（吉隆坡29日讯）侨丰证券研究指出，数码网络（Digi，6497，基建计划组）继过去数天走势疲弱后股价走低，然而，该股的长期趋势看涨，因为它自2008年底形成一系列更高低点。
该证券行说：“数码网络绝对是其中一只走势超越大市的股项，上周更是写下历史新高水平。尽管如此，疲弱“射击之星”阴阳烛的形成抵销了11月23日写下历史新高的利好走势。该股持续以3.68令吉这个阴阳烛低点以下挂收，确认了卖压。”
“另一方面，在上周五形成的“长黑”阴阳烛也特别疲弱。”
它建议：“所以，投资者可在3.88令吉交易日内高点以下的任何反弹出场 。支撑料为9和10月份的高点3.35令吉，之后是3.20令吉。但该股若得以3.88令吉以上挂收，放眼涨势持续。”
数码网络闭市时报3.48令吉，跌6仙或1.7%，成交量为1千697万7千200股，为第九大热门股项。
Wednesday, November 30, 2011
Saturday, November 19, 2011
德国不印钞来救欧猪
欧债危机在扩散，从希腊到意大利。这是时下全球最热门的课题，引起投资者普遍的关注 ，因为这场危机在牵制着全球的股汇金币的走向。
从新方案到中国的介入都存在着不确定性因素，效果也令人怀疑。在不被看好的情况下，市场继续波动剧烈。
欧元区对全球具牵连作用，以整体而言，欧元区对美国与新兴市场的经济有深远的影响。一旦债务危机爆发成灾，经济陷入衰退，全球难免受波及！
欧债危机的杀伤力绝对不可低估，万一搞不好的话，这双危机（主权债与银行）将拖累全球经济。这就是为什么全球领袖（包括美国）在施压力要求欧元区采取更多措施来解决债危！
欧债危机有可较彻底解决的方案吗？当然有，但是关键在德国！
欧元区可以通过欧央行（ECB）以宽松货币政策（意即印钞票）来购买欧猪的国债。这是最直接也是最彻底的方案。这方案就像美国联储局的QE1以及QE2，以印钞来买回国库债券！
欧央行会推出QE吗？虽然不是不可能，但是肯定是难上加难！问题的核心在于德国。
德国对欧央行成为应急借贷者（即作为欧元区的借贷后盾），持有否决权。虽然ECB已经印钞买进希腊与意大利的债务，但数量不多，总数约300亿欧元。但若要ECB大量印钞来解救欧猪五国，德国肯定否决！
央行除了稳定成长，控制通胀外，亦扮演应急借贷（LENDER OF LAST RESORT）的角色！既然如此，德国为何这么坚决反对以量化宽松来拯救欧债危机？
德国抗拒印钞救急是基于历史惨痛的教训，深怕量化宽松会让历史重演。
话说在20年代初，德国政府通过德央行大量印钞来买回因世界一战后重建所需而发出的主权债务。这种超级量宽导致德国通胀狂飚。在高峰期，德国物价每天都增加一倍往上升，非常令人吃惊！
到1923年年尾，一升牛奶的售价是260亿马克（德国货币单位，已被欧元取代），而一条面包的标价更是惊人，竟高达1千零50亿马克。
当时购物需用手推车来装运纸钞。出纳处根本无法点算钞票，只能以磅秤来称。
这种惨况制造绝佳机会让希特勒起义夺政权。这段历史深深嵌于德国人的脑海中，难以磨灭！
德国孩童从小就被灌输通胀的恐怖！这就是为什么高达80％的德国民众反对德国金援欧猪五国，因为他们担心政府或动用量宽（指的是ECB）。
今天欧元区对货币政策异常谨慎，严格遵守成立时所立的协议，其中包括不干预欧元汇率走势，为的就是要稳定通胀。这当然是受德国的影响。
未成立欧元区前，德国央行（Bundesbank）秉承稳定与成长的管理信念，对货币政策毫不放松，致使马克成为全球其中最稳定的货币之一。德央行坚持其独立性，并严格执行其核心任务，即稳定通胀。今天德国非常健康的财政状况与这种货币管理理念不无关系。
今天因主权债务危机而要德国对ECB的独立性以及货币政策作出让步是谈何容易。我曾在本栏探讨过欧债问题，认为这既是德国也是欧猪五国的难题。
