Trinity Corporation still in the red, 4Q net loss RM62.98m

KUALA LUMPUR (March 30): Trinity Corporation Bhd posted net losses of RM62.98 million in the fourth quarter ended Jan 31, 2011, which narrowed from the RM85.60 million a year ago, mainly due to loss on disposal of four units, impairments and doubtful debts.

It said on Friday that its pre-tax loss was RM64.81 million compared with RM79.52 million. However, its revenue increased 240% to RM197.53 million from RM58.10 million due to higher progress billings generated from the development projects and billings on sale of land.

Loss per share was 1.55 sen compared with 2.49 sen. Its net asset per share was 14 sen.

Commenting on the 4Q results, Trinity Corp said the property development and investment division accounted for 96.4% of the pre-tax loss.

“The current year quarter loss is mainly attributable to loss on disposal of four wholly-owned subsidiary companies of RM23.17 million, provision for impairment of land held for property development of RM36.31 million, provision for impairment on inventory of RM6.45 million and provision for doubtful debts of RM11.30 million.

“This was mitigated by gains arising from waiver of debt by a creditor of RM30.94 million and reduced finance cost,” it said.

For the financial year ended Jan 31, 2012, it registered a smaller net loss of RM117.07 million compared with RM167.08 million in the previous financial year. Revenue increased by 245% to RM632.31 million from RM183.39 million.

The higher revenue was mainly due to the completion of the disposal of the 1,322.44 acres of land in Bukit Beruntung Two to Menteri Besar Selangor (Inc).

Explaining the losses, Trinity Corp said it was due to the provision for impairment on land held for property development of RM45.54 million, provision for impairment loss on inventory of RM6.45 million, loss on disposal of four units of RM23.17 million and provision of doubtful debts of RM28.60 million.

However, the provisions were mitigated by higher operating income, mainly due to the waiver of debt by a creditor of RM30.94 million and gains of RM21.82 million arising from the conversions of preference shares and early redemption/conversion of loan stocks and reduced finance cost.



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Esso Malaysia chairman resigns after Exxon disposal

KUALA LUMPUR (March 30): ESSO MALAYSIA BHD []’s chairman and executive director Hugh Walter Alexander Thompson resigned from his posts after ExxonMobil International Holdings Inc disposed of its entire stake in Esso Malaysia.

Filings with Bursa Malaysia showed that Thompson’s resignation takes effect from Saturday, March 31 as he was nominated to the board by ExxonMobil.

The changes followed the ExxonMobil's disposal of its 65% stake in Esso Malaysia to San Miguel Corporation’s unit Petron Oil & Gas International Sdn Bhd on Friday. Other board changes were the resignations of Fatimah Merican, Faridah Ali and Abu Bakar Siddik Che Embi as executive directors of Esso Malaysia.

Appointed as executive director to Esso Malaysia was Ramon S. Ang, who is the chairman and chief executive officer of Petron Corporation. Also appointed executive directors were Eric O. Recto, Aurora T. Calderon and Lubin B. Nepomuceno from the San Miguel group.

Stock market data showed that the block of shares, comprising of 175.5 million shares, was crossed at an average price of RM3.41. San Miguel is obliged to extend a mandatory take-over offer for the remaining 35% or 94.50 million shares.

In a separate statement, Esso Malaysia said the existing agreements between Esso Malaysia and stated affiliates of Exxon Mobil Corporation would terminate with effect from midnight of March 30.

“Esso Malaysia Bhd has necessary arrangements in place to effectively replace services/products that it obtained vide said agreements to ensure seamless continuity of operations post termination of said agreements with Exxon Mobil Corporation's affiliates,” it said.



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Sapuracrest 4Q profit up 5% year-on-year

KUALA LUMPUR (March 30) : SAPURACREST PETROLEUM BHD []’s net profit rose 5% in the fourth quarter from a year earlier as lower operating expenses and foreign exchange gains mitigated the impact lower revenue during the period.

In a statement to the bourse on Friday, Sapuracrest said its net profit climbed to RM76.52 million from RM 72.67 million a year earlier while revenue was down 6% to RM560.43 million from RM596.34 million.

The oil and gas support services provider said higher contribution from its drilling operations had supported its bottom line during the quarter.

Sapuracrest’s cumulative full-year net profit rose 34% to RM310.23 million from RM231.45 million a year earlier although revenue fell 19% to RM2.56 billion from RM3.18 billion.



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MBSB to disburse RM500m loans via 'MBSB my first home scheme'

PETALING JAYA (March 30): The MALAYSIA BUILDING SOCIETY BHD [] (MBSB) aims to disburse some RM500 million in loans through its newly launched "MBSB My First Home Scheme" campaign this year.

President-cum-Chief Executive Officer Datuk Ahmad Zaini Othman said if the reception towards the scheme, aimed at first-time home buyers was good, MBSB would have a RM1 billion stretched target.

He said the scheme was designed to allow eligible Malaysians under the age of 35 years' old to buy their first house with a ceiling price of RM500,000 and at a 100 per cent margin of financing, offering customers with an exemption of the normal 10 per cent downpayment.

"We hope this will provide relief to the targeted group who are mainly newcomers to the workforce and are challenged by the rising costs of living and of property in the country.

"This scheme is definitely in support of the government's call and Prime Minister Datuk Seri Najib Tun Razak's aspiration to promote home ownership among younger generation in Malaysia," he told reporters after launching the "My First Home Scheme" campaign.

On another matter, Ahmad Zaini said MBSB was on track to realise its goal to establish as a full-fledged development bank.

"For the past three years, we have been closing some important gaps. We need certain approvals from Bank Negara and shareholders' endorsement to move on.

"This may be realised this year or even next year. Even if you look at our products, we are offering financial products similar to banks.

"The gaps are very small now. We will continue to push our efforts to convince the shareholders, the central bank and the authorities," he added.

Set up in 1950, MBSB is an exempt finance company, with the Employees Provident Fund and Permodalan Nasional Bhd as its two major shareholders.

Ahmad Zaini also said MBSB was planning to open seven to eight branches nationwide this year. It has 36 branches currently. - Bernama



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BNM: Banking system well-capitalised, RWCR at 14.8%

KUALA LUMPUR (March 30): Malaysia’s banking system remained well-capitalised in February with the risk-weighted capital ratio (RWCR) and core capital ratio (CCR) at 14.8% and 13% respectively.

In its monetary and financial development report for February, Bank Negara Malaysia (BNM) said on Friday net impaired loans remained stable and represented 1.9% of net loans. Loan loss coverage remained high at 97.5%.

BNM said its international reserves were RM427 billion (US$134.8 billion) as at March 15, 2012, sufficient to finance 9.7 months of retained imports and were 4.1 times the short-term external debt of the country.

Broad money (M3), on an annual basis, expanded at a higher rate of 15.9% in February to RM1.275 trillion outstanding versus 14.7% or RM1.271 trillion outstanding in January.

“The increase during the month was due to higher credit extended by banks to the private sector and foreign capital inflows,” it said.

The central bank noted that net financing to the private sector grew at a sustained pace.

Net financing in February rose to RM1.354 trillion from RM1.344 trillion in January and RM1.324 trillion in December, 2011. The net financing comprised of banking system loans outstanding and private debt securities outstanding but excluded non-resident and Cagamas.

Outstanding banking system loans to businesses increased at a steady pace mainly supported by lending to the CONSTRUCTION [], manufacturing and real estate sectors.

While loans extended to households grew at a more moderate pace during the month, it continued to remain high, driven mainly by loans for the purchase of residential and non-residential PROPERTIES [] and credit for personal use. Loan demand during the month remained high.

BNM data showed that loans applied in February totalled RM57.6 billion, compared with RM56.8 billion in January and RM63.5 billion in December 2011.

Loans approved in February totalled RM25 billion (January: RM26.7 billion; December 2011: RM34.7 billion). Loans disbursed totalled RM68 billion in February (January: RM69.7 billion; December 2011: RM83.7 billion). Loans repaid declined in February to RM65.8 billion (January: RM74.2 billion; December RM70.2 billion).



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Petronas extends contract with UMW

KUALA LUMPUR (March 30) : Petroliam Nasional Bhd (Petronas) has extended its oil and gas support services contract with UMW HOLDINGS BHD [] by another two years in a deal valued at about US$105 million (RM321.8 million)

In a statement to the exchange on Friday, UMW said it will continue to offer its jack-up drilling rig known as “Naga 3” to Petronas Carigali Sdn Bhd which is the exploration arm of the national oil company from March 22 this year till March 21, 2014.

