is best to get adequate car insurance. There are online sites that you can go to get online car insurance estimate . Check out these sites as some sites allow you to buy insurance instantly. So better be covered then not covered.
Sembcorp Marine (SCMN.SI)
Year-end Push and Potential Spillover to 2007
New orders — With the latest two contract wins, SembMarine's YTD new orders
stand at S$3.0b (versus last year's record of S$4.2b). While we think 2006 new
orders may not match 2005, we understand that enquiries remain high with keen
interest from potential customers. Due to the lumpy nature of contract signings, we
think some potential orders could spill into 2007.
Contract from Noble — The latest contract with Noble Drilling to construct, convert
and outfit a new semisub from an existing baredeck hull Bingo 9000 has an
estimated construction cost of US$500m. This includes shipyard cost, ownerfurnished
equipment (OFE), project management cost and others. Less the OFE, we
think the contract value to SembMarine is about US$150-200m.
A 4Q surge — We continue to believe that SembMarine should see a 4Q surge due
to the four jackups and one semisub achieving their 20% initial revenue recognition
threshold in 4Q06. The group's ship repair business remains strong especially for
LNG/LPG tankers and container vessels. Demand for FPSO/FSO conversions and
Fixed Production Platforms also remains healthy.
Remains attractive— Currently trading at 17.6x FY07E P/E with ROEs moving
towards 20%, we believe valuations remain attractive considering that EPS should
grow at a 3-year CAGR of 44%. In line with our previous adjustment to Keppel O&M,
we have rolled-over our target multiple to Dec 07 (from Jun 07) and lowered our peg
from 25x to 22x, which brings our target price from S$4.30 to S$4.35. We reiterate
our Buy/Low Risk (1L) rating on SembMarine.
MIT
Manufacturing Integration Tech : Diversifying To Non-Semiconductor Via MIT(Shanghai) : BUYClick on the link for details.
http://research.uobkayhian.com/research/content.show.action?filename=2006121314455832386808586.pdf
silver
Have you thought of owning silver or other precious metal? You can take immediate delivery or arrange for safe storage at an independent band or depository.
Why gold and precious metal? They are a good form of investment and they come in the form of ingots or coins. Over 30 years, the Monex companies have been the leading company in America’s silver and precious metal investment. They have a large and dedicated staff that will look into your every need.
The world demand for silver is on the rise and now is the best time to invest in such precious metal.
China Market
China market is likely to consolidate upward after touching new highyesterday, but the roller coaster trading yesterday also indicatesinvestors' conflict attitude over the market. We therefore expect thebenchmark Shanghai Composite Index to fluctuate between 2,175 and 2,230withtotal trading volume at around RMB65 billion. Baking stocks, such as BankofChina (601988.SS) and ICBC (601398.SS) will continue to outperformfollowingyesterday's strong performances, which was possibly pushed by the newraised funds during fourth quarter. Traders also think funds are addingposition on agriculture stocks such as Gaeagem Cereal (600127.SS).Positive* China's retail sales surged 14.1 percent in November from a year earlierto RMB682.2 billion, according to the National Bureau of Statistics. Thegrowth rate is 1.7 percentage points higher than last November but droppedslightly from October's 14.3 percent.Neutral* Liaonin Guoneng (600077.SS) will implement the following reform plan ofsplit share structure: Each floating shareholder will be offered 6.94sharesper 10 floating shares from capital reserve.* BRITISH supermarket operator Tesco announced yesterday an agreement toextend its partnership with Taiwan-managed Ting Hsin International Group,increasing its share from 50 percent to 90 percent.* Liaonin Guoneng (600077.SS) will implement the following reform plan ofsplit share structure: Each floating shareholder will be offered 6.94sharesper 10 floating shares from capital reserve.
Roly
Roly International Holdings Ltd stock wassharply higher after RI Special Holdings Bermuda Ltd offered to buy out itsminority shareholders for 0.35 sgd per share with a view to delisting thecompany, dealers said. In mid-morning trading, Roly International was 0.045 sgd or 15.25 pcthigher at 0.34, on volume of 5.25 mln shares. RI Special Holdings Bermuda is a new company created by some of theowners of Roly International for the purpose of making the offer to buy outthe minority shareholders. RI Special Holdings proposes to acquire statutory control of RolyInternational with a stake of about 53.1 pct, which will combine a stake of35.4 pct held by Roly International chairman Wang Lu Yen, his wife andMegastar, a company he controls, and a stake of 17.7 pct held by RIInvestment Holdings Ltd.
