Based on the comment mentioned by the Head of retail research of Affin Investment Bank. It is likely to see that the shares on Bursa Malaysia are expected to experience a mild rally next week with investors bound to grab the cheaper stocks after recent losses.
I personally doesn't know how accurate it was, however it is something that we should look unto it. A cheaper shares by be the best alternative when buying a shares especially in a unpredictable market. But then, how cheaper it should be? A 10 cents per share or half cent?
I don't dare to provide recommendation about which shares to focus as I'm not the expert like Warren Buffet, but then buying a cheaper shares might be a good idea if want to minimize loss.
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The euro fell, erasing earlier gains, after European Central Bank President Jean-Claude Trichet’s 2012 inflation forecast prompted traders to scale back bets for the pace of interest-rate increases.
The shared European currency slid against the dollar after climbing as much as 0.5 percent, even after Trichet said at a press conference in Frankfurt that “strong vigilance” is needed to contain inflation.
New Zealand’s currency climbed to a record after the nation’s central bank said borrowing costs will need to rise in the next two years.
“The euro sold off as the inflation forecasts and the lowering of the bottom-end of the GDP forecast may provide a headwind to further tightening,” said Jeremy Stretch, executive director of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “He has repeated what was basically already priced into the market.”
The euro fell 0.2 percent to 116.26 yen as of 2:17 p.m. in London, and declined 0.5 percent to $1.4509. It reached $1.4697 on June 7, the strongest level since May 5.
Euribor futures rose, pushing the implied yield on the March 2012 contract down seven basis points to 1.96 percent, as traders reduced bets policy makers will boost rates.
The Dollar Index, which tracks the greenback against the currencies of six U.S. trading partners, advanced 0.4 percent to 74.186. The pound traded at $1.6368, from $1.6404 yesterday. Sterling was at 88.60 pence per euro, from 88.90 yesterday, when it reached 89.76, the weakest since May 5. (BLOOMBERG)
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The U.S. Supreme Court upheld a patent-infringement verdict that may cost Microsoft Corp. (MSFT) $300 million and already has forced changes in its Word software.
The justices today unanimously rejected calls from Microsoft and its allies, including Apple Inc. (AAPL) and Google Inc. (GOOG), to make some patents more vulnerable to legal challenge.
The ruling is a victory for closely held I4i LP, which claimed in its 2007 lawsuit that its patented technology had been incorporated into Word, the word processing program used by 500 million people. Microsoft, which had $5.2 billion in profit in the first quarter of 2011, hasn’t yet paid i4I any damages.
The award is the largest ever upheld by an appeals court in a patent case.
The case is Microsoft v. I4i Limited Partnership, 10-290. (BLOOMBERG)
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MAS confident of continuing to rise despite escalating fuel price
Malaysia Airlines (MAS) recorded an 18% higher international pre-load this year compared with 2010. Overall,, when combined with the domestic sector, its pre-load factor was up 10% compared with last year, said senior general manager (sales and marketing) Datuk Bernard Francis. He was confident the pre-load factor would continue to rise despite escalating fuel prices, which are affecting travellers in terms of fuel surcharges. Load factor for 3Q (July to September 2010) was 79% - its highest seat factor in 15 years, and for the last quarter of 2010 it was 77.4%. For 2010 it was 76.2% and the airline added 4% new capacity. For 1Q of 2011, load factor was at 76% and new capacity added during the period was 11% from a year ago. (StarBiz)
Privasia to focus on merger & acquisitions
Information and communications technology company Privasia Technology Bhd plans to focus more on merger and acquisition-based expansion instead of looking for new projects in 2011 following its strong orderbook value to date. Its chief executive officer Puvanesan Subenthiran said Privasia’s balance sheet continued to improve with financial flexibility to gear up for M&A - based expansion plans.(Malaysian Reserve)
SP Setia plans RM2.8bn projects
