Help International to sell Bridge2Think shares

Help International Corp Bhd has entered into a share sale agreement with Management Circle Group AG, Switzerland, to dispose of a 19.1 per cent equity interest in Bridge2Think AG (B2T) for a cash consideration approximately RM1.721 million.

B2T is a global learning solutions group with operations in Australia, Germany and the United Kingdom with its headquarters in Basel, Switzerland.

In a filing to Bursa Malaysia today, the company said the European services sector was expected to be more competitive in the future and the company felt the offer made by Management Circle Group AG was of reasonable value.

HELP would realise a 23 per cent gain upon completion of the disposal of B2T and would use the proceeds to focus more on investment opportunities in the Asia region. -- Bernama



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Proton marketing blitz via e-mails, SMS

The recently launched Customer Advocacy Relationship Enhancement System (CARES) has allowed Proton Holdings Bhd to conduct marketing campaigns via emails and text messages, while at the same time, track customer's responses to measure real-time campaign effectiveness.

The national car maker purchased the Oracle solutions, an end-to-end customer relationship management system, in November last year and the project went live August 2011.

According to Proton, the single customer view feature of the system will be an effective tool for the carmaker's sales and after-sales staffs in delivering consistent customer experience across its customer's touch-points, namely the i.care contact centre, sales and service branches.

"In line with our 'Committed to be Better' promise, Proton's key business units will utilise this powerful customer relationship management tool to strengthen Proton's brand and customer perception, which will ultimately translate into business profitability," group managing director Datuk Seri Syed Zainal Abidin Syed Mohd Tahir said in a statement.

For CARES phase 1, the company emphasises four main areas - sales lead management, after-sales service management, marketing campaign management and enterprise communication services.



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Berjaya Land records 17pc profit hike

Berjaya Land Bhd reported its pre-tax profit for the second quarter ended Oct 31, 2011 increased 17 per cent to RM102.5 million from RM87.9 million reported in the previous corresponding quarter.

In a statement today, the company said the increment was mainly due to the higher profit contributed by the gaming business and also lower finance costs.

Revenue for the period however declined to RM988.6 million from RM1.02 billion a year ago. "The slightly lower revenue was mainly due to the lower property sales registered by the property development business," it said. -- Bernama



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HAI-O pre-tax profit up to RM11.25m

HAI-O Enterprise Bhd has recorded a higher pre-tax profit of RM11.25 million for the second quarter ended 31 Oct, 2011 from RM9.08 million in the previous corresponding period.

In a filing to Bursa Malaysia today, the company said revenue rose to RM56.19 million from RM52.62 million.

The company said the increment was mainly due to higher contribution from its principal subsidiary, the multi-level marketing division. -- Bernama



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KFC, QSR accept MESB's takeover offer

The board of directors for KFC Holdings (Malaysia) Bhd and QSR Brands Bhd have agreed to accept the offer made by Massive Equity Sdn Bhd (MESB) to acquire the entire business and undertakings of KFC and QSR companies including all assets and liabilities.

In a filing to Bursa Malaysia today, the company said the aggregate cash consideration for the acquisition was equivalent to RM6.80 per ordinary share of RM1.00 each and RM3.79 per warrant held in QSR.

Meanwhile, MESB would acquire KFC at RM4.00 per ordinary share of RM0.50 each and RM1.00 per warrant.

"These would be multiplied by the total outstanding QSR and KFC shares and warrants in issue at a date to be determined later.
"The board also does not intend to seek any alternative bids," it added.

MESB is a special purpose vehicle jointly owned by Johor Corporation (JCorp) with CVC Capital Partners. Following this related party transaction, JCorp which already has a 17 per cent interest in KFC and 33 per cent in QSR had, will raise its economic interest in KFC to 51 per cent, while in QSR it will also increase it to 51 per cent.

Jcorp said the KFC and QSR businesses would be merged into an enlarged regional food retailing business. -- Bernama



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Jaya Tiasa records higher Q2 profit

Jaya Tiasa Holdings Bhd's pre-tax profit for the second quarter ended Oct 31, 2011 rose to RM57.3 million from RM41.1 million in the same quarter of 2010.

Revenue increased to RM239.5 million from RM192.2 million previously, it said in a filing to Bursa Malaysia today.

Jaya Tiasa said the improvements in revenue and pre-tax profit were mainly due to increase in log sales and the better average selling price for plywood.

"The improvement in crude palm oil sales, the increase in average selling price as well as the growth in fresh fruit bunches sales were also accounted for in the quarter's financial results," it said.

The group said with the volatile operating environment, the performance for the timber segment would be challenging.

It said the palm oil segment, however, would remain bullish.

"Barring any unforeseen circumstances, the board believes that the performance for the current financial year will be satisfactory," it said. -- Bernama



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No check-in fee for AirAsia int'l flights

Airasia Bhd's international passengers will be exempted from the RM10 per passenger counter check-in fee from today onwards.

In a statement, the budget carrier said the check-in fee will remain for domestic flights.

International guests who have pre-paid the counter check-in fees between September 21 and December 21 this year may obtain a credit shell by contacting customer care via the e-form on its website.



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DRB-Hicom plans high-end boutique luxury mixed developments in Langkawi

KUALA LUMPUR (Dec 21): DRB-HICOM BHD []’s unit has entered into a swap agreement to convert the status of its land in Langkawi from Malay reserve (MR) to non-Malay reserve with a view to undertake high-end boutique luxury mixed developments there.

It said on Wednesday that its unit Rebak Island Marina Bhd (Rebak) had entered into the agreement with Northern Gateway Free Zone Sdn Bhd (NGFZ) to change the designation of 333 acres of land owned by Rebak from MR to non-MR status of 350 acres freehold land in Bandar Kota Perdana, Kubang Pasu, Kedah for RM76 million cash.

DRB-Hicom said Rebak owned 379.78 acres leasehold land on Pulau Rebak Besar, Langkawi as well as 4.70 acres of freehold land.

The conglomerate said the swapping of the land status was an allowed exercise to convert the status of MR land to non-MR land subject to the relevant conditions imposed by the Kedah state government.

On the rationale for the land status conversion, DRB-Hicom said that there was a recent surge in the exodus of high net worth individuals to the Asean region which had contributed to the success of boutique luxury concept projects undertaken in the region, including Phuket, Koh Samui and Bali.

It said Malaysia was the only country in the region that does not have the boutique luxury concept developments, adding that concept projects in Langkawi would amplify the 5-year Langkawi Tourism Blueprint announced by the government to attract high net worth individuals to reside in Langkawi.

“Acknowledging the said potential of high-end boutique luxury mixed developments, DRB-Hicom via Rebak plans to develop villas and waterfront bungalow lots, commercial retail outlets and other required amenities on the undeveloped portion of Rebak Land,” it said.

DRB-Hicom said its future earnings were expected to improve taking into consideration the enhanced future development potential of Rebak Land, after the conversion, which would benefit the group in the long-term.





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Hytex rapped over failure to report defaults

Bursa Malaysia Securities Bhd has publicly reprimanded Hytex Integrated Bhd for failing to make an immediate announcement on the various defaults in payment of credit facilities by it and its major units, as set out in the company's announcement dated Aug 16, 2011.

In a statement today, Bursa Malaysia said Hytex breached paragraphs 9.03(1) and 9.04(l) of the Bursa Securities Main Market Listing Requirements (Main Market LR) read together with paragraphs 2.1(d) and (e) of Practice Note 1 (PN1).

It said the public reprimand was imposed pursuant to paragraph 16.19(1) of the Main Market LR after taking into consideration all facts and circumstances of the matter, including the fact that Hytex has previously breached the listing requirements and upon completion of due process.

"While we have not made a finding that any of the company's directors caused or permitted the breach, nevertheless, we wish to highlight that it is the responsibility of directors of listed companies to ensure the compliance with the Main Market LR," it said. -- Bernama



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Aeon buys 7.37ha lands in Kulai for RM22.22m for shopping centre

KUALA LUMPUR (Dec 21): Aeon Co (M) Bhd is acquiring two pieces of freehold land in Kulai for RM22.22 million as part of its strategy to expand its retail business.

It said on Wednesday that it had entered into a sale and purchase agreement with Genting Property Sdn Bhd to acquire the freehold lands measuring a total 7.37ha for the purpose of operating a business of shopping centre with car parks and departmental stores cum supermarket.

