Thursday, 22 March 2012

Kobay to take over Lipo subsidiary, proposes SCR, repayment

KUALA LUMPUR (March 22): KOBAY TECHNOLOGY [] BHD [] is acquiring full control of its 53.16% subsidiary LIPO CORPORATION BHD [] via a selective capital reduction and repayment exercise.

Under the corporate exercise announced on Thursday, Kobay requested Lipo to reduce the paid-up by cancelling one share for every RM1 paid by Lipo to shareholders as capital repayment.

“All entitled shareholders will receive a cash payment amounting to RM1.25 per Lipo share pursuant to the proposed SCR,” it said.

Lipo said based on the maximum scenario, entitled shareholders holding 23.94 million shares would receive RM29.93 million cash under the SCR.

“Should there be a shortfall of internally generated funds from Lipo to meet the total capital repayment, Kobay will undertake to address this shortfall by advancing cash to Lipo. Kobay will waive its entitlements to the proposed SCR,” it said.

Upon completion of the proposed SCR, Lipo’s issued and paid-up share capital would be RM20.78 million comprising of 20,782,750 Lipo shares, all of which will be held by Kobay.

Kobay’s rationale was to integrate the management teams and operations of Lipo and its group of companies to achieve synergies from improved economies of scale arising from stronger buying positions with suppliers and more efficient resource allocation.

It also said the one-year volume weighted average price (VWAP) of Lipo as at March 19, 2012 was 96.9 sen, which was below the audited net asset of the Lipo Group as at June 30, 2011.

“The one-year VWAP of Lipo shares of 96.9 sen do not appear to reflect and commensurate with the fundamentals of the Lipo Group.,” it said, adding the proposed SCR would enable the shareholders to realise their investment in Lipo in an efficient and expeditious manner.

Lipo said the board on Thursday deliberated on the SCR offer letter and decided to present the proposal to Lipo’s shareholders for their consideration.



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Malaysia AE Models secures RM61.9m baggage handling project

KUALA LUMPUR (March 22): Malaysia AE Models Holdings Bhd (Maemode) has secured a RM61.93 million job for the baggage handlings system for the new low cost carrier (LCCT).

It said on Thursday its unit, that Matromatic Handling Systems (M) Sdn Bhd, was awarded the contract by UEMC-Bina Puri Joint Venture on March 20.

Maemode said the scope of works included the baggage handling system, auto sorting system for the proposed LCCT and associated works at the Kuala Lumpur International Airport.



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Jaya Tiasa net profit up 14% in Nov-Jan quarter

KUALA LUMPUR (March 22) : Timber and oil palm PLANTATION [] entity JAYA TIASA HOLDINGS BHD []’s net profit rose 14% to RM45.52 million in the quarter ended Jan 31, 2012 from RM39.89 million a year earlier as lower tax expenses offset lower revenue and higher operating costs.

In a statement to the exchange on Thursday, Jaya Tiasa said its revenue fell marginally to RM237.56 million from RM237.64 million a year earlier as the company registered lower prices for its logs besides oil palm fresh fruit bunch (FFB) and crude palm oil (CPO).

Note that the company had last December changed its financial year end from April 30 to June 30.

Cumulative nine-month net profit rose 54% to RM142.59 million from RM92.42 million a year earlier while revenue was up 20% to RM737.08 million from RM615.39 million.

The company expects its timber segment to remain challenging against a volatile operating landscape. It It is, however, more optimistic on its oil palm operations as it anticipates higher CPO prices and output of the commodity.



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Glomac 3Q net profit up 33%

KUALA LUMPUR (March 22) : GLOMAC BHD []’s net profit rose 33% to RM21.89 million in the third quarter ended Jan 31, 2012 from RM16.52 million a year earlier as the property developer’s lower cost of sales mitigated the impact of lower revenue and higher marketing, administration and finance expenses during the quarter.

