MSM Malaysia pre-tax profit for FY11 at RM359.3m

KUALA LUMPUR (Feb 20): MSM Malaysia Holdings Bhd, the sugar refining unit of Felda Global Ventures Holdings Sdn Bhd, posted a higher pre-tax profit of RM359.373 million for its financial year ending Dec 31, 2011 from RM305.732 million recorded in the previous year.

Revenue for the 12-month period jumped to RM2.299 billion from RM2.168 billion previously.

For the fourth quarter ended Dec 31, 2011, MSM Malaysia registered a pre-tax profit of RM108.648 million, down from RM110.956 million in the corresponding quarter of the previous year.

Revenue for the three months, however, rose to RM609.538 million from RM542.506 million previously.

In a filing to Bursa Malaysia on Monday, the company said the increase in revenue in the fourth quarter was mainly due to increased sales volume for export and higher average price.

"The decline in profit was due to due to lower fair value gain recorded during the quarter. Notwithstanding the volatility of commodity prices, the group is expected to be able to sustain its satisfactory performance," it said.



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United Plantations FY11 pre-tax profit at RM491m

KUALA LUMPUR (Feb 20): United PLANTATION []s Bhd reported a higher pre-tax profit of RM491.541 million for the financial year ended Dec 31, 2011 compared with RM349.46 million the previous year.

Revenue rose to RM1.385 billion from RM995.107 million, it said in its filing to Bursa on Monday.

The group said its major division, plantations, contributed 95.8 per cent to the profit, with its profit before tax jumping 35.5 per cent to RM471.1 million from RM347.8 million previously.

It attributed the better performance mainly to the higher selling prices of crude palm oil, palm kernel and coconuts.

Pre-tax profit for the quarter ended Dec 31, 2011 decreased to RM103.325 million from RM107.301 million. A final dividend of 30 per cent gross per share less 25 per cent tax or 22.50 sen net per share and a special dividend of 50 per cent gross per share less 25 per cent tax or 37.50 sen net per share for the year has been declared.

On its prospects this year, the group said the changes in the Indonesian export tax in September 2011 would benefit the Indonesian downstream sector and Malaysian refineries may be negatively affected by the increased competitive position enjoyed by the Indonesian refining sector.

In view of this, the group expects the current financial year not to be better than 2011. - Bernama



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Affin 4Q earnings up 4.7% to RM132.54m, FY2011 RM508m

KUALA LUMPUR (Feb 20): AFFIN HOLDINGS BHD []’s earnings rose 4.7% to RM132.54 million in the quarter ended Dec 31, 2011 from RM126.57 million a year ago.

It said on Monday that its revenue increased by 14.4% to RM709.81 million from RM620.54 million. Earnings per share were 8.87 sen compared with 8.47 sen.

For the financial year ended Dec 31, 2011, the banking group said it recorded its best ever performance so far, with record profit before tax (PBT) of RM709.1 million compared with RM637.5 million in 2010. This was a RM76.1 million or 11.2% increase.

Affin Holdings said turnover was RM2.66 billion,up 17% from RM2.72 billion in 2010. Profit after tax (PAT) was RM507.99 million, up 3.96% from RM488.62 million.

The group’s improved profit in FY11 was primarily due to increase in net interest income and Islamic banking income totalling RM50.9 million.

Cumulatively, net interest income increased to RM869.6 million from RM839.9 million while Islamic banking Income increased to RM198.9 million from RM177.8 million on-year.



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Mitrajaya gets LRT, housing projects worth RM181.5m

KUALA LUMPUR (Feb 20): MITRAJAYA HOLDINGS BHD [] has secured three projects valued at RM181.55 million, of which two are for the light rail transit (LRT) contracts and one for a housing project in Putrajaya.

Mitrajaya said on Monday its unit Pembinaan Mitrajaya Sdn Bhd (PMSB) was nominated sub-contractor by Syarikat Prasarana Negara Bhd for the Kelana Jaya LRT line extension valued at RM46.86 million.

PMSB was also appointed nominated sub-contractor by Prasarana for the Ampang LRT Line extension worth RM55.25 million.

It was awarded a housing project from Putrajaya Holdings Sdn Bhd to build 560 medium cost public apartments in Putrajaya for RM79.43 million.



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Pos Malaysia records RM25m net profit in Oct-December quarter

KUALA LUMPUR (Feb 20): POS MALAYSIA BHD [] recorded net profit of RM25.06 million in the October-December quarter in 2011 compared with RM6.08 million a year ago mainly due to a provision of investment and a one-off impairment provision while there was none in 2011.

It said on Monday that revenue increased by 4.4% to RM289.63 million from RM277.33 million. Earnings per share were 4.67 sen compared with 1.13 sen.

“Against the corresponding quarter previous year, the group registered a decrease of 17.3% in profit from operations of RM21.5 million (2010: RM26.0 million) for the quarter ended Dec 31, 2011, attributed to higher operating expenses by 6.7% despite increase in revenue by 4.4%.

“Higher operating expenses due to higher depreciation and amortization charges by 37.9% due to higher depreciation on National Mail Centre building and plant and machinery, higher transportation costs by 14.3% as a result of higher jet fuel price and revision of flying hours rate by 3.0% and increase in staff costs by 2.0% due to salary revision in January 2011.

“The group profit before taxation was higher by RM17.3 million compared to the corresponding quarter previous year as a result of provision of the investment in Transmile Group Berhad (TGB) and one-off impairment provision relating to capital expenditure incurred for the postal counter whereas none was recorded during current year,” it said.

Pos Malaysia, which changed its financial year ending to March 31, 2012, said that in the 12-month period from January to December 2011, its earnings rose about 66.8% to RM112 million from RM67.11 million. Its revenue increased 15.6% to RM1.173billion from RM1.014 billion.

The group’s profit from operations rose 38.2% to RM146.0 million (2010: RM105.7 million) for the period ended Dec 31, 2011, due to the full year impact of domestic tariff increase commencing July1, 2010 coupled with the benefits realized from transformation initiatives.

