KUALA LUMPUR (Aug 06): Based on corporate announcements and newsflow today, the stocks in focus tomorrow (Aug 07) could include: MISC, Rapid Synergy, F&N, High-5, Ivory Properties, EITA, Tasco and Pelikan.
MISC Bhd posted a 4% decline in its net profit for the second quarter ended June 30, of RM244.08 million, from RM300.95 million in the previous corresponding quarter.
Revenue however rose to RM2.54 billion from RM2.28 billion, which was mainly due to higher revenue in the group's heavy engineering sector, following the progress of projects in hand during the quarter.
Despite the lower profit, MISC plans to pay a tax free interim dividend of four sen a share for the quarter in review.
For the cumulative period, MISC registered a half year profit of RM774.48 million, from RM601.37 million a year earlier. Revenue was higher at RM4.83 billion, compared to RM4.66 billion.
Datuk Dr Yu has acquired an additional 220,000 shares in Rapid Synergy Bhd through an open market transaction, raising his total interest in the Penang-based company to 22.49 million shares or 25.74%.
Yu, the major shareholder of YNH Property Bhd, is known for his investment in Hong Leong Capital Bhd that had prevented the latter from being privatised by Hong Leong Financial Group Bhd last year.
Fraser & Neave Holdings Bhd's net profit for the third quarter ended June 30, fell 11.6% year-on-year to RM60.3 million, from RM68.33 million. The drop in earnings was attributed to high commodity prices.
Revenue however rose to RM971.13 million, from RM891.21 million.
Group cumulative nine-month net profit climbed to RM197.23 million, from RM179.47 million a year earlier. Revenue was higher at RM2.85 billion, versus RM2.61 billion.
Bursa Malaysia has rejected High-5 Conglomerate Bhd's proposed regularisation plan and will suspend trading of its shares, effective next Thursday.
The company will be de-listed from the Main Board on Sept 10, unless an appeal is submitted before Sept 05, against the rejection of the regularisation plan and its de-listing.
The proposed plan was submitted to Bursa Malaysia in February.
Ivory Properties Group Bhd has terminated its acquisition and rehabilitation agreement (ARA) with Plaza Rakyat Sdn Bhd (PRSB) to develop the long-abandoned Plaza Rakyat project.
In a Bursa Malaysia filing, Ivory Prop said that both parties had been unable to come to an agreement to extend the conditional period of the ARA.
"Both Ivory Place and PRSB have acknowledged and will observe the terms and conditions therein, to come to a satisfactory conclusion arising from the termination of the ARA," it said.
Elevator manufacturer EITA Resources Bhd has secured a RM15.3 million contract via its wholly-owned unit EITA Elevator (Malaysia) Sdn Bhd, which has been appointed designated contractor for Package LS-U (R1) by Mass Rapid Transportation Corp Sdn Bhd (MRT Corp).
EITA informed Bursa today that its unit had received on July 25, a letter of acceptance from MRT Corp, notifying it of its appointment.
Tasco Bhd, a logistics provider, has seen a sharp 73.98% rise in its net profit to RM9.97 million for the first quarter ended June 30, compared to the RM5.73 million that it had chalked up in the previous corresponding period.
Revenue for the period rose in tandem to RM134.8 million, from 1Q13's RM104.32 million.
The company also declared a final single-tier dividend of 5 sen per share, for FY14 ended March 31.
Pelikan International Corp Bhd president and chief executive officer Loo Hooi Keat has bought some 1.556 million shares since the start of the month, for between RM1.232 and RM1.329.
Loo currently has a direct and indirect interest of 14.74% in the stationery company, after the share purchase, making him the second largest shareholder in the group.
Written by Shalini Kumar of theedgemalaysia.com
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