Malaysia Daybreak | 23 December 2014
REGIONAL DAILY
December 26, 2012
MALAYSIA
Malaysia Daybreak
——————————————————————————————————————————————————————————————————————
FBMKLCI Index
Plantations - CPO exports to remain duty-free till Feb 2015
1,900
1,850
1,800
1,750
1,700
1,650
1,600
Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14
———————————————————————————
FBMKLCI
28.06pts
1.64%
Dec Futures
Jan 15 Futures
1749 - (2.13% )
1752 - (1.00% )
Losers
Malaysia has extended the export tax exemption on CPO to end-Feb 2015 to
boost CPO exports and reduce inventories. We are neutral on this move as the
CPO export tax will likely stay at zero anyway given the current CPO price of
RM2,119/tonne, which is below the reference rate of RM2,250 that will trigger
the export tax. This also means that CPO will be tax-exempt for the sixth
straight month, from Sep 14 to Feb 15. We maintain our view that CPO prices
will remain rangebound at RM2,000-2,500 per tonne for the rest of the year as
well as our Neutral rating on the sector. Our preferred picks are First Resources,
Astra Agro and SIMP.
Autos - Driven by Axia in November
———————————————————————————
Gainers
23 December 2014
▌What’s on the Table…
Key Metrics
1744.05
|
Unchanged
700
198
221
———————————————————————————
Turnover
1584.06m shares / RM1636.771m
3m avg volume traded 1983.45m shares
3m avg value traded RM1973.31m
———————————————————————————
Regional Indices
FBMKLCI
FSSTI
JCI
SET
HSI
1,744
3,331
5,126
1,537
23,409
————————————————————————————————
Market Indices
Close
% chg
YTD % chg
FBMKLCI
1,744.05
1.6
(6.6)
FBM100
11,727.72
1.6
(6.8)
FBMSC
15,169.53
2.2
(3.3)
FBMMES
5,734.05
2.3
1.0
Dow Jones
17,959.44
0.9
8.3
NASDAQ
4,781.42
0.3
14.5
FSSTI
3,330.96
1.6
5.2
FTSE-100
6,576.74
0.5
(2.6)
SENSEX
27,701.79
1.2
30.8
Hang Seng
23,408.57
1.3
0.4
JCI
5,125.77
(0.4)
19.9
KOSPI
1,943.12
0.7
(3.4)
Nikkei 225
17,635.14
0.1
8.2
PCOMP
7,139.27
0.2
21.2
SET
1,536.83
1.5
18.3
Shanghai
3,127.45
0.6
47.8
Taiwan
9,095.00
1.1
5.6
————————————————————————————————
Top Actives
The TIV for November 2014 received a boost from the overwhelming success of
Perodua Axia. As a result, November’s TIV grew 2.1% yoy and 5.9% mom to
55,313 units, resulting in a YTD November 2014 TIV growth of 1.1% yoy to
601,805 units. The success of Axia is consistent with the current consumer
trend of preferring affordable cars with good fuel efficiency, driven by fuel
subsidy rationalisation and the increasing cost of living, and we believe this
trend will persist into 2015. Berjaya Auto remains our only Add call and is our
top pick for the sector, which we rate as Neutral.
▌News of the Day…
——————————————————————————————————————————————————————————————————————
• US existing home sales fell 6.1% mom to a 4.93m annual rate in Nov
• The export tax exemption for Malaysia’s palm oil will last until 28 Feb
• Motor vehicles sales in Malaysia increased to 55,313 units in Nov 14
• Banalec is positive of closing the sale of reclamation works contract in Johor
• Salcon has been awarded a RM470m sub-contract from MMC Corp
• Mulpha International is buying land in Australia for A$120m
Close
% chg
Vol. (m)
ICON OFFSHORE
0.785
(19.5)
68.8
MUI
0.280
14.3
59.1
SUMATEC
0.240
9.1
54.9
KNM GROUP
0.520
7.2
49.0
PERISAI
0.520
11.8
41.1
PAN MALAYSIA
0.435
45.0
36.4
MINETECH
0.095
(5.0)
30.4
BUMI ARMADA
1.210
4.3
29.2
————————————————————————————————
Economic Statistics
US$/Euro
RM/US$ (Spot)
RM/US$ (12-mth NDF)
OPR (% )
BLR (% , CIMB Bank)
GOLD ( US$/oz)
WTI crude oil US spot (US$/barrel)
CPO spot price (RM/tonne)
Close
1.2231
3.4880
3.5979
3.05
6.85
1,176.17
54.96
2,141.00
% chg
0.01
(0.04)
0.77
0.33
0.00
(0.02)
(2.76)
1.09
————————————————————————————————————————
Terence WONG, CFA
T (60) 3 2261 9088
E terence.wong@cimb.com
Show Style "View Doc Map"
IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT.
Daybreak│Malaysia
December 23, 2014
Global Economic News
US existing home sales fell 6.1% mom to a 4.93m annual rate in Nov (+1.4%
mom to a 5.25m pace in Oct), the weakest reading since May. (Bloomberg).
