KUALA LUMPUR (Feb 25): Based on corporate announcements and news flow today, companies that will be in focus on Friday, Feb 26 may include: Maybank, CIMB, OSK Holdings, UOA, Bonia, SP Setia, ECM Libra, Scomi, IHH Healthcare, 7-Eleven, DRB-Hicom, IJM Corp, Old Town, Mitrajaya, Taliworks, UMW Holdings, SunCon, UEM Sunrise, Aeon and YTL Corp.
Malayan Banking Bhd (Maybank), the country's largest lender by assets, expects an increase in impaired loans this year but does not see it as a systemic matter, said its group president and chief executive officer Datuk Abdul Farid Alias.
Rather, the impact of an increase in loan defaults will be from several individuals or clients.
"You are right to think that the current economic volatility would increase the stress on customers. But from what we have seen, the stress is on a few individual names. It is not a systemic issue," he told a news conference to announce the group's full-year 2015 results today.
Maybank's net impaired loans ratio climbed to 1.38% as at Dec 31, 2015, the highest in at least two years.
CIMB Group Holdings Bhd, Malaysia's second largest bank by assets, reported today that its net profit for the fourth quarter more than tripled, on the back of higher operating income and lower provisions.
Its net profit for the quarter ended Dec, 31, 2015, was RM850 million, as compared with RM252 million a year earlier.
CIMB Group CEO Zafrul Aziz told reporters today that the bank was working towards starting their Vietnam operations by the end of 2016.
"We will continue to see challenges in countries we are operating in. We expect performance to improve this year. We do not expect the numbers to contract, but expect slower growth (in loans and assets)," said Zafrul.
OSK Property Bhd plans to launch some RM1 billion worth of properties across Pahang, Penang and Kedah this year, according to its chief executive officer Ong Ghee Bin.
Ong said OSK Property, the enlarged property arm of OSK Holdings Bhd, plans to launch the Timur Bay project in Kuantan, Pahang, besides serviced apartments in Butterworth, Penang. The launches included new phases for its Bandar Puteri Jaya township in Sungai Petani, Kedah.
“We plan to launch about RM1 billion in GDV (gross development value) this year, which will comprise three projects. One of which is Timur Bay in Kuantan, and another will be in Harbour Place, Butterworth, where we’ll be launching Luminari, our service apartments. We will also launch new phases for our Bandar Puteri Jaya township.
“This year is going to be a very challenging time for the property market. My aim for the group is to continue our journey in the integrated property development sector. We are quite well-positioned, due to our retail and hospitality teams. But of course, we will not be too aggressive this year,” he said.
UOA Development Bhd saw its net profit rise 25.6% to RM111.07 million in its fourth quarter ended Dec 31, 2015 (4QFY15), from RM88.4 million, on higher revenue from the progressive recognition of its ongoing development projects.
Its latest quarterly revenue was up 53.3% to RM511.6 million, from RM333.75 million a year ago, its bourse filing today showed.
The property developer also proposed a first and final single-tier dividend of 15 sen per share for the year ended Dec 31, 2015 (FY15), subject to shareholders' approval. The dividend proposed in FY15 is higher than the 13 sen per share it proposed last year.
Bonia Corporation Bhd saw its net profit drop 45.82% on year to RM7.51 million or 0.93 sen per share in the second quarter ended Dec 31, 2015 (2QFY16), compared to RM13.86 million a year ago, on decreased revenue and gross profit margin.
In a filing with Bursa Malaysia, Bonia said revenue in 2QFY16 fell 1.47% to RM178.46 million, from RM181.13 million in 2QFY15.
For the full six months (1HFY16), Bonia’s net profit fell 38.9% to RM16.38 million or 2.03 sen per share, compared to RM26.81 million or 3.33 sen per share in 1HFY15, while revenue declined 2.51% to RM343.17 million in 1HFY16, from RM352.01 million in 1HFY15.
SP Setia Bhd achieved a net profit of RM208.28 million or 7.92 sen a share for the two months ended Dec 31, 2015 on revenue of RM1.14 billion, mainly contributed by the completion and handovers of various projects.
For its 14-month financial period ended Dec 31, 2015, the group achieved a net profit of RM918.26 million.
The period’s pre-tax profit was at RM1.4 billion, up 88% from the preceding 12-month financial period, supported by a 74% increase in revenue to RM6.75 billion, compared with the preceding 12-month financial year.
The group also declared a final dividend of 19 sen per share. If approved, the dividends payout for the year will be 23 sen per share, which represents a dividend payout ratio of 65.8% of net profit.
