KLCI closed at 895(reference point). Maybank recorded EPS QoQ declined by 22% - magic words like impairment, softer net interest income, higher costs, etc begin to creep in.
TMB recorded losses due to unrealized forex loss of RM 196 million but there are all kind of other funny stuffs like operating costs gone up and realized losses of equity disposal and not to mention increased depreciation with softer top line ( all adds up to about 153 million ), even without these costs, operating income declined by almost 25%! With the unrealized forex ? Bomb ! EPS of - 5 sen(loss) for Q3 '08. No dividend declared - pretty disappointing. This is a preview of what I posted about earnings disappointments.
I can't imagine what will happen to earnings going into 2009 especially the real macro deteriorations are happening around October 2008. But I can't wait for disappointed investors reactions when the market opens tomorrow.
(The Star) PETALING JAYA: Investors will seek affirmation that Telekom Malaysia Bhd (TM) has the ability to keep its promise of high dividend payout when the telco announces its third-quarter earnings today.
TM has committed to an annual payout of “RM700mil or 90% of net profits, whichever is higher” in conjunction with its demerger in April that split the fixed line and mobile businesses.
An analyst at Aseambankers Malaysia Bhd said: “TM has built up a lot of expectation that they would return cash to shareholders and the market will be looking for signs that they are on track for the minimum RM700mil payout.”
10:55 pm - 11 November 2009. Penang
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