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REGIONAL DAILY
December 26, 2012
IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH
CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.
MALAYSIA
Malaysia Daybreak | 19 April 2013
▌What’s on the Table…
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Tenaga Nasional - It keeps getting better At 57% of our
estimates and 53% of consensus’, 1H13 core EPS beat expectations,
rising by 28.7% yoy due to strong demand and lower cost. 1H13
EBITDA rose by 19.7% yoy due to a 3.9% pts rise in margins as a
result of a 4.4% rise in electricity sales and a 6.4% rise in gas
supply. Tenaga remains a Trading Buy and is not an Outperform due
to the elections (5 May). Demand, lower total cost and tariff
reform are catalysts. We upgrade FY13-15 core EPS by 3.7-16.5% due
to higher demand and a lower coal price. Our valuation basis
remains 1.37x P/BV, 15% below the 10-year average, but our target
price rises by 0.4% due to the earnings upgrade. A first interim
net DPS of 10sen met expectations.
Bursa Malaysia - Positive trend priced in
The inflow of foreign funds did little to spur Bursa’s 1Q13 net
profit, which declined by 5.9% yoy. This accounted for 24% of our
FY13 forecast and 22.6% of consensus. This is regarded as in line
with our expectations given anticipation of better trading value
post elections. Our target price is pegged to a target FY14 P/E of
21x, which represents a 20% discount to the 3-year average of 26x.
We stay Neutral on the stock as we think that expectations of a
pick-up in trading value has largely been priced in given the
stock’s 11% rise over the past three months. We prefer Maybank for
its exposure to the Malaysian financial sector.
Felda Global Ventures - Venturing into biodiesel
We are overall neutral on FGV's acquisition of a 100,000-tonne
biodiesel plant in Malaysia. This will allow the group to expand
its product offerings to include biodiesel. However, this is offset
by our concern over the historical losses reported by the business.
We expect FGV to turn around this business given the potential
synergy to be derived from this asset with its existing businesses.
In view of this, we expect this acquisition to have minimal impact
on the group's future earnings. We maintain our Neutral call with
an unchanged SOP-based target price of RM4.32.
Bumi Armada - Mad for Madura
▌News of the Day…
——————————————————————————————————————————————————————————————————————
• TNB in discussions with the regulators on the setting up of a
stabilisation fund
• Gas Malaysia's customers have agreed to new gas sales
agreement
• PNSB clears the air over the Canal City land deal with Dijaya
Corporation
• Five consortiums shortlisted for tender of 2,000MW coal-fired
power plant
• AirAsia India JV is expected to commence operations in Sep
• China’s property rebound in Mar with Guangzhou home prices
rising 11.1% yoy
• Germany's parliament voted in favor of aid for troubled Cyprus
by a large majority
Sources: CIMB. COMPANY REPORTS
Sources: CIMB. COMPANY REPORTS
Key Metrics
FBMKLCI Index
1,500
1,550
1,600
1,650
1,700
Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13
———————————————————————————
FBMKLCI
1706.26 -4.71pts -0.28%APR Futures MAY Futures
1702.5 - (0.12% ) 1698.5 - (1.00%
)———————————————————————————
Gainers Losers Unchanged271 413 309
———————————————————————————
Turnover779.79m shares / RM1667.83m
3m avg volume traded 1227.88m shares
3m avg value traded RM1609.54m———————————————————————————
Regional IndicesFBMKLCI FSSTI JCI SET HSI
1,706 3,296 5,013 1,530 21,513
————————————————————————————————
Close % chg YTD % chg
FBMKLCI 1,706.26 (0.3) 1.0
FBM100 11,507.10 (0.3) 1.8
FBMSC 12,484.04 (0.5) 8.7
FBMMES 3,985.89 (1.1) (5.4)
Dow Jones 14,537.14 (0.6) 10.9
NASDAQ 3,166.36 (1.2) 4.9
FSSTI 3,296.37 0.1 4.1
FTSE-100 6,243.67 (0.0) 5.9
Hang Seng 21,512.52 (0.3) (5.1)
JCI 5,012.64 0.3 16.1
KOSPI 1,900.06 (1.2) (4.9)
Nikkei 225 13,220.07 (1.2) 27.2
PCOMP 6,857.48 0.1 18.0
SET 1,529.76 0.5 9.9
Shanghai 2,197.60 0.2 (3.2)
Taiwan 7,791.35 (0.2) 1.2
Close % chg Vol. (m)
NEXTNATION 0.100 (4.8) 32.9MALAYAN BANKING 9.650 0.2 19.3
TENAGA NASIONAL 7.950 (0.5) 15.9
KPS 1.280 6.7 15.6
MULPHA INTL 0.395 0.0 12.9
MALAYSIAN AIRLINS 0.750 (1.3) 12.2
AIRASIA 2.930 1.0 11.3
CIMB GROUP 7.700 (0.8) 11.3
Close % chg
US$/Euro 1.3057 0.05RM/US$ (Spot) 3.0340 (0.02)
RM/US$ (12-mth NDF) 3.0977 (0.10)
OPR (% ) 2.94 (2.00)
BLR (% , CIMB Bank) 6.60 0.00
GOLD ( US$/oz) 1,394 0.26
WTI crude oil US spot (US$/barrel) 87.73 1.21
CPO spot price (RM/tonne) 2,267 (0.22)
Economic Statistics
Market Indices
Top Actives
————————————————————————————————————————
Terence WONG CFA T (60) 3 20849689
E [email protected]
https://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=25E0C706-68C8-4F7A-ACC6-56500DC04F0C&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=200CBCD1-0D0E-4F5F-B7EE-E6DB46E5E3D8&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=3890C9B3-9437-4C81-8AC4-8864DECC8739&A=CIMBhttps://cimbequityresearch.cimb.com/EFAOnTheWeb/EFAWebAPI/GetDocPDF.asp?DocGUID=4705E269-3560-4D91-8CC3-A575941062D7&A=CIMB
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Daybreak Malaysia
April 19, 2013
2
Global Economic News…
US index of leading indicators printed a -0.1% in Mar (+0.5% in
Feb), below consensus reading of +0.2%. Five of the gauge’s 10
components contributed to the Mar decrease, including declines in
construction applications and factory orders and a drop in consumer
expectations. (Bloomberg)
The US Philadelphia Fed manufacturing survey came in above zero,
at +1.3 to show minimal monthly growth in Apr (+2.0 in Mar). This
came below consensus estimates for a +3.0 reading. Outside of the
shipments component, which is strongly positive at +9.1, there's
little strength in the report. New orders have been flat, at -1.0
(+0.5 in Mar), and employment is turning down, at -6.8 (+2.7 in
