Hutchison Port Holdings Trust, partly owned by the world’s second-biggest container port operator, acquired a Hong Kong box terminal from DP World and a partner as it seeks to benefit from rising trade in the South China region.
Hutchison Port will pay HK$3.2 billion ($515 million) in cash to buy the entire stake in Asia Container Terminal from DP World and a unit of PSA International Pte, it said in a statement today. DP World also sold some other assets in Hong Kong to raise a total of US$742 million, the Dubai-based company said in a separate statement.
The purchase will help Hutchison Port boost capacity at Hong Kong after container volumes gained in the past two years, according to Karen Li, an analyst at JPMorgan Chase & Co. DP World is selling its assets in the city as it seeks funds needed for expansion in other markets and shore up its capital.
“Our first take of the deal is that it is positive for Hutchison as this can help resolve its capacity constraints in Hong Kong,” Li said. “Following the stronger-than-expected volume growth over past two years, Hutchison is hitting the capacity bottleneck earliest this year, if current growth pace continues.”
Hutchison Port rose as much as 0.6% to 79 US cents as of 4:10 p.m. in trading. DP World was little changed at US$13.10 as of 12:49 p.m. in Dubai. The stock has gained 12% this year.
Thursday, 7 March 2013
Dividend Chaser on MGCCT jumps in 2013 Asia biggest IPO
Mapletree Greater China Commercial Trust, Asia’s biggest share sale this year, surged 11% on its first trading day as investors were attracted by returns higher than those of comparable properties.
The shares gained to $1.03 at the close of trading in Singapore after being offered at 93 cents apiece. The trust earlier rose as much as 12%. They started trading at 2 p.m. and were 29.5 times subscribed.
The property trust, including assets such as the Festival Walk shopping mall in Hong Kong, raised $1.6 billion. The offer price reflects a 5.6% yield for the year ending March 2014, compared with the 4.2% return for the Bloomberg Asia REIT Index.
“Investors are buying because of the attractive yield,” said Alan Richardson, a Hong Kong-based fund manager who helps oversee about $110 billion for Samsung Asset Management Co. “The REIT’s offered yield is higher than the average yield of Singapore REITs. And we shouldn’t forget that its assets are located in China where average yields are even lower.”
The trust is the fourth by Mapletree Investments Pte, a property unit of Temasek Holdings, Singapore’s state-owned investment company. Mapletree Industrial Trust and Mapletree Commercial Trust have advanced about 50% from their offer prices, while Mapletree Logistics Trust is up more than 70%, according to data compiled by Bloomberg.
Trusts have dominated Singapore’s IPO market in recent years as high-yielding assets gained popularity amid low interest rates.
Slowing Growth
A total of 30 REITs and property trusts were listed in the city-state with a combined value of $56 billion, making up 6% of the total market capitalization of stocks traded, Lawrence Wong, head of listings at the Singapore Exchange, said in a statement on Feb 27. “SGX also has the largest number of cross-border asset REITs in Asia,” he said.
Still, the share sale comes as China’s growth slows. Expansion in industries including retailing, transportation and banking was the slowest in five months in February, according to an official survey of purchasing managers on March 3. Gauges released March 1 pointed to manufacturing growth cooling.
Mapletree Greater China will include the Gateway Plaza office complex in Beijing, a sales document for the IPO showed.
The sale was the biggest IPO in Asia this year, followed by Nippon Prologis REIT Inc., which debuted last month in Tokyo, according to data compiled by Bloomberg. It is also the biggest for a real estate investment trust in Singapore, surpassing the previous offerings by Mapletree, the data shows.
Growing Distributions
“Our yield plus growth strategy through active asset management and asset enhancement initiatives together with potential acquisition growth in top-tier cities in Greater China, will enable stable and growing distributions to be made,” Cindy Chow, chief executive officer of Mapletree Greater China’s management company, said in a statement on March 5, referring to dividend payouts to investors.
