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Author: MalaccaSecurities   |   Latest post: Fri, 4 Dec 2020, 8:47 AM

 

Serba Dinamik Holdings Bhd - Year-end contracts bonanza

Author: MalaccaSecurities   |  Publish date: Fri, 4 Dec 2020, 8:47 AM


Summary

  • Serba Dinamik Holdings Bhd (Serba Dinamik) has secured a total of nine contracts, comprising of (i) six operations & maintenance (O&M) contracts in Malaysia, Indonesia & UAE, (ii) one engineering, procurement, construction and commissioning (EPCC) contract in Indonesia and (iii) two information, communication & technology (ICT) contracts in Indonesia and Republic of Guinea. The recent batch of contracts will provide sustainable income till end-2023.
  • With the exclusion of four O&M contracts located at Malaysia due to their nature of work scopes being call-out basis, remainder two O&M, EPCC and ICT contracts secured has a combined value of approximately US$114.3m (c.RM465.9m). The move bumps the outstanding orderbook to approximately RM18.7bn, representing 4.1x orderbook cover ratio against FY19 revenue of RM4.5bn.
  • The latest win is a testament of Serba Dinamik’s position as one of the major players in the oil & gas industry. Assuming a burn rate of approximately RM400.0m in December 2020, Serba Dinamik’s outstanding orderbook will come at RM18.3bn by end-2020; within our assumption of RM18.5bn.
  • Following the new wins, bulk of the outstanding orderbook remains within the O&M and EPCC segment; collectively at approximately 89%, whilst the remainder 11% makes up from the ICT segment. Moving forward, Serba Dinamik aims to grow their ICT business arm as the group aims to divert from the oil & gas industry overtime.
  • We reckon that Serba Dinamik’s bread and butter business (oil & gas) will be positioned as main driver of the group’s growth over the foreseeable future, contributing >80% of total revenue in FY21. We are sanguine on the contract wins as we continue to favour Serba Dinamik as one of the most resilient oil & gas player in Malaysia that is able to weather the global economic downturn.

Valuation & Recommendation

  • Given that the contract wins are within our forecast, we made no changes to our earnings estimates. We maintain our BUY recommendation on Serba Dinamik with an unchanged target price RM2.41. Our target price is derived by ascribing an unchanged target PER of 13.0x to its FY21f EPS of 18.5 sen.
  • We continue to like Serba Dinamik as one of the key players in the oil & gas industry, backed by its sturdy orderbook comprising of dozens of jobs from local and overseas that will provide long-term earnings visibility, coupled with the group’s ongoing effort diversification into businesses that generates recurring income.
  • Risks to our recommendation include failure to hit the targeted outstanding orderbook of RM16.5bn by end-FY21f. Meanwhile, a firmer ringgit against the USD could affect the group’s bottom line as it will have a negative impact on the group’s earnings and vice versa with majority of existing orderbook derived from overseas.

 

Source: Mplus Research - 4 Dec 2020

Labels: SERBADK
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Mplus Market Pulse - 4 Dec 2020

Author: MalaccaSecurities   |  Publish date: Fri, 4 Dec 2020, 8:44 AM


Market Review

Malaysia: The FBM KLCI (+1.9%) rallied with over 900 counters in the positive zone as investors’ optimism driven by UK’s approval on Pfizer-BioNTech Covid-19 vaccine remained. The energy sector (+4.2%) led the positive broader market, while the lower liners also finished in the green.

Global markets: US equities ended mixed as investors weighed falling unemployment claims and Pfizer’s supply chain issues that would affect this year’s deliveries of its Covid-19 vaccine. The Dow (+0.3%) and Nasdaq (+0.2%) inched up, while S&P500 (-0.1%) edged lower. European stockmarkets ended mixed, while Asia stockmarkets finished mostly higher.

The Day Ahead

The FBM KLCI delivered another commendable performance amid optimism that Malaysia economy is widely touted to emerge from the Covid-19 pandemic slump following the recent progress of Covid-19 vaccine developments. Still, we reckon that the strong upsides may also attract quick profit taking activities over the interim. At the same time, the lower liners are set for the extended rally that is largely driven by the ample of liquidity as investors continue to seek for higher yields investments.

Sector focus: Following the conclusion of OPEC meeting that will see production to be raised at a smaller amount at 500,000 b/d vs. initial estimate of 2.0m b/d, we reckon that the energy sector will continue to flourish. The construction sector will be supported by the upcoming packages of mega infrastructure projects, whilst the higher CPO prices bode well for the plantation sector.

