By Kuala Lumpur Newsroom
Nikkei Markets
  KUALA LUMPUR (Nov 21) — Here’s a roundup of latest news from Malaysia so far on Tuesday:

*Malaysia’s Pecca Group In Talks With Local Airlines To Supply Seat Covers-CEO

Malaysian leather upholstery supplier Pecca Group is in talks to sell seat covers to domestic airlines and the initiative, if successful, could help boost the company’s profit margin, its chief executive said.

*MARKET BUZZ: Malaysia’s GD Express Falls To Near 3-Month Low On Weak 1Q Earnings

GD Express Carrier down 0.8% at MYR0.625, lowest since September, as 1Q net profit down 3% on year, slightly missing expectations. RHB Investment Bank expects company to deliver stronger 2Q earnings, driven by record breaking Singles’ Day sales in November by e-commerce companies.

*MARKET BUZZ: Want Want China Slips 6.3% After Earnings Miss

Want Want China declines 6.3% to HK$5.97 after net profit attributable to shareholders for Jan-Sep period declines 14%. “This (fall in profits) tracks behind our full-year estimate of a 4.3% decline and consensus of 10% fall,” Morgan Stanley says in note.

*Want Want China Jan-Sep Net Profit Falls 13.8% On Higher Raw Material Cost

Want Want China Holdings, a snacks maker, posted 13.8% fall in nine-month net profit, due to lower revenue and higher cost of certain key raw materials such as packaging materials and sugar.

*MARKET BUZZ: Malaysia’s Hap Seng Plantations Near 3-Month Low; Brokers Cut TP

Hap Seng Plantations drops to MYR2.56, lowest since August 25. Kenanga Investment Bank cuts target price to MYR2.70 from MYR2.80 after reducing earnings projections, keeps Market Perform call.

*MARKET BUZZ: Malaysia’s Petra Energy Hits 2-Year Low On 3Q Loss; Affin Cuts TP

Petra Energy drops to lowest since August 2015 after posting MYR7.9 million net loss in 3Q. AffinHwang Investment Bank cuts target price to MYR0.70 from MYR0.90; keeps Sell call.

*MARKET BUZZ: Ping An, Tencent Lift Hong Kong’s HSI To 10-Year Highs

Hang Seng up 0.9% at 29,508.34, paced by rally in Ping An Insurance Group.

*MARKET BUZZ: Brokerages Upgrade Malaysia’s UEM Sunrise After Strong 3Q

MIDF Research raises UEM Sunrise to Buy from Neutral as 3Q net profit more than doubles on year; keeps target price at MYR1.24.

*Malaysia’s Previously Approved, Ongoing Luxury Property Projects Can Proceed-Minister

Malaysia’s Second Finance Minister said Tuesday previously-approved real estate projects and ongoing constructions can proceed amid a freeze on approval for luxury property development.

*MARKET BUZZ: Malaysia KLCI Edges 0.1% Higher; 1729 Resistance Tipped-CIMB

Malaysia’s benchmark KLCI edges higher after a flat opening, now +0.1% at 1724.55 in line with most Asian markets, which are trading higher tracking overnight Wall Street gains.

*China’s Fosun International To Inject Assets, Boost Stake In Shanghai-Listed Yuyuan

Chinese conglomerate Fosun International said on Monday it will sell its equity interest in 26 companies, mostly related to real estate development, to its Shanghai-listed affiliate Shanghai Yuyuan Tourist Mart for 24.23 billion yuan ($3.65 billion) in an all-share deal that will make the latter a majority owned subsidiary.

*MARKET BUZZ: CIMB Cuts Malaysia Star Media TP To MYR1.33; Weak Adex To Hurt Earnings

CIMB Investment Bank cuts Star Media Group target price to MYR1.33 from MYR1.73; keeps Hold call.

*MARKET BUZZ: TA Cuts Malaysia Signature International To Hold On Earnings Risk

TA Securities cuts Signature International to Hold from Buy on near-term earnings risk; lowers target price to MYR0.92 from MYR1.08.

*MARKET BUZZ: Malaysia KLCI Likely Lower On Weak Technicals; 1705 Support Tipped-TA

Malaysia’s KLCI likely to edge lower on weak technical indicators, shrugging off positive Wall Street cues; index ended down 0.2% at 1718.36 previous session.


Top Stories On Monday, Nov. 20:

*Malaysia To Invite Pitches For KL-Singapore High Speed Rail Project Lead

MyHSR Corporation said Monday it will invite pitches for the role of so-called project delivery partner, or PDP, to manage construction of the Kuala Lumpur-Singapore High Speed Rail project on Nov. 22.

