Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-OSK raises fair value for Malaysia Building Society

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STOCKS NEWS MALAYSIA-OSK raises fair value for Malaysia Building Society Sep 7th 2012, 02:30 Thu Sep 6, 2012 10:30pm EDT OSK Investment Banking raised its fair value estimate for Malaysia Building Society Bhd shares to 3.02 ringgit from 2.70 ringgit as the financial services firm renews focus on driving fee-based income. "The growth drivers are expected to be bancassurance tie-ups with several insurance players, as well as the kick-start of a foreign currency transfer business under Western Union," it said in a research note on Friday. OSK maintained its "buy" call on the firm and added that the firm is also focused on maintaining the aggressive loans growth it showed in the past two quarters. "We believe MBSB will repeat the fund-raising exercises carried out in 2011," OSK said. At 1014 (0214 GMT) Malaysia Building Society was up 0.89 percent at 2.27 ringgit per share while the Malaysia's benchmark composite index was up 0.01 percent at 1618.18. (Reporting by Siva Sithraputhran in Kuala Lumpur; Siva.Sithraputhran.thomsonreuters.com) **************************************************************** 0949 KNM shares jump after planned Singapore IPO of German unit Shares in Malaysian oil and gas services provider KNM Group Bhd jumped as much as 7.5 percent after the firm announced a planned Singapore listing of its German industrial equipment unit Borsig. The stock rose as high as 0.71 ringgit per share as investors said the Singapore listing could help to improve transparency and the proceeds be used to cut debts and fund future expansion. But Affin Investment bank said KNM's valuation of Borsig at 1.8-1.9 billion Malaysian ringgit was highly ambitious and might be difficult to achieve. The investment bank said it was keeping its 'sell' call on KNM and maintaining a target price of 0.50 ringgit per share as the firm's core business is highly competitive and its financial position remains weak. As at end-June 2012, KNM has 176.6 million ringgit in cash versus 773.6 million ringgit of short-term debts and 263.5 million ringgit long term debts, company data showed. Link this Share this Digg this Email Reprints

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