The Star Online: Business
The Star Online: Business |
- Malaysia Airlines shares down on weaker results
- Affin Research maintains “Reduce” on Genting Plantations, TP at RM8.88.
- Malaysia-Market factors to watch on May 30(Thursday)
| Malaysia Airlines shares down on weaker results Posted: 29 May 2013 06:43 PM PDT KUALA LUMPUR: Shares of Malaysian Airline System Bhd (MAS) fell to a low of 37.5 sen in early trade on Thursday after its net loss increased to RM278.6mil from RM171.38mil a year ago. At 9.27am, MAS was down 1.5 sen to 39 sen. There were 12.40 million shares done at prices ranging 37.5 sen to 39 sen. The FBM KLCI fell 6.4 points to 1,777.07. Turnover was 233.08 million shares valued at RM130.06mil. Declining counters beat advancers 277 to 130 while 194 stocks were unchanged. On Wednesday, MAS reported higher losses despite a 10.79% increase in revenue to RM3.39bil for the first quarter to March 31, 2013. However, it registered a significant improvement in its operations by reducing operating loss by 46% to RM165mil for the first three months ended March 31, 2013 compared with RM307mil in the same quarter in 2012. Affin Investment Research said MAS's wider core net loss at RM304mil was a deterioration from the core net loss of RM33mil registered in 4Q12. However, it came in better on-year improving by 24%. "Our definition of core net loss excludes a derivative loss of RM17mil due to forex. Results were below our and street expectations, as we expect MAS to post a full year net profit of RM189mil while street estimate a marginal loss of RM15mil for FY13," it said. Affin Research said on a more positive note, MAS reported a net operating cash surplus of RM147mil, raising its cash balance to RM2.3bil (1Q12: RM1.4bil). The higher cash balance was also bumped up from the sukuk drawdown in 4Q12. To support its fleet replacement programme, the group's total borrowing has grown by 20% on-year to RM11.4bil. The completion of the RM3bil rights issue is thus timely to help strengthen its balance sheet. "We have cut our FY13 earnings forecast to a net loss of RM164mil (from a net profit of RM190mil as we cut our yield assumption by 10%. Since our upgrade in April, MAS's share price has appreciated by 14% surpassing our fair value. "Coupled with the disappointing results and intense competition ahead, we are downgrading the stock to REDUCE, with a lower target price of 29 sen as we roll over our valuation horizon to FY14, and attach a 20 times PER. "At the fair value of 29 sen, it also equals to 1.6 times P/BV (assumed full dilution post successful take up of rights issue)," said the research house. |
| Affin Research maintains “Reduce” on Genting Plantations, TP at RM8.88. Posted: 29 May 2013 06:35 PM PDT PETALING JAYA: Affin Research maintains its "Reduce" call on Genting Plantations Bhd with a target price of RM8.88. It said its 1Q13 revenue increased by 25.8% on-year from higher property revenue, offsetting lower revenue from its plantation division due to lower selling prices for crude palm oil (CPO) which was down 28% to RM2,293mt from RM3,179mt in 1Q12, as well as lower palm kernel, down 40% to RM1,165mt from RM1,941mt. "In spite of higher revenue from property sales, 1Q13 revenue increased by a marginal 0.9% on-quarter due to sharply lower own fresh fruit bunches (FFB) production, down 21% which more than offset slightly higher selling prices of crude palm oil," it said. Affin said its 1Q13 quarter earnings also declined