The US Chicago Fed's National Activity Index climbed to +0.73 in Nov
(+0.31 in Oct). (WSJ)
Eurozone’s preliminary measure of consumer confidence rose to -10.9 in
Dec (-11.5 in Nov). (WSJ)
Gathered in Abu Dhabi for a key conference, senior energy officials from Arab
Gulf nations insisted that the Organization of the Petroleum Exporting
Countries (OPEC) members will not cut production despite the freefall
in oil prices.
Iraq's oil minister said that OPEC remains united in its decision not to rein
in production, but let the market decide the oil price, despite the uneven
impact the stark slide in oil prices is having on the economies of member
countries. (CNA, WSJ)
China eased restrictions on branch openings and yuan transactions by
foreign banks as it opens its domestic financial industry.
China will drop from 1 Jan the requirement that a foreign bank’s parent
transfer a specific level of operating funds to any new Chinese branch,
according to a statement by the State Council.
Foreign banks will be eligible to apply to conduct yuan transactions after
operating in China for one year, from a previous three years, and the
requirement for two consecutive years of profit will be dropped, the
statement showed. (Bloomberg)
China unveiled rules for a nationwide property-registration system,
which will take effect on 1 Mar 2015, to help discourage speculative home
purchases in China and pave the way for the eventual implementation of an
annual tax on property values. (WSJ)
China's yuan should be able to remain basically stable despite recent
weakness, People’s Bank of China (PBoC) said, as economic fundamentals are
supporting the yuan. (WSJ)
China says it is willing to provide assistance to Russia following recent
sharp drops in the value of its currency, as President Vladimir Putin's regime
faces continuing strains with the US and Europe. No details or specifics were
offered on the proposal. (WSJ)
South Korean government trimmed its 2015 GDP growth forecast to
3.8% (4.0% projected in Jul), the finance ministry said, citing
weaker-than-expected domestic demand. The estimate for GDP growth this year
was also revised down to 3.4% from 3.7%. The economy grew 3% in 2013. (WSJ)
2
Daybreak│Malaysia
December 23, 2014
Taiwan's unemployment rate was 3.89% in Nov (3.95% in Oct). On a
seasonally-adjusted basis, the rate was 3.87% in Nov, unchanged from Oct.
(WSJ)
Taiwan's export orders rose 6% yoy in Nov (+13.4% yoy from Oct) with
orders totalling US$43.51bn (US$44.9bn in Oct). (Reuters)
Malaysian Economic News
Malaysia's international reserves amounted to RM394.1bn as at 15 Dec.
The central bank said the reserves position was sufficient to finance 7.9 months
of retained imports and was 1.1 times the short-term external debt.
The bank said the main components of the international reserves were
foreign currency reserves (US$110.3bn), International Monetary Fund
position (US$1bn), Special Drawing Rights (SDRs) (US$1.9bn), gold
(US$1.4bn) and other reserve assets (US$6.1bn). Bank Negara's total assets
stood at RM419.43bn. (Malaysian Insider)
The Malaysian Highway Authority has announced discounts between
5%-37.5% for motorists using selected highways during Christmas Day.
The highways involved are North-South Highway (except Plaza Tol Bukit
Kayu Hitam and Bangunan Sultan Iskandar), Seremban-Port Dickson
Highway, Elite Highway, Kulim-Butterworth Highway, Linkedua (except
Plaza Tol Tanjung Kupang), Koridor Guthrie, Kemuning Shah Alam
Highway, Ampang Elevated Highway, SMART 2, Kesas, KL-Karak Highway,
East Coast Highway phase 1, Duta Ulu Kelang Expressway, New Pantai
Expressway, Lebuhraya Pintas Selat Kelang Utara Baru, KL-Putrajaya
Expressway, Sungai Besi Highway, Senai Desaru Expressway, South Klang
Valley Expressway, Damansara Puchong Highway and Lebuhraya Sistem
Penyuraian Trafik KL-Barat toll users on Christmas day. (NST)
The government should consider reinstating some form of currency or
capital control measures to stem the outflow of funds and stabilise the
weakening ringgit, said former Prime Minister Tun Dr Mahathis Mohamad.
He said the present government can stop the depreciation of the ringgit if
currency control measures are enforced, with the advice of Bank Negara
Malaysia. (Malaysian Reserve)
Malaysia’s palm oil exports, the world’s largest producer after Indonesia,
will remain duty-free for a sixth month as the government seeks to boost
shipments and reduce inventories to support prices.
The export tax exemption will last until 28 Feb as a temporary measure to
help cushion the impact of declining crude palm oil prices on the plantation
industry, including smallholders. (Financial Daily)
Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz said
Malaysia is expected to attract 1.4m Chinese tourist arrivals next year.
He said among the steps taken to woe Chinese tourists to Malaysia, was
looking at the need to waive the visa charges of RMB 80 (RM44.83) per
person. Currently six ASEAN countries - Cambodia, Indonesia, Laos,
Vietnam, Thailand and the Philippines have waived the visa fee for the
Chinese tourists. (Bernama)
3
Daybreak│Malaysia
December 23, 2014
Property investors and developers want clarifications from the
government on the implementation of the Anti-Profiteering Act 2011
alongside the Goods and Services Tax (GST).