The FBM KLCI gapped up and lingered in the positive territory for the entire trading session before finishing sharply higher. With the 1,615 resistance breakthrough, we believe that further upsides are expected to unfold towards the next resistance at 1,640, followed by 1,670. Meanwhile, the supports are at 1,600, followed by 1,580. Indicators have turned positive as the MACD Histogram has turned green, while the RSI remains above 50.

Company Brief

Two of Menang Corp (M) Bhd's shareholders Siow Pei Tee and Nicholas Pun Chee Cheang, holding 0.01% and 4.97% stakes in the company respectively, are seeking the removal of Dr Christopher Shun Kong Leng from the company's board at its next annual general meeting to be held on 30th December 2020. (The Edge)

JF Technology Bhd is considering transferring its listing to the Main Market of Bursa Malaysia in 2021. It is confident about the execution of its plan, with its indepth technical expertise and established track record. Its shareholders had also approved the proposed bonus issue of shares with free warrants on the basis of three bonus shares together with two free warrants for every existing share held. (The Edge)

The Ministry of Finance (MoF) has denied that it and its wholly-owned subsidiary Prokhas Sdn Bhd invited Ranhill Utilities Bhd to undertake due diligence activities on Indah Water Konsortium Sdn Bhd (IWK) in relation to the proposed disposal of MoF Inc’s interest in IWK. (The Edge)

Supermax Corp Bhd has been added to the FTSE Bursa Malaysia KLCI, following the semi-annual review of the FTSE Bursa Malaysia Index Series. Bursa Malaysia said KLCC Property Holdings Bhd and KLCC REIT (KLCCP Stapled) will be removed from the index. Meanwhile, the FTSE Bursa Malaysia KLCI reserve list now comprises the five highest-ranking non-constituents of the index by market capitalisation, which are Kossan Rubber Industries Bhd, QL Resources Bhd, Mr D.I.Y. Group Bhd, Westports Holdings Bhd and KLCC Stapled. (The Edge)

UWC Bhd is proposing to undertake a one-for-one bonus issue on an entitlement date to be determined. The exercise will involve the issuance of up to 550.2m new shares, which will enlarge UWC's share capital to 1.10bn shares. (The Edge)

Astro Malaysia Holdings Bhd's 3QFY21 net profit slipped 3.7% YoY to RM164.5m, in line with the lower revenue reported. Revenue for the quarter decreased by 8.9% YoY to RM1.11bn. A third interim dividend of 1.5 sen per share, payable on 30th December 2020 was declared. (The Edge)

Tropicana Corp Bhd, of which tycoon Tan Sri Lim Wee Chai is the chairman and major shareholder, has bought RM78.5m worth of Top Glove Corp Bhd's shares at prevailing market prices from the open market. Lim, who holds an 11.1% stake in Tropicana, is also the chairman and founder of Top Glove, where he controls a 25.7% stake. Based on a back-of-the-envelope calculation, the property developer paid an average of RM6.97 per share for the lot, which represents a 0.1% stake in the rubber glove maker. (The Edge)

Sarawak Consolidated Industries Bhd (SCIB) has bagged two engineering, procurement, construction and commissioning contracts for an estimated total value of RM271.1m. The contracts, one in Sarawak and the other in the Gulf nation of Qatar, have increased the group’s order book to RM1.70bn. (The Edge)

 

Source: Mplus Research - 4 Dec 2020

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Mplus Market Pulse - 3 Dec 2020

Author: MalaccaSecurities   |  Publish date: Thu, 3 Dec 2020, 8:47 AM


Market Review

Malaysia: The FBM KLCI (-0.2%) edged lower after a choppy trading session amid UK’s approval on Pfizer-BioNTech Covid-19 vaccine, as investors weighed weaker manufacturing data and lower crude oil prices. The lower liners finished mixed, while the broader markets ended mostly higher, with technology and energy sectors being the top gainer and decliner respectively.

Global markets: US stocks finished modestly positive as the Dow (+0.2%) and S&P500 (+0.2%) inched up on investors’ hope for another round of fiscal stimulus, but Nasdaq (-0.1) edged lower. European stockmarkets finished mixed while Asia stockmarkets mostly in the red.

The Day Ahead

The FBM KLCI closed mildly lower as sentiment turned downbeat as investors booked in gains from the previous session’s rally. While the local bourse is demonstrating some mild weakness, we reckon that the general recovery trend is still intact as the attention remains focus on the pace of economic recovery. The positive development over the Covid-19 vaccine will also continue to aid the recovery progress. Meanwhile, the lower liners are expected to charge higher, driven by the ample liquidity with the equities market remain in favour.

