Background. Oversea Enterprise Bhd (Oversea) history dates back to 1977 as a Chinese cuisine restaurant operator in Jalan Imbi and subsequently, diversified its perations into the manufacturing of moon cakes and other baked products in 1986. The group has since evolved and is now operating seven “Restoran Oversea” chain of Chinese restaurants in Klang Valley (5) and Ipoh (2), one “Restoran Oversea” dimsum outlet, one café and two manufacturing facilities.
Oversea Enterprise Berhad : Public Issue Of 56.9m Shares and Offer For Sale Of 9.5m Shares-31/03/2010
Wednesday, March 31, 2010
Oversea Enterprise Berhad : Public Issue Of 56.9m Shares and Offer For Sale Of 9.5m Shares - 31/03/2010
Economic Highlights : New Economic Model To Chart The Country’s Development Ahead-31/03/2010
The new economic model (NEM) to transform the country into a high-income nation by 2020 will be driven by eight Strategic Reform Initiatives (SRIs).
Economic Highlights : New Economic Model To Chart The Country’s Development Ahead-31/03/2010
Economic Highlights : New Economic Model To Chart The Country’s Development Ahead-31/03/2010
The World Economy...-31/03/2010
1 Japan’s Economic Activities Weakened In February But Growth Remains Intact
The World Economy - 31/03/2010
The World Economy - 31/03/2010
Corporate Highlights - 31/03/2010
♦ Banking
Sector Update : More Licences, But Competition Should Not Deter Growth
♦ Telecommunications
Sector Update : Focus Still On Data Traffic
♦ Tenaga Nasional
Company Update : NEM - A Positive For TNB?
♦ EON Capital
News Update : HL Bank Revived Offer But At Same Price
♦ Hong Leong Bank
News Update : Revived Offer To Acquire EON Cap At RM7.10 Or 1.4x FY09 P/B
♦ Pos Malaysia
Company Update : Government To Study & Review Postal
Corporate Highlights - 31/03/2010
Services
Sector Update : More Licences, But Competition Should Not Deter Growth
♦ Telecommunications
Sector Update : Focus Still On Data Traffic
♦ Tenaga Nasional
Company Update : NEM - A Positive For TNB?
♦ EON Capital
News Update : HL Bank Revived Offer But At Same Price
♦ Hong Leong Bank
News Update : Revived Offer To Acquire EON Cap At RM7.10 Or 1.4x FY09 P/B
♦ Pos Malaysia
Company Update : Government To Study & Review Postal
Corporate Highlights - 31/03/2010
Services
VS Industry Berhad : Disappointing 1HFY10 Results-31/03/2010
2Q10 net profit down 47% yoy. VSI’s 2QFY07/10 with 2Q10 net profit of RM4.4m (-47.2% yoy) was below our and consensus estimates with 1HFY10 net profit of RM8.5m (-49.9% yoy) accounting for 28.6% and 33.6% of our and consensus full-year estimates respectively. The key variances were: 1) slower-than-expected pick-up in demand; and 2) lowerthan- expected 1H EBIT margin of 5.6% vs. our full-year EBIT margin of
6.5%.
VS Industry Berhad : Disappointing 1HFY10 Results-31/03/2010
6.5%.
VS Industry Berhad : Disappointing 1HFY10 Results-31/03/2010
Astro All Network Plc : Results In Line But Dividend Surprises On The Upside-31/03/2010
4Q core profit down 26.5% qoq. Excluding unrealised forex gains and a reorganisation exercise charge of RM25.3m for the Library, Licensing and Distribution segment, Astro’s 4Q core net profit of RM58.5m (-26.5% qoq) was within our but below consensus expectations with FY10 core net profit of RM193m accounting for 104% of our and 89% of consensus full-year estimates respectively.
Astro All Network Plc : Results In Line But Dividend Surprises On The Upside-31/03/2010
Astro All Network Plc : Results In Line But Dividend Surprises On The Upside-31/03/2010
Tenaga Nasional Berhad : NEM - A Positive For TNB?-31/03/2010
New Economic Model framework revealed. The Prime Minister revealed the broad framework for the New Economic Model (NEM) yesterday. While not exactly new, two measures the PM talked about that could potentially impact TNB are: 1) there will be more divestments of Government holdings in listed companies; and 2) the Government is still in consultation on the reform of its subsidy policy.
Tenaga Nasional Berhad : NEM - A Positive For TNB? - 31/03/2010
Tenaga Nasional Berhad : NEM - A Positive For TNB? - 31/03/2010
Mandarin Version : Market Technical Reading : The Weaker Turnover May Cause A Short-term Pullback...-31/03/2010
Local Market Leads:
♦ Due to disappointment on the lack of positive surprises in the New Economic Model (NEM) announced by the Prime Minister Najib Tun Razak in the InvestMalaysia conference, the local market gave up most of its early gains at the close on Tuesday, ending up 0.14 pts or 0.01% to 1,319.35.
Mandarin Version : Market Technical Reading : The Weaker Turnover May Cause A Short-term Pullback...-31/03/...
♦ Due to disappointment on the lack of positive surprises in the New Economic Model (NEM) announced by the Prime Minister Najib Tun Razak in the InvestMalaysia conference, the local market gave up most of its early gains at the close on Tuesday, ending up 0.14 pts or 0.01% to 1,319.35.
Mandarin Version : Market Technical Reading : The Weaker Turnover May Cause A Short-term Pullback...-31/03/...
Market Technical Reading : The Weaker Turnover May Cause A Short-term Pullback...-31/03/2010
Local Market Leads:
♦ Due to disappointment on the lack of positive surprises in the New Economic Model (NEM) announced by the Prime Minister Najib Tun Razak in the InvestMalaysia conference, the local market gave up most of its early gains at the close on Tuesday, ending up 0.14 pts or 0.01% to 1,319.35.
Market Technical Reading : The Weaker Turnover May Cause A Short-term Pullback...-31/03/2010
♦ Due to disappointment on the lack of positive surprises in the New Economic Model (NEM) announced by the Prime Minister Najib Tun Razak in the InvestMalaysia conference, the local market gave up most of its early gains at the close on Tuesday, ending up 0.14 pts or 0.01% to 1,319.35.
