房地产投资信托 不能只看高回报
(2010-12-05)
文@龚慧婷
图@李利群
最近有好几个房地产投资信托(REITs)先后上市。丰树工业信托(简称MIT)集资近12亿元;胜宝(Sabana)回教法工业房地产投资信托则筹集超过6亿元。
但让投资者眼前一亮的,往往是REITs所提供的5%或以上的高回报率,尤其当银行定期存款利息还在1%以下的低水平徘徊,投资者更对REITs跃跃欲试。
然而,REITs的回报率固定吗?为何有些REITs的价格可在1元左右徘徊,有些又只有0.10元?投资REITs又有哪些风险?
……
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Substituted PERFECT TEN DAY [10 10 10 SUNDAY]
| CNOOC | 0883 | i | SC | HKD | 15.920 |
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-0.420 | -2.6 | 67,559,217 | 688,000 | 15.900 | 15.960 | 85,000 | 16.000 | 16.340 | 16.120 | 15.900 | -- | -- | HKG | 0883 | 0883.HK |
| CoscoCorp | F83 | i | -- | SGD | 1.960 |
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0.000 | 0.0 | 19,215,000 | 438,000 | 1.960 | 1.970 | 1,517,000 | 1.930 | 1.960 | 1.970 | 1.920 | C,M | -- | SGX | F83 | COSC.SI |
| e Genting HK US$ | S21 | i | -- | USD | 0.465 |
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+0.025 | +5.7 | 93,776,000 | 2,639,000 | 0.460 | 0.465 | 838,000 | 0.440 | 0.440 | 0.470 | 0.435 | M | -- | SGX | S21 | GENH.SI |
| GENTING BHD | 3182 | i | -- | MYR | 10.520 |
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+0.140 | +1.4 | 11,796,100 | 86,900 | 10.520 | 10.540 | 800 | 10.320 | 10.380 | 10.620 | 10.300 | -- | -- | KLS | 3182 | GENT.KL |
| GENTING MYS BHD | 4715 | i | -- | MYR | 3.510 |
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-0.050 | -1.4 | 3,548,300 | 21,900 | 3.510 | 3.520 | 20,000 | 3.500 | 3.560 | 3.570 | 3.500 | -- | -- | KLS | 4715 | GENM.KL |
| Genting SP | G13 | i | -- | SGD | 2.260 |
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+0.110 | +5.1 | 223,828,000 | 943,000 | 2.250 | 2.260 | 4,834,000 | 2.120 | 2.150 | 2.260 | 2.110 | M | -- | SGX | G13 | GENS.SI |
| GentingSMBLeCW120402 | J2UW | i | -- | SGD | 0.295 |
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+0.010 | +3.5 | 65,000 | 5,000 | 0.290 | 0.300 | 10,000 | 0.290 | 0.285 | 0.295 | 0.290 | M | -- | SGX | J2UW | GNML_td.SI |
| GentingSMBLeCW130103 | L2PW | i | -- | SGD | 0.235 |
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+0.020 | +9.3 | 856,000 | 20,000 | 0.180 | 0.240 | 108,000 | 0.210 | 0.215 | 0.235 | 0.210 | M | -- | SGX | L2PW | GNML_tm.SI |
| GentingSMBLeCW130104 | L7KW | i | -- | SGD | 0.195 |
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+0.020 | +11.4 | 725,000 | 410,000 | 0.170 | 0.225 | 5,000 | 0.170 | 0.175 | 0.195 | 0.170 | M | -- | SGX | L7KW | GNML_tr.SI |
| GentingSMBLeCW130603 | L0QW | i | -- | SGD | 0.315 |
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+0.020 | +6.8 | 120,000 | 100,000 | 0.200 | 0.420 | 10,000 | 0.285 | 0.295 | 0.315 | 0.285 | M | -- | SGX | L0QW | GNML_tk.SI |
| Healthway | 5NG | i | -- | SGD | 0.155 |
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-0.005 | -3.1 | 14,640,000 | 14,861,000 | 0.155 | 0.160 | 8,278,000 | 0.155 | 0.160 | 0.160 | 0.155 | M | -- | SGX | 5NG | HEMC.SI |
