Puncak Niaga, BIMB, IHH Healthcare, Globaltec, MRCB, Quill Capita, Harvest Court , Mitrajaya and Ho Hup



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KUALA LUMPUR (Mar 13): Based on corporate announcements and news flow today, the companies that may be in focus on Monday (March 16) could be: Puncak Niaga Holdings Bhd, BIMB Holdings Bhd, IHH Healthcare Bhd, Globaltec Formation Bhd, Malaysian Resources Corporation Bhd, Quill Capita Trust, Harvest Court Industries Bhd, Mitrajaya Holdings Bhd, Ho Hup Construction Co Bhd.

Water treatment and distribution outfit Puncak Niaga Holdings Bhd received request from Pengurusan Air Selangor Sdn Bhd (Air Selangor) for a further extension of time with regards to the fulfilment of the conditions stated in the sale and purchase agreement entered into by both parties on Nov 11 last year.

In a filing with Bursa Malaysia today, Puncak Niaga (fundamental: 1.9; valuation: 2.4) said the extension requested is from March 9 till April 9, 2015.

The group said the board of directors will deliberate on the request, which is the third extension, and will made an announcement with regards to its decision.

Puncak Niaga shares closed 2 sen or 0.78% higher at RM2.58 today, for a market capitalisation of RM1.07 billion.

Islamic financial-services provider BIMB Holdings Bhd saw its net profit for the fourth quarter ended Dec 31, 2014 (4QFY14) surge 156% to RM153.91 million, from RM60.15 million a year ago, driven by higher revenue and lower taxes.

Earnings per share (EPS) rose to 10.3 sen in 4QFY14, from 5.56 sen last year.

BIMB (fundamental: 2.7; valuation: 1.8)’s 4QFY14 revenue grew higher to RM761.50 million, 4.45% higher from RM729.08 million a year ago, mainly due to higher income from investment of depositors’ funds and increased insurance net income.

The group’s full-year net profit rose 90.57% to RM532.33 million in FY14, from RM279.33 million in FY13; revenue increased 5.69% to RM2.97 billion in FY14, versus RM2.81 billion for FY13.

EPS rose to 35.64 sen in FY14, as compared to 25.84 sen in FY13.

BIMB’s share price fell six sen or 1.48% to RM3.99 today, with 1.55 million shares done, giving it a market capitalisation of RM6.25 billion.

Hospitals operator IHH Healthcare Bhd has called off its S$137 million (RM346.53 million) deal to acquire Singapore healthcare provider Radlink-Asia Pte Ltd, citing “non-satisfaction” of certain conditions stipulated in its agreement with Fortis Healthcare Singapore Pte Ltd.

In a filing with Bursa Malaysia, IHH Healthcare (fundamental: 1.65; valuation: 0.7) said the sale and purchase agreement signed by its indirect wholly-owned subsidiary Medi-Rad Associates Ltd to acquire Fortis Healthcare Singapore's entire stake in Radlink-Asia Pte Ltd has lapsed and ceased to be of effect as of today.

IHH Healthcare shares closed unchanged at RM5.42 today, bringing a market capitalisation of RM44.33 billion.

Integrated manufacturing services provider Globaltec Formation Bhd is disposing of a 7.8-acre piece of land in Kota Kinabalu, Sabah for RM20 million.

In a filing with Bursa Malaysia this evening, Globaltec (fundamental: 0.95; valuation: 0.3) said its wholly-owned subsidiary AIC Corp Sdn Bhd (AICC) has entered into a conditional sale and purchase agreement with two Malaysian individuals for the proposed land disposal.

Globaltec shares closed unchanged at 7.5 sen today, with 17.92 million shares done, giving it a market capitalisation of RM403.63 million.

Engineering and construction outfit Malaysian Resources Corp Bhd (MRCB) has obtained the Securities Commission Malaysia's (SC) approval to be exempted from undertaking a mandatory take-over offer for the rest of Quill Capita Trust's (QCT) units.

In a filing with Bursa Malaysia this evening, MRCB said the SC had via its letter dated March 13, 2015 approved its proposed exemption.

MRCB’s share price fell one sen or 0.77% to close at RM1.29 today, giving it a market capitalisation of RM2.32 billion. Meanwhile, QCT’s unit rose two sen or 1.63% to settle at RM1.25, valuing the REIT at RM479.86 million.

Timber door maker Harvest Court Industries Bhd’s land acquisition that cater for future factory expansion had halted by a High Court order.

Harvest Court (fundamental: 1.2; valuation: 0.6) said via a filing with Bursa Malaysia, Kuala Lumpur High Court had on Mar 9 granted an order to restrain it from completing the sale and purchase agreement for the acquisition, until latest by Sept 9 this year.

The restrain application was done by plaintiff Syawaras Sdn Bhd, who alleged Havest Court’s board of director for not acting in good faith while finalising the transaction related to the land acquisition.

Havest Court’s counter traded lower by half sen or 2.38% to 20.5 sen today, valuing it at RM58.98 million.

Builder cum property developer Mitrajaya Holdings Bhd has proposed a bonus issue of up to 222.63 million new ordinary shares of 50 sen each, on one-for-two basis, the entitlement date is to be determined and announced later.

The group also proposed a bonus issue of up to 89.05 million free warrants in the company (Warrants-D), on a one-for-five basis.

The proposals are expected to be completed by the third quarter of 2015.

Mitrajaya (fundamental: 1.70; valuation: 1.80) shares closed down 3 sen or 1.78% today to RM1.66, with a market capitalisation of RM667.18million.

Property developer cum builder Ho Hup Construction Co Bhd has entered into a shareholders' agreement (SHA) with Kiara Komposit Sdn Bhd and Daiman Kapital Sdn Bhd, to contribute further capital into their joint entity H2Advance Builders Sdn Bhd, formerly known as Nippon Awantech Sdn Bhd.

As at March 13, Ho Hup (fundamental: 1.5; valuation: 2.1) holds 60,000 shares or 60% stake in H2Advance, while Kiara Komposit and Daiman Kapital each holds 20,000 shares or 20% equity interest in the company.

Post-share conversion, Ho Hup will own 600,000 shares, representing a 60% stake in H2Advance, while Kiara Komposit and Daiman Kapital will hold 200,000 shares each, or 20% stake.

While Ho Hup does not expect the exercise to have a material impact on its earnings for the financial year ending Dec 31, 2015, it expects positive contribution in the future.

The counter fell 1 sen or 0.72% to close at RM1.37. Its market capitalisation was RM474.2 million.

(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.)