CIMB Daybreak - 23 April 2015
IWCITY (1589), ICON (5255), ECONBHD (5253), MNRB (6459), AMPROP (1007), COASTAL (5071), AMBANK (1015), CIMB (1023), MAYBANK (1155), PETDAG (5681), TM (4863), MRCB (1651), IJM (3336), HEVEA (5095),
Private retirement scheme's AUM to exceed RM1b by year-end
April 23, 2015 11:20:00 am
The assets under management (AUM) of the private retirement scheme (PRS), administered by the Private Pension Administrator Malaysia (PPA), is expected to surpass the RM1bn mark by year-end. Its chief executive officer Datuk Steve Ong Chong Gain said PRS had gained traction since its inception in December 2012 as its AUM had grown over RM800m with over 140,000 members. (StarBiz) Mercedes-Benz Malaysia Sdn Bhd has sold 1,886 vehicles in 1Q15, up 13%yoy from 1,676 vehicles in 1Q14. The strong performance was driven by the sales of its energy-efficient vehicles E300 Blue TEC Hybrid and S400L Hybrid. The sales of the E-class also rose 15% yoy. (Financial Daily)Source: CIMB Daybreak - 23 April 2015...
Top rubber producers join forces, plan to boost prices
April 23, 2015 11:18:00 am
Big Asian rubber producers, including world No 1 Sri Trang Agro-Industry Plc, plan to hike prices sharply, ditching a system of pegging them near the benchmark set by the Singapore Commodities (SICOM) Exchange in Singapore. Producers and industry bodies said they were set to charge a significant premium over the exchange-traded futures contract from the second-half of 2015, a move that would mark a radical change in an industry where plunging prices have hit farmers hard. Major producer Halcyon Agri Corp Ltd, which together with Sri Trang accounts for a total of nearly a fifth of global output, is also involved, along with at least eight other growers in Thailand and Indonesia. (Malaysian Reserve) Source: CIMB Daybreak - 23 April 2015...
IWC to buy freehold Johor land for another mixed development worth RM629m
April 23, 2015 11:18:00 am
Iskandar Waterfront City Bhd (IWC) plans to acquire three adjoining parcels of freehold land in Johor Baru, which measures a collective 67.5 acres (27.3ha) for RM156m or RM53 pst for a proposed mixed development with a GDV of RM629m. The development, which is situated within the development of Iskandar Malaysia, will consist of residential units, Rumah Mampu Milik Johor and shop houses. However, it said the proposed development is still in an "early stage of planning", and that three is no "confirmed detailed information" at hand. (Financial Daily) Source: CIMB Daybreak - 23 April 2015...
Icon Offshore slides after top officials remanded by MACC
April 23, 2015 11:17:00 am
Malaysian Anti-Corruption Commission (MACC) has remanded Icon Offshore's CEO and COO to facilitate and assist investigations currently being conducted by MACC. Icon has no details of the nature of the investigations or their status, Icon's board of directors has affirmed its commitment to uphold the company's corporate values that promote integrity throughout the entire company. The board takes serious exception to any breaches in policies and integrity and will not hesitate to take appropriate actions if necessary. The board will continue to monitor the situation and any material development shall be announced in accordance with the listing requirements. (BMSB) Source: CIMB Daybreak - 23 April 2015...
Iskandar Waterfront buys Pulai land for RM156m
April 23, 2015 11:16:00 am
Iskandar Waterfront City (IWC) is buying 67.5 acres of freehold land in Pulai, Johor for RM156m which it plans to undertake mixed development. IWC (formerly Tebrau Teguh Bhd) said it was purchasing the land from Bahagia Wangsa Sdn Bhd for RM53 psf. (StarBiz) Source: CIMB Daybreak - 23 April 2015...