Market Technical Reading : The Weaker Turnover May Cause A Short-term Pullback...-31/03/2010
Pos Malaysia Berhad : Government To Study & Review Postal Services - 31/03/2010
Khazanah to divest POSM. The Prime Minister mentioned that Khazanah Nasional, which owns 32.2% of Pos Malaysia (POSM) will:
1. Divest its stake to new investors in two stages after detailed study and review of postal services; and
2. Raise wages of POSM’s employees.
Pos Malaysia Berhad : Government To Study & Review Postal Services-31/03/2010
1. Divest its stake to new investors in two stages after detailed study and review of postal services; and
2. Raise wages of POSM’s employees.
Pos Malaysia Berhad : Government To Study & Review Postal Services-31/03/2010
Hong Leong Bank Berhad : Hong Leong Bank FY09 P/B - 31/03/2010
Revived offer to EON Cap. HL Bank made a new offer to acquire the assets and liabilities of EON Cap for RM4,921.8m cash which translates into RM7.10 per EON Cap share or 1.4x FY09 P/B (the pricing is exactly the same as the previous offer which was rejected by EON Cap). The terms were largely the same as the previous offer except that HL Bank reserves the right to withdraw the offer if EON Cap enters into M&A talks with third party(s). EON Cap has until 5 Apr to accept or reject the offer.
Hong Leong Bank Berhad : Hong Leong Bank FY09 P/B - 31/03/2010
Hong Leong Bank Berhad : Hong Leong Bank FY09 P/B - 31/03/2010
Hiap Teck Venture Berhad : 2QFY07/10 Net Profit Dips QoQ - 31/03/2010
Below expectations. 1HFY07/10 net profit came in below expectations, at 29.1-32.6% of our full-year forecast and the full-year market consensus. We believe the variance against our forecast came largely from the lowerthan- expected sales volumes.
Hiap Teck Venture Berhad :2QFY07/10 Net Profit Dips QoQ - 31/03/2010
Hiap Teck Venture Berhad :2QFY07/10 Net Profit Dips QoQ - 31/03/2010
EON Capital Berhad : HL Bank Revived Offer But At Same Price - 31/03/2010
HL Bank revived its offer for assets and liabilities of EON Cap but the offer price is the same as the previous offer or at RM7.10 per share (1.4x FY09 P/B). EON Cap has until 5 Apr to give an answer and HL Bank reserves the right to withdraw the offer if EON Cap engaged in M&A talk with third party(s).
EON Capital Berhad : HL Bank Revived Offer But At Same Price-31/03/2010
EON Capital Berhad : HL Bank Revived Offer But At Same Price-31/03/2010
Banking : More Licences, But Competition Should Not Deter Growth - 31/03/2010
More competition but local banks can thrive. Despite the impending issuance of seven new banking licences, we believe that local banks will continue to thrive under an economic recovery environment. Local banks are already very competitive (as reflected by the increasing share of total assets in the system as well as venturing overseas) while the new licenced banks are not allowed to compete in the domestic retail business. Hence, we believe local banks can still thrive under a competitive environment.
Banking : More Licences, But Competition Should Not Deter Growth - 31/03/2010
Banking : More Licences, But Competition Should Not Deter Growth - 31/03/2010
RHB Equity 360° (Market, Banks, Telecom, TNB, Pos, HL Bank, EON Cap, Astro, Hiap Teck, VS; Technical: KUB) - 31/03/2010
Top Story : New Economic Model – Broad framework unveiled
Market Update (published 30 Mar 2010)
♦ The PM unveiled the broad framework for the New Economic Model (NEM) yesterday.
♦ While the PM talked about the subsidy system, introduction of the GST and also pledged to carry out economic reforms, we note that the market may be disappointed by the lack of actual policy changes.
♦ The GLCs appear to be in the driving seat, especially with regards to public-private partnerships.
Government land in Sungei Buloh will be developed in a jv with the EPF, while other prime land in Kuala Lumpur will be tendered out and developed by the private sector.
♦ Sustainability of natural resources also appeared to be a key focus including palm oil and oil & gas, with the emphasis on downstream activities.
♦ As for the subsidy system, the PM mentioned Pos Malaysia in relation to improving wages although we believe this can only come from an increase in postal rates. We think TNB will also be in the running for a revision to its electricity tariffs.
RHB Equity 360° ( Market, Banks, Telecom, TNB, Pos, HL Bank, EON Cap, Astro, Hiap Teck, VS; Technical:KUB)-...
- We believe the NEM is a long-term plan and more importantly consistent implementation will still be crucial.
Market Update (published 30 Mar 2010)
♦ The PM unveiled the broad framework for the New Economic Model (NEM) yesterday.
♦ While the PM talked about the subsidy system, introduction of the GST and also pledged to carry out economic reforms, we note that the market may be disappointed by the lack of actual policy changes.
♦ The GLCs appear to be in the driving seat, especially with regards to public-private partnerships.
Government land in Sungei Buloh will be developed in a jv with the EPF, while other prime land in Kuala Lumpur will be tendered out and developed by the private sector.
♦ Sustainability of natural resources also appeared to be a key focus including palm oil and oil & gas, with the emphasis on downstream activities.
♦ As for the subsidy system, the PM mentioned Pos Malaysia in relation to improving wages although we believe this can only come from an increase in postal rates. We think TNB will also be in the running for a revision to its electricity tariffs.
RHB Equity 360° ( Market, Banks, Telecom, TNB, Pos, HL Bank, EON Cap, Astro, Hiap Teck, VS; Technical:KUB)-...
- We believe the NEM is a long-term plan and more importantly consistent implementation will still be crucial.
Tuesday, March 30, 2010
Market Update : New Economic Model : Broad Framework Unveiled - 30/03/2010
New Economic Model framework unveiled. The Prime Minister unveiled the broad framework for the New Economic Model (NEM) today at the Invest Malaysia 2010 conference. We had anticipated the launch in our Market Update on 28 Jan and as expected, the NEM outlined plans to raise per capita income from US$7.6k currently to US$15k in 10 years, and 6.5% p.a. GDP growth or higher to achieve developed nation status by 2020. The NEM essentially shifts the ethnic focus of the previous
National Economic Policy to one that focuses on the bottom 40% of households by income levels. The PM also highlighted six national key economic activities (NKEA) to be the engines of growth, including oil and gas, electronics, electrical, tourism, agriculture and financial services.
Market Update : New Economic Model : Broad Framework Unveiled-30/03/2010
National Economic Policy to one that focuses on the bottom 40% of households by income levels. The PM also highlighted six national key economic activities (NKEA) to be the engines of growth, including oil and gas, electronics, electrical, tourism, agriculture and financial services.
Market Update : New Economic Model : Broad Framework Unveiled-30/03/2010
Mandarin Version : Market Technical Reading : Trading Sentiment To Remain Upbeat...-30/03/2010
Local Market Leads:
♦ Share prices in Bursa Malaysia closed broadly higher on Monday, as institutional investors snapped up timber stocks, while retailers returned for a quick buck on the speculative lower liners.
♦ The benchmark FBM KLCI gained 4.07 pts or 0.31% to 1,319.21, amid optimism on the Invest Malaysia conference today, especially when the Prime Minister Najib Razak is expected to unveil the country’s New Economic Model (NEM).
