Thursday, December 17, 2009
20091217 1234 FCPO Mid Day Hourly Chart Study.
20091217 1015 Malaysia Corporate News.
Iskandar Malaysia will be the location of an integrated media production studio facility known as Pinewood Iskandar Malaysia Studios (PIMS) costing RM400m. Khazanah Nasional Bhd, via its wholly-owned subsidiary Beserah Ventures Sdn Bhd, and Pinewood Shepperton Plc of the United Kingdom have entered into definitive agreements to develop the facility. Khazanah Nasional MD Tan Sri Azman Mokhtar said the state-of-art facility is expected to open in early 2013, he said. Pinewood Studios has been known to host some of the silver screen's best moments, including movies such as James Bond, Batman, Lara Croft and Superman as well as feature films, television dramas, commercials, pop promotions, animation and photo shoots. (Bernama)
Khazanah Nasional said it will continue to reduce stakes in its companies in a gradual and orderly manner, said its top executive. "Yes, there will be further divestment. We will continue to look at our portfolio, whichever we feel is non-core or has reached certain maturity that we don't need to hold," he said. (BT)
The price of Malaysian crude palm oil (CPO) could rise to the RM2,800-RM3,000/MT level by end 1Q 2010 on higher global demand, an industry expert said. Dorab Mistry, director of Godrej International Ltd London, said global demand would rise by 5.5m MT and price of palm oil would rise higher compared to other vegetable oils. With more of China's and India's rural population crossing the US$1,000 per capita income, a massive demand for edible oil would eventually be created, Mistry said. Mistry also predicted Malaysia's production to dip due to El Nino. (Bernama)
Malaysia Airlines will not place any orders for the B787 Dreamliner as it does not see a fit in the delivery schedule for now even though the B787 uses 20% less fuel than existing aircraft.
We are neutral on this news given its immaterial impact to B-Toto’s bottomline. The sale proceeds will be channeled for ILTS’ working capital purposes. Berjaya Asset’s subsidiary, Natural Avenue, is involved in the NFO business in Sarawak. We believe the system purchase is for upgrade purposes.
Maybank will raise its stake in Vietnam’s An Binh Bank to 20% from 15% following the latter's sale of some 17.8m shares today. According to a Reuters report last Friday, the share sale would raise its registered capital by 22% to 3.48tn dong (RM638.3m). (Financial Daily)
HSBC Holdings plc, Bank of Nova Scotia and Hong Leong Bank are among bidders for a stake in Siam City Bank Pcl, Thailand’s seventh-biggest lender by assets, four people familiar with the matter said. Bank of Nova Scotia made the offer together with its local affiliate Thanachart Bank Pcl, the people said. Thailand’s central bank is seeking about US$1bn for its 47.6% stake, people with knowledge of the matter said last month. (Financial Daily)
Bank Islam Malaysia may indirectly become a property developer as it explores the prospect of developing wakaf land into property projects. It is in talks with various Islamic religious and economic agencies, such as Yayasan Wakaf Malaysia, on developing wakaf land nationwide. Group managing director Datuk Seri Zukri Samat said that instead of just providing the financing, the bank could also become joint project owner. (BT)
Kuwait Finance House said it does not have a legally binding agreement to buy a building from YNH Property. "A conditional letter of offer was executed but the SPA was not executed as the condition letter of offer which amongst others includes the necessary approvals from KFH's board of directors, shareholders and/or committee were not obtained," KFH said in a statement. "As both parties were unable to agree on a revised structure and the terms of the sale, KFH has decided not to proceed with the purchase of the said Menara YNH," it added. (BT)
KPJ Healthcare has entered into a conditional sale and purchase agreement with Property Base Development to buy the seven-storey Maharani Specialist Hospital in Muar, Johor, for RM22m. The deal includes the 6.9m sq m of land which the hospital is sited on. The estimated further development cost on the property is RM26m. (BT)
Ho Hup Construction’s 70% subsidiary Bukit Jalil Development plans to sell 13,398 sq m of freehold land in Bandar Bukit Jalil for RM7.64m to Action Master. Proceeds will be used to repay borrowings and fund working capital. Ho Hup will realise a gain of RM520,181 from the sale. (BT)
Ho Wah Genting will venture into tin mining to widen its earnings base, having secured a concession agreement from the Perak state government last year to extract tin until 2018 at a 202.4ha site in Pengkalan Hulu, Grik, Perak. "We will spend RM15m to buy machinery and equipment, which should be in place by 2Q 2010,” CEO and MD William Teo Tiew said. (BT)
Key Asic hopes to finalise merger and acquisition talks with its Japanese and American counterparts by the first quarter of next year. This is part of a move to tap the growing demand for smartphones and netbooks. If talks with the Japanese company goes comes through, it expects a combined sales of 40% from the US and Japan in 2010. Eg said the group’s performance for 2009 will be flat due to the global economic slowdown. However, it is expected to rebound next year in line with the projected growth of smart phones and netbooks. (BT)
Scomi Group has raised RM151m from a rights issue. The group is gaining strong interest from Brazil, the Gulf States, India and China through its public transport technology, the monorail. In a recent development, it was selected as one of the preferred bidders in a Sao Paulo monorail project worth RM2.2bn. (Bernama)
