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Sabtu, 15 Februari 2014

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Hockey: US tops Russia in OT thriller - CNN

Posted: 15 Feb 2014 08:42 AM PST

STORY HIGHLIGHTS
  • Team USA beats Russia in a thrilling game
  • The U.S. won in a shootout
  • The loss does not knock Russia from contention

(CNN) -- In a heart-pounding finish, Team USA punched a victory Saturday against Russia, in what is one of the hockey world's greatest rivalries.

Tied 2-2 at the end of regulation, the game went into a shootout, where American T.J. Oshie scored four times on six tries to ensure a U.S. victory.

The finish was dramatic and the victory clutch, but it was also controversial. The Russians scored what appeared to be a game-winning goal in the third period, but it was disallowed because the net had moved from where it was supposed to be.

The U.S.-Russia match-up was one of the most anticipated matches at the Sochi winter games. Both hockey giants stepped onto the ice with 1-0 records in the tournament and are contenders for the gold.

While the game had a thrilling conclusion, the loss does not push Russia out of contention.

The shootout performance by Oshie, who plays professionally for the National Hockey League's St. Louis Blues, made it look like he had nerves of steel, but that's not the whole story.

"My hands are a little tingling, my feet are tingling," Oshie said after the game. "It was pretty nerve-racking out there. We knew it would take 65 minutes and then some [to win]."

When the game was on the line, the United States put the match in his hands.

"I did [feel pressure] a little bit, but then the puck hits your stick and you start skating," he said. "It's just you and the goalie. I was fortunate enough to keep him guessing."

The Russian goalie whom he kept guessing was Sergei Bobrovsky, who also plays in the NHL for the Columbus Blue Jackets.

"Obviously I'm very disappointed. It was a shootout; we wanted more. It is heartbreaking," Bobrovsky said.

Oshie also complimented USA goalie Jonathan Quick., who plays for the Los Angeles Kings.

The atmosphere inside the Bolshoy Ice Dome was intense.

A report by NHL.com described the sounds of air horns blasting through the arena in what was mostly a pro-Russian crowd. Russian flags and chants of "Russ-ee-ya" echoed throughout, according to the report.

Russian President Vladimir Putin was in attendance.

"It was loud, crazy, a circus-like environment," NHL.com reported. "It was the Olympics at their finest."

The victory gives Team USA a chance to win Group A and earn a bye into the quarterfinals.

It's been 34 years since the United States performed its "Miracle on Ice" against Russia at Lake Placid, and match-ups between the two always carry an exciting air around them.

"Everything is OK, nothing terrible has happened," Russian forward and former NHL'er llya Kovalchuk said. "We played good and showed our character by equalizing the game at the end and now we will be getting ready for the future."

Russia's two goals in regulation were scored by Pavel Datsyuk, who plays for the Detroit Red Wings.

After the Russian goal had been disallowed following a video review, the United States nearly won the game on a shot by Patrick Kane who got loose on a breakaway, but the Russian goalie blocked the shot.

In international rules, during a shootout, a team is allowed to use the same shooter after the first three rounds. Oshie took and scored on the United States' first round. The Americans would be stopped by the Russians in the next two rounds, at which point U.S. coach Dan Bylsma decided to stick with Oshie.

The performance lifted Oshie to hero status on social media. "T.J. Oshie put his country on his back! Unreal," one Twitter post said.

Brahimi: UN peace talks 'not good for Syria' - BBC News

Posted: 15 Feb 2014 08:52 AM PST

Media playback is unsupported on your device

Brahimi: UN peace talks 'not good for Syria'

15 February 2014 Last updated at 16:51 GMT

The UN mediator Lakhdar Brahimi has apologised to the Syrian people after peace talks in Geneva ended without making progress.

He had held final discussions with both sides in Geneva in a last-ditch bid to break the stalemate between the Syrian government and opposition.

Mr Brahimi said a key sticking point was the government's refusal to talk about a transitional governing body.

No date has been set for a third round of talks.
Kredit: www.nst.com.my

Jumaat, 14 Februari 2014

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Athletics-Pistorius talks of sorrow a year after Steenkamp shooting - Reuters

Posted: 14 Feb 2014 09:18 AM PST

Feb 14 (Reuters) - South African Olympic and Paralympic track star Oscar Pistorius on Friday broke his months-long silence about the shooting of his girlfriend Reeva Steenkamp, calling her death at his hands a year ago a "devastating accident".