Tuesday, December 12, 2006
Boating equipment
I love all these gadgets, especially when there are so many to chose from, you can find electronic gadgets for camping, hiking, hunting, fishing, boating, and driving. Don’t you love the feel of a GPS in your hand, knowing exactly where you are, no longer getting ‘lost’.
But this season I am going fishing, Yes, deep sea fishing. Did you know that you can find all kind of Boating equipment online like the following, * fishfinders * batteries * gps systems * radar * chart plotters * depth finders * binoculars * compasses *. But I am going to buy that GPS equipment and I am going to navigate the ‘sea’. Watch out fishes here I come.
SembCorp
SembCorp Marine (SMM SP)
BUY
Current Price: S$3.38
Target Price: S$3.90
Jurong Shipyard, a subsidiary of SembCorp Marine (SMM), has secured a
contract from Noble Drilling Holding (Noble), USA, to construct, convert
and outfit a new ultra-deepwater dynamically positioned semi-submersible
rig from Noble's existing baredeck hull Noble Danny Adkins. Noble is a
wholly-owned subsidiary of Noble Corporation. The estimated construction
cost of the semi-submersible rig is about US$500m, including shipyard
cost, owner-furnished equipment, project management cost and general
contingencies. In one fell swoop, SMM raises its new contracts clinched in
2006 from S$2.7b to S$3.4b. This has met our forecast of S$3.5b worth of
new contracts in 2006.
Work on the semi-submersible rig will commence immediately with delivery
scheduled in 1Q09. On completion, the Noble Danny Adkins will operate in
water depths up to 12,000 feet and drill to a total depth of 35,000 ft. The
dynamically positioned semi-submersible rig will have living accommodation
for at least 200 people. Noble has previously reported that the Noble Danny
Adkins is contracted to Shell upon completion of construction for a
four-year term.
This rig contract relates to the conversion of one of the two
semi-submersible hulls owned by Noble. We reckon SMM stands a good chance
of clinching a second contract for conversion of the other hull, Noble
Bingo 9000 Rig 4 into a semi-submersible rig. Noble purchased these two
hulls from Ocean Rig in 2002 during the downturn of the offshore drilling
market.
Our earnings forecasts for SMM are unchanged. Maintain BUY and our target
price of S$3.90.
China Market
The market will resume the upward momentum following yesterday's strong
rally with shrinking turnover, which showed investors' selling desire is
low. We consider blue chips still have investment opportunities. Banking
and
property stocks remain top pickers of local traders, agriculture sector
will
outperform in the mid term due to fund rotation twinned with policy support
during the eleventh five-year plan. The benchmark Shanghai Composite Index
will consolidate between 2,130 and 2,200 with total trading volume at
RMB65bn.
Positive
* China Life's application for A-share listing will be examined on Friday,
according to the public statement released by the China Insurance
Regulatory
Commission (CIRC) on Monday. China Life announced last August that it
planned to issue around 1.5 billion A-shares and aimed to raise more than
RMB20 billion.
* China's banking regulator will accept the application of eight foreign
banks for local incorporation, according to the announcement on the website
of China Banking Regulatory Commission (CBRC). Following the issuance of
the
new Regulations on Administration of Foreign-funded Banks, HSBC, Citigroup,
Standard Chartered Bank, Bank of East Asia, Hang Seng Bank, Mizuho
Corporate
Bank, DBS Bank and ABN AMRO have applied to turn their operations in China
to locally registered corporations.
Neutral
* China's monthly trade surplus stood at 22.9 billion U.S. dollars in
November, according to a latest report from the General Administration of
Customs. The report shows that the November foreign trade climbed up 26.1
percent to 168.788 billion U.S. dollars, including an export of 95.854
billion U.S. dollars, up 32.8 percent, and an import of 72.933 billion U.S.
dollars, up 18.3 percent.
* Guangdong Shaoneng Group (000601.SZ) has been approved by the China
Securities Regulatory Commission (CSRC) to issue not more than 150 million
A-shares in its non-public offering.
flower delivery
I was walking by the mall just this afternoon and I noticed this shop selling flowers and it has been a long time since I last bought flowers for my wife. Now that she is overseas on a short mission trip, I thought why not get a nice bouquet for her. Actually I was pleasantly surprise to find out that there are lots of flower gift ideas and gorgeous gourmet gift baskets. I must be out of touch as it has been along time since I been to the florist.
What surprise more is that you can order online and get it delivered anywhere in United States on the same day. Yes flower delivery on the same day.
No wonder my wife calls me a dinosaur, I thing it is time for me to catch up online and I am going to do my shopping online at least buying flower online first, before she returns.
