Cypark edges up after CIMB Research initiates coverage

KUALA LUMPUR (April 24): CypARK RESOURCES BHD [] shares edged up in the afternoon session on Tuesday after CIMB Research initiated coverage on the stock at RM1.89 with an Outperform rating and target price of RM2.82.

In a note Tuesday, CIMB Research said Cypark, Asean’s only listed renewable energy (RE) developer was set to boost FY13 core EPS by 91% yoy as it increases RE capacity by eightfold to 60MW.

“Execution risks are mitigated by Malaysia’s feed-in-tariff, government support and 16-21 year offtake agreements with Tenaga.

“As its risk profile improves due to a sixfold jump in fixed revenue by FY13, more value will be unlocked. Cypark is trading at 6.3x FY13 P/E while offering 6% net yield. We begin coverage with an Outperform and RM2.82 target price, based on 10% discount to SOP due to its small size,” it said.



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Cypark plans Myanmar entry by 2013

PETALING JAYA: CypARK RESOURCES BHD [] sees Myanmar as a lucrative market with abundant opportunities and hopes to enter the market by 2013, said Daud Ahmad group chief executive officer.

"The importance of Myanmar cannot be underestimated. It has a big population which means big waste, that also means it has a very high shortage of power," he said after the groups annual general meeting here today.

Speaking on Monday after the company's AGM, Daud told The Edge Financial Daily that the group was in the midst of conducting technical studies in the country on how to tackle its waste management issues.

The group are also conducting feasibility studies on a possible solar power plant, as the country has more solar hours compared to Malaysia.

Cypark is due to start generating 10 MW power from another three of its solar farms in Port Dickson, Negeri Sembilan, Johor and Perlis by June this year.



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Stocks to watch UMW, Protasco and Cypark

KUALA LUMPUR (March 31): Profit taking might chip off some gains from the FBM KLCI next week after the index came very near to surpass its all-time high on the final trading day of the first quarter of 2012 last Friday.

The local index advanced in line with the positive sentiment at global markets.

World stock markets advanced o n Friday, posting double-digit gains for the quarter, as economic reports showing U.S. consumer spending and sentiment still on the rise helped buoy stock prices and undercut the desire to hold bonds, according to Reuters.

MIDF Research head of equity Syed Muhammed Kifni said that as expected, buying support emerged late Friday on account of quarterly window dressing.

The benchmark FBM KLCI recorded a fresh 2012 year high of 1,596.33 points but nonetheless it failed to break, by a whisker, the all-time high of 1,597.08 points.

Syed Muhammed said he anticipates the market to trade lower early next week as some investors could be cashing in on Friday’s price rise.

However, he said that the underlying market sentiment should remain positive as the liquidity flow into the market is expected to stay healthy.

He said the positive money flow was expected to continue to be sustained by the relentless ‘risk-on’ mood among the foreign funds.

Syed Muhammed said Bursa data showed that they foreign funds) have been net buyers of the local equity market for the past 30 consecutive trading days until last Thursday, and the streak may well continue unbroken next week.

“Hence we are sanguine on the ability of the KLCI to retest its all-time high of 1,597.08 points towards the later part of next week.

“Technically, we pegged the immediate resistance and support levels for FBM KLCI next week at 1,600 points and 1,585 points respectively,” he said.

Among the stocks that could be in focus are UMW HOLDINGS BHD [], PROTASCO BHD [] and CypARK RESOURCES BHD [].

Petroliam Nasional Bhd has extended its oil and gas services contract with UMW by another two years in a deal valud at about US$105 million RM321.8 million).

UMW said on Friday that it would continue to offer its jack-up drilling rig known as “Naga 3” to Petronas Carigali Sd Bhd which is the exploration arm of the national oil company from March 222 this year till March 21, 2014.

Protasco will offer its expertise to the Kuala Lumpur City Hall under a five-year agreement from March 30, 2012 to Marc 29, 2017.

Protasco will be offering to engineering and capacity building services to the KL City Hall.

Cypark could continue to advance and extend it gains from Friday on its upbeat outlook for solid waste management and renewable energy business.



