Highlights of the day
§
Malaysia
Malaysian Airline System (MAS)’s Redeemable Cumulative
Preference Shares (RCPS) have been sold down on heavy volume since February
2012. The RCPS are to be redeemed at
RM1.00 in November 2012 which would give an annualized return of 18%.
Uncertainty over whether the RCPS will be fully redeemed is to be addressed by
a formal announcement by MAS towards the end of this month. With the ordinary shares trading way above
NAV/share, and the RCPS trading at a discount to redemption value when the RCPS
have priority over the ordinary shares in receiving payment, the RCPS look like
a better bet than the ordinary shares.
Trading Buy.
Other reports
Other Malaysian news
§
Rubber gloves: Price war unlikely
§ Sapura-Kencana:
Merger seen ready by June
§
Boustead: Defends RM9bn patrol craft job
§ MBSB:
Declined commenting on RHB merger
§
MBSB: Trims loan growth target
§
TDM: Gets
nod to expand Kuala Terengganu specialist hospital
§
SEGi: Navis Capital to trigger GO for SEGI
§
OldTown: Spreads
wings in China
§
Favelle Favco: Secures 5 contracts worth RM102m
§
Yung Kong: Unit sells land for RM12.22m
§
IPO: Felda Global set to submit prospectus to SC
§ Construction:
China
§ Consumer: Navis Capital buys
stake in cinema operator
§
Oil &
Gas: Petronas’ RAPID petrochemical complex on track
§ Property: Naza TTDI’s
listing agenda
Global news
§ US
§ US: Jobless
claims fell to lowest level in four years
§ US
§ UK
§ China
§ Taiwan
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