BCorp, MPCorp, Hap Seng, Crescendo, Nexgram, Kumpulan H&L, Multi-Code Electronics



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KUALA LUMPUR (Dec 30): Based on corporate announcements and newsflow today, the companies that may be in focus tomorrow (Dec 31) could include the following: Berjaya Corp Bhd, Malaysia Pacific Corporation Bhd, Hap Seng Consolidated Bhd, Crescendo Corp Bhd, Nexgram Holdings Bhd, Kumpulan H&L High-Tech Bhd, Multi-Code Electronics Industries (M) Bhd.

Berjaya Corp Bhd's (BCorp) net profit for the second financial quarter ended Oct 31, 2014 (2QFY15) jumped seven-fold to RM153.1 million from RM20.6 million a year ago.

Revenue for 2QFY15 rose 46.2% to RM2.6 billion from RM1.8 billion in 2QFY14.

In a filing with Bursa Malaysia this evening, BCorp attributed the increase in net profit to the investment related items of RM199.11 million, which "mainly comprised the recognition of gain arising from remeasurement of the 50% equity interest in Berjaya Starbucks Coffee Co Sdn Bhd (BStarbucks) previously held by the group".

The hotels and resorts business also reported a higher pre-tax profit mainly due to lower maintenance and operating expenses incurred in the current quarter, while the gaming business recorded a higher pre-tax profit mainly due to lower prize pay-out.

BCorp shares ended the day 0.5 sen or 1.25% lower at 39.5 sen, giving it a market capitalisation of RM1.64 billion.

Property developer Crescendo Corp Bhd saw its net profit fall 61.8% to RM18.07 million for the third financial quarter ended Oct 31, 2015 (3QFY15), from RM47.36 million a year ago.

In its filing with Bursa, Crescendo attributed the weaker performance to the absence of fair value gains of investment properties, which were recognised in 3QFY14.

Revenue also slipped 6.9% to RM72.6 million compared with RM78.01 million in 3QFY14, mainly due to lower sales in industrial properties. Earnings per share (EPS) for 3QFY15 fell to 7.94 sen from 21.43 sen a year ago.

Nevertheless, it expects to perform better in 4QFY15 on the back of RM126 million unrecognised revenue from the total committed property sales as at Oct 31 and new sales committed after Oct 31.

Crescendo shares closed 2.44% or six sen lower at RM2.40 today, giving it a market capitalisation of RM545.93 million.

Malaysia Pacific Corporation Bhd (MPCorp) is expecting to perform "much better" in the financial year ending Jun 30, 2015 (FY2015) after a dismal FY2014 which saw the property developer sink deep into losses an debt.

"We expect to do much better financially in FY2015 because of the changes we have brought to the company," Ch'ng Soon Sen, chief executive officer (CEO) MPCorp told The Edge Financial Daily after the company's heated five-hour annual general meeting yesterday (AGM).

"We have already accepted the bank's offer to restructure our outstanding revolving credit and bank overdraft facilities into term loans. This means we are paying lower interest rates. There will be more activities from us going forward," he said.

MPCorp closed half a sen or 2.38% higher at 21.5 sen today, giving it a market capitalisation of RM61.85 million.

Software developer Nexgram Holdings Bhd, which is controlled by its CEO and managing director Tey Por Yee with a 20.02% stake, slipped into the red in the second quarter ended Oct 31, 2014 (2QFY15), after it posted a net loss of RM6,545 from a net profit of RM1.37 million a year ago, on decreasing sales.

Revenue for 2QFY15 dropped 8% to RM24.97 million from RM27.08 million previously.

The company is "cautiously optimistic" on outlook, saying near term prospects appear "satisfactory".

Nexgram's share has fallen from 14.5 sen on Sept 17 to close unchanged at 7 sen today, giving it a market capitalisation of RM131.79 million.

Plastic injection moulding solutions provider Kumpulan H&L High-Tech Bhd saw its net profit fall 43% to RM3.95 million in its fourth financial quarter ended Oct 31, 2014 (4QFY14), from RM6.94 million a year ago, due to lower gross profit margin and higher operating expenses.

Consequently, its 4QFY14's earnings per share (EPS) fell to 10.8 sen from 18.96 sen in 4QFY13. The weaker financials notwithstanding, the group declared a 1.5 sen interim dividend, to be paid on Feb 4 next year, its filing to Bursa Malaysia this evening showed.

It also showed that revenue for the quarter under review has gone up by 7.1% to RM5.04 million from RM4.71 million in the same period, mainly contributed by the group's manufacturing and trading business.

The group expects a challenging year ahead but said it will endeavour to maintain the group's current performance.

Its counter rose eight sen or 9.76% to close at 90 sen today, giving it a market capitalisation of RM30 million.

Multi-Code Electronics Industries (M) Bhd, which specialises in electronic-related parts in the automotive industry, slipped into the red for its first financial quarter ended Oct 21, 2014 (1QFY15), with a net loss of RM1.84 million compared with a net profit of RM2.01 million a year ago, mainly due to lower revenue and higher operational costs.

Its revenue dropped 24.9% to RM20.32 million from RM27.07 million in 1QFY14. Loss per share was at 4.15 sen, compared with earnings per share of 4.54 sen a year ago, its filing with Bursa showed.

Multi-Code shares closed up 2 sen or 1.58% at RM1.29 today, giving it a market capitalisation of RM57.28 million.

Hap Seng Consolidated Bhd, through its wholly-owned subsidiary Hap Seng Investment Holdings Pte Ltd, has made a cash offer to acquire 51% of Singapore-based Hafary Holdings Ltd at 24 cents (63 sen) per share or S$52.5 million (RM139.07 million).

The offer also represents a premium of 9% from its last traded price of 22 cents (58 sen) today. The offer is for 219.58 million shares in Hafary, which has 429 million outstanding shares with a market capitalisation of S$94.38 million (RM250 million).

Hap Seng told Bursa it believes Hafary would aid the group's plan to expand in the region. Hafary is a leading supplier of premium tiles, stone, mosaic, wood-flooring, quartz top and sanitary ware and fittings in Singapore. 

Hap Seng said the combination if its business with Hafary's is expected to create strong "synergistic benefits".

Hap Seng said the company's major shareholders Low Kok Ann, Low See Ching, Dr Low Bee Lan Audrey and Ching Chiat Kwong have given an irrevocable undertaking to it to accept the offer.

Hap Seng also noted that it has no intention to introduce any major changes to Hafary's business, re-deploy its fixed assets, or discontinue the employment of Hafary's employees, save in the ordinary course of the business.

The partial offer will be despatched to holders of the relevant shares no later than 21 days from the announcement of the offer, said Hap Seng. It will remain open for approval and acceptances by Hafary shareholders for a period of at least 28 days from the date of the posting of the offer document.