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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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



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

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

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

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

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



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Bashir Ahmad hints at retiring from MAHB

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

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

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

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

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

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

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

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

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

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



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CIMB, The Rohatyn Group in JV to manage CapAsia Funds

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

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

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

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

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



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Matthews Intl ceases to be Top Glove substantial shareholder

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

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

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



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

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

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

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

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



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KLCI closes higher, lifted by CIMB and select blue chips

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

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

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

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

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

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

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

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

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



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Bursa plans trading platform for retail bonds

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

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

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

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

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

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

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

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

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



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

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

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

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



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Sime Darby Property on track for RM2.4bn sales

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

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

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

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

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

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

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

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

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

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



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Pestech gets SC nod to list on Bursa

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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RHB Cap top loser in late afternoon

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

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

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

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

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

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

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



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

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

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

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

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



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UM Land, Iskandar Investment in Medini investment talks

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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



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KLCI edges lower at mid-morning as regional markets dip

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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Bintai Kinden shares up 18% on Singapore project

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

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

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



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

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

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

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

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

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

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



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

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

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

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

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



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

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

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

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

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



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

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

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

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

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



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HWDBSVR sees KLCI slipping below 1,580

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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