Daily Bread
Daily Bread | 28 August 2013
(Member of Alliance Bank group)
FBMKLCI: 1,701.24
PP7766/03/2013 (032116)
-21.25 (-1.23 %)
28 August 2013
Market indices and statistics
Indices
Malaysia
FBM KLCI
FBM Emas
FBM Syariah
FBM Small Cap
FBM ACE
Dow Jones
S&P 500
Nasdaq
FTSE
Nikkei
Hang Seng
Strait Times
PSEi Exchange
Bangkok SET
JSX Composite
Last
Daily
chg %
1,701.2
11,783.6
11,802.9
14,119.2
4,959.7
14,776.1
1,630.5
3,578.5
6,441.0
13,542.4
21,874.8
3,034.0
5,917.0
1,294.0
3,967.8
-1.2
-1.6
-1.9
-5.1
-5.0
-1.1
-1.6
-2.2
-0.8
-0.7
-0.6
-1.6
-4.0
-2.6
-3.7
Market Turnover
Vol (m shrs)
Value (RM m)
2,287.3
2,681.5
Top 5 value
Tenaga Nasional
Maybank
CIMB
SapuraKencana
Axiata
Last
8.63
9.86
7.38
3.24
6.48
Currencies
RM/USD
RM/£
RM/100 Yen
RM/€
RM/SGD
RM/CNY
Last
3.3310
5.1622
3.4305
4.4394
2.5954
0.5438
Commodities and futures
KLCI (1st month)
CPO (3rd month)
WTI (1st month)
Gold (spot)
FBMKLCI Chart
Last
1,689.5
2,452.0
109.0
1,415.1
YTD
chg %
0.7
3.0
2.4
23.0
17.7
12.8
14.3
18.5
9.2
30.3
-3.5
-4.2
1.8
-7.0
-8.1
Focus of the day
 IJM Plantations: 1QFY14: Growing pains (Sell ↓)
IJMP turned in a surprisingly disappointing quarter with 1QFY13 core profit making up
only 6.5% of house and consensus estimates. The quarter was impacted by higher costs
in Malaysia and Indonesia as well as a slower than expected start-up of a new mill.
Subsequent quarters could show improvement and earnings will recover over the longer
term but in the interim, we are factoring higher costs and lower CPO ASP, thus lowering
our estimates by 30-39% over FY14-FY16. We downgrade our call to SELL from buy with
a revised TP of RM2.43. (refer to report for details)
 IHH Healthcare: 1HFY13: Within our expectation (Neutral ↑)
IHH’s 1HFY13 core earnings came within our expectations, but below market
expectations. We have marginally adjusted our FY13-FY15 earnings estimates, mainly for
bookkeeping purposes. Following recent selldown, downside risk from current share
price has narrowed. As such, we upgrade from our sell call to NEUTRAL. TP is raised to
RM3.60 (from RM3.40) following our earnings revision. (refer to report for details)
Other reports
Daily Value
chg % (RM m)
-0.2
187.3
-0.6
164.5
-1.3
163.5
-7.7
97.2
-1.8
91.9
Daily
chg
0.0260
0.0090
0.0715
0.0168
0.0126
0.0032
Daily
chg %
0.8
0.2
2.1
0.4
0.5
0.6
Daily
chg
-29.5
18.0
3.1
10.4
Daily
chg %
-1.7
0.7
2.9
0.7





Carlsberg Brewery Malaysia: 2QFY13: Hit by Singapore operation (Sell)
Eversendai Corporation: 2QFY13: Earnings dent (Neutral ↓)
IJM Corporation: 1QFY14: Broadly inline (Neutral)
Lafarge Malaysia: 2QFY13: Competition remains an issue (Neutral)
Malaysian Pacific Industries: 4QFY13: Results spot-on (Neutral)
Malaysian news highlights
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Maxis: Cost cuts said to be in the offing, could include staff reduction
IJM Corporation: Looking to sell more stakes in Indian concessions
Lingkaran Trans Kota Holdings: No formal offers for LDP, Sprint
Mah Sing Group: Expands landbank in Rawang
Hartalega Holdings: Targets emerging markets
Asas Dunia: Gets takeover offer
Iris Corporation: Gets nod to set up high-tech smart village pilot project in South Africa
Malakoff Corporation: To go ahead with IPO next year
Property: Ministry mulls RPGT increase to stabilise house prices
Plantation: Palm oil price to increase by year-end due to low production of substitutes,
says MPOC
Utilities: Sustainable Energy Development Authority seeks extra 1% levy
Oil & Gas: Petronas says no deal with Brazil's OGX until debt restructured
Economy: Zeti: Malaysia to intervene if ringgit becomes disorderly
Global news highlights
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US: Confidence rises on employment prospects
US: Home prices rise but at slower pace
US: Farm income poised for record in 2013
US: 3 Fed regional banks pushed for discount rate hike in July
EU: ECB policy makers repeat rate pledge as council meeting looms
EU: EU investigation finds China solar-panel makers got aid
Germany: Business confidence increases to 16-month high
China: Urges caution in Fed policy tapering
