Friday 30 December 2011

JAKS Resources posts RM25.13m net losses in 4Q on goodwill impairment

KUALA LUMPUR (Dec 30): JAKS Resources Bhd posted net losses of RM25.13 million in the fourth quarter ended Oct 31, 2011 from a net profit of RM1.19 million a year ago due to goodwill impairment adjustment of RM25.90 million.

It reported on Friday revenue rose 9% to RM93.24 million from RM85.74 million mainly due to higher revenue recognition of works done for projects in the CONSTRUCTION [] division. Loss per share was 5.73 sen compared with earnings per share of 0.27 sen.

For the financial year ended Oct 31, 2011, it swung into net losses of RM22.89 million compared net profit of RM2.28 million in the previous financial year.

Its revenue was 26.9% higher at RM326.68 million from the RM257.26 million a year ago. The higher revenue led to an increase in pretax profit of RM6.60 million from RM4.40 million due to the goodwill impairment adjustment of RM25.90 million.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Silver Bird Group calls off placement, subscription commitment of RM100m

KUALA LUMPUR (Dec 30): SILVER BIRD GROUP BHD [] has called off its proposed placement exercise and a subscription commitment of up to RM100 million with GEM Global Yield Fund.

It said on Friday it had to abort the proposals as Bursa Malaysia Securities Bhd rejected its waiver from complying with all the requirements to undertake back-to-back placements.

To recap, Silver Bird had on March 15 proposed to place 10% of its paid-up share capital and also a non-binding term sheet in relation to a subscription commitment of up to RM100 million with the fund

The non-binding term sheet was also subjected to further negotiations as well as the entry into a definitive documentation between the relevant parties.

However, Bursa Securities considered certain aspects of the proposed Issuance to be back-to-back placements.

Silver Bird said as the company did not meet all the requirements in undertaking back-to-back placements, it had sought Bursa Securities’ approval for a waiver from having to comply with all the requirements to undertake back-to-back placements.

“However, Bursa Securities had rejected the company’s said waiver application. Accordingly, the company is unable to proceed with the implementation of the proposed issuance. Thus, the board of Silver Bird has decided to abort the proposed issuance,” it said.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Cypark 4Q earnings dn 21.5% to RM4.11m on-year

KUALA LUMPUR (Dec 30): Environmental TECHNOLOGY [] and engineering specialist CypARK RESOURCES BHD []’s earnings fell 21.5% to RM4.11 million in the fourth quarter ended Oct 31, 2011 from RM5.24 million a year ago due to lower profit margins then the previous quarter.

It said on Friday the group’s gross profit margin was 25%, a decline from the 36% a year ago when it benefited from design income fee and good material rate negotiated in the quarter.

“The decrease in gross profit margin is however offset by significant savings in finance cost in current quarter. This has resulted in profit margin before taxation for current quarter to decease only by 8% to 17% in the current quarter as compared to 23% in the previous year’s quarter,” it said.

Revenue rose 14.7% to RM42.41 million from RM36.95 million while earnings per share were 3.0 sen versus 4.0 sen.

In the financial year ended Oct 31, Cypark reported an 8.3% increase to RM21.98 million from RM20.29 million. Revenue declined by 9.2% to RM161.21 million from RM177.55 million.

The company’s profit margin after tax and after comprehensive income for the current financial year has also improved significantly to 14%, compared to 11% in the previous financial year.

Its chairman and founder Tan Sri Razali Ismail said: “With the stable and repetitive income flow expected to come from our renewable energy business starting early next year, Cypark will be blessed with even more sustainable business.”

Razali added that he was very positive with the company’s bright prospect in 2012.

“The market growth for solid waste management services is driven by recent the implementation of Solid Waste Management Act in September 2011. With the increasing waste output of Malaysia’s population, the group expects to benefit from government projects earmarked under the 10th Malaysia Plan,” he said.

Razali also said Cypark would be able to tap into the various attractive initiatives offered by the government under the National Renewable Energy Act and with the implementation of the Sustainable Energy Development Authority.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

MAS unveils mgmt structure, departure of several top officials

KUALA LUMPUR (Dec 30): MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) unveiled a management structure with new business units, group chief executive officer Ahmad Jauhari taking on the role as CEO of long-haul operations and the departure of several top officials.

The national carrier said on Friday the new management structure would also see the entry of two experienced officials in the aviation industry.

MAS said its deputy group CEO Mohammed Rashdan, who is CEO of short-haul operations, would head the short-haul, group finance, aircraft finance & management, and in the interim helm commercial.

Among the new business units were the network, alliance, strategy & planning division and programme management office. The divisions which would be renamed were communications to strategic communications and corporate finance as aircraft finance & management. Audit & business advisory would be renamed internal audit, reflecting the heightened roles of these business units required to support the airline’s new business plan announced on Dec 7.

The national carrier said the new management structure, effective Jan 1, 2012 was to rally its staff and steer it into a new era for the success of its business plan.

In the new structure, customer experience, operations, human capital, network, alliance, strategy & planning would now report directly to Ahmad Jauhari.

Commenting on the new management structure, Ahmad Jauhari said the organisation structure signalled a new era for the MAS group that would further build pride for its employees and confidence for its customers and stakeholders.

“It involves the setting up of several new business units and the re-naming of existing functions as well as the introduction of new leaders to take over from familiar faces who have decided to pursue other career opportunities.”

“This will ensure both the smooth transfer of responsibilities and the successful execution of the business plan to enhance the group’s reputation and significance for its eventual entry into the oneworld alliance by the end of 2012.”

MAS said the new organisation structure would also see with the departure of the MAS senior team including Datuk Dr Amin Khan (from commercial strategy), Mohd Roslan Ismail (MAS aerospace engineering), Shahari Sulaiman (MASkargo) and Datin Sharifah Salwa Syed Kamaruddin (revenue management).

“I take this opportunity to thank these colleagues for their many contributions, commitment and dedication to Malaysia Airlines and wish them well in their future endeavours,” he said.

Commenting on the network, alliance, strategy & planning division, he said it would support the effective implementation of the group’s network to meet the dynamic needs of the market and to leverage on strategic alliances and partnerships with other airlines. This division, viewed as a crucial game changer of the business plan, would focus on aspects covering rights planning, network, aircraft utilisation and strategy.

The programme management office would drive the implementation, alignment and tracking of key initiatives and activities to support the business plan’s recovery phase and game changers to unlock and maximise the value of Malaysia Airlines Group.

Ahmad Jauhari said the MAS group’s leadership team would be strengthened with the entry of highly experienced talents, namely Hugh Dunleavy to lead network, alliance, strategy & planning and Shihaj Kutty to lead revenue management.

He said Dunleavy, had more than 30 years experience in the aviation industry, and joined MAS “with a solid reputation for delivering results in his assigned areas”.

These include strategy and planning, revenue/yield management, airline alliances, decision support systems, operations research and regulatory affairs.

Dunleavy's previous senior positions were at WestJet Airlines, Lufthansa Systems, Star Alliance, Air Canada and at PROS (Passenger Revenue Optimization Systems) revenue management.

Shihaj Kutty has over 15 years experience in aviation, specifically in sales and revenue management, as well as managing reservations and ticketing offices for major European and Gulf carriers while based in the Gulf region. He joins MAS from Etihad Airways where he was head of pricing.

Both report for duty at MAS by mid-January 2012.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

SMR Technologies gets government contract worth RM14m

KUALA LUMPUR (Dec 30): SMR TECHNOLOGIES BHD []’s unit SMR HR Group Sdn Bhd has secured a contract worth RM14 million from Pembangunan Sumber Manusia Bhd of the Ministry of Human Resources.

SMR Technologies said on Friday that the one-year contract was to implement a trainining programme known as Accelerated Skills Enhancement Training Programme (ASET).

‘The implementation of ASET would expedite the Government's intention to transform Malaysia into a high income country,” it said.

The company said the contract was expected to contribute positively to its earnings.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Market Commentary

The FBM KLCI index gained 24.04 points or 1.60% on Friday. The Finance Index increased 2.08% to 13702.75 points, the Properties Index up 0.18% to 999.71 points and the Plantation Index rose 0.92% to 8162.7 points. The market traded within a range of 22.13 points between an intra-day high of 1530.73 and a low of 1508.60 during the session.

Actively traded stocks include KULIM-CB, UTOPIA, MULPHA, KFC-CB, WIJAYA-WA, COASTAL-CA, MAHSING-CB, MAHSING-CE, SANICHI and SYF-WA. Trading volume decreased to 1329.42 mil shares worth RM1527.91 mil as compared to Thursday’s 1588.84 mil shares worth RM1163.31 mil.

