Saturday, September 19, 2009
Friday, September 18, 2009
Becton, Dickinson and Company was incorporated under the laws of the State of New Jersey in November 1906, as successor to a New York business started in 1897. BD is a medical technology company engaged principally in the manufacture and sale of a wide range of medical supplies, devices, laboratory ...
Becton, Dickinson and Company was incorporated under the laws of the State of New Jersey in November 1906, as successor to a New York business started in 1897. BD is a medical technology company engaged principally in the manufacture and sale of a wide range of medical supplies, devices, laboratory equipment and diagnostic products used by healthcare institutions, life science researchers, clinical laboratories, industry and the general public. BD's operations consist of three worldwide business segments. BD Medical produces an array of medical devices that are used in a wide range of healthcare settings. They include many safety-engineered injection, infusion and surgery products. The primary markets served by BD Medical are hospitals and clinics; physicians' office practices; consumers and retail pharmacies; public health agencies; pharmaceutical companies; and healthcare workers. BD Diagnostics provides products for the safe collection and transport of diagnostic specimens, and instrumentation for analysis for a range of microbiology and infectious disease testing. BD Diagnostics serves hospitals, laboratories and clinics; reference laboratories; blood banks; healthcare workers; patients; physicians' office practices; and industrial microbiology laboratories. BD Diagnostics' principal products and services are integrated systems for evacuated blood collection; a wide line of safety-engineered specimen collection products and systems; plated media; automated blood culturing; molecular testing systems for sexually transmitted diseases; microorganism identification and drug susceptibility systems; and rapid manual testing products. BD Biosciences produces research and clinical tools that facilitate the study of cells, and the components of cells, to gain a better understanding of normal and disease processes. The primary markets served by BD Biosciences are research and clinical laboratories; hospitals and transplant centers; blood banks; and biotechnology and pharmaceutical companies. BD Biosciences' principal product lines include fluorescence activated cell sorters and analyzers; cell imaging systems, monoclonal antibodies and kits; reagent systems for life sciences research; tools to aid in drug discovery and growth of tissue and cells; and diagnostic assays. BD's products are manufactured and sold worldwide. BD's operations outside the United States are conducted in Canada and in five geographic regions: Europe, Japan, Asia Pacific, South Latin America and North Latin America. The principal products sold by BD outside of the United States are hypodermic needles and syringes, insulin syringes and pen needles, diagnostic systems, BD Vacutainer brand blood collection products, BD Hypak brand prefillable syringe systems, infusion therapy products, flow cytometry analyzers and sorters, and disposable laboratory products. BD's products and services are marketed in the U.S. and internationally through independent sales representatives and independent distribution channels, and directly to end-users.
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Current P/E ratio
Gross margin (TTM)
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This is the best stock i found in Bio-Medical stock. Good profit margin !
Unit Trust industry is very hot in Malaysia recently. Public Mutual is the biggest unit trust fund management company in Malaysia. I would like to review unit trust industry in Malaysia.
How to Choose Unit Trust Asset Management in Malaysia?
1) Public Mutual - subsidized by Public Bank Berhad. Recently, Public Mutual is moving forward to Global, China, ASEAN fund recently. The service charge is 6.5%. I personally think the Service Charge too high. Most of the service charge go into Agent's "pocket". Nowadays, online investment is well-knowned in Europe, US, and Japan. Why not they implement online investment with lower service charge?
2) OSK-UOB Asset Management Bhd - the service charge from OSK-UOB is lower, roughly 2.5-3%. Lower service charge help you gain more after 5-7 years investment. I personally prefer OSK-UOB fund because most of the fund are under UOB asset manaagement Singapore. The Fund Size overall bigger than other fund. The Fund is not only for Malaysian but Global Customer.
3) Prudential Asset Management - The service charge is roughly 5%. Prudential is well-knowned international insurance company but fund management's performance is not really doing well compare to other fund. They're improving their website recently, but no improment on fund performance.
4) CIMB Asset Management - Some of the fund really doing quit well but, i haven't explore to this fund.
