April 1st - Stocks To Watch Hong Leong Bank, Astino, LB Aluminium, K.Euro, Opcom, Xian Leng and IRCB

Stocks To Watch Hong Leong Bank, Astino, LB Aluminium, K.Euro, Opcom, Xian Leng and IRCB
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Friday, 29 March 2013 20:50


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KUALA LUMPUR (March 29): Based on corporate announcements today, the stocks that may attract investor attention on Monday (April 1) include Hong Leong Bank, Astino, LB Aluminium, K.Euro, Opcom, Xian Leng and IRCB.

HONG LEONG BANK BHD [] announced that Datuk Yvonne Chia, its group managing director and chief executive officer, will “retire” from the group with effect from June 30, 2013.

In a statement by the bank, Chia said “now is a good time to exit and pursue the next chapter” of her life with the bank having emerged to have a strong and prosperous future.

But it is still unclear why the only female head of a banking group is retiring before her contract expires.

Chia, 60, has been with the Hong Leong group for over 12 years now. Under her leadership, Hong Leong Bank has grown to become the one of the top five domestic banking groups in the country.

ASTINO BHD [] recorded a 153% jump in its net profit for the second quarter ended Jan 31 to RM9.3 million, over the RM3.7 million posted in the previous corresponding quarter.

Its revenue came in at RM143.4 million, a significant increase from RM102.2 million, “due to the increase in both the local and overseas demand of the group’s products.”

Looking forward, the group said it will continue to explore the possibility of producing new metal building materials products to penetrate into new markets.

LB Aluminum Bhd posted a net profit of RM4.91 million for its third quarter ended January 31, 2013, registering a 140% increase over the RM2.04 million recorded in its previous third quarter in 2012.

In an announcement to Bursa Malaysia, the company said the net profit was gained on the back of a RM99.3 million in revenue, against RM82.09 for its third quarter previously.

“This was due to higher business volume and improved profit margins as well as a share of profit in an associate compares to a share of loss for the same quarter a year before,” said the group.

On the outlook, the company said it anticipates increased cost pressures, partly caused by the implementation of minimum wages. Its board expects the group to remain profitable for its next quarter.

KUMPULAN EUROPLUS BHD [] (K.Euro) announced that it posted a loss of RM12.9 million for the fourth quarter to end-January 2013, compared to a net profit of RM22.7 million.

The group recorded a revenue of RM4.36 million, which was a decrease of 12% compared with the revenue of RM4.96 million, due to completion of certain CONSTRUCTION [] projects.

The group said the quarterly loss was mainly due to provision for doubtful debts of RM5.42 million and share of losses in associates of RM1.85 million, whilst the preceding year quarter results included a waiver of debt by a creditor and gain on accretion of shares in an associate.

OPCOM HOLDINGS BHD [] announced that it has signed a RM5 million “Variation Order” with Telekom Malaysia to an earlier contract obtained in 2009.

To recap, on 22 April 2009, Opcom announced an award of RM359 million received by its subsidiary OCSB from Telekom Malaysia for the supply, delivery, training and support services of Passive FTTH System (contract).

On 23 May 2011, the company announced a two-year extension of the contract from April 2011 to April 2013. Subsequently, the company announced a RM82 million variation order to the contract with Telekom on 2 May 2012.

The current variation order is expected to contribute positively towards Opcom's earnings and net assets for the remaining period, the company said.

Xian Leng Holding Bhd announced that it had incurred a loss of RM11.56 million for the fourth quarter ended Jan 31, 2013, compared to a net profit of RM15.63 million in similar quarter in previous year.

Revenue was reduced to RM2.1 million from RM2.8 million.

According to the company, the loss in current quarter was mainly due to a higher provision of impairment loss on property, plant and equipment.

Moreover, the profit registered in previous year corresponding quarter was due to prior year adjustment.

INTEGRATED RUBBER CORPORATION [] Bhd (IRCB) said its net loss for the fourth quarter to end-January 2013 widened drastically to RM20.68 million, from a loss of RM3.44 million in previous year quarter.

Revenue was slightly lower at RM30.36 million.

According to the rubber glove company, the higher loss was due mainly to write down of stocks, plant and machinery, as well as loss on disposal of plant and machinery.

There was also an additional provision made for depreciation of its machinery in Factory 2.

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peanut wrote:

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