George Kent up 4% on Malaysia's RM9b LRT3 bid; MRCB falls

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hotstocks_2014_theedgemarkets

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KUALA LUMPUR (June 22): Malaysian Resources Corp Bhd (MRCB) fell while George Kent (M) Bhd rose after The Edge Financial Daily (Edge FD) reported today the consortium was among front runners for Malaysia's planned RM9 billion third light rail transit (LRT3) project.

At 12:30pm, MRCB (valuation: 1.4; fundamental: 1.3) dropped one sen or 0.8% to settle at RM1.22 with 403,800 shares changing hands.
 
George Kent (valuation: 1.8; fundamental: 1.4) rose five sen to its highest so far today at RM1.23. The stock saw 204,000 shares traded.

According to sources quoted by Edge FD, the MRCB-George Kent consortium was among seven bidders shortlisted by Prasarana Malaysia Bhd for the LRT3 project development partner contract. The 36km LRT3 will connect Bandar Utama and Klang in Selangor.

Other front runners for the LRT3 project include UEM Group Bhd, and a consortium comprising Naza TTDI Sdn Bhd and China’s CSR Zhuzhou Electric Locomotive Co Ltd.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations)