FBMKLCI: 1496.49 

New stock listing

No.  Stock  Code    Stock Name     Reference Price      Lower Limit     Upper Limit

1.    5183                PCHEM           5.200                         3.640               26.000

AirAsia Bhd posted a record net profit of RM327.29 million in 3QFY10 ended Sept 30, up 140% from RM136.26 million the previous corresponding quarter as it flew more passengers. 

Genting Bhd's 3QFY10 ended Sept 30 net profit grew 3.62% to RM765.92 million from RM739.17 million in the previous quarter with a deceleration of contribution from its Singapore and Malaysia leisure and hospitality operations.

JohorCorp (JCorp), the ultimate major shareholder of QSR Brands Bhd, has poured cold water on Tan Sri Halim Saad's bid for Malaysia's biggest fast food group on the same day that a much higher offer was made. Earlier yesterday, US private equity group Carlyle Group offered RM6.70 a share for QSR, its parent Kulim (M) Bhd told Bursa Malaysia. But JCorp's evening announcement provided a late twist to the tale and raised more questions as it did not comment on Carlyle's bid

DRB-HICOM Bhd  said net profit for the second quarter to September 30 grew 185.5 per cent to RM155 million, from RM54.3 million in the same period last year. Consequently, net profit for the six months was at RM355.2 million against RM114.8 million in the first half of last year.

The government is expected to award the jobs for the long-awaited light rail transit (LRT) extension project soon, and successful bidders have been short listed. Sources said. According to a source familiar with the matter, parties that had lobbied for the LRT extension jobs for the Ampang and Kelana Jaya lines include UEM Group, IJM Corp, Bina Puri and TRC Synergies. The contracts to be awarded will be building of LRT stations, laying groundwork and alignment before constructing the railway. The total extension length of the Kelana Jaya line is 17km and for the Ampang line 17.7km. Both extensions will see an additional 13 stations.

Construction work on the Penang Sentral Integrated Transport Hub in Butterworth is expected to begin next month, according to developer Malaysian Resources Corp (MRCB). MRCB executive director, Datuk Ahmad Zaki Zahid, said the company has solved all the land issues and the project could proceed as usual. "The first phase of the project is expected to be completed before 2013," he told a media briefing yesterday The hub, a component project of the Northern Corridor Economic Region, would be undertaken by a joint-venture between MRCB and Pelaburan Hartanah Bumiputra .  It was earlier reported that the first phase would be delayed due to some land issues.  Ahmad Zaki said the actual cost of the project was expected to increase to RM2.7bn

MAS posted operating profit of RM122.7 million for the third quarter ended Sept 30 (3Q2010) compared with an operating loss of RM77.4 million a year ago, which lifted the nine-month financial period solidly into the black. For the 3Q2010, the significant improvement was mainly due to higher operating revenue and improvement in its yield.

PROTON saw its earnings decline 19.6% to RM65.92 million in the second quarter ended Sept 30, 2010 from RM82.06 million a year ago, due to  one-off provision for stock obsolescence and branding cost. It said on Thursday, Nov 25 revenue was 6.6% higher at RM2.24 billion compared with RM2.10 billion. Earnings per share were 12 sen compared with 14.9 sen. Its net asset per share was RM9.83. Group profit before tax was RM81.26 million, a decline of 19% from RM100.65 million a year ago.

YTL Corp Bhd reported a 34.3% increase in its earnings at RM278.9 million for the first quarter ended Sept 30 from RM207.5 million a year ago, boosted by the strong performance in its major operating companies.

 

FBMKCLI: 1488.54 DJ+150.91 CRUDE OIL 83.97 RM 3.103

Stocks ended Wednesday on a positive note after a batch of economic reports offered hope that the U.S. economy was improving. Incomes rose last month and consumer spending climbed for a fifth month. That raised hopes that shoppers will hit the malls in droves the day after Thanksgiving, the start of the holiday shopping season.

Masteel, the country's third largest steel bar maker by market share, may see revenue hitting the RM1 billion mark this year on the back of robust demand for steel billets and bars as well as firm selling prices, said its managing director cum CEO Datuk Sri Tai Hean Leng.

MISC Bhd posted a jump in net profit to RM369.4mil for the second quarter ended Sept 30, 2010 against RM82mil a year ago due to improved performance in the restructured liner business and increased profitability in the heavy engineering business.

MMC Corp Bhd’s net profit for the third quarter ended Sept 30 surged 32% to RM117.8mil from RM88.7mil a year ago due to better performance from some divisions.

