Thursday, August 28, 2008
Malayan United Industries(MUI) Q2 08 review
Not too many surprises. Profit from operations is solid, QoQ improved by almost 50%. I've been a bit worried about retail segment especially with Laura Ashley as consumers spending are expected to slow down due to housing bubble collapsed, slower economic growth and high inflation. But they are doing good. All operating units - retail, hotel, food and confectionery, financial services and travel and tourism - are profitable.
Finance cost is still a pain in the a**.
Exceptional items are caused by the provision of allowance for value diminution of quoted investment. It's something I'm not that worried as this will go up and down in line with stock market.
Will be back commenting on Parkson on Friday.