KLCI chart reading :
upside biased with possible pullback correction.
PLUS privatization on track
The privatization of the country’s largest toll road operator, PLUS Expressways, is set to be concluded by this Sept, and minority shareholders will receive full cash payment. They will receive and advance payment of 15 sen, in the form of an interim dividend to be paid on 29 July 2011, and RM4.45 when the transaction is completed for a total of RM4.60 per share. (Financial Daily)
MRCB enters into MoU with Korean union
Malaysian Resources Corp (MRCB) has signed a strategic alliance memorandum of understanding (MoU) with the Korean Teachers Credit Union (KTCU) to collaborate on potential future property projects. The KTCU is a Korean government guaranteed welfare agency, with the aim of protecting the welfare and livelihood of teachers and employees in the country’s education system. The KTCU currently invests in two real estate funds for two projects in MRCB’s KL Sentral development, namely Tower 2 Lot G and Q Sentral, with a total investment value of RM660m. (Financial Daily)
Bank Muamalat, Pos Malaysia in talks to widen network
Bank Muamalat Malaysia is in talks with Pos Malaysia to explore potential avenues to strengthen the bank’s presence by leveraging on the national postal company’s national network. Bank Muamalat CEO Datuk Redza Shah Abdul Wahid said Pos Malaysia would offer a natural extension to the bank’s operations with its extensive postal network in the country. (Financial Daily)
Press Metal offers Sumitomo stake in second smelter
Press Metal (PMB) has offered Japan's Sumitomo Corp a stake in its second aluminum smelter in Samalaju, Sarawak, to help fund the project. Other parties have expressed interest in the second plant but PMB is giving Sumitomo the first option because it is already partnering the Japanese firm in its first smelter. Last Sept, Sumitomo took a 20% stake in PMB's subsidiary, Press Metal Sarawak SB (PMS), which is building a 120k tonnes per year plant in Mukah with a total investment of RM60.4m. (BT)
GAB to cut back exports to cope with rising costs
Guinness Anchor (GAB) says rising material cost is forcing it to significantly scale down exports of selected brands but it is not likely to hike prices as a result. MD Charles Ireland said the company will begin cutting down certain export stock-keeping units or SKU next month. About 20-30% of GAB's 150 SKUs is for the export and duty-free market but contributions from these segments have been flat. It is learnt that GAB's export and duty-free segment contribute just over 10% to the group. (BT)
Short term rates to remain stable: BNM
Short-term rates are expected to remain stable today as Bank Negara will issue 12 tenders to absorb excess liquidity from the financial system today. The central bank estimated huge liquidity amounting to RM40.279 billion in the conventional system and RM17.218 billion in Islamic funds. Bank Negara will issue conventional tenders of RM2.5 billion for six days, RM2.5 billion for 11 days, RM1 billion for 14 days, RM1 billion for 20 days and RM500 million for 33 days. (Business Times)
Ringgit reverses losses on bond demand
Malaysia’s ringgit rose for a third day, reversing earlier losses for this quarter, as improving sentiment toward emerging-market assets attracted global investors to the nation’s debt. Greek lawmakers passed budget-austerity measures yesterday in the first step to win more financial aid from the European Union and avert the region’s first sovereign default. Demand rose at Malaysia’s government bond sales this week on speculation foreign investors added to holdings that are at a record. (Business Times)
Yinson jumps to 13-year high on vessel job
Yinson Holdings Bhd, a Malaysian transport group, rose to its highest level in more than 13 years after saying its contract to provide an offshore support vessel to Petro Vietnam Technical Service is valued at US$331.2 million over 20 years. The stock gained 1.1 per cent to RM1.90 at 9:19 a.m. local time in Kuala Lumpur trading, set for its highest close since October 1997. (Business Times)
Steel sector upgraded to "overweight"