Mar). (Bloomberg)
US weekly initial jobless claims increased by 4,000 to 352,000
in the week ended April 13, in line with the median estimates. The
four-week moving average, a less volatile measure than the weekly
figures, rose to 361,250 last week from 358,500. Continuing claims
dropped by 35,000 to 3.07m in the week ended Apr 6. (Bloomberg)
Germany's parliament voted in favor of aid for troubled Cyprus
by a large majority. The vote smoothes the way for Cyprus to access
a €10bn (US$13.05bn) bailout from its international creditors and
avoid financial collapse. (WSJ)
Moody’s credit rating agency maintained its top "Aaa" rating for
Germany, albeit with a negative outlook. (CNA) Japan’s exports rose
1.1% yoy in Mar (-2.9% in Feb), came in better than market estimate
for a 0.2% increase. The trade deficit narrowed to ¥362.4bn from
¥777.5bn in Feb. (Bloomberg)
The BOJ said it will buy JGBs from the market an average of
eight times a month, with its monthly purchases totaling more than
¥7tr (US$71.41bn), in hopes of quelling criticism that its enormous
buying is disrupting normal trading.. It previously said it would
buy about ¥7.5tr in bonds monthly through six operations. (WSJ)
Japan Cabinet Office's consumer sentiment survey for Mar said
that 71.8% of households expect prices to rise over the next 12
months, up from 69.5% in Feb. (WSJ)
Chinese authorities have admitted for the first time that
limited human-to-human transmission of the deadly H7N9 flu virus is
theoretically possible, adding to fears over the virus that has now
claimed 17 lives in eastern China. (FT)
G-20 nations will affirm a commitment to avoid weakening their
currencies to gain a trade advantage, according to a draft
statement prepared for a meeting this week in Washington. The
initial language suggests G-20 members will withhold direct
criticism of Japan’s efforts to rally its economy. Yi Gang, a PBOC
deputy governor, said yesterday that the yuan’s trading band will
be widened “in the near future. (Bloomberg)
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Daybreak Malaysia
April 19, 2013
3
China’s property rebound gathered pace in Mar with Guangzhou
home prices rising 11.1% yoy while those in Beijing climbed 8.6%
and Shanghai posted a 6.4% increase, the National Bureau of
Statistics said. These mark the biggest gains since Jan 2011.
(Bloomberg)
China's foreign direct investment inflows rose 5.7% yoy in Mar
(6.3% in Feb), ahead of forecasts of 1.9%. (Bloomberg, Reuters)
India’s imports fell 2.9% yoy in Mar (+2.7% in Feb) while
exports rose 7% (4.2% in Feb). (Bloomberg)
The Bangko Sentral ng Pilipinas has again eased the rules on
foreign exchange to give the public wider access to the enormous
dollar resources kept in the country’s banking system. This is the
sixth time since 2007 that the BSP eased foreign exchange rules.
The last such action was done in 2011. The six new rules are:
First is the increase in the amount of foreign currencies that
may be bought by residents from banks and other foreign exchange
institutions without documentary requirements from $60,000 to
$120,000.
Second is the increase in the amount of foreign exchange that
may be purchased using unspent pesos by foreign tourists or
“balikbayans” without documentary requirements from $5,000 to
$10,000.
Third is the expansion of the list of allowed sources of funding
of a peso account that a foreigner may open. This will include
income earned in the Philippines.
Fourth is the expansion of list of foreign assets that Filipinos
may buy and for which foreign currencies may be used. This will
include global and mutual funds, unit investment trust funds, real
properties, debt securities issued offshore by residents and are
part of asset inventory of local banks, and equity securities
issued by residents that are publicly listed abroad.
Fifth, the regulator will allow banks to sell foreign exchange
to investors who want to convert their investment fund plus the
corresponding interest earned back in the original currency.
Sixth is the two-year extension, or up to Dec. 28, 2016, of the
temporary rule allowing locals to borrow foreign currencies from
banks without prior BSP approval for the purpose of funding
projects under the public-private partnership (PPP) program of the
government. (Philippine Daily Enquirer)
Malaysian Economic News…
The Malaysian Investment Development Authority (Mida) aims to
attract Rm48bn in investments in the manufacturing sector for this
year. Deputy chief executive offcer II Datuk Phang Ah Tong said the
agency was eyeing more investors from countries to achieve the
target. (Bernama)
Some 831,860 single mothers nationwide will enjoy discounts on
daily necessities through the 1Malaysia Consumer card. Barisan
Nasional chairman Datuk Seri Najib Tun Razak said the discounts of
between 5% and 50% would be available at 2,170 participating shops
nationwide. “This will help to defray their expenses and alleviate
their burden,” he said. He also said a slew of requests from single
mothers, ranging from housing to insurance schemes,
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Daybreak Malaysia
April 19, 2013
4
were under consideration. On the proposed insurance scheme for
single mothers, he said it would only cost RM12 annually and, in
return, single mothers would get RM5,000 in death benefits and
RM10,000 for accident and loss of limbs. “This will only cost the
government RM12m a year,” he said. (StarBiz)
Prime Minister Datuk Seri Najib Abdul Razak launched the
1Malaysia Civil Servants Housing Programme (PPA1M). The housing
scheme, which will be built on government land in Putrajaya, is to
help civil servants working and residing here to overcome the
burden of owning affordable, quality homes. A total of 10,336 units
of houses, with a built up area between 1,000 and 1,500 square feet
will be built in phases in Precint 17 and Precint 11.
