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Showing posts from 2008

SPC: Downgrade to Underperform from Buy; PO S$2 – Merrill Lynch

We reduce our PO on SPC to S$2 from S$10 to reflect our new cautious view on the Asian refining sector and SG Complex margin revisions in 2009/10. Additionally, we sight the company’s accounting complexity and rapidly rising working capital as major risks. Thus, we change our PO basis from DCF to trough cycle valuation applying 2.5x 2009E EV/EBITDA, which is a 50% discount to the sector’s benchmark valuation and implies 2009E P/B of 0.5x.

Noble - JPM

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Global Technical Research - CLSA

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A Bounce, Not A Bottom - Phillip

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SembCorp Marine

Singapore Offshore & Marine - CS

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Cosco

Asia’s Price-to-Book Falls to 2001 Levels

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Yangzijiang Ship Building

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Make or Break? - CS

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Conglomerates - GS

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Greed & Fear - CLSA

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Beginning of the End?

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U.S. Banks' Reports

China Companies' Reports

Still More Losses to Come, Says Volcker

Ex-Fed chief says slew of rescue measures distasteful but necessary

What is Contempt of Court?

Contempt of court may take many forms.
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A-G takes Trio to Court for ‘Scandalising Judiciary’

‘Kangaroo in judge’s robe’ T-shirt at centre of case
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Time to Make Sellers Beware, Not Just Buyers

Is it enough for the financial community to disclose important information in the fine print, or to bury material data inside prospectuses, or to put all sorts of legal disclaimers on broking reports or offer documents, and then to hide behind the maxim of caveat emptor (buyer beware) when things go belly-up and the finger- pointing starts?

By the same token, is it good enough for brokers to include ridiculous disclaimers on the cover of reports to the effect that those reports may be biased because the broker may have a business relationship with the company being covered?
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Turmoil May Stifle Asians’ Appetite for Luxury Brands

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‘I am now offering people shorter haircuts. It’s so they will last longer,’ the stylist told Ms Chadha, author of The Cult of the Luxury Brand: Inside Asia’s Love Affair with Luxury.
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Wynn Earnings Drop 38.8pc as Beijing’s Travel Restrictions Bite

Beijing’s crackdown on mainland visits to Macau has begun eating into corporate earnings, with operating profit at the Wynn Macau falling at least 38.8 per cent in the quarter to September from the previous period, according to preliminary results released by the company yesterday.
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Wynn Resorts Warns of Fall in Q3 Las Vegas Profit

It cites hike in bad debt reserves, drop in winning share of money gambled
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It's all right to say FUCK

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It's all right to say FUCK

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It's all right to say FUCK

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It's all right to say FUCK

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It's all right to say FUCK

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Global Equity Strategy - CS

Start to accumulate equities
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Singapore Market Strategy - UBS

Stock picks in a global recession
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SGX

Factoring in bear market volumes
ML
JPM

What if the recession is only starting now? - ML

A normal recession, back to 1855, lasts 18 months, not 10
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SingTel

Singapore Market Strategy - CS

Market unlikely to bottom before 2009; staying with a defensive stance
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Oil & Mining: Where Now? - CS

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Cosco - JPM

9 for '09: Marching on - Upgrade to Overweight
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Catastrophe Averted but Tough Times Still Lie Ahead

Bailouts, Deleveraging and the Best Supercycle: What's Next?
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Asia in a Global Recession - UBS

Asia remains too close to a cyclical peak to call a bottom
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Global recession: What does it mean? - UBS

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Global recession 2009 - UBS

Deeper recessions in the US and UK, mild recession in the Eurozone
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China: Global coordinated emergency rate cut - BNP

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Hong Kong Property: Bucke-up for the Slide - UOBKH

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Chinese Growth: Stress-Testing - CS

A soft-landing outlook appears to be reasonable, even in the face of the deteriorating economic outlook of the U.S. and the developed world.
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Malaysia Market Strategy

Najib as Prime Minister
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Skittish CIC Sits Out Morgan Stanley Deal

Morgan Stanley was too expensive for China’s sovereign wealth fund CIC, which has lost a lot of money in the past year.
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No More ‘One Size Fits All’ Bank Reserves

Regulators are preparing to adjust capital adequacy ratios to meet the specific needs of small- to medium-sized banks in China.
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New Frontiers for China’s Financial Sector

Redrawing supervisory boundaries and relaxing controls would benefit China’s financial services sector – and its economy.
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Internet Posts Used in Zhuzhou Graft Trial

In a landmark case, a former city food bureau chief is accused of corruption based on Web postings by whistleblowers.
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When Calamity Strikes, Who Should Pay?