In a statement to the exchange on Thursday, Glomac said its revenue fell 18% to RM145.29 million against RM176.54 million a year earlier due to the completion of several projects.

Cumulative nine-month net profit climbed 32% to RM63.53 million from RM47.96 million a year earlier while revenue was down 8% to RM407.95 million from RM443.74 million.

Glomac said it sold RM343 million worth of PROPERTIES [] during the nine month period.



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Ireka secures RM45.8m fit-out hotel project

KUALA LUMPUR (March 22): IREKA CORPORATION BHD [] has secured a RM45.81 million contract for the fit-out works of the Aloft Hotel, KL Sentral here.

It said on Thursday the contract, awarded by Iringan Flora Sdn Bhd, was for 13 months.

Ireka said the contract was expected to contribute positively to the group’s earnings for the financial year ending March 31, 2013.



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S P Setia 1Q earnings up 19.3% to RM74m, on track for RM4b sales for FY12

KUALA LUMPUR (March 22): S P Setia Bhd’s earnings rose 19.3% to RM74 million in the first quarter ended Jan 31, 2012 compared with RM62.04 million a year ago due to higher selling prices for its products while it said it was on target to achieve its FY2012 sales target of RM4 billion.

It said on Thursday its revenue, however, declined 5.2% to RM491.58 million from RM518.88 million. Earnings per share were 4.01 sen compared with 4.07 sen.

“Ongoing projects which contributed to the profit and revenue achieved include Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru and Setia Pearl Island, Setia Vista and Setia Greens in Penang,” it said.

However, S P Setia said the group’s current quarter profit before tax of RM100.7 million was RM8.3 million lower than the preceding quarter ended Oct 31, 2011.

“This is partly attributable to slower progress of works during the festive season. The profit before tax for current quarter is however 15% higher than previous year corresponding quarter of RM87.4 million,” it said.

On its sales, S P Setia said they totalled RM933 million which was the group’s highest ever sales in a single quarter and was 27% higher on-year.

“As at Feb 29, 2012, the group’s sales for the first four months of the financial year totalled RM1.23 billion – another new record and a 29% increase from the corresponding period last year.

“The group is therefore well on target to achieve and deliver its FY2012 sales target of RM4 billion,” it said.



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KLCI closes marginally higher, stays above 1,580-level

KUALA LUMPUR (March 22): the FBM KLCI closed marginally higher on Thursday in line with the mostly mixed regional markets.

However, European stocks slipped on Thursday, keeping the benchmark world equity index below recent eight-month highs, while the dollar was weaker against the yen as data showing China's factory activity shrank renewed concerns about global growth, according to Reuters.

The HSBC flash PMI, the earliest indicator of China's industrial activity, fell to 48.1 in March from February's four-month high of 49.6, with new orders sinking to a four-month low, it said.

It raises the prospect for a further monetary policy easing to help underpin growth, although lingering inflation risks put Beijing's policymakers in a dilemma, it said.

The 30-stock FBM KLCI closed 0.71 of a point higher at 1,583.24, lifted by select blue chips including KLK and Tenaga. Losers overtook gainers by 379 to 363 whie 360 counters traded unchanged. Volume was 2.86 billion shares valued at RM1.5 billion.

At the regional markets, the Shanghai composite Index shed 0.10% to 2,375.77, Singapore’s Straits Times Indexwas down 0.74% to 2,983.48 and South Korea’s Kospi was down 0.05% to 2,026.12.

Elsewhere, Hong Kong’s Hang Seng Index gained 0.22% to 20,901.56, Japan’s Nikkei 225 added 0.40% to 10,127.08 and Taiwan’s Taiex rose 0.98% to 8,059.94.

KLK was the top gainer and added 40 sen to RM23.82, Takaful rose 23 sen to RM2.65, Cybertowers and Jaya Tiasa up 19 sen each to 54 en and RM7.69, MHC PLANTATION []s up 17 sen to RM1.77, Southern Acids 15 sen to RM2.50, Sunchirin and Tenaga 13 sen each to RM1.55 and RM6.71, while Litrak gained 11 sen to RM4.10.

