Highlights of the day
§
Malayan
Banking (Quick Bits): Conference
call to clarify private placement (Maintain HOLD, TP: RM9.00) [download
report]
In a conference call yesterday evening, Maybank
clarified that its private placement was to support more aggressive organic
growth in the region, and to boost its core equity capital ratio to a more
comfortable level. It has declined to
bid for Bank of Ayudhya, which allays concerns that it may engage in an
expensive bidding war that ultimately requires to be funded by a rights
issue. Maybank remains one of our
preferred banking stocks to HOLD.
§
Sunway
Bhd (Quick Bits): Disposing
of asset to Sunway REIT (Maintain BUY, TP: RM2.70) [download
report]
Sunway Bhd plans to dispose of the land and building of Sunway Medical
Centre (SMC) to Sunway REIT for RM310m cash. The sale proceeds will be used to
repay Sunway Medical Centre’s borrowings, settle other expenses, and finance
the Group’s working capital and capex requirements. Incorporating a net gain on
disposal of RM148.8m into our FY13 forecasts will increase EPS by 24%, while
net gearing is expected to improve to 0.31x from 0.41x previously. Factoring
the new disposal has slightly increased our SOP-based target price by 2% to
RM2.70 (from RM2.65). Maintain BUY.
Other reports
Other Malaysian news
§
Power: Game
change in sector; Electricity tariff to remain at current rate
§
Tenaga: Clinches Prai power plant contract
§
Felda: Plans Philippine venture after peace deal
§ Astro:
Ties up with Google to expand distribution via YouTube
§
MPHB: To
sell AA Anthony Securities for up to RM170m
§
Sunway REIT: Assets
reach RM4.95bn
§ Eversendai:
Eyes RM500m local contracts
§ Gadang:
Gets RM313m job at Rapid
§
IPO: Titijaya Land
§ Plantation :
Indonesia , Malaysia
§
Property: Rehda eyes RM500m in property sales at Mapex
Global news
§ US: Confidence
among small businesses cooled in September
§ Europe : EU
lauds Greek budget-cutting will, boosting aid prospects
§ Europe : IMF
says European banks may have to sell US$4.5trn in assets
§ Europe: UK
§ South Korea
