KLCI closes lower in tandem with regional markets

KUALA LUMPUR (APRIL 17: The FBM KLCI fell on Monday, in tandem with its regional peers, as investors spooked by re-emerging worries over the European sovereign debt crisis sold down riskier assets.

The FBM KLCI fell 5.6 points to close lower at 1,597.51 on Monday.

Market breadth was negative with 428 losers, 272 gainers whiel 320 counters traded unchanged. Volume was 1.05 billion shares valued at RM 1.26 billion.

Asian shares and the euro fell on Monday as a surge in Spanish government bond yields renewed concerns about Europe's sovereign debt crisis and undermined investor appetite for riskier assets, according to Reuters.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.44% to 20,610.64, Japan’s Nikkei 225 lost 1.74% to 9,470.64, South Korea’s Kospi fell 0.81% to 1,992.63, Taiwan’s Taiex lost 0.75% to 7,729.86 while, Singapore’s Straits Times Index edged up 0.14% to 2,992.12.

Among the decliners on Monday, Dutch Lady fell 42 sen to RM35.16, United PLANTATION []s down 38 sen to RM24.62, The Store fell 24 sen to RM2.25, Aeon 19 sen to RM9.61, Hibiscus 17 sen to RM1.93, Amway 14 sen to RM9.84, Genting, BAT and Shell lost 12 sen each to RM10.92, RM54.68 and RM10.16 respectively.

Ingenuity Solutions was the most actively traded counter with 59.4 million shares done. The stock fell half a sen to 9.5 sen.

Other actives included Ariantec, Naim Indah Corp, Metronic, CSL, AWC, DVM and SuperComNet.

Gainers included Jaya Tiasa, Tasek, Warisan, PMB Tech, Subur Tiasa, Ta Ann, Iterex, Ekovest and Hong Leong Industries.



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KLCI pares down losses at mid-day break

KUALA LUMPUR (APRIL 16): The FBM KLCI pared down some of its losses at the mid-day break on Monday showing some resilience compared to its regional peers, as renewed worries about the euro zone debt crisis took a toll on investor sentiment at global markets.

The FBM KLCI fell 3.35 points to 1,599.77 at the mid-day break. The index had earlier fallen to its intra-morning low of 1,594.63.

Market breadth was weaker, with losers beating gainers by 372 to 198, while 304 counters traded unchanged. Volume was 509.4 million shares valued at RM430.95 million.

The ringgit weakened 0.55% to 3.0741 versus the greenback, crude palm oil futures for the third month delivery slipped RM10 per tonne to RM3,487, crude oil shed 76 cents per barrel to US$102.07, while gold fell US$8.75 an ounce to US$1,649.40.

Asian shares and the euro fell on Monday as a surge in Spanish government bond yields renewed concerns about the euro zone's sovereign debt crisis and undermined investor appetite for riskier assets, according to Reuters.

Spain's government bond yields jumped on Friday and the cost of insuring its debt against default hit an all-time peak as record borrowing by its banks from the European Central Bank highlighted fears about the country's finances.

At the regional markets, Japan’s Nikkei 225 fell 1.4% to 9,502.61, Hong Kong’s Hang Seng Index lost 0.69% to 20,559.00, the Shanghai Composite Index was down 0.22% to 2,353.99, Taiwan’s Taiex lost 0.77% to 7,728.06, South Korea’s Kopsi fell 0.96% to 1,989.55 and singapore’s Straits Times Index edged up 0.03% to 2,988.83.

BIMB Securities Research in a note Monday said traders were now renewing their focus on Spain’s financial position and China’s economic slowdown as the main excuses to sell down equities.

As a result, it said the Dow Jones Industrial Average fell 137 points to below the 13,000 level despite the better than expected batch of earnings from corporate USA.

The research house said European bourses wobbled across the board from Spain’s mounting debts as its 10-year treasury yield jumped to 5.98% (+0.16).

Asian equities fared better as most ended the week higher obviously before the profit takings both in the US and Europe.

“We view China’s decision to expand their trading band for its Yuan as positive showing that its economy is resilient and is able to withstand the vagaries of its currency.

“Locally, the FBM KLCI added a mere 1.85 points to 1,603 signaling that the market may be due for a consolidation and may be expedited from the weaknesses in both the US and Eurozone. We expect the index may severely test the 1,600 mark after which 1,595 would be the next support level,” it said.

ON Bursa Malaysia, Dutch Lady was the top loser and fell 30 sen to RM35.28, Amway and BAT lost 18 sen each to RM9.80 and RM54.62, HLFG doen 10 sen to RM12.34, while, Sungei Bagan, CCK, Shell, Hong Leong bank and Petronas Dagangan fell eight sen each to RM2.90, 91 sen, RM10.20, RM12.48 and RM18.72 respectively.

Ingenuity Solutions was the most actively traded counter with 51.59 million shares done. The stock was down half a sen to 9.5 sen.

Other actives included Naim Indah Corp, AWC, Ariantec, CSL, Sinotop, Hibiscus and Metronic.

Gainers included Jaya Tiasa, Tasek, Ta Ann, Subur Tiasa, BLD PLANTATION []s, Hong Leong Industries and Tradewinds Plantations.



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KLCI gains on European debt sale and China outlook

KUALA LUMPUR (April 13) : Malaysian shares gained on Friday morning in tandem with Asian markets following overnight gains across US equity markets.

Global markets had found support from updates that Italian government bonds had seen better than expected demand, apart from the anticipation of China’s first quarter gross domestic product numbers on Friday. Analysts said overnight gains across US stock markets is expected lend to support to Asian equities.

“Back home, the benchmark FBM KLCI will probably show an extended upward bias following a cumulative two-day gain of 10 points. The immediate resistance barrier for the bellwether is currently seen at 1,610,” HwangDBS Vickers Research Sdn Bhd wrote in a note.

At 10am, the FBM KLCI added 2.12 points to 1,603.39. Across the exchange, some 300 million shares worth RM145 million were traded, leading to 262 gainers versus 122 decliners.

Top gainers JAYA TIASA HOLDINGS BHD [] added three sen to RM9.29 while AMWAY (M) HOLDINGS BHD [] was up 24 sen to RM10.

Decliners SARAWAK OIL PALMS BHD [] fell 27 sen to RM6.61 while TRADEWINDS (M) BHD [] was down 10 sen to RM10.10

Most active was INGENUITY SOLUTIONS BHD [] which added one sen to 10 sen with some 73 million shares done.

