Coastal Contracts, Iskandar Waterfront, MRCB, Icon Offshore, AmProp, PetDag, Econpile, Bursa Malaysia, MNRB, Nexgram and TMC Life

-A +A

KUALA LUMPUR (Apr 22): Based on corporate announcements and news flow today, the companies that may be in focus tomorrow (Thursday, Apr 23) could be: Coastal Contracts Bhd, Iskandar Waterfront City Bhd, Malaysian Resources Corp Bhd, Icon Offshore Bhd, Amcorp Properties Bhd, Petronas Dagangan Bhd, MMC Corp Bhd, Econpile Holdings Bhd, AMMB Holdings Bhd, Bursa Malaysia Bhd, Eco World Development Group Bhd, MNRB Holdings Bhd, Nexgram Holdings Bhd, TMC Life Sciences Bhd, CIMB Group Holdings Bhd, Inix Technologies Holdings Berhad, Handal Resources Bhd and OSK Ventures International Bhd.

Ship builder Coastal Contracts Bhd has secured a sale order for one unit of jack-up drilling rig (JUDR) to a 'reputable' oil company for RM807 million.

Coastal Contracts (fundamental: 2.6; valuation: 1.8) told Bursa Malaysia that its wholly-owned subsidiary Thaumas Marine Pte Ltd had secured the order today and is expected to deliver the JUDR in the third quarter of 2015.

The deal is expected to contribute positively to the top and bottom line performance of the group for the financial year ending Dec 31, 2015, it said.

Currently, the group has a total order book of RM3.26 billion, of which the its jack-up gas compression service unit charter contract for Mexican state-owned petroleum company Petroleos Mexicanos constitutes RM1.34 billion; while the remaining came from vessels sales and the aforesaid JUDR sales, which constitute RM1.11 billion and RM807 million, respectively.

Iskandar Waterfront City Bhd (IWC) has proposed to acquire three adjoining parcels of freehold land in Johor Bahru, Johor, which measures a collective 67.5 acres for RM156 million or RM53 per sq ft, for a proposed mixed development with a gross development value (GDV) of RM629 million.

The property developer told Bursa Malaysia that its wholly-owned unit Bayou Management Sdn Bhd has entered into a conditional sale and purchase agreement with Bahagia Wangsa Sdn Bhd (BWSB) for the said acquisition, today.

IWC (fundamental: 0.85; valuation: 0.3) said the proposed mixed development on the land, which is situated within the development region of Iskandar Malaysia, has an indicative gross development cost of approximately RM480 million and will consist of residential units, Rumah Mampu Milik Johor and shop houses.

Malaysian Resources Corp Bhd (MRCB) is disposing of its entire 51% stake in Nu Sentral Sdn Bhd (NSSB) to its joint-venture (JV) partner Pelaburan Hartanah Bhd (PHB) for RM119.78 million, cash.

In a filing with Bursa Malaysia today, MRCB (fundamental: 0.6; valuation: 0.8) said it has entered into a share sale agreement with PHB for the disposal of its 51% interest in NSSB, which comprises 10.2 million ordinary shares and 91.8 million redeemable non-convertible preference shares.

The group estimates the disposal to be completed by the third quarter of 2015.

MRCB said the disposal is part of its macro strategy to monetise non-core assets and to focus its resources on property development, specialised infrastructure and environment projects.

The Malaysian Anti-Corruption Commission has remanded Icon Offshore Bhd's chief executive officer (CEO) Dr Jamal Yusof and chief operating officer (COO) Rahman Yusof to  "facilitate and assist [in] investigations" currently being conducted by the anti-corruption agency.

In a statement to Bursa, Icon Offshore said it is not aware of the details of the nature of the investigations.

However, the offshore support vessel provider's management said it takes serious exception to any breaches in policies and integrity and will not hesitate to take appropriate actions if necessary.

Property developer Amcorp Properties Bhd (AmProp) is acquiring 62 apartment units in a mixed use building known as Court Annex Roppongi in Tokyo, Japan, for 2.06 billion yen (RM63.3 million).

In a statement today, AmProp (valuation: 2.1; fundamental 2.4) said the company, via its co-investment with Grosvenor Asia Pacific Ltd and Nan Fung International Holdings Ltd of Hong Kong, has signed an agreement for the proposed acquisition.

