FBMKLCI 1548.69 DJ+38.82 CRUDE OIL100.46 RM2.9910

Sime Darby posted net profit of RM820.12 million in the third quarter ended March 31, 2011 compared with net loss of RM308.63 million a year ago. Revenue increased by 39.8pct to RM10.59 billion compared with RM7.57 billion. Earnings per share were 13.66 sen.

Land & General posted losses of RM3.22 million in the fourth quarter ended March 31, 2011 compared  with net profit of RM12.91 million a year ago mainly due to losses in quoted investments. “The loss for the current quarter arose mainly due to  fair value loss of RM3.5 million recognised on its quoted investments, net interest expenses of RM1.1 million recognised from FRS 139 implementation, and share of losses from its jointly controlled entities of RM1.7 million,” it said.

Alam Maritim posted net losses of RM7.38 million on weaker performance by it offshore support vessels segment. Net loss for 1Q ended March 31, 2011 was a stark contrast of RM20.51 million a year ago.

Revenue fell 48% to RM34.68 million from RM66.87 million. Loss per share was 0.9 sen compared with earnings per share of 4.0 sen.

Kulim’s earnings jumped 105% to RM127.10 million in the first quarter ended March 31, 2011 (1QFY11) from RM61.89 million a year ago. Its revenue climbed 34% to RM1.657 billion from RM1.234 billion while earnings per share were 10.12 sen compared with 16.40 sen a year ago.

IJM Corp swung into the red in the fourth quarter ended March 31, 2011 with net loss of RM20.19 million versus a net profit of RM111.04 million a year ago due to its overseas operations. The losses were expected by the market as it would have to make provisions and losses in its international operations. Its operating profit before tax fell by 53.9% to RM75 million compared to RM163 million a year ago “following the provision made against contractual claims, recovery of receivables and project losses in some of the group’s overseas projects”. Its revenue rose 20.9% to RM1.047 billion from RM866.46 million mainly due to the CONSTRUCTION [], property, industry and infrastructure divisions. It announced an interim dividend of 7.0 sen a share.

KUB Malaysia Bhd, a telecommunications services provider, fell to its lowest level in more than two months after posting a first-quarter loss of RM5.04 million. The stock slid 2.1 per cent to 69.5 sen at 9:09 a.m. local time in Kuala Lumpur trading, set for its lowest close since March 18.

Malayan Flour Mills Bhd proposed a share split and special dividend of 62 sen per share, according to a company statement in Kuala Lumpur today. The company also proposed to raise as much as RM200.2 million from a rights offer, it said.

FBMKLCI 1494.42 DJ-51.24 CRUDE OIL 102.23 RM 3.007

Timber companies will benefit from the surge in demand from Japan as post-construction activities in the country take place following the devastating earthquake and tsunami that occurred there. However, the quantum of demand from the surge for timber products is hard to quantify at the moment. Malaysia is already the largest exporter of timber to Japan and imported timber products like plywood easily make up more than half of timber consumption in the country, according to analysts. In a timber sector update yesterday, RHB Research said Malaysian companies were likely to benefit; specifically WTK Holdings Bhd and Ta Ann Holdings Bhd given their focus on the Japan market which constituted 80% to 90% of their timber product sales.

George Kent (M) Bhd plans to invest up to RM100mil in the next three to four years to expand its meter and original equipment manufacturing (OEM) businesses. Chairman and CEO Tan Sri Tan Kay Hock said the company had embarked on a RM50mil plan to upgrade its manufacturing facilities at its plant in Puchong, Selangor to accommodate higher sales in the meter and OEM businesses.

Berjaya Retail Bhd share price soared by 21.5 sen to 64 sen yesterday after it announced that it would be taken private by its major shareholder, Premier Merchandise Sdn Bhd, controlled by Tan Sri Vincent Tan Chee Yioun.

Johor Corp (JCorp) and its 55% subsidiary Kulim (M) Bhd have denied the claim made by Tan Sri Muhammad Ali Hashim that there were plans for Kulim to be sold. Both companies said that they were not aware of any such proposal. Kulim, in an announcement to Bursa Malaysia, said it “was not the source of the statement that appeared in the articles in local newspapers”.

Cocoaland Holdings Bhd said its wholly-owned unit CCL Food & Beverage Sdn Bhd entered into a S&P agreement yesterday with Riviera Properties Sdn Bhd to buy freehold industrial land in Rawang for RM7.85mil.

Standard & Poor’s Ratings Services has lowered its long-term corporate credit rating on Ranhill Bhd to B minus from B due to its weak liquidity and exposure in the political instability in Libya. Due to the same reasons, it also lowered the issue rating on US$220mil, 12.5% senior unsecured notes due October, issued by Ranhill (L) Ltd to CCC plus from B minus. Ranhill guaranteed the notes. Both the ratings remained on CreditWatch, where they were placed with negative implications on Dec. 30, 2010, it said in a statement.

FBMKLCI 1499.88 DJ-7.34 CRUDE OIL 89.01 RM 3.11

SHARES on Bursa Malaysia is expected move sideways this week and confined within a tight-low-volume-doldrum of 1,490 and 1,510 points. Affin Investment Bank Head of Retail Research Dr Nazri Khan said the FTSE Bursa Malaysia (FBM) Composite Index made an impressive gain of 19% over the past six months. We are not surprised to see further consolidation in the last two weeks of December due to the year-end rebalancing, options annual expiration and holiday thin trading, he said. Nazri said the local market was still upbeat in the medium-term, but it could be distracted by the European sovereign debt situation and the rising bond yield in the near-term. He said renewed European debt worries tied to Moody's warning of a downgrade of Spain and Ireland's debt and poor Portuguese bond auction may dent the local market for a while.

