Resorts World Las Vegas took a big step forward today when Nevada gaming officials gave a key regulatory approval to the $4 billion project.
The Nevada Gaming Commission unanimously signed off on a series of applications from Genting Group, the Malaysian company that’s developing the resort on the north end of the Las Vegas Strip.
The approvals given to Genting, which received the blessing of the Gaming Control Board two weeks ago, included findings of suitability for various executives and corporate entities. They mark the most significant public progress on the project since it held an elaborate ceremonial groundbreaking a year ago.
Construction of the Chinese-themed Resorts World should start in earnest sometime in the last three months of this year, with site activity beginning to ramp up this summer. The resort is expected to be finished in early 2019.
Resorts World was previously expected to open in 2018.
Gerald Gardner, the project’s general counsel, said Genting officials have been focused on improving and refining their plans. He has said previously that issues with the Chinese economy and Malaysian currency impacted the timeline.
“This is an extremely deliberative and thorough company when it comes to evaluating markets, when it comes to getting it right in terms of design and construction,” Gardner said today.
When it opens, Resorts World plans to offer a hotel with more than 3,000 rooms, a 150,000-square-foot casino and a nightclub, among other features.
One element highlighted today by Gardner was a “celestial sphere” feature in the front entrance atrium that will be able to display selfies from guests. The area will also include a Chinese garden, Gardner said.
Gardner, a former chief of staff to Gov. Brian Sandoval, said Resorts World intends to attract a large number of Chinese customers but indicated it should be well positioned toward domestic patrons as well.
The resort will create about 5,000 direct construction jobs and will have some 3,000 employees when it opens, Gardner said.
Resorts World is being built on the site where the Stardust stood until it was imploded. Boyd Gaming Corp. started to develop a new resort there called Echelon but abandoned the project amid the recession.
Genting is using partially built Echelon structures to build Resorts World.
Resorts World is the first Las Vegas project being developed by Genting, which already has established itself as an international hospitality powerhouse with properties in such locations as Malaysia, Singapore and the United Kingdom.
Genting also has a casino in New York — Resorts World New York City — and has a hand in another planned casino in Massachusetts.
Beyond hospitality, Genting’s other business interests include oil palm plantations, power generation and oil and gas exploration.
Friday, May 20, 2016
MQ Research: AirAsia's target price upgraded to RM3.50!
The AirAsia journey continues to excite many investors with the share price gaining an additional 2.6% to RM2.34 on Thursday. In May alone, the share price has surged a whopping 23.2%! Call warrants listed over AIRASIA followed closely with AIRASIA-C29 gaining 225%.
Ahead of AirAsia’s 1Q16 results due at the end of this month, Macquarie Equities Research (MQ Research) has revised the target price (TP) of the low-cost airline from RM3.00 to RM3.50. Find out why below..
Event
Impact
Earnings and target price revision
Price catalyst
Action and recommendation
Ahead of AirAsia’s 1Q16 results due at the end of this month, Macquarie Equities Research (MQ Research) has revised the target price (TP) of the low-cost airline from RM3.00 to RM3.50. Find out why below..
Event
- MQ Research reiterates their Outperform recommendation on AirAsia with a revised TP of RM3.50 (54% TSR) ahead of 1Q16 results due out at the end of May. Despite less aircraft operated by its Malaysian business, AirAsia Malaysia carried 17% more passengers in a period where the industry only grew 3%. This, together with lower fuel prices and a more rational competitive environment in Malaysia, should support AirAsia to deliver a 51% increase in FY16 profits, its highest ever profit. The stock is trading on 6.6x 17E EV/EBITDAR based on MQ Research’s new estimates. MQ Research’s TP of RM3.50 implies an17E EV/EBITDAR multiple of 8.6x, on par with its historical forward multiple.
Impact
- 1Q16 preview
MQ Research estimates AirAsia will report an adjusted profit of ~RM265m (+88% YoY) in 1Q16, 25% of MQ Research’s FY16E, but representing 32% of consensus estimates. MQ Research expects revenue growth of 19% in the quarter will be driven by a 26% revenue passenger per kilometer (RPK) growth. A pax yield decline of 3% is expected given the current weak yield environment. MQ Research are expecting unit cost (CASK) to remain flattish given the Ringgit weakened on average 14% YoY pcp. MQ Research expects AirAsia to deliver an EBITDA of ~RM530mn (+25% YoY). Thai AirAsia’s profit of RM95mn is expected to be higher than the losses at its Indonesian and Indian associates. MQ Research forecast its Philippines associate to turn profitable in 1Q16.
- Got that sunshine in its pocket
2016 is turning out well for AirAsia, in MQ Research’s view. AirAsia is delivering faster passenger growth than the industry as evidenced by its 1Q16 operating statistics released earlier this month, which supports MQ Research’s trade down thesis. With 70% of its 16E fuel requirement being hedged at US$55/bbl, a 1% strengthening of the Ringgit could increase 16/17E profit by 1.1-2.0%. The decision by its competitor Malindo Air to become a full service airline MQ Research believes will mitigate downward pressure on yields. MQ Research assumes yields will fall by 2% in FY16E. An uplift in the bottom-line to be driven by cash unit cost reduction of 10%.