Leading Movers were CIMB (+28 sen to RM7.44), MAYBANK (+26 sen to RM8.58), SIME (+20 sen to RM9.20), PBBANK (+20 sen to RM13.38) and DIGI (+10 sen to RM3.88). Lagging Movers were GENM (-1 sen to RM3.83), YTLPOWR (-1 sen to RM1.78), MMHE (-6 sen to RM5.66) and ARMADA (-1 sen to RM4.10). Market breadth was positive with 468 gainers as compared to 327 losers. -- JF Apex Securities Bhd



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

KLCI ends year with a bang, posts YTD gain of 0.78%

KUALA LUMPUR (Dec 30): The FBM KLCI ended a volatile 2011 on a high note, as late buying into banking and key blue chips saw the index reversing its earlier losses to register a 0.78% year-to-date gain.

Regional markets, with the exception of Indonesia and the Philippines ended their year in losses, as lingering concerns over the eurozone debt crisis and heightened worries about the global economy kept investors on the sidelines.

The FBM KLCI jumped 1.6% or 24.04 points to close at 1,530.73. However, this is still ways off its all-time high of 1,597.08 on July 11 this year.

Gainers led losers by 468 to 327, while 336 counters traded unchanged. Volume was 1.33 billion shares valued at RM1.53 billion.

At the regional markets, the Shanghai Composite Index rose 1.19% to 2,199.42, Japan’s Nikkei 225 increased 0.67% to 8,455.35, Hong Kong’s Hang Seng Index added 0.20% to 18,434.39, while Taiwan’s Taiex fell 2.74% to 7,072.08 and Singapore’s Straits Times Index lost 0.99% to 2,646.35.

On Bursa Malaysia, Petronas Dagangan rose 50 sen to RM17.80, BAT 32 sen to RM49.92, JT International added 24 sen to RM7.39, Nestle and Sime Darby added 20 sen each to RM56.20 and RM9.20.

Among the banking stocks, CIMB jumped 28 sen to RM7.44, Maybank 26 sen to RM8.58, Public Bank 20 sen to RM13.38, RHB Capital 18 sen to RM7.48, HLFG 10 sen to RM11.66 and Hong Leong Bank up two sen to RM10.90.

Decliners included AIC that fell 15 sen to RM1.15, DKSH and Wah Seong down nine sen each to RM1.56 and RM2.07, Paragon and Esso eight sen each to 24 sen and RM3.54, while Tan Chong lost seven sen to RM4.08.

The actives included Utopia, Mulpha, KFCH, Wijaya, Coastal, Mah Sing and Sanichi.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Menang Corp deputy chairman ups shareholding to 26% after buying 20 million shares

KUALA LUMPUR (Dec 30): Property-based Menang Corporation Bhd group deputy chairman Datin Mariam Eusoff increased her shareholding in the company with the recent acquisition of 20 million shares, or a 7.48% stake.

A filing to Bursa Malaysia on Friday showed she bought the shares from the open market at 20 sen each on Dec 27.

The recent acquisition saw her shareholding increase to 26.18% or 69.949 million shares.

According to Menang Corp’s website, she was appointed to the board in February 1991 and was subsequently appointed as group executive director in 1992.

She was appointed the non-executive group deputy chairman in July 2005. She was the alternate chairperson of the group management committee in the absence of the group executive chairman.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Binapuri Norwest offers Laman Vila in Segambut

KUALA LUMPUR: Contractor turned developer Binapuri Holdings Bhd is developing a 3.34-acre (1.4ha) low density residential enclave with a gross development value (GDV) of RM102 million in Bukit Prima Pelangi, Segambut in Kuala Lumpur.

The freehold development dubbed Laman Vila is a 50:50 joint venture with Norwest Holdings Sdn Bhd via JV company Binapuri Norwest Sdn Bhd. It marks Norwest Holdings’ first foray in development. A special preview of the project for invited guests was held on Dec 21.

Binapuri Group managing director Tan Sri Tee Hock Seng foresees a positive take-up once the project is officially launched in late January 2012.

“The show houses will be ready by mid-2012. We have already started earthworks on the site early in December and aim to complete the project by 2013,” he added.

Aziz Bahaman, group executive chairman of Norwest, told The Edge Financial Daily that despite the current global economic situation, there is still a market for landed upscale residential development in Klang Valley.

He said the target market for Laman Vila is upgraders, people who are buying for their own stay or for their children, as well as those who are currently living in the vicinity of Mont’Kiara who are looking to move from condos to landed property.

The low density development will feature 22 units of garden villas of three to four storeys and a block of low-rise condo villas which will house eight units (two of which are duplex penthouses). Prices start from RM2.5 million while sizes range from 3,446 sq ft to 6,133 sq ft. The four-storey garden villas will each have its own lift.

In addition to security features such as round-the-clock surveillance, intercom and panic button system, perimeter fencing and 41 CCTVs within the compound, Laman Vila will have its own clubhouse with facilities such as a swimming pool, sauna, barbecue area, playground and gym.

The maintenance fee for each unit is RM1,000 per month. The developer has also applied for a 21-year contract and licence for the feed-in tariff (FiT) system for the solar power system at Laman Vila.

“By fitting in the solar photovoltaic power system which costs RM3 million and selling the energy produced to Tenaga Nasional [Bhd], we hope to ease the burden of maintenance fees for the residences of Laman Vila in the long term,” explained Tee.

The developer is currently offering a developer interest bearing scheme in addition to a 3% rebate on the first 10% downpayment.

On possible JV prospects between Norwest and Binapuri in the near future, both said they are keen to continue working together and are searching for more landbank in the Klang Valley for residential development.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

OSK overweight on consumer sector

Consumer sector
Maintain overweight: Although we expect the tepid economic scenario in 2012 to dampen earnings, we believe consumer companies will fare better than average, mainly due to the firm demand for their products and the fact that these companies have taken the appropriate measures and learned from the last crisis in 2008/09.

During the last crisis, most consumer companies’ top and bottom lines still registered double-digit growth, fuelled mainly by promotions that spurred consumer spending and internal cost saving. Despite the heavy discounting and promotions and new opening expenses, most retail companies reported better if not flat margins from FY08 to FY10.

The same applies to food and beverage (F&B) companies, although food commodity prices spiralled upwards only after the crisis.


We expect consumer spending to remain relatively stable as disposable income increases with the country’s low unemployment of 3%. Strong retail sales amid an environment of weak consumer sentiment during the last crisis showed that retail sales are not necessarily affected by consumer sentiment, as long as unemployment remains low. Although Malaysia’s household debt-to-GDP ratio is relatively high at 76%, the overall household balance sheet remains sound.

Given that food and beverage demand is expected to be firm and sales resilient, the financial performance of F&B companies will depend mainly on the fluctuations in food commodity prices and their ability to keep manufacturing costs low.

As economic conditions deteriorate, we expect prices to decline further, although they are unlikely to go back to their previous lows. In the event food commodity prices stay high, F&B companies would not be substantially affected given their ability to cope with the high raw material costs post the 2008/09 crisis, as well as a stronger US dollar against the ringgit.

Given our view that the share market should weaken in the near term due to global economic headwinds, the consumer sector — known for its resilient earnings, low beta and decent dividend yields — will be among the safer bets. Hence, we maintain overweight on the consumer sector.

QL Resources Bhd (“buy”, fair value: RM3.62) is our favourite stock for its uninterrupted earnings growth in the past 20 years and rising operating profit margins since 2004. We also like Padini Holdings Bhd’s (“buy”, FV: RM1.42) attractive valuation and good dividend yield. — OSK Research, Dec 27



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Alam Maritim gets contract boost from Sarawak Shell

Alam Maritim Resources Bhd (Dec 29, 76.5 sen)

Maintain neutral at 74 sen with fair value of 85 sen: On Wednesday, Alam announced that its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd had received an award from Sarawak Shell Bhd for the E8 and F13K modules offshore transport and installation contract estimated at RM29.8 million. The non-renewable nine-month contract commenced in 4Q11 and is expected to be completed by May 2012.

We had earlier assumed the company would secure some jobs to replenish its order book. The contract amount is not substantial, making up only about 15% of Alam’s total revenue.

In comparison with other listed vessel operators like Perdana Petroleum Bhd, Petra Energy Bhd and Tanjung Offshore Bhd, we see Alam outperforming its peers in terms of new contracts as well as quarterly earnings performance. In 4QFY10, Alam fell into the red with a net loss of RM46.5 million, dragged down by provisions for Vastalux Energy Bhd and remained in the red in 1QFY11 with a net loss of only RM6.8 million, although this was a significant improvement over the preceding quarter.

In 2QFY11, the company managed to chalk up a net profit of RM7 million, making a further improvement in 3QFY11 with a net profit of RM13.4 million on the back of better vessel utilisation. Meanwhile, the results of its peers over those periods were mostly flat or were in red ink quarter after quarter as a result of poor vessel utilisation and a dearth of new contract awards.

We believe that about 50% of Alam’s vessels are now on long-term charters averaging about a year while the remaining 50% are on spot charter.

