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Wednesday, August 3, 2011

Stocks to watch: MBSB, Catcha, Mah Sing, Kawan (Edge)

Stocks which would see trading interest on Wednesday, Aug 3, despite the cautious market outlook include MALAYSIA BUILDING SOCIETY BHD [] (MBSB), Catcha Media Bhd, MAH SING GROUP BHD [] and KAWAN FOOD BHD [].

MBSB posted net profit of RM78.25 million for the second quarter ended June 30, 2011, up 58% from the RM49.51 million a year ago.

MBSB said the increase in profit was mainly due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans. These were partially set off by lower other income in the current quarter.

Revenue increased by 80.8% to RM318.56 million from RM176.13 million. It declared an interim cash dividend of 5% less 25% income tax.

In Catcha Media Bhd, Datuk Justin Leong Ming Loong has emerged as a substantial shareholder with 5.01%.

A filing with Bursa Malaysia showed he acquired the 6.663 million shares on Monday from the open market. Leong is the head of strategic investments and corporate affairs of Genting Group. He is a grandson of the late Tan Sri Lim Goh Tong.

Mah Sing Group Bhd is teaming up with Asie Sdn Bhd to jointly develop about 4.08 acres of prime land along Jalan Tun Razak-Jalan Pahang here which is part of the largest privatised urban regeneration project in Kuala Lumpur.

Mah Sing would undertake a niche development – M Sentral --with an estimated gross development value of approximately RM900 million.

Kawan Food Bhd’s 60 million free warrants will be listed on Wednesday. Under the corporate exercise, one free warrant was issued for every two existing shares held on July 27. The expiry date is July 28 and the revised exercise price is RM1.40.

In MNRB HOLDINGS BHD [], the board of directors had agreed to recommend the payment of the first and final Dividend of 20% less 25% income tax for the financial period ended March 31, 2011 to be paid on a date to be announced later.

The proposal was subject to shareholders’ approval at the 38th AGM.

CB INDUSTRIAL PRODUCT HOLDING [] Bhd has secured a RM171 million contract to supply 100 units of fire rescue transport with the fittings and accessories.

Its unit AVP Engineering (M) Sdn Bhd had accepted the letter of award from the Ministry of Housing and Local Government on June 28.

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