Tuesday, 31 December 2013

Last day of 2013

Today is the last day of 2013 before enter year 2014.  Be use wisely.  It's time to say good bye to year 2013.

See you in year 2014.

Sunday, 29 December 2013

Time flies

Today is 29th of Dec 2013.  Two more days left before enter into 2014.  Time really past fast.  It's about to say good bye to Year 2013 and welcoming a new year 2014.

Tuesday, 17 December 2013

印度亚航准进口10架A320

(吉隆坡16日讯)预计在明年2月与塔塔集团合作推出国内服务的印度亚洲航空,已获批在营运第一年进口10架A320空中巴士,这占廉价航空总载客量(capacity)近7%比重。

印度亚航的载客量份额,是根据其他竞争对手是否在国内市场使用所有新飞机而定。

目前,印度最大的廉价航空———IndiGo,其载客量为每日6万人次,预计明年增加12架飞机后,总载客量将扩大至每日7万3000人次。

相比之下,航空专家预计,印度亚航营运第一年杪每日能载1万1000人次。

Go航空将是印度亚航最大竞争对手,加上未来1年增加3架飞机,预计该航空每日平均载客量为1万8000人。同时,SpiceJet也有意在明年增加3架飞机。

从上述发展来看,印度亚航的载客量将在1年后排名第四。

印度亚航是亚洲航空(AIRASIA,5099,主板贸服股)、塔塔集团和Telestra Tradeplace的联营公司,持股权分别为49%、30%和21%。

此外,彭博社的报道指出,亚航在韩国寻觅金融及策略伙伴,联合设立韩国子公司。这项计划需获韩国政府的批准。

Friday, 13 December 2013

AirAsia, first M’sian operator to gain RNP-AR-APCH operations approval

AirAsia Bhd has become the first Malaysian operator to obtain approval from the Department of Civil Aviation (DCA) to fly the Required Navigation Performance Authorisation Required Approach (RNP-AR APCH) flight paths.

The DCA granted the approval after the successful validation of the flight paths in Penang, the airline statement said today.

RNP-AR APCH procedures can shorten the distance an aircraft has to fly en-route, reduce fuel burn, exhaust emissions and noise pollution in communities near airports, which can help air traffic controllers trim flight delays and alleviate air traffic congestion.

AirAsia has collaborated with GE Aviation, a subsidiary of General Electric, and DCA on the nationwide flight path programme since 2012 to improve operational efficiency at 15 local airports.

Giovanni Spitale, GE Aviation Flight Efficiency Services General Manager said the flight paths can save nearly 12 nautical miles per approach at Penang, 23 nautical miles at the Kuching Airport and 18 nautical miles at Kota Bharu, compared with the standard terminal arrival.

"Once the flight paths are in place at 15 airports in Malaysia, AirAsia expects to save up to RM1 million a year from reduced fuel costs," he was quoted as saying in the statement.

TM, Celcom, DiGi to roll out more than 10,000km of fibre network

KUALA LUMPUR: Telekom Malaysia Bhd (TM) together with Celcom Axiata Bhd and DiGi Telecommunications Sdn Bhd will be signing a wholesale bandwidth collaborative deal for TM Next-Gen Backhaul Services on Friday.

TM will provide wholesale bandwidth connectivity via TM Next-Gen Backhaul servicesfor aggregation and access sites jointly owned by Celcom (via Celcom Networks) and DiGi, covering between 3,000 and 5,000 km in Peninsular Malaysia.

This forms an important part of the ongoing network collaboration initiative between Celcom and DiGi announced in early 2011, particularly with regards to the joint ambition to roll out more than 10,000km of fibre network available.

TM will support Celcom and DiGi's transmission requirements, whilst enabling both companied to optimise cost and efficiently utilise its infrastructure.

Chatime Free Pear Juice Giveaway!


