Highlights of the day
§
IJM
Corporation (Company Update): Journey
to the West (Maintain BUY, TP: RM6.36) [download
report]
We attended a briefing held by IJM Corp’s property arm, IJM Land Bhd,
showcasing its latest property development projects including the company’s
recent foray into the UK Royal Mint Street , London IJM
Land ’s JV unit for the development,
Mintle Ltd, has to comply with the completion method accounting standard for
build-then-sell properties in the UK
§
MSM
Malaysia
MSM Malaysia Holding’s 1HFY12 results came in just
below expectations, making up 42% of house and 44% of street estimates. 1HFY12
revenue remained flat, a result of decreased sales volume for domestic and
export sales, despite obtaining higher average prices. 2QFY12 PBT suffered from relatively higher
raw material costs, coming down 30% y-o-y, 6MFY12 number declined 17%. We
expect a better set of numbers heading in 3QFY12 and 4QFY12, due to the
upcoming festivities. Maintain HOLD with TP of RM5.05.
Other reports
Other Malaysian news
§ PPB: FFM buys
another 20% of Wilmar’s flour mill
§
MMC: Marks
expansion of Tanjung Bin plant
§ SP
Setia: Proposes placement
§ DRB-Hicom: Perodua ready
to begin talks with Proton
§ MAS:
Positive on
Indian market
§
Coastal
Contracts: Bags RM141m contracts
§ Karambunai: To settle
RM157m debt with help of shareholder
§ Power:
IMBD buys Genting’s power assets
Global news
§ US
§ Europe : Greek
GDP contracts again
§ China
§ Japan
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