Danajamin guarantees Poh Kong sukuk

Danajamin Nasional Bhd has announced that it is guaranteeing Poh Kong Holdings Bhd's sukuk, a RM150 million seven-year Islamic Commercial Papers/Islamic Medium Term Notes programme.

In a statement today, Danajamin said the first tranche of the programme, totalling RM50 million, was issued today and fully subscribed.

Rated AAAIS(fg), the issuance comes with a seven-year maturity.
Poh Kong, a jewellery retailer with over 90 retail outlets nationwide, will use the funds raised to refinance its existing borrowings and for future capital expenditure, including the opening of new branches.

The sukuk programme was jointly arranged by Maybank Investment Bank Bhd and RHB Investment Bank Bhd.

To date, Danajamin has provided guarantees for RM3.1 billion bond programmes from various sectors, including utilities, plantation, education and manufacturing.--Bernama



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HwangDBS: MAS to have better Q4 results

MAS is expected to record better fourth quarter financial year results as the national carrier is seasonally stronger due to the year-end holidays, says HwangDBS Vickers Research.

It said the profit is expected to increase as the management continues its network rationalisation exercise and stabilising jet fuel prices also support the bottom line.

"There are signs of operational improvements in MAS this quarter, as the third quarter results are better compared with the second quarter, despite a seasonally weaker quarter due to the Hari Raya holidays, it said in a statement.

The research firm maintains its "buy" call with RM1.85 target price.

In a separate note, OSK Research said MAS' quarter-on-quarter losses narrowed in the third quarter on the back of a smaller jet fuel bill and yield improvements.

"However, this is still wider than expected as its nine-month financial year core loss of RM962 million already accounted for 102-104 per cent of our prediction and consensus full-year forecasts, respectively," it said.

OSK said the bigger-than-expected loss was due to higher jet fuel expenses, up 37 per cent year-on-year.

"Although its non-fuel-related expenses are lower by two per cent year-on-year, we feel the airline's cost-cutting measures are not aggressive enough.

"We also reaffirm our "sell" call on the stock, with an unchanged fair value of RM1.15," it added.

MAS yesterday announced RM478 million net loss for the third quarter of this year ended Sept 30.

It attributed the loss to higher fuel costs and unrealised foreign exchange losses from outstanding US dollar borrowings. The cumulative year-to-date net loss for the group stood at RM1.247 billion. -- Bernama



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KL shares stay in negative territory

Share prices on Bursa Malaysia stayed in negative territory at midafternoon today as sentiment remained cautious on renewed fears of a global recession.

The concerns follow the delay in resolving the eurozone debt crisis and a heavy US budget deficit which haunted investors, dealers said.

At 2.53pm, the FBM KLCI stood at 1,431.47 points, down 2.61 points.

The Finance Index lost 23.35 points to 12,826.19, the Plantation Index slipped 14.77 points to 7,529.36 and the Industrial Index declined 15.36 points to 2,600.47.

The FBM Emas Index decreased 19.07 points to 9,831.91, the FBM70 Index fell 23.21 points to 10,785.82, the FBM Top 100 Index lost 18.22 points to 9,636.82 and the FBM ACE Index erased 22.95 points to 4,057.42.

Decliners led advancers 448 to 175 while 267 counters were unchanged, 582 untraded and 16 others were suspended.

Volume stood at 803.8 million shares worth RM580.2 million.

Among the active counters, Sumatec Resources rose 4.5 sen to 25 sen, Sumatec Resources warrants added 1.5 sen to 14.5 sen, DPS Resources declined one sen to 17 sen and Compugates Holdings slipped half a sen to eight sen.

Among the heavyweights, Maybank was unchanged at RM8.20, CIMB declined two sen to RM6.75, Sime Darby slipped seven sen to RM8.73 while RHB Capital gained five sen to RM7.36. -- Bernama



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Petra Energy posts net loss RM13.68m in 3Q

KUALA LUMPUR (Nov 22): PETRA ENERGY BHD [] posted net loss of RM13.68 million in the third quarter ended Sept 30, 2011, a contrast from the net profit of RM4.75 million a year ago mainly due to the additional recognition of losses in the onshore civil engineering services on completion of the Kumang project.

It said on Tuesday that revenue was flat at RM158.59 million compared with RM158.94 million a year ago while loss per share was 7.02 sen compared with earnings per share of 2.44 sen.

Petra Energy said the lower revenue recorded by the marine offshore support services, was mainly due to revision of the daily charter rate for a vessel and a decline in onshore civil engineering service.

“The lower revenue is compensated by higher business activities of the integrated brown field maintenance and engineering services recorded in the current quarter,” it said.

Petra Energy said for the nine-month period, it recorded net loss of RM4.56 million compared with net profit of RM10.58 million in the previous corresponding period. Its revenue fell 10.5% to RM432.69 million from RM483.89 million a year ago.



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Hock Seng Lee 3-month earnings up 11.2% to RM22.56m

KUALA LUMPUR (Nov 22): HOCK SENG LEE BHD []’s earnings rose 11.2% to RM22.56 million in the third quarter ended Sept 30, 2011 from RM20.28 million a year ago as it benefited from more CONSTRUCTION [] activities.

The Kuching-based company said on Tuesday its revenue increased by 11.9% to RM150.42 million from RM134.35 million while earnings per share were 4.09 sen compared with 3.70 sen.

