I feel that I am obligated to post this article in I3 because I am the
one who recommended PJDev-WC in this forum. I had to highlight the
fundamental of PJDev so that the readers can make good decision to
decide to "sell or hold" this stock.
This is a voluntary
takeover of PJDev by OSKH, it is actually injecting OLH's family stake
of PJDev into OSKH so that OSKH can control PJDev.
Please reject this offer, PJDev will continue to be listed in KLSE like
Encorp. The share price will drop temporary, it will be back to normal
if all shareholders reject this takeover.
Mr OLH previous dealing
OSK Iinvestment Bank merged with RHBCap, Mr OLH asked for the below price of OSK investment Bank.
1.77 times Book Value (BV)
18.9 times historical PER.
CIMB and RHBCap merging plan
RHBCap merges with CIMB,
1.5 times Book Value.
What is the fair price of PJDev and OSKProp ?
1.5 times Book Value of PJDev is 3.76
1.5 times Book Value of OSKProp is 2.77
Is the offer price of OSKH to PJDev at 1.60 and OSKProp at 2.00 respectively fair ?
Ans : Totally unfair and unacceptable. Please reject this offer.
Thank you.
Ooi
The FA report of PJDev and OSKProp are as follows :-
股票市场里，“信心”占据了很重要的位置，也是决定股市上或下的一个值得去参考的指标。而信心这个东西是很脆弱的，人的信心是很容易被动摇的。《too big to fail》电
影里我曾经阐述过信心、信任和信誉是建立起整个经济架构的。上个月尾当大家信心爆满，仙股当道，连平时不contra的我，都在contra赚钱，各道师
傅都出城的时候，短短的时间就下滑了一百点。个个脑子里都在念着熊市的当儿，昨日股市竟然大步反弹，再次搞到股民们睡不着。大家都在寻找着等还是卖还是买
的答案。对市场的信心破裂。
再一次不敢强调说这个反弹是真还是假，接下来股市是上还是下。我依然相信股市很难去预测，被像我和你这样的人预测就不会是股市了。而我们可以做的，调整好
自己的心态，不要躲在刚受伤的阴影里太久。好好去思考下一次自己该在什么时候进场和退场。股市总是会在你不相信的时候发生他要发生的事。不要太执着你要他
发生的方向、要找的答案或要去避开的风险，应当去想个plan b c
d....，因为执着是一个对与错的问题，而这个问题当下是不会有100%准确的答案。调整一下自己的心情，好好规划自己的下一步吧！继续好好的去努力，
加油！
Author:PublicInvest | Publish date: Fri, 10 Oct 15:07
Following its earlier decision of not proceeding with the proposal to
acquire Kulim's 49% stake in New Britain Palm Oil Limited (NBPOL), Sime
Darby (Sime) has made a quick comeback with a General Olfer to buy out
all NBPOL's shareholders at £7.15 (RM37.54) per share, which is a
massive premium of 85% to the last closing price on Wednesday on the
London Stock Exchange. The offer, which represents a 2%-10% premium to
NBPOL's independent fair value, values the entire company at
approximately £1.073bn (RM5.63bn). Pending the outcome of the General
Offer, we maintain our Neutral call on Sime with an unchanged TP of RM9.99. Recap. Sime has shown its interest in NBPOL since July
following the failure of Kulim in raising its stake in NBPOL. Sime had
entered into exclusive discussions with Kulim for a period of 60 days
but was surprisingly not extended last week following the expiry of the
exclusivity period. The huge General Offer of £1.073bn (RM5.63bn) or
£7.15 (RM37.54) per share for NBPOL has indeed surprised the market
again. Synergistic deal. With the acquisition of NBPOL, it
will pave the way for Sime's maiden foray into PNG without the need for
hefty pex and time in building up its presence. Management guided that
NBPOL will make up at least 4%-5% of earnings contribution to the Group
for the next 2 years based on a 5-year average CPO price of USD800lmt
Apart from that, the acquisition will increase Sime's landbank size
close to 1m ha from 864,141 ha while NBPOL's two refineries, in
Liverpool, UK and in PNG will also help complement Sime's existing
downstream activities in EU and Southeast Asia and increase total
refining pacity to 4m mt. Valuations. The offer, which values NBPOL at an Evlha
of RM84,200, is higher than other recent plantation acquisitions, which
traded in the range of RM70,000-RM78,000. It is also higher than the
NBPOL's independent fair value of £6.50 and £7.00 per share released in
Aug 2013. We also opine the offer is fairly high especially in the
current down cycle of CPD prices. However, it is the price to pay for
the i) young age profile, ii) strong FFB yield, iii) potential synergies
in downstream and iv) management control Mth the minimum acceptance of
51%, which also helps consolidate its plantation arm. Sime will fund
the acquisition through 80% from external borrowings while the remaining
20% will come from its internally generated funds. Its gearing level
eventually will increase from 38% to 55% but will be pared down
subsequently through i) tight control of capex across divisions, ii)
proceeds from potential IPO exercise and iii) cash savings from dividend
reinvestment plan. The Group has received the backing from the PNG
Government and NBPOL board, who intends to recommend NBPOL's
shareholders accept the General Offer.
