KLSE Market

Malakoff signs US$90m financing facility
KUALA LUMPUR: Malakoff Corporation Bhd, a subsidiary of MMC Corporation Bhd, has signed a US$90 million financing agreement for its 40 per cent acquisition of an indirect interest in Bahrain’s largest independent power generation and water desalinati…..

QSR Brands, KFCH gets new chairman
Kamaruzzaman Abu Kassim has resigned aschairman and director of QSR Brands Bhd and KFC Holdings (Malaysia) Bhd (KFCH)effective today. In a separate filings to Bursa Malaysia, QSR and KFC said the resignationwas to reflect an arm’s length transaction …..

Maybank IB upgrades Kinsteel to ‘buy’
Maybank IB Research upgraded Kinsteel Bhd to ‘buy’ as it expected the steel manufacturer to turn around in its upcoming earnings result on lower iron ore cost and better local sales. ‘After posting losses in the past six quarters and the inventor…..

Kenanga raises MBSB’s target price
Kenanga Research lifted Malaysia Building Society Bhd’s (MBSB) target price to RM2.70 per share despite the lender’s first quarter earnings result came in marginally below expectations. ‘The stock’s valuation still looks undemanding at 5.9 times …..

Kimlun’s target price lifted to RM2.07
Kenanga Research raised its target price on Kimlun Corp Bhd to RM2.07 per share after the builder won a RM148.5 million construction project to build apartments last Friday. ‘We tweaked our fiscal year ending Dec 31, 2012 (FY2012) and FY2013 e…..

Malaysian O&G firms secure US$7.2b new biz
KUALA LUMPUR: Malaysia’s oil and gas firms that participated at the recently concluded Offshore Technology Conference (OTC)Houston 2012 have secured new business opportunities worth US$7.2 billion. The four-day mission was led by the Malaysia Externa…..

MASkargo spread wings to Ho Chi Minh
MASkargo has hit another milestone with its inaugural A330 flight, expanding its network along the Intra-Asia routes. The A332 freighter is scheduled to fly twice weekly into Tan Son Nhat International Airport, Ho Chi Minh City with the recommended r…..

BAE Systems looks to boost presence
KOTA KINABALU: BAE Systems, a global defence, securityand aerospace company, is looking to broaden its industrial reach throughout Malaysia. Having already established Kuala Lumpur as its Southeast Asian hub, BAE Systems is now looking beyond Penins…..

IOI to hire banks for bond meetings
IOI Corp. hired Citigroup Inc, HSBC Holdings Plc, Mitsubishi UFJ Securities Holdings Co. and Morgan Stanley to arrange meetings with bond investors, according to a person familiar with the matter.The Malaysian palm oil and rubber processor is plannin…..

Moody’s positive on CIMB acquisition
Moody’s Weekly Credit Outlook has described CIMB Bank Bhd’s plan to acquire a 59.98 per cent stake in the Philippines Bank of Commerce as a positive move. In a statement, Moody’s said the acquisition would further diversify CIMB’s operations through …..

Xidelang climbs on dual listing report
Xidelang Holdings Ltd, a China-based footwear maker, climbed 2 percent to 25.5 sen in Kuala Lumpur trading at 9.25am, headed for its highest close since May 2. Xidelang appointed a financial advisory company to evaluate the possibility for a dual lis…..

Malaysia Smelting slides on fall in Q1 net
Malaysia Smelting Corp slid 2.8 percent to RM4.10 in Kuala Lumpur trading at 9.25am, bound for its steepest decline since Feb. 24. The tin producer’s first-quarter net income dropped to RM5.7 million from RM28.3 million a year earlier, it said in a s…..

‘Faltering export to affect equity mart’
This year’s equity market growth is expected to be adversely affected by the faltering export engine, which remainsthe key risk, says Eastspring Investments Bhd. In a statement today, it said amid some glimmer of hope for the United States economy, t…..

Shell posts lower Q1 profit
Shell Refining Company (Federation of Malaya) Bhd posted after-tax earnings of RM29 million for the first quarter (Q1)ended March 31, 2012 compared to RM136 million in Q1 2011. This is mainly due to weak refining margins and lower stockholding gains …..

