Stocks To Watch Ho Hup, Multi-Code, Karyon, plantation firms

Business & Markets 2013
Written by Chong Jin Hun of   
Wednesday, 09 October 2013 18:48

KUALA LUMPUR (Oct 9): Based on Bursa Malaysia announcements and news flow today, stocks to watch tomorrow (October 10) may include the following companies :

Ho Hup CONSTRUCTION [] Co Bhd will hold an extraordinary general meeting (EGM) tomorrow to seek shareholders' consent for the Practice Note 17 (PN17) firm's proposed regularisation exercise.

"Shareholders of Ho Hup Construction Co will meet at an EGM at 2.30 pm tomorow to vote on the proposed restructuring scheme designed to take the company out of PN17.

"Ho Hup executive director, Derek Wong Kit Leong would like to invite the media for a press conference to answer any questions you may have related to the restructuring," Ho Hup said in a statement today.

Multi-Code Electronics Industries (M) Bhd and KARYON INDUSTRIES BHD []'s dividends may attract market interest. Both stocks will trade ex-dividend this Friday (October 11).

Multi-Code has proposed dividends of nine sen. These comprise a second interim single-tier dividend of three sen a share and a special payout six sen a share. The dividends are for financial year ended July 31, 2013.

Karyon which manufacturers toiletries plans to pay a tax-free interim dividend of 0.5 sen a share for FY ending December 31, 2013. This is equivalent to 5% of the stock's par value of 10 sen a share.

Oil palm PLANTATION [] companies may be closely watched. This is in anticipation of the Malaysian Palm Oil Board's announcement tomorrow on the sector's output, and inventory for September.

Today, Bloomberg reported that palm oil climbed for a fourth day to the highest level in a month on speculation that output in Malaysia, the world’s second-biggest producer, might have expanded last month at a slower pace than predicted by analysts.

Output probably climbed 15 percent to two million tons last month, matching the record in September 2012, according to a Bloomberg News survey published on Oct. 7. Inventories expanded 13 percent to 1.89 million tons, while exports gained 2 percent to 1.55 million tons, the survey showed.