OSK Investment Research is optimistic that the key stock index, the FTSE Bursa Malaysia KLCI, will hit a high of 1,345 points in either April or May. It closed at 1,255.66 on December 21.
"We think the market still has more room to grow for the next five months or so, thereafter there could be a retracement in the second half due to rising interest rates in the US and risk that 2010 corporate earnings could be disappointing," Chris Eng, its head of research told Business Times.
His advice to investors is to make money before interest rates in the US start to rise.
"We think profit-taking will take place six months before the interest rates rise in the US," he remarked.
JPMorgan Securities (Malaysia) Sdn Bhd too believes the market will be better in the first half of 2010.
"We expect Malaysia equities to sustain their strong performance in the first half," said Chris Oh, its head of research.
He said the key drivers for this are an expected rebound in economic growth of 5 per cent, the implementation of large-scale infrastructure projects and reform policy that are likely to exceed investors' low expectations, a stronger ringgit and a generally positive view on emerging market equities.
His top three stock picks for next year are Public Bank Bhd, Genting Bhd and Sime Darby Bhd.
RHB Research Institute Sdn Bhd, meanwhile, upped its end-2010 index target to 1,400 from 1,370 before.
This suggests a modest upside of about 11 per cent for next year compared to this year's strong rise of 43.2 per cent (as at December 21).
"This was a strong year because it was the first year of economic recovery. Moving forward, valuations are no longer cheap but neither are they stretched. In situations like this, the market's performance will hinge on the strength of the economic and corporate earnings recovery," its head of research Lim Chee Sing noted.
He expects the 25 index stocks that RHB tracks to post average earnings growth of 15 per cent next year after a 15.7 per cent contraction this year.
He said the market was likely to be more volatile next year and urged investors to stay focused on valuations.
"Stock picking is key, shy away from speculative stocks. Always be grounded by valuations - look to companies with good growth and strong business models and managements," he said.
The sectors he thinks will be "interesting" next year are telcos, power and banks. His top three stock picks are Tenaga Nasional Bhd, Unisem Bhd and Faber Group Bhd.
Meanwhile, stock market regulator Bursa Malaysia Bhd voiced hope that local and global economic recovery would be on the cards for next year but noted that investors still seemed to be cautious. It nevertheless pledged to continue with its liberalisation efforts to attract more interest.
"Sentiment is still cautious and investors continue to stay on the sidelines, waiting for more concrete signals from the bigger economies. Despite the economic scenario, we have remained firm in our direction to liberalise and make the capital market more efficient, with changes such as the Foreign Investment Commitee deregulation and the revamp of the fund raising framework, among others
"Overall, it is our belief that in reforming to become a high performing market, this will bring in bigger investment opportunities that will contribute towards a dynamic Malaysian capital market," its chief executive officer Datuk Yusli Mohamed Yusoff told Business Times via email.
He said Bursa Malaysia would also continue efforts to attract quality listings. In a normal year where there are no adverse market conditions, one can expect to see between 30 and 40 new listings, he said.
On ongoing efforts to improve liquidity and free float, he said he was hopeful of more robust divestment activities by government holdings following a directive made by Prime Minister Datuk Seri Najib Razak.
Yusli said Bursa Malaysia's initiatives next year will revolve around ensuring diversity of products, greater liquidity, enhanced quality and better efficiency.
He hopes there will be more retail participation, which is currently low, in the mid-30s percentile.
"Education and awareness are the key and we'll continue with efforts in that direction. We've also not seen a return of foreign funds to the levels seen before the 2008 election results. I hope that foreign investors will take note of the capital market and the government's efforts to make Malaysia friendly to business and investing, and that we will see foreign funds come back to our shores," he said.
From Business Times
Published:2009/12/23
2009年12月24日星期四
2009年9月15日星期二
AmResearch raises FBM KLCI fair value to 1,350
In our earlier strategy report — Next leg up to be earnings-driven; fair value raised from 1,050 to 1,190, in June 2009, we highlighted that the market’s pullback after troughs, which tend to be transitory, stretches no longer than two months.
Our analysis of the previous two bear rallies — in 1998/1999 and 2001 indicates dips between 15%-22% off intermittent highs.
We had pointed out that the expected correction would be less dramatic because the starting point of the upswing was from a more depressed trough — PE multiple of 11x in March 2009, versus 16x back in April 2001.
While the market did shortly retrace to 1,045 in mid-June, this mid-cycle correction was nevertheless cut short by strong 2Q corporate results and robust macro numbers that lifted the market above our fair value of 1,190, largely on local funds continuing to buy.
Economic recovery in motion
On balance, we reckon that external catalysts for a run-up in 3Q09 were stronger than domestic ones. Signs have emerged that the global economic recovery is under way. Surveys of purchasing managers indices (PMIs) in China, Europe, and the United States and Japan all point towards greater manufacturing activity.
On a month-on-month comparison, Malaysia’s Industrial Production Index (IPI) in July 2009 expanded 7.1% for a fourth time in five months, with gains in all sub-divisions: manufacturing (+6.2%), mining (+10%) and electricity (+3.5%). July’s exports rose 8.4% as well.
Correction phase may be behind us
We remain committed to our view that the market has more to run after successfully negotiating an anticipated correction phase in earlier part of 3Q09.
Sure, there are still lingering worries over valuations but the macro environment flushed with liquidity is most conducive to the equity market.
More importantly, macro fundamentals are now pointing towards start of a growth cycle moving into 4Q09. Our economist is forecasting gross domestic product (GDP) to expand by 1% in 4Q09, after contracting by an estimated -3% in 3Q09 (1H09: -5%). We are forecasting GDP to expand by 3% in 2010.
Historical precedents
Our analysis of the previous two earnings-driven rallies after the market bottomed reveals that a trough-to-peak cycle in Malaysia has never been shorter than 12 months — despite intermittent mid-cycle corrections.
Consider the 1998/1999 rally after the Asian financial crisis in 1997 — the market rose a staggering 286% from a low of 263 in November 1998 before peaking at 1,013 in February 2000 — with a run extending over 16 months from trough.
Corporate earnings rebounded by a robust 36% in 1999 after contracting an average 40% in 1997 and 1998.
Again in 2001, the market rose by a robust 46% over 12 months, from a low of 553 in April 2001 to a high of 808 points in April 2002. Corporate earnings accelerated by a strong 24% in 2002, from just 5% in 2001.
Going by historical precedents, we believe that the market is just six months into a sustained up-cycle after rebounding from the trough in March 2009.
Balance of risk to street’s earnings estimates may well stay on upside
An earnings-driven rally needs to be underpinned by a positive revision cycle. The recently concluded 2Q reporting season was a robust one where there were more upgrades to earnings estimates and fair values than downgrades relative to the preceding quarter.
We believe an improving global economic backdrop and turnaround in growth moving into 4Q09 would mean that cyclical risk to earnings is dissipating. We expect the revision cycle to gain traction as analysts have historically underestimated the strength of an upturn in corporate earnings.
Earnings drivers of heavyweight sectors — banks and PLANTATION []s — solidifying
Malaysian banks have proved to be extremely resilient, as evidenced by their strong 2Q results. With global economies on the mend and recovery gaining traction, we believe bank earnings could surprise on the upside. Already, credit charge off rates reported for 1HCY09 have — generally — been lower than expected while recovery in non-interest income has been sharper than anticipated.
Banks are also experiencing a pick-up in demand for credit with most reporting higher loan approvals for mortgages, motor HP and corporate loans.
We presently expect banks to sustain earnings in 2009F (revised from -7% prior to 2QCY09 results) and to deliver a 15% improvement in 2010F.
Growth would be driven largely by reduction in loan loss allowances due to benign rise in NPLs, recovery in non-interest income on a more buoyant capital market and stronger loans growth of between 8%-10% in 2010F (2009F: 3%-5%).
Improving industry outlook could see a return of the dividend theme as banks are well capitalised (July 2009: Industry Tier-1 ratio of 12.6% and risk weighted capital-adequacy ratio (RWCR) of 14.2%).
We are positive on the plantation sector as a shortfall supply of palm oil is expected to sustain crude palm oil (CPO) prices.
Currently, discount between prices of CPO and soybean oil is 16%. In comparison, the 10-year average price discount is 18% while the five-year average is 20%. Lowest discount achieved this year was 10% in May. We reckon CPO prices should rise to between RM2,300-RM2,500/tonne as production enters a low output period moving into 4Q09.
Auto sales turning the corner
We are overweight on the auto sector on expectations of 50% earnings growth for our auto portfolio in 2010 — on the back of a recovery in total industry volume (TIV), which comes off a low base in 2009 where we expect a 34% contraction.
TIV has shown three consecutive months of sequential growth since May — signalling that the worse is probably over for the sector — with year-on-year contraction having been more moderate than expected. New launches from end-2009 will give a boost to 2010 sales.
Perodua is launching their MPV in November, with PROTON HOLDINGS BHD [] expected to experience full-year impact of its Exora MPV and launch of a replacement for the Waja in May 2010.
TAN CHONG MOTOR HOLDINGS BHD [] will be launching its Teana and SUV models (CKD). Toyota (UMW HOLDINGS BHD []) is expected to introduce one full model change in 2010.
Malaysia’s laggard status
Admittedly, Malaysia is not the preferred play in an environment where recovering global economies are leading to a revival in Asian exports — while economic data outpaces expectations and equity markets in the region are rising.
Malaysia is perceived to be a “low-beta” market. Unlike Korea and Taiwan, which are highly leveraged to the recovering US economy — given the high weighting of TECHNOLOGY [], steel and other cyclicals in their equity markets — earnings at FBM KLCI are more domestic-centric.
In addition, the FBM KLCI’s exposure to the reflating commodity cycle is not as broad-based compared to the Jakarta Composite Index (JCI) with its listed coal, plantation and other mining companies. As such, it is thus not surprising that Malaysia has lagged rising markets in the region.
Structural reforms under Najib administration
However, we see some encouraging signs of reforms and execution of cornerstone infrastructure projects. Since becoming Prime Minister in March 2009, Datuk Seri Najib Razak has announced several market-friendly policy measures to restore confidence in the market.
Consumption spending — particularly — auto and property sales has been robust, while growth in loans may re-accelerate. Even though the market rally thus far has been primarily driven by local funds, Najib administration’s focus on executing growth-oriented policies could reignite foreign interests in the market.
Budget 2010: Infrastructure spending to accelerate
Pump-priming for growth has traditionally been achieved by fiscal spending on large infrastructure projects, with associated multiplier effect on other sectors of the economy. We believe that Malaysia’s infrastructure spending will continue to be the cornerstone for near-term growth under the Najib administration.
Accelerated infrastructure spending via timely execution of its pump-priming initiatives may be critical to ensure continuity of rule under the coalition government of the ruling Barisan Nasional, we believe. Infrastructure spending has significant effects on the underlying economy via links to other sectors.
Based on our channel checks with contractors, we understand the federal government is expected to dish out a slew of CONSTRUCTION [] contracts to kick start growth in 4Q09. The Edge weekly reported earlier this month that the RM3 billion Penang Outer Ring Road project could be revived.
This comes on the heels of earlier reports indicating that tenders for cable transmission works under the Bakun Hydroelectric project — worth an estimated RM10 billion — could be out by 1Q10. Based on our estimates, there are some RM62 billion worth of infrastructure jobs in the pipeline.
We expect more clarity on the government’s infrastructure spending in the upcoming Budget 2010 to be announced in October 2009. As it is, the federal government via Syarikat Prasarana Negara Bhd (SPNB) is looking to raise the first tranche of its RM2 billion in Islamic bonds by the end of the year.
SPNB is targeting to raise some RM4 billion in initial capital to roll out extension works for the Kelana Jaya/Sri Petaling LRT line.
Construction could commence as early as 1Q10, implying that actual awards for the various packages will soon be tendered out by 4Q09.
Consensus PE valuation at one standard deviation above mean
Historical comparison of FBM KLCI’s valuation bands has been distorted by discontinuation of the former KUALA LUMPUR COMPOSITE INDEX [], which comprised 100 constituent stocks. Instead, Bursa Malaysia has introduced its new 30-stock FBM KLCI index as a new market barometer. Based on consensus earnings on these 30 stocks, the market is trading at a forward multiple of 16.4x, or one standard deviation above mean of 14.5x. The trough PE was 9x in October 2008 while peak PE was 18x in May 2007.
Fair value for FBM KLCI raised from 1,190 to 1,350 — based on forward PE of 16.5x on 2010’s earnings — or at one standard deviation above mean PE of 14.5x. At 15x on 2010’s earnings (AmResearch estimates), the valuation is not expensive, in our view.
A favourable liquidity backdrop, above trend-average earnings growth and a robust revision cycle are supportive of further multiple expansions, in our view. We forecast corporate earnings to expand by a robust 17% in 2010 (2009: -5%) or more than two times faster than its trend-average growth rate of just 7% in 2000-2009.
Structural reforms under the Najib administration may also reignite foreign interests.
Interest rate hike is a key risk but with inflation remaining muted, monetary tightening and an associated reversal in liquidity would not be a near-term concern. Macro environment is equity-friendly at least until 2H10.
This article appeared in The Edge Financial Daily, September 15, 2009.
Our analysis of the previous two bear rallies — in 1998/1999 and 2001 indicates dips between 15%-22% off intermittent highs.
We had pointed out that the expected correction would be less dramatic because the starting point of the upswing was from a more depressed trough — PE multiple of 11x in March 2009, versus 16x back in April 2001.
While the market did shortly retrace to 1,045 in mid-June, this mid-cycle correction was nevertheless cut short by strong 2Q corporate results and robust macro numbers that lifted the market above our fair value of 1,190, largely on local funds continuing to buy.
Economic recovery in motion
On balance, we reckon that external catalysts for a run-up in 3Q09 were stronger than domestic ones. Signs have emerged that the global economic recovery is under way. Surveys of purchasing managers indices (PMIs) in China, Europe, and the United States and Japan all point towards greater manufacturing activity.
On a month-on-month comparison, Malaysia’s Industrial Production Index (IPI) in July 2009 expanded 7.1% for a fourth time in five months, with gains in all sub-divisions: manufacturing (+6.2%), mining (+10%) and electricity (+3.5%). July’s exports rose 8.4% as well.
Correction phase may be behind us
We remain committed to our view that the market has more to run after successfully negotiating an anticipated correction phase in earlier part of 3Q09.
Sure, there are still lingering worries over valuations but the macro environment flushed with liquidity is most conducive to the equity market.
More importantly, macro fundamentals are now pointing towards start of a growth cycle moving into 4Q09. Our economist is forecasting gross domestic product (GDP) to expand by 1% in 4Q09, after contracting by an estimated -3% in 3Q09 (1H09: -5%). We are forecasting GDP to expand by 3% in 2010.
Historical precedents
Our analysis of the previous two earnings-driven rallies after the market bottomed reveals that a trough-to-peak cycle in Malaysia has never been shorter than 12 months — despite intermittent mid-cycle corrections.
Consider the 1998/1999 rally after the Asian financial crisis in 1997 — the market rose a staggering 286% from a low of 263 in November 1998 before peaking at 1,013 in February 2000 — with a run extending over 16 months from trough.
Corporate earnings rebounded by a robust 36% in 1999 after contracting an average 40% in 1997 and 1998.
Again in 2001, the market rose by a robust 46% over 12 months, from a low of 553 in April 2001 to a high of 808 points in April 2002. Corporate earnings accelerated by a strong 24% in 2002, from just 5% in 2001.
Going by historical precedents, we believe that the market is just six months into a sustained up-cycle after rebounding from the trough in March 2009.
Balance of risk to street’s earnings estimates may well stay on upside
An earnings-driven rally needs to be underpinned by a positive revision cycle. The recently concluded 2Q reporting season was a robust one where there were more upgrades to earnings estimates and fair values than downgrades relative to the preceding quarter.
We believe an improving global economic backdrop and turnaround in growth moving into 4Q09 would mean that cyclical risk to earnings is dissipating. We expect the revision cycle to gain traction as analysts have historically underestimated the strength of an upturn in corporate earnings.
Earnings drivers of heavyweight sectors — banks and PLANTATION []s — solidifying
Malaysian banks have proved to be extremely resilient, as evidenced by their strong 2Q results. With global economies on the mend and recovery gaining traction, we believe bank earnings could surprise on the upside. Already, credit charge off rates reported for 1HCY09 have — generally — been lower than expected while recovery in non-interest income has been sharper than anticipated.
Banks are also experiencing a pick-up in demand for credit with most reporting higher loan approvals for mortgages, motor HP and corporate loans.
We presently expect banks to sustain earnings in 2009F (revised from -7% prior to 2QCY09 results) and to deliver a 15% improvement in 2010F.
Growth would be driven largely by reduction in loan loss allowances due to benign rise in NPLs, recovery in non-interest income on a more buoyant capital market and stronger loans growth of between 8%-10% in 2010F (2009F: 3%-5%).
Improving industry outlook could see a return of the dividend theme as banks are well capitalised (July 2009: Industry Tier-1 ratio of 12.6% and risk weighted capital-adequacy ratio (RWCR) of 14.2%).
We are positive on the plantation sector as a shortfall supply of palm oil is expected to sustain crude palm oil (CPO) prices.
Currently, discount between prices of CPO and soybean oil is 16%. In comparison, the 10-year average price discount is 18% while the five-year average is 20%. Lowest discount achieved this year was 10% in May. We reckon CPO prices should rise to between RM2,300-RM2,500/tonne as production enters a low output period moving into 4Q09.
Auto sales turning the corner
We are overweight on the auto sector on expectations of 50% earnings growth for our auto portfolio in 2010 — on the back of a recovery in total industry volume (TIV), which comes off a low base in 2009 where we expect a 34% contraction.
TIV has shown three consecutive months of sequential growth since May — signalling that the worse is probably over for the sector — with year-on-year contraction having been more moderate than expected. New launches from end-2009 will give a boost to 2010 sales.
Perodua is launching their MPV in November, with PROTON HOLDINGS BHD [] expected to experience full-year impact of its Exora MPV and launch of a replacement for the Waja in May 2010.
TAN CHONG MOTOR HOLDINGS BHD [] will be launching its Teana and SUV models (CKD). Toyota (UMW HOLDINGS BHD []) is expected to introduce one full model change in 2010.
Malaysia’s laggard status
Admittedly, Malaysia is not the preferred play in an environment where recovering global economies are leading to a revival in Asian exports — while economic data outpaces expectations and equity markets in the region are rising.
Malaysia is perceived to be a “low-beta” market. Unlike Korea and Taiwan, which are highly leveraged to the recovering US economy — given the high weighting of TECHNOLOGY [], steel and other cyclicals in their equity markets — earnings at FBM KLCI are more domestic-centric.
In addition, the FBM KLCI’s exposure to the reflating commodity cycle is not as broad-based compared to the Jakarta Composite Index (JCI) with its listed coal, plantation and other mining companies. As such, it is thus not surprising that Malaysia has lagged rising markets in the region.
Structural reforms under Najib administration
However, we see some encouraging signs of reforms and execution of cornerstone infrastructure projects. Since becoming Prime Minister in March 2009, Datuk Seri Najib Razak has announced several market-friendly policy measures to restore confidence in the market.
Consumption spending — particularly — auto and property sales has been robust, while growth in loans may re-accelerate. Even though the market rally thus far has been primarily driven by local funds, Najib administration’s focus on executing growth-oriented policies could reignite foreign interests in the market.
Budget 2010: Infrastructure spending to accelerate
Pump-priming for growth has traditionally been achieved by fiscal spending on large infrastructure projects, with associated multiplier effect on other sectors of the economy. We believe that Malaysia’s infrastructure spending will continue to be the cornerstone for near-term growth under the Najib administration.
Accelerated infrastructure spending via timely execution of its pump-priming initiatives may be critical to ensure continuity of rule under the coalition government of the ruling Barisan Nasional, we believe. Infrastructure spending has significant effects on the underlying economy via links to other sectors.
Based on our channel checks with contractors, we understand the federal government is expected to dish out a slew of CONSTRUCTION [] contracts to kick start growth in 4Q09. The Edge weekly reported earlier this month that the RM3 billion Penang Outer Ring Road project could be revived.
This comes on the heels of earlier reports indicating that tenders for cable transmission works under the Bakun Hydroelectric project — worth an estimated RM10 billion — could be out by 1Q10. Based on our estimates, there are some RM62 billion worth of infrastructure jobs in the pipeline.
We expect more clarity on the government’s infrastructure spending in the upcoming Budget 2010 to be announced in October 2009. As it is, the federal government via Syarikat Prasarana Negara Bhd (SPNB) is looking to raise the first tranche of its RM2 billion in Islamic bonds by the end of the year.
SPNB is targeting to raise some RM4 billion in initial capital to roll out extension works for the Kelana Jaya/Sri Petaling LRT line.
Construction could commence as early as 1Q10, implying that actual awards for the various packages will soon be tendered out by 4Q09.
Consensus PE valuation at one standard deviation above mean
Historical comparison of FBM KLCI’s valuation bands has been distorted by discontinuation of the former KUALA LUMPUR COMPOSITE INDEX [], which comprised 100 constituent stocks. Instead, Bursa Malaysia has introduced its new 30-stock FBM KLCI index as a new market barometer. Based on consensus earnings on these 30 stocks, the market is trading at a forward multiple of 16.4x, or one standard deviation above mean of 14.5x. The trough PE was 9x in October 2008 while peak PE was 18x in May 2007.
Fair value for FBM KLCI raised from 1,190 to 1,350 — based on forward PE of 16.5x on 2010’s earnings — or at one standard deviation above mean PE of 14.5x. At 15x on 2010’s earnings (AmResearch estimates), the valuation is not expensive, in our view.
A favourable liquidity backdrop, above trend-average earnings growth and a robust revision cycle are supportive of further multiple expansions, in our view. We forecast corporate earnings to expand by a robust 17% in 2010 (2009: -5%) or more than two times faster than its trend-average growth rate of just 7% in 2000-2009.
