<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Aug 6): AllianceDBS Research has downgraded Cahya Mata Sarawak Bhd (CMSB) to "hold" at RM2.83 with a lower target price of RM3.10 (from RM3.80) and cut its FY19/20/21F earnings for CMSB by 20%/22%/14%, largely to factor in lower contributions from 25%-owned OM Materials (Samalaju) Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>In a note today, the research house said the weaker associate profits arising from depressed manganese and ferrosilicon prices more than offset the improved contributions from CMSB's cement and construction materials business.</p></div>

<div class=newsTextDataWrapInner><p>"As a result, we expect CMSB FY19F earnings to contract 12%.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>"We downgrade our call to Hold with a lower SOP (sum of parts)-based target price of RM3.10," it said.</p></div>

<div class=newsTextDataWrapInner><p>At 11am, CMSB dipped 1.06% or 3 sen to RM2.80 for a market capitalisation of RM3.01 billion.</p></div>


AllianceDBS Research has downgraded Cahya Mata Sarawak Bhd (CMSB) to "hold" at RM2.83 with a lower target price of RM3.10 (from RM3.80) and cut its FY19/20/21F earnings for CMSB by 20%/22%/14%, largely to factor in lower contributions from 25%-owned OM Materials (Samalaju) Sdn Bhd.

In a note today, the research house said the weaker associate profits arising from depressed manganese and ferrosilicon prices more than offset the improved contributions from CMSB's cement and construction materials business.

AllianceDBS Research downgrades Cahya Mata Sarawak, cuts target to RM3.10

The government will continue to monitor the impact on inflation in the country following the announcement of a more than 13% increase in civil servants' salaries this December.

Anwar: Putrajaya will keep eye on inflation rate following civil service pay hike

US private payrolls increased more than expected in April, suggesting that the labor market maintained its momentum early in the second quarter.

US private payrolls beat expectations in April 

Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets.

KFC parent Yum reports surprise drop in global same-store sales on weak demand

Shell has exited China's power markets as part of CEO Wael Sawan's drive to focus on more profitable operations including its natural gas and oil businesses.

Shell exits China power market businesses

The retail price of RON97 petrol remains unchanged at RM3.47 per litre, with RON95 also unchanged at RM2.05 per litre, from May 2 to May 8, according to the Ministry of Finance on Wednesday.

Fuel prices unchanged till May 8

The dollar edged towards its highest level this year against a basket of peers and US share futures dipped on Wednesday ahead of a Federal Reserve policy decision, though trading was thin with many European and Asian markets closed.

Dollar near five-month highs ahead of Fed policy decision

Bitcoin slid by almost 6% on Wednesday, having posted its worst monthly performance in April since late 2022, as investors pulled money out of cryptocurrencies ahead of an interest rate decision by the Federal Reserve later.

Crypto washout sends bitcoin below US$58,000 into bear market

Prime Minister Datuk Seri Anwar Ibrahim has emphasised that any party associating him and the government with a purported casino project in Forest City must face legal action.

Those who spread lies on Forest City casino project ought to be jailed, says PM

Details regarding the salary increase for civil servants will be announced during the tabling of Budget 2025 in October this year.

Details of civil servants’ wage hike to be announced in Budget 2025, says Fahmi 

China's Huawei Technologies has moved the high-profile chief of its consumer business, Yu Chengdong, to a new role as chair of the unit, two people with knowledge of the matter said.

Huawei's high-profile consumer CEO Richard Yu shifts role

<p>Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets.</p>


<p>The government will continue to monitor the impact on inflation in the country following the announcement of a more than 13% increase in civil servants' salaries this December.</p>


<p>US private payrolls increased more than expected in April, suggesting that the labor market maintained its momentum early in the second quarter.</p>
