Fool Trader KLSE Research
Morning Coffee - 16 April 2012
MO R N I N G C O F F E E Monday, April 16, 2012
U.S. and European market roundup
U.S. stocks fell, sending the Standard & Poor's 500 to its first back-to-back weekly decline since November, after employers added fewer jobs than estimated and investor concern over global economic growth intensified. The S&P 500
The Government will not interfere with any changes made by the country's biggest automotive company DRBHicom Bhd with regards to national carmaker Proton Holdings Bhd. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said as the new owner of Proton, DRB-Hicom had every right to make changes which best suited its business direction. Ahmad Husni was commenting on speculation that there would be a management change in Proton following its recent acquisition by DRB-Hicom. It is widely speculated that Proton group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir would resign from the company soon while its chairman Datuk Seri Nadzmi Mohd Salleh had resigned last month. (StarBiz)
The newly-buily Tanjung Bin (ATB) oil terminals near Port of Tanjung Pelepas in Johor has started operations after receiving its first fuel oil cargo earlier last week. The terminal, owned and operates by VTTI, a 50:50 joint venture between Vitol and MISC Bhd, received its first fuel oil cargo from the MT Kition, a 100,000 deadweight tonne tanker on April 10. ATB terminals is grassroots projects which began construction in September 20009, The first phase consists of 41 storage tanks, totaling 841,000 cu meters (cu m) storage for fuel oil, petroleum and middle distillates. (BizTimes)
Source:Jupiter Securities Research 16 April 2012
U.S. and European market roundup
U.S. stocks fell, sending the Standard & Poor's 500 to its first back-to-back weekly decline since November, after employers added fewer jobs than estimated and investor concern over global economic growth intensified. The S&P 500
dropped 2 percent to 1,370.26, its worst week since Dec. 16. The decline came even as the benchmark index for American equities had its best two-day gain of the year on April 11 and 12, sparked by optimism about earnings and signals from the Federal Reserve that interest rates would remain low. The Dow lost 210.55 points, or 1.6 percent, to 12,849.59. Equities fell as U.S. employers added 120,000 jobs in March, less than the median economist forecast of 205,000 in a Bloomberg survey. Consumer confidence dropped and more Americans than forecast filed claims for jobless benefits. A surge in Spanish and Italian bond yields fueled concern Europe's debt crisis is worsening, while China said its economy expanded 8.1 percent in the first quarter, the slowest pace since 2009. The S&P 500 has slumped 2.7 percent in April, poised for the biggest monthly loss since September. The index finished the previous three months with a 12 percent gain, producing the best first-quarter rally since 1998.
European stocks dropped for a fourth week, the longest streak of losses since August, as concern resurfaced about the region's debt crisis and economic reports in China and the U.S. missed estimates. FTSE 100 (UKX) Index posting its fourth straight weekly loss, after China's growth slowed more than forecast last quarter. The European Central Bank will restart its controversial government bond purchases rather than offer banks another round of unlimited three-year loans as the sovereign-debt crisis worsens, a survey of economists shows. Of 22 economists polled this week, 17 predicted that the ECB will resume the Securities Markets Program (ECBCSMP), while only one forecast it will offer another batch of three year cash. Nine said the central bank might consider shorter maturity loans of one or two years.
