成功（Jaya Holdings）半年净利增加90％至6784万元。
集团营收增加42％至1亿4310万元，税前盈利增加116％至7824万元。每股盈利4.58分，净资产值57.4分，派发1分免税股息。
维康（VICOM）全年净利增加27％至2004万元。
集团营收上涨6％至7795万元，税前盈利增加23％至2470万元。每股盈利23.33分，净资产值92.5分，派发6分股息。
Wednesday, February 10, 2010
Thursday, February 4, 2010
14 Ways to Reduce Your 2009 Taxes
By Brenda Friedel, CGA
Tax planning is always an issue, whether you work, are retired, operate a business directly or operate a business through a corporation. Here are fourteen interesting ways that may help you save on your 2009 taxes.
1. Contribute to your RRSP
If you haven’t yet made your 2009 RRSP contribution, don’t wait until March 1, 2010 — act now. The earlier you contribute to your RRSP, the more quickly the capital to finance your retirement will grow, sheltered from tax.
Know your 2009 contribution limit.
Your maximum contribution for 2009 is 18% of income earned in 2008, principally from employment or a business, up to a maximum of $21,000 (compared to $20,000 in 2008). The maximum RRSP contribution for 2009 applies to earned income of $166,666 in 2008. If you participate in a pension plan, you should keep the various pension adjustments in mind. To find out the exact amount that you can contribute, look at the “RRSP Deduction Limit Statement for 2009″ section of your federal assessment notice for 2008.
Think ahead to 2010.
The RRSP limit will increase in 2010, when it will reach $22,000. If you operate a business through your own corporation, have no other source of earned income, and are able to do so, make sure that you have paid yourself at least $122,222 for 2009 by the end of December, so that you can contribute the maximum amount to your RRSP in 2010.
Use your unused RRSP contribution room.
If you contributed less than the maximum allowable amount to your RRSP in a previous year, and if you can afford it, use the unused RRSP contribution room for 2009 by contributing an additional amount equal to the unused room. Don’t wait too long to use up unused room, as doing so will give you less time to reap the benefits of untaxed compound interest, and you will have less capital in your RRSP when you retire. Remember that your investment horizon may be for 10 or 20 years, or even 40 years or longer, depending on how old you are now and at what age you think you will need funds from your RRSP.
Don’t over-contribute.
The law allows you to contribute up to $2,000 over the authorized maximum in your RRSP. Do not exceed this limit, because the penalty of 1% per month on excess contributions can add up fast, and the administrative formalities to recover excess contributions are relatively complex. Since the Canada Revenue Agency (CRA) has begun paying much closer attention to excess contributions, do not expect them to go unnoticed.
Consider contributing to a spousal RRSP.
Contributions to a spousal RRSP can be useful. For instance, withdrawals may be made from a spousal RRSP to participate in the Home Buyers’ Plan; thus the more you and your spouse can both withdraw from your respective RRSPs under the Home Buyers’ Plan, the greater the amount you can put down on the home of your dreams. Respect the age limit. If you turn(ed) 71 in 2009, this is your last chance -the age limit for contributing to an RRSP, or indeed withdrawing funds from it or converting it to an RRIF or an annuity, is 71. Your last RRSP contributions, withdrawals and/or conversions must be made by December 31st of the year of your 71st birthday.
2. Split your pension income
Since 2007, tax legislation allows taxpayers who receive pension income to split this income with their spouse when filing their tax return. You can allocate to your spouse up to 50% of your pension income eligible for the current pension income credit in your 2009 income tax return. This could be a valuable strategy if your spouse is taxed at a lower marginal rate, and does not preclude the possibility of contributing to your spouse’s RRSP.
3. Donate
Have you made any donations in 2009? The federal credit is equal to 15% of the first $200 of charitable donations paid in the year and 29% for any donation in excess of $200, except for Quebec residents, for whom the federal credit is 12.53% and 24.22%, respectively. For the territories’ and other provinces’ tax purposes, the credit varies from 4% to 11% for the first $200 and from 11.16% to 21% for amounts exceeding $200; for Quebec tax purposes, the tax credit is equal to 20% of the first $200 and 24% of the excess.
Another very interesting tax strategy, for both you and the charity, is to donate publicly traded company shares from your portfolio, especially if these shares have made a significant gain. No income tax is payable on a capital gain realized when shares of a public listed company are donated to a charitable organization, including private foundations. Under these circumstances, the charity receives a larger amount than it would if you were to sell the shares and donate the proceeds after paying taxes on the gain.
