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I remember saying that LMIR was too cheap to sell in December last year. It was trading at 36.5c a unit then.
I also remember saying that unitholders should be more patient after the rights issue because the REIT’s DPU would bump up in time. The…
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By Joel Kruger, Technical Strategist for DailyFX.com
The ongoing political turmoil in Europe continues to shake the markets, with the inability for Greece to form a government now fueling speculation that the country might soon exit the Eurozone. Although an exit by Greece would have only a minimal impact on the broader economy, given the country’s size, fears of contagion seem to be the bigger problem right now, as investors start to price in the impact this will have on larger economies like Spain and Italy.
Technically, we have said that a close below 1.3000 would be a very bearish development for the Euro, as we have not seen a daily close below 1.3000 since January. With this in mind, Euro bulls can still hold onto some hope at this point, as the market has yet to officially put in a daily close below 1.3000. As such, we continue to recommend proceeding with caution at current levels, and only recommend looking to get more aggressively bearish the Euro on a daily close below 1.3000. A daily close below 1.3000 should then open the door for acceleration back towards the 2012 lows from January at 1.2625.
Despite the fact that all of the problems right now are Euro-centric, the Euro is still not the weakest currency in the current market environment, as the higher yielding risk correlated markets get hit even harder. We have been seeing some underperformance namely on the commodity bloc and emerging market FX, and should investors continue to look to flee to safety, we project that these markets will continue to underperform. As such, look for more weakness from currencies like Aussie, Kiwi and Cad, and from the more exotic markets like the Mexican Peso, South African Rand and Turkish Lira.
ECONOMIC CALENDAR
TECHNICAL OUTLOOK
EUR/USD: The market has finally cleared some key support by 1.3000 and the break opens the door for deeper setbacks over the coming days towards the 2012 lows from January at 1.2620. However, short-term technical studies will need to unwind from oversold readings before we are to see any extended declines below 1.3000, and we recommend looking to sell into rallies into the 1.3150-1.3200 where a fresh lower top is now sought. Additionally, we recommend waiting for a daily close below 1.3000 before getting aggressively bearish. Ultimately, only back above 1.3300 would delay.
USD/JPY: The latest pullback from the 2012, 84.20 highs is viewed as corrective and it looks as though the market could still see a bit more weakness before considering the possibility for the formation of a medium-term higher low. Overall, this is a market that has undergone a major structural shift in recent months and we now see the pair in the early stages of a longer-term up-trend. Ultimately, only a weekly close back under 78.00 would negate.
GBP/USD: Finally starting to see signs of a medium-term top and potential 2012 high after the market has stalled and retreated from the 1.6300 area. Key support now comes in by 1.6075 and a break and close below this level will confirm bearish bias and accelerate declines towards 1.5800 further down. Ultimately, only a break back above 1.6300 would negate and give reason for reconsideration.
USD/CHF: Our core constructive outlook remains well intact with the latest setbacks very well supported by psychological barriers at 0.9000. It now looks as though the market could be looking to carve a fresh higher low, and we will be looking for additional upside back towards the recent range highs at 0.9335 over the coming sessions. Above 0.9335 should then accelerate gains towards the 2012 highs by 0.9600 further up. Ultimately, only back under 0.9000 delays and gives reason for pause.
— Written by Joel Kruger, Technical Currency Strategist
To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger
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CIMB Acquires 59.98% Stake In Philippines’ Bank Of Commerce
CIMB Group Holdings has acquired 59.98 percent equity interest in the Philippines’ Bank of Commerce (BOC) from the San Miguel group. The stake, which came just under the 60 percent foreign ownership cap, involved a cash consideration of 12.2 billion pesos (RM881 million). The deal values BOC at a price to book of 1.14 times, however, this ratio will effectively increase to 1.3 times once BOC is fully aligned with CIMB’s accounting and provisioning policies. Upon completion of the deal, San Miguel’s unit – San Miguel Corporation Retirement Plan (SMC) – will command a 27 percent stake and remain as the largest minority shareholder in BOC. In addition, a collaboration agreement has been entered between CIMB Bank and SMC, making CIMB Bank the preferred banking services provider for the SMC group as well as its suppliers and partners.
