Aug 09 Performance:
SHANGHAI, Aug 31, 2009 (SinoCast Daily Business Beat via COMTEX) -- CIISF Quote Chart News PowerRating -- CITIC Securities Co., Ltd. (SHSE: 600030), in which insurance firms hold shares that account for 10.64% of the tradable shares of the Shanghai-listed firm, became the No. 1 heavily-weighted stock for insurance companies on the Shanghai and Shenzhen stock exchanges, according to data provided by Wind Info, a leading financial data and service provider in China.
China Life Insurance Company Limited (SHSE: 601628, SEHK: 2628), the largest life insurer in the country, holds a total of 376 million shares in the Shanghai-listed securities firm, and China Life Insurance (Group) Company takes 323 million shares, which make up 10.64% of total tradable shares of the securities firm in total.
The dual-listed insurance firm held 495 million shares in CITIC Securities in the first quarter of this year and reduced holding by 118 million shares in the second quarter of this year, and China Life Insurance (Group) did not cut holding in the securities firm. Source: www.p5w.net (August 31, 2009)
Bilibala comments:
Citic Security is the largest financial service company in China, by holding a significant portion in it, it can indirectly diversify China Life's business from insurance into other financial related segments. It will also give China Life a better picture of how the market trends and investors behavior looks like.
Canada
【明報專訊】新入帳規則下，瑞安翠湖天地嘉苑銷售未能在上半年入帳，受此影響，瑞安房地產（0272）今年上半年錄得純利8.1億元，按年減少42.5%，每股盈利18仙，按年減少42%，派中期股息1仙，按年大減85.7%。另外，若不計重估投資物業及調整衍生金融工具公平值的影響，公司上半年溢利僅9500萬元人民幣，按年倒退91%。
截 至今年7月底，瑞安售樓合約收入共30.65億元，銷售面積14.8萬平方米。其中，首6個月售樓合約收入20.2億元，面積12.2萬平方米，而10億 元已在上半年入帳。09年上半年，瑞安營業額按年增加18%至15億元，物業銷售按年增長22%至11.4億元。董事總經理兼財務總裁尹焰強表示，上半年 所簽未入帳合約都將在今年內入帳。
此外，瑞安主席兼行政總裁羅康瑞解釋，上半年毛利率大跌35.6%，主要是因為除上海以外地區的項目毛利率偏低。尹焰強表示，下半年，嘉苑入賬後，毛利率可改善。
羅康瑞表示，公司將推出3年計劃，爭取2012年後，每年完工面積可達到100萬平方米，去年完工面積僅26萬平方米。此外，羅康瑞希望，2年後能在公司內部選出合適的人選出任行政總裁，自己不用每件事情都作決定，但仍會留任主席一職。
House market
The Group believes its solid capital structure and financial strength will provide a solid
foundation for sustainable future development.
In the first half of 2009, the Group enjoyed continued growth in its customer base, valueadded
business and voice usage volume, which were the driving forces of the steady growth
in operating revenue. In the first half of the year, the net addition of new customers was
35.87 million, taking total customer number to 493 million. In June 2009, customers who
used 3G network services reached 959 thousand. Value-added business grew rapidly,
continuing to increase its contribution to total revenue, accounting for 28.1 per cent. of the
total revenue. For the six months ended 30 June 2009, the Group's total voice usage volume
reached 1,387.047 billion minutes and the average minutes of usage per user per month
(MOU) was 490 minutes. Average revenue per user per month (ARPU) was RMB75.
The Company determines and commits to hold in the highest regard the interests of its
shareholders and the returns achieved for them, especially the minority shareholders. In view
of the Company's favorable operating results for the first half of 2009 and having taken into
consideration its long-term future development, based on the dividend payout plan for the
full year of 2009, the Board recommended payment of an interim dividend of HK$1.346 per
share for the six months ended 30 June 2009.
The Board is of the view that the Company's favorable operating results and strong cash
flow generating capability will continue to support the sustainable future development of the
Company, while providing shareholders with a favorable cash return.
The impact of the global financial crisis on China's economy, changes in the competitive
environment of the telecommunications industry and the continuing increase of the mobile
communications penetration rate are key factors that affect the future development of the
Group. At the same time, economic development is driving a tremendous demand for
information services. China's economy is stabilizing and continues to grow. This, together
with the Chinese Government's implementation of a series of measures to counter the impact
of the global financial crisis and its efforts in maintaining economic recovery and achieving
a stable and relatively rapid growth in the national economy, create development
opportunities for the Group.
Facing this new business environment, the Group will continue to uphold the Blue Ocean
Strategy and insist on rational competition. The Group will maintain its robust market
leading position without compromising the value of the telecommunications industry as a
whole.
