KUALA LUMPUR (June 13): Based on corporate announcements and newsflows today, stocks on focus tomorrow (Friday, June 14) may be as follows: Comintel Corp Bhd, Daya Materials Bhd, Hap Seng Consolidated Bhd, TH Heavy Engineering (THHE), Berjaya Food Bhd (BFood), Media Prima Bhd, Telekom Malaysia Bhd, YTL Corp Bhd and Greatech Technology Bhd.
Comintel Corp Bhd’s (Comcorp) external auditor Messrs RSM Malaysia has expressed a qualified opinion that the firm has multiple uncertainties that may cast doubt on its ability to continue as a going concern.
The auditor said the ability for Comcorp to continue as going concern is dependent on the timely and successful implementation of its regularisation plan — which it is submitting to Bursa Malaysia on July 10 — and its ability to achieve sustainable and viable operations with adequate cash flows generated from its operating activities.
Daya Materials Bhd's 58.5%-owned unit Daya Proffscorp Sdn Bhd is selling 22 mobile cranes and two forklifts worth RM11.5 million to Key Prospect Sdn Bhd. The two parties will sign an SPA within 15 days from today to facilitate the sale.
Hap Seng Consolidated Bhd’s property development unit is disposing of a 20-acre vacant plot of land in Tawau for RM27.14 million to Goldencoin Ventures Sdn Bhd, which is a wholly-owned subsidiary of Akal Megah Sdn Bhd, which in turn is a unit of Hong Kong-based Lei Shing Hong Ltd.
The sale is expected to result in an RM20.26 million net gain to Hap Seng Consolidated. The disposal consideration will be used to pare down borrowings and or working capital upon the completion of the sale. If completed in the financial year ended Dec 31, 2019, earnings per share will increase 0.81 sen, and net assets per share will improve by a sen and gearing will decrease to 0.53 times from 0.54 times.
TH Heavy Engineering Bhd (THHE) won a US$11.4 million (RM47.4 million) contract from Afcons Infrastructure Ltd of India for an offshore process platform project (CPP & LQUP) for the development of KG-DWN-98/2 NEP Block offshore India.
The group is undertaking the fabrication of piles for offshore jackets for the project, with the subcontract scheduled to commence in August and be completed on Dec 31, 2020 — contributing positively to its earnings and net assets per share in FY19 and FY20.
Berjaya Food Bhd (BFood) registered a net profit of RM4.05 million for the three-month period ended April 30, 2019, from RM837,000 last year on the back of higher Starbucks revenue and lower finance costs. Revenue rose to RM169.93 million, from RM160 million last year due to higher same-store sales growth by Starbucks and a greater number of the coffee chain’s stores in Malaysia.
The group, which changed its financial year end to June 30, declared a fourth interim dividend of one sen, payable on July 26.
For the 12-month period from May 2018 to April 2019, the group registered a net profit of RM26.31 million from RM1.18 million in the previous corresponding financial period.
Media Prima Bhd appointed Datuk Syed Hussain Syed Junid as its chairman from July 1, replacing Datuk Mohd Nasir Ahmad, whose tenure ends on June 30. Syed Hussain will be appointed to the group’s board as an independent non-executive director and group chairman-designate effective immediately.
Telekom Malaysia Bhd (TM) has appointed Datuk Noor Kamarul Anuar Nuruddin, 60, as its managing director and chief executive officer effective today. He replaces acting CEO Imri Mokhtar, who will return to his role as TM chief operating officer. Noor Kamarul was previously part of Celcom Axiata Bhd's senior management team from 2003 till March 2018, having held several offices during his tenure at Celcom.
YTL Corp Bhd’s 98%-owned subsidiary YTL Cement increased its shareholding in Lafarge Malaysia Bhd to 76.98% following the conclusion of the mandatory general offer. The MGO, which was concluded today resulted in YTL Cement acquiring an additional 220.72 million shares or 25.98% of Lafarge. YTL Cement previously said it will maintain Lafarge Malaysia’s listing. Bursa Malaysia dictates in its listing requirements that a minimum 25% public shareholding spread is required.
Greatech Technology Bhd made its ACE market debut at a 2.5 sen premium over its initial public offer (IPO) price of 61 sen. It subsequently climbed to an intraday high of 78 sen before paring gains and settled at 74 sen, for a 13 sen or 21.3% gain over its offer price. The IPO was expected to raise RM73.05 million, of which RM18 million is for business expansion purposes, development and marketing activities.