KLCI chart reading : side way range bound little downside biased.
UMW mulls energy venture
UMW Holdings, which has interests in the auto and oil and gas businesses, is mulling the possibility of entering the energy business as part of its long-term plan to diversify its earnings base. President and group chief executive Datuk Syed Hisham Syed Wazir said the group has received numerous proposals on how it can do this. "But we haven't made any decisions yet and are still evaluating all the proposals. We will only make a decision by year-end," Syed Hisham said. He declined to be specific although stressed that UMW's oil business, in which it makes drilling pipes and operates oil rigs, is mainly about the supply of products and services rather than producing energy. (BT)
Tanjung Offshore gets RM15m contract from Murphy Sarawak
Tanjung Offshore’s unit has received a RM15m contract to provide valve repair and maintenance services for Murphy Sarawak Oil. It said on 27 April its unit Tanjung Maintenance Services SB’s contract was effective from Mar 2011 to Mar 2014 with option to renew for another two years. “In the event the contract is renewed for another two years, the contract costs will be determined at the then costs/prices,” it said. Tanjung Offshore said the contract was expected to contribute positively to its earnings and net assets for the financial years ending 31 Dec 2011 and beyond.(Financial Daily)
Masterskill ties up with University of Newcastle
Masterskill Education Group announced on Bursa Malaysia yesterday that the company had entered into an Undergraduate Articulation Programme Agreement with Australia’s University of Newcastle. The private higherlearning provider, through its wholly owned subsidiary Masterskill (M) SB together with the University of Newcastle, could establish an agreement by which Masterskill students who have finished Part 1 of the Programme, are given an 80 units (1 year) of advanced standing by Newcastle into the Bachelor of Business and Bachelor of Commerce programmes, Part 2 at Newcastle. The combination of undergraduate studies at Masterskill and Newcastle would be known as the Joint Programme of Undergraduate Studies, according to the announcement. (Financial Daily)
TH Plantations to acquire land in Indonesia
TH Plantations plans to expand its landbank to 50,000ha by 2012, from the current 39,113ha. It is eyeing areas in Kalimantan and Sumatera, Indonesia, where land prices are significantly lower than Sabah and Sarawak. Datuk Zainal Azwar Zainal Aminuddin, executive director and CEO, explained that a hectare of land in Kalimantan or Sumatera may cost USD450 to USD650 (RM1341 to RM1937). By comparison, the price range in Sabah is RM4500 to RM6000 per ha and RM4000 to RM5000 per ha in Sarawak.(Financial Daily)
Unisem posts lower Q1 profit on currency fluctuations
Unisem (M) Bhd has posted a lower group net profit of RM5.4m for the first quarter ended 31 Mar 2011, compared with RM41.3m in the same period last year. Group revenue stood at RM292m, a 11.3% decline from the same quarter a year earlier. The decline in revenue was mainly due to a weaker US dollar against the ringgit, compared to the rates that prevailed in the previous corresponding quarter, the company said in a filing with Bursa Malaysia. The lower net profit was due mainly to the lower revenue achieved as well as losses at PT Unisem and Unisem Europe. (StarBiz)
RHBCap: Chinese banks interested in ADCB's stake. Amid speculation that China Construction Bank is seeking BNM approval to acquire a stake in EON Capital, Chinese were also among those invited to tender for the block of shares in RHBCap that is to be put on the market by Abu Dhabi Commercial Bank (ADCB) . (Source: The Edge Financial Daily)
KFC Holdings: To invest RM45m in 25 new outlets this year. KFCH MD Jamaludin Md Ali said this after yesterdays AGM adding that 10 of the outlets will be 'drive-thrus'. On its overseas expansion, nine outlets have been planned for India. Overseas top line contribution from Brunei and Singapore will come up to 15%. (Source: Business Times)
TH Plantations: Higher FFB output expected this year. The company is targeting 504,901mt of palm bunches from 463,949mt in 2010. The company aims to expand its land bank to 50,000 ha from 39,113 ha by 2010 and is looking at Sabah, Sarawak, Sumatra and Kalimantan. (Source: TheStar)
Rubber: Malaysian production may rise 6.5%. Higher prices may encourage farmers to boost production tapping and output may increase to 1m metric tonnes this year from 939,000 in 2010. Thai production may decline if rains persist across the countrys main southern growing region (Source: The Malaysian Reserve)
Timber: Sarawak's log production falls. Total production in 1Q 2011 was down 28% YoY due to a combination of bad weather and flooding and impoundment of the Rejang River basin. Log prices are however expected to be higher this year due to tighter supply bigger demand. (Source: Business Times)
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