FCPO closed : 2561, changed : +11 points, volume : higher.
Bollinger band reading : side way upside biased.
MACD Histrogram : rise higher, buyer taking chances.
Support : 2550, 2521, 2500, 2470 level.
Resistant : 2550, 2590, 2620 level.
Comment :
FCPO closed marginally higher with encouraging volume today after traded side way range bound within a 25 points range market as market looking forward to tomorrow 1~10 Feb 2010 export data (positive expectation). Daily chart reading seems started to turned a little positive sided with price trading near upper Bollinger band with the band width expanding. Expect market to trade side way range bound upside biased in the near term.
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.
A place for all traders and investors of Futures Markets.
Tuesday, February 9, 2010
20100209 1746 FKLI EOD Daily Chart Study.
FKLI closed : 1229.5, changed : -3.5 points, volume : higher.
Bollinger band reading : bearish.
MACD Histrogram : continue lower, seller still in.
Support : 1228, 1222, 1215 level.
Resistant : 1232, 1238, 1250 level.
Comment :
Recovery on major Asia stock market triggered seller to lock in profit on FKLI to closed way off the low after managed to test the 1232 resistant level forming a thin body long shadow doji bar candle. Daily chart outlook remain negative sided but however, the pullback upward correction could still take place tomorrow as today's drop is way too severe. Expect market to trade side way range bound downside biased.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
Bollinger band reading : bearish.
MACD Histrogram : continue lower, seller still in.
Support : 1228, 1222, 1215 level.
Resistant : 1232, 1238, 1250 level.
Comment :
Recovery on major Asia stock market triggered seller to lock in profit on FKLI to closed way off the low after managed to test the 1232 resistant level forming a thin body long shadow doji bar candle. Daily chart outlook remain negative sided but however, the pullback upward correction could still take place tomorrow as today's drop is way too severe. Expect market to trade side way range bound downside biased.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
20100209 1308 FKLI Mid Day Hourly Chart Study.
FKLI closed : 1224, changed : -9 points, volume : higher.
Bollinger band reading : bearish.
MACD Histrogram : mild recovery, seller taking profit.
Support : 1222, 1215, 1202 level.
Resistant : 1228, 1232, 1238 level.
Comment :
Overnight Dow jones dropped, lead FKLI to opened gap down, trade lower and test another 3 month low followed by some partial profit taking activities pushed price to recover slightly. The hourly chart continue to record bearish reading but with price traded little outside the lower Bollinger on the last 4th candle shows some sign of market oversold condition that cold trigger more profit taking activities to form a pullback effect. Expect market to trade side way range bound downside biased.
20100209 1247 FCPO Mid Day Hourly Chart Study.
CPO closed : 2556, changed : +6 points, volume : moderate.
Bollinger band reading : bullish biased.
MACD Histrogram : getting lower slowly, buyer still in.
Support : 2550, 2521, 2500 level.
Resistant : 2550, 2570, 2590 level.
Comment :
FCPO trade marginally higher with better volume transacted today despite a better soy oil future price. Hourly chart reading remained bullish and likely to trade side way range bound upside biased. However market could have some test at the lower support level as MACD Histrogram sliding lower slowly before continue to move up higher.
Bollinger band reading : bullish biased.
MACD Histrogram : getting lower slowly, buyer still in.
Support : 2550, 2521, 2500 level.
Resistant : 2550, 2570, 2590 level.
Comment :
FCPO trade marginally higher with better volume transacted today despite a better soy oil future price. Hourly chart reading remained bullish and likely to trade side way range bound upside biased. However market could have some test at the lower support level as MACD Histrogram sliding lower slowly before continue to move up higher.
20100209 0951 Malaysia Corporate News.
Motorists using 17 highways will receive incentives such as toll-free rides and discounts from concessionaires as “angpow” for the Chinese New Year, Works Minister Datuk Shaziman Abu Mansor said.