“The group recorded a higher profit before taxation by RM56.8 million or 57.3% mainly due to higher operating profit as mentioned above and lower impairment loss for financial asset designated as available for sale (that is investment in TRANSMILE GROUP BHD [] ) of RM10.3 million as compared to RM25.1 million in the preceding year.

“In prior year, there was one-off impairment provision relating to capital expenditure incurred for the postal counter system (classified under property, plant and equipment) of RM22.3 million, cushioned by write back of impairment in value of RM15.5 million,” it said.



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Esso Malaysia 4Q earnings fall 71.5% to RM34.58m

KUALA LUMPUR (Feb 20): ESSO MALAYSIA BHD []’s earnings fell 71.5% to RM34.58 million in the fourth quarter ended Dec 31, 2011 from RM121.51 million a year ago.

It said on Monday its revenue was 16.5% higher at RM2.75 billion compared with RM2.359 billion a year ago. Earnings per share were 12.80 sen compared with 45 sen.

For the financial year ended Dec 31, 2011, it reported a 42.9% decline in earnings to RM153.35 million from RM268.58 million in FY10. Revenue, however, increased 33.6% to RM11.26 billion from RM8.42 billion.

“The lower profit for the fourth quarter and for the full year of 2011 compared to the same periods in 2010 was a result of lower operating margins as higher crude prices were not fully offset by the increase in product prices. The increased crude and product prices, however, generated inventory holding gains totaling RM108 million for the full year 2011,” Esso Malaysia said.



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Notion VTec proposes bonus issue, free warrants

KUALA LUMPUR (Feb 20): NOTION VTEC BHD [], which posted net losses of RM4.83million in the first quarter ended Dec 31, 2011, proposed a bonus issue of up to 138.91 million new shares on the basis of three new shares for every fourshares held.

The company said on Monday, it also proposed to issue up to 46.30 million free warrants (Warrants-B) on the basis of one Warrant-B for every four existing shares held by the shareholders.

Notion VTec said the proposed bonus issue was the most appropriate move for it to increase the capital base of the company to a level which will better reflect the group’s current scale of operations and reward the shareholders.

It added the proposed free warrants issue would enable shareholders to increase their participation in the equity of the company at a pre-determined exercise price during the tenure of Warrants-B and allow them to further participate in the future growth of the Company when the Warrants-B are exercised.

“In addition, the proceeds from the exercise of the Warrants-B will further strengthen the capital base of the company and will enable the company to raise funds without incurring interest cost, as compared to bank borrowings and to improve the gearing of the Notion VTec Bhd group,” it said.

Meanwhile, in a separate announcement on Monday, it reported net losses of RM4.83million in the first quarter ended Dec 31, 2011 compared with net profit of RM13.41 million a year ago.

Its revenue fell 33.9% to RM39.63 million from RM59.98 million. Its loss per share was 3.13 sen compared with earnings per share of 8.79 sen.



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Late buying pushes KLCI firmly into positive zone

KUALA LUMPUR: Late buying on index-linked stocks pushed the FBM KLCI firmly into the positive zone on Monday while the broader market saw some profit taking activities on recent gainers, which was in line with some key regional markets.

The surprise stimulus move in China and signs Greece would secure a long-awaited bailout deal helped underpin sentiment for blue chips.

At 5pm, the FBM KLCI was up 3.42 points or 0.22% to close at 1,560.57, nudged up gains in by Maybank and BAT. Volume was 1.86 billion shares traded valued at RM1.61 billion. Losers led gainers 469 to 349, while 339 counters remained unchanged.

Japan's Nikkei 225 was up 1.08% to 9,485.09, Taiwan's Taeix rose 0.77% to 7,954.82, Singapore's Straits Index 0.69% to 3,021.19, Shanghai's Composite Index 0.27% to 2,363.60 and South Korea's Kospi up marginally 0.07% to 2,024.90. Only Hong Kong's Hang Seng Index was in the red, down 0.31% to 21,424.79.

At Bursa Malaysia, the KLCI was supported by gains in Maybank, which rose five sen to RM8.61 and managed to nudge the 30-stock KLCI up 0.89 of a point. BAT added RM1.38 to RM53.90, adding 0.62 of a point to the index.

Other gainers were Nestle, up 90 sen to RM56.00, Oriental Holdings 30 sen to RM5.65, Aeon 29 sen to RM7.99 and Panasonic Malaysia 22 sen to RM20.42.

Among the lower liners, Cyberpark rose 19 sen to RM2.07 on the positive outlook for its integrated renewable energy plant in Negeri Sembilan to be launched next month.

Cybertowers added 18.5 sen to 76 sen. Before market close, Bursa Malaysia Securities had queried Cybertowers over the unusual market activity in the trading of the company’s shares.

Green Ocean, which closed up 2.5 sen to 25 sen with 58.8 million shares traded, was earlier queried by Bursa Securities for its sharp rise in price and volume.

Among top losers were TAHPS down 20 sen to RM4.50, Ewein 18.5 sen to 80.5 sen while BLD PLANTATION []s and Tasek fell 17 sen each to RM9.83 and RM8.30 respectively.



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Nilai Resources major shareholders propose SCR of RM1.50 a share

KUALA LUMPUR (Feb 20): The major shareholders of Nilai Resources Group Bhd has proposed a selective capital repayment (SCR) of RM1.50 a share, which is a premium of 20 sen above the Feb 17 closing price of RM1.30.

The major shareholders are Akarmas Sdn Bhd and Tan Sri Dr Gan Kong Seng who collectively hold 62.937 million shares or 55.1% equity, who will not be entitled to the SCR.

“The number of Nilai Resources shares to be cancelled/ repaid pursuant to the proposed SCR amounts to 55.77 million Nilai Resources shares, which represents RM55.77 million of the issued and paid-up share capital of the company,” it said.

The company said during a board meeting Monday, in which the major shareholders including its executive chairman Tan Sri Dr Gan Kong Seng had abstained, they had agreed to table the proposed SCR to the shareholders.

Upon completion of the proposed SCR, the non-entitled shareholders will hold 62.93 million shares, representing the entire paid-up share capital. The proposed SCR will be funded by an advance from the non-entitled shareholders.

The non-entitled shareholders do not intend to maintain the listing status.

