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Malaysia Stocks: Bursa Malaysia, Hap Seng, Maxwell, UEM Land

By Chan Tien Hin

Jan. 6 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose for a fourth day, adding 2.20, or 0.1 percent, to 1,568.37 at the 5 p.m. close in Kuala Lumpur, extending its gain to a record.

Bursa Malaysia Bhd. (BURSA MK), the country’s stock exchange operator, climbed 2 percent to 8.34 ringgit, its highest close since Nov. 19. Investors should buy shares of Bursa, which is a “key beneficiary” to rising trading volumes, Yvonne Voon and Danny Goh, analysts at Credit Suisse Group AG said in a report today. The brokerage kept its “outperform” rating on the stock and share-price estimate of 9.40 ringgit.

Hap Seng Consolidated Bhd. (HAP MK), a plantation and property group, added 3.2 percent to 7.36 ringgit, a record close. The company’s board has approved a dividend policy to distribute as much as 50 percent of profits to shareholders annually, it said in a statement. It’s also considering implementing a bonus share issue for shareholders, Hap Seng said in a separate statement.

Maxwell International Holdings Bhd. (MAXWLL MK), a China-based sports-shoe maker, rose 4.6 percent to 56.5 sen on its trading debut on the Kuala Lumpur stock exchange. The company sold shares at 54 sen apiece, according to its prospectus.

Petronas Chemicals Group Bhd. (PCHEM MK), a unit of Malaysia’s state oil and gas company, advanced 2.1 percent to 5.92 ringgit, extending its gain to the highest level since its listing debut on Nov. 26. The company was rated new “buy” at Deutsche Bank AG, which has a share price estimate of 6.33 ringgit. The company’s earnings are likely to rise after a two-year decline, bolstered by higher product prices and volumes, Deutsche said in a report today.

UEM Land Holdings Bhd. (ULHB MK) jumped 14 percent to 2.90 ringgit, a record close. The property developer which made a takeover offer for rival Sunrise Bhd., is an “emerging blue chip” proxy for improving Singapore-Malaysia ties, Credit Suisse said in a report today. Investors are expected to make UEM Land a “core holding,” Stephen Hagger, an analyst at Credit Suisse, said in a report today.

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