Metronic was the most actively traded counter with 347.7 million shares done. The stock was unchanged at 25.5 sen.

Other actives included Utopia, Ingenuity Solutions, Ariantec, Flonic, DBE Gurney, Hubline and Naim Indah Corp.

Decliners included Lafarge Malayan Cement, PPB, United Plantations, Nestle, Hightec, Kulim, RHB Capital and IOI Corp.



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KLK top gainer on Indonesian expansion plan

KUALA LUMPUR (March 22): Shares of KUALA LUMPUR KEPONG BHD [] (KLK) were the top gainer in the afternoon session on Thursday as investors were positive to its latest corporate developments including its oil palm land expansion in Indonesia.

At 3.39pm, KLK was up 46 sen to RM23.88. There were 874,500 shares done.

The FBM KLCI rose 2.52 points to 1,585.05. Turnover was 2.37 billion shares valued at RM997.44 million. Losers led gainers 405 to 313 while 347 stocks were unchanged.

The buying was mainly by funds despite some lacklustre outlook from research houses.

RHB Research Institute had trimmed its FY09/12-14 forecasts by 5.2%-6.2%. Post-earnings revision, it lowered its sum-of-parts fair value for KLK to RM24.55 (from RM25.80).It also maintained its market perform recommendation.

The research house said that KLK expected crude palm oil (CPO) production growth to surpass the fresh fruit bunches (FFB) production growth while it also gad a contrarion bearish view of CPO price.

KLK also expected production costs to rise by 5% and 10% in FY12, it added. Other factors were that Indonesia’s export tax structure and global debt crisis affecting KLK’s downstream operations.

RHB Research said the downstream expansion in Indonesia would take care of margin imbalances and to integrate operations further. The research house also removed the retail division from projections.

“As 55% of its PLANTATION [] landbank is in Indonesia, KLK intends to integrate its operations further by expanding downstream into Indonesia. We are positive on these plans as this move would also help KLK address the margin imbalance in Malaysia caused by the Indonesian export tax structure.



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AIC sees 10% stake crossed off-mkt

KUALA LUMPUR (March 22): AIC CORPORATION BHD []’s 17.74 million shares were transacted in several off-market deals on Thursday at an average price of RM1.40.

Stock market data showed the shares accounted for 10.2% of its paid-up of 173.87 million shares. The transaction price was 10 sen below Wednesday’s closing price of RM1.50.

AIC shares were untraded at 2.45pm.

In the latest corporate development, precision metal stamping company JOTECH HOLDINGS BHD [] had received shareholders approval for its merger with affiliates AIC Corp Bhd and AutoV Corp Bhd.

Jotech chairman Datuk Goh Tian Chuan controls Temasek Formation Bhd (TFB), which was given the green light by the Securities Commission (SC) to merge Jotech, AIC and AutoV.

TFB is expected to be listed in place of the three companies with a market capitalisation of RM791.6 million.

To recap, TFB had received the Securities Commission’s approval in January 2012 for the proposed merger via the issuance of new TFB shares.



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Metronic sees 12.7m shares crossed at 12 sen each

KUALA LUMPUR (March 22): METRONIC GLOBAL BHD [], whose shares had been actively traded recently, saw 12.7 million shares transacted in an off-market deal at an average price of 12 sen each on Thursday.

Stock market data showed the 12.7 million shares accounted for a 2% stake of its paid-up.

The transaction at 12 sen each was 52.9% or 13.5 sen below Wednesday’s closing price of 25.5 sen.

At midday, Metronic was up 4.5 sen to 30 sen with 194.95 million shares done.



