Yinson to raise RM20 million from private placement

KUALA LUMPUR (April 6) : YINSON HOLDINGS BHD [] may raise up to RM20.38 million from a planned private placement of 11.99 million new shares in the logistics firm. This is based on an indicative issue price of RM1.70 a share.

In a statement to the exchange on Friday, Yinson said the proceeds will be used to reduce debt, and purchase fixed assets for the company which is also an oil and gas support services provider.

“The proposed private placement will also allow the company to raise funds for its operational expenses requirements without having to incur interest costs, as compared to bank borrowings.

“The proposed private placement will also serve to decrease gearing of the company, increase the market capitalisation of Yinson, and improve liquidity of the shares,” Yinson said.

Yinson said it may place out the placement shares, accounting for 6.36% of its issue base, on a staggered basis to investors. The exercise is expected to be finalised before the end of the second quarter of 2012, according to the firm.



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Hartalega to set up RM1.5b next generation glove making complex

KUALA LUMPUR (APRIL 6): HARTALEGA HOLDINGS BHD [] is setting up a RM1.5 billion “next generation integrated glove manufacturing complex” (NGC) comprising 70 new high tech production lines.

The company said on Friday that its wholly owned subsidiary Hartalega NGC Sdn Bhd that was incorporated on March 29 is th designated corporate vehicle for the setting up of the NGC project, that is mainly involved in the production of rubber gloves to cater to fast rising global demand

Hartalega said the capacity expansion project was scheduled to begin in 2013 and targeted to complete in year 2021.

The company said the project had been accorded the EPP (“Entry Point Project”) status under the Malaysian Government’s Economic Transformation Programme due to its high economic impact.

Hartalega said the project would located within a new site of about 100 acres with several dedicated buildings, including research and development centre, learning and development centre, renewable energy plant, environment friendly worker quarters and sports and recreation centre.

It said the whole location would be landscaped to be green and eco-friendly incorporating lush greenery with investment in environmental preservation mechanisms like water and waste treatment plants.

Hartalega said the NGC project would be spread over two 4-year phases and employ about 4,600 workers, namely, first phase (2013 to 2017) – 40 production lines with total annual capacity of 14 billion and second phase (2017 to 2021) – 30 production lines with total annual capacity of 10.5 billion.

“On completion of the HNGC project, the total installed production capacity of the Hartalega group including the current factories in Bestari Jaya will be 38 billion pieces per annum,” it said.



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Bank Negara foreign reserves up US900m to US$135.7b

KUALA LUMPUR (APRIL 6): Bank Negara Malaysia international reserves rose US$900 million to US$135.7 billion as at March 30, from US$134.8 billion as of Feb 29.

In a statement Friday, the central bank said this reserves level had taken into account the quarterly adjustment for foreign exchange revaluation loss, following the strengthening of ringgit against major and regional currencies during the quarter.

It said the reserves position was sufficient to finance 9.4 months of retained imports and is 4 times the short-term external debt.



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Ingress clinches RM27 million TNB project

KUALA LUMPUR (April 6) : Ingress Corp Bhd will establish a switching station for TENAGA NASIONAL BHD [] (TNB) in a deal worth RM26.6 million. The 275-kilovolt station will be set up at Pantai Remis, Selangor.

In a statement to the exchange on Friday, Ingress said TNB has issued a letter of intent for the project to a joint venture between two subsidiaries of Ingress, namely, Multi Discovery Sdn Bhd and Ramusa Engineering Sdn Bhd.

“The project is expected to contribute positively to the earnings of the Ingress group,” Ingress said.

According to Ingress, the estimated one-and-half year project will start between May and July this year which is the second quarter of its current financial year ending Jan 31, 2013.



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Bumi Armada unit forms US-based subsidiary

KUALA LUMPUR (April 6): Bumi Armada Bhd’s wholly owned unit Bumi Armada Offshore Holdings Ltd, has formed a wholly-owned subsidiary in the United States to be principally involved in the offshore oil and gas marine services.