- Downside risk to our recommendation
A faster pax yield decline than expected is the biggest risk to MQ Research’s recommendation in MQ Research’s view. Asean carriers reported -14% to +5% yield change in FY15A. MQ Research believes other key downside risks are non-payment from Indonesia AirAsia’s local shareholder for its portion of the perpetual bond, stronger dollar and demand slowdown.
Earnings and target price revision
- MQ Research increases their FY16-18E adjusted profit by 20-22% mainly on the back of a stronger Ringgit assumption and better-than-expected operating statistics. MQ Research factors in the impending RM1bn share placement. MQ Research rolls forward to FY17E. In sum, MQ Research raises their TP by 17% to RM3.50 from RM3.00.
Price catalyst
- 12-month price target: RM3.50 based on a Sum of Parts methodology.
- Catalyst: 1Q16 earnings announcement
Action and recommendation
- Reiterate Outperform.
CIMB Research ups AirAsia target price to RM3.13
KUALA LUMPUR: CIMB Equities Research has raised its target price of AirAsia Bhd from RM2.70 to RM3.13 – a significant upside from the last traded price of RM2.34.
The research house said on Friday it reviewed AirAsia’s very strong operating statistics last week and noted that the 1Q16 results, which will be released on May 27, are likely to exceed expectations.
“The airline may report a record 1Q group core profit of between RM350mil and RM450mil, versus a loss of RM53mil in last year’s 1Q and profit of RM285mil in 4Q15. As a result, we upgrade our FY16-17 core EPS estimates by 15%-16%, and lift the target price to RM3.13, still based on CY17 P/E of eight times (peer range six to 12 times).
“Stay Add as AirAsia is enjoying low fuel costs and benign competitive environment,” it said.
CIMB Research reviewed AirAsia’s excellent operating statistics and the in-depth market fundamentals in its May 11 report. In summary, the entire group registered strong growth in revenue per kilometre (RPK) demand leading to record load factors.
Improving competitive dynamics and industry capacity reductions are supportive of better yields in Malaysia, coinciding with very low oil prices, likely resulting in robust quarterly earnings.
It also pointed out Thai AirAsia, which reported results last week, is a harbinger of how Malaysia AirAsia (MAA) may report. TAA’s 1Q16 core earnings rose 59% on-year, and its 1Q16 yields were actually higher than in 4Q15, which is atypical. Higher load factors and lower oil prices did the rest.
The situation is not dissimilar for MAA, with loads higher in 1Q16 than even the super-peak 4Q15. It is a given that MAA will achieve yields higher than in 1Q15, which the crash of QZ8501 had affected, but can 1Q yields match the 4Q15 levels?
CIMB Research said if MAA delivers 1Q16 yields that are on par with the immediately preceding 4Q15 (implying +11% on-year), group core net profit can reach as high as RM450mil.
On a more conservative assumption of a 3% on-year increase in yields, RM350mil will be more likely.
“We strongly believe Indonesia and Philippines AirAsia and will deliver lower losses in the coming earnings release. For IAA, AirAsia’s 49% share of its loss amounted to RM143mil in 1Q15, but we think a much smaller RM20m share of loss is possible in 1Q16 (similar to the 4Q15 level).
The research house said on Friday it reviewed AirAsia’s very strong operating statistics last week and noted that the 1Q16 results, which will be released on May 27, are likely to exceed expectations.
“The airline may report a record 1Q group core profit of between RM350mil and RM450mil, versus a loss of RM53mil in last year’s 1Q and profit of RM285mil in 4Q15. As a result, we upgrade our FY16-17 core EPS estimates by 15%-16%, and lift the target price to RM3.13, still based on CY17 P/E of eight times (peer range six to 12 times).
“Stay Add as AirAsia is enjoying low fuel costs and benign competitive environment,” it said.
CIMB Research reviewed AirAsia’s excellent operating statistics and the in-depth market fundamentals in its May 11 report. In summary, the entire group registered strong growth in revenue per kilometre (RPK) demand leading to record load factors.
Improving competitive dynamics and industry capacity reductions are supportive of better yields in Malaysia, coinciding with very low oil prices, likely resulting in robust quarterly earnings.
It also pointed out Thai AirAsia, which reported results last week, is a harbinger of how Malaysia AirAsia (MAA) may report. TAA’s 1Q16 core earnings rose 59% on-year, and its 1Q16 yields were actually higher than in 4Q15, which is atypical. Higher load factors and lower oil prices did the rest.
The situation is not dissimilar for MAA, with loads higher in 1Q16 than even the super-peak 4Q15. It is a given that MAA will achieve yields higher than in 1Q15, which the crash of QZ8501 had affected, but can 1Q yields match the 4Q15 levels?
CIMB Research said if MAA delivers 1Q16 yields that are on par with the immediately preceding 4Q15 (implying +11% on-year), group core net profit can reach as high as RM450mil.
On a more conservative assumption of a 3% on-year increase in yields, RM350mil will be more likely.
“We strongly believe Indonesia and Philippines AirAsia and will deliver lower losses in the coming earnings release. For IAA, AirAsia’s 49% share of its loss amounted to RM143mil in 1Q15, but we think a much smaller RM20m share of loss is possible in 1Q16 (similar to the 4Q15 level).
