Sept 11th - Stocks To Watch Symphony Life, YTL Power, Eastern & Oriental, Furniweb, Poh Huat, DGB Asia

by **Cals** Thu 11 Sep 2014, 08:31

Stocks To Watch Symphony Life, YTL Power, Eastern & Oriental, Furniweb, Poh Huat, DGB Asia

Business & Markets 2014

Written by Charlotte Chong of theedgemalaysia.com

Wednesday, 10 September 2014 21:22

KUALA LUMPUR (Sept 10): Based on news flow and corporate announcements today, the stocks that may be in focus tomorrow (Sept 11) could include the following: Symphony Life Bhd, YTL Power International Bhd, Eastern & Oriental Bhd, Furniweb Industrial Products Bhd, Poh Huat Resources Holdings Bhd and DGB Asia Bhd.

Symphony Life Bhd’s plan to develop an RM8 billion township in Sungai Long within Selangor’s Kajang district, is being held back by potential land acquisition by the Selangor government.

According to executive chairman Tan Sri Azman Yahya, the delay was due to the state government’s plan to acquire part of the land for the Langat 2 water treatment plan project and a proposed new highway.

The land is deemed a jewel for the mid-size developer, which has a market capitalisation of RM368.5 million at its current share price of RM1.20.

Meanwhile, the country’s earliest indepedent power producer YTL Power International Bhd could attract interests on a Energy Commission (EC)’s comment today, that the contingency plans to overcome the nation’s power supply shortage includes the extension of existing power purchase agreements (PPAs).

The Edge weekly had reported this Monday that a potential power capacity crunch in the country in the next couple of years, after Malakoff Corp Bhd faces hiccups in the completion of its 1,000 MW plant, has prompted the EC to consider renewing PPAs with existing power plants, to deflect any risks of power shortage. The PPAs for both YTL Power’s gas plants are set to expire next September.

On notable trades, the Employees Provident Fund (EPF) has emerged as a substantial shareholder of Eastern & Oriental Bhd, after buying an additional 2 million shares in the developer.

E&O told Bursa Malaysia in a filing today that the EPF bought the shares last Friday (Sept 05), however it did not disclose the price for the transaction. With the latest acquisition, EPF had raised its stake to 5.21% or 57.91 million shares in E&O.

Another notable shareholding changes happened at Furniweb Industrial Products Bhd, with PMC Global Services Sdn Bhd ceasing to be a substantial shareholder after disposing four million shares or 2.75% in the furniture webbing manufacturer.

According to Furniweb’s filing to Bursa Malaysia today, PMC had disposed of the shares last Thursday (Sept 04). Furniweb ended 0.6% lower at 85 sen today, with 129,000 shares done.

Poh Huat Resources Holdings Bhd saw its third quarter net profit ended July 31, more than double to RM3.88 million, from RM1.27 million previously. Meanwhile, cumulative nine-month net profit also more than doubled to RM12.75 million, from RM6.19 million previously.

ICT outfit DGB Asia Bhd has proposed a two-for-one renounceable rights issue of up to 355.16 million new shares, which is sweetened by up to 266.37 million free detachable warrants, on the basis of three warrants for every four rights shares subscribed.

DGB, which is engaged in the development and provision of software and engineering consultancy, expected to garner as much as RM35.52 million proceeds for its working capital in the proposed rights issue, with warrants. The group has been loss making in the past four financial years.

The counter closed 1 sen lower at 14.5 sen today, with market capitalisation of RM23.6 million.