Tuesday 19 Mar 2024
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KUALA LUMPUR (May 22): Based on corporate announcements and news flow today, stocks in focus on Tuesday (May 23) may include: MK Land, Taliworks, Fajarbaru, Econpile, Key Alliance, TSR Capital, Yinson, Gabungan AQRS, UOA, KUB, Kian Joo, CCM, Mieco, Lafarge, UMW-OG, KLCCP, Hektar REIT, Batu Kawan, Prestariang and KLK.

MK Land Holdings Bhd's wholly-owned subsidiary Saujana Triangle Sdn Bhd has been slapped with income taxes and penalty worth RM80.77 million by the Inland Revenue Board (IRB) for assessment years 2009-2011 and 2013.

The group — the third company troubled by IRB this month — said it disagrees with the decision, and will appeal accordingly.

Taliworks Corp Bhd said the total amount due to the group from Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) has risen to RM530 million, partly because Splash has not been receiving payments in full from water concessionaire Syarikat Bekalan Air Selangor Sdn Bhd (Syabas).

It noted that negotiations for the takeover of Splash by the Selangor government have been postponed to Oct 5. The RM530 million owed to Taliworks' wholly-owned Sungai Harmoni Sdn Bhd represents 21.6% of Taliwork's total assets of RM2.46 billion as at end-2016.

Fajarbaru Builder Group Bhd's wholly-owned Fajarbaru Builder Sdn Bhd has bagged a RM29.5 million contract from Pos Aviation Sdn Bhd to renovate part of KLIA Air Cargo Terminal 1.

The contract — which ends Dec 29, 2017 — is expected to contribute to Fajarbaru's earnings for the financial years ending June 30, 2017 and 2018 (FY17-FY18).

Econpile Holdings Bhd has bagged a RM48.5 million mixed-development contract from Pembinaan Kery Sdn Bhd, in a project commissioned by Pelaburan Hartanah Bhd.

The first phase of the mixed development comprises a 33-storey office space above an eight-storey podium, with basement works slated to be completed in approximately fifteen months.

Key Alliance Group Bhd is buying enterprise cloud solutions provider RapidCloud (M) Sdn Bhd for RM3.5 million cash to leverage on the latter's 10,000 clients and its existing reseller relationship with AliBaba Cloud and Alibaba Global Gold Supplier.

Key Alliance plans to place RapidCloud and another networking and system consultants firm — Progenet Sdn Bhd — under a new company, in which the current holding companies of RapidCloud and Progenet will hold 20% stake each after the acquisitions are finalised.

TSR Capital Bhd via its subsidiary has inked a memorandum of understanding (MoU) with US-based Globe Ventures Holdings Bhd to jointly develop a mixed development project on a 21.12ha land at the Port Dickson waterfront in Negeri Sembilan.

The MoU may lead to a developer-investor or venture partner cooperation between the two companies relating to the tourism-oriented development.

Yinson Holdings Bhd's unit Yinson Clover Ltd is forming a 49% to 51% joint venture with PetroVietnam Technical Services Corp to undertake the execution and performance of bareboat scope of work (including bareboat charter of a floating production storage and offloading unit) under a time charter contract.

Yinson said the project, which is estimated to cost US$648 million (RM2.79 billion), will help strengthen its presence in the Vietnamese oil and gas industry.

Gabungan AQRS Bhd is finalising the sale of its land in Dengkil, Selangor, to PR1MA Corp Malaysia — together with a 1,140-unit apartment block it planned to build on-site — within the next three weeks.

Meanwhile, its first quarter ended March 31 (1QFY17) net profit jumped nearly 4.4 times to RM16.14 million against RM3.75 million previously, on improved operating margin and sale of two pieces of land. Revenue surged 99.6% to RM158.94 million from RM79.64 million.

UOA Development Bhd will be launching three new projects by 2H17 with a combined gross development value of about RM700 million — including its first affordable housing venture in Selayang.