Hence, although its utilisation rate fluctuates monthly, we understand that on average it is still hovering at 60% to 80%. Judging from the industry’s current operating environment, we believe this rate is reasonable in view of the fact that Petroliam Nasional Bhd and its production sharing contractors are still handing out minimal new vessel contracts.

In the meantime, some of Alam’s peers are struggling with low utilisation rates below 50% even today.

Although we think Alam is outperforming its peers, this development has been partly factored into its share price valuation. Hence, our “neutral” call and fair value for Alam remain unchanged at 85 sen, based on the existing price-earnings ratio of 12 times FY12 earnings per share. — OSK Research, Dec 29



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

HELP: Strong recovery in FY12, worst over

HELP International Corp’s 4QFY11 earnings and the full year ended Oct 31, 2011 were within our expectations. Full-year net profit of RM13.1 million was slightly below our forecast of RM13.6 million. The company posted a 32.6% year-on-year decline in pre-tax profit to RM5.3 million, while net profit fell 44.6% to RM3.6 million.

Still, it was a marked improvement over 3QFY11, when HELP posted a net profit of just RM820,000 as the seasonally weak quarter was compounded by RM5 million in one-off relocation costs associated with its new facility in Fraser Business Park, Kuala Lumpur. The city branch opened in May after several delays caused by late delivery of the premises.

For the full year, revenue increased marginally by 2.7% to RM108.1 million. Due to the sharp fall in earnings in 2HFY11, pre-tax fell by 23.6% to RM20.4 million while net profit was 31.6% lower at RM13.1 million.

HELP has been plagued with several problems this year, both locally and abroad. Apart from cost overruns associated with Fraser Business Park, the delayed opening has also resulted in missed opportunities for student intakes.

Although a positive move, the recent promotion of HELP from university college to full university status has also resulted in increased manpower costs as HELP had to hire more PhD holders and improve staff-student ratios.

Another issue the company faced was the Ministry of Higher Education’s directive for education institutes to streamline their twinning programmes. As a result, HELP’s twinning programmes were transferred from HELP University College to another subsidiary, HELP Academy. The move necessitated additional one-off licensing and promotion costs, including obtaining new KDN licences for marketing and to secure accreditation for National Higher Education Fund Corp (PTPTN) loans for students.

On the revenue side, HELP is seeing a decrease in student numbers from China as it has become more affordable for students from China to study in the UK and US due to the strength of the yuan and relaxation in regulatory restrictions in those countries.

Co-founder and president Datuk Paul Chan at HELP campus. The Fraser Business Park facility is fully operational.


Expect a strong recovery in FY12
We expect a strong recovery next year as the worst appears over after a series of negative events this year.

We expect net profit to jump 30.5% to RM27 million in FY12, but to remain relatively flat in FY13. HELP’s shares have fallen substantially after the two successive quarters of weak results. At RM1.71, its valuations are fair at 14.3 times for FY12.

We continue to like HELP’s strong business model and brand name, which has helped to expand its student population base, extend its presence overseas and increase the appeal of its own degrees. While the company’s earnings were affected in FY11 as it digested its expansion, the expansion plans are also central to its growth strategy. The company aims to grow its domestic student base from around 12,000 to 16,000 by 2016.

The domestic expansion will be anchored by two new branches, in Fraser Business Park and Subang 2. HELP will also widen its target market by increasing the levels of education and courses — from mainly tertiary to post-graduate, secondary schooling, certificate and vocational courses.

We understand plans to expand into secondary and primary schooling are nearing fruition, with HELP planning to establish an international school at its Subang 2 campus. Some 2ha of the 9ha will be carved out for the purpose. With higher fees, stronger margins and a much larger market base, this venture should improve HELP’s earnings prospects.

Positively, many of the issues involving Fraser Business Park (the delay in its opening), Vietnam (a change in government regulations) and local regulatory changes (the segregation between twinning and local courses), have also been largely resolved and should not affect the company next year.

However, the impact of some of these may also be structural, such as the lower number of students from China seeking education in Malaysia, as well as a higher overall cost base due to its university status and operating multiple campuses.

The Fraser Business Park facility is fully operational and has started student recruitment. The current student population here is 1,500 — mostly transferred from HELP-ICT in Klang. Management is seeing healthy intakes, especially for its American degree programme and is targeting to add another 1,000 students by end-2012.

HELP is leasing about 220,000 sq ft of space at a preferential rate there, which can accommodate up to 5,000 students. The branch will cater largely for post-graduate, technical and vocational courses, and will host a wide range of new courses such as culinary, hospitality, performing arts and physiotherapy, among others.

At the main Damansara Heights branch, HELP is expecting student growth of about 10%, as the company is seeing an increase in its own homegrown degrees compared with the traditionally more favoured twinning programs.

A potential risk is its foreign student base. HELP has seen many Chinese students opt to pursue their education directly in the US and UK due to the strong yuan. The recent weakening of the ringgit is positive, but it is unclear if the move by Chinese students is a structural one, given the country’s rising affluence.
Cautious of cost escalation going into FY14

On the cost side, expenses related to the Fraser Business Park facility have been fully expensed but personnel expenses could continue to rise due to HELP’s new full university status. Expenses would also rise towards the end of 2013 and into 2014 when HELP completes and shifts to the new full-fledged campus in Subang 2 by end-2013. This could dampen earnings in FY14 again.

In Vietnam, student intake has resumed after missing out on half a year’s enrolment in the first six months of the year. This followed the Vietnamese government’s more stringent checks on education players aimed at weeding out degree mills. Earlier this year, the Vietnamese government had stopped foreign players from enrolling students until they were audited and verified.

HELP’s degrees in Vietnam, which are undertaken by Vietnam National University, have been audited and approved, and the government lifted the moratorium in July. HELP is now targeting enrolments for MBA and post-graduate degrees there, which fetch higher margins, before preparing for the high volume but lower margin tertiary enrolments early next year.

In the past, there were 1,000 to 1,500 students studying for HELP degrees in Vietnam. The company hopes to rebuild these numbers.


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.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Miami hots up as Lim plays to make Genting No 1

KUALA LUMPUR: Like a good poker player, perhaps Asia’s brightest casino magnate Tan Sri Lim Kok Thay isn’t about to give away his hand but he’s certainly playing to win.

“I hope to make Genting the No 1 and the most recognisable global corporation in Asia and in the world,” Lim had told The Edge in July, within weeks of Genting’s purchase of its Miami bayfront land.

“Genting should always make a big and meaningful impact, whether locally or globally,” he said in a brief emailed response.

“In 10 years’ time, I would like to see Genting as the premier global corporation that makes bigger things happen.”

At that time, Lim also said he was “happy with what Genting is doing right now” and that he “wouldn’t have done [anything] differently”.

Six months down though, the Genting group’s very public approach in Miami seems to be gathering more flak than getting it any closer to that desired casino licence that could help create a new global gaming destination and possibly strip Vegas of its dominance. And with opposition from Florida’s Orlando-based Walt Disney Co weighing on its odds, even fans have begun to wonder if Genting had painted itself into a corner in Miami as it seeks to convince Florida lawmakers to allow resort-styled gaming.

Lim syas he would like to see Genting as the premier global corporation that makes bigger things happen.


In fact, Christian Goode, president of Resorts World Miami (RWM), earlier this month insisted that RWM “is not even close to being [the world’s] largest [casino]”, a month after its architect-project manager said it would be, the Miami Herald reported on Dec 12.

Is the pressure on Genting to justify what detractors deem “over-the-top” numbers getting to them?

That’s not all, on Dec 19, the local Miami press reported that a preservation group intends to ask that The Miami Herald 1963 bayfront structure — where Genting’s planned US$3.8 billion (RM12.1 billion) RWM is to stand — be designated as a protected architectural and historical landmark.

In response, Goode told The Miami Herald that “any impact derived from preserving the Herald building are far outweighed by the benefits that a new master-planned development will bring to the Omni neighbourhood, including activating the downtown waterfront, employing tens of thousands of Floridians, generating meaningful tax revenue and adding value to a depressed area”.

It remains to be seen if Genting and other proponents of the casino bill would get a break with Florida’s next legislative sitting set to kick off Jan 12, 2012. On Dec 22, governor

Rick Scott told The South Florida Sun Sentinel that he thinks “it’s going to be tough to get a gaming bill passed” in 2012, considering the money the state gets from an agreement signed with the Seminole Indian tribe in 2010, which gives them exclusive rights to operate casinos on tribal land.

Politicians are also expected to play it safe given that 2012 is election year, market watchers say.

Genting declined to comment when contacted by The Edge Financial Daily for this story.

Whatever the case, Melvyn Boey, who heads research (Southeast Asia) for Bank of America-Merrill Lynch (BoA-ML) in Singapore, pointed out that the Lim family isn’t new to the US market.

