Tuesday, 31 December 2013

Last day of 2013

Today is the last day of 2013 before enter year 2014.  Be use wisely.  It's time to say good bye to year 2013.

See you in year 2014.

Sunday, 29 December 2013

Time flies

Today is 29th of Dec 2013.  Two more days left before enter into 2014.  Time really past fast.  It's about to say good bye to Year 2013 and welcoming a new year 2014.

Tuesday, 17 December 2013

印度亚航准进口10架A320

(吉隆坡16日讯)预计在明年2月与塔塔集团合作推出国内服务的印度亚洲航空,已获批在营运第一年进口10架A320空中巴士,这占廉价航空总载客量(capacity)近7%比重。

印度亚航的载客量份额,是根据其他竞争对手是否在国内市场使用所有新飞机而定。

目前,印度最大的廉价航空———IndiGo,其载客量为每日6万人次,预计明年增加12架飞机后,总载客量将扩大至每日7万3000人次。

相比之下,航空专家预计,印度亚航营运第一年杪每日能载1万1000人次。

Go航空将是印度亚航最大竞争对手,加上未来1年增加3架飞机,预计该航空每日平均载客量为1万8000人。同时,SpiceJet也有意在明年增加3架飞机。

从上述发展来看,印度亚航的载客量将在1年后排名第四。

印度亚航是亚洲航空(AIRASIA,5099,主板贸服股)、塔塔集团和Telestra Tradeplace的联营公司,持股权分别为49%、30%和21%。

此外,彭博社的报道指出,亚航在韩国寻觅金融及策略伙伴,联合设立韩国子公司。这项计划需获韩国政府的批准。

Friday, 13 December 2013

AirAsia, first M’sian operator to gain RNP-AR-APCH operations approval

AirAsia Bhd has become the first Malaysian operator to obtain approval from the Department of Civil Aviation (DCA) to fly the Required Navigation Performance Authorisation Required Approach (RNP-AR APCH) flight paths.

The DCA granted the approval after the successful validation of the flight paths in Penang, the airline statement said today.

RNP-AR APCH procedures can shorten the distance an aircraft has to fly en-route, reduce fuel burn, exhaust emissions and noise pollution in communities near airports, which can help air traffic controllers trim flight delays and alleviate air traffic congestion.

AirAsia has collaborated with GE Aviation, a subsidiary of General Electric, and DCA on the nationwide flight path programme since 2012 to improve operational efficiency at 15 local airports.

Giovanni Spitale, GE Aviation Flight Efficiency Services General Manager said the flight paths can save nearly 12 nautical miles per approach at Penang, 23 nautical miles at the Kuching Airport and 18 nautical miles at Kota Bharu, compared with the standard terminal arrival.

"Once the flight paths are in place at 15 airports in Malaysia, AirAsia expects to save up to RM1 million a year from reduced fuel costs," he was quoted as saying in the statement.

TM, Celcom, DiGi to roll out more than 10,000km of fibre network

KUALA LUMPUR: Telekom Malaysia Bhd (TM) together with Celcom Axiata Bhd and DiGi Telecommunications Sdn Bhd will be signing a wholesale bandwidth collaborative deal for TM Next-Gen Backhaul Services on Friday.

TM will provide wholesale bandwidth connectivity via TM Next-Gen Backhaul servicesfor aggregation and access sites jointly owned by Celcom (via Celcom Networks) and DiGi, covering between 3,000 and 5,000 km in Peninsular Malaysia.

This forms an important part of the ongoing network collaboration initiative between Celcom and DiGi announced in early 2011, particularly with regards to the joint ambition to roll out more than 10,000km of fibre network available.

TM will support Celcom and DiGi's transmission requirements, whilst enabling both companied to optimise cost and efficiently utilise its infrastructure.

Chatime Free Pear Juice Giveaway!