If you have made a charitable gift before the end of the year and have exercised stock options acquired during the same period, then donating these shares to a charity is a very effective tax-saving strategy, since you can deduct the entire benefit you received. This easing measure only applies in respect of shares acquired that were donated in the year of, and in the 30 days after, the acquisition. Under the circumstances, it seems preferable to exercise the options and donate the shares rather than to sell them once the options are exercised and donate the proceeds, minus the taxes related to the benefit. Finally, if you hold shares of public companies in your corporation, and the corporation’s taxable income is sufficient to qualify the donation for a deduction (corporations can claim a deduction of up to a maxi-the mum of 75% of net income but can receive no tax credits for charitable donations), consider donating these shares through your corporation. Generally, the full amount of the capital gain realized by the corporation can therefore, where an election is made, be paid to shareholders tax free.
4. Take advantage of the reduced tax rate on eligible dividends
If you are a shareholder of a Canadian-controlled private corporation (CCPC) and this corporation received taxable income that is not eligible for the small business deduction (excluding investment income) in 2009 or in previous taxation years (as far back as 2001), such income accumulated in a “general rate income pool” (GRIP) represents the balance that may be paid out as eligible dividends. The advantage of eligible dividends is that they are taxed at a lower rate than regular dividends. The lower rate varies from one province to the next. For some provinces, such as Ontario, the benefit increases slightly each year over the next few years. However, the corporation paying the dividend must respect the rules regarding the designation of eligible dividends and ensure that the amount of eligible dividends does not exceed the GRIP. If you hold shares of public companies or other corporations residing in Canada that are not CCPCs, the dividends that you receive will generally be eligible dividends.
5. Claim the $750,000 capital gains deduction
Small business corporation shares, qualified farm property, and qualified fishing property (including, for qualified agricultural and fishing properties, shares of a corporation and partnership interests) qualify for the lifetime capital gains deduction of $750,000 ($500,000 for shares disposed of before March 19, 2007). Claiming this deduction often requires a good deal of planning and help from your tax advisor. If you are thinking about selling assets that qualify for this deduction before the end of the year, consult your tax advisor as soon as possible.
If you have already claimed the $100,000 personal capital gains deduction (abolished in 1994), you are entitled to a maximum deduction of only $650,000. If you plan to use this deduction in 2009, check with your tax advisor to find out whether you have realized an allowable business investment loss in prior years or have cumulative net investment losses as at December 31, 2009. If so, these will be taken into account, and you may not be able to claim the full deduction.
6. Stagger taxation of capital gains
If you dispose of property on which you realize a capital gain, you can stagger the taxation of this gain over a maximum of five years if you allow the purchaser to stagger the payment of the proceeds from the sale over the same period. The term is increased to 10 years for the transfer of farm or fishing property, shares from a family farm or fishing corporation, or from a small business corporation when this transfer is carried out in favour of a child, a grandchild or a great-grandchild living in Canada.
7. Use your capital losses
Under the tax rules, you can use your 2009 capital losses to reduce the current year’s taxes on your capital gains. In addition, you may be able to carry your 2009 capital losses back to 2006, 2007 and 2008, and use it to reduce your capital gains in any of these years. Many taxpayers also sell their investment losses before the end of the year when they have realized significant gains earlier in the year. This strategy is particularly interesting in the present economic context. But be careful! If, within the thirty days prior to or following the sale of an asset that resulted in a capital loss, you purchase an identical asset, the superficial loss rules prevent you from claiming a capital loss on an asset you clearly intended to continue holding. This rule also applies if your spouse or a company under your control purchases the identical asset.
8. Offset taxable income with an allowable business investment loss
Whereas capital losses can be used only to reduce capital gains, an allowable business investment loss (ABIL) can be used to reduce your overall income. Therefore, if you are a shareholder or creditor of a financially unstable private corporation, consider selling your shares or debt to an unrelated person before December 31 to realize an ABIL for 2009. Remember, however, that if you have already claimed a capital gains deduction in the past, the amount of the ABIL is reduced by the claimed amount. Furthermore, pay particular attention to the documentation related to this loss, as the tax authorities could require you to produce it.
9. Repay shareholder loans
If you took a loan from your corporation in 2008, repay it if possible before the end of 2009. If you delay, the full amount of the loan will be added to your income for 2008, unless the loan was made to an employee-shareholder for purchasing a residence, securities issued by the employer, or a car for work purposes. Other restrictions apply to these types of loans, however.
