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Singapore Investment


Maybank, MAHB, IHH, Press Metal, Genting, GenM, PPB, DRB-Hicom, Sime Darby Property, 7-Eleven, Tomei, Petron, Careplus, YTL, YTL Power, TNB, TM and Cycle & Carriage

KUALA LUMPUR (Aug 25): Here is a brief look at some corporate announcements and news flow on Thursday (Aug 25), which include Malayan Banking Bhd, Malaysia Airports Holdings Bhd, IHH Healthcare Bhd, Press Metal Aluminium Holdings Bhd, Genting Bhd, Genting Malaysia Bhd, PPB Group Bhd, DRB-Hicom Bhd, Sime Darby Property Bhd, 7-Eleven Malaysia Holdings Bhd, Tomei Consolidated Bhd, Petron Malaysia Refining & Marketing Bhd, Careplus Group Bhd, YTL Corp Bhd, YTL Power International Bhd, Tenaga Nasional Bhd, Telekom Malaysia Bhd and Cycle & Carriage Bintang Bhd.

Malayan Banking Bhd's (Maybank) net profit dropped 5.36% to RM1.86 billion in the second quarter ended June 30, 2022 (2QFY22) from RM1.96 billion a year earlier, hit by higher impairments and unrealised mark-to-market losses. Its revenue in 2QFY22 slipped 1.2% to RM11.2 billion from RM11.34 billion. The bank declared a first interim dividend of 28 sen per share. For the first six months, net profit fell 10.4% to RM3.9 billion from RM4.35 billion as revenue eased 1.8% to RM23.12 billion from RM23.56 billion. Maybank’s group president and CEO Datuk Khairussaleh Ramli foresees loan growth to slow down due to higher interest rates. However, he commented that the anticipated hikes in overnight policy rate will help widen the bank’s net interest margin.

Malaysia Airports Holdings Bhd (MAHB) narrowed its net loss for 2QFY22 to RM58.15 million from RM226.09 million a year earlier, as revenue for the quarter jumped 113% amid the reopening of international borders in Malaysia, and summer holiday-driven travels in Türkiye. Revenue rose to RM689.76 million from RM323.42 million in tandem with the significant increase in passenger volumes recorded, which was also boosted by the Aidilfitri week-long holiday. In 6MFY22, MAHB narrowed its net loss to RM162.91 million from RM447.39 million in 6MFY21 as revenue climbed 90.91% to RM1.26 billion from RM660.32 million.

IHH Healthcare Bhd's net profit for 2QFY22 grew 26.65% to RM612.1 million from RM483.31 million a year earlier, thanks to higher net income. Quarterly revenue inched up 2.42% to RM4.37 billion from RM4.27 billion in the same quarter last year on continued growth in key markets and a return of both local and foreign patients. For 6MFY22, IHH posted a 28.69% increase in net profit to RM1.11 billion, from RM858.93 million in the same period last year while revenue rose 3.9% to RM8.54 billion from RM8.22 billion.

Press Metal Aluminium Holdings Bhd posted a 60.1% increase in net profit to RM409.17 million in 2QFY22 from RM255.58 million in 2QFY21, while quarterly revenue rose 51.8% to RM4.01 billion from RM2.64 billion amid higher metal price and production output as well as the appreciation of the US dollar against the ringgit. Press Metal announced a second interim dividend of 1.75 sen per share. Cumulatively, net profit in 6MFY22 ballooned 79.97% to RM830.19 million from RM461.3 million as revenue soared 67.21% to RM7.93 billion from RM4.74 billion.

The reopening of national borders amid strong pent-up demand for gaming and travel has been a boost to both Genting Bhd and Genting Malaysia Bhd (GenM) as their latest quarterly performance improved with revenue jumping substantially, narrowing their net losses. Genting’s net loss narrowed to RM59.53 million 2QFY22 from RM563.53 million in 2QFY21 as revenue jumped 93.63% to RM5.69 billion from RM2.94 billion, driven by stronger contributions from its leisure and hospitality business, including those parked under its 49.5%-owned unit, GenM. For 6MFY22, Genting trimmed its net loss to RM259.22 million from RM895.29 million in 6MFY21, with revenue jumping 90.77% to RM9.9 billion from RM5.19 billion. Genting announced a seven sen per share interim dividend to be paid on Oct 6.

Meanwhile, GenM trimmed its 2QFY22 net loss by 96.88% to RM10.85 million from RM348.11 million in 2QFY21, with loss per share dropping to 0.19 sen from 6.16 sen as revenue more than doubled to RM2.18 billion from RM817.87 million. For 6MFY22, GenM's net loss narrowed by 83.48% to RM137.38 million from 6MFY21's RM831.7 million with revenue climbing 170.39% to RM3.9 billion from RM1.44 billion. GenM plans to pay an interim dividend of six sen per share, payable on Sept 29.

PPB Group Bhd's net profit for 2QFY22 spiked 277.9% to RM693.4 million from RM183.5 million a year earlier, helped by a 67% rise to RM992 million in contribution by its 18.5%-owned Singapore-listed Wilmar International Ltd. Quarterly revenue jumped 45.6% to RM1.58 billion from RM1.08 billion on positive contributions from all key segments. The group declared an interim dividend of 12 sen per share. For 6MFY22, PPB's net profit jumped 70% to RM996.57 million from RM585.65 million a year earlier, as revenue increased 34% to RM2.96 billion from RM2.2 billion.