Emas Kiara arm buys land for RM5.3m
Emas Kiara Industries Bhd (EKIB)’s wholly-owned subsidiary, Noblecorp Sdn Bhd, has acquired land in Kulai, Johor,from Creative City Development Sdn Bhd for RM5.258 million. The company would obtain a bank loan to complete the acquisition which would …..

S&P affirms ‘BBB+’ rating on IOI Corp
Standard and Poor’s Ratings Services (SandP) has affirmed its ‘BBB+’ corporate credit rating on Malaysia-based palm oil producer IOI Corp Bhd. ‘The outlook is stable. ‘At the same time, we affirmed the ‘BBB+’ issue rating on the company’s guaranteed…..

MIDF maintains ‘neutral’ call on MBSB
MIDF Research Sdn Bhd has maintained its ‘neutral’ call on the Malaysia Building Society Bhd (MBSB) due to the limitedupside potential from the current share price. ‘We make no adjustment to our forecast as earnings are within expectations,’ it said……

Bumi Armada acquires two supply vessels
Bumi Armada Bhd has acquired two anchor handling towing supply vessels (AHTS) from Beauty Offshore Limited and Bay Offshore Limited, both subsidiaries of Sanko Steamship, one of Japan’s largest ship owners. In a statement, Executive Director and Chie…..

United Plantations posts higher Q1 profit
United Plantations Bhd posted a higherrevenue of RM338.672 million for the first quarter ended March 31, 2012 compared with RM278.386 million recorded in the preceding corresponding quarter. The group’s pre-tax profit was lower at RM98.220 million co…..

KrisAssets poised for record close
KrisAssets Holdings Bhd rose 6.9 percent to RM7.49 in Kuala Lumpur trading at 9.25am, poised for a record close. The company proposed to sell two malls to IGB Real Estate Investment Trust for RM4.6 billion (US$1.5 billion). In return, KrisAssets will…..

Latexx posts lower Q1 pre-tax profit
Latexx Partners Bhd recorded a lower pre-tax profit of RM11.61 million for the first quarter ended March 31, 2012 ascompared with RM14.94 million in the same period in 2011.Revenue however rose to RM98.99 million from RM94.75 million due to higher de…..

Wing Tai posts higher Q3 pre-tax profit
Wing Tai Malaysia Bhd’s pre-tax profit for the third quarter ended March 31, 2012, rose to RM36.54 million from the RM25.781 million in the same period last year.Revenue for the period surged to RM116.742 million from RM96.198 million previously. The…..

TA Securities completes platform migration
TA Securities Holdings Bhd, a wholly-owned subsidiary of TA Enterprise Bhd, has completed migrating its entire dealernetwork to an advanced electronic trading platform. The platform, the Trader ConnectTM Pro (TC Pro), was installed for TA Securities …..

KL shares close lower
Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.The FTSE Bursa Malaysia KLCI Index fell 0.6 per cent to 1,575.08, its steepest decline since Apri…..

Sunway-TES to offer fast-track accounting
Sunway-TES, a subsidiary of Sunway Education Group, Universiti Malaya (UM) and the Association of Chartered Certified Accountants (ACCA) are to collaborate in a milestone agreement that will offer students a unique fast-track programme to attain an A…..

Thai AirAsia said to double fleet size
The impending listing of Asia Aviation Pcl, a holding company that owns 51 percent of Thai AirAsia (TAA), on the Stock Exchange of Thailand will help raise the proceeds to double TAA’s fleet size and grow its network. The IPO of Asia Aviation is…..

Euro zone political fears weigh at Italy debt sale
MILAN (Reuters): Italy’s borrowing costs edged up at a bond sale on Monday, the first by a weaker euro zone state since elections in Greece and elsewhere that have left Athens’ membership of the euro in doubt and raised questions about the bloc’s cri…..