CPO Fund Implementation Delayed to May
April 23, 2015 11:16:00 am
The Indonesian government pushed back implementation of the policy for the crude palm oil fund to next month, the finance minister said on Tuesday. The regulation was supposed to be effective by the end of this month but was delayed to May due to ministers’ busy schedules, said Finance Minister Bambang Brodjonegoro.“I’ve signed the regulation. It’ll soon be signed by the president,” Bambang said, on the sidelines of the 24th World Economic Forum on East Asia at the Shangri-La Hotel. The CPO fund charges US$50 for every metric ton of CPO for export and US$30 a ton for derivative products, aiming to ensure domestic palm oil supply after the government increased the mandatory bio-fuel content in biodiesel to 15% from 10%. (Jakarta Globe)Source: CIMB Daybreak - 23 April 2015...
Econpile bags RM29.4m piling contract
April 23, 2015 11:10:00 am
Econpile Holdings Bhd has bagged a RM29.4m contract from Symphony Life Bhd’s subsidiary TWY Development Sdn Bhd for piling and related works for a condominium project in Mont’Kiara. The piling and foundation specialist said on Wednesday that it would undertake earthworks, piling and basement construction works for the TWY @ Mont Kiara luxury duplex condominiums in Kuala Lumpur.“It consists of two 51-storey blocks which comprises of 484 luxury small office home office units with a seven-storey podium and three-storey basement park,” it added.The contract, spanning 14 months, is expected to be completed by July next year.(StarBiz) Source: CIMB Daybreak - 23 April 2015...
MNRB unit gets nod to conduct takaful ops
April 23, 2015 11:08:00 am
MNRB Holdings Bhd unit Malaysian Reinsurance Bhd has received Bank Negara’s approval to conduct general and family retakaful business. MNRB said Malaysian Reinsurance had been granted approval to conduct general and family retakaful business under Section 10 of the Islamic Financial Services Act 2013 via the establishment of a retakaful division. “Following the above, the MNRB group plans to undertake an internal restructuring exercise for its retakaful business, the details of which will be announced at a later date,” it said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
Amcorp Properties and partners buy apartments in Japan
April 23, 2015 11:08:00 am
Amcorp Properties Bhd and its co-investors, Grosvenor Asia Pacific Ltd and Nan Fung of Hong Kong, have acquired residential property worth 2.06bn yen (RM63.3m) in the Roppongi district of Minato-ku, Tokyo. In a statement, Amcorp Properties said it and joint-venture partners agreed to acquire 62 apartments, covering 1,963 sq m in a mixed use building known as Court Annex Roppongi. (StarBiz) Source: CIMB Daybreak - 23 April 2015...
Coastal Contract secured RM807m contract for sale of one unit JUDR
April 23, 2015 11:07:00 am
Coastal Contract has secured contract for the sale of one unit Jack-up Drilling Rig (JUDR) for approximately RM807m. Including the new contract and after adjusting for revenue recognition from vessels delivered to buyers up to 22 April 2015, Coastal Group has about RM1.92bn worth of cumulative sales order book awaiting delivery to customers up to 2017. (BMSB) Source: CIMB Daybreak - 23 April 2015...
Malaysians to pay more for electricity to bail out 1MDB, says DAP
April 23, 2015 11:06:00 am
Malaysians will have to pay more for electricity to bail out troubled state firm 1Malaysia Development Berhad (1MDB), which has been awarded lucrative independent power producer (IPP) concessions without going through the open tender process, DAP's Tony Pua said. The Petaling Jaya Utara MP said 1MDB was awarded a 2,400MW combined-cycle gas-turbine power plant and a 50MW solar farm last year, in addition to a 2,000MW coal-fired power plant in February. He said this was despite YTL Power offering the lowest tariff bid, adding that YTL Power was "controversially disqualified on a technicality". "This move is directly against the publicly stated principles of the Energy Commission to adopt open tender practices to promote competition in the industry," he said. "The tariff will be higher for Malaysians in the future because the government will award 1MDB with more lucrative tariffs in order to create more profits for the distressed firm to pay off its RM42 billion debt. "Otherwise, why would the government eschew the open tender process if 1MDB would offer the lowest possible tariff in the first place?" (Malaysian Insider)Source: CIMB Daybreak - 23 April 2015...