WCT announce that its 50:50 JV Cebarco-WCT has received additional works for the Bahrain City Centre (BCC) IFO project worth RM221m. This brings the total value of the contract, secured back in Aug 2007, to RM467m. Completion date for the additional works is 16th December 2010. (BMSB)
Award of the additional works from BCC is a positive surprise. Based on the JV share, WCT's share of the profits based on the guided 7% pretax margin is RM7.7m and would contribute 2.2% to FY10 pretax profits. Our forecasts are unchanged as this award forms our RM1.5-2bn of new orderbook in 2010.
Hong Leong Bank (HLBB) says it is unable to consider the request to maintain its RM4.9bn acquisition offer for EON Capital from two major shareholders. "The EONCap board had rejected the Offer and HLBB has not been informed of any change in the board's position," HLBB said.
Maxis is targetting between 100 and 150 new commercial buildings mainly in the Klang Valley, Penang and Johor for its telecom services this year, said vice president and head of enterprise and carrier business, Fitri Abdullah. It has to date connected 340 buildings after having provided its services to over 100 new buildings last year.
IOI Corporation has set up a trading company in China. Lipid Nutrition Trading (Beijing) Co, set up by IOI's subsidiary Loders Croklaan (Malaysia) Sdn Bhd, will engage in wholesales, import and export, commission-based agent of the lipids for food and supplements, and other services, IOI said. (Reuters)
Mah Sing Group is buying a 7.7ha prime freehold land in HICOM Industrial Estate in Shah Alam, Selangor, for RM45.5m cash or RM54/psf. The property developer plans to make it its latest industrial hub project, called the iParc2@Shah Alam, with a GDV of RM143m. (BT)
Perodua will ramp up the production of its Alza multipurpose vehicle (MPV) by 50% to cut the waiting time. Managing director Aminar Rashid Salleh said the carmaker plans to produce 6,000 units a month from 4,000 now. Buyers have to wait for as long as three and a half months to get the car now. "We aim to reduce the waiting period to two months," Aminar said.
Airline companies expect a significant narrowing of losses in 2010, a survey by the International Air Transport Association (IATA) shows. It said improvements were seen in all the indicators of airline business confidence but it did not necessarily mean a return to profit. "A divergence was evident between more positive Asian airlines and more pessimism among European airlines but, for the first time since January 2008, a majority said profitability had improved in the last quarter 2009. "76% expect profitability to improve over the next 12 months," it said.
Ingress Corp says its manufacturing company in Thailand has secured a contract from General Motors Co (GM) that could likely yield 974 million baht (RM109.09m) in revenue over seven years but the value could be higher as a truck normally has a lifespan of nine years. The contract is to supply sash products to General Motors Thailand for its new onetonne truck, Ingress said. (BT)
KFC Holdings will open five new Rasamas restaurants this year. Each restaurant will cost about RM600,000. At present, KFCH has 43 Rasamas restaurants, including three in Brunei. MD Jamaluddin Md Ali expects Rasamas' revenue contribution to KFCH to increase to 10% this year from 8% last year. (Bernama)
Putrajaya Holdings (PHB) will invest RM182m to develop the first commercial green building complex in Putrajaya. The complex, located in Precinct 2, will feature an eightstorey building, a four-storey podium block and two courtyards. It will be ready by early 2012, PHB chief executive officer Datuk Azlan Abdul Karim said. He said construction will be done by Putra Perdana Construction S/B (PPC), the construction arm of Putrajaya Perdana, after the Chinese New Year festival.
- The concessionaire of the Kuala Lumpur-Karak Highway and East Coast Highway (Phase 1) has decided to allow free rides on 11.30pm on Feb 11 to 4.30am on Feb 12, and the same times from Feb 15-16. Other concessionaires will be offering discounts of between 5% and 20% for those using their highways,
- Highways offering discounts on Feb 14 are LDP, SPRINT, NPE, Besraya, Smart Expressway, Ampang-Kuala Lumpur Elevated Highway, Shah Alam-Kuang Guthire Corridor Expressway, KL-Putrajaya Expressway, Duke, Cheras-Kajang Expressway, Shah Alam Expressway and Kajang Dispersal Link Expressway (SILK).