Totalling about 1,963 sq m or 40% of the building's net rentable area (NRA), the apartments are currently leased to Asahi Homes and are operated as service apartments.

Petronas Dagangan Bhd's (Petdag) wholly-owned subsidiary Lub Dagangan Sdn Bhd (LDSB) has signed a contract with Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) for the supply of lubricants worth RM51 million.

In a statement, Zubair Abdul Razak, chief executive officer of LDSB, said the signing of the eight-year contract marks the beginning of a long-term partnership between the two parties.

LDSB undertakes sales and marketing activities for Petdag lubricants in Malaysia.

PTP is a subsidiary of MMC Corp Bhd. It operates the largest container terminal in Malaysia.

Piling and foundation specialist Econpile Holdings Bhd has bagged a piling and related works contract from TWY Development Sdn Bhd for the latter's TWY @ Mont Kiara duplex condominiums, valued at RM29.4 million.

In a statement today, Econpile (fundamental: n/a; valuation: n/a) said its wholly-owned subsidiary Econpile (M) Sdn Bhd was contracted by TWY Development to undertake earthworks, piling, and basement construction works for the housing project.

TWY @ Mont Kiara has an estimated gross development value of RM250 million over 2 acres.

Together with this latest contract, Econpile's total order book to date exceeds RM540 million, which will be recognised till 2016, said the company.

Local stock exchange regulator and operator Bursa Malaysia Bhd's net profit climbed 4% to RM47.06 million in the first quarter ended March 31, 2015 (1QFY15), from RM45.15 million a year earlier. Profit growth came mainly on higher income from derivative trades.

According to its quarterly financial report, Bursa Malaysia (fundamental: 2.3; valuation: 1.7)'s 1QFY15 revenue was higher at RM127.09 million compared to RM123.17 million a year ago.

The group said the derivatives market was expected to continue to benefit from the volatility in both palm oil prices and securities market.

Higher derivatives income had offset weaker financials in certain components of Bursa Malaysia's securities operations.

Listing and issuer services revenue on the bourse decreased to RM10.8 million, due to lower initial and additional listing fees. This decline came on the absence of initial public offerings and fewer corporate exercises during the quarter.

Malaysian reinsurance player MNRB Holdings Bhd has received Bank Negara Malaysia's (BNM) nod to set up a general and family Islamic reinsurance or retakaful business.

In a filing with Bursa, MNRB (fundamental: 0.4; valuation: 2.55) said its wholly-owned subsidiary Malaysian Reinsurance Bhd had been granted an approval from BNM to conduct general and family retakaful business under Section 10 of the Islamic Financial Services Act 2013 (IFSA) via the establishment of a retakaful division.

Telecommunication software firm Nexgram Holdings Bhd is looking to bank on Godynamic Investments Ltd's foray into the Indonesian mobile security industry.

Nexgram unit, Nextnation Network Sdn Bhd, had proposed on Monday(April 20) to acquire an 18.6% stake in Godynamic for RM18.53 million, thereby increasing its stake in Godynamic to 69.6% from the current 51%.

In a reply to a query from Bursa, Nexgram (fundamental: 2.1; valuation: 1.7) said Godynamic's prospect hinges on its recent venture into the Indonesian mobile security industry within the Technology, Media and Telecommunications sector.

Medical Centre operator TMC Life Sciences Bhd has posted a 66.7% jump in net profit for the third quarter ended Feb 28, 2015 at RM2.9 million compared to RM1.7 million a year before, on higher revenue and interest income.

Revenue for the quarter was 21.6% higher at RM26.4 million compared with RM21.7 million previously, according to its filing with Bursa.

For the nine months ended Feb 28, net profit rose 57.3% to RM5.9 million from RM3.8 million a year ago, while revenue was RM74.7 million, 19% higher from RM62.7 million previously.

TMC (fundamental: 2.5; valuation: 0.5) said the higher revenue had been contributed by additional bed capacity and more variety of services offered coupled with continuing marketing activities.  

(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. Go to www.theedgemarkets.comfor more details on a company's financial dashboard.)