KLCI chart reading :
pullback correction little upside biased.
Proton set aside RM1.6bn for capex
National carmaker Proton Holdings Bhd has set aside RM1.6bn for capital expenditure (capx) for its current financial year ending 31 March 2012, up 60% from last year’s expenditure of slightly less than RM1bn, in an effort to restrategise its business. Proton group managing director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said the increase is simply due to the company’s commitment to continue to invest in order to achieve its business transformation plans. (Malaysian Reserve)
Proton back to the black in 4Q
Thanks to the higher revenue from increased sales volume, national carmaker Proton Holdings Bhd has returned to the black in 4QFY11 ended 31 March, with a profit before tax (PBT) of RM81m, from a pre-tax loss of RM51.5m in the preceding quarter. However, for the full FY11, Proton’s PBT fell 18% to RM215m compared with FY10’s RM261m.. (Financial Daily)
Tenaga share price drops on no tariff hike
Tenaga Nasional Bhd’s share price lost all of its earlier gain to close lower by 33 sen or 5% yesterday after expectation of a tariff hike did not materialize. Tenaga shares closed at RM6.16 on tohe back of the deferment of the Casbinet meeting to disucss a hike in the electricity tariff. The share price has, on 24 May 2011, increased by 22 sen as the nation expected a tariff hike. (Malaysian Reserve)
Mah Sing achieves 49% of its RM2bn sales target for 2011
Property developer Mah Sing Group Bhd has achieved 49% of its RM2bn sales target for 2011, in line with strong response to all segments of its properties. The company has raked in RM975m in sales as at 31 May 2011, said group managing director cum chief executive officer (CEO) Tan Sri Leong Hoy Kum in a statement yesterday.(Malaysian Reserve) RGB close to USD25m deal RGB International Bhd (formerly known as Dreamgate Corp Bhd) is close to securing a USD25m (RM76.8m) contract to supply 1,000 gaming machines to one of the four casino concessionaires in Bagong Nayong Pilipino- Entertainment City Manila, said group executive director Steven Lim Tow Boon. The contract will be based on a concession model whereby RGB has a share of the revenue from the machines. (Financial Daily)
CIMB Q1 net profit up 9.4%
CIMB Group Holdings Bhd's net profit for first quarter ended 31 March was 9.4% higher year-on-year at RM917mil as credit losses dropped sharply.The net profit was equivalent to net earnings per share of 12.3 sen from 11.86 sen a year ago. This was achieved despite a 1.3% decrease in revenue to RM2.75bn for the quarter under review. The annualised net return on equity (ROE) for the quarter was 15.7%. (StarBiz)
TM Q1 profit down
Telekom Malaysia Bhd's (TM) net profit for its first quarter ended 31 March (Q1FY11) was down 32.8% to RM163.3mil from a year ago mainly due to lower unrealised exchange gains on translation of foreign currency borrowings.But the revenue for the quarter under review recorded a 1.1% growth to RM2.15bil year-on-year (yo- y), mainly attributed to higher revenue from data, Internet and multimedia services, which when combined contributed 57% of the group's total revenue for the quarter. (StarBiz)
SIA to set up own low-cost carrier
Singapore Airlines (SIA) has surprised the aviation industry by announcing plans to set up a wholly-owned lowcost carrier that will ply medium and long-haul routes in a year's time.SIA said it had intentions to set up a new no-frills low-fare airline operating wide-body aircraft which will be operated independently and managed separately from SIA. (StarBiz)
UEM Land profit soars
Property developer UEM Land Holdings Bhd's net profit and revenue for the first quarter ended 31 March soared compared with the same quarter a year ago on realisation of earnings from its own projects in Nusajaya, Johor, and from subsidiary Sunrise Bhd.The company said net profit jumped 460.34% to RM17.60mil on revenue that advanced 372.77% to RM187.68m. (StarBiz)
Maxis: Aircel stake purchase proper. Maxis Communications Bhd (MCB) says it was in full compliance with the applicable laws of India when it bought a stake in India's Aircel in 2007 and denies allegations that have surfaced in a recent news report in India. (Source: The Star)
Consumer: Prices of RON95 petrol, diesel and LPG to remain the same. The government has decided to maintain the prices of RON95 petrol, diesel and liquefied petroleum gas for the time being after an in-depth discussion on subsidy rationalisation at Wednesday's weekly cabinet meeting. (Source: The Star)
Petronas Dagangan: Seeks for stations. Despite the impacts of increasing subsidy cuts by the government and rising fuel prices, Petronas Dagangan Bhd which currently has 950 petrol stations nationwide, has intentions to invest RM250m to RM400m annually to set up between 30 & 50 petrol stations a year till 2016. (Source: The Star)
Prinsiptek: In RM90m Bangkok Project. Prinsiptek Corp Bhd will embark on a mixed development project in Bangkok next month with a gross development value of RM90m. (Source: Business Times)
Premium Nutrients: To sell palm oil downstream business. About 99% of shareholders of Premium Nutrients Bhd approved the sale of its flagship refinery and specialty fats business to Sri Lankan Carson group for RM117.9m. However, the disposal may turn Premium Nutrients into a PN17 company. (Source: Business Times)
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