hope CEPAT will perform better next week

here u are in the bursa website, i found this

kpj on reverse mode.. any sifu to comment tp price to enter back and price to sell

Time for Keck Seng’s value to emerge


Written by Yong Yen Nie   
Monday, 08 March 2010 00:00


Keck Seng (Malaysia) Bhd, a low-profile oil palm planter and property developer, may be ripe for a higher dividend payout given that its reserves have been building up, analysts say.

Keck Seng is a cash and assets-rich company. As at Dec 31, 2009, the group was sitting on a cash pile of RM332.6 million with zero gearing. Its reserves stood at RM951.9 million as at Dec 31, made up mostly of retained earnings. It also had high unutilised tax credit of RM427.6 million to be franked as dividends before end-2013.

However, executive director Lee Hwee Leng says the group has accumulated a huge cash pile for several years now, as it is waiting for acquisition opportunities. “Given the uncertainty in the global economy last year, we wanted to wait for the right time before we embark on acquisitions of properties and land,” she tells The Edge in a rare telephone interview.

Nevertheless, Lee declines to reveal if Keck Seng will make any acquisitions this year. She says that as Keck Seng has until 2013 to utilise its tax credits, the group is not in a hurry to unlock the dividend income to its shareholders.

Analysts believe Keck Seng’s real value may begin to emerge from this financial year onwards, thanks to the compulsory disclosures of the market value of its financial assets beginning this year.

Keck Seng, which has a sizeable share investment portfolio, benefited strongly from the improvement in global equity markets with income from share investments increasing 62.3% q-o-q to RM37.8 million from RM23.3 million in 4QFY2009.

But there may be more to come. Under the Financial Reporting Standard 139 (FRS 139) that has been effective since Jan 1 this year, public-listed companies are required to fair value their equity investments and reflect unrealised gains or losses in quarterly financial statements.

A glance at Keck Seng’s 4QFY2009 notes accompanying its financial results show that although the total book value of its quoted securities is RM245.4 million, the market value as at Dec 31, 2009, stood at RM672.7 million. This translates to 2.74 times surplus over its book value, or an increase in net assets of RM1.78 per share.

However, up to FY2009, the market value was only disclosed as part of the notes to accounts and not reflected yet in its net asset value.

It is learnt that Keck Seng has interests in various local and foreign companies, including a 3% stake in Singapore’s Parkways Holdings Ltd, a 0.4% stake in PPB Group Bhd, a 3.04% stake in Chin Teck Plantations Bhd and a 1.1% stake in Shangri-La (Hong Kong) Ltd. Keck Seng is not required to disclose its interests in companies if its shareholding is below 5%.

An analyst says that based on calculations that incorporate the market value of share investments, Keck Seng’s NAV per share will balloon to RM6.76 from RM4.98 currently. The stock closed at RM4.14 last Thursday, below its NAV per share.

Keck Seng’s Lee says the group’s NAV will reflect the fair value of its share investments in the 1QFY2010 financial results, which will be announced in May. She says the impact will depend on the classification of its share investments, which the group’s auditors are still working on.

Should Keck Seng’s share investments be classified under “held for trading”, the unrealised gains or losses on the investments will be reflected in its income statement. But if they are held under the available-for-sale portfolio, it will impact the group’s balance sheet.

Lee declines to comment on the classification of the company’s share investments, but says they are held for the long term.

However, an analyst says that whether or not the quoted securities are parked under “held for trading” or “available for sale”, the impact will be reflected in Keck Seng’s net assets.

Additionally, the new estimated NAV does not take into account the market value of Keck Seng’s investment properties and landbank.
“We may only revalue some of the landbank in the first quarter, hence the impact on the NAV may not be as significant,” Lee says, reflecting on the group’s conservative outlook.

Keck Seng is still using the cost method to value its landbank and properties, but when the land is developed, the group will have to fair value the land to market prices.

According to its FY2008 annual report, the group’s land for agriculture and housing development, with various parcels in Johor, have not been revalued since 1980.

The book value of the land stood at RM147.7 million as at Dec 31, 2008, but conservative estimates show that the parcels of land could be valued at more than RM2.46 billion, representing a surplus of RM2.3 billion, an analyst says.

Based on estimates and recent transactions, should Keck Seng’s entire landbank, properties and equity investments be revalued, it can lead to a revised NAV per share of RM17.10, or an absolute amount of RM4 billion — a far cry from the RM4.98 as at Dec 31, 2009, she notes

However, few take note of Keck Seng’s strong balance sheet, as it is not required to revalue its properties and landbanks according to market value unless it plans to sell or develop them.

“Keck Seng has not unlocked the value of its assets, hence it does not create the excitement that it ought to among investors,” an analyst says.

