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.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

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.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

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.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Samsung-Bintai Kinden JV gets S$166m contracts

KUALA LUMPUR (March 28): A subsidiary of BINTAI KINDEN CORPORATION BHD [] and its partner Samsung C&T Corporation have secured S$166.23 million (RM405.10 million) in contracts from Singapore’s Land Transport & Authority.

Bintai Kinden said the contracts were for the downtown line Stage 3 project of its mass rapid transit in Singapore.

The first contract was to supply and install electrical services for contract value of S$78.29 million. The second contract was to supply and install tunnel ventilation and environmental control systems for S$87.93 million.

The joint venture comprised of Samsung C&T Corp and Bintai Kinden’s subsidiary Bintai Kindenko Pte Ltd (BKPL). Samsung holds a 60% stake in the JV and BKPL 40%.

The contracts are due for completion by end-2016.



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.

Results: Xidelang Q3 pre-tax profit improves

# Xidelang Holdings Ltd posted a higher pre-tax profit of RM32.11 million for the third quarter ended Sept 30, 2011 from RM29.59 million recorded in the same period last year.

In filing to Bursa Malaysia today, the company said its revenue rose to RM132.94 million from RM125.25 million previously.

The improvement was attributed to an increase in brand awareness, continuous research and development, increased consumer demands resulting in higher sales for the period under review.


# KKB Engineering Bhd posted a 63.5 per cent drop in pre-tax profit to RM11.32 million for the third quarter ended Sept 30, 2011, from RM31.02 million, recorded in the same period last year.

In a filing to Bursa Malaysia today, the company said revenue slipped to RM60.20 million, from RM68.63 million, recorded in the previous corresponding period.

Going forward, it expects manufacturing and engineering activities to contribute positively to the group's performance in view of the vast opportunities existing in the Sarawak Corridor of Renewable Energy.


# Bintai Kinden Corporation Bhd recorded a higher pre-tax profit of RM6.13 million for the second quarter ended Sept 30, 2011 compared with RM1.91 million in the same period last year.

In a filing to Bursa Malaysia today, the specialist engineering company said revenue for the period however decreased to RM57.24 million compared with RM91.68 million previously.

The company expects to see a satisfactory performance for this financial year with its current projects in hand for this financial year.


# United U-LI Corporation Bhd registered a lower pre-tax profit of RM2.58 million for the third qurter ended Sept 30, 2011 compared with RM4.76 million in the same period last year.

In a filing to Bursa Malaysia today, it said revenue for the period however rose to RM34.2 million compared with RM30.74 million previously.


# Mega First Corporation Bhd (MFCB) posted a higher pre-tax profit of RM36.348 million for the third quarter ended Sept 30, 2011 from RM30.082 million chalked up in the same period last year.

In a filing to Bursa Malaysia today, the company said revenue increased to RM151.962 million compared with RM127.049 million registered previously.

MFCB said the better pre-tax profit was largely attributable to higher contribution from the power and limestone divisions and gains from the disposal of quoted shares, partially offset, by lower contribution from the property and engineering divisions.


# MNRB Holdings Bhd posted a pre-tax loss of RM337,000 for the second quarter ended Sept 30, 2011 against a pre-tax profit of RM27.94 million in the same period last year.

The group recorded a pre-tax loss in the current quarter due to the provision made by the group's reinsurance subsidiary for the Thailand flood loss, the company said in filing to Bursa Malaysia today.

Revenue, however, rose to RM362.65 million from RM338.97 million.

MNRB attributed the higher revenue to the increase in the gross premium written by the reinsurance subsidiary and the increase in the wakalah fees earned by the takaful and retakaful operator.


# Can-One Bhd posted a higher pre-tax profit of RM9.794 million for the third quarter ended Sept 30, 2011 from RM6.747 million recorded in the same period last year.

In a filing to Bursa Malaysia today, the investment holding company with its main activities in the manufacture of cans as well as food products, said its revenue rose to RM160.555 million, from RM115.244 million registered in the same quarter previously.

The improvement in revenue was attributed to increase in production efficiency and economies of larger scale production.

It added the increase in production capacity and demand for liquid milk products also contributed to the growth. -- Bernama



Get your T+10 interest FREE margin trading account NOW. Attractive brokerage for online trading. Contact Mr Ho at +603-5192 0808 or hoxian@sjsec.com.my for more details.