UEM Sunrise, Daibochi, Sapura Energy, Petronas Gas, Advancecon, ACO, Top Glove and Sino Hua-An

KUALA LUMPUR (Sept 17): Based on corporate announcements and news flow today, stocks in focus on Friday (Sept 18) may include: UEM Sunrise Bhd, Daibochi Bhd, Sapura Energy Bhd, Petronas Gas Bhd, Advancecon Holdings Bhd, ACO Group Bhd, Top Glove Corp Bhd and Sino Hua-An International Bhd.

UEM Sunrise Bhd achieved more than RM400 million in sales and bookings in less than two months after the launch of its ‘The Happy Chase’ campaign, which will run until May 31, 2021. The campaign is the group’s response to the enhancement of the Government’s reintroduction of the Home Ownership Campaign as part of the Short-Term Economic Recovery Plan (Penjana) following the Movement Control Order to curb the spread of the COVID-19 pandemic.

Packaging manufacturer Daibochi Bhd posted a net profit of RM11.22 million and revenue of RM155.77 million for 4QFY20. There are no comparable figures as the company changed its financial year end from Dec 31 to July 31 to coincide with the financial year end of its holding company, Scientex Bhd. For FY20, the group recorded a net profit of RM47.67 million on revenue of RM619.28 million.

Sapura Energy Bhd’s wholly-owned subsidiaries and joint venture (JV) have been awarded contracts and contract extensions with a combined value of approximately RM840 million across Mexico, Brazil and Ivory Coast. The Mexico and Brazil contracts involve engineering and construction work while the Ivory Coast contract involves a drilling project.

Petronas Gas Bhd said its 65%-owned subsidiary Pengerang LNG (Two) Sdn Bhd (PLNG2) had today lodged the latter’s proposed Islamic bonds under the sukuk murabahah programme with the Securities Commission. The group intends to raise funds for, among others, repayment of shareholders’ advances.

Advancecon Holdings Bhd’s wholly-owned unit Advancecon Infra Sdn Bhd has been appointed to undertake the construction and completion of subgrade and related works for the East Coast Rail Link project for RM29.79 million. The latter, which is primarily involved in the provision of earthworks and civil engineering services, had today accepted the letter of acceptance for the sub-contract from the project’s main contractor, China Communications Construction (ECRL) Sdn Bhd.

ACO Group Bhd, a distributor of electrical products and accessories, plans to buy a 49% stake in Focus Electrical Malaysia Sdn Bhd (FEMSB) for RM7.35 million. Its group managing director Tang Pee Tee @ Tan Chang Kim said the proposed acquisition will help the ACE Market-listed company expand its market reach into more States across Peninsular Malaysia.

Top Glove Corp Bhd has recorded its best-ever quarterly net profit at RM1.29 billion in 4QFY20, which is almost 18 times the RM74.17 million posted last year. Quarterly revenue surged 161.5% to RM3.11 billion from RM1.19 billion in 4QFY19. The rubber glove maker said the tremendous growth stemmed from a global surge in demand for gloves on the back of the COVID-19 pandemic. For FY20, Top Glove’s net profit leapt 412% to RM1.87 billion, from RM364.68 million last year, while revenue rose 50.72% to RM7.24 billion, from RM4.8 billion.

Meanwhile, Top Glove executive chairman Tan Sri Dr Lim Wee Chai said the group is planning a listing in Hong Kong by 2021 to enhance the rubber glove manufacturer’s investor reach and diversify its investor base. On another note, the group also expects to resolve the detention order imposed by the US Customs on its subsidiaries by the end of this year.

Sino Hua-An International Bhd (Hua-An)’s unit Touchpoint International Sdn Bhd has inked a deal with Technische Investment (PTY) Ltd for the use and commercialisation of a mobile application called SnappiStore App (SSA). Touchpoint had on Tuesday (Sept 15) entered into a software licence and service agreement with Technische, which is a South Africa-based firm providing online ordering services, payment processing services and delivery services.

Source: TheEdgeMarkets