UOB Kay Hian Research Articles

Author: UOBKayHian   |   Latest post: Thu, 18 Oct 2018, 1:08 PM


Malaysia Daily - 3 July 2018

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Bertam Alliance: Says still working on regularisation plan. Bertam Alliance, a Practice Note 17 (PN17) company, said it is still working towards a plan to regularise its financial condition. "The board at this stage cannot determine if the regularisation plan will result in a significant change of business direction or policy of the company," it told Bursa Malaysia. Bertam is required to submit its regularisation plan to the relevant authorities by 3 Apr 19, which is approximately nine months from now. (Source: The Edge Financial Daily)

Computer Forms: To cease printing exercise books. Computer Forms Malaysia Bhd (CFM) said its wholly-owned unit CFM Printing & Stationery Sdn Bhd will cease to print and produce exercise books as it seeks to mitigate the negative impact of the losses in the printing and production segment. Based on existing market demand, CFM said the printing and production segment had sustained consecutive losses in the past few years, and is expected to continue incurring losses if it maintains the operations. (Source: The Edge Financial Daily)

Kumpulan Perangsang Selangor: Secures contract worth RM20m. Kumpulan Perangsang Selangor Bhd (KPS) has secured a contract worth RM20m from Pengurusan Air Selangor Sdn Bhd, via a 60%-owned subsidiary, to replace existing pipeworks in Hulu Langat and Kuala Lumpur. (Source: The Edge Financial Daily)

Maybank: Cancels 16th dividend reinvestment plan, to pay all-cash dividend. Malayan Banking’s board of directors has resolved to exercise its right not to proceed with the implementation of the 16th Dividend Reinvestment Plan given the current softer equities market, which has also affected its share price. Following this decision, shareholders will now receive an all-cash final single-tier dividend of 32 sen per share for the financial year ended 31 Dec 17. (Source: The Edge Financial Daily)

MyEG: To market CIMB Bank Philippines' products soon. My EG Services (MyEG) will market CIMB Bank Philippines Inc's (CIMBPH) financial products on its associate I-Pay MYEG Philippines Inc's (IPMPI) digital services and platforms to eligible individuals in the Philippines soon. MyEG said IPMPI has entered into a memorandum of agreement (MoA) with CIMBPH for the purpose. The MoA will be effective for three years from the date CIMBPH commences its banking operations, which is expected to be in the near future. (Source: The Edge Financial Daily)

Parlo: Says unit falls short of profit guarantee due to higher expenses. Parlo Bhd, formerly known as Cybertowers Bhd, said its wholly-owned unit Parlo Tours Sdn Bhd's profit guarantee for the financial year ended 31 Dec 17 (FY17) fell short of RM1.26m due to increased expenses. A profit guarantee of RM4.8m for FY17, according to the group's regularisation plan and as set out in its circular to shareholders dated 3 Aug 17, was provided by Yap Fu Fah, the co-beneficiary owner of Thirty Keystone Sdn Bhd, a major shareholder of Parlo. Parlo said the shortfall, due to higher expenses, was a result of staff cost, advertisement programmes and marketing, as well as trade fair expenses incurred specifically as part of Parlo Tours' efforts to promote new travel destinations in the People's Republic of China and Europe. (Source: The Edge Financial Daily)

Pasdec: Shares to be suspended pending material announcement. Pasdec Holdings, a 37.2%-owned unit of Pahang State Development Corp, said trading in its shares will be suspended on 3 July pending the release of a material announcement. The Kuantanbased property developer said the stock exchange regulator has approved its request for the 9am-5pm suspension. (Source: The Edge Financial Daily)

Petaling Tin: Minority shareholders told to accept 40-sen takeover over. The unconditional voluntary takeover offer for Petaling Tin shares by largest shareholder Tan Sri Dr Chen Lip Keong is not fair but reasonable to minority shareholders, says Inter-Pacific Securities Sdn Bhd (InterPac), who is recommending that shareholders accept the offer. Gaming tycoon Chen is offering to buy the 34.58m shares (9.98% stake) in Petaling Tin that he does not own at 40 sen per share, or a total of RM13.83m. Petaling Tin said its independent directors have concurred with InterPac's assessment of the takeover price, and equally recommend that the minority shareholders accept Chen's offer. (Source: The Edge Financial Daily)

