Stocks to watch: Maybank, Malton, SYF, DPS, Flonic

Tuesday, November 15, 2011

KUALA LUMPUR (Nov 15): The FBM KLCI may come under some pressure to sustain its gains on Tuesday as the uncertainties in Europe pulled European shares lower in early trade.

The appointments of technocratic leaders in euro zone debt hot spots Italy and Greece failed to assuage fears about the euro zone crisis on Monday, sending stocks and the euro lower, according to Reuters.

Strategists at The Royal Bank of Scotland in a note Monday, Nov 14 said the outlook for the Euro-zone still remained bleak, amid increased signs that periphery troubles were spreading to the core, as evidenced by rising French yields.

“Little progress has also been made in implementing the measures announced at the recent EU summit, while the growth outlook continues to deteriorate. French, Austrian and Belgian sovereign yields are likely to begin to warrant increased attention,” they said.

On Bursa Malaysia, stocks with fresh corporate developments and could be in focus include MALAYAN BANKING BHD [], MALTON BHD [] and SYF Resources.

Maybank’s net profit for the three months ended Sept 30, 2011 rose 25.1% to RM1.286 billion from RM1.028 billion a year earlier, while its revenue for the quarter rose to RM6.07 billion from RM5 billion in 2010. Earnings per share were 17.20 sen compared to 14.53 sen in 2010, while net asset per share was RM4.41.

On its outlook, Maybank said the loans growth in Malaysia was expected to be mainly driven by the rollout of the Economic Transformation Programme projects and domestic consumption.

Meanwhile, Malton is acquiring 56.05 acres in Ulu Kelang for RM105 million for a residential project with an estimated gross development value of RM500 million.

Malton’s unit Gapadu Harta Sdn Bhd had entered into a sale and purchase agreement with Ukay Spring Development Sdn Bhd to acquire the land. The proposed development would comprise residential bungalows, semi-detached houses, medium cost apartments, low medium cost apartments and low cost apartments.

SYF Resources is in the final stage of negotiation to develop PROPERTIES [] on a joint venture (JV) basis, which it said may have accounted for the unusual market activity (UMA) involving its securities on Monday. The company had in a reply to an UMA query from Bursa Malaysia Securities Bhd said the landowners it was in talks with were mainly related parties.

It said on Nov 14 that details of the JV would be released immediately upon conclusion of the negotiations and the execution of the JV agreement.

Other stocks that could be in focus include DPS RESOURCES BHD [] and FLONIC HI-TEC BHD [] that were also queried by Bursa Malaysia over the sharp price increase in the companies’ respective shares and high trading volume.


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