Isnin, 17 Februari 2014

The Star Online: Business

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The Star Online: Business

MyEG customs project may contribute to its bottom line

Posted: 17 Feb 2014 08:00 AM PST

PETALING JAYA: MyEG Services Bhd will be entitled to a share of tax collections it will carry out for the Royal Malaysian Customs Department (Customs) after the collections hit a certain level.

This was revealed by CIMB Research in a recent report commenting on MyEG's announcement last week that it had signed a letter of award with the Customs to wire up businesses that are required to pay tax to the Government.

According to estimates by CIMB Research analyst Nigel Foo, MyEG will get an effective 20% of revenue collected - above a preset base.

This 20% is based on an understanding that 50% of revenue collected will go to the Government, while the remaining 50% will go to MyEG's consortium which was awarded the project and in which MyEG has a 40% stake.

"Phase 1 of the project's revenue base case is around RM800mil annually, growing 8% to 9% every year," Foo told clients in a report.

The 20% is before operating expenditure and depreciation, he added.

MyEG managing director T. S. Wong did not respond to StarBiz's queries on the matter.

Wong has a direct stake of 8.5% in MyEG.

Last Thursday, MyEG, one of the best-performing stocks last year, said it had landed an RM180mil job to wire up businesses that are required to pay tax to the Government – a project that has been mooted to strengthen the Government's coffers.

The project will entail linking up point-of-sales terminals and cash registers of businesses that are subject to the Customs' tax collection, enabling it to effectively monitor tax collection revenue for the Government.

The tenure of the project is for a period of six years, commencing from April 1.

Foo estimated that the project would start contributing to MyEG's bottom line from financial year ending June 30, 2015.

"If all goes well for the project over the next few months, MyEG will look to implement Phase 2, which is expected to include the retail sector and food and beverage (F&B) outlets that generate less than RM3mil in annual revenue," he said.

The first phase will target F&B outlets (above RM3mil in annual revenue) and entertainment outlets.

MyEG shares closed flat at RM2.95 at yesterday's close.

Bursa Securities queries Datasonic over surge in share price (Update)

Posted: 17 Feb 2014 07:14 PM PST

KUALA LUMPUR: Bursa Malaysia Securities has queried Datasonic Group Bhd over the unusual price rise as it hit an all-time high in the absence of fresh corporate news.

At 11.04am, it was up 13 sen to RM3.30, after adjusting for a one-into-five share split. Turnover was 8.71 million shares done at prices ranging from RM3.20 to RM3.44.

The FBM KLCI fell 1.88 points to 1,825.60. Turnover was 1.26 billion shares valued at RM723.68mil. There were 281 gainers, 341 losers and 305 counters unchanged.

Bursa Securities said investors should take note of the company's reply to the unusual market activity query which would be posted on Bursa Malaysia's website under the company's announcement.

Its share price had surged even before the one-into-five share split on Dec 27. 

The corporate exercise saw the paid-up of its share sub-divided from RM67.50mil comprising of 135 million shares of 50 sen each into RM67.50mil comprising of 675 million shares of 10 sen each.

China’s Jan FDI rises 16.1% on-year

Posted: 17 Feb 2014 07:13 PM PST

BEIJING: China drew US$10.76bil in foreign direct investment (FDI) in January, up 16.1% from a year earlier, the Commerce Ministry said on Tuesday, a sign that confidence in the world's second-largest economy remains firm even as growth cools.

The majority of the new investment, some US$6.33bil, went into China's services sector, while investment in manufacturing fell 21.7%, the ministry said.

Ministry spokesman Shen Danyang told a media briefing that

China's economic reforms, especially in the services sector, helped boost confidence of foreign investors.

"The double-digit growth in FDI in January answered the question of whether China's investment environment remains favourable," Shen said.

"We expect foreign direct investment to maintain sound momentum this year."

China has attracted a steady flow of foreign investment every year since joining the World Trade Organization in 2001, as businesses jumped at the chance to enter the world's most populous country.

FDI inflows into China in 2013 rose to a record US$117.6bil.

In January, investment from 10 Asian countries and regions, including Hong Kong, Taiwan, Japan and South Korea, rose 22.2% to US$9.55bil. Investment from the US rose 34.9% to US$369mil while that from the European Union fell 41.3% to US$482mil.

The investment comes even as China's economy show signs of slowing from the stellar growth rates of years past as the government looks to shift the emphasis to structural reform rather than growth for its own sake.

One pillar of the reform drive is to make the economy driven more by the service sector and consumers, ending its traditional reliance on investment and exports for growth. 

At the same time, the ministry's data showed more Chinese companies are expanding abroad. Outbound FDI in January was US$7.23bil, up 47.2% from a year earlier.

Chinese firms have been quickening the pace of overseas purchases in recent years, with their footprint expanding from Asia to Africa and Europe.

In January alone, computer maker Lenovo Group  spent over US$5bil on two high-profile acquisitions in the US – Reuters. 


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