“They’ve been there for a long time. It’s the public-listed entity, Genting, that’s relatively new,” Boey, who’s tracked Genting since the 1990s, told The Edge in a recent interview. Moreover, at US$4.7 billion and counting, Resorts World Singapore is still Genting’s biggest investment thus far, not Miami.

While not much is known on the extent of the family’s reach in the US market, seasoned market watchers like Boey wouldn’t underestimate their deep ties with some Indian tribal gaming groups in the US, including the Mashantucket Pequot in Connecticut, some of whom reportedly flew halfway across the world for Tan Sri Lim Goh Tong’s funeral in October 2007.

In Massachusetts, where a casino bill had just been approved last month, for instance, the Lim family’s private vehicle Kien Huat Realty Sdn Bhd reportedly has a tie-up with another Native American tribe, the Mashpee Wampanoag, to build a casino-resort.

That’s partly why Boey still reckons Genting will prove to be a good long-term bet. “My view is that Genting has taken the approach they believe would best get them what they want. I’d give them the benefit of doubt. They’ve delivered in Singapore. The UK had disappointed, but is improving. New York just started and is still enjoying some novelty.”

He isn’t alone. Most analysts polled on Bloomberg have a “buy” on Genting Malaysia Bhd, its parent Genting Bhd, as well as Singapore-listed Genting Singapore Ltd.

In Boey’s view, Genting is minting a lot of cash and is merely moving quickly to seize the opportunities that have propped up in different parts of the world as governments begin to view gaming as a catalyst for economic boom rather than a vice-filled industry linked to thug-like debt-collectors, prostitution and money laundering.

“Singapore hasn’t become Asia’s new sin city, has it? If anything, it’s become Asia’s new playground for the rich and famous,” another observer noted.

To be sure, Genting’s Lim wants his group to be a household name. “When we invest in gaming, we want that extra element [of family entertainment] because we think that will offer the maximum benefit to the local community and to the country as a whole,” Lim told the Wall Street Journal in an interview published on Dec 12.

In Malaysia, when launching Genting’s Johor Premium Outlets (JPO) in Kulaijaya, Johor on Dec 11, Prime Minister Datuk Seri Najib Razak said apart from the RM100 million to expand JPO, Genting will invest at least RM1 billion on more attractions including a new water theme park, a convention centre and a 2,000-room hotel.

In doing so, Lim had earlier told The Edge he would like to see Genting’s efforts help “build a better tomorrow for our future generations” and go toward bringing about change for Malaysia as the country seeks to transform itself into a high-income nation.

Already, JPO — reportedly a 30 -minute drive from Singapore’s Tuas checkpoint — expects to attract three million visitors in its first year of operations, including those from Singapore, the rest of Southeast Asia and the Middle East.

Across the Causeway, travel agencies like Chan Brothers and CTC Travel told Singapore media they expect tour groups to JPO to be booked out by January next year, filled by shoppers looking to buy branded goods at up to 65% off usual retail prices.

Plans are already underway to enhance accessibility from Singapore with a direct shuttle to JPO from the Dhoby Ghaut MRT station, near Plaza Singapura, ChannelNewsAsia reported on Dec 11.

To be sure, Lim’s statement that he doesn’t overly concern himself with short-term numbers may spook some investors, but BoA-ML’s Boey said Genting has both the experience and financial strength for what they’re looking to do.

“Genting Highlands generates easily RM1 billion free cash flow (FCF) a year, with very little capital expenditure requirement. We see Genting Singapore generating steadily about S$1.5 billion (RM3.66 billion) FCF a year from FY2013. In FY12, the number is already S$1.3 billion and that will grow as capex tapers off,” he said.

“I’m not overly concerned on [Genting’s] expansion moves as long as their balance sheet can support the debt. I’d only worry if net gearing goes above 50% and stays at that level.”

While the headline US$3.8 billion investment in Miami looks big, Boey said Genting would only accelerate spending if it has the casino licence. That could come to a boil if legislators in Florida shoot down the casino bill in January 2012 and choose to take more time weighing their options to create more jobs and shore up economic activity.

What’s certain, though, is that today Genting Malaysia’s balance sheet is stronger and Lim can go all out in Miami because he has nothing to lose in Vegas. The latter may be why Lim is this bold in his promises.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

CCM embarks on internal restructuring

KUALA LUMPUR: Chemical Company of Malaysia Bhd (CCM) will undergo an internal restructuring in order to streamline its operations and reduce the level of inter-company borrowings.

According to an announcement to Bursa Malaysia, CCM’s wholly-owned subsidiary Usaha Pharma (M) Sdn Bhd will acquire the entire equity interest of Innovative Polymer Systems Sdn Bhd, Innovative Resins Sdn Bhd and Delta Polymer Systems Sdn Bhd, which are also subsidiaries of the parent company.

The three companies will be acquired from CCM and CCM Usaha Kimia (M) Sdn Bhd for a total consideration of around RM126.4 million. Usaha Pharma will also acquire the businesses and assets of Innovative Polymer and Delta Polymer.
To reduce the inter-company borrowings of CCM, Usaha Kimia, CCM Agriculture Sdn Bhd, CCM Agriculture (Sabah) Sdn Bhd and CCM International Sdn Bhd will issue new shares to its parent.

According to the announcement, the rationale behind the acquisition is to streamline and realign the businesses and business units of Innovative Polymer, Delta Polymer and Innovative Resins.

“The proposed businesses and assets acquisitions of Innovative Polymer and Delta Polymer are expected to promote synergy within the Innovative group through the consolidation of the polymer businesses into a single entity,” stated CCM.

Innovative Polymer is in the business of manufacturing and selling hydrogel coating products, while Delta Polymer deals in industrial cleaner and coating products.

Usaha Pharma was formerly CCM’s pharmacy arm, having operated a chain of pharmaceutical retail outlets and traded in pharmaceutical and healthcare products. Usaha Pharma closed down all its pharmacy outlets in 2007 and was dormant.

The proposed internal restructuring is not expected to have any material effect on CCM’s share capital, shareholding structure, earnings per share, net assets per share and gearing of the company for the current financial year.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

New generation of IPPs to draw familiar names

KUALA LUMPUR: The Energy Commission’s notice for the pre-qualification of prospective bidders for the development of a combined cycle gas turbine (CCGT) power plant in Peninsular Malaysia, representing the start of the fourth generation independent power producers (IPPs), is expected to attract bids from familiar names along with some new players.

In a statement on its website, the commission is inviting applicants with previous experience in implementing power projects to submit their expressions of interest by Jan 12. The commission will then conduct a pre-qualification process, in accordance with the criteria in the request for proposal document, which will be sent out
later.

In line with government policy, foreign participation in a consortium is capped at 49%.

Analysts are expecting all the country’s current crop of IPPs to bid for these upcoming projects along with some of the smaller players.

“The first generation IPPs would undoubtedly participate in these projects. They currently have the option to re-use their existing equipment for these new plants, as long as it has been refurbished or after they have invested some additional capital expenditure,” said OSK Research head Chris Eng.

Hence, it is likely that the list of bidders for the new CCGT plant will include the usual suspects — YTL Power International Bhd, Malakoff Bhd and Tanjong plc. The only exceptions might be Genting Bhd and Sime Darby Bhd according to analysts. It has been reported previously that Genting was mulling over the disposal of its power operations.

Alongside the big boys, Eng said it is likely that smaller players might take their chances in bidding for the project. This might include the likes of Jaks Resources Bhd, which is in the business of pipes and has clinched a RM5.96 billion power plant project in Vietnam. Other possible names include Toyo Ink Group Bhd, which also has a power plant project in Vietnam, and Leader Universal Holdings Bhd, which was involved in a plant in Cambodia.

“However, you might not see Mudajaya [Group Bhd] take part as the company is still sorting out issues with its IPP in India,” said Eng.

Association of Water and Energy Research Malaysia president S Piarapakaran was quoted as saying that opening up the bidding to foreign parties would help increase the number of players which could invest in more efficient technology. Piarapakaran also urged the Energy Commission to blacklist first generation IPPS that did not renegotiate their power purchase agreements from this bid.

The Edge weekly has earlier reported that the government will call for tenders for eight gas-fired power plants, where the players would possibly pay market rates for the fuel.

According to the Energy Commission’s 2010 annual report, listed under electricity supply plan for West Malaysia are five CCGTs due to come onstream between 2017 and 2019. Each of the plants has a generation capacity of 750MW.

The only other new plant mentioned in the commission’s annual report is a 1,000MW capacity coal-fired plant that is scheduled to be commissioned by 2020, as well as Tenaga Nasional Bhd’s two hydropower plants in Hulu Terengganu and Ulu Jelai, due to come online in 2015 and 2016 respectively. TNB’s additional 1,000MW from its Janamanjung coal-fired plant is targeted to start contributing from 2015 onwards, while Malakoff’s Tanjung Bin 1,000MW extension will come onstream by
2016.

It has been previously stressed by a number of players that the country could face a power crunch if the planning doesn’t start now. The Energy Commission estimates that based on November 2010’s electricity demand, the country will require an additional 7,372MW between 2015 and 2020, with another 15,724MW needed from 2021 to 2030.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

2012 CEO Outlook series: Guinness expects to maintain growth rate

TEFD: What are your expectations for 2012, for your company and your industry? What impact, if any, do you expect from the euro crisis?
Ireland: After a decade of growth, we expect Guinness Anchor Bhd’s (GAB) growth rate to be broadly maintained in 2012. As for the industry, it is possible that the industry may slow a little as consumers become more careful with discretionary spending amid a softening economy and an uncertain outlook.

Will Bank Negara Malaysia’s recent tightening of consumer borrowing have an impact?
We do not expect it to have an impact on our business as our spending comes from disposable income. We might even see a little uptick as consumers buy less big ticket items like televisions and cars, but spend a little more on small everyday purchases. We saw a similar shift in the last global financial crisis.

We will look to further sharpen our focus to concentrate on the most impactful activities and to stop doing the less impactful ones.


What are the company’s plans and focus for 2012?
We will have a broadly similar strategy as it has been working well for us. Moving ahead, we will look to further sharpen our focus to concentrate on the most impactful activities and to stop doing the less impactful ones.

Also, in more buoyant times, we tend to experiment a little more, but in this current economic market we will probably experiment less next year to de-risk our plan. We will also be especially vigilant on our financial management to ensure that we are able to maintain our performance in the hope that we will achieve another year of growth.

What is your personal wish list for 2012?
First, that GAB delivers an 11th successive year of growth. Second, that the eurozone crisis gets sorted out and the global economy avoids a deep recession. Third, that Chelsea wins the Champions League. Finally, that my golf game recovers and I get back down to a 14 handicap!


The 2012 CEO Outlook series started on Dec 19 and will run every day into January. The Edge Financial Daily has so far interviewed Geoffrey Briscoe of BMW Malaysia, Tan Sri Teh Hong Piow of Public Bank Bhd, Jeffrey Chew of OCBC Bank (M) Bhd, Osman Morad of Standard Chartered Bank Malaysia Bhd, Yvonne Chia of Hong Leong Bank Bhd, Tan Sri Lee Oi Hian of Kuala Lumpur-Kepong Bhd, among many others. If you’ve missed them, please read our back issues on iPad for free



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Envair appoints new ED

KUALA LUMPUR: ACE Market-listed Envair Holdings Bhd has appointed Datuk Seri Ung Eng Huat as its new executive director, according to filings with Bursa Malaysia.

His appointment as executive director on Wednesday followed his emergence as a substantial shareholder after buying 2.4 million shares or a 2.02% stake in an off-market deal on Dec 23.

As at Dec 28, Ung holds 6.7 million shares or a 5.65% equity interest in Envair Holdings. His entry into Envair comes after Deepak Jaikishan ceased to be a shareholder when he divested his six million shares on Dec 14.

According to Bursa filings, Ung has 25 years in the construction and property development industry and holds directorships in several private limited companies. He is also the executive chairman of Petrol One (Tg Asas) Sdn Bhd, which is involved in the oil and gas industry.

Ung replaced Wong Yu Sun, who resigned as executive director of Envair on Nov 9.

A check with Companies Commission of Malaysia shows that Petrol One is involved in the business of “shipping and oil and gas activities including ship broking, chartering and bunkering”. The company was registered in May. Its directors include Ung, Annuar Musa, and Mohamed Nedim Mohamed Nazri, son of Minister in the Prime Minister’s Department Datuk Seri Nazri Aziz.

Envair gained one sen to close at 24.5 sen yesterday with 12.49 million shares done.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Cypark secures RM15m landfill project

KUALA LUMPUR: Cypark Resour-ces Bhd, an environmental technology and engineering specialist, has secured a RM14.71 million job to upgrade a landfill site in Negri Sembilan’s Kok Foh enclave.

In a statement to Bursa Malaysia, Cypark said the project, which involves the closure of a portion of the landfill and the upgrading of another portion into a sanitary cell, is expected to complete by Dec 6, 2012.

“The contract will further strengthen the company’s position as one of Malaysia’s leading specialists in solid waste management and integrated environmental solutions,” Cypark said.

The job, which is expected to boost earnings for FY12 ending Oct 31 is in addition to other contracts previously awarded by the National Solid Waste Management Department for the closure and remediation of 16 landfills.Other completed projects by Cypark include the restoration of a piece of former mining land in Cyberjaya, and the Taman Beringin non-sanitary landfill restoration project in Kuala Lumpur.

Cypark shares fell one sen to close at RM1.41 yesterday, down 2% this year.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

BCorp 2Q net profit down 74%

KUALA LUMPUR: Berjaya Corp Bhd’s net profit for 2QFY12 ended Oct 31 fell 73.5% to RM22.96 million from RM86.54 million a year earlier. There were no contributions from the former 40%-owned Berjaya Sompo Insurance Bhd (BSompo), which it disposed of in the previous quarter.

The year-on-year decline was magnified by a higher base last year when numbers were boosted by a one-time gain on disposal and impairment writebacks, BCorp said in notes accompanying its accounts.

In addition, slower property sales nudged 2Q revenue 1.8% lower to RM1.69 billion from RM1.72 billion a year earlier. That also dampened higher revenue growth registered by its gaming business as well as consumer marketing and distribution businesses, BCorp said.

Nonetheless, the healthy numbers from its distribution and gaming businesses shored up numbers for 1HFY12 ended Oct 31, 2011. Net profit rose 38.5% to RM293.54 million from RM212 million a year earlier, while revenue inched 0.9% higher to RM3.49 billion from RM3.46 billion.

“Pre-tax profit increased by about 31.43% compared with the six-month period of the previous year. This increase was mainly due to the exceptional gain recognised arising from the disposal of 40% equity interest in BSompo,” it said.

Looking forward, BCorp said the operational performance for the remaining quarters “may be challenging” due to uncertainties in the global economy. BCorp fell 1.5 sen yesterday to close at 95.5 sen with 9.63 million shares done.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Box-Pak denies privatisation report

KUALA LUMPUR: In an announcement to Bursa Malaysia yesterday, Box-Pak (M) Bhd denied knowledge of any privatisation following a news report on the matter.

Bok-Pak stated that its board of directors was unaware of any formal discussions concerning the privatisation of Box-Pak.

To recap, a local daily quoting a source yesterday had reported that Box-Pak’s parent company Kian Joo Can Factory Bhd (KJCF) was planning to privatise Box-Pak in a multimillion ringgit deal involving Japanese investors.

Box-Pak’s share price lost 9.72% yesterday, falling 24 sen to RM2.23 from a 14-year high of RM2.47 while trading volume almost doubled to 5.35 million from 2.81 million shares.

The article also said that KJCF would be paying RM3.20 for the remaining shares it does not own, which works out to be 1.71 times price-to-book and 12.93 times price-earnings ratio.

Box-Pak also said it had not appointed any investment bank for said privatisation.

“The company from time to time may receive proposals, enquiries and expressions of interest in relation to the company’s various investments. Box-Pak will make the necessary disclosure to Bursa Malaysia Securities Berhad in accordance with the provisions of the Main Market listing requirements,” it added.

The Edge Financial Daily reported yesterday that Box-Pak may have been targeted for a takeover.

It was speculated that Tokyo and Osaka-listed Oji Paper Co Ltd (Japan) could be a potential offeror. Oji Paper has acquired three Malaysian paper-related companies since 2010.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

1 Utopia tops volume list

KUALA LUMPUR: ICT product retailer 1 Utopia Bhd, which saw a jump in trading interest after a research house said in mid-December that it should be worth more, was the most active counter yesterday even as its share price fell.

Some 197.4 million shares or 29% of 1 Utopia’s share base changed hands at between six sen and eight sen apiece yesterday before the stock closed at 6.5 sen, down one sen or 13.3% for a year-to-date decline of 52.5%. The counter had been on a downward trend since hitting a recent high of 12 sen on Dec 12.

Its substantial shareholder and executive director Ooi Chai Huat yesterday ceased to be a substantial shareholder after KOM2 Holdings Sdn Bhd sold 72.48 million shares or a 10.8% block on the open market. Those shares were held by JF Apex Nominees (Tempatan) Sdn Bhd and SJ Sec Nominees (Tempatan) Sdn Bhd, being pledged securities account for KOM2, filings showed.

Another substantial shareholder, Goh Boon Leong, sold 18.6 million shares on the open market, paring holdings to 35.6 million shares or 5.31%.

At press time, there was no change in the holdings of its managing director Chin Boon Long, who owns 12.85% of the company.