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KLCI breaches 1,590-level at mid-morning

KUALA LUMPUR (March30): the FBM KLCI trended higher at mid-morning on the final trading day of the first quarter of 2012, while regional markets drifted marginally lower on fears of global growth slowdown.

At 10am, the FBM KLCI was up 4.89 points to 1,590.33, lifted by select blue chips including KLK and Maybank.

Gainers led losers by 186 to 189, while 235 counters traded unchanged. Volume was 252.32 million shares valued at RM154.22 million.

Meanwhile, Asian shares steadied on Friday as investors eyed key events that could dictate market trends in coming months and as the first quarter drew to a close after a stellar performance from equities, according to Reuters.

Still, investor sentiment across asset classes is being undermined by fears of a potential growth slowdown, with European troubles back in focus and concerns about China, the world's second largest economy, it said.

At the regional markets, Japan;s Nikkei 225 shed 0.26% to 10,088.00, Hong Kong’s Hang Seng Index down 0.59% to 20,488.40, the Shanghai Composite Index dipped 0.40% to 2,261.15, Taiwan’s taiex fell 0.24% to 7,853.39, south Korea’s Kospi edged down 0.05% to 2,013.40, and Singapore’s Straits Times index fell 0.50% to 3,009.11.

BIMB Securities Research in a note March 30 said that from it was observing at the moment actual figures have to at least beat forecasts for investors to stay upbeat.

It said this was exactly the scenario Wall Street was facing as investors remain unimpressed despite the lower unemployment claims (but higher than forecast) and a 3% GDP growth for 4Q11.

“For this, the Dow Jones Industrial Average had a mixed session before edging marginally by 20 points to 13,146,” it said.

The research house said European bourses were sold down after S&P cautioned that Greece may have to undergo more restructuring.

“Asian stocks were also broadly lower from weaker European markets but the FBM KLCI was one of the handfuls ended the day on positive territory.

“The index was up 1.7 points to jump just above the immediate resistance of 1,585. We expect market to be lacklustre today amid some downside risks and lack of fresh leads with 1,580 as the immediate support level,” it said.

Among the gainers on Bursa Malaysia at mid-morning, KLK rose 38 sen to RM24.52, BAT 28 sen to RM56.80, Sapuracrest, Maybank, Carlsberg and United PLANTATION []s added eight sen each to RM4.88, RM8.88, RM10.28 and RM24.88 respectively, IOI Corp seven sen to RM5.34, while Cypark and Maxis adde six sen each to RM1.92 and RM6.06.

Carotech was the most actively traded counter with 46 million shares traded. The stock fell three sen to 2 sen.

Other actives included Key West, Winsun, SuperComnet, KBB, Trinity, IFCA MSC, Ariantec and TMS.

Decliners at mid-morning included GAB, Genting, Petronas Dagangan, PPB, Hong Leong Bank, HELP, Kluang, UMW, Harrisons and Tradewinds Plantations.



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Cypark advances on upbeat outlook for solid waste management, renewable energy biz

KUALA LUMPUR (March 30): CypARK RESOURCES BHD [] shares advanced on Friday despite the company posting a marginally lower net profit of RM6.51 million in the first quarter ended Jan 31, 2012, down 0.6% than RM6.55 million a year ago.

At 9.46am, Cypark rose six sen to RM1.92 with 244,700 shares traded.

However, investors appeared to favour the sock as the company remained upbeat for its core business of solid waste management and renewable energy.



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HDBSVR: KLCI may struggle to tread above 1,580

KUALA LUMPUR (March 30): HwangDBS Vickers Research (HDBSVR) said despite an absence of positive developments, key US equity indices staged a late rebound on Thursday night.

On Wall Street, the key US indices managed to recover from intra-day losses of 0.7%-1.1% before finishing mixed (with changes of between -0.3% and +0.1%) at the closing bell.

“And following yesterday’s resilient performance, which saw the FBM KLCI ending in the positive territory when most regional peers were in the red, our Malaysian bourse will likely experience listless trading today,” it said.

HDBSVR said on the chart, the benchmark index may struggle to tread just above the immediate support line of 1,580 ahead.

