Tricubes posts Q3 pre-tax losses

Tricubes Bhd, the enabler of the 1Malaysia email account, saw its nine-month pre-tax loss widened to RM2.94 million as at Dec 31, 2011 from RM225,000 pre-tax loss in the same period in 2010.

Its revenue also declined to RM8.08 million from RM11.629 million previously, it said in a filing to Bursa Malaysia today.

Tricubes said the 1Malaysia email project and the appointment by the Royal Malaysian Police as the collection agent of traffic summons via automated teller machines and enquiry of summons through SMS, were expected to have a positive impact to the results in 2012 and subsequent years. -- Bernama



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Tricubes debuts RTD eservices on myemail

Tricubes Bhd, the enabler of the 1Malaysia email account, today announced the debut of two initial electronic services on www.myemail.my, based on the Road Transport Department's (RTD) driving licence and road tax reminder for myemail users.

In a statement today, its chief executive officer Khairun Mokhtar said myemail users, would receive reminders two weeks before their driving licence or road tax expired, with this new RTD eService.

"Reminders will be sent via email directly to the user's myemail inbox as well as via their smartphone for more convenience," he added.

The RTD reminders from myemail are digital versions of the same sent by the department via physical mail and is free.

Tricubes, which is listed on the ACE Market, is also currently working with Bursa Malaysia to facilitate the approval of its regularisation plan submitted on Dec 29, 2011. -- Bernama



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Tricubes: No progress in regularisation scheme

KUALA LUMPUR (Feb 3): TRICUBES BHD [], which was in the news in 2011 when it posted higher accumulated losses than earlier announced, said on Friday there was no progress in the scheme to regularise its condition.

“Tricubes wishes to announce that there is no development since that announcement (on Jan 3, 2012),” it said in its monthly report on the status of its plan to comply with the obligation to regularise its condition under Guidance Note 3 of the Bursa Malaysia Securities Bhd market listing rules.

At 12.30pm, its share price was up 0.5 sen to 17 sen.

In late December last year, Tricubes revealed its accumulated losses for the financial year ended March 31, 2011 was RM17.24 million and not RM7.3 million as stated in its 2011 Annual report.

Tricubes had said there were typo errors on the accumulated losses as stated in pages 49, 61 and 98 of the 2011 Annual Report.

The announcement by Tricubes followed an audit of its 2011 annual report which was submitted to Bursa on Sept 7.



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Tricubes bags RM6m contract, submits regularisation plan

KUALA LUMPUR: The developer of the 1Malaysia email service, Tricubes Bhd, yesterday said its 70%-owned unit had clinched a RM6 million job from the Home Ministry to provide maintenance service for two mobile management system used by the Royal Malaysian Police.

In an statement to Bursa Malaysia, Tricubes said the letter of award dated Dec 19 for the two-year project was given to Tricubes NCR JV Sdn Bhd. The contract, that would run through Dec 31, 2013, is for the provision of “preventive and corrective maintenance service” to the police department’s server enhanced mobile management system (EMMS) and mobile card acceptance device (MCAD) hardware and software.

The contract would positively boost earnings for the financial year ending March 31, 2012, Tricubes said. In November last year, the company secured a contract to handle the police’s collection of traffic summons and enquiries.

The Practice Note 17 (PN17) company had to date accumulated losses amounting to RM17.24 million. Tricubes submitted a plan to regularise its PN17 status to Bursa Securities on Dec 29, the company said in a separate statement yesterday.

Tricubes gained the spotlight last year after it was revealed that it would develop the 1Malaysia myemail service, which is expected to cost the group RM50 million in investments over 10 years. One of the main contentions to the project is that subscribers are expected to be charged 50 sen per email while additional charges would be imposed on added security features.

Tricubes shares, which hit a 52-week high of 45 sen on April 21, 2011, closed at 17.5 sen yesterday on thin trade.



This article appeared in The Edge Financial Daily, January 4, 2012.



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HDBSVR: Firmer Wall Street to boost Malaysian market sentiment

KUALA LUMPUR (Jan 4): Hwang DBS Vickers Research said on Wednesday Wall Street was off to a strong start in the New Year when key U.S. equity indices jumped between 1.5% and 1.7% last night.

