The Star Online: Business
The Star Online: Business |
- RHB Research sees Alam Maritim breaking out of 72-75 sen resistance
- VSI secures contract from US MNC to make water filter
- Fifth extension to Maybank to sell down stake in BII gets tepid reaction
| RHB Research sees Alam Maritim breaking out of 72-75 sen resistance Posted: 03 Jan 2013 06:59 PM PST KUALA LUMPUR: RHB Research Institute expects Alam Maritim Resources to break out above the resistance region of 72 sen to 75 sen in the short term. It said on Friday that technically, the stock has ended its month-long consolidation with its recent breakout above the SMAs. "The formation of a long-white candlestick and the spike in buying volume on Jan 2, 2013 suggest that the stock is geared to resume its advance in the near term," it said. RHB Research expects the stock to break out above the resistance region of 72 sen to 75 sen in the short term and advance towards the next resistance region of 82 sen to 86 sen over the medium term. "Any further breakout above the 86 sen resistance could clear the path for a longer-term rally towards the psychological level of RM1," it said. The research house said investors should thus accumulate within the region of 70 sen to 75 sen on expectations of further upside over the medium term. "While we expect good support at the previous month's low of 66 sen, breaching this level could turn the overall outlook negative again. "All in, we see a good risk to reward ratio for investors with a theoretical entry price of 73 sen given that the downside to the support of 66 sen is 7.0 sen while the upside to the resistance of 82 sen and 86 sen is 9.0 sen and 13 sen respectively," it said. |
| VSI secures contract from US MNC to make water filter Posted: 03 Jan 2013 06:57 PM PST SENAI: VS Industry Bhd, one of the top 50 electronics manufacturing services (EMS) providers in the world, is cautiously optimistic on the outlook for 2013, describing it as the "most challenging" for the company. Managing director Datuk Gan Sem Yam said the implementation of the minimum wage scheme on Jan 1 was the main issue affecting many local companies as it added to the rising operating costs. He said other hard-pressing problems faced by manufacturers in the country included getting locals to work as production workers and hiring engineers. Gan said the company had recently secured a new contract from a US-based multinational corporation (MNC) to produce a water filtering device by the second quarter of this year. "We are negotiating with another US MNC to manufacture a home appliance product which we expect to start producing in the third quarter of the year,'' he said after the company AGM yesterday. Gan said it had also been entrusted by the US-based Keurig Inc to produce another model of single coffee brewing machines this year for the North American markets. Keurig, a global pioneer and leading manufacturer of single-cup coffee brewing machines. The RM30mil plant on 2.42ha, opened in November 2011, is a dedicated facility for Kuerig Coffee Brewer at VS Industry's plant at Jalan Senai-Seelong here. Executive director Ng Yong Kang said that the new product allowed multiple users to brew their coffee instead of single serving like the earlier brewing machines produced by the company. "This new product is a high-end coffee brewing machine unlike the first one which is the entry-level product, and demand for coffee brewing machines is good in the US and Canada,'' he said. Ng said with the uptrend in sales orders, the company anticipated Keurig to contribute about 10% to VS Industry's revenue in the current financial year ending July 31. He said the company's proven track record in securing contracts from many MNCs would pave the way for it to continue attracting new contract manufacturing jobs from new clients in the future. For the financial year ended July 31, 2012, VS Industry reproted RM38.6mil in net profit on RM1.20bil revenue compared with RM27.72mil and RM1.02bil respectively in 2011. |
| Fifth extension to Maybank to sell down stake in BII gets tepid reaction Posted: 03 Jan 2013 06:55 PM PST PETALING JAYA: The market reacted tepidly to Indonesian banking authority Bapepam giving Malaysia's largest financial services group Malayan Banking Bhd (Maybank) a fifth extension to sell down its stake in PT Bank Internasional Indonesia Tbk (BII). Maybank's share price closed up one sen to RM9.04, while BII's share price rose five rupiah to 410 rupiah. A source told StarBiz that the extension was not a major issue, hence the muted market reaction. Maybank, which currently holds a 95% stake in BII, has until June 1 to refloat 20% of its stake in BII. Previous extensions were on Dec 3, 2010, May 31, 2011, Jan 3, 2012 and July 6, 2012. Maybank had paid close to RM9bil or 4.6 times book value for a 97.5% stake in BII in late 2008, following the acquisition of 20% stakes in Karachi-based MCB Bank Ltd and Ho Chi Minh-based An Binh Commercial Joint Stock Bank respectively. Chief executive officer and president Datuk Seri Abdul Wahid Omar was last reported as saying that Maybank was still looking at opportunities to comply with the requirement, but the bank was not compelled to sell below its cost. However, previous attempts to sell down the stake had been futile on account of the acquisition price. Analysts at M&A Securities noted in a report that the top-10 banks in Indonesia were currently trading at an average of 2.9 times book value. They said Indonesian banking regulators may not want the stake sold to another Malaysian entity. They said Maybank could be looking for an Indonesian partner that could potentially add value to BII, but looking for such a partner may take some time. They added that another potential buyer may be Singapore-based Oversea-Chinese Banking Corp Ltd. BII plans to have up to 500 branches throughout the country by 2015. BII ranks second behind Singapore in terms of profit contribution to Maybank, contributing 14%, but this may change, given the vast untapped market in Indonesia and the steps taken to improve its operations and business. |
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