Trigoh buys out Macro Kiosk for RM15m

The founders of Macro Kiosk Bhd, a multi-country mobile technology enabler, have initiated a management buyout (MBO) of the latter from Goldis Bhd.

In a statement today, Macro Kiosk said the MBO by Malaysian brothers, Kenny Goh, Henry Goh and Goh Chee Seng will be carried out via their corporate vehicle, Trigoh Sdn Bhd.

They are the Chief Executive Officer, Chief Operating Officer and Head of Corporate Affairs of Macro Kiosk, respectively.

"The MBO encompasses the purchase of the 70 per cent stake in Macro Kiosk currently held by Goldis for RM15 million cash.

"Goldis reported that the proposed disposal was a timely opportunity for it to realise and unlock the value of its original investment in Macro Kiosk.

"It will result in an estimated gain of about RM9.5 million derived from the buyout proceeds at the Goldis' Group level," the statement added.

Goh said the acquisition gives the company more control and allows it to be more nimble and flexible in pursuing new opportunities, whilst ensuring that all customers still continue to have the best experience in both services and support.

"We believe we have a successful formula as we are present in 13
countries and our next market will be the United Arab Emirates.

"Our immediate plan is to further strengthen our foothold in the Middle East where we aim to cover the entire region within three to four years," he added. -- BERNAMA



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Maybank issues RM1b subordinated notes

Malayan Banking Bhd. issued RM1 billion (US$316 million) of debt under a subordinated note program of as much as RM3 billion to help fund the bank’s working capital.

The bank issued RM750 million of 10-year notes at 3.97 per cent and RM250 million of 12-year notes at 4.12 per cent, according to a statement to the stock exchange today. -- Bloomberg




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Alam Maritim wins RM29.8m Shell job

Alam Maritim Resources Bhd (AMRB)'s unit, Alam Maritim (M) Sdn Bhd, has received a letter of award from Sarawak Shell Bhd
for the E8 & F13K Modules Offshore Transportation and Installation contract worth RM29.80 million.

In a filing to Bursa Malaysia today, AMRB said the nine-month contract commenced in the fourth quarter of 2011.

It was not renewable, the company said.

It said the contract was expected to contribute positively to the earnings and net tangible assets of AMRB for the year ending Dec 31, 2011 and beyond. -- BERNAMA




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TPC Plus gets take over offer from Huat Lai

TPC Plus Bhd has received a notice of conditional take-over offer from Huat Lai Resources Bhd (HLRB) for all the remaining shares of the company not already owned by HLRB and the persons acting in concert with HLRB.

Huat Lai's offer involves up to 52,032,000 ordinary shares (offer shares) or 66.29 per cent of the issued and paid-up share capital of the company for 30 sen per offer shares (totalling RM15.61 million).

The company's Board does not intend to seek an alternative person to make a take-over offer for the offer shares, it said in a filing to Bursa Malaysia in Kuala Lumpur.

Inter-Pacific Securities Sdn Bhd has been appointed to act as the independent adviser to advise the Board and shareholders of TPC on the offer.

TPC Plus said the offer would remain until 5pm for a period of not less than 21 days from the posting date. -- BERNAMA



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CIMB to unveil new products abroad

CIMB Group Holdings Bhd plans to introduce new Islamic products in Indonesia and Singapore next year through its Islamic
units in the two countries.

The bank is looking at introducing Islamic wealth management products and services as well as basic consumer banking products such as deposits for the two countries.

CIMB Group's Head of Group Islamic Banking Division Badlisyah Abdul Ghani said the new products would be introduced in stages throughout the year.

CIMB Group holds a 97.9 per cent equity interest in its subsidiary, PT Bank CIMB Niaga Tbk.


In Singapore, the new product will be launched through the
Islamic window of CIMB Group’s branch, CIMB Bank (Singapore) Ltd.

"For Indonesia, we already have many products including basic deposits. But there is at present, limited Islamic wealth management products and services available in the Indonesian market. We intend to fill the gap," Badlisyah said today.

As for Singapore, he said the bank had identified the products to be introduced next year, but declined to elaborate. "We see demand for the products that we intend to introduce in Singapore," he added.

He said the Islamic units in Singapore and Indonesia had been profitable, contributing about three per cent to the bank's overall Islamic banking and financial regional business in Asean.

"We want to grow this contribution but it all depends on the market readiness in the two countries," Badlisyah said.

He said the bank would launch more Islamic products in the coming years in sync with the plan to grow organically in all segments of its business across Asean.

Badlisyah who is also the chief executive officer of CIMB Islamic said that the bank would continue to enhance its cross selling of existing products to increase market share.

CIMB Islamic is a unit of CIMB Group.

He also sees a better performance for CIMB Islamic next year compared 2011. -- BERNAMA






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MRT Corp in pact with Jalan Inai land owners

MRT Corporation (MRT Corp) has achieved a significant milestone with the signing of a Points of Agreement (POA) with the owners of 21 plots of land in the Jalan Inai area which is affected by the MY Rapid Transit project.

The POA addressed issues such as the withdrawal of land acquisition, access to the land for tunneling works, compensation and the judicial review which some landowners have brought against the government.

The agreement will form the basis for the mutual agreements which is expected to be signed between MRT Corp and the land owners end-January, said MRT Corp in a statement today.

The agreements are expected to resolve all issues the land owners have with the MY Rapid Transit project.

The POA was signed today by MRT Corp chief executive officer Datuk Azhar Abdul Hamid and Jason Ng Kau, Yong Cho Joong, Dr Arthur Rajaratnam and Tuan Zuhayati, on behalf of the owners of the 21 plots of land.

In announcing the successful signing of the POA, Azhar said efforts to accommodate the needs of landowners who are affected by the MRT project, while at the same time ensure the MRT project was implemented according to schedule, was his highest priority.

The signing of the POA today exemplified MRT Corp's commitment to provide effective solutions to issues which may hinder the implementation of the MRT project, he said.

This important event marks a positive step towards solving similar land issues at Jalan Sultan, Jalan Bukit Bintang and other affected areas.

MRT Corp is currently working with the affected groups on finding
an amicable solution to ensure the successful development of the nation's largest public infrastructure project, he said. -- BERNAMA



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Petronas Gas OSK Research's "top buy"

Petronas Gas Bhd is OSK Research's "top buy" in the utility sector as 80 per cent of its profits is guaranteed by
Petronas via the gas processing and transmission agreement.

The opening of new liquefied natural gas (LNG) regas terminal in Melaka and future regas terminals in Johor and Sabah would be Petronas Gas' growth catalysts, the research house said today.

It said the new gas supply from the Melaka plant would certainly boost the domestic supply of gas, not only for Tenaga Nasional Bhd (TNB) but also for other gas players in Peninsular Malaysia, namely Petronas Gas and Gas Malaysia.

"Petronas Gas will enjoy a new source of revenue in operating the LNG plant and also get to transport more gas via its Peninsular Gas Utilisation network.

"Given that its revenue is somewhat volume-driven, this should boost both its top- and bottom-lines," it said. -- BERNAMA



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EON Cap pays 3 sen special dividend

EON Capital Bhd (ECB) today paid its shareholders a final tax-exempt special dividend of three sen per share.

The final dividend is in addition to the previous first special dividend and capital repayment paid out on June 21 and Sept 23, 2011 respectively, amounting to a total of RM7.76 per share, ECB said in a statement today.

At ECB’s extraordinary general meeting on Sept 22, 2011, the Board of Directors had expected that the company would be able to pay a final special dividend of 2.45 sen per share to shareholders.

This is after settling operational and other expenses incurred until the eventual winding-up of the company.

ECB had in May this year completed the disposal of its entire assets and liabilities including EON Bank Group to Hong Leong Bank Berhad.

Trading of ECB Shares on the Main Market of Bursa Malaysia was suspended on Sept 9, 2011, with the company being delisted on Sept 27. -- BERNAMA



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Market Commentary

The FBM KLCI index gained 3.20 points or 0.21% on Wednesday. The Finance Index increased 0.18% to 13374.22 points, the Properties Index up 0.37% to 993.94 points and the Plantation Index rose 0.34% to 8068.86 points. The market traded within a range of 9.02 points between an intra-day high of 1504.54 and a low of 1495.52 during the session.