“The acquisition is in line with Aeon’s corporate strategy of accelerating the expansion of its retail business through opening of new shopping centres and outlets.

“The acquisition is expected to contribute positively to Aeon’s business in future,” it said.




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Fajarbaru to build RM61.99m sewage treatment plant

KUALA LUMPUR (Dec 21): Fajarbaru Builder Group Bhd has secured a RM61.99 million contract to build a sewage treatment plant on Klang, Selangor.

It said on Wednesday that its wholly-owned unit Fajarbaru Builder Sdn Bhd had received a letter of acceptance dated Dec 20, 2011 from the Ministry of Energy, Green TECHNOLOGY [] and Water for Package of the sewage treatment plant.

Fajarbaru said the CONSTRUCTION [] period was 30 months commencing from the date of possession on Jan 11, 2012.

The company said the Contract was expected to contribute positively to its earnings for the financial years ending June 30, 2012 to June 30, 2015.


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Jaya Tiasa 2Q net profit rises 36.8% to RM41.16m

KUALA LUMPUR (Dec 21): JAYA TIASA HOLDINGS BHD [] net profit for the second quarter ended Oct 31, 2011 rose 36.8% to RM41.16 million from RM30.07 million a year earlier, due mainly to increase in revenue.

The company said on Wednesday that its revenue for the quarter increased to RM239.53 million from RM192.21 million in 2010

Earnings per share for the quarter increased to 15.42 sen from 11.27 sen in 2010, while net assets per share wasRM5.01.

For the six months ended Oct 31, Jaya Tiasa’s net profit jumped to RM97.08 million from RM52.53 million, while revenue rose to RM499.52 million from RM377.74 million in 2010.

Reviewing its performance, Jaya Tiasa said the improvement in revenue was due mainly to increase in logs sales volume and plywood average selling price; higher fresh fruit bunches (FFB) sales volume; and improvement in crude palm oil (CPO) sales volume and selling price.

It said the global economic environment had become more uncertain with renewed concerns on sovereign debt crisis in Europe, subdued recoveries in other advanced economies and moderate growth in emerging and developing markets.

In view of the volatile operating environment, performance for the timber segment will be challenging, it said.

“However, the oil palm segment remains bullish with higher FFB and CPO production volume contributing significantly to the group profitability.

“Barring any unforeseen circumstances, the board believes that the performance for the current financial year will be satisfactory,” it said.




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KL shares end firmer, buoyed by Wall St

Share prices on Bursa Malaysia ended on a firm note today, in line with the stronger close on Wall Street and European markets overnight, dealers said.

On Wall Street, the key US equity indices rose between 2.9 per cent and 3.2 per cent at the close, buoyed by better-than-expected housing starts report.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.81 points to 1,484.98.

The dealers said the gain was bolstered by upbeat economic data from US and Europe, adding that the positive external vibes had also spilled over to Asian bourses today.

Gainers led losers by 405 to 307 while 336 counters were unchanged and 433 others untraded. Turnover rose to 1.655 billion shares worth RM1.321 billion from 1.642 billion shares worth RM738.23 million yesterday.

The Finance Index rose 187.03 points to 13,267.64, Plantation Index added 58.76 points to 7,907.88 and the Industrial Index increased 12.45 points to 2,662.82. The FBM Emas Index gained 119.94 points to 10,170.46, FBM Mid 70 Index firmed 87.03 points to 11,164.47 and the FBM Ace Index soften 13.19 points to 4,066.39.

Among active counters, The Media Shoppe-Ord Rights was unchanged at half sen, 1 Utopia Bhd declined one sen to 8.5 sen and Hibiscus Petroleum-Warr 11/14 inched up 6.5 sen to 52 sen.

In heavyweights, Maybank rose 13 sen to RM8.37, Sime Darby added one sen to RM9 and CIMB Group appreciated five sen to RM6.95.

Volume on the main market rose to 944.79 million shares valued at RM679.44 million from 810.38 million shares valued at RM886.46 million yesterday.

Turnover on the ACE market appreciated to 551.18 million units worth RM482.041 million from 358.76 million units worth RM27.98 million previously.

Warrants fell to 213.914 million shares valued at RM31.818 million from 335.96 million shares valued at RM30.32 million Tuesday. Consumer products accounted for 109.028 million shares traded on the main market, industrial products 158.702 million, construction 51.324 million, trade and services 210.688 million, technology 65.5 million, infrastructure 16.211 million, finance 57.15 million, hotels 1.025, properties 61.340 million, plantation 18.507 million, mining 15,000, REITs 6.593 million and closed/fund 104,200. -- Bernama



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Market Commentary

The FBM KLCI index gained 19.81 points or 1.35% on Wednesday. The Finance Index increased 1.43% to 13267.64 points, the Properties Index up 0.60% to 973.57 points and the Plantation Index rose 0.75% to 7907.88 points. The market traded within a range of 15.07 points between an intra-day high of 1487.15 and a low of 1472.08 during the session.

Actively traded stocks include TMS-OR, UTOPIA, HIBISCS-WA, TMS, HIRO-WA, SANICHI, MYETFDJ, MAXBIZ, JCY-CD and VASTALX. Trading volume increased to 1654.60 mil shares worth RM1320.54 mil as compared to Tuesday’s 1642.89 mil shares worth RM1243.57 mil.

Leading Movers were TENAGA (+22 sen to RM5.72), MAYBANK (+13 sen to RM8.37), GENTING (+26 sen to RM10.62), PBBANK (+20 sen to RM13.20) and IOICORP (+10 sen to RM5.15). Lagging Movers were PETDAG (-4 sen to RM16.96) and BAT (-4 sen to RM47.96) Market breadth was positive with 405 gainers as compared to 307 losers. -- JF Apex Securities Bhd



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Subur Tiasa 1Q net profit up 8% to RM10.8m

KUALA LUMPUR (Dec 21): SUBUR TIASA HOLDINGS BHD [] net profit for the first quarter ended Oct 31, 2011 rose 8% to RM10.8 million from RM10 million a year earlier, due mainly to the rising selling prices of logs and timber products, coupled with effective cost management.

The company said on Wednesday that its revenue for the quarter fell 4.44% to RM151.22 million from RM158.26 million in 2010.

Earnings per share for the quarter rose to 5.74 sen from 5.32 sen in 2010, while net assets per share was RM3.40.

Reviewing its performance, Subur Tiasa said its revenue for the quarter dipped due to lower logs, plywood and sawn timber export sales volume.

On its prospects, Subur Tiasa said the prices for timber products were expected to stay at current levels despite having eased from their high in the second quarter of year 2011.

The spike in crude oil prices due to geopolitical issues in the Middle Eastern and North African countries and the renewed concerns on the European debt turmoil had partly foreshadowed the general market outlook, it said.

“The group will continue to be vigilant in improving efficiencies and effectiveness of its business operations, maximise the utilisation of resources and embrace prudent business practices.

“Barring any unforeseen circumstances, with the additional contribution from our oil palm division, the board expects the group to perform well in the remaining quarters,” it said.



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Samudra may divest loss-making rig segment

KUALA LUMPUR: Oil and gas services provider Kejuruteraan Samudra Timur Bhd may divest part of its land drilling rig services business in an effort to bring the company back into the black.

“We are open to the idea. If anybody can come in and help us secure contracts, we are willing to reduce our shareholding [in this segment] provided they take the driver’s seat in some sort of partnership with us,” said executive director Darmendran Kunaretnam after the company AGM yesterday.

The company’s land drilling rig services segment has been plagued with low revenue contribution and high maintenance costs, with the division’s loss after tax deeping to RM16.15 million in FY11 from a loss of RM12.69 million the year before, according to its annual report.

It contributed to the company’s total net losses, which widened to RM14.81 million for the financial year ended June 30, 2011, from a net loss of RM13.71 million in FY10.

Samudra operates two land rigs in Indonesia, Ikhlas 2 and Ikhlas 3, which are rated 750HP and 1,000HP, according to its latest annual report.

Ikhlas 3 was contracted to service a drilling programme of two exploration wells in East Kalimantan under an exploration project of a local oil corporation in Indonesia. Samudra noted in the annual report that the operation under this contract “went through tremendous challenges during mobilisation of the rig to the well location as a result of undesirable weather and road conditions”.

Kunaretnam: It is apparent to any analyst that this segment has been dragging us down.

