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Palm Oil Climbs as Malaysian Exports Seen Gaining on Zero Tax

By Ranjeetha Pakiam - Jan 30, 2013 4:48 PM GMT+0800

Palm oil rallied to the highest level in almost four weeks on speculation that exports from Malaysia, the second-largest producer, will probably increase after Indonesia set higher taxes on February shipments.

The contract for delivery in April climbed as much as 1.3 percent to 2,506 ringgit ($813) a metric ton on the Malaysia Derivatives Exchange, the highest price for the most-active contract since Jan. 3. It traded at 2,500 ringgit at 4:45 p.m. in Kuala Lumpur, heading for a second monthly advance.

Indonesia, the biggest producer, will raise taxes on crude exports to 9 percent for February from 7.5 percent in January, the Trade Ministry said Jan. 28. Malaysia has said it will maintain a zero-tariff policy for a second month in February to help clear record stockpiles of the oil used in foods and fuels.

“The Indonesian tax increase will benefit Malaysian palm,” said Gnanasekar Thiagarajan, a director at Mumbai-based Commtrendz Risk Management Services Pvt. “There’s zero export tax in Malaysia, so there’ll be incentive for Malaysian exporters to export more.”

China’s oilseed imports may climb to a record 65.3 million tons in the year through September 2013 from 63.1 million tons in 2011-2012, while vegetable oil and fat imports may gain to 10.8 million tons from 9.98 million tons, Oil World, the Hamburg, Germany-based researcher wrote in a report yesterday.

Refined palm oil for delivery in September advanced 0.8 percent to close at 7,072 yuan ($1,137) a ton on the Dalian Commodity Exchange. Soybean oil for delivery in the same month increased 0.6 percent to end at 8,734 yuan a ton.

Soybeans for March delivery climbed 0.4 percent to $14.5775 a bushel on the Chicago Board of Trade. Soybean oil for March delivery gained 0.4 percent to 51.90 cents a pound.

To contact the reporter on this story: Ranjeetha Pakiam in Kuala Lumpur at rpakiam@bloomberg.net

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30-Jan-2013 11:51

Golden Agri-Res / GoldenAgr

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CNY sure lots of palm oil usage for cooking CNY goodies and makan in China n other CNY

celebrating countries.. yummy :)

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30-Jan-2013 08:59

Golden Agri-Res / GoldenAgr

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crude oil 97 .. don't think palm oil can stay low forever...

gd luck dyodd

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30-Jan-2013 08:58

IPC Corp / Solid NTA 27c

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Taken from IPC's FY results.. weakening yen and appreciating assets will definitely contribute to IPC's bottomline with Japan's new stimulus to wekanen the yen n appreciate assets strategy..

The Group’s other gains of S$6.106 million were mainly attributed to unrealised foreign exchange gains of S$4.922 million resulting from the weakening of exchange rate of Japanese Yen against Singapore dollars, gains of S$0.741 million from the revaluation of investment properties in Japan, gains on disposal of financial assets, available-for-sale of S$0.549 million and net off other losses.

ozone2002 ( Date: 22-Jan-2013 13:51) Posted:

Translates to more biz travel within Japan hence IPC to benefit from this?

Published January 22, 2013

BOJ doubles inflation target, adopts open-ended asset buying

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The BOJ set a 1 per cent inflation target in February last year, and expanded monetary stimulus five times in 2012 through an increase in its asset-buying and lending programme - PHOTO : REUTERS

TOKYO - The Bank of Japan on Tuesday doubled its inflation target to 2 per cent and adopted an open-ended commitment to buy assets, surprising markets that had expected another incremental increase in its 101 trillion yen (US$1.12 trillion) asset-buying and lending programme.

The BOJ also issued a joint statement with the government in which it set 2 per cent inflation as its new target, although two of the central bank's nine board members dissented against this decision.

As widely expected, the BOJ maintained its overnight call rate target at a range of zero to 0.1 per cent by a unanimous vote.

BOJ Governor Masaaki Shirakawa will hold an embargoed news conference with his comments expected to come out some time after 4.15pm (0715 GMT).

The BOJ set a 1 per cent inflation target in February last year, and expanded monetary stimulus five times in 2012 through an increase in its asset-buying and lending programme.