| Hiap Seng | 510 | i | -- | SGD | 0.710 |
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-0.010 | -1.4 | 548,000 | 88,000 | 0.705 | 0.710 | 16,000 | 0.705 | 0.720 | 0.715 | 0.705 | C,M | -- | SGX | 510 | HSEN.SI |
| ICBC | 1398 | i | SC | HKD | 6.260 |
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-0.070 | -1.1 | 596,224,652 | 1,957,000 | 6.250 | 6.260 | 3,527,000 | 6.210 | 6.330 | 6.360 | 6.180 | -- |
Substituted PERFECT TEN DAY [10 10 10 SUNDAY]
| Stock | Code | i | Rmk | Ccy | Last | $Chng | %Chng | Vol | Buy Vol | Buy | Sell | Sell Vol | Open | Previous | Day Hi | Day Lo | Ind | Sector | Mkt | Off Code | Feed Code | COC BB | COC LD | COC BS | |
| Genting SP | G13 | i | -- | SGD | 2.260 |
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+0.110 | +5.1 | 223,828,000 | 943,000 | 2.250 | 2.260 | 4,834,000 | 2.120 | 2.150 | 2.260 | 2.110 | M | -- | SGX | G13 | GENS.SI | -- | -- | -- |
| GLP | MC0 | i | -- | SGD | 2.260 |
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-0.030 | -1.3 | 107,607,000 | 1,526,000 | 2.260 | 2.270 | 777,000 | 2.250 | 2.290 | 2.290 | 2.250 | C,M | -- | SGX | MC0 | GLPL.SI | -- | -- | -- |
| BerlianLaju | B66 | i | -- | SGD | 0.055 |
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-0.005 | -8.3 | 97,033,000 | 83,846,000 | 0.055 | 0.060 | 57,807,000 | 0.055 | 0.060 | 0.060 | 0.055 | M | -- | SGX | B66 | PTBL.SI | -- | -- | -- |
| e Genting HK US$ | S21 | i | -- | USD | 0.465 |
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+0.025 | +5.7 | 93,776,000 | 2,639,000 | 0.460 | 0.465 | 838,000 | 0.440 | 0.440 | 0.470 | 0.435 | M | -- | SGX | S21 | GENH.SI | -- | -- | -- |
| Transcu | E15 | i | -- | SGD | 0.140 |
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+0.015 | +12.0 | 51,041,000 | 5,667,000 | 0.135 | 0.140 | 12,801,000 | 0.125 | 0.125 | 0.140 | 0.125 | C | -- | SGX | E15 | TRSU.SI | -- | -- | -- |
| EUNetworks | H23 | i | -- | SGD | 0.020 |
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0.000 | 0.0 | 46,021,000 | 6,264,000 | 0.015 | 0.020 | 68,286,000 | 0.020 | 0.020 | 0.020 | 0.020 | C,M | -- | SGX | H23 | EUNG.SI | -- | -- | -- |
| NOL | N03 | i | -- | SGD | 2.130 |
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+0.070 | +3.4 | 45,092,000 | 412,000 | 2.130 | 2.140 | 1,382,000 | 2.090 | 2.060 | 2.160 | 2.090 | C,M | -- | SGX | N03 | NEPS.SI | -- | -- | -- |
| GoldenAgr | E5H | i | -- | SGD | 0.670 |
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-0.015 | -2.2 | 43,167,000 | 5,050,000 | 0.670 | 0.675 | 662,000 | 0.675 | 0.685 | 0.680 | 0.665 | C,M |
Wednesday: 13 OCTOBER 2010 EVENING
Channel News Asia PUBLIC INSIGHTS DOCUMENTARY
FEATURING
1. JUKEN [Auto Parts]
2. EXPRESS HOLDING [Integrated Print Paradigm ]
leading in their respective sectors
by innovating the adoption of relevant technology
for Business Growth and Market Leadership
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All Eyes On Genting!