Sector focus: The energy sector is poised for a recovery after crude oil prices snapped a 3-day pullback amid the unexpected decline in US inventory ahead of the OPEC meeting today. Meanwhile, the technology sector may garner further trading interests following the strong 3Q2020 semiconductor equipment billings.

FBMKLCI Technical Outlook

Despite recovering most of its intraday losses, the FBM KLCI ended mildly lower as key index maintained its position above the daily EMA9 level. With the recovery trend remains largely in place, we think that further upsides are still on the cards towards the next resistance at 1,615, followed by 1,640. Meanwhile, the supports are at 1,580, followed by 1,560. Indicators have turned mixed as the MACD Histogram has turned red, while the RSI remains above 50.

Company Brief

Ranhill Utilities Bhd has been invited by Prokhas — a wholly-owned private limited company under the Minister of Finance Inc (MoF Inc) to undertake a due diligence exercise on Indah Water Konsortium Sdn Bhd (IWK) in relation to a proposed disposal of MoF Inc's interest in IWK, after submitting a proposal for a restructuring of IWK that would involve the disposal of MoF Inc's interest in IWK to Ranhill on 26th June 2020. This will enable the company to access information necessary for it to finalise the said proposal. (The Star)

Sunsuria Bhd's 4QFY20 net profit fell 52.3% YoY to RM9.2m, on the weaker topline contribution. Revenue for the quarter decreased 41.5% YoY to RM61.3m. (The Edge)

Datuk Wong Gian Kui has resigned as Yi-Lai Bhd's independent non-executive chairman, due to personal commitment. (The Edge)

Bioalpha Holdings Bhd has been appointed by Hong Kong-listed Ritamix Global Ltd as a contract manufacturer to make and supply a longevity dietary supplement. The Group is expecting multi-millions of orders from Ritamix for the Malaysia and China markets. The supplement product contains the nicotinamide mononucleotide (NMN) compound that can help restore energy and reduce typical signs of ageing such as gradual weight gain. It expects NMN products to deliver a gross profit margin of 50.0% based on the selling price to Ritamix. (The Edge)

Chin Hin Group Property Bhd plans to purchase a 1.38-ha piece of land in Bandar Kinrara, Puchong for RM59.8m from Perumahan Kinrara Bhd (PKB). PKB is a unit of I&P Group Sdn Bhd, which in turn is a wholly-owned subsidiary of S P Setia Bhd. It will seek the approval of the Economic Planning Unit to purchase the land within 60 days from the date of signing of the sale and purchase agreement. (The Edge)

AWC Bhd and its partners have bagged a RM20.9m subcontract relating to a water treatment plant in Jasin, Melaka. Its unit DD Techniche Sdn Bhd and joint venture partners Techkem Utilities Sdn Bhd and Techkem Resources Sdn Bhd were awarded the job by Aliran Intelek Sdn Bhd. The subcontract entails engineering, supply, construction and all related works for the implementation of the water treatment plant using the gravity sand filter system. (The Edge)

The proposed merger of UEM Sunrise Bhd and Eco World Development Group Bhd (EcoWorld), which was put forth by UEM Group, does not require the approval of the Cabinet. The proposal was mooted based on the potential commercial benefit the merger could bring, and that it only requires the approval of the respective companies' boards of directors, as it is a matter relating to the operation of companies. (The Edge)

QL Resources Bhd and Boilermech Holdings Bhd have requested for the trading of their shares to be suspended tomorrow pending an announcement. The shares in both counters will be suspended with effect from 9am. (The Edge)

Top Glove Corp Bhd is continuing with its share buy-back spree from last month, spending RM69.9m today to buy 10.4m shares, priced at between RM6.70 and RM6.86 per share. The group has spent RM1.28bn on share buy-backs since September, with RM802.6m spent in November and RM354.8m spent in September. (The Edge)

AirAsia X Bhd expects the outcome of its ongoing scheme of arrangement under its debt restructuring exercise to inject fresh equity to be known by the end of June next year. It was changing its financial year end to 30th June 2021 from 31st December 2021. (The Edge)

Source: Mplus Research - 3 Dec 2020

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Mplus Market Pulse - 2 Dec 2020

Author: MalaccaSecurities   |  Publish date: Wed, 2 Dec 2020, 8:39 AM


Market Review 

Malaysia: Strong bargain hunting activities have sent the FBM KLCI (+2.5%) to reverse its negative performance during the MSCI rebalancing dips and the key index closed above the 1,600 psychological level, in line with its regional peers. The lower liners climbed, while the broader markets finished higher with the exception of healthcare (-0.6%) and REIT (-0.7%) sectors.

