Hong Leong Cap, PNE PCB, Golden Land, Glomac, Visdynamics, BToto, EA Holdings, iCapital.biz, Top Glove and Integrax



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KUALA LUMPUR (Mar 18): Based on corporate announcements and newsflow today, stocks in focus tomorrow could include Hong Leong Capital Bhd, PNE PCB Bhd, Golden Land Bhd, Glomac Bhd, Visdynamics Holdings Bhd, Berjaya Sports Toto Bhd, EA Holdings Bhd, iCapital.biz Bhd, Top Glove Corp Bhd and Integrax Bhd.

Hong Leong Capital Bhd's appeal against the suspension of its stock for not meeting the public spread requirement of 25% has been rejected by Bursa Malaysia's Appeals Committee.

As at Dec 31, 2014, the company's public spread was 18.67%.

In a filing this evening, HL Cap (fundamental: 2.7; valuation: 0) said the trading in its securities would be suspended with effect from Mar 26, 2015.

To recap, on Feb 12, Bursa said the company's shares would be suspended from Mar 3 onwards, unless it submitted an appeal on or before Feb 23, 2015.

Circuit board maker PNE PCB Bhd has proposed a private placement of up to 6.57 million new shares, equivalent to up to 10% of its issued and paid-up capital, to selected investors.

Currently, PNE (fundamental: 1.95; valuation: 0.6) has 65.75 million in issued and paid-up capital. The completion of the private placement will enlarge it to 72.32 million shares.

While the issue price was not fixed yet, PNE told Bursa Malaysia in a filing this evening that the private placement is expected to raise some RM6.57 million, assuming a placement price of RM1 per share.

Of the total amount raised, PNE said the bulk of it will be used for working capital purposes to cover operating expenses such as purchase of raw materials, statutory related expenses, utilities and administrative expenses.

Palm oil player Golden Land Bhd has proposed to buy 68.75% each of Singapore-incorporated companies Parimo Agri Holdings Pte Ltd (PAH) and Parigi Plantation Holding Pte Ltd (PPH) for a total US$5.7 million (RM21.1 million), to expand its oil palm plantation overseas.

In a filing with the stock exchange today, Golden Land (fundamental: 0.7; valuation: 2.4) said it has entered into two sets of conditional sale and purchase agreements for the proposed acquisitions with PAH and PPH on the same day.

It said the acquisitions of PAH (US$3.2 million) and PPH (RM2.5 million) would allow it to have a controlling stake in their subsidiaries.

Golden Land said the proposed acquisitions will be financed by internally generated funds and bank borrowings.

Glomac Bhd's net profit for the third quarter ended Jan 31, 2015 (3QFY15), rose a marginal 3% to RM23.4 million from RM22.7 million a year ago, due to a fair value gain on its investment properties.

Revenue for the quarter was however down 39.6% to RM110.96 million from RM183.72 million in 3QFY14, largely due to the completion of its Damansara Residences at Glomac Damansara as well as other tail-end projects in Bandar Saujana Utama, the group's filing to Bursa today showed.

It also declared a single-tier interim dividend of 2 sen per share for the current financial year ending 30 April 2015, but said that the entitlement date and payment date will be determined later.

For the nine-month cumulative period, Glomac's net profit declined 33% to RM57.4 million from RM86 million last year, while revenue slumped 39% to RM303.8 million, from RM501.8 million.

Glomac (fundamental: 1.9; valuation: 1.8) has strategic landbank with an estimated gross development value of about RM7 billion for future launches.

Visdynamics Holdings Bhd announced that it has proposed a private placement of up to 10 million new shares, equivalent to 9.9% of its total issued and paid-up share capital, to selected investors.

In a filing with Bursa this evening, Visdynamics (fundamental: 2.5; valuation: 0.6) said it expects to raise some RM2.35 million, assuming a placement price of share of 23.5 sen.

Of the total proceeds raised, RM1.23 million has been earmarked for working capital purposes, while RM1 million will be used for future acquisition or participation in new business ventures. The remaining 5.1% or RM120,000 will be set aside for placement expenses.

 "The amount raised is intended to serve as a 'war-chest' for Visdynamics to embark on future business and funding of any working capital to be incurred in undertaking the above-mentioned preliminary studies," Visdynamics said in a statement.

The group expects to complete the transaction by the second quarter of 2015.

