On The Platter
AEON (FV RM8.53 –
NEUTRAL) Company Update: Hello AEON, Bye-bye Jusco
AEON unveiled its new brand name „AEON‟ and tagline „AEON
Enriching Your Lifestyle‟, superseding the „Jusco‟ brand that most Malaysians
have grown accustomed to over the past 28 years The rebranding exercise will
take place over the next two years, with the ultimate aim of embracing one
brand name for all its stores and shopping centres on a global scale. Moving
forward, the company plans to open another outlet in Manjung, Perak after the
grand opening of the Ipoh Station 18 mall lately. Maintain NEUTRAL with a FV of
RM8.53 given the limited upside potential for the share price.
CIMB (FV RM8.53 –
BUY) Company Update: CIMB Niaga Results Beat Estimates
AIRASIA (FV RM4.57 –
BUY) Company Update: 1Q Stats: Looking Good
MAHB (FV RM7.53 –
BUY) 1QFY12 Results Review: A Good Start to 2012
MPI (FV RM3.64 –
TRADING BUY) 9MFY12 Results Review: Better Outlook in 2H
Market Review
Key index gains but caution linger. The FBM KLCI inched up
0.34 pts to 1,579.69. However, the market sentiment was subdued with losers leading
gainers by 453 to 253 while 321 counters remained flat and 515 others untraded.
Among the key market news today include, Tan Sri Ananda Krishnan is said to pare down his
15% stake in Bumi Armada, Pengerang Independent Terminal SB to set up crude
oil storage terminals, TA Global to buy Thai hotel for RM275.6m, DRB-Hicom gets
98.6% of Proton shares, AirAsia dismisses “not using KLIA2” talks, CIMB Niaga
1Q profit jumps 29% and Malaysian Pacific Industries posts net loss on weak
demand. Overnight, U.S. stocks extended gains into a third day as
better-than-expected data on housing and an upbeat forecast from Citrix Systems
Inc. helped lift the S&P 500 Index briefly
above 1,400 for the first time in three weeks. The DJIA also added
113.90 pts, to 13,204.62 thus possibly helping to warm up sentiment across the
regional bourses today.
MEDIA HIGHLIGHTS
US stocks rise after
home sales increase
US stocks rose for a third day as pending home sales
increased more than forecast and technology companies rallied on
better-than-estimated earnings. Metals led commodities higher, while 10-year
Treasury yields approached a two-month low. The Dow rose 113.90 to close at
13,204.62 while the S&P 500 Index closed up 0.7% to 1,399.98. The S&P
500 reversed early losses as the National Association of Realtors reported that
pending home purchases rose 4.1% to the highest level since April 2010,
tempering concern about the economy after an earlier government report showed
388,000 Americans filed jobless claims last week, 13,000 more than the median
economist estimate. (Bloomberg)
Ananda pares down
stake in Bumi Armada
Tan Sri Ananda Krishnan and his bumiputera partners will sell roughly 15% of
Bumi Armada in private placements to local land foreign institutional investors
in a deal that will raise close to RM2bn and cut Ananda and his partners‟ stake
to 55%. The shares would be placed out at a discount of between 3%-6% of the
RM4.22 current price. The planned placement represents the latest in a series
of asset sales involving Ananda‟s companies. Last month, Anada sold his power
generation business to 1MDB for RM8.5bn. Sources also said that 1MDB is in
talks to buy Ananda‟s satellite operator Measat Global.(Financial Daily)
Felda Global to offer
2.19bn shares in IPO
Felda Global Ventures Holdings (FGVH) will see up to 2.19bn
shares being offered under its IPO scheduled for end-May or early June. The IPO
comprises an offer for sale by Felda of up to 1.21bn shares and a public issue of
up to 980m shares. FGVH is in the
upstream and downstream palm oil business and other agribusinesses encompassing
oil palm and rubber plantation products, soybean and canola products,
oleochemical and sugar products. 49%-owned associate Felda Holdings, meanwhile,
is the largest CPO producer in the world. FGVH also has MSM under its stable.