Prime Minister Shinzo Abe, however, has piled pressure on the central bank to aim for 2 per cent inflation as a medium-term target and pledge to ease policy aggressively to achieve it. -- REUTERS

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29-Jan-2013 15:44

SinoGrandnes / Sino Grandness - a growth stock with low PE

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Lim & Tan Securities says Sino Grandness (86 c) is still cheap!

Jack Huang, CEO of Sino Grandness, speaking with analysts. NextInsight file photo

As Sino Grandness is in the midst of preparing for a separate listing of their fruit and vegetable juice business (Garden Fresh) by 2014 (either in Hong Kong or Taiwan), we seek to do a comparative valuation with similar companies listed in Hong Kong/ Taiwan to see how much could it be worth (potentially) if the listing ultimately succeeds.

 Consensus is expecting Sino Grandness’ profit to rise 34% in 2013 to Rmb329mln and about 50% of it is derived from Garden Fresh, translating to Rmb165mln.

 While much bigger in size than Sino Grandness, comparable companies such as Uni President, Tingyi and Want Want are all trading at an average PE of 25x 2013 earnings.

 Assuming we take a 60% discount (10x PE) due to its smaller size, Garden Fresh alone would command a market cap of S$330mln (S$1.24 per share) compared to Sino Grandness’ current market cap of S$228mln (S$0.86).

 Sino Grandness’ current market value of S$228mln is only valuing the entire company at 3.5x 2013 earnings.

 While its share price has risen a significant 72% since Dec ’12 and is currently at its all time listing high, its continued low 2013 valuation suggests that if the company is successful in listing Garden Fresh in 2014, it remains cheap even at this level.

 We maintain BUY

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29-Jan-2013 09:21

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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top vol! 13c

gd luck dyodd

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28-Jan-2013 17:04

Viking Offshore / VIKING OFFSHORE AND MARINE LTD

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now 125.. close 128?

finally moving up in tandem with Utdenviro

gd luck dyodd

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28-Jan-2013 15:17

SingPost / Singpost

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Super divy and capital gains stock.. best of both worlds

3QFY13 results in line

Singapore Post (SingPost) reported a 14.5% YoY rise in revenue to

S$171.0m but saw a 5.1% fall in net profit to S$39.5m in 3QFY13.

Excluding one-off items, underlying net profit rose 2.5% to S$39.8m in

the quarter. Results were in line with our expectations, such that 9M13

net profit accounted for 76.7% of our full year estimate.

Strong revenue performance

In the mail division, domestic mail volume continued to decline,

registering the fifth quarter of lower mail volumes. However, strong

growth in international e-commerce packets and contributions from

Novation Solutions helped to boost mail revenue by 20.5% YoY.

Excluding Novation Solutions, growth was still good at 15.1%. Logistics

and retail also saw growth of 10.9% and 19.8%, respectively.

Notwithstanding the fact that 3QFY13 was the festive season which

generally brings in greater revenue, it is encouraging to see the 11.2%

QoQ growth (vs +6.0% in 3QFY12, +7.9% in 3QFY11 and 7.2% in

3QFY10).

Focus on growth and cost pressures

We expect the focus going forward will still remain on cost management

to contain inflationary pressures and rising labour related expenses,

while pursuing growth initiatives. The group has been increasingly active

in the M& A space, having spent a total of S$97m in its acquisition of

General Storage Pte Ltd (which runs the Lock+Store self-storage

business) and a 62.5% stake in a sea freight consolidator and freightforwarder

in the last two months.

Stock has done well downgrading to HOLD

SingPost has done well after we upgraded it to BUY in early Jan last year.

