Bursa Malaysia seeks feedback on proposed amendments

KUALA LUMPUR (May 4): Bursa Malaysia has published a consultation paper seeking public feedback on proposals aimed at facilitating the listing and quotation for trading of sukuk and bonds issued by the government, local and foreign corporations on the stock exchange.

The local bourse said the introduction of the Exchange Traded Bonds (ETB) initiative was in line with one of its strategic priorities to offer a diverse range of tradable products on the exchange and to elevate the bourse to be the leading marketplace in Asia.

"ETB, a project under the National Key Economic Areas (NKEA), is aimed at offering greater choice for investors who are seeking investment grade products that yield stable returns with capital protection.

"Aside from enhancing the diversity of products offered to investors, this initiative is also expected to attract a new segment of investors into the market and provide issuers with greater flexibility in their fund raising exercises.

"The consultation paper sets out the proposed amendments to Bursa Malaysia Securities Bhd Main Market Listing Requirements relating to the admission and post listing obligations of an issuer of ETB for public comment," Bursa Malaysia said in a statement.

It added that additionally, it has also included, in the consultation paper for public feedback, proposed consequential amendments to the Rules of Bursa Malaysia Securities, Rules of Bursa Malaysia Depository Sdn Bhd and Rules of Bursa Malaysia Securities Clearing Sdn Bhd to facilitate the ETB framework.

"The consultation paper is available on Bursa Malaysia's website at www.bursamalaysia.com.

The deadline for comments on the consultation paper is May 18, 2012," the local bourse said. — Bernama



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Crest Builder founding family sells 4% stake, rakes in RM4 million

KUALA LUMPUR (May 4) :The founding family of CREST BUILDER HOLDINGS BHD [] raked in proceeds of RM4.1 million from the sale of five million shares or 4% in the CONSTRUCTION [] firm.

Updates to the exchange show that Yong Tiok Chin who is the daughter of founder and managing director Yong Soon Chow had disposed of the shares at 82 sen each on Thursday.

Following the disposal, Soon Chow’s direct and indirect stakes in Crest Builder stood at 34.81% and 5.74% respectively, according to the firm.



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MAA sells security equipment and services unit

KUALA LUMPUR (May 4) : MAA Group Bhd is selling its wholly-owned security equipment and services unit for RM7 million, a move which will help the financial services entity focus on its core business.

In a statement to the exchange, MAA said it has signed a conditional sale and purchase agreement with Jitra Pusaka Sdn Bhd for the disposal of Wira Security Services Sdn Bhd.

“The proposed disposal besides being part of the rationalisation exercise of MAA to focus on its core financial service businesses in Malaysia, also takes cognizance of the fact that Wira is also facing increasing market competition which poses an uncertainty to the future prospects of Wira.

“The cash proceeds from the proposed disposal will be utilised for working capital of the MAA group of companies and expenses incidental to the proposed disposal,” MAA said.



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KLCI up more than 23 points week-on-week

KUALA LUMPUR (May 4): The FBM KLCI rose 23.24 points week-on-week, and was among the better performers compared with its regional peers on Friday.

The FBM KLCI rose 7.87 points to close at 1,691.04 on Friday, lifted by gains at blue chips including Petronas Dagangan, Tenaga, Genting and AirAsia.

Gainers outpaced losers by 456 to 274, while 352 counters traded unchanged. Volume was 1.33 billion shares valued at RM1.59 billion.

Asian shares were mixed for a second successive day on Friday as another batch of lacklustre U.S. data stoked concerns that the recovery in the world's biggest economy is faltering, according to Reuters.

At the regional markets, the Shanghai Composite Index added 0.49% to 2,452.01, Taiwan’s taiex added 0.54% to 7,700.95, Hong Kong’s Hang Seng Index fell 0.77% to 21,086.00, South Korea’s Kospi lost 0.30% to 1,989.15 and Singapore’s Straits Times Index

Japan’s Nikkei 225 was closed for a national holiday.

