InsiderAsia’s model portfolio - 468

Asian stocks traded broadly higher last week, buoyed by the sustained rally in US markets. US stocks continued with their steady climb since the start of the new year, gaining slowly but surely. The Dow Jones Industrial Average closed at its highest level since mid-2008 last Thursday (at the end of the Asian trading week) and is now just about 10% off its all-time high.

So far this year, global equities have certainly performed far better than most had initially expected. Investors started off with great caution and higher than average holdings in cash. But it appears they are slowly being lured back into the fray.

Thus far, improvement to the underlying US economy has been the strongest confidence booster. Even though growth is still tepid by most measures, there is growing evidence that the economy is gaining traction over the past few months.

One of the key drivers was the slow but steady strengthening in the job market. The US economy added 243,000 jobs in January, the most since mid-2010, while unemployment dipped to a three-year low of 8.3%. Improved employment prospects are expected to underpin consumer spending, the primary growth driver for the world’s largest economy.

Equally important, US corporate earnings are still growing, which in turn are driving stock prices higher while keeping valuations modest. Company balance sheets are strong, many are flush with cash, and operations lean following rounds of cost saving exercises implemented since the recession.

The improving outlook for the US has so far outweighed lingering concerns in Europe. Indeed, it appears that some investors may have been persuaded that even the worst-case scenario of a Greece exit from the eurozone will not be as disastrous as initially feared, and that measures such as the fiscal compact, establishment of the permanent rescue fund ahead of schedule and unlimited, long-term European Central Bank refinancing operations for banks may have built a sufficient firewall around the crisis.



In short, even though it may still be too early to say that market turbulence is a thing of the past, investor confidence has undoubtedly gained ground over the last few weeks. A steadier global market will be positive for the local bourse, and in particular, higher risks but more attractively valued medium and smaller capitalised stocks.

Interest in lower liner stocks too has been quite robust of late. Trading volume on the local bourse surged to a record 4.39 billion shares last Wednesday, with the bulk of the activities focused on penny stocks.

Among the most actively traded was Naim Indah Corp Bhd. In view of the sharp rise in price and volume for the stock, Bursa Malaysia issued a cautionary note to investors last Thursday. Following this, the company requested a one-day suspension in trading pending a material announcement.

The benchmark index added almost 23 points to finish at 1,561.7 last Friday. Market sentiment appears likely to stay firm in the near term. While smaller cap stocks are attracting renewed interest, gains for big cap blue chips may lag on the back of relatively rich valuations. Indeed, unless earnings results for 4QFY11, to be released over the next two weeks, register significant surprises on the upside, the FBM KLCI may continue to lag the regional turnaround.

Portfolio review
Note that this review is for a four-week period from Jan 16.

Stocks in our model portfolio outperformed the benchmark index over the past month. Total market value for our basket of 20 stocks was up by 3.84% to RM439,850, compared with the KLCI’s 2.53% gain.

Fourteen stocks in our portfolio closed higher while five ended in the red and one traded unchanged. Some of our notable gainers include Pantech Group Holdings Bhd (17.3%), Al-Hadharah Boustead REIT (BSDREIT) (9.9%), MyEG Services Bhd (6.3%) and DiGi.Com Bhd (5.9%). At the other end, Al-Aqar Healthcare REIT (-2.5%), Bumi Armada Bhd (-1.7%) and Bonia Corp Bhd (-4.8%) were among the bigger losers for the period under review.

Pantech shares did well after the company reported stronger earnings in its latest 3QFY12 ending February results. We expect earnings will continue to improve, underpinned by higher spending in the oil and gas sector. Pantech’s valuations remain attractive relative to both the industry and broader market.

Prices for BSDREIT also surged. We attribute this to the sharp rise in the real estate investment trust’s net assets following a revaluation of its properties. Net assets per unit rose to RM1.81 as at end-2011, up from RM1.43 at end-September.

Including our cash holdings, for which no interest income is imputed, our total portfolio value was up by a lower 2.38% to RM698,535. Our total profit is very substantial at RM538,535, of which RM400,948 has already been realised from previous shares sales.

