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Notion VTECH 'outperform' ACTIS, a private equity firm, has proposed to acquire a 44.

4% stake in GHL Systems to become the single largest shareholder. Concurrently, Actis made a mandatory general offer for the remaining GHL Systems shares at an offer price of RM1. RHB Research said it saw this as an excellent opportunity for shareholders to monetise their investment and, hence, it advised investors to accept the offer. The offer price of RM1 implies a 15% discount over its five day volume weighted average price (VWAP) of RM1.18. RHB Research, however, said this was reasonable given that it was largely on par with its six month VWAP, and translated into an appealing 2018 and 2019 price to earnings ratio of 21.6 times and 19.5 times respectively. It said the offer price implied a decent premium of 8.7% over its previous target price of 92 sen. As such, RHB Research believed this as an excellent opportunity for investors to capitalise on, and hence advised shareholders to accept the offer. The research house upgraded the stock to with the target price revised to RM1 being the offer price. On its existing operations, RHB Research remained cautious on near term earnings visibility, as the current subpar retail climate in Malaysia could impede merchants of its transaction payment acquisition (TPA) model. On the regional front, while its Philippines operation is gradually gaining traction, the research house said that the intensified competition in Thailand remained a cause for concern. such, we see this as a golden opportunity for investors to lock in their profits, it added. KENANGA Research is on Notion Vtech proposed 10% placement, which will enlarge its share base up to 343.6 million. The global supplier of high quality and precision machined components plans to place out up to 31 million shares (on fully diluted basis stemming from full warrants and long term incentive plan (LTIP) options conversion) or minimum 26.8 million shares, representing around 10% of the issued and paid up share capital, to investors to be identified later. The proposed private placement may be implemented in one or more tranches within a period of six months from the date of the approval from Bursa Malaysia with the final issue price for each tranche to be determined separately in accordance with market based principles. Gross proceeds will be used for capacity expansion in precision manufacturing. Although there could be short term dilutive (of minimum 10% up to 28% assuming no earnings contribution from cash infusion; after accounting for full warrants conversion, full LTIP exercised and placement impact), Kenanga Research said it was on the exercise as it viewed the total cash infusion of minimum RM37mil to around RM77mil will be handy for the group to expand its business. Going forward, Kenanga Research believes the company has bright prospects. near term earning driver namely the louis vuitton purses outlet stack up orders of automotive EBS components from its new customer are intact. in, for automotive segment, the total volume growth could see a two year cumulative average growth rate of 30% with another 50 computer numerical control machines to be invested next year, said the research house. It maintained the rating with a fully diluted target price of RM1.58 from RM1.62. UOB reaffirmed that the potential floating production, storage and offloading (FPSO) contract termination was for the group. Management shared several key updates during a analyst briefing that included updates on FPSO John Agyekum Kufuor, termination risks for FPSO Knock Allan, potential louis vuitton shoes kuwait termination or renegotiation risks for FPSO Lam Son (JV in Vietnam), reasons for impairments and other strategies, which may involve discussions for a long term dividend policy. The information on FPSO Lam louis vuitton purses 2015 Son was new, however, UOB KayHian reaffirmed that potential contract termination was an overall to the group. As highlighted in earlier reports, there remains high contract termination risk from Canadian Natural Resources (CNR) for FPSO Knock Allan as the field production has been at a louis vuitton alma bag uk critical low volume for too long. FPSO Lam Son, we understand that the field encounters lower production volumes, especially in recent times. details were not disclosed, we note that this development could appear to be in tandem with PetroVietnam official guidance for lower first quarter of this year crude output, and further lower output towards late 2017, it added. UOB KayHian believed that in both cases of termination, the clients would have to incur full compensation of the remaining contract values to Yinson, although the timing was uncertain. The research house estimated the group outstanding average firm contract tenure was 5.

7 years as at end of March, based on five existing floating contracts in line with global peers average. Excluding FPSO Allan and FPSO Lam Son (both expiring in 2019 and 2021 respectively), the remaining contract tenure would improve to 7.5 years, driven by the 15 year long term contract from Ghana FPSO.

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