Subur Tiasa 2Q net profit up 10.5% to RM6m

KUALA LUMPUR (March 23): SUBUR TIASA HOLDINGS BHD []’s earnings rose 10.5% to RM6.00 million in the second quarter ended Jan 31, 2012 from RM5.43 million a year ago, boosted by the stronger manufacturing sector.

It said on Friday that its revenue, however, declined 13.9% to RM157.67 million from RM183.29 million. Earnings per share were 3.19 sen compared 2.89 sen.

For the first half, its earnings increased by 8.9% to RM16.80 million from RM15.43 million in the previous corresponding period. Revenue slipped 9.5% to RM308.88 million from RM341.56 million.

Commenting on the performance of its divisions, Subur Tiasa said the logging and reforestation segment reported profit before tax of RM1.12 million in 2Q and RM8.09 million in 1H. The lower profit as compared to previous corresponding period was mainly due to lower average selling prices of logs.

As for the manufacturing segment, comprising of manufacturing of plywood, particleboard and sawn timber, it contributed about 58% of total revenue for 2Q and 54% for 1H.

The manufacturing segment recorded higher profit before tax of RM4.23 million in 2Q and RM11.02 million in 1H. The higher profit was contributed by the increase in selling prices.

The oil palm segment recorded profit before tax of RM3.04 million in 1H mainly due to the increase by 260% in harvested volume of fresh fruit bunch to 16,612 tonnes from 6,420 tonnes a year ago.



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Sunway Bhd unit secures RM180m loan from Maybank

KUALA LUMPUR (March 23): Sunway Bhd’s unit Sunway Destiny Sdn Bhd (SDSB) has secured a term loan facility of RM180 million from MALAYAN BANKING BHD [].

Sunway said on Friday the loan was to part finance the cost of building the new Sunway University/Sunway College academic block in Bandar Sunway.



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MAS launches 'The Big Flight' competition on YouTube

KUALA LUMPUR (March 23): Malaysia Airlines had on Friday launched "The Big Flight" competition at its official YouTube brand channel which will see the winners earning a joyride on the airline's A380 plane.

In a statement on Friday, MAS said those interested in the competition need to submit a short video by April 22, stating why they are unique and deserve to fly on the Malaysia Airlines A380 Joyride.

Participants must be Malaysian, aged 18-years and above with a valid passport.

Twenty shortlisted videos will be chosen based on creativity, originality and overall impression.

The shortlisted videos will then be put up on YouTube for voting by the public, and the top eight most voted videos will win the joyride tickets.

Its Marketing and Promotions Senior Vice President, Al-Ishsal Ishak said the competition was part of the airline's "A380 Pride of Nation" campaign, launched earlier this month.

Details on the competition and video submissions can be found at http://www.youtube.com/MalaysiaAirlines.

Malaysia Airlines is expected to receive the first of six A380 aircraft in mid-June this year.

The aircraft will have 494 seats in a three-class configuration comprising eight First Class, 66 Business Class seats and 420 Economy Class seats. The A-380 will fly the Kuala Lumpur-London route from July. - Bernama



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Kein Hing posts net loss of RM292,000 in 3Q

KUALA LUMPUR (March 23): KEIN HING INTERNATIONAL BHD [] posted net losses of RM292,000 in the third quarter ended Jan 31, 2012 compared with net profit of RM1.55 million a year ago due to a one-time loss of RM1.7 million arising from the disposal of investment in associate.

It said on Friday that revenue fell 8% to RM37.99 million from RM41.31 million. Loss per share was 0.29 sen compared with earnings per share of 1.57 sen.

Kein Hing said the revenue declined mainly due to a slowdown in customers’ order particularly for flat panel TV’s component parts; disruption in supply chain due to the severe floods in Thailand and the fire in a plastic part supplier’s factory in Vietnam which caused certain major customers’ operation discontinued and interrupted for few weeks.

Another factor was the shorter production days in January 2012 due to the festivities in Malaysia and Vietnam.

For the nine-month period, its earnings declined 6.3% to RM6.28 million from RM6.71 million. Its revenue rose 5% to RM129.03 million from RM122.78 million.

“The growth in year-to-date revenue was mainly attributed to stronger customers’ demand in the first half of the financial year in both Malaysia and Vietnam,” it said.



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Genetec secures RM28m worth of jobs

KUALA LUMPUR (March 23) : Genetec TECHNOLOGY [] Bhd, a contract manufacturer of industrial equipment, has secured RM27.9 million worth of jobs, of which, orders from the hard disk drive sector accounts for 90% or RM25 million of the total amount.

