ykit blog

STRATEGY: Penang- No More “Kiam Siap”



With Penang appearing to benefit from greater investments both local and foreign, we made a visit to my home state to see if the famed “kiam siap” stereotype of the typical island Penangite had changed. Visits to IJM Land, E&O and Hunza would seem to indicate a greater propensity for spending among Penangites thus benefiting these companies who are in the midst of high end property development projects and a retail mall development. While E&O and IJM Land are currently Not Rated, we have a Buy call on Hunza and note that our top property sector pick, SP Setia, is also exposed to the burgeoning Penang property market.



CONSTRUCTION (OVERWEIGHT) Sector News Flash: Iskandar Wants an MRT too


NEWS HIGHLIGHTS

Felda to list sugar business by July
CMP2 to further unlock value
RM30bn sukuk planned for MRT
Press Metal, partners sign deal with Sarawak Energy
Favelle units win jobs worth RM90mn
BToto to sell half its NFO?
Maybank says seeking BII divestment exetension

ECONOMIC HIGHLIGHTS

Indonesia: Keeps interest rate unchanged as inflation slows
Canada: Keeps key rate 1%, citing faster growth, dollar
UK: Inflation unexpectedly slows as stores cut food prices
UK: Retail sales plunged most on record in march, brc says
German: Inflation unexpectedly accelerated in march on oil
Spain: Underlying inflation slows for first time in a year
US: Trade deficit narrows less than forecast