Thursday, September 3, 2015

Hevea oh Hevea

Net cash oh NET CASH...


KUALA LUMPUR: Particle board manufacturer, HeveaBoard Bhd, is on track to turn into net cash position by next year as its term loans have been mostly repaid and reduced to less than US$9mil (RM38mil).

Group managing director, Yoong Hau Chun, said on Thursday the company had been consistently paying RM26mil annually to service the principal of the loan. It also does not have plans to see any any major term loans.

"Once we have all the burdens off our shoulders, we can be a lot more bolder in our decisions and it will put put us in a strong position to increase dividend payout," he said on the business prospects.

Heveaboard would allocate RM15mil as capital expenditure for its upstream and downstream divisions to upgrade equipment and increase the quality of the products.

He said the company would rather focus on increasing the quality rather than the quantity given that its clients were mostly the higher-tier companies, especially its major export market, Japan, which contributed RM15mil in revenue monthly.

Yoong said HeveaBoard has all its cost denominated in ringgit while more than 90% of its revenue were US dollar-denominated, making the company a beneficiary of the currency volatility.

Executive director Liven Yoong, said the company, which was traditionally involved in the business-to-business market, would also venture into the business-to-consumer market by adding eco-friendly children furniture into its offerings.

She said for a start, the product would be marketed in the Malaysia by year-end and eventually exported regionally.

"What we are offering is a niche product as we emphasise on low formaldehyde emission furniture, which is not yet available in this market.

"Not many people are aware that formaldehyde is everywhere especially in furniture and children are the most vulnerable to its harmful effects," she said.


Among major toxic effects caused by acute formaldehyde exposure via inhalation are eye, nose, and throat irritation and effects on the nasal cavity while high levels of exposure could lead to coughing, wheezing, chest pains, and bronchitis. - Bernama

Stamping Tenancy Agreement oh Stamping Tenancy Agreement

My tenancy agreement just expired on 31st August 2015, So I need to prepare a new tenancy agreement from 1st September 2015 until 31st August 2016.

You may get few sample of tenancy agreement from here:

1) Sample tenancy agreement

2) Another one

After you have prepared the tenancy agreement, you need to count how much is the stamp duty.

The calculator is in below link:

Tenancy stamp calculator

But if you are lazy, no need, Lembaga Hasil Negara will calculate for you.

Then I went to Lembaga Hasil Negara at Hentian Kajang to stamp my tenancy agreement.

I need to fill in two form:

1) PDS 49 a

2) PDS 1

After that, you will get your nombor.

1st counter, count the stamp

2nd counter, pay the money

3rd counter, stamp (green colour) and done.







CAP oh CAP

Cap bonus issue date announce already:

5229    CAP    CHINA AUTOMOBILE PARTS HLD LTD
Bonus Issue 9 : 10
Entitlement Details:
BONUS ISSUE OF UP TO 810,000,000 NEW ORDINARY SHARES OF USD0.10 EACH IN THE

COMPANY ("CAP SHARES" OR "SHARES") ("BONUS SHARES") ON THE BASIS OF NINE (9)

BONUS SHARES FOR EVERY TEN (10) EXISTING SHARES HELD BY ENTITLED SHAREHOLDERS

OF CAP AT 5.00 PM ON 17 SEPTEMBER 2015
Entitlement Type: Bonus Issue
Entitlement Date and Time: 17/09/2015  05:00 AM
Year Ending/Period Ending/Ended Date: 31/12/2015
EX Date: 14/09/2015
To SCANS Date:  
Payment Date:  
Interest Payment Period:  
Rights Issue Price: 0.000
Trading of Rights Start On:  
Trading of Rights End On:  
Stock Par Value:  
Share transfer book & register of members will be closed from   to   (both dates inclusive) for the purpose of determining the entitlements
A Depositor shall qualify for the entitlement in respect of:
- Securities transferred into the Depositor's Securities Account before 17/09/2015 04:00 PM in respect of ordinary transfers.
- Securities transferred into the Depositor's Securities Account before     in respect of express transfers.
- Securities deposited into the Depositor's Securities Account before     in respect of securities exempted from mandatory deposit.
- Securities not withdrawn from the Depositor's Securities Account as at    .
- Securities bought on KLSE on a cum entitlement basis according to the Rules of the KLSE.
Registrar's Name and Contact:
TRICOR INVESTOR SERVICES SDN BHDLevel 17, The Gardens North TowerMid Valley

