In March 2011, Sunway Holdings was awarded two contracts worth RM332 million. The contracts are RM74.1 million construction of central utilities facility at Biotechnological Park BioXCell and RM258m job for the construction of the Legoland Theme Park. Both contracts are located in Iskandar, Johor.
Another interesting news is regarding the merger between Sunway Holdings and Sunway City. The EGM to vote on the merger is expected to be held sometime in April. If the proposal goes through, the merged entity should be listed in July or August 2011.
Many research houses are calling “buy” for Sunway Holdings. The table below are the target price for Sunway from various research house. The last traded price was RM2.19.
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March 16, 2011
Stock Picks
AirAsia,
Automotive Sector,
Aviation Sector,
Oil & Gas Sector,
Petronas,
Petronas Chemicals,
SapuraKencana,
Steel Sector,
Timber Sector,
Utilities Sector
Japan hits by worst earthquake in over 100 years. The cost of reconstruction is estimated at USD161bn. The impact on Malaysia is generally limited given that Japan’s major ports and industrial areas have been spared. However, there would still be winners and losers among some sectors. For now, OSK maintain Buy into Weakness call on the Malaysian market with year-end target for KLCI of 1680 pts remain intact.
The Winners
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Economists predict that Employees Provident Fund (EPF) dividend payment to ease to around 4 to 5 percent for 2011 from 5.8 percent in 2010. Among the economists that expect this are from Malaysia Rating Corp Bhd (MARC), RAM Holdings Group and Allianz Life Insurance Malaysia Bhd.
For the past 10 years, EPF’s dividend ranged from 4.25 to 5.8 percent with an average of 5 percent. For previous year dividend, kindly refer to “Historical EPF Dividend Rate” page.
The reasons for lower dividend payments are,
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During the 4th Economic Transformation Programme (ETP) update recely, the PM unveiled a further 9 Entry Point Projects (EPP)s worth over RM2bn, bringing the total to date at 60 projects under 46 EPPs. To date, the projects will produce RM95bn in investments and increase GNI by RM137bn.
With the ETP and theupcoming General Election as its twin catalysts, OSK remain Overweight on the Malaysian market with our 1680 pts year end target intact. Favourite sectors remain Banks, Oil & Gas, Property and Construction.
The 4th EPPs announced include:
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Asia Pacific Flight Training (APFT) Berhad Initial Public Offering (IPO) received an overwhelming response with its Malaysian public portion of 15 million shares.
It was oversubscribed by 12.09 times. The IPO attract 8,590 applications or 196.36 million shares. All the 17.25 million of new shares made available for private placement to identified investors have been placed out.
Below are the allotment summary
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