The houses, priced between RM150,000 to RM300,000 with other
basic facilities, will be completed in 18 months instead of 36
months. Those with a household income of not more than RM8,000 a
month are eligible to apply for the scheme. (The Sun)
Malaysia could be the logistics gateway to the Asean markets,
bringing immense opportunities to Malaysian businesses, said Land
Public Transport Commission Chairman Tan Sri Syed Hamid Albar. He
said the government also plans to develop a global logistics hub --
with four integrated logistics centres, logistics parks, and a
logistics park over 1,093ha -- in Iskandar Malaysia, located along
one of the world's busiest sea-lanes, the Straits of Malacca.
The transport and storage sector contributes RM30bn to the
country's economy, and it is 3.2% of the country's GDP.
The Asean Economic Community (AEC) will remove substantially all
trade restrictions for logistics services by 2013 and allow other
Asean countries to take up to 70% equity participation for
logistics services, he said. (Bernama)
The property market activity in 2012 recorded 427,520
transactions valued at RM142.84bn, compared with 430,403
transactions worth RM137.83bn in 2011, according to Malaysia Real
Estate Market 2012. The number of transactions decreased by 0.7%,
while the value of transactions increased by 3.6%. The report said
in 2012, a total of 272,669 residential property transactions worth
RM67.76bn were recorded. (Bernama)
Political News…
The DAP continued its drive to dig up more dirt on the academic
qualifications of its political rivals from Barisan Nasional (BN),
claiming the degrees of both deputy ministers in the Foreign
Ministry had being bought from suspect universities. A day after
accusing A. Kohilan Pillay of buying his Master of Science in
Commerce and Industrial Economy from Pacific Western University in
the United States, DAP election strategist Ong Kian Ming alleged
that the Puchong candidate had obtained a fake bachelor’s
degree.
Ong also alleged that Kohilan’s colleague in the same ministry,
Datuk Richard Riot Jaem, had gained his academic credentials from a
well-known “bogus university”. “In other words, both our deputy
foreign ministers have not one but two degrees from dubious
universities!” the opposition politician said in a statement.
“Such behaviour is totally unethical and unacceptable for any
leader, not to mention two national leaders that are supposed to
represent our nation on the international stage!” he added. Ong
chided the two deputy ministers for being so bold as to list their
paper qualifications on the ministry’s website, noting that a
simple background check revealed the
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Daybreak Malaysia
April 19, 2013
5
universities that had awarded the duo their degrees to be
suspect. (Malaysian Insider)
The Registrar of Societies’ (RoS) decision not to recognise the
DAP’s office bearers means one thing, no one can authorise its
candidates to use the party’s recognisable Rocket logo and force
them to run under allies PAS’s full moon or PKR’s eye logos. This
ruling is likely to affect DAP candidates’ chances in the 49
federal seats and slightly more than 100 state seats in the May 5
general elections as most of the contests are in Chinese-majority
areas where the Rocket is popular but not the other logos.
“The RoS decisions means that no party officials is recognised
as officials by the authorities. So, they can’t authorise the
candidates to use party symbols,” a DAP official told The Malaysian
Insider. He said the party’s top officials are still discussing
their options now although the Election Commission (EC) has said
the Rocket logo can be used. “We have to see the implications of
this decision,” he added. (Malaysian Insider)
Voters will have to decide in the May 5 polls if they support
Barisan Nasional’s (BN) “underhanded tactics” after the Registrar
of Societies (RoS) decided not to recognise the DAP’s
office-bearers, DAP’s Lim Guan Eng said.
The DAP secretary-general said that the RoS decision, which was
made less than three days before the nomination day on Saturday,
showed that this was the “worst BN we’ve seen in history”.
“This is despicable, this is dishonourable,” a visibly upset Lim
told reporters at the DAP headquarters. “This is character
assassination. This is political assassination. I’m very upset by
these underhand tactics,” he added.
Lim said that DAP candidates would run under PAS’ full moon logo
in the peninsula and PKR’s eye logo in East Malaysia in the 13th
general election, if the Election Commission (EC) did not issue a
letter approving DAP candidates in using their rocket logo. “The
most important letter to issue is to withdraw this letter,” he
said, referring to the RoS letter dated April 17, 2013, that
refused to recognise DAP’s office-bearers that were elected on
December 15, 2012.
Lim said that he did not trust the EC’s verbal assurance on the
DAP being able to use its rocket logo in Election 2013, pointing
out that DAP candidates needed to show EC officials on nomination
day a letter of authority signed by the party’s secretary-general,
authorising them to use the party’s logo. (Malaysian Insider)
The DAP has not been registered and can still use its symbol for
the 13th general elections said Registrar of Societies (ROS)
director-general Datuk Abdul Rahman Othman. He said that the ROS
office informed DAP on Wednesday that it was studying the party's
registration and pending the resolution of the dispute, the ROS did
not accord recognition to the office bearers of the committee
formed at DAP's party elections on 15 Dec 2012.
