Regional Morning Notes
Tuesday, October 07, 2008
Please see important notice on last page
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Sep 08 Consumer Price Index
Inflation reached 2-year high during the festive month. It may have peaked
due to slower consumer demand and falling commodity and energy prices.
Fitch Ratings maintains stable outlook for Singapore banks due to
diversified funding base, adequate NPL coverage and strong capital ratios.
Singapore shipping trusts are sheltered from the surge in US$ 3-month
LIBOR as the cost of borrowing has been swapped into fixed rates.
Total Access Communication (BUY/Bt40.50/Target: Bt55.43)
Despite a more aggressive approach from the new CEO of DTAC, we do
not expect the industry to enter a new price war. Maintain BUY
Quill Capital Trust (QUIL MK)
Oct 07 Dec 07 Feb 08 A pr 08 Jun 08 A ug 08
Good reputation and strong track
Quill Capital Trust (QCT) is a real estate
investment trust. It acquires and invests
in commercial properties primarily in
Malaysia to provide QCT unitholders
income and potential
QCT holds a portfolio of quality
properties at prime locations with blue-
chip tenants like DHL, HSBC, Technip,
BMW and IBM. These properties
provide a stable income stream that
helps generate sustainable long-term
total return for unitholders. QCT is
targetting new acquisitions at retail
centres eg Tesco Builing in Penang.
1HFY08 revenues grew 110.3% yoy to
RM25.08m and profit after tax surged
89.5% yoy to RM13.85m. The better
acquisitions of Wisma Technip and
Plaza Mont’ Kiara.
The sector has been given a boost with
the government’s recent decision to
reduce withholding tax of dividend from
20% to 10% for for