The balance came from sectors including the electrical, automotive and food industries, Genetec told the exchange on Friday.

“The tenure of the contracts normally range from three to nine months depending on the size of order and scope of work,” Genetec said.

The company said the contracts are undertaken on project basis, and it does not anticipate any risk from the newly-secured jobs. Genetec shares which were not traded on Friday, had closed at 20.5 sen on Thursday.



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Perak Corp in JV for RM506.7m theme park, resort project in Ipoh

KUALA LUMPUR (March 23): PERAK CORPORATION BHD [] is teaming up with Sanderson Project Development (Malaysia) Sdn Bhd for an animation theme park, resort hotel and serviced apartments in Ipoh.

“The gross development value is estimated at RM506.7 million approximately to develop the project,” said Perak Corp on Friday.

Its unit, PCB Development Sdn Bhd had entered into a heads of agreement with Sanderson Project Development (Malaysia) Sdn Bhd (SPDM) to set up a joint venture company in which PCB would hold 20% and SPDM 80%.

PCBD is the land owner and developer of BioD city at Bandar Meru Raya, Ipoh -- comprising of residential, commercial, retail and leisure precincts.

SPDM is a special purpose vehicle set up particularly for the project by Sanderson Group Pty Ltd group which design, CONSTRUCTION [] and operates international tourist and leisure destinations around the world.

SPDM will negotiate with third parties in relation to raising funds for the JV to develop the project.



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KLCI ends week on positive note

KUALA LUMPUR (March 23): The FBM KLCI ended the week on a positive note, lifted by gains at select blue chips including Bat, Genting and Petronas Gas, bucking the regional markets

The KLCI closed 2.59 points higher at 1,585.83 but the broader market showed some weakness as losers beat gainers 520 to 282, while 317 counters traded unchanged. Volume was 2.0 billion shares valued RM1.41 billion.

Crude palm oil futures for the third month delivery rose RM80 per tonne to RM,3,422.

Meanwhile, world stocks held steady below this week's eight-month peak on Friday while the dollar fell broadly as concerns about growth in China and the euro zone and a renewed focus on sovereign debt problems in Italy and Spain kept investors cautious, according to Reuters.

At the regional markets, the Hong Kong Hang Seng Index fell 1.11% to 20,668.80, Japan’s Nikkei 225 lost 1.14% to 10,011.47, the Shanghai Composite Index fell 1.10% to 2,349.54, while South Korea’s Kospi gained 0.04% to 2,026.83 and Taiwan’s Taiex rose 0.21% to 8,076.61.

On Bursa Malaysia, Jaya Tiasa was up 61 sen to RM8.30, BAT 50 sen to RM53.80, Dutch Lady up 38 sen to RM30.98, Genting 24 sen to RM11, Chin Teck and MAHB up 20 sen each to RM9.30 and RM5.97, Petronas Gas 18 sen to RM16.70, Lipo 16 sen to RM1.20 and Lafarge Malayan Cement 14 sen to RM7.20.

Metronic was the most actively traded counter with 181.72 million shares done. The stock fell 4.5 sen to 21 sen.

Other actives included Ingenuity Solutions, Trinity, Ariantec, SAAG, Naim Indah Corp, Flonic, Astral Supreme and JCY.

Decliners on Friday included Ta Win Holdings, WSR shares and warrants, Kulim, S P Setia, Tasek, Milux, Mercury and Deleum.



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MoF’s Pembinaan BLT completes 60% of police quarters projects valued RM4b

KUALA LUMPUR (March 23): Minister of Finance Inc-owned Pembinaan BLT, set up by the government to develop police quarters and facilities, has completed 60% of the projects valued at RM4 billion.

Pembinaan BLT chairman Tan Sri Dr Wan Abdul Aziz Wan Abdullah, who is also secretary general of Treasury, said on Friday BLT has 74 development projects nation-wide in hand worth RM7.6 billion.

“Following the prompt completion and delivery, Pembinaan BLT is targeting to complete all its projects by 2015,” he said in a statement after it issues its third series of Islamic medium term notes (IMTN) or Sukuk of RM1.35 billion

To recap, its main objective is to fast track the police development plans outlined in the 2004 Report of The Royal Commission which was to enhance the operation and management of Royal Malaysia Police.

The issuance of the RM1.35 billion sukuk showcased BLT’s twin success in developing a financing model and prompt delivery of police quarters and facilities.

