News Bits | 8 June 2012

Highlights of the day

§  WCT (Company Update): Another contract un"Vale"d (Maintain BUY, TP: RM3.20) [download report]

In an announcement to Bursa Malaysia yesterday, WCT secured a contract worth RM72.8m for industrial civil works from Vale Malaysia Minerals Sdn Bhd (VMM) which is building an iron ore transshipment plant at Teluk Rubiah in Lumut, Perak. This is the second time WCT scored a job from VMM for Phase 1A construction of the plant; the first package for earthworks awarded to the company in July last year. The contract win lifts WCT’s effective outstanding orderbook to RM2.5bn, which is about 2x FY11 civil engineering and construction revenue. Maintain BUY on WCT with sum-of-parts target price of RM3.20.

Other reports

§  Newz Bits [download report]

Other Malaysian news

§  FGVH: Shares for institutions oversubscribed more than 15 times

§  DRB-Hicom: Lotus CEO Bahar gets the boot

§  Guinness: Calls for revamp of excise duty  

§  Cahya Mata Sarawak: In MoU with Phosphate Malaysia

§  Kim Loong: Forms oil palm JV

§  ECM Libra: Kenanga to pay RM890m for IB

§  Kimlun: Bags RM48m job for KVMRT project

§  Utusan: May venture into property development

§  IPO: IHH prices IPO at RM2.85 per share

§  Khazanah: Top bidder for Aegis

§  Property: Consortium beats others to develop former power plant

§  Oil & Gas: Consortium wins Petronas order

§  Economy: Central bank sticks to 4% to 5% forecast

Global news

§  US: Initial jobless claims fell last week to 377,000

§  US: Consumer credit rose in April for eighth month

§  US: Bernanke sees easing options while declining to specify them

§  Europe: Rajoy holds bank talks with EU leaders as Fitch downgrades Spain

§  China: China rate cut counters slowdown as PBOC Eases Loan rules

§  Indonesia: Bank Indonesia to push through down-payment plan

§  Vietnam: Central bank to cut deposit rate cap to encourage loans to companies

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

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