四月份的投资，目前处于亏损！！
现在我买的股票都不是跟着大市跑，glomac 是属于建筑和房屋，从去年开始政府就开始打房再加上今年inflation高，建筑成本提高，今年可能银行还可能会升息！为什么会买呢？glomac是属于不大不小型的股，P/E偏低，高利息，成长股票！
Sunreit更加不用讲啦，去年股票跌到很低了，每个人不要，我一见到机会马上就进去扫了货，谁知道跌到52week新低1.22，马上就再进场，就为了那股息啊。
Westport呢？就是看好出口会增加，股息应该还不错，属于长期投资的。
我觉得买股票还是不要跟着大市跑，除非你很有时间一直跟着股价跑。这是我自己的看法啦！！股票我觉得怎样都要买长期的。
像Reseacher之前讲产业股不被看好，现在又看好。原因是因为GST来之前会很多人买屋子！！但是别忘了还有升息的问题，利息升了，很多人就会没这么快买屋子。
最近又想要投资新的股票！！
MAHSING~~马星集团
最近超爱房地产~低P/E，高股息~
馬星集團（MAHSING，8583，主板產業組）
董事經理兼首席執行員丹斯里梁海金
房產供不應求
產業前景仍然亮麗可期，特別是購買產業自住，或作為長期投資者，皆是馬星集團鎖定的購屋者。
2003年以來，屋子的供需仍有很大落差，2013年的供應只成長0.8%，這是導致屋價上漲或房屋被搶購之一大原因。
產業市場仍擁有強勁基本面，幾年來皆不變，年輕而欲組織家庭與中等收入群，人們對屋子求多於供。
儘管政府實施連串打房措施，如產業盈利稅（RPGT）、發展商承擔利息計劃（DIBS）、規定外國人只可買100萬令吉以上產業，然而，地點絕佳、擁抱自然、有良好設施的產業，仍會繼續受歡迎。
我們相信需求將繼續保持強勁，因此便鎖定上述兩者為目標與潛在購屋者。截至2013年首3季，已獲22億5千萬令吉產業銷售，全年30億令吉目標可期。
除此，有41億8千500萬令吉未進賬銷售，為上財政年產業發展進賬營業額的2.7倍，未來強勁盈利可期。負債比只有0.21倍，比內部指標的0.5倍低，手握7億8千800萬令吉現款，可購更多地段。
馬星最近2年購買地段無數，所購地段皆用於發展城鎮計劃與可負擔中價屋，包括在萬撓的480英畝興建40萬令吉以上房屋，萬宜的Southville@KL South首期建31萬8千令吉起的可負擔公寓，最近也在Bandar Meridin East購1千352英畝地建排屋。
作為2012年銷售值第二的上市發展商，2013年每季銷售增長賦予信心，馬星設定2014年銷售按年增長20%至36億令吉。預計面積1千平方英尺以內房屋受落，迎合年輕家庭所需。
MAYBANK NEWS
Mah Sing: Eyes bigger affordable housing stake. Mah Sing Group Bhd’s landbanking strategy of locking in large tracts of township land is sharpening the developer’s competitive edge to carve a bigger market share in the affordable housing sector. The company has a remaining landbank of 2,818 acres worth a gross development value (GDV) of MYR26.8b. It is targeting to improve sales by 20% from the 2013 level of MY3b. Key projects by Mah Sing this year included The Meridin@Medini in Iskandar Malaysia, Johor, an 8.19-acre integrated development comprising the Meridin Linx SoVo, Meridin Exchange Corporate Towers, Meridin Walk Lifestyle Retail and Office Tower and a Wellness Residential Enclave, with a total GDV of MYR1.1b. (Source: The Star)
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property sector股票的新闻
“Real Estate - Ready For a Rebound”
We upgrade the Malaysia property sector to OVERWEIGHT. This is underpinned by: i) undemanding sector valuations, ii) catalysts from upcoming infrastructure projects, iii) a stronger 2014 GDP growth outlook, and iv) a negative real interest rate environment. We also recommend switching to larger-cap property stocks from the small-cap ones. Our Top Picks are IJM Land and Sunway.
