KUALA LUMPUR: Stocks on Bursa Malaysia are likely to stage a mild rebound on Wednesday, Sept 29, tracking overnight gains on Wall Street and firmer regional markets including Japan.
On Wall Street, the Dow Jones industrial average gained 46.10 points, or 0.43 percent, to end at 10,858.14. The Standard & Poor's 500 Index rose 5.54 points, or 0.49 percent, to 1,147.70. The Nasdaq Composite Index advanced 9.82 points, or 0.41 percent, to 2,379.59.
Reuters reported latecomers jumped onto the September bandwagon, buying up sectors that have outperformed during the month.
The S&P 500 has risen 9.4 percent so far in September, historically the worst month for stocks.
At Bursa Malaysia, stocks to watch include GAMUDA BHD [], JAYA TIASA HOLDINGS BHD [], GOLDEN PLUS HOLDINGS BHD [], FORMIS RESOURCES BHD [], Supermax Corp Bhd.
Gamuda's earnings surged 77% to RM76.61 million in the fourth quarter ended July 31, 2010 from RM43.29 million a year ago, due to higher contributions from all divisions and expects to perform better in the next financial year
Revenue however declined 24% to RM714.78 million from RM942.24 million a year ago. Earnings per share were 3.79 sen versus 2.16 sen.
For the financial year ended July 31, 2010, earnings rose to RM280.69 million from RM193.69 million. Revenue was lower at RM2.45 billion compared with RM2.73 billion in FY09.
Jaya Tiasa posted stronger set of results for the first quarter ended July 31, 2010. Net profit was RM22.69 million versus only RM791,000 a year ago. Revenue rose 12% to RM185.5 million from RM166.3 million. Pre-tax profit jumped to RM30.1 million from RM2.1 million.
Better results in revenue and pre-tax profit were mainly due to improved proceeds from logs sales with 7% increase in average selling price; better margin of plywood sales with 16% reduction in costs of production due to higher production volume; and 66% increase in sales volume and 9% higher average selling price of fresh fruit bunches (FFB).
Bursa Malaysia has sought court action to force Golden Plus to compel it with the directives issued by Bursa Malaysia and consent order over the appointment of a special auditor.
The directives and consent order are with regards to the appointment of a special auditor (SA) to review the affairs of GPlus and its subsidiary companies. This was in relation to its compliance with the Listing Requirements, including proper and accurate disclosures to its shareholders.
Formis Resources Bhd, which is undertaking the RM69.0 million government e-courts contract, said the implementation is on schedule and is about 90% completed.
Formis executive vice-chairman and chief executive officer Datuk Mah Siew Kwok said Formis had a solid recurring income stream of RM61.0 million'' from maintenance and service contracts and an order book of RM194.3 million'' order as at Sept 15.
He said the group also has a strong pipeline of potential projects, having tendered for a total of RM1.36 billion worth of contracts.
Supermax expects to achieve nearly RM1 billion in annual sales by the end of the current financial year Dec 31, 2010 driven by world demand and good marketing strategy. This would be 20% above the previous annual sales of RM800 million.
On Wall Street, the Dow Jones industrial average gained 46.10 points, or 0.43 percent, to end at 10,858.14. The Standard & Poor's 500 Index rose 5.54 points, or 0.49 percent, to 1,147.70. The Nasdaq Composite Index advanced 9.82 points, or 0.41 percent, to 2,379.59.
Reuters reported latecomers jumped onto the September bandwagon, buying up sectors that have outperformed during the month.
The S&P 500 has risen 9.4 percent so far in September, historically the worst month for stocks.
At Bursa Malaysia, stocks to watch include GAMUDA BHD [], JAYA TIASA HOLDINGS BHD [], GOLDEN PLUS HOLDINGS BHD [], FORMIS RESOURCES BHD [], Supermax Corp Bhd.
Gamuda's earnings surged 77% to RM76.61 million in the fourth quarter ended July 31, 2010 from RM43.29 million a year ago, due to higher contributions from all divisions and expects to perform better in the next financial year
Revenue however declined 24% to RM714.78 million from RM942.24 million a year ago. Earnings per share were 3.79 sen versus 2.16 sen.
For the financial year ended July 31, 2010, earnings rose to RM280.69 million from RM193.69 million. Revenue was lower at RM2.45 billion compared with RM2.73 billion in FY09.
Jaya Tiasa posted stronger set of results for the first quarter ended July 31, 2010. Net profit was RM22.69 million versus only RM791,000 a year ago. Revenue rose 12% to RM185.5 million from RM166.3 million. Pre-tax profit jumped to RM30.1 million from RM2.1 million.
Better results in revenue and pre-tax profit were mainly due to improved proceeds from logs sales with 7% increase in average selling price; better margin of plywood sales with 16% reduction in costs of production due to higher production volume; and 66% increase in sales volume and 9% higher average selling price of fresh fruit bunches (FFB).
Bursa Malaysia has sought court action to force Golden Plus to compel it with the directives issued by Bursa Malaysia and consent order over the appointment of a special auditor.
The directives and consent order are with regards to the appointment of a special auditor (SA) to review the affairs of GPlus and its subsidiary companies. This was in relation to its compliance with the Listing Requirements, including proper and accurate disclosures to its shareholders.
Formis Resources Bhd, which is undertaking the RM69.0 million government e-courts contract, said the implementation is on schedule and is about 90% completed.
Formis executive vice-chairman and chief executive officer Datuk Mah Siew Kwok said Formis had a solid recurring income stream of RM61.0 million'' from maintenance and service contracts and an order book of RM194.3 million'' order as at Sept 15.
He said the group also has a strong pipeline of potential projects, having tendered for a total of RM1.36 billion worth of contracts.
Supermax expects to achieve nearly RM1 billion in annual sales by the end of the current financial year Dec 31, 2010 driven by world demand and good marketing strategy. This would be 20% above the previous annual sales of RM800 million.
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