KUALA LUMPUR (Nov 1): MALAYSIA BUILDING SOCIETY BHD [] (MBSB) shares advanced in heavy volume on Tuesday after its earnings jumped more than 130% to RM95.08 million for the third quarter ended Sept 30, 2011.
At 9.14am, MBSM was up one sen to RM1.78 with 3.60 million shares done while the warrants, MBSB-WA added 0.5 sen to 91 sen and the call warrants, MBSB-CA added 0.5 sen to 15.5 sen.
However, the FBM KLCI fell 8.62 points to 1,483.27, as investors took profit after the overnight fall on Wall Street. Turnover was 99.33 million shares valued at RM74.23 million. Decliners beat advancers 209 to 67 while 113 stocks were unchanged.
On Monday, MBSB posted a 134% increase in its earnings to RM95.08 million for the third quarter ended Sept 30, 2011 from RM40.51 million a year ago.
Its revenue increased by 72% to RM372.67 million from RM215.77 million while earnings per share were 10.88 sen compared with 5.79 sen.
OSK Research said MBSB’s annualised earnings trounced both consensus and its full-year forecasts.
“Revenue and net profit soared 78.8% and 81.4% y-o-y respectively, largely underpinned by strong growth in Islamic banking income (+207%) with robust loans growth in personal financing for civil servants, as well as a jump in other income as well (+71.8%).
“Maintain BUY with a new FV of RM2.70 as we roll forward our valuation to FY12 PBV of 2.6x over FY12 BV,” it said.
At 9.14am, MBSM was up one sen to RM1.78 with 3.60 million shares done while the warrants, MBSB-WA added 0.5 sen to 91 sen and the call warrants, MBSB-CA added 0.5 sen to 15.5 sen.
However, the FBM KLCI fell 8.62 points to 1,483.27, as investors took profit after the overnight fall on Wall Street. Turnover was 99.33 million shares valued at RM74.23 million. Decliners beat advancers 209 to 67 while 113 stocks were unchanged.
On Monday, MBSB posted a 134% increase in its earnings to RM95.08 million for the third quarter ended Sept 30, 2011 from RM40.51 million a year ago.
Its revenue increased by 72% to RM372.67 million from RM215.77 million while earnings per share were 10.88 sen compared with 5.79 sen.
OSK Research said MBSB’s annualised earnings trounced both consensus and its full-year forecasts.
“Revenue and net profit soared 78.8% and 81.4% y-o-y respectively, largely underpinned by strong growth in Islamic banking income (+207%) with robust loans growth in personal financing for civil servants, as well as a jump in other income as well (+71.8%).
“Maintain BUY with a new FV of RM2.70 as we roll forward our valuation to FY12 PBV of 2.6x over FY12 BV,” it said.
