News Bits | 11 Sept 2012

Highlights of the day

§  Economics (Industrial Production Index): July 2012: Weak growth as mining production dips [download report]

July industrial production index for Malaysia grew at only 1.4% y-o-y as the mining index slumped to its worst level since May 2011 as demand slacked off. Overall growth was supported by the manufacturing sector which grew by 5.5% y-o-y, as production of refined petroleum and its related products, motor vehicle, television, communication equipment and machinery increased. We expect the industrial production index to grow faster at 2.4% y-o-y in August. (refer to report for details)

 

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

August MPOB statistics saw inventory levels breach 2.1m mt. Production levels continue to show signs of recovery but came down slightly by 2% m-o-m. Export numbers are down 3% y-o-y on an 8M cumulative basis. SOI readings continue to hover near El Nino thresholds over the past 2 weeks while palm oil to soybean discount has widened to the highest yet this year. Maintain NEUTRAL (refer to report for details)

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  SapuraKencana: JV unit gets RM139m job

§  Petronas Gas: Invites Sabah to take up 20% stake in Regas

§  MAS: Firefly may revive jet ops next year

§  TSH Resources: In fresh takeover bid for Pontian United

§  BRDB: Ambang may delist if BRDB can’t meet rule

§  Mulpha International: To sell unit at RM21m loss

§  Pintaras Jaya: Bags RM21m piling job

§  Hing Yiap: Acquisition of Asia Brand ‘fair’

§  Construction: CIDB says outlook for construction sector to stay positive

§  Infrastructure: Highway for sale

 

Global news

§  US: Consumer credit unexpectedly falls US$3.28bn

§  US: Stagnant incomes signal curbs on consumer spending

§  China: Imports unexpectedly drop as exports rise less than 3%

§  China: Government increases fuel prices second time in month as crude gains

§  Japan: Cabinet office halves growth estimate for past quarter to annual

 

 

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