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Reports Malaysia

Malaysia stock market and companies daily report (July 29, 2014)

July 29, 2014, Tuesday, 03:35 GMT | 23:35 EST | 08:05 IST | 10:35 SGT
Contributed by Shares Investment

Country Height In Tie-Up To Improve Aged Care Services

- Country Height Holdings’ tourism unit, Palace Vacation Club, has formed a pact with Cherish-Yearn Co to improve aged care services in Asia. Cherish-Yearn is a leading provider in multi-functional aged care services.

- The goal is to provide green sanctuaries within Malaysia to local and foreign tourists akin to the Mines Wellness City (MWC).

- MWC is a project covering an area of 322.8 hectares with the main objective of promoting the wellness, preventive and complementary health industries in the country.

Significance: The duo will enhance ongoing plans to develop and expand MWC into a major regional wellness hub and a leading tourist destination.

Genting Malaysia To Focus On Premium Mass Customers

- In line with Genting Malaysia’s aim to increase yields per customer in the long term, through its Integrated Tourism Plan, the firm has strategised to increase its mix of premium mass customers aside from raising overall visitor volumes.

- With its Resorts World Genting upgrading project, which will increase its five-star room category to one-third of the total room supply by 2020, on schedule, the availability of higher quality rooms will attract guests with a higher propensity to spend.

- Also, Resorts World New York has maintained its market share of around 42 percent and is said to further defend its market position regardless of less favourable proposition presented in such an upstate location.

Significance: PublicInvest has maintained a “Neutral” rating for Genting Malaysia with an unchanged target price of RM4.35 due to the lack of catalyst in the near-term.

LPI 2Q Net Profit Up 9.8%

- For the quarter ended 30 June, 2014, LPI Capital’s net profit surged 9.9 percent to RM51.2 million, up from RM46.6 million a year earlier.

- The firm’s top line grew 3.2 percent to RM291.5 million, from RM282.4 million, underpinned by improved revenue of its general insurance segment, mainly contributed by higher gross earned premium.

- In light of the company’s performance, LPI has declared a first interim dividend of RM0.20 per share.

Significance: Looking ahead, LPI foresees slower growth in gross premium income for the rest of 2014 in view of keen competition in both the insurance industries of Malaysia and Singapore.