Bumi Armada said on Friday that the company known as Armada Blue had been formed on April 2, 2012 as a limited liability company in accordance with the laws of the State of Texas.



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EON Bhd completes acquisition of DRB-Hicom Leasing

KUALAL LUMPUR (APRIL 6): EDARAN OTOMOBIL NASIONAL BHD [] (EON Bhd) has completed the acquisition of the entire issued and paid-capital of DRB-HICOM Leasing Sdn Bhd comprising 500,000 shares of RM1 each for RM500,000 cash as part of the group’s internal reorganisation.

In a filing on Friday, DRB-Hicom said the internal reorganisation was part of the Group’s intention to streamline and realign the businesses to achieve greater operational efficiency.



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KLCI closes higher but some pullback expected next week

KUALA LUMPUR (April 6): The FBM KLCI closed higher on Friday, while the few regional markets that were open for trade ended the day in negative territory, as investors stayed on the sidelines ahead of key U.S. jobs data.

China shares ended up 0.2 percent in thin volume on Friday, moving around a key psychological level as investors awaited a slew of economic data next week which could signal possible policy changes, according to Reuters.

The FBM KLCI closed 5.43 points higher at 1,598.87.

Gainers led losers by 457 to 248, while 324 counters traded unchanged. Volume was 1.28 billion shares valued at RM1.14 billion.

At the regional markets, the Shanghai Composite Index added 0.19% to 2,306.55, Taiwan’s Taiex gained 0.87% to 7,706.26, south Korea’s Kospi edged up 0.01% to 2,029.03 while Japan’s Nikkei 225 fell 0.81% to 9,688.45.

Affin Investment Bank Bhd vice president and head of retail research Dr Nazri Khan said the FBM KLCI was now ripe for a pullback towards a lower sideways range of 1580-1600 level.

“We reckon the equity optimism will take a mild negative turn following a surprised absence of USA stimulus and Spanish revived fiscal concerns with the bond yields climbing to their highest level in five month (Spanish 10-Year bond rose to 5.8%).

“This has stoked concerns regarding the European debt crisis, boosted safe-haven appeal of the USA dollar and weighed on local risk-taking sentiment,” he said.

DR Nazri said he also expects the bullish sentiment to take a pause after the Federal Reserve meeting minutes earlier this week indicated reduced prospects for more quantitative easing.

ON Bursa Malaysia, BAT was the top gainer and added 48 sen to RM55.46, Dutch Lady added 30 sen to RM35.80, Tradewinds PLANTATION []s and BLD Plantations rose 25 sen each to RM5.44 and RM9.40, Tradewinds up 18 sen to RM9.97, TDM 17 sen to RM4.95, SMPC and Naim Holdings 15 sen each to RM2.12 and RM2.05, Mulpha 14 sen to 60 sen and MAHB 13 sen to RM5.89.

Naim Indah Corp was the most actively traded counter with 149.52 million shares done. The stock rose 8.5 sen to 57 sen.

Other actives included Metronic, SuperComNet, Ariantec, CSL, Focus, Tiger Synergy, Green Ocean, Ingenuity Solutions and TMS.

Decliners included F&N, Batu Kawan, Shell, HUp Seng, Hong Leong Industries, Takaful, HDBS, Aeon and Tiong Nam Logistics.



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SMPC up 16%, stock goes ex-rights on April 12

KUALA LUMPUR (April 6) : SMPC Corp Bhd shares rose as much as 16% during intraday trade on Friday as investors chased the stock before it goes ex-rights on April 12. The final day of lodgement is on April 16.

The steel manufacturer’s shares climbed 31 sen to reach a high of 31 sen before trading lower at RM2.12 at 4.47pm. The stock is one of the top gainers on Friday .