“It is apparent to any analyst that this segment has been dragging us down, so we want to make sure that the party we are talking to [for the potential divestment] is much better in securing [long-term] contracts [of more than two years] so we can reduce our uncertainty in this area,” said Kuneratnam.

He said there have been interested parties for the majority stake in the segment, which carries RM85.05 million in assets against RM113.42 million in liabilities.

He added that any gain from the divestment would go towards paring down the company’s debt, which is its main priority at this stage.

As at Sept 30, Samudra had net debt of RM88.47 million, some 3.5 times its shareholders funds of RM25.24 million. Its net assets per share stood at 17.6 sen.

“We had earlier identified our borrowing costs, which were as high as RM10 million four years ago, and we have brought this down to about RM6 million. Our immediate target is to further reduce this, it would be good if we could halve the current amount,” Kunaretnam said.

He added that the debt payments have been depleting the company’s operating cash flow, which has become a hindrance for investment.

The company generated RM8.802 million in operating cash flows last year, of which RM5.34 million went towards interest payments.

“If we manage to pare down debt we will have free cash flow, and would be able to look into expanding or [going into] revenue-generating areas,” he said.

The company has been in a loss-making position for the past five years, mainly due to its land drilling rig services segment.

For its 1QFY12 ended Sept 30, the company registered a net profit of RM3,000 compared to a net loss of RM3.05 million in the previous year while revenue more than doubled to RM34.4 million from RM14.6 million. The improved performance was due to better earnings from its tubular handling services segment, which saw profit increase 630% to RM4.9 million from RM0.67 million a year ago on the back of higher work orders.

However, Kunaretnam asserts that the high growth for its tubular handling segment during the quarter was “an exception”.

Profit from its inspection and maintenance services fell to RM0.24 million from RM1.59 million the year before, while its land rig services and pipe threading services segments both recorded losses totalling RM2.59 million. The stock was untraded at 14 sen yesterday. It has lost about a third of its value year-to-date.


This article appeared in The Edge Financial Daily, December 21, 2011.



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Exclusive Mark expects cofee sales to triple

Exclusive Mark (M) Sdn Bhd, which produces and markets the 3-in-1 Cafe 99 Ipoh White Coffee, is optimistic sales will triple to about RM15 million during the current six-months promotional period, says chief executive officer Chew Boon Swee.

The company planned to penetrate the Middle East and United States markets next year after having made inroads into Hong Kong, Indonesia, China and the Netherlands, he told reporters after the appointment of Datuk Lee Chong Wei, the world's number one badminton player, as the brand ambassador for the coffee.

In conjunction with the appointment, Exclusive Mark also launched the "Drink Cafe 99 and Boost Datuk Lee's Morale" campaign before he flaunts his talent in the 2012 Olympics in London.

"We see Malaysian white coffee as a global brand as there is very good demand for the product overseas.

"Currently, our main revenue contributor is our coffee products, whereby 20 per cent comes from white coffee products," he told a press conference in Kuala Lumpur today.

Cafe 99 is a brand owned by Exclusive Mark, a subsidiary of CNI Holdings Bhd, that has been producing and marketing coffee for over 20 years. -- Bernama



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Could UMW be a good match for Proton?

Although UMW Holdings Bhd has denied a media report that it had submitted a bid for Khazanah Nasional Bhd’s 42.7% stake in Proton Holdings Bhd, it is still regarded as a good fit for the national automaker.

“What Proton needs right now is a new stakeholder with the right R&D capabilities,” said one market observer.

In response to several media reports, UMW last week announced twice to Bursa Malaysia that it is not bidding for the national carmaker.

“UMW wishes to advise that our major shareholders have confirmed that they have not submitted any bid to Khazanah nor have they won any bid to buy Khazanah’s stake in Proton,” it told Bursa Malaysia.

Parties said to be in the running for the sovereaign wealth fund’s stake are DRB-Hicom Bhd and the Naza Group of Companies, though neither has confirmed this.

But as they say, there is no smoke without fire — even if it appears that DRB-Hicom is viewed as the favoured candidate.

UMW, which lists Toyota and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) under its automotive segment, managed 46.4% of the country’s total industry volume (TIV) in 2010.

Perodua itself last commanded a 28.9% market share for the first 10 months of 2011, marginally ahead of Proton’s 27.1%, though the former has been the country’s top automaker for the past five years.

UMW is the largest stakeholder in Perodua with a 38% stake, with the other majority shareholders being MBM Resources Bhd (20%), Daihatsu Motor Co Ltd (20%) and PNB Equity Resources Corp (10%).

“Through Perodua, UMW has the requisite R&D resources, with technology transfer from Daihatsu. The two companies — Perodua and Proton — still have room to synergise as they cater for different market segments,” said an analyst.

The estimated cost to develop a new car is RM1 billion and Proton may not be able to sustain such an investment over time as the costly £490 million (RM2.4 billion) turnaround plan for Group Lotus plc continues to absorb resources.

Calls for a merger between Perodua and Proton are not new and have made the rounds since the middle of last year.

Back then, it was rumoured that Proton — which was seen to be in the driver’s seat — was keen on a merger but Perodua was not.

Early this month, before rumours of the Proton stake sale emerged, Daihatsu Motor Japan president Koichi Ina told The Edge weekly in Tokyo that the Japanese carmaker was firm against a merger between Perodua and Proton.

He reiterated the company’s view that a Proton-Perodua merger would not be appropriate because “very different cultures and product lines” between the two.

Nonetheless, Perodua’s stellar track record — especially when viewed against Proton — cannot be easily dismissed. Moreover, Perodua has also been slowly encroaching into Proton’s turf.

Initially operating only in the small car category, Perodua has been making inroads into the 1.3-litre segment with the Myvi and the 1.5-litre Alza multi-purpose vehicle and the latest 1.5-litre Myvi. The product expansion strategy has taken away some market share from Proton.

Meanwhile, last week UMW announced that its 22.4% associate WSP Holdings, a manufacturer of oil country tubular goods (OCTG) listed on the New York Stock Exchange, had received a takeover offer for US$0.60 (RM1.90) per share.

This may be a signal for UMW, which first began in the automotive industry before diversifying into other areas, to tighten its focus on car manufacturing.

For the first nine months of the year, only its automotive and equipment segments reported a net profit while its oil and gas and manufacturing and engineering segments incurred a net loss.

For 3QFY11 ended Sept 30, UMW’s revenue for its automotive segment grew 17.2% from the preceding quarter due to sales growth from Toyota and Perodua, as well as a 90% jump in Myvi sales.

UMW said revenue for its 9MFY11 rose to RM10.08 billion from RM9.4 billion a year ago, while net profit fell to RM452.2 million from RM493.9 million.

It had RM10.57 billion in assets as at Sept 30 with a market capitalisation of RM7.56 billion at its last traded stock price of RM6.47.


This article appeared in The Edge Financial Daily, December 21, 2011.



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Easy to take YTL Cement private

KUALA LUMPUR: YTL Corp Bhd may be able to take YTL Cement Bhd private without a single EGM, leaving little room for minority shareholders of the latter to voice their issues.

YTL Corp is seeking a waiver from the “requirement to seek shareholder approval” from Bursa Malaysia on grounds that it has obtained authorisation from its shareholders at its AGM on Nov 29 to issue up to 10% of its current issued shares without the need for shareholder approval.

Likewise, YTL Cement may not have an EGM either as its company secretary Ho Say Keng told The Edge Financial Daily in an email reply. “This is a voluntary offer and no EGM is required of YTL Cement,” he said.

To recap, YTL Cement shareholders have been offered 3.17 YTL Corp shares for each YTL Cement share at an offer price of RM4.50, and 1.56 YTL Corp shares for each RM1 in irredeemable convertible unsecured loan stocks (Iculs) at an offer price of RM2.21.

YTL Corp only has to issue 747.19 million shares or 5.3% of its current issued shares for the 47.8% of YTL Cement’s shares that aren’t already owned or held by any parties acting in concert, according to estimates by The Edge Financial Daily.

The Minority Shareholder Watchdog Group (MSWG) told The Edge Financial Daily that while the offer looks good for YTL Corp, it has some concerns for YTL Cement’s minority shareholders and may not get a chance to raise them if neither company has an EGM.

When YTL Cement shareholders exchange their shares for YTL Corp shares, they will face a drop in dividend yield, an increase in price-to-book (P/B) and increased gearing, said MSWG.

A report by Affin Investment Bank Bhd believes the valuation appears fair and explained, “The proposed offer is not an exit offer but rather a merger of two companies and thus no premium was offered.”

