Company Overview and News
Still a buy: An Ann Joo Resources facility. UOB Kay Hian maintains its ‘buy’ rating on Ann Joo but has reduced its target price to RM3.60 from RM4.50 previously.
According to its group managing director Datuk Lim Hong Thye, higher steel demand in Malaysia would be driven mainly by the full rollout of several big infrastructure and property projects. Ann Joo Resources is Malaysia’s largest steel company(pic) by market capitalisation at RM1.67bil.
KUALA LUMPUR: Shares of steel companies on Bursa Malaysia traded higher in early trade Tuesday as metal prices became firmer.
PETALING JAYA: Steel miller Ann Joo Resources Bhd will raise nearly RM3.6mil from the conversion of redeemable convertible cumulative preference shares (RCPS) into ordinary shares.
Ready for shipping: A file picture showing steel coils produced at a steel mill in Indiana being prepared for shipping. Local steel stocks have fallen 18.3 after the US announced proposed tariffs on steel and aluminium imports. — AFP
Downtrend: Steel products being stored in an Ann Joo Resources facility. Since the beginning of March, Ann Joo Resources has seen its share price plunging by more than 12.6, Southern Steel Bhd falling almost 10, Hiap Teck Venture Bhd losing more than 12.6, Malaysia Steel Works (KL) Bhd dropping more than 26, CSC Steel Holdings Bhd slipping 8.6 and Choo Bee Metal Industries Bhd declining by more than 10.
Trade dampener: Soh says Trump’s action is uncalled for as high-end steel products for automotive, aeroplane and transportation industries are mostly imported.
KUALA LUMPUR: Shares in steel related companies continued to be under pressure on Monday on uncertainty over the effects of the implementation of tariffs on steel and aluminium imports by US President Donald Trump.
KUALA LUMPUR: Scientex Bhd , Vsolar Group Bhd , WTK Holdings Bhd , Ann Joo Resources Bhd and IOI Corp Bhd are among the stocks to watch on Monday, according to JF Apex Research.
Volatile market: A punter watching trading boards at a private stock market gallery in Kuala Lumpur. The FBM KLCI closed 24.23 points up yesterday after falling 40.62 points Tuesday. — AP
But this year, the once beleaguered sector saw a change in its fortune as China’s steel prices stabilised, driven by government initiatives to reduce its steel production capacity in a bid cut the steel glut and reduce pollution there.
A number of steel producers have reported strong earnings from higher steel prices, although some are still in the doldrums. The steel industry has been in a slump the last five years, beleaguered from the oversupply of steel products especially from China.
Steel companies in focus include Southern Steel Bhd, which gained six sen to close at RM2.43; Malaysia Steel Works (KL) Bhd, which firmed up five sen to RM1.61; and Ann Joo Resources Bhd(pic), which remained unchanged at RM3.68. Ann Joo, for example, saw its share price tripling over the past two years, said analysts.
KUALA LUMPUR : Shares of Ann Joo Resources Bhd hit a new all-time high of RM2.83 this morning as analysts foresee better earnings visibility for the company following last week's determination of safeguard duties for the import of bars and rods.
KUALA LUMPUR : Maybank IB Research has reiterated its 'buy' call on Ann Joo Resources Bhd following the determination of safeguard duties for the import of bars and rods at 11% to 14% on a declining rate over the next three years.
2018-05-21 - Asif
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2018-05-21 - Asif
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2018-05-21 - Asif
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