Given the success of recent bonus issues in fuelling a rally in share prices and the potential abolishment of ‘par value’ in the Malaysian capital market, we take a look at who else might be declaring bonus issues soon.
Based purely on the share premium to share capital ratio, where the higher the ratio the easier it is to issue bonus shares.
The table below are the list of higher potential bonus issuers among the top 75 companies by market capitalization.
| Name | Market Cap Rank | Market Cap (RM million) | Share Cap (RM million) | Share Premium (RM million) | Ratio – Share Premium / Share Cap |
|---|---|---|---|---|---|
| DIGI.COM BHD | 15 | 19,406.40 | 77.75 | 691.91 | 8.899 |
| MMC CORP BHD | 27 | 9,256.98 | 304.51 | 2,039.77 | 6.699 |
| IOI CORP BHD | 10 | 36,673.21 | 667.55 | 3,542.92 | 5.307 |
| AIRASIA BHD | 36 | 6,028.56 | 275.77 | 1,206.22 | 4.374 |
| PARKSON HOLDINGS | 35 | 6,408.56 | 1,036.41 | 3,593.55 | 3.467 |
| GENTING BHD | 9 | 38,124.32 | 370.5 | 1,115.00 | 3.009 |
| YTL POWER INTL | 18 | 16,824.92 | 1,071.79 | 2,942.67 | 2.746 |
| BOUSTEAD HLDGS | 43 | 4,907.65 | 455.7 | 1,163.60 | 2.553 |
| MALAYSIAN AIRLIN | 31 | 7,720.38 | 1,671.08 | 4,007.68 | 2.398 |
| SAPURACREST PETR | 55 | 3,038.60 | 255.34 | 505.34 | 1.979 |
| GENTING MALAYSIA | 12 | 20,981.61 | 590.5 | 1,106.00 | 1.873 |
| KULIM MALAYSIA | 56 | 3,011.43 | 159.34 | 272.18 | 1.708 |
| TOP GLOVE CORP * | 50 | 3,350.59 | 151.88 | 243.68 | 1.604 |
| CIMB GROUP HOLDI * | 2 | 59,898.60 | 3,531.77 | 5,586.75 | 1.582 |
| EON CAPITAL BHD | 45 | 4,852.46 | 693.21 | 1,066.30 | 1.538 |
| BERJAYA SPORTS | 38 | 5,620.28 | 135.1 | 207.43 | 1.535 |
| YTL CORP BHD | 21 | 14,443.53 | 950.11 | 1,292.35 | 1.36 |
| IJM CORP BHD | 32 | 7,106.15 | 1,327.22 | 1,776.55 | 1.339 |
| LAFARGE MALAYAN | 33 | 6,814.56 | 849.7 | 1,067.20 | 1.256 |
| TENAGA NASIONAL ** | 8 | 38,590.14 | 4,337.00 | 5,271.50 | 1.215 |
| RHB CAPITAL BHD | 19 | 16,151.06 | 2,153.48 | 2,352.09 | 1.092 |
| MISC BHD | 6 | 39,192.10 | 4,463.79 | 4,459.47 | 0.999 |
| UMW HLDG BHD | 30 | 7,764.46 | 559.66 | 542.05 | 0.969 |
| FRASER & NEAVE | 40 | 5,159.78 | 356.49 | 339.99 | 0.954 |
| WCT BHD | 68 | 2,494.18 | 388.86 | 369.26 | 0.95 |
| AFFIN HLDGS | 44 | 4,857.37 | 1,494.37 | 1,399.98 | 0.937 |
| KENCANA PETROL | 61 | 2,802.40 | 90.3 | 79.68 | 0.882 |
| UNITED PLANTATN | 52 | 3,267.71 | 208.13 | 181.92 | 0.874 |
