Stocks to watch: Tenaga, Maxis, Tanjung, Daibochi

KUALA LUMPUR: Investors will sitting on their hands over the weekend as they focus on the summit of European leaders to resolve Europe’s debt crisis. A decisive framework to reach basic agreements over the weekend would bolster investor confidence.

On Wall Street, the S&P 500 posted its third straight week of gains on Friday Oct 21, lifted by optimism before this weekend's summit and strong earnings from blue-chip stocks.

The Dow Jones industrial average was up 267.01 points, or 2.31%, at 11,808.79. The Standard & Poor's 500 Index was up 22.86 points, or 1.88%, at 1,238.25. The Nasdaq Composite Index was up 38.84 points, or 1.49%, at 2,637.46.

Reuters reported important differences still separate major players France and Germany in solving Europe's debt crisis, but with two summits scheduled for next week, investors took an optimistic view that a resolution will soon be reached. Buying was also motivated by fear of missing a sharp move if basic agreements are reached over the weekend.

At Bursa Malaysia, stocks to watch are TENAGA NASIONAL BHD [], Maxis Bhd, TANJUNG OFFSHORE BHD [], Daibochi Plastic and Packaging Industry Bhd and SILK Holdings Bhd.

Tenaga will announce its financial results for the fourth quarter ended Aug 31, 2011 but analysts expect it to record another quarter of losses due to the shortage of gas supply from Petroliam Nasional Bhd, forcing it to burn the more expensive oil and distillate.

RHB Research Institute had maintained its Underperform call on the power company with an unchanged indicative fair value of RM4.74 based on unchanged target CY12 price-to-earnings ratio of 12 times.

“Due to ongoing gas shortage from maintenance at Petronas’ liquefied natural gas plants and delays for the Bekok C bypass, Tenaga will likely record a loss in 4Q, possibly close to that seen in 3Q (net loss RM460 million),” it said.

Tenaga, meanwhile, has proposed to issue RM5 billion in Islamic debt notes to finance the development of the 1,010 MW coal fired power plant in Manjung, Perak. The tenure is 28 years.

Meanwhile, Maxis expects significant gains from the provision of its 3G radio access network to U Mobile Sdn Bhd under the country’s first landmark network sharing and alliance agreement for an initial period of 10 years.

This arrangement also included long-term evolution (LTE) sharing, depending on the availability of the spectrum and TECHNOLOGY []. The collaboration was a milestone in the local telecommunications industry in the sharing of active telco systems and operating frequency spectrum.

Tanjung Offshore Bhd was awarded a RM27 million contract by Petronas Carigali Sdn Bhd to provide three offshore support vessels (OSVs) for up to two primary years.

Tanjung said its unit Offshore Services Sdn Bhd had been awarded the contract on Oct 20.

Daibochi Plastic and Packaging Industry Bhd’s net profit fell 5.8% to RM4.54 million in the third quarter ended Sept 30, 2011 from RM4.82 million a year ago mainly due to a lower contribution from the property segment.

Its revenue declined 5.2% to RM67.66 million from RM71.42 million mainly due to the reduction in the sales in the packaging segment. Earnings per share were lower at 6.04 sen compared with 6.40 sen. It declared an interim dividend of 3.0 sen per share.

SILK’s unit Jasa Merin (Malaysia) Sdn Bhd has been awarded a contract extension worth RM23.5 million by Petronas Carigali Sdn Bhd to provide one anchor handling tug supply vessel.

SILK said the primary three-year contract had been extended for another 12 months, which started on Oct 4. It expected the extension to contribute positively to its earnings for the financial year ending July 31, 2012.

PROTON HOLDINGS BHD [] plans to collaborate with China’s Hawtai Motor Group to set up a joint venture (JV) company there as part of Proton’s strategy to make China as one of its major manufacturing hub, especially for left-hand-drive vehicles.

MELEWAR INDUSTRIAL GROUP BHD [] has proposed a two-call rights issue of up to 151.17 million rights shares to raise RM27.46 million. The rights issue would be at an indicative issue price of RM1 per rights share on the basis of two rights shares for every three existing shares held on an entitlement date to be determined later.

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AmResearch has Sell on Tanjung Offshore, cuts fair value to RM1

KUALA LUMPUR: AmResearch reaffirms its Sell rating on Tanjung Offshore and cut its fair value to RM1 a share from RM1.33 a share previously) – pegging its FY11F earnings to a PE of 20 times – following another set of weak numbers.