"Meanwhile, Cebu Air delivered 1Q16 core net profit growth of 56% on-year, on the back of an 8 percentage point on-year rise in loads as domestic demand was strong in the run-up to the elections. AAP similarly saw a 9.9 percentage point rise in loads, and yields may also be up on-year.
“Coming from a low level, AirAsia has seen very strong price action lately, rising 71%over the past three months and 10% over the past one month. There could be more room to rise if it delivers the strong results we expect it to.
“AirAsia remains one of the cheapest low-cost carrier stocks from a price-to-earnings (P/E) perspective, trading at a core CY16 P/E of 6 times against the average sector P/E of 11 times. We expect the 2Q results to be good as well, as industry capacity is flattish while inbound Chinese tourist traffic is rising.
“We need to monitor Malindo’s capacity expansion in 2H16, as it has kept its fleet size unchanged so far this year despite earlier planning for a six to 10 aircraft addition in 2016,” it said.
“Coming from a low level, AirAsia has seen very strong price action lately, rising 71%over the past three months and 10% over the past one month. There could be more room to rise if it delivers the strong results we expect it to.
“AirAsia remains one of the cheapest low-cost carrier stocks from a price-to-earnings (P/E) perspective, trading at a core CY16 P/E of 6 times against the average sector P/E of 11 times. We expect the 2Q results to be good as well, as industry capacity is flattish while inbound Chinese tourist traffic is rising.
“We need to monitor Malindo’s capacity expansion in 2H16, as it has kept its fleet size unchanged so far this year despite earlier planning for a six to 10 aircraft addition in 2016,” it said.
Wednesday, May 18, 2016
事不寻常 高盛、索罗斯同时预言到一件事将发生
新闻配图
核心提示：高盛突然转而看好国际油价，实在事不寻常，预示短期美元汇率可能进一步走弱。与此同时，索罗斯第一季度将其公司在美国股市的投资额减少了三分之一以上，并购入世界最大黄金生产商巴里克黄金价值2.64亿美元的股票。
高盛的Damien Courvalin和Jeffrey Currie等分析师在5月15日的电子邮件报告中表示，原油市场从库存接近饱和转变为供不应求的时间比预期提前。
高盛将第二季度西德州中质原油(WTI)价格预测从每桶35美元调高至45美元，第三季度预测从40美元上调至49美元，第四季度预测从45美元提高到51美元，2016年全年预测从38.40美元调高至44.60美元。
尼日利亚供应受阻、伊朗增产以及需求增加等因素，正带动油价进入“转型阶段”。
实物市场“终于开始”再平衡；今年第一季度市场供应过剩140万桶/天，第二季度可能变成供应短缺7.1万桶/天。
在需求强劲和产量减少推动下，今年出现供不应求的局面比高盛3月中旬预测的时间提早了一个季度。高盛将2017年原油价格预测从每桶57.50美元调低至52.50美元。
事实上，高盛突然转而看好国际油价，实在事不寻常，预示短期美元汇率可能进一步走弱，除了为美国经济护航与推高通胀率、达到再次加息门槛之外，更重要的是打救美国页岩油企业，避免所发行高息债券（垃圾债券）连环“爆炸”。此时国际油价止跌回升，对美国利大于弊。
换而言之，弱美元政策重新抬头了。
与此同时，在本周五七大工业国(G7)会议举行在即之际，美国财政部长杰克卢突然发表狠话，直言对于日本推出导致日元贬值的措施感到不安，意味不会容许日元再大幅贬值，以免造成强美元影响美国经济表现，这可以解释近月日元兑美元易升难跌原因。
市场不宜对G7会议有太大期望，担心会后日元恢复强劲升势，兑美元可能会一举升破一百大关，势必触发新一轮日元套息交易拆仓活动，全球股市将会有难了，爆发拆仓套现浪潮，近日欧美日股市均不约而同出现抛售压力，资金已布局空仓了。
美股“末日审判”快到
法推动美股向上，近日更失去全球市值最高宝座，可能预示“末日审判”快到了。
一大波大佬持仓公布
随着今年一季度结束，华尔街对冲基金最新持仓报告也在逐步披露。
周一公布的监管申报文件显示，亿万富翁乔治·索罗斯第一季度将其公司在美国股市的投资额减少了三分之一以上，并购入世界最大黄金生产商巴里克黄金价值2.64亿美元的股票。
索罗斯基金管理公司上季度末的美股持股下降了37%至35亿美元。索罗斯还披露持有105万SPDR黄金信托股份的看涨期权，这是跟踪黄金价格的交易所交易基金。
雷根时期的预算管理局局长(OMB)斯托克曼昨天公开表示看空美股，他说依统计数据，美国损耗盈余、汽车销售创高峰、存货比率、运费都反映美国经济比人们想像的还不稳定，他大胆地说：“在这一轮政治循环必定难逃经济衰退。”预言标普500下半年跌幅高达40%；所以今年11月美国总统不如选特朗普那样的破坏狂突破现状、用不同方式治理国家。
近来市场看空美股的言论不断，综观目前表态看跌的重量级投资人发言，两大主因是美国错误的经济政策、中国经济成长放缓。
有美国商界最危险的人物、企业狙击手之称的伊坎，四月宣称已清空了手中所有苹果股票，他并预期今年股市会先跌20%，如果政府实施刺激措施，可望再回涨20%。
投资大师罗杰斯说，投资者今年要为美联储过去错误的财政、货币政策买单。全球最大对冲基金桥水创始人达里奥认为，美联储在金融危机后，对市场释放大量资金、制造资产价格泡沫，导致政策逐渐失效；股市面临债务周期结束后的下跌风险。
债券天王格罗斯分析，主要的新兴市场经济衰退现象未见好转，加上各国央行提振经济效果甚微，市场已意识到全球经济成长缺乏动力，于是投资者大量抛售股票，他预言今年底美股跌深11%。
比美联储加息还大的风险
美国11月总统大选将很快成为继美联储加息时机与中国货币政策之后，又一个造成市场动荡的不确定性因素。
事实上，美国总统大选与英国脱欧公投结果成为美股以至全球股市动荡之源，尤其是一旦共和党特朗普当上总统，以其反全球化的立场，全球金融市场必然将会大乱，现时美股回落开始反映总统大选的风险溢价。
AirAsia, budget carrier set to soar in Asean open skies
SINGAPORE: Low-cost airline groups and manufacturers of smaller passenger aircraft will be among the main winners after Southeast Asia's open skies agreement finally came into effect last month, although airport capacity constraints could limit the benefits.
Ratification of the Association of Southeast Asian Nations (ASEAN) open skies agreements by Indonesia and Laos in April lifts restrictions on capacity and competition, allowing airlines to launch unlimited flights from their home to any point in the region subject to airport slot availability.