Source: PublicInvest Research - 10 Oct 2014
Festive demand may
support CPO prices: Angel
According to Angel Commodities Palm oil may trade on a positive note.
Festive demand and positive overseas markets may support prices.
However, higher imports and comfortable supplies may cap the upside,
says the report.
Angel Commodities
More about the Brokerage...
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Angel Commodities' report on Crude Palm Oil (CPO)
CPO Oct Futures corrected from higher levels on profit taking and
tracking weak soy oil and settled 1.05% lower. Prices gained on Monday
tracking higher overseas edible oil markets.
Palm oil Nov futures on KLCE traded on a positive note Monday tracking
overnight gains in soy oil and settled 0.55% higher. Good export demand
also supported prices while higher output during seasonally higher yield
period capped sharp gains.
According to Malaysian Palm oil Board, exports decreased 0.42% in August
against July, while palm oil output increased 21.98% and the end stocks
increased 21.92%.
Exports of Malaysian palm oil products in September increased 16.3% to
1,497,828 tonnes from 1,288,117 tonnes shipped in August. Indonesia has
removed export tax for October from 9% in September. Malaysia has exempt
export tax for September and October.
India's crude palm oil imports increased 69.03% in August to 640,072 tn
from 378,662 tn last year.
Outlook
Palm oil may trade on a positive note. Festive demand and positive
overseas markets may support prices. However, higher imports and
comfortable supplies may cap the upside. Prices may also take cues from
movement in the Rupee.
For all commodities report, click here
Festive demand may
support CPO prices: Angel
According to Angel Commodities Palm oil may trade on a positive note.
Festive demand and positive overseas markets may support prices.
However, higher imports and comfortable supplies may cap the upside,
says the report.
Angel Commodities
More about the Brokerage...
1
2
0
Google +0
1
Comments (1)
Angel Commodities' report on Crude Palm Oil (CPO)
CPO Oct Futures corrected from higher levels on profit taking and
tracking weak soy oil and settled 1.05% lower. Prices gained on Monday
tracking higher overseas edible oil markets.
Palm oil Nov futures on KLCE traded on a positive note Monday tracking
overnight gains in soy oil and settled 0.55% higher. Good export demand
also supported prices while higher output during seasonally higher yield
period capped sharp gains.
According to Malaysian Palm oil Board, exports decreased 0.42% in August
against July, while palm oil output increased 21.98% and the end stocks
increased 21.92%.
Exports of Malaysian palm oil products in September increased 16.3% to
1,497,828 tonnes from 1,288,117 tonnes shipped in August. Indonesia has
removed export tax for October from 9% in September. Malaysia has exempt
export tax for September and October.
India's crude palm oil imports increased 69.03% in August to 640,072 tn
from 378,662 tn last year.
Outlook
Palm oil may trade on a positive note. Festive demand and positive
overseas markets may support prices. However, higher imports and
comfortable supplies may cap the upside. Prices may also take cues from
movement in the Rupee.
For all commodities report, click here
CIMB, MBSB and RHB Cap announced merger struc ture and valuations basis . RHB Cap will acquire CIMB assets
and liabilities for shares while CIMB Islamic will acquire
MBSB and RHB Islamic for shares (MBSB shareholders has option
for cash) to merged into a mega Islamic bank with 55-58% owned by the
enlarged entity (CR) post strategic shareholder(s). CIMB and MBSB will be delisted after capital distribution. CIMB valued at RM7.267 (1.7x P/B 1HFY13), RHB Cap at RM10.028 (1.44x) and MBSB at RM2.82 (1.9x).