Tuesday, 10 December 2013

年初至今挫23% 亞航股價跌至不合理

(吉隆坡9日訊)亞洲航空(AIRASIA,5099,主要板貿易)股價經一輪跌勢后,年初至今下滑23%,券商認為,目前股價不合理,並維持“買進”投資評級。

 隨著美元兌令吉走強、更嚴謹的符合伊斯蘭教議股項要求,以及國內領域的激烈競爭,亞洲航空股價年初至今下滑23%。

 艾芬投資研究認為,以市場領導地位,以及作為區域航空最具成本效率的業者看來,現有價位不合理。

 券商相信,大部分負面消息已反映在股價表現,並基于數項因素持續看好亞洲航空:第一、精簡的成本結構;第二、強勁的基本面和營運模式;第三、區域成長策略。

 報告指出,印度亞航(AirAsia India)可能在2014下半年投入運作。

 艾芬投資研究維持該股“買進”的投資評級,目標價格為3.60令吉。

 亞航以2.42令吉開盤,早盤在2.41令吉至2.44令吉之間游走。

 休市報2.44令吉,增幅為2仙;半日有222萬6000股易手。

 亞航股價在午盤往下掉,下滑1仙至2.41令吉。閉市時,亞洲航空跌1仙,報2.41令吉,成交量達993萬6400股。

Monday, 9 December 2013

World Cup programmer 2014


一股作气:金群利估值低周息率诱人

进行中的2项城镇发展及科技谷,是金群利集团(MATRIX,5236,主板产业股)的增长动力。

同时,其它发展总值达到83亿令吉,足以支撑发展计划至2022年,大大提升营收可见度。

与同业相比,金群利估值不仅低于平均水平,且周息率约为平均水平的两倍,两个比率都相当诱人。

森州产业发展商金群利集团拥有两大城镇发展地库,即位于芙蓉的达城(Taman Sri Sendayan)和柔佛的居銮镇(Taman Sri Impian)。

旗舰发展项目达城,是一个综合发展项目,涵盖商业区、住宅区以及达城科技谷(Sendayan TechV alley)的工业区。

达城科技谷获得外资的青睐,吸引全球各地的跨国集团投资,包括法国、日本、英国和德国等著名企业,发展潜能备受看好。

至于居銮镇的发展项目,也涵盖住宅区和商业区,而住宅区以可负担房屋为主,加上受惠于依斯干达特区的发展,料可吸引不少买家。

达城科技谷在内的达城发展计划和居銮镇项目,将是该集团的主要增长推动力,而长远方面则是已鉴定的发展计划。

肯纳格研究指出,目前,金群利集团剩余可供发展的地库面积达2732英亩,发展总值达到83亿令吉。

剩余的发展总值足以支撑该集团的产业发展至2022年,如此长久的期间甚至媲美多家发展商,并提高未来的营收能见度。

此外,在致力扩大旗下综合城镇发展计划规模和进军巴生谷之下,金群利集团在近期也积极收购地库,并以总值1亿5040万令吉在芙蓉和吉隆坡购买共4块土地。

地库主要集中在芙蓉的金群利集团,收购吉隆坡土地的举动可多元化其发展地区。肯纳格研究预测,吉隆坡的发展总值达2亿5000万令吉。

地价低赚幅高

根据招股书资料显示,金群利集团过去3年的营业额,从2010年的1亿9563万令吉,在隔年飙涨至6亿2425万令吉,并在2012年回跌至4亿5607万令吉。

尽管如此,净利表现却呈强稳的涨势,从2010年的2051万令吉,持续两年劲扬到7994万令吉和1亿349万令吉。

2010年到2013年的净利复合年增长率为124.6%,而净利赚幅则从10.5%(2010年)上扬至11.1%(2011年)和22.7%(2012年)。

值得一提的是,金群利集团的地库成本处于相当低的水平,肯纳格研究指出,其土地成本占发展总值的比率大约为5%到6%,相比领域平均水平约10%到20%。

达城和居銮镇发展土地成本廉宜(每平方尺为3令吉,相比目前要价介于5.60令吉至8令吉),可为集团带来更高的赚幅。

肯纳格研究预料,这些发展计划的毛利赚幅介于40%到45%,远远高于领域平均水平的20%到30%赚幅。

每季度派息 今年已派30.5仙

今年5月28日正式在马交所挂牌之前,金群利集团在5月23日宣布首季业绩表现,营业额和净利分别为1亿5559万令吉和4598万令吉,且派发13.5仙股息。

次季的营业额为1亿4732万令吉和净利3004万令吉,每股股息为7仙;第三季的营业额1亿2742万令吉和3620万令吉,中期股息5仙和特别股息5仙。

由此可见,金群利集团在每个季度皆派发股息,肯纳格研究称,这也是目前唯一一家发展商如此频密的派息。

尽管该集团制定派发至少40%的净利为股息,但是,肯纳格研究相信,该集团在本财年的派发率可达60%。

至今,该集团已派发30.5仙的股息,肯纳格预计第四季将派发5仙,促使全年的股息达35.5仙,以周五闭市价RM3.30,周息率达10.8%。

至于同行的中型发展商,周息率介于2.3%到6.1%,平均水平为4.3%,金群利集团的周息率更是傲视群众。

本益比偏低

依据肯纳格研究对该集团在本财年每股盈利预测为48.6仙,以目前的交易价位,该股的估值相等于6.8倍本益比。

中型发展商的平均估值水平为8.3倍本益比。这凸显了金群利集团的估值不仅比同行更吸引,且周息率更诱人。

截至9月30日,该集团的总贷款为5214万7000令吉,而现金流则高达2亿1115万3000令吉,净现金为1亿5900万6000令吉。

即使纳入上述收购土地计划的成本,相信该集团仍可维持净现金地位。

投资风险
1.利息上调。
2.政府采取更多打压产业领域的政策。
3.发展项目展延等因素。

免责声明

本文分析仅供参考,并非推荐购买或脱售。

投资前请咨询专业金融师。

Saturday, 7 December 2013

Revaluation of HEKTAR portfolio


KANGER INTERNATIONAL BERHAD IPO


Company Name: Kanger International Berhad
Main Business: An integrated manufacturer of bamboo products
Board: Ace market
Stock Name: KANGER
IPO Price: RM 0.25
PAR: RM 0.10
Market Capital: 430 mil shares

Timetable for IPO
Date Description
06-12-2013 Open application
13-12-2013 Close application
16-12-2013 Ballot result
20-12-2013 Allotment shares
23-12-2013 Listing

Total shares offer: 80,000,000 units (18.6% of total share capital)
1. Total public issue shares: 11,000,000 units. (2.55% of total share capital)
    a. 5,500,000 offer shares for Malaysian public. (1.275% of total share capital)
    b. 5,500,000 issue shares for bumi investors. (1.275% of total share capital)
2. Total private placement shares: 69,000,000 units. (16.05% of total share capital)

Financial summary:
FYE FYE 2010FYE 2011FYE 2012Jun 2012Jun 2013
Revenue (RM '000)24,836 23,411 38,556 20,18321,378
Gross Profit (RM '000)2,366 4,924 10,973 3,9384,294
PAT (RM '000) 9692,281 6,393 2,1242,517
Net EPS* (sen) 0.280.65 1.82 0.611.44
Diluted EPS** (sen) 0.220.53 1.48 0.491.17
* based on 350 mil shares of RM 0.10.
**based on 430 mil shares of RM 0.10.

Utilisation of proceeds:
Purpose Total raised (RM '000)Total raised (%)
Capex 1,000 5.0
R&D 2,000 10.0
Repayment of bank borrowings 5,500 27.5
Working capital 8,200 41.0
Listing expenses 3,300 16.5
Total gross proceeds 20,000 100.0

Targeted dividend policy: 20%
Estimated DY: 1.88%

Detail info: Kanger International Berhad IPO Prospectus

Monday, 2 December 2013

AirAsia named world’s leading low-cost airline for 5th time

PETALING JAYA: Low-cost carrier AirAsia Bhd was named the World’s Leading Low Cost Airline at the prestigious World Travel Awards 2013 in Doha, Qatar.

In a statement issues yesterday, AirAsia said it received the highest votes from travel professionals from around the globe surpassing other nominees in the category, namely AirArabia, AirBerlin, easy Jet, Jet Blue Airways, Precision Air and Southwest Airlines.

AirAsia executive chairman and co-founder Datuk Kamarudin Meranun said the recognition was a testament towards the strong brand AirAsia has built.

“From a Malaysian start-up, we are now an international brand synonymous with low-cost travel, with innovation as our key driver.

“It is a great honour to win this award, as this places ‘brand Malaysia’ on a great pedestal so that we can achieve our mission to develop the country into a major aviation hub like Dubai,” he said.

The budget airliner is approaching its12th anniversary, has carried over 200 million guests and grown its fleet from just two aircraft to 147 aircraft today.

“As a home grown airline, we feel responsible to propel our nation’s aviation industry further, and we would need the support of our government and Malaysians alike to achieve that,” added Kamarudin.

AirAsia has also been named the World’s Best Low-Cost Airline by Skytrax for five consecutive years from 2009 to 2013.

AirAsia director Datuk Aziz Bakar represented the group at the award ceremony to receive this prestigious award.

The airline has operations based in Malaysia, Indonesia, Thailand and the Philippines servicing a network stretching across all Asean countries as well as China, India and Australia.

Friday, 15 November 2013

Tony Fernandes is CNBC Asia's innovator of the year

PETALING JAYA: AirAsia's Tan Sri Tony Fernandes, has been honoured with the Innovator of the Year award at the CNBC 12th Asia Business Leaders Awards (ABLA) in Bangkok, Thailand, on Thursday night.

According to the CNBC website, the ABLA distinguishes and honours leaders who have contributed and shaped the Asian economy, and are visionaries behind today's outstanding businesses.

Fernandes, the AirAsia Group chief executive officer and Star Publications (M) Bhd independent non-executive director, was recently awarded the Honour of the Commander of the Order of the British Empire by Her Majesty Queen Elizabeth II, conferred on him for services to promote commercial and educational links between the United Kingdom and Malaysia.

He was also named as one of the world's most creative people in business for 2011 by New York-based business magazine Fast Company, and awarded the inaugural Travel Business Leaders Award by CNBC.

Wednesday, 13 November 2013

Disappointed with OCBC Titanium Credit Card

What's a bad news from OCBC announcement recently . The OCBC Titanium Credit Card will be revised its rebate 5% to 1% effectively on 29th Nov 2013.

