2010年7月2日星期五
2010年6月26日星期六
The Tri Doji Star
When found that the Tri Doji Star at bottom side,indicate that the bullish trend will be start.2010年4月3日星期六
Will KLCI breakthrough 1350 ?
Will KLCI breakthrough next resistance 1350? But the strong support for now is at 1300. The next support is 1233.
2010年4月2日星期五
購地興建醫院 柔醫藥保健前景受看好
(吉隆坡1日訊)隨著柔佛醫藥保健（KPJ，5878，主板貿服股）在柔佛購地，準備興建第5家醫院；分析員看好該公司的發展前景，並上修其2010-2011財政年的財測及目標價。
柔佛醫藥保健透過旗下的巴西古當專科醫院公司，與柔佛土地有限公司及柔佛機構簽署上述土地買賣協議。該公司建議以707萬令吉現金，收購一塊位於柔佛新山的租賃土地，佔地3.247英畝。該公司的所有投資成本將全面以內部融資籌集。
艾芬投資銀行分析員表示，考慮到柔佛醫藥保健屬意的租賃土地位於巴西古當，該公司的每平方呎50令吉出價略高。截至09年12月，該土地的淨帳面價值是240萬令吉，而如果追溯至95年，該土地的成本只有80萬令吉。
他說，上述收購計劃預料在2010年第三季完成，該土地目前處於空置狀態。完成收購後，該土地將用來發展私人專科醫院，估計將在今年末季動工，賣方已經獲得建設醫院的訂單，需要2-3年完工。
這項建築工程耗資5400萬令吉，該筆資金將通過內部融資及銀行貸款籌集。該公司估計在未來3年內為資本開銷進行融資，目前的淨負債率是0.36倍。
上修財測及目標價
分析員指出，這將是柔佛醫藥保健拓展計劃下的第5間醫院。該公司鎖定當地興建醫院，主要瞄準當地附近的郊區，尤其是由柔佛土地公司發展的Bukit Dahlia公園鄉鎮。
他認為，該公司將繼續通過併購活動來擴大業務，以便達到5年內取得20億令吉營業額的目標。儘管如此，他不認為，該公司的資本開銷在未來3年內將影響股息支出。
綜合上述因素，他將該公司2010-2011財政年的財測上修1-5%，以反映該公司較佳的賺幅。他維持柔佛醫藥保健的「買進」評級，根據該公司2010財政年較高的17.5倍本益比，其合理價上修至3.58令吉。
柔佛醫藥保健透過旗下的巴西古當專科醫院公司，與柔佛土地有限公司及柔佛機構簽署上述土地買賣協議。該公司建議以707萬令吉現金，收購一塊位於柔佛新山的租賃土地，佔地3.247英畝。該公司的所有投資成本將全面以內部融資籌集。
艾芬投資銀行分析員表示，考慮到柔佛醫藥保健屬意的租賃土地位於巴西古當，該公司的每平方呎50令吉出價略高。截至09年12月，該土地的淨帳面價值是240萬令吉，而如果追溯至95年，該土地的成本只有80萬令吉。
他說，上述收購計劃預料在2010年第三季完成，該土地目前處於空置狀態。完成收購後，該土地將用來發展私人專科醫院，估計將在今年末季動工，賣方已經獲得建設醫院的訂單，需要2-3年完工。
這項建築工程耗資5400萬令吉，該筆資金將通過內部融資及銀行貸款籌集。該公司估計在未來3年內為資本開銷進行融資，目前的淨負債率是0.36倍。
上修財測及目標價
分析員指出，這將是柔佛醫藥保健拓展計劃下的第5間醫院。該公司鎖定當地興建醫院，主要瞄準當地附近的郊區，尤其是由柔佛土地公司發展的Bukit Dahlia公園鄉鎮。
他認為，該公司將繼續通過併購活動來擴大業務，以便達到5年內取得20億令吉營業額的目標。儘管如此，他不認為，該公司的資本開銷在未來3年內將影響股息支出。
綜合上述因素，他將該公司2010-2011財政年的財測上修1-5%，以反映該公司較佳的賺幅。他維持柔佛醫藥保健的「買進」評級，根據該公司2010財政年較高的17.5倍本益比，其合理價上修至3.58令吉。
2010年3月20日星期六
跌市中稳定心态的六种技巧
一、在操作前要做认真细致地准备，有些投资者的操作十分草率，在还不了解某只股票的情况下，仅仅是因为看到股评的推荐或亲友的劝说以及无法确认的内幕消息而贸然买入，这时心态往往会受股价涨跌的影响而起伏不定，股价稍有异动就会感到恐惧。因此，尽可能多地了解所选中个股的各种情况，精心做好操作的前期准备工作，是克服恐惧的有效方法。
二、操作中要有完善的资金管理计划，合理地控制仓位结构，不要轻易满仓或空仓。如果投资者的投资组合中品种过于单一，就会大大加重了个人持股的非系统风险，投资者的心态会因此变的非常不稳定。如果投资者仓位结构不合理，比如仓位达到100%的满仓或 100%空仓时，投资心理最容易趋于恐慌。
