News Bits | 26 July 2012

Highlights of the day

§  MSM Malaysia Holdings (Initiating Coverage): Sweet dividends, but slow growth (HOLD, TP: RM5.05) [download report]

Listed in June 2011, MSM Malaysia Holdings is the largest refined sugar producer in Malaysia, accounting for 57% of total refined sugar production. With an annual production capacity of 1.1m mt, production levels are targeted to reach 1.5m mt by 2016. We initiate coverage on MSM with a HOLD recommendation and a TP of RM5.05. We like MSM for its attractive dividend yields, steady income and net cash position.

Other reports

§  Newz Bits [download report]

Other Malaysian news

§  IHH: To be component stock of FBM KLCI from August

§  Felda Global: Syed Zainal to join?

§  AirAsia: Carries 8.3m passengers in 2Q

§  MAS: Revisits JV plan with Qantas

§  Scomi: Closer to completing business revamp

§  SPK-Sentosa: To ink JV pact with Superior Energy Services

§  IPO: Bursa mulling bigger IPO retail tranche

Global news

§  US: Senate passes democrats’ plan to keep most Bush-era tax cuts

§  US: Sales of new homes decrease from two-year high

§  Europe: German business confidence fell more than forecast in July

§  China: Central bank shifts course, lets yuan drop

§  South Korea: Growth slows as Europe’s debt crisis dims outlook

§  Thailand: Central bank holds interest rate as economic recovery stays easing

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