October 04, 2012
The three major U.S. stock indexes, which initially got a modest lift
from the positive data, came off their highs by late afternoon trade on
lingering concerns about the global economy. A gloomier outlook in China and
Europe weighed on commodity prices and hit energy and materials shares.
The proportion of bullish U.S.
investment advisors fell below 50 percent for the first time in five weeks,
hitting 46.8 percent in the latest week versus 51 percent the previous week,
according to a survey by Investors Intelligence on Wednesday.
Investors often see bullishness
as a contrarian indicator, meaning that when bullishness is running high, the
market may be due for a pullback. Investors Intelligence said a reading of 55
can often signal a market top.
Singapore
CapitaLand Limited (CapitaLand)
is pleased to announce that it has been accorded the prestigious Golden Circle
Award as well as the Most Transparent Company Award (Real Estate) for the 12th
consecutive year at the Securities Investors Association Singapore (SIAS)
Investors’ Choice Awards 2012. The Golden Circle Award is the highest honour
accorded to the Overall Most Transparent Company across industry sectors.
CapitaLand Group won a total of
five accolades at the event. This includes the Group’s listed entity,
CapitaMall Trust, winning the Singapore Corporate Governance Award (REITs) and
a runner-up position in the Most Transparent Award (REITs & Business Trusts).
Mr Wilson Tan, CEO of CapitaMall Trust Management Limited was among the eight
winners of the inaugural Brendan Wood International – SIAS TopGun CEO
Designation Award.
Mr Liew Mun Leong, President and
CEO of CapitaLand Group, said: “We are honoured to be conferred the Golden
Circle Award, as well as Most Transparent Company Award (Real Estate) in the
SIAS Investors’ Choice Awards for the 12th consecutive year. It is testament of
our efforts in practising good corporate governance principles.”
“At CapitaLand, we believe that
good corporate governance principles are the bedrock of a trusted and respected
organisation, and therefore we have been relentless in our efforts. In
particular, we have found that transparency towards our stakeholders has helped
us to meet our business needs for long-term sustainable growth as well as
protect the interests of our shareholders and enhance shareholder value.
Ensuring good corporate governance is part of the Group’s greater commitment
towards sustainability.”
SIAS Investors’ Choice Awards
2012:
Golden Circle Award (Overall Most
Transparent Company)
CapitaLand Limited
Most Transparent Company Award
(Real Estate)
CapitaLand Limited (winner)
Most Transparent Company Award
(REITs & Business Trusts)
CapitaMall Trust (runner-up)
Singapore Corporate Governance
Award (REITs)
CapitaMall Trust (winner)
Brendan Wood International – SIAS
TopGun CEO Designation Award
Wilson Tan, CEO of CapitaMall
Trust Management Limited
CapitaLand, including its listed
entities CapitaMalls Asia, CapitaMall Trust, CapitaCommercial Trust, Ascott
Residence Trust and CapitaRetail China Trust, is among the listed companies
taking part in the pledge signing on the Statement of Support during the SIAS
Corporate Governance Week. The pledge signing marks the Group’s ongoing
commitment in upholding and advancing good corporate governance standards and
being accountable to its shareholders and the public.
About CapitaLand Limited
CapitaLand is one of Asia’s
largest real estate companies. Headquartered and listed in Singapore, the
multi-local company’s core businesses in real estate, hospitality and real
estate financial services are focused in growth cities in Asia Pacific and
Europe.
The company’s real estate and
hospitality portfolio, which includes homes, offices, shopping malls, serviced
residences and mixed developments, spans more than 110 cities in over 20
countries. CapitaLand also leverages on its significant asset base, real estate
domain knowledge, financial skills and extensive market network to develop real
estate financial products and services in Singapore and the region.
The listed entities of the
CapitaLand Group include Australand, CapitaMalls Asia, CapitaMall Trust,
CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China
Trust, CapitaMalls Malaysia Trust
and Quill Capita Trust.
Thailand
Thai Sugar Terminal Public
Company Limited, together with its subsidiaries provides transfer and transport
services for sugar and agricultural products. The company also involves in the
land trading; and real estate development and construction of buildings for
sale, rental, and hire purchase of residential, office, and commercial units.
