Friday, April 9, 2010

20100409 1328 FKLI Mid Day Hourly Chart Study.

FKLI closed : 1340, changed : +8 points, volume : low.
Bollinger band reading : side way range bound downside biased.
MACD Histrogram : rising, buyer return for a battle with seller.
Support : 1337, 1330, 1325 level.
Resistant : 1345, 1350, 1360 level.
Comment :
FKLI recovered most of yesterday losses by traded higher but in lesser volume transaction. Hourly chart shows that market is likely to trade side way consolidation with a little downside biased.

20100409 1319 FCPO Mid Day Hourly Chart Study.

FCPO closed : 2508, changed : +8 points, volume : low.
Bollinger band reading : side way downside biased.
MACD Histrogram : falling paused, selling activities reduced.
Support : 2500, 2470, 2450 level.
Resistant : 2521, 2550, 2570 level.
Comment :
FCPO seems found some support at 2500 level and traded side way range bound tight range boring quiet volume market. Hourly chart suggesting a further consolidate side way range bound downside biased market to take place in the near term.

20100409 1312 Malaysia Corporate News.

Sime Darby said its 50%-owned Emery Oleochemicals has submitted a bid for Kulim's oloechemical plant, estimated to be worth around RM300m. An industry source without knowledge of the bidding process said Sinar Mas Group was also bidding for the plant, which accounts for the whole of Kulim's oleochemical business. The plant has an annual capacity of 430k tonnes. A Sime spokeswoman said the bidding was at a very early stage and the company was waiting for further developments. (Financialdaily)
Kulim's oleo division posted an EBIT of RM32.9m in FY12/08. As such, based on the price tag of RM300m, we estimate the oleo business is valued at historical P/E of 12.3x, which we believe is fair. As such, we would view this potential acquisition to be neutral for Sime Darby.

Malaysia's palm oil inventories in March may have declined 5%-6% to around 1.68m- 1.70m metric tons despite strong growth in production, as export demand for palm oil also improved; trade participants and plantation company executives said Thursday. Plantation company executives said March crude palm oil output rose 7%-16% from the previous month. However, end-March inventory numbers will likely decline because production may not be high enough to meet consumption, a senior trading executive based in Kuala Lumpur said. Export estimates by two cargo surveyors showed rising exports for March. Intertek Agri Services said shipments rose 12.1% to 1.35m tons, while SGS (Malaysia) Bhd. said exports were up 7.7%, also at 1.35m tons. (Dow Jones)

MISC will list its subsidiary Malaysia Marine & Heavy Engineering (MMHE) on the Main Market of Bursa Malaysia. MISC is taking steps to formulate the listing scheme and will accordingly appoint the advisers. Further details on the Proposed IPO will be made known upon finalisation of the scheme. (BMSB) Assuming a listing P/E of 10-12x and net profit of RM300m in CY11, MMHE may be listed at a market capitalisation of between RM3bn and RM3.6bn. MISC currently owns 100% of MMHE, and a minimum of 25% will be listed to comply with the free float requirements.

Petronas has identified MISC's Malaysia Marine and Heavy Engineering (MMHE) and its petrochemicals business for the listings. Petronas CEO Datuk Shamsul Azhar Abbas said the two new listings will allow the investing public to participate directly in some of Petronas' businesses. Petronas already has four firms listed on the stock exchange now. They are MISC, Petronas Gas, Petronas Dagangan and KLCC Property Holdings.
  • MMHE registered revenues of over RM4bn in FY09, driven by three core businesses, namely engineering and construction services, marine conversion and marine repair. It has grown to become an integrated engineering, procurement and construction contractor and liquefied natural gas (LNG) tanker repair specialist with in-house capabilities. MMHE runs a yard in Pasir Gudang, Johor, one of the largest in the region and the only one capable of converting big ships into vessels that can process and store oil and gas. These are known as floating, production storage and offloading (FPSO) units and floating storage offloading units. The yard is also used to fabricate high tonnage offshore oil and gas structures. 
  • Petronas' petrochemical business registered revenue of RM13bn in FY09. Its diverse product portfolio ranges from olefins and polyolefins, fertilisers, industrial to specialty chemicals. The business started with a capacity of 600,000 tonnes per year and has since grown to over 10m tonnes of petrochemical production, with a significant regional market presence. The commencement of commercial operations of the mega methanol plant in Labuan in May-09, with a world-scale capacity of 1.7m tonnes per year, further strengthens its position as the biggest methanol producer in Asia Pacific and fourth globally. (BT)
Palm oil prices can possibly touch RM2,800-3,000/MT this year due to strong demand and the El-Nino weather phenomenon, IOI Corp executive chairman Tan Sri Lee Shin Cheng said. He said prices had been falling in the last month because of the strengthening ringgit against the US$. He expected a drop in IOI Corp’s oil palm output by about 8% yoy this year because of the effects of El-Nino. (Bernama)