- Class 1 motorists using PLUS Expressways' North-South Expressway and the North- South Expressway Central Link (Elite) highways will enjoy a 10% discount on toll fees in conjunction with Chinese New Year. The discount would be applicable from 12.01am to 7am on Feb 10,11, 12,17,18 and 19. (Bernama, Star)
WCT announce that its 50:50 JV Cebarco-WCT has received additional works for the Bahrain City Centre (BCC) IFO project worth RM221m. This brings the total value of the contract, secured back in Aug 2007, to RM467m. Completion date for the additional works is 16th December 2010. (BMSB)
Award of the additional works from BCC is a positive surprise. Based on the JV share, WCT's share of the profits based on the guided 7% pretax margin is RM7.7m and would contribute 2.2% to FY10 pretax profits. Our forecasts are unchanged as this award forms our RM1.5-2bn of new orderbook in 2010.
Hong Leong Bank (HLBB) says it is unable to consider the request to maintain its RM4.9bn acquisition offer for EON Capital from two major shareholders. "The EONCap board had rejected the Offer and HLBB has not been informed of any change in the board's position," HLBB said.
- HLBB received a letter on 5 Feb from Kualapura (M) S/B and Lintang Emas Sdn Bhd informing that two companies had on the same date called for an extraordinary general meeting (EGM). The meeting will be held on Feb 22 for the EONCap shareholders to deliberate on the appointment of eight new directors to the EONCap board.
- Kualapura and Lintang Emas have requested for HLBB to maintain the offer to EONCap for a period of 14 days after the date of the EGM. (Bernama)
- CIMB owns 94% of CIMB Thai Bank, would become the first foreign company to have a dual listing in Bangkok. The plan is subject to approval by CIMB shareholders and authorities in the two countries, including the SEC, the Thai market regulator. (BT)
Maxis is targetting between 100 and 150 new commercial buildings mainly in the Klang Valley, Penang and Johor for its telecom services this year, said vice president and head of enterprise and carrier business, Fitri Abdullah. It has to date connected 340 buildings after having provided its services to over 100 new buildings last year.
- Maxis had put in place direct fibre access into an additional 31% of the buildings in the Klang Valley last year, he said.Maxis signed a collaborative agreement between Maxis and Macro Lynx to provide a full suite of end-to-end fixed solutions to tenants at GTower.
- "Macro Lynx will be able to leverage on Maxis' fixed fibre network which allows both parties to expand their service area and improve on services to customers and we have also provided comprehensive coverage," Fitri said. (Bernama)
IOI Corporation has set up a trading company in China. Lipid Nutrition Trading (Beijing) Co, set up by IOI's subsidiary Loders Croklaan (Malaysia) Sdn Bhd, will engage in wholesales, import and export, commission-based agent of the lipids for food and supplements, and other services, IOI said. (Reuters)
Mah Sing Group is buying a 7.7ha prime freehold land in HICOM Industrial Estate in Shah Alam, Selangor, for RM45.5m cash or RM54/psf. The property developer plans to make it its latest industrial hub project, called the iParc2@Shah Alam, with a GDV of RM143m. (BT)
Perodua will ramp up the production of its Alza multipurpose vehicle (MPV) by 50% to cut the waiting time. Managing director Aminar Rashid Salleh said the carmaker plans to produce 6,000 units a month from 4,000 now. Buyers have to wait for as long as three and a half months to get the car now. "We aim to reduce the waiting period to two months," Aminar said.
- Buoyed by the prospect of a full economic recovery this year, Aminar said, Perodua hoped to better its performance last year when it sold 166,700 cars. Perodua targets to sell 176,000 units this year. (BT)
Airline companies expect a significant narrowing of losses in 2010, a survey by the International Air Transport Association (IATA) shows. It said improvements were seen in all the indicators of airline business confidence but it did not necessarily mean a return to profit. "A divergence was evident between more positive Asian airlines and more pessimism among European airlines but, for the first time since January 2008, a majority said profitability had improved in the last quarter 2009. "76% expect profitability to improve over the next 12 months," it said.
