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WCT lands RM1bil Oman highway project

WCT Bhd has been awarded RM1bil highway project from the Oman government via a joint venture with Oman Roads Engineering Company LLC.

UMW doubles Q2 net profit to RM224.25mil

UMW Holdings Bhd has more than doubled net profit for the second quarter ended June 30, 2012 to RM224.25mil, from RM102.98mil in the previous year’s corresponding period.

Pos Malaysia Q1 net profit up from a year ago

Pos Malaysia Bhd recorded a gain in net profit to RM36.78mil in the first quarter ended June 30, 2012, compared to RM21.57mil in the same period a year ago.

MRCB posts decline in Q2 net profit

Malaysian Resources Corp Bhd (MRCB) recorded a 71.32% fall in net profit to RM5.16mil in the second quarter ended June 30, 2012, from RM17.98mil in the previous year’s corresponding period.

Bumi Armada Q2 net profit up 52%

Bumi Armada Bhd achieved a higher net profit of RM91.92 million for its second quarter ended June 30, 2012, compared to RM60.25 million recorded in the previous corresponding quarter.

KNM Group's HOA with Zecon and Gulf Asian Petroleum lapses

KNM Group Bhd announced that its Heads of Agreements with Zecon Bhd and Gulf Asian Petroleum Sdn Bhd dated July 25, 2011 have duly lapsed and no financial close have been reached as at to-date

Perdana Petroleum looking to expand

Perdana Petroleum Bhd is looking into the possibility of buying more vessels as it feels that the market is now slowly moving into the right direction, said its managing director, Shamsul Saad.

KLCI closed the day 3.69 pts lower, Petgas weighs

The FBM KLCI clawed back its gains and ended red today after reaching another all-time high yesterday as Petronas Gas weighs.

Samsung unveils new tablet to challenge Apple's iPad

SEOUL: Samsung Electronics Co unveiled a new tablet on Thursday in its latest attempt to chip away at the market dominance of Apple's iPad, hoping the enlarged version of its popular phonecumtablet Note will resonate with consumers.

Ingens continues climb

Ingenuity Solutions Bhd (Ingens) continues its climb, gaining 5.5 sen to 28.5 sen at 11.10am today.

Lufthansa looking at palm-based biofuel ro reduce carbon footprint

FRANKFURT: As one of the world's major producers of palm oil, Malaysia would certainly be interested to know that German airlines, Lufthansa, is looking at palm oil-based biofuel as an option to reduce carbon footprint.

KLCI down to 1,652.39

At 10am, the FBM KLCI was 0.08% or 1.39 points to 1,652.39. Turnover was 279.27 million shares valued at RM113.83mil. There were 184 gainers, 177 losers and 212 stocks unchanged.

CIMB Research expects record year for Perisai

CIMB Equities Research expects Perisai Petroleum to post a record year for the current financial year and is maintaining its target price of RM1.53 with an Outperform recommendation.

KLCI in the red, Sime, PPB Group weigh

The FBM KLCI was in the red in early trade on Thursday, weighed down by mild losses in Sime Darby and PPB Group.

Affin Research maintains Buy on WCT, TP RM3.60

Affin Investment Bank Research is maintaining a Buy recommendation on WCT and a target price of RM3.60, which implies a CY13 price-to-earnings of 13.3 times.

Maybank Research: CIMB Q2 earnings within expectations

Maybank Investment Bank Research said CIMB Group’s second quarter (Q2, 2012) net profit of RM2.1bil (up 14% on-year, up 10% on-quarter) was within its expectation and consensus.

Cheap and cheerful, Chinese phones outsmart iPhone, while Nokia set to launch new smartphone

SHANGHAI: In China's booming smartphone market, which is set this year to overtake the United States as the world's largest, a host of little-known local firms are primed with cheap phones to squeeze market share from U.S. giant Apple Inc's iPhone

US judge Lucy Koh urges Apple, Samsung to settle dispute before verdict

SAN JOSE, Calif.: A U.S. judge asked that the chief executives of Apple Inc and Samsung Electronics Co Ltd speak to each other at least once on the phone before a jury begins deliberating next week in the high-stakes patent trial between the two tech companies.

HDBSVR sees slight downward bias for KLCI

Hwang DBS Vickers Research (HDBSVR) sees the FBM KLCI moving with a slight downward bias on Thursday after getting a last-minute lift to close at its intra-day high of 1,653.78 on Wednesday.

Shares steady, seeking more clues over stimulus

TOKYO: Asian shares steadied on Thursday as investors took to the sidelines, waiting for more clues over the timing and extent of any further stimulus to tackle the euro zone's debt crisis and support global growth.

