KUALA LUMPUR (Oct 26): Based on corporate announcements and news flow today, stocks in focus tomorrow (Tuesday, Oct 27) may include: GDB Holdings Bhd, Paragon Union Bhd, Glomac Bhd, JF Technology Bhd, IGB Real Estate Investment Trust (IGB REIT), Cabnet Holdings Bhd, AirAsia Group Bhd, Pharmaniaga Bhd, Kanger International Bhd and AMMB Holdings Bhd.
GDB Holdings Bhd has executed a letter of intent concerning the receipt of a RM1.25 billion contract for the 8 Conlay luxury integrated development at the heart of Kuala Lumpur.
GDB’s subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB) executed the letter of intent with KSK Land’s unit Damai City Sdn Bhd today, with the mutual intention of entering into a definitive letter of award to appoint GDBSB as the main contractor to complete the main building works of the development.
Paragon Union Bhd, which received an unusual market activity (UMA) query from Bursa Malaysia after its share price jumped over 60% to an intraday high of 61 sen today, said the group has been approached by certain interested parties who had expressed interest in acquiring its shares.
The carpet manufacturer said the approach and discussion at this point is preliminary, and no agreement and conclusions have been made, reached or firmed up in respect of the discussion so far.
Glomac Bhd is confident of ensuring steady earnings visibility growth this year on the back of higher sales, spurred by increasing demand in the landed property market, said its group managing director and chief executive officer Datuk Seri Fateh Iskandar Mohamed Mansor.
As at the end of its first financial quarter on July 31, 2020, sales for the property development company doubled to RM50 million from RM25 million in the same period a year ago, driven by sustained demand for residential phases at its Saujana Perdana in Sungai Buloh and 121 Residences in PJ-Damansara.
Meanwhile, unbilled sales stood at RM660 million as at July 31, contributed by positive sales momentum from both Glomac’s Plaza @ Kelana Jaya and 121 Residences, as well as Glomac’s landed residential townships.
Fateh Iskandar said the group’s unbilled sales are expected to be replenished with new planned launches worth RM403 million in gross development value during the current financial year.
JF Technology Bhd, via its wholly-owned unit JF International Sdn Bhd, is partnering with Huawei Investment & Holding Co Ltd’s unit Hubble Technology Investment Co Ltd (HTI) to set up a plant for the manufacture and supply of high-performance test contactors in China.
Through the proposed business collaboration, JF Technology will fortify its relationship with HTI as a key customer and strategic partner, as well as to gain market access into China.
It entered into a capital increase agreement and a shareholders’ agreement with HTI and its unit JFH Technology (Kunshan) Co Ltd today for this partnership that serves to affirm its maiden step towards strengthening its presence in China.
IGB Real Estate Investment Trust (IGB REIT), the owner of the Mid Valley Megamall and The Gardens Mall, has reported a 2.85% dip in its third quarter net property income due to a lower rental income amid the Covid-19 pandemic.
IGB REIT said its net property income for the quarter ended Sept 30, 2020 fell to RM97.83 million, from RM100.7 million a year ago. Its distributable income for the quarter also slid 3.52% to RM83.31 million, from RM86.35 million.
Gross revenue for the quarter fell 4.08% to RM130.75 million, from RM136.31 million a year ago.
IGB REIT said the manager has approved a distribution of 90% of IGB REIT’s quarterly distributable income amounting to RM74.9 million or 2.11 sen per unit, to be paid on Nov 27.
Cabnet Holdings Bhd’s unit Cabnet Systems (M) Sdn Bhd has been appointed as a subcontractor by Kinetics Systems Malaysia Sdn Bhd for a job valued at RM17.16 million.
Cabnet said the subcontract was in relation to the provision of supply, delivery, installation, testing and commissioning of electrical package for a factory located at Kulim, Kedah.
AirAsia Group Bhd has lowered its projected recovery rate in Malaysia to 60% of its pre-Covid-19 capacity by year-end, it said in its third-quarter operating statistics.
The airline in August had said that it expected a 70%-75% recovery in Malaysia by the last quarter.
AirAsia Group's biggest market, it said, saw a 52% increase in domestic capacity in September compared with 40% in July, but stricter curbs on movement in October due to rising Covid-19 cases had reined in growth.
Pharmaniaga Bhd has said it is partnering with Serum Institute of India Pte Ltd, the world's largest vaccine manufacturer by number of doses produced, to further strengthen its vaccine business.
The group said its wholly-owned subsidiary Pharmaniaga Lifescience Sdn Bhd (PLS) today signed a memorandum of understanding (MoU) with Serum to enable PLS to purchase the pneumococcal vaccine from Serum and subsequently manufacture products using the technology and know-how licensed by Serum for filling and finishing.
Pharmaniaga said the collaboration will also help the group in long-term partnerships including technology transfer to grow the sector in Malaysia, as well as provide the company with another income stream that will contribute to its profitability in the future.
Kanger International Bhd has roped in Zuellig Pharma Sdn Bhd and K-Star Sport Ltd to collaborate on the distribution of Covid-19 vaccines in Malaysia.
Kanger said it has entered into a memorandum of understanding (MoU) with Zuellig Pharma, the largest vaccine distributor in Malaysia and in Asia, to facilitate the import, warehousing and distribution of Covid-19 vaccines in Malaysia.
Separately, Kanger announced that it has also entered into an MoU with K-Star to appoint the latter as the sales agent of Covid-19 vaccines for private clinics in Malaysia.
AMMB Holdings Bhd's banking arm AmBank has entered into a strategic partnership with Visa to elevate its credit card propositions and offerings to the market, the first for AmBank among local banks in the industry.
AmBank managing director, retail banking, Aaron Loo said the first initiative to complement its partnership with Visa is the launch of the new cash rebate credit card.
With the card, customers get up to 8% cash rebates on grocery, pharmacy and online spends aimed at addressing present consumer spending behaviour on essentials, Loo said.