Bumi Armada takes delivery of 2 supply vessels
Bumi Armada Bhd has taken delivery of two anchor handling towing supply vessels (AHTS) which will enable it to expand into deepwater activities in Asia, west Africa and Latin America……

Shell Refining 1Q earnings down 78.8% to RM28.6m
Shell Refining Company (Federation of Malaya) Bhd’s earnings fell 78.8% to RM28.67mil in the first quarter ended March 31, 2012 from RM135.54mil a year ago mainly due to weak refining margins and lower stockholding gains after tax……

Wing Tai Malaysia 3Q net profit up 31.5% to RM24.28m on-yr
Wing Tai Malaysia Bhd’s earnings rose 31.5% to RM24.28mil in the third quarter ended March 31, 2012 from RM18.46mil a year ago, boosted by higher revenue from the retail property business……

Europe, Asian markets in the red
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TA Securities completes migration to new e-trading platform
KUALA LUMPUR (Bernama): TA Securities Holdings Bhd, a wholly-owned subsidiary of TA Enterprise Bhd, has completed migrating its entire dealer network to an advanced electronic trading platform……

Pekema urges BNM to relax new hire purchase rules
KOTA KINABALU (Bernama): The Malay Vehicle Importers and Traders Association (Pekema) has appealed to the federal government particularly Bank Negara Malaysia (BNM) to relax the new guidelines on hire purchase loan which it said has hampered sales of…..

Economy at its best due to govt’s wisdom, says Nor Mohamed
KOTA BAHARU (Bernama): Malaysia’s economy is at its best due to the government’s wisdom not to rely on outsiders to succeed, Minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop said on Monday……

Crest Builder’s 3m shares crossed at RM1 each
Crest Builder Holdings Bhd’s three million shares were transacted off-market on Monday at an average price of RM1……

European shares led down by banks on Greek woes
LONDON (Reuters): European shares opened sharply lower on Monday as Greece’s failure to form a government threatened to deepen the euro zone crisis……

Robi Axiata to pay RM55m in unpaid taxes to Bangladesh govt
NEW DELHI(Bernama): Axiata Group Bhd’s Bangladesh unit, Robi Axiata Ltd, has to pay the government nearly Tk 1.5bil (RM55.16mil) in unpaid taxes after the mobile operator lost a legal battle against the country’s telecommunications regulator……

Yahoo CEO out, investor Loeb gets board seats
SAN FRANCISCO (Reuters): Yahoo Inc is replacing its CEO for the third time in as many years, and giving three board seats to a hedge fund led by Daniel Loeb, putting him in a strong position to influence strategy at the struggling Internet company……

S&P affirms IOI Corp’s BBB+ rating
Standard & Poor’s Ratings Services has affirmed its ‘BBB+’ corporate credit rating on IOI Corpotation Bhd while the outlook is stable……

SC approves Gas Malaysia’s registration of listing prospectus
The Securities Commission has given its approval-in-principle to Gas Malaysia Bhd for the registration of its listing prospectus……

DiGi, CIMB drag KLCI into the red
Most key regional markets were higher in the morning session on Monday but at Bursa Malaysia, smaller-capitalised planations were among the major losers in thin trade as crude palm oil (CPO) prices fell……

Matrade: Malaysian O&G firms secure US$7.2b new biz
Malaysian oil and gas companies secured more than US$7.2bil in new business opportunities at a recent Offshore Technology Conference (OTC) Houston 2012 conference……

Malakoff gets US$90mil financing for Bahrain plant purchase
MMC Corporation Bhd’s 51% subsidiary Malakoff Corporation Bhd signed a US$90mil financing agreement on Monday……

GLOBAL MARKETS-Shares fall as deepening Greek turmoil weighs
TOKYO (Reuters): Asian shares fell on Monday after weekend talks to form a new Greek government failed and China’s latest move to loosen monetary policy highlighted concerns its economy is faltering, prompting investors to further trim their exposure…..

China growth risks signal need for fiscal action
BEIJING (Reuters): China may need a back-up plan to stop economic growth being cut short by a surprise dip in demand at home and abroad that suggests monetary policy easing steps taken since the final quarter of last year are insufficient to deal w…..

Small cap plantations top losers
Shares of smaller capitalised plantations were among the major losers but in relatively thin trade on Monday as crude palm oil (CPO) prices fell……

KLCI starts week on cautious note
Blue chips started the week on Monday on cautious note on external worriers from the eurozone which weighed down investors’ appetite for riskier assets despite some upbeat local corporate developments……

CIMB Research keeps Petronas Gas its top utility pick
CIMB Equities Research said the fire at Petronas Gas’s gas processing plant (GPP) in Kerteh will have little impact on earnings as the plant was offline and undergoing planned maintenance at that time……

Kenanga Research maintains Outperform on MBSB
Kenanga Investment Bank Research is maintaining is outperform recommendation with a target price of RM2.70 on Malaysian Building Society Bhd (MBSB)……

CIMB Research downgrades Axiata to Neutral
CIMB Equities Research is downgrading Axiata from Outperform to Neutral given the sharp fall of the Indian rupee, Indonesian rupiah and Sri Lankan rupee in recent months. …..