The rationale for the proposed SCR was that the group’s core businesses are property development, education and hotel and leisure businesses.

About 48% of the group revenue is derived from the property development segment and the group’s primary activity is the development of Nilai township, Negeri Sembilan, namely Putra Nilai. Putra Nilai is a new 6,233-acre township development from a PLANTATION [] land, which was without any infrastructure.



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Market Commentary

The FBM KLCI index gained 3.42 points or 0.22% on Monday. The Finance Index increased 0.38% to 13915.54 points, the Properties Index dropped 0.11% to 1045.59 points and the Plantation Index down 0.01% to 8820.75 points. The market traded within a range of 5.29 points between an intra-day high of 1562.60 and a low of 1557.31 during the session.

Actively traded stocks include GOCEAN, PDZ, PERISAI, NICORP, WINSUN, COMPUGT, SERNKOU, WIJAYA-WA, AT and FOCUS. Trading volume decreased to 1864.17 mil shares worth RM1610.89 mil as compared to Friday’s 2265.97 mil shares worth RM1941.98 mil.

Leading Movers were MAYBANK (+5 sen to RM8.61), BAT (+138 sen to RM53.90), YTL (+4 sen to RM1.51), SIME (+4 sen to RM9.63) and GENTING (+6 sen to RM10.70). Lagging Movers were TENAGA (-7 sen to RM6.04), DIGI (-3 sen to RM3.99), AXIATA (-1 sen to RM5.00), PETGAS (-6 sen to RM16.44) and GENM (-1 sen to RM3.94). Market breadth was negative with 349 gainers as compared to 469 losers. -- JF Apex Securities Bhd



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Sarawak Plantations 4Q earnings up 478% to RM19.6m after impairment losses yr ago

KUALA LUMPUR (Feb 20): Sarawak PLANTATION [] Bhd posted net profit of RM19.66 million in the fourth quarter ended Dec 31, 2011, up 139% from the RM34.35 million a year ago when there was impairment losses of RM10.60 million.

It said on Monday that revenue fell 3.4% to RM111.62 million from RM115.61 million a year ago. Its administrative expenses declined to RM8.83 million from RM18.60 million. Earnings per share were 7.04 sen compared with 1.22 sen. It proposed dividend of 10 sen per share compared with 3.50 sen a year ago.

Sarawak Plantations said of the RM111.62 million in revenue, 99.7% was contributed by oil palm operations segment mainly due to lower realised average selling prices of crude palm oil (CPO) and palm kernel (PK).

“The gross profit for the current quarter also decreased in line with revenue, mainly due to the decrease in profit for oil palm operations segment by RM1.6 million or 4%. However, the Group’s profit before tax for the current quarter under review was higher principally due to impairment losses of RM10.6 million recognised in the corresponding period of the preceding year,” it said.

For FY11, it said the earnings rose 139% to RM82.24 million from RM34.35 million. Revenue increased by 40.6% to RM479.36 million from RM340.83 million following the increase of revenue from the oil palm operations segment.

Sarawak Plantation said the increase in revenue for the current financial year was principally attributable to the net effect of higher realised average selling prices of CPO and PK, higher sale volume of CPO and PK as compared to the preceding year.

“The realised average selling prices of CPO and PK have increased by 17.1% and 26.9% respectively in the current financial year primarily due to improvement in global vegetable oil prices. The sales volumes of CPO and PK have also increased by 17.4% and 15.6% in the current financial year.

"The group’s profit before tax for the current financial year was higher by RM52.6 million as compared to the preceding year principally due to higher realised average selling prices and sales volumes of CPO and PK and impairment losses of RM10.6 million recognised in the preceding year,” it said.



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Bursa Securities queries Cybertowers over unusual market activity

KUALA LUMPUR (Feb 20): Bursa Malaysia Securities has queried CYBERTOWERS BHD [] over the unusual market activity in the trading of the company’s shares.

It said on Monday that the query was regarding the sharp rise in the price and high volume of the shares recently.

At 5pm, Cybertowers had risen 18.5 sen to 76 sen with 6.92 million shares done.



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Shell Refining falls after posting losses in 4Q, FY11

KUALA LUMPUR (Feb 17): Shell Refining Company (Federation of Malaysia) Bhd’s share price fell on Monday after it posted losses of RM99.49 million in the fourth quarter ended Dec 31, 2011 and RM125.74 million losses for FY11.

At 4.29pm, it was down 14 sen to RM9.66 with 47,200 shares done.

The FBMKLCI was just 0.83 of a point higher at 1,557.98. Turnover was 1.68 billion shares valued at RM1.36 billion. The market turned cautious as profit taking set in, with 318 gainers, 496 losers and 327 stocks unchanged.

Last Friday, Feb 17, Shell Refining said for the 4QFY11, the net losses of RM99.49 million were a stark contrast to net profit of RM114.66 million a year ago.

Shell Refining said its 4QFY11 revenue was 32.8% higher at RM3.369 billion compared with RM2.537 billion.

However, its cost of sales was RM3.415 billion versus RM2.371 billion a year ago. Loss per share was 33.16 sen compared with earnings per share of 38.22 sen.

For FY11, its net loss was RM125.74 million compared with net profit of RM106.38 million a year ago.

It recorded revenue of RM11.212 billion, an increase of 8% from RM10.376 billion a year ago.



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Green Ocean queried over price surge

Bursa Malaysia Securities Bhd today queried Green Ocean Corp Bhd over the sharp increase in its share price and high turnover of shares transacted recently.

In a statement today, Bursa Securities said an unusual market activity (UMA) query was posted on Bursa Malaysia's website and advised investors to take note of the company's reply to the query when making investment decisions," it added.

At 12.30pm, the company's share price stood at 25.5 sen, up three sen. -- Bernama



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Cypark up on launch of integrated renewable energy plant

KUALA LUMPUR: Shares of CypARK RESOURCES BHD [] were among top five gainers in anticipation of the launch of its integrated renewable energy plant in Negeri Sembilan next month.

At 3.52pm, it was up 21 sen to RM2.09 with 3.27 million shares done.

