On The Platter
SECTOR UPDATE : PLANTATION (NEUTRAL): CPO price in
correction mode We believe a correction in CPO price has begun and production
in the months ahead will be stronger. A subsequent price lull should take place
as early strong demand is matched by ample supply. We may need to upgrade our
CPO price assumption in the months ahead. Sector outperformers have been
largely smaller growth stocks while larger stocks which are sector proxy have
been flat. We believe this will continue to be the case until CPO price
correction is over hence quality growth stocks should continue to be bought.
Maintain Neutral on sector.
UMW (FV: RM8.38)
Company Update: Another Stellar Year Seen
BERJAYA SPORTS TOTO
(FV: RM4.72) Corporate News Flash: Expansion Drive
ANGANG STEEL (FV:
HKD4.59 – SELL) Company Update: Stumped by Another
Massive Loss
Guidance
Market Review
Key index marginally higher. FBM KLCI rose 1.85 pts to
1,603.12 as market sentiments improved. Gainers led losers by 400 to 325 while
355 counters were unchanged. Among the key market news over the weekend
include, Tabung Haji to invest RM975m in UK property, Eversendai appointed
sub-contractor for Jeddah project to erect structural steel works worth RM158m,
sources said Balfour Beatty Plc. may buy Ingress stake in BBRail, Tan Sri Ling
Chiong Ho is understood to plan a major move into Wijaya Baru Global to secure
the latter’s landbank in Indonesia and Genting Plantations proposed a JV to develop
and cultivate 74,000ha of palm oil plantation in Indonesia. Last Friday, Wall Street
sentiment also was damped by rising concerns across the Atlantic that Spain and
Italy may be the next to succumb to the eurozone debt crisis. With the DJIA
diving 136.99 pts to finish at 12,849.59, investors may stay at the sidelines
pending any fresh leads.
MEDIA HIGHLIGHTS
S&P 500 posts
first back-to-back weekly drop for 2012
US stocks fell,
sending the Standard & Poor’s 500 to its first back-to-back weekly
decline since Nov, after employers added fewer jobs than estimated and investor
concern over global economic growth intensified. The S&P 500 dropped 2% to
1,370.26 over the week and 1.2% last Friday. The decline came even as the benchmark
index for American equities had its best two-day gain of the year on 11 and 12
Apr, sparked by optimism about earnings and signals from the Federal Reserve
that interest rates will remain low. The Dow lost 210.55 pts, or 1.6% over the
week and 1.1% last Friday, to 12,849.59. (Bloomberg)
Syed Mokhtar, Sunway
eye land
Industrialist Tan Sri Syed Mokhtar Al-Bukhary and Sunway Bhd
have submitted a proposal for a prime piece of real estate controlled by Kelab
Gold Negara Subang (KGNS), which includes two 18-hole golf courses with a commercial
value estimated at over RM5bn. The yet-to-be-publicised privatization plan for
the KGNS land is surely to stir public debate and will represent a new twist in
the ownership struggle for this lucrative piece of real estate located on the
leafy fringes of Kelana Jaya in Selangor.(Financial Daily)
TM to expand UniFi
coverage to 1.3m premise passes
Telekom Malaysia (TM) aims to expand its UniFi high-speed
fibre-optic broadband coverage to 1.3m premise passes by year-end in an effort
to provide better services to customers. Currently, the telecommunication giant
has 1.2m premise passes and 320,000 customers nationwide. Chief executive
officer Datuk Zamzamzairani Mohd Isa
said among the efforts put in place, aside from expanding UniFi’s network
coverage, was the transformation of its frontline touch point, call centres and
also technicians. (Malaysian Reserve)
MBM Resources eyeing
local distributor of China carmaker
MBM Resources Bhd, which aims to become a prominent
automaker within the next three to five years, has approached a local
distributor of a China carmaker for a possible substantial stake. An industry
observer hinted that MBM may be a potential investor in financing the expansion
plan of the local distributor’s assembly plant to manufacture vehicles for the
domestic and rofeign markets. (Malaysian Reserve)
Affin Bank injects
RM500m into Tier 1 and Tier 2 capital
The Affin Bank group has boosted its Tier 1 and Tier 2
capital by RM500m in the first quarter of the year, and further capital
injection, in view of Basel 3 requirements, is in the pipeline. The banking
group’s asset base has doubled to RM50bn in six years. Likewise, its capital
base has also gone up by RM2.3bn to RM4bn, with RM3.3bn or about 83%
representing the core or Tier 1 capital. (BT)
Malaysian banks
invited to expand Islamic banking in Pakistan
Malaysian financial institutions have been invited to
explore expansion opportunities in Pakistan, particularly in Islamic banking.
Pakistan’s high commissioner to Malaysia, Masood Khalid said that he expects
Bank Negara Governor, Tan Sri Dr Zeti Akhtar Aziz to have a discussion on how
Malaysia financial institutions could expand their operations to Pakistan, when
she meets with the governor of State Bank of Pakistan, Yaseen Anwar, in the near
future. (StarBiz)
Source: OSK188
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