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KUALA LUMPUR (Nov 9): Based on corporate announcements and news flow today, companies in focus tomorrow (Nov 10) may include: Kossan Rubber Industries Bhd, Top Glove Corp Bhd, ES Ceramics Technology Bhd, Ho Wah Genting Bhd, Kronologi Asia Bhd, United Plantations Bhd, QES Group Bhd, Barakah Offshore Petroleum Bhd, Handal Energy Bhd, Revenue Group Bhd, Serba Dinamik Group Bhd and JHM Consolidation Bhd.

Kossan Rubber Industries Bhd’s net profit for the third quarter ended Sept 30, 2020 (3QFY20) surged 609% to RM348.74 million from RM49.18 million in the previous corresponding quarter — in line with market expectations — mainly due to higher sales volume and selling price, as demand for rubber gloves continue to outstrip supply amid the Covid-19 pandemic. Quarterly revenue jumped 95% to RM1.03 billion from RM531.26 million in 3QFY19.

For the first nine months of the year, Kossan's net profit more than tripled to RM544.6 million from RM163.78 million in the year-ago period, while cumulative revenue grew 43% to RM2.35 billion from RM1.64 billion a year ago.

The Employees Provident Fund (EPF) has increased its stake in Top Glove Corp Bhd to 6.05% or 492.52 million shares, after a net acquisition of 12.9 million shares on Nov 4. The price at which these shares changed hands was not disclosed in the filing. Top Glove's share price closed at RM8.10 on Nov 4 — the lowest since Sept 23, when it traded at RM8.02. Based on that price, the block of shares EPF acquired on Nov 4 is estimated at RM10.74 million.

ES Ceramics Technology Bhd, whose share price has soared 500% year-to-date, notified today that its non-independent non-executive director Datuk Kamal YP Tan has ceased to be a substantial shareholder after disposing all of his remaining shares of 47.18 million shares or 10.463% of the company issued shares. The hand mold supplier for glove companies said the shares were sold at 57.5 sen per share on Nov 5, pricing the block of shares at RM27.13 million. He was the largest shareholder of the company before he last disposed of his shares on Nov 4, when he sold 48.25 million shares or 10.70% stake in the company at 58.6 sen per share.

Ho Wah Genting Bhd said its wholly-owned subsidiary has obtained a one-year conditional approval from Indonesia's health ministry to manufacture medical products such as surgical face masks, Covid-19 rapid test cassettes and liquid chemical sterilants.

ACE Market-listed enterprise data management and storage solutions firm Kronologi Asia Bhd expects to see sequential growth in the upcoming October-December 2020 quarter, as most businesses in which it has a presence continue to recover from the pandemic amid gradual resumption of activities, said chief executive officer Edmond Tay Nam Hiong during a video briefing today on the group’s latest financial results.

The firm also announced that its net profit for the quarter ended Sept 30, 2020  (July -Sept) almost tripled quarter-on-quarter, due to higher revenue and lower operating expenses.  Net profit was RM4.9 million higher than the RM1.24 million posted in the immediate preceding April-June quarter, while revenue increased 43.6% in the same period to RM59.24 million versus RM41.26 million.

United Plantations Bhd’s net profit for the third quarter ended Sept 30, 2020 rose 58.35% to RM95.33 million, from RM60.2 million a year ago, on higher palm prices and production. Quarterly revenue increased 19.87% to RM334.04 million, from RM278.66 million. For the January-September period, net profit grew 47.78% to RM300.1 million from RM203.07 in the same period last year, as revenue climbed 8.7% to RM947.26 million from RM871.46 million.

Inspection, test and measurement equipment, material and engineering solution distributor QES Group Bhd has been appointed to take over Nikon Corp’s industrial metrology business in Malaysia, effective from Jan 1, 2021. The appointment was announced by Nikon, following a decision to cease operations of Nikon (Malaysia) Sdn Bhd (Nikon Malaysia) by year end. QES is currently the authorised distributor for Nikon Malaysia’s industrial metrology business.

The auditor of Barakah Offshore Petroleum Bhd has issued a disclaimer of opinion on the group’s audited financial statements for the financial year ended June 30, 2020 (FY20), as it could not obtain sufficient appropriate audit evidence to provide a basis for an audit opinion. Messrs Morison AAC PLT highlighted several bases for its disclaimer of opinion including Barakah’s current liabilities exceeding its current assets by RM240.82 million, a deficit in shareholders’ fund of RM158.45 million, and the notices of demand relating to a default on term loan facilities received by Kota Laksamana 101 Ltd, a wholly-owned subsidiary of the group.

The auditor also noted that the group is an affected listed issuer under Practice Note 17, following the default in payment, and that Barakah’s wholly-owned subsidiary PBJV Group Sdn Bhd has received a notice of suspension of its license from Petroliam Nasional Bhd (Petronas) for three years, besides the fact that the group is involved in several pending material litigations.

Handal Energy Bhd said its 51%-owned subsidiary Borneo Seaoffshore Engineering Sdn Bhd has secured a pipeline isolation services contract from ExxonMobil Exploration and Production Malaysia Inc. The five-year contract, which comes with an optional one-year extension, does not have any specific value, as it is on a “call out” basis.

Huawei Technologies (Malaysia) Sdn Bhd and cashless payment solutions provider Revenue Group Bhd’s unit Revenue Safe Nets Sdn Bhd have teamed up to develop an e-services hub, focusing on helping small and medium enterprises (SMEs) in Malaysia move towards digital transformation and effectively boost their presence in the market. The e-services hub, to be jointly built using Huawei’s cloud and AI technologies, "will be most helpful for independent software vendors (ISVs) and app developers, as well as for the entire ecosystem, to boost our country’s digital economy,” said Revenue managing director and group chief executive officer Datuk Eddie Ng Chee Siong.

Serba Dinamik Group Bhd and University Malaysia of Computer Science and Engineering (UNIMY) will work together to conduct technical training, share technology and expertise, and run certification programmes recognised by technical and vocational education and training (TVET) institutions in Terengganu. The two parties today signed a certificate of collaboration (CoC) for this, streamed live on the UNIMY Facebook page, involving three polytechnics, namely Politeknik Besut Terengganu, Politeknik Sultan Mizan Zainal Abidin Dungun and Politeknik Kuala Terengganu.

Semiconductor company JHM Consolidation Bhd will be transferring its listing to the Main Market of Bursa Malaysia, effective Nov 12. The counter has been listed on the ACE Market for some 14 years, since July 13, 2006.

https://www.theedgemarkets.com/article/kossan-top-glove-es-ceramics-ho-wah-kronologi-united-plantations-qes-barakah-offshore-handal