Thursday 30 August 2012

MONETARY AND FINANCIAL DEVELOPMENTS July 2012


MONETARY AND FINANCIAL DEVELOPMENTS
July 2012

Price Conditions: Headline inflation, as measured by the annual percentage change in the Consumer Price Index (CPI) moderated to 1.4% in July. Inflation in the food and non-alcoholic beverages category registered a lower inflation rate of 2.6% due to the decline in meat prices during the month. Prices in the transport category declined by 0.2% as the price for RON97 petrol was adjusted downward to RM2.60 per litre in July 2012 (July 2011: RM2.80 per litre).

Monetary Conditions: Interbank rates were stable in July. In terms of retail lending rates, the average base lending rate (BLR) of commercial banks remained unchanged at 6.53% as at end of the month. Retail deposit rates were also relatively stable during the period. The annual growth in broad money (M3) increased at a higher annual rate of 13.5% in July. On a monthly basis, M3 increased on account of net portfolio inflows and sustained financing activity. Net financing to the private sector grew 13.2% in July due to higher growth in outstanding banking system loans. Business loans outstanding expanded by 14.6% during the month with loans extended mainly to businesses in the transport, storage and communication; agriculture; manufacturing and construction sectors. Loans to households were driven mainly by loans for the purchase of residential and non-residential properties, passenger cars and securities. Loan demand remained robust with sustained loan applications, especially from households.

Banking System: The banking system remained well-capitalised with risk-weighted capital ratio (RWCR) and core capital ratio (CCR) at 14.4% and 12.7% respectively. The decline in capital base was due to the redemption of subordinated debt capital by a bank. The level of net impaired loans remained stable at 1.5% of net loans, while the loan loss coverage remained high at 100.9%.

Exchange Rates and International Reserves: In July, the ringgit appreciated against the currencies of most of Malaysia’s major trading partners. The ringgit appreciated against the US dollar as expectations of monetary easing in the US and China, and expectations of progress in resolving the European sovereign debt crisis renewed investor interest for emerging market assets. The ringgit also appreciated against the euro and Chinese renminbi, but depreciated against the Singapore dollar. The ringgit remained unchanged against the Japanese yen. In August, the ringgit continued to appreciate against the US dollar, following better-than-expected economic data releases in Malaysia. The international reserves of Bank Negara Malaysia stood at RM430.5 billion (equivalent to USD134.7 billion) as at 15 August 2012, sufficient to finance 9.5 months of retained imports and is 3.9 times the short-term external debt.

Source: Bank Negara Malaysia 

Monday 27 August 2012

IPO: IGB REIT

IPO: IGB REIT
Retail Price: RM1.25
Closing date: 4 September 2012, 5pm
Listing date: 21 September 2012

Distribution Policy: Intention to distribute 100% of its distributable income until 31 Dec 2014, and thereafter at least 90%, on a half-yearly basis.

More details coming up...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1045737

Sunday 26 August 2012

International Reserves of Bank Negara Malaysia as at 15 August 2012


The international reserves of Bank Negara Malaysia amounted to RM430.5 billion (equivalent to USD134.7 billion) as at 15 August 2012. The reserves position is sufficient to finance 9.5 months of retained imports and is 3.9 times the short-term external debt.


 Source: Bank Negara Malaysia

Wednesday 15 August 2012

Economic and Financial Developments in Malaysia in the Second Quarter of 2012


Economic and Financial Developments in Malaysia in the Second Quarter of 2012

Malaysia recorded higher growth in the second quarter
The global economic environment remained challenging in the second quarter, amidst heightened vulnerabilities in several key economies. Growth in the major advanced economies was weighed down by policy and domestic structural concerns. In Asia, economic activity was affected by weaker external demand. In spite of this challenging environment, the Malaysian economy recorded a higher growth of 5.4% (1Q 12: 4.9%), driven by stronger domestic demand, which rose by 13.8% (1Q 12: 9.7%). This was supported by robust growth in the expenditure of both the private and public sectors, while net exports moderated further due to weaker exports and higher imports. On the supply side, most major economic sectors continued to expand, led by the services, manufacturing and construction sectors.

