The Star Online: Business
The Star Online: Business |
- Maybank KE Research maintains Neutral on plantations
- Aberdeen launches two Islamic funds
- Bursa advises investors to be careful in trading Patimas' shares
| Maybank KE Research maintains Neutral on plantations Posted: 17 Jan 2013 06:19 PM PST KUALA LUMPUR: Maybank KE Research is maintaining its Neutral outlook on the plantations sector as the valuations reflect the crude palm oil (CPO) price recovery. "Our regional top BUYs are Sime Darby, Sarawak Oil Palms and First Resources," it said on Friday. Maybank Research described India's move to impose a 2.5% import duty on crude edible oils as a surprise. It said this may be marginally negative for India's overall imports of vegetable oils in the short term but continues to favour palm oil over the long run as it is still the cheapest vegetable oil. "We believe the negatives have been priced-in with yesterday's CPO mild price correction. Nonetheless, we think CPO price recovery may be slightly delayed with this new duty," it said. Maybank Research said the latest duty hike does not disadvantage CPO significantly as it understands the 2.5% duty hike is also applicable to crude soyoil, crude rapeseed oil, and crude sunflower oil. "In absolute terms, CPO will now cost RM55 a tonne (or US$18) more based on MPOB's spot CPO price of about MYR2,200 with the new duty. On the CPO price, it said the third-month CPO futures price corrected 2.1% (or RM52) on Thursday but it believes the negatives have been fully priced in, into the latest CPO price. "The downside risk of this new import duty on CPO by India is a slight delay in CPO price recovery to RM3,000 by Q2, 2013 (on lower production in H1, 2013 and exports boost following Malaysia's change in CPO export tax structure effective Jan 1, 2013). Nonetheless, we maintain our RM3,000 CPO average selling price forecast for 2013 (2012A: RM2,870)," it said. |
| Aberdeen launches two Islamic funds Posted: 17 Jan 2013 05:18 PM PST KUALA LUMPUR: Aberdeen Islamic Asset Management Sdn Bhd launched its Aberdeen Islamic Malaysia Equity fund and the Aberdeen Islamic World Equity fund, the company's first syariah retail products in Malaysia and the first by a foreign fund manager, yesterday. Aberdeen Asset Management general manager Gerald Ambrose said this was a natural step forward for the company. "Having established ourselves as an institutional manager, we are pleased to offer investors the first Islamic unit trusts from a foreign Islamic fund management licensee," he said in a statement. Further, the managing director of Singapore-based Aberdeen Asset Management Asia Ltd, Hugh Young, who oversees Aberdeen's regional business, said Malaysia had been a core market for the group in the region and had worked hard to develop a viable market for Islamic investments. "We have been really impressed by how Malaysia's capital markets have progressed over the years and have high hopes, with these two new funds, for continued success in asset gathering over the medium to long term," he said. Aberdeen Islamic's ultimate owner, United Kingdom-listed Aberdeen Asset Management Plc, has been investing client money in Malaysia for over 25 years and with RM13bil of Bursa Malaysia-listed equities under management, is among the largest foreign investors in the local equity market. The Aberdeen Islamic Malaysia Equity fund will be managed from Kuala Lumpur, while the Aberdeen Islamic World Equity fund will be operated from Edinburgh, UK. The latter is a genuinely international fund and will have no immediate exposure to Malaysia at all. Both funds would be managed in accordance with Aberdeen's long-term stock-picking style, resulting in concentrated portfolios. The funds would be available for purchase via distributors, Phillip Mutual Bhd and iFAST Capital Sdn Bhd, with a minimum subscription of RM1,000 for retail investors and RM5mil for institutional buyers. Units are available at a fixed price of RM1 per unit until Feb 6 when trading commences. – Bernama |
| Bursa advises investors to be careful in trading Patimas' shares Posted: 17 Jan 2013 05:14 PM PST PETALING JAYA: Bursa Malaysia has advised investors to exercise caution and to make informed decisions in the trading of Patimas Computers Bhd shares. The counter was issued an unusual market activity query last Thursday following a recent spike in its trading volume and stock price. In its reply, it said it was unaware of any development which may have caused the spike save for a memorandum of understanding in which it had entered with a third party which is a telecommunication company, to consider the possibility of providing technology know-how to assist the telecommunication company to manage and run 4G services in a foreign country. It added that depending on the outcome of a due diligence process, the proposal may or may not materialise. A day later, businessman Datuk Seri Abdul Azim Mohd Zabidi emerged as a substantial shareholder in the firm with a 5.4% stake. Patimas shares have been on a general uptrend in the past one month, rising from 2.5sen to 14sen at yesterday's close. The stock which fell 4 sen yesterday was the most actively traded counter with more than 298 million shares changing hands. Bursa Malaysia said it would not hesitate to take appropriate regulatory action to ensure fair and orderly trading of Patimas. Bernama reported that former Bank Simpanan Nasional chairman Abdul Azim was in talks to rope in a foreign strategic partner to help revive the fortunes of Patimas, a PN17 company. The talks were expected to be concluded in the next 10 working days, he was quoted as telling Bernama. "Lets just say that while Patimas as a company might not excite, its data centre and its ability to manage data storage is very valuable," he said. Abdul Azim recently also emerged as a substantial shareholder in Tiger Synergy Bhd. In a separate announcement, Patimas said it had signed a memorandum of understanding (MOU) with a limited company in Tanzania. It said the MOU was at a preliminary negotiation stage and that it was still in a state of flux and no specific terms and conditions have been agreed to yet. "No decision has been made on whether or not to proceed further pending due diligence to be carried out by both parties on each other. Depending on the outcome of the due diligence, the above proposal may or may not materialise," it added. Its directors had yet to deliberate on the nature of and viability of the project, it said, adding that the MOU was signed to formalise the intention of both parties to further explore the possibilities of working together in the project. |
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