AIC sees 10% stake crossed off-mkt

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

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

AIC shares were untraded at 2.45pm.

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

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

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

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



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Jotech gets shareholders’ nod for merger with AIC, AutoV

KUALA LUMPUR (March 20): JOTECH HOLDINGS BHD [] has received shareholders’ approval for the proposed merger with AIC CORPORATION BHD [] and AutoV Corporation Bhd.

Jotech, which makes precision stamped parts, said on Tuesday the approval was given at the EGM and court convened meetings on Tuesday.

All three companies would be collectively be acquired by a special purpose vehicle -- Temasek Formation Bhd (TFB) – which is owned by executive chairman of Jotech and AIC, Datuk Goh Tian Chuan.

To recap, TFB had received the Securities Commission’s approval in January 2012 for the proposed merger for RM711 million to be satisfied via the issuance of new TFB shares.

TFB would acquire Jotech at 18 sen per share, or 20% above the respective five-day volume weighted average market prices (VWAMP) of Jotech shares up to and including the price at July 26, 02011 of 15 sen.

The offer of 9.0 sen for each Jotech warrant was 17% over the respective five-day VWAMP of Jotech warrants up to and including the price at July 26, 2011 of 7.7 sen.

Jotech said the proposed swap ratio would be on the basis of three new TFB shares for every two existing Jotech shares. As for the warrants holders, the proposed swap ratio will be three new TFB shares for every four existing Jotech warrants.

Commenting on the latest development, Goh said the proposed merger would beef up Jotech both financially and market size to fully implement its business plan strategies.

“The proposed merged entity would be able to complement its counterpart’s strengths to achieve better business synergies going forward and further solidify its leading position in the industry,” he said.

The EGMs for AIC and AutoV would be held on March 21, and March 22.



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Stocks to watch: MAHB, Public Bank, MPI, Axiata

KUALA LUMPUR (Jan 31): Stocks on Bursa Malaysia could trade on a cautious note on Tuesday following investors’ disappointment over the absence of a Greek debt deal, though the broader market was firmer with interest in lower liners.

Reuters reported that dampened optimism about the global economic picture and the Greek crisis pushed the euro off six-week highs and sent world stocks lower on Monday with investors cautious ahead of an EU leaders’ summit.

EU leaders will sign off on a permanent rescue fund for the euro zone at a summit on later on Monday and are expected to agree on a balanced budget rule in national legislation, with unresolved problems in Greece casting a shadow on the discussions.

As for Bursa Malaysia, the FBM KLCI fell 7.33 points to close at 1,513.55, weighed by losses including at Genting, Hong Leong Bank and HLFG. However, gainers led losers by 460 to 387, while 310 counters traded unchanged. Volume was 2.31 billion shares valued at RM1.84 billion.

Among the companies which could see trading interest are Malaysia Airports Holdings Bhd (MAHB), PUBLIC BANK BHD [], MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) and Axiata Group Bhd.

Other stocks of interest would be Perusahaan Sadur Timah Malaysia (Perstima) Bhd, D’nonce TECHNOLOGY [] Bhd and also JOTECH HOLDINGS BHD [], and AIC CORPORATION BHD [] and AutoV Corporation Bhd.

MAHB plans to raise RM598.40 million from a proposed share placement exercise to finance the new low cost carrier terminal at Kuala Lumpur International Airport (klia2).

The airports operator said it planned to issue 110 million new shares, or 10% of its issued and paid-up share capital to investors to be identified via a book building exercise.

Based on a 5% discount to the five-day volume weighted average market price (VWAMP) of MAHB shares up to and including Jan 27, of RM5.7298, the indicative issue price for the placement shares would be RM5.44.

Public Bank Bhd recorded net profit of RM876.98 million in the fourth quarter ended Dec 31, 2011, up 3.6% from a year ago due to higher net interest and net income from Islamic banking business. It declared a second interim single-tier dividend of 28 sen per share.

Its revenue rose 11.8% to RM3.32 billion from RM2.97 billion a year ago. Its earnings per share were 25.04 sen compared with 24.16 sen.

For the 4Q ended Dec 31, 2011, the group registered a pre-tax profit of RM1.163 billion, an increase of RM33.0 million or 2.9% as compared to the previous corresponding quarter. The improved performance was mainly due to higher net interest and net income from Islamic banking business.

MPI posted net loss RM16.21 million in the second quarter ended Dec 31, 2011 compared to net profit RM25.29 million a year earlier, due mainly to weaker demand and lower revenue.