Among the counters that could see added action include: (a) Maybank, after its president said the banking group’s net interest margin is expected to contract by 10 basis points this year due to competitive pressures; (b) Crest Builder, which has won a bid to undertake a joint development of a parcel of prime commercial land located at Dang Wangi LRT station with an estimated gross development value of RM220m; and (c) Cypark, following the signing of an MOU on cooperation in the field of waste management and renewable energy in Myanmar.



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Stocks to watch: UM Land, VS Industry, BCorp, SelProp

KUALA LUMPUR (March 30): Malaysian stocks may find support on Friday from quarter-end window dressing by fund managers on the final trading day of the first quarter. This could spur the FBM KLCI’s advance against the backdrop global economic growth concerns and anticipation of Malaysia’s next general election.

Analysts believe technical dynamics could still push the FBM KLCI to its historical high of 1,597 points, but the crucial question is whether the index can sustain its gains.

“Strategy wise, investors should capitalise on further rallies to take profits and stay nimble, in the wake of volatile external markets as well as ahead of the looming 13th general election,” Hong Leong Investment Bank Bhd research head Low Yee Huap wrote in a note.

The 30-stock FBM KLCI rose 1.69 points to close at 1,585.44 points on Thursday following a volatile trading session.

Stocks to watch on Friday include UNITED MALAYAN LAND BHD [] (UMLand), V.S. Industry Bhd, Berjaya Corp Bhd (BCorp), Selangor PROPERTIES [] Bhd, and CREST BUILDER HOLDINGS BHD []. Other stocks to watch are CypARK RESOURCES BHD [] and HAI-O ENTERPRISE BHD []

UMLand and Iskandar Investment Bhd have signed a collaboration agreement to conduct negotiations which will facilitate UMLand’s plan to acquire and develop tracts in Iskandar Malaysia, Johor .

V.S. Industry, a contract manufacturer of electronic products, said net profit fell 34% to RM6.64 million in the second quarter ended Jan 31, 2012 from RM10.1 million a year earlier, dragged down by lower income from its associates. Revenue, however, rose 4% to RM265.77 million from RM255.51 million.

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

Selangor Properties’ net profit fell 89% to RM552,000 in the first quarter ended Jan 31, 2012 from RM5.06 million a year earlier due to currency translation losses.

Crest Builder and joint venture partner Detik Utuh Sdn Bhd will undertake a RM220 million mixed development in collaboration with landowner Syarikat Prasarana Negara Bhd.

Cypark posted net profit of RM6.51 million in the first quarter ended Jan 31, 2012, a marginal 0.6% lower than RM6.55 million a year ago but it remained upbeat for its core business of solid waste management and renewable energy.

Hai-O’s net profit rose 42.8% to RM9.06 million in the third quarter ended Jan 31, 2012 from RM6.34 million a year ago, boosted by its principal subsidiary, the multilevel marketing division. Its revenue increased 8.9% to RM62.79 million from RM57.62 million.

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



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

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

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

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

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

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

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

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

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

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

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



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OSK Retail Research sees positive consolidation of Cypark Resources

KUALA LUMPUR (March 27): OSK Retail Research said Cypark Resources appears to have ended its downtrend last month after closing above RM1.75, breaking the series of lower highs.

It said on Tuesday that consolidation naturally takes over at this juncture and the broken resistance has turned into support.

“Together with other positive indications, a continuation of the uptrend is to be expected as long as the stock stays above RM1.75,” it said.



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Stocks to watch: Fajarbaru, KLK, CBIP, Focus

KUALA LUMPUR (March 21): Malaysian equities could be subject to profit taking on Wednesday against a lack of domestic catalysts to drive the market.

Analysts said the strength of the FBM KLCI may be curbed as institutional and retail investors lock in their profits ahead of the country’s impending general election, possibly in May or June this year.

On the global backdrop, the spotlight will be on updates from US and China, sentiments from which are crucial drivers for Asian stock markets, they said.

There is a “lack of strong catalysts” to spur the FBM KLCI higher, Hong Leong Investment Bank Research had said in a market outlook.

The FBM KLCI rose 4.02 points or 0.26% to close at 1,577.62 on Tuesday.

Stocks to watch on Wednesday include Fajarbaru Builder Group Bhd, KUALA LUMPUR KEPONG BHD [] (KLK), CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) and FOCUS DYNAMICS TECHNOLOGIES [] Bhd.