“The contract extension is expected to contribute positively to the earnings and net assets of UMW for the financial years from 2012 to 2014,” UMW said.



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Yokohama ropes in GP Batteries as JV partner

KUALA LUMPUR (March 30) : Battery manufacturer Yokohama Industries Bhd has roped in Singapore-listed GP Batteries International Ltd as a joint venture (JV) partner to manufacture and trade thin metal film (TMF) lead acid batteries.

In a statement to Bursa Malaysia on Friday, Yokohama said both companies will establish a JV firm where Yokohama and GP will own 70% and 30% respectively. The collaboration was formalised via a JV agreement between Yokohama Industries 100%-owned unit Yokohama Ventures Sdn Bhd and GP’s 80%-owned subsidiary Bolder Technologies Pte Ltd.

“The JV will allow Yokohama to gain access to Bolder’s TMF TECHNOLOGY []. Currently, the 1AH TMF battery produces a cold cranking amperes output equivalent to that of a lead acid starter battery.

“By combining TMF and Yoko’s current battery know-how, there are possibilities in developing high-powered batteries both for cranking and start-stop applications. Nearly all start-stop applications employ supercapacitors paired with an absorbed glass mat battery,” Yokohama Industries said.



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KLCI ends 1Q on a high

KUALA LUMPUR (March 30): The FBM KLCI ended the first quarter of 2012 on a high note, in line with the global markets that mostly picked up gains at the end of the quarter.

The 30-stock index rose 10.89 points to closet at 1,596.33 on Friday, lifted by blue chips including banking and Petronas-linked stocks.

The closing was just a tad below its all-time high of 1,597.08 that the index rose to on July 11 last year.

Year-to-date, the index racked up 65.6 points from its December 30 close of 1,530.73. Gainers edged losers by 402 to 360, while 334 counters traded unchanged. Volume was 1.25 billion shares valued at RM2.08 billion.

World stocks rose with Europe up more than half a percent on Friday, picking up gains at the end of the quarter and with investors eyeing a boost to the euro zone's bailout resources that ministers are expected to sign off on later in the day, according to Reuters.

Despite the strong quarter, sentiment across asset classes has turned bearish since mid-March due to fears of a slowdown in growth centred on China, and the conviction that a huge injection of central bank money may only be a panacea for Europe's debt troubles, it said.

At the regional markets, the Shanghai Composite Index rose 0.47% to 2,272.79, Taiwan’s Taiex added 0.77% to 7,933.00 and Singapore’s straits Times Index gained

Meanwhile, Japan’s Nikkei 225 closed 0.31% lower at 10,083.56, Hong Kong’s Hang Seng Index fell 0.26% to 20,555.58 while South Korea’s Kospi shed 0.02% to 2,014.04.

Affin Investment Bank Bhd vice president and head of retail research Dr Nazri Khan said that despite pockets of weakness from China market (Shanghai Composite at 10-week low) and soft economic data from the US and Europe, he expects the FBM KLCI to continue market uptrend supported by local liquidity and strong first quarter performance.

“The local market has ample liquidity at the sidelines, accommodative Bank Negara, low interest rates and government commitment for economic project. Plain and simple.

“We also believe the local market will take further cues from a strong USA market,” he said.

He added that there was a fairly reasonable speculative element in the small cap stocks to create some excitement near term (Carotec, Mtronics, Keywest, Focus, Tiger to name a few).

“Though we agree that the local market is overbought and investors may pause after recent sharp gains, we are yet to see any evidence of distribution to suggest serious market wind down in the near term,” he said.

On Bursa Malaysia, KLK was the top gainer and added 46 sen to RM24.60, F&N up 28 sen to RM18.88, Takaful 27 sen to RM3.39, United PLANTATION []s 18 sen to RM24.98, Kossan, Bursa and DiGi added 12 sen each to RM3.35, RM7.38 and RM4.06 respectively.

Among banking stocks, Hong Leong bank gained 24 sen to RM12.62, AMMB 10 sen to RM6.31, CIMB nine sen to RM7.69 and Maybank seven sen to RM8.87.

Among Pertronas-linked stocks, Petronas Dagangan rose 26 sen to RM18.94, Petronas Gas 10 sen to RM16.84 and Petronas Chemicals six sen to RM6.74.

Carotech was the most actively traded counter with 99.63 million shares done.

Other actives included CIMB, Focus, Ariantec, Metronic, YTL, Naim Indah Corp and Key West.

Decliners included Genting, Dutch Lady, sunchirin, Multico, Kulang, Shangri-La, Kulim, Fiamma, Advanced Packaging and TDM.



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Malaysian auto body maintains 2012 sales at 615,000 units

KUALA LUMPUR (March 30): The Malaysian Automotive Association (MAA) is maintaining its earlier forecast of 615,000 sales volume this year, despite Bank Negara Malaysia's move to tighten the conditions for lending.

Its president Datuk Aishah Ahmad said it was too early to revise the forecast, taking into consideration the required time for car dealers to adapt to the new rules.

She also said that following the ruling, some local banks were found to have "tightened the rules a little too much" and Bank Negara could have talked to these banks.

"I think Bank Negara had met up with the banks and told them to be less stringent. Maybe, when the central bank requested them to look at (borrowers') net income, they had become more stringent (than what was required).

"But I think now it has eased a bit and that is helping the industry players," she told reporters after MAA's annual general meeting here, on Friday.

However, she said, the first quarter performance is expected to be flat or slightly lower with car dealers just beginning to adapt to the new lending rules.

Sales volume for March is expected to improve and cover the lower sales recorded in January and February, with the market adjusting to the stricter requirements in the higher purchase loan application process. - Bernama



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Public Mutual declares distributions for 2 funds

KUALA LUMPUR (March 30): Public Mutual Bhd has declared distributions for its Public Aggressive Growth Fund and Public Regular Savings Fund.

It said on Friday the gross distribution for both funds for the financial year ending March 31, 2012 were 4.50 sen per unit.

Public Aggressive Growth Fund and Public Regular Savings Fund are funds that are open for EPF Members Investment Scheme.

Public Aggressive Growth Fund aims to achieve high capital growth over the medium- to long-term period through investments in situational and high growth stocks.

Public Regular Savings Fund aims to achieve consistent capital growth with a steady growth of income over the medium- to long-term.



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Complete Logistics sees 29.1% stake crossed off-market

KUALA LUMPUR (March 30): COMPLETE LOGISTIC SERVICES BHD []’s 29.1% stake was traded in an off-market deal on Friday at an average price of 35 sen.

Stocks market data showed the stake comprises of 35 million shares, based on the paid-up of 120 million shares.

At 35 sen, this was six sen below its Thursday’s closing price of 41 sen.

The shares were untraded as at 4pm at 41 sen.



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ExxonMobil’s sale of 175.5m Esso Malaysia shares completed

KUALA LUMPUR (March 30): ExxonMobil International Holdings Inc’s disposal of a 65% stake in ESSO MALAYSIA BHD [] to San Miguel Corporation was completed on Friday.

Stock market data showed that the block of shares, comprising of 175.5 million shares, was crossed at an average price of RM3.41.

This was 14.9 sen below Thursday’s closing price of RM3.56.

According to latest corporate development, the sales and purchase agreement become unconditional on March 16 upon completion of the acquisition.

San Miguel is obliged to extend a mandatory take-over offer for the remaining 35% or 94.50 million shares.



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Protasco signs service agreement with KL City Hall

KUALA LUMPUR (March 30) : CONSTRUCTION [] firm PROTASCO BHD [] will offer its expertise to the Kuala Lumpur City Hall under a five-year agreement from Mar 30, 2012 to Mar 29, 2017.

In a statement to the exchange, Protasco said the agreement will see the firm offering engineering and capacity building services to the client.

“The appointment is expected to contribute positively to the earnings and net assets of Protasco for the financial year ending Dec 31, 2012.

According to the builder, the appointment is non-exclusive and can be extended for another five years, subject to mutual agreement between the City Hall and Protasco.



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SEG up 8% on speculation of new shareholder

KUALA LUMPUR (March 30) : SEG INTERNATIONAL BHD [] shares rose as much as 8% on Friday morning on speculation that the higher education provider could see the emergence of a new major shareholder after a substantial number of shares changed hands off market.

The stock which added as much as 13 sen to RM1.85 had settled lower at RM1.83 for lunch break.

News reports indicate that a 31.22% stake comprising 174.6 million shares were transacted in six tranches for a total value of RM268.67 million on Thursday.



