Stocks In Focus MY : CARIMIN (5257), ECOWLD (8206), RHBCAP (1066)
Stocks In Focus MY (Carimin, Eco World Grp, RHB Capital) – 21/11/14
Carimin To Collaborate With Bermuda Subsea
Carimin Petroleum’s wholly-owned subsidiary, Carimin Engineering, has entered into a collaboration agreement (COA) with Bermuda Subsea, to pursue selective opportunities involving hook-up and commissioning (HUC), topside and subsea services.
The group said that the exclusive collaboration is a step forward towards achieving its vision to be an integrated service provider for maintenance and HUC of both onshore and offshore oil and gas works.
With a track record in providing HUC and maintenance services, the provision of subsea services through Bermuda Subsea is complementary to Carimin’s services and grants the group a keener competitive edge by delivering an integrated scope of services to oil majors.
Significance: Where possible, both companies will continue to collaborate in joint tender bidding activities; predominantly Bermuda Subsea will continue to support Carimin Engineering to complement the underwater services requirements and vice-versa. The COA takes effect from 19 November and will be valid for one year.
Eco World Sales Reach RM3b
Eco World Development Group has exceeded its sales target of RM2 billion, hitting RM3.2 billion in its financial year ended 30 September (FY14), largely boosted by projects launched under Eco World Development.
Group chief executive officer Datuk Chang Khim Wah said it has been a fantastic year for the group with all its launches well taken up. In particular, the project, EcoMajestic saw take up rates of 95 percent on the launch day and has gone on to launch several other phases with continued success.
The group plans to issue 806.8 million new shares to raise RM1.4 billion and a rights issue to raise RM788million to fund the acquisitions of the development rights to eight projects, with a combined gross development value of RM30billion as well as two units from Eco World Development.
Significance: In a separate report, CIMB Equities Research has Eco World Development Group as one of its top pick in the property sector, maintaining an ‘Add’ call on the group, with the restructuring exercise, better-than-expected new sales, and continual landbanking as key catalysts.
RHB Capital 3Q14 Earnings Fall 3%
For the third quarter ended 30 September, RHB Capital recorded a 2.6 percent fall in net profit to RM544.6 million, despite a 10.8 percent rise in total revenue to RM2.7 billion.
Bottom line was impacted by lower impairment write back on other assets, higher other operating expenses as well as impairment allowances for loans and financing.
For the nine-month period, total revenue and earnings jumped 7.3 percent and 17 percent to RM7.6 billion and RM1.6 billion respectively, on the back of an increase in conventional loans, higher fee income and insurance underwriting surplus.
Significance: Barring unforeseen circumstances, the group expects its performance in 2014 to be better than the previous year. It also noted that the Malaysian banking sector will continue its growth trend for the rest of the year, supported by broadly resilient private investments and the various economic programmes.
http://www.sharesinv.com/
Stocks In Focus MY (Carimin, Eco World Grp, RHB Capital) – 21/11/14
Carimin To Collaborate With Bermuda Subsea
Carimin Petroleum’s wholly-owned subsidiary, Carimin Engineering, has entered into a collaboration agreement (COA) with Bermuda Subsea, to pursue selective opportunities involving hook-up and commissioning (HUC), topside and subsea services.
The group said that the exclusive collaboration is a step forward towards achieving its vision to be an integrated service provider for maintenance and HUC of both onshore and offshore oil and gas works.
With a track record in providing HUC and maintenance services, the provision of subsea services through Bermuda Subsea is complementary to Carimin’s services and grants the group a keener competitive edge by delivering an integrated scope of services to oil majors.
Significance: Where possible, both companies will continue to collaborate in joint tender bidding activities; predominantly Bermuda Subsea will continue to support Carimin Engineering to complement the underwater services requirements and vice-versa. The COA takes effect from 19 November and will be valid for one year.
Eco World Sales Reach RM3b
Eco World Development Group has exceeded its sales target of RM2 billion, hitting RM3.2 billion in its financial year ended 30 September (FY14), largely boosted by projects launched under Eco World Development.
Group chief executive officer Datuk Chang Khim Wah said it has been a fantastic year for the group with all its launches well taken up. In particular, the project, EcoMajestic saw take up rates of 95 percent on the launch day and has gone on to launch several other phases with continued success.
The group plans to issue 806.8 million new shares to raise RM1.4 billion and a rights issue to raise RM788million to fund the acquisitions of the development rights to eight projects, with a combined gross development value of RM30billion as well as two units from Eco World Development.
Significance: In a separate report, CIMB Equities Research has Eco World Development Group as one of its top pick in the property sector, maintaining an ‘Add’ call on the group, with the restructuring exercise, better-than-expected new sales, and continual landbanking as key catalysts.
RHB Capital 3Q14 Earnings Fall 3%
For the third quarter ended 30 September, RHB Capital recorded a 2.6 percent fall in net profit to RM544.6 million, despite a 10.8 percent rise in total revenue to RM2.7 billion.
Bottom line was impacted by lower impairment write back on other assets, higher other operating expenses as well as impairment allowances for loans and financing.
For the nine-month period, total revenue and earnings jumped 7.3 percent and 17 percent to RM7.6 billion and RM1.6 billion respectively, on the back of an increase in conventional loans, higher fee income and insurance underwriting surplus.
Significance: Barring unforeseen circumstances, the group expects its performance in 2014 to be better than the previous year. It also noted that the Malaysian banking sector will continue its growth trend for the rest of the year, supported by broadly resilient private investments and the various economic programmes.
http://www.sharesinv.com/