三、要培养冷静乐观的投资态度，任何股市都有涨有跌，不要说股市的天不会塌下来，即使股市真的遇到某种不确定因素，出现悲剧性的股灾时，只知道恐惧又有什么用。在暴跌行情中重要的是冷静，只有冷静才能正确的审时度势，才能使用合理的操作手段，将损失减少到最低限度。而乐观如同一根针，能轻而易举地刺破不断膨胀的恐惧气球，使自己快速恢复到冷静的状态中。
四、要树立稳健灵活的投资风格。如果投资者的投资风格是倾向于投资方式的，选股时重点选择有价值蓝筹类个股的稳健型投资者，在遇到股价出现异动时，往往不容易恐惧。相反，那些致力于短线投机炒作的投资者，心理往往会随着股价的波动而跌宕起伏，特别是重仓参与短线操作时，获取利润的速度很快，但判断失误时造成的亏损也很巨大。因此，投资者要适当控制投资与投机的比例，保持稳健灵活的投资风格，这将十分有助于克服恐惧心理。
五、学会坚持和忍耐。当大盘临近底部区域时，投资者对于市场中出现的一些非理性下跌要采取忍耐的态度，历史的规律表明，真正能让投资者感到恐惧的暴跌行情一般持续时间不长，并且能很快形成阶段性底部。所以，越是在这种时候，投资者越是要耐心等待。
六、要提高自己的趋势判断能力，容易产生恐慌心理的投资者一般对行情的研判能力比较弱，对大盘的未来发展趋势，感到心里没底。如果能够提高自己的趋势判断能力，对行情走向及性质有大致上的了解的话，将很容易克服恐慌心理。
Posted by 健忘
二、操作中要有完善的资金管理计划，合理地控制仓位结构，不要轻易满仓或空仓。如果投资者的投资组合中品种过于单一，就会大大加重了个人持股的非系统风险，投资者的心态会因此变的非常不稳定。如果投资者仓位结构不合理，比如仓位达到100%的满仓或 100%空仓时，投资心理最容易趋于恐慌。
三、要培养冷静乐观的投资态度，任何股市都有涨有跌，不要说股市的天不会塌下来，即使股市真的遇到某种不确定因素，出现悲剧性的股灾时，只知道恐惧又有什么用。在暴跌行情中重要的是冷静，只有冷静才能正确的审时度势，才能使用合理的操作手段，将损失减少到最低限度。而乐观如同一根针，能轻而易举地刺破不断膨胀的恐惧气球，使自己快速恢复到冷静的状态中。
四、要树立稳健灵活的投资风格。如果投资者的投资风格是倾向于投资方式的，选股时重点选择有价值蓝筹类个股的稳健型投资者，在遇到股价出现异动时，往往不容易恐惧。相反，那些致力于短线投机炒作的投资者，心理往往会随着股价的波动而跌宕起伏，特别是重仓参与短线操作时，获取利润的速度很快，但判断失误时造成的亏损也很巨大。因此，投资者要适当控制投资与投机的比例，保持稳健灵活的投资风格，这将十分有助于克服恐惧心理。
五、学会坚持和忍耐。当大盘临近底部区域时，投资者对于市场中出现的一些非理性下跌要采取忍耐的态度，历史的规律表明，真正能让投资者感到恐惧的暴跌行情一般持续时间不长，并且能很快形成阶段性底部。所以，越是在这种时候，投资者越是要耐心等待。
六、要提高自己的趋势判断能力，容易产生恐慌心理的投资者一般对行情的研判能力比较弱，对大盘的未来发展趋势，感到心里没底。如果能够提高自己的趋势判断能力，对行情走向及性质有大致上的了解的话，将很容易克服恐慌心理。
Posted by 健忘
TM to launch HSBB March 24
KUALA LUMPUR: TELEKOM MALAYSIA BHD [] (TM) will officially launch its much awaited high-speed broadband (HSBB) retail service in an event at Dataran Merdeka here on March 24.
Prime Minister Datuk Seri Najib Razak is expected to launch the new National Broadband Initiative, of which HSBB is the flagship project.
TM will then reveal the new branding for its HSBB service as well as the pricing. "Our HSBB packages will be of premium service but not of premium pricing," TM group chief executive Datuk Zamzamzairani Mohd Isa said in a statement today.
