NST Online Business Times : latest
NST Online Business Times : latest |
| Ringgit opens firmer against US dollar Posted: 11 Feb 2014 06:43 PM PST The ringgit opened higher against the US dollar today, supported by continuous buying interest, dealers said. At 9am, the local unit was quoted at 3.3250/3280 against a greenback from yesterday's close at 3.3300/3330. On the local front, dealers said investors were eagerly awaiting for the fourth quarter 2013 gross domestic product data to be released later today. Against other major currencies, the ringgit was traded mixed.
However, the ringgit weakened against the British pound to 5.4673/4732 from Tuesday's close at 5.4645/4708 and there was a slight change against the yen at 3.2449/2494 from yesterday's 3.2548/3.2587 close.-- Bernama |
| Posted: 11 Feb 2014 07:15 PM PST KUALA LUMPUR: Analysts remained upbeat on Gamuda Bhd despite the company's failure to gain majority control in Kesas Holdings Bhd, the concessionaire of Lebuhraya Shah Alam. Kenanga Research said it is neutral on the news as even if PNB rejects Gamuda's offer, the latter will still own 50 per cent of the Kesas highway given that Amcorp Properties Bhd most likely will sign a definite agreement to sell its 20 per cent stake to Gamuda. "And Gamuda does not have to consolidate Kesas' balance sheet into its book, hence mild impact to Gamuda' gearing level," the research house said in a note. On Monday, Gamuda, which already owns 30 per cent of Kesas, said both the company and Permodalan Nasional Bhd (PNB) were unable to execute a definitive agreement for the 20 per cent equity sale by the cut-off date on Friday.
"We will likely revise higher our FY14 and FY15 earnings estimates by 4.0 per cent and 4.2 per cent, respectively, once Gamuda inked a definitive agreement with Amcorp," it said. On December 23 last year, PNB had accepted in principle to dispose its 20 per cent in Kesas to Gamuda for RM208 million, implying total valuation of RM1.4 billion for the highway. "We do not rule out any possibilities that Gamuda might be offering PNB an even higher valuation than RM280 million despite the former had already revised the offer price higher by 12 per cent on December 23, 2013," Kenanga said. The research house said although the Kesas deal with PNB had lapsed and the deadlock in Selangor's water consolidation, Gamuda's outlook remains bright on the back of strong earnings growth, driven by unbilled orderbook and property sales of RM3.1 billion and RM1.7 billion, respectively, and the group being a prime beneficiary of rail-related infrastructure spending like the mass rapid transit project. "Pending completion of the transaction, we maintain our target price of RM5.25 on Gamuda. Post-transaction with Amcorp, we will adjust our target price to RM5.22 to reflect the increased stake in Kesas from 30 per cent to 50 per cent," it said. Meanwhile, MIDF Research has maintained its buy call, with unchanged target price of RM5.24 on Gamuda. "PNB's acceptance for Kesas takeover offer by Gamuda has lapsed, while earnings accretion from Amcorp's stake is quite attractive," it said. Another research house, Public Investment said the latest rejection would mean that only Amcorp Properties, which has 20 per cent stake in Kesas, has taken up the offer. "This came as a negative surprise as we have expected Gamuda to end up with 70 per cent stake, after improving its earlier bids by 12 per cent. "We maintain neutral, with unchanged target price of RM4.90 on parity with our revised sum-of-the-part valuation. In view of the anticipated infrastructure spending, job flows for Gamuda remains good but we opine the risk-reward is not attractive as yet," it said in a note.
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