Selangor Dredging: Associate company to buy 17 Singapore land plots for RM180m. Selangor Dredging Bhd (SDB) announced its associate company Tiara Land Pte Ltd plans to buy 17 parcels of adjacent properties in the prime District 13 in Singapore for S$60.26m (RM180.06m), where the latter intends to develop exclusive mid-rise apartments. SDB said Tiara Land has accepted options to acquire the properties, which are close to Potong Pasir MRT, Woodleigh MRT and Boon Keng MRT. (Source: The Edge Financial Daily)

TA Enterprise: Tony Tiah makes RM755m bid for TA Enterprise. Datuk Tony Tiah Thee Kian has launched a mandatory takeover offer (MGO) for TA Enterprise at 66 sen per share after acquiring 14.33m shares, or a 0.84% stake, in the stockbroking firm for prices between 61 sen and 66 sen from the open market. Following the acquisition, Tiah, who is the co-founder and non-executive chairman of TA Enterprise, holds 558.35m shares or a 32.62% stake in TA Enterprise. Together with persons acting in concert (PACs) with him, who hold 7.89m shares or a 0.46% stake in the group, Tiah and the PACs collectively own 566.24m shares or a 33.08% stake in TA Enterprise. (Source: The Edge Financial Daily)

Tropicana: Tycoon Danny Tan's son Dillon resigns as Tropicana's executive director. Tropicana Corp ED Dillon Tan Yong Chin has resigned from his post with immediate effect, citing personal commitment. He is the son of tycoon Tan Sri Danny Tan Chee Sing, the founder and major shareholder of Tropicana. His brothers, Datuk Dickson Tan Yong Loong and Dion Tan Yong Chien, are the deputy group CEO and group MD of Tropicana, respectively. (Source: The Edge Financial Daily)

UMW: Forms JV with Japan's Komatsu under heavy equipment business. UMW Corporation Sdn Bhd (UMWC), a whollyowned subsidiary of UMW Holdings, has agreed to form a joint venture (JV) with Japan's Komatsu Ltd under its heavy equipment business. Under the proposed JV, UMW and Komatsu expect to further strengthen and expand market penetration of Komatsu's products in Malaysia, Brunei, Singapore, Myanmar and Papua New Guinea. UMWC will hold a 74% stake in the JV, while Komatsu will hold 26%. (Source: The Edge Financial Daily)


1MDB: Taskforce freezes 408 bank accounts involving RM1.1b. The special taskforce probing the 1Malaysia Development Berhad (1MDB) scandal has frozen 408 bank accounts involving RM1.1b from individuals, political parties and NGOs. According to the taskforce, the 81 individuals and 55 companies which had their accounts frozen were believed to have received misappropriated funds from the troubled state investment arm. “It is believed that these accounts are linked with misappropriated funds from 1MDB. It also involved over 900 transactions made between March 2011 and September 2015,” the taskforce said in a statement on Monday (2 July). The taskforce also hinted that more bank accounts linked with 1MDB could be frozen in future. The taskforce said that a comprehensive investigation is underway to ascertain the level of involvement of those involved. (Source: The Star)

General: New Cabinet all sworn-in before King. Almost two months after winning the 9 May general election, Pakatan Harapan got its full Cabinet sworn in before the Yang di-Pertuan Agong, Sultan Muhammad V, on Monday (2 July). Thirteen MPs had been sworn in earlier, and the names of the full Cabinet members and their portfolios were kept under a tight lid. Prime Minister Tun Dr Mahathir Mohamad had said he aims to have no more than 30 members in the Cabinet. The full Cabinet list has with 51 names including Dr Mahathir and his deputy Datuk Seri Dr Wan Azizah Wan Ismail. When it comes to ministerial portfolios, there are 26 ministers and 23 deputy ministers. (Source: The Star)

Source: UOB Kay Hian Research - 3 Jul 2018

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