Malaysia Stocks: Kobay, Puncak, Priceworth, Tenaga, Telekom
Kobay Technology Bhd. (KOBAY MK), a maker of tooling parts, climbed 1.3 percent to 76 sen, its highest close since March 29. The company said it will buy a hotel building in the country’s northern state of Penang for 4.5 million ringgit ($1.5 million).
Puncak Niaga Holdings Bhd. (PNH MK), a water treatment operator, gained 4.1 percent to 2.52 ringgit, its steepest increase since Sept. 29, after Malaysia’s Selangor state government made a new offer for its water assets.
Priceworth Wood Products Bhd. (PWP MK), a timber company, advanced 0.8 percent to 60.5 sen, its highest close since Dec. 29, after saying it is in talks to manage concessions in Papua New Guinea and the Solomon Islands.
Tenaga Nasional Bhd. (TNB MK), Malaysia’s biggest power utility, slid 0.9 percent to 6.54 ringgit, its lowest close since May 26. The company was cut to “sell” from “buy” at Citigroup Inc., which cited the outlook for coal prices. The brokerage reduced its share-price estimate to 6.1 ringgit from 8.08 ringgit, according to a report by Yong Yin Ng.
Telekom Malaysia Bhd. (T MK), a fixed line phone operator and Internet services provider, climbed 4.8 percent to 3.73 ringgit, the most since Feb. 25, 2009, after AmResearch Sdn. said the company may announce a “dividend surprise” and investors should buy the stock as it has lagged behind its peers. Its fair value was raised to 4 ringgit from 3.90 ringgit, AmResearch said in a report today.
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