Completion expected in mid-2015.
Rationale
CIMB conference call: 1) larger scale, top 5 in Asean; 2)
value creation through synergy; 3) EPS accretion while synergy
will recover initial ROE dilution; 4) reduce exposure to
Indonesia; and 5) Islamic bank new growth driver. Postmerger
CET1 at 9% but target to increase to 9.5% from assets
rationalization while long-term target is 10%.
Comment
Merger valuation for CIMB and RHB Cap in line with expectations but MBSB surprised on upside.
Key challenge to extract synergy and long-term ROE enhancement
is addressing the huge overlaps within CIMB and RHB Cap and
to certain extend with MBSB as well as execution of integration.
Although create scale and formidable regional banking group
with Islamic operation the new driver, short -term pain in terms
of ROE dilution, integration cost and the overlaps.
Impact on stocks
MBSB biggest winner as deal is a privatization at significantly higher price (RM2.82) vs. current market price (RM2.37) or +19% different.
Neutral on CIMB, valued at near current market
price although will become stronger entity domestically and
regionally longer term.
Positive to RHB Cap, set new valuation
benchmark vs. current undervaluation. At RM10.028, back
-of-envelope preliminary proforma FY15 P/E and P/B undemanding at
11x and 1.1x, respectively, although ROE will drop to high single
digit.
Thus, we are maintaining our BUY rating on RHB Cap with unchanged target price of RM10.00 and HOLD rating on CIMB with unchanged target price of RM7.22. OSK still relatively good proxy to RHB Cap as
estimated 10% discount to SOP is RM2.63. However, yesterday’s
share price appreciation has reduced the difference with market
price to 15%.
Risks
Integration execution could drag earnings, synergy and long
term ROE enhancement. However, CIMB confident given experiences
in integrating SBB and Bank Bumi.
Source: Hong Leong Investment Bank Research - 10 Oct 2014
Construction & Property: TRX project set to attract USD1b FDIs.
The development of the Lifestyle Quarter project at Tun Razak Exchange
(TRX) is expected to attract up to USD1b (MYR3.2b) in foreign direct
investments to Malaysia. The project, which is a joint venture between
1MDB Real Estate (1MDB RE) and international property and infrastructure
group Lend Lease, is expected to contain a retail-led mixed-use
development of over 6.8ha, comprising a hotel, three residential towers
and a retail mall connected to multi-layer central park. Also, 1MDB RE
and Lend Lease are moving forward with their agreement on the
development of the Lifestyle Quarter in TRX, as both parties are
finalizing the key terms of the proposed joint venture (Source: Business
Times, The Star)
Property: PJD-OSK Property merger 'quite soon', no privatization of merged company.
Tan Sri Ong the chairman of PJD as well as the managing director and
CEO of OSK Property said the “exercise will be quite soon”. They do not
have the intention to privatize but rather to synergize. The
consolidation will result in the creation of a first-tier property
developer. (Source: The Star)
Sarawak Cable: Bags MYR493m Mukah power plant job. The
contract from Shanghai Electric Group Co Ltd for the local portion of
the project works to build a 2x300MW Balingian coal-fired power plant in
Mukah, Sarawak. Project is expected to commence on Nov 28 this year,
with completion on March 27, 2018. (Source: The Edge Financial Daily)
Lay Hong: Second-quarter net profit surges. It recorded
close to seven-fold rise in net profit in second quarter ended Sept 30
to MYR6.3m from MYR0.9m a year earlier due to higher egg prices and
favorable average corn and soybean prices. Also, Lay Hong said it had
posted a 14.24% jump in revenue to MYR166.85m for the quarter from
MYR146.1m previously, contributed by a higher quantity of eggs and
liquid eggs sold, as well as higher sales from its retail supermarket
segment due to the Hari Raya celebrations in July. (Source: The Star)
Outside Malaysia
Germany: Exports slide most since January 2009 as economy stumbles.