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KLCI stays above 1,590-level at mid-day break

KUALA LUMPUR (March 30): the FBM KLCI stayed above the 1,590-point level at the mid-day break on Friday, lifted by blue chips including Maybank, CIMB, Petronas gas and KLK.

Meanwhile, Asian shares steadied on Friday as the region's benchmark indices marked their best first quarter in over 20 years and investors awaited a meeting on a possible euro zone firewall and Chinese data that may dictate market trends in coming months.

The FBM KLCI rose 6.44 points to 1,591.88 at the mid-day break.

Gainers trailed losers by 268 to 317, while 354 counters traded unchanged. Volume was 563.26 million shares valued at RM612.26 million.

The ringgit was unchanged at 3.0683 versus the US dollar; crude palm oil futures for the third month delivery fell RM26 per tonne to RM3,430, crudd oil added 62 cents per barrel top US$103.40 while godl shed 45 cents an ounce to US$1660.13.

On Bursa Malaysia, KLK added 42 sen to RM24.56, Takaful up 25 sen to RM3.37, Carlsberg 18 sen to RM10.38, Batu Kawan 14 sen to RM18.74, SEGi 11 sen to RM1.83, Petronas Gss 10 sen to RM16.84, Maybank nine sen to RM8.89, CIMB seven sen to RM7.67 and Ibraco eight sen to RM1.29.

Carotech was the most actively traded counter with 812.94 million shares done. The stiock fell 2.5 sen to 2.5 sen.

Other actives included Metronic, Focus, Key West, Tiger Synergy, SuperComnet, Ariantec, IFCA MSC and CIMB.

Decliners included Dutch Lady, genting, PPB, Shangri-La, TDM, Delloyd, Rapid, HELP, Kluang and Teo Seng.



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KLCI breaches 1,590-level at mid-morning

KUALA LUMPUR (March30): the FBM KLCI trended higher at mid-morning on the final trading day of the first quarter of 2012, while regional markets drifted marginally lower on fears of global growth slowdown.

At 10am, the FBM KLCI was up 4.89 points to 1,590.33, lifted by select blue chips including KLK and Maybank.

Gainers led losers by 186 to 189, while 235 counters traded unchanged. Volume was 252.32 million shares valued at RM154.22 million.

Meanwhile, Asian shares steadied on Friday as investors eyed key events that could dictate market trends in coming months and as the first quarter drew to a close after a stellar performance from equities, according to Reuters.

Still, investor sentiment across asset classes is being undermined by fears of a potential growth slowdown, with European troubles back in focus and concerns about China, the world's second largest economy, it said.

At the regional markets, Japan;s Nikkei 225 shed 0.26% to 10,088.00, Hong Kong’s Hang Seng Index down 0.59% to 20,488.40, the Shanghai Composite Index dipped 0.40% to 2,261.15, Taiwan’s taiex fell 0.24% to 7,853.39, south Korea’s Kospi edged down 0.05% to 2,013.40, and Singapore’s Straits Times index fell 0.50% to 3,009.11.

BIMB Securities Research in a note March 30 said that from it was observing at the moment actual figures have to at least beat forecasts for investors to stay upbeat.

It said this was exactly the scenario Wall Street was facing as investors remain unimpressed despite the lower unemployment claims (but higher than forecast) and a 3% GDP growth for 4Q11.

“For this, the Dow Jones Industrial Average had a mixed session before edging marginally by 20 points to 13,146,” it said.

The research house said European bourses were sold down after S&P cautioned that Greece may have to undergo more restructuring.

“Asian stocks were also broadly lower from weaker European markets but the FBM KLCI was one of the handfuls ended the day on positive territory.

“The index was up 1.7 points to jump just above the immediate resistance of 1,585. We expect market to be lacklustre today amid some downside risks and lack of fresh leads with 1,580 as the immediate support level,” it said.

Among the gainers on Bursa Malaysia at mid-morning, KLK rose 38 sen to RM24.52, BAT 28 sen to RM56.80, Sapuracrest, Maybank, Carlsberg and United PLANTATION []s added eight sen each to RM4.88, RM8.88, RM10.28 and RM24.88 respectively, IOI Corp seven sen to RM5.34, while Cypark and Maxis adde six sen each to RM1.92 and RM6.06.

Carotech was the most actively traded counter with 46 million shares traded. The stock fell three sen to 2 sen.

Other actives included Key West, Winsun, SuperComnet, KBB, Trinity, IFCA MSC, Ariantec and TMS.

Decliners at mid-morning included GAB, Genting, Petronas Dagangan, PPB, Hong Leong Bank, HELP, Kluang, UMW, Harrisons and Tradewinds Plantations.



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Carotech shares down 60% ahead of trading suspension

KUALA LUMPUR (March 30) : CAROTECH BHD [] shares fell 60% on Friday morning following updates that trading of the stock will be suspended beginning next Friday. The firm, which extracts and sells palm oil-based phytonutrients, failed to submit its regularisation plan to Bursa Malaysia within the stipulated time frame.

Shares of Carotech fell three sen to two sen with some 32 million units done, making the stock the most active across the local bourse.

The stock market regulator had earlier rejected Carotech’s application for a time extension to submit its regularisation plan. Carotech said it will appeal against the decision.



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Cypark advances on upbeat outlook for solid waste management, renewable energy biz

KUALA LUMPUR (March 30): CypARK RESOURCES BHD [] shares advanced on Friday despite the company posting a marginally lower net profit of RM6.51 million in the first quarter ended Jan 31, 2012, down 0.6% than RM6.55 million a year ago.

At 9.46am, Cypark rose six sen to RM1.92 with 244,700 shares traded.

However, investors appeared to favour the sock as the company remained upbeat for its core business of solid waste management and renewable energy.



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KLCI edges higher in early trade

KUALA LIMPUR (March 30): The FBM KLCI trended higher in early trade on Friday, lifted by select blue chips including Petronas-linked stocks and index-linked PLANTATION [] counters.

At 9.05am, The FBM KLCI was up 4.17 points to 1,589.61.

Gainers led losers by 96 to 49, while 115 counters traded unchanged. Volume was 67.54 million share valued at RM23.14 million.

Among the gainers, BAT rose 28 sen to RM56.80, SapuraCrest 11 sen to RM4.91, Tradewinds nine sen to RM9.72, IOI Corp and PPB eight sen each to RM5.35 and RM16.88, Petronas gas six sen to RM16.80, while Petronas Chemicals, MMCCOrp, Maxis and Keck Seng added five sen each to RM6.73, RM2.85, RM6.05 and RM4.10 respectively.

Decliners included Dutch Lady, Utusan Malaysia, Genting, MMHE, Ewei, AFG, Astino, petronas Dagangan and Carotech.

Carotech was the most actively traded counter with 10.43 million shares done. The stosk fell two sen to 3 sen.

Other actives included Trinity, TMS, Ariantec, IFCA MSC, Caley, Nextnation and Winsun.



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CIMB Research has technical buy on Genting Plantation at RM9.45

KUALA LUMPUR (March 30): CIMB Equities Research has a technical buy on Genting PLANTATION [] at RM9.45 at which it is trading at a FY13 price-to-earnings of 16.3 times and price-to-book value of 2.2 times.

It said on Friday Genting Plantation is forming a triangle currently with its moving averages acting as support.

“This means that there is one more leg upwards to new highs before the rally terminates,” it said.

CIMB Research said the MACD was just flat above the zero line while its RSI is holding above the 40pts mark. Both are at neutral level but above their respective support levels.

“Aggressive traders may choose to go long here with a stop placed below RM9.25. A breakout above RM9.65 would push prices to retest the RM9.80 high and even the RM10.00 psychological level,” the research house said.



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CIMB Research has technical sell on TH Plantations at RM2.85

KUALA LUMPUR (March 30): CIMB Equities Research has a technical sell on TH PLANTATION [] at RM2.85 at which it is trading at a price-to-book value of 0.5 times.

It said on Friday prices broke below its support trend line on Thursday on rising volume. Prices also closed below its 30-day SMA in the process.

“With both technical indicators showing weakness, the odds favour the bears at the moment. One can expect more downside in the near term,” it said.

CIMB Research said prices could ease towards RM2.70 and RM2.42-2.48 next as long as prices stay below RM2.99.

“One can also place their stop above RM2.88, the support turned resistance trend line,” it said.



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CIMB Research has technical sell on MRCB at RM1.87

KUALA LUMPUR (March 30): CIMB Equities Research has a technical sell on MALAYSIAN RESOURCES CORP []oration Bhd (MRCB) at RM1.87 at which it is trading at a FY13 price-to-earnings of 23.4 times and price-to-book value of 1.9 times.

