The Star Online: Business
The Star Online: Business |
- Petronas Chemicals down on cautious market, BASF deal
- Malaysia to host ‘Product of the Year’ in 2014
- Palm oil exports drop in first 20 days of month
| Petronas Chemicals down on cautious market, BASF deal Posted: 21 Jan 2013 07:01 PM PST KUALA LUMPUR: Shares of Petronas Chemicals Bhd fell on Tuesday in line with the cautious market sentiment, following the sell-off by retail investors, and after the termination of a deal with Germany's BASF. At 10.47am, it was down 15 sen to RM6.07. There were 902,300 shares done at prices ranging from RM6.04 to RM6.20. The FBM KLCI fell 19.83 points to 1,615.80. Turnover was 383.93 million shares valued at RM503.68mil. There were 79 gainers, 564 losers and 219 counters unchanged. On Monday, PetChem announced it had terminated the heads of agreement (HOA) with BASF, which was signed on March 5, 2012. The HOA was for a joint specialty chemicals venture within Petronas' Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang. "We understand that both parties decided to terminate the HOA as they could not come to an agreement on the terms and conditions for the implementation of the project. Both parties will continue their existing long-term partnership at the BASF Petronas Chemicals plant in Gebeng Industrial Zone in Pahang," it said. RHB Research Institute said despite BASF's exit, it understood that PetChem was in discussions with other potential partners as the development of specialty chemical products portfolio remains part of its longer-term strategy. "Our fair value remains unchanged at RM5.99, based on 12 times FY13 EPS. PetChem is currently trading at 12 times to 13 times FY13 EPS, which we note is a discount to the current sector average of 15 times to 16 times FY13 EPS. "However, we believe that the market would continue to value PetChem at a discount to the sector, given that PetChem's FY13 earnings outlook remains cloudy underpinned by rising feedstock prices and declining selling prices. Furthermore, we believe this latest announcement dampens PChem's longer-term earnings outlook. We downgrade our call on PetChem to Sell (from Neutral previously)," the research house said. |
| Malaysia to host ‘Product of the Year’ in 2014 Posted: 21 Jan 2013 07:00 PM PST PETALING JAYA: Malaysia will host the "Product of the Year" awards for the first time on Jan 23 next year, following the publisher of Marketing magazine securing the hosting rights for Malaysia, Singapore and Indonesia recently. Marketing magazine said in a statement that "Product of the Year" - the world's largest consumer-voted programme and the only award that recognises innovation in consumer packaged goods - was hosted in over 32 countries. It was founded in 1987 in France by former L'Oreal executive Christian Le Bret. "It is a coveted stamp on the best new household products that meet the rigours of the market's leading consumer survey," it said. Harmandar Singh (pic), the regional publisher of Marketing magazine, told StarBiz yesterday that he planned to host the award show in Indonesia in 2015 and in Singapore the following year. The Paris show was held last week at Salle Gaveau, a 1,000-seat concert hall designed by architect Jacques Hermant in 1905. Winners included top brands like Nivea, Aquafresh, Pantene, Garnier, Nestlé, Unlilever, P&G, Glaxo SmithKline, Colgate-Palmolive, ICI, Philips and Sensodyne. "At a time when our market is overloaded with award shows and every brand is hungering for any kind of fame, we decided to stand back and ask ourselves what really mattered. "And our vision became clear − the marketing industry needs to overcome a talent shortage and we need to guide consumers to the best products in the market while acknowledging manufacturers for quality and innovation. Anyone who supports this strategy is welcome to join our cause," Harmandar said. |
| Palm oil exports drop in first 20 days of month Posted: 21 Jan 2013 06:54 PM PST KUALA LUMPUR: Palm oil shipments from Malaysia fell 17% in the first 20 days of this month, according to Intertek, with the pace of decline slowing as buyers adjust to new rules in China and taxes in India, the biggest consumers. Exports fell to 830,830 tonnes from 1 million tonnes in the same period in December, Intertek said. That compares with a 25% drop in the first 10-day period of this month and a 21% fall over 15 days. Shipments in the first 20 days dropped 20% to 813,778 tonnes, an estimate from Societe Generale de Surveillance showed. India will impose a tax of 2.5% on crude palm and soybean oil imports, the Agriculture Ministry said on Jan. 17. China's quality watchdog, the General Administration of Quality Supervision, Inspection and Quarantine, toughened inspections on imports from Jan 1 to improve food safety. Malaysia, the largest producer after Indonesia, dropped its export tax to zero for this month to combat record stockpiles that have hurt prices. "We're still looking to see how the impact will be from the China side, on their new rules on imports, as well as India's new import tax," Ker Chung Yang, an analyst at Phillip Futures Pte Ltd in Singapore, said by phone. "A lot depends on what's going on in India and China." Palm oil for April delivery climbed 0.8% to close at RM2,420 (US$797) a tonne on the Malaysia Derivatives Exchange. While futures gained 1.4% last week, the first such advance in three weeks, they've declined 24% over the past year. |
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