They said that although the government has outlined the guidelines and
formulae for the property market, it was still unclear how the property
investors and developers would face the GST, with certain issues still
needing answers. (Malay Mail)
Trade associations are projecting a challenging year ahead, with many
expecting growth to be “conservative” at best. Business owners believe the
new goods and services tax (GST) will burden consumers and add to the already
high cost of doing business, despite repeated assurances from the government
that its impact will be minimal. (Financial Daily)
The government launched a new website dedicated to Malaysia's
chairmanship of the Asean 2015 summit.
The website, http://asean2015.gov.my, is intended to provide information,
updates and news on important occurrences throughout the summit, the
Foreign Ministry said in a statement. “This dedicated website is also
designed to provide quick and easy access to essential information to assist
relevant agencies to register online for accreditation and issuance of security
passes,” the statement said. (Star)
Under fire over its billion ringgit funds parked at the Cayman Islands,
1Malaysia Development Berhad (1MDB) said repatriating it back to Malaysia
would have exposed the money to fluctuations on the foreign exchange
market.
Board of directors chairman Tan Sri Lodin Wok Kamaruddin said to
maintain a strong liquidity position with a truly diversified global portfolio,
the funds were invested in a 1MDB subsidiary that was registered in the
Cayman Islands. "However, the company has already redeemed a significant
portion, US$1.4bn (RM4.87bn), of the fund and expects to redeem the
remaining amount in the coming months," he said. (Malaysian Insider)
Political News
PKR has confirmed that a political bureau meeting had been convened to
discuss the issue of hudud implementation yesterday. (Malaysiakini)
While DAP is crying foul over ally PAS's plan to go ahead with implementing
hudud in Kelantan, PKR is taking a more cautious stand by requesting to see
the draft of the proposed amendment to the state Islamic laws. With talks
gaining ground that the Islamist party's insistence to go ahead with the proposal
would lead to the opposition Pakatan Rakyat (PR) coalition break-up, PKR is
treating this matter carefully. The youngest party in the coalition wants to avoid
"falling into a trap" set by its detractors who will be quick to accuse its
leadership, of which the majority are Muslims, of being "un-Islamic". (The
Malaysian Insider)
Putrajaya must show the world it is committed to moderation and is against
intolerance, extremism and bigotry by officially endorsing the open letter by 25
retired high-ranking Malay civil servants, DAP adviser Lim Kit Siang said. The
Gelang Patah MP called on Prime Minister Datuk Seri Najib Razak to present
the open letter to the Cabinet and get all the ministers to endorse the letter,
4
Daybreak│Malaysia
December 23, 2014
which had called for an end to extremism and for rational dialogue on Islam.
(The Malaysian Insider)
Datuk Seri Najib Razak has met Tun Dr Mahathir Mohamad to discuss the
former PM's criticisms of national strategic investor 1Malaysia Development
Berhad (1MDB), say sources. The prime minister met Dr Mahathir on Saturday
but details of the meeting have not been revealed.
"It was cordial. The PM is satisfied with the meeting," a source told The
Malaysian Insider.
The meeting comes after the country’s longest serving prime minister had
repeatedly raised questions about the heavy debt and usage of funds at
1MDB in his blog and had complained about its operations via his blog as
well as at various media conferences.
It also comes amid the ringgit's slide against the US dollar, which has
caused a ballooning of part of 1MDB's debts which are in the greenback.
(The Malaysian Insiders)
MIC deputy president Datuk Seri Dr S. Subramaniam said there was an
absolute need for the party to sit down together, in addressing the problem
faced by the MIC. He said the party has to bring the members who complained
about irregularities in last year's MIC election together and recognise the issue
before a solution is taken.
"The solution to this is to be holistic. First we recognise the issues. The
earlier we recognise the issues, the faster we can solve them,” he said, “bring
all the members together and discuss in the spirit of one team and to move
forward, so that we can solve whatever problems there are, in a manner
which is acceptable to everybody." (Bernama)
Corporate News
Sales of passenger and commercial vehicles in Nov 2014 increased to
55,313 units from 52,252 units in the same period last year, said the Malaysian
Automative Association (MAA). The association said the passenger vehicle
segment recorded higher sales of 48,622 units during the month under review,
compared with 45,749 units in the corresponding month last year. On outlook,
MAA said that the sales volume for Dec 2014 is expected to be higher than Nov
2014 as the continuation of the aggressive promotional campaigns by car
companies. (Bernama)
Please refer to our note for comments.
Maybank is targeting 5,000 users in the first year of its newly-launched
payment option using Micro Tag through Visa payWave. Micro Tag is a small
electronic sticker that can be placed separately on a cardholder's personal
belongings such as mobile phones, wallets, car keys and handheld items and
linked to the Maybank Visa payWave credit card. It will enable contactless
payments to be effected in just few seconds by waving the item containing the
Micro Tag in front of a VisapayWave terminal. Maybank also targets to grow
another 3,000 payWave acceptance terminals across Malaysia in 2015 from the
current 3,000. (Bernama)
5
Daybreak│Malaysia
December 23, 2014
CIMB Thai Bank will provide a 484m baht credit facility for the construction
of ThaiNamthip Group's Lao Coca-Cola Bottling Co Ltd plant in Laos. The new
factory in Vientiane, the first factory outside Thailand for the ThaiNamthip
Group, will cover beverage manufacturing and distribution in Laos and
Thailand's northeast. The whole project will cost around 676.5m baht and the
construction work is expected to be completed by 2015. (Bernama)
Benalec Holdings, a marine construction solutions provider, is positive of
closing the sale of reclamation works contract of approximately 1,000 acres
off-coast Tanjung Piai, Johor, for crude oil and petroleum storage facility
together with a private jetty by 1QCY15. COO Bernard Boey said the project,
which is scheduled for tenure of 15 years, is currently under Environmental
Impact Assessment (EIA).
