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Most Asian stocks extend gains, dollar still backed by US data

TOKYO, Feb 5 — Recent US data and the Federal Reserve’s dovish turn kept lifting Asian stocks early today, while the dollar held the upper hand against its rivals. Japan’s Nikkei rose 0.4 per cent before erasing gains while MSCI’s broadest…



Jaya Tiasa’s earnings to rise going forward

KUCHING: Jaya Tiasa Holdings Bhd’s (Jaya Tiasa) earnings is expected to rise going forward, driven by its palm-oil plantation division and the possible recovery of its timber division, analysts observed. In a report, the research team at Affin Hwang Investment Bank Bhd (AffinHwang Capital) expect Jaya Tiasa’s earnings to rise going forward, driven by its palm-oil […]


KLCI dips 0.32% in line with edgy regional markets

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KUALA LUMPUR (Jan 4): The FBM KLCI retreated 0.32% in early trade this morning, tracking edgy regional markets following the overnight slump at Wall Street. At 9.05am, the FBM KLCI fell 5.43 points to 1,670.40. The early decliners included Nestle (M) Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, PPB Group Bhd, Revenue Group Bhd, Tenaga Nasional Bhd, Pentamaster Corp Bhd, Ta Ann Holdings Bhd and IHH Healthcare Bhd. Global markets were on edge on Friday as dire U.S. economic data slammed Wall Street and pushed investors to betRead More


Upside expected for Ta Ann following new certificate

KUCHING: Upside is expected for Ta Ann Holdings Bhd’s (Ta Ann) timber and plantation divisions which will lead to growth in 2019-2020E earnings, analysts project. Affin Hwang Investment Bank Bhd (AffinHwang Capital) expected Ta Ann’s future earnings to grow, underpinned by higher contributions from both the group’s plantation and timber divisions. “We expect log production […]


Toyota announces new recall of 2.4 million hybrid cars

TOKYO, Oct 5 ― Japanese car giant Toyota said today it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after another recall affecting hybrids. The firm in September said it was recalling more than…


Bike-sharing firm GBikes to lodge appeal to restart service

SINGAPORE, Oct 4 — Bicycle-sharing operator GBikes, which had its application for an operator’s licence rejected by the authorities last week, is trying to get its house in order and submit an appeal to the Land Transport Authority (LTA). TODAY…


Canada not making concessions needed for Nafta deal, US says

NEW YORK, Sept 26 — Canada is not making concessions needed to reach a deal with the United States for a trilateral Nafta pact and is running out of time before Washington proceeds with a Mexico-only agreement, a top US official said on yesterday….


Indonesia’s moratorium to be big blow for late entrants to plantations

KUCHING: Indonesia’s moratorium on plantation permits will be negative to those who are late entrants in the country’s plantation industry. According to a Reuters article, Indonesia’s government issued a presidential instruction to place a moratorium on new permits for palm plantations for three years, as part of efforts to protect forests, a presidential official said […]


Indonesia’s palm oil move will hit new players

PETALING JAYA: Plantation players who are relatively new in the Indonesian market or those with significant plantable landbank in the country are likely to be impacted negatively by the moratorium on new palm oil development, according to PublicInvest Research.

Indonesia, the world’s largest palm oil producer announced on Friday that it has signed a three-year moratorium on new palm oil plantation development and will review existing plantation permits. The order is aimed at improving the sustainability of palm oil plantations.

The temporary ban is likely to improve productivity of small owners and also help clarify land ownership.

The research house is of the view that given Indonesia’s self-commitment towards the policy, there could be tighter implementation in terms of reviews of plantation permits such as Izin Lokasi (Location Permit), Izin Usaha Perkebunan (Plantation Permit), Hak Guna Usaha (Development rights) across all provinces.

To recap, Indonesia and Norway had inked an US$1billion (RM4.13 billion) agreement for a moratorium on new permits to clear primary forest in a bid to reduce greenhouse gas emissions from deforestation, forest degradation and the destruction of peat – in 2010.

However, studies show that Indonesia failed to reduce its emission from deforestation and forest degradation while more than 9.9 million ha was converted into plantation area overs 2010-2015.

Going forward, moratorium is expected to slow down the production growth of fresh fruit bunch, which in turn will support palm oil prices and ease concerns on oversupply.

The move is also expected bring down the growth of average crude palm oil from 2020 onwards, which was initially projected to grow at 3%.

Indonesia, which accounts for 51.7% of global palm oil production, is expected to see a year-on-year increase of 5.5% to 38.5 million tonnes this year.

Ta Ann Holdings Bhd is the only Malaysian company unlikely to be affected by the policy as it has no exposure in Indonesia.

TSH Resources Bhd, which has close to 90% of its plantation landbank in Indonesia, has already slowed down new plantings (less than 500ha per acre) a few years ago.

Public Invest said yesterday that stocks under its coverage will not be significantly impacted as majority of them have almost fully planted their landbank in Indonesia.

Among the stocks covered by PublicInvest – IOI Corp, Kuala Lumpur Kepong, Sime Darby Plantations were rated as “neutral” while Genting Plantations and Ta Ann received “overweight” ratings.

The Plantation Index of Bursa Malaysia was down 26.77 points or 0.35% to 7,525.42 points.

Pinehill Pacific Bhd, which said it was selling its palm oil estate in Perak for RM413.75 million last week, jumped 22.7% yesterday closing at 54 sen. United Plantation Bhd was the second biggest loser for the day losing 30 sen of its share price to close at RM26.82 a piece.

KLK’s share price shed 0.1% to RM25, with 137,500 shares traded. Ta Ann lost one sen to RM2.73 with 2,600 shares traded.