Sentoria first to list on Bursa Malaysia in 2012

KUALA LUMPUR (Feb 22): Property developer Sentoria Group Bhd's listing on Bursa Malaysia's Main Market on Thursday, will be the first initial public offering (IPO) for 2012 and is estimated to have raised some RM51.6 million in proceeds.

Its offer of 20 million new shares at an 85 sen each to the public was oversubscribed by 5.4 times.

The listing exercise entailed a public issue of 60 million new ordinary shares and an offer-for-sale of 40 million promoters’ shares.

RHB Research Institute had accorded a fair value of 92 sen based on a 30% discount to its sum-of-parts valuation.

Sentoria is involved in property development and the leisure and hospitality business in Pahang. It developed a 547-acre integrated resort city, the Bukit Gambang Resort City (BGRC), in Gambang, Pahang.

The BGRC has a water park, active academy (for outdoor activities), provides facilities for meetings, incentives, conventions and exhibitions (MICE) and has accommodation for more than 2,000 people.

Sentoria planned to use more than half of the proceeds for its working capital, while the rest will be utilised to pare down its borrowings and to procure property, plant and equipment.

"Looking ahead, Sentoria plans to enhance its recurring income stream from BGRC, by adding new attractions such as Safari Park, Aquarium Park, Adventure Land, and expand the MICE division by constructing s grand ballroom with 3,050 pax capacity to increase the average revenue and length of stay per visitor," it said in the report.

The group's product mix will also be diversified with the CONSTRUCTION [] of themed villa's and commercial PROPERTIES [] to add development value to the acquired land, it added.

It expected Sentoria's net profit to grow by 10.2% in FY12 and 12.2% in FY13, as more facilities and attractions are fully operational by the end of the year.



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Hartalega 3Q earnings up 3% to RM50.7m, plans 1-for-1 bonus issue

KUALA LUMPUR: Nitrile latex glove maker HARTALEGA HOLDINGS BHD []’s earnings rose 3% to RM50.70 million in the third quarter ended Dec 31, 2011 from RM49.20 million a year ago.

It said on Wednesday, that revenue increased 28.6% to RM241.95 million from RM188.12 million. Earnings per share were 13.93 sen compared to 13.54 sen. It declared an interim dividend of six sen per share.

“The significant increase in revenue is in line with the group’s continuous expansion in production capacity and increase in demand.

“However, the profit before tax margin reduced to 26.4% from 33.1% due to increase in raw material prices of nitrile latex and more competitive sales pricing for the current quarter compared with the corresponding quarter of the preceding year,” it said.

For the nine months ended Dec 31, 2011, revenue rose 27.3% to RM690.86 million from RM542.39 million while net profit increased 10% to RM151.60 million from RM137.76 million.

In a separate announcement, Hartalega proposed a bonus issue of up to 371.65 million 50 sen shares on a one-for-one basis and free warrants issue of up to 74.331 million free warrants on the basis of one free warrant for every five existing shares held on the entitlement date.



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KL Kepong 1Q earnings up 12.1% to RM340.98m, plantations boost

KUALA LUMPUR: KUALA LUMPUR KEPONG BHD [] (KLK) recorded a 12.1% increase in earnings to RM340.98 million in the first quarter ended Dec 31, 2011, boosted mainly by its PLANTATION []s business, when compared with RM304.18 million a year ago.

It said on Wednesday its revenue increased by 20.6% to RM2.923 billion from RM2.423 billion a year ago. Its earnings per share were 32.02 sen compared with 28.56 sen. Group's pre-tax profit rose 18.1% to RM463.20 million from RM392.28 million a year ago.

“Plantations profit climbed 24.5% to RM391.7 million on the back of higher revenue of RM1.31 billion (1QFY2011: RM1.08 billion),” it said.

The profit was boosted by higher selling prices for crude palm oil and rubber, higher fresh fruit bunches production, improved contribution from refinery operations with better margins.

There was also lower FRS 139's fair value loss of RM2.3 million compared with a loss of RM45.1 million a year ago.

However, its oleochemical division saw its margins squeezed by tough competition and a difficult macroeconomic landscape even though revenue grew 21.2% growth to RM1.24 billion due to improved sales volume.

“The recent change in the export duty structure of palm products in Indonesia had resulted in their oleochemical producers having an advantage of a 15% lower raw material cost,” said KLK, adding this had “grossly reduced” the profit margins for the Malaysian oleochemical producers.

KLK said this division ended the quarter with a lower profit of RM3.9 million (1QFY2011: profit RM23.1 million). The fair value loss of FRS 139 had decreased to RM13.0 million (1QFY2011: loss RM50.3 million).

“Retailing sector reported a 5.8% improvement in profit to RM56.7 million which was achieved through better margins and slightly higher revenue.

“PROPERTIES [] sector's profit of RM6.8 million was largely derived from the recognition of profit from two phases of the new project, Bandar Seri Coalfields in Sg Buloh, Selangor,” it said.



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MISC posts 4Q net loss of RM1.74 bn on one-off provisions of RM1.45 bn

KUALA LUMPUR (Feb 22): MISC BHD [] suffered net loss of RM1.74 billion in the third quarter ended Dec 31, 2011 compared with net profit of RM1.38 billion a year ago due to recognition of one-off provisions totalling RM1.45 billion.

It said on Wednesday the provisions were part of the group's planned exit from the liner business. The provisions included impairment of assets, withdrawal from trade alliances and termination of related services and operational contracts.

“Poor market conditions combined with slower trading activities in the shipping segments have led to additional impairment losses totalling RM260.0 million being recognised by the group for the quarter,” it said.

MISC said its revenue for the third quarter was RM2.878 billion, down 5.5% from RM3.045 billion a year ago. Loss per share was 39.10 sen compared with earnings per share of 30.90 sen.