All required disclosure and analyst certification appear on the last two pages of this report. Additional information is available upon
request. Redistribution or reproduction is prohibited without written permission
Daily Bread | 28 August 2013
MALAYSIAN NEWS
Maxis: Cost cuts said to be in the offing, could include staff reduction
As Maxis welcomes new CEO Morten Lundal, moves are being made to trim costs at the
country’s largest cellular company. Lundal is slated for a “meet and greet” session with
several senior Maxis officials this week although he will take over as the company’s CEO only
on Oct 1. But even before he can warm the hot seat at Maxis, there is talk that staff cuts are
being planned to reduce overheads. Those in the know claims that Maxis may be looking at
laying off between 10% and 15% of its workforce soon, involving a few hundred people, for
whom some form of compensation may be worked out. (StarBiz)
IJM Corporation: Looking to sell more stakes in Indian concessions
IJM Corp is ruminating over offers to buy stakes in highway concessions in India owned by
the Malaysian group. IJM MD Datuk Teh Kian Ming told reporters earlier that the concessions
have attracted a lot of attention as there is a lack of concessions available in India. While Teh
said that there have been offers made for all five of the concessions owned by IJM, he did
not name any of the interested parties or which of the concessions are on the verge of being
sold. (Financial Daily)
Lingkaran Trans Kota Holdings: No formal offers for LDP, Sprint
Lingkaran Trans Kota Holdings (Litrak) has not received any formal proposals from any party
to buy out the Damansara–Puchong Expressway (LDP) and Sistem Penyuraian Trafik KL Barat
Holdings Sdn Bhd (Sprint). “You’re asking the wrong party. Gamuda is our largest
shareholder, they are the right people to talk to. It is a matter for the shareholders, not the
company,” COO Richard Lim Kim Ong told StarBiz following the firm’s AGM yesterday.
(StarBiz)
Mah Sing Group: Expands landbank in Rawang
Mah Sing Group is taking a big bet on Rawang in Selangor, which will be linked by the mass
rapid transit to the city centre. The property developer acquired another parcel of land in the
once backwater town to develop its third township in the area, M Residence 3, which would
increase its GDV in the area to RM2.13bn. The proposed development has an estimated GDV
of RM520m. It consists of two-storey link homes and two-storey semi-dees with amenities
and facilities on a 96.71-acre (38.68ha) land. (Financial Daily)
Hartalega Holdings: Targets emerging markets
Hartalega Holdings is eyeing emerging markets such as China and India to fuel its growth. MD
Kuan Mun Leong said the group has set up two subsidiaries in the two countries as it believes
that there is a good chance that there will be an increase in the per capita consumption of
gloves in these countries. Hartalega also targets to increase its production capacity of gloves
to 28.5bn per year from 14bn with its Next Generation Integrated Glove Manufacturing
Complex (NGC). (Business Times)
Asas Dunia: Gets takeover offer
Asas Dunia has received an unconditional mandatory takeover offer from Tony Chan
Holdings Sdn Bhd, Tony Chan Capital Sdn Bhd, Sprintex Ltd and Best Conditions Ltd to
acquire all remaining ordinary shares in the company. The offer, previously on a voluntary
basis, was for the ordinary shares of RM1 each at a consideration of RM1.70 per offer share.
(StarBiz)
2
Daily Bread | 28 August 2013
Iris Corporation: Gets nod to set up high-tech smart village pilot project in South Africa
South African President Jacob Zuma has given Iris Corp the greenlight to set up a pilot project
of its innovative and high-technology "smart village" in South Africa. As part of his three-day
official visit to Malaysia, Zuma today visited Iris Corp's headquarters, where he was briefed
on the Rimbunan Kaseh smart village project in Tanjung Besar, Pahang, which was the
brainchild of Prime Minister Datuk Seri Najib Tun Razak and spearheaded by the company.
