Written by Joseph Chin
Tuesday, 30 November 2010 08:04
KUALA LUMPUR: Kulim (Malaysia) Bhd and its subsidiary QSR BRANDS BHD [], and also KFC Holdings Bhd will be in focus on Tuesday, Nov 30 after Kulim and QSR rejected the revised takeover offer for all the business and undertakings of QSR at RM6.70 per share.
Their shares may retreat after the shares rallied in recent weeks from the corporate proposals to take over QSR.
On Wall Street, US stocks edged down in a low-volume session on Monday on worries Europe's credit crisis will spread despite a weekend agreement to bail out Ireland. But stocks finished well off their lows of the day as the dollar retraced some of its earlier gains and energy and financial stocks rallied late in the session.
The Dow Jones industrial average dropped 39.51 points, or 0.36%, to 11,052.49. The Standard & Poor's 500 Index fell 1.64 points, or 0.14%, to 1,187.76. The Nasdaq Composite Index lost 9.34 points, or 0.37%, to 2,525.22.
Stocks to watch on Tuesday include Kulim, QSR and KFCH following the move to reject the offers by KUB MALAYSIA BHD [] in collaboration with Idaman Saga Sdn Bhd and CVC Capital Partners Asia III Ltd.
US-based private equity fund Carlyle had last week upped Idaman’s offer to RM6.70 to take QSR private.
Pos Malaysia’s earnings rose 44.7% to RM31.3 million in the third quarter ended Sept 30, 2010 fromRM21.63 million ago on higher operating profit, revenue, and the tariff increase effective from July 1. Revenue rose 3.5% to RM227.4 million from RM219.7 million. Earnings per share were 5.83 sen compared with four sen.
The group 3Q profit from operations was RM38.1 million, higher than the RM18.3 million a year ago.
Kuala Lumpur Kepong posted a 27% increase in earnings to RM311.04 million from RM243.73 million a year ago, boosted by its PLANTATION []s sector though there was a decline in its manufacturing operations.
Revenue increased by 11.9% to RM2.014 billion from RM1.799 billion while earnings per share were 29.21 sen compared with 22.89 sen. It declared dividends of 45 sen per share, an increase from 30 sen a year ago.
AWC Bhd is eyeing green economy-related projects and is looking at reducing its dependency on Middle-east contract under its three-year growth plan.
CEO and managing director Azmir Merican said its order book was over RM200 million, of which RM80 million would be realised this financial year.
MALAYAN UNITED INDUSTRIES BHD [] (MUI) posted net profit of RM33.04 million in its third quarter ended Sept 30, 2010, compared with RM4.51 million a year ago.
There was a reserval of impairment in an associate amounting to RM17.98 million. Revenue was 2.7% lower at RM238.45 compared with RM245.09 million a year ago, Earnings per share were 1.63 sen compared with 0.23 sen.
RHB CAPITAL BHD []’s third quarter earnings increased 4.9% to 351.35 million from RM334.81 million a year ago, underpinned by higher net interest income and lower impairment losses.
The banking group said on Monday, Nov 29 revenue was 20.7% higher at RM1.6 billion versus RM1.34 billion a year ago. Earnings per share were 16.3 sen versus 15.5 sen.