Bloomberg News

Malaysia Stocks: AirAsia, CIMB, Sindora, SP Setia, Sapura, UEM

September 29, 2011

Sept. 29 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. close in Kuala Lumpur.

Malaysia’s FTSE Bursa Malaysia KLCI Index rose for a third day, gaining 15.91 points, or 1.2 percent, to 1,387.46, the highest close in a week.

AirAsia Bhd. (AIRA MK) advanced 2.7 percent to 3.05 ringgit, the highest since Sept. 21. AirAsia X Sdn., its long- haul affiliate, said it may add at least 60 more aircraft to support possible hubs in Japan and Australia.

CIMB Group Holdings Bhd. (CIMB MK), Malaysia’s second- biggest bank, dropped 1.9 percent to 6.88 ringgit. The stock was cut to “underperform” from “market perform” at RHB Capital Bhd., which cited “rising earnings risks” posed by the global economic slowdown as it downgraded the industry to “underweight” from “neutral.”

HELP International Corp. (HELP MK), a provider of higher education, sank 8.6 percent to 1.71 ringgit, the lowest level since June 17, 2010, after fiscal third-quarter profit dropped 92 percent to 245,000 ringgit.

Sindora Bhd. (SDRA MK) rose 2.3 percent to 3.09 ringgit, the highest close since July 1997. Kulim Malaysia Bhd. (KUL MK) said it has raised its buyout offer for Sindora, an oil and gas shipping company, to 3.10 ringgit a share from 3 ringgit, according to a stock-exchange filing. Kulim slid 0.6 percent to 3.36 ringgit.

SP Setia Bhd. (SPSB MK), Malaysia’s biggest listed developer by sales, surged 11 percent to 3.87 ringgit, its highest close since Aug. 5. Permodalan Nasional Bhd., or PNB, offered 3.90 ringgit a share for the rest of the company it doesn’t already own, Maybank Investment Bank Bhd. said in a statement. Maybank is advising PNB on the transaction.

Sapura Industrial Bhd. (SAPU MK), an auto components maker, jumped 10 percent to 1.16 ringgit, the most since April 1. Profit in the second quarter ended July 31 rose 12 percent to 7.2 million ringgit, the company said in an exchange filing.

UEM Land Holdings Bhd. (ULHB MK), a property developer, surged 8.4 percent to 1.81 ringgit, the biggest increase since Jan. 6. UEM Land was rated a new “trading buy” at CIMB Group Holdings Bhd., which said the company is “attractive” for its improving earnings outlook. CIMB’s share-price estimate for UEM Land is 2.57 ringgit, Terence Wong, an analyst at CIMB, wrote in a report today.

--Editor: Matthew Oakley

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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