Versus the CI


  • Business
  • Saturday, 30 Aug 2003

  • Bandar Raya: THIS property developer's shares have surged 67% in the past three months, outperforming the CI by 60%. Despite the sharp rise in the share price, the counter is still trading at a discount to asset valuations and to the RM2.25 that new owner Datuk Mohd Moiz paid as entry price. Earlier this week, the company announced it has aborted plans to issue new shares via private placement, citing earnings dilution concerns. The move sparked renewed buying interest in the stock during the week. 

  • PSC Ind: The naval contractor's impressive results for the six months to June 30 suggest the group may better last year’s performance. On an annualised basis, PSC Industries' share price is currently trading at single digit price-earnings multiple compared to its current-year profit potential. Analysts expect forward earnings to be driven by long-term Navy contracts, including those for building new vessels and fleet maintenance. The company had in June completed a 1-for-1 bonus issue. 

  • Engtex: This steel and iron pipe manufacturer's ongoing capacity expansion has helped generate strong trading interest in this stock in the past three months. During this period, the share price has nearly doubled from RM2.15 to RM4.20 at Friday’s close. Analysts say the enlarged operations would impact on Engtex’s bottom line from next year, but at current price levels, it seems as if the market has already factored that in. 

  • PPB Group: PPB Group expects to turn in another record profit for the year ending Dec 31, 2003, backed by higher crude palm oil prices and better showing from its cinema and infrastructure divisions. With an established track record of distributing surplus profits to shareholders, the company is likely to pay a higher dividend in FY03. Last year's gross dividend totalled 46.5 sen, including a special tax-free dividend of 25 sen. The stock is also trading at a discount to its conservative book value of RM5.60. 

  • CN Asia: A massive one-day jump of 49 sen to RM1.02 on July 1 helped CN Asia to outperform the CI by 100% in the past three months. The company, in reply to a KLSE query, said there are no new corporate developments to support the share price surge. Last week, the specialist in engineering and fabrication works for the oil and gas sector announced a pre-tax loss of RM1.2mil on revenues RM5.8mil for the six months to June 30. 

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