Last week’s gain lifted our model portfolio’s cumulative returns since inception to 336.6% on our initial capital of just RM160,000. We continue to outperform the KLCI, which was up by about 141.4% over the same period, by some distance.

We acquired an additional 5,000 shares in Benalec Sdn Bhd, 10,000 shares in United Malayan Land Bhd (UM Land) and 3,000 shares in Alliance Financial Group Bhd (AFG) for a combined RM34,140. UM Land shares are currently trading at just about 0.5 times net assets of RM3 per share and could be up for a re-rating while AFG is trading at a reasonable price-to-net assets ratio, of 1.7 times, relative to the banking sector.

Our cash holdings were pared to RM224,545, following the acquisitions but continue to account for 32% of our total portfolio value. The relatively high percentage is, primarily, for prudence’s sake.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, February 13, 2012.



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InsiderAsia’s Model Portfolio - 460

Sentiment for global equities remained ambivalent last week. Investors continue to trade cautiously on the back of persistent uncertainties over the eurozone sovereign debt crisis. But confidence was bolstered somewhat by stronger than expected US economic data.

Even as we approach the end of the year, the market outlook going into 2012 remains clouded. Trading activities may also start to wind down towards the year-end. Thinner trading volume could exacerbate price movements. As such, we expect investors to stay on the defensive pending greater clarity and unlikely to take up any major fresh positions in the coming days.

A big part of the uncertain outlook has to do with the eurozone debt crisis. In the past few weeks, confidence in the market has been shored up by stronger than expected US economic data. Following the mid-year slowdown, the world’s largest economy appeared to have regained some positive momentum.

For instance, the last labour market report painted a better than expected picture with some 120,000 new jobs created in November while the figures for September and October also saw upward revisions. The unemployment rate fell to 8.6%, the lowest level since the onset of the global financial crisis. Last week, claims for unemployment benefits fell to a 3½-year low. Manufacturing activities are gaining some traction while retails sales for the holiday season are looking fairly upbeat.

European growth will slow in 2012, possible even dipping into recession. Aside from the ongoing financial turmoil and credit crunch, broadening of austerity measures will damp economic growth. The big question is whether the US economy can continue to strengthen if the crisis in Europe takes a turn for the worse.

Talks of a breakup of the eurozone are now cropping up more regularly in mainstream discussions. This could be the worst-case scenario and it may result in chaos in the financial world.


The most recent summit among European leaders, again, failed to present the world with any comprehensive solution. Most of the countries have agreed to a new fiscal compact, designed to address flaws for the single currency’s current framework. But details are still lacking. German Chancellor Merkel has cautioned that there will be no quick fix for the crisis, which will take years to mend. In the meantime, Italy remains very much in the eye of the storm.

Asian stock markets did finish the week on a broadly positive footing last Friday, recouping some lost ground from the preceding few days. However, relevant bellwether indices for key markets still ended the week in the red.

On the local bourse, the benchmark FBM KLCI bucked the region’s downtrend. The benchmark index ended six points higher, at 1,466.2, for the week. However, much of the gains come from select index-heavyweights that were relatively thinly traded. Performance for the broader market was decidedly more ambivalent.

Trading volume fell back slightly with less than 1.66 billion shares traded daily, on average, compared with the daily average of almost 1.92 billion shares traded in the previous week. Trading interest remains focused on lower liner stocks.

Portfolio review
Stocks in our model portfolio underperformed the benchmark index last week. Total market value for our basket of 18 stocks was up by 0.03% to RM390,420, compared with the KLCI’s 0.42% gain.

Ten stocks in our portfolio closed with gains while five ended lower and three others traded unchanged. Bumi Armada (+3.8%), CIMB (+1.6%) and MyEG Services (+2.2%) were some of the notable gainers last week. At the other end, Benalec (-3%), DiGi (-1.9%) and BSDREIT (-1.3%) were among the big losers for the week.

Including our cash holdings, for which no interest income is imputed, our total portfolio value was up by a lesser 0.02% to RM666,085. Our total profits are very substantial at RM506,085, of which RM400,948 has already been realised from previous shares sales.

Last week’s gains lifted our model portfolio’s cumulative returns since inception to 316.3% on our initial capital of just RM160,000. We continue to outperform the KLCI, which was up by about 126.7% over the same period, by some distance.