Hubs like Singapore, which have a clear expansion plan, could gain from an increase in air services, as will budget carriers which are ideal for a region where no two points are more than a few hours apart, say analysts.
"Airlines can launch any number of international flights as the market can support," said Alan Tan, an aviation law professor at the National University of Singapore. "Travellers can thus look forward to more flights at more competitive prices."
AirAsia, for example, wants more international flights from the Philippines and Indonesia, a spokeswoman said. This will help its affiliates, which have found it tough to break into the domestic market in those countries.
"Improved connectivity in the region will be a boon to tourism and strengthen ASEAN as an economic union," the spokeswoman said.
Full service airlines like Thai Airways, Garuda Indonesia and Philippine Airlines, which have lost market share to budget carriers over the last decade, say they plan to use their long-haul network to connect passengers to their Southeast Asia services.
The Singapore Airlines group has an additional advantage, given its ability to operate services using two premium brands and two low-fare subsidiaries, analysts say.
The opening up of regional destinations can also boost manufacturers of 70-130 seater aircraft, like Brazil's Embraer , Canada's Bombardier and ATR, a joint venture between Airbus and Italy's Finmeccanica.
These planes can serve some routes more profitably than the larger Airbus A320s and Boeing 737s, they say.
"Many of the region's airlines are beginning to recognise the potential advantage of right-sizing and the ratification of ASEAN open skies, we feel, will simply accelerate the process," said Mark Dunnachie, who leads Embraer's aircraft sales in the Asia-Pacific.
HUBS LIMIT GROWTH
While there will clearly be winners from the open skies deal, the full gains could be limited by airport constraints.
Bangkok's Suvarnabhumi Airport, Ninoy Aquino International Airport in Manila, and Jakarta's Soekarno-Hatta International Airport serve Southeast Asia's three biggest domestic markets of Thailand, the Philippines and Indonesia respectively.
All have reached full capacity with congestion and delays the norm, creating spillover problems for smaller airports in those countries as well.
"Unlimited flight capacity is meaningless if airport and slot congestion remains unaddressed by governments," Tan said.
Singapore's Changi Airport is the exception. Despite having relatively little domestic traffic, it has three terminals which can handle 66 million passengers and served 55 million in 2015, the most in Southeast Asia. Work has begun on two more terminals.
Such long-term national aviation policies are needed due to the lengthy gestation period for terminals and runways, said Vinoop Goel, Asia Pacific director for airports at the International Air Transport Association (IATA), a global airline trade body.
IATA estimates that ASEAN countries can add almost 25 million jobs and $298 billion to the region's GDP by 2035 if they invest in aviation infrastructure. This is up from 11.6 million jobs and $144.4 billion to GDP in 2014.
"Clearly, failing to tackle airport infrastructure will have an economic cost," Goel said. - Reuters
Friday, May 6, 2016
AirAsia Group chalks out major shake-up
The Group has major plans which include an African debut in October beginning with Mauritius, a merger in Thailand and Indonesia, a strategic partnership and prepayment of debts.
KUALA LUMPUR: The AirAsia Group appears to have chalked out major plans for the months ahead in the wake of the Tata Group of India announcing that it was increasing its stake in AirAsia India to 49 per cent, according to ch-aviation which bills itself as “the world’s leading airline intelligence provider since 1998”. “The Tata Group presently has 41.06 per cent.”