10. Pay a bonus
The federal small business tax deduction (SBD) is available to Canadian-controlled private corporations with active business income of less than $500,000 in 2009 (this amount varies for provincial and territorial taxation purposes). If the active business income derived from your company exceeds the $500,000 threshold, a common suggestion has been that the corporation pay out a bonus to bring its income below the threshold. However, changes to federal and many provincial (including Quebec) corporate tax rates have been announced recently. The implementation of eligible dividends has also affected dividend tax rates. Given these modifications, it is important to ensure that this strategy remains in line with your situation and generates the best tax savings possible. Talk to your tax advisor. If you opt for this solution, your company will be able to claim the tax deduction on the condition that the bonus is paid within 180 days of your corporation’s fiscal year-end.
11. Check whether interest on your loans is deductible
For your loan interest to be deductible from your income for tax purposes, the loan must have been contracted for the purpose of earning income from a business or property. If you are currently paying interest that is not deductible (for example, on a home mortgage loan, on a loan to contribute to your RRSP, or to acquire an interest in a life insurance policy), ask your tax advisor if you could reorganize your business affairs to make the interest deductible. Recent legal precedents and the CRA’s administrative positions regarding interest deductibility should prompt taxpayers at least to review their current situation.
12. Contribute to a registered education savings plan
Although contributions to a registered education savings plan (RESP) are not deductible, the income that accumulates on the capital is only taxable when it is paid out to a student as an education assistance payment. Although contribution limits must be respected, possible federal and provincial grants that are not included in calculating the lifetime contribution limit make the RESP very interesting.
13. Contribute to your tax-free savings account
The 2008 federal budget contained a new tax measure, creating the tax-free savings account (TFSA). Starting January 1, 2009, Canadians who are 18 years of age or over can contribute up to $5,000 per year to a TFSA. This maximum contribution limit of $5,000 will be adjusted annually to reflect inflation. These contributions will not be deductible from income for tax purposes but the investment income earned, including capital gains, will not be taxable, even upon withdrawal. Unused contribution room can be carried forward. In addition, you can make withdrawals from your TFSA at any time and for any purpose. Your contribution will have no impact on your annual RRSP contribution limit. Furthermore, neither the income earned in a TFSA nor withdrawals made from such an account will affect your eligibility to federal credits or benefits based on income.
14. Round up your renovation receipts
The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo, or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009 and before February 1, 2010. The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum nonrefundable tax credit of $1,350 [($10,000 -$1,000) x 15%)].
Tax planning is always an issue, whether you work, are retired, operate a business directly or operate a business through a corporation. Here are fourteen interesting ways that may help you save on your 2009 taxes.
1. Contribute to your RRSP
If you haven’t yet made your 2009 RRSP contribution, don’t wait until March 1, 2010 — act now. The earlier you contribute to your RRSP, the more quickly the capital to finance your retirement will grow, sheltered from tax.
Know your 2009 contribution limit.
Your maximum contribution for 2009 is 18% of income earned in 2008, principally from employment or a business, up to a maximum of $21,000 (compared to $20,000 in 2008). The maximum RRSP contribution for 2009 applies to earned income of $166,666 in 2008. If you participate in a pension plan, you should keep the various pension adjustments in mind. To find out the exact amount that you can contribute, look at the “RRSP Deduction Limit Statement for 2009″ section of your federal assessment notice for 2008.
Think ahead to 2010.
The RRSP limit will increase in 2010, when it will reach $22,000. If you operate a business through your own corporation, have no other source of earned income, and are able to do so, make sure that you have paid yourself at least $122,222 for 2009 by the end of December, so that you can contribute the maximum amount to your RRSP in 2010.
Use your unused RRSP contribution room.
If you contributed less than the maximum allowable amount to your RRSP in a previous year, and if you can afford it, use the unused RRSP contribution room for 2009 by contributing an additional amount equal to the unused room. Don’t wait too long to use up unused room, as doing so will give you less time to reap the benefits of untaxed compound interest, and you will have less capital in your RRSP when you retire. Remember that your investment horizon may be for 10 or 20 years, or even 40 years or longer, depending on how old you are now and at what age you think you will need funds from your RRSP.
Don’t over-contribute.
The law allows you to contribute up to $2,000 over the authorized maximum in your RRSP. Do not exceed this limit, because the penalty of 1% per month on excess contributions can add up fast, and the administrative formalities to recover excess contributions are relatively complex. Since the Canada Revenue Agency (CRA) has begun paying much closer attention to excess contributions, do not expect them to go unnoticed.
Consider contributing to a spousal RRSP.
