MAA, AirAsia, JAKS, Lafarge, Perdana Petroleum, IJM Corp, PPB, Oriental Holdings and 7-Eleven

TheEdge Thu, May 30, 2019 12:35am - 4 years View Original


KUALA LUMPUR (May 29): Based on corporate news flows and announcements today, stocks in focus on Thursday (May 30) may include: MAA Group Bhd, AirAsia Group Bhd, JAKS Resources Bhd, Lafarge Malaysia Bhd, Perdana Petroleum Bhd, IJM Corp Bhd, PPB Group Bhd, Oriental Holdings Bhd and 7-Eleven Malaysia Holdings Bhd.

MAA Group Bhd is expected to continue to be under selling pressure after the group's minorities rejected the proposed selective capital repayment at the AGM on Wednesday.

The proposed selective capital repayment of RM1.10 has lifted MAA's share price to at least 10-year high. News that the proposal was rejected by shareholders had already sent MAA's share price downhill in the afternoon session. The stock tumbled 20%, or 20 sen, to 79.5 sen.

AirAsia Group Bhd's board declared a record high special dividend of 90 sen per share, which is equivalent to one third of its closing price of RM2.63. The low-cost carrier has turned generous on paying dividend. For last financial year ended Dec 31, 2018, AirAsia declared dividend of 64 sen per share, translating into a payout ratio of 108%.

The airline also announced its net profit of RM96.09 million for the first quarter ended March 31, 2019 (1QFY19), which is 92% lower compared to RM1.14 billion a year ago, due to the absence of a one-off extraordinary gain in the quarter under review. AirAsia booked an extraordinary gain of RM885 million in 1QFY18.

Quarterly revenue rose 13% to RM2.88 billion from RM2.56 billion seen last year, due to an 18% increase in total passengers carried and 1 percentage point (ppt) improvement in load factor to 88%.

JAKS Resources Bhd filed its defence against the Star Media Group Bhd's claim that the former is liable for 51.5%-owned subsidiary JAKS Island Circle Sdn Bhd obligations in relation to a property development project in Section 12, Petaling Jaya.

JAKS has also filed a counterclaim against Star Media seeking damages and costs for prematurely initiating the claim in bad faith and/or maliciously, and/or is an abuse of the court process. The next case management hearing is at the High Court on June 17.

Lafarge Malaysia Bhd, in which YTL Cement Bhd has acquired a 51% stake, announced that its net profit halved to RM32.07 million in 1QFY19 compared with RM68.73 million a year ago, as it managed to lower distribution costs. Quarterly revenue declined 1.5% year-on-year (y-o-y) to RM538.7 million from RM546.83 million due to lower sales from its cement segment caused by market conditions but partially compensated by higher export sales.

YTL Cement has made a mandatory general offer of RM3.75 to buy out shares that it does not already own in Lafarge. Will Lafarge shareholders hold on to their shares after the improved financial performance and the revival of its RM270 million contract to supply cement to East Coast Rail Link project?

Perdana Petroleum Bhd won a three-year umbrella contract for offshore support vessel services for Petroliam Nasional Bhd (Petronas)'s petroleum arrangement contractors' drilling and project activities, where it will supply six handling tug and supply vessels and five accommodation work barges to the oil company.

IJM Corp Bhd's net profit leaped to RM240.81 million for the fourth quarter ended March 31, 2019 (4QFY19), from RM17.86 million a year ago, as its infrastructure division saw improved contributions from local toll and port concessions as well as its Argentine investments bearing fruit. The group booked in profit of RM111.79 million in 4QFY19 from associates compared with a loss of RM25.8 million a year ago.

Quarterly revenue only grew by 3% to RM1.39 billion from RM1.36 billion a year ago. The group declared a two sen per share second interim dividend, payable on July 19, bringing the total dividend payout to four sen, which is lower compared with six sen last year.

For the full financial year ended March 31, 2019 (FY19), its annual net profit grew 20.85% to RM418.92 million, from RM346.65 million a year ago, buoyed by its property and infrastructure divisions, despite revenue declining 5.2% y-o-y to RM5.66 billion, from RM5.97 billion.

PPB Group Bhd's 1QFY19 net profit grew 31.1% to RM248.45 million, from RM189.51 million last year, due to higher contribution from Singapore-listed associated company Wilmar International Ltd. The higher earnings were also attributed to better performance in its grain and agribusinesses, film exhibition and distribution segments. Quarterly revenue inched up 1% to RM1.16 billion, from RM1.15 billion seen a year ago.

Oriental Holdings Bhd's first quarter ended March 31, 2019 (1QFY19) net profit rose 52.8% to RM93.17 million, from RM60.97 million last year, due to an unrealised foreign exchange gain and better performance in its automotive, plantation and investment holding segments. Quarterly revenue dropped 6.14% to RM1.39 billion from RM1.48 billion registered a year ago due to its automotive segment. The group posted a final dividend of eight sen and a special dividend of 20 sen for the financial year ended Dec 31, 2018 (FY18).

7-Eleven Malaysia Holdings Bhd's 1QFY19 net profit rose by 25% y-o-y to RM11.15 million from RM8.93 million due to higher revenue, marketing income and a favourable sales mix, as well as improved logistics expenses recovery. Revenue expanded 9% y-o-y to RM584 million from RM583.73 million on the back of new stores, higher average spend per customer and better consumer promotion activity.

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Related Stocks

CAPITALA 0.710
IJM 2.440
JAKS 0.155
JAKS-WC 0.020
MAA 0.375
ORIENT 6.330
PERDANA 0.335
PPB 15.800
SEM 1.990
STAR 0.420
YTL 2.640

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