This article first appeared in Capital, The Edge Malaysia Weekly, on November 30 - December 6, 2015.

Notable filings

Between Nov 16 and 20, notable shareholding changes in Bursa Malaysia-listed companies included that in Ideal Sun City Holdings Bhd (fundamental: 3; valuation: 0).

Success Tower Sdn Bhd bought 49.05 million shares or a 26.4% stake in the company on Nov 13, bringing its direct stake to 31.27%. Companies Commission Malaysia data shows Success Tower, newly incorporated in August, is jointly controlled by its directors Teow Ee Meng and Koh Soo Teng, and Hong Kong-based companies Vantage Corporate Services Ltd and Summit Consulting Ltd.

On the same day, Ideal Sun City Sdn Bhd, the Penang-based private vehicle of Datuk Ooi Kee Liang and Datin Phor Li Wei, ceased to be a substantial shareholder of Ideal Sun City after selling 41.39 million shares or a 22.3% stake. At press time, Ooi remained as the group’s executive chairman but Phor has resigned as executive director due to personal reasons. Ideal Sun City closed at 40.5 sen on Nov 13 and was highlighted as a stock with momentum by The Edge Research on Nov 18.

Meanwhile, BPH Capital Sdn Bhd divested 15.78 million shares or a 1.94% stake in Destini Bhd (fundamental: 1.40; valuation: 1.10) on Nov 11, cutting its direct stake to 29.57%. BPH Capital is co-owned by Destini group managing director Datuk Rozabil Abdul Rahman and Roslan Abdul Ghani. The transaction price was not revealed, but Destini was named by The Edge Research as a stock with momentum on Nov 4. Aroma Teraju Sdn Bhd, a unit of the Ministry of Finance, emerged as Destini’s substantial shareholder on Aug 28 after buying a 24.75% stake.

On Nov 12, Olive Park Development Sdn Bhd — owned by its directors Yap Yun Fui and Lee Sooi Kuan — bought 2.1 million shares in Halex Holdings Bhd (fundamental: 1.55; valuation: 1.10), raising its stake by 2% to 13.74%. According to theedgemarkets.com, the likelihood of a corporate exercise is high.

On Nov 19, Halex received a contract to supply rice worth an estimated RM184 million under the government’s food bank project. Under the two-year contract, it will buy 80,000 tonnes of white rice annually from Thailand, Cambodia, Vietnam and Myanmar and package it for the Federal Land Development Authority (Felda).

Tan Sri Vincent Tan Chee Yioun’s Berjaya Group Bhd sold five million shares or a 3.07% stake in Magni-Tech Industries Bhd (fundamental: 2.80; valuation: 2.10) on Nov 13 but remains the largest shareholder with a 20.17% stake. The apparel maker, whose share price has increased 118% year to date to settle at RM3.91 last Thursday, is highly likely to hold a corporate exercise, according to theedgemarkets.com. 

Notable movements

Apparel maker and retailer Yen Global Bhd (fundamental: 0.35; valuation: 0.30) saw its share price skyrocket 132% in less than three months, up from a 52-week low of 19 sen on Sept 2. Year to date, the stock has risen 69% to close at 44 sen last Thursday. The counter was picked by The Edge Research as a stock with momentum on Nov 18 when it hit a 52-week high of 46 sen.

The strong share price performance presented a profit-taking opportunity for Extreme Lifestyle (M) Sdn Bhd, which pared one-fourth of its stake from 32%. Extreme Lifestyle, co-owned by Yen Global managing director Goh Kok Heng and executive chairman Goh Kok Beng, sold 10 million shares or a 8% stake off market on Nov 17. 

Shares of MyEG Services Bhd (fundamental: 2.30; valuation: 1.10), which provides electronic government services, have risen 65% year to date, closing at RM3.49 last Thursday. Some of its major shareholders may have chosen to lock in some gains. From Nov 11 to 17, Bermuda-incorporated Utilico Emerging Markets Ltd and Kumpulan Wang Persaraan (Diperbadankan) sold 3.4 million shares (0.28% stake) and 1.39 million shares (0.11% stake) respectively. After the disposals, Utilico held 5.07% while KWAP held 6.27%.

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. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

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