Its revenue for the quarter fell 24.04% to RM279.23 million from RM367.59 million in 2010. Loss per share was 8.37 sen compared to earnings per share of 13.05 sen, while net assets per share were RM3.77.

Axiata Group Bhd has received another two-year extension from the Securities Commission (SC) to get the local authorities’ approval for its outdoor structures.

The SC had given it until Jan 29, 2014 to get the approvals for the outdoor structures, which were part of the conditions for its listing on Bursa Malaysia.

As at Dec 19, 2011, Axiata said 22 outdoor structures were pending approval from local authorities. Applications for 27 outdoor structures have been declined, and the Celcom Group is in the midst of appealing to the relevant local authorities.

Perstima’s net profit for the third quarter ended Dec 31, 2011 fell 42.95% to RM7.99 million from RM14.01 million a year ago, due mainly to lower sales volume coupled with lower profit margin. Its revenue for the quarter slipped 9.4% to RM204.26 million from RM225.47 million in 2010.

D’nonce Technology Bhd posted net loss of RM6.11 million in the first quarter ended Nov 30, 2011 compared with a net profit of RM498,000 a year ago due to the impact of the severe flooding in Thailand last year.

Its factories in Bangkok were inundated by the flood waters which damaged its property, plant and equipment and inventories in early October 2011. As to date, its factories in Bangkok have yet to commence operations.

Datuk Goh Tian Chuan’s special purpose vehicle Temasek Formation Bhd (TFB) has received the Securities Commission’s approval to merge Jotech Holdings Bhd, and AIC Corporation Bhd and AutoV Corporation Bhd.

The proposed merger of the three companies for a total consideration of about RM696 million would be satisfied via the issuance of new Temasek Formation shares.



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Goh Tian Chuan gets nod to merge Jotech, AIC and AutoV

KUALA LUMPUR (Jan 30): Datuk Goh Tian Chuan’s special purpose vehicle Temasek Formation Bhd (TFB) has received the Securities Commission’s approval to merge JOTECH HOLDINGS BHD [], and AIC CORPORATION BHD [] and AutoV Corporation Bhd.

The proposed merger of the three companies for a total consideration of about RM696 million would be satisfied via the issuance of new Temasek Formation shares.

Goh, who is the group executive chairman of Jotech and AIC, described the SC approval as “an important milestone for the three PLCs and will leverage the groups plans to achieve greater heights”.

When completed, the merger would create a larger group in terms of market capitalisation, streamline the multi-tiered shareholding structure and unlock potential intrinsic values.

“The full value of the business potential of Jotech, AIC and AutoV is expected to be accurately reflected at TFB level,” he said.

The merger offers comprise an offer of 18 sen for each Jotech share, RM1.80 for each AIC share and RM2.38 for each AutoV share, representing a premium of 20% over the respective five-day volume weighted average market prices (VWAMP) of Jotech, AIC and AutoV shares up to and including July 26, 2011 of 15 sen, RM1.50 and RM1.98 respectively.

The offers of 9.0 sen for each Jotech warrant and RM1 for each AIC warrant was a premium of 17% over the respective five-day VWAMP of Jotech and AIC warrants up to July 26, 2011 of 7.7 sen and 85.2 sen respectively.

The proposed swap ratios are three new TFB shares for every two existing Jotech shares; 15 new TFB shares for every one existing AIC share and 119 new TFB shares for every six AutoV shares.

As for the warrants holders, the proposed swap ratios would be three new TFB shares for every four existing Jotech warrants and 25 new TFB shares for every three existing AIC warrants.



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Associated Intl Cement acquires 42.5% of Lafarge MCement under internal revamp

KUALA LUMPUR (Jan 26): Associated International Cement Ltd (AIC) acquired a 42.56% stake of LAFARGE MALAYAN CEMENT BHD [] (Lafarge MCement) on Thursday from Lafarge Cement UK Ltd.

A statement from Lafarge MCement on Thursday said AIC acquired the stake, comprising of 361.624 million shares, under an internal restructuring exercise via a direct business transaction on Bursa Malaysia.

Stock market data showed the 361.624 million shares were transacted at RM6.885 each.



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KLCI pares down gains at mid-day, Asian markets mixed

KUALA LUMPUR (Jan 4): The FBM KLCI pared down it gains at the mid-day break on Wednesday as the Hong Kong and China markets retreated into negative territory, while other markets saw limited gains.