Pistorius, who goes on trial on March 3, says he shot Steenkamp after mistaking her for an intruder at his high-security home last Valentine's Day. State lawyers say he killed her in cold blood.

"No words can adequately capture my feelings about the devastating accident that has caused such heartache for everyone who truly loved, and continues to love, Reeva," Pistorius said in a brief statement posted on his website.

"The loss of Reeva and the complete trauma of that day, I will carry with me for the rest of my life," said the athlete, who is on bail but could face life in prison if convicted.

The 27-year-old double-amputee, known as "Blade Runner" for the prostheses he wears in competition, was one of South Africa's most revered sportsmen but his shooting of Steenkamp has divided national opinion on whether it was premeditated.

It has also highlighted South Africa's high rate of violent attacks on women, including rape, which rights groups say are often perpetrated by partners or other people known to them.

On Friday, the women's league of the ruling ANC party led a march in the capital Pretoria to commemorate Steenkamp's death, with many participants holding up posters denouncing violence against women. "Pistorius must rot in jail," one poster read.

In a statement, the league said its march was intended to make communities aware of the "barbaric conduct against women and children" in the country.

Private news channel eNCA ran an anniversary documentary in which Steenkamp's friends and family recounted how the law graduate turned model was vocal about such issues.

Police say 107 witnesses are expected to testify for the prosecution in Pistorius's trial. The state's case is that he intended to kill Steenkamp when he shot her in the head, arm and hip.

Last October, prosecutors said the Paralympic medallist, who also competed in the 2012 Olympics, would face two additional gun-related charges related to prior incidents in which he allegedly fired a gun in a public space. (Additional reporting by Dinky Mkhize; Editing by Janet Lawrence)

Billionaire who compared the Occupy protests to 'Kristallnacht' now thinks that ... - Daily Mail

Posted: 14 Feb 2014 08:45 AM PST

  • Tom Perkins, 81, said that those who pay more taxes should be entitled to have more say in how the government is run
  • Gained notoriety for an op ed where he compared the 'progressive war on the one per cent' to the persecution of Jews in Nazi Germany
  • Said the smashing of banks windows during the Occupy protests was similar to the coordinated attacks on Jewish businesses in 1938
  • The retired venture capitalist is worth $8billion

By Daily Mail Reporter

PUBLISHED: 11:40 EST, 14 February 2014 | UPDATED: 11:45 EST, 14 February 2014

A billionaire venture capitalist has made the controversial suggestion that people like him should be entitled to more votes while others shouldn't be allowed to have a say at all.

Tom Perkins, whose personal net worth is believed to be around $8billion, has suggested that only American taxpayers should be allowed to vote in the U.S. and that those who pay more in taxes should be allotted more votes.

'The Tom Perkins system is: You don't get to vote unless you pay a dollar of taxes,' he said at an event in San Francisco on Thursday.

Speaking his mind: Tom Perkins said that the rich deserve more voting rights than those who do not pay taxes

Speaking his mind: Tom Perkins said that the rich deserve more voting rights than those who do not pay taxes

Unrealistic: Perkins admitted that even he did not see it as a feasible plan, opting to provoke instead of propose

Unrealistic: Perkins admitted that even he did not see it as a feasible plan, opting to provoke instead of propose

'But what I really think is, it should be like a corporation. You pay a million dollars in taxes, you get a million votes. How's that?'

Mr Perkins admitted that even he did not see it as a feasible plan, opting to provoke instead of propose.

'I intended to be outrageous, and it was,' he said after his time on the stage was over, according to CNN Money.

The latest suggestion is far from his first outrageous comment, as he gained infamy last month following an op-ed letter where he compared the Occupy protests to Kristallnacht- the series of coordinated attacks on Jewish businesses at the beginning of the Holocaust. 

Perkins, 81, sparked criticism when he likened the Nazi party's war on Jews to what he called 'the progressive war on the American one per cent, namely the 'rich',' in a letter published Saturday in the Wall Street Journal.

