The latest land sale in Puteri Harbour, Johor is expected to net a gain of MYR81m (1.87sen per share) to UEML's FY14 earnings. More importantly, the land sale to Kuok Brothers' will further enhance the profile and re-rate land/property prices in Nusajaya.
Other stock to watch like Benalec and Tebrau who will likely benefits from the entrance of Kuok Brothers into Johor.
Amanah REITS: Buys Factories In Penang |
We are positive on ARREIT's latest acquisition in Seberang Perai, Penang. New acquisitions with rental source are vital to sustain its dividend payments, especially after the disposal of Wisma UEP.
This new asset is expected to enhance our FY14 DPU forecast by 0.4sen (8.5% gross yield).
The FY14-15 earnings forecasts and DCF-based TP of MYR0.95 pending completion of the acquisition.
| Perdana Petroleum: A Younger, Better Fleet |
| Perdana announced the purchase of two new, high-specification work barges from Nam Cheong. We see this as part of Perdana's ongoing fleet renewal and in support of Dayang’s bid for the Pan Malaysian Hook-up, Construction and Commissioning (HUCC) contract. No changes to the forecasts and TP. Perdana is valued at 10x FY14 PER, on par with its local peers. Further catalysts are: i) crystallisation of vessel charters to Dayang, and ii) further vessel acquisitions with firm contracts in the plan. |
OTHERS
KLCCP: MYR5b mixed commercial project takes shape. Cititower Sdn Bhd, a JV between KLCC (Holdings) Sdn Bhd and Qatari Diar Asia Pacific Ltd, will build a mixed commercial development in the eastern corner of the KLCC development with an expected GDV of over MYR5b. The development is expected to be completed by the end of 2017. (Source: The Edge Daily)
BHIC: Wins contracts worth MYR515m for works related to 2nd generation patrol vessels. Boustead Heavy Industries Corp Bhd (BHIC) via its sub-subsidiary company Contraves Advanced Devices Sdn Bhd (CAD) has been awarded two contracts by the Government totalling MYR514.9m for works related to second generation patrol vessels. The contract spans an implementation period of up to 10 years from the commencement date. (Source: The Star)
Wah Seong: Inks deal with Japan's Shinko. Wah Seong Corporation Bhd has inked a joint-venture (JV) agreement with Shinko Ind Ltd from Japan to combine expertise and capabilities in the manufacture of turbines and other related ancillary equipment. (Source: The Star)
TAS: Plans to diversify into vessel chartering. TAS Offshore Bhd plans to diversify into vessel chartering for the domestic oil and gas industry. It foresees increasing demand for such vessels in view of the surge in activities in the domestic industry. (Source: The Star)
Autos: Proton's new models may be launched in next 12 months, including Perdana replacement. Proton Holdings Bhd is expected to reveal a string of announcements in the next twelve months, including the collaboration with Japanese auto giant Honda and the launch of new models. (Source: The Star)
Market: PNB eyes MYR500b managed assets by 2020. Permodalan Nasional Bhd (PNB), one of the country's largest fund managers, aims to increase its assets under management by more than twofold to MYR500b by 2020. PNB currently has MYR239b worth of assets under management. (Source: Business Times)
MISC: 12 months before new offer. It would take 12 months before Petroliam Nasional Bhd (Petronas) can launch a new takeover offer for MISC Bhd and not six months as previously reported. This is according to Section 34 of the Malaysian Code on Take-Overs and Mergers (2010). (Source: The Star)
Coastal Contracts: To sell nine vessels with a total value of MYR434m. Coastal Contracts Bhd has secured contracts for the sale of nine offshore vessels with a total value of MYR434m. (Source: The Star)
Tradewinds: Gets nod for privatization. Tradewinds Corporation Bhd shareholders have approved the proposal for its major shareholder and parties acting in concert to privatise the company. The privatisation will be via selective capital reduction and repayment exercise. Entitled shareholders will receive a total capital repayment of MYR347m, or MYR1.10 a share. (Source: The Star)
Infrastructure: Shah Alam LRT link in pipeline. The government may build a third light rail transit (LRT) line from Kelana Jaya to Port Klang, believed to cost MYR5b to MYR6b. Dubbed the Shah Alam LRT line, Syarikat Prasarana Negara Bhd (Prasarana) is expected to call for tenders for the project next year, after a proper due diligence to be undertaken by the Land Public Transport Commission (SPAD) is completed. (Source: Business Times)
Aviation: Air France returns to KLIA and wants to explore cooperation with MAS. After a 20-year absence, Air France has returned to KL International Airport (KLIA) and now that it is here, it wants to explore areas of cooperation with Malaysia Airlines (MAS). (Source: The Star)
FBMKLCI Is Treading Water At Lofty Levels
The FBMKLCI inched up 0.40 points to close at 1,706.68 yesterday. Its resistance levels of 1,706 and 1,716 will cap market gains, whilst obvious support areas are located at 1,688 and 1,702.
Trading idea is a Take Profit call on TEBRAU with downside target areas at MYR1.00 & MYR1.20.
|
|
No comments:
Post a Comment