Significance: The Philippines is Asean’s fifth largest economy and the second largest by population. Analysts highlighted that it is one of the most under-penetrated banking markets in the region, hence, this acquisition would give CIMB an early mover advantage in high-growth banking potential market.
Formis Disposing 4 Units To Microlink
Formis Resources and wholly-owned unit Formis Holdings have entered agreement to dispose four subsidiaries to Microlink Solutions. Under the terms, the disposal will involved the entire stake in Applied Business System, Formis Computer Services, Formis Systems & Technology and a 51 percent stake in First Solution. Disposal consideration of RM102 million will be paid in Microlink shares – satisfied by the issuance of 436.64 million new Microlink shares priced at 22 sen apiece. Upon completion, Formis will have more than 33 percent equity interest in Microlink and will be obliged to undertake a general offer. While the loss of earnings generated by the four subsidiaries would result in lower earnings, Formis would be able to consolidate their contributions indirectly via its shareholding in Microlink.
Significance: The disposals are part of Formis’ restructuring plan, which is expected to create synergistic benefits in the form of enhanced operational efficiency from a larger distribution network and cross-selling to a wider client base.
Hartalega’s FY12 Profit Edged Up 5.9% To RM201.6m
Hartalega Holdings, manufacturer of latex gloves, reported a 5.9 percent increase in profit to RM201.6 million from RM190.3 million for the year ended 31 March 2012. Group revenue came in 26.7 percent higher at RM931.1 million as compared to RM734.9 million, in light of the higher demand and continuous expansion in production capacity. Profit before tax (PBT), however, reported a smaller 6.5 percent increase to RM258.6 million due to the sharp jump in operating expenses. Specifically, higher raw material prices of nitrile latex, higher fuel cost and more competitive sales pricing resulted in PBT margin narrowing to 27.8 percent from 33 percent. A third interim dividend of 6 sen per share was declared, bring the year’s to-date dividend payout to 18 sen per share.
Significance: Hartalega noted that its internal growth targets for both top and bottom lines were achieved in FY12. For next year, despite the substantial increase in nitrile gloves production capacity by the industry, it plays down the possibility of a price war because demand growth is likely to outstrip capacity growth.
Image taken on 2011-07-07 06:38:49 by Barnie Leow.
The market remains locked in a multi-day consolidation and should continue to chop between the 9,600-10,100 area. Overall, we do retain a bullish outlook given the broader recovery structure out from a major base in 2011 and therefore recommend looking to buy on dips in favor of an eventual break above 10,100.
On 09/May, Singapore shares ended lower on fresh worries of Europe’s monetary union following failed coalition talks in Greece.
STI ended lower at 2900.91 (1.1%) with LOW VOL of 1.70 billion shares traded compared with 1.97 billion shares Tuesday. In the broader market, losers outnumbered gainers 255 to 132. Today STI undergo profit taking as investors sought to offload risk-sensitive assets.
Headline in STI
Before market close
Singapore Telecommunications Ltd. (Z74.SG) total number of subscribers rose 2.8% to 445 million compared with 433.5 million as of Dec. 31.
Singapore Telecommunications Ltd. (Z74.SG, SGAPY) unit Amobee has acquired a Silicon Valley-based start-up for an undisclosed amount, as it seeks to acquire the technology to create three-dimensional advertisements for mobile phones.
After market close
Neptune Orient Lines Ltd. (N03.SG) 1Q net loss was US$253.6 million compared with US$10 million a year earlier as high fuel costs and low freight rates affected its performance.