♦ Amongst the top gainers, Lingui (+31sen), Subur (+22sen) and JTiasa (+19sen) gained on steady institutional buying, while TimeCom (+1.5sen), Oilcorp (+5sen) and UEMLand (+6sen) attracted retailers on speculative interests.
♦ Regional markets closed mildly positive, thanks to gains in last Friday’s US markets performances.
♦ Daily turnover eased slightly to 1.14bn shares, from Friday’s 1,25bn shares. Market breadth stayed positive, with 472 gainers versus 308 losers.
Mandarin Version : Market Technical Reading : Trading Sentiment To Remain Upbeat...-30/03/2010
♦ Share prices in Bursa Malaysia closed broadly higher on Monday, as institutional investors snapped up timber stocks, while retailers returned for a quick buck on the speculative lower liners.
♦ The benchmark FBM KLCI gained 4.07 pts or 0.31% to 1,319.21, amid optimism on the Invest Malaysia conference today, especially when the Prime Minister Najib Razak is expected to unveil the country’s New Economic Model (NEM).
♦ Amongst the top gainers, Lingui (+31sen), Subur (+22sen) and JTiasa (+19sen) gained on steady institutional buying, while TimeCom (+1.5sen), Oilcorp (+5sen) and UEMLand (+6sen) attracted retailers on speculative interests.
♦ Regional markets closed mildly positive, thanks to gains in last Friday’s US markets performances.
♦ Daily turnover eased slightly to 1.14bn shares, from Friday’s 1,25bn shares. Market breadth stayed positive, with 472 gainers versus 308 losers.
Mandarin Version : Market Technical Reading : Trading Sentiment To Remain Upbeat...-30/03/2010
Corporate Highlights...-30/03/2010
♦ KFC Holding (M)
Visit Note : Upbeat on Growth Prospects
♦ SP Setia
News Update : Buys Land In Australia
♦ Market Technical Reading
Daily Trading Strategy : Trading Sentiment To Remain Upbeat...
Corporate Highlights...-30/03/2010
Visit Note : Upbeat on Growth Prospects
♦ SP Setia
News Update : Buys Land In Australia
♦ Market Technical Reading
Daily Trading Strategy : Trading Sentiment To Remain Upbeat...
Corporate Highlights...-30/03/2010
Market Technical Reading : Trading Sentiment To Remain Upbeat...-30/03/2010
Local Market Leads:
♦ Share prices in Bursa Malaysia closed broadly higher on Monday, as institutional investors snapped up timber stocks, while retailers returned for a quick buck on the speculative lower liners.
♦ The benchmark FBM KLCI gained 4.07 pts or 0.31% to 1,319.21, amid optimism on the Invest Malaysia conference today, especially when the Prime Minister Najib Razak is expected to unveil the country’s New Economic Model (NEM).
♦ Amongst the top gainers, Lingui (+31sen), Subur (+22sen) and JTiasa (+19sen) gained on steady institutional buying, while TimeCom (+1.5sen), Oilcorp (+5sen) and UEMLand (+6sen) attracted retailers on speculative interests.
♦ Regional markets closed mildly positive, thanks to gains in last Friday’s US markets performances.
♦ Daily turnover eased slightly to 1.14bn shares, from Friday’s 1,25bn shares. Market breadth stayed positive, with 472 gainers versus 308 losers.
Market Technical Reading : Trading Sentiment To Remain Upbeat...-30/03/2010
♦ Share prices in Bursa Malaysia closed broadly higher on Monday, as institutional investors snapped up timber stocks, while retailers returned for a quick buck on the speculative lower liners.
♦ The benchmark FBM KLCI gained 4.07 pts or 0.31% to 1,319.21, amid optimism on the Invest Malaysia conference today, especially when the Prime Minister Najib Razak is expected to unveil the country’s New Economic Model (NEM).
♦ Amongst the top gainers, Lingui (+31sen), Subur (+22sen) and JTiasa (+19sen) gained on steady institutional buying, while TimeCom (+1.5sen), Oilcorp (+5sen) and UEMLand (+6sen) attracted retailers on speculative interests.
♦ Regional markets closed mildly positive, thanks to gains in last Friday’s US markets performances.
♦ Daily turnover eased slightly to 1.14bn shares, from Friday’s 1,25bn shares. Market breadth stayed positive, with 472 gainers versus 308 losers.
Market Technical Reading : Trading Sentiment To Remain Upbeat...-30/03/2010
SP Setia Berhad : Buys Land In Australia - 30/03/2010
Buys land in Melbourne, Australia. SP Setia has proposed to acquire 1.07 acres land in Melbourne, Australia from S.L Nominees Pty Ltd and Jonquil Pty Limited for AUD30m cash, or AUD642.2 psf (RM92.4m / RM1,977.9 psf)). The proposed acquisition is expected to be completed by this FY10/10.
SP Setia Berhad : Buys Land In Australia - 30/03/2010
SP Setia Berhad : Buys Land In Australia - 30/03/2010
KFC Holding (M) Berhad : Upbeat on Growth Prospects
Malaysia - more aggressive expansion… As at end FY09, KFCH operated 475 KFC restaurant outlets in Malaysia, including 29 drive-through outlets (9 was added in FY09). Going forward, management plans to open about 40 new outlets per year in FY10-12, which will be focused on small towns and East Malaysia, including 4-5 drive-through outlets. We opine that the drive-through outlets are essential, given the rising “on-the-go” lifestyle habits of consumers, especially in urban areas, as well as to maintain its competitiveness against its closest competitor with 37 drive-through outlets.
KFC Holding (M) Berhad : Upbeat on Growth Prospects
KFC Holding (M) Berhad : Upbeat on Growth Prospects
RHB Equity 360° (KFC, SP Setia; Technical: WTK) - 30 March 2010
Top Story : KFC – Upbeat on growth prospects Outperform (up from MP)
Visit Note
♦ Management plans to open about 40 new outlets per year in FY10-12, which will be focused on small towns and East Malaysia. As this is a more aggressive network expansion target than earlier guided (of 20-30 outlets p.a.), we have raised our FY10-12 new outlet assumptions in Malaysia to 40 p.a. from 20-30
outlets previously.
♦ Management seems more upbeat on prospects now given that SSS for YTD Feb FY10 has been growing at approximately 10%, which is significantly above our forecasts of 4% p.a.. As such, we are raising ourSSS projections to 7% p.a. for FY10-12.
♦ We understand that one outlet is now scheduled to be opened in Pune on 31 Mar and another in Mumbai in the first week of April. We believe the long-term potential for the India market continues to be exciting, as we expect growth to be strongly backed by the approximately 19.1m combined population in both ities,coupled with potential SSS growth of over 20% p.a. (which is based on the SSS growth achieved by the existing KFC restaurants operated by other franchisees in India).
