ccloh -- Patience Market Zone

Market Summary -- 10th Feb 12

2012-02-10T17:41:00.000+08:00

FTSE STI closed 2,960.00, down 21.17 points or -0.71% with a total volume of 3.43b and a total value of S$1.82b. Total number of advance vs decline was 225 vs 393. Of the 30 component index stocks, 6 closed positive, 21 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. F&N +0.090

2. HKLand US$ +0.020

3. SPH +0.020

4. SingTel +0.010

5. ComfortDelGro +0.005

5. NobleGrp +0.005

The top 5 loser component stocks were :-

1. JMH 400US$ -1.270

2. JSH 500US$ -0.780

3. Jardine C&C -0.300

4. CityDev -0.180

5. SIA -0.140

US markets continued advanced yesterday night as news of Greece agreed to EU/IMF's condition to secure the bailout funds. However, after market closed, EU announced that EU leaders want to see Greece implements those austerity measures as law then they are willing to give out the bailout funds to Greece. News of that together with China export and import fell for January weighed on Asian bourses. Nikkei closed -0.61%, SSE +0.10% and HSI -1.08%. STI failing to touch 3,000 level again fell 0.71% with only 6 of the 30 index stocks registered positive closing.

For Greece case it is a "it so near and yet so far away" whether they can get bailout funds or default in March. Either case can happen and either case might not be good for financial sector in the short-term. Should Greece manages to get the bailout funds, next target could be switch to Portugal and Greece already in deep recession even with the bailout funds it cannot guarantee they will not need the 3rd next year. Should Greece get default, financial sector will have short-term credit crunch even though central bankers are standing by to help out. Banks will have to write-off the Greece debt should it default and selling assets to recoup the capital. The easier way to selling assets is none other than stock markets hence making short-term stock markets on the selling side. However, should Greece default in the long term, it will be good for both Greece and EU.

Today DBS, the first of the 3 banks to announce full year earning and it managed to beat expectation but investors are at the moment more occupied with the EU debt issue. European bourses all opened in the negative in reaction to EU's action on Greece.

Stock markets might be pulling back short-term but should not be over pessimistic that a deep correction will be coming the way. Short-term investors need to be cautious now.

Corporate Result -- Jan/Feb 12

2012-02-10T07:54:00.000+08:00

1. SPH -- 10th Jan 2012
2. SGX -- 16th Jan 2012
3. M1 -- 16th Jan 2012
4. K-Green -- 17th Jan 2012
5. K-Reit -- 17th Jan 2012
6. A-Reit -- 17th Jan 2012
7. CapitaMall Trust -- 18th Jan 2012
8. Cache Logistic Trust -- 18th Jan 2012
9. FraserCT -- 18th Jan 2012
10. Kep T&T -- 18th Jan 2012
11. AscottReit -- 19th Jan 2012
12. Mapletreelog -- 19th Jan 2012
13. Kepland -- 19th Jan 2012
14. FSL Trust -- 19th Jan 2012
15. SuntecReit -- 19th Jan 2012
16. CapitaComm Trust -- 20th Jan 2012
17. KepCorp -- 26th Jan 2012
18. MapletreeInd -- 26th Jan 2012
19. A-iTrust -- 26th Jan 2012
20. First Reit -- 26th Jan 2012
21. Plife -- 27th Jan 2012
22. CapitaRChina -- 27th Jan 2012
23. TigerAir -- 30th Jan 2012
24. CDL HTrust -- 30th Jan 2012
25. Starhill Global -- 30th Jan 2012
26. SingPost -- 30th Jan 2012
27. MapletreeCom -- 31st Jan 2012
28. SMRT -- 31st Jan 2012
29. Cambridge Industrial Trust -- 31st Jan 2012
30. SIA Engg -- 31st Jan 2012
31. FraserCom Trust -- 1st Feb 2012
32. StarHub -- 2nd Feb 2012
33. SIA -- 2nd Feb 2012
34. SATS -- 7th Feb 2012
35. Biosensors -- 8th Feb 2012
36. CitySpring -- 9th Feb 2012
37. DBS -- 10th Feb 2012
38. SingTel -- 10th Feb 202
39. CapMallsAsia -- 10th Feb 2012
40. Great Eastern -- 14th Feb 2012
41. Olam -- 14th Feb 2012
42. ComfortDelGro -- 14th Feb 2012
43. GLP -- 14th Feb 2012
44. Capitaland -- 22nd Feb 2012
45. ST Engg -- 15th Feb 2012
46. NOL -- 16th Feb 2012
47. OCBC -- 20th Feb 2012
48. Cosco -- 22nd Feb 2012
49. Wilmar -- 22nd Feb 2012
50. Genting SP -- 19th Feb 2012
51. SembMar -- 23rd Feb 2012
52. Yanzijiang -- 23rd Feb 2012
53. Hyflux -- 24th Feb 2012
54. UOB -- 25th Feb 2012
55. Yanlord -- 25th Feb 2012
56. GoldenAgr -- 25th Feb 2012
57. SembCorp -- 27th Feb 2012
58. NobleGrp -- 28th Feb 2012
59. IndoAgri -- 29th Feb 2012
60. CityDev -- 29th Feb 2012

Market Daily -- 10th Feb 12

2012-02-10T07:50:00.022+08:00

26. CapitaMalls Asia 4Q Net Profit S$205.4 Million Vs S$144 Million

25. Pacific Andes Fair Value Raised To S$0.317 From S$0.263 By OCBC

24. Tiong Woon Target Raised To S$0.275 From S$0.19 By DMG

23. Broadway Industrial Target Raised To S$0.48 From S$0.30 By DMG

22. Armstrong Industrial Target Raised To S$0.37 From S$0.195 By DMG

21. Adampak Target Raised To S$0.36 From S$0.31 By DMG

20. Hiap Seng Target Cut To S$0.28 From S$0.31 By DBS Vickers

19. Sembcorp Industries Target Raised To S$5.80 From S$4.20 - Nomura

18. Sembcorp Marine Target Raised To S$6.08 From S$4.50 - Nomura

17. Fraser & Neave Target Raised To S$7.32 From S$7.06 By Deutsche Bank

16. DBS Group CEO: Not Seeing Any Headwinds In Terms Of Asset Quality
DBS Group CEO: Expect Loan Growth In Low Teens In 2012
DBS CEO: Not Interested In Aircraft, Shipping Loan Books Of Troubled European Banks

15. Fitch's Stringer: Have Some Concerns About Portugal's Ability To Make Necessary Adjustments
Fitch's Stringer: Portugal Faces Very Serious Recession This Year
Fitch's Stringer: Still Don't Anticipate Second Portuguese Bailout
Fitch's Stringer: Spain Could See More Rapid Stabilization Of Rating Outlook If Gets Deficit Under Control
Fitch's Stringer: Spain Getting Deficit Under Control Is 'Big If' Because Of Growth Prospects

14. Parkson Retail Asia Target Raised To S$1.80 From S$1.50 By CIMB

13. Ezion Target Raised To S$0.98 From S$0.84 By CIMB

12. Mermaid Maritime Target Raised To S$0.44 From S$0.32 By CIMB

11. Sembcorp Industries Target Raised To S$6.71 From S$4.65 By CIMB

10. Keppel Corp Target Raised To S$13.70 From S$10.20 By CIMB

9. Fraser & Neave Target Raised To S$6.75 From S$6.61 By CIMB

8. Indofood Agri Resources Target Raised To S$1.80 Vs S$1.53 By CIMB

7. Golden Agri-Resources Target Raised To S$0.81 From S$0.74 By CIMB

6. Wilmar Target Raised To S$6.20 From S$5.60 By CIMB

5. Fitch's Stringer: France Still Has Capacity To Remain Triple-A
Fitch's Stringer: Likely Won't Resolve Negative Outlook On France Till Next Year At Earliest
Fitch's Stringer: Feel ECB Could Buy More Bonds In Secondary Market
Fitch's Stringer: Expect Some Move Toward Mutualization Of Euro-Zone Debt

4. Fitch's Colquhoun: Euro Zone May Have Done Enough To Ward Off Credit Crunch Risk

3. Fraser and Neave Target Cut To S$7.05 From S$7.18 By Kim Eng

2. DBS Group 4Q Net S$731M Vs Net S$678M; Expected S$692.6M
DBS Group 4Q Net Interest Income S$1.29B Vs S$1.11B
DBS Group 4Q Noninterest Income S$626M Vs S$623M
DBS Group 4Q Expenses S$885M Vs S$780M
DBS Group 4Q Nonperforming Loan Ratio 1.3% Vs 1.3% In 3Q
DBS Group 4Q Net Interest Margin 1.73% Vs 1.73% In 3Q

1. The Dow Jones industrial average .DJI was up 6.51 points, or 0.05 percent, at 12,890.46. The Standard & Poor's 500 Index .SPX was up 1.99 points, or 0.15 percent, at 1,351.95. The Nasdaq Composite Index .IXIC was up 11.37 points, or 0.39 percent, at 2,927.23

List of STI Index Component With Golden Cross

2012-02-10T07:45:00.009+08:00

Another STI component index stock get the golden cross ( 50d EMA cut up 200d EMA ) and that is GLP making now a total of 13/30 of them have golden cross. Wilmar could be the next.

STI Index Component	Golden Cross
Capitaland	No
CapitaMall Trust	No
CapMallsAsia	No
CityDev	No
CommfortDelGro	Yes
DBS	No
F&N	Yes
Genting SP	No
GLP	Yes
GoldenAgr	Yes
HKLand US$	No
Jardine C&C	Yes
JMH 400US$	Yes
JSH 500US$	Yes
KepCorp	Yes
NobleGrp	No
NOL	No
OCBC	No
Olam	No
SembCorp	Yes
SembMar	Yes
SGX	No
SIA	No
SIA Engg	No
SingTel	Yes
SPH	Yes
StarHub	Yes
ST Engg	No
UOB	No
Wilmar	No

Market Summary -- 9th Feb 12

2012-02-09T17:32:00.001+08:00

FTSE STI closed 2,981.17, down 1.03 points or -0.03% with a total volume of 3.55b and a total value of S$2.25b. Total number of advance vs decline was 313 vs 283. Of the 30 component index stocks, 13 closed positive, 14 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. HKLand US$ +0.210

2. OCBC +0.130

3. CityDev +0.100

4. Capitaland +0.100

5. SGX +0.050

5. SIA +0.050

The top 5 loser component stocks were :-

1. Jardine C&C -1.690

2. JMH 400US$ -0.450

3. JSH 500US$ -0.410

4. F&N -0.160

5. SembMar -0.100

US markets closed positive yesterday night as investors shrugged off Greece debt issue with Nasdaq climbing to 11 year high. Asian bourses were however mixed after China reported January CPI higher than expected. Nikkei closed -0.15%, SSE +0.09% and HSI -0.04%. STI opened in the negative, raced back to positive within 7 points of the 3,000 level but soon lose strength and closed -0.03% in another heavy volume day of more than 3 billion. Only 13 of the 30 index stocks managed to register positive closing.

Despite the positive performance from US and possible resolution of Greece able to secure the bailout funds which caused European bourses to be positive at the moment, STI appeared to be over stressed and look ready to pull back anytime. Cautious is the word now and should Greece able to secure the bailout funds that is not something to really big cheer about. Greece with high unemployment rate and in deep recession and in order to obtain the bailout funds, it has to comply with the strict austerity measures and that will practically killing off any chance of Greece economy from rebound within the next 2 years.

Remember never be over optimistic or pessimistic.

Market Daily -- 9th Feb 12

2012-02-09T07:50:00.007+08:00

8. Overseas Union Enterprise Target Raised To S$2.76 From S$2.45 By CIMB

7. Dukang Distillers Started At Buy, Target S$0.51 By UOB KayHian

6. Suntec REIT Target Raised To S$1.30 From S$1.04 By CIMB

5. CapitaLand Target Raised To S$3.34 From S$2.56 By CIMB

4. Raffles Education Target Cut To S$0.65 From S$0.80 By Kim Eng

3. World Precision Machinery Target Cut To S$0.81 From S$1.09 By UOB-KH

2. Noble Group Appoints Jose Luiz Glaser CEO Of Noble Agri Unit

1. The Dow Jones industrial average was up 5.75 points, or 0.04 percent, at 12,883.95. The Standard & Poor's 500 Index was up 2.91 points, or 0.22 percent, at 1,349.96. The Nasdaq Composite Index was up 11.78 points, or 0.41 percent, at 2,915.86

Market Summary -- 8th Feb 12

2012-02-08T17:34:00.000+08:00

FTSE STI closed 2,982.20, up 24.42 points or +0.83% with a total volume of 3.60b and a total value of S$2.15b. Total number of advance vs decline was 469 vs 142. Of the 30 component index stocks, 22 closed positive, 7 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. CityDev +0.340

2. SGX +0.190

3. KepCorp +0.160

4. JSH 500US$ +0.150

5. CapMallsAsia +0.135

The top 5 loser component stocks were :-

1. JMH 400US$ -0.780

2. F&N -0.050

3. SingTel -0.030

4. SIA Engg -0.020

5. GLP -0.020

US markets managed to recover from earlier loss and closed positive on average of +0.10% as investors brushed off news of Greece. Asian bourses taking the cue with investors came back to bargain hunt and closing positive. Nikkei closed +1.10%, SSE +2.43% and HSI +1.54%. STI continued the advance from yesterday and closed +0.83% in another heavy volume day of 3.6b and total value also hitting above the S$2b market. 22 of the 30 index stocks managed to register positive closing.

No news mean good news, that was the current situation on Greece ( no confirmation of default or it manage to secure the second bailout funds ). Investors afraid of missing the run up came in bargain hunt and for those who shorted a sense of panic short-covering also. While it is too early to conclude the momentum can continue some more, do put a cautious in March when Greece could possible face default.

STI with yesterday closing has another 2 more index stocks forming golden cross ( SembMar and SembCorp ) and that bring it total number to 12/30 index stocks with golden cross currently. This figure should not be ignored as they will be forming the support for STI. Might have another component stock GLP forming golden cross too.

List of STI Index Component With Golden Cross

2012-02-08T08:10:00.004+08:00

As of closing on 7th Feb 2012, 2 more STI index stocks, SembMar and SembCorp both did a golden cross and that made 12/30 STI index stocks having the golden cross already. Golden cross is whereby 50d EMA cut up 200d EMA and is bullish in nature.

STI Index Component	Golden Cross
Capitaland	No
CapitaMall Trust	No
CapMallsAsia	No
CityDev	No
CommfortDelGro	Yes
DBS	No
F&N	Yes
Genting SP	No
GLP	No
GoldenAgr	Yes
HKLand US$	No
Jardine C&C	Yes
JMH 400US$	Yes
JSH 500US$	Yes
KepCorp	Yes
NobleGrp	No
NOL	No
OCBC	No
Olam	No
SembCorp	Yes
SembMar	Yes
SGX	No
SIA	No
SIA Engg	No
SingTel	Yes
SPH	Yes
StarHub	Yes
ST Engg	No
UOB	No
Wilmar	No

Market Daily -- 8th Feb 12

2012-02-08T07:50:00.009+08:00

12. First Resources Started At Buy, Target S$2.30 By BoA-ML

11. IFC, GIC In Talks To Set Up US$1 Bln Infrastructure Fund - Sources
IFC, GIC Hope To Firm Up Plan On Infrastructure Fund By Mid-2012 - Sources

10 Bharti Airtel 3Q Revenue INR184.77 Bln
Bharti Airtel 3Q Net Profit INR10.11 Bln, Down 22% On Year
Analysts Expected Bharti Airtel 3Q Net Profit At INR13.62 Bln
Bharti: 3Q India, South Asia Revenue INR131.63 Bln, Up 12% On Year
Bharti: 3Q Africa Revenue $1.06 Bln, Up 16% On Year
Bharti: 3Q Ebitda Margin 32.2% Vs 31.7% Year Ago
Bharti: 3Q India Wireless Average Revenue Per User INR187 Vs INR183 In 2Q
Bharti: 3Q India Minutes Of Use 419 Vs 423 In 2Q
Bharti: 3Q Africa Average Revenue Per User $7.1 Vs $7.3 In 2Q
Bharti: 3Q Africa Minutes Per User 125 Vs 128 In 2Q
Bharti: 3Q Ebitda INR59.58 Bln, Up 19% On Year
Bharti: 3Q Tax Expense INR5.59 Bln Vs INR3.37 Bln
Bharti: 3Q Total Costs INR161.34 Bln Vs INR134.85 Bln

9. Singapore SATS Target Cut To S$2.90 From S$3.16 By Nomura

8. Singapore Chemoil Energy +29.4% At S$0.33 After Glencore Ups Stake

7. CSE Global Fair Value Cut To S$0.80 From S$1.06 By OCBC

6. OSIM International Fair Value Cut To S$1.35 From S$1.37 By OCBC

5. SATS Target Raised To S$2.34 From S$2.20 By UOB KayHian

4. CapitaMalls Asia Started At Buy, Target S$1.920 By Kim Eng

3. SembCorp Marine Target Raised To S$5.50 From S$3.81 By Daiwa

2. Sembcorp Industries Target Raised To S$5.42 From S$4.22-Daiwa

1. The Dow Jones industrial average .DJI was up 33.07 points, or 0.26 percent, at 12,878.20. The Standard & Poor's 500 Index .SPX was up 2.72 points, or 0.20 percent, at 1,347.05. The Nasdaq Composite Index .IXIC was up 2.09 points, or 0.07 percent, at 2,904.08

Market Summary -- 7th Feb 12

2012-02-07T17:33:00.000+08:00

FTSE STI closed 2,956.99, up 16.89 points or +0.57% with a total volume of 2.79b and a total value of S$1.59b. Total number of advance vs decline was 313 vs 234. Of the 30 component index stocks, 22 closed positive, 5 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +0.330

2. JSH 500US$ +0.320

3. CityDev +0.220

4. SGX +0.130

5. SIA +0.100

The 5 loser component stocks were :-

1. Jardine C&C -0.210

2. NOL -0.025

3. KepCorp -0.020

4. F&N -0.010

5. ComfortDelGro -0.005

US markets closed in the red yesterday night with average drop of at least 0.10% as events in Europe regarding Greece debt weighed on investors. Asian bourses mostly fell for the day with Nikkei closed -0.13%, SSE -1.68% after IMF warned of China growth could halve should EU crisis blow up and HSI -0.05%. STI bucked the trend among regional bourses with a +0.57% gain with 22 of the 30 index stocks registered positive closing.

A point to note was that STI total daily volume has shrank for the day dropping to less than 3 billion as compared to past days. This has to be cautious especially for those penny stocks without fundamental as past days have been speculated up. The issue of Greece missing the deadline to secure the second bailout fund has hogged the headline lately and should Greece fails to get the bailout out it will default in March. The possibility of that happening is there and do not rule out. Another possibility of Greece being kicked out of Euro also there and investors must keep that option open. Short-term wise should Greece default and kicked out of Euro, this will cause financial credit crunch but global Central Bankers are prepared for such a scenario to happen and ready to launch out stimulus program to provide the liquidity. Bigger picture wise, Greece default/kick out of Euro is good for Greece ( whereby it could start afresh and restructure its economy ) and Euro nations as a whole ( as they could then concentrate of the fire power to protect Italy and Spain, those 2 countries should they enter Greece case of default is much more fatal and cause systemic failure around the world ).

Knee-jerk reaction might have should Greece default but should present a good buying opportunity when markets pull back due to that. Markets indeed need a healthy pull back to consolidate before moving higher and Greece default could be the catalyst to trigger the necessary pull back.

As of STI, SembMar and SembCorp are posed to form golden cross and should it succeed this will bring the total number of component stocks with golden cross from 10 to 12 and providing the support for STI index.

Will Greece Default ???

2012-02-07T14:09:00.000+08:00

EU debt issue development lately has pointed to a possibility of Greece default in March when it failed to meet the deadline set by EU and IMF to implement strict austerity rules in order to get the second bailout funds. Like one of the analysis last month whereby I pointed out should leave the option of Greece default and also possibility of being kicked out of Euro and that option remains status quo.

Is Greece default good or bad ? It depends on time frame. In a longer time frame Greece default and even being booted out of Euro is nevertheless a piece of good news for both Greece itself and Euro nations. A defaulted Greece and out of Euro, Greece will be able to start afresh to rebuild its economy while Euro nations can concentrate the fire power in building firewalls around Italy and Spain to prevent a default case like Greece. The outcome of Greece default and Italy/Spain default without any doubt will have different impact to global economy with the later case being more fatal and systemic. In shorter time frame, yes Greece default is bad news as global financial sector will face with credit crunch issue. However, also note that various Central Banks ( namely Fed, ECB, BOE, BOJ, etc ) all standing by stimulus or measures to counter the effect of Greece default.

Global stock markets might have knee-jerk reaction in reacting to Greece default ( should it ) but that should not consider as bad. Investors might probably want to take that selling down as an opportunity to accumulate.