Liability and victim compensation rules are under scrutiny in the wake of China’s tainted milk case and similar incidents.
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China’s Response to Global Turmoil

China should turn to fiscal stimuli, ease its monetary policy, and develop a long-term plan for the capital market in order to handle the financial crisis.
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Citi Opens Foreign Exchange Portal

Now Citi, the United States investment bank, has launched a foreign exchange (FX) portal in Hong Kong, offering an integrated online foreign exchange trading platform, CitiFx, for active individual and small institutional traders.
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Singapore Property - MS

Twin Peaks!
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Global Banking Crisis - UBS

Co-ordinated action?
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Singapore Property Sector - CS

Since May, conditions for developers have worsened – slowing demand,rising costs and tightening credit. We believe there is still some way to go before the dawn: major write-downs warranted by falling asset values could precipitate further share price underperformance. Growth could be impeded by non-availability and a higher cost of funding. We maintain our UNDERWEIGHT stance on the sector.
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China on Wall Street: Buy? Yes. Lend? No.

The financial aid program of $700 billion to the beleaguered US financial industry that has been passed by the Senate, though House passage is anything but a given, raises at least one very interesting question: Whence the cash?
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Singapore Property Sector - CS

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Singapore Heading Towards Recession - Citi

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China Properties - UOBKH

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China Short-Term Opportunities - Citi

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Upgrade Chinese Stocks - BCA

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Next up: ‘Mother of all Bank Runs’

Risk of ‘total systemic financial meltdown’ still lies ahead, say economists
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Straits Times Index: Targeting 2,108?

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Simply Stunned - Citi

Equity markets crumble after the TARP is summarily rejected by Congress.
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Singapore Property Bracing for Hard Landing - Citi

Residential: Job losses to add to woes — The volatile stock market and potential job losses in the financial industries could result in a further 25% decline in the high-end residential segment. Prices in the mid-market could fall another 15%, while the mass market could start to see a decline of 5-10%.
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Singapore in for 'Biggest Office Space Excess in 20 Years'

Demand for Singapore offices is likely to fall to recession-level lows next year and in 2010, resulting in the biggest excess supply of office space in 20 years, said Credit Suisse yesterday.
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A-Share Market Likely to Recover First

Has the A-share market bottomed? It closed before this week’s holiday on a very positive note, rallying from a multi-year low of almost 1,800 points less than two weeks ago. Opinions are divided among investors about whether the market has tested the lows in this cycle.
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U.S. House Rejects $700 Billion Financial-Rescue Plan

The financial-rescue plan intended to restore confidence in the U.S. banking system collapsed in partisan wrangling as the House of Representatives voted down the proposal backed by the Bush administration and congressional leaders of both parties.
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Bailout Fails

The defeat of the extraordinary $700 billion financial rescue package represented a perfect collision of the forces of modern politics -- a fast-moving Internet campaign, vulnerable incumbents, a weakened and unpopular president, and a roiling presidential campaign -- all working against the so-called Masters of the Universe.

U.S. Stocks Plunge After House Votes Against Bailout Plan

U.S. stocks plunged and the Standard & Poor’s 500 Index tumbled the most since the 1987 crash after the House of Representatives rejected a $700 billion plan to rescue the financial system.
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US Stocks Down On Bailout Vote; DJIA Has Biggest Point Drop Ever

NEW YORK -- Looks like another Black Monday.
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Steel Industry in China Crumples

THE head of China’s leading steel company says the Chinese economy and steel industry are both “heading for a downward slide”, as hopes fade that China can insulate Australia’s resource-dependent economy from the widening global downturn.
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Paul J. Markowski

I am hearing from Fed sources that two things are under consideration. One is a coordinated rate cut. Without the ECB and BOE joining the Fed it does not make sense for the Fed to go alone. The other is dollar intervention along with a rate cut.

The decline in stock prices is hardly the problem today - except for equity managers. It is the frozen credit markets that have to be unglued.

