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Top Glove, Scientex, Poh Kong, Aeon Credit, Bumi Armada, VS Industry, GDB, Hai-O, Pentamaster, Ho Hup and TRC Synergy

TheEdge Fri, Sep 27, 2019 12:04am - 10 months ago

KUALA LUMPUR (Sept 26): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Sept 27) may include the following: Top Glove Corp Bhd, Scientex Bhd, Poh Kong Holdings Bhd, Aeon Credit Service (M) Bhd, Bumi Armada Bhd, VS Industry Bhd, GDB Holdings Bhd, Hai-O Enterprise Bhd, Pentamaster Corp Bhd, Ho Hup Construction Bhd and TRC Synergy Bhd.

Top Glove Corp Bhd's net profit for the fourth quarter ended Aug 31, 2019 (4QFY19) fell 13.2% to RM80.05 million from RM92.33 million a year ago, due mainly to increased competition and a spike in natural rubber latex price, while revenue slipped 2.8% to RM1.19 billion from RM1.22 billion, as sales volume eased.

Top Glove declared a final dividend of 4 sen per share, to be paid on Dec 23.

For the full FY19, Top Glove's net profit fell 12.7% to RM370.6 million from RM424.4 million last year, despite a 13.8% rise in revenue to RM4.8 billion from RM4.22 billion.

Scientex Bhd's net profit for its fourth quarter (4Q) ended July 31, 2019 jumped 61% to RM133.4 million from RM82.99 million last year, on improved sales performance achieved from both the manufacturing and property divisions. Revenue rose to RM938.77 million from RM720.72 million. It will pay a final dividend of 10 sen per share on Jan 10, 2020.

For FY19, Scientex's net profit rose 17.3% to RM333.7 million from RM284.51 million a year ago, as revenue rose 24.8% in revenue to RM3.25 billion from RM2.6 billion.

The steady climb on gold prices improved Poh Kong Holdings Bhd’s net profit in the 4Q ended July 31, 2019, with net profit growing 18% to RM10.57 million from RM8.93 million last year, despite revenue dropping 15% to RM231.86 million from RM272.17 million on weaker gold jewelry demand. It plans to pay a first and final dividend of 1.2 sen. For the full year, its net profit expanded 11% to RM25.88 million from RM23.4 million last year, though revenue was flat at RM1 billion.

Aeon Credit Service (M) Bhd’s net profit dropped 39.1% to RM49.13 million for 2Q ended Aug 31, 2019 (2QFY20) from RM80.64 million a year ago, on increased impairment losses. Revenue, however, was up by 21.8% to RM404.45 million from RM332.09 million, on higher total transactions and financing volume which rose 23%.

Aeon Credit declared an interim dividend of 22.25 sen per share, payable on Nov 7.

The group's net profit for the cumulative six months (1HFY20) fell 25.7% to RM133.73 million from RM179.88 million a year ago, despite revenue growing 19% to RM783.03 million from RM657.81 million.

Billionaire T Ananda Krishnan’s private investment vehicle, Usaha Tegas Sdn Bhd, gave troubled Bumi Armada Bhd a lifeline by offering loans of up to US$75 million (RM317 million). Usaha Tegas is Bumi Armada's single largest shareholder with a 34.9% stake via Objektif Bersatu Sdn Bhd.

Part of the financing is also to fund Bumi Armada's 30% equity interest in a joint-venture project with Shapoorji Pallonji Oil & Gas Pte Ltd, in connection with the charter and operation of a floating production storage and offloading facility for deployment in offshore India. The remainder is to refinance an existing US$45 million bridge loan facility for a floating storage unit.

VS Industry Bhd has posted a 4.28% year-on-year improvement in net profit to RM157.54 million for the full financial year ended July 31, 2019 (FY19), mainly on the improved performance of its Malaysian operations.

Despite the negative contribution from its China operations, its FY19 earnings were the best ever recorded, and VS Industry believes it is poised to benefit from the current US-China trade war. Annual revenue, however, was 2.98% lower at RM3.98 billion, largely caused by weaker contribution from its Indonesia and China segments.

Construction firm GDB Holdings Bhd has clinched a RM517 million contract — its largest single contract to date — to undertake construction works as the main contractor for the Park Regent residential development located at Desa Park City here.

Hai-O Enterprise Bhd's net profit fell 30% to RM7.74 million in its 1Q ended July 31, 2019 (1QFY20) from RM11 million a year ago, no thanks to lower contribution from its multi-level marketing (MLM) division. Revenue was down 18% to RM66.06 million from RM80.09 million.

Pentamaster Corp Bhd (PCB) has signed an agreement to acquire a die-cast and medical machine manufacturer for RM21 million, saying it presents an opportunity for diversification into the growing medical segment of the automated equipment industry.

Ho Hup Construction Bhd plans to raise up to RM17.79 million via a private placement of up to 10% of its total issued shares to third party investor(s) to be identified later. It plans to use half of that to repay borrowings, with the remainder mostly as working capital.

TRC Synergy Bhd has been reinstated as the developer of a civil servant housing development project in Putrajaya by Perbadanan Putrajaya (PJC), from which it was axed seven months ago on the grounds of national interest. The project’s gross development cost is RM292.7 million.

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