Axiata Group Bhd posted a 27% increase in net profit to RM639.13mil for the third quarter ended Sept 30, 2010 from RM503.66mil a year ago, driven by positive net profit contribution from Dialog Axiata Plc and Robi Axiata Ltd.

Sunway Holdings and SunCity will be merged under a proposed exercise undertaken by Sunway Sdn Bhd, which is controlled by Tan Sri Jeffrey Cheah Fook Ling. This would involve  RM4.5 billion in cash and share swap. The exercise entails Newco offering RM2.60 per Sunway share, RM1.50 per Sunway warrant and RM5.10 per SunCity share and RM1.29 per SunCity warrant.  

Naim Holdings’ earnings jumped 72% to RM36.94 million in the quarter ended Sept 30, 2010 from RM21.39 million a year ago mainly due to higher sales of PROPERTIES and substantial completion of certain CONSTRUCTION projects.

KNM Group Bhd saw its third quarter bottomline improve by 75% to RM56.09 million from RM31.92 million a year ago. Pre-tax profit was RM41.03 million while there was also tax incentive of RM19.54 million.

Bina Puri Holdings is teaming up with a Chinese association to develop a two acre site in Jalan Pasar, which guarantees investment return of RM40.6 million in 14 years.

Bina Puri will be investing RM16.0 million which is the estimated construction cost.

PLUS Expressways Bhd’s net profit for the third quarter ended Sept 30 rose 12% to RM349.7mil from RM311.6mil a year ago. The increase was primarily due to higher toll revenue mitigated by higher finance costs as well as amortisation and depreciation charges.

FBMKLCI 1487.53 DJ -142.21 CRUDE OIL: 81.23 RM: 3.081

Stocks fell Tuesday as a flare-up of tensions between North and South Korea combined with downbeat news on the economy gave investors plenty of reasons to sell ahead of the Thanksgiving holiday. The dollar and gold rose as investors sought safe places to park money. 

  

MRCB and IJM Land Bhd yesterday announced their proposed merger exercise, which will create the country's second largest property player after the enlarged UEM Land Holdings Bhd, with a market capitalisation exceeding RM7 billion and a land bank of over 9,000 acres. 

Market observers are speculating that a “marriage” of sorts is on the cards for SunCity and Sunway Holdings Bhd, after both companies had their shares suspended from trading for two days from yesterday, pending a material announcement on a corporate exercise. 

Gadang Holdings Bhd is bidding for several engineering and construction projects totalling more than RM2 billion and the company anticipates stronger earnings for the financial year 2011 ended May 31.

LionInd’ 1QFY11 net loss of RM18.8m. The poor results were mainly attributed to the arrival of expensive feed material, namely iron ore and scrap metal, which were mismatched with weakening selling prices.

Parkson Holdings announced that it is selling its 100% equity interest in Shantou Parkson to its 51.5% owned subsidiary - Parkson Retail (PRG).

Msports 9MFY10 earnings of RM49.2m. Production volume increased by 34% to 23.4m in 9MFY10 while average selling price improved by 4.4% to RMB18.9 per pair, mainly driven by the higher demand for EVA MD products.

MPHB posted net profit of RM86.49 million in the third quarter ended Sept 30, up 70% from RM50.73 million a year, boosted by its gaming and stockbroking operations. Revenue was 4.6% higher at RM850.7 million compared with RM813.24 million a year ago.

MUDAJAYA GROUP BHD net profit rose 31.8% to RM46.55 million for the third quarter ended Sept 30, 2010 from RM35.32 million a year ago, mainly due increased level of activities.

South Korea scrambled fighter jets to North Korea

By Bomi Lim
    Nov. 23 (Bloomberg) -- South Korea scrambled fighter jets and returned fire after North Korea lobbed dozens of shells into its territory, injuring four soldiers, Yonhap News reported.
    A South Korean Defense Ministry official, who declined to be identified, confirmed the shelling, without giving any further details. The military has been put on high alert and will “respond strongly” to further provocation, he said.
    Tensions with nuclear-armed North Korea have risen this year following the sinking of a South Korean warship in March that the U.S. and its allies blamed on a torpedo attack. President Barack Obama dispatched his envoy on the country, Stephen Bosworth, to Asian capitals this week after reports by a U.S. scientist that North Korea had revealed to him a “stunning” new uranium-enrichment plant.
    The yen and Korean won weakened against the dollar, U.S. stock futures fell and Treasury futures rose as investors sought safe-haven investments following the report.
    South Korean President Lee Myoung Bak called an emergency meeting, his office said.

