Stockwatch


  • IOI: ANALYSTS said IOI Corp’s recent financial results were below market consensus. Plantation earnings are expected to improve for the 4th quarter ending June 30 as fresh fruit bunches production should recover from its 3rd quarter seasonal low. Affin-UOB Research said although concerns over lower crude palm oil prices going forward lingered, earnings in plantation were proving more resilient than those of many other sectors. IOI’s bottom line would also be supported by contributions from property and manufacturing. 

  • Magnum: ALONG with other gaming and leisure-related stocks, Magnum has attracted strong interest as in- vestors expect measures under the recent economic package to benefit these companies. Analysts said the trend was likely to continue on expectation that consumers would have more money to spend. The country's biggest numbers forecast operator is favoured mainly due to its strong balance sheet and attractive valuation. Although the SARS outbreak could affect financial results, investors may feel it is time to build up their positions again. 

  • YTL Corp: YTL Corp announced a 35% jump in pre-tax profit to RM249mil for its 3rd quarter ended March 31, compared with the previous corresponding quarter, attributed mainly to the inclusion of Wessex Water Group's results. Revenue also rose by 57% to RM964mil for the quarter under review. Following the acquisition of Wessex Water, analysts expect more improvements in the 4th quarter ending June 30. YTL is also expected to benefit from the economic package, especially its hotel division, as incentives offered would help ease cashflow and boost consumption at its hotels. 

  • CSA: CSA announced that it had recently secured two major global outsourcing contracts from Motorola and DuPont. It indicated that the first billing of the Motorola contract would only start rolling in by October 2004. OSK Research said with the two contracts, CSA's EBIT- DA (earnings before interest, taxation, depreciation and amortisation) margin was expected to im- prove from 9% in the FY03 to 11% in the FY04 and FY05. It added that the company would also have an attractive revenue buffer of at least RM50mil per annum over the next five years. 

  • OYL Industries: KIM Eng Research Sdn Bhd said the air-conditioner manufacturer's re- sults were within expectations and expected it to register stronger profits for the 4th quarter ending June 30, due to seasonal demand. The China market remains the key driver to future earnings. OYL has also been expanding its branch network aggressively to capture a bigger market. The research house said with rising profits in future, OYL was well-positioned to in- crease its dividend as it had been consistently distributing over 50% of its net profit as dividends to its shareholders since FY2000. 

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