"We are very hopeful on this project as this will give us another milestone in
our business journey. We are expecting the EIA report to come out soon," he
said after the company's AGM yesterday. (Malaysian Reserve)
The remuneration package paid to Benalec Holdings' group MD Datuk Leaw
Seng Hai, which has been labelled "excessive", has roused the ire of some
minority shareholders. They claimed that Leaw's remuneration ranges between
RM7.5m-RM8m in the group's financial year ended 30 June 2014, which is
comparable to Benalec's full-year net profit that year of RM7.1m.
"A minority shareholder has questioned the board of directors over the
payment package during the AGM," a minority shareholder told reporters.
In response to the questions, the management said Leaw had worked
tirelessly for the company, including resolving the company's boardroom
tussle within two years and putting the company back on track. (Financial
Daily)
Port and logistics operator NCB Holdings Bhd (NCB) targets to increase its
asset utilisation rate from 75% to 90% by the end of next year, thus increasing
profitability. The group, a subsidiary of Permodalan Nasional Bhd (PNB),
reported RM2.3m net loss against a net profit of RM27.3m a year ago, on the
back of RM199.5m revenue for its third quarter ended September 30. Its net
profit as of the first nine months of this year was down at RM5.3m compared
with RM56.5m in the previous corresponding period.
“We will work on gaining better revenue and strengthening profitability to
ensure shareholders get returns for their investments,” group managing
director Abi Sofian Abdul Hamid said, after its corporate integrity pledge
signing ceremony, here, yesterday.
“We are targeting better asset utilisation from our wholly-owned subsidiary
Northport (Malaysia) Bhd and haulage segment Kontena Nasional Bhd.
Most of NCB’s losses were attributed to Kontena Nasional. Its third quarter
accumulated losses were close to RM28m. (BT)
NCB Holdings has yet to make plans for future collaboration with MMC
Corp Bhd, which recently emerged as the port and logistics operator's new
substantial shareholder after acquiring a 15.7% stake from MISC Bhd. "We have
not received any concrete proposals [for collaboration] yet [from MMC Corp],
but we are looking forward to meeting with their management team soon," NCB
group managing director Abi Sofian Abdul Hamid Abi Sofian said. The group's
board of directors is scheduled to meet in the middle of next month. MMC Corp
is due to appoint a representative to the board. (Financial Daily)
6
Daybreak│Malaysia
December 23, 2014
Deleum Bhd's unit, Deleum Primera Sdn Bhd, has bagged the provision of
painting and alternative blasting contracts from Petronas Carigali. The 2+1
contracts awarded were for Package B (sponge jet blasting) and Package C
(bristle, wet abrasive and vacuum blasting) for Petronas Carigali's Peninsular
Malaysia and Sabah and Sarawak operations. The contract value depended on
the agreed rates and the work order issued by Petronas Carigali for the duration
of the contracts. (Bernama)
Water facilities and sewerage player Salcon Bhd and its 50% partner Loh &
Loh Constructions Sdn Bhd have been awarded a RM470m sub-contract from
MMC Corp Bhd for a centralised sewage treatment plant project. In an
announcement, Salcon said the project would last for 70 months or close to six
years. “The project is expected to contribute positively towards the earnings and
net assets of the Salcon group for the financial years ending Dec 31, 2015 (FY15)
to FY20,” it said, adding that it had no option for renewal. (StarBiz)
JAKS has received a RM55.3m contract for the supply and installation of pipes
for Package Five of the proposed development of the Langat 2 Water
Treatment Plant and Water Reticulation System in Selangor and Kuala
Lumpur. The contract was awarded by Pengurusan Aset Air Bhd. JAKS Sdn Bhd
is a subsidiary of JAKS Resources Bhd. The contract is for 24 months and
expected to be completed by Jan 2017. (Bernama)
Chin Well Holdings Bhd, Malaysia' largest carbon steel fastener
manufacturer, is expecting positive growth in 2015, supported by the high
demand for the group's products. Executive Director Tsai Chia Ling said
the group can achieve better results next year after posting a 61.8% increase in
net profits of RM35.8m for the 2014 financial year. "Demand has slowed down
in Europe due to early winter which has resulted in many outdoor work being
stopped. But, we foresee demand for fasteners to pick up soon," she told. Tsai
said growth next year would be supported by new orders from Germany and
France for Do-It-Yourself (DIY) products. (Bernama)
Mulpha International Bhd is buying a total of 4.401ha of land in Australia
for A$120m (RM340.8m). The land is located in Norwest Marketown and
Norwest Boulevard, Baulkham Hills in New South Wales. Mulpha said in a filing
to Bursa Malaysia yesteday that its wholly-owned Norwest City Pty Ltd had
entered into a contract with Norwest Marketown Pty Ltd for the acquisition.