It said apparently, investors’ confidence was boosted by expectations that the global manufacturing sector would show promising growth this year.

“The positive external vibes could give a lift to our Malaysian bourse today. Its benchmark FBM KLCI will probably recover all the losses suffered yesterday to rise towards the immediate resistance level of 1,530 ahead,” it said.

HDBSVR said stocks that may see action today include: (a) CI Holdings, after a local daily, quoting sources, reported that the company is looking to acquire a new business soon; (b) Bonia, following its acquisition of a German leather goods maker for RM13 million; and (c) Tricubes, which has just been awarded a government contract worth RM6 million.



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Tricubes bags RM6m PDRM job

Tricubes Bhd's 70 per cent-owned subsidiary TricubesNCR JV Sdn Bhd has accepted a letter of award from the Home Affairs Ministry to maintain the police force's Hardware and Software and Server Enhanced Mobile Management System (EMMS).

The award is valued at RM6 million, Tricubes said in a filing to Bursa Malaysia here today. The contract also includes maintaining the force's Mobile Card Acceptance Device (MCAD), both for a period of two years from Jan 1, 2012 to Dec 31, 2013.

The company said the award will contribute positively to the earnings and nets assets per share of the group from the financial year ending March 31, 2012 and is not expected to have any material effect on the gearing of the company. -- Bernama



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Tricubes’s 70% subsidiary gets RM6m police contract

KUALA LUMPUR (Jan 3): TRICUBES BHD []’s subsidiary has secured a RM6 million contract from the Home Ministry to provide the maintenance services for two mobile management systems used by the police.

It said on Tuesday its 70% owned TricubesNCR JV Sdn Bhd had accepted the letter of award for the maintenance of the hardware and software and server enhanced mobile management system and mobile card acceptance device.

“The award is valued at RM6 million for a period of two years commencing from Jan 1, 2012 to Dec 31, 2013,” it said.

The group incurred loss from operation of RM719,290 and the company incurred a net loss of RM3.13 million respectively for financial year ended March 31, 2011. As of that date, the group’s accumulated losses amounted to RM17.24 million.



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Tricubes active, down after revealing accumulated losses of RM17.24m

KUALA LUMPUR (Dec 29): TRICUBES BHD [] shares fell in active trade on Thursday after the company revealed that its accumulated losses for the financial year ended March 31, 2011 was RM17.24 million and not RM7.3 million as stated in its 2011 Annual report.

At 12.30pm, Tricubes fell 2,5 sen to 18.5 sen with 6.5 million shares traded.

Tricubes on Wednesday in a filing to Bursa Malaysia Securities Bhd had said there were typo errors on the accumulated losses as stated in pages 49, 61 and 98 of the 2011 Annual Report.

The announcement by Tricubes followed an audit of its 2011 annual report which was submitted to Bursa on Sept 7.

It said the accumulated losses of RM7,307,315 as stated in pages 49 and 61 in the report was erroneous as the group’s accumulated losses should instead be stated as RM17,240,012.

Meanwhile, the total accumulated losses-realised and accumulated loss as per financial statement of RM719,290 and RM3,129,562 for the group and company level as stated in page 98 should be stated as RM17,240,012 and RM8,508,652, respectively, it said.

The audited report said these conditions indicated the existence of material uncertainties which may cast doubt on the group’s and the company’s ability to continue as a going concern.

It said the ability of the group and the company to continue as going concerns depended upon the continuation of securing of the contracts and support of bankers, creditors and shareholders.

“Currently, the group has secured several contracts and is planning to secure additional contracts with various government agencies and commercial banks for its existing and newly developed products.

“The successfulness of securing new contracts relate to future events which cannot be determined with high degree of certainty at this point in time,” it said.

For the second quarter ended Sept 30, 2011, Tricubes’ net loss widened to RM1.87 million from net loss RM720,000 a year earlier, while revenue dropped to RM798,000 from RM1.06 million in 2010.

Tricubes came into the limelight in April this year after it was roped in to develop the 1 Malaysia email project, or myemail, which then was said to expect to save the federal government some RM200 million over ten years by reducing the cost of sending official correspondence to 50 sen each.

