The Star Online: Business
The Star Online: Business |
- Felda arm listing still on
- Persisting Euro crisis continues to dampen Asian markets
- MIDCAP-Utilities sector tops analysts' revision in Malaysia
| Posted: 12 Dec 2011 07:09 PM PST PETALING JAYA: Despite the controversy surrounding the directive for Federal Land Development Authority (Felda) general manager Datuk Dzulkifli Abd Wahab to go on leave, the Government is not wavering on its plan to list Felda Global Ventures (FGV) on the stock exchange next year, sources said. The sources added that the listing exercise was still on because of its importance to Felda settlers. "The listing would turn the settlers into owners of the listed FGV via the settlers' co-operative, Felda Investment Co-operative (KPF). It is a game-changer for the settlers as they would have a controlling stake in a listed plantation giant." Sources also said that the KPF EGM to be held on Jan 5 to vote on the matter would likely see the majority of representatives vote in favour of the deal, which would pave the way for FGV's listing in March or early April. Over the weekend, an online news portal reported that Dzulkifli was asked to go on leave for eight months. The article stated that the move was the result of differing views between Dzulkifli and KPF's new chairman, Tan Sri Isa Samad, who replaced the former a few months ago. The news portal added that Dzulkifli was believed to be against the proposed listing of FGV. Another recent online media report stated that KPF's removal of some key members of Felda's new top brass from its board could be viewed as a concerted attempt by certain quarters, such as the existing senior management, to undermine the intial public offering (IPO). The listing of FGV is expected to raise some RM6bil in what could be Malaysia's biggest IPO in 2012. By comparison, the biggest IPO so far this year was Bumi Armada Bhd, which raised RM2bil. KPF owns 51% in Felda Holdings while FGV, an entity wholly-owned by the Government, holds the remaining 49%. Felda Holdings is considered a gem for its assets, which include a 880,000 ha plantation landbank as well as profitable agriculture and plantation-related businesses consisting of palm oil mills, refineries, rubber factories, and manufacturing plants. Under the proposed listing, settlers would swap their 51% stake in Felda Holdings via KPF for 61% control of FGV. In the first half of this year, Felda Holdings made RM314mil in pre-tax profit on turnover of RM8.9bil. FGV's pre-tax profit for the first half was RM167.8mil on RM1.98bil revenue. Full content generated by Get Full RSS. |
| Persisting Euro crisis continues to dampen Asian markets Posted: 12 Dec 2011 05:44 PM PST PETALING JAYA: Asian indices were mostly lower in Tuesday's early trade as the ongoing Euro debt crisis continues to sap investor confidence in the region. On the local front, the benchmark FBM KLCI was down 7.11 points or 0.48% to 1,459.99 at 9.13am. with PPB Group Bhd and Genting Bhd the biggest losers in early trade, shedding 22 sen to RM16.38 and 16 sen to RM10.66 respectively. Select consumer stocks seemed to buck the trend, with Guinness Anchor Bhd, Dutch Lady Milk Industries Bhd and Nestle (M) Bhd topping the gainers' list. Proton Holdings Bhd continued its uptrend, gaining 16 sen to RM4.69 following a statement by the national automaker's adviser Tun Dr Mahathir Mohamad on Monday, who said that Khazanah Nasional would be selling its 42.74% stake to DRB-HICOM with a general offer likely to be made. As for regional indices, Tokyo's Nikkei 225 fell 1.33% to 8,538.39 and Hong Kong's Hang Seng Index was down 1.34% to 18,327.45. Shanghai's A index was flat at 2,291.54 while Taiwan's Taiex Index slipped 1.09% to 6,872.95. Seoul's Kospi Index dipped 1.38% to 1,873.57 and Singapore's Straits Times Index shed 0.75% to 2,681.45. Nymex crude oil gained seven cents to US$97.84 per barrel. Spot gold fell US$7.38 to US$1,659.20 per ounce. The ringgit was quoted at 3.174 to the US dollar. Full content generated by Get Full RSS. |
| MIDCAP-Utilities sector tops analysts' revision in Malaysia Posted: 12 Dec 2011 05:22 PM PST Dec 12 (Reuters) - Malaysia's utilities are seeing earnings upgrades by analysts and the sector tops Thomson Reuters StarMine's Analyst Revisions rankings in the south east Asian country with a high score of 80. While analysts are upbeat on the country's utilities sector, they are bearish on the materials sector, which has the lowest score of 24. This indicates that analysts are expecting defensive sectors such as utilities to perform better than cyclical stocks, which include metals and mining companies. Malaysia's national power producer Tenaga Nasional has the best Analysts Revision Model (ARM) score of 97 among its peers. Since Nov. 29, seven out of 21 analysts have raised their earnings estimate on the company by an average of 33.2 percent for the year ending August 2012. On the other hand, steel producer Lion Industries Corporation Bhd has the worst ARM score of 1 in Malaysia's Materials sector. Since Nov. 30, two out of four analysts have cut their EPS estimates on the company by an average of 30.5 percent for the year ending June 2012. CONTEXT Malaysia's Tenaga says to share additional fuel cost with government, Petronas. StarMine's Analyst Revisions model is a percentile ranking of stocks based on changes in analyst sentiment, with 100 representing the highest rank. This model tracks analysts' upward revisions in earnings and revenue estimates and rating changes. On its Intrinsic Valuation model, StarMine adjusts for the usually optimistic bias in analysts' EPS forecasts and then uses the resulting growth rate and dividends to determine the valuation. Full content generated by Get Full RSS. |
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