Showing posts with label Stock Watch 08/13. Show all posts
Showing posts with label Stock Watch 08/13. Show all posts
Monday, September 2, 2013
Thursday, August 29, 2013
Pantech awaits Petronas decision on multi-billion ringgit RAPID project (Star)
Pipes and fittings maker Pantech Group Holdings Bhd is not yet certain how it would benefit from Petroliam Nasional Bhd's multi-billion-ringgit RAPID project.
Executive director Adrian Tan said on Thursday the firm, which provides flow control solutions to the oil and gas sector, did not have details on the potential jobs to be won from the RM60bil refinery and specialty chemicals plant in Pengerang, Johor because the national oil company has yet to reach a final investment decision (FID).
Pantech has been named as one of the possible beneficiaries for the 300,000 barrels per day facility alongside fabricators SapuraKencana Petroleum and Wah Seong, as well as oil and gas services firms Dialog and Muhibbah Engineering.
Petronas had said recently its FID on RAPID would be pushed back to March next year and commissioning to 2018, delaying much-anticipated job awards to local service providers.
On another note, Tan told reporters at a post-AGM briefing that Pantech aimed to double sales from its UK-based manufacturing arm Nautic Group to £20mil within three years in a bid to increase the contribution from manufacturing to 50% of group revenue by 2015. Its UK unit was set to expand after Pantech bought a factory lot nearby Nautic's facility in Tamworth for £1.24mil, boosting capacity.
Executive director Adrian Tan said on Thursday the firm, which provides flow control solutions to the oil and gas sector, did not have details on the potential jobs to be won from the RM60bil refinery and specialty chemicals plant in Pengerang, Johor because the national oil company has yet to reach a final investment decision (FID).
Pantech has been named as one of the possible beneficiaries for the 300,000 barrels per day facility alongside fabricators SapuraKencana Petroleum and Wah Seong, as well as oil and gas services firms Dialog and Muhibbah Engineering.
Petronas had said recently its FID on RAPID would be pushed back to March next year and commissioning to 2018, delaying much-anticipated job awards to local service providers.
On another note, Tan told reporters at a post-AGM briefing that Pantech aimed to double sales from its UK-based manufacturing arm Nautic Group to £20mil within three years in a bid to increase the contribution from manufacturing to 50% of group revenue by 2015. Its UK unit was set to expand after Pantech bought a factory lot nearby Nautic's facility in Tamworth for £1.24mil, boosting capacity.
Monday, August 26, 2013
Ho Hup reaches calm waters after rocky ride (Chronicle)
It has been a roller-coaster ride with high tension at every turn, from battling shareholders, court room drama, to staving off creditors, but for Ho Hup Construction Co Bhd it was well worth the ride.
With its crown jewel and centre of controversy – the 60-acre piece of land in Bukit Jalil – in its posession again, the foundation is set for rebuilding the company brick by brick, literally.
"It has been an adventure. We are proud that we have reached this stage, but there's a long way to go. Now we have to grow the company," its executive director Derek Wong Kit Leong told SunBiz.
After three years of being on 'war' mode, Wong can't be blamed for wanting the whole episode behind him and forgotten.
"When we took over the management of this company, we firstly did not want the old brand name to go down. Our vision as well as the shareholders was to grow this company into a substantial development," he said.
"We want to be known as a property, infrastructure and construction company. We have built the Twin Towers and the North South Expressway and we want to continue to be involved in that business," he added.
Ho Hup's total borrowings stood at RM10.71 million as at Dec 31, 2012 while its net total payables were RM158.76 million. The group also has minimal cash, about RM4 million.
The company however is banking on its ongoing regularisation plan to wipeoff its debt once and for all.
"Post restructuring, Ho Hup will be almost debt free. Our creditors would be paid in shares and cash. Once the exercise is completed, Ho Hup will be cash rich and on the next stage of expansion," Wong said.
Ho Hup's regularisation plan involves a rights issue of 102 million irredeemable convertible preference shares (ICPS)attached with up to 51 million free warrants at 50 sen per ICPS, and the issue of 136.63 million redeemable convertible preference shares (RCPS) valued at 50 sen each to creditors for debt settlement.
On top of this, the agreement with Malton to co-develop the land in Bukit Jalil would put Ho Hup in a good stead financially.
Wong also assured that the recent appeal by Zen Courts Sdn Bhd in relation to Ho Hup's buyout of its 30% stake in Bukit Jalil Development Sdn Bhd (BJD) would not derail the company's regularisation plan.