However the DAP has not been de-registered and its can still use
its symbol in GE13. Election Commission chairman Datuk Wan Ahmad
Wan Omar said DAP would be allowed to contest using its own symbol
if the ROS' decision only involved not recognising the central
executive committee. (Star)
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Daybreak Malaysia
April 19, 2013
6
Datuk Seri Najib Razak pledged to help single mothers cope with
higher cost of living through policies that will be implemented if
his Barisan Nasional (BN) coalition is re-elected at the May 5
polls. The offers include a life insurance scheme, discount cards
applicable at 1Malaysia grocery stores and free legal service for
divorcee, key issues for the demographic which forms close to
one-tenth of Malaysia’s electorate.
The BN chairman said the pledges reflected the coalition’s
appreciation for their support. “Single mothers are BN’s vote bank.
That is why we have decided to hold this special meeting with
single mothers. “They are a segment of society that we help to
protect,” he added. (Malaysian Insider)
Corporate News…
Felda Global Ventures Holdings Bhd (FGVH) is acquiring a
biodiesel refinery at Kuantan Port from Mission Biotechnologies Sdn
Bhd for US$11.5m (RM35m). FGVH, via its unit Felda Global Ventures
Downstream Sdn Bhd, yesterday signed an asset purchase agreement
with Mission Biotechnologies Sdn Bhd to acquire all its assets
including the refinery at the port for the purpose.
Apart from the 100,000 tonnes per year biodiesel refinery sited
on 6 acres of land, the assets include a 16,000-tonne tank storage
connected with import and export pipelines to a deep water jetty.
The plant is expected to be fully operational by July 1, 2013.
(sun)
Please see our note for details.
Tenaga Nasional Bhd (TNB) is currently in discussions with the
regulators on the setting up of a stabilisation fund. Chairman Tan
Sri Leo Moggie said the fund would help buffer the impact of any
tariff hike on customers by absorbing the volatility of fuel
prices. TNB's CFO Fazlur Rahman Zainuddin added, "Nothing has been
confirmed yet as we are still in discussions with the regulators.
We don't know if the fund would be neutral for TNB." President and
CEO Datuk Seri Azman Mohd said the stabilisation fund would be akin
to a form of fuel cost-pass through mechanism. (Star Biz)
The Energy Commission (EC) has shortlisted five consortia to
tender for the 2,000MW coal-fired power plant to be developed at
the respective consortia's proposed site. The leads of the five
consortia are 1Malaysia Development Bhd, Formis Resources Bhd,
Tenaga Nasional Bhd, Malakoff Corporation Bhd, and YTL Power
International Bhd. (Energy Commission, Star Biz)
Gas Malaysia Bhd's customers have agreed to a new gas sales
agreement (GSA). The GSA takes effect immediately and ends in Dec
2022. The maximum supply limit under the new agreement is 5 mmscfd.
The Malaysian Iron and Steel Industry Federation (Misif),
Federation of Malaysian Manufacturers (FMM) and the Malaysian
Rubber Gloves Manufacturers Association (Margma) had asked their
members to sign the new GSA following several discussions with Gas
Malaysia. (Star Biz)
There is no plan at the moment to privatise RHB Capital Bhd
(RHBCap), its top official said. “At the present time, there is no
plan. We have not proposed any privatisation. “However, to be fair,
this would need to come from the major shareholder,” RHBCap group
MD Kellee Kam said. The major shareholder of the banking group is
Employees Provident Fund (EPF), which holds a 41% stake. Kam's
comments were prompted by a business weekly report which said that
a
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Daybreak Malaysia
April 19, 2013
7
potential privatisation of RHBCap could be on the cards as part
of a restructuring exercise. (Starbiz)
Newly-merged RHB Investment Bank has targeted its regional
operations to contribute 30% of its business in four years.
Currently, it has 98 offices in seven other countries with total
contribution of about 11%. Group managing director Kellee Kam said
the bank, in its journey to become the country's largest investment
bank, is positioning itself as a leading multinational financial
services group in the region. He also said the bank is looking to
recruit a managing director. On whether RHB Capital will be listed
as part of the privatisation plans for the bank, Kam said the
decision will come from the shareholders. (BT)
SapuraKencana's wholly-owned unit, Labuan-based SapuraKencana
Drilling Pte Ltd, has entered into a facility agreement with
Standard Chartered Bank, Maybank Investment Bank, Maybank, ABN AMRO
Bank, AmInvestment Bank, BNP Paribas, CIMB Bank, HSBC, RHB Bank and
United Overseas Bank as the lenders for the US$1.85bn short-term
facility in relation to the proposed Seadrill transaction.
(BMSB)
Lime Petroleum Norway has agreed to acquire equity positions in
six production licences from North Energy ASA for US$4.9m. Lime is
wholly-owned by Lime Petroleum plc, an entity jointly controlled by
Hibiscus Petroleum, Schroder & Co Banque SA and Rex Oil &
Gas. In a statement, Hibiscus said the agreement was achieved after
conducting in-depth technical evaluations primarily using Rex
Virtual Drilling technology. (Bernama)
The partnership agreement between Manipal Education Malaysia Sdn
Bhd and Scomi Group is expected to further enhance the capabilities
and competencies of Manipal International University's graduates.
The agreement aims to develop human capital specific for the oil
& gas and transport service industries. (Bernama)
Malaysia's property market activities moderated in 2012,
recording 427,520 transactions valued at RM142.84bn, compared with
430,403 transactions worth RM137.83bn in 2011, according to
Malaysia Real Estate Market 2012. The report showed that the number
of transactions decreased by 0.7% while the value of transactions
increased by 3.6%.