HDBSVR sees renewed selling pressure on Malaysian equities
Hwang DBS Vickers Research said although Wall Street finished between flat and just marginally lower last Friday, there could be renewed selling pressures on Malaysian equities when trading resumes on Monday……

GLOBAL MARKETS-Shares pressured by deepening Greece turmoil
TOKYO (Reuters): Asian shares eased on Monday as investors saw more reasons to cut risk after talks in Greece to form a new government failed, a German vote pointed to growing opposition to austerity steps and China took further steps to support it…..

UDA’s dilemma on Pudu Jail project
KUALA LUMPUR: UDA Holdings Bhd is still evaluating proposals of all parties for the redevelopment of its Pudu Jail land and wants the preferred bid to be the one that is in its best commercial interest……

Weaker external sentiment to weigh down M’sian market this week
KUALA LUMPUR: SHARES on Bursa Malaysia are likely to continue to trade easier this week, pressured by weaker external sentiment which normally would impact regional market performance, dealers said……

Commercial property loans 22.7% higher
PETALING JAYA: Credit for the purchase of commercial properties in March grew by 22.7% year-on-year, raising concerns in some quarters of a potential asset bubble……

Slower economic growth, euro debt crisis may lift corporate default rate
THE credit outlook for this year does not look too promising going by the economic growth figures amid the tough global economic environment and the unresolved eurozone sovereign debt crisis……

Choppy time for US stocks this week
NEW YORK: More volatility could be in store for US stocks this week as investors grapple with less certainty about the US economic outlook and a new blow to the financial sector after JPMorgan Chase’s trading loss……

Kwok graft case back in spotlight
HONG KONG: Sun Hung Kai Properties board member Thomas Chan is set to return for bail renewal at Hong Kong’s anti-corruption agency today in a widening graft scandal involving one of Asia’s richest families……

Spotlight on growth of Malaysia’s multinationals
KUALA LUMPUR: In the lead-up to the 8th annual Invest Malaysia conference (IMKL 2012) on May 29-30, organisers Bursa Malaysia Bhd and Maybank Investment Bank Bhd have briefed corporate participants on the event, which will showcase Malaysia’s r…..

Makers of printed circuit board products going into new markets in search of growth
GEORGE TOWN: Companies which produce printed circuit board (PCB) products in the country are expanding into new markets, as certain segments of the consumer electronics market have become matured and volatile, while others are adopting new business t…..

DKLS making development foray into Petaling Jaya
PETALING JAYA: Low-profile DKLS Industries Bhd is poised to make a bigger presence in the Klang Valley. Controlled by the Ipoh-based Ding family, DKLS has a hand in many business sectors, ranging from construction to marine engineering and water trea…..

There is still value in middle, small cap stocks
KUALA LUMPUR: There is still value to be found in middle to smaller capitalised stocks despite the FTSE Bursa Malaysia KL Composite Index trading currently at near its historical all time high, according to CEO and chief investment officer of MIDF Am…..

Bonus/Rights Issues
Bonus/Rights Issues…..

MAHB entering new growth phase
WE believe the growth of Malaysia Airports Holdings (MAHB) will be driven by stronger rental revenue in 2013 with the completion of Kuala Lumpur International Airport 2 (KLIA2). In addition, increasing visibility on MAHB’s landbank development potent…..

Jittery trading is expected at the Tokyo bourse this week
TOKYO: The Japanese market plunged to a fresh three-month low in the week ending on Friday, as a Greek political drama fuelled investor concern over the fate of the eurozone, analysts said……

Eurozone debt crisis to be focus of London investors this week
LONDON investors will likely focus on the fast-moving eurozone sovereign debt crisis this week, amid heightened concerns over Greece and Spain, alongside a smattering of British data and earnings……

US stocks: Difficulties ahead
US STOCKS took a beating last week, only to face more turbulence from Europe as Greece grapples with rising political uncertainty that could cost the country’s crucial EU-IMF bailout……

BMW may increase future dividends
BERLIN: BMW, the world’s biggest luxury car maker, may increase dividends to as much as 40% of profit in coming years if earnings continue to rise, Frankfurter Allgemeine Sonntagszeitung reported on Saturday, citing chief financial officer Friedric…..