“The decline in group revenue for the current quarter was mainly due to lower revenue in Liner business following withdrawal from a few trade services. Depressed aframax freight rates in petroleum business and novation of certain heavy engineering projects to a jointly controlled entity further contributed to the decrease in revenue,” it said.

For the nine-month period, MISC recorded a net loss of RM1.481 billion due to the recognition of one-off provisions totalling RM1.452 billion following its recent decision to exit from the liner business.

“Excluding liner provisions, the group also recognised RM287.2 million impairment losses on its vessels on the back of poor shipping market,” it said. Its revenue for the nine months fell 9.5% to RM8.506 billion from RM9.401 billion.



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Perisai FY11 net profit doubles to RM21.30m

KUALA LUMPUR (Feb 22): PERISAI PETROLEUM TEKNOLOGI [] Bhd's net profits soared 106.8% to RM21.28 million for the financial year ended Dec 31, 2011 from RM10.25 million a year ago, boosted by profit contributed by the Intan Group, which it acquired in August last year.

It said on Wednesday that for the year ended Dec 31, 2011, its revenue was up 9.6% to RM82.41 million from RM75.21 million a year ago.

For the fourth quarter ended Dec 31, 2011, its earnings 62.3% to RM11.21 million from RM6.93 million. Its revenue rose 38.1% to RM27.91 million the quarter from RM20.21 million a year ago. Earnings per share were 1.49 sen compared to 1.05 sen last year.

Perisai Petroleum said its high profit was also attributed to lower vessel expenses, a recognition of gain as a result of the acquisition of the Intan Group and a reversal of provision for doubtful debts on the group's borrowings.

“The group is confident it will be able to record stronger results moving forward in light of positive prospects in the oil and gas industry as well as better contributions from its 51% acquisition of the Intan Group and its mobile offshore production unit, Garuda Energy,” it said.



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WCT gets RM331m contract for mixed devt project in KK

KUALA LUMPUR (Feb 22): WCT BHD [] has secured a RM331 million contract for a mixed commercial project with a medical centre in Kota Kinabalu.

It said on Wednesday its unit WCT CONSTRUCTION [] Sdn Bhd had accepted the contract from Riverson Corporation Sdn Bhd for the project.

WCT said the scope of works comprised of the construction and completion of a nine-storey hospital with 200 beds, a 10-storey complex with small office-home office, office suites and three levels of retail space and one level of basement car park.

“The works are expected to be completed in August 2014. The contract is expected to contribute positively to the group’s earnings and net assets for the financial years from 2012 to 2014,” it said.



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Kencana gets RM101m offshore platforms job from Murphy

KUALA LUMPUR (Feb 22): KENCANA PETROLEUM BHD [] has secured a RM101 million contract from Murphy Sarawak Oil Co. Ltd for two offshore platforms in Sarawak.

It said on Wednesday its unit Kencana HL Sdn Bhd was awarded the engineering, procurement and CONSTRUCTION [] (EPC) contract for the construction of two offshore platforms - the Patricia and Serendah platforms - which are part of the SK309 field development near Bintulu.

"The contracts are expected to contribute positively to the earnings of Kencana Petroleum Group for the financial year ending July 31, 2012 and financial year ending 2013," it said.

Kencana said that construction would start in the first quarter of 2012 and end in the third quarter.



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TSH posts record earnings of RM120.5m in FY11

KUALA LUMPUR (Feb 22): TSH RESOURCES BHD [] posted record net profit of RM120.54 million in the financial year ended Dec 31, 2011, an increase of 43% from the RM84.28 million a year ago and its expects the Indonesian oil palm estates to boost future earnings.

It said on Wednesday its pre-tax profit of RM162.36 million was a record and was an increase of 54% from RM105.32 million in 2010. Its turnover was RM1.148 billion, up 26.4% from RM908.42 million a year ago.

As for the fourth quarter ended Dec 31, 2011, net profit fell 39.8% to RM26.15 million from RM43.45 million. Turnover was 18.9% higher at RM292.94 million compared with RM246.21 million. Earnings per share were 3.20 sen compared with 10.61 sen.

TSH proposed a first and final single tier dividend of 3.5 sen per share for FY2011.

It said that despite a 27% increase in contribution from the oil palm segment, pre-tax profit for the current quarter at RM30.05 million was lower than the RM42.58 million a year ago.

TSH said the reduction was primarily due to a foreign exchange loss of RM10.962 million and a RM7.291 million reduction in contributions from jointly controlled entities.



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Market Commentary

The FBM KLCI index lost 3.26 points or 0.21% on Wednesday. The Finance Index fell 0.01% to 13949.99 points, the Properties Index dropped 0.44% to 1044.25 points and the Plantation Index down 0.91% to 8666.2 points. The market traded within a range of 6.31 points between an intra-day high of 1565.25 and a low of 1558.94 during the session.

Actively traded stocks include TMS, GOCEAN, IFCAMSC, GPACKET-WA, NICORP, INGENS, FOCUS, MTRONIC, GEFUNG and COMPUGT. Trading volume increased to 2230.80 mil shares worth RM1937.12 mil as compared to Tuesday’s 1894.51 mil shares worth RM1747.28 mil.

Leading Movers were GENTING (+10 sen to RM10.84), TM (+10 sen to RM5.03), TENAGA (+4 sen to RM6.11), RHBCAP (+23 sen to RM7.78) and DIGI (+1 sen to RM4.01). Lagging Movers were IOICORP (-10 sen to RM5.34), PPB (-50 sen to RM17.14), CIMB (-5 sen to RM7.24), GENM (-7 sen to RM3.87) and KLK (-36 sen to RM23.64). Market breadth was negative with 302 gainers as compared to 541 losers. -- JF Apex Securities Bhd



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IJM Corp 3Q earnings up 5.7% to RM135.2m, 9-month at RM325m

KUALA LUMPUR (Feb 22): IJM CORPORATION BHD []’s earnings rose 5.7% to RM135.23 million in the third quarter ended Dec 31, 2011 from RM127.96 million a year ago.

