NST Online Business Times : latest
NST Online Business Times : latest |
| RAM reaffirms Kesas AA3 rating Posted: 24 Jan 2013 07:03 PM PST Malaysia's RAM Ratings has reaffirmed the AA3 long-term rating of Kesas Sdn Bhd's (Kesas or "the Company") RM800 million Al-Bai' Bithaman Ajil Islamic Debt Securities (BaIDS) (2002/2014) while revising its rating outlook to stable from negative. Kesas is the toll concessionaire for the 35-km Shah Alam Expressway ("the Highway") under a concession agreement dated 19 November 1993. RAM's rating action follows the Government's recent announcement that Kesas will receive an RM86 million cash compensation for non-revision of its toll rates in 2012. At the same time, toll rates for the Highway would be reduced effective 15 January 2013 while tariffs would not be raised until 2016 (the toll rate for Class 1 vehicles has already been lowered from RM2.20 to RM2.00). Despite the loss of monthly revenue from the reduced tariffs, the one-off cash compensation is expected to boost the Company's cash coffers while improving its debt coverage. Moving forward, Kesas is expected to register respective minimum and average finance service coverage ratios of 1.4 times and 1.9 times (with cash balances, calculated on debt-repayment dates) throughout the remaining tenure of its BaIDS, compared to 1.2 times and 1.8 times expected during the rating review in October last year. Further to that, RAM has been made to understand that the compensation is expected to be received before the Company's lumpy RM264 million repayment on the BaIDS in October 2013. In this regard, we expect Kesas to prioritise its debt obligations ahead of any distributions to its shareholders as this is imperative to preserving its debt-servicing ability. Any deviations from our current expectations will be reassessed for credit implications. -- Reuters
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| Posted: 24 Jan 2013 06:25 PM PST Share prices on Bursa Malaysia extended Wednesday's gains to open higher Friday on continued buying interest, mostly
As at 9.29 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.97 points better at 1,641.22 after opening 7.94 points higher at 1,643.19. The local bourse was closed yesterday for the Maulidur Rasul public holiday. HwangDBS Vickers Research said as the local bourse took a break yesterday, its regional peers ended broadly mixed, with Japan and Thailand rising, while South Korea and Taiwan were down. "Over on Wall Street, major US equity indices closed between -0.7 per cent and +0.3 per cent last night amid news of lower jobless claims and better corporate earnings outlook. "This could pave the way for our Malaysian stock market to extend its gradual recovery," it said in a research note today. From a technical perspective, HwangDBS said the benchmark FBM KLCI may be eager to cross and pull away from 1,635 towards the next resistance line of 1,655. The Finance Index rose 31.21 points to 14,899.22, the Industrial Index added 16.04 points to 2,756.05 and the Plantation Index gained 54.04 points to 8,061.84. The FBM Emas Index jumped 42.36 points to 11,162.08, the FBMT100 picked up 42.09 points to 11,012.31, the FBM Mid 70 Index strengthened 55.97 points to 12,151.88 and the FBM Ace Index was 9.37 points higher at 4,144.48. Gainers led losers 170 to 83 with 138 counters unchanged, 1,268 untraded and 28 others were suspended. Volume stood at 109.81 million shares worth RM176.6 million. Actives, The Media Shoppe added one sen to 10 sen, Tenaga Nasional earned nine sen to RM7.05, D.B.E. Gurney rose half a sen to 8.5 sen but Patimas Computers eased half a sen to 10.5 sen. Heavyweights, Maybank and CIMB rose one sen each to RM8.91 and RM7.25, respectively, Sime Darby jumped 14 sen to RM9.39 and Axiata Group added two sen to RM6.45. -- Bernama
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