Muhibbah: Muhibbah and its consortium partner clineched a rm1.07 billion job from Petronas Gs Bhd for works related to the latter’s LNG regastification in Melaka. The contract is expected to boost positively to Muhibbah’s earnings and net assets for current and future financial years. It will boost its order book that stood at some rm2.78 billion as at Nov 2010.
It is also worth nothing that Muhibbah is also named as one of the possible contractors for the first phase of the main construction works for the estimated rm7 billion LRT extension in the Klang Valley .
Muhhibah: 2.20 (CIMB)
Latexx: Talk of privatization of Latexx has surfaced. A company official said she had no clue on the matter but said such rumor of possible privatization had been going around for some time. Its CEO was not available for comment. BT Capital Sdn Bhd is the major shareholder with 22.55% stake, followed by Low with 7.04% and LTH with 5.32%. Given that Low is a shareholder of BT Capital, has direct and deemed interest in Latexx amounted to 29.59% stake.
The counter is currently (later Jan 2011) trading at forward PER of 7.27 times, lower than prevailing average valuations for the rubber sector. Its biger peer is trading a forward PER of 10.91 times and 14.62 times for Kossan and 8.53 times for Supermax. Rubberex is at 11.11 times and 24.59 times for Rubber Corp Bhd.
With a net asset per share of rm1.07 as at Sept 30, 2010, Latexx trades at a price to book value of 2.41 times. It is relatively cash rich. It had a net cash of rm17.29 million as at Sept 30, 2010.
Latexx: 5.44 (CIMB), 3.90 (MIMB)
Pantech: It posted a net profit of rm6.19 million in the third quarter ended Nov 30 down 47% from rm11.75 million in the previous corresponding quarter. Revenue decreased by 18%. It attributed to the weaker financial performance to higher material costs and weakening US dollar. For the nine months ended Nov 30, its earnings fell 40% to rm23.91 million. Revenue dropped 22%.
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