| AMMB HLDG BHD | 17 | 17,813.83 | 3,014.19 | 2,537.37 | 0.842 |
| MALAYAN BANKING | 1 | 63,489.51 | 7,077.98 | 5,903.50 | 0.834 |
| MALAYSIA AIRPORT | 34 | 6,435.00 | 1,100.00 | 822.74 | 0.748 |
| MULTI-PURPOSE | 69 | 2,381.82 | 1,077.75 | 681.39 | 0.632 |
| KLCC PROPERTY | 54 | 3,073.10 | 934.07 | 562.32 | 0.602 |
| PETRONAS GAS BHD | 11 | 21,726.47 | 1,978.73 | 1,186.47 | 0.6 |
| IGB CORP BHD | 60 | 2,816.66 | 745.15 | 427.22 | 0.573 |
| LPI CAPITAL BHD * | 64 | 2,638.18 | 183.72 | 104.64 | 0.57 |
| PUBLIC BANK BHD | 4 | 44,360.99 | 3,531.93 | 1,439.89 | 0.408 |
| PLUS EXPRESSWAYS | 13 | 20,900.00 | 1,250.00 | 451.14 | 0.361 |
| HONG LEONG BANK | 20 | 14,710.80 | 1,580.11 | 539.66 | 0.342 |
| KNM GROUP BHD | 74 | 2,042.23 | 1,001.09 | 319.43 | 0.319 |
| BURSA MALAYSIA | 46 | 4,463.75 | 264.33 | 78.81 | 0.298 |
| SP SETIA BHD | 41 | 5,043.36 | 762.6 | 218.02 | 0.286 |
| TELEKOM MALAYSIA | 23 | 12,485.13 | 3,543.30 | 1,011.80 | 0.286 |
| MEDIA PRIMA BHD | 73 | 2,158.86 | 945.35 | 244.8 | 0.259 |
| AXIATA GROUP BER | 7 | 38,594.36 | 8,445.15 | 1,972.96 | 0.234 |
| BINTULU PORT HLD | 65 | 2,636.00 | 400 | 92.95 | 0.232 |
| ALLIANCE FIN | 42 | 5,031.34 | 1,548.11 | 304.29 | 0.197 |
| MALAYSIAN BULK | 58 | 2,970.00 | 250 | 48.79 | 0.195 |
| TITAN CHEMICALS | 48 | 3,978.63 | 1,752.70 | 324.67 | 0.185 |
| NESTLE (MALAY) | 25 | 10,191.37 | 234.5 | 33 | 0.141 |
| UEM LAND HLDG | 28 | 8,887.13 | 1,215.64 | 153.37 | 0.126 |
| HONG LEONG FINANCE | 26 | 9,580.19 | 1,052.77 | 117.23 | 0.111 |
| GENTING PLANTATI | 37 | 6,017.66 | 378.97 | 42.09 | 0.111 |
| KFC HLDGS * | 72 | 2,224.64 | 198.28 | 18.74 | 0.094 |
| MALAYSIAN RES CO | 59 | 2,893.41 | 907.63 | 79.91 | 0.088 |
| IJM LAND BHD | 57 | 2,980.39 | 1,103.27 | 57.97 | 0.053 |
| SIME DARBY | 3 | 51,561.20 | 3,004.70 | 100.6 | 0.033 |
| GAMUDA BHD | 29 | 7,805.60 | 2,009.26 | 31.99 | 0.016 |
| DRB]HICOM BHD | 70 | 2,358.55 | 1,719.60 | 20.7 | 0.012 |
| DIALOG GROUP BHD | 71 | 2,356.83 | 198.05 | 2.05 | 0.01 |
| MAXIS BHD | 5 | 39,975.00 | 7,500.00 | 61 | 0.008 |
| PPB GROUP BERHAD | 14 | 20,722.54 | 1,185.50 | 6.72 | 0.006 |
| ORIENTAL HOLDING * | 51 | 3,294.29 | 517 | 1.1 | 0.002 |
Note
* – Company has carried out a bonus issue within the last 6 months.
** – Company is in the midst of carrying out a bonus issue.
Source : OSK Research