Newz Bits 240212

Highlights of the day

§         Malaysia Market Strategy : Re-rating of FBMKLCI from PLUS is over [download report]

On 13 December 2011, we came out with a Malaysia Market Strategy report entitled “Delisting of PLUS to benefit others”.  Since then, the big cap stocks with dividend yield that we highlighted have appreciated in share price.  Given that their total increase in market cap of RM26.7bn is much higher compared to the RM9.1bn cash that was returned from the privatization of PLUS, this source of liquidity in pushing the FBMKLCI higher appears to have completed.  While there remains excess global liquidity which could continue to take the FBMKLCI higher, this lends credence to our view that at close to 1600, the FBMKLCI is toppish.

§         WCT (4QFY11 Results): Within expectations (Maintain BUY, TP: RM3.07) [download report]

WCT’s full year FY11 net profit was spot-on with respect to both house and consensus expectations. Although the group’s FY11 results were disappointing, we remain optimistic that WCT, backed by RM5bn tenderbook, will do much better in securing new construction jobs in FY12, having secured 2 contracts worth RM631m back-to-back this year in just one month. Maintain BUY, with sum-of-parts (SOP) target price raised slightly to RM3.07 from RM3.02 previously, to account for the group’s net debt position as at end-FY11 which was better than what we expected.

Other reports

§         Newz Bits [download report]

§         Malayan Banking (2HCY11 Results): stronger showing than expected (Maintain HOLD, TP: RM8.25) [download report]

§         Axiata (4QFY11 Results): Dividend surprise! (Maintain HOLD, TP: RM5.19) [download report]

§         IOI Corporation (2QFY12 Results): Strong plantations performance (Downgrade from Trading Buy to HOLD, TP: RM4.64) [download report]

§         Media Prima (4QFY11 Results): High dividend yield! (Maintain HOLD, TP: RM2.35) [download report]

Other Malaysian news

§         MMC: Dishing out RM5bn power-plant deal to a consortium

§         SP Setia: Eyes RM60bn in development value

§         Berjaya Corp: Vincent Tan retires from Berjaya Corp

§         Green Packet: To invest RM300m capex in 2012

§         Hibiscus Petroleum: Holds EGM on March 21

§         Construction: Mudajaya, Eversendai win RM 1.4bn Tanjung Bin expansion works

§         Oil & Gas: Gas Malaysia inks new gas supply agreement with Petronas

§         Oil & Gas: Petronas awards contract for LNG Train 9

§         Power: Ananda Krishnan mulls disposal of power portfolio

Global news

§         US: Jobless claims point to improving labor market

§         US: Home prices declined 2.4% in 4Q2011

§         Europe: IMF said to limit exposure to Greece at EUR30bn after second loan

§         Europe: Greece sets stage for Friday bond swap

Visit ECM Libra at https://www.ecmlibra.com/ecmlsmy

Our on-line trading portal at www.ecmmoney.com

Market Roundup 230212

FBM30 1556.66, -3.86 points (-0.25%), Volume 1,951mil, Value 2,109mil

1) KLCI was weaker inline with the region as investors turned cautious after oil prices reached nine months high and European services and manufacturing output shrank in February stoking fears of a global economic slowdown. Index was only marginally lower supported by AXIATA+1.6% (strong 4Q and higher dividends) and Tenaga+1.3% but broader market saw heavy selling with losers thumping advancers 689:217. Futures closed 1557.5 (1 point premium).

2) Heavyweights: CIMB-1.1% RM7.16, GENTING-1.11% RM10.72, AIRASIA-1.92% RM3.58, YTL-2.07% RM1.42, AXIATA+1.6% RM5.09, TENAGA+1.31% RM6.19, TM+0.8% RM5.07

3) DBT: MTOUCHE 20m @ RM0.35 (8.8% PUC, 14.6% discount), JCY 12mil @ RM1.20

4) Situationals:

SNTORIA-9.77% RM0.785: Sentoria Group Bhd, a property developer, fell on its first day of trading in the main market as share price fell to RM0.785 with 34million shares traded. SNTORIA's IPO price was RM0.87 and is the first company to list on Bursa in 2012.

5) IOICORP

1H Dec 2011  Tover +11% RM8.3bn   Net -19% RM864.8m  EPS 13sen

5.2% above cons(f)  RM2.1bn  * excl forex trans loss

Results were once again driven by the plantation sector which achieved operating profits of RM1.06bn, +36.8% on the back of higher realized CPO, RM3094/MT and higher FFB pdn of 1.876m MT. Yield improved 10% to 13.45 tns per mature hec.