5) I-Fast Online Unit Trust - offer lowest Service Charge 2%. U can buy most of the fund registered in Malaysia from Fund Supermart. Let's go for it if you're good in internet banking/investment.
I would recommend I-Fast FundSupermart to invest in Unit Trust/Mutual Fund. The service charge is only 2%-1.5%.
Worth for it !
4:45PM PREMIUM National Land Finance Co-operative Society Limited (916,800 Shares Acquired)
4:42PM OILCORP Default in Payment under Practice Note 1/2001
4:11PM TGOFFS TGOFFS-EMPLOYEES' SHARE OPTION SCHEME ("SCHEME")
4:11PM MUDA MUDA- EMPLOYEES' SHARE OPTION SCHEME ("SCHEME")
4:10PM TENAGA TENAGA-EMPLOYEE SHARE OPTION SCHEME ("SCHEME")
3:18PM YTLPOWR YTLPOWR-EXERCISE OF 5,530,599 WARRANTS 2000/2010 AND 947,866 WARRANTS 2008/2018
3:14PM YTLLAND YTLLAND-CONVERSION OF IRREDEEMABLE CONVERTIBLE PREFERENCE SHARES 2001/2011 INTO
2:58PM NAMFATT NAMFATT-CONVERSION OF RM3,402,236 IRREDEEMABLE CONVERTIBLE UNSECURED LOAN
2:58PM BSTEAD Additional Listing Application
1:26PM SUBUR Tiong Kiong King (1,000 Shares Acquired)
1:01PM Forbid of Direct Business Transaction (DBT) Due to Rule 902.2
12:45PM MEASAT Civil Suit No. 1100/PDT.G/2008/PN.JKT.SEL
12:45PM BSTEAD Dealings by Principal Officer
12:44PM BSTEAD Rights Shares
12:43PM BSTEAD Tan Sri Dato' Lodin Wok Kamaruddin (16,200 Shares Disposed)
12:42PM TAKASO EXTENSION OF OFFER PERIOD (Amended)
12:41PM MFCB 15,000 shares purchased
12:34PM MUDAJYA 2nd Interim Dividend 5%
12:07PM TAKASO EXTENSION OF OFFER PERIOD
11:43AM TALAM TALAM-CONVERSION OF 800,000 REDEEMABLE CONVERTIBLE PREFERENCE SHARES 2009/2014
11:14AM TM Employees Provident Fund Board (7,614,400 Shares Transacted)
11:01AM GENP GENP-EXECUTIVE SHARE OPTION SCHEME ("SCHEME")
10:58AM REDTONE REDTONE-Employees' Share Option Scheme ("Scheme")
10:57AM GENM GENM-EXECUTIVE SHARE OPTION SCHEME ("SCHEME")
10:55AM GENTING GENTING-EXECUTIVE SHARE OPTION SCHEME ("SCHEME")
9:10AM ABFMY1 Valuation Point as at 17-09-2009
9:10AM LHH Dato' Lau Eng Guang (59,000 Shares Transacted)
9:02AM TA NOTICE OF EGM
7:46AM M3NERGY M3NERGY-Employees Share Option Scheme ("Scheme")
7:45AM TSM TSM-Employees' Share Option Scheme ("Scheme")
7:44AM GENM GENM-Executive Share Option Scheme ("Scheme")
7:12AM Forbid of Direct Business Transaction (DBT) Due to Rule 903
First Year 2% -> if your fund performance with annualized return 10%, end up, you pay almost 20% of your total return to your fund manager. 80% profit belong to you.
10th years? What happen?
First year : 2%^10 = 21% (after 10 years)
Second Year : 2% ^9 = 19% (after 9 years)
Third Year 2%^8 = 17% ( after 8 years)
After 10th Year, What's the NUMBER?
This is huge amount, but go into fund manager's pocket. That's how the fund management fee work out.
If you don't have time to manage your fund, it would be better for you to invest in unit trust. Less time consuming, but please find some good fund managers.
1) OSK-UOB asset management s/b : VERY GOOD! GOOD ASSET ALLOCATION
2) PBMUTUAL asset management s/b: GOOD in term of payment, easy to access to the fund.