“We are cutting our estimates for FY11F-FY13F by 45%-54% to RM16mil-RM18mil following lower margin assumptions from 8%-9% to 7%-7.5% and cuts in revenue assumptions by 20%-30%,” it said on Friday, May 20.

AmResearch said Tanjung was in the red for the second consecutive quarter, with a larger magnitude of RM3mil for 1QFY11.

The losses are attributable to about RM3mil in losses from its UK-subsidiary Citech Ltd. Currently the unit has only about US$15mil in orderbook for the next 18 months and this is not sufficient to cover its sizeable operating costs.

Another factor is the weaker earnings from vessel chartering division. Three vessels were lying idle during 1QFY11, translating into a utilisation rate of about 80%. Nonetheless, it has since been operating at full capacity although six of the vessels are currently under spot contracts.

AmResearch said the losses for the quarter was also contributed by a net loss of RM4.7mil incurred from the disposal of its stake in Hercules Tanjung Asia s/b, a rigs provider.

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Maybank IB Views

Media: Overweight
Apr 2011 adex: Growth momentum continues

Overweight stance under review. Apr 2011 total gross adex grew 17% YoY, the strongest this year. May 2011 is likely to be 10% to 15% higher MoM as advertisers ramp up ad spend ahead of adex-friendly festivities in 3Q11. 4M11 total gross adex grew 14% YoY, ahead of our 8.3% forecast. Top picks MCIL and Media Prima performed well in the past month, possibly reflecting the still positive adex sentiment.

RESULTS REVIEW
KLCC Property Holdings RM3.28: Hold
Results in line; new contribution from Lot C Shariah-compliant

Maintain Hold. KLCCP's RM574m FY03/11 realised pretax profit was in line, but 12 sen total DPS for FY03/11 was above expectations. In our view, KLCCP's annualised 3.4% net dividend yield for 2012 is less attractive compared to large cap REITs (6-6.5%). We lower our 9M11-2013 estimates by 1.6-16% to factor in the change in FYE. Maintain Hold with a new RM3.50 TP (15% discount to RM4.10 RNAV (+50 sen)).

Tanjung Offshore RM1.11: Sell
Grey visibility still Shariah-compliant

Reiterate Sell. Losses extended into 1Q, within our forecasts but below consensus expectation. Forward earnings will remain a challenge. Cost management strategies and operating prospects remain the key concerns. An equity cash-call could ensue should the cash situation worsen. TOFF will suffer an RM8m penalty cost for early bonds redemption. Valuations are expensive and consensus forecasts are aggressive. Ekuinas’ next move remains a wild card.

COMPANY UPDATE
Star Publications (M) RM3.38: Hold
Fuzzy signals from this frequency Shariah-compliant

Maintain Hold call and DCF-based target price of RM3.71. We are mildly negative on Star's plan to acquire 80% of Capital FM for RM15m as it is loss-making and may cannibalise Star's three incumbent radio stations. Acquiring an outdoor company would have been wiser. We leave our earnings estimates unchanged pending further details.

CB Industrial Product Holding RM4.30: Buy
Variation to order book Shariah-compliant

Positive, but factored in. CBIP received a request from a customer to vary its order book, awarded back in Jan 2011. Consequently, the contract value was revised upwards by about RM31m and the expected incremental profit from the revision could be approximately RM4m. Although positive, we maintain our earnings forecasts as we have assumed RM180m of contract wins for FY2011. Maintain Buy with an unchanged TP of RM4.75 based on 7x 2011 PER.

Technicals
The FBM KLCI rose marginally by 2.75 points to close at 1,544.02 yesterday. Its resistance areas of 1,548 and 1,565 will cap market gains, whilst the obvious support areas are located at 1,523 and 1,544. Due to the DJIA’s firmer tone last night, we will see some bargain hunting activities today.

Daily trading idea is a Short-Term Buy for TDM.

