Malton, Daya Materials, Compugates, Icon Offshore, MISC, Bina Puri, Supermax, Kamdar, EPMB, UEM Edgenta, Bintai Kinden, Teo Seng



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KUALA LUMPUR (Apr 24): Based on corporate announcements and news flow today, the companies that may be in focus on Monday (Apr 27) could be the following: Malton Bhd, Daya Materials Bhd, Compugates Holdings Bhd, Icon Offshore Bhd, MISC Bhd, Bina Puri Holdings Bhd, Supermax Corp Bhd, Kamdar Group (M) Bhd, EP Manufacturing Bhd, UEM Edgenta Bhd, Bintai Kinden Corp Bhd and Teo Seng Capital Bhd.

Property developer Malton Bhd has bagged a RM703 million construction job from Impian Ekspresi Sdn Bhd, which is indirectly controlled by Malton's executive chairman Tan Sri Lim Siew Choon, for the Pavilion Damansara Heights development at Pusat Bandar Damansara here.

In a filing with Bursa Malaysia, Malton (fundamental: 1.1; valuation: 2) said its wholly-owned unit Domain Resources Sdn Bhd today accepted a letter of award from Impian Ekspresi for the proposed job.

Impian Ekspresi is the owner and developer of the 9.58 acres Pavilion Damansara Heights project.

Offshore engineering services provider Daya Materials Bhd said it is buying only one unit of dynamic positioning class 2 (DP2) offshore subsea construction vessel from Siem Offshore Rederi AS for a revised price of US$120 million, and not two as originally intended.

In a filing with Bursa Malaysia today, Daya Materials (fundamental: 0.55; valuation: 0.9) said the decision to call off the second DP2 vessel acquisition was in view of prevailing market conditions and oil prices.

Compugates Holdings Bhd will be selling RM43.88 million worth of standing agarwood trees to Westwood Marketing Sdn Bhd, a unit of Singapore-based Westwood Investment Group Pte Ltd, for one year.

Compugates (fundamental: 0.8; valuation: 0.9) said its wholly-owned subsidiary Compugates Marketing Sdn Bhd has entered into a Standing Agarwood Sale and Cutting Agreement (SASC) with Westwood Marketing for the deal.

Compugates said the execution of the SASC will enable it to expand its agricultural related businesses.

Offshore service vessel player Icon Offshore Bhd said its chief executive officer Dr Jamal Yusof and chief operating officer Rahman Yusof have been released by the Malaysian Anti-Corruption Commission (MACC) on an oral undertaking and RM100,000 bail, with two sureties.

Icon Offshore had on Wednesday announced that its top executives had been remanded by MACC for three days to "facilitate and assist [in] investigations".

MISC Bhd, a 62.7%-owned subsidiary of Petroliam Nasional Bhd, said it has no intention of disposing of its wholly-owned petroleum tanker unit, AET Tankers Ltd.

“In response to recent market speculation, MISC (fundamental: 2.0; valuation: 1.0) confirms that petroleum shipping is a core element of its current and ongoing business and as such, has no plans to divest itself of its petroleum tanker subsidiary,” it said in a brief statement today.

Bina Puri Holdings Bhd has secured RM123.32 million worth of interior design works from the Public Works Department for the new Sabah State Administrative Centre in Kota Kinabalu, Sabah.

The completion period is 12 months.

With the latest award, the group’s unbuilt book order stood at RM2.17 billion.

"With this award, we have managed to secure RM543 million projects in 2015 and we believe there will be more opportunities to secure further projects by year end," said Bina Puri (fundamental: 0.15; valuation: 2) in a filing with Bursa Malaysia today.

The project is expected to contribute positively to the net assets and earnings of Bina Puri Group for the financial year ending Dec 31, 2015.

Supermax Corp Bhd, the world's second-largest rubber glove maker by volume, is diversifying into the manufacturing of contact lenses, confirming a report by The Edge Financial Daily on March 16.

