News Bits | 11 Oct 2012

Highlights of the day

§  Plantation (Sector Update): Record high inventory levels (Maintain NEUTRAL) [download report]

September MPOB statistics saw inventory levels reach record levels at 2.48m mt. Production levels showed strong signs of recovery, boosted by stronger yields all around. Export numbers are down 3% y-o-y on a 9M cumulative basis. We are downgrading our 2012 CPO assumption from RM3,200/mt to RM3,050/mt, but leave our 2013 CPO assumption unchanged at RM3,000/mt. Maintain NEUTRAL.

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  Maybank: PNB not a taker in placement exercise

§  Genting: Genting Hong Kong to jointly invest US$1.2bn in casino

§  AirAsia: CEO may be eyeing South Korean carrier

§  Boustead:  Privatisation of UAC approved

§  Malton:  Batu Kawan JV for RM3.8bn project

§  Malton: Legal tussle for buildings

§  IPO: Fernandes to raise RM1bn via IPOs

§  Power: MoU signed to supply coal to Tenaga

§  Plantation: Green light for CPO export tax cut

§  Plantation: B5 biodiesel nationwide by December to cut CPO stocks

§  Economy: Mida expects more FDIs from Japan by year-end

 

Global news

§  US: Fed says economy grows ‘modestly’ as housing, autos improve

§  US: Wholesale inventories rose more slowly as sales gained

§  US: Drop in openings signals limited job growth

§  Europe: Lagarde signals IMF role in Europe rescues may not need cash

 

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