Property development saw op profits fall 11% to RM249m on lower launches. Resource based manufacturing operating profits gained marginally by 5% despite increase in sales but was moderated by lower margins achieved for the specialty fats and refinery sub segments.

Trading at above sector and market PE valuations, we prefer Sime as IOIC immediate FFB pdn is likely to be restricted by the high mature hec of its planted areas which totals 88%.

6) Market - Current bout of profit taking not unexpected after markets in general having posted significant gains YTD. Stock to accum on weakness incl uemland, pos, mrcb, keuro

Morning Call 230212

FLOWS;

BUYS: PBBank, CIMB, Sime, MRCB

SELLS: IOIC, Maxis, IJM

Technical Stock Alert;
MPHB (RM2.87) - Signs of weakening MACD indicating current levels unsustainable as the price has risen from a recent low of RM2.70 to a high of RM2.96. Current trend likely to see price revisit initial support of RM2.70.

TM (RM5.03) - Current attempt to break its record high of RM5.09 looks likely to succeed with an immediate target of around RM5.20. The current interest is stirred by building expectations of a special dividend to be declared when it announces its full year results. A push towards and above our target of RM5.20 would represent an opportunity to sell into strength as the stock remains one of the most expensive telcos in terms of PEs and expectations of built up in competition from fix line broadband offerings after last year wholesale bundling to other players.

Stock of the Day;

UOADEV (RM1.45)
- Share price has retraced 61.8% from its recent high of
RM1.60. Current price appears attractive as they are trading at 6.5xPE and 1XBV and sharply below its IPO price in June last year of RM2.52.
- Company has a dividend policy of 30-50% of operating profit.

Based on consensus estimates of 22sen, company could be paying dividend as high as 11sen giving a yield of 7.5%. Buy with immediate target price of RM1.60.

Newz Bits 230212

Highlights of the day

§         Lafarge Malayan Cement (4QFY11 Results): Beat expectations (Upgrade to BUY, TP: RM7.97) [download report]

Lafarge’s FY11 result was commendable, beating both house and consensus full year estimates, mainly due to increased orders for cement, aggregate and concrete products coupled with better plant efficiency. A 10 sen interim single-tier dividend was declared for 4QFY11. We upgrade our FY12-FY13 EPS estimates to factor in potential margin expansion from cement demand pick-up as execution of domestic infrastructure construction projects gathers momentum, especially the Sungai Buloh – Kajang MRT civil works to be implemented from 2QFY12 onwards. After YTL Cement is delisted by end-Feb 2012, we expect investors to switch to Lafarge, as an indirect play on domestic construction.

§         MISC (4QFY11 Results): A watershed year, but longer term catalyst is in LNG (Maintain HOLD, TP: RM5.73) [download report]

MISC recorded a net loss of RM1.8bn for 12MFY11 largely due to vessels impairment provisions and a one-off disengagement costs to exit the liner business. Excluding (i) impairment provisions of RM750m; (ii) disengagement costs of liner (RM1,452.7m); (iii) gains from vessels divestment (RM114m); and (iv) gain from disposal of MMHE Engineering (RM36.4m), 12MFY11 net profit came in below expectations at RM335.5m (-73% y-o-y)--81% of our full-year forecast. Market consensus forecasted a net loss of RM466m in FY11. The variance from our results was mainly due to higher-than-expected bunker cost.  However, we maintain our FY12F earnings backed by LNG, oil & gas, and offshore and narrower losses at both chemical and liner divisions. We maintain HOLD with a RM5.73 target price based on 1.2x P/BV (multiple is below its historical average).

Other reports

§         Newz Bits [download report]

§         Kuala Lumpur Kepong (1QFY12 Results): Within expectations (Maintain HOLD, TP: RM24.59) [download report]

§         IJM Corporation (3QFY12 Results): On track for a strong finish (Maintain BUY, TP: RM7.02) [download report]

§         Economics (CPI): January 2012: The slowest inflation since a year ago [download report]

