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Nikkei Markets

MALAYSIA NEWS HIGHLIGHTS: Top Stories On Nov. 29

By Kuala Lumpur Newsroom
Nikkei Markets
KUALA LUMPUR (Nov 29) -- Here's a roundup of latest news from Malaysia so far on Wednesday:

*MARKET BUZZ: Hong Kong's HSI Edges Lower; North Korea Tests Another Missile

Hang Seng index falls 0.2% to 29,611.92, weighed by losses in heavyweights Tencent and AIA. Market reaction to North Korea's inter-continental ballistic missile launch muted. Nikkei Asia300 Index of companies outside Japan little changed.

*MARKET BUZZ: Malaysia's AMMB Rebounds, Brokerages Tip Attractive Valuation

AMMB Holdings rebounds from one-year low hit Tuesday, now +0.7% at MYR4.15. Shares fell after AMMB reported 6% on-year drop in 2Q net profit.

*Singapore-Listed Noble Group To Sell Four Dry Bulk Carriers For $95 Mln

Singapore-listed commodity trader Noble Group said Wednesday it plans to sell four Kamsarmax dry bulk carrier vessels for approximately $95 million, as it continues to dispose assets in a bid to reduce debt and keep its credit lines open.

*Fosun International Raises $300 Mln Via 3-Year Senior Notes At 5.375% Coupon

Chinese conglomerate Fosun International priced its $300 million three-year issue for unsecured senior notes at a fixed coupon rate of 5.375%, according to a term sheet.

*MARKET BUZZ: Malaysian Resources Corp +5% On HSR Tender; CIMB Ups Rating

Malaysian Resources Corporation +5% at MYR1.06 on word it plans to form joint venture with Gamuda and bid for Project Delivery Partner job for KL-Singapore High Speed Rail project.

*MARKET BUZZ: Notion VTec Slumps On 4Q Loss; Kenanga Cuts To Underperform

Notion VTec drops 6.4% to MYR0.510, lowest since Jan. 4, after swinging to net loss in fiscal 4Q.

*Lenovo To Sell Whole Unit To Hong Kong-Listed China New Town For About $45 Million

Personal-computer maker Lenovo Group has agreed to sell a unit that owns real estate assets in China to mainland property developer China New Town Development for 300 million yuan ($45 million) in equity value.

*MARKET BUZZ: Malaysia's KLCI Edges 0.2% Higher; TA Tips Resistance At 1719

Malaysia's benchmark KLCI edges 0.2% higher to 1717.90, in line with most Asian shares, which are up tracking overnight gains in U.S. stocks.

*Hong Kong-Listed Link REIT To Sell Property Portfolio For About $2.95 Billion

Hong Kong-listed Link Real Estate Investment Trust said it agreed to sell a portfolio of 17 properties in the city for a total HK$23 billion ($2.95 billion), following a strategic review.

*MARKET BUZZ: Malaysia's IJM Corp Down 2.3% On Weak 2Q; TA Cuts View To Sell

IJM Corporation down 2.3% at MYR3.00 after fiscal first half earnings miss street expectations at 36.4% of full-year estimates; stock now top loser on KLCI.

*Malaysia's Notion VTec Swings To Net Loss In 4Q On Higher Cost

Malaysian electronic components maker Notion Vtec said late Tuesday it swung to net loss in the fiscal fourth quarter following higher costs.

*MARKET BUZZ: Malaysia KLCI Likely Higher Tracking US Gains; 1700-1730 Band Tipped

Malaysia's KLCI likely to edge higher tracking overnight gains on Wall Street; index ended 0.3% lower at 1714.42 yesterday.

++

Top Stories On Tuesday, Nov. 28:

*Malaysia's Tan Chong Motor Holdings 3Q Net Loss Widens On Year

Malaysia's Tan Chong Motor Holdings, which mainly assembles Nissan-branded vehicles, said Tuesday net loss widened in the third quarter from a year earlier amid weak sales and unfavourable foreign exchange.

*Malaysia's Compugates Holdings Partners Jade Classic For Mixed Development Worth MYR775 Mln

Malaysia's Compugates Holdings, a consumer electronics distributor to property developer, said Tuesday it has signed a joint venture agreement with Jade Classic to undertake a mixed development project worth 775 million ringgit ($188.86 million).

*Malaysia's OCK Group 3Q Net Profit Rises 26.3% On Year

OCK Group, a Malaysian telecommunication services company, said Tuesday its net profit for the fiscal third quarter rose 26.3%, mainly due to higher revenue from telecommunication network services.