As a whole, do not rule out of the probability of Greece default and being kicked out of Euro and if it does occur, shall not be alarmed or shocked by it.

Market Daily -- 7th Feb 12

2012-02-07T07:50:00.012+08:00

16. Singapore Jan Foreign Exchange Reserves $245.49B Vs $237.74B Dec

15. Chemoil Energy: Glencore Unit To Raise Stake In Chemoil Energy To 89.0% From 51.5%

14. UBS In Process Of Laying Off 35 Staff In Asia Pacific Region -Sources >UBS
UBS Jobs Cuts Include Singapore, HK IT Staff, HK Research Analysts - Sources >UBS

13. MMI International Plans To Sell US$300 Mln In 2017 Bonds - Source

12. SembMarine Target Raised To S$5.85 From S$4.49 By CLSA

11. Macquarie International Infrastructure Fund Target Started At S$0.655 By AmFraser

10. SembMarine Target Raised To S$5.75 From S$4.60 By DBS Vickers

9. SembMarine Target Raised To S$6.14 From S$5.25 By DMG & Partners

8. Sheng Siong Group Started At Outperform, Target S$0.51 By CIMB

7. Valuetronics Holdings Fair Value Raised To S$0.31 From S$0.29 By OCBC

6. Noble Group Fair Value Raised To S$1.46 From S$1.02 By OCBC

5. Neptune Orient Lines Target Raised To S$1.35 From S$1.10 By Kim Eng

4. SembCorp Marine Target Raised To S$5.58 From S$4.95 By Kim Eng

3. Sakari Resources Target Raised To S$2.50 From S$2.30 By Credit Suisse

2. Ascendas REIT: To Acquire Singapore Science Park Assets For S$183 Mln

1. The Dow Jones industrial average was down 17.10 points, or 0.13 percent, at 12,845.13. The Standard & Poor's 500 Index was down 0.57 points, or 0.04 percent, at 1,344.33. The Nasdaq Composite Index was down 3.67 points, or 0.13 percent, at 2,901.99

Market Summary -- 6th Feb 12

2012-02-06T17:38:00.000+08:00

FTSE STI closed 2,940.10, up 22.15 points or +0.76% with a total volume of 3.56b and a total value of S$1.99b. Total number of advance vs decline was 419 vs 155. Of the 30 component index stocks, 22 closed positive, 5 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +1.270

2. SGX +0.220

3. SIA +0.190

4. SembCorp +0.160

5. JSH 500US$ +0.150

5. KepCorp +0.150

The 5 loser component stocks were :-

1. Jardine C&C -0.430

2. SingTel -0.040

3. OCBC -0.040

4. F&N -0.010

5. NOL -0.005

US markets closed at least +1.2% last Friday after a better than expected unemployment data of 8.3% vs 8.5%. Asian bourses opened in the positive but closed mixed with Nikkei +1.10%, SSE +0.03% and HSI -0.23%. STI closed +0.76% in another heavy volume of 3.56b with total value coming close to S$2b. Of the 30 index stocks, 22 registered positive closing.

While markets cheered the better than expected US job data but to be realistic, shall not be over optimistic as the underlying true is US still have much to do to recover those jobs lost during the 2008 crisis. The President and the lawmakers will have to maintain current recovery momentum and at the time put in more efforts to create more jobs.

In the EU side, the Greece debt issue and 2nd bailout still getting not resolve with the deadline getting closer and there are talk that Greece might get default. The outcome of Greece default should be not something surprising as it has been expected since last year. However, market might having knee-jerk reaction should such incident occur and this might pose as a buying on dip opportunity. Do note that Greece default ( and possible kicks out of Euro ) is good for EU and Greece in the long run.

Market Daily -- 6th Feb 12

2012-02-06T07:50:00.014+08:00

16. Frasers Commercial Trust Target Raised To S$0.92 Vs S$0.86 By UOB-KH

15. DBS CEO:Expect Greater China Operations To Exceed 30% Of Total Revenue Shortly
DBS CEO: Always Open To M&A Opportunities

14. Qingmei Group Started At Buy, Target S$0.241 By CIMB

13. Swiber Holdings Target Raised To S$0.94 From S$0.90 By CIMB

12. Sembcorp Marine Target Raised To S$6.28 from S$3.30 By CIMB

11. Overseas Union Enterprise Target Raised To S$2.60 From S$2.00 By JPMorgan

10. K-REIT Asia Target Raised To S$0.85 From S$0.80 By JPMorgan

9. Sembcorp Marine Target Raised 11% To S$6.00 By Macquarie

8. Sembcorp Industries Target Raised 7% To S$5.80 By Macquarie

7. Keppel Corp Target Raised 7% To S$12.00 By Macquarie

6. Sun Hung Kai Properties Seeks To Raise $300M Via 10-Year Bond - Term Sheet
Sun Hung Kai Properties Seeks To Price 10-Year Bond At About Tsy +280 BPs -Term Sheet

5. Biosensors Intl Started At Outperform, Target S$1.98 By CIMB

4. STX OSV Started At Buy, S$1.65 Fair Value By OCBC

3. Swiber Holdings: Secured US$216 Mln In Construction, Services Contracts
Swiber: JV Secured US$38 Mln Of Vessel Chartering Services In Middle East

2. Sembcorp Marine: Secures US$792.5 Mln Drillship Contract From Sete Brasil

1. The Dow Jones industrial average .DJI gained 156.82 points, or 1.23 percent, to 12,862.23. The Standard & Poor's 500 Index .SPX rose 19.36 points, or 1.46 percent, to 1,344.90. The Nasdaq Composite Index .IXIC added 45.98 points, or 1.61 percent, to 2,905.66

Market Summary -- 3rd Feb 12

2012-02-03T17:37:00.001+08:00

FTSE STI closed 2,917.95, up 16.91 points or +0.58% with a total volume of 3.92b and a total value of S$1.69b. Total number of advance vs decline was 333 vs 188. Of the 30 component index stocks, 22 closed positive, 6 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. OCBC +0.180

2. Jardine C&C +0.170

3. CityDev +0.160

4. UOB +0.110

5. JMH 400US$ +0.100

The top 5 loser component stocks were :-

1. SIA -0.390

2. F&N -0.070

3. SembMar -0.040

4. SembCorp -0.040

5. NOL -0.020

US markets closed mixed yesterday night with DJ slight negative and S&P500 and Nasdaq positive after jobless claims fell more than expected. Asian bourses were mixed for the day with Nikkei closed -0.51%, SSE +0.77% and HSI +0.08%. STI in another heavy volume day of almost 4 billion rose 0.58% with 22 of the 30 index stocks registered positive closing.

Investors will be looking at tonight US employment situation. Do note that the employment data at the moment could be having minimum impact to the market regardless good or bad. The situation has developed into should be number be a negative one this will put pressure on the Presidential candidate to put creating jobs as their top agenda for end of the year election after US Fed has stressed that its priority is inflation rather than creating jobs. With that whoever win the President will have to endorse on what he has promised during the election campaign. Should the job data to be positive this further enhances the fact that US jobs market is improving and not slowing down which could drag US economy back to recession. The employment figure has more or less become a win-win situation for the stock markets.

From the Europe side, Greece is trying to close the debt swap deal and secure the 2nd bailout fund and Germany leader's visit to China has seen Chinese leader pledging support for the support of the EFSF which is a positive sign for the EU to resolve their crisis.

STI at the moment is trying to break 2,920 resistance level. With such heavy volume pass days, it will not be surprised it is able to break. Do watch out for more golden cross formation of the index stocks which currently stands at 10 out of 30.

As again, do not maintain overly optimistic or pessimistic to current market. Now it is bias towards cautiously optimistic.

Market Daily -- 3rd Feb 12

2012-02-03T08:00:00.007+08:00

7. A-REIT: Priced S$200M 10-Year Note At 4.00% Coupon

6. World Precision Target Raised To S$0.68 From S$0.52 By DBS Vickers

5. SembCorp Marine Target Raised To S$5.90 From S$4.76 By Citigroup

4. Temasek To Meet Bondholders In Non-Deal Roadshows In Late Feb - Sources
Temasek Planning Roadshows In Tokyo, Middle East, South Africa - Sources
Temasek Chooses BofA Merrill, Goldman, StanChart To Conduct Roadshows - Sources
Temasek To Meet Bondholders In Non-Deal Roadshows In Late Feb - Sources

3. Total Access Communication's Singapore Shares Up 42.9% At S$3.00

2. Keppel Corp: Raised Limit Of Multicurrency Medium-Term Note Program To US$1.2 Bln

1. The Dow Jones industrial average .DJI dropped 11.05 points, or 0.09 percent, to 12,705.41. The Standard & Poor's 500 Index .SPX gained 1.45 points, or 0.11 percent, to 1,325.54. The Nasdaq Composite Index .IXIC rose 11.41 points, or 0.40 percent, to 2,859.6

Market Summary -- 2nd Feb 12

2012-02-02T17:32:00.000+08:00

FTSE STI closed 2,901.01, down 3.72 points or -0.13% with a total volume of 3.33b and a total value of S$1.91b. Total number of advance vs decline was 463 vs 141. Of the 30 component index stocks, 15 closed positive, 13 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. SGX +0.170

2. Wilmar +0.120

3. JMH 400US$ +0.090

4. NOL +0.085

5. Jardine C&C +0.070

The top 5 loser component stocks were :-

1. DBS -0.170

2. JSH 500US$ -0.140

3. KepCorp -0.120

4. HKLand US$ -0.100

5. OCBC -0.060

US markets rose at least 0.6% yesterday night after better than expected industrial data offsetting a lesser than expected private sector hiring. Asian bourses opened higher taking the cue but closed mixed for the day. Nikkei closed +0.76%, SSE +1.96% and HSI +2.00%. STI maintained at positive region throughout the day only when closing fell 0.13% as tracking weakness in European bourses in another heavy volume day of more than 3 billion. 15 of the 30 index stocks registered positive closing as blue chips were in consolidation and range bound while attention shifted to penny and laggard stocks hence producing heavy daily volume.

Investors will be looking at tonight US jobless claims and tomorrow night unemployment data. This employment situation in US has entered into such a scenario that regardless good or bad data, will have positive impact. Should the employment situation is not as expected and given this year is Presidential Election, focus will be creating jobs by the Presidential candidates which eventually will one way or another manage to create some jobs. On the other hand, should the data to be continue on the positive side, this indicating US job market is slowly recovering.

Watch the daily volume, should be shrink, prepare to exit penny and laggard stocks and shift attention back to blue chips.

Market Daily -- 2nd Feb 12

2012-02-02T08:00:00.004+08:00

5. Broadway Industrial Target Raised To S$0.44 From S$0.35 By DBS Vickers

4. Cambridge Industrial Trust Target Raised To S$0.605 From S$0.595 By DMG

3. Venture Corp Target Raised To S$7.10 From S$6.70 By UBS

2. Indofood Agri Resources Target Raised To S$1.63 From S$1.40 By CS

1. The Dow Jones industrial average .DJI gained 83.55 points, or 0.66 percent, to 12,716.46. The Standard & Poor's 500 Index .SPX rose 11.67 points, or 0.89 percent, to 1,324.08. The Nasdaq Composite Index .IXIC climbed 34.43 points, or 1.22 percent, to 2,848.27

Market Summary -- 1st Feb 12

2012-02-01T17:34:00.000+08:00

FTSE STI closed 2,904.76, down 1.93 points or -0.07% with a total volume of 3.70b and a total value of S$1.39b. Total number of advance vs decline was 263 vs 279. Of the 30 component index stocks, 14 closed positive, 15 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +0.410

2. JSH 500US$ +0.190

3. Wilmar +0.100

4. CityDev +0.070

5. SIA Engg +0.070

The top 5 loser component stocks were :-

1. Jardine C&C -0.370

2. KepCorp -0.240

3. SIA -0.140

4. F&N -0.060

5. SembCorp -0.050

US markets closed mixed yesterday in sea-saw day when initially opened in the positive but soon sank into the red after series of weak economic data but managed to ease the loss and with Nasdaq closed positive while DJ and S&P500 in the red. A swing of 1% between positive and negative. Asian bourses were practically flattish after yesterday window dressing. Nikkei closed +0.08%, SSE -1.07% after reporting a strong Dec PMI data which investors read it as Chinese Government will not ease monetary policy so soon and HSI -0.28%. STI at one point drop almost 1% but with European bourses opened positive managed to ease the loss to just -0.07% in another heavy volume day of more than 3 billion. However, total value of the day was only S$1.39b indicating lot of penny play in action that churn out the high volume.

STI blue chips after strong rally in January, hitting overbought level probably pulling back in short-term for consolidation and attention switching to the penny or laggard stocks. What is important now is after penny and laggard play will the attention switch back to blue chips ? If so, the January rally will be sustainable. Another point to note is that as of 31st Jan 2012, of the 30 STI component stocks, 10 of those have a golden cross sign ( 50d EMA cut up to 200d EMA ) and that is bullish in nature for those 10 stocks which at the moment is support the STI value.

Outside of Singapore, EU debt development will be closely monitor as in how Greece debt swap resolve and US economic data in particular this Friday the unemployment situation. Earning season should end after February and that is a period whereby fund managers will be adjusting their portfolio thereby causing market to consolidate and range bound.

List of STI Index Component With Golden Cross

2012-02-01T14:07:00.001+08:00

As of 31st Jan 2012 when STI closed 2,906.69, the following is the list of STI index component on whether they displayed the golden cross signal. Golden cross in this case is the 50d EMA cut up of the 200d EMA.

STI Index Component	Golden Cross
Capitaland	No
CapitaMall Trust	No
CapMallsAsia	No
CityDev	No
CommfortDelGro	Yes
DBS	No
F&N	Yes
Genting SP	No
GLP	No
GoldenAgr	Yes
HKLand US$	No
Jardine C&C	Yes
JMH 400US$	Yes
JSH 500US$	Yes
KepCorp	Yes
NobleGrp	No
NOL	No
OCBC	No
Olam	No
SembCorp	No
SembMar	No
SGX	No
SIA	No
SIA Engg	No
SingTel	Yes
SPH	Yes
StarHub	Yes
ST Engg	No
UOB	No
Wilmar	No

10 out of 30 STI index component have golden cross sign.

Market Analysis -- 1st Feb 12

2012-02-01T10:21:00.000+08:00

Global stock markets started the year 2012 very positively ending the month of the year with a gain, STI up 9.84% due to mainly of optimism. To be realistic, should be cautiously optimism rather than overly as the underlying issues that faced in 2011 ( EU debt crisis, US economy recovery in particular the high unemployment and slowing growth in Asian countries ) still persist. Though recent events and economic data have shown improvement as compared with last year, it is still too early to be overly optimistic.

STI since hitting a low of 2,521.95 on 5th Oct 2011, it has rebounded 15.26% when it closed at 2.,906.69 on 31st Jan 2012. Till now most still unsure of whether that level was the lowest but do not rule out of the possibility. From October 2011 onwards, US economic data showing sign of improving, unemployment rate also came down to 8.5%, EU produced some measures to resolve the debt issue ( though not a quick-fix but definitely in the correct direction and just a matter of time to get the full issue resolve ) and Asian countries also improving on their economic situation with improving economic data in particular China avoid a hard landing in the process. Asian countries also started to act to loosen monetary policies so as to spur economic growth. Underlying problems still not fully resolve but global leaders aware of the systemic risk that could bring should no action is taken and that has more or less prevented further downside to the global economy and that is probably the best way to judge whether market has hit the bottom in October 2011. Hence, do not rule out that possibility and maintain cautiously optimistic at the moment about the global economy.

With a sharp rebound since October 2011, global markets might have overshoot for the upside in the short-term and hence a very much needed pull back or correction is need so that markets can consolidate before heading higher or achieve a sustainable rally. Come February, earning season for Singapore companies will be coming to an end and that probably is the period for market to consolidate. In fact market consolidation has been a common sight after every earning season as fund managers adjust their portfolio according to the latest earning performance.

From a technical point of view, DJ achieved a golden cross when the 50d MA cut up to the 200d MA and that is a sign of bullish. STI so far does not have that luxury but at least 1/3 of its component index stocks already established such a pattern and these stocks include Jardine C&C, JMH, JSH, F&N, KepCorp, SingTel, SPH, ComfortDelGro, etc. Other stocks with strong fundamental that are not part of the index component do display such a pattern too.

For investors with a long-term view, with an option that last October was the bottom and maintain a cautiously optimistic view should embark on buying on dip or dollar-cost-average method targeting those strong fundamental stocks.

For investors with short-term view, it is a bit tricky as markets have rallied to a scenario that it is highly overbought and a pull back could be on the way and jumping in with short-term view could be get caught at the wrong end. Monitoring the pull back to see where the support will be and wait for opportunity to enter would be a wiser move.

As a whole, 1H2012 should not be rosy but optimism is for 2H2012 in which most believe will be good. Do monitor economic data and companies earning for 1H2012 closely and that will give us signal of what should be expected for 2H2012 ie is the optimism now justify ?

Market Daily -- 1st Feb 12

2012-02-01T08:00:00.013+08:00

13. Overseas Union Enterprise Prices S$300M 2017 Fixed Rate Note Issue

12. Silverlake Axis Started At Buy, Target S$0.49 By DMG

11. Tiger Airways Target Raised To S$0.73 From S$0.56 By DMG

10. CDL Hospitality Trusts Target Trimmed To S$1.42 From S$1.45 By Citi

9. Fortis Healthcare Unit Buys 85% Stake In RadLink-Asia Pte For S$62.9M

8. Hsieh Fu Hua Steps Down From Temasek Holdings Board - Spokesman

7. SMRT Target Cut To S$1.55 From S$1.77 By CIMB

6. CDL Hospitality Trusts Target Raised To S$1.90 From S$1.75 By CIMB

5. Genting Singapore Target Cut To S$1.89 From S$2.04 By UOB-KH

4. SMRT Target Cut To S$1.53 From S$1.67 By UOB KayHian

3. SIA Engineering Target Cut To S$3.30 From S$3.70 By UOB KayHian

2. CDL Hospitality Trusts Target Raised To S$1.85 From S$1.70 By UOB-KH

1. The Dow Jones industrial average .DJI dropped 20.81 points, or 0.16 percent, to 12,632.91. The Standard & Poor's 500 Index .SPX fell 0.61 points, or 0.05 percent, to 1,312.40. The Nasdaq Composite Index .IXIC gained 1.90 points, or 0.07 percent, to 2,813.84

Investment Portfolio

2012-01-31T19:14:00.000+08:00

Update of Investment Portfolio based on Capital and Quantity allocation after addition of CapMallsAsia bond

Investment & Trading Portfolio -- January 2012

2012-01-31T17:51:00.000+08:00

1. Bought CapMallsAsia 3.8% bond at IPO price for Investment Portfolio
2. Received K-Reit dividend of 2.45cents/share
3. Received CapitaMall Trust dividend of 1.28cents/share
4. Received MapletreeInd dividend of 2.16cents/share
5. Received First Reit dividend of 1.93cents/share

Stock	Holding Price*	Market Price	Unrealized Profit/Loss
Investment Portfolio
Cambridge Industrial Trust	$0.514	$0.51	-0.76%
CapitaMall Trust	$0.907	$1.71	+68.19%
First REIT	$0.439	$0.78	+54.69%
Genting	$0.531	$1.63	+206.07%
KepCorp	$6.65	$10.85	+56.26%
SIA	$9.965	$11.10	+9.18%
SingPost	$0.905	$0.975	+6.67%
MapletreeInd	$0.910	$1.12	+20.14%
SembMar	$2.874	$4.97	+60.58%
CapMallA3.8%b220112	$1.00	$1.009	+0.42%
Total Unrealized			+42.23%
Total Realized	**		0%
Cash	--	--	+4.16%
Total Portfolio	***		+44.63%
Trading Portfolio
Asia Fashion	$0.0624	$0.042	-33.18%
Swiber	$0.584	$0.600	+2.26%
CourageMarine	$0.189	$0.093	-48.22%
NOL	$1.734	$1.30	-24.93%
Yanlord	$1.407	$1.15	-20.04%
Yongnam	$0.266	$0.255	-4.18%
K-Reit	$0.960	$0.88	-8.03%
SC Global	$1.47	$1.05	-27.94%
CapMallsAsia	$1.592	$1.325	-17.07%
Total Unrealized			-20.38%
Total Realized	**		0%
Cash	--	--	+3.57%
Total Portfolio	***		-16.08%
STI	30/12/11 = 2646.35	31/1/12 = 2906.69	Change =+9.84%

* = [(Dividend received and/or capital reduction measures ) - initial injected capital] / quantity of stocks
** = Realized gain/loss in term of percentage with reference to trading capital
*** = total unrealized + cash + total realized

Market Summary -- 31st Jan 12

2012-01-31T17:32:00.000+08:00

FTSE STI closed 2,906.69, up 18.40 points or +0.64% with a total volume of 3.46b and a total value of S$1.96b. Total number of advance vs decline was 424 vs 149. Of the 30 component index stocks, 6 closed negative, 1 remained unchanged and 23 closed positive. The top 5 gainer component stocks were :-

1. Jardine C&C +1.560

2. JSH 500US$ +0.650

3. SembMar +0.220

4. KepCorp +0.150

5. UOB +0.140

The top 5 loser component stocks were :-

1. JMH 400US$ -0.200

2. HKLand US$ -0.110

3. F&N -0.100

4. CityDev -0.070

5. Wilmar -0.040

US markets closed negative yesterday night with average of -0.10% managed to rebound from low as concern of EU debt crisis and a weak personal spending data dented the sentiment. Asian bourses having fell yesterday coming to end of the month window dressing closing mostly positive. Nikkei closed +0.11%, SSE +0.33% and HSI +1.14%. STI most of the time stayed in the negative region but managed to rebound back to positive near the last hour of trading closing +0.64% in a very huge volume day of 3.46b as fund managers window dressing for the recent purchase. 23 of the 30 index stocks closed positive and a lot of penny stocks were having high volume as probably investors switching out of the blue chips after moving up so much for the month and moving up the penny.