Meanwhile, European shares opened lower and industrial commodities like oil and copper were weak on Friday on concerns about the health of the world's biggest economy before a reading on the strength of the U.S. jobs market, said Reuters.

Weekend elections in France and Greece, which could complicate efforts to resolve the euro zone debt crisis, were also weighing on sentiment, leaving the euro steady against the dollar at around $1.3150 and debt markets little changed, it said.

On Bursa Malaysia, Nestle was the top gainer on Friday and rose 40 sen to RM55.90, Allianz, Aeon and Petronas Dagangan added 20 sen each to RM4.75, RM10 and RM19.50 respectively, Coastal Contracts 19 sen to RM2.13, SAM Engineering 18 sen to RM3.20, Tenaga and MBM Resources up 15 sen each to RM6.60 and RM5.24, while Maybulk and Genting rose 14 sen each to RM1.79 and RM10.64.

AirAsia was among the actively traded counters with 14.45 million shares done. The stock added four sen to RM3.64.

Other actives included Ariantec, Glomac, Maybulk, Astral Supreme, Metronic and Jotech.

Decliners on Friday included Knusford, Southern Acids, Cepco, Asia File, Ireka, Takaful, Hoover, Nakamichi, Aeon Credit and Lafarge Malayan Cement.



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AirAsia advances in active trade post share-swap being called off

KUALA LUMPUR (May 4): Shares of Air Asia Bhd continued to see heavy trading on Friday as after the reversal of its share-swap agreement with Malaysian Airlines System Bhd (MAS) and the resignation of Tan Sri Tony Fernandes and Datuk Kamarudin Meranun from MAS' board.

At 4.15pm, shares of Air Asia rose 2 sen to RM3.62 with 12.6 million shares traded in.

Volume traded of the stock has been on the high side since the share-swap reversal announcement on Wednesday,May 2.

On May 3, Air Asia's volume traded at 13.8 million compared to only 1.53 million shares traded on Monday, Apr 30.

Meanwhile, MAS rose 1 sen to RM1.25 with 2.6 million shares traded in on Friday.



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BCorp to gain access to Atlan’s prime tracts in Penang

KUALA LUMPUR (May 4) : Berjaya Corp Bhd’s (BCorp) proposed acquisition of an associate stake in diversified entity ATLAN HOLDINGS BHD [] could give the buyer access into prime tracts in Penang.

A glance at Atlan’s annual report indicates that the firm ,the businesses of which, include duty-free goods trading, automotive components production, besides real estate and hotel operations, owns prime freehold land in Penang’s north eastern enclave.

These tracts have a combined area of 1.17 sq metres with a net book value of RM38 million, Atlan's annual report shows.

Conglomerate BCorp via subsidiary BERJAYA LAND BHD [] (Bland) is making inroads into the Penang real estate market after an over 20-year hiatus. BLand made news in August last year when it acquired a 23ha (57.3 acre) portion of the Penang Turf Club (PNTC) tract for RM459 million.

Berjaya group chairman Tan Sri Vincent Tan had said then that the conglomerate planned to develop RM1.52 billion worth of residential units on the PNTC tract.

BCorp announce to the exchange on Thursday that it is raising its stake to about 25% in Atlan via a purchase of 40 million shares or 15.8% of Atlan’s issued base from Cipta Nirwana (M) Sdn Bhd. The buyer intends to pay RM170 million or RM4.25 a share for the purchase.

According to BCorp, it already owns 9.18% in Atlan, of which, a 7.9% portion was acquired via off-market deals for RM85 million or RM4.25 a share.

The market had responded positively to BCorp’s latest move. The stock rose as much as 2.5% or two sen to 82.5 sen on Friday before settling lower at 82 sen for lunch break with some four million shares done.



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Two foreign companies to invest about RM3.5b in biomass plants

KUALA LUMPUR (May 4): The biomass sector in Malaysia is expected to attract two major foreign direct investments (FDI) worth about RM3.5 billion in the near future.

