New stock listing
No. Stock Code Stock Name Reference Price Lower Limit Upper Limit
1. 5202 MSM 3.50 2.45 17.50
AmResearch has valued MSM at RM4.53 per share based on a price earnings ratio (PER) of 10 times financial year 2012 earnings per share. Its PER of 10 times is about 23% below the regional average PER of 13 times ex-Japan and Australia. The research house said MSM was expected to be a high dividend-yielding stock. It added that the group’s estimated FY11 to FY12 dividend yields of 6% to 7% (based on the IPO price of RM3.50) would be higher than most of the consumer and numbers forecast operator companies. It said MSM plans to pay out 50% of its net profit as dividends every year.
Oil and gas services provider Bumi Armada has set a price range of RM2.80 to RM3.15 per share for its initial public offering (IPO) next month, raising as much as US$906mil (RM2.77bil), according to a term sheet seen by Reuters yesterday. Bumi Armada is an offshore support specialist, and is the only Malaysian company that owns floating production storage and offloading vessels, which carry a premium lease rate. Bumi Armada was privatised in 2003 by tycoon T. Ananda Krishnan, and a planned relisting in 2008 was delayed due to the global financial crisis.
Petroleum Nasional Bhd and its partner PetroVietnam have been successful in their drilling campaign via the Diamond-4X exploration well in offshore Vietnam. The Diamond-4X well, drilled to test the hydrocarbon potential in the prospect’s clastics reservoir and fractured granite basement, was spudded on April 27, 2011 and reached its final target depth of 4,564 m on June 1, the company said in a statement.
The well tested the flow rate of 5,200 barrels per day of oil.
Shandong-based Sozo Global Ltd intends to set up a halal processing facility in Malaysia within the next six to 12 months from now. Chief executive officer Shen Hengbao said the company had completed its feasibility study on the project and was currently identifying the potential locations for the plant. He said to date, it had shortlisted three states as the potential location for the plant but nothing was finalised. Sozo, according to him, aims to base the facility at a park dedicated for halal food products with good transportation and logistics network to facilitate distribution and export activities. Shen said Sozo would invest more than RM5mil in the plant which will cater halal Chinese cooked duck meat products for domestic and international markets.
Malaysia Airlines (MAS) does not rule out the possibility of taking the company private or spin off its other divisions, according to chairman Tan Sri Dr Munir Majid. “No options are off the table. It's the shareholders' call. We can put the option on the table but it is still the shareholders call,” he said after the company AGM that lasted for three hours yesterday. On Monday, StarBiz reported that Maybank Investment Bank suggested that MAS be privatised but list Firefly Sdn Bhd, MAS Engineering, MasKargo and even its terminal services. The research house in its report said the privatisation of MAS was not an outlandish idea and the shareholders might just warm up to the idea. More so since the analyst community had an overwhelming “sell” call on the carrier after the airline reported RM242mil in net loss for the first quarter ended March 31, 2011.
Kim Loong, its earnings jumped 49% to RM19.91 million from RM13.36 million a year ago boosted by its PLANTATION []s business, underpinned by the strong crude palm oil (CPO) prices. Revenue rose 37.9% to RM175.15 million from RM127 million while earnings per share were 6.52 sen versus 4.39 sen a year ago. Pre-tax profit rose 68% to RM35.16 million from RM20.89 million. “The 38% and 68% increases in revenue and PBT respectively were mainly due to higher CPO and palm kernel oil prices which were about 38% and 91% respectively higher than the corresponding period last year,” Kim Loong said.
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