The Star Online: Business
The Star Online: Business |
- Ogawa World surges on Shenzen-listed Xiamen takeover plan
- Hong Leong Bank in focus as KLCI surges nearly 17pts
- RHB Research overweight on rubber glove sector
| Ogawa World surges on Shenzen-listed Xiamen takeover plan Posted: KUALA LUMPUR: Shares of Ogawa World had one of its best share price performance, surging to a high of RM1.05 on Tuesday after Shenzen-listed Xiamen Comfort Science & Technology Group Co. Ltd has launched a takeover at RM1.05 cash a share. At 10.05am, Ogawa was up 15 sen to RM1.01. There were 3.82 million shares done at prices ranging from RM1 to RM1.05. The FBM KLCI surged 23.76 points to 1,770.79. Turnover was 472.17 million shares valued at RM383.85mil. There were 409 gainers, 70 losers and 199 counters unchanged. Ogawa said on Monday that Xiamen's unit Comfort Enterprise (Hong Kong) Co., Ltd was offering a premium of 19 sen or 22.9% above last Friday's closing price of 86 sen. Ogawa said that several shareholders who owned 53.9% of Ogawa or 64.62 million shares had given their irrevocable undertakings to Xiamen to accept the offer. |
| Hong Leong Bank in focus as KLCI surges nearly 17pts Posted: KUALA LUMPUR: Shares of Hong Leong Bank was in focus among key banking stocks on Tuesday, as sentiment perked up on firmer external economic news as Asian markets rallied. At 9.49am, it had risen 26 sen to RM14.26 on a turnover of 92,200 shares done. The FBM KLCI rose 16.97 points to 1,764. Turnover was 384.73 million shares valued at RM271.21mil. There were 383 gainers, 57 losers and 174 counters unchanged. To recap, Hong Leong Bank Bhd's earnings rose 6.5% to RM1.856bil in the financial year ended June 30, 2013 from RM1.743bil in the previous financial year, which was restated. The banking group had a proposed a final dividend of 30 sen a share. Its revenue rose 3.3% to RM4.006bil from RM3.877bil. Gross loans and financing grew by 7.3% year-on-year to RM97.2bil. Customer deposits expanded to RM123.6bil. For the fourth quarter ended June 30, 2013, its earnings rose 2.6% to RM416.43mil from RM405.64mil a year ago. Its revenue rose 2% to RM(74.98mil from RM955.68mil. Earnings per share were 23.74 sen compared with 24.42 sen. |
| RHB Research overweight on rubber glove sector Posted: KUALA LUMPUR: RHB Research is optimistic on the rubber glove sector as market conditions are tilting in favour of glove makers. The research house said on Tuesday it was Overweight on the sector due to favourable raw material prices, the strengthening US dollar, minimal impact from a potential natural gas cost hike, and resilient gloves demand. "We have Buy calls for Hartalega, Top Glove, Kossan and Supermax," it said. On Hartalega, it will start work on its next generation integrated glove complex (NGC) in August 2014, which will increase annual total capacity to 43 billion pieces by 2020. "We are also positive on the new development of its new Coats product, which could potentially create a new market niche. Maintain Buy with our FV now at RM7.95 pegged to an unchanged FY15 price-to-earnings of 20.0 times," it said. As for Top Glove, it is scheduled to release its FY13 results on Oct 11 and it does not foresee any major surprises. "Going forward, we continue to believe that its increase in nitrile production capacity will further boost earnings. Maintain Buy with fair value of RM7.08, based on existing 17.0 times FY14F P/E," it said. On Kossan, RHB Research said it registered commendable 1H13 results, which are in line with its expectations. The performance was mainly due to the company's higher production efficiency, which was driven by improved automation in its plants. "Given recent market conditions, we have revisited and revised our assumptions. We maintain our BUY call on the stock, with our fair value now at RM7.53, pegged to an unchanged 14.0 times FY14F P/E," said the research house. RHB Research Supermax recorded healthy Q2, 2013 results that came in line with its expectations, due mainly to the increased automation in its plants that have boosted operational efficiency. "We also understand that its two new plants are well on track to be fully commissioned by 1Q14. We maintain our Buy recommendation, with our FV now at RM3.01, pegged to an unchanged 12.0 times FY14F P/E," it said. |
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