Actively traded stocks include UTOPIA, PROTON-CG, JCY-CD, UTOPIA-WA, SANICHI, PROTON-CH, SUMATEC, JCY, VASTALX and SUMATEC-WA. Trading volume increased to 1272.73 mil shares worth RM904.21 mil as compared to Tuesday’s 993.76 mil shares worth RM743.83 mil.

Leading Movers were PETGAS (+70 sen to RM15.10), CIMB (+5 sen to RM7.10), IOICORP (+3 sen to RM5.29), AXIATA (+1 sen to RM4.99) and DIGI (+1 sen to RM3.79). Lagging Movers were PETCHEM (-4 sen to RM6.15), TM (-4 sen to RM4.96), SIME (-1 sen to RM8.99), TENAGA (-1 sen to RM5.79) and HLFG (-12 sen to RM11.68). Market breadth was positive with 386 gainers as compared to 314 losers. -- JF Apex Securities Bhd



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KL shares up on late fund buying

Shares on Bursa Malaysia closed higher today on late fund buying activities, dealers said.

The underlying FTSE Bursa Malaysia KLCI ended at 1,504.11, up 3.20 points or 0.21 per cent, supported by gains in selected heavyweights.

Hong Leong Investment Bank, in a research note, said the key index was likely to end the year above the 1,500 points level driven by a bullish breakout and positive technical readings coupled with rotational window dressing activities.

The Finance Index increased 24.46 points to 13,374.22, the Plantation Index gained 27.15 points to 8,068.86 and the Industrial Index added 22.37 points to 2,708.02. The FTSE Bursa Malaysia Emas climbed 27.92 points to 10,318.69, the FTSE
Bursa Malaysia Mid 70 Index advanced 68.14 points to 11,436.30 and the FTSE Bursa Malaysia Ace Index was 39.24 points higher at 4,054.80.

Volume increased to 1.27 billion shares, worth RM904.21 million, from 993.75 million shares, valued at RM743.83 million, registered on Tuesday.

Market breadth was positive with gainers leading losers 385 to 314.

A dealer said although the local bourse was up in late trading, sentiment remained bearish in line with Asian markets which traded lower as many market players were away for the year-end holidays.

"The market will continue with its rangebound trading this week as the year comes to a close," the dealer said, adding that any gains could be due to fund managers' buying to adjust their portfolios.

Among active counters, 1 Utopia slipped half-a-sen to 7.5 sen, Proton-Call Warrant declined two sen to 47.5 sen while JCY-Call Warrant gained seven sen to 44 sen.

For heavyweights, Maybank was unchanged at RM8.34, Sime Darby shed one sen to RM8.99 while CIMB increased five sen to RM7.10.

Volume on the Main Market rose to 614.35 million shares, valued at RM771.79 million, from 540.14 million shares, valued at RM647.33 million, recorded on Tuesday.

Turnover on the Ace Market jumped to 362.93 million units, worth RM37.42 million, from yesterday's 179.61 million units, worth RM22.94 million.

Warrants increased to 292.32 million shares, valued at RM92.51 million, from 272.79 million units valued, at RM72.9 million, transacted previously.

Consumer products accounted for 84.68 million shares traded on the Main Market, industrial products 123.1 million, construction 24.92 million, trade and services 193.1 million, technology 44.33 million, infrastructure 8.93 million, finance 51.6 million, hotels 384,800 million, properties 42.95 million, plantations 20.1 million, mining nil, REITs 1.9 million and closed/fund 16,900. -- BERNAMA





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OSK upbeat on Asian steel market

The Asian steel market may hold up better in the future than in other parts of the world although demand could be further
dampened by a weak economic outlook, says OSK Research Sdn Bhd.

The research firm also expected long steel producers to fare better as governments worldwide cannot avoid carrying out some pump-priming activities, which could help spur demand for long steel.

"On the local front, steel mills are waiting with bated breath the rollout of "mega" government projects under the Economic Transformation Programme which is expected to boost steel demand.

"However, concerns still linger over its smooth and successful execution," it said in a statement today.

OSK recently revised lower some of its estimates due to the global economy sluggishness.

"We are trimming our fair values across the board as the steel stocks currently offer limited price upside.

"We are "neutral" on most counters except Perwaja and Kinsteel, on which we add on a 10 per cent discounted cash flow valuation on their potential in securing the iron ore mine as well as our "buy" and "trading buy" recommendations, respectively," it added. -- BERNAMA






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Maybank opens 11th Cambodia branch, mulls 12th

KUALA LUMPUR: Malayan Banking Bhd (Maybank) will have at least 12 branches in Cambodia by year-end, said Maybank deputy president and head of global wholesale banking Abdul Farid Alias.

He said this when announcing the opening of Maybank’s 11th branch at Stung Meanchey in Phnom Penh yesterday.

Maybank will further expand its network in 2012 with the addition of at least one more branch in Cambodia, Farid said in a statement.

“The expansion of our network in Cambodia is critical to complement our footprint in the region in line with Maybank’s vision to be a regional financial services leader as well as to build our capacity to serve the expanded needs of customers,” he said.

Over the 12 months to October this year, Maybank Cambodia has recorded a 75.2% growth in loans and advances and about 4% growth in customer deposits, said Farid.

The opening of the Stung Meanchey branch was also timed to capture the medium- and long-term growth in the country, he added.

“Cambodia’s economy is poised for more than 6% growth next year and demand for financial sector products as well as services has been increasing in the last few years and is expected to continue in tandem with this economic growth.

“The new branch is part of our continued long-term commitment to expand our reach in Cambodia and play a significant role in developing the local financial services industry,” Farid said.

Maybank is pursuing a key initiative to apply for a local incorporation licence from the National Bank of Cambodia to reflect its long-term commitment to Cambodia and its standing as a regional bank.


This article appeared in The Edge Financial Daily, December 28, 2011.



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Xian Leng deeper into the red

KUALA LUMPUR: Ornamental fish breeder Xian Leng Holdings Bhd fell deeper into the red in its third quarter ended Oct 31 as net losses widened to RM58.75 million from RM1.3 million the previous quarter due to impairment losses on the property, plant and equipment of its subsidiaries.

Revenue rose 38.9% to RM4.896 million from RM3.5 million in 2QFY12 mainly due to higher Arowana production which led to higher sales volume in the current quarter.

Xian Leng pinned the losses before tax of RM64.14 million on an additional provision of impairment losses on property, plant and equipment amounting to RM63.3 million.

Out of the RM63.3 million loss, RM11.19 million stemmed from a single subsidiary, the company said. In view of continuing losses, the board has decided to fully impair all the subsidiary’s property, plant and equipment.

The remaining RM52.11 million in impairment losses arose from the impairment of Arowana breeding fish ponds of another subsidiary.

“Due to the declining production which was further compounded by aggressive price competition, the future benefit generated from the fish ponds is expected to be lower. As a result, impairment of assets has to be provided to the subsidiary’s property, plant and equipment,” it said in the announcement to Bursa Malaysia yesterday.

3QFY11, Xian Leng turned in a net profit of RM633,000. Meanwhile, revenue for 3QFY12 was 3.2% lower compared with RM5.05 million in the same period last year.

Year-on-year, operating profits fell to RM1.19 million, down 151.26% from RM2.99 million the previous year.

In October, Xian Leng had reported “possible financial irregularities” pertaining to capital expenditure of RM17.36 million between 2006 and 2008.

The nature and extent of the irregularities have yet to be determined, but PricewaterhouseCoopers Advisory Services Sdn Bhd was appointed an independent auditor by the company on Oct 17 and the audit is expected to take 14 weeks to complete.

The scope of the special audit covered seven years from Feb 1, 2001 to Jan 31, 2008.



This article appeared in The Edge Financial Daily, December 28, 2011.



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Multi Sports TDR to list Friday

KUALA LUMPUR: Multi Sports Holdings Ltd’s proposed Taiwan Depository Receipts (TDRs) are expected to list and commence trading on the Taiwan Stock Exchange on Friday the company said. In a statement yesterday, Multi Sports said it had received in full proceeds from the TDR issuance, backed by 67.5 million shares of five US cents each, or 15% of its existing paid-up capital. The issuance of up to 22.5 million units of TDRs at 10.50 Taiwan new dollars each were expected to raise 236 million Taiwan new dollars (RM24.59 million) for capacity expansion and working capital, it said last Friday.