Sembcorp Marine Ltd. (S51.SG) 1Q net profit falls 24.9% to S$113.1 million compared with S$150.6 million a year earlier mainly due to lower value and lower margin contracts for new-design jack-up rigs, compared with repeat-design contracts for larger semi-submersible rigs secured last year.
United Overseas Bank Ltd. (U11.SG) 1Q net profit rise 12.4% to S$688 million compared with S$612 million a year earlier on the back of stronger loan volumes and fee income amid signs interest margin compression.
CapitaMalls Asia Ltd. (JS8.SG) has entered into a 50-50 joint venture agreement with Malaysia’s Sime Darby Property (4197.KU) for the construction of a MYR500 million development in Malaysia’s Klang Valley.
Singapore Airlines Ltd. (C6L.SG) 4Q net loss at S$38.2 million compared with a profit of S$171 million a year earlier as soaring fuel prices pushed expenses higher and earnings were hurt by a loss on the disposal of its last Boeing 747-400 aircraft.
Technical Analysis on STI
Immediate Resistance of STI: 2906
Immediate Support of STI: 2848
MY sentiment on STI: STI has closed slightly below the supported turned resistance at 2906. Tomorrow will be a critical period on whether STI breached of support will trigger any heavy selling pressure. Do not suggest to long stocks now
Neptune Orient Lines 1Q Net Loss US$253.6M! is contributed by : Singapore Stock Information Exchange
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International companies trading in New York closed lower Tuesday, in line with the broader market, as political deadlock in Greece fueled fears of further economic trouble in the euro zone.
The Bank of New York index of ADRs tumbled 1.5 percent to 122.36.
In Athens, New Democracy leader Antonis Samaras said Monday it was impossible to form a coalition government, opening a door for the second-biggest party, Coalition of the Radical Left, which has vowed to renegotiate the country’s bailout conditions.
The National Bank of Greece SA ended sharply lower, off 9.1 percent at US$1.91.
French banks tumbled, with BNP Paribas SA, France’s largest bank by market value, falling 3.9 percent to US$19.06, Societe Generale SA giving up 2.8 percent to US$4.54 and Credit Agricole SA shedding 1.8 percent to US$2.24.
The European index lost 1.3 percent to 112.76.
Oil futures sank to lows not reached since Dec. 19 on the renewed euro-zone fears, weighing on the shares of energy firms.
BG Group PLC dropped 2.9 percent to US$21.47, and Royal Dutch Shell PLC fell 2.3 percent to US$68.17.
The Asian index declined 1.4 percent to 121.57.
Mindray Medical International first-quarter earnings fell 3 percent as the medical-device company recorded higher expenses and weaker margins, though revenue improved. Shares of the Chinese company shed 1.3 percent to US$31.38.
The Latin American index dropped 2.6 percent to 335.93, and the emerging-markets index ended 2 percent lower at 285.39.
Royal KPN NV said Tuesday that America Movil SAB de CV’s 8-euro-per-share (US$10.40) cash offer to raise its stake in the Dutch incumbent mobile operator “substantially” undervalues the company. Still, KPN’s management and supervisory boards will review carefully the offer and seek further clarification as to America Movil’s intentions, the company said in a statement. America Movil’s shares dropped 9.6 percent to US$25.53.
New methods and techniques are developed each year to help you reduce expenses and save money. From the latest online applications and services to fun and creative ways to shop, your budget will never look the same when you take advantage of these different money-saving strategies! Here’s a look at 10 different ways you can save money in 2012.
Tracking your daily, weekly, and monthly expenses is one of the best ways to save money and see where it’s being spent. There’s a new array of services and applications for your computer and mobile device that allow you to track your budget. The most popular websites include Mint.com, Buxfer.com, PearBudget.com, and BudgetTracker.com. Each of these services have different features, such as timely spending updates, secure linking with your bank account, and real-time recording of all your purchases. A detailed summary of your account will help you visualise your money and allow you to easily determine where you need to reduce expenses.