Other Malaysian news

§         WCT:  Unit secures RM331m construction deal  

§         CIMB Group: Bank CIMB Niaga 2011 profit jumps 25%

§         HeiTech Padu: Wins 20m project in UAE

§         Felda Global Ventures: To list without KPF, says Isa

§         Power: Ananda Krishnan mulls disposal of power portfolio

§         Power: Renewal of power pacts on

§         Property: Building on foreign interest in properties

Global news

§         US: Distressed properties help boost home sales

§         US: Construction jobs rebound amid home remodeling pick-up

§         US: MBA Mortgage Applications Index decreased 4.5% last week

§         Europe: BOE splits as Posen, Miles push for larger stimulus increase

§         Europe: Manufacturing, services unexpectedly contract

§         China: Manufacturing data show risk of deeper slowdown

§         Taiwan: 2012 GDP forecast cut as growth slows on exports

Visit ECM Libra at https://www.ecmlibra.com/ecmlsmy

Our on-line trading portal at www.ecmmoney.com

Market Roundup 220212

FBM30 1560.52, -3.26 points (-0.21%), Volume 2,230.8mil, Value 1,937.1mil

1) Regional markets were cautious as investors remained nervous about Greece's ability to execute its austerity plan, as the KLCI traded sideways to negative throughout the day. Profit taking in Plantation (-0.9%) heavyweights dragged down the index with PPB-2.8%, IOICORP-1.8%, KLK-1.5%. Although market volume was relatively higher, total value remained low suggesting penny stocks were still the market's flavor: TMS-4.4%, GOCEAN-7.7%, IFCAMSC+7.4%. Market breadth was negative with losers overwhelming gainers 541:302. Futures closed 1557 (4 points discount).

2) Heavyweights: IOICORP-1.8% RM5.34, PPB-2.8% RM17.14, CIMB-0.7% RM7.24, GENM-1.8% RM3.87, KLK-1.5% RM23.64, AXIATA-0.6% RM5.01, AIRA-1.4% RM3.65, YTL-1.4% RM1.45, GENTING+0.9% RM10.84, TM+2% RM5.03.

3) DBT: TRINITY 20.3m @ RM0.07, XDL 16mil @ RM0.38, JCY 12mil @ RM1.20.

4) Situationals:

SENDAI+1.8% RM1.67: Share price rose as high as RM1.70 (+3.7%, the biggest intraday gains since Feb 13) after the company won contracts valued at RM 185 million in Malaysia and the Middle East, it said in a filing to the exchange.

5) WCT

Accepted a contract awarded by Riverson Corporation Sdn Bhd for the Construction and Completion of the Proposed Mixed Commercial Development with Purpose Built Medical Centre and related Facilities at Coastal Highway, Kota Kinabalu, Sabah, Malaysia. The Contract sum is RM331m.

The scope of works under the Contract comprises the construction and completion of a 9-storey hospital with 200 beds (Block A), a 10- storey Complex with SOHO, Office Suites and 3 levels of retail space (Block B), and 1 level of basement car park with a completion date of August 2014.

+ve The company's efforts to realign their attention from the Middle East to the domestic market continues to gain traction with current order book now up to RM2.7bn. BOW

6) Market - Consolidation with rotational play to continue, stocks at attractive levels incl TimeComm, Perisai, KEuro, Gamuda

Morning Call 220212

FLOWS;

BUYS: AFG,  Armada, TNB

SELLS: UEMLand, Genting, MAS

Technical Stock Alert;

TopGlove (RM4.80) -  Rich valuation no longer warranted as the company continues to face headwinds in terms of margin compression as raw material prices remain persistently high and industry excess supply. Recent sell down from RM5.32 could continue to see further price erosion to around RM4.40 as current levels of RM4.80 only represent a weak support.

Puncak (RM1.57) - Price has fallen 27% from its recent high of RM1.89 after denying involvement in bidding for marginal oilfields. Despite this setback, we think there could still be further development in this space as the company completed the acquisition of two O&G related companies, Global Offshore Msia and KGL Ltd. We expect support around the RM1.60 awaiting future newsflows. Buy on weakness

Stock of the Day;

Digistar (RM0.55)

- Specialist in broadcast services/telecommunications infrastructure and IPTV

- Main beneficiary from intiative to migrate all air to free TV and pay TV from analog to digital by 2015.

- Has fulfilled requirements for main board listing and is in the process of initiating the transfer

- Price has retraced from a recent high of RM0.635 and currently consolidating around the RM0.55 levels.

- Buy, undemanding valuation of 5.7x PE based on historical earnings.

Newz Bits 220212

Highlights of the day

§         ECS ICT (Stock idea): High dividend yield stock (BUY, TP: RM1.70) [download report]

ECS ICT is a distributor of ICT products in Malaysia, and is thus a proxy to ICT spending in Malaysia.  It announced its FY11 results last night, which places the stock on an FY11 PER of only 5.6x with a net cash per share of 56 sen!  Its proposed dividend also translates into an attractive net dividend yield of 5.7%.  We have not met with management and our Buy recommendation is purely based on publicly available information.

