Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 19 December 2012 18:30
KUALA LUMPUR (Dec 19): The FBM KLCI could rise for a fourth day on Thursday, riding on the improving global investor sentiment as well as on some year-end window dressing activities.
World shares hit 17-month highs and the euro surged on Wednesday on hopes that US politicians will reach a budget deal and that further monetary stimulus will come from Japan, according to Reuters.
European shares extended their recent rally in early trading with the FTSEurofirst 300 index near an 18-month high ahead of the German Ifo survey, which is likely to point to a gradual improvement in business conditions for December, it said.
Among the stocks that could be in focus are select defensive blue chips; Scientex Bhd; MyEG Services Bhd; and APOLLO FOOD HOLDINGS BHD [].
The acquisition of both GW Plastic and GW Packaging will bring in an estimated combined revenue of RM1.25 billion for Scientex, a significant increase from the RM881 million it posted in FY12.
Scientex managing director Lim Peng Jin said the deal would boost Scientex's production volume up by 20% and move it up to rank third in the world amongst plastic manufacturers.
MyEG is set to spend up to RM60 million for the financial year ended June 30, 2013 to roll its two new services, the online tax monitoring system and expansion of its online foreign worker permit renewal services.
Speaking to reporters after the group's annual general meeting on Wednesday, chairman Datuk Norraesah Mohamad said the pilot testing for its online tax monitoring system has already been completed and is targeted to launch by the first quarter (1Q) of 2013.
Apollo Food's net profit for second quarter ended Oct 31, 2012 jumped 71.4% to RM7.65 million from RM4.14 million a year earlier on the back of higher revenue.
The company said on Wednesday that its revenue for the quarter increased to RM52.27 million from RM45.22 million due to higher sales in both the local and export markets