Members of the RSPO said they have increased purchases of certified production to accelerate an initiative hit by charges that palm oil is harmful for health and the environment. Unilever said it would more than double this year to 400,000 tonnes its purchase of production certified as sustainable. (Financial daily)

Tenaga has allocated RM1.3bn, higher than the RM926m spent in FYE8/09, to upgrade its distribution system for FYE8/10. This is part of TNB's continuous efforts to provide quality electricity supply. "The RM1.3bn expenditure involves building 39 main distribution substations," said Senior GM of Asset Management, TNB Distribution Division, Ismail Mohd Din. According to Ismail, TNB will also spend RM715m for maintenance in FYE8/10, higher than the RM646m previously. (Bernama)

Tenaga’s president/CEO Datuk Seri Che Khalib Mohamad Noh has been named CEO of the Year at the inaugural Asia Power and Electricity Awards 2010. (Bernama)

RHB Capital may do more acquisitions this year to become a stronger player in the region, its chief said. Group MD Datuk Tajuddin Atan said there were no specific acquisition targets at the moment, but the group would be interested in businesses - either at home or in the region - that would make a strategic fit.
  • "I'm not ruling out (buying) another bank, but what we're saying is, as long as a strategic fit comes into the picture, we will look," he said. Tajuddin said the RHB group was "not at this point in time" interested in making a bid for EON Capital. "I've been asked ... but we're not looking in that direction," he claimed. (BT)
Hong Leong Bank sees the possibility of loans growing 9-10% this year on an improving economy. Its MD Yvonne Chia said that loans would increase faster this year as the country's exports recover in tandem with a stronger world economy. She did not provide comparative figures.
  • "Our lending to the commercial and business sector dropped in the last 18 months because trade finance fell drastically. We see that coming back this year," Chia said. The bank is expecting deposits to show "exemplary growth" this year as it adds more branches, Chia said. 
  • Chia also said that the bank would spend RM20m to set up 10 branches in the next 18 months. At present, there are 188 branches. (BT)
The EPF has rejected allegations that it is involved in insider trading of MRCB shares as none of EPF’s investee companies including MRCB had a contract or agreement for the development of the Sungai Buloh land. (Starbiz)

MRCB is eyeing land in Iskandar Malaysia for property development projects. ED Datuk Ahmad Zaki Zahid said the company was looking to develop projects on a JV basis with land owners or other parties. Meanwhile, Zaki said that MRCB was on track to complete the Easter Dispersal Link Expressway (EDL) project by end-2011 and it would be opened to motorists by Feb-2012. (Starbiz)

The Labuan Chamber of Commerce (LCC) has proposed the opening of a casino in Labuan to attract more tourists and give a boost to its economy. “A casino could be the answer and it is also compatible with Labuan’s status as a free port,” chairman Datuk Francis Tee said. He suggested that the casino could be in the form of a floating ship, departing from the island at 6pm and returning at 6am with strict checks to prevent the wrong people from patronising it. (NST)

London Biscuits has served a notice to voluntarily buy all the remaining 54.4m shares in TPC Plus it does not already own. It is offering 30 sen/share, or a total of RM16.32m. The offer price is at a 3.63% premium over the five-day VWAP of TPC shares. (BT, Financial Daily)

Maybank Singapore was conferred the inaugural Exemplary Employer Award by the Tripartite Alliance For Fair Employment Practices (TAFEP) during a Conference on Fair Employment Practices. Maybank said the award was in recognition of the bank's efforts in implementing progressive and fair employment practices. (Bernama)