Among Asian bourses, Japan’s Nikkei 225 rose 1.64% to 9,680.85 points while Australia’s S&P/ ASX 200 added 1.03% to 4,324.6. South Korea’s Kospi was up 1.2% to 2,010.49.



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KLCI extends loss for second day running

KUALA LUMPUR (APRIL 50): The FBNM KLCI extended its losses for a second day running while most global markets either pared down their losses or reversed earlier retreats on bargain hunting activities.

The FBM KLCI closed 5.83 points lower at 1,593.44, paring down its losses from the earlier intra-day low of 1,591.85.

Losers edged gainers by 352 to 342, while 317 counters traded unchanged. Volume was 1.24 billion share valued at RM1.22 billion.

At the Asian markets, Chinese shares jumped 1.7% the biggest single-day rise since early February led by non-banking financials after Premier Wen Jiabao said the monopoly formed by the country's big banks needed to be broken to get money flowing to cash-starved private firms, according to Reuters.

Hong Kong shares ended a holiday-shortened week weaker on Thursday, dragged by the Chinese financial sector as investors took profit on the final trading day before a four-day holiday weekend and ahead of US jobs data on Friday, it said.

Meanwhile, European shares eked out modest gains on Thursday with investors looking for bargains after three weeks of losses but sentiment remained fragile after lower demand at a Spanish auction rekindled funding concerns for weaker euro zone countries, said Reuters.

At the regional markets, the Shanghai Composite Index rose 1.74% to 2,302.24, South Korea’s Kospi addd 0.50% to 2,028.77 and Singapore’s Straits Times Index xx

Meanwhile, Hong Kong’s Hang Seng Index lost 0.95% to 20,593.00, Japan’s Nikkei fell 0.53% to 9,767.61 and Taiwan’s Taiex fell 1.56% to 7,639.82.

ON Bursa Malaysia, BAT was the top loser and fell 60 sen to RM54.98, GAB lost 20 sen to RM13, Aeon Credit down 15 sen to RM8.74, Milux, F&N and Genting fell 12 sen each to RM1.28, RM18.88 and RM10.96 respectively, MAHB down 11 sen to RM5.76 while Amway fell 10 sen to RM9.80.

Takaful was the top gainer and added 48 sen to RM3.70, Tradewinds PLANTATION []s added 25 sen to RM5.19, Cepco up 24 sen to RM1.79, Tradewinds added 19 sen to RM9.79, Ta Ann 18 sen to RM6.38, Jaya Tiasa 17 sen to RM8.93, Inno 14 sen to RM1.64, Y&G 13 sen to 73 sen, while Shell and Sin Heng Chan added 12 sen each to RM10.30 and RM1.12.

Metronic was the most actively traded counter with 124,92 million shares done. The stock added 2.5 sen to 17,5 sen.

Other actives included Naim Indah Corp, Ariantec, Focus, Carotech, SupertComNet, Ingenuity Solutions, JCY and Key West.



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KLCI snaps four-day winning streak, dips at mid-day break

KUALA LUMPUR (APRIL 4): The FBM KLCI snapped its four –day winning streak and retreated at the mid-day break on Wednesday, in line with the generally weaker sentiment at key regional markets following the overnight dip at Wall Street.

Asian shares fell on Wednesday after the minutes from the U.S. Federal Reserve's March meeting suggested the bank was less inclined to take further stimulus measures, leaving investors looking for more clues to the global growth outlook, according to Reuters

Fed policymakers remained focused on a still elevated jobless rate while noting signs of slightly stronger growth, but the minutes suggested the appetite for further quantitative easing, so-called QE3 has waned significantly in light of an improving U.S. economy, it said.

At the mid-day break, the FBM KLCI was down 5.78 points to 1,600.85, weighed by losses at select blue chips.

Market breadth turned negative with losers leading gainers by 369 to 199, while 315 counters traded unchanged. Volume was 571.84 million shares valued at RM399.87 million.

The ringgit weakend 0.45% to 3.0613 versus the US dollar; crude palm oil futures for the third month delivery rose RM31 per tonne to RM3,530, crude oil shed 32 cents per barrel to US$103.69 whiel gold fell US$1.82 an ounce to US$1,644.30.

At the regional markets, Japan's Nikkei share average abruptly broke below 10,000 to hit a four-week low on Wednesday, after stop-losses were triggered on index futures, raising concerns that Tokyo's strong equities rally so far this year was coming to a halt.

The Nikkei 225 fell 1.59% to 9,890.65, Hong Kong’s Hang Seng index lost 1.31% to 20,790.90, Taiwan’s Taiex and South Korea’s Kospi fell 1.3% each respectively to 7,760.85 and 2,022.54 respectively, Singapore’s Straits Times Index shed 0.38% to 3,003.16 while the Shangai Composite Index edged up 0.47% to 2,262.79 .

BIMB Securities Research in a note Wednesday said that traders I the US resorted to profit on Tuesday taking amid signs that additional stimulus were diminishing from the Feds latest signal.

As such, the Dow Jones Industrial Average dipped 65 points to just below the 13,200 level.

We find this odd as we interpret this as positive and that the US economy is on auto pilot without the requirement of more financial steroids.

Regionally, Asian markets were slightly higher across the board except for Taiwan being hit hard from rumours that capital gains tax may be imposed on stock trades.

Meanwhile, the FBM KLCI continued with its uptrend with another record high via another 2.9 point gain to close at almost 1,607.

Nonetheless, we noticed that investors are becoming wary of the local bourse’s recent uptrend and believe a correction would emerge anytime soon.

“Foreign funds had again flowed into the market with another net positive of RM203 million yesterday.”

“Despite the foreign buying, we reckon the index may see some retracement today albeit marginally,” it said.

On Bursa Malaysia, Shell was the top loser in the morning session and fell 14 sen to RM10.14, PPB lost 12 sen to RM16.58, Litrak, Carlsberg and AFG fell 10 sen each to RM3.94, RM10.70 and RM3.86 respectively, Sop and Amway lost nine sen each to RM6.85 and RM9.80, Inno down eight sen to RM1.42, while MMHE and RHB Capital fell seven sen each to RM3.39 and RM7.70.