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| Genting HK US$ | S21 | i | -- | USD | 0.515 |
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+0.010 | +2.0 | 236,866,000 | 5,520,000 | 0.515 | 0.520 | 4,346,000 | 0.515 | 0.505 | 0.530 | 0.495 | M | -- | SGX | S21 | GENH.SI | -- | -- | -- |
| Genting SP | G13 | i | -- | SGD | 2.030 |
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+0.060 | +3.1 | 178,510,000 | 1,475,000 | 2.020 | 2.030 | 217,000 | 2.000 | 1.970 | 2.040 | 1.980 | M | -- | SGX | G13 | GENS.SI | -- | -- | -- |
| Transcu | E15 | i | -- | SGD | 0.120 |
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+0.005 | +4.4 | 116,029,000 | 19,800,000 | 0.120 | 0.125 | 6,325,000 | 0.120 | 0.115 | 0.130 | 0.115 | C | -- | SGX | E15 | TRSU.SI | -- | -- | -- |
| UniFiber | P30 | i | -- | SGD | 0.060 |
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0.000 | 0.0 | 73,874,000 | 49,238,000 | 0.055 | 0.060 | 25,334,000 | 0.060 | 0.060 | 0.065 | 0.055 | C,M | -- | SGX | P30 | UFSL.SI | -- | -- | -- |
| UtdEnvirotech | U19 | i | -- | SGD | 0.490 |
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0.000 | 0.0 | 71,226,000 | 3,177,000 | 0.485 | 0.490 | 404,000 | 0.490 | 0.490 | 0.510 | 0.480 | C,M | -- | SGX | U19 | UNIT.SI | -- | -- | -- |
| Healthway | 5NG | i | -- | SGD | 0.175 |
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+0.005 | +2.9 | 48,354,000 | 20,526,000 | 0.170 | 0.175 | 2,075,000 | 0.175 | 0.170 | 0.180 | 0.170 | M |
Genting Singapore
$1.97 | Buy
DBS Vickers lifts Genting Singapore target price to $2.36 from $2.00, based on 16.5X 2011-2012 EV/EBITDA vs 15X assigned to Wynn Macau.
Says gaming group deserves premium valuation as it has highest profitability among Asian peers, strong earnings growth, backed by Singapore’s duopoly gaming market.
Keeps Buy call; says “the next wave of re-rating will likely come from (valuation) multiple expansions as earnings visibility improves and Asian robust consumption theme continues to be in vogue”.
Wednesday: 15 SEPTEMBER 2010 HEAVY RAIN
| e Genting HK US$ | S21 | i | -- | USD | 0.505 |
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+0.030 | +6.3 | 121,561,000 | 2,887,000 | 0.500 | 0.505 | 5,745,000 | 0.470 | 0.475 | 0.505 | 0.465 | M | -- | SGX | S21 | GENH.SI |
| GENTING BHD | 3182 | i | CD | MYR | 10.000 |
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+0.010 | +0.1 | 5,309,100 | 29,800 | 9.920 | 10.000 | 1,913,700 | 9.960 | 9.990 | 10.000 | 9.870 | -- | -- | KLS | 3182 | GENT.KL |
| GENTING MYS BHD | 4715 | i | CD | MYR | 3.140 |
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-0.020 | -0.6 | 8,379,800 | 17,000 | 3.130 | 3.140 | 48,500 | 3.160 | 3.160 | 3.170 | 3.120 | -- | -- | KLS | 4715 | GENM.KL |
| Genting SP | G13 | i | -- | SGD | 1.970 |
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+0.060 | +3.1 | 68,996,000 | 959,000 | 1.960 | 1.970 | 1,116,000 | 1.920 | 1.910 | 1.970 | 1.920 | M | -- | SGX | G13 | GENS.SI |
| GentingSMBLeCW120402 | J2UW | i | -- | SGD | 0.260 |
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+0.040 | +18.2 | 31,000 | 5,000 | 0.220 | 0.260 | 99,000 | 0.230 | 0.220 | 0.260 | 0.230 | M | -- | SGX | J2UW | GNML_td.SI |
| GentingSMBLeCW130103 | L2PW | i | -- | SGD | 0.185 |
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0.000 | 0.0 | 900,000 | 12,000 | 0.185 | 0.190 | 40,000 | 0.185 | 0.185 | 0.185 | 0.185 | -- | -- | SGX | L2PW | GNML_tm.SI |
| GentingSMBLeCW130603 | L0QW | i | -- | SGD | 0.255 |
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0.000 | 0.0 | 35,000 | 82,000 | 0.250 | 0.300 | 15,000 | 0.250 | 0.255 | 0.255 | 0.250 | M |
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赢
大鱼大雨
iPunter's bIg fIsh
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Wednesday: 15 SEPTEMBER 2010 CLOSING
