EPF

The Employees Provident Fund (EPF) announced dividend rate of 5.80 percent for the financial year ended 31 December 2010. It was 15 basis points higher than 5.65 percent announced in 2009. However, it is slightly lower than the rumors of 5.85%, early this month.

The total dividend payout stand at RM21.61 billion and it was the highest ever. Gross income for the same period was at historical high of RM24.06 billion which is 39.76 percent higher than 2009.

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Berjaya Food

Berjaya Food Bhd, the operator of Kenny Rogers Roasters restaurants in Malaysia , is schedule to be listed in Main Market on 8th March 2011.

Berjaya Food’s IPO consists offer for sale of 35.6 million ordinary shares at an IPO price of RM0.51 per share with RM0.50 par value.

7 million shares will be allocated for the Malaysian and Bumiputera public, 9.7 million shares for private placement, 14.1 million shares for eligible Bumiputera investors approved by MITI and 4.9 million shares for eligible directors, employees and business associates of the group.

The IPO will raise in RM72.1 million in proceeds. The proceeds would accrue entirely to the offeror, Berjaya Group Bhd.

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The calculation for EPF dividend is not straight forward. It is not calculated by simply multiply the total contribution or year end balance with the declared dividend rate.

The way EPF dividend calculated is based on daily rest. Means that, dividend is calculated based on daily balanced of each account 1 and 2. However, please bear in mind the following,

  • Monthly contribution start earnings dividend only on the last day of the month irrespective the actual day the monthly contribution is deposited.
  • For withdrawal, dividend for the withdrawal sum is only eligible up to the day prior to withdrawal day. No dividend will be given on the withdrawal day.

The following is simple example on how to calculate. Alternatively, you may want to use online “EPF Dividend Calculator

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The are many Stock Broker or also know as Participating Organization which license to trade in Bursa Malaysia. Full list can be found in Bursa Malaysia website here.

The table below shows top 15 largest stock brokers trade in Bursa Malaysia in 2010 based on Trading Value and Trading Volume.

The largest stock broker by trading value was CIMB Investment Bank with 9.80 percent from total trading value. On the other hand, the largest trading volume was OSK Investment Bank with 10.70 percent of 2010 trading volume. Seem like, people who trade via OSK like to invest in penny stock!.

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OSK believes that the share prices of plantation stocks may have peaked even though palm oil price may continue to stay relatively firm due to the current supply tightness. The decline in plantation stock prices of late may signify that they are in the PE multiple compression phase, which occurs at cycle peaks.

OSK views that the equity price action as a signal that palm oil supply will strengthen in 2H and the current CPO price strength as being unsustainable. Given the recent strength in CPO price, we have raised our CPO price assumption to RM3200 for CY11 from RM2700 previously but have factored in lower PE multiples in arriving at the target prices of plantation stocks given the potential CPO price decline. OSK maintains a Neutral call on the sector.

Below are the target prices and ratings for selected plantation stock.

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