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Reports

European stock market, economy and companies update (April 24, 2014)

April 24, 2014, Thursday
Euro Area excess liquidity falls below €100B; first time since 2011. German IFO Survey was mixed but Business Climate beat expectations and rose MoM (111.2 v 110.4e); data provides fuel for ECB hawks to defend stance against additional stimulus. ECB's Draghi reiterated his post rate press conference remarks at a banking conference in Amsterdam. AstraZeneca Reports Q1 Core $1.17 v $1.21e, R$6.42B v $6.37Be; notes a strong pipeline. Heineken reported Q1 rev lower y/y; organic beer volume and rev growth were higher y/y.

UK stock market morning note (April 24, 2014)

April 24, 2014, Thursday
 The FTSE 100 is called to open higher this morning despite the subdued performances overnight on Wall Street and in Asia. Today's economic diary sees the release of CBI realised sales, a speech from the European Central Bank President, Mario Draghi, the latest US weekly jobless claims and core durable goods orders. Commodity prices are flat to firmer and on the foreign exchanges, the dollar is slightly weaker against the pound, euro and yen but all are within narrow trading ranges ahead of these data releases and Draghi's speech.

Asian stock market, economy and companies update (April 24, 2014)

April 24, 2014, Thursday
New Zealand dollar is the biggest mover among the dollar majors, hitting a 1-week high against the greenback above $0.8630. As widely expected, Reserve Bank of New Zealand raised its official cash rate by 25bps to 3.00% - its second consecutive rate hike. More importantly, RBNZ boosted its GDP target for March-end fiscal year from 3.3% to 3.5%, noting economic expansion has built up considerable momentum and inflationary pressures are becoming apparent. RBNZ did caution about the decline in prices for New Zealand's top export - dairy products - with the recent auction prices falling by 20% amid elevated supply conditions.

Malaysia stock market and companies daily report (April 24, 2014)

April 24, 2014, Thursday
 After Faber Group’s announcement on 18 April that it has entered into a conditional share sale agreement with UEM Group, with regards to the proposed acquisition of Opus Group and Projek Penyelenggaraan Lebuhraya for RM1.2 billion. In a filing with Bursa Malaysia, Alam Maritim said that it had entered into an agreement with companies owned by Tan Sri Quek Leng Chan and his associate, Paul Poh, to collectively sell them 123 million shares or 15.5 percent of the total share capital, at RM1.35 per share. Kenanga Research has listed four reasons it likes Hock Seng Lee (HSL), namely one, it is one of the biggest contractors in Sarawak majoring in marine engineering; two, it has consistently secured more than RM500 million worth of jobs per year since 2012.

Singapore stock market and companies daily report (SingTel, Frasers Comm Trust, Wee Hur Hldgs) (April 24, 2014)

April 24, 2014, Thursday
 Singapore Telecommunications agreed to further purchase $2 million worth of shares in Kai Square, a data capturing and video analytics company in Singapore. Frasers Commercial Trust recorded a 3.7 percent moderate decrease in gross revenue to $28.6 million for the quarter ended 31 March 2014. Wee Hur Holdings proposed a joint venture (JV) for the purpose of developing two mixed-use development projects in Jiangsu province, China. Under the JV agreement, Wee Hur would invest an aggregate consideration of Rmb120 million for both projects.

US stock market daily report (April 23, 2014, Wednesday)

April 24, 2014, Thursday
 Bill Ackman knew that Valeant Pharmaceuticals International, Inc. (VRX-NYSE) would be making an unsolicited bid for Allergan Inc. (AGN-NYSE). Ackman, a very wealthy man and a normally wise investor knew about the bid because, he and his $15 billion Pershing Square Capital Management were partners with Valeant in the bid. Trading on material, non-public information, Ackman will rake in nearly a billion dollars from the deal. Ackman clearly benefits from knowing about the Allergan deal before it happened and being a part of it. He also has promised to roll his Allergan stake into Valeant.

News

Global Outlook

“Poker Mentality?!”

April 22, 2014, Tuesday
I learned how to play poker at a very young age. My father taught me the concept of playing the percentage hands. You don’t just play every hand and stay through every card, because if you do, you will have a much higher probability of losing. You should play the good hands, and drop out of the poor hands, forfeiting the ante. When more of the cards are on the table and you have a very strong hand - in other words, when you feel the percentages are skewed in your favor - you raise and play that hand to the hilt.

This Chart Shows Us How Bad The Economy Really Is: “Flashing Red Warning”

April 22, 2014, Tuesday
Recent weeks have led to a fairly significant drop in stock valuations, with many expert analysts struggling to figure out exactly why it is happening. You will hear them cite the weather, or market overreaction, or any number of reasons for why stocks have seen their share prices reduced and why they will be rebounding in the near-term.

Investment Research Must Evolve in a Technology Driven Environment

April 17, 2014, Thursday
Indy Sarker is the CEO and Co-Founder of ANALEC, a global financial technology firm focused on the investment research and resulting client servicing industry. (www.analec.com). Merely delivering information adds little value to the research consumer, as information is abundantly available at the press of a mouse click. To win greater mindshare, investment research firms have to look at interactive engagement tools within their research offerings and research reports.

The shift to late expansion sectors has started

April 17, 2014, Thursday
As a new bull market progresses, there is a normal sequence of economic development. This progression favours certain industry groups at different times. In the late contraction stage of the economy, the financial and consumer discretionaries sectors are favoured. These two groups are usually the leaders. As the economy begins to expand and recover, the technology, services and construction sectors show greater performance.

Recommendations

Hindustan Zinc 4QFY2014 performance highlights and results update

April 23, 2014, Wednesday
Hindustan Zinc (HZL)’s 4QFY2014 adjusted net profit is in line with our expectations. We recommend a Buy rating on the stock. For 4QFY2014, HZL’s net revenue decreased by 6.8% yoy to Rs.3,589cr (slightly below our estimate of Rs.3,644cr) mainly due to lower silver sales volumes and lower prices. Average zinc, lead and silver prices declined by 1.0%, 8.0% and 32.0%, yoy respectively, which was partially offset by 14.0% INR depreciation against the USD during the quarter.

LIC Housing Finance Q4FY14 results update

April 23, 2014, Wednesday
LIC Housing Finance (LICHF) reported results marginally above expectations. Loan growth moderated and stood at 17.4% YoY as compared to historical run rate of above 20% which was in line with the cautious strategy adopted by the management to maintain the asset quality and protect margins. Margins improved sequentially; driven by seasonality. For FY14, margins were up by 7 bps reflecting lower cost of funds and increased yields due to repricing of assets.