'Kristallnacht was unthinkable in 1930,' he wrote, referring to the 1938 attack on Jews in Nazi Germany and Austria. 'Is its descendent 'progressive' radicalism unthinkable now?'

Perkins has since apologized for the analogy, but did not distance himself from the point he was trying to make.

In danger: The 'creative one per cent' says Perkins, is being threatened by raising taxes

In danger: The 'creative one per cent' says Perkins, is being threatened by raising taxes

Comparisons: Mr Perkins referenced the Kristallnacht attacks on Jews in Germany in 1938

Comparisons: Mr Perkins referenced the Kristallnacht attacks on Jews in Germany in 1938

'I deeply apologize to you and anyone who has mistaken my reference to Kristallnacht as a sign of overt or latent anti-Semitism,' he said in an interview Monday on Bloomberg Television. 'This is not the case.'

He reiterated his belief in the danger of discriminating against the richest Americans, whom he said were also the nation's leading job creators.

'Maybe you have to put up with a little techno-geek arrogance to get the results of those folks' thinking,' he said in response to questions about whether San Francisco's technology elite lived in a bubble.

At the Thursday event, called Inforum held at San Francisco's Commonwealth Club, Perkins spoke more specifically about how the tendancy to look towards the rich could radically change the country's economic structure.

'The fear is wealth tax, higher taxes, higher death taxes -- just more taxes until there is no more 1%. And that that will creep down to the 5% and then the 10%,' he said.

Protests: Mr Perkins also discusses the protests in San Francisco against Google buses and tech workers driving up the area's cost of living

Protests: Mr Perkins also discusses the protests in San Francisco against Google buses and tech workers driving up the area's cost of living

Lately, resentment toward that group has led to protests.

The firm Perkins co-founded, Kleiner Perkins Caufield & Byers, tweeted that 'Tom Perkins has not been involved in KPCB in years. We were shocked by his views expressed today in the WSJ and do not agree.'

'They chose to throw me under the bus,' Perkins said on Monday about the firm, which has gone through a few years of lackluster returns and is battling a former partner in a gender-discrimination and retaliation lawsuit.

'As I've distanced myself form the firm, there's been a corresponding decline,' he said.

Perkins, now retired, backed companies including Genentech and Tandem Computers, and his firm has backed Amazon.com Inc, Google Inc and others.
Kredit: www.nst.com.my

Khamis, 13 Februari 2014

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Ringgit opens higher

Posted: 13 Feb 2014 06:52 PM PST

The ringgit opened higher against the US dollar on mild demand from investors and renewed weaknesses on the greenback, a
currency dealer said.

At 9am, the local unit strengthened against the US dollar to 3.3190/3220 from 3.3210/3240 yesterday.

The dealer said the US dollar dropped last night against other major currencies due to an unexpected slip in the US retail sales amid concerns that the US economic growth could be slowing down.

However, the ringgit opened lower against other major currencies, except the yen.


The local currency weakened against the Singapore dollar to 2.6225/6267 from 2.6203/6231 yesterday but rose against the yen to 3.2469/2514 from 3.2527/2572 Thursday.

The local unit was traded slightly lower against the British pound to 5.5261/5325 from 5.5258/4321 yesterday and depreciated against the euro to 4.5394/5448 from 4.5255/5303 Thursday.-- Bernama

Ringgit forwards set for weekly gain

Posted: 13 Feb 2014 07:09 PM PST

Malaysia's ringgit forwards headed for a third straight weekly advance, the longest run of gains since September, as US data fueled speculation policy makers will slow the pace of stimulus cuts.

Sales at US retailers fell in January by the most since June 2012 and more Americans than forecast filed for jobless benefits last week, reports showed yesterday. Figures released February 7 indicated payrolls rose less than projected last month. Malaysia reported the smallest fiscal deficit in six years in 2013 and the widest current-account surplus in four quarters.

"The numbers out of the US have been pretty worrying," said Choong Yin Pheng, senior manager for bond and economic research at Hong Leong Bank Bhd in Kuala Lumpur. "Malaysia's current-account surplus is definitely a positive."

One-month non-deliverable forwards strengthened 0.4 per cent this week and 0.1 per cent today to 3.3242 per dollar as of 9.59am in Kuala Lumpur, according to data compiled by Bloomberg. The contracts traded 0.2 per cent weaker than the spot rate, which gained 0.3 per cent since February 7 and 0.1 per cent today to 3.3185.