"As in previous years, the residential sub-sector continues to
lead the market activity, contributing 63.8% of the total market,"
said Finance Ministry secretary-general Datuk Seri Mohamad Irwan
Serigar Abdullah after the launch of the report. The report said in
2012, a total of 272,669 residential property transactions worth
RM67.76bn were recorded.
"In 4Q12, the All House Price Index increased to 175.3 points
from 161.9 points registered in the same period in 2011," the
report added. It said the market segments by price indicated a
changing scenario, whereby transactions of the lower price range
properties had softened. (Sun)
Sarawak Oil Palm Plantation Owners' Association (SOPPOA) has
objected to the proposed inclusion of issues related to greenhouse
gas emission and peat planting in the Roundtable on Sustainable
Palm Oil (RSPO) Principles and Criteria. "To include greenhouse
house gas in the sustainable certification scheme for palm oil is
akin to putting additional and unnecessary burden on growers in
particular when such schemes are not necessary for other food-based
crops like rice and maize," SOPPOA said. (StarBiz)
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Daybreak Malaysia
April 19, 2013
8
AirAsia's Indian airline JV, AirAsia India, is expected to
commence operations in September subject to obtaining the relevant
regulatory approvals. It is, however, subjected to the relevant
government authorities in India for the air operator permit.
(Bernama)
Maxis launched its three-in-one Hotlink Social Edition prepaid
plan that gives free unlimited access to Facebook, Twitter and
WhatsApp. Existing Hotlink customers can enjoy the services by
buying the Social Edition Hot Ticket, said Maxis joint chief
operating officer Suren J. Amarasekera. The free access to Facebook
and Twitter is available across all mobile browsers via
m.facebook.com, m.twitter.com and pic.twitter.com.
"Hotlink Social Edition will enable users to stay connected and
communicate with their friends, look up the latest news and
developments, stay ahead in business or even enjoy the rich content
on the popular social network platforms," he added. He said the
Hotlink Social Edition, which lasts up to five days, is suitable
for tourists or short-term users. (BT)
Following Toyota Motor Corp's recent announcement of a special
service campaign, UMW Toyota Motor Sdn Bhd is addressing the issue
of a possible improperly manufactured passenger side front airbag
inflator on certain models. This setback may cause rupture and
deploy the airbag abnormally during a crash. UMW Toyota is making a
safety recall to replace the front side passenger airbag inflator
module.
It said there are about 18,700 units of Camry and Corolla Altis
manufactured from year 2000 to 2003 that are affected by the
recall. "However, there have not been any reported cases in
Malaysia," it added. (BT)
Hektar Asset Management Sdn Bhd, manager of Hektar Real Estate
Investment Trust (REIT), will not issue new units just to pare down
borrowings. Currently, Hektar REIT is one of the more highly-geared
trusts compared to its listed peers and analysts have recommended a
"safer" gearing ratio of below 40% in their notes to investors. In
response, executive director and chief financial officer Zalila
Mohd Toon said the company will maintain the number of units in
issue. (BT)
Permodalan Negeri Selangor Bhd (PNSB) has cleared the air over
the land deal with Dijaya Corporation Bhd over the latter's
acquisition of about 1,172 acres of prime development land in Canal
City, Selangor. Its CEO Datuk Ahmad Omar said on Thursday that the
multi-billion ringgit deal was legal despite that the agreement was
signed after dissolution of Selangor state assembly. He also said
the Selangor Menteri Besar, Tan Sri Abdul Khalid Ibrahim, was
misquoted as saying the agreement was not set in stone. On Apr 15,
Dijaya entered into an agreement to acquire the land from PNSB for
about RM1.3bn via a deferred payment method which spans over a
period of up to 20 years. (Starbiz)
Property developer Matrix Concepts Holdings Bhd, which is
seeking a listing on the Main Market of Bursa Malaysia, has
unveiled plans to launch projects with a gross development value
(GDV) of RM680m, It said on Thursday 82% of RM680m of the new
launches would be in Negeri Sembilan, which would include the
RM400m integrated flagship township, Bandar Sri Sendayan. The
remaining projects would be in Johor.The Negeri Sembilan-based
property developer said the projects would be built on 315.2 acres
of land in Negeri Sembilan and Johor in 2013. (Starbiz)
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Daybreak Malaysia
April 19, 2013
9
There has been a lot of talk in the market about special purpose
acquisition companies (SPACs) lately. Four more SPAC listings are
expected to follow in the footsteps of Hibiscus Petroleum Bhd,
which was the first SPAC to list on Bursa Malaysia in July
2011.
One of them is Sona Petroleum Bhd. Based on its draft prospectus
released on the Securities Commission website recently, Sona's
initial public offering (IPO) could potentially be the largest by a
SPAC in Malaysia with a fund-raising size of up to RM550m. The
company's focus is on the exploration and production (E&P)
segment of the lucrative oil and gas sector with target markets and
regions of interest in Southeast Asia, the Middle East and Africa.
