Written by Joseph Chin
Saturday, 22 August 2009 21:14
KUALA LUMPUR: The Malaysian market may get the much-needed boost from external factors this week after US stocks closed at the year's high, but the gains could be capped by the weaker set of earnings last week.
US stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.
According to Reuters, Wall Street got more confirmation that the economy is on the mend with a report showing existing home sales in July rose 7.2% -- the fastest pace in nearly two years and a sign that housing is pulling out of a three-year slump.
On the home front, data due on Aug 25 is the statement from Bank Negara's Monetary Policy Meeting on its interest rates strategy. The inflation rate declined for the second consecutive month in July following the higher base effect in June last year when petrol prices were hiked.
On Aug 26, Bank Negara is scheduled to release the second quarter GDP data. Expectations are that the economy had entered into a recession in 2Q following the 6% contraction in 1Q.
The government is expecting GDP to shrink 4% to 5% this year. More importantly is the outlook from Bank Negara about the state of the economy.
MALAYAN BANKING BHD [] (Maybank) is scheduled to release its 4Q results and for the full year results on Aug 25.
Expectations are Maybank may be impacted from the impairments for its Bank Internasional Indonesia investments but overall Maybank will continue to remain profitable.
Maybank is one of the best capitalised banks in Asia after the successful completion of its rights issue exercise and the listing of the rights shares on April 30. "The rights issue, which raised approximately RM6.018 billion, is the largest in Malaysian corporate history. It was over-subscribed with a subscription rate of 128%."
TELEKOM MALAYSIA BHD [] posted net profit of RM265.97 million in 2Q ended June 30, 2009 (2Q09) from RM273.17 million a year ago, boosted by higher unrealised exchange gain.
Revenue was RM2.13 billion, up 0.9% from RM2.11 billion a year ago. Earnings per share were 7.6 sen compared with 7.9 sen.
MULPHA INTERNATIONAL BHD [] posted net losses of RM79.84 million in 2Q after its associate company, FKP Property Group (FKP) in Australia reported significant assets impairment.
Mulpha group's share of loss in FKP totaled to RM92.9 million. Its revenue was RM191.24 million compared with RM245.33 million. Loss per share was 6.78 sen compared with earnings per share of 3.23 sen.
PPB GROUP BHD [] net profit for 2Q rose 19.3% to RM397.53 million from RM333.12 million a year ago, while it also improved from the 1Q in the current financial year.
However, it expects the global economic slowdown to continue to affect the group's performance in the remaining financial year.
UMW HOLDINGS BHD []'s 2Q net profit slumped 47.6% to RM79.43 million from the RM151.73 million a year ago, as spending by consumers and industrial sectors shrank.
Group revenue of RM2.58 billion was RM987.1 million or 27.7% lower than RM3.568 billion a year ago.
Saturday, 22 August 2009 21:14
KUALA LUMPUR: The Malaysian market may get the much-needed boost from external factors this week after US stocks closed at the year's high, but the gains could be capped by the weaker set of earnings last week.
US stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.
According to Reuters, Wall Street got more confirmation that the economy is on the mend with a report showing existing home sales in July rose 7.2% -- the fastest pace in nearly two years and a sign that housing is pulling out of a three-year slump.
On the home front, data due on Aug 25 is the statement from Bank Negara's Monetary Policy Meeting on its interest rates strategy. The inflation rate declined for the second consecutive month in July following the higher base effect in June last year when petrol prices were hiked.
On Aug 26, Bank Negara is scheduled to release the second quarter GDP data. Expectations are that the economy had entered into a recession in 2Q following the 6% contraction in 1Q.
The government is expecting GDP to shrink 4% to 5% this year. More importantly is the outlook from Bank Negara about the state of the economy.
MALAYAN BANKING BHD [] (Maybank) is scheduled to release its 4Q results and for the full year results on Aug 25.
Expectations are Maybank may be impacted from the impairments for its Bank Internasional Indonesia investments but overall Maybank will continue to remain profitable.
Maybank is one of the best capitalised banks in Asia after the successful completion of its rights issue exercise and the listing of the rights shares on April 30. "The rights issue, which raised approximately RM6.018 billion, is the largest in Malaysian corporate history. It was over-subscribed with a subscription rate of 128%."
TELEKOM MALAYSIA BHD [] posted net profit of RM265.97 million in 2Q ended June 30, 2009 (2Q09) from RM273.17 million a year ago, boosted by higher unrealised exchange gain.
Revenue was RM2.13 billion, up 0.9% from RM2.11 billion a year ago. Earnings per share were 7.6 sen compared with 7.9 sen.
MULPHA INTERNATIONAL BHD [] posted net losses of RM79.84 million in 2Q after its associate company, FKP Property Group (FKP) in Australia reported significant assets impairment.
Mulpha group's share of loss in FKP totaled to RM92.9 million. Its revenue was RM191.24 million compared with RM245.33 million. Loss per share was 6.78 sen compared with earnings per share of 3.23 sen.
PPB GROUP BHD [] net profit for 2Q rose 19.3% to RM397.53 million from RM333.12 million a year ago, while it also improved from the 1Q in the current financial year.
However, it expects the global economic slowdown to continue to affect the group's performance in the remaining financial year.
UMW HOLDINGS BHD []'s 2Q net profit slumped 47.6% to RM79.43 million from the RM151.73 million a year ago, as spending by consumers and industrial sectors shrank.
Group revenue of RM2.58 billion was RM987.1 million or 27.7% lower than RM3.568 billion a year ago.