KSK: Expect a healthy dividedn distribution following the completed divestment of its primary insurance unit for rm1.63 billion on Sept 26, 2012 to AMG Insurance Bhd.KSK expected net cash level of rm990 million or 65.98 sen per KSK share following the divestment of Kurnia Insurans and the repayment of group borrowings of rm360 million. However it is worth nothing that besides the net cash of about rm990 million, the value of KSK's remaining insurance ventures in Indonesia and Thailand is not reflected in its current market cap of slightly more than rm1 billion as these centers continue to be loss making.

Axiata: Do not expect cash calls by Axiata's associates Idea Cellular Ltd from India's proposed imposition of a one time fee for the existing 2G spectra. Expect their cash flows and balance sheets to be sufficient for funding any one time fee and auction for 2G spectrum. Idea should be able to take on more debt as their Ebitda ratios are still comfortable at 2.2 times for Idea.

MBM Res: Announced JV with Hino will utilize a new, dedicated license for Hino. Under the 2009 National Auto Policy review, holders of new licenses are allowed to manufacture any type of commercial vehicle. MBM Res's old comprehensive license, parked under 70% owned Kinabalu Motor Assembly Sdn Bhd, will be better utilized for the manufacture of passenger cars. This is where its value lies ' new licenses only allow the manufacture of less than 1.8 litre passenger cars, priced at less than rm150000.