Among the gainers, Milux added 15 sen to RM1.40, Tradewinds and malPac up 10 sen each to RM9.64 and RM1.59, Tradewinds PLANTATION []s seven sen to RN4.92, Ewein and MBM Resources up six sen each to 84 sen and RM4.8, whiel Quality Concrete, Fiamma and NSOP added five sen each to RM1.29, RM1.15 and RM6.15 respectively.



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KLCI pares down gains at mid-day

KUALA LUMPUR (March 27): the FBM KLCI pared down some of its gains at the mid-day break on Tuesday while key regional markets mostly rebounded on the back of the firmer overnight close at Wall Street.

Asian stocks rebounded on Tuesday and the dollar struggled after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement, according to Reuters.

Wall Street stocks had risen more than 1 percent on Bernanke's comments, which supported views that easy monetary policy would remain in place for some time and fanned expectations for more asset purchases by the U.S. central bank, it said.

The FBM KLCI was up 5.20 points to 1,588.18 at the mid-day break, lifted by gains at select blue chips. The index had earlier risen to its intra-morning high of 1,591.03.

Losers edged gainers by 334 to 311, while 333 counters traded unchanged. Volume was 1.09 billion shares valued at RM726.26 million.

The ringgit strengthened 0.33% to 3.0697 versus the US dollar; crude palm oil futures for the third month delivery rose RM3 per tonne to RM3,462, crude oil fell 28 cents par e barrel to US$106.75 and gold lost US$3.15 an ounce to US$1,686.93.

At the regional markets, Japan’s Nikkei 225 rose 1.56% to 10,174.10, Hong Kong’s Hang Seng Index gained 1.37% to 20,951.20, the Shanghai Composite Index edged up 0.20% to 2,355.29, Taiwan’s Taiex was up 0.42% to 8,001.40, South Korea’s Kospi rose 0.60% to 2,031.27 and Singapore’s Straits Times Index added 0.85% to 2,999.72.

On Bursa Malaysia, Dutch Lady rose 60 sen to RM32, F&N was up 28 sen to RM18.54, Petronas Dagangan gained 24 sen to RM18.72, HLFG 18 sen to RM12.30, Genting PLANTATION []s 16 sen to RM9.41, MPI 15 sen to RM3.28, Petronas Gas and KLK up 14 sen each to RM16.88 and RM24, Amway 11 sen to RM9.81 and Ekovest 10 sen to RM2.70.

Metronic was the most actively traded counter with 152.12 million shares done. The stock rose 2.5 sen to 23 sen.

Other actives included Ariantec, Supercomnet, Frontken, Oversea Enterprise, Focus, TMS, Edusopec and Flonic.

Decliners this morning included Nestle, Supercomnet, SMPC, NISC, Top Glove, Favelle Favco, Allianz, AirAsia and Kossan.



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Stocks to watch Subur Tiasa, Amway, Poh Kong, Genetec , Perak Corp, Kein Hing

KUALA LUMPUR (March 24): The FBM KLCI is expected to trend higher in the weekbegining March 26, supported by local market defensiveness election hyped trading sentiment and bullish quartr-end window dressing.

World stocks rebounded on Friday, lifted by shares in energy and basic materials, as concerns about global growth were set aside by investors who saw further gains in this year's rally, according to Reuters.

Meanwhil, US stocks rose in light volume on Friday, boosted by rising energy and basic materials shares, and the S&P 500 continued to show resilience even as it posted its second negative week so far this year, it said.

Affin Investment Bank vice president and head of retail research Dr Nazri Khan said that despite the global weakness on negative manufacturing data from China, French and Germany, he expects the FBMKLCI to trend moderately higher next week, supported by local market defensiveness; election hyped trading sentiment and bullish quarter-end window dressing.

“We note that although most global indices trended lower late last week, the local benchmark closed higher and managed to stay resilient (KLCI up 0.6%, FTSE All World down 0.8% w-o-w) despite negative ideas of China economic contraction and rising recession concerns in the Europe.

“We believe such ideas are not new as market may have factored in eurozone recession and China slow down since late last year,” he said.

Nazri said that the overall feel was that the global market had rallied a long way and was now overbought –he said the FTSE All-World index sits less than 2% below last week’s near eight-month peak, when it had surged almost 13% year to date – hence it needs a breather to neutralize its overboughtness as well as new positive catalysts to propel it higher.

He said cheap liquidity would be the biggest catalyst in the near term, including Ben Bernanke‘s Fed promises to keep interest rates low until 2014 and the ECB decision to lend over $1 trillion (at 1% rates for a three year duration) to under-capitalized European banks will be the primary cushion for the market against unexpected distribution.

“Despite rising inflation risk due to higher oil price, there are rumours that several central banks such as Bank Of England, Swiss National Bank and Bank of Canada and even Bank Of India to play catch up with Fed and ECB (in pumping liquidity) which we think will be supportive for the local market,” he said.

As for the local front, we expect the quarterly portfolio rebalancing as the most important bullish drivers with a combination of premium investors, high end retail and institutional making large bets ahead of the anticipated stronger second half (which include the upcoming mega IPO such as Felda and anticipated election in the second quarter).

The fact that the local benchmark index has already inched up 3% year-to-date and 18% since the September 2011 low is a testimony of the local market defensiveness (in terms of shallower correction, low beta due to slim MSCI weightage, low foreign shareholding and resilient domestic earning driver) especially during global volatility.

“Further, we see most regional bourses have successfully breached the pre-Lehman crisis’ high (Jakarta Composite Index, Philippines Composite Index and Thailand SET Index at three year high) which in turn can be supportive momentum for FBM KLCI.

“On the technical front, momentum studies continue to trend higher despite entering overbought levels, suggesting more positive bias. Uptrend so far remains intact with FBMKLCI still holding above the 20, 50 and 200 moving average near 1,580-1,565 support level. The next area of resistance are pegged at 1,590 and 1,600 while support should come at 1,580 and 1,565 levels,” he said.

Among the stocks that could be in focus are SUBUR TIASA HOLDINGS BHD [], AMWAY (M) HOLDINGS BHD [], POH KONG HOLDINGS BHD [], Genetec TECHNOLOGY [] Bhd, Perak Corp Bhd, KEIN HING INTERNATIONAL BHD [].

Subur Tiasa’s earnings rose 10.5% to RM6 million in the second quarter ended Jan 31, 2012 from RM5.43 million a year ago, boosted by the stronger manufacturing sector.