Gross fixed capital formation recorded a stronger growth of 26.1% (1Q 12: 16.1%), amidst increased capital spending by both the private and public sectors. Private investment strengthened further, supported by investment in the domestic-oriented services sub-sectors, oil and gas and manufacturing industries. Expansion in public investment was driven by non-financial public enterprises’ capital spending in the transportation, oil and gas and utilities sectors, as well as the Federal Government’s development spending on transportation, trade and industry, public utilities and education.

Growth of private consumption registered a strong growth of 8.8% (1Q 12: 7.4%), supported by firm labour market conditions, robust income growth and improved consumer sentiment. In addition, Government initiatives such as financial assistance to the lower income households and FELDA settlers, as well as increases in the salaries and pensions of civil servants also supported the increase in spending. Public consumption increased by 9.4% (1Q 12: 7.3%), led by higher spending on emoluments and supplies and services.
  
On the supply side, most economic sectors expanded further. This was supported by domestic-driven activity in the services sector, namely communication, real estate and business services, and the finance and insurance sub-sectors. The manufacturing sector was driven by higher growth in the export-oriented industries and a continued expansion of the domestic-oriented industries. The construction sector recorded a strong double-digit growth for the second consecutive quarter amidst increased activities in the civil engineering sub-sector. The mining sector expansion reflected the higher output of crude oil, while the agriculture sector recorded a contraction due to lower crude palm oil production.

The headline inflation rate, as measured by the annual change in the Consumer Price Index (CPI), moderated to 1.7% in the second quarter (1Q 12: 2.3%). Inflation in the food and non-alcoholic beverages category moderated amid a decline in the prices of meat and vegetables.

In the external sector, the current account surplus narrowed in the second quarter to RM9.6 billion, equivalent to 4.4% of GNI. The lower surplus was due mainly to the lower goods surplus, largely as a result of higher expansion of gross imports amid moderating growth in gross exports.

The financial account recorded a turnaround with inflows of RM5.4 billion during the quarter (1Q 12: -RM10.3 billion), as net inflows in other investment and FDI rose, which offset the net outflow of non-resident portfolio funds. FDI was sustained at RM6.1 billion (1Q 12: +RM7.5 billion), supported by inflows of equity capital and higher extensions of inter-company loans to multinational companies operating in Malaysia. Direct investment abroad by Malaysian companies moderated to RM2.5 billion in the second quarter (1Q 12:
-RM16.9 billion), reflecting a lower outflow of equity capital and intercompany loans, and net repatriated earnings by Malaysian companies operating abroad. With surpluses in both the current and financial accounts, the overall balance of payments turned around to record a surplus of RM12.7 billion in the second quarter (1Q 12: -RM7.2 billion).

The international reserves of Bank Negara Malaysia increased to RM428.8 billion (equivalent to USD134.2 billion) as at 29 June 2012. This reserve level has taken into account the quarterly adjustment for foreign exchange revaluation gains, following the strengthening of currencies against the ringgit during the period. As at 31 July 2012, the reserves position amounted to RM429.6 billion (equivalent to USD134.5 billion), sufficient to finance 9.5 months of retained imports and is 3.9 times the short-term external debt.

Monetary policy remained supportive of economic activity

The Overnight Policy Rate (OPR) was left unchanged at 3.00% during the second quarter of 2012. At the prevailing level of the OPR, monetary conditions continue to be supportive of economic activity.

Reflecting the unchanged OPR, the average interbank rates of all maturities were relatively stable. In terms of retail interest rates, the average quoted fixed deposit (FD) rates of commercial banks were relatively unchanged during the quarter. The average base lending rate (BLR) of commercial banks remained unchanged at 6.53%, while the weighted average lending rate (ALR) on loans outstanding remained stable, standing at 5.60% as at end-June 2012 (end-March 2012: 5.62%).

