The Star Online: Business

Blue chips inch up in early trade, HLFG up
Yinson surges on RM551m takeover plan
Affin maintains "Buy" on Bonia, fair value RM2.42

Blue chips inch up in early trade, HLFG up

Posted: 10 Jun 2013 06:49 PM PDT

KUALA LUMPUR: Malaysia's blue chips rose in early trade on Tuesday, buoyed by gains in Hong Leong Financial Group (HLFG), in line with the steadier key regional markets.

At 9.22am, the FBM KLCI rose 0.17 point to 1,787.97. Turnover was 277.49 million shares valued at RM137.33mil. There were 224 gainers, 115 losers and 199 unchanged.

Reuters reported Asian shares and the dollar steadied on Tuesday, after Standard & Poor's removed the near-term threat of another credit rating downgrade for the United States, just as data last week pointed to no imminent shift in the Federal Reserve's huge monetary stimulus.

Still, uncertainty over the timing of the Fed's eventual reduction of its massive bond-buying programme, concerns over China's growth outlook and doubts about the sustainability of Wall Street's rally may cap share prices, it said.

Maybank Equities Research said after the KLCI rose 12.21 points to close at 1,787.80 on Monday, its resistance levels of 1,792 and 1,826 might cap market gains, whilst obvious support levels were at 1,743 and 1,764.

HLFG rose 16 sen to RM14.98. GAB was the top gainer, rising 86 sen to RM22.40, CountryView 53 sen to Rm3.50 and HDBSVR 17 sen to RM4.52.

Yinso rose 13 sen to RM4.89 when it resumed trading after proposing a RM551mil takeover of a Norwegian oil & gas related company.

BAT was the top loser, down 24 sen to RM63.32, Goldsta 11 sen to RM1.45 and Allianz 10 sen to RM9.40. Genting Plantations lost 10 sen to RM9.70 and Genting Bhd eight sen to RM10.52.

Yinson surges on RM551m takeover plan

Posted: 10 Jun 2013 06:20 PM PDT

Published: Tuesday June 11, 2013 MYT 9:17:00 AM
Updated: Tuesday June 11, 2013 MYT 9:20:39 AM

KUALA LUMPUR: Shares of Yinson Holdings Bhd surged to another fresh record high of RM5.02 on Tuesday when it resumed trading after proposing a RM551mil takeover of a Norwegian oil & gas related company.

At 9.05am, it was up 26 sen to RM5.02. There were 595,300 shares done.

The FBM KLCI slipped 0.96 of a point to 1,786.84. Turnover was 103.34 million shares valued at RM47.50mil. There were 170 gainers, 48 losers and 128 counters unchanged.

On Monday, Yinson announced plans to buy Fred Olsen Production ASA (FOP) for 9.40 Norwegian krone (RM5.20) per share, in a deal that would propel the company to number six on the global floating production, storage and offloading vessel (FPSO) league table.

Yinson would undertake a general offer for FOP's shares. If it manages to secure 100% acceptance, then it would have to fork out RM551.34mil for the transaction.

Affin maintains "Buy" on Bonia, fair value RM2.42

Posted: 10 Jun 2013 06:21 PM PDT

Published: Tuesday June 11, 2013 MYT 9:21:00 AM

KUALA LUMPUR: Affin Research is maintaining its "Buy" call for Bonia Corporation Bhd with a fair value of RM2.42 after its unit's partnership with an Italian company.

Affin said Bonia's Singapore-based unit Active World Pte Ltd tied up with Bruno Magli SPA to set up Bruno Magli South Ease Asia Pte Ltd (BM) under the Singapore Companies Act to market and sell BM's products brand in Singapore, Malaysia, Indonesian, the Philippines, Vietnam and Thailand.

"We view the deal positively for Bonia in the longer-term as the joint venture is a strategic alliance to bring in and market the luxury brand in the Asean countries. After acquiring Braun Buffel in late 2010, Bonia is moving further into the high-end market via the latest collaboration," it said.

Kredit: www.thestar.com.my

Isnin, 10 Jun 2013