1) a strong investment banking and bond origination deal pipeline,
2) further traction in CIMB Niaga’s earnings growth, and
3) more subdued loan loss provisioning on the back of still improving asset quality will underpin consensuswide earnings upgrades as we edge closer to the release of the group’s 3Q09 results
Our current FY09 earnings estimates are 9.2% above consensus. Maintain BUY with a higher TP of RM13.00 (2.2x FY10 PBV and 14.9x FY10 PER), implying a realistic 14.4x FY10 PER, which is still below its historical 15x average PER.
"CIMB is the no.1 bank in Malaysia because it provides you the special situation investing concept. I believe it will hit RM13.00 within 12 months. All "friend"s really good support for CIMB share, keep buying daily. "Hot" money is pump into CIMB to stimulate the share price" Mr. Tun
Thursday, September 17, 2009
Wednesday, September 16, 2009
"Let's think about next bubble now. Could be automobile industry or nucklear power generation industry. What stock to buy?" - Sultan Lee
Currently trading at 15x 2010 PER,Malaysia is not cheap versus the region, but could prove to be defensive should profit taking set in. Earnings growth outlook could see upward revisions should CPO prices take a turn up in the next few months due to possibility of El Nino. In addition, bank credit costs may come in lower than expected as loan deterioration looks to be more benign.
"Overall market is not so cheap, but there're some stocks , still good for bargain. Have some fun on hunting those super stock" - Tun Dr. Ir Sultan Lee
Today UNICO price hits 80-82 cents. My analysis absolutely correct.
it will hit 85-86 cents. Once hits 85-86 cents, a lot investors/traders start to sell this stock.
Expect it will stay between 80-85 cents for a few months before CPO price rebounce to RM2,500/tonne.
Enjoy the trade !
Brothers, Let's go to "chiong".
- We lift our call on Proton to 4-STARS (Buy) from 3-STARS (Hold) with a raised 12- month target price of MYR4.50 (from MYR3.20) after reports that the company is in discussions that could lead to a strategic partnership and vehicle assembly contract with Volkswagen (VOW GY, EUR122.50, 1-STARS)
- StarBiz reported today, citing unnamed market sources, that the potential strategic partnership was unlikely to see Volkswagen taking an equity stake in Proton, with negotiations centering on platform and engine collaboration. The apparent reemergence of Volkswagen is a surprise. Proton and Volkswagen nearly entered into a strategic tie-up in 2007, only for the proposed deal to fall through at the last minute, after an extended courtship. While the real reasons for the breakdown of that deal have never been officially confirmed, political interests are believed to have been a major stumbling block, in addition to onerous financial demands from Volkswagen. However, recent comments from Proton’s management as well as Prime Minister Najib Razak have indicated a more liberal attitude toward the idea of having a foreign partner.
A strategic partner such as Volkswagen will be in a position to provide access to: (i) model platforms, (ii) more cost-effective R&D resources, (iii) engine and drive train technology, and (iv) markets. In particular, modern diesel engine technology will be important if Proton is to break into European markets. In return, Proton could offer its modern production facilities and be a manufacturing base for access into ASEAN and other East Asian markets. The forthcoming revamp of the National Automotive Policy, which has been delayed till next month, could have a major bearing on the outcome of the Proton-Volkswagen talks.
Given Proton’s undemanding P/B valuation (0.39x FY10), the increasing investor risk appetite and dearth of other major corporate newsflow, the stock represents a strong trading opportunity. The entrance of a strategic partner on favorable terms could have a major impact on Proton’s medium-term prospects. It would reduce the valuation discount, in addition to resolving key issues, including limited product platforms, ageing models, small engine range, low R&D resources and low economies of scale from the small current production volumes. We raise our 12-month target price to MYR4.50 (from MYR3.20). We continue using a relative P/B approach to derive our target price - ascribing a target P/B multiple of 0.46x (up from 0.33x, to reflect the potential impact of a strategic alliance) to prospective CY10 BVPS (unchanged) of MYR9.69. The target P/B multiple remains at the mid-point of its five-year P/B range of 0.15x-0.96x.
