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How APPLE become most valuable company in America?

Apple (NASDAQ: AAPL) is the second largest company in America based on its market value after oil giant Exxon Mobil (NYSE: XOM). Apple is ahead of other public corporations with higher revenue, including Wal-Mart (NYSE: WMT), Procter & Gamble (NYSE: PG), Berkshire Hathaway (NYSE: BRK.B) and AT&T (NASDAQ: T). Wall Street analysts say that Apple’s value is based on its rapid growth which is not matched by any other huge US company. The extremely brisk sales of Macs, iPhones, and iPad are likely to accelerate as Apple picks up more sales overseas and takes market share in the US from companies such as Research In Motion (NASDAQ: RIMM), maker of the Blackberry, and Dell (NASDAQ: DELL).
The case for a continued rise in the value of Apple’s shares is compelling. It posted record revenue of $20.34 billion and net quarterly profit of $4.31 billion, or $4.64 per diluted share in the quarter that ended September 25. Revenue was up 66% from the same quarter a year ago. iPhone sales rose 91% to 14.1 million. Many analysts who cover Apple’s stock believe that the iPhone growth rate will continue at a similar pace.
The total value of Exxon Mobil’s shares creates a market cap of $362 billion. Apple’s is $284 billion. Exxon’s quarterly revenue is over $90 billion, but that figure is not growing very fast. Neither is the world’s largest company’s stock price. It has risen by 5% in the last year. Apple’s stock is up 65% over the same period.
Apple’s share price is $321, very near an all-time high. A number of analysts who cover the stock say it will go higher. Research firm Piper Jaffray recently raised its price target for Apple to $438, about 36% above its share price today. Apple’s market cap would eclipse Exxon’s if its shares hit that level.
Piper is not alone in its aggressive prediction about Apple’s share price. Goldman Sachs recently set a $430 target. Stifel Nicolaus & Co. has a target price of $390. Caris & Company’s target is $400. Many of these price forecasts are raised often as Apple’s sales numbers seem to rise sharply from earlier predictions.
Apple is expected to post a extremely good quarter for the holiday season. That, by itself, may push its stock high enough to make it the most valuable company in America.

Genting Singapore Plc : Project Debt Refinancing

Refinancing project debt.

Genting Singapore has recently signed a commitment letter to refinance S$4.1925bn of RWS project debt facilities obtained in 2008. The proposed refinancing is for the exact similar amount, comprising of S$3.5bn of term loans, S$0.5bn in revolving credit facilities and S$192.5m banker's guarantee facility. Tenure of the term loan remains 7-year, i.e.,from 2011-2018 (previously 2008-2015).

The refinancing exercise aimed to achieve the followings:-

(1) Lower funding cost to Singapore Dollar Swap Offer Rate (SOR) + 1.2% to 1.6% (depending on the debt/EBITDA ratio) from SOR +1.75% currently. However, given existing interest rate swap arrangement, RWS effective funding cost for its loan averages at about 4.75%. There will be an associated cost to unwind the SWAP and any interest savings is only expected to kick in from FY12 onwards. Assuming effective funding cost of 2.4%, the refinancing savings could enhance FY12E PBT projection by 3.7%.

(2) Remove/ease stringent project debt restrictions imposed on RWS

(3) To stretch out last repayment in 2015 to progressive payment over 2015-2018. The progressive repayment for 2011 to 2014 remains the same. The exact repayment structure was not disclosed.

Given that near term debt repayment structure remains the same and with Genting Singapore eyeing for Integrated Resort investment opportunity in Japan, we do not think the above refinancing would significantly change the company's dividend policy. Maintain buy and TP of S$2.60 on 14x 2011 EV/EBITDA. Key risks: prolong delay in junket licensing, regulatory changes and lower than expected gaming market share.

(Source : DB Research)

Marc Faber : Recovery

Marc Faber : “The Europe and US stabilizes and also recovers somewhat, in which case the demand for oil will go up and drive up prices,”


“If I look around markets, we had a very negative sentiment about the euro six months ago. Recently, we had a very negative sentiment about the US dollar. From this very low sentiment level for the US dollar where everybody hated the US dollar, in other words we can have somewhat of a recovery.” Marc Faber told India’s CNBC TV channel recently.