假如欧元区有那么一天非走上缩体道路，我还是认为不是德国退出，就是欧猪五国离开。
要德国不否决ECB以量宽（QE）来拯救欧债危机，先去说服那情绪高昂的80％民众罢！
默克尔总理将于2013年面对国选。你说她敢在这个时候违抗德国民众的意愿吗？
从新方案到中国的介入都存在着不确定性因素，效果也令人怀疑。在不被看好的情况下，市场继续波动剧烈。
欧元区对全球具牵连作用，以整体而言，欧元区对美国与新兴市场的经济有深远的影响。一旦债务危机爆发成灾，经济陷入衰退，全球难免受波及！
欧债危机的杀伤力绝对不可低估，万一搞不好的话，这双危机（主权债与银行）将拖累全球经济。这就是为什么全球领袖（包括美国）在施压力要求欧元区采取更多措施来解决债危！
欧债危机有可较彻底解决的方案吗？当然有，但是关键在德国！
欧元区可以通过欧央行（ECB）以宽松货币政策（意即印钞票）来购买欧猪的国债。这是最直接也是最彻底的方案。这方案就像美国联储局的QE1以及QE2，以印钞来买回国库债券！
欧央行会推出QE吗？虽然不是不可能，但是肯定是难上加难！问题的核心在于德国。
德国对欧央行成为应急借贷者（即作为欧元区的借贷后盾），持有否决权。虽然ECB已经印钞买进希腊与意大利的债务，但数量不多，总数约300亿欧元。但若要ECB大量印钞来解救欧猪五国，德国肯定否决！
央行除了稳定成长，控制通胀外，亦扮演应急借贷（LENDER OF LAST RESORT）的角色！既然如此，德国为何这么坚决反对以量化宽松来拯救欧债危机？
德国抗拒印钞救急是基于历史惨痛的教训，深怕量化宽松会让历史重演。
话说在20年代初，德国政府通过德央行大量印钞来买回因世界一战后重建所需而发出的主权债务。这种超级量宽导致德国通胀狂飚。在高峰期，德国物价每天都增加一倍往上升，非常令人吃惊！
到1923年年尾，一升牛奶的售价是260亿马克（德国货币单位，已被欧元取代），而一条面包的标价更是惊人，竟高达1千零50亿马克。
当时购物需用手推车来装运纸钞。出纳处根本无法点算钞票，只能以磅秤来称。
这种惨况制造绝佳机会让希特勒起义夺政权。这段历史深深嵌于德国人的脑海中，难以磨灭！
德国孩童从小就被灌输通胀的恐怖！这就是为什么高达80％的德国民众反对德国金援欧猪五国，因为他们担心政府或动用量宽（指的是ECB）。
今天欧元区对货币政策异常谨慎，严格遵守成立时所立的协议，其中包括不干预欧元汇率走势，为的就是要稳定通胀。这当然是受德国的影响。
未成立欧元区前，德国央行（Bundesbank）秉承稳定与成长的管理信念，对货币政策毫不放松，致使马克成为全球其中最稳定的货币之一。德央行坚持其独立性，并严格执行其核心任务，即稳定通胀。今天德国非常健康的财政状况与这种货币管理理念不无关系。
今天因主权债务危机而要德国对ECB的独立性以及货币政策作出让步是谈何容易。我曾在本栏探讨过欧债问题，认为这既是德国也是欧猪五国的难题。
假如欧元区有那么一天非走上缩体道路，我还是认为不是德国退出，就是欧猪五国离开。
要德国不否决ECB以量宽（QE）来拯救欧债危机，先去说服那情绪高昂的80％民众罢！
默克尔总理将于2013年面对国选。你说她敢在这个时候违抗德国民众的意愿吗？
Friday, November 18, 2011
DiGi ties up with Google to offer Gmail SMS
KUALA LUMPUR (Nov 18): DIGI.COM BHD [] is partnering Google to provide Gmail short messaging service (SMS) effective from Friday.
