KUALA LUMPUR (April 28): Based on news flow and corporate announcements today, the stocks to watch tomorrow may include:
Politically-linked Sarawak counters may be in focus after HSBC Malaysia said today it has decided to “wind down” commercial banking business in Sarawak due to “commercial reasons”.
The banking group told theedgemalaysia.com that its intention to close operations had been conveyed since October last year. “All impacted customers were informed in scheduled face-to-face meetings and by letter starting 9 October 2013,” it said in a reply to theedgemalaysia e-mail query.
According to a report on FMT Borneo’s website yesterday, HSBC is “no longer doing business” with the former powerful Chief Minister of Sarawak, Tan Sri Abdul Taib Mahmud, and his family.
“HSBC’s decision here is closely linked to its desire to withdraw from tainted active business,” said the FMT report.
Companies that are controlled by Taib’s family include Cahya Mata Sarawak Bhd, Naim Holdings Bhd, Dayang Enterprise Holdings Bhd and Sarawak Cable Bhd.
Industronics Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia after the stock fell as much as 30 sen or 44% to hit limit down today.
At 5.00 pm, Industronics closed at its intraday low of 38.5 sen with some 2.6 million shares done.
Industronics is required to update investors on whether there are any corporate development which may have triggered the decline in the company's share price.
MNC Wireless Bhd has also been issued an UMA query by Bursa Malaysia after its share price hit limit down.
At 5.00 pm market close, MNC shares fell 23 sen or 61% to 15 sen on volume of 20.6 million shares.
The stock had earlier dropped by 25.5 sen or 67% to an intraday low of 12.5 sen.
VisDynamics Holdings Bhd was also issued an UMA query by Bursa Malaysia after its share price hit limit down.
At 5.00 pm market close, its share was traded at 47 sen, down 30 sen or 39% with some 3.2 million shares done.
Xinghe Holdings Bhd, formerly known as Key West Global Telecommunications Bhd, will be removed from Practice Note 17 (PN17) list tomorrow.
Xinghe said trading of its shares, suspended for the past two years, would resume tomorrow.
Prior to Xinghe's corporate revamp, which included a private placement of shares, Bursa Malaysia had designated the group as a PN17 entity in May 2012. Trading of the stock was suspended since Oct 4, 2012.
Xinghe’s shares will be traded under the new stock short name of ‘XINGHE’.
Sime Darby, Eastern & Oriental, SP Setia and I&P could see their properties being merged by its parent Permodalan Nasional Bhd (PNB) as the latter is considering a proposal to merge four of its portfolio companies to form Southeast Asia's second largest property firm with at least RM41 billion in assets, a source with direct knowledge told Reuters.
PNB, which manages about $73 billion, started restructuring its property portfolio in 2009.
The merged entity could take the form of a listed company or property trust, or could even stay private, the source said, adding that the plan is still in its early stages and subject to changes.
Malaysia Airports Holdings Bhd (MAHB) and other aviation stocks could be in focus after the International Air Transport Association (IATA) said it was against any move by the Malaysian government to overcharge airlines in terms of passenger service charge or airport tax.
IATA is proposing an airport taxes of between RM40 and RM45 for KLIA and klia2.
MAHB has proposed a new airport tax of RM71 for international passengers and RM10 for domestic passengers using KLIA compared with the current RM65 for international passengers and RM9 for domestic passengers.
Tambun Indah Land Bhd’s net profit for the first quarter (1QFY14) soared 116% year-on-year to RM25.3 million from RM11.7 million in the year before. Revenue for 1QFY14 was up 43% to RM112.0 million from RM78.3 million in 1QFY13.
The company attributed the improvement in its revenue and profit to better performance of its property development and property management segment.
“The revenue from property development and property management activities had increased by 42.3%.”
Going forward, the group expects to achieve a favourable performance for the remainder of its financial year.
Gamuda Bhd is seeking to undertake a judicial review against the Selangor Lembaga Urus Air Selangor's (LUAS) refusal to renew Syarikat Pengeluar Air Sungai Selangor Sdn Bhd's (SPLASH) raw water-abstraction licence beyond June 30, 2014.
Gamuda said its 40% associate company, SPLASH, had on 24 April 2014 filed an application in the Kuala Lumpur High Court for leave to issue judicial review proceedings against the decision of LUAS.
AirAsia X, AmBank and Sime Darby may be in focus after they signed deals worth US$2 billion with US companies today.
In the AirAsia X’s deal with General Electric Co, GE will supply engines and maintenance for 25 new Airbus A330 aircraft for AirAsia.
Plantations-to-motoring conglomerate Sime Darby will take a stake in San Diego biotechnology start-up Verdezyne to work on a project to convert palm oil waste into industrial chemicals, and Metlife will cooperate with AmBank on insurance and savings products.
Written by Ho Wah Foon of theedgemalaysia.com
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