SMPC is undertaking a renounceable rights issue of up to 19.39 million new shares with 9.7 million free warrants on the basis of six rights units and three warrants for every two existing shares held.

The company is also implementing a renounceable rights issue of up to RM19.39 million worth of zero coupon, 10-year irredeemable convertible unsecured loan stocks (ICULS) with 9.7 million free warrants on the basis of RM6 worth of ICULS and three warrants for every two existing shares held.



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I-Berhad to build condos, duplex houses

I-Berhad is set to build 348 condominium units and 20 duplex houses in the city of digital lights in Seksyen 7 here. Each residential unit in i-City starts from RM340,000.

The i-Residence project constituted 20 per cent of the 29ha i-City development, I-Berhad CEO Datuk Eu Hong Chew told reporters after the ground-breaking ceremony officiated by Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim here today. Present was Shah Alam Mayor Datuk Mohd Jaafar Mohd Atan.

Eu said i-City, dubbed the first lighscape tourism destination in Malaysia with state-of-the-art LED technology showcase, would also have a new attraction inspired by Clarke Quay, a riverside development in Singapore.

It was in line with the state government's project to upgrade the 7-km Sungai Rasau that cuts across i-City, he said.

"We will build floating restaurants like Clarke Quay that can draw more tourists but the project will start after the Sungai Rasau upgrade that is expected to take about nine months," he said.

This development was included in the estimated gross development value of RM1 billion, he added. -- Bernama


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Malaysia to explore gas in Myanmar

YANGON: A trilateral contract between Myanmar government, Malaysian and Myanmar private companies have been reached on exploration of gas on two inland blocks in Myanmar, China's Xinhua news agency reported, citing official media report on Friday.

The production sharing contract was signed in Nay Pyi Taw between Myanmar's state-run Oil and Gas Enterprise (MOGE), Malaysia's Petronas Carigali Myanmar Inc and Myanmar private company of UNOG Pte Ltd on exploration of two inland blocks RSF-2 in Tuywintaung Myaingtaung region and RSF-3 in Gwaycho Ngashantaung region, said the New Light of Myanmar.

It is the third such contract reached after Myanmar's Energy Ministry put international tenders for exploration with 18 inland blocks over the past nine months.

The ministry has granted seven Myanmar national-owned companies to do joint venture business with international oil companies on nine blocks out of the 18 and two contracts have been inked, the report said.

International oil companies include those from Indonesia, Thailand, France, Malaysia, Russia, China and India.

Myanmar has abundance of natural gas resources especially in the offshore areas. With three main large offshore oil and gas fields and 19 onshore ones, Myanmar has proven recoverable reserve of 18.012 trillion cubic feet (TCF) out of 89.722 TCF's estimated reserve of offshore and onshore gas, experts said.

The country is also estimated to have 3.2 billion barrels of recoverable crude oil reserve, official statistics indicate.

The statistics also reveal that foreign investment in Myanmar's oil and gas sector had reached US$13.815 billion in 104 projects as of end November, 2011, accounting for 34.18 per cent and standing the second in the country's foreign investment sectorally after electric power.

Other figures show that in 2009-10, Myanmar produced nearly seven million barrels of crude oil and over 400 billion cubic-feet ( 11. 32 billion cubic-meters) of gas. - Bernama



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Ireka to finish Viet hospital job by year-end

KUALA LUMPUR: The City International Hospital managed by Ireka Corp Bhd's unit, Ireka Development Management Sdn Bhd, is slated to complete by end-2012.

"Along with economic growth, social healthcare is one of the major concerns in Vietnam.

"Given the increasing demand for quality overseas medical treatment, the park will be the first integrated healthcare development in Vietnam, which will provide a comprehensive healthcare environment from facilities, hi-tech medical equipment to professional medical staff," said President and Chief Executive Officer Lai Voon Hon in a statement today.

The hospital is the first general hospital to be completed within the "Medical City" located in Vietnam’s largest medical hub, the International Hi-Tech Healthcare Park.

