KUALA LUMPUR (May 14): Based on corporate announcements and results today, the stocks that may be in focus tomorrow could include:
Malayan Flour Mills Bhd reported a net profit of RM23.1 million for its first quarter ended March 31, 2014, up 126% from RM10.2 million in the corresponding quarter last year.
Revenue for 1QFY14 rose 11% to RM579.4 million from RM521.3 million in 1QFY13.
The better results for the quarter was attributed to higher sales and improved profit margins in both of its segments, namely flour and trading in grains segment and its poultry integration segment.
Moving ahead, the group said it is optimistic of its performance for the rest of its financial year, despite the competitive market environment.
Time Engineering Bhd's net profit soared 280% to RM1.9 million in the first quarter ended March 31, 2014 from RM521,000 a year earlier.
Time said revenue, however, fell to RM18.6 million from RM20.5 million.
"The group recorded EBITDA of RM7.1 million in the current quarter compared to RM5.5 million in the preceding year corresponding quarter. The favourable result was attributable to revenue growth in trade-facilitation business and prudent cost management.
"The group expects to deliver positive results for the year 2014," Time said.
Cahya Mata Sarawak Bhd’s (CMSB) net profit for the first financial quarter ended March 31st, 2014, rose 35% to RM38.9 million from RM28.72 million in similar quarter a year ago.
Revenue for the quarter rose to RM373.24 million from RM310.36 million a year ago.
The company said the main contributors of its profits came from its cement, construction & road maintenance and property development divisions.
Poh Huat Furniture Industries Bhd has temporarily stopped its factories in Vietnam due to anti-China protests.
The company said: “The anti-China protest in Vietnam has affected the operations and factory buildings belonging to Poh Huat Furniture Industries Vietnam Joint-Stock Company (Poh Huat Vietnam), a major subsidiary of the group, located in both Binh Duong and Dong Nai Provinces.
The anti-China protest started on 13 May 2014 at around noon time. The protestors had partially damaged the front gates and ground floor of the office buildings in both locations. However, all our machinery are not affected. We have temporary stopped our factory operations until further notice.”
The company added that the damage to the assets of Poh Huat Vietnam is “minimum” and is currently assessing the operational and financial impact from it.
Tan Chong Motor Holdings Bhd halved its net profit to RM41.5 million for its first quarter ended March 31, 2014, from RM84.1 million in the previous year’s corresponding quarter.
Revenue for the quarter fell 12% year-on-year to RM1.26 billion from RM1.44 billion in the year before.
The group said it faced intense competition during the first quarter, due to launches of new models and aggressive promotion campaigns due to festivities during the period.
“Higher costs incurred for aggressive counter-campaigns bundled with higher unfavourable exchange rates have affected the group’s bottom-line in the first quarter compared to same period last year.”
Going forward, the group expects no growth for the rest of the year, due to the heightened competition, dampened consumer sentiment and expected higher costs of business.
OCK Group Bhd is planning a listing transfer to the Main Market, from ACE Market, and to undertake a bonus issue.
OCK, a telecommunication-network services firm, also said it had also proposed a bonus issue of up to 177.1 million new shares. The bonus issue will be done on the basis of one bonus share for every two existing units held in the firm.
"The proposed transfer is expected to offer the company greater recognition and acceptance by investors, including institutional investors, to reflect the group's current level of operations," OCK said.
UMW Oil & Gas Corp Bhd announced that Permodalan Nasional Bhd (PNB) has emerged as a substantial shareholder in the company.
PNB, via Skim Amanah Saham Bumiputera, is now holding a direct 5.025% stake in UMW Oil & Gas after buying 108.6 million on April 21.
PNB had gradually raised its stake in UMW Oil & Gas to 5.46% as at last Wednesday (May 7), according to UMW Oil & Gas.
Latitude Tree Holdings Bhd (LTHB) said the main office building of its subsidiary, Latitude Tree Vietnam Joint Stock Company (LTV), has been vandalised, ransacked and looted by rioters in Vietnam.
“The board of directors of LTHB wish to announce that the riot has spilled over into the Vietnam Singapore Industrial Park (VSIP) where the company’s subsidiary, LTV is annexed to it,” said the company.
The company said it has temporarily ceased factory operations since yesterday afternoon, and is unsure when production can be resumed.
“For safety reasons, LTHB does not allow the factory manager of LTV and his team to enter the factory at present. As such, LTHB is unable to ascertain the damages and its financial impact thereon.”
But LTHB added that all of its factory buildings, machinery, inventories, office equipment, furniture fittings and ancillary installations are insured against the risk of rioting.
The rioting arose from the dispute between Vietnam and China over the arrival of a deep-sea oil rig close to Paracel Islands in South China Sea.
The share price of Latitude Tress fell 14 sen or 4.6% to end at RM2.90 per unit today.
Written by Ho Wah Foon of theedgemalaysia.com
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