In the second quarter, total gross financing raised by the private sector through the banking system and the capital market increased to RM280.6 billion (1Q 12: RM259.9 billion). The higher gross financing was attributable mainly to the increase in loan disbursements to businesses and initial public offerings (IPOs) during the quarter. On a net basis, banking system loans and PDS outstanding expanded at an annual growth rate of 13.0% as at end-June 2012 (1Q 12: 13.3%).

Net funds raised in the capital market amounted to RM27.6 billion during the quarter (1Q 12: RM43.5 billion), mostly by the private sector. Funds raised from the equity market increased significantly to RM12.1 billion (1Q 12: RM1.3 billion), due to a large initial public offering in June. After adjusting for redemptions, net funds raised by the private sector amounted to RM22.6 billion. In the public sector, net funds raised during the quarter amounted to RM5.0 billion (1Q 12: RM13.7 billion).

The monetary aggregates grew at a moderate pace during the second quarter. M1, or narrow money, increased by RM3.5 billion. On an annual basis, M1 expanded by 9.9% as at end-June (end-March 2012: 13.2%). M3, or broad money, grew by 12.8% annually as at end-June 2012 (end-March 2012: 15.0%). The moderate expansion in M3 was attributable to higher Government fundraising activities and net portfolio outflows during the quarter.

The ringgit depreciated by 3.8% against the US dollar in the second quarter, along with most other regional currencies. Renewed uncertainties over the European sovereign debt crisis and its impact on the prospects for regional and global economic growth prompted some investors to reduce holdings of emerging market assets. Against other major currencies, the ringgit depreciated against the pound sterling (-1.6%) and the Japanese yen (-7.0%), while strengthening against the euro (2.0%). Against the other regional currencies, the ringgit depreciated in the range of between 0.7% and 5.4%.

During the period 1 July to 13 August 2012, the ringgit appreciated against the euro (4.7%), US dollar (2.3%), pound sterling (1.9%) and Japanese yen (0.9%).

The ringgit also appreciated against regional currencies, strengthening against the Korean won, Thai baht, Philippine peso, Indonesian rupiah and Chinese renminbi by between 0.6% and 2.3%. The ringgit remained unchanged against the Singapore dollar.

Domestic financial stability is sustained

Financial stability remained intact throughout the second quarter of 2012, underpinned by strong capitalisation of financial institutions and orderly financial market conditions. Financial markets continued to demonstrate strong capacity to withstand external shocks and volatility arising from the escalation of sovereign risk in the Euro area.

The banking sector remained resilient during the quarter, amid sustained profitability and ample liquidity. Capitalisation of the banking sector remained stable with the core capital ratio and risk-weighted capital ratio at 12.9% and 14.7% respectively. Similarly, the insurance sector remained resilient with a strong capital adequacy ratio of 216.7%.

Recovery to continue at a modest pace but downside risks will remain
                                                                                                                              
The global economic recovery continued in the second quarter, albeit at a more modest pace. Going forward, the global economy faces increasing downside risks emanating from the developments in several major economies. Policy uncertainty surrounding the European sovereign debt crisis and fiscal issues in the US are expected to weigh on market sentiments and growth prospects.  

For the Malaysian economy, the strong support provided by domestic
demand, underpinned by activities in both the private and public sectors have
ensured higher growth amidst the challenging global environment. This trend
is expected to be sustained going forward, although downside risks emanating
from external developments remain.


