Genting Malaysia profit seen to be affected by tax exemption

Genting Malaysia

Genting Malaysia Bhd (Jan 25, RM3.18) Maintain hold with an unchanged target price (TP) of RM3.25: The company announced last Thursday evening that Genting Malaysia Bhd’s application for tax incentives for the Genting Integrated Tourism Plan (GITP) had been approved by the ministry of finance (MoF) in December 2014, which, among other things, entitled the company to claim income tax exemptions equivalent to 100% of qualifying capital expenditure (capex) incurred for a period of 10 years. However, in December 2017, the MoF made a decision to amend the 2014 tax incentiveRead More


China can no longer rely on real estate for growth. It’s now turning to railways and more debt

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Chinese authorities face an ever-growing list of challenges — be it an ongoing trade fight with the U.S. or headwinds in domestic demand — and it appears they don’t have many tools left to spur the economy amid a slowdown. The real estate market in China has traditionally played a major role in its economic development, household wealth and public sentiment. Real estate has been used by Beijing to stimulate growth during previous downturns, including one just three years ago. But along with a Chinese penchant for investing in houses, persistent expectationsRead More


Stock With Momentum: Caring Pharmacy Group

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Caring Pharmacy Group Bhd (-ve) TRADING of shares in Caring Pharmacy Group Bhd (fundamental: 2.5/3, valuation: 1.7/3) triggered our momentum algorithm last Friday after some 124,100 shares in the group were traded. Comparatively, the counter’s 200-day average volume traded was 9,502 shares. The stock closed up two sen or 1.19% to RM1.70 last Friday, with a market capitalisation of RM370.1 million. Caring posted a 4.3% increase in net profit for its second financial quarter ended Nov 30, 2018 (2QFY19) to RM5.74 million on the back of higher margins and salesRead More


IT salaries in Asia surpass Europe as Singapore, Japan boost pay — but the US continues to dominate

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Information technology professionals in Asia are set for a lucrative future, according to a new report that found tech wages in the region are on the rise. U.S.-based software management firm Puppet surveyed 3,000 IT professionals globally and found that salaries in Asia Pacific outpaced Europe in 2018. IT practitioners and managers in Asia earned an average of $75,000 to $100,000 last year compared to their counterparts in Europe, who took home an average of $50,000 to $75,000. The shift was led by a hike in salaries in Singapore and Japan, which, as more developedRead More


US cancels trade planning meeting with China, source says

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The White House has rejected a trade planning meeting with China this week due to outstanding disagreements over intellectual property rules. Should Beijing and Washington fail to agree on a permanent solution by March 1, President Donald Trump has said he will reinforce punitive tariffs. The White House tells CNBC that “the teams remain in touch in preparation for high level talks with Vice Premier Liu He at the end of this month.” The White House rejected a trade planning meeting with Chinese counterparts this week due to outstanding disagreementsRead More


Palm oil may test resistance at RM2,274

palm oil

SINGAPORE (Jan 23): Palm oil may test a resistance at RM2,274 per tonne, a break above which could lead to a gain to the next resistance at RM2,304. These resistances are identified as the 238.2% and the 261.8% projection levels on an uptrend from RM1,979. A confirmed wedge has turned out to be a more bullish pennant, which suggests a target of RM2,390. This is in line with the technical readings on the daily chart. Palm oil escaped from a falling channel. A duplicated channel indicates a target at RM2,431,Read More


Perisai Petroleum facing delisting

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KUALA LUMPUR: The crash in crude oil prices in 2014 looks set to claim its first publicly listed victim, with Perisai Petroleum Teknologi Bhd headed for removal from Bursa Malaysia on Feb 13. The former market darling last Friday failed to secure Bursa Securities’ approval for its regularisation plan and has received a notice from the regulator of its trading suspension starting Jan 22. There is still hope for the company, in financial distress since October 2016, to appeal against the decision. It has until Feb 10 to do so.Read More


Ringgit higher against US$

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At 9.10 am (0110 gmt), the ringgit stood at 4.0950/0990 compared to Monday’s close of 4.0970/0020. KUALA LUMPUR: The ringgit was higher against the US dollar in early trade on Tuesday, dealers said. At 9.10 am (0110 gmt), the ringgit stood at 4.0950/0990 compared to Monday’s close of 4.0970/0020. A dealer said investors were keeping a very close watch on Malaysia’s unemployment data figures for November to be released Tuesday. Overall, the ringgit traded mostly lower against other major currencies. It slid against the Singapore dollar to 3.0271/0305 from 3.0238/0286Read More


China says its 2018 trade surplus with the US was the highest in more than a decade

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China’s trade surplus with the U.S. — closely watched amid a bitter trade dispute between the two countries — grew 17 percent from a year ago to hit $323.32 billion in 2018. According to Reuters, that’s the highest on record dating back to 2006. Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose 0.7 percent over the same period. Despite U.S. President Donald Trump launching a high-stakes trade war against Beijing last year, China on Monday announced that its 2018 trade surplus withRead More


Bursa wants to delist Perisai Petroleum after its regulation plan is rejected

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KUALA LUMPUR (Jan 11): Perisai Petroleum Teknologi Bhd will be suspended from trading effective Jan 22 after the stock exchange rejected the group’s proposed regularisation plan. The Practice Note 17 (PN17) company will be delisted from the Main Market of Bursa Malaysia on Feb 13 unless Perisai appeals against the exchange’s decision before Feb 10. “In the event Perisai submits an appeal to Bursa Securities within the appeal timeframe, the removal of the securities of Perisai from the official list of Bursa Securities shall be deferred pending the decision on the company’sRead More