It said on Wednesday its revenue chalked up 30.1% increase to RM1.172 billion from RM901.34 million. Earnings per share were 9.81 sen compared with 9.47 sen.

“The group’s pre-tax profit increased by 12.7% to RM247.7 million compared to the corresponding quarter of the preceding year with all operating divisions except property achieving profit growth,” it said.

IJM Corp said for the nine-month period, its net profit was 1.1% higher at RM325.04 million from RM328.83 million. Its revenue rose at a stronger pace of 23.6% to RM3.303 billion from RM2.672 billion.

On the outlook, it said the group’s CONSTRUCTION [] division’s performance was expected to improve as many of the sroup’s local projects are expected to gain momentum in the current financial year.

“Order book has been boosted by the recent procurement of Package V5 of the Sungei Buloh-Kajang My Rapid Transit (MRT) line and replenishment prospects remain encouraging with potential contract spin-offs from the West Coast Expressway project,” it said.

As for the group’s property division, it expected it to sustain its performance in the current financial year on the back of strong unbilled sales of about RM1 billion.

“Assuming the current level of palm product prices maintain, the Group’s PLANTATION [] division expects a satisfactory level of profitability,” it said.

Malaysian tolling and port operations are expected to continue to provide steady revenue streams to the group’s Infrastructure division. Initial expensing of higher finance costs and amortisation of new toll concessions in India are however expected to dampen its divisional results.



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KLCI closes marginally lower

KUALA LUMPUR (Feb 22): The FBM KLCI closed marginally lower, dragged down by PLANTATION [] stocks and doubts on Greece's ability to undertake austerity measures.

The FBM KLCI on Wednesday closed 3.26 points lower, or 0.21%, to close at 1.560.52, weighed down by plantation-related stocks — such as IOI Group (down 10 sen to RM5.34), PPB GROUP BHD [] (down 50 sen to RM17.14) and KLK (down 36 sen to RM23.64) — which brought the index down by 3.06 points.

A total of 2.32 billion shares were traded, valued at RM1.94 billion. Losers led gainers 541 to 302, while 298 counters traded unchanged.

Regionally, markets closed on a positive note, made upbeat by China's Production Manufacturing Index (PMI) numbers, which rose to 49.7 in February from 48.8 in January — the highest in four months.

Taiwan's Taiex was up 1.01% to 8,001.68, Japan's Nikkei 225 rose 0.96% to 9,554.00, Shanghai's Composite Index up 0.93% to 2,403.59, Hong Kong's Hang Seng Index rose 0.33% to 21,549.28, and South Korea's Kospi increased marginally by 0.22% to 2,028.65. However, Singapore's Straits Index fell 0.97% to 2,995.59.

On Bursa Malaysia, top gainers included DUTCH LADY MILK INDUSTRIES BHD [] (up 40 sen to RM25.80), TAHPS GROUP BHD [] (up 39 sen to RM4.80), and CHIN TECK PLANTATIONS BHD [] (up 34 sen to RM9).

Among top losers were HARRISONS HOLDINGS (M) BHD [] (down 53 sen to RM3.17), after it received a letter of demand from Kastam DiRaja Malaysia for unpaid excise, import and sales tax amounting RM91.75 million.

PPB Group Bhd also continued its losing streak after Wilmar International Ltd — the world's largest palm oil firm — released its 4Q11 results, which missed analyst estimates. The stock was down 50 sen to RM17.14.

Most actively traded on Wednesday included The Media Shoppe (down half a sen to 11 sen, with 221.5 million shares traded), Green Ocean Corporation Bhd (down 2.5 sen to 30 sen), and IFCA MSC BHD [] (up one sen to 14.5 sen).



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AirAsia 4Q net profit down 56% to RM135m on higher fuel costs

KUALA LUMPUR: AIRASIA BHD [] earnings fell 56.3% to RM135.66 million in the fourth quarter ended Dec 31, 2011 when compared with RM311.08 million a year ago as it was impacted by aircraft fuel expenses, which rose to RM475.07 million from RM292.44 million on-year.

The low-cost carrier said on Wednesday In 4QFF11, it recorded foreign exchange losses of RM137.38 million compared with forex gain of RM44.29 million a year ago.

Its revenue rose 9.3% to RM1.272 billion from RM1.164 billion. Earnings per share were 4.90 sen compared with 11.30 sen.

“The revenue growth was supported by 9% growth in passenger volume while the average fare was 4% higher at RM196 as compared to RM188 achieved in 4Q10. Ancillary income per passenger year-on-year fell by 19% to RM40 from RM49 as ancillary income from AirAsia Go is no longer included. The seat load factor was 82%, the same as in the same period last year,” it said.

For the financial year ended Dec 31, 2011, its net profit fell 46.8% to RM564.14 million from RM1.06 billion in FY10. Revenue showed a 13.3% increase to RM4.473 billion from RM3.984 billion.



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UK LNG terminal has import slot for Petronas

Petroliam Nasional Bhd or Petronas, has a slot available at the UK’s Dragon liquefied natural gas terminal next month to import the chilled fuel, suggesting that it doesn’t plan to bring in its own cargo.

The company has offered a berth on March 6 to third parties, according to the terminal’s website. The company also has a slot free on Feb 27 while BG Group Plc has free berths on Feb 23 and March 2, according to the website.

BG owns 50 per cent of Dragon LNG. Petronas holds 30 per cent, and Rotterdam-based 4Gas has 20 per cent. -- Bloomberg



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KL shares slightly lower at midafternoon

Share prices on Bursa Malaysia were slightly lower at mid-afternoon today due to the losses in selected key heavyweights and penny stocks in the absence of fresh catalysts, dealers said.

