Singtel

Singtel reported 1QFY16 revenue (S$4.2bn, 1.5% YoY), EBITDA (S$1.2bn, -1% YoY) and recurring net profit ($895m, 1.6% YoY). While Optus’s mobile revenues grew 5.6%, competitive intensity is likely to escalate. In its results call, Telstra increased its mobile capex guidance and signaled a willingness to compete on pricing to defend market share. Maintain Buy at TP of S$4.60.

Sunday Breakfast:Economy in Malaysia- Better than Expected 2Q15 GDP Growth; Hoping for Waning GST Impact in 2H15

Malaysian Economy: Better than Expected 2Q15 GDP Growth; Hoping for Waning GST Impact in 2H15 The Malaysian economy grew 4.9% YoY in 2Q15, slower than a resilient 5.6% YoY growth posted in 1Q15 following the GST impact, weak commodity prices and challenging external demand. The moderate growth was slightly below our forecast of 5.0% YoY, but beat market forecast of 4.5%, as per Bloomberg survey.

On the supply side, the major economic sectors registered more moderate growth during the quarter with exception of the agriculture sector. The moderate GDP growth is also in tandem with most of ASEAN economies, including Singapore (1.8% YoY) and Indonesia (4.7% YoY), and that of South Korea (2.2% YoY). By expenditure, the private sector remained as the key driver of growth during the quarter.


Private consumption posted a moderate growth of 6.4% YoY as compared to 8.8% YoY recorded in 1Q15 as households adjusted to the implementation of the GST. The moderate consumption growth is expected to continue going forward as indicated by eroding confidence level. Meanwhile, private investment grew moderately by 3.9% YoY in the second quarter after posting a double digit growth expansion in the past two quarters due to a decline in spending on machinery and equipment, especially in the transportation segment, and slower investment in dwelling services.

(Source: web, TA Securities)

Tropicana Corp

Tropicana Corp Bhd’s net profit for the 2QFY15 fall 74% YoY to RM23.2mn from RM89.5mn, mainly because 2QFY14 had recognised gains from the disposal of properties and a joint venture unit. Revenue for the quarter, however, improved a marginal 3.6% YoY to RM312.3mn from RM301.5mn last year, underpinned by higher revenue recognition across key projects and proceeds from land sales. (The Edge)

Malaysia Airports Holdings Bhd, AirAsia

Airport operator Malaysia Airports Holdings Bhd (MAHB) has come out to say that there were no occasions in which flight operations had been disrupted due to rectification works at KLIA2 since the airport opened in May last year. The company is responding to claims made by budget carrier AirAsia Bhd, the main airline using KLIA2, that frequent bay changes had affected flight operations. (The Star)
 

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Gamuda BHD

Gamuda Bhd has been appointed as the Project Delivery Partner (PDP) to oversee and realise certain key components in the RM27bn Penang Transport Master Plan (PTMP). Sources told StarBiz that the group has recently received the letter of award from the state government following a state executive councillor meeting, which endorsed the appointment. It is learnt that Gamuda has formed a company with two local firms to implement the PTMP project. (The Star)


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Iskandar Malaysia

Plans are in the pipeline to turn Iskandar Malaysia into a regional theme park hub with more theme parks to be set up in the economic growth corridor. Iskandar Regional Development Authority (Irda) chief executive officer Datuk Ismail Ibrahim said the growth corridor would have eight theme parks within the next three to five years. Talks were going on between Irda and theme park operators from Australia, Indonesia, Japan, Europe and North America to set up their theme parks in Iskandar Malaysia. (The Star)



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