Khamis, 31 Oktober 2013

The Star Online: Business

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The Star Online: Business

Higher sales of Polo Sedan seen


SHAH ALAM: Volkswagen Group Malaysia Sdn Bhd (VGM) is targeting a monthly sales of 150 units for its new locally assembled Volkswagen Polo Sedan model.

VGM managing director Dr Zeno Kerschbaumer said locally assembling had enabled the price of the Polo Sedan to be competitively set at RM85,888, which is some RM14,000 cheaper than the previous fully imported Polo Sedan that costs RM99,888.

"Besides the good pricing, the Polo Sedan also comes with a host of class-leading features which should make the B-segment car an attractive buy," he said at the launch of the new Polo Sedan in Setia Alam Convention Centre here yesterday.

Among the car's key features are four airbags, a six-speed automatic transmission and a fuel efficient 1.6-litre petrol engine.

The car also gets several additional features over the previous fully imported model such as a 2-DIN audio system that supports iPod, Bluetooth, SD card and AUX, an automatic air conditioner system, front centre armrest and air conditioner vents for the rear passengers.

Built at DRB-Hicom's facilities in Pekan, Pahang, the Polo Sedan is VGM's second locally assembled model after the Passat.

Dr Kerschbaumer also said VGM's vehicle sales for the first nine-months of the year stood at 6,924 units, a 7% improvement over the corresponding period of 2012.

Will abolishment of DIBS revive secondary market sale?


KUALA LUMPUR: Budget 2014 has placed a ban on Developer Interest Bearing Scheme (DIBS), a scheme that made its way into Malaysian property market in early 2009. Since its emergence, DIBS has made it convenient for property speculators to invest in new launches. They disregard the hassle of subsale market that has a slightly more complicated payment scheme. However, the recent DIBS abolishment could be the game changer in property market buying trend.

While DIBS is thought to be beneficial by those who genuinely wants to own a home, it also created an opportunity for property speculation. Before this, property speculation was an activity affordable only to those with deep pockets. However, DIBS's easy payment scheme allows speculators to find subsale buyers and sell the property within the construction period or shortly after its completion. 

Through this scheme, speculators only have to put forward a small amount of money, while getting a large profit return within a few years.

Therefore, the abolishment of DIBS will certainly dampen speculation activity as the payment scheme will not be as easy anymore. Its effect is exactly as intended by the government. The ban also results in primary market no longer having an edge over subsale market; an area that has been sluggish since DIBS was made popular.

Looking at Propwall's Market Trend, it is evident that primary market is favoured over secondary market. The subsale units at OG Heights in Old Klang Road are transacted below RM400 psf this past year. Meanwhile, Pearl Setia, that has been offering DIBS, is selling at an average of RM550 psf. The take up rate for the new development is claimed to be quite promising.

While primary market certainly has other attributes that adds to its appeal to property buyers, it cannot be denied that DIBS is the factor that draws the buyers in. For the last few years, DIBS has complemented the general rule of thumb when buying property; that is, 'location, location and location'.

Without DIBS adorning the new developments any longer, subsale market is now back in the game.

The good attributes of subsale market will not be overshadowed by DIBS anymore. Those who are still interested in acquiring properties, speculators or not, will broaden their horizon into subsale market since DIBS is no longer an available factor in house selection.

The promotion of DIBS was very strong, sometimes even deceiving, that people overlooked the longevity and good attributes of subsale market. Subsale properties are usually located in matured neighbourhoods with established facilities and amenities. Furthermore, the existing JMC and the neighbourhood's strong sense of community are the indicators of the quality of the development and its future prospect.

For now, looking into the subsale market may be a worthy option. However, if the Housing and Local Government Ministry decides to implement the 'Build-Then-Sell' (BTS) scheme in 2015, the subsale market may very well have to take the backseat once again.

Tenaga drops on weak Q4 earnings


KUALA LUMPUR: Shares of power giant Tenaga Nasional Bhd fell in early Friday trade after its weak fourth quarter earnings, dragging the FBM KLCI into the red.

At 9.22am, Tenaga was down 11 sen to RM9.32. There were 338,800 shares done.

UMW Oil & Gas, which made its debut on the Main Market on Bursa Malaysia, rose 26 sen to RM3.06. There were 83 million shares done.

The KLCI was down 0.27 of a point to 1,806.58. Turnover was 238.26 million shares valued at RM318.31mil. There were 139 gainers and 139 losers while 176 counters were unchanged.

Tenaga registered a significant drop in its net profit for the fourth quarter of its financial year ended Aug 31, 2013 (Q4) from higher operating expenses and a loss in foreign currency translation.

Net profit stood at RM219.4mil, down 79.3% from the RM1.06bil recorded in the corresponding period last year.

For the full year, Tenaga's earnings rose 4.6% to RM4.61bil compared with RM4.4bil in FY12.

Its higher earnings for the full year was mainly due to a foreign currency translation gain of RM493.6mil, which was driven by the strengthening of the ringgit against the Japanese yen, compared with a translation loss of RM230.8mil in the preceding yea

CIMB Equities Research said it was keeping Tenaga as an Outperform with an unchanged target price of RM13.24.

It said there was a stronger likelihood of the Incentive Based Regulation (IBR) being implemented and this would be a catalyst.

"Our target price remains unchanged at RM13.24, based on 14.2 times FY15 price-to-earnings, which is a 10% discount to our target market P/E. Tenaga is our top pick for the power sector," it said. 


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