Hong Kong shares reversed early gains to finish lower at midday on Wednesday, underperforming Asian peers, with lackluster turnover suggesting investors were cautious, refraining from chasing recent gains, according to Reuters.

Mainland Chinese markets reopened after a New Year holiday to an ambivalent start despite expectations that some favourable policy news over the long weekend could boost sentiment. Weakness in China weighed on Hong Kong, Reuters cited traders as saying.

The FBMKLCI was up 1.21 points to 1,514.75 at 12.30pm, lifted by gains at select blue chips. The index had earlier risen to its intra-morning high of 1,525.14.

Gainers led losers by 377 to 269, while 306 counters traded unchanged. Volume was 958.42 million shares valued at RM782.15 million.

The ringgit strengthened 0.38% to 3.1388 versus the US dollar; crude palm oil futures for the third month delivery fell RM23 per tonne to RM3,198, crude oil shed 17 cents per barrel to US$102.79 while gold lost US$4.50 an ounce to US$1,599.00.

At the regional markets, Japan’s Nikkei 225 was up 1.32% to 8,566.67, Singapore’s Straits Times Index added 0.54% to 2,702.87, Taiwan’s Taiex rose 0.32% to 7,075.94 and South Korea’s Kospi edged up 0.01% to 1,875.57.

Meanwhile, Hong Kong’s Hang Seng index fell 0.29% to 18,822.68 and the Shanghai Composite Index shed 0.22% to 2,194.67.

On Bursa Malaysia, Dutch Lady was the top gainer at the mid-day break and was up 78 sen to RM24.20.

Other gainers included KLK that rose 60 sen to RM23.60, BAT 44 sen to RM49.88, Batu Kawan 40 sen to RM17.90, BHIC 22 sen to RM3.84, Shell 15 sen to RM9.30, MISC 13 sen to RM5.73, Ajiya and Jaya Tiasa up 12 sen each to RM1.75 and RM7.02, while LPI Capital added 10 sen to RM13.78.

Among the decliners, Petronas Dagangan fell 22 sen to RM17.22, GAB down 12 sen to RM13.22, Kluang 11 sen to RM2.54, AIC 10 sen to RM1.20, Iretex nine sen to 91 sen, while Tradewinds, Asdion and UEM Land lost seven each to RM9.90, 35 sen and RM2.31 respectively.

The actives included HWGB, JCY, Maxbiz, Envair, XDL, Karambunai and Nextnation.



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KLCI ends year with a bang, posts YTD gain of 0.78%

KUALA LUMPUR (Dec 30): The FBM KLCI ended a volatile 2011 on a high note, as late buying into banking and key blue chips saw the index reversing its earlier losses to register a 0.78% year-to-date gain.

Regional markets, with the exception of Indonesia and the Philippines ended their year in losses, as lingering concerns over the eurozone debt crisis and heightened worries about the global economy kept investors on the sidelines.

The FBM KLCI jumped 1.6% or 24.04 points to close at 1,530.73. However, this is still ways off its all-time high of 1,597.08 on July 11 this year.

Gainers led losers by 468 to 327, while 336 counters traded unchanged. Volume was 1.33 billion shares valued at RM1.53 billion.

At the regional markets, the Shanghai Composite Index rose 1.19% to 2,199.42, Japan’s Nikkei 225 increased 0.67% to 8,455.35, Hong Kong’s Hang Seng Index added 0.20% to 18,434.39, while Taiwan’s Taiex fell 2.74% to 7,072.08 and Singapore’s Straits Times Index lost 0.99% to 2,646.35.

On Bursa Malaysia, Petronas Dagangan rose 50 sen to RM17.80, BAT 32 sen to RM49.92, JT International added 24 sen to RM7.39, Nestle and Sime Darby added 20 sen each to RM56.20 and RM9.20.

Among the banking stocks, CIMB jumped 28 sen to RM7.44, Maybank 26 sen to RM8.58, Public Bank 20 sen to RM13.38, RHB Capital 18 sen to RM7.48, HLFG 10 sen to RM11.66 and Hong Leong Bank up two sen to RM10.90.

Decliners included AIC that fell 15 sen to RM1.15, DKSH and Wah Seong down nine sen each to RM1.56 and RM2.07, Paragon and Esso eight sen each to 24 sen and RM3.54, while Tan Chong lost seven sen to RM4.08.