IJM Construction was awarded "Contractor of the Year" at the Malaysia Construction Industry Excellence Awards (MCIEA) 2009. (Bernama)
Xingquan International Sports Holdings, which is aggressively expanding its production capacity, expects to pay out 10-20% of its net profit as maiden dividends to shareholders for FYE6/10. Chairman and CEO Wu Qing-Quan ruled out the possibility of a share buyback exercise in the medium term to help boost its weak share price. (Financial Daily)
Boustead Holdings has terminated an agreement to acquire a 51% stake in Atlas Hall Sdn Bhd for RM8m, and came up with a new agreement to acquire the stake in the oil and gas engineering player at half the price. (Financial Daily)
Heveaboard is looking at potential markets in Japan and US after the firm landed the necessary certifications, its group MD Tenson Yoong said. The firm’s plant in Gemas is capable of producing 535,000 cu m of particle board annually on two lines but Plant 1 has not been operational since Dec-08. (Malaysian Reserve)
Khazanah Nasional said it will continue to reduce stakes in its companies in a gradual and orderly manner, said its top executive. "Yes, there will be further divestment. We will continue to look at our portfolio, whichever we feel is non-core or has reached certain maturity that we don't need to hold," he said. (BT)
The price of Malaysian crude palm oil (CPO) could rise to the RM2,800-RM3,000/MT level by end 1Q 2010 on higher global demand, an industry expert said. Dorab Mistry, director of Godrej International Ltd London, said global demand would rise by 5.5m MT and price of palm oil would rise higher compared to other vegetable oils. With more of China's and India's rural population crossing the US$1,000 per capita income, a massive demand for edible oil would eventually be created, Mistry said. Mistry also predicted Malaysia's production to dip due to El Nino. (Bernama)
Malaysia Airlines will not place any orders for the B787 Dreamliner as it does not see a fit in the delivery schedule for now even though the B787 uses 20% less fuel than existing aircraft.
- MAS chief financial officer Mohd Azha Abdul Jalil said “there are many orders for the Dreamliner and any orders placed today will only see delivery in 2020. “We are currently planning to refresh our wide-body aircraft but we don’t see a fit between our current fleet plans and the delivery dates of the Dreamliner. As such, at this point, there are no plans to place orders for the Dreamliner.’’
- Delayed for two years, the 250-seater B787 is the first commercial plane to be built with a plastic fuselage and an all-electric system. MAS will be taking delivery of the first of the 35 B737-800 from October next year. (Star)
We are neutral on this news given its immaterial impact to B-Toto’s bottomline. The sale proceeds will be channeled for ILTS’ working capital purposes. Berjaya Asset’s subsidiary, Natural Avenue, is involved in the NFO business in Sarawak. We believe the system purchase is for upgrade purposes.
Maybank will raise its stake in Vietnam’s An Binh Bank to 20% from 15% following the latter's sale of some 17.8m shares today. According to a Reuters report last Friday, the share sale would raise its registered capital by 22% to 3.48tn dong (RM638.3m). (Financial Daily)
HSBC Holdings plc, Bank of Nova Scotia and Hong Leong Bank are among bidders for a stake in Siam City Bank Pcl, Thailand’s seventh-biggest lender by assets, four people familiar with the matter said. Bank of Nova Scotia made the offer together with its local affiliate Thanachart Bank Pcl, the people said. Thailand’s central bank is seeking about US$1bn for its 47.6% stake, people with knowledge of the matter said last month. (Financial Daily)
Bank Islam Malaysia may indirectly become a property developer as it explores the prospect of developing wakaf land into property projects. It is in talks with various Islamic religious and economic agencies, such as Yayasan Wakaf Malaysia, on developing wakaf land nationwide. Group managing director Datuk Seri Zukri Samat said that instead of just providing the financing, the bank could also become joint project owner. (BT)
Kuwait Finance House said it does not have a legally binding agreement to buy a building from YNH Property. "A conditional letter of offer was executed but the SPA was not executed as the condition letter of offer which amongst others includes the necessary approvals from KFH's board of directors, shareholders and/or committee were not obtained," KFH said in a statement. "As both parties were unable to agree on a revised structure and the terms of the sale, KFH has decided not to proceed with the purchase of the said Menara YNH," it added. (BT)
KPJ Healthcare has entered into a conditional sale and purchase agreement with Property Base Development to buy the seven-storey Maharani Specialist Hospital in Muar, Johor, for RM22m. The deal includes the 6.9m sq m of land which the hospital is sited on. The estimated further development cost on the property is RM26m. (BT)
Ho Hup Construction’s 70% subsidiary Bukit Jalil Development plans to sell 13,398 sq m of freehold land in Bandar Bukit Jalil for RM7.64m to Action Master. Proceeds will be used to repay borrowings and fund working capital. Ho Hup will realise a gain of RM520,181 from the sale. (BT)