Detail: http://www.ocbc.com.my/assets/pdf/Cards/creditcard_announcement.pdf

Monday, 11 November 2013

TITIJAYA LAND BERHAD IPO


Company Name: Titijaya Land Berhad
Main Business: Properties development
Board: Main market
Stock Name: TITIJYA
IPO Price: RM 1.50
PAR: RM 0.50
Market Capital: 340 mil shares

Timetable for IPO
Date Description
11-11-2013 Open application
18-11-2013 Close application
20-11-2013 Ballot result
26-11-2013 Allotment shares
27-11-2013 Listing

Total shares offer: 131,205,000 units (38.59% of total share capital)
1. Total public issue shares: 81,705,000 units. (24.03% of total share capital)
    a. 17,000,000 offer shares for Malaysian public. (5% of total share capital)
    b. 6,000,000 issue shares for eligible directors, employees and persons who have contributed to the success of the group. (1.76% of total share capital)
    c. 34,000,000 issue shares for bumi investors approved by MITI. (10% of total share capital)
    d. 24,705,000 issue shares for private placement to selected investors. (7.27% of total share capital)
2. Total offer for sale shares: 49,500,000 units. (14.56% of total share capital)
    a. 49,500,000 shares for private placement to selected investors. (14.56% of total share capital)

Financial summary:
FYE Jun 2009Jun 2010Jun 2011Jun 2012Jun 2013
Revenue (RM '000)151,112 101,831 137,182 118,252193,766
Gross Profit (RM '000)24,822 29,386 43,682 46,60293,375
PAT (RM '000) 13,41327,196 22,524 34,14052,196
Net EPS* (RM) 0.050.11 0.09 0.130.20
Diluted EPS** (RM) 0.050.09 0.08 0.120.18
* based on 258 mil shares of RM 0.50.
**based on 290 mil shares of RM 0.50.

Utilisation of proceeds:
Purpose Total raised (RM '000)Total raised (%)
Working capital 49,458 40.35
Repayment of bank borrowings 15,000 12.24
Repayment of advances from the previous shareholders of Europe Property 24,300 19.83
Purchase of land bank 30,000 24.48
Listing expenses 3,800 3.10
Total gross proceeds 122,558 100.00

Targeted dividend policy: 30%
Estimated DY: 3.6%

Detail info: Titijaya Land Berhad IPO Prospectus

HEKTAR Q3'13




11 Nov onwards: KFC Value Treats Fried Chicken Combo Meal Promotion


DiGi’s Albern Murty takes on COO role

KUALA LUMPUR: DiGi Telecommunications Sdn Bhd unveiled a refreshed organisation structure and senior management line-up, which will see Albern Murty taking the role as chief operating officer (COO).

Albern, who is currently the chief marketing officer, will take on the new role with effect from Jan 1, 2014.

Christian Thrane, currently chief strategy & corporate affairs Officer (CSCAO), will be DiGi’s new chief marketing officer (CMO).

DiGi will have an enhanced focus on driving its sales, distribution and channel management functions under a new division with Loh Keh Jiat, currently head of channels & regions, lead this new division.

DiGi said the new structure would take it into the “next phase of its transformation, fuel future growth by ensuring deeper business and customer focus, and drive stronger cohesion throughout all parts the organisation”.

Its chief executive officer Henrik Clausen said over the past two years DiGi had executed sharply on its company-wide business transformation programme.

He said this resulted in significant improvements in its network and IT assets, go-to-market ecosystem, and building a people-focused and performance-driven culture.

“Looking ahead, we believe the key changes that we are putting in place will enhance the way we go-to-market, strengthen our overall ability to deliver on our Internet For All mission, and lead our employees through the next phase of our evolution,” Clausen added.

The new management structure consists of a change of roles for two key executives, and the addition of a new role in the senior management team.

Albern’s overall mandate is to plan and manage the company’s entire technology and product development value chain, enhance go-to-market readiness and customer focus.

Thrane will be responsible for driving market innovations and revenue growth for the company by leading the strategic development and implementation of core consumer and business products, and internet and digital services offerings.

For Loh, as chief sales officer, he will be responsible for leading the development and implementation of distribution and channel strategies for consumer and business customer segments.

Saturday, 2 November 2013

Tough call for DiGi

DiGi.com Bhd is expected to achieve a profit of between RM1.4 bil and RM1.6 bil for FY2013 because of the typically challenging Q4 performance, despite having posted better profits in Q3, analysts say.

DiGi reported a comprehensive gain in the third quarter ended Sept 30, led by growth in the non-SMS data and prepaid market, according to analysts. For Q3, the telco posted a higher net profit of RM446.71 mil, from RM315.37 mil, on an improved revenue of RM1.70 bil.

For the nine months, DiGi’s net profit was RM1.16 bil. However, analysts forecast a net profit of no more than RM400 mil for Q4 compared with the preceding quarter, given that historically, the telco registers lower earnings for this period.

BIMB is forecasting that the telco will achieve an annual profit of only RM1.4 bil, a RM195 mil increase from 2012 results.

BIMB Securities analyst Thong Pak Leng adds that DiGi has never achieved more than RM400 in net profit for Q4.

“[DiGi’s] Mobile Internet and smartphone penetration have reached 60.2% and 34% [in Q3] respectively vs q-o-q’s 60.1% and 30.4% respectively. We expect this will continue to grow, with the current changing trend and higher affordability of smartphones,” he says in his report.

“Unless it has a tax writeback waiting, chances are not high that it will reach its targeted profits,” he adds.

While the GST takes effect only in FY2015, analysts say it will be a challenge for DiGi to compete with the other major telcos especially Maxis Bhd, now headed by former DiGi CEO Morten Lundal.

Deepavali Day

Happy day!

Friday, 1 November 2013

Caring IPO Ballot Results

Bumi category

Public category
Source: https://www.equiniti.com.my/content/press_release/652_basisAllotment.pdf

For public portion, the chance is very slim.  The highest chance only 15%!  Good luck for those applied.