Kenanga Investment Bank Bhd has initiated coverage on Amway with an “outperform” call and target price of RM10.94.

Poh Kong said the jeweler has fully settled its outstanding debt under a RM200 million Islamic bond scheme. The stock was down 0.5 sen to 56 sen.

Genetec, a contract manufacturer of industrial equipment, has secured RM27.9 million worth of jobs, of which, orders from the hard disk drive sector account for 90% or RM25 million of the total amount.

Meanwhile, Perak Corp is collaborating with Sanderson Project Development (M) Sdn Bhd to develop and operate an animation theme park in Ipoh. The project includes hotel and high-rise residential portions. Shares of Perak Corp fell one sen to RM1.39 on Friday.

Finally, industrial component assembler Kein Hing reported a net loss of RM292,000 in the third quarter ended Jan 31, 2012 from a net profit of RM1.55 million a year earlier as revenue was down 8% to RM37.99 million. Kein Hing closed unchanged at 51 sen last Friday.



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KL shares higher at mid-morning

Share prices on Bursa Malaysia continued its uptrend mid-morning with gains noted in banking, plantation and telco heavyweight counters, dealers said.

As at 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.54 points higher at 1,560.69, inline with the positive movement in other regional stocks.

The Finance Index gained 45.37 points to 13,908.84, the Plantation Index added 7.08 points to 8,828.37 and the Industrial Index earned 5.99 points to 2,908.10.

The FBM Emas Index increased 26.47 points to 10,853.33, the FBM Mid 70 Index rose 36.22 points to 12,367.77 and the FBM Ace Index perked 39.32 points to 4,737.10.

However, losers led gainers 361 to 253 with 313 counters unchanged. Turnover stood at 685.632 million shares worth RM406.375 million.

Actives, Aeon advanced 38 sen to RM8.08, Oriental and Amway was up 25 sen each to RM5.60 and RM9.95, respectively, while Jaya Tiasa added 17 sen to RM7.60.

Among heavyweights, Maybank and Sime Darby rose four sen each to RM8.60 and RM9.63, respectively, Petronas Chemicals gained 10 sen to RM6.98, CIMB edged up two sen to RM7.30 and Maxis earned six sen to RM5.81. -- Bernama



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Tenaga, Sime, banks drag KLCI into the red as Greece woes persist

KUALA LUMPUR (Feb 16): Selling of Tenaga, Sime Darby and banking stocks dragged the FBM KLCI into the red at midday on Thursday, as investors turned cautious over the delay in the bailout for Greece.

At 12.30pm, the FBM KLCI fell 11.39 points or 0.73% to 1,549.91. Turnover was 1.16 billion shares valued at RM802.26 million. The broader market was weaker with 590 losers to 164 gainers and 285 stocks unchanged.

Reuters reported that another delay in cementing a crucial bailout for stricken Greece underscored how far Europe is from resolving a debt crisis that threatens the stability of the financial system.

A three-hour teleconference between euro zone finance ministers failed to resolve all the issues surrounding a second aid package for Athens, putting off any decision on the matter until Monday at the earliest.

Among the regional markets, Japan’s Nikkei 225 fell 1.4% to 9,258.94, Hong Kong’s Hang Seng Index 0.6% to 21,235.90, Shanghai’s Composite Index 0.18% to 2,362.46 while Taiwan’s Taiex lost 1.19% to 7,910.24 and South Korea’s Kospi 1.12% to 2,002.73. Singapore’s Straits Times shed 0.6% to 2,993.56.

The ringgit weakened against the US dollar to the lowest since Jan 31 at 3.0565 to the greenback. US light crude oil fell 28 cents to US$101.52.

Among the index-linked stocks, Tenaga fell 12 sen to RM6.01, dragging the KLCI down 1.54 points, Sime Darby 9.0 sen to RM9.52, pushing the index down by another 1.28 points.

Hong Leong Bank 14 sen to RM11.48, Public Bank fell 10 sen to RM13.66, CIMB six sen to RM7.24 and Maybank two sen to RM8.51.

Crude palm oil for third month futures fell RM19 to RM3,182 per tonne, which also weighed on PLANTATION []s, with KLK down 52 sen to RM24.86.

Petronas Dagangan lost 38 sen to RM17.84, Petronas Gas 34 sen to RM16.30 and MMHE 12 sen to RM5.45.

Naim Indah regained its footing to climb seven sen to 59 sen and it was the most active with 116.77 million shares done.

Dialog-WA jumped for the second day after it was listed, surging 30 sen to 64.5 sen. Cypark added seven sen to RM1.70. The company expects its solar farming segment to be the main contributor to its profit when its 80ha integrated renewable energy plant becomes operational next month.

Amway’s strong earnings and dividend plan sent the share price up 11 sen to RM9.91.



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Stocks to watch: Amway, Prestariang, Can-One, Mulpha Intl

KUALA LUMPUR (Feb 15): Stocks on Bursa Malaysia could see cautious trade after the FBM KLCI snapped its two-days of gains despite the firmer broader market.

However, lending support could come from the better-than-expected economic numbers where the fourth quarter 2011 GDP expanded at 5.2%. Economists had expected the 4Q2011 GDP to have expanded 4.5% on-year, driven by upbeat domestic demand.

Among the stocks to watch are Amway (Malaysia) Holdings Bhd, Prestariang Bhd, CAN-ONE BHD [] and Mulpha International following the latest corporate developments.

Amway’s net profit for the fourth quarter ended Dec 31, 2011 rose 36.1% to RM24.93 million from RM18.31 million a year earlier, due mainly to improved gross margin arising from the lower cost of products and lower operating expense.

Amway declared a fourth interim single tier dividend of nine sen net per share for the financial year ended Dec 31, 2011, to be paid on March 30, 2012. The company was adopting a dividend payout ratio of no less than 80% of the company’s current year net earnings from the financial year 2012.

For the financial year ended Dec 31, Amway’s net profit was up 14.9% to RM89.99 million from RM78.32 million in 2010, while revenue rose to RM735.81 million from RM719.41 million.

Prestariang posted net profit of RM10.55 million in the fourth quarter ended Dec 31, 2011, underpinned by strong demand for its information communications TECHNOLOGY [] (ICT) training. Its revenue was RM32.63 million. Its earnings per share were 4.80 sen. It proposed a final single-tier dividend of 4.0 sen per share.

