The Star Online: Business
The Star Online: Business |
- Original 'Batman' car, costing seven figures, to hit auction bloc
- Analysts call the palm oil market for 2013
- Maybank Research maintains Carlsberg target price of RM13.50
| Original 'Batman' car, costing seven figures, to hit auction bloc Posted: 29 Nov 2012 07:02 PM PST LOS ANGELES: Want to own your very own Batmobile? The original car from the "Batman" television series is going up for auction and is expected to fetch a seven-figure sum, auctioneers Barrett-Jackson said on Thursday. The two-seater car was featured in the live-action "Batman" show starring Adam West that aired from 1966 to 1968. "The Batmobile is true Americana and it's hard to put a dollar figure on something like that," Craig Jackson, chairman and CEO of automobile auction house Barrett-Jackson, said in a statement. "We expect plenty of enthusiasts and fans to come out and wouldn't be surprised if the car sold for multiple millions." The 1955 Lincoln Futura, of which only one was made, was a hand-built concept car developed by the Ford Motor Co. featuring a bubble top. It was bought in 1965 for $1 by owner George Barris, who customized the 19-foot (5.8-meter) car for the televsion series. The one-off Futura symbolized space-age design of the 1950s with a push-button transmission and exterior microphones that piped in the sounds of traffic to its occupants. The car will be auctioned on January 19 in Scottsdale, Arizona, along with Clark Gable's personal 1955 Mercedes-Benz 300SL Gullwing Coupe sportscar. It is not uncommon for notable cars in entertainment history to be sold for large sums at auction. The 1964 Aston Martin DB5 used in the James Bond films "Goldfinger" in 1964 and the following year's "Thunderball," fetched $4.6 million at auction in 2010.
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| Analysts call the palm oil market for 2013 Posted: 29 Nov 2012 06:58 PM PST NUSA DUA, Indonesia: Following are comments by key analysts at a palm oil industry conference in the Indonesian island of Bali: JAMES FRY, CHAIRMAN OF LMC INTERNATIONAL PRICE FORECAST "As Malaysian Palm Oil Board stocks drop below 1.8 million tonnes by June next year, the European Union premium of crude palm oil over Brent crude should move up towards $200." "Adding the CPO premium to the Brent crude oil price, we get these EU CPO price forecasts of $1,000 with Brent at $110 a barrel and $865 with Brent at $90 a barrel by next June." (This translates to Malaysian palm oil futures trading at around 2,530 ringgit per tonne if the mineral oil drops to $90 a barrel, Fry said. And if Brent remains at $110, palm oil futures could hit 2,950 ringgit.) IMPACT OF CHINA RAISING QUALITY STANDARDS FOR RBD PALM OLEIN "There are three possible outcomes: more crude palm oil or crude olein imports for refining; more polishing of RBD olein imports; and maybe more fractionation of RBD palm oil imports." "Palm imports will be high for the next two weeks, and then be slow in January as the application of the new policies is studied. They should settle at a level down slightly from 2012." UNCERTAINTY OVER CHINA'S EDIBLE OIL IMPORT REFORMS "The immediate effect of China's announcement about higher quality specifications for RDB olein in January has been to boost imports as buyers try to avoid uncertainties about how it will be applied." "Will Chinese Customs authorities allow bulk RBD olein imports, as now, but with a requirement that it be polished to meet the tighter specifications? "Will application of the regulations differ in different regions, i.e., will they apply before/after polishing? What about the standards applied to RBD palm oil imported for fractionation? Will they be tightened? In the background, how will the rules on blending of oils for food use and on "gutter oil" affect palm oil?" TUG OF WAR ON EXPORT, IMPORT TAXES Palm's role in meeting oil demand in the next few months is affected by new policies round the world." "Among exporters, Malaysia will match Indonesia's refinery export tax incentives in January. This will boost its share of RBD exports and help to reduce MPOB stocks. This is mildly bullish for CPO prices." "Among importers: India reacted to Indonesia's