Mapletree Greater China’s price also offers a 6.1% yield for the year ending March 2015, it said. CapitaRetail China Trust, an owner of Chinese shopping malls managed by Southeast Asia’s biggest developer, offers a 5.4% yield based on its share price, while Hong Kong’s Link REIT has a 3.3 return, data compiled by Bloomberg show.
“The REIT has a very clean structure and its shares are pushed up by positive market sentiment,” said Travis Seah, an equity analyst at Phillip Securities Pte in Singapore. “I expect them to stay at around the current price over the coming weeks.”
Cornerstone Investors
Singapore REITs have outperformed the city-state’s Straits Times Index this year, returning 5.3% compared with a 4.2% gain in the benchmark measure.
Mapletree Commercial Trust completed a US$754 million ($941 million) initial share sale in April 2011 and Mapletree Industrial Trust raised US$714 million in October the previous year. Mapletree Logistics Trust raised US$144 million in 2005.
Mapletree Investments will own about a third of its newest REIT after the sale.
About 953 million of the 1.7 billion shares were sold to so-called cornerstone investors, including AIA Group and Morgan Stanley. Also among cornerstone investors are Henderson Global Investors, Myriad Asset Management and Norges Bank Investment Management, which runs Norway’s sovereign wealth fund, according to the sales document.
Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings and HSBC Holdings Plc managed the offer.
The shares gained to $1.03 at the close of trading in Singapore after being offered at 93 cents apiece. The trust earlier rose as much as 12%. They started trading at 2 p.m. and were 29.5 times subscribed.
The property trust, including assets such as the Festival Walk shopping mall in Hong Kong, raised $1.6 billion. The offer price reflects a 5.6% yield for the year ending March 2014, compared with the 4.2% return for the Bloomberg Asia REIT Index.
“Investors are buying because of the attractive yield,” said Alan Richardson, a Hong Kong-based fund manager who helps oversee about $110 billion for Samsung Asset Management Co. “The REIT’s offered yield is higher than the average yield of Singapore REITs. And we shouldn’t forget that its assets are located in China where average yields are even lower.”
The trust is the fourth by Mapletree Investments Pte, a property unit of Temasek Holdings, Singapore’s state-owned investment company. Mapletree Industrial Trust and Mapletree Commercial Trust have advanced about 50% from their offer prices, while Mapletree Logistics Trust is up more than 70%, according to data compiled by Bloomberg.
Trusts have dominated Singapore’s IPO market in recent years as high-yielding assets gained popularity amid low interest rates.
Slowing Growth
A total of 30 REITs and property trusts were listed in the city-state with a combined value of $56 billion, making up 6% of the total market capitalization of stocks traded, Lawrence Wong, head of listings at the Singapore Exchange, said in a statement on Feb 27. “SGX also has the largest number of cross-border asset REITs in Asia,” he said.
Still, the share sale comes as China’s growth slows. Expansion in industries including retailing, transportation and banking was the slowest in five months in February, according to an official survey of purchasing managers on March 3. Gauges released March 1 pointed to manufacturing growth cooling.
Mapletree Greater China will include the Gateway Plaza office complex in Beijing, a sales document for the IPO showed.
The sale was the biggest IPO in Asia this year, followed by Nippon Prologis REIT Inc., which debuted last month in Tokyo, according to data compiled by Bloomberg. It is also the biggest for a real estate investment trust in Singapore, surpassing the previous offerings by Mapletree, the data shows.
Growing Distributions
“Our yield plus growth strategy through active asset management and asset enhancement initiatives together with potential acquisition growth in top-tier cities in Greater China, will enable stable and growing distributions to be made,” Cindy Chow, chief executive officer of Mapletree Greater China’s management company, said in a statement on March 5, referring to dividend payouts to investors.
Mapletree Greater China’s price also offers a 6.1% yield for the year ending March 2015, it said. CapitaRetail China Trust, an owner of Chinese shopping malls managed by Southeast Asia’s biggest developer, offers a 5.4% yield based on its share price, while Hong Kong’s Link REIT has a 3.3 return, data compiled by Bloomberg show.
“The REIT has a very clean structure and its shares are pushed up by positive market sentiment,” said Travis Seah, an equity analyst at Phillip Securities Pte in Singapore. “I expect them to stay at around the current price over the coming weeks.”
