Saturday, July 23, 2011

Stocks to watch 20110722: CI Holdings, Tenaga, Bina Puri, Catcha

Written by Joseph Chin of
Thursday, 21 July 2011 20:16

KUALA LUMPUR: CI Holdings Bhd will be the main focus on investors’ interest on Friday, July 22, when it resumes trading after announcing the proposed sale of its bottling unit for RM820 million.

Other stocks which would see trading interest include TENAGA NASIONAL BHD [] (TNB), BINA PURI HOLDINGS BHD [], KURNIA ASIA BHD [],TH PLANTATION []s Bhd and Hiap Teck Ventures Bhd.

Catcha Media Bhd will make its trading debut with an offer price of 75 sen. Its public offer of three million shares to the public was oversubscribed 10.67 times.

CI Holdings is set to record gains of RM677.10 million from the sale of its bottling unit, Permanis Sdn Bhd to Asahi Group Holdings Ltd for RM820.0 million.

CI Holdings’ original cost of investment in Permanis amounts to RM72.0 million, which was incurred on April 1, 2004.

TNB posted net loss RM440.20 million for the third quarter ended May 31, 2011 compared to net profit RM1.11 billion a year ago.

It was pessimistic about the outlook for the remaining financial year ending Aug 31, as it expects to be severely impacted due to significant increase in operating expenses.

Revenue for 3Q rose marginally to RM7.77 billion from RM7.72 billion in 2010. Loss per share was 8.08 sen from earnings per share 20.39 sen a year earlier, net assets per share was RM5.32.

For the nine months ended May 31, Tenaga’s net profit fell to RM903 million from RM2.81 billion in 2010 despite an increase in revenue to RM22.99 billion from RM22.45 billion.

Bina Puri Holdings Bhd’s current unbuilt book order has increased to RM2.40 billion with the RM388.73 million contract for an administrative centre in Teluk Likas, Kota Kinabalu.

Its unit Bina Puri Sdn. Bhd had accepted the letter of award from the Public Works Department for the phase one of the centre. The duration of the CONSTRUCTION [] is 30 months.

With the award, the group’s current unbuilt book order stands at RM2.40 billion as at to date. In 2011, the group had managed to secure new projects worth up to about RM500.00 million as at to date.

Kurnia Asia Bhd has received “expressions of interests from certain parties” for a possible equity stake in its unit Kurnia Insurans (Malaysia) Bhd.

It said Bank Negara Malaysia had no objection in principle for it to start preliminary negotiations with the relevant interested parties.

TH Plantations would also see positive trading interest after its second quarter net profit jumped 323% to RM32.16 million from RM7.60 million.

Its revenue increased by 48.3% to RM112.71m from RM76 million while earnings per share were 6.36 sen compared with 1.56 sen.

Its first half net profit surged 112.6% to RM53.99 million from RM25.39 million while revenue increased to RM187.77 million from RM153.21 million.

HIAP TECK VENTURE BHD []’s 55% owned Eastern Steel Sdn Bhd has entered into an engineering and procurement contract (EPC) and a construction contract with China Shougang International Trade and Engineering Corp for an integrated steel mill in Teluk Kalung, Kemaman, Terengganu.

Based on the statement issued to Bursa Malaysia, the EPC contract price was RM417.83 million while the construction contract price was RM232 million.

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