The FBM KLCI was up 1.38 points to 1,558.53. Turnover was 1.43 billion shares valued at RM1.11 billion. The broader market turned cautious, with 453 losers to 320 gainers and 339 stocks unchanged.

To recap, The Edge Financial Daily reported on Feb 16 that Cypark’s group CEO Daud Ahmad had targeted that the group would derive 60% of its contributions from renewable energy starting 2013.

The plant in Pajam, Negeri Sembilan that would be fully operational in 2013 will be able to produce 15MW of electricity, 13MW from solar and 2MW from biogas.

The group which specialises in landscaping and landfill rehabilitation are also planning to open another six solar farms in Pahang, Negeri Sembilan, Perlis and Johor by the end of this year.

Cypark would be holding a briefing Monday evening at its plant in Pajam on its progress.



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KL shares higher at mid-afternoon

KUALA LUMPUR: Share prices on Bursa Malaysia remained higher at mid-afternoon trading today, prompted by gains in banking and plantation stocks like Maybank, CIMB, Sime Darby and Genting, dealers said.

At 3pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.21 points to 1,559.36, in line with the positive movement of other regional bourses.

Maybank rose seven sen to RM8.63, CIMB added two sen to RM7.30, Sime Darby gained five sen to RM9.64 and Genting earned four sen to RM10.68.

The Finance Index surged 51.36 points to 13,914.83 and the Industrial Index gained 3.61 points to 2,905.72 but the Plantation Index decreased 3.67 points to 8,817.62.

The FBM Emas Index advanced 16.3 points to 10,843.16, the FBM70 Index rose 27.51 points to 12,359.06 and the FBM Ace Index added 51.38 points to 4,749.16.

Gainers outnumbered losers 358 to 356 with turnover at 1.139 billion units valued at RM864.16 million.

For actives, British American Tobacco rose 38 sen to RM52.90, Aeon advanced 30 sen to RM8.00, Oriental earned 27 sen to RM5.62 and Cypark Resources improved 20 sen to RM2.08.

Among heavyweights, Petronas Chemicals gained nine sen to RM6.97, Maxis earned five sen to RM5.80 while Axiata was unchanged at RM5.01. - Bernama



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SapuraCrest-Kencana merger is 'best deal'

The SapuraCrest-Kencana Petroleum RM11.85 billion merger and acquisition (M&A) deal has won the "Best Deal/Most Innovative Deal in Southeast Asia in 2011" award from the Alpha Southeast Asia magazine.

The Hong-Kong based investment magazine announced the winners here last week for its annual Deal and Solution Awards 2011.

In a statement today, it said the award was aimed at recognising the best and most innovative corporate-centric investments and commercial banking solutions in the Southeast Asia region.

It said the M&A demonstrated that strategy diversification and an enhanced balance sheet for the integrated oil and gas service was fundamental in winning the the most innovative deal in the region in 2011.

CIMB Investment Bank and Maybank Investment Bank were among the financial advisers for the deal. Both the banks and RHB Investment Bank were also among the honour call for "Best Equity/IPO Deal of the Year in Southeast Asia in 2011" for their capital fundraising efforts in offshore support vessel operator, Bumi Armada's US$888 million initial public offering.

The government of Malaysia also received a borrower/issuer award for "Best Islamic/Most Innovative Islamic Finance Deal in Southeast Asia in 2011".

Meanwhile, a full write-up including all the winners involved in the transactions and awards rationale for the year 2011 is available in the December/January issue of Alpha Southeast Asia magazine. -- Bernama



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Nilai Resources major shareholders propose selective capital repayment

KUALA LUMPUR (Feb 20): The two major shareholders of Nilai Resources Group Bhd have requested the company undertake a selective capital repayment exercise under Section 64 of the Companies Act, 1965.

Nilai Resources said on Monday it had received a letter from Akarmas Sdn Bhd and Tan Sri Dr Gan Kong Seng, who are the joint offerors, requesting the company undertake the corporate exercise.

“The board will deliberate on the above matter and decide on the next course of action. Accordingly, a further announcement will be made in due course,” it said.

Gan is the executive chairman of Nilai Resources. Akarmas is the largest shareholder with 62.63 million shares or 54.9% while Gan is deemed interest via his stake in Akarmas.



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Nilai Res gets capital repayment request

Nilai Resources Group Bhd, a Malaysian producer of fertilizers and chemical products, said it received a request from its major shareholders to undertake a selective capital repayment.

The company received a letter from shareholders Akarmas Sdn Bhd and Gan Kong Seng, it said in an exchange filing today. Nilai’s board will deliberate on the matter before deciding its next course of action, according to the statement. Akarmas and Gan own a majority stake in the group, Bloomberg data show. -- Bloomberg



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CPO prices at 8-month high, may rise further

KUALA LUMPUR (Feb 20): Crude palm oil futures rose to RM3,3260 per tonne at midday on Monday, underpinned by firmer demand and weaker first quarter production in Borneo due tail end effects of 1QCY10 drought, analysts said.

At midday, CPO for third-month delivery was up RM18 to RM3,260, the highest since June 14, 2011.

News reports said China's move to ease its policy had helped nudged commodities higher while an improvement in demand prospects and technical outlook also provided support.

OSK Research said CPO prices staged a technical breakout last Friday and it thinks CPO price will head higher to RM3,465 in the medium term.

“This is consistent with our sector view that any upside palm oil price is to have will happen in the first quarter or not at all. Seasonally palm oil price tends to peak in 1Q, carrying over buying momentum from 4Q,” said the research house.

At midday, among the PLANTATION []s which posted share price gains were BLD Plantations, up 10 sen to RM10.10, Glenealy 18 sen to RM7.18, TH Plantations eight sen to RM2.80, Hap Seng Plantaions four sen to RM3.13 and Kim Loong, also four sen to RM2.64.



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Key markets up on Greece optimism, China policy

KUALA LUMPUR: Key regional markets including Bursa Malaysia rose on Monday as investors’ risk appetite improved after China's easing policy and confidence that Greece would secure its second bailout.

At midday, the FBM KLCI was up 3.94 points or 0.25% to 1,561.09. Volume traded was 991.2 million shares valued at RM687.6 million. Gainers beat losers 372 to 307 while 348 counters remained unchanged.

