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Singapore Investment


CIMB, HLB, PPB, IHH, Capital A, Leong Hup, Guan Chong, Takaful, Duopharma Biotech, Bintulu, EG, Ekovest, Datasonic, Samchem, Radium and YNH

KUALA LUMPUR (May 31): Here is a brief recap of some corporate announcements that made news on Wednesday (May 31): CIMB Group Holdings Bhd, Hong Leong Bank Bhd, PPB Group Bhd, IHH Healthcare Bhd, Capital A Bhd, Leong Hup International Bhd, Guan Chong Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Duopharma Biotech Bhd, Bintulu Port Holdings Bhd, EG Industries Bhd, Ekovest Bhd, Datasonic Group Bhd, Samchem Holdings Bhd, Radium Development Bhd and YNH Property Bhd.

CIMB Group Holdings Bhd’s net profit grew 15.27% to RM1.64 billion for the first quarter ended March 31, 2022 (1QFY2023), from RM1.43 billion a year earlier, driven by sustained operating income growth, strong cost controls and a contained level of provisions. This translated into a strong improvement in annualised return on average equity (ROE) of 10.3%, compared with 9.6% in 1QFY2022. Quarterly revenue rose 5.51% to RM5 billion, from RM4.74 billion last year, driven by non-interest income (NOII) which grew 24.3% year-on-year (y-o-y) to RM1.48 billion on improved investment, foreign exchange, and other income. However, net interest income (NII) dipped marginally by 0.8% y-o-y to RM3.52 billion, due to net interest margin (NIM) compression caused by heightened deposit competition, but was partially offset by strong loan growth momentum.

Hong Leong Bank Bhd reported an 18.5% year-on-year growth in net profit for the third quarter ended March 31, 2023 (3QFY2023), thanks to lower impairment losses and better contribution from 18%-owned Bank of Chengdu. Net profit grew to RM929.96 million for 3QFY2023 from RM784.8 million a year ago, despite an 11% decline in net interest income to RM846.65 million from RM947.63 million. For the cumulative nine-month period (9MFY2023), net profit grew by 24% to RM2.95 billion from RM2.38 billion in the previous corresponding period, while net interest income dropped by 1.3% to RM2.79 billion from RM2.83 billion.

PPB Group Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) jumped 24.53% year-on-year to RM377.54 million from RM303.16 million, as its grains and agribusiness unit returned to the black while its film segment almost broke even. Revenue grew 12.59% to RM1.52 billion from RM1.35 billion, also led by higher contributions from the two segments, its filing showed. No dividend was declared.

IHH Healthcare Bhd posted a net profit of RM1.39 billion for the first quarter ended March 31, 2023 (1QFY2023), its highest quarterly profit since its listing in 2012 — thanks to a one-off gain from the sale of the group's medical education arm, International Medical University (IMU), for RM1.35 billion. The record quarterly profit is more than double the RM493.26 million net profit the group reported for the same quarter last year. IHH also recorded its highest quarterly revenue of RM5.14 billion, up from RM4.16 billion in 1QFY2022. The group declared a special dividend of 9.6 sen per share following the divestment of IMU. The dividend will be paid on June 30.

Capital A Bhd posted its second straight quarterly net profit of RM57.1 million in the first quarter ended March 31, 2023, as it benefited from the ongoing resurgence of air travel demand. The current quarter's net profit is also due to it recording a share of profit of RM13.5 million from associates, as opposed to a share of loss of RM143.12 million previously and recognised foreign exchange gain of RM44.77 million versus a forex loss of RM52.73 million, thanks to the appreciation of local currencies against the US dollar. Compared with a year ago, the group incurred a net loss of RM903.79 million. The loss was attributed to higher operation costs on fuel and maintenance, as well as a share of loss of RM143.1 million from an associate, following the completion of the restructuring and recapitalisation plan of the associate. Meanwhile, quarterly revenue more than tripled to RM2.23 billion from RM811.78 million a year earlier.

Leong Hup International Bhd (LHI) said its first quarter net profit rose 8.67% to RM22.14 million from RM20.38 million a year earlier, on higher contribution from its feedmill segment and a rise in other income. Revenue rose 5.23% to RM2.2 billion from RM2.09 billion in 1QFY2022 on stronger revenue contributions from both its business segments. The higher revenue in Malaysia was primarily due to higher average selling price and sales volume of day-old-chicks (DOC) and eggs, while the Philippines recorded higher revenue from favourable sales volume of dressed chickens.