(BT)
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Daybreak Malaysia
April 19, 2013
10
BMSB: Changes in shareholdings
Type of No of Ave Price
18-Apr-13 Date transaction securities Company (RM)
EPF 15/4 Disposed 4,500,000 AMMB HOLDINGS
EPF 12/4-15/4 Disposed 2,252,000 ALLIANCE FINANCIAL GROUP
EPF 10/4-11/4 Disposed 2,086,600 AXIATA GROUP
EPF 15/4 Disposed 1,014,000 IHH HEALTHCARE
EPF 15/4 Disposed 1,000,000 BURSA MALAYSIA
EPF 15/4 Disposed 987,600 DIALOG GROUP
EPF 12/4-15/4 Disposed 922,100 TENAGA NASIONAL
EPF 15/4 Disposed 893,300 SAPURAKENCANA PETROLEUM
EPF 15/4 Disposed 819,700 SUPERMAX CORPORATION
EPF 15/4 Disposed 671,900 MALAYSIA AIRPORTS
EPF 12/4-15/4 Disposed 363,000 PPB GROUP
EPF 15/4 Disposed 328,100 PETRONAS CHEMICALS
EPF 15/4 Disposed 229,600 SP SETIA
EPF 15/4 Disposed 169,200 TAN CHONG MOTOR
EPF 15/4 Disposed 131,800 STAR PUBLICATIONS
EPF 12/4 Disposed 129,300 HONG LEONG BANK
EPF 15/4 Disposed 124,900 MMC CORPORATION
EPF 12/4 Disposed 45,400 LITRAK
EPF 15/4 Disposed 10,000 IJM CORPORATION
Skim Amanah Saham Bumiputera 11/4-12/4 Disposed 1,929,200 TENAGA
NASIONAL
Skim Amanah Saham Bumiputera 12/4-15/4 Disposed 155,000
AJINOMOTO (MALAYSIA)
Lembaga Tabung Haji 10/4-12/4 Disposed 476,200 AL-HADHARAH
BOUSTEAD REIT
Kumpulan Wang Persaraan 10/4-11/4 Disposed 2,248,500 TOP
GLOVE
Kumpulan Wang Persaraan 11/4-12/4 Disposed 418,200 MAH SING
GROUP
Kumpulan Wang Persaraan 12/4 Disposed 286,000 WCT
Kumpulan Wang Persaraan 10/4-12/4 Disposed 99,600 PETRONAS
GAS
Kumpulan Wang Persaraan 10/4-11/4 Disposed 96,500 LITRAK
Kumpulan Wang Persaraan 11/4 Disposed 50,000 AMWAY
(MALAYSIA)
Kumpulan Wang Persaraan 11/4 Disposed 37,400 KOSSAN RUBBER
INDUSTRIES
Mitsubishi UFJ Financial Group, Inc 11/4 Disposed 6,100 ALLIANCE
FINANCIAL GROUP
Mitsubishi UFJ Financial Group, Inc 11/4 Disposed 11,000 SP
SETIA
EPF 15/4 Acquired 3,770,400 TELEKOM MALAYSIA
EPF 15/4 Acquired 3,018,300 SIME DARBY
EPF 15/4 Acquired 2,000,000 AIRASIA
EPF 15/4 Acquired 2,000,000 YTL CORPORATION
EPF 15/4 Acquired 1,539,800 DIGI.COM
EPF 10/4 Acquired 1,488,300 WCT
EPF 15/4 Acquired 1,165,400 MAXIS
EPF 15/4 Acquired 500,000 KUALA LUMPUR KEPONG
EPF 15/4 Acquired 500,000 WCT
EPF 10/4-15/4 Acquired 297,300 AXIATA GROUP
EPF 15/4 Acquired 243,500 PAVILION REIT
EPF 15/4 Acquired 212,200 AFFIN HOLDINGS
EPF 15/4 Acquired 194,000 KIAN JOO CAN
EPF 11/4-15/4 Acquired 199,400 LAFARGE MALAYAN CEMENT
EPF 15/4 Acquired 124,300 UEM LAND
EPF 15/4 Acquired 110,000 SUNWAY REIT
EPF 15/4 Acquired 66,600 KLCC PROPERTY
EPF 15/4 Acquired 12,000 IOI CORPORATION
EPF 15/4 Acquired 11,400 MBM RESOURCES
EPF 15/4 Acquired 3,900 AEON CO. (M)
Lembaga Tabung Haji 9/4 Acquired 700,100 ALAM MARITIM
Kumpulan Wang Persaraan 10/4 Acquired 1,488,300 WCT
Kumpulan Wang Persaraan 10/4-12/4 Acquired 84,900 NCB
HOLDINGS
Kumpulan Wang Persaraan 10/4-12/4 Acquired 62,300 IJM
CORPORATION
Kumpulan Wang Persaraan 11/4 Acquired 41,500 PANASONIC
MANUFACTURING
Great Eastern Holdings Limited 12/4 Acquired 162,000 STAR
PUBLICATIONS
Oversea-Chinese Banking Corporation 12/4 Acquired 162,000 STAR
PUBLICATIONS
Aberdeen Asset Management PLC 15/4-16/4 Acquired 424,100 AEON
CO. (M) SOURCES: BMSB
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Daybreak Malaysia
April 19, 2013
11
BMSB: Changes in shareholdings
Type of No. of Ave Price
18-Apr-13 Date transaction securities Company (RM)
Mitsubishi UFJ Financial Group, Inc 12/4 Acquired 83,500
ORIENTAL HOLDINGS
Mitsubishi UFJ Financial Group, Inc 12/4 Acquired 32,100 UNITED
MALACCA
YTL POWER 18/4 Shares Buy Back 1,391,100 YTL POWER 1.48
CAHYA MATA SARAWAK 18/4 Shares Buy Back 20,000 CAHYA MATA
SARAWAK 3.22
WAH SEONG 18/4 Shares Buy Back 18,500 WAH SEONG 1.63 SOURCES:
BMSB
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Daybreak Malaysia
April 19, 2013
12
BMSB: Off-market transactions
18-Apr-13 Vol
GLOTEC 109,000,000
GOCEAN 12,200,000
LEESK 3,000,000
DIJACOR 2,000,000
TSRCAP 1,000,000
ASUPREM 1,000,000 Notes:CN-Crossing deal on board lots
MN-Married deal on board lots MO-Married deal on odd lots
SOURCES: BMSB
BMSB: Entitlements & trading rights
19-Apr-13 Ann Date Entitlement Ex-Date Lodgement
MAS 11-Apr-13 4 Rights Issue @ RM0.23 : 1 2-May-13 6-May-13
SOURCES: BMSB, TE: Tax Exempt
BMSB: Dividends
Company Particulars Gross DPS (Sen) Ann Date Ex-Date Lodgement
Payment
Sime Darby Interim - single tier 7.00 27-Feb-13 23-Apr-13
25-Apr-13 10-May-13
Oriental Holdings Interim dividend - single tier 4.00 5-Apr-13
23-Apr-13 25-Apr-13 10-May-13
My E.G. Services First interim - single tier 0.50 25-Feb-13
