Dec 18th - Stocks To Watch Genting, Ibraco, Top Glove, Scientex, KLCI-linked companies

Stocks To Watch Genting, Ibraco, Top Glove, Scientex, KLCI-linked companies
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 17 December 2013 22:07

KUALA LUMPUR (Dec 17): Based on Bursa Malaysia announcements and news flow today, stocks to watch tomorrow (December 18) may include the following companies :

Genting Malaysia Bhd has launched its RM5 billion Genting Integrated Tourism Plan (GITP) to redevelop the hotel and casino operator's Resorts World Genting (RWG).

Genting Malaysia chairman and chief executive Tan Sri Lim Kok Thay said at GITP's launch today that the scheme is a ten-year master plan for development, expansion, enhancement and refurbishment of hotels, theme park and infrastructure at RWG.

Lim said : "We are confident that the GITP will be a major contributor towards helping the ECER (East Coast Economic Corridor) fulfill its target of attracting investments of RM110 billion and creating 560,000 jobs within the East Coast."

Ibraco Bhd said the property developer has approved a single-tier interim dividend of 10 sen a share. The payout is for financial year ending December 31, 2013.

Top Glove Corp Bhd, and packaging product manufacturer Scientex Bhd may attract market interest after both firm's reported their quarterly financials.

Top Glove reported a 13% decline in first quarter net profit from a year earlier as revenue fell. Top and bottom lines had fallen amid lower average selling prices for gloves despite higher sales volume.

Net profit declined to RM50.28 million in the first quarter ended November 30, 2013 from RM57.49 million. Revenue was lower at RM573.99 million versus RM584.58 million.

Scientex Bhd said net profit rose 18% to RM29.34 million in the first quarter ended October 31, 2013 (1QFY14) from RM24.88 million a year earlier. Revenue climbed to RM364.81 million from RM241.62 million.

The firm which also develops properties, has earmarked a capital expenditure (capex) of RM120 million in FY14.

Managing director Lim Peng Jin told reporters after Scientex's shareholders meeting today that the capex will finance the company's manufacturing and property operations.

FBM KLCI-linked stocks with high foreign shareholding will be closely watched. This comes amid the US Federal Reserve's meeting today and tomorrow (December 17 and 18).

The meeting is closely watched in anticipation that US policy makers may opt to start reducing the world's largest economy's quantitative easing measures this month or postpone the move till the first quarter of next year.