§         Malaysia Marine & Heavy Engineering (3QFY11 Results): A disappointing year (Maintain SELL, TP: RM4.21) [download report]

9MFY11 net profit of RM206m (-36% y-o-y, -42% q-o-q) was disappointing making up only 51% of house and 42% of consensus full year estimates. The variance from our results were due to (i) delays in projects delivery (ie. Gumusut-Kakap load-out), (ii) lower than expected recognition from new projects, and (iii) higher-than-expected effective tax rates. At current price, MMHE is trading at a hefty PE of 22x, a 51% premium over average comparable peers in the region. Considering MMHE’s smaller net income and smaller market capitalization against closest peers Sembcorp Marine and Keppel Corp, as well as slower growth in the next 2 years, we feel that its PER valuation is unjustifiably rich. Reduce target price from RM4.96 to RM4.21. Maintain our SELL.

Other reports

§         Newz Bits [download report]

Other Malaysian news

§         Maxis: Poised for special dividend payout

§         YTL Corp: To delist YTL Cement

§         MAHB: Sees challenging 2012

§         Alliance Financial Group: Announces record dividend as profits rise

§         Eversendai: Wins new RM185m contracts in Mideast, Malaysia

§         Glomac: Wins bid for Klang Valley parcels

§         Iris: Partners to build waste plant in China

§         Scomi Engineering: Notches milestone in India monorail project   

§         Construction: Alstom-Mudajaya wins Tanjung Bin job

§         Technology: SilTerra-Mimos partnership heralds new start

§         Telco: M&A talks between mobile service operators

§         Economy: FDI up 12% y-o-y in 2011

Global news

§         US: Margins widen at companies as wages lag behind

§         US: Obama administration said to release corporate tax plan

§         Europe: Greece reaches agreement on biggest sovereign restructuring

§         Europe: Euro-area central banks said to swap Greek portfolio bonds

§         Europe: EU to move to suspend funds to Hungary

§         Europe: Consumer confidence gains

§         Britain: Biggest budget surplus in four years

Visit ECM Libra at https://www.ecmlibra.com/ecmlsmy

Our on-line trading portal at www.ecmmoney.com

Market Roundup 210212

FBM30 1560.57, +3.42 points (+0.22%), Volume 1,894.5mil, Value 1,747mil

1) KLCI recovered from morning losses staging a slight rebound from low of 1558.13pts (-2.44pts) after Eurozone finance ministers approved the rescue plan for Greece eliminating concerns of a Greek default next month with focus now on Greece's implementation of its budget cuts and austerity measures. Banks (MAYBANK+1%) and telcos (MAXIS+3%, TM+1.5%) led index higher as investors' focus switch to the reporting season. Market breath was negative with decliners leading gainers 442:370. Futures closed 1568.5 (8 points premium).

2) Heavyweights: MAYBANK+1.05% RM8.70, MAXIS+2.93% RM5.98, AXIATA+0.8% RM5.04, TM+1.44% RM4.93, KLK-0.58% RM24.00, YTL-2.65% RM1.47, AMMB-1.14% RM6.07, BAT-1.67% RM53.00

3) DBT: EDARAN 11mil @ RM0.305 (18% PUC), FABER 8.4mil @ RM1.73 (2.3% PUC), MNRB 7mil @ RM2.67 (3.3% PUC)

4) Situationals:

MITRA+1.57% RM0.645: company has been awarded 3 projects totaling RM181.56mil. Two jobs have been awarded by Prasarana for civil works and external works for 4 stations in the Kelana jaya and Ampang lines worth RM102.13mil. The remainder comes from Putrajaya Holdings Sdn Bhd for construction of medium-cost public apartments.

NILAI+7.7% RM1.40: Nilai Resources Group Bhd climbed after the major shareholders Akarmas Sdn Bhd, and Tan Sri Dr Gan Kong Seng which collectively holds 55.1% Equity had proposed the selective capital repayment of RM1.50 per share.

5) UNISEM

FYE Dec 2011  Tover  -15% RM1.16bn   Net RM19.7m   2.92sen

           

32% below cons (f) RM28.8m

Decline in revenue and profits principally attributable to reduction in overall group sales, depreciation in US/RM ex rate and higher depreciation. This saw European and US operations sink into the red. The difficult conditions continued into the 4Q resulting in an overall net loss of RM2.66m.

