Dagang Nexchange (DNeX) (former Time Engineering)

Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Tue Nov 11, 2014 7:32 am

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Dagang Nexchange’s 9M net profit rose 230% to RM8 mil

KUALA LUMPUR (Nov 10): Dagang Nexchange Bhd ( Financial Dashboard)’s (DNeX) net profit soared to RM2.44 million or 0.31 sen a share for its third quarter ended Sept 30, 2014, as compared to RM90,000 in the same quarter the year before.

Revenue for the quarter under review was up 7% year-on-year (y-o-y) at RM21.67 million, from RM20.23 million a year earlier.

For the cumulative nine month period to Sept 30, net profit more than tripled to RM7.95 million or 1.03 sen a share from RM2.41 million, while revenue fell to RM60.86 million from RM65.68 million previously.

“DNeX’s continued improved performance was a result of an increase in its trade facilitation business, and adoption and implementation of management processes, and operational efficiency in all areas of business,” said executive deputy chairman Datuk Samsul Husin in a press release.

DNeX recently launched a centralised online trade financing service, myTrade2Cash, via a collaboration with Maybank ( Financial Dashboard).

“Targeted at exporters namely small and medium enterprises (SMEs), myTrade2Cash is expected to streamline, simplify and improve access to trade finance for exporter SMEs,” said Datuk Samsul.

Going forward, the company said customers can expect more new e-commerce services from DNeX in the future.

The counter closed 1 sen or 2.63% lower at 37 sen, translating to a market capitalisation of RM286.84 million.

Source: The Edge
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Re: Dagang Nexchange (DNeX)

Postby winston » Fri Dec 12, 2014 5:08 am

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Information communication technology company Dagang Nexchange Bhd (DNex) is seeking to diversify into energy and power generation business.

It told Bursa it has entered into a share sale and purchase agreement (SPA) with the one of the directors of Forward Energy Sdn Bhd (FESB), Datuk Azmi Abdullah, for the proposed acquisition of 1.53 million shares in FESB for RM1.53 million.

The block of shares it plans to acquire represents 51% of the issued and paid up capital of FESB, and that the acquisition will be fully-funded by its internally-generated funds, said DNex.

FESB has equity interests in various companies involved in power plant, engineering and energy related businesses, specially in the area of Independent Power Producer (IPP) in Malaysia and internationally.

It was incorporated in 2003, as a private limited company. Azmi is one of its directors, together with Datin Zarinah Md Shariff and Yap Jin Meng.

On completion of the proposed acquisition, DNex said FESB will become a 51% subsidiary of the group. The remaining 49% stake will be held by Azmi (10%), Zarinah (32%) and Yap (7%).

The acquisition should be completed by the first quarter of next year (2015), said DNex. It also expects the acquisition to contribute positively to the group's future earnings.

Its counter slipped 1 sen or 3.77% to close at 25.5 sen today, giving it a market capitalisation of RM197.69 million.

Source: The Edge
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Re: Dagang Nexchange (DNeX)

Postby sschong92 » Sun May 17, 2015 7:26 pm

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Dagang NeXchange Bhd (DNeX) saw its net profit dropped 76% on-year to RM470,000 or 0.06 sen per share for its first quarter ended March 31, 2015 (1QFY15), from RM1.94 million or 0.25 sen previously, after a one-off voluntary separation scheme (VSS) payment of RM5.55 million.

DNeX (fundamental: 2.6; valuation: 0.2)’s revenue climbed 18% on-year to RM21.99 million in 1QFY15, from RM18.60 million, on growth in its business-to-government (B2G) business and progress billing for the provision of professional services for the implementation of the goods and services tax (GST) integrated logistic portal.

Going forward, the group expects to post positive results for its current financial year ending Dec 31, 2015 (FY15), as it leverages on its trade facilitation business.

Source: The Edge
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Re: Dagang Nexchange (DNeX)

Postby winston » Sun Jun 07, 2015 10:44 am

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DAGANG NEXCHANGE BHD By Yvonne Tan

Current stock price: 26.5 sen

E-COMMERCE service provider Dagang NeXchange Bhd (DNeX) which has since ventured into the energy and oil and gas industries for long-term investment purposes has a few things going for it, including potential contracts and a possible private placement to a group of investors.

This year, the company, formerly known as Time Engineering Bhd, will go full steam ahead to get business, riding on its relationship with the newly-launched Pan Asia e-commerce Alliance to expand on its end-to-end, comprehensive e-commerce services for trade facilitation here and regionally.

The alliance is a collaboration between 11 customs service providers within the Asian region.

In the medium to longer-term, DNeX expects its proposed acquisition of a 51% stake in Forward Energy Sdn Bhd (FESB) and the entire equity interest of OGPC Sdn Bhd and OGPC O&G Sdn Bhd, a provider of equipment and services for oil and gas, petrochemical and power industries to contribute to the group.

Acquired by accounting software firm Censof Bhd in 2013, DNeX returned to the black in the financial year ended Dec 31, 2014, turning in a net profit of RM12.2mil against a net loss of RM6mil for the same period a year earlier helped by the provision of professional services for the implementation of GST integrated logistics portals.

