KUALA LUMPUR (March 30): Based on corporate announcements and news flow today, stocks in focus on Friday (March 31) may include: Daya Materials Bhd, Sedania Innovator Bhd, Yong Tai Bhd, Berjaya Corp Bhd, Sapura Resources Bhd, Crescendo Corp Bhd, Sarawak Cable Bhd and Yinson Holdings Bhd.
Daya Materials Bhd will sell its offshore subsea construction vessel Siem Daya 1 (SD1) together with subsidiary Daya Global 1 Pte Ltd for US$100 million (RM442.55 million) to Siem OCV Ptd Ltd as part of its debt restructuring exercise.
Under the sales purchase agreement, Daya Materials will receive US$82.74 million in cash.
Daya Materials also inked a debt-structuring agreement with Siem Offshore Rederi AS (SORA), which will see part of its debt (RM76.26 million) written off, leaving a total of RM83.07 million in bonds to be paid to SORA’s shareholders, Siem Industries and Canyon Offshore Inc.
With the proposal, Daya Materials expects its borrowings to be reduced by approximately RM406.9 million, as well as reduce its interests and vessel-related operating expenses and depreciation, which amounted to RM35 million last year.
Mobile services provider Sedania Innovator Bhd has proposed to diversify into financial technology (fintech) services, following its planned acquisition of Sedania As Salam Capital Sdn Bhd (SASC).
The fintech venture would require the diversion of more than 25% of its net asset, subsequently contributing to 25% or more of its net profit.
SASC operates As-SidqTM — a Tawarruq commodity trading system that utilises prepaid telecommunication airtime credit as traded commodity. Sedania would purchase SASC from Sedania Corp Sdn Bhd (SCSB) for a RM12 million price tag.
The agreement entailed a profit guarantee by SCSB of at least RM1.5 million net profit from SASC for the financial year ending Dec 31, 2017 (FY17) and FY18.
Yong Tai Bhd’s largest shareholder, Hong Kong-listed Impression Culture Asia Ltd, has pared down its controlling stake in the company to 28.73% after disposing of 25 million shares or a 5.75% stake in off market trades.
The shares were sold at RM1.10 each in two separate transactions to Yong Tai’s CEO Datuk Wira Boo Kuang Loon and executive director Dato Sri Lee Ee Hoe.
Boo acquired 12.2 million shares, increasing his stake by 2.81% to 13.53%, while Lee bought 12.8 million shares, increasing his total interest by 2.94% to 8.64%. The shares were crossed at RM1.10 per share on March 27, at a discount of 34 sen or 23.6% to the day’s closing price of RM1.44.
Shares in Yong Tai closed up 2.08% or three sen at RM1.47 today, giving it a market capitalisation of RM639.66 million.
Berjaya Corp Bhd (BCorp)’s net profit for its third financial quarter ended Jan 31, 2017 (3QFY17) jumped 44.66% to RM22.87 million from RM15.82 million on lower tax charges.
However, pre-tax profit was lower due to smaller contribution from its gaming operations, as well as losses from its Kenny Rogers Roasters operations in Malaysia.
In the same period, BCorp’s revenue improved by 2.45% to RM2.22 billion from RM2.17 billion previously, from higher earnings from its property investment and development business, consumer product marketing and services segments.
Sapura Resources Bhd slipped into the red with a net loss of RM2.05 million in the fourth financial quarter ended Jan 31, 2017 (4QFY17), against a net profit of RM3.26 million last year, from lower associates’ contribution following disposals of its three education businesses August last year.
Revenue for the quarter also dropped 18% to RM13.04 million from RM15.86 million a year earlier.
For the full-FY17, net profit jumped to RM100.66 million against RM2.71 million in FY16, thanks to the one-off gain on the disposals mentioned, which totalled RM98.9 million. Revenue increased by 5.5% to RM50.56 million from RM47.94 million.
Following the divestment of its education business, the group said its prospects will be driven by two core segments, namely property and aviation.
Crescendo Corp Bhd's net profit for the fourth quarter ended Jan 31, 2017 (4QFY17) more than tripled to RM11.46 million from RM3.17 million in the previous year due to better property sales.
Revenue increased 38% to RM84.4 million from RM61.4 million a year ago.
For its full year, Crescendo's net profit almost quadrupled to RM70.31 million versus RM17.7 million in the previous year. Revenue was 31% higher at RM254.36 million from RM194.57 million a year ago.
Sarawak Cable Bhd proposed a three sen final dividend for the year ended Dec 31, 2016 (FY16), compared with six sen for the previous year. The dividend will be paid on July 28, while the ex-date is July 5.
The steel cable manufacturer reported a drop of 68.9% in net profit for the fourth quarter of FY16 to RM3.37 million, from RM10.82 million previously.
For the full year, net profit slid 51.22% to RM19.12 million from RM39.19 million in FY15. Revenue declined by 10.63% to RM1.3 billion from RM1.45 billion.
Yinson Holdings Bhd proposed a final single-tier dividend of two sen per share for the financial year ended Jan 31, 2017 — payable on a date to be decided later — bringing its total FY17 payout to 16.6 sen from two sen in FY16.
Its net profit in the fourth financial quarter ended Jan 31, 2017 (4QFY17) grew 2% to RM51.2 million from RM50.1 million a year earlier.
The result was mainly due to higher revenue and tax credit recorded during the quarter, but offset by a jump in direct and administrating expenses combined with operating losses.
http://www.theedgemarkets.com/my/article/daya-materials-sedania-yong-tai-berjaya-corp-sapura-resources-crescendo-sarawak-cable-and