Other Local News
RHB: Sumitomo, Carlyle eye RM4.8bb RHB stake. Japan's Sumitomo Mitsui Financial Group and US private equity firm Carlyle are among leading contenders to place first round bids for a stake in RHB, after bigger rival CIMB said it is not keen to buy a stake. (Source: The Edge Financial Daily)

PPB: Eyes Indonesia's flour market. PPB Group Bhd is eyeing at least 10% of Indonesia’s flour market that currently dominated by his former business partner, Salim Group’s Liem Sioe Liong. This sets the stage for a professional rivalry between the two powerhouses as both groups allocate more resources to capture a larger slice of the burgeoning consumer business at the populous islands. (Source: The Edge Financial Daily)

UOA: RM10b projects in the pipeline. UOA Development Berhad, which is scheduled to list on the Main Market of Bursa Malaysia on June 8, has property projects worth RM10b in total gross development value (GDV) over the next 10 years. Moving forward, the company plans to retain its focus in the Klang Valley, especially its Bangsar South development poject, before considering other geographical locations. (Source: The Edge Financial Daily)

TDM: To invest RM120m in Indonesia. TDM will inject RM120m into its Indonesian operations at Kalimantan within the next eight to 10 years to build four oil palm mills in the area. They expect to see contributions from the Kalimantan operations by 2013 after they had initially invested RM44m in Kalimantan. (Source: The Edge Financial Daily)

Ramunia, Coastal: Agree to abort MoU. Ramunia Holdings Bhd and Coastal Contracts Bhd have aborted a memorandum of understanding (MoU) for the proposed collaboration, bidding and fabrication in relation to structures for the oil and gas industry. The MoU was entered into between both companies in January 2010, but had lapsed on May 18 this year as both parties have mutually agreed not to proceed with it. (Source: The Edge Financial Daily)


AirAsia: AirAsia X inks USD600m deal to buy General Electric engines. AirAsia X has signed a contract worth RM1.8b with General Electric to purchase jet engines for its new aircraft. Under the agreement, the long-haul low fare affiliate of AirAsia Group will purchase CF6-80E1 engines to power its three new A330-200s (with the option of two additional aircraft). (Source: The Edge Financial Daily)

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Maybank IB Views

COMPANY UPDATE
Media Prima RM2.61: Buy
The going is still good Shariah-compliant

Still a believer. After seeing a respectable 1Q11 industry gross adex growth of 13% YoY and speaking to media buyers, we opine that we have been too conservative with our adex growth assumptions. We raise our earnings estimates for Media Prima (MPR) by 13% to 23% p.a., after revisiting our assumptions. In our view, concerns on the impact of digitalisation are premature. Maintain Buy. Target price is raised to RM3.06 on an unchanged 17x 1-year forward PER post-earnings upgrade.

ECONOMICS
US Economy: FOMC
Fussing Over Many Considerations...

Staying on course... for now. US Federal Reserve's policymakers unanimously voted to keep the federal funds rate (FFR) at the record low of 0%-0.25% and maintained its commitment to complete the USD600b second quantitative easing (QE2) which started in Nov '10 and will end in June '11.

Technicals
The FBM KLCI rose 2.57 points higher at 1,529.91 yesterday. Its resistance areas of 1,532 and 1,542 will cap market gains, whilst the obvious support areas are located at 1,515 and 1,529.

Trading idea for today is a Buy call on MPHB.

Other Local News
RHBCap: Chinese banks interested in ADCB's stake. Amid speculation that China Construction Bank is seeking BNM approval to acquire a stake in EON Capital, Chinese were also among those invited to tender for the block of shares in RHBCap that is to be put on the market by Abu Dhabi Commercial Bank (ADCB) . (Source: The Edge Financial Daily)

Tanjung Offshore: Bags RM15m contract from Murphy Sarawak. Tanjung Offshore Bhd won an RM15m contract by Murphy Sarawak Oil Co Ltd. for valve repair and maintenance services. The contract is to last till March 2014 with the option to renew for another two years. (Source: Bursa)

KFC Holdings: To invest RM45m in 25 new outlets this year. KFCH MD Jamaludin Md Ali said this after yesterday’s AGM adding that 10 of the outlets will be 'drive-thrus'. On its overseas expansion, nine outlets have been planned for India. Overseas top line contribution from Brunei and Singapore will come up to 15%. (Source: Business Times)

TH Plantations: Higher FFB output expected this year. The company is targeting 504,901mt of palm bunches from 463,949mt in 2010. The company aims to expand its land bank to 50,000 ha from 39,113 ha by 2010 and is looking at Sabah, Sarawak, Sumatra and Kalimantan. (Source: TheStar)

Rubber: Malaysian production may rise 6.5%. Higher prices may encourage farmers to boost production tapping and output may increase to 1m metric tonnes this year from 939,000 in 2010. Thai production may decline if rains persist across the country’s main southern growing region (Source: The Malaysian Reserve)

