FBMKLCI 1582.94 DJ+168.43 CRUDE OIL 95.15 RM 2.9860

Tanjung Offshore was awarded RM50 million contract by Petronas Carigali Sdn Bhd to provide three offshore support vessels for periods ranging between one and three years. The contract would see it providing the ships for the primary period from June and July 2011 respectively with options to extend between one and two years.

Wah Seong secured a US$45 million (RM136.78 million) contract from Australia Pacific LNG Pty Limited to provide pipeline coatings for the Australia Pacific LNG project in Australia. The contract secured by its pipe coating business unit on June 29 involved coating of over 700 km of pipes.

Petronas Gas inked a shareholders’ agreement with NRG Consortium (Sabah) Sdn Bhd (NRG) to provide operation and maintenance services to a 300-Megawatt gas power plant and its related facilities and infrastructure in Kimanis, Kota Kinabalu. The service would be provided through a joint venture company.

Notion Vtec announced that the controlling shareholders of Notion Vtec had abandoned negotiations to dispose of their business/equity interest after talks with the interested party fell through, just two weeks after it said negotiations were still on-going. Analysts said pricing could be an issue due the difficulties which the hard-disk drive manufacturers are facing. Perhaps, Notion VTec could brace for a mild recovery and await better offers.

The Edge weekly reports that Asia Media is seeking a boost from its broadcasting licence. The company's huge margins and licence to provide free-to-air broadcasting services are an attractive proposition for bigger media players eyeing a piece of the electronic media market.

Tebrau Teguh Bhd is shifting its focus to high-end residential and commercial developments from low to medium cost residential projects previously. Executive vice-chairman Johar Salim Yahaya said it was a normal progression or transition for any developer to shift its focus to development projects that provided better yields. It has 413.53ha of undeveloped land and 12km water frontage within the Tebrau-Plentong river basin development with a net book value of RM591.93mil.

FBMKLCI 1563.43 DJ+42.84 CRUDE OIL93.20 RM 3.0175

The Dow and S&P 500 rose on Friday, June 17 after France and Germany outlined the aid for Greece but analysts said a recent bearish trend may not be over. Reuters reported that a slew of data showing the United States is on the verge of a slowdown has already done its damage to the market. After the heavy selling of the past several weeks, it seems investors are taking a wait-and-see approach -- for now.

Ramunia’s net profit for the second quarter ended April 30, 2011 fell 58.7% to RM1.41from RM3.42 million a year ago, due mainly to a reduction in revenue due to the tail end of remaining projects billings and lower operating income. Revenue fell to RM1.74 million from RM11.88 million in 2010. Earnings per share were 0.21 sen, while net assets per share were 25.3 sen. For the six months ended April 30, Ramunia’s net profit plunged 87.3% to RM2.51 million from RM19.83 million, while revenue fell 89% to RM3.09 million from RM27.74 million.

Construction company Muhibbah Engineering (M) Bhd has been in the spotlight last week after its contract with Asia Petroleum Hub (APH), a private company that develops and operates a multi-billion-ringgit oil terminal in Johor could be jeopardised by the latter's receivership status. Muhibbah's shares tumbled 20% or 38 sen last Thursday, closing at RM1.52 with 74.35 million shares traded.

Talam posted net loss of RM25.97 million in the first quarter ended April 30, 2011 compared with net profit of RM1.56 million a year ago as it was impacted by the high administrative and finance costs totaling RM32.49 million. Talam said administrative and other expenses totalled RM14.94 million while finance costs were RM17.55 million. Its revenue was RM13.18 million compared with RM23.26 million a year ago due  to lower gross profit and other operating income, as well as higher administrative and finance costs. Its loss per share was 0.72 sen versus earnings per share of 0.06 sen. Its net asset per share was 17 sen.

Wah Seong Corporation with a book order of RM1.2 billion plans to expand into water-related businesses and renewable energy after the demerger with Wasco Energy Ltd. It plans to boost its biomass equipment and power generation business, as well as integrating into the fast growing agro-based sector and water industry. Another key growth area would be in deepwater pipe and gas pipe coating.

Top Glove’s net profit for the third quarter ended May 31, 2011 fell 60.3% to RM25.60 million from RM64.48 million a year earlier due mainly to higher latex price and weakening US dollar. Revenue eased 3.7% to RM535.36 million from RM555.85 million. Earnings per share were 4.14 sen. It declared a first single tier net interim dividend of 5 sen, payable on July 21, 2011. For the nine months ended May 31, Top Glove’s net profit fell 56.5% to RM87.06 million from RM200.22 million in the previous corresponding period, while revenue declined to RM1.51 billion from RM1.54 billion in 2010.