- IATA has predicted that airline net losses will halve from US$11bn in 2009 to US$5.6 bn in 2010.
- It said there was a particularly sharp improvement in both cargo and passenger demand during the previous quarter, with the majority of airlines switching from reporting declining demand to rising demand.
- Expectations for improvements in demand over 2010 have risen back to levels last seen in 2007, with over 82% of airlines expecting further gains in passenger demand and 72% expecting improved cargo demand. (Bernama)
- Both firms have expressed interest to supply the MRPs to Nepal and have submitted their proposals, said Malaysian ambassador to Nepal Datuk Ilankovan Kolandavelu in New Delhi yesterday. (Bernama)
- Lee said last week that it wanted to work with two other firms, namely GS Capital Partners VI Fund LP and Mettiz Capital Ltd, in buying KNM's entire business for 90 sen/share. Lee owns 24% of KNM.
- On why Bluefire was making the offer, KNM said it was because the company would require more money and would have to gear up further to finance its restructuring and improve its position in the market. As such, Bluefire intended to tap the funding resources and financial strengths of its equity partners. (BT)
Ingress Corp says its manufacturing company in Thailand has secured a contract from General Motors Co (GM) that could likely yield 974 million baht (RM109.09m) in revenue over seven years but the value could be higher as a truck normally has a lifespan of nine years. The contract is to supply sash products to General Motors Thailand for its new onetonne truck, Ingress said. (BT)
KFC Holdings will open five new Rasamas restaurants this year. Each restaurant will cost about RM600,000. At present, KFCH has 43 Rasamas restaurants, including three in Brunei. MD Jamaluddin Md Ali expects Rasamas' revenue contribution to KFCH to increase to 10% this year from 8% last year. (Bernama)
Putrajaya Holdings (PHB) will invest RM182m to develop the first commercial green building complex in Putrajaya. The complex, located in Precinct 2, will feature an eightstorey building, a four-storey podium block and two courtyards. It will be ready by early 2012, PHB chief executive officer Datuk Azlan Abdul Karim said. He said construction will be done by Putra Perdana Construction S/B (PPC), the construction arm of Putrajaya Perdana, after the Chinese New Year festival.
- By March, construction on the new 350-room business hotel in Precinct 1, with estimated development value of around RM160m, will start. Sunway Construction Sdn Bhd has been awarded the contract to build the four-star hotel, which is expected to open by end- 2012.
- By April, PHB plans to launch an S-shaped waterfront development, comprising boutique retail lots for alfresco dining and lifestyle offices, next to Alamanda shopping complex in Precinct 1. The RM80m project is in the tender stage now. (BT)
- However, Country Heights is disputing the claims as both exercises were non-cash transactions to facilitate its listing in 1993 and to enable corporate restructuring exercises in 1998 and 1999, the disclosure said. (Malaysian Reserve)
Monday, February 8, 2010
20100208 1821 FCPO EOD Daily Chart Study.
FCPO closed : 2550, changed : +29 points, volume : lower.
Bollinger band reading : side way upside biased.
MACD Histrogram : rise higher, some interest from buyer.
Support : 2521, 2500, 2470 level.
Resistant : 2550, 2590 level.
Comment :
A side way range bound trading day with lower volume changed hand FCPO market that tested but still failed to closed above the 2550 resistant level. It seems that market merely moves by gaping up or down during opening or closing session instead of during trading hours. Daily chart reading suggesting a side way range bound market with a little upside biased potential market likely should the Bollinger band started to turned outward.
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.
Bollinger band reading : side way upside biased.
MACD Histrogram : rise higher, some interest from buyer.
Support : 2521, 2500, 2470 level.
Resistant : 2550, 2590 level.
Comment :
A side way range bound trading day with lower volume changed hand FCPO market that tested but still failed to closed above the 2550 resistant level. It seems that market merely moves by gaping up or down during opening or closing session instead of during trading hours. Daily chart reading suggesting a side way range bound market with a little upside biased potential market likely should the Bollinger band started to turned outward.
