§
Malaysia
MMHE 1QFY12 net profit of RM78.3m came within house
and market expectations made up 21% and 22% of full year estimates
respectively. We view that its congested yard and slow orderbook replenishments
making its current trading PE of 21x of FY12 EPS is unjustifiably rich.
Maintain SELL with unchanged TP of RM4.21..
§
Economics
(External Trade): March
2012: Exports slump in Malaysia
and across Asia [download
report]
March exports contracted marginally by 0.1% y-o-y after growing 14.5%
y-o-y in February. The drop was mostly due to lower exports of machinery and
transport equipment. Meanwhile, imports grew slower at 1.6% versus 18.0% y-o-y
in February. Trade balance decreased to RM10.45bn from RM10.58bn in the
previous month. Exports contraction was seen in other export-oriented countries
as well, namely Singapore , South Korea and Taiwan
Other reports
§
Telecommunication
(Sector Update): Industry
revenue growth to be supported by Data (Maintain NEUTRAL) [download
report]
Other Malaysian news
§ Sime Darby: To jointly develop RM500m mall
§
Sunway: Awarded the
V4 Package by MRT Corp
§ Parkson Holdings: Singaporean
unit’s 3QFY12 results
§ DRB-Hicom: Offer for all Proton shares almost done
§ Southern
Steel: In Asean JV with NV Bekaert
§ Malayan
Flour Mills: Earmarks RM170m capex
§ Takaful
Malaysia : Eyeing London
§ Pantech: Terminates
Saudi deal
§ CBSA: CEO sells 12.6% stake
§ IPO:
Felda eyes Louis Dreyfus
§ Aviva: Puts
Malaysian business on block
§ Oil & Gas: Berlian McDermott awarded deep sea contract
§ Oil
& Gas: NGC buys into Shell’s LPG assets
§ Plantation
§ Property:
Asean Trade Centre project with RM5bn GDV in Johor
Global news
§ US
§ US: Mortgage
applications gained last week
§ US: March
wholesale inventories rise 0.3%, sales climb 0.5%
§ Europe : German
exports unexpectedly rose for a third month in March
§ Europe: EU
to release most of aid tranche to Greece
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