Jason,

Here's rhbs take on paramon.


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and genting singapore downgraded .

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Added on November 12, 2010, 1:03 pmFry kau2 on listing again I guess.

Petronas Chemicals Institutional IPO Priced At MYR5.20/Share - Source




KUALA LUMPUR (Dow Jones)--Petronas Chemicals Group Bhd. has priced the institutional portion of its initial share sale at MYR5.20, which is at the higher end of its guidance of between MYR4.50 and MYR5.20, a person familiar with the matter said Friday.

This means that Malaysia's biggest petrochemicals producer by volume will raise MYR12.9 billion ($4.17 billion), making it Southeast Asia's largest ever IPO, eclipsing that of Maxis Bhd. (6012.KU), which raised MYR11.2 billion last November.

"The institutional portion was priced at the top end of the range, MYR 5.20," the person said.

Petronas Chemicals is selling a total of 2.48 billion shares, 72% of which are new shares with 28% from parent Petroliam Nasional Bhd. Proceeds raised will be used to expand the business and for synergistic growth acquisitions.

Malaysian pension funds The Employees Provident Fund and Kumpulan Wang Persaraan--last month committed to taking up 18% of the IPO. Apart from the portion taken up by the pension funds, 37% will be offered to ethnic Malay investors, 33% will be for book building and 12% will be for retail investors.

Based on its enlarged share capital of 8 billion shares, Petronas Chemicals is expected to list with an initial market capitalization of up to MYR42 billion, putting it among the country's top five stocks.

Petronas Chemicals manufactures chemical compounds, fertilizers, industrial and specialty chemicals. It has an annual production capacity of 11 million metric tons and is Southeast Asia's largest producer by volume of methanol and ethylene glycol, chemicals widely used in antifreeze.

The company, which posted a net profit of MYR2.59 billion on revenue of MYR12.2 billion in the year ended March 31, is seeking to list Nov. 26 on the local stock exchange.

The bookrunners for the offer are CIMB, Deutsche Bank and Morgan Stanley, while Citigroup Inc. © and UBS AG (UBS) are co-bookrunners.

This post has been edited by GregPG01: Nov 12 2010, 01:03 PM


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Just noted that gamuda falling below 50 days. Watchout yeah for those having this counter.

afternoon maybank go to 10 bucks and our index goes to 1550. then we all happy again . . Nah, cut those trading loses lio.

Thats why i buy lio .


0556 GMT [Dow Jones] Malayan Banking (1155.KU) likely to rise after posting strong fiscal 1Q results. Company, in exchange filing, says 1Q net profit +17% on-year at MYR1.03 billion, with net interest income +8.6% at MYR1.63 billion. "The group expects its financial performance for the financial year ending June 30, 2011, to be better than the last financial year and is on track to meeting its target return on equity of 14%," Maybank says. Income from Islamic banking down 11% at MYR338.2 million; net income from insurance business +20.5% at MYR86.8 million; non-interest income +1.8% at MYR1.01 billion. Dealer says, "The first quarter numbers look strong and with a positive outlook for the rest of the year, the stock should react positively." But adds, with broader market lower, upside limited. Stock last unchanged at MYR9.10. (ankur.relia@dowjones.com)



This post has been edited by GregPG01: Nov 12 2010, 02:20 PM

the mother of all super stock IRIS is green . wa sai.

news flash -> gamuda and mmc has been issued a stop work order by the Penang state government over the double-rail tracking project.

didnt think about selling it this time, so no tp at the moment. tp by IB ranges above 10 usually.

oooo.we are now below 1500 and also 20 days ma, 1502 .

yuiho . they just dump and dump and DUMP .

Shanghai 2980.12 -167.62 -5.33% 14:54

that one safe index not your counter.

seems like megb nearing earlier low, 2.25 again. all play rebound died.

no, i wait 100 points down first. cash is king .

INDEX VALUE CHANGE OPEN HIGH LOW TIME

DJIA INDEX 11,149.00 -93.00 11,236.00 11,251.00 11,108.00 03:57
S&P 500 1,198.70 -12.40 1,211.00 1,211.60 1,193.20 03:56
NASDAQ 100 2,148.75 -23.75 2,171.50 2,172.50 2,142.50 03:56



Break below 11200 tonight ?

Day 1...lets count how many days we're gonna get.

ooo, this is bad. good luck buddy.

Petronas Chemicals Institutional IPO Priced At MYR5.20

KUALA LUMPUR (Dow Jones)--Malaysia's Petronas Chemicals Group Bhd. said Friday it has raised MYR12.8 billion ($4.14 billion) after pricing its institutional shares at the top end of the indicated range, making it the largest ever initial share sale in Southeast Asia.