Structural reforms under the Najib administration may also reignite foreign interests.
Interest rate hike is a key risk but with inflation remaining muted, monetary tightening and an associated reversal in liquidity would not be a near-term concern. Macro environment is equity-friendly at least until 2H10.
This article appeared in The Edge Financial Daily, September 15, 2009.
2009年8月22日星期六
Business this week (17 - 21 August)
August 21
- MALAYAN BANKING BHD [] (Maybank) has appointed Sreesanthan Eliathamby, Datuk Johan Ariffin, Cheah Teik Seng and Alister Maitland as its new independent directors. It said the appointments would take effect from Aug 26 and bring to more than half the number of independent directors on the Maybank board.
- TELEKOM MALAYSIA BHD [] posted a net profit of RM265.97 million in the second quarter ended June 30, 2009 from RM273.17 million a year ago. Revenue was RM2.13 billion, up 0.9% from RM2.11 billion a year ago, it said on Aug 21. Earnings per share were 7.6 sen compared with 7.9 sen.
- Automotive-oil and gas company UMW HOLDINGS BHD []’s second quarter net profit dropped 47.6% to RM79.43 million from RM151.73 million a year ago, as spending by consumers and industrial sectors shrank.
- The Securities Commission (SC) wants a stiffer fine as a deterrent for former Megan Media Holdings Bhd (MMHB) employee Kok Hen Sen @ Kok Liew Sen for abetting the company to submit false revenue figures of over RM1 billion. The SC had on Aug 21 filed an appeal against the Kuala Lumpur Sessions Court's sentence on Kok after he pleaded guilty to furnishing false information on the revenue.
- The Small and Medium Industries Development Corporation (SMIDEC), which was renamed as SME Corp, will start operations on Sept 1 with current chief executive officer (CEO) Datuk Hafsah Hashim and chairman Datuk Mohamed Al-Amin Abdul Majid in charge of the operations as the government steps up its focus on developing SMEs, according to Deputy Prime Minister Tan Sri Muhyiddin Yassin.
August 20
- YTL CORPORATION BHD []’s net profit was halved to RM75.97 million year-on-year in the fourth quarter ended June 30, 2009 due to deferred RM443 million tax charge, while its full-year profit was up 12% to RM863.12 million, aided by two important acquisitions in Singapore.
- Asia’s recovery from the global recession, which will be led by China, India, Vietnam and Indonesia, may be threatened by a resurgence in inflation and higher interest rates, according to Standard and Poor.
- The Public Accounts Committee has found an “unusual” debt financing agreement between the four special purpose vehicles (SPVs) set up to raise funds for the Port Klang Free Zone (PKFZ) project, Kuala Dimensi Sdn Bhd (KDSB) and client PKFZ Sdn Bhd, where the bond was issued by the SPVs of privately-owned KDSB which were in a contract to help the government develop the PKFZ.
- PLUS EXPRESSWAYS BHD [] toll compensation recoverable from the government increased to RM2.18 billion as at June 30 this year from RM1.91 billion as at end-December 2008. Net profit for the 2Q ended June 30 increased to RM281.33 million from RM266.04 million a year ago.
- AFFIN HOLDINGS BHD [] posted a 44% increase in net profit of RM89.82 million in the second quarter ended June 30, 2009, from RM62.36 million a year ago, due to higher net interest income while there was decline in loan loss provision. Revenue fell 9% to RM490.6 billion from RM539.07 billion. Earnings per share were 6.01 sen compared with 4.18 sen.
August 19
- Unlisted motor trading, automotive franchisee and property development conglomerate Naza Group is likely to take over consturction oufit KUMPULAN JETSON BHD [] as the group is said to have purchased a large stake in Kumpulan Jetson, marking its entry into the listed company arena.
- Malaysian Aica (Maica) Bhd’s successful hire purchase business which buoyed its earnings in the fiscal year of 2009, is linked to Spanco Bhd, which supplies vehicles to the local civil service.
- Exxon Mobil Corp’s “landmark” US$41 billion (RM145.14 billion) deal to supply PetroChina Gas Co with 45 tonnes of liquefied natural gas over 20 years may also ease Chinese-Australian tensions.
August 18
- Managers of Unico-Desa PLANTATION []s Sdn Bhd faced a volley of questions from minorities in a fiery AGM regarding a lawsuit filed by Soh Choo @ Soh Ai Choo alleging that Unico-Desa, via its subsidiary ELK-Desa Marketing Sdn Bhd, acquired about 9.45 million shares in parent company Unico Holdings Bhd for an allegedly written-down price of RM15.3 million which was then transferred to two related companies that in turn sold the shares to companies related to certain Uncio-Desa directors.
- Alan Greenspan predicts the US economy is probably due for strong quarters of economic growth to close out 2009, but this recovery may falter next year.
August 17
- Asian markets closed sharply lower on profit-taking yesterday weighed down by weaker US consumer confidence and concerns that markets have run ahead of fundamentals led by the Shanghai Composite Index, which has risen 58% year-to-date.
- EKRAN BHD [] is set to invest an estimated US$15million (RM 53.3 million) to US$20 million to reopen the Samal Casino Resort in southern Phillipines this year, which was closed in 2000 following the Asian financial crisis.
- Wall Street firms are resuming their recruitment for commodity traders with promises of US$1 million (RM3.55 million) in bonuses as raw material prices double.
- MALAYAN BANKING BHD [] (Maybank) has appointed Sreesanthan Eliathamby, Datuk Johan Ariffin, Cheah Teik Seng and Alister Maitland as its new independent directors. It said the appointments would take effect from Aug 26 and bring to more than half the number of independent directors on the Maybank board.
- TELEKOM MALAYSIA BHD [] posted a net profit of RM265.97 million in the second quarter ended June 30, 2009 from RM273.17 million a year ago. Revenue was RM2.13 billion, up 0.9% from RM2.11 billion a year ago, it said on Aug 21. Earnings per share were 7.6 sen compared with 7.9 sen.
- Automotive-oil and gas company UMW HOLDINGS BHD []’s second quarter net profit dropped 47.6% to RM79.43 million from RM151.73 million a year ago, as spending by consumers and industrial sectors shrank.
- The Securities Commission (SC) wants a stiffer fine as a deterrent for former Megan Media Holdings Bhd (MMHB) employee Kok Hen Sen @ Kok Liew Sen for abetting the company to submit false revenue figures of over RM1 billion. The SC had on Aug 21 filed an appeal against the Kuala Lumpur Sessions Court's sentence on Kok after he pleaded guilty to furnishing false information on the revenue.
- The Small and Medium Industries Development Corporation (SMIDEC), which was renamed as SME Corp, will start operations on Sept 1 with current chief executive officer (CEO) Datuk Hafsah Hashim and chairman Datuk Mohamed Al-Amin Abdul Majid in charge of the operations as the government steps up its focus on developing SMEs, according to Deputy Prime Minister Tan Sri Muhyiddin Yassin.
August 20
- YTL CORPORATION BHD []’s net profit was halved to RM75.97 million year-on-year in the fourth quarter ended June 30, 2009 due to deferred RM443 million tax charge, while its full-year profit was up 12% to RM863.12 million, aided by two important acquisitions in Singapore.
- Asia’s recovery from the global recession, which will be led by China, India, Vietnam and Indonesia, may be threatened by a resurgence in inflation and higher interest rates, according to Standard and Poor.
- The Public Accounts Committee has found an “unusual” debt financing agreement between the four special purpose vehicles (SPVs) set up to raise funds for the Port Klang Free Zone (PKFZ) project, Kuala Dimensi Sdn Bhd (KDSB) and client PKFZ Sdn Bhd, where the bond was issued by the SPVs of privately-owned KDSB which were in a contract to help the government develop the PKFZ.
- PLUS EXPRESSWAYS BHD [] toll compensation recoverable from the government increased to RM2.18 billion as at June 30 this year from RM1.91 billion as at end-December 2008. Net profit for the 2Q ended June 30 increased to RM281.33 million from RM266.04 million a year ago.
- AFFIN HOLDINGS BHD [] posted a 44% increase in net profit of RM89.82 million in the second quarter ended June 30, 2009, from RM62.36 million a year ago, due to higher net interest income while there was decline in loan loss provision. Revenue fell 9% to RM490.6 billion from RM539.07 billion. Earnings per share were 6.01 sen compared with 4.18 sen.
August 19
- Unlisted motor trading, automotive franchisee and property development conglomerate Naza Group is likely to take over consturction oufit KUMPULAN JETSON BHD [] as the group is said to have purchased a large stake in Kumpulan Jetson, marking its entry into the listed company arena.
- Malaysian Aica (Maica) Bhd’s successful hire purchase business which buoyed its earnings in the fiscal year of 2009, is linked to Spanco Bhd, which supplies vehicles to the local civil service.
- Exxon Mobil Corp’s “landmark” US$41 billion (RM145.14 billion) deal to supply PetroChina Gas Co with 45 tonnes of liquefied natural gas over 20 years may also ease Chinese-Australian tensions.
August 18
- Managers of Unico-Desa PLANTATION []s Sdn Bhd faced a volley of questions from minorities in a fiery AGM regarding a lawsuit filed by Soh Choo @ Soh Ai Choo alleging that Unico-Desa, via its subsidiary ELK-Desa Marketing Sdn Bhd, acquired about 9.45 million shares in parent company Unico Holdings Bhd for an allegedly written-down price of RM15.3 million which was then transferred to two related companies that in turn sold the shares to companies related to certain Uncio-Desa directors.
- Alan Greenspan predicts the US economy is probably due for strong quarters of economic growth to close out 2009, but this recovery may falter next year.
August 17
- Asian markets closed sharply lower on profit-taking yesterday weighed down by weaker US consumer confidence and concerns that markets have run ahead of fundamentals led by the Shanghai Composite Index, which has risen 58% year-to-date.
- EKRAN BHD [] is set to invest an estimated US$15million (RM 53.3 million) to US$20 million to reopen the Samal Casino Resort in southern Phillipines this year, which was closed in 2000 following the Asian financial crisis.
- Wall Street firms are resuming their recruitment for commodity traders with promises of US$1 million (RM3.55 million) in bonuses as raw material prices double.
2009年8月15日星期六
Business This Week (August 10-14)
August 14
- SUNRISE BHD [ SUNRISE 2.090 0.010 (0.481%)] posted net profit of RM43.15 million in the fourth quarter ended June 30, 2009 and is confident of its prospects for the new financial year given its substantial locked-in unbilled sales of RM892 million as at July 31. It said revenue for 4Q was RM237.35 million while earnings per share (EPS) were 8.72 sen. It proposed a dividend of three sen per share.
- HAP SENG CONSOLIDATED BHD [ HAPSENG 2.550 -0.020 (-0.778%) ] clarified that its acquisition of a 50% stake in Inverfin Sdn Bhd, which owns Menara Citibank, would amount to RM235.39 million on an illustrative basis.
- The New Straits Times Press (Malaysia) Bhd announced that pre-tax profit was RM10.7 million for 2Q against a pre-tax loss of RM2.8 million in 1Q ended March 31.
August 13
- SCOMI GROUP BHD [ SCOMI 0.685 -0.030 (-4.196%]’s 2Q net profit slid 40% year-on-year to RM20.85 million from RM34.54 million a year ago.
- WELLCALL HOLDINGS BHD [ WELLCAL 1.300 -0.120 (-8.451%)]’s net profit for 3Q ended June 30, 2009 fell 19.95% to RM3.13 million from a year ago.
- TIME ENGINEERING BHD [ TIME 0.285 0.010 (3.636%)] reported a net profit of RM6.9 million in the 2Q ended June 30, 2009, versus a net loss of RM2.36 million a year earlier.
- PARAMOUNT CORPORATION BHD [ PARAMON 2.520 0.100 (4.132%) ]’s net profit rose 40% to RM17.91 million in its 2Q ended June 30, 2009 from RM12.75 million a year ago.
- GREEN PACKET BHD [ GPACKET 0.845 0.000 (0.000%) ]’s net loss widened to RM27.87 million in its second quarter ended June 30, 2009 from RM4.89 million a year agor.
- Aeon Co (M) Bhd recorded higher net profit of RM19.4 million for the second quarter ended June 30, 2009, from RM18.88 million a year ago.
- Former managing director of Ho Hup CONSTRUCTION [Not Available] Co Bhd Datuk Low Tuck Choy filed two legal suits against the company, claiming the current management acted in a way that has caused losses to the construction outfit.
- China-based sportswear manufacturer XiDeLang Holdings Ltd announced plans to raise at least RM100 million from its upcoming initial public offering (IPO) in September.
- Maybank Islamic Bhd (MIB) launched a special syariah-compliant trade finance solution named Collateral Management Arrangement-i (CMA-i).
- LCL CORPORATION BHD [ LCL 0.875 -0.055 (-5.914%) ]’s subsidiary, LCL Furniture Sdn Bhd secured a RM10.62 million renovation and refurbishment contract from Berjaya Langkawi Beach Resort Sdn Bhd.
August 12
- AIRASIA BHD [ AIRASIA 1.450 -0.010 (-0.685%) ] posted a net profit of RM139.18 million for the 2Q, significantly higher than the RM9.42 million in the previous corresponding period.
- Malaysia Smelting Corp Bhd’s (MSC) 2Q net profit jumped 130.9% to RM6.99 million from RM3.03 million a year ago.
- SCOMI ENGINEERING BHD [ SCOMIEN 1.610 -0.050 (-3.012%) ]’s net profit in 2Q ended June 30, 2009 more than doubled to RM19.22 million from RM8.89 million a year earlier.
- Bousted Heavy Industries Corp (BHIC) secured a Defence Ministry contract worth RM703.82 million job to undertake the service life extension programme of two corvettes.
- KONSORTIUM LOGISTIK BHD [ KONSORT 1.610 0.000 (0.000%) ] (KLB) reported a 1.5% increase in 2Q net profit to RM9.49 million from RM9.35 million a year earlier.
- BUMIPUTRA-COMMERCE HOLDINGS [ COMMERZ 10.740 -0.040 (-0.371%) ] Bhd (BCHB) posted net profit of RM663.15 million for 2Q ended June 30, 2009, an improvement from RM650.15 million a year ago.
August 11
- AMMB HOLDINGS BHD [ AMMB 4.220 0.000 (0.000%) ]’s net profit for the first quarter ended June 30, 2009 (1Q10) rose 27.3% to RM258.24 million from RM202.9 million a year earlier.
- MALAYSIAN RESOURCES CORP [ MRCB 1.410 -0.040 (-2.759%) ] Bhd will undertake a RM2.14 billion mixed development within the Kuala Lumpur Sentral (KL Sentral) enclave.
- Japanese silicon maker Tokuyama Corp will invest ¥65 billion (RM2.4 billion) in a planned plant in Malaysia to boost its polysilicon production capacity by 75% and meet demand from solar cell makers.
-Tan Sri Robert Tan Hua Choon acquired an additional 1.37 million shares in the company, raising his shareholding to 35.33% or 21.87 million shares.
- SCOMI MARINE BHD [ SCOMIMR 0.620 -0.030 (-4.615%)]'s net profit for the 2Q ended June 30, 2009, grew 55% to RM22.48 from RM14.52 million a year earlier.
August 10
- Prime Minister Datuk Seri Najib Razak said during the World Capital Markets Symposium that global regulators should err on the side of investor protection and financial stability.
- Bumiputra-Commerce Holdings Bhd (BCHB) proposed to have its name changed to CIMB Group Holdings Bhd at an EGM.
- GLOMAC BHD [ GLOMAC 1.090 -0.030 (-2.679%) ]’s unit Glomac Realty Sdn Bhd (GR) entered into a sale and purchase agreement (SPA) with Koperasi Kakitangan Bank Rakyat Bhd (SekataRakyat) for the sale of its Block B nine-storey office building in Glomac Business Centre for RM22.6 million.
-June's industrial production output (IPI) fell 9.6% from a year ago, due to a decline in the manufacturing output.
- SUNRISE BHD [ SUNRISE 2.090 0.010 (0.481%)] posted net profit of RM43.15 million in the fourth quarter ended June 30, 2009 and is confident of its prospects for the new financial year given its substantial locked-in unbilled sales of RM892 million as at July 31. It said revenue for 4Q was RM237.35 million while earnings per share (EPS) were 8.72 sen. It proposed a dividend of three sen per share.
- HAP SENG CONSOLIDATED BHD [ HAPSENG 2.550 -0.020 (-0.778%) ] clarified that its acquisition of a 50% stake in Inverfin Sdn Bhd, which owns Menara Citibank, would amount to RM235.39 million on an illustrative basis.
- The New Straits Times Press (Malaysia) Bhd announced that pre-tax profit was RM10.7 million for 2Q against a pre-tax loss of RM2.8 million in 1Q ended March 31.
August 13
- SCOMI GROUP BHD [ SCOMI 0.685 -0.030 (-4.196%]’s 2Q net profit slid 40% year-on-year to RM20.85 million from RM34.54 million a year ago.
- WELLCALL HOLDINGS BHD [ WELLCAL 1.300 -0.120 (-8.451%)]’s net profit for 3Q ended June 30, 2009 fell 19.95% to RM3.13 million from a year ago.
- TIME ENGINEERING BHD [ TIME 0.285 0.010 (3.636%)] reported a net profit of RM6.9 million in the 2Q ended June 30, 2009, versus a net loss of RM2.36 million a year earlier.
- PARAMOUNT CORPORATION BHD [ PARAMON 2.520 0.100 (4.132%) ]’s net profit rose 40% to RM17.91 million in its 2Q ended June 30, 2009 from RM12.75 million a year ago.
- GREEN PACKET BHD [ GPACKET 0.845 0.000 (0.000%) ]’s net loss widened to RM27.87 million in its second quarter ended June 30, 2009 from RM4.89 million a year agor.
- Aeon Co (M) Bhd recorded higher net profit of RM19.4 million for the second quarter ended June 30, 2009, from RM18.88 million a year ago.
- Former managing director of Ho Hup CONSTRUCTION [Not Available] Co Bhd Datuk Low Tuck Choy filed two legal suits against the company, claiming the current management acted in a way that has caused losses to the construction outfit.
- China-based sportswear manufacturer XiDeLang Holdings Ltd announced plans to raise at least RM100 million from its upcoming initial public offering (IPO) in September.
- Maybank Islamic Bhd (MIB) launched a special syariah-compliant trade finance solution named Collateral Management Arrangement-i (CMA-i).
- LCL CORPORATION BHD [ LCL 0.875 -0.055 (-5.914%) ]’s subsidiary, LCL Furniture Sdn Bhd secured a RM10.62 million renovation and refurbishment contract from Berjaya Langkawi Beach Resort Sdn Bhd.
August 12
- AIRASIA BHD [ AIRASIA 1.450 -0.010 (-0.685%) ] posted a net profit of RM139.18 million for the 2Q, significantly higher than the RM9.42 million in the previous corresponding period.
- Malaysia Smelting Corp Bhd’s (MSC) 2Q net profit jumped 130.9% to RM6.99 million from RM3.03 million a year ago.
- SCOMI ENGINEERING BHD [ SCOMIEN 1.610 -0.050 (-3.012%) ]’s net profit in 2Q ended June 30, 2009 more than doubled to RM19.22 million from RM8.89 million a year earlier.
- Bousted Heavy Industries Corp (BHIC) secured a Defence Ministry contract worth RM703.82 million job to undertake the service life extension programme of two corvettes.
- KONSORTIUM LOGISTIK BHD [ KONSORT 1.610 0.000 (0.000%) ] (KLB) reported a 1.5% increase in 2Q net profit to RM9.49 million from RM9.35 million a year earlier.
- BUMIPUTRA-COMMERCE HOLDINGS [ COMMERZ 10.740 -0.040 (-0.371%) ] Bhd (BCHB) posted net profit of RM663.15 million for 2Q ended June 30, 2009, an improvement from RM650.15 million a year ago.
August 11
- AMMB HOLDINGS BHD [ AMMB 4.220 0.000 (0.000%) ]’s net profit for the first quarter ended June 30, 2009 (1Q10) rose 27.3% to RM258.24 million from RM202.9 million a year earlier.
- MALAYSIAN RESOURCES CORP [ MRCB 1.410 -0.040 (-2.759%) ] Bhd will undertake a RM2.14 billion mixed development within the Kuala Lumpur Sentral (KL Sentral) enclave.
- Japanese silicon maker Tokuyama Corp will invest ¥65 billion (RM2.4 billion) in a planned plant in Malaysia to boost its polysilicon production capacity by 75% and meet demand from solar cell makers.
-Tan Sri Robert Tan Hua Choon acquired an additional 1.37 million shares in the company, raising his shareholding to 35.33% or 21.87 million shares.
- SCOMI MARINE BHD [ SCOMIMR 0.620 -0.030 (-4.615%)]'s net profit for the 2Q ended June 30, 2009, grew 55% to RM22.48 from RM14.52 million a year earlier.
August 10
- Prime Minister Datuk Seri Najib Razak said during the World Capital Markets Symposium that global regulators should err on the side of investor protection and financial stability.
- Bumiputra-Commerce Holdings Bhd (BCHB) proposed to have its name changed to CIMB Group Holdings Bhd at an EGM.
- GLOMAC BHD [ GLOMAC 1.090 -0.030 (-2.679%) ]’s unit Glomac Realty Sdn Bhd (GR) entered into a sale and purchase agreement (SPA) with Koperasi Kakitangan Bank Rakyat Bhd (SekataRakyat) for the sale of its Block B nine-storey office building in Glomac Business Centre for RM22.6 million.
-June's industrial production output (IPI) fell 9.6% from a year ago, due to a decline in the manufacturing output.
2009年8月9日星期日
More than 1.4b AS1M units sold
More than 1.4 billion units of the new unit trust fund Amanah Saham 1Malaysia (AS1M) were subscribed within two days of its launch.
Permodalan Nasional Bhd (PNB) president and group chief executive Tan Sri Hamad Kama Piah Che Othman said the take-up rate was within expectations, given the fund size and the minimum subscription limit of 50,000 for those below 55 years old and 100,000 units limit for those above 55.