*ASIA MARKETS: Hong Kong Stocks Recover To Set Fresh 10-Year High

Hong Kong shares recovered from intraday lows to edge higher on Monday, as Tencent Holdings set a fresh record high.

*UPDATE: Sime Darby Flags Some Project Risk Following Luxury Property Nod Freeze

Malaysian conglomerate Sime Darby expects a government decision to freeze approvals on luxury property projects will affect some of its developments that are pending clearances, the managing director of the property division said Monday.

*ASIA MARKETS: Nikkei Asia300 Index Gains As Tencent Rises To Record

Asian stocks outside of Japan rose Monday, as index heavyweight Tencent Holdings hit another record high and Thailand economy’s expanded at the fastest pace in more than four years.

*ASIA MARKETS: Banking Stocks Drag Malaysian Equities Lower, Singapore Shares Post Marginal Gains

Malaysian stocks swung to losses on Monday, dragged by banks ahead of their earnings. Singapore shares edged higher as the bullish outlook for the domestic economy outweighed negative cues from China and Europe.

*Malaysia’s Nova MSC Gets Systems Replacement Contract Worth S$25.62 Million

Malaysian software company Nova MSC said Monday its 51%-owned unit, CNA Development, secured a contract worth S$25.62 million ($18.90 million) in Singapore.

*Malaysia’s GD Express Carrier 1Q Net Profit Falls 2.6% On Higher Operating Costs

GD Express Carrier, a Malaysia-based courier services provider, said Monday its net profit for fiscal first quarter fell 2.6% on year, due to higher operating expenses.

*Malaysia’s UEM Sunrise 3Q Net Profit More Than Doubles On Year

UEM Sunrise, a Malaysia-based property developer, said Monday its third quarter net profit more than doubled on year, helped by higher gains from property development revenue of international projects.

*Malaysia’s Daibochi Plastic And Packaging Industry 3Q Net Profit Up 20.2% On Year

Daibochi Plastic And Packaging Industry, a Malaysian food packaging company, said Monday third-quarter net profit rose 20.2% on-year, helped by contributions from its new Myanmar plant.

*Singapore’s Cheung Woh Technologies To Sell Stake In Jiangsu Tysan Precision Engineering

Cheung Woh Technologies, a Singapore-based manufacturer and supplier of hard disk drive components, said Monday it has entered into two sale and purchase agreements with Changshushi Zhongjin Industrial Investment and Changshushi Xuhong Trading to dispose its entire 31.34% stake in Jiangsu Tysan Precision Engineering for S$13.95 million ($10.29 million).

*Malaysia’s Sunway Construction 3Q Net Profit Rises 11% On-Year

Sunway Construction Group, a Malaysian engineering and building material firm, said Monday its net profit rose 11% in the third quarter from a year earlier thanks to higher revenue from rail and government projects.

*AV Concept Holdings Expects Apr-Sep Net Profit To Decline 40%-50% On Year

AV Concept Holdings, a Hong Kong-listed electronic component distributer, said Monday it expects net profit for the six months ended Sep. 30 to decline approximately 40% to 50% on year.

*Malaysia’s Malton 1Q Net Profit Surges On One-Time Gain, Revenue Edges Lower

Malaysian property developer and construction company Malton said Monday its net profit for the fiscal first quarter jumped four-fold on year due to a gain on revocation of joint development agreement by its unit.

*UPDATE: Ping An Insurance Preparing For IPO Of Online Financing Platform Lufax

Ping An Insurance Group is working towards an initial public offering for its peer-to-peer online financing platform Lufax Holding, the Chinese insurer’s chief operating officer said on Monday.

*Malaysia’s Star Media Group 3Q Net Profit Surges On Disposal Gains

Star Media Group, a Malaysia-based media company, said Monday its third quarter net profit rose over twenty-fold on year, aided by gains on the disposal of its subsidiary Cityneon for 206.86 million ringgit.

*Malaysia’s Hap Seng Plantations 3Q Net Profit Falls 39.3% On Lower Production

Hap Seng Plantations Holdings, a Malaysian palm oil producer, said Wednesday its net profit fell 39.3% in the third quarter from a year earlier, mainly due to lower production.

*Malaysia’s Kelington Signs Carbon Dioxide Waste Gas Purchase Pact With Petronas

Kelington Group, a Malaysian company that provides gas delivery solutions to the electronics and semiconductor industry, said Monday it has signed a supply agreement with Petroliam Nasional for the purchase of carbon dioxide waste gas.

*Singapore Technologies Engineering Unit Gets 15-Year Contract From Gulf Air

Singapore Technologies Engineering said Monday its aerospace arm, ST Aerospace, has been awarded a 15-year contract for Boeing 787 aircraft component support by Gulf Air.