One-month implied volatility in the ringgit, a measure of expected moves in the exchange rate used to price options, fell 99 basis points this week to 6.68 per cent, data compiled by Bloomberg show. The rate increased three basis points, or 0.03 percentage point, today.

Citigroup Inc is bearish on the ringgit as domestic investors continue to diversify away from local-currency assets and funds move from fixed-income instruments globally, analysts including Singapore-based Siddharth Mathur wrote in a research note yesterday.

Malaysia's budget shortfall narrowed to 3.9 per cent of gross domestic product last year from 4.5 per cent in 2012, according to the central bank's quarterly bulletin this week. The excess in the broadest measure of trade widened to RM16.2 billion (US$4.9 billion) in the last three months of 2013 from RM9.8 billion in the previous period.

Sales at US retailers declined 0.4 per cent in January following a revised 0.1 per cent drop in December that was previously reported as an increase, official data showed yesterday. Federal Reserve Chair Janet Yellen pledged to keep scaling back stimulus in measured steps in her first report to Congress on February 11.

The yield on the Malaysian government's 4.181 per cent notes maturing in July 2024 dropped three basis points this week and two basis points today to 4.14 per cent, data compiled by Bloomberg show.- Bloomberg

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Comcast-Time Warner Deal: How It's Playing on Twitter - New York Times

Posted: 13 Feb 2014 08:36 AM PST

It is a huge merger between two household names. So, naturally, Comcast's deal to buy Time Warner Cable is lighting up social media with quips and analyses.

The news first broke on Twitter on Wednesday evening, when David Faber of CNBC posted a brief message outlining the deal. Before long, the tweets were flying.

The conversation touched on some of the intriguing features of the deal, such as the lack of a breakup fee, and soon turned to whether the combination would stand up to scrutiny in Washington. And, of course, there were plenty of comedic analysis, too.

First, the initial reaction to the news:

Regulatory questions loom over this deal, though the companies do not compete directly in any markets.

One of Comcast's advisers was an individual banker, Paul J. Taubman.

Some on Twitter saw an opportunity to inject humor:

Farhad Manjoo, the new technology columnist for The New York Times, weighed in:

Comcast already uses Time Warner Cable for its Internet service in New York.

A blast from the past:

What does the deal mean for a rival product from Google?

This is what happens when a TV anchor has a scoop after hours:

Another Storm Hits Northeast; 'Oh, No, Not Again' - ABC News

Posted: 13 Feb 2014 08:47 AM PST

The latest storm to roll off nature's assembly line during this bustling winter spread heavy snow and sleet along the Northeast corridor Thursday, while utility crews in the ice-encrusted South labored to restore power to hundreds of thousands of shivering residents.

The storm shuttered schools and businesses, made driving scary, grounded thousands of flights and made more back-breaking work for people along the East Coast, where shoveling out has become a weekly chore — sometimes a twice-weekly one.

"Snow has become a four-letter word in Delaware County and all along the East Coast this winter," said Tom McGarrigle, chairman of the Delaware County Council, in suburban Philadelphia.

Baltimore awoke to 15 inches of snow. Washington, D.C., had at least 11, and federal offices and the city's two main airports were closed.

Philadelphia had nearly 9 inches by early morning, making it the fourth 6-inch snowstorm of the season — the first time that has happened in the city's history. Harrisburg, Pa., had at least 8 inches.

At least 14 deaths, most of them in traffic accidents, were blamed on the storm as it made its way across the South and up the coast. The victims included a truck driver in Ashburn, Va., who was working to clear snowy roads. He had pulled off the road and was standing behind his vehicle when he was hit by a dump truck.

Across the South, the storm left in its wake a world of ice-encrusted trees and driveways and snapped branches and power lines.

More than 200,000 homes and businesses in the Atlanta area alone were waiting for the electricity to come back on. Temperatures were expected to drop below freezing again overnight.

In North Carolina, where the storm caused huge traffic jams in the Raleigh area on Wednesday as people left work and rushed to get home in the middle of the day, National Guardsmen in high-riding Humvees patrolled the snowy roads, looking for stranded motorists.