Risks to our forecasts include an unexpected dip in consumer spending that could render our vehicle sales forecasts too optimistic. A sustained depreciation of the MYR against the JPY and USD would also increase import costs and crimp margins. The failure of negotiations with Volkswagen or an alliance on unfavorable terms for Proton and its shareholders could disappoint investors.
SapCrest’s reported 1HFY10 (Jan) net profit of MYR78 mln (+48.7% YoY) was in line with our expectations, making up 49% of our FY10 earnings forecast.
The better QoQ performance (net profit of MYR52 mln up 104% QoQ) was due to a substantial increase in revenues from the installation of pipelines and facilities
(IPF) division. Operating margins improved slightly to 11.8% (+0.7%-pt QoQ), led mainly by respective volume efficiency and pricing benefits at the IPF and drilling
The +63% YoY growth was fuelled by higher contributions from TL Offshore, thanks to increased IPF activities in the quarter, as well as the reversal of associate losses at SapCrest’s joint-venture SapuraAcergy. Drilling profits expanded 33.5% YoY, despite revenues staying relatively flat, as SaprCrest’s new, higher day rate drilling contracts for tender-rigs T-9 and Teknik Berkat kicked in.
SapCrest’s orderbook, currently at MYR7 bln, should underpin earnings visibility well into FY11. We expect continuing strong contributions from the IPF business
as billings from the Gemusut-Kakap offshore work increases. With its MYR3 bln transportation and installation of offshore facilities contract with Petronas coming
to an end in March 2010, we expect more news flow on the renewal of this contract to emerge towards end-2009.
Recommendation & risk
Despite there being no changes to our earnings estimates, we cut our call on SapCrest’s to Buy (from Strong Buy), due the reduced upside to our unchanged 12-month target price of MYR1.90.
The outlook for the oil & gas services sector has improved, with the rise in oil prices to the USD70/bbl level from USD47/bbl in March. Although we believe that most oil & gas budgets are based on long-term supply/demand factors, the higher prices do help reduce the risk of additional project delays and curbed marginal field activity. These should help support drilling rig and other services day rates. Our 12-month target price of MYR1.90 is based on a combination of the company's estimated is counted cash flow and relative values (10x calendar 2010 EPS).
At our target price, SapCrest would trade at 14x fully diluted calendar 2010 EPS estimate, at a premium to its Malaysian peers (now averaging around 9.5x 2010 EPS). We believe SapCrest’s premium to the sector is warranted, given its asset profile, strong growth prospects to FY11 and its ability to participate in deep-water developments.
Risks to our recommendation and target price include a prolonged period of weakness in oil prices, which will have in impact on capex spending by the oil majors. In addition, the company’s earnings could be subject to weather- and execution-related risks, while a weakening USD could translate to a lower-than expected EPS for SapCrest.
"Do you believe this guy?" Pls read the book called "Secret of the Temple"
Don't trust him :)
Don't trust idiot economist. Trust the price & valuation.
Tuesday, September 15, 2009
These findings suggest a paradox, in that despite the negative outlook, global equity markets have rallied significantly in recent months. This indicates a willingness of investors, for now at least, to focus on factors beyond the fundamental issues that caused our current economic crisis."The survey of more than 153 leading institutional investors revealed that 64% of the respondents globally said they did not believe that the financial crisis was over, with 31% saying the crisis was over, and 5% undecided.Investors from the UK, US and Australia are the most pessimistic with 73%, 76% and 80% of investors, respectively, believing the crisis has not ended. Meanwhile, Continental European and Asian investors are slightly more optimistic with 59% and 62%, respectively, saying the crisis was not over."Clearly, the majority of funds surveyed do not believe the financial sector has recovered since the pinnacle of collapse in September 2008.
The sentiment is reflected across all regions, with the US, UK and Australian investors the most pessimistic, Dunn said in the statement."In Continental Europe and Asia, there is more optimism, but a significant majority still do not believe the financial sector is back on track," he adds.