The four initial areas that will be covered by TM HSBB are Shah Alam, Subang Jaya, Taman Tun Dr Ismail and Bangsar. By the end of 2012, TM's target under the first phase of the national HSBB rollout is 1.3 million premises.
According to TM, its total expenditure related to the HSBB project as of Dec 31, 2009 reached RM1.9 billion, which covered last mile access, IP (Internet protocol) core deployment and capacity expansion for international links. Total approved claims from the government up to December 2009 stood at RM990 million.
Signed in September 2008, the RM11.3 billion national HSBB project is a public-private-partnership agreement between TM and the government to develop next-generation high-speed broadband infrastructure and services for the nation.
TM is putting up RM8.9 billion while the government is contributing RM2.4 billion on an incurred claims basis based on project milestones reached by TM.
Written by The Edge Financial Daily
Wednesday, 10 March 2010 23:30
Prime Minister Datuk Seri Najib Razak is expected to launch the new National Broadband Initiative, of which HSBB is the flagship project.
TM will then reveal the new branding for its HSBB service as well as the pricing. "Our HSBB packages will be of premium service but not of premium pricing," TM group chief executive Datuk Zamzamzairani Mohd Isa said in a statement today.
The four initial areas that will be covered by TM HSBB are Shah Alam, Subang Jaya, Taman Tun Dr Ismail and Bangsar. By the end of 2012, TM's target under the first phase of the national HSBB rollout is 1.3 million premises.
According to TM, its total expenditure related to the HSBB project as of Dec 31, 2009 reached RM1.9 billion, which covered last mile access, IP (Internet protocol) core deployment and capacity expansion for international links. Total approved claims from the government up to December 2009 stood at RM990 million.
Signed in September 2008, the RM11.3 billion national HSBB project is a public-private-partnership agreement between TM and the government to develop next-generation high-speed broadband infrastructure and services for the nation.
TM is putting up RM8.9 billion while the government is contributing RM2.4 billion on an incurred claims basis based on project milestones reached by TM.
Written by The Edge Financial Daily
Wednesday, 10 March 2010 23:30
2010年3月16日星期二
全年業績可達歷史新高‧沙布拉浪峰料賺1.66億
吉隆坡）沙布拉浪峰（SAPCRES,8575,主板貿服組）第4季淨利料介於3400萬令吉，並推動2010財政年淨利按年走揚36%至1億6600萬令吉歷史新高。
2010財政年淨利有望在鑽探租金高企，以及聯營公司轉虧為盈扶持下，創下1億6600萬令吉的歷史新高，分析員看好訂單數量將持續擴張，將為2011財政年盈利再創高峰提供助力。
第4季淨利約3400萬
聯昌研究表示，沙布拉浪峰首9個月淨利1億3200萬令吉，預計在高鑽探租金以及旗下聯營公司Sapura Acergy轉虧為盈，並帶來2500萬令吉淨利貢獻下，第4季淨利料介於3400萬令吉。
“領域環境趨向改善，沙布拉浪峰料尾隨華商機構（WASEONG,5142,主板工業產品組）和環境海事資源（ALAM,5115,主板貿服組）交出創紀錄的淨利表現。”
國油貿易（PETDAG,5681,主板貿服組）、肯油企業（KENCANA,5122,主板貿服組）和戴樂集團（DIALOG,7277,主板貿服組）也預計交出紀錄性的成績單，而必達（PETRA,7108,主板貿服組）料是2009年唯一一家無法取得紀錄性盈利的公司。
分析員認為，2011財政年料是沙布拉浪峰另一紀錄年，主要是公司已開始展開總值80億令吉的3加1加1交通和組裝合約，並預期在未來2個月將接收2艘參與相關工程的新淺水駁船。
握155億令吉合約
“沙布拉浪峰現握有155億令吉合約，遠高於領域同儕，而持續擴張的訂單數量將是支援公司2010至2012財政年錄取高淨利成長的關鍵，估計複合年均每股盈利成長將達到30.8%，較領域的22.3%為高，維持其‘加碼’評級。”
星洲日報／財經‧2010.03.16
2010財政年淨利有望在鑽探租金高企，以及聯營公司轉虧為盈扶持下，創下1億6600萬令吉的歷史新高，分析員看好訂單數量將持續擴張，將為2011財政年盈利再創高峰提供助力。
第4季淨利約3400萬
聯昌研究表示，沙布拉浪峰首9個月淨利1億3200萬令吉，預計在高鑽探租金以及旗下聯營公司Sapura Acergy轉虧為盈，並帶來2500萬令吉淨利貢獻下，第4季淨利料介於3400萬令吉。
“領域環境趨向改善，沙布拉浪峰料尾隨華商機構（WASEONG,5142,主板工業產品組）和環境海事資源（ALAM,5115,主板貿服組）交出創紀錄的淨利表現。”
國油貿易（PETDAG,5681,主板貿服組）、肯油企業（KENCANA,5122,主板貿服組）和戴樂集團（DIALOG,7277,主板貿服組）也預計交出紀錄性的成績單，而必達（PETRA,7108,主板貿服組）料是2009年唯一一家無法取得紀錄性盈利的公司。
分析員認為，2011財政年料是沙布拉浪峰另一紀錄年，主要是公司已開始展開總值80億令吉的3加1加1交通和組裝合約，並預期在未來2個月將接收2艘參與相關工程的新淺水駁船。
握155億令吉合約
“沙布拉浪峰現握有155億令吉合約，遠高於領域同儕，而持續擴張的訂單數量將是支援公司2010至2012財政年錄取高淨利成長的關鍵，估計複合年均每股盈利成長將達到30.8%，較領域的22.3%為高，維持其‘加碼’評級。”
星洲日報／財經‧2010.03.16
Columbia Asia to spend RM1.5b on hospitals
REGIONAL healthcare provider Columbia Asia Group of Companies will spend about RM1.5 billion to build 15 new hospitals in the region.