Other companies which would see trading interest are MALAYAN BANKING BHD [] (Maybank), MMC Corp Bhd, GAMUDA BHD [] and CypARK RESOURCES BHD [].

Fajarbaru secured a RM72.92 million contract from Messrs Shaw Plaza Sdn. Bhd to tear down and rebuild the Shaw Parade complex in Kuala Lumpur.

Kuala Lumpur Kepong Bhd (KLK) is exiting its personal care products under the brand name “Crabtree & Evelyn” with the proposed disposal of CE Holdings Ltd for US$155 million (RM465 million).

“The proposed disposal is expected to bring in a gain on disposal of approximately 11.5 sen per share for the financial year ending Sept 30, 2012,” it said.

In a separate statement, KLK said it was expanding its oil palm PLANTATION [] area in Indonesia with the acquisition of PT. Global Primatama Mandiri (PT GM), which has the rights for 7,400 ha of land in, Kalimantan for plantations.

KLK said on Tuesday its subsidiary KL-Kepong Plantation Holdings Sdn Bhd (KLKPH) had entered into two agreements to acquire 90% of PT GM for RM3.60 million.

HwangDBS Vickers Research Sdn Bhd has raised its target price for CBIP, a manufacturer of palm oil mills, by 23% from RM2.43 to RM3 while maintaining its Buy call for the stock.

This takes into account the stock’s attractive valuations at a forward price to earnings ratio of seven times, HDBSVR said. CBIP was up one sen to RM2.45.

Focus Dynamics, in its response to the query, said it is not aware of any factors contributing to the unusual trading patterns of its shares except for a news report speculating on Datuk Raymond Chan Boon Siew’s proposed acquisition of a 25% stake in the energy-efficient electrical control products manufacturer.

Focus Dynamics said its directors, after deliberating on the news report, have informed that Chan is not a placee in the firm’s private placement exercise.

“The board, however, is not in a position to comment on the report about his plans to acquire equity shares of Focus from the open market,” Focus Dynamics said, adding that the company has not received any proposal from Chan to inject oil and gas projects into the firm.

Maybank president and CEO Datuk Seri Abdul Wahid Omar said the financial services provider plans to set up its branch office in Myanmar as soon as foreign banks are given the approval to do so. Shares of Maybank added one sen to close at RM8.73 on Tuesday.

The MMC Corp Bhd-Gamuda Bhd joint venture has clinched the underground package for the Sungai Buloh-Kajang MRT line with an RM8.2 billion bid. MMC shares climbed 15 sen to RM2.95 while Gamuda added 12 sen to RM3.74.

Cypark Resources targeted to generate turnover of about RM45 million from 2013 when the 33 MW solar capacity from its solar plants are completed.



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Cypark targets annual turnover of RM45m from solar plants

KUALA LUMPUR (March 20): CypARK RESOURCES BHD [] has targeted to generate turnover of about RM45 million from 2013 when the 33 MW solar capacity from its solar plants are completed.

Cypark executive chairman and founder Tan Sri Razali Ismail said the company targeted to complete the installation of an additional 25MW of solar plants in Johor, Perlis, Melaka and Negeri Sembilan by end-2012.

“With the targeted completion of 33 MW total solar capacity, Cypark expects to generate annual turnover of about RM45 million from year 2013 onwards,” he said, adding that by January 2013, Cypark hoped to fully transform itself into a “green utility company” specialising in the area of solar Photovoltaic and waste to energy”.

He was speaking at the official launch of the Cypark’s largest solar park by Prime Minister Datuk Seri Najib Tun Razak in Pajam, Negeri Sembilan. It is the largest grid connected solar park (41.73 acres) and the solar park with the most number of solar panels (31,824).

Work on the 8MW solar park started in September 2011 and was completed by Dec 31.

Cypark will start exporting and selling its energy to TENAGA NASIONAL BHD []’s grid at 95 sen per kilowatt on March 28, 2012.



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MMC, Gamuda in focus after MRT projects

KUALA LUMPUR (March 20): MMC Corp and Gamuda’s securities provided some life into the otherwise lacklustre market on Tuesday as investors stayed mostly on the sidelines in line with the cautious regional markets.