Cornerstone Investors
Singapore REITs have outperformed the city-state’s Straits Times Index this year, returning 5.3% compared with a 4.2% gain in the benchmark measure.
Mapletree Commercial Trust completed a US$754 million ($941 million) initial share sale in April 2011 and Mapletree Industrial Trust raised US$714 million in October the previous year. Mapletree Logistics Trust raised US$144 million in 2005.
Mapletree Investments will own about a third of its newest REIT after the sale.
About 953 million of the 1.7 billion shares were sold to so-called cornerstone investors, including AIA Group and Morgan Stanley. Also among cornerstone investors are Henderson Global Investors, Myriad Asset Management and Norges Bank Investment Management, which runs Norway’s sovereign wealth fund, according to the sales document.
Citigroup Inc., Goldman Sachs Group Inc., DBS Group Holdings and HSBC Holdings Plc managed the offer.
Tuesday, 5 March 2013
Dividend Chaser on Dow Jones All time High
NEW YORK: The Dow Jones Industrial Average powered to an all-time record high Tuesday exactly four years after hitting bottom in the worst economic crisis since the Great Depression.
After more than doubling its value in a steady march upward since March 2009, the Dow assaulted the record from the opening bell and ended the day at 14,253.77, nearly 90 points above the former closing high on October 9, 2007.
The broader index of the US markets, the S&P 500, also settled higher, but at 1,539.79 remained 1.6 percent below its all-time trading high.
It was a dramatic rebound that came even as the broader economy continues to struggle to leave behind the 2008-2009 recession, and the government in Washington battles over how to trim its massive deficit, a legacy of the economic crisis.
"It's been a good economy, accompanied by good earnings, coupled with very low interest rates. And no sign that it's over," said Hugh Johnson, chairman and chief investor officer at Hugh Johnson Advisers.
"And it's the only game in town," Johnson added, referring to the low returns on other investments.
The Dow, which weighs the stock prices of 30 top companies in a range of industries, and been a key gauge of health in US capital markets for 117 years, was last at these levels in October 2007, the virtual eve before a financial storm engulfed markets.
A bursting of the housing market and stocks bubble unleashed the deepest recession since the 1930s.
In the crash, the Dow plunged 54 percent over 15 months, the impact wiping out the savings of millions and feeding a crisis in the financial industry that forced the government to bail out banks and two major automakers.
But the rebound of company earnings coupled with low Federal Reserve interest rates have fed the recovery in the stock markets.
Also helping has been a set of recent economic data that has been generally solid, if unspectacular.
It has raised new questions of whether a fresh, dangerous bubble is building in capital markets, an issue that has been debated in recent meetings of Fed policy makers.
But analysts mostly dismiss that, and describe rising, but cautious, confidence in the real economy.
Compared with the economic conditions in 2007, today's market looks stronger, said Art Hogan of Lazard Capital Markets. For one thing, corporate balance sheets are robust.
"The economy is in a better place," said Hogan. "The last time we were here, the economy was about to fall off a cliff."
Greg Peterson, director of research at Ballentine Partners, said the valuation multiples of earnings are low compared with historic norms.
"This high is imminently reasonable," Peterson said. "It's not a bubble.
Tuesday's surge came on the heels of rising equity markets in China and throughout Europe, said Chris Low, chief economist at FTN Financial.
The rally gained additional support mid-morning from a pickup in US services sector growth in February, according to the ISM purchasing manager survey.
Still, recent economic reports suggests that the Dow is outpacing the economy as a whole.
Last week, the US Commerce Department reported that fourth-quarter economic growth came in at just 0.1 percent, and the unemployment rate has been stuck around 7.9 percent.
Some analysts see the Dow lingering in the current range until the real economy takes off with more force. Low predicted most equities would have a hard time growing revenues much beyond two percent in the near term.
"There is very low revenue growth in the S&P 500," Low said. "It is still positive, but it's not very fast."
But Paul Edelstein, an economist at IHS Global Insight, offered a more optimistic outlook.