DRB-Hicom Bhd returned to profitability in 2QFY22 with a net profit of RM169.6 million, from a net loss of RM217.5 million a year ago. Quarterly revenue increased 35% to RM3.55 billion from RM2.62 billion in the same period last year, driven by overall business improvement. For the six-month period, the group recorded a net profit of RM143.82 million against a net loss of RM234.46 million on the back of slightly higher revenue of RM6.62 billion from RM6.13 billion previously.

Sime Darby Property Bhd's net profit for 2QFY22 leapt more than fourfold to RM105 million from RM23.21 million a year earlier, driven by strong development site progress coupled with sales of products with higher margins. Quarterly revenue grew 22.6% to RM615.61 million from RM501.97 million. The developer declared a first single-tier dividend of one sen per share. Six-month net profit jumped 75% to  RM156.56 million from RM89.31 million, while revenue was flat at RM1.096 billion compared with RM1.09 billion a year earlier.

7-Eleven Malaysia Holdings Bhd’s net profit for 2QFY22 surged by 23 times to RM25.77 million from RM1.12 million in the same period last year on improved contribution from both its convenience stores and pharmaceutical segments. Revenue grew 39.5% to RM943.67 million — 7-Eleven Malaysia's highest quarterly revenue to date — from RM676.67 million in the same period a year ago. For 6MFY22, 7-Eleven Malaysia’s net profit expanded 292% to RM50.15 million from RM12.8 million, as 6MFY22 revenue climbed 33.73% to RM1.78 billion from RM1.33 billion.

Tomei Consolidated Bhd posted a nineteenfold jump in net profit to RM25.76 million in 2QFY22 from RM1.36 million a year earlier boosted by sharply higher revenue. This is the gold and jewellery group's highest quarterly earnings since its listing in 2006. Quarterly revenue surged 103% to RM297.91 million from RM146.64 million, driven by both its retail segment as well as its manufacturing and wholesale segment.  For 6MFY22, Tomei’s cumulative net profit was RM41.535 million, 174% higher than the RM15.12 million achieved a year ago. Cumulative six-month revenue climbed 36.15% to RM532.055 million from RM390.8 million.

Petron Malaysia Refining & Marketing Bhd’s net profit rocketed to an all-time high of RM183.48 million for 2QFY22, more than four times the RM42.01 million achieved a year ago. Quarterly revenue more than doubled to RM5.6 billion from RM2.03 billion, due to strong crude oil prices. For 6MFY22, Petron said its net profit expanded to RM289.86 million from RM145.01 million last year, as revenue spiked 133% to RM9.4 billion compared with RM4.03 billion.

Careplus Group Bhd registered a net loss of RM35.28 million, or 6.21 sen per share, for 2QFY22 — the third consecutive loss-making quarter for the glove maker. Careplus’ quarterly revenue shrank 66% to RM85.45 million versus RM249.05 million a year ago. Careplus attributed the sharp drop in performance for the quarter under review to a decline in average selling price (ASP) and lower sales orders from key customers. In 6MFY22, Careplus posted a net loss of RM72.97 million versus a net profit of RM228.62 million a year ago. First-half revenue shrank 65.8% to RM167.71 million from RM490.38 million.

YTL Corp Bhd returned to the black in the fourth quarter ended June 30, 2022 (4QFY22) with a net profit of RM8.68 million, compared to a net loss of RM407.48 million in 4QFY21, on the absence of impairment losses under its property business, while contribution from its utilities business strengthened. Revenue jumped 41.92% to RM6.07 billion from RM4.28 billion, as four out of its six business segments — construction, hotels, utilities, and cement and building materials — reported increased top lines. The group declared an interim dividend of three sen per share, to be paid on Nov 29. For the full financial year ended June 30, 2022 (FY22), the group posted a net profit of RM530.55 million compared to a net loss of RM367.66 million in FY21, with a 40% increase in revenue to RM24.16 billion from RM17.27 billion.

YTL Power International Bhd recorded a net profit of RM193.17 million in 4QFY22 against a net loss of RM490.15 million in the same period a year ago. Revenue, meanwhile, was 49.4% higher at RM4.53 billion from RM3.03 billion. YTL Power has declared a second interim dividend of 2.5 sen per share for FY2022, to be paid on Nov 29. In FY22 as a whole, it recorded an impressive net profit of RM1.26 billion against a net loss of RM146.52 million a year earlier, principally attributable to the gain on disposal of investment in Australia’s ElectraNet Pty Ltd. FY22 revenue rose 65% to RM17.79 billion for the current financial year compared with RM10.78 billion in FY2021.

Tenaga Nasional Bhd (TNB) intends to work with Petronas on joint feasibility studies in the areas of hydrogen and carbon capture with a view to unlock the commercial value of at least RM10 billion up to 2035. The decarbonisation efforts would be achieved mainly through a collaborative study to develop a green hydrogen ecosystem and carbon capture and storage technology, leveraging both organisations' technical expertise and resources.

Telekom Malaysia Bhd (TM) is hinting at a likelihood of better-than-expected earnings performance against its initial guidance of a low- to mid-single-digit growth in revenue. The group is in final negotiations with Digital Nasional Bhd regarding the commercial arrangement for the access agreement between both parties for the purchase of 5G capacity.

Jardine Cycle & Carriage Ltd said its stake in Cycle & Carriage Bintang Bhd rose to 94.78% after its takeover offer ended on Thursday, paving the way for the delisting of one of Malaysia’s leading Mercedes Benz dealers.


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