26/05/2025

BIZ & FINANCE MONDAY | MAY 26, 2025 Bintai Kinden completes regularisation, looks to growth PETALING JAYA: Bintai Kinden Corporation Bhd, a mechanical and electrical (M&E) engineering services specialist, construction contractor, medical device manufacturer and facilities operator, has announced its financial results for the fourth quarter and the financial year ended March 31, 2025, alongside the successful completion of its proposed regu larisation plan. For Q4’25, Bintai Kinden posted revenue of RM7.52 million, compared to RM7.63 million in Q4’24, primarily due to a decline in contributions from the M&E engineering segment following the termination of several legacy contracts. The construction segment, which has been reclassified in line with the company’s strategic diversification, contributed RM2.5 million or 33.2% to total revenue. However, for Q4’25, the group recorded a loss before tax of RM31.55 million, in contrast to a profit before tax of RM10.85 million in the previous financial year. The loss was primarily driven by a combination of elevated expected credit losses and several significant non-recurring items. While these one-off items have had a material impact on Bintai Kinden’s financial performance for the year, they are not expected to persist in future periods. The company confirmed the completion of its regularisation plan. Following the successful listing of new placement shares on March 24 and the receipt of confirmation from the Companies Commission of Malaysia dated May 21 on the effectiveness of the proposed share capital reduction, Bintai Kinden’s regularisation efforts are now deemed completed. This marks a critical step towards its eventual upliftment from Practice Note 17 status. Looking ahead, Bintai Kinden will continue to focus on project execution, strategic tendering, and disciplined cost management. With a construction order book of about RM127.3 million, M&E order book of about RM4.5 million and RM181.8 million worth of M&E-related tenders under evaluation, Bintai Kinden said it is poised to strengthen its position in Malaysia’s recovering construction and engineering sectors. 15

Wawasan Dengkil registers RM134.7m 9-month revenue

o Strong project pipeline with order book of RM369.6m and tender book of RM 1.6b at end March

PETALING JAYA: Earthworks and civil engineering construction services provider Wawasan Dengkil Holdings Bhd recorded revenue of RM134.7 million for the nine months ended March 31, 2025 (9M’25), with 89.6% contributed by its construction services segment and the balance by its trading of construction materials and hiring of machinery and commercial vehicles segments. Group profit after tax (PAT) stood at RM8.2 million, translating into a healthy margin of 6.1%. After excluding the one-off IPO listing expenses of RM1.3 million for 9M’25, Wawasan Dengkil would have recorded an adjusted PAT of RM9.5 million and an adjusted PAT margin of 7.1% for the financial period under review. Wawasan Dengkil also an nounced its third quarter (Q3’25) financial results. On a quarter-on-quarter basis, the group recorded revenue of RM40.6 million in Q3’25, compared to RM48 million in the previous quarter (Q2’25). This was mainly due to lower contributions from the

construction segment as several projects were completed or near completion. The trading segment also saw lower contribution in the quarter following the completion of a major customer’s project. The group registered PAT of RM2.1 million in Q3’25, which, after excluding the one-off IPO listing expenses, would have been RM2.9 million and is comparable to Q2’25’s PAT of RM3.4 million. There are no comparative figures for the preceding corres ponding quarter and period ended as the company was only listed on March 25. Wawasan Dengkil executive director Lim Soon Yik said, “We are pleased to report a set of healthy performance following our recent listing on Bursa Securities. Our project pipeline remains strong and will keep us engaged over the next two to three financial years. Currently, we are managing 13 ongoing construction projects, with an unbilled order book of RM369.6 million as at March 31 2025. “While we are mindful of tariff developments, the group does not

Wawasan Dengkil aims to enhance its capabilities to tender for more and larger-scale projects. – WAWASAN DENGKIL PIC

urban rail construction, as well as solar farm infrastructure works.” Additionally, the group is well positioned to capitalise on the national energy transition, which aims for a 40% renewable energy capacity target by 2035. Utility-scale programmes such as LSS5, LSS5+, and the upcoming LSS6 present significant opportunities for the group. As earthworks are typically required during the initial phases of building and infrastructure projects, Wawasan Dengkil is strategically placed to benefit from these growth prospects.