Timber: Sarawak's log production falls. Total production in 1Q 2011 was down 28% YoY due to a combination of bad weather and flooding and impoundment of the Rejang River basin. Log prices are however expected to be higher this year due to tighter supply bigger demand. (Source: Business Times)

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Maybank IB Views

COMPANY UPDATE
Tanjung Offshore RM1.39: Sell
Caution ahead; flashing red flags Shariah-compliant

Maintain Sell. 1Q 2011 earnings will likely miss street expectations again. Cost management strategies and operating prospects remain the key concerns. An equity cash-call could ensue should the cash situation worsen. TOFF will also suffer an RM8m penalty cost for early bonds redemption. Valuations are expensive and consensus forecasts are aggressive. Nonetheless, Ekuinas’ next move remains a wild card.

Kencana Petroleum RM2.68: Buy
Gets KPOC's Kebabangan gig Shariah-compliant

We remain Buyers on Kencana. The RM208m KPOC EPC gig takes its outstanding orders to 89% of its targeted RM1b job wins for FY11. Our forecast, which implies a 3-year net profit CAGR of 26%, excludes earnings contribution from the Berantai RSC project. We do not rule out potential strategic tie-ups and assets expansion (i.e. rigs) as it explores deepwater opportunities. We value Kencana at RM3.10, based on 20x CY12 EPS. Our 20x PER target is validated in a capex-fueled, order book-driven upcycle.

Technicals
The FBM KLCI rose 3.29 points to close at 1,527.34 yesterday. Its resistance areas of 1,527 and 1,541 will cap market gains, whilst the obvious support areas are located at 1,514 and 1,525. Due to the DJIA’s positive tone last night, we may see the FBM KLCI remain stronger today. There could be an initial gap-up move, followed by latter day profit-taking.

Trading Idea for today is Take Profit call on NAIM

Other Local News
Construction: Chinese companies may bid for MRT job. Chinese Premier Wen Jiabao’s visit is expected to pave the way for them to participate in the RM40b MRT project as they have the financial muscle to go up against the Gamuda/MMC Corp joint venture and China is home to some of the most advanced railway systems in the world. (Source: The Edge Financial Daily)

Infrastructure: Sarawak to build 500km roads by end-2012. Under the National Key Result Area (NKRA) for a three-year period beginning last year, Infrastructure Development and Communication Minister, Datuk Seri Michael Manyin said Sarawak was allocated RM2b to build roads. Sarawak managed to complete 240km of new roads last year. (Source: The Edge)

Proton: Banks on Saga and Persona. Proton Holdings Bhd is banking on Saga and Persona to drive up sales this year as it seeks to topple rival Perusahaan Otomobil Kedua Sdn Bhd (Perodua) as the biggest carmaker in the country. Proton hopes to sell 85,000 units of Saga and 40,000 units of Persona while the total sales was targeted at close to 170,000 units this year. (Source: The Sun)

YHS: To consolidate plants. Yeo Hiap Seng (M) Bhd (YHS) will consolidate its factories in Shah Alam and Petaling Jaya to improve efficiencies and partially mitigate the effects of rising raw material prices. YHS also wants to introduce a new and less sweetened range of beverages to response to sugar price spikes. (Source: The Edge Financial Daily)

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Maybank IB Views

COMPANY UPDATE
KNM Group RM2.40: Buy
Job wins on the rise Shariah-compliant

Orders are coming in. KNM's latest RM693m new orders account for 35% of our RM2b forecast for 2011. While the company does need to prove its ability to deliver on earnings given volatility in recent results, we do believe that these new orders, which are high margin in nature, bode well for the build-up in KNM's orderbook and signal margin recovery ahead as well. Meanwhile, current high oil prices would support O&G activity and demand for process equipment, of which KNM is a major global supplier, via Borsig. Our Buy call is maintained.


Tan Chong Motor Holdings RM4.74: Buy
Same genetics, different look Shariah-compliant

Maintain Buy; RM5.75 TP. The Proton-Nissan tie-up will not affect TCM's franchise as the collaboration is on specific areas with zero product cannibalization. TCM is taking a strategic stand not to compete in the A-segment but aims to make headway in the B-segment. TCM's domestic presence is sound but its growth prospects, in our view, lie in the regional market. Growth will be solid if it successfully capitalizes on the Indo-China market, which is still in its infancy.