The strong activity from the penny stocks could be due to punting which is short-lived or fundamental but the important is after strong interest in the penny stocks will the interest switch back to the blue chips ? If strong interest is to be switched back to blue chips, we can see further upside to the market.

In general global markets started off the first month of 2012 in a very positive way despite the ongoing issue of EU debt issue ( as again the outcome of the EU Summit yesterday presented nothing surprised ), the recovery of US economy in particular unemployment and the slowing down of Asia economy. Those problems might not be totally resolved but the worst could be well over with global stock markets hitting the bottom in last October. Do keep that option open and maintain possibility of that. Cautiously optimistic should be the way rather than overly optimistic or pessimistic.

Market Daily -- 31st Jan 12

2012-01-31T07:45:00.013+08:00

11. Mapletree Commercial Trust 3Q DPU 1.428 Singapore Cents

10. Pacific Andes Resources Target Cut To S$0.25 Vs S$0.34 - HSBC

9. Olam International Target Raised To S$2.60 From S$2.35 By DBS Vickers

8. Asean +3 Likely To Agree By May To Increase Emergency Fund - Official
Official: Countries Should At Least Double The Current US$120 Billion
Official: IMF Support Will Backstop Asian Fund Initially
Official: Doubling Asia Emergency Fund First Step, Not Sufficient

7. Tiger Airways Target Cut To S$0.55 From S$0.73 By Credit Suisse

6. Singapore 4Q Unemployment Rate 2.0%, Unchanged From 3Q
Singapore's Employed Increase By 36,300 In 4Q; 3,600 Made Redundant
Singapore 2011 Unemployment Rate 2.0%

5. Singapore MAS Chief: Economic, Financial Integration Helping Asian Economies
Singapore MAS Chief: Increased Connectedness Raises Potential For Contagion
Singapore MAS Chief: Enhanced IMF Resources Is In Asia's Interest
Singapore MAS Chief: Asia Won't Be Immune To Escalation In Euro Zone Sovereign Debt Crisis
Singapore MAS Chief: Well-Resourced IMF Can Reassure Markets, Damp Spillover Of Long Europe Slowdown
Singapore MAS Chief: Well-Resourced IMF Can Mitigate Risk Of Excessive Economic Contraction
Singapore MAS Chief: All Nations Need To Build Healthy Forex Reserves, Well-Capitalized Banks

4. Singapore December Bank Loans S$420.44 Billion Vs S$415.77 Billion November
Singapore December M1 Money Supply S$129.12 Bln Vs S$130.77 Bln November

3. Tiger Airways Target Raised To S$0.64 From S$0.59 By UOB-KayHian

2. Tiger Airways Fair Value Cut To S$0.60 From S$0.65 By OCBC

1. The Dow Jones industrial average .DJI dropped 6.74 points, or 0.05 percent, to 12,653.72. The Standard & Poor's 500 Index .SPX lost 3.31 points, or 0.25 percent, to 1,313.02. The Nasdaq Composite Index .IXIC fell 4.61 points, or 0.16 percent, to 2,811.94

Market Summary -- 30th Jan 12

2012-01-30T17:32:00.000+08:00

FTSE STI closed 2,888.29, down 27.97 points or -0.96% with a total volume of 1.69b and a total value of S$1.15b. Total number of advance vs decline was 201 vs 329. Of the 30 component index stocks, 5 closed positive, 3 remained unchanged and 22 closed negative. The 5 gainer component stocks were :-

1. F&N +0.090

2. StarHub +0.030

3. GLP +0.025

4. CapMallsAsia +0.005

5. GoldenAgr +0.005

The top 5 loser component stocks were :-

1. JMH 400US$ -0.780

2. Jardine C&C -0.770

3. JSH 500US$ -0.750

4. CityDev -0.230

5. UOB -0.200

US markets closed mixed last Friday with Nasdaq positive and DJ and S&P500 in the red after the 4Q2011 GDP came in +2.8% below the expectation of +3%. Asian bourses were on profit taking mode after recent run up, taking a breather, a very much needed pull back. Nikkei closed -0.54%, SSE reopened after CNY holiday closed -1.47% after Premier Wen Jiabao indicating China will put an limit to loosen its monetary policy, damping investors hope for another cut of the RRR. HSI -1.66%. China will be releasing its PMI tomorrow. STI in a moderate volume day closed -0.96% with only 5 of the index stocks managed to register a positive closing. Profit taking was on the card for investors.

Over the weekend, debt talk between Greek Government and investors appeared to be coming to a deal in today EU Summit. Investors this week will be looking at unemployment situation in US later this week and the outcome of the EU Summit after last week Davos World Economy Forum whereby rest of the world is pressuring EU leaders to resolve the debt issue soonest possible. There should not be any surprised from the EU Summit in which Greek debt swap deal should be reached and EU fiscal pact draft should release.

Though markets took a breather and pull back but that doesn't mean investors should quickly jump into the bearish camp. Remember this is not the time to be overly optimistic or pessimistic about the global economy. There isn't any news as worse as last year and should maintain a cautiously optimistic view towards the market as global leaders realize the importance of not letting the economy falling off the cliff.

Market Daily -- 30th Jan 12

2012-01-30T07:45:00.005+08:00

5. Olam International: To Partner Rusmolco For Dairy, Grains Farming In Russia
Olam International: To Buy 75% Equity Stake In Rusmolco For US$75 Mln

4. CapitaRetail China Trust Target Raised 7.8% To S$1.35 By Macq

3. STX Pan Ocean Target Cut To S$3.75 Vs S$6.25 By CIMB

2. Biosensors International Target Raised To S$1.80 From S$1.49 By Kim Eng

1. The Dow Jones industrial average .DJI was down 74.17 points, or 0.58 percent, at 12,660.46. The Standard & Poor's 500 Index .SPX was down 2.11 points, or 0.16 percent, at 1,316.32. The Nasdaq Composite Index .IXIC was up 11.27 points, or 0.40 percent, at 2,816.55

Market Summary -- 27th Jan 12

2012-01-27T17:25:00.000+08:00

FTSE STI closed 2,916.26, up 21.83 points or +0.75% with a total volume of 1.77b and a total value of S$1.34b. Total number of advance vs decline was 346 vs 142. Of the 30 component index stocks, 23 closed positive, 3 closed negative and 4 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +0.440

2. F&N +0.200

3. CityDev +0.190

4. UOB +0.180

5. DBS +0.120

The 3 loser component stocks were :-

1. JSH 500US$ -0.440

2. JMH 400US$ -0.420

3. SembMar -0.010

US markets closed negative yesterday after new home sales price fell and jobless claims more than expected as investors taking profit after strong run up since start of the year. Asian bourses were mixed going into weekend. Nikkei closed -0.09%, SSE still close for CNY and HSI +0.31%. STI swinging between positive and negative and ended up with a strong closing of +0.75% in a day of moderate volume. Note today total value came in below total volume. STI after breaking the resistance at 2,850 is coming to the next resistance at 2,920.

With earning season half way through and EU Summit next week, investors probably switching attention from corporate earning to EU Summit. It will not be a surprise should market starts to pull back next week after strong run up and perhaps that will be opportunity for those who missed the run up to get in. Do approach the market with cautious now.

Market Daily -- 27th Jan 12

2012-01-27T07:45:00.004+08:00

6. Keppel Corp Target Raised To S$12.34 From S$10.60 By DBS Vickers

5. Keppel Corp Target Raised To S$10.20 From S$8.90 By CIMB

4. Keppel Corp Target Raised To S$11.80 From S$11.40 By Daiwa

3. Berlian Laju Tanker: To Request Share Suspension In Singapore, Jakarta
Berlian Laju Tanker: Loan Facility Covenants Breached, To Cease Payments
Berlian Laju Tanker: Outstanding Loans This Fiscal Year Around US$418M

2. Singapore's United Fiber System Agrees To S$1.5 Bln Reverse Takeover
United Fiber System To Acquire 67% Of Golden Energy Mines In Share Swap

1. The Dow Jones industrial average .DJI was down 22.33 points, or 0.18 percent, at 12,734.63. The Standard & Poor's 500 Index .SPX was down 7.60 points, or 0.57 percent, at 1,318.45. The Nasdaq Composite Index .IXIC was down 13.03 points, or 0.46 percent, at 2,805.28

Market Summary -- 26th Jan 12

2012-01-26T17:33:00.000+08:00

FTSE STI closed 2,894.43, up 2.79 points or +0.10% with a total volume of 1.51b and a total value of S$1.54b. Total number of advance vs decline was 279 vs 218. Of the 30 component index stocks, 16 closed positive, 13 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. JSH 500US$ +0.550

2. JMH 400US$ +0.210

3. DBS +0.100

4. F&N +0.070

5. KepCorp +0.070

The top 5 loser component stocks were :-

1. UOB -0.180

2. CityDev -0.140

3. SembCorp -0.040

4. SembMar -0.030

5. SPH -0.030

US markets closed positive yesterday night reversing earlier gain after US Fed interest forecast of maintaining low interest rate till 2014 and do not rule out possibility of QE3. The thought of cheap money caused a buying rush. Asian bourses however were mixed for the day after past days of moving up, taking a breather. Nikkei closed -0.39%, SSE still close for CNY and HSI resumed trading playing catchup closed +1.63%. STI was able to reverse earlier loss to close +0.10% in another moderate volume day. Total value continued to exceed total volume of the day for 3 days in a row. With some profit taking, 16 of the 30 index stocks managed register positive closing as market probably need a breather, pulling back before leaping up further.

In Europe, EU leaders are preparing for next week summit in particular the draft for the fiscal pact to tackle the EU debt crisis. In Davos World Economy Meeting yesterday, German leader already said whatever EU could do to resolve the EU debt crisis will take time and will have a limitation of what is being able to do. While the EU debt crisis still far from resolve, an advice for the investors would be do not be over optimistic of whatever EU could do to resolve the issue. As global markets have been moving up since the turn of the year, a healthy pull back would be justified for further upside. Be open to the scenario that after the EU Summit next week, markets could experience selling down.

Market Daily -- 26th Jan 12

2012-01-26T07:45:00.011+08:00

10. Keppel Corp 4Q Net Profit S$389 Mln; Poll S$380.9 Mln
Keppel Corp 4Q Revenue S$2.8 Bln Vs S$2.1 Bln
Keppel Corp: Order Book As Of Dec. 31 S$9.35 Billion

9. Ezion Holdings Target Raised To S$0.84 From S$0.77 By CIMB

8. Noble Group Target Raised To S$1.51 From S$1.41 - HSBC

7. Singapore December Manufacturing Output +12.6% On Year; +7.3% Expected
Singapore December Adjusted Manufacturing Output +7.8% On Month; +3.0% Expected
Singapore December Electronics Output Down 22.8% On Year
Singapore December Pharmaceuticals Output Up 121.6% On Year
Singapore December Output Excluding Biomedical Sector Down 9.0% On Year
Singapore December Transport Engineering Output Up 15.1% On Year
Singapore 2011 Manufacturing Output Up 7.6%

6. M&L REIT Plans Up To S$500 Mln Singapore IPO Early 2Q - Sources

5. Venture Corp Target Raised To S$7.95 From S$7.42 By UOB-KayHian

4. Ezion Holdings Secures Rig Charter Contract Worth US$93.5 Mln

3. Olam International Fair Value Raised To S$2.63 From S$2.05 By OCBC

2. Singapore Airlines Finds Cracks In Wings Of 4 Airbus A380s
Singapore Airlines: One A380 Is Back In Service After Repair
Singapore Airlines: Repaired Cracks In Wing Parts Of One A380
Singapore Airlines: Need To Check Six A380s By Saturday, Repair If Needed
Singapore Airlines: Operating Some A380 Flights With Alternative Aircraft

1. The Dow Jones industrial average .DJI rose 83.10 points, or 0.66 percent, at 12,758.85. The Standard & Poor's 500 Index .SPX was up 11.41 points, or 0.87 percent, at 1,326.06. The Nasdaq Composite Index .IXIC ended up 31.67 points, or 1.14 percent, at 2,818.31

Market Summary -- 25th Jan 12

2012-01-25T17:28:00.000+08:00

FTSE STI closed 2,891.64, up 42.26 points or +1.48% with a total volume of 1.39b and a total value of S$1.49b. Total number of advance vs decline was 351 vs 151. Of the 30 component index stocks, 24 closed positive, 5 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +0.990

2. UOB +0.440

3. CityDev +0.350

4. JSH 500US$ +0.270

5. DBS +0.250

The 5 loser component stocks were :-

1. StarHub -0.030

2. CapitaMall -0.030

3. SingTel -0.020

4. HKLand US$ -0.020

5. GoldenAgr -0.005

US markets closed mixed yesterday night with both DJ and S&P500 in the red while Nasdaq slight positive as Greece debt swap talk breakdown and concern of default offsetting corporate earning. Asian bourses some resumed after the CNY break mostly traded in the positive region. Nikkei closed +1.12% despite reporting deficit for 2011 while SSE and HSI both still close for the CNY holiday. STI started the year of dragon with a "roar" rising +1.48% to 2,891.64 with 24 of the 30 index stocks registered positive closing. Volume was lower compared with last Friday but the total value came in more than total volume following the trend of last Friday indicating more buying into the $1 and above stocks and very much could be fund managers snapping up stocks. Again this has not been seen for past months when global markets were concerned on the EU debt issue.

Investors will be looking at tonight how US markets reacted to stronger than expected earning from Apple and US Fed's FOMC meeting in forecasting interest rate. At this junction, there is much divided between analysts that market coming to resistance and soon will be pulling back and the other camp of still have some room to move up.

Market Daily -- 25th Jan 12

2012-01-25T07:45:00.008+08:00

8. Singapore Dec Adjusted CPI +0.7% On Month; Poll Tipped +0.4%

7. Singapore Dec CPI +5.5% On Year; DJ Poll Tipped +5.6%
Singapore Dec Transportation Prices +10.0% On Year
Singapore Dec Housing Costs +9.9% On Year
Singapore Dec Food Prices +3.7% On Year
Singapore Govt: CPI To Average 2.5%-3.5% In 2012
Singapore Govt: Core Inflation Likely 1.5%-2.0% In 2012
Singapore Govt: Core Inflation Will Likely Face Upward Pressure In Next Few Months
Singapore Govt: 2011 CPI Averaged 5.2%
Singapore Govt: 2011 Core Inflation Was 2.2%
Singapore Govt: Overseas Price Pressures Should Ease On Subdued Global Growth Prospects

6. CapitaCommercial Trust Targe t raised To S$1.29 From S$1.13 By CIMB

5. First Ship Lease Trust Target Cut To S$0.20 From S$0.34 By DBS Vickers

4. Suntec REIT Fair Value Cut To S$1.10 From S$1.59 By OCBC

3. CapitaCommercial Trust Fair Value Cut To S$1.29 From S$1.41 By OCBC

2. Tiger Airways Target Raised To S$0.87 From S$0.50 By CIMB

1. The Dow Jones industrial average .DJI finished down 33.07 points, or 0.26 percent, at 12,675.75. The Standard & Poor's 500 Index .SPX was down 1.37 points, or 0.10 percent, at 1,314.63. The Nasdaq Composite Index .IXIC rose 2.47 points, or 0.09 percent, at 2,786.64

Market Summary -- 20th Jan 12

2012-01-20T17:25:00.000+08:00

FTSE STI closed 2,849.38, up 38.18 points or +1.36% with a total volume of 1.93b and a total value of S$2.03b. Total number of advance vs decline was 333 vs 172. Of the 30 component index stocks, 21 closed positive, 6 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. CityDev +0.440

2. JSH 500US$ +0.280

3. HKLand US$ +0.270

4. SembMar +0.220

5. KepCorp +0.190

The top 5 loser component stocks were :-

1. Jardine C&C -0.510

2. StarHub -0.050

3. SingTel -0.010

4. SIA Engg -0.010

5. Olam -0.010

5. F&N -0.010

US markets closed at least +0.3% yesterday night with better than expected earning from Bank of America and Morgan Stanley and jobless claim data. However, after market closed, Google's earning fell short of expectation while those of Microsoft, Intel and IBM all beating expectation. Asian bourses were mostly positive for the day with Nikkei closed +1.47%, SSE +1.00% and HSI +0.84%. STI +1.36% in the heaviest volume ever seen for past months hitting almost 2 billion mark ahead of the CNY long holiday period, a pre-CNY rally. 21 of the 30 index stocks managed to register positive closing.

While Asian bourses and US markets might be moving up but the concern in EU still remain. Greece has entered the 3rd day of talk with investors regarding debt swap and do not rule out the possibility of defaulting. EU leaders also preparing the fiscal pact draft ahead of end of the month EU Summit in another step to resolve the crisis.

STI will reopen on 25th Jan 2012.

Market Daily -- 20th Jan 12

2012-01-20T07:45:00.015+08:00

16. Global Logistic Properties Started At Buy, S$2.34 Target By Goldman

15. CapitaMall Trust Target Raised To S$2.03 From S$2.00 By DMG

14. Keppel Land Target Cut To S$3.30 From S$3.55 By Kim Eng

13. Keppel Land Target Raised 5.2% To S$3.41 By Macquarie

12. Mapletree Logistics Trust Target Cut To S$1.00 From S$1.07 By UBS

11. Keppel Corp Target Raised To S$12.00 From S$10.35 By Citigroup

10. Keppel Land Target Cut To S$3.53 From S$3.90 By DMG

9. Singapore Airlines: Checking Airbus A380 Aircraft For Cracks
Singapore Airlines: Airbus Says Cracks Don't Affect Aircraft Safety

8. SembMarine Target Raised To S$5.20 From S$4.00 By UOB-KH

7. Keppel Corp Target Raised To S$11.30 From S$10.00 By UOB-KH

6. First Resources Started At Buy, S$1.79 Target By Kim Eng

5. Ascott Residence Trust Fair Value Cut To S$0.98 By OCBC

4. Keppel Land Fair Value Raised To S$3.32 From S$3.21 By OCBC

3. CapitaCommercial Trust 4Q DPU 1.92 Singapore Cents Vs 1.94 Singapore Cents

2. Perennial China Retail Trust: Establish S$500M Medium-Term Note Program

1. The Dow Jones industrial average .DJI rose 45.03 points, or 0.36 percent, to end at 12,623.98. The Standard & Poor's 500 Index .SPX gained 6.46 points, or 0.49 percent, to 1,314.50. The Nasdaq Composite Index .IXIC climbed 18.62 points, or 0.67 percent, to close at 2,788.33

Market Summary -- 20th Jan 12

2012-01-19T17:30:00.000+08:00

FTSE STI closed 2,811.20, up 15.80 points or +0.57% with a total volume of 1.66b and a total value of S$1.45b. Total number of advance vs decline was 298 vs 178. Of the 30 component index stocks, 15 closed positive, 5 remained unchanged and 10 closed negative. The top 5 gainer component stocks were :-

1. Jardine C&C +0.430

2. HKLand US$ +0.250

3. UOB +0.220

4. SIA +0.150

5. Capitaland +0.110

5. DBS +0.110

The top 5 loser component stocks were :-

1. JSH 500US$ -0.200

2. KepCorp -0.110

3. SIA Engg -0.040

4. StarHub -0.030

5. SingTel -0.030

US markets closed average at least +1% yesterday night with news of better than expected earning from Goldman Sachs and IMF decision to boost the war chest by S$600 billion to build a firewall around the EU debt crisis ( problem is where the money from ? ). Asian bourses taking the cue were mostly positive for the day with Nikkei closed +1.04%, SSE +1.31% with continue speculation that China Government will ease monetary policy over the long CNY holiday and HSI +1.30%. STI rose +0.57% in moderate volume with 15 of the 30 index stocks registered positive closing. Though STI was higher but across the board there was a sense of profit taking ahead of the long CNY holiday. Together with the fact that S&P 500 managed to hit 1300 level yesterday night and most consensus was the 1300 is a resistance level and should see S&P 500 pulling back. Apart from the index stocks, telco, S-Reit and offshore/marine stocks were under selling pressure presumably investors taking profit and stay cautious ahead of the long CNY holiday. Might see some more profit taking and weakness tomorrow as investors continue to unwind position ahead of CNY holiday.

