According to the stock exchange filing, the project will be close to retail amenities such as Sunway Giza, Sunway Nexis and Ikea Damansara as well as education institutions including Sri KDU and SEGi University, and Thomson Hospital.
KUALA LUMPUR: The corporate results for the first quarter ended March 31, 2018 were generally uninspiring, according to AmInvestment Research.
It said on Friday that only 10% beat its projections while 57% met the forecast and the rest, or 33% missed the projections.
This was a decline compared with the fourth quarter 2017 corporate results where 24% were above and 49% met the forecast while 27% were below.
“Against the market consensus, the numbers were fairly equally unimpressive, with 'above', 'within' and 'below' at 10%, 47% and 43% respectively, as compared with 18%, 51% and 31% in 4Q2017.
AmInvestment Research said only two FBM KLCI Index-linked heavyweights surprised to the upside which were Sime Darby and Hong Leong Financial Group (HLFG).
Sime Darby did better thanks to the better showing from its car dealerships in China and heavy equipment business in Australia and HLFG due to the sterling performance from its commercial banking and insurance units.
On the other hand, Telekom disappointed due to a sharp contraction in voice, data and other telco services, although partly mitigated by increased internet revenue.
Similarly, MISC was hurt by lower petroleum tanker charter rates and reduced earnings from its offshore production business.
Press Metal
missed expectations due to lower-than-expected aluminium selling prices realised, higher cost of carbon anode and the ringgit’s strength.
Likewise, Sime Darby Plantation was hurt by weak performance from its plantations in Indonesia due to floods in Sumatra, while IOI Corp was weighed down by sharply lower profits reported by its downstream manufacturing activities.
Commenting on the FBM KLCI earnings growth forecast for 2018F, it had lowered them after factoring in the earnings changes. It was revised down to 5.4% (from 6.8%), while 2019F to 6.8% (from 7.2%).
However, having incorporated the impending changes to FBM KLCI constituents (which will take effect from June 18, 2018), its FBM KLCI earnings growth forecasts for 2018F and 2019F have been raised to 6.3% and 7.1% respectively.
The companies tpo be remove from the 30-stock KLCI are Astro, AMMB and YTL Corp and they will be replaced with Dialog, Hartalega and Malaysia Airports,
Meanwhile, in terms of earnings growth forecasts of "all sectors" – a broader but slightly more volatile earnings gauge encompassing the entire universe of our stock coverage – the numbers for 2018F and 2019F have been adjusted to 11.5% and 10.4%, from 15.6% and 10.6% previously , it said.
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