IRIS Corp MD, Datuk Tan Say Jim, said Zuma was interested in the project's agriculture
system as well as its housing development, which used a mixture of styrofoam and cement
as its base, thus lowering development cost without compromising quality. (Financial Daily)
Malakoff Corporation: To go ahead with IPO next year
Malakoff Corporation will go ahead with its initial public offering (IPO) next year, dismissing
talk that it will be deferred to 2015. Its CEO Zainal Abidin Jalil said the company is on target
to list on the Main Market of Bursa Malaysia by April or May next year. (Business Times)
Property: Ministry mulls RPGT increase to stabilise house prices
The Ministry of Urban Well-being, Housing and Local Government is studying the possibility
of increasing the real property gains tax (RPGT) to stabilise the prices of houses in the
country. Minister Datuk Abdul Rahman Dahlan said the current low RPGT has not been
effective in stabilising house prices and it may need to be increased to curb unhealthy
speculation in the housing market. On whether the move would be announced at the coming
Budget, he said: "I wouldn't say that there will be an increase in RPGT in the coming budget.
That will be entirely the prime minister's decision. As far as I'm concerned, we're studying
the possibility and if it can cool down the market, it would be on the table." (Financial Daily)
Plantation: Palm oil price to increase by year-end due to low production of substitutes,
says MPOC
Palm oil price is expected to increase by year-end due to low production of substitutes such
as vegetable and soybean oils, the Malaysian Palm Oil Council (MPOC) said Tuesday. The US
Department of Agriculture has been reported to have cut soybean production by about 5%
and this could lead to low supply globally. (Bernama)
Utilities: Sustainable Energy Development Authority seeks extra 1% levy
The Sustainable Energy Development Authority (Seda) is seeking an additional 1% levy to the
renewable energy (RE) fund, on top of the current 1% imposed in electricity bills, according
to CEO Datin Badriyah Abdul Malek. “We’re looking at a maximun 1% levy that could
increase the RE fund size to spur more development in the RE sector. The RE fund is the
lifeline of Feed-in-Tariff (FiT),” she said at Seda’s Raya open house. (StarBiz)
Oil & Gas: Petronas says no deal with Brazil's OGX until debt restructured
Petroliam Nasional, the Malaysian state oil company, said a final agreement to buy a stake in
an oil field owned by Brazil's OGX Petróleo e Gas Participações SA is being held up by the
completion of OGX's debt restructuring plan. Petronas, as the Malaysian company is known,
agreed in May to pay USD850m for a 40% stake in two blocks of OGX's Tubarão Martello
field. Regulator ANP has not approved the deal because Petronas has yet to present the
necessary financial guarantees to back up the purchase, a government source told Reuters
late on Monday. (StarBiz)
3
Daily Bread | 28 August 2013
Economy: Zeti: Malaysia to intervene if ringgit becomes disorderly
Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz said the central bank will
intervene if the ringgit becomes disorderly. ”What is important for us is just to focus on
orderly market conditions. If it’s highly disruptive and disorderly, yes, the central bank will
step in. Otherwise, it’s very much determined by the market,” Bloomberg quoted her. The
ringgit has fallen 8.2% this year to a three-year low against the dollar, the fourth worst
performer among 11 most traded Asian currencies tracked by Bloomberg. (Financial Daily)
4
Daily Bread | 28 August 2013
GLOBAL NEWS
US: Confidence rises on employment prospects
Consumer confidence unexpectedly improved in August as Americans grew more optimistic
about employment opportunities and the outlook for the economy. The Conference Board’s
index of sentiment advanced to 81.5 from a revised 81 the prior month that was stronger
than initially estimated, the New York-based private research group said on Tuesday. The
median forecast in a Bloomberg survey of economists was 79. (Bloomberg)
US: Home prices rise but at slower pace
US home prices rose in June but the pace of gains cooled, suggesting higher mortgage rates
may end up slowing momentum in the housing sector as the year winds down. Home prices
rose 0.9 on a seasonally adjusted basis, according to the S&P/Case Shiller composite index of
20 metropolitan areas. Economists had expected them to match May's 1 gain. The data is not
likely to alter economists' expectations that the housing recovery will continue, keeping it a
sweet spot for an economy that grew just 1.7 in 2Q 2013. But mortgage rates have climbed
more than a percentage point since late May, largely on expectations that the Federal
Reserve will soon start withdrawing its support for the economy by purchasing fewer bonds.