Hedge Funds are Bracing for Investors to Cash Out

First, the money rushed into hedge funds. Now, some fear, it could rush out.
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Wall Street’s Slow Demise

With breathtaking speed, the world of large Wall Street investment banks has vanished. Fabled firms, some more than a century old, have been merged out of existence (Bear Stearns, Merrill Lynch), gone bankrupt (Lehman Brothers), or sought asylum as commercial bank holding companies (Goldman Sachs, Morgan Stanley). Why on earth did this happen?
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Fresh Challenges for Asian Banks

Banks in Asia mostly dodged the ravages of the subprime mortgage meltdown but now must contend with depressed markets and a darkening economic picture resulting from the financial crisis plaguing the West.
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STI Technical Analysis - UOBKH

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Metals & Mining Coal - GS

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How to Position in this Market - OCBC

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Baptism of Fire - DBSV

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Technical Recession Confirmed - CIMB

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Hong Kong Property - UOBKH

It doesn’t rain, it pours
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HSBC to Raise Rates for New Home Buyers - Citi

Limited positive impact on banks but more headwinds for property market
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China: Cash is King - GS

The rise of "cash" premium
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“Looks like we’re in a financial crisis,” says Marc Faber

Speaking at the CLSA conference in Hong Kong, bearish Dr Marc Faber refrains from saying ‘I told you so’, and remains pessimistic about the global outlook for markets and economies.
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Red Indians and Weather Forecast

It was autumn, and the Red Indians on the remote reservation asked their new chief if the winter was going to be cold or mild. Since he was a Red Indian chief in a modern society, he couldn’t tell what the weather was going to be. Nevertheless, to be on the safe side, he told his tribe that the winter was indeed going to be cold and that the members of the village should collect wood to be prepared.

Brokers Hanging on Despite Market Turmoil

Management says business resilient, but dealers tell of ebbing confidence
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Market News Access

I take time and effort to gather and put up information at my blog.

I like to share with people who appreciates my time energy spent.

I will continue to share with people who shares and/or communicate with me in any way.

Hence, I will remove access to Market News blog for those passive reader.

Who Wins, Who Loses Under Proposed Bailout Plan?

WASHINGTON - The proposal to bail out U.S. financial markets to the tune of up to $700 billion creates a lot of potential short-term winners, as well as some losers.
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Grade A Office Rents in CBD Slide for First Time in Years

Average monthly rent at Raffles Place slips 1.4% to $17.64 psf in Q3
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Continued Outflows Bar US - Nomura

Figures for the latest week suggest that Asia ex-Japan, especially Taiwan, saw consistent net outflows via mutual funds and foreign investors. We note that only China-related funds attracted net buying, while India- and Korea-related funds saw further steady net selling.
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Asia Faces a New Reality - Nomura

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PC: Signs of Cracks Emerging - Nomura

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Agribusiness in Asia: getting out of the Malthusian Trap

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Recession Probability Remains Very High - Wachovia

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Recessionary Winds Intensify - BNP

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SingTel - ABN

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Singapore Offshore Marine - CS

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Singapore Banks - CS

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Singapore Banks - JPM

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Real Estate - ABN

Value Trap
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China Steel - UOBKH

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Bank of East Asia - CS

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Asian vs Western Comparison

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Blue = Western
Red = Asian
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2009 Chinese Zodiac

Wilmar - DB

Extracting margins at every part of the value chain; Buy
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Screening for Winners - DMG

Straits Asia Resources - GS

S-Chips - Citi

Opportunities in a Bear Market Rally
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Factors for Recovery - Citi

Strategies for Successful Bottom-fishing
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Comments on US Distressed Debt Purchase Plan - CS

Positioning for a Bear Market Rally - Citi

Inlfation Fears Plunge as Recession Looms - ML

Falling oil and commodity prices prompted a dramatic fall in inflation expectations across all regions in the September survey and led to a sharp shift away from inflation-sensitive sectors, such as Basic Resources, toward defensives.
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Fund Managers Brace Themselves for Recession - ML

Fear about the global economy is increasingly evident, with many managers believing the global economy is already in recession (44%) or is likely to go into recession in the next 12 months (61%).
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2009 Chinese Horoscope for the Year of the Ox

DOW 10,000 It Has Begun

China Pondering Fundamentals - BCA

Crisis FAQ from Standard Chartered Bank

Intervention could move market 20pc

Confidence to soar after Beijing places buy orders
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Guangzhao Industrial Forest suspends trading, cites DEFAULT RISKS

(XFN-ASIA) - Singapore-listed Guangzhao Industrial Forest Biotechnology Group said it has suspended trading amid a steep decline in its share price, adding that a prolonged suspension has raised the risk of default on a convertible notes issue.
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Science unveils hidden drivers of stock bubbles and crashes

Proponents of rival concepts say that primitive emotions, herd mentality and raging hormones are among the invisible motors that help inflate an asset bubble and then prick it.
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Singapore-listed China stocks - JPM

View with a cautious eye
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Time for SGX to consider disclosure of short sales

The Commoodities Meltdown - Citi