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By Kuala Lumpur Newsroom
Nikkei Markets
KUALA LUMPUR (Jan 22) — Here’s a roundup of latest news from Malaysia so far on Monday:
*UPDATE: Malaysia’s Poh Huat Resources Yet To Assess Damage At Fire-Ravaged Plant
Malaysian furniture maker Poh Huat Resources Holdings, said Monday it has yet to assess the value of damage following a fire at one of its manufacturing facilities in the southern state of Johor.
*POLL: Bank Negara Malaysia Likely To Raise Policy Rate By 25 BPs At January Meeting
Malaysia’s central bank will likely raise its key policy rate at its upcoming meeting as growth and inflation are expected to pick up in 2018, according to a Nikkei Markets survey.
*MARKET BUZZ: Hong Kong’s HSI Almost Flat As Markets Shrug Off US Govt Shutdown
Hang Seng little changed at 32,255.64 as advances in casino operators offset losses in China Unicom. No major impact on Asian markets from US government shutdown over weekend.
*UPDATE: Wah Sun Handbags Climbs In Hong Kong Trading Debut
Shares of Wah Sun Handbags International Holdings rose 22.9% on their trading debut in Hong Kong on Monday after the company raised HK$118 million ($15.1 million) in gross proceeds from an initial public offering.
*Hong Kong-Listed China Yongda Auto Sees Over 70% Rise In 2017 Net Profit
Hong Kong-listed China Yongda Automobiles Services Holdings said it expects consolidated net profit for the full 2017 year to increase more than 70% as compared to a year ago.
*Hong Kong-Listed Yorkshine Removes CEO After PwC Review Of Agreements
Hong Kong-listed Yorkshine Holdings said it has removed Chow Kin Wa from the position of chief executive following a review by PricewaterhouseCoopers Consulting (Singapore), which looked into irregularities in some sales and purchase agreements made last year.
*Sunevision Shares Climb On Hong Kong’s Main Board After Transfer From GEM Board
Shares of Sunevision Holdings rose 5.7% on Monday as they began trading after being transferred to the Hong Kong stock exchange’s main board after nearly 18 years on the growth enterprise market for smaller companies.
*Zhongyuan Bank To Raise Up To CNY20 Billion To Replenish Capital
Zhongyuan Bank said the Chinese city commercial lender plans to raise up to 20 billion yuan ($3.13 billion) through an issue of tier 2 capital instruments and offshore preference shares to replenish capital.
*HK-Listed China Datang Corp Renewable Power Sees Sharp Hike In 2017 Income
Hong Kong-listed China Datang Corp. Renewable Power said that higher sales of power and newly-added capacity would result in much better operating results and income for the full 2017 year as compared to a year ago.
*MARKET BUZZ: Malaysia KLCI +0.1% After Shedding Early Gains; 1820 Support Tipped
Malaysia’s benchmark KLCI pares early gains, now +0.1% at 1829.86. Hong Leong Bank leads index with 1.5% gain to MYR17.78.
*HK-Listed Ernest Borel Says Shareholder Sells 28.71% Stake For $20.4 Million
Luxury watch maker Ernest Borel Holdings on Friday announced a change in its substantial shareholder after Sense Control International sold its entire stake in the watch maker.
*Malaysia’s PRG Holdings To Buy Roopi Medical Centre, Properties For 18.3 Million Ringgit
PRG Holdings, a Malaysian property developer, said Monday it plans to buy for 18.3 million ringgit ($4.64 million) Roopi Medical Centre and two properties, which are principally involved in operating private medical hospitals.
*Qinqin Foodstuffs To Issue $25.6 Million Worth Of New Shares
Qinqin Foodstuffs Group (Cayman) said on Sunday it agreed to issue 95 million new shares to at least six subscribers for HK$200.5 million ($25.6 million) in gross proceeds.