*Malaysia's UEM Edgenta 3Q Net Profit Falls 24% On Year

UEM Edgenta, a Malaysian support services firm, said Tuesday its net profit fell 24% in the third quarter from a year earlier, weighed by an increase in finance costs and expenses.

*Malaysia's UMW Holdings 3Q Net Loss Narrows To MYR29.37 Mln

Malaysian industrial conglomerate UMW Holdings said Tuesday it posted smaller losses in the third quarter, as losses arising from UMW Oil & Gas Corporation was no longer added to its books following completion of the demerger exercise.

*UPDATE: CIMB Group Holdings On Track To Meet Key Aims, 3Q Net Profit Rises 11%

CIMB Group Holdings Tuesday reported an 11% annual increase in the third quarter net profit led mostly by corporate and consumer banking segments, and second-largest Malaysian bank by assets said it was on track to meet key financial goals for this year.

*Malaysia's Media Chinese International 2Q Net Profit Drops 34% On-Year

Media Chinese International, a Malaysian newspaper and magazine publisher, said Tuesday its net profit dropped 34% in the fiscal second quarter from a year earlier, weighed by domestic and Southeast Asia operations.

*Singapore's CapitaLand To Buy Stake In Rock Square Mall In China

Southeast Asia's largest developer CapitaLand said Tuesday it has formed a joint venture with CapitaLand Retail China Trust to buy the company that owns Rock Square shopping mall for S$688.9 million ($512.19 million).

*ASIA MARKETS: Malaysian Equities Fall Dragged By Banking Stocks, Singapore Shares Gain

Malaysian stocks fell Tuesday, dragged down by AMMB Holdings and RHB Bank as the lenders reported a drop in quarterly profit.

*Singapore's IPCO International Expects To Report Net Loss For May-Oct

IPCO International, a Singapore-based construction and turnkey project company, said Tuesday it expects to report a net loss for the six months ended Oct. 31, mainly due to the translation effect on the operations of the group's foreign currency denominated subsidiaries.

*ASIA MARKETS: Nikkei Asia300 Index Ends Little Changed After China Recovery

Asian stocks ended little changed on Tuesday as a rebound in Chinese equities outweighed losses in energy producers ahead of a meeting by the Organization of Petroleum Exporting Countries.

*Malaysia's Ta Ann Holdings 3Q Net Profit Falls 55.6% On Lower Sales Volume

Malaysia's Ta Ann Holdings, a plantation company, said Tuesday its third quarter net profit fell 55.6% on year, dragged down by a decline in plywood product and export logs sales volume.

*ASIA MARKETS: Hong Kong Shares Erase Early Losses To End Little Changed

Hong Kong stocks erased most of their intraday losses on Tuesday, with a rebound by Tencent Holdings and AAC Technologies Holdings helping support the market even as property developers fell amid concern about elevated borrowing costs.

*Malaysia's CAB Cakaran Corporation 4Q Net Profit Gains Nearly 45% On Year

CAB Cakaran Corporation, a Malaysian food producing company, said Tuesday its fourth quarter net profit gained nearly 45% on year, mainly helped by higher revenue.

*Singapore's Wee Hur Holdings Acquires Australian Property For A$35 Million

Singapore's Wee Hur Holdings, a construction to property company, said Tuesday it has acquired a property in Melbourne, Australia for A$35 million ($26.58 million).

*Malaysia's Taliworks Corporation 3Q Net Profit Nearly Halves, Revenue Slips

Taliworks Corporation, a Malaysian water management company, said Tuesday its third quarter net profit fell 49% on year mainly due to absence of toll compensation from government and unrealised losses on foreign exchange.

*Singapore's EuroSports JV Signs Dealership Agreement With Automobili Lamborghini

Singapore's EuroSports Global, an automobile distributor, said Tuesday its joint venture company, Prosper Auto has entered into a dealership agreement with Automobili Lamborghini.

*Malaysia's Mitrajaya 3Q Net Profit Falls 21% On Lower Construction Contribution

Mitrajaya Holdings, a Malaysian construction firm, said Tuesday its net profit for the third quarter fell 21% on year due to a drop in contribution from the construction segment.

*Qinqin Foodstuffs Group Expects Up To CNY10 Million Loss For 2017

Qinqin Foodstuffs Group (Cayman) Company, a Hong Kong-listed snacks maker, said Tuesday it expects to record a loss not exceeding 10 million yuan ($1.52 million) for 2017.

