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The Star Online: Business

Affin maintains Buy on AirAsia
FBM KLCI snaps winning streak, opens lower
Malaysia-Market factors to watch on Dec 14(Friday)

Posted: 13 Dec 2012 05:32 PM PST

Published: Friday December 14, 2012 MYT 9:33:00 AM

KUALA LUMPUR: Affin Investment Bank maintained its "Buy" call on AirAsia Bhd after the latter's move to put in an order for 100 Airbus A320s.

"All in, we are positive with the development. No change to our earnings forecast at this juncture. Maintain Add recommendation on AirAsia. Share price has been under pressure on concern of stronger competition in 2013 from new start-up Malindo Airways, and will likely see more pressure now that the stock is being taken off from the FBM KLCI Index," it said in a research report.

It said fundamentally, the airline has shown resilience in the face of competition and tough market environment (in the past and till now) with its lean cost structure and continuous expansions.

Slated to be delivered starting 2013, the 100 Airbus A320s orders consist of 36 A320s with the Current Engine Option (CEO) and 64 A320s with the new Engine Option (NEO) and is part of the group's strategy to accelerate growth in its core markets in Malaysia, Thailand and Indonesia and new markets in Japan and the Philippines.

"The recent weakness in price, suggests a good opportunity to accumulate on the stock. No change to our target price of RM3.70 based on 12 times calendar year 2013 earnings per share. We continue to like AirAsia for the group's regional expansion, efficiency and sound fundamentals. Risk to our call is further selling by the foreign shareholders. As at end-August 2012, the foreign shareholdings stood at 52%," it said.

FBM KLCI snaps winning streak, opens lower

Posted: 13 Dec 2012 05:26 PM PST

KUALA LUMPUR: The FBM KLCI clawed back some of its gains this morning after surging for for eight consecutive days, taking cue from weaker regional markets.

At 9.09am, the local bourse shed 2.98 point to 1649.77 points with 41.26 million shares traded, valued at RM20.04 million. There were 70 gainers, 114 losers and 134 counters unchanged.

"On the domestic front, we think that the FBM KLCI Index would likely trade sideways again as investors look to take profit following the local bourse's strong performance having clocked up 8 days of successive gains amounting to 45.4 points or 2.8%," HwangDBS Vickers Research said in a market preview note today.

Overnight market, US equity indices retreated between 0.6% - 0.7% last night as investors grew concerned on the standoff in federal budget negotiations. It said this overshadowed stronger economic data released yesterday indicating lower unemployment claims and a rebound in retail sales.

Regional markets were weaker on concerns of the US fiscal cliff, on concerns that US lawmakers might not be in time to avert a fiscal crisis with an end-of-year deadline looming.

Japan's Nikkei 225 declined 0.43% to 9701.02, Hong Kong's Hang Seng Index fell 0.26% to 22,445.58, Shanghai's Composite Index lost 1.02% to 2,061.48.

While Taiwan's Taiex dipped 0.48% to 7719.99, and Singapore's Straits Times Index drop 0.03% to 3155.53.

Trading interest might be stirred in Astro, Felda Global, MMHE and AirAsia, after Astro and Felda Global were announced as new constituents in the FBM KLCI Index following the semi-annual review, replacing Malaysia Marine and Heavy Engineering (MMHE) and AirAsia.

Meanwhile, Axiata announced that it will be acquiring its Cambodian rival Latelz Co for USD155 million (or RM470 million).

Malaysia-Market factors to watch on Dec 14(Friday)

Posted: 13 Dec 2012 05:21 PM PST

KUALA LUMPUR: Following is a list of events in Malaysia as well as news company-related and market news which could have an influence on the local market.

GLOBAL MARKETS-Shares, oil fall on fears of US 'fiscal cliff'

SE Asia Stocks-Mostly weak; Manila further slips below record peak

WHAT IS HAPPENING IN MALAYSIA, IN TIMES LOCAL FOLLOWED BY GMT:

* BiotechCorp announces partnership to improve healthcare for tropical diseases at Sheraton Imperial Hotel, Kuala Lumpur at 0930am (0130).

* Prime Minister Najib Razak receives courtesy visit by Thai Defence Minister Sukumpol Sawanatat at the Prime Minister's Office, at 1120am (0320), and attends East Coast Economic Region meeting at Special Meeting Room, Prime Minister's Office, Putrajaya at 1515pm (0715).

* K&N Kenanga Holdings Bhd's media briefing on the acquisition of ECM Libra Investment Bank Bhd at Kenanga International, Kuala Lumpur at 1130am (0330).

MARKET NEWS

> Nikkei Dec futures, options seen settling at 9,720.36 -sources

> US STOCKS-S&P 500 ends 6-day winning streak on 'cliff' anxiety

> TREASURIES-Prices ease as 30-year auction mediocre

> FOREX-Yen on track for another sorry week as BOJ looms

> PRECIOUS-Gold falls as Fed fears prompt funds to liquidate positions

> Oil falls as fiscal cliffhanger fuels caution

> VEGOILS-Palm oil ends off 3-year low on stocks, U.S. fiscal woes

MALAYSIA IN THE NEWS:

> AirAsia unveils $9.4 billion Airbus order

> Encana, PetroChina take $2.2 bln stab at joint venture

> Phillips considers sale of Irish, Malaysian refining stakes

> India Nov cooking oil imports drop by a third on the mth-trade

> Malaysia's Axiata buys Cambodia telco rival for $155 mln

> Petronas awards production sharing contract for Sabah block

> FEATURE-Malaysia's plan to dam its frontier for energy generates dismay - Reuters

DIARY - Malaysia 14/12/12 8:08:13(Friday)

ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT IN BRACKETS

FRIDAY, DEC 14

* SEPANG - Malaysia Airports Holdings Bhd recruits more aviation security personnel at Bunga Raya Complex, KL International Airports, Sepang at 0800am (0000).

