Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 17 May 2013 19:34
KUALA LUMPUR (May 17): Based on news flow and Bursa Malaysia announcements today, stocks to watch on Monday (May 20) may include the following companies :
ALLIANZ MALAYSIA BHD [] reported a 1% rise in first quarter net profit from a year earlier as the composite insurer registered higher gross premiums and investment income. A rise in contract liabilities besides fee and commission expenses, however, curbed bottom line growth.
Allianz said net profit came to RM53.72 million in the quarter ended March 31, 2013 versus RM53.04 million previously. Revenue rose 17% to RM862.08 million from RM739.49 million.
Gabungan AQRS Bhd may attract market interest after the builder and property developer said it plans to buy back its own shares amounting to a maximum of 10% of its issued share base.
The firm has proposed to seek its shareholders' approval for the share buyback.
GEORGE KENT (M) BHD [] will be closely watched after the firm said the termination of its water concession in Papua New Guinea has been reversed.
Papua New Guinea government-owned firm Eda Ranu has withdrawn its termination notice to George Kent's 19% associate PNG Water Ltd for the 22-year concession which ends on June 22, 2019.
George Kent did not specify reasons for the termination notice withdrawal.
Ingress Corp Bhd’s major shareholders' offer to acquire the remaining shares of the automotive parts manufacturer is seen as fair and reasonable, independent adviser Affin Investment Bank said.
Affin said the RM1.85 a share offer is a premium of 16.35%, 83.17% and 51.64% respectively over the highest, lowest and average closing prices of Ingress shares for the full year up to April 15, 2013.
PINTARAS JAYA BHD []’s third quarter net profit grew 54% year-on-year as the builder realised profits from completed projects.
Pintaras Jaya said net profit for the three months ended March 31, 2013 (3QFY13) grew to RM13.81 million from RM8.95 million. Revenue, however, fell 5.84% to RM42.43 million from 45.06 million.
Cumulative net profit for 9MFY13 was higher at RM36.16 million against RM34.12 million a year earlier. Revenue fell to RM122.14 million from RM136.11 million.
The firm declared an interim dividend of 10 sen a share for the quarter in review.
PPB GROUP BHD [] reported a 32% rise in first quarter net profit from a year earlier. The rise came mainly on higher contribution from its PLANTATION []-based associate Wilmar International Ltd which is listed in Singapore.
PPB said net profit came to RM236.34 million in the quarter ended March 31, 2013 compared to RM178.5 million previously. Revenue was up 10% to RM763.85 million from RM696.96 million.