Friday 29 Mar 2024
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KUALA LUMPUR (Feb 7): Based on corporate announcements and news flow today, stocks in focus on Monday (Feb 10) may include: Berjaya Land Bhd (BLand), Malaysia Smelting Corp Bhd (MSC), 7-Eleven Malaysia Holdings Bhd, Westports Holdings Bhd and Willowglen MSC Bhd.

Berjaya Land Bhd (BLand)'s public housing and mixed development project in Yangon, Myanmar — which it previously announced in September — now has a revised estimated gross development value (GDV) of US$746.08 million (about RM3.05 billion), compared with US$624 million (about RM2.63 billion).

Its 80%-owned BDS Smart City Co Ltd (BDS) inked a concession agreement today with the Yangon Region Government (YRG) to formalise their collaboration to undertake the project. The agreement grants BDS the exclusive rights over the land for 50 years — extendable for 20 more years — for which BDS will pay YRG US$185.76 million (about RM759.76 million), mainly in the form of affordable housing units that BDS will develop under the project.

Malaysia Smelting Corp Bhd said its relocation to its new smelting facility in Pulau Indah, Port Klang is progressing well and full smelting operations are expected to commence in the near term. The set-up in Pulau Indah enables a scale-up in production capacity by 50%, from 40,000 tonnes per year currently.

7-Eleven Malaysia Holdings Bhd, which is acquiring Caring Pharmacy Group Bhd, has no plans to merge operations of its convenience stores with the latter's pharmacy outlets, as there has been no successful business model for such an operation in Asia.

Westports Holdings Bhd's is buying a 146.4ha land adjacent to its port in Klang for RM393.96 million cash, from its 42.42% shareholder Pembinaan Redzai Sdn Bhd, to expand its port with eight additional container terminal (CT) facilities.

Separately, Westports reported a 13.81% year-on-year net profit decline in the fourth quarter ended Dec 31, 2019 (4QFY19) to RM125.44 million, from RM145.54 million — despite revenue growing 8.33% to RM452.82 million, from RM418.02 million — due to a write-off arising from a vessel incident. It also declared a second interim dividend of 6.26 sen per share, bringing FY19's total payout to 13 sen per share.

For FY19, Westports's net profit rose 10.76% to RM590.9 million from RM533.47 million, as revenue grew 10.41% to RM1.78 billion from RM1.61 billion, thanks to a 14% increase in container throughput to 10.86 million TEUs.

Willowglen MSC Bhd has been awarded a three-year wireless network infrastructure contract worth RM35.22 million by the Public Utilities Board in Singapore. The contract, which will start on Feb 21, includes the supply and installation of network cameras in various waterworks and water reclamation plants.

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