   The visit by to the nuclear plant this month by Stanford University professor Siegfried S. Hecker showcased technological advances that highlight the failure of sanctions to force Kim Jong Il’s regime back to disarmament talks.
    “The control room was astonishingly modern,” Stanford University professor Siegfried S. Hecker wrote in his Nov. 20 report of the visit eight days earlier to the main reactor site at Yongbyon. “We saw a modern, clean centrifuge plant of more than a thousand centrifuges,” he said, a reference to the high- speed spinning devices that enrich uranium.

FBMKLCI 1503.20 DJ -24.97 CRUDE OIL 81.75 RM 3.078

Key Asian markets including Bursa Malaysia are expected to start on a softer note on Tuesday, Nov 23, weighed down by the weaker overnight close on Wall Street due to the debt crisis in Europe and the FBI’s probe into insider trading.
Reuters reported risk aversion kicked in as stocks followed the euro's fall against the U.S. dollar after turmoil in Ireland's fragile coalition government overshadowed an agreed-on bailout of the country. Investors fear the crisis will spread throughout Europe, raising the spectre of losses by exposed U.S. banks.

PPB Group Bhd saw its 3QFY10 ended Sept 30 net profit plunge 51.6% year-on-year, or RM307.1 million, to RM288 million due to weaker contributions from 18.35%-owned associate Wilmar International Ltd.

The jury is still out on the preliminary offer made by Tan Sri Halim Saad to acquire the entire business and undertakings of QSR Brands Bhd, with analysts saying details are still too scant to judge whether the offer is fair. 

MRCB-IJM Land suspended, they are to announce potential corporate exercise today. Another GLC-private sector property merger appears to be on the cards, this time between Malaysian Resources Corporation Bhd (MRCB) and IJM Land Bhd, as has been speculated since last week. 

FTSE Group and Bursa Malaysia Bhd announced yesterday that Petronas Chemicals Group Bhd would replace Berjaya Sports Toto Bhd (BToto) in the FTSE Bursa Malaysia KL Composite Index (FBM KLCI).

Javace Sdn Bhd has extended the takeover offer for UBG Bhd shares to 5pm on Dec 17 from 5pm tomorrow, UBG Bhd told Bursa Malaysia yesterday.

Salcon Bhd has proposed to sell a 40% stake in its wholly-owned subsidiary Salcon Asia to Challenger Emerging Market Infrastructure Fund Pte Ltd (EMIF) for 238 million renminbi or RM112.26mil cash.


CIMB Group Holdings Bhd posted a 26% increase in net profit to RM916mil in the third quarter ended Sept 30 versus RM726.8mil in the same period a year ago. 

BHIC posted a slightly higher net profit of RM26.9mil for the third quarter ended Sept 30 versus RM24.75mil a year ago.

FBMKLCI: 1506.05 DJ +22.32 CRUDE OIL: 82.35 RM: 3.087

Dr M cautious about hot money, rising KLCI
Tun Dr Mahathir Mohamad has expressed caution over the rapid increases in the FBM Kuala Lumpur Composite Index and the entry of "hot" foreign money into the equities. He said just as increases in investments push up share prices and the KLCI, rapid or massive divestments will push down the share prices and index.

Zelan sinks deeper into red
Zelan Bhd sank deeper into the red with losses of RM35.1 million, surpassing its revenue of RM30.70 million in the second quarter ended Sept 30, 2010 following cost overruns at its overseas projects.

Tan Chong 3Q net profit up 43% to RM49.34m
Tan Chong Motor Holdings Bhd recorded a 43.3% increase in net profit of RM49.34 million for the third quarter ended Sept 30, 2010 from RM34.43 million a year ago but it was more cautious in the remaining part of the year.

MRCB said it is currently considering various corporate proposals, responding to a Business Times report the property developer may merge with IJM Land Bhd.Further announcements will be made in due course, the company said in a statement to the Kuala Lumpur stock exchange on Nov. 19. The company didn’t elaborate.
 

Kimlun  posted net profit RM8.39 million for the third quarter ended Sept 30, 2010 on the back of revenue RM119.41 million mainly due to a higher contribution from the CONSTRUCTION segment.

QSR reported net profit of RM26.20 million in the second quarter ended June 30.  It has cash and cash equivalent of RM121 million while receivables and deposits are RM173.86 million. QSR is a subsidiary of Kulim.

Sinotop posted net loss RM6.46 million in the third quarter ended Sept 30, 2010 mainly due to impairments and unrealised loss on foreign exchange.