Market Daily -- 19th Jan 12

2012-01-19T07:45:00.011+08:00

10. Suntec REIT 4Q DPU 2.479 Singapore Cents Vs 2.316 Cents

9. Ascott Residence Trust 4Q DPU 1.83 Singapore Cents Vs 2.16 Cents

8. Keppel T&T Target Cut To S$1.20 From S$1.35 By DBS Vickers

7. Keppel T&T Target Cut To S$1.24 From S$1.46 By CIMB

6. CapitaMall Trust Target Cut To S$1.95 From S$2.00 By Citigroup

5. CapitaMall Trust Target Cut To S$1.88 From S$2.06 By UBS

4. CapitaMall Trust Fair Value Cut To S$2.02 From S$2.06 By OCBC

3. Singapore Press Holdings Target Raised To S$4.60 From S$3.90 By UOB-KH

2. Global Logistic Properties Started With S$2.13 Target - Daiwa

1. The Dow Jones industrial average .DJI rose 96.88 points, or 0.78 percent, to close at 12,578.95. The Standard & Poor's 500 Index .SPX added 14.37 points, or 1.11 percent, to 1,308.04. The Nasdaq Composite Index .IXIC climbed 41.63 points, or 1.53 percent, to close at 2,769.71

Market Summary -- 18th Jan 12

2012-01-18T17:36:00.000+08:00

FTSE STI closed 2,795.40, down 20.45 points or -0.73% with a total volume of 1.43b and a total value of S$1.47b. Total number of advance vs decline was 200 vs 275. Of the 30 component index stocks, 6 closed positive and 24 closed negative. The top 5 gainer component stocks were :-

1. JMH 400US$ +0.730

2. JSH 500US$ +0.400

3. Olam +0.050

4. KepCorp +0.040

5. ST Engg +0.010

The top 5 loser component stocks were :-

1. Jardine C&C -1.020

2. SIA -0.220

3. HKLand US$ -0.150

4. UOB -0.120

5. SembMar -0.110

5. F&N -0.110

5. DBS -0.110

US markets closed at least +0.3% yesterday night with news of better than expected China growth, EU muted response to the S&P rating downgrade offset some misses corporate earning like Citibank. Asian bourses were on profit taking mode after recent ran up and closed mixed. Nikkei closed +0.99%, SSE -1.39% and HSI +0.30%. STI closed -0.73% as investors took profit from recent ran up ahead of the CNY holiday. Only 6 of the 30 index stocks managed to registered positive closing.

Investors will be focusing on tonight Greece debt swap deal and bond auction by EU nations and US corporate earning. At this junction, over optimistic or pessimistic should not be the way.

Market Daily -- 18th Jan 12

2012-01-18T07:45:00.008+08:00

10. K-REIT Asia Target Cut To S$0.84 From S$0.93 By Citigroup

9. STX OSV Holdings Started At Buy; Target S$1.65 By Citigroup

8. Keppel Corp: Currently Not Making Bid For Stake In STX OSV Holdings

7. ARA Asset Management Started At Buy With S$1.65 Target By Kim Eng

6. SMRT Target Cut To S$1.50 From S$1.91 By DBS Vickers

5. Sembcorp Marine: Currently Not Making Bid For STX OSV Stake

4. K-REIT Asia Target Cut To S$0.95 From S$1.05 By UOB-KH

3. Boer Power: Withdraws Cash Offer For SMB United

2. CapitaMall Trust 4Q DPU 2.30 Singapore Cents Vs 2.36 Cents

1. The Dow Jones industrial average .DJI rose 60.01 points, or 0.48 percent, to 12,482.07 at the close. The Standard & Poor's 500 Index .SPX added 4.58 points, or 0.36 percent, to 1,293.67. The Nasdaq Composite Index .IXIC gained 17.41 points, or 0.64 percent, to 2,728.08

Market Summary -- 17th Jan 12

2012-01-17T17:34:00.000+08:00

FTSE STI closed 2,815.85, up 59.36 points or +2.15% with a total volume of 1.62b and a total value of S$1.47b. Total number of advance vs decline was 370 vs 118. Of the 30 component index stocks, 27 closed positive, 1 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +1.580

2. Jardine C&C +1.200

3. UOB +0.570

4. JSH 500US$ +0.400

5. DBS +0.340

The only loser component stock was :-

1. SingTel -0.010

US markets were closed for holiday yesterday but European bourses closed in the positive after S&P rating downgrade on Friday. French bond auction was well received after the downgrade. After market closed, S&P again downgrade EFSF rating. Asian bourses after yesterday selling off due to the downgrade rebounded today. They get further boost after China better than expected GDP figure which eased concern of hard landing. Nikkei closed +1.05%, SSE +4.18% and HSI +3.24%. STI in a better volume day closed +2.15% crossing the 2,800 level with 27 of the 30 index stocks registered positive closing.

China 4Q GDP came in at +8.9% better than the expected +8.7% and making 2011 GDP +9.2% vs 2010 GDP +10.4%. China economy is slowing down but avoid a hard landing scenario ( a situation when GDP hit +7% and below ) and speculation that Chinese Government will loosen monetary policy to boost growth. Europe side the downgrade of EFSF rating ( EU Governments contribute to the EFSF rather than private investors, why there should be a rating ? ) impact pretty much limited for the time being. US markets will be reopened tonight and investors will be looking at the reaction to China GDP figure ( with future all in the positive ), corporate earning and economic data. The talk between Greece Government and investors regarding the debt swap will be resume tomorrow.

Singapore this morning reported a surprise better than expected December non-oil export data of +9.0% vs -1.2% expected. While there isn't any pessimistic events to the worry about investors should not be too carried away by those better than expected economic data. Cautiously optimistic should be the case.

Market Daily -- 17th Jan 12

2012-01-17T07:45:00.019+08:00

20. STX Group: To Invite 18 Firms To Consider STX OSV Acquisition
STX Group Didn't Identify Companies It Intends To Invite

19. Singapore Economic Development Board: Cautiously Optimistic About 2012 Outlook
Singapore EDB: Expect S$13B-S$15B Fixed Asset Investment In 2012
Singapore EDB: Expect 18,000-21,000 Skilled Jobs To Be Added In 2012 Vs 20,300 In 2011
Singapore's EDB: Attracted S$13.7B Of Fixed Asset Investment Commitments In 2011

18. Suntec REIT Target Cut To S$1.05 From S$1.20 - HSBC

17. Frasers Centrepoint Trust Target Cut To S$1.55 Vs S$1.60 - HSBC

16. Mapletree Industrial Trust Target Cut To S$1.05 Vs S$1.15 - HSBC

15. Ascendas REIT Target Cut To S$2.05 From S$2.25 - HSBC

14. CapitaCommercial Trust Target Cut To S$1.05 From S$1.20 - HSBC

13. CapitaMall Trust Target Cut To S$1.85 Vs S$2.10 - HSBC

12. China, Singapore Hiring Expectations Slightly Up In 1Q Vs 4Q - Survey

11. United Overseas Bank: Appoints Former Temasek Pres Hsieh Fu Hua As Director

10. City Developments Target Cut To S$7.98 From S$8.33 By DMG

9. OUE Target Cut To S$2.36 From S$2.48 By DMG & Partners

8. M1 Target Cut To S$2.35 From S$2.76 By Kim Eng

7. Singapore Exchange Target Cut To S$5.43 From S$5.86 By CIMB

6. Singapore Exchange Target Cut To S$5.65 From S$5.85 By Credit Suisse

5. Singapore Exchange Target Raised To S$6.90 From S$6.78 By Kim Eng

4. M1 Target Cut To S$2.36 From S$2.50 By Phillip Securities

3. Singapore Dec Non-Oil Exports +9.0% On Year; -1.2% Expected
Singapore Dec Non-Oil Exports +16.0% Adj On Month; +4.0% Expected
Singapore Dec Electronics Exports -4.6% On Year
Singapore Dec Non-Electronics Exports +16.7% On Year
Singapore Dec Pharmaceutical Exports +38.6% On Year

2. Singapore Exchange Target Cut To S$6.05 From S$6.35 By Daiwa

1. M1 Target Cut To S$2.49 From S$2.58 By Daiwa

Market Summary -- 16th Jan 12

2012-01-16T17:29:00.002+08:00

FTSE STI closed 2,756.49, down 35.05 points or -1.26% with a total volume of 912M and a total value of S$762M. Total number of advance vs decline was 127 vs 301. Of the 30 component index stocks, 4 closed positive and 26 closed negative. The 4 gainer component stocks were :-

1. JMH 400US$ +0.310

2. JSH 500US$ +0.180

3. Olam +0.030

4. SIA Engg +0.030

The top 5 loser component stocks were :-

1. Jardine C&C -1.300

2. DBS -0.370

3. UOB -0.160

4. HKLand US$ -0.150

5. SGX -0.140

5. F&N -0.140

US markets closed in the red with at least 0.3% drop after news of S&P downgraded 9 EU nations on their rating which include France, Italy and Spain. Asian bourses were also in the red for the day with Nikkei closed -1.43%, SSE -1.71% ahead of its 4Q and FY2011 GDP release and HSI -1.00%. STI in line with regional bourses closed -1.26% in a thin volume day of less than 1 billion as investors cashing out after recent run up and stay cautious. Only 4 of the 30 index stocks managed to register positive closing.

The S&P downgrade was not something of a surprise as it has been talking for past months. The reason citing for the downgrade was due to the delay action by the country leaders in resolving the debt crisis but S&P's action is also considered a delay making it looks like "pot calling kettle black" scenario. The impact of the downgrading will be affecting the EFSF which might hinder its ability to raise the required amount. Furthermore, the debt swap between banks and Greece has stalled last Friday and will resume on 18th Jan. Investors were also concerned of banks might not want to take the 50% haircut as agreed on earlier on during the EU Summit and that might force Greece into a systematically default.

US markets will be closed for holiday tonight but they were able to reverse earlier loss of more than 1% last Friday after news of the downgrading. European bourses were at the moment mixed ahead of French bond auction later on. The bond auction will be very much closely monitor as it will be the first after the downgrade and should it is not well received that means investors are very concerned about the rating downgrade.

Market Daily -- 16th Jan 12

2012-01-16T07:45:00.011+08:00

10. Hutchison Port Hldgs Trust Tgt Cut To US$0.76 Vs US$0.77-HSBC

9. Global Logistic Properties Plans Singapore Dollar Bond - Source
GLP Seeks To Price S$200M Perpetual Bond Tap At 100.25/100.50 - Source
Citi, DBS, Goldman Sachs, JP Morgan Are Bookrunners On GLP Bond Tap - Source
Planned GLP Tap Is Of 5.50% Coupon Perpetual Bond Sold In November - Source

8. Singapore December Private-Home Sales Fall 63% On Month
Singapore December Private-Home Sales At 632 Units Vs 1702 In November

7. Wing Tai Target ut To S$1.14 From S$1.45 By Deutsche Bank

6. CapitaMalls Asia Target Cut To S$1.55 From S$1.70 By Deutsche Bank

5. City Developments Target Cut To S$8.50 From S$8.83 By Deutsche Bank

4. China Minzhong Food Taget Cut To S$1.43 From S$1.49 By CIMB

3. SingTel Target Cut To S$3.25 From S$3.35 By Deutsche Bank

2. Taiwan President: Strive To Join Trans-Pacific Partners
Taiwan President: To Continue Talks With Singapore, New Zealand On Trade Pact hip In Next Decade
Taiwan President: Strive To Keep Domestic Inflation Low

1. The Dow Jones industrial average .DJI dropped 48.96 points, or 0.39 percent, to 12,422.06 at the close. The Standard & Poor's 500 Index .SPX lost 6.41 points, or 0.49 percent, to 1,289.09. The Nasdaq Composite Index .IXIC fell 14.03 points, or 0.51 percent, to 2,710.67

Market Analysis -- 14th Jan 12

2012-01-14T11:56:00.000+08:00

Global markets have taken a turn since the start of 2012 and on an uptrend all due to optimism about US economy, EU debt crisis issue and China potentially of monetary easing policies. While the optimism is very much justifiable but investors should not be over optimistic and rather on a cautiously optimistic mode as the underlying of those issues is still far from over.

US economic data have been showing improvement lately in particular the ever worrying employment situation appeared to be recovering. Despite all those, US still far from fully recovered from the 2008 crisis. The Operation Twist stimulus program by US Fed launched in September 2011 could be the one that currently supporting the recovery. While should not rule out the failure of Operation Twist after expired like the previous 2 Quantitative Easings in 2009 and 2010 ( when nothing has been actually improved after printing so much money ), it is also too early to conclude it is a success. At current rate of jobs creation, it will take another at least 2 years for US to fully recover those jobs lost during the 2008/2009 periods. US desperately needed to create massive jobs and from current situation the probably only way is through President Obama job plan. When people have no job, they will not have the money to pay off their loan/debt and have the extra to spend to eventually spur the country economy. That is the most fundamental and basic of economy and US must work towards this direction in order to get US back to the good old days.

Since June 2011 till now, the EU debt crisis still appear on and off from investors concerns and despite the progress from October 2011 the crisis still miles away from being totally resolved. Greece getting second tranche of bailout with the condition of private investors taking 50% haircut, countries ( Greece, Italy, Spain, Portugal ) with changing of leadership and implementation of austerity measures to reduce the debts are currently ongoing, Germany-France proposed of fiscal union of treaty changes to implement strict rules for EU ( in particular the Euro 17-nations ) to adhere to in order to save the Euro from being break off, and ECB's effort in lowered interest rate, extending bank lending to 3 years and conservatively bond buying to save the EU debt crisis. The reform/restructuring method so far being adopted is never a quick solution but rather a long time frame effective way. Hence, investors should be mentally prepared and not be over optimistic should any other progress has been made along the way. One way or another and eventually the crisis will get resolved, it is just a matter of time.

China who has been fighting high inflation last year felt the impact of slower growth due to problem in US and EU that impact on its export activities and at times investors were worried that China might hit the hard landing. Inflation has been cooling down lately but still far from the target set out by Chinese Government. Nevertheless, the cooling down of inflation has brought some room for Chinese Government to start easing monetary policy to prevent the economy from hard landing. Bank Reserve Required Ratio has been cut lately and expect more to come in the rest of the years. China still have the ability to cut interest rate should RRR cut fail to boost economy growth and not to mention the 4 trillion yuan stimulus package or other similar package that was launched in 2009 to spur its economy growth. China market has been under-performed for past months as compared to rest of the world mainly due to weak growth, high inflation and high landing scenario and perhaps it is about time China stock market should bottom and be ready for the rebound like in 2009 that out-perform rest of the world.

Singapore being a small country with open economy model is very much affected by events in EU, US and China as the weak export hurts into the growth. Advance estimate, 2011 Singapore GDP came in +4.8% slight below the 5% market as compared with +14.7% in 2010. Singapore Government projected growth for 2012 is between +1% to +3%. Unless there is a sudden change to the upside to the global events if not 2012 GDP will remain weak as what was predicted and worst case might hit recession should global events turn to the worse. Singapore will be holding 2012 Budget on 17th February 2012 and investors should pay extra attention to that as Singapore Government could be rolling out measures to help business to tide over the slow growth period. A 4-billion budget plan like in 2009 is not possible for the time being as Singapore has not gone into recession but Singapore Government will not be just sitting there without providing aids to businesses to tide over the difficult times.

All these events might not be pointing to a more worse periods to come by in the rest of the years but investors should also not be over optimistic about everything will get totally resolve either. Cautiously optimistic is the correct mentality now. Cautiously optimistic might not bring a wild bull rally to stock markets but it could slowly edged up to a 10% to 15% level. Investors should keep all options possible now ( all the worst case and best case ) as 1H2012 shall be a critical periods. By 1Q2012, investors should know of final FY GDP for global economy ( has EU gone into recession and if so how server will it be, has US economy still on track, has China hit the hard landing scenario and how badly corporate earnings were been affected by the global events last quarter ). Come 1H2012, more clearer picture should surface on global economy and corporate earnings due to all those events with has 1Q2012 been worse off 4Q2011 or gone into recovery mode. Not even investors but policy makers then should have a clearer picture of whether should stimulus package being launched then too.

Like mentioned earlier, current situation is like a glass of water whereby one can have view of it is either half-filled or half-empty and with all possible scenarios taken into account, appropriate strategies being applied and that will reduce risk in stock markets and might even find great bargain in the appropriate time. What are all the possible scenarios then ? Well will be impossible to list all but those mandatory one that investors should factor in are :-

1. Global stock markets have hit the bottom in October 2011 ( this case I have mentioned in October analysis and till now none of the analysts have yet to step forwards to claim so but that doesn't mean it is not ). By having this option, investors will have the risk to be able to buy on dips.

2. Global economies ( stock markets ) will be in an rally in 2H2012 should data shown in 1H2012 that the worst is over.

3. Global economies ( stock markets ) still sluggish till end of 2012 if data shown in 1H2012 still relatively flat.

4. EU debt crisis hit a point whereby one of a few of the nations have to leave the Euro ( with Greece as possible ), if so, global stock markets should have short-term knee jerk reaction but effectively as a long term view it is good for the Euro.

Have left out possible scenario for US as 2012 is Presidential Election year and lot of politics will be in play and made in complicated but investors just have to strongly reminded that US need massive jobs creation without have to go into any stimulus program like QE3 ( printing more money ).

As a whole for the rest of the year, it is not a time to be overly optimistic or pessimistic but cautiously optimistic bias until a clearer picture of the global economies is being confirmed. By so, long term investors could be undergoing a period of buy on weakness or dollar-cost-averaging methodology and have the stomach to ride through the calculated risk. Short-term investors/traders if unable to have the ability to hold should be nimble and not be over greedy with profit if not will turn into loss in no time. Investors should have a clear mind of whether when you buy into the market it is for long-term or short-term and stick to the strategy/plan strictly. Fickle minding between long-term and short-term could see profit become loss or selling off too cheaply a great bargain.

Market Summary -- 13th Jan 12

2012-01-13T17:35:00.000+08:00

FTSE STI closed 2,791.54, up 47.88 points or +1.75% with a total volume of 1.24b and a total value of S$1.19b. Total number of advance vs decline was 367 vs 139. Of the 30 component index stocks, 27 closed positive, 2 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +1.100

2. DBS +0.520

3. UOB +0.340

4. SIA +0.250

5. CityDev +0.230

5. JSH 400US$ +0.230

The 2 loser component stocks were :-

1. SIA Engg -0.100

2. F&N -0.030

US markets continued to advance yesterday night despite weak economic data of jobless claims and retail sales as both missed expectation as EU debt situation brought optimism to investors. ECB maintained interest rate 1% yesterday night and ECB President Draghi's comment on EU situation citing crisis stabilizing as ECB capital injection is working. That brought some confidence back to investors. Furthermore, Italy and Spain bond sale also well received. Asian bourses taking the cue were mostly in positive region for the day. Nikkei closed +1.36%, SSE -1.34% and HSI +0.57%. STI outperformed most of regional bourses will +1.75% gain when 27 of the 30 index stocks registered positive closing. Daily volume and value were highest for the past weeks indicating funds are flowing into Singapore market.

Optimistic about current global economy was pretty much justify after global leaders hard work for past month to resolve those various issue but investors should not be over optimistic and maintain cautiously optimistic. By doing so, that doesn't mean market will have no more upside but selectively on individual stock basis, there is still potential upside. Investors should be selective on stocks while maintaining cautiously optimistic.

