Highlights of the day
§
Sime
Darby (Results Review): 9MFY12:
Bucyrus makes maiden contribution (Maintain HOLD, TP: RM9.32) [download
report]
Sime Darby’s 9MFY12 results came in within consensus but below our
expectations. Sime’s 9M12 revenue increased by 13% while adjusted net profit
increased 26% y-o-y. The plantation segment posted higher earnings (+19% y-o-y)
as the group achieved higher CPO prices of RM2,881/mt. The Industrial and
Property segment shined through, posting another strong set of results. We
revise our FY12-FY14 earnings downwards slightly to account for a wider
discount to Indonesian CPO prices, and thus downgrade our TP from RM10.37 to
RM9.32. Maintain HOLD.
Other reports
§ Telekom Malaysia
§ IOI Corporation (Results
Review): 9MFY12: Below expectations (Maintain HOLD, TP: RM4.74) [download
report]
Other Malaysian news
§ AirAsia: Banks on network
§ WCT: Eyes
concession projects for land
§ Mah Sing: To build up landbank
§ Glomac:
Near deal to sell complex en bloc
§ YHS: To be taken
private
§ Alam Maritim: Bags Petronas Carigali
contract
§ Magna Prima: Unveiling projects worth RM1.4bn
§ Petra
§ FGVH: Gets Qatar
Holding as cornerstone investor
§ Automotive: Perodua aspires to
build sedans
§ Construction: Extension to
KLIA2 ready by year-end
§ Media: Astro
unveils On-The-Go
§ Power:
Sarawak Energy Bakun power
sold
Global news
§ US
§ Europe : EU
proposes 'banking union'
§ Europe : Economic
confidence falls to 2 1/2 year low
§ Brazil
§
Global: Oil
hit six-month low as risk aversion sweeps market