Reports » Malaysia
Malaysia stock market and companies daily report (January 03, 2014)
Banking Sector Loan Growth To Be Lower
- Although the banking sector’s loan growth last year had been steady, analysts had forecast growth for 2014 to be lower at 9 percent, moderated downwards from the projected 10 percent in 2013 given the concerns over the macro-prudential measures implemented by Bank Negara.
- Alliance Research and Affin Investment projected a growth forecast of 9 percent and 9.5 percent for 2014 respectively. Both houses note that growth in household loans would be dampened by Bank Negara’s measures targeted at mortgage and personal loans as well as subsidy rationalisation programme that would lower discretionary spending and measures to curb speculation in the property sector.
- Nonetheless, the roll-out of Economic Transformation Programme projects would drive growth in system loans.
Significance: Despite the slower household loans growth, Hong Leong Investment Research expects business loans growth to pick up the slack as the sector would benefit from domestic consumerism and economy, strong asset quality, robust capital ratios, capital management and mergers and acquisitions.
LTH Ceases To Be Substantial Shareholder Of Konsortium Logistik
- Lembaga Tabung Haji (LTH) ceased to be a substantial shareholder of Konsortium Logistik following the disposal of 17.1 million shares or a 6.76 percent stake in the company.
- LTH’s move came after DRB-Hicom’s proposed takeover of Konsortium Logistik, via its subsidiary KL Airport Services (KLAS). KLAS had proposed to acquire a 61.61 percent stake from Ekuiti Nasional for RM241 million cash or RM1.55 per share in October 2013, which also triggered a mandatory general offer for the remaining shares in Konsortium Logistik.
- Konsortium Logistik has changed its financial year end from 31 December to 31 March to coincide with the financial year end of its new holding company, KLAS.
Significance: The takeover of Konsortium Logistik is in line with DRB-Hicom’s strategy and will strengthen and provide further breadth and depth to the group’s services sector by enjoying the synergies that will be obtained with a complete air-sea-land transportation solution, making KLAS an integrated logistics service provider.
Scomi Energy Close to Winning Ophir Project
- Scomi Energy Services and its Australian partner Octanex are said to be close to securing a contract from Petroliam Nasional (Petronas) to develop a marginal oilfield off the coast of Terengganu.
- The Ophir cluster, one of 10 small oilfields to be tendered out by Petronas, was estimated to contain 5.1 million barrels of recoverable oil. At current crude oil price of about US$100 a barrel, this values the Ophir contract at US$510 million (RM1.7 billion).
- The cost of developing the field is estimated at between US$130 million and US$200 million, after taking into account the required capital and operating expenditures for the project.
Significance: Petronas will announce the winners for the contracts as early as this month and would be the first risk service contract win for the Scomi if it materialises. Scomi will take up a 30 percent stake in the venture, with Octanex and Vestigo Petroleum, a unit of Petronas Carigali, owning 50 percent and 20 percent stakes respectively.
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