Subsequently, the company was also appointed as the traffic fines collection agent the police department in November.



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Tricubes falls on reporting yearly loss

Tricubes Bhd, a Malaysian software-products developer, fell to a one-week low in Kuala Lumpur trading after correcting its 2011 annual report to show a RM17.2 million annual loss.

The stock dropped 9.5 percent to 19 sen at 9:04 a.m. local time, set for its lowest close since Dec. 22. -- Bloomberg



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Is the penny stock party winding down like Harvest?

KUALA LUMPUR: Even as shares in designated Harvest Court Industries Bhd dipped 31% back to penny status yesterday, following the resignation of Mohd Nazifuddin Najib — son of Prime Minister Datuk Seri Najib Razak — from its board, market data showed the recent penny stock party may be winding down.

While Sumatec Resources Bhd, the 10th lower liner to be queried on unusual market activity (UMA) this month, topped yesterday’s most active list after 52% of its share base changed hands, it was the only penny stock among the top five active counters to end with a gain.

Compugates Holdings Bhd, DPS Resources Bhd, MMS Ventures Bhd and SYF Resources Bhd all ended the day between 2.91% and 43.18% lower. SYF and DPS had responded to an UMA query on Nov 14. At yesterday’s 16.5 sen close, DPS is down 47% from its recent high of 31 sen on Nov 14, but is still almost double the 9.5 sen a month ago.

While the total stock value done on the local bourse yesterday still indicated strong trading in penny stocks, the average value of shares traded of 82 sen had been steadily climbing for a fifth straight day after hitting an average low of 52 sen on Nov 15 — incidentally the day after Bursa Securities decided to impose that rare trading restriction on Harvest Court, which the regulator did in May 2006 on Iris Corp Bhd.

Similarly, the number of declining stocks had beaten the number of gainers for a sixth straight market day yesterday, stock market data showed.

Harvest Court lost 43.5 sen to close at its day low of 96.5 sen with 252,700 shares done yesterday. That’s more than half its high of RM2.14 on Nov 14, but still many times the 7.5 sen on Sept 27 before volume surged.

Sumatec, on the other hand, surged 7.5 sen or 36.6% to 28 sen — highest since April this year with over 112 million shares done. It was only at seven sen just a month ago.

Also closing with gains in active trade yesterday were lower liners GPRO Technologies Bhd, Karambunai Corp Bhd and Tricubes Bhd.

It remains to be seen for how long more penny stocks will continue dominating trading volumes.

Prior to this month, the local bourse last saw heavy trading of lower liners from mid-April to mid-June 2009, Bloomberg data showed. Seven stocks received UMA queries in June 2009. They were Measat Global Bhd, Transmile Group Bhd, Compugates Holdings Bhd, SAAG Consolidated Bhd, Equine Capital Bhd, Emico Holdings Bhd and Dataprep Holdings Bhd.

Bernama reported yesterday that Nazifuddin, who is still chairman of Sabah-based real estate developer Sagajuta Group, remains committed to Harvest Court despite his resignation from the board on Monday. He still owns a 2.2% stake in Harvest Court. It was also reported that Sagajuta managing director Datuk Raymond Chan still has 15.7% in Harvest Court.

In an interview published in a local daily yesterday, Chan said he and Nazifuddin would not exit Harvest Court anytime soon but intend to stick around for two to three years “to do genuine business”. He also said they are “comfortable” with their stakes, without committing to keeping their holdings or precluding them to buy or sell down their stakes.

Chan said Nazifuddin will focus on 1Green Enviro Sdn Bhd, while he handles the “many developments” within Sagajuta. He is not getting any government jobs.
“It is all private jobs,” Chan reportedly said.

Describing himself as “a young businessman trying to make a living”, 28-year-old Nazifuddin, who returned to Malaysia two years ago after a stint at a bank in Hong Kong, said he would “think twice about going back to the market” following the attention he received from the short-lived appointment at Harvest Court’s board. Chan reportedly has 30% of Sagajuta (Sabah) Sdn Bhd and Nazifuddin a 10% stake.