At 3pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.32 point to 1.563.46, after opening 0.04 point higher at 1,563.82, in line with weaker regional bourses.

The Finance Index increased 45.20 points to 13,997.22.

The Industrial Index lost 19.00 points to 2,889.30 and the Plantation Index decreased 51.069 points to 8,694.36. The FBM Ace Index added 40.29 points to 4,820.80.The FBM Emas Index declined 8.329 points to 10,847.48 and the FBM70 Index fell 20.94 points to 12,304.30.

Losers outnumbered gainers by 459 to 308 with turnover at 1.367 billion units valued at RM977.537 million.

Among actives, Dutch Lady Milk rose four sen RM25.80, TAHPS added 39 sen to RM4.80, Panasonic Manufacturing surged 38 sen to RM21.48 and RHB Capital increased 33 sen to RM7.88.

Of the heavyweights, Maybank rose three sen to RM8.73, Petronas Chemicals added one sen to RM6.95, Maxis increased two sen to RM6.00 and Axiata was up one sen to RM5.05. Sime Darby fell two sen to RM9.62. -- BERNAMA



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Proton to offer YES in-car 4G Internet access

Proton Holdings and Yes, a 4G network provider under YTL Communications Sdn Bhd, today launched a collaboration to offer Malaysia's first in-car 4G internet access in Proton's high-end cars and the new sedan P3-21A to be launched next month.

In the partnership, Proton customers will enjoy 4G connectivity as a new value-added standard feature which will tap into Yes' 4G mobile internet network that currently covers over 65 per cent of the country's populated area.

Proton Group managing director Datuk Seri Haji Syed Zainal Abidin Syed Mohamed Tahir said this innovation, the first endeavour in Proton's rebranding exercise, opens a new spectrum of possibilities and offers customers speed, mobility, comfort and greater productivity while on the road.

"We have been working with YTL for about a year and signed an agreement last year. Today is one small step. Following this, we are trying to work together to integrate more features embedded in the car," he told reporters after the launching ceremony.

He said this initiative would make the Proton brand much more attractive and add income to the company. The cost impact of the new Proton 4G internet car would be very minimal to its customers as providing quality and affordable cars is the objective, Syed Zainal said adding that Proton has negotiated a good package with YTL.

Yes is the only wireless network operator in Malaysia to offer seamless 4G connectivity along the full 960 km stretch of the North-South Expressway and a large portion of the East-Coast Expressway.

Up to five mobile devices can be connected to the car's micro wireless network at any one time. -- Bernama



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YTL Cement retreats, trading halt on Feb 29

YTL Cement Bhd retreated 5.4 per cent to RM4.54, on course for its biggest loss since Oct. 29, 2008. Trading of shares in the cement maker will be suspended from Feb 29 before a delisting, as its parent YTL Corp. (YTL MK) held more than 90 per cent of the company following a buyout offer, according to separate exchange filings. -- Bloomberg



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CIMB Niaga FY11 net profit up 25% to IDR3.17 trn

KUALA LUMPUR (Feb 22): PT Bank CIMB Niaga Tbk reported a 25% increase in audited consolidated net profit of Rp3.17 trillion (RM1.06 billion, where 1,000 rupiah = 33.48 sen) for the financial year ended Dec 31, 2011 from IDR2.55 trillion in FY10.

CIMB Niaga said on Wednesday the higher net profit was boosted by a 17% increase in operating income from Rp8.89 trillion to Rp10.37 trillion while total loans grew 20% from Rp104.89 trillion to Rp125.70 trillion.

Earnings per share were IDR126.77, higher than the IDR106.46 in FY10.

CIMB Niaga recorded loans growth across all business segments -- commercial, corporate, and retail which grew by 23%, 19% and 14% on-year.

In 2011, CIMB Niaga continues to maintain its position as Indonesia’s fifth largest bank by asset size.

The bank’s total assets as at Dec 31, 2011 reached IDR166.80 trillion, up 16% from 2010’s IDR143.65 trillion. Return on asset (ROA) was 2.85%, or up 10 basis points from the 2.75% in 2012.

President Director of CIMB Niaga Arwin Rasyid said both Mikro Laju and automotive loans helped contributed to the highest growth.

The bank's higher loans were supported by growing customer deposits by 12% to IDR131.81 trillion. It reflected the consistency shown by CIMB Niaga in performing its intermediary role.

Current account savings account increased by 14% to IDR58.42 trillion as at Dec 31, 2011. Subsequently, the bank’s low cost fund ratio was recorded at 44.32%, up 74 bps.



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Market down, weighed by big cap plantations, Greece worries, high oil prices

KUALA LUMPUR (Feb 22): Big cap PLANTATION [] stocks weighed on the 30-stock FBM KLCI in the morning session on Wednesday, with PPB emerging as the top loser.

At 12.30pm, the FBM KLCI was down 2.46 points to 1,561.32. Turnover was 1.15 billion shares valued at RM744.330 million, reflecting the lower quality of trading with interest seen in lower liners and penny stocks. There were 283 gainers, 450 losers and 287 stocks unchanged.

The broader market was cautious as investors were still nervous about Greece’s ability to stick to the austerity plan. High crude oil prices also posed another major concern, with Brent crude for April at US$121.21 a barrel and US crude for April at US$105.80 a barrel.

Regional markets were mostly higher with Japan’s Nikkei 225 up 0.77% to 9,536.34, Shanghai’s Composite Index added 0.45% to 2,392.16, Taiwan’s Taiex 0.92% to 7,994.53, South Korea’s Kospi 0.04% to 2,025.01. However, Hong Kong’s Hang Seng Index fell 0.8% to 21,460.90 and Singapore’s Straits Times Index 0.43% lower at 3,012.06.