| Stock | Code | i | Rmk | Ccy | Last | $Chng | %Chng | Vol | Buy Vol | Buy | Sell | Sell Vol | Open | Previous | Day Hi | Day Lo | Ind | Sector | Mkt | Off Code | Feed Code | COC BB | COC LD | COC BS | |
| China Hongx | BR9 | i | CD | SGD | 0.220 |
![]() ![]() |
+0.020 | +10.0 | 201,438,000 | 24,172,000 | 0.215 | 0.220 | 12,124,000 | 0.200 | 0.200 | 0.225 | 0.195 | M | -- | SGX | BR9 | CHXS.SI | -- | -- | -- |
| UniFiber | P30 | i | -- | SGD | 0.060 |
![]() ![]() |
+0.010 | +20.0 | 187,373,000 | 93,490,000 | 0.060 | 0.065 | 49,546,000 | 0.050 | 0.050 | 0.065 | 0.050 | C,M | -- | SGX | P30 | UFSL.SI | -- | -- | -- |
| Informatics | I03 | i | -- | SGD | 0.180 |
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+0.015 | +9.1 | 150,715,000 | 2,920,000 | 0.175 | 0.180 | 9,361,000 | 0.165 | 0.165 | 0.185 | 0.165 | C | -- | SGX | I03 | INFO.SI | -- | -- | -- |
| e Genting HK US$ | S21 | i | -- | USD | 0.505 |
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+0.030 | +6.3 | 121,561,000 | 2,887,000 | 0.500 | 0.505 | 5,745,000 | 0.470 | 0.475 | 0.505 | 0.465 | M | -- | SGX | S21 | GENH.SI | -- | -- | -- |
| Genting SP | G13 | i | -- | SGD | 1.970 |
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+0.060 | +3.1 | 68,996,000 | 959,000 | 1.960 | 1.970 | 1,116,000 | 1.920 | 1.910 | 1.970 | 1.920 | M | -- | SGX | G13 | GENS.SI | -- | -- | -- |
| Yangzijiang | BS6 | i | -- | SGD | 1.750 |
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+0.080 | +4.8 | 68,875,000 | 1,224,000 | 1.740 | 1.750 | 1,145,000 | 1.680 | 1.670 | 1.760 | 1.670 | C,M | -- | SGX | BS6 | YAZG.SI | -- | -- | -- |
| CoscoCorp | F83 | i | -- | SGD | 1.690 |
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+0.060 | +3.7 | 48,947,000 | 398,000 | 1.690 | 1.700 | 5,444,000 | 1.630 | 1.630 | 1.700 | 1.630 | C,M |
SGX to quote ADRs of Chinese firms
Ephraim Seow ephraimseow@mediacorp.com.sg SINGAPORE
The Singapore Exchange (SGX) said yesterday it would launch the American Depository Receipts (ADRs) of these companies on Oct 22. ADRs are certificates that represent a specified number of shares in a foreign stock traded on a US exchange.
They are denominated in US dollars, with the underlying security held by a US financial institution overseas.
As a start, SGX will quote ADRs of 19 firms on its new GlobalQuote board. Besides PetroChina — currently the world’s second-largest listed company after Exxon Mobil — the others include Chinese language Internet search giant Baidu and the world’s biggest telco, China Mobile.
SGX said the move marked the start of its cooperation with Nasdaq OMX to bring ADRs to GlobalQuote. It will link market participants from both trading pools, with the ADRs on GlobalQuote fully interchangeable with US-listed ADRs. BNY Mellon is the depository bank for SGX’s GlobalQuote.
If it proves popular, the exchange may extend the platform to the ADRs of South Korean, Taiwanese and Indian firms, SGX executive vice-president Chew Sutat said.
Industry experts welcomed the move, saying the ADRs are a good product with which investors can diversify their portfolios. ADRs could also be a more efficient and cost-effective system since investors here do not have to open a separate trading account and incur additional broking fees, they said.
However, they expect a slow initial subscription rate.
“It may take about half a year for investors to know the way around the trading system and understand the companies they are buying into. The take up rate also depends on the marketing of these firms and the accessibility of research information,” noted Mr Roger Tan, vice-president of Sias Research.
Analysts also warn investors to be aware of the risks related to investing in ADRs.
“Beyond the regular risks of equities trading, there is the added currency risk.