The appeal relates to the High Court's dismissal of Zen Courts' application to make further representations on the valuation report issued by Ferrier Hodgson MH Sdn Bhd as independent valuer on Dec 31, 2012, as well as the High Court's decision to fix the purchase price of Zen Courts' shares in BJD at RM37.97 million.
To Wong, things are already looking bright for Ho Hup. Based on the group's year-to-date earnings, he sees Ho Hup turning profitable this year after five years of losses.
"If you have seen how we have moved in the last three years we have been fairly ambitious and aggressive company. Hopefully, with a healthy position we can scout for good opportunities. We are starting off now from a fairly strong base to move forward," he said.
Wong also hinted that shareholders could be rewarded with dividends in the near future.
"We don't see why not. Maybe 2015 onwards when the company is very, very healthy and in a strong position," he explained when asked about a possible dividend payout.
In conclusion, Wong said, "We feel very proud. There is a sense of achievement after taking over an ailing company and managing to overcome it. Of course we had help from a lot of people. We are proud that we have reached this stage but there is long way to go now to grow the company."
- thesundaily.my
With its crown jewel and centre of controversy – the 60-acre piece of land in Bukit Jalil – in its posession again, the foundation is set for rebuilding the company brick by brick, literally.
"It has been an adventure. We are proud that we have reached this stage, but there's a long way to go. Now we have to grow the company," its executive director Derek Wong Kit Leong told SunBiz.
After three years of being on 'war' mode, Wong can't be blamed for wanting the whole episode behind him and forgotten.
"When we took over the management of this company, we firstly did not want the old brand name to go down. Our vision as well as the shareholders was to grow this company into a substantial development," he said.
"We want to be known as a property, infrastructure and construction company. We have built the Twin Towers and the North South Expressway and we want to continue to be involved in that business," he added.
Ho Hup's total borrowings stood at RM10.71 million as at Dec 31, 2012 while its net total payables were RM158.76 million. The group also has minimal cash, about RM4 million.
The company however is banking on its ongoing regularisation plan to wipeoff its debt once and for all.
"Post restructuring, Ho Hup will be almost debt free. Our creditors would be paid in shares and cash. Once the exercise is completed, Ho Hup will be cash rich and on the next stage of expansion," Wong said.
Ho Hup's regularisation plan involves a rights issue of 102 million irredeemable convertible preference shares (ICPS)attached with up to 51 million free warrants at 50 sen per ICPS, and the issue of 136.63 million redeemable convertible preference shares (RCPS) valued at 50 sen each to creditors for debt settlement.
On top of this, the agreement with Malton to co-develop the land in Bukit Jalil would put Ho Hup in a good stead financially.
Wong also assured that the recent appeal by Zen Courts Sdn Bhd in relation to Ho Hup's buyout of its 30% stake in Bukit Jalil Development Sdn Bhd (BJD) would not derail the company's regularisation plan.
The appeal relates to the High Court's dismissal of Zen Courts' application to make further representations on the valuation report issued by Ferrier Hodgson MH Sdn Bhd as independent valuer on Dec 31, 2012, as well as the High Court's decision to fix the purchase price of Zen Courts' shares in BJD at RM37.97 million.
To Wong, things are already looking bright for Ho Hup. Based on the group's year-to-date earnings, he sees Ho Hup turning profitable this year after five years of losses.
"If you have seen how we have moved in the last three years we have been fairly ambitious and aggressive company. Hopefully, with a healthy position we can scout for good opportunities. We are starting off now from a fairly strong base to move forward," he said.
Wong also hinted that shareholders could be rewarded with dividends in the near future.
"We don't see why not. Maybe 2015 onwards when the company is very, very healthy and in a strong position," he explained when asked about a possible dividend payout.
In conclusion, Wong said, "We feel very proud. There is a sense of achievement after taking over an ailing company and managing to overcome it. Of course we had help from a lot of people. We are proud that we have reached this stage but there is long way to go now to grow the company."
- thesundaily.my
Friday, August 23, 2013
Wednesday, August 21, 2013
Tuesday, August 20, 2013
Asia Media Group Bhd - The bus stops here (CIMB)
Asia Media is a stock with deep value that is on the cusp of a successful business transformation that could dramatically alter its growth prospects. It owns rights to three blocks of spectrum and broadcasting licences that enable it to broadcast live content to over 1,500 buses. If successful, its FY14 core net profit could double yoy after the commercialisation of its Live transit TV network by 1Q14. Asia Media trades at 2.9x CY14 P/E, providing a sufficient margin of safety for investors, in our view. We value it at 28.4sen (fully diluted, ex-rights) for 72.5% upside, based on 10.1x CY14 P/E or 35% below our market target P/E of 15.6x. This is within the trading range since its 2011 listing.