23-Apr-13 25-Apr-13 21-May-13
SP Setia Final dividend 9.00 11-Apr-13 25-Apr-13 29-Apr-13
15-May-13
- less income tax of 25%
Petronas Dagangan Special dividend 35.00 1-Apr-13 26-Apr-13
30-Apr-13 27-May-13
Asia File Corporation Interim dividend - single tier 8.00
11-Apr-13 29-Apr-13 2-May-13 28-May-13
Carlsberg Final & Special - single tier 58.00 26-Feb-13
2-May-13 6-May-13 20-May-13
Telekom Malaysia Final dividend - single tier 12.20 11-Apr-13
8-May-13 10-May-13 27-May-13
HELP International 1st & final dividend 4% 2.00 29-Mar-13
8-May-13 10-May-13 22-May-13
Cypark Resources Final dividend - single tier 4.00 25-Mar-13
10-May-13 14-May-13 13-Jun-13
Tasek Corporation Special - less income tax of 25% 60.00
18-Feb-13 13-May-13 15-May-13 31-May-13
Tasek Corporation Final - less income tax of 25% 30.00 18-Feb-13
13-May-13 15-May-13 31-May-13
Bintulu Port Final dividend - single tier 7.50 27-Feb-13
15-May-13 17-May-13 31-May-13
Nestle Final dividend - single tier 155.00 21-Feb-13 21-May-13
23-May-13 13-Jun-13
Malaysia Marine & Heavy Eng. Final dividend - single tier
10.00 21-Feb-13 14-Jun-13 18-Jun-13 2-Jul-13
SOURCES: BMSB
BMSB: Proposed cash calls & trading of rights…
19-Apr-13 Ann Date Proposed
SUNWAY BHD 5-Apr-13 1 Rights Issue @ RM1.70 : 3 SOURCES:
BMSB
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April 19, 2013
13
Corporate Actions
April 2013
SUN MON TUE WED THU FRI SAT
1 2 3 4 5 6
External Reserves, External Trade
7 8 9 10 11 12 13
IPI, Manufacturing Sales
14 15 16 17 18 19 20
CMMT 1Q CPI Tenaga 2Q, Bursa 1Q
GE13 nomination day
21 22 23 24 25 26 27
External Reserves DiGi 1Q Daibochi 1Q, Unisem 1Q
28 29 30
MPI 3Q Money Supply, PPI, Sunway REIT 3Q & conference
call
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
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Daybreak Malaysia
April 19, 2013
14
Corporate Actions
May 2013
SUN MON TUE WED THU FRI SAT
1 2 3 4
Labour Day
5 6 7 8 9 10 11
GE 13 polling day Hartalega 4Q External Reserves, External
Trade, Media Prima 1Q
IPI, Manufacturing Sales, MPC
12 13 14 15 16 17 18
GDP, BOP
19 20 21 22 23 24 25
CPI, External Reserves, Star 1Q
Tomypak 2Q, Kossan 1Q
Wesak Day
26 27 28 29 30 31
E&O 4Q Mah Sing 1Q, UEM Land 1Q, Media Chinese 1Q
Media Chinese briefing
Money Supply, PPI
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
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Daybreak Malaysia
April 19, 2013
15
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outside the United Kingdom; or (e) are persons to whom an
-
Daybreak Malaysia
April 19, 2013
17
invitation or inducement to engage in investment activity
(within the meaning of section 21 of the Financial Services and
Markets Act 2000) in connection with any investments to which this
report relates may otherwise lawfully be communicated or caused to
be communicated (all such persons together being referred to as
―relevant persons‖). This report is directed only at relevant
persons and must not be acted on or relied on by persons who are
not relevant persons. Any investment or investment activity to
which this report relates is available only to relevant persons and
will be engaged in only with relevant persons.
Only where this report is labelled as non-independent, it does
not provide an impartial or objective assessment of the subject
matter and does not constitute independent "investment research"
under the applicable rules of the Financial Services Authority in
the UK. Consequently, any such non-independent report will not have
been prepared in accordance with legal requirements designed to
promote the independence of investment research and will not
subject to any prohibition on dealing ahead of the dissemination of
investment research.
United States: This research report is distributed in the United
States of America by CIMB Securities (USA) Inc, a U.S.-registered
broker-dealer and a related company of CIMB Research Pte Ltd, CIMB
Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB
Securities (Thailand) Co. Ltd, CIMB Securities Limited, and is
distributed solely to persons who qualify as "U.S. Institutional
Investors" as defined in Rule 15a-6 under the Securities and
Exchange Act of 1934. This communication is only for Institutional
Investors whose ordinary business activities involve investing in
shares, bonds and associated securities and/or derivative
securities and who have professional experience in such
investments. Any person who is not a U.S. Institutional Investor or
Major Institutional Investor must not rely on this communication.