The costs of fuelling your car can add up quick and drain your bank account without you realising it. Carpooling is a wonderful way to save money, especially if you commute daily to work or school and have neighbours that want to carpool as well. You can find other people to carpool with through Zimride.com, PickupPal.com, and eRideShare.com. If you live in a city with plenty of bike routes, then riding a bike will also lower your gas expenses. You can use MapMyRide.com to find the most ideal bike route to your destination. Some places have an organised, cost-effective bus system that you can ride; you can track local bus routes with online navigational devices and bus schedules. You’ll be amazed at how lower your monthly budget is with a decreased gas expense.
The cost of takeouts, orders, and dine-outs puts an enormous dent in your budget that is easily avoidable. Cooking at home is not only cheaper, but also healthier. Imagine hand-picking your own fresh ingredients compared to processed, frozen, or pre-packaged food items that could contain harmful preservatives. Instead of ordering out, choose healthy mouth-watering recipes with wholesome ingredients for a more delicious, less expensive meal. You can also plan your meals with the latest apps and services, such as AllRecipes.com’s Menu Planner, FoodOnTheTable.com, and BigOven.com.
The Internet now features services that allow you watch your favourite shows online for free. Some of the most popular websites are Hulu.com, XfinityTV.com, and SideReel.com. If you only watch specific TV show, you may consider investing in a device like the Apple TV. All of these methods will give you the option to cut your cable costs, and you’ll still be able to catch your favourite programs and shows.
Having a cell phone with a Wi-Fi connection lets you take full advantage of some of the most versatile apps available on the market. Download programs like Skype and Fring to talk to your family, friends, and colleagues without paying monthly bills for a home phone. These apps are especially useful when you need to make long-distance or international calls, which are too expensive on average phone plans. You can also consider a home phone replacement like MagicJack to reduce your expenses.
If you drink bottled water and cannot fathom the idea of drinking tap water, then there are some great water filtration devices available on the market. Fill up your portable water bottle with the filtered water before leaving home so that you never have to buy bottled water. Keep portable filtration systems with you when on the road to further cut costs. You may also consider purchasing a water bottle that is also a filter, such as the Lifesaver Bottle from LifesaverSystems.com.
Keep your eyes open for deals on items you purchase often, and buy in bulk if there are coupons or other deals. Bulk buying will save you money and time; you won’t have to worry about shopping every other day for common household items and you reduce gas costs. Imagine buying your favourite sauce that costs $5, but when purchased in a six pack it is only $4.50; you end up saving $7.50 — now that’s a deal! Also, plan your meals ahead and make a grocery list so you are not buying unnecessary items that will sit in your pantry and eventually go stale or expire.
Not all shopping has to be done in person at the store; you can also consider shopping online, especially if there’s free shipping available. Online shopping in 2012 is more consumer-oriented than ever before, with newer offers popping up all the time. Use websites like RetailMeNot.com, FatWallet.com, and CouponCodes.com to find the latest deals. Seasonal shopping is also a good idea — save money by buying items only when they are on sale.
Go green and install energy efficient lighting. Changing your bulbs and light fixtures will reduce your electricity bill and increase your overall savings. Using solar energy to charge some of your devices at home is another fantastic option. If heating and cooling bills are taking a toll on you, install a thermostat to save energy and minimise the charges.
Not all fashionable and trendy purchases have to be new. Thrift stores are great places to find hidden treasures for less than half the price of regular clothes. Use websites like TheThriftShopper.com and ResaleShopping.com to discover new thrift shops in your locality.
Start with one or two of these ways to immediately begin saving money today! Once you have established a couple of methods as a regular practice in your daily life, select a few more and make them consistent as well. When you implement these different methods in a progressive, habitual manner, you will be more likely to permanently reduce your expenses.
99 Essential Money Saving Tips – MoneyChoices.com.au
12 Money Saving Tips for The Year 2012 – InvestInternals.com
Money-saving tips for 2012 – Guardian.co.uk