“It’s acquiring 7.94 per cent of New Delhi-based investment firm Telestra Tradeplace’s stake in AirAsia India.”
The Tata Group has formally informed the Mumbai Stock Exchange on its increased stake in AirAsia India. Telestra’s remaining stake in AirAsia in India will be acquired by Subramaniam Ramadorai and R. Venkataramanan, Tata Group executives and AirAsia India board members, acting in their individual capacity.
The portal also quotes Thai Deputy Prime Minister Somkid Jatusripitak in a Reuters report as saying that AirAsia may merge in Thailand and Indonesia into one company listed on both the Thai and Malaysian stock exchanges.
Jatusripitak added that the merger also calls for AirAsia Group and Thai Airways International to form a strategic partnership that does not involve any exchange of equity. Earlier, the rumours were that Thai Airways International would acquire a 20 per cent stake in AirAsia Thailand. The rumours have since been rebutted.
The Thai Deputy Prime Minister was apparently taking his cue from a meeting he had with AirAsia Group Founder and CEO Tony Fernandes in Bangkok last week. Fernandes, at that time, had been quoted in the media as saying that he was considering using Bangkok as the Group’s international headquarters. He cited Thailand’s increasing prominence and growth potential as plus points giving it his vote of confidence.
Elsewhere, ch-aviation quotes Mauritian Minister of Tourism, Xavier-Luc Duval telling L’Express newspaper that AirAsia X will likely make its African debut from Kuala Lumpur in October this year. “AirAsia X will connect Mauritius to Asia, probably in October,” he was quoted as saying. “The airline will operate four flights per week to KLIA and anticipates bringing in at least 50,000 additional tourists to our island per annum.”
Air Mauritius is currently the only airline flying the Mauritius-Kuala Lumpur route.
In another snippet, ch-aviation noted that the AirAsia Group had informed the Kuala Lumpur Stock Exchange that Tune Live Sdn Bhd, an investment vehicle owned by Fernandes and Chairman Kamarudin Meranun, will fork out USD259 million for 559 million newly-issued shares in the AirAsia Group.
The investment, which will see Tune Live’s stake in the AirAsia Group increasing to 32.4 per cent from the present 18.9 per cent, will reportedly be used for prepayment and repayment of the Group’s debts, financing aircraft, engines and parts.
“It’s acquiring 7.94 per cent of New Delhi-based investment firm Telestra Tradeplace’s stake in AirAsia India.”
The Tata Group has formally informed the Mumbai Stock Exchange on its increased stake in AirAsia India. Telestra’s remaining stake in AirAsia in India will be acquired by Subramaniam Ramadorai and R. Venkataramanan, Tata Group executives and AirAsia India board members, acting in their individual capacity.
The portal also quotes Thai Deputy Prime Minister Somkid Jatusripitak in a Reuters report as saying that AirAsia may merge in Thailand and Indonesia into one company listed on both the Thai and Malaysian stock exchanges.
Jatusripitak added that the merger also calls for AirAsia Group and Thai Airways International to form a strategic partnership that does not involve any exchange of equity. Earlier, the rumours were that Thai Airways International would acquire a 20 per cent stake in AirAsia Thailand. The rumours have since been rebutted.
The Thai Deputy Prime Minister was apparently taking his cue from a meeting he had with AirAsia Group Founder and CEO Tony Fernandes in Bangkok last week. Fernandes, at that time, had been quoted in the media as saying that he was considering using Bangkok as the Group’s international headquarters. He cited Thailand’s increasing prominence and growth potential as plus points giving it his vote of confidence.
Elsewhere, ch-aviation quotes Mauritian Minister of Tourism, Xavier-Luc Duval telling L’Express newspaper that AirAsia X will likely make its African debut from Kuala Lumpur in October this year. “AirAsia X will connect Mauritius to Asia, probably in October,” he was quoted as saying. “The airline will operate four flights per week to KLIA and anticipates bringing in at least 50,000 additional tourists to our island per annum.”
Air Mauritius is currently the only airline flying the Mauritius-Kuala Lumpur route.
In another snippet, ch-aviation noted that the AirAsia Group had informed the Kuala Lumpur Stock Exchange that Tune Live Sdn Bhd, an investment vehicle owned by Fernandes and Chairman Kamarudin Meranun, will fork out USD259 million for 559 million newly-issued shares in the AirAsia Group.
The investment, which will see Tune Live’s stake in the AirAsia Group increasing to 32.4 per cent from the present 18.9 per cent, will reportedly be used for prepayment and repayment of the Group’s debts, financing aircraft, engines and parts.
AirAsia mulling international headquarters in Thailand, Thai DPM says
Thailand's deputy prime minister Somkid Jatusripitak said said AirAsia was also ready to work with other carriers in Thailand to connect Asean cities and bring passengers to the country. — File pic
BANGKOK, April 30 — Low-cost airline AirAsia is mulling the possibility of setting up its Internatioal Headquarters (IHQ) in Thailand as well as building its own airport in the country, said Thai Deputy Prime Minister Somkid Jatusripitak.
The matter, he said, was discussed when AirAsia’s founder and Group Chief Executive Officer Tan Sri Tony Fernandes made a courtesy call on Thai Prime Minister Gen. Prayuth Chan-ocha at Government House yesterday.
