Monday, September 3, 2012

News Bits | 3 Sept 2012


Highlights of the day
§  Economics (Money and Banking): July 2012: Faster total loans and money supply growth [download report]
Malaysia’s July overall loans grew faster at 13.0% y-o-y after 12.6% in June due to growth in business loans. The growth came with a leaner margin however. The estimated system-wide average lending-cost of funds spread narrowed to approximately 200bps from 217bps in June as average lending rate dropped by the same magnitude. Broad money supply, M3, grew faster by 13.5% y-o-y after a relatively slow growth of 12.8% in June. (refer to report for details)
 
§  Axiata Group (Results Review): 2QFY12: Within expectations (Maintain HOLD, TP: RM5.22) [download report]
Axiata’s 1HFY12 adjusted net profit of RM1.4bn came in within house and consensus expectations at 49% and 52%, respectively. All in all, Axiata is on track to achieve its headline KPIs. Maintain HOLD and sum-of-parts-based target price of RM5.22, as we view that there is not much upside potential given the current valuation. (refer to report for details)
 
Other reports
§  Maxis (Results Review): 2QFY12: Within expectations (Maintain HOLD, TP: RM5.69) [download report]
§  Newz Bits [download report]
 
Other Malaysian news
§  Affin: Gets support from HK shareholder for stake acquisition
§  Star Publications: Still an important source of news and information
§  MRCB: Government to take over Eastern Dispersal Link
§  UOA Development: Eyes RM4bn property sales
§  Hua Yang: Eyeing property launches worth RM815m
§  Selangor Dredging: Aims to unveil RM1.2bn worth of properties
§  George Kent: Selects Thales for Ampang LRT upgrade
§  Gadang: Targets jobs worth RM2bn
§  Construction: MRT feasibility studies to be ready next year
§  IPO: MSWG unhappy about structure of Astro’s listing
§  Oil & Gas: Petronas, PSC partners holding open tender for jobs
§  Oil & Gas: Tanjung Bin in talks on RM2bn investments
§  Steel: Melewar lodges complaint against Megasteel
 
Global news
§  US: Bernanke defends bond purchases in signal of more Fed easing
§  US: Jobless claims unchanged last week at one-month high
§  US: Orders for capital goods fall more than prior estimate
§  US: Consumer sentiment improves as merchants discount
§  Europe: Troika inspectors to stay in Greece
§  China: Manufacturing unexpectedly contracts as orders decline
§  Japan: Industrial output unexpectedly falls on global weakness
§  South Korea: Industrial production slides as Europe hits exports
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