“The property is located directly opposite the proposed Norwest Rail Station,
which is currently under construction in the Norwest Business Park. “It
comprises Norwest Marketown Shopping Centre, which houses a Coles
Supermarket and 45 associated specialty stores, four buildings comprising a
Shell/Coles Express Service Station, a Liquorland store, a car wash, a vacant
building and a parcel of undeveloped land that is currently being used as a
car park,” said the group. (BT)
Bina Puri Holdings Bhd’s wholly-owned subsidiary Bina Puri has bagged a
RM65m contract from Sabah’s Works Ministry. The contract, with a 16-month
completion period, involves additional works for the proposed new Sabah State
Administrative Complex, Teluk Likas, Sabah (Phase 1-Building Works). The
company said with the latest award, the group’s unbuilt book order stands at
RM2bn. (BT)
7
Daybreak│Malaysia
December 23, 2014
Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) through its
unit MyAngkasa Bina Sdn Bhd has entered into an off take cum sale and
purchase agreement with Nexgram Holdings Bhd's subsidiaries, to take up
two property development projects being developed by the group in Cyberjaya
and Putrajaya respectively, for RM1.44bn.
The core business of MyAngkasa is in property development and
construction targeting co - operatives markets since it is a subsidiary of
Angkasa which falls under the purview of the Malaysia Co - Operative
Societies Commission.
Nexgram told Bursa Malaysia that MyAngkasa Bina will pay RM1.15bn for
the Cyberjaya development, which consists of a mixed commercial
development known as "Angkasa Icon City" to be undertaken by Nexgram
Land Sdn Bhd on a freehold land measuring 5.9 acres owned by Nextnation
Datacity Sdn Bhd; and RM297m for the Putrajaya project, which is a mixed
property development. (The Sun)
Permodalan Nasional Bhd (PNB), Malaysia’s largest fund manager, has
named Datuk Idris Kechot as its deputy president and group chief operating
officer effective this month. Idris oversees the asset management department,
which covers both PNB’s domestic and international investments. He was
previously the executive director of Amanah Saham Nasional Bhd (ASNB), a
wholly-owned subsidiary of PNB. The vacant position of ASNB executive
director will be filled by Mohammad Hussin.
Previously, Mohammad was ASNB senior vice-president of the marketing
and branch operations department. PNB also announced several other key
personnel appointments, including Datuk Wan Roshdi Wan Musa, who has
been appointed as group chief risk officer. (BT)
Azmi Abdul Aziz, the former head of Rapid KL rail operations, returns to
Prasarana Malaysia Bhd to take the helm of the country’s leading public
transport services as the group managing director effective January 1 next year.
Currently serving as chief development officer of the Land Public Transport
Commission (Spad), Azmi succeeds Datuk Seri Shahril Mokhtar who has been
appointed as the new chief executive officer of Mass Rapid Transit Corp Sdn
Bhd.
Prasarana chairman Tan Sri Ismail Adam said one of Azmi’s immediate
tasks would be to roll out the implementation of the new LRT3 project that
would further enhance the connectivity and mobility between residents in
Klang, Shah Alam and Bandar Utama. (BT)
Emas Kiara Industries Bhd has announced that its JV bid for geosynthetic
engineering works in Assam, India worth RM47.16m has been accepted by the
Assam Water Resources Department. The company said that a letter of
acceptance from the department was received on 18 Dec for the project, which is
for flood management of the Ranganadi river on both bank embankments in
Lakhimpur District. (Bernama)
Malindo Air will raise its three times a day Kuala Lumpur-Singapore flight to
four times a day effective Feb 6, 2015, the hybrid carrier said in a release
yesterday. The company launched the Kuala Lumpur-Singapore service on Nov
3, 2013. The new flight frequency also coincides with the carrier's recently
announced daily flights to Kathmandu, Nepal, which will begin on the same date.
(Malaysian Reserve)
8
Daybreak│Malaysia
December 23, 2014
Tunamaya Air, a newly-formed charter airline based in Pulau Tioman,
launched a thrice-weekly service from Subang SkyPark Terminal to the island
yesterday, using two eight-seater Cessna Grand Caravan C208B turboprops. It
also launched a thrice-weekly service between Senai International Airport in
Johor and Tioman. The airline is a joint venture between Tunamaya Beach &
Spa Resort and air charter service provider AF Jets Sdn Bhd. "We are testing the
temperature of the market, so we might expand [our network] if the market
response is good," Tunamaya Beach & Spa Resort director Gan Hong Lee said.
Gan said the idea came after Berjaya Air ceased its commercial flights to
Tioman in September 2014 due to the monsoon season, which has affected
tourist arrivals to the island. "More than 30% of our customers travel to
Tioman by air. As Berjaya Air did not indicate whether it will resume flights
to Tioman, I hope that with this service in place, the tourist numbers will
return," he added. (Financial Daily)
China’s palm oil inventory rises to 530,000 tonnes according to state
researcher. Port inventory seen rising as monthly imports likely to avg 500,000
mt during Nov.-Jan. (Bloomberg)
9
Daybreak│Malaysia
December 23, 2014
BMSB: Changes in shareholdings
22-Dec-14
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Kumpulan Wang Persaraan
Franklin Resources, Inc.