♦ All in, our FY10-12 forecasts are raised by 9-15.8%. Given the marked improvement in earnings prospects as the company becomes more aggressive in its growth plans, as well as better growth trajectory from the recovering economy, our fair value has been lifted to RM9.63 (based on unchanged 12.5x FY10 PE, 14 discount to consumer sector PE of 14.5x) from RM8.84 previously. Upgrade to Outperform.
RHB Equity 360° (KFC, SP Setia; Technical: WTK) - 30/03/2010
Visit Note
♦ Management plans to open about 40 new outlets per year in FY10-12, which will be focused on small towns and East Malaysia. As this is a more aggressive network expansion target than earlier guided (of 20-30 outlets p.a.), we have raised our FY10-12 new outlet assumptions in Malaysia to 40 p.a. from 20-30
outlets previously.
♦ Management seems more upbeat on prospects now given that SSS for YTD Feb FY10 has been growing at approximately 10%, which is significantly above our forecasts of 4% p.a.. As such, we are raising ourSSS projections to 7% p.a. for FY10-12.
♦ We understand that one outlet is now scheduled to be opened in Pune on 31 Mar and another in Mumbai in the first week of April. We believe the long-term potential for the India market continues to be exciting, as we expect growth to be strongly backed by the approximately 19.1m combined population in both ities,coupled with potential SSS growth of over 20% p.a. (which is based on the SSS growth achieved by the existing KFC restaurants operated by other franchisees in India).
♦ All in, our FY10-12 forecasts are raised by 9-15.8%. Given the marked improvement in earnings prospects as the company becomes more aggressive in its growth plans, as well as better growth trajectory from the recovering economy, our fair value has been lifted to RM9.63 (based on unchanged 12.5x FY10 PE, 14 discount to consumer sector PE of 14.5x) from RM8.84 previously. Upgrade to Outperform.
RHB Equity 360° (KFC, SP Setia; Technical: WTK) - 30/03/2010
Monday, March 29, 2010
Corporate Highlights..29/03/2010
♦ Sarawak Focus
Market Update : Settling The SCORE
♦ Building Materials
Sector Update : Investors’ Risk Appetite For Cement Stocks To Improve
♦ Building Materials
Sector Update : Near-Term Outlook “Steel” Good
♦ Insurance
Sector Update : Gearing Up For Liberalisation And Improving Earnings Prospects
♦ Market Technical Reading
Daily Trading Strategy : Revisiting The Recent High Of 1,334.34 Soon...
♦ UEM Land Holdings
Weekly Trading Idea : Confirmed Breakout From The RM1.46 Resistance Level…
Corporate Highlights...-29/03/2010
Market Update : Settling The SCORE
♦ Building Materials
Sector Update : Investors’ Risk Appetite For Cement Stocks To Improve
♦ Building Materials
Sector Update : Near-Term Outlook “Steel” Good
♦ Insurance
Sector Update : Gearing Up For Liberalisation And Improving Earnings Prospects
♦ Market Technical Reading
Daily Trading Strategy : Revisiting The Recent High Of 1,334.34 Soon...
♦ UEM Land Holdings
Weekly Trading Idea : Confirmed Breakout From The RM1.46 Resistance Level…
Corporate Highlights...-29/03/2010
UEM Land Holdings : Confirmed Breakout From The RM1.46 Resistance Level…-29/03/2010
♦ Sarawak Focus
Market Update : Settling The SCORE
♦ Building Materials
Sector Update : Investors’ Risk Appetite For Cement Stocks To Improve
♦ Building Materials
Sector Update : Near-Term Outlook “Steel” Good
♦ Insurance
Sector Update : Gearing Up For Liberalisation And Improving Earnings Prospects
♦ Market Technical Reading
Daily Trading Strategy : Revisiting The Recent High Of 1,334.34 Soon...
♦ UEM Land Holdings
Weekly Trading Idea : Confirmed Breakout From The RM1.46 Resistance Level…
UEM Land Holdings : Confirmed Breakout From The RM1.46 Resistance Level…-29/03/2010
Market Update : Settling The SCORE
♦ Building Materials
Sector Update : Investors’ Risk Appetite For Cement Stocks To Improve
♦ Building Materials
Sector Update : Near-Term Outlook “Steel” Good
♦ Insurance
Sector Update : Gearing Up For Liberalisation And Improving Earnings Prospects
♦ Market Technical Reading
Daily Trading Strategy : Revisiting The Recent High Of 1,334.34 Soon...
♦ UEM Land Holdings
Weekly Trading Idea : Confirmed Breakout From The RM1.46 Resistance Level…
UEM Land Holdings : Confirmed Breakout From The RM1.46 Resistance Level…-29/03/2010
Market Technical Reading : Revisiting The Recent High Of 1,334.34 Soon...-29/03/2010
Local Market Leads:
♦ The FBM KLCI traded narrowly within a 3-point range on Friday, fluctuating between an intraday low of 1,313.06 and an intraday high of 1,315.14. The index ended the week at its highest point in two weeks.
♦ While the index gained marginally, the lower liners rallied on strong speculative interests, ahead of this Tuesday’s Invest Malaysia conference. The Prime Minister Najib is expected to announce further liberalisation plans in his New Economic Model at the conference.
♦ Stocks like UEMLand (11sen), DRBHcom (15sen), and Proton (26sen) gained, while recent gainers like the oil and gas and technology related stocks retreated on swift profi-taking activities.
♦ As a result, the FBM KLCI inched up 2.66 pts or 0.2% for the day.
♦ Daily turnover stayed almost flat with 1,25bn shares changing hands. Market breadth stayed positive, with 517 gainers versus 238 losers.
Market Technical Reading : Revisiting The Recent High Of 1,334.34 Soon...-29/03/2010
♦ The FBM KLCI traded narrowly within a 3-point range on Friday, fluctuating between an intraday low of 1,313.06 and an intraday high of 1,315.14. The index ended the week at its highest point in two weeks.
♦ While the index gained marginally, the lower liners rallied on strong speculative interests, ahead of this Tuesday’s Invest Malaysia conference. The Prime Minister Najib is expected to announce further liberalisation plans in his New Economic Model at the conference.
♦ Stocks like UEMLand (11sen), DRBHcom (15sen), and Proton (26sen) gained, while recent gainers like the oil and gas and technology related stocks retreated on swift profi-taking activities.
♦ As a result, the FBM KLCI inched up 2.66 pts or 0.2% for the day.
♦ Daily turnover stayed almost flat with 1,25bn shares changing hands. Market breadth stayed positive, with 517 gainers versus 238 losers.
Market Technical Reading : Revisiting The Recent High Of 1,334.34 Soon...-29/03/2010
Market Update - Sarawak Focus : Settling The SCORE - 29/03/2010
Sarawak elections soon? Sarawak is due to hold its state elections at the latest by May 2011, although indications are that polls could be held this year. As it stands, both sides of the political fence have recently focused effort on strengthening and expanding their support in the state, thus keeping expectations high. The constant news flow will likely be the catalyst for local companies there.
