What are the recent news and announcements related to YTL Corporation?

Here are some recent news and announcements related to YTL Corporation:

1. Sixfold Rise in Quarterly Profit: YTL reported a sixfold increase in its second-quarter profit, leading to a 8.8% rise in its share price. The company's net profit for the three months ended December was MYR589.2 million, up sharply from MYR96.9 million a year earlier. Quarterly revenue rose 14% to MYR7.53 billion. CGS-CIMB raised its fiscal 2024-2026 earnings-per-share forecasts for YTL by 2%-57% after the results, citing higher expected utility and construction earnings as more infrastructure projects are rolled out. The brokerage also increased the target price on the stock to MYR3.00 from MYR2.13 and maintained an add rating. Analyst Chong Tjen-San said in a note that the infrastructure conglomerate maintained a balanced exposure and could serve as a proxy for Malaysia's benchmark Kuala Lumpur Composite Index and the MSCI Malaysia Index. MIDF Research kept a buy rating on the stock but raised the target price to MYR2.27 from MYR1.78, saying it is bullish on the earnings outlook for YTL's power and building-material units. The company's utilities unit has seen robust earnings due to stronger overseas operations and a collaboration with chip giant Nvidia on an artificial intelligence infrastructure project.
2. Bonus Issue and Acquisitions Plans: YTL has proposed a bonus issue of up to 2.27 billion warrants, offering one warrant for every five existing shares held by its shareholders. The warrants, which will be issued at no cost to shareholders, have an exercise price of MYR 1.50 per warrant, representing a 44% discount to the five-day volume weighted average price of YTL Corp's shares, which stands at MYR 2.661. Shareholders will have the flexibility to decide when to exercise their warrants during the three-year tenure, benefiting from potential future growth in the company. YTL Corp. has proposed a bonus issue of up to 2.27 billion warrants, offering one warrant for every five existing shares held by its shareholders. The warrants, which will be issued at no cost to shareholders, have an exercise price of MYR 1.50 per warrant — a 44% discount to the five-day volume weighted average price of YTL Corp's shares, which stands at MYR 2.661. Shareholders will have the flexibility to decide when to exercise their warrants during the three-year tenure, benefiting from potential future growth in the company. While the bonus issue does not raise immediate funds, it provides YTL Corp. with the potential to secure up to MYR 3.4 billion in gross proceeds if the warrants are fully exercised. These funds will be used to repay borrowings, particularly the MYR 46 billion in total borrowings the company had as of September 2024, which includes capital raised for acquisitions, investments, and operational needs. In addition, the proceeds will support YTL Corp's future projects, acquisitions, and investments, including potential ventures in its core business areas such as utilities, construction, and property development.
3. Revenues Disappoint but Net Income Soars: For the full year 2024, YTL Corporation Berhad reported revenues of RM30.5 billion, representing a 3.1% increase from the previous year. Despite the revenue miss, net income soared by 96% to RM2.14 billion, with a profit margin of 7.0%, up from 3.7% in 2023. Earnings per share (EPS) were RM0.20, up from RM0.10 in 2023. However, quarterly revenue rose 14% to MYR7.53 billion, and net income increased by 20% to RM496.2 million in Q3 2024, with a profit margin of 6.9%.
4. Shares Rise After Anticorruption Agency Clears Subsidiary: YTL Power International shares rose sharply after Malaysia's anticorruption agency cleared a company subsidiary of wrongdoing. Shares in the Malaysia-listed company jumped as much as 8.2% and were recently 6.6% higher at 3.90 ringgit, equivalent to 87 U.S. cents, bringing year-to-date gains to 54%. Shares of parent company YTL Corp. also advanced, rising by as much as 9.3% in Thursday morning trade. YTL Power International said late Wednesday in a bourse filing that the company received confirmation from the Malaysian Anti-Corruption Commission that the agency won't file any charges against unit YTL Communications after completing an investigation. In September, YTL Power said YTL Communications was questioned by the MACC regarding a project awarded in 2011. The investigation was related to the education ministry's award of a contract to YTL Communications to equip schools with high-speed internet, it said.
5. Significant Share Price Appreciation: YTL Corporation Berhad has seen a substantial increase in its share price, with a 236% rise over the past three years. This long-term growth is a testament to the company's successful business strategy and financial performance. The company's earnings per share (EPS) has also improved significantly, reflecting enhanced profitability.

These recent developments highlight YTL Corporation's strong financial performance, strategic initiatives, and positive market sentiment, which are likely to support the company's continued growth and success in the future.