YNH bucks property index drop ahead of 1Q report

KUALA LUMPUR (June 17): YNH Property Bhd's share price climbed as much as 18 sen or 5.63% to RM3.38 so far today, albeit in thin trades, ahead of the company's first quarter financial results annnouncement this month.

At 10:36am, YNH shares pared gains at RM3.30 with some 14,000 shares traded. At RM3.30, the group is valued at RM1.74 billion.

At a glance, YNH is among a few property stocks which bucked the decline in Bursa Malaysia's 94-company property index.

At 10:30am, the index dropped 3.14 points or 0.49% to 638.94.

Among the index's 94 companies, 26 registered a drop in their share prices compared to nine gainers. A total of 59 stocks were unchanged.

On May 18 this year, YNH said in a Bursa filing that preparation of YNH's quarterly report for first quarter ended March 31, 2020 was affected by Malaysia's movement control order (MCO) and conditional MCO (CMCO) to curb the spread of the Covid-19 pandemic.

"Following the announcement by Bursa on the extension of time of up till June 30, 2020 for the release of quarterly report which is due by May 31, 2020, the company will utilise this extension of time granted by Bursa and will ensure that its quarterly report is issued latest by June 30, 2020 as granted by Bursa," YNH said.

For financial year ended Dec 31, 2019, YNH's net profit jumped to RM42.17 million from RM15.61 million a year earlier while its latest reported net assets per share stood at RM2.20.

Malaysia's MCO, which was initially scheduled between March 18 and 31, requires non-essential businesses to stop operations, while the public was ordered to stay at home to curb the Covid-19 outbreak.

On March 25, Prime Minister Tan Sri Muhyiddin Yassin said the government decided to extend the MCO until April 14, because updates from the National Security Council and Health Ministry indicated an increase in Covid-19 cases.

On April 10, Muhyiddin said the government was extending the MCO until April 28.

On April 23, Muhyiddin said the MCO would be extended for another two weeks until May 12.

On May 4, news reports quoting Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob indicated regulations under phase four of the MCO were null and void with the commencement of the CMCO or phase five of the MCO.

On May 10, Muhyiddin said the CMCO would be extended to June 9.

On June 7, Muhyiddin said the CMCO scheduled to expire on June 9, will be replaced with the recovery movement control order (RMCO) beginning June 10 until Aug 31.

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