This article appeared in The Edge Financial Daily, December 28, 2011.



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Good prospect of higher dividends from JTI

Even as we approach the last week of the year, the outlook for the market going into 2012 remains hazy. Uncertainties persist over the eurozone sovereign debt crisis and its impact on the global economy. Against this backdrop, volatility is likely here to stay for some time yet.

As such, we suspect a good number of investors will likely retain a high percentage of cash in their portfolios pending greater clarity. Staying on the sidelines now will also allow investors to take advantage of any major market selloff in the coming months should global financial events take a turn for the worst. For others who are risk-averse but still keen to stay in the market, defensive stocks with higher than market average yields appear to be the preferred option. And they have been rewarded.

Case in point, the special dividend of 60 sen per share announced by Guinness Anchor Bhd (GAB) earlier this month sent its stock price sharply higher. For the year-to-date, its shares have outperformed the FBM KLCI by some distance — gaining more than 35% compared with the benchmark index’s 1.5% decline (up till last Friday).

GAB is sitting on a pile of cash and will distribute part of the money back to shareholders after taking into account the limited opportunity for expansion as well as any fresh acquisitions. Taking on some debt and shrinking shareholders’ funds will enhance the company’s return on equity. GAB’s bumper dividend also shines a spotlight on other similarly cash-rich companies with relatively steady cash flow from operations which could potentially mimic such a move.

JT International Bhd (JTI), we believe, may be a good example. The cigarette manufacturer had cash totalling nearly RM190 million as at end-September and no borrowings.

Minimal capex frees up cash flow for distribution
We do not expect any major capital expansion plans in the near to medium term given the challenging outlook for the industry. Total industry volume sales have fallen for seven straight years since 2003. In the first nine months of this year, volume sales for duty-paid cigarettes contracted by a further 3% year-on-year (y-o-y). The decline is due primarily to the annual tax hikes and resulting increases in selling prices as well as the rise in illicit trade.

The trade in illegal cigarettes in the country now stands at about 37.3%.

Positively, sales may regain some traction in 4Q11, in the absence of an additional tax hike in Budget 2012. But total volume sales growth for the year is likely to remain in the red.

Thus, with minimal capex expected, JTI may well decide to return part of its cash to shareholders. Its track record is supportive of such a move.

Sitting on a rising pile of cash
In 2007 and 2008, JTI paid special dividends of 15 sen and 28 sen per share, in addition to the “regular” annual gross dividends of 30 sen per share. In 2009, the company made a 75 sen per share capital repayment.

There was no special dividend in 2010, most likely in view of the bumper payout in the previous year. Its cash dropped to RM125 million at end-2009, from RM267 million at end-2008, but has since been rising anew. Therefore, there is a good chance that total dividends this year will improve over the 30 sen per share paid in 2010.

JTI has already paid gross dividends totalling 30 sen per share in 1H11. We believe there could be one more round of dividends for 4Q11. Assuming a final dividend of 15 sen per share, net yield will total 4.9% for the year at the prevailing share price of RM6.90.

The estimated total dividends of 45 sen per share would be equivalent to a profit payout of roughly 68% based on our earnings forecast. We believe this is a fairly conservative payout ratio given the company’s cash position and expected cash flow from operations. There is certainly room for surprises on the upside.

Earnings expected to remain resilient
Despite declining volume sales, JTI’s earnings have trended higher — growing at an annual compound rate of just under 10% from 2003 to 2010. This is attributed to higher selling prices and various cost rationalisation exercises. Hence, we expect earnings and cash flow will remain fairly resilient.

The company reported a relatively solid set of earnings results for 3Q11. Turnover was up 6% y-o-y while net profit expanded by 13.1% to RM39.8 million. This brings net earnings for the first nine months of the year to RM104.7 million, down by just about 1.6% from the previous corresponding period.

For the full year, we estimate net profit of RM130.5 million, slightly lower than the RM133.8 million in 2010, but this will improve to RM138.9 million in 2012. Industry volume sales outlook is more positive in the absence of an additional tax hike this year.

Based on our forecast earnings, the stock is trading at fairly attractive valuations of roughly 13 times 2012 — compared with that of British American Tobacco (M) Bhd. Assuming total dividends of 50 sen per share next year, investors will earn a net yield of 5.4%.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, December 28, 2011.



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No recovery in sight for semiconductors

Semiconductors
Maintain underweight: The growing uncertainty about the global economy has continued to impact the industry with more downgrades to revenue guidance.

Chipmakers such as Altera, Lattice and Texas Instruments, key customers of local semicon players, further lowered their revenue guidance for 4Q11 to a 10% to 15% quarter-on-quarter (q-o-q) drop (from 5% to 10% q-o-q drop previously) citing persistent weaker than expected demand for broad-based applications save for the communication segment.

Given the weakening demand outlook for 4Q11, we understand that several major tech players (STMicroelectronics, TSMC and Fairchild) have suggested that the industry has reached the bottom. They believe that: (i) inventory adjustment is expected to be over and there are signs of a turnaround as orders have begun to improve for 1Q12; and (ii) the 2008/09 semicon downturn lasted for two quarters, hence, given that October 2011 global chip sales were the fourth month of year-on-year (y-o-y) contraction, this suggests that a recovery is poised to occur beginning 2012.

However, we prefer to remain cautious as the downturn could be longer than expected. We recall that during the industry downturn in 2001/02, global chip sales contracted for 10 consecutive months on a y-o-y basis. Thus, we believe the visibility beyond 4Q11 remains poor. Furthermore, consumer spending could be affected by austerity measures and cuts in government spending. Emphasising the weak outlook, both the World Semiconductor Statistics (WSTS) and Gartner have lowered 2012 growth projection for global chips sales to 2.6% and 2.2% (against 7.6% and 4.6%) respectively.

Upside risk to this view is a stronger than expected recovery in global chip sales.

The outlook remains cloudy as the uncertainty on the global economy continues to affect consumer and corporate spending. Spending cuts and austerity measures by various governments will not help in the industry’s recovery. On the other hand, recent retail data from the US during the Thanksgiving shopping season does suggest improving consumer spending. However, we remain cautious until we see stronger demand indicators. Thus, our “underweight” call on the sector remains unchanged. — RHB Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.



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TA Enterprise’s Sydney launch a success

TA Enterprise Holdings Bhd (Dec 27, 58 sen)
Maintain buy at 59 sen with a target price of RM1.10: Net profit for 9MFY12 of RM72 million is 70% of our FY12 profit, led by higher hotel and broking income. Net profit for 3QFY12 fell 55% quarter-on-quarter (q-o-q) after a RM15 million foreign exchange translation loss on financing activities and higher effective tax rate (29%) due to underprovision in previous years. As expected, property contribution remained small at 3% of total earnings before interest and tax. Bursa Malaysia’s trading volume in the August to October quarter rose 18% to RM1 billion and value was up 3% to RM1.6 billion. As a result, broking income grew 18%. No dividends were declared in the quarter.

TA Global (TAG) launched the first parcel of Little Bay Cove, Sydney, Australia, in December. Called “The Solis”, the 45 apartments were offered at prices starting from A$495,000 (RM1.6 million) each. Registrations in Sydney and Malaysia have been encouraging so far. This is TAG’s maiden venture in the Australian property market.

Our RM1.10 sum-of-parts-based target price is based on 45% discount to realisable net asset value for property and 0.8 times price-to-book value (P/BV) for broking. TAG’s future property launches in Malaysia and overseas could be earnings and rerating catalysts. Its current project in Malaysia is Damansara Avenue with about RM1.3 billion in gross development value, while its projects in Canada are expected to rake in RM400 million and Australia RM900 million.
Future developments, including the 0.9ha parcel in a prime KLCC area and 1.2ha in Bukit Bintang, will further unlock its land values. Its broking business may be valued higher, as Singapore’s UOB recently offered to buy Innosabah Securities at 1.4 times P/BV. — HwangDBS Vickers Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.



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PetGas’ clarity on 3rd-party gas imports

Petronas Gas Bhd (Dec 27, RM14.40)
Maintain buy at RM14.14 with revised fair value of RM15.91 (from RM15.52): Last Friday, Petronas Gas Bhd (PetGas) announced it has established a code of conduct for third-party access (TPA) to the gas transport system it operates in Peninsular Malaysia. The “PetGas network code” stipulates that any party wishing to use PetGas’ gas transport system will have to enter into a gas transport agreement (GTA) with PetGas. The transport tariff set for TPA to PetGas’ pipelines is lower for Central Zone 3 but higher for Southern Zone 2, as the gas injection point via the Malacca LNG regas plant is in Zone 3.