DiGi said this latest move expanded the SMS-based Internet applications and services which would enable the telco customers to access their favourite online apps.
“This strategic partnership with Google also positions DiGi as the first mobile operator to offer the Gmail SMS service in Malaysia,” it said.
The head of mobile Internet & ADS for DiGi, Praveen Rajan said a recent Nielsen survey reported Malaysians spent an average weekly of over five hours accessing the Internet via mobile devices.
“The partnership with Google empowers us at DiGi to offer the SMS option to millions of Gmail users in Malaysia to significantly extend their chat community through real-time chat via SMS, regardless of any mobile device type,” he said.
Manwhile, Country Head of Google Malaysia Sajith Sivanandan said Google's overall mission was to make information accessible and useful to people.
“SMS has long been a common means of mobile communications in Malaysia and many Malaysians still rely on their non-smartphones. Gmail SMS makes instant communication between Gmail and a mobile phone possible via SMS,” he said.
Gmail SMS brings the popular Gmail Service to a non-smartphone easily. With Google’s Gmail SMS, people can send free text messages to their friends directly from their Gmail account. Replies and responses to the text message will appear as a reply in Chat.
For DiGi customers, the service is free of charge and requires no subscription; chat messages sent via SMS from their mobile phones are billed at 10 sen per SMS.
This strategic partnership announcement is made on the back of a global agreement between Google and Telenor announced recently.
Telenor’s intention is to roll out a global Android Market initiative in stages to stimulate further growth of the Android ecosystem in all 11 international markets, including Malaysia.
DiGi said this latest move expanded the SMS-based Internet applications and services which would enable the telco customers to access their favourite online apps.
“This strategic partnership with Google also positions DiGi as the first mobile operator to offer the Gmail SMS service in Malaysia,” it said.
The head of mobile Internet & ADS for DiGi, Praveen Rajan said a recent Nielsen survey reported Malaysians spent an average weekly of over five hours accessing the Internet via mobile devices.
“The partnership with Google empowers us at DiGi to offer the SMS option to millions of Gmail users in Malaysia to significantly extend their chat community through real-time chat via SMS, regardless of any mobile device type,” he said.
Manwhile, Country Head of Google Malaysia Sajith Sivanandan said Google's overall mission was to make information accessible and useful to people.
“SMS has long been a common means of mobile communications in Malaysia and many Malaysians still rely on their non-smartphones. Gmail SMS makes instant communication between Gmail and a mobile phone possible via SMS,” he said.
Gmail SMS brings the popular Gmail Service to a non-smartphone easily. With Google’s Gmail SMS, people can send free text messages to their friends directly from their Gmail account. Replies and responses to the text message will appear as a reply in Chat.
For DiGi customers, the service is free of charge and requires no subscription; chat messages sent via SMS from their mobile phones are billed at 10 sen per SMS.
This strategic partnership announcement is made on the back of a global agreement between Google and Telenor announced recently.
Telenor’s intention is to roll out a global Android Market initiative in stages to stimulate further growth of the Android ecosystem in all 11 international markets, including Malaysia.
CIMB Research ups Bumi Armada target price to RM4.61
KUALA LUMPUR (Nov 18): CIMB Equities Research is maintaining a Buy on Bumi Armada and raised its target price from RM4.55 to RM4.61.
It said on Friday the higher target price was after it applied a 40% premium to its 12.6 times CY13 target market price-to-earnings (previously 20% premium over 14.5 times CY12 P/E) to reflect Bumi’s increasingly attractive investment proposition. This big cap has also joined the MSCI Malaysia Index.