- Negatives priced in. We upgrade the sector to OVERWEIGHT from Neutral. We believe that five months after the 2014 Budget was announced, the sector’s valuations have largely priced in the negative impact of the Government’s cooling measures. It is now trading at a 33% discount to RNAV, slightly higher than the pre-election level, and much lower than the recent peak of 13%.
- Switching to larger caps. Since Jan 2013, the share prices of the small-cap property stocks within the Kuala Lumpur Property Index (KLPRP) have appreciated by 59% vs the larger caps’ 26%. As small caps have rallied sharply over the past one year, we advise that investors take up positions in the larger-cap property stocks, as these developers are typically those with much stronger balance sheets, better landbank portfolios, stronger brand names, solid management and execution track records. They are now trading at attractive valuations .
- Infrastructure projects to drive growth. The high-speed rail (HSR),MRT Lines 2 & 3, and Kwasa Damansara projects will be the additional re-rating catalysts for the sector, especially within the Klang Valley. Penang’s growth will still be primarily driven by the flow of investments into Batu Kawan. As for Iskandar Malaysia, although demand in the physical market will take longer to recover, there is market speculation that a new casino may be built in Johor. If this materialises, it could give rise to spillover effects on that region’s property sector.
- Stronger GDP growth supportive of demand recovery. Our expectation of a demand recovery in 2H14 is also driven by a stronger 2014 GDP growth outlook and the implementation of the goods and services tax (GST) in April 2015. We expect demand to surge prior to GST implementation while our in-house estimate of a stronger GDP growth of 5.4% this year (2013: 4.7%) is favourable to the sector.
- OVERWEIGHT. Our Top Picks are IJM Land and Sunway. We still like Tambun Indah and Matrix Concepts for their thematic angle.
Ready For a Rebound
Where we’re at We upgrade the property sector to OVERWEIGHT from Neutral. Five months after the 2014 Budget announcement, we believe the sector’s valuation have largely priced in the negative impact of the cooling measures and is currently trading at a 33% discount to RNAV. This is slightly higher than the pre-13th General Election level (ie prior to early May 2013) and is much lower compared with the recent peak of 13% as at end-May 2013 to early June 2013, ie a month after the election was held.
Property still a hedge against inflation
Property is always seen as a preferred asset class to hedge against inflation and store value. Another reason we think demand will return is because we expect inflation to inch up going forward, more so after the GST is implemented. Already, Malaysia is in a negative real interest rate environment. Following the Government’s subsidy rationalisation, February headline inflation rate stood at +3.5% y-o-y from January’s +3.4%, Dec 2013’s +3.2% and Nov 2013’s +2.9%, compared with 2.97% for a 3-month fixed deposit rate. The accelerating inflationary pressure found its roots in a fuel price hike in Sept 2013, which continued to spill over into higher prices of other products and services. We expect the situation to worsen due to a power tariff hike that came into effect on 1 Jan 2014. Overall, we expect inflation to trend up to an average rate of 3.0-3.4% in 2014 from +2.1% in 2013, and to 3.5-4.0% in 2015, the highest since 2008.
The negative real interest rate environment is likely to persist. Although the gap will narrow, as we expect Bank Negara Malaysia (BNM) to only raise interest rate by 25bps in late 3Q14 to 3.25%, cash-rich individuals, corporations and institutions will still find real estate more appealing for capital preservation. On the other hand, although higher interest rates are generally not favourable to the property sector, we believe a gradual hike by a small quantum, ie 25 bps, will be manageable, as the current average lending rate (ALR) still stands at around 4.5-4.6% vs 4.7-4.9% over the last two years. The current mortgage rate is about 4.2-4.3%.
A push from infrastructure catalysts
Infrastructure developments are typically a boost to the property sector. This year, we expect three key projects to be announced, namely: i) the HSR link, ii) MRT Lines 2 & 3, and iii) Kwasa Damansara development.