Batista to sell US$1b stake in EBX
RIO DE JANERIO: Brazilian billionaire Eike Batista plans to sell a stake worth up to US$1bil in his EBX investment holding company which has assets in energy, mining and engineering firms, to two foreign investors, the O Estado de S. Paulo newspape…..

TM first among telcos to announce capital repayment
PETALING JAYA: Telekom Malaysia Bhd (TM) is the first among the pack of telcos to announce a capital repayment exercise this year and analysts expect others to follow suit as telcos are expected to maintain their generous dividend payout this year……

The global palm oil phenomenon
What started off as a trickle has now become a gushing spring. THE growth of the palm oil industry in Malaysia can be attributed to man’s hunger to find sustainable sources for food and other essential items. World population in 2010 was about 6.8 bi…..

Ministry to help further expand SMEs’ market base in China
SHANGHAI: The Domestic Trade Cooperatives and Consumerism Ministry is looking to further expand the market base for Malaysian small and medium enterprises’ (SME) products into the China market, tapping onto the growing second-tier cities……

CPO seen to trade between RM3,300 and RM3,400 per tonne this week
KUALA LUMPUR: Crude palm oil (CPO) futures pri-ces on Bursa Malaysia Derivatives are expected to trade between RM3,300 and RM3,400 per tonne……

Rubber market seen to continue bearish senyiment
KUALA LUMPUR: The Malaysian rubber market is expected to continue its bearish momentum this week on anticipation of weaker demand……

KLTM set to continue bearish momentum
KUALA LUMPU: The Kuala Lumpur Tin Market (KLTM) is set to continue bearish momentum this week as the eurozone debt crisis still weighs on the market……

French utility sells Bahrain power stake to Malakoff
DUBAI: French utility GDF Suez has sold a 40% stake in Bahrain’s Al Hidd power and water plant to Malaysia’s largest independent power producer, Malakoff, to meet a regulatory requirement following GDF’s acquisition of International Power……

Chesapeake wins breathing space with US$3bil loan
NEW YORK: Chesapeake Energy Corp said it had received a US$3bil loan from Goldman Sachs and Jeffries Group that will give it breathing room to sell assets and close a funding gap this year……

Facebook’s Zuckerberg says mobile first priority
PALO ALTO: Facebook CEO Mark Zuckerberg, whose limited role in promoting the No. 1 social network’s market debut has drawn criticism, laid out its growth strategy to investors, saying that transforming its mobile and advertising experience are top pr…..

JPMorgan executives expected to leave over loss
NEW YORK (Reuters) – Three executives involved with the failed hedging strategy that has left JPMorgan Chase & Co with a $2 billion trading loss and a tarnished reputation are expected to leave the bank this week, sources close to the matter said on …..

Concho Resources to buy Riverstone assets for US$1bil
NEW YORK (Reuters) – Concho Resources Inc said it would buy all of the oil and natural gas assets of Three Rivers Operating Company LLC, a portfolio company of private equity firm Riverstone Holdings LLC, for $1 billion in cash……

US says some secrecy needed in trade talks, which includes M’sia
WASHINGTON: The United States is being as open as possible about international negotiations to create a nine-nation free trade agreement in the Asia-Pacific region but has to maintain some secrecy in the talks, the top U.S. trade official said……

Louis Dreyfus set for capital market debut: FT
(Reuters) – Global commodity trading powerhouse Louis Dreyfus is set to issue bonds for the first time and may publicly list a Brazilian subsidiary as it prepares to step up acquisitions amid quickening consolidation in the trading sector, the Financ…..

Europe’s woes hit global demand for luxury homes
LONDON (Reuters) – Demand for the world’s priciest houses is likely to cool this year after two years of strong growth, as concerns over Europe’s debt crisis, the health of the global economy and governments price cooling measures in Asia dissuade bu…..

Yahoo CEO out, investor Loeb gets board seats
SAN FRANCISCO (Reuters) – Yahoo Inc is replacing its CEO for the third time in as many years, and giving three board seats to a hedge fund led by Daniel Loeb, putting him in a strong position to influence strategy at the struggling Internet company…..