In addition, it builds palm oil
refineries; produces and distributes wheat flour; engages in the warehousing
and loading of goods; produces, imports, and exports polypropylene bags,
plastic fibers, plastic resins, and plastics; and provides security services.
The company is based in Samutprakarn, Thailand.
According to the Consolidated –
Audited financial statement for the first quarter of 2012, total net operating
revenues increased with 63.33%, from THB 517,672 thousands to THB 845,531
thousands. Operating result increased from THB 70,485 thousands to THB 117,773
thousands which means 67.09% change.
The results of the period
increased 108.13% reaching THB 79,011 thousands at the end of the period
against THB 37,963 thousands last year.
Return on equity (Net
income/Total equity) went from 4.36% to 7.71%, the Return On Asset (Net income
/ Total Asset) went from 1.90% to 3.20% and the Net Profit Margin (Net
Income/Net Sales) went from 7.33% to 9.34% when compared to the same period of
last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 149.44%
compared to 137.71% of last year. Finally, the Current Ratio (Current
Assets/Current Liabilities) went from 0.99 to 1.02 when compared to the
previous year.
Malaysia
Sime Darby’s share price was
sharply lower at the end of the day yesterday as the diversified conglomerate
lost 33 sen to RM9.41 per share.
The Malaysian multinational was
the second top loser in the morning session with 19.573 million shares traded.
Its share price hovered between
RM9.73 per share and RM9.24 per share.
MIDF Research analyst Nur Nadia
Kamil said the lower share price partly reflected weakening crude palm oil
(CPO) prices.
Investors are adopting a ‘hold’
position while waiting for the CPO to rebound, but the prices continue to
slide,” she told Bernama.
Yesterday, CPO futures contracts
on Bursa Malaysia Derivatives closed lower on selling pressures, while on the
physical market, October South dropped RM160 to RM2,200 a tonne.
Sime Darby is Malaysia’s leading
multinational conglomerate involved in six core sectors, with the plantation
sector being one of the largest revenue generators for the company
Indonesia
Bumi Resources, Indonesia’s
largest coal miner by production volume, said it expects to conclude the sale
of its non-core assets this year as part of its efforts to finance debt
payments.
Dileep Srivastava, a director at
Bumi Resources, said on Tuesday that the sale of its stake in coal mining
company Fajar Bumi Sakti is “moving forward” at a good pace. He added that Bumi
intends to sell the entirety of its 50 percent stake in the company, hopefully
by the end of the year.
Ahmad Reza Wijaya, head of
investor relations at Bumi, said the company is committed to disposing its
secondary assets and raising funds to accelerate its refinancing. The company
and its subsidiaries have a total debt of $4.11 billion with maturity varying
from this year up to 2016.
Dileep defined Bumi Resources’
peripheral assets as those outside its two main coal producers: Kaltim Prima
Coal and Arutmin Indonesia. According to the company’s website, those include
Indocaol Resources, Dharma Henwa and Pendopo Energi Batubara.
Dileep noted that the company
will not sell its 70 percent stake in Bumi Resource Mineral, a miner, as it did
not expect it fetch a good price.
Bumi Plc, the London-based
holding company for Bumi Resources, made an offer last year to buy the firm’s
entire stake in BRM, but the deal did not proceed because the value of BRM
deteriorated.
Bumi Resources held a public
presentation for investors and journalists in Jakarta to explain its stance on
recent incidents, including Bumi Plc initiating a probe into Bumi Resources due
to suspected financial irregularities.
Philippines
The Asian Development Bank has
cited the Philippines as one of the few exceptional cases in terms of economic
expansion, raising its growth outlook for the country from 4.8 to 5.5 percent
for 2012 while it scaled down its forecasts for other developing countries in
the region.
In its latest “Asian Development
Outlook” report, the increase in the growth projection for the Philippines took
into account observations that the country was stronger than earlier
anticipated in terms of withstanding the effects of global economic woes.
“The Philippine economy continues
to show strength despite global and regional economic slowdown,” the ADB said
in the report, which was released on Wednesday.
ADB cited the rise in investments
by local firms, robust household consumption, and increase in government
spending as factors behind the latest growth forecast.
For 2013, however, ADB expects
the country to expand at a slower pace of 5 percent. This was anchored on
expectation that demand from industrialized countries for exports from the
Philippines would be weaker due to prolonged economic challenges confronting
them.
