Thursday, November 29, 2012

IHH Healthcare: 3Q down but not out

3Q within expectations. 3Q core net profit slipped 19% y-o-y to RM96.1m,
largely due to start up losses from Novena Hospital (Novena). Excluding
losses from Novena and exceptional items, net profit would have been up by
22% to RM141.6m in 3Q12, from RM116.4m in 3Q11. 9M core profits (including
Novena medical suites) forms 76% of our forecasts.

Novena losses narrowing. In 3Q12, Novena saw more than 500 inpatient
admissions, contributing RM19.1m in revenues registering an EBITDA loss of
RM23.9m. This was an improvement from 2Q12’s EBITDA loss of RM28.3m.
Management is optimistic that Novena’s performance will continue to improve
with increasing admissions on the back of rising number of specialists
operating there. We understand that management still expects Novena to turn
EBITDA positive by 2H13.

Recapitalising Acibadem for interest savings. The group intends to
recapitalise Acibadem in order to repay a portion of the US$ debt, and
indicated this should result in interest savings of US$11m p.a.. This is
also expected to reduce its exposure to currency fluctuations and result in
a stronger balance sheet for Acibadem.

Maintain BUY, TP unchanged at S$1.38 (RM3.45).  We are expecting a
seasonally stronger 4Q. We maintain our BUY recommendation and sum-of-parts
based TP at S$1.38 (RM3.45). We reiterate our view that IHH remains a key
proxy to healthcare in the region, and coupled with its robust growth
profile (CAGR FY11-14F of 55%), offers investors an attractive exposure
into this sector.

Monday, November 26, 2012

Does a Forex trading expert make profit on every trade?

An expert trader is able to make consistent profits, but that does not mean he/she will profit from every single trade.

The market is traded by millions of traders worldwide, hence we cannot expect the market to move in the direction that we want all the time.

There will be instances where the market goes against our trades and we just have to take our Stop Loss and move on to the next trade.

If trading is a football game, the Stop Loss is the goal-keeper. A goal-keeper is necessary for the game, but having one does not mean you will win the game. The same goes for a Stop Loss. Placing it doesn't guarantee that you will make profits, but it is necessary to protect your trading capital.

There are many reasons why a trader is not making profits. The best solution is to find the right coach to help you identify the problem and guide you to rectify it.

Sunday, November 18, 2012


Special thanks to Nuffnang and Garena for inviting me with a group of bloggers to attend the event!

Garena Stadium is a new exciting entertainment centre located in the heart of the city at Bugis+ level 3, a premium cybercafé, retail store, cafeteria and customer service centre rolled into one.

We were warmly welcomed by the mascot of Amumu, The Sad Mummy 殤之木乃伊 阿姆姆 at the entrance doing the Garena-style dance!

The Garena retail store opening hours are from 11:30am - 10:30pm daily. You will be able to find exclusive items such as plushies & t-shirts.

There is also a friendly customer service team, dedicated to making your gaming journey smooth and painless. Please remember to bring your NRIC for verification regarding queries for your account.

The in-house cafeteria not only serves delicious gourmet hotdogs of different flavours with both hot and cold beverages, it is also a place to chill with friends after the gaming experience!

The spacious gaming area allows you to immerse yourself in your gaming experience and be at the top of your game.

If you are a hardcore gamer, it will be worthwhile to signup for the Garena Stadium membership programme.

We also have the chance to play a 4v4 League of Legends (LOL) game with each other. Do you know that 25% of singaporean youths (aged between 15-25) are playing this game ? Of course the majority are males!

I selected AMUMU as my champion and have my virgin defeat after a challenging battle with newbies on both teams :)

After my brieft encounter with LOL, I decided to learn more about this interesting game by going for the Garena Premier League Playoffs to see how the professional gamers play this game.

Even though the door opens at 11am, the queue starts to form as early as 10am!

The championship tournament starts with a bang by a hot dance performance !

After a few hours of killing monsters and cheering from supporters, the champion ring goes to Taipei Assassins.

In second place is our local singaporean team known as Singapore Sentinels.

The second runner-up goes to Saigon Jokers.

For those interested to connect with fellow gamers, Garena Carnival 2012 is the fun place to go !

Thursday, November 15, 2012

Global Logistic Properties - A step closer in going global

2Q13 core is in line at 26% of our FY13 and 24% of consensus. GLP will be entering Brazil through 

two JV funds. Taken with its planned J-REIT, AUM looks set to balloon − a strong positive − though 

the deal comes with higher risk premiums and equity fund raising. 1H13 core EPS forms 52% of our 

FY13 number. We raise our FY13-15 core EPS by 8-12% for this Brazilian deal but note that NPI 

could plunge once its J-REIT is established. We lift our RNAV-based target price but remain Neutral 

in view of limited upside from its Brazilian and J-REIT initiatives.

Tuesday, November 13, 2012

Aaron Kwok's 'Cold War' Promotional Tour in Singapore

Meet-The-Fans Session

14 November, Wednesday

Time: 7:00PM 

Venue: Square 2, level 1 Atrium (nearest MRT - Novena Station)

Wednesday, November 07, 2012

Food Tasting Session at Ricciotti Star Vista (061112)

I was invited to a 2 hour (12 noon to 2 pm) food tasting event by Nuffnang and Ricciotti Pte Ltd at their third outlet, next to Buona Vista MRT Station! The new outlet opens everyday from 10am to 10pm.

Ricciotti is pronounced as REE-CHORE-TEE, derived from the famous ancient Biblical scholar and archeologist in the early 1900s, conveying the importance of Italian rich culture and history at the restaurant.

Ricciotti Pizza Pasta Grill is a "cucina nostrana" (i.e. home-style) feel Italian restaurant with an aim to be the destination of choice for authentic yet affordable Italian gourmet food in Singapore. It is the tradition of sharing which reflects the warmth of eating Italian food.