Market Update - Sarawak Focus : Settling The SCORE - 29/03/2010
Market Update - Sarawak Focus : Settling The SCORE - 29/03/2010
Insurance : Gearing Up For Liberalisation And Improving Earnings Prospects - 29/03/2010
Four factors to shape the sector’s growth. The insurance industry’s prospects are improving, with growth driven by four major factors:
1) 4.5% GDP growth in 2010;
2) rising public awareness on insurance protection;
3) low penetration rate; and
4) further liberalisation on the sector.
Insurance : Gearing Up For Liberalisation And Improving Earnings Prospects - 29/03/2010
1) 4.5% GDP growth in 2010;
2) rising public awareness on insurance protection;
3) low penetration rate; and
4) further liberalisation on the sector.
Insurance : Gearing Up For Liberalisation And Improving Earnings Prospects - 29/03/2010
Commodities And Currencies : US Dollar To Strengthen Further This week…-29/03/2010
Light Sweet Crude Oil futures (Crude)
♦ The US Light Sweet Crude oil futures continued to trade sideways, despite a mild pullback late last week.
♦ On the chart, the Crude recorded a marginal negative candle, following the “doji” candles registered in the last two weeks, indicating more weakenss ahead.
♦ The weekly stochastic and the 14-day RSI have turned lower, implying a retest of the US$78 support soon.
♦ Although we expect a mild weakness on the Crude this week, we maintain our medium-term outlook that the Crude looks bullish above the 40-week SMA nearUS$73.9 and the UTL near US$70.
♦ Resistance is at Jan 2010’s high of US$83.95, plus the US$87 tough technical hurdle.
Commodities And Currencies : US Dollar To Strengthen Further This week…-29/03/2010
♦ The US Light Sweet Crude oil futures continued to trade sideways, despite a mild pullback late last week.
♦ On the chart, the Crude recorded a marginal negative candle, following the “doji” candles registered in the last two weeks, indicating more weakenss ahead.
♦ The weekly stochastic and the 14-day RSI have turned lower, implying a retest of the US$78 support soon.
♦ Although we expect a mild weakness on the Crude this week, we maintain our medium-term outlook that the Crude looks bullish above the 40-week SMA nearUS$73.9 and the UTL near US$70.
♦ Resistance is at Jan 2010’s high of US$83.95, plus the US$87 tough technical hurdle.
Commodities And Currencies : US Dollar To Strengthen Further This week…-29/03/2010
Building Materials : Investors’ Risk Appetite For Cement Stocks To Improve - 29/03/2010
♦ Cement sub-sector due for a re-rating. Share prices of cement producers under RHBRI’s coverage (Lafarge and YTL Cement) have underperformed the market by 3.7-4.6% pts YTD. We believe the cement sub-sector is due for a re-rating, prompted by:
1. New expectations leading up to the announcement of 10MP, which will in turn boost investors’ risk appetite towards construction-related stocks; and
2. The anticipation of a meaningful pick-up in domestic cement consumption from 2Q 2010.
Building Materials : Investors’ Risk Appetite For Cement Stocks To Improve - 29/03/2010
1. New expectations leading up to the announcement of 10MP, which will in turn boost investors’ risk appetite towards construction-related stocks; and
2. The anticipation of a meaningful pick-up in domestic cement consumption from 2Q 2010.
Building Materials : Investors’ Risk Appetite For Cement Stocks To Improve - 29/03/2010
Building Materials : Near-Term Outlook “Steel” Good - 29/03/2010
♦ Steel price rally likely to sustain over the near term. We believe that global steel price strength is likely to sustain over the near term, underpinned by:
1. Rising iron ore prices. Given that the annual iron ore contract price has yet to be finalised and global iron ore miners are pushing for a significant increase in 2010 iron ore contract prices, we believe spot prices of iron ore are likely to trend up further and this will lend support to steel prices globally;
2. Seasonally strong demand. Steel consumption is seasonally strong in 2Q on the back of good weather and worldwide seasonal stock replenishing activities; and
3. Less concerns on overcapacity, at least for now. This is mainly on the back of the still-rosy near-term demand outlook. Also helping, is the Chinese government’s intensified efforts in curbing excess capacity in the country’s steel sector.
Building Materials : Near-Term Outlook “Steel” Good - 29/03/2010
1. Rising iron ore prices. Given that the annual iron ore contract price has yet to be finalised and global iron ore miners are pushing for a significant increase in 2010 iron ore contract prices, we believe spot prices of iron ore are likely to trend up further and this will lend support to steel prices globally;
2. Seasonally strong demand. Steel consumption is seasonally strong in 2Q on the back of good weather and worldwide seasonal stock replenishing activities; and
3. Less concerns on overcapacity, at least for now. This is mainly on the back of the still-rosy near-term demand outlook. Also helping, is the Chinese government’s intensified efforts in curbing excess capacity in the country’s steel sector.
Building Materials : Near-Term Outlook “Steel” Good - 29/03/2010
RHB Equity 360° (Market, Steel, Cement, Insurance; Technical: Mulpha, UEM Land) - 29/03/2010
Top Story : Sarawak Focus – Settling the SCORE
Market Update
Sarawak is due to hold its state elections at the latest by May 2011, although indications are that polls could be held this year. The constant news flow will likely be the catalyst for local companies there.
We maintain our view that SCORE is the most attractive of the five economic corridors launched by former PM Tun Abdullah Ahmad Badawi given the significant potential for cheap energy which is being used to attract energy-intensive industries. This will have knock-on effects on the construction, building materials and housing sectors.
The immediate focus will likely be on Sarawak’s natural resources including palm oil, timber and oil & gas, although construction stocks like HSL will clearly be an early beneficiary from the infrastructure projects.
Other key considerations are the FDI that will be attracted especially in the energy-based industries, as well as the Sarawak state election itself.
As it stands, the Sarawak-based companies like HSL, Naim, CMS and Weida have already outperformed the FBM KLCI for the YTD, and in our view will continue to be supported by positive news flow. Among the Sarawak stocks that we cover, we believe HSL will likely be a prime beneficiary of more construction contracts. The timber players are less tied into domestic projects but nevertheless could potentially be involved in other downstream activities. We believe the plantation companies may also be beneficiaries if the state government opens up more land for oil palm plantations.
RHB Equity 360° (Market, Steel, Cement, Insurance; Technical: Mulpha, UEM Land) - 29/03/2010
Market Update
Sarawak is due to hold its state elections at the latest by May 2011, although indications are that polls could be held this year. The constant news flow will likely be the catalyst for local companies there.
