Monday, April 11, 2011

DRBHCOM - DRB-Hicom falls to seven-day low of RM2.30

Stock Name: DRBHCOM
Company Name: DRB-HICOM BHD
Research House: HWANGDBS

KUALA LUMPUR: Shares of DRB-Hicom fell to a seven-day low of RM2.30 in late afternoon on Monday, April 11, in line with the cautious market as investors took profit.

At 3.03pm, the FBM KLCI was down 11.71 points to 1,545.78. Turnover was 885.58 million shares valued at RM1.09 billion. Declining stocks hammered advancers 629 to 168 while 247 counters were unchanged.

DRB-Hicom fell 16 sen to RM2.30 the lowest since March 31. There were 14.59 million units done.

Its recent high was RM2.48 on April 6.'' Its net asset per share as at Dec 31, 2010 was RM2.54.

There are expectations that the successful bidder of Khazanah Nasional Bhd's 32% stake in POS MALAYSIA BHD [] would be announced at the Invest Malaysia conference on Tuesday-Wednesday.

Hwang DBS Vickers Research said DRHB-Hicom was expected to be among the front runners for the stake and it recently had a Buy with a Target Price of RM3.80.

The others seeking a stake in Pos Malaysia are Nationwide Express (Not Rated) and Amanah REIT-Malaysia Pacific Corp venture (Not Rated).

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