K Seng Seng's 1Q net profit slumps to RM95,000

KUALA LUMPUR: K. Seng Seng Corporation Bhd's net profit plunged 85.41% to RM95,000 in its first quarter ended Mar 31, 2012 from RM651,000 a year ago due to lower purchase orders and fluctuating costs.

In a statement on Bursa Malaysia on Friday, it said revenue fell 8.61% to RM15.18 million from RM16.61 million a year earlier.

Earnings per share were 0.10 sen compared to 0.68 sen.

The group attributed its weak earnings to lower purchase orders from its existing customer base and from the overseas market as well as the fluctuating costs of raw material.



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Stocks to Watch Top Glove, SelProp, MAS, Globetronics, Keck Seng

KUALA LUMPUR (April 24): Malaysian stocks will take the cue from crucial global economic data from Europe and the US as investors assess external factors against domestic pre-election sentiment.

European highlights include the sale of government bonds in Spain and the Netherlands, while across the Atlantic the spotlight will be on indications of more quantitative easing (QE) by US policymakers to sustain the world's largest economy.

Analysts said signs of a further QE may spur global equities while an opposite indication could result in profit taking. In the US, the S&P 500 futures added 3.75 points to 1,366.5, while the Dow Jones Industrial Average futures climbed 30 points to 12,901.

In Malaysia, the FBM KLCI fell 1.52 points to close at 1582.28 points on Tuesday.

Stocks to watch on Wednesday are Top Glove Corp Bhd, Selangor PROPERTIES [] Bhd (SelProp), MALAYSIAN AIRLINE SYSTEM BHD [] (MAS), GLOBETRONICS TECHNOLOGY [] BHD [], and KECK SENG (M) BHD [].

Maybank Investment Bank Bhd has raised its earnings per share (EPS) forecast for Top Glove by 8% to 12% for financial years (FY) ending Aug 31, 2012 to 2014 after taking into account lower prices of natural rubber. Maybank IN, which revised upwards its fair value for Top Glove shares by 29% to RM5.40 from RM4.20, also upgraded the stock to a "buy" from "sell".

SelProp shares will trade ex-dividend on Wednesday. Shareholders have approved the company's plan to pay a first and final dividend of 10%, less 25% tax for the financial year ending Oct 31, 2011.

MAS gained as much as 3.3% or four sen to RM1.27 in intraday trade, against a backdrop of declining crude oil prices. Commodity prices fell on concerns that European sovereign debt woes will curb demand.

Globetronics's first quarter (1Q) net profit declined 4% from a year earlier, as the electronics component manufacturer registered lower revenue and higher operating cost. In a statement to the bourse, Globetronics said net profit came to RM6.2 million in the quarter to March 31, 2012, against RM6.43 million previously. Revenue fell 15% to RM56.79 million from RM67.09 million, as the company registered less turnover from China and Singapore, it said.

Keck Seng — which undertakes oil palm cultivation, besides real estate and hospitality operations — said it plans to reward shareholders with a final dividend of 6%, less 25% tax for financial year ended Dec 31, 2011. The proposed dividend requires shareholders' consent at the firm's coming annual general meeting.



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KLCI edges higher in early trade

KUALA LIMPUR (March 30): The FBM KLCI trended higher in early trade on Friday, lifted by select blue chips including Petronas-linked stocks and index-linked PLANTATION [] counters.

At 9.05am, The FBM KLCI was up 4.17 points to 1,589.61.

Gainers led losers by 96 to 49, while 115 counters traded unchanged. Volume was 67.54 million share valued at RM23.14 million.

Among the gainers, BAT rose 28 sen to RM56.80, SapuraCrest 11 sen to RM4.91, Tradewinds nine sen to RM9.72, IOI Corp and PPB eight sen each to RM5.35 and RM16.88, Petronas gas six sen to RM16.80, while Petronas Chemicals, MMCCOrp, Maxis and Keck Seng added five sen each to RM6.73, RM2.85, RM6.05 and RM4.10 respectively.

Decliners included Dutch Lady, Utusan Malaysia, Genting, MMHE, Ewei, AFG, Astino, petronas Dagangan and Carotech.

Carotech was the most actively traded counter with 10.43 million shares done. The stosk fell two sen to 3 sen.

Other actives included Trinity, TMS, Ariantec, IFCA MSC, Caley, Nextnation and Winsun.



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Asian markets fall on Eurozone fears, KLCI snaps winning streak

KUALA LUMPUR (Dec 19): The FBM KLCI snapped its positive run on Monday, in line with the fall at key regional markets, on worries that credit ratings downgrades of some European countries could hamper any progress towards resolving the region’s debt crisis.

At mid-morning, the FBM KLCI fell 0.60 point to 1,465.62.

Losers edged gainers by 194 to 170, while 196 counters traded unchanged. Volume was 402.72 million shares valued at RM185.43 million.