Source: Bank Negara Malaysia

Wednesday 8 August 2012

一股作气:Axis 投资产托热潮催化 AXIS RETIS (AXREIT, 5106)

尽管15亿令吉的产业投资组合即将达标,Axis投资(AXREIT,5106,主板产业信托股)计划再下一城,放眼再添购总值逾2亿的资产。

此举不仅能将旗下的办公大楼业务比重减少,更可避免因巴生谷一带的办公大楼或出现供过于求的窘境。

未来催化剂包括脱售Kayangan Depot获利分配每单位1.3仙的红利,以及城中城产业和怡保花园产托化将让该业掀起热潮。

Axis投资是于2005年上市,并从当初的5项产业的中等组合作为开端,在短短的7年内,其投资组合成长率在业内处于领先地位。

如今,Axis投资所管理的产业已达29项,总产业空间为503万6076平方尺,乃是国内股项中规模最大的办公室/工业产托。

其资产坐落在巴生谷、槟城、柔佛和吉打等地,并拥有多元化的产业组合,涵盖商用办公楼、办公/工业大楼、仓库/后勤中心、轻工业厂房和仓库零售设施。

旗下产业出租予112租户,包括许多已经租用其产业多年的跨国公司和本地上市公司。

租户涉及的领域涵盖影像、医疗、家用电器、汽车、药剂、保险、保健、电子、资讯工艺、零售仓储、快速消费品、电信及健身业。

在2008年12月,Axis投资被重新分类为一个回教产托,成为全球首个符合回教产托指南的办公楼/工业产托。

这项重新分类有助于扩大该产托的投资者基础,不仅纳入本地及回教教义为基础的基金,也激发海外以回教教义为基础的投资者。

近月来,Axis投资已签署买卖协议,收购Wisma Academy/Annex和EmersonFacility,估价达1亿1580万令吉。

一旦收购活动完成,其资产管理规模将从14亿3482万4000令吉,提高至15亿5062万4000令吉。

为了让产业组合不断成长,Axis投资如今也在洽谈总值达2亿2778万令吉的产业收购项目。

当中,包括4项位于柔佛州的工业厂房、八打灵再也的科技中心产业,以及莎阿南的仓库。

收购工业产业为主

由此可见,Axis投资的收购计划以工业产业为主,且收购目标也转移至其他具高度发展的州属,可避免办公大楼供过于求,特别是在雪隆区。

拉昔胡申研究预计,正在进行的两项收购活动,将促使Axis投资的负债率,从现有的30%,提高至稍微超过35%水平。

尽管如此,该产托将通过配售发行新单位来降低其负债率,且估计配售的新单位,将与新收购活动的时间相近,以最小化每单位盈利稀释化的风险。

可分配收入每季逾95%

在业绩表现方面,Axis投资的营收在2008年至2011年呈稳定增长趋势,2008年起为6333万令吉、7160万令吉、8921万令吉,并在2011年突破1亿令吉,达1亿1773万令吉。

净利表现却缺乏稳定性,2008年为6345万令吉,隔年则下滑至6198万令吉,2010年劲扬到1亿135万令吉,但2011年再回跌到8105万令吉。

尽管如此,Axis投资拥有良好的分红记录,自2005年上市以来,每单位分红都在增长中。

不得不提的是,自2009年起,Axis投资已更改收入分派政策,从每半年支付一次,改为每季度一次。

同时,每财年的第1季到第3季度,将派发至少可分配收入的95%,以及第4季度至少为可分配收入的99%。

从挂牌首年起,Axis投资分派4.7仙分红、06年为12.95仙、07年13.63仙、08年15.27仙、09年15.8仙、10年16仙和11年17.2仙。

周息率6.3%

至于Axis投资计划脱售KayangDepot活动上,当中得到的资本获利,有望在第四季回退给单位持有者,每单位大约为1.3仙。

保守估计今年的每单位分红与去年一样的情况下,加上1.3仙的回退,以週五闭市价格RM2.94计算,其周息率达6.3%。

截至6月30日,Axis投资的每单位净资产为RM2.11,而目前的交易价位等于1.4倍。

此外,其现金与现金等值为2519万8000令吉;而总贷款额达4亿3007万2000令吉,惟单位持有者总基金9亿5895万6000令吉。

在29项产业中,有多达23项的产业出租率达100%水平;而在整体上,其出租率也达97.67%,稍微高于去年12月的97.22%。

投资风险方面,则包括出租率、租金与租约更新、办公大厦的供应、配售新单位所带来的稀释化影响和产业领域政策等。

Tuesday 7 August 2012

投资目的

你的投资目的是什么?

