Breakfast briefing: Thursday, April 28

TNB headquarters in Bangsar, Kuala Lumpur . CIMB Research says given the higher cost, it expects TNB

MarketWrap: US stocks ended slightly higher on Wednesday after fears eased that the Federal Reserve would strongly signal it would raise interest rates in June, though a slump in Apple shares weighed on the Nasdaq index. - Reuters

The DJIA rose 51.23 points, or 0.28%, to 18,041.55, the S&P 500 gained 3.45 points, or 0.16%, to 2,095.15 and the Nasdaq ell 25.14 points, or 0.51%, to 4,863.14.

Forex summary

*The ringgit rose 0.48% to 3.8962 per US$

*It rose 0.50% to 4.4100 per euro

*Increased 0.89% to 5.6622 to the pound sterling

*0.34% higher to 2.8911 per Singapore dollar

*0.82% higher to 2.8919 per Aussie

*Up 0.58% to 3.4944 per 100 yen


Oil prices jumped about 3% on Wednesday, hitting new highs for 2016 as the dollar weakened after the Federal Reserve announced it would leave US interest rates unchanged. Front-month Brent finished up US$1.44, at US$47.18, having hit a 2016 high of US$47.45 earlier. - Reuters

Top foreign stories

Facebook revenue smashes expectations as mobile ad sales surge: Facebook Inc's quarterly revenue rose more than 50, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending. - Reuters

Boeing profit takes hit from tanker, 747: Boeing Co took a surprise US$156 million charge for its KC-46 aerial refuelling tanker on Wednesday, pushing first-quarter profit down 9% amid concern about meeting deadlines for the US Air Force programme. The world's largest plane maker also took a US$70 million pretax charge for its 747 programme. Earnings fell to US$1.22 billion from US$1.34 billion a year earlier. - Reuters

Fed signals no rush to hike rates as economy hits soft patch: The Federal Reserve left interest rates unchanged on Wednesday, but kept the door open to a hike in June while showing little sign it was in a hurry to tighten monetary policy amid an apparent slowdown in the US economy. - Reuters

Samsung Elec Q1 profit underpinned by better-than-expected Galaxy S7 sales: Tech giant Samsung Electronics Co Ltd said on Thursday its first-quarter operating profit rose 12% from a year earlier, propelled by strong initial sales for its flagship Galaxy S7 smartphones. - Reuters

Top local stories

Thumbs-up for new Bank Negara governor: Economists and analysts says the appointment of deputy governor of Bank Negara Datuk Muhammad Ibrahim as the successor to out- going governor Tan Sri Dr Zeti Akhbar Aziz is a positive development as it helps alleviate a lot of mar- ket uncertainties about Malaysia’s monetary policy direction. - StarBiz

Seadrill to exit SapuraKencana: Seadrill Ltd is seeking to sell up to RM815mil worth of shares in SapuraKencana Petroleum Bhd, marking its exit as a shareholder in the Malaysian oil and gas firm, sources say. - StarBiz

TNB second-quarter net profit down 38%: Tenaga Nasional Bhd (TNB) posted a 38% slump in net profit to RM1.32bil for the second quarter on recognition of the over-recoverability of the imbalance cost pass-through mechanism despite an increase in the sales of electricity. Its revenue was slightly lower at RM10.48bil versus RM10.61bil a year earlier. - StarBiz

Willowglen eyes TNB contracts: Technology firm Willowglen MSC Bhd is eyeing a portion of Tenaga Nasional Bhd’s (TNB) contracts after qualifying as the latter’s vendor. Managing director Wong Ah Chiew says the company could be a substation control automation supplier to TNB. - StarBiz

KAF IB owns 76.7% stake in KAF-Seagroatt & Campbell: Some 92.09 million shares of KAF-Seagroatt & Campbell Bhd were crossed on Wednesday in off-market trade as part of an unconditional takeover offer by KAF Investment Bank Bhd (KAF IB), which now owns 76.74% of the financial services group. - StarBiz

Kimlun bags RM98.3m construction contract: Kimlun Corp Bhd has won a RM98.3mil contract from Mah Sing Group Bhd for the construction of 492 units of houses in Mukim Plentong, Johor Baru. - StarBiz

Cahya Mata eyes Pan Borneo Highway job: Cahya Mata Sarawak Bhd will team up with Bina Puri Holdings Bhd to tender for Pan Borneo Highway project’s construction job.
Group managing director Datuk Richard Curtis hoped the consortium could secure one work package in Sarawak’s single largest infrastructure project costing an estimated RM16bil. - StarBiz