The Technical Advisor to The EU-Malaysia Biomass Sustainable Production Initiative (Biomass-SP) Datuk Leong Kin Mun said an investment of US$300 million (RM910 million), is expected to come from a US-based company to establish a biosugar plant.

He added that a Chinese company is seeking to invest RM2.5 billion in a biomass power plant.

"Both companies have expressed the desire to establish their plant here under the Biomass-SP and we are now working with all related parties to have the plans materialise.

"There is no specific timeframe for the projects to start as there are many issues to be addressed before the deal is sealed and this includes the sustainability of feedstock supply," Leong said.

It is understood that the US company is a leader in sustainable chemicals while the Chinese company is Wuhan Kaidi Holding Investment Co, through its unit, Wuhan Kaidi Electric Power Co.

Leong said Prime Minister Datuk Seri Najib Razak is expected to make an official announcement regarding the deals within the next month.

He was speaking to reporters at a media briefing, held in conjunction with the EU-Asia Biomass Best Practices and Business Partnering Conference 2012 here.

"We have arranged for the Chinese company to meet the state governments of Sabah, Terengganu and Perak. They now have to submit a proposal paper to the Sustainable Energy Development Authority (SEDA)," he said.

Meanwhile, at the same event, Biomass-SP chairman Tan Sri Ahmad Zaharudin Idrus said the inaugural EU-Asia Biomass Best Practices and Business Partnering Conference 2012, is expected to be attended by more than 500 delegates from 25 countries.

It will be held from May 7-10 at the Putra World Trade Centre (PWTC).

"More than 500 biomass stakeholders from Malaysia, the Asia Pacific and Europe have registered so far to participate. The conference will help promote the sharing of best practices as well as explore potential environmental and business collaborations on biomass development projects.

"It will highlight three major potentials for the conversion of biomass into high-value products, namely bio-energy, eco and agricultural products as well as high-value chemicals," Ahmad Zaharudin said. — Bernama



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KLCI stays in the black at mid-day, blue chips lead

KUALA LUMPUR (May 4): The FBM KLCI rose higher at the mid-day break on Friday, going against the general trend at most global markets, which remained tepid U.S. stocks fell on Thursday as economic data sent mixed signals on the recovery a day before the April payrolls report.

The FBM KLCI rose 6.48 points to 1,589.65 at 12.3pm, lifted by gains at select blue chips including BAT, AirAsia, Petronas Dagangan and Hong Leong bank.

Gainers outpaced losers by 383 to 216, while 334 counters traded unchanged. Volume was 694.69 million shares valued at RM644.21 million.

The ringgit weakened 0.17% to 3.0378, crude palm oil futures for the third month delivery rose RM24 per tonne to RM3,376, crude oil added 13 cents per barrel to US$102.67 while godl fell 66 cents an ounce to US$1,635.32.

Asian shares fell for a second successive day on Friday as another batch of lacklustre U.S. data stoked concerns that the recovery in the world's biggest economy is faltering, according to Reuters.

The euro was steady after a bumpy session on Thursday, when European Central Bank chief Mario Draghi gave a more upbeat assessment of the region's battered economy, reducing hopes of further monetary stimulus measures in the pipeline, it said.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.73% to 21,094.10, the Shanghai Composite Index shed 0.10% to 2,442.56, Taiwan’s taiex lost 0.48% to 7,696.07, south Korea’s Kospi was down 0.41% to 1,986.90 and singapore’s Straits Times Index fell 0.23% to 2,993.93.

Japan’s Nikkei 225 was closed for a national holiday.

On Bursa Malaysia, BAT jumped RM1.74 to RM56.98, Panasonic gaine 28 sen to RM23.30, Petronas Dagangan and Aeon 20 sen each to RM19.50 and RM10, Hong Leong Bank 18 sen to RM12.44, Maybulk 14 sen to RM1.79, Coastal Contracts 13 sen to RM2.07, whiel MPHB, Hartalega and Orient added 10 sen each to RM2.96, RM7.95 and RM6.78 respectively.

Menwhile, AirAsia, which was among the most actively traded counters, gained seven sen to RM3.67.