Ho Wah Genting will venture into tin mining to widen its earnings base, having secured a concession agreement from the Perak state government last year to extract tin until 2018 at a 202.4ha site in Pengkalan Hulu, Grik, Perak. "We will spend RM15m to buy machinery and equipment, which should be in place by 2Q 2010,” CEO and MD William Teo Tiew said. (BT)
Key Asic hopes to finalise merger and acquisition talks with its Japanese and American counterparts by the first quarter of next year. This is part of a move to tap the growing demand for smartphones and netbooks. If talks with the Japanese company goes comes through, it expects a combined sales of 40% from the US and Japan in 2010. Eg said the group’s performance for 2009 will be flat due to the global economic slowdown. However, it is expected to rebound next year in line with the projected growth of smart phones and netbooks. (BT)
Scomi Group has raised RM151m from a rights issue. The group is gaining strong interest from Brazil, the Gulf States, India and China through its public transport technology, the monorail. In a recent development, it was selected as one of the preferred bidders in a Sao Paulo monorail project worth RM2.2bn. (Bernama)
IJM Construction was awarded "Contractor of the Year" at the Malaysia Construction Industry Excellence Awards (MCIEA) 2009. (Bernama)
Xingquan International Sports Holdings, which is aggressively expanding its production capacity, expects to pay out 10-20% of its net profit as maiden dividends to shareholders for FYE6/10. Chairman and CEO Wu Qing-Quan ruled out the possibility of a share buyback exercise in the medium term to help boost its weak share price. (Financial Daily)
Boustead Holdings has terminated an agreement to acquire a 51% stake in Atlas Hall Sdn Bhd for RM8m, and came up with a new agreement to acquire the stake in the oil and gas engineering player at half the price. (Financial Daily)
Heveaboard is looking at potential markets in Japan and US after the firm landed the necessary certifications, its group MD Tenson Yoong said. The firm’s plant in Gemas is capable of producing 535,000 cu m of particle board annually on two lines but Plant 1 has not been operational since Dec-08. (Malaysian Reserve)
Wednesday, December 16, 2009
20091216 1820 FCPO EOD Daily Chart Study.
Stronger commodities price push FCPO price to closed higher at 2587 up 57 points with supportive volume transacted. At closed, the daily candle stayed near the upper Bollinger band = the downward correction has ended with possible upward movement resume. Bollinger band with getting narrower = market upside is temporary limited to the upper Bollinger band, may go side way from there before the band width started to turn outward. MACD Histrogram recorded higher reading = buyer has returned back to the market. With the underlying strength gathered after downward rest correction of the uptrend market, expecting a trade upside biased with immediate target/resistant at 2606 followed by 2651 level.
When to buy : buy at support/weakness/break up with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20091216 1755 FKLI EOD Daily Chart Study.
3.5 points range FKLI market closed the day up 1.5 point at 1267 with drying volume. Daily chart wise, price manage to trade above the middle Bollinger band = market have turned into positive tone mildly. Bollinger band width continue to narrow = side way range bound likely. MACD Histrogram reading improved = light buying activities with the absence of seller. Closed right at the resistant upper downward channel line, waiting for market to decide on its direction either to break above or retrace downward again or even continue to go side ways. Wait and see but seriously, regardless of where the market move, the range is just too small to earn a penny. I think its already half life near death with the deteriorating volume. Hahaha.. Just my imaginative jokes.
When to buy : Better off for Christmas shopping or take a rest.
When to sell : Better off for Christmas shopping or take a rest.
Plan for next year !
20091216 1341 FKLI Mid Day Hourly Chart Study.
FKLI tested the upper downward channel line and seems lack of momentum to march further ended the first session down 0.5 point to closed at 1265. The last hourly chart candle still holding above the middle Bollinger band with the band width turning inwards = market tested resistant level and likely to trade side way with a little upside biased for the near term. MACD Histrogram last reading seems weaker than the previous bars = seller still in control of the market. At the juction, expecting market to trade side way ranging due to lack of evidence for market to march up further. But should increasing volume returned to the market at the second session with price break above the upper downward channel line, market could possible test the next resistant level at 1269.
20091216 1322 FCPO Mid Day Hourly Chart Study.
FCPO third month contract traded firmer with improved volume up 49 points to closed at 2579 at the first session. Hourly chart wise, market gap up and traded strongly through out the entire morning and closed right above the upper Bollinger band with the band width expanding = market movement has turned upside biased for the near term. MACD Histrogram recorded some good progress = buying interest has returned to the market. Market managed to test above the minor resistant line at 2590 to reach the high of 2595 before easing downward due to mild profit taking activities by intraday trader. Should more volume come in at the second half session, market is likely to rest another stronger resistant level at the previous high level of 2606. Immediate support stands at 2535 level.