Gas injected from the Kerteh gas processing plant enjoys an effective transport tariff of RM1.31 per gigajoule (GJ = 1,000 cu ft). Gas injected via the TPA at the Malacca LNG regas plants has a lower effective transport tariff of RM1.24 per GJ, or 5.3% lower than for Kerteh gas. This is within our expectations as for the LNG generated gas, the supply injection point is closer to the centre of demand, thus utilising less pipeline capacity. We believe the network code only covers access to the existing pipelines.

The TPA tariffs is another step to full disclosure of the additional revenue to be generated by the Malacca LNG plant. We believe this should reduce PetGas’ risk premium and thus lower our weighted average cost of capital from 9.6% to 9.4%. This pushes up our discounted cash flow-based fair value to RM15.91 from RM15.52. PetGas remains our top utility buy and one of our Top 10 “buys” for 2012. — OSK Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.



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Yinson a proxy to Vietnam’s O&G play

Yinson Holdings Bhd (Dec 27, RM1.95)
Not rated at RM1.91: Yinson’s results yielded no surprises. The business transformation into an oil and gas (O&G) floating solution operator is well on the way and should act as a catalyst for this small-cap stock with undemanding valuations. Yinson is not rated.

Net profit grew a stronger 49% quarter-on-quarter in 3QFY12 on higher revenue (23% q-o-q) and earnings before interest and tax (Ebit) margin (+1.3 percentage points q-o-q). Growth was boosted by a RM2 million gain from a land sale. Stripping off the one-off gain, core net profit grew 22% q-o-q, bringing 9MFY12 core net profit to RM18 million (+49% year-on-year). All divisions reported q-o-q growth. The transport division led Ebit growth (+267%), followed by trading division (+90%) and marine (+1.4%) segments. No dividend was declared in 3Q.

The trading division remains the largest contributor to earnings in 3QFY12 (50% of Ebit). Ebit grew 90% q-o-q on increased volume. The transport division’s q-o-q revenue (+8%) and Ebit (+267%) growth was aided by a realignment of business focus from building materials to O&G, which yields higher Ebit margins (+9 percentage points). While the marine division reported a 24% q-o-q growth in revenue (on delivery of a new 5,000bhp anchor handling tug supply service (AHTS) vessel in October), Ebit grew only a nominal 1% q-o-q, dragged down by mobilisation expenses (RM0.4 million) for the new AHTS vessel.

Yinson expects to achieve core net profit of RM25 million to RM26 million in FY12 on a stronger 4QFY12 (RM7 million to RM8 million) with full impact of the new AHTS vessel but offset by an RM2 million expense for its rights issue. It should report higher profit in FY13 with full-year contribution of its new AHTS and we expect Yinson may add another two new build AHTS vessels in 2012. FY14’s earnings visibility will be strongest as its floating storage and offloading (FSO) vessel, backed by a 10-year firm contract, will be deployed in March 2013. Yinson should deliver higher net profit of RM28 million for FY13 and RM34 million for FY14.

The three-for-two rights issue is expected to be completed by January 2012. Post completion of the exercise, Yinson’s share base will rise by 150% to 188.4 million with net gearing falling to 0.9 times. Institutional shareholding has risen to 15% (from 0%) since it announced the FSO contract in June 2011. Daily volume traded has tripled to 29 million shares now from sub-10 million previously. — Maybank IB Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.



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Earnings volatility and dividend risk at Star

Star Publications (Malaysia) Bhd (Dec 27, RM3.24)
Maintain reduce at RM3.18 with target price of RM3.04: For 9M11, Star Publications’ non-core businesses (excluding its publication and radio business) contributed to a revenue loss of RM114.5 million and a pre-tax loss of RM6.2 million. The main contributor to its non-core business is its event management and exhibition operations — via 59%-owned Cityneon Holdings. This division is going through a rough patch having contributed positively in the year before (9M10: revenue RM146.6 million and RM8.6 million profit). The sharp swing in earnings highlights the increased volatility of Star’s earnings, as opposed to its relatively more stable revenue and earnings from its publication and radio business. Moreover, we see heightened risk to Star’s earnings after successive investments in other non-core assets. Recall that since May 2011, Star has made four additional investments amounting for RM56 million, which includes a radio station, a TV channel, an online media business and most recently a Chinese weekly publication. Note that as at 9M11, Star accounted for maiden pre-tax losses of RM2.5 million from its TV channel, Li TV.


But we believe that Star’s acquisition trail could persist into 2012, judging from its unutilised proceeds of its medium-term notes (MTN) raised earlier this year. Approximately RM48 million of the RM200 million raised remains unutilised. Star had nevertheless sought to raised up to a total of RM750 million in commercial paper and MTN for working capital, capital expenditure and corporate purposes earlier, leading us to believe that Star may continue to step up its diversification programme. This, in our view, increases the vulnerability of its free cash flow and leaves greater downside implications for its dividend outlook. Disappointingly, Star trimmed its 1H11 dividend per share to 9 sen (1H10: 10.5 sen).

Back to its core operations, Star’s circulation has improved from 279,000 for the July-December 2010 period to 288,000 for January-June 2011. Star’s circulation could have further improved in recent months with its promotional efforts to spur circulation, although any spike is likely to be one-off. The declining circulation trend is likely to persist, not merely for the Star newspaper, but for English mainstream papers as a whole. This is coming at the expense of other media platforms, in particular online media, especially with improved broadband. Longer term, this negative trend will continue to hamper advertising expenditure revenue to the print segment and particularly the English newspaper sub segment. Note that adex to the Malay and Chinese print segments has turned increasingly important as an advertising channel (English accounted for 53% of print adex in 2000, declining to 44% as at end-2010). — Affin IB Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.



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TSH Resources aims to be regional player

TSH Resources Bhd’s chairman Datuk Kelvin Tan shares his views and outlook on the year ahead with The Edge Financial Daily in this interview.

TEFD: What are your expectations for 2012, for your company and the plantation industry?
Tan: We are excited and bullish on the group’s growth in crude palm oil (CPO) output over the next few years. There are about 15,000ha or 54% of our planted areas coming into maturity over the next few years, not only in terms of increased maturity area, but also improving fresh fruit bunch (FFB) and CPO yields as the fruits reach the prime age of seven to 12 years.

For the plantation industry, we believe that the fundamentals that drive demand for edible oils will continue to grow at a steady pace, coupled with higher demand for biofuel.

Tan’s wish list for 2012 is for TSH Resources to remain one of the most competitive plantation groups.

The fundamental drivers for the palm oil plantation industry remain strong based on population growth, income growth and consumption per capita growth, especially from the fast growing developing countries. Moreover, palm oil remains one of the most competitive edible oils.

What impact, if any, do you expect from the euro crisis?
Based on the last two major financial crises in 2000 and 2008, demand for edible oils continues to grow, although at a slower rate. The fundamental drivers, which come from demand growth in developing countries and biofuel, remain strong and intact.

What do you expect CPO prices to range in 2012?
We do not forecast CPO prices. However, we believe the strong fundamentals from the demand growth in CPO will be able to sustain the current price.

What is the company’s plans and focus for 2012?
The group plans to undertake new planting on its existing land and expand the plantation landbank. We will continue to improve on our productivity and efficiency to maintain our competitiveness. We will also continue to develop on human capital through our training school.

What is your wish list for 2012?
Our wish is to remain one of the most competitive plantation groups and to grow it into a sizeable regional player in the next couple of years.


The 2012 CEO Outlook series started on Dec 19 and will run every day into January. The Edge Financial Daily has so far interviewed Geoffrey Briscoe of BMW Malaysia, Tan Sri Teh Hong Piow of Public Bank Bhd, Jeffrey Chew of OCBC Bank (M) Bhd, Osman Morad of Standard Chartered Bank Malaysia Bhd, Yvonne Chia of Hong Leong Bank Bhd, Tan Sri Lee Oi Hian of Kuala Lumpur-Kepong Bhd, among many others. If you’ve missed them, please read our back issues on iPad for free


This article appeared in The Edge Financial Daily, December 28, 2011.




