KUALA LUMPUR (March 23): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (March 24) could be: Hibiscus Petroleum, FGV, Scomi Energy, IHH Healthcare, Cliq Energy, Dayang Enterprise, Perdana Petroleum, Scientex and Notion VTec.
Hibiscus Petroleum Bhd’s jointly-controlled entity Lime Petroleum Norway AS (Lime Norway) has secured an additional 400 million Norwegian Krone (NOK) (RM185.48 million) to fund its drilling programme in 2015.
Hibiscus (fundamental:1.65; valuation: 0.6) told Bursa Malaysia, the additional financing was obtained from the Skandinaviska Ensklida Banken AB (SEB). The SEB facility was first secured in December 2013, with NOK300 million.
Meanwhile, Felda Global Ventures Holdings Bhd (FGV) has teamed up with Silverlake Innovation Partners Sdn Bhd (SIP) to explore the possibility of collaborating with each other to pursue business opportunities in banking and financial applications, by utilising the latter’s integrated Islamic banking system.
FGV (fundamental: 1.55; valuation: 1.20), in a filing with Bursa, said its indirect subsidiary Felda Prodata Systems Sdn Bhd signed a Memorandum of Understanding (MoU) with SIP today, to effect the partnership.
The MoU will remain valid for six months.
Scomi Energy Services Bhd has aborted its proposed rights issue of convertible bonds to raise RM140.51 million, after taking into account current market sentiment and price of its shares.
Scomi (fundamental: 1.00; valuation: 0.60) told Bursa of its plans in a filing this afternoon. No other reasons were given for its decision.
It said the discontinuation of the proposed rights issue of convertible bonds will not have any material effect on its funding requirements, earnings and net asset, or that of its subsidiaries, for the financial year ending March 31, 2015.
IHH Healthcare Bhd said today, it has acquired a 51% stake in India-based Continental Hospitals Ltd for INR2.82 billion or RM166.73 million.
According to its filing with Bursa this evening, IHH Healthcare (fundamental: 1.65; valuation: 0.7) said its indirect wholly-owned subsidiary Gleneagles Development Pte Ltd had acquired 71.08 million ordinary shares in Continental Hospitals today.
“The principal activity of Continental Hospitals is delivering primary, secondary, tertiary and quaternary healthcare services,” the group told the local exchange.
APFT Bhd is disposing of its used Robinson R66 Turbine helicopter for US$870,000 or RM3.19 million.
In a filing with Bursa, APFT (fundamental: 0.2; valuation: 0.3) said its wholly-owned subsidiary APFT Services Sdn Bhd signed a sale and purchase agreement with Solaire Sdn Bhd today, for the proposed disposal.
"The acquisition will not have any material effect on the share capital, substantial shareholders' shareholdings of APFT, and is not expected to have any material effect on the net assets, earnings and gearing of APFT Group for the financial ending March 31, 2016," it added.
Trading in Cliq Energy Bhd's shares will be suspended tomorrow (Tuesday, March 24), pending a material announcement that will result in "a significant change in the business direction or policy of the company".
In a filing to Bursa Malaysia, Cliq said the announcement is on "a very substantial transaction, as defined in Chapter 10 of the Listing Requirements".
The counter had already been suspended since 3.38pm today, prior to the suspension notice. Before the suspension, its counter reached a high of 68.5 sen before settling at 67.5 sen, which gives it a market capitalisation of RM42.9 million.
Sarawak-based Dayang Enterprise Holding Bhd has increased its stake in Perdana Petroleum Bhd to 29.88%, after acquiring three blocks of shares in the oil and gas player recently.
In a Bursa filing this afternoon, Perdana Petroleum (fundamental: 1.3; valuation: 1.8) said Dayang (fundamental: 2.3; valuation: 2.1) had acquired 11.5 million of its shares from the open market, between March 16 and 18 this year.
However, the price of the share purchase was not disclosed.
Meanwhile, Scientex Bhd posted a net profit of RM36.05 million net profit in its second quarter ended Jan 31, 2015 (2QFY15), up 6% from RM33.92 million a year earlier.
Profit growth came on higher sales at its packaging-product manufacturing and property development segments.
In a statement to the bourse today, Scientex (fundamental: 1.70; valuation: 2.40) said revenue grew to RM462.87 million, from RM383.49 million, on higher sales of its industrial and consumer packaging products, as well as better contribution from its property segment from sales recognition of on-going projects.
For 1HFY15, Scientex’s net profit climbed to RM66.32 million, from RM63.26 million a year earlier. Revenue came in higher at RM893.94 million, compared with RM748.3 million.
Scientex said it was optimistic that global demand for its high quality packaging products would continue to rise.
Hard-disk drive component maker Notion VTec Bhd plans to launch its own smartphone brand "Trendi" by May this year.
Executive chairman Thoo Chow Fah said the launch, scheduled for the first week of May, is to create a new revenue stream for Notion VTec (fundamental: 1.55; valuation: 1.2).
“The group will sell about 1,000 units of its new budget smartphone [in that first week]. We intend to price it below RM500. It will depend on how the market respond(s) to it, to decide whether further investment is required," Thoo told reporters, after the Notion VTec's annual general meeting today.
(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.)