KUALA LUMPUR: Petronas Chemicals Group (Petronas Chem) Bhd will the focus of attention when it makes its debut on Bursa Malaysia on Friday, Nov 26.
Given its market value of RM41.6 billion based on the institutional price of RM5.20, the petrochemical group will be the fifth largest stock on the local bourse.
The petrochemical group is expected to draw strong institutional interest as fund managers need the stock in their investment portfolios for index exposure.
Both Affin Securities and JF Apex Securities have pegged their fair value of Petronas Chem at RM5.70 while OSK Research at RM5.51 based on a price-to-earnings ratio (PER) of 16 times FY12 earnings per share.
Other stocks to watch are Kulim (Malaysia) Bhd, QSR BRANDS BHD [] and KFC Holdings Bhd when they resume trading on Friday.
Carlyle Asia Investment Advisors Ltd has offered to Kulim to acquire all its shares in QSR at RM6.70 a share. Its offer trumps Tan Sri Halim Saad’s offer of RM5.60 a share for QSR.
The bid for all of QSR’s 290.034 million shares values it at RM1.94 billion.
MALAYSIAN AIRLINE SYSTEM BHD [] posted operating profit of RM122.7 million for the third quarter ended Sept 30 (3Q2010) compared with an operating loss of RM77.4 million a year ago, which lifted the nine-month financial period solidly into the black.
For the 3Q2010, the significant improvement was mainly due to higher operating revenue and improvement in its yield.
AIRASIA BHD [] posted a strong set of results for the third quarter ended Sept 30, 2010, with earnings surging 152% to RM327.28 million from RM130.07 million a year ago.
There was RM142.9 million of unrealised translation gains in the quarter, a result of the significant strengthening of the ringgit against the US Dollar during the period. These gains are partially offset by losses from the change in the fair value of currency derivatives.
GENTING BHD []’s earnings doubled to RM765.92 million in the third quarter ended Sept 30, 2010 from RM371.33 million a year ago, boosted by its leisure and hospitality operation in Singapore -- Resorts World Sentosa (RWS).
There was also a one-off net gain of RM413.6 million arising from deferred consideration. Net impairment losses amounted to RM250.6 million.
Revenue rose 63% to RM3.91 billion from RM2.40 billion. Profit before tax rose 76% to RM1.418 billion from RM805.5 million. Earnings per share were 20.72 sen compared with 10.05 sen.
PROTON HOLDINGS BHD [] saw its earnings decline 19.6% to RM65.92 million in the second quarter ended Sept 30, 2010 from RM82.06 million a year ago, due to one-off provision for stock obsolescence and branding cost.
It said on Thursday, Nov 25 revenue was 6.6% higher at RM2.24 billion compared with RM2.10 billion. Earnings per share were 12 sen compared with 14.9 sen. Its net asset per share was RM9.83.
Group profit before tax was RM81.26 million, a decline of 19% from RM100.65 million a year ago.
YTL Corp Bhd reported a 34.3% increase in its earnings at RM278.9 million for the first quarter ended Sept 30 from RM207.5 million a year ago, boosted by the strong performance in its major operating companies.
Revenue rose 12% to RM4.4 billion from RM3.93 billion a year ago. Profit before taxation increased by 24.0% to RM623.8 million from RM503.2 million.
DRB-HICOM BHD []’s earnings rose 114% in the second quarter ended Sept 30, 2010 from RM61.74 million a year ago.
Profit before tax increased nearly 143% to RM186.2 million compared with RM76.66 million. Revenue rose 7.5% to RM1.647 billion from RM1.531 billion.