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Sunway secures RM28m construction contract

Sunway Bhd (Dec 27, RM2.50)
Maintain buy at RM2.46 with target price of RM2.79: Sunway announced that its wholly-owned subsidiary, Sunway Geotechnics (M) Sdn Bhd had on Dec 22, 2011 accepted a letter of award from Hap Seng Land Development Sdn Bhd for the construction and completion of earthworks, piling, basement and ground floor reinforced concrete structures for one block of 43-storey serviced apartments at Jalan Tun Razak, Kuala Lumpur. The contract value is RM27.6 million and the project is targeted to be completed by Dec 12, 2012, with a construction period of 12 months.

We make no changes to our FY11 to FY13 net earnings forecasts as the contract value is small (compared with Sunway’s RM2.9 billion construction order book) and we have imputed over RM1 billion of yearly new contract wins for FY11/FY12. Maintain “buy” on Sunway with an unchanged target price of RM2.79, based on a 30% discount to realisable net asset value. Notwithstanding our cautious stance on the domestic medium- to high-end property market in view of the rising global economic uncertainties and potential tightening of bank mortgages, we continue to like Sunway for its: (i) integrated real estate business model; (ii) strategic landbank; (iii) extensive experience in the construction sector with a proven track record; and (iv) established international footprint in Singapore and China (property development) and Middle East (construction). Besides, we believe Sunway’s short-to medium-term earnings will be cushioned from any unexpected short-term market downturn given their high property unbilled sales of RM2 billion, construction order book of RM2.9 billion and recurring income from the Sunway REIT and its theme park operations. — Affin IB Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.






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Ingress gets TNB letter of intent

KUALA LUMPUR: Ingress Corp Bhd units have received letters of intent from Tenaga Nasional Bhd for power management unit (PMU) projects worth RM55 million that are set to commence within the first quarter of its fiscal year ending Jan 31, 2013.

In a statement yesterday to Bursa Malaysia, Ingress said letters given to its two subsidiaries, Multi Discovery Sdn Bhd and Ramusa Engineering Sdn Bhd, are for the establishment of PMU 132kV Kota Setar AIS Rehab and 132kV lines diversion at PMU Kota Setar, as well as a proposed 275kV bulk supply to Bahru Stainless. No other details were provided.



This article appeared in The Edge Financial Daily, December 28, 2011.




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Marginal improvement for HELP International

HELP International Corp Bhd (Dec 27, RM1.64)
Maintain market perform at RM1.62 with fair value of RM1.80: Net profit for 4QFY11 ended October of RM3.6 million (-44.6% year-on-year [y-o-y], more than 100% quarter-on-quarter [q-o-q]) took FY11 earnings to RM13.1 million, a 31.6% decline y-o-y. This was above our expectations but slightly missed street estimates, coming in at only 91% of consensus. As expected, only a minimal full-year gross dividend per share of two sen was declared, as HELP continues to conserve its cash for the construction of its Subang 2 campus.

Revenue for 4QFY11 was up 18.7% q-o-q, mostly due to the higher student enrolment. Earnings before interest and tax (Ebit) margins improved to 19.5% during the quarter (from 4.6% in 3Q11), as HELP was no longer incurring campus relocation costs that dented earnings in 3Q11. The effective tax rate also declined to 31.9% during the quarter (from 70.1% in 3QFY11).

HELP is guiding for better earnings in FY12 as management expects an improvement in student enrolment and normalised operating costs. The key earnings driver in FY12 will be the full contribution from its Frasers Business Park facility. We expect HELP’s earnings to pick up from 2QFY12 onwards, as major intakes will be held from January to March 2012.

The risks include: (i) further regulatory changes; (ii) lower than expected student numbers; and (iii) a decline in demand for private higher education.
We have revised our revenue forecasts for FY12/FY13 by reducing our estimated fee growth assumption to 4.5% (from 8%) as we believe our previous estimates were too aggressive. However, we have increased our net earnings margins after factoring in a better utilisation rate at the Frasers Business Park branch. Overall, our FY12/FY13 earnings per share estimates are slightly reduced by 1.1% to 1.2% to 14.7 to16.1 sen (from 14.8 to 16.9 sen). We have also introduced our FY14 forecast.

As our FY12 forecast revisions were minor (-1.1%), we maintain our “market perform” call on HELP, with an unchanged fair value of RM1.80. We value HELP at 12 times FY12 earnings, after imputing a two times multiple discount to the market’s estimated price-earnings ratio of 14 times due to the stock’s thin trading volume (12-month average traded volume of 26,000 against SEG International Bhd’s 958,000 and Masterskill Education Group Bhd’s 2.4 million). — RHB Research, Dec 27


This article appeared in The Edge Financial Daily, December 28, 2011.



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Bumi Armada acquires vessel for RM68m

KUALA LUMPUR: Bumi Armada announced yesterday that its wholly-owned subsidiary, Bumi Armada Offshore Holdings Sdn Bhd, has exercised an option to purchase a vessel named Rainbow River for a cash consideration of RM68 million.

In a filing with Bursa Malaysia, Bumi Armada said the acquisition is in line with its fleet expansion plan and will be completed upon delivery of the vessel, expected in 1Q12.

It said the purchase of the vessel is pursuant to a memorandum of agreement with Galaxy Naviera Maritime SA, Panama, dated Sept 28, 2011 and will be funded by internally generated funds.

The acquisition is not expected to have any material effects on the share capital, substantial shareholding, earnings or net assets of Bumi Armada for the FY11 ending Dec 31 and does not require any approval from shareholders or regulatory authorities, it said.



This article appeared in The Edge Financial Daily, December 28, 2011.




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Proton shares, warrants rebound after holidays

KUALA LUMPUR: Proton Holdings Bhd and its structured warrants continued to see strong investor interest yesterday as the counters saw active trading volume and rising share prices.

The stock rebounded 9.36% to RM4.79 from last Friday’s close of RM4.38 with 5.8 million shares traded. It was the top gainer on Bursa Malaysia yesterday.

The national automaker priced as high as RM4.83 in intra-day trade, just shy of the highest price recorded this year in January of RM4.85.

All four Proton call warrants, Proton-CG, Proton-CH, Proton-CI and Proton-CJ also saw strong gains.

This came after Proton’s shares and warrants had all closed lower on Friday. Proton was down 1.8% last Friday from RM4.46 the day before.

Last week, The Edge Financial Daily reported that Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar had said that any sale of its 42.7% stake would be in full and therefore subject to a general offer. He also said that Khazanah had yet arrive at a decision to sell its stake.

Proton-CG gained 52.3% to close at 49.5 sen, an 8.14% premium on the mother share, up from 32.5 sen with a volume of 59 million warrants traded.

Proton-CH gained 44.26% to close at 44 sen, a 5.64% premium, from 30.5 sen on the back of 59.7 million warrants traded.

These two warrants were the top two most active counters on Bursa yesterday.

Proton-CI rose 26.97% to close for a premium of 9.81% at 56.5 sen from 44.5 sen with 9.3 million warrants traded.

Proton-CJ closed at a premium of 24.22% at 39 sen, a 15.39% gain from 33 sen with 4.8 million units done.

Proton-CG was issued by CIMB Investment Bank Bhd in March with 50 million units at 15 sen a piece. It has an exercise price of RM3.20 and a conversion ratio of four-to-one. The structured call warrant expires on March 30, 2012.

Proton-CH was issued by OSK Investment Bank Bhd in April at 15 sen with 80 million units. It has an exercise price of RM3.30 and a conversion ratio of four-to-one. It will expire on Feb 27 next year.

The warrant Proton-CI was issued by CIMB last Nov 30 at 15 sen each with an issue size of 50 million. The four-for-one warrant expires on Nov 30, 2012 and has a strike price of RM3.

Proton-CJ, issued by Maybank Investment Bank Bhd, last week at 15 sen a piece has an issue size of 50 million units. The five-for-one warrants have an exercise price of RM4 and will expire on Dec 12, 2012.

Compared with last Friday, the premium spread between the warrants has converged but Proton-CJ, which was only issued 20 days after Proton-CI, is trading at a much higher premium on the mother share.



This article appeared in The Edge Financial Daily, December 28, 2011.