Affin’s report reiterated Tan Sri Francis Yeoh’s justification: it will provide trading liquidity to minority shareholders.

However, YTL Cement shareholders will experience a drop in dividend yield, said MSWG, based on YTL Cement’s price of RM4.50 and historical dividend payouts of 13 sen and YTL Corp shares at RM1.42 and a historical dividend payout of two sen.

The offer will also create many odd-lots due to the odd conversion ratio, said MSWG, and hopes the odd-lots will be eliminated by distributing a dividend.

A separate report by RHB Research Institute Bhd released yesterday noted, “The lack of acquisition premium above the existing share price suggests that YTL Corp is not going all-out to privatise YTL Cement.”

A more ideal time to privatise YTL Cement would have been after November 2012, when the existing Iculs, which are 97% held by YTL Corp and related parties, can be converted into YTL Cement shares at a better conversion rate, said RHB.

RHB believes that the offer will go unconditional since the current stake held by YTL Corp and related parties of 52.8% already exceeds the 50% threshold rate.

A market observer said the crucial shareholding level to watch will be whether YTL Corp receives a minimum acceptance of 90%, to guarantee a full acquisition and the delisting of YTL Cement.

Any acceptance above that level would result in a mandatory acquisition of YTL Cement, including the shares of dissenting minority shareholders.

It is worth noting that the top 30 shareholders of YTL Cement already own 86.5% of the company, as at Sept 30.

RHB maintained its “market perform” recommendation for YTL Cement shares, which it gave a fair value of RM4.75.

According to Affin’s report, the acquisition will boost YTL Corp’s earnings per share for FY13 by 6% from 11.9 sen to 12.6 sen.

Accounting for a 15% holding company discount, Affin raised its target price from RM1.55 to RM1.65 and maintains an “add” call, and noted, “The acquisition will be value enhancing given the lower price-to-earnings ratio acquisition price tag.”

On a separate note, MSWG told The Edge Financial Daily that it had voiced concerns about the disparity between YTL Cement’s strong earnings growth and flat dividend payout at the company’s AGM on Nov 29.

“YTL Cement had explained that the cash will be conserved in view that the global economy will be bad next year,” said a MSWG spokesperson.

YTL Cement’s earnings have been growing at an average rate of 21% per annum for the past four years, compared to dividends which have been relatively flat and averaged 16.2 sen in the same period. This has led to a build-up to RM1.2 billion in YTL Cement’s cash pile, compared to RM866 million in debt.

YTL Cement yesterday closed 14 sen lower or by 3.04% to RM4.46 from RM4.60, while YTL Corp remained unchanged at RM1.54.


This article appeared in The Edge Financial Daily, December 21, 2011.



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KAF, UEM Land, JCY buck market downtrend

PETALING JAYA: Amid the bearish market sentiment yesterday, several stocks bucked the generally downward trend, perked up by company-specific news.
Stocks such as stockbroker KAF-Seagroatt & Campbell Bhd, property developer UEM Land Holdings Bhd and hard disk drive (HDD) component maker JCY Holdings Bhd ended the day higher, outpacing the broader FBM KLCI which shed 12.61 points or 0.85% to settle at 1465.17.

KAF rose 15 sen or 11.3% to end at RM1.48 after The Edge Financial Daily reported yesterday that a Singapore bank, speculated to be OCBC Bank, is looking to acquire the company’s securities business.

OCBC, the second largest banking group in Singapore and Southeast Asia, is the only one of Singapore’s big three banks with no presence in Malaysia’s capital market services industry.

Following The Edge Financial Daily article, Bloomberg also reported yesterday that OCBC is planning to acquire 49% of KAF’s equities brokerage unit for 1.3 to 1.4 times book value, and that the transaction will be completed in early 2012, quoting unnamed sources.

Last week, United Overseas Bank (UOB), Singapore’s third largest banking group, entered into an agreement to acquire Innosabah Securities Bhd from Kretam Holdings Bhd for RM56.68 million.







Government-linked property developer UEM Land closed three sen or 1.3% higher at RM2.28, on high volume of 16.71 million shares. This came a day after the stock was included as one of the constituents of the 30-stock FBM KLCI on Monday. As the only pure property developer on the KLCI, analysts said the status may attract investors looking for exposure to Malaysia’s property sector, and in particular Iskandar Malaysia.

In a recent report, Maybank-Kim Eng said the group will likely win more government land deals such as the Rubber Research Institute of Malaysia (RRIM) land in Sungai Buloh, Selangor, the former Pudu jail land development project in Jalan Hang Tuah, as well as the former Unilever factory land in Bangsar, Kuala Lumpur.

Another stock which captured investor interest yesterday was JCY, which closed three sen higher at 91 sen per share, following a three sen gain on Monday. The stock was among the most actively traded with 34.1 million shares changing hands.

An article in The Edge weekly noted that JCY’s plant in Thailand had escaped the flooding that devastated the country’s industrial parks, and that the company is poised to benefit from higher prices of HDD components.

JCY managing director James Wong told The Edge that the price of HDD components has increased by 20% due to a shortage following the supply chain disruption in Thailand.

“Before the floods, the average selling price [ASP] of HDD had been falling around 2% to 3% every quarter. But the floods caused a shortage of HDDs, which pushed up ASP,” he said Wong.


This article appeared in The Edge Financial Daily, December 21, 2011.



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Kajang-Silk Highway breaches 50-million vehicle mark

KUALA LUMPUR: SILK Holdings Bhd, which operates the Kajang-Silk Highway via its unit Sistem Lingkaran Lebuhraya Kajang Sdn Bhd, hit a major milestone after the highway breached the 50-million vehicle mark for the first time yesterday.

In a statement yesterday, SILK executive chairman Datuk Mohd Azlan Hashim said it was a significant achievement for the highway that has served the greater Kajang area by acting as a linkage to the existing networks, including Plus, Besraya and Grand Saga since 2004.

More recently it added Lebuhraya Kajang Seremban (Lekas) and South Klang Valley Expressway (SKVE) to its list of connectivity.

Azlan said the highway had seen its average daily traffic volume increase from just over 47,000 vehicles per day when it started operations in 2004 to almost 150,000 vehicles per day today.

The highway had seen double-digit growth in annual traffic volume in recent years, he said, adding that it recorded a total traffic volume of 38.8 million vehicles in 2009 and 45.4 million vehicles in 2010.

Azlan said the highway had also been recognised by road users, adding that a triennial independent survey of users released by Lembaga Lebuhraya Malaysia (LLM) in 2010 ranked the highway in the top half out of 24 tolled highways.

He said among comparable peers, the highway was deemed the most improved since the last survey, and that it was ranked in the top two by road users in terms of image and toll plaza management.

Azlan said the survey ranking was testament to the effort and commitment of the group’s highway’s operations personnel.

“While increasing traffic volume provides an indication on the highway’s increasing significance to the greater Kajang area, recognition from road users on usability and service level means just as much.

“In fact, it has become a motivation for all of the group’s highway operations personnel to continually give the best service possible,” he said.


This article appeared in The Edge Financial Daily, December 21, 2011.



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Retail-focused REIT fairly resilient

The listing of Pavilion REIT earlier this month is likely to have attracted more investor interest to the entire asset class. Real estate investment trusts (REIT) are widely regarded as relatively defensive investing options, which would be appealing under the prevailing uncertainties over the health of the global economy.

To be sure, a prolonged and severe economic downturn may eventually affect property prices and rental incomes. On a positive note, the property sector rode out the 2008 global financial crisis none the worse for wear. Indeed, many of the listed REIT continued to recognise revaluation gains on their portfolio of assets during this period.

Hence, while there could emerge some rental pressure in select segments of the market, the office segment for instance, overall expectations for property prices remain on a fairly even keel for now. That said, most market observers are fairly upbeat on the prospects for retail properties, particularly for shopping malls that are well managed in choice locations, on the back of expectations that domestic consumer spending will continue to expand.

Hektar proposes new acquisition
Hektar REIT (RM1.30) is one of the earliest REIT to be listed on Bursa Malaysia — back in December 2006 — and the first that is focused on properties used primarily for retail purposes.

Its initial portfolio consisted of two suburban shopping malls, Subang Parade in Subang Jaya and Mahkota Parade in Malacca. Wetex Parade in Muar was added to the trust’s portfolio in 2008. The three investment properties — with total net lettable area of some 1.1 million sq ft — are valued at a combined RM752 million. The average occupancy rate stood at 95.5% at end-2010.


