Outlook For WCT Likely Subdued, Says CIMB Research

Outlook For WCT Likely Subdued, Says CIMB Research -  CIMB Equities Research is retaining its  Hold call for WCT Holdings with a lower target price of 84 sen compared with RM1.26 previously as it sees the outlook as likely subdued.

The research house said on Thursday it cut the target price by 33% to 84 sen as it applies a higher realised net asset value (RNAV) discount of 60% (50% previously) and trim the estimated surplus values of selected land bank. 

“Share price upside could be capped by 1) REIT uncertainties, 2) project reviews by the Pakatan Harapan government and 3) weak inventory-driven property sales,” it said.   

CIMB Research noted that WCT’s share price has plummeted 51% in the last three months, making WCT the worst performing stock in its coverage.

 “Valuations have slumped to between eight and nine times FY18-19F P/E (30% to 40% discount to the sector). Upside risk to our call is stronger-than-expected job success rate; downside risks are sustained delays in the REIT deal and weak property sales,” it said.

CIMB Research said the 1Q18 core net profit constituted 28% of its full-year forecast.

However, it deems this to be in line with expectations as the group’s property development segment’s earnings are likely to continue to be weak in subsequent quarters. 

Overall core net profit (ex-unrealised forex loss) grew 3.1% on-year, dragged by property development’s 23% contraction in EBIT, on account of aggressive discounts to reduce its inventory.   

WCT’s engineering and construction segment posted an 18% drop in 1Q18 revenue due to the timing of billings and a significant drop in internal property order book. 

However, external infrastructure jobs led to a near-doubling of EBIT in 1Q18. EBIT margin expanded from 4% in 1Q17 to 10% in 1Q18. 

“The group’s outstanding order book is now at RM5bil, which should provide good earnings visibility over the next two to three years, mitigating the soft property development earnings.

CIMB Research said that before the 14th General Election, management guided that its domestic tender pipeline was RM2.8bil. 

This included Pan Borneo Sabah, final packages for West Coast Expressway (WCE), and various undisclosed highway projects in Peninsular Malaysia. 

Post-GE14, with the likely review of jobs leading to possible delays in contract rollout, WCT’s success rate could be lower than its targeted 50%. 

“There could be risks to its target to win RM2bn worth of jobs in 2018, though we note that these are not predominantly rail.  

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Bursa Slips For Third Straight Day; Axiata, CIMB Weigh

Bursa Slips For Third Straight Day; Axiata, CIMB Weigh - Bursa Malaysia eased further in early Wednesday trade as heavyweights Axiata and CIMB weighed on the market.

This comes as Asian shares moved cautiously higher amid announcements that the US-China trade dispute was moving closer to a resolution even as US President Donald Trump said he was "not really" pleased with the progress so far.

At 9.15am, the FBM KLCI was 6.14 points lower at 1,838.89. Trading volume was 1.45 million shares with a value of RM75.76mil. There were 165 decliners versus 119 advancers and 175 counters unchanged.

The local benchmark index, which slipped below the 50-day simple moving average on Monday, has been on a decline all week. At current levels, the index has breached the supporting line of 1,842 with bearish indicators suggesting further downside.

The effect of foreign selling of local equity had begun to show over the trading week as the net outflow continued.

Axiata slipped 42 sen or 8.7% to RM4.65 as its recent earnings results disappointed, shaving 6.16 points off the index.

CIMB lost seven sen to RM6.58 while MISC took off 17 sen to RM6.50.

Petronas Gas fell 32 sen to RM17.66, F&N dropped 32 sen to RM36.64 and Pos Malaysia slipped 19 sen to RM3.60.

Among early gainers, Nestle rose a further 90 sen to hit RM150. Hengyuan, which had seen its short-selling activities suspended in the previous session after falling more than 15%, recovered seven sen to RM7.21. 

MAHB picked up six sen to RM8.90 and Top Glove added six sen to RM10.32.

Meanwhile on the currency market,  the ringgit slipped slightly against the US dollar to 3.9720.

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Muhyiddin Reports For Duty At Home Ministry

Muhyiddin Reports For Duty At Home Ministry - Tan Sri Muhyiddin Yassin officially started work at the Home Ministry on Tuesday morning.