The objective of HSR link is to enhance the connectivity between Kuala Lumpur and Singapore by cutting travel time between the two cities to just 90 minutes vs the 2-3 hours currently. Feasibility studies of the HSR are currently underway, and both the Malaysian and Singaporean Governments are currently reviewing new landing points to optimise the connectivity to other transportation networks. According to Land Public Transport Commission (SPAD) CEO Mohd Nur Ismail Mohamed Kamal, the project is now at its pre-tender Phase 2, which includes a finalisation of engagement with Singapore as well as a finalisation of project structure that will be the main input to the tender process. We believe once the alignments and locations of the stations are confirmed, developers will be busy taking position in their landbanking strategies. We see the same impact when MRT Lines 2 & 3 are announced. We believe the spillover from both the HSR and MRT projects to the property market will be the greatest in the Klang Valley, while sentiment in the Iskandar Malaysia market will also likely recover. We expect the news flow from both projects to stream in from mid-2014.
The much anticipated 2,330-acre Kwasa Damansara development in Sungai Buloh, Selangor, is making some progress. The latest announcement is of the 20 pre qualifiers for the development of a 64-acre tract of land called Project MX-1. The first phase comprises a mixed development parcel that will be integrated with the MRT station that fronts the main road. Based on our checks with industry players, the potential GDV of the 64-acre land, with a plot ratio of 3.5x, must not be less than MYR7bn, and must be fully completed within 12 years. Apart from Kwasa Land SB holding a 30% stake in the joint venture (JV), developers must also include some profit guarantee terms in their proposals. These 20 prospective developers are required to submit their qualitative and quantitative plans by 27 May, according to a media report. While taking part in this mega development will be exciting, given the terms and conditions, we believe developers will also need to balance the risk-reward factors so that their balance sheets will not be weighed down.
Meanwhile, we remain positive on the outlook for Penang mainland market, given the development activities in Batu Kawan, which has seen a few industrial players operating or setting up their plants. With the entrance of IKEA, we expect this area and Seberang Perai Selatan to experience a similar trend to what we saw in Taman Tun Dr Ismail/One Utama/Mutiara Damansara in the Klang Valley when the first IKEA/Ikano outlet opened in 2003.
Proper development plans are already in place. Education institutions, including GEMS International School in Pearl City, KDU and University of Hull campuses, as well as a premier shopping outlet by PE Land and CB Richard Ellis will be built over the next 3-4 years. In the coming months, the Penang Development Corp is expected to award the tender for a golf course and a theme park, with Eco World speculated to be the winner. Currently, Tambun Indah (TILB MK, BUY, FV: MYR2.20), a pure Penang mainland play, is already enjoying strong property sales.
While the Iskandar Malaysia market will still be rather challenging over the short term, on ongoing concerns over oversupply as well as its high exposure to foreigners, we believe the HSR project will help regain market confidence. In addition, the media reported earlier on a casino that may be built in Johor. If this is proven to be true, the development could have some spillover effects on the property sector, apart from stimulating the tourism industry in the region.
Valuations
We upgrade the Malaysia property sector to OVERWEIGHT (from Neutral). Our upgrade is underpinned by: i) a stronger GDP growth outlook for 2014, ii) catalysts from infrastructure developments such as the MRT, HSR and Kwasa Damansara projects, and iii) undemanding valuations as the negative impact of the cooling measures have been priced in. The negative interest rate environment will also make properties one of the preferred asset classes for capital preservation. We recommend that investors switch to larger-cap property stocks, as they are a better proxy to the property sector, especially with market demand expected to recover. We remain selective on the smaller caps and still like the affordable housing players such as Tambun Indah and Matrix Concepts (MCH MK, BUY, FV: MYR5.00) for their thematic angle. Among the larger caps, we prefer IJM Land (IJMLD MK, BUY, FV: MYR3.70) and Sunway. We also urge investors to watch out for UEMS and E&O. The formerwill be one of the prime beneficiaries when the HSR or casino projects are announced, while the latter is expected to obtain approval for its Seri Tanjung Pinang 2 project in mid-2014. We also view E&O as a potential takeover target.