Earlier this month, Hektar proposed to add two other shopping malls to its portfolio - the Landmark Central Shopping Centre in Kulim and Central Square Shopping Centre in Sungai Petani, Kedah. The shopping malls are valued at a combined RM181 million and have net lettable area totalling some 582,000 sq ft. Upon completion, Hektar’s total investment properties will rise to roughly RM933 million.

To part-finance the purchase, Hektar has proposed a rights issue to raise some RM98.4 million. Based on the current unit price, the rights issue will
likely be on a basis of about one-for-four.

The proposed acquisition is expected to be finalised by 2Q12. Post-acquisition, Hektar’s gearing is estimated at around 44% while net asset value (NAV) is estimated at about RM1.29 per unit. Total units in circulation will expand to about 400 million.

Hektar has made three interim income distributions of 2.5 sen per unit each so far this year. Assuming the same level of income distribution as 2010, totalling 10.3 sen per unit, yields are estimated at 7.9% at the current price.

This is higher than yields for the three other retail-focused REITs currently listed on the local bourse, Sunway REIT, CMMT and Pavilion REIT, based on prevailing prices. This could be attributed in part to the relatively larger asset sizes and liquidity for its peers. Indeed, the more recent listings of the similar and larger retail-focused REITs have taken attention away from Hektar.

Newly acquired assets to start contributing positively for Sunway REIT
Sunway REIT remains the largest listed REIT on the local bourse in terms of total assets. Following the successful acquisition of Putra Place, its portfolio of assets has expanded to 11, from eight upon listing in July 2010, valued at a combined RM4.38 billion.

Sunway REIT acquired the three properties, The Mall, Putra Place office tower and the former Legend Hotel, in a public auction in April 2011. However, due to a legal wrangle with the former owner, the trust did not secure full possession and control of the properties until end-September. As a result, earnings in the past two quarters were weighed down by higher expenses, which included interest costs and legal fees, with losses totalling some RM6.6 million.

Now that the issue has been resolved, Sunway REIT expects positive contributions from its latest acquisition for the current financial year ending June 2012. Occupancy for Sunway Putra Mall stood at about 66% at end-September, and is expected to rise to some 82% upon the completion of new leases with the remaining occupants. Meanwhile, the master lease agreement for Sunway Putra Hotel has been finalised and the hotel will start to contribute in the current quarter under new management. Occupancy at Sunway Putra Tower averaged at 90.4% for the quarter ended September 2011, which the property manager expects will inch higher over the next few months.

Thus, we should see improved incomes for Sunway REIT. The trust made a first interim income distribution of 1.75 sen per unit in November. Assuming total income distribution of roughly 7.2 sen per unit for FY12, investors will earn yields of 6.4% at the current price of RM1.13.

With gearing at just about 35%, below the industry guideline of 50%, Sunway REIT’s balance sheet is relatively healthy and would give the trust room to for additional leverage for future acquisitions.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, December 21, 2011.



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AMMB-Kurnia deal likely earnings neutral for bank

AmBank Group (Dec 20, RM5.70)
Maintain neutral with target price RM6.26: We do not view AMMB’s proposed acquisition of Kurnia Insurans (M) Bhd as a re-rating catalyst as it is unlikely to boost its earnings in the near term. Based on our estimate, the deal is expected to be largely earnings neutral for AMMB.

Given AMMB’s keen interest in expanding its insurance business, we are not surprised by its proposal to acquire Kurnia. We continue to value AMMB at a 10% discount to its discounted dividend model (DDM) value and rate the stock a “neutral”. We prefer Malayan Banking Bhd.

AmG Insurance, AMMB’s 51%-owned general insurance unit, has submitted an application to Bank Negara to enter into an agreement to acquire 100% of Kurnia Insurans from Kurnia Asia. No details on the pricing were given by the company but it was reported that Kurnia is likely to sell at 2.5 to three times book value, valuing it at RM1.8 billion to RM2.2 billion.

Kurnia is one of the major general insurers in Malaysia, with total gross premiums of RM814.6 million in 9MFY11. It recorded a net profit of RM36.8 million in the nine-month period.

AmG will emerge as the second largest general insurer in Malaysia following the acquisition of Kurnia. It was the fifth largest in 2010. However, this will have minimal impact on earnings in the near term.


We estimate the impact on the bottom line to be between -RM4 million and +RM3 million (or 0.2% of FY13 net profit) based on the assumptions of: (i) a purchase consideration of RM1.8 billion to RM2.2 billion; (ii) financing cost of 5%; and (iii) an FY12 net profit of RM73.7 million for Kurnia based on consensus estimates.

However, this is in line with its plan to increase exposure to motor insurance. The reported valuation range of 2.5 to three times price-to-book value is on the high side compared with previous transactions — 1.6 times for Pacific Insurance Bhd and 2.2 times for Jerneh Insurance Bhd.

We do not advise investors to buy AMMB given the poorer prospects for the investment banking business and loan growth, which overwhelm the benefits from the continuous group revamp. Also, the proposed acquisition of Kurnia will not act as a catalyst in the near term. — CIMB Research, Dec 20


This article appeared in The Edge Financial Daily, December 21, 2011.



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Margin recovery for rubber gloves in 2012

Rubber gloves
Latex is trading below RM7 per kg mainly due to softer demand from tyre manufacturers and traders in China affected by tighter credit. Assuming raw material prices remain low and cost savings are retained (instead of passing them on to customers), we expect glovemakers’ earnings and margins will recover substantially.

We believe they will certainly try to retain as much of the savings as possible, after having absorbed higher raw material costs previously. Our sensitivity analysis shows that every 1% drop in raw material cost could lift earnings by about 3% (assuming all cost savings are retained).

The US dollar has strengthened against the ringgit to 3.15 (+7% from August 2011’s low of 2.97) and this will translate to higher export revenue. Our sensitivity analysis shows that every 1% increase in the greenback against the ringgit could lift earnings by about 5%.

Glovemakers are likely to hedge their US dollar exposures, and given the volatile currency trend this could give rise to wide fluctuations in translation gains or losses upon maturity or marking-to-market.

We remain cautious on the sustainability of current raw material prices. As such, we are maintaining our 2012 latex and nitrile price assumptions (average of RM8.30 per kg for latex and RM5.20 per kg for nitrile) for now. The start of the wintering season from February to May, when latex production is usually lower, coupled with potential pent up demand from car manufacturers could drive up latex and synthetic rubber prices again.


At this juncture, it is still early to impute a strong earnings rebound for Kossan Rubber Industries Bhd and Hartalega Holdings Bhd, while our earnings forecast for Top Glove Corp Bhd is at the higher end of consensus estimates. We like Hartalega (“buy”, target price: RM6.50) for its superior operating margins (27% against 16% industry average) and return on equity (36% against 22% industry average).

We maintain “hold” for Top Glove (TP: RM4.05) and Kossan (TP: RM2.70). The key to margin recovery is sustainability of raw material prices, which could trigger upgrades. — HwangDBS Vickers Research, Dec 20


This article appeared in The Edge Financial Daily, December 21, 2011.



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Blue chips, improved sentiment lift KLCI

KUALA LUMPUR (Dec 21): The FBM KLCI closed on a firmer tone on Wednesday, tracking slightly improved global market sentiment after upbeat U.S. and German data and strong demand for Spanish debt.

The 30-stock index rose 19.81 points to close at 1,484.98, lifted by gains at blue chips.

Gainers led losers by 405 to 307, while 336 counters traded unchanged. Volume was 1.65 billion shares valued at RM1.32 billion.

At the regional markets, Japan’s Nikkei 225 added 1.48% to 8,459.98, Hong Kong’s Hang Seng Index rose 1.86% to 18,416.45, Taiwan’s Taiex surged 4.56% to 6,966.48, South Korea’s Kospi rose 3.09% to 1,848.41 and Singapore’s Straits Times Index was up 2.25% to 2,673.32.

Meanwhile, the Shanghai Composite Index reversed its earlier gains and fell 1.12% to 2,191.15.

On Bursa Malaysia, gainers included Genting that rose 26 sen to RM10.62, KAF and HLFG up 24 sen each to RM1.72 and RM11.66, Tenaga 22 sen to RM5.72, BHIC 21 sen to RM3.39, Public Bank and AMMB 20 sen each to RM13.20 and RM5.90, RHB Capital 19 sen to RM7.01 and WCT 18 sen to RM2.29.