The newly minted Home Minister clocked in at 9am at the ministry headquarters here.

He is scheduled to chair a meeting of all department and agency heads under the ministry.

Muhyiddin, who is Parti Pribumi Bersatu Malaysia president, is also expected to address the media on his plans for the ministry later in the afternoon.

Muhyiddin became the Home Minister following a swearing in ceremony at the Istana Negara on Monday (May 21).

Among those present to welcome the new minister are Inspector-General of Police Tan Sri Mohamad Fuzi Harun and Immigration director-general Datuk Seri Mustafar Ali.

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PDT And IDSS Activities For Cahya Mata Sarawak Suspended

PDT And IDSS Activities For Cahya Mata Sarawak Suspended - The proprietary day trading and intra-day short selling of Cahya Mata Sarawak Bhd

(CMS) was suspended early Monday after the share price fell more than 15 sen or 15% limit.

Bursa Malaysia Securities announced the suspension would be for the rest of Monday. The PDT and IDSS activities would only be enabled on Tuesday at 08.30am. 

The share price of the Sarawak-based cement producer share price hit limit down last Friday, falling RM1.05 to RM2.48.

At 9.36am, it was down 49 sen to RM1.99. There were 3.78 million shares done.

The FBM KLCI was up 0.65 of a point or 0.04% to 1,855.15. Turnover was 475.51 million shares valued at RM276.33mil. There were 326 gainers, 202 losers and 216 counters unchanged.

Meanwhile, StarBiz  reports CMS expects to see a boost to its bottomline with increasing demand for its construction materials from the ongoing Pan Borneo Highway project.

Newly appointed group chief executive officer (corporate) Datuk Issac Lugun said CMS was anticipating upside for its quarry products and cement-based materials as the Pan Borneo Highway project gathers momentum.

This, he said, would boost the company’s earnings from its traditional core businesses.

CMS’s 51%-owned PPES Works Sarawak (Sdn Bhd), in partnership with Bina Puri Sdn Bhd, is undertaking one of the 11 work packages of the Pan Borneo Highway project. Construction work for the project, which is worth about RM16bil on the Sarawak side, has progressed to about 20%.

Besides its involvement in the project’s construction, CMS is expected to be a main supplier of the project’s construction materials.

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Fuel Juggernaut Coming As Saudi Backed Petronas Refinery Starts

Fuel Juggernaut Coming As Saudi Backed Petronas Refinery Starts - As China sends a flood of fuel abroad, a giant project in Southeast Asia that’s backed by Saudi Arabia is set to add to the regional deluge.

State-run Saudi Arabian Oil Co. is helping finance a $27 billion refinery and a petrochemical complex in Malaysia’s southern state of Johor. 

The project, known as Refinery and Petrochemicals Integrated Development, or RAPID, will add a new stream of fuels near Asia’s main oil trading hub of Singapore at a time when China continues to unleash record amounts of diesel and gasoline onto the global market.

“The immediate impact from RAPID will lead to more Malaysian exports of diesel and jet fuel, while also reducing the need to import as much gasoline,” said Joe Willis, a senior research analyst for refining and oil products at Wood Mackenzie Ltd. in Singapore. “For middle distillates, Johor is conveniently located next to the Singapore storage hub.”

A renaissance in diesel, also known as gasoil, had underpinned oil’s rally into a bull market last year, and profits from making the fuel have rebounded to near their highest level since November 2014 on the back of healthy global economic growth. 

Still, concern is growing that China’s unprecedented levels of exports as well as the additional shipments from Malaysia may weigh on Asian refiners’ margins.

The profit from turning crude into diesel, or the so-called gasoil crack, was at $16.27 a barrel at 3:28 p.m. in Singapore on Thursday, up from an average $12.24 last year, according to data from PVM Oil Associates.

The RAPID project, operated by Malaysia’s state-owned Petroliam Nasional Bhd, known as Petronas, is due to start operations in 2019 with 300,000 barrels a day of crude-processing capacity. That’s a massive increase for the Southeast Asian country, which has a total 660,000 barrels of daily capacity now, according to Willis.

Saudi Strategy

For Saudi Arabian Oil Co., known as Aramco, the project is part of its long-term strategy of investing in Asian refineries to lock in demand for its crude in the world’s biggest oil-consuming region amid a fight for global market share. 