For the financial year ended Dec 31, 2011, it reported net profit of RM33.61 million on the back of RM111.75 million in revenue.

The legal tussle between Can-One Bhd and Kian Joo Holdings Sdn Bhd resumed. The former managing director of KIAN JOO CAN FACTORY BHD [] (KJCF) Datuk See Teow Chuan and 13 others have filed an application seeking the review of the Federal Court ruling that gave the nod for Can-One to buy the 32.9 pct stake of KJCF.

Mulpha expects to record a one-off gain of about RM57.35 million from the sale of its 75% stake in Hong Kong listed Manta Holdings Company Ltd for HK$285 million (RM111.15 million).

Mulpha said its unit Jumbo Hill Group Ltd had on Tuesday entered into a sale and purchase agreement with Eagle Legend International Holdings Ltd to dispose of the stake, comprising of 150 million shares, at HK$1.90 a share.

Meanwhile, DENKO INDUSTRIAL CORPORATION [] Bhd saw Green Power Resources Ltd increasing its stake in the company. Green Power, which is based in Singapore, acquired 9.0 million shares in Denko on Feb 9 and increased its shareholding to 13.14% or 13.72 million shares. The shares were disposed of by Yong Boon Cheong at 30 sen each.

GD EXPRESS CARRIER BHD []'s net profit for the second quarter ended Dec 31, 2011 rose 30% to RM2.11 million from RM1.62 million a year earlier, due mainly to growth in customer base and increase in business from existing customers.



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Amway 4Q net profit rises 36% to RM24.93m

KUALA LUMPUR (Feb 15): Amway (Malaysia) Holdings Bhd net profit for the fourth quarter ended Dec 31, 2011 rose 36.1% to RM24.93 million from RM18.31 million a year earlier, due mainly to improved gross margin arising from the lower cost of products and lower operating expense.

Revenue for the quarter dipped marginally to RM182.37 million from RM184.10 million in 2010. Earnings per share rose to 15.15 sen from 11.14 sen in 2010, while net assets per share was RM1.17.

Amway declared a fourth interim single tier dividend of nine sen net per share for the financial year ended Dec 31, 2011, to be paid on March 30, 2012.

The company also announced that it was adopting a dividend payout ratio of no less than 80% of the company’s current year net earnings from the financial year 2012.

For the financial year ended Dec 31, Amway’s net profit was up 14.9% to RM89.99 million from RM78.32 million in 2010, while revenue rose to RM735.81 million from RM719.41 million.

Reviewing its performance, Amway said on Wednesday that its sales revenue recorded an increase of 2.3% for the year ended Dec 31, 2011due to aggressive sales and marketing programs to stimulate demand in support of Amway distributors’ retailing and sponsoring activities.

On its outlook, Amway said it expects to achieve single digit growth in sales revenue for the financial year in 2012 due to the continuous uncertainty in global economic outlook.

It said that the outlook was realistic based on current market conditions and currently available information.

“The target will be reviewed periodically by the board of directors and any subsequent changes will be conveyed to the market in accordance with Bursa Malaysia Securities Berhad Main Market Listing Requirements.

“The above is internal management target and is not an estimate, forecast or projection. In addition, this internal target has not been reviewed by our external auditors,” it said.

On its dividend policy, Amway said it would maintain the payout ratio of 80% subject to, amongst others, cash and distributable reserves available for the dividend payout.

“The board will reassess this dividend policy on an ongoing basis to ensure efficient distribution of dividends to shareholders and to ensure that the company’s dividend payment will continue to reflect the group’s underlying financial performance.

“Shareholders should note that this dividend policy describes the company’s present intention and shall not constitute legally binding obligations with respect to the company’s dividends which may be subject to modifications at the board’s discretion,” it said.



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Amway expected to maintain dividends

InsiderAsia has highlighted several defensive investment ideas over the past few weeks. In view of the prevailing global uncertainties, we believe that many investors will remain cautious pending greater clarity. As such, today we take a look at another cash-rich company offering attractive yields.

Amway (M) Holdings Bhd’s shares fared quite well last year, gaining almost 20% (including dividends) against the FBM KLCI’s 0.8% advance. Persistent uncertainties for the broader market may continue to provide support to its share price. Having said that, expectations for more challenging operating conditions in 2012 may limit gains. Still, investors can count on the stock to continue giving higher than market average dividend yields.

Sitting on surplus cash
Amway has net cash totalling some RM185.1 million as at end-September 2011. This will be pared to an estimated RM140 million or so by end-2011, after taking into account the payment of a third interim and special dividends totalling 39 sen per share in December 2011.

We expect the company to declare a final dividend of nine sen per share next month, which would bring total dividends for last year to 66 sen per share, the same as 2010. The total dividend distribution would be equivalent to about 128% of our estimated net profit for 2011.

The company reported a good set of results for 3QFY11. Turnover was up 10.5% year-on-year (y-o-y) to RM211.5 million, bolstered by more aggressive sales and marketing programmes. Net profit grew an outsized 19.8% y-o-y to RM25.8 million. On top of higher sales, margins were lifted by a stronger ringgit during the quarter. Earnings for the first nine months of the year totalled RM65.1 million, up 8.5% from the previous corresponding period.



We do, however, expect earnings to pare back in the last quarter compared with 3QFY11. This is due in part to the recent strengthening of the greenback. For the full-year, we estimate net profit totalling roughly RM84.5 million, up 7.9% from RM78.3 million in 2010. We are also cautious on the earnings outlook for this year.

Possible pressure on margins
While consumer spending has stayed fairly robust through the global financial crisis and subsequent recovery, there are still many uncertainties that could dampen future consumption.

On a positive note, we expect Amway’s sales to stay relatively resilient taking into account its distributor base of 221,000 people and wide product range. Its current range of consumer goods includes personal care, nutrition and wellness, skin care, home tech and home care products, totalling over 250 items.

There are plans to launch several new products this year. The company is also expected to roll out incentive programmes and product promotions through the year to drive demand.

As at end-2011, the company has 16 Amway shops that are aimed at boosting its physical presence in key locations. The higher visibility will act as a platform to attract more people to join its ranks. Additionally, they provide greater convenience and easier access for existing distributors.

To support longer-term growth, Amway is targeting younger distributor recruits (age 35 and below) as well as enhancing its presence in the still comparatively untapped Malay market to widen its addressable customer base.

