FBMKLCI 1550.89 DJ +75.42 CRUDE OIL 101.87 RM 2.9840

New stock listing

No.  Stock  Code    Stock Name     Reference Price      Lower Limit     Upper Limit

1.    0165                XOX                 0.80                             0.50                  4.00

 

 

XOX, the mobile virtual network operator reported net loss of RM1.66 million in the quarter ended March 31 mainly due to the selling and distribution expenses which were necessary in creating brand awareness for XOX’s services.

UOA Development Bhd continued its slide on Bursa Malaysia after making its debut on the stock exchange on Wednesday with the stock falling 2.7% to RM2.53 yesterday. OSK Research put a fair value of RM3.57 per share, which represented a 37.3% upside from its RM2.60 offer price, based on 1x its RNAV (revised net asset value) valuation. “There is nothing wrong. Maybe investors' perception was affected by the low par value against the share's offer price,” he said, adding that the local bourse was also flat over the last few days. Another analyst said perhaps investors did not like that a large portion of UOA Development's ongoing projects were in its 60-acre flagship Bangsar South City in Kampung Kerinchi, Kuala Lumpur.

SP Setia Bhd's net profit for the second quarter ended April 30 surged 80% to RM92.22mil from RM51.21mil a year earlier due to a gain arising from the disposal of an investment property. Revenue for the period increased to RM496.75mil from RM409.07mil a year earlier.

Haisan Resources Bhd said the suspension on the trading of its securities and the delisting of the company had been deferred pending the decision of Bursa Securities on its application for extension of time to submit the regularisation plan to the relevant authorities, it said in a filing with Bursa Malaysia.

Malaysia Marine and Heavy Engineering will replace Malaysia Airlines in the FTSE Bursa Malaysia KLCI following the semi-annual review of the FTSE Bursa Malaysia Index Series yesterday, FTSE Group and Bursa Malaysia Bhd said.

UEM Land Holdings Bhd, the real estate investment and development company of UEM Group, is collaborating with Iskandar Investment Bhd, the main property developer for Iskandar Malaysia, to develop retail and residential units in Nusajaya, Johor with a gross development value of RM850mil.

Favelle Favco received four contracts to supply cranes and spare parts totaling more than RM70.3 million. Three of the orders were to supply cranes and the fourth was to supply the spare parts.

Berjaya Food’s net profit slipped 14.2% to RM2.505 million in the fourth quarter ended April 30, 2011 compared with RM2.92 million a year ago due to higher advertising and promotional expenses. Revenue rose 9% to RM17.75 million from RM16.28 million. Earnings per share were 1.77 sen versus 2.07 sen a year ago. It proposed dividend of three sen a share. For the financial year ended April 30, 2011, its net profit rose 22% to RM10.59 million from RM8.68 million while its revenue increased by 19% to RM71.94 million from RM60.41 million.

FOCUS DYNAMICS TECHNOLOGIES [] Bhd’s new 144.58 million shares issued under the rights issue with warrants and 96.39 million warrants will be listed and quoted on Friday.

FBMKLCI 1542.84 CRUDE OIL 100.67 RM 2.9910

After several rounds of deferment and a long wait, Tenaga Nasional Bhd (TNB) has finally gotten the green light to implement new electricity tariff rates which will help it mitigate the effects of higher gas prices. “As a result of the gas price increase, TNB's gas bill will increase by about RM1.5bil per year. “Due to the gas price increase, TNB will have to increase the electricity tariff to cover for the additional cost,” TNB president and CEO Datuk Seri Che Khalib Mohd Nor said at a briefing yesterday. Tenaga has been allowed by the government to increase its base tariff by 2%. As a result, average tariff will increase by 7.12%; industrial consumers and commercial users will see an average hike of 8.3%, but Tenaga said there would be no increase to about 75% of households.

Boustead Heavy Industries Corp Bhd (BHIC) signed a joint-venture deal with Prokhas Managers Sdn Bhd (PMSB) yesterday to supply artillery propellants to the Malaysian Armed Forces. Under the joint venture, a new company, namely Pyrotechnical Ordnance Malaysia Sdn Bhd, will produce double base artillery propellants at a plant located on a 21-acre site in Bentong, Pahang. The plant is due to begin production in the third quarter of next year.

Analysts are confident that Sime Darby Bhd is making progress with the portfolio review and divestment of non-core assets after suffering massive losses in the oil and gas division a year ago. The share price has also moved up especially since the announcement of the non-binding memoranda of agreement to sell the Teluk Ramunia fabrication yard to Petroliam Nasional Bhd for RM296mil and the Pasir Gudang fabrication yard to Malaysia Marine and Heavy Engineering Holdings Bhd for RM399mil. The conglomerate posted a net profit of RM820.1mil for the third quarter ended March 31 after suffering a loss of RM308.6mil in the same corresponding period last year on higher contribution from plantation, motors, industrial, and energy and utilities divisions. Revenue for the period under review also rose to RM10.6bil from RM7.6bil previously.

Oldtown Bhd is pricing its issue/offer price at RM1.25 per share for its initial public offering (IPO) of 96.4 million shares of RM1 each,  The company, which owns and operates the Oldtown White Coffee chain, aims to list on Bursa Malaysia's Main Market on July 11. According to its prospectus draft, the company is offering 63.4 million new ordinary shares for application by the Malaysian public, directors, eligible employees and business associates of Oldtown and its subsidiaries.