Exports dropped 5.8% MoM in August, after a 4.8% MoM increase in July,
the Federal Statistics Office in Wiesbaden said. While the typically
volatile data was influenced by the timing of German school holidays in
late summer, it still depicts an economy that is stumbling as the
euro-area recovery grinds to a halt. The European Central Bank has added
unprecedented stimulus to try to revive inflation and economic growth
in the 18-nation currency bloc. (Source: Bloomberg)
U.K: BOE leaves key interest rate at 0.5% as Europe's economy falters.
The Bank of England kept its key interest rate at a record low as the
euro-area economy stumbled and domestic growth showed signs of losing
momentum. The recent deterioration is lending weight to Governor Mark
Carney's argument that more time is needed to shore up the recovery.
While the nine-member Monetary Policy Committee split on the need for an
increase at the last two meetings, the majority voted to hold the key
rate at 0.5%. (Source: Bloomberg)
U.K. House-price growth slows to 10-month low in September on rate prospects.
The average price increased 10.6% YoY to GBP 275,820 (USD 445,000).
Housing-market transactions may have dropped 9% MoM from August,
according to the report. (Source: Bloomberg)
Author:PublicInvest | Publish date: Fri, 10 Oct 12:16
Details of this year‟s mega-deal to create the nation‟s largest banking group were revealed yesterday,
which will essentially see RHB Capital (RHB) being the acquirer
and eventual listed entity, and the subsequent de-listings of CIMB
Group (CIMB) and Malaysia Building Society (MBSB) post- asset and
liability disposals. Part of the exercise will involve CIMB
Islamic Bank acquiring the assets and liabilities of both RHB
Islamic Bank and MBSB to create the mega Islamic bank as announced
three months ago. A share swap on the basis of 1 RHB share for every
1.38 CIMB share held will then be undertaken. While we feel the implied
valuation of CIMB Group is a little underwhelming at RM7.27 or a 1.7x
price-to-book ratio, this particular mode of transaction is most lik
ely the best solution to avoid potential shareholder impasses. We
are positive on the deal, but our call is lowered to Neutral
however, with the target price capped at RM7.27. Coverage on CIMB will
be on-going until completion of the deal. How? A share swap which values CIMB at RM7.27 per
share (1.7x priceto-book @ 30/6/14), RHB at RM10.03 per share
(1.44x) and MBSB at RM2.82 per share (1.91x). CIMB shareholders
will own 70% of the merged entity, RHB the balance. Why? Group Chairman Dato Sri Nazir Razak highlighted 5
key reasons why this deal was necessary, 1) it achieves the scale
necessary for the enlarged group to compete in the ASEAN
community space, while also cementing its position as Top 5
within the region, 2) it achieves economies of scales with
synergistic benefits, 3) it is a compelling financial
proposition for CIMB Group shareholders as the deal is EPS
accretive though ROE dilutive in the near term higher, 4) it allows for a
rebalancing of its geographical portfolio and to tap on each entity‟s
core strengths, and 5) it creates a new growth engine in Islamic finance What now? Bank Negara Malaysia approval has
been sought, after which due diligence will be undertaken. A
definitive Sale and Purchase Agreement will be signed in early
2015 after which consent of other regulators and shareholders will
be sought. Full completion of the deal is expected mid-2015. On the
issue of the Employees Provident Fund being allowed to vote, management
anticipates this to not be a deal-breaker if otherwise given the value
proposition on-hand.
Source: PublicInvest Research - 10 Oct 2014
Outright winner is MBSB with potential cash option at MYR2.82/share (+19% upside).
Positive for RHB - upgrade to BUY with a higher TP of MYR10.45. Positive for OSK with a FV MYR2.64.
HOLD on CIMB with an unchanged TP of MYR7.60.
What’s New
CIMB-RHB-MBSB has announced details of their merger which
entails taking MBSB private at MYR2.82/sh, and merging CIMB and
RHB via a share swap of 1.38 CIMB shares for every 1 RHB share.
What’s Our View
The outright winner, is MBSB (MBS MK; Not Rated, FV: MYR2.82),
which is to be taken private at MYR2.82/sh. Investors will have
an option of cash or RCPS in a new unlisted mega-Islamic bank, which
would likely be palatable only to strategic shareholders.