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Ringgit Holds Still Against US$ Ahead Of BNM Q1 Results

Ringgit Holds Still Against US$ Ahead Of BNM Q1 Results - The ringgit opened unchanged against the US dollar on cautious market sentiment and against the backdrop of Bank Negara Malaysia announcing the 2018 first quarter results today, a dealer said.

As at 9am, the local unit was quoted at 3.9650/9710 from 3.9650/9700 recorded yesterday.

The dealer said some investors remained on the sidelines awaiting the central bank's announcement, while market sentiment locally was quiet, alongside some interest in the US dollar which was higher on improved US Treasury yields.

“I expect the US dollar versus the ringgit to grind higher over the short term in line with the broader US dollar/ Asia basket,” he added.

Against a basket of major currencies, the local note traded mostly lower, except for the yen, which rose to 3.5931/5989 from 3.5993/6042.

The ringgit fell against the Singapore dollar to 2.9583/9643 from 2.9530/9569 on Wednesday and decreased versus the British pound to 5.3698/3795 from 5.3416/3500, while weakening against the euro at 4.6827/6913 from while weakening against the euro at 4.6827/6913 from 4.6811/6886

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Bursa Freezes Lower Limit For George Kent, My EG

Bursa Freezes Lower Limit For George Kent, My EG - Bursa Malaysia Securities has frozen the lower limit price for My EG Services and George Kent with effect from Wednesday after  their shares were battered over the past two days.

In an announcement on Wednesday, the regulator said the lower limit for MY EG was RM1.27 and George Kent at RM1.94.

It said the freeze was due to the counters trading at the static limit down for the two consecutive days.

On Tuesday, before market opened, Bursa Securities announced that the intra-day short-selling and proprietary day trading of Excel Force, My EG, George Kent and Gabungan AQRS had been suspended for the whole day from 8.30am.

George Kent hit limit-down in early trade,  falling 82 sen to RM1.94. It is the project delivery partner for the Light Rail Transit from Bandar Utama to Klang.

My EG, which is connected with the previous ruling party, tumbled 54 sen to RM1.27.

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Jho Low's Yacht Likely Headed For U.S. Despite Indonesia Ruling

Jho Low's Yacht Likely Headed For U.S. Despite Indonesia Ruling - Malaysian financier Low Taek Jho will probably be ordered to turn over his $250mil (RM988mil) yacht to U.S. officials, who claim he bought it with money siphoned from the 1Malaysia Development Bhd sovereign wealth fund.

A federal judge in Los Angeles said Monday that she will issue an order shortly on the Justice Department’s request to get custody of the “Equanimity,” which is currently in Indonesia. U.S. District Judge Dale Fischer initially ruled in April that the ship could be sailed to the U.S. from Bali, but a court in Jakarta later found that the police hadn’t followed proper procedures and ordered the yacht returned.

Fischer wasn’t persuaded by the argument that her ruling would override orders of a foreign court. She said lawyers for Low and the trusts that hold title to the 300-foot (91-meter) yacht may want get their “mandamus papers” ready, referring to their threat to appeal her ruling.

The boat was seized by Indonesian authorities in February at the request of the U.S. The “Equanimity” is among more than $1.5bil (RM6bil) in real estate and other assets that the U.S. alleges Low and his accomplishes bought with stolen 1MDB funds.

image: https://content.thestar.com.my/smg/settag/name=lotame/tags=all

Jeremy Matz, a lawyer for the trusts that own the yacht for Low’s benefit, said after the hearing that his clients will comply with a final and binding court order to turn over the yacht. Matz reiterated that he will appeal a ruling against his clients.

Newly elected Malaysian Prime Minister Mahathir Mohamad said Saturday, three days after he secured a shocking win, that predecessor Najib Razak was barred from leaving the country. Mahathir also said he’d reopen a graft probe targeting the wealth fund and said he was replacing the attorney general who cleared Najib and instructed the auditor-general to declassify a 1MDB report that was protected by the Official Secrets Act.

Mahathir, who was prime minister from 1981 to 2003 and defected to the opposition in order to stand as their candidate for premier, repeatedly called Najib a “thief” on the campaign trail and pledged to revisit the 1MDB issue.