Market Daily -- 13th Jan 12

2012-01-13T07:45:00.007+08:00

7. Singapore Dec Bunker Sales At 3.8M Tons, Up 5.2% Vs Nov
Singapore Jan-Dec Bunker Sales Up 5.6% On Yr At 43.15M Tons

6. Singapore 2011 Bunker Sales Up 5.6% At 43.2 Mln Tons, A Record

5. Ezra Holdings Target Cut To S$0.92 From S$1.06 By DMG

4. City Developments: Unit Buys Thailand Shareholder Investments In US$157.6M Deal

3. Ezra Holdings Target Cut To S$1.58 From S$1.65 By UOB KayHian

2. Wilmar International: Prices S$250M 5-Year Bonds
Wilmar International: Prices S$100M 7-Year Bonds

1. The Dow Jones industrial average .DJI gained 21.57 points, or 0.17 percent, to 12,471.02. The Standard & Poor's 500 Index .SPX added 3.02 points, or 0.23 percent, to 1,295.50. The Nasdaq Composite Index .IXIC rose 13.94 points, or 0.51 percent, to 2,724.70

Market Summary -- 12th Jan 12

2012-01-12T17:36:00.000+08:00

FTSE STI closed 2,743.66, down 3.47 points or -0.13% with a total volume of 1.15b and a total value of S$941M. Total number of advance vs decline was 217 vs 247. Of the 30 component, 10 closed positive, 17 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +0.340

2. DBS +0.260

3. UOB +0.250

4. JSH 500US$ +0.220

5. StarHub +0.030

The top 5 loser component stocks were :-

1. CityDev -0.210

2. HKLand US$ -0.180

3. SIA -0.130

4. SembMar -0.110

5. Olam -0.070

5. JMH400US$ -0.070

US markets closed mixed yesterday night and relatively flattish also with bank and tech stocks pushed up the index and eased earlier loss after US Fed's begie indicating US economy is recovering. However, on the EU side, Germany last quarter GDP came in +0.25% and FY as 3% with possibility that Germany is on the brink of recession. Asian bourses were in no mood of further gain as investors starting to get cautious. Nikkei closed -0.74%, SSE 0.05% after reporting December inflation at 4.1% vs 4% and full year at 5.4% well above the 4% target. HSI closed -0.30%. STI struggling to keep up the gain closed -0.13% with only 10 of the 30 index stocks managed to register a gain. Stock prices were mostly in indecisive mode as investors starting to stay cautiously optimistic as prices move up.

Italy and Spain will be doing bond auction tonight and ECB will announce its decision on rate. US will be looking at economic data and corporate earning for rest of the week, in particular end of this week and next week when banks earning will be announced.

At this junction, it is not best to be over optimistic but rather cautiously optimistic even if US economic data showing improvement. The underlying of US economy already wasted 2 years of recovering in particular the labour market and the existing EU debt crisis do not warrant investors to be over optimistic until economic data like 2011 GDP for US, EU and rest of the world and corporate earnings for last quarter are all out then will have a clearer picture of what happen in the month ahead.

Market Daily -- 12th Jan 12

2012-01-12T07:45:00.009+08:00

7. Europtronic Group Target Cut To S$0.012 From S$0.0536 By CIMB

6. Shui On Land Singapore Dollar Bond Most Likely S$200M - Source
Shui On Land Sets Final Yield Guidance For Bond At 8% - Source

5. SMRT Target Cut To S$2.00 From S$2.21 By Deutsche Bank

4. Singapore Press Holdings Target Cut To S$3.91 From S$4.25 By CLSA

3. Singapore Exchange Target Cut To S$6.80 From S$7.60 By Deutsche Bank

2. Keppel Corp Target Raised To S$11.40 From S$10.24 - Daiwa

1. The Dow Jones industrial average .DJI slipped 13.02 points, or 0.10 percent, to 12,449.45. The Standard & Poor's 500 Index .SPX.INX gained 0.40 point, or 0.03 percent, to 1,292.48. The Nasdaq Composite Index .IXIC gained 8.26 points, or 0.31 percent, to 2,710.76

Market Summary -- 11th Jan 12

2012-01-11T17:30:00.000+08:00

FTSE STI closed 2,742.36, up 22.53 points or +0.83% with a total volume of 1.32b and a total value of S$1.34b. Total number of advance vs decline was 318 vs 162. Of the 30 component index stocks, 22 closed positive, 7 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +1.130

2. UOB +0.350

3. DBS +0.260

4. SembMar +0.220

5. JSH 500US$ +0.170

5. KepCorp +0.170

The top 5 loser component stocks were :-

1. Jardine C&C -0.210

2. OCBC -0.070

3. SPH -0.030

4. CapitaMall -0.020

5. SGX -0.010

US markets closed at least +0.5% yesterday night hitting 5 months high cheered by Alcoa's earning but all lowered then intra-day high of at least +1.0%. Asian bourses taking the cue mostly traded in the positive region with Nikkei closed +0.30%, SSE -0.42% due to profit taking after past 2 sessions of more than 4% rally and HSI +0.78%. STI was another of those managed to close positive with a +0.83% gain with total volume and value all better than past days and weeks. The increased in volume and value could be indicating money flowing into STI as higher beta stocks like those in offshore/marine and property continued to lead STI in the up.

SPH reported its earning yesterday night after market closing commencing of STI earning season. However, profit dropped as compared to the same quarter previous year due to printing revenue shrink. SPH fell 3 cents in today trading. While investors are optimistic about US economy recovery and robust companies' earning, do have to be cautious as not to get over optimistic. End of this week and next week, US banks will be reporting their earning and this will be much in focus and could swing US markets higher or correct down. In general, fundamentally global issues did not get worse as compared to September last year but EU debt crisis still exist. Investors should be cautiously optimistic especially after stock markets have advanced so much since start of the year.

Investors should wait till earning season finished and around March period whereby 2011 GDP figure is finalized then analyzing overall situation rather than starting to get over optimistic or over pessimistic now. Asian markets could also possible be rallying before CNY.

Market Daily -- 11th Jan 12

2012-01-11T07:45:00.003+08:00

3. Shui On Development To Issue S$150 Mln Singapore-Dollar Bond - Term Sheet
Shui On Development Seeks To Pay Around 8% Coupon For 3-Year Bond - Term Sheet

2. Singapore Minister: Expect 2012 Private Construction Demand At S$8B-S$12B Vs S$16.8B In 2011
Singapore Min: 2012 Private Residential Building Demand Expected At S$3.4B-S$4.8B Vs S$8.1B In 2011

1. The Dow Jones industrial average .DJI gained 69.78 points, or 0.56 percent, to 12,462.47. The Standard & Poor's 500 Index .SPX rose 11.38 points, or 0.89 percent, to 1,292.08. The Nasdaq Composite Index .IXIC climbed 25.94 points, or 0.97 percent, to 2,702.50

Market Summary -- 10th Jan 12

2012-01-10T17:37:00.000+08:00

FTSE STI closed 2,719.83, up 28.55 points or +1.06% with a total volume of 1.05b and a total value of S$942M. Total number of advance vs decline was 299 vs 134. Of the 30 component index stocks, 25 closed positive, 3 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +0.450

2. KepCorp +0.390

3. UOB +0.240

4. SembMar +0.210

5. CityDev +0.170

The 3 loser component stocks were :-

1. JSH 500US$ -0.480

2. JMH 400US$ -0.080

3. SIA Engg -0.020

US markets closed positive last night ahead of earning season and some progress being made in the EU debt issue after German and French leaders meeting. Aloca reported quarterly loss after market closed but meet expectation and Germany in support of French's proposal of financial tax, further setting rules on the deficit cut ahead of schedule for the coming end of the month EU Summit. Though the meeting did not produce something to resolve the crsis overnight but it was another small positive step to resolve the issue. Asian bourses were boost on news of Aloca's earning, EU step in resolving the crisis and also China potentially easing of monetary policy to boost growth. Nikkei closed +0.38%, SSE +2.69% ( second consecutive day of rising more than 2% ) and HSI +0.73%. STI in line with regional bourses rose 1.06% after yesterday more than 1% pull back as investors are gearing up towards earning season. Offshore/Marine and Property stocks were the gainer that pushed STI up with 25 of the 30 index stocks closing positive. Blue chips enjoying some buy on dip support ahead of the earning season.

For the coming earning season, most will expect companies' profit for the last quarter being shrink due to the EU debt crisis but the question is whether they perform worse or better than expectation. Furthermore, the outlook from companies' CEO will be critical in guiding STI direction. There will be another event in February in which investors should be looked out for. Singapore Budget day in mid-February. Singapore Government has projected a slow growth of +1% to +3% for 2012 and Singapore Government will not be irresponsible to sit one side and watch the growth to slow to that rate and hoping eventually EU debt crisis get resolved and everything will be back to normal. Investors should look out for any pro company measures during the Budget as the Government comes in to support the country economy.

A final note is that earning season for the moment is not whether company register profit or loss but rather with an expectation of lower profit, can the company still meet market's expectation and what is the outlook for this company for the rest of the year.

Market Daily -- 10th Jan 12

2012-01-10T07:45:00.004+08:00

5. Singapore Exchange Target Price Cut To S$5.40 Vs S$6.20 By DMG

4. Hyflux Started At Neutral, Target Set At S$1.40 By HSBC

3. CSE Global Target Price Raised To S$0.88 Vs S$0.76 By CIMB

2. Neptune Orient Lines Target Raised To S$1.05 Vs S$0.90 By Citi

1. The Dow Jones industrial average .DJI gained 32.62 points, or 0.26 percent, to 12,392.69. The Standard & Poor's 500 Index .SPX gained 2.89 points, or 0.23 percent, to 1,280.70. The Nasdaq Composite Index .IXIC gained 2.34 points, or 0.09 percent, to 2,676.56

Market Summary -- 9th Jan 12

2012-01-09T17:27:00.000+08:00

FTSE STI closed 2,691.28, down 24.31 points or -0.90% with a total volume of 1.20b and a total value of S$767M. Total number of advance vs decline was 166 vs 255. Of the 30 component index stocks, 3 closed positive, 25 closed negative and 2 remained the same. The 3 gainer component stocks were :-

1. SIA +0.020

2. SIA Engg +0.010

3. ComfortDelGro +0.005

The top 5 loser component stocks were :-

1. JMH 400US$ -0.630

2. Jardine C&C -0.580

3. UOB -0.250

4. JSH 500US$ -0.170

5. DBS -0.100

US markets closed mixed with both DJ and S&P500 in the red while Nasdaq in the positive after announcing a better than expected unemployment data with unemployment rate dropped to 8.5% and job created of 200k in December exceeding expectation. However, that is nothing to be surprised of or become over optimistic. If according to the current rate of job creation, US still need at least 2 years to reclaim all the jobs lost during the 2008-2009 period and not to mention they have lost 2 years in 2010/2011 to create jobs after 2 round of stimulus packaging ( QE1 and QE2 ). Asian bourses were mixed for the day. Nikkei closed for holiday, SSE +2.89% after weekend report of money supply growth exceed estimates and HSI managed to reverse earlier loss to close +1.47%. STI was one of those regional bourses ended in the red with a drop of 0.90% with only 3 of the index stocks managed to register positive closing. Profit taking was observed as investors stay cautious ahead of tonight Germany and French leader meeting regarding the EU debt crisis.

Investors should not be over optimistic about the US economy data and also not to be over pessimistic about the EU debt crisis either. Despite the rally in the first week of January, market still in range bound mode and volume was relatively thin and lacking the momentum to breakout of the range to the upside.

Market Daily -- 9th Jan 12

2012-01-09T07:45:00.006+08:00

6. Singapore Forex Reserves $237.74 Bln In December Vs $240.99 Bln In November

5. Hongkong Land Target Cut To US$5.00 From US$6.50 By HSBC

4. Genting Singapore Target Price Cut To S$1.65 Vs S$2.08 By UBS

3. Hyflux Target Price Raised To S$1.28 Vs S$1.21 By CIMB

2. Shui On Development May Sell Singapore-Dollar Bonds - Source

1. Dow Jones industrial average .DJI dropped 55.78 points, or 0.45 percent, to 12,359.92. The S&P 500 Index .INX fell 3.25 points, or 0.25 percent, to 1,277.81. The Nasdaq Composite .IXIC gained 4.36 points, or 0.16 percent, to 2,674.22

Market Summary -- 6th Jan 12

2012-01-06T17:35:00.002+08:00

FTSE STI closed 2,715.59, up 2.57 points or +0.09% with a total volume of 840M and a total value of S$669M. Total number of advance vs decline was 188 vs 182. Of the 30 component index stocks, 15 closed positive, 3 remained unchanged and 12 closed negative. The top 5 gainer component stocks were :-

1. JSH 500US$ +0.170

2. KepCorp +0.160

3. SembCorp +0.090

4. F&N +0.070

5. DBS +0.060

The top 5 loser component stocks were :-

1. Jardine C&C -0.800

2. JMH 400US$ -0.420

3. UOB -0.220

4. ST Engg -0.040

5. SGX -0.040

5. CityDev -0.040

US markets closed mixed yesterday night with financial and tech stocks pushing the index to positive region after better than expected economic data in ADP, jobless claims and non-ISM offset worries over EU debt issue. Asian bourses were mixed for the day with Nikkei closed -1.16%, SSE +0.70% and HSI -1.17%. STI was mostly flattish for the day and managed to inch up a +0.09% closing in a very thin volume day of less than 1 billion. Investors in general were cautious ahead of tonight US employment data. With the better than expected ADP number, most expecting US employment situation continue to improve and if it does it is nothing of a surprise. Note also the ADP figure could be skewed as December period tend to have temporary hiring for the festive season. Also even with US unemployment rate coming down, the figure still consider high and definitely in need to some Government policy to create massive amount of job else the recovery will be slow and ineffective.

The thin volume which caused index to move up also need to be cautious of. There was some last minute buying up of the STI index stocks could be due to short-covering which result in STI managed to close in positive region. The underlying problem in EU still there and will have to wait till EU leaders to come out another small little positive steps to improve on the situation. Meanwhile US economic data recently have been pointing to the good side and that caused analysts to think of possible US economy is able to de-link or cushion and impact from EU debt crisis. That is too early to have a conclusion on that. The improving US economic data could be the effect of US Fed's Operation Twist which was launched in September 2011. From the past 2 QE, after the expiry of the stimulus, US economy crumbles again.

Investors are best not to be over optimistic about the global economies and also should not be over pessimistic too as the current problem has put global leaders on alert of global systemic risk and when emergency does appear, somehow, a solution will pop up. In general, global markets still in range bound mode.

Singapore will commence earning season in about 1 week time and couple of blue chips will be releasing their full year earning ( with potentially declaration of final dividend ) and investors should focus on these companies.

Market Daily -- 6th Jan 12

2012-01-06T07:45:00.001+08:00

2. Singapore Airlines Spokesman: Found Cracks On Two Airbus A380 Aircraft
Singapore Airlines: Repaired Cracks On Both A380s; No Safety Concerns
Singapore Airlines Spokesman: Inspecting Other Airbus A380 Aircraft

1. The Dow Jones industrial average .DJI dipped 2.72 points, or 0.02 percent, to 12,415.70. The S&P 500 Index .INX gained 3.76 points, or 0.29 percent, to 1,281.05. The Nasdaq Composite .IXIC added 21.50 points, or 0.81 percent, to 2,669.86

Market Summary -- 5th Jan 12

2012-01-05T17:28:00.000+08:00

FTSE STI closed 2,713.02, up 2.00 points or +0.07% with a total volume of 1.01b and a total value of S$728M. Total number of advance vs decline was 211 vs 199. Of the 30 component index stocks, 10 closed positive, 15 closed negative and 5 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +1.720

2. JSH 500US$ +1.450

3. Jardine C&C +0.900

4. HKLand US$ +0.060

5. Capitaland +0.020

The top 5 loser component stocks were :-

1. KepCorp -0.210

2. SIA -0.110

3. UOB -0.090

4. SembCorp -0.090

5. Wilmar -0.080

US markets were flat yesterday night as it was torn between EU debt crisis worries against better economic data. Asian bourses were mostly in the red for the day with profit taking kicking in and investors maintained cautious with EU debt crisis still in investors' mind. Nikkei closed -0.83%, SSE -0.97% and HSI +0.46%. STI struggling to maintain in the positive with a flattish closing of +0.07% in another thin value and volume day. Only 10 of the 30 index stocks managed to register positive closing. STI very obvious was in positive due to the Jardine group of shares that pop up the index. Rest of the index stocks were showing sign of weakness.

Yesterday Germany's bond auction was better than last November ( when it was under-subscribed then ) but with news of Italian bank having to do right issue at deep discount to raise cash, Spanish delay in playing bond interest and Greece possible of euro exit should IMF/EU unable to handle out the next tranche of bailout reminding investors that EU debt crisis is still there. There will be French bond auction tonight and US ADP data followed by employment situation tomorrow. With global markets inched up in particular US ( due to better than expected economic data which probably the effect of US Fed operation twist showing the impact ) in thin volume, question of whether the upside can sustain have to keep in mind. Cautious should be the keyword now as the market trends higher.

Market Daily -- 5th Jan 12

2012-01-05T07:45:00.007+08:00

5. Cosco Corp: Unit Secures Vessel-Construction Contract Worth More Than US$220 Mln

4. City Developments: Acquires Chongqing Land Site For CNY540 Mln

3. Bukit Sembawang Estates Target Raised To S$4.72 Vs S$4.16 By CIMB

2. GMG Global Target Price Cut To S$0.125 Vs S$0.190 By DBS Vickers

1. Dow Jones industrial average was up 20.97 points, or 0.17 percent, at 12,418.35. The Standard & Poor's 500 Index was up 0.24 points, or 0.02 percent, at 1,277.30. The Nasdaq Composite Index was down 0.36 points, or 0.01 percent, at 2,648.36

Market Summary -- 4th Jan 12

2012-01-04T17:31:00.001+08:00

FTSE STI closed 2,711.02, up 22.66 points or +0.84% with a total volume of 1.03b and a total value of S$850M. Total number of advance vs decline was 229 vs 201. Of the 30 component index stocks, 24 closed positive, 4 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +1.060

2. JSH 500US$ +0.400

3. JMH 400US$ +0.270

4. UOB +0.170

5. DBS +0.160

The 4 loser component stocks were :-

1. StarHub -0.040

2. GLP -0.015

3. NobleGrp -0.010

4. Genting SP -0.005

US markets closed average +1.50% yesterday night as better than expected ISM data coupled with better than expected global manufacturing data sent US markets to a good start for year 2012. Asian bourses were mixed for the day with Nikkei reopened after past days of holiday closed +1.24% playing catch up, SSE also reopened today closed -1.37% as report of December home price continued to fall and Premier Wen Jiabao's comment of difficult 1H2012 concerned investors. HSI after yesterday rally closed -0.80%. STI continued to advance another +0.84% moving above the 2,700 level with 24 of the 30 index stocks register a gain. However, cautious must keep in mind as volume was just around 1 billion level while total value came in only S$850M, indicating mostly penny stocks in action and the underlying issue of EU still unchanged for the moment. Investors probably looking at the better than expected global economic data and temporary putting EU issue aside for the time being. Germany and Portugal will be doing bond sales today and should Germany's bond sale failed in expectation to raise the required amount, the worries of EU debt crisis might weigh on investors. US itself will have series of economic data this week in particular the employment situation this Friday.

Singapore Government today revealed the Ministers' salary review and PM will be taking a 28% pay cut while the President 51% cut and ministers taking around at least 30% pay cut. STI probably rally because of this piece of good news.

Do want to cautious investors at this junction, global index in particular US do look like trying to breakout but there is lack in volume and the fundamental problems regarding EU debt crisis, Asian countries suffering slow growth and US high unemployment situation still the same as last year. With possible short covering and fund managers taking new position for the new year, the sustainable upside of the global stock markets still questionable.

Market Daily -- 4th Jan 12

2012-01-04T07:45:00.003+08:00

5. Yanlord Land Group Started At Neutral, S$1.03 Target - HSBC

4. Singapore Govt-Appointed Committee Recommends Pay Cuts For Political Leaders
Singapore Committee Recommends Prime Minister To Take 28% Pay Cut To S$2.2M A Year
Singapore Committee Recommends President To Take 51% Pay Cut To S$1.54M A Year

3. Ascendas REIT Target Raised To S$1.87 From S$1.85 - Daiwa

2. TT International: Lucrum Capital To Invest S$200 Mln In Singapore Retail Project

1. The Dow Jones industrial average rose 179.82 points, or 1.47 percent, to 12,397.38. The S&P 500 Index added 19.46 points, or 1.55 percent, to 1,277.06. The Nasdaq Composite gained 43.57 points, or 1.67 percent, to 2,648.72.

Market Summary -- 3rd Jan 12

2012-01-03T17:26:00.001+08:00

FTSE STI closed 2,688.36, up 42.01 points or +1.59% with a total volume of 1.06b and a total value of S$704M. Total number of advance vs decline was 324 vs 103. Of the 30 component index stocks, all 30 closed positive. The top 5 gainer component stocks were :-

1. Jardine C&C +0.720

2. UOB +0.280

3. KepCorp +0.260

4. JMH 400US$ +0.230

5. CityDev +0.200

US markets closed in the red last Friday while most of the global markets that opened yesterday ended up with gain for the 1st day of 2012. Asian bourses mostly positive for the day with Nikkei and SSE still close for holiday and will only reopen tomorrow and HSI +2.40%. STI rebounded from last Friday drop of about 1% and closed +1.59% in a much healthier volume than last week. All 30 of the index stocks registered positive closing. This morning, MTI announced Singapore 4Q2011 and 2011 GDP coming in -4.9% and +4.8% respectively. The +4.8% FY growth came in slightly below the +5% estimate nevertheless.

Starting the new year will be European issue and US economic data in focus and might want to keep a close watch on China this month of a probability of RRR cut. There will be a meeting between Germany and France leader on 9th Jan and that should be closely watch. End of the week US unemployment data is another on investors' radar.

