KUALA LUMPUR (Jan 19): Based on corporate announcements and news flows today, companies that may be in focus tomorrow (Wednesday, Jan 20) could include the following: Guinness Anchor, Favelle Favco, Yong Tai, Sapura Resources, BTM Resources, Lay Hong, MQ Tech, Cybertowers and Scan Associates.
Guinness Anchor Bhd's (GAB) net profit rose 19.3% to RM90.84 million or 30.07 sen per share in its three months ended Dec 31, 2015 from RM76.12 million or 25.2 sen per share a year ago on improved cost efficiency, phasing of spend for certain commercial programmes that will only take place in the following quarter and higher sales.
Revenue grew a marginal 0.72% to RM524.55 million in the quarter under review from RM520.77 million in the same period last year, GAB said in a filing with Bursa Malaysia today.
"Despite higher sales driven by the Chinese New Year sell-in, the underlying growth was partially offset by the replacement of [the] sales tax by the goods and services tax," it added.
The board declared a special dividend of 30 sen per 50 sen stock unit on top of an interim dividend of 20 sen, giving a total dividend of 50 sen for the financial period ending Dec 31, 2016, payable on April 15. The ex-date is March 18 and entitlement date is March 22.
For the cumulative six months ended Dec 31, 2015 (6MFY16), net profit rose 17.7% to RM153.94 million or 50.96 sen per share from RM130.71 million or 43.27 sen per share on the back of a 1.3% increase in revenue to RM929.5 million from RM913.9 million in 6MFY15.
Meanwhile, GAB said it wants its RM56.3 million tax dispute with the Royal Malaysian Customs to be resolved in a fair manner, adding that there is no material development so far.
Crane manufacturer Favelle Favco Bhd has bagged six contracts worth a combined RM64 million, according to its bourse filing today.
The group said its units, Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes (USA) Inc and Favelle Favco Cranes Pty Ltd, have received the purchasing orders, or letters of intent, from various parties last December.
The parties include SapuraKencana Energy Sarawak Inc, TES Inc, Stride High Pty Ltd, Brookfield Multiplex Constructions Pty Ltd, Samsung C&T Corp UEM Construction JV Sdn Bhd, and PTT Exploration and Production Public Co Ltd.
The contracts are for the supply of tower offshore cranes, which are expected to be delivered by the second quarter of 2016.
Yong Tai Bhd has aborted the acquisition of Yuten Development Sdn Bhd, thus eliminating its participation in the U-Thant high-end residential project with a gross development value of RM168 million.
In a filing with Bursa today, the garment manufacturer turned property developer said the company had decided not to proceed with the proposed acquisition of Yuten.
Yong Tai said the company and Yuten's vendors (Sia Chien Vui, Dato Seri Lee Ee Hoe and PTS Properties Sdn Bhd) have agreed to mutually terminate the Yuten share sale agreement (SSA) with immediate effect via a mutual termination letter.
Yong Tai noted that one of the conditions imposed was that the density of the U-Thant project should be lower than the density stipulated in the condition precedent of the Yuten SSA.
Sapura Resources Bhd has appointed former Malaysian Airline System Bhd group chief executive officer Ahmad Jauhari Yahya to the board of the group as an independent and non-executive director, effective today.
Jauhari, 61, was also appointed to the board nomination and remuneration committee.
He has a wide and diverse working experience in various industries, which includes oil and gas, media publication, power generation, gas utilities and telecommunications and information technology.
BTM Resources Bhd's unit has ceased acquisition talks for no less than 51% stake in BMW car dealer Pendragon Auto Sdn Bhd.
In a filing with Bursa today, BTM Resources said its wholly-owned subsidiary BTM Marketing & Trading Sdn Bhd will no longer discuss with Pendragon Auto the SSA or share subscription agreement as on Jan 15.
BTM Marketing has received a letter from Pendragon Auto indicating that it is unable to proceed with the agreement.
According to filing dated Aug 11, 2015, BTM Marketing has entered into a preliminary discussion with Pendragon Auto, to acquire or hold an effective stake of no less than 51% in Pendragon Auto.
Pendragon Auto is an exclusive BMW car dealer in the east coast of Peninsular Malaysia, spanning from the states of Pahang to Terengganu and Kelantan since July 5, 2010.
Lay Hong Bhd, the second top gainer on the bourse today, said it is unaware of any reason for the recent sharp rise in its share price.
The poultry player said it does not have any corporate development that has not been previously disclosed that may account for the unusual trading, nor any rumour or report concerning the business and affairs of the group that may account for the unusual market activity.
Lay Hong had on Jan 11 announced that it would place out a 10% stake for RM30.5 million and set up a joint venture (JV) company with Japan's NH Foods Ltd (NHF) in a move to expand its overseas market.
It announced that it has entered into a share subscription agreement with NHF for the subscription of 5.2 million placement shares or a 10% stake in the company by NHF.
Lay Hong shares continued its uptrend today to close at RM8.49, translating to a gain of 35.19% year to date. Its one-year high was RM8.50.
MQ Technology Bhd has proposed to invest RM28.3 million for the joint development of a theme park on a nine-acre land in Klebang, Malacca.
In a filing with Bursa today, the group said its wholly-owned subsidiary Star Acres Sdn Bhd (SASB) entered into a subscription and shareholders' agreement with Cash Support Sdn Bhd (CSSB) to regulate their rights as shareholders of JV company, Cash Support Property Sdn Bhd (CSPSB), following CSSB's subscriptions of new ordinary shares of RM1 in CSPSB.
CSSB had agreed to sell the land to CSPSB for RM28.3 million for the development of the theme park.
SASB will hold a 51% stake in CSPSB, while the remaining 49% will be held by CSSB.
"SASB will fully satisfy its subscription amount of RM15.9 million by cash payment, while CSSB will fully satisfy its subscription amount of RM13.03 million by offsetting it against part of the purchase consideration due from CSPSB," the group said in the filing.
The reclaimed project land has a market value of RM31.19 million. It forms part of a mixed development comprising residential, commercial and recreational amenities known as Malacca Explorer Resort, currently in different phases of development.
ACE Market-listed Cybertowers Bhd said today its application for a four-month extension to submit its regularisation plan has been rejected by Bursa Securities.
Hence, the trading in the shares of Cybertowers will be suspended from Jan 28 and its shares will be delisted on Feb 2 unless an appeal against the delisting is submitted to Bursa by Jan 27.
Cybertowers has been a Guidance Note 3 company since October 2013. Its regularisation plan, submitted to Bursa on Jan 30, 2015, includes proposals for capital reduction, share consolidation, debt restructuring and a private placement, among others.
Scan Associates Bhd's executive director Mak Siew Wei has been redesignated as executive deputy chairman.
Mak, 40, is a substantial shareholder in the company, holding 6.19% of Scan Associates shares, data compiled by Bloomberg shows.
In a separate filing today, Scan Associates also announced that Teh Chee Hoe, 40, has joined its board of directors.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)