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SapuraCrest targets Brazil’s oil and gas sector with Seadrill

KUALA LUMPUR (March 22): SAPURACREST PETROLEUM BHD [] is looking to expand its operation in Brazil's oil and gas services industry via its joint venture with Seadrill Ltd, said its group's chief executive Datuk Shahril Shamsudin.

SapuraCrest, which is in a merger deal with KENCANA PETROLEUM BHD [], had on Thursday received its shareholders approval for a joint venture with Seadrill.

The JV agreement with Seadrill was in relation to the contract to charter and operate three units of pipe laying support vessels by Petroleo Brasileiro (Petrobras) worth US$1.4 billion.

Shahril said on Thursday that with the JV formalised, SapuraCrest would be looking to expand its operation in Brazil's oil and gas services industry, as the nation is investing a lot to make the country's oil and gas industry "as effective as we have here in Malaysia".

"We are looking forward for another bid in Brazil, together with the same partner," he told reporters after the EGM at Sapura's headquarters in Seri Kembangan.

Shahril said currently, the group has put in about RM5 billion of bids.

He expected the merger with Kencana would increase the group's capability and balance sheet capacity to take on more challenging jobs such as the development of marginal oil fields.



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Digistar to expand into Singapore, eyes regional broadcasting industry

KUALA LUMPUR (March 22): DIGISTAR CORPORATION BHD [] will set up office in Singapore by July to take advantage of the growing broadcasting sector in the region.

Its managing director Datuk Lee Wah Chung said on Thursday Asia is a booming market for the broadcasting sector and the company wants a piece of the pie.

Digistar would participate in any tendering process to upgrade the RTM broadcast system from analogue to digital, Lee told reporters after the company's AGM.



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FBM KLCI erases losses, in positive territory at midday

KUALA LUMPUR (March 22) : The FBM KLCI erased earlier losses to settle in positive territory at midday as Asian stock markets fell on weaker economic sentiments in China.

This follows updates that the HSBC flash PMI, a gauge for China's industrial activity, declined to 48.1 in March from 49.6 in February .

In Malaysia, the 30-stock FBM KLCI rose 3.05 points to 1,585.58 at 12.30pm with 1.75 billion shares worth RM665.79 million traded. There were 312 gainers versus 334 decliners while 326 stocks were unchanged.

Among Asian indices, Hong Kong’s Hang Seng fell 0.02% to 20,851.9 points, South Korea’s Kospi lost 0.26% to 2,021.94 while the Shanghai Composite was down 0.42% to 2,368.19

Ar Bursa Malaysia, the top gainer KUALA LUMPUR KEPONG BHD [] added 48 sen to RM23.90 while BAT was up 38 sen to RM53.58.

Decliners include Far East which fell 13 sen to RM7.27 while Nestle was down 12 sen to RM55.88.

Most active was 1Utopia which added 2.5 sen to 10 sen with some 242 million shares done.



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Bursa queries Ingenuity on stock’s unsual trading patterns

KUALA LUMPUR (March 22) : Bursa Malaysia has queried computer software developer INGENUITY SOLUTIONS BHD [] on the unsual trading patterns of the stock on Thursday.

Ingenuity shares had earlier risen as much as 18% or 2.5 sen to an intraday high of 16.5 sen before erasing gains to 14.5 sen at 11.51am.

The second most active stock on the local bourse saw about 131 million shares traded. Shares of Ingenuity has gained 164% this year, outperforming the FBM KLCI’s 4% gain.



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KLCI reverses earlier losses at mid-morning

KUALA LUMPUR (March 22): The FBM KLCI reversed its early losses and moved into positive territory at mid-morning on Thursday, lifted by gains in Petronas-linked counters and select blue chips including Genting.

At 10.21am, the KLCI was up 2.84 points to 1,585.37. Gainers led losers by 251 to 188, while 287 counters were traded unchanged. Volume was 1.04 billion shares valued at RM280.35 million.

