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Reports

Malaysia stock market and companies daily report (September 18, 2014)

September 18, 2014, Thursday
 With more than RM1 billion worth of property projects in the pipeline, Fiamma Holdings’ property development business, which contributed 21.1 percent of its 9M14 turnover, is seen as a new growth driver for the company. For the quarter ended 31 July, George Kent (Malaysia) reported a 9.5 percent decline in revenue to RM75 million, mainly attributable to lower contributions from all three business segments. For the quarter ended 31 July, S P Setia recorded an 11.9 percent jump in top line to RM902.7 million, mainly contributed by higher revenue recognition from property development, coupled with higher profit contribution from completed parcels.

Singapore stock market and companies daily report (E2-Capital, Frasers Centrepoint, Mermaid Maritime) (September 18, 2014)

September 18, 2014, Thursday
 E2-Capital Holdings agreed to fully acquire the share capital of Astaka Padu (AP) for $428 million. Frasers Centrepoint proposed the issuance of $600 million worth of subordinated perpetual securities, yielding 4.88 percent per annum with interest payable on a semi-annual basis. Mermaid Maritime bagged two saturation diving services contract in the Middle East worth up to US$45 million.

Indian stock market and companies daily report (September 18, 2014, Thursday)

September 18, 2014, Thursday
 Indian markets are expected to open negative tracking SGX Nifty and global markets. US markets stocks saw some volatility following the release of the Federal Reserve's monetary policy announcement on Wednesday but managed to end the day modestly higher. Further, European markets rebounded Wednesday on expectations that the U.S. Federal Reserve may signal after a meeting later in the day that it will continue to keep interest rates low for a longer period.

US stock market daily report (September 17, 2014, Wednesday)

September 17, 2014, Wednesday
 Gmail from Google Inc. (GOOG-Nasdaq) is strongly urging users to update their passwords. Security experts reported that nearly five million usernames and passwords were reportedly taken from Gmail accounts last Tuesday and posted on a Russian Bitcoin forum. The forum user who posted the file of usernames and passwords claimed that nearly 60% of the passwords, were valid.

US stock market, economy and companies update (September 17, 2014)

September 17, 2014, Wednesday
 Yesterday's rally continued in the European session (Asia was mixed), helping goose US stocks higher in the early going today. As of writing the DJIA is up 0.12%, the S&P500 is up 0.09% and the Nasdaq is up 0.13%. US CPI inflation barely had a pulse in August. Both unadjusted and core figures fell lower, on both a sequential and y/y basis.

European stock market, economy and companies update (September 17, 2014)

September 17, 2014, Wednesday
Euro Zone Final CPI revised slightly higher; EUR has brief rise. FX markets relatively quiet ahead of FOMC statement; Government bonds generally higher. Russia to hold fx swap auction amid the recent weakness in the Ruble. Shanghai Composite moves between gains and losses as PBoC launches another targeted liquidity measure (standing liquidity facility)

News

Global Outlook

A New Fed Playbook for the New Normal

September 17, 2014, Wednesday
While many economists and market watchers have failed to notice, we have entered a new chapter in the short and checkered history of central banking. This paradigm shift, as yet unaddressed in the textbooks, changes the basic policy tools that have traditionally defined the sphere of macroeconomic decision-making.

Are Government Bonds Really ‘Safe’?

September 17, 2014, Wednesday
One of the striking ironies of our modern economy is that government bonds are considered safe-haven investments, while gold is a “barbarous relic” to be avoided at all costs. Since the 2008 financial collapse, the bond market has been on a tear, thanks to the Federal Reserve’s endless interest rate suppression. This has only served to reinforce the traditional notion that government bonds are “safe.”

Then and Now

September 16, 2014, Tuesday
At a meeting the other day, I was introduced as “a formerly notorious short seller.” A friend asked, “Whatever happened to the old Shad? You never seem to have anything mean to say anymore?” ... Could it have something to do with interest rates? In our short selling days in the 1980’s, we looked for poorly managed companies that burned cash, faced brutal competition, and engaged in dubious accounting.

The Global Forest Industry in the 2Q/2014

September 16, 2014, Tuesday
Sawlog prices moved up in North America, Eastern Europe and Latin America, while falling in Western Europe. Both the softwood and hardwood pulpwood prices were generally higher than in the 1Q/14 in the 20 countries tracked by the WRQ. The price discrepancy continues to widen between NBSK pulp and BHKP pulp. Lumber production fell in the US and Canada.

Recommendations

Shemaroo Entertainment IPO note

September 16, 2014, Tuesday
Shemaroo Entertainment Ltd (SEL) is an integrated media content house in India with activities across content acquisition, value addition to content and content distribution. Its content Library consists of more than 2,900 titles including 700+ of “perpetual rights”. “Perpetual Rights”, allows the company to distribute content worldwide for a perpetual period across all mediums.

Relaxo Footwears 1QFY2015 performance highlights and results update

September 16, 2014, Tuesday
Relaxo Footwears (Relaxo), predominantly a low value mass-product (‘Hawaii’) company, has over the years gained a respectable market share in the mid-market segment by successfully establishing specialized high-value products like 'Flite' and 'Sparx'.