Bursa Malaysia Stock Watch
RHBInvest Research Highlights 26th September 2011
kltrader
Publish date: Mon, 26 Sep 2011, 11:57 AM
kltrader
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26th September 2011
Top Story: Proton ' No fresh catalysts Underperform
Briefing Note
'' Proton held an analysts' briefing last Friday and below are the key takeaways:
'' Management warned that the outlook for the remaining quarters in FY12 was likely to remain challenging. In addition to Lotus restructuring costs being a drag on consolidated earnings, earnings for the quarter were also hit by stock provisioning and component vendor impairment costs of about RM30m. A change in the model mix combined with higher acquisition costs also resulted in weaker margins during the quarter.
Corporate Highlights
SP Setia: Second venture into Melbourne Underperform
News Update
'' SP Setia announced that it has entered into a conditional contract of sale with Portbridge to purchase a piece of land measuring 2.23 acres for AU$25.3m. This translates to AU$260 psf.
'' Compared to the Fulton Lane project which is within the CBD and had a land cost of AU$690 psf, this piece of land is cheaper as it is 4km south-east of Melbourne CBD. The land is a prime corner development site on St Kilda Road . It is close to Melbourne Grammar and Wesley College , as well as Alfred Hospital , Albert Park and some key shopping districts. The land is also well-connected to the tram system.
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