Japan's Nikkei 225 rose 0.92% to 9,470.72, Shanghai's Composite Index 0.88% to 2,377.96, Taiwan's Taeix Index 0.73% to 7,952.32, Hong Kong's Hang Seng Index 0.68% to 21,638.05, Singapore's Straits Index 0.40% to 3,012.74 and South Korea's Kospi 0.17% to 2,026.96.

US light crude oil rose US$1.72 to US$104.96 per barrel and Brent crude US$1.51 higher to US$121.09 while the ringgit strengthened to 3.0027 against the US dollar.

At Bursa Malaysia, the top gainers included Aeon, up 38 sen to RM8.08, Oriental Holdings 30 sen to RM5.65 and Cypark up 19 sen to RM2.07.

Maybank rose 8.0 sen to RM8.64, nudging the KLCI up by 1.42 points, RHB Capital gained 14 sen to RM7.49, Public Bank four sen to RM13.74 and CIMB one sen to RM7.29.

Petronas Chemicals added 10 sen to RM6.98, pushing the index up by 1.01 points. GENTING BHD [] added six sen to RM10.70 and Maxis five sen to RM5.80.

Green Ocean was the most active with 51.16 million shares done. It added three sen to 25.5 sen. The company was queried by Bursa Securities following the sharp rise in price and high volume recently.

Envair also saw active trade, adding 1.5 sen to 28 sen with 18.34 million units done.

Among the losers were, Dutch Lady, down 60 sen to RM25.16 but with only 600 shares done, Shell Refining 10 sen to RM9.70 after posting losses.

Ewein lost 19 sen to 80 sen, Boxpak 15 sen to RM2.21 and Malpac 14 sen to RM1.50 in thin trade.



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See family alleges plagiarism in court judgment

KUALA LUMPUR (Feb 20): The lengthy legal battle between Kian Joo Can Holdings Sdn Bhd and CAN-ONE BHD [] took another twist, with the See family seeking a review of the Federal Court decision, alleging the court had "plagiarised" its grounds of judgment.

The See family's latest application was filed by their solicitor Messrs VK Lingam and Co on Feb 13. A copy of the documents was distributed to reporters on Monday.

The review application was supported by an affidavit affirmed by former KIAN JOO CAN FACTORY BHD [] (KJCF) managing director Datuk See Teow Chuan, who said the bid was filed because the Federal Court's grounds of judgment dated Jan 5 "consisted very largely and substantially the reproduction, without any attribution, of the respondents' first written submission".

See also alleged the Federal Court did not conduct an independent and impartial review of the evidence and law or engage in their own analysis.

To recap, on Feb 15, See and 13 others filed an application seeking the review of the Jan 5, 2012 Federal Court ruling that gave the nod for Can-One to buy the 32.9% stake of KJCF comprising of 146.13 million shares.

Can-One said it was informed by its solicitors that See and the 13 other applicants had applied for the Federal Court order to be reviewed and set aside.

The application was for the appeals to be re-heard by the Federal Court consisting of judges of the Federal Court other than those who heard and decided upon the appeals on Jan 5.

See and the 13 other applicants had also sought to restrain Ooi Woon Chee and Ng Kim Tuck from distributing the RM241.11 million from the sale of the 146.13 million KJCF shares to Can-One International Sdn Bhd.

They also applied for Can-One’s unit be restrained from selling and/or disposing of the whole or any part of the 146.13 KJCF shares purchased from Kian Joo Holdings pending the hearing and final disposal of the application.



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Daibochi 4Q earnings jump 42.3% to RM5.9m

KUALA LUMPUR (Feb 20): Diabochi Plastic and Packaging Industry Bhd’s earnings jumped 42.3% to RM5.91 million in the fourth quarter ended Dec 31, 2011 from RM4.15 million a year ago due to higher sales demand and favaourable sales mix for its packaging segment.

It said on Monday, its revenue was slightly higher at RM75.70 million compared with RM75.46 million. Its earnings per share were 8.08 sen compared with 5.50 sen. It proposed a dividend of 4.0 sen per share compared with 3.50 sen a year ago.

“Packaging segment revenue increased by 24.9% to RM73.57million in 4Q2011 (4Q10:RM58.92 million). The profit before tax in 4Q11 increased by 140.29% to RM6.51million (4Q10:RM2.71 million). The significant increase in profit before tax was mainly due to higher sales demand from existing customers and favourable sales mix in 2011,” it said.

A for the property segment, revenue fell 87.1% to RM2.14 million (4Q10: RM16.54 million) and pre-tax profit fell 72.3% to RM77,000 (4Q10: RM2.76 million). The reduction in the revenue and pre-tax profit for the property segment was in line with the lower percentage of completion recognised for the current reporting period as compared to a year ago.

For the financial year ended Dec 31, 2011, its earnings increased by 10.4% to RM20.07 million from RM18.18 million. Its revenue rose 6.1% to RM284.23 million from RM267.75 million.



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Bursa Securities queries Green Ocean over share price, volume

KUALA LUMPUR (Feb 20): Bursa Malaysia Securities has queried Green Ocean Corporation Bhd over the sharp rise in price and high volume of the shares recently.

It had on Monday requested the company to announce the reasons for the unusual market activity after enquiring with the directors and major shareholders seeking the cause of the unusual market activity.

At 12.05pm, it was up three sen to 25.5 sen with 50.10 million shares done.

The FBM KLCI rose 4.08 points to 1,561.23. Turnover was 921.21 million shares done vaued at RM602.93 million. There were 380 gainers, 302 losers and 328 stocks unchanged.



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Lingui 2Q earnings dn 19.4% to RM45m on changes in fair value of biological assets

KUALA LUMPUR (Feb 20): Lingui Developments Bhd reported a 19.4% decline in earnings to RM45 million from RM55.87 million a year ago due to on changes in fair value of its biological assets less estimated point-of-sale costs.

It said on Monday that the performance of the group in the second half of the financial year was expected to be under much pressure unless demand of logs from China and India improves and post-earthquake reCONSTRUCTION [] activities in Japan accelerate.