Among the decliners, MPI and Batu Kawan lost 14 sen each to RM2.59 and RM17.06, Nestle, Tahps, JT International and Tradewinds fell 12 sen each to RM56.18, RM4.28, RM6.88 and RM9.82, while Focus Point and IGB lost 11 sen each to 28.5 sen and RM2.31.

Meanwhile, the actives included TMS, Utopia, Hibiscus, Hirotako, Sanichi, Maxbiz and Vastalux.



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Perdana Petroleum: A cleaner house

Perdana Petroleum Bhd (Dec 20, 69.5 sen)
Maintain hold with target price of 70 sen: Cash flows have eased following the refinancing of its RM130 million debt, originally due in 2012/13. While this is a positive, the operating outlook remains a challenge. Old vessels continue to drag on earnings, while the direction over its 27% stake in Petra Energy Sdn Bhd remains unclear. Perdana remains a “hold” with an unchanged target price of 70 sen (0.7 times price-to-book value).

Perdana recently secured new borrowings totalling RM160 million from offshore banks (5% interest per year), stretching its debt repayment over the next seven years (till 2018). The proceeds, largely used to settle its outstanding debts (ex-bond) of RM130 million (6.6% per year interest) due in 2013 has immediately lightened the drain on its cash flow. However, Perdana will incur a one-off charge from the refinancing exercise, likely to be recognised in 4QFY11 or 1QFY12.

Without the refinancing, Perdana would have been burdened with hefty debt settlements in 1QFY12 (RM45 million) and 1QFY13 (RM75 million). Cash flow would be strained and could force Perdana to undertake a cash call or fire sale exercise. Separately, it has another RM105 million serial bonds outstanding. We reckon that Perdana is unlikely to seek refinancing. It will pay off the loans in three equal tranches (March 2012, September 2012, March 2013).


Perdana’s eight ageing vessels (27 to 37 years old) are currently laid up. They generate zero income and incur depreciation and maintenance costs of RM8 million to RM10 million per year. Perdana has been actively looking for buyers but has been unsuccessful to date due to weak market conditions. Conservatively, we estimate these vessels to be worth RM20 million at scrap value; it could potentially write off RM60 million from its balance sheet.

Its 26.9% stake in Petra Energy remains a concern. It has one board seat (non-independent, non-executive) in Petra but has limited control over the operations. Petra’s results have disappointed of late, plagued by cost overruns. We rule out the sale of its stake at this juncture unless there is a need to raise cash immediately. At yesterday’s closing price of RM1.07, Perdana’s stake is worth RM61.7 million, a fraction of Petra’s historical high of RM5.60 (July 2007). — Maybank IB Research, Dec 20


This article appeared in The Edge Financial Daily, December 21, 2011.



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Sunway in JV with Khazanah in RM12b development

Sunway Berhad (Dec 20, RM2.43)
Maintain neutral with target price of RM2.55 from RM2.28: Sunway Bhd’s wholly-owned subsidiary Sunway City Sdn Bhd (Suncity) has entered into an agreement with Dayang Bunting Sdn Bhd, a wholly-owned subsidiary of Khazanah Nasional Bhd to establish a JV company, Semerah Cahaya Sdn Bhd (SCSB).

SCSB will acquire two parcels of land in Zone F, Medini Iskandar, measuring 276.4ha from Global Capital and Development Sdn Bhd for a total purchase consideration of up to RM745.3 million.

A 99-year lease interest will be granted by Iskandar Investment Bhd commencing in 2012. The lease will be extended for a further 30 years with the extension premium estimated to be 10% of the final purchase consideration.

SCSB will conceptualise, manage, implement and develop the land into an integrated township development. Sunway will manage the overall operations of SCSB, with a management team lead by a CEO and COO appointed by Sunway.

SCSB will also apply for approved developer status to enjoy various incentives such as exemption on income tax, bumiputera quota, low-cost housing requirement and minimum threshold of foreign purchase.

The purchase consideration of RM745.3 million will be funded by equity investment of RM360 million and borrowings of RM385 million. Additional equity of RM198 million and borrowings of RM215 million will be invested to finance the lease extension premium of the land and working capital of the project.

Sunway’s initial equity investment is RM136.8 million or 38% of the total shareholdings of the JV. Nevertheless, Sunway will subscribe to additional shares worth RM198 million in four annual tranches of RM49.5 million, commencing on the 18th month anniversary of the date of the lease purchase agreement. With the additional subscription, Sunway will eventually own 60% of SCSB.

The purchase consideration of RM745.3 million translates into RM24.70 psf. The land price in Zone F is significantly lower than the RM65 psf average land price of UEM Land’s Lifestyle Retail Mall and Residence@ Medini North in a more established location.

UEM’s project is directly connected to Legoland, hence should command a premium over Sunway’s land. The land price in Zone F is also lower than Eastern & Oriental Bhd’s Medini Central Wellness Township. Average land price for the Wellness Township was RM38 psf.

Zone F’s purchase price could go slightly lower as there will be a further discount on the purchase price if the transaction is completed before May 2012. — MIDF Research, Dec 20


This article appeared in The Edge Financial Daily, December 21, 2011.



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'No plans to sell Boustead Heavy'

Boustead Holdings Bhd is currently not considering any proposal to privatise its subsidiary, Boustead Heavy Industries Corp Bhd.

In a filing to Bursa Malaysia, Boustead said the clarification was in respect to the article that appeared in The Star today entitled "Boustead to take unit private?". -- Bernama



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FBM KLCI up 13 points at mid-afternoon

Share prices on Bursa Malaysia were firmer at mid-afternoon today amid a cautious trading, dealers said.

They said the market tracked the stronger performance on Wall Street overnight. At 3.15pm, the FBM KLCI inched up 12.93 points to 1,478.1.

The Finance Index rose 117.899 points to 13,181.51, Plantation Index increased 31.980 points to 7,886.10 and the Industrial Index gained 6.86 points to 2,657.23.

The FBM Emas Index was up 74.74 points to 10,125.26, FBM Mid 70 Index added 37.170 points to 10,125.26 and the FBM ACE Index shed 16.25 points to 4,063.33.

Gainers led losers by 348 to 299 while 315 counters were unchanged. Turnover stood at 1.072 billion shares worth RM720.813 million.

Of the active counters, The Media Shoppe-Ord Rights, 1 Utopia Bhd and The Media Shoppe were all unchanged at half sen, 9.5 sen and eight sen respectively.

In heavyweights, Maybank rose 11 sen to RM8.35, Sime Darby and CIMB were both unchanged at RM8 and RM6.90, respectively. -- Bernama



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OSK: KFC, QSR disposal to Felda possible

OSK Research says there is a possibility that Johor Corporation (JCorp) might agree to disposing off KFC and QSR if a right price offer is made by Felda.

Quoting a news report yesterday, the research agency said that Felda is said to be among the parties considering making a bid for KFC and QSR should JCorp make its stakes available for sale.

Felda is yet to table its offer and is reported to be planning to discuss its proposal with JCorp.

Felda's interest does not come as a surprise given that many parties have in the past showed interest in acquiring KFC and QSR, OSK Research said in its investment research note today.

Nevertheless, it said that JCorp, which has proposed to acquire both KFC and QSR via Massive Equity Sdn Bhd (MESB), is likely to want to keep its cash cows, especially KFC with good near term earnings prospects given its forays into India.

MESB is a 51 per cent and 49 per cent joint-venture owned by JCorp and private equity fund CVC Capital Partners Asia Pacific.

OSK Research has maintained a neutral call on KFC with an unchanged fair value share price of RM3.97.-- Bernama



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BHIC pares down gains after Boustead denies privatisation plan

KUALA LUMPUR (Dec 21): Shares of BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd (BHIC) pared down their gains on Wednesday after BOUSTEAD HOLDINGS BHD [] denied a news report that it was considering taking the former private.

At 3pm, BHIC was up seven sen to RM3.25 with 1.29 million shares traded, down from its earlier intra-morning high of RM3.41.

Boustead had clarified to Bursa Malaysia Securities Bhd that it was currently not considering any proposal to privatise BHCI.

Citing unnamed sources, it was reported by a local newspaper that Boustead was planning to take BHIC private “driven largely by the latter's seemingly cheap valuations especially in light of the recent RM9 billion vessel contract it has been awarded”.