*Malaysia's Dutch Lady Milk Industries 3Q Net Profit Falls 20% On-Year

Dutch Lady Milk Industries, a Malaysian dairy products maker, said Tuesday its net profit fell 20% in the third quarter from a year earlier due to higher material prices and weak Malaysian ringgit.

*Malaysia's Advancecon Holdings Gets Road Infrastructure Job Worth MYR75.50 Mln

Advancecon Holdings, a Malaysian construction company, said Tuesday its unit has been awarded a road infrastructure contract from SKVE Holdings worth 75.50 million ringgit ($18.4 million).

*Malaysia's Southern Steel 1Q Net Profit Surges On Higher Sales Volume

Malaysia's Southern Steel, a Malaysian steel maker, said Tuesday net profit for the fiscal first quarter surged nearly three-fold on year due to a jump in sales volume.

*Malaysia's IJM Corp 2Q Net Profit Falls 32% On-Year

IJM Corporation, a Malaysian construction and real estate firm, said Tuesday its net profit fell 32% in the fiscal second quarter from a year earlier weighed by its manufacturing, quarrying and plantation businesses.

*Pos Malaysia 2Q Net Profit Jumps Nearly Three-Times To MYR18.83 Mln

Pos Malaysia, the postal services unit of conglomerate DRB-HICOM, said Tuesday its net profit for the fiscal second quarter rose nearly three times from the year-ago quarter, largely driven by higher revenue.

*Singapore's Lian Beng Gets Condominium Development Contract Worth S$136.8 Mln

Lian Beng Group, a Singapore-based building construction company, said Tuesday its unit bagged a contract worth S$136.8 million ($101.69 million) from UVD (Projects) to develop a condominium at Singapore's Potong Pasir Avenue.

*Malaysia Ekovest 1Q Net Profit Almost Flat At MYR39.91 Mln

Malaysia's Ekovest, a construction to property developer, said Tuesday net profit for the fiscal first quarter edged a bit lower due to the commencement of preliminary and construction work for Setiawangsa-Pantai Expressway.

*Malaysia's Power Root 2Q Net Profit Drops Nearly 21% On Year

Power Root, a Malaysia-based beverage maker, said Tuesday its second quarter net profit dropped 20.6% on year due to increase in material cost and forex losses.

*Singapore's Centurion To Raise Up To $15.2 Million In Hong Kong IPO

Singapore-listed Centurion said it expects to raise up to HK$118.8 million ($15.2 million) from an initial public offering in Hong Kong.

*Malaysian Resources Signs JV With Gamuda To Bid For KL-Singapore High Speed Rail

Malaysian Resources Corporation, a property developer and construction firm, said Tuesday it has signed an agreement with Gamuda to work together and secure the contract to act as Project Delivery Partner for Kuala Lumpur to Singapore High Speed Rail project.

*MARKET BUZZ: Malaysia's Inari Amertron Hits Record High On Expansion Plan

Inari Amertron jumps as high as 7.7% to record high of MYR3.37 on new expansion plan in Batu Kawan, Penang.

*MARKET BUZZ: Malaysia's Tong Herr Hits Record High On Strong 3Q Results

Tong Herr Resources jumps as high as 9.3% to record level at MYR4.10, after its 3Q net profit more than doubled on-year, declared a higher-than-expected dividend of MYR0.18.

*Malaysia's Hibiscus Petroleum 1Q Net Profit Falls 86.6% On Year

Malaysia's Hibiscus Petroleum, an oil and gas exploration and production company, said Tuesday its fiscal first quarter net profit plunged 86.6% on year due to absence of a 78.4 million ringgit ($19.07 million) tax credit related to Anasuria Cluster recorded in the year-ago period.

*Bank Negara Malaysia Names Chew Cheng Lian As Deputy Governor For Three-Year Term

Malaysia's central bank said Tuesday it has appointed Chew Cheng Lian, its current assistant governor, as deputy governor for a three-year term beginning January 2018.

*Fosun Sets Initial Pricing For 3-Year Senior Notes In 5.5% Area

Chinese conglomerate Fosun International set the initial pricing for its three-year senior notes issue in the 5.5% area, according to a source familiar with the matter.

*Moody's Affirms Export-Import Bank Of Malaysia's A3 Ratings, Outlook Stable

Moody's Investors Service today affirmed the A3 foreign currency senior unsecured debt and issuer ratings of Export-Import Bank of Malaysia, or MEXIM, due to "very high" support from the Malaysian government. The outlook on the ratings remains Stable.