Friday, 25 October 2013

Budget 2014 Highlights

KUALA LUMPUR: Following are the highlights of the 2014 Budget themed “STRENGTHENING ECONOMIC RESILIENCE,
ACCELERATING TRANSFORMATION AND FULFILLING PROMISES” which was tabled by Prime Minister Datuk Seri Najib Razak in Parliament today.
* The domestic economy is projected to grow at a stronger pace of between 5.0 per cent to 5.5 per cent. 
* The unemployment rate is estimated at 3.1 per cent while the inflation rate will remain low at between 2 per cent and 3 per cent.
* Goods exports are expected to grow 2.5 per cent due to improving external demand while on the supply side, the construction sector is expected to  grow 9.6 per cent. 
* The per capita income for 2014 is expected to reach RM34,126 compared with RM24,879 in 2009, an increase of 37 per cent over six years.
*  It is even possible that Malaysia will achieve developed nation status much earlier than 2020.
* Public investment is estimated to reach RM106 billion.
* Projects to be implemented include 316-kilometre West Coast Expressway from Banting to Taiping as well as double-tracking projects from Ipoh to Padang Besar and later from Gemas to Johor Baharu.
* Projects undertaken by Petronas include Sabah Ammonia Urea Project in Sipitang; integrated oil and gas production development project, Kebabangan; regasification plant project, Lahad Datu; and RAPID, Pengerang.
*  The Government allocates RM1.6 billion for development in the five regional corridors.
* Agropolitan project and oil palm-based industries to be implemented in Sabah Development Corridor, Samalaju Industrial Park and Halal hub in Sarawak Regional Corridor.
* Services Sector Blueprint to be launched next year.
* Logistics Sector Master Plan and National Aviation Policy to be formulated.
* RM3 billion in soft loans under the Maritime Development Fund through Bank Pembangunan Malaysia.
* To replace existing air traffic control and management system in Subang, a new air traffic management centre costing RM700 million will be built at KLIA.
* Kota Kinabalu, Sandakan, Miri, Sibu and Mukah airports to be upgraded with RM312 million allocation. 
* Passenger terminals in Langkawi International Airport and Kuantan Airport to be upgraded.
* Second phase of HSBB project to be implemented in collaboration with private sector involving RM1.8 billion investment.
* Internet speed to be increased to 10 Mbps. 
* To increase Internet coverage in rural areas, 1,000 telecommunications transmission towers to be built over next 3 years, with a RM1.5 billion investment.
* To increase Internet access in Sabah and Sarawak, new underwater cables will be laid within 3 years, at a cost of RM850 million. 
* Bank Negara Malaysia to lead in formulating the Netting Act to protect enforcement rights of “close-out netting” under the financial contract.
* Environmental, Social and Governance Index (ESG) to be introduced.
* Securities Commission to introduce Framework of Socially Responsible Sukuk Instrument. 
* To establish a SRI Fund to be invested in listed companies.
* Valuecap to allocate RM1 billion to invest in companies that score high on the Environmental, Social and Governance Index Index.
* National Entrepreneur Development Office to be established to plan and coordinate all activities related to entrepreneurship.
* RM50 million allocation for Malaysian Global Innovation and Creativity Centre (MaGIC).
* Committed 1Malaysia Entrepreneurs (1MeT) to be given further guidance at MaGIC.
* Government targets 5,000 young entrepreneurs to be trained yearly.
* RM4.1 billion to be provided for basic rural infrastructure projects, including RM980 million to upgrade 437 km of rural road networks nationwide and RM500 million for Pan-Borneo Highway project.
 
* RM109 million allocation to enhance economic development and well-being of Orang Asli community; RM50 million for land surveying and customary land ownership verification.
 
* Police and Armed Forces (ATM) allocated RM8.8 billion and RM13.2 billion respectively to reduce crime and enhance military preparedness.
 
* RM75 million proposed to further strengthen East Coast Special Security Area (ESSCOM) operations.
 
* RM48 million allocation to cater for the welfare of 20,000 armed forces veterans, including health payments, ex-gratia and education; RM202 million to build and refurbish ATM quarters.
 
* RM15 million launching grant for the creation of Malaysian Green Foundation to promote use of green technology among corporate sector and general public.
 
* Health sector allocated RM22.1 billion; RM150 million to appoint 6,800 more nurses; RM3.3 billion to purchase medicine and medical equipment.
 
* Abolition of 34 sen sugar subsidy effective Oct 26, 2013 in a bid to encourage Malaysians to reduce sugar intake.
 
* Women, Family and Community Development Ministry allocated RM2.2 billion
 
* For civil servants, eligibility to qualify for public sector TASKA fee of RM180 per month now extended to households with monthly income of RM5,000 compared with RM3,000 previously.
 

KAREX IPO ballot result

Bumi category
Public category

Monday, 21 October 2013

Caring Pharmacy Group Berhad IPO


Company Name: Caring Pharmacy Group Berhad
Main Business: Retailing of pharmaceutical, healthcare, and personal care products.
Board: Main market
Stock Name: CARING
Stock Code: 5245
IPO Price: RM 1.25
PAR: RM 1.00
Market Capital: 217,706,400 shares

Timetable for IPO
Date Description
18-10-2013 Open application
30-10-2013 Close application
01-11-2013 Ballot result
11-11-2013 Allotment shares
13-11-2013 Listing

Total shares offer: 35,000,000 units (16.08% of total share capital)
    a. 5,443,000 shares for Malaysian public (Bumi). (2.5% of total share capital)
    b. 5,443,000 shares for Malaysian public (Non-bumi). (2.5% of total share capital)
    c. 5,716,000 shares for eligible directors, eligible employees and shareholders of subsidiaries of the group. (2.63% of total share capital)
    d. 4,200,000 shares for MITI bumi investors. (1.93% of total share capital)
    e. 14,198,000 shares for private placement. (6.52% of total share capital)

Financial summary:
FYE May 2010May 2011May 2012May 2013
Revenue (RM '000) 170,566 206,501 248,284301,417
Gross Profit (RM '000) 45,706 56,240 64,13277,790
PAT (RM '000) 15,274 18,181 20,07122,322
Net EPS* (Cents) 6.22 7.56 8.399.44
* based on 217,706,400 shares.

Utilisation of proceeds:
Purpose Total raised (RM '000)Total raised (%)
New community pharmacy outlets 18,000 41.15
Repayment of bank borrowings 6,000 13.71
Renovation of new head office and warehouse 4,000 9.14
Working capital 11,750 26.86
Listing expenses 4,000 9.14
Total gross proceeds 43,750 100.0

Targeted dividend policy: 30%
Estimated DY: 2.26%

Detail info: CARING IPO Prospectus

Saturday, 19 October 2013

Berjaya Auto Berhad IPO


Company Name: Berjaya Auto Berhad
Main Business: Distribution and retailing of Mazda vehicles
Board: Main market
Stock Name: BJAUTO
Stock Code: 5248
IPO Price: RM 0.70
PAR: RM 0.50
Market Capital: 802,763,000 shares

Timetable for IPO
Date Description
18-10-2013 Open application
01-11-2013 Close application
08-11-2013 Ballot result
14-11-2013 Allotment shares
18-11-2013 Listing

Total shares issue: 82,763,000 units (10.31% of total share capital)
   a. 41,449,000 issue shares for Malaysian institutional and selected investors. (5.16% of total share capital)
   b. 10,157,000 issue shares for MITI bumi investors. (1.27% of total share capital)
   c. 19,157,000 issue shares for entitled sharesholders of BCorporation. (2.39% of total share capital)
   d. 12,000,000 issue shares for pink form allocation. (1.49% of total share capital)
* There is no any allocation shares for public Malaysian.

Financial summary:
FYE Apr 2010Apr 2011Apr 2012Apr 2013
Revenue (RM '000) 286,829 592,603 663,5811,064,349
Gross Profit (RM '000) 41,600 79,891 95,024139,050
PAT (RM '000) 14,145 36,146 40,68352,013
Basic EPS* (Cents) 2.0 5.0 5.77.1
Diluted EPS** (Cents) 1.7 4.3 4.86.0
* based on 720 mil shares.
** based on 842,901,150 shares (802,763,000 shares + 40,138,150 ESOS Options).