Our cash holdings remain substantial at RM275,665, accounting for 41% of our total portfolio value. The relatively high percentage is, primarily, for prudence’s sake. We remain very cautious given the uncertain outlook. We kept our portfolio unchanged.

Note that this will be our last Portfolio review for this year. InsiderAsia wishes readers Merry Christmas and Happy New Year.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, December 19, 2011.



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MyEG: Tricubes not a ‘significant competitor’

KUALA LUMPUR: MyEG Services Bhd does not see Tricubes Bhd as a “significant competitor”.

Tricubes recently secured a contract from the Royal Malaysian Police for the collection of and enquiries about traffic summonses.

“[Tricubes] primarily focus on click-and-pay services, which we are moving away from. The value-add for click-and-pay services is too low,” said Wong Thean Soon, MyEG managing director, after the company’s AGM yesterday.

Wong said MyEG, which provides e-service for several government departments, is shifting its focus to develop more complex services that have higher value creation, for which the company can charge a higher fee.

“Any service that involves a security document can be considered high value added,” said Wong, citing passports, MyKads, licences and permits as examples.

He noted that click-and-pay services might have very high transaction volumes but the fee is “very low”. In fact, click-and-pay services only contribute about 10% to MyEG’s profit.

To climb the value chain, MyEG is going to launch the second phase of its vehicle ownership transfer service next month. The service will allow the electronic transfer of ownership to eventual buyers, which is currently only available via Road Transport Department (RTD) counters.

Wong explained that the service is more complex than traditional click-and-pay services. It involves the transfer of road tax and registration on the RTD’s database.

Wong declined to give an earnings forecast for the new service, but he said the size of the market is roughly RM50 million a year and earnings would depend on how much of it MyEG can capture.

MyEG will charge users a RM25 convenience fee. Industry statistics indicate that there are one million car ownership transfers and one million motorcycle ownership transfers a year.

“RTD-related services contribute roughly 60% of MyEG’s revenue,” said Wong, who explained that MyEG has been providing services to the RTD for over 10 years and its products are well established. The first phase of the vehicle ownership transfer e-Government service, which MyEG is currently providing, only allows for the temporary transfer of ownership and liability to used car dealers.

Wong said the company is in talks with government departments to secure more projects. He said the company does not want to limit its services to only a few government departments.

“We aim to provide our services to all of them.”

He disclosed that there are several projects in the pipeline but declined to reveal the details.

“It is the prerogative of the government to announce the services as and when they are ready because they are the owners of the service,” he said.

“We aim to release one or two major services each year and we have several already in the pipeline. It takes about two to three years from conceptualising a service, to research and development, to actualising it.”

MyEG started its FY12 with a big jump in earnings. The company’s net profit surged 92% to RM5.4 million or 0.9 sen per share for 1QFY12 ended Sept 30 from RM2.8 million or 0.5 sen per share in the same period last year. Revenue grew 18% to RM14.2 million from RM12 million previously.

MyEG closed unchanged at 67 sen yesterday with 141,300 shares traded.


This article appeared in The Edge Financial Daily, December 16, 2011.



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Vehicle ownership transfer via MyEG

Malaysia's e-government services provider MY E.G. Services MyEG) Bhd, will launch a new service next month to facilitate the online transfer of vehicle ownership via its website.

The service will be under the purview of the Road Transport Department (RTD). MyEG's executive chairman Datuk Dr Norraesah Mohamad said: "The new service empowers vehicle owners to be proactive in ensuring the full completion of the ownership transfer process, for a convenience fee of RM25."

The service consists of two phases, the "E-Tukar Hakmilik Sementara", where the ownership is transferred to used car dealers, and "E-Tukar Hakmilik Sukarela", to the eventual buyer.

"In the E-Tukar Hakmilik Sementara phase, all liabilities will fall on the dealers.

"The objective is to protect sellers and thereby absolve them from any matters pertaining to the car during the "transitional phase" before being sold to the next owner," she told a press conference after the company's Annual General Meeting in Kuala Lumpur today.

