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Reports

Malaysia stock market and companies daily report (November 27, 2014)

November 27, 2014, Thursday
 Brahim’s Holdings, together with Quantum Angel, has purchased the Burger King franchise from Ekuiti Nasional for RM95 million. Malayan Banking’s (Maybank) net profit fell 7.9 percent to RM1.6 billion in the third quarter ended 30 September, weighed down by its insurance and takaful unit, despite an 8.3 percent lift in gross interest income to RM4.5 billion. Texchem Resources has proposed to sell 1.4 million shares, or a 28 percent stake, in Sushi Kin to Asia Yoshinoya International for RM102.2 million in cash.

Singapore stock market and companies daily report (Fragrance Group, Silverlake Axis, SGX) (November 27, 2014)

November 27, 2014, Thursday
 Fragrance Group proposed the acquisition of the properties located at 39-47 Milligan Street and 453-471 Murray Street in Perth, Australia for A$30 million. Silverlake Axis has secured two software upgrading contracts worth RM40 million from existing customers. Singapore Exchange announced the launch of a bond trading platform that is scheduled for launch by 1H15.

Indian stock market and companies daily report (November 27, 2014, Thursday)

November 27, 2014, Thursday
 Indian markets are expected to open on Negative note tracking SGX Nifty. In US, the stocks ticked higher on Wednesday as the market's recent upward bias held ahead of the Thanksgiving holiday, even as a round of economic data came in below expectations. European stocks ended on flat note, even as German equities posted their longest winning streak since May 2013.

US stock market daily report (November 26, 2014, Wednesday)

November 26, 2014, Wednesday
 Happy Thanksgiving to Everyone! Please enjoy a safe and enjoyable holiday with family and friends. The U.S. Commerce Department on Wednesday reported the sale of new U.S. single family homes rose by 0.7% during October, to a seasonally adjusted annual rate of 458,000 units. The rise in October was the third straight month of gains. When compared to October 2013, new home sales for October 2014 were up 1.8%.

US stock market, economy and companies update (November 26, 2014)

November 26, 2014, Wednesday
 The raft of US economic data out this morning was very mixed, with some positive notes and some not so positive parts. In any case, OPEC is pretty much guaranteed not to cut tomorrow after the Saudis poo-pooed the idea and the ECB is teeing up sovereign QE. As of writing, the DJIA and the S&P500 have given up slight gains and are unchanged, while the Nasdaq is still up 0.27%.

European stock market, economy and companies update (November 26, 2014)

November 26, 2014, Wednesday
OPEC members stressing unity and cooperation ahead of Thursday bi-annual meeting. Growth-friendly signals from Europe and Asia; more ECB members contemplating QE at some future point; EU's Juncker unveils his investment plan. Busy US data calendar ahead of the Thanksgiving holiday

News

Global Outlook

Follow The Sand To The Real Fracking Boom

November 25, 2014, Tuesday
When it takes up to four million pounds of sand to frack a single well, it’s no wonder that demand is outpacing supply and frack sand producers are becoming the biggest behind-the-scenes beneficiaries of the American oil and gas boom.

Thanksgiving Recipe

November 25, 2014, Tuesday
Begin with a turkey “chilling” in a sink for a few hours (see exhibit 1). Mix in the Bank of Japan’s “shock and awe” announcement of a week ago. Add the U.S. unemployment claims that are at a 14-year low and stir well, include housing prices that are better by +6%, fold in the Leading Economic Indicators advancing by 7%, the ECB announcement by Draghi about a “bazooka” of Quantitative Easing (QE), and the Thanksgiving dinner result . . . new highs for equity prices!

The Clock is Ticking in Switzerland

November 25, 2014, Tuesday
For most of my career in international investing, I had always placed a great deal of faith in Switzerland's financial markets. In recent years, however, as the Swiss government has sought to hitch its wagon to the flailing euro currency and kowtow increasingly to U.S.-based financial requirements, this faith has been shaken.

The Abenomics Death Spiral

November 19, 2014, Wednesday
As Japanese Prime Minster Shinzo Abe has turned his country into a petri dish of Keynesian ideas, the trajectory of Japan's economy has much to teach us about the wisdom of those policies. And although the warning sirens are blasting at the highest volumes imaginable, few economists can hear the alarm. (A longer version of this article can be found in Euro Pacific Capital's Global Investor Newsletter.)

Recommendations

Abbott India 2QFY2015 performance highlights and results update

November 24, 2014, Monday
For 2QFY2015, Abbott India (AIL) reported a good set of results. Its top-line grew by 28.9% yoy to Rs.589cr. Although the raw material cost as a percentage of sales increased marginally by 47bp yoy to 58%, the employee and other expenses as a percentage of sales declined by 49bp yoy and 59bp yoy to 12.9% and 14.1% respectively. As a result, the EBITDA margin witnessed a slight improvement of 61bp yoy to 14.9%.

State Bank of India 2QFY2015 performance highlights and results update

November 20, 2014, Thursday
For 2QFY2015, State Bank of India (SBI) reported a PAT growth of 30.5% yoy to Rs.3,100.4cr, mainly on account of 14.9% yoy growth in operating income and lower opex growth of 2.2% yoy. During 2QFY2015, the bank’s advances grew at a tepid pace of 9.7% yoy with domestic advances growing at 6.9% yoy. The SME book grew by just 1% yoy while the Mid Corporate segment de-grew by 3% yoy, as companies continue to struggle due to pile-up of receivables and highly leveraged balance sheets.