For Q3/03, Integrax Bhd, registered a turnover of RM23.8 million and net profit of RM7.6 million. Profit before tax was RM13.3 million.
Comment by Avenue Securities: Q3/ 03 results were 85.6 per cent of Avenue Securities' full year expectations underpinned by stronger property sales and higher throughput of liquid bulk and dry bulk.
During the quarter the group made adjustments for MASB 25-defferred tax, which have resulted in the group posting a higher tax expense quarter-on-quarter in its accounting books.
The group also notes that it will be required to incorporate MASB 27-interest cost, in fiscal year 2004, which will have an adverse affect on its profit and loss statement.
Outlook: The group remains positive as it is in the midst of developing new property sales for a large new cargp contract. The group also hints at the possiblility of a franchising method or the investment into another port.
The group's prospects remain positive giving the full commissioning of Janamanajung along with impressive throughput at Lumut Maritime ??Terminal (LMT).
Avenue Securities expects throughput at Lumut Bulk Terminal to suprise on the upside as Janamanjung finalises its coal mixture.
Recommendation: Fair value of the share has been raised to RM 2.20. At RM 1.58 the stock trades at a forward price earnings ratio (PER) of 15.8 times (using a fully diluted share capital)/
On a non-diluted basis the group trades at a forward PER of 11.3 times which is lower then the sector average of 11.7 times. Maintain out perform call on the stock.
TTS Comment:
BULL SHIT! Why dont the analysis recommended a buy on this stocks when it was trading less than RM 1.2 before October. Soon after the analysis recommendation on December 6, 2004, the stock plummetted from approximately RM 1.59 to RM 1.09 which cost a staggering loss of approximately 50%.
So who is selling when we are buying?
THANK YOU SO MUCH to the so call well paid proffessional analyst.
For those who didn't accumulate when the price is down, sit tight and wait until the next down turn. For those that have accummulated enough, just sit tight and wait for the price to go higher before selling it.
At midday closing on Thursday 02/09/2004
CI: 847.22 (+18.84) Counter up: 584 Counter down: 115
Vol: 267.02m
Val:637.286m
Malaysua, Thursday 02/09/2004
Kuala Lumpur Shares Higher on News Former Deputy PM Anwar to be Set Free
KUALA LUMPUR (XFN-ASIA) - Share prices turned higher, reversing early losses, on news that former deputy prime minister Anwar Ibrahim has won his final appeal against a conviction for sodomy and is set to be released from jail today, dealers said.
At 11.48 am, the benchmark Kuala Lumpur Composite Index was up 12.47 points, or 1.51 pct, at 840.85.
"The news is having a positive impact on the market," a local brokerage dealer said, adding that banking stocks led the rise as "they are the market bell-wether and are more liquid".
Most of the buying has come from local and foreign funds who are heartened by the news.