State Emergency Management Director Mike Sprayberry said there was no way to estimate how many were stuck in their vehicles.

Some roads around Raleigh remained clogged with abandoned vehicles Thursday morning. City crews were working to tow the vehicles to safe areas where their owners could recover them.

The procession of storms and cold blasts — blamed in part on a kink in the jet stream, the high-altitude air currents that dictate weather — has cut into retail sales across the U.S., the Commerce Department reported Thursday. Sales dipped 0.4 percent in January.

Many cities are seeing their supplies of road salt dwindling fast, and school systems have run out of school days.

In New Cumberland, Pa., Randal DeIvernois had to take a rest after shoveling his driveway. His snowblower had conked out.

"Every time it snows it's like, oh, not again," he said. "I didn't get this much snow when I lived in Colorado. It's warmer at the Olympics than it is here. That's ridiculous."

The sloppy and dangerous weather threatened to disrupt deliveries of Valentine's Day flowers.

"It's a godawful thing," said Mike Flood, owner of Falls Church Florist in Virginia. "We're going to lose money, there's no doubt about it."

———

Associated Press writers Sarah Brumfield in Washington; Matthew Barakat in Falls Church, Va.; and David Dishneau in Frederick, Md.; contributed to this report.
Kredit: www.nst.com.my

Rabu, 12 Februari 2014

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FTSE Bursa Malaysia update: 10.30am

Posted: 12 Feb 2014 06:41 PM PST

At 10.30am today, there were 207 gainers, 326 losers and 247 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,820.18 down 5.46 points, the FBMACE was at
6,220.45 down 36.66 points, and the FBMEmas was at 12,578.34 down 32.16 points.

Turnover was at 881.365 million shares valued at RM439.062 million.-- Bernama

KL shares extend gains to open higher

Posted: 12 Feb 2014 06:46 PM PST

Share prices on Bursa Malaysia extended gains from yesterday to open higher this morning, supported by the positive sentiment in selected heavyweights, dealers said.

As at 9.11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,827.84, up 2.2 points after opening 1.57 points higher at 1,827.21.

HwangDBS Vickers Research said sentiment on the local bourse is poised to get a lift from the better-than-expected fourth quarter gross domestic product (GDP) growth rate of 5.1 per cent.

"After barely crossing 1,825 yesterday, the FBM KLCI may continue
to oscillate around this resistance level for the time being.


"Essentially, profit-taking activity could set in following cumulative gains of 46.8 points or 2.6 per cent in the benchmark index made in six consecutive days," it said in a research note today.

On the scoreboard, the Finance Index rose 11.46 points to 16,639.88, the Industrial Index advanced 10.67 points to 3,114.44, and the Plantation Index improved 31.02 points to 8,632.61.

The FBM Emas Index was 10.38 points higher at 12,620.88, the FBMT100 Index increased 9.83 points to 12,315.77, while the FBM 70 slipped 8.4 points to 13,838.16 and the FBM Ace declined 5.76 points to 6,251.35 points.

Market breadth was positive, with gainers overcoming losers by 114 to 81, while 160 counters were unchanged, 1,252 untraded and 19 others suspended.

Turnover stood at 233.34 million shares worth RM92.58 million.

SCH Group, which was listed on the ACE Market today, emerged as the most active counter, surging 11 sen or 47.83 per cent to 34 sen, with 52.94 million shares changing hands.

The counter had debuted at 35 sen, a premium of 12 sen from its reference price of 23 sen.

Among other actives, Astral Supreme earned half-a-sen to 21.5 sen, Luster Industries was flat at 9.5 sen, while PDZ Holdings eased half-a-sen to 15 sen.

As for the heavyweights, Maybank, TNB and Axiata added two sen each to RM9.82, RM11.88 and RM6.57 respectively, while CIMB fell five sen to RM7.14.-- Bernama

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Fierce ice storm paralyzes the South; tens of thousands lose power - Los Angeles Times

Posted: 12 Feb 2014 09:22 AM PST

 

February 12, 2014, 8:55 a.m.

Much of the South on Wednesday again awoke again to the nastiness of a winter storm, needle-like freezing rain, growing piles of snow and biting temperatures that turned roads into a deadly, slippery mess and cut off power to tens of thousands of people.

