News Bits | 21 May 2012

Highlights of the day

§  Sunway Bhd (Quick Bits): Officially secured Package V4 (Maintain HOLD, TP: RM2.65) [download report]

Sunway Bhd announced to Bursa Malaysia that it has officially received and accepted the letter of award from Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) for the Package V4 of the Sg Buloh–Kajang (SBK) MRT Line. Although we have factored in the new contract win in our earnings projection, our numbers are little changed. At the moment, we maintain our HOLD call and SOPV-derived target price of RM2.65.

Other reports

§  Newz Bits [download report]

Other Malaysian news

§  Automotive: Motor vehicle sales down to 47,736 in April

§  Construction: Ipoh-Padang Besar rail project hits snag?

§  MBM Resources: Federal Auto to be sole Volvo dealer

§  TRC Synergy: RM458.98m MRT job goes to unit

§  Favell Favco: Unit gets RM60.1m jobs in April, May

§  Dataprep: Plans partnerships

§  Grand-Flo: Unit gets RM82m govt ICT equipment job

§  Gas Malaysia: RM140m for improving pipeline network

§  FGVH: Louis Dreyfus is the best fit

§  Banking: SMEs new credit source

§  Construction: Feasibility of KLORR in question

§  Power: SEB opens 3 more power projects for bidding

§  Oil & Gas: Ropes in Japanese, Thai firms for Rapid project

§  Telecommunication: Asian Broadcasting Network to bid for Jaring

Global news

§  US: House-backed defense budget sets up clash with Obama

§  Europe: Spain revises up 2011 deficit to 8.9% of GDP on unpaid bills

§  Europe: France and Germany to meet following G-8 gathering

§  UK: Posen to quit BOE

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