Sunday, October 13, 2019

BUDGET毫无看头可言。。。。。。2020 无厘头预算案










Wednesday, October 9, 2019





- Feed-In Tariff (FIT) Approval granted to Saluran Suriamas Sdn Bhd by the Sustainable Energy Development Authority (SEDA) for the Renewable Power Generation Project
Reference is made to CAMRES’ announcements made on 11 November 2016 and 16 November 2016 in relation to the Feed-In Tariff (“FIT”) approval granted to the Company’s wholly-owned subsidiary, Saluran Suriamas Sdn. Bhd. (“SSSB”) by the Sustainable Energy Development Authority (“SEDA”) to build and operate a renewable electrical energy power plant with a capacity to supply 7.0 MW per hour of electricity to Tenaga Nasional Berhad for a period of 16 years ("the Project").  Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the earlier announcements.

The Board of Directors of CAMRES wishes to announce that after due consideration and further re-assessment on the feasibility of the Project, SSSB has decided that it will not proceed with the Project and will voluntarily surrender the approved FIT quota for the Project to SEDA.

The decision to cancel the Project is due to the increment on the total investment consideration of the project which has reduced the rate of return on investment and higher investment risk and business risk due to the lack of proven track record and lack of security in long term fuel supply as well as lack of technical expertise.

As the Project has not commenced, the cancellation of the Project is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and the substantial shareholders’ shareholdings of CAMRES and its subsidiaries for the financial year ending 31 December 2019.

This announcement is dated 9 October 2019.

Friday, October 4, 2019


The gaming sector stood out as the star performer this year especially the NFO players such as BJTOTO and MAGNUM which rallied 26% and 47% YTD, respectively, boosted by the solid recovery of ticket sales. At one point, the casino operator, GENM also recovered considerably after being bashed down heavily end of last year due to a string of negatives such as a 10% casino tax hike, cancellation of Fox Theme Park and RM1.83b impairment for the US Tribe’s promissory note. However, the recovery was scuttled by the Empire deal in August, putting GENM and GENTING back to a square one. We believe both the NFO players are fully valued after the good run for the year. As such, we cut the gaming sector to NEUTRAL from OVERWEIGHT previously. Having said that, the NFO names still offer above average yield 4% to 6%.

No longer attractive; downgrade to NEUTRAL.

We are no longer upbeat on the gaming sector given the limited upside following the strong rally in NFO stocks while the casino stocks were hammered down due to a related party transaction (RPT). 

In the past three months, we downgraded both BJTOTO (MP; TP: RM2.80) and MAGNUM (MP; TP: RM2.80) to MARKET PERFORM from OUTPERFORM as they had rallied 26% and 47% YTD on the back of solid ticket sales benefiting from enforcement curbing illegal operators. We also cut GENM (MP; TP: RM3.20) to MARKET PERFORM due to its RPT acquisition of loss-making Empire which also affected sentiment toward

GENTING. (OP; TP: RM6.75) As such, we are of the opinion that the gaming sector is being fairly priced in at the moment. Thus, we downgrade the sector to NEUTRAL from OVERWEIGHT. Nonetheless, GENTING is still attractive given the stock is trading at 50% discount to its valuation which implies 1.5SD below its 3-year mean. The impending new licence in Japan is still the key price catalyst for GENTING.

Wednesday, October 2, 2019


大马公司委员会(Companies Commission of Malaysia,SSM) 前首席执行员 Zahrah Abd Wahab Fenner 及其儿子Abdulazeez Wan Ruslan会在明日(2日)被控贪污。



Clear warning signs for global recession in 2020 — UNCTAD

 Publish date: Thu, 26 Sep 2019, 1:53 AM

KUALA LUMPUR (Sept 26): The world economy is heading into troubled waters, with recession in 2020 now a clear and present danger, according to the United Nations Conference on Trade and Development (UNCTAD).
In its Trade and Development Report 2019 released today, UNCTAD said warning lights were flashing around trade tensions, currency movements, corporate debt, a no-deal Brexit, and inverted yield curves.
"There was little sign that policymakers are prepared for the storm ahead," it said.
The report called for focus on boosting jobs, wages and public investment to replace policymakers' obsession with stock prices, quarterly earnings and investor confidence.
Even ignoring the worst downside risks, the report projects global growth to fall to 2.3 percent in 2019 compared with 3 percent in 2018.
Several big emerging economies are already in recession, while some advance economies, including Germany and the United Kingdom, are dangerously close, said the report.
Trade growth is set to slow sharply this year to 2 percent from 2.8 percent, following weakening global demand and compounded by the unilateral tariffs imposed by the United States administration.
The bigger concern, according to the report, is that 10 years on from the 2009 crisis, the global economy remains excessively financialised and fragile.
Meanwhile, the report also noted that debt has become a dominant driver of global growth but has failed to deliver a strong surge in productive investment, instead fuelling financial speculation.
"In this environment, developing countries have seen debt transformed from a long-term financing instrument to help unleash their future growth potential into a potentially high-risk financial asset, subject to the vagaries of international financial markets and proliferating short-term creditor interests," it added.
 - Bernama