foresee any impact as we operate domestically without reliance on imports or exports. The outlook remains positive, with the construction industry to benefit from government-led initiatives and increased spending in infrastructure development. With the RM27 million in fresh capital raised through the IPO, we are aiming to enhance our internal capabilities to tender for more and larger-scale projects. “As of March 31, 2025, our tender book stands at RM1.6 billion, primarily within civil engineering services for property development, highways, expected to commence in the third quarter of 2025, with the highway targeted to be operational by 2029. NPE Extension will link the Pantai Dalam Toll Plaza directly to the Jalan Istana Interchange via Jalan Syed Putra, interconnecting with three major expressways – NPE, Sungai Besi Expressway, and the upcoming Laluan Istana-Kiara Expressway. The project aligns with Kuala Lumpur Traffic Master Plan 2040. The integrated network is expected to divert about 40% of existing traffic from Jalan Bangsar

IJM gets govt approval for extension of New Pantai Expressway PETALING JAYA: IJM Corporation Bhd has received approval from the Ministry of Works for the New Pantai Expressway Extension (NPE Exten sion) and the toll restructuring for the existing New Pantai Expressway (NPE). rates until the expiry of the con cession period. towards the city centre, relieving pressure on some of Kuala Lumpur’s busiest routes.

The 15km fully elevated NPE Extension (including directional ramps) is designed to improve connectivity, ease congestion and enhance mobility across key corridors in Klang Valley. By offering a direct alternative to city-centre routes, the highway will help shorten travel times and ease daily commutes. NPE Extension, with a new toll plaza, will be fully funded by the concessionaire without any govern ment funding. Construction is

IJM Group CEO and managing director Datuk Lee Chun Fai said: “This approval marks an important milestone in our efforts to improve urban mobility in the Klang Valley. NPE Extension is designed not only to disperse traffic more efficiently, but also to reduce travel time and support the everyday journeys of people and businesses by easing pressure on key city routes and complementing public transport.”

The project will be undertaken by IJM’s infrastructure toll division, which manages the group’s highway concessions. The extension of the NPE will be undertaken at a construction cost of about RM1.4 billion. Toll restructuring of the existing NPE entails maintaining current toll

WARRANTS WATCH

Hang Seng Index, Pop Mart in the limelight

LAST Tuesday, the People’s Bank of China announced a cut to its benchmark lending rates by 10 basis points, the first time in seven months, amid potential economy slowdown due to the ongoing trade war. The Hang Seng Index (HSI) started the week strong, up by 482 points in the first three trading days before erasing some gains on Thursday and Friday to close 1.1% higher week-on-week (w o-w) at 23,601.26 points. The local warrants market maintained its momentum last week, though total turnover fell a slight 8.3% w-o-w to RM834.2 million. HSI warrants were the most popular underlying with RM659.2 million traded, which made up more than

gains in Pop Mart’s share price. POPMART-C1 is currently the only call warrant listed over Pop Mart, allowing investors to gain leveraged exposure to Pop Mart shares without leaving Bursa Malaysia. To view the full list of structured

RM0.115. Besides, there were three HSI put warrants in the top traded warrants list, namely HSI-PWFN, HSI PWFI and HSI-PWFJ, which recorded RM62.9 million, RM49.2 million and RM44.2 million turnover, respectively. Meanwhile, with the Labubu 3.0 toy monster series going viral worldwide, and sales in US and European markets growing about eight times and five times year-on year in April, the share price of Hong Kong-listed Pop Mart International Group (Pop Mart) surged to new high of HK$229 last Thursday and ended with a 144.2% year-to-date gain on Friday. Call warrant POPMART-C1’s bid price jumped 37% w-o-w to close at RM0.185, moving in tandem with the

Top stock warrants by value traded: Warrant Value Issuer Exercise

Expiry date

name

(RM’ mil)

level

HSI-CWEI HSI-PWFN HSI-PWFI HSI-CWEP HSI-PWFJ

159.6 62.9 49.2 49.2 44.2

Kenanga Macquarie Kenanga Macquarie Kenanga

27,000 21,000 22,000 27,000 20,000

30 June 2025 30 June 2025 30 June 2025 30 June 2025 30 June 2025

warrants available on Bursa Malaysia, visit malaysiawarrants.com.my.

HSI-CWEP which emerged as the top and the fourth most traded warrants last week. These warrants have the same exercise levels (27,000) and expiry dates (June 30 2025); HSI-CWEP has a lower absolute price of RM0.095, while HSI-CWEI was last traded at

79% of the total warrants turnover, followed by warrants over Xiaomi Corp and YTL Power International, comprising 4.4% and 2.1% of the total turnover, respectively. Bullish investors were actively trading call warrants HSI-CWEI and

Provided for Malaysian residents’ information only. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice.