KUALA LUMPUR (Nov 15): Based on corporate announcements and news flow today, stocks in focus on Thursday (Nov 16) may include: Pharmaniaga Holdings Bhd, Amway (Malaysia) Holdings Bhd, Hock Seng Lee Bhd, R&A Telecommunication Group Bhd, Sapura Energy Bhd, Nakamichi Corp Bhd, Xidelang Holdings Ltd, Lion Diversified Holdings Bhd, Hup Seng Industries Bhd, Tenaga Nasional Bhd, Privasia Technology Bhd, Omesti Bhd, Boustead Heavy Industries Corp Bhd, Amcorp Properties Bhd and TH Heavy Engineering Bhd.
Pharmaniaga Holdings Bhd's net profit dropped 72.6% to RM3.58 million in the third quarter ended Sept 30, 2017 (3QFY17) from RM13.06 million a year ago, on lower off-take for in-house products.
Earnings per share for 3QFY17 fell to 1.38 sen from 5.04 sen in 3QFY16.
Quarterly revenue, however, rose 11.5% to RM574.5 million from RM515.22 million in 3QFY16, helped by increased orders from government hospitals and growth from its Indonesia operations.
It also declared an interim dividend of 5 sen for the financial year ending Dec 31, 2017, payable on Dec 15.
Amway (Malaysia) Holdings Bhd’s net profit fell 21% to RM15 million in the third quarter ended Sept 30, 2017 (3QFY17) from RM18.9 million a year ago, on lower sales and higher import costs primarily attributed to the weaker ringgit. This was partially offset by lower provision for sales incentives in line with lower sales.
Earnings per share dropped to 9.1 sen in 3QFY17 from 11.51 sen a year ago.
Quarterly revenue also fell 6.9% to RM243.7 million from RM261.7 million in 3QFY16, due to higher Amway Business Owner momentum towards the 40th anniversary sales and marketing programmes in the previous year.
Hock Seng Lee Bhd has come out to say that the family dispute between its managing director Datuk Paul Yu Chee Hoe and executive director Tony Yu Yuong Wee against its shareholders — Datuk Yii Chi Hau and former executive chairman Yii Chee Ming — has been amicably settled.
Hock Seng Lee said it was informed by its major shareholder Hock Seng Lee Enterprise Sdn Bhd (HSLE) with a 58.46% stake, about this on Nov 14. This follows the conclusion of a global settlement agreement on Nov 8.
Upon completion of the transfer of shares, Paul will emerge as the single largest shareholder of HSLE and remain at the helm of the group of companies with a 41.6% equity interest, while the family of the late Yu Chee Lieng will control an equal 41.6% via its family holding companies — Tang SN Holding Sdn Bhd, Yu Chee Lieng & Sons Sdn Bhd and the estate itself. The remaining 16.7% is held by Yii Chee Sing.
R&A Telecommunication Group Bhd is seeking a declaration that the notice of the extraordinary general meeting (EGM) issued by its founder Francis Tan Hock Leong on Nov 1 is invalid and of no effect.
The company said it had on Nov 10, via its solicitors, filed an originating summons against Tan in the High Court of Malaya.
R&A is also seeking a declaration that any meeting held on the 1st Floor of the Cheng Yi Auditorium at The Kuala Lumpur And Selangor Chinese Assembly Hall on Nov 22, 2017 at 10am or an adjournment thereof, whether to the same venue or elsewhere, sought to be convened pursuant to the Notice of EGM, is not a meeting of the shareholders of R&A and is not binding on R&A’s shareholders and R&A’s directors.
Sapura Energy Bhd has bagged five contracts worth a combined RM1.47 billion.
They include work in relation to the Pan Malaysia Transportation and Installation of Offshore Facilities for Petronas Carigali Sdn Bhd and Sarawak Shell Bhd, via Sapura Offshore Sdn Bhd.
Sapura Energy said these contracts are expected to contribute positively towards the group's earnings from the financial year ending Dec 31, 2018.
Nakamichi Corp Bhd will be delisted on Nov 27 after Bursa Malaysia rejected the timber group’s regularisation plan that was submitted in April.
Nakamichi said it has, however, been given until Nov 22 to submit an appeal against the delisting from the Main Market, or face suspension of securities trading on Nov 23 or the following day.
Upon its delisting, the group will continue to exist but as an unlisted entity, and will still be able to continue its operations and business as well as proceed with its corporate restructuring and reward its shareholders according to its performance.
Xidelang Holdings Ltd plans to undertake a bonus issue on the basis of one bonus share for every Xidelang share to make its shares more affordable and appealing.
It said the proposed bonus issue would result in an adjustment to the market price of Xidelang shares by half its current trading price. Based on the last traded price of the shares as at Nov 9 of 29 sen, Xidelang shares' reference price would be adjusted to 14.5 sen after the proposed bonus issue.
Lion Diversified Holdings Bhd's (LDHB) shareholders have been advised to approve the group's proposal to give Lion Tin Sdn Bhd the right to undertake mining activities on 800 acres of land in Kuala Langat, Selangor, because the land would otherwise be non-income generating.
Independent adviser SJ Securities Sdn Bhd said the contract-to-work agreement between LDHB's wholly-owned unit Banting Resources Sdn Bhd and Lion Tin is fair and reasonable.
Under the proposed deal, Lion Tin will be appointed as an independent contractor and granted exclusive right to process and sell minerals mined on six pieces of land beneficially owned by Banting Resources.
Hup Seng Industries Bhd's net profit shrank 5% to RM9.46 million in its third quarter ended Sept 30, 2017 (3QFY17) from RM9.96 million a year ago, due to higher promotional expenses incurred.
Quarterly revenue came in at RM70.34 million, up 9% from RM64.59 million in 3QFY16, mostly contributed by stronger growth in domestic sales, offsetting the decline in its export market mainly from Myanmar.
For its cumulative nine months (9MFY17), Hup Seng's net profit was 11.5% lower at RM30.06 million compared with RM33.98 million in 9MFY16, while revenue rose 5.2% to RM213.45 million from RM202.85 million.
Tenaga Nasional Bhd (TNB) is partnering Indonesian state-owned utility company PT PLN (Persero) to build a 2x200MW coal-fired power plant in Kalimantan, Indonesia.
TNB said the project is in line with its global expansion to secure new overseas generation capacity and its efforts to meet the rising demand for electricity in Sabah.
TNB said it has signed a Memorandum of Understanding (MoU) with PLN for the proposed project. The MoU, among others, includes the supply and export of electricity from the proposed power plant to Sabah.
Privasia Technology Bhd’s subsidiary Privasia Sdn Bhd has bagged a RM2.05 million contract for the supply, delivery, implementation, testing and commissioning of a port management information system by Lumut Maritime Terminal Sdn Bhd.
Privasia said it has accepted the letter of award dated Nov 8 from Lumut Maritime for the proposed project, which is targeted to be completed within six to 12 months from the kick-off date.
Omesti Bhd has proposed a private placement of up to 10%, or 51.4 million shares, to independent third party investors at an issue price to be identified later, to raise up to RM25.7 million for bank repayments and working capital.
The IT software and hardware distributor said the proposed exercise is the most cost-effective method to meet funding needs for further expansion, without incurring additional interest costs associated with bank borrowings or other debt instruments.
At an indicative issue price of 50 sen apiece, it represents a discount of approximately 2.55% to its volume weighted average market price for the five market days immediately preceding the price fixing dates, it said.
Boustead Heavy Industries Corp Bhd's (BHIC) third quarter net profit dropped 47.92% to RM7.75 million from RM14.88 million a year ago, while revenue came in flat at RM64.26 million against RM64.31 million previously.
The group declared a second interim dividend of two sen per share, payable on Jan 19, 2018.
Amcorp Properties Bhd saw net profit jump nearly 15 times to RM26.11 million in its second financial quarter ended Sept 30, 2017 (2QFY18) from RM1.83 million last year mainly from its share of joint ventures results.
"This was higher than 2QFY17's profit before tax of RM10.7 million due to profit recognition from the progressive delivery of sold units of the Burlington Gate project in London," Amcorp said in a filing with Bursa Malaysia today.
Earnings per share stood at 4.4 sen in the quarter compared with 0.31 sen a year ago.
Quarterly revenue fell 40.1% year-on-year to RM31.73 million from RM52.97 million because of a sale of a piece of land in Pajam, Negeri Sembilan, in 2QFY17, and also lower sales achieved for Malaysia property projects.
Debt-laden TH Heavy Engineering Bhd and three subsidiaries have been given a further three-month extension to finalise a scheme of arrangement to repay creditors.
This is the third extension of the court order restraining creditors from taking legal action against TH Heavy and the subsidiaries — 70%-owned THHE Fabricators Sdn Bhd and THHE Offshore Services Sdn Bhd, and wholly-owned O&G Works Sdn Bhd. Pilgrim fund Tabung Haji has a 29.81% stake in TH Heavy.
TH Heavy said the latest extension takes effect on Nov 23, when the previous extension expires. The restraining orders were first issued by the High Court on Feb 23.
http://www.theedgemarkets.com/article/pharmaniaga-amway-hsl-ra-sapura-energy-nakamichi-xidelang-lion-diversified-hup-seng-tnb
