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.”