The hospital, developed by Hoa Lam-Shangri-La Healthcare Ltd Liability Company, will eventually have other facilities such as laboratories, medical suites, a staff residential area, medical exhibition centre & shopping mall, service apartments, international schools and a residents’ clubhouse.

Ireka’s associate company, Aseana Properties Ltd, holds a majority stake in Hoa Lam-Shangri-La Healthcare Ltd Liability Company.

Currently, the hospital is more than 50 per cent completed, with the bulk of the brick works completed.

Plaster works, mechanical and electrical services and the selection of architectural finishes are ongoing, whilst the selection and purchase of major medical equipment for the hospital were completed recently. - Bernama



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Tambun Indah gets nod to raise RM44.2m

KUALA LUMPUR: Tambun Indah Land Bhd has received shareholders' nod to issue two rights shares plus one free warrant for every five existing ordinary shares held.

In a statement today, the property developer said the proposed renounceable rights with warrants would raise a minimum of RM44.2 million.

It would involve the issuance of 88.4 million new ordinary shares at an indicative rights issue price of 50 sen each and 44.2 million free detachable warrants, it said.

Tambun Indah said most of the proceeds from the rights would be used to part-finance its development projects, including its flagship Pearl City township.

"The total gross development value for Pearl City is estimated to be RM2.8 billion, with the township targeted to be fully developed by 2020," it said.

However, Tambun Indah said, the proposed renounceable rights issue and warrants were still subject to approvals from the Securities Commission and other regulatory authorities.

It said the rights would increase its share capital to RM154.7 million, comprising 309.4 million shares of 50 sen par.

MIDF Investment Bank is the managing underwriter and adviser for the corporate exercise. - Bernama



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KLCI snaps losing streak, but stays shy of 1,600-level at mid-day

KUALA LUMPUR (APRIL 6): The FBM KLCI snapped its two-day losing streak on Friday and rose at the mid-day break, while key regional markets were mostly closed for the Easter weekend holidays.

The FBM KLCI rose 6.29 points to 1,599.73 at the mid-day break.

Gainers led losers by 319 to 233, while 306 counters traded unchanged. Volume was 595.27 million shares valued at RM502.46 million.

The ringgit strengthened .07% t0 3.0625 versus the US dollar; crude palm oil futures for the third month delivery rsoe RM14 per tonne to RM3,546, crude oil was US$103.31 per a barrel (as of April 4 closing) whiel gold fell US$1.18 an ounce to US$1,630.05.

Asian shares struggled on Friday, with many markets closed for the Easter holiday, as investors stayed on the sidelines ahead of key U.S. jobs data, avoiding risk after rising yields in weaker euro zone countries refuelled concerns about the region's debt issues, according to Reuters.

Worries about Spain's rising bond yields were offset somewhat by fresh U.S. data on Thursday that provided more evidence of a recovering labour market, raising prospects of the non-farm payrolls report due later on Friday being solid, it said.

At the regional markets, Japan’s Nikkei 225 fell 1.05% to 9,665.28, Taiwan’s taiex added 0.60% to 7,685.52 and South Korea’s Kospi shed 0.25% to 2,023.75.

BIMB Securities Research in a note April 6 said that European stocks climbed in the final hour of trading on Thursday, after new on US initial jobless claims fell to their lowest levels in four years last week.

Meanwhile Spain’s 10-year bonds dropped for a third day, pushing the yield on the country’s benchmark debt seven basis points higher to 5.76%, it said.

The research house Wall Street ended largely unchanged in a lackluster session as investors hesitated to jump in amid ongoing worries over the euro zone and ahead of Friday's monthly jobs report.

Nonetheless, for the week, all three major averages recorded their worst decline this year, it said.

The Dow Jones Industrial Average slipped 0.11 percent, to close at 13,060.14, declining for a third-straight session while S&P 500 erased or 0.06 percent, to finish at 1,398.08, it said.

