Wednesday, October 27, 2010

#Stocks to watch:* Mutiara Goodyear, MTD Capital, Tasek, Opcom

KUALA LUMPUR: Key markets could be range bound on Wednesday, Oct 27 after US stocks ended little changed on Tuesday before the potential market tumult of next week's U.S. elections and likely announcement of more stimulus from the Federal Reserve

The Dow Jones industrial average gained 5.41 points, or 0.05 percent, to 11,169.46. The Standard & Poor's 500 Index gained 0.02 point to 1,185.64. The Nasdaq Composite Index gained 6.44 points, or 0.26 percent, to 2,497.29.

Stocks to watch on Bursa Malaysia include MUTIARA GOODYEAR DEVELOPMENT [] Bhd, MTD CAPITAL BHD [], TASEK CORPORATION BHD [] and OPCOM HOLDINGS BHD [].

Mutiara Goodyear will hold its AGM at Sime Darby Convention Centre, KL at 10am. The Edge FinancialDaily reports the independent adviser, PM Securities Sdn Bhd, has advised minority shareholders to reject the offer of 97 sen per share made by Atis IDR Ventures Sdn Bhd.

PM Securities Sdn Bhd said in its independent advice the offer of 97 sen per share was not fair and not reasonable and ???recommend the shareholders to reject the offer???.

In MTD Capital, the Philippines Supreme Court declared as valid and constitutional the supplemental toll operation agreement for MTD???s South Luzon Toll Expressway project.

However, the court declared void and unconstitutional clauses that said the Toll Regulatory Board had to compensate MTD Capital???s South Luzon Tollway Corp/the Philippine National Manila Toll Expressway Systems Inc for its loss of revenue resulting from the non-implementation of the approved authorize toll price and toll rate adjustments. Trading of MTD shares resume on Wednesday at 9am.

Tasek net profit for the third quarter ended Sept 30, 2010 jumped 40.7% to RM27.99 million from RM19.89 million a year ago due to the local cement price revision during the last quarter and also lower production cost.

It said revenue rose 7.7% to RM143.78 million from RM133.48 million a year ago. Earnings per share were 17.52 sen compared with10.72 sen. Net assets per share was RM6.99

Opcom???s subsidiary, Opcom Cables Sdn Bhd has signed a contract for supply and delivery of fiber optic cables with TT dotCom Sdn Bhd for two years commencing from Oct 18 this year to Oct 17, 2012

???The contract is expected to contribute positively towards the group's earnings and net tangible assets for the period of the contract,??? Opcom said.

EQUINE CAPITAL BHD []???s unit Kuala Lumpur Industries Bhd is disposing its Wisma KLIH for RM58 million cash to Wonderful Vantage Sdn Bhd.

Of the proceeds from the sale, RM30.2 million would be used to repay bank borrowings, RM15.8 million for working capital, while RM12 million will be set aside for expenses related to the disposal as well as renovation and refurbishment option.

POLY GLASS FIBRE (M) BHD [] posted ??net profit of RM2.45 million in the second quarter ended Aug 31 versus RM478,000 a year ago. Revenue was RM9.04 million versus RM9.29 million. EPS were 2.38 sen versus 0.31 sen.

SIME DARBY BHD [] has set up Guangzhou Sime Darby SITECH Dealers Company Limited (GSDSD) in China. The business license approval was received by Sime Darby on Oct 26.

The principal activities of GSDSD will be wholesales (excluding any state-operated and controlled products), import and export (except for those items prohibited by laws and regulation; a license must be obtained for those items prohibited by laws and regulation), installation, rental and provision of the related technical and maintenance services of project management systems, machine control, instruments and meters and mapping products.


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