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OSK keeps 'overweight' call on aviation

OSK Research has maintained its "overweight" call on the aviation sector. In a research note today, OSK Research said passenger growth for 2011 is likely to come in at 10-12 per cent at year-end.

"We see air travel growth for 2012 likely to moderate amid economic uncertainties over Europe's growing sovereign debt crisis and the anaemic economy of the United States," the research house said.

However, OSK Research believes Malaysia is insulated from a cyclical downturn in passenger travel, given its stronger gross domestic product (GDP)growth of 5.2 per cent on the rollout of more Economic Transformation Plan projects.

It said other factors include the surprise third quarter GDP numbers which were driven by strong private consumption growth.

"This, coupled with the fact that Malaysia has a high penetration of low cost carrier travel, reinforces our view that air travel will continue to remain resilient and benefit both AirAsia and Malaysia Airports.

"With AirAsia reaping more profit from lower jet fuel prices and the latter seeing an upside from a tariff hike, we also see both companies gaining from down-trading when cheaper fares stimulate spending on ancillaries and at airports," OSK Research said.

In contrast, the research house is sceptical of Malaysia Airlines as it feels that AirAsia stands to gain more from their tie-up in the immediate term.

Both airlines have entered into a comprehensive collaboration framework that will see both leverage on their respective core strengths. -- BERNAMA



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EPF sells 1.44m YTL Power shares, cuts stake to 9.68%

KUALA LUMPUR (Dec 28): The Employees Provident Fund (EPF) Board continued to reduce its shareholding in YTL POWER INTERNATIONAL BHD [], with the latest disposal of 1.44 million shares on Dec 22.

A filing to Bursa Malaysia on Wednesday, Dec 28, showed the EPF sold the shares on Dec 22 and reduced its shareholding to 703.38 million or 9.68%.

On Dec 1, it disposed of 831,600 shares and reduced its shareholding then to 714.60 million shares or 9.83%.

According to the filings, from Dec 1 to Dec 22, the EPF had disposed of 12.05 million shares.



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FBM KLCI up 2.75 points

At 4.00 p.m. today, there were 313 gainers, 354 losers and 285 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,503.66 up 2.75 points, the FBMACE was at
4,035.13 up 19.57 points, and the FBMEmas was at 10,309.04 up 18.27 points.

Turnover was at 1.009 billion shares valued at RM628.369 million. -- BERNAMA



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UOA Devt’s 56,000 shares crossed at RM1.50

KUALA LUMPUR (Dec 28): UOA Development Bhd saw 56,000 of its shares crossed at RM1.50 apiece on Wednesday, stock market data showed.

At RM1.50, it was 14 sen above the market price of RM1.36.

Shares of UOA Development were unchanged at RM1.36 at 3.52pm. There were 1.08 million shares transacted at prices ranging from RM1.35 to RM1.37.

In the morning session, there were 14.45 million shares crossed at an average price of RM1.36. The stake represented 1.2% of its paid-up share capital of 1.195 billion shares.



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Magna Prima plans high-end property projects with RM1.6 bln GDV

KUALA LUMPUR (Dec 28): Magna Prima Bhd (MPB) is set to develop high-end property projects with an estimated gross development value (GDV) of more than RM1.6 billion in Jalan Ampang, Kuala Lumpur, and Jalan Gasing, Petaling Jaya, Selangor.

MPB, an investment holding company, aims to develop a commercial development project comprising two towers, residential units and a hotel in Jalan Ampang, as well as a mixed-development project in Jalan Gasing.

"The Jalan Ampang project is expected to start next year and the Jalan Gasing one in 2013," said executive director Datuk Rahadian Mahmud Mohd Khalil.

On MPB's ongoing 25-storey single-tower residential apartment project in Melbourne, Australia known as Dynasty Living, he said 62 per cent of a total of 320 units had been sold.

The remaining 122 units are expected to be launched in February next year in Kuala Lumpur, he said after the company's extraordinary general meeting (EGM) here on Wednesday..

The project is expected to be completed in 2013 and will contribute to the company's revenue with a gross profit of US$15 million (RM48.26 million) after 2013.

Other MPB ongoing projects -- in Shah Alam, Bukit Jalil and Selayang as well as the Jalan Kuching project -- are expected to contribute in the next two years.

On future projects, he said MPB is always looking to acquire more land for landed residential property and commercial shop lot projects.

On the industry's outlook, he said landed property would remain at current levels after taking into account this year's demand and sales performance but believed there would be an over-supply of commercial and office property.



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Magna Prima to develop RM1.6b property

Magna Prima Bhd (MPB) is set to develop high-end property projects with an estimated gross development value (GDV) of more than RM1.6 billion in Jalan Ampang, Kuala Lumpur, and Jalan Gasing, Petaling Jaya, Selangor.

MPB, an investment holding company, aims to develop a commercial development project comprising two towers, residential units and a hotel in Jalan Ampang, as well as a mixed-development project in Jalan Gasing.

"The Jalan Ampang project is expected to start next year and the Jalan Gasing one in 2013," said executive director Datuk Rahadian Mahmud Mohd Khalil.

On MPB's ongoing 25-storey single-tower residential apartment project in Melbourne, Australia known as Dynasty Living, he said 62 per cent of a total of 320 units had been sold. The remaining 122 units are expected to be launched in February next year in Kuala Lumpur, he said after the company's extraordinary general meeting (EGM) in Kuala Lumpur today.

The project is expected to be completed in 2013 and will contribute to the company's revenue with a gross profit of US$15 million (RM48.26 million) after 2013.

Other MPB ongoing projects -- in Shah Alam, Bukit Jalil and Selayang as well as the Jalan Kuching project -- are expected to contribute in the next two years.

On future projects, he said MPB is always looking to acquire more land for landed residential property and commercial shop lot projects.

On the industry's outlook, he said landed property would remain at current levels after taking into account this year's demand and sales performance but believed there would be an over-supply of commercial and office property. -- BERNAMA



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JCY climbs to 13-month at midday on strong HDD demand

KUALA LUMPUR (Dec 28): Shares of JCY International Bhd rose to a 13½ month high at midday on Wednesday on sustained buying interest as the hard disk drive (HDD) manufacturer was not affected by the recent severe Thai floods and due to strong demand.

At midday, it was up 3.5 sen to RM1. There were 17.19 million shares transacted at prices ranging from 97 sen to RM1.01.

OSK Research had on Dec 23 upgraded the TECHNOLOGY [] sector a Neutral as the worst impact from the Thai floods should be over while restoration of production in Thailand was going on at full steam.

The research house had said it came to understand that Western Digital and Seagate had used this opportunity to push for higher prices of their HDD products (50%-100%) whilst cutting down warranty periods

“ We are keeping our earnings forecasts unchanged for Engtek and Notion but revising our valuation from 0.7 times to 0.9 times price-to-book value. They are both upgraded to Neutral from Sell. Engtek at RM1.52 and Notion at RM1.69.

“ As for JCY, we are raising our earnings forecast by more than 100% as their equipment was unscathed. Valuation switched from 0.9 times PBV to 8 times FY12 PER. Call upgraded to Trading Buy with FV of RM1.30. We understand that there are rumours of a strong price push over the next one month,” it said.



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Adventa shares crossed at 15c below market price

KUALA LUMPUR (Dec 28): Glove maker ADVENTA BHD [] saw 100,000 of its shares crossed in an off-market deal at an average price of RM1.43 each on Wednesday.

This was 15 sen below the midday price of RM1.43.

There were 14,000 shares traded at prices ranging from RM1.58 to RM1.60.



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More capex to fuel O&G sector in 2012

The aggressive inflow of capital expenditure (Capex) into the development of marginal oil and gas (O&G) fields or enhanced oil recovery projects by Malaysian O&G players, is set to continue in 2012.

Over the past 12 months, national O&G entity, Petronas Bhd, has been busy boosting production not only to catch up with the previous year's higher output, but also achieve this more efficiently, said OSK Research.

The firm added that the national oil corporation's total O&G production had dropped to 2.1m boe/day in financial year 2011 from 2.3m boe/day previously,

"Hence, Petronas together with its production sharing contract (PSC) parties, has been progressively pouring Capex into the development of marginal O&G fields or enhanced oil recovery (EOR) projects.

"Both types of projects are expected to help it meet its higher O&G output objective in the shortest possible time and also at a lower production cost vis-a-vis the greenfields or more sophisticated fields," OSK Research said.

