MAXBiz: Sources say it have sent a letter to Bursa Malaysia, highlighting discrepancies in the company’s accounts detailed which had led to the removal of its auditors Gomez & Co at an EGM. However, a director confirmed that such a letter had been sent. These discrepancies highlighted could change the future of NAxbizm as it would no longer be deemed a PN17 company. Sources say company officials are trying to reverse the PN17 classification.
SP Setia will be a net cash entity upon completion of its share placement to existing major shareholders. The exercise is expected to raise some RM1 billion to finance the company’s existing and future projects. Based on the expected proceeds of RM1 billion and S P Setia’s cash pile of RM1.06 billion at Oct 31 2010, the developer will have a cash pile of RM2.06 billion versus debts of RM1.64 billion. This translates into net cash of around RM420 million or 41 sen a share.
SP Setia: 7.23 (OSK), 8.00 (CIMB), 6.90 (MBB), 4.94 (Inter Pacific), 7.39 (RHB), 5.50 (Kenanga), 6.80 (AMResearch), 6.00 (ECM)
UMZA Bhd stands a good chance of getting contract jobs from Petronas for oil recovery enhancement in domestic brown fields as well as idle fields. The total value of the contracts could be worth up to rm500 million.
IJM Corp: The toll rate cut will have little impact on IJM Corp’s bottom line due to the compensation. And with the reduction in the toll rate, traffic volume will increase, which could contribute to higher turnover for the NPE toll.
IJM Corp: 5.01 (RHB), 7.50 (HDBS), 5.24 (MIDF), 7.52 (AmResearch), 5.51 (TA), 6.60 (OSK), 6.40 (MBB), 7.70 (Credit Suisse)
EON Cap: It is learnt that CCB, China ’s second largest lender, may submit a letter of application to BNM to start negotiations with EON CAP soon, even as the latter is in the midst of a possible takeover by HL Bank. Sources say CCB may offer a far more superior price than HK Bank’s of rm7.30 per EON Cap share. It is possible that CCB will be given the nod to start negotiations with EON Cap under a government to government initiative. It is not known how big a block CCB is eyeing, or from whom. Sources say however, the situation is very fluid as CCB’s possible entry as a buyer could complicate matters at EON Cap.
Mudajaya: Mudajaya’s 4Q2010 latest numbers will go a long way towards quashing any doubts about its continued performance after its 3QFY2010 results came in below estimates. Mudajaya’s balance sheet remained solid with no borrowings and cash and bank balances increasing to rm254 million from rm116 million y to y. The growth catalysts for Mudajaya include the award of more projects from the 10MP and ETP. Other rerating catalysts include the possibility of securing the three Indian road projects each worth up to rm1 billion, from the National Highway Authority of India and the possibilities of its delayed ultra mega power plants of 4000MW each taking off earlier than expected.
Mudajaya: 7.94 (CIMB), 7.44 (OSK), 6.54 (HLB)
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