*HK-Listed Hao Tian Development Buys London Property For Up To About $181 Million
Hong Kong-listed Hao Tian Development Group said on Sunday it agreed to buy a property in London and take over the target company’s debt in a deal worth up to 130 million pounds ($181 million) to diversify its asset portfolio, while broadening its sources of income.
*Sinopec’s Oil, Gas Output Rises 3.37% On-Year In 2017
Oil refining major China Petroleum & Chemical Corp., or Sinopec, said total oil and gas production for 2017 rose 3.37% on-year to 445.83 million barrels of oil equivalent from 431.29 million barrels a year earlier.
*Taiwan’s Pou Chen To Take HK-Listed Pou Sheng Private In $1.40 Billion Offer
Pou Sheng International (Holdings) said on Sunday that Taiwan-based maker of shoes and garments Pou Chen, its ultimate controlling shareholder, has proposed a privatization of the Hong Kong-listed company in an offer worth a total HK$10.91 billion ($1.40 billion).
*MARKET BUZZ: Gamuda Likely Frontrunner In Malaysia’s MRT3 Turnkey Contract-TA Securities
TA Securities views Gamuda as front runner to bag Mass Rapid Transit Line 3 turnkey contract, along with joint venture partners MMC Corporation and George Kent (Malaysia).
*Hong Kong-Listed China Jinmao Insiders Buy 31.6 Million Shares At HK$3.81 Each
Hong Kong-listed China Jinmao Holdings said its executive directors and management purchased 31.6 million ordinary shares of the company in total at an average price of HK$3.8079 per share on the stock market.
*Singapore’s Cogent Holdings Requests Trading Suspension Following Cosco Shipping’s Cash Offer
Singapore’s Cogent Holdings requested a suspension of its share trading Monday as a result of Cosco Shipping International (Singapore) Co.’s offer for all Cogent shares, according to an exchange filing.
*MARKET BUZZ: Malaysia KLCI Likely Sideways On Weak Technicals; 1820-1840 Tipped
Malaysia’s KLCI likely to move sideways on weak technicals and lack of fresh triggers; index ended 0.4% higher at 1828.83 previous session.
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Top Stories On Friday, Jan. 19:
*Malaysia’s IOI Corporation To Sell IOI Lipid Enzymtec For MYR330.5 Mln
Malaysian palm oil producer and property developer IOI Corporation said Friday it will sell IOI Lipid Enzymtec for 330.5 million ringgit ($83.95 million), as part of a previously announced transaction to sell its specialty fats unit to a U.S. firm.
*Malaysia’s Acme Holdings Plans Private Share Sale Of Up To 21.85 Mln New Shares
Acme Holdings, a Malaysian audio systems maker, said Friday it plans to sell up to 21.85 million new shares through a private share sale to investors to be identified later.
*ASIA MARKETS: Nikkei Asia300 Advances As Taiwan Semiconductor Jumps After Earnings
Asian stocks outside of Japan edged higher on Friday, helped by gains in index heavyweight Taiwan Semiconductor Manufacturing after better-than-expected fourth-quarter earnings.
*Leshi Internet Says Controlling Shareholder Could Change If Shares Drop On Resumption
Chinese technology group Leshi Internet Information & Technology said on Friday there could be a change in its controlling shareholder if the company’s Shenzhen-listed shares drop following a resumption of trading, without saying when the trading might restart.
*ASIA MARKETS: Malaysian Stocks Rise For Eighth Straight Week On Foreign Fund Inflows
Malaysian shares rose for the eighth consecutive week, helped by positive global cues and unabated foreign fund inflows into the nation’s equities.
*Malaysia’s Comintel Signs Initial Pact For Waste-To-Energy Project In Vietnam
Comintel Corp, a Malaysian information technology and communications firm, said Friday it has entered into a letter of intent with Thanh Cong cooperative to implement a waste to energy system in Vietnam.
*PICC Property And Casualty Company Direct Premium Income Up 16.2% In 2017
PICC Property and Casualty Company said Friday its direct premium income for the period January to December rose 16.2% on year.