Crude palm oil third-month futures rose RM13 to RM3,281 while the ringgit weakened to 3.0255 to the US dollar.

PPB fell 46 sen to RM17.18, dragging the 30-stock KLCI down 0.86 of a point , IOI Corp fell five sen to RM5.39, pushing the index down 0.76 of a points while KLK fell 30 sen to RM23.70, shaving 0.5 of a point of the index.

Batu Kawan shed 32 sen to RM18.60 and Genting Plantations 15 sen to RM9.25. However, Chin Tek rose 24 sen to RM8.90 and Far East added 12 sen to RM7.40.

PPB’s 18.3% associate Wilmar International Ltd -- the world's largest listed palm oil firm -- reported fourth-quarter profit that missed analysts’ estimates.

BAT was the top loser, down 70 sen to RM52.30, Harrison 52 sen to RM3.18, Fima Corp 43 sen to RM6.32 and YTL Cement 26 sen to RM4.54. Loss-making Perwaja fell 14 sen to 77 sen.

Among the gainers were Dutch Lady, up 40 sen to RM25.80, RHB Cap 30 sen sen to RM7.85, Kris Assets 17 sen to RM6.60, F&N 16 sen to RM18, Hartalega 13 sen to RM7.89 and Genting 10 sen to RM10.84.



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MAHB to call for second KLIA2 outlet tender

Malaysia Airports Holdings Bhd (MAHB) will be calling for a second tender briefing for KLIA2 involving 39 lots comprising retail, F&B and services categories on Feb 29 and March 6 respectively, at the Pan Pacific Hotel KLIA.

Tender documents can be purchased from Feb 29-March 27. The tender submission deadline for the lots is 3.00pm on Apr 3.

MAHB senior general manager, Commercial Services, Faizah Khairuddin said the concessionaires for 225 lots at the KLIA2 would be announced by July this year.

"Everything has to be ready for operations by April 2013," she told reporters today. Faizah said there would be three phases of the tender briefing, with the first having involved 27 outlets.

KLIA2 has a total retail space of 35,200 sq m on offer. -- Bernama



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RAM Ratings assigns AA1 rating to Maybank’s up to RM7 bn notes

KUALA LUMPUR (Feb 22): RAM Rating Services Bhd has reaffirmed Malayan Banking Berhad’s (“Maybank” or “the Group”) long- and short-term financial institution ratings at AAA and P1, respectively.

It said on Wednesday that at the same time, the respective issue ratings of Maybank and Cekap Mentari Berhad’s (a subsidiary set up to issue subordinated notes) outstanding debt instruments have been reaffirmed.

Concurrently, RAM Ratings has assigned an AA1 rating to Maybank’s proposed up to RM7 billion Subordinated Note Programme.

Below is the statement from RAM Ratings:

The proceeds from the issuance of the subordinated notes under the Programme will be used to fund Maybank’s working capital as well as for general banking and other corporate purposes. The subordinated notes will qualify as tier-2 capital of Maybank subject to compliance with the requirements under Bank Negara Malaysia’s guidelines.

The ratings reflect Maybank’s significant systemic importance, excellent franchise and sound credit fundamentals. With an asset base of RM431 billion as at end-September 2011, the Group is the largest domestic banking group in Malaysia, and commands the largest share of loans and deposits in the local banking system. Maybank’s asset-quality indicators remained healthy as at end-September 2011 – its gross impaired-loan ratio (“GIL”) had improved to 3.2% (post-FRS 139 restated GIL ratio as at end-June 2010: 4.7%). The Bank’s credit-cost ratio remained low at an annualised 0.2% in the 3-month period ended 30 September 2011 (“3M FY Dec 2011”).

During the 3M FY Dec 2011, Maybank recorded a pre-tax profit of RM1.8 billion, which translated into an annualised return on assets of 1.7% and return on equity of 21.1%. In the same span, international operations contributed 26% of Maybank’s pre-tax profit. We expect this segment to account for about 30% of the Group’s pre-tax profits in the next 1–2 years, boosted by earnings from its recent acquisition of Kim Eng Holdings Limited (a Singapore-based regional securities and investment-banking group). The management aspires towards a 40% contribution from Maybank’s international operations by 2015.

As Malaysia’s flagship bank, Maybank’s funding capabilities are unrivalled – the Group has a large base of low-cost current- and savings-account deposits. With faster loan expansion than deposit growth over the last 2 years, Maybank’s loans-to-deposits ratio had risen to about 90% by end-September 2011 (end-June 2010: 87%). Going forward, the management seeks to bring this ratio down to about 85%-90%. Maybank’s loans-to-deposits ratio falls within the norms of its larger domestic banking peers, but higher than the industry average of about 78%.

Maybank’s overall capitalisation levels are viewed to be sound relative to its asset quality and profit performance. As at end-September 2011, the Group’s overall risk-weighted capital-adequacy ratio (“RWCAR”) stood at 14.3% assuming that the full electable portion under the Dividend Reinvestment Plan (“DRP”) was paid in cash; on the other hand, if the full electable portion was reinvested in Maybank’s shares, the overall RWCAR would come up to 14.9%. The take-up rate on Maybank’s finalised DRP for FYE 30 June 2011 came up to 86.1%.



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KLK sees profit taking after 70 sen a share dividend went ex

KUALA LUMPUR (Feb 22): Shares of Kuala Lumpur Kepong (KLK) fell to an intra-morning low of RM23.70 on Wednesday as investors took profit after its dividend of 70 sen a share went ex.

At 11.52am, it was down 24 sen to RM23.76 with 140,800 shares done, extending the losses from Tuesday when it fell 14 sen. The dividend went ex on Tuesday.

The FBM KLCI fell 1.91 points to 1,561.87. Turnover was 997.72 million shares done valued at RM611.22 million. There were 273 gainers, 417 losers and 298 stocks unchanged.