Contributions to a spousal RRSP can be useful. For instance, withdrawals may be made from a spousal RRSP to participate in the Home Buyers’ Plan; thus the more you and your spouse can both withdraw from your respective RRSPs under the Home Buyers’ Plan, the greater the amount you can put down on the home of your dreams. Respect the age limit. If you turn(ed) 71 in 2009, this is your last chance -the age limit for contributing to an RRSP, or indeed withdrawing funds from it or converting it to an RRIF or an annuity, is 71. Your last RRSP contributions, withdrawals and/or conversions must be made by December 31st of the year of your 71st birthday.
2. Split your pension income
Since 2007, tax legislation allows taxpayers who receive pension income to split this income with their spouse when filing their tax return. You can allocate to your spouse up to 50% of your pension income eligible for the current pension income credit in your 2009 income tax return. This could be a valuable strategy if your spouse is taxed at a lower marginal rate, and does not preclude the possibility of contributing to your spouse’s RRSP.
3. Donate
Have you made any donations in 2009? The federal credit is equal to 15% of the first $200 of charitable donations paid in the year and 29% for any donation in excess of $200, except for Quebec residents, for whom the federal credit is 12.53% and 24.22%, respectively. For the territories’ and other provinces’ tax purposes, the credit varies from 4% to 11% for the first $200 and from 11.16% to 21% for amounts exceeding $200; for Quebec tax purposes, the tax credit is equal to 20% of the first $200 and 24% of the excess.
Another very interesting tax strategy, for both you and the charity, is to donate publicly traded company shares from your portfolio, especially if these shares have made a significant gain. No income tax is payable on a capital gain realized when shares of a public listed company are donated to a charitable organization, including private foundations. Under these circumstances, the charity receives a larger amount than it would if you were to sell the shares and donate the proceeds after paying taxes on the gain.
If you have made a charitable gift before the end of the year and have exercised stock options acquired during the same period, then donating these shares to a charity is a very effective tax-saving strategy, since you can deduct the entire benefit you received. This easing measure only applies in respect of shares acquired that were donated in the year of, and in the 30 days after, the acquisition. Under the circumstances, it seems preferable to exercise the options and donate the shares rather than to sell them once the options are exercised and donate the proceeds, minus the taxes related to the benefit. Finally, if you hold shares of public companies in your corporation, and the corporation’s taxable income is sufficient to qualify the donation for a deduction (corporations can claim a deduction of up to a maxi-the mum of 75% of net income but can receive no tax credits for charitable donations), consider donating these shares through your corporation. Generally, the full amount of the capital gain realized by the corporation can therefore, where an election is made, be paid to shareholders tax free.
4. Take advantage of the reduced tax rate on eligible dividends
If you are a shareholder of a Canadian-controlled private corporation (CCPC) and this corporation received taxable income that is not eligible for the small business deduction (excluding investment income) in 2009 or in previous taxation years (as far back as 2001), such income accumulated in a “general rate income pool” (GRIP) represents the balance that may be paid out as eligible dividends. The advantage of eligible dividends is that they are taxed at a lower rate than regular dividends. The lower rate varies from one province to the next. For some provinces, such as Ontario, the benefit increases slightly each year over the next few years. However, the corporation paying the dividend must respect the rules regarding the designation of eligible dividends and ensure that the amount of eligible dividends does not exceed the GRIP. If you hold shares of public companies or other corporations residing in Canada that are not CCPCs, the dividends that you receive will generally be eligible dividends.
5. Claim the $750,000 capital gains deduction
Small business corporation shares, qualified farm property, and qualified fishing property (including, for qualified agricultural and fishing properties, shares of a corporation and partnership interests) qualify for the lifetime capital gains deduction of $750,000 ($500,000 for shares disposed of before March 19, 2007). Claiming this deduction often requires a good deal of planning and help from your tax advisor. If you are thinking about selling assets that qualify for this deduction before the end of the year, consult your tax advisor as soon as possible.
If you have already claimed the $100,000 personal capital gains deduction (abolished in 1994), you are entitled to a maximum deduction of only $650,000. If you plan to use this deduction in 2009, check with your tax advisor to find out whether you have realized an allowable business investment loss in prior years or have cumulative net investment losses as at December 31, 2009. If so, these will be taken into account, and you may not be able to claim the full deduction.
6. Stagger taxation of capital gains
If you dispose of property on which you realize a capital gain, you can stagger the taxation of this gain over a maximum of five years if you allow the purchaser to stagger the payment of the proceeds from the sale over the same period. The term is increased to 10 years for the transfer of farm or fishing property, shares from a family farm or fishing corporation, or from a small business corporation when this transfer is carried out in favour of a child, a grandchild or a great-grandchild living in Canada.