on lower average selling price (ASP) and a one-off RM35mil charitable contributions, as well as higher loss on-year for its Biotechnology division. "The group's Indonesian plantations broke even in 1Q13 underpinned by crop yield and processing efficiency improvements in itsWest Kalimantan estates while good demand for properties in Genting Indahpura (industrial and commercial offerings) boosted profits for the property division," it said. Affin noted higher FFB production, CPO ASP and stable CPO cost of production are expected to boost its profits in the next three quarters. "The outlook for the property division is excellent given the strong demand for properties in Johor, particularly Iskandar Malaysia, and the groups large land bank of about 5,000 acres in the region. Excluding industrial land sales of RM85m in 1Q13, the group targets new property sales of RM250mil in 2013," it said. |
| Malaysia-Market factors to watch on May 30(Thursday) Posted: 29 May 2013 06:39 PM PDT KUALA LUMPUR: Following is a list of events in Malaysia as well as news company-related and market news which could have an influence on the Malaysian market. GLOBAL MARKETS-Stocks fall, bonds rise on uncertainty about Fed's plans SE Asia Stocks-Mixed amid Fed stimulus concerns; Thai stocks fall after rate cut WHAT IS HAPPENING IN MALAYSIA, IN TIMES LOCAL FOLLOWED BY GMT: * Malindo Air opens its airport ticketing office in Subang Airport at 10.30 am (0230). * IGB Corp Bhd holds AGM at Cititel Mid Valley, Kuala Lumpur at 3.00pm (0700). MARKET NEWS > Tokyo's Nikkei share average falls 3.11 pct > US STOCKS-Wall St falls as bond yields hit high dividend stocks > TREASURIES-Prices gain, take yields off 13-month highs > FOREX-U.S. dollar weakens but upward trend appears intact > PRECIOUS-Gold rises 1 pct on physical demand, drop in equities > Oil slides with Wall Street and on energy demand worry > VEGOILS-Palm oil ends off 2-month high, tighter stocks support MALAYSIA IN THE NEWS: > U.S. sets preliminary duties on shrimp from Asia, Ecuador > Malaysian Airline's Q1 net loss widens on forex, finance costs > Cuban oil hopes sputter as Russians give up for now on well > Islamic Development Bank sells $1 bln 5-yr sukuk > Asian bonds sell off, Bank Indonesia intervenes > China Sea tension mounts near Filipino shipwreck. - Reuters DIARY - Malaysia - May30(Thursday) + ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT IN BRACKETS THURSDAY, MAY 30 * KUALA LUMPUR - Third Women Deliver Global Conference at Kuala Lumpur Convention Centre. * PUTRAJAYA - Medical Device Authority of Ministry of Health Malaysia organises seminar on Conformity Assessment Body Registration at Menara Prisma, Jalan Persiaran Perdana, Precinct 3, Putrajaya at 0845am (0045). * KUALA LUMPUR - ASLI's CSR & Sustainability Summit with theme 'The Next Phase of Corporate Social Responsibility - Are We There Yet?' at Istana Hotel, Kuala Lumpur at 0900am (0100). * CYBERJAYA - Bank Simpanan Nasional to organise the opening ceremony of 19th Meeting of the World Saving Bank Institute Asia/Pacific Regional Group at Cyberview Resort & Spa, Persiaran Multimedia, Cyberjaya at 0900am (0100). * KUALA LUMPUR - European Union-Malaysia Chamber of Commerce and Industry organises Tastes of Europe at Royal Chulan Hotel, Jalan Conlay, Kuala Lumpur at 0900am (0100). * SELAYANG, SELANGOR - Magna Prima Bhd holds AGM at Ideal Convention Centre, Jalan PS 8/3, Taman Prima Selayang at 0900am (0100). * KUALA LUMPUR - Berjaya