Utilisation of proceeds:
Purpose Total raised (RM mil)Total raised (%)
Working capital 41.7 72.0
Capex 7.5 12.9
Investment in Mazda Malaysia Sdn. Bhd. 4.5 7.8
Listing expenses 4.2 7.3
Total gross proceeds 57.9 100.0

Targeted dividend policy: 40%
Estimated DY: 3.42%

Detail info: BJAUTO IPO Prospectus

嘉德商託新资產启建

(吉隆坡18日讯)嘉德商托(CMMT,5180,主板產业投资信托组)开始与森那美(SIME,4197,主板贸服组)联营的美拉华蒂商场建筑工程,双方各持50%股权,商场位於吉隆坡西北部,可出租面积62万平方呎,高8层,预计2016年杪竣工。

分析

分析员看好以上发展將强化潜在注入资產项目,预计该集团將比其他產托先出手,收购符合条件的购物商场。

大马研究认为,这將强化该集团未来即將注入的资產项目(包括檳城皇后湾商场),通常新商场需至少3年时间,运作才稳定,若考虑注入,有可能是在2020年初。

另外,早前嘉德商托接获丽阳机构(TROP,5401,主板產业组)意向书,欢迎献购旗下Tropicana City购物商场和办公楼资產。

该行指出,嘉德商托正在探討收购该资產,以该集团专注於日常所需的购物广场策略,有信心Tropicana City购物商场和办公楼资產將被纳入组合。

该行相信,皇后湾商场资產回酬增长已具备收购条件及潜在收购Tropicana City购物商场和办公楼资產支撑,嘉德商托將比柏威年產业信托(PAVREIT,5212,主板產业投资信托组)及怡保花园產托(IGBREIT,5227,主板產业投资信托组)先展开收购。

鑑於嘉德商托將於10月24日宣佈第3季业绩,大马研究维持財测不变,重申“买进”评级,目標价2令吉15仙不变。(星洲日报/財经)

UMWOG IPO Ballot Results

Below are the ballot summary.

Bumiputera Category

Public Category
The Final IPO Price is RM 2.80.

Stabilising action by Maybank which is up to an aggregate of 126,477,000 Shares.

Monday, 14 October 2013

New managing director, CEO for IHH Healthcare

KUALA LUMPUR: IHH Healthcare’s executive director Dr Tan See Leng will be the new managing director and CEO with effect from Jan 1, 2014.

The healthcare group said on Monday Dr Tan, who has more than 25 years of experience in the healthcare industry, will succeed Dr Lim Cheok Peng under the group’s leadership succession.

As for Dr Lim, IHH said he would be designated as senior advisor to the board, continuing his more than 25 years of association with the group.

“Dr Lim is also expected to work as an advisor to IHH's major shareholder, Khazanah Nasional Bhd, in some of its wellness investments, whereby some area of interaction and synergies with IHH's businesses may be developed,” it said.

IHH said Dr Tan is currently group CEO and managing director of Parkway Pantai Ltd, the group's largest operating subsidiary.

It added Dr Tan would continue to serve as group CEO of Parkway Pantai Ltd. He had been involved in all major initiatives undertaken by the group since IHH was incorporated in May 2010.

Saturday, 12 October 2013

Karex Berhad IPO


Company Name: Karex Berhad
Main Business: Rubber products manufacturer
Board: Main market
Stock Name: KAREX
IPO Price: RM 1.85
PAR: RM 0.25
Market Capital: 270 mil shares

Timetable for IPO
Date Description
11-10-2013 Open application
23-10-2013 Close application
25-10-2013 Ballot result
04-11-2013 Allotment shares
06-11-2013 Listing

Total shares offer: 67,500,000 units (25% of total share capital)
1. Total institutional offering shares: 47,250,000 units. (17.5% of total share capital)
    a. 27,000,000 offer shares for institutional and selected investors in Malaysia, Singapore and Hong Kong. (10% of total share capital)
    b. 20,250,000 issue shares for institutional and selected investors in Malaysia, Singapore and Hong Kong. (7.5% of total share capital)
2. Total retail offering shares: 20,250,000 units. (7.5% of total share capital)
    a. 6,750,000 shares for eligible directors, employees, business associates and those have contributed to the company. (2.5% of total share capital)
    b. 6,750,000 shares for Malaysian public (Bumi). (2.5% of total share capital)
    c. 6,750,000 shares for Malaysian public (Non-Bumi). (2.5% of total share capital)

Financial summary:
FYE Jun 2010Jun 2011Jun 2012Jun 2013
Revenue (RM '000) 157,444 181,753 188,751231,389
Gross Profit (RM '000) 40,129 24,884 32,86559,917
PAT (RM '000) 16,529 6,988 12,01629,028
Net EPS* (RM) 0.06 0.03 0.050.11
* based on 270 mil shares of RM 0.25.

Utilisation of proceeds:
Purpose Total raised (RM '000)Total raised (%)
R&D 4,000 5.3
Capex 41,750 55.7
Working capital 13,675 18.3
Repayment of bank borrowings 10,000 13.3
Listing expenses 5,500 7.4
Total gross proceeds 74,925 100.0

Targeted dividend policy: Nil
Estimated DY: Nil

Detail info: Karex IPO Prospectus

Sunday, 6 October 2013

Starbucks FREE Food Item Giveaway

UMW Oil & Gas Corporation Berhad IPO


Company Name: UMW Oil & Gas Corporation Berhad
Main Business: Provider of drilling & oilfield services of the oil & gas industry
Board: Main market
Stock Name: UMWOG
IPO Price: RM 2.80
PAR: RM 0.50
Market Capital: 2.162 bil shares

Timetable for IPO
Date Description
03-10-2013 Open application
14-10-2013 Close application
17-10-2013 Price determination
18-10-2013 Ballot result
30-10-2013 Allotment shares
01-11-2013 Listing

Total shares offer: 843,180,000 units (39% of total share capital)
1. Total institutional offering shares: 648,600,000 units. (30% of total share capital)
    a. 248,630,000 shares for MITI Bumiputera. (11.5% of total share capital)
    b. 399,970,000 shares for malaysian & foreign institutional and selected investors. (18.5% of total share capital)
2. Total retail offering shares: 194,580,000 units. (9% of total share capital)
    a. 151,340,000 shares for eligible directors and employees of the group, and those have contributed to the company. (7% of total share capital)
    b. 21,620,000 shares for Malaysian public (Bumi). (1% of total share capital)
    c. 21,620,000 shares for Malaysian public (Non-Bumi). (1% of total share capital)

Financial summary:
FYE Dec 2010Dec 2011Dec 2012(6 Mths)
Jun 2012
(6 Mths)
Jun 2013
Revenue (RM mil) 348 550 724383325
Gross Profit (RM mil) -41 102 835796
PAT (RM mil) -47 79 714788
Net EPS* (Cents) -3.13 5.05 4.652.995.67
Net EPS** (Cents) -4.36 7.04 6.484.177.90
* based on 1.550 bil shares of RM 0.50.
** based on 2.162 bil shares of RM 0.50.

Targeted dividend policy: Nil
Estimated DY: Nil

Westport IPO Ballot Result

Bumi category

Public category

Based on the ballot results, it's seem like a slim chance to get for public category.
The final retail and institutional price is remain the same, i.e. RM 2.50.

AirAsia signs US$1bil pact with China's ICBC

KUALA LUMPUR: AirAsia Bhd and ICBC Financial Leasing Co Ltd have signed a memorandum of agreement (MoA) for aircraft financing facilities worth US$1bil (RM3.18bil).

The historical signing, marking the largest financial cooperation yet between Malaysia and China, was witnessed by Prime Minister Datuk Seri Najib Tun Razak and President of China, Xi Jinping.

“This is another significant milestone for AirAsia and proudly, another innovation at work. The signing of the MoA establishes the level of confidence that ICBC Leasing has, as a global financial institution, on our current business and future potential,”AirAsia Group chief executive officer Tan Sri Tony Fernandes said.

“This US$1bil financing facility agreement does not only reflect a successful bilateral business arrangement, but also underlines the excellent relationship between Malaysia and China,” he added.