Other actives included Ariantec, Maybulk, Astral Supreme, Naim Indah Corp and Benalec.

Decliners this morning included Dutch Lady, Knusford, SAB, Asia File, Takaful, Hoover, LPI Capital, Cepco and Ireka.



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Scomi Marine gains 6% on capital repayment, par value reduction

KUALA LUMPUR (May 4) : SCOMI MARINE BHD [] rose as much as 8% on the oil and gas support services provider’s proposed capital repayment and par value reduction.

Shares of Scomi Marine gained three sen to 42 sen before being transacted lower at 40.5 sen at 10.56am with some 2.3 million shares done.

The firm plans to undertake a capital repayment to shareholders via a cash distribution of RM135.61 million or 18.5 sen a share. Scomi Marine said it will finance the capital repayment with proceeds from a wholly-owned subsidiary.

Scomi Marine also plans to reduce the par value of its shares from RM1 to 45 sen, a move which will result in a credit of approximately RM525.07 million .The funds will partially finance the capital repayment and offset the company’s accumulated losses which came to RM362.04 million as at December 31, 2011.



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KLCI advances as Asian markets fall

KUALA LUMPUR (May 4) : Malaysian stocks rose on Friday morning as Asian peers declined following a weaker overnight performance by US equities.

Global markets have taken the cue from weaker updates on the US’ services industry and private sector hiring, deemed crucial indicators of the health of the world’s largest economy and major importer of goods from emerging Asian countries.

In Malaysia, analysts have cautioned investors that gains in the 30-stock FBM KLCI could be curbed by domestic pre-election sentiment and global factors. As such, it will be interesting to see if the benchmark can sustain its gains.

“A strong rally above 1,600 would give the bulls the momentum to test the historical high at 1,609,” Hong Leong Investment Bank Bhd wrote in a note.

At 9.59am, the FBM KLCI added 5.28 points to 1,588.45. Across the exchange, some 318 million shares worth RM188 million were traded, leading to 261 gainers versus 155 decliners.

Top gainers BRITISH AMERICAN TOBACCO (M) [] Bhd added RM1.76 to RM57 while NESTLE (M) BHD [] was up 30 sen to RM55.80.

Among decliners, SOUTHERN ACIDS (M) BHD [] fell 21 sen to RM2.21 while GRAND HOOVER BHD [] was down 10.5 sen to 20 sen

Among actively-traded stocks, ASTRAL SUPREME BHD [] fell one sen to 31.5 sen with some 15 million shares done.

Across Asia, Australia’s S&P/ASX 200 added 0.5% to 4,406.9 points while South Korea’s Kospi fell by a similar quantum to 1,985.23. Singapore’s Straits Times was down 0.3% to 2,992.02. The Japan bourse is closed for a public holiday.



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Fajarbaru gains on RM299.84m sub-contract

KUALA LUMPUR (May 4): Fajarbaru Builder Group Bhd shares advanced on Friday after it secured a sub-contract worth RM299.84 million to build a power substation from MALAYSIAN RESOURCES CORP []oration Bhd .

At 9.25m, Fajarbaru gained half a sen to 95.5 sen with 31,0000 shares done.

The company said on Thursday that its unit Fajarbaru Builder Sdn Bhd had received a letter of acceptance to build the Kg Kuala Sungai Baru substation and other associated works for the Ampang (AMG) Line Extension project.

RHB Research has upgraded Fajar baru to Outperform from Market Perform with a revised fair value of RM1.10 from RM1.04 previously.

“Assuming EBIT margin of 6-8%, the contract will fetch RM18-24m EBIT over the CONSTRUCTION [] period.

“FY06/13-14 net profit forecasts are raised by 11-15%, having reflected RM668 million new jobs in FY06/12 vis-à-vis RM368m previously,” the research house said on Friday.



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KLCI opens higher, blue chips lead

KUALA LUMPUR (May 4): The FBM opened higher on Friday, lifted by gains at select blue chips.

The FBM KLCI rose 2.96 points to 1,586.13 at 9am.