University College of Hospitality organises "Competing Through Customer Experience, A New Paradigm for Service Industries" by Jay Kandampully at Berjaya Times Square, Jalan Imbi, Kuala Lumpur at 0900am (0100). * PETALING JAYA - Building Materials Distributors' Association of Malaysia signs agreement with Credit Bureau Malaysia at Tropicana Golf & Country Resort, Club House, Petaling Jaya at 0920am (0120). * KUALA LUMPUR - NJOI gives media briefing on its television satellite services at The Boulevard, Mid Valley City, Lingkaran Syed Putra, Kuala Lumpur at 1000am (0200). * SUBANG - Malindo Air organises official opening ceremony of its ticketing office at Skypark Terminal Sdn Bhd, SkyPark Subang at 1030am (0230). * KUALA LUMPUR - Low Yat Group gives media briefing on Latar Expressway, LYG Property Showcase, 468-16, Rivercity, Jalan Ipoh, Kuala Lumpur at 1030am (0230). * PETALING JAYA - KUB Malaysia Bhd and Dataran Systems (Asia) Sdn Bhd memorandum of understanding (MoU) signing ceremony at The Royale Bintang Damansara Hotel, Mutiara Damansara, Petaling Jaya at 1430pm (0630). * KUALA LUMPUR - IGB Corp Bhd holds AGM at Cititel Mid Valley, Mid Valley City, Lingkaran Syed Putra, Kuala Lumpur at 1500pm (0700). * KUALA LUMPUR - Prime Minister Najib Razak launches 'Variable Density Tunnel Boring Machine' at MRT Depot, Jalan Cochrane, Kuala Lumpur at 1630pm (0830), and attends Yasin and doa selamat recitation in conjunction with yang di-Pertuan Agong Tuanku Abdul Halim Mu'adzam Shah's birthday celebration at National Mosque, Kuala Lumpur at 1910pm (1110). FRIDAY, MAY 31 KUALA LUMPUR - Release of April 2013 Money Supply data at 1700pm (0900). KUALA LUMPUR - Release of Detailed Disclosure of International Reserves as at end April 2013, at 1200pm (0400). SATURDAY, JUN 1 KUALA LUMPUR - Market and Public Holiday - The Yang di-Pertuan Agong's Birthday. WEDNESDAY, JUN 5 KUALA LUMPUR - Release of April 2013 External Trade data. KUALA LUMPUR - The 14th Asian Oil, Gas & Petrochemical Engineering Exhibition at Kuala Lumpur Convention Centre at 1000am (0200) (to June 7). FRIDAY, JUN 7 KUALA LUMPUR - Release of International Reserves as at 31 May 2013. TUESDAY, JUN 11 KUALA LUMPUR - Release of April 2013 Index of Industrial Production (IPI) and April 2013 Manufacturing Sales. WEDNESDAY, JUN 19 KUALA LUMPUR - Release of May 2013 Consumer Price Index. FRIDAY, JUN 21 KUALA LUMPUR - Release of International Reserves as at 14 June 2013. FRIDAY, JUN 28 KUALA LUMPUR - Release of May 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end May 2013. THURSDAY, JUL 4 KUALA LUMPUR - Release of May 2013 External Trade data. FRIDAY, JUL 5 KUALA LUMPUR - Release of International Reserves as at 28 June 2013. THURSDAY, JUL 11 KUALA LUMPUR - Release of BNM Monetary Policy Statement, May 2013 Index of Industrial Production (IPI) and May 2013 Manufacturing Sales. WEDNESDAY JUL 17 KUALA LUMPUR - Release of June 2013 Consumer Price Index. MONDAY, JUL 22 KUALA LUMPUR - Release of International Reserves as at 15 July 2013. WEDNESDAY, JUL 31 KUALA LUMPUR - Release of June 2013 Money Supply data, and release of Detailed Disclosure of International Reserves as at end June 2013. MONDAY, AUG 5 KUALA LUMPUR - Release of June 2013 External Trade data. WEDNESDAY, AUG 7 KUALA LUMPUR - Release of International Reserves as at 31 July 2013, June 2013 Index of Industrial Production (IPI) and June 2013 Manufacturing Sales. THURSDAY-FRIDAY, AUG 8-9 KUALA LUMPUR - Market and Public