KLK is due to announce its first quarter results for the October-December 2011 period on Wednesday.



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PPB falls after Wilmar 4Q profit missed analysts’ target

KUALA LUMPUR (Feb 22): Shares of PPB GROUP BHD [] were the top loser on Wednesday after its 18.3% associate Wilmar International Ltd -- the world's largest listed palm oil firm -- reported fourth-quarter profit that missed analysts’ estimates.

At 11.40am, PPB fell 48 sen to RM17.16 with 734,900 shares done.

The FBM KLCI fell 2.17 points to 1,561.61. Turnover was 929.50 million shares valued at RM558.82 million. There were 267 gainers, 412 losers and 289 stocks unchanged.

Bloomberg reported that Wilmar posted net income of US$500 million in the three months ended Dec. 31, compared with the US$519.8 million average estimate of six analysts surveyed by Bloomberg.

Margins in palm and lauric products contracted partly on “unfavourable market conditions” in China, while returns from processing oilseeds and grains in the country continued to be “challenged.”

News reports said investors were concerned about margins at its consumer business. Its expanded sugar operations made up for weakness at its core palm oil business.



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Eversendai jumps on contract wins

Eversendai Corp, a structural steel contractor, climbed 2.4 percent to RM1.68 in Kuala Lumpur trading at 9.29am, set for its biggest increase since Feb. 13.

The company won contracts valued at RM185 million in Malaysia and the Middle East, it said in a filing to the exchange. -- Bloomberg



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Eng Tek slides on Q4 net loss

Eng Teknologi Holdings Bhd, an electronic-components maker, slid 2.9 percent to RM1.68 in Kuala Lumpur trading at 9.29am, the most since Nov. 30.

Eng reported fourth-quarter net loss of RM53.8 million, compared with a profit of RM9.3 million a year earlier, according to a company statement. -- Bloomberg



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CCK Cons gains on share distribution

CCK Consolidated Holdings Bhd, a poultry-processing company, gained 3.3 percent to 93 sen in Kuala Lumpur trading at 9.29am, on course for its highest close since April 2000.

The company will distribute one treasury share for every 15 shares held after reporting a 17 percent increase in second-quarter profit to RM5.8 million, it said in separate exchange filings. -- Bloomberg



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Tradewinds rises on 18% Q4 income growth

Tradewinds Plantation Bhd, a palm oil producer, rose 1.5 percent to RM4.81 in Kuala Lumpur trading at 9.29am, headed for its biggest gain since Feb. 8.

Fourth-quarter net income grew 18 percent from a year earlier to RM98 million, the company said in a statement. -- Bloomberg



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KL shares open mixed in early trade

Share prices on Bursa Malaysia were mixed in early trading today on lack of buying interest due to weak market sentiment regionally, dealers said.

At 9.15am, the FBM KLCI stood at 1,561.51, down 2.27 points from yesterday after opening 0.04 of a point higher at 1,563.82.

HwangDBS Vickers Research said although Greece had sealed a new bailout deal after securing approvals from eurozone finance ministers yesterday, the news had already been discounted by investors.

Following the news, the key US equity indices ended little changed, between -0.1 per cent and +0.1 per cent last night.

"This suggests that the local bourse may continue its sideways trading pattern,
possibly swinging between the immediate support and resistance levels of 1,555 and 1,580 ahead," the research house said in statement.

The Finance Index fell 9.319 points to 13,942.70, the Plantation Index erased 20.64 points to 8,724.79 and the Industrial Index lost 5.83 points to 2,902.47.

The FBM Emas Index declined 14.46 points to 10,841.35, the FBM Mid 70 Index was down 7.03 points to 12,318.21 but the FBM Ace Index gained 22.57 points to 4,803.08.

Gainers outpaced losers 144 to 123 while 186 counters were unchanged, 1,037 untraded and 19 others suspended with 233.504 million shares worth RM69.860 million changing hands.

Among active counters, Hartalega rose 15 sen to RM8.00, Aeon added 11 sen to RM8.10, Hong Leong Bank gained 10 sen to RM11.96 and Pintaras Jaya increased nine sen RM2.62.

Maybank and CIMB declined two sen each to RM8.68 and RM7.27 respectively, Sime Darby was up two sen to RM9.66, while Petronas Chemicals was unchanged at RM6.94. -- Bernama



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HDBSVR lowers MMHE target price to RM4.75

KUALA LUMPUR (Feb 22): HwangDBS Vickers Research (HDBSVR) said Malaysia Marine and Heavy Engineering Holdings Bhd’s (MMHE) earnings came in at RM46.4 million (down 42% on-quarter, down 65% on-year), taking 9MFY11 profit to RM205.6 million.

It said on Wednesday the earnings were slightly below its expectation but far below consensus’.

“4Q11 revenue was RM716.1 million (up 55% on-quarter, -46% on-year), while EBIT was RM52.9 million (-38% on-quarter, -53% on-year). EBIT margin normalised to 7.4% in the quarter (versus 18.3% in 3Q11 due to provision reversal).

“Also, contribution from its JV in Turkmenistan dived to RM1.1 million (from RM15.4 million in 3Q11) because the project there is in advanced stage,” it said.

HDBSVR said thanks to RM1.6 billion new contracts awarded by ExxonMobil in Oct-November 2011, MMHE’s order book increased to RM3.1 billion from RM1.9 billion in September 2011.

“Nevertheless, delays at Gumusut Kakap project could hinder its chances of securing more contracts. Meanwhile, the Sime Darby yard acquisition is delayed again, to 2Q12. Its yard optimisation program is also under review, which would have an impact on investment tax allowance. We have not imputed contribution from the new yard pending more details upon conclusion of the acquisition,” it said.