Bank Islam Malaysia will gain instant entry into the lucrative Islamic pawnbroking (Ar- Rahn) industry by buying an 80% stake in Islamic pawn broker Farihan Corp (FC). FC operates an Ar Rahn outlet in Pasir Puteh, Kelantan, which has an annual turnover of RM6m. "Currently the market is under-served with only three other players, so we see a lot of potential for growth in the industry," Bank Islam Malaysia MD Datuk Seri Zukri Samat said.
  • Meanwhile, Bank Islam said it is in no need for capital for the time being as its reserves were almost double that required by Bank Negara Malaysia. Besides, Bank Islam Malaysia has not received any word from its Middle East shareholder Dubai Group on the potential sale of its shares. (BT)
AmBank became the first bank in Malaysia to implement the wireless network Automated Teller Machines (ATM) using Global System for Mobile Communications protocol. Breaking away from the traditional Fixed Leased Lines, AmBank’s ATMs have started using Secured Wireless Connectivity utilising existing wireless signal like 3G, provided by Celcom and DiGi. (Bernama)

SME Bank wants to expand its net loan growth by 8-9% this year from RM3.7bn last year, its top official said. MD Datuk Azmi Abdullah said the bank aims to increase its business through strategic alliances and by aggressive marketing. "We hope to increase our customer base which is close to 7,000 to-date," he said. As at February 2010, SME Bank's net loan asset stood at RM3.9bn, said Azmi. The bank grew its net loan assets by 14% last year but from a smaller base. (BT)

AirAsia and VietJet Aviation Joint Stock Company (VietJet Air) signed a strategic partnership agreement in Hanoi yesterday. AirAsia had earlier acquired a 30% equity stake in VietJet Air, which is launching a Vietnam-based low-cost airline. The trade name is tentatively VietJet AirAsia, and will operate both domestic and international flights. VietJet Air CEO Nguyen Duc Tam and AirAsia Group CEO Tony Fernandes also announced that they have entered into an engineering support services agreement. (AirAsia Press Release)

Naza Group plans to open five "Naza World of Bikes" sales and service centres for motorcycles in the Klang Valley and at least one in every state that will cost a minimum of RM25m in total investment. Group executive VP of operations Datuk SM Zulkifli SM Amin, said it expects to have all the planned Naza World of Bikes up and running by Mar-11, featuring the likes of Ducati, Harley Davidson and other brands from Europe. (BT)

Pos Malaysia expects both revenue and net profit to increase this FYE12/10 following the rise in domestic postage charges, although virtually all of its 16,000 employees will receive a pay increase. Group MD Datuk Syed Faisal Albar said he expects domestic mail volume to drop as a result of the increase in postage tariff. Nevertheless, he expects the doubling of postage tariff to make up for the loss in volume. Management also gave assurance that its Business Transformation Plan will not be derailed as a result of Khazanah selling its stake. (BT)

Jaks Resources has signed various memoranda of agreement with authorities and government agencies in Vietnam on the proposed development of a 1,200MW thermal power project in Hai Doung.
  • The project will be developed under a build-operate-transfer (BOT) structure and run as an IPP with 25-year PPA with the state-owned national utility company, Vietnam Electricity. 
  • Construction of the project is slated to start in 4Q2010 and commercial operation for the first unit of 600MW is scheduled in 4Q2014. 
  • It also entered into a memorandum of agreement with Vietnam National Coal-Mineral Industries Group for coal supply in the Quang Ninh province. (Bernama)
KNM said the RM1.4bn tax incentive granted for the acquisition of Borsig will be applied against the total taxable income generated in Malaysia by wholly-owned KNM Process Systems Sdn Bhd. (BMSB)

EPF sold a further 12.5m shares in KNM, reducing its stake to 9.76%. (Star)

Bina Puri has won a 62.8m baht (RM6.22m) contract from Melewar Intergrated Engineering Sdn Bhd to design and build a warehouse for Siam Ice Co Ltd. With the award, Bina Puri’s order book now stands at RM1.8bn. (BT)

MTD Capital says the Toll Regulatory Board of Philippines has issued a toll operating permit for projects 1 and 2 of the South Luzon Expressway to Manila Toll Expressway Systems Inc (Mates), its indirect associate company. (BT)

Ireka Corp has bagged a RM36.2m contract from the Iskandar Regional Development Authority to build the proposed Bandar Indahpura, Kulai-Second Link Expressway interchange. The job, which is expected to be completed in Oct-11, is part of the projects in Iskandar Malaysia. (BT)

KFC Holdings said sales contribution from its RasaMas restaurants will continue to be less than 10% as it expands its KFC outlets locally and overseas this year. This year, KFCH plans to add five more RasaMas outlets with a total investment of RM2.5m. Four restaurants will be located in the Klang Valley. The company plans to open up to 40 KFC outlets this year. There are currently 476 KFC outlets in Malaysia. (BT)

20100409 1301 Malaysian Economic News.