The research firm also predicts that more marginal oilfields will be awarded in 2012.

In 2011, Petronas awarded two clusters of marginal O&G fields, namely the Berantai cluster to Kencana and SapuraCrest, and the Balai cluster to Dialog Bhd.

These fields are fast-track projects that are expected to commence O&G production in one or two years, against the more sophisticated deepwater fields, which may take between three-five years to kickstart.

"Going forward, there are numerous new development opportunities, since Petronas intends to develop about 25 per cent of the 100 remaining marginal O&G fields identified," OSK Research said.

It added that given the exposure and experience, it will not be surprising if once again, Kencana, SapuraCrest and Dialog, are awarded the projects.

Also, next year, the focus on enhanced oil recovery (EOR) projects are slated to continue.

This is because the additional Capex needed to extract the remaining O&G is far less than that for a greenfield.

Recently, Petronas and Shell signed a Heads of Agreement for two 30-year production sharing contracts, involving EOR projects offshore Sabah and Sarawak.

OSK Research said the future growth of the sector is more likely to be via mergers and acquisitions.

"We think that growth through acquisitions or mergers is more likely compared to organic growth, as the O&G industry is becoming more dynamic.

"Companies are required to provide a complete range of services as well as deliver them reliably and in a timely manner.

"Petronas and its production sharing contract parties would rather place the main project responsibility on a single O&G contractor to get the entire job done, than award smaller portions to multiple contractors, which may give rise
to a risk of delivery delays and cost overruns.

"As such, we believe there may be a consolidation among the vessel players and brownfield services providers," the research house said. -- Bernama



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KLCI stays in the red at mid-day, struggles to breach 1,500-level

KUALA LUMPUR (Dec 28): Asian stocks retreated on Wednesday as investor sentiment remained weighed by the looming euro zone debt crisis, while a survey showed that confidence among South Korea's largest companies fell to its lowest in four months in January.

The FBM KLCI was down 2.32 points to 1,498.59 at the mid-day break, weighed by select blue chips.

Gainers trailed losers by 227 to 316, while 278 counters traded unchanged. Volume was 558.51 million shares valued at RM332.21 million.

The ringgit weakened 0.14% to 3.1720 versus the US dollar; crude palm oil futures for the third month delivery rose RM32 per tonne to RM3,191, crude oil gained two cents per barrel to US$101.36 while gold fell US$6.22 an ounce to US$1,587.00.

Asian shares eased on Wednesday in low volume with many market players away for year-end holidays, while oil kept gains from the previous day on concerns about possible supply disruptions after Iran threatened to stop the flow of oil from the Gulf, according to Reuters.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.67% to 18,503.67, South Korea’s Kospi lost 1.13% to 1,821.14, the Shanghai Composite Index fell 0.66% to 2,151.97, Singapore’s Straits Times Index lost 0.30% to 2,665.58, Taiwan’s Taiex shed 0.11% to 7,077.15 while Japan’s Nikkei 225 was flat at 8,440.65.

On Bursa Malaysia, losers included Warisan that fell 38 sen to RM2.41, Batu Kawan down 18 sen to RM17.32, Top Glove and Guan Chong lost 11 sen each to RM4.38 and RM1.98, Nestle, Kluang and HLFG fell 10 sen each to RM56.70, RM2.60 and RM11.70 respectively, while Lafarge Malayan Cement, Harvest Court and UMW fell nine sen each to RM6.81, RM1.01 and RM6.89 respectively.

Among the gainers, Petronas Gas added 40 sen to RM14.80, BAT 30 sen to RM49.30, United PLANTATION []s 20 sen to RM18.80, DKSH 16 sen to RM1.54, KrisAssets up 13 sen to RM6.05, Hup Seng and GAB up 10 sen each to RM1.80 and RM13.30, Tan Chong gained eight sen to RM4.12 and Kwantas was up six sen to RM2.04.

The actives included Utopia, Proton, JCY, MBF Holdings warrants and Vastalux.



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KLCI stays in the red at mid-day, struggles to breach 1,500-level

KUALA LUMPUR (Dec 28): Asian stocks retreated on Wednesday as investor sentiment remained weighed by the looming euro zone debt crisis, while a survey showed that confidence among South Korea's largest companies fell to its lowest in four months in January.

The FBM KLCI was down 2.32 points to 1,498.59 at the mid-day break, weighed by select blue chips.

Gainers trailed losers by 227 to 316, while 278 counters traded unchanged. Volume was 558.51 million shares valued at RM332.21 million.

The ringgit weakened 0.14% to 3.1720 versus the US dollar; crude palm oil futures for the third month delivery rose RM32 per tonne to RM3,191, crude oil gained two cents per barrel to US$101.36 while gold fell US$6.22 an ounce to US$1,587.00.

Asian shares eased on Wednesday in low volume with many market players away for year-end holidays, while oil kept gains from the previous day on concerns about possible supply disruptions after Iran threatened to stop the flow of oil from the Gulf, according to Reuters.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.67% to 18,503.67, South Korea’s Kospi lost 1.13% to 1,821.14, the Shanghai Composite Index fell 0.66% to 2,151.97, Singapore’s Straits Times Index lost 0.30% to 2,665.58, Taiwan’s Taiex shed 0.11% to 7,077.15 while Japan’s Nikkei 225 was flat at 8,440.65.

On Bursa Malaysia, losers included Warisan that fell 38 sen to RM2.41, Batu Kawan down 18 sen to RM17.32, Top Glove and Guan Chong lost 11 sen each to RM4.38 and RM1.98, Nestle, Kluang and HLFG fell 10 sen each to RM56.70, RM2.60 and RM11.70 respectively, while Lafarge Malayan Cement, Harvest Court and UMW fell nine sen each to RM6.81, RM1.01 and RM6.89 respectively.

Among the gainers, Petronas Gas added 40 sen to RM14.80, BAT 30 sen to RM49.30, United PLANTATION []s 20 sen to RM18.80, DKSH 16 sen to RM1.54, KrisAssets up 13 sen to RM6.05, Hup Seng and GAB up 10 sen each to RM1.80 and RM13.30, Tan Chong gained eight sen to RM4.12 and Kwantas was up six sen to RM2.04.

The actives included Utopia, Proton, JCY, MBF Holdings warrants and Vastalux.



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UOA Devt sees 14.45m shares done off-market

KUALA LUMPUR (Dec 28): UOA Development Bhd saw 14.45 million of its shares crossed in an off-market deal on Wednesday at an average price of RM1.36.

Stock market data showed the stake represented 1.2% of its paid-up share capital of 1.195 billion shares.

UOA Development share price ended the morning session unchanged at RM1.36. There were 258,000 shares done at prices ranging from RM1.36 to RM1.37.



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KL shares lower at midmorning

At 10.30 am today, there were 184 gainers, 249 losers and 231 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,496.59 down 4.32 points, the FBMACE was at
4,025.51 up 9.95 points, and the FBMEmas was at 10,262.66 down 28.11 points.




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Ingress advances on investors' interest

Ingress Corporation Bhd shares extended its gains as at 10am, rising two sen to 79 sen with 299,100 shares traded, as promising earnings attracted investors' interest in the stock.

After securing a RM84.8 million contract from Perusahaan Otomobil Nasional Sdn Bhd (Proton) last week, Ingress' subsidiaries yesterday landed power management contracts worth RM55 million from Tenaga Nasional Bhd.

Ingress said the power management projects would comprise the establishment of PMU 132kV Kota Setar Applied Innovative Services Rehab and 132kV Lines Diversion at PMU Kota Setar.

It also includes the proposed 275kV Bulk Supply to Bahru Stainless (Extension of 2 x 275kV Overhead Line Bays at PMU275/132/22 kV Cahaya Baru).

Ingress, involved in the power engineering sector said both projects, scheduled to commence in the first quarter of financial year ending Jan 31, 2013 was expected to contribute positively to group earnings. -- Bernama



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Residential property mart seen 'encouraging'

The residential property market is expected to remain rather encouraging next year as consumers start to focus on affordable homes.

OSK Research Sdn Bhd said the fact that most of recent launches were of units in the high-end segment could signal that the upcycle is at its tail-end and developers were rushing to capture any remaining upside before the sentiment for such properties turns sour.