Tuesday, 10 December 2013

年初至今挫23% 亞航股價跌至不合理

(吉隆坡9日訊)亞洲航空(AIRASIA,5099,主要板貿易)股價經一輪跌勢后,年初至今下滑23%,券商認為,目前股價不合理,並維持“買進”投資評級。

 隨著美元兌令吉走強、更嚴謹的符合伊斯蘭教議股項要求,以及國內領域的激烈競爭,亞洲航空股價年初至今下滑23%。

 艾芬投資研究認為,以市場領導地位,以及作為區域航空最具成本效率的業者看來,現有價位不合理。

 券商相信,大部分負面消息已反映在股價表現,並基于數項因素持續看好亞洲航空:第一、精簡的成本結構;第二、強勁的基本面和營運模式;第三、區域成長策略。

 報告指出,印度亞航(AirAsia India)可能在2014下半年投入運作。

 艾芬投資研究維持該股“買進”的投資評級,目標價格為3.60令吉。

 亞航以2.42令吉開盤,早盤在2.41令吉至2.44令吉之間游走。

 休市報2.44令吉,增幅為2仙;半日有222萬6000股易手。

 亞航股價在午盤往下掉,下滑1仙至2.41令吉。閉市時,亞洲航空跌1仙,報2.41令吉,成交量達993萬6400股。

Monday, 9 December 2013

World Cup programmer 2014


一股作气:金群利估值低周息率诱人

进行中的2项城镇发展及科技谷,是金群利集团(MATRIX,5236,主板产业股)的增长动力。

同时,其它发展总值达到83亿令吉,足以支撑发展计划至2022年,大大提升营收可见度。

与同业相比,金群利估值不仅低于平均水平,且周息率约为平均水平的两倍,两个比率都相当诱人。

森州产业发展商金群利集团拥有两大城镇发展地库,即位于芙蓉的达城(Taman Sri Sendayan)和柔佛的居銮镇(Taman Sri Impian)。

旗舰发展项目达城,是一个综合发展项目,涵盖商业区、住宅区以及达城科技谷(Sendayan TechV alley)的工业区。

达城科技谷获得外资的青睐,吸引全球各地的跨国集团投资,包括法国、日本、英国和德国等著名企业,发展潜能备受看好。

至于居銮镇的发展项目,也涵盖住宅区和商业区,而住宅区以可负担房屋为主,加上受惠于依斯干达特区的发展,料可吸引不少买家。

达城科技谷在内的达城发展计划和居銮镇项目,将是该集团的主要增长推动力,而长远方面则是已鉴定的发展计划。

肯纳格研究指出,目前,金群利集团剩余可供发展的地库面积达2732英亩,发展总值达到83亿令吉。

剩余的发展总值足以支撑该集团的产业发展至2022年,如此长久的期间甚至媲美多家发展商,并提高未来的营收能见度。

此外,在致力扩大旗下综合城镇发展计划规模和进军巴生谷之下,金群利集团在近期也积极收购地库,并以总值1亿5040万令吉在芙蓉和吉隆坡购买共4块土地。

地库主要集中在芙蓉的金群利集团,收购吉隆坡土地的举动可多元化其发展地区。肯纳格研究预测,吉隆坡的发展总值达2亿5000万令吉。

地价低赚幅高

根据招股书资料显示,金群利集团过去3年的营业额,从2010年的1亿9563万令吉,在隔年飙涨至6亿2425万令吉,并在2012年回跌至4亿5607万令吉。

尽管如此,净利表现却呈强稳的涨势,从2010年的2051万令吉,持续两年劲扬到7994万令吉和1亿349万令吉。

2010年到2013年的净利复合年增长率为124.6%,而净利赚幅则从10.5%(2010年)上扬至11.1%(2011年)和22.7%(2012年)。

值得一提的是,金群利集团的地库成本处于相当低的水平,肯纳格研究指出,其土地成本占发展总值的比率大约为5%到6%,相比领域平均水平约10%到20%。

达城和居銮镇发展土地成本廉宜(每平方尺为3令吉,相比目前要价介于5.60令吉至8令吉),可为集团带来更高的赚幅。

肯纳格研究预料,这些发展计划的毛利赚幅介于40%到45%,远远高于领域平均水平的20%到30%赚幅。

每季度派息 今年已派30.5仙

今年5月28日正式在马交所挂牌之前,金群利集团在5月23日宣布首季业绩表现,营业额和净利分别为1亿5559万令吉和4598万令吉,且派发13.5仙股息。

次季的营业额为1亿4732万令吉和净利3004万令吉,每股股息为7仙;第三季的营业额1亿2742万令吉和3620万令吉,中期股息5仙和特别股息5仙。

由此可见,金群利集团在每个季度皆派发股息,肯纳格研究称,这也是目前唯一一家发展商如此频密的派息。

尽管该集团制定派发至少40%的净利为股息,但是,肯纳格研究相信,该集团在本财年的派发率可达60%。

至今,该集团已派发30.5仙的股息,肯纳格预计第四季将派发5仙,促使全年的股息达35.5仙,以周五闭市价RM3.30,周息率达10.8%。

至于同行的中型发展商,周息率介于2.3%到6.1%,平均水平为4.3%,金群利集团的周息率更是傲视群众。

本益比偏低

依据肯纳格研究对该集团在本财年每股盈利预测为48.6仙,以目前的交易价位,该股的估值相等于6.8倍本益比。

中型发展商的平均估值水平为8.3倍本益比。这凸显了金群利集团的估值不仅比同行更吸引,且周息率更诱人。

截至9月30日,该集团的总贷款为5214万7000令吉,而现金流则高达2亿1115万3000令吉,净现金为1亿5900万6000令吉。

即使纳入上述收购土地计划的成本,相信该集团仍可维持净现金地位。

投资风险
1.利息上调。
2.政府采取更多打压产业领域的政策。
3.发展项目展延等因素。

免责声明

本文分析仅供参考,并非推荐购买或脱售。

投资前请咨询专业金融师。

Saturday, 7 December 2013

Revaluation of HEKTAR portfolio


KANGER INTERNATIONAL BERHAD IPO


Company Name: Kanger International Berhad
Main Business: An integrated manufacturer of bamboo products
Board: Ace market
Stock Name: KANGER
IPO Price: RM 0.25
PAR: RM 0.10
Market Capital: 430 mil shares

Timetable for IPO
Date Description
06-12-2013 Open application
13-12-2013 Close application
16-12-2013 Ballot result
20-12-2013 Allotment shares
23-12-2013 Listing

