Sunday, December 25, 2011

#Stocks to watch*: Ingress, Sunway, Yinson, Chin Well

Larger Smaller Reset KUALA LUMPUR (Dec 25): The FBM KLCI goes into the final trading week of 2011 on Tuesday, Dec 27 in what has been an eventful and volatile year for global equity markets, during which period investor confidence has taken a severe beating.

Also, many market participants are reluctant to believe in a "Santa Claus rally" this year, which refers to stocks' seasonal tendency to gain in the final five trading days of the year and first two trading days of the New Year, according to Reuters.

Warnings from major credit rating agencies on a potential downgrade of several European nations have kept investors on edge. After Standard & Poor's surprised financial markets back in August with a downgrade of the United States' triple-A credit rating on a Friday evening, investors worry a similar move could come at any time - even between Christmas and New Year's, it said.

Among the stocks that could be in focus on Tuesday are INGRESS CORPORATION BHD [], SUNWAY HOLDINGS BHD [], Yinson Holdings and CHIN WELL HOLDINGS BHD [].

Ingress has received a letter of acceptance from Perusahaan Otomobil Nasional Sdn Bhd (Proton) with a total value of RM84.8 million over a period of five years to supply parts for new Proton models.

Sunway's unit has secured a contract worth RM27.57 million from Hap Seng Land Development (JTR) Sdn Bhd for the CONSTRUCTION [] of pilings, basement and ground floor for one block of 43-storey service apartment at Jalan Tun Razak, KL.

Yinson net profit for the third quarter ended Oct 31, 2011 jumped to RM8.07 million from RM2.5 million a year earlier, due mainly from its marine transport business and gain on disposals of subsidiary and PROPERTIES [].

Meanwhile, Chin Well expects to sustain overseas revenue contribution going forward, and focus on expanding its market share in Europe as well as emerging Asia and North America, said its managing director Tsai Yung Chuan.

He said whilst the company would take advantage of the European Union's (EU) listing of Chin Well as one of the 8 Malaysian companies exempted from import duty, it will not ignore markets in emerging Asia as well as North America.

Tsai said that over the years, the company had exported to an increasing number of countries in Europe, Asia, and North America, and more than doubled its overseas revenues to about RM400 million in just 5 years.


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