AS1M is a 10 billion-unit fixed price fund of RM1 per unit, with features similar to that of Amanah Saham Wawasan 2020 (ASW 2020) and Amanah Saham Malaysia (ASM).
“We will be adopting similar strategies for AS1M as with ASW 2020 and ASM and we hope for AS1M to perform as well as the other two funds which have exceeded their benchmark,” Hamad Kama Piah said in a statement yesterday.
He said ASW 2020 had declared annual income distribution ranging from 6.6 per cent and 8.8 per cent, while ASM has consistently paid out income distribution ranging from 6.25 per cent and 7.8 per cent.
Both ASW 2020 and ASM are benchmarked against the three-month Klibor, which has been averaging at 3.07 per cent for the past 10 years.
AS1M, meanwhile, is benchmarked against the average five-year Malaysian Government Securities, which now yields about 3.72 per cent.
This year, PNB has opened for subscription an additional two billion units of ASW 2020, 3.33 billion units of ASM and 10 billion units of AS1M.
“We would like to ensure the success of all our existing funds before we decide on other funds’ expansion,” Hamad Kama Piah said.
(From Business Times 2009/08/08)
Permodalan Nasional Bhd (PNB) president and group chief executive Tan Sri Hamad Kama Piah Che Othman said the take-up rate was within expectations, given the fund size and the minimum subscription limit of 50,000 for those below 55 years old and 100,000 units limit for those above 55.
AS1M is a 10 billion-unit fixed price fund of RM1 per unit, with features similar to that of Amanah Saham Wawasan 2020 (ASW 2020) and Amanah Saham Malaysia (ASM).
“We will be adopting similar strategies for AS1M as with ASW 2020 and ASM and we hope for AS1M to perform as well as the other two funds which have exceeded their benchmark,” Hamad Kama Piah said in a statement yesterday.
He said ASW 2020 had declared annual income distribution ranging from 6.6 per cent and 8.8 per cent, while ASM has consistently paid out income distribution ranging from 6.25 per cent and 7.8 per cent.
Both ASW 2020 and ASM are benchmarked against the three-month Klibor, which has been averaging at 3.07 per cent for the past 10 years.
AS1M, meanwhile, is benchmarked against the average five-year Malaysian Government Securities, which now yields about 3.72 per cent.
This year, PNB has opened for subscription an additional two billion units of ASW 2020, 3.33 billion units of ASM and 10 billion units of AS1M.
“We would like to ensure the success of all our existing funds before we decide on other funds’ expansion,” Hamad Kama Piah said.
(From Business Times 2009/08/08)
2009年8月8日星期六
BJCORP (3395) - Buy in at RM 0.92
Very strong support at RM 0.92 try buy in at this value.
Next resistance is RM1.02 take profit at this value.
2009年8月7日星期五
Business This Week (August 3-7)
Aug 7
HAP SENG CONSOLIDATED BHD [ HAPSENG 2.550 0.010 (0.394%)] Stock Summary Time & Sales Historical Prices Business Summary Announcement is buying a 50% stake in Menara Citibank for RM303.5 million from Singapore's CapitaLand Ltd and Amsteel Corporation Bhd. It is acquiring CapitaLand's entire 30% stake in Inverfin Sdn Bhd -- owner and operator of the 50-storey building in Kuala Lumpur. It was also acquiring the entire 20% stake in Inverfin from Amsteel. Menara Citi Holding Co. Sdn Bhd owns the other 50% stake in Inverfin.
Land and General Bhd (L&G), which completed its debt repayment recently, said it would continue to focus on its core business of property development, including joint projects with land owners. “We are (already) in talks with land owners (in Klang Valley) and are in the final stage of discussions on the joint ventures. We as developer, they as land owners,” said its managing director Low Gay Teck. Low said L&G's immediate strategy was to enhance the value of its flagship property, the 1,200-acre Bandar Sri Damansara township.
Aug 6
Amid a turbulent operating environment, MALAYSIAN AIRLINE SYSTEM BHD [ MAS 3.200 0.100 (3.226%) ] posted a net profit of RM875.51 million in the second quarter (2Q) ended June 30, aided by a RM1.34 billion derivatives gain. Operationally, however, MAS posted a worse-than-expected loss of RM420.8 million as travel and cargo demand declined amid the global economic downturn that has dragged even the world’s best carriers, including Singapore Airlines, into the red.
Boustead Petroleum Marketing Sdn Bhd (BHPetrol) will market its RON95 — infiniti952x — at all its 300 stations nationwide by Sept 1, 2009 to replace RON92.
Speaking at the launch of BHPetrol’s RON95 here yesterday, BHPetrol’s managing director, Tan Kim Thiam, said infiniti95²x comprised an additive package that was made up of “detergent and anti-corrosion components together with friction modifier”.
FORMIS RESOURCES BHD [ FRB 1.190 0.010 (0.847%) ] has secured a RM69.98 million one-year contract to supply, install and commission an integrated e-courts system, called e-Kehakiman, for the country’s courtrooms. Formis said the contract, covering courtrooms in Selangor, Kuala Lumpur, Putrajaya, Johor, Penang and Sarawak, required it to design and set up three systems, encompassing e-filing, case management and queue management system, and court recording and transcription.
AIRASIA BHD [ AIRASIA 1.430 0.010 (0.704%) ] has deferred the delivery of eight Airbus A320 from the year 2010 to 2014 as it foresees infrastructural constraints with the current airport facilities and until the new low-cost carrier terminal is constructed. The low-cost carrier said on Aug 6 that with the deferment, the original delivery of 24 aircraft in 2010 would be reduced to 16 aircraft.
Aug 5
TSR CAPITAL BHD [ TSRCAP 1.350 -0.040 (-2.878%) ] received the Negri Sembilan government’s approval yesterday to develop a tax-free mall and a custom, immigration and quarantine (CIQ) complex as well as tourism-related projects in the centre of Port Dickson with a gross development value (GDV) of RM1.8 billion. TSR said the development entailed a free-tax mall, CIQ complex, international ferry terminals, aquarium and water theme park, hotels and convention centre, theme shops, medical centre and apartments.
AHMAD ZAKI RESOURCES BHD [ AZRB 0.910 -0.025 (-2.674%) ] subsidiary Ahmad Zaki Sdn Bhd has been awarded a RM106 million contract by the Works Department for an elevated interchange from Istana Negara to Jalan Duta. AZRB said the project would be completed within 18 months from Aug 10, 2009 to Feb 9, 2011. It expects the project to contribute positively to its earnings for the financial years ending 2009-2011.
Bursa Malaysia reserves the right to extend the trading halt period of a listed company’s securities beyond the shortened period of one hour that took effect on Monday.
Bursa said it reserved the right to extend the halt for the rest of the trading session, or such other period as deemed appropriate by the exchange, to enable sufficient time for dissemination and understanding of complex announcements.
The major shareholders of The New Straits Times Press (M) Bhd (NSTP) are mulling various ideas and plans to enhance shareholder value, including a possible privatisation of the company, demerger and spin-off. NSTP said, however, its major shareholders have not committed to a date or made a firm decision regarding such plans.
Aug 4
Prime Minister Datuk Seri Najib Tun Razak launched the country's first Special Economic Zone (SEZ) in Pekan, Pahang on Aug 4 in a move to generate investments of RM90 billion by 2020 and creating 220,000 new jobs. The SEZ, which is part of the East Coast Economic Region (ECER), is an integrated development zone with special incentives to attract investments and boost economic activities. The SEZ stretches from Kertih, Chukai, Kuantan Port City, Kuantan, Gambang to Pekan.
The Australia and New Zealand Banking Group Limited (ANZ) has emerged as AMMB HOLDINGS BHD [ AMMB 4.150 -0.120 (-2.810%) ]’s largest shareholder with a 24.6% stake, up from 19.2% previously, after converting its entire holdings of RM575 million unsecured subordinated exchangeable bonds into shares. Taking into account the special issue of 96.3 million new AMMB shares to bumiputera investors, ANZ’s stake in the local bank would be diluted to 23.8% stake. Two days ago, AMMB had issued 194.9 million new shares to ANZ, following the latter’s move to convert the exchangeable bonds that ANZ had subscribed in 2007, into equity.
Petroliam Nasional Bhd (Petronas) plans to sell at least US$2.5 billion (RM8.75 billion) in dollar bonds, according to an emailed statement to investors. Petronas will sell five-year sukuk and 10-year conventional bonds, which may be priced to pay about 175 basis points more than US government debt of similar maturities, according to the statement to investors from Citigroup Inc, one of the sale’s arrangers. A basis point equals 0.01 percentage point.
Cerah Sama Sdn Bhd, which is 55%-owned by water player Taliworks Corp Bhd, disposed of 14.1 million shares or a 7.8% stake in SILK Holdings Bhd between July 20 and 29, slashing its shareholding to 11.4 million shares or 6.3%. The other shareholder of Cerah Sama is SEASAF (South East Asia Strategic Assets Fund) Highway Sdn Bhd.
Cerah Sama did not say why it cut its stake in the toll road operator. However, speculation is rife that it could be due to its disagreement with SILK’s management over the company venturing into oil and gas (O&G) support services, deviating from its present core business in toll road operations.
Aug 3
With the belief that the global economic recovery is now firmly in place comes the confidence to raise funds in the market not seen since the collapse of Lehman Brothers Holdings Inc in the US last September. AirAsia Bhd, which pioneered low-cost air travel in the region, is planning an audacious share sale estimated to raise more than RM600 million, making it the largest fund-raising to be undertaken by a Malaysian company since the credit crunch that led to Lehman’s fall. The share sale is in line with Air-Asia’s plan to have RM1 billion cash by year-end, as announced by its group CEO Datuk Seri Tony Fernandes after its shareholders’ meeting
The Inland Revenue Board of Malaysia's gross tax collection for the first seven months of 2009 rose 2% to RM53.5 billion from RM52.4 billion a year ago mainly due to improved contribution from the petroleum industry and individual taxpayers. Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said: "I consider this (collection) a positive thing given the current economic situation and comparing it with other countries."
SIME DARBY BHD [ SIME 8.260 -0.050 (-0.602%) ]'s unit via its unit Sime Darby Engineering Sdn Bhd has entered into a definitive sale and purchase agreement with Ramunia Holdings Bhd to take over the energy services company for RM560 million cash. The deal is a revision of an earlier offer by Sime Darby to acquire Ramunia’s business including assets and liabilities for RM232 million, to be satisfied by RM46.2 million cash and RM185.8 million in shares of Sime Darby Engineering. The new offer excludes the takeover of Ramunia’s liabilities.
Property developer GUOCOLAND (MALAYSIA) BHD [ GUOCO 1.060 -0.020 (-1.852%) ] plans to roll out several high-end projects in stages at Emerald Rawang, Selangor, with a total gross development value (GDV) of RM1.7 billion. “Going forward, the RM1.7 billion GDV will have a bigger impact in terms of contribution. The projects are expected to be completed in 2016 or 2017,” executive director Chan Chee Meng told reporters during a media tour.
HAP SENG CONSOLIDATED BHD [ HAPSENG 2.550 0.010 (0.394%)] Stock Summary Time & Sales Historical Prices Business Summary Announcement is buying a 50% stake in Menara Citibank for RM303.5 million from Singapore's CapitaLand Ltd and Amsteel Corporation Bhd. It is acquiring CapitaLand's entire 30% stake in Inverfin Sdn Bhd -- owner and operator of the 50-storey building in Kuala Lumpur. It was also acquiring the entire 20% stake in Inverfin from Amsteel. Menara Citi Holding Co. Sdn Bhd owns the other 50% stake in Inverfin.
Land and General Bhd (L&G), which completed its debt repayment recently, said it would continue to focus on its core business of property development, including joint projects with land owners. “We are (already) in talks with land owners (in Klang Valley) and are in the final stage of discussions on the joint ventures. We as developer, they as land owners,” said its managing director Low Gay Teck. Low said L&G's immediate strategy was to enhance the value of its flagship property, the 1,200-acre Bandar Sri Damansara township.
Aug 6
Amid a turbulent operating environment, MALAYSIAN AIRLINE SYSTEM BHD [ MAS 3.200 0.100 (3.226%) ] posted a net profit of RM875.51 million in the second quarter (2Q) ended June 30, aided by a RM1.34 billion derivatives gain. Operationally, however, MAS posted a worse-than-expected loss of RM420.8 million as travel and cargo demand declined amid the global economic downturn that has dragged even the world’s best carriers, including Singapore Airlines, into the red.
Boustead Petroleum Marketing Sdn Bhd (BHPetrol) will market its RON95 — infiniti952x — at all its 300 stations nationwide by Sept 1, 2009 to replace RON92.
Speaking at the launch of BHPetrol’s RON95 here yesterday, BHPetrol’s managing director, Tan Kim Thiam, said infiniti95²x comprised an additive package that was made up of “detergent and anti-corrosion components together with friction modifier”.
FORMIS RESOURCES BHD [ FRB 1.190 0.010 (0.847%) ] has secured a RM69.98 million one-year contract to supply, install and commission an integrated e-courts system, called e-Kehakiman, for the country’s courtrooms. Formis said the contract, covering courtrooms in Selangor, Kuala Lumpur, Putrajaya, Johor, Penang and Sarawak, required it to design and set up three systems, encompassing e-filing, case management and queue management system, and court recording and transcription.
AIRASIA BHD [ AIRASIA 1.430 0.010 (0.704%) ] has deferred the delivery of eight Airbus A320 from the year 2010 to 2014 as it foresees infrastructural constraints with the current airport facilities and until the new low-cost carrier terminal is constructed. The low-cost carrier said on Aug 6 that with the deferment, the original delivery of 24 aircraft in 2010 would be reduced to 16 aircraft.
Aug 5
TSR CAPITAL BHD [ TSRCAP 1.350 -0.040 (-2.878%) ] received the Negri Sembilan government’s approval yesterday to develop a tax-free mall and a custom, immigration and quarantine (CIQ) complex as well as tourism-related projects in the centre of Port Dickson with a gross development value (GDV) of RM1.8 billion. TSR said the development entailed a free-tax mall, CIQ complex, international ferry terminals, aquarium and water theme park, hotels and convention centre, theme shops, medical centre and apartments.
AHMAD ZAKI RESOURCES BHD [ AZRB 0.910 -0.025 (-2.674%) ] subsidiary Ahmad Zaki Sdn Bhd has been awarded a RM106 million contract by the Works Department for an elevated interchange from Istana Negara to Jalan Duta. AZRB said the project would be completed within 18 months from Aug 10, 2009 to Feb 9, 2011. It expects the project to contribute positively to its earnings for the financial years ending 2009-2011.
Bursa Malaysia reserves the right to extend the trading halt period of a listed company’s securities beyond the shortened period of one hour that took effect on Monday.
Bursa said it reserved the right to extend the halt for the rest of the trading session, or such other period as deemed appropriate by the exchange, to enable sufficient time for dissemination and understanding of complex announcements.
The major shareholders of The New Straits Times Press (M) Bhd (NSTP) are mulling various ideas and plans to enhance shareholder value, including a possible privatisation of the company, demerger and spin-off. NSTP said, however, its major shareholders have not committed to a date or made a firm decision regarding such plans.
Aug 4
Prime Minister Datuk Seri Najib Tun Razak launched the country's first Special Economic Zone (SEZ) in Pekan, Pahang on Aug 4 in a move to generate investments of RM90 billion by 2020 and creating 220,000 new jobs. The SEZ, which is part of the East Coast Economic Region (ECER), is an integrated development zone with special incentives to attract investments and boost economic activities. The SEZ stretches from Kertih, Chukai, Kuantan Port City, Kuantan, Gambang to Pekan.
The Australia and New Zealand Banking Group Limited (ANZ) has emerged as AMMB HOLDINGS BHD [ AMMB 4.150 -0.120 (-2.810%) ]’s largest shareholder with a 24.6% stake, up from 19.2% previously, after converting its entire holdings of RM575 million unsecured subordinated exchangeable bonds into shares. Taking into account the special issue of 96.3 million new AMMB shares to bumiputera investors, ANZ’s stake in the local bank would be diluted to 23.8% stake. Two days ago, AMMB had issued 194.9 million new shares to ANZ, following the latter’s move to convert the exchangeable bonds that ANZ had subscribed in 2007, into equity.
Petroliam Nasional Bhd (Petronas) plans to sell at least US$2.5 billion (RM8.75 billion) in dollar bonds, according to an emailed statement to investors. Petronas will sell five-year sukuk and 10-year conventional bonds, which may be priced to pay about 175 basis points more than US government debt of similar maturities, according to the statement to investors from Citigroup Inc, one of the sale’s arrangers. A basis point equals 0.01 percentage point.
Cerah Sama Sdn Bhd, which is 55%-owned by water player Taliworks Corp Bhd, disposed of 14.1 million shares or a 7.8% stake in SILK Holdings Bhd between July 20 and 29, slashing its shareholding to 11.4 million shares or 6.3%. The other shareholder of Cerah Sama is SEASAF (South East Asia Strategic Assets Fund) Highway Sdn Bhd.
Cerah Sama did not say why it cut its stake in the toll road operator. However, speculation is rife that it could be due to its disagreement with SILK’s management over the company venturing into oil and gas (O&G) support services, deviating from its present core business in toll road operations.
Aug 3
With the belief that the global economic recovery is now firmly in place comes the confidence to raise funds in the market not seen since the collapse of Lehman Brothers Holdings Inc in the US last September. AirAsia Bhd, which pioneered low-cost air travel in the region, is planning an audacious share sale estimated to raise more than RM600 million, making it the largest fund-raising to be undertaken by a Malaysian company since the credit crunch that led to Lehman’s fall. The share sale is in line with Air-Asia’s plan to have RM1 billion cash by year-end, as announced by its group CEO Datuk Seri Tony Fernandes after its shareholders’ meeting
The Inland Revenue Board of Malaysia's gross tax collection for the first seven months of 2009 rose 2% to RM53.5 billion from RM52.4 billion a year ago mainly due to improved contribution from the petroleum industry and individual taxpayers. Second Finance Minister Datuk Seri Ahmad Husni Mohamad Hanadzlah said: "I consider this (collection) a positive thing given the current economic situation and comparing it with other countries."
SIME DARBY BHD [ SIME 8.260 -0.050 (-0.602%) ]'s unit via its unit Sime Darby Engineering Sdn Bhd has entered into a definitive sale and purchase agreement with Ramunia Holdings Bhd to take over the energy services company for RM560 million cash. The deal is a revision of an earlier offer by Sime Darby to acquire Ramunia’s business including assets and liabilities for RM232 million, to be satisfied by RM46.2 million cash and RM185.8 million in shares of Sime Darby Engineering. The new offer excludes the takeover of Ramunia’s liabilities.
Property developer GUOCOLAND (MALAYSIA) BHD [ GUOCO 1.060 -0.020 (-1.852%) ] plans to roll out several high-end projects in stages at Emerald Rawang, Selangor, with a total gross development value (GDV) of RM1.7 billion. “Going forward, the RM1.7 billion GDV will have a bigger impact in terms of contribution. The projects are expected to be completed in 2016 or 2017,” executive director Chan Chee Meng told reporters during a media tour.
2009年7月31日星期五
Business this week (July 27-31)
July 31
- Prime Minister Datuk Seri Najib Razak launches the Amanah Saham 1Malaysia fund managed by Permodalan Nasional Bhd (PNB) today. The 10 billion unit fund is a fixed price equity priced at RM1 per unit, the biggest PNB fund so far.
- The board of GOH BAN HUAT BHD [ GBH 1.400 0.040 (2.941%) ] has recommended shareholders reject the RM1.25 offer made by low-key major shareholder Tan Sri Robert Tan Hua Choon.
- Stockbroking and property development group TA ENTERPRISE BHD [ TA 1.090 0.010 (0.926%) ] intends to continue its hotel-buying spree, expecting to acquire at least one hotel property a year for the next two to three years in addition to building two hotels in Kuala Lumpur.
July 30
- Citigroup Inc chief executive officer Vikram Pandit is on a whirlwind tour to the three key regions to bolster stakeholder confidence.
- Cycle & Carriage Bintang Bhg posted net profit of RM19.89 million for the second quarter ended June 30, down 63.6% from RM29.97 million a year ago. Revenue was RM123.8 million versus RM154.04 million a year ago. It declared a special dividend of RM1.20 per share and an interim dividend of five sen per share.
- The People’s Bank of China will use market tools to control lending growth and affirmed a “moderately loose” monetary policy to support the nation’s economic recovery.
- Petronas is buying Union Carbide Corporation ‘s entire interest in the Optimal Group of Companies for US$600 million (RM2.12 billion). Union Carbide is a subsidiary of Dow Chemical Co.
July 29
- Asian markets retreated as the Shanghai Composite Index fell by 5% on reports that China’s two biggest state-owned commercial banks were restricting their lending.
- Temasek Holdings Pte lost more than S$ 40 billion in asset value and may allow public investment for the first time, after the aborted appointment of Charles Goodyear.
- Bank Negara Malaysia kept the overnight policy rate at 2% at the Monetary Policy Committee meeting, saying that there were signs that the global and local economies were stabilising.
- Padi Beras Nasional Bhd (Bernas) has sought to allay concerns after Hong Kong-based Wang Tak Co. Ltd, emerged as the single largest shareholder in the national rice distributor with 31.36% stake. Bernas said Wang Tak’s stake, comprising of 147.51 million shares, did not alter the control and management structure at Bernas.
Jul 28
- Carlsberg Brewery Malaysia Bhd is acquiring its Singaporean counterpart for RM370 million cash.
- Rolls-Royce will build or extend four factories in Britain and open a new plant in Singapore.
- The Ho family, who are controlling shareholders of JOHN MASTER INDUSTRIES BHD [ JMI 0.840 -0.045 (-5.085%) ], will be retaining the company through offers for RM78.5 million of assets and liabilities from Yoon Foong Garments Sdn Bhd. The company also proposed the acquisition of a China-based fabric maker that will eventually control 51% of JMI.