“It is a success in transforming in more ways than one,” said Wan Abdul Aziz. “In addition and of greater significance is that Pembinaan BLT has successfully transformed the financing of police property development with the innovative financing programme that is popular with investors.”

He said BLT’s sukuk programme to raise RM10 billion marked another significant achievement in Malaysia’s Islamic Capital Market.

The RM10 billion sukuk would contribute significantly to the expansion of the Malaysian sukuk market and strengthen Malaysia’s position as the leader in global sukuk issuance, he added.

BLT has successfully issued two series of sukuk totaling RM2.265 billion as part of its IMTN programme under the Musyarakah concept.

Buoyed by the appetite of investors for its sukuk, Wan Abdul Aziz expected this third series would also in great demand.

The first sukuk issuance in the first quarter of 2011 was oversubscribed 4.36 times. The issue size was then upsized from RM1 billion to RM1.1 billion.

The second issuance of RM1.165 billion in the fourth quarter of 2011 saw the order book reaching a high of RM8 billion, or an oversubscription of seven times.

The third IMTN programme has been assigned a final credit rating of “AAAIS with stable outlook” by Malaysian Rating Corporation Bhd.



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Masterskill CEO buys 7m shares, ups total stake to 23.81%

KUALA LUMPUR (March 23): Masterskill Education Group Bhd (MEGB) group chief executive officer Datuk Seri Edmund Santhara bought 7.0 million shares on Thursday.

A filing with Bursa Malaysia showed he acquired the shares at RM1.10 each. The acquisition raised his total shareholding in the education-based company to 23.81% or 97.6 million shares.

Of the 23.82%, his direct stake in MEGB is 48 million shares or 11.71% while his indirect stake is 49.60 million shares or 12.1%.



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MKH sees 350,000 shares crossed at 14.3% below Thursday closing price

KUALA LUMPUR (March 23): MKH Bhd (formerly METRO KAJANG HOLDINGS BHD []) had 350,000 of its shares transacted in an off-market deal at 1.73 each on Friday.

Stock market data showed the transaction price was a steep 29 sen or 14.3% below Thursday’s closing price of RM2.02.

At midday, the property-based MKH’s share price was down three sen to RM1.99 with 12,500 shares done.



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KLCI stays in the black at mid-day break, Asian markets mostly in the red

KUALA LUMPUR (March 23): The FBM KLCI edged up 1.32 points to 1,584.56 at the mid-day break on Friday, lifted by gains including at Genting, Hong Leong Bank, KL Kepong and Petronas Gas.

Gainers trailed losers by 198 to 434, while 326 counters traded unchanged. Volume was 1.27 billion shares valued at RM614.23 million.

Asian shares fell on Friday and growth-linked currencies such as the Australian dollar were shunned after data showing shrinking factory activity in China and the euro zone heightened concerns about a slowdown in the global economy, according to Reuters.

At the regional markets, Japan’s Nikkei 225 fell 1.03% to 10,022.80, Hong Kong’s Hang Seng Index fell 0.96% to 20,701.50, the Shanghai Composite Index lost 0.68% to 2,359.57, Taiwan’ Taiex fell 0.15% to 8,047.84 and South Korea’s Kospi shed 0.02% to 2,025.65, while Singapore’s Straits Times Index was up 0.40% to 2,991.25.

On Bursa Malaysia, Jaya Tiasa rose 65 sen to RM8.34, BAT up 50 sen to RM53.80, Genting added 22 sen to RM10.98, Lipo rose 16 sen to RM1.20, Hong Leong Bank 12 sen to RM12.20, Dutch lady 10 sen to RM30.70, UMW and Subur Tiasa up nine sen each to RM7.22 and RM2.58, whiel KLK and Petronas Gas added eight sen each to RM23.90 and RM16.60.

Ingenuity Solutions was the most actively traded counter with 118.6 million shares done. The stock fell one sen to 12 sen.

Other actives included SAAG, Ariantec, Trinity, Metronic, Flonic, Astral Supreme, and Utopia.

Decliners in the morning session included Ta Win Holdings, QSR shares and warrants, Media Prima, Knusford, Coastal Contracts, SapuraCrest, KAf, Kein Hin and Deleum.