The actives included Utopia, Mulpha, KFCH, Wijaya, Coastal, Mah Sing and Sanichi.



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Asian markets ease ahead of US data, KLCI pares down losses

KUALA LUMPUR (Dec 27): Asian markets were mostly in negative territory at mid-day on Tuesday, ahead of home prices and consumer confidence data set to be released later in the day in the US.

The FBM KLCI was down 1.34 points to 1,494.81 at the mid-day break.

Losers beat gainers by 301 to 257, while 293 counters traded unchanged. Volume was 445.83 million shares valued at RM232.02 million.

The ringgit weakened 0.37% to 3.1592 versus the US dollar; crude palm oil futures for the third month delivery fell RM22 per tonne to RM3,148, crude oil added eight cents per barrel to US$99.76 while gold fell US$12.07 an ounce to US$1,594.88.

At the regional markets, Japan’s Nikkei 225 was down 0.43% to 8,442.73, South Korea’s Kospi fell 1.02% to 1,837.84, Taiwan’s Taiex lost 0.48% to 7,058.71 and Singapore’s Straits Times Index shed 0.15% to 2,672.54.

The Shanghai Composite Index edged up 0.05% to 2,191.23 while European and some Asian markets, including Hong Kong and Australia, were closed on Tuesday.

On Bursa Malaysia, Y&G fell 28.5 sen to 68 sen, BAT and Dutch Lady lost 20 sen each to RM49 and RM23.16, JT International and Hong Leong Bank down 12 sen each to RM6.87 and RM10.82, Petronas Dagangan 10 sen to RM17.20 while Petra Energy and EKIB was down eight sen each to RM1.05 and 46 sen.

Among the gainers, Boxpak rose 29 sen to RM2.14, KLK 26 sen to RM22.46, F&N 20 sen to RM18.20, AIC and Top Glove 12 sen each to RM1.30 and RM4.86, Kretam, Far East and Ta Ann added 10 sen each to RM2.50, RM7.15 and RM5.15 respectively, while Nestle and BLD PLANTATION []s gained eight sen each to RM56.68 and RM7.20.

The actives included MBF Holdings warrants, Proton, Karambunai, Astral Supreme and Sanichi.



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KLCI extends gains at mid-day as Asian markets rise

KUALA LUMPUR (Dec 23): The FBM KLCI extended its gains at the mid-day break on Friday, in line with its regional peers ahead of more economic data coming out from the US later today, as most global markets head for an extended weekend with the Christmas break.

At 12.30pm, the FBM KLCI was up 3.30 points to 1,494.76.

Gainers led losers by 304 to 279, while 320 counters traded unchanged. Volume was 451.74 million shares valued at RM363.87 million.

The ringgit strengthened 0.30% to 3.1565 versus the US dollar; crude palm oil futures for the third month delivery rose RM32 per tonne to RM3,129, crude oil was up 20 cents per barrel to US$99.73 and gold added US$4.75 an ounce to US$1,610.30.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.08% to 18.576.06, the Shanghai Composite Index gained 1.45% to 2,218.01, Taiwan’s Taiex added 2.14% to 7,115.13, South Korea’s Kospi rose 1.19% to 1,869.45 and Singapore’s Straits Times Index edged up 0.35% to 2,674.11.

On Bursa Malaysia, Nestle and BAT rose 30 sen each to RM56.90 and RM48.18, AIC was up 15 sen to RM1.30, MAHB 13 sen to RM5.59, while KLK, UMW, Esso, Genting and IJM rose 10 sen each to RM22.10, RM6.55, RM3.51, RM10.86 and RM5.52 respectively.

Among the decliners, Tasco, Shell and PPB fell 10 sen each to RM1.55, RM9.20 and RM17 respectively; HELP and Public Bank lost six sen each to RM1.65 and RM13.20, Huat Lai and WCT fell five sen each to RM2.30 and RM2.25, while Bina Goodyear was down 4.5 sen to 60 sen.

The actives included Perisai, Astral Supreme, Sanichi, UEM Land, Envair, KNM and Utopia.



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FBM KLCI up at mid-morning, but stays shy of 1,500-level

KUALA LUMPUR (Dec 23): The FBM KLCI rose on Friday and stayed in positive territory in line with regional markets and the overnight gains at Wall Street, but stayed shy of the crucial 1,500-level in thin trade.

The FBM KLCI was up 2.77 points to 1,494.23 at 10am, lifted by gains at select blue chips.

