#Stocks to Watch* Alam Maritim, Minetech Resources, Tong Herr, Eversendai, UOA REIT and LBS Bina

KUALA LUMPUR (Jan 15): Stocks to watch on Jan 16 may include Alam Maritim Resources, Minetech Resources Bhd, Tong Herr Resources, Eversendai Corp Bhd, UOA REIT and LBS Bina.

Alam Maritim Resources Bhd announced that its 100% subsidiary, Alam Maritim Sdn Bhd, had received a letter of award from Petronas Carigali Sdn Bhd for the provision of six marine vessels for RM576 million.

The five-year contract runs from Jan 1, 2013 to end-2017. It is expected to contribute to the earnings and net assets of the company for the financial year ending December 2013 and beyond, Alam Maritim said.

Minetech Resources said it had secured RM34.97 million worth of bitumen enamel and primer supply contracts. The group’s subsidiary, Minetech Korea Petroleum Industrial Sdn Bhd, announced that it had entered into purchase contracts with PT Bredero Shaw Indonesia and Breero Shaw Malaysia Sdn Bhd, which will be completed by Aug 31 and Sept 30 respectively.

Tong Herr Resources Bhd announced that its units in Malaysia and Thailand had been notified by the European Commission that the latter would terminate the investigation on possible circumvention of anti-dumping measures on imports of some stainless steel fasteners and parts consigned from Malaysia and Thailand. The group said the termination of the anti-circumvention proceedings would have a positive effect on its sales to Europe.

Eversendai Corp announced that it had been been conditionally awarded a sub-contract, through its unit Eversendai Engineering LLC, to carry out structural steel works for the piers and gatehouses worth about RM325 million for the Abu Dhabi International Airport Midfield Terminal Building. The sub-contract is expected to contribute positively to the earnings of the group from FY2013 to FY2015.

UOA Real Estate Investment Trust (UOA REIT) said it posted more than fourfold jump in net profit to RM40.12 million for the fourth quarter of 2012, compared with RM9.64 million in the previous corresponding quarter. The main reason was the revaluation of its investment properties, which fetched a surplus value of RM32 million for the group.

LBS Bina may attract some interest following its announcement that its controlling shareholder, the Lim family headed by Datuk Lim Bok San, had acquired 150,000 company shares on Jan 15 and another 100,000 shares on Jan 10 on the open market.

Aeon Credit Service Bhd may come under pressure following the announcement that its substantial shareholder, Mitsubishi UFJ Financial Group Inc, had sold 32,000 shares on Jan 9.

Other quality stocks, which had rallied since mid-December due mainly to year-end window-dressing, may also be subject to profit-taking, as many view the market as being overbought.

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