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Samling holds 67.23% of Lingui, 53.68% of Glenealy

KUALA LUMPUR (March 23): The Samling group has increased its stakes in Lingui Developments Bhd and Glenealy PLANTATION []s (Malaya) Bhd to 67.23% and 53.68% on Thursday under its proposed privatisation exercise by Samling Global Ltd (SGL)

It said on Friday that based on the remaining 216.156 million shares or 32.77% which it would have to acquire from Lingui’s minority shareholders, the amount would be RM352.34 million, based on the offer price of RM1.63 per share.

As for Glenealy, SGL’s acquisition of the remaining 52.84 million shares or 46.32% stake at RM7.50 per share would total to RM396.32 million.

SGL intends to finance up to 86.5% of the funding requirement for the proposed Lingui and Glenealy privatisation via borrowing from Samling Strategic Corporations Sdn Bhd (SSC) on normal commercial terms.



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Jaya Tiasa climbs on bonus issue, share placement, dividends

KUALA LUMPUR (March 23): Shares of Jaya Tiasa rallied on Friday after it announced a bonus issue, proposed share placement to raise RM299.74 million and one-for-20 share dividend.

At 10.57am, it was up 71 sen to RM8.40. There were 166,800 shares done.

The FBM KLCI rose 0.66 of a point to 1,583.90. Turnover was 1.03 billion shares valued at RM395.41 million. There were 188 gainers, 322 losers and 292 stocks unchanged.

The proposed placement will involve the issuance of up to 42.04 million new shares at RM7.13 per placement share. After adjusting for the payment of the share dividends, the proposed placement is expected to raise gross proceeds of RM299.74 million.

Its proposed bonus issue will be on the basis of two bonus shares for every one share held. Its one-for-20 share dividend will go ex on April 6.

Jaya Tiasa also reported on Thursday its 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.

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).

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.

RHB Research said the nine-month core net profit was below expectations. Key variances were mainly due to lower-than-expected FFB sales volume and lower average selling prices for logs in the third quarter.

“ We are positive on these corporate exercises as: 1) These will address the on-going concern of low stock trading liquidity; and 2) Fund-raising could be a prelude to potential landbank acquisition to increase the landbank of its oil palm PLANTATION [],” it said.

“ We raised our target PER for Jaya Tiasa’s plantation division to 15 times (from 13 times), in line with the recent upgrade in our target PER for the sector. We also remove the 10% discount in our SOP fair value given the proposed corporate exercises will improve the stock’s trading liquidity. Post earnings revision, fair value for Jaya Tiasa is revised to RM8.92 (from RM7.80),” it said.



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KLCI stays in the black at mid-morning, lifted by select blue chips

KUALA LUMPUR (March 23): The FBM KLCI stayed in positive territory at mid-morning on Friday, while most key regional markets were mired in the red following the weaker overnight close at European and US markets on worries of a slowdown in the world economy.

At 10am, the FBM KLCI rose 1.55 points to 1,584.79, lifted by gains at select blue chips including BAT, Genting, Hong Leong bank and KLK.

Gainers trailed losers by 171 to 198, while 259 counters traded unchanged. Volume was 704.78 million shares valued at RM225.39 million.

Meanwhile, most Asian shares fell on Friday and the safe-haven yen gained after data showing shrinking factory activity in China and the euro zone heightened concerns about a slowdown in the global economy, acco0rding to Reuters.

At the regional markets, jaoan;s Nikkei 225 fell 1.07% to 10,019.00, Hong Kong’s Hang Seng Index lost 1.08% to 20,675.00, the Shanghai Composite Index shed 0.66% to 2,360.08, Taiwan’s Taiex lost 0.26% to 8,039.14 and South Korea’s Kospi was down 0.25% to 2,020.98, while Singapore’s Straits Times Index rose 0.28% to 2,987.71.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients the KLCI closed 0.71 points higher on Thursday, at 1,583.24.

“Its resistance areas of 1,585 and 1,594 may cap market gains, whilst the firmer support areas are located at 1,567 and 1,583. Due to the US markets’ weaker tone last night, we could be in for a range-bound day,” he said.

BIMB Securities Research in a note Friday said traders are at it again and we believe any forthcoming negativity will be amplified exponentially. At present they are citing slower global growth as a major concern hence the prevailing selling on equities.

Despite a four-year low in unemployment claims, the Dow Jones Industrial Average declined 78.5 points to hang precariously just above the psychological 13,000 mark. For the same reason, European bourses also suffered similar fate from broad based selling as all ended up in the red, it said.

The research house said the sea of red spread to Asia as well with only a handful posted gains and one of them being the KLCI showed great resilience at 1,583 (+0.7).

