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Thursday, November 3, 2016

Companies in Focus: MISC, Petronas Gas, Petronas Chemicals, Seacera Group, Titijaya

MISC, Petronas Gas, Petronas Chemicals, Seacera Group, Titijaya

Some of these companies are likely to be in focus given the recent announcement, rumours and news surrounding them. 


The Group's net profit for the third quarter ended Sept 30, 2016 (3QFY16) plunged 72.3% year-on-year to RM134.13 million, mainly because of the negative performance of its petroleum segment as well as a weaker performance from its liquefied natural gas (LNG) and heavy engineering segments.

Revenue was down 8.8% y-o-y at RM2.29 billion, from RM2.51 billion when net profit was RM483.56 million, as weaker revenue was recorded across petroleum, heavy engineering and LNG segments.

No dividend was declared for the current quarter.

Its net profit for the cumulative nine months ended Sept 30, 2016 (9MFY16) however was up 19.6% to RM2.05 billion against RM1.72 billion, mainly driven by its 'others, eliminations and adjustment segment', which swung back to the black with an operating profit of RM233 million from an operating loss of RM8.7 million a year earlier.
The shipping giant, however, reported lower revenue during the period, down 6.8% to RM7.08 billion from RM7.6 billion, on lower revenue at its LNG and heavy engineering segments.

It said prospects of new tenders and projects remain poor in the offshore segment, hence it expects orderbook replenishment to remain challenging, while underused assets may subject the group to impairment charges which will significantly affect its current year financial results.

Petronas Gas Bhd 

The Group saw its net profit for the third quarter ended Sept 30, 2016 (3QFY16) increased by 38.6% year-on-year to RM422.71 million or 21.36 sen per share from RM304.98 million or 15.41 sen per share, largely because the previous year's result was impacted by a forex loss.

Stripping off the forex impact, PetGas said its profit for the current quarter was actually lower by 11.1%, due to higher operating costs and tax expenses.

Quarterly revenue was up 2.1% to RM1.16 billion from RM1.13 billion a year earlier, driven by higher utilities revenue, in line with the upward fuel gas price revisions from Jan 1 and July 1, respectively, as well as higher performance-based structure (PBS) income.

It also announced a 15 sen third interim dividend, amounting to RM296.8 million, payable on Dec 2. Year to date (YTD), it has declared 45 sen in dividends, compared with 43 sen in last year’s YTD period.

Petronas Chemicals Group Bhd

Petronas Chemicals Group Bhd’s net profit fell 2.73% to RM891 million for the third quarter ended Sept 30, 2016 (3QFY16), from RM916 million a year earlier, due to a sharp decline in crude oil price and passive demand.

Revenue also fell by 2.14% to RM3.56 billion, from RM3.64 billion, according to its filing in Bursa.

The price of methanol declined due to lower demand for fuel additives, while ammonia and urea prices were affected by oversupply in the market with new capacity additions, it added.

Seacera Group Bhd

Seacera Group Bhd has aborted a plan to acquire Duta Nilai Holdings Sdn Bhd for RM220 million. Duta Nilai owns a 250-acre piece of land in Semenyih, Selangor.

In a filing with Bursa Malaysia today, Seacera said it and the two vendors, namely Ismail Othman and Zainab Mansor, have agreed to mutually terminate the deal after due consideration, without providing details.

Titijaya Land Bhd

Titijaya Land Bhd today denied that China Railway Group Ltd (CREC) was buying shares in the property developer to build a strategic stake in the company.

"The company wishes to clarify that after making due and diligent enquiries with the directors and major shareholders and such other relevant persons, there are no shares [sold] to CREC," it told the stock exchange today.

However, Titijaya said it had previously sent out an invitation to fund managers, the media and broking houses to invite them to attend a signing ceremony between itself and CREC next Tuesday (Nov 8).

"The company wishes to clarify that this signing ceremony relates to a potential development project collaboration with CREC," it pointed out, adding an announcement will be made upon the execution of any documents with CREC. 

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