Government-linked investment companies (GLICs), including Kumpulan Wang Persaraan (KWAP), have indicated an intention to vote in favour of the proposed takeover of PLUS Expressways Bhd by UEM Group and the Employees Provident Fund (EPF), reliable sources said.

DiGi.Com Bhd, a Malaysian mobile- phone operator, will invest RM700 million in capital expenditure next year, the Star newspaper reported, citing chief executive officer Henrik Clausen. The investment is similar to the amount spent this year, though more money will be used to improve its data and Internet network in 2011 compared with voice services, according to the report today.  

Johor Corp (JCorp) is seeking to remove Tan Sri Muhammad Ali Hashim, its previous head for 18 years, from the boards of three listed companies it has direct stakes in. The move seems to confirm speculation that Muhammad Ali, who had suddenly resigned as JCorp's CEO in July, is no longer in the good books of the powers that be in the state of Johor. JCorp has called for EGMs at Kulim (M) Bhd, KPJ Healthcare Bhd and Damansara Realty Bhd (DRealty) for this purpose. The removal of Muhammad Ali will be via ordinary resolutions at each of these companies, which means that a simple majority of shareholder votes would achieve the desired result. While JCorp controls more than 50% of the equity of Kulim and DRealty, it owns only 237.8 million shares in KPJ Healthcare, according to the latest shareholding changes filed with Bursa Malaysia. And according to Bloomberg data, this number of shares amounts to only a 42.6% stake in KPJ.

IJM Corp Bhd, a property developer and contractor, has secured a RM460.59m contract from Naza TTDI Construction SB for the “superstructure work” for Platinum Park’s phase three. The project involves the development of a 50- and 38- storey office towers comprising a one level facilities area at level 10, eight levels of podium carparks and a three-level basement carpark, according to a filing to Bursa Malaysia last Friday. The completion date is 31 Dec, 2013, IJM said in the filing.

FBMKLCI 1482.69 DJ -46.47 CRUDE OIL 84.14 RM 3.13

Kulim (Malaysia) Bhd net profit for 3QFY10 ended Sept 30 surged five-fold to RM284.66 million from RM43.71 million a year ago mainly due to after-tax gains of RM151.61 million from the sale of its oleochemical business during the quarter. 

Maxis Bhd posted a slight drop in net profit of 2.6% to RM1.69bil for the nine months ended Sept 30, compared with RM1.73bil in the previous corresponding period.

Petroliam Nasional Bhd’s (Petronas) net profit fell marginally to RM11.88bil in the second quarter ended Sept 30 from RM11.97bil a year ago due to higher taxation but the group is optimistic of its outlook.

Malaysia’s crude palm oil futures contracts reached an all-time high of 451,843 contracts in November, exceeding the previous record of 442,220 contracts in April 2009, Bursa Malaysia Derivatives Bhd said in a statement yesterday.

 

The Government has agreed to allocate an additional RM700m for rolling plans for Iskandar Malaysia over the next two years. Johor Mentri Besar Datuk Abdul Ghani Othman said the amount is an addition to the RM339m set aside to the southern Johor growth region during the recent tabling of Budget 2011. "Yesterday, Prime Minister Datuk Najib Razak agreed to add funds for rolling plans with another RM700m for Iskandar Malaysia programs," Sources said the funds may be for various infrastructure projects and new investments which have not been announced by the Government.

 

SapuraCrest Petroleum and its JV partner have landed a USD160m (RM504m) contract from PTTEP Australasia (Ashmore Cartier) Pty Ltd (PTTEPAAA) for the provision of offshore transportation and construction activities for PTEPAAA’s Monara development in Australia. The Montara project is located in the Southern Timor Sea approximately 650km west of Darwin. SapuraCrest informed Bursa Malaysia yesterday that SapuraAcergy SB (SASB) a JV company it equally owns with Acergy SA, had received a letter of award for the contract on 25 Nov.

MTD Capital Bhd, Malaysia’s second largest highway operator and owner, could rake in at least some RM150m in annual toll revenue from the South Luzon Expressway (SLEX) in the Philippines next year if higher toll rates are implemented in January 2011. The Philippines business paper BusinessWorld, quoting Julius G Corpuz, an official with the Philippines Toll Regulatory Board (TRB), reported that the implementation of higher toll rates could happen in the first week of January next year.

Latexx partners Bhd reported a set of stronger earnings in the third quarter at RM17.62 million, up 23.5% from RM14.27 million a year ago. It said on Wednesday, Nov 10 revenue rose 60.7% to RM129.87 million from RM80.84 million. Profit before tax rose 41.3% to RM20.16 million from RM14.27 million. Earnings per share were 8.19 sen compared with 7.33 sen. It declared an interim dividend of 2.5 sen per share.

Symphony House Bhd posted net loss of RM4.57 million in the third quarter ended Sept 30, 2010 when compared with net profit of RM2.23 million a year ago. It said on Wednesday, Nov 10 that revenue dipped 2% to RM40.36 million compared with RM41.17 million mainly due to the lower transaction volume in the cheque processing business unit further to client attrition in 2009. Loss per share was 0.72 sen.

Kulim, which controls KFC HOLDINGS (M) BHD [] and QSR BRANDS BHD, could continue to see trading interest following the surge in crude palm oil prices. Kulim has interests in PLANTATION via a 50% stake in London-listed New Britain Palm Oil Ltd which owns 6,300ha of matured palm oil plantations in Papua New Guinea.

OSK Holdings has not entered into any serious and exclusive negotiations with any party for any form of equity and strategic partnerships.

Proton Holdings Bhd plans to export Inspira components next year, says managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir.