The group says its oilfield services business has successfully secured the RM60.5 million projects in Malaysia, Thailand and Indonesia
SCOMI Group Bhd (7158), an oil and gas services provider, bagged RM60.5 million worth of jobs in Asia within the first three months of this year.
In a statement issued yesterday, the group said its oilfield services business has successfully secured the RM60.5 million projects in Malaysia, Thailand and Indonesia, which will robustly contribute to the group's revenue in the first quarter of 2010.
These contracts are in addition to its existing oilfield services order book of RM1.2 billion as at December 2009.
In the area of production and environmental technology, subsidiary Scomi Sosma Sdn Bhd was awarded a RM21.3 million contract extension in the first quarter for the provision of integrated production chemicals supply and services for an established oil and gas company in Malaysia.
Read more: Scomi bags RM60.5m jobs in Asia http://www.btimes.com.my/Current_News/BTIMES/articles/SCOSIX/Article/index_html#ixzz0mYy5JKfe
Thursday, April 29, 2010
Sunday, April 25, 2010
Taliworks hits 15-month high on bid report
Taliworks Corp, a Malaysian water-treatment operator, rose to a 15-month high after the Business Times reported that the company is among 12 companies that has been shortlisted to bid for a RM2 billion project to develop a water treatment plant in Selangor.
The stock climbed 4.4 per cent to RM1.92 at 9:32 am local time, headed for its highest close since January 19, 2009.
Taliworks executive director Ronnie Lim told Bloomberg News that the company hasn’t received any letter yet to confirm that it was shortlisted. -- Bloomberg
Read more: Taliworks hits 15-month high on bid report http://www.btimes.com.my/Current_News/BTIMES/articles/20100426093901/Article/index_html#ixzz0mB3lLzdz
The stock climbed 4.4 per cent to RM1.92 at 9:32 am local time, headed for its highest close since January 19, 2009.
Taliworks executive director Ronnie Lim told Bloomberg News that the company hasn’t received any letter yet to confirm that it was shortlisted. -- Bloomberg
Read more: Taliworks hits 15-month high on bid report http://www.btimes.com.my/Current_News/BTIMES/articles/20100426093901/Article/index_html#ixzz0mB3lLzdz
Genting Malaysia (RM2.85; Buy; Price Target: RM3.90; GENM MK)
More Investment in MGM Notes
GENM has invested another US$48m (RM153m) in MGM
Mirage’s 4.25% 2010/2015 convertible senior notes as part
of the latter’s recent US$1.15b placement. This is on top of
GENM’s earlier:
a) US$18m investment in MGM’s 9% 2010/2020 senior
secured notes in Mar 2010, and
b) US$25m in 10.375% notes due May 2014 and
US$25m 11.125% notes due Nov 2017 in May 2009.
This brings GENM’s total investment in MGM to US$116m
(RM371m). Back in May 09, Genting Bhd had also invested
US$100m for a 3.2% equity stake in MGM and US$50m in
similar senior secured notes as GENM.
The latest notes proceeds will be used to repay a portion of
MGM’s revolving indebtedness under its senior credit
facility. The notes are general unsecured senior obligations
of MGM, guaranteed by substantially all of its subsidiaries.
Interest is payable semi-annually, and the notes are
convertible anytime at an initial conversion price of
US$18.58 (27.5% premium to MGM’s share price).
Minimal impact to GENM’s earnings and RM5.2b cash
reserve. We try not to read too much into the investment
given the small quantum, although the notes’ coupon does
seem rather unattractive (almost similar to Malaysian
Government Securities 10-year yield of 4%). Genting group
was reported to be interested in investing in US, and this
could be a pre-cursor to bigger things to come. MGM had
indicated in Mar 2010 that it would be selling its 50% stake
in Borgata Hotel Casino & Spa in Atlantic City as part of a
settlement with the New Jersey Division of Gaming
Enforcement (the New Jersey casino controller had
expressed concern over MGM’s ties with Pansy Ho, its JV
partner in Macau).
Maintain Buy on GENM and sum-of-parts TP of RM3.90.
Potential catalysts: a) Resilient Malaysian gaming operations
despite the opening of Singapore IRs (85% visitors to
Gentings Highlands are local with 75% being day-trippers),
and b) Opportunistic M&As with RM5.2b cash reserve.