OSK Research Sdn Bhd has upgraded the Malaysian steel sector to an "overweight" amid merger and acquisitions and iron ore concession news set to add glow to the industry. "We are turning positive on the steel sector and believe the merger and acquisition fever within the sector, and news of iron ore mining concessions being up for grabs soon may create a new theme play in the market," it said in a research note today. Recent reports of China's Baosteel being in talks to buy a stake in Amsteel Mills have inadvertently sparked off a merger and acquisition fever in the Malaysian steel sector. (Business Times)
Hiap Teck slides to 23-month low
Hiap Teck Venture Bhd, a Malaysian steel products manufacturer, dropped to a 23-month low in Kuala Lumpur trading after fiscal third-quarter profit dropped 68 per cent from a year earlier to RM5.42 million. The stock slid 1.6 per cent to 93 sen at 9:06 a.m. local time, set for its lowest close since July 17, 2009. (Business Times)
Kinsteel rises after upgrade to 'neutral'
Kinsteel Bhd, a Malaysian steelmaker, rose to a one-month high in Kuala Lumpur trading after the stock was upgraded to “neutral” from “sell” at OSK Research Sdn Bhd. Its shares climbed 1.4 per cent to 73 sen at 9:19 a.m. local time, set for their highest close since May 27. (Business Times)
Record-breaking RM6bil sukuk sold
PETALING JAYA: Malaysia successfully concluded the sale in two tranches totalling US$2bil (RM6.06bil) of sukuk wakala in the early hours of Wednesday in deals which saw a surprisingly high subscription rate given the uncertainties in the global credit markets and the gloomier global economic outlook. (The Star)
KL market at all-time high on positive news
PETALING JAYA: The FBM KLCI yesterday surpassed its all-time high of 1,574.49 on Jan 17, as investor sentiment was buoyed by Wall Street’s sharp rise on Tuesday, which was reflective of the growing optimism for a potential viable solution to Greece’s debt crisis. (The Star)
KNM aims for RM3.4bil in new orders
SERI KEMBANGAN: KNM Group Bhd, which has an order backlog of RM5.5bil, expects to secure at least 20% of the RM17bil worth of projects it is tendering, according to executive chairman/CEO Lee Swee Eng.(The Star)
Eversendai wins new RM139mil Qatar job
PETALING JAYA: Eversendai Corp Bhd announced that it has secured a new contract in Qatar worth 165 million riyals (RM139mil), just one day before listing on Bursa Malaysia.(The Star)
Satang-RMAF contract extended
PETALING JAYA: Satang Holding Bhd told Bursa Malaysia yesterday that the Defence Ministry had extended for two years the former subsidiary’s contract for the supply of non-proprietary spare parts, components and any related equipment for aircraft of the Royal Malaysian Air Force.(The Star)
Formis says will consider adding Ho Hup stake
PETALING JAYA: Information technology services provider Formis Resources Bhd (FRB) may consider increasing its stake in Practice Note (PN) 17 firm, Ho Hup Construction Co Bhd, for the right price, said FRB chairman Tan Sri Megat Najmuddin Megat Khas.(The Star)
Maybank unit to buy ATR KimEng
PETALING JAYA: Kim Eng Holdings Ltd, a subsidiary of Malayan Banking Bhd (Maybank), is looking to buy 344.4 million shares, or a 32.24% stake, in securities broking, investment banking and corporate finance advisory firm ATR KimEng Financial Corp from ATR Holdings Inc for S$40.64mil (RM100mil). (The Star)
BCorp Q4 net profit 28% lower
PETALING JAYA: Berjaya Corp Bhd’s (BCorp) net profit for its fourth quarter ended April 30 dropped by 27.9% to RM103.6mil against the same quarter last year due to the impairment in value of certain property, plant and equipment, loss on disposal of certain investments and loss on dilution of interest in a subsidiary company as well as share of losses from jointly controlled entities. (The Star)
Jaycorp Q3 net profit down 67%
PETALING JAYA: Furniture manufacturer Jaycorp Bhd saw its third quarter ended April 30 net profit drop 67% to RM705,000 from RM2.11mil a year ago owing to a weak US dollar, higher production cost and sluggish economic conditions in its importing countries. (The Star)
Leader sees revenue from US$107mil Cambodia project
GEORGE TOWN: Leader Universal Holdings Bhd will be able to generate partial revenue from its US$107mil build-operate-own power transmission concession project in Cambodia in the third quarter of this year. (The Star)
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