Reports » Malaysia

Malaysia stock market and companies daily report (March 20, 2013)

Contributed by Shares Investment

SIRDEC Appoints New CEO
The Securities Industry Dispute Resolution Centre (SIDREC) is pleased to announce the appointment of Sujatha Sekhar Naik as its new CEO, with effect from 18 March 2013. Sujatha was formerly a Deputy General Manager and the Head Of investor Affairs and Complaints of the Securities Commission Malaysia (SC). She was responsible for the development and implementation of SC’s investor education strategy and the management of complaints relating to market misconduct. Her previous work in the SC has included advisory and reform work in practice in both the General Counsel’s Office and the Corporate Finance and Investment Business Groups. Prior to joining SC in 2001, Sujatha gained experience both in practice and as in-house legal counsel. She obtained her degree in Law from the University of London and was called to the Bar of England and Wales in 1989 and re-qualified with Law Society of England and Wales as a Solicitor in 1990. She was also called to the Malaysian Bar in 1998.
Significance: SIDREC is a corporate body established under the Capital Markets and Service Act (Dispute Resolution) Regulation 2010 to act as a dispute resolution body for the capital market. SIDREC helps to mediate and adjudicate claims or disputes in any dealings or transaction involving capital market products or services.

Tebrau Teguh Shares Up On Ekovest And Other News
Tebrau Teguh soared 33 percent so far this month on its link to Iskandar Malaysia developments, and continues to charge ahead after two directors from Ekovest joined its board. Tebrau announced on Monday that Mohd Salleh Othman and Cho Joy Leong, both serving directors of Ekovest, have joined the company. The chairman of Tebrau and Ekovest is Tan Sri Lim Kang Hoo. The stock has been a favourite of retail investors in recent weeks, particularly after the news that its parent company, Iskandar Waterfront Holdings Sdn Bhd, will be heading for listing by June this year. A senior dealer added that the stock captures attention as it is seen as a cheap proxy to hot developments in Iskandar. Tebrau share price ended at RM1.27 with over 20 million shares transacted while Ekovest share price closed at RM2.50 yesterday.
Significance: A dealer said that with the participation of Ekovest, more developments are expected to emerge in Tebrau. In addition, investors of Ekovest may also be interested in Tebrau. Tebrau is expected to benefit from the Iskandar Malaysia development and also the proposed high-speed rail link between Kuala Lumpur and Singapore.

WCT Expects To Clinch RM1b Worth Of New Projects
WCT is expected to bag new projects worth at least RM1 billion in the medium term, said CIMB Equities Research. In a note yesterday, the research house said WCT’s recent win of a RM315 million Putrajaya building project come as a surprise, arising probably from a wider scope of works. “Though net profit contribution is minimal, this news supports our expectation of strong job award prospects in the medium term. This award does not affect our earnings per share as it is part of the RM1.5 billion to RM2 billion worth of new jobs we have assumed for FY13, of which we continue to believe is within reach,” said CIMB Research. Meanwhile, the brokerage believes other potential projects to be awarded include RM1 billion land civil works for the Rubber Research Institute of Malaysia (RRIM) land in Selangor. The research house also expects WCT’s new landbank in the Klang Valley and Penang to anchor the prospects for the group’s property division.
Significance: CIMB Research point out that WCT remains one of its top sector picks. The research house maintains a trading buy on WCT with target price of RM2.58, rather than outperform as a result of election risks. Additional land acquisitions and potential domestic wins backed by its RM3.5 billion tender book could be catalysts, it added.