Thursday, April 29, 2010

GADANG 30-4-10

Syarikat Prasarana Negara Bhd said 17 applicants have qualified to bid for contracts of about RM7 billion to extend light rail transit (LRT) lines in



They include firms like Sunway Construction Sdn Bhd, IJM Construction Sdn Bhd, Muhibbah Engineering Sdn Bhd, Gamuda Bhd, MRCB Engineering Sdn Bhd as well as joint ventures such as WCT-Sinohydro, Ranhill-CCCC, UEM Builders-Intria Bina and Zabima-Leighton.

State-owned public transport operator Prasarana group managing director Datuk Idrose Mohamed said the candidates prequalified as the main contractor for "their technical and financial capacity and capability with the relevant infrastructure works experience".

Another 15 candidates were shortlisted for the subcontracting of fabrication and delivery of segmental box girder works.

Idrose said the main contractor and subcontractor will be notified officially in due course by Prasarana.


Prasarana is raising RM4 billion from bond sales to partfinance the project to extend the Kelana Jaya and Ampang LRT lines.

The extension forms part of the RM10 billion railway scheme to expand Kuala Lumpur's public transport network.

Idrose said the company was awaiting final approval on the railway scheme from the Department of Railways and would begin construction on receiving the green light.

Both extended lines are expected to be ready for use by the end of 2012.

Idrose added that 65 companies had expressed interest to be the main contractor, while another 36 are seeking to be both the main contractor and a subcontractor.

Another 17 applicants indicated their interest to qualify only as a subcontractor.

Prasarana had issued the request for prequalification on November 3 last year and closed acceptance a month later.

Idrose said that 166 applicants purchased the prequalification documents, but only 118 had made their submissions by the closing date on December 16.

AmResearch Sdn Bhd analyst Mak Hoy Ken reckoned that UEM Group, IJM and Gamuda are the leading contenders for the project, while MTD Cap Bhd potentially stands to gain from subcontracting works.

"We do not discount the possibility of local consortiums being formed for other contractors to participate at subcontractor level. This would include WCT and Loh & Loh Corp Bhd," he said in a report yesterday.

Mak said this news would be positive as well for suppliers of building materials such as Ann Joo Resources Bhd and Lion Industries Bhd, with a significant portion of steel required for extension works.

He has an "overweight" rating on the construction sector.

Wednesday, April 28, 2010




KUALA LUMPUR: PLUS EXPRESSWAYS BHD [
] has proposed to buy a 20% stake in Touch 'N Go Sdn Bhd (TnG) for RM33.4 million from UEM LAND HOLDINGS BHD [].

PLUS said on Wednesday, April 28 the purchase price was based on the potential earnings and business prospects of TnG.


The highway concessionaire intends to finance the proposed acquisition via internally generated funds.
Presently, the group of companies contributes substantially to TnG's revenue through electronic toll collection commission revenue.

"The proposed acquisition will allow PLUS Expressways to have a role in the future strategic business decision of TnG, which will allow TnG to achieve its growth aspirations," it said.
To recap, TnG was incorporated in 1996 as Rangkaian Segar Sdn Bhd which was subsequently changed to Touch 'n Go Sdn Bhd in 2008.

TnG has an authorised share capital of RM25 million comprising 25,000,000 ordinary shares of RM1 each and issued and paid-up share capital of RM16.67 million comprising 16.67 million RM1 shares.


TnG is currently the sole electronic toll collection operator on highways and is also acknowledged as the Common Ticketing System (“CTS”) for major modes of public transportation in the Klang Valley.

Based on its audited financial statements for FY ended Dec 31, 200, TnG's net profits and net assets were RM15.6 million and RM35.0 million respectively.

Monday, April 26, 2010

Investor sentiment on Bursa to brighten

Fears over Greece's loan default eased after the nation asked for financial aid while positive earnings' report by US firms last Friday pushed stock prices higher.

Last Friday, Greece officially asked the European Union and the International Monetary Fund for US$53 billion (RM170 billion) to aid the debt-stricken country.

Meanwhile, US stocks advanced late last Friday due to mostly positive corporate earnings with the Dow Jones Industrial Average gaining almost 70 points to 11,204.28 and the Standard & Poor's 500 Index rising 8.61 points to 1,217.28.

Apart from the US earnings season, China's efforts to tame its property market and Greece's debts issues, local investor sentiment will also be driven by the outcome from the Hulu Selangor by-election.


"A key catalyst for the week will be the Hulu Selangor by-election. If Barisan Nasional wins by a significant majority, which means over 1,000 votes or more, it will bring about greater confidence (in the ruling coalition and market sentiment)," said OSK Research head Chris Eng.

He added that market volatility on the local bourse is expected to continue in the next four months or so, with the benchmark index trading between 1,331 points and 1,338 points this week.

Interest in selected banking stocks such as Hong Leong Bank Bhd and EON Capital Bhd (EONCap) is set to continue this week, with oil and gas players also benefiting from rising crude prices.

Hong Leong told Bursa Malaysia on Friday that it had submitted its improved RM5.06 billion cash bid for EONCap to Bank Negara Malaysia and was also planning to raise up to RM1.6 billion from a renounceable rights issue and RM1.8 billion from the sale of capital qualifying securities.

The FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) ended marginally lower by 0.23 point to 1336.78 points on Friday, with losers beating gainers 352 to 305. Asian stocks also fell on Friday on concerns over Greece's debt problems and as investors remain cautious over the Chinese government's measures to cool its property market.

Market volatility continued on the local bourse with the index sliding some 6.1 points to 1326.67 points last Monday due to selling pressures as investor confidence was shaken over civil fraud charges filed against Goldman Sachs.

However, the FBM KLCI gained its footing the next day, rising some 9.23 points by the end of market trade.

The best performing index member over the week was MISC Bhd, which saw its share price gain 4.17 per cent to end at RM9, after AmResearch upgraded the stock to a "buy" from a "hold" in line with a recovery in tanker rates.