The Industrial Production Index (IPI) rose 4.9% yoy in February (13.7% in Jan) due to higher manufacturing and electricity indices. The manufacturing output increased 6.8% yoy, mining production declined marginally by 0.3% yoy and electricity production rose 11.4% yoy in February. However, the index declined 11.0% mom. For the January- February period, the IPI rose 9.4%. (DOS, Bernama) Please see our Economic Update for further details

The manufacturing sales rose 17.3% yoy to record RM40.3bn in February (28.9% in Jan). Month-on-month, the sales value, however, decreased by 7.0% or RM3.0bn. In the January-February period, it posted a double-digit growth of 23.0% or RM15.7bn to RM83.7bn.
  • Total employees engaged in the manufacturing sector decreased 16,327 persons or 1.7% yoy to 952,289 persons (-3.7% in Jan). As compared to the preceding month, it increased 0.2% or 2,124 persons in February.
  • Salaries and wages paid increased 0.3% mom or RM5.4m to RM2.2bn. The total amount paid also increased 14.2% yoy or RM267.2m in February (12.7% in Jan).
  • On productivity, average sales value per employee decreased 7.2% mom to register RM42,350. However, it increased by 19.3% yoy in February (33.9% in Jan). (DOS, Bernama)
The government will postpone the introduction of a goods and services tax (GST) to after 2011, Second Finance Minister Ahmad Husni Hanadzlah said, delaying plans that would increase revenue and help narrow the budget deficit. The government hasn’t decided on the next two readings of the bill to pass the law. The current timelines won’t apply. The government will approve an additional budget this year to carry out new initiatives and as some ministries need more funds to execute their programs, Ahmad Husni added.
  • The government wants to give the public time to understand the changes in the socalled New Economic Model (NEM) before implementing new systems. The 10th Malaysia Plan that will be unveiled later this year may set out the new timelines for the GST, the minister said. (BT, Bloomberg)
The central bank said the economy has the potential to grow above 5.0% this year. “This year, the economy is projected to grow in the region of 5.0% with further upside potential. The fiscal and monetary polices will be aimed at providing sustainable economic growth,” said Governor Tan Sri Dr. Zeti Akhtar Aziz. (BT)

South Korea's trade with Malaysia is expected to increase by 42% this year (-32% in 2009) in line with the global economic recovery. There was a general trend from 2005 to 2007 where trade grew by about 10% annually, said Deputy Trade Minister, Lee Hye-Min. Among the sectors that would give bilateral trade a boost were green energy, semiconductor, computers and electronics. He said the Asean-Korea Free Trade Agreement (FTA) should look to further liberalise the services and investment areas, especially in the movement of people. (Bernama)

An allocation of RM32.5bn is needed for the proposed flood mitigation projects nationwide under the Tenth Malaysia Plan (10MP). That compared to RM2bn was spent on relocating and evacuating flood victims and repairing damaged infrastructure under the 9MP. Natural Resources and Environment Minister Datuk Seri Douglas Uggah Embas said the proposal had been submitted to the Cabinet for approval. (Bernama)

Employers are still deducting levy from their foreign workers although the government has put a halt to it, Malaysian Trades Union Congress (MTUC) claimed. Its vice-president A. Balasubramaniam said with effect from Apr 09, employers should have stopped levy deduction from the salaries of their foreign workers. This means that the employers had to the pay the levy in full as a deterrent for them not to employ foreigners. "However, this was not being implemented because there was "confusion as to whether the immigration or labour department was responsible for its implementation," said Balasubramaniam. (Bernama)