BIMB Research said that regionally, most major indices closed lower yesterday, due to weak Spanish bond sale which weaken investors’ confidence.

“In the local front, the FBM KLCI is well supported at 1,590 levels despite poor regional performance, losing 0.36% to close at 1,593.44. Net foreign participation remains positive yesterday at RM66.2m.

“Technical point of view, the near term outlook remains sluggish with immediate support to be seen at 1,590 followed by 1,580,” it said.

ON Bursa Malaysia, BAT the top gainer in the morning session and rose 68 sen to RM55.66, Dutch Lady added 50 sen to RM36, Tradewinds PLANTATION []s rose 31 sen to RM5.50, SMPC up 28 sen to RM2.25, Tradewinds 23 sen to RM10.02, Naim Holdings 14 sen to RM2.04, Mulpha 13 sen to 59 sen, Hing Yap 12 sen to RM1.68, MBM Resources 11 sen to RM4.91 and HLFG added 10 sen to RM12.48.

Naim Indah Corp was the most actively traded counter with 58.3 million shares done. The stock rose 2.5 sen to 51 sen.

Other actives included Metronic, Tiger Synergy, CSL, Green Ocean, Focus, TMS, Ariantec, Systech and DBE Gurney.

Decliners included Shell, F&N, Petrol One, KLK, HDBS, SapureCrest, Batu Kawan, Subur, Perduren and MGRC.



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Mulpha Land up 33% to two-year high

KUALA LUMPUR (April 6 ) : MULPHA LAND BHD [] shares rose as much as 33% during intraday trade on Friday, sending the stock to its highest in about two years.

Shares of Mulpha Land added 15 sen to a high of 61 sen before the stock was transacted lower at 59 sen at 12.15pm.

Regulators had in March this year, granted a six-month extension to Mulpha Land to implement its planned rights issue.

Mulpha Land had announced in May 2011 that it planned to undertake a rights issue of 456.61 million new shares and 273.96 million free warrants. At an indicative issue price of 22 sen per rights unit, the rights issue is expected to raise RM100.45 million.



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RHB Research Overweight on oil & gas sector

KUALA LUMPUR (April 6): RHB Research Institute Sdn Bhd has an Overweight rating on the oil and gas sector and said it was positive on the sector following Petroliam Nasional Bhd’s (Petronas) statement on April 5 that the proposed Refinery and Petrochemical Integrated Development (RAPID) project, to be located in Pengerang, Johor, was progressing as scheduled.

The research house said on Friday that the statement was the closest indication yet that the RAPID would proceed as planned.

According to Petronas, the RAPID project in Pengerang, Johor is progressing as scheduled, with pre-qualification exercise for the various tender packages likely to begin in stages from the 3Q2012 at the earliest. The project is currently in the front-end engineering design

“The key beneficiaries of RAPID include Dialog (as RAPID will complement its crude oil tank terminal, and provide opportunities for its plant maintenance business) and Petronas Chemicals, which will most likely be involved as owner/operator.

“The two stocks are our top picks for the sector,” it said.

RHB Research has an outperform rating on both Dialog and Petronas Chemicals, with fair values of RM3.08 and RM7.73 respectively.



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Felda lauds verdict to quash injunction

KUALA LUMPUR: Felda has welcomed the Kuantan High Court's decision to dismiss an interim injunction barring Koperasi Permodalan Felda (KPF) from transferring its shares in Felda Holdings Bhd and 10 of its subsidiaries to Felda Global Ventures Holdings Bhd or for any discussions to be held by KPF on the matter.

"We agree and respect the Kuantan High Court’s decision which clearly states that matters related to cooperatives should be brought to the Malaysia Cooperative Societies Commission," said Felda Chairman Tan Sri Mohamed Isa Abdul Samad in a statement today.