Saturday, April 24, 2010

分享集:让时间通胀为你创富(下)

分享集:让时间通胀为你创富(下)
2010/04/24 6:15:33 PM
●冷眼

对于长期把钱存在银行的上班族,是在做“慈善”,因为他们把钱低息借给别人去赚钱,使别人富起来,自己却永远在贫困中打滚——对别人慷慨,对自己残忍,唉!

参与股票投资的人数,肯定多过房地产投资者。因为股票投资额可大可小,有更多人负担得起,而手续也比房地产更简单,对懂得投资的人来说,股市是一座金矿。

然而,大部分人都在股市亏钱。其中最重要的两个原因是:

短线投资

第一:以赚快钱为出发点,没有让“时间”为你服务。在股市,时间的长短通常与盈亏成正比例。记得股票交易所曾在很久以前作过统计,一个经过谨慎选择的投资组合,持有三个月,大部分亏本;持有五年,盈亏参半;持有十年,没有一个人亏本(大概如此)。

问题是绝大部分股市中人都是短线投资者,长线投资者寥寥可数,难怪亏蚀的总是比赚钱的少。

第二:错误的选择,买股票就是买公司的股份,买股份就是与人合股做生意。合股做生意要有做生意的眼光,做生意的眼光是要经过长期的研究和观察才能得到的。

不幸的是大部分股票投资者都是上班族,对商业所知有限。上市公司,良莠不齐,一不小心,就会上了“贼船”,血本无归。

上班族要淌股市这一浑水,与其去学习猜测股市动向,不如培养看生意的眼光。不断的问:这种生意可以赚钱吗?公司组织健全吗?掌舵人有诚信吗?这种生意有可能持久吗?你买进一家公司的股票,不是因为别人告诉你这只股票价格会起,而是因为这家公司营业和盈利会越来越好。

必须投资

如果选对股票,长期持有,收益不在地产之下。

“投资”不限于地产和股票。任何有利可图的东西都可以成为投资对象,但有一个原则:不了解,就不投资。

要了解,就要做功课。

上班族的一个通病,是把投资视为可有可无的事,不肯化时间和精神去研究和思考。做工当然要尽责,但是单靠做工,无法改善生活,也无法使你退休后的生活有保障。脱贫,必须投资,而且越早开始越好,让时间和通胀为你创富吧!

与其成为时间和通胀的受害者,不如以其人之道,反治其人之身——使你成为受益者。这个转变,其实只系于一念之间:投资还是不投资,只是一念之差,后果却有天壤之别!

Friday, April 23, 2010

CIMB Research ups Tomypak TP to RM4.96


KUALA LUMPUR: CIMB Equities Research ups target price for Tomypak to RM4.96 from RM4.66 on expectations of higher margins.

It said on Friday, April 23 during a recent meeting Tomypak voiced its optimism over the prospects for this year, driven by projected orders from its existing major customers and rising demand for its high barrier metallised packaging products.

Shareholders are also likely to be rewarded with much higher dividends this year. Accordingly, CIMB Research raised its FY10-12 net dividend payout ratio from 24% to 27%, which increases our FY10 net DPS from 12 sen to 14 sen.

“We also raise our FY10-12 EBITDA margins by 1.2-2.0% pts for rising sales from its higher margin metallised packaging product. This ups FY10-12 EPS forecasts by 6-11%, leading to a higher target price of RM4.96 (RM4.66),” it said.

CIMB Equities Research said its target basis remains 8.4x CY11 P/E, a 30% discount to Daibochi’s 12x target P/E. “Tomypak remains an OUTPERFORM.

Factors that could catalyse the stock include further margin expansion and stronger-than-expected revenue growth over the next few quarters,” it said.

JCY 23 Apr 2010



Wednesday, April 21, 2010

JCY 21 Aprl 2010



Coastal ties to help Ramunia see profits again


RAMUNIA Holdings Bhd (7206), which has just sold its main asset, expects to be back in the black and free from the PN17 label this year as it partners shipbuilder Coastal Contracts Bhd.

It plans to continue with the engineering business, servicing the oil and gas industry, despite selling its fabrication yard in Johor to Sime Darby Bhd for RM515 million. Loss-making Ramunia was classified as a PN17 company on February 25 this year as its shareholders' fund fell below half of its paid-up capital.

The label typically identifies financially troubled firms.
The company has until March 1 next year to come up with a revamp plan, director Too Kok Leng told reporters after a shareholders' meeting in Kuala Lumpur yesterday.

On February 28, Ramunia signed a memorandum of understanding with Coastal's wholly-owned unit, Pleasant Engineering Sdn Bhd, to undertake oil and gas projects. Coastal offers a wide range of marine services and vessels to worldwide clients of different industries and has a fabrication yard in Sandakan, Sabah. "It is a good marriage.

We have the licence and expertise, and Coastal has a yard. So we are complete in that sense.
"We are looking at some fabrication work as well as onshore and offshore engineering projects by Petronas (Petroliam Nasional Bhd) and the private sector," Too said.

In the year ended October 31 2009, Ramunia posted a net loss of RM53 million. "Our first quarter earnings were positive. We made a net profit of RM3.42 million, and we hope to keep that going," Too added.

Chairman Datuk Azizan Abd Rahman said the current management was looking at various opportunities.
Ramunia will also meet its creditors on May 7 to settle its borrowings. The group has outstanding loans of RM347 million, money it borrowed to modernise the yard, and it is seeking a haircut from lenders.

Tuesday, April 20, 2010

JCY rises on CIMB Research upgrade


KUALA LUMPUR: Shares of JCY International Bhd rose on Tuesday, April 20, after CIMB Research initiated coverage of the hard-disk drive (HDD) manufacturer with an Outperform call and RM2.68 target price.

At 3.57pm, JCY was up four sen to RM1.76 with 4.1 million shares done.

CIMB Research said JCY is one of the most profitable and biggest HDD mechanical component makers in the world and accorded a target price of RM2.68, based on 12 times CY11 price-to-earnings.