Asian stocks fell on Monday on fears possible credit ratings downgrades of several European countries could derail progress towards resolving the euro zone's debt crisis, while the euro steadied after its worst weekly performance in three months, according to Reuters.

At the regional markets, Japan’s Nikkei 225 fell 0.83% to 8,332.07, Hong Kong’s Hang Seng Index lost 1.63% to 17,986.54, the Shanghai Composite Index was down 1.53% to 2,190.89, Taiwan’s Taiex fell 1.74% to 6,667.36, Singapore’s Straits Times Index was down 1.54% 2,618.31 and South Korea’s Kospi lost 2.42% to 1,795.35.

Fitch Ratings had warned on Friday it may downgrade France and six other euro zone countries, saying a comprehensive solution to the region's debt crisis was "technically and politically beyond reach".

Fitch also revised the outlook on France's top-notch rating to negative, saying the downgrade was not imminent but could come in two years.

Maybank Investment Bank Bhd head of retail research and chief chartist Lee Cheng Hooi in a note to clients on Monday said the local market remained mildly positive despite the volatile global markets last week.

Some local institutional blue chip buying on Thursday and Friday led the index up in fairly lack lustre trading, he said.

The weaker support areas for the FBM KLCI are in the 1,424 to 1,460-zone. The next resistance levels of 1,466 and 1,511 will see heavy liquidation activities, he said.

Lee said the tone of the global indices was still unstable and that Eurozone worries on how to tame their debt crisis persisted, with Fitch stating that a comprehensive deal was “beyond reach”.

“There could still be inherent price volatility in the next week before the global markets wind-down for the Christmas and New Year holidays in late December,” he said.

Among the decliners at mid-morning, Carlsberg fell 20 sen to RM8.46, JT International lost 18 sen to RM6.76, JobStreet was down 15 sen to RM2.35, LPI Capital and F&N down 10 sen each to RM13.30 and RM18.26, Hartalega lost nine sen to RM5.52, while CCM, Keck Seng and Batu Kawan lost eight sen each to RM1.57, RM4 and RM17.28 respectively.

Meanwhile, gainers included BAT, Nestle, Amway, Bosutead, BHIC, Far East, SOP, Pintaras and Gamuda.

The actives included Wijaya, Boustead, Versatile, JCY and Utopia.



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KLCI extends loss on gloomy external outlook

KUALA LUMPUR (Dec 14): The FBM KLCI closed lower on Wednesday, in line with the retreat at Asian markets and weaker opening at European markets following less than encouraging comments from the US Federal Reserve.

The FBM KLCI closed 2.27 point to 1,463.12, weighed by losses at select blue chips.

Losers led gainers by 412 to 309, while 289 counters traded unchanged. Volume was 1.49 billion shares valued at RM1.09 billion.

Asian and European stocks fell on Wednesday after the US Federal Reserve warned Europe's unresolved sovereign debt crisis could hurt the giant American economy, according to Reuters.

Another issue that weighed on investor sentiment were a survey by Singapore’s of private economists released on Wednesday that said that country’s would grow by 3% percent in 2012, slowing from an expected 5.2 percent in 2011 as the global economy and financial services sector cool.

Last Friday, India slashed its full-year growth forecast amid slowing domestic and global demand, with officials warning the government was facing a serious balance of trade problem and will have a tough time meeting its fiscal deficit target.

At the regional markets, Japan’s Nikkei 225 slipped 0.39% to 8,519.13, Hong Kong’s Hang Seng Index fell 0.50% to 18,354.43, the Shanghai Composite Index lost 0.89% to 2,228.53, South Korea’s Kospi fell 0.34% to 1,857.75 and Singapore’s Straits Times Index lost 0.50% to 2,672.39.

Meanwhile, Taiwan’s Taiex gained 0.38% to 6,922.57.

On Bursa Malaysia, Dutch Lady fell 52 sen to RM25.88, KLK down 50 sen to RM22.60, Genting 22 sen to RM10.42, Petronas Dagangan lost 20 sen to RM17.18, APM 19 sen to RM4.22, Asia File and Petronas Gas 18 sen each to RM3.60 and RM14, HELP 14 sen to RM1.61, Boustead 13 sen to RM5.29 and Far East 10 sen to RM7.

Nestle led the gainers and was up 48 sen to RM56.48, Carlsberg up 37 sen to RM8.83, F&N 28 and BAT 28 sen each to RM18.50 and RM48.98, GAB 20 sen to RM13.18, Keck Seng 17 sen to RM3.97, Top Glove and Uzma up 15 sen each to RM4.52 and RM1.70, while CI Holdings and Hong Leong Bank rose 14 sen each to RM1.31 and RM10.68.

Takaso was the most actively traded counter with 99.5 million shares done. The stock rose one sen to 20.5 sen.

Other actives included Sanichi, Envair, Asia Media, Utopia, Flonic, Versatile and Compugates.



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