On The Platter
GAMUDA (FV: RM4.58)
Company Update: MRT Works Ready to Roll To get a first-hand look at the
RM50bn KV MRT - the Malaysian
Government’s largest ever infrastructure project - we dropped in at one of the
5 KV MRT Information Centres in town, and took a bus to trace the journey from
Sungai Buloh to Semantan, which is part of the Sungai Buloh-Kajang (SBK) line.
We are positive on the potential rollout of the project and see the award of
contracts accelerate in the coming months, with MMCGamuda assuming the role as
the caretaker of this line’s elevated portion. Maintain BUY on Gamuda, at an
unchanged FV of RM4.58, based on our SOP-based valuation.
EITA (FV: RM0.81 –
NOT RATED) IPO Note: Elevating Its Profile
MMC CORP (FV: RM3.70)
Company Update: Along The MRT Trail
TELEKOM MALAYSIA (FV:
RM5.70) Corporate News Flash: Super Speed Me
Market Review
Cautious trading.
The FBM KLCI edged up more than 5 pts to 1598.87 last Friday on the back of
blue chip support with gainers thumping losers almost 2-to-1. In the news are: the Government, which says it is still keen on
the high speed rail project linking Kuala Lumpur to Singapore, and Sime Darby plans its 11th
township north of its existing township in Denai Alam in Selangor.
With the Dow closing a tad lower ahead of the weekend on poor US jobs data and
the local bourse digesting the new high
charted last week, a further pullback may be in the offing this week for
the FBM KLCI.
MEDIA HIGHLIGHTS
Perodua drafting
roadmap for used-car business
Second national car company Perusahaan Otomobil Kedua Sdn
Bhd (Perodua) hopes to establish an organization structure for its used-car
business by middle for the year, its chief said. The company is venturing into
the used-car business to expand its revenue base and provide a platform for
existing and new customers so that they can trade in their Perodua cars or
other makes, for its new models. Perodua entered the used-car business in
August 2008, but ceased operations more than a year later due to low sales
volume. (BT)
Govt still keen on
high-speed rail link
The Government is still keen on the high-speed rail project
linking Kuala Lumpur and Singapore, the Land Public Transport Commission (SPAD)
said. SPAD chief executive officer Mohd Nur Ismal Mohamed Kamal, however, stressed
that it will depend on the outcome of a feasibility study, which started last
month and is expected to be completed in 6 to 12 months’ time. (BT)
S P Setia enters
Indonesia in regional expansion
S P Setia continues
its regional expansion with the opening of a representative office in Jakarta,
giving the developer a foothold in the archipelago. Jakarta is the fifth
overseas destination the developer has ventured into after Vietnam, Singapore,
Australia and China. S P Setia president and CEO Tan Sri Liew Kee Sin said S P Setia
hopes to be able to directly source Indonesian arts and crafts, building
materials and furniture for its projects in the future. (Financial Daily)
Rafique to join
Maybank as new group CFO
Former chief financial officer (CFO) of the country’s
utility company Tenaga Nasional Bhd (TNB), Mohamed Rafique Merican Mohd
Wahiduddin Merican will join the country’s largest banking group, Malayan
Banking Bhd (Maybank) as its group chief financial officer (CF) effective 1
Jun. In an exchange filing last Friday, Maybank said he will succeed Datuk
Khairussaleh Ramli, 43, who stepped down from his position as the
bank’s group CFO following his appointment as the president director of PT
Bank Internasional Indonesia Tbk, a subsidiary of Maybank in Indonesia.
(Malaysian Reserve)
Ekuinas targest 12%
minimum return for its investments in education sector
Ekunas Nasional Bhd is looking at a time horizon of between
three and five years for its investments in the education sector with a
long-term minimum target internal rate of return of 12% per year, according to
a spokesperson from the government-linked private equity fund management firm.