FBMKLCI 1536.03 DJ-130.33 CRUDE OIL 99.04 RM 2.9460

Oil and gas (O&G) stocks rose yesterday on the local bourse as several O&G service providers are expected to benefit from a multi-billion ringgit downstream project to be announced on Friday by the Government, and the gains in these stocks were also in line with the rise seen on the broader market.

Trading in ACE Market-listed Ecofuture Bhd’s shares will be suspended from May 10 until further notice due to the company’s failure to submit its audited accounts for the financial year ended Dec 31, 2010.

Soon-to-be listed property developer UOA Development Bhd signed a retail underwriting agreement with its underwriters, ahead of its initial public offering (IPO) on the Main Market of Bursa Malaysia next month.

UOA has received approval from the Securities Commission for the proposed listing of its entire enlarged issued and paid-up share capital of up to 1.2 billion 5 sen shares. The IPO consists of an institutional offering of up to of 337 million shares to Malaysian and foreign institutional and selected investors (including bumiputra investors approved by the International Trade and Industry Ministry) and a retail offering of 70 million shares to the Malaysian public, eligible directors and employees of UOA Development, its subsidiaries and persons who have contributed to the success of UOA and its subsidiaries.

Malaysia Building Society Bhd (MBSB) posted net profit of RM68.28 million in the first quarter ended March 31, 2011 compared with RM43.19 million a year ago. Revenue was RM311.63 million compared with RM169.12 million. For the three months ended March 31, 2011, MBSB group achieved a pre-tax profit of RM91.0 million, up 111% from RM43.2 million a year ago.

Petronas Gas Bhd posted a 11.09% increase in revenue to RM891.19mil on the back of a 32.41% increase in net profit to RM266.66mil for the fourth quarter to March 31, 2011. Earnings per share increased to 13.48 sen from 10.18 sen. The better results were due to higher gas transportation revenue and utilities sales, Petronas Gas said in a statement.

Wah Seong Corp Bhd (WSC) has proposed to demerge the oil and gas businesses currently held under its wholly-owned Wasco Energy Ltd (WEL). In a filing to Bursa Malaysia, Wah Seong said that the proposed demerger was to enable WEL and its subsidiaries to operate as a separate and fast-growing public-listed entity. It added that a proposed listing of WEL on the Main Market of Bursa Securities would be sought in conjunction with the proposed demerger. “The proposed demerger will provide a platform for the respective entities to pursue a different and more tailored business strategy for each division. This in return will allow the respective entities to accelerate its growth through explicit management directions and accountability for each individual entity,” Wah Seong explained in its statement.

Petra Perdana Bhd has secured a total of RM73mil worth of new charter contracts for three mid-size anchor-handling tug supply (AHTS) vessels. The company said in a statement that in the first contract, a 12,000 brake horse power (bhp) AHTS was on a six-month charter from May 1 for deployment in Labuan.

MISC posted net loss of RM307.88 million in the fourth quarter ended March 31, 2011 after it made impairment provisions totaling RM456.65 million. The poor financial performance was a sharp contrast from the net profit of RM196.43 million a year ago when the provisions for impairments were sharply lower at RM49.58 million. MISC said its revenue was lower at RM2.924 billion compared with RM3.31 billion a year ago. Loss per share was 6.9 sen compared with earnings per share of 5.10 sen.

Dialog Group’s net profit for the third quarter ended March 31, 2011 rose 20.4% to RM38.34 million from RM31.84 million a year earlier, due mainly to higher contribution from its engineering and CONSTRUCTION [], and plant maintenance activities in Malaysia and Singapore. Revenue rose to RM301.16 million from RM282.77 million. Earnings per share were 1.95 sen while net asset per share was 28.46 sen. Dialog declared a interim single-tier cash dividend  of 1.3 sen per share in respect of the financial year ending June 30, 2011.

Wah Seong’s net profit for the first quarter ended March 31, 2011 surged to RM43.37 million from RM17.02 million a year ago, due to increasing activities recorded in all divisions of the group, especially in the pipeline services division. Its revenue for the quarter increased  by 19.8% to 490.89 million from RM409.62 million. Earnings per share were 5.83 sen while net asset per share was RM1.31.

FBMKLCI 1508.99 DJ+29.97 CRUDE OIL 89.09 RM 3.011

Most emerging equity markets in Asia have been experiencing sell-downs in recent weeks with foreign funds shifting their money to the more matured markets even as inflation in the region becomes more of a concern. Extreme weather conditions in most parts of food-producing countries such as Russia, Latin America, Australia and China have kept food grain prices at historical high levels globally, pushing inflation levels up. And emerging markets especially those in Asia, where grains are consumed the most, have been most affected.

Favelle Favco secured RM123.20 million in contracts to supply eight cranes which would be delivered to eight buyers from early this year to 2012. The crane builder said it expected the contracts to contribute positively to the earnings and net assets for the financial year ending Dec 31, 2011 and beyond.