The initial public offering, which is in line with Prime Minister Najib Razak's call to attract more overseas investments and to boost liquidity in the Malaysian capital markets, also eclipses the MYR11.2 billion raised by Malaysian mobile phone operator Maxis Bhd. (6012.KU) last November.

In a statement, Petronas Chemicals said the institutional offering attracted orders of approximately MYR92.6 billion, representing a subscription rate of more than 21 times.

The retail offering of 293 million shares attracted a subscription rate of 2.5 times, the company said. The retail price has been set at MYR5.04 per share, a 3% discount to the institutional price.

"We believe the strong support shown for Petronas Chemicals' IPO reflects its position as the leading petrochemicals producer in Southeast Asia," Chairman Wan Zulkiflee Wan Ariffin said in the statement.

"The bookbuilding exercise has attracted significant interest from various types of investors globally," he added.

The heavy demand for the stock underscores the keen interest in emerging markets. Petronas Chemicals' sister company Malaysian Marine and Heavy Engineering Bhd., which was listed on the Malaysian bourse last month, drew in an oversubscription rate of more than 25 times for the institutional portion of its MYR2 billion IPO.

In that same month, AIA, the Asian life insurance arm of American International Group Inc., raised US$17.85 billion by pricing its Hong Kong IPO at the top end an indicated range.

Analysts and bankers said the strong interest in Petronas Chemicals isn't unexpected given its sheer size, robust earnings outlook, significant weightage on the index and strong parentage in state-owned oil corporation Petroliam Nasional Bhd.

Hwang-DBS Research in a report on Friday estimated Petronas Chemicals Group, when listed on the Malaysian bourse on Nov. 26, will be the fifth largest constituent of the benchmark index KLCI, ranked by full market capitalization, with a relative weight of 2.5%.

Given this, analysts said Petronas Chemicals is poised to stage a strong debut on Malaysian stock exchange.

Opinion is divided on the share sale with some fund managers saying valuations are not cheap at 16 times earnings estimated for 2011.

However, Kuala Lumpur-based TA Research analyst Kevin Lo said in a recent report that Petronas Chemicals is worth MYR5.70 a share, using its closest peers as a benchmark comparison, namely Saudi Basic Industries Corporation (2010.SA) and PTT Chemicals PCL (PTTCH.TH). Both these companies trade at a 2011 forecast enterprise value to EBITDA of 8.6 times.

Lo likes Petronas Chemicals because it is one of the lowest cost producers globally, has a reliable supply of gas feedstock pursuant to a long term agreement with Petroliam Nasional at attractive prices and strong margins.

Petronas Chemicals manufactures chemical compounds, fertilizers, industrial and specialty chemicals. It has an annual production capacity of 11 million metric tons and is Southeast Asia's largest producer by volume of methanol and ethylene glycol, chemicals widely used in antifreeze.

"The beginning of an upward cycle in Asian economies will be evident in Petronas Chemicals results going forward," said Lo.

Petronas Chemicals is selling a total of 2.48 billion shares in its initial share sale, 72% of which are new shares with 28% from parent Petroliam Nasional. Proceeds raised will be used to expand the business and for synergistic growth acquisitions.

Malaysian pension funds The Employees Provident Fund and Kumpulan Wang Persaraan--last month committed to taking up 18% of the IPO. Apart from the portion taken up by the pension funds, 37% was offered to ethnic Malay investors, 33% for book building and 12% to retail investors.

The company, which will have an enlarged share capital of 8 billion shares post IPO, earned a net profit of MYR2.59 billion on revenue of MYR12.2 billion in the year ended March 31. It also plans to pay 50% of its annual earnings to shareholders, according to its IPO prospectus.

The bookrunners for the offer are CIMB, Deutsche Bank and Morgan Stanley, while Citigroup Inc. © and UBS AG (UBS) are co-bookrunners.

The shares are due to be listed on the Main Market of Bursa Malaysia on Nov. 26, the company said.

they got the wrong accountant. maybe tukang sapu.

thats why risky to leave overnight .

Checked chart...P&O was 0.6x / 0.7x before the divestment to prudential news/rumor run. Stock last trades at 1.0x . So its gonna be a scary for stockholders on Monday.

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Added on November 12, 2010, 9:41 pmanyone beat me today ? -2.5 % Cut those crappy trades.

This post has been edited by GregPG01: Nov 12 2010, 09:41 PM