Its aspirational target for the investments is at 20%. Ekuinas has recently
completed a purchase of a 90% stake in Cosmopoint SB for RM246m and has been
reportedly eyeing Masterskill Education Group Bhd and Help International Corp
Bhd on its plans to create the country’s largest education group. (Malaysian
Reserve)
MBSB extends home
financing
Malaysia Building Society (MBSB) will start extending home
financing facilities to the second generation of property purchasers for its
housing project in Sepang, president and CEO Datuk Ahmad Zaini Othman said. The
non-bank lender, which does not come under the purview of Bank Negara, said
this special financing facility would allow home buyers to stretch monthly
home-loan repayments to the kids (second generation) of these home buyers, most
of whom are retirees in their 50’s. (StarBiz)
ECONOMIC
HIGHLIGHTS
Japan: Bank of Japan
seen adding stimulus on nominee rejection
The Bank of Japan may expand
stimulus this month after law makers escalated pressure for extra action
by blocking a candidate for the bank’s board and renewing calls for a more
“proactive” monetary policy. Parliament’s upper house rejected economist
Ryutaro Kono, described as holding
similar views to Governor Masaaki Shirakawa, who says that monetary
policy alone cannot solve deflation. The central bank may stand pat at a
two-day meeting ending 10 April, preserving ammunition for later in the month,
when price projections will show a goal of 1% inflation is not in sight.
(Bloomberg)
Canada: Jobs grow
most since 2008 as firms add full timers
Canada added the most jobs since September 2008 last month,
a gain dominated by full-time positions that revived what had been a stalling
labor market in the world’s 10th largest economy. Employment rose by 82,300 following
a decline of 2,800 in February, lowering the jobless rate to 7.2% from
7.4%.Employment growth should add to household spending that the Bank of Canada
said last month has been rising faster than expected. Fulltime employment in
Canada jumped by 70,000 in March while part-time positions grew by 12,400.
About 42,600 jobs were created by private companies and 20,900 in the public
sector. Average hourly earnings of permanent employees rose 2.5% in March y-o-y,
faster than last month’s 2.1%. (Bloomberg)
US: Employment
increase in US trails most-pessimistic forecasts
Hiring by American employers trailed the most pessimistic
forecasts in March, casting doubt on the strength of the expansion now in its
third year. The 120,000 increase in payrolls was the smallest in five months.
The data also showed the unemployment rate fell to 8.2% as people left the
labor force, while workers put in fewer hours. The figures followed an average
246,000 increase in payrolls in the previous three months. Estimates ranged from
increases of 175,000 to 250,000. The March data showed a 34,000 decrease in
retail employment. February data, meanwhile, rose a revised 240,000. Employment
at service providers increased 89,000 last month, less than half the 211,000
gain in February. Professional and business service payrolls rose 31,000 last month,
restrained by a 7,500 drop in temporary hiring. Manufacturing was among the few
industries that added more jobs than in February, with a 37,000 increase.
(Bloomberg)
US: Jobless claims
fell to lowest level in four years
Claims for US unemployment benefits dropped last week to the
lowest level in four years. Jobless claims fell 6,000 to 357,000 in the week
ended 31 March, the fewest since April 2008. The number of people on unemployment
benefit rolls also dropped, while those getting extended payments increased.
The unemployment rate among people eligible for benefits, which tends to track
the jobless rate, held at 2.6%. 26 states and territories reported a decline in
claims, while 27 reported an increase. (Bloomberg)
US: Consumer credit
rose less than forecast in February
US consumer borrowing rose less than forecast in February,
restrained by a drop in credit-card debt. Credit increased USD8.7bn, the least
in four months, after a revised USD18.6bn gain in January that was more than initially
estimated. Smaller gains in borrowing indicate American households are
continuing to pay down debt or are less optimistic about their finances. The
Fed’s statistics showed revolving debt, which comprises credit cards, fell
USD2.2bn in February after a USD3bn drop a month earlier. Non-revolving debt,
including educational loans and borrowing for autos and mobile homes, climbed
by USD10.9bn in February, the smallest gain
in four months. (Bloomberg)
Source: OSK188
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