The group currently has an unbilled sales amount of RM1.4 billion as at end-2016. Meanwhile, its 1QFY17 net profit fell 55% to RM43.38 million from RM96.08 million a year ago as revenue declined 23% to RM155.09 million, compared to RM201.17 million previously.

KUB Malaysia Bhd ended its 1QFY17 with higher net profit of RM8.02 million, up 44% from RM5.57 million a year ago, on stronger contributions from its energy and agro divisions. Revenue rose 21% to RM148.59 million, against RM122.73 million a year ago.

In another development, KUB has signed a MoU with Mabanaft Pte Ltd to jointly develop, own and operate a refrigerated liquefied petroleum gas terminal at Westports in Port Klang, Selangor.

Kian Joo Can Factory Bhd's net profit rose 55.37% in 1QFY17 to RM18.44 million from RM11.87 million a year earlier due to better earnings by its cans and trading divisions, while contributions from other divisions declined.

Revenue in the period rose a marginal 0.84% to RM431.64 million, from RM428.07 million a year ago, due to higher topline from all divisions — except for its profitable cans division.

CCM Duopharma Biotech Bhd's 1QFY17 net profit rose 22% to RM9.56 million from RM7.84 million last year, as a distribution agreement with a business partner to supply insulin has begun to contribute to its books.

Revenue jumped 55% to RM123.31 million from RM79.47 million in the same quarter last year.

Mieco Chipboard Bhd's profit dropped 82.3% to RM5.52 million in 1QFY17 from RM31.20 million last year. The previous figure had included a one-off gain of RM35 million from the sale of a wholly-owned subsidiary last year.

Revenue rose 35% to RM82.60 million from RM61.39 million, mainly due to higher production at the group's Kuala Lipis plant.

Lafarge Malaysia Bhd suffered its first loss-making quarter in 12 years with a net loss of RM48.93 million in 1QFY17 against net profit of RM20.65 million last year, dragged by weaker cement business.

Quarterly revenue also declined by 16.11% to RM561.85 million, from RM669.78 million last year.

UMW Oil & Gas Corp Bhd plunged deeper into the red in 1QFY17 with a net loss of RM104.12 million, 59.99% higher than RM65.08 million in losses last year, as charter rates remain unprofitable.

Revenue in the period declined 15.28% to RM74.28 million from RM87.68 million.

KLCC Property Holdings Bhd (KLCCP) has proposed its first interim dividend of 8.6 sen a share — payable on July 5 — as it ended 1QFY17 with RM176.73 million in net profit, down 3.3% from RM182.75 million a year ago.

The slight decline was mainly due to the lease transition in Menara ExxonMobil and ongoing tenant remixing in its retail properties. Revenue, meanwhile, rose a marginal 0.57% to RM336.66 million, compared to RM334.75 million last year.

Hektar Real Estate Investment Trust (REIT) has announced a distribution per unit of 2.3 sen for the quarter under review, payable on June 22.

It came despite 5.3% lower 1QFY17 net profit of RM17.7 million, compared RM18.67 million last year, due higher operating costs. Revenue was down 2.4% to RM30.86 million from RM31.6 million a year ago.

Batu Kawan Bhd declared an interim dividend of 15 sen for 1QFY17 as net profit climbed 73% to RM163.3 million, from RM94.4 million last year, as its plantations division's contribution rose sharply.

Revenue climbed 47% to RM5.6 billion, from RM3.8 billion last year, also supported by its manufacturing and property development segments.

Prestariang Bhd proposed a dividend of 0.75 sen per share as its 1QFY17 results saw profit increase by 5.63% to RM3.22 million from RM3.04 million a year ago, following higher contribution across all its segments.

Revenue in the period rose 7.9% to RM43.9 million, from RM40.69 million last year, with contribution led by its software and services business segment.

Kuala Lumpur Kepong Bhd declared an interim dividend of 15 sen per share for its second quarter ended Mar 31, 2017 (2QFY17) as net profit jumped 72% to RM289.57 million from RM168.53 million a year ago following recovering palm oil prices.

Revenue, meanwhile, grew by 48% to RM5.47 billion for 2QFY17, from RM3.7 billion last year.

 

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