"JCY should trade at least close to the current 13.5 times CY11 P/E for the FBM KLCI and a premium over the verage 11 times CY11 P/E for its global peers (range of 4.0 times to 18 times) given its healthy earnings prospects, above-industry returns and size, as well as decent dividend yields.

"Our 12 times target P/E also places it within the range that private equity firms and rivals paid in 2007-08 for some smaller SGX-listed HDD component suppliers," it said.


HISTORY

KUALA LUMPUR: Shares in hard disk drive component manufacturer JCY International Bhd tumbled yesterday on its trading debut in Bursa Malaysia’s main market to close 14 sen, or 8.75%, down to RM1.46.

The stock was the second most active for the day, hitting a high of RM1.55 and low of RM1.44 on total volume of 66.859 million shares.

JCY had priced its stock at RM1.60 a share for institutional investors and RM1.52 for retailers after reducing the institutional portion of its initial public offering to 383 million shares from 470 million, but maintained the retail offering at 60 million shares.

From left: Dr Rozali Mohamed Ali, independent non-executive director Chang Wei Ming, non-independent executive directors Chatar Singh and Roger Goh Chye Kang, and James Wong at the listing of JCY on Thursday

Finance director James Wong said the lower share price at the opening bell was due to market sentiment and price fluctuation was normal.

“What is more important is the fundamental of the business,” he told reporters.

Chairman Dr Rozali Mohamed Ali said while JCY enjoyed the privileges of being a public-listed company, it was important to be conscious of the added responsibility that came with being a listed entity.

“We must ensure that the company’s standards of performance that brought us here to this place are not only maintained but improved upon. There are many opportunities in the industry to be explored, and we believe that JCY will achieve greater heights,” he said.

JCY had posted RM77.47mil in net profit for its first quarter ended Dec 31, an increase of 222.8% against RM24mil in the previous corresponding period, attributable to various factors such as product mix, economies of scale, capacity utilisation, cost control measures and raw material costs.

Meanwhile, Wong clarified that JCY’s two major customers, Western Digital Corp and Seagate Technology, have a combined 61% global market share of HDD sales, and together with Hitachi and Samsung Electronics, they control 85% of the global market.

JCY hoped to increase its market penetration from its tie-ups with Hitachi and Samsung.

Wong said the Hitachi and Samsung contracts were likely to impact JCY’s revenue in the financial year ending Sept 30, 2011 but it would not be significant.

*****************************************************************************************

KUALA LUMPUR: JCY International Bhd, a hard-disk drive (HDD) mechanical components maker which will be listed on Bursa Malaysia main market on Feb 25, plans to pay dividends up to 50% of its net profit.

JCY launched the prospectus of its initial public offering (IPO) of 530.2 million ordinary shares with a nominal value/par value of 25 sen each yesterday.

The IPO comprises an institutional offering of 470.3 million shares at a price to be determined by way of book building, and a retail offering of 59.9 million shares to the public at RM2 per share, or at a 5% discount to the institutional price.

JCY is presently wholly-owned by YKY Investments Ltd, a private company owned by Yong Yoon Kiong.

From left: JCY International Bhd director finance Mr. James Wong, Dr Rozali Mohamed Ali, CIMB group chief executive Datuk Seri Nazir Razak and JCY director of operations Roger Goh at the prospectus launch

Yong is a Malaysian who resides in Singapore where the JCY group is headquartered.

JCY’s plan to raise as much as RM1.06bil makes it Malaysia’s second-biggest IPO in six years after Maxis Bhd’s record RM11.2bil offering in November.

It will also be the biggest technology IPO in South-East Asia.

Upon listing, JCY’s total market capitalisation is estimated at RM4.09bil, making it the largest technology company listed on the local bourse.

Bursa Malaysia has risen 43% in the past 12 months along with a surge in listings.

“The listing will enhance our company portfolio and provide us access to the equity capital market to empower us with the financial flexibility to pursue growth opportunities,” said JCY chairman Dr Rozali Mohamed Ali after the prospectus launch.

“JCY intends to grow further and wants to secure a bigger percentage of the global market share. By listing, it gives our customers comfort, security and continuity of achieving sustainable growth.”

Finance director James Wong said JCY expected the IPO to perform well on its debut, given the strength of its strong financial position and the sector it operated in.

“As far as fund managers are concerned, they are happy with us and we believe we will do well,” he said.

More than 80% of JCY’s revenue is from Western Digital Corp, the world’s second-largest maker of HDDs, and Seagate Technology.

The company is also in talks to supply disk-drive base plates to Hitachi Ltd and Samsung Electronics Co and expects to start shipping the product by the middle of the year, according to Wong.

He added that “JCY planned to allocate RM182mil for capital expenditure in the financial year ending Sept 30, 2010 (and) to raise its production capacity by 30%.”

The capital expenditure is for the purchase of machinery primarily for the company’s expansion plans in Malaysia and Thailand.

JCY also expects to use 20% of the capital expenditure for its plant in Suzhou, China, which is expected to be operational soon.

The HDD industry was hit hard by the global economic downturn in 2008 but demand has returned due to a fall in personal computer (PC) prices, according to industry researcher TRENDFOCUS Inc, which expects PC demand to grow 10% to 15% annually through 2012.

Monday, April 19, 2010

Supermax 1Q net profit jumps 161% to RM51.47m


KUALA LUMPUR: SUPERMAX CORPORATION BHD []'s net profit for the first quarter ended March 31, 2010 jumped 161.2% to RM51.47 million from a year ago on the back of a 14.2% increase in revenue to RM220.65 million.

It said on Monday, April 19 that the higher revenue was due to strong global demand for rubber gloves. Earnings per share were 18.97 sen versus 7.43 sen.

"The strong demand coupled with limited capacity expansion by the major glove players over the last two years have resulted in a supply demand imbalance, which has driven glove prices up.

"The improvement in profitability is attributed to the strong revenue growth as well as cost savings from higher efficiency and productivity from improved processes and refurbished lines," it said.

Saturday, April 17, 2010

PPH切除痔瘡速康復


檳 城)痔瘡(Hemorrhoids)是困擾現代人的隱疾之一,在大馬屬常見病症,症狀為肛門處疼痛和便血。痔瘡的治療須視患者的病情而定,可通過飲食、藥 物及手術治療。手術治療適用於痔瘡嚴重者,目前最常用的手術切除法為PPH吻合器環形痔切除術(Procedure for Prolapse and Hemorrhoid, PPH)。外科專科醫生指出,PPH吻合器環形痔切除術手術時間短,可有效減輕患者的痛楚,並縮短康復期及減少併發症的產生。

外科專科醫生孫連意表示,痔瘡是肛門內及邊緣靜脈血管的異常擴張所形成,好發於20至50歲的人。痔瘡的成因未明,不過一些因素會導致或加速痔瘡的形成,如遺傳體質、長期便秘、長期使用瀉藥或出力排便、如廁太久、懷孕等。

他指出,痔瘡可分為外痔和內痔,通常分為4期。第1期的症狀是痔瘡出血,但是沒有下垂;第2期的痔瘡是排便後下垂,但是會自然縮減;第3期的痔瘡會下垂,須用手指壓推縮;第4期則是痔瘡長期下垂,無法完全推縮。

痔瘡嚴重切除最佳

“輕微的症狀如少量出血、肛門發癢等,可以通過飲食調養改善病情,如增加攝取纖維素,如水果、蔬菜、麵包、谷量、水份及流質等。早期痔瘡的治療法有橡皮筋結札、注射療法或需要紅內線凝結法,而手術切除則是第3與第4期痔瘡的最佳治療方法。”

孫連意指出,傳統的切除痔瘡手術有激光痔瘡切除術及電燒法,手術需注射麻醉劑,術後患者須留院觀察數天。而PPH吻合器環形痔切除術(也稱機械縫合痔瘡切除術,Stapling Haemorrhoidectomy)則可減輕患者手術後排便的痛楚。

減輕術後排便痛楚

他解釋,PPH手術的治療原理是先把已經移位下垂的痔瘡推進肛門內約3至5公分,將已經鬆弛脫出的內痔黏膜切除,同時吻合與阻斷外痔黏膜的血管供應,讓其漸漸凋萎。由於切除的部份是在齒狀線2至3公分,沒有疼痛神經末梢,因此可有效地減輕手術後排便的痛感。

“通常手術前醫生都會注射適量的麻醉劑,以讓患者在手術時不會感到疼痛。術後,患者會感覺肛門週邊有輕微的不適,不過可很快地恢復正常的活動,只有少數患者會在一週內感覺不適。”

他說,手術時間約半小時左右,大部份的患者在術後1至2天即可出院,有者也可以在手術當天出院,數天後即可如常生活。

溫水坐浴
多吃高纖食物

外科專科醫生孫連意分析,傳統切除手術在術後會比較痛,患者須服用止痛藥,並要留院觀察,約1週後才可上班。

而PPH吻合器環形痔切除術除了可減少患者的痛楚與縮短留院時間,還有效減少併發症,如大便失禁、肛門狹窄或肛門周圍膿腫等。

他說,手術後患者應以溫水坐浴,水中可加少量優碘,每天3次以上,每次10至15分鐘,大便後也應馬上坐浴。

此外,儘量避免便秘的情形,多吃高纖食物及多喝水,不應飲酒、吃辛辣的食物以及熬夜。

“手術後兩週內大便時可能會出血,一般出血量不會很多。若出血過多、傷口越來越痛、發燒或腹瀉等,須趕快到醫院檢查及治療。”

肛門出血
或大腸肛門癌

孫連意醫生強調,雖然排便時或後肛門出血是痔瘡最明顯的症狀,可是肛門出血不一定是痔瘡問題,大腸及肛門癌也會導致肛門出血。

“上廁所太久,例如在上廁所時閱讀過度,會造成肛門壁內的結締組織鬆弛,進而導致血管曲張與血管微薄,造成充血及出血的症狀出現。”

如果長期持續下去,就會造成肛門組織及曲張血管的下垂。痔瘡患者的肛門出血症狀是少者鮮血沾在衛生紙上,多者鮮血會滴出,甚至噴射而出。

痔瘡症狀
如果有以下的症狀,可能是患上痔瘡,但仍須就醫確診病情。
* 排便時或後肛門出血。
* 排便時肛門下垂或突出。
* 肛門周圍疼痛或發癢。
* 肛門皮膚觸覺敏感。

痔瘡(內痔)期別
第1期──症狀:患者有靜脈曲張,但狀況不明顯;痔瘡由外表看不出來,完全包在肛門內部。
第2期──症狀:患者的肛門靜脈明顯曲張,痔瘡有時會掉出肛門外,但會自己縮回去。
第3期──症狀:患者的痔瘡大部分時間都掉出肛門外,必須用手才能把外凸的痔瘡塞進去。
第4期──症狀:患者的痔瘡凸出在肛門外,無法塞回去。

光明日報/良醫‧報導:雷淑貞‧2010.04.12

靈魂出竅CO2作怪


斯洛文尼亞‧腦內化學物失衡產生幻覺‧靈魂出竅CO2作怪

(斯洛文尼亞‧盧布爾雅那)曾經起死回生的人聲稱,他們瀕死時有靈魂出竅等神秘經驗,原來,都是血液中的二氧化碳(CO2)在作怪!

