KUALA LUMPUR (May 12): Based on news flow and corporate announcements today, the stocks that may be in focus on May 14 include the following:
Tuesday (May 13) is a public holiday to allow Buddhists to celebrate Wesak Day.
Plantation stocks could be in focus after Malaysian palm oil futures edged up at close, due to a better-than-expected export data for the first 10 days of this month.
By the close, the benchmark July contract on the Bursa Malaysia Derivatives Exchange edged up 0.5% to end at 2,589 ringgit per tonne.
Exports of Malaysian palm oil products between May 1 and May 10 surged about 28% to 391,856 tonnes compared with a month ago, Reuters reported quoting data from cargo surveyor Intertek Testing Services.
The rise in exports came on the back of stronger demand from India, China and Europe.
Although exports in April was slower than expected, traders expect this month's demand to be better mainly due to the coming of the Muslim holy month of Ramadan, which begins in late June and followed by the Eid al-Fitr celebration in July.
The dry El Nino weather, expected to begin next month or July, could also be supporting CPO prices.
Daibochi Plastic and Packaging Industry Bhd’s net profit fell 7.1% to RM6.6 million for its first quarter ended March 31, 2014, from RM7.1 million in the previous year’s corresponding quarter.
However, revenue for the quarter rose 23.2% to RM90.4 million from RM73.4 million in the year before.
Daibochi announced a single-tier interim dividend of 3.5 sen per share, payable on June 26, 2014, for registered shareholders on June 4, 2014.
Moving forward, the group aims to improve its performance, amid a high-cost environment.
Pacific & Orient Bhd (P&O) has cancelled its decision to acquire a piece of land in Miami-Dade County, Florida, US, following unsatisfactory results from inspection, tests and analyses on the land.
Pacific & Orient today said its wholly-owned unit P & O Global Technologies Inc had on May 9, 2014, cancelled the agreement to acquire the land.
On March 24 this year, the financial and IT service provider announced P & O Global Technologies entered into an agreement of purchase and sale for the said land worth RM24.5 million (US$7.418 million), to develop the 3.22-acre freehold land into a mixed residential and commercial development.
Perisai Petroleum Teknologi Bhd said its previously-announced Perisai Pacific 101 provision award from Petronas Carigali Sdn Bhd is valued at RM511.7 million.
The group had earlier announced that its 51% subsidiary, Perisai Offshore Sdn Bhd, has secured a letter of award from Petronas Carigali for the provision of the jack up drilling rig, Perisai Pacific 101.
Under the contract, the jack up drilling rig will be provided to Petronas Carigali for a duration of three years.
Operations are expected to commence mid-2014, in support of Petronas Carigali’s drilling campaign.
The group expects the contract to “contribute positively to the group’s financial position for the financial periods comprised in the duration of the Award.”
Cuscapi Bhd has secured a contract worth RM21.09 million from Malaysian Airport Holdings Bhd (MAHB) for the leasing of its Point of Sale (POS) system for KLIA and klia2.
“The contract is expected to contribute positively to the earnings and net assets of Cuscapi for the financial years ending 2014 to 2019,” said the statement.
Magna Prima Bhd said its wholly-owned subsidiary and Perembun (M) Sdn Bhd have been ordered to pay a sum totalling RM21.8 million to Bina BMK Sdn Bhd after arbitration over a commercial dispute.
In a statement to Bursa Malaysia, Magna Prima said its wholly-owned unit Magma Prima Construction Sdn Bhd and Perembun shall pay Bina BMK within 30 days upon the day which either party shall have taken up the final award, save as to costs.
If the payment is not paid and settled within the stipulated period, a simple interest rate at 8% per annum will be charged on the amount.
Previously, a dispute arose between Magna Prima and Perembun and Bina BMK in relation to a sub-contract job for a mixed development project worth RM56.4 million. Bina BMK was was awarded the sub-contract works on Oct 30, 2004.
Berjaya Corporation Bhd will commence negotiations for a business cooperation contract with Vietlott, a wholly-owned subsidiary of Vietnam’s Ministry of Finance, to implement a computerised lottery system in Vietnam.
Under the contract, Berjaya Corporation will undertake the investment, procurement, installation of equipment and operation of a computerised lottery system for the whole of Vietnam.
“Berjaya Corporation will undertake the Vietnam Lottery Business via Berjaya Gia Thinh Investment Technology Company Limited (Berjaya GTI), a company incorporated in Vietnam,” said the group.
Berjaya GTI is 51% owned by Berjaya Lottery Vietnam Ltd, which is 80% owned by Berjaya Corporation and 20% owned by Berjaya Sports Toto Bhd.
The value of the business cooperation contract was not stated in the announcement.
Written by Ho Wah Foon of theedgemalaysia.com
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