Daya - Norway contract win to be the game-changer (Hwang)
Daya Materials; Not rated; RM0.35
Fair value: RM0.45; DAYA MK
Norway contract win to be the game-changer
DAYA announced last night that it has entered into a charter party contract with Technip for the provision of offshore subsea construction vessel as well as a range of offshore services on a long-term charter basis for the North Sea and North Atlantic Regions. The 7-year contract, commencing in August 2013, entails 100-175 working days/year. The contract award is estimated to be worth RM250m-440m, depending on the utilistaion.
DAYA will deploy its DP2 subsea construction vessel, Siem Daya 1 (chartered from Oslo-listed Siem Offshore under a 7-year firm charter arrrangement) for the Technip contract. We are upbeat on the longterm charter as it will underpin Daya’s earnings visibility until 2020 given its impressive ~RM1.6bn order book (5.8x FY12 revenue) currently. This will also stamp its mark as one of the first Malaysian offshore service providers to secure contracts in the highly competitive market in Norway.
While the charter award will be utilising Siem Daya 1 for 7 years, DAYA could still bid for other short-term jobs in the North Sea as Technip will only be using up to 175 days/year, which will ultimately lead to higher profitability for DAYA. We raised our FY13 earnings by 7% in view of the earlier-than-expected contract commencement date for its flagship vessel.
DAYA remains a bargain given its exponential 3-year earnings CAGR of 37% and compelling valuation of 9.6x FY14 PE (vs peer average of 13x). We reiterate our fair value of RM0.45, based on 12x FY14 EPS.
We continue to like the company for its strong earnings visibility, healthy balance sheet and entrepreneurial management.
Fair value: RM0.45; DAYA MK
Norway contract win to be the game-changer
DAYA announced last night that it has entered into a charter party contract with Technip for the provision of offshore subsea construction vessel as well as a range of offshore services on a long-term charter basis for the North Sea and North Atlantic Regions. The 7-year contract, commencing in August 2013, entails 100-175 working days/year. The contract award is estimated to be worth RM250m-440m, depending on the utilistaion.
DAYA will deploy its DP2 subsea construction vessel, Siem Daya 1 (chartered from Oslo-listed Siem Offshore under a 7-year firm charter arrrangement) for the Technip contract. We are upbeat on the longterm charter as it will underpin Daya’s earnings visibility until 2020 given its impressive ~RM1.6bn order book (5.8x FY12 revenue) currently. This will also stamp its mark as one of the first Malaysian offshore service providers to secure contracts in the highly competitive market in Norway.
While the charter award will be utilising Siem Daya 1 for 7 years, DAYA could still bid for other short-term jobs in the North Sea as Technip will only be using up to 175 days/year, which will ultimately lead to higher profitability for DAYA. We raised our FY13 earnings by 7% in view of the earlier-than-expected contract commencement date for its flagship vessel.
DAYA remains a bargain given its exponential 3-year earnings CAGR of 37% and compelling valuation of 9.6x FY14 PE (vs peer average of 13x). We reiterate our fair value of RM0.45, based on 12x FY14 EPS.
We continue to like the company for its strong earnings visibility, healthy balance sheet and entrepreneurial management.
Saturday, August 17, 2013
Friday, August 16, 2013
Thursday, August 15, 2013
Censof may get Time Engineering stake (Star)
Censof Holdings Bhd, one of three bidders for Khazanah Nasional Bhd’s 45% stake in Time Engineering Bhd, is close to emerging as the winner of the bid, sources said.
Censof is a low-profile information technology (IT) solutions provider, while Time Engineering is also an IT firm that provides solutions for e-commerce and cyber security.
Censof is said to be paying around 18 to 28 sen per share for the Time Engineering stake, which works out to RM63mil to RM97mil in total.
When contacted, Khazanah said it did not comment on speculation.
Sources said that Censof would be paying for the acquisition via cash and equity.
It is understood that the price offered by Censof is within the range of the other offers, all of which are at a discount to the current market price of Time Engineering, which closed yesterday at 30.5 sen.