At the press briefing on the second day of the Invest Malaysia 2015 conference, Supermax chief executive Datuk Seri Stanley Thai said the group is also venturing into the production of eye care and lense care products.

As for its contact lenses, Thai said those will be sold to markets in the US, the UK, Germany, Canada and Brazil via the firm's distribution centres overseas.

According to Thai, Supermax (fundamental: 1; valuation: 0.8) initiated the new venture in July last year and the move is expected to need a capital expenditure of some RM65 million by June or July this year.

The factory that manufactures contact lenses, he said, will be located in Selangor.

Kamdar Group (M) Bhd announced today that its managing director Kamal Kumar Kishorchandra Kamdar, 45, has been appointed the group’s chairman, effective immediately.

His appointment came following an announcement from the group on the same day that Hamendra BM Kamdar, 64, has resigned from his post as the group’s chairman and executive director, due to poor health.

In a separate filing, the group said Chia Lee Hoon, 52, has been appointed an executive director of Kamdar (fundamental: 1.15; valuation: 2). Chia is presently the group’s financial controller and has been working with Kamdar for the past 28 years.

The Kamdar chain of stores specialises in fabric, fabric furnishings and clothing.

Automotive components manufacturer EP Manufacturing Bhd (EPMB) saw its net profit fall 23.13% to RM2.51 million for the first quarter ended March 31, 2015 (1QFY15), from RM3.27 million a year ago.

Revenue for 1QFY15 however rose 15.89% to RM134.82 million from RM116.33 million in 1QFY14, it told Bursa Malaysia today.

EPMB (fundamental: 0.65; valuation: 3) attributed the decline in net profit to its sales mix.

UEM Edgenta Bhd (formerly Faber Group Bhd) has awarded a RM4.88 million contract to a related company Kualiti Alam Sdn Bhd to supply a microwave disinfection system equipment at the Kamunting incineration plant in Perak.

UEM Edgenta (fundamental: 2.1; valuation: 1.1) has presence in the healthcare, infrastructure and commercial sectors.

Kenyalang Property Development Sdn Bhd has emerged as a substantial shareholder in Bintai Kinden Corp Bhd, after the former purchased 7 million Bintai Kinden shares through a private placement.

According to Bintai Kinden (fundamental: 0.35; valuation: 0.9)’s Bursa Malaysia filing today, Kenyalang Property now holds a 6.25% stake in the mechanical and electrical engineering services provider after purchasing the private placement shares for a total of RM2.24 million, or at 32 sen apiece, on April 23, 2015.

Teo Seng Capital Bhd's wholly-owned subsidiary Premium Egg Products Pte Ltd (PEPP) is acquiring entire interest in loss-making BH Fresh Food Pte Ltd (BHFF) for S$9.8 million (RM26.4 million) cash, which owns a factory with cold, freezer and chiller rooms in Singapore.

In a filing with Bursa Malaysia today, Teo Seng (fundamental: 1.9; valuation: 2.1) said Singapore-based BHFF is involved in production, processing, preserving and wholesaling of meat and meat-related products. It currently uses the Singapore factory as a central kitchen to produce ready-to-eat products for hotel and restaurants as well as retailing in its Mmmm! chain of specialty shops.

PEPP today signed a conditional sale and purchase agreement with Oceantrade Foods Pte Ltd (57.86%) and three Singaporeans – Loi Teck Heng (33.57%), Low Sook Cheng (1.43%) and Lee Yee Gee (7.14%) – (collectively known as vendors) to acquire their respective interest in BHFF.

PEPP also signed a conditional agreement with the vendors to dispose of the business and certain assets of BHFF, on an “as is where is” basis, to L M Meat Pte Ltd for S$1.8 million (RM4.85 million) cash.

Teo Seng said the proposed acquisition and disposal are inter-conditional upon each other and shall be completed concurrently. The proposals are expected to be completed during the financial year ending Dec 31, 2015.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)