The global survey was conducted by FTI Consulting Inc, which is a global business advisory firm dedicated to helping organisations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. Some 21% of investors surveyed are based in the UK, 20% are based in the US, 21% based in Asia, 34% based in Europe, and 4% based in Australia.
Dunn said the findings reflected ongoing uncertainty in world markets and highlighted challenges that would be faced by world economic leaders at the upcoming G-20 summit in Pittsburgh.He pointed out that among US companies alone, approximately US$163 billion (RM570.5 billion) of corporate speculative grade debt is due to mature in 2010, with approximately US$266 billion set to mature in 2011, according to Standard & Poor's research."These enormous financing requirements amid still-fragile credit markets, and weak demand apart from government stimulus, put a premium on a company's ability to effectively manage both public perceptions and the underlying business," he adds.Considering the economic uncertainties and weak credit markets, Dunn said companies would have to look at alternative funding avenues, such as sovereign wealth funds, the equity markets, or more exotic capital raisings. And for policy makers, it has meant reassessing the regulatory environment and executive incentives that have driven the market for many years.
Exports in Jun 09 fell 22.6% from a year ago, but gained 2.9% m-o-m
IPI in June declined by 9.6% y-o-y and gained 0.2% m-o-m
Manufacturing sales was 25.5% lower on yearly comparison, 6.7% higher on m-o-m comparison
Deflationary trend persisted for the second straight month in July, CPI fell 2.4% from a year ago
2Q GDP growth contracted by 3.9% y-o-y.
Positive quarterly GDP growth of 4.8% q-o-q signifies Malaysia is officially out of technical recession.
3.5 star ratings maintained, with consensus earnings for 2009 and 2010 being revised upwards to -2.7% and 15.2% respectively,which translate to a forward PE of 16.7X in 2009 and 14.5X in 2010
OUR RECOMMENDED FUND:
ABERDEEN MALAYSIAN EQUITY FUND (CPFIS REGISTERED)
Malaysia’s exports fell at the slowest pace during the month of June. Exports were 22.6% lower year-on-year after a 29.7% decline in May. On a monthly comparison, exports were 2.9% higher than the previous month. Meanwhile, imports displayed a similar trend, with a 20.8% year-on-year decline, following the previous month’s 27.8% decline and a month-on-month increase of 9.4%. Industrial production index (IPI) in June, supported by exports, also posted a smaller fall of 9.6% year-on-year, while it gained 0.2% on a monthly comparison. Manufacturing sales growth in June was 25.5% lower as compared to a year ago and was 6.7% higher as compared to the previous month. The reversal of the monthly data are signs of a recovery in demand as global recession threat eases.
Consumer prices in July fell by 2.4% year-on-year as commodity costs eased from previous year’s records. We believe that current deflationary trend would allow the central bank to hold its interest rates low throughout the year. Malaysia recorded a 3.9% contraction in its second quarter of 2009. This brings the GDP growth for the first half of 2009 to -5.1% year-onyear. The smaller than expected contraction was supported by higher public spending and a mild positive growth in private consumption of 0.5%.
On a quarterly comparison, Malaysia is officially out of technical recession. On a quarter-on-quarter basis, Malaysia’s GDP grew by 4.8% from a revised 1Q of -7.8% quarter-on-quarter growth. To recap, Malaysia recorded two-consecutive negative growth rates of -3.4% and -7.8% in fourth quarter of 2008 and first quarter of 2009 respectively. Judging from the economic data, Malaysia is poising for a gradual recovery.
We believe that the current consensus earnings were being too pessimistic, hence we have revised the market earnings growth for 2009 and 2010 upwards to -2.7% and 15.2% respectively, which translate to a forward PE of 16.8X in 2009 and 14.6X in 2010 (as at 27 Aug 2009). We are maintaining 3.5 star ratings on Malaysia market
announce that we have requested for the suspension in the trading of our
ordinary shares on the Main Market of Bursa Malaysia Securities Berhad (Bursa
Securities) be continued with effect from 2.30 p.m. on 15 September 2009 to
5.00 p.m. on 15 September 2009 in view that the bookbuilding exercise is only
expected to be completed in the afternoon of 15 September 2009.
