Trading ideas: IJM, TNB, AirAsia, Thong Guan, Seremban Engineering, UEM Sunrise

KUALA LUMPUR: Here is a recap of the corporate announcements making headlines.

IJM Land Bhd, the property arm of IJM Corporation Bhd, has secured eight strategic sites across four London boroughs that provide an estimated gross development value exceeding GBP3.0bn.

The Court of Appeal has upheld the High Court’s decision two years ago to dismiss the Inland Revenue Board’s claim of taxes totalling RM1.8bn against Tenaga Nasional Bhd.

AirAsia MOVE, the travel super-app by Capital A Bhd, has inked a MoU with The Commune Mall, which is expected to open its doors in 3Q2024 in Kulai, Johor, to offer exclusive discounts spanning flights, hotels and rides deals to patrons of the mall.

Thong Guan Industries Bhd is teaming up with the Kedah State Development Corporation to jointly develop 221 units of shop and office lots with an estimated gross development value of RM200.0mn.

Seremban Engineering Bhd has secured a RM39.8mn contract for civil, structural, architectural, and electrical works in Shah Alam, awarded by Kerry Ingredients (M) Sdn Bhd.

UEM Sunrise Bhd has inked an agreement to partner Itramas Corporation Sdn Bhd and China Machinery Engineering Corp to develop a 40-acre renewable energy industrial park in Gerbang Nusajaya, Iskandar Puteri, Johor.

Pansar Bhd has been awarded a RM30.1mn contract from Jabatan Kerja Raya Sarawak for the management and maintenance of the Borneo Culture Museum.

JcbNext Bhd has disposed of a total of 553,658 shares, representing a 1.7% stake, in Taiwan-listed company 104 Corp for TWD123.0mn.

Sarawak Cable Bhd said that the High Court has allowed the winding-up petition by OCBC Bank (Malaysia) Bhd subsidiaries Leader Cable Industry Bhd and Universal Cable (M) Bhd.

Pertama Digital Bhd, which runs the digital court bail payment system e-Jamin, said it is in discussions with the relevant authorities to allow the group to continue operating the system.

Iconic Worldwide Bhd is suing Jovian Apparel Sdn Bhd over an alleged outstanding sum of RM5.0mn in unpaid face masks supplied by the company to the fashion retailer.

S P Setia Bhd posted a 39.5% YoY jump in net profit for 1QFY24 to RM77.3mn, from RM55.5mn a year ago, due to higher revenue contribution from both its domestic business as well as its operations in Vietnam.

Malaysian Pacific Industries Bhd posted a net profit of RM32.8mn for 3QFY24, in contrast to a net loss of RM17.8mn a year ago, thanks to higher revenue and better foreign exchange rates.

Sunway Real Estate Investment Trust’s net profit in 1QFY24 dropped 10.0% YoY to RM87.0mn from RM96.5mn a year ago, due to lower contribution from its service division.

Coraza Integrated Technology Bhd reported a net loss of RM1.3mn in 1QFY24, in contrast to its net profit of RM1.7mn a year earlier, due to lower orders from semiconductor customers.

Kawan Food Bhd’s net profit in 1QFY24 rose 17.1% YoY to RM9.2mn from RM7.9mn a year ago, due to higher revenue.

Hong Leong Industries Bhd’s net profit in 3QFY24 jumped 51.0% YoY to RM99.4mn from RM65.9mn a year ago, thanks to a RM25.0mn insurance compensation it received for the disruption caused by floods in its motorcycle business.

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