7. Use your capital losses
Under the tax rules, you can use your 2009 capital losses to reduce the current year’s taxes on your capital gains. In addition, you may be able to carry your 2009 capital losses back to 2006, 2007 and 2008, and use it to reduce your capital gains in any of these years. Many taxpayers also sell their investment losses before the end of the year when they have realized significant gains earlier in the year. This strategy is particularly interesting in the present economic context. But be careful! If, within the thirty days prior to or following the sale of an asset that resulted in a capital loss, you purchase an identical asset, the superficial loss rules prevent you from claiming a capital loss on an asset you clearly intended to continue holding. This rule also applies if your spouse or a company under your control purchases the identical asset.
8. Offset taxable income with an allowable business investment loss
Whereas capital losses can be used only to reduce capital gains, an allowable business investment loss (ABIL) can be used to reduce your overall income. Therefore, if you are a shareholder or creditor of a financially unstable private corporation, consider selling your shares or debt to an unrelated person before December 31 to realize an ABIL for 2009. Remember, however, that if you have already claimed a capital gains deduction in the past, the amount of the ABIL is reduced by the claimed amount. Furthermore, pay particular attention to the documentation related to this loss, as the tax authorities could require you to produce it.
9. Repay shareholder loans
If you took a loan from your corporation in 2008, repay it if possible before the end of 2009. If you delay, the full amount of the loan will be added to your income for 2008, unless the loan was made to an employee-shareholder for purchasing a residence, securities issued by the employer, or a car for work purposes. Other restrictions apply to these types of loans, however.
10. Pay a bonus
The federal small business tax deduction (SBD) is available to Canadian-controlled private corporations with active business income of less than $500,000 in 2009 (this amount varies for provincial and territorial taxation purposes). If the active business income derived from your company exceeds the $500,000 threshold, a common suggestion has been that the corporation pay out a bonus to bring its income below the threshold. However, changes to federal and many provincial (including Quebec) corporate tax rates have been announced recently. The implementation of eligible dividends has also affected dividend tax rates. Given these modifications, it is important to ensure that this strategy remains in line with your situation and generates the best tax savings possible. Talk to your tax advisor. If you opt for this solution, your company will be able to claim the tax deduction on the condition that the bonus is paid within 180 days of your corporation’s fiscal year-end.
11. Check whether interest on your loans is deductible
For your loan interest to be deductible from your income for tax purposes, the loan must have been contracted for the purpose of earning income from a business or property. If you are currently paying interest that is not deductible (for example, on a home mortgage loan, on a loan to contribute to your RRSP, or to acquire an interest in a life insurance policy), ask your tax advisor if you could reorganize your business affairs to make the interest deductible. Recent legal precedents and the CRA’s administrative positions regarding interest deductibility should prompt taxpayers at least to review their current situation.
12. Contribute to a registered education savings plan
Although contributions to a registered education savings plan (RESP) are not deductible, the income that accumulates on the capital is only taxable when it is paid out to a student as an education assistance payment. Although contribution limits must be respected, possible federal and provincial grants that are not included in calculating the lifetime contribution limit make the RESP very interesting.
13. Contribute to your tax-free savings account
The 2008 federal budget contained a new tax measure, creating the tax-free savings account (TFSA). Starting January 1, 2009, Canadians who are 18 years of age or over can contribute up to $5,000 per year to a TFSA. This maximum contribution limit of $5,000 will be adjusted annually to reflect inflation. These contributions will not be deductible from income for tax purposes but the investment income earned, including capital gains, will not be taxable, even upon withdrawal. Unused contribution room can be carried forward. In addition, you can make withdrawals from your TFSA at any time and for any purpose. Your contribution will have no impact on your annual RRSP contribution limit. Furthermore, neither the income earned in a TFSA nor withdrawals made from such an account will affect your eligibility to federal credits or benefits based on income.
14. Round up your renovation receipts
The Home Renovation Tax Credit is a non-refundable tax credit based on eligible expenses for improvements to your house, condo, or cottage. It can be claimed on your 2009 income tax return. It applies to work performed or goods acquired after January 27, 2009 and before February 1, 2010. The HRTC applies to eligible expenses of more than $1,000, but not more than $10,000, resulting in a maximum nonrefundable tax credit of $1,350 [($10,000 -$1,000) x 15%)].