“We were again astounded by the buying on the local bourse spearheaded by the foreign side as net foreign participation was a positive RM87 million. Maybe today would be the day that the index may retrace with the immediate support seen at 1,580,” it said.

On Bursa Malaysia, Jaya Tiasa was the top gainer and rose 52 sen to RM8.21, BAT up 50 sen to RM53.80, Genting up 16 sen to RM10.94, Lipo added 16 sen to RM1.20, UMW and Batu Kawan gained 12 sen to RM7.25 and RM18.7.

Kobay rose 10.5 sen to 89.5 sen, Hong leong Bank and Subur added 10 sen each to RM12.18 and RM2.59 while KLK gained eight sen to RM23.90.

SAAG was the most actively traded counter with 12.7 million shares done. The stock gained half a sen to eight sen.

Other actives included Trinity, Ingenuity Solutions, Ariantec, Metronic, Flonic, Astral Supreme and Iris Corp.

Meanwhile, the decliners at mid-morning included Ta Win Holdings, SMPC, Carlsberg, Deleum, AMMB, Kein Hin, Sarawak PLANTATION []s, Tenaga and KYM.



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Stocks advance in early trade, boost from Genting

KUALA LUMPUR (March 23): Blue chips started Friday on a firm note, despite the weaker regional markets, boosted by gains in GENTING BHD [] and Petronas Gas.

At 9.08am, the FBM KLCI was up 2.32 points to 1,585.56. Turnover was 192.74 million shares valued at RM42.05 million. Advancers led decliners 85 to 66 while 132 stocks were unchanged.

CIMB Equities Research said in its technical outlook that the KLCI continued to hang on above the rising wedge resistance-turned-support trend line yesterday. It seems that prices could still make one more push, possibly towards its previous swing high of 1,597 before a deeper correction would take place.

“However, sustainability is the key concern here. If the candles fail to hold on above the 1,575 level, then it would invite selling pressure in days to come. Falling below 1,550 would eliminate all bullish potential in the near term,” it said in its technical report.

Among the blue chips, BAT was up 32 sen to RM53.62 with 100 shares done while PetGas added 18 sen to RM16.70 with 200 units done.

Genting added 14 sen to RM10.90, UMW 12 sen to RM7.25 while Nestle added eight sen to RM55.98 and Sime Darby five sen to RM9.78.

Lipo jumed 15 sen to RM1.19 and Kobay nine sen to 88 sen. Kobay is acquiring full control of its 53.16% subsidiary Lipo via a selective capital reduction and repayment exercise.

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 under the proposed SCR.



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CIMB Research maintains trading buy on S P Setia at RM3.89

KUALA LUMPUR (March 23): CIMB Equities Research is maintaining is trading buy on S P Setia at RM3.89 with a target price of RM4.30.

It said on Friday that as the first quarter ending Jan 31,is seasonally the weakest quarter, the results were broadly in line even though net profit made up 19% of its full-year forecast and 20% of consensus numbers.

“S P Setia is on track to meet its RM4bn new sales target as annualised 1Q new sales made up 93% of the target. We have tweaked our EPS forecasts for housekeeping purposes.

“We maintain our Trading Buy call and valuation basis of parity with RNAV. The recent completion of the offer exercise by major shareholder PNB and SP Setia’s CEO should remove any share overhang,” it said.



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HDBSVR: Malaysian market could come under selling pressure

KUALA LUMPUR (March 23): Hwang DBS Vickers Research (HDBSVR) said with Wall Street showing signs of weakness, investors could be tempted to take profit across Asia on Friday.

It said that key US equity indices were down between 0.4% and 0.7% last night following a weaker-than-expected manufacturing growth data in China.

“Our Malaysian bourse will probably come under selling pressures too. Technically speaking, the benchmark FBM KLCI will likely lose ground to dip below the resistance-turned-support level of 1,580 ahead,” said the research house.

HDBSVR said stocks that may be hit on Friday include Metronic Global and Ariantec Global, amid one press report saying that proprietary day traders have been temporarily barred by some stock broking firms from trading in these two counters.

Hoping to get a lift is Lipo Corporation after its major shareholder Kobay TECHNOLOGY [] has proposed to undertake a selective capital reduction and repayment exercise involving a cash offer price of RM1.25 per share.

Separately, Malaysian AE Models has been awarded a sub-contract job worth RM62m at the new low cost carrier terminal in KLIA.