*Singapore’s Wilmar International To Buy Cargill’s Edible Oil Facilities In Malaysia

Wilmar International, a Singapore-based agribusiness group, said Monday its unit has entered into an agreement to purchase edible oil facilities in Malaysia’s Kuantan from Cargill Palm Plantation.

*Malaysia’s IOI Properties Group 1Q Net Profit Up 28.1% At MYR242.85 Mln

IOI Properties Group, a Malaysian real estate developer, said Monday its net profit grew 28.1% in the fiscal first quarter from a year earlier as performance across three main business segments improved.

*Malaysia’s Mieco Chipboard 3Q Net Profit Surges On Higher Selling Prices

Malaysia’s Mieco Chipboard, which makes particle boards used as a material in furniture and speaker boxes, said Monday net profit for the third quarter surged nearly four times due to higher selling prices and improved production efficiency.

*China Unicom Net Addition Of Mobile Billing Subscribers 2.37 Mln In October

China Unicom (Hong Kong) on Monday said it has added a net 2.37 million mobile billing subscribers in October, bringing the aggregate number to 279.24 million.

*MARKET BUZZ: Tencent, Casinos Help Hong Kong’s HSI Close Higher

Hang Seng closes up 0.2% at 29,260.31 as heavyweight Tencent extends earnings rally; helps index recover more than 200 points from day’s low.

*Online Food Retailer Cofco Womai Starts Pre-IPO Marketing Efforts – Source

Cofco Womai, a Chinese e-commerce company for food-and-beverage products, on Monday launched its pre-deal investor education ahead of a potential initial public offering in Hong Kong, a source familiar with the matter said.

*MARKET BUZZ: Malaysia’s Tek Seng At 2-Year Low; UOB Flags Challenging Outlook

Tek Seng Holdings drops 6.7% to MYR0.42, lowest since Sept. 2015. UOB Kay Hian Securities flags “challenging” outlook; keeps Sell call and target price of MYR0.40.

*Malaysia Finance Ministry: Will Identify Steps To Cushion Impact Of Rising Fuel Prices

Malaysia’s Finance Ministry said Monday it will take measures to reduce the impact of rising fuel prices if the widely-used RON95 gasoline and diesel stay above 2.50 ringgit a liter at pump for three straight months.

*MARKET BUZZ: Malaysia’s TRIplc Near 10-Year High On Special Dividend Proposal

TRIplc jumps 10.9% at MYR2.45, highest since March 2008 on its plans for a MYR1.95 special dividend tied to divestment of its core business to Puncak Niaga. Puncak Niaga now +0.8% at MYR0.665.

*MARKET BUZZ: Nomura Ups Malaysia’s Petronas Chemicals To Buy On Oil Price Outlook

Nomura Securities upgrades Petronas Chemicals Group to Buy from Neutral, raises target price to MYR8.70 from MYR7.40 on improved oil price outlook.

*Malaysian Ringgit To Build On Gains, Rate Hike Likely Next Year

The Malaysian ringgit is likely to continue its uptrend after hitting a 13-month high today as prospects for a domestic interest rate hike solidify, alongside steady economic growth.

*Malaysia’s Supermax In Talks To Buy Contact Lens Firm In Japan-Managing Director

Malaysia’s glove maker Supermax Corporation is in talks with potential targets to acquire a contact lens maker in Japan, its managing director said Monday.

*POLL: Malaysia October Consumer Price Inflation Likely Rose 4% On Year

Malaysia’s consumer prices are expected to have risen at a steady pace in October, driven mostly by costlier fuel, according to a Nikkei Markets survey.

*MARKET BUZZ: Daiwa Lifts TP On Cathay Pacific After Analyst Call; Shares Up 1.7%

Cathay Pacific Airways advances 1.7% to HK$12.12. Daiwa Capital Markets raises target price to HK$12, citing improving outlook for next year and as it rolls over valuation to 2018E; keeps Hold rating.

*Singapore’s Roxy-Pacific JV To Buy Property In Australia For A$74.14 Mln

Roxy-Pacific Holdings, a Singapore-based property developer, said Monday its joint venture company, TE2 Roxy Australia will acquire an office property in Melbourne for 74.14 million Australian dollars ($56.04 million).

*Malaysia’s Transport Minister Says Carey Island Port Development To Continue-Report

The development of Malaysia’s Carey Island port off Selangor state will continue as planned as it is part of the Port Klang expansion plan, Sin Chew Daily reported citing Transport Minister Liow Tiong Lai.

*China Merchants Land Expects Net Profit To Increase Over 80% In 2017

China Merchants Land said Monday it expects net profit for 2017 to increase at least 80%, driven by ‘drastic’ increase in the total gross floor area of properties completed and delivered during the period.

