Its Prospects … dated March 2011
MCIL’s profit may overtake Star’s by FY11 ending March 31.
For 9MFY11, MCIL’s net profit rose 48.6% to RM139 million from RM93.5 million a year earlier.
MCIL is the publisher of local Chinese papers such as Sin Chew Daily, Nanyang Siang Pau, China Press and Guang Ming Daily, as well as Ming Pao in Hong Kong .
MCIL’s earnings are expected to soon overtake that of industry leader Star.
The English market is already saturated. At the same time, MCIL is already a market leader of the local Chinese print media with growing and loyal Chinese readership.
The English print media has been challenged by the proliferation of free alternative news providers on the Internet while local Chinese-based alternative news is scarce.
There are very few Chinese blogs or news portals online compared with English sites. As such, MCIL should see its readership grow or maintain. On the other hand, more people are going online to obtain English news, which leads to declining circulation in the English print medium.
For FY10, MCIL recorded a net profit of RM134.2 million or 7.96 sen a share. It also recently distributed 50% of its profits, or 3.98 sen per share, as dividends to its shareholders.
MCIL’s earning also grew 48.7% year-on-year for its 9MFY11 compared with Star’s slower growth of 27.8% for FY10.
MCIL has strong balance sheet with RM272 million cash and no borrowings.
In only two years since MCIL emerged as part of a merger in 2008, its net profit had soared 118% to RM134.2 million in FY2010.
MCIL: 1.35 (MBB), 1.65 (OSK)
Sunday, September 18, 2011
Wednesday, September 14, 2011
JIT News - Benalec, RGB.. 23/3/2011
Benalec: Its specialized niche in marine construction has been reaping high margin construction industry. It is shaping to be a major landowner and developer as it will receive some 177.3 acres of land in Melaka in exchange for reclamation land. It is open to JV with property developers for the prime seafront land it is reclaiming in Melaka, broadening the company’s previous practice of selling plots of reclaimed land outright. Although the company first priority is to sell its reclaimed land, it is in talks with several property companies on prospective partnerships.
Earlier it announced that its unit had entered into an agreement with Melaka government owned Yayasan DMDI to undertake reclamation works for the latter on a portion of the coast in the Kota laksamana area in Bandar Melaka. The Melaka government had granted Yayasan DMDI a concession to reclaim the land, which will measure about 250 acres upon the completion of reclamation works. Benalec will entitled to 177.33 acres of land upon completion of the reclamation works, which will be retained on its balance sheet as ‘Land Held For Sale’. The remainder 72.67 acres will be surrendered to the Melaka government and Yayasan DMDI.
The reclamation works will be funded by internally generated funds and bank borrowings. Funding is not an issue since the group raised up to rm100 million from its IPO in Jan 2011.
Going forward, observers view the deal is significant for Benalec as the land concession holds immediate development potential for Benalec once reclamation works are complete. The Kota Lakasamana project is expected to draw attention from property developers as it sits on prime seafront land within Melaka’s city centre can can be further developed for mixed development. Based on estimates, Benalec stands to reap a net gain of about rm116 million from land disposals alone over a three year reclamation period.
1.90 (AMResearch), 1.42 (OSK), 1.95 (MBB)
RGB: It hopes to pare down its borrowings and set aside cash for working capital following the commencement of operations at the Cebu Park Mall Satellite Casino in the Philippines under an agreement in the Pagcor.
The group had borrowings of rm1289 million and US$6.17 million as at Dec 31, 2011.
According to the company, the operation of RGB’s latest outlet, which has 108 slot machines, in the Philippines began in March 11, 2011. This is the first project under a concession signed with Pagcor for the placement of 1700 machines and is RGB’s 16th operating outlet in Philippines . Tehre was no initial capital outlay for the venture as RGB is using existing machines.
RGB: 0.06 (CIMB)
Earlier it announced that its unit had entered into an agreement with Melaka government owned Yayasan DMDI to undertake reclamation works for the latter on a portion of the coast in the Kota laksamana area in Bandar Melaka. The Melaka government had granted Yayasan DMDI a concession to reclaim the land, which will measure about 250 acres upon the completion of reclamation works. Benalec will entitled to 177.33 acres of land upon completion of the reclamation works, which will be retained on its balance sheet as ‘Land Held For Sale’. The remainder 72.67 acres will be surrendered to the Melaka government and Yayasan DMDI.
The reclamation works will be funded by internally generated funds and bank borrowings. Funding is not an issue since the group raised up to rm100 million from its IPO in Jan 2011.
Going forward, observers view the deal is significant for Benalec as the land concession holds immediate development potential for Benalec once reclamation works are complete. The Kota Lakasamana project is expected to draw attention from property developers as it sits on prime seafront land within Melaka’s city centre can can be further developed for mixed development. Based on estimates, Benalec stands to reap a net gain of about rm116 million from land disposals alone over a three year reclamation period.
1.90 (AMResearch), 1.42 (OSK), 1.95 (MBB)
RGB: It hopes to pare down its borrowings and set aside cash for working capital following the commencement of operations at the Cebu Park Mall Satellite Casino in the Philippines under an agreement in the Pagcor.
The group had borrowings of rm1289 million and US$6.17 million as at Dec 31, 2011.
According to the company, the operation of RGB’s latest outlet, which has 108 slot machines, in the Philippines began in March 11, 2011. This is the first project under a concession signed with Pagcor for the placement of 1700 machines and is RGB’s 16th operating outlet in Philippines . Tehre was no initial capital outlay for the venture as RGB is using existing machines.
RGB: 0.06 (CIMB)
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