KUALA LUMPUR (May 15): Based on corporate announcements and news flow today, stocks in focus on Tuesday (May 16) may include: Petronas Gas, Tenaga, YTL Power, Maybulk, Yong Tai, Sime Darby, MMC Corp, Axiata, Rohas Tecnic, Cahya Mata Sarawak, Chin Hin, PetChem, FGV, UMW Oil & Gas, Tan Chong and Wintoni.

Petronas Gas Bhd’s (PetGas) net profit rose 3.6% to RM463.24 million in the first quarter ended March 31, 2017 (1QFY17) from RM447.17 million a year ago, on lower tax expense as a result of higher utilisation of the utilities business tax incentive.

Quarterly revenue grew 3.4% to RM1.17 billion in 1QFY17 from RM1.13 billion in 1QFY16.

PetGas said the board of directors has also approved a first interim dividend of 15 sen per share amounting to RM296.8 million for the financial year ending Dec 31, 2017 (FY17), payable on June 14.

Tenaga Nasional Bhd (TNB) has withdrawn its judicial review proceedings against the Energy Commission (EC) and the Minister of Energy, Green Technology and Water over a condition precedent in the proposed new power purchase agreement (PPA) between the utility group and YTL Power International Bhd.

The PPA is to facilitate TNB’s purchase of electricity generated by YTL Power’s subsidiary YTL Power Generation Sdn Bhd’s 800mw power plant in Paka, Terengganu.

TNB had applied to commence judicial review proceedings against the EC and the Minister in July last year, in relation to a direction issued by EC to TNB.

Malaysian Bulk Carriers Bhd (Maybulk)'s net loss widened 38% on-year to RM33.21 million in the first quarter ended March 31, 2017 (1QFY17), on losses from its associate, PACC Offshore Services Holdings Ltd or POSH.

In comparison, it recorded a net loss of RM24.08 million in 1QFY16. Revenue for the quarter grew 21% to RM64.96 million from RM53.5 million a year earlier, its bourse filing today showed.

Maybulk said POSH widened its net attributable loss to US$18.38 million in 1QFY17 from US$4.451 million in 1QFY16, bringing Maybulk’s share of losses to RM17.37 million.

Hong Kong-listed Sino Haijing Holdings Ltd is disposing of its entire 24.6% stake in property developer Yong Tai Bhd for RM117.7 million.

The buyer is another Hong Kong listed company, Co-Prosperity Holdings Ltd.

Yong Tai said Sino Haijing's wholly-owned subsidiary, Impression Culture Asia Ltd, is selling the stake comprising 105 million shares to Co-Prosperity's unit Full Winning Developments Ltd.

Sino Haijing emerged as a substantial shareholder of Yong Tai in February 2016 after investing RM120 million to buy 150 million new shares, representing 34.5% of the enlarged issued and paid-up share capital of Yong Tai, at an issue price of 80 sen a share.

Sime Darby Bhd is teaming up with MMC Corp Bhd in port management and establishing a sister port relationship to facilitate halal shipments between Malaysia and China.

The companies jointly announced that both their subsidiaries — Northport Malaysia Bhd and Weifang Sime Darby Port Co Ltd — have signed a Memorandum of Understanding to seal the partnership.

The exchange ceremony, said both firms, was held in conjunction with the 21st Century Maritime Silk Road the One Belt, One Road Forum, which was witnessed by Prime Minister Datuk Seri Najib Razak in Beijing yesterday.

Axiata Group Bhd's wholly-owned subsidiary Axiata Business Services Sdn Bhd (ABS) is acquiring a 65% stake in a Thailand-based information technology solutions and service company Suvitech Co Ltd (SCL) for US$11.05 million (or RM47.91 million).

SCL is the owner and operator of a mobile virtual network enabler (MVNE) platform, which facilitates the provision of sales/dealer management, products/pricing and provisioning, and billing for consumer, enterprise and Internet of Things (IoT) services.

