The Star Online: Business
The Star Online: Business |
- Chinese firm to buy 100 Sukhoi regional jets
- Penang's Suiwah regains momentum as shares climb
- KLCI opens in the red as banks weigh
| Chinese firm to buy 100 Sukhoi regional jets Posted: 25 Mar 2014 03:08 AM PDT BEIJING: O-Bay Aircraft Co, a privately owned Chinese firm based in Henan province, has signed a US$3.5bil deal with Russia's Sukhoi Civil Aircraft to buy 100 SSJ-100 regional jets, a Chinese executive said on Tuesday. O-Bay Aircraft also plans to manufacture SSJ-100 jets in partnership with Sukhoi and two Chinese companies in Zhengzhou city, Henan province, said the executive, who declined to be named. "We are still in detailed discussions with Sukhoi for the China assembly plant which would be up and running by 2018. Part of the 100 jets would be manufactured in the China plant," the executive told Reuters, without disclosing financial details of the plant. O-Bay Aircraft, the executive said, has conducted a detailed study about the growth potential of the Chinese market. It will set up an airline company flying the SSJ-100 jets and sell the jets to other Chinese carriers in the future. However, global regional jet makers, such as Bombardier Inc and Embraer SA have made little headway in China so far because Chinese airlines, including regional carriers, prefer commercial jets made by Boeing Co and Airbus Group NV. Safety of home-made planes are also called into question after Chinese aviation authority grounded some of China's self-made MA-60 regional planes last month after two consecutive instances of landing gear failure. State-backed Commercial Aircraft Corporation of China is also making a regional jet, the ARJ21, as well as a commercial jet, the C919. – Reuters |
| Penang's Suiwah regains momentum as shares climb Posted: 25 Mar 2014 06:51 PM PDT KUALA LUMPUR: Suiwah Corporation's share price rose to a two-week high of RM2.51 early Wednesday as investors and analysts remained upbeat about the department store-property company. At 9.35am, it was up 12 sen to RM2.51 on a volume of 42,100 shares done. The FBM KLCI rseo 1.42 points to 1,838.59. Turnover was 319.83 million shares valued at RM174.63mil. There were 208 gainers, 127 losers and 203 counters unchanged. Suiwah's share price rose to a high of RM2.53 on March 12 before easing slightly on profit taking. Its shares had rallied from RM2 on Feb 12, based on stock market data. Public Invest Research was upbeat on Suiwah's upcoming Sunshine Tower project (mixed development comprising a retail podium, a hotel, a SOHO block and a serviced apartment block) which will be built on a nine-acre commercial land in Air Itam, Penang. It expects the project to provide healthy recurring rental income upon completion. "We believe the project will be a significant game-changer for Suiwah which has only a market capitalisation of RM137mil. Based on our sum-of-parts (SOP) valuation, we value Suiwah at RM274mil or RM4.78/share which is on the conservative side, in our opinion. "In our valuation, we have only included land value instead of development value of the Sunshine Tower project," said Public Invest Research. |
| KLCI opens in the red as banks weigh Posted: 25 Mar 2014 06:16 PM PDT KUALA LUMPUR: Malaysia's FBM KLCI opened lower on Wednesday, weighed down by banks but the broader market was firmer, tracking the key regional markets and the rebound on Wall Street. At 9am, the FBM KLCI was down 2.26 points to 1,834.91. Turnover was 31.16 million shares valued at RM11.75mil. There were 100 gainers, 46 losers and 112 counters unchanged. Overnight on Wall Street, its key indices rebounded from a two-day decline as the hard-hit biotechnology sector regained its momentum and also due to the stronger consumer confidence. Reuters reported Asian shares edged higher in early trade on Wednesday on fresh signs of strength in the US economy and diminishing concerns over the diplomatic standoff between the West and Russia. However, analysts expect Malaysian equities to probably show a fairly sluggish performance ahead. Hwang DBS Vickers Research said following a sudden rise just before market close on Tuesday, the KLCI could give back all its 3.3-point gains and possibly more today. "Essentially, the KLCI is expected to struggle to overcome the immediate resistance hurdle of 1,840 for the time being," it said. Ambank fell seven sen to RM7.08 and CIMB was down five sen to RM7.10. Among the consumer stocks, BAT fell the most, down 54 sen to RM59.64 while Carlsberg lost six sen to RM12.60. Petronas Gas fell 30 sen to RM23.52 with 100 shares done. Shangri-La fell 25 sen to RM6.55 while UMW was down eight sen to RM10.72. Among the gainers were Coastal Contracts, up 11 sen to RM4.97. Glove maker Hartalega rose 10 sen to RM6.55 and Karex 10 sen to RM2.99. Paramount added seven sen to RM1.65. RHB Research upgraded it to a Buy with a fair value of RM1.88. Paramount bought 30.7 acres of land in Batu Kawan to replicate its Utropolis university township in Glenmarie, which adds another RM800mil in gross development value to its portfolio. Milux jumped five sen to RM1.52. It proposed to diversify into the iron ore business and it had also announced a share split, rights issue and warrants. CCM Duopharma added seven sen to RM3 on rising interest in the company on expectations of strong earnings and revenue growth. |
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