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CIMB Research has technical buy on Advance Synergy at 19.5 sen

KUALA LUMPUR (March 23): CIMB Equities Research has a technical buy on Advance Synergy at 19.5 sen at which it is trading at a price-to-book value of 0.2 times.

The research house said on Friday the stock appears to have formed a triangle pattern. Thursday’s pick up in trading volume could also mean that the triangle may have ended and is ready to move up again.

“Indicators readings are beginning to improve, supporting the view that the consolidation may be over. Aggressive traders may opt to go long here with a cut loss point below 18.5 sen. Near term, prices could test 22.5 sen, its triangle resistance. A breakout could take prices towards 26.5 sen,” said CIMB Research.



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CIMB Research has technical buy on Hibiscus Petroleum at RM1.69

KUALA LUMPUR (March 23): CIMB Equities Research has a technical buy on Hibiscus Petroleum at RM1.69.

The research house said on Friday that since it featured Hibiscus as a technical sell stock on Feb 16, prices fell from RM1.78 to a low of RM1.52 at one point, past its targeted level of RM1.60. Since then, prices have been trading in a sideways manner, possibly forming a triangle pattern.

CIMB Research said the MACD is falling to the zero levels while the RSI is finding its feet above the 40-50pts mark. Both indicators should also find their support soon.

“There might be some weakness ahead but aggressive traders may take some long positions now with a stop place below RM1.57. A breakout of its triangle would see price retest the RM1.94 high and even take it out, possibly reaching RM2.02-RM2.10 levels,” it said.



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CIMB Research has technical buy on MISC at RM5.42

KUALA LUMPUR (March 23): CIMB Equities Research has a technical buy on MISC at RM5.42 at which it is trading at FY13 price-to-earnings of 15.9 times and price-to-book value of 1.2 times.

It said on Friday MISC appears to have completed the final leg of its long term bullish wedge pattern. The pick up in trading volume at the low on March 14 possibly suggest a selling climax. Two days later, trading more than doubled on the positive day.

“Indicators are showing signs of selling exhaustion. The triple bullish divergence on its MACD and RSI would support the selling climax view,” it said.

CIMB Research said any weakness should be viewed as a chance to buy as long as prices stay above the RM5.01 low. This bounce could reach as high as RM6.20.



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Stocks to watch: Ingenuity, Glomac, Jaya Tiasa, S P Setia. Malaysia AE Models, Lipo

KUALA LUMPUR (March 23) : The resilience of Malaysian stocks will be keenly watched on Friday as investors weigh the impact of weaker global macro updates against the effects of pre-election sentiment in the country.

Analysts believe April will be crucial in anticipation of announcements on potential winners of big-ticket domestic public projects ahead of Malaysia’s coming genera l election.

The anticipation could have spurred the FBM KLCI to close higher on Thursday despite a still-weak global sentiment emanating from the US, Europe and China.

The FBM KLCI which sank into the red earlier, had rebounded to close at 1,583.24, up 0.71 point on Thursday.

Stocks to watch on Friday include INGENUITY SOLUTIONS BHD [], GLOMAC BHD [], JAYA TIASA HOLDINGS BHD [], S P Setia Bhd, Malaysia AE Models Holdings Bhd (Maemode) and LIPO CORPORATION BHD [].

Bursa Malaysia has queried computer software developer Ingenuity on the unusual trading patterns of the stock on Thursday.

Glomac reported a 33% rise in net profit to RM21.89 million in the third quarter ended Jan 31, 2012 from a year earlier despite revenue falling 18% to RM145.29 million. The property developer said lower cost of sales had mitigated the impact of lower revenue and higher operating expenses during the quarter.

Jaya Tiasa said its net profit rose 14% to RM45.52 million in the quarter ended Jan 31, 2012 from a year earlier as revenue fell marginally to RM237.56 million from RM237.64 million a year earlier. Lower tax expenses had offset lower revenue and higher operating costs during the quarter, according to the timber and oil palm PLANTATION [] entity

S P Setia reported a 19% rise in net profit to RM74 million in the first quarter to Jan 31, 2012 from a year earlier as revenue fell 5% to RM491.58 million. The property developer said it had sold RM933 million worth of PROPERTIES [] during the quarter, up 27% from a year earlier.

Maemode has secured a RM61.93 million baggage handling system job at the new low cost carrier terminal. The contract was awarded by UEMC-Bina Puri J.V.

KOBAY TECHNOLOGY [] BHD [] is acquiring full control of its 53.16% subsidiary Lipo via a selective capital reduction and repayment exercise.

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.



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