Tuesday, January 5, 2010
宝德集团（Boustead）
评级：买入 目标价：1.00元
（2010-01-06）
股海观潮
宝德集团2010年伊始，就宣布一个6800万元的能源相关合同，为在澳洲、巴西、沙地以及英国的炼油厂、石化厂以及气体加工厂，提供主要的流程设备。连同在12月份宣布的1亿零700万元合同，宝德集团目前手上的订单超过5亿元。现财年至今，它已取得2亿7300万元的新订单，优于我们的2亿5000万元预测。
接近2009年底时，宝德集团的91.7％子公司——宝德项目（Boustead Projects），取得一个1亿零700万元合同，为实里达航空园的一家世界主要电力系统企业，设计及建设一个工厂兼支援设施。这是该子公司历来最大的工业房地产合同。该厂房项目预期于2010年底完成，因此对该集团的2011财年业绩肯定有贡献。更重要的是，据我们从管理层最新了解到，工业房地产市场可能将逐渐复苏，这是令人鼓舞的，意味着宝德集团可能取得更多的合同，尤其是在宇航和高科技制造这类专门的市场。
除了这个合同，我们也考虑到它预期将卖出在乌美1道的一个兴建中的建筑和土地，售价2亿元，它将从脱售此资产获得2600万元收益（之前预测为1300万元）。因此，我们把 12个月目标价从0.75元上调至1.00元（按2011财年盈利的12倍本益比计算），并且把对该股的评级从“持守”提升至“买入”。
（星展唯高达证券研究）
（2010-01-06）
股海观潮
宝德集团2010年伊始，就宣布一个6800万元的能源相关合同，为在澳洲、巴西、沙地以及英国的炼油厂、石化厂以及气体加工厂，提供主要的流程设备。连同在12月份宣布的1亿零700万元合同，宝德集团目前手上的订单超过5亿元。现财年至今，它已取得2亿7300万元的新订单，优于我们的2亿5000万元预测。
接近2009年底时，宝德集团的91.7％子公司——宝德项目（Boustead Projects），取得一个1亿零700万元合同，为实里达航空园的一家世界主要电力系统企业，设计及建设一个工厂兼支援设施。这是该子公司历来最大的工业房地产合同。该厂房项目预期于2010年底完成，因此对该集团的2011财年业绩肯定有贡献。更重要的是，据我们从管理层最新了解到，工业房地产市场可能将逐渐复苏，这是令人鼓舞的，意味着宝德集团可能取得更多的合同，尤其是在宇航和高科技制造这类专门的市场。
除了这个合同，我们也考虑到它预期将卖出在乌美1道的一个兴建中的建筑和土地，售价2亿元，它将从脱售此资产获得2600万元收益（之前预测为1300万元）。因此，我们把 12个月目标价从0.75元上调至1.00元（按2011财年盈利的12倍本益比计算），并且把对该股的评级从“持守”提升至“买入”。
（星展唯高达证券研究）
Monday, January 4, 2010
科技股
展望2010年，标普指出：“环球经济的复苏继续是资讯科技产品需求的重要因素。此外，价格廉宜的上网本以及特低能耗的笔记本等产品的面市，将协助刺激消费开支。强劲的个人电脑需求，也将支持资讯科技商品（TFT LCD视屏、DRAM记忆等）的价格，使视屏和晶片厂商今后的盈利能有可持续的复苏。”
标普预测，在单位销量于2009年下跌4％之后，个人电脑的需求在2010年将较强劲，预期能增长8％。另外，市场调查公司IDC预测，环球手机出货量2010年将增长10％（2009年是下跌7％），由日本以外的亚太市场以及新兴市场的需求带动。
本地一家证券行指出，由于环球经济衰退，不少人怀疑微软的Windows 7操作系统是否能取得成功，但最近戴尔电脑公司观察到，即使是低靡多时的企业用户方面，也已因该操作系统的推出而显露复苏迹象，戴尔电脑因此对2010年个人电脑市场的展望感到乐观。
该证券行指出，与人电脑行业相关的本地公司包括大道工业（Broadway）、力达工业（Armstrong）、依利安达（Elec & Eltek）、以及胜达科技（Datapulse Technology）。
在2010年，华侨银行投资研究公司推荐购买的科技股是：创富电子（Avi-Tech Electronics，合理价0.23元）、嘉灵控股（Karin Technology，合理价0.28元）、以及鸿通电子（Valuetronics，合理价0.19元）。它说：“我们认为这些公司在市场复苏时将很受惠，它们为投资者提供吸引人的价值。”