Its revenue increased by 17.1% to RM496.89 million from RM424.08 million while earnings per share were 6.82 sen compared with 8.47 sen.

For the first half, its earnings fell 82.1% to RM16.93 million from RM94.88 million in the previous corresponding period mainly due to the changes in the fair value of biological assets. Its revenue increased by 18.1% to RM931.90 million from RM789.13 million.

On a year-to-date basis, the group recorded operating profit before changes in fair value of biological assets less estimated point-of-sale costs of RM45.4 million.



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Daibochi targets customers in Australia

Daibochi Plastic and Packaging Industry Bhd continues to target potential customers in Australia, as well as multinational customers in the food and beverage (F&B) sector, said managing director Thomas Lim.

"We hope to begin supplying flexible packaging to them in the financial year 2012," he said in a statement today.

The flexible packaging solutions provider also eyes revenue contributions from new sectors, namely, medical gloves and the electronics sector in the current financial year ending Dec 31, 2012.

He said the Group had made significant progress in the past financial year, in testing and certifying its flexible packaging, with local medical gloves and electronics manufacturers abroad.

Lim said: "The Group's diversification into the non-F&B sector would be a strategic step towards enhancing our financial performance for the long term."

For the financial year ended Dec 31, 2011, Daibochi posted a 10.3 per cent increase in group net profit to RM20.1 million, compared with RM18.2 million previously.

Meanwhile, revenue increased 6.2 per cent to RM284.2 million, from RM267.7 million previously. The higher revenue was attributed to the packaging segment, which saw a 9.4 per cent increase to RM267.9 million in the 2011 financial year.

On prospects, Lim said, the company believed its entrenched premier position in the F&B and Fast Moving Consumer Goods (FMCG) sector would provide resilience in the ongoing global uncertainty.

"We intend to strengthen our collaboration with multinational corporations, to have stronger foothold in the flexible packaging industry," he added.

He also said raw material prices are largely anticipated to moderate in the current financial year, in view of the expected increase in global supply and need-based demand by manufacturers. -- Bernama



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Glenealy 2Q net profit dn 23.3% to RM17.1m, on lower CPO prices

KUALA LUMPUR (Feb 20): Glenealy PLANTATION []s (Malaya) Bhd’s earnings fell 23.3% to RM17.14 million in the second quarter ended Dec 31, 2011 from RM22.34 million a year ago due to lower average crude palm oil (CPO) prices.

It said on Monday that its revenue was flat at RM70.62 million compared with RM70.06 million. Earnings per share were 15.02 sen versus 19.59 sen.

“For the 2Q FYE 2012, the group’s fresh fruit bunches (FFB) production increased by 3,829 tonnes to 93,550 tonnes as compared to the 1Q FYE 2012 of 89,721 tonnes. The group achieved higher CPO sales of 22,753 tonnes (but with a lower average CPO price of RM3,009 tonnes) for the 2Q FYE 2012 as compared to 22,362 tonnes (with a higher average CPO price of RM3,107 tonnes) for the 1Q FYE 2012.

“As a result of these, the revenue and profit before taxation for the 2Q FYE 2012 decreased to RM70.6 million (1Q FYE 2012 : RM71.7 million) and RM27.6 million (1Q FYE 2012 : RM31.6 million), respectively,” it said.

For the first half ended Dec 31, 2011, its earnings rose 21.4% to RM36.15 million from RM29.76 million. Revenue increased by 26.3% to RM142.29 million from RM112.67 million.



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KL shares higher at mid-morning

Share prices on Bursa Malaysia continued its uptrend mid-morning with gains noted in banking, plantation and telco heavyweight counters, dealers said.

As at 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.54 points higher at 1,560.69, inline with the positive movement in other regional stocks.

The Finance Index gained 45.37 points to 13,908.84, the Plantation Index added 7.08 points to 8,828.37 and the Industrial Index earned 5.99 points to 2,908.10.

The FBM Emas Index increased 26.47 points to 10,853.33, the FBM Mid 70 Index rose 36.22 points to 12,367.77 and the FBM Ace Index perked 39.32 points to 4,737.10.

However, losers led gainers 361 to 253 with 313 counters unchanged. Turnover stood at 685.632 million shares worth RM406.375 million.

Actives, Aeon advanced 38 sen to RM8.08, Oriental and Amway was up 25 sen each to RM5.60 and RM9.95, respectively, while Jaya Tiasa added 17 sen to RM7.60.

Among heavyweights, Maybank and Sime Darby rose four sen each to RM8.60 and RM9.63, respectively, Petronas Chemicals gained 10 sen to RM6.98, CIMB edged up two sen to RM7.30 and Maxis earned six sen to RM5.81. -- Bernama



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Catcha Media climbs on stake buy option

Catcha Media Bhd, a publisher and online-media business operator, climbed 5.1 per cent to 62 sen in Kuala Lumpur trading at 9.45am, bound for its steepest increase since Jan. 17.

The company may buy 50 per cent of Auto Discounts Sdn Bhd, an online classifieds company, for RM5 million (US$1.7 million), according to a stock exchange filing.

Catcha Media has an option to buy an additional 25 per cent, it said. -- Bloomberg



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Accumulate Perisai 'aggressively': CIMB

Perisai Petroleum Teknologi Bhd, an oil and gas services provider, gained 1.5 percent to RM1 in Kuala Lumpur trading at 9.45am, set for a record close.

Investors should accumulate the stock “aggressively” before its fourth-quarter earnings on Feb. 22, Norziana Mohd Inon, an analyst at CIMB Group Holdings Bhd, wrote in a report today.

Perisai may report quarterly net income of as much as RM12 million and “scale new heights” this year and next, Norziana said. -- Bloomberg



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Tanjung Offshore up on takeover talk

Tanjung Offshore Bhd, an oil and gas services provider, jumped 6.6 percent to 96.5 sen in Kuala Lumpur at 9.45am, on course for its highest close since Aug. 8.

The company may be a takeover target, the Edge newspaper reported, citing people it didn’t identify.