HSC Healthcare Sdn Bhd
Aberdeen Asset Management PLC
Mitsubishi UFJ Financial Group, Inc
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
EPF
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Skim Amanah Saham Bumiputera
Permodalan Nasional Berhad
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Kumpulan Wang Persaraan
Date
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
15/12
17/12
15/12-16/12
18/12
22/12
17/12-18/12
16/12
17/12
16/12-17/12
17/12
17/12
17/12
17/12
16/12
16/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
16/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
17/12
16/12-17/12
17/12
17/12
17/12-18/12
16/12
18/12
18/12
17/12
17/12
16/12
12/12
15/12
15/12
15/12-16/12
15/12
15/12
12/12
Type of
transaction
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Disposed
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
No of
securities
2,004,400
1,481,700
1,186,100
1,133,500
1,050,000
857,600
167,200
135,200
133,200
94,400
46,600
30,000
14,500
155,600
60,600
2,000,000
206,000
282,858
3,280,300
2,929,300
2,630,800
1,500,000
1,443,300
1,179,500
1,155,700
1,000,000
972,800
923,000
849,700
805,900
800,000
784,100
782,600
743,300
588,700
508,200
447,900
381,800
359,300
300,000
235,600
170,000
135,500
103,700
94,700
91,900
90,400
15,000
7,300
1,753,200
790,000
300,000
68,500
45,300
45,300
790,000
430,200
391,800
200,000
153,400
60,500
11,700
3,800
Ave Price
Company
(RM)
MEDIA PRIMA
FELDA GLOBAL VENTURES
BUMI ARMADA
AEON CO. (M)
DIALOG GROUP
TOP GLOVE
MBM RESOURCES
TAN CHONG MOTOR
TIME DOTCOM
WCT HOLDINGS
DRB-HICOM
TH PLANTATIONS
MALAYSIA AIRPORTS
BIMB HOLDINGS
OLDTOWN
SIGNATURE INTERNATIONAL
ORIENTAL HOLDINGS
CIMB GROUP
PUBLIC BANK
PETRONAS CHEMICALS
DIGI.COM
IHH HEALTHCARE
AIRASIA
GAMUDA
IOI PROPERTIES GROUP
IOI CORPORATION
CAHYA MATA SARAWAK
SUNWAY REIT
SIME DARBY
AFFIN HOLDINGS
BIMB HOLDINGS
SAPURAKENCANA PETROLEUM
MALAYAN BANKING
UMW HOLDINGS
CAPITAMALLS MALAYSIA TRUST
HONG LEONG BANK
AFG
UOA REIT
PETRONAS GAS
IJM CORPORATION
SUNWAY BERHAD
BERJAYA AUTO
EASTERN & ORIENTAL
MAH SING GROUP
AMMB HOLDINGS
KPJ HEALTHCARE
SP SETIA
NESTLE (MALAYSIA)
SYARIKAT TAKAFUL MALAYSIA
TELEKOM MALAYSIA
SIME DARBY
UMW HOLDINGS
LAFARGE MALAYSIA
KLCC REIT
KLCC PROPERTY
SIME DARBY
PRESTARIANG
TIME DOTCOM
DAYANG ENTERPRISE
PETRONAS GAS
WCT HOLDINGS
POS MALAYSIA
AXIS REIT
SOURCES: BMSB
10
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December 23, 2014
BMSB: Changes in shareholdings
22-Dec-14
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Haji
Lembaga Tabung Angkatan Tentera
Lembaga Tabung Angkatan Tentera
Midvest Asia Sdn Bhd
Mitsubishi UFJ Financial Group, Inc
Mitsubishi UFJ Financial Group, Inc
SIGNATURE INTERNATIONAL
Date
16/12-18/12
16/12-18/12
17/12
18/12
16/12-18/12
17/12-18/12
16/12
16/12
22/12
Type of
transaction
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
Shares Buy Back
No. of
securities
2,216,200
657,900
112,000
500,000
405,000
40,000
260,500
68,300
3,000
Company
DAYANG ENTERPRISE
HAP SENG PLANTATIONS
UNISEM
OCK GROUP
BOUSTEAD HOLDINGS
WAH SEONG CORPORATION
AEON CO. (M)
ORIENTAL HOLDINGS
SIGNATURE INTERNATIONAL
Ave Price
(RM)
1.28
1.72
SOURCES: BMSB
BMSB: Off-market transactions
22-Dec-14
HUBLINE
BIMB-WA
PERWAJA
YTLPOWER
IRIS
XINGHE
SEM
SIGN
YINSON
SCNWOLF
SSTEEL-LR
PENTA
PELIKAN
TITIJYA
Vol
72,000,000
21,563,040
20,200,000
13,000,000
10,000,000
8,000,000
2,000,000
2,000,000
2,000,000
1,500,000
1,391,500
1,332,430
1,200,000
500,000
Notes:CN-Crossing deal on board lots, MN-Married deal on board lots, MO-Married deal on odd lots
SOURCES: BMSB
BMSB: Proposed cash calls & trading of rights…
23-Dec-14
ECO WORLD
ASIA FILE CORP
EASTERN & ORIENTAL
BUMI ARMADA
BENALEC HOLDINGS
TH HEAVY ENGINEERING
TH HEAVY ENGINEERING
MY E.G. SERVICES
MAH SING GROUP