Regional Update
CHINA
Nov 06 CPI
CPI rises faster due to higher food prices.
Fixed Asset Investment
Investment cools further.
Dongfeng Motor Group (BUY/HK$3.57/Target: HK$4.26)
Strong sales likely to continue, implying a better outlook in 2007.
Upgrade the stock from HOLD to BUY with a target price of HK$4.26.
Phoenix Satellite TV (BUY/HK$1.25/Target: HK$2.00)
To benefit enormously from providing contents to its substantial
shareholder, China Mobile. Overlooked China media play. Upgrade to BUY.
Chalco (BUY/HK$6.25/Target: HK$9.00)
Chalco has proposed to merge with Shandong Aluminum and Lanzhou
Aluminum at a reasonable price. Maintain BUY.
Kingdee (BUY/HK$3.98/HK$4.40)
Strengthened management team to capture growth potential is positive for
Kingdee.
Software industry in China is becoming hot. Remains a BUY.
HONG KONG
TPV Technology (HOLD/HK$5.39)
Short-term margin outlook is weaker than expected. Downgrade to HOLD due
to unattractive risk/reward profile.
Group Senses
(BUY-Under Review/HK$0.475/Target: HK$1.10-Under Review)
Volatile earnings record hurt sentiment and no growth driver.
INDONESIA
Plantation
CPO price at 7-year high due to strong global demand for vegetable oils,
but current dry spell is expected to lower yields in 2007 and 2008.
MALAYSIA
Petronas Gas (BUY/RM9.00/Target: RM10.00)
PGB is likely to maintain a strong balance sheet in FY07 and FY08 despite
major capex. The continued strong cash flow promises higher dividends.
Genting (HOLD-Under Review/RM29.25)
Strong response for Genting's 33m share placement and GIL's S$425m bond
issue.
Financing to kick-start Sentosa IR and reduce execution risk.
SINGAPORE
SembCorp Marine (BUY/S$3.38/Target: S$3.90)
Wins US$500m semi-submersible rig from Noble Drilling. In one fell
swoop,
2006's new contracts clinched have risen from S$2.7b to S$3.4b.
Chartered Semiconductor (BUY/S$1.32/Target: S$1.64)
Reaffirms guidance for 4Q06.
THAILAND
Telecommunications
Upgrade to MARKET WEIGHT on the expectation that the interconnection
charge will be implemented early next year
China Market
China market rallied strongly
China market rebounded strongly on Monday, led by blue chips, to recover
from last Friday's sharp decrease. The Shanghai A-shares jumped 91.50
points to climb to 2,292.04, while the Shenzhen A-shares finished at
525.31,
gained 18.96 points. Total trading volume to RMB54.4bn, slipped about 28%
over last trading day, showing investors' selling desire is relatively low.
Blue chips outperformed with Bao Steel (600019.SS) and China Unicom
(600050.
SS) gaining 3.97% and 8.03%, respectively. We think blue chips still have
investments opportunities, and local trader forecast the steel sector would
enjoy 19% earnings growth next year. Financial sector rally strongly, both
of China Merchants Bank (600036.SS) and ICBC (600398.SS) increased over 5%.
CITIC Securities (600030.SS), one of China's biggest securities houses,
surged to the maximum ten percent gain on close. In addition, agricultural
stocks were major gainers with Jinjian Cereal (600127.SS) climbing to ten
percent daily limit.
China Petrochemical (600028.SS), China's top oil refiner, rose 4.90% after
announcing at the weekend that it had reached initial agreements to
restructure four small listed units. China Petrochemical and Changjiang
Securities agreed to restructure Shijiazhuang Refining-Chemical
(000793.SZ).
Similar deals covered Sinopec Wuhan Petroleum (000668.SZ), Sinopec Shandong
Taishan Petroleum (000554.SZ), but no details of the proposed
restructurings
were disclosed and the shares remained suspended.
Swords
Have you ever seen on television how impressive it is to have this sword on top of your mantle, be it at home or in the office? Wouldn’t you like to have one! Now you can get it at a reasonably good price for expensive looking sets 'tis the season, what more it is a ideal gift for the sword lover, especially the Samurai Swords. Many of these swords are hand-forged the same way (dating thousand of years ago) it has been done in
Check out for this Christmas at a website near you for the latest in sword owning.