Based on the Group's strong foundation and integrated capabilities, it will extend its existing
advantages in the mobile communications market to fulfill the needs of its customers,
maintain sound business development and achieve sustained financial growth. The Group
will actively develop the 3G business and promote mobile broadband services to individuals,
families and corporate customers, aiming to meet the demand of, and create value for, its
customers. In the 3G era, the Group will make good use of our network advantage and
synergy to implement the effectiveness-driven, distinctive, differentiated full-service
strategy. At the same time, the Group will capitalize on its overall influence to proactively
develop and promote the LTE network evolution. In addition, the Company will actively
search for quality overseas telecommunications assets as investment opportunities and as a
way to explore international development. The Company's focus remains unchanged
sustain its international leading position in the telecommunications industry and maintain a
solid, long-term business foundation with the goal of creating value for the shareholders.
收費的傳言讓國內1億多飛信用戶虛驚一場。中國移動在飛信上的此次舉措，意味著電信運營商已不願意只扮演一個免費服務提供商的角色，而是希望在即時通訊業務上找到合適的收費點，這也對傳統的廠商形成了強勢挑戰。
每月5元升級普通服務
中國移動日前通過手機短信及網上公告方式正式向用戶宣佈，飛信會員服務從即日起將開始收費。用戶每月支付5元的月功能費，就能享受積分加速、好友擴充、創建及加入更多群以及會員標誌、排名靠前、會員靚號等服務。
在發給用戶的短信通知中，中國移動表示，飛信會員用戶需要在8月前對是否繼續使用會員服務進行確認，如果不確認，會員服務會自動取消，不過飛信的基礎服務仍可繼續使用。另據透露，此次調整只針對會員用戶，普通用戶使用飛信業務仍然不需要付費。
對於中國移動的此次舉措，許多飛信用戶表示，會員服務的收費並不影響自己繼續使用普通飛信服務。
活躍賬戶數逼近9000萬
中國移動之所以大膽推出飛信收費計劃，與移動即時通訊市場的迅速增長有著密切關係。最新數據顯示，今年第二季度，國內移動即時通訊市場的累計賬戶數為2.5億，而活躍賬戶數已增長到8916萬。
在當前1.52億活躍移動互聯網用戶中，有接近60%的用戶均使用過移動即時通訊服務，而移動即時通訊也成為繼手機閱讀、移動搜索後移動互聯網應用服務中用戶最為活躍的應用。易觀國際分析師認為，移動即時通訊提供的隨時隨地溝通功能滿足了用戶無縫溝通的需求，同時在一定程度上替代了短信、話音等手機溝通功能。與此同時，各大電信運營商在推廣即時通訊產品的同時，也一定程度上提高了用戶對於相關產品的認知，從而起到了市場教育作用。
借即時通訊延伸業務空間
面對巨大的市場潛力，電信運營商相繼進軍即時通訊市場，而3G的到來無疑將加劇即時通訊市場的競爭。對電信運營商來說，即時通訊工具不僅是用戶日常交流的平臺，也為其業務延伸提供了空間。
業內人士分析，目前用戶仍然習慣於在電腦上使用即時通訊業務，電信運營商最需要解決的問題，在於提升移動即時通訊產品的使用體驗。
Bilibala comments:
$5/month increase will significantly improve the China Mobile's profit, as long as the scribers get used to MSM and willing to pay $5 instead of switch wireless providers. In fact, there are no other choice in China other than China Mobile. The other providers are sucks.
意向每米8萬 按息2.9厘
瑞安房地產市場及銷售部(住宅)副總經理戴亞倫指出，現時已有工銀亞洲及恒生銀行為香港買家提供按揭服務，全期2.9厘。同時亦會提供一系列創新獨特的五星級酒店式服務，如衣物代洗、水電維修、傢具選購、生活物品代購服務、房車接送及預定餐廳等。
「翠湖天地第三期嘉苑」第9座合共93伙，樓高29層，其中1房佔25間，實用率達80%，預計於 明年12月入伙，估計全部沽清可套現8億至9億元人民幣。他表示，翠湖天地嘉苑於過去兩個月的銷售情況中，香港買家佔整體比例約50%，其中第11座之買 家90%均為香港人。
「翠湖天地嘉苑」位於上海市中心盧灣區，鄰近有上海蘭桂坊之稱的新天地，自去年首度推出以來，現 累售逾320多個單位，訂價每平方呎7,000至14,800元，其中項目之第1座及第2座更錄得最高成交呎價，達至每平方呎14,800港元。於本年舉 行的香港展銷會中，第11及12座的銷售情況更加凌厲，第11座在香港展銷會中迅速售罄，發展商不得不加推上海保留單位；第12座則於短短兩小時內火速售 罄所有單位。
「翠湖天地嘉苑」設有11幢住宅，提供474個單位，標準面積由89至427平方米 (956至4594平方呎)，至於中小型單位豪宅，適合年輕富豪居住。
套6.7億 呎價6717元
是次推出之第9座樓宇，樓高29層，提供93伙之住宅單位，採一梯兩伙設計，面積由90平方米 (970平方呎)至135平方米 (1458平方呎) 不等，住宅單位全為一至兩房、兩廳間隔，實用率超逾九成，建築用料高級精緻為全滬罕見。平均呎價約人民幣6,717元，較第11座及12座高出7%。買家 中四成為內地買家、五成為香港、其餘一成則為海外人士，買家主要來自跨國企業及本地高層行政人員，當中用家佔了七成，整體銷情表現理想。
瑞安房地產市場及銷售部（住宅）副總經理戴亞倫表示，近期經濟回穩，樓市興旺，有助帶動是次展銷會參觀人流，人數累積逾千人。展銷會首天，已極速售罄66伙，其中一房的標準單位已沽清，不少買家購入單位作長線收租投資，證明「翠湖天地嘉苑」投資潛力優厚。
Bilibala comments:
See!! Another strong sales.