*Sinofert Holdings Expects Operating Loss To Narrow In 2017
Sinofert Holdings, a Hong Kong-listed fertilizer company, said Friday it expects operating loss to narrow in 2017 thanks to recovery in the domestic fertilizer market.
*Malaysia’s IFCA MSC Names Cho Ngai Ming As Chief Executive Officer
Malaysia’s IFCA MSC, a business software solutions company, said Friday it has named Cho Ngai Ming as chief executive officer with immediate effect.
*ASIA MARKETS: Sixth Weekly Gain Sends Hong Kong Shares To Record Highs
Hong Kong stocks ended higher for a sixth consecutive week on Friday, as investors continued to snap up equities on enduring optimism over China’s economy and company earnings. Heavyweight Chinese banks led the charge.
*China Unicom Net Addition Of Mobile Billing Subscribers In December At 2.8 Mln
China Unicom (Hong Kong) on Friday said it has added a net 2.8 million mobile billing subscribers in December, bringing the aggregate number to 284.16 million.
*Singapore Technologies Engineering Electronics Arm Gets S$742 Mln Contracts In 4Q
Singapore Technologies Engineering said Friday its electronics arms ST Electronics has received contracts totaling S$742 million ($562.59 million) in the fourth quarter of 2017 related to rail electronics, satellite and broadband communications, and electronics and information communications technologies.
*Singapore’s Roxy-Pacific Holdings, JV Partner To Buy Property For S$102.75 Mln
Roxy-Pacific Holdings, a Singapore-based property developer, said Friday its unit along with joint venture partner TE2 Development has entered into an agreement to purchase a leasehold residential site for S$102.75 million ($77.91 million).
*2nd UPDATE: Pentamaster Edges Lower In Hong Kong Trading Debut
Shares of Pentamaster International, a unit of Malaysia’s Pentamaster Corp., gave up intraday gains to end slightly lower on Hong Kong’s main board Friday, after raising HK$368 million ($47 million) in gross proceeds from an initial public offering.
*Singapore Exchange Quarterly Profit Flat Despite Revenue Uptick
Singapore Exchange on Friday posted second quarter net profit that was barely changed from the same period a year ago, hurt by a drop in revenue from equities and fixed income which offset an improved performance by its derivatives business.
*Malaysia’s PRG Holdings: Shares Trading Suspended In First Half Of Monday
PRG Holdings, a Malaysian property developer, said Friday trading of its shares would be suspended from 9:00 a.m. to 12.30 p.m. on Monday, pending a release of material announcement.
*UPDATE: Malaysia’s Biggest Car Maker Perodua Aims 2% Sales Volume Growth In 2018
Malaysia’s largest car maker by volume, Perusahaan Otomobil Kedua, commonly known as Perodua, ruled out any price adjustment this year even as it expects sales volume to rise two per cent trailing a targeted eight per cent increase in production.
*Malaysia’s Freight Management Gets Special Incentive For E-Com Fulfilment Hub
Malaysia’s Freight Management Holdings said Friday it has received a special incentive package from the federal government for the development of an e-commerce fulfilment hub in the state of Selangor.
*China Harmony New Energy Auto Expects Over CNY1 Bln Net Profit In 2017
China Harmony New Energy Auto Holding said Friday it expects net profit to exceed one billion yuan ($156.19 million) in 2017, as compared to a net loss year ago.
*China Reinsurance 2017 Premium Income Up 16.2% On Year
China Reinsurance (Group) Corporation, China’s state-owned reinsurance group, said Friday aggregate premium income of its operating unit China Continent Property & Casualty Insurance Company for the period January to December rose 16.2% on year.
*MARKET BUZZ: Hong Kong’s HSI Up For 6th Straight Week; Mainland Companies, HKEX Lead
Hang Seng rises 0.4% to 32,254.89, posting record highs for third straight session; index up 2.7% this week, paced by China lenders and insurers.