ECM Libra Financial Group Bhd's potential mandatory general offer (MGO) by its largest shareholder Lim Kian Onn is priced at 37 sen per share or RM27.45 million for the 74.19 million shares or 25.89% stake, confirming The Edge Financial Daily's (The Edge FD) report today.
In a filing with Bursa Malaysia today, ECM Libra said the purchase consideration is 37 sen per share for the 74.19 million shares to be purchased by Plato Capital Ltd's wholly-owned subsidiary, Truesource Sdn Bhd.
Quoting sources, The Edge FD reported today that ECM Libra's co-founder Lim will launch an MGO at 37 sen per share to take over the cash-rich listed entity, should he manage to buy some 74.19 million shares or a 25.89% equity stake from Tan Sri Azman Hashim and K&N Kenanga Holdings Bhd.
Scomi Group Bhd saw its net profit for the third financial quarter ended Dec 31, 2015 (3QFY16) fall 38.5% to RM5.71 million or 0.37 sen a share, from RM9.3 million or 0.6 sen a share a year ago, mainly due to lower drilling activities in Malaysia, Indonesia, Myanmar and West Africa and higher financing cost.
Revenue fell 22.8% to RM373.95 million, from RM484.56 million in 3QFY15.
For the cumulative nine months period (9MFY16), the group’s net profit fell 23% to RM20.46 million, from RM26.55 million in 9MFY15, impacted by lower profit operations, as well as higher financing cost. Revenue was lower by 19.9% to RM1.09 billion, from RM1.36 billion in 9MFY15.
IHH Healthcare Bhd saw its net profit for the fourth quarter ended Dec 31, 2015 (4QFY15) surge 74% to RM415.83 million or 5.06 sen per share, due to revaluation gain on investment properties, investment tax allowance and exchange gains on non-Turkish Lira denominated loans.
It posted a net profit of RM239.23 million or 2.93 sen in 4QFY14.
Stripping off the exceptional items and the contribution from PLife REIT, IHH said its operational profit after tax and minority interests (PATMI) were down 11% at RM177 million, due to financing costs for the acquisition of Global Hospitals, which closed during the quarter, loss from newly-acquired hospitals and higher depreciation expenses, primarily on the opening of new hospitals.
Revenue for the quarter came in 18% higher at RM2.29 billion, from RM1.94 billion.
Despite positive sales growth, 7-Eleven Malaysia Holdings Bhd’s net profit fell 22.21% to RM13.94 million in the fourth quarter ended Dec 31, 2015 (4QFY15), from RM17.92 million, due to higher selling and distribution expenses from new store expansion in the current quarter.
The group told the bourse that its revenue increased by 3.87% to RM499.74 million for 4QFY15, from RM481.12 million a year ago.
For the full year FY15, the group’s net profit dropped 11.53% to RM55.8 million, from RM63.07 million in FY14, although its revenue rose 5.98% to RM2 billion, from RM1.89 billion in the previous year.
Automotive maker DRB-Hicom Bhd swung into the red with a net loss of RM185.32 million in its third quarter ended Dec 31, 2015 (3QFY15), compared with a net profit of RM9.47 million a year ago, dragged mainly by weaker performance in its automotive segment.
Revenue slipped 5.46% to RM3.34 billion, compared with RM3.53 billion in 3QFY14, due to lower sales recorded by all business sectors of the group, its bourse filing today showed.
As such, the group registered a loss per share of 9.58 sen for the quarter against 0.49 sen earnings per share in 3QFY14.
For the cumulative nine months (9MFY15), the group registered a net loss of RM201.14 million, compared with a net profit of RM210.4 million in 9MFY14.
IJM Corp Bhd's net profit leapt 85.8% to RM256.1 million in the third quarter ended Dec 31, 2015 (3QFY16), compared with RM137.81 million a year earlier, on higher contribution from its construction, plantation and infrastructure divisions.
Its revenue was up 7.5% at RM1.44 billion, from RM1.34 billion in 3QFY15, mainly due to higher revenues from its construction, industry and infrastructure divisions, its bourse filing today showed.
For the nine months ended Dec 31, 2015 (9MFY16), IJM's net profit surged 95.8% to RM749.35 million, from RM382.68 million compared to the same period a year ago.
Old Town Bhd saw its net profit fall 22.96% year-on-year (y-o-y) to RM11.07 million in its third quarter ended Dec 31, 2015 (3QFY15), from RM14.37 million, due to lower revenue from its café chain, and higher selling and distribution expenses from the manufacturing of beverages.