2q09 Highlight:
Revenue (net of FV items) down slightly -1.6% to $27B from 1q09
EPS up to $2.1B from ($1.0B) in 1q09
Job market
New home prices across the country fell 0.2 per cent on a month-to-month basis in June after a 0.1 per cent decline in May, Statistics Canada revealed Wednesday.
In June, the agency's new housing price index was down 3.3 per cent from its level in June 2008, with the largest declines registered in Western Canada.
The largest monthly drop, of 0.9 per cent, was in Vancouver, where some builders lowered their prices to stimulate sales and sell off their houses in inventory, while others offered free upgrades and cash incentives. A small number of builders did increase their prices on some popular models that were selling well.
Next to Vancouver, the largest monthly declines were in Edmonton (0.8 per cent) and Victoria (0.5 per cent).
The largest monthly increase in new housing prices was the 0.5 per cent increase recorded in Saskatoon, followed by 0.4 per cent increases in both Winnipeg and St. John's.
Montreal, Ottawa–Gatineau and Hamilton saw monthly increases of 0.1 per cent.
On an annual basis, 12-month declines were recorded in Edmonton (11.7 per cent), Saskatoon (10.4 per cent), and Calgary, at 8 per cent.
At 9.1 per cent and 7 per cent, respectively, Vancouver and Victoria also posted year-over-year declines.
The decreases in these five Western Canadian cities follow a period of significant highs in the new housing price indexes at the end of 2007 and the beginning of 2008, when strong economic conditions and high demand for new housing pushed up contractors' selling prices.
Continued strength in the economy in St. John's led to an annual increase of 10.3 per cent, the agency said. That was the highest annual increase in the country.
In Quebec City, the 12-month growth rate was 6.8 per cent, while in Montreal, prices increased 1.9 per cent.
Compared with June 2008, contractors' selling prices were 3.6 per cent higher in Saint John, Fredericton and Moncton.
At 3.5 per cent and 1.7 per cent, respectively, Regina and Winnipeg also posted increases.
Bilibala comments:
New home price do not look impressive, as unemployment rate stay high and oil price keep low, the rally for home price may not happen.
Cable
That means Manulife has a higher possbility of catch up & making extra profit in the coming 10 years' time.
Like Buffett said, "When others are fear (conservative), you should be greedy (aggressive)."
今年上半年，国内三家保险公 司当中有两类风格战略的转换，人寿和太保是收缩了规模、增加了内含价值，而平安在远远高于同行内含价值的基础上，适度扩大了规模，因此是完全不同的两种战 略。这种转变，总体上有利于行业内含价值的增长，因为长期来看，公司要在规模和利润率之间求得一个平衡。业务结构的调整，本质上讲由毛利比较低的产品结构 类型调整为毛利高的类型，这个过程初期会计利润可能会受到一定的压制，但未来的长期收益就有了保障。
邵子钦谈到，对保险公司进行估值的核心假设有三个：一是投资回报率假设，一般来讲，长期经济持续增长率大致在3%左右，考虑到CPI的因素还要 再加上2%-3%，因此她认为，5%-5.5%的长期回报率假设目前来看是比较中肯的。二是贴现率，国内逐步从12.5%慢慢调下来，在目前中国流动性充 裕的背景下，11%-11.5%的贴现率已经足够保守。三是未来一年新业务的增长率，她认为新业务价值的乘数大概维持在10倍-30倍的波动区域是可以 的。只要这三个基本假设确定了，对保险公司的估值就比较确定。投资者应该关注保险公司的财报，因为公司会在上面给出本公司计算的内含价值。
在回答网友关于如何投资国内的三大保险公司的问题时，邵子钦分析认为，中国人寿的业务清晰、集中，虽然增速不是特别快，但是非常稳健。中国平安 则较为进取，走的是综合金融的路线，虽然会犯一些错误，纠错能力很强；投资这类成长型公司需要耐心，还需要对它适度冒险的容忍。中国太保是一家正在改善中 的公司，如果它能够实现持续改善，发展空间是很大的。因此她建议投资者要考虑自己的投资特征和风险偏好来做出合理选择。
邵子钦认为，目前规划中的上海养老保险改革试点具有划时代的影响，如果养老保险改革在全国开展，可能会带来保险资产的迅速增长和保险产品结构的变化。