Guan Chong Bhd's net profit fell 55.4% in the first quarter ended March 31, 2023 (1QFY2023) to RM23.76 million from RM53.27 million a year ago, which it attributed to reduced margins and higher finance costs. Operating profit for the quarter dropped 25% to RM56.44 million from RM75.25 million. Finance costs more than doubled to RM26.46 million from RM10.59 million, while its Singapore segment turned a loss. But on a quarter-on-quarter basis, the group saw a rebound in earnings, with net profit up 16.93% to RM23.76 million from RM20.32 million in 4QY2022. This was despite quarterly revenue dipping 2.46% to RM1.13 billion.

Syarikat Takaful Malaysia Keluarga Bhd's (Takaful Malaysia) first quarter net profit rose 21.13% to RM93.44 million from RM77.14 million a year earlier, thanks to higher income from fixed income investment assets and lower fair value loss on investment assets. This, however, was partially offset by lower takaful service results due to higher takaful service expenses, and higher net profit expenses from takaful contracts issued. Quarterly revenue rose 18.43% to RM757.38 million from RM639.52 million in 1QFY2022. No dividend was recommended in the quarter.

Duopharma Biotech Bhd is likely to get another six-month contract extension for the new approved products list (APPL) to supply pharmaceutical or non-pharmaceutical products to government hospitals and clinics, its managing director (MD) Leonard Ariff Abdul Shatar said. The new contract extension will be awarded at the end of June, prior to the expiry of the existing contract, he told reporters after the pharmaceutical company’s annual general meeting. Notably, the APPL contract contributes about 20% to the group's revenue per year.

Bintulu Port Holdings Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) fell 45.25% to RM22.48 million from RM41.06 million on the back of higher expenditure. Revenue for the quarter dipped 5% to RM187.89 million from RM198.11 million. Bintulu Port proposed a first interim dividend of three sen per share totalling RM13.8 million in respect of the financial year ended Dec 31, 2023.

Electronic manufacturing services player EG Industries Bhd posted an 88.75% year-on-year increase in net profit to RM10.58 million for the third quarter ended March 31, 2023 (3QFY2023) from RM5.6 million a year ago, on the back of higher sales which was achieved despite forex losses and a higher interest rate in the market. Quarterly revenue rose 14.53% to RM350.47 million from RM305.97 million in 3QFY2022, mainly due to higher sales for consumer electronic products, 5G wireless access and photonics modular related products.

Ekovest Bhd’s net loss doubled to RM15.86 million in the third quarter ended March 31, 2023 (3QFY2023) from RM7.96 million a year ago, despite improved revenue, as interest expenses rose while it booked a deferred tax expense of RM38.72 milion. The last time Ekovest fell into the red was in 4QFY2022, with a net loss of RM123.81 million. Its latest quarterly net loss swelled due to lower other income as interest expense climbed to RM61.53 million from RM53.74 million. Quarterly revenue rose 31.81% to RM220.18 million from RM167.05 million, mainly on better contributions from its construction, property development, toll operations and property investment businesses.  

Datasonic Group Bhd’s wholly-owned subsidiary, Datasonic Technologies Sdn Bhd (DTSB) announced that it has received and accepted the Letter of Extension (LOE) dated May 29, 2023 from the Home Ministry (KDN) for an additional contract value of RM9.94 million. The LOE is in regards to the comprehensive maintenance services of card personalisation centres at the National Registration Department for a period of six months commencing from June 1, 2023 to November 30, 2023. The original contract was valued at RM39.75 million and after including the extension of RM9.94 million, it would bring the total contract value to RM49.69 million, including a 6% sales and service tax.

Integrated chemicals and lubricants distributor Samchem Holdings Bhd is in preliminary discussions with several companies to expand its chemical businesses through mergers and acquisitions (M&As), according to chief executive officer Eugene Chong Wee Yip, as a number of small and medium enterprises (SMEs) are looking to leave the industry. “I think we see a lot of opportunities during this period of time — a lot of SME competitors are exiting the business — so we are looking at some of these companies to complement our product reach.”

Property developer Radium Development Bhd made a weak debut on the Main Market, slumping to a close of 38.5 sen, or nearly a quarter lower than its initial public offering (IPO) price of 50 sen, and underscoring softer investor interest in property stocks. Still, subscribers to its IPO can take some comfort in an impending dividend as it declared a dividend of one sen per ordinary share for the financial year ending Dec 31, 2023 (FY2023) with the ex date of July 17 and payment date of Aug 15.

YNH Property Bhd independent and non-executive directors Ching Nye Mi @ Chieng Ngie Chay, 75, and Ding Ming Hea, 59, have resigned from the property developer’s board, effective May 31. Ching and Ding have served the company for over 12 years. However, the company did not disclose the reason behind their resignations. Note that both of them are also the independent and non-executive director of YNH’s sister company Rapid Synergy Bhd, its 2021’s annual report showed.


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