FBMKLCI 1541.27 DJ+80.60 CRUDE OIL 99.96 RM 3.009

TSH reported its 1Q2011 earnings surged 105% to RM23.95 million from RM11.26 million a year ago boosted by its Indonesian palm oil operation where fresh fruit bunches (FFB) production grew by 48%. Revenue rose 5.04% to RM252.59 million from RM240.47 million while earnings per share were 5.84 sen compared with 2.75 sen.

Tan Chong Motor Holdings Bhd’s net profit rose 14.5% to RM74.08 million in the first quarter ended March 31, 2011 from RM64.67 million a year ago, boosted by the sale of its Nissan Teana. Revenue increased by 29.8% to a record high of RM1.13 billion from RM870.36 million. Earnings per share were 11.35 sen from 9.91 sen a year ago.

Encorp Bhd swung into the red in the first quarter ended March 31, 2011 with net losses of RM378,000  compared with net profit of RM246,000 a year ago. The losses were despite a 33% increase in revenue to RM63.35 million from RM47.63 million. Loss per share was 0.17 sen compared with earnings per share of 0.12 sen.

DUTCH LADY MILK INDUSTRIES BHD []’s net profit for the first quarter ended March 31, 2011 rose 36.2% to RM28.34 million from RM20.81 million a year earlier, due mainly to higher sales, favourable sales mix and cheaper carry-over stocks. Revenue for the quarter rose to RM196.64 million from RM170.45 million in 2010. Earnings per share were 44.28 sen while net assets per share was RM3.53. It declared a special gross interim dividend of 30 sen per share in respect of the financial year ending Dec 31, 2011 to be paid on July 1.

Hard disk drive manufacturer JCY International Bhd’s net profit for the second quarter ended March 31, 2011 slumped 81% to RM12.46 million from RM65.88 million a year ago. The decline in earnings were due mainly to increase in the cost of production resulting from increase in the cost of raw materials like aluminium and stainless steel and also increase in labour cost. JCY’s revenue for the quarter fell 27.7% to RM397.43 million from RM549.69 million. Earnings per share were 0.61 sen while net assets per share was 43.08 sen.

For the six months ended March 31, JCY’s net profit tumbled to RM19.97 million from RM143.36 million, while revenue fell to RM836.34 million from RM1.08 billion in 2010.

Deleum Bhd which provides a diverse range of supporting specialised products and services for the oil and gas industry, has submitted tenders for contracts worth RM200mil. Group managing director Nan Yusri Nan Rahimy said the value of its current contracts stood at about RM1bil and they would end anywhere from the end of this year until 2016. The new contracts, meanwhile, were scattered between now and the middle of next year, he told reporters after the company's AGM here yesterday.

PJI Holdings Bhd, a Malaysian engineering services group, fell to a two-week low in Kuala Lumpur trading after its third-quarter net loss widened to RM6.15 million from a year earlier.  The stock slid 5.1 per cent to 18.5 sen at 9:41 a.m. local time, set for its lowest close since May 4.

Dutch Lady Milk Industries Bhd, a Malaysian dairy products maker, rose to a five-month high in Kuala Lumpur trading after announcing a 36 per cent jump in quarterly profit and plans for a special interim dividend. The stock climbed 1.1 per cent to RM17.76 at 9:08 a.m. local time, set for its highest close since Dec. 22

Latexx Partners Bhd, a Malaysian rubber-glove maker, rose in Kuala Lumpur trading after receiving an offer to merge with rival YTY Industry Holdings Sdn Bhd in a transaction valued at RM1.37 billion. The stock advanced 1.6 per cent to RM2.55 at 9:11 a.m. local time, extending yesterday’s 4.6 per cent gain. Latexx will buy four units of YTY by paying RM409.5 million in cash and the balance RM955.5 million in new stock at RM2.50 a share, the company said in a statement in Kuala Lumpur late yesterday.  Latexx will deliberate on the offer, which will remain open for 21 days, it said.

