April 24th Stocks To Watch Alam Maritim, Cycle&Carriage, IHH, REDtone, PetGas, Barakah, Keck Seng, TAS, WZB

by **Cals** Wed 23 Apr 2014, 22:40

Stocks To Watch Alam Maritim, Cycle&Carriage, IHH, REDtone, PetGas, Barakah, Keck Seng, TAS, WZB

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Wednesday, 23 April 2014 19:33

KUALA LUMPUR (April 23): Based on news flow and announcements, the following companies may be in focus tomorrow (April 24):

Alam Maritim Resources Bhd announced that a Hong Leong unit and another firm have agreed to subscribe to 123 million new shares in Alam Maritim for RM166.05 million.

Their joint subscription will represent 15.35% of the existing shares in Alam Maritim.

In a filing with Bursa Malaysia, Alam Maritim said it had today entered into a subscription agreement with Associated Land Sdn Bhd and Caprice Capital Intl Ltd for the proposed issuance and allotment of 123 million new ALAM shares, representing 15.35% of the existing paid-up share capital of the company, at an issue price of RM1.35 per unit.

Associated Land, an indirect subsidiary of Hong Leong Company (Malaysia) Berhad, will take up 60 million shares while Caprice Capital, controlled by Poh Yang Hong, will take up 63 million shares.

Alam Maritim’s share price closed 10 sen or 6.4% higher at RM1.65 on Monday. Trading was halted yesterday and today pending this announcement.

Cycle & Carriage Bintang Bhd’s net profit multiplied 21 times to RM1.7 million in the first quarter ended Mar 31, 2014, from RM81,000 a year ago.

Revenue rose 6% year-on-year to RM186.4 million from RM175.9 million.

In a filing with the stock exchange, the car dealer firm said the group’s Mercedes-Benz passenger car unit sales were 19% higher than the first quarter of 2013 due to continuing good demand for the A-Class model.

The firm said the more competitive pricing for both the C-Class and E-Class models also contributed to the higher passenger car unit sales. It added the Group’s after-sales service performed satisfactorily.

A unit of IHH Healthcare Bhd has obtained the business licence for opening a clinic named Suzhou Xin Hui Clinic Co., Ltd in China.

The healthcare service provider said its indirect wholly-owned subsidiary Parkway (Shanghai) Hospital Management Ltd yesterday received the licence from Suzhou New District (Hu Qiu) Administration of Industry and Commerce for the establishment of a foreign wholly-owned enterprise reinvestment clinic.

The licence is valid from Apr 22, 2014 to Apr 21, 2034.

REDtone International Bhd posted a net profit of RM4.99 million for its third financial quarter to end-February 2014, up 27% from RM3.92 million in the previous corresponding quarter.

For the quarter under review, revenue saw a slight increase of 1% to RM40.92 million from RM40.48 million a year ago, the company said in a filing with Bursa Malaysia.

For the nine months to February, the company posted a net cumulative profit of RM14.68, up from RM9.91 million in previous cumulative period.

The data and broadband provider’s revenue for the same period also grew to RM107.5 million, up 10% from RM97.83 million a year ago.

REDtone CEO Lau Bik Soon said the uptrend in the group’s performance was driven largely by its growing data and broadband line of business.

Barakah Offshore Petroleum Bhd’s subsidiary, PBJV Group Sdn Bhd, has secured a RM260 million contract from Petronas Gas Bhd, for the procurement, construction and commissioning of the Pengerang gas pipeline.

In a filing with Bursa Malaysia, Barakah Offshore said the contract was secured in a consortium with CPM Construction Sdn Bhd.

"Work for the contract is expected to commence immediately, and is scheduled to be completed by the second quarter of 2016," said the company.

Barakah Offshore added that PBJV Group has a 50 per cent share in the liabilities and obligations in respect of the contract, and 50 per cent share of the benefits and profits to be derived from the contract, by the consortium.

"The contract is expected to contribute positively towards the earnings and net assets per share of Barakah Group, for the duration of the contract," it said.

Keck Seng (Malaysia) Bhd has proposed a single-tier final dividend of 6.5 sen per unit for the financial year ended Dec 31, 2013.

Ex-date is June 27 and payment date is July 15.

TAS Offshore Bhd’s net profit for its third quarter ended February 28, 2014 almost doubled year-on-year to RM10.5 million from RM5.3 million.

Revenue for the quarter rose to RM114.3 million from RM41.1 million in the previous year’s same quarter.

The group attributed the higher revenue to the completion and delivery of several vessels.

“During the current quarter, higher revenue was recorded because of the completion and delivery of two units anchor handling tug supply vessel, one unit of harbour tug and two units of tugboat,” said the group in a statement to the exchange.

Cumulatively, net profit increased to RM26.3 million from RM10.4 million in the previous corresponding period, while revenue rose to RM193.0 million from RM89.6 million.

Wang-Zheng Bhd (WZB) has announced the payment of a first and final single-tier dividend of 5% or 2.5 sen per share.

The dividend is subject to the approval of WZB’s shareholders at its forthcoming annual general meeting.

“The entitlement date and date of payment shall be finalised and announced in due course,” said a company statement.