20091216 0956 Malaysia Corporate News.
Malaysia's power demand may rise 3% in FYE8/10, Tenaga’s CEO Datuk Seri Che Khalib Mohamad said. Electricity demand was already up by more than 3% in Oct-Dec 2009 period, he added. (Reuters)
We are neutral on this news as the 3% power demand growth guidance exactly matches our FY10 projection for Tenaga.
Mah Sing Group has secured an en bloc sale of a seven-storey retail and office space known as Apex Tower to a Taiwanese individual, Chen Ho-Yuan, for RM63m cash. The tower, which has about a net floor area of 90,126sf, formed part of the overall freehold commercial development project, Southgate, located at the intersection of Jalan Dua and Jalan Sungai Besi. The latest transaction had helped Mah Sing clock up total sales of RM678m, exceeding its full-year target of RM453m by 1.5x. (Financial Daily)
We are not surprised by the sale as it has been Mah Sing's intention to find an en bloc buyer for the building. Nonetheless, it is a positive development and indicates that the en bloc market still exists for strategically located property and developers with strong marketing prowess can still secure such sales.
Genting Singapore’s UK arm has been selected as the new casino operator of The Nile Ritz Carlton Hotel in Cairo for an initial period of 10 years. The Nile Hotel is owned by Misr Hotels Company, a leading government-controlled hotel owner and operator in Egypt. Misr Hotels will shortly refurbish this hotel before reopening it in early 2012. Genting UK plans to operate under the “Crocksfords on the Nile” brand when the hotel re-opens its doors. (SGX)
Mudajaya JV has bagged a RM241.3m contract to construct Boulevard Plaza in Putrajaya. The JV, comprises Mudajaya (51%) and Bina Rezeki Sdn Bhd (49%). The project is to be completed by Dec 2011. (BT, BMSB)
This announcement is positive but not a major surprise as the company had indicated potential local contract wins before end 09. This project was awarded on a negotiated basis. Mudajaya would undertake 51% share of works. Assuming a pretax margins of 10%, this project would raise FY10-11 pretax profits by around 2% and raise outstanding orderbook by 2% to RM5.5bn.
The much anticipated grand opening of the largest AEON Jusco mall in the country in Melaka this Dec 17 is likely to be postponed following a fatal gas explosion. The explosion was said to have happened at the food court section located on ground floor of the threestorey complex. Initial investigations indicated the blast originated from a leak in the gas system. (Star, Bernama)
Though this news is a negative surprise, we do not expect this to have a major implication to WCT, who is the contractor for the project. The project is already at its tail-end.
LCL Corp announced that it is now considered a Practice Note 17 (PN17) company as it is unable to provide a solvency declaration to Bursa. Bursa also publicly reprimanded LCL for failing to submit its FY08 annual audited accounts before end-Apr 09. LCL submitted it on 5/5/09, after a delay of two market days. (BMSB)
Tenaga (TNB) said the plan to supply electric power from the 2,400MW Bakun hydro dam to Peninsular Malaysia by 2015, is still on. "As far as we understand TNB will still be able to access power produced by the hydro plants in Sarawak," said its chairman, Tan Sri Leo Moggie. "Obviously some of the power will be utilised by Sarawak’s heavy industries but Sarawak has a potential of producing substantial capacity," Moggie said. What has been identified for transmission to Peninsular Malaysia, will still be within the total available capacity that can be generated in Sarawak. TNB plans on bringing in only 1,600MW and 800MW respectively by 2015 and 2017, he said. (Bernama)
Tenaga has short-circuited hopes for a reduction in power charges. “Logically, you can’t reduce both subsidies and tariffs at the same time,” said CEO Datuk Seri Che Khalib. “I think the revision of gas prices in Jan-10 and its impact is more crucial, rather than asking TNB whether we are going to increase tariffs,” he said. He added that any move by the government to lower electricity prices, even as natural gas costs rise, would not be feasible. (Starbiz)
Tenaga has no intention of selling its 20% stake in Jimah Energy Ventures Sdn Bhd. "There's no reason why we should sell," president and CEO Datuk Seri Che Khalib Mohamed Noh. "We have not been notified by Jimah. We are also a shareholder of Jimah. In fact, under the Jimah shareholder agreement, we have pre-emptive right and if they want to sell their stake to other party, they have to seek our consent," Che Khalib added. (Bernama)
AirAsia yesterday launched the Kochi - Kuala Lumpur route, its latest Indian destination alongside Kolkata and Thiruvananthapuram, which opened for sale on 15 October 2009.
Telekom Malaysia (TM) is offering a special year-end promotion for most of its telephony, internet and SMS products and services. In a statement today, it said among the products on promotion are the Streamyx Super Upgrade Deal campaign, low call rates from ITalk and TM Homeline, the ITalk iWin Contest and TM's InfoBlast promotion.