The FBM KLCI closed up 4.02 points or 0.26% to 1,577.62, lifted by gains in IOI Corp and Tenaga. Turnover was 2.14 billion shares valued at RM1.76 billion. There were 314 gainers, 431 losers and 376 counters unchanged.

Hong Kong’s Hang Seng Index fell 1.08% to 20,888.20, Shanghai Composite Index lost 1.38% to 2,376.84, Taiwan’s Taiex shed 0.89% to 7,972.70 but Singapore’s Straits Times Index added 0.42% to 3,002.73.

Market sentiment was cautious as reflected in the broader market where declining stocks led advancers. While there was some fund support for key stocks, trading activity was heavy in penny stocks and lower liners.

The KLCI is one of the laggards among the key regional markets, with the index up 6.27% in US dollar terms year-to-date compared with STI’s 16.55%, Hang Seng Index’s 9.87% and Shanghai Composite’s 7.77%.

IOI Corp and Tenaga rose five sen each to RM5.29 and RM6.54, pushing up the index by 1.39 points.

MMC added 15 sen to RM2.95, pushing the index up by 0.57 of a point. Gamuda rose 12 sen to RM3.74 and Gamuda-WD 10 sen to RM1.45.

The securities of the companies saw active trade after their joint venture won the underground package for the Sungai Buloh-Kajang MRT line with the bid of RM8.2 billion.

Hartalega was the top gainer, up 26 sen to RM8.19, Ta Ann 13 sen to Rm5.88, HLFG 12 sen to RM12, and Batu Kawan 10 sen to RM18.60.

Share prices of Metronic Global and its 17%-owned unit Ariantec Global slipped in active trade. Ariantec fell 3.5 sen to 10.5 sen and it was the most active with 121.23 million shares done while Metronic eased two sen to 11 sen.

Focus, which was queried over the sharp increase in the price of its securities and volume, saw its share price ending the day two sen higher at 21.5 sen. Focus-WA added four sen to eight sen and Focus-WB two sen to 14.5 sen.

Among the index-linked stocks, Petronas Chemicals fell three sen to RM6.71, Public Bank two sen to RM13.62 and RHB Cap three sen to RM8.

Aeon was the top loser, down 25 sen to RM9.13 with 20,500 shares done. Cypark lost 11 sen to RM1.87 and United PLANTATION []s 10 sen to RM25.



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CIMB Research has technical sell on Cypark at RM1.84

KUALA LUMPUR (March 8): CIMB Equities Research has a technical sell on Cypark Resources at RM1.84 at which it is trading at a price-to-book value of 2.5 times.

It said on Thursday the countertrend rebound may have exhausted. Prices reached the 38.2% Fibonacci Retracement level and the bears have since weighed on the bulls.

“The triangle breakdown on Tuesday indicates that there is still room to the downside. Once the 200-day SMA (RM1.80) gives way, expect prices to fall towards RM1.70 and RM1.63,” it said.

CIMB Research said the MACD has staged a dead cross, pushing its histogram bars into the negative territory. RSI too is below the 50pts mark.

“Unload on strength looks like a good option here, especially near the RM1.90-RM1.98 resistance. Only a rise above RM2.00 would prompt us to review our call,” it said.



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Stocks to watch: eBworx, UEM Land, CBIP, KLK

KUALA LUMPUR (March 3): With the FBM KLCI currently at overbought levels, investors ponder whether the FBM KLCI can reach the all-time high of 1,594.74 in July 2011.

On Friday, CIMB led the KLCI to a higher close, as the firmer blue chips galvanised market sentiment. The KLCI rose 10.33 points or 0.66% to 1,583.78.

A further upward trend could boost sentiment among smaller cap stocks, but this would also hinge on external factors from the eurozone and high oil prices which could stifle global growth.

On Wall Street, the S&P and Nasdaq notched their eighth week of gains out of the last nine, but momentum ran out on Friday as stocks ended the day lower in a thinly traded session.

Energy shares were the big losers in the broad decline, falling alongside crude oil prices, though other cyclical groups, including industrials and financials, also lost altitude.

