Highlights of the day
We are upgrading our 2012 CPO assumption from
RM3,000/mt to RM3,200/mt due to the negative South American soybean supply
situation, estimated reduction in North American planted acreage and potential
tree stress that might affect Malaysian production in 2012. Concurrently, we
upgrade our earnings premised by the upgrade in CPO prices but maintain our
HOLD calls for stocks under our coverage. Maintain NEUTRAL, and recommend
switching from IOI Corp to KL Kepong. (refer to report for
details)
Other reports
Other Malaysian news
§
KPJ Healthcare: Naim Holdings expands into
healthcare
§
Media: New
ruling could end Astro’s monopoly on sporting events
§
MAS: Needs to
re-engage with its employee
§
Berjaya
Land : Great Mall of China
§ Media Prima: To increase non-ad revenue
§ Ta
Ann: Proposes bonus issue
§
MAA: No BNM
deadline for Zurich
§
PJBumi: Plans
capital reduction
§
Felda: ‘Yes’ to
FGVH share transfer
§
Media: MSA Slower
adex growth seen this year
§
Oil &
Gas: Petronas in talks with 10 potential investors for
Rapid project
§
Oil & Gas: Norwegian firm to invest RM266m in subsea
business
§
Building Materials: Silver lining for steel players
§
Property:
Prasarana earmarks second property development project
§
Construction: Premature to gauge cost of high-speed
KL-Singapore rail link
§
Construction: Siemens plans more bids for
MRT
§
Economy: Set for almost 5% growth, says Zeti
Global news
§ US: Jobless
claims signal growth in US may moderate
§ US: Previously
owned home sales unexpectedly fell in March
§ US: Index
of leading economic indicators climbed 0.3%
§ US
§ US: Manufacturing
in the Philadelphia Fed region cooled in April
§ Europe: UK joins Spain
§ Global: Lagarde
gets $320bn to boost IMF coffers
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