July 27
- Sabah and Sarawak emerged as the immediate beneficiaries after Prime Minister Datuk Seri Najib Razak defined a series of targets under his 1Malaysia campaign.
- Shares of MULTI-PURPOSE HOLDINGS BHD [ MPHB 1.720 0.000 (0.000%)Stock Summary Time & Sales Historical Prices Business Summary Announcement] (MPHB) and Tanjong plc rose almost 3% as investors hope that policy makers will initiate more measures in the numbers forecast operations industry, such as MPHB subsidiary Magnum Corp Sdn Bhd receiving approval to introduce a new four-digit jackpot game.
- TA Enterprise Bhd entered into an agreement to purchase Swissotel Merchant Court, continuing its property acquisition spree.
- Prime Minister Datuk Seri Najib Razak launches the Amanah Saham 1Malaysia fund managed by Permodalan Nasional Bhd (PNB) today. The 10 billion unit fund is a fixed price equity priced at RM1 per unit, the biggest PNB fund so far.
- The board of GOH BAN HUAT BHD [ GBH 1.400 0.040 (2.941%) ] has recommended shareholders reject the RM1.25 offer made by low-key major shareholder Tan Sri Robert Tan Hua Choon.
- Stockbroking and property development group TA ENTERPRISE BHD [ TA 1.090 0.010 (0.926%) ] intends to continue its hotel-buying spree, expecting to acquire at least one hotel property a year for the next two to three years in addition to building two hotels in Kuala Lumpur.
July 30
- Citigroup Inc chief executive officer Vikram Pandit is on a whirlwind tour to the three key regions to bolster stakeholder confidence.
- Cycle & Carriage Bintang Bhg posted net profit of RM19.89 million for the second quarter ended June 30, down 63.6% from RM29.97 million a year ago. Revenue was RM123.8 million versus RM154.04 million a year ago. It declared a special dividend of RM1.20 per share and an interim dividend of five sen per share.
- The People’s Bank of China will use market tools to control lending growth and affirmed a “moderately loose” monetary policy to support the nation’s economic recovery.
- Petronas is buying Union Carbide Corporation ‘s entire interest in the Optimal Group of Companies for US$600 million (RM2.12 billion). Union Carbide is a subsidiary of Dow Chemical Co.
July 29
- Asian markets retreated as the Shanghai Composite Index fell by 5% on reports that China’s two biggest state-owned commercial banks were restricting their lending.
- Temasek Holdings Pte lost more than S$ 40 billion in asset value and may allow public investment for the first time, after the aborted appointment of Charles Goodyear.
- Bank Negara Malaysia kept the overnight policy rate at 2% at the Monetary Policy Committee meeting, saying that there were signs that the global and local economies were stabilising.
- Padi Beras Nasional Bhd (Bernas) has sought to allay concerns after Hong Kong-based Wang Tak Co. Ltd, emerged as the single largest shareholder in the national rice distributor with 31.36% stake. Bernas said Wang Tak’s stake, comprising of 147.51 million shares, did not alter the control and management structure at Bernas.
Jul 28
- Carlsberg Brewery Malaysia Bhd is acquiring its Singaporean counterpart for RM370 million cash.
- Rolls-Royce will build or extend four factories in Britain and open a new plant in Singapore.
- The Ho family, who are controlling shareholders of JOHN MASTER INDUSTRIES BHD [ JMI 0.840 -0.045 (-5.085%) ], will be retaining the company through offers for RM78.5 million of assets and liabilities from Yoon Foong Garments Sdn Bhd. The company also proposed the acquisition of a China-based fabric maker that will eventually control 51% of JMI.
July 27
- Sabah and Sarawak emerged as the immediate beneficiaries after Prime Minister Datuk Seri Najib Razak defined a series of targets under his 1Malaysia campaign.
- Shares of MULTI-PURPOSE HOLDINGS BHD [ MPHB 1.720 0.000 (0.000%)Stock Summary Time & Sales Historical Prices Business Summary Announcement] (MPHB) and Tanjong plc rose almost 3% as investors hope that policy makers will initiate more measures in the numbers forecast operations industry, such as MPHB subsidiary Magnum Corp Sdn Bhd receiving approval to introduce a new four-digit jackpot game.
- TA Enterprise Bhd entered into an agreement to purchase Swissotel Merchant Court, continuing its property acquisition spree.
2009年7月19日星期日
2009年7月17日星期五
Business this week (13-17 July)
July 17
- WCT Bhd has secured four contracts worth RM766.48 million from Medini Iskandar Malaysia Sdn Bhd (MIMSB) for infrastructure works in Medini Iskandar Malaysia, Johor. WCT said the project was expected to be completed by July 2011, and the contracts were expected to contribute positively to the earnings and net assets of the group for the financial years 2009 to 2011.
July 16
- Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash), a 40% associate of Gamuda Bhd and a 30% associate of Kumpulan Perangsang Selangor Bhd (KPS), has received a third offer from the Selangor state government in the latter’s proposed takeover of the state’s water-related assets.
However, the third offer saw no change to the offer price of RM2.975 billion and other key terms, except that the state government had agreed to retain Sungai Harmoni Sdn Bhd and Gamuda Water Sdn Bhd as the operations and maintenance (O&M) operators of Sungai Selangor Water Supply Scheme phase 1 (SSP1) and phase 3 (SSP3), respectively, upon the same terms and conditions as those signed between Splash and the operators in January 2000.
- Sarawak Energy Bhd raised RM1.45 billion in financing facilities for the proposed 944mW hydroelectric plant in Sarawak. They comprised of a syndicated murabahah tawarruq facility of RM1.15 billion and syndicated term loan facility of RM300 million.
- The manufacturing sector recorded lower sales value in May, down RM12.8 billion from RM49.5 billion from a year ago, according to the Statistics Department. The total number of workers in the sector fell to 935,761 workers from 101,3715 a year ago.
- China’s GDP growth in the second quarter rose 7.9% due to massive fiscal and monetary stimulus.
- The Malaysian Institute of Economic Research revised downwards its GDP outlook for the country to a contraction of 4.2% from 2.2% because of declines in macroeconomic indicators, fragile confidence and dismal sectoral indices.
- Johor Land Bhd (JLand) will be delisted from the Main Board of Bursa Malaysia Securities on Tuesday following a voluntary takeover offer by Damansara Assets Sdn Bhd and Johor Corporation for all the remaining ordinary shares of RM1 each not already owned by them at RM1.55 cash a share.
July 15
- Public Bank Bhd and Bank of China (Malaysia) have established a yuan trade settlement service cooperation between them to facilitate Malaysia’s yuan trade settlement with China. With the tie-up, Public Bank becomes the first bank in Malaysia apart from Bank of China (Malaysia) that is ready to offer the yuan trade settlement service.
- Malayan Banking Bhd (Maybank) has appointed Takaful Malaysia chairman Tan Sri Dr Hadenan Jalil, former banker Datuk Seri Ismail Shahudin and Southern Steel Bhd group managing director Datuk Dr Tan Tat Wai as new independent directors.
- Magna Prima Bhd (MPB) is acquiring parcels of freehold and leasehold land measuring a total of 9.04 hectares in Gombak, Selangor for RM40.53 million cash to undertake a RM130 million mixed development project.
- It is acquiring the land from Seri Dinar Project Development Sdn Bhd. MPB said the estimated gross development value (GDV) or sales value of the proposed project was RM130 million, of which the gross profit margin was expected to be about 20%.
- China National Petroleum Company (CNPC) and Saudi Aramco may take a strategic stake in Merapoh Resources Corporation Sdn Bhd (MRCSB), which will own the country’s largest refinery with a capacity of 350,000 barrels per day (bpd).
Merge Energy Bhd will be uplifted from classification as an amended Practice Note 17 company, says Bursa Malaysia Securities Bhd.
July 14
- Bumiputra-Commerce Holdings Bhd’s subsidiary CIMB Islamic Bank Bhd has extended a RM1.5 billion loan to the National Higher Education Fund Corporation (PTPTN) in the latter’s first commercial financing arrangement as it looks to reduce its reliance on government funding. The government-guaranteed Islamic loan was for a tenure of 10 years, with the profit rate being “slightly higher” than the interest rate of Malaysian Government Securities.
- AmBank (M) Bhd is expecting RM75 million or more new deposit from its latest structured deposit offering, the AmMomentum Select Islamic Negotiable Instrument of deposit (NID-i). The bank is confident that this latest structure deposit is ideal for investors seeking a safe haven for investment.
- The Securities Commission has approved of Tan Sri Tan Hua Choon’s proposed takeover of ceramics sanitary ware manufacturer Goh Ban Huat Sdn Bd.
- United Malacca Bhd (UMB) is acquiring 10,102ha of land in Kinabatangan, Sabah for RM240 million to expand its plantation operations. The company said on July 14 the acquisition involved two parcels of land from Borneo Glow Sdn Bhd.
July 13
- CIMB Investment Bank Bhd has become the first underwriter of an initial public offering (IPO) to exercise a “green shoe” option and price stabilisation mechanism, a Securities Commission (SC) regulation that has been in place since January 2008.
Both mechanisms were enabled by the coming into force of the SC’s Capital Markets and Services (Price Stabilisation Mechanism) Regulations 2008, which is aimed at stabilising the share price of a company post-IPO.
- Kannaltec Bhd’s subsidiary Obtec Sdn Bhd suspended broad band services to 345 Selangor state agencies following stalled negotiations on subscription agreements.
- The Malaysian Rubber Glove Manufacturers' Association (MARGMA) is urging the authorities to expedite the approval of foreign workers for glovemakers who are currently facing an acute labour shortage.
- MARGMA president KM Lee said most glove manufacturers were hard pressed to meet the shipment dates of their customers' orders and the delivery lead times had now stretched to between two and three months instead of the usual one month.
- WCT Bhd has secured four contracts worth RM766.48 million from Medini Iskandar Malaysia Sdn Bhd (MIMSB) for infrastructure works in Medini Iskandar Malaysia, Johor. WCT said the project was expected to be completed by July 2011, and the contracts were expected to contribute positively to the earnings and net assets of the group for the financial years 2009 to 2011.
July 16
- Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash), a 40% associate of Gamuda Bhd and a 30% associate of Kumpulan Perangsang Selangor Bhd (KPS), has received a third offer from the Selangor state government in the latter’s proposed takeover of the state’s water-related assets.
However, the third offer saw no change to the offer price of RM2.975 billion and other key terms, except that the state government had agreed to retain Sungai Harmoni Sdn Bhd and Gamuda Water Sdn Bhd as the operations and maintenance (O&M) operators of Sungai Selangor Water Supply Scheme phase 1 (SSP1) and phase 3 (SSP3), respectively, upon the same terms and conditions as those signed between Splash and the operators in January 2000.
- Sarawak Energy Bhd raised RM1.45 billion in financing facilities for the proposed 944mW hydroelectric plant in Sarawak. They comprised of a syndicated murabahah tawarruq facility of RM1.15 billion and syndicated term loan facility of RM300 million.
- The manufacturing sector recorded lower sales value in May, down RM12.8 billion from RM49.5 billion from a year ago, according to the Statistics Department. The total number of workers in the sector fell to 935,761 workers from 101,3715 a year ago.
- China’s GDP growth in the second quarter rose 7.9% due to massive fiscal and monetary stimulus.
- The Malaysian Institute of Economic Research revised downwards its GDP outlook for the country to a contraction of 4.2% from 2.2% because of declines in macroeconomic indicators, fragile confidence and dismal sectoral indices.
- Johor Land Bhd (JLand) will be delisted from the Main Board of Bursa Malaysia Securities on Tuesday following a voluntary takeover offer by Damansara Assets Sdn Bhd and Johor Corporation for all the remaining ordinary shares of RM1 each not already owned by them at RM1.55 cash a share.
July 15
- Public Bank Bhd and Bank of China (Malaysia) have established a yuan trade settlement service cooperation between them to facilitate Malaysia’s yuan trade settlement with China. With the tie-up, Public Bank becomes the first bank in Malaysia apart from Bank of China (Malaysia) that is ready to offer the yuan trade settlement service.
- Malayan Banking Bhd (Maybank) has appointed Takaful Malaysia chairman Tan Sri Dr Hadenan Jalil, former banker Datuk Seri Ismail Shahudin and Southern Steel Bhd group managing director Datuk Dr Tan Tat Wai as new independent directors.
- Magna Prima Bhd (MPB) is acquiring parcels of freehold and leasehold land measuring a total of 9.04 hectares in Gombak, Selangor for RM40.53 million cash to undertake a RM130 million mixed development project.
- It is acquiring the land from Seri Dinar Project Development Sdn Bhd. MPB said the estimated gross development value (GDV) or sales value of the proposed project was RM130 million, of which the gross profit margin was expected to be about 20%.
- China National Petroleum Company (CNPC) and Saudi Aramco may take a strategic stake in Merapoh Resources Corporation Sdn Bhd (MRCSB), which will own the country’s largest refinery with a capacity of 350,000 barrels per day (bpd).
Merge Energy Bhd will be uplifted from classification as an amended Practice Note 17 company, says Bursa Malaysia Securities Bhd.
July 14
- Bumiputra-Commerce Holdings Bhd’s subsidiary CIMB Islamic Bank Bhd has extended a RM1.5 billion loan to the National Higher Education Fund Corporation (PTPTN) in the latter’s first commercial financing arrangement as it looks to reduce its reliance on government funding. The government-guaranteed Islamic loan was for a tenure of 10 years, with the profit rate being “slightly higher” than the interest rate of Malaysian Government Securities.
- AmBank (M) Bhd is expecting RM75 million or more new deposit from its latest structured deposit offering, the AmMomentum Select Islamic Negotiable Instrument of deposit (NID-i). The bank is confident that this latest structure deposit is ideal for investors seeking a safe haven for investment.
- The Securities Commission has approved of Tan Sri Tan Hua Choon’s proposed takeover of ceramics sanitary ware manufacturer Goh Ban Huat Sdn Bd.
- United Malacca Bhd (UMB) is acquiring 10,102ha of land in Kinabatangan, Sabah for RM240 million to expand its plantation operations. The company said on July 14 the acquisition involved two parcels of land from Borneo Glow Sdn Bhd.
July 13
- CIMB Investment Bank Bhd has become the first underwriter of an initial public offering (IPO) to exercise a “green shoe” option and price stabilisation mechanism, a Securities Commission (SC) regulation that has been in place since January 2008.
Both mechanisms were enabled by the coming into force of the SC’s Capital Markets and Services (Price Stabilisation Mechanism) Regulations 2008, which is aimed at stabilising the share price of a company post-IPO.
- Kannaltec Bhd’s subsidiary Obtec Sdn Bhd suspended broad band services to 345 Selangor state agencies following stalled negotiations on subscription agreements.
- The Malaysian Rubber Glove Manufacturers' Association (MARGMA) is urging the authorities to expedite the approval of foreign workers for glovemakers who are currently facing an acute labour shortage.
- MARGMA president KM Lee said most glove manufacturers were hard pressed to meet the shipment dates of their customers' orders and the delivery lead times had now stretched to between two and three months instead of the usual one month.
2009年7月10日星期五
Business this week (6 July to 10)
July 10:
- Supermax Corp Bhd posted net profit of RM25.78 million for the second quarter ended June 30, 2009. This was a 90% increase from the RM13.52 million a year ago “as a result of management focus on extracting greater efficiency from its wholly owned manufacturing facilities and higher contribution from its overseas distribution centres”
- Datuk Seri Panglima Andrew Sheng and Datuk Dr Zainal Aznam Mohd Yusof have been appointed as members of the board of the National Economic Action Council (NEAC), which is chaired by Tan Sri Amirsham Abdul Aziz who was appointed in May.
- China-based Xingquan International Sports Holdings Ltd, made a strong debut on the Bursa Malaysia on July 10, opening at RM1.83, a a premium of 12 sen above the retail offering of RM1.71 while for institutions it was three sen above the offer price of RM1.80.
- The new Central Banking Act for Bank Negara Malaysia was passed by the Dewan Rakyat and has been sent to the Dewan Negara for further action. BNM governor Tan Sri Dr Zeti Akhtar Aziz said on July 10 the new Act represented the culmination of more than two years’ work to address many of the issues and challenges whhich central banks were confronted with in the 21st century.
July 9:
- Reclusive corporate figure Tan Sri Robert Tan Hua Choon, who is not known for speaking out in the media but has been in the spotlight lately, yesterday broke his silence over his apparent hostile takeover bid for Goh Ban Huat Bhd (GBH). His takeover offer for GBH is being resisted by the Goh family, the founding and major shareholders who own 17% of the ceramic sanitary ware maker.
- AirAsia Bhd expects its newly launched low-cost courier, Redbox, to contribute RM25 million to RM30 million revenue to the group next year. Group chief executive officer Datuk Seri Tony Fernandes said the courier service, which offers on average 50% lower shipment rates than the market’s, was targeted at small- and medium-sized enterprises and individual customers.
- IJM Corp Bhd has proposed to raise RM700 million via a commercial paper and medium-term notes (CP/MTN) programme to refinance borrowings as well to subscribe to Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) debt securities and its unit IJM Plantations Bhd’s (IJMP) rights issue with warrants. IJM Corp also proposed a renounceable rights issue of up to 134.93 million warrants on the basis of one warrant for every 10 shares held, after its earlier proposed two-for-five bonus issue of up to 385.52 million new shares.
- Perusahaan Otomobil Kedua Sdn Bhd (Perodua) expects sales of its cars to reach 158,000 units this year and approach its historic high of 167,000 units next year. Perodua expected demand for new cars to pick up ahead of year-end festivities and the upcoming launch of its multi-purpose vehicles (MPV) this November, said Ahmad Suhaimi Mohd Anuar, director of sales at Perodua Sales Sdn Bhd (PSSB).
- Malaysian consumers living in the Klang Valley, Penang, Johor Bahru and Ipoh are less interested in purchasing a new vehicle in the coming year, according to a survey conducted by Synovate Motoresearch. The survey showed 56% of those polled plan to keep on using their current cars or motorcycles while 48% would not mind buying a used or certified car if there was a warranty from a manufacturer or authorised dealer.
July 8:
- Bank Negara Malaysia's policy will focus on giving access to financing for now it but does not rule out another round of overnight policy rate (OPR) cut. BNM governor Tan Sri Dr Zeti Akhtar Aziz said the central bank would, at this point, focus on giving access to financing, given that the country's interest rates were already in historical lows.
- IJM Plantations Bhd (IJMP) has proposed to raise a total of RM336.56 million via a renounceable rights issue of 160.27 million new shares of 50 sen each, together with 80.13 million new warrants, at an issue price of RM2.10 per rights share.
- T Ananda Krishnan, one of the country’s richest men, has denied any interest in buying Newcastle United Football Club or had sent representatives to explore or conclude such a deal.
Usaha Tegas Sdn Bhd, his privately held company, said: “There is in fact no truth or foundation to this story. Krishnan has not expressed an interest in purchasing Newcastle United Football Club, has not sent any delegation to Newcastle to engage in such talks or authorised any representatives to negotiate on his behalf and is not considering any such purchase.”
July 7:
- Syarikat Takaful Malaysia Bhd (STMB) hopes to beat the industry's growth rate of 20%-25% per annum to help realise its target of capturing at least 50% share of the takaful industry's total assets within two years.
- Berjaya Land Bhd (BLand) has placed out a 3.18% stake comprising 40 million shares of 10 sen each in numbers forecast operator Berjaya Sports Toto Bhd (BToto) at RM4.75 per share for a total of RM190 million cash to partly redeem RM848.1 million worth of bonds.
BLand said its major shareholder Tan Sri Vincent Tan Chee Yioun had also concurrently placed out a total of 15.6 million shares in BToto, thus reducing his direct interest to 54.5 million shares representing a 4.34% stake in BToto. No detail of Tan’s transaction price was disclosed.
- Sunway Holdings Bhd’s interest in acquiring the local concrete plants, quarries and asphalt factories owned by HeidelbergCement AG may have waned, after the latter raised the indicative sale value for these assets to US$250 million (RM885 million) from US$200 million. Sources familiar with the deal said that HeidelbergCement, a heavy building materials manufacturer based in Germany, has recently upped the assets’ selling price following the emergence of three other interested bidders. The debt-laden German group was looking at exiting from Malaysia and hence was putting its local assets up for sale.
- EON Capital Bhd’s banking arm, EON Bank Bhd, is working with MyKad payment solution provider ePetrol Holdings Sdn Bhd to launch a cashless payment programme using the MyKad by year-end, the banking group’s head of cards and unsecured lending, Aaron Tan, said.
- Malaysian Airline System Bhd (MAS) will suspend its thrice-weekly services from Kuala Lumpur to New York via Stockholm and vice versa effective October due to a drop in demand. MAS said on July 7 the last flight from Kuala Lumpur to New York will be on Sept 30 while the last flight departing New York will be on Oct 1 and Stockholm on Oct 2.
July 6:
- The Port Klang Authority (PKA) has been instructed by the Ministry of Finance (MoF) to resume the payment of RM660 million owing or due by the end of the month to Kuala Dimensi Sdn Bhd-related (KDSB) companies for work done at the Port Klang Free Zone (PKFZ). After a board meeting upon the intervention of the MoF, PKA immediately made a payment of RM360 million, which fell due on June 30, to two of the companies while the remaining RM300 million will be paid out by the end of the month to the other two.
- The Johor state government is compulsorily acquiring a 4.62ha vacant parcel of land in Plentong, Johor Bahru, from Tebrau Teguh Bhd subsidiary Bayou Bay Development Sdn Bhd (BBDSB) for RM17.77 million. Tebrau Teguh said BBDSB had received a notice from the Johor Bahru land administrator for the compulsory acquisition and had accepted the offer with an objection on the valuation of the land.