(Reuters)
US: Farm income poised for record in 2013
The US agricultural sector will enjoy record high income in 2013 as bin-busting grain harvests
in the Midwest more than offset expected lower prices, the Department of Agriculture said
on Tuesday. Net farm income in the United States will reach $120.6bn this year, up 6 from
2012 but down from the $128.2bn preliminarily forecast in February, mostly reflecting
updated forecasts for cash corn receipts. When adjusted for inflation, net farm income will
be the second highest since 1973, USDA said. In unadjusted terms it will exceed the previous
high of $118bn in 2011; as recently as 2009 net income was just $60.4bn. (Reuters)
US: 3 Fed regional banks pushed for discount rate hike in July
Three regional Federal Reserve banks pushed for an increase in the discount rate governing
emergency loans from the central bank ahead of a late July policy meeting, minutes from Fed
board meetings released on Tuesday showed. The minutes showed that the boards of
directors from the Philadelphia Federal Reserve Bank, Kansas City Fed and Dallas Fed all
wanted to push the discount rate up by a quarter of a percentage point. That represented a
growing chorus; ahead of the Fed's prior policy meeting in June, only Philadelphia and Kansas
City were pressing for action. The minutes of July 29 meeting said that some directors
wanted to raise the discount rate to 1 "as another step toward restoring a pre-crisis discount
rate structure." (Reuters)
EU: ECB policy makers repeat rate pledge as council meeting looms
Two European Central Bank Executive Board members acknowledged that the euro area’s
economy is recovering and repeated a pledge ahead of a policy meeting next week that the
central bank will keep interest rates low. “We said that our monetary policy stance will
remain expansionary for as long as needed,” Joerg Asmussen said in a speech in DautphetalBuchenau, Germany. “2Q 2013 data confirm our baseline scenario. Our interest rates will
remain at the present or lower level for a longer period of time.” Policy makers will convene
for their monthly policy-setting meeting on Sep 5, when ECB President Mario Draghi will
present new growth and inflation forecasts and provide an update on the bank’s
unprecedented pledge to keep rates low. The 17-nation euro economy grew 0.3 in 2Q 2013,
ending its longest-ever recession. (Bloomberg)
5
Daily Bread | 28 August 2013
EU: EU investigation finds China solar-panel makers got aid
Chinese solar-panel makers received subsidies, a EU investigation showed, increasing the
likelihood of EU tariffs on imports of the renewable-energy technology from China to counter
trade-distorting state aid. The European Commission has concluded in the probe opened last
November that Chinese manufacturers of crystalline silicon photovoltaic modules or panels,
and cells and wafers used in them, benefited from preferential lending, tax programs and
other aid, an EU official said in Brussels. The inquiry is one of two that the commission is
conducting into alleged unfair Chinese trade in solar goods. (Bloomberg)
Germany: Business confidence increases to 16-month high
German business confidence rose to the highest level in 16 months in August, beating
forecasts and indicating that the recovery in Europe’s largest economy is gathering pace. A
measure of construction activity fell. The Ifo business climate index, based on a survey of
7,000 executives, climbed to 107.5 from 106.2 in July, the Munich-based institute said today.
That’s the highest since April 2012. Economists predicted an increase to 107, according to
the median of 42 forecasts in a Bloomberg News survey. (Bloomberg)
China: Urges caution in Fed policy tapering
The US Federal Reserve must consider when and how fast it unwinds its economic stimulus
to avoid harming emerging markets, although the impact on China could be more limited
compared with some other countries, senior Chinese officials said on Tuesday. The warning
