Apex Healthcare, Destini, ELK-Desa Resources, GHL, CIMB, IGB, Kim Loong, Malakoff and Widad

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KUALA LUMPUR (Feb 19): Based on corporate announcements and news flow today, stocks in focus on Thursday (Feb 20) may include: Apex Healthcare Bhd, Destini Bhd, ELK-Desa Resources Bhd, GHL Systems Bhd, CIMB Group Holdings Bhd, IGB Bhd, Kim Loong Resources Bhd, Malakoff Corp Bhd and Widad Group Bhd.

Apex Healthcare Bhd fourth quarter net profit fell 16.66% year-on-year to RM14 million from RM16.8 million despite revenue rising to RM170.63 million from RM163.06 million, no thanks to higher administrative and tax expenses.

For FY19, Apex’s net profit fell 9.95% y-o-y to RM52.75 million due to higher operating and finance costs. Revenue, however, was up 5.54% at RM688.79 million from RM652.66 million. The group declared a final single tier dividend of two sen per share, bringing FY19 dividend payout to 3.7 sen per share.

Destini Bhd's wholly-owned Destini Armada Pte Ltd is acquiring Indonesia-based PT Muara Badak Perkasa (PT MBP) for S$4 million (about RM12 million), which will allow Destini to diversify its business to include the provision of jetty and port-related services to mining companies.

The acquisition will be satisfied with the issuance of shares in Destini Armada, which will result in Destini's stake in DAPL being trimmed to 45%, while the seller of PT MBP will emerge as the largest shareholder in Destini Armada with a controlling 55% stake.

ELK-Desa Resources Bhd’s net profit for the third quarter ended Dec 31, 2019 rose 22.3% y-o-y to RM9.43 million from RM7.71 million, due to higher contribution from its hire purchase division. Revenue grew 24.2% y-o-y to RM38.65 million from RM31.11 million.

GHL Systems Bhd has partnered with Aspirasi, the digital financing platform and fintech provider of Axiata Group Bhd ‘s unit Axiata Digital Services Sdn Bhd, to provide local SMEs and micro-entrepreneurs digital access to GHL's new financing business.

The collaboration, which is focused on Malaysia for now but is planned to expand to other countries in the near future, will enable GHL to tap into Aspirasi's platform, which offers a fully digital and complete financing application journey that covers on-boarding and merchant scoring.

PT Bank CIMB Niaga Tbk, the Indonesian banking arm of CIMB Group Holdings Bhd, recorded a 4.68% y-o-y rise in net profit to IDR3.65 trillion (RM1.1 billion) for the financial year ended Dec 31, 2019 (FY19), from IDR 3.48 trillion in FY18, driven by higher non-interest and net interest income.

IGB Bhd’s earnings dropped nearly 35% y-o-y to RM59.9 million in its fourth quarter ended Dec 31, 2019 from RM92.01 million, amid lower contribution from its commercial and retail property investments. This was despite revenue growing 18.39% y-o-y to RM427.49 million from RM361.1 million.

IGB’s full-year net profit was also lower by 11.45% y-o-y at RM208.67 million versus RM235.64 million previously, though revenue rose 10.8% y-o-y to RM1.44 billion from RM1.3 billion.

Plantation firm Kim Loong Resources Bhd is buying four plots of oil palm plantation land in Sabah for RM92.53 million to increase its land bank and long-term profitability growth. The parcels, with a combined size of 2,722.3ha, are located near its estates in Sandakan, so the acquisitions are expected to bring about synergistic effects and benefits in terms of cost efficiency of managing the plots.

Malakoff Corp Bhd's net profit for the fourth quarter ended Dec 31, 2019 rose 24.5% y-o-y to RM106.41 million from RM85.48 million, driven by a one-off gain from the disposal of the group’s investment in Australia. Revenue for the quarter, however, came in 7.7% lower at RM1.74 billion from RM1.89 billion.

For FY19, Malakoff’s net profit rose 16.6% y-o-y to RM320.15 million from RM274.43 million, while revenue strengthened to RM7.42 billion from RM7.35 billion previously.

Widad Group Bhd is taking over the entire 100% stake in Serendah Heights Sdn Bhd (SHSB), the ultimate owner of a concession to develop and maintain the Universiti Teknologi Mara (UiTM) campus in Jasin, Melaka, for RM127.02 million.

This follows an earlier Heads of Agreement with SHSB’s shareholders, Prihatin Ehsan Holdings Sdn Bhd and Training Camp Aabata Sdn Bhd, for the acquisition of 90% of SHSB last October.