Malaysia stock market and companies report February 24, 2011

Malaysia stock market and companies report February 24, 2011 ; Genting’s 1Q11 Earnings Surged 90% Casino operator Genting saw its 1Q11 net profit surged 90% to RM465.4m from RM245.4m in the same quarter a year ago, driven by higher profit contribution from gaming, hospitality and plantation divisions. The company enjoyed a 71% surge in revenue partly due to the opening of Resorts World Sentosa in Singapore as well as improved business from its casino in Pahang. Genting’s plantation business registered higher revenue mainly due to higher palm product prices and fresh fruit bunches production.

Significance: Genting is likely to face greater regional competition in the leisure and hospitality business in Malaysia. The company intends to intensify its yield management programmes and efforts to tap on the regional market growt

SP Setia Eyes Expansion Through A Private Placement Worth RM1.2b
Property developer SP Setia aims to raise as much as RM1.2b in a private placement of up to 15% of its paid-up capital to fund its existing and future expansion. President and chief executive officer Tan Sri Liew Kee Sin plans to maintain his shareholding after the exercise, while the Employees Provident Fund (EPF) intends to raise its stake a little higher. The EPF is SP Setia’s second largest shareholder holding a 15% stake as at 30 Dec-10, while Skim Amanah Saham Bumiputera is the largest with a 20.1% stake. The private placement would involve a bookbuilding exercise that includes a roadshow involving about 30 global funds.

Significance: The private placement will provide SP Setia with ample funds to strongly launch its three sizeable new projects this year, and the opportunity to scout for good landbank to lock in its future growth.


KL Kepong’s 1Q11 Profit Jumps 26%
Kuala Lumpur Kepong’s (KLK) 1Q11 earnings ended Dec-10 jumped 26% y-o-y to RM304.2m due to the robust contribution from the plantation business segment. Crabtree & Evelyn, the group’s retailing business, registered a modest increase in profit to RM53.6m, after undergoing a business restructuring. KLK’s revenue rose 38% to RM2.4b from RM1.8b a year ago. Chief executive officer Tan Sri Lee Oi Hian said the improved results came despite the adoption of new accounting standards dubbed FRS 139, which have resulted in a fair value loss of RM95.4m on derivative contracts like commodity futures and foreign exchange contracts.

Significance: KLK’s plantation business is expected to benefit from the rising commodity prices coupled with the undersupply of vegetable oils and natural rubber. Taking this opportunity, the group will be setting aside RM500m to build new palm oil mills and carry out new plantings of about 8,000ha in Indonesia, and upgrade its mills in Malaysia For the latest updates PRESS CTR + D or visit Stock Market news Today

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