by China's Vice Finance Minister Zhu Guangyao and central bank Vice Governor Yi Gang came
as economies from Brazil to Indonesia struggle to cope with capital flight as US interest rates
rise ahead of an expected tapering off in the Fed's bond buying program that unleashed
liquidity across the world. (Reuters)
6
Daily Bread | 28 August 2013
ECONOMIC CALENDAR
Country
Details
China
United States
United States
Eurozone
Eurozone
Eurozone
United States
United States
China
China
Eurozone
United States
United States
China Leading Index
US Pending Home Sales m-o-m
US Initial Jobless Claims
EU Unemployment Rate
EU CPI y-o-y
EU Economic Confidence
US Personal Income
US Personal Spending
China Official Manufacturing PMI
China HSBC/Markit Manufacturing PMI
EU Manufacturing PMI
US Construction Spending m-o-m
US Manufacturing ISM
Date
Period
Median Forecast
Prior
28-Aug-13
28-Aug-13
29-Aug-13
30-Aug-13
30-Aug-13
30-Aug-13
30-Aug-13
30-Aug-13
2-Sep-13
2-Sep-13
2-Sep-13
3-Sep-13
3-Sep-13
Jul
Jul
Aug 23
Jul
Aug
Aug
Jul
Jul
Aug
Aug
Aug
Jul
Aug
0.00
330,000
12.10
1.40
83.80
0.20
0.30
50.5
50.2
0.20
54.0
99.55
-0.40
336,000
12.10
1.60
92.50
0.30
0.50
50.3
47.7
51.3
-0.60
55.4
CORPORATE CALENDAR
Financial results
Company
Financial quarter
Announcement date
Hunza Properties
Media Chinese International
TRC Synergy
Mudajaya
Genting Berhad
Genting Malaysia
Hong Leong Bank
Kimlun Corporation
Axiata
Sime Darby
RHB Capital
4QFY13
2QFY13
2QFY13
2QFY13
2QFY13
2QFY13
4QFY13
2QFY13
2QFY13
4QFY13
2QFY13
28-Aug-2013
28-Aug-2013
28-Aug-2013
28-Aug-2013
29-Aug-2013
29-Aug-2013
29-Aug-2013
29-Aug-2013
30-Aug-2013
30-Aug-2013
30-Aug-2013
Analyst briefing / teleconference date and time
Analyst briefing on 30 Aug 2013
Corporate Actions
Company
Particulars
Instacom Group
Century Logistics
Holdings
Kumpulan Hartanah
Selangor
Asas Dunia
Bonus issue of up to 351.1m new warrants (1:2)
Date
Price announced
Ex-date
RM0.33/warrant
-
12-Jun-13
15-Aug-13
28-Aug-13
2-Sep-13
Unconditional take-over offer by Kumpulan Darul Ehsan
RM0.84/share
14-Feb-13
TBA
Conditional voluntary take over offer by Tony Chan Holdings Sendirian Berhad,
Tony Chan Capital Sdn Bhd, Sprintex Limited and Best Conditions Limited
Denko Industrial
Par value reduction of RM0.60/share
Rights issue of up to 254m new shares (1:1) together with up to 254m free new
GPRO Technologies
detachable warrants (1:1)
Melewar Industrial
Rights issue of 150.3m shares (2:3)
SAAG Consolidated
Restricted issue of 100.0m new ordinary shares
Renounceable rights issue of up to 3,035.9m new ordinary shares (7:5) together
SAAG Consolidated
with up to 607.2m free detachable warrants (1:5)
Malaysian AE Models Renounceable two-call rights issue of 53.5m new shares (1:2) together with up
Holdings
to 53.5 free detachable warrants (1:2)
Dijaya Corporation
Bonus issue of up to 122.8m new shares (1:4 rights)
OSK Property
Bonus issue of up to 47.5m new shares (2:1 Rights)
Renounceable rights issue of up to 94m new shares (4:1) together with up to
Ideal Sun City
47m free detachable warrants
RM1.70/share
29-Jul-13
TBA
-
28-Jul-11
TBA
RM0.10/share
20-Jan-12
TBA
RM0.40/share
TBA
31-Jan-12
13-Feb-12
TBA
TBA
RM0.10/share
13-Feb-12
TBA
RM1.00/share
2-Mar-12
TBA
-
6-Mar-12
16-Mar-12
TBA
TBA
RM0.10/share
27-Apr-12
TBA
Distribution of treasury shares (1:25)
7
Daily Bread | 28 August 2013
Corporate Actions
Date
Price announced
Company
Particulars
Aliran Ihsan
Resources
Tadmax Resources
Asia Knight
Proposed selective capital reduction and repayment resulting in the privatisation
of the company by MMC Corporation
Par value reduction of RM0.50/share
Renounceable rights issue of 66.1m irredeemable convertible preference
shares(3:2) together with 22.0m free detachable warrants (1:2)
Renounceable rights issue of up to 255.2m new ordinary shares (2:1) together
with up to 382.8m new free detachable warrants (2:1.5)
Renounceable rights issue of up to 339m new shares (1:4) together with up to
339m free detachable warrants (1:4)
Proposed issue of up to 473m free warrants (1:3)
Eduspec Holdings
Diversified Gateway
Solutions