Another analyst says the group’s dividend payout is also not impressive, given that the payout ratio for the past three years range from 25% to 30% of net profit.

Keck Seng could still generate excitement this year, especially as the time to unlock potential draws near.

 
1155    MAYBANK    MALAYAN BANKING BHD 
Final Dividend of 44.0 sen per share less 25% tax 

Entitlement Details:
Final Dividend of 44.0 sen per share less 25% tax


Entitlement Type: Final Dividend
Entitlement Date and Time: 22/11/2010  05:00 PM
Year Ending/Period Ending/Ended Date: 30/06/2010
EX Date: 18/11/2010
To SCANS Date: 
Payment Date: 20/12/2010
Interest Payment Period: 
Rights Issue Price: 0.000
Trading of Rights Start On: 
Trading of Rights End On: 
Stock Par Value: 

Share transfer book & register of members will be closed from 23/11/2010 to 23/11/2010 (both dates inclusive) for the purpose of determining the entitlements 

A Depositor shall qualify for the entitlement in respect of: 
- Securities transferred into the Depositor's Securities Account before 22/11/2010 04:00 PM in respect of ordinary transfers. 
- Securities transferred into the Depositor's Securities Account before    in respect of express transfers. 
- Securities deposited into the Depositor's Securities Account before 18/11/2010 12:30 PM in respect of securities exempted from mandatory deposit. 
- Securities not withdrawn from the Depositor's Securities Account as at    . 
- Securities bought on BMSB on a cum entitlement basis according to the Rules of the BMSB. 

Registrar's Name and Contact:
Tricor Investor Services Sdn Bhd
Level 17, The Gardens North Tower
Mid Valley City, Lingkaran Syed Putra
59200 Kuala Lumpur
Telephone no: 603  2264 3883


Remarks:
You are advised to read the full contents of the announcement or attachment at
http://www.bursamalaysia.com.


Submitted By:
Diane Tee/ Jayde Soong


04/11/2010  05:20 PM 

1155    MAYBANK    MALAYAN BANKING BHD 
DIVIDEND REINVESTMENT PLAN 

MALAYAN BANKING BERHAD (MAYBANK)
RECURRENT AND OPTIONAL DIVIDEND REINVESTMENT PLAN THAT ALLOWS SHAREHOLDERS OF
MAYBANK TO REINVEST THEIR DIVIDEND IN NEW ORDINARY SHARE(S) OF RM1.00 EACH IN
MAYBANK (MAYBANK SHARES) (DIVIDEND REINVESTMENT PLAN)
Reference is made to the announcements dated 25 March 2010, 29 September 2010,
4 October 2010 and 12 October 2010 in relation to the Dividend Reinvestment
Plan.
On 29 September 2010, the shareholders of Maybank approved the final dividend
in respect of financial year ended 30 June 2010 of 44 sen less 25% tax (Final
Dividend). The gross dividend consists of an electable portion of 40 sen (30
sen net per ordinary share) which can be elected to be reinvested in new
Maybank Shares in accordance with the Dividend Reinvestment Plan.
On 29 September 2010, the shareholders of Maybank also resolved that the issue
price of the new Maybank Shares shall be fixed by the Board of Directors of
Maybank (Board) at no more than a ten percent (10%) discount to the adjusted
five (5)-day volume weighted average market price (VWAMP) of Maybank Shares
immediately prior to the price-fixing date, of which the VWAMP shall be
adjusted ex-dividend before applying the aforementioned discount in fixing the
issue price.
On behalf of the Board, Maybank Investment Bank Berhad (Maybank IB) wishes to
announce that the issue price of new Maybank Shares to be issued pursuant to
the Dividend Reinvestment Plan has been fixed today (Price Fixing Date) at
RM7.70 per new Maybank Share. The issue price is based on the five (5)-day
VWAMP of RM8.99 per Maybank Share up to and including 3 November 2010, being
the last trading day prior to the Price Fixing Date for the issue price of new
Maybank Shares after adjusting for the following:
(i) a gross dividend adjustment of RM0.44 to the five (5)-day VWAMP
(Ex-Dividend VWAMP); and
(ii) a discount of RM0.85 which is approximately 9.9% discount to the
Ex-Dividend VWAMP of RM8.55.
On behalf of the Board, Maybank IB, will also announce on even date that the
Book Closure Date pursuant to the Final Dividend and Dividend Reinvestment Plan
has been fixed for 22 November 2010.
The new Maybank Shares arising from the Dividend Reinvestment Plan will be
listed on the Main Market of Bursa Malaysia Securities Berhad on 21 December
2010.
This announcement is dated 4 November 2010.


