Friday, 11 May 2012

Stocks to Watch Genting Group, Glenealy, Cuscapi, Century Logistics, Dialog

KUALA LUMPUR (May 11): The FBM KLCI may cap a tumultuous week on Friday on a weaker note, as external pressures have kept Asian equities in throughout the week, while European and US markets appeared to trend lower on Thursday as well.

European shares were down around midday in choppy trade on Thursday, as political concerns in Europe and global growth worries weighed on investor sentiment with basic resource stocks under pressure after weak trade data overnight from China, according to Reuters.

Meanwhile, S&P 500 futures were flat on Thursday as investors paused from a recent bout of selling ahead of the latest report on the labor market, it said.

Among the stocks that could be in focus are the Genting stable of companies, Glenealy PLANTATION []s (Malaya) Bhd, CUSCAPI BHD [], CENTURY LOGISTICS HOLDINGS BHD [], and DIALOG GROUP BHD [].

The Genting companies declared their final dividends respectively. GENTING BHD [] declared a final gross dividend of 4.5 sen per share of 10 sen each; Genting Malaysia declared a final gross dividend of 4.8 sen per share of 10 sen each, while Genting Plantations declared a final gross dividend of 5.75 sen per share of 50 sen each.

Glenealy's net profit fell 52.97% to RM10.93 million for its third quarter ended Mar 31, from RM23.24 million a year ago, due to lower production volume and higher production costs. It said on Thursday that its revenue for the quarter decreased 13.19% to RM60.02 million from RM69.14 million a year earlier.

Cuscapi's net profit plunged 70.92% to RM567,000 for its first quarter ended Mar 31, from RM1.95 million a year ago, dragged down by delays in uncompleted projects. In a statement on Bursa Malaysia on Thursday, the group said its revenue fell 21.34% to RM12.13 million from RM15.42 million a year earlier.

Century Logistics's net profit fell 33% to RM4.29 million in its first quarter ended Mar 31, from RM6.44 million a year ago due to start-up losses from its double hull product tanker. The company said it would be paying a seven sen final dividend in respect of the financial year ended Dec 31, 2011 on May 25, bringing the total single-tier dividend in respect of the year 2011 to 12 sen per share.

Dialog's net profit for the third quarter ended March 31, 2012 rose 7.96% to RM41.39 million from RM38.34 million a year earlier, due mainly to higher revenue and increase in Malaysian operations arising from its provision of specialist products and services, engineering and CONSTRUCTION [] activities and fabrication works.

It said on Thursday that revenue for the quarter jumped 39.5% to RM420.04 million from RM301.16 million in 2011, due consolidation of the revenue of the newly acquired fabrication and multi-disciplined engineering company, Fitzroy Engineering Group Ltd, based in New Zealand contributed to the increase in the group's revenue. Dialog declared an interim 1.1 sen single tier cash dividend per share to be paid on June 29.

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