Seacera to acquire Duta Nilai for RM220m: Seacera Group Bhd is proposing to acquire the entire equity interest in property firm Duta Nilai Holdings Sdn Bhd for a total cash consideration of RM220mil. - StarBiz

Datasonic gets Govt contract: Datasonic Group Bhd has secured a five-year contract valued at RM223.37mil from the Malaysian Government for the supply of Malaysian passport documents. - StarBiz

MPI third-quarter profit jumps: Malaysian Pacific Industries Bhd (MPI) posted an almost 30% jump in net profit for the third quarter to RM38.98mil on higher margin products and stronger US dollar. Its revenue rose to RM352.12mil from RM351.27mil previously. MPI declared a sec- ond interim dividend of 15 sen per share. - StarBiz

MAHB looking to extend concession with KAFS: Airport operator Malaysia Airports Holdings Bhd (MAHB) is looking to extend its concession agreement of 25 years with Petronas Dagangan Bhd unit Kuala Lumpur Aviation Fuelling System Sdn Bhd (KAFS) rather than paying the compensation of RM456mil detailed in the arbitration proceedings. - StarBiz

Offshore segment weighs on MMHE’s Q1 net profit: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) slipped into the red with a net loss of RM7.58mil for the first quarter from a net profit of RM36.03mil recorded a year ago. Revenue fell to RM256.72mil against RM719.5mil previously. - StarBiz

Tadmax proposes one-for-10 bonus issue: Tadmax Resources Bhd has proposed a one-for-10 bonus issue of 44.48 million shares. The construction company said it also intends to improve the marketability and trading liquidity of its shares, and widen its share capital base through the bonus issue. - Edge FD

Genting said to be in talks to sell Miami property: Genting Group is said to be in talks to sell its 5.6ha land at Biscayne Bay in Miami, Florida as the company is unable to build its planned luxury casino and resort there, the Miami Herald said. The report, quoting an anonymous developer, said Genting had purchased the tract in 2011 for US$236 million. - Edge FD


Atrium Real Estate Investment Trust

Time: 10am

Venue: Oasis Hall, Ground Floor, Flamingo Hotel, Jalan Hulu Kelang, Ampang, Selangor

Poh Huat Resources Holdings Bhd

Time: 11am

Venue: Classic 1, Ballroom Classic Hotel, Jalan Ali, Muar, Johor

Petronas Chemicals Group Bhd

Time: 10.30am

Venue: Tamingsari Ballroom, The Royale Chulan Hotel Kuala Lumpur

Kumpulan H&L High-Tech Bhd

Time: 11.30am

Venue:  Green II, Clubhouse, Tropicana Golf and Country Resort, Petaling Jaya, Selangor

Nestle (Malaysia) Bhd

Time: 10am

Venue: Ballroom B & C, Hilton Kuala Lumpur, 3 Jalan Stesen Sentral, Kuala Lumpur.

Bintulu Port Holdings Bhd

Time: 11.30am

Venue:  Ballroom 3, Lobby Floor, Hilton Kuching, Sarawak.

Telekom Malaysia Bhd

Time: 10am (AGM)/12.30pm (EGM)

Venue: Kristal Hall, TM Convention Centre, Menara TM, Jalan Pantai Baharu, Kuala Lumpur

* Telekom Malaysia seeks shareholder approval to. set up a long-term incentive plan of up to 10% of its capital for employees and executive directors of the company and its subsidiaries

Tasek Corporation Bhd

Time: 9.30am

Venue: Millennium I, Lobby Level Grand Millennium Kuala Lumpur, Jalan Bukit Bindung, Kuala Lumpur


Time: 9.30am

Venue:  Room 3, 1st Floor, Kuala Lumpur Golf & country Club, 10, Jalan 1/70D, Off Jalan Bukit Kiara, Kuala Lumpur

* APFT seeks shareholder approval to reduce the par value of its shares to 5 sen each from 20 sen.

Unisem (M) Bhd

Time: 10.30am

Venue: Concorde Ballroom, Lobby Level, Concorde Hotel Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur

Can-One Bhd

Time: 10am

Venue: Greens 3 (Sport Wing) Tropicana Golf & Country Resort Club, Petaling Jaya, Selangor

Astral Asia Bhd

Time: 11am

Venue: Kiara Room, Sri Damansara Club, Bandar Sri Damansara, Kuala Lumpur

* Astral Asia seeks shareholder approval for a 9-for-2 bonus issue.

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