Macro News
n.a
Corporate News
The Affin Bank group has boosted its Tier 1 and Tier 2 capital by RM500mil in the first quarter of this year, and further capital injection, in view of Basel 3 (global regulatory standard) requirements, is in the pipeline. Loan growth was 17% in 2010 and 14% in 2011. For 2012, the bank aims to maintain double-digit loan growth momentum. Affin's loan deposit (LD) ratio has stabilized at 80%-85%, a balance that is within the industry standard. According to the Affin Bank's 2011 annual report, deposits hit RM36.5bil while loan base was at RM29.7bil.The banking group's asset base has doubled to RM50bil in six years. (StarBiz)
The Government will not interfere with any changes made by the country's biggest automotive company DRBHicom Bhd with regards to national carmaker Proton Holdings Bhd. Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah said as the new owner of Proton, DRB-Hicom had every right to make changes which best suited its business direction. Ahmad Husni was commenting on speculation that there would be a management change in Proton following its recent acquisition by DRB-Hicom. It is widely speculated that Proton group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir would resign from the company soon while its chairman Datuk Seri Nadzmi Mohd Salleh had resigned last month. (StarBiz)
Knight Frank in its Second-Half 2011 Real Estate Highlights report said the local hospitality sector remained optimistic that performance levels would show steady growth. It said this was despite analysts predicting moderating economic expansion ahead as a result of slowing external demand and continued uncertainties in the Middle East, Europe and the United States Knight Frank said tourism contribution to gross national income was expected to almost triple the 2010 figure of RM34bil to RM94bil by 2020 (ranked the fifth-largest contributor to national economy in 2010). The growth-centred Budget 2012, announced in October last year, is generally well received by the wider hospitality sector. (StarBiz)
Iskandar Regional Development Authority (Irda) anticipates the second phase of Iskandar Malaysia development from 2011 to 2015 to be more challenging than the first phase. Chief executive officer Ismail Ibrahim said the next level for Iskandar Malaysia was all about growth and expansion as the planning and building foundations were put in place from 2006 to 2010. Ismail said the next three years would be on delivering and ensuring that the development from phase one was able to create more of the upsides rather than the downsides. He said risks were unavoidable in undertaking an economic growth corridor of a scale like Iskandar Malaysia, hence stakeholders needed to do risk management. (StarBiz)
Projek Lintasan Kota Holding Sdn Bhd (Prolintas) a wholly owned subsidiary of Permodalan Nasional Bhd (PNB), aims to go ahead with the Sungai Besi-Ulu Kelang elevated expressway (SUKE) and Damansara'Shah Alam Expressway (DASH) projects by the second quarter of next year. The two proposed expressways, which were mooted for development under the 10th Malaysia Plan (2011-2015), were at the planning stage. SUKE and DASH were the two of seven highways projects estimated to cost about RM19bil announced by the government under the 10th Malaysia plan. The two expressways were awarded to Prolintas under the build, operate and transfer concept. (BizTimes)
YTL Communications, a subsidiary of YTL power International Bhd, and Xchanging, a UK-based business process and technology and deliver enhanced mobile Internet and cloud based hosting offering in Malaysia. Known as Xchanging Malaysia Sdn Bhd, the 50-50 joint venture will combine Xchanging's technology, delivery and expertise and international domain known with YTL Communications' award wining 4G network and market reach to deliver next-generation, mission'critical; clouds solution and platform. Xchanging is a business process and technology service provider and integrator specializing in financial services technology and procurement processing skills and capabilities to other vertical industry and market sectors. (BizTimes)
Samudera Shipping Line Ltd (Samudera ) a regional container shipping line in Singapore, Has formed a joint venture with QEL Shipping Services Sdn Bhd to capitalize on the shipping agency business in Malaysia. Samudera incorporated in Singapore in 1993, was listed on SESDAQ in October 1997 and later upgraded to the main market on the Singapore Stock Exchange since July 2000. QEL shipping Services is understood to be one of the entities under the QEL Holdings Sdn Bhd, a one-stop service provider in the shipping and logistics in Malaysia. (BizTimes)
The newly-buily Tanjung Bin (ATB) oil terminals near Port of Tanjung Pelepas in Johor has started operations after receiving its first fuel oil cargo earlier last week. The terminal, owned and operates by VTTI, a 50:50 joint venture between Vitol and MISC Bhd, received its first fuel oil cargo from the MT Kition, a 100,000 deadweight tonne tanker on April 10. ATB terminals is grassroots projects which began construction in September 20009, The first phase consists of 41 storage tanks, totaling 841,000 cu meters (cu m) storage for fuel oil, petroleum and middle distillates. (BizTimes)
Source:Jupiter Securities Research 16 April 2012
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