Vice president, treasury services, Kahar Mohamed, said it would include the three hospitals in Malaysia that were still under development.
"These hospitals are in various stages of development. We estimated the cost to be around RM68 million and RM70 million to build a hospital," he told reporters after the syndicated financing agreement signing ceremony in Kuala Lumpur today.
Columbia Asia Sdn Bhd today secured RM250 million in syndicated funding based on the Islamic principle of Ijarah Muntahiah Bitamlik from Bank Muamalat Malaysia Bhd and Bank Kerjasama Rakyat Malaysia Bhd.
It will be used to finance its three existing hospitals and another three which are in various stages of development in Malaysia.
The three existing hospitals are in Puchong, Taiping and Nusajaya while another three -- Bukit Rimau, Balakong and Setapak - are still under construction and scheduled to be opened from July this year to early next year.
He said Columbia Asia was eying suburban areas to build the hospitals in order to reach out to the average citizens.
"The increasing demand for affordable healthcare services across Asia has resulted in a substantial increase in the number of people who are medically insured by employers and insurance companies," Kahar said.
Beside Malaysia, Columbia Asia also operates in India, Vietnam, Sri Lanka and Indonesia with 16 hospitals already in operation.
Incorporated in 1996, Columbia Asia Sdn Bhd is 70 per cent held by Columbia Asia Group of Companies, and the balance by the Employees Provident Fund.
The local entity owns the Malaysian and Indonesian hospitals and gets a fee for operating Columbia Asia hospitals in Vietnam and India.
BERNAMA
Vice president, treasury services, Kahar Mohamed, said it would include the three hospitals in Malaysia that were still under development.
"These hospitals are in various stages of development. We estimated the cost to be around RM68 million and RM70 million to build a hospital," he told reporters after the syndicated financing agreement signing ceremony in Kuala Lumpur today.
Columbia Asia Sdn Bhd today secured RM250 million in syndicated funding based on the Islamic principle of Ijarah Muntahiah Bitamlik from Bank Muamalat Malaysia Bhd and Bank Kerjasama Rakyat Malaysia Bhd.
It will be used to finance its three existing hospitals and another three which are in various stages of development in Malaysia.
The three existing hospitals are in Puchong, Taiping and Nusajaya while another three -- Bukit Rimau, Balakong and Setapak - are still under construction and scheduled to be opened from July this year to early next year.
He said Columbia Asia was eying suburban areas to build the hospitals in order to reach out to the average citizens.
"The increasing demand for affordable healthcare services across Asia has resulted in a substantial increase in the number of people who are medically insured by employers and insurance companies," Kahar said.
Beside Malaysia, Columbia Asia also operates in India, Vietnam, Sri Lanka and Indonesia with 16 hospitals already in operation.
Incorporated in 1996, Columbia Asia Sdn Bhd is 70 per cent held by Columbia Asia Group of Companies, and the balance by the Employees Provident Fund.
The local entity owns the Malaysian and Indonesian hospitals and gets a fee for operating Columbia Asia hospitals in Vietnam and India.
BERNAMA
2010年3月13日星期六
KPJ wants to be world number one
KPJ Healthcare Bhd (5878), which currently ranks as Asia's number one healthcare service provider and the world's third, is going all out to reach pole position.