許多曾歷經昏迷甚至心臟暫停跳動的人,在逃出鬼門關後憶述,曾看到隧道一樣的強光,有人見到已故親人或神靈,有人靈魂“出竅”飄至天花板往下俯視自己,有人看到自己的一生像放電影般從眼前飛過,有人則感受到一種全然的平和與寧靜。

十分之一人擁奇妙經歷這就是所謂的“瀕死經驗”,有人認為這與宗教或藥物有關,但斯洛文尼亞科學家如今發現,原來這些體驗與血液中二氧化碳濃度升高有關。

目前的數據統計,有十分之一的人及四分之一的心臟暫時停止跳動者,經歷過這種奇妙經驗。

科學家對52名心臟停跳後又恢復健康的人進行研究,其中11人表示經歷“瀕死經驗”,他們無論年齡、性別、教育程度、宗教信仰等方面,都沒有共通性,唯一的關聯是,他們呼出的氣體里和動脈里所含的二氧化碳濃度更高。

科學家稱,心臟停頓時,血液中的二氧化碳含量通常會下跌,但少數的人二氧化碳含量不跌反升,可能就是這些高濃度的二氧化碳令腦內的化學物失衡,在心臟停止後,腦部仍可正常運作幾分鐘,病人就是在這期間產生幻覺。

英國南安普敦大學專家帕尼亞博士表示,二氧化碳濃度很高,可能意味著患者甦醒的機會很大,醫生應該確保流向患者大腦的血流暢通;如果一名患者擁有很好的甦醒條件,那麼,他記住靈魂出竅體驗的可能性更大。

星洲日報/國際‧2010.04.09

UCHITEC,7100



未署名讀者問:宇琦科技(UCHITEC,7100,主板工業產品組)似乎沒有甚麼新聞見報,請問前景如何?

答:宇琦科技前兩年因歐洲實施新節能法促使大量訂單遭到推遲衝擊,不過,鑑於全球經濟復甦,這間公司看好今年公司前景。

達證券在2月初與這間公司管理層會晤後,發現今年運作的節能替換過程業務受到客戶良好迴響,因此管理層對公司前景感到樂觀。

這間公司2008及2009財政年銷售大量受到訂單推遲所影響,主要是重組其客戶物流計劃所致。瑞士實施新節能法令,要求所有電器產品在待機模式時儘量減少能源消耗。

“基於此,這間公司客戶唯有選擇清除現有存貨或出售產品至其他國家。另外,全球金融風暴也對公司銷售造成衝擊。”

管理層說,公司研發及生產計劃按照歐洲節能指令,促使公司較同儕佔優勢。目前尚未預計新產品銷售,訂單數目將在2月杪開始總結。

這間公司最近也與巴西客戶協商,假設協商成功,公司新收入來源預計今年中旬開始貢獻。

分析員表示,根據這間公司過往表現良好紀錄,這間公司有能力多元化其客戶群,相信隨著經濟復甦,公司將更積極尋找新客戶。

這間公司之前提出縮減成本計劃,包括裁員及縮短工作時間。不過,基於整體行業前景看俏,公司目前已滿載操作並已恢復正常工作時間。

分析員預測,在尖峰時期,公司或許將檳城的部份製造業務外包給其他業者。

鑑於營業額及淨利開始恢復,淨賺幅也強勁復甦,顯示供需正常,達證券給“買進”評級,目標價為1令吉60仙。

星洲日報/投資致富‧投資問診室‧2010.04.11

Comments
SP Setia (RM4.20; Buy; Price Target: RM4.80; SPSB MK)

Sales on track

SP Setia (SPSB) has achieved RM935m sales for the first five months of FY10 - on track to achieve its RM2b annual sales target (47% to date). Unbilled sales currently stands at RM1.7b (1.4x FY09 property development revenue).

Mar 10 sales of RM175m was up 15% m-o-m, as Feb 10 was affected by the long Chinese New Year break. Mar 10 was slightly lower than the average monthly sales of RM203m achieved in 1QFY10 which saw a knee-jerk reaction to the introduction of a new incentive package ie Best-for-the-Best (incorporating earlier 5/95 financing scheme) in Oct 09.

With RM327m sales in the bag for Feb-Mar 10, we expect 2QFY10 to be a reasonably strong quarter, although could be potentially lower than 1QFY09’s RM608m and 2QFY08’s RM553m. We do not discount the possibility of a rush to buy as its Best-for-the-Best financing package will be expiring in Apr10.

Even if Best-for-the-Best is not extended, we expect sales to remain robust driven by improving economic outlook and inflation hedging (especially with the introduction of GST in the near future). Property sales have remained resilient despite recent uptick in interest rates (historically low correlation anyway) and less attractive financing packages by banks/developers. Average selling prices have also been increasing steadily which should lead to stronger margins.

Maintain Buy and TP of RM4.80, based on 20% discount to RNAV of RM5.95. Potential catalysts:

a) Launch of RM6b KL Eco-City commercial project in Aug10 (just opposite the successful Midvalley), and
b) New landbank acquisitions including participation in government land redevelopment given its strong balance sheet and brandname.

By Malaysia Equity Research

One suitor at a time for EONCap

The central bank has not given any approval other than to Hong Leong Bank to talk to the EONCap board of directors, sources say


An approval from Bank Negara Malaysia for Affin Holdings Bhd to take over EON Capital Bhd (EONCap) (5266) is not possible for now as Hong Leong Bank Bhd has been given exclusive rights to talk to the EONCap board of directors, sources said.

They said the EONCap board had signed a letter giving exclusive rights to Hong Leong to discuss the takeover.

"Under such circumstances, how can the Affin group make an offer or Bank Negara give its consent? The central bank has not given any approval other than to Hong Leong for that matter," one source said.

"If they are interested, the Affin group must wait until the EONCap board and its shareholders have deliberated on the offer made by Hong Leong," the source added.

The source was commenting on a report yesterday that Affin - controlled by Lembaga Angkatan Tentera and its foreign partner Hong Kong's Bank of East Asia Ltd - had submitted a new proposal for EONCap to Bank Negara.

The proposal was said to be the third one coming from Affin for EONCap's assets and liabilities.

Affin's latest offer was said to be higher than Hong Leong's own revised offer for EONCap, and it included a share equity element.

Affin, however, issued a statement yesterday denying that it had submitted a proposal to Bank Negara.

Hong Leong Bank recently revised upwards its offer to buy EONCap for RM5.06 billion cash, or RM7.30 per share.

Hong Leong's previous proposal submitted about three months ago was shot down by EONCap's board, which said the offer price of RM4.92 billion, or RM7.10 per share, significantly undervalued the group.