Gainers led losers by 84 to 38 while 74 counters traded unchanged. Volume was 19.99 million shares valued at RM21.55 million.

Meanwhile, global stocks and crude oil fell on Thursday after data showing tepid growth in the U.S. services sector raised concerns about the economic recovery a day before a highly anticipated labor market report for April, according to Reuters.

Stocks turned lower, government debt pared losses and the U.S. dollar trimmed gains against the yen after the Institute for Supply Management said its services sector index fell to 53.5 in April from 56.0 the previous month, it said.

U.S. stocks fell on Thursday as economic data sent mixed signals on the recovery a day before the April payrolls report, while shares of Green Mountain plunged after poor results.

Slower-than-expected growth in the dominant U.S. services sector drove the day's trading. The retail sector dragged the market lower after several chains, including Target Corp and Gap Inc, fell after missing April sales estimates.

MIDF Research in a note Friday said bot its own and consensus FBM KLCI earnings growth for this year were expected to be at around mid-teens, i.e. 16.2% and 16.6% respectively, supported by (i) decent organic earnings growth performance, as well as (ii) absence of lumpy abnormal losses.

“Furthermore, we believe the current liquidity-driven rally has not yet ended despite recent difficulty of the KLCI to sustain itself above the 1,600 points levels,” it said.

The research house said that with the risk-on mood still prevailing on Wall Street, as attested by the main benchmark which is stealthily approaching its pre-2008 highs, it may eventually help the markets in this region to resume their upward momentum.

“Hence we expect to see further upside to the local market with an “encore rally” in the coming months.

“We reiterate both our year-high as well as year-end 2012 KLCI base case targets of 1,670 points and 1,600 points respectively,” it said.

On Bursa Malaysia, Aeon led the gainers and rose 40 sen to RM10.20, Petronas Dagangan and Top Glove gained 20 sen each to RM19.50 and RM4.70, Orient 12 sen to RM6.80, Petronas Chemicals 10 sen RM6.65, Genting eight sen to RM10.58, Lafarge Malayan Cement and MMC Corp up sen each to RM7.39 and RM2.78, and KLK six sen to RM23.78.



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CIMB Research maintains Neutral on Puncak Niaga, target price RM1.45

KUALA LUMPUR (May 4): CIMB Research has maintained its neutral rating on PUNCAK NIAGA HOLDINGS BHD [] with a target price of RM1.45 and said the spotlight returns to Puncak’s oil & gas prospects as it has reportedly been shortlisted for Petronas’s marginal oilfield contracts.

While this should renew interest in the stock, more upside hinges on the takeover moves in Selangor, the research house said in note Friday.

“We retain our target price basis of 60% SOP discount. There are limited details on the rollout of Petronas’s contracts and Puncak’s potential exposure.

“We also see no signs of a new takeover move on Selangor water assets in the medium term. We reiterate our Neutral rating,” it said.



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MIDF Research maintains Buy on Unisem, ups target price to RM1.70

KUALA LUMPUR (May 4): MIDF Research has maintained its Buy rating on UNISEM (M) BHD [] and raised its target price to RM1.70 (from RM1.60) and said the company’s management indicated that 2Q12 will likely post a sequential quarter revenue growth of +8%qoq to +10%qoq suggesting the end of low volume loading.

“Its customers have started to replenish inventory and there are strong demand for its wafer bumping, WLCSP, flip chip and QFN (which are for the smartphone and tablet market) services,” it said in a note Friday.

‘We are tweaking our FY12 and FY13 forecast upwards by +4.2% and +3.3% respectively as volume loading is expected to take off especially in 2H12.

“We maintain our BUY call with a revised target price of RM1.70 (from RM1.60), derived by pegging EPS12 to 13x PER which is one standard deviation higher than its 5-year historical average,” it said.



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Stocks to watch Fajarbaru, Pharmaniaga, Tasco, Quill Capita, New Hoong Fatt, APFT, MAS, AirAsia

KUALA LUMPUR (May 3): The FBM KLCI could face a struggle to eke out some gains on Friday, as investor sentiment could take a hit by external factors that have plagued global equity markets over the week.

