The Star Online: Business
The Star Online: Business |
- KLCI opens firmer, Maybank leads
- Malaysian was shortlisted for prestigious Man Booker prize
- Affin Research reviews Reduce rating on AMMB, TP RM6.38
| KLCI opens firmer, Maybank leads Posted: 16 Oct 2012 06:24 PM PDT KUALA LUMPUR: Blue chips opened firmer on Wednesday, underpinned by gains in Maybank, in line with key regional markets as sentiment was bolstered by the strong US earnings report. At 9.07am, the FBM KLCI was up 0.64 of a point to 1,654.16. Turnover was 84.46 million shares valued at RM40.29mil. There were 92 gainers, 38 losers and 108 counters unchanged. Reuters reported Asian shares rose on Wednesday as strong US earnings reports brightened investor mood, while the euro hit a one-month high against the dollar as Spain dodged a bullet when Moody's Investor Service kept Madrid's investment grade rating. At Bursa Malaysia, Maybank and MMHE rose five sen each to RM9.13 and RM5.05 while Time dotCom added four sen to RM3.44. Top Glove advanced five sen to RM5.36. Tasek was the top gainer, up 80 sen to RM12.80 while FACB Industries gained 12 sen to 59 sen sen while Ann Joo added four sen to RM1.37. Green Packet rose 3.5 sen to 59 sen with 7.11 million shares done while the warrants added 1.5 sen to 21 sen on market talk the company may be in a mergers and acquisitions (M&A) mode. |
| Malaysian was shortlisted for prestigious Man Booker prize Posted: 16 Oct 2012 06:08 PM PDT KUALA LUMPUR: Malaysia's Tan Twan Eng shortlisted in 2012 for his book "The Garden of Evening Mists", narrated by Yun Ling Teoh who is the sole survivor of a Japanese prison camp, Reuters repoted. Tan made it to the Booker longlist with his first novel "The Gift of Rain" in 2007. Hilary Mantel wrote herself into the history books on Tuesday, becoming the first woman and first Briton to win the coveted Man Booker prize for fiction twice with "Bring Up the Bodies", the sequel to her acclaimed "Wolf Hall". Two men had previously "done the double" - J.M. Coetzee who was born in South Africa and Australia's Peter Carey. Chair of judges Peter Stothard described Mantel as the "greatest modern English prose writer" and told reporters she had rewritten the art of historical fiction. Wolf Hall, her re-imagining of the rise of blacksmith's son Thomas Cromwell to the pinnacle of power in King Henry VIII's court, won the 50,000 pound prize in 2009. - Reuters |
| Affin Research reviews Reduce rating on AMMB, TP RM6.38 Posted: 16 Oct 2012 06:08 PM PDT KUALA LUMPUR: Affin Investment Research is reviewing its Reduce rating and price target of RM6.38 for AMMB Holdings Bhd, which is based on a price-to-book value of 1.45 times on CY13 ROE of 14.5%. "AMMB's earnings growth remains mediocre and outlook remains unexciting given potentially weaker loans growth momentum, dampened by the slower household loan segment," it said on Wednesday. Affin Research said AMMB's KPIs over FY03/13-15 are a PATAMI CAGR of 9-12%; ROE of 14%-15%; cost-to-income ratio of 43%; gross impaired loan ratio of below 2.5%, and maintaining a dividend payout ratio of 40-50%. On Tuesday, AMMB announced it obtained the approval from Bank Negara Malaysia to start negotiations with Friends Life FPL Limited (of UK) for the proposed repurchase of the 30% equity interest held by Friends Life in two joint ventures, namely, AmLife Insurance Bhd and AmFamily Takaful Bhd. The proposal would allow both AMMB and Friends Life to pursue separate strategies business strategies and enable AMMB to focus on opportunities relevant to its business model. Notwithstanding this, Friends Life will continue to provide technical support to AmLife and AmTakaful over an agreed period of time. "We are of the view that the proposed acquisition is mooted in-line with AMMB's objective of increasing their non-interest income contribution to the group to at least 40% in the group compared to 32% at present. Consistent with this strategy, AMMB has been on an active acquisition drive in the course of the year, positioning the group to be a major player in the insurance market," it said. Affin Research pointed out the recent completion of the acquisition of Kurnia Insurans Malaysia has propelled the group to be the largest general insurance player in the country. |
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