For the nine-months ended September, it said its nine-month earnings increased by 17.9% to RM61.12 million from RM51.81 million while its revenue rose 25.1% to RM422.92 million 338,010

“The increase was mainly due to the increased activities in construction segment which contributed RM146 million (97%) of the group’s revenue for the current quarter and RM405.0 million (96%) of the group’s revenue for the first nine months of 2011.

“Contribution from property development segment in the group net profit before tax for the first nine months has decreased slightly from RM7.7 million in 2010 to current year’s figure of RM6.6 million, due to timing in launching of new projects,” it said.

Managing director Datuk Paul Yu Chee Hoe said: “Our earnings and revenue results put us on a trajectory to achieving new highs for our annual financial results 2011.”



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KL shares easier at mid-day

Share prices on Bursa Malaysia ended the morning session lower as sentiment remained cautious on renewed fears of a global recession.

The concerns follow the delay in resolving the Euro debt crisis and a heavy US budget deficit which haunted investors, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,431.44 points, down 2.64 points, when the morning session ended at 12.30pm.

The Finance Index lost 18.21 points to 4,062.16, the Plantation Index slipped 9.84 points to 7,534.29 and the Industrial Index declined 14.40 points to 2,601.43.

The FBM Emas Index decreased 17.891 points to 9,833.09, the FBM70 Index fell 14.521 points to 10,794.51, the FBM Top 100 Index lost 16.690 points to 9,638.35 and the FBM ACE Index erased 18.21 points to 4,062.16.

Decliners led advancers 416 to 178 while 260 counters were unchanged, 618 untraded and 16 others were suspended.

Volume stood at 728.1 million shares worth RM520.2 million.

Among the actives, Sumatec Resources rose 5.5 sen to 26 sen, Sumatec Resources warrants added two sen to 15 sen, DPS Resources declined 1.5 sen to 16.5 sen and Compugates Holdings slipped half-a-sen to eight sen.

Among the heavyweights, Maybank slipped one sen to RM8.19, CIMB declined three sen to RM6.74, Sime Darby slipped seven sen to RM8.73 while RHB Capital gained four sen to RM7.35. -- Bernama



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KLCI remains in the red at mid-day break

KUALA LUMPUR (Nov 22): The FBM KLCI remained in negative territory at the mid-day break on Tuesday as investor confidence at key Asian markets continued to sapped by the uncertainties in the outlook for Western economies.

At the mid-day break, the FBM KLCI was down 2.87 points to 1,431.21.

Gainers trailed losers by 178 to 416, while 260 counters traded unchanged. Volume was 728.09 million shares valued at RM520.24 million.

The ringgit weakened 0.23% to 3.1883 versus the US dollar; crude palm oil futures for the third month delivery fell RM34 per tonne to RM3,157, crude oil slipped 22 cents per barrel to US$96.70 while gold added US$2.18 an ounce to US$1,679.50.

At the regional markets, Japan’s Nikkei 225 fell 0.85% to 8,277.03, Hong Kong’s Hang Seng Index lost 0.98% to 18,047.54, the Shanghai Composite Index was down 0.94% to 2,392.47, Taiwan’s Taiex lost 0.66% to 6,996.21, South Korea’s Kospi shed 0.13% to 1,817.69 and Singapore’s Straits Times Index edged down 0.03% to 2,697.20.

On Bursa Malaysia, Harvest Court was the top loser and fell 42 sen to 98 sen; Panasonic lost 36 sen to RM19.60, Triplc down 30 sen to 70 sen, Sarawak Oil Palms 21 sen to RM4.45, SHL 20 sen to RM1.15, PLB 13.5 sen to 83.5 sen, DKSH 13 sen to RM2.20, BHIC 12 sen to RM2.70 while Petronas Gas fell 10 sen to RM13.06.

Meanwhile, Sumatec became the latest company to be queried by Bursa Malaysia Securities over the recent sharp rise in price and high volume of the securities.

The regulator had on Tuesday cautioned investors to be take note of the company’s reply when making their investment decision.

Sumatec rose 5.5 sen to 26 sen with 81 million shares done, while its warrants rose 2 sen to 15 sen with 41.4 million units traded.

Other actives included Compugates, DPS Resources, MMSV, Tricubes, GPRO, SAAG and SYF Resources.

Among the gainers, KrisAssets added 40 sen to RM5, Dutch Lady up 30 sen to RM23.70, BLD PLANTATION []s and TSH Resources 17 sen each to RM6.90 and RM3.85, Knusford, Nestle and BAT added 14 sen each to RM1.72, RM50 and RM46.82, while United Plantations and Ekovest lost 12 sen each to RM18.42 and RM2.62.



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Harvest Court hits limit down

KUALA LUMPUR (Nov 22): Shares of HARVEST COURT INDUSTRIES BHD [] hit limit-down on Tuesday as traders took profit following the brief run-up to sell the shares, following the latest corporate development.

At 11.59am, it was down 42 sen or 30% to 98 sen with 160,200 shares done.

The FBM KLCI was down 4.33 points to 1,429.75. Turnover was 644.91 million shares valued at RM458.06 million. There were 186 gainers to 383 losers and 254 stocks unchanged.

On Monday, Harvest Court announced Mohd Nazifuddin Najib has resigned as an independent director. He was appointed to the board on Oct 28. Nazifuddin still owns 3.98 million Harvest Court shares.

The shares skidded on Nov 16 when it resumed trading after it was declared a designated stock. However, there was some mild buying support before the latest corporate development that sent the shares tumbling.



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