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Newshighlights of the day
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highlights of the day
by phoenix777 Tue 18 Oct 2011, 11:22
Highlights of the day
§ Public Bank (3QFY11 Results): No surprises (Maintain HOLD, TP: RM11.40) [download report]
9MFY11 results offered no surprises as Public Bank posted another strong set of results with net profit increasing 18.4% y-o-y to RM2,606.8m on the back of 13.8% YTD gross loans growth and lower loan loss allowance. Retail loans, particularly property loans, remain the main loans growth driver. Despite recent selldown, valuations remain unattractive at current levels due to potential slowdown in loans growth, particularly retail loans..
§ Axis REIT (3QFY11 Results): Below expectation but still a decent result (Maintain BUY, TP: RM2.65) [download report]
Although 9MFY11 results came in below expectations due to higher than expected manager’s fees and interest expense, Axis REIT still posted a strong y-o-y performance on the back of 5 new acquisitions and positive rental reversion. A 3rd interim distribution of 4.3 sen was declared of which 2.1 sen is electable to be reinvested at RM2.30 per unit or 5.7% discount to 5-day VWAP. We expect more yield accretive acquisitions in the pipeline and continue to reiterate our BUY call.
Other reports
§ Newz Bits [download report]
Other Malaysian news
§ Genting Group: Resorts World Casino NYC to open Oct 28
§ Boustead: Penang opposes reclamation plans
§ MAS: More first and business class seats planned for its first A380
§ MAS: India JV ready to take off
§ Mah Sing: RM2.5bn 2012 sales target
§ PacificMas, Leader Universal: Major shareholders offer to buy assets
§ Nadayu Properties: To buy more land - plan for cash from non-core asset sale
§ HELP International Corp: Expansion to China is on hold with JV termination
§ Century Logistics: Buys oil tanker for RM15m
§ SILK Holdings: Subsidiary wins 3 contracts worth RM55.3m
§ Automotive: Infiniti eyes 5% of local luxury car market
Global news
§ US: Manufacturing in New York region shrank more than forecast
§ US: Industrial production increases on cars, computers
§ Europe: ECB won’t tolerate Lehman rerun
§ Europe: Germany shoots down ‘dreams’ of swift Euro crisis solution
§ Europe: Portugal unveils harsh budget cuts
§ Europe: EU said to be close to deal for curbs on naked sovereign CDS
Singapore: Exports unexpectedly declined in September as electronics slump
§ Public Bank (3QFY11 Results): No surprises (Maintain HOLD, TP: RM11.40) [download report]
9MFY11 results offered no surprises as Public Bank posted another strong set of results with net profit increasing 18.4% y-o-y to RM2,606.8m on the back of 13.8% YTD gross loans growth and lower loan loss allowance. Retail loans, particularly property loans, remain the main loans growth driver. Despite recent selldown, valuations remain unattractive at current levels due to potential slowdown in loans growth, particularly retail loans..
§ Axis REIT (3QFY11 Results): Below expectation but still a decent result (Maintain BUY, TP: RM2.65) [download report]
Although 9MFY11 results came in below expectations due to higher than expected manager’s fees and interest expense, Axis REIT still posted a strong y-o-y performance on the back of 5 new acquisitions and positive rental reversion. A 3rd interim distribution of 4.3 sen was declared of which 2.1 sen is electable to be reinvested at RM2.30 per unit or 5.7% discount to 5-day VWAP. We expect more yield accretive acquisitions in the pipeline and continue to reiterate our BUY call.
Other reports
§ Newz Bits [download report]
Other Malaysian news
§ Genting Group: Resorts World Casino NYC to open Oct 28
§ Boustead: Penang opposes reclamation plans
§ MAS: More first and business class seats planned for its first A380
§ MAS: India JV ready to take off
§ Mah Sing: RM2.5bn 2012 sales target
§ PacificMas, Leader Universal: Major shareholders offer to buy assets
§ Nadayu Properties: To buy more land - plan for cash from non-core asset sale
§ HELP International Corp: Expansion to China is on hold with JV termination
§ Century Logistics: Buys oil tanker for RM15m
§ SILK Holdings: Subsidiary wins 3 contracts worth RM55.3m
§ Automotive: Infiniti eyes 5% of local luxury car market
Global news
§ US: Manufacturing in New York region shrank more than forecast
§ US: Industrial production increases on cars, computers
§ Europe: ECB won’t tolerate Lehman rerun
§ Europe: Germany shoots down ‘dreams’ of swift Euro crisis solution
§ Europe: Portugal unveils harsh budget cuts
§ Europe: EU said to be close to deal for curbs on naked sovereign CDS
Singapore: Exports unexpectedly declined in September as electronics slump
phoenix777- Moderator
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Re: highlights of the day
by phoenix777 Tue 18 Oct 2011, 12:05
GreenTea wrote:very helpful article! +1rep
kamsia give u 1 rep to make it 45
44 nt nice [You must be registered and logged in to see this image.]
phoenix777- Moderator
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Re: highlights of the day
by GreenTea Tue 18 Oct 2011, 12:49
thanks thanksphoenix wrote:GreenTea wrote:very helpful article! +1rep
kamsia give u 1 rep to make it 45
44 nt nice [You must be registered and logged in to see this image.]
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