Riza Aziz, a friend of Low and one of the individuals the U.S. alleges was involved in looting the 1MDB fund, is a stepson of Najib. His movie production company Red Granite Pictures agreed to pay $60mil (RM237mil) to settle a forfeiture lawsuit by the U.S., alleging he financed the “Wolf of Wall Street” with stolen money.

The U.S. and Low’s lawyers are negotiating a sale of the “Equanimity” while the forfeiture lawsuit is unresolved, but are deeply divided on whether the transaction should take place in the U.S. or in the Mediterranean, which the trusts argue is a superior market for “super yachts.”

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MACC Chief Dzulkifli Ahmad Quits

MACC Chief Dzulkifli Ahmad Quits - Tan Sri Dzulkifli Ahmad (pic) has resigned as chief commissioner of the Malaysian Anti-Corruption Commission.

According to a source, he submitted his resignation letter to the Chief Secretary of the Government Tan Sri Dr Ali Hamsa on Monday morning.

“Yes, a resignation letter has been handed in,” the source told mStar Online, The Star's Bahasa Malaysia news portal.

Dzulkifli, 52, was appointed as MACC chief in August 2016, replacing Tan Sri Abu Kassim Mohamed.

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Malaysia's New Leaders Need To Be As Bold As Voters

Malaysia's New Leaders Need To Be As Bold As Voters - QUITE unexpectedly, Malaysians just voted out their ruling party for the first time since independence in 1957. They voted for change, and that’s what their new leaders need to deliver.

You might think so stunning an electoral upset would make a bold new departure inevitable. 

Not so. Malaysia’s fractious opposition won only after joining forces with 92-year-old former prime minister Tun Dr Mahathir Mohamad - a stalwart of the long-ruling United Malays National Organisation and hardly a change agent.

In his first stint in power, Mahathir laid the foundations of Malaysia’s most illiberal policies. 

He defanged independent institutions such as the courts and the press, and jailed rivals - including Anwar Ibrahim, his former deputy. 

(Mahathir, sworn in on May 10, now says he plans to pardon Anwar and make way for him to become prime minister.) 

Mahathir expanded the Malay-first affirmative-action programs that fueled cronyism and drove bright young Chinese and Indians to flee the country. 

Even now he vows new populist measures - such as scrapping a recently introduced goods-and-services tax - within his first 100 days.

Yet if voters had wanted pure populism, they could have re-elected UMNO and its leader, Datuk Seri Najib Razak. 

If urban Malays had cared more about their pocketbooks than a free press or civil liberties or the scandal surrounding the 1MDB development fund (Najib denies a U.S. Justice Department claim that $681 million in his personal bank accounts was stolen from the fund), they wouldn’t have voted in such numbers for the opposition.

The ruling coalition was ejected despite massive gerrymandering, nativist appeals, a muzzled press and concerted efforts to depress the vote - a sign that the system is no longer working for most Malaysians.

Voters know they need better access to education when automation threatens more than half the country’s jobs. 

They ask why government-linked companies invest in high-end healthcare and housing, rather than working to lower the cost of basic services.

Malaysians can also see how far their country has drifted from its proud self-image as a modern, tolerant, multiethnic nation. 

Though voters in some parts of the country did succumb to the appeal of more extreme Islamic parties, others rejected the government’s efforts to drive a wedge between Malays and the country’s minorities. 

Increasingly, Malays acknowledge that affirmative-action policies need to be reformed to focus less on race.

Whatever their differences, the various parties making up the new government can agree on the need to rebuild the country’s battered institutions. 

Dr Mahathir has talked about restoring the independence of the judiciary and other institutions, while reducing the powers of the prime minister. 

The new government should make those tasks a priority. It should also withdraw draconian security regulations and challenge the Muslim chauvinists with whom the previous government flirted. 

And if anyone can sell rural Malays on the need to reform affirmative-action policies, it’s Mahathir - their longstanding champion.

Malaysians just did something bold. It’s an unforeseen opportunity, and their new leaders mustn’t waste it. 