Gainers led losers by 223 to 126, while 213 counters traded unchanged. Volume was 198.4 million shares valued at RM105.92 million.

Asian stocks edged up on Friday, as signs of a strengthening economy in the United States encouraged a modest year-end rally in riskier assets, according to Reuters.

Wall Street stocks had risen for a third straight day on Thursday, leaving the S&P 500 index virtually flat for the year, after data showed new claims for unemployment benefit dropped to their lowest in 3-1/2 years, it said.

At the regional markets, Hong Kong’s Hang Seng Index rose 1.11% to 18,582.37, Taiwan’s Taiex gained 1.62% to 7,079.36, South Korea’s Kospi added 1.15% to 1,868.69, Singapore’s Straits Times Index was up 0.38% to 2,674.83 and the Shanghai Composite Index edged up 0.14% to 2,189.33.

Meanwhile, Japan’s stock markets were closed for a national holiday.

BIMB Securities Research in a note Dec 22 said better than expected job data in the US and higher than expected injection of funds by the ECB had positive cumulative impact on the equity markets all round.

Consequently European bourses registered an all round gain of around 1% whilst the Dow Jones Industrial Average climbed 62 points to remain above the 12,000 mark, it said.

The research house said it looked like focus on the Eurozone had been diverted temporarily in light of the tension in the middle-east where crude prices were again pushed nearer to the US$100/barrel again.

In Asia, regional markets closed on a mixed note from the lack of fresh leads, it said.

“As for Malaysia, the FBM KLCI is inching ever closer to the psychological 1,500 mark with a 6.5 point gain. Although we believe selective buying on blue chips to continue, the extended weekend may thwart any aggressive push on the upside.

“Nonetheless, we remain sanguine that the index to breach the 1,500 level,” it said.

Among the gainers, Nestle was up 30 sen to RM56.90, BAT added 26 sen to RM48.14, AIC 15 sen to RM1.30, Dutch Lady and CIMB 10 sen each to RM23.40 and RM7.10, KLK and Hai-O up eight sen each to RM22.08 and RM1.90, while CCM and Muhibbah rose seven sen each to RM1.49 and RM1.15.

Perisai was the most actively traded counter with 9.53 million shares done. The stock added 4.5 sen to 73 sen.

Other actives included Astral Supreme, Sanichi, Envair, Utopia, UEM Land, LFE Corp and KNM.

Decliners included Y&G, Bina Goodyear, HELP, Kretam, Scomi Engineering, MESB, WCT and Bernas.



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KLCI slips at mid-day as Asian markets tread cautiously

KUALA LUMPUR (Dec 5): The FBM KLCI slipped at the mid-day break on Monday, in line with the cautious sentiment at most key regional markets that are awaiting for the outcome of a crucial European leaders’ summit later in the week.

The FBM KLCI slipped 0.16 point to 1,488.86 at the mid-day break, weighed by losses at select blue chips.

Gainers led losers by 298 to 290, while 287 counters traded unchanged. Volume was 1.3 billion shares valued at RM634.95 million.

The ringgit weakened 0.40% to 3.1391 versus the US dollar; crude palm oil futures for the third month delivery rose RM41 per tonne to RM3,101, crude oil rose 51 cents to US$101.47 per barrel while gold edged up two cents an ounce to US$1,746.77.

Asian markets were mixed after the HSBC Purchasing Managers' Index for China's services sector fell to 52.5 from 54.1 in November, its slowest rate of growth in three months.

At the regional markers, Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index each rose 39% to 8,677.61 and 19,114.78 respectively, and South Korea’s Kospi edged up 0.02% to 1,916.46.

Meanwhile, the Shanghai Composite Index fell 0.63% to 2,345.78, Taiwan’s Taiex lost 0.39% to 7,112.67 and Singapore’s Straits Times Index shed 0.33% to 2,764.25.

Among the decliners on Bursa Malaysia this morning, IJM Corp fell 17 sen to RM5.61, Sime Darby 13 sen to RM8.99, Asas 12 sen to 98 sen, Parkson 11 sen to RM5.73, Petronas Dagangan 10 sen to RM17.20, AIC nine sen to RM1.11 while HELP and OCB lost eight sen each to RM1.70 and 47 sen.

Proton was the top gainer and surged 98 sen to RM4.59 with 14.45 million shares done.

