KUALA LUMPUR (May 24): The FBM KLCI may extend its losses on Thursday on account of weaker global investor mood as the eurozone debt crisis dampened sentiments and sent global equities lower Wednesday.
World shares fell and Germany sold two-year bonds paying virtually no interest on Wednesday as investors shunned riskier assets, doubting that any new measures to tackle the eurozone debt crisis would emerge from a European leaders summit, according to Reuters. Concerns that the latest EU summit could be a failure sent the euro to a 21-month low, putting an end to a rally in European equities, and sending yields on Spanish and Italian bonds higher, it said.
Among the stocks that could be in focus on Bursa Malaysia are MULTI-PURPOSE HOLDINGS BHD [] (MPHB), STAR PUBLICATIONS (M) BHD [], Eversendai Corporation Bhd, GUAN CHONG BHD [], HOCK SENG LEE BHD [] (HSL) and POS MALAYSIA BHD [].
MPHB has proposed a demerger of its gaming and non-gaming units, which will be listed separately under a special purpose vehicle (SPV), in bid to make a MPHB a dividend centric stock. There will be an offer for sale for all shareholders of MPHB where they can accept shares of the SPV. The demerger will see the new MPHB having an 80% dividend policy.
The Edge Financial Daily in its Wednesday edition reported that MPHB was planning a major restructuring that will feature the creation of a new entity to house its non-gaming assets, a move that will turn the group into a pure proxy for the gaming sector. Under the plan, MPHB is proposing to inject its interests in PROPERTIES [], hotels and financial services into a special purpose vehicle and leave the group with one asset, Magnum Corp Bhd, the profitable numbers forecast operator, it said.
Star Publications net profit for first quarter ended March 31, 2012 fell 19.41% to RM32.45 million from RM40.27 million a year earlier, due to marginal increase in revenue and higher costs. The company said on Wednesday that its revenue for the quarter edged up 0.85% to RM229.98 million from RM228.03 million in 2011 Earnings per share was 4.39 sen compared to 5.45 sen previously, while net assets per share was RM1.39.
Eversendai's net profit for the first quarter ended March 31, 2012 rose 20.78% to RM27.25 million from RM22.56 million a year earlier, on the back of a 19.77% increase in revenue to RM248.96 million from RM207.85 million in 2011. Earnings per share was 3.53 sen compared to 291 sen previously, while net assets per share was 95 sen.
Eversendai executive chairman and group managing director Datuk A K Nathan in a statement Wednesday said the company's overall performance had been consistent with its outlook when presenting its 2011 full-year results.
Guan Chong net profit for the first quarter ended March 31, 2012 rose 4.1% to RM31.3 million from RM30.08 million a year earlier, on the back of a 22.2% increase in revenue to RM354.34 million from RM290 million in 2011. Earnings per share was 9.86 sen compared to 9.44 sen previously. Guan Chong declared a second interim tax-exempt single-tier dividend of 2.5 sen per share in respect of the financial year ending Dec 31, 2012.
HSL's net profit for the first quarter of March 31, 2012 rose 10.86% to RM19.69 million from RM17.67 million a year earlier, on the back of a 12.58% rise in revenue to RM139.19 million from RM123.63 million previously. Earnings per share was 3.58 sen compared to 3.19 sen previously, while net assets per share was 78.15 sen. Reviewing its performance on Wednesday, HSL said the rise in revenue and its net profit for the quarter were due to increased activities in the CONSTRUCTION [] segment, which contributed 96% of its revenue.
Pos Malaysia net profit for the three months ended March 31, 2012 fell 29.84% to RM26.84 million from RM38.26 million a year earlier due to higher operating expenses despite registering an increase in revenue. The company said on Wednesday that its revenue for the quarter rose to RM308.05 million from RM304.51 million in 2011. Earnings per share was 5 sen compared to 7.12 sen previously, while net assets per share was RM1.67.
Written by Surin Murugiah of theedgemalaysia.com
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