KUALA LUMPUR: MALAYSIAN RESOURCES CORP [] Bhd (MRCB) plans to boost its war chest and this could see it raising about RM500 million from the debt market by end-2011, says UOB Kay Hian Malaysia Research said.
It said in a research note on Friday, Aug 12 that MRCB remains ambitious in taking up more projects in the future, especially for the township development in Sungai Buloh.
'We gather that the land in the RRI (Rubber Research Institute) land will not come cheap. Hence, the management intends to strengthen its war chest by raising about RM500 million from the debt market by end-2011,' it said.
UOB Kay Hian Malaysia Research said MRCB's 2Q11 bottom line was within expectation. The company reported 2Q11 net profit of RM19 million (down 11.9% on-quarter, up 55.4% on-year).
'The group achieved RM40.6 million in 1H11, accounting for 44% of our and 46% of market forecasts for the full year. Results are in line with our and market expectations,' it said.
The research house expected a better 2H11 as it believes there could be margin expansion in the CONSTRUCTION [] segment due to acceleration in construction jobs which are nearing tail ends such as the Permai Psychiatric Hospital and the Eastern Dispersal Link, Johor.
'In addition, we expect stronger property sales and margin across the board, especially from the healthy sales in Q Sentral,' it said.
It said in a research note on Friday, Aug 12 that MRCB remains ambitious in taking up more projects in the future, especially for the township development in Sungai Buloh.
'We gather that the land in the RRI (Rubber Research Institute) land will not come cheap. Hence, the management intends to strengthen its war chest by raising about RM500 million from the debt market by end-2011,' it said.
UOB Kay Hian Malaysia Research said MRCB's 2Q11 bottom line was within expectation. The company reported 2Q11 net profit of RM19 million (down 11.9% on-quarter, up 55.4% on-year).
'The group achieved RM40.6 million in 1H11, accounting for 44% of our and 46% of market forecasts for the full year. Results are in line with our and market expectations,' it said.
The research house expected a better 2H11 as it believes there could be margin expansion in the CONSTRUCTION [] segment due to acceleration in construction jobs which are nearing tail ends such as the Permai Psychiatric Hospital and the Eastern Dispersal Link, Johor.
'In addition, we expect stronger property sales and margin across the board, especially from the healthy sales in Q Sentral,' it said.
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