City, Lingkaran Syed Putra59200Kuala LumpurTel:0322643883Fax:0322821886

This credit suiSSe don't know what they are playing: KEEP Buying And KEEP SElling

 
Wednesday,  2 Sep 2015
 
7:10PM ADJUSTMENT TO THE NUMBER OF OUTSTANDING 2013 / 2016 WARRANTS (Bonus Issue)
7:09PM Bonus Issue 9 : 10
5:50PM CREDIT SUISSE SECURITIES (EUROPE) LIMITED (4,011,300 units Disposed)
5:50PM CREDIT SUISSE GROUP AG (4,011,300 units Disposed) 

Wednesday, September 2, 2015

Sunway, Heitech Padu, Sarawak Cable, MyEG and UMW-OG



By Sangeetha Amarthalingam / theedgemarkets.com   | September 2, 2015 : 10:33 PM MYT   

GEORGE TOWN (Sept 2): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, Sept 3) could include the following: Sunway Bhd ( Financial Dashboard), Heitech Padu Bhd ( Financial Dashboard), Sarawak Cable Bhd, MyEG Services Bhd ( Financial Dashboard) and UMW Oil & Gas Corp Bhd.

Sunway Bhd has declared a special cash dividend of 26 sen to reward shareholders.

Sunway said the special cash dividend arose from the proceeds raised from the offer for sale of 398.71 million Sunway Construction Group Bhd (SunCon) shares offered by Sun Holdings, in conjunction with the listing on July 28 this year after setting aside for listing expenses and working capital.

Sun Holdings is a wholly-owned subsidiary of Sunway.

In a filing with Bursa Malaysia today, Sunway said the entitlement date for the special dividend is Oct 2 and payable on Oct 16, for the financial year ending Dec 31, 2015.

According to the filing, Sunway said it had mentioned the special cash dividend in Sunway's circular to shareholders dated Apr 3, in relation to the listing of SunCon on the Main Market of Bursa Malaysia.

"Unless otherwise stated, the terms used herein has the same meaning as those defined in Sunway's circular to shareholders," it added.

Heitech Padu Bhd has secured a maintenance services contract for the information communication and technology (ICT) system of National Registration Department (NRD) valued RM120.63 million.

In a filing with Bursa Malaysia today, Heitech Padu said it has accepted the letter of award from the government for the maintenance services on the main ICT business system of NRD.

It added the total contract value of the project is RM120.63 million, inclusive of the 6% goods and services tax.

The system integration services provider said the project is for a period of two years, commencing from July 1, 2015 to June 30, 2017.

"Any further renewal or extension of the duration is at the discretion of the government," it explained.

Heitech Padu expects the contract to contribute positively to its future earnings.

Sarawak Cable Bhd has clinched a RM19.12 million contract to supply 275kV power transmission lines for Samalaju Industrial Park Phase 1 and 2 in Sarawak.

In a filing with Bursa Malaysia today, the power cable and wire manufacturer said its wholly-owned subsidiary Sarwaja Timur Sdn Bhd has received a letter of acceptance from Sarawak Energy Bhd for the design, supply, delivery, erection and commissioning of the transmission line project.

"The project is expected to contribute positively to the earnings and net assets of Sarawak Cable Group (Financial Dashboard) for the financial years ending Dec 31, 2015 to 2017," it added.

Sarawak Energy holds a 16.53% stake in Sarawak Cable as at Apr 27, 2015.

MyEG Services Bhd’s tie-up with Celcom Axiata Bhd to facilitate exploration and collaboration in the areas of e-government services delivery has been extended for another year.

In a filing with Bursa Malaysia, MyEG said the parties have mutually agreed to extend the memorandum of understanding (MoU) signed between the companies on Sept 2, 2013 and Sept 3, 2014 by another year.