We maintain our view that SCORE is the most attractive of the five economic corridors launched by former PM Tun Abdullah Ahmad Badawi given the significant potential for cheap energy which is being used to attract energy-intensive industries. This will have knock-on effects on the construction, building materials and housing sectors.
The immediate focus will likely be on Sarawak’s natural resources including palm oil, timber and oil & gas, although construction stocks like HSL will clearly be an early beneficiary from the infrastructure projects.
Other key considerations are the FDI that will be attracted especially in the energy-based industries, as well as the Sarawak state election itself.
As it stands, the Sarawak-based companies like HSL, Naim, CMS and Weida have already outperformed the FBM KLCI for the YTD, and in our view will continue to be supported by positive news flow. Among the Sarawak stocks that we cover, we believe HSL will likely be a prime beneficiary of more construction contracts. The timber players are less tied into domestic projects but nevertheless could potentially be involved in other downstream activities. We believe the plantation companies may also be beneficiaries if the state government opens up more land for oil palm plantations.
RHB Equity 360° (Market, Steel, Cement, Insurance; Technical: Mulpha, UEM Land) - 29/03/2010
Friday, March 26, 2010
Malayan Banking Berhad : Dividend Reinvestment Plan- 26/03/2010
Dividend reinvestment plan (DRP). Maybank proposed a recurrent and optional DRP that allows shareholders to reinvest their dividend into new shares. The issue price of the new shares will not be more than 10% discount to the 5-day volume weighted average market price (VWAMP) prior to the Price Fixing Date. The board will have absolute discretion to0 determine whether this plan is applicable to the whole or portio electable portion) of declared cash dividend. Shareholders will have the option to either elect to receive the electable portion in cash or in new Maybank shares. Fractional shares will be paid in cash while shareholders can trade odd lots on the Odd Lot Market with minimum size of one share.
Malayan Banking Berhad : Dividend Reinvestment Plan-26/03/2010
Malayan Banking Berhad : Dividend Reinvestment Plan-26/03/2010
Corporate Highlights - 26/03/2010
♦ Construction
Sector Update : Investors’ Risk Appetite To Improve
♦ Gamuda
Results/Briefing Note : 1HFY07/10 Net Profit Grows 26% YoY From A Washout A Year Ago
♦ Kencana Petroleum
Results Note : Stronger 2HFY10
♦ TM
News Update : UniFi Packages And Rates Announced
♦ Malayan Banking
News Update : Dividend Reinvestment Plan
♦ Market Technical Reading
Daily Trading Strategy : The 10-day SMA And 1,300 Supports Remains Strong...
Corporate Highlights...-26/03/2010
Sector Update : Investors’ Risk Appetite To Improve
♦ Gamuda
Results/Briefing Note : 1HFY07/10 Net Profit Grows 26% YoY From A Washout A Year Ago
♦ Kencana Petroleum
Results Note : Stronger 2HFY10
♦ TM
News Update : UniFi Packages And Rates Announced
♦ Malayan Banking
News Update : Dividend Reinvestment Plan
♦ Market Technical Reading
Daily Trading Strategy : The 10-day SMA And 1,300 Supports Remains Strong...
Corporate Highlights...-26/03/2010
Market Technical Reading : The 10-day SMA And 1,300 Supports Remains Strong...-26/03/2010
Local Market Leads:
♦ The FBM KLCI extended its recovery leg for a third day on Thursday, as hopes for a Selangor water industry consolidation and Bank Negara’s GDP growth forecast increase outweighed the weakness in the overnight US markets.
♦ Water-related stocks, led by Puncak (+26sen) and KPS (+12sen) rallied after Gamuda’s 40% unit, SPLASH offered RM10.75 bn to the federal and Selangor state governments to buy the state's water concessions.
♦ Meanwhile, investors welcomed the Central Bank’s upgrade on the 2010 GDP growth forecast. Bank Negara in its BNM Annual Report said the country’s economy is expected to expand 4.5% to 5.5% this year.
♦ As a result, the FBM KLCI went up by 3.03 pts or 0.23% to 1,312.48, even though most regional markets finished lower amid a downgrade on Portugal’s credit rating by Fitch Ratings.
♦ Daily turnover increased from 1.14bn shares to 1.24bn shares yesterday. Market breadth stayed positive, as 461 counters up outpacing 303 counters down.
Market Technical Reading : The 10-day SMA And 1,300 Supports Remains Strong...-26/03/2010
♦ The FBM KLCI extended its recovery leg for a third day on Thursday, as hopes for a Selangor water industry consolidation and Bank Negara’s GDP growth forecast increase outweighed the weakness in the overnight US markets.
♦ Water-related stocks, led by Puncak (+26sen) and KPS (+12sen) rallied after Gamuda’s 40% unit, SPLASH offered RM10.75 bn to the federal and Selangor state governments to buy the state's water concessions.
♦ Meanwhile, investors welcomed the Central Bank’s upgrade on the 2010 GDP growth forecast. Bank Negara in its BNM Annual Report said the country’s economy is expected to expand 4.5% to 5.5% this year.
♦ As a result, the FBM KLCI went up by 3.03 pts or 0.23% to 1,312.48, even though most regional markets finished lower amid a downgrade on Portugal’s credit rating by Fitch Ratings.
♦ Daily turnover increased from 1.14bn shares to 1.24bn shares yesterday. Market breadth stayed positive, as 461 counters up outpacing 303 counters down.
Market Technical Reading : The 10-day SMA And 1,300 Supports Remains Strong...-26/03/2010
Telekom Malaysia Berhad : UniFi Packages And Rates Announced
UniFi packages and rates announced yesterday... On the back of the official launch of UniFi, i.e. TM’s High Speed Broadband service, on 24 Mar, TM announced yesterday the packages and rates for UniFi.
Telekom Malaysia Berhad : UniFi Packages And Rates Announced - 26/03/2010
Telekom Malaysia Berhad : UniFi Packages And Rates Announced - 26/03/2010
Kencana Petroleum Berhad : Stronger 2HFY10 - 26/03/2010
2QFY10 results largely in line. 1HFY10 core net profit of RM63.1m (+4.7% yoy) accounted for 37.3% and 38.0% of our full-year forecast and market consensus. However, we consider the results to be largely in line as we expect a stronger 2HFY10with higher contribution from PCSB and Sarawak Shell contracts as well as margin expansion arising from higher-margin onshore construction services (from ExxonMobil). Nevertheless, 2QFY10 EBITDA margin increased 2.1%-pts to 19.1% due to stronger contribution from higher-margin services as well as tight costcontrol.
Kencana Petroleum Berhad : Stronger 2HFY10 - 26/03/2010
Kencana Petroleum Berhad : Stronger 2HFY10 - 26/03/2010
Gamuda Berhad : 1HFY07/10 Net Profit Grows 26% YoY From A - 26/03/2010
Below market. 1HFY07/10 net profit came in within our forecast but missed market expectation.
