Stockwatch


  • Scomi: Talks linking this high-profile company to a potential multi million-ringgit contract provided fresh impetus for Scomi's price surge last week, with a mix of retail and institutional in- vestors chasing the stock. On Friday, Scomi told the KLSE that there was no material development in the company's business affairs which had not been previously disclosed. Scomi was listed on May 13, at an IPO price of RM1.38 per share. In just over a month, a few lucky investors had made a tidy profit of RM2 per share on their initial investment cost, based on Scomi's closing price of RM3.38 last Friday. 

  • MAS: Profit-taking activities were evident in this stock in the past two weeks after MAS share price hit a five- month high of RM3.90. However, bargain hunters lifted the share price last Friday after MAS said it expected passenger traffic to grow from next month onwards. Analysts said with the global SARS situation improving, MAS' clean balance sheet and new structure would certainly give the airline the edge in competing against other badly hit carriers in the fast growing Asian travel market.  

  • Rhythm: News that this book publishing company was appointed the sole organisation to carry out the smart card terminal project for retail merchants nationwide sparked heavy speculative trade on the stock last week. While Rhythm had not revealed the contract value, punters were al- ready betting that the project would significantly boost Rhy- thm's future earnings. Rhythm share price rose as much as 55%, before trading was suspended on June 13, the day the announcement was made. Meanwhile, the company had issued two million new shares via private placement at RM1.10 per share last week. 

  • Sitt Tatt: A potential boardroom tussle is brewing inside Sitt Tatt, days after the group had completed the acquisition of a new core business. On June 12, MISL & Associates Sdn Bhd – Sitt Tatt's new substantial stakeholder – had called for an EGM to remove the group's entire board. The present directors reacted by ob- taining legal rights to stop MISL's action. Meanwhile, MISL had reduced its stake in Sitt Tatt to 54.5% as of June 16 from 64.3% in early June, according to KLSE filings. In spite of all that, Sitt Tatt share price extended its surge to close near a three-year high of RM1.75 last Friday. 

  • Bintain Kinden: The stock had plunged in May, dropping by more than 50% down to a low of RM1.81 on May 12, raising concerns over the company’s health. However, in- vestors' confidence was restored somewhat by this month. The company had announced its venture into an on-line gaming portal development with Terra Corp of Japan and recently secured a RM110mil in bridging loan facility from a consortium of lenders to develop a government housing project. The management was also quoted as saying that none of its major shareholders was behind the steep fall in share price in the previous month. 

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