The Star Online: Business
The Star Online: Business |
- Nadayu up 3% to RM1.35 on privatisation plan
- KLCI starts week in the red, sold-down stocks rebound
- Affin Research maintains "Buy" on Hai-O
| Nadayu up 3% to RM1.35 on privatisation plan Posted: 23 Jun 2013 07:06 PM PDT KUALA LUMPUR: Nadayu Properties Bhd's share price rose 3% to a high of RM1.35 amid a more cautious market on Monday after its major shareholders proposed to privatise it at RM1.39 a share. At 9.49am, its share price was up two sen to RM1.32. There were 62,100 shares traded at prices ranging from RM1.31 to RM1.35. The FBM KLCI fell 0.83 of a point to 1,755.02. Turnover was 190.35 million shares valued at RM151.19mil. There were 159 gainers, 229 losers and 184 counters unchanged. Last Friday, Nadayu's major shareholders proposed to take the company private via a selective capital reduction (SCR) and repayment exercise. Nadayu said it had received a letter proposing the privatisation exercise from its major shareholders via ATIS IDR Ventures Sdn Bhd and Zhoujian Associates Sdn Bhd together with parties acting in concert. Under the proposed SCR, shareholders other than ATIS IDR Ventures, Zhoujian Associates and parties acting in concert woul receive a capital repayment of RM93.124mil, or RM1.39 for each Nadayu share held. This will result in reducing Nadayu's capital to 134.377 million shares, from 227.501 million, by cancelling 93.124 million shares. The offer price of RM1.39 per share was 7.75% above the stock's closing price of RM1.29 on Thursday, prior to the trading suspension of Nadayu shares. |
| KLCI starts week in the red, sold-down stocks rebound Posted: 23 Jun 2013 06:43 PM PDT KUALA LUMPUR: Malaysia's stock market started the week on Monday in the red, extending the decline from last week, as investors awaited leads from funds but stocks which were sold down in late trade last Friday rebounded. At 9.15am, the KLCI fell 1.90 points to 1,753.95. Turnover was 98.80 million shares valued at RM81.51mil. There were 136 gainers, 140 losers and 132 counters unchanged. BIMB Securities Research said the immediate support for the KLCI was at 1,755 with a more meaningful one at 1,750. "Investors will be in for a bumpy ride this week as global equity markets is expected to remain volatile. With most now suffering from a withdrawal syndrome, focus from investors and traders alike will be centred on a host of economic data this week to gauge the inevitable," said the research house. At Bursa Malaysia, Star gave up 81 sen to RM2.90 as investors took profit after its share price hit limit-up last Friday in late trade. CIMB Research, in a recent report, had a target price of RM3.12 and advised investors to accumulate the shares as it expected adex to pick up now that elections are over. "The more than 6% net dividend yield provides protection from downside risk, in our view," it said. Lafarge fell 56 sen to RM10.60, JCY 25 sen to 65 sen and CMSB 12 sen to RM5.36 while MSM lost 10 sen to RM4.91. Among the consumer stocks, Carlsberg fell 26 sen to RM15.66 and Nestle 20 sen to RM66.50 but Ducth Lady added RM1.66 to RM47 and BAT 30 sen to RM59.80. Batu Kawan rebounded, up RM4.02 to RM17.48 after hitting limit down last Friday in late trade while TDM added 87 sen to RM3.77 and palm oil mill builder CBIP added 57 sen to RM2.50. Also up were BToto, surging 96 sen to RM4.16, Coastal Contracts 44 sen to RM1.92 and PetGas 24 sen to RM21. |
| Affin Research maintains "Buy" on Hai-O Posted: 23 Jun 2013 06:35 PM PDT KUALA LUMPUR: Affin Research is maintaining its "Buy" call on Hai-O Enterprise Bhd with a raised target price of RM3.20 from RM 2.98. "Since we upgraded our rating from "Add" to "Buy" on Apr 4, 2013, the stock has appreciated by 12.8%, outperforming the KLCI by 7.8%. Notwithstanding the sharp rise in share price, we reckon that Hai-O's valuation remains highly undemanding.Furthermore, the stock also offers highly attractive yields at 5%," it said. Affin said is forecasts a revised its financial year 2013 net profit growth of 39% on-year, an uplift from the earlier growth forecast of 23%. "We remain positive on Hai-O's new operating strategy in driving its core MLM division. Our check with management indicated that the growth in new members registration, 80% Bumiputeras is encouraging, with 2,200-2,500 new members registered each month," it said. It added its anticipates a stronger net profit growth and higher dividend payout. "Embedded in our forecast is a final dividend per share of seven sen, bringing the total net dividend per share for FY04/13 to 13 sen," it said. |
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