Managing Director Omar Khalid couldn’t be immediately reached for comment when phoned at his office today. -- Bloomberg



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MAS offers business-class promo deals

Malaysia Airlines (MAS) is offering attractive business-class travel promotional deals for both domestic and international flights effective today till Feb 27.

The offers for domestic sectors and to Asean destinations are valid for travel with immediate effect till Aug 31, while the deals for the US, North Asia, Europe, South Asia, China/Hong Kong and Australia are valid until June 30.

For customers' convenience, fares offered are inclusive of airfares, fuel surcharges and airport taxes, said MAS Regional Senior Vice-President for Malaysia and Asean Muzammil Mohamad.

He said: "At Malaysia Airlines, we are continuously upgrading our products and services for customers to enjoy more at value deals.

"The deals are made possible due to the new fuel-efficient aircraft that are regularly joining our fleet. These aircraft also have improved inflight facilities that also allow us to enhance our service offerings to customers.”

"In addition, we have re-strategised to increase our frequencies to regional routes and matching customers' expectations who prefer premium full service and direct connectivity for their journeys at value deals.

"We invite customers to enjoy these all-inclusive value deals and delight with our award-winning Malaysian Hospitality during their travels," he added.

The promotions for domestic travel have been common rated where
all-inclusive fares for travel between KLIA and any city in Peninsular Malaysia.

It starts at RM399 one way and RM798 for return whilst the airfare between KLIA and any city in Sabah and Sarawak is from RM799 one way and RM1,598 return.

For travel between KLIA and any Asean city, the all-inclusive one-way fare starts from as low as RM399 one way for Medan, RM599 for Phuket and RM899 for the remaining Asean destinations.

The all-inclusive rates for destinations in China start from RM1,356 one way to Guangzhou, Xiamen and Kunming, whilst similar rates to South Asian cities start at RM1,164 to Hyderabad, RM1,179 to Dhaka, RM1,189 to Bangalore, RM1,211 to Colombo and RM1,222 to Chennai.

Travellers planning for premium travel experience to Australia, the United States and Europe till June 30 can grab deals starting at RM2,894 one way to Perth, RM3,456 to Sydney, RM4,972 to Los Angeles, RM5,123 to London and RM5,358 to Paris.

Children, aged below two and 12, enjoy a further 35 per cent discount for domestic travel business-class fares and 25 per cent off on fares for international business-class travel.

The above offers are available through various MAS' distribution channels like its ticket offices throughout Malaysia, 24-hour toll-free call centre at 1300 88 3000, www.malaysiaairlines.com and its appointed agents. -- Bernama



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Market higher in early trade, external boost

KUALA LUMPUR (Feb 20): Blue chips climbed in early trade on Monday, in line with the firmer regional markets, as sentiment was boosted by China’s policy easing and prospects for Greece to clinch a second bailout fund

At 9.14am, the FBM KLCI was up 4.62 points to 1,561.77. Turnover was 164.34 million shares valued at RM78.67 million. There were 230 gainers, 84 losers and 166 counters unchanged.

CIMB Equities Research said in its market report that prices has last week continued to linger near the key resistance band of 1,560-1,565, where sellers have been strong.

“The KLCI tested the wedge resistance twice but it failed to breakout on both occasions. It is still too early to call for a reversal but a close below 1,550 would tip the scale in favour of the bears.

“If prices fail to take out the 1,566 high soon, then there is a good chance that the strong run-up in trading volume over the couple of weeks could potentially be deemed as a buying climax. A close below the 1,550 levels would likely send the index back towards 1,525 and 1,500 next. Breaking 1,525 would likely signal a weaker trend in the weeks ahead,” CIMB Research said.

Among the gainers on Bursa were Aeon, up 38 sen to RM8.08, BAT 16 sen to RM52.68 and Petronas Dagangan 16 sen to RM18.18.

Mudajaya rose 10 sen to RM3.05, IJM nine sen to RM5.99 and UMW eight sen to RM6.98.



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CIMB Research has technical buy on Unisem at RM1.51

KUALA LUMPUR (Feb 20): CIMB Equities Research has a technical buy on Unisem at RM1.51 at which it is trading at a price-to-book value of 0.9 times.

It said on Monday Unisem looks set to break out of its wedge resistance. A breakout of the resistance trend line (now at RM1.54) should lift prices back towards RM1.66 and RM1.75.

“Although MACD signal line is still dwindling, we believe the downtrend will reverse soon. RSI indicator has hooked upward.

“Risk takers may take some position here while others should join the buying bandwagon when the candles swing past the RM1.54 level. Be quick to cut loss if the RM1.44 level is breached,” said CIMB Research.



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CIMB Research has technical buy on Oldtown at RM1.28

KUALA LUMPUR (Feb 20): CIMB Equities Research has a technical buy on Oldtown at RM1.28 at which it is trading at a price-to-book value of 2.0 times.

It said on Monday that Oldtown broke out of its wedge resistance on Friday with strong volume.

“We see this as a prelude to more upside ahead. If we are right, the next upswing is likely to push prices towards RM1.34, RM1.40 and RM1.50,” it said.

CIMB Research said MACD signal line is poised for a positive crossover while RSI has also hooked upward. The improving technical bodes well for the stock.

It said that aggressive traders may start to nibble now. However, it is crucial to put a stop at below the RM1.20 level. Violating this level is bearish for the stock.



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CIMB Research has technical sell on EP Manufacturing at 96 sen

KUALA LUMPUR (Feb 20): CIMB Equities Research has a technical sell on EP Manufacturing at 96 sen at which it is trading at a price-to-book value of 0.6 times.

“The uptrend channel from its September 2011 low may have exhausted. Selling pressure begins to pick up near the RM1.02 resistance level. Looking at the chart, we think the stock is due for a consolidation, with support seen at 90 sen and 84 sen,” it said.

CIMB Research said the indicators are showing signs of exhaustion. MACD signal line is poised for a negative crossover while RSI has also hooked downward.

“Unload on strength looks like a good option here as near term gains are likely capped at 98.5 sen to RM1.02. Put a buy stop at RM1.04,” it said.