Malayan Flour Mills Bhd (MFM) has proposed a share split of every one existing ordinary share of RM1 each in the company into two new ordinary shares of 50 sen each. Based on the issued and paid-up capital of MFM of RM107.6mil comprising 107.6 million shares as at May 27, the share split would result in an issued and paid-up capital of RM107.6mil comprising 215.3 million shares. 

CIMB Group's first quarter results came in slightly below expectations but the second half will likely be boosted by stronger capital market activities, higher domestic net interest margin (NIM) and impact from various economic transformation projects. CIMB reported net earnings of RM917mil, representing an increase of 9.3% for the first quarter (Q1) of financial year (FY) 2011.

PLUS Expressways Bhd’s net profit for its first quarter ended March 31 rose by 75.3% to RM495.1mil as it received RM364mil of compensation in accordance with the terms in the current concession agreements.

PLUS said RM364mil of compensation was included in the current quarter under review.

TIME dotCom Bhd net profit for the first quarter ended March 31 surged 21.8% to RM22.9mil from a year ago due to higher revenue and improved margins. Revenue for the quarter increased 7.7% from the same quarter last year to RM70mil as a result of higher data earnings within its wholesale and corporate segments. TIME’s data business posted a 16% growth to contribute RM51.1mil in revenue. Earnings per share for the quarter also increase to 90 sen from 74 sen a year ago.

Proton unit Group Lotus plc has won the right to use the name “Lotus” within Formula 1, and entitled to race in its historic black and gold livery. Proton said the Chancery Division of the English High Court had on last Friday, May 27 had also ruled that 1MRT was in breach of the Licence granted to them by Group Lotus to race in Formula 1 under the name Lotus Racing and had awarded Group Lotus damages in respect of that breach.

Brem Holding Bhd net profit for the fourth quarter ended March 31, 2011 surged to RM26.72 million from RM2.12 million a year earlier, due mainly to the reversal of allowance for impairment of RM21.5 million.

The company proposed a gross dividend of five sen per share for the financial year ended March 31.

FBMKLCI 1515.50 DJ+54.57 CRUDE OIL 98.26 RM 2.9765

Recently, Ramunia Holdings Bhd unveiled a regularisation plan to address its Practice Note 17 (PN17) status that involved a proposed capital reconstruction, rights issue and business rejuvenation plan. Investors obviously didn't like the idea of pumping even more money into a shell company, and this was seen in its share price which was sold down 8 sen to 56 sen on Wednesday. As of Friday, the stock was down 0.5 sen to 55sen. In a filing with Bursa Malaysia, Ramunia said under the capital reconstruction, it would cancel 25 sen from the par value of the existing ordinary share of 50 sen each, or which the credit would be used to off-set against the accumulated losses of the company.

SHARE prices on Bursa Malaysia will likely continue its downtrend this week with rising interest rates and a massive sell-off in commodities expected to be the biggest drag on the local bourse. Head of Retail Research, Affin Investment Bank, Dr Nazri Khan said the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to continue its downward correction to test the psychological 1,500 support level.

“We believe the old bearish stories are back again with investors worrying about the global double-dip recession and sovereign debt crisis in the developed world,” he added.

EON Capital will distribute the RM312 million, or 44.9 sen per share, which it will receive as special dividend from its unit EON Bank Bhd to all its entitled shareholders. The dividend was proposed by EONCap on April 29 and agreed by HONG LEONG BANK BHD [] as a last-minute extra condition to the latter’s acquisition of EONCap’s assets and liabilities for RM5.06 billion.

Coastal Contracts proposed a corporate exercise involving a bonus issue and free warrants to its shareholders and also to purchase up to 10% of its paid-up capital. It said on Friday, May 6 said it proposed a one-for-three bonus issue and one free warrant for every eight shares held after the proposed bonus issue.

Hap Seng Consolidated posted a strong set of earnings in the first quarter ended March 31, 2011, with net profit surging 108% to RM82.17 million in the first quarter ended March 31, 2011 from RM39.48 million a year ago. Revenue rose 28% to RM751.34 million from RM587.18 million while earnings per share doubled to 14.58 sen from 7.01 sen.

Fitters Diversified Bhd does not expect to be suspended on Tuesday after it submitted its outstanding annual audited financial statements for financial year ended Dec 31,2010 to Bursa Malaysia Securities Bhd on Friday, May 6. “There will be no suspension of trading in the above company's securities on May 10,” it said.

Fitters Diversified was due to submit the statements to Bursa Securities for public release on or before April 30. However, due to the delay, it had initially faced suspension on May 10.

Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) posted pre-tax profit of RM114.08 million in the four quarter ended March 31, 2011, down 35.7% from RM177.45 million a year ago. The decrease was mainly due to lower revenue in engineering and CONSTRUCTION and marine repair and conversion segments. However, its net profit was up 11.7% at RM128.64 million compared with RM115.15 million a year ago. There was a tax writeback of RM14.43 million compared with tax paid of RM60.03 million a year ago. Its revenue fell 41.9% to RM923.29 million from RM1.59 billion a year ago. Earnings per share were 8.0 sen versus 8.6 sen.

Ranhill Bhd could issue another tranche of debt papers, amounting to about RM700 million, according to sources familiar with the company.