FBMKLCI 1531.63 DJ+71.60 CRUDE OIL 104.32 RM 2.994

Trading in Fotronics Corp Bhd on Bursa Malaysia will be suspended from April 7 as it has failed to submit its regularisation plan within the stipulated time.

Berjaya Corp Bhd posted a net profit of RM32.46mil in the third quarter ended Jan 31, 2011 compared with net loss of RM156.20mil a year ago on higher profit contribution from gaming, stock broking, direct selling, retail and distribution businesses.

CIMB Bank Bhd and CIMB Islamic Bank Bhd have announced an increase in their base lending rate (BLR) and base financing rate (BFR) by five basis points from 6.3% to 6.35%, effective from April 4.

Integrated Logistics Bhd expects to spend RM200mil in three years to expand its business in China and Dubai.Integrated Logistics (China) Co Ltd head of corporate finance and investment Eric Tay said the amount was for the expansion of its warehouse to 4 million sq ft from 1.8 million sq ft currently. “Of the total investment, 40% will come from loans and 60% internal funding,” he said after the company's AGM yesterday.  The company's warehouse in Dubai would be a 50:50 partnership with a local company there and was expected to contribute to group revenue next year.

Ireka Corp Bhd's wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd (IECSB), has received a letter of award from Transmission Technology Sdn Bhd for a RM232.75mil contract. It told Bursa Malaysia that it was for architectural as well as mechanical and electrical works on the proposed offices and hotel development in Kuala Lumpur.

Tan Chong Motor Holdings Bhd has received approval from the Securities Commission to upsize its asset-backed medium term notes (MTN) programme to RM2bil from RM600mil. “The approval would enhance the group's ability to tap the capital markets for future funding needs,” it said in a statement yesterday. The group has completed four issuances and raised over RM788mil from the capital markets via Premium Commerce Bhd's MTN programme. Premium Commerce Bhd is an independent special purpose entity established to undertake a securitisation programme for the Tan Chong group.

DBE Gurney’s additional 593.33 million new shares and 200 million warrants will be listed on Thursday. The warrants were issued for free to the subscribers of the renounceable rights issue of 400 million rights shares on the basis of one free detachable warrants for every two rights shares subscribed for. The maturity date of the warrants is March 22, 2016 and the conversion price is 10 sen. The new shares of 10 sen were issued pursuant to the rights issue with warrants and capitalisation of amounts due to director and creditors settlement.

V. S. Industry has set a dividend policy of making out an annual payment of at least 40% of its net profit to shareholders as dividends, and plans to disburse payouts on a quarterly basis. The dividend policy is effective in the current financial year ending July 31, 2011 (FY11). VSI’s net profit in the second quarter ended Jan 31, 2011 surged 134.1% to RM10.1 million from RM4.4 million a year ago, due to higher revenue. The profit came mainly from the higher group sales as a result of the increased sales generated by its Malaysian and Indonesian operations.

Masterskill Education Group Bhd has recommended a final single tier dividend of 7.9 sen per 20 sen share for the financial year ended Dec 31, 2010. It said on Wednesday, March 30 the dividends would be payable on June 15. The group had on Oct 13, 2010, completed the distribution of an interim dividend of seven sen per share to the shareholders. The total of 14.9 sen per share dividend for 2010 will represent a total payout of 60% of its net profit, equivalent to RM61 million.

FBMKLCI 1511.11 DJ- 107.01 CRUDE OIL 98.90 RM 3.02

It may not be the time for bargain hunting yet as there is more downside to the local stock market due to negative external factors. Investors appeared to be staying at the sidelines yesterday with only 1.7 billion shares being traded compared to the average daily volume of more than 2 billion at the start of the year. The local benchmark FTSE Bursa Malaysia KLCI had yesterday shed more than 10 points in intra-day trading before finishing at 1,511.11, 2.52 points or 0.17% lower, dragged down mostly by plantation stocks affected by lower crude palm oil prices.

