Stocks To Watch Top Glove, Ho Hup, Iris, MAS, plantation firms

Business & Markets 2013
Written by Chong Jin Hun of   
Thursday, 10 October 2013 18:54

KUALA LUMPUR (Oct 10): Based on Bursa Malaysia announcements and news flow today, stocks to watch tomorrow (October 11) may include the following companies :

Top Glove Corp Bhd will announce tomorow its full-year results for financial year ended August 31, 2013 (FY13). Top Glove said trading of its shares will be suspended from 9am tomorrow "pending a material announcement".

Bloomberg's average street estimates indicate that Top Glove might have posted a FY13 net profit of RM207.3 million on revenue of RM2.46 billion during the year.

Ho Hup CONSTRUCTION [] Co Bhd has received approval from its creditors and shareholders for the firm's proposed restructuring scheme. The exercise aims to help the company exit its Practice Note 17 status.

Ho Hup executive director Derek Wong Kit Leong told reporters after the company's extraordinary general meeting here today that following the approval, the group will proceed with its fund-raising excercise.

He said that Ho Hup will also prepare for the next phase of its property development and concrete businesses.

Iris Corp Bhd has secured a RM39.99 milion project to build an integrated community centre for the Federal Land Development Authority (Felda).

The community centre will be located in Negeri Sembilan.

MALAYSIAN AIRLINE SYSTEM BHD [] (MAS) confirmed that its aircraft had crashed in Kudat, Sabah at 2.50pm today.

MAS said the incident involves its MASwings' Twin Otter aircraft during a journey from Kota Kinabalu to Kudat.

"The aircraft landed short of the runway in Kudat. No reported fatalities as of now. Focus of the airline is on the rescue of passengers and crew.

"Malaysian Airlines will continue to monitor the situation at the crash site and update on the situation," MAS said.

PLANTATION [] firms’ shares may be closely watched following the Malaysian Palm Oil Board's (MPOB) latest industry data.

The nation's crude palm oil (CPO) output rose 10.2% to 1.91 million tonnes in September from 1.74 million tonnes in August this year, according to MPOB.

MPOB said palm oil inventory comprising CPO and processed palm oil, climbed 6.97% to 1.78 million tonnes from 1.67 million tonnes. Palm oil exports increased 5.16% to 1.61 million tonnes from 1.53 million tonnes.

The September output and inventory growth quantum had come in below market forecast. Export growth however beat estimates.

Bloomberg's survey had earlier indicated that September output probably climbed 15% to two million tonnes, matching the record in September 2012. Inventories expanded 13% to 1.89 million tons, while exports gained 2% to 1.55 million tons.