Latest news with #RM32mil
The Star
21-07-2025
- Business
- The Star
Stronger bottom line forecast for Northeast in second half of FY25
PETALING JAYA: Northeast Group Bhd, a manufacturer of precision mechanical components, may see stronger profits in the second half of its financial year 2025, ending Sept 30 (2H25), on the back of resilient orders from its photonics segment, analysts say. UOB Kay Hian Research (UOBKH Research) forecasts sequentially better quarters ahead for the Penang-based company, with a 2H25 core net profit ranging between RM9.5mil and RM10.5mil. The research house also raised Northeast's earnings estimates for FY26 by 24% as a result of higher order assumptions on a better product mix. 'We expect FY26 revenue and net profit to improve by 31% and 52%, respectively, on the back of a cyclical recovery and growing relevance in its customers' technological advancement.' The research house also highlighted Northeast's expansion pipelines over the next three years, which could double its capacity, and that the stock continues to enjoy a good valuation. 'Despite a 91% share price surge since April 25, Northeast's valuation remains attractive, underpinned by improved visibility from key customers' onshoring activities. 'At 18 times FY26's price-to-earnings ratio, it continues to stand out as one of the most undervalued integrated engineering solution providers,' UOBKH Research said. A resilient growth outlook, inelastic demand despite policy headwinds, and recovering momentum across key segments further strengthen the investment case for Northeast. Northeast specialises in the manufacturing of precision engineering components used in the electrical and electronics, optoelectronics, photonics, semiconductor and telecommunications industries. Its open order book stands at around RM32mil, accompanied by a replenishment rate of about RM10mil per month, underscoring robust underlying demand. In FY23, Northeast maintained decent margins despite operating at a utilisation rate of 65% to 73% and an industry downturn that saw its revenue and net profit drop by 35% and 51%, respectively, owing to high manufacturing yields and strategic portfolio exposure. Moving forward, UOBKH Research anticipates improved utilisation and a positive upside arising from the group's enhanced capabilities involving cleanroom services and the booming demand for new cellular networks. UOBKH Research has maintained its 'buy' call on Northeast with a target price of 89 sen, up from 72 sen. Northeast's shares closed at 66 sen yesterday.
The Star
03-07-2025
- Business
- The Star
Highway graft probe: 61 witnesses called up so far, says Azam Baki
KOTA BARU: The Malaysian Anti-Corruption Commission (MACC) has called up 61 witnesses so far to assist in the investigation into the Maju Expressway (MEX II) extension project. MACC chief commissioner Tan Sri Azam Baki confirmed the matter and said all the witnesses in question had been called recently. He said the amount of property seized involving a Tan Sri also remained the same as previously announced. "I have given my officers a maximum of two months to complete the investigation papers for this case and I believe that the investigation papers will be completed in less than two months to be submitted to the DPP (Deputy Public Prosecutor)," he said. Azam said this at a press conference after witnessing the handover ceremony of the new Kelantan MACC director Azmin Yusoff and the former director, Rosli Husain, here Thursday (July 3). On May 29, various assets including luxury vehicles, jewellery, designer handbags and cash worth RM32mil were seized from a Tan Sri who is being investigated by the MACC over false claims and misuse of loan bonds for the construction of a highway in the Klang Valley. According to sources, all the luxury items were seized by MACC Investigation Division investigating officers after raiding two of the Tan Sri's residences located in the capital. The 18km MEX II Highway project began construction in 2016 and was supposed to be completed in December 2019. It is planned to connect Putrajaya to the KL International Airport (KLIA). Last month, Works Minister Alexander Nanta Linggi was reported to have said the government was working with all stakeholders to resolve the delay in MEX II, which was allegedly stalled due to financial problems. - Bernama
The Star
25-06-2025
- Business
- The Star
Funds converted to crypto
Cracking down on corruption: Azam (fourth from left) giving a press conference at MACC headquarters in Putrajaya. — KAMARUL ARIFFIN PUTRAJAYA: Sukuk funds at the centre of an embezzlement probe involving a 'Tan Sri' were partly converted into digital currency, says Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki. He said investigations revealed the amount came up to about RM11mil. 'We detected these transfers from the sukuk funds into digital currency, amounting to roughly RM11mil. 'The money is also believed to have been used to cover expenses,' he told a press conference yesterday. When asked for details about the sukuk funds being used for gambling, Azam said he could not provide further details. 'It could have been used in casinos but I can't go into details because I myself don't play so I wouldn't know,' he said in jest. He said investigations should be completed within two months, with an outcome possibly even before that. Previously, it was reported that the MACC seized various assets including handbags, jewellery, luxury vehicles, watches, cash and a luxury residence, estimated at about RM32mil, believed to belong to a highway concessionaire with the title Tan Sri. Investigations also led to the seizure of premium alcoholic beverages valued at RM3mil, and that around RM20mil in sukuk funds were used for gambling. On another matter, Azam said they are investigating the possibility that parts of government-injected funds into Sapura Energy were misappropriated by a high-ranking official. He noted that they are examining assets owned by the official involved, including two homes valued at RM5.5mil. 'Investigations are ongoing into whether some RM12mil was misappropriated. We will focus on 2018, as during that time, Permodalan Nasional Berhad made an injection (of funds) into Sapura Energy,' he said. In a related case involving the same company, Azam said that investigations into alleged bribes of US$3.3mil received from a foreign-based company could take time due to foreign legal jurisdictions. Azam also said a non-governmental organisation in Melaka is under investigation for allegedly misusing RM26mil in public donations. Its group chairman, secretary, treasurer and finance manager have since been arrested. Azam said the money was contributed by the public for humanitarian relief efforts. 'The main suspect is the chairman, who has just been released from remand. Investigations are ongoing,' he said, adding that most of the funds were reportedly spent on personal expenditures and purchasing assets like land and buildings.
The Star
16-06-2025
- The Star
MACC to record statement from Tan Sri over sukuk funds
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) will conduct another statement recording session with an individual holding the title Tan Sri, regarding the embezzlement of sukuk funds. The statement will be recorded on Thursday (June 19) at around 9am at the Tan Sri's residence in Sungai Besi. Chief Commissioner Tan Sri Azam Baki confirmed the matter. Previously, the MACC seized various assets, including handbags, jewellery, luxury vehicles, watches, cash, and a luxury residence. These assets, estimated at approximately RM32mil, are believed to belong to a highway concessionaire with the title Tan Sri.
The Star
11-06-2025
- The Star
Sukuk misuse case: Tan Sri quizzed by MACC for six hours
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) on Wednesday (June 11) recorded the statement of an individual with the title "Tan Sri' for six hours in connection with the investigation into the alleged misappropriation of sukuk funds for the construction of a highway in the Klang Valley. MACC Chief Commissioner Tan Sri Azam Baki said the process of recording the statement, which began at about 9am, ended at 3pm and will continue tomorrow. He said that due to the Tan Sri's health condition, the process of recording the statement was conducted at his house in the Klang Valley. "So far, MACC has recorded statements from 52 witnesses, including the Tan Sri and his family same process will continue tomorrow,' Azam said when contacted today. Meanwhile, it was reported that the MACC also conducted a raid at the Tan Sri's residence in Melaka, but nothing was seized or confiscated. Previously, it was reported that the MACC seized various assets, including handbags, jewellery, luxury vehicles, watches, cash, and a luxury residence, estimated at approximately RM32mil, believed to belong to a highway concessionaire with the title Tan Sri. - Bernama
