KUALA LUMPUR (Apr 8): Based on news flow and corporate announcements, companies that may spark interest tomorrow (April 9) could include the following:
Technology stocks such as MPI, Unisem and JCY, which had risen today, could be in focus after global semiconductor sales rose 11.4% year-on-year in February this year to US$25.87 billion.
According to the US-based Semiconductor Industry Association (SIA), the February 2014 sales marked the industry’s largest year-to-year increase in more than three years.
SIA president and CEO Brian Toohey said the trend lines remain positive for the global semiconductor industry, which had an encouraging start to 2014.
The SIA said that regionally, year-to-year sales increased in the Americas (18%), Asia Pacific (12%), and Europe (9.6%).
LPI Capital Bhd reported a 20% rise in first quarter net profit from a year earlier as the general insurer registered higher premiums and lower claims.
LPI said net profit rose to RM50.6 million in the first quarter ended March 31, 2014 (1QFY14). Revenue was higher at RM277.8 million versus RM258.5 million.
Looking ahead, LPI said it was committed to organic growth. The group said despite stiff competition, it was confident of reporting favourable results in 2QFY14
China Stationery Ltd expects disruption to some of its operations for the next two or three months due to a fire at its production plant in the Fujian Province in China.
The company said the fire started at about 1.30 am on April 4, 2014, at its Plant No. 4.
It said the fire department there was currently investigating the cause of the fire.
“A site examination revealed that a section of the Plant No. 4 measuring approximately 10,000 square metres, out of the total floor area of 15,000 square metres was gutted by the fire,” said the company.
The China-based stationery company said that there was substantial damage to its goods, machinery and equipment, which need to be assessed further.
The plant’s production floor, materials, finished and semi-finished products kept within the production floor and the administration office were also affected.
The company estimates a loss of more than 12,000 in tonnage in production capacity.
Sunway Group will make a total investment of RM100 million on the development of the first Nickelodeon-branded attraction in Asia, which will be constructed in its 88-acre Sunway Lagoon.
Its founder and chairman Tan Sri Jeffrey Cheah said that the new attraction, called Nickelodeon Explorer's Oasis, will open its door to the public after one year.
"We will see another six rides and nine attractions on the new 10-acre park in Sunway Lagoon," he told reporters after the signing collaboration agreement with the Vice President of Nickelodeon recreation business development, Gerald Raines.
Nickelodeon, one of the world's global entertainment brands for kids and family, will bring its characters, expanded interactive shows and signature green slime to Sunway Lagoon.
Affin Holdings Bhd is looking to launch a new wealth management business known as "Affin-Hwang".
Speaking at a media briefing today, Affin's deputy chairman Tan Sri Lodin Wok Kamaruddin said Affin plans to expand and unlock the value from the merger.
"Affin plans to launch a new business, wealth management anchored around its unique investment advisory business," he said, adding that the new business is expected to be launched early next year.
Affin, which has now completed the acquisition of the investment banking, asset management and future businesses of Hwang DBS, will be able to leverage on Hwang's existing customer base, said Lodin.
Lodin added that the acquisition will create a stronghold for Affin in the investment banking space.
He highlighted that the complementary strengths and capabilities of the Hwang DBS businesses are expected to create revenue synergies of RM32 million profit before tax (PBT) and cost synergies of RM79 million PBT in a span of three years from 2015 to 2017.
Hovid Bhd has entered into an agreement with Anurag Kumar, Nri and Subodh Prasad Singh for the disposal of its stake in Biodeal Pharmaceuticals Private Ltd.
The 12.8 million shares, equivalent to a 51% stake held by the company, will be disposed for RM5.6 million (Rs102.0 million).
Hovid is expected to record a gain of approximately RM968,000 from the disposal of the shares.
“Save for the one-off expected gain from the disposal of approximately RM968,000 as set out above, the disposal will not have any material effect on the earnings and net assets of Hovid Group for the year ending June 30, 2014.
“However, the gearing of Hovid Group is expected to improve as Biodeal’s liabilities include unsecured loans of RM5.8 million (Rs.112.4 million), which will no longer be included in the Hovid Group,” said Hovid.
The group expects to complete the disposal on or before July 8, 2014, barring any unforeseen circumstances.
Bina Goodyear Bhd said the Court of Appeal has set aside the Restraining Order granted by the High Court to the company in January 2014 against a winding-up petition, on procedural grounds.
It told Bursa Malaysia as the latest ruling does not preclude the company from filing a new application for a Restraining Order, Bina Goodyear plans to apply for a new restraining order, pending implementation of its regularisation plan.
The PN17 company has been slapped with legal suits from various parties.
Malaysian Bulk Carriers Bhd (Maybulk) said there is a deviation of 11.5% in net profit between its audited and unaudited financial statements for the financial year ended Dec 31, 2013.
In February 2014, the company announced that its unaudited net profit stood at 50.31 million in 2013. Today, the company said its audited net profit for 2013 was RM44.53 million.
“The company wishes to inform that there is a deviation of 11.5% between the group’s profit after tax and minority interest stated in the audited financial statements for the financial year ended 31 December 2013 and the group’s profit after tax and minority interest announced on 27 February 2014.”
The variance is due to a lower share of results of an offshore associate.
“A joint venture of our associate, PACC Offshore Services Holdings Ltd (POSH), has made
an allowance with regards to the recoverability of a certain trade debt and this in turn has caused a corresponding adjustment to POSH's profit. As a consequence, MBC Group's share of POSH's results was revised from RM54,424,000 reported earlier to RM48,646,000 in the audited financial statements.”
Written by Ho Wah Foon of theedgemalaysia.com
No comments:
Post a Comment