KUALA LUMPUR: Maxis Bhd will be the focus of investors' attention as it makes it debut again on Bursa Malaysia, minus it overseas operations, on Thursday, Nov 19.Investors will also focus on domestic news and corporate developments following the lacklustre closing on Wall Street overnight.
US stocks snapped three days of gains on Wednesday, Nov 18 following worrisome outlooks from two major software makers and a surprising drop in home CONSTRUCTION [] last month.
The Dow Jones industrial average 0.11% to 10,426.31, the Standard & Poor's 500 Index dipped 0.05% to finish at 1,109.80 while the Nasdaq Composite Index shed 0.48% to end at 2,193.14.
Stocks to watch on Thursday include RHB CAPITAL BHD [], AHMAD ZAKI RESOURCES BHD [] (AZRB) and Talam Corp Bhd.
On Maxis, Kenanga Investment Research accorded a fair value of RM5.50 for the shares. The research house said its discounted cashflow value of RM5.50 implied a FY10F multiple of 16.8 times and a yield of 4.7%.
"This is a slight premium to DiGi’s 16 times and yield of 6% which is deemed justified given Maxis’ leadership in the mobile space and profitability," it said.
The IPO raised RM11.2 billion, with the final selling price fixed at RM5 per share for institutions and RM4.75 for retail investors.
RHB Cap's net profit fell 6.6% to RM334.81 million in its 3Q ended Sept 30, 2009 (3QFY09) from RM358.34 million a year ago, partly due to higher allowance for losses on loans and financing, and other operating expenses.
AZRB secured a project from the Public Works Department worth RM309.37 million to build a complex along Jalan Sultan Salahuddin, Kuala Lumpur.
In Talam, Selangor Menteri Besar Tan Sri Khalid Ibrahim was quoted as saying the state government would go ahead to acquire the company's RM391.7 million debt which was owed to several of the state agencies.
YTL Corp Bhd is restructuring its two real estate investment trusts (REITs), repositioning its Malaysian-listed property trust as a pure global hospitality entity and turning its Singapore-listed REIT into a retail-centric concern.
Written by Joseph Chin
Posts
No comments:
Post a Comment