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Mahathir Win Has Morgan Stanley Seeing Malaysia Stock Volatility

Mahathir Win Has Morgan Stanley Seeing Malaysia Stock Volatility - Malaysia’s stock market will become more volatile after Tun Dr Mahathir Mohamad won a stunning victory in the nation’s elections, ending Datuk Seri Najib Tun Razak’s rule.

“We cannot rule out this raises the interest level for foreign investors (typically underweight the market) anticipating change,” analyst Aarti Shah wrote in a note.

Foreign investors have already been piling into the Malaysian stock market ahead of elections with over $600 million in flows, according to Bloomberg data.

After hitting a record high in April amid an increase in foreign inflow, Malaysia’s benchmark FTSE Bursa Malaysia KLCI has gained 2.8 percent this year.

The iShares MSCI Malaysia ETF, known as EWM, dropped 6 percent to US$32.42, the lowest since December, as trading volume jumped. 

The NEXT FUNDS FTSE Bursa Malaysia KLCI ETF incorporated in Japan fell 2.1 percent.

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GE14: Malaysia Decides

GE14: Malaysia Decides - In 11 days of intense campaigning, the politicians have had their say. They have made promises, pledges and painted pictures of great things to come. Today, we Malaysians will have our say - on who will lead the country for the next five years.

9.37am: Datuk Seri Najib Tun Razak has cast his vote for the Pekan parliamentary seat. The Barisan Nasional  chairman arrived at his polling station Sekolah Sains Sultan Ahmad Shah at 9.20 am together with his wife Datin Seri Rosmah Mansor.

Najib was all smiles when he was greeted by other voters who were present at the station. The Barisan chief is in a four-cornered fight for the Pekan seat.

9.30am: Incumbent Rembau MP Khairy Jamaluddin Abu Bakar arrives at SMA Hj Mohd Yatim in Ulu Gadong to cast his ballot. 

Her daughter Nurul Izzah Anwar, who is two-term Lembah Pantai MP, is contesting the Permatang Pauh parliamentary seat in GE14. She voted in SK Bukit Bandaraya in Kuala Lumpur and is expected to return to Permatang Pauh later this afternooon.

9:20am: Former Terengganu state secretary and Barisan Nasional candidate for the Kuala Terengganu Parliamentary seat casts his vote at SMK Chendering.

9.20am: Sibu Supp candidate Dato Andrew Wong cast his vote at SJK Chung Hua.

9.13am: Datin Paduka Chew Mei Fun joined hundreds of voters up early to cast their votes in SMK Mahmud here.

9am: Flamboyant celebrity Azwan Ali points out wrongly tagged ballot boxes as he was about the cast his vote at Sek Keb Klang Gate in Setapak, Kuala Lumpur. He noticed the mistake where yellow ballot papers were in the box tagged "Parliament" and orange ballot papers were in the box tagged "State". "It should be the other way around," he said. "This kind of mistake will get the people riled up."

Azwan who is running for the Bukit Antarabangsa state seat in Selangor barely missed bumping into his brother Datuk Seri Azmin Ali who arrived with his wife Shamshida Taharin to cast their vote at the school.

8.50am: Barisan Nasional's Stampin candidate Datuk Dr Sim Kui Hian, accompanied by his wife Datin Enn Ong, voted at SMK Bandar Kuching No 1.

"You journalists don't forget to go and vote too, don't just work only, because every vote counts," he told reporters.

Dr Sim, who is Sarawak United People's Party (SUPP) president, is facing state DAP chairman Chong Chieng Jen, who cast his ballot at SMK Kuching High at 8.45am.

8.49am: BN candidate for the Seputeh parliamentary seat Chan Quin Er, 31, arrived at 7.30am at SK Seri Mega in Jalan Hujan, Taman Overseas Union, Jalan Klang Lama, Kuala Lumpur. Fellow candidate and four-term DAP MP Teresa Kok, 54, cast her vote at SMK Batu Lapan Jalan Puchong, Taman Kinrara, Selangor.

8.40am: Kedah Mentri Besar Datuk Seri Ahmad Bashah Md Hanipah cast his vote at the SK Tunku Abdul Rahman in Mergong, Alor Setar.