“He (Fernandes) floated the idea of setting up an IHQ in Thailand as the true gateway of Asean tourism,” the local media quoted Somkid as saying today.
The deputy prime minister in charge of economic affairs, who was also at the meeting, said the suggestion by the low-cost airline to set up an IHQ in Thailand signalled a return of foreign-investor confidence in the country.
The budget carrier’s owner, he said, also envisaged the consolidation of its subsidiaries in the region and listing the consolidated company on the Stock Exchange of Thailand (SET) or seeking a dual listing in Malaysia and Thailand.
Somkid said AirAsia was also ready to work with other carriers in Thailand to connect Asean cities and bring passengers to the country.
In February this year, the deputy premier suggested that national flag carrier Thai Airways consider buying a 20 per cent stake in Thai AirAsia to leverage on the benefits of a budget airline. — Bernama
BANGKOK, April 30 — Low-cost airline AirAsia is mulling the possibility of setting up its Internatioal Headquarters (IHQ) in Thailand as well as building its own airport in the country, said Thai Deputy Prime Minister Somkid Jatusripitak.
The matter, he said, was discussed when AirAsia’s founder and Group Chief Executive Officer Tan Sri Tony Fernandes made a courtesy call on Thai Prime Minister Gen. Prayuth Chan-ocha at Government House yesterday.
“He (Fernandes) floated the idea of setting up an IHQ in Thailand as the true gateway of Asean tourism,” the local media quoted Somkid as saying today.
The deputy prime minister in charge of economic affairs, who was also at the meeting, said the suggestion by the low-cost airline to set up an IHQ in Thailand signalled a return of foreign-investor confidence in the country.
The budget carrier’s owner, he said, also envisaged the consolidation of its subsidiaries in the region and listing the consolidated company on the Stock Exchange of Thailand (SET) or seeking a dual listing in Malaysia and Thailand.
Somkid said AirAsia was also ready to work with other carriers in Thailand to connect Asean cities and bring passengers to the country.
In February this year, the deputy premier suggested that national flag carrier Thai Airways consider buying a 20 per cent stake in Thai AirAsia to leverage on the benefits of a budget airline. — Bernama
Thursday, May 5, 2016
Stand Aside JP Morgan!
From the SRSRocco Report:
The days of JP Morgan controlling the silver market may be numbered as a new player in the silver market has arrived. For the past several years, JP Morgan held the most silver on a public exchange in the world. While the LBMA may hold (or did hold) more silver, their stockpiles are not made public.
Regardless, JP Morgan held the most silver at nearly 74 million oz (Moz) in its warehouse, up until recently. Over the past two month, JP Morgan’s silver inventories have fallen nearly 7 Moz to 67.1 Moz today:
As I mentioned in my previous article, Why Are The Chinese Stockpiling Silver? Big Move Coming?, JP Morgan increased their silver inventories from 4 Moz in April 2011 to 69.4 Moz April 19, 2016. However, the Shanghai Futures Exchange silver inventories surged from 7.5 Moz in August 2015 to 54.7 Moz on April 19, 2016:
Basically, JP Morgan added an average 16.3 Moz of silver each year for the past years, whereas the Shanghai Futures Exchange added nearly 7 Moz per month. Furthermore, the majority of gains came since the beginning of 2016. Again, here is my previous Shanghai Futures Exchange silver stock chart from the article linked above:
As we can see from this chart dated April 19th, the Shanghai Futures Exchange more than tripled their silver inventories since November 2015. What is even more interesting is the continued buildup over the past two weeks. Here is an updated chart based on data for May 3rd:
Over the past two weeks, the Shanghai Futures Exchange added another 179 metric tons (mt) or 5.8 Moz. Now, if we update the JP Morgan and Shanghai Futures Exchange silver stock chart (from above) we have the following:
Here we can see that JP Morgan’s total physical silver inventories have declined from 69.4 Moz to 67.2 Moz, while the Shanghai Futures Exchange silver stocks have increased from 54.7 Moz to 60.6 Moz. If the Shanghai Futures Exchange continues to add silver at this rate, it will surpass JP Morgan in a two to three weeks.
Some analysts say these transfers really don’t mean much if the overall inventories stay the same. That may be true, but there was some reason the CNT Depository transferred 3.5 Moz of silver from their Registered Inventories to the Eligible.
That being said, the Chinese are adding a lot of silver to their Shanghai Futures Exchange warehouses. The build from 7.5 Moz in August 2015 to over 60 Moz of silver in the beginning of May puts JP Morgan’s four-year inventory growth to shame.
For whatever reason, silver inventories at the Shanghai Futures Exchange warehouses are increasing at a rapid pace while the Comex silver stocks continue to decline. Comex silver inventories were over 180 Moz in July 2015 and are now only 151 Moz. This is quite interesting as the Shanghai Futures Exchange inventories started to build from 7.5 Moz in August 2015 to the 60.6 Moz today.
It will be interesting to see how the exchange inventories and the action in the price of silver play out over the next several months.