Global markets: US stocks rose as the Dow (+0.6%) gained, while S&P500 (+1.1%) Nasdaq (+1.3%) hit fresh records, ignited by economic recovery hopes following Pfizer and BioNTech's application for regulatory approval for their coronavirus vaccine in the European Union. Both the European and Asia stockmarkets also ended in the green.

The Day Ahead

The FBM KLCI performed a swift recovery as the key index recouped most of its previous session losses to re-claim the 1,600 psychological level. We reckon some stability will ensue with further upsides are in the cards as investors continue to focus on the economic recovery progress. Meanwhile, we believe that the lower liners will continue to enjoy their upward momentum as liquidity remains well on the equities market with investors capitalising on the positive market sentiment.

Sector focus: India’s move to reduce the import duty for crude palm oil (CPO) bodes well for the plantation sector as CPO prices remain firm above RM3,300/MT. Meanwhile, we continue to like the construction sector as a prime beneficiary under Budget 2021 as construction activities shift into higher gear.

FBMKLCI Technical Outlook

The FBM KLCI gapped up to hover in the positive territory as the key index formed a bullish harami candle to recover most of its previous session losses. With the key index now back above the daily EMA9 level as well as the 1,600 psychological level, we think that further upsides will be on the table towards the next resistance at 1,615, followed by 1,640. Meanwhile, the supports are at 1,560, followed by 1,540. Indicators have turned positive as the MACD Histogram has turned green, while the RSI has recovered above 50.

Company Brief

Malaysia had opened an investigation and would take legal action against world's largest glove manufacturer, Top Glove Corp Bhd after finding that the firm did not comply with standards for worker accommodations. The Ministry of Human Resources' Labour Department has announced that enforcement operations were carried out last week at six of Top Glove's companies in five states, investigating conditions at worker accommodations and hostels. Investigators found the accommodations to be cramped, uncomfortable, to have poor ventilation and to lack rest and kitchen areas. (Reuters)

Sime Darby Bhd is divesting its entire interest in three joint venture companies operating three river ports in Jining in the Shandong Province, China for a net amount of 293.9m Yuan (RM181.6m), to be realised over three years. The agreements the conglomerate has entered into allow for a staggered exit from its investment in the three Jining ports over three years and are very much in line with its strategy to divest non-core assets. (The Edge)

Uzma Bhd's unit Setegap Ventures Petroleum Sdn Bhd has secured a one-year contract from SEA Hibiscus Sdn Bhd for the provision of integrated well services. The letter of award for the work order, dated 20th November 2020, has been received, though it did not disclose the contract sum. (The Edge)

Sarawak Oil Palms Bhd (SOPB) plans to acquire two parcels of land in Miri for RM11.5m to construct a corporate office. SOPB plans to construct a corporate office which will allow the consolidation of the rented offices currently situated in various locations. (The Edge)

Berjaya Auto Alliance Sdn Bhd, that is 51.0% owned by Berjaya Corp Bhd and 20.0% owned by Bermaz Auto Bhd has been awarded the sole rights to distribute new Peugeot vehicles in Malaysia. The company has also won the rights for aftersales services and spare parts distribution for Peugeot Citroen and DS vehicles. (The Edge)

Samaiden Group Bhd has won the bid to develop a 1.2MW biogas power plant in Bachok, Kelantan; its second power plant contract for the month of November 2020. The project is expected to be completed by 17th November 2023, which is the scheduled feed-in tariff commencement date, being the date whereby the project is expected to sell the electricity generated to the power grid. From the commencement date, SC Green will hold the feed-in tariff for 21 years for a tariff rate of RM0.3963/kWh. (The Edge)

UWC Bhd’s 1QFY21 net profit jumped 93.5% YoY to RM21.7m, boosted by stronger demand in both its semiconductor and life science businesses as it is also involved in the Covid-19 test equipment supply chain. Revenue for the quarter gained 52.4% YoY to RM71.5m. (The Edge)

The Securities Commission Malaysia (SC) has approved UEM Sunrise Bhd's application for an extension of time to announce the takeover offer with regard to its proposed merger with Eco World Development Group Bhd (EcoWorld). The SC has now given UEM Sunrise until 31st January 2020 to make its announcement on the matter. SC wants UEM Sunrise and EcoWorld to decide by 2nd January 2020 on whether to proceed with discussions in relation to the proposed merger and they must jointly submit an application for a final extension of time based on a timeline as agreed by the boards of directors. (The Edge)

