New York: 03:57 || London: 08:57 || Mumbai: 12:27 || Singapore: 14:57

Reports Malaysia

Malaysia stock market and companies daily report (April 22, 2014)

April 22, 2014, Tuesday, 05:59 GMT | 00:59 EST | 09:29 IST | 11:59 SGT
Contributed by Shares Investment

LBS To Develop 4 Plots Of Land In Johor

- Together with YPJ Multi Ventures, LBS Bina Group’s 60-percent subsidiary, Koleksi Sigma, has entered into a joint development agreement to develop four plots of land in Johor with an estimated gross development value of RM815 million.

- The land, measuring 14.2 acres, is slated to house 2,311 service apartments, 240 residential units and a sewerage treatment plant with the property prices set to fall within the mid-range segment of RM150,000 to RM600,000 a unit.

- The development is scheduled to begin early next year with expected completion on the service apartment and residential units within seven years and three years respectively.

Significance: The development will allow LBS to make a fast turnaround on the land and benefit both the purchasers and the company.

Public Bank Reports Increase In Net Profit To RM1 Billion (up 5.3%)

- Public Bank has reported net profit for the first quarter ended 31 March, of RM1.02 billion, which was approximately 5.3 percent higher than the net profit of RM968.3 million for the same period a year earlier.

- A healthy annualised loan growth of 10.7 percent and an annualised deposit growth of 14.2 percent was seen for its domestic operations. This reflects continued resilience in its performance.

- Chairman of Public Bank, Tan Sri Teh Hong Piow, mentioned that the demonstrated resilience in performance by the group was despite a challenging operating environment and expected moderation in the overall domestic demand.

Significance: Public Bank continues to be at the forefront among its banking peers in Malaysia, achieving the highest net return on equity of 20.5 percent while maintaining the lowest gross impaired loan ratio of 0.7 percent, and cost to income ratio of 31.8 percent in 1Q14.

Aiming To Tap Institutional Money; Affin Holdings

- Affin Holdings is aiming to tap institutional money from Kumpulan Wang Persaraan (KWAP), and the Employees Provident Fund (EPF) via its collaboration with Japanese brokerage Daiwa Securities Group.

- Since the deal was inked with Daiwa last December, Affin has seen the collaboration yield sales of some RM100 million. The alliance between Daiwa and Affin will see the co-branding of and distribution of research reports produced by Affin to Daiwa’s global client base.

Significance: As of current, the sales so far from the collaboration of Daiwa and Affin consist of only inbound investments into Malaysia from Japan, and Affin was hoping to start making outbound investments soon. This is in hopes that institutional clients such as KWAP and the EPF make purchases out of Malaysia through Daiwa’s offices instead.