This article appeared in The Edge Financial Daily, November 23, 2011.



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Penny stocks remain on investors’ radar

KUALA LUMPUR: The average price of a stock traded on the local bourse has fallen by 30% in the past month as retail investors have veered towards penny stocks over blue chips, driven by the prospect of a quick gain.

“Some of these investors are not there for the long term and they don’t look at the dividends or returns these stocks are distributing, which may be measly. They’re in for the buy and sell,” said a market observer.

Data from Bursa Malaysia indicated that the average price of a share traded on the market has fallen to 83 sen in the first week of November from RM1.17 in the previous month and RM1.70 in the middle of the year.

Penny stocks that have been in the spotlight are DPS Resources Bhd, Tricubes Bhd and Harvest Court Industries Bhd, whose prices have shown some volatility in a limited period of time.

Securities Commission (SC) chairman Tan Sri Zarinah Anwar last week cautioned investors against penny stocks whose prices have soared despite the lack of any substantial developments.

“I would like to remind investors that they have to exercise caution and make informed investment decisions. Everybody has a role to play in terms of ensuring fair and orderly trading in the market,” she said.




Bursa Malaysia had suspended trading in the shares and warrants of Harvest Court, which were declared as designated securities.

“The decision to designate the securities of Harvest Court and its warrants is due to excessive speculation observed in their trading and has been taken in the interest of ensuring a fair and orderly market,” said the local bourse.

One market observer indicated that the trend of investors preferring penny stocks may stabilise over the long term as attention returns to the fundamentals of each stock.

“For many investors, the earnings generated by a company and the dividend rate for its shareholders remain important. Moreover, some of these penny stocks may be illiquid despite their small unit size and their market capitalisation may limit certain growth opportunities,” he said.

DPS closed two sen or 7.7% lower at 24 sen with 44.26 million shares yesterday, after reaching more than a three-year closing high of 31 sen on Monday.

The stock reached an intraday high of 40.5 sen on Tuesday. Investors who bought at that level would have lost 40%.

Harvest Court hit limit down for the second consecutive day after trading resumed following its designated status.

The stock lost 45 sen or 30.2% to close at RM1.04 on a volume of 3.37 million shares.

While the stock is still up substantially from under 10 sen about a month ago, it has also halved from its recent peak of RM2.14 on Nov 14.

Tricubes closed 2.5 sen or 9.6% lower at 23.5 sen with 18.09 million shares traded. The stock surged 9.5 sen or 57.8% from 16.5 sen to 26 sen on Wednesday after announcing that it had secured a contract from Polis DiRaja Malaysia to handle the payment of and enquiries about traffic summonses.


This article appeared in The Edge Financial Daily, November 18, 2011.



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Tricubes to collect summonses for PDRM, stock surges 58%

KUALA LUMPUR: Tricubes Bhd, which manages the 1Malaysia email, announced yesterday it had secured a contract from Polis Diraja Malaysia (PDRM) to handle the payment of and enquiries about traffic summonses, leading to a surge in its stock price.

The group, which provides identity authentication technology, said it had received a letter of award from the police force appointing it as the collection agent of traffic summonses via automated teller machines and for enquiries about summonses through the short messaging system.

Subsequently, the group’s share price jumped to its highest in six months by 75.8% to 29 sen, from its previous close of 17.5 sen.

The stock ended the day at 26 sen, up 9.5 sen or 57.8% with a hefty 64.4 million shares changing hands. It was also the fourth most active stock on Bursa Malaysia.

Tricubes also announced that one of the company’s directors and major shareholder Khairun Zainal Mokhtar had requested to trade the company’s securities during the closed period.

Tricubes is currently under a closed period, pending an announcement of its financial results for the second quarter ended Sept 30, 2011.


This article appeared in The Edge Financial Daily, November 17, 2011.



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KL shares open lower

Share prices on Bursa Malaysia started the trading day on a weaker note, tracking the bearish Wall Street market on Wednesday, and as investors globally remained cautious over the impact of the European debt woes on the economy, dealers said.