PLUS Expressway Bhd, the country's biggest toll road operator, obtained its shareholders' approval yesterday for the RM23 billion takeover bid by its major shareholders UEM Group Bhd and the Employees Provident Fund (EPF), despite over 100 minority shareholders claiming the EGM was "illegal" and walking out halfway.

Telecommunications service provider Axiata Group Bhd posted a net loss of RM367mil for the fourth quarter (Q4) ended Dec 31, 2010, due to impairment loss on its investment in an India-based associate. This compared with a net profit of RM558mil for the corresponding period last year.

Multi-Purpose Holdings Bhd (MPHB), which has businesses from gaming to stockbroking, recorded improved results in the continuing operations of the company despite the lower net profit for the fourth quarter ended Dec 31, 2010.

Plantation firm TSH Resources Bhd’s net profit for the fourth quarter ended Dec 31, 2010, surged 115.98% to RM44.22mil compared with the previous corresponding quarter mainly due to higher contributions from Indonesian operations.

Star Publications (M) Bhd’s net profit for the financial year ended Dec 31, 2010 (FY10) rose 27.80% to RM184.94mil on revenue that gained 9.01% to RM1.06bil.

Hong Leong Bank Bhd’s (HLB) net profit for the second quarter ended Dec 31, 2010 rose to RM291.43mil from RM224.75mil a year ago while revenue increased to RM603.96mil from RM519.40mil previously.

Transmile Group Bhd faces suspension and delisting from March 3 and March 7 respectively for failing to submit a regularisation plan to the Securities Commission or Bursa Malaysia for approval by Feb 22.

PETRA ENERGY BHD [] is likely to post losses for the fourth quarter of 2010 even with crude oil prices around US$100 again.

Genting Bhd’s net profit surged 89.6% to RM465.43 million in the fourth quarter ended Dec 31, 2010 from RM245.4 million a year ago. Revenue rose 76% to RM4.086 billion from RM2.320 billion. Earnings per share were 12.57 sen compared with 6.64 sen while it proposed a final dividend of 4.5 sen. It said the higher revenue was mainly from the leisure and hospitality division with the commencement of operations of Resorts World Sentosa in Singapore, during the first quarter of 2010. As for FY10, its earnings rose 110.9% to RM2.202 billion from RM1.044 billion while revenue surged 71% to RM15.194 billion from RM8.893

billion. Group revenue rose by 71% to record a new high of RM15.19 billion in FY2010 (FY2009: RM8.89 billion), while group profit before tax rose by 74% to post a new high of RM4.39 billion in FY2010 (FY2009: RM2.53 billion).

IJM Corp’s earnings rose 58% to RM132.19m in the third quarter ended Dec 31, 2010 from RM83.64 million a year ago, boosted by its property and PLANTATION []s sector. Revenue dipped 3.7% to RM901.34 million from RM936.31 million. Earnings per share were 9.78 sen compared with 6.32 sen. IJM said the lower revenue was mainly due to mainly to the CONSTRUCTION [] and property divisions.

Kossan’s net profit for the fourth quarter ended Dec 31, 2010 rose 21.4% to RM29.45 million from RM24.25 million a year ago, driven by the expansion in the company’s gloves division with better product mix and margin. Revenue rose 11% to RM252.97 million from RM227.75 million. Earnings per share were 9.18 sen while net assets per share was RM1.40. For the financial year ended Dec 31, 2010, Kossan’s net profit recorded an increase of 76.1% to RM118.59 million from RM67.33 million a year ago. Revenue rose 24.6% to RM1.05 billion from RM842.14 million.