tax reforms by lifting RBD olein import tariffs. However, it is China that needs the closest watching, as the changes to its CIQ quality requirements for RBD olein add to the impact of its measures to tighten the rules regarding the labelling of blended oils tighter." PALM OIL OUTPUT PROSPECTS "Last year was a remarkably good year for CPO output all over the world, from S.E. Asia to Latin America. This year's output is now benefiting from the good rains in most regions in 2011 and so far this year." "There is also growing confirmation that, regardless of pressures to slow palm plantings, high prices have been promoting the expansion in palm areas. We can expect growth of 2-3 million tonnes a year in Indonesian CPO output for the next few years." "Over the next six months, the output of oils from all three major oilseeds will be restricted by poor crops and so CPO is crucial in balancing supply-demand." THOMAS MIELKE, EDITOR, OIL WORLD PALM OIL'S DISCOUNT TO SOYOIL "Palm oil prices are undervalued, I consider the huge discount of $350 to soyoil as not sustainable. It is a matter of time with current surplus in palm oil getting disposed." SOUTH AMERICAN CROPS "South American crops are going to be key for prices. September to February 2012/13, global crushing of ten oilseed varieties forecast to suffer an unprecedented drop of 5 million tonnes." "In contrast, crushing jumped8.4 million tonnes a year ago and 5.8 million tonnes per annum on the average of the past 14 years. The world needs more palm oil to offset these reductions." "Soybean crushing could be compensated by higher palm oil supplies." "September/February 2012/13 world soybean supplies down by 24 million tonnes. Little rationing in world soybean consumption so far." - Reuters
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| Maybank Research maintains Carlsberg target price of RM13.50 Posted: 29 Nov 2012 06:56 PM PST KUALA LUMPUR: Maybank KE Research is maintaining its target price (TP) of RM13.50 for Carlsberg Malaysia, which is 9.7% above the last traded price of RM12.30. It said on Friday Carlsberg's nine-month net profit of RM151.2mil (up 17.4% on-year) made up 82% of its and consensus FY12 forecasts. Maybank KE Research said earnings were seasonally stronger and augmented by increased premium beer sales. "We maintain our forecasts and discounted cashflow-based TP of RM13.50, implying robust FY13 and FY14 yields of 4.8% and 5.3% respectively," it said. The research house said Carlsberg reported Q3 net profit of RM61.1mil (up 25.0% on-year, up 61.8% on-quarter). It said the on-quarter surge was not unexpected, as Q2 has historically tend to be weak on post festive season belt tightening, while this 3Q also benefited from rising sales of premium brews, for example Asahi Super Dry, Kronenbourg and Somersby Cider. "This took nine-month earnings to 82% of our FY12 forecast, consistent with its seasonal pattern (9M11 earnings made up 84% of full-year profit). No dividend was declared for the quarter (2Q12: 5sen DPS). "EBIT margins of the Malaysian operations spiked to 18.2% in Q3 versus 11.7% in Q2 as i) Carlsberg enjoyed better average product pricing due to the increase in premium beer sales and ii) Q2 was saddled with advertising and promotional costs during Euro 2012," it said. Maybank KE Research said Singapore EBIT margins also rose to 23.7% (versus Q2: 16.7%). Singapore accounted for 27.0% of group EBIT during the quarter. "Q4 has been seasonally weaker as consumers save up for Chinese New Year, leading to bumper spending in January (CNY 2013 falls on Feb 10). "However, room for a surprise surge in Q4, 12 earnings remains as we have noticed a considerable spike in Chinese weddings this year (the Dragon year being deemed more auspicious than the Snake year)," it said. The research house said Carlsberg offers investors a decent three-year earnings CAGR of 13.4%. It said at the RM13.50 TP, Carlsberg also offered robust FY12 and FY13 yields of 4.8% and 5.3% and implies reasonable PERs of 20.4 times/18.5 times respectively. "We expect a dividend payout of 98%, well in line with historic norms, which equates to a final FY12 DPS of 55sen," it said.
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