The national carmakers shares were actively traded on Monday after the Edge weekly reported that state investment arm Khazanah Nasional Bhd was likely to ask for proposals from interested parties for its stake in the carmaker.

Citing industry sources, the Edge said Khazanah had made overtures and put out feelers to the market, seeking proposals from existing car players on a business plan with regard to Proton.

Khazanah is the largest shareholder in the national car company with a 42.74% stake.

Other gainers included BAT that rose 72 sen to RM47.82, Nestle 60 sen to RM53.20, United PLANTATION []s and Toyo Ink 30 sen each to RM18.40 and RM1.90, Tradewinds Plantations 26 sen to RM4.43 while KLK added 20 sen to RM22.

The actively traded counters this morning included Proton’s securities, Compugates, DPS Resources and Sanichi.



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KLCI extends losses, Asian mkts mired in red

KUALA LUMPUR (Nov 18): Growing fears of deepening funding difficulties in Europe that has kept Asian equity markets for four days in a row sent the FBM KLCI lower at the mid-day break on Friday, Nov 18.

The FBM KLCI fell 2.84 points to 1,462.63 at 12.30pm, with losses at select blue chips as investors stayed on the sidelines ahead of the weekend.

Gainers trailed losers by 164 to 471, while 248 counters traded unchanged. Volume was 763.77 million shares valued at RM562.01 million.

The ringgit weakened 0.15% to 3.1630 versus the US dollar; crude palm oil futures for third month delivery rose RM16 per tonne to RM3,228, crude oil fell 27 cents per barrel to US$98.55 while gold added US$2.33 an ounce to US$1,724.10.

At the regional markets, South Korea’s Kospi fell 2.02% to 1,838.73, Hong Kong’s Hang Seng Index lost 1.81% to 18,476.24, Taiwan’s Taiex was down 1.67% to 7,264.65, the Shanghai Composite Index lost 1.35% to 2,429.86, Japan’s Nikkei 225 fell 1.25% to 8,373.52 and Singapore’s Straits Times Index shed 1.14% to 2,746.69.

On Bursa Malaysia, HLFG was the top loser this morning and fell 20 sen to RM11.36; Kluang, Ibraco, Public Bank, AIC and UMW lost 10 sen each to RM2.50, RM1.27, RM12.58, RM1.16 and RM6.50 respectively, Aeon Credit, MISC and TDM lost nine sen each to RM5.56, RM6.60 and RM3.27 respectively, while Edaran fell 8.5 sen to 31 sen.

Frontken was the most actively traded counter with 44.8 million shares done. The stock fell half a sen to 13.5 sen.

Other actives included Compugates, Extol, DPS Resources, SAAG, Envair and SYF Resources.

Among the gainers, BAT rose 32 sen to RM46.62, Fima Corp 30 sen to RM6.10, Tradewinds and Harvest Court 16 sen each to RM9.19 and RM1.20, Tradewinds PLANTATION []s 14 sen to RM3.74, DiGi 12 sen to RM34.94, Ewein 9.5 sen to RM1.06, Ekovest nine sen to RM2.70 while KrisAssets added eight sen to RM4.38.



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Stocks to watch: MBSB, Ireka, Maybank, Chin Teck, Jerneh Asia

KUALA LUMPUR (Oct 31): The string of positive corporate news is expected to underpin market sentiment on Tuesday, Nov 1 after the FBM KLCI ended October on a strong note.

However, the overnight fall on Wall Street could rein in some of the buying appetite and investors use this opportunity to take profit. Wall Street closed its best month in 20 years on a down note on Monday as the failure of trading firm MF Global Holdings Ltd and new worries about Europe's debt crisis hammered financial shares.

The Dow Jones industrial average dropped 276.10 points, or 2.26 percent, to 11,955.01. The Standard & Poor's 500 Index fell 31.79 points, or 2.47 percent, to 1,253.30. The Nasdaq Composite Index lost 52.74 points, or 1.93 percent, to 2,684.41.

Among the stocks to watch are MALAYSIA BUILDING SOCIETY BHD [] (MBSB), IREKA CORPORATION BHD [], CHIN TECK PLANTATION []S BHD [], MALAYAN BANKING BHD [], JERNEH ASIA BHD [] and AutoV Corporation Bhd

MBSB posted a 134% increase in its earnings to RM95.08 million for the third quarter ended Sept 30, 2011 from RM40.51 million a year ago.

Its revenue increased by 72% to RM372.67 million from RM215.77 million while earnings per share were 10.88 sen compared with 5.79 sen.

