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Japan's tumble drags key regional, European markets lower

Malaysia's FBM KLCI closed down 0.61% on Thursday as investors were spooked by the sharp pullback in Japan's markets, triggered by worries about the US Federal Reserve's monetary stimulus and weak Chinese factory data.

KUB in JV with Singapore's Hiap Seng for Petronas project

KUB Malaysia Bhd has partnered with Singapore's Hiap Seng Engineering to undertake the multi-billion ringgit Petronas Rapid Tank Project in Pengerang, Johor.

TDM to plant 5,000ha of new trees every year in Kalimantan

Terengganu-based TDM Bhd, plans to plant at least 5,000ha of new oil palm trees every year in its Kalimantan as it targets to double the size of its plantations to 70,000ha.

KLCI falls to low of 1,765, rattled by Japan, HK

Malaysia's FBM KLCI fell to a low of 1,765 in mid-afternoon trade on Thursday as investors were rattled by the plunge in Japan's markets and fall in Hong Kong.

Japan stocks crash on volatile bonds, weak China data; Nikkei ends down 7.3%

MISC posts RM300m net profit in Q1, sees challenging year ahead (Update)

MISC Bhd's reported a turnaround in its financial performance, with earnings of RM300.42mil in the first quarter ended March 31, 2013 compared with net loss of RM469.82mil a year ago.

KL Kepong slips to low of RM21.36 as quarterly profit drops

Shares of Kuala Lumpur Kepong Bhd fell to a low of RM21.36 at midday on Thursday after its earnings fell 2.4% to RM209.6mil from a year ago and expected the weaker crude palm oil prices to weigh on its profits for the current financial year ending Sept 30, 2013.

Maybank's Q1 earnings up 11.8% to RM1.506b (Update)

Malayan Banking Bhd (Maybank) reported a strong set of earnings, with net profit up 11.8% to RM1.506bil in the first quarter ended March 31, 2013 from RM1.346bil a year ago and was upbeat on its prospects.

Lafarge Cement positive on markets, mulls expanding capacity

Lafarge Malayan Cement Bhd is positive on the domestic and export market while it keeps its eye on expanding its capacity.

Dayang Enterprise awards RM705m contract to Perdana Petroleum

Dayang Enterprise, which recently secured a RM2bil contract from Sabah and Sarawak Shell, has awarded a RM705mil job to Perdana Petroleum to suppy several barges for its operations.

KLCI pauses, Japan, Hong Kong key indices slide (Update)

Malaysia's blue chips took a breather in the morning trade on Thursday as investors were seen taking some money off the table, especially blue chips which had rallied since the 13th General Election.

ECM Libra plans to exit PN17 by year-end

ECM Libra Financial Group Bhd plans to exit Practice Note 17 by year-end on completion of its self-regularisation exercise.

China HSBC flash PMI hits 7-mth low, fans growth fears

BEIJING: China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to concerns that a recovery in the world's second-largest economy is sputtering.

RHB Research maintains Buy on KPJ Healthcare, FV RM7.30

RHB Research maintains its “Buy” recommendation on KPJ Healthcare Bhd as it favours KPJ's solid long-term fundamentals. It also revised its fair value from RM7.14 to RM7.30.

Alliance Neutral on Axiata, ups target price to RM7

Alliance Research maintains its "Neutral" call for Axiata Group due to its muted outlook for growth in 2013 but revised its sum-of-parts target price to RM7 from RM6.60.

Deleum top loser, down 11.3% after disappointing results

Deleum Bhd fell the most on Thursday morning, sliding 11.3% or 41 sen to RM3.21 after its financial results were below market expectations.

Maybank KE Research maintains Hold on AirAsia

Maybank KE Research is maintaining its Hold recommendation on AirAsia as it awaits value creation from associates’ listings and dividends.

Public Invest Research ups Uzma target price to RM2.86

Public Investment Bank Research raised Uzma's target price from RM2.29 to RM2.86 after raising its price-to-earnings (P/E) multiple to 10 times.

Malaysia's blue chips fall more than 6pts in early trade

Malaysia's FBM KLCI opened more than six points lower on Thursday on extended profit taking of key stocks like KL Kepong and banks, ahead of the extended weekend.

Profit taking may weigh on Malaysian equities

Hwang DBS Vickers Research (HDBSVR) expects profit-taking activity may drag down the Malaysian market's performance on Thursday.

HP raises 2013 outlook as Whitman's plan takes hold

SAN FRANCISCO: Hewlett-Packard Co raised its 2013 earnings outlook after quarterly results beat low expectations, as CEO Meg Whitman's turnaround plan helped offset shrinking personal computer sales with enterprise computing services.

Bernanke says more progress needed before stimulus pullback

WASHINGTON: The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas pedal, Fed Chairman Ben Bernanke said on Wednesday.

Wall Street falters in volatile session on Fed worries

NEW YORK: Stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting.

