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News Room

18 Jan 2011

Stocks to watch : Tambun Indah, SP Setia, Hing Yiap, IOI Corp

(The Edge Malaysia)

KUALA LUMPUR: After the FBM KLCI closed at a fresh historic high on Monday, Jan 17, investors could step up their buying of more equities, including property counters following fresh news flow but the mood could be tempered by the cautious China markets.

On Monday, the FBM KLCI rose 4.6 points to 1,574.49. However, China’s markets fell, with the Shanghai Composite Index down 3.03% to 2,706.66 and Shenzen Composite Index 4.25% lower at 1,180.39 on as the central bank tightened the liquidity for property loans.

Wall Street was closed for a holiday and will resume trading on Tuesday.

At Bursa, small cap property-CONSTRUCTION [ ] stocks were in focus and they could continue to attract interest following the listing of Tambun Indah Land Bhd on the Main Market of Bursa Malaysia while S P Setia Bhd and Selangor PROPERTIES [ ] Bhd\'s (SelProp) prices surge on fresh corporate developments.

Tambun Indah’s  IPO consists of a public issue of 32 million new ordinary shares and an offer-for-sale of 22.1 million vendor shares at 70 sen each. BIMB Securities Research derived a fair value of 81 per share after pegging a 30% discount to its peers\' three-year average price-to-earnings ratio of 9.8 times to FY11 EPS of 11.8 sen.

The Edge FinancialDaily reports S P Setia has bounced back strongly after taking a backseat in recent months when mega-property mergers took the spotlight. The property developer has confirmed securing 40 acres of prime land along Jalan Bangsar.

SelProp’s shares saw a good run-up on Monday, reaching its highest in more than three years as it is potentially poised to be one of the beneficiaries of the Greater Klang Valley mass rail transit (MRT) project.

Interest in laggards including Bolton and Guocoland has picked up following the fresh news in the property and Tuesday could see some continued interest.

Meanwhile, Hing Yiap Group Bhd has received an unconditional takeover offer from Everest Hectare Sdn Bhd to acquire all the remaining shares for RM1.50 cash per share.

In IOI Corp Bhd, the PLANTATION [ ] heavyweight had redeemed the US$440.77 million of the outstanding US$444.87 million bonds. The balance of bonds outstanding is US$4.10 million.