KUALA LUMPUR (Nov 24): MALAYSIAN BULK CARRIERS BHD [] (Maybulk) shares retreated on Thursday after its net profit fell 99% to RM371,000 for 3QFY11 ended Sept 30, from RM87.75 million a year earlier.
At 10.25am, Maybulk lost seven sen to RM1.59 with 309,600 shares done.
Maybulk’s revenue declined 60% to RM44.4 million compared with RM109 million a year earlier. Basic earnings per share for the quarter fell to 0.04 sen versus 8.77 sen a year earlier.
CIMB Research cut its target price for the stock to RM1.65 from RM1.81 previously, and maintained its Underperform call on the stock while cutting earnings numbers since the contribution from the expired Tenaga contract was more substantial than earlier thought.
“We continue to apply a 20% discount to our SOP-based target price, similar to other bulk shipping stocks.
“As forewarned, the expiry of the lucrative Tenaga contract in June sent bulk earnings tumbling this quarter. 9M core profit came in slightly below our estimates at 70% but was only 51% of consensus numbers. Brace for sizeable consensus downgrades,” the research house said on Thursday.
Thursday, November 24, 2011
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AirAsia dips in early trade after fuel and staff costs hit 3Q earnings
KUALA LUMPUR (Nov 23): AIRASIA BHD [] shares fell in early trade on Wednesday after its earnings for the third quarter ended Sept 30, 2011 fell 53.46% to RM152.29 million from RM327.29 million a year earlier, due mainly to higher fuel expense and staff costs.
At 9.20am, AirAsia fell eight sen to RM3.59 with 362,800 shares traded.
Revenue for the quarter rose 9.87% to RM1.08 billion from RM979.71 million in 2010.
For the nine months ended Sept 30, the low-cost carrier’s net profit fell 42.89% to RM428.49 million from RM750.33 million in 2010, despite posting an increase in revenue to RM3.2 billion from RM2.78 billion.
ECM Libra Investment Research maintained its Trading Buy rating on AirAsia but trimmed its earnings estimates by 9-29% and reduced its target price from RM4.78 to RM4.34.
The research house said in a note Nov 23 that AirAsia reported an adjusted net profit of RM105.7 million in 3QFY11.
“Although the results were expected to be stronger during this peak seasonal period, it came out weaker due to a drop in passengers carried and high fuel cost in 3QFY11.
“9MFY11 adjusted net profit was only 51% and 54% of house and consensus full-year estimates,” it said.
At 9.20am, AirAsia fell eight sen to RM3.59 with 362,800 shares traded.
Revenue for the quarter rose 9.87% to RM1.08 billion from RM979.71 million in 2010.
For the nine months ended Sept 30, the low-cost carrier’s net profit fell 42.89% to RM428.49 million from RM750.33 million in 2010, despite posting an increase in revenue to RM3.2 billion from RM2.78 billion.
ECM Libra Investment Research maintained its Trading Buy rating on AirAsia but trimmed its earnings estimates by 9-29% and reduced its target price from RM4.78 to RM4.34.
The research house said in a note Nov 23 that AirAsia reported an adjusted net profit of RM105.7 million in 3QFY11.
“Although the results were expected to be stronger during this peak seasonal period, it came out weaker due to a drop in passengers carried and high fuel cost in 3QFY11.
“9MFY11 adjusted net profit was only 51% and 54% of house and consensus full-year estimates,” it said.
RHB Research: AirAsia valuations stretched, FV RM2.99
KUALA LUMPUR (Nov 23): RHB Research Institute said AirAsia’s valuations are stretched at the current level.
It said on Wednesday that the indicative fair value is RM2.99 based on 11.0 times FY12/12 EPS, in line with benchmark Ryanair’s one-year forward target PER
It said the 9MFY12/11 core profit before tax of RM449 million (excluding RM7.4 million net gains from forex, disposal and derivative mark-to-market items) came in within its expectations at 73% of its full year forecast of RM619 million.
“As against the market expectations, the results came in below at only 54% of the full-year consensus PBT of RM832.5 million,” it said.
It said on Wednesday that the indicative fair value is RM2.99 based on 11.0 times FY12/12 EPS, in line with benchmark Ryanair’s one-year forward target PER
It said the 9MFY12/11 core profit before tax of RM449 million (excluding RM7.4 million net gains from forex, disposal and derivative mark-to-market items) came in within its expectations at 73% of its full year forecast of RM619 million.
“As against the market expectations, the results came in below at only 54% of the full-year consensus PBT of RM832.5 million,” it said.
Esso Malaysia posts net loss RM37.86m in 3Q
KUALA LUMPUR (Nov 23): ESSO MALAYSIA BHD [] posted net loss RM37.86 million in the third quarter ended Sept 30, 2011 compared to net profit RM15.35 million a year earlier, due mainly to lower operating margin and forex loss partially offset by higher sales volume.
The company said its revenue for the quarter rose 57.1% to RM2.85 billion from RM1.81 billion in 2010.
Loss per share was 14 sen compared to earnings per share of 5.7 sen in 2010, while net assets per share was RM3.14.
Esso’s net profit for the nine months ended Sept 30 fell 19.23% to RM118.78 million from RM147.06 million in 2010, despite revenue for the period rising to RM8.52 billion from RM6.07 billion.
Reviewing its performance, Esso said the increase in revenues in 3Q was driven by higher average product prices and higher sales volume.
On its prospects, Esso said the outlook for the industry remains challenging given the expected slowdown in global economic growth and the continued crude and product prices volatility.
“In this environment our strategy remains focused on flawless operations, cost control and product and service quality, while sustaining our competitive position,” it said.
The company said its revenue for the quarter rose 57.1% to RM2.85 billion from RM1.81 billion in 2010.
Loss per share was 14 sen compared to earnings per share of 5.7 sen in 2010, while net assets per share was RM3.14.
Esso’s net profit for the nine months ended Sept 30 fell 19.23% to RM118.78 million from RM147.06 million in 2010, despite revenue for the period rising to RM8.52 billion from RM6.07 billion.
Reviewing its performance, Esso said the increase in revenues in 3Q was driven by higher average product prices and higher sales volume.
On its prospects, Esso said the outlook for the industry remains challenging given the expected slowdown in global economic growth and the continued crude and product prices volatility.
“In this environment our strategy remains focused on flawless operations, cost control and product and service quality, while sustaining our competitive position,” it said.
MAHSING posted Nine-month net profit 127.524 million (increased 47.05%)
MAHSING posted Nine-month net profit 127.524 million (increased 47.05%)
IOICORP posted 1Q net profit 258.096 million (decreased 48.19%)
IOICORP posted 1Q net profit 258.096 million (decreased 48.19%)
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