Stocks to watch: Hartalega, Sanichi, Cypark, GuocoLand

KUALA LUMPUR (Nov 8): Stocks which could see trading interest on Wednesday, Oct 9 include Harlatega Holdings Bhd, SANICHI TECHNOLOGY [] BHD [], CypARK RESOURCES BHD [] and GUOCOLAND (MALAYSIA) BHD [] (GLM).

Harlatega reported its earnings fell 2% to RM46.13 million in the second quarter ended Sept 30, 2011 from RM47.01 million a year ago as it was impacted by high raw material prices.

However, it is cautious about the outlook following the sharp increase in nitrile material price and recent high volatility of US dollar.

Its revenue rose 24.5% to RM229.54 million from RM184.31 million. At the profit before tax level, it dipped 2.4% to RM59.55 million from RM61.02 million. Earnings per share were 12.68 sen compared with 12.96 sen. It declared an interim dividend of 6.0 sen per share.

Sanichi resumes trading on Wednesday after it announced that German-based Projektarbelt Technische Beratung Venretung International (Protev) has completed its first phase of due diligence of the company and the second phase in early 2012.

However, as there were no significant updates, interest could decline in the company. The company was earlier queried by Bursa Malaysia Securities over the unusual market activity in the trading of its shares.

In Cypark, executive vice chairman Siow Kwang Khee disposed of 3.97 million shares on Nov 3.

Following the disposal of the shares, his direct stake was reduced to 10.50 million shares or 7.24%.

GuocoLand has proposed to acquire PJ City Development Sdn Bhd for a cash consideration of RM29.78 million from GuoLine Asset Sdn Bhd.

PJ City’s core business is property development and property investment activities. Based on its audited financial statements for FY ended June 30, 2011, PJ City recorded profit after tax of RM4.75 million while its net assets were RM38.61 million.

PJ City also owns two parcels of land in Section 32 in Petaling, Selangor. GLM said after the completion of the proposed acquisition, it intends to develop commercial office buildings and corporate factories on the land.

COMPLETE LOGISTIC SERVICES BHD [] (CLSB) has proposed to acquire the remaining 40% stake in its subsidiary Guper Integrated Logistics Sdn Bhd for RM13.60 million cash.