The deal is neutral on CIMB,
whereby we estimate a post-merger dilution in FY15 ROE to 11.4% from
12.3%. Pegging on a lower FY15 P/BV target of 1.35x (FY14 1.7x
previously) results in an unchanged TP of MYR7.60, which translates to a FY15 PER of 12.2x, in line with Maybank. We maintain our HOLD call on CIMB.
Valuing CIMB at MYR7.60/sh and taking into account the 1.38 swap ratio, RHB would be valued at MYR10.45 (+20% upside). Our TP is raised to MRY10.45, and we upgrade RHB to BUY from HOLD. OSK (OSK MK; Not Rated) could eventually hold
just 3% in the enlarged entity and we think it would make
commercial sense to dispose off this shareholding. On revaluing its
stake and applying a 20% discount to its RNAV, we derive a FV of MYR2.64 (+15% upside).
Key risks at this juncture would be (i) regulatory approvals,
(ii) EPF’s right to vote on this deal and (iii) Aabar’s acceptance.
Source: Maybank Research - 10 Oct 2014
Sime surpris ed the market by announcing its intention to make
a general offer for all the shares in NBPOL at £7.15/share
cash.
Sime has already secured blessings from key stakeholders
including: (1) the PNG Government; and (2) NBPO L board, of which the
independent board committee intends to unanimously recommend NBPOL
shareholders to accept the general offer.
The acquisition will boost Sime’s land bank by 15.6% to 1m ha and
refining c apacity in Europe by 67% to 750,000 mt per annum.
Comments
Pricing wise… The price tag values NBPOL at
2014 -2015 P/E of 16.4-20.5x (based on consensus), current P/B
of 2.04x, EV/ha of RM80,356 (planted oil palm estates). We
believe the high price tag is justified given: (1) the scarcity of
sizeable brownfield plantation land bank; (2) the rare
opportunity to acquire quality brownfield asset (which has
strong reputation and track record, and full RSPO certification);
(3) it is a good platform for Sime to expand into plantation business
in PNG. Muted earnings impact to Sime… Sime would not
have issue funding the acquisition, and the acquisition will
only raise Sime’s net gearing from 0.22x to 0.44x, based on
our estimates. Earnings wise, we estimate that the acquisition will add
~2.5% to Sime’s FY06/15 earnings, assuming: (1) Sime to acquire a 100%
stake in NBPOL; (2) NBPOL to register a net profit of RM309m
(based on the average FY15 -16 consensus earnings); and (3)
interest rate assumption of 4% .
Earnings Forecasts
Maintained for now.
Risks
Sharp fall in FFB output and/or palm product prices at the plantations division;
Prolonged weak demand for mining equipment; and
Delay in property launches.
Rating HOLD
Positive – Strong balance sheet.
Negatives – (1) Weak global economic outlook, coupled with
the impending excess supply of CPO will affect both demand and prices
of CPO; (2) Cooling economic activities in China and Australia may have
an adverse impact on Sime Darby’s earnings; and (3) Overseas
expansion risk.
Valuation
Maintain SOP-derived TP of RM9.75
Source: Hong Leong Investment Bank Research - 10 Oct 2014
Half-month bonus with a minimum payment of RM500 to be paid in January 2015 for civil servants.
Ministers and Deputy Ministers will have a salary revision at another time.
Increase in allowance of MPs.
BR1M
from RM300 to RM350 a year for single individuals aged 21 and above
with a monlthy income not exceeding RM2,000. Assistance 2 be disbursed
early next year.
BR1M to RM950 for households with a monthly income of RM3,000 and below paid in 3 instalments
Minimum price of houses will be reduced to RM90,000 per unit with a minimum floor area of 850 square feet.
Repair and maintenance for military, police, teachers' and medical staff's quarters nationwide for RM500 million.
18:13
Minimum eligibility for housing loans increased to RM120,000 and maximum eligibility for civil servants to RM600,000.
18:12 World Competitiveness Index ranking improved from 15th to 12th position in 2014.
Over 3 years with RM30 million, to build Al-Quran Printing Centre in Putrajaya; 2nd biggest after Saudi Arabia.
Staff
of KEMAS, JASA, JPNIN, JAKIM and Seranta Felda who have served more
than 15 years and have retired will receive a monthly assistance of
RM300 benefiting 1,655 people.
