KHSB(RM0.66)- going private?

Kumpulan Hartanah Selangor Berhad (KHSB)- the Selangor State listed-entity, 57%-held by KPS while KPS is 60.2% held by KDEB. With property-related matters mainly dealt at PKNS level, i believe that having KHSB continue to be listed may be seems as duplication of function, unless S'ngor MB has other plans for the Company.

Current NAV stood at RM1.00.
Trading range from RM0.66-RM0.73.
Support:RM0.66, Resistance:RM0.75

Banking-updates by RHBRI

¨ Industry underlying loan growth continued to accelerate. Mar 08 underlying loan growth accelerated to +10% yoy (Feb 08: +9.8%) after resuming normal service post the festive season and a short month in Feb 08. This was underpinned by both the business and household segments. We are not changing our 2008 loan growth projection of 7% as we expect loan growth to slow down in the latter part of 2008.

¨ Leading loan indicator still robust. The 3-month moving average loan approvals decelerated to +35.6% yoy (Feb 08: +53.7%). Despite the significant higher base in Mar 07 (mainly from the business sector), this is still a robust growth, underpinned by double-digit growth from the household (+39.3% yoy) sector and SMEs (+10.5% yoy).

¨ As expected, average lending rate (ALR) declined to 6.21% (Feb 08: 6.27%). We continue to hold the view that domestic economic activities, consumption and rising loan base will more than offset the pressure on margin.

¨ Asset quality continues to improve while absolute gross NPL reverted back to mom reduction. The Mar 08 three-month gross and net NPL ratios (post-GP8 adjustment) improved by 18bps and 20bps mom to 5.29% and 2.97% (Feb 08: 5.47% and 3.18%), respectively. After snapping an 18-month winning streak in Feb 08 (where absolute gross NPL increased mom), this number reverted back to a mom reduction.

¨ Risks: 1) slower-than-expected loan growth; 2) deterioration in asset quality; and 3) changes in market conditions that may adversely affect investment portfolios.

¨ Forecasts. No changes to our earnings forecasts for the banks.

¨ Investment case. We like the sector for its resilient yet growing earnings, high liquidity and dividend yield (all defensive qualities amidst global uncertainties) as well as good proxy for an expected market recovery in 2H08. Stocks in our universe also have their respective catalyst(s). Our top picks (in order of preference) are Public Bank, Maybank, BCHB, HL Bank and AMMB.

Public Warned To Stop Using "Pronoton"

KUALA LUMPUR, April 22 (Bernama) -- The Health Ministry Tuesday warned the public to stop using "Pronoton", a traditional product, as it contains the scheduled poison analog sildenafil, which is not allowed to be used in traditional medicine.Its pharmaceutical services division director Eisah A. Rahman said the registration of the product had been revoked by the Drug Control Authority."Medicine containing sildenafil can only be prescribed by a doctor or bought with a doctor's prescription," Eisah said in a statement here Tuesday.Traditional products containing sildenafil can cause side effects like low blood pressure and other cardiovascular problems.All sale of the product must also stop with immediate effect and anyone caught doing so can be prosecuted under the Cosmetics and Drug Control Regulations 1984, which provides for fines up to RM100,000 or jail up to three years or both, if convicted.

My One Cent:

I use to take this "Pronoton" before, under "MayFirst" label which currently the main sponsor of Astro's Akademi Fantasia 6. Visit www.mayfirst.com.my for details.

Kencana (RM2.00): LOI for Shell platform in Sabah

CIMB reported that Kencana hv been received LOI from Shell to construct platforms in offshore Sabah. Contract worth would be in the region of RM100m with deliveries scheduled in 4QCY09-1QCY10.

Target Price (TP): CIMB:RM2.80

My One Cent:
Maintain BUY

SapuraCrest(RM1.55)-BUY!

Seadrill continue to increase its shareholding from 17.4% to 18.5%. SapCrest-WA currently traded at 1.6% discount to the mother (RM0.825+ex-price of RM0.71=RM1.535). The WA expiring on 18 Feb 2009, exercisable on 1:1 ratio. As oil price close at US$117 this morning, ppl will continue to favour O&G players.

Ah Beng- NEW STUFF

Ah Beng - NEW STUFF
********************
Ah Beng bought a new mobile.
He sent a message to everyone from his Phone Book & said,
"My Mobile No. Has changed.
Earlier it was Nokia 3310. Now it is 6610"
====================================
Ah Beng : I am a Proud, coz my son is in Medical College.
Friend: Really, what is he studying.
Ah Beng: No, he is not studying, they are Studying him.
==========================================
Ah Beng : Doctor, in my dreams, I play football every night.
DR: Take this tablet, you will be ok.
Ah Beng : Can I take tomorrow, tonight is final game.
===========================================
Ah Beng : If I die, will u remarry?
Wife: No! I'll stay with my sister. But if I die will u remarry?
Ah Beng : No, I'll also stay with your sister.
=========================================
Ah Beng : People consider me as a "GOD"
Wife: How do you know??
Ah Beng : When I went to the Park today, everybody said,
Oh GOD! U have come again.
===========================================
Ah Beng complained to the police: "Sir, all items are missing,
except the TV in my house."
Police: "How the thief did not take TV?"
Ah Beng : "I was watching TV news..."
=========================================
Ah Beng comes back 2 his car & find a note saying "Parking Fine"
He Writes a note and sticks it to a pole "Thanks for complement."
=============================================
How do you recognize Ah Beng in School?
He is the one who erases the notes from the book when the teacher erases
the board.
===============================================
Once Ah Beng was walking he had a glove on one hand and not on other.
So the man asked him why he did so. He replied that the weather forecast
announced that on one hand it would be cold and on the other hand it would
be hot.
==================================================
Ah Beng in a bar and his cellular phone rings. He picks it up and
Says "Hello, how did you know I was here?"
===================================================
Ah Beng : Why are all these people running?
Man - This is a race, the winner will get the cup
Ah Beng - If only the winner will get the cup, why others running?
===================================================
Teacher: "I killed a person" convert this sentence into future tense
Ah Beng : The future tense is "u will go to jail"
=====================================================
Ah Beng told his servant: "Go and water the plants!"
Servant: "It's already raining."
Ah Beng : "So what? Take an umbrella and go."
=====================================================
A man asked Ah Beng why Ahmad Badawi goes walking in the Evening and not
in the morning Ah Beng replied Ahmad Badawi is PM not AM

SapuraCrest (RM1.33)- BUY!

Seadrill awarded US$4.1b contract

OSLO: Brazilian oil group Petrobras has awarded the Norwegian oil services company Seadrill a contract that could be worth up to US$4.1 billion (US$1 = RM3.16), Seadrill said yesterday. The order covers the six-year lease of three semi-submersible drilling platforms, currently being constructed in South Korea and Singapore, it said in a statement. The contract brings Seadrill's order book to US$12 billion. Seadrill is registered in Bermuda and listed on the Oslo stock exchange. - AFP

My one cent:
BUY SapCrest on the newsflow- despite this news is not totally directed to SapCrest, i believe that Seadrill as a major shareholder with 17.44% stake, will sub-con some to SapCrest. Nonetheless, execution risks remain.