CIMB Research said after a soft 1H, Bumi Armada is set to impress with a strong 2H performance, thanks to two FPSO contracts awarded by Apache and ONGC.
“Four more FPSO contracts are likely to be secured in FY12-13. A potential marginal field job in FY12 makes the outlook even more exciting,” it said.
It said on Friday the higher target price was after it applied a 40% premium to its 12.6 times CY13 target market price-to-earnings (previously 20% premium over 14.5 times CY12 P/E) to reflect Bumi’s increasingly attractive investment proposition. This big cap has also joined the MSCI Malaysia Index.
CIMB Research said after a soft 1H, Bumi Armada is set to impress with a strong 2H performance, thanks to two FPSO contracts awarded by Apache and ONGC.
“Four more FPSO contracts are likely to be secured in FY12-13. A potential marginal field job in FY12 makes the outlook even more exciting,” it said.
看好估值媲美明讯 数码电讯冲破目标价
（吉隆坡18日讯）受到拆股利好激励，数码电讯（DIGI，6947，主要板基建）已升破目标价34令吉，券商估计，短期内或攀上36.80令吉价位，今日全天走高，闭市挂在34.96令吉。
肯纳格证券研究分析员周明亮（译音）透过报告指出，6%手机预付服务税料搁置至明年下半年或大选后，新闻、通讯及文化部长拿督斯里莱士雅丁早前说将此事带上内阁会议，至今都未有消息。
“为此我们下调该公司2011至2013财年净利预估，调幅介于1.1%至3.2%，纵使如此数码电讯仍是我们在电讯业的首选股项。”
他说，随著数码电讯通过拆股计划，短期内股价将在目标价水平线上波动，甚至有可能上挑至36.80令吉。
“届时就可与电讯业一哥明讯（MAXIS，6012，主要板贸易）同等估值，约为2012财年价值与利息、税务、折旧与摊销前盈利（EV/EBITDA）的9.2倍。”
拆股利好发酵，数码电讯全日攀高，早盘开市扬8仙，尔后一度攀升48仙，至35.30令吉全日最高，休市时则收窄涨势，暂挂34.94令吉，起12仙，盘踞10大上升股。
闭市时，该股收在34.96令吉，起14仙，成交量143万7300股。
至于纷扰不休的900MHz的频谱分配事宜，周明亮透露，至今仍未有具体进展，唯数码电讯期望，能获得至少20MHz频谱分配，供推出4G流动网络服务。
另一厢，该公司与谷歌（Google）达至合作，将自今日起提供Gmail电邮短信服务，这也是我国首个推出相关电邮短讯服务的电讯业者。
肯纳格证券研究分析员周明亮（译音）透过报告指出，6%手机预付服务税料搁置至明年下半年或大选后，新闻、通讯及文化部长拿督斯里莱士雅丁早前说将此事带上内阁会议，至今都未有消息。
“为此我们下调该公司2011至2013财年净利预估，调幅介于1.1%至3.2%，纵使如此数码电讯仍是我们在电讯业的首选股项。”
他说，随著数码电讯通过拆股计划，短期内股价将在目标价水平线上波动，甚至有可能上挑至36.80令吉。
“届时就可与电讯业一哥明讯（MAXIS，6012，主要板贸易）同等估值，约为2012财年价值与利息、税务、折旧与摊销前盈利（EV/EBITDA）的9.2倍。”
拆股利好发酵，数码电讯全日攀高，早盘开市扬8仙，尔后一度攀升48仙，至35.30令吉全日最高，休市时则收窄涨势，暂挂34.94令吉，起12仙，盘踞10大上升股。
闭市时，该股收在34.96令吉，起14仙，成交量143万7300股。
至于纷扰不休的900MHz的频谱分配事宜，周明亮透露，至今仍未有具体进展，唯数码电讯期望，能获得至少20MHz频谱分配，供推出4G流动网络服务。
另一厢，该公司与谷歌（Google）达至合作，将自今日起提供Gmail电邮短信服务，这也是我国首个推出相关电邮短讯服务的电讯业者。
Thursday, November 17, 2011
Tradewinds Plantations 3Q earnings up 96% to RM98.8m
KUALA LUMPUR (Nov 17): Tradewinds PLANTATION []s Bhd earnings jumped 96% to RM98.80 million in the third quarter ended Sept 30 from RM50.29 million a year ago, as it benefited from higher prices and production of palm products.
