The Star Online: Business
The Star Online: Business |
- Catcha completes iCar listing on ASX
- CIMB Research keeps Dialog as Outperform
- CIMB Research sees minimal impact on CPO price from EU move
| Catcha completes iCar listing on ASX Posted: 13 Sep 2012 06:03 PM PDT PETALING JAYA: Catcha Media Bhd has completed the listing of its unit iCar Asia Ltd, which owns automotive sales and content websites in Malaysia, Thailand and Indonesia, on the Australian Securities Exchange (ASX). iCar closed its first trading day on Tuesday at a premium of 3.5 cents, or 15%, to its offer price at 23.5 cents, with transactions totalling 360,500 shares. The initial public offer (IPO) was for 50 million shares at 20 cents apiece. Its raised A$10mil (RM32mil), giving iCar a market capitalisation of A$32mil (RM103mil). This valued Catcha Media's 37.66% stake or 52.5 million shares in iCar at A$12.08mil (RM39mil). Catcha Media is the largest shareholder of iCar. "The listing of our subsidiary, iCar, on the ASX is a tremendous result and a reminder of the enormous value in online businesses," Catcha Media chief executive officer Patrick Grove said in a statement. "The Internet and new media environment is growing very rapidly and opportunities abound. With this listing, Catcha Media again proves it is at the forefront of the industry. To successfully spin off one of our subsidiaries within 15 months of Catcha Media's IPO last year says something about our ability to build substantial online companies. "We will continue our search for new online opportunities and to bring together the best ideas with the best people. As shown by the success of the iCar IPO, the global investment community is hungry for Asian internet investment opportunities. "We will continue to consider all options for funding for the businesses we have and intend to create, whether it be public listings and IPOs, the raising of external capital from experienced investors who can add value to a particular business, or from our own internal resources," he said. Catcha Media also owns Hauteavenue.com, a leading luxury flash sales website, and has exclusive partnerships to operate Microsoft's online properties in Malaysia and Lowyat.net, giving the company almost 10 million Malaysian online customers and users on a monthly basis. Star Publications (M) Bhd owns 4.99% of Catcha Media. |
| CIMB Research keeps Dialog as Outperform Posted: 13 Sep 2012 06:03 PM PDT KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform on Dialog Group with a target price of RM2.91. It said on Friday the government's efforts to develop Pengerang as a regional storage hub continues with a RM4.08bil LNG terminal project that will be undertaken by a consortium that includes Dialog. "Already a big beneficiary of the ETP, Dialog is still scouting for more projects. "In our SOP-based target price calculation, we continue to value Dialog's businesses at 18.6 times CY13 P/E, a 40% premium over our 13.3 times target market P/E, supported by attractive prospects relating to marginal and mature fields. Maintain Outperform," said CIMB Research. |
| CIMB Research sees minimal impact on CPO price from EU move Posted: 13 Sep 2012 05:56 PM PDT KUALA LUMPUR: CIMB Equities Research sees minimal impact on crude palm oil (CPO) price following on news that the EU may reduce the use of biofuels made from crops to 5% of total energy consumption in its transport sector in 2020, from 10%. "This is negative as it could cut the growth potential of edible oils for biodiesel usage in the medium term," it said on Friday. CIMB Research it believed the immediate impact on CPO price is minimal as current usage of biofuels in the EU transport sector of 4.5% is below the 5% target. "But this could lower future demand growth potential of biodiesel from the EU. We keep our Trading Buy call on a potential short-term spike in price due to weather concerns. Top picks are Astra Agro, Sime, and Indo Agri," said the research house. |
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