News Bits | 16 Nov 2012

Highlights of the day

§  Hong Leong Bank (Results Review): 1QFY13: Sell into high expectations (Maintain SELL, TP: RM12.30) [download report]

1QFY13 results were marginally above our and market expectations. We are maintaining our target price of RM12.30 based on our CY13 valuation.  We reinforce our SELL call as HLB’s share price has outperformed on bullish expectations, and is above our revised target price which has discounted 2013 earnings. 

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  Astro: Scores live broadcasting rights for BPL in Malaysia for 3 seasons

§  Perisai: Wins RM833m job

§  MKH: High-rise ambition in Kajang

§  Zelan: Bags RM179m contract

§  Scomi: Eyes RM5bn Chennai monorail project

§  Ken Holdings: Completes acquisition in Gadini

§  Media: Adex tops RM9bn in 10 months

§  O&G: Ekuinas restructures O&G portfolio, focuses on OSV mart

 

Global news

§  US: Jobless claims jump as Sandy hurts US factories

§  US: Business inventories climb at slower pace than sales

§  US: Retail sales fall for first time in four months

§  US: Manufacturing in New York area contracts for a fourth month

§  Europe: Rajoy’s path to EU bailout clears as Spanish recession drags

§  Europe: Monti’s parliamentary supporters push for early vote in Italy

§  Europe: France to require wall to isolate banks’ riskiest trading

 

 

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

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