Versus the CI

Harrisons: THE east Malaysian-based company has managed to grow sales over the past five years. However, margins being very slim in the warehousing and distribution business, its profits have not seen a corresponding increase. Slower economic growth and the repatriation of foreign workers last year affected demand for building materials distributed by the company. Its fast moving consumer goods were similarly affected, particularly in Sabah, which has a large immigrant population. 

Kumpulan Emas: KUMPULAN Emas has lost its shine. Now a penny stock, few fund managers or analysts track the company, which has seen fit to hive off and list its different businesses over the years, most of which have also under-performed. For its fiscal year ended July 31, 2002, Kumpulan Emas posted a net profit of RM10mil or earnings per share of 2.4 sen. At the halfway mark in the current year, its profit was some RM7mil compared with RM19.6mil in the same period a year ago. 

Jaya Tisa: FOR the year ended April 30, Jaya Tiasa reported net earnings of RM63.6mil, which came in 3% above market consensus estimate. The timber firm turned around from a net loss of RM105.8mil earlier. An OSK Research analyst said higher timber prices and sales volume during the last financial year boosted its profit. Also, the cost savings arising from the closure of its Brazil operation lifted the earnings before interest, tax, depreciation and amortisation margin to 21.7% from negative 9.5%, the analyst said. However, given the rich stock valuations, he maintained his neutral recommendation. 

Kumpulan Jetson: ONE of the smaller construction companies, Kumpulan Jetson recently secured a RM46mil contract to build a commercial cum residential tower block in Kuala Lumpur over a 28-month period from the date of possession. The company registered a net profit of RM7.2mil for its fiscal year ended Dec 31, 2002, versus RM5.4mil the year before. Earnings per share improved to about 18 sen from 14 sen. The company has in the past said it wanted to focus on its niche as a turnkey operator specialising in the design and build concept. 

Lankhorst: THE engineering outfit intends to run a tighter ship this year after it had to write off more than RM30mil last year in non-payments from certain projects. But perhaps of greater concern to the company and its shareholders, is the possibility of Lankhorst falling into Practice Note 4 condition. Even though the company possesses an order book to the tune of RM350mil, it has accumulated losses of RM24mil and shareholders funds have dropped to RM16mil. Its net tangible assets per share is now 42 sen. 

Kumpulan Emas: KUMPULAN Emas has lost its shine. Now a penny stock, few fund managers or analysts track the company, which has seen fit to hive off and list its different businesses over the years, most of which have also under-performed. For its fiscal year ended July 31, 2002, Kumpulan Emas posted a net profit of RM10mil or earnings per share of 2.4 sen. At the halfway mark in the current year, its profit was some RM7mil compared with RM19.6mil in the same period a year ago. 

Jaya Tisa: FOR the year ended April 30, Jaya Tiasa reported net earnings of RM63.6mil, which came in 3% above market consensus estimate. The timber firm turned around from a net loss of RM105.8mil earlier. An OSK Research analyst said higher timber prices and sales volume during the last financial year boosted its profit. Also, the cost savings arising from the closure of its Brazil operation lifted the earnings before interest, tax, depreciation and amortisation margin to 21.7% from negative 9.5%, the analyst said. However, given the rich stock valuations, he maintained his neutral recommendation. 

Kumpulan Jetson: ONE of the smaller construction companies, Kumpulan Jetson recently secured a RM46mil contract to build a commercial cum residential tower block in Kuala Lumpur over a 28-month period from the date of possession. The company registered a net profit of RM7.2mil for its fiscal year ended Dec 31, 2002, versus RM5.4mil the year before. Earnings per share improved to about 18 sen from 14 sen. The company has in the past said it wanted to focus on its niche as a turnkey operator specialising in the design and build concept. 

Lankhorst: THE engineering outfit intends to run a tighter ship this year after it had to write off more than RM30mil last year in non-payments from certain projects. But perhaps of greater concern to the company and its shareholders, is the possibility of Lankhorst falling into Practice Note 4 condition. Even though the company possesses an order book to the tune of RM350mil, it has accumulated losses of RM24mil and shareholders funds have dropped to RM16mil. Its net tangible assets per share is now 42 sen.