STI did manage to start the new year with a gain despite the weak GDP figure. However, do cautious that such a gain might not be sustainable as global markets still lack the catalyst to move up further.

Market Daily -- 3rd Jan 12

2012-01-03T07:45:00.006+08:00

6. Temasek Sets Up New Investment Vehicle To Focus On North Asia
Temasek Spokeswoman: Investment Vehicle Called Pavilion Capital
Temasek Sets Up New Investment Vehicle To Focus On North Asia

5. Singapore 4Q Private Residential Prices +0.2% On Quarter Vs +1.3% In 3Q

4. Mewah International: To Invest About US$145M In Indonesia Refinery, Plant
Mewah International: To Delay Completion Of Malaysia Refinery
Mewah International: To Delay Completion of China Packing Plants

3. Singapore 4Q GDP -4.9% On Qtr, Adjusted, Annualized; Poll Tipped -5.5%
Singapore 4Q GDP +3.6% On Year; Poll Tipped +3.5%
Singapore 2011 GDP +4.8%
Singapore 4Q Manufacturing Output +6.5% On Year
Singapore 4Q Services Output +3.2% On Year
Singapore 4Q Construction Output +1.7% On Year

2. CapitaMalls Asia: To Offer S$200 Mln Of 10-Yr Callable Step-Up Bonds
CapitaMalls Asia: May Increase Bond Offer Size To S$400 Mln

1. Dow Jones industrial average .DJI fell 69.48 points, or 0.57 percent, to 12,217.56 at the close. The Standard & Poor's 500 Index .SPX slipped 5.42 points, or 0.43 percent, to 1,257.60. The Nasdaq Composite Index .IXIC dropped 8.59 points, or 0.33 percent, to 2,605.15

Recap 2011 & Looking Ahead 2012

2012-01-03T00:01:00.139+08:00

2011 was not a good year for global stock markets with series of global events that made almost all the markets less US fell at least 15% for the year. US market probably was one of those that managed to edge up some small little gain.

A recap on 2011, in January global markets fell in particular emerging markets with Middle East unrest that sent crude oil price rocketed past US$100/barrel and caused the already high inflation in Asia to move up even higher and made Asian policy makers who have been putting measures since 2010 to curb rising inflation in another tough fight to bring inflation down. Then in March the unexpected Japan natural disaster of earthquake + tsunami brought Japanese economy into recession and hurting global supply chain. In June, when the 2nd Qualitative Easing stimulus of US expired, the ineffective of it to bring down high unemployment coupling with weak economic data sent fear to investors that US might be entering a double-dip recession. At the same time, Greece was in seek of a second bailout and that added on the worries that the 2-year European debt issue was escalating into a bigger risk. In August, the US debt ceiling has to wait till the final hour of the deadline before it was approved to be increased due to politicians unable to break deadlock earlier on led to S&P downgrade US crediting rating from AAA and that caused global markets to be tensed and volatile, wild swing in both direction. From then on, it was Europe that took center stage next with the debt crisis spreading to Italy ( a too big to bailout scenario ) caused several country leadership changing hand, EU leaders cracking their heads working overtime and pressure from rest of the world to get the debt situation under control. In October global stock markets sank to their year low when they realized the EU debt issue will cause global systemic risk should it not been contained or resolved. EU leaders finally made some positive steps in resolving the debt crisis with Greece private investors taking a 50% haircut and Greece was able to get the 2nd bailout funds in exchange with tough austerity measures must be implemented. Italy was not spared with the tough austerity measures either so as Spain and Portugal. Other EU nations were faced with stalled in economic growth. With ECB cutting interest rate, engaged in bond buying, extend its lending facilities to 3-year, lowered collateral requirement, EU nations leveraged up the EFSF, EU nations agreed on treaty changed to do a structural reform and 6 Central Banks led by US Fed to lower the swap line to solve liquidity issue, all these steps still not able to totally resolve the debt crisis. A bright spot in the last quarter was US economic data improving and unemployment rate came down to 8.6% but nevertheless, US still have more to do to improve the economy situation.

Coming into 2012, the EU debt crisis will be center stage again as investors will be looking at how EU going to solve the problem of bond maturing this year ( where the money from ) and what other steps EU leaders going to further take on to solve the problem. So far EU has been resisted in issuing joint-Euro bond and authorizing ECB to print money as a solution and instead chose the reforming solution to solve the problem. The restructuring process is a slow and reliable solution but takes a prolong time frames. US economy will be the next in focus for the year. 2012 is also a Presidential Election year for US and despite the improving economic data lately, US Government still have lot to do in particular creating massive amount of jobs to bring down the high unemployment rate. Asia countries though recorded reasonable economy growth in 2011 but with EU and US stalling, it also having impact in its growth. The high inflation problem in Asia has started to ease lately and that allowed policy markets some room to ease the monetary policies to stimulate growth. China, world 2nd economy will be in particular in focus. China has cut its RRR by 50 basis point the first since 2008 last month and potentially will embark on more monetary easing in 2012 to spur its economic growth due to monetary tightening in the past 2 years and impact from Europe. The first half of 2012 should be critical to investors and policy makers globally. This is the period when we will know how server the EU debt issue will be ( will EU get into recession and if so how deep will it be ), will US economy in particular employment situation continue to improve ? and Asia countries what measures or stimulus will they take to boost their economic growth. Should there is no unexpected events from EU ( like breaking up of Euro or more write down by other EU nations ), the EU debt situation should be able to stabilize in 2H2012 and Asia should be in focus then.

Singapore recorded a -4.9% contraction in 4Q2011 GDP and +4.8% 2011 GDP ( advanced estimate ), a sharp drop of +14.5% in 2010 with problems from US and Europe. 2012 will be another challenging year for Singapore Government as they could be starting to rolling out stimulus to boost the growth. February 2012 when Singapore Finance Minister revealed FY2012 budget will be closely watched to determine whether any stimulus package will be rolling out by the Government. Singapore inflation still on the higher end with +5.7% in last month data but should be taming soon after another property curbing measure being announced last month.

Despite all the ongoing problem, analysts still having mixed views for 2012. Some still continue to be bearish while others foreseeing a 2H2012 picking up. While it is too early to say which side of the camp is correct, investors just have to monitor the global situation carefully, namely the development in EU, US economy strength and Asia's measures to boost growth.

Investors will be in a situation whereby whether you see the glass as half-empty or half-filled scenario. Depend on which scenario you are looking at. As such, in order to minimize risk, investors should consider both cases and think of appropriate strategy to act on. Further downside to stock markets could be an opportunity to bargain hunt if one is taking the half-filled glass scenario. With current volatile stock markets, investors should know of their own risk before venturing into the stock markets, be patience and discipline and that the only way to minimize lost in a volatile stock markets.

Investment & Trading Portfolio -- 2011

2011-12-30T17:48:00.000+08:00

For the year 2011, STI fell 17.04% while Investment and Trading Portfolio recorded +39.15% and -24.48% respectively.

For Investment Portfolio, the profit still sustainable mainly due to dividend collected along the way and stocks being acquired at the time when market was nearly at the low from the 2008 financial crisis. As a whole, with current situation due to EU debt crisis, US economy recovery in particular high unemployment rate and China slowing down, come 2012 should the stock prices being depressed further to attractive valuation, some of the stocks like KepCorp, SembMar, SIA, MapletreeInd, SingPost and CapitaMall Trust will be on the radar to add more.

For Trading Portfolio, since missing the selling out around June 2011, just have to hold on for the time being and wait for rebound to certain level to sell off. Despite the -24.48% paper loss, have a portion of realized contra gain of +31.08% to cushion for the portfolio loss.

To summarize, Investment Portfolio will be looking out for attractive valuation to add more in 2012 while Trading Portfolio will be looking for opportunity to sell off.

Stock	Holding Price*	Market Price	Unrealized Profit/Loss
Investment Portfolio
Cambridge Industrial Trust	$0.514	$0.475	-6.26%
CapitaMall Trust	$0.919	$1.70	+66.27%
First REIT	$0.458	$0.76	+48.37%
Genting	$0.531	$1.51	+183.54%
KepCorp	$6.65	$9.30	+35.41%
SIA	$9.965	$10.16	+1.39%
SingPost	$0.905	$0.935	+2.71%
MapletreeInd	$0.932	$1.075	+13.523%
SembMar	$2.874	$3.82	+27.11%
Total Unrealized			+33.92%
Total Realized	**		0%
Cash	--	--	+7.91%
Total Portfolio	***		+39.14%
Trading Portfolio
Asia Fashion	$0.0624	$0.04	-36.38%
Swiber	$0.584	$0.535	-8.86%
CourageMarine	$0.189	$0.085	-52.22%
NOL	$1.734	$1.125	-34.89%
Yanlord	$1.407	$0.955	-33.53%
Yongnam	$0.266	$0.230	-13.34%
K-Reit	$0.985	$0.83	-15.06%
SC Global	$1.47	$0.99	-31.88%
CapMallsAsia	$1.592	$1.13	-29.19%
Total Unrealized			-29.09%
Total Realized	**		0%
Cash	--	--	+3.57%
Total Portfolio	***		-24.48%
STI	31/12/10 = 3190.04	30/12/11 = 2646.35	Change =-17.04%

Investment & Trading Portfolio -- December 2011

2011-12-30T17:37:00.000+08:00

1. Technical switch K-Green to K-Reit, in return, claim back 1.56cents of capital

Stock	Holding Price*	Market Price	Unrealized Profit/Loss
Investment Portfolio
Cambridge Industrial Trust	$0.514	$0.475	-6.26%
CapitaMall Trust	$0.919	$1.70	+66.27%
First REIT	$0.458	$0.76	+48.37%
Genting	$0.531	$1.51	+183.54%
KepCorp	$6.65	$9.30	+35.41%
SIA	$9.965	$10.16	+1.39%
SingPost	$0.905	$0.935	+2.71%
MapletreeInd	$0.932	$1.075	+13.523%
SembMar	$2.874	$3.82	+27.11%
Total Unrealized			+33.92%
Total Realized	**		0%
Cash	--	--	+7.91%
Total Portfolio	***		+39.14%
Trading Portfolio
Asia Fashion	$0.0624	$0.04	-36.38%
Swiber	$0.584	$0.535	-8.86%
CourageMarine	$0.189	$0.085	-52.22%
NOL	$1.734	$1.125	-34.89%
Yanlord	$1.407	$0.955	-33.53%
Yongnam	$0.266	$0.230	-13.34%
K-Reit	$0.985	$0.83	-15.06%
SC Global	$1.47	$0.99	-31.88%
CapMallsAsia	$1.592	$1.13	-29.19%
Total Unrealized			-29.09%
Total Realized	**		0%
Cash	--	--	+3.57%
Total Portfolio	***		-24.48%
STI	30/11/11 = 2702.46	30/12/11 = 2646.35	Change =-2.08%

Market Summary -- 30th Dec 11

2011-12-30T17:25:00.001+08:00

FTSE STI closed 2,646.35, down 26.43 points or -0.99% with a total volume of 538M and a total value of S$492M. Total number of advance vs decline was 223 vs 205. Of the 30 component index stocks, 1 closed positive, 4 remained unchanged and 25 closed negative. The only gainer component stock was :-

1. ST Engg +0.010

The top 5 loser component stocks were :-

1. JMH 400US$ -0.800

2. UOB -0.270

3. KepCorp -0.170

4. Jardine C&C -0.160

5. DBS -0.130

5. CityDev -0.130

US markets rebounded with at least +1% gain yesterday after jobless report indicating US labor market situation is improving despite a missing expectation figure. However, concern of the EU debt crisis still weighed on investors as yesterday Italian bond auction amount fell short of expectation. Asian bourses going into the last trading day for 2011 mostly positive but still down for the year. Nikkei closed +0.67%, SSE +1.19% with data indicating manufacturing output continued to contract for 2nd month in a row and speculation of Central Bank will be doing a RRR cut around the lunar new year period and HSI +0.20%. STI unfortunately closed down 0.99% in another thin volume day as window dressing weighed down on index stocks with only 1 register positive closing only. Funds definitely cashing out for their portfolio. Volume should be picking up next week when investors coming back from the festive holiday and important economic data in US and locally await next year. Next week Singapore will be announcing its first preliminary release of 4Q 2011 GDP as well as FY 2011 GDP.

For the year, STI fell 17.04%

Market Daily -- 30th Dec 11

2011-12-30T07:45:00.003+08:00

2. Singapore November M1 Money Supply S$130.77B Vs S$129.20B October
Singapore November Bank Loans S$415.77 Bln Vs S$406.50 Bln October

1. The Dow Jones industrial average .DJI shot up 135.63 points, or 1.12 percent, to 12,287.04 at the close. The Standard & Poor's 500 Index .SPX gained 13.38 points, or 1.07 percent, to 1,263.02. The Nasdaq Composite Index .IXIC advanced 23.76 points, or 0.92 percent, to 2,613.74

Market Summary -- 29th Dec 11

2011-12-29T17:45:00.000+08:00

FTSE STI closed 2,672.78, up 6.53 points or +0.24% with a total volume of 585M and a total value of S$413M. Total number of advance vs decline was 193 vs 168. Of the 30 component index stocks, 17 closed positive, 6 closed negative and 7 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +0.530

2. JSH 500US$ +0.290

3. UOB +0.100

4. SGX +0.050

5. CityDev +0.040

5. KepCorp +0.040

The top 5 loser component stocks were :-

1. Jardine C&C -0.360

2. HKLand US$ -0.180

3. F&N -0.050

4. Wilmar -0.010

5. SIA Engg -0.010

5. CapMallsAsia -0.010

US markets fell at least 1% yesterday night as concern of EU debt crisis resurfaced. While Italy's bond auction brought relief to its borrowing cost but report of ECB balance sheet at record high due to EU debt crisis dampened the sentiment in a thin volume trading day which could easily swing the market by 1%. Nevertheless, that news was not something new. Asian bourses reacted by mostly traded in negative region. Nikkei closed -0.29%, SSE +0.16% as speculation of another RRR cut and HSI 0.65%. STI in another totally directionless day ended +0.24% in a less than 600 million volume day with some window dressing on selective blue chips pushed the index in the positive. 17 of the 30 index stocks managed to close positive. Tomorrow will be the last trading day for 2011, while it is unlikely STI will be able to record a positive return for 2011, with the thin volume, STI could swing probably 1% either direction depending on what are being dressed up or down.

Market Daily -- 29th Dec 11

2011-12-29T07:45:00.002+08:00

3. Keppel Corp: Units Get S$150 Mln Worth Of Contracts
Keppel Corp: Received Record Orders Worth S$10 Bln So Far In 2011

2. Wilmar International: Established $5 Bln Medium Term Note Program

1. The Dow Jones industrial average .DJI fell 139.94 points, or 1.14 percent, to end at 12,151.41. The Standard & Poor's 500 Index .SPX dropped 15.79 points, or 1.25 percent, to 1,249.64. The Nasdaq Composite Index .IXIC lost 35.22 points, or 1.34 percent, to 2,589.98

Market Summary -- 28th Dec 11

2011-12-28T17:28:00.000+08:00

FTSE STI closed 2,666.25, down 7.37 points or -0.28% with a total volume of 511M and a total value of S$351M. Total number of advance vs decline was 159 vs 198. Of the 30 component index stocks, 8 closed positive, 20 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +0.420

2. JMH 400US$ +0.320

3. HKLand US$ +0.060

4. SIA Engg +0.040

5. SGX +0.030

The top 5 loser component stocks were :-

1. UOB -0.110

2. DBS -0.080

3. KepCorp -0.070

4. CityDev -0.040

5. Wilmar -0.030

5. SembMar -0.030

5. SIA -0.030

5. Olam -0.030

US markets closed flat last night with S&P500 and Nasdaq recorded positive closing while DJ in the red. US consumer confidence data was better than expected which supporting a thin volume day. Asian bourses which resumed trading after the Christmas holiday were mostly in the red. Nikkei closed -0.20%, SSE +0.18% and HSI -0.59%. STI in another low volume day closed -0.28% with 20 of the 30 index stocks registered negative closing. Lacking of catalysts and volume has made the market directionless. While some are eying for a year end window dressing that could see markets edge higher into January next year, others are maintaining cautious as lot of uncertainties regarding the EU debt crisis still around. We could see some window dressing but on selective stocks only.

Market Daily -- 28th Dec 11

2011-12-28T07:45:00.004+08:00

2. Osaki Electric: Makes Offer For All Of Shares Of SMB United
Osaki Electric: To Offer S$0.40/Share For SMB United
Osaki Electric Offer Values SMB United At S$195.7 Mln

1. The Dow Jones industrial average .DJI dipped 2.65 points, or 0.02 percent, to 12,291.35 at the close. But the Standard & Poor's 500 Index .SPX inched up 0.10 of a point, or 0.01 percent, to close at 1,265.43. The Nasdaq Composite Index .IXIC added 6.56 points, or 0.25 percent, to end at 2,625.20

Market Summary -- 27th Dec 11

2011-12-27T17:24:00.000+08:00

FTSE STI closed 2,673.62, down 2.85 points or -0.11% with a total volume of 390M and a total value of S$239M. Total number of advance vs decline was 161 vs 174. Of the 30 component index stocks, 11 closed positive, 18 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. UOB +0.070

2. DBS +0.060

3. HKLand US$ +0.050

4. JMH 400US$ +0.040

5. CityDev +0.030

5. SIA Engg +0.030

The top 5 loser component stocks were :-

1. Jardine C&C -1.470

2. JSH 500US$ -0.110

3. SGX -0.040

4. KepCorp -0.030

5. NobleGrp -0.025

US markets closed positive last Friday due to better than expected economic data and not much negative news from Europe. Asian bourses most of them pared gain from yesterday and closed mostly negative. Nikkei closed -0.46%, SSE -1.09% ( a new 33-month low ) and HSI only reopened tomorrow. STI practically not moving anywhere with an ultra thin volume of only 390 million and closed -0.11%. Given the lack of direction from regional bourses and a short last trading week for the year, investors mostly sideline awaiting of direction from other global bourses.

Market Daily -- 27th Dec 11

2011-12-27T07:45:00.002+08:00

2. Singapore's Ultro Technologies Plans S$110 Mln Acquisition Of Ley Choon

1. The Dow Jones industrial average .DJI ended up 124.35 points, or 1.02 percent, at 12,294.00. The Standard & Poor's 500 Index .SPX closed up 11.33 points, or 0.90 percent, at 1,265.33. The Nasdaq Composite Index .IXIC finished up 19.19 points, or 0.74 percent, at 2,618.64

Journey To Retirement Part 5 -- CapitaMall Trust

2011-12-26T10:27:00.000+08:00

The fifth part of my investment portfolio in which objective is to create wealth to retire.

Stock : CapitaMall Trust
CapitaMall Trust is the first REIT that was listed in Singapore in July 2002 ( IPO price $0.96 ) and at present it is also the largest REIT listed by market capitalization. It asset is the retail malls in Singapore with famous one like Raffles City, Plaza Singapura, IMM Building, Tampines Mall, Junction 8, Bugis Junction, JCube, Funan Digitalife Mall and etc. Currrently, it has 16 assets in Singapore spreading across the island. As a REIT it is termed as defensive as it passes at least 90% of its rental earning back to unitholder in the form of distribution ( dividend ) and with its focus on the retail sector it further enhances its defensiveness mainly due to the demand ( as a result of changing life style in Singapore ) of the retailers. CMT is considered an "income stock" in my portfolio in which according to its latest Oct 2011 earning it is giving an annual distribution of 9.45 cents and with reference to my current holding price of $1.155 ( as vested in 2009 ), that translates to a distribution yield of 8.18%. CMT is never renounced for its high dividend yield and I managed to get it at a price of $1.155 was mainly in 2009, market just started to recover from the 2008 financial crisis and CMT just finished doing rights issue then. Hence, at that price, it is considered a steal as it has a NAV of $1.57.

Potential Upside :
Without any doubt, further quality acquisition is the way to have any good potential upside to CMT. Furthermore, CMT also constantly enhanced its aged assets through the Asset Enhancement Initiatives (AEI ) scheme to make its rental income in those assets sustainable and be able to growth. Another plus point of CMT is its assets are spread across the island including those suburban area. Days are gone with Singaporean going to wet markets for groceries and sight of those traditional provision shops are gone either. With life style changes, suburban malls are replacing those and Singapore practically do their basic necessities in those suburban malls. Established supermarkets like NTUV Fairprice and Cold Storage can be found in those suburban malls and these are where Singaporean shop for their everyday need. As such, CMT with its suburban assets provides the defensiveness despite bad economic day.