On balance, we expect the company will continue to register low single-digit sales growth this year. A weaker ringgit against the US dollar, however, will hurt margins as the bulk of Amway’s products are imported. It is also likely that prices for products sourced from its US-based parent company will be slightly higher after the annual review. In view of the prevailing uncertainties, Amway has no plans at present to raise selling prices to consumers.

Net yield estimated at 7%
We forecast net profit will decline by about 6% to RM79.4 million on the back of narrower margins despite expectations for better sales. This is assuming the ringgit-US dollar exchange rate remains around current levels. Nevertheless, we do believe that the company will maintain its dividends in 2012 based on its surplus cash position.

With cash, and zero borrowing, on its balance sheet and no major capital expansion plans for the foreseeable future, Amway would be inclined to distribute surplus cash back to shareholders.

Following the completion of the new RM100 million Amway headquarters in Petaling Jaya, with the bulk of capital expenditure (capex) in 2008/09, capex is expected to be minimal in the next few years. Plans to convert all nine existing regional distribution centres into Amway shops are estimated to cost less than RM5 million or so in total over 2012 to 2014.

With surplus cash and minimal capex, Amway is well able to maintain its current level of dividend payout. Assuming dividends remain at 66 sen per share, shareholders will earn an attractive net yield of 7% at the prevailing price of RM9.48.

Looking slightly further ahead, we forecast earnings will improve in 2013, on the back of continued top line growth and assumption of a selling price hike, after holding prices in 2011/12. Net profit is estimated to rise to RM85.2 million. Based on our earnings forecast, the stock appears fairly valued at a forward price-earnings ratio of 19.6 times, which will drop to about 18.3 times in 2013.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, January 11, 2012.



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Market shrugs off Anwar verdict, more focused on external issues

KUALA LUMPUR (Jan 9): Investors at the local market appear to be more concerned with external issues affecting investments rather than local issues, as the FBM KLCI reacted in a muted manner to the verdict in the Datuk Seri Anwar Ibrahim’s sodomy trial on Monday.

The current Opposition leader and former deputy prime minister was acquitted after trial judge Datuk Mohamad Zabidin Mohd said the court could not with 100% certainty ascertain the integrity of the container (holding the DNA evidence) was not compromised.

The FBM KLCI rose 1.90 points to 1,516.03 at the mid-day break.

Gainers led losers by 373 to 233, while 286 counters traded unchanged. Volume was 856.14 million shares valued at RM699.96 million.

The ringgit weakened 0.30% to 3.1608 versus the US dollar; crude palm oil futures fell RM15 per tonne to RM3,189, crude oil was down 49 cents per barrel to US$101.07 while gold lost US$8.85 an ounce to US$1,609.10.

Regional markets were mixed ahead of a German and French leaders’ meeting on Monday to discuss ways to boost growth in euro zone states struggling to overcome the sovereign debt crisis and rising unemployment, and finalise a deal to increase fiscal coordination within the currency union, according to Reuters.

Chancellor Angela Merkel and President Nicolas Sarkozy, aiming to align the two powerhouse partners that have driven European integration, will also focus on how to boost employment in the current era of austerity, it said.

At the regional markets, the Shanghai Composite Index reversed earlier losses and jumped 1.44% to 2,194.57.

Meanwhile, Hong Kong’s Hang Seng Index pared down its losses and fell 0.92% to 18,422.23, Singapore’s Straits Times Index was down 0.84% to 2,692.82, Taiwan’s Taiex shed 0.66% to 7,073.34 while South Korea’s Kospi fell 1.31% to 1,818.99.

Japan stock markets are closed for a national holiday.

On Bursa Malaysia, Dutch Lady was the top gainer this morning and was up 80 sen to RM26; Harvest Court added 32 sen to RM1.40, Batu Kawan gained 28 sen to RM18.76, Sui Wah and Amway 19 sen each to RM1.65 and RM9.47, Petronas Gas and Proton rose 19 sen each to RM14.98 and RM5.17, F&N 16 sen to RM18.66 and Can-One 15 sen to RM1.74.

KHSB was the most actively traded counter with 70.6 million shares done. The stock added 10.5 sen to 47 sen.

Other actives included Nextnation, Proton, Takaso, DRB-Hicom, JCY and XDL.

Meanwhile, decliners included Nestle, Lafarge Malayan Cement, Allianz, Kian Joo, Genting, Tahps, Southern Acids, Boxpak and Ta Ann.



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KLCI higher at mid-morning, but gains likely limited; Proton in focus

KUALA LUMPUR (Dec 5): The FBM KLCI remained in positive territory at mid-morning on Monday but gains would likely be capped as global investor sentiment remained cautious with the eurozone debt crisis situation still remaining a worrying factor.

Asian shares and the euro firmed on Monday on hopes European leaders would agree on a definitive rescue plan to solve the euro zone's debt crisis at a crucial summit this week, with sentiment getting a lift from Italy unveiling austerity steps, according to Reuters.

But investors were expected to tread cautiously and cap the markets' upside ahead of an eventful week, which also includes the European Central Bank's last monetary policy meeting for the year on Thursday, with an expectation for a rate cut, it said.

The FBM KLCI was up 1.66 points to 1,490.68 at 10am.

Gainers led losers by 213 to 169 while 206 counters traded unchanged. Volume was 478.86 million shares valued at RM206.81 million.

At the regional markets, Japan’s Nikkei edged up 0.41% to 8,679.34.

Elsewhere, the Shanghai Composite Index fell 1.03% to 2,336.38, Taiwan’s Taiex lost 0.95% to 7,073.13, Singapore’s Straits Times was down 0.71% to 2,753.80, Hong Kong’s Hap Seng fell 0.28% to 18,986.59 and South Korea’s Kospi shed 0.11% to 1,913.87.

Maybank Investment Bank Bhd Research in a market strategy report on Monday said 3Q11 results reporting saw more misses than hits with major dismals from the aviation, CONSTRUCTION [] and building material sectors.

The research house said it now looked towards a 9.3% growth in 2011 core earnings for the KLCI, 7.7% in 2012 and 7.9% in 2013.

“We continue to peg the market to 13.3 times one-year forward earnings deriving an unchanged 2012 YE KLCI target of 1,500 pts.

“We expect volatility in global equities to persist into 2012 while traction on ETP implementation and an early general election will keep the market bouyant. We stay defensive,” said the research house.

