Stocks to watch: Catcha Media, MRCB, Daiman, Sunway REIT

KUALA LUMPUR: Catcha Media Bhd, which bucked the weak market sentiment in recently, could see strong trading interest on Friday, Aug 12 after it announced a RM25 million reduction in its target.

Other companies with fresh corporate developments were MALAYSIAN RESOURCES CORP []oration Bhd (MRCB), cash-rich DAIMAN DEVELOPMENT BHD [], Sunway Real Estate Investment Trust (REIT) and KKB ENGINEERING BHD [].

Investors would likely view Catcha Media’s announcement negatively after it said late Thursday its forecasts for outstanding commercial targets of the online media business from 2011 to 2014 in its prospectus would be reduced by about RM25 million.

Catcha Media said this followed amendments to the strategic alliances made on Wednesday between the company, its subsidiaries, its holding company Catcha Group Singapore and Microsoft.

On a brighter note, MRCB said it was on track to achieve revenue of RM1.3 billion for the year after its turnover for the six months ended June 30, 2011 rose to RM456.34 million from RM363.55 a year earlier. For the six months ended June 30, MRCB’s net profit rose to RM40.63 million from RM22.09 million.

Its net profit for the second quarter ended June 30, 2011 jumped 55.5% to RM19.03 million from RM12.24 million a year earlier. Revenue for the quarter rose to RM234.84 million from RM173.87 million.

Sunway REIT recorded net income of RM154.05 million in the fourth quarter ended June 30, 2011, mainly arising from fair value gain on portfolio of assets.

Of the RM154.05 million, of which RM41.07 million was realised and the remaining RM112.98 million unrealised. In the previous corresponding period, the realised net income was RM44.13 million.

Daiman Development Bhd has succeeded in its bid to buy the Menara Landmark in Johor for RM55 million. It said on Thursday, Aug 11 its unit Daiman PROPERTIES [] Sdn Bhd had put in the bid to acquire the property in a public auction at a reserve price of RM55 million.\\

The acquisition would be financed from its own funds. As at March 31, 2011, it had RM105.90 million in cash and retained earnings of RM625.81 million.

KKB Engineering Bhd’s subsidiary Harum Bidang Sdn. Bhd has secured a project from Kumpulan Bina Emas Sdn Bhd for a rural water supply project. The contract was to supply water pipes and pipe fittings.

It said the duration of the supply contract was about nine months, starting from the fourth quarter of 2011 and the contract sum was RM19.4 million.

ASTRAL SUPREME BHD []’s additional 39.85 million new shares issued under its corporate exercise involving a rights issue with warrants, will be listed and quoted on Friday, Aug 12.

It said 39.85 million warrants issued pursuant to the rights shares and 120 million 10-year 3% irredeemable convertible unsecured loan stocks would be listed also.