Selangor PROPERTIES Bhd posted net profit of RM33.3 million for 3Q ended July 31, up 182% from RM11.8 million a year ago, boosted by foreign exchange gains and higher profits from property development.
Revenue rose 36.5% to RM70.55 million from RM51.68 million. Earnings per share were 9.69 sen versus 3.44 sen.
In VASTALUX ENERGY BHD [], its executive vice chairman Mohamad Nor Abdul Rashid continued to reduce his stake in the company.
He sold 3.98 million shares in the open market at prices ranging from 41 sen to 46.8 sen from Sept 4 to 23. The recent disposals reduced his stake to 63.73 million shares.
As for NSTP and Utusan Malaysia, investors could be ready to lock in gains after several days of gain following an upgrade by Macquarie Research.
Macquarie Research upgraded NSTP to outperform and a target price of RM2.50, based on a 12 times price-to-earnings (PER) for 2010E. NSTP closed 13 sen higher at RM2.29 last Friday while Media Prima added four sen to RM1.54 and Utusan jumped 12.5 sen to RM1.04.
NSTP's three newspapers in its fold account for 35% of total circulation and 22% of total newspaper advertising spending (adex), it had said in the report.
Stocks to watch: - GLCs, SelProp, Vastalux, NSTP
Sunday, September 27, 2009
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