It said on Friday the stock’s rally from the September low ended when prices broke below the bearish wedge pattern in February. A couple of days ago, prices fell below its sideways trend, signalling another leg down was underway.

“Its MACD has reconfirmed its dead crossover and RSI is now on a downtrend once more.

“Any rebounds should be capped by the sideways band at RM1.94-RM2.03. Expect prices to fall further towards RM1.77 and RM1.64 next. Stop is above RM2.03,” it said.



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HDBSVR: KLCI may struggle to tread above 1,580

KUALA LUMPUR (March 30): HwangDBS Vickers Research (HDBSVR) said despite an absence of positive developments, key US equity indices staged a late rebound on Thursday night.

On Wall Street, the key US indices managed to recover from intra-day losses of 0.7%-1.1% before finishing mixed (with changes of between -0.3% and +0.1%) at the closing bell.

“And following yesterday’s resilient performance, which saw the FBM KLCI ending in the positive territory when most regional peers were in the red, our Malaysian bourse will likely experience listless trading today,” it said.

HDBSVR said on the chart, the benchmark index may struggle to tread just above the immediate support line of 1,580 ahead.

Among the counters that could see added action include: (a) Maybank, after its president said the banking group’s net interest margin is expected to contract by 10 basis points this year due to competitive pressures; (b) Crest Builder, which has won a bid to undertake a joint development of a parcel of prime commercial land located at Dang Wangi LRT station with an estimated gross development value of RM220m; and (c) Cypark, following the signing of an MOU on cooperation in the field of waste management and renewable energy in Myanmar.



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CIMB Research upgrades tech sector to Trading Buy

KUALA LUMPUR (March 30): CIMB Equities Research is upgrading the tech sector from Underperform to Trading Buy as sentiment is turning positive, helped by a better book-to-bill ratio.

In its outlook report issued on Friday, it said the sector was not an outright Overweight as 1Q12 may be a weak quarter, similar to 4Q11.

“In light of our recent semicon sector upgrade, we now have three Trading Buys(JCY, MPI, and Unisem) and two Neutral calls (Jobstreet and Uchi). We raise our target prices for JCY, MPI and Unisem but lower our target price for Jobstreet and Uchi. Our top picks are Unisem and JCY,” said CIMB Research.



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Stocks to watch: UM Land, VS Industry, BCorp, SelProp

KUALA LUMPUR (March 30): Malaysian stocks may find support on Friday from quarter-end window dressing by fund managers on the final trading day of the first quarter. This could spur the FBM KLCI’s advance against the backdrop global economic growth concerns and anticipation of Malaysia’s next general election.

Analysts believe technical dynamics could still push the FBM KLCI to its historical high of 1,597 points, but the crucial question is whether the index can sustain its gains.

“Strategy wise, investors should capitalise on further rallies to take profits and stay nimble, in the wake of volatile external markets as well as ahead of the looming 13th general election,” Hong Leong Investment Bank Bhd research head Low Yee Huap wrote in a note.

The 30-stock FBM KLCI rose 1.69 points to close at 1,585.44 points on Thursday following a volatile trading session.

Stocks to watch on Friday include UNITED MALAYAN LAND BHD [] (UMLand), V.S. Industry Bhd, Berjaya Corp Bhd (BCorp), Selangor PROPERTIES [] Bhd, and CREST BUILDER HOLDINGS BHD []. Other stocks to watch are CypARK RESOURCES BHD [] and HAI-O ENTERPRISE BHD []

UMLand and Iskandar Investment Bhd have signed a collaboration agreement to conduct negotiations which will facilitate UMLand’s plan to acquire and develop tracts in Iskandar Malaysia, Johor .

V.S. Industry, a contract manufacturer of electronic products, said net profit fell 34% to RM6.64 million in the second quarter ended Jan 31, 2012 from RM10.1 million a year earlier, dragged down by lower income from its associates. Revenue, however, rose 4% to RM265.77 million from RM255.51 million.

BCorp’s net profit fell 53% to RM15.28 million in the third quarter ended Jan 31, 2012 from RM32.47 million a year earlier. Bottom line was hurt by operating expenses for its retail business and lower property sales, besides the absence of income from discontinued operations.

Selangor Properties’ net profit fell 89% to RM552,000 in the first quarter ended Jan 31, 2012 from RM5.06 million a year earlier due to currency translation losses.

Crest Builder and joint venture partner Detik Utuh Sdn Bhd will undertake a RM220 million mixed development in collaboration with landowner Syarikat Prasarana Negara Bhd.

Cypark posted net profit of RM6.51 million in the first quarter ended Jan 31, 2012, a marginal 0.6% lower than RM6.55 million a year ago but it remained upbeat for its core business of solid waste management and renewable energy.

Hai-O’s net profit rose 42.8% to RM9.06 million in the third quarter ended Jan 31, 2012 from RM6.34 million a year ago, boosted by its principal subsidiary, the multilevel marketing division. Its revenue increased 8.9% to RM62.79 million from RM57.62 million.

For the nine-month period, its net profit increased 21.6% to RM24.66 million from RM20.28 million in the previous corresponding period. Its revenue rose 2% to RM169.96 million from RM164.99 million.



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Hai-O Enterprise 3Q earnings up 42.8% to RM9.06m

KUALA LUMPUR (March 29): HAI-O ENTERPRISE BHD []’s net profit rose 42.8% to RM9.06 million in the third quarter ended Jan 31, 2012 from RM6.34 million a year ago, boosted by its principal subsidiary, the multilevel marketing division.

It said on Thursday its revenue increased 8.9% to RM62.79 million from RM57.62 million. Earnings per share were 4.55 sen compared with 3.18 sen.

Elaborating on the financial performance, Hai-O said despite lower revenue in the wholesale division, higher profit in the current quarter was generated from its higher sales in high margin products.

As for the retail division, there were no significant changes in its revenue and pre-tax profit, as the division has rationalised its unprofitable outlets while it also opened more new outlets to tap into a wider market.

For the nine-month period, its net profit increased 21.6% to RM24.66 million from RM20.28 million in the previous corresponding period. Its revenue rose 2% to RM169.96 million from RM164.99 million.

The increase in the group’s profit was mainly contributed by the MLM and wholesale divisions, coupled with lower R&D cost in the TECHNOLOGY [] division.

The profit in the MLM increased by about 18% due toto higher sales from its main and new products, coupled with an effective incentive trip campaign.

“The MLM division has seen its performance improving since the second quarter and the group believes with the continuous effort in enhancing its existing marketing strategies and intensified members’ recruitment efforts, the MLM division’s growth momentum is sustainable,” it said.



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Cypark Resources 1Q net profit flat at RM6.51m

KUALA LUMPUR (March 29): CypARK RESOURCES BHD [] posted net profit of RM6.51 million in the first quarter ended Jan 31, 2012, a marginal 0.6% lower than RM6.55 million a year ago but it remained upbeat for its core business of solid waste management and renewable energy.

It announced on Thursday its revenue was flat at RM42.26 million compared with RM42.33 million a year ago. Earnings per share were 4.49 sen compared with 4.52 sen.

It also declared a first and final tax exempt single tier dividend of 3.75 sen per ordinary share which would go ex on May 14.

Cypark said revenue from environmental engineering fell 24% to RM31.3 million from RM41.2 million a year ago mainly due to the 16 national landfill closure projects undertaken by the group were in the final stage of completion.

It added the newly secured landfill closure and upgrading projects were in the initial stage of CONSTRUCTION [] during which the contributions are low.

The company said revenue for the landscaping division improved 849% to to RM10.6 million from RM1.1 million a year ago mainly due to a project secured recently from Putrajaya Holdings Sdn Bhd for the proposed construction and completion of roadworks, bridge, drainage, utilities and landscaping at Putrajaya.

However, Cypark was upbeat on the outlook for the solid waste management, as it expected market growth to be underpinned by the increase in waste output from Malaysian households and also the rising awareness for environmental care and protection.

“By 2020, daily solid waste output is expected to increaseto30,000 tonnes compared to a current level of approximately 20,550 tonnes,” it said.

Cypark also said there was a great potential for the renewable energy sector. The group's first renewable energy park project in Pajam involved the integration of three potential resources available at the landfill, that is solar, landfill gas (biogas) and waste (biomass) into a scalable renewable energy project capable of generating up to 10 megawatts of electricity.

“In addition, the newly secured approval from the government of Malaysia to develop a new sanitary landfill project through public private partnership scheme, of which the agreement is being finalised, is expected to boost the earning of the group and enhance the financial position of the group in the long term,” it explained.