*MARKET BUZZ: Malaysia’s Oil Refiners Rebound; Nomura Sees Higher Oil Demand
Hengyuan Refining Company gains 20.5% at MYR14.46, Petron Malaysia Refining & Marketing +16.1% at MYR13.10, both rebound after consecutive four day of losses this week.
*Malaysia’s WCT Holdings Seeks To List REIT By 2018-End -Source
Malaysian construction and property company WCT Holdings is seeking to list a real estate investment trust by end-2018, with assets that could top 2 billion ringgit ($505.24 million), a person familiar with the matter said.
*MARKET BUZZ: Malaysia’s Dutch Lady Hits Record High On Fund Reallocation
Dutch Lady Milk Industries +2.4% at record level of MYR62.50. “Investors may be switching from Nestle to Dutch Lady due to better yield, after recent strong rally of Nestle shares,” says analyst at local brokerage, who expects consumer stocks to benefit from upcoming general election.
*ASIA MARKETS: Chinese Companies Drive Hong Kong Shares Higher
Hong Kong shares eked out small gains by the noon lunchbreak on Friday, as mainland companies listed in the city extended gains after China’s better-than-expected report on economic growth.
*Woes Deepen For China’s Smaller Smartphone Makers – Nikkei Asian Review
The recent struggles of Gionee and LeEco are raising doubts about whether second-tier Chinese smartphone makers can survive slowing domestic demand for handsets.
*Flea Market App Mercari Eyes June Listing In Tokyo – Nikkei Asian Review
Flea market app operator Mercari looks to list on the Tokyo Stock Exchange’s Mothers market for startups in June in what could be a big initial public offering.
*Malaysia’s MRT Corp Says Four Consortiums Tender For MRT Circle Line
Malaysia’s Mass Rapid Transit Corporation (MRT Corp) said Friday four consortiums have submitted turn-key tenders with financing for the MRT Circle Line, as the submission closed yesterday.
*MARKET BUZZ: Malaysia Lotte Chemical Titan Up; Earnings To Pickup In 2018-Nomura
Lotte Chemical Titan Holdings rises 0.6% to MYR5.06. Nomura Securities tips earnings to pickup in 2018.
*Malaysia’s MRCB-Quill REIT 4Q Net Profit Plunges 80.4% On Year
MRCB-Quill REIT, a Malaysian property trust focusing on commercial properties, said Friday its fiscal fourth quarter net profit plunged 80.4% from a year earlier, partly dragged by net fair value loss on investment properties.
*C-Mer Eye Care Exercises Over-Allotment Option As Shares Surge On Listing
C-Mer Eye Care Holdings said its global coordinator fully exercised an over-allotment option, helping the company raise an additional HK$85.7 million ($11 million).
*MARKET BUZZ: AllianceDBS Cuts Malaysia’s Tenaga Nasional To Hold
AllianceDBS Research downgrades Tenaga Nasional to Hold from Buy post share price rally in 2017; keeps target price at MYR15.80.
*MARKET BUZZ: Bank Negara Malaysia To Hike Rates Twice This Year – ANZ Research
ANZ Research expects Bank Negara Malaysia to hike its overnight policy rate twice this year to 3.5%, level last seen in November 2008, as inflation gathers pace amid strong economic growth.
*MARKET BUZZ: Hong Kong’s HSI Almost Flat After Tepid US Cues
Hang Seng little changed at 32,121.50 as losses in heavyweight AIA Group offset advance in mainland companies. US indexes end marginally lower overnight; S&P 500 Index drops from record highs, ending 0.2% lower.
*MARKET BUZZ: Malaysia’s Sasbadi Rises 8.6% As Retail Sales Recovers In 1Q
Sasbadi Holdings up 8.6% to MYR0.63 after reporting 2.6% rise in 1Q net profit. CIMB Investment Bank says “we estimate that 1Q retail sales was up 6% yoy, an indication that the worst should be over for the domestic retail sector.”