Since the beginning of 2011, AirAsia has had sale-and-leaseback, operating lease and finance lease arrangements for 10 A320s aircraft valued at US$800mil with ICBC Leasing and ICBC overseas subsidiary.

With the MoA, ICBC Leasing or ICBC’s overseas subsidiaries will provide AirAsia with competitive financial facilities to acquire A320 aircraft for the airline’s operational needs, in the form of finance lease, sale-and-leaseback or commercial loans.

The number of aircraft to be acquired should be no less than 10, according to the term of the letter of intent. AirAsia and ICBC Leasing will cooperate in the lease ofA320s in batches acquired from ICBC Leasing. Leased aircraft will consist of A320sassembled by Airbus (Tianjin) Final Assembly Co Ltd.

ICBC senior executive vice-president Zhang Hongli, who signed the MoA on behalf of ICBC Leasing, said: “As opposed to directly exporting the aircraft, leasing the aircraft helps the balance of payments between China and Malaysia in terms of annual export statistics, and this will further promote bilateral economic and trade ties.”

Friday, 20 September 2013

WESTPORTS IPO


Company Name: Westports Holding Berhad
Main Business: Cargo servies
Board: Main market
Stock Name: WPRTS
IPO Price: RM 2.50
PAR: RM 0.10
Market Capital: 3.41 bil shares

Timetable for IPO
Date Description
19-09-2013 Open application
27-09-2013 Close application
01-10-2013 Price determination
02-10-2013 Ballot result
16-10-2013 Allotment shares
18-10-2013 Listing

Total shares offer: 813,190,000 units
1. Total institutional offering shares: 710,890,000 units. (20.8% of total share capital)
    a. 392,150,000 shares for MITI Bumiputera. (11.5% of total share capital)
    b. 318,740,000 shares for malaysian & foreign institutional and selected investors. (9.3% of total share capital)
2. Total retail offering shares: 102,300,000 units. (3% of total share capital)
    a. 34,1000,000 shares for eligible directors and employees of the company, and those have contributed to the company. (1% of total share capital)
    b. 34,100,000 shares for Malaysian public (Bumi). (1% of total share capital)
    b. 34,100,000 shares for Malaysian public (Non-Bumi). (1% of total share capital)

Financial summary:
FYE Dec 2010Dec 2011Dec 2012(6 Mths)
Jun 2012
(6 Mths)
Jun 2013
Revenue (RM mil) 998 1,387 1,492629750
Gross Profit (RM mil) 563 604 668328347
PAT (RM mil) 284 316 360161198
Net DPS* (RM) 1.10 2.60 1.700.901.50
Net EPS* (RM) 2.43 2.70 3.081.381.69
Net EPS** (Cents) 8.33 9.27 10.569.4411.61
* based on 117 mil shares of RM 1.00.
** based on 3.41 bil shares of RM 0.10.

Targeted dividend policy: 75%
Estimated DY: 3.48%

Thursday, 19 September 2013

低成本需求增‧金群利維持高賺益

2013-09-19 17:29
(吉隆坡19日訊)金群利(MATRIX,5236,主板產業組)料受惠於Sendayan科技谷工業活動日增所產生的外溢效果,並將帶動旗下產業計劃達 城(Bandar Seri Sendayan)的房產需求;此外,興業研究表示,低土地成本與產業需求走高將使該公司維持高總賺幅。

興業在近期探訪該公司在森美蘭州的旗艦計劃達城後表示,雖然該計劃並不受市場廣泛看好,因該區與吉隆坡的距離及附近地庫甚廣,但相信此看法很快就會改變。

興業稱,Sendayan科技谷工業活動日增及大馬皇家空軍部隊(TUDM)搬遷為該地區產生外溢效果,並將帶動達城壓抑已久的房產需求。

興業指出,該公司的總賺幅料在40%左右徘徊,高於領域平均賺幅,因達城與科技谷的土地成本低,分別為每平方呎3令吉與9令吉;同時,需求走高也是盈利成長與高賺幅的主要推手。

“2013上半年的新銷售已達4億8千370萬令吉,而2012財政年的銷售則為6億8千700萬令吉,促使未入賬銷售達5億2千190萬令吉。”

地庫方面,興業披露,該公司自5月上市以來即納入3幅土地於其地庫中,包括森州拉務的237畝土地與Raseh Kemayan的194畝土地,兩地皆離達城與科技谷不遠。

“此外,該公司也在吉隆坡一帶收購1.1畝土地,將發展總值從18億1千萬令吉提振至82億令吉。”

興業設金群利目標價為3令吉35仙,與其他小型產業發展業者估值一致。(星洲日報/財經)

Source: http://biz.sinchew.com.my/node/82380

Mid Autumn festival

Happy moon cake festival day!

Saturday, 14 September 2013

通讯业財测上调

(吉隆坡13日讯)通讯业料可受惠於或在今年財政预算案推出的消费税措施,分析员皆上修各通讯业者財测,惟该措施对整体领域盈利贡献有限,因此维持通讯领域评级不变。

联昌研究指出,若政府在10月25日宣佈的2014年財政预算案纳入消费税建议,但预料需要14个月时间执行,在2015年才能真正落实,估计税率介於4至6%之间。

联昌表示,政府徵收消费税或对流动通讯业者影响正面,因他们终可將一直以来所承担6%的销售税转嫁於消费者。

联昌称,通讯业者在2011年时即已尝试转嫁销售税,但却无法获政府首肯,因税务在大选之前是一项敏感议题。

联昌指出,数码网络(DIGI,6947,主板基建计划组)將是消费税措施的最大受益通讯业 者,接著为明讯(MAXIS,6012,主板贸服组)与亚通(AXIATA,6888,主板贸服组),而预付服务营业额贡献数码网络总营业额的70%,预 计明讯与亚通分別为55%及58%。

丰隆研究估计,数码网络2015財政年的税前盈利將因此提高13.6%,而明讯与亚通则分別提高7.8%与6.0%。

联昌提出,通讯业者目前只將预付服务营业额的94%入账,因另6%已被吸收为消费税;然而,即使实施消费税,业者也未必可將6%的损失完全恢復,因预付服务消费者普遍上对价格敏感,消费预算较紧张,徵税只会让他们减少在通讯方面的开支。

“若消费税能让税收损失恢復一半,数码网络的2015財政年核心净利料將提高6%,明讯与亚通则分別提高4%及3%。”

同时,丰隆称,通讯业者或趁此机会加强竞爭力,並推出新配套以补偿预付用户在提高通话使用与下载限额后的成本负担,促使消费税的利好被中和。

儘管消费税影响正面,分析员仍然维持通讯业“中和”评级,因该项措施对领域盈利没有重大影响,况且该措施预计在2015年时才能真正落实。



 
(星洲日报/財经) 
 

Thursday, 12 September 2013

Solid Automotive opens at 60 sen on Bursa Malaysia

KUALA LUMPUR: Solid Automotive Bhd opened at 60 sen, which was four sen above its offer price of 56 sen, when it was listed on the Main Market of Bursa Malaysia on Thursday.

At 9am, the FBM KLCI was up 9.28 points to 1,777.76. Turnover was 21.14 million shares valued at RM13.44mil. There were 100 gainers, nine losers and 53 counters unchanged.