*ASIA MARKETS: Hong Kong Stocks Ease Off 10-Year High As China Equities Slide

Hong Kong shares edged lower in choppy trading on Monday morning, as concerns about rising funding costs in mainland China overshadowed an extended earnings-driven rally by heavyweight Tencent Holdings.

*MARKET BUZZ: UOB Kay Hian Ups Malaysia’s CIMB To Buy On Attractive Valuation

UOB Kay Hian Securities upgrades CIMB Group Holdings to Buy from Hold on attractive valuation after 16% decline over the past three months.

*Malaysia Ringgit Priced More Efficiently, Yet Far From Fairly Valued- BNM Governor

The Malaysian ringgit is priced better now than a year ago but questions remain whether it is fairly valued, according to the Bank Negara Malaysia Governor Muhammad bin Ibrahim.

*Malaysia’s DRB-Hicom Unit Proton’s October Car Sales Rises 13% On Month

Proton Holdings, a unit of Malaysian automotive-to-logistics conglomerate DRB-Hicom, recorded a 13% month-on-month jump in car sales in October, as Saga and Persona emerge as most popular choices.

*MARKET BUZZ: Malaysia’s REITs To Gain On Reported Approval Freeze – Brokerages

Brokerages expect property developers, REITs to benefit from reported freeze on approvals of shopping malls, offices, luxury condominiums.

*UPDATE: Alibaba To Buy 36.16% In Sun Art Retail For $2.88 Billion

Chinese e-commerce major Alibaba Group Holding said on Monday it will acquire a 36.16% stake in Sun Art Retail Group for about HK$22.4 billion ($2.88 billion) and form a three-way strategic alliance with France-based Auchan Retail and Taiwan’s Ruentex Group to expand its presence in the mainland retail market.

*Malaysia’s IJM Plantations Aims 1 Mln Ton Fresh Fruit Bunch Yield Next FY-CEO

IJM Plantations, a Malaysian palm oil producer, is aiming to raise fresh-fruit bunches production to 1 million tons in the next fiscal year as yield recovers on the back of receding El Nino weather conditions, its chief executive said.

*MARKET BUZZ: Malaysia Banks’ Property Loan Growth To Remain Subdued In 2018-RHB

RHB Investment Bank expects lending to property sector to remain subdued in 2018, after Malaysia’s Central Bank proposed six policy options to address oversupply issue in local property market.

*MARKET BUZZ: Petron Off 1.7%; Mandatory Shutdown To Hurt 2018 Revenue-Public Bank

Petron Malaysia Refining & Marketing down 1.7% at MYR11.90. Public Investment Bank says mandatory 40-day refinery shutdown may cause revenue to drop 8.1% in 2018.

*MARKET BUZZ: Hong Kong’s HSI down 0.2%; China Financials Lead

Hang Seng down 0.2% at 29,132.00, paced by mainland companies amid fresh efforts by policymakers to reduce leverage and contain risks.

*MARKET BUZZ: Malaysia KLCI Holds On To Gains; Kenanga Tips Resistance At 1734

Malaysia’s benchmark KLCI steady in early trade, holds on to 0.1% gain at 1723.07. Asian shares trading mixed as U.S. tax overhaul plan continues to weigh on investor sentiment.

*Ping An’s Technology Innovation To Contribute ‘Lot Of’ Profit In Next 10 Years-Finance Chief

Ping An Insurance Group earnings over the next 10 years will be driven by technological innovations in addition to its core financial services, its Chief Financial Officer and Chief Actuary Jason Yao said on Monday.

*MARKET BUZZ: AffinHwang Cuts Malaysia Century Logistics To Hold After Weak Earnings

AffinHwang Investment Bank downgrades Century Logistics Holdings to Hold from Buy, lowers target price to MYR1.20 from MYR1.64.

*MARKET BUZZ: TA Raises Malaysia’s CCM Duopharma Target To MYR2.70, Keeps Buy

TA Securities raises target price of CCM Duopharma Biotech to MYR2.70 from MYR2.45 on upbeat earnings prospects, keeps Buy call.

*Malaysia Halts Approving New Luxury Property Developments Amid Supply Glut -Report

Malaysia imposed on Nov.1 an indefinite freeze on approvals for luxury property developments amid concerns of oversupply and a shortage of affordable housing, the New Straits Times reported Sunday.

*MARKET BUZZ: Malaysia KLCI Likely Higher On Foreign Buying; 1705-1737 Band Tipped

KLCI likely to move higher on foreign buying amid stronger-than-expected economic growth number; index ended +0.2% at 1721.66 previous session.
  – By Kuala Lumpur Newsroom;; +60320267363
– Edited by Ahana Sen Gupta
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