Potential Downside :
The downside for CMT like any other REIT is lacking of quality acquisition which are yield-accretive and its gearing. At the moment, CMT has a gearing ratio of 38.4% ( from its latest Oct 2011 earning report ) which probably more towards the higher side. Singapore is a small island, the lacking of land space also defer lot of properties development and hence the lacking of quality assets due to land space limitation is also a potential barrier for CMT to growth its assets. We have seen for the past few years, older retail properties in Orchard have been demolished and redeveloped and for CMT to do that in order to growth its asset portfolio, the cost of it might increase its gearing and this is one disadvantage.

Personal Expectation :
As an "income stock" the minimum personal expectation is CMT ability to maintain at least 8 cents of distribution per annual and further expectation is for CMT management to do more yield-accretive assets acquisition to growth the company and bring value to unit holders. CMT is also another stock that personally I will continue to add more to my existing portfolio should be price dropped to a very attractive valuation

CapitaMall Trust

Market Summary -- 23rd Dec 11

2011-12-23T17:27:00.000+08:00

FTSE STI closed 2,676.47, up 11.67 points or +0.44% with a total volume of 509M and a total value of S$462M. Total number of advance vs decline was 231 vs 128. Of the 30 component index stocks, 19 closed positive, 8 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +1.010

2. KepCorp +0.280

3. DBS +0.130

4. SembMar +0.050

5. CityDev +0.040

5. StarHub +0.040

The top 5 loser component stocks were :-

1. JSH 500US$ -0.350

2. JMH 400US$ -0.180

3. HKLand US$ -0.040

4. SIA Engg -0.020

5. UOB -0.010

5. OCBC -0.010

5. ComfortDelGro -0.010

US markets closed positive yesterday night due to better than expected economic data in jobless claims offsetting a weaker than expecting GDP. Asian bourses were mostly positive for the day. Nikkei closed for Emperor's birthday, SSE +0.85% and HSI +1.37%. STI closed +0.44% in another very thin volume day ( less than 600 million ) ahead of the long Christmas weekend as investors staying sideline ahead of the holiday. 19 of the 30 index stocks registered positive closing and despite the thin volume, selective buying was observed probably positioning for next week year end window dressing. STI will reopen on 27th Dec 2011.

This afternoon, Singapore November CPI came in at +5.7% vs +5.4% expected while November manufacturing output came in -9.6% on Year vs +12.2% expected.

Market Daily -- 23rd Dec 11

2011-12-23T07:45:00.007+08:00

13. STX OSV Holdings Secures Contract Worth Approximately NOK200 Mln

12. ECS Holdings Fair Value Cut To S$0.61 From S$0.715 By OCBC

11. Karin Technology Fair Value Cut To S$0.28 From S$0.345 By OCBC

10. Micro-Mechanics Holdings Fair Value Cut To S$0.305 From S$0.34 By OCBC

9. Valuetronics Holdings Fair Value Cut To S$0.29 From S$0.345 By OCBC

8. Venture Corp Fair Value Cut To S$6.18 From S$7.42 By OCBC

7. Singapore November Manufacturing Output -9.6% On Year; +12.2% Expected
Singapore November Adjusted Manufacturing Output -25.2% On Month; -9.6% Expected
Singapore November Electronics Output -30.1% On Year
Singapore November Pharmaceuticals Output -1.0% On Year
Singapore November Ex-Biomedical Output -13.5% On Year
Singapore November Transport Engineering Output +17.4% On Year

6. Singapore Nov CPI +5.7% On Year; DJ Poll Tipped +5.4%
Singapore Nov Adjusted CPI +0.7% On Month; Poll Tipped +0.2%
Singapore Nov Transportation Prices +11.6% On Year
Singapore Nov Housing Prices +10.0% On Year
Singapore Nov Food Prices +3.6% On Year

5. CapitaLand's Ascott Denies It's Considering A REIT Listing In Malaysia

4. Gloucester Says Noble To Accept Yanzhou Merger Proposal
Gloucester Expects Due Diligence, Expert Report Done By Late February

3. Noble Group: To Vote In Favor Of Proposed Yanzhou-Gloucester Coal Merger
Noble Group: Intend To Hold Shares In Yanzhou Coal For Value Accretion
Noble Group: Expect A$420 Mln In Cash From Gloucester Capital Distribution
Noble Group: Expect US$200 Mln Gain From Gloucester Coal Divestment

2. Gloucester Coal Up 22.8% At A$8.63 On ASX After Yanzhou Bid

1. The Dow Jones industrial average .DJI was up 61.84 points, or 0.51 percent, at 12,169.58. The Standard & Poor's 500 Index .SPX was up 10.29 points, or 0.83 percent, at 1,254.01. The Nasdaq Composite Index .IXIC was up 21.48 points, or 0.83 percent, at 2,599.45

Market Summary -- 22nd Dec 11

2011-12-22T17:25:00.000+08:00

FTSE STI closed 2,664.80, down 8.52 points or -0.32% with a total volume of 585M and a total value of S$452M. Total number of advance vs decline was 150 vs 212. Of the 30 component index stocks, 10 closed positive, 17 closed negative and 3 remained unchanged. The top 5 gainer component stocks were :-

1. HKLand US$ +0.050

2. SembCorp +0.050

3. SPH +0.040

4. KepCorp +0.030

5. SGX +0.030

The top 5 loser component stocks were :-

1. Jardine C&C -0.710

2. UOB -0.260

3. JSH 500US$ -0.250

4. DBS -0.190

5. OCBC -0.100

US markets closed mixed yesterday night with both DJ and S&P500 closed positive while Nasdaq was down due to Oracle who failed to meet expectation with its earning. Asian bourses were mostly down for the day after yesterday rally. Nikkei closed -0.77%, SSE -0.22% and HSI -0.21%. STI closed -0.32% in a very very thin volume day of less than 600 million as investors staying sideline ahead of the Christmas holiday and also waiting for US economic data of GDP and jobless claims tonight. Though volume was thin however there appears to be some selective window dressing either gearing up for tomorrow or end of the year.

Market Daily -- 22nd Dec 11

2011-12-22T07:45:00.006+08:00

6. Keppel Corp: Unit Secured US$809 Mln Contract From Sete Brasil

5. Dyna-Mac Fair Value Raised To S$0.44 From S$0.38 By AmFraser

4. Tiger Airways Started At Hold, S$0.65 Fair Value By OCBC

3. SMRT Target Cut To S$1.70 From S$1.85 By UBS

2. Gloucester Coal: Suspension From Trading
Gloucester Expects To Make Announcement On Potential Merger Proposal
Gloucester: Suspension To Last No Later Than Dec 22 Close Of Trade

1. The Dow Jones industrial average .DJI gained 4.16 points, or 0.03 percent, to end at 12,107.74. The Standard & Poor's 500 Index .SPX gained 2.42 points, or 0.19 percent, to 1,243.72. The Nasdaq Composite Index .IXIC dropped 25.76 points, or 0.99 percent, to close at 2,577.97

Market Summary -- 21st Dec 11

2011-12-21T17:25:00.000+08:00

FTSE STI closed 2,673.32, up 58.87 points or +2.25% with a total volume of 799M and a total value of S$742M. Total number of advance vs decline was 321 vs 139. Of the 30 component index stocks, 26 closed positive, 2 closed negative and 2 remained unchanged. The top 5 gainer component stocks were :-

1. JMH 400US$ +2.040

2. JSH 500US$ +1.390

3. Jardine C&C +1.350

4. UOB +0.640

5. DBS +0.440

The 2 loser component stocks were :-

1. SIA Engg -0.020

2. Starhub -0.010

US markets closed at least +2% yesterday night with a better than expected housing start data, ECB's act of extending 3 year loan to bank which most European banks could be seen borrowing and Spanish bond auction performed better than expected. Asian bourses taking the cue also up for the day. Nikkei closed +1.48%, SSE -1.12% and HSI +1.86%. STI closed +2.25% outperform most of regional bourses in a very thin volume trade of less than 1 billion. Short-covering and possibility of window dressing before Christmas would be the reason for it. With thin volume, concerns will be will the upwards momentum continue or can lead to volatile session with wild swing. Investors will be looking for more economic data from US like GDP for rest of the week for direction. From Europe side, nothing new events happened lately too.

Market Daily -- 21st Dec 11

2011-12-21T07:45:00.012+08:00

9. IEV Holdings Target Raised To S$0.59 From S$0.51 By UOB KayHian

8. Viz Branz Fair Value Raised To S$0.32 From S$0.27 By OCBC

7. Sheng Siong Group Fair Value Raised To S$0.44 Vs S$0.43 By OCBC

6. Singapore's Temasek Holdings Acquires 6.5% Stake In Mosaic Co - SEC Filing

5. HPH Trust Target Cut To US$0.85 From US$0.95 By DBS

4. SC Global Target Cut To S$1.05 From S$2.37 By Kim Eng

3. Noble: Will Make Announcement On Gloucester Coal If There Are Any Developments

2. Mapletree Logistics Trust: Prices JPY9 Bln 10-Year Fixed-Rate Note Issue

1. The Dow Jones industrial average .DJI was up 335.73 points, or 2.87 percent, at 12,103.58. The Standard & Poor's 500 Index .SPX was up 35.95 points, or 2.98 percent, at 1,241.30. The Nasdaq Composite Index .IXIC was up 80.59 points, or 3.19 percent, at 2,603.73

Market Summary -- 20th Dec 11

2011-12-20T17:22:00.000+08:00

FTSE STI closed 2,614.45, down 3.64 points or -0.14% with a total volume of 895M and a total value of S$731M. Total number of advance vs decline was 163 vs 204. Of the 30 component index stocks, 18 closed positive and 12 closed negative. The top 5 gainer component stocks were :-

1. Jardine C&C +0.510

2. F&N +0.130

3. SembCorp +0.090

4. SGX +0.070

5. NobleGrp +0.050

The top 5 loser component stocks were :-

1. JSH 500US$ -0.680

2. JMH 400US$ -0.380

3. DBS -0.100

4. SingTel -0.080

5. ST Engg -0.040

5. CityDev -0.040

US markets fell at least 1% yesterday night led by banking stocks with the usual worries over the EU debt crisis. ECB President commented that ECB will not be aggressively buying Government bonds and that disappointed investors despite EU Finance Ministers agreed on the 200b euros injection to IMF. Asian bourses after past days of selling closed mixed for the day. Nikkei closed +0.49%, SSE -0.10% and HSI +0.06%. STI swing between positive and negative closing flat with a -0.14% as dragged down by SingTel in which today went XD. Despite the thin volume ( less than 1 billion ) some bargain hunting on the fundamental sound and blue chips were observed after days of beating down of prices. Global markets should be heading for a technical rebound soon as news/events are pretty much the same old things.

Market Daily -- 20th Dec 11

2011-12-20T07:45:00.005+08:00

7. CapitaLand Fair Value Cut To S$2.76 From S$2.94 By OCBC

6. City Developments Fair Value Cut To S$8.33 From S$10.10 By OCBC

5. Keppel Land Fair Value Cut To S$3.21 From S$4.11 By OCBC

4. UOL Group Fair Value Cut To S$4.77 From S$5.17 By OCBC

3. Roxy-Pacific Fair Value Cut To S$0.41 from S$0.47 By OCBC

2. SMRT Target Cut To S$1.50 From S$1.85 By Kim Eng

1. The Dow Jones industrial average .DJI was down 100.13 points, or 0.84 percent, at 11,766.26. The Standard & Poor's 500 Index .SPX was down 14.31 points, or 1.17 percent, at 1,205.35. The Nasdaq Composite Index .IXIC was down 32.19 points, or 1.26 percent, at 2,523.14

Market Summary -- 19th Dec 11

2011-12-19T17:32:00.001+08:00

FTSE STI closed 2,618.09, down 41.13 points or -1.55% with a total volume of 917M and a total value of S$763M. Total number of advance vs decline was 123 vs 298. Of the 30 component index stocks, 4 closed positive and 26 closed negative. The 4 gainer component stocks were :-

1. CityDev +0.060

2. ST Engg +0.050

3. SIA Engg +0.040

4. StarHub +0.020

The top 5 loser component stocks were :-

1. JMH 400US$ -0.570

2. UOB -0.410

3. Jardine C&C -0.390

4. DBS -0.280

5. SIA -0.170

US markets closed mixed last Friday given out earlier gain after rating agency warned of downgrading France and other EU nations. Asian bourses with concern of the EU debt crisis traded in the negative region for the day but mostly off their low. Nikkei closed -1.26%, SSE -0.30% ( after weekend report of China November home price fell to the lowest since 2008 ) and HSI -1.18%. Report of North Korea leader Kim Jong Il passed away also sent South Korean market tumbled. Europe markets were relatively flat with US future on the positive ahead of tonight EU Finance Ministers meeting with agenda how to inject 200b euros into IMF for the EU debt crisis. STI in line with regional bourses fell 1.55% in a very thin volume day as total volume came in below 1 billion. Only 4 of the 30 index stocks managed to register positive closing. While investors see no catalysts to move the market higher with all the uncertainties in EU debt crisis, from fundamental point of view, some of the blue chips price are at an attractive valuation. Investors would need patience and holding power to ride the volatile market for the time being,

Market Daily -- 19th Dec 11

2011-12-19T07:45:00.008+08:00

4. SembCorp Marine Unit Secures US$140 Mln Contract From Equinox Offshore Accommodation

3. Singapore's GLP Consortium To Acquire Some Jones Lang Lasalle Japan Properties - Sources
GLP Consortium Japan Acquisition To Cost Over US$1.5 Bln - Sources
GLP Consortium Partner Is China Investment Corp - Source
GLP-CIC To Fund Acquisition Via Equity, Debt - Source
GLP: Acquisition Of 15 Japan Logistics Properties To Cost JV US$1.6 Bln

2. Singapore Telecommunications: Cooperating With India Investigation
SingTel Being Probed By India's Central Bureau Of Investigation For Rule Violations

1. The Dow Jones industrial average .DJI was down 2.42 points, or 0.02 percent, at 11,866.39. The Standard & Poor's 500 Index .SPX was up 3.91 points, or 0.32 percent, at 1,219.66. The Nasdaq Composite Index .IXIC was up 14.32 points, or 0.56 percent, at 2,555.33.

Market Summary -- 16th Dec 11

2011-12-16T17:34:00.000+08:00

FTSE STI closed 2,659.22, up 23.97 points or +0.91% with a total volume of 1.21b and a total value of S$748M. Total number of advance vs decline was 206 vs 174. Of the 30 component index stocks, 23 closed positive, 6 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +1.420

2. JSH 500US$ +0.180

3. OCBC +0.130

4. UOB +0.120

5. F&N +0.110

5. KepCorp +0.110

5. SIA +0.110

The top 5 loser component stocks were :-

1. JMH 400US$ -0.160

2. StarHub -0.050

3. HKLand US$ -0.050

4. CityDev -0.030

5. Wilmar -0.020

US markets rebounded yesterday due to better than expected economic data in particular jobless claims fell more than expected. Asian bourses mostly closed positive today rebounding from past days of selling off. Nikkei closed +0.29%, SSE +2.01% and HSI +1.43%. STI in line with regional bourses closed +0.91% with 23 of the 30 index stocks registering positive closing. Window dressing was the reason for the positive closing and volume was slightly more than past days. From the bigger picture, nothing much has changed in EU debt crisis, in US and China. With sign of window dressing detecting today, next 2 weeks markets might be consolidating for more window dressing unless some unexpected events/news that will dent the sentiment. Stocks with sound fundamental should be the focus of window dressing by fund managers.

Food For Thoughts on Stock Market / 股市真言

2011-12-16T13:52:00.000+08:00

Compilation of some food for thoughts on stock markets.

16. To heal an economy is by self correction and not any other artificial means

15. For the fundamentally sound stocks, as the price get lower, the risk reduces more.

14. Analysis is to analyze the pros and cons, ups and downs, goods and bads and not just one sided view

13. When there is crisis, there will be opportunity

12. Fishing the bottom is an art and not catching a falling knife if you know what you are doing

11. Mental strength, confidence and patience are the keys in winning in stock market

10. Investment is the one that get you the wealth, trading is just to build up capital

9. Never ask how much can I profit when bought but rather how much can I afford to lose

8. Stock market is all about risk, calculated risk

7. Investment is about valuation, trading is about strategy

6. Understand the rationale behind the irrational of the market

5. Read the market and not let the market read you

4. Win the psychological part of yourself, half the battle won

3. Market always over-react be it good or bad news, one should just ignore those noise and opportunity will present itself to you

2. To have expectation is good but over expectation will kill. To be safe always under expect

1. It takes a drop of 20% to realize it is a bear market BUT it will take a missing of 40% profit chance to conclude the worst is over for the market

--------------------------------------------------------------------------

股市真言记录

3。股坛如战场，行军打战在于策略与计谋。股坛成败于否也是如此。

2。股市之心：恒心，信心和耐心，无一不可。

1。知己知彼，百战不殆。对己之格性要认识，对股之特征也要认识，方可百战百胜。

Market Daily -- 16th Dec 11

2011-12-16T07:45:00.004+08:00

7. SMRT Corp CEO: Considers Resignation 'An Option' After Rail Disruptions

6. Hyflux Target Cut To S$1.07 From S$1.34 By IIFL

5. Sakari Resources Target Cut to S$2.30 From S$3.00 By Credit Suisse

4. Singapore Nov Non-Oil Exports +1.6% On Year; -2.2% Expected
Singapore Nov Non-Oil Exports +5.9% Adj On Month; +2.8% Expected
Singapore Nov Electronics Exports +0.1% On Year
Singapore Nov Non-Electronics Exports +2.4% On Year
Singapore Nov Pharmaceutical Exports +21.5% On Year

3. UOL Group: To Buy Singapore Residential Property For S$172 Million

2. DBS Group: Establishes $5 Billion US Commercial Paper Program

1. The Dow Jones industrial average .DJI was up 45.33 points, or 0.38 percent, at 11,868.81. The Standard & Poor's 500 Index .SPX was up 3.93 points, or 0.32 percent, at 1,215.75. The Nasdaq Composite Index .IXIC was up 1.70 points, or 0.07 percent, at 2,541.01

Market Summary -- 15th Dec 11

2011-12-15T17:29:00.000+08:00

FTSE STI closed 2,635.25, down 37.14 points or -1.39% with a total volume of 1.04b and a total value of S$967M. Total number of advance vs decline was 136 vs 305. Of the 30 component index stocks, 3 closed positive, 25 closed negative and 2 remained unchanged. The 3 gainer component stocks were :-

1. SIA +0.090

2. CapitaMall +0.025

3. ComfortDelGro +0.005

The top 5 loser component stocks were :-

1. Jardine C&C -1.340

2. JSH 500US$ -1.250

3. JMH 400US$ -0.680

4. UOB -0.440

5. DBS -0.250

US markets closed down at least 1% yesterday night as concern of EU debt crisis was again in spotlight. Investors were worried that the treaty proposal in last week EU Summit will not solve the debt issue and US economy as indicated by US Fed that will be hit by EU debt crisis should it not resolve. In addition, investors also put off with US Fed that it did not signal possibility of stimulus program in the Tuesday FOMC meeting. Asian bourses taking the cue were in the red for the day. Nikkei closed -1.66%, SSE -2.14% and HSI -1.78%. STI fell 1.39% in a very thin volume day with only 3 of the 30 index stocks managed to close positive.

While the fact is that EU crisis will not solve overnight in which investors knew off and what markets want is resolving the crisis by printing money. To resolve to printing money to solve the debt crisis no doubt in short-tern can contain the crisis but it is never a good long-term plan. That what we have been seeing in US after 2 rounds of QE and nothing has changed. As a whole investors should have confident in EU leaders in their way to resolve the crisis by austerity measures and treaty change. That will take a pro-long period to resolve but in the longer time frame, it is a better solution than printing money. As such, the selling down maybe due to panic selling at a point has become irrational and illogical.

Market Daily -- 15th Dec

2011-12-15T07:45:00.005+08:00

6. Morgan Stanley To Cut 80 Singapore Jobs; Offers Relocation To India, Hungary -Sources
Morgan Stanley Singapore Job Cuts Involve Back-Office Positions - Sources
Morgan Stanley Singapore Job Cuts Part Of Move To Raise Efficiency, Cut Costs - Sources

5. Hong Leong Asia Target ut to S$1.60 From S$1.66 By CIMB

4. CapitaLand Price Target Cut To S$2.22 From S$2.75 By Daiwa

3. City Developments Target Cut To S$7.83 From S$9.95 By Daiwa

2. Sembcorp Marine: Gets US$291.6 Mln Rig-Building Contract

1. The Dow Jones industrial average .DJI dropped 131.46 points, or 1.10 percent, to 11,823.48. The Standard & Poor's 500 Index .SPX fell 13.91 points, or 1.13 percent, to 1,211.82. The Nasdaq Composite Index .IXIC lost 39.96 points, or 1.55 percent, to 2,539.31

Journey To Retirement Part 4 -- SingPost

2011-12-10T17:21:00.001+08:00

The fourth part of my investment portfolio in which objective is to create wealth to retire.