Despite the managements efforts to contain cost and realign its business model plus the anticipated recovery in the semicond ind , this may not be enough for the company to achieve this consensus forecast of RM60.43m. Reduce.

6) Market - Rotational plays to continue with focus likely to shift to GLCs, the expected main beneficiaries of ETP related contracts ahead of imminent elections.

Morning Call 210212

Flows;

BUYS:  AMMB, Maybank, Axiata

SELLS: TNB, UEMLand, CIMB

Technical Stk Alert;

Integra (RM1.32) - stk has been trading within a tight RM1.32-1.37 range for past few wks. MACD has turned oversold-accumulate with possibility of breaking above the trading range to head towards its old double top formation at RM1.70. Recent corporate developments incl: directors reshuffling, increased capacity handling of coal for TNB's power plants in Manjung, Perak as well as possibility of securing an agreement with Vale on usage of its ports.

UEMLand  (RM2.31) - Price has retraced from high of RM2.47 on recent developments in Tebrau/Danga Bay news and has been consolidating arnd RM2.30 lvls.  MACD has been at oversold lvls since beginning of 2012 in line with recent underperformance of 2nd tier GLCs. Interest may rotate back into this largest landbank owner in IDR as newsflows on more FDIs, improved bilateral r/s with Spore and property launches emerge later this yr. TRADING BUY

Stk of the Day

Orient (RM5.65)

- vol picked up today as price spurted +5% indicating a breakout from its trading range of RM5.30 lvls.

- MACD is seen cutting upwards after being at oversold lvls since beginning of the yr.

- Co is sitting on cashpile of RM2.2bn with assets still at BV since 1970's.

- Recent diversification from auto into plantation and property development augurs well for co following expectations of improved CPO px due to adverse weather conditions.

- Trades at 25% disc to NTA RM7-Accum with immediate upside at RM6 but longer term outlook nearer to NTA.

Newz Bits 210212

Highlights of the day

§         UEM Land Holdings (Initiating Coverage): Key proxy to Malaysian property exposure (HOLD, TP: RM2.25) [download report]

UEM Land Holdings (UEML) is the country’s largest property player in terms of market capitalization of RM10.0bn and total asset of RM7.8bn. Its acquisition of Sunrise completed in early 2011 has improved its earnings outlook. We initiate coverage on UEM Land as we view positively its progress and developments in Nusajaya which should reach its “tipping point” by end 2012. However, we are concerned with Nusajaya’s ability to attract sufficient human traffic to the area as well as the sudden increase in development projects in Iskandar Malaysia (IM). Hence, we recommend a HOLD on the counter with target price based on UEML’s RNAV of RM2.25.

§         Economics (Update): 1Q2012: Prepare for cooling [download report]

We expect the Malaysian economy to grow slower by approximately 4.0% from 5.1% in 2011. Slackening global demand growth will reduce inflationary pressure and so, we expect the inflation rate to grow slower as well from 3.2% in 2011 to 2.7%. This provides the Monetary Policy Committee some room to cut the Overnight Policy Rate by at least 25bps to minimize unfavorable output fluctuation. Meanwhile, the ringgit may strengthen to around 2.95 against the US dollar.

Other reports

§         Newz Bits [download report]

§         Economics (Leading Economic Indicator): December 2011: Solidifying pessimism [download report]

Other Malaysian news

§         Mitrajaya: Gets three projects worth RM182m

§         MAHB: In talks with Russian airline

§         KSL: Expected to launch RM2.5bn Bandar Bestari this year

§         Iris Corp: Unit Iris Land in PNG housing project

§         Compugates Holdings: Plants seeds of growth with timber foray

§         Automotive: Vehicle sales down 25%

§         Building Materials: Tax spotlight on green building materials

§         Construction: CRC in high-speed rail game?

§         Plantation: CPO prices at 8-month high, may rise further

§         Technology: Silterra aims to grow in step with industry

Global news

§         Europe: ECB settles no bond purchases for first time since August

§         Europe: French business sentiment halts slump on recovery signs

§         Europe: Bundesbank sees improved German prospects from 2Q

§         Japan: Trade deficit widens to record as exports slump

§         Thailand: Economy shrinks more than estimated after floods

Visit ECM Libra at https://www.ecmlibra.com/ecmlsmy

Our on-line trading portal at www.ecmmoney.com

Market Roundup 200212

FBM30 1560.57, +3.42 points (+0.22%), Volume 1,864.2mil, Value 1,610.9mil

1) Encouraged by China's move to stimulate growth by 50 basis-point cut to banks' reserve requirement ratio, regional markets opened firmer but succumbed to mild profit taking in afternoon as investors adopted a cautious stance ahead of earnings reporting season. KLCI still closed near days' high on last minute closing action on YTL, BAT +2.7% whilst selected situationals outperformed: CyPark +10%, EPMB +4%, GOCEAN+11.1% albeit on lower vol. Mkt breadth was negative with losers outpacing gainers 469:349. Futures closed 1563 (3 points premium).

