KUALA LUMPUR (Jan 29): Based on corporate announcements and news flow today, stocks in focus tomorrow (Jan 30) may include: Chin Teck, HLT Global, Inari Amertron, MPI, Perisai, Prestariang, SMTrack, TMC, and Weida.
Chin Teck Plantations Bhd's net profit dropped 13.62% to RM13.59 million in its first quarter ended Nov 30, 2017 (1QFY18), from RM15.73 million a year ago, dragged by foreign exchange losses and higher expenses.
Meanwhile, revenue rose a marginal 0.11% to RM42.51 million from RM42.46 million, as higher sales volume of fresh fruit bunches (FFB) and palm kernel were offset by lower average selling prices for FFB, crude palm oil, and palm kernel.
Glove-dipping line manufacturer HLT Global Bhd is acquiring a 55% stake in glovemaker HL Rubber Industries Sdn Bhd from vendors Suntel International Co Ltd, AXG Capital Sdn Bhd and Lee Sow Yin for RM33 million.
The deal — to be satisfied via 113.79 million new HLT shares at 29 sen apiece — comes with a RM10 million profit after tax guarantee for the financial years ending Dec 31, 2018 (FY18) and FY19 combined, together with net assets of RM38.8 million.
Inari Amerton Bhd is proposing a one-for-two bonus issue — to be credited as fully paid-up at 10 sen per share — at an entitlement date to be determined later.
The proposed bonus issue will see Inari capitalise up to RM112.08 million from its share premium account to reward shareholders, with up to 1.12 billion new shares to be issued by the company.
Lower overseas revenue and higher material costs dragged Malaysian Pacific Industries Bhd (MPI)'s net profit by 25% to RM41.2 million in its second quarter ended Dec 31, 2017 (2QFY18) from RM54.98 million a year earlier. Quarterly revenue fell a slight 1.5% to RM395.25 million from RM401.41 million.
Meanwhile, cumulative net profit for the first half (1HFY18) fell 18% to RM77.44 million from RM94.7 million in 1HFY17 whereas revenue increased 3% to RM782.89 million from RM759.42 million previously.
Emas Offshore Ltd (EOL) is disputing claims by Perisai Petroleum Teknologi Bhd that EOL has defaulted, according to notices received by Perisai today.
The claim was used by Perisai to enforce its decision to terminate a shareholders' agreement between the two parties, and to initiate an option to instruct EOL to sell its remaining 49% stake in Emas Victoria for US$1 — which was also disputed by EOL in the notices.
Prestariang Bhd has received a contract extension from the Ministry of Finance to supply Microsoft software licences to all government agencies and a training centre called Institut Latihan Awam, for an estimated RM222.6 million over a three-year period.
This third extension, which it termed as Master Licensing Agreement 3.0 — effective from Feb 1, 2018 to Jan 31, 2021, is "a testament of the Malaysian government's confidence in the group's capabilities", according to president and group chief executive officer Abu Hasan Ismail.
SMTrack Bhd is partnering with VFTech Sdn Bhd to market and operate the latter's marine vessel fuel intelligent tracking system (Vessel-FIT), which has a real-time, worldwide tracking capability.
Under the agreement, SMTrack and VFTech will form a 51:49 joint venture. VFTech will provide technological know-how in the maritime business while SMTrack said it would share its marketing and networking skills, and experience.
TMC Life Sciences Bhd, which is on a same-sector acquisition mode to grow its revenue, said there could be more than one deal to be sealed this year.
The company is also confident of its capability to fund potential acquisitions through numerous means available, including leveraging on its new major shareholder Rowsley Ltd, chief executive officer Quek Hong Sheng said.
Weida (M) Bhd and group executive chairman Datuk Lee Choon Chin, together with persons in concert via Weida Management Sdn Bhd, is offering RM2.40 per Weida shares in an attempt to take the company private.
Lee claims that investors are "unable to accord Weida with a valuation in line with its net assets". The offer is at a premium of 35 sen or 17.07% to Weida's last traded share price of RM2.05 — but at a 91 sen or 27.49% discount to its net asset per share of RM3.31. Weida shares will resume trading tomorrow.