NST Online Business Times : latest
NST Online Business Times : latest |
| Amesecurities keeps 'buy' call on DRB-HICOM Posted: 19 Jan 2014 06:36 PM PST KUALA LUMPUR: Amesecurities maintains 'buy' call on DRB-HICOM Bhd, with a fair value of RM3.65 per share, a 15 per cent discount to its SOP value of RM4.31 per share. DRB-HICOM appears poised to experience its next phase of growth, judging from recent newsflow on the group. Its subsidiary Proton is preparing to join the fray in the production of, and compete in, energy-efficient vehicles – a key focus of the NAP, which is scheduled to be unveiled today. "We are of the view that this will ensure that Proton does not lose out on the incentives under NAP, while bracing itself for further liberalisation of the industry and an accompanying gradual decline in retail prices pursuant to the NAP." "As we have noted, it is expected to benefit from a proposal under the NAP that passenger vehicles undergo inspections as well. The policy will initially make it a voluntary exercise." As has been anticipated, Deftech will start recognising earnings this year from its RM7.55 billion 8x8 wheeled Armoured-Vehicle (AV8) project. The project involves the design, development and manufacture of 257 AV8s, with production peaking in 2016 and 2017. The first AV8s will be rolled out by the middle of this year. DRB-HICOM intends to make its newly acquired unit Konsortium Logistik Bhd (KLB) the number one logistics provider in the country. The takeover of KLB is scheduled to be completed by the current quarter. It has also been reported that the group has yet to finalise the proposed disposal of a 30 per cent stake – out of its 70 per cent stake in Bank Muamalat Malaysia Bhd. It is looking at a few opportunities for a strategic partnership to increase the bank's penetration into Islamic finance. |
| Hold Puncak Niaga shares: AmeSecurities Posted: 19 Jan 2014 06:54 PM PST KUALA Lumpur: AmeSecurities maintains 'Hold' call on Puncak Niaga Holdings Bhd with a fair value of RM3.40 per share, as it awaits a new offer from the Federal government in the water restructuring saga. Last Thursday, the group announced the 2014 work scope for Package B of the Pan Malaysia offshore transportation and installation (T&I) job that it had won last December. The 2014 work scope for its wholly-owned unit, GOM Resources, comprises the installation of 282 km pipeline from onshore Kerteh, Terengganu towards the border of Malaysia/Thailand Joint Development Area, installation of pipeline tie-in skid and subsea spools, pipeline pre-commissioning, and pipeline post lay trenching and associates services. The 12-month work scope begins in Jan, and is part of the three-year T&I job with an option to extend for another year. "Management intends to purchase another derrick lay barge with the RM165 million raised from a recent convertible sukuk issuance. Management will fund the acquisition via a mix of equity and borrowings." |
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