Reuters said the Dow Jones industrial average dipped 2.73 points, or 0.02 percent, to 12,977.57 at the close. The Standard & Poor's 500 Index slipped 4.46 points, or 0.32 percent, to 1,369.63. The Nasdaq Composite Index shed 12.78 points, or 0.43 percent, to close at 2,976.19.

For the week, the Dow inched down 0.05 percent, while the S&P 500 rose 0.3 percent and the Nasdaq added 0.4 percent. On Tuesday, the Dow closed above 13,000 for the first time since May 2008, though it has subsequently struggled to maintain that level.

Affin Investment Bank head of retail research Dr Nazri Khan said on the technical front, the short term momentum might be overbought, but it was normal to expect the KLCI to stay at overbought level for an extended period of time.

“With the KLCI at seven months high, we see the bulls having the upper hand now with all oscillators pointing up accompanied by good trading volume (KLCI has rallied a respectable 62 points and 4% year-to-date with 1.6 billion shares average daily volume suggesting strong buyers underneath).

“The next FBMKLCI target should ultimately come in at July 2011 all-time-high of 1597 level. Short term supports meanwhile are seen at last week high and low near 1565 and 1550 level respectively,” he said in a note.

Meanwhile stocks to watch on Monday include EBWORX BHD [], UEM Land Bhd, CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP), KUALA LUMPUR KEPONG BHD [], ENVAIR HOLDING BHD [] and CyPARK RESOURCES BHD [].

Hitachi Ltd had on Friday launched a conditional voluntary general offer for eBworx Bhd with an indicative purchase price of 90 sen a share. Its pre-suspension price was 78.5 sen.

eBworx said Hitachi had proposed to acquire the shares by making a conditional voluntary general offer to all holders of the shares with a minimum level of acceptances of no less than 85% of the nominal value of the shares excluding the treasury shares held by the company.

UEM Land has targeted a 40% increase in net profit under its key performance indicators for 2012. It was reported the property developer was also targeting a 50% increase in revenue.

UEM Land managing director and CEO Datuk Wan Abdullah Wan Ibrahim was quoted as saying the optimism was underpinned by the various launches this year with a combined gross development value of RM4.5 billion.

He was also quoted saying that for 2012, UEM Land was targeting to achieve RM3 billion in property sales with new residential and commercial property launches.

Meanwhile, The Edge weekly said palm oil mills builder and equipment manufacturer CB Industrial Product Holding is quietly transforming itself into a medium-size palm oil player with the expansion of its Indonesian PLANTATION [] venture.

CBIP would also attract interest as its one-for-one bonus issue goes ex on Monday.

KL Kepong plans to build three refineries in Indonesia to tap higher margins after Jakarta lowered its processed edible oil export taxes, Reuters reported.

With 56% of the its total 248,498 ha land bank in Indonesia, KLK’s plantations director Roy Lim was quoted saying there was little choice but to build the refineries there.

Envair plans to undertake a private placement of up to 35.56 million new shares or 30% of its paid-up to raise RM9.78 million or 27.5 sen per share. It last traded price was 29.5 sen.

The shares would be placed out to its major shareholder Deepak Jaikishan, the directors Mohd Anuar Mohd Hanadzlah and Mohd Shukri Abdullah and independent third parties.

Cypark Resources Bhd has proposed a private placement of up to 15.52 million shares or 10% of the paid-up share capital, to raise up to RM27.48 million.

The indicative issue price was RM1.77 per placement share, which would be a discount of about 10% to the five-day volume weighted average market price of the shares up to and including the last practical date of RM1.9585.

Poultry-based DBE Gurney Bhd has proposed to place out 67.33 million shares or 10% of the current paid-up share capital to raise funds for working capital.

It said the proposed private placement will enable the group to raise fund for working capital requirements, improve the group’s cash flow position and also to provide continued support to the group’s existing business and future business expansion.

DBE Gurney said assuming the placement shares were issued at an indicative issue price of 10 sen per placement share based on the par value of the shares, the proposed private placement is expected to raise gross proceeds of up to RM6.73 million.



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Cypark Resources proposes private placement to raise RM27.48m

KUALA LUMPUR (March 2): CyPARK RESOURCES BHD [] has proposed to place out up to 15.52 million shares or 10% of the paid-up share capital to raise up to RM27.48 million.