- DFZ Capital Bhd is acquiring duty-free retail company Seruntun Maju Sdn Bhd (SMSB) for RM13 million cash to increase its business at the Malaysia-Thai border. DFZ said it had, on July 3, entered into a share sale agreement with SMSB’s vendors to acquire the entire stake, or 1.5 million shares of RM1 each, in the company. The acquisition, which will be funded via internal funds, is expected to be completed in the third quarter ending Nov 30, 2009.
- The new 30-stock FBM KLCI started off on a lacklustre note, in line with most regional markets weighed down by weaker commodity prices and the downbeat US employment data released last week. European markets also started off on a negative note with the London FTSE 100 and the DAX Index shedding about 1.5% in early trade, dragged down by worries that an economic recovery might be some way off.
- Datuk Seri Najib Razak’s unfolding structural reform programme, if implemented effectively alongside much needed fiscal policy adjustments, could play an important role in reshaping the country’s medium-term competitiveness. Moody’s Investors Service said the timely reforms would help boost Malaysia’s growth potential and overall sovereign creditworthiness, while the government drew up specific fiscal strategies and policy reforms to limit and reverse, the growing government debt overhang.
- AirAsia Bhd is seeking shareholders’ approval for its plan to extend financial assistance to PT Indonesia AirAsia (IAA) and Thai AirAsia Co Ltd (TAA) totalling RM355 million and RM248 million, being net amount owing to AirAsia as at Dec 31, 2008 by the two associated companies.
- Great Eastern Life Assurance Malaysia Bhd is seeking to secure one of the two family takaful licences to be issued by Bank Negara Malaysia. Great Eastern director and chief executive officer Koh Yaw Hui said yesterday its strong channels and bancassurance business, via holding company Oversea-Chinese Banking Corporation Ltd (OCBC), would provide it a strong platform to launch products for the takaful market, if it was successful in securing the licence.
- Supermax Corp Bhd posted net profit of RM25.78 million for the second quarter ended June 30, 2009. This was a 90% increase from the RM13.52 million a year ago “as a result of management focus on extracting greater efficiency from its wholly owned manufacturing facilities and higher contribution from its overseas distribution centres”
- Datuk Seri Panglima Andrew Sheng and Datuk Dr Zainal Aznam Mohd Yusof have been appointed as members of the board of the National Economic Action Council (NEAC), which is chaired by Tan Sri Amirsham Abdul Aziz who was appointed in May.
- China-based Xingquan International Sports Holdings Ltd, made a strong debut on the Bursa Malaysia on July 10, opening at RM1.83, a a premium of 12 sen above the retail offering of RM1.71 while for institutions it was three sen above the offer price of RM1.80.
- The new Central Banking Act for Bank Negara Malaysia was passed by the Dewan Rakyat and has been sent to the Dewan Negara for further action. BNM governor Tan Sri Dr Zeti Akhtar Aziz said on July 10 the new Act represented the culmination of more than two years’ work to address many of the issues and challenges whhich central banks were confronted with in the 21st century.
July 9:
- Reclusive corporate figure Tan Sri Robert Tan Hua Choon, who is not known for speaking out in the media but has been in the spotlight lately, yesterday broke his silence over his apparent hostile takeover bid for Goh Ban Huat Bhd (GBH). His takeover offer for GBH is being resisted by the Goh family, the founding and major shareholders who own 17% of the ceramic sanitary ware maker.
- AirAsia Bhd expects its newly launched low-cost courier, Redbox, to contribute RM25 million to RM30 million revenue to the group next year. Group chief executive officer Datuk Seri Tony Fernandes said the courier service, which offers on average 50% lower shipment rates than the market’s, was targeted at small- and medium-sized enterprises and individual customers.
- IJM Corp Bhd has proposed to raise RM700 million via a commercial paper and medium-term notes (CP/MTN) programme to refinance borrowings as well to subscribe to Lebuhraya Kajang-Seremban Sdn Bhd’s (Lekas) debt securities and its unit IJM Plantations Bhd’s (IJMP) rights issue with warrants. IJM Corp also proposed a renounceable rights issue of up to 134.93 million warrants on the basis of one warrant for every 10 shares held, after its earlier proposed two-for-five bonus issue of up to 385.52 million new shares.
- Perusahaan Otomobil Kedua Sdn Bhd (Perodua) expects sales of its cars to reach 158,000 units this year and approach its historic high of 167,000 units next year. Perodua expected demand for new cars to pick up ahead of year-end festivities and the upcoming launch of its multi-purpose vehicles (MPV) this November, said Ahmad Suhaimi Mohd Anuar, director of sales at Perodua Sales Sdn Bhd (PSSB).
- Malaysian consumers living in the Klang Valley, Penang, Johor Bahru and Ipoh are less interested in purchasing a new vehicle in the coming year, according to a survey conducted by Synovate Motoresearch. The survey showed 56% of those polled plan to keep on using their current cars or motorcycles while 48% would not mind buying a used or certified car if there was a warranty from a manufacturer or authorised dealer.
July 8:
- Bank Negara Malaysia's policy will focus on giving access to financing for now it but does not rule out another round of overnight policy rate (OPR) cut. BNM governor Tan Sri Dr Zeti Akhtar Aziz said the central bank would, at this point, focus on giving access to financing, given that the country's interest rates were already in historical lows.
- IJM Plantations Bhd (IJMP) has proposed to raise a total of RM336.56 million via a renounceable rights issue of 160.27 million new shares of 50 sen each, together with 80.13 million new warrants, at an issue price of RM2.10 per rights share.
- T Ananda Krishnan, one of the country’s richest men, has denied any interest in buying Newcastle United Football Club or had sent representatives to explore or conclude such a deal.
Usaha Tegas Sdn Bhd, his privately held company, said: “There is in fact no truth or foundation to this story. Krishnan has not expressed an interest in purchasing Newcastle United Football Club, has not sent any delegation to Newcastle to engage in such talks or authorised any representatives to negotiate on his behalf and is not considering any such purchase.”
July 7:
- Syarikat Takaful Malaysia Bhd (STMB) hopes to beat the industry's growth rate of 20%-25% per annum to help realise its target of capturing at least 50% share of the takaful industry's total assets within two years.
- Berjaya Land Bhd (BLand) has placed out a 3.18% stake comprising 40 million shares of 10 sen each in numbers forecast operator Berjaya Sports Toto Bhd (BToto) at RM4.75 per share for a total of RM190 million cash to partly redeem RM848.1 million worth of bonds.
BLand said its major shareholder Tan Sri Vincent Tan Chee Yioun had also concurrently placed out a total of 15.6 million shares in BToto, thus reducing his direct interest to 54.5 million shares representing a 4.34% stake in BToto. No detail of Tan’s transaction price was disclosed.
- Sunway Holdings Bhd’s interest in acquiring the local concrete plants, quarries and asphalt factories owned by HeidelbergCement AG may have waned, after the latter raised the indicative sale value for these assets to US$250 million (RM885 million) from US$200 million. Sources familiar with the deal said that HeidelbergCement, a heavy building materials manufacturer based in Germany, has recently upped the assets’ selling price following the emergence of three other interested bidders. The debt-laden German group was looking at exiting from Malaysia and hence was putting its local assets up for sale.
- EON Capital Bhd’s banking arm, EON Bank Bhd, is working with MyKad payment solution provider ePetrol Holdings Sdn Bhd to launch a cashless payment programme using the MyKad by year-end, the banking group’s head of cards and unsecured lending, Aaron Tan, said.
- Malaysian Airline System Bhd (MAS) will suspend its thrice-weekly services from Kuala Lumpur to New York via Stockholm and vice versa effective October due to a drop in demand. MAS said on July 7 the last flight from Kuala Lumpur to New York will be on Sept 30 while the last flight departing New York will be on Oct 1 and Stockholm on Oct 2.
July 6:
- The Port Klang Authority (PKA) has been instructed by the Ministry of Finance (MoF) to resume the payment of RM660 million owing or due by the end of the month to Kuala Dimensi Sdn Bhd-related (KDSB) companies for work done at the Port Klang Free Zone (PKFZ). After a board meeting upon the intervention of the MoF, PKA immediately made a payment of RM360 million, which fell due on June 30, to two of the companies while the remaining RM300 million will be paid out by the end of the month to the other two.
- The Johor state government is compulsorily acquiring a 4.62ha vacant parcel of land in Plentong, Johor Bahru, from Tebrau Teguh Bhd subsidiary Bayou Bay Development Sdn Bhd (BBDSB) for RM17.77 million. Tebrau Teguh said BBDSB had received a notice from the Johor Bahru land administrator for the compulsory acquisition and had accepted the offer with an objection on the valuation of the land.
- DFZ Capital Bhd is acquiring duty-free retail company Seruntun Maju Sdn Bhd (SMSB) for RM13 million cash to increase its business at the Malaysia-Thai border. DFZ said it had, on July 3, entered into a share sale agreement with SMSB’s vendors to acquire the entire stake, or 1.5 million shares of RM1 each, in the company. The acquisition, which will be funded via internal funds, is expected to be completed in the third quarter ending Nov 30, 2009.
- The new 30-stock FBM KLCI started off on a lacklustre note, in line with most regional markets weighed down by weaker commodity prices and the downbeat US employment data released last week. European markets also started off on a negative note with the London FTSE 100 and the DAX Index shedding about 1.5% in early trade, dragged down by worries that an economic recovery might be some way off.
- Datuk Seri Najib Razak’s unfolding structural reform programme, if implemented effectively alongside much needed fiscal policy adjustments, could play an important role in reshaping the country’s medium-term competitiveness. Moody’s Investors Service said the timely reforms would help boost Malaysia’s growth potential and overall sovereign creditworthiness, while the government drew up specific fiscal strategies and policy reforms to limit and reverse, the growing government debt overhang.
- AirAsia Bhd is seeking shareholders’ approval for its plan to extend financial assistance to PT Indonesia AirAsia (IAA) and Thai AirAsia Co Ltd (TAA) totalling RM355 million and RM248 million, being net amount owing to AirAsia as at Dec 31, 2008 by the two associated companies.
- Great Eastern Life Assurance Malaysia Bhd is seeking to secure one of the two family takaful licences to be issued by Bank Negara Malaysia. Great Eastern director and chief executive officer Koh Yaw Hui said yesterday its strong channels and bancassurance business, via holding company Oversea-Chinese Banking Corporation Ltd (OCBC), would provide it a strong platform to launch products for the takaful market, if it was successful in securing the licence.
2009年7月3日星期五
Business this week (29 June to 3 July)
July 3
- Speculative-grade corporate defaults in the US reached 119, spanning from the end of 2008 to June 2009.
- Malaysian American Electronics Industry forecasts members to record RM54.6 billion sales this year by, down 27.5% from a year ago in line with projected sales contractions of more than 20%.
- US fund Harris Associates LP bought more Media Prima Bhd shares. It acquired 5.02 million shares on June 26 and 30, raising total stake to 101.44 million shares or 11.88%.
-
- July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
July 1
- Selangor is still in talks with two out of four water concessionaires – Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) and Syarikat Bekalan Air Sdn Bhd (Syabas) – in its efforts to consolidate the state’s water assets.
- Khazanah Nasional Bhd's overall portfolio per for 1H ended June 30, 2009 saw its total realisable asset value of portfolio rising to RM85 billion, up RM15.5 billion from RM69.5 billion as at Dec 31, 2008.
- Tenaga Nasional Bhd has deferred its RM400 million power plant in Perai, Penang, to match supply with the projected demand slowdown, which fell by 3.7% so far this year.
- Proton Holdings Bhd’s multi-purpose vehicle (MPV) Exora sales hit 5,000 units and has 14,000 orders since its mid-April launch. Monthly production for the MPV about 3,300 currently.
July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
June 30
- The government scrapped the 30% bumiputera equity ownership requirement for public-listed companies (PLCs) but maintained a “macro target” of 30% for the community, with immediate effect.
- The KL Composite Index ended the second quarter (2Q) of the year up 23.23%, the highest quarterly gain since 1999 when it surged 61.31%.
- Potential investors buying up to 20% of AirAsia Bhd under the low-cost carrier’s proposed share placement exercise will not be those who have already invested in its sister airline AirAsia X.
June 29
- Bank Pembangunan Malaysia Bhd recorded net profit of RM1.07 billion for its financial year ended Dec 31, 2008, attributed to better performance and exceptional income from the divestment of SME Bank, which saw net interest income rising by RM236.0 million from RM441.4 million in 2007 to RM677.3 million in 2008.
- Telekom Malaysia Bhd (TM) has commenced physical work on the National High-speed Broadband network (HSBB) in 22 TM exchange areas, which will provide the areas access in the initial rollout of HSBB service.
- Speculative-grade corporate defaults in the US reached 119, spanning from the end of 2008 to June 2009.
- Malaysian American Electronics Industry forecasts members to record RM54.6 billion sales this year by, down 27.5% from a year ago in line with projected sales contractions of more than 20%.
- US fund Harris Associates LP bought more Media Prima Bhd shares. It acquired 5.02 million shares on June 26 and 30, raising total stake to 101.44 million shares or 11.88%.
-
- July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
July 1
- Selangor is still in talks with two out of four water concessionaires – Syarikat Pengeluar Air Selangor Sdn Bhd (Splash) and Syarikat Bekalan Air Sdn Bhd (Syabas) – in its efforts to consolidate the state’s water assets.
- Khazanah Nasional Bhd's overall portfolio per for 1H ended June 30, 2009 saw its total realisable asset value of portfolio rising to RM85 billion, up RM15.5 billion from RM69.5 billion as at Dec 31, 2008.
- Tenaga Nasional Bhd has deferred its RM400 million power plant in Perai, Penang, to match supply with the projected demand slowdown, which fell by 3.7% so far this year.
- Proton Holdings Bhd’s multi-purpose vehicle (MPV) Exora sales hit 5,000 units and has 14,000 orders since its mid-April launch. Monthly production for the MPV about 3,300 currently.
July 2
- Private equity specialist CIMB Standard launched a US$500 million (RM1.75 billion) Islamic Infrastructure Fund (IIF), jointly sponsored by the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to provide capital to syariah-compliant infrastructure investments in the 20 member countries of ADB and IDB, which include Malaysia.
- The Malaysian Industrial Development Authority (MIDA) is targeting RM30 billion in investments this year, including RM4.2 billion in foreign direct investments (FDI) so far.
- From Jan 1 next year, Malaysia will abolish import duties on 2,123 products including palm oil, base metal (iron and steel) and vehicles for Asean countries, in line with the Asean Free Trade Area (Afta) to further open up the country's market.
June 30
- The government scrapped the 30% bumiputera equity ownership requirement for public-listed companies (PLCs) but maintained a “macro target” of 30% for the community, with immediate effect.
- The KL Composite Index ended the second quarter (2Q) of the year up 23.23%, the highest quarterly gain since 1999 when it surged 61.31%.
- Potential investors buying up to 20% of AirAsia Bhd under the low-cost carrier’s proposed share placement exercise will not be those who have already invested in its sister airline AirAsia X.
June 29
- Bank Pembangunan Malaysia Bhd recorded net profit of RM1.07 billion for its financial year ended Dec 31, 2008, attributed to better performance and exceptional income from the divestment of SME Bank, which saw net interest income rising by RM236.0 million from RM441.4 million in 2007 to RM677.3 million in 2008.
- Telekom Malaysia Bhd (TM) has commenced physical work on the National High-speed Broadband network (HSBB) in 22 TM exchange areas, which will provide the areas access in the initial rollout of HSBB service.
2009年6月26日星期五
Business This Week (22-26 June)
26 June
- CIMB Group won all three Malaysia awards in this year’s Asiamoney Best Bank awards, making it the only bank in Asia to sweep all three country awards. CIMB was voted Best Domestic Bank, Best Domestic Equity House and Best Domestic Debt House.
-CIMB Investment Bank Bhd won three of the four Lead Manager Awards 2008 at the RAM Lead Awards ceremony. CIMB Investment Bank took the first spot in Lead Manager Award 2008 - Number of Deals; Lead Manager Award Islamic 2008 - Number of Deals; and Lead Manager Award Islamic 2008 – Issue Value.
- Unisem (M) Bhd has allocated 60% to 70% of its proposed RM80 million to RM100 million capital expenditure for its plant in Chengdu, China.
- Fertility treatment specialist TMC Life Sciences Bhd expects to reverse its losses by the third quarter of this year, underpinned by contribution from its hospital division.
25 June
- Developer Gamuda Bhd announced earnings for 3Q ended April 30, 2009 fell 40% to RM46.3 million from RM76.71 million a year ago.
- Mulpha International Bhd committed A$73.22 million (RM206.49 million) to take up its full entitlement in a rights exercise undertaken by its 22.6%-owned FKP Property Group, which is listed in Australia.
-The Selangor government doubled its offer price to take over Konsortium Abass Sdn Bhd (Abass) to RM946 million from the RM525 million offer in February.
- Tan Sri Tan Hua Choon, who is Goh Ban Huat Bhd’s (GBH) single largest shareholder, launched a conditional takeover of GBH, offering to acquire the remaining 69.55% or 43.067 million shares at RM53.83 million.
- Petroliam Nasional Bhd (Petronas) group's net profit for the financial year ended March 31, 2009 fell 13.9% to RM52.5 billion from RM61 billion a year ago.
- Indonesia has temporarily stopped sending maids to Malaysia until there are discussions on the review of the memorandum of understanding on the matter.
- EON Capital Bhd (EON Cap) submitted an application to the Securities Commission (SC) for the establishment of a RM1 billion tier-1 capital programme.
24 June
- Glomac Bhd recorded a net profit of RM7.21 million in 4Q ended April 30, 2009, a 66.5% increase from RM4.33 million in the same period last year.
- United Malacca Bhd posted a net profit of RM15.22 million for 4Q ended April 30, 2009, a decrease of 23% from RM19.82 million a year earlier.
- AirAsia Bhd group chief executive officer Datuk Seri Tony Fernandes announced the low-cost carrier removed administration charges, effective June 23, as part of its aim to boost travel.
23 June
- Top Glove Corporation Bhd’s net profit for 3Q ended May 31, 2009 surged 62% to RM42.17 million from RM26.09 million a year earlier.
- LCL Corp Bhd will receive a refund of 5.44 million dirham (RM5.25 million) from Arabtec Construction LLC following the resolution of a payment dispute over the Tiara United Tower in Dubai.
- Khazanah Nasional Bhd teamed up with Boustead Holdings Bhd to develop a RM50 million theme park called KidZania near The Curve, Mutiara Damansara, Selangor.
22 June
- Supportive International Holdings Bhd’s net profit for 1Q ended April 30, 2009 to RM2.64 million from RM790,000 a year earlier.
- UMW Holdings Bhd proposed to issue up to RM800 million in debt notes to be used for its corporate exercises.
- Kencana Petroleum Bhd posted net profit of RM27.64 million for the third quarter (3Q) ended April 30, up 26% from RM22.02 million a year earlier.
- Berjaya Land Bhd posted net loss of RM102.15 million for the financial year ended April 30, 2009, compared with net profit of RM1.11 billion in net profit a year ago.
- Bank Negara’s international reserves fell US$1.2 billion to US$87.1 billion as at June 15, 2009 from US$88.3 billion on May 29 this year.
- YTL Corp Bhd will take up 75% of the total rights units to be issued by Starhill Global Real Estate Investment Trust (REIT) under its proposed one-for-one basis.
- CIMB Group won all three Malaysia awards in this year’s Asiamoney Best Bank awards, making it the only bank in Asia to sweep all three country awards. CIMB was voted Best Domestic Bank, Best Domestic Equity House and Best Domestic Debt House.
-CIMB Investment Bank Bhd won three of the four Lead Manager Awards 2008 at the RAM Lead Awards ceremony. CIMB Investment Bank took the first spot in Lead Manager Award 2008 - Number of Deals; Lead Manager Award Islamic 2008 - Number of Deals; and Lead Manager Award Islamic 2008 – Issue Value.
- Unisem (M) Bhd has allocated 60% to 70% of its proposed RM80 million to RM100 million capital expenditure for its plant in Chengdu, China.
- Fertility treatment specialist TMC Life Sciences Bhd expects to reverse its losses by the third quarter of this year, underpinned by contribution from its hospital division.
25 June
- Developer Gamuda Bhd announced earnings for 3Q ended April 30, 2009 fell 40% to RM46.3 million from RM76.71 million a year ago.
- Mulpha International Bhd committed A$73.22 million (RM206.49 million) to take up its full entitlement in a rights exercise undertaken by its 22.6%-owned FKP Property Group, which is listed in Australia.
-The Selangor government doubled its offer price to take over Konsortium Abass Sdn Bhd (Abass) to RM946 million from the RM525 million offer in February.
- Tan Sri Tan Hua Choon, who is Goh Ban Huat Bhd’s (GBH) single largest shareholder, launched a conditional takeover of GBH, offering to acquire the remaining 69.55% or 43.067 million shares at RM53.83 million.
- Petroliam Nasional Bhd (Petronas) group's net profit for the financial year ended March 31, 2009 fell 13.9% to RM52.5 billion from RM61 billion a year ago.
- Indonesia has temporarily stopped sending maids to Malaysia until there are discussions on the review of the memorandum of understanding on the matter.
- EON Capital Bhd (EON Cap) submitted an application to the Securities Commission (SC) for the establishment of a RM1 billion tier-1 capital programme.
24 June
- Glomac Bhd recorded a net profit of RM7.21 million in 4Q ended April 30, 2009, a 66.5% increase from RM4.33 million in the same period last year.
- United Malacca Bhd posted a net profit of RM15.22 million for 4Q ended April 30, 2009, a decrease of 23% from RM19.82 million a year earlier.
- AirAsia Bhd group chief executive officer Datuk Seri Tony Fernandes announced the low-cost carrier removed administration charges, effective June 23, as part of its aim to boost travel.
23 June
- Top Glove Corporation Bhd’s net profit for 3Q ended May 31, 2009 surged 62% to RM42.17 million from RM26.09 million a year earlier.
