The Star Online: Business
The Star Online: Business |
- Support Line
- Malaysia’s KLCI slips in early trade, MAS most active
- Star posts RM28.5mil net profit for Q2
| Posted: COASTAL Contacts lost one sen to RM2.82 on extended range-bound consolidation. Based on the daily chart, a push above the immediate resistance of RM2.94 is likely to send prices up to challenge the all-time peak of RM3.16 and, thereafter, explore unknown territory. Strong support is seen at the RM2.53-level. SUMATEC Resources hit a high of 60.5 sen, the best level since February 2008. Technically, the prevailing trend is firmly bullish, implying more scaling in the pipeline. Solid support is pegged at the 14-day simple moving average of 43 sen. To the upside, a clear breakout of the 60-63 sen range may propel prices to the RM1.14-RM1.20 band in the medium term. SUPERMAX Corp touched a near three-year high of RM2.44 in early session before reversing owing to apparent profit-taking activity. For now, the topping out sign of the stochastic at the overbought area suggests correction in the short term, but it is viewed as an opportunity. Concrete support and heavy resistance are envisaged at the RM2.24-RM2.26 and RM2.47-RM2.50 ranges respectively. The comments above do not represent a recommendation to buy or sell. |
| Malaysia’s KLCI slips in early trade, MAS most active Posted: KUALA LUMPUR: Malaysia's FBM KLCI extended its losses in early Thursday trade in the absence of strong catalysts to spur buying interest, as the early weakness reflected the weaker Asian markets. The weakening ringgit after Fitch Rating's move to downgrade the outlook for Malaysia on concerns about a widening fiscal deficit also saw investors staying on the sidelines. Reuters reported Asian stocks got off to a weak start on Thursday, as uncertainty on when the US Federal Reserve may start to pare back its stimulus offset any cheer from a brighter economic picture in Europe. The US dollar was also on the defensive, mainly hamstrung by the lack of clarity around the Fed's stimulus plans in the coming months, said the wire report. At Bursa Malaysia, the KLCI was down 2.28 points to 1,791.45 at 9.10am. Turnover was 144.39 million shares valued at RM49.35mil. There were 92 gainers, 123 losers and 129 counters unchanged. Ibraco fell the most, down 33 sen to RM1.51 with 15,500 shares done. Among the plantations, United Plantations fell 32 sen to RM26 with 100 shares done while PPB Group lost eight sen to RM14.80. HL Bank lost eight sen to RM4.10 and Maybank six sen to RM10.44. Insurer Takaful lost 19 sen to RM9.30 on profit taking. MMHE fell eight sen to RM4.10. CIMB Equities Research maintained its target price of RM4 for MMHE. The research house sees a better second half of 2013 for MMHE after its first half results were at 36% of full-year forecast and 38% of consensus. MAS was the most active with 16.61 million shares done, shedding 0.5 sen to 33.5 sen. Faber was again in the spotlight, rising six sen to RM2.60. |
| Star posts RM28.5mil net profit for Q2 Posted: KUALA LUMPUR: Star Publications (M) Bhd posted a net profit of RM28.5mil for the second quarter ended June 30 and declared a first interim dividend of six sen per share. In the second quarter, the media group's revenue increased to RM251.32mil compared with RM220.62mil in the preceding quarter ended March 31. Earnings per share for the quarter stood at 3.87 sen. For the first six months, the group posted a net profit of RM54.6mil or 7.4 sen earnings per share. Revenue was lower at RM471.9mil for the period against RM529.4mil a year ago, mainly due to fewer projects completed in the current period by Cityneon and lower advertising revenue for the first half of the year. "In the media sector, advertising expenditure has remained soft but is expected to gradually pick up in the second half of this year as sentiment improves with the seasonality effect," Star Publications commented on its prospects for the current year. "The media related segments of the group, such as the print, new media, broadcasting and television will continue their efforts in growing the advertising revenue and to offer wider advertising platforms to its clients." It also said that in the events and exhibition business segment, Cityneon is expected to turn around its business in 2013 as a result of significant cost savings. Its sales order book stands at S$93mil to date, of which 70% is expected to be realised this financial year. I.Star Ideas Factory (Perfect Livin'), meanwhile would continue its efforts to grow its revenue and profits by organising more events in 2013 compared to 2012. "The company and board of directors expect the business environment in the media industry to remain highly challenging in 2013, and will do its best to ensure satisfactory performance for the financial year ending Dec 31, 2013," it said. In reviewing its performance, Star Publications said print revenue for the first half declined to RM356.54mil from RM381.46mil a year ago mainly due to lower advertising revenue. New Media revenue decreased by 23.2% to RM11.42mil in the first six months. Overall, pre-tax profit for print and new media fell by 20.5% to RM85.33mil in the first half. Its radio broadcasting segment's revenue decreased 5.4% to RM24.69mil from RM26.11mil due to lower airtime revenue. Higher advertising and promotion for the branding of RedFM and 988's radio stations as well as Capital FM's first year anniversary have caused the segment to suffer a loss before tax of RM3.48mil in the first half. In addition, its event, exhibition, interior and thematic division which comprises Cityneon and Perfect Livin' saw its revenue decreased to RM72.26mil mainly due to fewer projects completed in the current period by Cityneon. Perfect Livin' recorded revenue amounted to RM12.73mil in the first six months. Revenue from Li TV Holdings Ltd increased to RM3.13mil in the first six months compared with RM3.1mil posted a year ago. However, due to high marketing and staff costs, it recorded a pre-tax loss of RM3.72mil in the current period under review. |
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