Maybank IB Research said the KLCI’s resistance areas of 1,577 and 1,594 would cap market gains, whilst the weaker support areas are at 1,562 and 1,575.

“Due to the US markets’ weaker tone last night, we could be in for a range-bound day,” it said, adding that any low-volume and price rebound on Thursday could be a great selling opportunity.

Among the gainers, BAT rose 40 sen to RM53.60, Petronas Gas up 20 sen to RM16.78, Jaya Tiasa 15 sen to RM7.65, KLK 14 sen to RM23.56 and MHC 11 sen to RM1.71.

Hong Leong Bank rose 10 sen to RM12.22 while Uzma, Petronas Dagangan, KESM and Genting advanced eight sen each to RM2.08, RM18.50, RM2.11 an RM10.78 respectively.

Utopia was the most active with 204.91 million shares done. The stock added 2.5 sen to 10 sen.

Other actives included Mtronic, Ingenuity Solutions, Ariantec, DBE Gurney, Key West and Palette.

Decliners included Sarawak Oil Palms, SMPC, Aeon Credit, KrisAsssets, Auto Ventures, Bernas, IOI Corp and BHIC.



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Maybank IB Research maintains Buy on Bumi Armada

KUALA LUMPUR (March 22): Maybank Investment Bank Research is maintaining a Buy on Bumi Armada and RM4.88 target price.

It said on Thursday’s Bumi Armada's latest platform supply vessel (PSV) charter win from PetrĂ³leo Brasileiro S.A. (Petrobras), on a long-term contract from 2Q12, is earnings positive and testament to its well-positioned push for new contracts locally and globally.

“Overall, we like its niche exposure in thriving O&G markets worldwide, strong earnings visibility (three-year net profit CAGR of 25%) and balance sheet strength in powering up its growth and aspirations. Our target price is based on sum-of-parts (SOP) valuations,” said Maybank Research.



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Malayan Flour Mills up on ex-date for special dividend

KUALA LUMPUR (March 22): MALAYAN FLOUR MILLS BHD [] shares advanced on Thursday after it said the special gross dividend of 62 sen per ordinary share of 50 sen each would go ex on April 2 while the entitlement date was April 4.

At 9.15am, Malayan Flour Mills added nine sen to RM4.45 with 851,200 shares done.

The special dividend was part of the corporate exercise which included a renounceable rights issue of 215.289 million new shares with 107.644 million free warrants and 107.644 new shares.

This was on the basis of two rights shares with one warrant and one bonus share for every two shares held on April 4 at an issue price of 93 sen per rights share.



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KLCI slips in early trade, blue chips weigh

KUALA LUMPUR (March 22): The FBM KLCI slipped in early trade on Thursday, in line with the global shares that drifted lower overnight on weaker U.S. housing data on that dashed investors' hopes for further evidence of a stronger economy than forecast.

The FBM KLCI slipped 2.12 points to 1,580.41 at 9am, weighed by losses in blue chips.Gainers led losers by 86 to 36, while 85 counters traded unchanged. Volume was 50.90 million shares valued at RM14.61 million.

CIMB Research said that in the second leg of its 2012 strategy roadshow, the investors it met in four European cities had relatively light Malaysian holdings.

The research house said politics was the recurrent topic, specifically the election and its timing.

“Although we are optimistic that the period before general elections are called will be buoyant for the stockmarket, we continue to advise investors to sell into strength as election risks remain elevated. Maintain Neutral on Malaysia and end-2012 KLCI target of 1,610,” it said.

Among te eary decliners were Hong Leong Bank, Public Bank, Tenaga, MPHB, IOI Corp, PPB, YTL, and Axiata.

Metronic was the most actively traded counter . Other actives included Ariantec, Hubline, AsiaBio, Ingenuity Solutions, MMSV, Mrco, Utopia n Daya Materials.

Gainers included BAT Malayan Flour Mills, GAB, Jaya tiasa, KLCCP, Texchem, S PSetia and Berjaya Food.