It said on Friday the indicative issue price was RM1.77 per placement share, or a discount of about 10% to the five-day volume weighted average market price of the shares up to and including the last practical date of RM1.9585.

“The proposed private placement will enable Cypark to raise funds for its working capital requirements without incurring interest costs, as compared to bank borrowings,” it said.

Cypark added the corporate exercise was the fastest way to raise funds from the capital market as opposed to other forms of fund raising.

It said the shareholders had approved the issuance of up to 10% of the issued and paid-up share capital at its AGM on April 27, 2011.



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KUALA LUMPUR (Feb 29): The FBM KLCI rose more than 10 points in late morning trade on Wednesday, the most in recent weeks, with consumer-related count

KUALA LUMPUR (Feb 29): The FBM KLCI rose more than 10 points in late morning trade on Wednesday, the most in recent weeks, with consumer-related counters among the major gainers as sentiment perked up in line with the regional markets.

At 11.16am, the KLCI was up 10.32 points to 1,567.05. Turnover was 672.86 million shares valued at RM634.94 million. Advancing counters beat decliners 382 to 218 while 268 stocks were unchanged.

BAT rose RM1.14 to RM53.44m Dutch Lady 42 sen to RM29.40 and Carlsberg 16 sen to RM10.06.

HLFG rose 42 sen to RM12.24, Aeon 41 sen to RM8.60 and PetGas 32 sen to RM16.88 while PPB and CCM Dbio rose 30 sen each to RM17.30 and RM2.50.

Cypark again came under the radar screen, rising 13 sen to RM2.04.



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Late buying pushes KLCI firmly into positive zone

KUALA LUMPUR: Late buying on index-linked stocks pushed the FBM KLCI firmly into the positive zone on Monday while the broader market saw some profit taking activities on recent gainers, which was in line with some key regional markets.

The surprise stimulus move in China and signs Greece would secure a long-awaited bailout deal helped underpin sentiment for blue chips.

At 5pm, the FBM KLCI was up 3.42 points or 0.22% to close at 1,560.57, nudged up gains in by Maybank and BAT. Volume was 1.86 billion shares traded valued at RM1.61 billion. Losers led gainers 469 to 349, while 339 counters remained unchanged.

Japan's Nikkei 225 was up 1.08% to 9,485.09, Taiwan's Taeix rose 0.77% to 7,954.82, Singapore's Straits Index 0.69% to 3,021.19, Shanghai's Composite Index 0.27% to 2,363.60 and South Korea's Kospi up marginally 0.07% to 2,024.90. Only Hong Kong's Hang Seng Index was in the red, down 0.31% to 21,424.79.

At Bursa Malaysia, the KLCI was supported by gains in Maybank, which rose five sen to RM8.61 and managed to nudge the 30-stock KLCI up 0.89 of a point. BAT added RM1.38 to RM53.90, adding 0.62 of a point to the index.

Other gainers were Nestle, up 90 sen to RM56.00, Oriental Holdings 30 sen to RM5.65, Aeon 29 sen to RM7.99 and Panasonic Malaysia 22 sen to RM20.42.

Among the lower liners, Cyberpark rose 19 sen to RM2.07 on the positive outlook for its integrated renewable energy plant in Negeri Sembilan to be launched next month.

Cybertowers added 18.5 sen to 76 sen. Before market close, Bursa Malaysia Securities had queried Cybertowers over the unusual market activity in the trading of the company’s shares.

Green Ocean, which closed up 2.5 sen to 25 sen with 58.8 million shares traded, was earlier queried by Bursa Securities for its sharp rise in price and volume.

Among top losers were TAHPS down 20 sen to RM4.50, Ewein 18.5 sen to 80.5 sen while BLD PLANTATION []s and Tasek fell 17 sen each to RM9.83 and RM8.30 respectively.



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Cypark up on launch of integrated renewable energy plant

KUALA LUMPUR: Shares of CypARK RESOURCES BHD [] were among top five gainers in anticipation of the launch of its integrated renewable energy plant in Negeri Sembilan next month.

At 3.52pm, it was up 21 sen to RM2.09 with 3.27 million shares done.

The FBM KLCI was up 1.38 points to 1,558.53. Turnover was 1.43 billion shares valued at RM1.11 billion. The broader market turned cautious, with 453 losers to 320 gainers and 339 stocks unchanged.