KPJ Healthcare has been named by US-based Nu Wire Investor research company recently as the world's number three healthcare company.
KPJ Healthcare managing director Datin Paduka Siti Sa'diah Sheikh Bakir (picture) said the company is expanding aggressively, albeit cautiously opening two hospitals a year in Malaysia, the Middle East and Indo China.
"We have to work hard to position Malaysia as the number one medical hub in the world as other countries such as India are fast catching up," she said.
Siti Sa'diah made history yesterday when she was named Malaysia's CEO of the Year 2009, the first woman to clinch the title in the award's 14-year history.
The award was presented to her by Prime Minister Datuk Seri Najib Tun Razak.
Siti Sa'diah beat 118 other nominees from 16 different indusries. She took home a trophy, an American Express platinum card with one million membership rewards points and a first-class return air ticket to Europe.
Describing the win, Siti Sa'diah said she is honoured to stand among world-class leaders and pays tribute to her peers in the industry. women as well as Johor Corp Group of Companies which is Johor state's investment and commercial arm.
"Since its establishment 28 years ago, I am proud that KPJ made its first RM1 billion revenue after 27 years and its first RM100 million pre-tax profit after 28 years.
"We are growing still and aim for RM2 billion revenue in the future from RM1.4 billion currently," Siti Sa'diah told reporters in Kuala Lumpur yesterday.
A member of JCorp group of companies and its medical arm, KPJ has over RM1.1 billion in assets with a shareholders fund of over RM508.9 million.
Siti Sa'diah, 57, became KPJ managing director since March 1993.
At the same event, Malaysia Airports Holdings Bhd won the inaugural Corporate Nationhood Initiative Award in recognition of its outstanding corporate initiative for its effort in promoting national harmony under the One Malaysia spirit.
The award was received by its managing director Tan Sri Bashir Ahmad Abdul Majid.
Malaysia's CEO of the Year 2009 is organised jointly by Business Times and Maybank, the issuer of American Express credit and charge cards.
Business Times
By Zaidi Isham Ismail
Published: 2010/03/13
KPJ Healthcare has been named by US-based Nu Wire Investor research company recently as the world's number three healthcare company.
KPJ Healthcare managing director Datin Paduka Siti Sa'diah Sheikh Bakir (picture) said the company is expanding aggressively, albeit cautiously opening two hospitals a year in Malaysia, the Middle East and Indo China.
"We have to work hard to position Malaysia as the number one medical hub in the world as other countries such as India are fast catching up," she said.
Siti Sa'diah made history yesterday when she was named Malaysia's CEO of the Year 2009, the first woman to clinch the title in the award's 14-year history.
The award was presented to her by Prime Minister Datuk Seri Najib Tun Razak.
Siti Sa'diah beat 118 other nominees from 16 different indusries. She took home a trophy, an American Express platinum card with one million membership rewards points and a first-class return air ticket to Europe.
Describing the win, Siti Sa'diah said she is honoured to stand among world-class leaders and pays tribute to her peers in the industry. women as well as Johor Corp Group of Companies which is Johor state's investment and commercial arm.
"Since its establishment 28 years ago, I am proud that KPJ made its first RM1 billion revenue after 27 years and its first RM100 million pre-tax profit after 28 years.
"We are growing still and aim for RM2 billion revenue in the future from RM1.4 billion currently," Siti Sa'diah told reporters in Kuala Lumpur yesterday.
A member of JCorp group of companies and its medical arm, KPJ has over RM1.1 billion in assets with a shareholders fund of over RM508.9 million.
Siti Sa'diah, 57, became KPJ managing director since March 1993.
At the same event, Malaysia Airports Holdings Bhd won the inaugural Corporate Nationhood Initiative Award in recognition of its outstanding corporate initiative for its effort in promoting national harmony under the One Malaysia spirit.
The award was received by its managing director Tan Sri Bashir Ahmad Abdul Majid.
Malaysia's CEO of the Year 2009 is organised jointly by Business Times and Maybank, the issuer of American Express credit and charge cards.
Business Times
By Zaidi Isham Ismail
Published: 2010/03/13
2010年3月10日星期三
KPJ Healthcare - Further Freeing Up Its Balance Sheet
KPJ announced that its subsidiaries, PT KPJ Medica, a 75%-owned subsidiary of KPJ,Pusat Pakar Kluang Utama SB. (PPKUSB) and Bandar Baru Klang Specialist Hospital SB(both wholly-owned) are proposing to dispose of their entire interest in 3 properties to Al-`Aqar REIT for a total consideration of RM138.8m which will be satisfied via RM83.3m incash and RM55.5m through the issuance of 56.6m new units in Al-‘Aqar REIT at an issueprice of RM0.98 per unit. The proposal is expected to be fully completed by 2HFY11
2010年3月5日星期五
Kencana Petroleum: Buy, target price RM2
AmResearch has lowered its target price on Kencana Petroleum Bhd (5122) to RM2, from RM2.11 previously, mainly due to lower earnings forecast on the oil and gas service provider.
