Written by Surin Murugiah
Thursday, 19 August 2010 04:39
KUALA LUMPUR: As the flurry of Malaysian corporate earnings pick up pace amid slower economic growth ahead, stocks to watch on Thursday, Aug 19 include AIRASIA BHD [], TAN CHONG MOTOR HOLDINGS BHD [] and KUALA LUMPUR KEPONG BHD [].
Stocks with fresh corporate news include TMC LIFE SCIENCES BHD [], KUMPULAN JETSON BHD [] and ZELAN BHD [].
AirAsia’s net profit for 2Q ended June 30 rose 43% to RM198.93 million from RM139.17 million a year ago. Revenue rose 26% to RM940.65 million from RM748 million a year ago. Passenger growth rose 11% to 3.9 million passengers in 2Q while load factor increased to 77% from 75% a year ago.
Tan Chong’s net profit for 2Q ended June 30, 2010 doubled to RM63.65 million from RM34.59 million a year ago on the back of a 29.3% jump in revenue to RM927.92 million.Tan Chong declared a gross interim dividend of six sen per share.
Kumpulan Jetson's subsidiary Jetson CONSTRUCTION [] Sdn Bhd has terminated its joint venture agreement with China State Construction Engineering (Hong Kong) Ltd to build Platinum Park in Kuala Lumpur.
Kuala Lumpur Kepong posted net profit RM243.54 million in 3Q ended June 30,2010 from RM190.24 million a year earlier on improved commodity prices. Revenue for the quarter rose to RM1.83 billion compared with RM1.54 billion in 2009. Earnings per share were 22.87 sen.
Batu Kawan’s net profit for the third quarter ended June 30 jumped to RM201.12 million from RM101.83 million a year ago, mainly due to a RM84 million surplus on disposal of investment as well as higher contribution from associate company KL Kepong.
On its prospects for the current financial year, Batu Kawan said its profit was expected to be higher than in 2009 in view of the RM84 million surplus from disposal of an unquoted investment and the expected higher profit contribution from KLK.
TMC Life Sciences Bhd saw the emergence of Hong Kong-based Gilberta Investments Limited acquiring a 29.6% stake or 178.10 million shares on Tuesday. The company announced late Wednesday
Gilberta is connected to Peter Lim Eng Hock, long dubbed Singapore's "remisier king" and one of the island-republic's richest men, who acquired the stake following the exit of founder and managing director Datuk Dr Colin Lee Soon Soo.
TMC said Dr Lee’s disposal of 120.35 million shares “will not have any impact on the daily operations of the group, and it is business as usual for the Group’s various business segments”.
“Further, Dr Colin Lee remains on the board of directors of TMC Life Sciences as its managing director, and will continue to practise fertility treatment and obstetrics & gynaecology in Tropicana Medical Centre, the group’s flagship hospital,” it said.
In Zelan Bhd, US-based fund Grantham, Mayo, Van Otterloo & Co. LLC resumed its acquisition of shares in the company. It acquired 48,900 shares on Aug 16, raising its stake to 5.03% or 28.33 million shares.
Meanwhile, KUMPULAN EUROPLUS BHD [] disposed of 52.5 million shares of Talam Corp Bhd on Aug 11, reducing its stake to 20.09% or 569.08 million shares.