Petronas Chemicals RM6.21: Buy
Sector re-rating imminent Shariah-compliant

Upgrade on industry re-rating. We believe the fundamentals for the petrochemical industry have never been better, buoyed by recovery in demand, strong product margins and an increasing price divergence between natural products and synthetic alternatives. Furthermore, high oil prices are beneficial as PCG’s products generally track oil price increases. We raise our target price to RM8.00 (from RM6.70) based on 14.4x 2011 – which is the long-term industry mean PER.


Technicals
The FBM KLCI closed higher by 7.60 points at 1,506.88. Its resistance areas of 1,507 and 1,527 will cap market gains, whilst the obvious support areas are located at 1,490 and 1,505.
Trading idea for today is a Take Profit call on GENP.


Other Local News
RHB Cap: EPF can't own more than 45% of RHB Cap. Bank Negara has not allowed the Employees Provident Fund (EPF) board to hold more than 45% of the paid-up share capital of RHB Capital Bhd. As at Feb 25, EPF had 45.68% interest in RHBCap. (Source: Bursa Malaysia)

Tanjung Offshore: Bursa reprimands Tanjung Offshore. Tanjung Offshore Bhd received a public reprimand from Bursa Malaysia after reporting a 37% deviation between its audited and unaudited account for 4QFY09. Tanjung Offshore is also required to carry out limited review on its quarterly report submissions, to be performed by its external auditors for four quarterly reports. (Source: The Edge Financial Daily)

PPB: Plans to expand flour mills and cinema. PPB Group Bhd plans to spend RM140m to expand its flour mills in Indonesia and Vietnam over the next two years. The group plans to double its Indonesian mill capacity to 2,000t daily with an investment of USD30m (RM91.5m). As for its Vietnam plant, the group plans to double capacity to 800t a day with an investment of RM50m. PPB has also allocated about RM190m to expand and upgrade its cinema business, among others, of which about 60% will be utilised this year. (Source: Business Times)

Q&G: Johor to announce big multi-billion O&G investment soon. Johor's plan to transform into a new regional oil and gas (O&G) hub will get another shot in the arm with the announcement of a new multi-billion ringgit investment soon. The project will be led by a local company that has been all over the world and is now coming back to Malaysia. The government will help fund the development of infrastructure for the project. (Source: The Star)

Property: Prasarana to get part of RRIM land for development. Syarikat Prasarana Negara Bhd will be allocated a parcel of land in the proposed Sungai Buloh Rubber Research Institute Malaysia (RRIM) development project for commercial development as part of the "rail plus property" model being used to offset the cost of building the mass rapid transit (MRT). The parcel of land will be used to build the MRT's main depot but it will also include commercial development above and possibly around the depot, in the form of retail and office space. (Source: The Star)

E&U: Renewable Energy Bill goes for 3rd reading. The Renewable Energy Bill will go for its 2nd and 3rd reading at the end of the month. The Energy, Water, and Green Technology Minister said that while electricity rates may not increase with the new Act, a revision on energy tariffs cannot be ruled out. The feed-in tariff mechanism is expected to be implemented in mid-2011. (Source: The Edge Financial Daily)

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Tanjung Offshore share price increased lately

Tanjung Offshore share price increased lately from RM1.33 to more than RM1.70 level. . Here is the TGOFFS daily chart.

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Views & News, Maybank IB (2010-11-04)

COMPANY UPDATE

Mah Sing Group RM1.88: Buy
Continues aggressive landbanking Shariah-compliant

Two new land parcels in Klang Valley. Mah Sing (MSGB) bought two pieces of freehold residential and commercial land located in Cyberjaya and Jln Ampang for RM166.5m cash. We are positive on the deals given their fair pricing and strategic locations. The land with e. RM1.2b total GDV are expected to boost our FY12 forecast by 3% and RNAV by 8%. Maintain Buy with higher RM2.48 RNAV-based TP.

QL Resources RM5.61: Buy
Raising capital to accelerate growth Shariah-compliant

The good news and the better news. QL yesterday announced proposals to raise funds and trading liquidity as its fast-growing operations continue to outpace free cash generation. We are simultaneously raising our forecasts by 5% p.a. in FY12-13 taking into account the faster-than-expected progress at its Integrated Livestock (IL) farms in Cianjur, Indonesia. Our TP is raised to an SOP-derived RM5.91 (ex-price: RM2.92) after adding the value of its stakes in Lay Hong and Boilermech to our DCF-derived RM5.77 (ex price: RM2.85).