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.
20100208 1728 FKLI EOD Daily Chart Study.
FKLI closed : 1233, changed : -10.5 points, volume : higher.
Bollinger band reading : bearish.
MACD Histrogram : dive deeper, bear is in town.
Support : 1232, 1228, 1222 level.
Resistant : 1238, 1250, 1260 level.
Comment :
Mr. Bear expand it's claw today and turned fierced punishing all the buyer. Ended today with a wide down bar candle supported with high volume, FKLI daily chart and all indicators reading remained bearish but seems a little overdone that could possibly triggered a pullback upward correction before drilling deeper. Expect market to trade side way range bound downside biased.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
Bollinger band reading : bearish.
MACD Histrogram : dive deeper, bear is in town.
Support : 1232, 1228, 1222 level.
Resistant : 1238, 1250, 1260 level.
Comment :
Mr. Bear expand it's claw today and turned fierced punishing all the buyer. Ended today with a wide down bar candle supported with high volume, FKLI daily chart and all indicators reading remained bearish but seems a little overdone that could possibly triggered a pullback upward correction before drilling deeper. Expect market to trade side way range bound downside biased.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with larger cut loss and profit target.
20100208 1301 FKLI Mid Day Hourly Chart Study.
FKLI closed : 1243, changed : -0.5 point, volume : moderate.
Bollinger band reading : bearish.
MACD Histrogram : stay flat, no significant move by both buyer and seller.
Support : 1238, 1232, 1228 level.
Resistant : 1250, 1260 level. Comment :
FKLI opened gap up higher and tested resistant level at 1250 but failed to sustain the upward momentum dragged price downward to closed at the low. Hourly chart still looks weak with some room for further downward movement. Expect market to trade side way range bound downside biased.
Bollinger band reading : bearish.
MACD Histrogram : stay flat, no significant move by both buyer and seller.
Support : 1238, 1232, 1228 level.
Resistant : 1250, 1260 level. Comment :
FKLI opened gap up higher and tested resistant level at 1250 but failed to sustain the upward momentum dragged price downward to closed at the low. Hourly chart still looks weak with some room for further downward movement. Expect market to trade side way range bound downside biased.
20100208 1248 FCPO Mid Day Hourly Chart Study.
FCPO closed : 2550, changed : +29 points, volume : low.
Bollinger band reading : bullish.
MACD Histrogram : rising, buyer in control.
Support : 2521, 2500, 2470 level.
Resistant : 2550, 2590 level.
Comment :
FCPO opened and traded higher in low volume activities after tested and closed right at the higher resistant level. Technically, hourly chart and all indicators also having bullish reading with possible pullback affect as price traded a little above the Bollinger upper band level. Nevertheless, FCPO is likely to trade side way range bound upside biased. Hopefully more volume will return to the market at the 2nd half session.
Bollinger band reading : bullish.
MACD Histrogram : rising, buyer in control.
Support : 2521, 2500, 2470 level.
Resistant : 2550, 2590 level.
Comment :
FCPO opened and traded higher in low volume activities after tested and closed right at the higher resistant level. Technically, hourly chart and all indicators also having bullish reading with possible pullback affect as price traded a little above the Bollinger upper band level. Nevertheless, FCPO is likely to trade side way range bound upside biased. Hopefully more volume will return to the market at the 2nd half session.
20100208 1007 Malaysia Corporate News.
Genting Singapore’s Resorts World Sentosa (RWS) has received its casino licence from the Casino Regulatory Authority of Singapore (CRA). Chairman, Mr Lim Kok Thay, said that RWS was 'happy to have received the casino licence'. RWS spokesman Robin Goh also declined to give a date for the opening of its casino and the Universal Studios theme park - two key elements of the IR. Mr Goh also did not say if both would open at the same time, or if the theme park would come onstream first. (Straits Times) Although not entirely a surprise, this latest news is positive and further supports our earlier view that a pre-Chinese New Year debut for the casino is possible. Our last visit to the property suggests that both the casino and Universal Studios are already completed and ready to receive visitors once the licences are awarded. Based on our last checks, it would take about 2-3 days for the casino to convert from its present trial mode to live mode.