8.40am: Bukit Bintang Wanita MCA chief Ann Tan Ean Ean, who is contesting the Bukit Bintang seat, casts her vote at SJK (C) Nan Kai

8.35am: Barisan Nasional candidate for Setiawangsa parliamentary seat Tan Sri Zulhasnan Rafique arrive at SK Setiawangsa with his family to cast their votes.

8.30am: Parti Pribumi Bersatu Malaysia president Tan Sri Muhyiddin Yassin and his wife Puan Sri Norainee Abdul Rahman arrive to cast their ballots at SMK Sri Muar.

8.15am: MCA Youth chief Datuk Chong Sin Woon and his wife Datin Chai Yoke Shyuan arrive at SMK Dato' Mohd Said in Nilai to cast their votes.

8.10am: Barisan Nasional deputy chairman Datuk Seri Dr Ahmad Zahid Hamidi and his wife Datin Seri Hamidah Khamis successfully cast their ballots at the Madrasah Manbail Ulum voting centre at Sungai Nipah Darat.

8.03am: Miri SUPP candidate Datuk Sebastian Ting voted at 8.03am at SK Bintang.

8am: PAS president Datuk Seri Abdul Hadi Awang, who is defending his Marang parliamentary seat, arrives at SK Rusila in Marang to cast his ballot.

7.50am: Bukit Antarabangsa Independent candidate Azwan Ali arrives at SK Klang Gate in Setapak, Kuala Lumpur to cast his vote.

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CIMB Research Retains Add For DRB-Hicom, Target Price RM2.90

CIMB Research Retains Add For DRB-Hicom, Target Price RM2.90 - CIMB Equities Research is retain its earnings forecast and Add call for DRB-Hicom with an unchanged sum-of-parts based target price of RM2.90.

It said on Tuesday that narrowing losses by Proton, strengthening of the ringgit against the US dollar and higher net profit contribution from the services division are potential re-rating catalysts. 

However, key downside risks to its call are widening losses at Proton and weaker contribution from the services division.   

CIMB Research visited DRB-Hicom’s 34% associate, Honda Malaysia Sdn Bhd vehicle assembly plant in Hicom Pegoh Industrial Park, Alor Gajah, Melaka together with 20 buy-side analysts and fund managers recently. 

They also visited DRB-Hicom’s 97% subsidiary, Composites Technology Research Malaysia (CTRM) plant in Batu Berendam, Melaka. 

To recap, Honda Malaysia began operations at the Pegoh plant with a single assembly line in January 2003 with a 20,000 units production capacity per annum.

Now, the Pegoh plant can produce up to 110,000 units per annum across two assembly lines. The top three best-selling models; City, HR-V and Civic, make up 60% of Honda’s total sales volume. 

Honda Malaysia does not plan to increase its production capacity within the next three years in light of tepid domestic total industry volume (TIV) growth. Honda is targeting flat volume of 109,000 in 2018. 

CIMB Research pointed out that Honda has been the largest non-national brand in Malaysia since 2015. 

It posted an impressive 19% on-year volume growth in 2017 driven by new model launches such as Civic and City. 

Honda is also riding on growing popularity of sports utility vehicles with the launches of BR-V, HR-V and CR-V. 

Moreover, steady growth in localised content penetration from 30-40% in 2014 to 60-70% today driven by expansion of component suppliers, allows Honda to price its products competitively.    

As for CTRM, it is involved in the manufacturing and testing of composites components for aero structure and non-aero structure segment. 

CTRM counts the likes of Tier 1 suppliers such as Spirit AeroSystems and UTC Aerospace (UTAS) as its key customers, which supply components to Airbus and Boeing. 

The group is not overly concerned about customer dependency given its strong position as a single source supplier for most of its product portfolio. 

CTRM has an outstanding order book of RM9.5bil until 2031. The group is in the midst of constructing a new plant; Building 6, which is expected to be ready in September 2018. 

Building 6 will have a total built-up area of 205,000 sq ft and it will mainly support the Airbus A320 and A350 programmes. 

The new plant will raise the group production capacity by 15%-20%, given CTRM is running at 85% utilisation. 

“We expect the new plant to contribute additional RM200mil revenue to the group,” CIMB Research said.