Malaysian Resources
Corporation
GPRO Technologies
GPRO Technologies
Priceworth
International
Priceworth
International
KBB Resources
KBB Resources
Sarawak Cable
Bright Packaging
AT Systemization
Censof Holdings
Naim Indah
Corporation
Tiger Synergy
Starhill REIT
Flonic Hi-tec
Nextnation
Help International
Corporation
Hua Yang
Symphony Life
Pintaras Jaya
Zelan
Zelan
BIMB Holdings
SBC Corporation
SBC Corporation
Ex-date
RM1.84/share
9-Jul-12
TBA
RM1.00/ICPS
18-Jul-12
9-Nov-12
TBA
TBA
RM0.10/share
26-Dec-12
TBA
RM0.10/share
26-Dec-12
TBA
TBA
8-Feb-13
TBA
-
14-Feb-13
14-Feb-13
1-Apr-13
TBA
TBA
TBA
Proposed issuance of unsecured redeemable convertible notes with an
aggregate principal amount of up to RM50.0m
Par value reduction of RM0.35/share
Renounceable rights issue of up to 120m new shares (1:1) together with up to
RM0.18/share
120m free detachable warrants (1:1)
Bonus issue of up to 46.5m new shares (1:5)
Par value reduction of RM0.50/share
Renounceable rights issue of up to 196.8m new ordinary shares (1:1) together
TBA
with up to 196.8m free detachable warrants (1:1)
Issuance of redeemable convertible notes with an aggregate principal amount of
TBA
up to RM100m
Rights issue of up to 702m new shares (1:1) together with up to 842.4m free
TBA
new detachable warrants (6:5)
Renounceable rights issue of up to 424.7m new shares (1:1) together with up to
TBA
424.7m free detachable warrants (1:1)
Proposed placement of new units to raise gross proceeds of up to RM800m
TBA
Par value reduction of RM0.05/share
Renounceable rights issue of up to 608.8m new ordinary shares (2:4) together
RM0.10/share
with up to 304.4m free detachable warrants (2:1)
Renounceable rights issue of RM71m nominal value of 5 years 4% ICULS
100% of nominal
(RM0.50 ICULS:1)
value of ICULS
Bonus issue of up to 66m new shares (1:3)
Bonus issue of up to 77.5m warrants (1:4)
Bonus issue of up to 80.1m new shares (1:1)
Par value reduction of RM0.40/share
Rights issue of up to 281.6m new shares (1:2) together with free new
TBA
detachable warrants (1:1)
Renounceable rights issue of up to 426.7m ordinary shares (2:5) together with
RM3.60/share
up to 426.7m free warrants (2:2)
Renounceable rights issue of up to 49.4m ordinary shares (3:5)
TBA
Bonus issue of up to 24.7m new shares (1:2)
TBA
1-Apr-13
TBA
3-Apr-13
3-Apr-13
TBA
TBA
4-Apr-13
19-Apr-13
10-May-13
TBA
TBA
TBA
14-May-13
TBA
10-Jun-13
TBA
13-Jun-13
TBA
14-Jun-13
21-Jun-13
27-Jun-13
TBA
TBA
TBA
8-Jul-13
TBA
17-Jul-13
23-Jul-13
30-Jul-13
31-Jul-13
31-Jul-13
TBA
TBA
TBA
TBA
TBA
1-Aug-13
TBA
2-Aug-13
2-Aug-13
TBA
TBA
Par value reduction of RM0.07/share
Bonus issue of up to 139.7m warrants to ordinary shareholders (1:2)
Par value reduction of RM0.40/share
Note: TBA – to be announced
Dividends
Company
Particulars
AMMB Holdings
Marco Holdings
Knusfor
Homeritz
Corporation
Mitrajaya Holdings
QL Resources
Oriental Food
GUH Holdings
Final single tier dividend 15%
Second interim single-tier dividend 8%
First and final single tier dividend 5 sen
First interim single tier dividend 5% equivalent
to 1 sen T.E.
First and final single tier cash dividend 2 sen
Final single tier dividend 4.5 sen
Single tier final dividend RM0.02
Interim dividend 6 sen
Gross DPS
(RM)
Date
announced
Ex-date
Lodgement
date
Payment
date
0.015
0.080
0.050
0.010
30-Jul-13
16-Aug-13
5-Jun-13
29-Jul-13
28-Aug-13
28-Aug-13
28-Aug-13
28-Aug-13
30-Aug-13
30-Aug-13
30-Aug-13
30-Aug-13
12-Sep-13
20-Sep-13
18-Sep-13
27-Sep-13
0.020
0.045
0.020
0.060
28-May-13
29-Jul-13
1-Aug-13
19-Aug-13
28-Aug-13
29-Aug-13
29-Aug-13
30-Aug-13
30-Aug-13
2-Sep-13
2-Sep-13
3-Sep-13
12-Sep-13
13-Sep-13
1-Oct-13
18-Sep-13
8
Daily Bread | 28 August 2013
Dividends
Gross DPS
(RM)
Date
announced
Ex-date
Lodgement
date
Payment
date
Company
Particulars
Unico-Desa
Plantations
BP Plastics Holdings
Hap Seng
Plantations
Pharmaniaga
Malayan Flour Mills
Alam Maritim
Pantech Group
Century Logistics
Holdings
KLCC Property
Single tier final dividend 2.5 sen
0.025
11-Jul-13
29-Aug-13
3-Sep-13
18-Sep-13
Interim dividend 4% T.E.