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RHB Research maintains market perform on BToto, FV RM4.85

KUALA LUMPUR (March 22): RHB Research Institute is maintaining its forecast and discounted cashflow-based fair value of RM4.85 for Berjaya Sports Toto (BToto).

It said on Thursday the nine-month net profit ended Jan 31, 2012 was in line with expectations.

BToto declared a third interim single-tier dividend per share of 6.0 sen (3Q11: 6.0 sen), bringing the nine-month DPS to 22 sen versus its FY12 forecast of 25 sen.

“We maintain our dividend payout projections at 80%-85%, which translate to net yields of 5.5% to 6.5% per annum,” it said.

RHB Research said although it agrees with the management’s view that it would be able to grow lotto sales by strong double digits in FY04/12 (9MFY12: up 82.4% on-year),it believed its target of growing 4D sales by single digits was not as achievable.

The research said this was because that up to the nine-month period, 4D sales registered a 1.1% on-year decline, possibly due to cannibalisation from the 4D jackpot game.

“We estimate BToto’s 3Q lotto sales contributed 17.2% of total sales (vs. 15.9% in the 2Q),” it said.

“Given our more upbeat outlook on the economy, we believe BToto’s defensive qualities may no longer appeal to investors who are now looking for higher beta stocks.

“We believe earnings prospects from the 4D jackpot have already largely been reflected in its share price and consensus estimates. Maintain Market Perform,” said RHB Research.



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CIMB Research has technical buy on Envair at 28.5 sen

KUALA LUMPUR (March 22): CIMB Equities Research has a technical buy on 28.5 sen at which it is trading at a price-to-book of 1.7 times.

It said on Thursday Envair is still consolidating in a huge triangle pattern. If the candles can swing past the flag resistance trend line, there is a possibility that prices may bounce back to test the 31 sen and 34 sen levels, it added.

“Indicators readings remain lethargic, but we think these are likely the reflection of its earlier consolidation. Be quick to cut loss if the candles drop below its 50-day SMA, now at 27.5 sen,” it said.



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CIMB Research has technical buy on Winsun at 12 sen

KUALA LUMPUR (March 22): CIMB Equities Research has a technical buy on Winsun Technologies at 12 sen at which it is trading at a price-to-book of 0.8 times.

It said on Thursday since it featured Winsun as a technical sell stock on March 5, prices fell from a high of 20 sen to its recent swing low of 11 sen. At current levels, it sees the formation of a short term support, which is near the 61.8% Fibonacci Retracement levels.

“MACD histogram bars are falling at a slower pace, suggesting that selling pressure is tapering off. RSI has also flattened out,” it said.

CIMB Research said aggressive traders may take some position now with a stop place below 11 sen. Next resistance levels are 13.5 sen and 15 sen.



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CIMB Research has technical sell on Prestariang at 92 sen

KUALA LUMPUR (March 22): CIMB Equities Research has a technical sell on Prestariang at 92 sen at which it is trading at a price-to-book of 2.7 times

It said on Thursday the uptrend channel from its Sep-11 low is at stake. If the candles fail to hold on above the support trend line (now at 90.5 sen), prices may tumble towards 86.5 sen, before heading towards 79.5 sen next.

“Selling pressure should accelerate once the candles fall below the 50-day SMA,” it said.

CIMB Research said indicators are showing signs of exhaustion. MACD signal line has staged a negative crossover, pushing its histogram bars into the negative territory while RSI is also below the 50pts mark.

“Unload on strength looks like a good option here, especially near the 94 sen to 97 sen resistances. Put a buy stop at 99.5 sen, just in case,” it said.



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HDBSVR sees KLCI struggling after crossing 1,580

KUALA LUMPUR (March 22): Hwang DBS Vickers Research said the FBM KLCI, after crossing slightly above the resistance hurdle of 1,580 on Wednesday, could struggle to maintain its position ahead.