GLOBAL MARKETS-Stocks firm; bonds fall on stimulus uncertainty

NEW YORK: U.S. stocks were steady on Wednesday, holding close to their highest level since May on hopes of more central bank stimulus for struggling economies, but uncertainty about the extent and timing of any moves hurt the euro and safe-haven U.S. and German government bonds.

Malaysia's economy up 5.4% in Q2, manufacturing, demand support growth

KUALA LUMPUR: Malaysia’s economic growth, as measured by gross domestic product (GDP), for the second quarter ended June 30 rose by an unexpected 5.4% year-on-year, underpinned by an expansion in manufacturing and robust domestic demand.

Celcom prices RM5bil sukuk; RM3bil issue draws strong demand

KUALA LUMPUR: Celcom Axiata Bhd has successfully priced its sukuk issuance of RM5bil in nominal value, of which RM3bil received a final book of RM10bil via bookbuilding process.

Genting director paid highest fee

KUALA LUMPUR: Genting Bhd topped the list of companies that paid higher remuneration to their directors last year, with a big payout of RM117.69mil, according to a Malaysian Business survey.

Malaysia’s financial literacy ranking improves

KUALA LUMPUR: Malaysia’s overall financial literacy ranking has improved from 9th in 2010 to 6th, with a score of 68 index points out of 100, according to the latest MasterCard Worldwide Index of Financial Literacy survey.

S-E Asian firms flex deal-making muscles

PETALING JAYA: In what seem to be a shift in the economic balance of power, companies in South-East Asia are beginning to show their claws and have flexed their deal-making muscles to grab a bigger slice of the pie.

George Kent furnishes RM51mil bank guarantee to Prasarana

KUALA LUMPUR: George Kent (M) Bhd has furnished a bank guarantee of RM50.88mil to Syarikat Prasarana Negara Bhd as the performance bond to undertake the Ampang Light Rail Transit (LRT) contract.

MPHB to revamp financial services, investment ops

KUALA LUMPUR: Multi-Purpose Holdings Bhd (MPHB) plans to reorganise the businesses housed under its financial services and investments segment, as a prelude to a separate listing exercise, following the announcement in May of a proposed demerger exercise,

Stocks

Stemlife to buy Tonik Asia

PETALING JAYA: Stemlife Bhd has proposed to acquire the entire equity interest of Tonik Asia Group Sdn Bhd for RM43.5mil.

Ingenuity in the dark over big gains

KUALA LUMPUR: Ingenuity Solutions Bhd was queried by Bursa Malaysia as its shares and warrants hit top trading volume of the day, with gains of 21% and 30% respectively yesterday.

Bank Negara gives nod to discuss sale of DRB-Hicom equity interest in UAG and UAL

PETALING JAYA: DRB-Hicom Bhd’s insurance arm, Uni.Asia Capital Sdn Bhd (UAC,) might see the entry of another strategic stakeholder following DRB-Hicom’s intention to divest its stake, potentially further reshaping the country’s insurance industry.

Picorp taken to task for ‘incomplete’ results

KUALA LUMPUR: Bursa Malaysia Bhd has publicly reprimanded Progressive Impact Corp Bhd (Picorp) for failing to take into account certain adjustments when it announced its unaudited fourth-quarter results for the financial year ended Dec 31, 2010 (FY10) and FY11.

PPB shares lower after unit Wilmar’s disappointing results

PETALING JAYA: The share price of PPB Group Bhd fell 4.6% to RM14.10, tracking the drop in the share price of its unit, Wilmar International Ltd, after the latter delivered disappointing earnings.

Far East prices Singapore IPO at top end

SINGAPORE: Singapore’s Far East Hospitality Trust is set to raise US$575mil in an initial public offering (IPO) after pricing it at the top end of an indicative range, sources said, making it the city-state’s second largest offering this year.

Sinopec eyes stake in Texas power project

SINGAPORE: Oil giant Sinopec Corp along with Chinese banks are in talks to put up to US$1bil in a Texas clean energy project, in what would be one of the biggest investments by Chinese companies in the US power sector, the Wall Street Journal reported.

Sharp shares slide on weaker outlook

TOKYO: Shares in Sharp Corp tumbled as much as 15% to their lowest in almost 37 years, with investors spooked by predictions that the ailing Japanese TV maker’s losses this year will be bigger than the company estimated this month.

Slower market for Carlsberg

FROM a recent company visit with Carlsberg Brewery Malaysia Bhd, we understood that the market has been softening due to slower beer consumptions in the second half of its financial year ended Dec 31, 2012 (2H12).

