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Hot Stock MMC rises 3.4% as 2Q profit triples

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Hot Stock MMC rises 3.4% as 2Q profit triples

Post by Cals Thu 28 Aug 2014, 18:21

Hot Stock MMC rises 3.4% as 2Q profit triples

Business & Markets 2014

Written by Adrian Wong of theedgemalaysia.com

Thursday, 28 August 2014 11:07

KUALA LUMPUR (Aug 28): MMC Corp Bhd rose eight sen or 3.4% to RM2.43 after the diversified company said second quarter net profit more than tripled from a year earlier.

At 9.21am, MMC, which was the bourse's sixth-largest gainer, saw 197,800 shares done. MMC's businesses include port operations, electricity generation, and construction.

Yesterday, MMC said net profit rose 277% year-on-year to to RM165.45 million in the second quarter ended June 30, 2014 from RM43.86 million previously. Revenue rose to RM2.87 billion from RM1.9 billion.

The results were broadly within consensus forecast, according to analysts.

In a note today, Affin Investment Bank Bhd said it had kept its target price for MMC shares at RM3.15 but upgraded the stock from “add” to “buy” on share price weakness.

“We opine that the improved operating efficiency of Tanjung Bin power plant, good progress of the Klang Valley Mass Rapid Transit (KVMRT) construction work will drive earnings growth while the potential listing of Malakoff in 1H15 and/or other corporate restructuring exercise will re-rate the share price,” Affin said.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
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