The week at a glance 5 December 2015

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TA01929Sabah & Sarawak

 Better earnings seen for Sarawak Cable in 4Q15

Sarawak Cable Bhd is poised for a stronger fourth quarter results. AmResearch Sdn Bhd said the enhanced financial performance will be contributed by the gains from the RM257 million job in Pengerang, Johor, the 500 kilovolt (kV) backbone power transmission lines from Mapai-Lachau and Lachau to Tondong worth RM353 million and RM266 million respectively and the sale of higher profit margin high voltage power cables.

 

Sentoria to see FY16 sales boost from Sarawak project

Sentoria Group Bhd’s successful launch of its second resort city in Kuching will contribute towards its sales in financial year 2016. TA Securities Holdings Bhd  recapped that the group has successfully launched its second resort city in Kuching named the Borneo Samariang Resort City in September 2015.

 

BLD sees higher revenue in 3Q15

BLD Plantation Bhd (BLD) registered higher revenue in the third quarter 2015 (3Q15) ended September 2015. The company in a filing to Bursa Malaysia on Monday said 3Q15 turnover improved by 2.2 per cent year-on-year to RM374.25 million from RM366.13 million in 3Q14. Meanwhile, 3Q15 revenue increased by about RM8.1 million due to higher sales volume as compared to the corresponding quarter of the preceding year.

 

Timber division a boon to WTK’s earnings in 3Q15

WTK Holdings Bhd (WTK) saw its core net profits for the cumulative nine months of 2015 (9M15) at RM38.4 million which was above the expectations of Affin Hwang Investment Bank Bhd, mainly due to higher-than-expected earnings contribution from the timber division. This was on the back of higher revenue by 1.9 per cent year on year to RM515.7 million, WTK reported 9M15 core net profit of RM38.4 million — an increase of 14.2 per cent y-o-y.

 

Zecon sees better financial performance in 1QFY16

Zecon Bhd registered improved financial performance in its first quarter financial year 2016 (1QFY16) ended September 2015. The company in a filing to Bursa Malaysia on Monday said 1QFY16 net loss narrowed to RM2.29 million from a net loss of RM3.07 million recorded in 1QFY15 ended September 2014.

 

 

National

Expect slower business performance in 4Q15

The business performance in the fourth quarter 2015 is expected to slow down, as shown by the confidence indicator of 0.8 per cent as compared to 2.2 per cent in the preceding quarter. In a statement, the Department of Statistics said the business performance by sectors, showed that the industrial and services sectors are expected to grow in the fourth quarter of the year with the confidence indicator at +1.4 per cent and 1.2 per cent respectively.

 

M’sia welcomes renminbi as global reserve currency

Bank Negara Malaysia (BNM) welcomed the International Monetary Fund’s (IMF) latest move in adding China’s renminbi as a reserve currency, saying it would contribute much to stability in the international monetary system. Governor Tan Sri Dr Zeti Akhtar Aziz said the development is very welcome and going forward, will see other currencies increase in significance as a reserve in the monetary system.

Sell of energy assets by 1MDB has no impact on market, says Zeti

1Malaysia Development Bhd’s sale of its energy assets to China’s firm will not have an impact on the market, said Bank Negara Malaysia’s Governor, Tan Sri Dr Zeti Akhtar Aziz. “Our system is large and the foreign exchange market is huge. A single transaction so far in our monitoring does not impact the market. Only cumulative transactions will affect the market,” she said after officiating the “Iclif Leadership Energy Summit Asia 2015”.

 

Corporate Malaysia fared better than expected in third quarter

Public listed companies performed better in the third quarter this year, analysts say, with upside surprises seen in certain sectors. The September quarter’s earnings fared reasonably well against the estimates of RHB Research Institute Sdn Bhd. “While there were still more misses than hits, the ratio of 1.6 times is the lowest seen in seven quarters and well below the average of 2.2 times seen in the past four years,” the firm said in a note.

 

Advisors to explore creation of global syariah standard on gold

The World Gold Council, the market development organisation for the gold industry, is teaming up with the global leading advisory firm for Islamic markets, Amanie Advisors, to explore the creation of a global syariah standard on gold. In a statement, the World Gold Council said the standard aimed to provide guidance on the use of gold in Islamic financial products and transactions.

 

Malaysia’s total trade in Oct up at RM139.46 billion

Malaysia’s total trade rose 8.2 per cent, year-on-year, to RM139.46 billion in October 2015, thanks to robust exports, said the International Trade and Industry Ministry. Exports in October grew 16.7 per cent, its first double-digit growth for the year, to RM75.81 billion previously while imports was slightly lower at RM63.65 billion from RM63.90 billion in the corresponding period.