Ireka’s unit has secured a RM85.14 million contract for the proposed City International Hospital project in Ho Chi Minh City, Vietnam from Hoa Lam-Shangri-La 1 Ltd Liability Company.

Chin Teck Plantations Bhd’s earnings surged 90.8% to RM21.84 million in the fourth quarter ended Aug 31, 2011 from RM11.45 million a year ago, boosted by the increase in average selling prices of fresh fruit bunches (FFB), crude palm (CPO) and palm kernel despite lower production.

Its revenue rose 31.4% to RM38.37 million from RM29.20 million a year ago while earnings per share were 23.91 sen compared with 12.53 sen.

For the financial year ended Aug 31, its earnings rose 62.1% to RM76.01 million from RM46.88 million. Revenue rose at a slower pace of 28.6% to RM143.34 million from RM111.44 million.

Malayan Banking Bhd’s PT Bank Internasional Indonesia Tbk (BII) reported consolidated net profit of Rp555 billion (RM193.04 million) for the January-September period, up 34% from Rp415 billion a year ago.

BII said “the increase was achieved on the back of solid growth across the Bank’s core businesses as well as from its overall operational improvements”.

It recorded a 22% consolidated loan growth from Rp50.8 trillion in September 2010 to Rp61.9 trillion in September 2011, underpinned by small and medium enterprises (SME) and commercial loans.

Jerneh Asia Bhd has received a notice of voluntary conditional take-over offer from Kuok Brothers Sdn Bhd to acquire the remaining 58.19% stake which it does not own for cash consideration of RM1.45 per share and 45 sen per warrant.

Kuok Brothers and the parties acting in concert directly hold 102.02 million shares or 41.81% of Jerneh Asia.

At RM1.45, this is nine sen above Monday’s close of RM1.36 while the warrants ended at 40 sen.

Automotive components manufacturer AutoV Corporation expects its turnover to increase by 60% next year with the acquisition of Proreka (M) Sdn Bhd.

Bernama reported executive chairman Bernard Kong as saying the company was also in the midst of merging with two other listed companies to form a bigger group. “Financially we will be much stronger to support our businesses. We also can support our clients better," he said.

Kong said the merger with AIC CORPORATION BHD [] and Jotech Holdings, expected to be completed "sometime in March next year", would transform the company into an integrated manufacturing group dealing in automotive as well as electronics products.

Lacklustre morning for market, EU summit in focus

KUALA LUMPUR: The market put up a lacklustre performance in the morning session on Tuesday, Oct 25 as investors decided to stay on the sidelines ahead of the EU finance ministers’ summit on Wednesday.

At 12.30pm, the FBM KLCI had dipped 0.87 of a point to 1,449.15. Turnover was 424.87 million shares valued at RM388.20 million. Losers beat gainers 383 to 193 while 230 stocks were unchanged.

With the holidays on Wednesday, investors were not keen to put money into the riskier equities. The unimpressive market sentiment was also reflected in the key regional markets.

Japan’s Nikkei fell 0.44% to 8,805.22, South Korea’s Kospi dipped 0.18% to 1,894.95 and Singapore’s Straits Times Index eased 0.09% to 2,758.58. However, Hong Kong’s Hang Seng Index rose 0.54% to 18,873.10.

Among the commodities, crude palm oil third-month futures rose RM38 to RM2,928 while US light crude oil added 46 cents to US$91.73. The ringgit was firmer against the US dollar at 3.1278.

At Bursa, Genting fell five sen to RM9.97 and Genting Malaysia four sen to RM3.71 while MISC shed seven sen to RM6.71.

Among the PLANTATION [] stocks, United Plantations fell 12 sen to RM17.20 while IOI Corp shed one sen to RM5.02 but KLK rose two sen to RM20.60 and Sime five sen to RM8.69.

Public Bank and AMMB shed two sen each to RM12.48 and RM5.85 but Maybank advanced five sen to RM8.30 and RHB Cap 10 sen higher to RM7.37.

Britech was the top loser, down 13.5 sen to 11 sen while AIC and Bina Goodyear shed eight sen each to RM1.20 and 65 sen.

Among the gainers were consumer stocks, Dutch Lady up 26 sen to RM19.60, Nestle 16 sen to RM49.36, F&N 10 sen to RM16.20. DiGi added 10 sen to RM31.68 and MMHE four sen to RM5.98.