Tenants and staff at Genting Singapore’s Resorts World Sentosa (RWS) said that they have been gearing up for the big opening at the end of this week. One tenant said yesterday they had been told by the management that the theme park is targeted to open on either Feb 12 or 13, and the casino would open on Feb 13. (Straits Times)
Berjaya Corp’s 80%-owned Berjaya Lottery Vietnam is close to receiving a gaming licence in the country – probably the first such permit to be given out there, sources say. Berjaya Sports Toto holds the remaining 20% stake. It is not clear if the licence is for lottery or for a number forecast operator (NFO) offering 4D and lotto games. The lottery in Vietnam is now under state governance, with the earnings channelled into public amenities. (The Edge Weekly)
This news is not entirely a surprise. To recap, B-Corp first submitted an application to the Vietnamese government for a licence to operate a nationwide lottery system in May-08. In Dec-09, B-Corp transferred a 20% stake in Berjaya Lottery Vietnam to B-Toto, suggesting that the award of the lottery licence could be close. We are neutral on this news as B-Toto is only expected to take on a consultancy role in this venture. With its 20% stake, we do not expect huge capex requirements from B-Toto.
The Employees Provident Fund dividend for 2009 is expected to be higher compared with the 4.5% paid out in 2008 (5.8% for 2007). EPF chairman Tan Sri Samsudin Osman said this was due to the local share market's stable position and good investment returns. "A meeting on dividend rates will be held this month, while an announcement on it will be made in March," he said, here today.
Certified sustainable palm oil shipments from exporters like Malaysia to Europe have surged in January, matching production levels, said the Roundtable of Sustainable Palm Oil (RSPO). The global organisation estimates that production will increase with "much oil from 2009 still readily available" to product manufacturers and retailers. (BT)
Genting Plantations said that Sanggau Holdings Pte Ltd, a wholly-owned subsidiary of its unit Mediglove Sdn Bhd, has signed a JV agreement with Palma Citra Investama Pte Ltd and PT Sawit Mandira to develop 17,500ha of agricultural land into oil palm plantation in Kalimantan Barat, Indonesia. Sanggau Holdings, which will have a 70% stake in the JV firm, would contribute up to RM3,500/ha but at no time exceed 70% of the total contribution of the JV company. (Starbiz)
The Association of Malay Importers and Traders of Motor Vehicles Malaysia (Pekema), Sarawak branch, has called on the federal government to review the policy to end the Approved Permit (AP) system for vehicles in Dec 2015. Chairman Datuk Abang Khalid Abang Marzuki said the government should consider the situation of Bumiputera automotive entrepreneurs in Sabah and Sarawak, who are currently behind their counterparts in Peninsular Malaysia. (BT)
Johor expects to draw in RM46bn in investment in its oil and gas (O&G) industry from two Middle Eastern companies over the next three years, says Menteri Besar Datuk Abdul Ghani Othman. The two companies in Qatar and Iran have shown interest in setting up crude oil refineries in the south-east coast of Johor by 2013.
PLUS Expressways recent proposed acquisition of a toll road concessionaire in India will not only enable the group to meet its KPI of 30% lane-km growth, but also cement its growth strategy in India. "...Malaysian Highways already have established networks and it is unlikely that more concessions will be given out here anytime soon.
Ousted Petra Perdana chairman Tengku Datuk Ibrahim Petra's fate as the CEO now lies in the hands of its new board. He was aware that he "may be out soon". Executive director Shamsul Saad said the immediate priority of the new board was to restore operations and to "get things up to speed". All 11 requisitionists have returned to work. (Edge Daily)
Magna Prima will build twin tower blocks, valued at more than RM1.3bn, on 1.05ha prime land near the Petronas Twin Towers in Jalan Ampang, Kuala Lumpur, its CEO Yoong Nim Chee chief said.