When I first entered the restaurant, the caricature of Italian heroes on the wall caught my eyes! They actually reminded me of the chinese movie Mural 画壁 :)

While waiting for the Executive Chef Gero Dimaria to prepare our food, we kept ourselves busy by playing the paper games supplied to us. Great to divert our attention from our Iphones and Ipads! For those without pens or pencils, feel free to ask the friendly crew for assistance.

I tried the signature fruit soda BLOOD ORANGE at the recommendation of restaurant manager Mark. A drink to make me remember that Halloween has just gone by!

My personal favourite signature dish of the day is PIZZOTTO, pizza with bacon, mushrooms, egg, pomodoro and mozzarella! The whole pizza is actually cut up into 8 pieces and I had a double :)

We also had the opportunity to sample some of their best-sellers too.

The restaurant captures a contemporary and warm ambiance while diners enter the restaurant from the bar to the restaurant. It is definitely an ideal place for customers who are looking for a spot to chill-out and relax away from the crowd.

For more information, please visit APPETITE GROWS WHILE EATING.

Monday, November 05, 2012

SGX Wins Industry’s Vote as Exchange of the Year

Singapore Exchange (SGX) was recognised as the “Exchange of the Year 2012” at the Asia Risk Awards ceremony held in Hong Kong on 1 November 2012.
According to the judging panel, SGX demonstrated “the strongest achievements and developments, across all asset classes and regional bank categories, with a forward-looking approach to clearing and firm commitment on risk management”.
The Asia Risk Awards was established by Asia Risk magazine in 2000 to recognise best practices and innovation in derivatives and risk management in Asia-Pacific.
“We are delighted by this recognition from Asia Risk, and appreciate the feedback from the industry that helped SGX earn this recognition.  Customers come to us for a safe and efficient clearing environment, underpinned by Singapore’s transparent and well-rated legal and regulatory framework.  Our efforts are focused on ensuring that we remain abreast of the rapidly evolving regulatory landscape across Europe and the US, in order to continue to link Asian, European and US customers on one platform” said Muthkrishnan Ramaswami, President, Singapore Exchange.
As Asia’s pioneering central clearing house, SGX is the preferred central counterparty for the clearing and settlement of financial, derivatives and commodity products in both securities and derivatives markets.
In 2012, SGX’s derivatives open interest reached a record high of over 2.4 million lots and SGX was ranked the world’s second fastest growing futures market in open interest terms by the Futures Industry Association.
SGX was also recently given three awards: “Asian Derivatives Exchange of the Year”, “Asian Clearing House of the Year” and “Professional Traders’ Asian Derivatives Exchange of the Year” by the Futures & Options World 2012, a global derivatives publication.

Friday, November 02, 2012

GLP to Raise S$3.2 billion in Asset Sale to Japanese REIT

Global Logistic Properties Limited (GLP), a provider of modern logistics facilities, said Thursday it will contribute 30 of its properties in Japan to a real estate investment corporation (J-REIT), which will be focused on owning and operating logistics facilities in Japan.
The initial consideration for the contribution will be approximately JPY209 billion (SS$3.2 billion), in-line with the appraised value of the properties.
“This is a very significant transaction for GLP. It is consistent with several key elements of our strategy, recycling capital to fund expansion in high-growth markets and growing our strong fund management platform,” said Jeffrey Schwartz, Deputy Chairman of GLP.
“The transaction will drive long term shareholder value as it monetises a considerable proportion of our portfolio and will generate stable recurring income for the group, diversifying our earnings base. Japan remains a highly attractive market for GLP, with favourable demand and supply dynamics,” he added.
Net cash proceeds from the sale are estimated to be approximately JPY100 billion, which GLP intends to use primarily for investment in China and Japan.
As sole sponsor, GLP will act as the property and asset manager of the J-REIT. Accordingly, it will receive asset and property management fees, as well as fees arising from the subsequent acquisition and disposition of properties.
“The J-REIT will provide the company a continuing income flow with recurring fee income arising from fees payable to the asset management company and recurring distribution income arising from the unit holding interest in the J-REIT,” GLP said in a statement.
The 30 properties being contributed to the J-REIT have attributable net profits of approximately US$102 million, representing around 23.1 per cent of GLP’s consolidated net profits.
This excludes incremental asset and property management fees and dividend income which will be earned by GLP.
Analysts said the move may be in line with GLP’s plan for an IPO that could raise at least JPY100 billion in the first IPO for a real estate trust in Japan in five years.
Sources said GLP has hired Citigroup Inc, Goldman Sachs and Nomura Holdings as the main underwriters for the IPO.
GLP currently has 68 wholly-owned logistics facilities in Japan and another 15 logistics facilities are owned in a joint venture.
The group raised S$3.5 billion in October 2010 in what was at the time Singapore’s biggest IPO since 1993.
GLP shares edged up 3.5 percent to S$2.66 at Thursday’s close, the highest since September 13.

Thursday, November 01, 2012

How does the Non-Farm Payrolls report (NFP) correlate with gold?

Traditionally, the US dollar is inversely correlated to gold. This means that when the US dollar strengthens gold weakens and when the US dollar weakens gold strengthens.

The Non-Farm Payrolls report reflects the state of the US job market (excluding the farming industry) and it does impact the US dollar.

If the figures are bad, the US dollar will fall and gold should strengthen. If the figures are good, the US dollar will rise and gold should weaken.

However, be aware that the Non-Farm Payrolls report is the most traded news in the world and it is well-known for its high volatility especially in the first hour of the news release.

Ensure your trading system/strategy is able to handle such volatility and risk before you trade the Non-Farm Payrolls.