Meanwhile, an industry official said even if Affin were making the latest hybrid offer by sweetening cash with equity for EONCap, the bid is still not as attractive as that of Hong Leong's.

"A smaller bank marrying another smaller rival will not better a smaller bank marrying a bigger, richer bank," he said.

Thursday, April 15, 2010

KNM

AGLOBAL (0020)


COB : KOK CHUAN LOW
CEO : KOK THAI LOW
CEO/MD/PRESIDENT: SAI SUM LIU

Ariantec was founded in 2000 to serve the growing demand in the field of data communication, managed security, hardware and software solutions, e-business strategy and business consulting. Ariantec Sdn Bhd Headquarter based in Phileo Damansara I, Petaling Jaya, Malaysia.

Ariantec is an associate company of Metronic Global Berhad, where we have offices through-out Asia Pacific such as in Hyderabad-India, Beijing-China, Riyadh-Saudi Arabia, Hanoi-Vietnam, Dubai-UAE and Bukit Timah-Singapore.

The company achieved a significant milestone in June 2006 when its Group company, SpammerSpy Technologies International Sdn Bhd, was awarded MSC status.


Fiscal Year 12/31/200612/31/200712/31/2008

INCOME STATEMENT
Net Turnover/Net Sales8,60813,6359,667
EBITDA1,2612,303-9,205
EBIT399605-11,863
Net Profit253574-11,378
Ordinary Dividend000

Wednesday, April 14, 2010

JAKS in focus, chips advance


KUALA LUMPUR: Blue chips gave up part of their gains by the midday on Wednesday, April 14 on extended profit taking but the broader market was mostly mixed.

Chip-related stocks advanced on Intel's positive outlook while JAKS rose on a positive outlook for the pipe-to-property company.

At 12.30pm, the FBM KLCI was up 1.64 points to 1,336.16. Turnover was 416.4 million shares valued at RM598 million. There were 308 gainers, 285 losers and 272 stocks unchanged.

Light crude oil was up 33 cents to US$84.38, crude palm oil futures rose RM2 to RM2.527 while US spot gold added US$4.85 to US$1,155.55.

Japan's Nikkei 225 rose 0.36% to 11,201.58, Singapore's Straits Times Index advanced 1.08% to 3,003.81 while Hong Kong's Hang Seng Index slipped 0.06% to 22,089.83 and Shanghai's Composite Index lost 0.2% to 3,154.80.

At Bursa Malaysia, GENTING BHD [] rose five sen to RM6.56, pushing up the FBM KLCI up by 0.44 of a point while Axiata added two sen to RM3.73, nudging the index up by 0.41 of a point.

Panasonic Malaysia gained 28 sen to RM16.30 while Dutch lady added 20 sen to RM12.40.

Chip-related stocks MPI rose 22 sen to RM7.24 and Unisem 14 sen to RM3.14 while hard disk drive component maker JCY gained four sen to RM1.76. The stocks rose after Intel reported a positive outlook.

JAKS rose five sen to 88 sen with 14.79 million shares done after RHB Research said it believed JAKS' outlook is about to change for the better, given three major positive developments since March, which would improve its financial position from FY10/10.

Transmile fell four sen to 40.5 sen with 8.7 million shares done on a news report the EPF is seeking to recover RM50 million owed to it by the beleaguered air cargo transporter. The report said Transmile owed RM500 million.

Top Glove fell 26 sen to RM12.64, but in shrinking volume after the recent de-rating for glove makers though CIMB Research sees upside for the sector.

Tan Chong fell 18 sen to RM4.75 while KKB lost 11.5 sen to 52 sen.

Tuesday, April 13, 2010

Ahmad Zaki to bid for RM700m contracts


CONSTRUCTION group Ahmad Zaki Resources Bhd (AZRB) (7078) said it will bid for contracts to build four office towers in Putrajaya worth some RM700 million to grow its income.

It will also bid for other building and infrastructure projects called by Putrajaya Holdings Sdn Bhd, AZRB executive director Datuk Wan Zulkifli Wan Muda said.

Wan Zulkifli told Business Times that AZRB is hopeful of getting more contracts by the end of this year. It is bidding for work in Malaysia, the Middle East and in India.

"The unbilled portion of our existing order book is RM1.4 billion and this is expected to grow. We are hopeful of doing better in the current financial year," he said.
For the year to December 31 2009, AZRB posted a net profit of RM20.7 million on revenue of RM458.1 million.

Putrajaya Holdings chief Datuk Azlan Abdul Karim said it will call for tenders for the 14- and 15-storey office towers in the next five months.
It will also call for tenders for other building projects in Putrajaya later this year due to demand for new office space.

Ahmad Zaki Sdn Bhd chairman Datuk Abdul Rahman Abdullah said each project the group bids for is worth several hundred million ringgit.
"These are mainly building and infrastructure projects. There are a lot of new projects coming up in Malaysia and in the Middle East.

We will take on the projects provided the price is right," he said.
It plans to build its base and tap the potential in the Gulf region, covering Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates. AZRB has four existing projects in Saudi Arabia worth almost RM900 million.

P1 stake sale may raise US$100m



A few parties have approached Packet One, including South Korea's SK Telecom, and talks are still in the early stages, sources say




Wireless broadband service provider Packet One Networks (Malaysia) Sdn Bhd (P1), a unit of Green Packet Bhd (
0082), may raise about US$100 million (RM319 million) by selling a fifth of the company to a strategic investor.

It is believed that there are a few interested parties which have approached P1, including foreign telecommunications companies like South Korea's SK Telecom. "So far, a few parties have approached P1.

Talks are still in the early stages. Nothing is finalised yet. It may take months before anything concrete happens," sources told Business Times.
Money from the share sale would come in handy for P1's aggressive plans to expand its network coverage in the country.

P1, the first Malaysian company to roll out wireless broadband services using the WiMAX technology, currently covers more than 30 per cent of the population in Peninsular Malaysia.