Valuation remains attractive at 9.3x 2011 PE (ex-cash) and
5.6x EV/EBITDA.
GENM has invested another US$48m (RM153m) in MGM
Mirage’s 4.25% 2010/2015 convertible senior notes as part
of the latter’s recent US$1.15b placement. This is on top of
GENM’s earlier:
a) US$18m investment in MGM’s 9% 2010/2020 senior
secured notes in Mar 2010, and
b) US$25m in 10.375% notes due May 2014 and
US$25m 11.125% notes due Nov 2017 in May 2009.
This brings GENM’s total investment in MGM to US$116m
(RM371m). Back in May 09, Genting Bhd had also invested
US$100m for a 3.2% equity stake in MGM and US$50m in
similar senior secured notes as GENM.
The latest notes proceeds will be used to repay a portion of
MGM’s revolving indebtedness under its senior credit
facility. The notes are general unsecured senior obligations
of MGM, guaranteed by substantially all of its subsidiaries.
Interest is payable semi-annually, and the notes are
convertible anytime at an initial conversion price of
US$18.58 (27.5% premium to MGM’s share price).
Minimal impact to GENM’s earnings and RM5.2b cash
reserve. We try not to read too much into the investment
given the small quantum, although the notes’ coupon does
seem rather unattractive (almost similar to Malaysian
Government Securities 10-year yield of 4%). Genting group
was reported to be interested in investing in US, and this
could be a pre-cursor to bigger things to come. MGM had
indicated in Mar 2010 that it would be selling its 50% stake
in Borgata Hotel Casino & Spa in Atlantic City as part of a
settlement with the New Jersey Division of Gaming
Enforcement (the New Jersey casino controller had
expressed concern over MGM’s ties with Pansy Ho, its JV
partner in Macau).
Maintain Buy on GENM and sum-of-parts TP of RM3.90.
Potential catalysts: a) Resilient Malaysian gaming operations
despite the opening of Singapore IRs (85% visitors to
Gentings Highlands are local with 75% being day-trippers),
and b) Opportunistic M&As with RM5.2b cash reserve.
Valuation remains attractive at 9.3x 2011 PE (ex-cash) and
5.6x EV/EBITDA.
Stocks to watch: HL Bank, O&G, Plenitude, Coastal Contracts
KUALA LUMPUR: Blue chips may rise this coming week, starting Monday, April 26 with trading interest seen in banking stocks and also oil and gas (O&G) players, riding on the strong crude oil price.
On Wall Street, US stocks rose to a 19-month high on Friday, April 23 as Merck eased concerns about the impact of healthcare reform, saying its costs will be relatively low, according to Reuters.
Energy shares lifted the broad market after oil rose 1.7 percent to above $85 a barrel on positive economic data.
The Dow Jones industrial average advanced 69.99 points, or 0.63 percent, to 11,204.28. The Standard & Poor's 500 Index rose 8.61 points, or 0.71 percent, to 1,217.28. The Nasdaq Composite Index added 11.08 points, or 0.44 percent, to 2,530.15.
At Bursa Malaysia, the 30-stock index managed to gain 10 points to end the week at 1,336.78 despite intermittent profit taking while market capitalisation was up RM10 billion.
HONG LEONG BANK BHD [] and EON CAPITAL BHD [] are expected to see trading interest after both banking groups submitted their applications to Bank Negara Malaysia for the corporate exercise which would see HL Bank buying EON Cap.
HL Bank also proposed to raise RM1.6 billion via a rights issue to strengthen its capital base.
O&G companies and related support players could see sustained trading interest, underpinned by the strong oil price. Light crude oil on Nymex rose 1.7% to above US$85 a barrel on positive economic data from the US.
In Plentitude Bhd, the Singapore-based Fields Equity Management Ltd has emerged a major shareholder with 19.59% or 26.44 million shares. The shares were acquired in an off-market deal on April 20.
COASTAL CONTRACTS BHD [] has recommended a first and final tax exempt dividend of 12% and a special tax exempt dividend of 13% (or 5 sen net per ordinary share), for FY ended Dec 31, 2009.
The dividend entitlement and payment date will be determined and announced by the company in due course.