MyEG will also provide training for used car dealers and finance companies, as most car ownership transfers usually go through either one party, and the process will also be more efficient while lowering the cost.

Meanwhile, on revenue, Norraesah said that currently the highest contribution was from the RTD, at about 60 per cent. She also said MyEG would be embarking on a tax service project, whereby a RM40 million capital expenditure had been allocated to buy equipment to implement it, along with 100 new kiosks. -- Bernama



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InsiderAsia’s model portfolio - 458

Global stocks rallied last week on a wave of optimism, driven primarily by the coordinated action taken by major central banks to tackle the emerging credit crunch and better-than-expected economic data from the US.

It remains to be seen, however, if the uptrend will last. By the end of the week, investors were pulling back a little pending November’s employment data from the US Labour Department, which was released after the close of Asian market trading hours.

The mid-week move by the US Federal Reserve, together with the central banks of Japan, England, Switzerland, Canada and the European Central Bank (ECB), to lower the interest cost on emergency US dollar loans tempered fears of a wider fallout from the emerging credit crunch, especially among European banks. With the sovereign debt crisis continuing to drag on, traditional sources of US dollar funding are beginning to dry up as investors shifted to safer assets.

The provision of liquidity, however, is not a solution to the crisis, which has, until today, remained elusive. European leaders remain at odds on the next step forward. Of late, Germany and France have been pushing for deeper fiscal integration among members of the single currency, including central oversight of national budgets, tougher enforcement and harsh automatic sanctions if rules are breached.

Obtaining approval for such a move from all member countries is unlikely to be an easy task. If successful though, the ECB has hinted that it could expand its bond-buying role, which is increasingly being advocated as the solution to bring stability back to the markets. So far, its limited buying programme has not stopped yields for troubled countries such as Italy and Spain from rising to record levels. Rising investor nervousness was evident when even a German bond auction received tepid response.


Until a comprehensive solution is found, financial markets will continue to be driven by headline news out of Europe.

Positively, the US economy appears to have picked up some momentum after a disappointing 1H11. 3Q11 GDP growth was stronger at 2%, compared with 0.4% and 1.3% in 1Q11 and 2Q11 respectively. Retail sales got off to a robust start for the year-end holiday shopping season while the job market is also showing some signs of improvement. Even the moribund housing market is showing signs of bottoming out, though there are still downside risks to prices as a result of foreclosures. With Europe expected to go into mild recession next year, growth in the US will be vital to keep the global economy afloat.

Underpinning global economic concerns, China lowered the reserve requirement for banks last week, for the first time since the financial crisis. Prior to this, the country has been raising both the reserve requirement and interest rate to tamp rising inflation. The most recent November manufacturing data showed activities contracting in the world’s second-largest economy.

Portfolio review
Note that this review is for a two-week period. Stocks in our model portfolio outperformed the benchmark index over the past two-week period. Total market value for our basket of 17 stocks was up by 2.79% to RM388,085, compared with the FBM KLCI’s 2.38% gain.

Ten stocks in our portfolio closed with gains while six ended lower and one other traded unchanged. Some of the notable gainers include DiGi (+6.7%), Masteel (+6.6%), MyEG Services (+6.4%), CIMB (+4.8%) and Maybank (+4.7%). At the other end, Pantech (-2.1%) and Al-Aqar KPJ REIT (-3.4%) were among the notable losers.

We added dividends from Pantech (one sen per share) and Maybank (32 sen per share) to our cash holdings. Also, note that DiGi has completed its one-to-10 share split exercise. As such, we now own 20,000 shares in the mobile operator. Our average cost is effectively zero after adjusting for previous dividend payments.

Including our cash holdings, for which no interest income is imputed, our total portfolio value was up by a lesser 1.6% to RM670,338. Last week’s gains boosted our model portfolio’s cumulative returns since inception to 319% on our initial capital of just RM160,000. We continue to outperform the FBM KLCI, which was up by about 130.2% over the same period, by some distance.

Our cash holdings remain substantial, accounting for 42% of our total portfolio value. The relatively high percentage is primarily for prudence’s sake. Despite the recent rebound, we remain cautious on the market outlook.

Our total profits are very substantial at RM510,338, of which RM399,793 has already been realised from previous shares’ sales.