“Our TP is nudged down to RM4.75 (pegged to 22 times FY12 EPS) after our earnings downgrade for lower order win assumption. We remain cautious of MMHE’s earnings outlook given the slow order book replenishment. There is no sight of major order wins in the near term, as Malikai and Turkmenistan phase 2 projects may not materialise this year. MMHE’s valuation is expensive at 26 times FY12 EPS versus its Singaporean peers’ 14 times,” it said.



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Unisem swings to Q4 net loss

Unisem (M) Bhd posted a fourth-quarter net loss of RM2.66 million, from a profit of RM40.7 million in the same period a year earlier.

Revenue fell to RM273.2 million in the three months ended Dec. 31, from RM335.6 million, according to a stock exchange filing yesterday.

The drop was due to a reduction in sales because of the global economic slowdown, the company said. -- Bloomberg



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Market cautious in early trade

KUALA LUMPUR (Feb 22): Blue chips edged lower in early trade on Wednesday as the rally seemed to have run out of steam with PLANTATION []s among the major decliners as investors took profit.

At 9.08am, the FBM KLCI fell 1.28 points to 1,562.50. Turnover was 124.26 million shares valued at RM40.44 million. There were 112 gainers, 90 losers and 154 stocks unchanged.

CIMB Research said in its market outlook that the rebound from Friday continues to be weak as the internal sports weakness. There are more losers compared to gainers in the past week suggesting that the rally is running out of steam.

The research house said the KLCI is still below the key resistance band of 1,560-1,565, where sellers have been strong.

“We continue to wait for a close below the 1,550 levels to confirm that the trend has reversed. For now, expect more sideways movement as the bullish momentum from the September lows grinds to a halt.

“A close below the 1,550 levels would likely send the index back towards 1,530 and 1,500 next,” said CIMB Research.

Among the decliners were plantations, with Harrisons down 26 sen to RM3.44, PPB 24 sen to RM17.40, Genting Plantations 23 sen to RM9.17 and IJM Plantations seven sen to RM3.28.

Eng Tek fell six sen to RM1.67 and Unisem five sen to RM1.42 on losses in the October-December quarter following the severe Thai floods last year.

Other decliners were Perwaja, down 14.5 sen to 76.5 sen, Petronas Dagangan 14 sen to RM17.96 and Lafarge Cement nine sen to RM7.15.



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Maybank slips in early trade

KUALA LUMPUR (Feb 22): Shares of MALAYAN BANKING BHD [] slipped in early trade on Wednesday.

At 9.02am, it was down five sen to RM8.65. There were 11,000 shares transacted.

The FBM KLCI fell 1.33 points to 1,562.45. Turnover was 60.32 million shares valued at RM16.72 million. Advancers beat decliners 92 to 54 while 133 stocks were unchanged.

Maybank announced on Tuesday that it had proposed to establish a subordinated programme of up to RM7 billion in nominal value.

The net proceeds from the issuance of the subordinated notes will be utilised to fund Maybank’s working capital, general banking and other corporate purposes.



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CIMB Research maintains Sell on Unisem, TP 89 sen

KUALA LUMPUR (Feb 22): CIMB Equities Research said that as expected, Unisem slipped into the red in the fourth quarter ended Dec 31, 2011.

“Unfortunately, the semicon industry is likely to stay weak in the short term as poor demand and low utilisation rates continue to plague the industry,” it said.

CIMB Research said in a research note on Wednesday that Unisem’s FY11 core net profit was broadly in line with its forecast at 105% but was 41% below consensus estimates.

“We reiterate our Sell call which we are likely to retain after today’s briefing. Our target price(89 sen) basis remains a 40% discount to its 1.0 times five-year historical average price-to-book value,” it said.



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CIMB Research has technical sell on Petronas Dagangan at RM18.10

KUALA LUMPUR (Feb 22): CIMB Equities Research has a technical sell on Petronas Dagangan at RM18.10 at which it is trading at a FY13 price-to-earnings of 15.1 times and price-to-book value of 3.9 times.

It said on Wednesday the stock’s rally is still intact but we are beginning to see signs of exhaustion. The recent pullback has been steep, although it has yet to break the moving averages or the key support trendline at RM17.20.

“Nevertheless, the indicators are showing that the upward momentum is slowing down. The MACD has just confirmed its dead cross, which in turn, confirmed its bearish divergence signal. Its weekly charts also sport bearish divergence signals,” it said.

CIMB Research said bulls should start to take notice and tighten stops. Prices could potentially climb a tad further towards RM19.20-RM20.00 but the downside risk is much greater.

“A break below RM17.20 would confirm that the stock is undergoing a correction towards RM14.50,” it said.



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CIMB Research has technical sell on CBIP at RM5.13

KUALA LUMPUR (Feb 22): CIMB Equities Research has a technical sell on CB Industrial Product at RM5.13 at which it is trading at a price-to-book value of 2.0 times.

It said on Wednesday this stock is also on its uptrend but it believes that it is closer to its tail end rather than the start of a new rally.

“Prices are now approaching the middle band resistance of its uptrend channel, which has repelled prices twice before,” it said.

CIMB Research said both the MACD and RSI sports bearish divergence signals, suggesting that the bulls should be extra cautious.

The research house said the confirmation would come if prices take out the RM4.90 support. This breakdown would send prices falling fast towards RM4.22-4.30 next.

“Resistance is around the RM5.20 mark. Sell on further rallies or a break below RM4.90,” it said.



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CIMB Research has technical buy on Keywest at 15.5 sen

KUALA LUMPUR (Feb 22): CIMB Equities Research has a technical buy on Keywest Global Telecommunicatons at 15.5 sen at which it is trading at a price-to-book value of 6.6 times.

It said on Wednesday that prices broke out of its consolidation triangle on Tuesday on rising volume.

“Prices appear to have built a base above its moving averages and the thrust from the ‘base’ means that the run is likely on firm footing,” it said.

