Stocks to watch: Wing Tai, Dijaya, AMMB, Affin

Tuesday, August 16, 2011

KUALA LUMPUR: Stocks which could see trading interest on Tuesday, Aug 16 following fresh corporate developments include property players Wing Tai Malaysia Bhd, Dijaya Corp Bhd and banking stocks AMMB HOLDINGS BHD and AFFIN HOLDINGS BHD .

Another company which could see some mild positive interest include HOVID BHD as it tries to extricate itself from the Practice Note 17 status by proposing a dividend-in-specie of CAROTECH BHD shares .

On the downside, GREEN PACKET BHD continue to stay in the red.

Wing Tai Malaysia Bhd’s earnings nearly doubled to RM100.41 million in the financial year ended June 30 from RM53.24 million.

Its revenue rose 4.4% to RM369.81 million from RM354.25 million, mainly due to higher revenue from the trading and property development divisions.

For the fourth quarter, its net profit surged 185% to RM53.28 million in the fourth quarter ended June 30, 2011 from RM18.65 million a year ago.

The property developer expected its apparel and lifestyle divisions to boost its earnings in the new financial year.

Another niche property player, Dijaya Corp Bhd announced its joint venture Magical Heights Sdn Bhd (MHSB) plans to undertake property projects near Johor Baru with a gross development value (GDV) of RM2.8 billion.

The projects would be built on two pieces of land which MHSB was acquiring from Trident World Sdn Bhd for RM220 million.

Dijaya and Iskandar Waterfront Sdn Bhd each has a 50% stake in MHSB.

MHSB had entered into a conditional sale and purchase agreement with Trident World Sdn Bhd to acquire 125 acres of land for RM165 million and 15 acres from RM55 million.

AMMB Holdings Bhd net profit for the first quarter ended June 30, 2011 rose 19.9% to RM441.52 million from RM368.28 million a year earlier, underpinned by higher income growth as well as improved asset quality with lower charge offs and allowances.

Revenue for the quarter rose to RM1.95 billion from RM1.70 billion in 2010. Earnings per share was 14.75 sen, while net assets per share was RM3.54

Meanwhile, Affin Holdings Bhd’s net profit for the second quarter ended June 30, 2011 rose 20.1% to RM134.19 million, due mainly to increase in both net interest income and Islamic banking income.

Revenue for the quarter rose to RM642.77 million from RM534.61 million in 2010. Earnings per share was 8.98 sen while net assets per share was RM3.64.

For the six months ended June 30, Affin’s net profit slipped to RM240.25 million from RM247.04 million in 2010, on the back of a 20% increase in revenue to RM1.26 billion.

Hovid Bhd plans a distribute a portion of its shareholding interest in Carotech Bhd on the basis of one Carotech share for every four Hovid shares to rectify Hovid’s status as a PN17 company.

Hovid said the Carotech shares to be distributed under the minimum scenario was 190.52 million shares while the maximum scenario was 285.78 million shares.

As at July 31, Hovid held 38.45% of Carotech shares (which would be reduced by 20.88% following the dividend-in-specie to 17.57% under the minimum scenario. Under the maximum scenario, it would be reduced by 31.32% to 7.13%.

Green Packet Bhd posted net loss of RM15.24 million in the second quarter ended June 30, 2011 compared with losses of RM18.68 million a year ago, due to higher depreciation of plant and equipment. Revenue rose 42% to RM127.80 million from RM90.01 million while loss per share was 2,3 sen versus 2,8 sen a year ago.

“The 2Q11 loss after tax was higher than 2Q10 mainly attributed by higher depreciation of plant and equipment in accordance with the planned rollout of the broadband infrastructure even with higher revenue from software and broadband business,” it said.


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