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Diary Malaysia Monday May 7

Diary Malaysia Monday May 7 - ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT IN BRACKETS

MONDAY, MAY 7

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 30 April 2018 at 1500 (0700 GMT)

KUALA LUMPUR- HSS Engineers Bhd post-Annual General Meeting (AGM) press conference, Pinnacle 1, Level M1, Connexion Conference & Event Centre @ The Vertical, No 8, Jalan Kerinchi, Bangsar South City, Kuala Lumpur at 1215 (0415 GMT)

PUTRAJAYA- Deputy Prime Minister Ahmad Zahid Hamidi attends meet and greet session with Sepang Parliamentary people at Dewan MIAT, Sepang at 1345 (0545 GMT)

THURSDAY, MAY 10

KUALA LUMPUR- Release of March 2018 Industrial Production Index at 1200 (0400 GMT)

KUALA LUMPUR- Release of Monetary Policy Statement at 1500 (0700 GMT)

THURSDAY, MAY 17

KUALA LUMPUR- Release of Malaysia's 1st Quarter 2018 GDP at 1200 (0400 GMT)

TUESDAY, MAY 22

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 15 May 2018 at 1500 (0700 GMT)

WEDNESDAY, MAY 23

KUALA LUMPUR- Release of April 2018 Consumer Price Index at 1200 (0400 GMT)

TUESDAY, MAY 29

KUALA LUMPUR- Market and Public Holiday- Wesak Day

THURSDAY, MAY 31

KUALA LUMPUR- Release of April 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end April 2018 at 1200 (0400 GMT)

FRIDAY, JUNE 1

KUALA LUMPUR- Market and Public Holiday- Nuzul Al-Quran

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

TUESDAY, JUNE 5

KUALA LUMPUR- Release of April 2018 External Trade Statistics at 1200 (0400 GMT)

THURSDAY, JUNE 7

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 31 May 2018 at 1500 (0700 GMT)

MONDAY, JUNE 11

KUALA LUMPUR- Release of April 2018 Industrial Production Index at 1200 (0400 GMT)

FRIDAY, JUNE 15

KUALA LUMPUR- Market and Public Holiday- Aidil Fitri

WEDNESDAY, JUNE 20

KUALA LUMPUR- Release of May 2018 Consumer Price Index at 1200 (0400 GMT)

THURSDAY, JUNE 21

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 15 June 2018 at 1500 (0700 GMT)

FRIDAY, JUNE 29

KUALA LUMPUR- Release of May 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end May 2018 at 1200 (0400 GMT)

MONDAY, JULY 2

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

THURSDAY, JULY 5

KUALA LUMPUR- Release of May 2018 External Trade Statistics at 1200 (0400 GMT)

FRIDAY, JULY 6

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 29 June 2018 at 1500 (0700 GMT)

WEDNESDAY, JULY 11

KUALA LUMPUR- Release of Monetary Policy Statement at 1500 (0700 GMT)

THURSDAY, JULY 12

KUALA LUMPUR- Release of May 2018 Industrial Production Index at 1200 (0400 GMT)

WEDNESDAY, JULY 18

KUALA LUMPUR- Release of June 2018 Consumer Price Index at 1200 (0400 GMT)

FRIDAY, JULY 20

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 13 July 2018 at 1500 (0700 GMT)

TUESDAY, JULY 31

KUALA LUMPUR- Release of June 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end June 2018 at 1200 (0400 GMT)

WEDNESDAY, AUGUST 1

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

FRIDAY, AUGUST 3

KUALA LUMPUR- Release of June 2018 External Trade Statistics at 1200 (0400 GMT)

TUESDAY, AUGUST 7

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 31 July 2018 at 1500 (0700 GMT)

FRIDAY, AUGUST 10

KUALA LUMPUR- Release of June 2018 Industrial Production Index at 1200 (0400 GMT)

THURSDAY, AUGUST 16

KUALA LUMPUR- Release of Malaysia's 2nd Quarter 2018 GDP at 1200 (0400 GMT)

TUESDAY, AUGUST 21

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 15 August 2018 at 1500 (0700 GMT)

WEDNESDAY, AUGUST 22

KUALA LUMPUR- Market and Public Holiday- Aidil Adha

FRIDAY, AUGUST 24

KUALA LUMPUR- Release of July 2018 Consumer Price Index at 1200 (0400 GMT)

