KUALA LUMPUR (June 19): The rally at regional and global markets following the win by the pro-bailout parties in last weekend's Greek election could be short-lived, and riskier assets could come under some selling pressure as the hard realities of the wider eurozone problems rears its ugly head again.
Concerns about problems in Spain and the wider eurozone rose on Monday, with European shares and the single currency reversing early gains, according to Reuters. Greek voters gave a majority to parties supporting the country's economic bailout, easing worries about a break up in the eurozone and initially boosting markets, but investor focus quickly returned to the finances of other indebted countries, it said.
Among the stocks that could be in focus on Tuesday on Bursa Malaysia are BERJAYA SPORTS TOTO BHD (BToto), IREKA CORPORATION BHD, PHARMANIAGA BHD, MUDAJAYA GROUP BHD, CB INDUSTRIAL PRODUCT HOLDING Bhd (CBIP) and POS MALAYSIA BHD.
BToto's net profit for the fourth quarter ended April 30, 2012 fell 12.46% to RM91.21 million from RM104.19 million a year earlier, due mainly to higher prize payout in the fourth quarter. The company said on Monday that its revenue for the quarter rose 1.64% to RM916.13 million from RM901.31 million in 2011.
Earnings per share was 6.86 sen compared to 7.79 sen a year earlier, while net assets per share was 36 sen. The company declared a fourth interim single tier exempt dividend of five sen per share to be paid on Aug 8. For the financial year ended April 30, BToto's net profit rose 14.9% to RM401.72 million from RM349.76 million, on the back of revenue RM3.61 billion compared to RM3.43 billion in 2011.
Ireka's unit Ireka Engineering & CONSTRUCTION [] Sdn Bhd has landed a mixed development contract worth RM268.6 million from UEM Land Bhd. In a filing on Monday, Ireka said the contract was for the construction of a proposed mixed development comprising one block of 35-storey service apartments, a block of 16-storey office tower, a block of single-storey commercial block and one level of car parks at basement.
Pharmaniaga has said it is unaware of the reason for the unusual market activity (UMA) involving its shares. In a reply to Bursa Malaysia Securities Bhd on Monday after it was issued an UMA query over the consecutive limit up of its shares, Pharmaniaga said there were no were no corporate developments relating to the company and its subsidiaries' business and affairs that have not been previously announced that may account for the UMA, including those in the stage of negotiation/discussion.
"Pursuant to Paragraphs 9.09 and 9.10 of the Main Market Listing Requirements, to the best of our knowledge, there are no rumours or reports concerning the business and affairs of the Pharmaniaga Group that may account for the UMA," it said.
Bursa Malaysia Securities Bhd had earlier issued an unusual market activity (UMA) query to Pharmaniaga Bhd over the recent consecutive limit up of the company's shares. On Monday, Pharmaniaga jumped RM1.95 to RM8.45 with 1.67 million shares traded.
Mudajaya will seek to increase its recurring income to contribute up to 70% of revenue within the next five years. Group managing director and chief executive officer Anto S F Joseph told reporters after Mudajaya's AGM on Monday that the company sought to participate in the construction of power plants outside of Malaysia in order to boost its recurring income. It presently earns 60% of its revenue overseas, although the bulk of its earnings are on a project basis.
CBIP's unit Modipalm Engineering Sdn Bhd has secured a contract from PT Swakarsa Sawit Raya to supply one continuous sterilisation palm oil mill with a capacity 45 tonnes per hour. In a filing Monday, CBIP said the import portion of the contract was worth US$6.34 million (RM19.97 million), while the installation portion was worth 6.2 million rupiah.
Meanwhile, Pos Malaysia proposed a first and final gross dividend of 17.5 sen per share in respect of the financial period ended 31 March 2012.
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