MBM Resources' net profit for the fourth quarter (4Q) ended Dec 31, 2010 rose 36.2% to RM28.2 million from RM20.7 million a year ago, driven by the overall strong total industry (TIV) volume in the automotive sector. Revenue for the quarter rose to RM389.88 million from RM292.46 million in 2009. Earnings per share was 11.64 sen, while net assets per share was RM4.19.  It declared a special second tax-exempt interim dividend of five sen per share totaling RM12.13 million, and a special tax-exempt dividend of three sen per share totaling RM7.28 million. For the financial year ended Dec 31, MBM's net profit surged to RM141.24 million from RM66.53 million a year earlier, on the back of revenue RM1.55 billion.

Wah Seong’s earnings fell 28.9% to RM24.76 million in the fourth quarter ended Dec 31, 2010 from RM34.84 million a year ago due to the lower number of projects and unfavourable effect of foreign exchange fluctuations. Revenue fell 12.7% to RM397.23 million from RM455.07 million while earnings per share were 3.2 sen compared with 4.5 sen. It proposed dividend of 2.5 sen per share. For the financial year ended Dec 31, 2010, the net profit fell 53.8% to RM55.98 million from RM121.32 million in FY09. Revenue fell 21.9% to RM1.523 billion from RM1.950 billion.

Daibochi declared a fourth interim dividend of 3.50 sen, tax exempt, to be paid on March 30.

SBC Corp Bhd posted net profit of RM6.81 million in the third quarter ended Dec 31, 2010 when compared with RM2.02 million a year following higher revenue from its CONSTRUCTION [] projects.

Revenue climbed 95% to RM54.80 million from RM28.03 million while earnings per share were 8.26 sen versus 2.45 sen a year ago.

FBMKLCI 1517.44 DJ+20.51 CRUDE OIL 91.57 RM 3.06

Jelas Ulung Sdn Bhd is not planning on asking the Government for an extension of PLUS Expressways Bhd's tolled-highway concessions post-2038 in its proposal to take over the company. Tan Sri Ibrahim Zain of Jelas Ulung told StarBiz this, adding that “our business model works well within the concession period until 2038 where we can already realise our investment by then”.

Jaks Resources Bhd, through subsidiary Jaks Sdn Bhd, has secured a RM201mil contract from MNH Global Assets Management Sdn Bhd for a commercial project located in Ara Damansara. MNH Global Assets is wholly-owned by Island Circle Development (M) Sdn Bhd, a major shareholder of Jaks Island Circle Sdn Bhd.

Wah Seong Corp Bhd’s wholly owned direct and indirect subsidiaries, Wah Seong International Pvt Ltd and Wasco E&P Services Ltd, have disposed of their 60% equity stakes in DrilBits International Pvt Ltd and DrilTools International FZCO, respectively. Wah Seong, in a filing to Bursa Malaysia yesteday, said the shares were sold to Omni Oil Technology Holdings Ltd in two separate agreements. The deals are expected to be completed in the first quarter next year.

Sunway City Bhd is acquiring 64.63 acres near Johor Baru from Bukit Lenang Development Sdn Bhd for RM134.52mil.

Furniture maker Kenmark Industrial Co (M) Bhd, a financially distressed company, would be removed from the official list of Bursa Malaysia this Friday.

Sime Darby Plantation SB is partnering Japan's Mitsui Engineering and Shipbuilding Co Ltd to build and operate a bio-ethanol demonstration plant, which will convert empty oil palm fruit bunches into bio-ethanol. Sime Darby officials said the plant would cost about USD10m (RM30.9m). Bio-ethanol is used as fuel for cars and unlike biodiesel, which is a blend of palm oil and diesel, it is made from plantation waste. The bio-ethanol plant will use fruit bunches as the main raw material, which is abundant and available throughout the year, Sime said in a statement. The collaboration is being undertaken by Sime Darby Research SB, the research and development arm of Sime Darby Plantation. The joint-venture plant will be built next to Sime Darby Plantation's Tennamaram palm oil mill at Bestari Jaya in Selangor.

Permodalan Nasional Bhd (PNB) was mum on speculation of mergers among its property companies or the relisting of its wholly-owned property group Island & Peninsular Group SB (I&P). "We will make the necessary announcements when the time comes," president and group chief executive Tan Sri Hamad Kama Piah Che Othman told reporters yesterday. There have been reports that major property groups like SP Setia and Sime Darby Property could be persuaded to merge. PNB is the single biggest shareholder in SP Setia and it also controls Sime Darby. As for the I&P group, it is the result of a merger with sister companies Petaling Garden and Pelangi. All three were once listed before being taken private by PNB in July 2007. The group now has a combined landbank of about 2,200ha in the Klang Valley and Johor, and has developed property projects over 35 townships such as Bukit Damansara, Bandar Kinrara, and Alam Damai