MALAYSIA AIRPORTS
Ann Date
25-Apr-14
6-Aug-14
5-Sep-14
12-Sep-14
12-Sep-14
24-Sep-14
3-Oct-14
30-Oct-14
20-Nov-14
28-Nov-14
Proposed
1 Rights @ 2, 4 Free Warrants @ 5, Private Placement
Bonus issue 3:5
Bonus issue 1:10, Free Warrants 1:5
1 Rights : 2 shares @ RM1.35
> RM200m of 7-year Redeemable Convertible Secured Bonds
Private placement of up to 10% of the issued shares of THHE
Rights issue with bonus issue, 1 bonus issue : 5 Rights shares
Bonus issue 1:1
Rights issue with Warrants; Bonus issue 1:4
Right issue 1:5
SOURCES: BMSB
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December 23, 2014
BMSB: Dividends
Company
ASTRO MALAYSIA
SUPERMAX
UMW OIL & GAS
KPJ HEALTHCARE
UCHI TECHNOLOGIES
BERJAYA AUTO
UMW HOLDINGS
BERJAYA FOOD
MY E.G. SERVICES
GAMUDA
TOP GLOVE
BENALEC HOLDINGS
BERJAYA SPORTS TOTO
KUALA LUMPUR KEPONG
Particulars
3rd interim dividend - single tier
Interim dividend - single tier
Interim dividend - single tier
Interim dividend - single tier
Interim dividend - single tier
2nd interim dividend - single tier
2nd interim dividend - single tier
1st interim dividend - single tier
Final dividend - single tier
1st interim dividend - single tier
Final dividend - single tier
Final dividend - single tier
2nd interim dividend - single tier
Final dividend - single tier
Gross DPS (Sen)
2.25
4.00
1.00
2.00
5.00
3.25
15.00
2.50
2.00
6.00
9.00
0.30
6.00
40.00
Ann Date
11-Dec-14
7-Nov-14
24-Nov-14
25-Nov-14
12-Dec-14
8-Dec-14
17-Dec-14
9-Dec-14
24-Nov-14
16-Dec-14
11-Nov-14
27-Nov-14
18-Dec-14
19-Nov-14
Ex-Date Lodgement
24-Dec-14
26-Dec-14
26-Dec-14
30-Dec-14
26-Dec-14
30-Dec-14
29-Dec-14
31-Dec-14
29-Dec-14
31-Dec-14
2-Jan-15
6-Jan-15
5-Jan-15
7-Jan-15
6-Jan-15
8-Jan-15
6-Jan-15
8-Jan-15
12-Jan-15
14-Jan-15
12-Jan-15
14-Jan-15
26-Jan-15
28-Jan-15
28-Jan-15
30-Jan-15
19-Feb-15
23-Feb-15
Payment
12-Jan-15
28-Jan-15
15-Jan-15
22-Jan-15
27-Jan-15
20-Jan-15
20-Jan-15
22-Jan-15
30-Dec-14
28-Jan-15
29-Jan-15
23-Feb-15
13-Feb-15
17-Mar-15
SOURCES: BMSB
12
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December 23, 2014
Corporate Actions
December 2014
SUN
MON
TUE
WED
THU
FRI
SAT
1
2
3
4
5
External Trade,
External Reserves
(month-end data)
6
7
8
Berjaya Auto 2Q
9
SapuraKencana 3Q,
Berjaya Food 2Q
10
Eco World 13-mths
results & briefing
11
12
Astro 3Q & conf. call,
Industrial Production
13
14
15
16
SP Setia 4Q,
Gamuda 1Q,
Top Glove 1Q
17
CPI
18
B-Toto 2Q
19
20
21
22
Foreign Reserves
(mid-month data)
23
24
25
Christmas Day
26
27
28
29
30
31
Money Supply
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
13
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December 23, 2014
Corporate Actions
January 2015
SUN
MON
TUE
WED
THU
FRI
SAT
1
New Year
2
3
Prophet
Muhammad’s
Birthday
4
5
6
7
Trade Balance,
Imports, Exports,
Foreign Reserves
8
9
IPI,
Manufacturing Sales
10
11
12
13
14
15
16
17
18
19
20
21
CPI
22
Foreign Reserves
(mid-month data)
23
24
25
26
27
28
BNM OPR
30
31
29
Source: Company, BNM, DOS, CIMB estimates
SOURCES: Company, BNM, DOS, CIMB estimates
14
Daybreak│Malaysia
December 23, 2014
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investment decisions.
AAV, ADVANC, AMATA, ANAN, AOT, AP, ASP, BANPU, BAY, BBL, BCH, BCP, BEC, BECL, BGH, BH, BIGC, BJC, BJCHI, BLA, BLAND, BMCL,
BTS, CENTEL, CK, CPALL, CPF, CPN, DCC, DELTA, DEMCO, DTAC, EARTH, EGCO, ERW, ESSO, GFPT, GLOBAL, GLOW, GUNKUL,
HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KBANK, KCE, KKP, KTB, KTC, LH, LOXLEY, LPN, M, MAJOR, MC, MCOT, MEGA, MINT,
NOK, NYT, PS, PSL, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, RS, SAMART, SCB, SCC, SCCC, SIRI, SPALI, SPCG, SRICHA, STA, STEC,
STPI, SVI, TASCO, TCAP, TFD, THAI, THCOM, THRE, THREL, TICON, TISCO, TMB, TOP, TPIPL, TTA, TTCL, TTW, TUF, UMI, UV, VGI, TRUE,
WHA.