SP Setia will redevelop the Sri Johor, Sri Pulau Pinang and Sri Melaka low-cost apartments and the Taman Ikan Emas low cost homes in Bandar Tun Razak, Cheras at a total development value of RM2.8bn. Its deputy president and CEO Datuk Voon Tin Yow said the first phase of the project would take off next month. Urban Wellbeing Minister Datuk Raja Nong Chik said the first phase of the project would involve the development of affordable, quality homes totalling 1,255 units. These would be completed in three years. He said SP Setia would also undertake an apartment housing project in the area for young executives, with each unit to cost not more than RM300,000 and with a built-up areas of at least 800 sq ft. (StarBiz)
Scomi and partners bag RM2.6bn Brazilian monorail deal
Scomi Engineering and its consortium partners have clinched a RM2.6bn contract to build a monorail line in Sao Paulo, Brazil. The Sao Paulo Metropolitan Co in Brazil awarded the design, manufacture, supply and implementation job of the 18-km monorail Line 17 - Gold Metro of Sao Paulo to Consortium Monotrilho Integracao last Thursday, following an international competitive tender process. The consortium consists of Scomi Engineering, Andrade Gutierrez S.A., CR Almeida S.A. Engenharia de Obras and Montagens e Projetos Especiais SA. The contract will include the supply of 24 car train sets comprising three cars each. The monorail will be able to carry some 252,000 passengers per day. It will run through 18 stations from Jabaquara to Sao Paulo-Morumbi. The project will kick off next month and should be completed in three-and-a half years. (StarBiz)
Celcom signs broadband deal with TM
Axiata Group said its wholly-owned unit Celcom Axiata has entered into a HSBB services agreement with Telekom Malaysia (TM). The deal is for the supply, delivery, installation and commissioning of access services related to HSBB for Celcom Mobile's utilisation. The company said that the agreement came following a memorandum of understanding between Celcom and TM on strategic collaboration in providing fixed and mobile solutions earlier this year. Under the agreement, Celcom Mobile will also grant TM its mobile virtual network operator services. (StarBiz) Please see accompanying report
Mudajaya unit gets letter of intent for RM720m sub - con job at Manjung plant
Mudajaya Group Bhd’s unit Mudajaya Corporation has been given a letter of intent to design and build a component of the Manjung power plant for a sub-contract valued at RM720m. In a filing to Bursa Malaysia Securities on Friday, Mudajaya said Mudajaya Corp was the given the letter on 2 June by CMC Machipex SB to build the balance of plant component of Manjung No. 4 Power Plant Project. It said Mudajaya Corp was authorised to start mobilisation on 6 June to undertake the advanced sub-contract works as well. Mudajaya said the execution of the sub-contract would be subject to the conclusion of the terms and conditions of the contract and the approval from the parent company of CMC. (Financial Daily)
Century Software gets RM22.53m job from Ministry of Finance
Century Software Holdings Bhd’s unit Century Software (M) SB has been awarded a RM22.53m contract by the Ministry of Finance to implement an online budget system. In a statement last Friday, Century Software said the contract was for a period of ten months from June 2011. It said the contract was expected to contribute positively to its earnings for the financial year ending 31 Dec 2011. “This prestigious contract is a pioneering and first of its kind project in Malaysia to be implemented by 24 government Ministries. “This significant contract would propel Century Software as a leading provider of world-class financial system services within the Asean region,” it said. (Financial Daily) Please see accompanying report
Eversendai will use the RM270m from its IPO for capital expenditure
The flotation of Eversendai Corp Bhd on the Main Market of Bursa Malaysia on 1 July will raise RM270m for the company. Its founder Datuk A.K. Nathan will realise a gain of RM130m for selling 30% of the company he pioneered 27 years ago. Nathan said in an interview with Starbiz that the company would use the proceeds of RM270m from its share sale as capital expenditure. " We will be using the proceeds to build a new plant in Trichy in India and expand our plant facilities in Rawang. We would also be using the funds to build staff accommodation in the Middle East, '' he said. He added that the choice of Trichy over other locations in India was made because it was easier to get skilled manpower for the plant there. Eversendai has four plants that provided all the fabrication works for its projects that span from Malaysia to India and the Middle East. The plants are located in Rawang, Dubai, Sharjah and Qatar. The new plant in India will have a 30,000-tonne - a - year fabrication capacity. (StarBiz)