It is reported that speculators have been chasing up Time Engineering’s share price to above its fair value. Any party buying Khazanah’s stake in Time Engineering will have to make a mandatory general offer for the rest of the shares but that would be a non-event, considering that Time Engineering’s price has far surpassed the bid prices for the company.
Notably, based on the latest quarterly results, Time Engineering’s net tangible asset (NTA) per share is a mere 11 sen.
Sources said Censof may not necessarily have put in the highest bid for the stake but is being chosen because of its suitability to partner with Time Engineering.
It is reported that the other two bidders for the Time Engineering stake are the Skali Group and MyEG Services Bhd.
“There are synergies to be extracted from a combination of product offerings and services (between Censof and Time Engineering),” a source said.
If it wins the bid, Censof would gain access to an enlarged customer base and the integration of systems between both firms.
Time Engineering’s main asset is Dagang Net Technologies Sdn Bhd, which holds a 25-year concession with the Customs. The concession, however, is due to expire next September.
Notably, the uncertainty of Time Engineering retaining the Customs concession is a key factor it cannot be sold at too high a price. “The market price (of Time Engineering) does not reflect that (uncertainty),” said a person familiar with the deal.
For Time Engineering, it would be able to ride on Censof’s strength in financial management software solutions and possibly strengthen its operations from there.
Censof, which has been enjoying a healthy flow of government contracts for decades, saw its shares end up 2.5 sen to 55 sen yesterday.
It recently proposed to undertake a private placement of up to 10% of its capital to raise up to RM17.2mil.
It is understood that some of this will be for the purpose of financing the stake purchase. It had also issued RM100mil worth of redeemable convertible notes a few months ago.
The divestment of the Time Engineering stake is part of Khazanah’s ongoing sale of its non-core businesses. Technology is one of the sectors that it considers non-core.
Earlier this year, Khazanah managing director Tan Sri Azman Mokhtar said the state investment arm would make more divestments this year, one of which will include its stake in Time Engineering. This is after its 10 divestments last year which resulted in proceeds of RM4.8bil.
For the fiscal year ended Dec 31, 2012 Censof made a net profit of RM9.3mil on revenue of RM44.5mil compared with a net profit of RM8.8mil on revenue of RM43.4mil a year earlier.
Time Engineering, meanwhile, suffered a net loss of RM7.78mil on the back of RM144.59mil turnover in the equivalent period.
However, in its latest quarter it made a net profit of RM1.8mil on revenue of RM24.9mil.
An announcement on this stake deal is expected to be made next month.
Censof is a low-profile information technology (IT) solutions provider, while Time Engineering is also an IT firm that provides solutions for e-commerce and cyber security.
Censof is said to be paying around 18 to 28 sen per share for the Time Engineering stake, which works out to RM63mil to RM97mil in total.
When contacted, Khazanah said it did not comment on speculation.
Sources said that Censof would be paying for the acquisition via cash and equity.
It is understood that the price offered by Censof is within the range of the other offers, all of which are at a discount to the current market price of Time Engineering, which closed yesterday at 30.5 sen.
It is reported that speculators have been chasing up Time Engineering’s share price to above its fair value. Any party buying Khazanah’s stake in Time Engineering will have to make a mandatory general offer for the rest of the shares but that would be a non-event, considering that Time Engineering’s price has far surpassed the bid prices for the company.
Notably, based on the latest quarterly results, Time Engineering’s net tangible asset (NTA) per share is a mere 11 sen.
Sources said Censof may not necessarily have put in the highest bid for the stake but is being chosen because of its suitability to partner with Time Engineering.
It is reported that the other two bidders for the Time Engineering stake are the Skali Group and MyEG Services Bhd.
“There are synergies to be extracted from a combination of product offerings and services (between Censof and Time Engineering),” a source said.
If it wins the bid, Censof would gain access to an enlarged customer base and the integration of systems between both firms.
Time Engineering’s main asset is Dagang Net Technologies Sdn Bhd, which holds a 25-year concession with the Customs. The concession, however, is due to expire next September.
Notably, the uncertainty of Time Engineering retaining the Customs concession is a key factor it cannot be sold at too high a price. “The market price (of Time Engineering) does not reflect that (uncertainty),” said a person familiar with the deal.
For Time Engineering, it would be able to ride on Censof’s strength in financial management software solutions and possibly strengthen its operations from there.
Censof, which has been enjoying a healthy flow of government contracts for decades, saw its shares end up 2.5 sen to 55 sen yesterday.
It recently proposed to undertake a private placement of up to 10% of its capital to raise up to RM17.2mil.