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RHB Research maintains Market Perform on IJM Land, FV RM2.33

KUALA LUMPUR (Feb 20): RHB Research Institute is maintaining its market perform on IJM Land Bhd with a higher fair value of RM2.33.

It said on Monday the launch of 1,879-acre Canal City in 3Q2012 will rightly meet the sector’s switch to the middle-end housing. The gross development value could potentially be expanded to RM12 billion to RM15 billion, vs RM10 billion in its RNAV estimate.

“We are confident that Phase 1 (GDV RM250m) will be well-received, driven by: (i) limited new phases in established townships nearby; (ii) continued pent-up demand on mid-end housing, which banks are still supportive in their lending; and (iii) lack of sizeable self-contained new township development in the Klang Valley by reputable developer,” it said.

RHB Research revised up its GDV and margin assumption for Canal City. This results in an RNAV enhancement of 14 sen a share. Based on an unchanged 15% discount to RNAV, its fair value was raised to RM2.33.



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AmResearch maintains Buy on Ann Joo Resources, lower FV of RM2.73

KUALA LUMPUR (Feb 20): AmResearch is maintaining its Buy on Ann Joo Resources with a slightly lower fair value of RM2.73 a share (previously: RM2.79) to factor in a more muted 4QFY11 and initial start-up cost for its new blast furnace project.

It said on Monday that notwithstanding, it projects FY12F to be a turnaround year for Ann Joo on account of:

(i) Stronger domestic demand with the imminent roll-out of domestic projects, particularly the Sg.Buloh-Kajang (SBK) MRT;

(ii) Earnings are at an inflection point (4.7 times jump in FY12F net profit to RM139 million);

(iii) Normalisation of key input costs (e.g. iron ore, scrap, coking coal); and

(iv) Full-year impact from its blast furnace operations.

“After a recent re-rating of CONSTRUCTION [] stocks, we recommend investors to catch the next MRT ‘wave’ through domestic steel plays,” it said.

AmResearch said with capex front-loaded, Ann Joo is one of only five integrated local suppliers of construction steel that can ride on the imminent roll-out of MRT works, irrespective of the contractors involved – maiden orders may kick in from June onwards.

"Ann Joo’s earnings are at its inflection point, rising from RM30 million in FY11F to RM139 million and RM179 million in FY12F-13F amid attractive forward PEs of 7.0 times and 9.0 times, below its six-year average historical price-to-earnings of 11 times," said the research house.



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HDBSVR: Buying interest in Malaysian stocks to resume

KUALA LUMPUR (Feb 20): HwangDBS Vickers Research (HDBSVR) said buying interest in Malaysian stocks could resume on Monday due to better external sentiment.

“If so, then the benchmark FBM KLCI may pull away from its immediate support level of 1,555 ahead,” it said on Monday.

HDBSVR said although Wall Street saw mixed closings last Friday – ending between -0.3% and +0.4% – the futures markets were up on Monday morning. The DJIA March futures contract was trading at a 56-point premium to the spot rate at 8.15am Malaysian time, lifted by hopes that Greece is on track to receiving international financial aid.

In terms of share price actions, oil & gas counters may be in the limelight, including:

(a) Tanjung Offshore, which could be a merger & acquisition target according to a business weekly report;

(b) SapuraCrest Petroleum, after entering into a joint venture in relation to the building, CONSTRUCTION [] and operation of three pipe-laying support vessels pursuant to a previously secured contract to charter and operate the three vessels at a contract value of US$1.4 billion; and

(c) MMC Corporation, following its announcement that the listing of its subsidiary Gas Malaysia would be delayed from 1Q12 to 2Q12.



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Stocks to watch: Shell, MMC, Sarawak Cable, Wing Tai

KUALA LUMPUR (Feb 18): Stocks on Bursa Malaysia could advance on Monday, Feb 20 following positive developments in Greece and China’s move to shore up the slowing economy.

Reuters reported late Saturday that Greece's cabinet tackled on Saturday how to implement austerity demanded by the EU and IMF as a 130-billion-euro (US $171-billion) rescue seemed within reach, while the euro zone considered modifying a deal with private creditors to help Athens reduce its huge debts.

In another development, China's central bank cut the amount of cash that commercial lenders must hold as reserves on Saturday for the second time in nearly three months, the latest step to shore up the slowing economy.

The People's Bank of China (PBOC) delivered a 50-basis-point cut in banks' reserve requirement ratio (RRR), effective from next Friday, Feb. 24, after repeatedly defying market expectations for such a move.

At Bursa Malaysia, stocks to watch include Shell Refining Company (Federation of Malaysia) Bhd, MMC CORPORATION BHD [], Sarawak Cable Bhd and Wing Tai Malaysia Bhd.

Shell Refining posted net losses of RM99.49 million in the fourth quarter ended Dec 31, 2011 compared to the net profit of RM114.66 million a year ago.

Shell attributed the losses due to weak refining margins which had also impacted the FY11 results, where it reported net losses of RM125.74 million.

MMC said on Friday the listing of its 41.8% owned Gas Malaysia Bhd on the Main Market of Bursa Malaysia Securities was delayed to the second quarter of 2012.

MMC said Gas Malaysia was “still in the midst of complying with the conditions imposed by the Securities Commission”.

Sarawak Cable has scrapped the MoU with Sinohydro Corporation (M) Sdn Bhd and KEC International Ltd to develop transmission lines in Sarawak.

This latest development could possibly see Sarawak Cable going alone to undertake the project.

On Aug 17, 2011, the three parties had signed the MoU to prepare and submit proposals for the project.

Meanwhile, Wing Tai Malaysia Bhd saw its major shareholder increasing its stake to 61.07% or 191.218 million shares with the recent acquisition of 2.20 million shares on Feb 17.

The Edge Malaysia reports that Century Logistics ahs put the FSU setback behind it. The service provider is confident of matching its 2010 record performance this year despite a minor setback with its floating storage units in 2H2011.

S P Setia Bhd reported that the Securities Commission has declined a ruling application sought by the joint offerors of S P Setia – Permodalan Nasional Bhd and S P Setia president and CEO Tan Sri Liew Kee Sin.

The joint offerors had decided not to appeal. However, the decision would not impact the joint offer.



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