Dialog, EcoWorld, Gas Malaysia, Gadang, Heng Huat, K-One Technology, LYC, MTD ACPI, Serba Dinamik, S P Setia and KSL

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KUALA LUMPUR (May 14): Based on corporate announcements and newsflow today, companies in focus tomorrow (May 15) may include: Dialog Group Bhd, Eco World Development Group Bhd, Gas Malaysia Bhd, Gadang Holdings Bhd, Heng Huat Resources Bhd, K-One Technology Bhd, LYC Healthcare Bhd, MTD ACPI Engineering Bhd, Serba Dinamik Holdings Bhd, S P Setia Bhd and KSL Holdings Bhd.

Dialog Group Bhd’s third quarter ended March 31, 2020 (3QFY2020) net profit rose 5.1% y-o-y to RM151.04 million from RM143.71 million on the back of better performance from its Langsat Terminals and Pengerang Independent Terminal (PITSB). However, quarterly revenue declined 20.61% y-o-y to RM505.34 million from RM636.61 million. It declared its first interim dividend for FY2020 of 1.2 sen - payable on June 25.

Cumulative net profit for the nine months ended March 31,2020 (9MFY2020) was up 19.88% y-o-y at RM473.69 million from RM395.13 million, though revenue fell 8.96% to RM1.76 billion from RM1.94 billion.

The Employees Provident Fund (EPF) has ceased to be on the substantial shareholders' list of Eco World Development Group Bhd, after nearly five years on it, after the fund sold 1.92 million EcoWorld shares on May 8. This leaves EPF with a 4.95% stake or 145.64 million shares in the company.

Gas Malaysia Bhd’s net profit for the first quarter ended March 31, 2020 (1QFY2020) rose 16.26% y-o-y to RM47.86 million from RM41.17 million, following higher gas contribution and lower other cost of sales.

However, revenue declined by 6.37% y-o-y to RM1.61 billion from RM1.72 billion due to lower average tariff despite the greater volume of natural gas sold during the quarter.
 
Gadang Holdings Bhd’s net profit for the third quarter ended Feb 29, 2020 (3QFY2020) sank 24.6% y-o-y to RM10.03 million from RM13.3 million due to lower earnings from its construction segment. Revenue, however, rose 3.32% to RM212.14 million from RM205.33 million.

For the nine months ended Feb 29, 2020 (9MFY2020), its net profit fell 23.79% y-o-y to RM35.72 million from RM46.87 million, though revenue grew 10.82% to RM557.46 million from RM502.99 million.

Heng Huat Resources Group Bhd has decided to abort its rights issue that could raise at least RM10.5 million to repay bank borrowings, due to the coronavirus-led headwinds.

It will now sell five parcels of industrial land in Penang for RM22 million, which would result in it booking a loss of RM1.7 million, to reduce its borrowings and raise working capital.

K-One Technology Bhd's 60%-owned unit, G-AsiaPacific Sdn Bhd (G-Asia Malaysia), is setting up a company in Singapore to provide cloud computing services. It will provide cloud technology, including infrastructure as a service (IAAS), platform as a service (PAAS), cloud consultancy and design, software and mobile application development and cloud management related services.

LYC Healthcare Bhd is partnering a local IT company to market a COVID-19 contact tracing app, named the Forwen Tracker, in Malaysia. In return, LYC will get half of the revenues generated from the app - developed by Forwen Sdn Bhd - in the country. Additionally, the LYC unit will be entitled to 30% of any future advertising income generated from customers on the app.

MTD ACPI Engineering Bhd has secured an RM184.17 million contract for the construction and completion of earthworks and infrastructure for the development of the Chuping Valley Industrial Area Phase 1 in Perlis. The 24-month project will start on June 1.

Serba Dinamik Holdings Bhd is expecting its revenue and earnings to grow between 10% and 15% this year despite the COVID-19 crisis. Managing director-cum-CEO Datuk Mohd Abdul Karim Abdullah told a press briefing that this was in line with the group's projection following the relaxation of the Movement Control Order (MCO) earlier this month, and had taken into account prevailing low oil prices and a slowing global economy.

S P Setia Bhd’s 1QFY2020 net profit dropped 62% y-o-y to RM28.46 million from RM74.98 million, due to lower earnings from its property development and construction segments following the implementation of the MCO. Quarterly revenue declined 18.8% y-o-y to RM702.66 million from RM864.91 million. It has revised its FY2020 sales target downward to RM3.88 billion from RM4.55 billion previously.

Urusharta Jamaah Sdn Bhd (the special purpose vehicle set up to deal with Lembaga Tabung Haji’s non-performing assets) has ceased to be a substantial shareholder of KSL Holdings Bhd, after it sold 35.9 million shares representing a 3.46% stake in the company. This constituted half of Urusharta Jamaah’s 6.92% stake in KSL, leaving it with a 3.46% shareholding in KSL.