On Dec 16, SJ Securities initiated coverage on 1 Utopia with an “overweight” recommendation and a 16 sen fair value.


“Our fair value is based on a forward price-earnings ratio (PER) of 7.5 times and 2012 forecast earnings per share (EPS) of 2.11 sen,” it said in the note. “The group plans to move to the Main Board of Bursa Malaysia.”

Formerly known as Tejari Technologies Bhd, the ACE Market-listed company took its present name to reflect its venture into the information, communication and technology (ICT) industry. From providing hydraulic parts and components, the company now runs ICT retail businesses and organises ICT-related events.

1 Utopia owns 60% of the shops in Low Yat Plaza, a place consumers gravitate to for ICT gadgets in Kuala Lumpur’s Bukit Bintang area. The company also owns several outlets in Digital Mall, Petaling Jaya; as well as retail outlets in malls like Sunway Pyramid, Mid Valley Megamall and Berjaya Times Square.

Its recent acquisitions include PDA Expert Mobility Sdn Bhd, an authorised provider of DiGi services and an authorised reseller of branded notebooks with 26 shops nationwide.

Already, the new businesses have helped 1 Utopia book a RM940,000 profit in FY10 ended Nov 30, a sharp reversal from a RM4.47 million loss in FY09. “We expect income to grow moving forward with business expansion and acquisitions,” said SJ Securities, forecasting net profit to reach RM10.32 million for FY11 and RM14.14 million for FY12.

On Nov 24, 1 Utopia paid RM1.03 million for 100% of Urusrasa Sdn Bhd, a car jockey service operator for Low Yat Plaza, Federal Hotel and Capitol Hotel, a deal expected to rake in some RM1.5 million revenue a year (RM5,000 a day). “We see the car jockey business as a very good buy. It was bought cheaply,” SJ Securities said.

The research house also pointed out that 1 Utopia’s business could see another boost if authorities approve its i-milik programme that can track stolen devices and gadgets.

Notably, last Tuesday 1 Utopia said Bursa Securities approved the listing of up to 98.54 million placement shares (10% of share base) to be issued.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Yinson eyes O&G sector in Southeast Asia

JOHOR BAHARU (Dec 30): Land transportation and logistics services provider, Yinson Holdings Berhad, is ready to expand its business to embrace the Oil and Gas (O&G) industry in South East Asia.

Its managing director Lim Han Weng said the company's transformation in the direction of the O&G industry, will not however mean, it was completely sidelining its land logistics business.

"We will continue to retain between 20-30 per cent of the company's business in the land transportation and logistics services. The oil & gas industry provides good returns," he told Bernama after the EGM here on Friday.

He said the company saw a lot of opportunities in the O&G sector in Malaysia, Indonesia, Myanmar, Vietnam and Thailand.

"We will build our ability and expertise before entering the oil & gas industry outside of South East Asia. For the moment, the South East Asian market will suffice," he added.

He said the company's joint venture partner, PetroVietnam Technical Services Corp (PTSC), is now building the first floating, storage and offloading (FSO) facility in Busan, South Korea at a cost of US$150 million and which is expected to be ready in 2013.

The FSO will have a capacity of 350,000 barrels of liquefied natural gas for use to fuel power plants.

In June this year, Yinson received a US$331 million contract for the FSO provision and rental from PTSC for 10 years, with the option to renew for a further 10.

The two parties had agreed to jointly provide the FSO based on a bareboat charter basis to PTSC, which would charter it in turn to Bien Dong Petroleum Operating Co.

Lim said the next move for the company is to enter the floating production, storage and offloading (FPSO)facility for the O&G industry in this region.

He said the FPSO service is more technical than the FSO and needs a bigger capital of at least US$500 million.

He added that in the light of not many local companies having entered he FPSO service, Yinson believes, it has the ability to grab a lot of revenue opportunities in that sector.

"We are moving in this direction (FPSO service)," he said.

At present, the local companies involved in the provision of the FPSO service are Bumi Armada and MISC.

Lim said the company was also looking at opportunities arising from the effort by Petronas to undertake the US$20 billion Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor.

"We have plans to participate in the opportunities arising from the RAPID," he added. - Bernama



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Yinson to venture into oil & gas sector

Land transportation and logistics services provider, Yinson Holdings Berhad, is ready to expand its business to embrace the Oil and Gas (O&G) industry in South East Asia.

Its managing director Lim Han Weng said the company's transformation in the direction of the O&G industry, will not however mean, it was completely sidelining its land logistics business.

"We will continue to retain between 20-30 per cent of the company's business in the land transportation and logistics services. The oil & gas industry provides good returns," he told Bernama after the company's Extraordinary General Meeting (EGM) in Johor Baru today.

He said the company saw a lot of opportunities in the O&G sector in Malaysia, Indonesia, Myanmar, Vietnam and Thailand. "We will build our ability and expertise before entering the oil & gas industry outside of South East Asia. For the moment, the South East Asian market will suffice," he added.

He said the company's joint venture partner, PetroVietnam Technical Services Corp (PTSC), is now building the first floating, storage and offloading (FSO)facility in Busan, South Korea at a cost of US$150 million and which is expected to be ready in 2013.

The FSO will have a capacity of 350,000 barrels of liquefied natural gas for use to fuel power plants.

In June this year, Yinson received a US$331 million contract for the FSO provision and rental from PTSC for ten years, with the option to renew for a further ten.

The two parties has agreed to jointly provide the FSO based on a bareboat charter basis to PTSC, which would charter it in turn to Bien Dong Petroleum Operating Co.

Lim said the next move for the company is to enter the floating production, storage and offloading (FPSO)facility for the O&G industry in this region.

He said the FPSO service is more technical than the FSO and needs a bigger capital of at least US$500 million.

He added that in the light of not many local companies having entered he FPSO service, Yinson believes, it has the ability to grab a lot of revenue opportunities in that sector.

"We are moving in this direction (FPSO service)," he said.

At present, the local companies involved in the provision of the FPSO service are Bumi Armada and MISC.

Lim said the company was also looking at opportunities arising from the effort by Petronas to undertake the US$20 billion Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor.

"We have plans to participate in the opportunities arising from the RAPID," he added. -- BERNAMA



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

KL shares sharply higher at midafternoon

At 4.00 p.m. today, there were 383 gainers, 348 losers and 334 counters traded unchanged on the Bursa Malaysia.

The FBM-KLCI was at 1,509.21 up 2.24 points, the FBMACE was at
4,064.33 down 3.93 points, and the FBMEmas was at 10,375.11 up 27.16 points.

Turnover was at 1.023 billion shares valued at RM919.582 million.
-- BERNAMA



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Mah Sing call warrants actively traded, shares up

KUALA LUMPUR (Dec 30): MAH SING GROUP BHD []’s call warrants surged in active trade on Friday, accounting for 41 million units transacted.

At 3.36pm, Mah Sing-CE was up one sen to 2.5 sen with 23.269 million units done while Mah Sing-CB jumped 4.0 sen to 7.5 sen with 20.76 million units transacted.

The mother share rose 12 sen to RM2.10 with 4.13 million shares done.

The FBM KLCI was up 8.32 points to 1,515.01. There were 905.45 million shares done valued at RM747.86 million. There were 398 gainers, 315 losers and 323 stocks unchanged.

Its managing director Tan Sri Leong Hoy Kum said in an interview with The Edge Financial Daily that the property group, after securing more than RM2 billion in sales for 2011, targets a sales target of RM2.5 billion for 2012.

“We are optimistic that we can continue our strong sales momentum as our products cater to market needs and are well sited in strategic locations,” he said.

“We shall create our market by tapping the pent-up demand of selected sectors and would include new phases in existing projects like Icon City (Petaling Jaya), M City (Jalan Ampang), Icon Residence Mont’ Kiara, Kinrara Residence (Puchong), Garden Residence (Cyberjaya) and Garden Plaza (Cyberjaya), as well as new projects like M Residence@Rawang, all located in the Klang Valley,” he said.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

AirAsia extends F1 racing team sponsorship

AirAsia Bhd has extended its sponsorship agreement with 1Malaysia Racing Team Sdn Bhd for a period of one year effective from Jan 1, 2012.

In a filing to Bursa Malaysia today, AirAsia said it had entered into an extension to the sponsorship agreement dated May 26, 2011 with 1Malaysia Racing Team to be an official team partner of Caterham F1, the F1 racing team formerly known as Team Lotus and title sponsor of the Caterham F1 Driver Development Programme.

“Under the extension, AirAsia shall be an Official Team Partner of Caterham F1 and title sponsors of the programme for the duration of the 2012 F1 racing season at the same terms as provided in the agreement, except in relation to the sponsorship amount from the company to Caterham F1,” AirAsia said.

The sponsorship amount from AirAsia to Caterham F1 includes RM5.36 million for company media value/space and RM1 million for further expenditure in relation to advertising, on ground and public relations-related activities with Caterham F1.

