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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