Apr 22 2009, 01:56 PM
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SINGAPORE
Dow recovered half of yesterday's losses driven by Geithner's comments rebutting recent article on banks failing their stress test. Texas results & M&A activities driving tech sector. Crude oil +$0.63 to US$46.51. FSSTI briefly penetrated 1830 fibonacci retracement yesterday before recovering to close @ the high. Gains likely capped due to yesterday's closing which saw the index matched up 34pts.
CIMB FOCUS:
* NOL: trade rebound will become more apparent in seasonally higher 2Q, 3Q. Freight rates recovering temporarily due to supply removal. Uptick should not be mistaken for recovery as more continaer ships come aboard. CIMB maintains UNDERWEIGHT on container shipping & advocate switching out within 3-6mths. CIMB maintains UNDERPERFORM on NOL, tgt $1.30. Larger net loss of US$240m was guided despite doubling cost cutting measures. Upside does not commensurate with risk
OTHER NEWS:
* KREIT: 1Q09 Distributable income +37.3% yoy to S$15.6m. DPU -48.3% due to massive dilution on rights issue. Annualised yield of 16%. Results driven by higher rental rates & property acquisitions. Outlook remains weighed by deepening economic crisis and easing rentals rates and occupancy rate.
* RLS: to invest RMB5m over next 5yrs in JV to establish new college in Oriental University City, China.
* FRAG: Bot a 86.3sqm piece of land @ balestier for S$115k & will be amalgamated with recently acquired land. Amalgamated plot of land will have plot ratio of 2.8 & measures 2427.5sqm. Co intends to redevelop it into a 18-storey residential apartment.
* CITY: terminated agreement with Tasmania govt and ends revenue sharing arrangements for fibre optic telecommunication cables linking Australia and Tasmania. Commercialisation of cables with tgt clients being infrastructure based telecom operators.
* M1: CFO Karen Kooi will take over as CEO
* CREAF: launched new pocket sized speakers for ipod nano
* TEX / CSCF / VALUE : Profit warning
MALAYSIA
* Assuarance from Treasury Sec calms investors and pushes DOW just shy of 8000. DOW +1.6%. LOCAL mkt continues to see rotational trading with profit taking and high vols due well absorbed. Expect further rotational trading in lower liners and funds taking fresh positions in BLUEs.
* PROH MK: Proton Holdings Bhd (PROH) is currently in talks with the relevant parties to finalise plans on the proposed rationalisation of the Proton-Edaran Otomobil Nasional Bhd (EON) distribution network and service centres. However, it did not mention any plan to divest its distribution arm, Proton Edar Sdn Bhd, to EON.
* SIME MK: Conglomerate Sime Darby Bhd (SIME) has put up for sale its decade-old hotel in the heart of historical Malacca. In a move to sell non-core businesses, the conglomerate has put up Hotel Equatorial Melaka for sale at an estimated RM180m, or roughly RM363,000 per room.
* ZHCB MK: ZHULIAN Corp Bhd (ZHCB) will invest RM18m this year to expand its international headquarters in Bayan Lepas Industrial Estate, Penang, as part of its initiatives to propel future growth. In a statement in Kuala Lumpur yesterday, Zhulian said the expansion involved the building of a bigger warehouse and a new manufacturing plant. The project was expected to be completed by end-2010, it said.
* ROTH MK: will trade ex-div 76sen today. Ref px: RM44.50
SIME MK: will trade ex-div 5sen today. Ref px: RM6.35
Dow recovered half of yesterday's losses driven by Geithner's comments rebutting recent article on banks failing their stress test. Texas results & M&A activities driving tech sector. Crude oil +$0.63 to US$46.51. FSSTI briefly penetrated 1830 fibonacci retracement yesterday before recovering to close @ the high. Gains likely capped due to yesterday's closing which saw the index matched up 34pts.
CIMB FOCUS:
* NOL: trade rebound will become more apparent in seasonally higher 2Q, 3Q. Freight rates recovering temporarily due to supply removal. Uptick should not be mistaken for recovery as more continaer ships come aboard. CIMB maintains UNDERWEIGHT on container shipping & advocate switching out within 3-6mths. CIMB maintains UNDERPERFORM on NOL, tgt $1.30. Larger net loss of US$240m was guided despite doubling cost cutting measures. Upside does not commensurate with risk
OTHER NEWS:
* KREIT: 1Q09 Distributable income +37.3% yoy to S$15.6m. DPU -48.3% due to massive dilution on rights issue. Annualised yield of 16%. Results driven by higher rental rates & property acquisitions. Outlook remains weighed by deepening economic crisis and easing rentals rates and occupancy rate.
* RLS: to invest RMB5m over next 5yrs in JV to establish new college in Oriental University City, China.
* FRAG: Bot a 86.3sqm piece of land @ balestier for S$115k & will be amalgamated with recently acquired land. Amalgamated plot of land will have plot ratio of 2.8 & measures 2427.5sqm. Co intends to redevelop it into a 18-storey residential apartment.
* CITY: terminated agreement with Tasmania govt and ends revenue sharing arrangements for fibre optic telecommunication cables linking Australia and Tasmania. Commercialisation of cables with tgt clients being infrastructure based telecom operators.
* M1: CFO Karen Kooi will take over as CEO
* CREAF: launched new pocket sized speakers for ipod nano
* TEX / CSCF / VALUE : Profit warning
MALAYSIA
* Assuarance from Treasury Sec calms investors and pushes DOW just shy of 8000. DOW +1.6%. LOCAL mkt continues to see rotational trading with profit taking and high vols due well absorbed. Expect further rotational trading in lower liners and funds taking fresh positions in BLUEs.
* PROH MK: Proton Holdings Bhd (PROH) is currently in talks with the relevant parties to finalise plans on the proposed rationalisation of the Proton-Edaran Otomobil Nasional Bhd (EON) distribution network and service centres. However, it did not mention any plan to divest its distribution arm, Proton Edar Sdn Bhd, to EON.
* SIME MK: Conglomerate Sime Darby Bhd (SIME) has put up for sale its decade-old hotel in the heart of historical Malacca. In a move to sell non-core businesses, the conglomerate has put up Hotel Equatorial Melaka for sale at an estimated RM180m, or roughly RM363,000 per room.
* ZHCB MK: ZHULIAN Corp Bhd (ZHCB) will invest RM18m this year to expand its international headquarters in Bayan Lepas Industrial Estate, Penang, as part of its initiatives to propel future growth. In a statement in Kuala Lumpur yesterday, Zhulian said the expansion involved the building of a bigger warehouse and a new manufacturing plant. The project was expected to be completed by end-2010, it said.
* ROTH MK: will trade ex-div 76sen today. Ref px: RM44.50
SIME MK: will trade ex-div 5sen today. Ref px: RM6.35
This post has been edited by aurora97: Apr 22 2009, 01:57 PM
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