The MoU paves the way for both companies to jointly explore possible business opportunities and collaboration in the areas of e-government services delivery and joint go-to-market for specific target market segments.

MyEG had said the MoU will form the basis of consensus of both MyEG and Celcom to examine the feasibility of the project until such time as the definitive agreement is entered into, which will contribute positively to the future earnings of the group.

UMW Oil & Gas Corp Bhd (UMW-OG) has taken delivery of its latest jack-up rig, UMW Naga 8, from Keppel FELS Ltd, a subsidiary of Keppel Offshore & Marine Ltd.

In a statement today, UMW-OG said UMW NAGA 8 is designed to address higher requirement market, and it is the third KFELS B Class jack-up rig in UMW-OG’s fleet; the first two being UMW Naga 4 and UMW Naga 5, which were delivered in 2013 and 2014 respectively.

Similar to both its predecessors, UMW Naga 8 is a premium jack-up drilling rig capable of operating in water depths of up to 400ft (approximately 125 metres) and drilling to a total depth of 30,000ft (approximately 9,144 metres) sub-sea.

“Equipped with the newest and most technologically-advanced equipment, additional features include an advanced and fully-automated high capacity rack and pinion elevating system, self-positioning fixation system and facilities capable of accommodating 150 personnels,” UMW-OG added.

“At 400ft water depth, this latest rig will enable us to address a niche market, where there is lesser competition. The additional asset will also provide us with the capacity to cover a wider market, both regionally and globally, to continue our growth once the market recovers,” UMW-OG president Rohaizad Darus said.

UMW Naga 8 is currently being prepared to be mobilised for a potential client in Southeast Asia.

Mudajaya oh Mudajaya

This hong leong bank ask to SELL but the share price up. something is cooking????

Mudajaya - Bleeding but subsiding

Results
  • Mudajaya’s 2QFY15 results came in with revenue of RM105.6m (-62% YoY, -36% QoQ) and loss (ex-forex) of RM12.3m (vs. 2QFY14 earnings of RM5.7m and 1QFY15 loss of RM19.7m).
  • Cumulative losses for 1H amounted to RM31.9m vs. earnings (ex-forex) of RM30.9m last year.

Deviation

  • Needless to say, the results were below expectations against our full year profit forecast of RM28.6m (consensus: RM58m).

Dividends

  • None declared.

Highlights

  • Cost overruns continue. It appears that the cost overruns on its local projects continue to plague profitability. Based on its orderbook, 2 key local projects that remain are the MRT and Tg Bin power plant. Apart from that, the notes to its financial statements disclosed that “additional costs were also recognised upon project finalisation”, which we reckon could refer to the Janamanjung power plant.
  • Orderbook continues to thin. We estimate Mudajaya’s orderbook to stand at RM962m which implies a thin cover of 1.1x its FY14 construction revenue. The 36% QoQ decline in revenue reflects its thinning orderbook balance. In fact, this is the 4th consecutive quarter of revenue decline.

Risks

  • Slow orderbook replenishment and further delays in commercial operations of the Chhattisgarh IPP.

Forecasts

  • We further cut FY15 earnings by 95% and assume this will be a breakeven year for Mudajaya. This of course hinges heavily on its ability to be profitable in 2H to offset the losses incurred in 1H. Aside that, FY16-17 earnings are also reduced by 25% and 15% respectively as we reduce our margin assumptions.
  • While earnings growth appears strong for FY16-17 after coming off a low base in FY15, we caution that this relies heavily on the Chhattisgarh IPP powering up on time, a rather fluid assumption based on past experience. If this fails to happen, losses could once again eventuate.

Rating

  • SELL, TP: RM0.71
  • With the continued weak results, it is hard to justify anything aside a SELL rating. While we acknowledge there is value in its IPP, the market is unlikely to ascribe much to it until commercial operations take off.

Valuation

  • Aside our earnings cut, we also widen our SOP discount from 25% to 50% to reflect continued uncertainty on its path back to profitability. As such, our TP is cut from RM1.19 to RM0.71.
Source: Hong Leong Investment Bank Research - 28 Aug 2015

 

Copyright @ 2013 KLSE malaysia.