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Perodua records highest ever sales of 189,000 cars in 2012
HL Cap, Maybank, plantations drive KLCI higher
Maybank Research neutral on Hong Leong Capital privatisation

Perodua records highest ever sales of 189,000 cars in 2012

Posted: 14 Jan 2013 06:48 PM PST

Published: Tuesday January 15, 2013 MYT 10:48:00 AM

KUALA LUMPUR: Perusahaan Otomobil Kedua Sdn Bhd achieved its highest ever sales of 189,000 units in 2012, or an estimated 30.2% market share, since it started operations in 1994.

Perodua managing director Datuk Aminar Rashid Salleh said on Tuesday the sales achieved were slightly higher than its target of 188,000 units.

He said the record sales were due to aggressive promotional campaign coupled with a healthy demand for vehicles.

Perodua will commit RM2.32bil to expand its manufacturing and sales business over the next four years.

HL Cap, Maybank, plantations drive KLCI higher

Posted: 14 Jan 2013 05:50 PM PST

KUALA LUMPUR: Hong Leong Capital took the lead in early trade on Tuesday, with banks and plantations also advancing on extended fund buying, with the FBM KLCI seen breaking past the 1,690 level.

At 9.29am, the KLCI was up 4.72 points to 1,689.35. Turnover was 140.39 million shares valued at RM75mil. Advancing counters led decliners nearly two to one, with 137 gainers to 73 losers.

However, Maybank IB Research, in its technical outlook said due to the US markets' mixed tone, it expects the local index to be weaker and volatile on Tuesday on liquidation activities.

On Monday, foreigner were net buyers at RM239.60mil of local equities while retailers were net buyer at RM6.8mil but local institutions were net sellers at RM246.40mil.

At Bursa, HL Cap was the top gainer, rising 29 sen to RM1.71 with 2.47 million shares done. The takeover offer from HLFG was RM1.71. However, HLFG fell two sen to RM14.40. HL Bank was 24 sen lower at RM14.74 on profit taking.

Maybank rose six sen to RM9.09.

Among plantations, IOI Corp rose 10 sen to RM5.16, PPB six sen to RM13.06 and Sime Darby five sen to RM9.61. KL Kepong lost eight sen to RM22.38

Patimas was the most active with 17.15 million shares done, up one sen to 17 sen.

Maybank Research neutral on Hong Leong Capital privatisation

Posted: 14 Jan 2013 05:33 PM PST

Published: Tuesday January 15, 2013 MYT 9:33:00 AM

KUALA LUMPUR: Maybank Investment Bank Research is neutral on the privatisation of Hong Leong Capital (HL Cap), which will streamline the group but has little impact financially on Hong Leong Financial Group (HLFG).

"We maintain our Buy on HLFG with a marginally higher sum-of-parts derived target price of RM15.70 (RM15.60 previously), on pegging HL Cap's valuation to its book value," it said on Tuesday. To recap, HLFG plans to take private HL Cap via a cash offer at RM1.71 a share, which is one sen above its book value of RM1.70 a share end-September 2012. The offer is also a 20% premium to its closing price of RM1.42 a share.

"The offer is fair, in our view. Given the lack of liquidity and interest, HL Cap has historically traded at a discount to book value and this would be an opportunity for HL Cap shareholders to cash out at a decent price. HLFG does not intend to maintain the listing status of HL Cap and there will be the compulsory acquisition of shares once HFG secures an acceptance of at least 90%," the research house said.

Maybank Research said the cost would be minimal to HLFG. HLFG holds a 79.09% stake in HL Cap (83.2% excluding shares held by HL Cap for ESOS). The acquisition of the remaining stake would entail the purchase of an additional 51.6m shares at a total cost of RM88mil.

The financial impact to the group is immaterial. HL Cap reported a pretax profit of MYR50m in FY12, accounting for 2% of HLFG's group earnings.

"Our sum-of-parts (SOP) valuation for HLFG is raised marginally by 10 sen to RM15.70 to incorporate HL Capital at book value rather than at market price.

"We value 64%-owned HL Bank at a P/BV of 2.1x. 70%-owned HL Assurance and 30%-owned MSIG are pegged to a P/BV of 2.2 times and 1.5 times respectively. Our SOP incorporates a holding discount of 20%," said Maybank Research.

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Isnin, 14 Januari 2013