AmBank gives preference for Malaysian as MD
April 23, 2015 11:05:00 am
AmBank group, which is still looking for a new managing director, is giving priority to local candidates. “Local candidates are the priority, but we want the best person. So, we will not limit this to locals,” chairman Tan Sri Azman Hashim said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
CIMB’s Indonesian unit posts slightly higher income
April 23, 2015 11:04:00 am
CIMB Group Holdings Bhd’s 97.94%-owned Indonesian unit, PT Bank CIMB Niaga Tbk, posted an operating income of Rp 3.4tr, representing a 0.7% on-year growth with a net profit of Rp 83bn (RM23m) for its first quarter ended March 31, 2015. In a statement, CIMB Niaga said its net interest income improved 10.8% year-on-year (y-o-y) on the back of a 9.6% growth in gross loans and steady net interest margins. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
Maybank Islamic expects customers to switch to Mudarabah Investment Account
April 23, 2015 11:03:00 am
Maybank Islamic Bhd expects the bulk of its mudarabah deposit account holders to reclassify their accounts to mudarabah investment account (IA), in compliance with Bank Negara’s requirement. Chief executive officer Muzaffar Hisham said the 350,000 customers of the bank’s existing mudarabah deposit products had been given until May 31 to consent to either have their accounts reclassified as IA or other syariah-compliant deposit products. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
Petronas Dagangan to supply lubricants to Port of Tg Pelepas
April 23, 2015 11:03:00 am
Petronas Dagangan’s unit Lub Dagangan Sdn Bhd will supply lubricants worth RM51m to Pelabuhan Tanjung Pelepas (PTP) following the signing of an eight-year contract with the latter. Petronas Dagangan will supply its line of industrial and marine lubricants to PTP, which operates one of South-East Asia’s fastest growing ports and container terminals. (Star)Source: CIMB Daybreak - 23 April 2015...
Celcom inks deal with TM for additional LTE sites
April 23, 2015 11:02:00 am
Celcom Axiata and Telekom Malaysia signed an agreement on the provisioning of additional long-term evolution (LTE) sites through the latter’s Next-Gen Backhaul services.Under this collaborative agreement, TM would continue supporting Celcom’s transmission requirements while enabling Celcom to optimise cost and efficiently utilise its infrastructure. “Through the inking of the agreement, additional LTE sites, provisioned by TM across Malaysia, with a special focus for Putrajaya, the Klang Valley, Johor Baru, Pahang, Terengganu and Kelantan, would be fiberised. This will cater to extensive and robust backhaul with high bandwidth capacity for a 10-year period,” it said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
MRCB selling 51% stake in Nu Sentral to Pelaburan Hartanah for RM119.8m
April 23, 2015 11:01:00 am
MRCB is selling its 51% stake in Nu Sentral Sdn Bhd to Pelaburan Hartanah for RM119.8m. Nu Sentral, incorporated on Nov 22, 2006, operates a retail mall and it is also involved in property management. To recap, on Jan 22, 2008 MRCB, Pelbauran Hartanah and Nu Sentral had inked a JV where the latter would be the JV company to operate Nu Sentral Mall. The mall was to be built by Pelaburan Hartanah’s unit Sentral 384 Sdn Bhd. Nu Sentral is a jointly controlled entity owned by MRCB and PHB on a 51:49 basis. “The disposal is part of MRCB group’s macro strategy to monetise its non-core assets and focuses its resources on the core businesses of property development, specialised infrastructure and environment projects." it said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
MARC affirms rating on IJM, revises outlook from stable to negative
April 23, 2015 10:59:00 am
Malaysian Rating Corp (MARC) affirms AA- rating on IJM Corporation Bhd’s RM1bn debt notes but revised its outlook to negative from stable on challenging core businesses. The ratings agency said on Wednesday the negative outlook incorporates the challenging prospects for IJM group’s core businesses, namely the palm oil and property development sectors, from which the group generated a combined 45.3% and 60.6% of revenue and pre-tax profit for fiscal 2014. Furthermore, the rating agency said the funding for the group’s infrastructure projects and capital requirements could add further pressure on its credit profile. The potential funding requirements for the group’s key infrastructure projects and capital expenditure, particularly for its Indonesian plantation segment, could add further pressure on its credit profile. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
HeveaBoard Bhd has declared a single-tier final dividend of 2.5 sen
April 23, 2015 10:58:00 am
HeveaBoard Bhd has declared a single-tier final dividend of 2.5 sen per ordinary share of RM1.00 each in respect of the financial year ended 31 December 2014. (StarBiz) Together with the interim dividend of 1.5 sen declared during its 4QFY14 results announcement, total full-year dividend of 4sen for FY14 is in line with our expectation.Source: CIMB Daybreak - 23 April 2015...