YTL Corp is proposing to issue up to US$400m nominal value of up to seven-year guaranteed exchangeable bonds that may be exchangeable into new YTL Corp shares. Proceeds raised were to refinance existing borrowings and to grow its operations and pursue opportunities in Malaysia and abroad. (Starbiz)
Genting Malaysia should have, in the spirit of good corporate governance, sought the approval of its minority shareholders for its latest RPTs, Minority Shareholder Watchdog Group (MSWG) said. MSWG CEO Rita Benoy Bushon voiced hopes that the regulators would look into RPTs of this nature and reduce the threshold level to, say, 2% instead of the current 5% of shareholders funds, especially for deals not in the ordinary course of business. (BT)
Kuwait Finance House has pulled out from a RM920m deal to purchase 50% of Menara YNH from YNH Property, with no immediate word from either party as to the reason for the move. YNH said that it may seek damages from the Kuwait based Islamic bank. (Malaysian Reserve)
We are neutral on this news as the 3% power demand growth guidance exactly matches our FY10 projection for Tenaga.
Mah Sing Group has secured an en bloc sale of a seven-storey retail and office space known as Apex Tower to a Taiwanese individual, Chen Ho-Yuan, for RM63m cash. The tower, which has about a net floor area of 90,126sf, formed part of the overall freehold commercial development project, Southgate, located at the intersection of Jalan Dua and Jalan Sungai Besi. The latest transaction had helped Mah Sing clock up total sales of RM678m, exceeding its full-year target of RM453m by 1.5x. (Financial Daily)
We are not surprised by the sale as it has been Mah Sing's intention to find an en bloc buyer for the building. Nonetheless, it is a positive development and indicates that the en bloc market still exists for strategically located property and developers with strong marketing prowess can still secure such sales.
Genting Singapore’s UK arm has been selected as the new casino operator of The Nile Ritz Carlton Hotel in Cairo for an initial period of 10 years. The Nile Hotel is owned by Misr Hotels Company, a leading government-controlled hotel owner and operator in Egypt. Misr Hotels will shortly refurbish this hotel before reopening it in early 2012. Genting UK plans to operate under the “Crocksfords on the Nile” brand when the hotel re-opens its doors. (SGX)
Mudajaya JV has bagged a RM241.3m contract to construct Boulevard Plaza in Putrajaya. The JV, comprises Mudajaya (51%) and Bina Rezeki Sdn Bhd (49%). The project is to be completed by Dec 2011. (BT, BMSB)
This announcement is positive but not a major surprise as the company had indicated potential local contract wins before end 09. This project was awarded on a negotiated basis. Mudajaya would undertake 51% share of works. Assuming a pretax margins of 10%, this project would raise FY10-11 pretax profits by around 2% and raise outstanding orderbook by 2% to RM5.5bn.
The much anticipated grand opening of the largest AEON Jusco mall in the country in Melaka this Dec 17 is likely to be postponed following a fatal gas explosion. The explosion was said to have happened at the food court section located on ground floor of the threestorey complex. Initial investigations indicated the blast originated from a leak in the gas system. (Star, Bernama)
Though this news is a negative surprise, we do not expect this to have a major implication to WCT, who is the contractor for the project. The project is already at its tail-end.
LCL Corp announced that it is now considered a Practice Note 17 (PN17) company as it is unable to provide a solvency declaration to Bursa. Bursa also publicly reprimanded LCL for failing to submit its FY08 annual audited accounts before end-Apr 09. LCL submitted it on 5/5/09, after a delay of two market days. (BMSB)
Tenaga (TNB) said the plan to supply electric power from the 2,400MW Bakun hydro dam to Peninsular Malaysia by 2015, is still on. "As far as we understand TNB will still be able to access power produced by the hydro plants in Sarawak," said its chairman, Tan Sri Leo Moggie. "Obviously some of the power will be utilised by Sarawak’s heavy industries but Sarawak has a potential of producing substantial capacity," Moggie said. What has been identified for transmission to Peninsular Malaysia, will still be within the total available capacity that can be generated in Sarawak. TNB plans on bringing in only 1,600MW and 800MW respectively by 2015 and 2017, he said. (Bernama)
Tenaga has short-circuited hopes for a reduction in power charges. “Logically, you can’t reduce both subsidies and tariffs at the same time,” said CEO Datuk Seri Che Khalib. “I think the revision of gas prices in Jan-10 and its impact is more crucial, rather than asking TNB whether we are going to increase tariffs,” he said. He added that any move by the government to lower electricity prices, even as natural gas costs rise, would not be feasible. (Starbiz)
Tenaga has no intention of selling its 20% stake in Jimah Energy Ventures Sdn Bhd. "There's no reason why we should sell," president and CEO Datuk Seri Che Khalib Mohamed Noh. "We have not been notified by Jimah. We are also a shareholder of Jimah. In fact, under the Jimah shareholder agreement, we have pre-emptive right and if they want to sell their stake to other party, they have to seek our consent," Che Khalib added. (Bernama)
AirAsia yesterday launched the Kochi - Kuala Lumpur route, its latest Indian destination alongside Kolkata and Thiruvananthapuram, which opened for sale on 15 October 2009.