"There's a lot of reasons for stocks to move higher" such as higher earnings and supportive monetary policy, Edelstein said.
- AFP/fa
After more than doubling its value in a steady march upward since March 2009, the Dow assaulted the record from the opening bell and ended the day at 14,253.77, nearly 90 points above the former closing high on October 9, 2007.
The broader index of the US markets, the S&P 500, also settled higher, but at 1,539.79 remained 1.6 percent below its all-time trading high.
It was a dramatic rebound that came even as the broader economy continues to struggle to leave behind the 2008-2009 recession, and the government in Washington battles over how to trim its massive deficit, a legacy of the economic crisis.
"It's been a good economy, accompanied by good earnings, coupled with very low interest rates. And no sign that it's over," said Hugh Johnson, chairman and chief investor officer at Hugh Johnson Advisers.
"And it's the only game in town," Johnson added, referring to the low returns on other investments.
The Dow, which weighs the stock prices of 30 top companies in a range of industries, and been a key gauge of health in US capital markets for 117 years, was last at these levels in October 2007, the virtual eve before a financial storm engulfed markets.
A bursting of the housing market and stocks bubble unleashed the deepest recession since the 1930s.
In the crash, the Dow plunged 54 percent over 15 months, the impact wiping out the savings of millions and feeding a crisis in the financial industry that forced the government to bail out banks and two major automakers.
But the rebound of company earnings coupled with low Federal Reserve interest rates have fed the recovery in the stock markets.
Also helping has been a set of recent economic data that has been generally solid, if unspectacular.
It has raised new questions of whether a fresh, dangerous bubble is building in capital markets, an issue that has been debated in recent meetings of Fed policy makers.
But analysts mostly dismiss that, and describe rising, but cautious, confidence in the real economy.
Compared with the economic conditions in 2007, today's market looks stronger, said Art Hogan of Lazard Capital Markets. For one thing, corporate balance sheets are robust.
"The economy is in a better place," said Hogan. "The last time we were here, the economy was about to fall off a cliff."
Greg Peterson, director of research at Ballentine Partners, said the valuation multiples of earnings are low compared with historic norms.
"This high is imminently reasonable," Peterson said. "It's not a bubble.
Tuesday's surge came on the heels of rising equity markets in China and throughout Europe, said Chris Low, chief economist at FTN Financial.
The rally gained additional support mid-morning from a pickup in US services sector growth in February, according to the ISM purchasing manager survey.
Still, recent economic reports suggests that the Dow is outpacing the economy as a whole.
Last week, the US Commerce Department reported that fourth-quarter economic growth came in at just 0.1 percent, and the unemployment rate has been stuck around 7.9 percent.
Some analysts see the Dow lingering in the current range until the real economy takes off with more force. Low predicted most equities would have a hard time growing revenues much beyond two percent in the near term.
"There is very low revenue growth in the S&P 500," Low said. "It is still positive, but it's not very fast."
But Paul Edelstein, an economist at IHS Global Insight, offered a more optimistic outlook.
"There's a lot of reasons for stocks to move higher" such as higher earnings and supportive monetary policy, Edelstein said.
- AFP/fa
Dividend Chaser on Iphone5S
TAIPEI — According to Analyst Kuo Ming Chi of Financial Services Group KGI, who has had a notable record in predicting Apple hardware launches, the successor to the iPhone 5 will be announced in June and launched in July.
Citing Mr Kuo, Apple blog Appleinsider said Monday the Cupertino-based company will launch the flagship iPhone 5S and a less expensive version made out of fibreglass and plastic.
Mr Kuo also said the iPhone 5S will have a faster A7 SoC, a “Smart Flash” that uses white or yellow LEDs to ensure high-quality photos, and a fingerprint security chip from AuthenTec, which was acquired by Apple.
The 5S will continue to use the same shell as the current iPhone 5 but will have a slightly larger 1600mAh battery.
The New York Times also said on Monday the iPhone’s biggest competitor, Samsung’s new Galaxy S IV could include an eye-scrolling feature, which would let users read text without using their hands.