*Malaysia's AMMB Holdings 2Q Net Profit Slips 6.0% On-Year

AMMB Holdings, a Malaysian bank and insurer, said Tuesday its net profit slipped 6.0% in the fiscal second quarter from a year earlier due to shared losses from joint ventures and a dip in non-interest income.

*ASIA MARKETS: Hong Kong Shares Extend Losses As China Bond Worries Persist

Hong Kong shares headed for a second consecutive day of losses on Tuesday, weighed down by index heavyweight Tencent Holdings and insurers, while concern about elevated credit costs kept mainland stocks under pressure.

*Malaysia's Bonia Expects FY Sales To Fall In High Single Digit, Sustain Margins-Official

Malaysia's apparel retailer Bonia Corporation expects annual sales to fall by "high single digit" this fiscal year to Jun. 30, 2018 amid weak consumer sentiment, its managing director said Tuesday.

*MARKET BUZZ: RHB Ups Sime Darby To Buy Post Demerger; Sets TP At MYR2.31

RHB Investment Bank upgrades Sime Darby to Buy from Neutral post its demerger exercise; sets target price at MYR2.31, higher than its reference price of MYR1.85. Trading in stock to resume on Nov. 30.

*Bank Negara Malaysia Deputy Governor Sukudhew Singh Steps Down-Report

Bank Negara Malaysia deputy governor Sukudhew Singh will be stepping down Tuesday, The Star said on its website.

*MARKET BUZZ: MIDF Keeps End-2018 KLCI Target At 1900

MIDF Research keeps end-2018 KLCI target at 1900. "We look forward to the expected growth in corporate earnings and also the outcome of the 14th General Election which must happen next year to provide the impetus for KLCI to climb higher in 2018," says house in investor note.

*Yanzhou Coal Buys 19.75% In Linshang Bank For 2.15 Billion Yuan

Yanzhou Coal Mining said it entered agreements on Monday to buy 717.7 million shares, or a 19.75% stake, in Chinese lender Linshang Bank for 2.15 billion yuan ($326 million).

*MARKET BUZZ: Malaysia's RHB Bank Off 1.2% After 3Q; TA Downgrades To Hold

RHB Bank down 1.2% to MYR4.84 after 3Q net profit slips 3.3% on-year, mainly due to drop in fee income.

*MARKET BUZZ: CIMB Raises Malaysia's QL To Neutral; Valuation Rich - Hong Leong

CIMB Investment Bank ugrades QL Resources to Neutral from Reduce after rolling over valuations to 2019, supported by its positive business outlook; raises target price to MYR4.00 from MYR3.44.

*Solis Holdings To Raise Up To $23 Million In Hong Kong IPO

Singapore-based engineering contractor Solis Holdings said it expects to raise up to HK$178.5 million ($23 million) in an initial public offering in Hong Kong.

*MARKET BUZZ: Malaysia KLCI Down 0.5% In Early Trade; 1705 Support Tipped-CIMB

Malaysia's benchmark KLCI edges 0.5% lower at 1710.77 in line with most Asian shares, which are trading lower dragged by recent sell off in China stocks

*Jutal Offshore To Buy Remaining 70% Of Penglai Jutal For About $73.3 Million

Jutal Offshore Oil Services, a services provider for the oil and gas industry, said on Monday that a unit has won a tender to acquire the 70% stake the group doesn't already own in Penglai Jutal Offshore Engineering Heavy Industries for 571.9 million yuan ($73.3 million) in cash.

*MARKET BUZZ: IHH Healthcare Falls To Over 2-Year Low After 3Q Earnings Miss View

IHH Healthcare falls 3.5% to MYR5.45, lowest since Aug. 2015, after 3Q core earnings lagged street estimates, mainly due to start-up costs of two new hospitals.

*TCL Multimedia To Raise Up To $265 Million Via Rights Share Issue

Television maker TCL Multimedia Technology Holdings said it plans to raise up to HK$2.06 billion ($265 million) from a rights share issue to pursue acquisitions and joint ventures, enhance its supply chain and invest in research and development.

*MARKET BUZZ: TA Securities Upgrades DiGi.Com To Buy After Recent Selldown

TA Securities upgrades DiGi.Com to Buy from Hold after shares fell 7.3% through past month, keeps target price at MYR5.20.

*MARKET BUZZ: Malaysia KLCI Likely To Change Little; 1705-1728 Band Tipped

KLCI likely to change little amid tepid trading due to lack of triggers; index ended 0.1% higher at 1719.86 yesterday on late buying.
- By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
- Edited by Ahana Sen Gupta
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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