Solid Automotive raised about RM19.81mil from its listing exercise which involved the public issue of 35.38 million new shares at 56 sen each.

The shares available for the Malaysian public subscription were oversubscribed by 9.8 times. The company said a total of 4,100 applications for 81.224m shares with a value of RM45.4m were received from the Malaysian public.

Solid Automotive’s subsidiaries Solid Corporation, Twinco, Auto Empire, JBS and Uni Point are involved in the trading and distribution of automotive parts and components as well as remanufacturing of automotive alternators and starters for the passenger and commercial vehicle segments in the automotive aftermarket in Malaysia and overseas.
 

Monday, 9 September 2013

股海宝藏:金群利抗跌力强产业商

金群利集团(MATRIX,5236,主板产业股)创立于1996年,它是芙蓉和居銮一家信誉卓越的产业发展商,主要发展可负担和有品质的房屋。

目前,金群利集团已经在约1860英亩地段兴建了超过两万间住宅和工业产业,发展总值达到22亿令吉。

金群利集团专攻可负担房屋,符合它发展综合城镇的商业模式。它的商业和工业产业,都兴建在其住宅发展计划当中。

目前它正进行两个城镇计划,即森州芙蓉的达城(Bandar Sri Sendayan)和柔佛居銮的金銮镇(Taman Sri Impian)。

根据肯纳格研究的报告,尽管国行中止发展商承担利息计划(DIBS)以及柔佛州对外国买家征收税会对产业公司带来负面影响。

但是,相信市场对这些冲击的反应太过激烈,因为发展商可用其他优惠来吸引买家,而银行的资金也仍然充裕。

此外,一次过的柔佛产业税也不可能影响外国买家,因为我国的产业仍然比外国,例如新加坡更低。总的来说,产业发展商的基本因素没有受到影响。我国年轻的人口将促使产业需求不断。

估计总值82亿令吉的庞大产业计划正在进行中,使它可以忙碌到2022年。

目前,该公司在857英亩的地库进行着的项目发展总值有14亿令吉,直到2014年为止(截至6月底,认购率超过70%,未入账销售额5.22亿令吉)。

此外,未来的项目发展总值有68亿令吉,占地1875英亩,包括近期收购两片土地:毗邻芙蓉达城的431英亩,及世界贸易中心附近的1.1英亩。

达城(Bandar Sri Sendayan)
科技谷获外资青睐


达城由住宅区、商业区以及名为“Sendayan科技谷”的工业区组成。其中,Sendayan科技谷预料在未来5年,可贡献总值7亿7700万令吉的销售额。上一财政年,Sendayan科技谷的工业地段销售活动为该集团贡献约8000万令吉或17%的营业额。

料再吸资10亿

同时,该科技谷所吸引的外来直接投资(FDI)已累积逾20亿令吉。目前正与来自美国、日本和欧洲的外资洽谈,一旦成事,预料可以再吸引额外约10亿令吉的外来直接投资。

由于地理位置优势和道路连接日渐完善,居住在70公里外的芙蓉并在吉隆坡上班,已是许多人生活一部分。

巴生谷的房地产价格几乎以翻倍的速度增长,加上求过于供,导致许多人都放眼购买外围临近地区的房产,尤其是芙蓉区域。许多年轻人在毕业后的数年内,就开始物色房子,然而,以目前每年7万至8万单位新房的建造率,难以满足市场所需。

作为中长期计划的一部分,公司将在达城发展成熟以后,在当地兴建一座占地170英亩名为Icon Park的购物广场。

Icon Park将是一项五合一的发展项目,将包含零售、展览、休闲、办公室和住宅。

金銮镇(Taman Sri Impian)

从依区计划受惠


金銮镇是金群利集团与柔佛州土地发展合作社公司进行的联营计划。这计划包括兴建住宅和商业产业。

金銮镇占地面积636英亩,自2006年以来,金群利集团已经完成了2498单位住宅和69单位商业产业。预料金群利集团还拥有400英亩的地段,将会分阶段完成发展计划。

预料金銮镇将会从柔佛州依斯干达经济区的计划中受惠,因为这里的计划将会吸引更多的人涌进柔佛,而提供可负担房屋的金群利集团将会吸引更多购屋者的青睐。

依斯干达经济区是着重在高档的发展计划,所以不会与金群利集团的发展计划互相竞争。

自从国行中止发展商承担利息计划以及柔佛州对外国买家征收税的消息出来之后,产业股便出现了跌潮。

因此,相信产业股已经消化了这些不利因素,而这意味着目前是投资者趁低买进小型和中型优质产业股,例如金群利集团等公司,的时候。

可负担房屋领导者

金群利集团已经在芙蓉和居銮建立口碑,因为它主要是兴建售价低于60万令吉的可负担房子。在它的发展总值当中,有50%是属于可负担房屋。所以金群利集团是属于抗跌力强的产业发展商。

可派更丰厚股息

具备强劲增长、估值不昂贵、净现金以及高股息的特点。金群利集团最吸引人的特点是估值。

由于它的销售业绩强劲,再加上它不断推出发展计划,因此,预料它于2012年至2015年之间的净利增加平均达到15至20%之间,这也意味它目前是在2015财年4倍的廉宜本益比中交易。

它稳固财务使它可以收购更多的地库,以及在未来派发丰厚的股息。截至2013财年上半年,公司拥有1.86亿令吉净现金,相等于每股62仙,营运现金流有6500万令吉。

假设金群利集团维持盈利40%充作派息用途的趋势,那么,它于14至15财年的周息率可能会达到9至10%之间。所以,它终有一天会成为投资者注意的该周息率股项之一。

目标价

●2.84令吉(8月28日-丰隆投银)
●2.86令吉(8月27日-BIMB)
●2.85令吉(5月15日黄氏发展-IPO)
●3.02令吉(5月15日安联-IPO)
●3.10令吉(5月15日联昌证券-IPO)

免责声明

本文分析仅供参考,并非推荐购买或脱售。投资前请咨询专业金融师。




Source: www.nanyang.com/node/562778?tid=902

马航亚航违法遭罚款 影响不大

(吉隆坡9日讯)马来西亚竞爭委员会(MyCC)裁定马航(MAS,3786,主板贸服股)与亚洲航空(AIRASIA,5099,主板贸服股)于 2010至2011年签署的合作协议,违反竞爭法令,因此,各被罚款1000万令吉。马航表示,將会检討此项罚款,亚航则声言將抗辩,並在30天之內作出 回应。

马银行金英投行分析员表示,两家航空公司有能力承担此罚款,不会影响其营运及资產负债表。此外,MIDF研究分析员也认同,1000万令吉罚款,对亚航盈利影响不大,仅相等于每股0.4仙。

马来西亚竞爭委员会指出,当两家公司同意共享市场,表示他们同意停止竞爭,这將伤害消费者利益。

马银行金英投行分析员认为,由于两家航空公司合共持有的市场份额超过90%,因此,要推翻竞爭委员会的裁决,相信並不容易。分析员称,马航虽然表示会检討 有关的罚款,但並无进一步的敘述。其实,马航並不是首次被控诉违反竞爭法,过去几次该公司都乖乖付钱了事,对公司的股价並没有带来衝击。因此,分析员认 为,马航此次最终相信依旧会接受1000万令吉的罚款。

