Business & Markets 2012
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 12 December 2012 18:21
KUALA LUMPUR (Dec 12): The FBM KLCI could extend its gains for an eighth day running on Thursday, lifted by improving local investor sentiment that has seen the local index on its longest winning streak since Oct 2 this year.
Some year-end window dressing activities have nudged select index-linked blue chips higher and propped the local 30-stock index up over the last week, in tandem with improving sentiment at most regional markets.
Unlike previous times, global markets also appeared to be not quite rattled by North Korea launching a missile earlier on Wednesday.
The rocket, which North Korea says put a weather satellite into orbit, has been labelled by the United States, South Korea and Japan as a test of TECHNOLOGY [] that could one day deliver a nuclear warhead capable of hitting targets as far as the continental United States, according to Reuters.
European shares and the euro edged higher on Wednesday supported by expectations of more monetary stimulus from the US Federal Reserve when it ends its two-day policy meeting later in the day, said Reuters.
Meanwhile, Asian shares rose on Wednesday buoyed by strength in global equities markets, hopes of a deal from US budget talks and expectations for more stimulus from the Federal Reserve when it ends its two-day policy meeting later in the day, it said
Among the stocks that could be in focus on Bursa Malaysia on Thursday are S P Setia Bhd; REDTONE INTERNATIONAL BHD []; BERJAYA SPORTS TOTO BHD [] (BToto); and COMPUGATES HOLDINGS BHD [].
S P Setia set a new sales target of RM5.5 billion to be achieved in FY2013, after its net profit for the fourth quarter ended Oct 31, 2012 jumped 54% to RM127.03 million from RM82.47 million a year earlier, due mainly to contributions from its property development.
The property developer achieved the result on the back of sales of total sales of RM4.23 billion, or up 29% year-on-year from RM3.29 billion in sales a year earlier.
S P Setia said on Wednesday that this was the fifth consecutive year of increase in the group's annual sales and the first time that total Group sales had exceeded the RM4 billion mark.
Redtone International Bhd is aiming for its data business to increase by as much as over 200% to RM80 million for the financial year ending May 31, 2013 (FY13).
In a statement Wednesday, RedTone said this was following the company's success in securing an increasing number of data projects.
The company said that in its financial year ended May 2012, the data business segment contributed RM25 million or 23% to its total revenue.
BToto shareholders may get a special dividend of over 40 sen from the secondary initial public offering (IPO) of the Sports Toto Malaysia Trust (STM-Trust) in Singapore.
"The integral part of the exercise is that shareholders can expect a special dividend of over 40 sen. The board has not made a decision yet," said Freddie Pang, executive director of BToto, after the company's EGM this morning.
Compugates's unit has inked a one-year agreement to market and distribute Brother International products in Malaysia.
The company said that its unit Compugates Sdn Bhd had entered into a distributor agreement with Brother International (Malaysia) Sdn Bhd to be appointed as a non-exclusive distributor to purchase, market and distribute Brother Products in Malaysia.
It said the appointment would be valid for a period of twelve months subject to renewal in writing.