我个人投资的目的,就是创造更多的被动收入,也就是Robert Kiyosaki所谓的正面现金流,这可能是许多人所忽略的重点。

一项投资的好坏,从Robert Kiyosaki的观点来看,只要能带来正面的现金流,就算通过贷款的方式,就是一项好投资。

反之,一项投资让个人(或公司)的现金流不断往外流,造就的就是负债,让你的荷包不断减肥。

如果投资的目的是为了资本获利,而不是创造正面的现金流,这当中涵盖了投机成分,图的是短期的利益。

当一项投资中涵盖的投机成分时,有关投资可能已不再是投资,而是在“赌”。当然,透过分析,也能将风险降低。

投机的资本获利也许在短短的几天就能取得双位数的回报,但也可能因此蒙受庞大的亏损。

投机者的情绪,或许轻易受到市场的波动,必须时时刻刻都在观察市场走势,无法安心下来。

一个突如其来的新闻,往往能让个人从原本的纸上获利,转变为蒙受亏损。

反观,投资者就可能就这些新闻,视为一个买进的时机,当一切都雨过天晴后,投资的回酬相当可观。

正确的投资之道,不仅仅能让投资者带来正面的现金流,在长远方面,也涵盖了资本获利的存在潜能,甚至远远超过经常玩短线进出场的投机者。

有这个可能性吗?看看大众银行(Public Bank)、数码网络(DiGi)等股票,就能让当初购买新股并持有至今的投资者,变成百万富翁。

且不说这种情况是否能在重演,毕竟都是马后炮的事,每个人都会。

就如此文开端所提及,我个人的投资目的就是创造正面现金流。在现金流不断增加之际,也就意味着我的财务自由之路越来越接近。

当现金流超越所需的支出之下,我的投资目的就达标了,工作与否,是为了嗜好、消遣时间等而已。

国内就有一位鼎鼎大名的投资者,相信大家都知道,谁是冷眼先生吧!

他在经过长年投资在股息股票,让他的现金流不断提高,如今,单单是靠股息收入,就可周游各地。

他,正是我的学习对象。通过细水长流的股息收入的投资方式,来达到目标。在长期方面,当中可能有一两个股票,重演大众银行和数码网络的超强回酬。

那么,你的投资目标又是什么呢?

International Reserves of Bank Negara Malaysia as at 31 July 2012

International Reserves of Bank Negara Malaysia as at

31 July 2012



The international reserves of Bank Negara Malaysia amounted to RM429.6 billion (equivalent to USD134.5 billion) as at 31 July 2012. The reserves position is sufficient to finance 9.5 months of retained imports and is 4.3 times the short-term external debt.

Source:BNM

Friday 3 August 2012

IPO: DATASONIC


IPO: DATASONIC

RM2.00 PER SHARE

Closing Date: 17 August 2012

Provision of ICT solutions including the smart card personalisation, customisation of software and hardware solutions, project management, consultancy, R&D and technical consultancy services.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1029085


Thursday 2 August 2012

NEW IPO: PASUKHAS GROUP BERHAD

NEW IPO: PASUKHAS

12SEN PER SHARE

Closing date: 13 August 2012

Business Activities:
1. M&E engineering services: water treatment and sewerage industry, palm oil and sugar mills and refineries, and other factories in the manufacturing sector.
2. Design, manufacture, trade and market LV switchboards used by commercial and industrial sectors
3. Trading of equipment: distribution, power and converter transformer



Presently, the company does not have a fixed dividend policy.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1027909