"Subsequently, we expect developers to shift to the more affordable mass-market housing segment to tap into the high demand by first-time young buyers," it said in a research note today.

The shift became more apparent recently when high-end developers such as SP Setia and Mah Sing acquired sizeable pieces of land in the Klang Valley for developing townships that offered affordable housing.

"For those which remain focused on the high-end market, we see them offering smaller housing units with the aim of making the price per unit appear more affordable," it said.

OSK maintained a "neutral" call on the property sector, on the fact that property counters tend to underperform or market perform when sentiments weaken. -- Bernama



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KLCI slips back to below 1,500-level at mid-morning

KUALA LUMPUR (Dec 28): The FBM KLCI slipped below the 1,500-point level at mid-morning on Wednesday in light volume as investors remained cautious in line with the overall weaker sentiment at regional markets.

The FBM KLCI fell 5.21 points to 1,495.70 at 10am.

Losers beat gainers by 188 to 150, while 199 counters traded unchanged. Volume was 205.18 million shares valued at RM100.26 million.

Asian shares eased on Wednesday in low volume with many market players away for year-end holidays, while oil slipped after surging the day before on concerns about supply disruptions after Iran threatened to stop the flow of oil from the Gulf, according to Reuters.

US stocks ended little changed on Tuesday after low market liquidity dampened activity and snapped a four-day rally that turned the broad Standard & Poor's 500 Index positive for the year, it said.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.48% to 18,540.22, Japan’s Nikkei 225 shed 0.01% to 8,439.60, South Korea’s Kospi lost 1.01% to 1,823.50, the Shanghai Composite Index fell 0.26% to 2,160.50 and Taiwan’s Taiex shed 0.09% to 7,078.30.

Meanwhile, Singapore’s Straits Times Index edged up 0.06% to 2,675.23.

BIMB Securities Research in a note Wednesday said that though there are no new developments from the Eurozone, the situation remains very much embedded in many thoughts.

Whilst many investors are still in a holiday mood, trading volume on equity markets declined with most ended the day flat in Europe, it said.

The research house said the Italians are preparing for a €20 billion 10-year bonds auction at a high yield of 7% or above.

Over in the US, investors had been digesting data from improved consumer confidence and declining home prices and as a result, the Dow Jones Industrial Average closed the session flat, it said.

“Asian bourses were generally weaker from the lack of fresh catalysts. As for Malaysia, the FBM KLCI finally managed to breach the 1,500 mark albeit marginally.

“It will be interesting to see if the index is able to sustain above this level in a run-up towards 2012. We believe it could!” it said.

On Bursa Malaysia, BAT topped the losers at mid-morning and fell 34 sen to RM48.66; Batu Kawan was down 30 sen to RM17.20, Dutch Lady 20 sen to RM23, UMW 15 sen to RM6.83, KLK and Top Glove fell 12 sen each to RM22.44 and RM4.82, Nestle and Telekom lost 10 sen each to RM56.70 and RM4.90, Harvest Court nine sen to RM1.01 and SapuraCrest seven sen to RM4.50.

Gainers included Multico, United PLANTATIONs, Petronas Gas, DKSH, KrisAssets, Harrisons, Tan Chong, Kretam, Metrod and Fima Corp, while the actives included Proton, JCY, Utopia, Vastalux, Emico and Astral Supreme.



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Multi Sports rises on Taiwan proceeds

Multi Sports Holdings Ltd, a Chinese maker of shoe soles, rose 1.3 percent to 40.5 sen at 9.50am, headed for its highest close since Dec. 20.

The company received proceeds from its offering of Taiwan depositary receipts, which will be listed in Taipei on Dec. 30, according to a Kuala Lumpur stock exchange filing. -- Bloomberg



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Metrod continues ascend after disposing Austrian units for RM202.2m

KUALA LUMPUR (Dec 28): Metrod (Malaysia) Bhd shares advanced on Wednesday after the company said it was set to realise a gain of about RM74.5 million from the disposal of its Austria-based units for RM202.2 million (€49 million).

At 9.25am, Metrod added five sen to RM2 with 7,000 shares traded.

It said on Tuesday that its wholly-owned subsidiary, Metrod (Singapore) Ptd had entered into an agreement with GEP II Beteiligungs GmbH to dispose ASTA Holdings GmbH and ASTA Elektrodraht GmbH.



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Multi-Code gains on Q1 profit surge

Multi-Code Electronics Industries Bhd, a Malaysian auto parts maker, rose the most in two weeks in Kuala Lumpur trading after fiscal first-quarter profit surged 80 percent to RM3.2 million.

The stock gained 12 percent to 75 sen at 9:08 a.m. local time, set for its steepest increase since Dec. 13. -- Bloomberg



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Xian Leng hits 29-month low on Q3 loss

Xian Leng Holdings Bhd, a Malaysian exporter of Arowana fish, fell to a 29-month low in Kuala Lumpur trading after reporting a loss of RM58.8 million in the third quarter.

The stock slid 5.3 percent to 36 sen at 9:02 a.m. local time, set for its lowest close since July 14, 2009. -- Bloomberg



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Ingress Corp extends gains on positive news flow

KUALA LUMPUR (Dec 28): INGRESS CORPORATION BHD [] shares extended their gains in early trade on Wednesday as a slew of positive news flow piqued investors’ interest in the stock.

At 9.05am, Ingress rose 3.5 sen to 80.5 sen with 91,800 shares traded.

On Tuesday, Ingress Corp said its subsidiaries via their joint venture had secured contracts worth a total RM55 million from TENAGA NASIONAL BHD [].

Last week, Ingress received a letter of acceptance from Perusahaan Otomobil Nasional Sdn Bhd (Proton) with a total value of RM84.8 million over a period of five years to supply parts for new Proton models.



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OSK Retail Research: Accumulate R&A Telco shares, upside at 15.5 sen

KUALA LUMPUR (Dec 28): OSK Retail Research has an upside target for R&A Telecommunication Group Bhd at the 15.5 sen level, while the cut-loss point is below the crucial 11.5 sen level.

It said on Wednesday that R&A had started building a new support floor at the 11.5 sen level since September this year.

“More noticeably of late is that the stock’s trading volume has been particularly high at around the 11.5 sen level throughout December, which could be the signal of an impending rebound.

“There is a possibility that the price consolidation could come to an end soon and therefore, we suggest traders should start accumulating its shares at the current level,” it said.



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RHB Research cautious on automotive sector in 2012 as economy slows down

KUALA LUMPUR (Dec 28): RHB Research Institute said the more cautious outlook and slowing economy in 2012 will likely see households and businesses alike reassess spending on big-ticket items.

“We expect total industry volumes (TIV) to remain relatively flat at 607,000 units in 2012 (2011 estimate: 604,000).

“We see some selective supply constraints of certain models continuing into 1Q12 arising from the flooding in Thailand, with Honda the most severely affected,” it said on Wednesday.

RHB Research said with 2011 turning out to be a year to forget for the auto industry, it was opting to remain cautious on the prospects for stocks in the sector and reiterate its Underweight call as it looks ahead into 2012.

The research house said other factors that bear a close watch over included the forthcoming revision to the National Automotive Policy and forex rates for the US dollar and yen.



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Affin Research maintains Buy on WCT, RM3.56 target price

KUALA LUMPUR (Dec 28): Affin Equities Research is maintaining its Buy call on WCT BHD [] at RM2.30 with a price target of RM3.56.

WCT had announced on Tuesday its unit was awarded an investment certificate to undertake a residential and commercial mixed development on a 46,577 sq m (11.5 acre) site in Ho Chi Minh City, Vietnam.

Affin Research said on Wednesday since the land area was only 11.5 acres, it did not believe the project would take 50 years to develop.

“We continue to believe in the long term potential of the property development business in Vietnam but with the eurozone debt crisis still unfolding and global economy expected to slow in 2012, short-term uncertainties remain,” it said.

The research house said that on the upside, there was recent good response to Gamuda’s Celadon City (Ho Chi Minh City) and Gamuda City (Hanoi) projects.

“Pending guidance on project launch date and gross development value, we maintain our FY11-13 forecasts, target price (at 15 times CY12 EPS) and BUY call for WCT.

“Recent tender failures and likely inability to secure RM2 billion of new projects this year are key concern,” Affin Research pointed out.



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