It is understood that some of this will be for the purpose of financing the stake purchase. It had also issued RM100mil worth of redeemable convertible notes a few months ago.
The divestment of the Time Engineering stake is part of Khazanah’s ongoing sale of its non-core businesses. Technology is one of the sectors that it considers non-core.
Earlier this year, Khazanah managing director Tan Sri Azman Mokhtar said the state investment arm would make more divestments this year, one of which will include its stake in Time Engineering. This is after its 10 divestments last year which resulted in proceeds of RM4.8bil.
For the fiscal year ended Dec 31, 2012 Censof made a net profit of RM9.3mil on revenue of RM44.5mil compared with a net profit of RM8.8mil on revenue of RM43.4mil a year earlier.
Time Engineering, meanwhile, suffered a net loss of RM7.78mil on the back of RM144.59mil turnover in the equivalent period.
However, in its latest quarter it made a net profit of RM1.8mil on revenue of RM24.9mil.
An announcement on this stake deal is expected to be made next month.
Wednesday, August 14, 2013
TH Heavy up on Petronas licence (Star)
TH Heavy Engineering Bhd and its warrants rose on Wednesday noon after its subsidiary had won a mechanical-crane-pedestal manufacturer licence from Petronas.
At 12.30pm, its shares rose 3.5 sen to 92 sen with 24.57 million shares done between 91.5 sen and 94 sen while its warrants rose three sen to 50 sen with 19.79 units traded between 49.5 sen and 51.5 sen.
The FBM KLCI however slipped 2.31 points to 1,792.78. Turnover was 1.19 billion valued at RM853.53mil. There were 330 gainers, 327 losers while 301 counters were unchanged.
TH Heavy said on Tuesday the national oil company had extended the scope of the licence to its unit O&G Works Sdn Bhd.
"The standardised work and equipment code (SWEC) applied is mechanical-crane-pedestal," it said.
TH Heavy said O&G Works would be able to tender and take part in projects especially offshore pedestal cranes of various types and lifting capacities.
"The participation as manufacturer of offshore pedestal cranes is expected to have a positive contribution to the earnings and net assets of OG Works and the TH Heavy group for the current and future financial years," it said
At 12.30pm, its shares rose 3.5 sen to 92 sen with 24.57 million shares done between 91.5 sen and 94 sen while its warrants rose three sen to 50 sen with 19.79 units traded between 49.5 sen and 51.5 sen.
The FBM KLCI however slipped 2.31 points to 1,792.78. Turnover was 1.19 billion valued at RM853.53mil. There were 330 gainers, 327 losers while 301 counters were unchanged.
TH Heavy said on Tuesday the national oil company had extended the scope of the licence to its unit O&G Works Sdn Bhd.
"The standardised work and equipment code (SWEC) applied is mechanical-crane-pedestal," it said.
TH Heavy said O&G Works would be able to tender and take part in projects especially offshore pedestal cranes of various types and lifting capacities.