The Kuantan High Court ruled on Monday that the injunction against the equity disposal was premature as KPF delegates had only planned to discuss the matter and no decision had been taken yet.

Furthermore, claims that KPF owned 51 per cent shares worth RM3.13 billion in Felda Holdings were not based on solid evidence but only from hearsay and estimation.

Mohamed Isa reiterated that none of the 500,000 hectares of settlers’ land would be utilised for the proposed listing and that their interests would continue to be protected once Felda Global Ventures Holdings becomes a public-listed company.

"The listing and the creation of one of the world’s largest plantation entities is a crucial national goal with the objective of delivering solid long-term financial returns for its staff, settlers and their dependants," he added. - Bernama



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BIMB Securities Research starts coverage on QL with Neutral call, target price RM3.43

KUALA LUMPUR (APRIL 6): BIMB Securities Research has initiated coverage on QL Resources at RM3.21 with a Neutral recommendation and target price of RM3.43.

The research house in a note Friday said that despite a prospective global economic slowdown, QL’s revenue growth would remain intact.

In addition, the demand for its basic food products such as eggs, fishmeal and feed raw materials are expected to be resilient, it said.

“Due to the recent share price run-up, we have a Neutral rating on QL with a target price of RM3.43 based on PER of 19x CY2012 EPS. The PER multiple is +1 std. dev of its past 3-years PE valuation which is justified by its solid fundamental and long-term earnings growth potential.

QL’s core activities includes marine products manufacturing (MPM), palm oil activities (POA) and Integrated Livestock Farming Activities (ILF).

“As of FYE03/11, ILF has been the biggest contributor to the group’s total revenue (56%), followed by MPM (25%) and POA (19%). We are initiating coverage on QL Resources with a Neutral rating on the stock with an indicative target price of RM3.43 based on 19 times CY2012,” said BIMB Securities Research.



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CIMB-Principal Asset Management welcomes SC’s nod for Private Retirement Scheme providers

KUALA LUMPUR (April 6): CIMB-Principal Asset Management welcomes efforts taken by the Securities Commission Malaysia (SC) in creating avenues for Malaysians to accumulate additional savings for a comfortable retirement.

The SC on Thursday approved eight initial intermediaries as Private Retirement Scheme (PRS) providers, which is seen a as a step forward to kick-start the private pension scheme that will provide an alternative retirement saving option for Malaysians.

The eight PRS providers are AmInvestment Management Sdn Bhd, American International Assurance Bhd, CIMB-Principal Asset Management Bhd, Hwang Investment Management Bhd, ING Funds Bhd, Manulife Unit Trust Bhd, Public Mutual Bhd and RHB Investment Management Sdn Bhd.

CIMB-Principal Asset Management chief executive John Campbell Tupling said the fund manager was pleased on being approved as one of the inaugural Private Retirement Scheme (“PRS”) providers.

“The PRS industry is intended to complement and supplement the existing mandatory schemes of the Employees Provident Fund,” he said in a statement Friday.

Tupling said that with the emergence of the PRS industry, Malaysians would be further empowered to set aside additional voluntary savings for investment in a well regulated and structured manner.

“We believe the PRS will grant people more flexibility and choice to regularly save and invest according to their age and risk tolerance,” he said.

He said CIMB-Principal would submit for approval a suitable range of solutions based on the PRS guidelines issued.

“We take positively the measures by the government to encourage wide participation.

“A personal tax relief of up to RM3,000 will be given to contributions by individuals to PRS approved by the SC, as well as tax deductions to employers for contributions above the statutory rate up to 19% of employees' remuneration. In addition, a tax exemption was also announced on income received by approved funds within the PRS schemes,” he said.



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Maxis named Best Postpaid Telco at PC.com Awards

KUALA LUMPUR (APRIL 6): Maxis Bhd has been named winner of the Best Postpaid Telco and Best CSR awards at the PC.com Awards Night 2012 held on March 29.

