News Bits | 20 Nov 2012

Highlights of the day

§  IOI Corporation (Results Review): 1QFY13: Below expectations on seasonality (Maintain HOLD, TP: RM4.72) [download report]

IOI Corp’s 1QFY13 adjusted net profit came below expectations and it made up of 16% of house estimate and 17% of market consensus. Traditionally, 1Q results come below expectation on seasonality. An adjustment was made for a massive translation gain on foreign currency denominated borrowings. The adjusted net profit increased by increased by 34% y-o-y. Contributions from all segments improved, except for plantation. Maintain HOLD with TP of RM4.72.

 

Other reports

§  Newz Bits [download report]

 

Other Malaysian news

§  CIMB: To fund big deal

§  DRB-Hicom: Mitsubishi’s collaboration with Proton is over

§  Mah Sing: Sales target on track

§  Scope Industries: Matang launches RTO

§  Scomi Engineering: Tracking KL monorail system

§  Automotive: Mitsubishi launches Mirage, plans Malaysia assembly plant

§  Automotive: Vehicle sales accelerate 21% in October

 

Global news

§  US: Sales of existing US homes increase unexpectedly

§  Europe: France loses top rating at Moody’s in blow to Hollande

§  Japan: BoJ in the balance as next government picks top posts

§  Thailand: GDP growth slows as weak overseas demand hurts exports

 

 

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