Gamuda Berhad : 1HFY07/10 Net Profit Grows 26% YoY From A - 26/03/2010
Gamuda Berhad : 1HFY07/10 Net Profit Grows 26% YoY From A - 26/03/2010
Construction : Investors’ Risk Appetite To Improve - 26/03/2010
Improved investors’ risk appetite. We are turning a little more upbeat on the sector in 2Q2010, prompted largely by investors’ improving risk appetite for construction stocks following: (1) The massive underperformance of the sector vis-à-vis the market in 4Q2009 and 1Q2010; and (2) A better sector news flow and new expectations leading up to the announcement of the 10th Malaysia Plan (10MP) in June 2010.
Construction : Investors’ Risk Appetite To Improve - 26/03/2010
Construction : Investors’ Risk Appetite To Improve - 26/03/2010
RHB Equity 360° (Gamuda, Kencana, TM, Maybank; Technical: Kencana) - 26/03/2010
Top Story : Construction – Investors’ risk appetite to improve Neutral (up from UW)
Sector Update Sunway – Fair value unchanged at RM1.69 Outperform Fajarbaru – Fair value maintained at RM1.35 Outperform IJM Corp – Fair value upgraded to RM4.88 Market Perform (up from UP) HSL – Fair value unchanged at RM1.56 but share price has performed Market Perform (down from OP) Gamuda – Fair value unchanged at RM2.05 Underperform WCT – Fair value unchanged at RM2.10 Underperform - We are seeing improved investors’ risk appetite for construction stocks following: (1) The massive underperformance of the sector vis-à-vis the market in 4Q2009 and 1Q2010; and (2) A better sector news flow and new expectations leading up to the announcement of the 10th Malaysia Plan (10MP) in Jun 2010. - Gross development expenditure under the 10MP is projected at RM180bn, sharply lower than RM230bn under the 9MP. However, the shortfall will be met with RM50bn worth of projects to be carried out via PFI. - We are upgrading IJM’s recommendation to Market Perform from Underperform, but downgrading HSL to Market Perform from Outperform. Upgrade the construction sector from Underweight to Neutral.
RHB Equity 360°(, Gamuda, Kencana, TM, Maybank; Technical: Kencana)-26/03/2010
Sector Update Sunway – Fair value unchanged at RM1.69 Outperform Fajarbaru – Fair value maintained at RM1.35 Outperform IJM Corp – Fair value upgraded to RM4.88 Market Perform (up from UP) HSL – Fair value unchanged at RM1.56 but share price has performed Market Perform (down from OP) Gamuda – Fair value unchanged at RM2.05 Underperform WCT – Fair value unchanged at RM2.10 Underperform - We are seeing improved investors’ risk appetite for construction stocks following: (1) The massive underperformance of the sector vis-à-vis the market in 4Q2009 and 1Q2010; and (2) A better sector news flow and new expectations leading up to the announcement of the 10th Malaysia Plan (10MP) in Jun 2010. - Gross development expenditure under the 10MP is projected at RM180bn, sharply lower than RM230bn under the 9MP. However, the shortfall will be met with RM50bn worth of projects to be carried out via PFI. - We are upgrading IJM’s recommendation to Market Perform from Underperform, but downgrading HSL to Market Perform from Outperform. Upgrade the construction sector from Underweight to Neutral.
RHB Equity 360°(, Gamuda, Kencana, TM, Maybank; Technical: Kencana)-26/03/2010
Thursday, March 25, 2010
Economic Highlights : Key Highlights From Bank Negara Malaysia’s 2009 Annual Report Briefing -25/03/2010
Household debt rose from 63.9% of GDP in 2008 to 76.6% in 2009 (see Chart 1). This was due partly to the effect of a lower denominator as GDP contracted in 2009. Bank Negara, however, was not alarmed by the sharp rise given that NPL ratio of household loans dropped to a low of 3.1% in 2009, from 4.1% in 2008 and 8.1% in 2005, indicating that asset quality remained sound (see Chart 2). In addition, the Central Bank has set up a debt negotiation agency (Credit Counselling and Debt Management Agency) to help orrowers to deal with late payments and financial difficulties, while banks could easily check borrowers’ borrowing status before granting them any new loans through a data system set up by the Bank Negara to capture all outstanding loans. Bank Negara also believes that banks should have the capacity and capability to manage risks associated with rising household debts. Besides, almost half of the household debts (46.2% in 2009) were concentrated in long-term secured borrowings to fund house acquisitions, in line with Malaysia’s young population structure and rising new family formation. In our view, however, this implies that household disposable income could be affected somewhat in the near term if interest rates are to be raised. Indeed, the increase in household debt resulted in the increase in total household debt-to-personal disposable income from 114.9% in January 2009 to 136% in December, according to the Central Bank.
Economic Highlights :Key Highlights From Bank Negara Malaysia’s 2009 Annual Report Briefing- 25/03/2010
Economic Highlights :Key Highlights From Bank Negara Malaysia’s 2009 Annual Report Briefing- 25/03/2010
Infrastructure : SPLASH Offers To Acquire Water Assets In Selangor - 25/03/2010
SPLASH to acquire Selangor water assets. Syarikat Pengeluar Air Sungai Sdn Bhd (SPLASH) has offered to take over the water assets in Selangor state, consisting of three water treatment operators (SPLASH, PNSB and Abass) and water distributor Syarikat Bekalan Air Selangor (Syabas, a 70% subsidiary of Puncak) for a total sum of RM10.75bn.
Infrastructure : SPLASH Offers To Acquire Water Assets In Selangor - 25/03/2010
Infrastructure : SPLASH Offers To Acquire Water Assets In Selangor - 25/03/2010
Insurance : Capping 3rd Party Claims - 25/03/2010
Capping 3rd party claims. Plans are afoot to limit 3rd party motor insurance claims to RM100k, inclusive of hospitalization, rehabilitation, pain, suffering, loss of income and future earnings. The ones who will decide on the damages are not judges but a conglomerate of insurance companies which will be drawn from a RM500m fund, contributed partly by the Government. An ouster clause prevents adjudication by the
courts.
Insurance : Capping 3rd Party Claims - 25/03/2010
courts.
Insurance : Capping 3rd Party Claims - 25/03/2010
Plantation : Closer To B5 Biodiesel Mandate Implementation - 25/03/2010
B5 mandate delayed, but cost issues resolved. According to a media
report quoting commodities minister Bernard Dompok, Malaysia will roll
out its biodiesel mandate in phases beginning June 2011. The Government
is also ensuring that this time the programme will be a success, by
agreeing to bear the cost of constructing six petroleum depots at a cost of
RM43.1m and by instructing the petroleum companies to subsidise palmbased
biofuel blends at the pump.