Berjaya Sports Toto Bhd (BToto)'s net profit for its third quarter ended Jan 31, 2015 (3QFY15) rose 43% to RM104.62 million from RM73.16 million in 3QFY14, mainly due to higher profit contribution from its UK luxury car distributor H.R Owen.

In a filing with Bursa today, BToto's revenue for 3QFY15 increased 8.2% to RM1.33 billion from RM1.23 billion a year ago, also due to higher contribution from H.R Owen, which had recorded an increase in new car sales volume as a result of new model launches, and an increase in its aftersales segment revenue.

BToto (fundamental:1.3; valuation:0.9) also declared a third interim dividend of 5 sen per share for the quarter (3QFY14: 9.5 sen per share) in respect of its financial year ending April 30, 2015, which is payable on April 28, 2015.

For the nine months ended Jan 31, 2015, BToto's net profit rose 11.0% to RM282.64 million from RM254.58 million a year ago, mainly due to a refund of an RM18 million stamp duty paid pursuant to the rescission of a share purchase agreement. This was due to the aborted listing of Sports Toto Malaysia Trust on the Singapore Exchange Securities Trading Ltd.

Software solutions firm EA Holdings Bhd (EAH) has proposed a one-for-five bonus issue of new shares, and the acquisition of a 20% stake in a mechanical and electrical engineering (M&E) company for RM47.04 million, the company announced to Bursa today.

According to EAH (fundamental: 1.65; valuation: 0.9), the bonus issue will involve up to 267.36 million new shares of 10 sen each.

Meanwhile, the acquisition of a 20% stake in M&E firm, Cekap Air Sdn Bhd, will be funded with the issuance of 470 million new shares, at an issue price of 10 sen each, to vendors Chong Mui Fun, Shankar a/l Muniandy, Yong Chee Hon, Yeoh Seong Mok, Yong Zhen Wei and Yeoh William.

With Cekap Air, EAH will diversify its current business in software solutions to include M&E and construction project management consultancy.

iCapital.biz Bhd posted a 86% drop in net profit for its third quarter ended Feb 28, 2015 to RM2.9 million, from RM20.2 million a year ago.

Revenue also fell 69% to RM7.3 million from RM23.3 million previously.

Nevertheless, as a closed-end fund, iCapital.biz has said in a filing to Bursa that a better indication of its performance would be the movement of its net assets value (NAV).

iCapital.biz's NAV per share as at Feb 28 was RM2.94, compared with NAV per share of RM3.05 as at May 31 2014, which showed a decrease of 3.6%.

For the nine months ended Feb 28, the fund's net profit fell 63% to RM9.98 million, from RM27 million the year before.

Revenue was also 48% lower at RM17.9 million, from RM34.4 million in the previous corresponding period.

Top Glove Corp Bhd's net profit for the second quarter ended Feb 28, 2015 (2QFY15) rose 35% from a year earlier as higher sales volume and a weaker ringgit versus the US dollar supported revenue growth.

In a filing with Bursa today, Top Glove (fundamental: 2.5; valuation: 0.9), the world's largest rubber glove producer in terms of output, said net profit rose to RM56.07 million in 2QFY15 from RM41.55 million. Revenue was higher at RM572.25 million versus RM548.27 million.

"Contributing to stronger revenue figures was growth in sales quantity of 5.3% from 2QFY14 and 4.5% against 1HFY14, attributable to higher sales volume stemming from more natural rubber and nitrile glove sales.

"A stronger USD also positively impacted revenue and performance, and coupled with lower raw material prices, helped offset last year's tariff increases, part of which Top Glove was unable to pass on to customers," Top Glove said.

Integrax Bhd's co-founder, Amin Halim Rasip, has offered to acquire some 15.04 million shares, representing a 5% equity interest in the port operator for a total of RM52.64 million or RM3.50 per share, from Taipan Merit Sdn Bhd, a wholly-owned unit of Perak Corp Bhd (PCB).

Amin had today issued a notice to the shareholders and directors of PCB (fundamental: 1.9; valuation: 1.2), recommending that shareholders reject Tenaga Nasional Bhd's (TNB) (fundamental: 1.3; valuation: 1.8) offer of RM3.25 per share at the upcoming extraordinary general meeting to be convened.

"PCB shareholders must realize that the port assets Lumut Maritime Terminal Sdn Bhd (LMT) and Lekir Bulk Terminal Sdn Bhd form a significant portion of PCB's value and earnings," said Amin.

He added that it is in PCB's best interests to seek better offers, as opposed to TNB's offer of RM3.25 per share.