The days of JP Morgan controlling the silver market may be numbered as a new player in the silver market has arrived. For the past several years, JP Morgan held the most silver on a public exchange in the world. While the LBMA may hold (or did hold) more silver, their stockpiles are not made public.
Regardless, JP Morgan held the most silver at nearly 74 million oz (Moz) in its warehouse, up until recently. Over the past two month, JP Morgan’s silver inventories have fallen nearly 7 Moz to 67.1 Moz today:
As I mentioned in my previous article, Why Are The Chinese Stockpiling Silver? Big Move Coming?, JP Morgan increased their silver inventories from 4 Moz in April 2011 to 69.4 Moz April 19, 2016. However, the Shanghai Futures Exchange silver inventories surged from 7.5 Moz in August 2015 to 54.7 Moz on April 19, 2016:
Basically, JP Morgan added an average 16.3 Moz of silver each year for the past years, whereas the Shanghai Futures Exchange added nearly 7 Moz per month. Furthermore, the majority of gains came since the beginning of 2016. Again, here is my previous Shanghai Futures Exchange silver stock chart from the article linked above:
As we can see from this chart dated April 19th, the Shanghai Futures Exchange more than tripled their silver inventories since November 2015. What is even more interesting is the continued buildup over the past two weeks. Here is an updated chart based on data for May 3rd:
Over the past two weeks, the Shanghai Futures Exchange added another 179 metric tons (mt) or 5.8 Moz. Now, if we update the JP Morgan and Shanghai Futures Exchange silver stock chart (from above) we have the following:
Here we can see that JP Morgan’s total physical silver inventories have declined from 69.4 Moz to 67.2 Moz, while the Shanghai Futures Exchange silver stocks have increased from 54.7 Moz to 60.6 Moz. If the Shanghai Futures Exchange continues to add silver at this rate, it will surpass JP Morgan in a two to three weeks.
Comex Registered Silver Inventories Drop Nearly 4 Million Ounces Yesterday
When the CME Group published the recent silver inventory change on the Comex yesterday, nearly 4 Moz were transferred from the Registered to Eligible Category. The majority of the transfer came from the CNT Depository at nearly 3.5 Moz with 485,325 oz from HSBC:Some analysts say these transfers really don’t mean much if the overall inventories stay the same. That may be true, but there was some reason the CNT Depository transferred 3.5 Moz of silver from their Registered Inventories to the Eligible.
That being said, the Chinese are adding a lot of silver to their Shanghai Futures Exchange warehouses. The build from 7.5 Moz in August 2015 to over 60 Moz of silver in the beginning of May puts JP Morgan’s four-year inventory growth to shame.
For whatever reason, silver inventories at the Shanghai Futures Exchange warehouses are increasing at a rapid pace while the Comex silver stocks continue to decline. Comex silver inventories were over 180 Moz in July 2015 and are now only 151 Moz. This is quite interesting as the Shanghai Futures Exchange inventories started to build from 7.5 Moz in August 2015 to the 60.6 Moz today.
It will be interesting to see how the exchange inventories and the action in the price of silver play out over the next several months.
億萬富翁投資者：股票牛市耗盡 大量配置黃金
Stan Druckenmiller
長期投資準星極佳的億萬富翁投資者Stan Druckenmiller稱，股票市場的牛市已經耗盡，而黃金成為了他目前最大的貨幣配置。
Druckenmiller週三(5月4日)表示，雖然過去三年對美聯儲政策多有批評，但這一次美聯儲的作為可能會推動資產價格上漲。