Tenants and staff at Genting Singapore’s Resorts World Sentosa (RWS) said that they have been gearing up for the big opening at the end of this week. One tenant said yesterday they had been told by the management that the theme park is targeted to open on either Feb 12 or 13, and the casino would open on Feb 13. (Straits Times)
Berjaya Corp’s 80%-owned Berjaya Lottery Vietnam is close to receiving a gaming licence in the country – probably the first such permit to be given out there, sources say. Berjaya Sports Toto holds the remaining 20% stake. It is not clear if the licence is for lottery or for a number forecast operator (NFO) offering 4D and lotto games. The lottery in Vietnam is now under state governance, with the earnings channelled into public amenities. (The Edge Weekly)
This news is not entirely a surprise. To recap, B-Corp first submitted an application to the Vietnamese government for a licence to operate a nationwide lottery system in May-08. In Dec-09, B-Corp transferred a 20% stake in Berjaya Lottery Vietnam to B-Toto, suggesting that the award of the lottery licence could be close. We are neutral on this news as B-Toto is only expected to take on a consultancy role in this venture. With its 20% stake, we do not expect huge capex requirements from B-Toto.
The Employees Provident Fund dividend for 2009 is expected to be higher compared with the 4.5% paid out in 2008 (5.8% for 2007). EPF chairman Tan Sri Samsudin Osman said this was due to the local share market's stable position and good investment returns. "A meeting on dividend rates will be held this month, while an announcement on it will be made in March," he said, here today.
- In Dec, EPF announced that it obtained RM5.5bn in profits in the third quarter last year, which was an increase of RM696.32m (14.51%) compared to RM4.8bn in the previous quarter. EPF chief executive officer Tan Sri Azlan Zainol said EPF funds had now increased to RM361.09bn compared with RM353.93bn in the second quarter last year. (Bernama, NST)
Certified sustainable palm oil shipments from exporters like Malaysia to Europe have surged in January, matching production levels, said the Roundtable of Sustainable Palm Oil (RSPO). The global organisation estimates that production will increase with "much oil from 2009 still readily available" to product manufacturers and retailers. (BT)
Genting Plantations said that Sanggau Holdings Pte Ltd, a wholly-owned subsidiary of its unit Mediglove Sdn Bhd, has signed a JV agreement with Palma Citra Investama Pte Ltd and PT Sawit Mandira to develop 17,500ha of agricultural land into oil palm plantation in Kalimantan Barat, Indonesia. Sanggau Holdings, which will have a 70% stake in the JV firm, would contribute up to RM3,500/ha but at no time exceed 70% of the total contribution of the JV company. (Starbiz)
The Association of Malay Importers and Traders of Motor Vehicles Malaysia (Pekema), Sarawak branch, has called on the federal government to review the policy to end the Approved Permit (AP) system for vehicles in Dec 2015. Chairman Datuk Abang Khalid Abang Marzuki said the government should consider the situation of Bumiputera automotive entrepreneurs in Sabah and Sarawak, who are currently behind their counterparts in Peninsular Malaysia. (BT)
Johor expects to draw in RM46bn in investment in its oil and gas (O&G) industry from two Middle Eastern companies over the next three years, says Menteri Besar Datuk Abdul Ghani Othman. The two companies in Qatar and Iran have shown interest in setting up crude oil refineries in the south-east coast of Johor by 2013.
- The Qatar company has committed investments totalling RM16bn, while the Iranian company is expected to invest RM30bn Abdul Ghani said the Malaysian Industrial Development Authority (Mida) and the National Economic Council have approved for the projects to be set up in Pengerang, Johor. The projects' approval will be finalised at state government-level. (BT)
PLUS Expressways recent proposed acquisition of a toll road concessionaire in India will not only enable the group to meet its KPI of 30% lane-km growth, but also cement its growth strategy in India. "...Malaysian Highways already have established networks and it is unlikely that more concessions will be given out here anytime soon.