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Selangor Properties 1Q profit down 89% year-on-year

KUALA LUMPUR (March 29) : Selangor PROPERTIES [] Bhd’s net profit fell 89% to RM552,000 in the first quarter ended Jan 31, 2012 from RM5.06 million a year earlier due to currency translation losses.

In a statement to the exchange on Thursday, Selangor Properties said revenue was, however, up 11% to RM52.15 million against RM46.81 million previously.

“The group is cautiously positive in FY2012,” Selangor Properties said.

Currency translation losses had dragged its investment holding and Australian operations into the red during the quarter in review, according to the company.



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BCorp 3Q profit down 53% year-on-year

KUALA LUMPUR (March 29) : Berjaya Corp Bhd’s (BCorp) net profit fell 53% to RM15.28 million in the third quarter ended Jan 31, 2012 from RM32.47 million a year earlier. Bottom line was hurt by operating expenses for its retail business and lower property sales besides the absence of income from discontinued operations.

In a statement to the bourse on Thursday, BCorp said its revenue, however, grew 2% to RM1.81 billion from RM1.78 billion a year earlier.

Cumulative nine-month net profit climbed 26% to RM308.82 million from RM244.47 million a year earlier while revenue was up 1% to RM5.29 billion from RM5.24 billion.

BCorp said it expects to maintain its results for the remaining quarter of the current financial year against the backdrop of global economic uncertainties.



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Bashir Ahmad hints at retiring from MAHB

SEPANG, (March 29): Malaysia Airports Holdings Bhd (MAHB) managing director Tan Sri Bashir Ahmad Abdul Majid today hinted at retiring from the company.

"I think I want to have a rest," he told reporters after the company's 13th annual general meeting here.

"I've highlighted to the board that my current contract will end in June. I've indicated the board that they should start looking at the succession plan.

"It'll also be good for me to take a rest after having served 40 years in the industry and nine years with MAHB... I want to do something else," he said.

Bashir said it was up to the government to decide on the succession plan.

MAHB Chairman Tan Sri Datuk Dr Aris Othman, however, wanted Bashir to stay until the completion of KLIA2.

"It'll be good the managing director can stay until KLIA2 is complete because there is continuity issue. We leave it to the government to decide," he said.

KLIA2 is expected to be ready for operations in April next year.

Bashir, 62, was first appointed to the MAHB board in June 2003. His contract was extended for another two years in 2010.

He was Aviation Advisor to the Transport Ministry in 2001 and has held various senior positions in MALAYSIAN AIRLINE SYSTEM BHD [], such as Director of Corporate Planning, Commercial Director, Senior Vice-President Commercial and Executive Vice-President Airline. - Bernama



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CIMB, The Rohatyn Group in JV to manage CapAsia Funds

KUALA LUMPUR (March 29): CIMB Group Holdings Bhd’s unit and US fund the Rohatyn Group will jointly manage the CapAsia funds and undertake private equity investments in the infrastructure fund.

CIMB said on Thursday, its unit CIMB Strategic Assets Sdn Bhd and Rohatyn would hold 40% and 60% respectively in Capital Advisors Partners Asia Sdn Bhd (CapAsia); CapAsia Islamic Infrastructure Fund (General Partner) Ltd and ) CapAsia ASEAN Infrastructure Fund III (General Partner) Ltd.

CapAsia, formerly CIMB-Standard Strategic Asset Advisors Sdn Bhd, was set up in 2006 as a 60:40 joint venture between CIMB Group and the Standard Bank Group. Its objective was to jointly manage the South East Asian Strategic Assets Fund Limited Partnership (SEASAF).

In May 2011, CapAsia became a unit CIMBSA. CapAsia, together with its unit Capital Advisors Partners Asia Pte Ltd, manages three funds – SEASAF, the Islamic Infrastructure Fund Ltd Partnership and the Asia Infrastructure Fund Ltd Partnership.

The CapAsia Funds have about US$500 million in assets under management.



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Matthews Intl ceases to be Top Glove substantial shareholder

KUALA LUMPUR (March 29): Matthews International Capital Management LLC has ceased to be a substantial shareholder of TOP GLOVE CORPORATION BHD [] after it disposed of 1.50 million shares on Wednesday.

Filings to Bursa Malaysia showed the US fund manager disposed of the shares in the open market, reducing its shareholding below the 5% level to be a substantial shareholder.

Matthews International had disposed of 47,100 shares on March 26 and 391,600 shares the next day. This saw the shareholding reduced to 31.127 million shares or 5.0316%.



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Crest Builder –Detik Utuh JV to undertake RM220 million mixed development

KUALA LUMPUR (March 29) : CREST BUILDER HOLDINGS BHD [] and joint venture partner Detik Utuh Sdn Bhd will undertake a RM220 million mixed development in collaboration with landowner Syarikat Prasarana Negara Bhd.

In a statement to the exchange on Thursday, Crest Builder said the project will be undertaken on a 2.72 acre (1.1 ha) tract near the Dang Wangi light rail transit station here.

“The proposed development is a mixed commercial development which comprises a retail mall, upscale premium serviced residential suites, hotel and offices,” Crest Builder said.

Crest Builder and Detik Utuh have received the letter of acceptance for the project from Prasarana on Thursday.



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KLCI closes higher, lifted by CIMB and select blue chips

KUALA LUMPUR (March 29): The FBM KLCI closed higher on Thursday, lifted by select blue chips including CIMB, Genting, Hong Leong Bank and BAT but the broader market was cautious.

The 30-stock index added 1.69 points to 1585.44. Gainers trailed losers by 260 to 462, while 353 counters traded unchanged. Volume was 1.50 billion shares valued at RM1.39 billion.

Asian shares fell for a second successive day on Thursday as concerns about growth prospects in the world's two largest economies, the United States and China, prompted investors to trim their risk exposure ahead of the end of the quarter, according to Reuters.

The Shanghai Composite Index fell 1.43% to 2,252.16, Hong Kong’s Hang Seng Index lost 1.32% to 20,609.39, Taiwan’s Taiex fell 2.06% to 7,872.66, South korea’s Kospi fell 0.85% to 2,014.41 while Singapore’s Straits Times index fell 0.28% to 3,007.44.

However, European stocks pared early losses and rose on Thursday, bouncing off a three-week low as rallying mining shares offset losses in the energy sector, where Total extended its slide, hit by worries over a gas leak in the North Sea, said Reuters.

On Bursa Malaysia, Warisan TC gained 20 sen to RM2.70, Aeon up 19 sen to RM9.40, BAT 18 sen to RM56.52, Hong Leong Bank 16 sen to RM12.38, Jaya Tiasa and Litrak added 15 sen each to RM8.38 and RM4.10. Toyo Ink rose 12 sen to RM1.58, WCT and Crescendo 11 sen each to RM2.50 and RM1.92, and Shell 10 sen to RM10.20.

Other gainers included CIMB that rose 10 sen to RM7.60, Genting four sen to RM11.14, Genting Malaysia two sen to RM3.89.

Decliners included Dutch lady, BLD PLANTATION []s, RHB Capital, GAB, Batu Kawan, SMPC, Bursa, United Plantations and Kossan.

The actives included Ariantec, Naim Indah Corp, Metronic, SuperComnet, Focus, Ingeuity Solutions, Key West and ManagePay.



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Bursa plans trading platform for retail bonds

KUALA LUMPUR (March 29): BURSA MALAYSIA BHD [] plans to introduce a trading platform for retail bonds in the second half of 2012.

CEO Datuk Tajuddin Atan said with that, exchange-traded bonds could be bought through brokers just like equities.

It would offer stability to retail investors and enable them to have exposure to interest rates, he said.

"Bonds are always traded on the over the counter (OTC) market and the participants have always been institutional.

"My thinking is that, why not offer to retail investors that have more transparency and that can create liquidity and can give stability," he said after Bursa Malaysia's 35th annual general meeting here on Thursday.

He said the exchange was going through several issues and was looking at introducing it in the second half of this year after putting a few things in place.

Tajuddin said the retail bonds would see Bursa Malaysia offering another asset class that would allow investors to switch from equities to debt instruments.

"I think one of the key issues that Bursa wants to do is to enhance investors' capability and knowledge as their portfolio would cover not only equities but debt instruments that have exposure to interest rates," he said.

He said Bursa Malaysia was also looking at introducing futures and option products. - Bernama



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SEGi’s 114m shares crossed at RM1.71 each

KUALA LUMPUR (March 29): SEG INTERNATIONAL BHD []’s 114.80 million shares were traded in several off-market deals in the afternoon session on Thursday at RM1.71 each.

