Highlights of the day
§
Economics
(Consumer Price Index): September
2012: Slightly slower headline inflation [download
report]
Malaysian consumer price index grew slower at 1.3% y-o-y in September
after increasing by 1.4% in the previous month. Core inflation in the same
month remained largely the same at 1.1% y-o-y. The drop in headline inflation
was mostly due to decrease in food prices. It would have dropped more if it was
not for the increase in transport prices. The price of RON97 fuel was hiked by
RM0.30 in September. We expect both headline and core inflation to remain at
1.3% and 1.1% y-o-y respectively.
September’s total industry volume (TIV) grew
marginally by 3% y-o-y to 45,872 units. However, m-o-m sales fell 11% as
consumers held back purchases in hopes of the Government announcing a cut in car
prices in the Budget 2013. YTD, TIV for January-September improved 2% y-o-y to
458,447 units, making up 75% of the Malaysian Automotive Association’s (MAA)
2012 forecast of 615,000 units. MAA expects sales in October to maintain at
September's level. However, we caution that sales would decelerate towards the
year-end, especially in December, as consumers’ appetite to purchase new
vehicles begins to wane. Maintain Neutral on the sector.
Other reports
Other Malaysian news
§ Petronas
Dagangan: Completes acquisitions
§ Telekom: Refutes speculation of
bidding for P1
§ Telekom: Open to tie-ups
§ AirAsia:
Mulls JV with Batavia
§ IJM: Signing of WCE concession
'on the horizon'
§ IJM:
No board disharmony
§
Dijaya: Sees
record RM765m property sales
§
Consumer: Government raises ex-factory pricing for
cigarettes
§
O&G: Canada
§
O&G: Capex
for offshore jobs to hit RM176bn
Global news
§
US: Existing-home sales fall as supply dwindles
§
Europe: Germany
§
Europe : ECB’s Knot backs Schaeuble call for stronger
EU budget power
§
Europe: Merkel says Ireland
§
Australia
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