- Since the opening of these routes less than two months ago, AirAsia has experienced an overwhelming response, of nearly 100,000 seats sold. AirAsia is the only airline from Kuala Lumpur which is servicing the flight to Kochi with direct daily flights.
- Kathleen Tan, Regional Head of Commercial AirAsia said: “Amongst the destinations which are on our network radar include Chennai, Hyderabad, Banglore and Mumbai, so stay tuned for our latest development on these exciting routes.”
- AirAsia launched its first route to Trichy, India which is situated in the South Indian state of Tamil Nadu on 1 December 2008, with the second daily frequency launched on 1 September 2009. (AirAsia Press Release)
Telekom Malaysia (TM) is offering a special year-end promotion for most of its telephony, internet and SMS products and services. In a statement today, it said among the products on promotion are the Streamyx Super Upgrade Deal campaign, low call rates from ITalk and TM Homeline, the ITalk iWin Contest and TM's InfoBlast promotion.
- "During the promotion period, users will be able to enjoy super low rates on calls and SMS greeting for Christmas and New Year and faster Streamyx speeds at cheaper subscription rates until Dec 31," TM VP of retail product, Azizi A.Hadi said. (BT)
- These “beta testers” are experiencing and enjoying network access speeds of 15Mbps along with the related triple-play services of voice, video and high-speed Internet, TM announced. To date, TM has a “premises passed” achievement of 143,000 with a target completion of 150,000 premises passed by year end.
- By Dec 31, TM also expects to complete 100% physical upgrade work in the four exchanges of Taman Tun Dr Ismail, Subang Jaya, Shah Alam and Bangsar. Currently, physical fibre access work in 44 exchanges out of 95 exchanges earmarked for HSBB network rollout nationwide is ongoing. (Star)
YTL Corp is proposing to issue up to US$400m nominal value of up to seven-year guaranteed exchangeable bonds that may be exchangeable into new YTL Corp shares. Proceeds raised were to refinance existing borrowings and to grow its operations and pursue opportunities in Malaysia and abroad. (Starbiz)
Genting Malaysia should have, in the spirit of good corporate governance, sought the approval of its minority shareholders for its latest RPTs, Minority Shareholder Watchdog Group (MSWG) said. MSWG CEO Rita Benoy Bushon voiced hopes that the regulators would look into RPTs of this nature and reduce the threshold level to, say, 2% instead of the current 5% of shareholders funds, especially for deals not in the ordinary course of business. (BT)
Kuwait Finance House has pulled out from a RM920m deal to purchase 50% of Menara YNH from YNH Property, with no immediate word from either party as to the reason for the move. YNH said that it may seek damages from the Kuwait based Islamic bank. (Malaysian Reserve)
Tuesday, December 15, 2009
20091215 1840 FCPO EOD Daily Chart Study.
FCPO traded marginally higher to closed at 2525 up 12 points with low volume changed hand. Price bounced up after hitting the middle Bollinger band yesterday to closed above it with the band width continue turn inward = side way ranging market to continue. Despite the recovery, MACD Histrogram recorded a lower reading with today lower volume = buyer interest toward the market is relatively low. Expecting market continue to trade side way ranging with support at the middle Bollinger band and resistant at 2606 level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20091215 1745 FKLI EOD Daily Chart Study.
Last minuted push up resulted the FKLI to closed unchanged at 1265.5 with low volume traded. Today's 5.5 points range candle ended right at the middle Bollinger band with the band width turn narrower = upward correction has hit the first level of resistant here. MACD Histrogram recovered for the 2nd day = with today's low volume, buying activities present but not substantially sufficient yet. Market is likely to trade side way range bound with possible testing the second resistant level at the plotted upper downtrend line.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
20091215 1338 FKLI Mid Day Hourly Chart Study.
Also a quite market for FKLI that closed the first session a little weaker at 1263 down 2.5 points. Traded mostly side way within a 2 points range ping pong game, the last hourly candle still remained above the middle Bollinger band with the band width turned wider = upside biased side way ranging market. MACD Histrogram recorded a weaker reading = buyers closing some position to locked in profit. Boring sideway market ahead with immediate support at the middle Bollinger band and resistant at the upper downward channel line.
20091215 1328 FCPO Mid Day Hourly Chart Study.
FCPO closed up 4 points at 2517 with just 865 contract traded. Looks like Christmas holiday may come early this year. The hourly chart remained hovering at the middle Bollinger band with the band width narrowing = side way ranging market. MACD Histrogram turned slightly upward = no serious buying appear in the market. With the tiny amount of volume changed hand, it would be difficult to give a valid view of the market base on technical views other than a side way ranging market at this point of time until more volume return to the market. A cloudy day plus a boring market, may be this is just the right time to take some sleep or rest.
20091215 1013 Malaysia Corporate News.