"The participation as manufacturer of offshore pedestal cranes is expected to have a positive contribution to the earnings and net assets of OG Works and the TH Heavy group for the current and future financial years," it said
Sunday, August 11, 2013
輝百（Faber）復牌漲停板 （星洲）
熱股評析 2013-08-06 17:31
（吉隆坡6日訊）UEM集團再施展上市下市絕活，將已下市的Opus集團和大道管理公司（PROPEL）整合入輝百集團（FABER，1368，主板貿服組）資產和設施管理（AFM）業務內，分析員相信可拉抬輝百盈利三級跳，帶動股價今日復牌即宣告漲停板。
輝百集團昨日接獲大股東UEM集團獻議，將以最高達11億5千100萬令吉，全面脫售旗下Opus國際和PROPEL股權，以將之整合進集團旗下資產和設施管理業務，而輝百將藉現金2億5千萬令吉，和以每股發售價2令吉發行最多達4億5千零50萬新股進行支付。
UEM持股增至36%
在完成交易後，UEM集團在輝百集團的股權增加逾2%至逾36%，UEM集團會申請豁免進行全面獻購。
受業務重組利多消息激勵，輝百今日復牌價量齊升，開盤即起26仙至2令吉零6仙，隨後在投資者競相追逐下，股價最高漲55仙至2令吉35仙漲停板水平。終場起54仙或30%至2令吉34仙，為全場最大漲幅股，成交量達2千765萬3千700股，為10大熱門股之一。
興業研究對上述企業活動並不感到意外，因這意味著UEM集團終於啟動市場期盼已久的業務重組計劃，畢竟市場早在2011年就已聽聞政府委任財政顧問來幫助UEM集團解決其錯綜複雜的持股和龐大債務。
“透過相關計劃，輝百將崛起成為大馬最大資產和設施管理公司，核心業務將涵蓋醫療保健、基礎建設和商業3大層面。”
MIDF研究也認同併購將對輝百長期前景帶來好處，將可讓其多元化其資產與設施管理業務，並轉型至全方位的資產與設施管理公司，進而站穩國內市場為進軍國際市場創造平台。
併購協同效益可削減成本
“相關併購協同效益將讓公司可削減成本，並定位為一站式解決方案中心，而Opus國際的加入將為公司延伸觸角至國際市場開啟方便之門。”
整體來說，該證券行認為，PROPEL和Opus集團出價相對合理，畢竟此次企業活動志在強化輝百因丟失部份沙巴和砂拉越綜合設施管理（IFM）經營權合約，而遭受打擊的財務和營運表現。
大眾投資銀行表示，基於相關企業活動將透過現金和股票進行融資，輝百資產負債表不會承受太大的負擔，雖然集團淨現金水平將因此削減2億5千萬令吉，但Opus集團和PROPEL都手握能帶來穩定現金流的特續經營權，將可與集團現有業務良好結合，有望帶來長期的增值效益。
“在考量股本擴大後，我們預期併購Opus國際和PROPEL將增加輝百2014財政年每股盈利至少20%。”
相比之下，興業資本則樂觀得多，預見輝百在納入股本擴大因素後，其2014財政年每股盈利將擴張46.5%，主要是PROPEL和Opus集團可能帶來1億1千萬令吉淨利貢獻，比其2014財政年盈利目標4千820萬令吉高出3倍。
整體來說，大眾投資銀行說，無論相關獻議是否成行，輝百仍有穩定特續經營權盈利、穩定週息率和淨現金3億1千萬令吉利多因素，但現有估值明顯遭到低估，因此維持其“買進”評級。
UEM下市業務
再受關注
再受關注
其實，這已不是UEM集團首次對旗下業務進行重組。
大道管理2004年私有化
早在2003年，該集團透過將玲瓏私有化，轉移上市給UEM世界，並向玲瓏收購發馬、英特利亞
（INTRIA）、Kualiti
Alam、洋灰工業和近打格列士（KKELLAS）5家公司股權，隨後以2億1千萬令吉將PROPEL私有化下市並注入英特利亞，再將英特利亞注入UEM
世界。藉此，通過發馬、英特利亞、Kualiti Alam、玲瓏來組成醫療保健、工程與建築、環保服務和產業4大核心業務。
Opus 2008年除牌
接著，UEM世界在2008年2月宣佈再進行業務重組，由UEM置地（UEMLAND，5148，主板產業組）取代UEM世界上市，分別以約15%溢價，或每股售價1令吉42仙、1令吉1仙、3令吉61仙及6令吉26仙收購UEM建築、OPUS集團、發馬及洋灰工業。
隨著UEM集團對產業發展和醫療支援服務的輝百進行重組，令人對未來發馬、洋灰工業等潛在重組計劃備感關注。
Saturday, August 10, 2013
Tuesday, August 6, 2013
Faber surges to RM2.34 on UEM Group plan (Star)
KUALA LUMPUR: Shares of Faber Group Bhd surged to RM2.34 on Tuesday as investors and analysts were upbeat on its prospects where it will undertake UEM Group's asset facility management businesses.
At 10.29am, Faber Group was up 54 sen to RM2.34. There were 17.78 million shares done.
The FBM KLCI fell 4.61 points to 1,780.53. Turnover was 378.25 million shares valued at RM340.58mil. There were 208 gainers, 229 losers and 265 counters unchanged.
To recap, UEM Group Bhd offered to dispose of its entire interest in Opus Group Bhd and Projek Penyelenggaraan Lebuhraya Bhd (Propel) to Faber Group for between RM1.13bil and RM1.15bil to streamline its asset facility management businesses under one entity.
RHB Research is maintaining a Buy recommendation on Faber Group with its sum-of-parts based fair value unchanged at RM2.34. "Based on valuations we deem fair, we advise shareholders to vote for the proposals as we see long term earnings accretion. We expect Faber's FY14 EPS to surge 46.5% on completion of the proposal. Maintain BUY and RM2.34 FV," it said.
Subscribe to:
Posts (Atom)