An independent commission will be set up to investigate and take action against the power of monopolies and cartels in determining prices when the Competition Act 2010 is passed by the Dewan Rakyat.
  • "The independent commission will monitor cases involving monopolies and cartels that are established after the Dewan Rakyat passes and gazetted it," Domestic Trade, Cooperative and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said. 
  • He said the commission's establishment was an important step in creating a consumer-friendly business environment to thwart the power of monopolies and cartels. (Bernama)
The Selangor Malay Chamber of Commerce Malaysia (DPMMS) feels that the economic equity of Bumiputeras, particularly Malays should be raised from 30% under New Economic Policy (NEP) to 50% under the New Economic Model (NEM). On plans under the NEM, where the government and the Employees Provident Fund (EPF) will be building a new hub in Sungai Buloh for the Klang Valley, DPMMS hoped that the government will consider giving entrepreneurs under DPMMS the chance to participate in the project. (Bernama)

Malaysia’s economy is firmly on the recovery path and may grow faster than forecast, central bank Governor Zeti Akhtar Aziz said at the Korea-Malaysia Business Forum. “The Malaysian economy is projected to grow in the region of 5% with further upside potential,” Zeti said. (Bloomberg)

The price of pigs from farms will be increased by 30 sen to RM7.90 for every 100gm from tomorrow. Federation of Livestock Farmers Association chairman (swine unit) Jeffery Beh said it was the first time that the price of the animal had reached so high. Beh, who blamed the increase on higher price of pig feed worldwide caused by natural disasters, said the price of corn was RM400 per tonne four years ago but had now risen to between RM860 and RM870. He hoped that the new price would be maintained until year-end. (The Star)

20100409 1256 Global Economic News.

US initial jobless claims jumped 18,000 to 460,000 in the week ended 3 Apr (442,000 in the previous week), as seasonal factors were affected by Easter and the California Chavez holiday. Economists expected new claims to fall to 435,000 in the week. The report also said that 4,550,000 people filed continuing claims in the week ended 27 Mar, down 131,000 from the preceding week. (CNN Money)

Retail sales posted the biggest single monthly gain on record of 9.1% yoy in March, the seventh straight month of increase and a signal of rebounding consumer spending. Thomson had expected only a 6.3% increase. Most retailers forecast April results would be far more modest. (CNN Money)

The mortgage finance company Freddie Mac says the average rate on a 30-year fixed rate mortgage was 5.21% this week, up from 5.08% a week earlier. That's the highest since the week ending 13 Aug 09, when the average rate was 5.29%, due to the improving economy and the end of a government push to make mortgages cheaper. Rates had dropped to a record low of 4.71% in Dec 09, pushed down by a US$1.25tr campaign by the Federal Reserve to reduce consumers' borrowing costs, which ended last week. (CNBC)

Fed Vice Chair Donald Kohn said the Fed's decision to begin tightening will be based not on a particular indicator or small set of indicators, but rather on forecasts of economic activity and inflation that take account of all available information.
  • 'We will want to make sure the economy has enough forward momentum to continue absorbing the unused resources and to limit disinflationary pressure. But we will also want to be sure that we haven't left highly accommodative policy in place so long that economic and financial conditions become conducive to future inflation.
  • Given the lags in the effects of monetary policy that means we will not be able to wait until the unemployment rate is down close to its long-term level.' (Xinhua)
White House budget director Peter Orszag said that the US must "get ahead" of the long-term deficit problem, adding the report in December of a newly established deficit reduction commission could play a critical role in devising policies to bring down future deficits. (Xinhua)

Japanese machinery orders unexpectedly fell for a second month in February, a sign that the resurgence in overseas demand isn’t enough to compel companies to spend on plant and equipment. Orders, an indicator of business investment in three to six months, declined 5.4% from January. The median estimate was for a 3.7% gain. (Bloomberg)

Japanese corporate bankruptcies fell for an eighth month in March as the economy improved and government lending programs kept companies afloat. Business failures slid 14.5% yoy to 1,314 cases. For the fiscal year ended March 31, failures fell 8.8% from the previous 12 months, the first decline in four years. (Bloomberg)

Thailand’s consumer confidence fell for a second month in March on concern the nation’s economic recovery will be disrupted by escalating political unrest. An index measuring sentiment fell to 69.8 last month from 70.9 in February, the University of the Thai Chamber of Commerce said. That’s the lowest level in four months. (Bloomberg)

