MY Morning Wrap | Capital A Signs Letters of Intent with Singaporean Firms for Travel, E-Commerce, and Fintech Collaboration

$CAPITALA (5099.MY)$: Capital A Bhd has signed letters of intent with two Singapore-based companies, Advanced New Technologies (Singapore) Holding Pte Ltd (ANT) and Trip.com Travel Singapore Pte Ltd (Trip), for collaboration on travel and e-commerce services, as well as fintech solutions within the ASEAN region for airline passengers travelling to and from China. ANT offers digital payment and financial services solutions, while Trip provides hotel bookings, flight reservations, and travel recommendations on its platform. The letters of intent do not hold any commercial value and are not expected to have any financial effects on Capital A.

$GAMUDA (5398.MY)$: Gamuda Bhd's 60%-owned SRS Consortium Sdn Bhd has been offered civil works contracts on the first segment of the Penang Light Rail Transit (Penang LRT) by the Malaysian government. The government hopes to conclude talks with the company within six months and is offering the contract on the single sourcing request-for-proposal mechanism based on the request by the Penang state government, which had appointed SRS Consortium as the project delivery partner in 2015. The value and details of the contracts are subject to negotiations between SRS Consortium and project owner Mass Rapid Transit Corporation Sdn Bhd.

$CYPARK (5184.MY)$: Cypark Resources Bhd has reported a net loss of RM27.7 million for its third quarter ended Jan 31, 2024, on revenue of RM35.89 million. The company attributed the net loss largely to losses recorded by its waste management and waste-to-energy division due to adjustments made on amortisation on trade receivables. The amortisation was readjusted to a concession term basis that was consistent with the prior year's amortisation. There are no comparative figures given that the group had changed its financial year end from Oct 31, 2022 to April 30, 2023.

$MUDAJYA (5085.MY)$: Mudajaya Group Bhd has announced the redesignation of its group managing director and CEO James Wong Tet Foh as executive chairman, effective April 1, 2024. Wong, 63, succeeds Lee Eng Leong, 56, who is stepping down due to personal reasons. Lee, who holds a 0.09% stake in Mudajaya Group, will remain as an adviser to the group for the next few months to ensure smooth leadership transition, together with the support of the board. The company also appointed Alvin Chew Chee Wai, 45, who is currently heading its construction division, as acting group chief operating officer to help oversee the group's operations, covering the construction, trading and manufacturing, property as well as power divisions.

$POHUAT (7088.MY)$: Poh Huat Resources Holdings Bhd has reported a 50.94% increase in net profit for the first quarter, lifted by stronger furniture demand from North America. The company's net profit rose to RM10.3 million from RM6.83 million in the corresponding quarter a year ago, while quarterly revenue increased 9.71% to RM131.14 million from RM119.53 million. The better earnings were also due to higher other income of RM1.71 million, mainly due to interest income of RM1.47 million, as opposed to other expenses of RM5.49 million that it recorded a year before.

$SAPRES (4596.MY)$: Sapura Resources Bhd has reported a net loss of RM35.85 million for the financial year ended Jan 31, 2024, compared to a net profit of RM79.62 million a year ago. The higher revenue was more than offset by a smaller reversal on impairment and reduction of other income. During the year, the group posted a reversal for impairment of non-current assets of RM46.21 million compared to RM123 million a year ago, while other income was RM13.77 million versus RM43.09 million. Cumulative revenue for FY2024 showed an improvement of 10.09%, reaching RM58.66 million compared to RM53.29 million.

$LYC (0075.MY)$: LYC Healthcare Bhd has announced that its 64.5%-owned subsidiary LYC Medicare Singapore Ltd has lodged a new preliminary offer document with Singapore Exchange Ltd (SGX) for its listing proposed on the SGX's Catalist board. The company has appointed Evolve Capital Advisory Private Ltd as the new sponsor to guide the initial public offering (IPO) for LYC Medicare after its previous sponsor and issue manager ZICO Capital Pte Ltd discontinued its services for the proposed listing.

$MKH (6114.MY)$: MKH Oil Palm (East Kalimantan) Bhd has begun taking orders from investors for its IPO on the Main Market, which aims to raise up to RM155.43 million. The IPO is priced at 62 sen apiece and comprises a public issuance of 220 million new ordinary shares, as well as an offer for sale of 30.7 million existing shares. The company allocated 51.21 million shares to the public, while 168.79 million shares are reserved for private placement to select investors. Applications for the IPO will be closed on April 16, while the listing is set for April 30. With an enlarged share capital of 1.02 billion shares, the group is expected to have a market capitalisation of RM634.6 million upon listing.