亚洲航空则宣称抗辩到底,因亚洲航空一直在法律框架內遵守条例。分析员估计,亚洲航空在接下来的几个月,会陆续发出更多相关的文宣。

整体而言,MIDF研究分析员认为这事件影响不大。相反的,油价及令吉的疲软走势,带来的影响更大。分析员指出,美国攻打敘利亚迫在眉睫,但所幸现货飞机燃油价格仍保持在可管理水平,8月30日的价格为每桶130美元,按年下跌4.4%。

至于令吉及区域货幣同步走弱,则將对该亚航的盈利带来更高的压力,因燃油成本將隨之提高。

额外成本转嫁乘客

若目前的情况持续下去,亚洲航空將会把额外成本转嫁给乘客。截至6月30日止,亚洲航空对冲其33%的燃油需求平均每桶123.4美元的价格。

在政府可能脱售股权的预期下,马航股价过去一周受到到市场的追捧。马航于周一的成交量为3685万9000股,居大热门榜第4位,上涨0.5仙或1.562%,以0.325令吉闭市。

《彭博社》指出,市场预期马航將在2014財政年转亏为盈,届时政府可能脱售其所有或部份的持股,在这样的预期中,投资者纷纷在该股跌低时抢进,让该股持续受到追捧。

在竞爭委员会发表文告后,亚洲航空股价于上周五下跌3.1%,亚洲航空在周一上涨1仙或0.4%,以2.510令吉掛收,全天成交量为1182万8000股。

马银行金英投行分析员对于此罚款事项持中和態度,维持马航及亚航「守住」投资评级,目標价分別是0.35令吉及2.95令吉;MIDF研究分析员则维持亚洲航空「买进」评级,及3.78令吉目標价格。
【东方日报】

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Saturday, 7 September 2013

MyCC acts tough on airlines

IT is a landmark decision by the Malaysia Competition Commission (MyCC) to fine two airlines – national carrier (Malaysia Airlines) and South-East Asia’s largest low-cost airline, AirAsia.

Their fault – both collaborated way back in August 2011 to distort competition in the local aviation scene.

The penalty is a fine of RM10mil each. Though it is a small amount for the airlines, it sends a very strong message to the market place that anti competitive behaviour is not welcomed now that MyCC is in existence.

“If it was any other country, the comprehensive collaboration framework (CCF) would have been shot down even before it was started,” said an analyst.

He says that “since MyCC started it has been so quiet” but after two years, it has sent a very powerful message and that is the kind of action people are wanting to see and the AirAsia/MAS cooperative pact was something too blatant to ignore.”

Yesterday MyCC surprised the market with its “proposed decision” to slap fines of RM10mil each on both AirAsia and MAS for infringing Section 4(2) (b) of the Competitions Act by entering into an agreement that has as its objective the sharing of markets in the air transport services sector within Malaysia provided by both airlines.

“Market sharing is considered a serious infringement under the Act as it is deemed to have the object of significantly preventing, restricting, or distorting competition in any market for goods and services,” said MyCC chairman Tan Sri Siti Norma Yaakob in a statement released yesterday.

“When businesses agree to share markets, they are agreeing to stop competing at the expense of the consumers,” she added.

Financial penalties

The statement said the financial penalties were based on the turnover earned between Jan 1, 2012 and April 30, 2012 for the Kuala Lumpur-Kuching, Kuala Lumpur-Kota Kinabalu, Kuala Lumpur-Sandakan and Kuala Lumpur-Sibu routes.

The financial penalties were less than 10% of their respective worldwide turnovers between January and April 2012, MyCC said.

It is a “proposed decision” which means that the two airlines are given 30 days to argue their case either orally or in writing as to why they think what they did was not seen to be an anti-competitive behaviour.

MAS group chief executive officer Ahmad Jauhari Yahya in an SMS to StarBizWeek says that “we are reviewing the charge.”

The airline told Bursa Malaysia later that it would submit its written representation and indicate whether it intends to make an oral representation to MyCC no later than Oct 18 that it was reviewing the proposed decision in consultation with its legal counsel.

AirAsia in its strongly worded statement says it “intends to vigorously defend the allegations.”

AirAsia says it has always put compliance as its utmost priority and similarly taken necessary steps to ensure that the CCF was in compliance with applicable law in every respect. “As such we will review the matter with our counsel and reply to MyCC with our defence within the specified period of time.”

Fighting it all the way

Separately, AirAsia group CEO Tan Sri Tony Fernandes said in an SMS that “we will fight it all the way.

“I or Datuk Seri Kamarudin Meranun was never called to discuss this. It was well documented that Firefly jet operations were losing large amounts of money. After the collaboration ended, MAS has not restarted their jet operations because it was losing money.

“So we are extremely disappointed and I am sure MAS is. It is easy to try to make MAS and AirAsia an example when there are so many real anti competitive situations in the country,” Fernandes says.

He added that “it is such a traversity that AirAsia is one company that has fought for a level playing field and has injected so much competition into the market and yet again another obstacle is put in front of it. When will the authorities see the amazing good AirAsia has done for the country? I am at a loss but I will never give up the fight for my staff.”

To recap, AirAsia and MAS were locked in a battle for the local and regional air market share for many years.

But the fight intensified when MAS via its wholly owned unit, Firefly entered the low cost air space by offering cheap fares for flights into Sabah and Sarawak. It used jets for the service and its entry heighten competition in the sector.

Though Firefly was losing money on the routes, it continued to attract travellers because it offered full services at low-cost fares. To diffuse competition a deal was hammered on Aug 9, 2011 so that both the airlines will be “friends’’ and cooperate instead of being bitter rivals.

Hence came the CCF where both parties agreed to sharpen their focus of core competencies, deliver better products and choice for customer and ultimately create greater value for all stakeholders.

As part of the collaboration, a share swap deal was also hammered out whereby AirAsia via its parent company, Tune Air Sdn Bhd took up a 20.5% equity stake in MAS.

In turn MAS parent, Khazanah Nasional Bhd (which has nearly 70% stake in MAS) took 10% in AirAsia. This led to Fernandes and Meranun sitting on MAS board while some of Khazanah’s representative sat on AirAsia board. Then it was agreed that MAS will remain a full service carrier, Firefly will cease to operate its jet services, and AirAsia will stay a low cost carrier.

But the pact drew widespread criticism as the CCF was seen as anti-competitive in nature and its current and future business practices were seen to be an abuse of its dominant position.

Competition law

Competition law regulates both horizontal agreements between companies operating at the same level in the production or distribution chain and vertical agreements - which are agreements between companies operating at different levels of the supply chain.

But the CCF and share swap went though despite all the grouses by many parties. However, when the Competition Act came into force on Jan 1, 2012, the Malaysian Consumer Association (Fomca) lodged a complaint with the MyCC on Feb 24, 2012 against the cooperation between MAS and AirAsia.

Eight months after the share swap was inked and after intense lobbying by MAS Employees Union (Maseu) the share swap was unwound.

An analyst said “even though both the airlines want to argue their case, the fact remains that MyCC is seen to be doing something and even if the fine is reduced to RM1mil it is still a strong signal sent out by MyCC that the market does not condone anti-competitive behaviour and that is important in a globalised market place.”

This is also MyCC’s first big case where it fines a company since the Competition Act came into force. However, it had closed the Cameron Highlands Floriculturist Association case that involved price-fixing on their products but no penalty was imposed. MyCC now has 40 complaints of which 26 are under investigations.