KUALA LUMPUR (March 18): Based on announcements and news flow, the stocks that could stir investors’ interest on Tuesday (March 19) could include Btoto, Public Bank, WCT, ECM, Sime Darby and Metronic Global.
BERJAYA SPORTS TOTO BHD []’s net profit fell 23.6% year-on-year to RM86.07 million for its third quarter ended Jan 31, 2013, on the back of a 9.6% decrease in revenue at RM888.73 million.
The gaming company said the weaker results were mainly due to Sports Toto Malaysia Sdn Bhd, its main subsidiary, recording a decrease in revenue and pre-tax profit of 9.8% and 15.1% respectively as compared to the previous year corresponding quarter.
It noted that the previous year corresponding quarter had benefited from the traditionally high sales during the Chinese New Year festive season, coupled with strong sales recorded in January 2012 and higher number of draws.
It also said there was a higher prize pay-out in the current quarter under review.
PUBLIC BANK BHD []’s co-chairman at an annual general meeting today informed shareholders that the bank is expected to maintain the same dividend pay-out to its shareholders for 2013 financial year (FY13), Bernama reported.
Tan Sri Thong Yaw Hong said the group had forecast a stable growth in dividend quantum and is hoping to maintain or be close to the last year's payout. "We hope to maintain our dividend payout rate in line with our growth" he said.
The total dividend paid and payable for last year amounted to RM1.75 billion and represented a total payout of 45.3% of the group's net profit for 2012.
"We are expecting to maintain the earnings momentum and record satisfactory performance in 2013," Thong said.
He also told the meeting that the succession plan for Public Bank is in place. Its founder and controlling shareholder Tan Sri Teh Hong Piow, 83, has not named any successor so far.
WCT BHD [] announced that its wholly-owned subsidiary, WCT CONSTRUCTION [] Sdn Bhd, has accepted a letter of award (LOA) from Putrajaya Holdings Sdn Bhd worth RM315 million.
WCT said the LOA is for the proposed construction and completion of the commercial office buildings and external works in Precinct 2, Putrajaya.
The contract, which has a duration of 32 months, is expected to contribute positively to the group’s earnings and net assets for the financial years from 2013 to 2015.
ECM Libra Financial Group saw a key director Lim Kian Onn buying up some 3.73 million shares at an average price of 65.13 sen per unit from the market today. His direct interest now stands at 16.63% after the acquisition.
The company, which underwent a capital repayment and share reduction recently, was a top gainer and one of most actively traded stocks in early trades today.
SIME DARBY BHD [], which saw its share rising sharply in late trades today, could spark profit-taking in a market that is bracing for political risk with the general election expected to be called anytime soon.
The stock rose 16 sen or 1.8% today, after falling 19 sen on Friday, due to pre-election sell-down by funds.
The Edge Financial Daily reported today that the conglomerate expects to generate annual sales of RM100 million from the first phase of the Battersea Power Station property project in London, in which it holds 40% stake.
President and group chief executive Datuk Mohd Bakke Salleh told the paper that the project is expected to contribute significantly to the earnings of Sime Darby in the 2016 financial year.
METRONIC GLOBAL BHD [] (MGB) said it has appointed Ferrier Hodgson MH Sdn Bhd as an investigative accountant to conduct a review on the RM44.5 million due from MH Projects Sdn Bhd, which has contributed to the group’s loss for its financial year ended Dec 31, 2012.
MGB said Ferrier Hodgson is to “conduct a thorough review on the long outstanding related party receivables for the amount about RM44.5 million due from MH Projects Sdn Bhd.” The review is expected to complete in four to six weeks.
The group posted a net loss of RM25.9 million for its financial year ended December 31, 2012, compared to its 2011’s net loss of RM5 million.
“The unfavourable performance was mainly due to a provision for impairment loss of its long outstanding trade receivable due from MH Project Sdn Bhd of RM25.6 million and a legal and professional fees and disbursements of RM4.3 million incurred in relation to legal disputes for its China operation expensed off,” said MGB.
Written by Ho Wah Foon of theedgemalaysia.com
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