(StarBiz)
KLIA passenger
traffic hit by MAS, AirAsia route cuts
KLIA underperformed regional airports in terms of passenger
movement in the first quarter of 2012, due to route cuts by Malaysia Airlines
and AirAsia. KLIA saw passenger movement grow by 6.9% for the quarter under review
compared with Changi‟s 12.8% growth and Jakarta‟s 18.4% jump. Last year, MAS
announced route cuts to at least 10 international destinations as part of
efforts to rationalise its network and return to profitability, (BT)
Big spin-offs from
Pengerang O&G project
The RM5bn Pengerang Independent Deepwater Petroleum Terminal
(PIDPT) project, which will be completed about four years from now, is targeted
to contribute RM19.8bn in gross national income and create 14,100 jobs by 2020.
It will complement Petronas' Refinery and Petrochemicals Integrated Development
(Rapid) complex with its crude oil refining capacity. The project will start
next year and is scheduled for completion in 2016. The Pengerang terminal will
be the second largest of its kind in Asia, with close to 1.3 million cubic m in
capacity. (BT)
ECONOMIC
HIGHLIGHTS
Malaysia: Najib
spending spree risks credit downgrade
Malaysian Prime Minister Najib Razak's record spending
binge, aimed at shoring up support before elections that could be called as
early as next month, may risk the country's first credit-rating downgrade since
the Asian financial crisis 15 years ago. Standard and Poor's "might have
to think about" a potential cut of Malaysia's Arating in a few years
unless the next government enacts measures to boost revenue and reduce
subsidies after the vote, Mr Takahira Ogawa, an analyst at the rating company,
said. (Bloomberg)
Singapore: Production
falls on drugs, electronics
Singapore's industrial production fell for the second time
in three months last month as electronics and pharmaceutical manufacturers
decreased output. Manufacturing fell 3.4% y-o-y after a revised 11.8% gain in February.
Economists had expected a 5.8% decline. From the previous month, output climbed
a seasonally adjusted 2.7%. (Bloomberg)
Thailand: Exports
down in March on continued Europe weakness
Thailand‟s exports fell 6.5% y-o-y in March, the fourth
decline in five months, as factories struggled to resume full production after
last year's flood crisis. Shipments fell in nearly all product items affected
by last year's floods, with March exports valued at USD19.9bn. In particular,
shipments to Europe fell 15.3% and to Japan, 3.6%. Exports to the US meanwhile
rose 5.3% and to China 1.1%. (Bloomberg)
Spain: Ratings cut by
S&P on deficit, bank bailout concern
Spain‟s sovereign credit rating was cut to BBB+ from A by
Standard & Poor‟s on concern the nation will have to provide further fiscal
support to the banking sector as the economy contracts. Its short-term rating
was lowered to A-2 from A-1, while the outlook on the long-term rating is
negative. (Bloomberg)
Italy: Business
confidence drops to lowest in two years
Italian business confidence unexpectedly fell to the lowest
level in more than two years in April amid concerns that the country‟s fourth
recession in a decade may deepen. The manufacturing-sentiment index dropped to
89.5 from a revised 91.1 in March. Economists had predicted a reading of 92.1.
(Bloomberg)
EU: Spanish, Italian
bond yields climb after confidence data
Spanish and Italian bond yields climbed in light volumes
Thursday, as demand for lower-rated euro-zone government debt was curbed
following a survey that showed economic confidence in Europe was dwindling. The
10-year Spanish bond yield rose by seven basis points to 5.84% while the
corresponding Italian bond yield increased by two basis points to 5.65%,
according to Tradeweb. The weaker backdrop could pose a challenge to an Italian
bond auction on Friday for up to EUR6.25bn. (Bloomberg)
US: Cooling labor
market takes a toll on confidence
More Americans than forecast filed applications for
unemployment benefits last week and consumer confidence declined by the most in
a year, signaling that a cooling labor market may restrain household spending.
Jobless claims fell to 388,000 from a revised 389,000 the prior week that was
the highest since early January while the Bloomberg Consumer Comfort Index
declined to minus 35.8 from minus 31.4 the previous week. (Bloomberg)
US: Pending sales of
existing homes increased 4.1% in March
Signed contracts to buy US homes rose more than forecast in
March as low interest rates drew buyers back into the market. The index of
pending home purchases rose 4.1% to 101.4, the highest level since April 2010,
after a 0.4% gain in February that was revised from a previously estimated 0.5%
drop, the National Association of Realtors reported. The median forecast of 43
economists surveyed by Bloomberg News called for a 1% rise in the measure,
which tracks contracts on previously owned homes. (Bloomberg)
Source: OSK188
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