Eighteen minutes after the opening, the FTSE Bursa Malaysia (FBM KLCI) slipped 6.13 points to 1,470.71 with losses mostly seen in Sime Darby. Earlier, the benchmark index opened 1.32 points lower at 1,475.54.

The Finance Index declined 33.069 points to 13,138.86, the Plantation Index eased 5.67 points to 7,681.82 and the Industrial Index slipped 8.93 points to 2,709.82.

The FBM Emas Index dropped 31.71 points to 10,088.11, the FBM Mid 70 Index was 19.87 points lower at 11,015.46 and the FBM ACE Index decreased 13.95 points to 4,232.12.

Decliners led advancers 163 to 90 while 134 counters were unchanged, 1,094 untraded and 32 others were suspended. Turnover stood at 149.163 million shares valued at RM71.428 million.

HWANGDBS Vickers Research, in its note today, said major US equity indices plunged between 1.6 per cent and 1.7 per cent at the closing bell partly on fears that American banks could be hit by the spreading eurozone sovereign debt crisis.

Consequently, Asian equities will likely suffer from the spillover effects today, it said. "Back home, the benchmark FBM KLCI is expected to drop below its immediate support level of 1,475, possibly falling towards the next support line of 1,445 ahead," it added.

Actives, Compugates was unchanged at eight sen, TMC Life Sciences shed two sen to 47.5 sen and Tricubes edged up half-a-sen to 26.5 sen.

For heavyweights, Maybank slipped two sen to RM8.37, Sime Darby lost 11 sen to RM8.82, CIMB shed seven sen RM6.99 and Petronas Chemicals dropped six sen to RM6.15. -- Bernama



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HDBSVR sees KLCI falling below 1,475

KUALA LUMPUR (Nov 17): Hwang DBS Vickers Research (HDBSVR) said the benchmark FBM KLCI is expected to drop below its immediate support level of 1,475, possibly falling towards the next support line of 1,445 ahead.

It said on Thursday that sentiment would be impacted after the overnight fall on Wall Street. Major U.S. equity indices plunged between 1.6% and 1.7% at the closing bell partly on fears that American banks could be hit by the spreading eurozone sovereign debt crisis.

“Consequently, Asian equities will likely suffer from the spillover effects today,” it said.

HDBSVR said against the weak market backdrop, the share price and warrant price of Harvest Court should tumble further on Thursday after hitting limit down on Wednesday.

“And it remains to be seen whether the selling momentum will affect other penny stocks still sitting on huge gains such as DPS Resources, Federal Furniture and Tricubes.

“Meanwhile, Tanjung Offshore shares may come under pressures too following the release of a set of poor financial results last evening,” it said.



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Tricubes jump 48.5% on police nod for summons contract

KUALA LUMPUR (Nov 16): Shares of TRICUBES BHD [] jumped 48.5% to 24.5 sen on Wednesday after it confirmed getting government approval as a collection agent for the police for traffic summons.

At 3.02pm, it was up eight sen to 24.5 sen. It was actively traded with 40.91 million shares transacted.

At the midday break, Tricubes announced it had secured a contract from the Malaysian police to handle the traffic summons and enquiries.

It had received a letter of award from the police appointing it as the collection agent of traffic summons via the automated teller machines and also enquiry of traffic summons through the short messaging services.



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Tricubes appointed summons collection agent

Tricubes Bhd said today it received a letter of award on Tuesday from the Royal Malaysia Police appointing it as the collection agent for traffic summonses via Automated Teller Machines (ATMs) and enquiries about traffic summonses through short message service (SMS).

Tricube made the announcement to Bursa Malaysia today. -- Bernama



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Tricubes secures police contract for traffic summons

KUALA LUMPUR (Nov 16): TRICUBES BHD [] has secured a contract from the Malaysian police to handle the traffic summons and enquiries.

It said on Wednesday it had received a letter of award from the police appointing as the collection agent of traffic summons via the automated teller machines and also enquiry of traffic summons through the short messaging services.



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KL shares open marginally higher

Share prices on Bursa Malaysia rebounded in early trading today, taking the cue from better Wall Street performance, dealers said.

The market expected the European leaders would find solutions to cushion the impact of the European debt woes, they said.