According to the stock market data, the shares represented a 20.5% stake, based on its paid-up of 559.179 million shares. The transaction price of RM1.71 was one sen higher than Wednesday’s closing price of RM1.70.

Meanwhile, SEGi’s 59.8m warrants were crossed at average RM1.21 apiece, down three sen from Wednesday’s closing price of RM1.24.



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Sime Darby Property on track for RM2.4bn sales

PETALING JAYA (March 29): Sime Darby Property Bhd is on track to achieve a gross sales value (GSV) of RM2.4 billion in the current financial year ending June 30, 2012, said managing director Datuk Wahab Maskan.

He said the value would be mainly contributed by some 23 property projects under its Lifestyle Collection umbrella.

Of the 23 projects, 10 were launched today as the first phase of the Lifestyle Collection series.

"The ten projects have a GSV of RM1.2 billion and the others, RM1.3 billion. The promise that we gave to our parent company, SIME DARBY BHD [], was to register a GSV of more than RM2 billion. We are sure of reaching RM2.4 billion," he told reporters after the launch.

Wahab, who is also the Chief Operating Officer of Sime Darby said the property arm of the conglomerate, expects its profit to be sustained at between RM400 million and RM500 million for the current financial year.

He added that Sime Darby Property is also looking to maintain the profit contribution at about 10-15 per cent.

"We have seen tremendous growth in demand for high-end and medium range housing and commercial PROPERTIES []. If this continues, then I would not be surprised, if we touch 20 per cent in the coming years," Wahab said.

He also said that the property developer is keen on increasing its landbank, with the focus on countries like England, Singapore and Australia.

"We will still concentrate on Malaysia but the international property market is also very vibrant and attractive. We currently have some projects in the said countries.

"We will thus be looking for new land and projects while restructuring the development projects in hand," he added. - Bernama



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Pestech gets SC nod to list on Bursa

KUALA LUMPUR (March 29): Pestech International Bhd, an integrated electric power TECHNOLOGY [] company has received the Securities Commission's approval to list on the Main Market of Bursa Malaysia.

In a statement Thursday, Pestech chief executive officer Pul Lim said the company focuses on emerging and developing countries where there was a demand for the development, improvement and build up of electricity transmission and distribution assets.

“Over the years, we have built an important presence in the industry through our credibility and track record,” said Lim.

He said Pestech had won and delivered multi‐million dollar projects involving electrical power transmission and distribution, which covers High Voltage (HV) and Extra High Voltage (EHV) substations, transmission lines and underground cable works.

Currently, the group was one of the few local companies that had the knowledge and capability to design and manufacture its own communication, protection and control products for use in their projects as well as to be sold as finished products, he said.

The company, which was established in 1991, said it started venturing into the foreign markets in 2007 and won its first contract for the supply of products to Brunei.

Since then, Pestech has successfully penetrated Ghana, Papua New Guinea, Cambodia, Sri Lanka and Tanzania, it said.

Foreign revenue contribution has been growing steadily in the last 5 years with approximately 51.4% of its revenue for the financial year ended (FYE) 2010 being contributed by foreign markets, said the company.

Pestech said its current key project was the design, building, testing and commissioning of substations in North Phnom Penh and Kampong Cham in Cambodia, and the 110km, 230kV transmission link between these two areas.

The project was currently ongoing and expected to be completed in 2013, it said.

Pestech said its other key projects include the electrical works and design, manufacture, supply, CONSTRUCTION [], installation and commissioning of two 132kV substations in Papua New Guinea for the Erap‐Hidden Valley Gold Mine Electrification Project and the design, supply, test and commission of a 161kV substation at Ayanfuri in Ghana for Central Ashanti Gold Mine.

The company said that in Malaysia, TENAGA NASIONAL BHD [] (Tenaga) had been its major customer since 2000.

It said Tenaga contributed about 36% to the revenue of the Group in FYE 31 December 2010.

Lim said Pestech was strategically positioned in the industry as utility companies and industrial users rely and engage our services to provide the systems and solutions for them.

“By being strategically located within developing nations and conducting in‐house engineering and development of products and solutions, we are able to be competitively priced,” he said.

He said Bank Islam Malaysia Bhd was the principal adviser for Pestech’s listing.



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RHB Cap top loser in late afternoon

KUALA LUMPUR (March 29): Shares of RHB CAPITAL BHD [] were the top loser in late afternoon trade on Thursday as investors booked recent profits as market sentiment was impacted by the key regional bourses.

At 3.25pm, RHB Cap was down 16 sen to RM7.74. Turnover was 705,100 shares done.

The FBM KLCI was up 0.19 of a point to 1,583.94. Turnover was 1.04 billion shares valued at RM783.45 million. Losers beat gainers 459 to 207 while 325 counters were unchanged.

European and Asian stock markets deepened this week's losses on Thursday after a bearish round of U.S. data in the previous session, with attention fixed on the most testing in a string of recent debt auctions for Italy, Reuters reported.

European shares fell 0.4 percent in early trade, adding to a roughly 1 percent fall on Wednesday and bringing losses since mid-March to more than 3 percent.

Meanwhile, OSK Research had in a recent report on the Malaysian banking sector, said it was maintaining its Neutral stance on the sector at this juncture given the moderating growth outlook for consumer loans, which contribute a hefty 55% of the overall system loans, as well as continued pressure on net interest margins.

“Our top sector picks are CIMB (BUY, FV: RM8.05), Maybank (BUY, FV: RM9.60) and RHB Capital (BUY, FV: RM9.90),” it said.



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Maybank CEO: not looking at ING's stake in Thai TMB

KUALA LUMPUR (March 29): Malaysia's top lender MALAYAN BANKING BHD [] (Maybank) is "not specifically" looking at acquiring ING Groep NV 's $775 million stake in Thailand's TMB Bank Pcl, Maybank's chief executive said on Thursday.

Maybank president and CEO Datuk Seri Abdul Wahid Omar also said the lender was still open to various opportunities in Thailand, which has been "a missing piece" in its Southeast Asian strategy.

Reuters cited sources as saying that ING was putting its 31 percent stake in Thailand's seventh-largest lender for sale as the Dutch financial services group pushed ahead with Asian divestment.

Besides state-owned Korea Development Bank, Malaysia's Maybank was identified as one of the potential suitors for the block. - Reuters



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UM Land, Iskandar Investment in Medini investment talks

KUALA LUMPUR (March 29): UNITED MALAYAN LAND BHD [] (UMLand) is in talks with Iskandar Investment Bhd over the former’s proposed investment in Medini, Iskandar Malaysia.

UM Land said on Thursday it had entered into a collaboration agreement with Iskandar Investment to negotiate its proposed investment.

Medini is within the Nusajaya development zone, one of the five flagship development of Iskandar Malaysia, the country's engine of growth in the southern region.

Medini, which covers 2,230 acres, is one of Nusajaya’s eight catalyst developments in addition to Johor State New Administration Centre, Puteri Harbour, Southern Industrial and Logistic Cluster, Afiat Healthpark, EduCity, International Destination Resort and Nusajaya Residences.

Iskandar Investment president and CEO Datuk Syed Mohamed Syed Ibrahim said Medini Iskandar was set to be Nusajaya’s central business district.

“The proposed investment by UMLand, which is one of the renowned property developers in the local real estate industry, does not only reflect the attractiveness of Medini as an investment hot spot but will add a new dimension to the vibrancy of the lifestyle development,” he said.



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KLCI edges up mid-day, lifted by select blue chips

KUALA LUMPUR (March 29): The FBM KLCI edged up at the mid-day break on Thursday, lifted by select blue chips including CIMB, Genting-linked counters, Petronas Chemicals and BAT.

At 12.30pm, the KLCI was up 0.41% to 1,584.16. Gainers trailed losers by 197 to 388, while 318 counters were traded unchanged. Volume was 819.28 million shares valued at RM554.24 million.

Asian shares fell for a second successive day on Thursday as concerns about growth prospects in the world's two largest economies, the United States and China, prompted investors to trim their risk exposure ahead of the end of the quarter, according to Reuters.

Hong Kong’s Hang Seng Index lost 1.2% to 20,634.30, Taiwan’s Taiex fell 2.67% to 7,823.78, South Korea’s Kospi fell 1.06% to 2,010.26, Japan’s Nikkei 225 was down 0.82% to 10,099.30, the Shanghai Composite Index 0.58% to 2,271.60 and Singapore’s Straits Times Index 0.28% to 3,007.44.

Among the gainers on Bursa Malaysia, Dutch Lady was the top gainer, up RM2.62 to RM37.50.

