FBMKLCI 1531.02 DJ+186.79 CRUDE OIL 111.95 RM 2.9890

 

TENAGA NASIONAL BHD could also see trading activity ahead of the release of its financial results for the second quarter ended Feb 28, 2011 after market close. In the first quarter, it posted net profit of RM712.90 million. AmResearch reiterated its Hold call on TNB but with a lower discounted-cashflow derived fair value of RM6.90 a share on lower earnings expectations for FY11 ending Aug 30, 2011. AmResearch had downgraded FY11F earnings by 17% to RM2.4 billion as it raised its coal assumption by US$10 a tonne to US$110 a tonne in the absence of any off-setting tariff rate increase. TNB’s associate Integrax has declared a special interim dividend of 16% less income tax at 25% for the financial year ending Dec 31, 2011. The dividend will go ex on May 6 and the payment date is May 10.

TRC Synergy’s CONSTRUCTION unit Trans Resources Corporation Sdn Bhd has secured a contract to undertake the construction of two types of public housing at Precinct 8 (Phase 1), Putrajaya worth RM43.8 million. TRC said the contract was scheduled to be completed within 20 months. The project involved the construction of 40 units of three-storey semi-detached and four two-and a half-storey semi detached public housing in Putrajaya. Including this contract, TRC has an order book close to RM1.3 billion, which will keep the company busy for the next three years. TRC had also submitted numerous tenders for the SCORE projects worth more than RM1 billion.

DRB-Hicom Bhd clarified it has not received any notification from Khazanah Nasional Bhd that it had won the 32.21% POS MALAYSIA BHD stake.

Nestle (Malaysia) Bhd’s net profit for the first quarter ended March 31, 2011 rose 10% to RM152.69 million from RM138.79 million a year earlier on the back of a double digit growth in revenue driven by both domestic and export sales. Revenue for the quarter rose to RM1.18 billion from RM1.02 billion. Earnings per share were 65.11 sen while net asset per share was RM3.28. Nestle said on Wednesday, April 20 the operating profit stood at RM196 million, an improvement of 11.5% over the same period last year.