Rohas Tecnic Bhd, via its wholly-owned subsidiary Rohas-Euco Industries Bhd (REI), has bagged a US$70 million (RM300 million) contract from Electricite du Lao to supply and construct transmission lines, substations and distribution lines in Laos.

Rohas Tecnic said this will be REI's second engineering, procurement, construction and commissioning project in Laos after having completed the first one in 2014.

Works will commence in the second half of this year for a 24-month period to completion.

Cahya Mata Sarawak Bhd (CMSB) saw its net profit surge over 21 times to RM22.66 million or 2.11 sen per share for the first quarter ended March 31, 2017 (1QFY17), from RM1.05 million or 0.1 sen per share a year earlier.

Revenue for the quarter declined 19% to RM282.3 million from RM346.91 million in 1QFY16.

The group attributed the improvement in profit to a reduction in the share of losses in associates, which had impacted its earnings in 1QFY16, increase in share of profits from joint ventures and better performance of the cement division and construction and road maintenance division.

Chin Hin Group Bhd's net profit jumped 60% to RM8.05 million, or 1.59 sen per share, for the first financial quarter ended March 31, 2017 (1QFY17), from RM5.01 million or 1.08 sen per share in the previous corresponding quarter (1QFY16).

The building material manufacturer's quarterly revenue, however, was down by 8% at RM261.56 million against RM284.38 million.

The group attributed the lower revenue to a decline in contribution from its building material and ready-mixed concrete sector, which was affected by slower housing construction and stiff competition.

Petronas Chemicals Group Bhd's first quarter net profit rose 120% to RM1.3 billion from a year earlier as revenue grew on higher output, sales volume and product prices.

Petronas Chemicals manufactures olefins, fertilisers and methanol.

Petronas Chemicals said net profit rose to RM1.3 billion from RM592 million, while revenue climbed to RM4.7 billion from RM3.15 billion.

Felda Global Ventures Holdings Bhd (FGV) has inked a Memorandum of Understanding (MoU) with China-based Sinograin Oils Corporation to collaborate on exploring the possibility of supply, storage, processing and distribution of FGV's palm oil based products in China.

FGV said the MoU sets out the parties' understanding and intention during the interim exploratory period and that the MoU shall remain valid for one year or such extended period as agreed in writing by the parties.

UMW Oil & Gas Corp Bhd (UMWOG) has bagged two contracts with a combined estimated worth of US$34.81 million (about RM151.08 million) from Petronas Carigali Sdn Bhd. UMWOG will provide two jack-up drilling rigs to support Petronas Carigali's offshore upstream projects.

UMWOG told Bursa Malaysia today that Petronas Carigali awarded the contracts to UMWOG's wholly-owned unit UMW Offshore Drilling Sdn Bhd. UMWOG said both contracts, which start next month (June 2017), will involve its jack-up drilling rigs known as UMW Naga 3 and UMW Naga 4.

Tan Chong Motor Holdings Bhd is countersuing a Cambodian car dealership, which claimed it had always been allowed to play the role of sole distributor of Nissan vehicles in Cambodia, for US$33 million (RM142.8 million).

Tan Chong said it is taking the action against Narita Motorcare (Cambodia) Co Ltd, and that the amount it is seeking was for actual losses and emotional damage caused by Narita's filing for a Preservative Relief Order in July 2015 to protect its purported sole distributorship status.

Loss-making Wintoni Group Bhd has received a requisition from two shareholders of the company to convene an extraordinary general meeting (EGM) seeking to replace three board members.

According to the special notice, Cheah Kwong Lee (who holds a substantial 10.17% stake in Wintoni) and Chan Chong Loong expressed their intention to remove three directors, namely its non-executive chairman Datuk Seri Mohd Shariff Omar and executive directors — Ahmad Amryn Abdul Malik and Raja Kamarudin Raja Adnan.

They are requesting to appoint three new ones in their place, namely Cheah himself, as well as Chong Seng Foo and Wong Mei Thien.