News

Aeon director: GST won’t affect group

KUALA LUMPUR: The implementation of the goods and services tax (GST) in Malaysia is not expected to have any impact on retail group Aeon Co (M) Bhd’s earnings.

Petronas Chemicals Group to invest RM3bil in capital expenditure

KUALA LUMPUR: Petronas Chemicals Group Bhd (PetChem) is looking to invest RM3bil in capital expenditure (capex) this year, and hopes to reach a final investment decision (FID) on the expansion of its plant in Gebeng, Kuantan by year-end.

Weak CPO prices hit Boustead profit

KUALA LUMPUR: Diversified conglomerate Boustead Holdings Bhd’s net profit for the first quarter ended March 31 slipped to RM99.9mil compared with RM144.6mil a year ago on lower crude palm oil (CPO) prices impacting its plantation division.

April CPI up 1.7% on higher food prices

PETALING JAYA: The consumer price index (CPI) for April rose 1.7% to 106.3 from a year ago mainly due to a 3.8% increase in the food and non-alcoholic beverages index.

Report: AirAsia X sets indicative price for IPO

KUALA LUMPUR: Long-haul carrier AirAsia X, founded by entreprener Tan Sri Tony Fernandes, has set an indicative price of RM1.45 per share for an initial public offering (IPO) in Malaysia worth more than US$300mil (RM930mil), according to sources with knowledge of the deal.

MAEI sees 3%-4% rise in electrical, electronics exports

KUALA LUMPUR: The Malaysian American Electronics Industry (MAEI) expects a 3% to 4% increase in total electrical and electronics (E&E) exports by its members to RM49bil this year.

Cahaya Mata Sarawak to invest in grinding plant

KUCHING:Cahya Mata Sarawak Bhd (CMS) is investing RM150mil in a new grinding plant to boost its cement production to meet growing demand.

Star to leverage on new, fast-growing businesses

PETALING JAYA: Despite the continued challenging environment for the traditional print newspaper industry, Star Publications (M) Bhd will leverage on its new and fast-growing businesses to burnish its position as Malaysia’s top integrated media group.

No plans for MBO, says Vincent Lee

PETALING JAYA: Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee has reiterated that there are “no plans at all” for a management buyout (MBO) of the company.

Stocks

Scomi active as CEO raises stake

PETALING JAYA: Scomi Group Bhd was among the most actively-traded stocks yesterday, as investors took the cue from chief executive officer Shah Hakim Zain upping his stake in the company via the open market a few days ago.

Bumi Armada shares rise after a strong Q1

PETALING JAYA: Bumi Armada Bhd shares rose to a high of RM4.14 yesterday, following news flows of its strong first-quarter results.

BToto buys RM20m REDtone shares

PETALING JAYA: Berjaya Sports Toto Bhd (BToto) has purchased securities totalling RM20.15mil in REDtone International Bhd via its 88.26%-owned Philippines-listed unit Berjaya Philippines Inc.

Ingress gets notice from joint-offerors

KUALA LUMPUR: Ingress Corp Bhd has received a notice from the joint-offerers intending to take it private to extend the closing date and time for the acceptance of the offer to June 11 from May 28.

Support Line

By K.M. LEE

Earnings

Axiata Q1 profit improves

PETALING JAYA: Axiata Group Bhd’s net profit for its first quarter ended March 31 climbed 8.6% to RM614.5mil from RM565.6mil recorded in the previous corresponding quarter while revenue rose to RM4.48bil from RM4.24bil previously.

Aviation

Lower net profit for AirAsia

SEPANG: AirAsia Bhd’s net profit for the first quarter ended March 31 contracted to RM104.8mil from RM172.4mil a year ago but operationally, the budget carrier still reported growth.

Auto

BMW targets 10% growth in sales this year

KUALA LUMPUR: BMW Group Malaysia Sdn Bhd aims to increase vehicle sales by 10% from the 7,000 units achieved in 2012.

Economy

Forum to highlight on Asia economic ventures

PETALING JAYA: The widening economic inequality in Asian countries, security issues and how Asian countries can cooperate to confront common challenges are among the subjects that will be discussed at the three-day 27th Asia-Pacific Roundtable (APR) from June 3 to 5.

Investments

Asean flavour in Invest M’sia confab

KUALA LUMPUR: The upcoming Invest Malaysia conference (IMKL 2013) will present global fund managers with direct opportunities to access Asean multinational marketplace through Bursa Malaysia.

Management

Top management changes at APM

PETALING JAYA: APM Automotive Holdings Bhd has made several top management changes with executive director Low Seng Chee redesignated as the chief executive officer of the company.

Analyst Reports

‘Fair value’ of MMHE at RM3.30

Malaysia Marine and Heavy Engineering Holdings Bhd, IOI Corp Bhd and CIMB Group Holdings Bhd.

Business