Highlights of the day
Budget 2013 was tailored to appease the people, but
constraints meant that measures were limited and hence unlikely to have much
impact on the Malaysian stockmarket. We
have raised our end-2012 target for the FBMKLCI from 1604 to 1616, but remain
Neutral on Malaysia
Overall loans growth slowed to 12.3% y-o-y from 13.0%
as business loans growth lost some pace in August. Despite the slowdown, the
construction industry finally began to support the growth of business loans.
Nevertheless, weakness in the manufacturing sector somewhat washed out the
boost in construction loans. Loans indicators did not give an encouraging signs
as total applications and approval dropped. Meanwhile, the M3 grew faster even
as the monetary base slowed down. Finally, we do not expect any change in the
OPR.
Other reports
Other Malaysian news
§
DiGi: To
focus on mobile business for now
§ IHH: Subsidiary
buys four Turkish firms
§ UMW: Unit
gets Turkmenistan
§
DRB-Hicom: RM1.5bn
MRT job awards soon
§ Ta
Ann: Enters into 3 JVs for oil palm development projects
§ MBM
Resources: Hino
to set up plant in NS
§
SEGi: Receives
investors’ nod for land buy
§ Scomi Group: CEO
behind the company’s tie-up with IJM Corp
§
Weida: To
build biogas plant
§ Astro: Institutional
offer 20 times oversubscribed
§ Ekuinas: Completes
RM221m investment in OMNI
§ Building materials: Demand to drive growth
§
Oil &
Gas: RM183bn capex for O&G
§
Oil &
Gas: More Petronas JVs in pipeline
Global news
§ US: Consumer
spending stalls as fuel prices jump
§ US: Michigan
§ Europe: Spain
§ Europe: Greece
§ China
§ Japan
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