"We have reduced Kencana's FY10F (forecast financial year 2010) earnings by 8 per cent given delays in contribution from Kencana Mermaid 1 (KM1). On management's guidance, we have also reduced KM1's margin by 3 percentage points, which leads to a reduction in FY2011F and FY2012F earnings by 5 per cent," said AmResearch in its report this week.
However, it retained its "buy" call on the stock, as the company is expecting to announce more contracts.
"We have incorporated new contracts of RM1 million to RM1.5 billion in FY10F-FY12F.
"Most awards this year are likely to be the projects postponed for up to a year following the 2008 financial meltdown and subsequent curtailment of new contracts. We believe that the new jobs to be awarded - out of Kencana's RM4 billion tenders - are likely to come from India, Middle-East and Southeast Asia.
"We also expect a reacceleration of merger and acquisition activities following the group's recent two-for-five rights issue at 50 sen,"AmResearch said.
"We have reduced Kencana's FY10F (forecast financial year 2010) earnings by 8 per cent given delays in contribution from Kencana Mermaid 1 (KM1). On management's guidance, we have also reduced KM1's margin by 3 percentage points, which leads to a reduction in FY2011F and FY2012F earnings by 5 per cent," said AmResearch in its report this week.
However, it retained its "buy" call on the stock, as the company is expecting to announce more contracts.
"We have incorporated new contracts of RM1 million to RM1.5 billion in FY10F-FY12F.
"Most awards this year are likely to be the projects postponed for up to a year following the 2008 financial meltdown and subsequent curtailment of new contracts. We believe that the new jobs to be awarded - out of Kencana's RM4 billion tenders - are likely to come from India, Middle-East and Southeast Asia.
"We also expect a reacceleration of merger and acquisition activities following the group's recent two-for-five rights issue at 50 sen,"AmResearch said.
2010年2月21日星期日
KPJ Healthcare not keen on buying Fomema
KPJ Healthcare Bhd, the largest operator of private hospitals in Malaysia, will remain focused on its healthcare business and not look to pick up Government concession businesses. Its managing director Datin Paduka Siti Sa'diah Sheikh Bakir said the company has no plans to buy foreign worker health check company Fomema Sdn Bhd from its rival Pantai Holdings Bhd. "We have been a very focused healthcare company and this focus has been our critical success factor that has allowed us to grow," she told Business Times. Last Friday, Business Times had quoted sources as saying that healthcare group Pantai Holdings was looking to sell its Malaysian Government concession businesses, Pantai Medivest Sdn Bhd and Fomema, to focus on growing its hospital business. (BT)
2010年2月19日星期五
US rate hike roils Asian markets
Stock markets across Asia slumped today, following an unexpected move by the US Federal Reserve to raise the discount rate yesterday night, after Wall Street had closed. This raised fears that the inevitable US monetary tightening could come sooner than expected.
The Federal Reserve raised the overnight rate, the rate it charges banks for emergency loans by 25 basis points to 0.75%. This was to withdraw some of the emergency measures put in place to counter the economic crisis, towards a more normalised structure with the economy on a recovery path.
Investors should note the distinction between the discount rate and the federal funds interbank lending rate. The key federal funds rate, the main monetary policy tool, remains unchanged near zero, and within the target of 0% to 0.25% established since late 2008 during the crisis.
The key federal funds rate is likely to remain low for some time to sustain the still fragile US economic recovery, especially with high unemployment. Thus, the raising of the overnight rate itself does not necessarily mark the start of tightening monetary policy in the US yet, which many expect to happen in the second half of 2010 or early next year.
Nonetheless, the sudden move, especially in between Federal Open Market Committe meetings, roiled global financial markets today, sending stock markets and commodities lower and the US dollar higher. Most affected were cyclical and export-oriented stocks, as well as the Hong Kong bourse, whose currency and monetary policies are closely tied to the US.
The local stock market was comparatively more resilient. The FBM KLCI traded within a narrow four-point range for much of today, and ended down just 1.3 points to 1,257.7.
Market breadth was negative with declining stocks beating advancing ones by a three-to-one margin. Trading remained thin with 623 million shares changing hands.
Actively traded stocks include newly-listed Homeritz, Genting, KNM, Maybank, CIMB and Axiata. Major gainers include DiGi and Dutch Lady. Losers include Tanjong plc, BAT and Genting.