In a statement Friday, Maxis said this was seventh year in a row that it has been named Best Postpaid Telco and its third consecutive win for the Best CSR award.

The awards were received by its Vice President, Mobility Products and International Services Jeff Chong, it said.



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Favelle Favco rises 5% on new contracts

KUALA LUMPUR (April 6 ) : FAVELLE FAVCO BHD [] shares climbed as much as 5% on Friday morning after the crane builder announced that it has secured five contracts with a combined value of about RM102.1 million.

The stock added seven sen to an intraday high of RM1.44 before trading lower at RM1.41 at 10.48 am.

In a statement to the exchange on Thursday, Favelle Favco said the purchase orders received in March and April this year involve tower and offshore cranes for local and foreign clients. The cranes are due for delivery in 2012 and 2013, according to Favelle Favco.



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Gopeng jumps 12% on dividend news

KUALA LUMPUR (April 6 ) : GOPENG BHD [] shares rose as much as 12% on Friday morning following the builder’s announcement that it plans to reward shareholders with a final dividend of 9.8 sen (less 25% tax) a share for the year ended Dec 31, 2011.

Gopeng added 8.5 sen to an intraday high of 80.5 sen at 10.33am. The company said the dividend is subject to shareholders' consent at its annual general meeting in May this year.



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KLCI up 5pts in morning trade

KUALA LUMPUR (April 6) : The FBM KLCI rebounded on Friday morning following two consecutive days of losses as investors weigh global economic prospects in Europe and the US, against pre-election sentiment in Malaysia.

In technical terms, analysts said the FBM KLCI has touched its lower support trend line, and a break below that level could add downward pressure on the equity gauge.

“Nevertheless, the overall trend of the FBM KLCI still remained up. As the total volume continued to dwindle, the overall market is likely to remain in a consolidation mode with some penny stocks in rotational play,” SJ Securities Sdn Bhd wrote in a note.

The stock barometer added 5.02 points to 1,598.46 at 10am with some 237 million shares worth RM111 million changing hands. There were 206 gainers versus 119 declining stocks.

Top gainers BRITISH AMERICAN TOBACCO (M) [] Bhd rose 70 sen to RM55.68 while TRADEWINDS (M) BHD [], was up 18 sen to RM9.97.

Decliners KUALA LUMPUR KEPONG BHD [] fell 10 sen to RM24.50 while HWANG-DBS (M) BHD [] was down seven sen to RM2.41.

Most active was Naim Indah Corp Bhd which added two sen to 50.5 sen with some 37 million shares done.

Among Asian equity benchmarks, Japan’s Nikkei 225 fell 0.52% to 9,716.39 points while South Korea’s Kospi declined 0.07% to 2,027.35.

The Hong Kong and Australian bourses are closed on Friday and next Monday for the Good Friday and Easter holiday season. Singapore and US markets are not traded on Friday.



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Maybank IB Research upgrades Tan Chong to Buy

KUALA LUMPUR (April 6): Maybank Investment Bank Bhd Research has upgraded TAN CHONG MOTOR HOLDINGS BHD [] to a Buy with a revised target price of RM5.38, ahead of an anticipated sector recovery in 2H 2012.

In a note Friday, the research house said that this followed a 17-18% rise in 2012-13 net profit forecasts, on higher vehicle sales assumptions (+9-21%).

“We reckon the disruption to the regional parts supply chain, margin weakness and poor Jan-Mar 2012 performance have all been priced in. Our TP (+35%), premised on 10x 2013 PER (previously 8x), offers 20% upside.

“Our re-rated PER target reflects improved optimism ahead,” it said.



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KLCI edges up in early trade in thin volume

KUALA LUMPUR (April 6): The FBM KLCI edged up in early trade on Friday, while regional markets eased with many bourses closed for the Good Friday and Easter weekend.

The FBM KLCI rose 0.67 of a point to 1,594.11 at 9.01am, liftedby elect ble chips.