Regional Update
CHINA Nov 06 CPI CPI rises faster due to higher food prices. Fixed Asset Investment Investment cools further. Dongfeng Motor Group (BUY/HK$3.57/Target: HK$4.26) Strong sales likely to continue, implying a better outlook in 2007. Upgrade the stock from HOLD to BUY with a target price of HK$4.26. Phoenix Satellite TV (BUY/HK$1.25/Target: HK$2.00) To benefit enormously from providing contents to its substantial shareholder, China Mobile. Overlooked China media play. Upgrade to BUY. Chalco (BUY/HK$6.25/Target: HK$9.00) Chalco has proposed to merge with Shandong Aluminum and Lanzhou Aluminum at a reasonable price. Maintain BUY. Kingdee (BUY/HK$3.98/HK$4.40) Strengthened management team to capture growth potential is positive for Kingdee. Software industry in China is becoming hot. Remains a BUY.HONG KONG TPV Technology (HOLD/HK$5.39) Short-term margin outlook is weaker than expected. Downgrade to HOLD due to unattractive risk/reward profile. Group Senses (BUY-Under Review/HK$0.475/Target: HK$1.10-Under Review) Volatile earnings record hurt sentiment and no growth driver.INDONESIA Plantation CPO price at 7-year high due to strong global demand for vegetable oils, but current dry spell is expected to lower yields in 2007 and 2008.MALAYSIA Petronas Gas (BUY/RM9.00/Target: RM10.00) PGB is likely to maintain a strong balance sheet in FY07 and FY08 despite major capex. The continued strong cash flow promises higher dividends. Genting (HOLD-Under Review/RM29.25) Strong response for Genting's 33m share placement and GIL's S$425m bond issue. Financing to kick-start Sentosa IR and reduce execution risk.SINGAPORE SembCorp Marine (BUY/S$3.38/Target: S$3.90) Wins US$500m semi-submersible rig from Noble Drilling. In one fell swoop, 2006's new contracts clinched have risen from S$2.7b to S$3.4b. Chartered Semiconductor (BUY/S$1.32/Target: S$1.64) Reaffirms guidance for 4Q06.THAILAND Telecommunications Upgrade to MARKET WEIGHT on the expectation that the interconnection charge will be implemented early next year.
Regional Update
CHINA Macro Policy Stable macro policy to avoid large economic swings in 2007. COSCO Pacific (BUY/HK$17.34/Target: HK$20.00) 39%-owned Nansha Port commences operation this month, strengthening Cosco's position as a leading port player. Technical CMHK (941)MALAYSIA Warrants Opportunity still with warrants! Berjaya Sports Toto (BUY/RM4.74/Target: RM5.05) 2QFY07: Net profit of RM71.4m (-25.4% qoq, -25.0% yoy) within our expectation. Prize payout ratio highest in three years. Gross DPS of 12.5sen. IOI Corporation (HOLD/RM18.80) Expanding downstream business by buying two businesses in Pasir Gudang. The acquisition potentially adds 3% to its FY08 earnings. Genting (HOLD/RM29.25/ Fair: RM35.00) Sentosa IR win estimated to contribute RM4.77/share to Genting, raising our RNAV to RM35.00.SINGAPORE Fu Yu Corporation (SGX-MAS RESEARCH INCENTIVE SCHEME) (HOLD/S$0.33) Losses from China affect financial performance. SembCorp Marine (BUY/S$3.38/Target: S$3.90) A temporary lull in contract flow, but outlook remains positive in view of prevailing high oil prices.THAILAND Power Line Engineering (BUY/Bt8.10/Target: Bt9.56) Mega Dubai project will boost PLE's sales and earnings next year. Maintain BUY.TALKING POINT: SINGAPORE - STI at 6-year overbought levels
Thursday, December 07, 2006
internet marketing firm
If you want to get your website noticed you must get professional help from internet marketing firm like USWeb. USWeb USWeb is a leading strategic Internet services firm helping clients achieve revenue, profit, market share, and customer loyalty objectives through Internet strategies and systems.
USWeb provides search engine optimization, PPC Bid Management and Trusted Feed services. These are important tools to get your sites targeted in major search engines. You get no any audiences but you get targeted audiences that are looking for your products or services and/or content. This is the most important factor no point get hundreds and hundreds of page hit when none of the hits are your target audience. So do not waste your time to get it done on your own get the professionals.
Loncheer
Riding on China’s 3G bash
China Telecom, China Mobil, China Netcom and China Unicom have surged
these few days with 20%+ gain on the back of China's imminet 3G licenses
issuance. Meanwhile, share prices of equipment provider as well as cell phone
makers listed on Hong Kong and China are all propelled by this positive news.
Co-operation with network operators. Longcheer (LHL SP, not rated), one of
the leading cell phone designer house in China has announced its co-operation
with those major network operators during the testing phase of China's TDSCDMA.