It aims to cover more than 60 per cent within three years.
Competition among wireless broadband providers is expected to be intense this year, driven by aggressive campaigns by mobile operators Maxis Bhd, Celcom Axiata Bhd and DiGi.Com Bhd.

The YTL group will also officially launch its wireless broadband services at the end of the year.
Despite the tough competition, suitors are keen on P1 as the market holds potential. "Being the market leader in the WiMAX space is certainly a plus point.

Moreover, broadband penetration is still relatively low, indicating good growth potential," said the source.
According to research by companiesandmarkets.com, the country's broadband subscriber base is expected to more than triple to eight million by end-2014 from 2.62 million subscribers last year.

The subscriber base includes both mobile and fixed broadband customers.
P1 has invested close to RM600 million since it launched its broadband services about two years ago. It had some 139,000 subscribers last year.

The company hopes to double its subscriber base by the year-end.
Green Packet group managing director Puan Chan Cheong, when contacted, said it was the company's policy not to respond to speculation or rumours.

Monday, April 12, 2010

8 shortlisted for RM150m Sibu Airport upgrade

The companies include Trans Resources, IJM Corp, Gamuda, Muhibbah Engineering and diversified Kuching-based Musyati


Eight companies have been shortlisted to bid for a contract worth some RM150 million to upgrade the main terminal building and parking apron at Sibu Airport in Sarawak.

The companies include Trans Resources Corp Group, IJM Corp Bhd, Gamuda Bhd, Muhibbah Engineering Bhd and diversified Musyati Sdn Bhd, which is based in Kuching.

Business Times understands the eight were shortlisted as they had met the technical requirements and have built or upgraded airports previously.

A source familiar with the plan said the deadline for the companies to put in their bid is May 20.


"The contract may be awarded latest by July. The government wants the airport to be upgraded fast as Sibu is experiencing growth in tourist arrivals," the source said.

Sibu receives a large number of tourists each year from local and foreign countries.

In 2008, the airport, which is located 24km from Sibu town, handled 831,772 passengers on 14,672 flights and 735 tonnes of cargo.

As the second biggest town in Sarawak, Sibu does not want to be left behind in the fast developing state.

According to Malaysian Airports Holdings Bhd in previous reports, the terminal building, when upgraded, would be bigger than the Bintulu and Miri airports.

The terminal will have, among others, three aerobridges so that the distance for passengers to walk to and from the aircraft can be shortened.

Sibu Airport started operations in June 1994. It was built by YTL Corp Bhd at a cost of RM112 million.

The airport can accommodate small and mid-range aircraft like the Boeing 737-500. The 2,000-metre runway is capable of allowing direct flights from Kuala Lumpur using Boeing 737s.

The runway was last upgraded in 1999 by IJM Corp. >>BTimes


Sunday, April 11, 2010

Sunway in JV for Puncak Jalil property development, GDV RM120m

KUALA LUMPUR: SUNWAY HOLDINGS BHD [] is teaming up Monty PROPERTIES [] Sdn Bhd to undertake joint residential property development in Puncak Jalil with an estimated gross development value (GDV) of RM120 million.

Sunway said on Friday, April 9 its unit SunwayMas Sdn Bhd had signed a JV agreement with Monty Properties to undertake the project via a JV company Geneba Dua Sdn Bhd on the 4.4-acre site.

"The proposed JV enables the group to increase the size of its land bank for the purpose of property development," it said.

It added the land is located in the Puncak Jalil township which is accessible to Bukit Jalil highway and Puchong via the Lebuhraya Damansara-Puchong.

Sunway said the land was suitable for high-end residential development comprising terrace and semi-detached houses which would be launched this year. This would fit into the group’s strategy of focusing on niche residential projects with fast turnaround time.

It added a feasibility study showed the proposed JV would provide Geneba Dua with an estimated GDV of RM120 million.

"Based on the results of the feasibility study, Sunway is of the view that after taking the risks into account, the expected benefits are sufficiently attractive for SunwayMas to proceed with the proposed JV," it said.

Wednesday, April 7, 2010

Minister: Gamuda's RM10.75b offer against Water Services Industry Act


KUALA LUMPUR: The Minister of Water, Green TECHNOLOGY [] and Energy said on Wednesday, April 7, the offer by GAMUDA BHD []'s associate to buy out water assets in Selangor for RM10.75 billion was against the spirit of the Water Services Industry Act 2006.

Bernama quoted Datuk Seri Peter Chin Fah Kui as saying water companies should not own assets but just focus on operations and maintenance. The Act was aimed at promoting an asset-light environment for water companies.

Chin was asked to comment on Gamuda's 40% owned Syarikat Pengeluar Air Sungai Selangor Sdn Bhd's (Splash) offer, to buy out the water assets in Selangor.


This offer is about 16% higher than the RM9.22 billion offered by the Selangor state government last year.
"They (Splash) want to take over the assets of other water companies in Selangor and operate a concession, which is basically not promoted by the Act," Chin said.

Tuesday, April 6, 2010

'Trading buy' call on Tenaga maintained

Kenanga has maintained a "trading buy" recommendation on Tenaga Bhd, given limited downside as demand is strengthening whilst coal cost appears to be within the coal compensated price.

"However, a formal fuel-pass-through (FPT) tariff formula is still required to strengthen fundamentals and re-rate TNB convincingly," the research house said.

Foreign shareholding is still very low at 8.6 per cent at 28/2/10, Kenanga noted.

Meanwhile, AmBank reiterated "our BUY call on Tenaga Nasional Bhd (Tenaga) with a higher fair value of RM10.00 a share".


"We expect Tenaga’s 2QFY10 results, which will be announced on 29 April 2010, to be stronger than expected due to a sharp rebound in electricity demand growth while coal costs remain under control."

"All-in, given strong demand recovery, there is likelihood that street estimates will be raised over the next two quarters," AmBank said.

"We have raised Tenaga’s demand growth to 5 per cent from 4 per cent in FY10F and 6 per cent from 5 per cent in FY11F."

This raised FY10F-FY12F net profit by 5 per cent-8 per cent and our DCF from RM9.90 a share to RM11.10.