To recap, The Edge Financial Daily reported on Feb 16 that Cypark’s group CEO Daud Ahmad had targeted that the group would derive 60% of its contributions from renewable energy starting 2013.

The plant in Pajam, Negeri Sembilan that would be fully operational in 2013 will be able to produce 15MW of electricity, 13MW from solar and 2MW from biogas.

The group which specialises in landscaping and landfill rehabilitation are also planning to open another six solar farms in Pahang, Negeri Sembilan, Perlis and Johor by the end of this year.

Cypark would be holding a briefing Monday evening at its plant in Pajam on its progress.



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KL shares higher at mid-afternoon

KUALA LUMPUR: Share prices on Bursa Malaysia remained higher at mid-afternoon trading today, prompted by gains in banking and plantation stocks like Maybank, CIMB, Sime Darby and Genting, dealers said.

At 3pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.21 points to 1,559.36, in line with the positive movement of other regional bourses.

Maybank rose seven sen to RM8.63, CIMB added two sen to RM7.30, Sime Darby gained five sen to RM9.64 and Genting earned four sen to RM10.68.

The Finance Index surged 51.36 points to 13,914.83 and the Industrial Index gained 3.61 points to 2,905.72 but the Plantation Index decreased 3.67 points to 8,817.62.

The FBM Emas Index advanced 16.3 points to 10,843.16, the FBM70 Index rose 27.51 points to 12,359.06 and the FBM Ace Index added 51.38 points to 4,749.16.

Gainers outnumbered losers 358 to 356 with turnover at 1.139 billion units valued at RM864.16 million.

For actives, British American Tobacco rose 38 sen to RM52.90, Aeon advanced 30 sen to RM8.00, Oriental earned 27 sen to RM5.62 and Cypark Resources improved 20 sen to RM2.08.

Among heavyweights, Petronas Chemicals gained nine sen to RM6.97, Maxis earned five sen to RM5.80 while Axiata was unchanged at RM5.01. - Bernama



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Key markets up on Greece optimism, China policy

KUALA LUMPUR: Key regional markets including Bursa Malaysia rose on Monday as investors’ risk appetite improved after China's easing policy and confidence that Greece would secure its second bailout.

At midday, the FBM KLCI was up 3.94 points or 0.25% to 1,561.09. Volume traded was 991.2 million shares valued at RM687.6 million. Gainers beat losers 372 to 307 while 348 counters remained unchanged.

Japan's Nikkei 225 rose 0.92% to 9,470.72, Shanghai's Composite Index 0.88% to 2,377.96, Taiwan's Taeix Index 0.73% to 7,952.32, Hong Kong's Hang Seng Index 0.68% to 21,638.05, Singapore's Straits Index 0.40% to 3,012.74 and South Korea's Kospi 0.17% to 2,026.96.

US light crude oil rose US$1.72 to US$104.96 per barrel and Brent crude US$1.51 higher to US$121.09 while the ringgit strengthened to 3.0027 against the US dollar.

At Bursa Malaysia, the top gainers included Aeon, up 38 sen to RM8.08, Oriental Holdings 30 sen to RM5.65 and Cypark up 19 sen to RM2.07.

Maybank rose 8.0 sen to RM8.64, nudging the KLCI up by 1.42 points, RHB Capital gained 14 sen to RM7.49, Public Bank four sen to RM13.74 and CIMB one sen to RM7.29.

Petronas Chemicals added 10 sen to RM6.98, pushing the index up by 1.01 points. GENTING BHD [] added six sen to RM10.70 and Maxis five sen to RM5.80.

Green Ocean was the most active with 51.16 million shares done. It added three sen to 25.5 sen. The company was queried by Bursa Securities following the sharp rise in price and high volume recently.

Envair also saw active trade, adding 1.5 sen to 28 sen with 18.34 million units done.

Among the losers were, Dutch Lady, down 60 sen to RM25.16 but with only 600 shares done, Shell Refining 10 sen to RM9.70 after posting losses.

Ewein lost 19 sen to 80 sen, Boxpak 15 sen to RM2.21 and Malpac 14 sen to RM1.50 in thin trade.



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