IWCITY (1589), ICON (5255), ECONBHD (5253), MNRB (6459), AMPROP (1007), COASTAL (5071), AMBANK (1015), CIMB (1023), MAYBANK (1155), PETDAG (5681), TM (4863), MRCB (1651), IJM (3336), HEVEA (5095),
April 23, 2015 11:20:00 am
The assets under management (AUM) of the private retirement scheme (PRS), administered by the Private Pension Administrator Malaysia (PPA), is expected to surpass the RM1bn mark by year-end. Its chief executive officer Datuk Steve Ong Chong Gain said PRS had gained traction since its inception in December 2012 as its AUM had grown over RM800m with over 140,000 members. (StarBiz) Mercedes-Benz Malaysia Sdn Bhd has sold 1,886 vehicles in 1Q15, up 13%yoy from 1,676 vehicles in 1Q14. The strong performance was driven by the sales of its energy-efficient vehicles E300 Blue TEC Hybrid and S400L Hybrid. The sales of the E-class also rose 15% yoy. (Financial Daily)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:18:00 am
Big Asian rubber producers, including world No 1 Sri Trang Agro-Industry Plc, plan to hike prices sharply, ditching a system of pegging them near the benchmark set by the Singapore Commodities (SICOM) Exchange in Singapore. Producers and industry bodies said they were set to charge a significant premium over the exchange-traded futures contract from the second-half of 2015, a move that would mark a radical change in an industry where plunging prices have hit farmers hard. Major producer Halcyon Agri Corp Ltd, which together with Sri Trang accounts for a total of nearly a fifth of global output, is also involved, along with at least eight other growers in Thailand and Indonesia. (Malaysian Reserve) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:18:00 am
Iskandar Waterfront City Bhd (IWC) plans to acquire three adjoining parcels of freehold land in Johor Baru, which measures a collective 67.5 acres (27.3ha) for RM156m or RM53 pst for a proposed mixed development with a GDV of RM629m. The development, which is situated within the development of Iskandar Malaysia, will consist of residential units, Rumah Mampu Milik Johor and shop houses. However, it said the proposed development is still in an "early stage of planning", and that three is no "confirmed detailed information" at hand. (Financial Daily) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:17:00 am
Malaysian Anti-Corruption Commission (MACC) has remanded Icon Offshore's CEO and COO to facilitate and assist investigations currently being conducted by MACC. Icon has no details of the nature of the investigations or their status, Icon's board of directors has affirmed its commitment to uphold the company's corporate values that promote integrity throughout the entire company. The board takes serious exception to any breaches in policies and integrity and will not hesitate to take appropriate actions if necessary. The board will continue to monitor the situation and any material development shall be announced in accordance with the listing requirements. (BMSB) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:16:00 am
Iskandar Waterfront City (IWC) is buying 67.5 acres of freehold land in Pulai, Johor for RM156m which it plans to undertake mixed development. IWC (formerly Tebrau Teguh Bhd) said it was purchasing the land from Bahagia Wangsa Sdn Bhd for RM53 psf. (StarBiz) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:16:00 am
The Indonesian government pushed back implementation of the policy for the crude palm oil fund to next month, the finance minister said on Tuesday. The regulation was supposed to be effective by the end of this month but was delayed to May due to ministers’ busy schedules, said Finance Minister Bambang Brodjonegoro.“I’ve signed the regulation. It’ll soon be signed by the president,” Bambang said, on the sidelines of the 24th World Economic Forum on East Asia at the Shangri-La Hotel. The CPO fund charges US$50 for every metric ton of CPO for export and US$30 a ton for derivative products, aiming to ensure domestic palm oil supply after the government increased the mandatory bio-fuel content in biodiesel to 15% from 10%. (Jakarta Globe)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:10:00 am