On Bursa Malaysia, Proton shares were actively traded on Monday and rose after the Edge weekly reported that state investment arm Khazanah Nasional Bhd was likely to ask for proposals from interested parties for its stake in the carmaker.

Proton rose 59 sen to RM4.20 with 6.4 million shares traded.

Among the other gainers, Nestle added 60 sen to RM53.20, United PLANTATION []s 48 sen to RM18.58, BAT 44 sen to RM47.54, Tradewinds Plantations 16 sen to RM4.33, Fima Corp and Toyo Ink 15 sen each to RM5.80 and RM1.75, while Amway and Kretam added 14 sen each to RM9.10 and RM2.50.

The decliners included Batu Kawan, IJM Corp, Litrak, Parkson, Perak Corp, Carlsberg, Petronas Gas and Sime Darby.

Meanwhile, the actives included Proton, Compugates, DPS Resources, Sanichi and SYF Resources.



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KLCI edges up as regional markets reverse losses

KUALA LUMPUR (Dec 2): The FBM KLCI closed in positive territory on Friday as some key regional markets reversed their earlier losses, but gains at the local market remained muted as investor sentiment stayed cautious.

World stocks extended gains on Friday and looked set for the biggest weekly rise since mid-2009 thanks to coordinated central bank action that cut the cost of money market funds, according to Reuters.

There were also widespread investor hopes that a key European summit next week could finally yield a concrete solution to the euro debt crisis, it said.

The FBM KLCI rose 3.76 points to close at 1,489.02, lifted by gains at select blue chips.

Gainers edged losers by 386 to 356, while 298 counters traded unchanged. Volume was 1.71 billion shares valued at RM1.36 billion.

At the regional markets, Japan’s Nikkei 225 rose 0.54% to 8,643.75, Hong Kong’s Hang Seng Index was up 0.20% to 19,040.39 and Singapore’s Straits Times Index added 0.42% to 2,773.36.

Meanwhile, the Shanghai Composite Index fell 1.1% to 2,360.66. Taiwan’s Taiex lost 0.53% to 7,140.68 and South Korea’s Kospi shed 0.01% to 1,916.04.

On Bursa Malaysia, Petronas Dagangan and Petronas Gas added 68 sen each to RM17.30 and RM14; Proton was up 51 sen to RM3.61, Nestle and Dutch Lady 40 sen each to RM52.60 and RM24.80, Tradewinds PLANTATION []s 25 sen to RM4.17, Panasonic 22 sen to RM19.96, Parkson 19 sen to RM5.84 and TDM 18 sen to RM3.80.

Among the decliners, BAT fell RM1 to RM47.10, PPB down 20 sen to RM16.38, Amway 14 sen to RM8.96, Malaysia Smelting Corp 11 sen to RM4.01, while SHL, United Plantations, NSOP and Tradewinds fell 10 sen each to RM1.15, RM18.10, RM5.68 and RM9.90 respectively.

The actives included DPS Resources shares and warrants, Sanichi, SYF Resources and MUI Industries.



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KLCI closes lower, blue chips weigh

KUALA LUMPUR (Nov 17): The FBM KLCI extended its losses on Thursday, Nov 17 as external uncertainties weighed on investor sentiment at most key regional markets, although some of the Asian markets rose slightly on bargain hunting.

Meanwhile, European shares fell early on Thursday, tracking Wall Street lower, after ratings agency Fitch warned that the outlook for U.S. banks could deteriorate if the euro zone sovereign debt crisis is not resolved soon, according to Reuters.

The FBM KLCI fell 11.37 points to close at 1,465.47.

Losers edged gainers by 378 to 344, while 288 counters traded unchanged. Volume was 1.59 billion shares valued at RM1.17 billion.

At the regional markets, Hong Kong’s Hang Seng Index fell 0.76% to 18,817.47, the Shanghai Composite Index lost 0.16% to 2,463.05 and Singapore’s Straits Times Index fell 1.04% to 2,778.25.

Meanwhile, South Korea’s Kospi rose 1.11% to 1,876.67, Japan’s Nikkei 225 added 0.91% to 8,479.63 and Taiwan’s Taiex was flat at 7,387.81.

On Bursa Malaysia, BAT was the top loser and fell 70 sen to RM46.30; Harvest Court shares fell 45 sen to RM1.04 while its warrants lost 38 sen to 89 sen, Proton down 21 sen to RM3.32, Genting 20 sen to RM10.68, CIMB 19 sen to RM6.87, IOI Corp 14 sen to RM5.09, Magni 13 sen to RM1.15, AirAsia 11 sen to RM3.80 while MISC fell 10 sen to RM6.69.

Compugates was the most actively traded counter with 63.8 million shares done. The stock was unchanged at 8 sen.

Other actives included Sumatec, DPS Resources, Malton shares and warrants, Frontken and Hibiscus warrants.

Among the gainers, Amway and Nestle rose 28 sen each to RM9.32 and RM49.50, Panasonic 26 sen to RM19.76, Dutch Lady 20 sen to RM22.70, DKSH 16 sen to RM2.20, Petrol One 11 sen to RM1.15, Metrod 10 sen to RM1.95, while BLD PLANTATION []s and Jaya Tiasa rose eight sen each to RM6.80 and RM6.40.



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KLCI extends losses as Asian markets stay jittery

KUALA LUMPUR (Nov 17): The FBM KLCI extended its losses at mid-morning on Thursday, Nov 17 in line with the weaker key regional markets following the overnight plunge at Wall Street as US stocks fell on fears of a contagion from eurozone crisis.

Asian shares and the euro fell further on Thursday as doubts deepened about Europe's ability to stop its sovereign debt crisis from spinning out of control, with the region's biggest nations split over the European Central Bank's bond buying role, according to Reuters.

The focus of concern is shifting to difficulties in securing funds from money markets, where strains are intensifying due to rising government borrowing costs that have made financial institutions reluctant to buy sovereign bonds and lend to each other for fear of counterparty exposure to euro zone debts, it said.

The FBM KLCI fell 6.05 points to 1,470.79 at 10am.

Losers led gainers by 250 to 122, while 201 counters traded unchanged. Volume was 316.5 million shares valued at RM156.42 million.