Plantation:Closer To B5 Biodiesel Mandate Implementation - 25/03/2010
report quoting commodities minister Bernard Dompok, Malaysia will roll
out its biodiesel mandate in phases beginning June 2011. The Government
is also ensuring that this time the programme will be a success, by
agreeing to bear the cost of constructing six petroleum depots at a cost of
RM43.1m and by instructing the petroleum companies to subsidise palmbased
biofuel blends at the pump.
Plantation:Closer To B5 Biodiesel Mandate Implementation - 25/03/2010
Corporate Highlights...- 25/03/2010
♦ Kuala Lumpur Kepong
Visit Note : Benefitting From Its Young Age Profile
♦ Plantation
Sector Update : Closer To B5 Biodiesel Mandate Implementation
♦ Insurance
Sector Update : Capping 3rd Party Claims
♦ Infrastructure
Sector Update : SPLASH Offers To Acquire Water Assets In Selangor
♦ Gamuda
News Update : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn
♦ Tanjong plc
Results Note : 4Q Hampered By Poor Luck Factor But Dividend Surprise
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Visit Note : Benefitting From Its Young Age Profile
♦ Plantation
Sector Update : Closer To B5 Biodiesel Mandate Implementation
♦ Insurance
Sector Update : Capping 3rd Party Claims
♦ Infrastructure
Sector Update : SPLASH Offers To Acquire Water Assets In Selangor
♦ Gamuda
News Update : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn
♦ Tanjong plc
Results Note : 4Q Hampered By Poor Luck Factor But Dividend Surprise
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Local Market Leads:
♦ The local bourse climbed higher for a second day on Wednesday, underpinned by a triple-digit rally on the overnight US DJIA, and the confident comments by the Prime Minister in attracting foreign investment this year.
♦ The PM said affirmative action rules would be more market-friendly, transparent, merit-based to attract foreign investment going forward. He is scheduled to announce the “New Economic Model” by the end of this month.
♦ Upon closing, the FBM KLCI rose another 4.60 pts or 0.35% to end at 1,309.45, with broad-based buying supports on blue chips like CIMB (+26sen) and technology stocks like GTronic (+33sen).
♦ Underlying market sentiment improved despite strong profit-taking pressure in the afternoon session, on sluggish performance in the regional markets.
♦ Regional markets gave up most of their early gains, as jitters increased ahead of an European Union’s special summit to discuss Greek’s debt issues.
♦ Turnover in Bursa Malaysia rose to 1.14bn shares from Tuesday’s 908m shares. There were 453 gainers against
255 losers.
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
♦ The local bourse climbed higher for a second day on Wednesday, underpinned by a triple-digit rally on the overnight US DJIA, and the confident comments by the Prime Minister in attracting foreign investment this year.
♦ The PM said affirmative action rules would be more market-friendly, transparent, merit-based to attract foreign investment going forward. He is scheduled to announce the “New Economic Model” by the end of this month.
♦ Upon closing, the FBM KLCI rose another 4.60 pts or 0.35% to end at 1,309.45, with broad-based buying supports on blue chips like CIMB (+26sen) and technology stocks like GTronic (+33sen).
♦ Underlying market sentiment improved despite strong profit-taking pressure in the afternoon session, on sluggish performance in the regional markets.
♦ Regional markets gave up most of their early gains, as jitters increased ahead of an European Union’s special summit to discuss Greek’s debt issues.
♦ Turnover in Bursa Malaysia rose to 1.14bn shares from Tuesday’s 908m shares. There were 453 gainers against
255 losers.
Mandarin Version : Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Local Market Leads:
♦ The local bourse climbed higher for a second day on Wednesday, underpinned by a triple-digit rally on the overnight US DJIA, and the confident comments by the Prime Minister in attracting foreign investment this year.
♦ The PM said affirmative action rules would be more market-friendly, transparent, merit-based to attract foreign investment going forward. He is scheduled to announce the “New Economic Model” by the end of this month.
♦ Upon closing, the FBM KLCI rose another 4.60 pts or 0.35% to end at 1,309.45, with broad-based buying supports on blue chips like CIMB (+26sen) and technology stocks like GTronic (+33sen).
♦ Underlying market sentiment improved despite strong profit-taking pressure in the afternoon session, on sluggish performance in the regional markets.
♦ Regional markets gave up most of their early gains, as jitters increased ahead of an European Union’s special summit to discuss Greek’s debt issues.
♦ Turnover in Bursa Malaysia rose to 1.14bn shares from Tuesday’s 908m shares. There were 453 gainers against 255 losers.
Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
♦ The local bourse climbed higher for a second day on Wednesday, underpinned by a triple-digit rally on the overnight US DJIA, and the confident comments by the Prime Minister in attracting foreign investment this year.
♦ The PM said affirmative action rules would be more market-friendly, transparent, merit-based to attract foreign investment going forward. He is scheduled to announce the “New Economic Model” by the end of this month.
♦ Upon closing, the FBM KLCI rose another 4.60 pts or 0.35% to end at 1,309.45, with broad-based buying supports on blue chips like CIMB (+26sen) and technology stocks like GTronic (+33sen).
♦ Underlying market sentiment improved despite strong profit-taking pressure in the afternoon session, on sluggish performance in the regional markets.
♦ Regional markets gave up most of their early gains, as jitters increased ahead of an European Union’s special summit to discuss Greek’s debt issues.
♦ Turnover in Bursa Malaysia rose to 1.14bn shares from Tuesday’s 908m shares. There were 453 gainers against 255 losers.
Market Technical Reading : Short-term Volatility Likely To Persist...-25/03/2010
Jaya Tiasa Holdings Berhad : Gradual Recovery Expected - 25/03/2010
In line. 9MFY04/10 net profit of RM17.6m (+33.3% yoy) came in within our and consensus expectations, coming in at 64% and 61% of forecasts, respectively. We consider this to be in line as we expect 4Q10 to remain firm qoq due to gradual recovery in the timber division coupled with higher CPO prices (+4-5% qoq). As expected, no dividend was declared during the quarter.
Jaya Tiasa Holdings Berhad :Gradual Recovery Expected - 25/03/2010
Jaya Tiasa Holdings Berhad :Gradual Recovery Expected - 25/03/2010
Gamuda Berhad : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn -25/03/2010
“Compelled” to make an offer. Gamuda’s 40%-owned water concessionaire Splash has offered to take over all water assets in the Klang Valley for RM10.75bn. It said that it was “compelled” to make the offer “to bring closure to the more-than-3-year impasse” that resulted in “breaches in payments that had triggered cross-defaults across the industry”. It believed that the operations of the players had already been adversely affected by cashflow problems.
Gamuda Berhad : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn -25/03/2010
Gamuda Berhad : Splash Offers To Take Over Klang Valley Water Assets For RM10.75bn -25/03/2010