- Therefore, we are looking beyond our shores. " MD Noorizah Abd Hamid said. The projects marks PLUS' second venture in India. Between Indonesia and India, India is a more viable option, given a strong and supportive government policy to spur infrastructure growth. (Edge Weekly)
- Meanwhile, ahead of its official launch, E&O's Quayside condominium project, a component of its Seri Tanjung Pinang waterfront development, has already received some 100 bookings from both foreigners and locals for the more than 300 units in the first block, ED Eric Chan said. (BT)
Ousted Petra Perdana chairman Tengku Datuk Ibrahim Petra's fate as the CEO now lies in the hands of its new board. He was aware that he "may be out soon". Executive director Shamsul Saad said the immediate priority of the new board was to restore operations and to "get things up to speed". All 11 requisitionists have returned to work. (Edge Daily)
Magna Prima will build twin tower blocks, valued at more than RM1.3bn, on 1.05ha prime land near the Petronas Twin Towers in Jalan Ampang, Kuala Lumpur, its CEO Yoong Nim Chee chief said.
- Magna Prima bought the land, currently occupied by the 44-year-old Lai Meng Primary School and Lai Meng Kindergarten, from the Lai Meng Girls School Association for RM148.2m in Mar-09. Previously, Magna Prima had wanted to build a 50-storey Grade A office building, a 38-storey serviced apartment tower and a two-level retail podium, with total estimated gross floor area of 1.2m sf, on the existing school site.
- Magna Prima is targeting to start construction in 2013, after approval by Ho Hup Construction Co Bhd's shareholders to sell to the company 2.2ha in Bukit Jalil, Kuala Lumpur, for RM10.7 million where the new Lai Meng school will be built.The school association has confirmed that it will move to a site in Bukit Jalil, and Magna Prima will help in the relocation of the school, Yoong said. However, Magna Prima's project in Jalan Ampang will only start when the new school is completed. (BT)
Friday, February 5, 2010
20100205 1848 FCPO Weekly Chart Study.
FCPO closed : 2521, changed : +76 points, volume : lower.
Bollinger band reading : side way and little bullish.
MACD Histrogram : getting lower, both buyer and seller remained cautious.
Support : middle Bollinger band, 2400, 2350 level.
Resistant : 2521, 2650, 2740 level.
Comment :
FCPO traded higher after market attempted to test the middle Bollinger band support level but failed. Weekly chart wise reading remained side way range bound with possible testing further upside resistant level after the middle Bollinger band support level defense still holding firmly. However strong resistant also existed at the pivot 2521 level. Tougher ahead.
Bollinger band reading : side way and little bullish.
MACD Histrogram : getting lower, both buyer and seller remained cautious.
Support : middle Bollinger band, 2400, 2350 level.
Resistant : 2521, 2650, 2740 level.
Comment :
FCPO traded higher after market attempted to test the middle Bollinger band support level but failed. Weekly chart wise reading remained side way range bound with possible testing further upside resistant level after the middle Bollinger band support level defense still holding firmly. However strong resistant also existed at the pivot 2521 level. Tougher ahead.
20100205 1818 FCPO EOD Daily Chart Study.
FCPO closed : 2521, changed : +11 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : rise above zero line, buyer see some encouragement.
Support : 2500, 2470, 2440 level.
Resistant : 2521, 2550, 2590 level.
Comment :
Bursa Malaysia crude palm oil futures closed near the high and right at the resistant level after market open gap down and traded one way ticket higher. Despite the two day wide body up bar candle, FCPO daily chart reading has yet to turn bullish and is likely to trade side way range bound with some testing effort at the support and resistant 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.
Bollinger band reading : side way range bound.
MACD Histrogram : rise above zero line, buyer see some encouragement.
Support : 2500, 2470, 2440 level.
Resistant : 2521, 2550, 2590 level.
Comment :
Bursa Malaysia crude palm oil futures closed near the high and right at the resistant level after market open gap down and traded one way ticket higher. Despite the two day wide body up bar candle, FCPO daily chart reading has yet to turn bullish and is likely to trade side way range bound with some testing effort at the support and resistant 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.
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