19th August 2011
Top Story: Ta Ann – 2QFY11 results will be strong Outperform
Results Preview
¨ We expect Ta Ann's 2Q11 result to come in strongly at about 33% of our full-year forecast and in line with our projection.
Sector Call
Construction: MRT Co takes over MRT project from Prasarana Overweight
Sector Update
¨ The Government has set up a new entity called "MRT Co" to replace Prasarana as the project and asset owner of the Klang Valley MRT project, effective 1 Sep 2011.
Corporate Highlights
Axiata: No plans to raise stake in Idea Outperform
News Update
¨ Axiata has no immediate plans to raise stake in Idea, based on clarification by management today.
¨ This puts to rest speculation by The Economic Times of India (ETI) yesterday that Axiata was looking to raise its stake in associate Idea Cellular from 20% to about 25%.
Dialog: Proposed fund raising for long-term projects Outperform
News Update
¨ Yesterday, Dialog proposed a rights issue on the basis of 2 rights shares + 1 free warrant for every existing 10 shares held to to fund: 1) Balai Cluster risk-service-contract; and 2) Pengerang tank terminal. The exercise is expected to be completed by 1QCY12. We highlight that the company has allowed for a minimum subscription level on the basis of 2 right shares plus 1 free warrant for every existing 14 shares.
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