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Contract to Malakoff to build 1,000MW power plant expected soon
Malakoff Corp Bhd, owned by MMC Corp Bhd, is expected to be awarded a contract to build a 1,000MW coal-fired power plant soon, said sources. According to sources, the plant will have a 15-year concession to sell the power at a rate of 25 sen per kwh to Tenaga Nasional Bhd (TNB). “MMC has yet to receive the award letter but the decision has been made already, based on tender submissions,” said one source. In August, the Energy Commission had awarded a concession to TNB to develop a 1,000MW coal-fired power plant on its existing power plant site in Manjung Perak. (StarBiz)
MSM Malaysia IPO set to raise RM800m
MSM Malaysia Holdings Bhd's (MSM) initial public offering (IPO) is poised to raise around RM800m for the sugar producer and its holding company. MSM's listing on Bursa Malaysia's Main Market, slated for 28 June, involves offering up to 234.56m shares to retail and institutional investors. Some RM370m of the RM800m proceeds will go to MSM parent Felda Global Ventures Holdings SB (FGVH), while another RM422m will go directly to MSM's coffers. FGVH, which now has a 48.68% stake in MSM, is selling off 15.6% of its MSM shares for some RM370m. The RM422m, meanwhile, will arise from MSM's existing shares. MSM will also sell a portion of its shares to institutional investors at between RM3.30 and RM3.50 per share. The final retail price, after completion of the institutional book building, will be at a slight discount from the initial RM3.38 retail price or 97% of the institutional price. (BT)
PAAB buys Selangor water bonds for RM5.8bn
The government's water asset management company, Pengurusan Aset Air Bhd (PAAB), has bought 99.6% of Selangor's water debts for RM5.8bn. The offer, which was made on 20 May, confirms a Business Times report that the federal government was poised to make an offer to buy over Selangor water debts on the said date. The acquisition of the bonds brings PAAB one step closer to taking over Selangor water assets, a deal that has dragged on for two years now. The takeover offer was made via special purpose vehicle, Acqua SPV Bhd. It was to resolve the bond woes of five water concessionaires in Selangor. They are Syarikat Bekalan Air Sungai Selangor SB, Syarikat Pengeluar Air Sungai Selangor SB, Puncak Niaga SB, Titisan Modal SB and Viable Chip SB. (BT)
Petronas buys Canadian shale gas assets worth RM3.32bn
Petroliam Nasional Bhd (Petronas), via its wholly-owned subsidiary Petronas International Corp Ltd (PICL), has signed an agreement with Canada-based Progress Energy Resources Corp to acquire 50% of the latter's interest in shale gas assets worth CAD1.07bn (RM3.32bn). In a statement yesterday, Petronas said the agreement was signed to develop the Altares, Lily and Kahta shale gas assets in north-eastern British Columbia.
“The assets included in the transaction cover approximately 150,000 gross working-interest acres of land with an estimated contingent gas resource of more than 15trn cu ft. The assets will be operated by Progress,” said Petronas. It said the proposed acquisition would mark Petronas' maiden entry into Canada and would allow for accelerated upstream growth that could potentially advance a liquefied natural gas (LNG) export value proposition in that country. (StarBiz)
Kretam to buy up stakes of three companies for RM512m
Kretam Holdings Bhd is acquiring three companies for RM511.5m to expand its oil palm cultivation business and venture further downstream. It has proposed to buy the entire equity interests in Abedon SB, Green Edible Oil SB (GEO) and Palm Products International Alliance SB (PPIA) in a move that will see its plantation landbank increase to 23867ha from 17793ha. The proposed acquisition is “synergistic” to Kretam’s existing oil palm cultivation activities and would provide an alternative source of income, it said in an exchange filing yesterday. (Malaysian Reserve)
Petra Energy, Labuan Shipyard sign MoU
Petra Energy Bhd’s wholly-owned subsidiary Petra Resources SB has signed a memorandum of understanding (MoU) with Labuan Shipyard & Engineering SB (LSE) to use the latter’s shipyard facilities at Victoria Harbour in Labuan for Petra Resources’ fabrications activities. Under the MoU, both parties may explore areas for cooperation on the leasing of fabrication yards, fabrication works and storage facilities as well as commercial ventures in oil and gas sector, it said in a statement. (BT)
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