THURSDAY, AUGUST 30

KUALA LUMPUR- Release of July 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end July 2018 at 1200 (0400 GMT)

FRIDAY, AUGUST 31

KUALA LUMPUR- Market and Public Holiday- National Day

MONDAY, SEPTEMBER 3

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

WEDNESDAY, SEPTEMBER 5

KUALA LUMPUR- Release of July 2018 External Trade Statistics at 1200 (0400 GMT)

KUALA LUMPUR- Release of Monetary Policy Statement at 1500 (0700 GMT)

THURSDAY, SEPTEMBER 6

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 30 August 2018 at 1500 (0700 GMT)

MONDAY, SEPTEMBER 10

KUALA LUMPUR- Release of July 2018 Industrial Production Index at 1200 (0400 GMT)

TUESDAY, SEPTEMBER 11

KUALA LUMPUR- Market and Public Holiday- Islamic New Year

WEDNESDAY, SEPTEMBER 19

KUALA LUMPUR- Release of August 2018 Consumer Price Index at 1200 (0400 GMT)

FRIDAY, SEPTEMBER 21

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 14 September 2018 at 1500 (0700 GMT)

FRIDAY, SEPTEMBER 28

KUALA LUMPUR- Release of August 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end August 2018 at 1200 (0400 GMT)

MONDAY, OCTOBER 1

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

FRIDAY, OCTOBER 5

KUALA LUMPUR- Release of August 2018 External Trade Statistics at 1200 (0400 GMT)

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 28 September 2018 at 1500 (0700 GMT)

THURSDAY, OCTOBER 11

KUALA LUMPUR- Release of August 2018 Industrial Production Index at 1200 (0400 GMT)

MONDAY, OCTOBER 22

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 15 October 2018 at 1500 (0700 GMT)

WEDNESDAY, OCTOBER 24

KUALA LUMPUR- Release of September 2018 Consumer Price Index at 1200 (0400 GMT)

WEDNESDAY, OCTOBER 31

KUALA LUMPUR- Release of September 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end September 2018 at 1200 (0400 GMT)

THURSDAY, NOVEMBER 1

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

MONDAY, NOVEMBER 5

KUALA LUMPUR- Release of September 2018 External Trade Statistics at 1200 (0400 GMT)

TUESDAY, NOVEMBER 6

KUALA LUMPUR- Market and Public Holiday- Deepavali

WEDNESDAY, NOVEMBER 7

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 31 October 2018 at 1500 (0700 GMT)

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THURSDAY, NOVEMBER 8

KUALA LUMPUR- Release of Monetary Policy Statement at 1500 (0700 GMT)

FRIDAY, NOVEMBER 9

KUALA LUMPUR- Release of September 2018 Industrial Production Index at 1200 (0400 GMT)

FRIDAY, NOVEMBER 16

KUALA LUMPUR- Release of Malaysia's 3rd Quarter 2018 GDP at 1200 (0400 GMT)

TUESDAY, NOVEMBER 20

KUALA LUMPUR- Market and Public Holiday- Prophet Muhammad's Birthday

THURSDAY, NOVEMBER 22

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 15 November 2018 at 1500 (0700 GMT)

FRIDAY, NOVEMBER 23

KUALA LUMPUR- Release of October 2018 Consumer Price Index at 1200 (0400 GMT)

FRIDAY, NOVEMBER 30

KUALA LUMPUR- Release of October 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end October 2018 at 1200 (0400 GMT)

MONDAY, DECEMBER 3

KUALA LUMPUR- Release of Purchasing Managers Index at 1015 (0215 GMT)

FRIDAY, DECEMBER 7

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 30 November 2018 at 1500 (0700 GMT)

FRIDAY, DECEMBER 21

KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 14 December 2018 at 1500 (0700 GMT)

TUESDAY, DECEMBER 25

KUALA LUMPUR- Market and Public Holiday- Christmas Day

MONDAY, DECEMBER 31

KUALA LUMPUR- Release of November 2018 Money Supply Data at 1500 (0700 GMT)

KUALA LUMPUR- Release of Detailed Disclosure of International Reserves as at end November 2018 at 1200 (0400 GMT)

NOTE: The inclusion of diary items does not necessarily mean that Reuters will file a story based on the event.

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