Fifty-nine minutes after the market opened, the FTSE Bursa Malaysia (FBM KLCI) rose 4.54 points to 1,481.76, pushed up by gains mostly seen in Maybank.

The Finance Index jumped 79.899 points to 13,219.34, the Plantation Index rose 23.87 points to 7,658.71 and the Industrial Index gained 9.83 points to 2,725.15.

The FBM Emas Index surged 32.57 points to 10,152.88, the FBM Mid 70 Index advanced 42.851 points to 11,064.24 and the FBM ACE Index perked 44.85 points to 4,316.28.

Gainers led losers by 306 to 162 while 236 counters were unchanged, 777 untraded and 26 others suspended. Turnover stood at 600.618 million shares worth RM290.468 million.

Actives, Tiger Synergy edged up half a sen to 14 sen, AsiaEP earned one sen to 10.5 sen and Tricubes added eight sen to 24.5 sen.

For heavyweights, Maybank gained 17 sen to RM8.44, Sime Darby added seven sen to RM8.98, CIMB up two sen to RM7.12, while Petronas Chemicals slipped 11 sen to RM6.29. -- Bernama



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Stocks to watch: MMHE, Lingui, Yeo Hiap Seng, ARK

KUALA LUMPUR (Nov 4): Markets are expected to continue to stay cautious on Friday as they await a resolution to the Greece crisis.

The eurozone bailout hangs in the balance following Greece's decision to hold a referendum on the plan in December.

But the prospect that the Greek government might collapse, delaying the referendum, raised hopes that the bail out might go ahead after all, Reuters reported.

However, the uncertainty will continue to push investors to sidelines.

Among the stocks to watch on Friday are Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE), Lingui Developments Bhd, Yeo Hiap Seng (Malaysia) Bhd, ARK RESOURCES BHD [] and TOMYPAK HOLDINGS BHD [].

MMHE secured a RM1.4 billion contract to build an offshore platform deck and two inter-platform bridges. Its unit Malaysia Marine and Heavy Engineering Sdn Bhd had signed a contract with ExxonMobil Exploration and Production Malaysia Inc. which was part of the Tapis enhanced oil recovery project.

Lingui posted net loss of RM28.06 million in the first quarter ended Sept 30, 2011 versus net profit of RM39 million a year ago as it was adversely affected by losses in fair value of biological assets.

Its that revenue increased by 19.1% to RM435.01 million from RM365.05 million. Loss per share was 4.25 sen compared with earnings per share of 5.91 sen. Operating profit was RM19.46 million compared with RM9.59 million a year ago.

“The group recognised a loss from changes in fair value of biological assets of RM25.9 million as the softwood log prices soften at the end of financial quarter under review compared to immediate preceding financial quarter,” it said.

Yeo Hiap Seng’s earnings rose 104% to RM8.27 million in the third quarter ended Sept 30 from RM4.05 million a year, as it benefited from better sales, less bad debts write off and gain on disposal of machinery.

Its revenue increased by 26.5% to RM147.12 million from RM116.27 million as sales for Malaysia, Indonesia and Singapore including the export market grew by 18%, 368% and 8% respectively.

Tomypak Holdings Bhd's earnings rose 12.21% to RM3.40 million for the quarter ended Sept 30, 2011 from RM3.03 million a year ago, due to higher sales. Its revenue increased 25.8% to RM54.73 million from RM43.49 million. Earnings per share were 3.14 sen compared with 2.80 sen. The group announced dividends of 1.50 sen compared to 1.40 sen a year ago.

ARK Resources Bhd will be uplifted from the Practice Note 17 with effect from Friday after it had regularised its financial condition.

Bursa Malaysia Securities Bhd has deferred the decision to suspend and delist the securities of TRICUBES BHD [].

Bursa Securities defers delisting of Tricubes

KUALA LUMPUR (Nov 3): Bursa Malaysia Securities Bhd has deferred the decision to suspend and delist the securities of TRICUBES BHD [].

The stock exchange said on Thursday the deferment was made after the company submitted an application for more time to submit its regularisation plan.

At midday, the share price was up 0.5 sen to 16 sen.