The storm, which spread from Texas to the Carolinas, was described in near-apocalyptic terms by the National Weather Service, which in a morning memorandum labeled the weather "an event of historical proportions." The service went on to use phrases such as "catastrophic … crippling … paralyzing" in describing the potential dangers.

At least six deaths have been reported in Texas and Mississippi. The storm will head north throughout the day, bringing from between six inches to more than a foot of snow as it moves through Washington, D.C., squeezing the New York metropolitan area and into New England.

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"A major winter storm is affecting parts of the Southeast with dangerous ice and snow and is expected to intensify Wednesday evening as it moves up the Eastern Seaboard, affecting locations across the mid-Atlantic and Northeast. More than one inch of ice accumulation is possible from central Georgia into South Carolina through Thursday morning," the weather service warned.

By Wednesday morning, Georgia Power reported more than 85,000 customers were without electricity in 471 separate outages. Outages in other states brought the tally to more than 175,000 customers without power.

Just two weeks ago, a storm stunned Atlanta, stranding thousands in vehicles in a region generally not accustomed to dealing with such adversity. This time, officials positioned equipment and spread salt on roads as a precaution. Roads were generally empty Wednesday morning as most people heeded the advice of their elected officials to stay off of the roads and out of the muck.

This season has already been the winter of discontent and it appears likely to get worse before spring breaks through the frozen ground. The Northeast has had a series of major storms, including two just days apart.

But the current storm is slightly different for the South. It has brought sleet, freezing rain and an ice storm, defined by the weather service as "damaging accumulations of ice ... expected during freezing rain situations. Significant accumulations of ice pull down trees and utility lines resulting in loss of power and communication."

The difference between the two is of size and impact: Sleet is like a cold, but an ice storm is like the flu. The usual rule is that when more than a quarter of an inch of ice accumulates, it is an ice storm. It is often made worse by strong winds such as the gusts of more than 30 miles an hour recorded in parts of Georgia on Wednesday.

As the storm continued through the day, officials were bracing for results as bad as in 2000 when more than 500,000 homes and businesses were without power. Damage estimates were as high as $35 million.

The storms this year have already taken a bite out of the economy, hindering sales and probably preventing some people from finding jobs. January was the worst month on years for airline delays and cancellations.

By late morning on the East Coast more than 3,000 flights had been canceled Wednesday, according to Flightaware.com. Feeling the pain most was Atlanta's Hartsfield-Jackson International Airport, which had more than 65% of its flights canceled. The Charlotte, N.C., airport had half of its flights canceled.

As the storm moves north, so will the airline delays. Airports in Washington, Philadelphia, New York and Boston have already canceled more than 1,000 flights for Thursday.

The weather brought slick roads to North Texas where at least four people died in traffic accidents. An accident involving about 20 vehicles was reported Tuesday along an icy highway overpass in Round Rock, just north of Austin.

In Mississippi, officials announced two weather-related traffic deaths.

In northeastern Alabama, two National Guard wreckers were dispatched to help clear 18-wheelers on Interstate 65.

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House Punts on Debt Ceiling, Cedes Power of the Purse - Budget & Tax News

Posted: 12 Feb 2014 09:05 AM PST

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ABC News
House Punts on Debt Ceiling, Cedes Power of the Purse
Budget & Tax News
The House of Representatives on Tuesday voted to raise the federal government's debt ceiling after House Speaker John Boehner (R-OH) and other Republican leaders dropped demands for spending concessions in exchange for more borrowing.
How they voted: 1 Michigan Republican voted for 'clean' debt ceiling billMLive.com
Senate looks to clear debt limit bill for ObamaSioux City Journal
House approves clean debt limit hike and separate bill to repeal military retiree ...Fierce Government
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all 1,676 news articles »
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Selasa, 11 Februari 2014

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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.

The ringgit improved against the Singapore dollar to 2.6224/6250 from yesterday's close at 2.6270/2294 and strengthened against the euro to 4.5330/5377 from Tuesday's close at 4.5514/5565.

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

Analysts upbeat on Gamuda

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.

Kenanga said assuming Gamuda will only own 50 per cent of Kesas, its earnings is expected to be boosted by additional RM24 million to RM32 million on a recurring basis.

"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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