Thursday 9 August 2012

News Highlights - Mah Sing Group, Axiata Group, Malaysian Resources Corporation, DRB Hicom


Mah Sing Group Bhd (RM2.41/share)
May land up to RM150m deals in Klang Valley
Mah Sing Group Bhd, the sixth largest property stock by market capitalisation, is expected to ink one or two deals to buy land in the Klang Valley for between RM100mil and RM150mil in the next quarter, sources said.

The group is targeting to acquire land with gross development value (GDV) of RM5bil this year. It has acquired land in Rawang, Kota Kinabalu and Bandar Baru Bangi for a combined RM452.3mil, which is 73% of its GDV target. Mah Sing would need another RM1.4bil in GDV to achieve its full-year target. Assuming the land cost is also about 12% of the GDV, it equates to about RM150mil. Group managing director and group chief executive Tan Sri Leong Hoy Kum said it is buying a large piece of land in the Klang Valley to build mixed landed properties.

He declined to elaborate on the proposed development and land cost. He added that Mah Sing was eyeing more land in Greater Kuala Lumpur, Penang, Johor, Sabah, Perak, Malacca and Kedah and is especially interested in developing the Rubber Research Institute of Malaysia land in Sungai Buloh. – Business Times

Axiata Group Bhd (RM5.99/share)
Celcom Axiata sees 25pc revenue growth
Mobile telecommunications company, Celcom Axiata Bhd, aims to increase revenue growth by 25% by year-end with the launch of the PortaWiFi USB port coupled with other solutions, including the Celcom Dongle Wifi as well as its data plans. Chief financial officer Chari TYT said sales of the 21Mbps data speed PortaWifi, which was launched yesterday, would beat the company’s key performance indices. Celcom Axiata is the dominant broadband market leader with above 50% market share. The company joined hands with USB manufacturer, Huawei, to come out with the PortaWiFi for customers always on the go. Celcom Axiata is part of the Axiata group of companies with more than 180 million customers across 10 Asian markets.  – Business Times

Malaysian Resources Corp Bhd (RM1.73/share)
Highway blues for MRCB
The outcome of the negotiations between the government and Malaysian Resources Corp Bhd (MRCB) on the settlement of the newly completed Eastern Dispersal Link Expressway (EDL) in Johor is likely to be known only after the general election. Officials close to the government said buying out the highway from MRCB is the best option but this will not go down well with the voters. On the other hand, he added, imposing toll on the highway as agreed in the concession agreement is also not an option because it could mean higher rates at the causeway as well. Unable to collect toll from the EDL Expressway, MRCB has come under further pressure following downgrades of two of its sukuks by RAM Ratings Services Bhd yesterday. – The Edge 

Source: AmeSecurities

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