Nestle (Malaysia) Bhd posted its highest fourth-quarter net profit of RM133.54 million on the back of continued sustainable cost management and different phasing of marketing investments in 2017.
According to The Edge, its net profit for the financial year 2017 (FY17) was RM645.8 million, up 1.36 per cent from RM637.13 million in FY16, while its revenue climbed 3.89 per cent to RM5.26 billion from RM5.06 billion in FY16.
The group also proposed a final dividend of RM1.35.
However, despite the good results, analysts view were mixed on Nestle’s ratings.
Continue reading “Analysts mixed on Nestle’s ratings despite it hits record high after posting 4Q results”
Felda Global Ventures Holdings Bhd’s (FGV) earnings jumped 356 per cent to RM143.73 million in the financial year ended Dec 31, 2017 (FY17) compared to RM31.46 million in the previous year.
The Star reported that the strong results were underpinned by its improved performance from the plantation as well as logistics and other (LO) sectors.
The world’s largest producer of crude palm oil (CPO) said its pre-tax profit increased by 60 per cent to RM417 million from RM260 million previously.
“The plantation sector registered a significant improvement with a profit of RM554mil from RM234mil in the previous year,” group president and chief executive officer Datuk Zakaria Arshad said in a filing with Bursa Malaysia.
Continue reading “FGV’s posts stellar earnings in 2017”
China and Japan are the only two countries left in the race to win the bidding for the massive high-speed rail transportation project that will link Kuala Lumpur to Singapore, said the klhighspeedrail.com portal.
However, the question we may ask is whether the other competitors seem to have simply accepted the fact that they are out of the race?
While most sources are pointing to Japan as the leading party in the bidding.
The Today Online portal in Singapore said Japan Rail, Japan Bank for International Cooperation and NEC Japan are the companies that are leading the bidding from Japan.
It also said it had been previously reported that Hong Kong’s MTR Corporation was also interested in partnering with China Railway Corporation to bid for a contract.
Continue reading “HSR bidding down to two-horse race: where are the others?”
Naza TTDI Sdn Bhd, the property arm of Naza Group, achieved sales of RM815 million last year, which marked its best performance ever in five years.
The Edge reported that this year, it is targeting lower sales of RM745 million amid overall weak consumer sentiments.
“We will focus on sales from the Met 1 component located in KL Metropolis; an en-bloc office tower; TTDI Sentralis, a mixed-use development located in Shah Alam and from the soon to be launched TTDI Ayana residential development at Kwasa Damansara,” said its executive director and chief operating officer Datuk Idzham Mohd Hashim in a statement on Feb 2.
Nevertheless, Naza TTDI is upbeat for the future as it has RM1 billion worth of unbilled sales that will help it stay ahead.
Continue reading “Naza TTDI sees opportunities for year ahead”
Automotive stocks will remain bullish if the ringgit recovery against US dollar maintained its momentum, The Star reported.
These stocks could add on to picks up if buyers feel better about the economy and thus increase spending on first-class things.
Recently, Grant Thornton’s quarterly business survey reported that business leaders in Malaysia saw their confidence rising by 6 per cent in the fourth-quarter of 2017 which is a positive recovery from 36 per cent a year ago.
The survey revealed that 58 per cent of business owners are anticipating an increase in profits which is up to 46 percentage points from the third-quarter of last year.
Continue reading “Auto stocks to benefit from strong Ringgit”
NEW YORK, — Stronger iPhone prices and hints by Apple Inc yesterday that it could return more than half of its US$285 billion (RM1.11 trillion) in cash to shareholders eased concerns among investors, even as the world’s biggest technology company gave a disappointing revenue outlook for the current quarter.
Apple also reported it sold fewer iPhones over the holiday quarter than Wall Street had expected.