The group's revenue for 3QFY15 slipped 3.29% y-o-y to RM102.2 million, from RM105.69 million, its bourse filing today showed.
The group also announced an interim dividend of 3 sen per share for the financial year ending March 31, 2016, payable on April 13.
Mitrajaya Holdings Bhd saw its net profit rise 57% to RM25.35 million or 3.95 sen per share in its fourth quarter ended Dec 31, 2015 (4QFY15), from RM16.14 million or 2.73 sen per share a year ago, driven by higher contribution from its construction and South African investment.
Revenue for the quarter also came in 87.8% higher at RM254.94 million, compared with RM135.76 million in 4QFY14, its bourse filing today showed.
Public utilities company Taliworks Corp Bhd is withdrawing its entire investments from China to relieve itself from the need of supporting "substantial" capital expenditure requirements there. The exercise will also see its borrowings halved and gearing levels improved.
Taliworks today signed an agreement with LGB Group (HK) Ltd to dispose of its entire Chinese investments, comprising Taliworks International Ltd, Taliworks (Sichuan) Ltd and SWM Technologies (Malaysia) Sdn Bhd (SWMT), for US$54.6 million (RM230 million) cash.
In a statement today, the group said it is expected to book a one-off gain of RM48.8 million from the disposal, as well as improve its gearing levels to 0.36 times.
UMW Holdings Bhd posted a net loss of RM286.04 million in the fourth quarter ended Dec 31, 2015 (4QFY15), dragged down by oil & gas (O&G) segment's losses and a weakening ringgit.
UMW told Bursa Malaysia today that the group's net loss, compared with a net profit of RM77.47 million a year earlier. Revenue increased to RM4.16 billion, from RM3.68 billion.
"The group recorded a loss before taxation of RM334.3 million in the current quarter, despite higher revenue recorded. The loss before taxation was attributable to assets impairment in the oil & gas segment provided in the current quarter, as well as the weakening of ringgit against US dollar," UMW said.
Sunway Construction Group Bhd (SunCon) posted a net profit of RM29.35 million or 2.27 sen per share in the three months ended Dec 31, 2015, mainly contributed by its ongoing local construction projects and supplies of precast concrete products in Singapore.
Quarterly revenue stood at RM470.28 million. No comparative figures were presented for the preceding year's corresponding periods, as the company was listed in July last year.
UEM Sunrise Bhd's net profit for the fourth quarter ended Dec 31, 2015 (4QFY15) fell 73% to RM72.42 million or 1.6 sen per share, from RM272.38 million or 6 sen per share a year earlier, due to lower revenue.
Its revenue for the quarter more than halved to RM607.05 million, from RM1.34 billion, due to reduction in land sale revenue.
"In the last quarter of 2014, the group had recognised Gerbang land sales to FASTrack Iskandar Sdn Bhd and Scope Energy Sdn Bhd for RM248.3 million and RM522.7 million respectively," it added.
It proposed a final dividend of 1.6 sen per share, down from 3 sen last year.
Aeon Co (M) Bhd saw its net profit fall 49.1% to RM38.31 million in the fourth quarter ended Dec 31, 2015 (4QFY15), from RM75.21 million a year ago, mainly on higher operating costs, higher interest expenses and initial costs associated with newly-opened stores.
Revenue, however, rose 0.4% to RM975.67 million, compared with RM971.66 million in 4QFY14, its bourse filing today showed.
YTL Corp Bhd's net profit for the second quarter ended Dec 31, 2015 (2QFY16) fell 26.9% year-on-year (y-o-y) to RM234.92 million or 2.25 sen per share, from RM321.51 million or 3.1 sen per share, mainly due to weaker performance in its management services and others segment, and lower profit in its property investment and development segment.
The management services and others segment recorded a loss before tax (LBT) of RM75.3 million, as compared to a pretax profit of RM20.8 million, due to higher overhead costs and provision of liquidated ascertained damages by its unit YTL Power Services Sdn Bhd, its bourse filing today showed.
The absence of foreign exchange gain on derivative on exchangeable bonds issued by an offshore subsidiary also resulted in the segment’s dip into the red.
As for its property investment and development segment, profit before tax declined 56.6% y-o-y to RM90.1 million, from RM207.6 million.
Meanwhile, the group’s revenue for 2QFY15 fell 6.6% y-o-y to RM3.94 billion, from RM4.22 billion.
http://www.theedgemarkets.com/my/article/maybank-cimb-osk-holdings-uoa-bonia-sp-setia-ecm-libra-scomi-ihh-healthcare-7-eleven-drb
