Tuesday, November 22, 2011

Stocks to watch 20111122: Triplc, Harvest, Alam Maritim, Eversendai, Mah Sing

KUALA LUMPUR (Nov 22): Market sentiment is expected to be cautious on Tuesday with investors again staying on the sidelines as the euro zone's debt crisis struck again at the heart of Europe.

In the UK, bank and commodity stocks weighed on the FTSE 100 at midday on Monday, with clouds gathering over the prospect for global growth as U.S. debt talks broke down and France was told it could lose its Aaa rating from Moody's, Reuters reported.

Meanwhile, billionaire investor Warren Buffett warned of a major flaw in the 17-member euro zone system and added it would take more than words to fix it.

At Bursa Malaysia, which saw the FBM KLCI sliding 1.4% or 20.32 points to 1,434.08, dragged by key blue chips including Genting, MISC and index-linked PLANTATION [] stocks on Monday, there would not be any rush to buy equities.


Triplc will be uplifted from the Practice Note 17 classification on Tuesday after it had regularised its financial condition.

This will see the listing and quotation of 6.367 million settlement shares issued pursuant to the capitalisation of RM6.36 million or 25% of the RM25.47 million in debts owing by the group to certain substantial shareholders and creditors and the waiver of the remaining 75% of such debts amounting to RM19 million.

Also to be quoted are 64.02 million shares of RM1 each issued under the consolidation of every 100 shares of 43 sen each into 43 shares subsequent to the reduction of the paid-up b cancelling 57 sen of the par value of each of the 148.88 million shares in issue after the capitalisation.

Harvest Court announced Mohd Nazifuddin Najib has resigned as an independent director on Monday. He was appointed to the board on Oct 28. Nazifuddin still owns 3.98 million Harvest Court shares.

Alam Maritim’s third quarter net profit rose 50.5% to RM13.33 million from RM8.92 million a year ago, underpinned by its offshore support vessels segment. Its revenue increased by 71.3% to RM116.03 million from RM67.69 million while earnings per share were 1.70 sen compared with 1.20 sen.

Eversendai’s order book increased to RM1.60 billion with the latest contract secured by its subsidiary Shin Eversendai Engineering (M) Sdn Bhd to build part of the Manjung power plant. The contract was for the boiler and auxiliary equipment for the Manjung Unit 4, which was awarded by Alstom Services Sdn Bhd.

Mah Sing’s earnings jumped 45.6% to RM43.22 million in the third quarter ended Sept 30, 2011 from RM29.67 million.

It said the performance was underpinned by strong sales which exceeded the RM2-billion mark as up to Nov 15, due to the strong branding and the flexibility afforded by its comprehensive portfolio of PROPERTIES [].

Latexx Partners’ net profit for the third quarter ended Sept 30, 2011 fell 27.8% to RM12.73 million from RM17.63 million a year earlier, due mainly to the persistently high raw material prices and the weaker US dollar. Its revenue for the quarter slipped 6.2% to RM121.81 million from RM129.88 million in 2010.

United Plantations’ net profit for the third quarter ended Sept 30, 2011 jumped 32.6% to RM105.15 million from RM79.27 million a year earlier, driven mainly by significant improvement in the selling prices of crude palm oil (CPO) and palm kernel (PK). Its revenue for the quarter surged 59.3% to RM439 million from RM275.54 million in 2010.

The plantation company declared an interim dividend of 18.75 sen net per share for the year ending Dec 31, 2011, and a special dividend 11.25 sen net per share, to be paid on Dec 21.

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