But the revenue outlook for the first three months of 2018 “was not as bad as some feared,” said Jun Zhang of Rosenblatt Securities Inc. Apple’s comments about plans for its US$163 billion in net cash helped boost shares 3.3 per cent to US$173.48 in after-the-bell trading.
“Over time, we are trying to target a capital structure that is approximately net neutral. We will have approximately the same level of cash and debt on the balance sheet,” Apple’s chief financial officer, Luca Maestri, told Reuters in an interview.
Continue reading “Higher iPhone prices, plan to return cash to shareholders support Apple share price”
The optimism level of Malaysian business confidence has risen to 6 per cent which is a major improvement compared to a year ago at -36 per cent, according to the International Business Report (IBR) by Grant Thornton, reported by The Star.
The quarterly business survey which covered 2,500 businesses in 36 economies showed the ASEAN region’s optimism level was performing at its best at 58 per cent, the highest since 2011. The survey revealed that high levels of confidence are driven particularly by surges in Indonesia for 100 per cent, as well as the Philippines at 86 per cent, where optimism has risen by 12 percentage points (12pp) and 6pp. The report stated that the global business optimism is at a positive level too, being at its highest level ever at 58 per cent.
Grant Thornton Malaysia Country Managing Partner Datuk NK Jasani said in the statement that optimism level in Malaysia has boomed, which is at the highest since 2014, despite being the lowest level among ASEAN countries. “In the country, the signs of confidence can be seen as the survey revealed that 62 per centbusiness owners are expecting an increase in revenues up to 22pp from the third-quarter (Q3) in 2017. “Also, 44 per cent of business owners are expecting an increase in exports for the year ahead which is up to 10pp from the same period, which is the highest in ASEAN,” said Jasani. The Managing Partner also said that 58 per cent of business partners are expecting an increase in profits, up to 46pp from Q3 in 2017 and 30 per cent of business owners are looking to increase in selling prices, up to 14 pp from the same period.
Continue reading “Malaysian business confidence rose to 6pc, says Grant Thornton”
The Edge reported that Affin Hwang Asset Management Bhd (Affin Hwang AM), an asset management entity is on track to meet its RM50 billion assets under administration (AUA) target by 2018.
In a company update briefing, Affin Hwang AM said charting one of the strongest growth trajectory in the company’s history, the company’s AUA grew by over RM 11 billion last year to reach RM47.3 billion as at Dec’17.
“This is an achievement that is both humbling and exciting for us, but never taken for granted. As an asset management player that puts integrity at the forefront of our core values, we will continue to manage our clients’ wealth responsibly through their hard-earned trust.
“We aim to sustain our growth momentum by building on our existing capabilities and knowledge-base to harness operational efficiencies within the company,” Teng said.
Assets under administration is the value of assets that a third-party administrator or entities provide services for, which include taxes, accounting, and custody of assets.
Continue reading “Affin Hwang Asset Management Bhd to meet RM50b assets under administration by 2018”
Chinese conglomerate Dalian Wanda Group’s revenue fell by 10.8 percent in 2017, the second consecutive year it declined, as the debt-laden group sold off property assets and faced increasing scrutiny from regulators and lenders.
The property-to-entertainment group, owned by tycoon Wang Jianlin, reported 227.4 billion yuan ($35.54 billion) in revenue for last year, while net profit remained flat compared with 2016, according to a statement posted on the company’s website on Saturday. It did not reveal the profit figure.Total assets, of which 93 percent are domestic, declined 11.5 percent to 700 billion yuan.The group came under pressure last year from a government crackdown on perceived risky spending overseas and high levels of corporate debt.
Banks heightened their scrutiny and ratings agencies downgraded its property unit to junk status.The Chinese conglomerate is expected to announce the sale of two Australian property projects in the coming days, sources have told Reuters, the latest in a string of asset sales as the firm looks to reduce its portfolio after a major acquisition spree.
Continue reading “China’s Dalian Wanda Group says 2017 Revenue Down 10.8 percent on Asset Sales”