LCL Corp Chairman Dato' Low Chin Meng sold his remaining 16m shares in LCL Corp last Friday at RM0.23. He does not own any more shares in the company; The 16m shares were pledged to CIMB Islamic Bank as part of the security in respect of a facility granted to LCL Corp. CIMB had invoked its rights under the memorandum of deposit to dispose the security last Friday. The net proceeds from the disposal of shares was utilised to partially settle the outstanding overdue amount of the facility granted to the Group. (BMSB)
Dato' Low remains the Group's Chairman and would likely continue to be involved in the restructuring of the Group's operations and balance sheet.
The Selangor state government did not request for Pengurusan Asset Air Bhd (PAAB) to step in to lead the talks in the state's water consolidation exercise, as allegedly claimed by PAAB CEO Ahmad Faizal Abdul Rahman. Members of parliament of Selangor Water Panel, also refuted claims that it was the Selangor government that had caused the water talks to break down.
Permodalan Nasional Bhd (PNB) is looking at the possibility of developing a 100-storey building near Stadium Merdeka and Stadium Negara here if the project is viable, said President Tan Sri Hamad Kama Piah Che Othman. He said the board of directors of PNB will study all possibilities before making any decision.
This news is positive and could increase the prices of parellel imported cars or reduce the entry of such cars into the country, in our opinion. It enables domestic manufacturers and assemblers which have made substantial investments to compete on a more level playing field.
Perisai Petroleum has acquired two jackup drilling rigs for US$10m from Cliffs Drilling Co and The Offshore Drilling Co. The company said the acquisition will provide a platform to convert the rigs into mobile offshore production and storage units and to generate robust earnings by hiring them to oil & gas field owners. (Star)
Oilcorp's subsidiary Straight A’s Portfolio Sdn Bhd was not able to redeem its outstanding Murabahah Underwritten Notes Issuance Facility Note totalling RM24m on 10 Dec redemption date. The company will address the default by formulating a restructuring plan to regularise its financial condition and appoint a principal adviser. It will continue to remain operational and make all efforts to complete its current contracts. (Star)
Indonesia will be the major overseas market focus for RHB Banking Group, once the proposed acquisition of PT Mestika Dharma is finalised by 1Q10. "RHB has a huge regional expansion programme. We have branches in Singapore, Thailand, Brunei and an office in Vietnam currently, but most probably based on our plans, Indonesia will be our biggest market after Malaysia," group MD Datuk Tajuddin Atan said. (Malaysian Reserve)
Kenanga Investment Bank (KIB), a subsidiary of K&N Kenaga Holdings, will acquire CMS Trust Management Bhd for RM23m to complement its existing business. The acquisition, to be completed in the 2Q10, is expected to strengthen the company as one of Malaysia’s leading independent financial groups. CMS Trust Management is a subsidiary of Cahaya Mata Sarawak (CMS), with an asset base of RM2bn. (StarBiz)
Maybank has denied claims that it is making a bid for a stake in Thailand’s Siam City Bank. The bank said its regional growth strategy remained focused on organic growth in its key markets and in creating synergies to extract best value from regional acquisitions. (StarBiz)
Milux Corp has been awarded a US$75.3m (RM257m) contract to supply regulator sets and gas stoves to Indonesia from Feb-Nov 2010. The contract was secured through a tendering process from the republic’s Ministry of State-Owned Enterprises. It will contribute positively to its earnings for the current fiscal year ending Aug FY10. (BT)
The government does not decide the rate charged by Astro for its direct-to-home (DTH) satellite pay TV services rendered to its subscribers. Deputy Minister of Information Communications and Culture Datuk Joseph Salang Gandum said that the paid services provided by Astro was not basic communications service but rather a choice made by subscribers to have a choice of more channels.
Salcon's Chinese JV was awarded a 30-year concession to supply treated water in China’s Yizheng City. The JV, Jiangsu Salcon Water & Environmental Development Co Ltd, will take over an existing 8km pipeline and extend it by 21km. It has been guaranteed a minimum water volume of 25,000 cubic meters/day. (BT)
Home linen manufacturer Yoong Onn Corp's initial public offering (IPO) has been oversubscribed by 12.6x. The company is scheduled to be listed on the Bursa Malaysia main market on Dec 23. The company said it received 4,832 applications for 81.54m shares worth RM71.8m for the 6m shares available for public subscription. The company’s IPO entails a public issue of 25.1m shares and an offer for sale of 25.2m shares at an issue price of RM0.88. The IPO will raise proceeds of RM22.1m. (Starbiz)
Dato' Low remains the Group's Chairman and would likely continue to be involved in the restructuring of the Group's operations and balance sheet.
The Selangor state government did not request for Pengurusan Asset Air Bhd (PAAB) to step in to lead the talks in the state's water consolidation exercise, as allegedly claimed by PAAB CEO Ahmad Faizal Abdul Rahman. Members of parliament of Selangor Water Panel, also refuted claims that it was the Selangor government that had caused the water talks to break down.