Gainers led losers by 59 to 16, while 90 counters traded unchanged. Volume was 19.28 million shares valued at RM7.29 million.

Asian shares eased on Friday, when many markets were closed for the Easter holiday, as investors stayed on the sidelines ahead of key U.S. jobs data, avoiding risk after rising yields in weaker euro zone countries refuelled concern about Europe, according to Reuters.

Worries about Spain's rising bond yields were somewhat offset, however, by fresh U.S. data on Thursday that provided more evidence of a recovering labour market, raising the prospect for the non-farm payrolls report due later on Friday to be solid, it said.

Thursday's data showed U.S. jobless claims fell to the lowest level since April 2008, another positive news following a report on private-sector jobs earlier this week, boding well for the American government's widely watched monthly employment figures due on Friday, said Reuters.

Among the early gainers on Bursa Malaysia, BAT rose 70 sen to RM55.60, Petronas Dagangan added 14 sen to RM18.98, Favelle Favco roe seven sen to RM1.44, Lafarge Malayan Cement and Gopeng six sen each to RM7.13 an 78 sen, Takaful four sen to RM3.74, Hibiscus three sen to RM1.71, Ideal Jacobs 2.5 sen to 19.5 seb and Petra Energy two sen to RM1.08.

Naim Indah Corp was the most actively traded counter with 6.4 million shares done. The stock added half a sen to 49 sen.

Other actives included AirAsia, Jetson, CSL, Tiger Synergy, DBE Gurney and DPS.

Decliners included Airasia, Jetson, CSL, Tiger Synergy, DBE Gurney and DPS.



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CIMB Research maintains Trading Buy on UOA Development Bhd, target price RM1.84

KUALA LUMPUR (April 6): CIMB Research has maintained its Trading Buy recommendation on UOA Development Bhd at RM1.4 with a target price of RM1.84, and said its visit and showroom tour of the company reaffirmed its positive view on UOA Development.

The research in a note Friay said UOA Development’s 1Q new sales of over RM300 million put the company firmly on the path to meet, if not exceed, its full-year target of RM1 billion.

Due to the depressed share price, UOA Dev’s valuations are among the cheapest in our property coverage.

“Its P/Es are the lowest while its dividend yields are the highest. We maintain our Trading Buy call and target basis of 30% discount to RNAV,” it said.



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Stocks to Watch Jaya Tiasa, Gopeng, Xian Leng

KUALA LUMPUR (April 2): Malaysian equities could exhibit further weakness on Friday in anticipation of less trading volume during the Good Friday and Easter holiday season.

Analysts said weaker technical indicators for equities, and fresh concerns on a protracted European sovereign debt crisis could result in more volatility for the FBM KLCI ahead of Malaysia's general election.

The FBM KLCI fell 5.83 points to finish at 1,593.44 points on Thursday.

Stocks to watch on Friday include JAYA TIASA HOLDINGS BHD [], TA ANN HOLDINGS BHD [], GOPENG BHD [], FAVELLE FAVCO BHD [], and XIAN LENG HOLDINGS BHD [].

Jaya Tiasa, a PLANTATION [] and timber entity, rose as much as 2.7% or 24 sen to RM9, ahead of the ex-date for its treasury shares on Friday.

Ta Ann climbed as much 3% or 18 sen to RM6.38, after Maybank Investment Bank Bhd initiated coverage on the timber player with a buy call and fair value of RM8.

Gopeng, a builder, plans to reward shareholders with a final dividend of 9.8 sen, less 25% tax.

Crane builder Favelle Favco has secured five contracts with a combined value of about RM102.1 million.

The special audit on Xian Leng revealed financial irregularities in its fish farm development capital expenditure amounting to RM90.7 million, of which a total of RM85.7 million was disbursed under "questionable circumstances". Trading of Xian Leng shares, which has been suspended, will resume on Friday.



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