Saturday 30 Sep 2023
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KUALA LUMPUR (Sept 17): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Friday, Sept 18) could include the following: RHBCap, Glomac, Boustead, BHIC, Titijaya, BToto, IFCA MSC, Pavilion REIT, EcoWorld, Aemulus and AZRB.

Only 15% of Aabar Investment PJS’ shareholding in RHB Capital Bhd (RHBCap) is entitled to the rights issue instead of its entire 20.9% stake in the banking group, said Bank Negara in a letter issued to RHBCap.

In a filing with Bursa Malaysia, RHBCap said Bank Negara has issued an order under Section 94(2) of the Financial Services Act 2013, stopping RHBCap from issuing more shares to Aabar Investment in rights for the shares which are in excess of 15%.

In the letter dated Sept 14, the central bank highlighted that Bank Negara’s imposed shareholding limit on Aabar Investment is in respect to the initial approval granted for the Abu-Dhabi-based investment fund to acquire a 24.9% stake in RHBCap.

Bank Negara also clarified that the imposition of the shareholding limit was not conducted in relation to the renounceable rights issue that RHBCap is undertaking currently.

Glomac Bhd’s net profit for the first quarter ended July 31, 2015 (1QFY16) was almost flat at RM21.07 million or 2.94 sen a share compared with RM20.85 million or 2.87 sen per share a year ago.

The group’s revenue for the period grew 15.5% to RM123 million from RM106.5 million in 1QFY15, mainly due to steady construction progress in Glomac’s ongoing projects, namely Lakeside Residences, Saujana Rawang, Glomac Centro and Reflection Residences.

Group executive chairman Tan Sri Datuk Mohamed Mansor Fateh Din said the overall property sector remains soft, undermined by cooling measures and weaker sentiment brought on by both domestic and global economic uncertainties.

However, he said Glomac will continue to pace its new launches over the course of the financial year in expectation of improving market environment.

The group has an unbilled sales of RM737 million and a land bank with a total estimated gross development value (GDV) of RM8 billion.

Glomac has scheduled the majority of its new launches this financial year to 2QFY16, with a total estimated GDV of RM802 million.

The company is focusing on landed residential projects such as Lakeside Residences in Puchong, five affordable landed townships in Saujana KLIA, Bandar Saujana Utama and Saujana Rawang in Greater Kuala Lumpur, Sri Saujana as well as a new development Saujana Jaya in Johor.

The group will release new phases in the Saujana KLIA township later this year, comprising double storey terrace houses with total estimated GDV of RM275 million.

Boustead Naval Shipyard Sdn Bhd (BNS), a subsidiary of Boustead Holdings Bhd and an associate of Boustead Heavy Industries Corp Bhd (BHIC), has bagged a RM92.4 million contract from the Defence Ministry to provide refit maintenance for its patrol vessel.

In a statement today, Boustead said BNS has received a letter of work dated Sept 2 from the ministry which called for scheduled refit maintenance of patrol vessel KD Pahang for the Royal Malaysian Navy.

The written acknowledgement was executed today. The KD Pahang work will have a material effect on the earnings of BHIC Group for the financial year ending Dec 31, 2015 and will contribute positively to its future earnings.

Titijaya Land Bhd’s wholly-owned subsidiary Liberty Park Development Sdn Bhd (LPDSB) has received a money lending licence, which will diversify the property developer’s earnings base.

In a filing with the exchange, Titijaya said the licence was granted by the Department of Moneylenders and Pawnbrokers, Ministry of Urban Wellbeing, Housing and Local Government, under the Moneylenders Act 1951.

The money lending licence will diversify Titijaya’s earnings base and is expected to contribute positively to Titijaya’s earnings for the financial year ending June 30, 2016, when LPDSB commences its money lending business, the company said.

Berjaya Sports Toto Bhd (BToto) saw its net profit fall 7% to RM72.47 million or 5.39 sen per share for the first quarter ended July 31, 2015 (1QFY16), from RM78.34 million or 5.81 sen per share a year earlier, due to higher prize payout and the absorption of the goods and services tax (GST) expenses by its principal unit, Sports Toto Malaysia Bhd.

Revenue for the quarter was up 8% to RM1.34 billion for 1QFY16, from RM1.24 billion in 1QFY15, its filing to Bursa Malaysia showed.

BToto announced a first single-tier cash dividend of 2.5 sen per share, payable on Oct 23, 2015. It also declared a share dividend distribution of 9.57 million treasury shares on the bases of one treasury share for every 140 ordinary shares held.

The increase in revenue for the quarter was due to positive results from HR Owen Plc, which posted revenue of RM532.9 million, up 20% on year, while pre-tax profit rose 68% to RM10.9 million.

Going forward, it expects challenges ahead for its number forecast operator business in the remaining quarters of its current financial year, as consumers are more cautious due to inflationary effect on the economy and the absorption of GST expenses by the group.

IFCA MSC Bhd has been awarded a RMB4.99 million (RM3.34 million) contract from Capitaland Management (China) Co Ltd through its wholly-owned subsidiary in China, Jingyou Information Technology (Shanghai) Co Ltd.

The contract, which was signed on Sept 7, was for the supply and installation of a project costing, planning and procurement system.

IFCA MSC said the contract is expected to contribute positively to the company’s earnings per share and net asset per share for current financial year ending Dec 31, 2015.

Pavilion Real Estate Investment Trust (REIT) has proposed to acquire da:mén USJ shopping mall for RM488 million.

In a filing with Bursa Malaysia yesterday, Pavillion REIT said its manager Pavilion REIT Management Sdn Bhd has entered into a conditional sale and purchase agreement with Equine Park Country Resort Sdn Bhd (EPCR) and Revenue Concept Sdn Bhd to acquire the five-storey shopping mall and two-level basement car park located on a 3.45ha freehold tract in Subang Jaya.

EPCR is a wholly-owned subsidiary of Taman Equine (M) Sdn Bhd, which in turn is a wholly-owned subsidiary of Global Oriental Bhd.

Pavilion REIT said the proposed acquisition will be funded by debt facilities, which will raise its gearing ratio from 15% as at June 30, 2015 to 23% — still below the gearing limit of 50% prescribed by REIT guidelines.

The acquisition is expected to be completed by the first quarter of 2016.

The trust said the acquisition will provide its unitholders with stable and regular distribution, as well as to enable it to achieve long-term growth in net asset value per unit.

Eco World Development Group Bhd (EcoWorld) has posted a net profit of RM9.39 million or 0.41 sen per share in its third financial quarter ended July 31, 2015 (3QFY15) on the back of RM454.28 million revenue from ongoing projects like Eco Majestic, Eco Sky and Saujana Glenmarie in the Klang Valley.

As EcoWorld has changed its financial year end from Sept 30 to Oct 31, there are no comparative figures from a year earlier.

For the nine-month period (9MFY15), the group posted a net profit of RM24.26 million or 1.70 sen per share, with a revenue of RM1.03 billion, according to its filing with Bursa Malaysia yesterday.

EcoWorld said the group’s revenue and gross profit continued to grow at a steady rate since its acquisition of the development rights to eight projects, announced on April 25, 2014, became unconditional on Jan 8, 2015.

“This has enabled the group to record a revenue of RM1.03 billion and a gross profit of RM243.2 million with gross margins averaging 24% for the current period to date,” it said.

Aemulus Corp Bhd, which debuted on Bursa Malaysia’s ACE Market on Tuesday, has attracted the interest of Khazanah Nasional Bhd, which emerged as its substantial shareholder with a 15% stake.

In a filing with Bursa Malaysia, the Penang-based semiconductor player said Khazanah became its substantial shareholder via Bombalai Hill Ventures Sdn Bhd.

It said Bombalai Hill had subscribed to some 65.83 million shares or 15% via private placement on last Friday (Sept 11).

The transaction price was, however, not disclosed in the filing.

On its maiden trading day, Aemulus closed at 39.5 sen, a 41.07% premium over its issue price of 28 sen, after some 92.26 million shares changed hands. Today, the stock inched down 1.5 sen or 3.8% to close at 38 sen, bringing its market capitalisation to RM164.57 million.

Ahmad Zaki Resources Bhd (AZRB) has bagged a mixed development project worth RM386.65 million.

In a filing today, the company said its unit, Ahmad Zaki Sdn Bhd, had received a letter of acceptance of tender from Uda Legasi Sdn Bhd for the development at Kampung Bharu, Kuala Lumpur.

It said the development comprised one block of 47-storey apartment building with 639 units of apartments, one block of 29-storey commercial office building, as well as one level of basement parking.

AZRB said the contract was for a period of 40 months from the date of site possession.

It said the contract was expected to contribute positively to its earnings from the financial year ending Dec 31, 2015 onwards.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)


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