 

Source: Mplus Research - 2 Dec 2020

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AME Elite Consortium Bhd - Industrial REIT spinoff

Author: MalaccaSecurities   |  Publish date: Wed, 2 Dec 2020, 8:38 AM


Summary

  • AME Elite Consortium Bhd (AME Elite) has proposed to establish and list an industrial real estate investment trust (AME REIT) on the Main Market of Bursa Malaysia Securities Bhd. We believe that the spinoff will provide an opportunity for AME Elite to realise and unlock the value of the REIT segment, whilst proposed placements to units of institutional shareholders will bolster AME Elite’s war chest to undertake further landbanking activities.
  • We were not surprise on the abovementioned corporate proposal, of which the plans has been on the table in the past. We reckon that the move will be mildly positive in line with AME Elite’s aspirations to position as an industrial REIT specialist.
  • The investment portfolio of AME REIT would comprise assets to be identified from existing four industrial leasing properties, namely i-Park@SiLC, i-Park@Indahpura, iPark@Senai Airport City, and District 6. Moving forward, the acquisition of 169.8-ac. industrial land in Johor will further strengthen the industrial REIT segment.
  • The group’s i-Parks are equipped with workers’ dormitories that generate sustainable long term income, namely i-Stay@Indahpura and i-Stay@Senai Airport City which provide accommodation to workers. Given that i-Stay@Indahpura has achieved 99% occupancy rate, the group will be allocating RM25.0m in CAPEX to construct 2 new dormitory blocks that will bring additional 2,700 beds. Upon the targeted completion in October 2021, AME will be equipped with more than 8,400 beds.
  • At the same time, the proposed AME REIT would also provide stable and recurring income to investors, with at least 90.0% of its income to be distributed as dividends to unitholders. We note that slightly more than half of the current tenants of the industrial properties has more than 5 years of lease under their agreements. Additionally, AME REIT is expected to benefit from lower tax rate compared to prevailing corporate tax rate at an average of 23.4% recorded over the past 4 years.

Valuation & Recommendation

  • Given that the corporate exercise is still in pre-mature stage and subject to necessary approvals, we made no changes to our earnings forecast and we maintained out HOLD recommendation on AME with an unchanged target price of RM2.21.
  • Our target price is derived by ascribing a higher target PER of 14.0x (from 13.0x) to its revised FY22f EPS of 15.8 sen. The revised target PER is due to the higher valuation of the construction sector as of late that reflects the optimism surrounding Budget 2021. A re-rating is in the cards, should margins recovery come above expectations in subsequent quarters.
  • Risks to our recommendation and target price include dependence on the foreign direct investment in Malaysia. A change in government policy that is unfavorable to foreign investors will hinder the sales of their units in the industrial park. Failure to meet targeted orderbook replenishment may derail the prospect of earnings growth.

Source: Mplus Research - 2 Dec 2020

Labels: AME
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Mplus Market Pulse - 1 Dec 2020

Author: MalaccaSecurities   |  Publish date: Tue, 1 Dec 2020, 8:42 AM


Market Review

Malaysia: The FBM KLCI (-2.8%) closed lower following a sharp decline in the final trading hour, as the market pulled back into investors’ month end portfolio rebalancing. The lower liners ended in the green amid high demand, while the broader market finished mixed.

Global markets: The Dow (-0.9%) enjoyed its best month in over three decades despite closing lower, after continued positive market sentiments lifted by Covid-19 vaccine hope. Both the European stock markets and Asia stockmarkets also closed lower.

The Day Ahead

The FBM KLCI started off the week on a dour note alongside with the weakness across regional peers on the increasing geopolitical tension between US and China. Still, the FBM KLCI recorded 95.82 pts on gain (+6.5% MoM) during November 2020. Although we see renewed volatility unfolding, we reckon that bargain hunting activities may take precedence after the sharp fall yesterday. On the other hand, we think that the lower liners are poised for further upsides, driven by the improved trading liquidity which may extend the rotational play.

Sector focus: Renewed trading interest is developing within the healthcare sector on the prospect of higher weightage in gloves makers in the FBM KLCI. In the meantime, the property sector is expected to remain on course for further recovery, owing to the various measures under Budget 2021 to boost home ownership.