The request for suspension is made under subparagraph 3.1(c) of Practice Note
No. 2 on Requests for Suspension of the Listing Requirements of Bursa
Securities for the Main Market.
This announcement is dated 15 September 2009.
IOI is proposing to issue a renounceable rights issue of 420.989m shares at RM2.90 each at a ratio of 1 rights share for every 15 existing held. The issue price of RM2.90 is a 38.3% discount to its theoretical 5 day VWAP ex-rights price of RM4.70. We view IOI Corp’s proposed rights issue negatively, interpreting it as a signal of more subdued outlook going forward given its past tendency of issuing debt to fund its expansion and allowing degearing to be taken care of by its cash flow and bond conversion. Maintain Sell on negative sector outlook and lofty valuation of 20x forward earnings.
Capex needs. Proceeds will amount to RM1.221bn, which will be used for capex and repay borrowings. We believe part of the proceeds will go to the building of new 300k tonnes refinery capacity in Rotterdam and additional 100k specialty fats capacity at Pasir Gudang, Johor. On top of that, IOI is also developing 60k hectares of land in Kalimantan into oil palm plantation, the work of which has already begun.
Financial impact. The rights issue will help to lower net gearing from 42.5% to 26.3% which is a good thing while EPS dilution for FY10 is minimal at an estimated 6.5%. Signals tough times ahead? In the past decade, IOI always issued debt for expansion purposes, which also helped raise its gearing level for a more optimal capital structure. Anytime it issues new debt, its gearing rises to uncomfortably high levels but was quickly brought down due to its strong cash generation and strong stock price performance, which resulted in conversion of its convertible bonds into shares.
So, the raising of rights issue makes us suspect that IOI's management may be concerned that its future cashflow generation may be weaker than before. Without the rights issue, its gearing will linger at the current levels much longer than desired. While the previous debt raising exercise was a bullish signal, the rights issue is a negative signal sent out by management.
· In US, President Obama said recent data suggest that US economy is returning to growth and the administration must avoid removing stimulus programs prematurely. The White House expects the $787bn stimulus to add as many as 3% points to growth in Jul through Sep, and it credited the initiative with creating or saving as many as 1.1m jobs.
· The Euro industrial output fell 0.3% in July as the economy struggles to recover. Manufacturers across Europe are cutting costs and output to improve earnings as domestic and foreign spending on machinery, cars and metals continue to contract. Employment has declined for consecutive 4Qs and the jobless rate rose to the highest in more than 10 years in Jul.
· Bank of Japan will probably keep their benchmark interest rate near zero this week and maintain emergency lending programs as the economy recovery shows signs of losing momentum.
· At home, Malaysia’s CPI likely fell for a 3rd straight month in Aug but at a slightly slower pace than in July. Aug CPI likely fell 2.35% from a year earlier following a fall of 2.40% in Jul. Aug’s decline was largely due to the lingering base effect from last year when global food and energy costs were spiking, but that this month’s consumer prices might grow due to taxi and bus fare hikes.
It has enter into a MOU to set up a 100,000mt/annum bioethanol plant and crop cultivation with 2 other parties. It expects Chinese investors to participate and enter into off-take agreements.
Anybody know well about this stock? Penny Stock?
My View (3.24pm, 15/09/2009) :-
"I guess uptrend on KNM stock soon or later once the project approved. KNM is cheaper than Wah Seong"
Pls read from below link:-
The Company is organized into two main business segments: plantations, which involve the cultivation of oil palm, palm oil milling and distribution of palm oil and palm kernel, and hire purchase financing and related activities, which involves hire purchase financing for motor vehicles and insurance agency.
Target Price : 85 cents.
Unico review its total asset value to 85cents.
Trading BUY : TP 85 cents.
Have fun !
From OSK Research
If you see carefully, i actually overweight on financial sector on my porfolio.
Global Financial Sector - Overweight
Emerging Market - China, Vietnam - Weight
Global Resource - Overweight - Risk is hyperinflation. Gold price shoot up, All commodities up, stock related also UP.
Next Posting is aboout my current holdings on Unit Trust (FundSuperMart.com)