BAT added 18 sen to RM56.52, Aeon 14 sen to RM9.35, Toyo Ink 14 sen to RM9.35, MISC 12 sen to RM5.32 and Shell 10 sen to RM10.20. Southern Acids, Kulim, Ta Ann and Crescesndo added nine sen each to RM2.39, RM4.30, RM6.18 and RM1.90 respectively.

CIMB rose seven sen to RM7.57, while Petronas Chemicals, Genting and Genting PLANTATION []s added two sen each to RM6.70, RM11.12 and RM3.89 respectively.

Naim Indah Corp was the most actively traded counter with 56.7 million shares done. The stock added half a sen to 48.5 sen.

Other actives included Ariantec, Focus, SuperComnet, Metronic, Key West and Iris Corp.

Among the decliners were Shangri-la, BLD Plantations, GAB, Sungei Bagan, RHB Capital, SMPC, PPB, SBC Corp and Kris Assets.



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Oldtown’s 10m shares crossed at RM1.30 each

KUALA LUMPUR (March 29): Oldtown Bhd saw 10 million shares crossed in an off-market deal at an average price of RM1.30 a piece.

This was three sen above Wednesday’s closing price of RM1.27.

The shares represented a 3.03% stake in the company’s paid-up of 330 million shares.

At midday, Oldtown was untraded and unchanged at RM1.27.



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KLCI edges lower at mid-morning as regional markets dip

KUALA LUMPUR (March 29): the FBM KLCI edged lower on Thursday in line with the weaker sentiment at key regional markets, following the sharp decline at the Shanghai Composite Index a day earlier.

Asian shares eased for a second day in a row on Thursday, as investors limited their risk exposures on concerns about growth prospects in the world's two largest economies, the United States and China, according to Reuters.

Commodity related assets were likely to be on the defensive after oil and copper fell the previous day, while a sharp decline in Chinese shares will weigh on the Australian dollar, as China is Australia's single largest export market, it said.

The FBM KLCI was down 0.29 of a point to 1,583.46 at 10am. Gainers trailed losers by 143 ti 208, while 238 counters traded unchanged. Volume was 356.91 million shares valued at RN160.94 million.

At the regional markets, Japan’s Nikkei fell 0.88% to 10,093.20, Hong Kong’Hang Seng Index lost 1.13% to 20,649.60, the Shanghai Composite Index shed 0.75% to 2,267.81, Taiwan’s taiex lost 1.83% to 7,890.95, South Korea’s Kospi fell 1.26% to 2,006.14 and Singapore’s Straits Times Index fell 0.54% to 2,999.55.

BIMB Securities Research in a note March 29 said equity markets ended lower (on March 28) amid a directionless trading day.

With no new developments, traders revisited “old” concerns of slowing global economy to justify their selling on oil and commodities related stocks, it said.

“As a consequence, the Dow Jones Industrial Average dipped almost 72 points to 13,126. Reflecting the less than optimistic sentiments, European bourses also succumbed to the selling pressure and closed yesterday’s session broadly lower,” it said.

The research house said Asian equities followed suit with only a handful managed to close on a positive territory.

Taking cue from a weaker regional performance, the FBM KLCI lost 4 points to just below the immediate 1,585 support at 1,583.75, it said.

“Meanwhile, we again saw a net foreign participation of RM132 million yesterday pushing year-to-date total to RM4.67billion.

“Although the amount is not huge, foreign funds have been trickling in continuously for the month of March with a cumulative amount of a whopping RM2.8 billion. We expect some market weakness today with the immediate support at 1,580,” it said.

On Bursa Malaysia, GAB was the top loser at mid-morning and fell 16 sen to RM13.08, BLD PLANTATION []s down 15 sen to RM9.25, RHB Capital nine sen to RM&.81, Hong Leong Bank, Panasonic and Tenaga fell eight sen each to RM12.14, RM21.92 and RM6.34 respectively, SBC Corp seven sen to 91 sen, while Nestle, KrisAssets and HLFG fell six sen each to RM55.90, RM6.94 and RM12.22 respectively.

Naim Indah Corp was the most actively traded counter wit h 47.23 million shares done. The stock rose 1.5 sen to 49.5 sen.

Other actives included SuperComnet, Ariantec, metronic, Iris Corp, Key West, Hubline warrants and Bintai.

Gainers included Dutch Lady, BAT, Toyo Ink, shell, Crescendo, MUH, Southern acids, UAC and MISC.



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Bintai Kinden shares up 18% on Singapore project

KUALA LUMPUR (March 29) : Shares of Bintai Kinden Corp Bhd rose 18% in morning trade on Thursday following updates that the firm and Samsung C&T Corp had jointly secured $166.24 million (about RM405 million ) worth of projects from Singapore’s Land Transport & Authority.

The jobs include the supply and installation of electrical services apart from tunnel ventilation and environmental control systems.

Bintai Kinden shares added six sen to 40 sen as at 9.29am with some 10 million shares done, putting the stock among the most active entities, and top gainers across the Malaysian bourse.



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RHB Research maintains market perform for Gamuda, FV RM3.78

KUALA LUMPUR (March 29): RHB Research Institute said GAMUDA BHD []’s first half core net profit for the period ended Jan 31, 2012 came in within expectations.

It said on Thursday that Gamuda had provided guidance to analysts about 12% margins from the tunneling package of the Sungai Buloh–Kajang (SBK) line of the Klang Valley MRT project.

“Gamuda ‘would like to believe’ that it has ‘carefully and adequately priced in the risks’,” said the research house.

RHB Research said while tunneling works proper will only start in March 2013, other parts of the job comprising preparatory works for tunneling as well as the CONSTRUCTION [] of the seven underground stations will commence and start contributing before March 2013.

The research house said Gamuda cut its FY12-FY13 property sales forecasts (including land sales) for Celadon City to RM150 million and RM250 million (from RM250 million and RM500 million previously) but raised those for Gamuda City (Hanoi) to RM500 million and RM750 million (from RM400 million and RM600 million previously).

“Gamuda maintained its local property sales target of RM1.35 billion in FY12. So far in 1HFY12, it already clocked up RM870 million sales, boosting its unbilled property sales to RM1.3 billion. Fair value is RM3.78. Maintain Market Perform,” it said.



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CIMB Equities Research has technical buy on AFG at RM3.88

KUALA LUMPUR (March 29): CIMB Equities Research has a technical buy on Alliance Financial Group at RM3.88 at which it is trading at a FY13P/E of 11.4 times and price-to-book value of 1.6 times.

It said on Thursday that the rally from its September 2011 low may be coming to an end soon after one more spike to new highs. The current sideways movement is forming a triangle, which supports the view that another new leg up could take place soon.

“Indicators are flat but holding above their respective support levels. A turn up in prices should be followed by these indicators.

“A breakout above RM3.89 on rising volume could see prices shoot towards RM3.97 or even the RM4.05-RM4.10 levels. Using a tight stop of RM3.79 or below, one can go long now or on weakness,” it said.



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CIMB Equities Research has technical sell on RHB Capital at RM7.90

KUALA LUMPUR (March 29): CIMB Equities Research has a technical sell on RHB Capital at RM7.90 at which it is trading at a FY13P/E of 8.6 times and price-to-book value of 1.5 times.

It said on Thursday the countertrend rebound is finding it difficult to breakout above its 38.2% Fibonacci Retracement level. It could possibly that the 200-day SMA is also standing in the way of the bulls.

“Prices could push a tad higher from here towards RM8.09 again or even RM8.20, the channel resistance but we do not think there is enough momentum to carry it past those resistances.

“Hence, any rallies should be viewed as a chance to sell. Confirmation would come in the form of a break below RM7.59, targeting RM7.15, the channel support and RM6.92,” CIMB Research said.



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CIMB Equities Research has technical sell on Maybank at RM8.83

KUALA LUMPUR (March 29): CIMB Equities Research has a technical sell on Malayan Banking at RM8.83 at which it is trading at a FY13P/E of 11.5 times and price-to-book value of 2.0 times.

It said on Thursday that Maybank appears to be forming a large bearish wedge pattern. CIMB Research said prices are now testing the key RM8.80 resistance as this level was tested at least eight times over the course of two and a half years and failed to breakout every time.

“We think this time would not be any different as the indicators are not supportive of a breakout. A throwover towards RM9.00-RM9.10 cannot be ruled out but it is likely unsustainable.

“We think the stock is a sell on rallies with a stop placed above RM9.22. Anything below RM8.64 would suggest that the bears are in command and could send prices falling towards RM8.15 and RM7.75 next,” said CIMB Research.