Holiday - Hari Raya Puasa (Eid-Fitr). WEDNESDAY, AUG 21 KUALA LUMPUR - Release of 2nd Quarter 2013 GDP and July 2013 Consumer Price Index. THURSDAY, AUG 22 KUALA LUMPUR - Release of International Reserves as at 15 August 2013. FRIDAY, AUG 30 KUALA LUMPUR - Release July 2013 Money Supply data and release of Detailed Disclosure of International Reserves as at end July 2013. SATURDAY, AUG 31 KUALA LUMPUR - Market and Public Holiday - National Day. THURSDAY, SEP 5 KUALA LUMPUR - Release of BNM Monetary Policy Statement. FRIDAY, SEP 6 KUALA LUMPUR - Release of International Reserves as at 30 August 2013, and July 2013 External Trade data. WEDNESDAY, SEP 11 KUALA LUMPUR - Release of July 2013 Index of Industrial Production (IPI) and July 2013 Manufacturing Sales. MONDAY, SEP 16 KUALA LUMPUR - Market and Public Holiday - Malaysia Day. WEDNESDAY, SEP 18 KUALA LUMPUR - Release of August 2013 Consumer Price Index. MONDAY, SEP 23 KUALA LUMPUR - Release of International Reserves as at 13 September 2013. MONDAY, SEP 30 KUALA LUMPUR - Release of August 2013 Money Supply data and Detailed Disclosure of International Reserves as at end August 2013. FRIDAY, OCT 4 KUALA LUMPUR - Release of August 2013 External Trade data. MONDAY, OCT 7 KUALA LUMPUR - Release of International Reserves as at 30 September 2013. THURSDAY, OCT 10 KUALA LUMPUR - Release of August 2013 Index of Industrial Production (IPI) and August 2013 Manufacturing Sales. TUESDAY, OCT 15 KUALA LUMPUR - Market and Public Holiday - Hari Raya Haji (Eid-Adha). TUESDAY, OCT 22 KUALA LUMPUR - Release of International Reserves as at 14 October 2013. WEDNESDAY, OCT 23 KUALA LUMPUR - Release of September 2013 Consumer Price Index THURSDAY, OCT 31 KUALA LUMPUR - Release of September 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end September 2013. SATURDAY, NOV 2 KUALA LUMPUR - Market and Public Holiday - Deepavali. TUESDAY, NOV 5 KUALA LUMPUR - Market and Public Holiday - Moslem New Year. THURSDAY, NOV 7 KUALA LUMPUR - Release of BNM Monetary Policy Statement. FRIDAY, NOV 8 KUALA LUMPUR - Release of September 2013 External Trade data. MONDAY, NOV 11 KUALA LUMPUR - Release of International Reserves as at 31 October 2013, September 2013 Index Industrial Production (IPI) and September 2013 Manufacturing Sales. FRIDAY, NOV 15 KUALA LUMPUR - Release of 3rd Quarter 2013 GDP. WEDNESDAY, NOV 20 KUALA LUMPUR - Release of October 2013 Consumer Price Index. FRIDAY, NOV 22 KUALA LUMPUR - Release of International Reserves as at 15 November 2013. FRIDAY, NOV 29 KUALA LUMPUR - Release of October 2013 Money Supply data and Detailed Disclosure of International Reserves as at end October 2013. FRIDAY, DEC 6 KUALA LUMPUR - Release of International Reserves as at 29 November 2013, and October 2013 External Trade data. WEDNESDAY, DEC 11 KUALA LUMPUR - Release of October 2013 Index of Industrial Production (IPI) and October 2013 Manufacturing Sales. WEDNESDAY, DEC 18 KUALA LUMPUR - Release of November 2013 Consumer Price Index. FRIDAY, DEC 20 KUALA LUMPUR - Release of International Reserves as at 13 December 2013. WEDNESDAY, DEC 25 KUALA LUMPUR - Market and Public Holiday - Christmas Day. TUESDAY, DEC 31 KUALA LUMPUR - Release of November 2013 Money Supply data and Detailed Disclosure of International Reserves as at end November 2013 NOTE: The inclusion of diary items does not necessarily mean that Reuters will file a story based on the event - Reuters |
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