Journey to Wealth
JIT News - Mudajaya, FGV, Scomi Grp, PetGas/PetChem ....
Mudajaya: Construction firm Mudajaya Group Bhd's outlook may be perking up with worries over fuel supply in Indiato recede with the impending signing of a fuel supply agreement (FSA) and the award of Mass Rapid Transit (MRT) projects. The company might also be a key beneficiary in other developments given its track record in highway and power plant projects. On the much delayed FSA, newsflow appears to signal that a new coal-supply structure could be firmed up after Coal India's board meeting at end-October with November 2012 being the next timeline for the potential signing of the FSA between incoming power producers and Coal India. Mudajaya was forming a consortium with an international player to participate in the prequalification of a 1,300MW gas-fired co-generation power plant for Petronas' Rapid project in Pengerang.
FGV: Catalysts required for a re-rating would include the acquisition of a larger stake in Felda Holdings Bhd, making it into a subsidiary, instead of an associate, which would result in a much more transparent structure; the disposal of its non-core assets and possibly its non-performing assets; the turnaround of its downstream divisions and a marked improvement in age profile and yields upon completion of its replanting programme.
Potential inclusion of the palm oil operator into the FBMKLCI 30 index by year-end (2012) based on its market capitalisation.
Scomi Group: If market talks are to be believed, Scomi is also likely to secure a risk service contracts for marginal oil fields, partnering Australia's Cue Energy Resources Ltd. Scomi and Cye Energy are understood to have bid for two fields off the coast of Peninsula Malaysia. An announcement on the award could come as early as early Oct 2012.
PetGas/PetDag: Both will benefits of the tax measures for the oil and gas industry under Budget 2013 when the RAPID project takes off. RAID is targeted for completion by end 2015, the introduced tax allowance will only impact their bottom line from financial year 2016 onwards.
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