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.
2009年5月29日星期五
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.
2009年5月3日星期日
IJM Land Bhd (April 28, RM1.34)
BUY. We are re-initiating coverage on IJM Land with a "buy" and fair value of RM2.40 per share, based on 40% discount to our estimated fully diluted NAV of RM4 per share. Its flagship integrated waterfront project, the 137ha The Light Waterfront Penang (The Light), accounts for 37% of our NAV. Balance sheet is strong with an estimated net gearing of just 24%.
We are forecasting earning to rise from RM84 million in FY3/2009E, with consolidated six-month profit contributions from IJM Properties, to RM130 million in FY2010F, RM217 million in FY2011F and RM 270 million in FY2012F.
Three-year earnings CAGR is strong at 49% over FY2010 to FY2012F, to be booted by the maiden launch of The Light, which has a GDV of RM5.2 million in the third quarter. This aside, our earnings estimates are also underpinned by unbilled sales of RM700 million as well as steady pre-sales from its existing projects, include Seremban 2, S2 Heights, Taman Perling and Bandar Utama Sandakan. Annual pre-sales are expected to rise from RM750 million in FY2010F to more than RM1 billion in FY2011F, with the lauch of The Light Collections and seafront bungalows (GDV: RM900 million). At RM1.31 per share, it is trading at a steep discount of 67% to our NAV.
We are forecasting earning to rise from RM84 million in FY3/2009E, with consolidated six-month profit contributions from IJM Properties, to RM130 million in FY2010F, RM217 million in FY2011F and RM 270 million in FY2012F.
Three-year earnings CAGR is strong at 49% over FY2010 to FY2012F, to be booted by the maiden launch of The Light, which has a GDV of RM5.2 million in the third quarter. This aside, our earnings estimates are also underpinned by unbilled sales of RM700 million as well as steady pre-sales from its existing projects, include Seremban 2, S2 Heights, Taman Perling and Bandar Utama Sandakan. Annual pre-sales are expected to rise from RM750 million in FY2010F to more than RM1 billion in FY2011F, with the lauch of The Light Collections and seafront bungalows (GDV: RM900 million). At RM1.31 per share, it is trading at a steep discount of 67% to our NAV.
2009年5月2日星期六
What is best price of Resorts?
The Strong support is RM 2.24
Buy in this price.
And keep some capital for next support (if the price fall more than RM 2.24)
2009年5月1日星期五
Business this week (27-30 April)
30 April
- KFC Holdings (M) Bhd (KFCH) will invest an initial US$6 million to expand its international operations to India.
- K&N Kenanga Holdings Bhd has partnered with Oxford Business Group (OBG) for the publication of “The Report: Malaysia 2009”, a book that reviews events and trends in all of Malaysia’s major economic sectors.
29 April
-Transport Minister Datuk Seri Ong Tee Keat ordered the Port Klang Authority (PKA) to release Port Klang Free Zone (PKFZ) report within a week.
-Opcom Holdings Bhd chairman and managing director Datuk Mukhriz Mahathir intends to relinquish his positions and ceases to be a substantial shareholder by June. He was appointed deputy minister of International Trade and Industry deputy minister on April 10.
-Telekom Malaysia Bhd (TM) has appointed Giorgio Migliarina as its chief technology and innovation officer (CTIO).
- Bank Negara maintains overnight policy rate at 2% during its Monetary Policy Committee meeting but said the economy was expected to record a marked contraction in 1Q.
- RAM Ratings cautions that corporate defaults were expected to rise this year as the global economic slowdown reaches its trough during the year.
- RHB Banking Group appointed Datuk Tajuddin Atan as the new managing director of its subsidiary RHB Bank Bhd effective May 1, 2009, taking over from outgoing Michael J Barrett.
28 April
- Property financier Malaysia Building Society Bhd (MBSB) is targeting a 15% growth this year of its total assets, which stood at RM7.3 billion in 2008, by growing its retail segment, its CEO Ahmad Zaini Othman said.
- The Securities Commission (SC) has charged Yue Chi Kin, 41, in the Sessions Court here for abetting United U-Li Corporation Bhd in submitting false information to Bursa Malaysia Securities Bhd.
- Media Prima Bhd appointed Datuk Johan Jaaffar to chair its board, making the news industry veteran the group’s first executive chairman since its establishment in September 2003.
- JAKS Resources Bhd, which is in the midst of finalising details of a planned US$1.8 billion (RM6.48 billion) power plant in Vietnam, is now planning to secure an estimated €20 million (RM94.56 million) wastewater treatment plant construction job there
27 April
- Prime Minister Datuk Seri Najib Razak announces measures to liberalise financial services sector, including relaxation of foreign shareholding for all players in Islamic banking.
- Bank Negara introduces criteria for the issuance of new commercial banking licences as part of the liberalisation measures for the financial sector.
- Sime Darby Bhd, Ramunia Holdings Bhd confirm they are in preliminary talks on a potential corporate transaction.
- KFC Holdings (M) Bhd (KFCH) will invest an initial US$6 million to expand its international operations to India.
- K&N Kenanga Holdings Bhd has partnered with Oxford Business Group (OBG) for the publication of “The Report: Malaysia 2009”, a book that reviews events and trends in all of Malaysia’s major economic sectors.
29 April
-Transport Minister Datuk Seri Ong Tee Keat ordered the Port Klang Authority (PKA) to release Port Klang Free Zone (PKFZ) report within a week.
-Opcom Holdings Bhd chairman and managing director Datuk Mukhriz Mahathir intends to relinquish his positions and ceases to be a substantial shareholder by June. He was appointed deputy minister of International Trade and Industry deputy minister on April 10.
-Telekom Malaysia Bhd (TM) has appointed Giorgio Migliarina as its chief technology and innovation officer (CTIO).
- Bank Negara maintains overnight policy rate at 2% during its Monetary Policy Committee meeting but said the economy was expected to record a marked contraction in 1Q.
- RAM Ratings cautions that corporate defaults were expected to rise this year as the global economic slowdown reaches its trough during the year.
- RHB Banking Group appointed Datuk Tajuddin Atan as the new managing director of its subsidiary RHB Bank Bhd effective May 1, 2009, taking over from outgoing Michael J Barrett.
28 April
- Property financier Malaysia Building Society Bhd (MBSB) is targeting a 15% growth this year of its total assets, which stood at RM7.3 billion in 2008, by growing its retail segment, its CEO Ahmad Zaini Othman said.
- The Securities Commission (SC) has charged Yue Chi Kin, 41, in the Sessions Court here for abetting United U-Li Corporation Bhd in submitting false information to Bursa Malaysia Securities Bhd.
- Media Prima Bhd appointed Datuk Johan Jaaffar to chair its board, making the news industry veteran the group’s first executive chairman since its establishment in September 2003.
- JAKS Resources Bhd, which is in the midst of finalising details of a planned US$1.8 billion (RM6.48 billion) power plant in Vietnam, is now planning to secure an estimated €20 million (RM94.56 million) wastewater treatment plant construction job there
27 April
- Prime Minister Datuk Seri Najib Razak announces measures to liberalise financial services sector, including relaxation of foreign shareholding for all players in Islamic banking.
- Bank Negara introduces criteria for the issuance of new commercial banking licences as part of the liberalisation measures for the financial sector.
- Sime Darby Bhd, Ramunia Holdings Bhd confirm they are in preliminary talks on a potential corporate transaction.
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