Global equity investors have been hit by several rough patches lately, with problems ranging from mixed economic data, fears of monetary tightening, China’s credit tightening measures and sovereign debt problems in Europe, among others.
This ongoing tug of war between investor optimism and pessimism will likely continue for some time as long as economic data remains mixed and external problems linger.
The Federal Reserve raised the overnight rate, the rate it charges banks for emergency loans by 25 basis points to 0.75%. This was to withdraw some of the emergency measures put in place to counter the economic crisis, towards a more normalised structure with the economy on a recovery path.
Investors should note the distinction between the discount rate and the federal funds interbank lending rate. The key federal funds rate, the main monetary policy tool, remains unchanged near zero, and within the target of 0% to 0.25% established since late 2008 during the crisis.
The key federal funds rate is likely to remain low for some time to sustain the still fragile US economic recovery, especially with high unemployment. Thus, the raising of the overnight rate itself does not necessarily mark the start of tightening monetary policy in the US yet, which many expect to happen in the second half of 2010 or early next year.
Nonetheless, the sudden move, especially in between Federal Open Market Committe meetings, roiled global financial markets today, sending stock markets and commodities lower and the US dollar higher. Most affected were cyclical and export-oriented stocks, as well as the Hong Kong bourse, whose currency and monetary policies are closely tied to the US.
The local stock market was comparatively more resilient. The FBM KLCI traded within a narrow four-point range for much of today, and ended down just 1.3 points to 1,257.7.
Market breadth was negative with declining stocks beating advancing ones by a three-to-one margin. Trading remained thin with 623 million shares changing hands.
Actively traded stocks include newly-listed Homeritz, Genting, KNM, Maybank, CIMB and Axiata. Major gainers include DiGi and Dutch Lady. Losers include Tanjong plc, BAT and Genting.
Global equity investors have been hit by several rough patches lately, with problems ranging from mixed economic data, fears of monetary tightening, China’s credit tightening measures and sovereign debt problems in Europe, among others.
This ongoing tug of war between investor optimism and pessimism will likely continue for some time as long as economic data remains mixed and external problems linger.
Pantai plans concession sale
Pantai Holdings Bhd, a healthcare group, plans to sell its Malaysian government concession businesses as it seeks to focus on growing its hospital business, sources say.
The group, owned by Khazanah Nasional Bhd and Singapore's Parkway Group, holds a long-term contract to provide services like laundry to public hospitals in three states and another for foreign worker health checks.
It is believed that Pantai has already approached potential suitors like government-linked companies or government-linked investment funds for the sale. When contacted by Business Times, an official from Pantai declined to comment.
"It's hospitals that they can add value to, there's not much value to add for concessions," said one source.
Both Pantai Medivest Sdn Bhd, the support services firm, and Fomema Sdn Bhd, the foreign worker health check company, are profitable oligopoly and monopoly businesses respectively.
Pantai Medivest provides services to hospitals in the southern peninsula. Faber Group Bhd does the same work in northern peninsula and Sabah and Sarawak, while Radicare operates in central and eastern peninsula areas.
Pantai holds Fomema through wholly-owned Pantai Fomema & Systems Sdn Bhd.
Pantai Fomema holds 75 per cent of Fomema that has a 15-year concession ending in 2012. Fomema's role is to implement, manage and supervise nationwide mandatory health screening programme for all legal foreign workers in Malaysia.
There are some 1.2 million legal foreign workers in Malaysia.
Sources said the concession is not something that Pantai can grow although it provides a steady stream of income.
Furthermore, a sale would help it deal with an issue that is a political hot potato.
In late 2005, politicians and lawmakers were up in arms questioning why Parkway, a foreign firm, could end up holding major stakes in two government concessions.
This led to Khazanah taking control of Pantai in 2006, and it has been running the group in partnership with Parkway since.
A search with Companies Commission of Malaysia reveals that in the financial year ended December 31 2008, Pantai Fomema made a profit after tax of RM41.58 million on the back of RM235.87 million revenue.
The company also has current fair and equitable separation assets of RM71.7 million and is free of debt, with reserves of RM58.87 million.
Pantai Medivest made RM207.8 million revenue for 2008 and a profit after tax of RM14.8 million, documents from the commission showed.
Pantai Medivest's 15-year concession ends in 2011.
However, the sale of these concessions, which would need government approval, might be tricky as there is probably a limited number of buyers.
The fact that the contract ends in less than three years also complicates matters because a buyer might not want to pay too much due to uncertainty over the concession's renewal.
However, Pantai would probably want a price that reflects the concession being renewed.