该公司也看好微机械（Micro-Mechanics）的优良市场展望，但基于其估价，建议持守该股，合理价维持在0.38元。另一方面，它认为创业公司（Venture）的股价目前已经达到合理水平，因此继续建议“持守”以及维持8.69元的合理价估算。
标普预测，在单位销量于2009年下跌4％之后，个人电脑的需求在2010年将较强劲，预期能增长8％。另外，市场调查公司IDC预测，环球手机出货量2010年将增长10％（2009年是下跌7％），由日本以外的亚太市场以及新兴市场的需求带动。
本地一家证券行指出，由于环球经济衰退，不少人怀疑微软的Windows 7操作系统是否能取得成功，但最近戴尔电脑公司观察到，即使是低靡多时的企业用户方面，也已因该操作系统的推出而显露复苏迹象，戴尔电脑因此对2010年个人电脑市场的展望感到乐观。
该证券行指出，与人电脑行业相关的本地公司包括大道工业（Broadway）、力达工业（Armstrong）、依利安达（Elec & Eltek）、以及胜达科技（Datapulse Technology）。
在2010年，华侨银行投资研究公司推荐购买的科技股是：创富电子（Avi-Tech Electronics，合理价0.23元）、嘉灵控股（Karin Technology，合理价0.28元）、以及鸿通电子（Valuetronics，合理价0.19元）。它说：“我们认为这些公司在市场复苏时将很受惠，它们为投资者提供吸引人的价值。”
该公司也看好微机械（Micro-Mechanics）的优良市场展望，但基于其估价，建议持守该股，合理价维持在0.38元。另一方面，它认为创业公司（Venture）的股价目前已经达到合理水平，因此继续建议“持守”以及维持8.69元的合理价估算。
龙筹股市值 扬子江船业升当龙头
（2010-01-04）
● 于泽涵
龙筹新语
中远投资很长时间都是龙筹股中的领头羊，但在2009年中期，房地产大户仁恒置地取而代之，而就在逼近年尾之际，扬子江船业又再度赶超，荣当2009年的龙头。
于泽涵 报道
2009年注定是让股民难忘的一年。全球的资本市场在疯狂与理性之间徘徊，与金融业重新洗牌并进的还有本地龙筹股的市值排序，经过了多次易主之后，截至2009年的最后一天，扬子江船业（Yangzijiang Shipbuilding）跃升成为市值最大的龙筹股。
中远投资很长时间都是龙筹股中的领头羊，但在2009年中期，房地产大户仁恒置地（Yanlord）将其取而代之，而就在逼近年尾之际，扬子江船业又再度赶超，荣当2009年的龙头。
2008年底，扬子江船业以17亿元的身价名列龙筹股的第二位，在所有本地上市公司中排名第42位。随着公司出色的业绩表现和按时交付船只，该股股价随着资本市场的上涨而回弹，市值大增。截至2009年，扬子江船业的市值达到44亿元，在所有股票中排名第32位。
新加坡证券投资者协会研究公司的投资分析师莫子扬表示，造船与全球经济和贸易息息相关。这是一个周期性很强的业务，随着经济在2010年逐渐复苏，相信造船业也将有所抬头。
不过，他也指出，如果中国政府提高信贷利息，或者撤销经济刺激政策，2010年经济复苏的步伐也有可能受到限制。
优胜劣汰本来就是股票市场中不变的定律，而一场金融海啸更是让不少过去耳熟能详的股市骄子在投资者的视野中渐行渐远。2008年的十大龙筹股中，有三只股票在2009年滑出榜外，取而代之的三只新贵分别是伊普国际(Epure International)、麦达斯控股（Midas）和欧圣集团（Oceanus）。值得注意的是，仁恒置地、英利国际置业（Ying Li International Real Estate）以及中部大观房地产（Centraland）三只地产股仍然稳坐前十大。
莫子扬指出，中国政府在2008年底推出了一系列的财政政策，并从09年开始执行。这些措施需要时间才能在市场中发挥作用，特别是放松信贷贷款的政策。中国的房地产市场在09年下半年格外强劲，不过也带来了一定的隐忧。
辉立证券交易员黄荣贵认为，房地产价格的攀升推动了房地产股票，因为这些公司的营业额都出现攀升，但是在2010年第一季度之后市场能否维持如此之高的价位颇具挑战性。
“我比较喜欢农业领域的龙筹股。中国国内的需求应该可以为这些公司提供稳定的营业额，而中国的房地产市场则有过热的现象，政府可能采取措施为房地产市场降温。”
回顾2009年龙筹股的表现，黄荣贵指出，09年对于龙筹股来说可谓是艰难的一年。企业监管绝对是龙筹股面对的最大挑战。一些企业丑闻影响了市场对这类股的投资信心，引起抛压。在之前牛市阶段，龙筹股的价格被热炒得过高，因此当金融市场面临溶解，它们是率先滑落下来的。