- The water panel also slammed the federal government for offering Syabas a way out of its cash flow problems. "The fact that the federal government had been secretly negotiating a RM320m loan facility to Syabas serves only to prove the federal government's bad faith in the water talks..." Selangor Water Panel member Tony Phua said. (Financial Daily)
- 1MDB, will co-invest in the project via cash or "assets" or both. "The Chinese partner has the technical expertise and considerable capital. As for 1MDB, it can help facilitate the investment from the standpoint of the state and federal governments and power through all the bureaucracy," the source said. (Starbiz)
- "Any other way (of Khazanah selling down TNB shares) would have been an unnecessary risk to the share price of TNB," Asuki said. Khazanah last week sold 86.75m shares in TNB representing 2% of the paid-up capital, at RM8.10 each, with 50m shares sold to EPF and the balance sold to more than 30 institutional funds. (Starbiz)
Permodalan Nasional Bhd (PNB) is looking at the possibility of developing a 100-storey building near Stadium Merdeka and Stadium Negara here if the project is viable, said President Tan Sri Hamad Kama Piah Che Othman. He said the board of directors of PNB will study all possibilities before making any decision.
- Sources said construction work on the building was expected to commence in 1Q10 and said the proposal on the building had been also submitted to the Ministry of Finance and that it was being studied in detail. PNB is planning to develop the 72-hectare area surrounding the country's oldest stadiums into a mixed-development project. (Bernama)
This news is positive and could increase the prices of parellel imported cars or reduce the entry of such cars into the country, in our opinion. It enables domestic manufacturers and assemblers which have made substantial investments to compete on a more level playing field.
Perisai Petroleum has acquired two jackup drilling rigs for US$10m from Cliffs Drilling Co and The Offshore Drilling Co. The company said the acquisition will provide a platform to convert the rigs into mobile offshore production and storage units and to generate robust earnings by hiring them to oil & gas field owners. (Star)
Oilcorp's subsidiary Straight A’s Portfolio Sdn Bhd was not able to redeem its outstanding Murabahah Underwritten Notes Issuance Facility Note totalling RM24m on 10 Dec redemption date. The company will address the default by formulating a restructuring plan to regularise its financial condition and appoint a principal adviser. It will continue to remain operational and make all efforts to complete its current contracts. (Star)
Indonesia will be the major overseas market focus for RHB Banking Group, once the proposed acquisition of PT Mestika Dharma is finalised by 1Q10. "RHB has a huge regional expansion programme. We have branches in Singapore, Thailand, Brunei and an office in Vietnam currently, but most probably based on our plans, Indonesia will be our biggest market after Malaysia," group MD Datuk Tajuddin Atan said. (Malaysian Reserve)
Kenanga Investment Bank (KIB), a subsidiary of K&N Kenaga Holdings, will acquire CMS Trust Management Bhd for RM23m to complement its existing business. The acquisition, to be completed in the 2Q10, is expected to strengthen the company as one of Malaysia’s leading independent financial groups. CMS Trust Management is a subsidiary of Cahaya Mata Sarawak (CMS), with an asset base of RM2bn. (StarBiz)
Maybank has denied claims that it is making a bid for a stake in Thailand’s Siam City Bank. The bank said its regional growth strategy remained focused on organic growth in its key markets and in creating synergies to extract best value from regional acquisitions. (StarBiz)
Milux Corp has been awarded a US$75.3m (RM257m) contract to supply regulator sets and gas stoves to Indonesia from Feb-Nov 2010. The contract was secured through a tendering process from the republic’s Ministry of State-Owned Enterprises. It will contribute positively to its earnings for the current fiscal year ending Aug FY10. (BT)
The government does not decide the rate charged by Astro for its direct-to-home (DTH) satellite pay TV services rendered to its subscribers. Deputy Minister of Information Communications and Culture Datuk Joseph Salang Gandum said that the paid services provided by Astro was not basic communications service but rather a choice made by subscribers to have a choice of more channels.
- "Currently, the minimum amount charged by Astro for a basic package comprising 26 channels, is still competitive at RM37.95. It is a common practice by most of the service providers throughout the world to offer packages based on the demand and requirements of clients," said Joseph Salang. (Malaysian Reserve)
Salcon's Chinese JV was awarded a 30-year concession to supply treated water in China’s Yizheng City. The JV, Jiangsu Salcon Water & Environmental Development Co Ltd, will take over an existing 8km pipeline and extend it by 21km. It has been guaranteed a minimum water volume of 25,000 cubic meters/day. (BT)
Home linen manufacturer Yoong Onn Corp's initial public offering (IPO) has been oversubscribed by 12.6x. The company is scheduled to be listed on the Bursa Malaysia main market on Dec 23. The company said it received 4,832 applications for 81.54m shares worth RM71.8m for the 6m shares available for public subscription. The company’s IPO entails a public issue of 25.1m shares and an offer for sale of 25.2m shares at an issue price of RM0.88. The IPO will raise proceeds of RM22.1m. (Starbiz)
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