*MARKET BUZZ: British American Tobacco (Malaysia) Rebounds; UOB Ups To Buy
British American Tobacco (Malaysia) rebounds 0.4% to MYR32.52, off its seven-year low level of MYR31.40 yesterday
*MARKET BUZZ: Malaysia’s SP Setia Gains 1.6% On Plan To Sell Some Battersea Assets
SP Setia gains 1.6% to MYR3.24 after disclosing plan to explore potential GBP1.6 billion sale of assets within Phase 2 of Battersea Power Station project to Permodalan Nasional and Employees Provident Fund.
*UPDATE: Wah Sun Handbags’s Hong Kong IPO Priced Near Middle Of Indicative Range
Wah Sun Handbags International Holdings on Friday said its initial public offering was priced at HK$1.18 apiece, near the middle of its indicative range.
*Shanghai Pharmaceuticals Raises $400 Million Via Share Placement
Shanghai Pharmaceuticals Holding said on Thursday it agreed to raise up to HK$3.13 billion ($400 million) in gross proceeds from a share placement to fund its manufacturing and distribution business.
*MARKET BUZZ: Malaysia’s KLCI Holds On To Initial Gains; Sideways Trading Tipped
Malaysia’s benchmark KLCI steady in early trade, holds on to 0.1% gain at 1822.67, in line with most Asian markets which are higher.
*HK-Listed Silver Grant Says Unit To Sell China UnionPay Shares For CNY195 Mln
Hong Kong-listed Silver Grant International Industries said a Chinese unit agreed to sell 7.5 million shares in China UnionPay to a third party for 195 million yuan ($30 million).
*Hong Kong-Listed China Strategic Names New Chief Executive
Hong Kong-listed China Strategic Holdings said it named Sue Ka Lok as chief executive, after Or Ching Fai relinquished that post with immediate effect.
*Hong Kong-Listed Wanda Hotel Development Requests Trading Halt Pending Announcement
Hong Kong-listed Wanda Hotel Development Company requested a trading halt in its shares Friday pending an announcement about a possible substantial disposal, according to an exchange filing.
*HK-Listed Shandong Chenming Paper Expects 74%-89% Increase In 2017 Net Profit
Hong Kong-listed Shandong Chenming Paper said it expects 2017 full year net profit to increase between 74% and 89% due to higher product prices and margins, driven by a shift to newer forms of energy and supply-side reform.
*HK-Listed Fullshare Holdings Signs Pact To Sell Controlling Stake In China High Speed
Property developer Fullshare Holdings and its Chairman Ji Changqun have signed a pact with an unnamed third party to sell a controlling stake in Hong Kong-listed wind-turbine equipment manufacturing company China High Speed Transmission Equipment Group, or CHS.
*HK-Listed China ZhengTong Auto Expects 2017 Profit To More Than Double On Year
Hong Kong-listed China ZhengTong Auto Services Holdings said it expects profit attributable to owners of the parent to more than double for 2017 from a year ago, helped by growth in its car financing business and robust new car sales and after-sale services.
*Singapore-Listed CDW Holding To Sell Unit For About $1.9 Million
Singapore-listed CDW Holding’s wholly owned unit Tomoike Industrial (HK) has agreed to sell its entire equity interest in Tomoike Electronics (Shanghai), or TM Pudong, to an unidentified third party for 12.75 million yuan ($1.9 million), according to an exchange filing Friday.
*MARKET BUZZ: Malaysia’s KLCI Likely Lower On Profit-Taking, 1818 Support Tipped
KLCI likely to edge lower on continued profit-taking; index ended 0.4% lower at 1821.60 yesterday.
– By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
– Edited by Lopamudra Bhattacharya
– Send Feedback to feedback@nikkeinewsrise.com
– Copyright (c) 2018 Nikkei NewsRise Asia Pte Ltd.
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