IRB Taxed MAGNUM RM477mn

 Malaysia's GDP expanded 5.6% YoY in the 1Q17, fuelled by private sector-led investments, consumption and exports.  IHH Healthcare 1Q17 core net profit of RM201.8mn (-15.3% YoY) was below expectations.  Magnum Bhd's 1Q17 earnings of RM30.6mn was down 55.6% from a year ago, due to lower gaming sales and higher prize payout ratio.  Ranhill Holdings Bhd's net profit for 1QFY17 jumped 127% YoY to RM15.7mn, mainly because the previous year had recorded a one-off IMTN premium redemption that amounted to RM13.3mn.  Mitsui Co Ltd is buying 10% stake in Axiata Group Bhd's Cambodian subsidiary, Smart Axiata Co Ltd, for US$66mn, with option to buy another 10% in within 12 months.  Top Glove Corp Bhd has entered into 2 separate agreements - with A1 Glove Sdn Bhd and Titi Glove Sdn Bhd - to acquire 2 properties for a total consideration of RM60.7mn.  Tenaga Nasional Bhd has inked a MoU with Thai-based GOV Supply Limited to explore business opportunities in Thailand and Indochinese countries.  The Inland Revenue Board has served Magnum Bhd notices of tax assessment and penalties totaling RM476.6mn.  Malaysia Airports Holdings Bhd has confirmed the sale of a stake of less than 50% in the wholly-owned Istanbul Sabiha Gokcen International Airport in Turkey.  Cypark Resources Bhd has bagged 2 contracts worth a combined RM75.0mn to build 2 large-scale solar photovoltaic plants in Negeri Sembilan.  Star Media Group Bhd's proposed disposal of its 52.51% stake in Cityneon Holdings Ltd is "slightly credit negative" but is not expected to have immediate rating implications according to RAM Rating Services Bhd.  Metronic Global Bhd has appointed Ferrier Hodgson MH Sdn Bhd as special auditor to identify any irregularities in the company's transactions.  Nexgram Holdings Bhd has brought in a partner, ChinaAsian Capital Holding Ltd, to undertake the RM1.15bn Angkasa Icon City development project in Cyberjaya.  The European Commission on Friday said its measure of consumer sentiment across the 19-member currency area rose to minus 3.3 in May from minus 3.6 in April, reaching its highest level since July 2007.

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IWCITY MALTON to bid for Bandar Malaysia real estate project

 IOI Corporation Berhad's 9MFY17 core profit increased by 30.0% YoY to RM844.6mn. It is within expectations.  Inari Amerton Bhd posted a 9MFY17 core net profit of RM152.6mn (-18.0% QoQ, +40.8% YoY). This was within ours and consensus estimates.  Dialog Group Bhd's 3QFY17 net profit increased by 22.0% to RM97.8mn mainly attributable to higher contributions from its joint ventures.  BIMB Holdings Bhd's 1QFY17's revenue and PBT respectively increased by 3.2% YoY to RM919.6mn and 15.8% YoY to RM246.2mn.  IWH CREC Sdn Bhd is allowed to bid for the Bandar Malaysia real estate project again as long as the offer is right for the Malaysian Government.  Petroliam Nasional Bhd, through subsidiary Petronas LNG Ltd and shipping affiliate MISC Bhd, plans to team up with Gas4Sea partners and identify business opportunities in the supply of liquefied natural gas as marine fuel.  Minister in the Prime Minister's Department Datuk Seri Abdul Rahman Dahlan has called for the adoption of the industrialised building system to be made mandatory for all players in the construction industry.  Sime Darby Bhd has received its bondholders' approval to restructure its US$800mn sukuk, which forms part of its plan to create three independent listed companies.  Sime Darby Motors, the automotive arm of Sime Darby Bhd, is selling its Australia and New Zealand Sime Darby Automobiles distribution businesses.  Turkey's TAV Havalimanlari Holding AS will bid for the Istanbul unit of Malaysia Airports Holdings Bhd if a stake in the operator of Turkey's second- biggest airport is put up for sale.  AirAsia Bhd is reportedly planning to set up a subsidiary company in Cambodia to cater to the anticipated rise in the number of passengers travelling to Phnom Penh, Siem Reap and Sihanoukville from Malaysia.  MyEG Services Bhd is close to sealing a deal to buy a controlling stake in popular food review website Eat Drink KL say sources.  Perdana Petroleum Bhd has proposed to undertake a private placement of up to 10% of the total number of its issued shares.  Eversendai Corporation Bhd announced that it has secured projects worth RM557.6mn to-date, bringing a total of RM1.3bn projects secured for the year 2017.  CAB Cakaran Corporation Bhd's 51% owned subsidiary, Tong Huat Poultry Processing Factory Pte Ltd, has exercised the option to purchase a factory site in Singapore for SGD6.1mn.  Tadmax Resources Bhd, which sees a turnaround this year, said it will go in alone and build a 1,000MW combined-cycle gas-fired power plant project in Pulau Indah, Selangor after Tenaga Nasional Bhd declined the offer to participate in the project.  Grand-Flo Bhd is disposing 8.1% of its equity interest in Simat Technologies Public Company Ltd for a total cash consideration of THB106.6mn.  The US residential starts fell 2.6% to 1.17mn annualized rate vs. forecast 1.26mn, lowest since November, while permits decreased 2.5% to 1.23mn million annualized pace vs. forecast 1.27mn.

