Stocks To Watch MISC, I-Bhd, Bursa Malaysia, Notion, Scomi and MBSB

WHEN will YTL take over YTLpower???


Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Friday, 01 February 2013 17:01


KUALA LUMPUR (Feb 1): Based on announcements to Bursa Malaysia late Thursday, the stocks to watch on Monday (Feb) could include MISC, I-BHD [], Bursa Malaysia, Notion, Scomi and MBSB.

Petronas announced a general offer (GO) for all of MISC shares that it does not own at RM5.30/share. CIMB has stated that this offer price is “reasonable” in view of the current weak shipping tanker market.

As the last traded price of MISC was at RM4.45, the stock is likely to jump to or near the offer price of RM5.30.

Currently, Petronas owns 62.67% of MISC. EPF owns 9.66% and Skim Amanah Saham owns 6.35%. The rest of 21.32% is in the hands of individual investors. Petronas said it will delist the stock once the GO has achieved 90% acceptance.

I-Bhd announced a1155% jump in net profit at RM16.82 million for its financial year 2012, up from RM1.34 million in 2011, due to profit recognition from its on-going property development and leisure divisions. Revenue for 2012 was 145% higher at RM66.7 million.

For its fourth quarter to December 2012, the company posted a net profit of RM9.08 million, which was 212% higher than 2011’s RM2.19 million. Revenue was also 190% higher at RM30.7 million.

I-Bhd’s net asset per share at end-2012 was 10% higher at RM1.56. This is higher than its share price of RM1.37 on Thursday close.

Bursa Malaysia said it posted a net profit of RM35.7 million for its fourth quarter to end-December 2012, up 14% from similar quarter in 2011. The stock exchange said the net profit was achieved on the back of a higher revenue of RM104.4 million, from RM956.7 million in fourth quarter of 2011.

For the full year of 2012, Bursa posted a net profit of RM151.5 million, up 4% from 2011’s RM146.2 million. Its 2012 revenue increased to RM427.1 million from RM420.1 million.

Bursa CEO Datuk Tajuddin Atan said the steady performance in 2012 was due to three sizeable initial public offerings, and growth from the derivatives segment and structured warrants listings. Its board of directors has proposed a final dividend of 13.5 sen per share for the year ended December 2012.

Tajuddin said for the current year 2013, outlook is “positive” but may face challenges due to global uncertainties.

NOTION VTEC BHD [] reported a net profit of RM18.6 million on revenue of RM88.7 million for its fourth quarter ended Sept 30, 2012, up from RM13.1 million on revenue of RM61.96 million in previous corresponding quarter.

"The better performance was mainly attributed to higher orders in the last two quarters (March to September 2012) by our customers in their recovery process from the floods in October 2011," the group said in a note.

But on prospects, the company said its camera segment is seeing weakness due to a lack of demand and lower consumer spending in the eurozone and BRIC countries (Brazil, Russia, India and China), while the hard disk segment is undergoing a cyclical downturn after a short-lived post-flood recovery.

SCOMI GROUP BHD [] sailed through the Thursday (Jan 31) extraordinary general meeting (EGM) with ease, thus clearing the last hurdle for the entry of IJM CORPORATION BHD [] to be its strategic partner and single largest shareholder.

With the resolution passed, the stage is now set for CONSTRUCTION [] giant IJM Corp to raise its stake to 25% upon the issuance of RM110 million in new convertible bonds.

MALAYSIA BUILDING SOCIETY BHD [] (MBSB) reported that it had posted a strong fourth quarter net profit of RM183.6 million in Sept-Dec 2012, up 119% from RM83.8 million in the fourth quarter of 2011. This was achieved on the back of increased revenue of RM487.5 million.

For the full year of 2012, net profit was RM446.6 million, up 37% from RM325.4 million in 2011.

The company attributed its sterling performance to the introduction of new services such as will writing, bancatakaful, huge increase in loans and deposits.

It declared a final dividend of 9% and a special dividend of 18% for shareholders.