At Bursa, the earnings reports are expected to pick up for the April-June period. The recent results such as Hartalega, Sunrise and the banks offered some positive outlook for investors.
AirAsia also saw the emergence of another foreign shareholder. The low-cost carrier reported Genesis Smaller Companies SICAV held 128.3 million shares or 5.4% as of Aug 13.
In AMMB, Prudential plc holds 128.3 million shares after the recent transactions. The banking group had reported a stronger set of earnings and it was recently upgraded by several research houses.
Hartalega’s net profit in the first quarter ended June 30, 2009 doubled to RM26.37 million from RM12.89 million a year ago. Earnings were boosted by more efficient production process and lower price of raw material for both synthetic and natural latex.
Sunrise posted net profit of RM43.15 million in the fourth quarter ended June 30, 2009 and it is confident of its prospects for the new financial year given its substantial locked-in unbilled sales.
The high-end condominium developer said unbilled sales from ongoing projects amounted to RM971 million as at June 30, 2009. It expected profits from these future billings will be recognised over the next two financial years and will sustain earnings in the near future.
The EPF raised its stake in Sunrise to 11.51% or 57.02 million shares after the recent acquisition of 480,000 shares.
As for Ho Hup, Bursa Malaysia Securities allowed it to submit its regularisation plan to Bursa Securities for approval.
Water resources-based Aliran Ihsan Resources reported slightly lower 2Q earnings of RM30.52 million. However, it is a tightly held stock following a takeover by MMC Corporation. It has RM200 million in cash and bank balances.
On the prospects, the group expects its water treatment operation to remain stable for the financial year subject to circumstances beyond the control of the Group, principally climatic and changing environmental factors.
It added factors that may affect the prospect of the Group include collectability of trade receivables and governmental regulations and policies.
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