We kept our portfolio unchanged.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, December 5, 2011.




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CIMB Research has technical buy on My EG Services

KUALA LUMPUR (Dec 5): CIMB Equities Research has a technical buy on My EG Services at 66.5 sen at which it is trading at a price-to-book value of 3.8 times.

It said on Monday that My EG Services has been trading sideways for the past few weeks but we think it is ripe for a stronger rebound.

“If the candles can continue to hold above the 30-day and 50-day SMAs, there is a good chance that prices may re-rate towards 70.5 sen and 73 sen,” it said.

CIMB Research said the improving technical landscape further reinforces our positive stance on the stock. MACD signal line has staged a positive crossover while RSI has also hooked upward.

“Aggressive traders may start to nibble now. Always put a stop at below 62.5 sen 60 sen,” it said.



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MyEG 1Q net profit up 92%

KUALA LUMPUR: E-government services provider My EG Services Bhd’s 1QFY12 ended Sept 20 net profit rose 91.9% to RM5.4 million from RM2.8 million a year ago, on higher revenue driven by growth from the online renewal of auto insurance, road tax transactions and its related services.

MyEG’s revenue grew 18.2% to RM14.2 million from RM12 million previously, it said in an announcement yesterday.

Group revenue was also boosted by the deployment of more e-service kiosks and the introduction of new cloud computing-based services.

“The quarter under review saw the group incurring higher depreciation in tandem with the additional e-service kiosks,” it said.

MyEG increased the number of kiosks to 495 as at end-June, compared with 345 in the previous financial year.

The e-services provider also attributed the improved earnings to trimming of marketing expenses in 1QFY12. In the previous financial year, MyEG had incurred one-off costs for advertising and promotion for World Cup 2012.

“With the increased number of e-service touchpoints and greater operations efficiency from cloud computing, we anticipate growing adoption of our existing and upcoming e-government services,” said executive chairman Datuk Dr Norraesah Mohamad.

MyEG rose half a sen to close at 61 sen yesterday with 369,700 shares done.


This article appeared in The Edge Financial Daily, December 1, 2011.



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Mawer Investment Mgmt buys 5.39% stake in My EG

KUALA LUMPUR (Dec 1): Mawer Investment Management Ltd has emerged as a substantial shareholder in MY E.G. SERVICES BHD [] with 32.34 million shares or 5.39% stake.

A filing with Bursa Malaysia showed the Canadian registered company acquired the shares up to Nov 18.

According to its website, Mawer is a privately owned, independent investment counsellor. It manages more than C$9.2 billion in assets for a broad range of individual and institutional investors across all major asset classes.



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Goldman Sachs unloading MyEG shares

KUALA LUMPUR: Goldman Sachs has been selling down its stake in MyEG Services Bhd since mid-September, selling over 11 million shares. Prior to the selldown, Goldman Sachs had been acquiring shares in the country’s dominant government-to-consumer e-services provider for the better part of the year.

The US investment bank built up its stake to 47.204 million shares or 7.86% in September, before aggressively paring it down since Sept 20, when it sold 163,400 shares. A number of sales followed later that month and throughout October.

The latest disclosures show it sold six million shares on Oct 27 and 456,100 on Oct 31, paring its stake down to 36.14 million shares or 6.02%, as at end-October.

That suggests Goldman Sachs had sold 11.06 million shares in a period of just over a month.


It isn’t clear who acquired the shares, and the selldown has not depressed MyEG’s share price.

The stock has traded within a tight range of 59 sen and 65.5 sen in the past month. It ended 0.5 sen higher at 62.5 sen on heavy volume of 6.13 million shares yesterday.


This article appeared in The Edge Financial Daily, November 4, 2011.

InsiderAsia’s model portfolio - 452

Trading in global stocks remained volatile last week as investor sentiment swung back and forth from upbeat to concerns on developments in the eurozone, which continued to hog the spotlight.

Spillover positive momentum sent stocks to a strong start at the beginning of last week.

Investor confidence was boosted by the sense of urgency shown by European leaders leading to expectations that a comprehensive solution would be unveiled by yesterday’s summit.