One-off
grant of RM50 million will be provided to NGOs, that are involved in
community development programmes, unity, social welfare, consumerism,
health and security.
RM117 million will be allocated to RELA for training and capacity building.
RM121 million for PDRM to implement various programmes under NKRA.
Police force will be increased by 11,757 personnel, 14 Police Headquarters and Stations to address crime.
Construction of Air Langat 2 Water Treatment Plant will be expedited; costing RM3 billion to address water supply shortage.
Rural facilities & infrastructure to get RM4.6 million for upgrade.
Age of borrowers increased from 35 to 40 years.
For Skim Rumah Pertamaku.
Purchase limit increased to RM500,000 with 50% stamp duty exemption for first home.
For early childhood education, Ministry of Education will get RM711 million
Increase in tax relief for disabled child. RM5,000 to RM6,000
Financial assistance for poor families, children, senior citizens and disabled. RM1.2 billion
To address the dengue issue, RM30 million will be allocated.
If
you have cancer, kidney failure and/or heart attack, you can get tax
relief up to RM6,000. An increase from the original RM5,000.
Establish an additional 30 1Malaysia clinics.
RM41 million for planting and replanting for oil palm smallholders.
RM23.3 billion to improve health services and facilities.
RM100
million to protect smallholders from losses incurred, especially when
the world market price falls. - Malaysian Rubber Board (MRB)
People
working in KL and coming from outside KL will have a bus service with
discounted monthly fare of 30%. Routes: Rawang-KL; Klang-KL;
Seremban-KL.
Additional 20 KR1M in Peninsular Malaysia to ease burden of Malaysians.
Additional RM250 million for fishermen; to improve living condition.
Increase of living allowance for Zone A's fishermen to RM300, Zone B and C; increased to RM250.
RM100
million matching grant to Farmers’ Organisation Authority to enable the
members to obtain loans to improve farm productivity and marketing
channels.
Government
will establish 65 new permanent farmers’ markets and 50 new fish
markets that will operate daily in selected locations. To date, there
are 526 farmers’ markets and 50 fish markets nationwide.
Government will also give a 50% stamp duty exemption on the instrument of transfer agreements and loan agreements.
RM200 incentive monthly for first two years of housing loan repayment.
RM100 mil for 1Malaysia Youth City in Sabah and Sarawak to boost employability and entrepreneurship skills in youth.
Child care holiday for 1 year for step child, adopted child, or special needs child.
RM320 million to revitalise youth programmes, including National Service and Rakan Muda.
"1 malaysia support" for housewives for professional women to return to employment.
RM 2.26 billion allocated for the Women, Family and Development Ministry to promote women entrepreneurship.
RM 2.26 billion for development of women's operations.
Women make up only 38% of work force. Government will take initiative to increase this.
Women are the backbone of a nation's development.
Lahad Datu airstrip will be extended to accommodate bigger planes.
RM27 billion for construction of 1,663km highway in Pan Borneo.
Construction of pan borneo highway at a cost of RM27 billion.
Various initiatives to promote bumiputera entrepreneurship.
Government
hopes to make M'sia a prime location for start-ups in the region. MAGIC
to create a conducive start-up eco-system to attract expatriates.
Labour laws to be revised to include benefits such as flexible hours to cater to an increasingly dynamic labour market.
Labour laws to be revised to include benefits such as flexible hours to cater to an increasingy dynamic labour market.
PTPTN:
Rebate of 10% for individuals who has been consistently paying for the
past 12 months till 31 Disember 2014 and 20% rebate for those who
settles the full amount by 31 March 2015.
TalentCorp to be allocated RM13 mil for internship programmes and industrial training & more.
Syllabus
at higher learning institutions to be revised to include
extra-curricular activities to combat "unemployability" among local
graduates.
PTPTN, as of Aug 31, 2014, only 46% of debt collected. 174,000 have never repaid their student loan.
National
schools will be allocated RM450 mil, Sek. Jenis Kebangsaan Cina gets
RM50 mil, SJK Tamil RM50 mil, boarding schools RM50 mil, religious
schools with government's aids RM50 mil, SRSM 50 mil, Sek pondok RM50
mil and RM25 mil for chinese schools using national syllabus.