European stocks slipped into negative territory on Thursday after a weaker-than-expected U.S. service sector data cast doubts over the strength of the recovery in the world's biggest economy, according to Reuters.

Most global equity markets trended lower on Thursday after the S&P 500 and the Dow edged lower on Wednesday as data showed that private sector hiring fell far more than expected in April, sparking concerns that Friday's U.S. jobs report will also disappoint investors, according to Reuters.

Among the stocks that could be in focus on Bursa Malaysia on Friday are Fajarbaru, Pharmaniaga, Tasco, Quill Capita, New Hoong Fatt, APFT, MAS and AirAsia.

Fajarbaru Builder Group Bhd has secured a sub-contract worth RM299.84 million to build a power substation from MALAYSIAN RESOURCES CORP []oration Bhd .

The company said on Thursday that its unit Fajarbaru Builder Sdn. Bhd had received a letter of acceptance to build the Kg Kuala Sungai Baru substation and other associated works for the Ampang (AMG) Line Extension project.

PHARMANIAGA BHD [] says first quarter net profit rose 85% from a year earlier as revenue growth mitigated the impact of higher operating cost, besides finance and tax expenses.

In a statement to the exchange, Pharmaniaga said net profit came to RM28.69 million in the quarter ended March 31, 2012 versus RM15.48 million previously as revenue grew 16% to RM446.75 million from RM385.33 million.

The firm said it plans to pay a first interim single-tier dividend of 7.5 sen a share for financial year ending December 31, 2012. Conglomerate BOUSTEAD HOLDINGS BHD [] owns some 72% in Pharmaniaga.

Tasco Bhd net profit for the first quarter ended March 31, 2012 rose 4.6% to RM6.76 million from RM6.46 million a year earlier, due to better margins from its air freight forwarding division arising from urgent export shipments.

The company said on Thursday that its revenue for the quarter edged lower to RM117.89 million from RM118.36 million in 2011.

QUILL CAPITA TRUST [], a commercial and industrial-based real estate investment trust says first quarter net profit rose 5% from a year earlier, helped by higher revenue and lower operating expenses.

In a statement to the exchange, Quill said net profit came to RM8.07 million in the quarter to March 31, 2012 from RM7.68 million previously while revenue was up 2% to RM17.78 million from RM17.51 million.

NEW HOONG FATT HOLDINGS BHD [] net profit for the first quarter ended march 31, 2012 fell 42.1% to RM4.1 million from RM7.08 million a year earlier, due mainly to increased in manufacturing and operating costs as well as higher foreign exchange loss.

The company said on Thursday that its revenue for the quarter edged up 0.6% to RM54.02 million from RM53.71 million in 2011 due to higher demand for export sales.

APFT Bhd’s unit Asia Pacific Flight Training Sdn Bhd (APFTSB), has signed a five-year MPL Services Agreement with Canada-based CAE Inc (CAE) on the Multi-crew Pilot License (MPL) training for AirAsia cadets.

In a statement to Bursa Malaysia on Thursday, A PFT said this was the first and only MPL training in Malaysia.

it said that previous batches of AirAsia CAE MPL cadets were trained in Canada.

Meanwhile, shares of MALAYSIAN AIRLINE SYSTEM BHD [] and AIRASIA BHD [] could extend their gains from Thursday after the airlines said they had entered into a Supplemental Agreement to vary the terms and scope of the original collaboration agreement inked last August.

The share-swap last August saw AirAsia’s Tan Sri Tony Fernandes and his partner Datuk Kamarudin Meranun taking up a 20.5% interest in MAS and two board positions, in exchange for Khazanah owning a 10% stake in the regional budget airline.

The airlines said on Wednesday that pursuant to the Supplemental Agreement, they had separately entered into memorandums of understanding (MoU) in respect of firstly, to jointly explore the setting up of the joint-venture company by MAS, AirAsia and AAX to provide aircraft component maintenance support and repair services.



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