04/11/2010  05:05 PM 

7285    TOMYPAK    TOMYPAK HOLDINGS BHD 
Tax Exempt Interim Dividend 1.4 Sen 

Entitlement Details:
Tax Exempt Interim Dividend of 1.4 sen per ordinary shares of RM0.50 each


Entitlement Type: Interim Dividend
Entitlement Date and Time: 01/12/2010  04:00 PM
Year Ending/Period Ending/Ended Date: 31/12/2010
EX Date: 29/11/2010
To SCANS Date: 
Payment Date: 20/12/2010
Interest Payment Period: 
Rights Issue Price: 0.000
Trading of Rights Start On: 
Trading of Rights End On: 
Stock Par Value: 

Share transfer book & register of members will be closed from 01/12/2010 to 01/12/2010 (both dates inclusive) for the purpose of determining the entitlements 

A Depositor shall qualify for the entitlement in respect of: 
- Securities transferred into the Depositor's Securities Account before 01/12/2010 04:00 PM in respect of ordinary transfers. 
- Securities transferred into the Depositor's Securities Account before    in respect of express transfers. 
- Securities deposited into the Depositor's Securities Account before    in respect of securities exempted from mandatory deposit. 
- Securities not withdrawn from the Depositor's Securities Account as at    . 
- Securities bought on BMSB on a cum entitlement basis according to the Rules of the BMSB. 

Registrar's Name and Contact:
Symphony Share Registrars Sdn. Bhd. (378993-D) of Level 9, Symphony House,
Pusat Dagangan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor.
Telephone No. 603-7841 8000


Remarks:
N/A


Submitted By:
Ms Ang Mui Kiow / Ms Esther


04/11/2010  05:34 PM 

Anyone here holding tomypak? I have some though, bad thing is my ABP is quite high.....

03/09/2010 CIMB Research Overweight on flexible packaging stocks

KUALA LUMPUR: CIMB Research said investors looking for a cheaper alternative to the small-cap food and beverage (F&B) sector can opt for flexible packaging stocks such as Daibochi and Tomypak which derive some 90% of their revenue from the F&B sector.

'These stocks are trading at only 5 .0 times to 8 times CY11 P/E even though YTD, the share prices of the F&B and packaging stocks in our small-cap coverage have shot up 65% on average compared to 9.6% for the FTSE Bursa Small Cap Index,' it said.

The research house said on Friday, Sept 3 that'' Daibochi and Tomypak also offer attractive gross dividend yields of 5% to 7%. In addition, these two companies pay dividends on a quarterly basis.

'We continue to rate these stocks Buys and maintain our earnings forecasts and target prices of RM4.60 for Daibochi (12.0 times CY11 P/E or a 20% discount to 15 times target market P/E) and RM1.98 for Tomypak (8.4 times CY11 P/E or a 30% discount'' to Daibochi's 12 times target P/E),' it said.

21/09/2010  HLG Research: Accumulate Tomypak, 6-month PT of RM1.65


KUALA LUMPUR: HLG Research said'' Johor-based TOMYPAK HOLDINGS BHD []'s share price is ikely to stage a positive breakout after short term consolidation.

In its report issued on Tuesday, Sept 21, it recommended investors accumulate the shares with a six-month price target of RM1.65.

Tomypak is the 2nd largest flexible packaging materials (FPM) manufacturer company in Malaysia with a 25% market share, behind Daiboci's 30-35%.

The research house said the recent flexible packaging materials companies 2Q10 results such as Daibochi and Tomypak were not positive, recording net profit decline of 16% and 33% on-quarter respectively, mainly due to continued rise in raw material costs.

'However, this should not be a major concern as Daibochi's and Tomypak's MNC customers review their prices every quarter for changes in raw materials and forex,' it said.

On the technical price chart, HLG Research said'' after peaking at 52-week high of RM1.55 on July 28, Tomypak's share price formed a triangle consolidation. However, there are signs of impending breakout above the DTL, supported by MFI and MACD gaining strength.

Tomypak has found its temporary low at RM1.20 following share split and bonus issue and is still gyrating in an uptrend channel, indicating that the recovery trend is still intact.

'We expect Tomypak to breach the DTL resistance around RM1.42 (76.4% FR from the top of RM1.55 and low of RM1) after undergoing a brief consolidation amid toppish slow stochastics. Upon further breakout, upside resistance are situated around RM1.55-RM1.65 zone.

'We see this as a low-risk buy but always put a stop below RM1.20. Our 3-month technical target is RM1.65, implying a 7.1 times FY11 P/E (about 10% discounts to Daiboci),' it said.

What happen to daibochi? keeps dropping lately.