RM258 million allocation for Ministry of Health.
RM800 million allocated for schools, which include national schools, and Chinese and Tamil vernacular schools.
2x tax relief for companies who offer internships for diploma and vocational students.
10,000 students will be placed in private vocational institutions.
By
2020, 46% jobs will need technical and vocational qualifications. To
increase enrollment in technical and vocational schools RM1.2 billion to
be allocated.
Principals will be given autonomy to administrate their respective schools.
RM56 billion will be allocated for the Ministry of Education for various programmes.
1Malaysia Training Centre has been established for the private sector.
Urban Transformation Centre to be established in Kelantan, Terengganu and Perlis to promote skills and employability.
A new subsidy scheme will be announced soon.
To
improve the country's budget - subsidy rationalisation has been
implemented. An example is the fuel subsidy. We will ensure this is done
in gradually and in stages to reduce the burden on the rakyat.
Grant of RM100 million for companies who send staff for GST training.
YA 2016, SMEs and small businesses will be reduced from 20% to 19%.
Highest income tax rate to be reduced from 26% to 24%.
Personal income reduced by 1% - 3% , 300,000 taxpayers will be exempted from income tax.
532 items, 56% price will be reduced such as medical products, electronic products, furniture, diapers, seafood and vegetables.
Groceries, RON95, diesel and LTG exempted as well.
GST
exempted on essential items. To increase the number of items: 1) all
local and imported fruits, white and wholemeal bread, coffee and tea,
cocoa powder, mee kuning, laksa and mihun.
Also 290 types of medicine for 30 types of illness such as heart diseases, and diabetes will be exempt.
Reading magterials such as colouring books, dictionary, and others.
There will be an increase in the exemption for electricity consumption from first 200 units to 300 units.
To trim fiscal deficit to achieve a balance budget.
RM1.3
billion for Ministry of Science, Technology and Information - rebrand
SIRIM, introduce a new initiative Public Private Research Network.
RM50 million to Ex-army Programme, benefitting 50,000 ex-army personnels.
RM50 million to Professional Young Women Development programme, benefitting 50,000 professionals.
RM50 million to Indian entrepreneurs.
RM350 million to Bumiputera entrepreneurs.
Tekun has been providing loan amounting to RM3.1 billion.
High
speed broadband to be implemented in high impact areas in the nation.
RM2.7 billion will be allocated in 3 years including additional 1,000
base stations and undersea cable construction.
These developments will create at least 1,000 employment opportunities.
Project LRT 3rd phase, from Bandar Utama to Shah Alam to Klang will begin soon.
MRT second phase, 56 km, from Selayang to Putrajaya with RM23 billion allocated.
Allowance automation modal expenditure of 200% on the first RM4 million. From 2015 - 2017.
100% tax exemption for 5 years to encourage private sectors to develop industrial areas in rural and less developed locations.
Encourage investments in less developed areas in the country, with specific programmes.
Malaysia is now the biggest sukuk provider, taking up 60% globally.
Research Incentive Scheme with RM10 million for SMEs in ICT and information industry.
Introduce the blueprint for the service sector with RM5 billion allocated for SMEs in the service sector.
With GST, SST will be abolished, causing the government a loss of RM13.8 billion
Total revenue last year is RM235.2 bil, additional of RM10.2 bil compared to the year before.
RM4.9 bil allocated for security sector
Revenue from GST expected to hit 23.2 billion. With GST, SST will be abolished.
Deficit fiscal trimmed from 6.7% (2009) to 3.9% (2013), and 3.5% by end of 2014.
We are now ranked the highest economic growth in South East Asia.
Budget 2015 is a budget of economy based on the rakyat's needs.
"People economy and capital economy cannot be separated. They exist in a symbiosis relationship," said PM.
The
biggest challenge we face in administrating the country is balancing
policies that are populist in nature with policies that are based on
economic health of the country.
With
the aim to achieve high-income nation in 2020, such as Japan and Korea.
All these countries started with agriculture, just like us.
Opening
address by Prime Minister: Government is still committed to develop
Malaysia, with the 11th Malaysian Plan starting May 2015 with the
Malaysia National Development Strategy (MyNDS).
And we're off! Malaysians, are we ready for Budget 2015?
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