Econpile Holdings Bhd has bagged a RM29.4m contract from Symphony Life Bhd’s subsidiary TWY Development Sdn Bhd for piling and related works for a condominium project in Mont’Kiara. The piling and foundation specialist said on Wednesday that it would undertake earthworks, piling and basement construction works for the TWY @ Mont Kiara luxury duplex condominiums in Kuala Lumpur.“It consists of two 51-storey blocks which comprises of 484 luxury small office home office units with a seven-storey podium and three-storey basement park,” it added.The contract, spanning 14 months, is expected to be completed by July next year.(StarBiz) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:08:00 am
MNRB Holdings Bhd unit Malaysian Reinsurance Bhd has received Bank Negara’s approval to conduct general and family retakaful business. MNRB said Malaysian Reinsurance had been granted approval to conduct general and family retakaful business under Section 10 of the Islamic Financial Services Act 2013 via the establishment of a retakaful division. “Following the above, the MNRB group plans to undertake an internal restructuring exercise for its retakaful business, the details of which will be announced at a later date,” it said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:08:00 am
Amcorp Properties Bhd and its co-investors, Grosvenor Asia Pacific Ltd and Nan Fung of Hong Kong, have acquired residential property worth 2.06bn yen (RM63.3m) in the Roppongi district of Minato-ku, Tokyo. In a statement, Amcorp Properties said it and joint-venture partners agreed to acquire 62 apartments, covering 1,963 sq m in a mixed use building known as Court Annex Roppongi. (StarBiz) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:07:00 am
Coastal Contract has secured contract for the sale of one unit Jack-up Drilling Rig (JUDR) for approximately RM807m. Including the new contract and after adjusting for revenue recognition from vessels delivered to buyers up to 22 April 2015, Coastal Group has about RM1.92bn worth of cumulative sales order book awaiting delivery to customers up to 2017. (BMSB) Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:06:00 am
Malaysians will have to pay more for electricity to bail out troubled state firm 1Malaysia Development Berhad (1MDB), which has been awarded lucrative independent power producer (IPP) concessions without going through the open tender process, DAP's Tony Pua said. The Petaling Jaya Utara MP said 1MDB was awarded a 2,400MW combined-cycle gas-turbine power plant and a 50MW solar farm last year, in addition to a 2,000MW coal-fired power plant in February. He said this was despite YTL Power offering the lowest tariff bid, adding that YTL Power was "controversially disqualified on a technicality". "This move is directly against the publicly stated principles of the Energy Commission to adopt open tender practices to promote competition in the industry," he said. "The tariff will be higher for Malaysians in the future because the government will award 1MDB with more lucrative tariffs in order to create more profits for the distressed firm to pay off its RM42 billion debt. "Otherwise, why would the government eschew the open tender process if 1MDB would offer the lowest possible tariff in the first place?" (Malaysian Insider)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:05:00 am
AmBank group, which is still looking for a new managing director, is giving priority to local candidates. “Local candidates are the priority, but we want the best person. So, we will not limit this to locals,” chairman Tan Sri Azman Hashim said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:04:00 am
