为何今天哪么红？

cari288

A bleak results season

THERE will come a time when the public-listed companies repair their impaired profit and loss (P&L) accounts and balance sheets, but that will come later.

The fourth quarter (Q4) reporting season was a “winter of our discontent” as companies operated through an economy that slowed from 7.1% in the first quarter last year to 0.1% in the Q4.

Most companies registered lower profits and many reported losses in Q4 last year. A rare few showed growth. In this season, flat earnings was an achievement.

The chill wind will continue to blow much of this year as economic growth slows further to 1% or 2%, or even contracts, this year from an average of 4.6% last year.

Both export and domestic sectors will encounter lower demand as consumers tighten their belts. The government will try to offset that with increased spending through stimulus programmes.

The dismal corporate results of Q4, however, should be relected in the light that their share prices have fallen 50% or more. Valuations in their share prices have been compressed.

Much of the diminished results was caused by impairment losses taken against goodwill and inventories. Most of the manufacturers, for instance, wrote down the carrying values of their raw material inventories, most notably the steel millers.

Steel mills stock a lot of scrap for their furnaces but several of them held inventories of over RM1bil. More pertinently, they held inventories of three months to, in some cases, six months which seemed like inventory speculation.

This led to industry-wide write-down of their inventories, typically in the region of over RM300mil by each of them. Given the size of their inventories and the severe drop in steel prices, there may be another round of hefty write-downs in the current quarter to March.

Manufacturers in other industries also wrote down their inventories but where the stock levels were low, it may not recur this quarter.

There could also be companies which felt this to be the right time to provide for impairment, whether for prudential reasons or compliance with accounting standards. Since the stock market is so weak and will not reward any company that comes out with neat profits, this may be the best time to clear the decks.

With the economic downturn expected to roll through the rest of the year, balance sheets are as important as the P&L results.

Fortunately, most of the companies, including banks, have strong balance sheets. Companies tend to be cash-rich or have low levels of debts.

Two that stand out on the other side of the fence are Titan Chemicals Corp Bhd and Carotech Bhd.

Titan reported a net loss of RM474mil in its Q4 ended Dec 31. While it operates in an environment that’s currently tough for manufacturers of polymers and related products, it is carrying net borrowings of about RM1.5bil.

As it reported the results on Friday, Titan also announced that its bankers agreed to amend certain financial ratio covenants, and as part of this amendment, all dividend payments for this year and next are restricted.

Carotech, which once held bright biotech prospects, reported a net loss RM4.9mil in its Q4. It is burdened with net borrowings of RM300mil, over three times its equity. That’s a result of a sudden, huge expansion instead of an unhurried but progressive pace.

One of the bright spots of the season came from the oil and gas industry in spite of the collapse of oil prices from its peak last year.

Among the companies, Alam Maritim Resources Bhd, a charterer of offshore vessels, reported a net profit of RM22.7mil in its Q4, up 36% year-on-year.

The earnings of Tanjung Offshore Bhd, also a charterer, rose 86% to RM13.6mil in the same period.

A builder of offshore vessels, Coastal Contracts Bhd also reported buoyant earnings, up 84% to RM31.3mil in its Q4.

Another sector that still showed healthy profits is the branded food sector, given its stable demand and pricing power.

Nestle (M) Bhd announced a 128% increase in net profit to RM77.3mil in its Q4. It had raised Nescafe prices by 8% and Maggi prices by 10% in July last year.

Its smaller, local competitor, Mamee-Double Decker Bhd, reported a net profit of RM9.8mil in its Q4, 113% higher year-on-year.

This year, the direction of earnings, or losses in many cases, lacks visibility as even management is unable to offer guidance.

Companies with strong balance sheets and in industries that are less cyclical are better positioned to maintain some earnings momentum through this economic slowdown.

http://biz.thestar.com.my/news/s ... 371833&sec=business

hoollly

原帖由 股色股香 于 2-3-2009 03:59 PM 发表
新加坡魚尾獅頭塑像遭雷擊損毀
2009-03-01 10:45:39

新加坡著名的獅頭魚尾塑像遭到雷擊，部分損毀，但沒有造成人員傷亡。當地電臺報道，昨日下午，雷電擊中這座魚尾獅頭塑像，導致塑像出現了一個足球般大的洞。新 ...

狮城风水被破坏,这是非常明显的凶兆.

廉政行动

美国今晚必定跌破7000点大关，要大事庆祝一番，干杯。。。。。

cari288

喂！喝酒的话，记得call我。

stockmaster8k

会不会一个晚上跌1000点！

心脏病肯定发作！

cari288

跌1000点是十多巴仙，有那么恐怖吗？？

ken8288

今天把手上的所有股票都卖了,亏 5000++, 6月过后才找时机进场.

cari288

6925.78  廉政行动 要开香冰了。

丘比特9

有没有可能跌到赤字的?

- 1000  

EL5597

6897

cari288

那些 long FKLI 的，要吃惊风散了。

6合彩

跌到4569官材

maxis..

4896

yilingchai

原帖由 发梦的朽木 于 2-3-2009 12:07 PM 发表
如题，为何今天哪么红？日本，香港，新加波都是红红的。

3月,啊傻复出,,,所以才会这么红,,

全球都红旗竞赛,,,

maxis..

竟然以为股市已触底了，我真的很天真很傻。。

lai1688

malaysia time 12.49 , DJ INDEX 插水噢。。。现在6845 点 。 上个星期五收市=7115 点， 暂时跌了270点。。。看来第二波海啸正在开始了。。

弹煮

明天如果有尊贵的部长配合DJIA跌势再宣布一些负面数据，就合大家心水鸟

lai1688

憂慮全球大蕭條
多國股市寫新低
（吉隆坡2日訊）美國經濟衰退惡化，再次挑起投資者對全球經濟大蕭條的憂慮，使原本已處低迷的主要股市，今日紛紛寫新低，跌幅介于3%至5%。

美國不景氣邁入第15個月，情況不但未好轉，反而惡化。道瓊斯指數週五閉市時，收7062.93點，下跌119點，創下13年紀錄新低，深深打擊亞股今日表現。

馬股市綜合指數連續3個交易日下跌，今天一度寫下逾2個月新低。碰上國行上週五宣佈遠低于市場預測的第4季經濟數據，使原本已疲弱的馬股，顯得更沒有動力。

亞洲其他股市無一倖免，日本下跌近3%，為4個月新低。澳洲股市陷入5年新低點。

韓國、香港、台灣、新加坡等區域股市，全是“滿江紅”。

亞洲各國政府相繼落實經濟振興配套，惟力道仍嫌不足，未能扭轉劣勢。

多位頂尖經濟家在《紐約時報》（New York Times）撰文指出，美國經濟衰退恐持續至2010年，甚或拖到2010年以后。

klagigi

明天霹雳那单就够鸟。。。

asimo

可能会跌400-500 点

只要报纸明天唱碎, 我看抛压就来了...
明天可以马股就够够力了...