First interim dividend 3 sen single-tier T.E
0.040
0.030
19-Aug-13
19-Aug-13
30-Aug-13
30-Aug-13
3-Sep-13
3-Sep-13
19-Sep-13
19-Sep-13
Second interim dividend - single tier 3.41 sen
Interim dividend 3 sen
Final single-tier dividend 1% or 0.25 sen
Final single tier dividend 1.20 sen
Single tier interim cash dividend 4.0 sen
0.034
0.030
0.003
0.012
0.040
16-Aug-13
21-Aug-13
20-Aug-13
24-Jul-13
15-Aug-13
30-Aug-13
2-Sep-13
2-Sep-13
2-Sep-13
2-Sep-13
3-Sep-13
4-Sep-13
4-Sep-13
4-Sep-13
4-Sep-13
24-Sep-13
20-Sep-13
12-Sep-13
19-Sep-13
3-Oct-13
Second interim dividend 4.26 sen T.E under
single tier system
First income distribution of 3.19 sen per unit
(taxable)
Single tier final dividend 5%
Final dividend 2.5% single tier
Single tier final dividend 8.25%
Final dividend 4 sen single tier
Interim dividend of 16.3 sen less tax and 1.2
sen single tier
Interim single-tier TE dividend 8 sen
Second interim single tier dividend 85%
Final dividend 35 sen
0.043
21-Aug-13
3-Sep-13
5-Sep-13
19-Sep-13
0.032
21-Aug-13
3-Sep-13
5-Sep-13
3-Oct-13
0.050
0.025
0.083
0.040
0.175
24-Jul-13
28-Jun-13
30-Jul-13
1-Aug-13
21-Aug-13
4-Sep-13
4-Sep-13
4-Sep-13
4-Sep-13
4-Sep-13
6-Sep-13
6-Sep-13
6-Sep-13
6-Sep-13
6-Sep-13
20-Sep-13
27-Sep-13
18-Sep-13
19-Sep-13
27-Sep-13
0.080
0.085
0.350
6-Aug-13
21-Aug-13
30-May-13
4-Sep-13
5-Sep-13
5-Sep-13
6-Sep-13
9-Sep-13
9-Sep-13
3-Oct-13
26-Sep-13
20-Sep-13
Special dividend 138 sen
1.380
30-May-13
5-Sep-13
9-Sep-13
20-Sep-13
Interim dividend 2.5 sen
Second interim income distribution 1.83 sen
(taxable 1.75 sen & 0.0798 sen T.E)
First interim dividend 2 sen single tier
0.025
0.018
23-Aug-13
23-Aug-13
5-Sep-13
5-Sep-13
9-Sep-13
9-Sep-13
25-Sep-13
8-Oct-13
0.020
22-Aug-13
5-Sep-13
9-Sep-13
3-Oct-13
Single tier interim dividend 3 sen
0.030
31-Jul-13
5-Sep-13
9-Sep-13
30-Sep-13
First and final dividend 7.6 sen (0.4 sen less tax
and single-tier dividend 7.2 sen)
Interim single tier dividend 2.5 sen
0.076
19-Jun-13
5-Sep-13
9-Sep-13
20-Sep-13
0.025
22-Aug-13
6-Sep-13
10-Sep-13
26-Sep-13
Interim dividend 10% (or 2.5 sen) single-tier T.E
0.025
20-Aug-13
6-Sep-13
10-Sep-13
25-Sep-13
Special dividend 15% (or 3.75 sen) single-tier
T.E
Interim single tier dividend 8 sen
First interim single tier dividend 6 sen
Interim dividend 15 sen single tier
Interim dividend 3 sen T.E.