Stock : SingPost
SingPost was listed in May 2003 with an IPO price of $0.60. SingPost is granted exclusive provider of basic mail services with respect to letters and postcards (excluding express letters) in Singapore until 31 March 2007, and a non-exclusive provider of these services until 31 March 2017. SingPost provides mail business, local and international express delivery services, warehousing, fulfilment and distribution services and retail services through its distribution channels. Vested in 2008 and currently holding at an average price of about $1.0093. Due to its constant dividend of 6.25 cents per annual which translates to 6.19% dividend yield with reference to holding price of $1.0093, SingPost is regarded as an "income stock" in my portfolio. The constant dividend is a good hedge to inflation until if there is any changes to the dividend payout.

Potential Upside :
SingPost currently own several properties under its own, namely the SingPost offices like the Paya Lebar HQ and should it decides to sell off those properties in exchange of leasing back, SingPost could realize a hefty sum of profit and that could distribute back to shareholders as part of special dividend. Despite Singapore liberalization of the postal services in 2007 to allow other companies to provide postal services, SingPost still hold the master keys to the letter boxes of public housing and still dominate in the Singapore postal business and that has allowed SingPost to maintain its core business revenue. With the emerging of email and internet, the demand of postal mails has slowed in recent years and that without any doubt has affected SingPost's traditional postal services ( not only SingPost but global postal service providers all facing the same problem ), and the offset that, SingPost has been looking into venturing into other areas in expanding its business. It has a vPost and Clout Shoppe service which allows consumers to do overseas online shopping cum delivery services to door step. It also acquired Quantium Solutions which specializes in logistic and fulfilment services to businesses in Asia Pacific region with its e-Commence solution. Furthermore it also tied up with banks to provide housing loan ( UOB bank ) and basic banking services ( DBS bank ). To diversify more on its business, it has allowed consumers to pay bills and used SingPost as a product deposit/collection service centre ( HP products ). SingPost management is currently looking into more acquisition to leverage on the internet era to expend its business. The constant awareness of business acquisition is to me a potential upside to SingPost business rather than just still relying on the traditional postal mail services.

Potential Downside :
Traditional postal mail services probably is in the sunset era and should SingPost management failed to acquire other business in the longer term SingPost revenue will be slowly declining and that is the potential downside for it.

Personal Expectation :
As an "income stock", personally do not expect SingPost to have a fantastic growth story especially when traditional postal mail business is declining globally due to internet era. However, the ability to sustain its dividend of 6.25 cents per annual is the minimum expectation. In addition, also looking for opportunity to add more when price comes to attractive value.

SingPost

Market Analysis -- 10th Dec 11

2011-12-10T10:37:00.000+08:00

A mix week for global stock markets with those in the East ended the week in red while West ended the week with a gain as global stock markets stayed focus on the EU in their fight to the debt crisis.

Firstly, on 8th Dec, ECB cut interest rate by another 25 basis point to 1%, extending its financing to banks from the current 1 year to 3 years and eased rules on the collateral it requires from banks to tap its funds. Those measures will provide liquidity to banks to prevent credit crunch. However, on the day itself, a turn of events on top of those good news was ECB President deny it will ramp up bond buying program to fight the debt crisis ( note aggressively and not totally will not do any bond buying ) and that comment sent global stock markets down.

Secondly, the outcome of the EU Summit on 9th Dec was as followed :-

1. EU leaders except UK agreed to sign an intergovernmental treaty that would require them to enforce stricter fiscal and financial discipline in their future budgets. Of the 27 EU nations, UK was the isolated ( UK is not in the 17 Euro nations ), the rest of the 26, 17 of which is the Euro nations together with 6 others who have the intention to join Euro agreed to the new treaty. While the remaining have to consult on their respective parliament on that. The detail of the treaty will be out by March 2012.

2. EU leaders agreed to provide an additional 200 billion euro to IMF to help to increase a "firewall" of money to European bailout funds to help cover for Italy and Spain.

3. A permanent 500 billion euro European Stability Mechanism would be put into effect a year early, by July 2012, and for a year, would run alongside the existing and temporary 440 billion euro EFSF, thus also increasing funds for the firewall.

4. EU leaders also agreed that private investors would not automatically face losses should there be another bailout in the future as compared to the 50% haircut they took in the recent Greece bailout.

The outcome from the EU Summit without any doubt will not solve the 2 years long debt crisis overnight but nevertheless it is another positive step towards resolving it. While the amount of bailout funds have more or less settle and as investors awaiting for the detail of the new treaty in March 2012, ECB will be on stand-by to continue bonds buying should it is required to calm the markets before the next measures/plans are drawn out in another step to resolve the crisis. As whole, there was no negative news from the EU Summit or too good a news either. The debt crisis is far from over and will take times to resolve. Debt ridden Euro nations will have to continue to do their part in austerity measures to reduce the deficit and Ireland is one of the example that austerity measures worked. The leaders of Greece, Spain, Italy or Portugal will have to work hard to convince their respective citizens that austerity measures is the way to get their country out of the debt crisis.

US economic data continue to indicate economy still improving but a slower pace and employment situation appears to the improving but not totally out of the wood as they still need a job bill to bring down the stubbornly high unemployment rate and that should be the focus for 2012 which also a Presidential election year. Another issue in focus will be the long-term debt reduction plan which was out off lately due to differences between the 2 political parities over whether should the rich be tax more. Other than that, nothing much has changed in the US.

China does have some good news coming out lately. Despite slowing down in its economic growth with PMI in contraction since the 2008 crisis, China Government has cut the bank reserve requirement ratio by 50 basis points to ease monetary policy and November inflation has slowed down to 4.2% which clearly indicating that there will be lot of rooms for the China Government to ease monetary measures. China Government could further cut the bank reserve requirement ratio by another 150 to 200 basis points, cutting interest rate and rolling out stimulus package to spur economic growth. In a blue print from China this year, China will be shifting their export activity to consumer consumption as a main component of the economy growth and that would be a better method than current one as current economy growth was hurt by the Europe debt crisis.

Singapore Government gave some surprise this week when they announced new property curbing measures to tame the inflated property markets and that news sent property stocks tumbled as much as 10% within 2 days. The new measure will hurt property developers revenue perhaps for the next 12 months but from a long term view that move is a positive one. As global economy slowing down and possible need stimulus package it is possible there will be a situation whereby we will have excessive liquidity floating around ( like in the case of 2009 ), such a measure is timing to prevent property prices to get inflated some more and getting out of control should there be excessive liquidity flowing in. Singapore economy is projected to grow at between 1% - 3% for 2012 and should Europe debt crisis get worse or some bad news from US economy, Singapore economy could even drop to recession which requires Singapore Government to roll out stimulus. The property curbing measures is probably a foundation work to tame inflation should stimulus program is being rolled out either locally or other countries.

As a whole, there isn't any bad news for the time being despite the volatility of the stock markets still persist as investors still cautious of the EU debt crisis. From the longer term, EU debt crisis will get it solve one day and global leaders know the catastrophic effect on the EU debt crisis should it being not contained. EU leaders will do all they can to resolve it and just matter of time. Short-term investors might have problem finding gain in equity market given that most expect 2012 will be a slow growth year but for long-term investors, the weakness in stock markets could be a bargain opportunity. Do also note that fundamentally sound companies presently are in a better position than they were in 2008 to ride out any crisis as they have a much more healthier balance sheet than then. That is important as the falling in stock prices due to nervous moment in reacting to negative news/events will present a cheap and attractive valuation to buy on.

Market Summary -- 9th Dec 11

2011-12-09T17:46:00.000+08:00

FTSE STI closed 2,694.60, down 33.71 points or -1.24% with a total volume of 974M and a total value of S$925M. Total number of advance vs decline was 107 vs 334. Of the 30 component index stocks, 4 closed positive and 26 closed negative. The 4 gainer component stocks were :-

1. UOB +0.060

2. JSH 500US$ +0.040

3. StarHub +0.020

4. GoldenAgr +0.005

The top 5 loser component stocks were :-

1. JMH 400US$ -1.090

2. Jardine C&C -0.490

3. DBS -0.220

4. CityDev -0.180

5. SembCorp -0.160

5. OCBC -0.160

US markets fell at least 1.6% yesterday night as ECB President's conference dented sentiment over a better than expected jobless claims. ECB reduced interest rate by 25 basis point to 1% and extend bank loan to 3 years from the current 1 plus lower required of bank collateral to provide excess liquidity and stimulate bank lending but sentiment soon turned sour when ECB President commented that ECB will not engage in bond buying or cap bond yield to help stem the crisis as those are not ECB primarily role. This has turned bearish for investors as that was what majority want. EU Summit also got to a start yesterday among EU leaders and should have outcome of that tonight.

Asian bourses were in red for the day with Nikkei closed -1.48%, SSE -0.62% after reporting inflation for November fell to 4.2% better than expected and that will leave lot of rooms for China Government to ease monetary policy to spur growth. HSI -2.73%. STI fell 1.24% in very thin volume day of less than 1 billion and again weighed down by property stocks. Furthermore, investors also stay cautious ahead of tonight EU Summit outcome. In general markets fell mainly because investors were over optimistic for tonight EU Summit.

Series of positive and negative news flew from yesterday till now on the EU Summit. Positive news were those of technical detail of EFSF leverage, fiscal unions with treaty changes, ECB yesterday action and EU leaders also drop demand for investors write-offs in bailout. The negative news will be no bigger role for ECB and appears to have met resistance from Finland, Ireland and Netherlands regarding Germany/France's proposal of treaty changes.

What investors should not at present is over optimistic that EU crisis will get solve through this meeting. On the other hand, investors should not be over pessimistic either on the crisis of EU. EU leaders will iron out steps to solve the crisis and eventually that will get it done just a matter of time. What most investors want are quick fix solution like printing money and ECB unlimited purchase of bonds, those solutions no doubt will help to solve credit crunch in the short term but the side effect of those will appear some years later with the EU debt crisis will be back to square one. What EU leaders doing now is building or amending the foundation of the EU to build a stronger support so that it will not encounter similar crisis in the future. Building foundation needs time especially a strong foundation. Investors with short-term view on the stock markets will not like it as the slow method will not bring cheer to stock markets but for long-term investors, think positive of the solution and look at valuation to buy on weakness.

Market Daily -- 9th Dec 11

2011-12-09T07:45:00.005+08:00

5. Banyan Tree Seeking To Sell Korean Resort - Source
Several Bidders Submitted Letters Of Intent For Banyan Tree - Source
Final Bids For Banyan Tree's Korean Resort Likely By Year-End - Source
Banyan Tree Aims To Complete Korean Resort Deal In 1Q Next Year - Source

4. Ascendas REIT Target Raised To S$2.01 Vs S$1.99 By Credit Suisse

3. City Developments: Singapore Property-Cooling Moves To Dampen Market Short Term
City Developments: See 'Limited Effect' On Group From Property-Cooling Moves

2. Wilmar's Sucrogen Says Can Proceed With Purchase Of Proserpine Mill

1. The Dow Jones industrial average .DJI tumbled 198.67 points, or 1.63 percent, to end at 11,997.70. The Standard & Poor's 500 Index .SPX fell 26.66 points, or 2.11 percent, to 1,234.35. The Nasdaq Composite Index .IXIC lost 52.83 points, or 1.99 percent, to close at 2,596.38

Market Summary -- 8th Dec 11

2011-12-08T17:37:00.000+08:00

FTSE STI closed 2,728.31, down 54.24 points or -1.95% with a total volume of 1.08b and a total value of S$1.03b. Total number of advance vs decline was 110 vs 327. Of the 30 component index stocks, 4 closed positive, 25 closed negative and 1 remained unchanged. The 4 gainer component stocks were :-

1. Jardine C&C +0.770

2. JMH 400US$ +0.150

3. SembCorp +0.020

4. ComfortDelGro +0.010

The top 5 loser component stocks were :-

1. CityDev -0.840

2. DBS -0.470

3. JSH 500US$ -0.390

4. F&N -0.380

5. UOB -0.300

US markets closed mixed yesterday with DJ and S&P recorded another gain while Nasdaq was slightly negative. Initially, European markets were on the positive until German official shot down speculation of combination 2 rescue funds and sent European markets to the red. However, US markets managed to recover from that drop to posted gain. Asian bourses after yesterday rally were undergo profit taking ahead of the EU Summit with Nikkei closed -0.66%, SSE -0.12% and HSI -0.69%. STI was the unlucky of the regional bourses all thanks to Singapore Government announcing new property measures yesterday night and STI was weighed down by property stocks without any doubt. STI closed -1.95% with only 4 of the 30 index stocks registered positive closing. Property and banking stocks were the one dragged down STI with CityDev, Capitaland and F&N closed -8.38%, -7.28% and -5.90% respectively. What appeared illogical along with the residential property curb was Reits with no exposure to residential property also fell without rational reason. The panic selling definitely was seen in Reits.

Investors will be looking at tonight ECB meeting to decide on interest rate with most expected another 25 basis point cut and yesterday ECB official said ECB will announce additional measure to stimulate bank lending and if so, that will be another positive step towards resolving the EU debt crisis. A note also that, ECB is not allow to print money so that option is definitely ruled out. Next will be the EU Summit on 9th Dec, a make or break or do or die meeting for the EU. What expected to be announced in the Summit will be the technical detail of EFSF leverage and the fiscal union through treaty changes proposed by Germany and France.

Meanwhile back to Singapore regarding the latest property curbing measures, analysts are expecting this could be the last curbing measures by Singapore Government and with this measures property developers' revenue could take a hit in the next 12 months and projected of possible 20% downside in the share price. While it might not be the right time to bottom fish property stocks but that should be put into radar to bottom fish should this measure be the last already.

Market Analysis -- 8th Dec 11

2011-12-08T10:13:00.000+08:00

This week is probably a do or die, make or break week for Euro as EU leaders gather for the EU Summit on 9th Dec, the last for the year to resolve the 2 years long Euro debt crisis. Failure to do that will result in systemic failure in global financial system and could drag the whole world into recession again after the 2008 US sub prime crisis. Pressure is on the EU leaders for sure to get something done and not just empty talk again.

There have been numerous news or rumors of what to expect from the Summit. To put it in a more cautiously fact and avoiding over expectation, news emerged from EU leaders and chief of ECB should be what to expect in the meeting. Any others from analysts probably is just a "hope" and that should rule it out.

EU Finance Ministers have a meeting few days ago to trash out the technical detail of the leveraging the EFSF and that is what expected from the Summit. How much will be leverage and where the money from should be reveal in the Summit. Germany and France leaders also proposing a fiscal union of treaty changes to the Euro nations and the content of those should be set of rules in which Euro nations have to follow strictly in term of managing their country's deficit in order to stay within the Euro.

ECB will have a meeting tonight to decide on the interest rate and most believe it will cut another 25 basis point after the last recent cut. Furthermore, news from ECB official also saying plan of additional measures to stimulate bank lending after 6 Central Bankers led by US Fed to lower USD swap line last week.

Those 3 steps will not solve the debt crisis overnight but is another positive step following October Summit in a long fight to stem out the crisis. Global stock markets have been moving up past days with probably optimism but do cautious of not being over optimism. However, be on the pessimistic side would not be a wise move either. EU leaders all know the catastrophic if the crisis is not contained and will be working hard on measures to maintain the Euro from breaking up. The damage of breaking up Euro might even be more than the pain EU is going through now.

Advise for investors is not to get too over optimistic or pessimistic as the Euro debt crisis will eventually get resolve, it is just a matter of time.

Market Daily -- 8th Dec 11

2011-12-08T07:45:00.008+08:00

8. Ascendas REIT: Acquires Two Singapore Properties For S$179 Mln

7. Sembcorp Industries Started At Overweight, S$5.40 Target By HSBC

6. Olam International Started At Buy,Target S$3.05 By Jefferies

5. City Developments Target Price Cut To S$8.33 From S$9.52 By DMG

4. Singapore Property Developers Open Lower After Govt Raises Buyers Stamp Duty
CapitaLand Down 6.5% At S$2.44 On Additional Property Stamp Duty News
City Developments Down 7.1% At S$9.31 On Additional Property Stamp Duty News

3. Cosco Corp Target Cut To S$0.75 From S$1.00 By Daiwa

2. Temasek Holdings: Raised S$500 Mln Via Zero Coupon Bonds Due 2013

1. The Dow Jones industrial average .DJI gained 46.31 points, or 0.38 percent, to 12,196.44. The S&P 500 .SPX rose 2.55 points, or 0.20 percent, to 1,261.02. The Nasdaq Composite .IXIC dipped 0.35 point, or 0.01 percent, to 2,649.21

Market Summary -- 7th Dec 11

2011-12-07T17:32:00.000+08:00

FTSE STI closed 2,782.55, up 33.31 points or +1.21% with a total volume of 1.37b and a total value of S$977M. Total number of advance vs decline was 296 vs 146. Of the 30 component index stocks, 20 closed positive and 10 closed negative. The top 5 gainer component stocks were :-

1. JMH 400US$ +1.750

2. Jardine C&C +1.660

3. JSH 500US$ +1.120

4. DBS +0.320

5. HKLand US$ +0.160

The top 5 loser component stocks were :-

1. F&N -0.040

2. CapitaMall -0.030

3. ST Engg -0.020

4. SIA Engg -0.020

5. OCBC -0.020

US markets closed mixed yesterday night with DJ and S&P500 in the positive while Nasdaq in the red as optimism of EU debt crisis getting resolve in the coming Summit cushion the sentiment despite S&P warned of downgrading 15 EU nations. Asian bourses rebounded from yesterday selling off with Nikkei closed +1.71%, SSE +0.29% and HSI +1.58%. STI in line with regional bourses closed +1.21% with 20 of the index stocks registered positive closing in a thin value session as total value came in less than S$1 billion.

While no negative should be expected from the Summit, investors should also not be over expected from the Summit. What to be expected has more or less in the past days appeared in the news, namely leverage of EFSF to around 900 billion euro with probability of IMF aids and fiscal union treaty changes as proposed by Germany and France to put strict rules to Euro nations to adhere to deficit target. Those are not a quick fix solution but definitely another positive step in the right direction to get the crisis resolve.

For investors who believe in year end window dressing, should take opportunity to slowly collect on dip. Couple of those fundamentally sound stocks were being pressed down in the past sessions while the higher beta type were pushed up. As a pre-cautious, investors should avoid chasing those higher beta stocks that were pushed up during past days but focus on those sold down fundamental stocks and collect on weakness.

Market Daily -- 7th Dec 11

2011-12-07T07:45:00.006+08:00

7. Singapore Nov Foreign Exchange Reserves $241.0B Vs $245.4B Oct

6. Parkson Retail Asia Target Set At S$1.49 By HSBC

5. Parkson Retail Asia Started At Outperform With S$1.50 Target By CIMB

4. Hsu Fu Chi: China Govt Approves Nestle's Acquisition Of 60% Of Company

3. Mewah: Aims To Set Up Palm Oil Refinery In Indonesia
Mewah: Invests $295 Mln In Palm Oil Projects
Mewah: Sabah 525,000 Tons/Year Palm Oil Refinery Operational End 2012

2. Ascott REIT Prices S$150 Mln 4-Year Bond At Swaps +263 Bps - Term Sheet

1. The Dow Jones industrial average .DJI gained 52.30 points, or 0.43 percent, to 12,150.13. The Standard & Poor's 500 Index .SPX.INX added 1.39 points, or 0.11 percent, to 1,258.47. But the Nasdaq Composite Index .IXIC dropped 6.20 points, or 0.23 percent, to 2,649.5

Market Summary -- 6th Dec 11

2011-12-06T17:27:00.000+08:00

FTSE STI closed 2,749.24, down 16.99 points or -0.61% with a total volume of 1.15b and a total value of S$796M. Total number of advance vs decline was 152 vs 271. Of the 30 component index stocks, 8 closed positive, 21 closed negative and 1 remained unchanged. The top 5 gainer component stocks were :-

1. Jardine C&C +0.560

2. JSH 500US$ +0.450

3. ST Engg +0.030

4. ComfortDelGro +0.020

5. F&N +0.010

5. OCBC +0.010

5. SingTel +0.010

5. Wilmar +0.010

The top 5 loser component stocks were :-

1. DBS -0.310

2. UOB -0.210

3. KepCorp -0.160

4. SIA -0.140

5. CityDev -0.120

US markets closed at least +0.60% yesterday night with hope of EU debt crisis will be having another step forwards to resolve this coming EU Summit. However, after market closed S&P warned of downgrading EU nation in particular Germany and France of their top grade rating. The news caused bearish sentiment in Asian bourses as if being downgraded of the rating, the leveraging of EFSF might pose some issue. Nikkei closed -1.39%, SSE -0.31% and HSI -1.24%. STI in line with regional bourses closed -0.61% in thin volume day. Only 8 of the 30 index stocks registered positive closing. STI avoided dropping at least 1% with the help of Jardine C&C and JSH 500US$. Investors are still cautious ahead of the development in the EU crisis despite having hope that some positive news should appear from the EU Summit.