Stock to watch BRDB, Tan Chong, P&O

Sunday, November 14, 2010

Stocks to watch on Monday are companies with fresh corporate news including BANDAR RAYA DEVELOPMENTS BHD (BDRB), TAN CHONG MOTOR HOLDINGS BHD , Pacific & Orient Bhd and MALAYAN BANKING BHD.

BDRB is teaming up with Country Heights Land Sdn Bhd (CHLSB) to undertake a housing project costing RM481 million in Pekan Baru Sungai Besi, Selangor.

Its projected gross development value (GDV) would be RM652 million and the projected gross development profit at RM170 million.

Meanwhile, Tan Chong Motor will invest RM285.0 million to manufacture and assemble luxury passenger cars at the Kota Kinabalu Industrial Park in Sabah.

It had received a government approval to manufacture and assemble luxury passenger vehicles and commercial vehicles. The approval is for luxury passenger cars with engine capacities of 1,800cc and above, at on the road price of not less than RM150,000.

Meanwhile, Pacific & Orient called off the preliminary negotiations for the proposed divestment of an equity interest in Pacific & Orient Insurance Co. Bhd to Prudential Holdings Ltd. It had informed Bank Negara Malaysia the proposed divestment discussions had been discontinued.



Maybank earnings were RM1.028 billion in the first quarter ended Sept 30, 2010, up 16.6% from RM881.80 million a year ago, underpinned by improvements in all the divisions, including its Indonesian operations.

Its revenue rose to RM5 billion from RM4.56 billion. Earnings per share were 14.53 sen versus 12.46 sen.

Maybank’s net interest income increased by 9% or 146.9 million in the first quarter ended Sept 30, due to improvements in the group’s operations from higher net interest income margins in Malaysia arising from increases in the overnight policy rate and expansion of market in Indonesia.

Income from Islamic Banking operations decreased by RM43.3 million or 11.3% to RM338.2 million due to higher provision for profit equalisation reserves in the Islamic business but mitigated by increase in growth in assets which increased gross income in Islamic business.

Maybank expects its performance for the financial year ending June 30, 2011 to be better than the last financial year and on track to meet the targeted 14% return on equity.

theedgedaily.com

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