#Stocks to Watch* RHB Capital, KLK, AirAsia, Mudajaya, Bolton, GAB

KUALA LUMPUR (Nov 21): The FBM KLCI could extend its losses on Thursday, in line with the weaker sentiment at most global markets on fresh worries over Greece after international lenders failed to reach a deal for the payment of a new tranche of aid to the country.

European shares and the euro fell on Wednesday after Greece's international lenders failed to reached a deal to reduce the country's debt and release the next payment from its bailout, according to Reuters.

Eurozone finance ministers, the International Monetary Fund and the European Central Bank will gather again on Monday after nearly 12 hours of talks through the night failed to reach a consensus on how to bring Greece's debt down, it said.

Federal Reserve chairman Ben Bernanke on Tuesday that the central bank lacked the tools to cushion the impact of a potential US fiscal crisis.

US stock futures were 0.25% lower in European trade, pointing to a weak Wall Street open for its last session before the Thanksgiving Day holiday, said Reuters.

Among the stocks that could be in focus on Bursa Malaysia on Thursday are RHB Capital Bhd; Kuala Lumpur Kepong Bhd (KLK); AirAsia Bhd; Mudajaya Group Bhd, Bolton Bhd; and Guinness Anchor Bhd (GAB).

Banking group RHB Capital is slated to announce its third quarter (3Q) financial results on Thursday, and it is also expected to brief media and analysts on the potential quantifiable synergistic benefits on the RHB-OSK merger.

AirAsia registered a net profit of RM157.8 million for the third quarter (3Q) ended Sept 30, 2012, up 3.6% year-on-year from RM152.3 million a year earlier.

AirAsia said on Wednesday that its revenue for the quarter rose 14.4%, up to RM1.2 billion from RM1.1 billion previously.

"Revenue growth was supported by a 9% growth in passenger volume, while the average fare was 7% higher at RM191 as compared to RM180 achieved in 3Q11," the low cost carrier said in a filing to Bursa Malaysia Securities.

Earnings of KLK for the fourth quarter (4Q) ended Sept 30 fell, as its net profit fell 8.3% to RM422.26 million from RM460.6 million previously, weighed down by weak palm oil and rubber prices and high production costs.

Revenue for the quarter also declined by 19.1% to RM2.42 billion from RM2.99 billion in the previous corresponding quarter. Earnings per share was 39.65 sen versus 43.25 sen previously.

"Although fair value changes on outstanding derivative contracts resulted in a RM13.3 million gain, the quarter’s profit was brought down by weaker selling prices for palm products and rubber, high cost of crude palm oil production due to increase in wages and lower rubber sales volume," said the group in a Bursa filing on Wednesday.

Mudajaya's third quarter net profit fell 12% from a year earlier as the builder and property developer registered higher operating expenses which offset the higher revenue during the period.

In a statement to Bursa Malaysia on Wednesday, Mudajaya said net profit came to RM55.26 million in the third quarter ended September 30, 2012 (3QFY12) against RM63 million a year earlier. Revenue rose 5% to RM352.68 million from RM337.21 million as the company raked in higher construction income.

"Barring any unforeseen circumstances, the financial performance of the group for 2012 is expected to be better than the previous financial year and the group is confident in securing more projects," Mudajaya said.

Looking ahead, Mudajaya said it hopes clinch more local construction jobs under Malaysia's Economic Transformation Programme such as the Mass Rapid Transit, power plant, highway and infrastructure projects.

Bolton has entered into a joint venture (JV) agreement with Mobuild Sdn Bhd for a residential development project in Kota Kinabalu, Sabah worth an estimated gross development (GDV) value of RM480 million.

The project — which represents Bolton's maiden project in East Malaysia — will consist of 500 units of luxury condominiums and 50 units of landed villas on a 10.33 acre land at Signal Hill and is slated to be launched in the first half of 2013.

"As you know, we have primarily been a Klang Valley developer but we view Kota Kinabalu as a very good market," said group executive chairman Tan Sri Azman Yahya at a signing ceremony Wednesday.

According to Azman, the partnership will be a 50:50 collaboration in which Mobuild would provide the land while Bolton will be responsible for the working capital and development of the units.

Azman added the group will be announcing more joint venture collaborations in the near future specifically one development in Penang and another in Kota Bahru, the latter which will be announced by end of this year.

GAB saw a 2.89% growth in net profit for the first quarter ended Sept 30 to RM56.8 million from RM55.2 million previously despite recording lower turnover in the quarter.

Revenue declined 11.7% to RM392.28 million from RM444.6 million in the previous corresponding quarter due to the lack of speculative buying and a nine day business freeze during the end of the first quarter.

"We are very pleased with our performance. Our results are ahead despite there being no speculative buying as the government announced that there will be no beer excise increase well ahead of the National Budget announcement," said the group managing director Charles Ireland, in a statement Wednesday.

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