Corporate Governance Report:
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the
policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the
Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public
investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may
be changed after that date. CIMBS does not confirm nor certify the accuracy of such survey result.
Score Range:
Description:
90 - 100
Excellent
80 - 89
Very Good
70 - 79
Good
Below 70 or
N/A
No Survey Result
United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing
authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by,
deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report
is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than
the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to
lead to the sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory
of the United Arab Emirates.
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United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK)
Limited (“CIMB UK”). CIMB UK is authorised and regulated by the Financial Conduct Authority and its registered office is at 27 Knightsbridge,
London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are
persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”); (c) are
persons falling within Article 49 (2) (a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order; (d) are outside the
United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be
communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This report is directed only at
relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which
this report relates is available only to relevant persons and will be engaged in only with relevant persons.
Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does
not constitute independent "investment research" under the applicable rules of the Financial Conduct Authority in the UK. Consequently, any
such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of
investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research.
United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer
and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand)
Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons
who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only
for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative
securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional
Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a
recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB
Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order
in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc.
Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to
professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.
Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2014.
AAV – Very Good, ADVANC – Very Good, AEONTS – not available, AMATA - Good, ANAN – Very Good, AOT – Very Good, AP - Good, ASK – Very Good,
ASP – Very Good, BANPU – Very Good , BAY – Very Good , BBL – Very Good, BCH – not available, BCP - Excellent, BEAUTY – Good, BEC - Good, BECL –
Very Good, BGH - not available, BH - Good, BIGC - Very Good, BJC – Good, BLA – Very Good, BMCL - Very Good, BTS - Excellent, CCET – Good,
CENTEL – Very Good, CHG – not available, CK – Very Good, CPALL – not available, CPF – Very Good, CPN - Excellent, DELTA - Very Good, DEMCO – Good,
DTAC – Very Good, EA - Good, ECL – not available, EGCO - Excellent, GFPT - Very Good, GLOBAL - Good, GLOW - Good, GRAMMY - Excellent, HANA Excellent, HEMRAJ – Very Good, HMPRO - Very Good, ICHI - not available, INTUCH - Excellent, ITD – Good, IVL - Excellent, JAS – not available, JUBILE –
not available, KAMART – not available, KBANK - Excellent, KCE - Very Good, KGI – Good, KKP – Excellent, KTB - Excellent, KTC – Good, LH - Very Good,
LPN – Very Good, M - not available, MAJOR - Good, MAKRO – Good, MBKET – Good, MC – Very Good, MCOT – Very Good, MEGA – Good, MINT Excellent, OFM – Very Good, OISHI – Good, PS – Very Good, PSL - Excellent, PTT - Excellent, PTTEP - Excellent, PTTGC - Excellent, QH – Very Good,
RATCH – Very Good, ROBINS – Very Good, RS – Very Good, SAMART - Excellent, SAPPE - not available, SAT – Excellent, SAWAD – not available, SC –
Excellent, SCB - Excellent, SCBLIF – Good, SCC – Very Good, SCCC - Good, SIM - Excellent, SIRI - Good, SPALI - Excellent, STA – Very Good, STEC - Good,
SVI – Very Good, TASCO – Good, TCAP – Very Good, THAI – Very Good, THANI – Very Good, THCOM – Very Good, THRE – not available, THREL – Good,
TICON – Good, TISCO - Excellent, TK – Very Good, TMB - Excellent, TOP - Excellent, TRUE – Very Good, TTW – Very Good, TUF - Good, VGI – Very Good,
WORK – not available.
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CIMB Recommendation Framework
Stock Ratings
Definition:
Add
The stock’s total return is expected to exceed 10% over the next 12 months.
Hold
The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.
Reduce
The stock’s total return is expected to fall below 0% or more over the next 12 months.
The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward
net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.
Sector Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.
Country Ratings
Overweight
Neutral
Underweight
Definition:
An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.
*Prior to December 2013 CIMB recommendation framework for stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand,
Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange were
based on a stock’s total return relative to the relevant benchmarks total return. Outperform: expected to exceed by 5% or more over the next 12 months.
Neutral: expected to be within +/-5% over the next 12 months. Underperform: expected to be below by 5% or more over the next 12 months. Trading Buy:
expected to exceed by 3% or more over the next 3 months. Trading Sell: expected to be below by 3% or more over the next 3 months. For stocks listed on
Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Outperform: Expected positive total returns of 10% or
more over the next 12 months. Neutral: Expected total returns of between -10% and +10% over the next 12 months. Underperform: Expected negative total
returns of 10% or more over the next 12 months. Trading Buy: Expected positive total returns of 10% or more over the next 3 months. Trading Sell: Expected
negative total returns of 10% or more over the next 3 months.
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