CIMB Group Holdings Bhd’s 97.94%-owned Indonesian unit, PT Bank CIMB Niaga Tbk, posted an operating income of Rp 3.4tr, representing a 0.7% on-year growth with a net profit of Rp 83bn (RM23m) for its first quarter ended March 31, 2015. In a statement, CIMB Niaga said its net interest income improved 10.8% year-on-year (y-o-y) on the back of a 9.6% growth in gross loans and steady net interest margins. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:03:00 am
Maybank Islamic Bhd expects the bulk of its mudarabah deposit account holders to reclassify their accounts to mudarabah investment account (IA), in compliance with Bank Negara’s requirement. Chief executive officer Muzaffar Hisham said the 350,000 customers of the bank’s existing mudarabah deposit products had been given until May 31 to consent to either have their accounts reclassified as IA or other syariah-compliant deposit products. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:03:00 am
Petronas Dagangan’s unit Lub Dagangan Sdn Bhd will supply lubricants worth RM51m to Pelabuhan Tanjung Pelepas (PTP) following the signing of an eight-year contract with the latter. Petronas Dagangan will supply its line of industrial and marine lubricants to PTP, which operates one of South-East Asia’s fastest growing ports and container terminals. (Star)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:02:00 am
Celcom Axiata and Telekom Malaysia signed an agreement on the provisioning of additional long-term evolution (LTE) sites through the latter’s Next-Gen Backhaul services.Under this collaborative agreement, TM would continue supporting Celcom’s transmission requirements while enabling Celcom to optimise cost and efficiently utilise its infrastructure. “Through the inking of the agreement, additional LTE sites, provisioned by TM across Malaysia, with a special focus for Putrajaya, the Klang Valley, Johor Baru, Pahang, Terengganu and Kelantan, would be fiberised. This will cater to extensive and robust backhaul with high bandwidth capacity for a 10-year period,” it said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 11:01:00 am
MRCB is selling its 51% stake in Nu Sentral Sdn Bhd to Pelaburan Hartanah for RM119.8m. Nu Sentral, incorporated on Nov 22, 2006, operates a retail mall and it is also involved in property management. To recap, on Jan 22, 2008 MRCB, Pelbauran Hartanah and Nu Sentral had inked a JV where the latter would be the JV company to operate Nu Sentral Mall. The mall was to be built by Pelaburan Hartanah’s unit Sentral 384 Sdn Bhd. Nu Sentral is a jointly controlled entity owned by MRCB and PHB on a 51:49 basis. “The disposal is part of MRCB group’s macro strategy to monetise its non-core assets and focuses its resources on the core businesses of property development, specialised infrastructure and environment projects." it said. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 10:59:00 am
Malaysian Rating Corp (MARC) affirms AA- rating on IJM Corporation Bhd’s RM1bn debt notes but revised its outlook to negative from stable on challenging core businesses. The ratings agency said on Wednesday the negative outlook incorporates the challenging prospects for IJM group’s core businesses, namely the palm oil and property development sectors, from which the group generated a combined 45.3% and 60.6% of revenue and pre-tax profit for fiscal 2014. Furthermore, the rating agency said the funding for the group’s infrastructure projects and capital requirements could add further pressure on its credit profile. The potential funding requirements for the group’s key infrastructure projects and capital expenditure, particularly for its Indonesian plantation segment, could add further pressure on its credit profile. (StarBiz)Source: CIMB Daybreak - 23 April 2015...
April 23, 2015 10:58:00 am
HeveaBoard Bhd has declared a single-tier final dividend of 2.5 sen per ordinary share of RM1.00 each in respect of the financial year ended 31 December 2014. (StarBiz) Together with the interim dividend of 1.5 sen declared during its 4QFY14 results announcement, total full-year dividend of 4sen for FY14 is in line with our expectation.Source: CIMB Daybreak - 23 April 2015...
