AAX, Boustead Plantations, CTOS Digital, Guan Chong, Hextar Global, Karex, KPower, T7 Global, Ta Win, Perdana Petroleum, PLS Plantations, CSC Steel, Jaya Tiasa

AAX, Boustead Plantations, CTOS Digital, Guan Chong, Hextar Global, Karex, KPower, T7 Global, Ta Win, Perdana Petroleum, PLS Plantations, CSC Steel, Jaya Tiasa

KUALA LUMPUR (Feb 21): Based on corporate announcements and news flow on Monday, companies in focus on Tuesday (Feb 22) may include AirAsia X Bhd, Boustead Plantations Bhd, CTOS Digital Bhd, Guan Chong Bhd, Hextar Global Bhd, Karex Bhd, KPower Bhd, T7 Global Bhd, Ta Win Holdings Bhd, Perdana Petroleum Bhd, PLS Plantations Bhd, CSC Steel Holdings Bhd and Jaya Tiasa Holdings Bhd.

AirAsia X Bhd (AAX), the low-cost, long-haul affiliate of Capital A Bhd, will raise RM116 million in a one-for-one rights issue of 414 million shares to existing shareholders and RM50 million via a share subscription from new investors, as part of an effort to shore up its balance sheet.

It has fixed the new shares at 28 sen apiece, about 32.7% less than the theoretical ex-all price of the shares of 41.58 sen, calculated based on the five-day volume weighted average market price of the shares as at Feb 18 of 55.15 sen. The proceeds will be used for the airline's working capital requirements.

On the back of higher crude palm oil prices, Boustead Plantations Bhd clocked a revenue of RM1.1 billion for its financial year 2021 (FY21) ended Dec 31, 2021, 38% higher than the RM763 million recorded in the previous year and a record high since its listing in 2014. Profit after taxation and zakat surged to RM242 million, a sharp increase from the RM34 million recorded in the same period in the prior year. The plantation group also declared a fourth interim dividend of four sen per share for FY21, payable on March 22.

CTOS Digital Bhd's shareholders approved its RM205.8 million acquisition of a 49% stake in Juris Technologies Sdn Bhd (JurisTech) as well as a proposal to raise RM270 million via a placement of 166.7 million new shares at its extraordinary general meeting on Monday (Feb 21). The proceeds will be used to fund the acquisitions of 49% stake in JurisTech and an additional 2.25% equity stake in Business Online Public Co Ltd, other acquisitions to be identified as well as to defray placement expenses.

Guan Chong Bhd, the world's fourth largest cocoa grinder, reported a 9.51% increase in net profit for its fourth quarter of FY21 (4QFY21) ended Dec 31, 2021 to RM51.24 million from RM46.79 million in 4QFY20, due to stronger revenue and improved margins. Revenue rose 6.36% to RM1.09 billion from RM1.02 billion, driven by an increase in sales volume of cocoa products amid the economic reopening and higher consumption during festive season. Guan Chong also proposed a final dividend of two sen per share for FY21, subject to shareholders' approval at its forthcoming annual general meeting.

Hextar Global Bhd's net profit for its 4QFY21 ended Dec 31, 2021 soared 97.95% quarter-on-quarter to RM14.26 million from RM7.2 million, mainly contributed by its agriculture and specialty chemicals segment. Quarterly revenue rose 22.67% to RM138.05 million from RM112.55 million in 3QFY21. The company declared a second interim dividend of 1.2 sen per share, payable on March 25, making up a total payout rate of 73.4% of profit.

Karex Bhd sank into the red for its 2QFY22 ended Dec 31, 2021, posting a net loss of RM2.81 million against a net profit of RM2.79 million a year ago, amid rising raw material costs and additional distribution expenses. Revenue for the quarter slipped 10.57% to RM103.51 million, from RM115.75 million in 2QFY21. Karex said rising raw material costs, coupled with a higher sales contribution from its tender segment, negatively affected profit margins during the quarter.

KPower Bhd, in a consortium with a China company, has bagged a RM70 million contract to undertake engineering, design, procurement, construction, and commissioning works of small hydro power plants in Kota Marudu, Sabah. The job is expected to be completed by the end of 2022.

T7 Global Bhd's net profit fell 35.14% year-on-year to RM3.12 million for its 4QFY21 ended Dec 31, 2021 from RM4.81 million, despite posting its highest ever quarterly revenue of RM93.31 million, a 41.45% jump from RM65.97 million in 4QFY20. Its revenue for the quarter was lifted by a higher revenue contribution from its products and services division, which rose 77.82% to RM33.27 million from RM18.71 million a year ago.

Ta Win Holdings Bhd registered a net profit of RM4.66 million for its 2QFY22 ended Dec 31, 2021, against a net loss of RM1.5 million a year earlier. Quarterly revenue climbed 39.03% to RM172.48 million from RM124.06 million in 2QFY21. The improved performance was mainly driven by higher production and sales volume, with manufacturing operations resuming as Movement Control Order restrictions eased, enabling the group to fulfil its outstanding orders, and further supported by increasing copper price.

Perdana Petroleum Bhd has said it is looking at fleet renewal to take advantage of the potential upside in offshore construction and maintenance projects to be undertaken by oil majors, and as an avenue for growth in the future. It booked a record impairment loss of US$45.3 million (RM189.1 million) on its offshore support vessels in its 4QFY21 ended Dec 31, 2021, bringing the total allowance for impairment loss for its FY21 ended Dec 31, 2021 to US$52.5 million (RM219.1 million). Perdana Petroleum remains "cautiously optimistic" that it will post better results in the coming years.

PLS Plantations Bhd's net profit leapt to RM7.38 million for its 2QFY22 ended Dec 31, 2021, about six times the RM1.28 million it made in 2QFY21, on the back of higher revenue and better managed costs. Quarterly revenue more than doubled to RM57.26 million from RM27.65 million a year ago. The increases in revenue and profit before tax were mainly attributed to the improved contribution made from the sales of fresh fruit bunch (FFB) due to significant increase in average selling price realised under the plantation segment, besides the sales for the frozen durian products under the manufacturing and trading segment to overseas customers especially in China, PLS Plantation said. It also noted that continuous progress billing from its construction projects contributed to its quarterly revenue as well, compared with in 2QFY21.

CSC Steel Holdings Bhd's net profit more than doubled to RM86.09 million for its FY21 ended Dec 31, 2021 from RM37 million in the preceding year, driven by improved product margin due to an uptrend in selling prices. Its quarterly revenue also increased to RM1.47 billion from RM1.08 billion previously, mainly due to a significant rise in steel prices. For its 4QFY21 ended Dec 31, 2021, the group's net profit jumped to RM38.86 million from RM21.43 million a year earlier, while revenue strengthened to RM532.35 million from RM367.53 million previously. A final single-tier dividend of 14 sen per share in respect of FY21 (FY20: seven sen) was proposed for the approval of the shareholders.

Jaya Tiasa Holdings Bhd's net profit swelled to RM51.07 million for its 2QFY22 ended Dec 31, 2021, 11 times the RM4.63 million it made in the year-ago corresponding quarter, on higher average selling prices for FFB and crude palm oil. Revenue for the quarter rose 57.93% to RM239.24 million, from RM151.49 million in 2QFY21. Barring any unforeseen circumstances, the group anticipates satisfactory financial performance for the remaining quarters of its FY22.

https://www.theedgemarkets.com/article/aax-boustead-plantations-ctos-digital-guan-chong-hextar-global-karex-kpower-t7-global-ta-win