- LCL Corp Bhd will receive a refund of 5.44 million dirham (RM5.25 million) from Arabtec Construction LLC following the resolution of a payment dispute over the Tiara United Tower in Dubai.
- Khazanah Nasional Bhd teamed up with Boustead Holdings Bhd to develop a RM50 million theme park called KidZania near The Curve, Mutiara Damansara, Selangor.
22 June
- Supportive International Holdings Bhd’s net profit for 1Q ended April 30, 2009 to RM2.64 million from RM790,000 a year earlier.
- UMW Holdings Bhd proposed to issue up to RM800 million in debt notes to be used for its corporate exercises.
- Kencana Petroleum Bhd posted net profit of RM27.64 million for the third quarter (3Q) ended April 30, up 26% from RM22.02 million a year earlier.
- Berjaya Land Bhd posted net loss of RM102.15 million for the financial year ended April 30, 2009, compared with net profit of RM1.11 billion in net profit a year ago.
- Bank Negara’s international reserves fell US$1.2 billion to US$87.1 billion as at June 15, 2009 from US$88.3 billion on May 29 this year.
- YTL Corp Bhd will take up 75% of the total rights units to be issued by Starhill Global Real Estate Investment Trust (REIT) under its proposed one-for-one basis.
2009年6月19日星期五
Business this week (June 15 – June 19)
June 15
- Scomi Group Bhd and Brazilian civil construction partner CR Almeida SA is ready to bid for a monorail project in Sao Paulo, Brazil, when the city opens the tender next month.
- Berjaya Sports Toto Bhd (BToto) declares dividends of 30 sen cash plus distribution of treasury shares to its shareholders.
- Bursa Malaysia Bhd to implement multi-currency securities framework to support listing, trading, clearing and settlement of non-ringgit seurities, primary non-ringgit listings or cross listings from other stock exchanges on July 13.
June 16
- Bank Negara and the Securities Commission launched probe into Bestino Group Bhd and its related companies - which claim to be involved in gold mining -for suspected illegal deposit taking and illegal investment schemes.
- Bank Negara studying possibility of reviewing the “tariff-based’ insurance system for motor vehicles, in place since 1978. Plans to replace it with a “risk-based” system.
- Perwaja Holdings Bhd filed defence and counterclaim for up to RM105.26 million from Petroliam Nasional Bhd as excess payment for gas supplied by the national oil company.
June 17
- South Korea’s Hana Bank has proposed to issue up to RM1 billion nominal value multi-currency medium-term note programme from 2009 to 2012.
- Tradewinds (M) Bhd taking steps to recover the RM193.9 million owed by Bukhary Sdn Bhd which now accounts for about 60% of total trade receivables.
- Dubai’s Damac Properties (M) Sdn Bhd withdraws from deal with UEM Land Holdings Bhd to buy a piece of land in Nusajaya, Iskandar Malaysia for RM396.44 million.
June 18
- Kumpulan Hartanah Selangor Bhd is in talks to acquire 9.4 acres of land in Section 14, Petaling Jaya for a proposed property project with an estimated gross development value of RM600 million.
- WCT Bhd is keen to take part in building the RM2 billion new low-cost carrier terminal (LCCT) in Sepang.
- World Bank raised China’s forecast GDP growth for this year to 7.2% from 6.5% following an unfolding surge in government-influenced investment, triggered by Beijing's four trillion yuan (RM2.06 trillion) stimulus package.
June 19
- Jobs and factory data suggest US economy may be struggling out of recession following signs of economic “green shoots” which halted the decline and bolstered hopes that it has bottomed out.
- YSP Southeast Asia Holding Bhd plans to invest RM30 million to build a new plant in Vietnam to manufacture veterinary products, with the production plan expected to start in 2011.
- Bank Negara says from July 1, individuals who purchase general insurance covers directly from insurance companies will be eligible to receive premium rebates. The quantum of the rebates will depend on the type of insurance covers purchased. For motor insurance, individuals will receive 5% premium rebate in the first year of implementation and 10% thereafter. For others including businesses, insurance companies have the flexibility of providing the rebates. The direct purchase includes walk-in, through the internet, direct mailing and the telemarketing channel.
- Wah Seong Corp Bhd is strengthening its global presence in oil and gas and also industrial services operations. Its managing director and group chief executive officer said the company was looking at possible acquisition in the second half of 2009 aimed at further beefing up its O&G operations as well as making further inroad in the overseas markets.
- Scomi Group Bhd and Brazilian civil construction partner CR Almeida SA is ready to bid for a monorail project in Sao Paulo, Brazil, when the city opens the tender next month.
- Berjaya Sports Toto Bhd (BToto) declares dividends of 30 sen cash plus distribution of treasury shares to its shareholders.
- Bursa Malaysia Bhd to implement multi-currency securities framework to support listing, trading, clearing and settlement of non-ringgit seurities, primary non-ringgit listings or cross listings from other stock exchanges on July 13.
June 16
- Bank Negara and the Securities Commission launched probe into Bestino Group Bhd and its related companies - which claim to be involved in gold mining -for suspected illegal deposit taking and illegal investment schemes.
- Bank Negara studying possibility of reviewing the “tariff-based’ insurance system for motor vehicles, in place since 1978. Plans to replace it with a “risk-based” system.
- Perwaja Holdings Bhd filed defence and counterclaim for up to RM105.26 million from Petroliam Nasional Bhd as excess payment for gas supplied by the national oil company.
June 17
- South Korea’s Hana Bank has proposed to issue up to RM1 billion nominal value multi-currency medium-term note programme from 2009 to 2012.
- Tradewinds (M) Bhd taking steps to recover the RM193.9 million owed by Bukhary Sdn Bhd which now accounts for about 60% of total trade receivables.
- Dubai’s Damac Properties (M) Sdn Bhd withdraws from deal with UEM Land Holdings Bhd to buy a piece of land in Nusajaya, Iskandar Malaysia for RM396.44 million.
June 18
- Kumpulan Hartanah Selangor Bhd is in talks to acquire 9.4 acres of land in Section 14, Petaling Jaya for a proposed property project with an estimated gross development value of RM600 million.
- WCT Bhd is keen to take part in building the RM2 billion new low-cost carrier terminal (LCCT) in Sepang.
- World Bank raised China’s forecast GDP growth for this year to 7.2% from 6.5% following an unfolding surge in government-influenced investment, triggered by Beijing's four trillion yuan (RM2.06 trillion) stimulus package.
June 19
- Jobs and factory data suggest US economy may be struggling out of recession following signs of economic “green shoots” which halted the decline and bolstered hopes that it has bottomed out.
- YSP Southeast Asia Holding Bhd plans to invest RM30 million to build a new plant in Vietnam to manufacture veterinary products, with the production plan expected to start in 2011.
- Bank Negara says from July 1, individuals who purchase general insurance covers directly from insurance companies will be eligible to receive premium rebates. The quantum of the rebates will depend on the type of insurance covers purchased. For motor insurance, individuals will receive 5% premium rebate in the first year of implementation and 10% thereafter. For others including businesses, insurance companies have the flexibility of providing the rebates. The direct purchase includes walk-in, through the internet, direct mailing and the telemarketing channel.
- Wah Seong Corp Bhd is strengthening its global presence in oil and gas and also industrial services operations. Its managing director and group chief executive officer said the company was looking at possible acquisition in the second half of 2009 aimed at further beefing up its O&G operations as well as making further inroad in the overseas markets.
2009年6月17日星期三
Axiata expects forex gain in April, May
SINGAPORE, June 17 — Mobile phone operator Axiata is expected to post foreign exchange gains in April and May, after its first quarter results were hit by foreign exchange losses, its chief said today.
Axiata’s chief executive officer Datuk Seri Jamaludin Ibrahim told Reuters in an interview that the planned sale of its 84 per cent stake in Indonesian unit PT Excelcomindo Pratama Tbk is on track to be completed this year.
“It will be anytime in the next one or two months for us to agree on that, we are very close,” Jamaludin said.
The state-owned firm is also planning to gradually launch a music-based application service, which will be completed by end of 2010 to boost revenue from non voice services.
Axiata, which owns mobile assets in Indonesia, Sri Lanka and India, saw its first quarter net profit fall by 84 per cent due to foreign exchange loss and weaker performance of its overseas subsidiaries. — Reuters
Axiata’s chief executive officer Datuk Seri Jamaludin Ibrahim told Reuters in an interview that the planned sale of its 84 per cent stake in Indonesian unit PT Excelcomindo Pratama Tbk is on track to be completed this year.
“It will be anytime in the next one or two months for us to agree on that, we are very close,” Jamaludin said.
The state-owned firm is also planning to gradually launch a music-based application service, which will be completed by end of 2010 to boost revenue from non voice services.
Axiata, which owns mobile assets in Indonesia, Sri Lanka and India, saw its first quarter net profit fall by 84 per cent due to foreign exchange loss and weaker performance of its overseas subsidiaries. — Reuters
2009年6月12日星期五
Business this week (June 8-12)
June 8
- * Public Bank Bhd and its unit PBFIN Bhd have issued RM1.2 billion worth of stapled securities under a non-innovative tier 1 stapled securities programme.
- * Dialog Group Bhd and the Johor government’s proposed 500-acre independent deepwater petroleum terminal in Tanjung Ayam and Tanjung Kapal in Pengerang, Johor, could cost more than US$1 billion (RM3.5 billion). Storage space estimated at five million cubic metres of storage.
- * Asia-Pacific private equities recovered in the first quarter (1Q) of 2009 mostly the Canada Pension Plan Investment Board's US$5.07 billion (RM17.7 billion) acquisition of Australia's Macquarie Communications Infrastructure Group.
The AVCJ Asian Private Equity Barometer, produced in association with KPMG, showed private equity investment region-wide in 1Q09 amounted to US$10 billion, up from US$7.4 billion in 4Q08, but still far below the US$27.7 billion of investments made in 4Q07.
- * Petroliam Nasional Bhd will undertake “many initiatives” to maintain oil output off the coasts of Peninsular Malaysia and Sarawak over a longer period as the continental shelf off the peninsula has reached maturity.
June 9
- * The government is most unlikely to invoke an expropriation clause in the toll concession agreement to nationalise PLUS Expressways Bhd as it could involve RM30 billion for such an exercise. The Economic Planning Unit is drafting a longer-term solution to PLUS’ scheduled 10%, three-year increase in toll rates.
- * KNM Group Bhd managing director Lee Swee Eng said the sale of a 1.6% stake recently was a strategic placement as the proceeds used to degear and clear up all the margin taken up during the rights issue.
- * Apple Inc halved the price of its entry-level iPhone to US$99 (RM347) to widen the trendy device's mass-market appeal, as global competition increased following Palm Inc’s launch of the Pre.
June 10
- * Genting Bhd paid US$100 million (RM350.5 million) for a 3.2% stake in US casino operator MGM Mirage.
- * The Securities Commission wants listed companies (PLCs) to do what is necessary, including issuing a prompt denial or confirmation of speculation and also provide profit guidance, to ensure investors make informed investment decisions.
- * Malaysia's bond market can absorb up to RM173.3 billion of net bond issuances in 2010, implying a projected total bond demand-to-supply ratio of 1.8 times, says RHB Research Institute estimates.
June 11
- * IJM Corporation Bhd’s chief executive and managing director Datuk Krishnan Tan Boon Seng reveals that he may probably step down by the end of 2010 under a succession plan to make way for his deputy Teh Kean Ming.
- * Giant US money manager BlackRock Inc will buy Barclays Global Investors for US$13.5 billion which will more than double BlackRock’s assets to roughly US$2.7 trillion and give the company access to fast-growing Exchange Traded Funds and retail investors, making it the world’s biggest asset manager.
- * Water engineering company Salcon Bhd is on the prowl again for an insurance business, not long after aborting its planned acquisition of a general insurance company from political party MIC’s investment arm Maika Holdings Bhd earlier this year.
- * The local market's new benchmark, FTSE Bursa Malaysia KLCI, will be adopted on July 6 with the 30 constituents being the same as the current FTSE Bursa Malaysia Large 30 Index (FBM30).
- * The Employees Provident Fund’s unaudited total investment income fell to RM3.26 billion for 1Q ended March 31, 2009. This was a 10.47% decline from RM3.64 billion in the fourth quarter of 2008 (4Q08) due to lower investment returns from both fixed income instruments and equities.
June 12
* Malaysia Airline System Bhd (MAS) posted a net loss of RM694.8 million in the first quarter ended March 31, 2009 including derivative loss of RM557 million with the early adoption of financial reporting standards (FRS 139). A year ago the group posted a profit of RM46.6 million.
*Astro All Asia Networks plc posted net profit of RM34.53 million in the first quarter ended April 30, a contrast from the RM2.6 million net loss a year ago, underpinned by the strong growth in the Malaysian television business.
- * Compugates Holdings Bhd group managing director Goh Kheng Peow disposed of 38.41 million shares in the open market on June 11.
- * Public Bank Bhd and its unit PBFIN Bhd have issued RM1.2 billion worth of stapled securities under a non-innovative tier 1 stapled securities programme.
- * Dialog Group Bhd and the Johor government’s proposed 500-acre independent deepwater petroleum terminal in Tanjung Ayam and Tanjung Kapal in Pengerang, Johor, could cost more than US$1 billion (RM3.5 billion). Storage space estimated at five million cubic metres of storage.
- * Asia-Pacific private equities recovered in the first quarter (1Q) of 2009 mostly the Canada Pension Plan Investment Board's US$5.07 billion (RM17.7 billion) acquisition of Australia's Macquarie Communications Infrastructure Group.
The AVCJ Asian Private Equity Barometer, produced in association with KPMG, showed private equity investment region-wide in 1Q09 amounted to US$10 billion, up from US$7.4 billion in 4Q08, but still far below the US$27.7 billion of investments made in 4Q07.
- * Petroliam Nasional Bhd will undertake “many initiatives” to maintain oil output off the coasts of Peninsular Malaysia and Sarawak over a longer period as the continental shelf off the peninsula has reached maturity.
June 9
- * The government is most unlikely to invoke an expropriation clause in the toll concession agreement to nationalise PLUS Expressways Bhd as it could involve RM30 billion for such an exercise. The Economic Planning Unit is drafting a longer-term solution to PLUS’ scheduled 10%, three-year increase in toll rates.
- * KNM Group Bhd managing director Lee Swee Eng said the sale of a 1.6% stake recently was a strategic placement as the proceeds used to degear and clear up all the margin taken up during the rights issue.
- * Apple Inc halved the price of its entry-level iPhone to US$99 (RM347) to widen the trendy device's mass-market appeal, as global competition increased following Palm Inc’s launch of the Pre.
June 10
- * Genting Bhd paid US$100 million (RM350.5 million) for a 3.2% stake in US casino operator MGM Mirage.
- * The Securities Commission wants listed companies (PLCs) to do what is necessary, including issuing a prompt denial or confirmation of speculation and also provide profit guidance, to ensure investors make informed investment decisions.
- * Malaysia's bond market can absorb up to RM173.3 billion of net bond issuances in 2010, implying a projected total bond demand-to-supply ratio of 1.8 times, says RHB Research Institute estimates.
June 11
- * IJM Corporation Bhd’s chief executive and managing director Datuk Krishnan Tan Boon Seng reveals that he may probably step down by the end of 2010 under a succession plan to make way for his deputy Teh Kean Ming.
- * Giant US money manager BlackRock Inc will buy Barclays Global Investors for US$13.5 billion which will more than double BlackRock’s assets to roughly US$2.7 trillion and give the company access to fast-growing Exchange Traded Funds and retail investors, making it the world’s biggest asset manager.
- * Water engineering company Salcon Bhd is on the prowl again for an insurance business, not long after aborting its planned acquisition of a general insurance company from political party MIC’s investment arm Maika Holdings Bhd earlier this year.
- * The local market's new benchmark, FTSE Bursa Malaysia KLCI, will be adopted on July 6 with the 30 constituents being the same as the current FTSE Bursa Malaysia Large 30 Index (FBM30).
- * The Employees Provident Fund’s unaudited total investment income fell to RM3.26 billion for 1Q ended March 31, 2009. This was a 10.47% decline from RM3.64 billion in the fourth quarter of 2008 (4Q08) due to lower investment returns from both fixed income instruments and equities.
June 12
* Malaysia Airline System Bhd (MAS) posted a net loss of RM694.8 million in the first quarter ended March 31, 2009 including derivative loss of RM557 million with the early adoption of financial reporting standards (FRS 139). A year ago the group posted a profit of RM46.6 million.
*Astro All Asia Networks plc posted net profit of RM34.53 million in the first quarter ended April 30, a contrast from the RM2.6 million net loss a year ago, underpinned by the strong growth in the Malaysian television business.
- * Compugates Holdings Bhd group managing director Goh Kheng Peow disposed of 38.41 million shares in the open market on June 11.
2009年6月5日星期五
Business this week (1-5 June)
5 June
- Bank Negara released a statement today saying that international reserves rose RM1 billion to RM322.5 billion as at May 29, 2009 from RM321.5 billion as at May 15.
- Three Indian public banks,Andhra Bank, Bank of Baroda and Indian Overseas Bank, have initiated a joint venture to set up a subsidiary in Malaysia with an initial investment of US$86 million (RM300 million).
- Prime Minister Datuk Seri Najib Razak said Sime Darby Bhd had been offered a multi-billion development project in China, and would be the lead contractor with the participation of other Malaysian players.
4 June
- Sime Darby Bhd and Ramunia Holdings Bhd extended the date to conclude the signing of the definitive sale and purchase agreement for Sime to acquire the latter's business and undertakings to 3 July.
- ExxonMobil appointed Hugh WA Thompson as the new chairman of its subsidiaries in Malaysia, replacing Liam M Mallon, who has been made the vice-president, engineering for ExxonMobil Production Company in Houston, Texas, US.
-PLUS managing director Noorizah Abdul Hamid announced that the government has paid the first portion of this year's compensation amounting to RM92 million to PLUS Expressways Bhd for not allowing the scheduled increase in toll rates.
-In a filing to Bursa Malaysia, DutaLand entered into a memorandum of understanding (MoU) with China-Boda Group to jointly develop two separate pieces of land in Hebei Province, China and in the Iskandar Development Region.
-Bursa Malaysia Securities Bhd issued Measat Global Bhd with an unusual market activity (UMA) query after the company's shares jumped 37 sen to RM1.58, its highest since last October. Trading in Measat shares was later suspended and resumed June 5.
-Axis Incorporation Bhd was sued by Malayan Banking Bhd for a total of RM20.97 million outstanding as at Feb 28, 2009 plus interest and cost.
3 June
-At least US$2.1 billion (RM7.31 billion) was committed by Petroliam Nasional Bhd (Petronas) and Exxon Mobil Corporation to develop seven existing oil fields off Peninsular Malaysia. It is expected that the further development of the Seligi, Guntong, Tapis, Semangkok, Irong Barat, Tabu and Palas fields is expected to be a major boost for local oil and gas (O&G) companies and those in the supporting industries.
-Axiata Group Bhd, formerly TM International Bhd, was awarded Frost & Sullivan's 2009 Asia Pacific ICT Award for Best Telecom Group of the Year.
-Three directors of the Multimedia Development Corporation (MDec),CIMB Group chief executive Datuk Seri Nazir Razak, Westport Malaysia Sdn Bhd executive chairman Tan Sri G Gnanalingam and ECM Libra executive chairman and CEO Datuk Kalimullah Hassan have declined offers to continue serving on the board.
-Can-One Bhd received its shareholders approval to proceed with its proposed acquisition of 32.9% stake in Kian Joo Can Factory Bhd.
2 June
- LDV Group Ltd, a UK-based van maker was forced to reapply for protection from creditors after "AP King" Datuk Seri Syed Azman Syed Ibrahim pulled out from the proposal to acquire the group from Russian carmaker GAZ.
-Bursa Malaysia issued a circular stating that Kulim Bhd's warrants Kulim-WB's (2004/2009) last trading day will be on June 14, ahead of the expiry on June 30.
-Pelabuhan Tanjung Pelepas Sdn Bhd (PTP), a 70% unit of MMC Corp Bhd secured Marseilles-based main line operator CMA CGM SA (Compagnie Maritime D’Affrement-Compagnie Generale Maritime) as a customer.
1 June
-The Transport Ministry has given approval to AirAsia Bhd to fly the Penang-Chenai, India route by as early as three months. The announcement came in the midst of pending other approvals.
- Due to breach of contract for not maintaining its European cargo hub at the Frankfurt-Hahn airport for 10 years from 1999, Malaysian Airline System Bhd has been ordered to pay €6.85 million (RM33.75 million) to Advanced Cargo Logistic GmbH (ACL) in damages and interest.
-Mamee-Double Decker (M) Bhd proposed to acquire Charmille Pte Lte, which has a controlling 60% interest in the development of an oil palm plantation in central Kalimantan, from Golden Seed Holding Ltd (GSH) at an undisclosed price.
-Bursa Malaysia Bhd appointed Raja Teh Maimunah Raja Abdul Aziz as its global head of Islamic capital market as well as set up a new subsidiary, BMIS Sdn Bhd, to house the operations and business activities of the Islamic capital market for the exchange.
-Idaman Unggul Bhd announced that trading in the securities will be suspended effective Friday (June 5) until further notice.
-Ho Hup Construction Company Bhd appointed Magna Prima Bhd’s former chief executive officer Lim Ching Choy as its new group managing director.
-Parkson Holdings Bhd's wholly owned subsidiary PRG Corporation Ltd signed a share placement agreement with UBS Securities Asia Ltd for the placement of 55 million shares of HK$0.02 each in Parkson Retail Group Ltd.
- Bank Negara released a statement today saying that international reserves rose RM1 billion to RM322.5 billion as at May 29, 2009 from RM321.5 billion as at May 15.
- Three Indian public banks,Andhra Bank, Bank of Baroda and Indian Overseas Bank, have initiated a joint venture to set up a subsidiary in Malaysia with an initial investment of US$86 million (RM300 million).