For all developing countries in
Asia, ADB cut its average growth forecast from 6.9 to 6.1 percent for this
year, and from 7.3 to 6.7 percent for 2013.
China and India, which are the
two biggest Asian economies, suffered from cuts in growth projections because
they are believed to be hit more significantly by the crisis in the eurozone
and the anemic performance of the United States.
China is now seen to grow by 7.7
percent for 2012 from an earlier projection of 8.5 percent. Moreover, it is now
estimated to grow by 8.1 percent in 2013 from the previous forecast of 7.7
percent.
India is now expected to grow by
just 5.6 percent this year from an earlier forecast of 7 percent. In addition,
it is now seen to grow by 6.7 percent next year from the previous estimate of
7.5 percent.
“Developing Asia must adapt to a
moderate growth environment, and countries will need to do more to reduce their
reliance on exports, rebalance their sources of growth, and increase their
productivity and efficiency,” Changyong Rhee, chief economist of ADB, said in a
statement.
The United Sates and the eurozone
are key export markets and major sources of foreign direct investments for many
developing Asian economies. This is the reason the crisis in the eurozone and
the lackluster performance of the United States are seen pulling down growth
rates of the Asian countries.
Meanwhile, Neeraj Jain, ADB
country director for the Philippines, said the favorable growth performance of
the country would not mean absence of economic problems.
He said the key challenge for the
Philippines has been to make its economic growth redound to poverty reduction.
Despite its continually growing economy, Jain said, poverty has remained a
serious problem.
“Despite growth, poverty
incidence in the Philippines rose from 2003 to 2009. That is a cause for
concern,” he said. Poverty rate stood at 24.9 percent in 2003 and 26.5 percent
in 2009.
Jain said the country must
implement policies that would attract investments in sectors that could provide
jobs for the masses, especially those without college education.
Yesterday in Asia
Hong Kong, which was
returning after a two-day holiday, rose 0.23 percent, or 47.90 points, to
20,888.28.
Sydney climbed 0.13
percent, or 5.6 points, to 4,438.6 but Tokyo fell 0.45 percent, or 39.18
points, to 8,746.87.
Shanghai and Seoul were closed for public holidays.
Singapore was flat,
losing 2 points to close at 3,077.14.
Wilmar International shed 1.25
percent to Sg$3.16 and Keppel Land fell 0.85 percent to Sg$3.52.
Taipei fell 0.44 percent,
or 34.05 points, to 7,684.63.
Hon Hai Precision dropped 0.33
percent to Tw$91.4 while TSMC was 0.22 percent higher at Tw$89.8.
Manila was 0.50 percent
higher, adding 26.84 points to 5,375.52.
SM Investments gained 2.70
percent to 760 pesos while Ayala Land rose 0.85 percent to 23.60 pesos but
Alliance Global Group fell 0.13 percent to 14.94 pesos.
Wellington finished 0.47
percent, or 18.35 points, higher at 3,889.60.
Fletcher Building added 2.5
percent to NZ$7.34 and Nuplex surged 5.5 percent to NZ$3.09, while Air New
Zealand was up 0.4 percent at NZ$1.22.
Jakarta eased 0.13 percent,
or 5.33 points, to 4,251.51.
Palm oil company London Sumatra
fell 6.2 percent to 2,275 rupiah, while its rival Sampoerna Agro lost 7.1
percent to 2,600 rupiah. Bucking the trend was cement maker Gresik, which was
up 3.2 percent at 14,650 rupiah.
Kuala Lumpur closed flat,
nudging down 1.28 points to 1,649.75.
Sime Darby shed 3.4 percent to
9.41 ringgit, while AirAsia fell 1.6 percent to 3.02. Tenaga Nasional gained
1.5 percent to 6.95 ringgit.
Bangkok gained 0.14 percent,
or 1.89 points, to 1,307.55.
Power firm Electricity Generating
PCL gained 1.55 percent to 131 baht, while oil company PTT lost 0.61 percent to
325 baht.
Mumbai rose 0.24 percent,
or 45.78 points, to 18,869.69.
Hindustan Unilever rose 2.37 percent
to 555.5 rupees while Tata Global Beverages added 6.57 percent to 154.9 rupees.
India’s cash-strapped Kingfisher
Airlines fell 4.89 percent to 14.16 rupees.
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