The Star Online: Business
The Star Online: Business |
- Gold eases on strong economic data
- RHB Research maintains Trading Buy on Malaysia Airlines
- Malaysia’s KLCI opens higher, Maybank, Genting up
| Gold eases on strong economic data Posted: SINGAPORE: Gold extended losses on Thursday after falling 2% the session before as robust economic data from the United States and Europe dented its safe-haven appeal. Spot gold had dropped 0.09% to US$1,319.46 an ounce by 0008 GMT. It fell 2% on Wednesday as signs of continued economic recovery prompted funds to exit the bullion market after the metal hit a one-month high earlier in the day. New US home sales vaulted to a five-year peak in June, while private industry in the euro zone expanded for the first time in more than a year in July. Goldman Sachs is sticking to its average forecast of US$1,413 for an ounce of gold this year as it does not see sharp reductions in US Federal Reserve stimulus, after fears of such cuts drove bullion prices to near three-year lows recently. Australia's Newcrest Mining Ltd, the world's third biggest gold producer, is forecasting a flat year of gold output as it cuts operating costs, as gold miner Agnico Eagle Mines Ltd reported a net loss on Wednesday, hurt in part by a maintenance shutdown, and said it was "reviewing all aspects" of its business in light of the recent drop in gold prices. Meanwhile gold traders in India braced for a fall in supply and higher premiums ahead of festivals, as the central bank's steps to restrict imports are expected to cut supplies for domestic consumption – Reuters |
| RHB Research maintains Trading Buy on Malaysia Airlines Posted: KUALA LUMPUR: RHB Research is maintaining its Trading Buy on Malaysian Airline System's (MAS) with its fair value unchanged at 43 sen. It said on Thursday that MAS' passenger load factor hit a new high of 84.3% in June. MAS' second quarter's (Q2FY13) overall load factor improved by 3.9% on-quarter and 4.9% on-year. "This seems to indicate that MAS may be able to mitigate its losses in 2QFY13 amid yield pressure. Maintain Trading BUY on MAS, with our 43 sen FV unchanged," it said. RHB Research pointed out MAS' Q2FY13 operating statistics continued to show positive growth. Total revenue passenger kilometers (RPK) climbed 13.3% on-quarter and 29.3% on-year, while total available seat kilometers (ASK) grew 7.8% on-quarter and 18.7% on-year. "It is worth noting that the growth of domestic passenger RPK in 2QFY13 (+22.1% on-quarter, +23.3% on-year) may indicate that the company's fleet modernization is drawing more passengers. "Meanwhile, its participation in the oneworld alliance also helped lift MAS' international passenger RPK by 12.3% on-quarter and 30.1% on-year y-o-y. In June, the national carrier's passenger load factor hit a new high of 84.3% (up 6.9% on-year), breaking its earlier record of 81.4% in December 2012," it said. RHB Research believed that the yields of full-service carriers (FSC) including MAS are still under pressure. Nonetheless, given the strong improvement in its operating stats, MAS may be able to mitigate its losses in 2QFY13, for which the results will be released on July 31. "That said, we are hopeful that the improved frequency/passenger volume would help mitigate the company's costs associated with slashing airfares. "We keep our Trading BUY recommendation on MAS, with our MYR0.43 FV based on 9x adjusted FY14F EV/EBITDAR. As highlighted previously, we advise caution on MAS' potential losses in 2QFY13 – which is a seasonally weak quarter in the year – although we believe that the losses should narrow in the current quarter," it pointed out. |
| Malaysia’s KLCI opens higher, Maybank, Genting up Posted: KUALA LUMPUR: Malaysia's FBM KLCI opened higher on Thursday, supported by some mild buying of key stocks including Maybank, AmBank and Genting Bhd. At 9am, the KLCI was up 0.96 of a point to 1,810.96. Turnover was 24.83 million shares valued at RM11.46mil. There were 75 gainers, 35 losers and 102 counters unchanged. JF Apex Research said upbeat economic data in the US and Europe and news that China was taking steps to help its economy could boost sentiment. "As such, we expect the FBM KLCI to remain above 1,800," it said. Maybank rose six sen to RM10.80 and AmBank gained four sen to RM8.06 but Public Bank and CIMB shed two sen each to RM17.32 and RM8.52. Genting rose four sen to RM10.06. Among the plantations, United Plantations added 50 sen to RM27.34, Genting Plantations 14 sen to RM10.18 and KL Kepong 10 sen to RM21.60. Gabungan AQRS warrants surged 15.5 sen to 47.5 sen on their first trading day while the shares added five sen to RM1.67. Perak Corp fell three sen to RM2.76 after denying it was being privatised or that there was a reverse takeover. |
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