Total shares offer: 80,000,000 units (18.6% of total share capital)
1. Total public issue shares: 11,000,000 units. (2.55% of total share capital)
    a. 5,500,000 offer shares for Malaysian public. (1.275% of total share capital)
    b. 5,500,000 issue shares for bumi investors. (1.275% of total share capital)
2. Total private placement shares: 69,000,000 units. (16.05% of total share capital)

Financial summary:
FYE FYE 2010FYE 2011FYE 2012Jun 2012Jun 2013
Revenue (RM '000)24,836 23,411 38,556 20,18321,378
Gross Profit (RM '000)2,366 4,924 10,973 3,9384,294
PAT (RM '000) 9692,281 6,393 2,1242,517
Net EPS* (sen) 0.280.65 1.82 0.611.44
Diluted EPS** (sen) 0.220.53 1.48 0.491.17
* based on 350 mil shares of RM 0.10.
**based on 430 mil shares of RM 0.10.

Utilisation of proceeds:
Purpose Total raised (RM '000)Total raised (%)
Capex 1,000 5.0
R&D 2,000 10.0
Repayment of bank borrowings 5,500 27.5
Working capital 8,200 41.0
Listing expenses 3,300 16.5
Total gross proceeds 20,000 100.0

Targeted dividend policy: 20%
Estimated DY: 1.88%

Detail info: Kanger International Berhad IPO Prospectus

Monday, 2 December 2013

AirAsia named world’s leading low-cost airline for 5th time

PETALING JAYA: Low-cost carrier AirAsia Bhd was named the World’s Leading Low Cost Airline at the prestigious World Travel Awards 2013 in Doha, Qatar.

In a statement issues yesterday, AirAsia said it received the highest votes from travel professionals from around the globe surpassing other nominees in the category, namely AirArabia, AirBerlin, easy Jet, Jet Blue Airways, Precision Air and Southwest Airlines.

AirAsia executive chairman and co-founder Datuk Kamarudin Meranun said the recognition was a testament towards the strong brand AirAsia has built.

“From a Malaysian start-up, we are now an international brand synonymous with low-cost travel, with innovation as our key driver.

“It is a great honour to win this award, as this places ‘brand Malaysia’ on a great pedestal so that we can achieve our mission to develop the country into a major aviation hub like Dubai,” he said.

The budget airliner is approaching its12th anniversary, has carried over 200 million guests and grown its fleet from just two aircraft to 147 aircraft today.

“As a home grown airline, we feel responsible to propel our nation’s aviation industry further, and we would need the support of our government and Malaysians alike to achieve that,” added Kamarudin.

AirAsia has also been named the World’s Best Low-Cost Airline by Skytrax for five consecutive years from 2009 to 2013.

AirAsia director Datuk Aziz Bakar represented the group at the award ceremony to receive this prestigious award.

The airline has operations based in Malaysia, Indonesia, Thailand and the Philippines servicing a network stretching across all Asean countries as well as China, India and Australia.