" Applying a 10 per cent discount for tariff review uncertainty, our fair value translates to RM10.00 a share," said AmBank.

Monday, April 5, 2010

Malaysia's building sector on the right track


THE Construction Industry Development Board (CIDB) is optimistic that the country's construction industry will achieve world-class status by 2015.

Its chief executive officer Datuk Hamzah Hasan said based on the Construction Industry Master Plan 2006-2015, the sector is on track to reach its target.

The growing number of Malaysian companies embarking on projects overseas over the last two decades provides a further boost to this.

Majority of the projects are in the Middle East and North Africa, mainly in Saudi Arabia, the United Arab Emirates, Qatar, Bahrain and Libya.


The Middle East is the largest market where 51 projects worth some RM30 billion are ongoing. "This is more than India where we have 23 ongoing projects valued around RM7 billion and 22 projects in Asean worth RM5.7 billion.

The numbers are increasing," Hamzah told Business Times.
"We have been instilling confidence among our construction players that they are at par with or even better than their counterparts internationally. This has made them more willing to venture overseas.

"The challenge overseas is to maintain the competitive advantage over time. This is because any competitive advantage as a result of cost, better work process and easy access to funds is easily overtaken by the locals," Hamzah said.

Master Builders Association Malaysia president Ng Kee Leen said issues affecting local construction firms overseas are track record and funding.
"There are not many mega projects in Malaysia for the companies to build a track record so they embark on overseas projects in a joint venture with the locals to build their portfolio," Ng said. "When you have another partner, it is very tough.

It will be good if Malaysian firms can bid alone for projects overseas," he added.
Ng said funding was an issue because banks in Malaysia were not willing to support the contractors as they were sceptical about overseas projects. "We hope Malaysian banks will set up branches in the Middle East and North Africa to support our contractors." he said.

Sunday, April 4, 2010

Plantations & O&G

KUALA LUMPUR: A positive US labour market report and improved corporate earnings could be the catalysts for the key Asian markets including Bursa Malaysia on Monday, April 5.

Reuters reported US non-farm payrolls report showed the economy added 162,000 jobs in March, the fastest pace of growth in three years.

Analysts said the biggest increase in employment in three years is the strongest indication the deepest U.S. recession since the 1930s has ended.

At Bursa Malaysia, blue chips which are expected to continue their upwards trend would be banking stocks including CIMB, PLANTATION []s as crude palm oil prices extend their gains and also oil and gas (O&G) related companies as light crude oil holds steady about the US$80 mark.

Stocks to watch on Monday include the call warrants over ANN JOO RESOURCES BHD [], (ANNJOO-CW), Berjaya Corp Bhd (BJCORP-CW), Wah Seong Corp Bhd (WASEONG-CW) and Genting Singapore plc (GENS-CW) which are issued by AmInvestment Bank Bhd.

he firm CPO prices, which are expected to rise in the medium-term, are expected to continue to generate interest in plantations including Kuala Lumpur Kepong, IOI Corp and PPB GROUP BHD [], which has exposure via Singapore-listed Wilmar.

Smaller plantations may also benefit if CPO prices continue to show an upward trend.

Most O&G counters have been lagging behind the banks and plantation stocks in the recent run-up and with the crude oil firmly above the US$80 per barrel, this could spark more interest in the O&G players. Stocks to watch include Kenanca Petroleum, Dialog Group, Wah Seong Corp Bhd.

Written by Joseph Chin

Thursday, April 1, 2010

HDBSVR: Dayang among frontrunners to clinch big O&G maintenance jobs

KUALA LUMPUR: Hwang DBS Vickers Research believes Dayang is among the frontrunners to clinch some major oil & gas maintenance jobs to be awarded this year

The research house said on Thursday, April 1 that several major maintenance jobs are expected to come on-stream this year.

“We believe Dayang has a strong chance of securing some of these contracts, and to date has participated in several, notably the RM400 million SSB/SSPC contract,” it said.

Other contracts up for grab include Petronas Cargill’s RM1.5b 5-year maintenance work and RM400m ExxonMobil contract. Dayang is the incumbent in some of these recurrent jobs and OSK Research believes its track record would stand the company in good stead as potential beneficiaries.

“We expect earnings growth to be supported by active order book replenishment and maiden contribution from Borcos. We have assumed contract wins of RM500m for FY10. Dayang current work orders of RM520 million would keep the company busy till 2012, while Borcos has 80% of its vessels locked under long term charter contracts (1-3 years),” it said.

Dayang is a good proxy to East Malaysia oil & gas play given its track record and growth story.

“We initiate coverage with a Buy call and 12-month target price of RM2.60/share, pegged to 11x FY11F EPS. Dayang offers decent FY11F net yield of 2.7%, as well as superior margin (FY09 EBIT of 25.8%) relative to the sector (19.4%). The stock is currently trading at FY11F PE and PBV of 8.0x and 1.6x, respectively,” it said.

Supermax rises, to benefit from higher US exports

KUALA LUMPUR: Shares of Supermax Corp Bhd rose on Thursday, April 1 as the glove maker expects to benefit from the exports of medical examination gloves to the US.

At 2.50pm, it was up 12 sen to RM6.90 with 1.18 million shares done. The FBM KLCI was up 9.45 points to 1,330.02. Turnover was 450 million shares valued at RM672 million.

Supermax executive chairman and managing director Datuk Seri Stanley Thai said the company was expected to reap the immediate fruits from the US Healthcare Reform Bill. The glove maker is set to increase its export of medical examination gloves to the US market by 5% to 7% in FY10.

Its unit Supermax USA is poised to benefit from the recently announced US Healthcare Reform Bill where 32 million uninsured Americans will now be covered and be able to seek more regular treatment and routine health checks.

For FY09 ended Dec 31, the company's total export to the US market was about 42%.

"We should be able to capitalise on demand uptake estimated at about 10% to 12% per annum or about between RM35 million and RM40 million in total sales revenue," Thai said in a statement on Wednesday.

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