Druckenmiller稱：“我認為有很大證據證明市場有所轉變，高估值以及三年多以來企業無效益的表現、進一步寬鬆的限制以及大量債務等，都意味著股市牛市耗盡。”
Druckenmiller指出，在全球大量負利率的情況下，他選擇持有黃金。 “有些人認為它是金屬，我們則認為它是貨幣，這仍然是我們持倉最大量的貨幣配置。”
Tuesday, April 26, 2016
WORLD OFFICIAL GOLD HOLDINGS
| International Financial Statistics, April 2016* | |||||||
Tonnes
|
% of reserves**
|
Tonnes
|
% of reserves**
| ||||
1
|
United States
|
8,133.5
|
75.3%
|
51
|
WAEMU3)
|
36.5
|
11.8%
|
2
|
Germany
|
3,381.0
|
69.0%
|
52
|
Malaysia
|
36.4
|
1.5%
|
3
|
IMF
|
2,814.0
|
1)
|
53
|
Peru
|
34.7
|
2.2%
|
4
|
Italy
|
2,451.8
|
68.3%
|
54
|
Slovakia
|
31.7
|
41.9%
|
5
|
France
|
2,435.6
|
63.2%
|
55
|
Azerbaijan
|
30.2
|
18.4%
|
6
|
China
|
1,788.4
|
2.2%
|
56
|
Ukraine
|
27.4
|
8.1%
|
7
|
Russia
|
1,447.0
|
15.1%
|
57
|
Syria
|
25.8
|
5.8%
|
8
|
Switzerland
|
1,040.0
|
6.8%
|
58
|
Sri Lanka
|
22.1
|
13.4%
|
9
|
Japan
|
765.2
|
2.4%
|
59
|
Morocco
|
22.0
|
3.7%
|
10
|
Netherlands
|
612.5
|
59.4%
|
60
|
Afghanistan
|
21.9
|
12.2%
|
11
|
India
|
557.7
|
6.2%
|
61
|
Nigeria
|
21.4
|
2.6%
|
12
|
ECB
|
504.8
|
26.6%
|
62
|
Serbia
|
18.1
|
6.5%
|
13
|
Turkey6)
|
479.4
|
16.9%
|
63
|
Cyprus
|
13.9
|
63.2%
|
14
|
Taiwan
|
422.7
|
3.8%
|
64
|
Bangladesh
|
13.8
|
1.9%
|
15
|
Portugal
|
382.5
|
72.1%
|
65
|
Tajikistan
|
12.6
|
88.6%
|
16
|
Venezuela
|
361.0
|
69.1%
|
66
|
Cambodia
|
12.4
|
6.5%
|
17
|
Saudi Arabia
|
322.9
|
2.1%
|
67
|
Qatar
|
12.4
|
1.3%
|
18
|
United Kingdom
|
310.3
|
9.3%
|
68
|
Ecuador
|
11.8
|
14.4%
|
19
|
Lebanon
|
286.8
|
22.7%
|
69
|
Mauritius
|
9.9
|
8.9%
|
20
|
Spain
|
281.6
|
19.9%
|
70
|
Czech Republic
|
9.9
|
0.6%
|
21
|
Austria
|
280.0
|
46.5%
|
71
|
Ghana
|
8.7
|
7.6%
|
22
|
Belgium
|
227.4
|
36.8%
|
72
|
Paraguay
|
8.2
|
5.4%
|
23
|
Kazakhstan
|
225.6
|
32.3%
|
73
|
United Arab Emirates
|
7.4
|
0.4%
|
24
|
Philippines
|
195.9
|
9.6%
|
74
|
Myanmar
|
7.3
|
3.9%
|
25
|
Algeria
|
173.6
|
4.5%
|
75
|
Guatemala
|
6.9
|
3.6%
|
26
|
Thailand
|
152.4
|
3.6%
|
76
|
Macedonia
|
6.8
|
10.9%
|
27
|
Singapore
|
127.4
|
2.0%
|
77
|
Tunisia
|
6.8
|
3.6%
|
28
|
Sweden
|
125.7
|
8.4%
|
78
|
Latvia
|
6.6
|
7.3%
|
29
|
South Africa
|
125.2
|
10.9%
|
79
|
Ireland
|
6.0
|
8.0%
|
30
|
Mexico
|
121.2
|
2.7%
|
80
|
Lithuania
|
5.8
|
18.2%
|
31
|
Libya
|
116.6
|
5.8%
|
81
|
Nepal
|
4.9
|
3.0%
|
32
|
Greece
|
112.7
|
63.5%
|
82
|
Bahrain
|
4.7
|
3.1%
|
33
|
BIS2)
|
108.0
|
1)
|
83
|
Brunei Darussalam
|
4.5
|
5.3%
|
34
|
Korea
|
104.4
|
1.1%
|
84
|
Kyrgyz Republic
|
4.3
|
9.5%
|
35
|
Romania
|
103.7
|
10.9%
|
85
|
Colombia
|
3.5
|
0.3%
|
36
|
Poland
|
102.9
|
4.3%
|
86
|
Mozambique
|
3.4
|
5.6%
|
37
|
Iraq
|
89.8
|
6.5%
|
87
|
Slovenia
|
3.2
|
13.5%
|
38
|
Australia
|
79.9
|
7.3%
|
88
|
Aruba
|
3.1
|
14.1%
|
39
|
Kuwait
|
79.0
|
9.5%
|
89
|
Hungary
|
3.1
|
0.4%
|
40
|
Indonesia
|
78.1
|
3.0%
|
90
|
Bosnia and Herzegovina
|
3.0
|
2.5%
|
41
|
Egypt
|
75.6
|
18.4%
|
91
|
Luxembourg
|
2.2
|
8.3%
|
42
|
Brazil
|
67.2
|
0.7%
|
92
|
Hong Kong
|
2.1
|
0.0%
|
43
|
Denmark
|
66.5
|
4.1%
|
93
|
Iceland
|
2.0
|
1.4%
|
44
|
Pakistan
|
64.5
|
13.0%
|
94
|
Papua New Guinea
|
2.0
|
4.4%
|
45
|
Argentina
|
61.7
|
8.6%
|
95
|
Trinidad and Tobago
|
1.9
|
0.7%
|
46
|
Finland
|
49.1
|
18.8%
|
96
|
Haiti
|
1.8
|
3.6%
|
47
|
Belarus4)
|
42.9
|
40.6%
|
97
|
Albania
|
1.6
|
2.0%
|
48
|
Bolivia
|
42.5
|
13.2%
|
98
|
Yemen
|
1.6
|
1.2%
|
49
|
Jordan
|
41.4
|
9.9%
|
99
|
Mongolia
|
1.6
|
5.1%
|
50
|
Bulgaria
|
40.2
|
7.4%
|
100
|
El Salvador
|
1.4
|
1.7%
|
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