As a stock, SingPost has rewarded shareholders with handsome returns

while providing stability and ease of mind. As it is now trading close to

our fair value estimate of S$1.23, we downgrade it to

forward to SingPost’s transformation as it seeks more growth

opportunities, but till then, we see limited upside potential unless

earnings growth from its acquisitions proves to be better than expected.HOLD. We look

STOCK HAS DONE WELL

DOWNGRADE TO HOLD

• Results in line

• Stock has rewarded shareholders well

• Downgrading to HOLD on valuations

28 Jan 2013

Company Update

SINGAPORE POST | BUY

Asia Pacific Equity Research

Singapore | Logistics

HOLD (downgrade)

Fair value S$1.23

add: 12m dividend forecast S$0.06

versus: Current price S$1.21

12m total return forecast 7%

Analysts

Low Pei Han, CFA (Lead) E +65 6531 9813

lowph@ocbc-research.com

Chia Jiunyang, CFA E +65 6531 9809

chiajy@ocbc-research.com

Key information

Market cap. (m) S$2,298 /

USD1,860

Avg daily turnover (m) S$3 /

USD3

Avg daily vol. (m) 3.1

52-wk range (S$) 0.955 - 1.21

Free float (%) 71.6

Shares o/s. (m) 1,899.0

Exchange SGX

BBRG ticker SPOST SP

Reuters ticker SPOS.SI

ISIN code S08

GICS Sector Industrials

GICS Industry

Air Freight &

Logistics

Top shareholder SingTel - 26.0%

Relative total return 1m 3m 12m

Company (%) 6 5 33

STI-adjusted (%) 2 -2 16

Price performance chart

0.87

0.97

1.07

1.16

1.26

1.36

Feb-12 May-12 Aug-12 Oct-12

2600

2900

3200

3500

3800

4100

Fair Value SPOST SP FSSTI

Shar e Pr ice (S$) Index Level

Sources: Bloomberg, OIR estimates

Industry-relative metrics

0th 25th 50th 75th 100th

ROE

Beta

Mkt Cap

Company Indust r y Aver age

Per cent i l e

Note: Industry universe defined as companies under identical GICS classification

listed on the same exchange.

Sources: Bloomberg, OIR estimates

Key financial highlights

Year ended 31 Mar (S$m) FY11 FY12 FY13F FY14F

Revenue 565.8 578.5 615.0 618.0

Operating expenses -386.1 -416.4 -450.4 -452.4

EBITDA 221.3 204.5 208.9 212.0

Net profit att to shareholders 161.0 142.0 144.5 153.2

EPS (S cents) 8.3 7.5 7.6 8.1

Cons. EPS (S cts) na na 46.8 62.3

EBITDA margin (%) 39.1 35.3 34.0 34.3

Net profit margin (%) 28.4 24.5 23.5 24.8

ROE (%) 49.4 45.4 42.7 41.0

Price/NTA (x) 9.8 10.3 9.3 8.2

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28-Jan-2013 11:16

Golden Agri-Res / GoldenAgr

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63.5 - 64 breakout!

enjoy the ride..

gd luck dyodd

ozone2002 ( Date: 26-Jan-2013 11:22) Posted:

break above 63c on convincing volume

means a confirmation of breakout

gd luck dyodd

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28-Jan-2013 10:32

Envictus / ETIKA undervalued gem stock

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Sam goi's Magic..

flew 20%!

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28-Jan-2013 09:55

China Minzhong / China Minzhong Food forum

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not sure if CMZ and sino will get affected by the lower yield and lower prices that Yamada has faced..

Yamada Green Resources Limited (the .Group.) wished to caution our shareholders that the Group’s profit is expected to be significantly lower for the second quarter of FY2013, i.e the period from 1 October 2012 to 31 December 2012 (" 2Q2013" ), as compared to the corresponding quarter in the previous financial year (" 2Q2012" ). Lower profit was mainly attributable to lower yield and lower than expected prices of fresh shiitake mushroom coupled with the increase in raw materials cost of synthetic logs for 2Q2013, as compared to 2Q2012. (Closing price: S$0.130, -0.763%)

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26-Jan-2013 11:22

Golden Agri-Res / GoldenAgr

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break above 63c on convincing volume

means a confirmation of breakout

gd luck dyodd

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26-Jan-2013 11:19

Food Empire / Results Commentary

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super fly again

Last:0.65 Vol:1218k

+0.055

ozone2002 ( Date: 28-Nov-2012 19:44) Posted:

up 9% today.. excellent!

Last:0.59 Vol:531k

+0.05

gd luck dyodd

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25-Jan-2013 17:10

Golden Agri-Res / GoldenAgr

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Wilmar is up 4% today..

GAR still lagging.. matter of time for it to ketchup...

gd luck dyodd

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