Tan Chong’s net profit for the fourth quarter ended Dec 31, 2010 rose 21.8% to RM52.07 million from RM42.73 million a year earlier, boosted by across the board price discounting to clear 2010 inventories ahead of new model introductions in 2011. Revenue for the quarter rose 16% to RM835.36 million from RM720.19 million a year ago. Earnings per share were 7.98 sen, while net assets per share was RM2.57.

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.

 

FBMKLCI: 1499.81 DJ: -90.52 CRUDE OIL: 85.73 RM: 3.067

Maybank's 1Q earnings at RM1b
Malayan Banking Bhd's earnings were RM1.028 billion in the first quarter ended Sept 30, 2010, up 16.6pct from RM881.80 million a year ago. It said on Friday, Nov 12 revenue rose to RM5 billion from RM4.56 billion. Earnings per share were 14.53 sen versus 12.46 sen.

AMMB earnings up 38.6pct to RM332.8m
AMMB Holdings Bhd's earnings rose 38.6pct to RM332.87 million in the second quarter ended Sept 30 (2QFY11), from RM240.15 million a year ago, boosted by an increase in interest income. It said on Friday, Nov 12, revenue rose 11.9pct to RM1.77 billion from RM1.584 billion. Earnings per share were 11.09 sen compared with 8.29 sen. It declared an interim dividend of six sen per share.  

BNM keeps OPR unch 2.75pct, vigilant of volatile capital flows
Bank Negara Malaysia maintained the overnight policy rate (OPR) at 2.75pct and said monetary policy would continue to remain accommodative and supportive of economic growth. However, it remained vigilant of large, volatile capital flows.

BRDB, a commercial and residential developer, is planning a RM652m joint development in Seri Kembangan, Selangor, with Country Heights Land SB. The project, with an estimated gross development profit of RM170m, would comprise 310 units of semi-detached houses and 13 units of bungalows sprawled over 192,561 sq m within the so-called Bluwater Estate. The construction for the proposed development is expected to commence in the last quarter of 2011 and completed within five years. Under the JV Bandar Raya and Country Heights Land will take up 75% and 25% stake respectively in an SPV purpose vehicle to undertake the development.   (Malaysian Reserve) 

TCHONG last Friday announced it will invest RM285m to build cars in Sabah after it received an approval letter from the International Trade and Industry Ministry for its application of a licence to manufacture and assemble luxury passenger vehicles and commercial vehicles. Tan Chong said the approval letter was on condition that the manufacturing and assembly activities would be for luxury passenger cars with 1,800cc and above and costing no less than RM150,000. The licence is for Tan Chong to conduct manufacturing of vehicles at the Kota Kinabalu Industrial Park (KKIP), Sabah, which was built to establish Sabah as the gateway to the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). (StarBiz) 

Kencana and its technical partner London-based Petrofac Ltd have emerged as front runners to bag a USD250m (RM780m) engineering, procurement, construction and commissioning (EPC)job at Block PM313, the Sepat oil field. The Sepat oil field is a marginal field in offshore of Terengganu under the purview of the National oil company Petroliam Nasional Bhd (Petrogas). According to industry players, Sepat has large oil reserves that have yet to be fully recovered. With the high crude oil prices and increasing difficulties in exploring new oilfields, Petronas intends to improve oil recovery in the brown fields. Apart from Kencana and Petrofac, there were two other JV companies vying for the job, namely (MMHE) together with its partner, France-based Technip SA, as well as Australian company Roc Oil forming a partnership with local player Griffin Energy Ltd. (Financial Daily)

Petronas Chemicals Group Bhd has fixed the price of its initial public offering (IPO) at RM5.04 a share for the portion reserved for retail investors and at RM5.20 apiece for shares to be sold to institutional investors. The IPO would raise RM12.8bn, of which RM9.2bn was to be accrued to parent company Petroliam Nasional Bhd (Petronas), the company said in a statement yesterday. Based on the institutional price, Petronas Chemicals’ market value will be RM41.6bn, making it one of the largest petrochemical producers in South-East Asia. (StarBiz)