Friday 29 Mar 2024
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KUALA LUMPUR: Based on corporate announcements and news flow today, stocks in focus tomorrow (Oct 20) may include: Bintai Kinden, Mitrajaya, Trive Property, Hubline, PUC, Vivocom, Grand-Flo, Mah Sing, CIMB, Bina Darulaman and Palette Multimedia.

Bintai Kinden Corp Bhd is partnering with Vista Springs Development Sdn Bhd to jointly develop a 4.47-acre piece of freehold land in Melaka, which has an estimated gross development value of RM350 million.

Its wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) has entered into a Memorandum of Understanding (MoU) with Vista Springs in order to establish a collaboration for the development, which will be for hospitality, residential and/or commercial purposes.

Mitrajaya Holdings Bhd has secured a contract to undertake main building works for a 363-unit condominium at Precinct 15, Putrajaya, for a contract price of RM132.5 million.

The construction company said it accepted a letter of award from Asima Architects Sdn Bhd for the job, which  is expected to be completed in 30 months, by February 2021.

Trive Property Group Bhd said it is in talks to be the turnkey contractor to build affordable housing projects for Syarikat Perumahan Negara Bhd (SPNB), worth RM1.1 billion in gross development value.

Trive Property said its wholly-owned subsidiary Trive Property Sdn Bhd inked a Memorandum of Understanding with Tenaga Meriah Sdn Bhd today to facilitate the talks.

The latter had secured a letter of intent from SPNB’s wholly-owned unit, SPNB Aspirasi Sdn Bhd, to form a joint-venture company.

Shipping company Hubline Bhd said it is in the midst of negotiating a preliminary agreement with "a large oil and gas/chemical company" for the provision of logistics services — but the terms of the Memorandum of Understanding (MoU) have not been finalised.

Hubline made the announcement in a reply to Bursa Malaysia’s unusual market activity (UMA) query today, which it attributed to the negotiations and a slew of recent boardroom changes.

ACE Market-listed PUC Bhd — formerly known as PUC Founder (MSC) Bhd — has teamed up with point-of-sale (POS) services provider Bersian Technology (M) Sdn Bhd to implement a cross-marketing collaboration.

Incorporated in November 2003, Bersian has clientele in the retail and e-commerce sector, with over 3,000 licensed merchant outlets using its POS services.

Vivocom Intl Holdings Bhd is forming a 60:40 joint venture (JV) with MACfeam Sdn Bhd to tender for contracts under the East Coast Rail Line (ECRL) project in Terengganu and Pahang.

The JV will tender for contracts which have been called by ECRL engineering, procurement, construction commissioning (EPCC) contractors The China Communications Construction Company Ltd and China Communications Construction Company (M) Sdn Bhd.

Grand-Flo Bhd is selling its 12.31% stake in Thailand-based Simat Technologies Public Company Ltd for THB132.03 million (about RM16.72 million), and another 80% stake in Kopacklabels (Pg) Sdn Bhd (KPSB) for RM700,000.

It entered entered into a share sale and purchase agreement with Nattapong Seetavorarat for the disposal of Simat Technologies — proceeds of which will be used for working capital and new business investments.

Mah Sing Group Bhd has terminated a proposed deal to buy five parcels of adjoining freehold land fronting Titiwangsa Lake, which measures about 3.56 acres in total, for RM60 million, citing non-fulfilment of the conditions precedent (CP) within the CP period.

However, the group said it still has 34 on-going projects which are spread out across various stages of development cycle providing growth and earnings visibility for at least the next eight years.

Net profit of CIMB Thai Bank PCL — a 94.11% unit of CIMB Group Holdings Bhd — fell to THB76.54 million in its third quarter ended Sept 30, 2017 (3QFY17) from THB431.07 million a year dragged by higher employee expenses, higher bad and doubtful debts and impairment losses.

Total quarterly operating income rose 7.79% to THB3.46 billion from THB3.21 billion in 3QFY16, thanks to improved net interest income, net fee and service income, and gains on tradings and foreign exchange translations.

Net profit in the nine months ended Sept 30, 2017 (9MFY17) shrank 30% to THB243.9 million from THB554.4 million in 9MFY16, as provisions grew 9.8% on-year amid an increase in non-performing loans.

Operating income, however, rose 1.5% to THB9.84 billion, mainly contributed by net interest income and net fee and service income growth.

Lower earnings in Bina Darulaman Bhd's road and quarry division caused net profit for the third quarter ended Sept 30, 2017 (3QFY17) to plunge 67.2% to RM1.91 million from RM5.81 million a year ago.

Quarterly revenue fell 37.8% to RM54.21 million from RM87.18 million in 3QFY16 on lower contributions from its property and road and quarry divisions.

For the cumulative nine months of FY17, net profit declined 75.6% to RM2.62 million against RM10.73 million a year ago. Revenue slipped 2.8% to RM197.03 million, from RM202.67 million in FY16.

Palette Multimedia Bhd delivered a net profit of RM3.03 million in its first quarter ended Aug 31, 2017 (1QFY18), from a net loss of RM516,000 last year, as its recent Russian venture boosted its revenue to a record high.

Quarterly revenue rose 34 times to a record RM7.84 million — 99.97% contributed by its Russian venture — from RM222,000 in the same period a year ago, which was entirely from its Malaysian operations.

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