Pantai is now wholly-owned by Pantai Irama Ventures Sdn Bhd, which in turn is 60 per cent held by Khazanah Nasional Bhd and 40 per cent by Singapore's Parkway Holdings Ltd. Khazanah also has a 24 per cent stake in Parkway.
2010年2月16日星期二
'Good time to invest in energy, metal sectors'
Right now, commodities are cheap and there's constraint on supply, says Rupert Rucker of Schroders Plc's head of product for Asia
It is a good time to invest in energy and metal sectors now, said Rupert Rucker of Schroders Plc's head of product for Asia.
"Right now, commodities are cheap and there's constraint on supply. By putting money in commodities, you'll hedge against inflation," he told Business Times in an interview in Kuala Lumpur.
"We're still in a commodities' supercycle. Global demand for oil, coal, gas and copper is on the rise as we see signs of recovery in the global economy," said the fund manager.
Rucker, who is based in Tokyo, recently flew in to Kuala Lumpur to give a briefing on the 2010 outlook on global markets and commodities.
"We take a bottom up view when sizing up the potentials of commodity-based companies. Those that offer bigger investment opportunities tend to be in Brazil, Russia, India and China," Rucker said.
As early as five years ago, Rucker had already likened the BRIC phenomenon to the emergence of the US as an economic power in the 19th century and Japan's explosive growth in the 1960s. He still thinks so today.
These four countries have huge populations - India and China number close to 2.5 billion people between them - and, as more of them get a share in the growing wealth of their countries, their spending will fuel further economic growth.
Rucker explained that while their performance will obviously be affected by commodity price fluctuations or global economic circumstances, these emerging economic grouping are not wholly-dependent on traditional economic cycles.
Rucker presented three scenarios that influences his crude oil forecast.
"Should the global economy experience a 'V-shaped' recovery, we can expect oil price to surpass US$100 (RM342) per barrel. If it is going to be a double-dip or a 'W-shaped' recovery, then oil price could well trade in the region of US$80 (RM273) per barrel," he said.
"There's also another situation where the global economy could go into a stagflation where we see oil trade at a higher bandwidth of US$90 (RM307) per barrel while world growth stumbles along at 1 per cent," he added.
Rucker was representing Schroders, which is helping to manage some RM550 million for the CIMB Group. Also present at the session were CIMB-Principal Asset Management Bhd chief executive officer Campbell Tupling and CIMB Wealth Advisors Bhd chief executive officer Tan Beng Wah.
At the end of 2009, CIMB-Principal managed a total of RM23.4 billion of investors' money, of which almost half are unit trusts.
It is a good time to invest in energy and metal sectors now, said Rupert Rucker of Schroders Plc's head of product for Asia.
"Right now, commodities are cheap and there's constraint on supply. By putting money in commodities, you'll hedge against inflation," he told Business Times in an interview in Kuala Lumpur.
"We're still in a commodities' supercycle. Global demand for oil, coal, gas and copper is on the rise as we see signs of recovery in the global economy," said the fund manager.
Rucker, who is based in Tokyo, recently flew in to Kuala Lumpur to give a briefing on the 2010 outlook on global markets and commodities.
"We take a bottom up view when sizing up the potentials of commodity-based companies. Those that offer bigger investment opportunities tend to be in Brazil, Russia, India and China," Rucker said.
As early as five years ago, Rucker had already likened the BRIC phenomenon to the emergence of the US as an economic power in the 19th century and Japan's explosive growth in the 1960s. He still thinks so today.
These four countries have huge populations - India and China number close to 2.5 billion people between them - and, as more of them get a share in the growing wealth of their countries, their spending will fuel further economic growth.
Rucker explained that while their performance will obviously be affected by commodity price fluctuations or global economic circumstances, these emerging economic grouping are not wholly-dependent on traditional economic cycles.
Rucker presented three scenarios that influences his crude oil forecast.
"Should the global economy experience a 'V-shaped' recovery, we can expect oil price to surpass US$100 (RM342) per barrel. If it is going to be a double-dip or a 'W-shaped' recovery, then oil price could well trade in the region of US$80 (RM273) per barrel," he said.
"There's also another situation where the global economy could go into a stagflation where we see oil trade at a higher bandwidth of US$90 (RM307) per barrel while world growth stumbles along at 1 per cent," he added.
Rucker was representing Schroders, which is helping to manage some RM550 million for the CIMB Group. Also present at the session were CIMB-Principal Asset Management Bhd chief executive officer Campbell Tupling and CIMB Wealth Advisors Bhd chief executive officer Tan Beng Wah.
At the end of 2009, CIMB-Principal managed a total of RM23.4 billion of investors' money, of which almost half are unit trusts.
2009年12月24日星期四
Analysts: It'll be a good run in the first half
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
"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)
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