他还提到本地龙筹股很少具有在中国上市的公司规模。本地龙筹股市值多属中小企业，同时考虑到2010年市场上的不确定因素，对龙筹股的投资可能不会恢复到2007年牛市的热潮。
不过，莫子扬则认为，不论股市好还是坏，其实投资者对龙筹股的投资兴趣都很高。特别是现在不少人认为，这些龙筹股可以随着全球经济的复苏以及海峡时报指数在2010年的持续走高而攀升。
“虽然市场对龙筹股信心可能得在摆脱企业监管、甚至欺骗等负面消息后才能完全恢复，不过我相信龙筹股中还是有一些优质股。”莫子扬还看好中国第二、三线城市的房地产公司，例如中部大观房地产和英利，以及针对中国国内需求的零售和制造业公司如中国群达科技控股（China Kunda Technology）。
● 于泽涵
龙筹新语
中远投资很长时间都是龙筹股中的领头羊，但在2009年中期，房地产大户仁恒置地取而代之，而就在逼近年尾之际，扬子江船业又再度赶超，荣当2009年的龙头。
于泽涵 报道
2009年注定是让股民难忘的一年。全球的资本市场在疯狂与理性之间徘徊，与金融业重新洗牌并进的还有本地龙筹股的市值排序，经过了多次易主之后，截至2009年的最后一天，扬子江船业（Yangzijiang Shipbuilding）跃升成为市值最大的龙筹股。
中远投资很长时间都是龙筹股中的领头羊，但在2009年中期，房地产大户仁恒置地（Yanlord）将其取而代之，而就在逼近年尾之际，扬子江船业又再度赶超，荣当2009年的龙头。
2008年底，扬子江船业以17亿元的身价名列龙筹股的第二位，在所有本地上市公司中排名第42位。随着公司出色的业绩表现和按时交付船只，该股股价随着资本市场的上涨而回弹，市值大增。截至2009年，扬子江船业的市值达到44亿元，在所有股票中排名第32位。
新加坡证券投资者协会研究公司的投资分析师莫子扬表示，造船与全球经济和贸易息息相关。这是一个周期性很强的业务，随着经济在2010年逐渐复苏，相信造船业也将有所抬头。
不过，他也指出，如果中国政府提高信贷利息，或者撤销经济刺激政策，2010年经济复苏的步伐也有可能受到限制。
优胜劣汰本来就是股票市场中不变的定律，而一场金融海啸更是让不少过去耳熟能详的股市骄子在投资者的视野中渐行渐远。2008年的十大龙筹股中，有三只股票在2009年滑出榜外，取而代之的三只新贵分别是伊普国际(Epure International)、麦达斯控股（Midas）和欧圣集团（Oceanus）。值得注意的是，仁恒置地、英利国际置业（Ying Li International Real Estate）以及中部大观房地产（Centraland）三只地产股仍然稳坐前十大。
莫子扬指出，中国政府在2008年底推出了一系列的财政政策，并从09年开始执行。这些措施需要时间才能在市场中发挥作用，特别是放松信贷贷款的政策。中国的房地产市场在09年下半年格外强劲，不过也带来了一定的隐忧。
辉立证券交易员黄荣贵认为，房地产价格的攀升推动了房地产股票，因为这些公司的营业额都出现攀升，但是在2010年第一季度之后市场能否维持如此之高的价位颇具挑战性。
“我比较喜欢农业领域的龙筹股。中国国内的需求应该可以为这些公司提供稳定的营业额，而中国的房地产市场则有过热的现象，政府可能采取措施为房地产市场降温。”
回顾2009年龙筹股的表现，黄荣贵指出，09年对于龙筹股来说可谓是艰难的一年。企业监管绝对是龙筹股面对的最大挑战。一些企业丑闻影响了市场对这类股的投资信心，引起抛压。在之前牛市阶段，龙筹股的价格被热炒得过高，因此当金融市场面临溶解，它们是率先滑落下来的。
他还提到本地龙筹股很少具有在中国上市的公司规模。本地龙筹股市值多属中小企业，同时考虑到2010年市场上的不确定因素，对龙筹股的投资可能不会恢复到2007年牛市的热潮。
不过，莫子扬则认为，不论股市好还是坏，其实投资者对龙筹股的投资兴趣都很高。特别是现在不少人认为，这些龙筹股可以随着全球经济的复苏以及海峡时报指数在2010年的持续走高而攀升。
“虽然市场对龙筹股信心可能得在摆脱企业监管、甚至欺骗等负面消息后才能完全恢复，不过我相信龙筹股中还是有一些优质股。”莫子扬还看好中国第二、三线城市的房地产公司，例如中部大观房地产和英利，以及针对中国国内需求的零售和制造业公司如中国群达科技控股（China Kunda Technology）。
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