It said on Thursday that from a technical perspective, the key market barometer is expected to show a downward bias in the near term.

“This follows a lackluster overnight performance on Wall Street. Major U.S. equity bellwethers ended between -0.3% and flat in the absence of fresh catalysts last night,” it said.

HDBSVR said hoping to catch investors’ attention on the local bourse on Thursday are stocks like: (a) Texchem Resources, after disposing of a 70% stake in two subsidiaries that are involved in the business of manufacturing and trading of insecticide products for RM129 million; (b) Bumi Armada, which has signed a contract worth RM115 million to provide oil & gas platform supply vessel; and (c) Mitrajaya, following the acceptance of letters of award for two CONSTRUCTION [] jobs totaling RM103 million.



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Stocks to watch: BToto, Lysaght, Bumi Armada, MHC Plantations

KUALA LUMPUR (March 21) : As the FBM KLCI rebounded from the red to close in positive territory on Wednesday, it will be interesting to watch if the index will be able to sustain its gains on Thursday.

The KLCI rose 0.31% or 4.91 points to close at 1,582.53 points on Wednesday.

Analysts said they remain cautious on the trading dynamics of the KLCI following gains from its low last September. This has prompted anticipation of profit-taking by institutional and retail investors ahead of the country’s general election against a lack of domestic catalyst.

The expectation is that the KLCI may consolidate in the near term and the spotlight will now be directed at companies with smaller market capitalisation.

Stocks to watch on Thursday include BERJAYA SPORTS TOTO BHD [] Lysaght Galvanised Steel Bhd, TEXCHEM RESOURCES BHD [], Bumi Armada Bhd, MHC PLANTATION []S BHD [] and DAYA MATERIALS BHD [].

BToto posted net profit of RM112.74 million in the third quarter ended Jan 31, 2012, a slight decline of 1.8% from the RM114.87 million a year ago. Its revenue rose 15.5% to RM983.46 million from RM851.16 million. Earnings per share were 8.44 sen compared with 8.59 sen. It declared a third interim single tier exempt dividend of 6.0 sen per share which will go ex on April 9.

For the nine-month period ended Jan 31, 2012, its earnings rose 27.3% to RM310.52 million from RM243.91 million in the previous corresponding period. Revenue rose at a slower pace of 6.3% to RM2.691 billion from RM2.532 billion.

Lysaght clinched four subcontracts with a collective value of RM22.75 million from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd, The contracts involve the supply, fabrication, delivery and installation of antenna poles, Lysaght said.

Shares of Lysaght which was untraded on Wednesday, last closed at RM2.08 last Friday (March 16).

Oil and gas support services firm Daya Materials and Italy-based joint venture partner Magneti Marelli which is a part of the Fiat Group, has secured a RM62 million contract from the Penang Development Corp to build a factory and offices at Penang’s Batu Kawan Industrial Park.

Daya Materials rose one sen to 19.5 sen on Wednesday.

Diversified entity Texchem Resources Bhd is selling a controlling 70% stake in two units to Japan-based Fumakilla Ltd for US$42.4 million. The subsidiaries are Technopia Sdn Bhd, a manufacturer of insecticides, and PT Technopia Jakarta, a mosquito coil producer.

Trading of Texchem shares which was suspended on Wednesday will resume trading on Thursday. The stock was last traded at 59 sen on Tuesday (March 20)

Oil and gas support services firm Bumi Armada has secured a RM115 million contract from Brazil national oil company PetrĂ³leo Brasileiro S.A. for the supply of a platform supply vessel to the South American entity. Bumi Armada added three sen to RM4.32 on Wednesday.

MHC plans to undertake a bonus issue 56.16 million new shares and a similar number of warrants. Both exercises will undertakenon the basis two bonus units (new shares and warrants) for every five existing shares held.

MHC shares was down one sen to RM1.60.



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