BHIC's associate Boustead Naval Shipyard Sdn Bhd was last week awarded a contract with a ceiling of RM9 billion by the Defence Ministry to design, build and deliver six second-generation patrol vessels or Littoral combat ships.



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KL shares remain firmer at midday

Share prices on Bursa Malaysia ended the morning session firmer today, in line with the stronger performance on Wall Street and European markets overnight, dealers said.

On Wall Street overnight, key US equity indices rose between 2.9 per cent and 3.2 per cent at the closing bell buoyed by better-than-expected housing starts report.

Dealers said the near term outlook, however, remained cautious and volatile as the key index, FBM KLCI, was expected to move within the band range of 1,450 to 1,500 points.

At 12.30pm, the FBM KLCI inched up 15.96 points to 1,481.13.

The Finance Index rose 138.409 points to 13,219.02, Plantation Index increased 37.300 points to 7,886.42 and the Industrial Index gained 10.250 points to 2,660.62. The FBM Emas Index was up 93.931 points to 10,144.45, FBM Mid 70 Index added 51.850 points to 11,129.29 and the FBM ACE Index shed 9.15 points to 4,070.23.

Gainers led losers by 361 to 226 while 308 counters were unchanged. Turnover stood at 824.311 million shares worth RM535.749 million.

Of the active counters, The Media Shoppe-Ord Rights and 1 Utopia Bhd rose half sen each to one sen and 10 sen respectively. The Media Shoppe, however, was unchanged at eight sen.

In heavyweights, Maybank rose 12 sen to RM8.360, Sime Darby inched up one sen to RM9.00 and CIMB firmed two sen to RM6.92. -- Bernama



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No plans to privatise BHIC, says Boustead

KUALA LUMPUR (Dec 21): BOUSTEAD HOLDINGS BHD [] has denied a news report that it was considering taking BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd private.

“We would like to clarify that Boustead is currently not considering any proposal to privatise Boustead Heavy Industries Corporation Bhd,” the conglomerate told Bursa Malaysia Securities Bhd in a one-paragraph statement on Wednesday.

Citing unnamed sources, it was reported by a local newspaper that Boustead was planning to take BHIC private “driven largely by the latter's seemingly cheap valuations especially in light of the recent RM9 billion vessel contract it has been awarded”.

BHIC's associate Boustead Naval Shipyard Sdn Bhd was last week awarded a contract with a ceiling of RM9 billion by the Defence Ministry to design, build and deliver six second-generation patrol vessels or Littoral combat ships.

BHIC shares jumped 13 sen this morning to RM3.31 while Boustead fell two sen to RM5.52.



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Asian markets stay in the black but pare down some gains

KUALA LUMPUR (Dec 21): Asian markets stayed in the black on Wednesday on upbeat mood as China and Taiwan upped the ante to support their respective stock markets, while encouraging US and German data and strong demand for Spanish debt tempered risk-aversion.

However, some of the indices pared down their gains as Japan exports fell at their fastest annual pace in six months in November as a strong yen, the Eurozone debt crisis and a slowdown in emerging economies weighed on overseas demand.

The FBM KLCI was up 16.14 points to 1,481.31 at the mid-day break, lifted by gains including at Genting and banking stocks.

Gainers led losers by 361 to 226, while 308 counters traded unchanged. Volume was 824.31 million shares valued at RM535.75 million.

The ringgit strengthened 0.40% to 3.1684 versus the US dollar; crude palm oil futures for the third month delivery rose RM18 per tonne to RM3,038, crude oil added 50 cents to US$97.74 and gold gained US$8.22 an ounce to US$1,624.13.

At the regional markets, Japan’s Nikkei was up 1.28% to 8,443.56, Hong Kong’s Hong Seng Index added 1.6% to 18,368.66, the Shanghai Composite Index edged up 0.24% to 2,221.14, Taiwan’s Taiex jumped 4.23% to 6,944.65, South Korea’s Kospi gained 3.10% to 1,848.56 and Singapore’s Straits Times Index was up 1.52% to 2,654.17.

On Bursa Malaysia, PPB and Genting rose 28 sen each to RM16.98 and RM10.64, BAT up 24 sen to RM48.24, KAF 23 sen to RM1.71, HLFG 20 sen to RM11.62, Public Bank 16 sen to RM13.16, Fima Corp and AMMB 15 sen each to RM5.90 and RM5.85, while F&N was up 14 sen to RM18.08.

Among the decliners, Batu Kawan fell 20 sen to RM17, JT International 14 sen to RM6.86, MPI 11 sen to RM2.62, Nestle 10 sen to RM56.20, Uzma and IGB nine sen each to RM1.61 and RM2.33, Ho Hup 6.5 sen to 62.5 sen and Vastalux 6.5 sen to 2 sen.

The actives included Utopia, TMS, Maxbiz, JCY, Vastalux, Focus and Nova MSC.



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AMMB climbs 2.6%, highest since Nov 29

AMMB Holdings Bhd, a banking group, climbed 2.6 per cent to RM5.85, headed for its steepest increase since Nov 29.

Standard & Poor’s raised the credit ratings at the group’s AmBank (M) Bhd and AmInvestment Bank Bhd units, AMMB said in a statement.



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LBS Bina bullish on meeting sales target

Property developer, LBS Bina Group Bhd, is confident of achieving RM800 million sales target despite tough market conditions.

In a statement today, managing director, Datuk Lim Hock San, said 2012 was expected to be a challenging yet confident year for LBS.

He said My First Home Scheme and other government initiatives would contribute 20 per cent to the group's total revenue.

"Currently, LBS Bina has a land bank of some 920 hectares with an estimated gross development value (GDV) of RM9.1 billion, that will keep it busy for the next few years," he said.

Lim said LBS Bina would be launching 13 projects comprising 2,085 units with a GDV of RM1.5 billion together with some 19 ongoing projects with a GDV of RM562 million.

He expected landed property for both affordable homes and high-end homes would be the highlight next year amid scarcity of land in urban areas.

"At the same time, property prices would continue increasing but at a lower rate compared to this year, especially in a 'central' location," he said. -- Bernama



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Proton partners Oracle on customer care

Proton Holdings Bhd recently launched the Customer Advocacy Relationship Enhancement System (CARES), an end-to-end customer relationship management system (CRM), in partnership with Oracle Malaysia.

CARES is built on Oracle's Siebel CRM solution which was delivered on-schedule by Oracle Consulting Services. Proton purchased the Oracle solutions in Nov 2010 and the project went live August this year.

In a statement today, Proton said the launch completed phase one which was essential to its key business units in realising the delivery of a consistent and superior customer experience.

It added, marketing could now be carried out via e-mails and short messaging services and it also tracked customers' response to real-time campaign effectiveness.

For operations, the single customer view feature would also be a powerful tool for Proton's sales and after-sales staff in delivering consistent customer experience across its customer's touch-points, namely the care contact centre, sales and service branches, it said.

Group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said in line with Proton's "Committed to Be Better" promise, its key business units would utilise the CRM tool to strengthen Proton's brand and customer perception which would translate into business profitability.

He added, the end-user-trainings were conducted nationwide a month prior to the launch.

"For CARES phase one, we emphasised on enhancing four main areas, namely the sales lead management, after-sales service management, marketing campaign management and enterprise communication services," he was quoted in the statement. -- Bernama



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Vastalux active, falls after Bursa rejects application

KUALA LUMPUR (Dec 21): VASTALUX ENERGY BHD [] shares were actively traded on Wednesday after Bursa Malaysia Securities rejected its application for more time to submit its regularisation plan.

At 10.45am, Vastalux lost 5.5 sen to 3 sen with 14.27 million shares done.

Vastalux will see its shares suspended from trading on Dec 29 and delisted on Jan 3.

A Bursa Securities circular said on Tuesday the company had failed to submit its regularisation plan to the Securities Commission or Bursa Securities for approval within the timeframe under Bursa Securities Main Market Listing Requirements.

It said the suspension and delisting would take effect “unless an appeal is submitted to Bursa Securities on or before Dec 28”, it said.



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KLCI trends higher at mid-morning, breaches 1,480-level

KUALA LUMPUR (Dec 21): The FBM KLCI trended firmly higher at mid-morning on Wednesday as China and Taiwan stepped in to support their respective stock markets, while encouraging data released overnight in the US and Germany gave Wall Street a much-need boost.

At 10am, the FBM KLCI was up 17.24 points to 1,482.41, lifted by gains at select blue chips.

