Trading ideas: Shangri-La Hotels, AirAsia X, LBS Bina, Hap Seng, SunCon, KPS, Star Media, Teo Seng, Mega First, Perdana Petroleum, Privasia and Kerjaya Prospek

  • Business
  • Wednesday, 22 Nov 2023

KUALA LUMPUR: Companies making recent corporate announcements include Shangri-La Hotels, AirAsia X, LBS Bina, Hap Seng, SunCon, KPS, Star Media, Teo Seng, Mega First, Perdana Petroleum, Privasia and Kerjaya Prospek, said Apex Securities Research.

Shangri-La Hotels (Malaysia) Bhd's net profit surged 157.7% to RM15.62 million in the third quarter ended Sept 30, 2023 (3QFY2023) from RM6.06 million a year earlier, on improved level of leisure demand and hotel occupancy rate.

AirAsia X Bhd (AAX) said its Practice Note 17 (PN17) status will be uplifted on Wednesday after Bursa Securities allowed its appeal on the matter.

LBS Bina Group Bhd has recorded a 13.8% growth in net profit for 3QFY2023, underpinned by better site construction activities, as well as cost savings upon delivery of vacant possession for two completed projects.

Hap Seng Consolidated Bhd made a net profit of RM50.3 million in 3QFY2023, down 91.1% from RM563.75 million a year ago.

Sunway Construction Group Bhd’s net profit rose 54.14% to RM35.01 million for 3QFY2023 from RM22.72 million a year earlier.

Kumpulan Perangsang Selangor Bhd (KPS) has secured a contract worth RM162.18 million to supply various water treatment chemicals to Pengurusan Air Selangor Sdn Bhd (Air Selangor).

Star Media Group Bhd’s net profit fell 97.45% to RM56,000 for 3QFY2023, from RM2.2 million a year ago, as earnings were once again affected by high operating costs.

Teo Seng Capital Bhd is set to post a record high annual profit for FY2023, as the egg producer's profit for 3QFY2023 surged by more than 84 times to RM43.83 million.

Mega First Corp Bhd is increasing its shareholding in the 260MW Don Sahong hydropower project in Laos from 80% currently to 91.25%, through a US$85 million (RM396.95 mil) transaction.

Perdana Petroleum Bhd posted its best quarterly results since 2014, as net profit nearly doubled in the quarter ended Sept 30, 2023 (3QFY2023) to RM22.76 million.

Privasia Technology Bhd extended its turnaround performance with a net profit of RM2.36 million in the nine months ended Sept 30, 2023 (9MFY2023).

Kerjaya Prospek Group Bhd’s RM404.35 million job from BCM Holdings Sdn Bhd — a subsidiary of Ecofirst Consolidated Bhd — to build a main residential building has fallen through after BCM decided not to proceed with the contract previously agreed upon between both parties.

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