The market was abuzz with speculation on the various measures that would be introduced. An unconfirmed news report suggested that the firepower for the bailout fund, the European Financial Stability Facility (EFSF), would be raised to as high as €2 trillion (RM8.7 trillion) — high enough to stem contagion to the larger, troubled economies of Italy and Spain.

Concerns, however, resurfaced mid-week after Germany tempered expectations for a quick fix. Additionally, confidence was taken down a notch after rating agency Moody’s cut Spain’s and several of the country’s banks credit ratings. It also placed France’s triple-A rating on a negative outlook on concerns that rising bailout costs will hurt the country’s fiscal position.

Calls for a bigger haircut for Greek debts, too, are causing some backlash from the private sector. Under a voluntary agreement, first mooted back in July, bond holders have accepted a 21% haircut via a debt swap exercise. But European officials are now looking at a much larger haircut, of at least 50%, if Greece’s debts are to be reduced to a sustainable level.

The banks are also unhappy with the industry-wide recapitalisation plan currently on the discussion table.

The timeline for the comprehensive package shifted slightly by the week’s end as it became clear that deep divisions remained between Germany and France on the best course forward.

A second summit is now scheduled for Wednesday, at the latest, giving officials several more days to hammer out an agreement.

On the other side of the Atlantic, the latest batch of economic data showed that the world’s largest economy is still growing, albeit at an anaemic pace. Nevertheless, investors cheered that the numbers were not as bad as expected and as a whole did not point to an imminent recession. US corporate earnings for 3Q11 so far have been a mixed bag. Companies are by and large cautious on the outlook but not pessimistic.

China’s most recent data showed further cooling in the country’s economy. GDP for 3Q11 dropped to 9.1%, down from 9.5% in 2Q11 and 9.7% in 1Q11 on government tightening measures and the slowdown in global demand.

Despite some misgivings, most market observers believe that the government will successfully engineer a soft landing for the economy.

As a whole, sentiment for risky assets held up comparatively well last week even though bellwether indices in key Asian markets ended mostly in the red. Investors are keeping faith that a solution for the eurozone crisis will be found and that the world will avoid a double dip recession, at least for now.

We expect trading in the current week to continue to be directed by events in Europe, with all eyes on the outcome of the second summit.

The FBM KLCI swung between gains and losses throughout the week, reflecting uncertainties in the global financial market. The benchmark index eventually closed at 1,438.8 points last Friday on a small 3.6-point loss for the week. Last week’s losses broke the index’s three-week winning streak.

Trading volume improved. The daily trading volume on the local bourse rose to nearly 1.48 billion shares on average, up from the daily average of about 1.06 billion shares in the immediate preceding week.

Trading value was, however, lower as much of the trading interest was focused on lower liners — a shift from the bigger cap blue-chip stocks that we have seen previously.


Portfolio review
Stocks in our model portfolio underperformed the benchmark index last week. Total market value for our basket of 17 stocks was down 0.51% to RM368,520, compared with the FBM KLCI’s smaller 0.25% loss.

Seven stocks in our portfolio closed with gains last week while eight ended lower and two traded unchanged. Some of the notable gainers were Bumi Armada Bhd (+4.3%), Pantech Group Holdings Bhd (+1.1%) and Al-Aqar KPJ REIT (+0.9%). Genting Bhd (-1.5%), MyEG Services Bhd (-1.6%), DiGi.Com Bhd (-1.3%) and Media Chinese International Ltd (-4.3%) were among the bigger losers for the week.

Including our cash holdings, for which no interest income is imputed, our total portfolio value was down by 0.29% to RM647,733. Last week’s losses pared our model portfolio’s cumulative returns since inception to 304.8% on our initial capital of just RM160,000.

Nevertheless, we continue to outperform the FBM KLCI, which was up by about 122.5% over the same period.

Our cash holdings remain substantial, accounting for 43% of our total portfolio value.

The relatively high percentage is primarily for prudence’s sake — reflecting our cautious stance on the market outlook in the near term.

Our total profits are very substantial at RM487,733, of which RM399,053 has already been realised from previous share sales.

We kept our portfolio unchanged last week and will continue to monitor market developments.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, October 24, 2011.