Support Line

K.M. Lee writes on Harbour-Link Group, Success Transformer and TMC Life Sciences

BATS takes aim at retail market share

NEW YORK: BATS Global Markets, the No. 3 US stock exchange, said it plans to offer discounts of a tenth of a cent on retail orders, similar to a controversial pilot programme at the New York Stock Exchange regulators approved last month.

Earnings

Higher earnings, revenue for CIMB Group

KUALA LUMPUR: CIMB Group Holdings Bhd’s net profit grew 14.4% to RM1.11bil for the second quarter ended June 30 from a year earlier in tandem with the growth of its revenue.

Unlikely for ANZ to pare down AMMB stake

PETALING JAYA: The chances of Australia and New Zealand Banking Group (ANZ) paring down its 24% stake in AMMB Holdings Bhd are low given the effort it has put into the Malaysian bank, in spite of tougher capital requirements that could take effect in Australia, industry watchers said.

AMMB group plans 9%-12% higher profits for next 3 years

KUALA LUMPUR: Banking group AMMB Holdings Bhd has set an internal target of growing its net profits by between 9% and 12% every year for the next three financial years, buoyed by higher contributions from its variety of income streams.

AFG net profit 4.2% lower due to higher expenses

KUALA LUMPUR: Alliance Financial Group Bhd’s net profit after tax declined 4.2% to RM124.58mil for the first quarter ended June 30, 2012 due to higher operating expenses as the group continued to invest in the capabilities and systems required to establish a diversified base of earnings. This was on the back of a 4% increase in net income to RM319.34mil.

MSC expected to achieve better growth rate this year

KUALA LUMPUR: Multimedia Development Corp (MDeC) foresees better growth in MSC Malaysia this year, says chief executive officer Datuk Badlisham Ghazali.

Mopu ops lift Perisai net profit

PETALING JAYA: Perisai Petroleum Teknologi Bhd’s net profit surged more than two-fold to RM23.38mil for its second quarter ended June 30, 2012, compared with RM7.84mil in the previous corresponding quarter.

Corporate results in brief

CBA profit for H2 flat

SYDNEY: Commonwealth Bank of Australia (CBA) joined a rival in reporting flat cash profit and warned of cost pressures, raising doubts whether the country’s banks can continue their run of record profits.

Auto

Asean to become 6th biggest automotive market in the world

PETALING JAYA: Asean is set to become the sixth biggest automotive market globally by 2018, with vehicle sales almost doubling to nearly 4.7 million units, compared with 2.4 million in 2011, according to Frost & Sullivan.

Honda breaks new monthly record

PETALING JAYA: Honda Malaysia Sdn Bhd notched up a new monthly record in July when it sold 5,045 vehicles.

Peugeot faces tough fight over Europe plant closure

PARIS: When US carmakers slashed production capacity in exchange for government rescue four years ago, workers faced up to change. Though unions bargained hard for existing employees, they agreed to factory closures and cuts in wages and benefits for new hires. Thousands of workers accepted redundancy payouts and moved on, without a huge outcry.

Chrysler rises from ashes

DETROIT: Three years after its near collapse, US automaker Chrysler has pulled back into market contention helped not just by snazzy new models but also a revolution on the factory floor.

Economy

Will gravity-defying GDP numbers continue in Q3?

BEATING expectations has become a bit of a habit for the economy in recent quarters. Economic growth rose 5.4% in the second quarter of this year, higher than even the most optimistic estimate for the quarter, after expanding by 4.9% in the first quarter.

Study says Asian economies to top richest list by 2050

SINGAPORE: Singapore, Hong Kong, Taiwan and South Korea are projected to be the world’s richest economies on a per capita basis by 2050 as the region’s rapid growth boosts wealth creation, according to a study.

China growth target at risk

BEIJING: China must step up pro-growth policies over the next three months or risk missing its annual growth target of 7.5%, a senior official at a top government think-tank said.

Commodities

Tin to continue to outperform

SINGAPORE: Tin looks set to continue to outperform other base metals in coming months as tightening supplies help insulate the soldering material from the impact of a slowing Chinese economy, industry sources said.

Coal output target in three China regions lowered

SHANGHAI: Top coal producer and consumer China cut coal output targets at the top three producing regions by as much as 7% from a year ago to ease a supply glut caused by a slowdown in economic growth, which has also weakened global prices.

Foreign News

Branson slams award of UK rail deal to FirstGroup

LONDON: British billionaire Richard Branson attacked as “insanity” a decision to award a key mainline train service to a rival to his Virgin Trains, drawing a parallel with other losing Virgin rail bids which he said had ended in the winners going bust.