Even if the shares appreciate, the overall value may be decreasing if the US dollar is weakening while the Singapore dollar is strengthening,” said Mr Albert Fong, president of The Society of Remisiers.
Stock Calls
CityDev
$11.76 | Sell
All green
$1.13 | Neutral
UBS downgrades City Developments from Neutral, cuts price target to $10.96;
it also downgrades Allgreen Properties from Buy and cuts target to $1.13 from $1.33.
UBS says investors are underestimating the impact of the Government’s efforts to concurrently increase residential land supply and dampen housing demand. House tips a 30-per-cent fall in transaction volume and a decline of up to 10 per cent in mass market home prices by the end of next year. Cites slowdown in growth of Singapore permanent residents and sharp increase in new supply of HDB flats as risks to values.
Notes number of PRs rose 1.5 per cent from the beginning of this year to June, versus 11.5-per-cent gain for the whole of last year, and a 7.4-per-cent rise annually over 2004 to 2008.
Tue: 14 SEP 2010 CLOSING
RE-SHUFFLING CARDS
IMPRESSIVE gIg
| Stock | Code | i | Rmk | Ccy | Last | $Chng | %Chng | Vol | Buy Vol | Buy | Sell | Sell Vol | Open | Previous | Day Hi | Day Lo | Ind | Sector | Mkt | Off Code | Feed Code | COC BB | COC LD | COC BS | |
| e Genting HK US$ | S21 | i | -- | USD | 0.475 |
![]() ![]() |
-0.035 | -6.9 | 225,463,000 | 1,528,000 | 0.470 | 0.475 | 2,387,000 | 0.510 | 0.510 | 0.510 | 0.465 | M | -- | SGX | S21 | GENH.SI | -- | -- | -- |
| Genting SP | G13 | i | -- | SGD | 1.910 |
![]() ![]() |
-0.080 | -4.0 | 174,502,000 | 170,000 | 1.910 | 1.920 | 1,172,000 | 2.000 | 1.990 | 2.000 | 1.910 | M |
| e Genting HK US$ | S21 | i | -- | USD | 0.510 |
![]() ![]() |
+0.070 | +15.9 | 372,936,000 | 6,469,000 | 0.505 | 0.510 | 3,242,000 | 0.445 | 0.440 | 0.510 | 0.440 | M | -- | SGX | S21 | GENH.SI |
| GENTING BHD | 3182 | i | CD | MYR | 9.570 |
![]() ![]() |
+0.160 | +1.7 | 14,297,600 | 3,000 | 9.550 | 9.570 | 91,200 | 9.410 | 9.410 | 9.570 | 9.250 | -- | -- | KLS | 3182 | GENT.KL |
| GENTING MYS BHD | 4715 | i | CD | MYR | 3.100 |
![]() ![]() |
+0.100 | +3.3 | 6,665,400 | 30,000 | 3.070 | 3.100 | 756,500 | 3.030 | 3.000 | 3.100 | 3.020 | -- | -- | KLS | 4715 | GENM.KL |
| Genting SP | G13 | i | -- | SGD | 1.990 |
![]() ![]() |
+0.160 | +8.7 | 204,110,000 | 1,837,000 | 1.980 | 1.990 | 1,022,000 | 1.860 | 1.830 | 2.000 | 1.840 | M | -- | SGX | G13 | GENS.SI |
| GentingSMBLeCW120402 | J2UW | i | -- | SGD | 0.245 |
![]() ![]() |
+0.025 | +11.4 | 379,000 | 20,000 | 0.235 | 0.250 | 10,000 | 0.220 | 0.220 | 0.245 | 0.220 | M | -- | SGX | J2UW | GNML_td.SI |
| GentingSMBLeCW130103 | L2PW | i | -- | SGD | 0.190 |
![]() ![]() |
+0.030 | +18.8 | 357,000 | 45,000 | 0.185 | 0.240 | 100,000 | 0.170 | 0.160 | 0.190 | 0.170 | -- | -- | SGX | L2PW | GNML_tm.SI |
| GentingSMBLeCW130603 | L0QW | i | -- | SGD | 0.250 |
![]() ![]() |
+0.030 | +13.6 | 244,000 | 12,000 | 0.250 | 0.260 | 15,000 | 0.225 | 0.220 | 0.250 | 0.225 | M |