The delivery of this research report to any person in the United
States of America is not a recommendation to effect any
transactions in the securities discussed herein, or an endorsement
of any opinion expressed herein. CIMB Securities (USA) Inc, is a
FINRA/SIPC member and takes responsibility for the content of this
report. For further information or to place an order in any of the
above-mentioned securities please contact a registered
representative of CIMB Securities (USA) Inc.
Other jurisdictions: In any other jurisdictions, except if
otherwise restricted by laws or regulations, this report is only
for distribution to professional, institutional or sophisticated
investors as defined in the laws and regulations of such
jurisdictions.
Recommendation Framework #1 *
Stock Sector
OUTPERFORM: The stock's total return is expected to exceed a
relevant benchmark's total return
by 5% or more over the next 12 months.
OVERWEIGHT: The industry, as defined by the analyst's coverage
universe, is expected to
outperform the relevant primary market index over the next 12
months.
NEUTRAL: The stock's total return is expected to be within +/-5%
of a relevant benchmark's total
return.
NEUTRAL: The industry, as defined by the analyst's coverage
universe, is expected to perform in
line with the relevant primary market index over the next 12
months.
UNDERPERFORM: The stock's total return is expected to be below a
relevant benchmark's total
return by 5% or more over the next 12 months.
UNDERWEIGHT: The industry, as defined by the analyst's coverage
universe, is expected to
underperform the relevant primary market index over the next 12
months.
TRADING BUY: The stock's total return is expected to exceed a
relevant benchmark's total return
by 5% or more over the next 3 months.
TRADING BUY: The industry, as defined by the analyst's coverage
universe, is expected to
outperform the relevant primary market index over the next 3
months.
TRADING SELL: The stock's total return is expected to be below a
relevant benchmark's total
return by 5% or more over the next 3 months.
TRADING SELL: The industry, as defined by the analyst's coverage
universe, is expected to
underperform the relevant primary market index over the next 3
months.
* This framework only applies to stocks listed on the Singapore
Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta
Stock Exchange, Australian Securities Exchange, Korea Exchange,
Taiwan
Stock Exchange and National Stock Exchange of India/Bombay Stock
Exchange. Occasionally, it is permitted for the total expected
returns to be temporarily outside the prescribed ranges due to
extreme market
volatility or other justifiable company or industry-specific
reasons.
CIMB Research Pte Ltd (Co. Reg. No. 198701620M)
Recommendation Framework #2 **
Stock Sector
OUTPERFORM: Expected positive total returns of 10% or more over
the next 12 months. OVERWEIGHT: The industry, as defined by the
analyst's coverage universe, has a high number
of stocks that are expected to have total returns of +10% or
better over the next 12 months.
NEUTRAL: Expected total returns of between -10% and +10% over
the next 12 months. NEUTRAL: The industry, as defined by the
analyst's coverage universe, has either (i) an equal
number of stocks that are expected to have total returns of +10%
(or better) or -10% (or worse), or
(ii) stocks that are predominantly expected to have total
returns that will range from +10% to -10%;
both over the next 12 months.
UNDERPERFORM: Expected negative total returns of 10% or more
over the next 12 months. UNDERWEIGHT: The industry, as defined by
the analyst's coverage universe, has a high number
of stocks that are expected to have total returns of -10% or
worse over the next 12 months.
TRADING BUY: Expected positive total returns of 10% or more over
the next 3 months. TRADING BUY: The industry, as defined by the
analyst's coverage universe, has a high number
of stocks that are expected to have total returns of +10% or
better over the next 3 months.
TRADING SELL: Expected negative total returns of 10% or more
over the next 3 months. TRADING SELL: The industry, as defined by
the analyst's coverage universe, has a high number
of stocks that are expected to have total returns of -10% or
worse over the next 3 months.
** This framework only applies to stocks listed on the Hong Kong
Stock Exchange and China listings on the Singapore Stock Exchange.
Occasionally, it is permitted for the total expected returns to be
temporarily
outside the prescribed ranges due to extreme market volatility
or other justifiable company or industry-specific reasons.
Corporate Governance Report of Thai Listed Companies (CGR). CG
Rating by the Thai Institute of Directors Association (IOD) in
2011.
AAV – not available, ADVANC - Excellent, AMATA - Very Good, AOT
- Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent ,
BBL - Excellent, BCH - Good, BEC - Very Good, BECL - Very Good, BGH
- not available, BH - Very Good, BIGC - Very Good, BTS - Very Good,
CCET - Good, CK - Very Good, CPALL - Very Good, CPF - Very Good,
CPN - Excellent, DELTA - Very Good, DTAC - Very Good, GLOBAL - not
available, GLOW - Very Good, GRAMMY – Excellent, HANA - Very Good,
HEMRAJ - Excellent, HMPRO - Very Good, INTUCH – Very Good, ITD -
Good, IVL - Very Good, JAS – Very Good, KAMART – not available,
KBANK - Excellent, KK – Excellent, KTB - Excellent, LH - Very Good,
LPN - Excellent, MAJOR - Very Good, MCOT - Excellent, MINT - Very
Good, PS - Excellent, PSL - Excellent, PTT - Excellent, PTTGC - not
available, PTTEP - Excellent, QH - Excellent, RATCH - Excellent,
ROBINS - Excellent, RS – Excellent, SC – Excellent, SCB -
Excellent, SCC - Excellent, SCCC - Very Good, SIRI - Very Good,
SPALI - Very Good, STA - Very Good, STEC - Very Good, TCAP - Very
Good, THAI - Very Good, THCOM – Very Good, TICON – Good, TISCO -
Excellent, TMB - Excellent, TOP - Excellent, TRUE - Very Good, TUF
- Very Good, WORK – Good.
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News…Corporate News…