KUALA LUMPUR (May 28): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (May 29) may include the following: Boustead Holdings Bhd, LYC Healthcare Bhd, 7-Eleven Malaysia Holdings Bhd, Power Root Bhd, BIMB Holdings Bhd, Vitrox Corp Bhd, TIME dotCom Bhd, FGV Holdings Bhd, Tenaga Nasional Bhd, Ho Hup Construction Company Bhd, Gadang Holdings Bhd, Vizione Holdings Bhd and Cypark Resources Bhd.
The Armed Forces Fund Board (LTAT) has confirmed that it is considering taking its 59%-owned unit Boustead Holdings Bhd private. The indicative offer price is 80 sen per share while today's closing price is 63 sen.
LYC Healthcare Bhd is acquiring a controlling 51%-stake in Singapore-based HC Orthopaedic Surgery Pte Ltd for S$6.93 million (RM21.29 million). This is its second acquisition involving a Singapore medical firm in less than a month.
Due to higher revenue and marketing income earned, 7-Eleven Malaysia Holdings Bhd’s net 1QFY20 net profit stood firm at RM11.37 million, compared with RM11.14 million a year earlier. Revenue rose 6.09% to RM619.29 million, from RM583.73 million, driven by growth in new stores, higher same store sales and better consumer promotion activity.
Power Root Bhd posted a record net profit of RM51.38 million for its financial year ended March 31, 2020 (FY20) — up 83.5% from RM28 million in FY19, thanks to better sales. Revenue grew 14.2% to RM386.1 million from RM338.01 million. The group proposed a fourth interim dividend of two sen per share, together with a special two sen dividend.
BIMB Holdings Bhd's net profit rose 3.3% to RM209.24 million for 1QFY20 from RM202.52 million last year, on better performances from its two main subsidiaries, Bank Islam Malaysia Bhd and Syarikat Takaful Malaysia Keluarga Bhd. Quarterly revenue, however, slid 6% to RM1.24 billion from RM1.32 billion.
Vitrox Corp Bhd posted a 10.8% decline in net profit to RM21.06 million for 1QFY20 from RM23.61 million a year ago, mainly due to unfavourable sales mix. Revenue rose 1.5% to RM90.29 million from RM88.95 million, thanks to higher sales volume from its machine vision system product.
TIME dotCom Bhd's net profit rose 55.17% in 1QFY20 to RM97.96 million from RM63.13 million last year, on the back of higher revenue. Quarterly revenue increased 11.96% to RM293.45 million from RM262.54 million.
FGV Holdings Bhd’s net loss widened to RM142.35 million in 1QFY20 from RM3.37 million a year earlier, as poor weather (which was particularly severe in Sabah where about a third of the group's estates are located) took a toll on its supply chain. Quarterly revenue slipped 15.05% to RM2.78 billion from RM3.28 billion.
S&P Global Ratings today affirmed its "BBB+" long-term issue credit rating on Tenaga Nasional Bhd, saying it expects the company's financial profile to remain supported by regulated revenues with limited demand risk.
Ho Hup Construction Company Bhd's net profit for 1QFY20 tripled to RM15.85 million from RM5.3 million last year, on the back of higher property development contribution. The segment's revenue, which more than tripled to RM67.93 million from RM20.92 million, lifted the group's overall revenue for the quarter by 90% to RM80.3 million, from RM42.36 million previously.
Gadang Holdings Bhd’s wholly-owned unit Gadang Engineering (M) Sdn Bhd has secured two contracts worth a combined RM81.18 million from China Communications Construction (ECRL) Sdn Bhd in respect of the East Coast Rail Link project.
Vizione Holdings Bhd has bagged an RM96.3 million contract to build 214 condominium units and 31 superlink villas together with ancillary facilities in Seksyen U20, Shah Alam.
Cypark Resources Bhd said it is buying a 51% equity stake in biogas plant operator BAC Biogas (Kg Gajah) Sdn Bhd for RM6 million.