It said on Thursday its revenue increased 39.6% to RM333.54 million from RM238.84 million while earnings per share were 15.7 sen compared with RM238.84 million. It declared an interim dividend of 5.0 sen a share.
“The increase in revenue was mainly due to the increase in prices and production of palm products. In line with the increase in revenue, the group’s profit before tax increased to RM144.0 million for the current quarter under review from RM77.7 million for the same quarter last year,” it said.
Tradewinds Plantations said for the nine months ended Sept 30, its earnings increase 130.4% to RM237.51 million from RM103.07 million while revenue rose 46% to RM899.26 million from RM615.67 million.
It also explained the increase in revenue was mainly due to the higher prices and production of palm products.
“As a result, the group’s profit before tax improved to RM358.0 million from RM162.1 million for the preceding year corresponding period,” it said.
It said on Thursday its revenue increased 39.6% to RM333.54 million from RM238.84 million while earnings per share were 15.7 sen compared with RM238.84 million. It declared an interim dividend of 5.0 sen a share.
“The increase in revenue was mainly due to the increase in prices and production of palm products. In line with the increase in revenue, the group’s profit before tax increased to RM144.0 million for the current quarter under review from RM77.7 million for the same quarter last year,” it said.
Tradewinds Plantations said for the nine months ended Sept 30, its earnings increase 130.4% to RM237.51 million from RM103.07 million while revenue rose 46% to RM899.26 million from RM615.67 million.
It also explained the increase in revenue was mainly due to the higher prices and production of palm products.
“As a result, the group’s profit before tax improved to RM358.0 million from RM162.1 million for the preceding year corresponding period,” it said.
CIMB Research has technical buy on Asia Media at 28.5c
KUALA LUMPUR (Nov 17): CIMB Equities Research has a technical buy on Asia Media Group Bhd at 28.5 sen at which it trading at a price-to-book value of 1.1 times.
It said on Thursday Asia Media broke out of its triangle pattern on Wednesday.
“We think there is still room to the upside. If we are right, the candles should swing past yesterday’s high of 31 sen again soon. The following resistance levels are 33 sen and 35 sen,” it said.
CIMB Research said the MACD signal line is hovering in the positive territory while RSI is also rising. The positive readings reinforce its short term bullish stance on the stock.
“Risk takers may start to nibble now while others should wait for a push above 29.5 sen before going long. Put a stop at below 27 sen,” it said.
Asia Media Group is a digital out-of-home Transit TV company. The company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises.
Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru.
It said on Thursday Asia Media broke out of its triangle pattern on Wednesday.
“We think there is still room to the upside. If we are right, the candles should swing past yesterday’s high of 31 sen again soon. The following resistance levels are 33 sen and 35 sen,” it said.
CIMB Research said the MACD signal line is hovering in the positive territory while RSI is also rising. The positive readings reinforce its short term bullish stance on the stock.
“Risk takers may start to nibble now while others should wait for a push above 29.5 sen before going long. Put a stop at below 27 sen,” it said.
Asia Media Group is a digital out-of-home Transit TV company. The company is a media provider, offering infotainment and targeted advertising through the use of digital electronic displays installed in various outdoor premises.
Asia media has LCD screens installed in buses travelling in the market centric hubs of Klang Valley and Johor Bahru.
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