<div class=newsTextDataWrapInner><p>SINGAPORE (May 12): DBS Vickers has downgraded Pan-United Corporation to “fully valued” with a reduced 49-cent target, as it believes soft ready-mixed concrete (RMC) prices will result in a decline in its profitability and earnings.</p></div>

<div class=newsTextDataWrapInner><p>It also expects dividend cuts over the next few quarters stemming from&nbsp;lower earnings due to the weaker&nbsp;RMC demand.</p></div>

<div class=newsTextDataWrapInner><p>Market demand for RMC fell by 18% y-o-y in 1Q16, while RMC prices have dropped by 7-10%. This is largely a result of weak construction demand and competition among RMC players in Singapore, says the broker. DBSV says recovery is likely to take time, given that foreign labour tightening measures and the pace of construction activities will moderate due to manpower constraints. It expects Pan-United to post lower sales, margins, earnings and DPS in FY16.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>DBSV adds that Pan-United’s outlook is based on steady construction activities backed by civil projects in Singapore. Acceleration in private projects may cause a surge in construction demand, leading to better earnings outlook and upside to its share price, it reckons.</p></div>

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SINGAPORE (May 12): DBS Vickers has downgraded Pan-United Corporation to “fully valued” with a reduced 49-cent target, as it believes soft ready-mixed concrete (RMC) prices will result in a decline in its profitability and earnings.

It also expects dividend cuts over the next few quarte...

Pan United cut to 'fully valued' by DBS with lower 49-cent target

It turned out to be a good day to celebrate for birthday boy Tanapat Pichaikool when he won the ADT co-sanctioned Toyota Tour Championship at the Kota Permai Golf & Country Resort here today.

Best birthday present for Tanapat following victory in Toyota Tour Championship

France’s benchmark bond yield matched Greece’s for the first time on record, the latest milestone in a week marked by mounting anxiety over the fate of Prime Minister Michel Barnier’s government.

The rate on 10-year French notes, traditionally considered among the safest in the euro area, briefly rose to 3.03% before paring the move.

French 10-Year borrowing costs match Greece’s for first time

European bond issuance has reached a record-breaking €1.705 trillion ($1.8 trillion) this year, passing the high-water mark previously set in 2020. 

Debt sales in the region’s publicly-syndicated market hit the milestone on Thursday, according to data compiled by Bloomberg.

Europe’s €1.705 trillion bond sales in 2024 beat pandemic record

European stocks snapped two days of declines, with technology leading the advance amid hopes that US curbs on chip equipment sales to China may prove lighter than feared.

The US is considering measures on sales of semiconductor equipment and AI memory chips to China that would stop short of stricter limits previously under discussion, Bloomberg News reported.

Tech reprieve lifts stocks, French crisis swirls

Colform Group Bhd’s upcoming debut on the ACE Market of Bursa Malaysia Securities has received the nod from the capital market operator, the steel and building material specialist based in Kota Kinabalu said.

Sabah-based IBS system maker Colform gets Bursa nod for ACE Market listing

Negri Sembilan Oil Palms Bhd (KL:NSOP), which shares the same major shareholder and management with Chin Teck Plantations Bhd (KL:CHINTEK), has declared a 14 sen dividend payout — comprising a special nine sen and second interim five sen payout — after reporting a 26.6% jump in its third quarter net profit from the previous year, largely on higher revenue.

Negri Sembilan Oil Palms pays 14 sen dividend, including special nine sen payout as 3Q profit jumps

Here is a brief recap of some corporate announcements that made the news on Thursday.

TNB, CIMB, Alliance Bank, HLFG, Hong Leong Bank, Axiata, IHH, Sime Darby, Genting, GENM, PPB, Capital A, Berjaya Corp, Supermax, Farm Fresh, Chin Teck, Icon Offshore, Globetronics

High-quality corporate reporting could play a role within the Madani Economy framework, where Malaysia aims to 'raise the ceiling' by expanding the economic pie, fostering broader participation and increasing the complexity of our economy.

High-quality corporate reporting can help country ‘raise ceiling’, says Amir Hamzah

The SA Sentral and Section 13 development plan, set to be implemented over the next seven years starting next year, will cover 58.6 hectares (145 acres) and aims to transform the area into a modern, dynamic, and competitive integrated hub in the country.

PKNS unveils development plan for SA Sentral 

The flood situation in Kelantan, Terengganu, Kedah, and Perlis continues to decline, with the number of victims increasing on Thursday night, while the flooding in Johor was over when the last temporary relief centre was closed this afternoon.