FBMKLCI Technical Outlook

The FBM KLCI finished sharply lower as the key index formed a bearish candle to wipe out its previous two weeks gains to close below the daily EMA20 level. While downside risk is prevalent, bargain hunting activities may come onto course with immediate resistance at 1,580, followed by 1,600. Meanwhile, the supports are at 1,540, followed by 1,520. Indicators have turned negative as the MACD Histogram has extended another red bar, while the RSI has slipped below 50.

Company Brief

AMMB Holdings Bhd’s 2QFY21 net profit fell 35.0% YoY to RM237.3m, on lower revenue and higher credit costs. Revenue for the quarter declined 3.5% YoY to RM2.14bn. (The Star)

RHB Bank Bhd’s 3QFY20 net profit improved 1.0% YoY to RM622.3m, due to other higher operating income. Revenue for the quarter, however, fell 10.0% YoY to RM3.00bn. (The Star)

OSK Holdings Bhd’s 3QFY20 net profit fell 2.2% YoY to RM105.2m, as there were fewer ongoing property projects and negative impact from the rental concession granted to retail tenants affected by the conditional movement control order. Revenue for the quarter, however, added 1.3% YoY to RM319.7m. (The Star)

Comfort Gloves Bhd’s 3QFY20 net profit soared 1119.0% YoY RM90.3m, amid higher sales volume and average selling prices. Revenue for the quarter jumped 105.7% YoY to RM276.7m. (The Edge)

BIMB Holdings Bhd’s 3QFY20 net profit fell 34.8% YoY to RM135.8m, mainly due to higher allowances for impairment and overheads. Revenue for the quarter slipped 3.3% YoY to RM1.33bn. An interim single tier dividend of 12.6 sen under the dividend reinvestment plan was declared. (The Edge)

Malaysia Building Society Bhd’s (MBSB) 3QFY20 net profit rose 51.8% YoY to RM258.4m, due to a reduction in funding cost. Revenue for the quarter added 1.9% YoY to RM765.6m. (The Edge)

KPJ Healthcare Bhd’s 3QFY20 net profit fell 26.8% YoY to RM34.0m, due to lower activities in hospital operations. Revenue for the quarter slipped 7.4% YoY to RM850.7m. (The Edge)

Malaysia Airports Holdings Bhd’s (MAHB) 3QFY20 net loss stood at RM319.7m vs. a net profit of RM197.9m recorded in the previous corresponding quarter, amid the pandemic and its resultant movement restrictions that caused a significant 74.8% YoY contraction in passenger movements. Revenue for the quarter sank 70.7% YoY to RM396.7m. (The Edge)

Mah Sing Group Bhd's 3QFY20 net profit fell 46.0% YoY to RM RM27.0m, as both its property and plastics businesses saw earnings decline, while its hotel segment sustained losses following the pandemic outbreak. . Revenue for the quarter declined 6.5% YoY to RM388.2m. (The Edge)

Panasonic Manufacturing Malaysia Bhd’s 2QFY21 net profit gained 30.0% YoY to RM40.0m, following a recovery in both its domestic and export sales. Revenue for the quarter improved 1.9% YoY to RM294.0m. (The Edge)

Gets Global Bhd has received an unconditional mandatory takeover offer (MTO) at 55 sen per share from its two largest shareholders ADA Capital Investments Ltd and Teong Lian Aik. The joint offerors intend to maintain the listing status of the company on the main market of Bursa Malaysia. The MTO was launched after the company placed out 158.0m new shares at 55 sen per share to ADA Capital. ADA Capital is owned by Teong’s brother-in-law Low Bok Tek. (The Edge)

Pharmaniaga Bhd has set up a task force as it gears up to distribute the Covid-19 vaccine, which is expected to be available at the end of the first quarter next year, nationwide. (The Edge)

Boustead Holdings Bhd’s 3QFY20 net loss narrowed to RM51.8 m, from a net loss of RM155.0m recorded in the previous corresponding quarter, on lower operational expenses. Revenue for the quarter, however, declined 30.9% YoY to RM1.89bn. (The Edge)

Fitters Diversified Bhd has won a construction contract worth RM78.3m from Pencala Jaya Sdn Bhd for a residential property project in Rawang. The contract, which preliminary planning works are expected to begin in December 2020 will end by 2023. (The Edge)

LKL International Bhd has bagged a contract worth US$40.0m (RM163.0m) to supply nitrile examination gloves to Shang Hong International (Hong Kong) Ltd and is set to complete by December 2021. (The Edge)

Source: Mplus Research - 1 Dec 2020

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