AEON Credit: Gains on firm 3Q earnings
AEON Credit shares advanced on Wednesday after its net profit for the 3Q2011 rose 57.4% to RM25.2m from RM16.0m y-o-y driven by increase in revenue. The revenue for the quarter was up 31.7% to RM89.81m from RM68.18m. EPS for the quarter was 21.05 sen compared to 13.37 sen in 2010, while NAV per share was RM2.53. The increase in revenue was due mainly to growth in business on increased financing transaction volume as a result of marketing and promotion activities during the festive periods. (Financial Daily)
Aeon Co (M): Buys 7.37ha lands in Kulai for RM22.2m for shopping centre
Aeon Co (M) is acquiring two pieces of freehold land in Kulai for RM22.2m as part of its strategy to expand its retail business. It had entered into a sale and purchase agreement with Genting Property Sdn Bhd to acquire the freehold lands measuring a total 7.37ha for the purpose of operating a business of shopping centre with car parks and departmental stores cum supermarket. (Financial Daily)
Fajarbaru: To build RM62.0m sewage treatment plant
Fajarbaru has secured a RM62.0m contract to build a sewage treatment plant at Klang, Selangor. Fajarbaru said the construction period was 30 months commencing from the date of possession on Jan 11, 2012. The contract is expected to contribute positively to its earnings for the financial years 2012 to 2015. (Financial Daily)
Jaya Tiasa: 2Q net profit rises 36.8% to RM41.16m
Jaya Tiasa net profit for the 2Q rose 36.8% to RM41.16m y-o-y due to increase in revenue. Its revenue for the quarter increased to RM239.53m from RM192.21m in 2010. EPS for the quarter increased to 15.42 sen from 11.27 sen in 2010 with net assets per share at RM5.01. For the 6 months ended Oct 31, Jaya Tiasa net profit jumped to RM97.08m from RM52.53m, while revenue rose to RM499.52m from RM377.74m in 2010. The improvement in revenue was due mainly to increase in logs sales volume and plywood average selling price; higher fresh fruit bunches (FFB) sales volume; and improvement in crude palm oil (CPO) sales volume and selling price. (Financial Daily)
Subur Tiasa: 1Q net profit up 8% to RM10.8m
Subur Tiasa’s net profit for 1Q2012 rose 8% y-o-y to RM10.8m due to the rising selling prices of logs and timber products, coupled with effective cost management. Its revenue for the quarter fell 4.44% y-o-y to RM151.22m. EPS for the quarter rose to 5.74 sen from 5.32 sen in 2010 with net assets per share at RM3.40. Its revenue for the quarter dipped due to lower logs, plywood and sawn timber export sales volume. (Financial Daily)
Cypark: Sees RM17m revenue from RE
Cypark Resources expects to generate annual revenue of up to RM17m from the sales of renewable energy upon full commencement of the renewable energy (RE) park. Cypark said it had obtained Feed-In Tariffs (FiT) approval from Sustainable Energy Development Authority to supply 8 MW and 2 MW of renewable energy from solar PV and landfill biogas sources, respectively. It said the FiT approval was secured by Cypark Suria (Pajam) Sdn Bhd and Cypark Suria (Ngeri Sembilan) Sdn Bhd. With the approval, Cypark would be able to sign a renewable energy power purchase agreement with Tenaga Nasional Bhd for FiT concession periods of 21 and 16 years respectively for electricity generated from solar PV and landfill biogas. (StarBiz)
LBS Bina: Eyes RM800m sales target
LBS Bina is confident of achieving their RM800m sales target despite tough market conditions. The MD said that My First Home Scheme and other government initiatives would contribute 20% to the group's total revenue. He noted that the company currently has a land bank of some 920 hectares with an estimated gross development value of RM9.1bn that will keep it busy for the next few years. (Bernama)
Banking: Financial system to grow 8-11% annually from 2011-2020 BNM said Malaysia's financial system is expected to grow at an annual rate of 8-11%, increasing its depth to 6 times of GDP between 2011 and 2020. Correspondingly, the financial sector contribution to nominal GDP in 2020 is expected to increase to 10.12% from 8.8% in 2010 while the assets of the banking sector rising almost three times of GDP by 2020. This decade would also see a shift towards more market-based financing, whereby by 2020, more than half of this total financing is expected to be raised through financial markets from 46% in 2010. Financing based on Islamic principles would also grow to account for 40% of total financing in 2020 from 29% in 2010. (Bernama)
QSR, KFCH not seeking other bids
The boards of QSR Brands Bhd and KFC Holdings Bhd (KFCH), which have a joint takeover offer by Johor Corp (JCorp) and CVC Capital Partners Asia III Ltd, are not seeking any alternative bids for the sale of their assets and liabilities. The statement by both companies to not invite alternative bids will put to rest speculation on possible counter bids for the fast food chain assets. The latest announcement also clears doubts that the joint offers to take control of the country’s largest fried chicken chain would be able to meet the tight deadline of just 7 days after the offer was made. (Financial Daily)
Petra Energy terminates CEO
Petra Energy has terminated the services of its CEO, Kamarul Bahamin Albakri, effective 20 Dec 2011, according to a filling to Bursa Malaysia. No reason was given for his removal. Kamarul, however, retains his seat on the company’s board.(Malaysian Reserve)
Boustead Holdings not planning to take unit private
Boustead Holdings said it is not considering any proposal to privatise its unit, Boustead Heavy Industries Corp (BHIC). It said this in response to a report by StarBiz that Boustead was considering privatising BHIC. Boustead's denial means that it will not be able to make an offer to buy out BHIC in the next six months, according to Securities Commission ruling. (StarBiz)
Posco/Daewoo tipped to win Ampang LRT systems works
A consortium led by Posco/Daewoo Engineering of Korea has emerged as the odds-on favourite to win a contract worth about RM1.1bn to undertake system works for the Ampang light rail transit (LRT) line extension project. Business Times understands that Syarikat Prasarana Negara Bhd favours Posco/Daewoo as it offered to use the Communication-Based Train Control (CBTC) Signalling System supplied by France-based Thales Group. For the Kelana Jaya LRT line extension and monorail system, Prasarana had awarded the system works contract to Thales on a direct negotiated basis because of the CBTC system. Thales’ CBTC technology has been in use since 1985 and the system has been proven on 53 projects around the world. (BT)
DRB-HICOM swaps land status in RM76m
DRB-HICOM announced yesterday it had entered into an agreement to swap the Malay Reserve (MR) status of a plot of land in Langkawi with the non-MR status of a piece of land in Kedah for RM76m. DRB-HICOM’s wholly owned subsidiary, Rebak Island Marina (RIMB), entered into the land status swap (LSS) agreement with Northern Gateway Free Zone SB. This could be the first time listed companies have swapped the status of two pieces of land and only approval required is the nod from the land authority. (Financial Daily)
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