Number of flood victims across four states rises, Johor fully recovers 

<p>Gaming-to-plantation conglomerate Genting Bhd (KL:GENTING) reported a 57% drop in its third-quarter net profit, as it was hit by higher property, plant and equipment (PPE) write-off totalling RM207.3 million, as opposed to RM1.3 million previously.</p>


Genting's 3Q net profit more than halves on higher write-off

<p>Supermax Corp Bhd (KL:SUPERMX) extended its streak of losses to seven quarters, as a surge in&nbsp;operating expenses sank the glovemaker&nbsp;into the red,&nbsp;compounded by currency losses.</p>


Supermax trudges through 1Q as losses pile up, expects better finances next year

<p>Here is a brief recap of some corporate announcements that made the news on Thursday.</p>


<p>Berjaya Corp Bhd (KL:BJCORP) kicked off its new financial year with another quarterly loss dragged by its retail and services businesses, but said it is optimistic that some of the units will improve.</p>


Berjaya Corp suffers another quarterly loss, optimistic some segments will improve

<p>Globetronics Technology Bhd (KL:GTRONIC) said it is partnering Canada-headquartered POET Technologies Inc to work together on advanced manufacturing and testing of optical engines, designed for applications such as data centres and telecommunications.</p>


Globetronics partners with Canada's POET Technologies to manufacture optical engines for data centres

<p>PPB Group Bhd's (KL:PPB) net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fell 44.1% to RM208.12 million, from RM372.55 million a year earlier, largely due to lower contribution from its 18.8%-owned associate Wilmar International Ltd, as well as lower profit from its core business segments.</p>


PPB 3Q profit falls 44% on lower Wilmar contribution

<p>Malaysia’s central bank said on Thursday it has asked insurance companies to review their repricing strategies amid public concerns over a spike in premiums of medical and health insurance products.</p>


BNM asks insurers to be 'more reasonable' with premium repricing

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<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>Digital Minister Gobind Singh Deo said on Thursday that Digital Nasional Bhd's (DNB) governance, financial practices, and administrative operations are in order and comply with legal requirements.</p>


Due diligence on DNB finds its operations, financial practices all in order, says Gobind

<p>Chin Teck Plantations Bhd (KL:CHINTEK) declares a special dividend of seven sen per share plus a first interim dividend of eight sen per share for the financial year ending Aug 31, 2025 (FY2025).</p>


Chin Teck declares 15 sen dividend for FY2025, including a seven-sen special

<p>Solar District Cooling Group Bhd (KL:SDCGB), which listed on the ACE Market of Bursa Malaysia on Sept 19, posted a net loss for the third quarter on high administrative expenses related to the initial public offering (IPO) expenses.</p>


Newly listed Solar District Cooling posts 3Q net loss on IPO-linked expenses

<p>Australia’s social media ban for children under the age of 16 will become law after passing the Senate, the upper house of Parliament, even as questions linger over how the new restrictions will be implemented.</p>


Australia’s social media ban for children under 16 to become law

<p>Public Bank Bhd (KL:PBBANK) has formally extended a conditional mandatory general offer (MGO) for the remaining shares in LPI Capital Bhd (KL:LPI) at RM9.80 sen apiece.</p>


Public Bank formally extends MGO for remaining LPI shares

<p>Protasco Bhd’s (KL:PRTASCO) net profit increased six times to RM18.93 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM3.13 million a year ago, lifted by improved performance from its maintenance segment.</p>


Protasco's 3Q net profit rises six-fold to near nine-year high

<p>Malaysia’s insurance and takaful industry saw an unprecedented cumulative medical claims cost inflation rate of 56%&nbsp;from&nbsp;2021 to&nbsp;2023, according to several associations.</p>


Malaysia's insurance, takaful industry saw 56% medical claims cost inflation from 2021 to 2023 — associations

<p>Catcha Digital Bhd (KL:CATCHA) is to purchase a 51% stake in software-as-a-service (SaaS) provider Nexible Solutions Sdn Bhd for RM11.38 million, cash.</p>


Catcha to buy 51% stake in software-as-a-service provider Nexible for RM11.4m

<p>The prospect of establishing a special financial zone (SFZ) in Penang as a growth engine is still under study by the Penang Institute (PI), said Chief Minister Chow Kon Yeow.</p>


Penang special financial zone project still being studied, says Chow

<p>Digital Minister Gobind Singh said on Thursday that RM16.5 billion funding previously reported for Digital Nasional Bhd (DNB) to implement the first 5G network was for a 10-year period and involved limited government funds. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</p>


Limited govt funds involved for 5G implementation under DNB, says Gobind

<p>Icon Offshore Bhd (KL:ICON), which has proposed a name change to Lianson Fleet Group Bhd, posted a threefold jump in net profit for the third quarter on higher daily charter rates.</p>


Icon Offshore mulls rename to Lianson Fleet Group, 3Q profit triples on higher daily charter rates

<p>The SA Sentral and Section 13 development plan, set to be implemented over the next seven years starting next year, will cover 58.6 hectares (145 acres) and aims to transform the area into a modern, dynamic, and competitive integrated hub in the country.</p>