Gainers led losers by 333 to 103, while 219 counters traded unchanged. Volume was 361.54 million shares valued at RM215.54 million.

China's National Social Security Fund (NSSF) plans to spend around 10 billion yuan ($1.58 billion) to boost local stocks, the Shanghai Securities News reported on Wednesday, according to Reuters.

Meanwhile, Taiwan's government has authorised a state fund to step into the stock market to support prices, citing recent declines in the benchmark index and the impact of global economic uncertainties, it said.

At the regional markets, Japan’s Nikkei 225 rose 1.54% to 8,464.94, Hong Kong’s Hang Seng Index added 2% to 18,441.51, the Shanghai Composite Index was up 0.47% to 2,226.43, Taiwan’s Taiex jumped 3.93% to 6,924.80, South Korea’s Kospi added 2.84% to 1,844.03 and Singapore’s Straits Times Index rose 1.54% to 2,654.76.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients Dec 21 said the FBM KLCI’s resistance areas of 1,470 and 1,510 could cap market gains, whilst the obvious support areas may be located at 1,449 and 1,465.

“Due to the US markets’ buoyant tone last night, we may have a gap-up day followed by profit-taking today,” he said.

Among the gainers at mid-morning, BAT added 70 sen to RM48.70, HLFG 24 sen to RM11.66, PPB and Genting 22 sen each to RM16.92 and RM10.58, GD Express 21 sen to RM1.19, KAF, BHIC and Dutch Lady 18 sen each to RM1.66, RM3.36 and RM23.58 respectively, while Tradewinds PLANTATION []s added 17 sen to RM4.48.

Among the decliners, Batu Kawan fell 20 sen to RM17, Uzma 13 sen to RM1.57, Nestle 10 sen to RM56.20, MPI eight sen to RM2.65, Ho Hup down 7.5 sen to 61.5 sen, MGRC seven sen to 62 sen, Vastalux 5.5 sen to 3 sen, IGB five sen to RM2.37 and Dijaya Corp four sen to RM1.37.

The actives at mid-morning included JCY, TMS, Vastalux, Nova MSC, Focus and Maxbiz.



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Aeon Credit gains on firm 3Q earnings

KUALA LUMPUR (Dec 21): Aeon Credit Services (M) Bhd shares advanced on Wednesday after its net profit for the third quarter ended Nov 20, 2011 rose 57.4% to RM25.25 million from RM16.04 million a year earlier, due mainly to growth in revenue.

At 9.40am, Aeon Credit was up three sen to RM6.60 with 34,500 shares traded.

The company said on Tuesday that its revenue for the quarter was up 31.7% to RM89.81 million from RM68.18 million.

Earnings per share for the quarter was 21.05 sen compared to 13.37 sen in 2010, while net assets per share was RM2.53.

For the nine months ended Nov 20, Aeon Credit’s net profit increased to RM67.89 million from RM44.03 million in 2010, while revenue jumped to RM249.99 million from RM195.88 million.

Reviewing its performance, Aeon Credit said the increase in revenue was due mainly to growth in business and receivabled based on increased financing transaction volume as a result of marketing and promotion activities during the festive periods.

OSK Research in a note Dec 21 said Aeon Credit’s 9MFY12 earnings were above consensus and its full-year forecasts.

Revenue and net profit expanded by 27.6% and 54.3% year-on-year due to better performance from personal financing, credit card and other income in conjunction with Hari Raya festival, it sid.

“However, credit card base growth slowed down due to BNM regulation on credit card which will take effect next year. NPL trended up to 1.93% which is still well below the industry average. CAR stood at 20.8%.

“Maintain Buy with a higher fair value of RM7.20 as we roll forward our valuation to FY13 EPS pegged to 2-year PE band of 9 times,” it said.



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Ingress at 18-month high after income triples

Ingress Corp, a Malaysian auto-parts supplier, increased the most in 18 months in Kuala Lumpur trading after third-quarter net income tripled to RM6.7 million from a year earlier.

The stock surged 13 per cent to 80 sen at 9.15am local time, set for its largest gain since June 23, 2010. -- Bloomberg



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Maybank IB downgrades Tanjung Offshore to Sell, cuts TP to 70 sen

KUALA LUMPUR (Dec 21): Maybank Investment Bank Bhd Research has downgraded TANJUNG OFFSHORE BHD [] to Sell from Buy previously and cut its target price to 70 sen (from 98 sen) ahead of the company’s 4Q results.

The research house said Tanjung’s 4Q results would be hit by a confluence of issues at its engineering equipment division.

“For this, we forecast TOFF to end 2011 with a higher net loss of RM14 million, making consensus and our initial estimates untenable.

“The stock is unlikely to re-rate until the company shows tangible signs of managing costs effectively,” it said in a note Wednesday.



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NCB gains on port concession extensions

NCB Holdings Bhd rose the most in more than three months in Kuala Lumpur trading after securing concession extensions for its Northport and SouthPoint ports from the Malaysian government.

The stock gained 2.6 percent to 3.90 ringgit at 9:10 a.m. local time, set for the steepest increase since Sept. 2.



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R&A rises on warrants plan

R&A Telecommunication Group Bhd, the Malaysian software developer formerly known as Kzen Solutions Bhd, rose in Kuala Lumpur trading after saying it may issue one free warrant for every 10 shares held.

The stock gained 4 percent to 13 sen at 9:04 a.m. local time, set for its highest close since Dec. 9. -- Bloomberg



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Genetec shares edge up on new orders

KUALA LUMPUR (Dec 21): Shares of machine design specialist Genetec TECHNOLOGY [] Bhd rose on Wednesday after it secured RM13.1 million in orders from the hard-disk drive sector, increasing the company’s total order to about RM20.7 million.

At 9.20am, Genetec added four sen to 24 sen with 40,000 shares traded.

Genetec’s executive chairman Ron Ortscheid said this was significant as the new orders are “indicative of the recovery in the HDD sector following the Thailand flood a few months ago”.



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Genetec hits 21-month high on new orders

Genetec Technology Bhd, a Malaysian industrial automated-equipment maker, rose the most in 21 months in Kuala Lumpur trading after winning orders worth RM16.5 million.

The stock jumped 20 percent to 24 sen at 9:11 a.m. local time, set for its biggest increase since March 12, 2010. -- Bloomberg



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Boustead Heavy surges on buyout news

Boustead Heavy Industries Corp, a Malaysian shipbuilder, surged to the highest level in four months in Kuala Lumpur trading after the Star newspaper reported that it may be bought out by its parent Boustead Holdings Bhd.

The stock gained 3.8 percent to RM3.30 at 9:04 a.m. local time, set for its highest close since Aug. 17. -- Bloomberg



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KLCI rebounds in early trade buoyed by Wall Street gains

KUALA LUMPUR (Dec 21): The FBM KLCI rose firmly in early trade on Wednesday in line with regional markets, buoyed by the strong overnight close at Wall Street.

Asian stocks and the euro rose on Wednesday after upbeat U.S. and German data and strong demand for Spanish debt, with investors' focus turning to a European Central Bank's tender as a gauge for euro zone funding strains, according to Reuters.

At 9.15am, the FBM KLCI rose 13.69 points to 1,478.86, lifted by blue chip counters.

Gainers led losers by 262 to 42, while 121 counters traded unchanged. Volume was 127.02 million shares valued at RM78.83 million.

BIMB Securities Research in a note Dec 21 said that a daily changeover in sentiments continues as investors are now more receptive to the European Central Bank’s earlier policy to ease the liquidity crunch within the region.

Sentiments were further boosted from the much improved data from the US housing market, it said.

The research house said that equity markets surged with the Dow Jones Industrial Average making a 340 point gain to above the 12,000 mark again, adding that in Europe, most bourses were up nicely between 2-3%.

Regionally, Asian stocks close on a mixed note from a lack of fresh lead, it said.

“Nonetheless, with the strong performances overnight in Europe and the US, we anticipate an all- round improvement today and this to spillover to Malaysia after the local bourse saw some selling yesterday with the FBMKLCI down by almost 13 points to 1,465.

“We expect the benchmark index to recoup yesterday’s losses and to re-test the 1,480 level today,” it said.

On Bursa Malaysia, gainers in early trade included PPB, HLFG, F&N, Genting, GD Express, KAF, BAT, Petronas Gas, Tradewinds PLANTATION []s and Maybank.



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