The agreement includes 20,000 sets of 3G handsets.
Lagged performer. The stock is trading at 8x FY07 PE (FY ends: Jun 30, 6x
FY08 PE). And the share price has not moved up significantly compare with
Hengxin (HENG SP, trading at 14x FY06 PE and 11.4x FY07 PE, not rated), the
other beneficiary of China's 3G. We think it is a good chance to cumulate some
LHL given the imminent 3G licenses issuance.
Regional Update
CHINA
China Insurance Int'l (BUY/HK$8.67/Target: HK$8.50 ? Under Review)
CIHC has placed a total of 75m shares of CIIH at the price of HK$8.25.
Shanghai Real Estate (BUY/HK$2.52/Target: HK$3.10)
To announce new share placement.
HONG KONG
EganaGoldpfeil (BUY/HK$4.19/Target: HK$4.70)
Synergy with Richemont has appeared. We believe EganaGoldpfeil has
secured three global licences from Montblanc.
INDONESIA
Citra Marga Nusaphala Persada (NOT RATED/Rp1,310)
This toll-road operator targetted to increase its bottom line by 30.9%
yoy
by year-end through higher tariff toll and better operational efficiency.
MALAYSIA
Market
The RM appreciated to an all-time high of RM3.558 since its depegging.
The biggest beneficiaries are Tenaga Nasional and Telekom Malaysia.
Media
Decision on NSTP-Utusan merger likely to be made by the
UMNO Supreme Council in one month's time.
SINGAPORE
AusGroup (BUY/S$0.505/Target: S$0.71)
Australia's minerals and energy project list hits a new record.
United Test & Assembly Center (BUY/S$0.76/Target: S$1.08)
UTAC Thailand to specialise in leadframe-based packaging.
Enviro-Hub Holdings (BUY/S$0.625/Target: S$0.78)
Sale & leaseback of two properties.
Jaya Holdings (HOLD/S$1.44)
Nautical Offshore Services has revised its General Offer price
by 12% from S$1.295/share (S$1.35 cum div) to S$1.45/share.
TALKING POINT: Telekom Malaysia (T MK) - Trading at attractive valuations
Belisi.com
Peter Belsi started from a humble beginning as a bartender to a famous in fashion design. His success was due to his hard work and determination to make a name for him. He did not go other and found something that was so revolutionize but he began designing ties and not before long he managed to get a load of clients. From fine ties he has progress to luxury wardrobes.
Belisi.com is where you can find the latest in his designs. Anyone that owns a Belisi knows that he or she is in fine Italian designs with its skill craftsmanship and exquisite materials.
Olam
A Taste of What's to Come…
1Q growth of 24% sets the scene for a good year ahead. Olam reports 1Q net profit of S$8.1m, above our forecast of S$7-8m. Full-year forecast of S$106.6m is increased marginally. Olam continuing to deliver earnings within (bullish) expectations will ensure continued outperformance, in our view.
Net contribution (NC) per ton rose 10%. The net contribution per ton increased
10% in the quarter as Olam increasingly provides value-added services for its clients. This is an important kicker to earnings to accompany rising volumes.
Volume growth reached 21%. Global volume growth is in the 3-4% range; Olam
therefore continues to take market share from incumbent statutory boards and international trade houses. We believe Olam is uniquely placed to continue to drive volume growth through a combination of a unique service offering and strategy to enter new product and geographic adjacencies.
Increasing target price to S$2.49. We have increased our target price from
S$1.93 to S$2.49 on the back of our higher forecast 3-year CAGR of 23.2% (previously 21%), higher ROE assumption (up 30bps) and importantly by rolling forward our valuation to June 2008. We view Olam as a strategic LT investment. Our experience suggests investors hold Olam for its bullish secular growth outlook and niche positioning, which is well protected by high barriers to entry.
Key risk - priced to perfection. Delivery of the 25% 5-year CAGR target should
ensure continual share price appreciation at these multiples; however, slippage is not an option. An emerging growth profile less than this may cause the stock to de-rate to market valuations.
Journey of your life
Everytime I watch National Geographic or the Travel channel, I think of all the travels that I have gone through and also thinking of all the places that I have never been. Once that travel bug bites I go crazy and search the papers for travel guide. But you find very limited information due to space, so I do my searching on the internet highway. What you then end up is with too many information or you need to go through to many sites just to find the right one. Now with luggage on line you get all the best 50 sites in one location.
I found my destination that I want to go and that is South Africa or is the trip to Turkey better. Back to the site for me. Bon Voyage.
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