News Bits | 11 July 2012

Highlights of the day

§  Plantation (Sector Update): Inventory levels continue to slide (Maintain NEUTRAL) [download report]

MPOB June statistics saw production numbers increase 6% m-o-m, but still lacking as cumulative 6M production is down 9% y-o-y. Exports continue to grow, increasing by 9% m-o-m and 6M by 4% y-o-y. We believe that exports have come up recently possibly due to pre-festive season stocking activities, and that current levels of palm oil to soybean discount may cause exports to increase in the coming months. Inventory levels continue to slide, coming in at 1.70m mt, as production numbers remain low. Maintain NEUTRAL.

Other reports

§  Newz Bits [download report]

Malaysian news

§  AMMB: Acquires MBF Cards for RM623m

§  Maybank: Targets RM3.37bn for MME

§  Genting: Signs PPA in Indonesia

§  Jaya Tiasa: Said to be selling RM330m stake

§  TM: Broadband market big enough for all

§  MAS: Rolls-Royce to provide total service for A380 Trent engines

§  UOA: Sells office building to LTH for RM102m     

§  Automotive: NAP shifts to fuel-efficient vehicles

§  Logistics: Stakeholders reject Penang Port privatisation     

Global news

§  US: Job openings rose in May after April plunge

§  Europe: ESM hits snag at German high court

§  Europe: UK manufacturing unexpectedly jumps on work-day boost

§  China: Below-forecast import growth adds pressure

§  South Korea: Economy adds workers as jobless rate holds at 4-month low

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