AirAsia said through continuous association with F1, the company intended to elevate its brand perception from that of a low-cost carrier to a brand associated with high-end sports and cutting-edge F1 technology.

AirAsia intends to use sports sponsorship and sports branding to drive consumer aspirations and build sports-related themes in relation to sales campaigns for various flight destinations.

In a separate statement, AirAsia said that it had today signed an agreement with QPR Holdings Limited, the parent company of Queens Park Rangers Football Club, for the sponsorship of the QPR away shirt in the Barclays Premier League.

In consideration of the rights to be made available to the company, Airasia will pay QPR GBP350,000 for a term of one year as sponsorship fees.

AirAsia will receive among others the rights to be the official “Away Shirt” sponsor of QPR, the designation of “Official Partner of QPR” for advertising and promotional purposes, and the licence to use QPR Intellectual Property for advertising and promotional purposes.

Others include the rights to advertise at the QPR Loftus Road Stadium on match days and advertising in QPR official match programme and other QPR publications.

On Sept 12 this year, AirAsia signed a term sheet with an intention of signing today’s agreement with QPR for the sponsorship of the QPR away shirt in the Barclays Premier League. -- BERNAMA



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

MNRB up in line with firm market, ignores downgrade

KUALA LUMPUR (Dec 30): Shares of MNRB HOLDINGS BHD [] rose slightly in thin trade on Friday, in line with the firmer market sentiment, as investors ignored the downgrade by Malaysian Rating Corp Bhd (MARC).

At 3.23pm, MNRB was up three sen to RM2.53. There were 81,500 shares done at prices ranging from RM2.47 to RM2.53.

The FBM KLCI was up 7.69 points to 1,514.38. Turnover 809.11 million shares valued at RM691.29 million. There were 383 gainers, 316 losers and 318 stocks unchanged.

MARC had on Friday lowered its rating on MNRB’s RM200 million Islamic medium term notes (IMTNs) to A+IS from AA-IS after the reinsurer suffered two consecutive years of losses and thin cash flow coverage measures.

It said while the outlook for the debt notes was stable, the downgrading reflected weakened holding company level financial metrics after losses for FY ended March 31, 2010 (FY2010) and FY2011.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Malay chamber to outbid CVC for QSR stake

The Malay Chamber of Commerce Malaysia plans to bid for a controlling stake in fast-food restaurants operator QSR Brands Bhd, rivaling an earlier US$1.6 billion buyout offer for the company and a subsidiary by CVC Capital Partners Ltd and Johor Corp.

The chamber will offer RM6.90 per share for Kulim (Malaysia) Bhd’s majority stake in QSR, the chamber’s President Syed Ali Alattas said in a telephone interview yesterday. London-based buyout group CVC Capital and Malaysia’s Johor Corp made the RM6.80 per share bid on Dec. 14.

At stake is control of more than 900 fast-food outlets in Southeast Asia and India for brands including KFC and Pizza Hut. Kulim directly owns 54 percent of Kuala Lumpur-based QSR which in turn controls KFC (Malaysia) Holdings, according to data compiled by Bloomberg. Kulim last year rejected two RM6.70 per share takeover bids for QSR, including one from Washington- based Carlyle Group.

“We could set up an investment company and we’re talking to banks,” Syed Ali said. “Our chamber has more than a million members. We could invite members like Felda, Tambung Haji and PNB to join us.”

The Felda Land Development Authority, or Felda, Lembaga Tabung Haji and Permodalan Nasional Bhd. are so-called “Bumiputera” trusts, which invest on behalf of the country’s ethnic Malays and indigenous people.

Cheaper Option

Unlike the Malay Chamber’s offer, CVC Capital and Johor Corp. bid for all the assets and liabilities of both QSR and KFC Malaysia. That would cost them more than RM5.24 billion (US$1.6 billion) excluding warrants, according to Bloomberg News calculations. QSR and KFC’s independent directors backed this offer on Dec. 21, though minority shareholders have yet to vote.

The Chamber is seeking a cheaper option by gaining control of both companies by only acquiring Kulim’s QSR stake. This would cost it about RM1.1 billion, based on Bloomberg News calculations. “This is what I call the smart route,” Syed Ali said.

Johor Corp, the investment arm of Malaysia’s Johor state government, currently controls both companies through its 56 percent Kulim stake.

“The Malay Chamber’s offer is not likely to go through as both KFC and QSR boards had already stated that they will not consider any other offers,” Hoe Lee Leng, an analyst at RHB Capital Bhd wrote in a report today. “Furthermore, the chamber’s offer to purchase a stake in QSR would require the approval of Kulim’s shareholders, of which Johor Corp is the majority shareholder.”

RHB maintained its “trading buy” rating on KFC Malaysia and so-called “fair value” of RM4, according to the report.

Kulim rose 0.5 percent to a record RM4.09 at 10.37 a.m. in Kuala Lumpur trading today. QSR climbed 0.2 percent to RM6.44, while KFC Malaysia gained 0.5 percent to RM3.79, tracking a 0.3 percent advance in the benchmark FTSE Bursa Malaysia KLCI Index.

QSR operates about 260 Pizza Hut restaurants in Malaysia and Singapore, while KFC Malaysia operates more than 620 fried- chicken outlets in Malaysia, Singapore, Brunei, Cambodia and India, according to their respective websites.

Yum! Brands Inc., based in Louisville, Kentucky, owns the KFC and Pizza Hut brands. -- Bloomberg



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Stable outlook for PLUS RM23.35m sukuk

Malaysian Rating Corporation Bhd (MARC)has assigned a final rating of "AAAis" with a stable outlook to Projek Lebuhraya Usahasama Bhd's (PLUS Bhd) RM23.35 billion sukuk musharakah programme.

In a statement, MARC said it was satisfied with the terms and conditions of the programme upon reviewing the final documentation for Plus Bhd's forthcoming notes issuance.

"The terms and conditions of the programme have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAis was based," it said.

On Dec 5, MARC assigned a preliminary "AAAis" rating to PLUS Bhd's proposed sukuk musharakah programme reflecting the rating agency's assumption that the issuer would maintain finance service cover ratios levels and its strong links with the government.

The proposed senior secured sukuk will be issued in two series and the proceeds from Series 1 will be used to part-finance the acquisition while that from the series 2 will be used to finance RM2.35 billion of the planned capital spending for highways over the next five years. -- BERNAMA



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

PLUS' RM23.35m sukuk gets

Malaysian Rating Corporation Bhd (MARC)has assigned a final rating of "AAAis" with a stable outlook to Projek Lebuhraya Usahasama Bhd's (PLUS Bhd) RM23.35 billion sukuk musharakah programme.

In a statement, MARC said it was satisfied with the terms and conditions of the programme upon reviewing the final documentation for Plus Bhd's forthcoming notes issuance.

"The terms and conditions of the programme have not changed in any material way from the draft documents on which the earlier preliminary rating of AAAis was based," it said.

On Dec 5, MARC assigned a preliminary "AAAis" rating to PLUS Bhd's proposed sukuk musharakah programme reflecting the rating agency's assumption that the issuer would maintain finance service cover ratios levels and its strong links with the government.

The proposed senior secured sukuk will be issued in two series and the proceeds from Series 1 will be used to part-finance the acquisition while that from the series 2 will be used to finance RM2.35 billion of the planned capital spending for highways over the next five years. -- BERNAMA



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Berjaya Corp dives on lower Q2 net

Berjaya Corp, a property, insurance and gaming group, dropped 1.1 per cent to 94.5 sen, set for its lowest close since September 26.

Second-quarter net income fell 73 per cent from a year earlier to RM23 million (US$7.2 million), according to a stock exchange filing. - Bloomberg



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

AirAsia extends sponsorship deal with 1Malaysia Racing Team

KUALA LUMPUR (Dec 30): AIRASIA BHD [] is maintaining its presence in the Formula One racing scene and this has seen it extending its sponsorship agreement with 1Malaysia Racing Team Sdn Bhd (Caterham F1) for another year, starting Jan 1, 2012.

The low-cost carrier said on Friday it would be the an official team partner of Caterham F1, the F1 racing team formerly known as Team Lotus and title sponsor of the Caterham F1 driver development programme for the 2012 season.

AirAsia chief Tan Sri Anthony Francis Fernandes and Datuk Kamarudin Meranun, who are AirAsia directors and major shareholders, are also the directors of Caterham F1 and each has a direct interest of 25% respectively. They are also co-team principals of Caterham F1.

AirAsia said the sponsorship amount for Caterham F1 was RM5.36 million company media value/space and RM1 million further expenditure for advertising, on ground and PR related activities with Caterham F1.

Caterham F1 was incorporated on Oct 16, 2009 and is principally engaged in F1 racing.

