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SCNWOLF-LA Should be Worth More Than SCNWOLF-WA

Scanwolf Corporation Berhad recently completed rights issues of ICULS (Irredeemable Convertible Unsecured Loan Stocks – SCNWOLF-LA).  This was renounceable rights issue of RM10.45 million nominal value of 5-year 3% ICULS at 100% of its nominal value of RM0.10 on the basis of 2 ICULS for every 2 existing ordinary shares in Scanwolf, together with 52.48 million free warrants (SCNWOLF-WA) on the basis of 1 warrant for every 2 ICULS subscribed. Besides that, there was also a settlement of creditor via issuance of 30,000,000 ICULS to settle RM3 million owning. Scanwolf is a relatively small company with only 105.75 million shares.

SCNWOLF-LA is a warrant-like instrument that also allows its holders to “exercise” the ICULS into the mother share by paying up in cash. The conversion price of the SCNWOLF-LA is 30 sen and its holders can either convert to mother share by tendering 3 units of SCNWOLF-LA or 1 unit of SCNWOLF-LA plus 20 sen in cash. The latter method of conversion turns SCNWOLF-LA into a warrant with an exercise price of 20 sen. When SCNWOLF-LA trade above its nominal value of RM0.10, using cash to “exercise” is more logical. SCNWOLF-LA also pays 3% coupon per annum.

 

BIOHLDG New Warrant-like ICPS Better Than BIOHLDG-WA

Bioalpha Holdings Berhad recently completed a rights issues of ordinary share and ICPS (Irredeemable Convertible Preference Share). The rights issue was a relatively small one as it was only offered to shareholders based on a ratio of 1 for 15 (for the mother share at 20 sen per share) and 1 for 6 (for the ICPS at 2 sen per share). Based on the company announcement last week, the rights issue was oversubscribed by 55% for the mother share and 208% for the ICPS.

REX INDUSTRY BERHAD – A Turn Around Play

Rex Group is involved in manufacturing of canned food, beverage and confectionary products. Rex Canning Co. Sdn Bhd, a wholly owned subsidiary of Rex was founded in 1965 and has since grown into a leading manufacturer, distributor and exporter of halal canned products, frozen food, and beverages in Malaysia. PT Rex Canning Indonesia began commercial operations in August 1992; with principal activities in manufacturing and exporting of canned processed seafood. PT Rex Canning operates under stringent standards set by the Ministry of Marine Affairs and Fisheries of Indonesia. The majority of PT Rex’s canned seafood is exported to the US and EU.

PENSONIC-WB - Waiting for Mother Share Leadership

The share price of Pensonic Holdings Berhad has been on a steady upward path aided by persistent share buyback. There could also be some speculation that the company may be able to report good results in its second quarter of FYE 5/21 which ended 30th November 2020.

In its first quarter, Pensonic posted much better top line and bottom line.

SUMMARY OF KEY FINANCIAL INFORMATION
31 Aug 2020

 

INDIVIDUAL PERIOD

CUMULATIVE PERIOD

CURRENT YEAR QUARTER

PRECEDING YEAR
CORRESPONDING
QUARTER

CURRENT YEAR TO DATE

PRECEDING YEAR
CORRESPONDING
PERIOD

31 Aug 2020

31 Aug 2019

31 Aug 2020

31 Aug 2019

       

$$'000

$$'000

$$'000

$$'000

1

Revenue

84,669

69,298

84,669

69,298

2

Profit/(loss) before tax

2,043

-1,233

2,043

-1,233

3

Profit/(loss) for the period

1,517

-1,232

1,517

-1,232

4

Profit/(loss) attributable to ordinary equity holders of the parent

1,553

-1,147

1,553

-1,147

5

Basic earnings/(loss) per share (Subunit)

1.20

-0.88

1.20

-0.88

6

Proposed/Declared dividend per share (Subunit)

0.00

0.00

0.00

0.00

   

AS AT END OF CURRENT QUARTER

AS AT PRECEDING FINANCIAL YEAR END

7

Net assets per share attributable to ordinary equity holders of the parent ($$)

0.9200

0.9100

pensonic

PENSONI-WB is trading at a premium of close to 40%, which is not overly high for a warrant with 3 years to go. The warrant is attractive in terms of gearing. If the volume increase for the mother share, it is likely PENSONI-WB can outperform the mother share.

Ritamix Global Leads Malaysian Companies on HKSE

Ritamix Global Limited (01936.HK), a Malaysia-based company involved in the distribution and manufacturing of animal feed additives was successfully listed on the Hong Kong Stock Exchange on 13 May 2020. Ritamix IPO was priced at HKD1.00 per share and the share price has risen to a high of HKD3.30 on 9 June 2020, giving a market capitalization of HKD1.615 billion at the closing price of HKD3.23.

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