Newz Bits 150212

Highlights of the day

§         AMMB Holdings (3QFY12 Results): In line (Maintain HOLD, TP: RM5.70) [download report]

9MQFY12 results were within market expectations, with EPS growth of 14% y-o-y.  PBT before provisions was up only 7% y-o-y but lower provisions boosted PBT growth to 11% y-o-y.  While loan and deposit growth remain restrained, management is hoping to compensate from non-interest income on the back of ETP funding requirements.  We are maintaining our EPS forecasts, target price and HOLD recommendation.

Other reports

§         Newz Bits [download report]

Other Malaysian news

§         Construction: CIDB says projects to hit RM90bn this year

§         RHBCap: Stake up for sale again?

§         AirAsia: Earnings boost for AirAsia

§         Dialog: 2Q net profit up on higher revenue

§         Dayang Enterprise: Wins RM125m job from Talisman

§         Tebrau Teguh: MCCM plans to buy its stake from KPRJ

§         RCE Capital: Raises funds to repay loans

§         SapuraCrest Kencana: On track for March listing

§         Sentoria: IPO oversubscribed by 5.4x

§         Banking: To raise credit card balance rates

§         Property: MCCM seeks to build 100,000 medium-cost homes by 2020

§         Property: Iskandar glut worry

§         Retail: Shopping to dislodge staying

Global news

§         US: Retail sales point to underlying strength

§         Europe: EU to punish Spain for deficits, inaction

§         Europe: German economy pulls away from European pack

§         Japan: BOJ signals more aggressive policy, sets inflation goal

§         South Korea: Jobless rate rises to four-month high of 3.2%

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