“Through continuous association with F1, the company intends to elevate its brand perception from that of a low cost carrier to a brand associated with high end sports and cutting edge F1 TECHNOLOGY [],” it said.

AirAsia said it intended to use sports sponsorship and sports branding to drive consumer aspirations and build sports related themes in relation to sales campaigns for various flight destinations.

“This will enable the company to differentiate itself against its competitors which are only pushing low fares and also attract a different segment of customers wanting to associate themselves with F1,” it said.

As for the public relations (PR) value, AirAsia said Caterham F1 was a Malaysian brand and the company’s involvement and support will generate significant local interest and goodwill towards the company.

As for the sponsorship of the driver development programme, it said this scheme would provide the company with exposure through the Caterham F1 Team website, and continued support of the company’s initiatives throughout the year through their media platforms.

AirAsia pointed out the programme would help nurture drivers from across the region which would create strong PR opportunities Asean-wide as well as domestically.

“The financial risks associated with the extension are expected to be minimal as the risks are limited to the sponsorship fee,” it explained.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Jaya Tiasa disposes of subsidiary

Jaya Tiasa Holdings Bhd has announced that its subsidiaries, Atlantic Timber Holdings Ltd and Pacific Timber Holdings Ltd, had entered into a sale and purchase agreement with Brazilian businessman, Cezar Augusto Carrenho De Souza on Dec 28.

In a filing to Bursa Malaysia, it said the agreement is to sell their collective 100 per cent equity interest in Selvaplac Verde Ltda, a company incorporated in Brazil, for a cash consideration of RM3.397 million.

The consideration was arrived at on a wiling buyer-willing seller basis.

The disposal of the subsidiaries is also in line with the Group's intention to divest its Brazilian operations in view of continuing losses incurred and unclear prospect of recovery.

The Board of Directors is of the opinion that the disposal is in the best interest of the Group and its shareholders. -- BERNAMA



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

AirAsia seals RM1.71 bln sponsorship deal with QPR

KUALA LUMPUR (Dec 30): AIRASIA BHD [] has formally sealed its sponsorship agreement with QPR Holdings Ltd for £350 million (RM1.715 billion).

The low cost carrier said on Friday the sponsorship deal would be for the Queens Park Rangers Football Club (QPR) away shirt in the Barclays Premier League.

The salient terms of the agreement were that it would be for one year and in consideration of the rights to be made available to AirAsia, it would pay £350 million for the duration of the term as sponsorship fees.

AirAsia said the it would receive the rights to be the official “Away Shirt” sponsor of QPR; designation of “Official Partner of QPR” for advertising and promotional purposes.

It would also be able to use QPR intellectual property for advertising and promotional purposes; the LED, static board and interview backdrop signage at the QPR Loftus Road Stadium.

Other rights were to advertise at the QPR Loftus Road Stadium on match days and advertising in QPR official match programme and other QPR publications.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

KL shares higher at midday

Bursa Malaysia ended the morning session on a positive note today in line with the improved sentiment on the regional markets, dealers said.

At 12.30pm, the FTSE Bursa Malaysia KLCI gained 7.32 points, or 0.49 per cent, to 1,514.01 after opening 2.29 points higher at 1,508.98.

A dealer said late window-dressing in selected heavyweights was likely to ensure the benchmark index ended the year above 1,500.

Market breadth was positive with gainers leading losers by 337 to 254 while turnover amounted to 572.05 million shares worth RM483.97 million.

The Finance Index increased 26.21 points to 13,449.97, Plantation Index advanced 73.24 points to 8,161.56 and the Industrial Index gained 8.83 points to 2,729.90.

The FTSE Bursa Malaysia Emas Index jumped 49.06 points to 10,397.01 and the FTSE Bursa Malaysia Mid 70 Index expanded 59.72 points to 11,546.49.

FTSE Bursa Malaysia Ace Index, however, slipped 0.96 point to 4,067.30.

Of the volume leaders, Mulpha rose one sen to 39.5 sen, Wijaya-Warrants was half sen higher at 42 sen while 1 Utopia was unchanged at 6.5 sen.

Among heavyweights, Maybank up one sen to RM8.33, Sime Darby gained five sen to RM9.05 and CIMB added three sen to RM7.19. -- Bernama



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

VS Industry 1Q net profit dn 10.9% to RM11.59m on stiffer competition

KUALA LUMPUR (Dec 30): VS Industry Bhd’s earnings fell 10.9% to RM11.59 million in the first quarter ended Oct 31, 2011 from RM13.01 million a year ago as it was affected by stiffer competition and losses from its China associate.

It said on Friday that revenue increased 14.1% to RM282.43 million from RM247.39 million while earnings per share were 6.39 sen compared with 7.27 sen. It declared an interim dividend of 5.0 sen versus 2.0 sen a year ago.

VS Industry said at the pre-tax level, its profit fell RM5.2 million or 28.7% to RM12.90 million from RM18.10 million.

“The lower profit before tax was mainly due to increased competition in the electronic manufacturing services sector and higher share of loss from associate in China,” it said.

On the Malaysia operations, it said revenue increased by RM25.80 million to RM242.80 million from RM217 million a year ago. However, its pre-tax profit fell to RM12.8 million from RM14.6 million due to increased competition in the electronic manufacturing services sector.

On its Indonesian operations, it reported higher revenue of RM38.60 million from RM25.90 million a year ago. Its pre-tax profit remained comparable at RM3.7 million mainly due to change in business model mix.

When compared with the immediate quarter, VS Industry, said the first quarter just ended saw the group making a pre-tax profit of RM12.90 million compared to RM6.0 million in the preceding quarter.

VS Industry said the better performance was mainly due to higher sales generated by the Malaysian and Indonesian operations and lower share of loss from its associate in China.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

KLCI stays firmly above 1,510-level at mid-day

KUALA LUMPUR (Dec 30): The FBM KLCI stayed firmly above the 1,510-point level at the mid-day break on Friday, as global markets mostly pushed towards ending the year on a positive note.

At the mid-day break, the FBM KLCI rose 7.23 points to 1,513.92.

Gainers led losers by 337 to 254, while 333 counters traded unchanged. Volume was 572.05 million shares valued at RM483.97 million.

The ringgit strengthened 0.02pct to 3.1772 versus the US dollar; crude palm oil futures for the third month delivery gained RM13 per tonne to RM3,168, crude oil was up 12 cents to US$99.77 while gold added US$8.28 an ounce to US$1,554.25.

Meanwhile, Asian stocks nudged higher and the euro clung to overnight gains on Friday, the last trading day of 2011, as positive data from the United States helped allay concerns on the global economy, while year-end short covering lifted crude prices, according to Reuters.

Still, the region's stocks have collectively lost about a fifth of their value this year, as natural calamities and financial turmoil took a toll on the risk appetite of investors, driving them to safer assets such as the US dollar and gold.

At the regional markets, Japan’s Nikkei 225 rose 0.42% to 8,434.55, Hong Kong’s Hang Seng Index gained 0.41% to 18,472.76, the Shanghai Composite Index was up 0.82% to 2,191.46, while Singapore’s Straits Times Index fell 0.25% to 2,666.17 and Taiwan’s Taiex shed 0.09% to 7,068.56.

On Bursa Malaysia, gainers were led by BAT that rose 28 sen to RM49.88, Lipo Corp 14.5 sen to RM1.13, IJM Corp 13 sen to RM5.67, Faber and IOI Corp 12 sen each to RM1.74 and RM5.40, Milux 11 sen to RM1.26, LPI Capital up 10 sen to RM13.60, while Aeon and AIRB added nine sen each to RM7.30 and RM1.65.

Among the decliners, Nestle fell 50 sen to RM55.50, SHH 15 sen to 25 sen, Sunchirin nine sen to RM1.36, Hunza PROPERTIES [], Theta and DKSH lost seven sen each to RM1.42, 50 sen and RM1.58 respectively.

Mulpha was the most actively traded counter with 32.66 million shares done. The stock added one sen to 39.5 sen.

Other actives included Utopia, Sanichi, TMS, Cybertowers and LFE Corp.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Jaya Tiasa exits Brazil ops on continuing losses, unclear recovery

KUALA LUMPUR (Dec 30): JAYA TIASA HOLDINGS BHD [] has divested its Brazilian operations with the sale of Selvaplac Verde Ltda for 2.0 million Brazilian real (RM3.39 million).

It said on Friday the disposal was in line with the group’s plan to divest its Brazilian operations in view of continuing losses incurred and unclear prospect of recovery.

Jaya Tiasa said its subsidiaries -- Atlantic Timber Holdings Ltd and Pacific Timber Holdings Ltd had on Wednesday signed a sale and purchase agreement with businessman Cezar Augusto Carrenho De Souza, to sell their collective 100% stake in Selvaplac Verde.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.
Related Posts Plugin for WordPress, Blogger...