- Prime Minister Datuk Seri Najib Razak said Sime Darby Bhd had been offered a multi-billion development project in China, and would be the lead contractor with the participation of other Malaysian players.
4 June
- Sime Darby Bhd and Ramunia Holdings Bhd extended the date to conclude the signing of the definitive sale and purchase agreement for Sime to acquire the latter's business and undertakings to 3 July.
- ExxonMobil appointed Hugh WA Thompson as the new chairman of its subsidiaries in Malaysia, replacing Liam M Mallon, who has been made the vice-president, engineering for ExxonMobil Production Company in Houston, Texas, US.
-PLUS managing director Noorizah Abdul Hamid announced that the government has paid the first portion of this year's compensation amounting to RM92 million to PLUS Expressways Bhd for not allowing the scheduled increase in toll rates.
-In a filing to Bursa Malaysia, DutaLand entered into a memorandum of understanding (MoU) with China-Boda Group to jointly develop two separate pieces of land in Hebei Province, China and in the Iskandar Development Region.
-Bursa Malaysia Securities Bhd issued Measat Global Bhd with an unusual market activity (UMA) query after the company's shares jumped 37 sen to RM1.58, its highest since last October. Trading in Measat shares was later suspended and resumed June 5.
-Axis Incorporation Bhd was sued by Malayan Banking Bhd for a total of RM20.97 million outstanding as at Feb 28, 2009 plus interest and cost.
3 June
-At least US$2.1 billion (RM7.31 billion) was committed by Petroliam Nasional Bhd (Petronas) and Exxon Mobil Corporation to develop seven existing oil fields off Peninsular Malaysia. It is expected that the further development of the Seligi, Guntong, Tapis, Semangkok, Irong Barat, Tabu and Palas fields is expected to be a major boost for local oil and gas (O&G) companies and those in the supporting industries.
-Axiata Group Bhd, formerly TM International Bhd, was awarded Frost & Sullivan's 2009 Asia Pacific ICT Award for Best Telecom Group of the Year.
-Three directors of the Multimedia Development Corporation (MDec),CIMB Group chief executive Datuk Seri Nazir Razak, Westport Malaysia Sdn Bhd executive chairman Tan Sri G Gnanalingam and ECM Libra executive chairman and CEO Datuk Kalimullah Hassan have declined offers to continue serving on the board.
-Can-One Bhd received its shareholders approval to proceed with its proposed acquisition of 32.9% stake in Kian Joo Can Factory Bhd.
2 June
- LDV Group Ltd, a UK-based van maker was forced to reapply for protection from creditors after "AP King" Datuk Seri Syed Azman Syed Ibrahim pulled out from the proposal to acquire the group from Russian carmaker GAZ.
-Bursa Malaysia issued a circular stating that Kulim Bhd's warrants Kulim-WB's (2004/2009) last trading day will be on June 14, ahead of the expiry on June 30.
-Pelabuhan Tanjung Pelepas Sdn Bhd (PTP), a 70% unit of MMC Corp Bhd secured Marseilles-based main line operator CMA CGM SA (Compagnie Maritime D’Affrement-Compagnie Generale Maritime) as a customer.
1 June
-The Transport Ministry has given approval to AirAsia Bhd to fly the Penang-Chenai, India route by as early as three months. The announcement came in the midst of pending other approvals.
- Due to breach of contract for not maintaining its European cargo hub at the Frankfurt-Hahn airport for 10 years from 1999, Malaysian Airline System Bhd has been ordered to pay €6.85 million (RM33.75 million) to Advanced Cargo Logistic GmbH (ACL) in damages and interest.
-Mamee-Double Decker (M) Bhd proposed to acquire Charmille Pte Lte, which has a controlling 60% interest in the development of an oil palm plantation in central Kalimantan, from Golden Seed Holding Ltd (GSH) at an undisclosed price.
-Bursa Malaysia Bhd appointed Raja Teh Maimunah Raja Abdul Aziz as its global head of Islamic capital market as well as set up a new subsidiary, BMIS Sdn Bhd, to house the operations and business activities of the Islamic capital market for the exchange.
-Idaman Unggul Bhd announced that trading in the securities will be suspended effective Friday (June 5) until further notice.
-Ho Hup Construction Company Bhd appointed Magna Prima Bhd’s former chief executive officer Lim Ching Choy as its new group managing director.
-Parkson Holdings Bhd's wholly owned subsidiary PRG Corporation Ltd signed a share placement agreement with UBS Securities Asia Ltd for the placement of 55 million shares of HK$0.02 each in Parkson Retail Group Ltd.
2009年5月29日星期五
Malaysia: Economy to Shrink 4%-5% in 2009
Malaysia's economy will shrink by 4%-5% in 2009, Prime Minister Najib Razak said yesterday, much more than an original projection of a 1% decline at most and the worst outcome in more than a decade. The Government is hoping the second half of the year will be better, with the economy contracting slightly in the 3Q before returning
to growth in the 4Q. The new full-year forecast would be the worst recession for Malaysia since the 1998 Asian financial crisis. Like other exporters in Asia, Malaysia has seen demand for its goods, mainly electronics, commodities and oil, hit by the global downturn. He added that Malaysia was already in a technical recession.
The recovery depends on the world recovery. (Bloomberg)
Comment: This official revised GDP projection number was well below our forecast of a 3% contraction in the year although we had heard rumors earlier of such a projection. However, in terms of the trend for quarterly GDP figures, we share the government’s view and have factored in a 2Q contraction just slightly less severe than 1Q numbers in our valuation with the preliminary figure of -5%. We then forecast a moderation to -2% in the 3Q before a slight recovery by +1% in the last quarter. In our opinion, this new Government forecast may just be a tentative gauge for the country in the effort to better manage expectations. We believe the Government may be revise upward its forecast when all the stimulus packages are effectively implemented as growth should be revived, especially in the construction sector with multiplier effects. With no further breakdown of the new projection from the government, we maintain our real GDP forecast at a 3% contraction in 2009 before rebounding to a positive growth of 2.5% in 2010.
to growth in the 4Q. The new full-year forecast would be the worst recession for Malaysia since the 1998 Asian financial crisis. Like other exporters in Asia, Malaysia has seen demand for its goods, mainly electronics, commodities and oil, hit by the global downturn. He added that Malaysia was already in a technical recession.
The recovery depends on the world recovery. (Bloomberg)
Comment: This official revised GDP projection number was well below our forecast of a 3% contraction in the year although we had heard rumors earlier of such a projection. However, in terms of the trend for quarterly GDP figures, we share the government’s view and have factored in a 2Q contraction just slightly less severe than 1Q numbers in our valuation with the preliminary figure of -5%. We then forecast a moderation to -2% in the 3Q before a slight recovery by +1% in the last quarter. In our opinion, this new Government forecast may just be a tentative gauge for the country in the effort to better manage expectations. We believe the Government may be revise upward its forecast when all the stimulus packages are effectively implemented as growth should be revived, especially in the construction sector with multiplier effects. With no further breakdown of the new projection from the government, we maintain our real GDP forecast at a 3% contraction in 2009 before rebounding to a positive growth of 2.5% in 2010.
Business This Week (May 25-29 )
May 29
- AirAsia CEO Tony Fernandes announced that AirAsia Bhd is planning a RM500 million (US$143.1 million) rights offering some time this year.
- Proton Holdings Bhd posted net loss of RM341.5 million for the fourth quarter ended March 31, 2009, a sharp contrast from net profit of RM217.47 million a year ago. Proton made a provision of RM360.32 million for impairment of property, plant and equipment and inventory write-down.
May 28
- Prime Minister Datuk Seri Najib Razak said the government lowered the country's GDP forecast for 2009 to between - 4% and -5% for 2009 from earlier -1% to 1% after 1Q GDP shrank a worse-than-expected 6.2% due to a steeper decline in exports, coupled with a decline in private investment.
- Allianz Economic Research, a unit of the Allianz Group, forecast Malaysia's GDP to contract 2.5% in 2009 as investment and exports slump in the first half of the year.
- DRB-Hicom Bhd posted a net loss of RM60.7 million in 4Q ended March 31, 2009 compared with net profit of RM38.89 million a year ago due to impairment losses for property, plant and equipment.
- AirAsia Bhd’s earnings rose 26% to RM203.15 million in the first quarter, up 26% from RM161.28 million a year ago.
- The Port Klang Authority (PKA) released a PricewaterhouseCoopers (PwC) audit report of the Port Klang Free Zone (PKFZ) and Port Klang Free Zone Sdn Bhd (PKFZSB).
- Raffles Hotels & Resorts signed an agreement with Harmoni Perkasa Sdn Bhd, a unit of Urusharta Cemerlang Sdn Bhd, to build and launch the Raffles Kuala Lumpur by 2011.
- Hock Seng Lee Bhd secured a RM125.75 million subcontract to build 1,000 affordable houses in Bintulu, Sarawak.
- PLUS Expressway Bhd’s net profit for 1Q ended March 31, 2009 rose marginally to RM278.54 million from RM275.55 million a year earlier.
- Alliance Financial Group Bhd’s (AFG) net profit plunged 99% to RM897,000 in 4Q ended March 31, 2009 from RM80.51 million in the previous corresponding period due to lower operating profit, higher allowance for loan losses and impairment for investments.
May 27
- Bank Negara said the Malaysian economy contracted 6.2% y-o-y in 1Q09 as manufacturing output shrank sharply due to falling exports and industrial production.
- Deloitte announced that hotels in the city saw their revenue per available room (revPAR) falling almost 20% during 1Q09 given the impact of the global economic crisis.
- HwangDBS Investment Management Bhd (HwangDBS IM) launched its first local sukuk fund, the HwangDBS AIIMAN Sukuk Fund (ASF) to capitalise on the expected growth of the global sukuk market.
- The Association of Banks in Malaysia (ABM) appointed Maybank Group president and chief executive officer Datuk Seri Abdul Wahid Omar as chairman for the term 2009-2010.
May 26
- AEON Co (M) Bhd, the operator of Jusco stores in Malaysia, announced that its net profit in 1Q09 ended March rose 1.5% to RM26.05 million from RM25.66 million a year earlier.
-IJM Corporation Bhd’s net profit for 4Q ended March 31, 2009 fell 54.2% to RM53.34 million from RM116.47 million, due to lower revenue from declining CPO prices and the slowdown in property sales.
-Cahya Mata Sarawak Bhd (CMS) posted a net loss of RM1.78 million in 1Q ended March 31, 2009 versus a net profit of RM8.56 million a year earlier. Revenue declined 2.7% to RM179.53 million from RM184.68 million a year earlier. No dividend was declared.
-Lower advertising expenditure (adex) and higher direct material saw Star Publications (Malaysia) Bhd’s net profit decline by 57% to RM18.26 million for 1Q ended March 31 against RM42.52 million a year ago.
-Bank Negara Malaysia (BNM) announced that the overnight policy rate (OPR) will be kept unchanged at 2% during its monetary policy committee meeting. They also forecasted a gradual improvement in the economy in 2H of the year.
May 25
-Petronas Dagangan Bhd (PetDag) posted a net profit of RM172.35 million in 4Q ended March 31, 2009, an increase of 3% from RM167.23 million the previous corresponding quarter.
- Puncak Niaga Holdings Bhd net profit for 1Q ended March 31, 2009, fell to RM498,000 from RM3.53 million a year earlier after excluding minority interests. Including minority interests of RM7.17 million, the company’s profit for the period was RM7.67 million.
- BIMB Holdings Bhd’s earnings for 3Q ended March 31, 2009 fell 68% to RM13.69 million from RM42.82 million a year ago, due to higher allowance of RM30 million for losses on financing.
- AirAsia CEO Tony Fernandes announced that AirAsia Bhd is planning a RM500 million (US$143.1 million) rights offering some time this year.
- Proton Holdings Bhd posted net loss of RM341.5 million for the fourth quarter ended March 31, 2009, a sharp contrast from net profit of RM217.47 million a year ago. Proton made a provision of RM360.32 million for impairment of property, plant and equipment and inventory write-down.
May 28
- Prime Minister Datuk Seri Najib Razak said the government lowered the country's GDP forecast for 2009 to between - 4% and -5% for 2009 from earlier -1% to 1% after 1Q GDP shrank a worse-than-expected 6.2% due to a steeper decline in exports, coupled with a decline in private investment.
- Allianz Economic Research, a unit of the Allianz Group, forecast Malaysia's GDP to contract 2.5% in 2009 as investment and exports slump in the first half of the year.
- DRB-Hicom Bhd posted a net loss of RM60.7 million in 4Q ended March 31, 2009 compared with net profit of RM38.89 million a year ago due to impairment losses for property, plant and equipment.
- AirAsia Bhd’s earnings rose 26% to RM203.15 million in the first quarter, up 26% from RM161.28 million a year ago.
- The Port Klang Authority (PKA) released a PricewaterhouseCoopers (PwC) audit report of the Port Klang Free Zone (PKFZ) and Port Klang Free Zone Sdn Bhd (PKFZSB).
- Raffles Hotels & Resorts signed an agreement with Harmoni Perkasa Sdn Bhd, a unit of Urusharta Cemerlang Sdn Bhd, to build and launch the Raffles Kuala Lumpur by 2011.
- Hock Seng Lee Bhd secured a RM125.75 million subcontract to build 1,000 affordable houses in Bintulu, Sarawak.
- PLUS Expressway Bhd’s net profit for 1Q ended March 31, 2009 rose marginally to RM278.54 million from RM275.55 million a year earlier.
- Alliance Financial Group Bhd’s (AFG) net profit plunged 99% to RM897,000 in 4Q ended March 31, 2009 from RM80.51 million in the previous corresponding period due to lower operating profit, higher allowance for loan losses and impairment for investments.
May 27
- Bank Negara said the Malaysian economy contracted 6.2% y-o-y in 1Q09 as manufacturing output shrank sharply due to falling exports and industrial production.
- Deloitte announced that hotels in the city saw their revenue per available room (revPAR) falling almost 20% during 1Q09 given the impact of the global economic crisis.
- HwangDBS Investment Management Bhd (HwangDBS IM) launched its first local sukuk fund, the HwangDBS AIIMAN Sukuk Fund (ASF) to capitalise on the expected growth of the global sukuk market.
- The Association of Banks in Malaysia (ABM) appointed Maybank Group president and chief executive officer Datuk Seri Abdul Wahid Omar as chairman for the term 2009-2010.
May 26
- AEON Co (M) Bhd, the operator of Jusco stores in Malaysia, announced that its net profit in 1Q09 ended March rose 1.5% to RM26.05 million from RM25.66 million a year earlier.
-IJM Corporation Bhd’s net profit for 4Q ended March 31, 2009 fell 54.2% to RM53.34 million from RM116.47 million, due to lower revenue from declining CPO prices and the slowdown in property sales.
-Cahya Mata Sarawak Bhd (CMS) posted a net loss of RM1.78 million in 1Q ended March 31, 2009 versus a net profit of RM8.56 million a year earlier. Revenue declined 2.7% to RM179.53 million from RM184.68 million a year earlier. No dividend was declared.
-Lower advertising expenditure (adex) and higher direct material saw Star Publications (Malaysia) Bhd’s net profit decline by 57% to RM18.26 million for 1Q ended March 31 against RM42.52 million a year ago.
-Bank Negara Malaysia (BNM) announced that the overnight policy rate (OPR) will be kept unchanged at 2% during its monetary policy committee meeting. They also forecasted a gradual improvement in the economy in 2H of the year.
May 25
-Petronas Dagangan Bhd (PetDag) posted a net profit of RM172.35 million in 4Q ended March 31, 2009, an increase of 3% from RM167.23 million the previous corresponding quarter.
- Puncak Niaga Holdings Bhd net profit for 1Q ended March 31, 2009, fell to RM498,000 from RM3.53 million a year earlier after excluding minority interests. Including minority interests of RM7.17 million, the company’s profit for the period was RM7.67 million.
- BIMB Holdings Bhd’s earnings for 3Q ended March 31, 2009 fell 68% to RM13.69 million from RM42.82 million a year ago, due to higher allowance of RM30 million for losses on financing.
2009年5月22日星期五
OSK upgrades JTI to buy
JT International Bhd (JTI), the country’s second-biggest cigarette manufacturer, has earned an upgrade following the release of its first quarter (1Q) numbers, which came in within forecast.
This is despite a challenging wider landscape which had pushed tobacco industry volume down by an annual pace of 9% during the period due to the twin threats of tigher regulations and illicit cigarette trade.
In a note yesterday, OSK Research said it had revised upwards JTI’s revenue and net profit estimates by 11.4% and 3.4% respectively in FY09. This was prompted by the expansion of JTI’s market share to 18.6% in March this year from 17.1% a year earlier, helped mainly by its Winston cigarettes, acccording to data from the AC Nielsen Retail Audit report.
OSK also tweaked upwards its target price for JTI shares by almost 10% to RM5.05 from RM4.60, besides upgrading the stock to a buy from neutral.
“We await more details from JTI’s upcoming analyst briefing pertaining to its other brands performance, namely, its premium Mild 7 brand and VFM Camel. Although we revise up our revenue forecast by 11.4% in FY09, nonetheless, upon factoring for higher operating and marketing cost, we only revise up our net profit slightly by 3.4%,” said OSK which also raised its forecast for JTI FY10 net profit by 8.7%.
However, the research house maintained its lower dividend projections of 37 sen and 39 sen a share for FY09 and FY10 respectively, and assumes no special dividends will be declared following the tobacco firm’s recent capital repayment which incurred an outflow of RM196.2 million during the quarter in review.
JTI’s FY09’s 1Q net profit rose 7.3% to RM32.99 million from RM30.75 million a year earlier, helped by higher sales volume and prices of cigarettes. Revenue advanced 16% to RM291.5 million from RM251.32 million.
The tobacco firm’s net profit accounted for 31.8% of OSK’s and consensus estimates.
Against the preceding quarter, JTI’s revenue leapt 15.1% from RM253.2 million. JTI did not declare dividends during the quarter in review, following a 58 sen a share payout in FY08.
OSK’s existing assumptions indicated that JTI’s FY09 dividend payout would offer investors a gross dividend yield of 8.8%, derived from dividing annual dividends per share by the firm’s share price.
JTI was unchanged at RM4.20 yesterday.
“This assumption is on the back of a payout ratio at 67.8% — which is similar to its payout ratio during the years from 2003-2006 whereby no special dividends were declared,” OSK said.
This is despite a challenging wider landscape which had pushed tobacco industry volume down by an annual pace of 9% during the period due to the twin threats of tigher regulations and illicit cigarette trade.
In a note yesterday, OSK Research said it had revised upwards JTI’s revenue and net profit estimates by 11.4% and 3.4% respectively in FY09. This was prompted by the expansion of JTI’s market share to 18.6% in March this year from 17.1% a year earlier, helped mainly by its Winston cigarettes, acccording to data from the AC Nielsen Retail Audit report.
OSK also tweaked upwards its target price for JTI shares by almost 10% to RM5.05 from RM4.60, besides upgrading the stock to a buy from neutral.
“We await more details from JTI’s upcoming analyst briefing pertaining to its other brands performance, namely, its premium Mild 7 brand and VFM Camel. Although we revise up our revenue forecast by 11.4% in FY09, nonetheless, upon factoring for higher operating and marketing cost, we only revise up our net profit slightly by 3.4%,” said OSK which also raised its forecast for JTI FY10 net profit by 8.7%.
However, the research house maintained its lower dividend projections of 37 sen and 39 sen a share for FY09 and FY10 respectively, and assumes no special dividends will be declared following the tobacco firm’s recent capital repayment which incurred an outflow of RM196.2 million during the quarter in review.
JTI’s FY09’s 1Q net profit rose 7.3% to RM32.99 million from RM30.75 million a year earlier, helped by higher sales volume and prices of cigarettes. Revenue advanced 16% to RM291.5 million from RM251.32 million.
The tobacco firm’s net profit accounted for 31.8% of OSK’s and consensus estimates.
Against the preceding quarter, JTI’s revenue leapt 15.1% from RM253.2 million. JTI did not declare dividends during the quarter in review, following a 58 sen a share payout in FY08.
OSK’s existing assumptions indicated that JTI’s FY09 dividend payout would offer investors a gross dividend yield of 8.8%, derived from dividing annual dividends per share by the firm’s share price.
JTI was unchanged at RM4.20 yesterday.
“This assumption is on the back of a payout ratio at 67.8% — which is similar to its payout ratio during the years from 2003-2006 whereby no special dividends were declared,” OSK said.
Business this week (18-22 May)
May 22
- Malaysia and Singapore are looking at building a new bridge linking the two countries, and have formed a joint committee to look into the proposal of building a bridge to link eastern Johor and Singapore.
- YTL Corp Bhd’s net profit for its third quarter (3Q) ended March 31, 2009 more than doubled to RM484.36 million from RM202.53 million a year earlier, on the back of 21.5% higher revenue at RM1.99 billion.
- Bank Negara Malaysia has been ordered by the Minister of Finance to assume control of Tahan Insurance Malaysia Berhad (Tahan) effective May 22 to safeguard the interests of Tahan's policy owners.
May 21
- Malayan Banking Bhd’s group net profit in the third quarter ended March 31, 2009 fell 33.6% to RM503.28 million from RM758.6 million a year ago due to higher allowance for loan losses and impairment.
- Telekom Malaysia Bhd’s bottom line in its first quarter ended March 31, 2009 (1QFY09) was dented by unrealised exchange loss on foreign currency borrowings of RM175.5 million dented leading to its net profit plunging 76% to RM27.7 million from RM114.4 million a year earlier.
May 20
- Moody's Investors Service has placed the debt and deposit ratings of 28 banks from Malaysia, Phillipines and Indonesia for possible downgrades.
- The Kuala Lumpur Composite Index (KLCI) hits an eight-month high, buoyed by a plantation stock-led blue-chip rally spurred by fund buying.