0.038
20-Aug-13
6-Sep-13
10-Sep-13
25-Sep-13
0.080
0.060
0.150
0.030
21-Aug-13
22-Aug-13
22-Aug-13
22-Aug-13
6-Sep-13
6-Sep-13
6-Sep-13
6-Sep-13
10-Sep-13
10-Sep-13
10-Sep-13
10-Sep-13
27-Sep-13
25-Sep-13
20-Sep-13
27-Sep-13
Second interim single tier dividend 3.50 sen
Second interim dividend 5% single tier
Final dividend 3 sen
Interim dividend RM0.60 single tier T.E
Single tier interim dividend 3.5 sen
Second interim dividend - single tier 7.5 sen
Final dividend 9.5 sen
Interim single-tier dividend 4 sen
First interim single-tier dividend 1 sen
Second semi-annual interest payment 4%
ICULS
Single-tier final dividend 8%
First and final dividend 8.30 sen
0.035
0.050
0.030
0.600
0.035
0.075
0.095
0.040
0.010
0.040
22-Aug-13
23-Aug-13
4-Jun-13
22-Aug-13
22-Aug-13
21-Aug-13
2-Aug-13
21-Aug-13
22-Jul-13
22-Aug-13
9-Sep-13
9-Sep-13
9-Sep-13
10-Sep-13
10-Sep-13
11-Sep-13
11-Sep-13
11-Sep-13
11-Sep-13
11-Sep-13
11-Sep-13
11-Sep-13
11-Sep-13
12-Sep-13
12-Sep-13
13-Sep-13
13-Sep-13
13-Sep-13
13-Sep-13
13-Sep-13
27-Sep-13
27-Sep-13
26-Sep-13
3-Oct-13
26-Sep-13
30-Sep-13
7-Oct-13
30-Sep-13
27-Sep-13
25-Sep-13
0.080
0.083
6-Aug-13
12-Aug-13
12-Sep-13
12-Sep-13
17-Sep-13
17-Sep-13
4-Oct-13
14-Oct-13
KLCC REIT
Systech
YNH Property
Hua Yang
Hartalega Holdings
Petronas Dagangan
Maxis
IOI Corporation
Panasonic
Manufacturing
Malaysia
Panasonic
Manufacturing
Malaysia
OSK Holdings
Amanahraya REIT
Wah Seong
Corporation
Luxchem
Corporation
Mah Sing Group
Paramount
Corporation
Kian Joo Can
Factory
Kian Joo Can
Factory
PPB Group
Deleum
Petronas Gas
Daibochi Plastic &
Packaging
Jobstreet
Magnum 4D
Seacera Group
Nestle Malaysia
WCT Holdings
Boustead Holdings
Pos Malaysia
Apex Healthcare
Gunung Capital
SAM Engineering &
Equipment
LTKM
SAM Engineering &
Equipment
9
Daily Bread | 28 August 2013
Dividends
Company
Particulars
ELK-Desa Resources
SHL Consolidated
Tomypak Holdings
Icapital Biz
Li Hen Industries
Amcorp Properties
Chinwell Holdings
Jasa Kita
First and final single tier dividend 6.5 sen
First and final dividend 12 sen
Interim dividend 2.0 sen T.E.
Special dividend 9.5 sen
Second interim single-tier dividend 1.5%
Final dividend 6%
Second interim dividend 4% T.E
First and final dividend 5%
Gross DPS
(RM)
Date
announced
0.065
0.120
0.020
0.095
0.015
0.060
0.040
0.050
8-Jul-13
22-Jul-13
19-Aug-13
22-Aug-13
23-Aug-13
20-Aug-13
22-Aug-13
22-Aug-13
Note: TE – tax exempt
10
Ex-date
Lodgement
date
Payment
date
13-Sep-13
13-Sep-13
13-Sep-13
17-Sep-13
17-Sep-13
13-Sep-13
23-Sep-13
23-Sep-13
18-Sep-13
18-Sep-13
18-Sep-13
19-Sep-13
19-Sep-13
23-Sep-13
25-Sep-13
25-Sep-13
3-Oct-13
30-Sep-13
8-Oct-13
7-Oct-13
4-Oct-13
3-Oct-13
22-Oct-13
10-Oct-13
Daily Bread | 28 August 2013
DISCLOSURE
Stock rating definitions
Strong buy
Buy
Neutral
Sell
Trading buy
-
High conviction buy with expected 12-month total return (including dividends) of 30% or more
Expected 12-month total return of 15% or more
Expected 12-month total return between -15% and 15%
Expected 12-month total return of -15% or less
Expected 3-month total return of 15% or more arising from positive newsflow. However, upside may not be
sustainable
Sector rating definitions
Overweight
Neutral
Underweight
- Industry expected to outperform the market over the next 12 months
- Industry expected to perform in-line with the market over the next 12 months
- Industry expected to underperform the market over the next 12 months
Commonly used abbreviations
Adex = advertising expenditure
bn = billion
BV = book value
CF = cash flow
CAGR = compounded annual growth rate
Capex = capital expenditure
CY = calendar year
Div yld = dividend yield
DCF = discounted cash flow
DDM = dividend discount model
DPS = dividend per share
EBIT = earnings before interest & tax
EBITDA = EBIT before depreciation and amortisation
EPS = earnings per share
EV = enterprise value
FCF = free cash flow
FV = fair value
FY = financial year
m = million
M-o-m = month-on-month
NAV = net assets value
NM = not meaningful
NTA = net tangible assets
NR = not rated
p.a. = per annum
PAT = profit after tax
11
PBT = profit before tax
P/B = price / book ratio
P/E = price / earnings ratio
PEG = P/E ratio to growth ratio
q-o-q = quarter-on-quarter
RM = Ringgit
ROA = return on assets
ROE = return on equity
TP = target price
trn =trillion
WACC = weighted average cost of capital
y-o-y = year-on-year
YTD = year-to-date
Daily Bread | 28 August 2013
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