Meanwhile, TOP GLOVE CORPORATION BHD [] does not see any material implication following the infringement claims by Tillotson. The world’s largest glove maker said the claims are only confined to sales of nitrile gloves in the state of Georgia, US, which is not material to the total turnover of the Group
UBG BHD []’s disposal of UBG Petroleum (Thailand) Ltd to PearlOil (Siam) Ltd (a wholly-owned subsidiary of Pearl Energy Ltd) for US$19.21 million has been deferred to April 27 or another date to be agreed by the proposed seller and buyer.
Atis Corp Bhd plans to acquire as much as 53% stake in property developer MUTIARA GOODYEAR DEVELOPMENT [] Bhd (MGD) for not more than 97 sen a share.
Atis said the acquisition would be undertaken through a complex corporate exercise, and the total price tag of RM117 million would be satisfied via a combination of shares swap and cash.
On Wall Street, US stocks rose to a 19-month high on Friday, April 23 as Merck eased concerns about the impact of healthcare reform, saying its costs will be relatively low, according to Reuters.
Energy shares lifted the broad market after oil rose 1.7 percent to above $85 a barrel on positive economic data.
The Dow Jones industrial average advanced 69.99 points, or 0.63 percent, to 11,204.28. The Standard & Poor's 500 Index rose 8.61 points, or 0.71 percent, to 1,217.28. The Nasdaq Composite Index added 11.08 points, or 0.44 percent, to 2,530.15.
At Bursa Malaysia, the 30-stock index managed to gain 10 points to end the week at 1,336.78 despite intermittent profit taking while market capitalisation was up RM10 billion.
HONG LEONG BANK BHD [] and EON CAPITAL BHD [] are expected to see trading interest after both banking groups submitted their applications to Bank Negara Malaysia for the corporate exercise which would see HL Bank buying EON Cap.
HL Bank also proposed to raise RM1.6 billion via a rights issue to strengthen its capital base.
O&G companies and related support players could see sustained trading interest, underpinned by the strong oil price. Light crude oil on Nymex rose 1.7% to above US$85 a barrel on positive economic data from the US.
In Plentitude Bhd, the Singapore-based Fields Equity Management Ltd has emerged a major shareholder with 19.59% or 26.44 million shares. The shares were acquired in an off-market deal on April 20.
COASTAL CONTRACTS BHD [] has recommended a first and final tax exempt dividend of 12% and a special tax exempt dividend of 13% (or 5 sen net per ordinary share), for FY ended Dec 31, 2009.
The dividend entitlement and payment date will be determined and announced by the company in due course.
Meanwhile, TOP GLOVE CORPORATION BHD [] does not see any material implication following the infringement claims by Tillotson. The world’s largest glove maker said the claims are only confined to sales of nitrile gloves in the state of Georgia, US, which is not material to the total turnover of the Group
UBG BHD []’s disposal of UBG Petroleum (Thailand) Ltd to PearlOil (Siam) Ltd (a wholly-owned subsidiary of Pearl Energy Ltd) for US$19.21 million has been deferred to April 27 or another date to be agreed by the proposed seller and buyer.
Atis Corp Bhd plans to acquire as much as 53% stake in property developer MUTIARA GOODYEAR DEVELOPMENT [] Bhd (MGD) for not more than 97 sen a share.
Atis said the acquisition would be undertaken through a complex corporate exercise, and the total price tag of RM117 million would be satisfied via a combination of shares swap and cash.
Thursday, April 15, 2010
Tuesday, April 6, 2010
Maybank (RM7.50; Buy; Price Target: RM9.00; MAY MK)
I think i will buy some....
Maybank (RM7.50; Buy; Price Target: RM9.00; MAY MK)
Regaining its roar
• Riding on domestic economic recovery; domestic
deposit franchise is a plus
• Indonesian operation should pick up from low base and
low expectations
• Upgrade to Buy, raised TP to RM9.00; laggard big cap
relative to CIMB
Maybank (RM7.50; Buy; Price Target: RM9.00; MAY MK)
Regaining its roar
• Riding on domestic economic recovery; domestic
deposit franchise is a plus
• Indonesian operation should pick up from low base and
low expectations
• Upgrade to Buy, raised TP to RM9.00; laggard big cap
relative to CIMB
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