The Galaxy S IV is thought to be unveiled at an event in New York next week. AGENCIES
Citing Mr Kuo, Apple blog Appleinsider said Monday the Cupertino-based company will launch the flagship iPhone 5S and a less expensive version made out of fibreglass and plastic.
Mr Kuo also said the iPhone 5S will have a faster A7 SoC, a “Smart Flash” that uses white or yellow LEDs to ensure high-quality photos, and a fingerprint security chip from AuthenTec, which was acquired by Apple.
The 5S will continue to use the same shell as the current iPhone 5 but will have a slightly larger 1600mAh battery.
The New York Times also said on Monday the iPhone’s biggest competitor, Samsung’s new Galaxy S IV could include an eye-scrolling feature, which would let users read text without using their hands.
The Galaxy S IV is thought to be unveiled at an event in New York next week. AGENCIES
Dividend Chaser on STXOSV becoming Vard
STX OSV BECOMES VARD
Singapore, 5 March, 2013 – STX OSV Holdings Limited, one of the major global
designers and shipbuilders of offshore and specialized vessels, is pleased to
announce that the STX OSV Group of companies will adopt the new brand name
VARD. The adoption of the new name, logo and brand identity follows the sale of
STX Europe’s majority stake in the company to Fincantieri Oil & Gas, as previously announced on 23 January 2013.
Being derived from the Norwegian word “varde”, which refers to a small tower of
stones used since ancient times as a navigation mark along the coast to guide
ships, the name embodies the Company’s maritime heritage and long history in
shipbuilding. It also symbolizes its ambition to lead the way in the industry, reflecting VARD’s size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market.
Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “I am
excited to announce that VARD will be our new name. It conveys a sense of stability
and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. VARD met all of these criteria.”
The new company name is currently being implemented across all the subsidiaries
of the VARD Group of companies worldwide. A proposal for a new name for the Group holding company, STX OSV Holdings Limited, will formally be tabled for resolution at the upcoming Annual General Meeting in April.
Singapore, 5 March, 2013 – STX OSV Holdings Limited, one of the major global
designers and shipbuilders of offshore and specialized vessels, is pleased to
announce that the STX OSV Group of companies will adopt the new brand name
VARD. The adoption of the new name, logo and brand identity follows the sale of
STX Europe’s majority stake in the company to Fincantieri Oil & Gas, as previously announced on 23 January 2013.
Being derived from the Norwegian word “varde”, which refers to a small tower of
stones used since ancient times as a navigation mark along the coast to guide
ships, the name embodies the Company’s maritime heritage and long history in
shipbuilding. It also symbolizes its ambition to lead the way in the industry, reflecting VARD’s size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market.
Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “I am
excited to announce that VARD will be our new name. It conveys a sense of stability
and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. VARD met all of these criteria.”
The new company name is currently being implemented across all the subsidiaries
of the VARD Group of companies worldwide. A proposal for a new name for the Group holding company, STX OSV Holdings Limited, will formally be tabled for resolution at the upcoming Annual General Meeting in April.
Monday, 4 March 2013
Dividend Chaser on Family Financial Budget
Planning 5 steps
1. Net Income (Salary - CPF contribution)
2. Savings (apportion of salary)
3. Investment
4. Expenses (fixed, variable)
5. Bad mood fund (pamper oneself)
Executing Plan
1. 3 different bank accounts (salary, savings, fixed expenses account) where savings can be used for investment and fixed expenses account using giro or cheque; salary account used for transfers)
2. Internet banking
1. Net Income (Salary - CPF contribution)
2. Savings (apportion of salary)
3. Investment
4. Expenses (fixed, variable)
5. Bad mood fund (pamper oneself)
Executing Plan
1. 3 different bank accounts (salary, savings, fixed expenses account) where savings can be used for investment and fixed expenses account using giro or cheque; salary account used for transfers)
2. Internet banking
Sunday, 3 March 2013
Dividend Chaser on Penny Stock Bubble Burst
Penny stocks are down alot. Markets seem to be going for a big correction.
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