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MBSB FY10 earnings surge 155pct to RM146m

posted 15 Feb 2011, 02:04 by Zam Mlk   [ updated 15 Feb 2011, 06:20 ]
News:#
KUALA LUMPUR: MALAYSIA BUILDING SOCIETY BHD [] (MBSB) posted a strong set of earnings in its financial year ended Dec 31, 2010, with net profit surging 155% to RM146.02 million from RM57.20 million a year ago as it staged a turnaround as it focused on retail products.


Proposal:
(A) PROPOSED RENOUNCEABLE RIGHTS ISSUE OF NEW ORDINARY SHARES OF RM1.00 EACH IN MBSB TOGETHER WITH NEW FREE DETACHABLE WARRANTS TO RAISE GROSS PROCEEDS OF APPROXIMATELY RM500 MILLION;
(B) PROPOSED CHANGE IN THE COMPOSITION AND INCREASE IN THE AUTHORISED SHARE CAPITAL OF THE COMPANY; AND 
(C) PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF THE COMPANY

(COLLECTIVELY TO BE REFERRED TO AS “PROPOSALS”)

INfo:
Malaysia Building Society Berhad is a Malaysia-based company engaged in the granting of loans on the security of freehold and leasehold properties and provision of retail financing and related services. The Company operates in four segments: Financing, which is involved in the granting of loans on security of freehold and leasehold properties and provision of retail financing and related services; Property development, which is involved in the development of residential and commercial properties; Letting of real property, which is involved in the letting of office buildings, and Hotel operations, which is involved in letting of hotel rooms, sale of food and beverage and other related income. It is also involved in project management and investment holding. As of December 31, 2009, the Company had 18 subsidiaries.

As at March 2010

BALANCE FLOAT 14.46%

Net tangible asset: RM 0.544 ( its normal NTA lower compared to market price, even maybank's NTA only RM 4.00 )

EPS 2009: 8.17
EPS 2010: 20.85 ( the important thing is to generate earnings )

Proposed 9% dividend less 25% tax higher than previous year 4% divdnd)

Major Shareholder, 
PERMODALAN NASIONAL BERHAD       14.91%
EMPLOYEES PROVIDENT FUND BOARD 67.11%

TOTAL CURRENT ASSET  9,137,117
TOTAL LIABILITIES          9,751,586      

Technical analysis:
Buy if price touch RM1.51
Resistance RM1.76
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