2) Heavyweights: MAYBANK+0.6% RM8.61, BAT+2.6% RM53.90, YTL+2.7% RM1.51,     SIME +0.4% RM9.63, GENTING+0.6% RM10.70, MAXIS+1% RM5.81, PCHEM+0.6% RM6.92, CIMB+0.3% RM7.30, TENAGA-1.2% RM6.04, DIGI-0.7% RM3.99.

3) DBT: ENVAIR 3.7mil @ RM0.20, NICORP 2.2mil @ RM0.53

4) Situationals:

TGOFFS+11.6% RM1.01: Share price rose to its highest in 6 months after the Edge newspaper reported that company could be a merger & acquisition target, citing people it didn't identify. Managing Director Omar Khalid couldn't be reached for comment so far. Meanwhile, Ekuiti Nasional Bhd., the company's second-largest shareholder, said it hasn't been approached for the stake, according to the report.

5) Iris: announced that it's wholly owned subsidiary Iris Land SB (ILSB) has entered into a Teaming Agreement with Papua New Guinea's Kida Maru Holdings Ltd (KMH) for the development of a housing project in Section Granville, Port Moresby, Papua New Guinea. KMH owns a piece of land measuring approximately 14.75 ha and has a valid developer's license & has agreed to assist ILSB in the said project. ILSB shall undertake to develop 275 units of houses on plots of not less than 300 sqm. The total GDV of the project is estimated to be MYR160m, which is expected to be funded by way of project financing;

Comments: +ve, the proposed Teaming Agreement is to enable the Iris Group to expand & diversify it's business in the realty & housing development industry overseas. Project expected to contribute positively to the earnings of the group in the future.

6) Mkt - imminent resolution on Greek debt issue by tonight will remove a major overhang on global uncertainties. Overall sentiment remains +ve as we head into earnings reporting season these next 2 wks. Continued rotation amongst situationals to lead mkt higher. May see interest refocusing back into GLCs after recent consolidation, stk at buy lvls: TNB, MRCB, UEMLand, Pos, MAS.

Newz Bits 200212

§         MISC (Company Update): Lacks catalysts, better long term prospects in LNG segment (Maintain HOLD, TP: RM5.73) [download report]

We came back from MISC company visit feeling less sanguine about prospects over the medium term but positive over the long run. MISC excitement in the long run is expected to come from the LNG transportation business via its parent Petronas’ JV with Progress Energy to explore and develop production of large natural gas (LNG) of which MISC is expected to be the shipper. However, over the medium-term, the petroleum and chemical tanker market is in a tough operating environment hit by depressed charter rates due to oversupply of vessels and stubbornly high bunker cost. We maintain HOLD with a RM5.73 target price based on 1.2 P/B (multiple is below its historical average).

Other reports

§         Newz Bits [download report]

Other Malaysian news

§         SapuraCrest: Confirmed JV with Seadrill for the Brazilian job

§         Sime Darby: Close to sealing fruitful South Korean deal

§         Axiata: Unit signs deal with Broadway Media

§         Tenaga Nasional: Not raising stake in Integrax

§         AMMB: Indonesian subsidiary gets investment manager license

§         Petronas Chemicals: Upbeat on good demand

§         KEuro: To buy 15.8% of West Coast Expressway, up stake to 80%

§         Tanjung Offshore: An M&A target

§         Masteel: Aims for JB-Woodlands train service by end-2013

§         IPO: Felda settlers at crossroads

§         Automotive: Revised policy rollout in 2 months

§         Automotive: Lending rules hurting car sales

§         Banking: Banks get cautious                    

Global news

§         US: Consumer prices rose less than forecast in January

§         US: Leading indicators point to sustained growth

§         US: Payroll vote gives congress nine-month breather on tax decisions

§         Europe: ECB said to negotiate with Greece on investment portfolio bonds

§         Singapore: January exports drop as electronics shipments plunge

§         China: People’s Bank of China eases bank reserve requirement

§         Global: Japan, China to help Europe solve crisis via IMF

Visit ECM Libra at https://www.ecmlibra.com/ecmlsmy

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