RESULTS REVIEW

Sunrise RM2.52: Buy
Potential tie-up with a GLC? Shariah-compliant

On track. Sunrise's 1QFY11 RM36.7m net profit was within expectations. We see potential for acceleration of the new Quintet developments in Canada given the recent strong take-up registered. However, we believe that the short-term focus on Sunrise would be on the potential tie-up with a GLC. We lower our FY11-12 forecasts by 1-5% but raise FY13 by 6%. Maintain Buy with a higher RM2.83 TP (30% discount to new RM4.05 RNAV/sh).
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Guinness Anchor RM8.83: Buy
Anchored to a tidal wave

At 10-year highs. GAB's 1QFY11 results brought its 12-month moving average (MA) revenue and pretax profit to record highs. Whilst 8-11% p.a. net profit growth in FY11-13 is not spectacular, this already assumes an annual excise duty hike of 5% p.a. from 2QFY12. Maintain Buy with an unchanged RM9.60 DCF-based TP on unchanged forecasts for resilient earnings and reasonable dividend yields of 5-6% net p.a.
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ECONOMICS
External Trade September 2010
Slip in growth

Export growth slowed sharply to 6.9% YoY in Sep '10 (Aug '10: +10.6% YoY; Maybank IB: +16.5% YoY, Consensus: +10.1% YoY). Import growth also moderated to +14.6% YoY (Aug '10: +16.5% YoY; Maybank IB: +14.7% YoY, Consensus: +16.3% YoY) resulting in a RM7b trade surplus (Aug '10: +RM8.3). YTD, exports and imports increased by 20.4% and 26.4% respectively to give RM84.7b trade surplus. With the nine month figures in, we have adjusted 2010 export growth, import growth and trade surplus forecast to 15%, 19.5% and RM116.6bn from 17.5%, 18.4% and RM135.2b previously. Our current 2011 export and import growth forecast of 8.1% and 8.7% are under review, but in general we still expect another year of import growth outpacing export growth.
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Technicals
The FBM KLCI rose slightly by 1.03 points to 1,507.60 yesterday. Its resistance areas at 1,509 and 1,524 may cap market gains, whilst its support areas are located at 1,491 and 1,507.

Trading idea for today is a SHORT TERM BUY call on HIRO.


Other Local News
MAS: Domestic Firefly flights from KLIA by early 2011. Firefly, which now operates turboprops from Subang, will begin flying jets on several domestic routes from the KL International Airport (KLIA) as early as January or February. The idea is to beat competition with a low-cost model rather than a full service one and Firefly will take over some of the B737-400 aircraft from parent Malaysia Airlines (MAS) to ply the domestic routes. It will have four to six B737-400 aircraft to begin with and more will be added to the system over time. Firefly is likely to do more of the cross-over flights to Sabah and Sarawak. (Source: The Star)

Tanjung Offshore: Secures USD3.3m contract from Egypt. Tanjung Offshore Bhd subsidiary Citech Energy Recovery Systems UK Ltd (CERS), has received a purchase order from Egyptian Maintenance Company (EMC) for the supply of four units of waste heat recovery for the Egypt Liquefied Natural Gas retrofit project. The waste heat recovery package is valued at around USD 3.3m. The transaction is expected to contribute positively to the earnings of Tanjung for the financial years ending Dec 31, 2010, and 2011. (Source: Bernama)

Futures trading: Brokers get direct access to US customers. Nine Malaysian futures brokers received recognition by the National Futures Association to solicit and accept orders and customer funds directly from US customers as permitted by the United States Commodity Futures Trading Commission. The nine futures brokers were: AmFutures Sdn Bhd, CIMB Futures Sdn Bhd, JF Apex Securities Bhd, Kenanga Deutsche Futures Sdn Bhd, LT International Futures (M) Sdn Bhd, Okachi Malaysia Sdn Bhd, Oriental Pacific Futures Sdn Bhd, OSK Investment Bank Bhd and TA Futures Sdn Bhd. (Source: The Star)

Crude Oil: RON 97 price up 5 sen. The price of RON 97 is up 5 sen to RM2.15 per litre from Tuesday and reflects the price of petrol in the global market. Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob said petroleum companies monitored the price of petrol for the first 28 days of the month and then would decide on whether to increase or reduce the price of RON97 for the following month. Meanwhile, government will not increase the price of RON95 at least until end of the year. More than 95% of private cars run on RON95. (Source: Business Times)

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