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Lazada 7-Eleven MOLPay partnerships

 Malaysia's industrial output expanded 4.6% in March from a year ago, boosted by the manufacturing sector, but the growth was slower than Bloomberg's survey of a 4.8% increase.  The April MPOB data showed palm oil stockpiles rose 1.6mn tonnes (+3.0% MoM, -11.3% YoY), within market expectations of 1.63mn -1.65mn tonnes, and the monthly production increased to 1.55mn tonnes (+5.7% MoM, +19.0% YoY).  SP Setia Bhd's 1Q17 net profit drop 14.8% YoY to RM105.2mn but we deem this to be within expectations as we expect a lumpy revenue recognition from the remaining 9 blocks of Phase 1 Battersea Power Station in 2Q17 and 3Q17.  Malaysia Airports Holdings Bhd registered 10.7mn passengers in April 2017, an increase of 14.7% YoY.  Kerjaya Prospek Group Bhd has bagged a contract worth RM207.4mn for the construction of 166 units of three-storey semi-detached houses, 99 units of three-storey bungalows and ancillary works in Shah Alam.  Mitrajaya Holdings Bhd has bagged a RM160.1mn contract to build residential buildings for a higher learning institution here.  CAB Cakaran Corp Bhd has proposed to undertake a share split of every two existing shares into five split shares, and a bonus issue of up to 138.7mn new split shares to be credited as fully paid-up with 1 bonus share for every four split shares.  Matang Bhd has lost the bid for two parcels of oil palm land in Raub, Pahang, alongside a 60-tonne per hour palm oil mill on-site.  Lay Hong Bhd clarified that its plan to sell a 30% stake in its grocery retailer unit, G-Mart Borneo Retail Sdn Bhd, for a reduced price of RM9.5mn to PanPages Bhd is not expected to result in material gain or loss.  Star Media Group Bhd's board of directors has given the green light for the sale of its 52.5% stake in Cityneon Holdings Ltd, according to sources familiar with the matter.  PRG Holdings Bhd has submitted an application to the Hong Kong Stock Exchange for the proposed listing of its manufacturing business on the Growth Enterprise Market.  7-Eleven Malaysia Holdings Bhd aims to have 20 customers a store per day for offline payment solution through its partnership with Lazada Malaysia and MOLPay.  The European Union raised its 2017 economic growth forecast to 1.9% from 1.8% previously, saying the bloc's revival is strengthening despite geopolitical risks that could undermine its fifth year of recovery.

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