- Malaysia has moved up one notch as the 18th most competitive economy out of 57 in the Institute for Management Development (IMD) 2009 World Competitiveness Yearbook, beating UK, Thailand and South Korea, which are ranked 21st, 26th and 27th respectively.
- The cabinet is studying the Port Klang Free Zone (PKFZ) report pending its release to the public.
May 19
- Singapore-based businessman Oei Hong Leong has sued Citigroup’s private bank for negligence and misrepresentation after he lost S$1 billion (RM2.42 billion) on foreign exchange and bond trades last year, the Straits Times reported yesterday.
- Bank of America Corporation said it had raised gross proceeds of about US$13.47 billion after concluding its previously announced sale of common stock through an at-the-market issuance programme.
- International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir has resigned as a non-independent and non-executive director of Reliance Pacific Bhd, where he held a direct stake of 6.25 million shares and an indirect stake of 38.92 million shares in the company.
- The sales value of the manufacturing sector fell 25.5% or RM12.5 billion year-on-year (y-o-y) to RM36.6 billion in March 2009 for an overall contraction of 25.9% to RM104.6 billion in the first quarter (1Q) of the year, due to the drop of the sales value of 80 industries or 69% out of 116 industries covered in a survey, it said.
May 18
- The Terengganu Investment Authority (TIA) plans to raise RM5 billion from the capital markets this week which will be backed by a government guarantee, and it has identified several high-impact investment projects in Terengganu and around Malaysia which are intended to draw significant foreign direct investment and provide immediate stimulus to the economy.
- New vehicle sales in Malaysia for April 2009 contracted by a larger annual quantum of 18.2% to 41,135 vehicles, reflecting consumers’ waning demand for expensive items as a tougher economic landscape prompted many to curb spending, worsened by costlier lending rates for the purchase of foreign vehicle brands in the country.
- American International Group, Inc. (AIG) seeks to position American International Assurance Company, Ltd. (AIA Group) as an independent entity and seek a public listing on an Asian stock exchange for the AIA Group.
- Malaysia and Singapore are looking at building a new bridge linking the two countries, and have formed a joint committee to look into the proposal of building a bridge to link eastern Johor and Singapore.
- YTL Corp Bhd’s net profit for its third quarter (3Q) ended March 31, 2009 more than doubled to RM484.36 million from RM202.53 million a year earlier, on the back of 21.5% higher revenue at RM1.99 billion.
- Bank Negara Malaysia has been ordered by the Minister of Finance to assume control of Tahan Insurance Malaysia Berhad (Tahan) effective May 22 to safeguard the interests of Tahan's policy owners.
May 21
- Malayan Banking Bhd’s group net profit in the third quarter ended March 31, 2009 fell 33.6% to RM503.28 million from RM758.6 million a year ago due to higher allowance for loan losses and impairment.
- Telekom Malaysia Bhd’s bottom line in its first quarter ended March 31, 2009 (1QFY09) was dented by unrealised exchange loss on foreign currency borrowings of RM175.5 million dented leading to its net profit plunging 76% to RM27.7 million from RM114.4 million a year earlier.
May 20
- Moody's Investors Service has placed the debt and deposit ratings of 28 banks from Malaysia, Phillipines and Indonesia for possible downgrades.
- The Kuala Lumpur Composite Index (KLCI) hits an eight-month high, buoyed by a plantation stock-led blue-chip rally spurred by fund buying.
- Malaysia has moved up one notch as the 18th most competitive economy out of 57 in the Institute for Management Development (IMD) 2009 World Competitiveness Yearbook, beating UK, Thailand and South Korea, which are ranked 21st, 26th and 27th respectively.
- The cabinet is studying the Port Klang Free Zone (PKFZ) report pending its release to the public.
May 19
- Singapore-based businessman Oei Hong Leong has sued Citigroup’s private bank for negligence and misrepresentation after he lost S$1 billion (RM2.42 billion) on foreign exchange and bond trades last year, the Straits Times reported yesterday.
- Bank of America Corporation said it had raised gross proceeds of about US$13.47 billion after concluding its previously announced sale of common stock through an at-the-market issuance programme.
- International Trade and Industry Deputy Minister Datuk Mukhriz Mahathir has resigned as a non-independent and non-executive director of Reliance Pacific Bhd, where he held a direct stake of 6.25 million shares and an indirect stake of 38.92 million shares in the company.
- The sales value of the manufacturing sector fell 25.5% or RM12.5 billion year-on-year (y-o-y) to RM36.6 billion in March 2009 for an overall contraction of 25.9% to RM104.6 billion in the first quarter (1Q) of the year, due to the drop of the sales value of 80 industries or 69% out of 116 industries covered in a survey, it said.
May 18
- The Terengganu Investment Authority (TIA) plans to raise RM5 billion from the capital markets this week which will be backed by a government guarantee, and it has identified several high-impact investment projects in Terengganu and around Malaysia which are intended to draw significant foreign direct investment and provide immediate stimulus to the economy.
- New vehicle sales in Malaysia for April 2009 contracted by a larger annual quantum of 18.2% to 41,135 vehicles, reflecting consumers’ waning demand for expensive items as a tougher economic landscape prompted many to curb spending, worsened by costlier lending rates for the purchase of foreign vehicle brands in the country.
- American International Group, Inc. (AIG) seeks to position American International Assurance Company, Ltd. (AIA Group) as an independent entity and seek a public listing on an Asian stock exchange for the AIA Group.
2009年5月15日星期五
Business this week (11- 15 May)
May 15
- The national financial guarantee institution, Danajamin Nasional Bhd (Danajamin) started operations on May 15 with an initial paid-up capital of RM1 billion. It is expected to be able to underwrite guarantees of up to RM15 billion in bonds with the current paid-up. The paid-up capital would be raised to RM2 billion if necessary.
- DiGi investing RM75 million in the Penang broadband market over the next three years in the second part of its 14.4Mbps broadband network roll-out.
- Media Prima Bhd posted a net loss of RM23.3 million in the first quarter (1Q) ended March 31, compared with net profit of RM17.06 million a year ago due to lower advertising revenue. Revenue fell to RM141.17 million from RM159.58 million a year ago.
- Country Heights Holdings Bhd group managing director Mark Rozario expects zero earnings growth this year as it holds back new launches and focuses on enhancing its existing projects amid a challenging economic outlook.
- Malaysian Resources Corporation Bhd (MRCB) swung back into the black in the first quarter ended March 31, 2009 with net profit RM153,000 compared to its net loss of RM39.3 million in 4Q2008.
- IOI Corporation Bhd net profit for the third quarter ended March 31, 2009 fell sharply to RM37.36 million from RM601.64 million a year ago mainly due to unrealised translation loss on US denominated borrowings and lower earnings from its plantation division.
May 14
- Bumiputra-Commerce Holdings Bhd (BCHB) Group posted net profit of RM613.94 million in the first quarter ended March 31, up 14.8% from RM535.33 million a year ago. The stronger set of results was due to stronger growth in revenue, firm margins and benign non-performing loans.
- Scomi Engineering Bhd to work with Geodesic Technique Pvt Ltd on a proposal to design, build, own, operate and transfer of a 59-km monorail system in Bangalore, India, which will cost an estimated RM8.45 billion.
- Scomi Group Bhd’s net profit for the first quarter ended March 31, 2009 (1Q09) fell 56% to RM9.5 million from RM21.81 million a year ago.
- IOI Corp Bhd executive chairman Tan Sri Lee Chin Seng said palm oil output could be hurt by dry weather this year, with yields possibly dropping by 5% due to warm weather. This could result in crude palm oil prices reaching almost RM 3,000 if there was increased overseas demand
May 13
- Petroliam Nasional Bhd (Petronas) is suing Perwaja Holdings Berhad for RM 85.5 million due to disputed charges for the supply of natural gas to the steelmaker.
- Genting Singapore plc suffered a net loss of US$31.9 million (RM76.8 million) in the first quarter ended 31 March 2009.
- The European Commission fined chipmaker Intel Corp a record 1.06 billion euros (US$1.45 billion) for illegal anticompetitive practices such as illegal rebates to exclude competitors from the x86 central processing units (CPU) computer chip market.
- Trans-Asia Shipping Corp Bhd’s net profit dropped 86% to RM389,000 in its first quarter (1Q) ended March 31, 2009 from RM2.77 million due to poor performance in all its business segments.
May 12
- After RM40 million and six years of dedicated research and development (R&D) into the mapping of the oil palm genome, Sime Darby Bhd is ready to reap the success. With the help of local and foreign expertise, Sime Darby has successfully deciphered the genetics of the oil palm plant, making it the world’s first company to achieve the scientific breakthrough.
- The Malaysia Deposit Insurance Corporation (PIDM) aims to collect up to RM147 million in premiums based on the full implementation of the differential premium system for financial institutions, which will be released next week.
- KLCC Property Holdings Bhd posted net profit of RM362.53 million in its fourth quarter (4Q) ended March 31, 2009, up 37% from RM264.77 million a year ago due to fair value adjustment of the investment properties.
May 11
- Malaysia’s economy is expected to achieve positive growth in the fourth quarter (4Q), underpinned by growth in domestic demand and the stabilisation of economies, particularly those in Asia.
- Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz said if conditions continued to improve, the domestic economy would begin to pick up in the third quarter of 2009 and there would be a “high potential” for positive growth in the fourth quarter.
- Malaysia’s industrial output in March fell 14.4% from a year ago, due to contraction in the manufacturing (19.6%), mining (3.2%) and electricity (8.9%) indices.
- MISC Bhd’s net profit plunged 76% to RM181.9 million in its fourth quarter ended March 31, 2009 (4QFY09) from RM764.5 million a year earlier mainly due to losses in its liner business. Revenue was up 14% to RM4 billion from RM3.5 billion, while basic earnings per share (EPS) fell to 4.89 sen from 20.55 sen.
- Onstream Marine Sdn Bhd, a company in which Datuk Kamaluddin Abdullah and Shah Hakim @ Shahzanim Zain are deemed interest, disposed of 49 million Scomi Group shares on May 11.
- The national financial guarantee institution, Danajamin Nasional Bhd (Danajamin) started operations on May 15 with an initial paid-up capital of RM1 billion. It is expected to be able to underwrite guarantees of up to RM15 billion in bonds with the current paid-up. The paid-up capital would be raised to RM2 billion if necessary.
- DiGi investing RM75 million in the Penang broadband market over the next three years in the second part of its 14.4Mbps broadband network roll-out.
- Media Prima Bhd posted a net loss of RM23.3 million in the first quarter (1Q) ended March 31, compared with net profit of RM17.06 million a year ago due to lower advertising revenue. Revenue fell to RM141.17 million from RM159.58 million a year ago.
- Country Heights Holdings Bhd group managing director Mark Rozario expects zero earnings growth this year as it holds back new launches and focuses on enhancing its existing projects amid a challenging economic outlook.
- Malaysian Resources Corporation Bhd (MRCB) swung back into the black in the first quarter ended March 31, 2009 with net profit RM153,000 compared to its net loss of RM39.3 million in 4Q2008.
- IOI Corporation Bhd net profit for the third quarter ended March 31, 2009 fell sharply to RM37.36 million from RM601.64 million a year ago mainly due to unrealised translation loss on US denominated borrowings and lower earnings from its plantation division.
May 14
- Bumiputra-Commerce Holdings Bhd (BCHB) Group posted net profit of RM613.94 million in the first quarter ended March 31, up 14.8% from RM535.33 million a year ago. The stronger set of results was due to stronger growth in revenue, firm margins and benign non-performing loans.
- Scomi Engineering Bhd to work with Geodesic Technique Pvt Ltd on a proposal to design, build, own, operate and transfer of a 59-km monorail system in Bangalore, India, which will cost an estimated RM8.45 billion.
- Scomi Group Bhd’s net profit for the first quarter ended March 31, 2009 (1Q09) fell 56% to RM9.5 million from RM21.81 million a year ago.
- IOI Corp Bhd executive chairman Tan Sri Lee Chin Seng said palm oil output could be hurt by dry weather this year, with yields possibly dropping by 5% due to warm weather. This could result in crude palm oil prices reaching almost RM 3,000 if there was increased overseas demand
May 13
- Petroliam Nasional Bhd (Petronas) is suing Perwaja Holdings Berhad for RM 85.5 million due to disputed charges for the supply of natural gas to the steelmaker.
- Genting Singapore plc suffered a net loss of US$31.9 million (RM76.8 million) in the first quarter ended 31 March 2009.
- The European Commission fined chipmaker Intel Corp a record 1.06 billion euros (US$1.45 billion) for illegal anticompetitive practices such as illegal rebates to exclude competitors from the x86 central processing units (CPU) computer chip market.
- Trans-Asia Shipping Corp Bhd’s net profit dropped 86% to RM389,000 in its first quarter (1Q) ended March 31, 2009 from RM2.77 million due to poor performance in all its business segments.
May 12
- After RM40 million and six years of dedicated research and development (R&D) into the mapping of the oil palm genome, Sime Darby Bhd is ready to reap the success. With the help of local and foreign expertise, Sime Darby has successfully deciphered the genetics of the oil palm plant, making it the world’s first company to achieve the scientific breakthrough.
- The Malaysia Deposit Insurance Corporation (PIDM) aims to collect up to RM147 million in premiums based on the full implementation of the differential premium system for financial institutions, which will be released next week.
- KLCC Property Holdings Bhd posted net profit of RM362.53 million in its fourth quarter (4Q) ended March 31, 2009, up 37% from RM264.77 million a year ago due to fair value adjustment of the investment properties.
May 11
- Malaysia’s economy is expected to achieve positive growth in the fourth quarter (4Q), underpinned by growth in domestic demand and the stabilisation of economies, particularly those in Asia.
- Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz said if conditions continued to improve, the domestic economy would begin to pick up in the third quarter of 2009 and there would be a “high potential” for positive growth in the fourth quarter.
- Malaysia’s industrial output in March fell 14.4% from a year ago, due to contraction in the manufacturing (19.6%), mining (3.2%) and electricity (8.9%) indices.
- MISC Bhd’s net profit plunged 76% to RM181.9 million in its fourth quarter ended March 31, 2009 (4QFY09) from RM764.5 million a year earlier mainly due to losses in its liner business. Revenue was up 14% to RM4 billion from RM3.5 billion, while basic earnings per share (EPS) fell to 4.89 sen from 20.55 sen.
- Onstream Marine Sdn Bhd, a company in which Datuk Kamaluddin Abdullah and Shah Hakim @ Shahzanim Zain are deemed interest, disposed of 49 million Scomi Group shares on May 11.
2009年5月8日星期五
Business this week (4-8 May)
8 May
- Securities Commission chairman Datuk Seri Zarinah Anwar unveils Bursa Malaysia’s new board structure to position the local bourse as a competitive capital-raising destination for local and foreign companies when it comes into effect on Aug 3.
- Securities Commission approved one Chinese company for listing on the Bursa Malaysia, with another under way.
- Proton Holdings Bhd’s unit Proton Edar Sdn Bhd will take over all the sales and service dealers currently under Edaran Otomobil Nasional Bhd
7 May
- Trading volume on Bursa Malaysia surged to 3.36 billion shares, the highest since February 2007.
- Sunrise Bhd posted a net profit of RM30.57 million in its third quarter ended March 31 (3Q09), up 48% from RM20.64 million a year earlier..
- Telekom Malaysia Bhd shareholders approved the company’s RM3.5 billion capital repayment plan and RM382 million dividend payout, which means that shareholders will receive a total of RM3.88 billion in June when the two exercises are completed.
- Sarawak Energy Bhd and Brunei government to explore the possibility of connecting their power systems for the purpose of energy exchange or transaction.
- Bank Negara’s international reserves rose to RM320.4 billion (US$87.7 billion) as at April 30 from RM320.124 billion on April 15.
- Citibank Bhd posted net profit of RM772million for the financial year ended Dec 31, 2008, up 30.6% from the RM591 million a year ago, boosted by its markets business and consumer banking.
6 May
- Weststar Group, a local outfit controlled by “AP king” Datuk Seri Syed Azman Syed Ibrahim, is acquiring UK-based van maker LDV Group Ltd from Russian carmaker GAZ for £1. The group will have to assume an estimated £60 million (RM319.13 million) worth of liabilities in LDV’s books upon completion of the acquisition.
- HSBC has committed RM200 million in new funds to ensure Malaysia's small- and medium-sized businesses continue to have access to appropriate credit through the current financial and economic crisis.
- Southern Steel Bhd posted net loss of RM65.47 million in the first quarter ended March 31, a sharp contrast from the net profit of RM96.37 million a year ago as a sharp contraction in steel demand and prices weighed on its revenue.
- Bank Negara expects 2009 to likely be a difficult year for most countries as the world enters the third year of this financial crisis, due to a synchronised recession in the advanced economies.
- Maxis Communications Bhd is investing nearly RM1.6 billion into its networks, including its high-speed 3G network, this year.
- Axiata Group’s offer of 4.69 billion rights shares to existing shareholders recorded 99.3 % subscription rate.
5 May
- Sime Darby Bhd’s proposed acquisition of Ramunia Holdings Bhd’s 68-ha fabrication yard in Teluk Ramunia, Johor will allow it to boost its capability to tap into the global market for fixed platforms worth US$80 billion (RM281.6 billion) over the next five years.
- Guinness Anchor Bhd will allocate RM30 million for capital expenditure in the next financial year ending June 2010.
- Small and medium-sized enterprises say reduction in corporate tax rate and electricity tariff will benefit them more to overcome economic crisis, instead of the two economic stimulus package.
4 May
- Malaysian Airline System Bhd appoints former Prime Minister Tun Abdullah Ahmad Badawi as adviser to national carrier.
- The Shimizu Corp-led consortium, which includes IJM Corp Bhd and UEM Builders Bhd, has finally won the bid to undertake the tunnelling job worth RM1.3 billion for the Pahang-Selangor raw water transfer project.
- Sime Darby Bhd makes formal offer to take over Ramunia Holdings Bhd for total purchase consideration of RM232 million.
- Syarikat Prasarana Negara Bhd invited locally incorporated companies to submit the “expression of interest” to participate in the RM7 billion extension and upgrading of the KL light rail transit system project.
- Fraser & Neave Holdings Bhd posted a net profit of RM53.28 million in the second quarter ended March 31, 2009, up 11.2% from RM47.91 million a year ago.
- Securities Commission chairman Datuk Seri Zarinah Anwar unveils Bursa Malaysia’s new board structure to position the local bourse as a competitive capital-raising destination for local and foreign companies when it comes into effect on Aug 3.
- Securities Commission approved one Chinese company for listing on the Bursa Malaysia, with another under way.
- Proton Holdings Bhd’s unit Proton Edar Sdn Bhd will take over all the sales and service dealers currently under Edaran Otomobil Nasional Bhd
7 May
- Trading volume on Bursa Malaysia surged to 3.36 billion shares, the highest since February 2007.
- Sunrise Bhd posted a net profit of RM30.57 million in its third quarter ended March 31 (3Q09), up 48% from RM20.64 million a year earlier..
- Telekom Malaysia Bhd shareholders approved the company’s RM3.5 billion capital repayment plan and RM382 million dividend payout, which means that shareholders will receive a total of RM3.88 billion in June when the two exercises are completed.
- Sarawak Energy Bhd and Brunei government to explore the possibility of connecting their power systems for the purpose of energy exchange or transaction.
- Bank Negara’s international reserves rose to RM320.4 billion (US$87.7 billion) as at April 30 from RM320.124 billion on April 15.
- Citibank Bhd posted net profit of RM772million for the financial year ended Dec 31, 2008, up 30.6% from the RM591 million a year ago, boosted by its markets business and consumer banking.
6 May
- Weststar Group, a local outfit controlled by “AP king” Datuk Seri Syed Azman Syed Ibrahim, is acquiring UK-based van maker LDV Group Ltd from Russian carmaker GAZ for £1. The group will have to assume an estimated £60 million (RM319.13 million) worth of liabilities in LDV’s books upon completion of the acquisition.
- HSBC has committed RM200 million in new funds to ensure Malaysia's small- and medium-sized businesses continue to have access to appropriate credit through the current financial and economic crisis.
- Southern Steel Bhd posted net loss of RM65.47 million in the first quarter ended March 31, a sharp contrast from the net profit of RM96.37 million a year ago as a sharp contraction in steel demand and prices weighed on its revenue.
- Bank Negara expects 2009 to likely be a difficult year for most countries as the world enters the third year of this financial crisis, due to a synchronised recession in the advanced economies.
- Maxis Communications Bhd is investing nearly RM1.6 billion into its networks, including its high-speed 3G network, this year.
- Axiata Group’s offer of 4.69 billion rights shares to existing shareholders recorded 99.3 % subscription rate.
5 May
- Sime Darby Bhd’s proposed acquisition of Ramunia Holdings Bhd’s 68-ha fabrication yard in Teluk Ramunia, Johor will allow it to boost its capability to tap into the global market for fixed platforms worth US$80 billion (RM281.6 billion) over the next five years.
- Guinness Anchor Bhd will allocate RM30 million for capital expenditure in the next financial year ending June 2010.
- Small and medium-sized enterprises say reduction in corporate tax rate and electricity tariff will benefit them more to overcome economic crisis, instead of the two economic stimulus package.
4 May
- Malaysian Airline System Bhd appoints former Prime Minister Tun Abdullah Ahmad Badawi as adviser to national carrier.
- The Shimizu Corp-led consortium, which includes IJM Corp Bhd and UEM Builders Bhd, has finally won the bid to undertake the tunnelling job worth RM1.3 billion for the Pahang-Selangor raw water transfer project.
- Sime Darby Bhd makes formal offer to take over Ramunia Holdings Bhd for total purchase consideration of RM232 million.
- Syarikat Prasarana Negara Bhd invited locally incorporated companies to submit the “expression of interest” to participate in the RM7 billion extension and upgrading of the KL light rail transit system project.
- Fraser & Neave Holdings Bhd posted a net profit of RM53.28 million in the second quarter ended March 31, 2009, up 11.2% from RM47.91 million a year ago.
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