The European Central Bank (ECB) left interest rates at a record low of 1.0% as the Greek fiscal crisis complicates its withdrawal of emergency stimulus measures. This came in line with economists’ expectation. President Jean-Claude Trichet signaled the ECB is in no rush to tighten policy as the Greek crisis delays the central bank’s exit strategy, saying the ECB’s benchmark rate is “appropriate.” (Bloomberg)

European retail sales declined 0.6% mom in February (0.2% in Jan) as rising unemployment prompted consumers to cut back spending. That’s the biggest drop since May 09. Economists forecast sales to remain unchanged. From the year-earlier month, February retail sales declined 1.1%. (Bloomberg)

European Central Bank President Jean-Claude Trichet said he does not expect Greece to default on its debt and it probably won’t need financial aid from the European Union. “A default is not an issue for Greece. I will only repeat that what is important are the measures that are taken and implemented by the Greek government and the Greek parliament,” he said. (Bloomberg)

UK factory production jumped 1.0% mom to 90.1 in February (-0.5% in Jan). the highest level since 2008, a sign the weakness of the pound is aiding the economic recovery. Economists predicted a 0.5% gain. (Bloomberg)

The Bank of England kept its bond-purchase program unchanged at £200bn for a third month as it tries to sustain the economy’s recovery from the deepest recession since World War II. The bank, which didn’t comment on the economy or the outlook for policy, also kept its benchmark interest rate at a record low of 0.5%. (Bloomberg)

Southeast Asian countries may need to manage excessive short-term capital inflows to avoid destabilizing the region’s economic recovery, the International Monetary Fund (IMF) said. “Economic growth in the region may be 5.5% in 2010. Capital inflow is something that should be welcomed, but there are cases when excessive short-term capital flow could disturb sound economic management. Management options include fiscal tightening, exchange-rate flexibility, and reserve accumulation,” it said. (Bloomberg)

Confidence among Japanese merchants rose to 47.4 in March (42.1 in Feb), marking the highest in almost three years and signaling the benefits of the export-led recovery are beginning to reach households. Market forecast it would increase to 44.9 for March. (Bloomberg)

South Korea’s bank lending to households rose KRW1.9tr to KRW409.3tr for the first time in three months in March (KRW407.3tr in Feb) as mortgage loans increased. Mortgage lending increased by KRW1.7tr in March, the most since Dec 09. while loans to companies rose by KRW1.1tr to KRW514.3tr. The broadest measure of money supply, M2, grew 9.4% yoy in February (9.3% in Jan). (Bloomberg)

Southeast Asian governments will continue “supportive” policies to sustain their economies until private demand regains momentum, finance ministers from the region’s 10 nations said. Capital inflows are returning to the region and policy makers are “cognizant” of the risks that such funds bring. (Bloomberg)

A small one-off revaluation of the yuan may be a better option than returning to a gradual appreciation stance to help deter speculators, said Xia Bin, an adviser to the People’s Bank of China. China should move back to a “managed float” of the currency “as soon as possible” after keeping the exchange rate pegged at around Rmb6.83 per dollar since Jul 08. The central bank should widen the yuan’s daily trading band from 0.5%, declining to give comment on how much, he added. (Bloomberg)

Taiwan’s exports climbed 50.1% yoy for a fifth month in March (32.6% in Feb) as the recovery of the global economy boosted demand for the island’s electronic goods. Imports rose 80.3% (45.8% in Feb), resulting in a trade surplus of US$1.5bn in March (US$0.9bn in Feb). Economists forecast the exports and imports would increase by 41.1% and 68.0% respectively in the month. (Bloomberg)

Indonesia’s stocks are in a bubble and officials are prepared to put controls on capital inflows if needed to maintain financial stability, Perry Warjiyo, the head of the central bank’s economic research and monetary policy division said. “The actual stock price now is actually exceeding the fundamental value. Whatever methodology we use shows an excess valuation,” he noted. (Bloomberg)

India’s food inflation accelerated 17.7% yoy in the week ended 27 Mar for a second straight week, increasing pressure on the central bank to raise interest rates. It gained 16.4% in the previous week. (Bloomberg)

Japan's current account surplus expanded by 29.6% yoy to ¥1.47tr in February (¥0.9tr in Jan), thanks to a strong rise in exports outpacing the growth of imports, the finance ministry said. Strong Asian demand, however, has recently helped Japan's recovery. Economists projected it would increase to ¥1.62tr in February. (Channel News Asia)