* PUTRAJAYA - AID presentation by Yayasan Tunku Abdul Rahman 2012 at Higher Education Ministry, No. 2 Tower 2, Jalan P5/6, Presint 5, Putrajaya at 0900am (0100).

* KUALA LUMPUR - Nestle (M) Bhd's continues commitment to the environment and ecosystems at Forest Research Institute Malaysia, Kepong at 0900am (0100).

* PETALING JAYA - Rural and Regional Development Minister Mohd Shafie Apdal launches "Apa Khabar Orang Kampung" programme at Sri Pentas, Bandar Utama at 0830am (0030).

* KUALA LUMPUR - BiotechCorp announces partnership to improve healthcare for tropical diseases at Sheraton Imperial Hotel, Kuala Lumpur at 0930am (0130).

* KUALA LUMPUR - Hwang Investment Management Bhd fixed income market outlook at Hwang IM Office, Menara Keck Seng, Jalan Bukit Bintang, Kuala Lumpur at 1000am (0200).

* KUALA LUMPUR - BMW Group Malaysia media briefing at MINI Ingress Auto Bangsar, Jalan Maarof, Bangsar Baru, Kuala Lumpur at 1015am (0215).

* PETALING JAYA - Energy, Green Technology and Water Minister Peter Chin Fah Kui launches iProperty.com Real Deal Expo at Sunway Pyramid Convention Centre, Petaling Jaya at 1030am (0230).

* PUTRAJAYA - Prime Minister Najib Razak receives courtesy visit by Thai Defence Minister Sukumpol Sawanatat at the Prime Minister's Office, Putrajaya at 1120am (0320), and attends East Coast Economic Region meeting at Special Meeting Room, Prime Minister's Office, Putrajaya at 1515pm (0715).

* KUALA LUMPUR - K&N Kenanga Holdings Bhd's media briefing on the acquisition of ECM Libra Investment Bank Bhd at boardroom of K&N Kenanga, Kenanga International, Kuala Lumpur at 1130am (0330).

* KUALA LUMPUR - Minister in the Prime Minister's Department Jamil Khir Baharom attends opening of Abdul Rahman bin Auf Mosque at Batu 5 1/2, Japan Puchong at 1200pm (0400).

* KUALA LUMPUR - MMC Corp Bhd holds EGM at Istana Hotel, Kuala Lumpur at 1500pm (0700).

* KUALA LUMPUR - Domestic Trade, Cooperatives and Consumerism Minister Ismal Sabri Yaakob launches 'Back to School Sales 2012' at AEON Alpha Angle, Wangsa Maju at 1500pm (0700).

* KUALA SELANGOR - Agriculture and Agro-based Industry Minister Noh Omar opens Sungai Yu fishing pier at the fishing pier, Kuala Selangor at 1500pm (0700).

* PUTRAJAYA - Launching of 1Citizen Certification programme for institutions of higher learning at Higher Education Ministry, Presint 5, Putrajaya at 1945pm (1145).

* PETALING JAYA - NAZA Group's 2012 media appreciation night at Bubba Gump Shrimp Co Citta Mittal, Citta Mall, Jalan PJU 1A/48, Ara Damansara, Petaling Jaya at 2000pm (1200).

* KUALA LUMPUR - Prime Minister Najib Razak attends the Malaysian Medical Association dinner at Grand Hyatt Hotel, Jalan Pinang, Kuala Lumpur at 2030pm (1230).

MONDAY, DEC 17

* KUALA LUMPUR - Nomura Asia Equities 2013 Outlook Malaysia at Mandarin Oriental Hotel, Kuala Lumpur, Kuala Lumpur at 0900am (0100).

* PETALING JAYA - Nakamichi Corp Bhd holds EGM at Tropicana Golf & Country Resort, Petaling Jaya at 1100am (0300).

WEDNESDAY, DEC 19

* KUALA LUMPUR - Release of Nov 2012 Consumer Price Index At 1700pm (0900).

FRIDAY, DEC 21

* KUALA LUMPUR - Release of International Reserves as at 14 Dec 2012 at 1700pm (0900).

TUESDAY, DEC 25

* KUALA LUMPUR - Market and Public Holiday - Christmas Day.

MONDAY, DEC 31

* KUALA LUMPUR - Release of Nov 2012 Money Supply data.

NOTE: The inclusion of diary items does not necessarily mean that Reuters will file a story based on the event. - Reuters

VEGOILS-Market factors to watch Dec 14(Friday)

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS

* Malaysian palm oil futures fell on Thursday to their lowest in more than three years, as record stocks and concerns that U.S. fiscal woes might drag on global growth spooked investors.

* Wheat futures extended a five-session decline and set a fresh five-month low on Thursday while corn futures fell for a sixth day as technical selling and sluggish export demand weighed on both markets.

* Oil prices fell on Thursday as worries about the economic impact of a U.S. fiscal crisis overshadowed improvements in U.S. jobs data and retail sales.

MARKET NEWS

* Asian shares snapped a week-long winning streak on Friday, tracking global equities lower, on concerns that U.S. lawmakers are still too far apart to avert a fiscal crisis with an end-of-year deadline looming.

* Commodities fell broadly on Thursday, with oil and key metals markets ending down, as a U.S. fiscal deal seen crucial for preventing a recession in 2013 remained elusive before the year-end deadline.

Khamis, 13 Disember 2012