At the regional markets, Hong Kong’s Hang Seng Index lost 1.28% to 18,718.55, Singapore’s Straits Times Index fell 0.87% to 2,783.02, Taiwan’s Taiex was down 0.56% to 7,346.12, Japan’s Nikkei 225 fell 0.17% to 8,448.74 and South Korea’s Kospi shed 0.06% to 1,854.97.

Meanwhile, the Shanghai Composite Index edged up 0.29% to 2,474.08.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients said that due to US markets’ very poor tone last night, there could be another downward day for the local index.

He advised investors to trade with a short-term time frame locally.

“It is unwise to join the recent penny stock activity (eg Harvest with its suspension, designation and limit-down and SYF with its large cumulative 2 days’ price and percentage drop) as these stocks do not have any fundamentals and the companies are loss-making.

“Sell these stocks swiftly if their trends turn down violently,” he said.

On Bursa Malaysia, BAT fell 46 sen to RM46.54, Harvest Court lost 44 sen to RM1.05, MISC 12 aen to RM6.67, AIRB and Petronas Gas fell 10 sen each to RM1.49 and RM13.24, CIMB nine sen to RM6.97, HDBS seven sen to RM2.28 and Genting PLANTATION []s was down six sen to RM7.91.

Among the gainers, Kretam and Nestle added 28 sen each to RM2.50 and RM49.50, Amway 17 sen to RM9.21, Ekovest and TDM nine sen each to RM2.67 and RM3.37, Can-One and MAHB seven sen each to RM1.02 and RM6.19, KLK six sen to RM21.12, Kenanga 5.5 sen to 72 sen and REC Capital five sen to 51.5 sen.

Compugates was the most actively traded counter with 19.4 million shares done. The stock was unchanged at 8 sen.

Other actives included TMC Life, Tricubes, YGL, Sumatec, Asia EP, REC Capital and DPS Resources.



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Amway (M) gains on higher Q3 net income

Amway (Malaysia) Holdings Bhd, a direct sales company, advanced to the highest level in more than three months in Kuala Lumpur trading after its third-quarter net income rose 20 percent to RM25.8 million.

The stock gained 3.4 percent to RM9.35 at 9:07 a.m. local time, set for the highest close since Aug. 5. -- Bloomberg



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Amway advances in early trade on firm 3Q earnings

KUALA LUMPUR (Nov 17): Amway (Malaysia) Holding Bhd shares advanced in early trade on Thursday, Nov 17 after its net profit rose 19.8% to RM25.77 million in the third quarter ended Sept 30, 2011 from RM21.51 million a year ago as it benefited from higher sales and improved gross margins due to the favourable foreign exchange impact.

At 9.10am, Amway rose 31 sen to RM9.35 with 12,900 shares traded.

Its revenue rose at a slower pace of 5.4% to RM211.52 million from RM191.50 million while earnings per share were 15.68 sen compared with 13.08 sen.

Amway declared a third interim single tier dividend of 9.0 sen net per share and special interim single tier dividend of 30.0 sen net per share for the financial year ending Dec 31, 2011.



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Stocks to watch: Dialog, Malton, Tanjung Offshore, AMMB

KUALA LUMPUR (Nov 17): Stocks which could see trading interest on Thursday include DIALOG GROUP BHD [], MALTON BHD [], TANJUNG OFFSHORE BHD [], AMMB HOLDINGS BHD [], Amway (Malaysia) Holdings Bhd and ALLIANCE FINANCIAL GROUP BHD [] (AFG) following the release of their financial results for the quarter ended Sept 30.

Dialog posted net profit of RM44.54 million in the first quarter ended Sept 30, 2011, an increase of 34.6% from the RM33.09 million a year, underpinned by a strong increase in revenue, mainly from its New Zealand operations. Its revenue rose 35% to RM355.24 million from RM263.81 million while earnings per share were 2.26 sen compared with 1.69 sen.

Malton’s earnings jumped 118% to RM12.11 million in the first quarter ended Sept 30 from RM5.54 million a year ago, boosted by an improvement in the property development division from a year ago.

Revenue rose 44.3% to RM99.27 million from RM68.78 million while earnings per share were 2.90 sen versus 1.59 sen. Malton said pre-tax profit improved by 111.4% to RM16.7 million from RM7.9 million.

However, Malton's financial performance was slightly weaker compared with the immediate preceding quarter. Revenue declined from the preceding quarter’s RM167.9 million.

Tanjung Offshore Bhd swung into the red with net losses of RM429,000 in the third quarter ended Sept 30, 2011 compared with net profit of RM807,000 a year ago. Its revenue fell 14.3% to RM117.64 million from RM137.25 million a year ago. Loss per share was 0.15 sen compared with earnings per share of 0.29 sen.

For the nine months ended Sept 30, its net profit fell 51.9% to RM3.42 million from RM7.12 million a year ago while revenue was marginally lower at RM401.33 million compared with RM401.95 million. Tanjung Offshore had borrowings totaling RM560.53 million.

AMMB Holdings Bhd’s earnings rose 10.9% to RM369.47 million in the second quarter ended Sept 30,2011 from RM332.87 million a year ago, boosted by the group’s retail banking operations. Its revenue increased by 20.5% to RM2.138 billion from RM1.773 billion while earnings per share were 12.35 sen versus 11.08 sen. It declared a single tier dividend of 6.6% per share.

For the first half, its earnings increased by 15.6% to RM810.99 million while its revenue increased 17.6% to RM4.092 billion from RM3.477 billion.

Amway’s net profit rose 19.8% to RM25.77 million in the third quarter ended Sept 30, 2011 from RM21.51 million a year ago as it benefited from higher sales and improved gross margins due to the favourable foreign exchange impact. Its revenue rose at a slower pace of 5.4% to RM211.52 million from RM191.50 million while earnings per share were 15.68 sen compared with 13.08 sen.

Amway declared a third interim single tier dividend of 9.0 sen net per share and special interim single tier dividend of 30.0 sen net per share for the financial year ending Dec 31, 2011.

AFG reported a strong set of financial results for the second quarter ended Sept 30, 2011, with earnings up 18.2% to RM120.95 million from RM102.27 million a year ago. Revenue increased by 5.9% to RM314.60 million from RM296.98 million. Earnings per share were 7.9 sen compared with 6.7 sen.

For the first half, AFG's earnings rose 8.2% to RM250.51 million from RM213 million while its revenue increased 8.9% to RM624.37 million from RM573.20 million.



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