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HWDBSVR sees KLCI slipping below 1,580

KUALA LUMPUR (March 29): Hwang DBS Vickers Research said there is a possibility that the key FBM KLCI will slip below its immediate support line of 1,580 on Thursday.

In its market outlook on Thursday, it said if the KLCI falls below the 1,580, the index may be on its way to test the next support level of 1,555 in the near term.

This comes as Wall Street lost momentum overnight. Major U.S. stock indices were down 0.5% each amid disappointing economic data and falling crude oil prices.

Hoping to buck the weak market sentiment on our local bourse are two counters: (a) Gamuda after announcing stronger-than-expected quarterly profit yesterday evening; and (b) Bintai Kinden, as it would be involved (via a joint venture arrangement) in a electrical services and control systems job in Singapore’s MRT project valued at S$166 million.

Separately, two ACE Market companies will resume trading: (a) Key West Global, following its plan to venture into the oil & gas industry in Indonesia via the acquisition of convertible bonds for US$52.5m; and (b) Nextnation, which has proposed to acquire land in Cyberjaya for RM18.5 million, a bonus issue of one warrant for every 10 existing shares and a private placement exercise.



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Stocks to watch: Gamuda, Syarikat Takaful, Bintai Kinden, WCT

KUALA LUMPUR (March 29) : While trading momentum in the Malaysian stock market has improved, analysts said cautious sentiment ahead of the country’s general election could prompt traders to safeguard their profits against the backdrop of challenging external macro dynamics.

Apart from less optimistic sentiment on economic growth prospects in the US and China, analysts also foresee the return of inflation as a key theme in financial markets, spurred by rising crude oil prices.

“We remain neutral on Malaysia. On the positive side, we currently do not expect its rates to increase, and we like the defensiveness of the market, with about one-third of its total market cap in defensive sectors, such as telecoms and utilities.

“National elections are likely to add to market volatility as well, although we expect the event to be market-neutral,” HSBC Global Research wrote in a note.

The FBM KLCI of 30 stocks erased earlier gains to finish 4.35 points lower at 1,583.75 points on Wednesday.

Stocks to watch on Thursday include GAMUDA BHD [], SYARIKAT TAKAFUL MALAYSIA BHD [], Bintai Kinden Corp Bhd and WCT BHD []. Other companies which could attract interest are NEXTNATION COMMUNICATION BHD [] and ENG TEKNOLOGI HOLDINGS BHD [].

Infrastructure-based Gamuda’s earnings rose 45.1% to RM136.47 million in the second quarter ended Jan 31, 2012 compared with RM94.02 million a year ago.

For the first half, earnings increased by 47.2% to RM268.79 million from RM182.55 million in the previous corresponding period.

Syarikat Takaful’s share price rose 5% or 15 sen to close at RM3.05 after CIMB Equities Research said the Islamic insurance firm should trade higher at RM4.60 in anticipation of its growth potential.

Bintai Kinden and joint venture partner Samsung C&T Corp have clinched S$166.24 million (about RM405 million ) worth of projects from Singapore’s Land Transport & Authority.

The jobs include the supply and installation of electrical services apart from tunnel ventilation and environmental control systems

Singapore-based Oversea-Chinese Banking Corp Ltd has emerged as a substantial shareholder in CONSTRUCTION [] firm WCT Bhd after acquiring a 5.01% stake in the builder.

Nextnation plans to raise up to RM15.49 million under a private placement of 137.21 million new shares to finance the telecommunication software developer’s commercial land acquisition, and capital needs. Trading of Nextnation shares were suspended from 2.30pm to 5pm on Wednesday.

The board of Eng Teknologi has accepted the revised takeover offer of RM2 a share by the founders and major shareholders of the hard disk drive component manufacturer.

SYF RESOURCES BHD [] swung into the black with net profit of RM3.22 million in the second quarter ended Jan 31, 2012 compared with net losses of RM431,000 a year ago due to higher sales with lower raw material costs.

For the first half ended Jan 31, 2012, it posted net profit of RM42.46 million compared with net loss of RM1.01 million in the previous corresponding period.



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Mustapa: Proton, Perodua should continue collaboration

KUALA LUMPUR (March 28): PROTON HOLDINGS BHD [] and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) should continue to collaborate in areas they had previously agreed on, said Minister of International Trade and Industry (MITI), Datuk Seri Mustapa Mohamed .

This, he added, is despite the recent developments in the pioneer national car maker.

He said the collaboration talks, had benefited both carmakers and the automotive industry, as a whole.

"As this is the case, I do not see why the new owners of Proton, DRB-HICOM BHD [], should not continue with what had been agreed to by the old management.

"The previous Proton management and Perodua had agreed to collaborate in certain areas such as vendor distribution and marketing, as the merger proposal was extreme," he added.

Mustapa said MITI would continue to engage with both national car companies.

He also said that he was given a briefing by DRB-Hicom Bhd last week.

Perodua Managing Director Datuk Aminar Rashid Salleh said recently that the compact car maker is open to collaboration talks with DRB-Hicom.

However, he reiterated that Perodua, as the country's largest car maker, is still against any kind of merger between the two entities.

On Jan 16, DRB-Hicom entered into a sale and purchase agreement with Khazanah Nasional Bhd, to acquire 42.74 per cent of the issued and paid up share capital of Proton for RM1.291 billion. - Bernama



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George Kent's FY pre-tax profit declines to RM26.2m

KUALA LUMPUR (March 28): GEORGE KENT (M) BHD []'s pre-tax profit for financial year ended Jan 31, 2012 fell to RM26.2 million from RM32.4 million in the same period of 2011.

Revenue declined to RM152.3 million from RM165 million previously, it said in a filing to Bursa Malaysia here on Wednesday.

George Kent said the weaker results were mainly due to lower exports of original equipment manufacturer (OEM) water meters, brought about by global economic uncertainty.

For the fourth quarter ended Jan 31, 2012, its pre-tax profit fell to RM9.1 million from RM11.1 million in the same period 2011. Revenue, however, increased to RM48.9 million from RM47.9 million previously.

For the quarter, the group has proposed a final dividend of three sen per share.

On prospects, chairman Tan Sri Tan Kay Hock said the company has put in more efforts to secure new contracts for its meter manufacturing division, which resulted in a strong order pipeline.

"The group is expecting improvements in all market segments of its meter manufacturing division, namely the domestic, OEM and non-OEM markets.

"We continue to enjoy steady growth in the local market, as well as increasing exports to Australia and South Africa," he said. - Bernama



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ECM Libra posts RM53.8m pre-tax profit

KUALA LUMPUR (March 28): ECM Libra Financial Group Bhd posted a lower pre-tax profit of RM53.8 million for the financial year ended Jan 31, 2012, compared to RM86.7 million last year.

In a filing to Bursa Malaysia here on Wednesday, the company said revenue decreased to RM178.3 million from RM218.3 previously.

During the year, net interest income rose to RM36.2 million from RM29.5 million as the group's investment bank subsidiary maintained a strong capital adequacy ratio of 51 per cent, one of the highest in the banking industry.

The company's shareholders funds had crossed the RM1 billion mark, ECM Libra said.

The company has recommended a final single tier dividend of 2.4 sen per ordinary share, representing a dividend pay-out ratio equivalent to 63 per cent of net profit for the year. - Bernama



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Hwang DBS 2Q pre-tax profit dips to RM23.4m

KUALA LUMPUR (March 28): Hwang-DBS (Malaysia) Bhd's pre-tax profit for the second quarter ended Jan 31, 2012, slipped to RM23.45 million from RM32.78 million in the same quarter last year.

Revenue fell to RM91.54 million from RM109.61 million previously, Hwang-DBS said in a filing to Bursa Malaysia on Wednesday.

"The uncertain global financial conditions have affected the equity and capital markets in which we operate in.

"The lower profitability was mainly attributable to reduction in brokerage income, net interest income, advisory fee income and marked-to-market gain on derivatives," it said. - Bernama



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Maybank provides option for shareholders on dividends

KUALA LUMPUR (March 28): MALAYAN BANKING BHD [] has approved an option for shareholders to receive the electable portion of their dividends partly in cash and to reinvest the remaining portion into new shares.

It said the board had on Wednesday approved the adoption of an additional option for shareholders for the fourth dividend reinvestment plan (DRP) and all its futures DRPs.

On Feb 23, the board had proposed a final cash dividend of 36 sen per share, less 25% tax (equivalent to 24 sen net dividend) for the six-month period ended Dec 31, 2011 which could be reinvested into new shares.



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