Monday, 15 August 2011

TCHONG (Stock code: 4405)

The Tan Chong Group is eyeing Myanmar to expand its automotive business there and further strengthen its presence in Indochina, said its group senior advisor, Datuk Cheah Sam Kip. "We will start off our business in Myanmar with an auto service centre and that will be the springboard to develop other businesses in that country." Cheah said an application to the Myanmar government had already been submitted and it was now awaiting the approval. The group is confident of getting the approval this year. He said Indochina will be the key focus for Tan Chong Group to expand its operations following the competitive automotive landscape in Malaysia, adding that the group has also embarked on an aggressive expansion plan in Vietnam, Indonesia, Cambodia and Laos. (The Star, June 11, 2011)

Tan Chong, through its wholly owned subsidiary Motor Image Group, recently entered into an agreement with Fuji Heavy Industries of Japan to assemble Subaru compact sport utility vehicles (SUVs) in Malaysia. Since it already owns an assembly plant in Malaysia, Tan Chong decided to use the facilities to produce Subarus with no need to invest additionally. Subaru SUVs will be marketed in Malaysia, Indonesia and Thailand where total passenger car sales are larger than in other markets combined across Southeast Asia. SUVs imported from Malaysia will enjoy zero tariffs under the Asean Free Trade Area agreement, making them cheaper than those imported from Japan. (Bangkok Post, August 11, 2011)

MUHIBBAH (Stock code: 5703)

Industry: Construction

MUHIBBAH (Stock code: 5703)

News of the lifting of Asia Petroleum Hub Sdn Bhd’s (APH) receivership may have contributed to the rise in Muhibbah Engineering Bhd’s share price, making it one of the top 10 gainers on Bursa Malaysia last week. Muhibbah is one of APH’s major non-bank creditors. APH and its bankers had reached an understanding, resulting in Datuk Gan Ah Tee of BDO Binder being discharged as receiver and manager amid talk of new investors emerging to revive the company.

This development should be welcomed by Muhibbah’s shareholders and could trigger a re-rating of the stock, which has slumped nearly 40% in the past two months and is down 22% year-to-date. The stock is trading at a forward price-earnings ratio of 7.3 times, according to Bloomberg consensus estimates. In mid-June, news reports that APH had been placed under receivership sent Muhibbah’s shares tumbling 32 sen to RM1.52 from RM1.90 in a single day. Investors were understandably concerned whether Muhibbah would be able to collect RM371 million owed by to it by APH. The current stock market rout further sent the stock spiralling to a low of RM1.07 on Monday, a loss of 43.6% in less than two months.
(The Edge Financial Daily, August 10, 2011)

Saturday, 6 August 2011

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