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Thursday, April 8, 2010

London Biscuits, Lityan, Notion, Naim

DJ London Biscuits Offers To Buy Out TPC Plus At MYR0.30/Share
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KUALA LUMPUR (Dow Jones)--London Biscuits Bhd. (7126.KU) said Thursday it plans to buy out the remaining shareholders in TPC Plus Bhd. (7176.KU) for 30 sen per share in cash.

London Biscuits said in a stock exchange filing that it is making the offer for the remaining 54.4 million shares, or 68%, of TPC it currently doesn't own, thus valuing the entire offer at MYR16.3 million.

It intends to keep the listing status of TPC after the exercise, it said.

DJ MARKET TALK: Maybank Rates Lityan At Accumulate On Charts
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0829 GMT [Dow Jones] STOCK CALL: Maybank Investment says Lityan Holdings (9075.KU) may rise to upside targets at MYR2.16, then MYR2.53 based on charts. House rates stock at Accumulate after it spiked above 19-day moving average in January with grossly oversold signals. "With the buy indicators like CCI, DMI, MACD, Stochastic and Oscillator, we are positive that Lityan will trend firmly higher," says technical analyst Lee Cheng Hooi. Tips stock to test resistance at MYR1.97, then MYR2.17 en route to targets. Stock last +2.6% at MYR1.94. On downside, support seen at MYR1.89, then MYR1.59; stop loss at MYR1.57


DJ MARKET TALK: CIMB Keeps Notion Vtec At Outperform, Ups Target
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0805 GMT [Dow Jones] STOCK CALL: CIMB Research keeps Notion Vtec (0083.KU) at Outperform given company's sustained margins, strong order flows and demand. "While 1Q10 (results expected to be released end-April) tends to be a seasonally slower quarter especially for the consumption of electronics and also because the Japanese customers tend to keep lower inventory since many of them have financial years ending in March, we understand that revenue for this particular quarter has held up pretty well and that it should be fairly comparable to that of 4Q," says analyst Terence Wong; adds bottomline should also mirror that of 4Q. "The demand outlook has held relatively firm owing to component shortage and that the hard disk drive segment has been a strong performer," says Wong. Thus ups FY10-12 earnings forecasts by 2%-4%. This raises house target price to MYR4.46 from MYR4.32 based on unchanged FY11 P/E of 9.3X, a 20% discount to peers given its smaller market cap and size. Stock last +0.3% at MYR3.29.


DJ MARKET TALK: AmResearch Keeps Naim At Buy, MYR4.60 Target
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0738 GMT [Dow Jones] STOCK CALL: AmResearch keeps Naim Holdings (5073.KU) at Buy, target unchanged at MYR4.60 (based on 25% discount to estimated sum-of-parts MYR6.14/share). Analyst Mak Hoy Ken says expects share of associate earnings from 36%-owned oil & gas service provider Dayang (5141.KU) to rise to MYR17 million-MYR24 million in FY10F-12F vs MYR15 million in FY08 as new contracts flow in. (Dayang Wednesday says clinched MYR400 million 5-year maintenance job from Sarawak Shell.) Mak says Naim will also be beneficiary from further Sarawak projects as state accelerates spending (as in its SCORE development zone) ahead of local elections due by May 2011. Forecasts record core net profit of MYR86 million for FY10F, rising to MYR98 million-MYR128 million in FY11F-12F. Stock last down 1.2% at MYR3.40. Valuations are undemanding at FY10F-11F P/Es of 8X-9X, at lower end of historical P/E band of 7X-13X, Mak adds

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