News Bits | 28 Sept 2012

Highlights of the day

§  Gamuda (Results Review): 4QFY12: Within expectations (Maintain HOLD, TP: RM3.47) [download report]

Gamuda’s FY12 net profit of RM547.3m was in line with expectations. Given the potential headwinds faced by the Malaysian and Vietnam real estate markets in coming quarters, we cut our FY13 property sales forecast in line with management, which results in our sum-of-parts target price reduced slightly to RM3.47 from RM3.53 previously. Maintain HOLD.

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  Felda Global: More M&As

§  DRB-Hicom: Government allocating RM120m for hybrid model to Proton

§  E&O: MD not leaving

§  TRC Synergy: Confident its units can manage MRT jobs

§  George Kent-Lion Pac: JV qualified for LRT job

§  Weida: Plans luxury condos

§  Property: Emkay plans Cyberjaya affordable housing project

§  IPO: Tune Group eyes listing of Tune Insurance

 

Global news

§  US: Economy expanded less than forecast in 2Q2012

§  US: Plunge in goods orders may restrain expansion

§  US: Pending sales of existing homes fell 2.6% in August

§  US: Claims for jobless benefits fall more than forecast

§  Europe: UK economy shrinks less than estimated, incomes rise

§  Europe: Spain presents austere budget plans

§  South Korea: Output falls for third month

 

 

Visit ECM Libra at https://www.ecmlibra.com/ecmlsmy

Our on-line trading portal at www.ecmmoney.com