Highlights of the day
April industrial production index grew by 3.2% y-o-y
despite weak exports in the same month. The manufacturing sector contributed to
the growth while mining production contracted. We expect May production to grow
strongly at 6.4% y-o-y due to early positive regional data and the fact that
the mining component is set to enjoy a growth boost out of low base.
§
Plantation
MPOB May statistics saw production levels recover slightly, increasing
9% m-o-m but still remaining below cumulative 5M levels where it declined 7%
y-o-y. Exports both grew m-o-m and cumulative 5M y-o-y by 5% and 6%
respectively. Inventory levels declined further to 1.76m mt, coming down by 5%
m-o-m, the lowest since April 2011. We maintain our NEUTRAL recommendation with
CPO ASP of RM3,200/mt for 2012.
Other reports
§ UEM Land
Other Malaysian news
§ IJM
Corp: Unit to sell 30% stake in stake in CSC
§ MAHB:
May bid for new projects
§ Berjaya
Sports: STM Trust plans secondary listing on Bursa
§ MAS: Japan
§ Gas
Malaysia
§ Gas
Malaysia
§ Bintulu
Port
§ Uzma–Handal: Clinch
RM150m contracts
§ Media: Ananda hired
CIMB to advise on pay TV IPO
§ Oil
& Gas: Petronas in long-term deal with Norway
Global news
§ Europe: Fitch
cuts Santander
§ China
§ Japan : Japan
§ Singapore
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