CIMB Research said both MACD and RSI have hooked upward sharply, suggesting a pick up in momentum.

“Risk takers may choose to buy now with a stop placed below 13.5 sen. Resistance is seen around the 19 sen and 21.5 sen levels,” it said.



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HDBSVR: Malaysian market to trade sideways between 1,555 and 1,580

KUALA LUMPUR (Feb 22): HwangDBS Vickers Research said Greece sealed a new bailout deal after securing approvals from Eurozone finance ministers on Tuesday.

Yet, the news could have already been discounted by investors as key U.S. equity indices ended little changed (between -0.1% and +0.1%) on Tuesday night.

“This suggests that our Malaysian bourse may continue its sideways trading pattern, possibly swinging between the immediate support and resistance levels of 1,555 and 1,580 ahead,” it said.

HDBSVR said amid the flattish market expectations, two CONSTRUCTION []-related stocks could stand out on Wednesday.

The research house said Mudajaya and Eversendai were reported to be part of a consortium that would be appointed as the main engineering, procurement and construction contractor for the new Tanjung Bin power plant project.

According to the media report, Mudajaya is expected to be awarded the civil work portion (worth RM950 million) while Eversendai would secure the boiler erection contract (worth RM140 million).

HDBSVR said that in a separate announcement to the stock exchange, Eversendai said it has clinched contracts in the Middle East and Malaysia valued at RM185 million.



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Stocks to watch: AFG, Maybank, Tradewinds Plant, KrisAssets

KUALA LUMPUR (Feb 22): With the corporate results season for the October-December in full swing until Feb 29, they will provide the leads for investors.

So far the banks and PLANTATION []s have been reporting firm set of earnings, based on the recent results, though there had been some writebacks.

Among the stocks to watch are ALLIANCE FINANCIAL GROUP BHD [] (AFG), MALAYAN BANKING BHD [], Tradewinds Plantations Bhd and TH PLANTATIONS BHD [].

Also in focus could be QL RESOURCES BHD [], KRISASSETS HOLDINGS BHD [], Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), Malaysia Airports Holdings Bhd (MAHB), TEBRAU TEGUH BHD [] and ENG TEKNOLOGI HOLDINGS BHD [].

AFG posted net profit of RM121.29 million in the third quarter ended Dec 31, 2011, up 9% from the RM111.26 million, underpinned by growth in interest income due to the expansion in loans.

Its revenue increased by 9.2% to RM311.43 million from RM284.98 million. Earnings per share were 7.90 sen compared with 7.30 sen.

AFG said for the nine months ended Dec 31, 2011, the earnings rose 14.6% to RM371.80 million from RM324.27 million while it recorded a 9% increase in revenue of RM935.80 million from RM858.18 million.

Maybank has proposed to establish a subordinated programme of up to RM7 billion in nominal value. The net proceeds from the issuance of the subordinated notes will be utilised to fund Maybank’s working capital, general banking and other corporate purposes.

Tradewinds Plantations’ earnings increased 17.5% to RM97.75 million in the fourth quarter ended Dec 31, 2011 from RM83.33 million a year ago, boosted by an increase in its palm products production.

Its revenue soared 174% to RM804.23 million from RM293.45 million.

For the year ended Dec 31, 2011, its net profit increased 79.9% to RM335.46 million from RM186.40 million. Revenue rose 86.8% to RM1.70 billion from RM909.13 million.

TH Plantations recorded a 11.3% fall in profits to RM37.71 million in the fourth quarter ended Dec 31, 2011 from RM42.52 million a year ago, due to maintenance carried out during the quarter.

Its revenue increased by 1.99% to RM130.09 million from RM128.53 million. It proposed dividend per share of 12.50 sen.

For the year ended Dec 31, 2011, net profit increased 39.5% to RM124.83 million from RM89.48 million. Revenue rose 18.8% to RM434.86 million to RM365.97 million.

QL Resources' net profit increased by 3.8% to RM34.42 million in the fourth quarter ended Dec 31, 2011 from RM33.14 million a year ago, due to increased sales in its marine product manufacturing arm, palm oil activities and livestock farming. Its revenue increased 10.6% to RM498.96 million from RM450.95 million a year ago.

KrisAssets said the market value of its two malls -- Mid Valley Megamall and The Gardens Mall in Kuala Lumpur – have been revalued at RM3.290 billion as at Dec 31, 2011. It said this was RM470 million above the valuation as at Sept 30 of RM2.82 billion.

MMHE’s earnings fell 65.4% to RM46.35 million in the third quarter ended Dec 31, 2011 from RM134.15 million a year ago. Its revenue declined 45.6% to RM716.15 million from RM1.316 billion a year ago.

For the nine months, its earnings fell 36.1% to RM205.60 million from RM322.11 million in the previous corresponding period. Its revenue declined 39.1% to RM2.137 billion from RM3.512 billion.

MAHB’s earnings were just up 0.8% to RM122.88 million in the fourth quarter ended Dec 31, 2011 from RM121.91 million a year ago. Its revenue increased by 2% to RM837.38 million from RM820.60 million.

For the financial year ended Dec 31, 2011, its earnings rose 26.6% to RM401.11 million from RM316.78 million. Its revenue increased 11.6% to RM2.754 billion from RM2.468 billion.

Tebrau Teguh reported net losses of RM1.13 million for the fourth quarter ended Dec 31, 2011 due to higher operating expenses. It was also in the red with net loss of RM212,000 a year ago.

For FY11, it was still profitable, with net profit of RM2.58 million, down by 29% from RM3.63 million in FY10. Revenue fell 37.3% to RM113.41 million from RM180.97 million.

Eng Teknologi was in the red for the fourth quarter ended Dec 31, 2011 and for the financial year with net losses of RM51.81 million, and RM42.90 million. The manufacturer of components for hard disk drives said it wasimpacted by the severe floods in Thailand last year.



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