Notably, Censof, its parent company is quite dependant on government contracts and counts over 100 key government-related agencies and ministries as its clients.

DNeX shares are trading at a trailing 12-month price-to-earnings ratio of about 18.66 times.

At the current price of 26.5 sen, it is also trading at a 37% discount to its recent high of 42 sen reached in November last year.
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Re: Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Wed Sep 21, 2016 8:48 am

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DNeX’s Customs e-commerce service contract extended

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Dagang NeXchange Bhd’s (DNeX) appointment as the exclusive operator of National Single Window (NSW) for Trade Facilitation -- which involves facilitating Customs-related electronic transactions and duty payments -- has been extended for another two years.

In a filing with the stock exchange, the e-commerce services provider said its wholly-owned subsidiary Dagang Net Technologies Sdn Bhd had on Tuesday accepted the award of contract extension by the Government from Sept 25, 2016 until Sept 24, 2018.

Dagang Net was appointed by the Government to develop, manage and operate the NSW for Trade Facilitation system for five years from Sept 25, 2009. In April 2014 the contract was extended for two years from Sept 25, 2014, to Sept 24, 2016.

The service charge imposed again remains unchanged: 75 sen per kilobyte for government agencies and 80 sen per kilobyte for the private sector.

Last year Dagang Net was appointed by the Customs Department as the uCustoms service provider. uCustoms, to be completed in phases until 2017, is a fully integrated solution that delivers Single window for goods clearance.

Source: The Star

http://www.thestar.com.my/business/busi ... -extended/
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Re: Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Fri Sep 30, 2016 8:56 am

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Dagang Nexchange trading at deep discount to IT, oil providers

KUALA LUMPUR: CIMB Equities Research has initiated coverage of information technology (IT) company Dagang Nexchange Bhd (formerly Time Engineering Bhd) which is moving into the oil and gas (O&G) sector.

It said on Friday DNeX does not have any direct competitors, given its unique exposure in the IT and O&G sectors.

“However, we see My EG, Prestariang and Datasonic as proxies for the local IT sector. We deem KNM, Wah Seong and Uzma comparable peers in the oil and gas space.

Its FY17F P/E (based on Bloomberg consensus) is at a deep 66%-75% discount to IT providers and 28%-48% discount to (O&G) players,” it said.

To recap, DNeX is the single exclusive operator of the National Single Window (NSW) platform, providing trade facilitation services to the Customs Department for over 25 years.

The company was awarded an RM45mil contract to install the first phase of the Vehicle Entry Program (VEP) at the Malaysia-Singapore border in Johor this year.

The government plans to implement the VEP project at the other 12 road entry points in Malaysia in stages. The second phase will cover Malaysia’s border with Thailand and the third phase, the Malaysian borders with Brunei and Indonesia. There is also potential for a recurring annual maintenance contract with regards to the VEP system.

NSW services contributed the bulk of its earnings in FY12-15. In September 2016, the government awarded DNeX a two-year extension on its contract as the exclusive operator of NSW.

CIMB Research said DNeX has embarked on a new O&G venture, after completing the acquisition of OGPC for RM170mil in 3Q16.

OGPC reported average annual net profit of RM20mil in 2012-2015. DNeX was the only local service provider awarded a 3-year drilling and services contract by Petronas Carigali in 2Q16.

DNeX hired a new management team in 2014, led by managing director Zainal Abidin Jalil, who has many years’ experience in the upstream O&G industry and power generation utilities.

DNeX invested US$10mil (RM40mil) to acquire a 30% stake in Ping Petroleum (Ping), an independent upstream service provider with a 50% stake in the producing Anasuria cluster, North Sea.

“The investment amount implies a low entry cost of below US$2 per barrel (historical average for comparable transactions). Management expects annual associate profit contribution of RM18m, based on mid-US$40s per barrel crude oil price.

“Based on Bloomberg consensus estimates, DNeX trades at forward FY17F P/E of 6 times, more than 0.5 standard deviation below its historical mean of 10 times. Consensus expects strong earnings delivery in FY16-17F, which implies a staggering FY15-17F net profit CAGR of 88%.

“This is likely based on management’s guidance of RM70mil to RM80mil net profit in FY17F, driven by strong earnings from O&G and VEP projects,” it said.

Source: The Star

http://www.thestar.com.my/business/busi ... providers/
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Re: Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Mon Feb 20, 2017 3:09 pm

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DNeX active, jumps 7.46% on Home Ministry eWork Permit job

By Syahirah Syed Jaafar

KUALA LUMPUR (Feb 20): Shares of Dagang Nexchange Bhd (DNeX) jumped 7.46% this morning after the company made a series of announcements last week which included its appointment as the service provider for the home ministry's eWork Permit System as well as the project consultant of vehicle entry permit system for the Thailand-Malaysia border.

At 10.25am, DNeX rose 2.5 sen to 36 sen with 50.24 million shares traded.

In a statement by DNeX on Thursday, the company said its indirect subsidiary MyCall Gateway Sdn Bhd has been appointed as the service provider for the home ministry's eWork Permit System.

Under the contract, DNeX will provide consultancy, advice and services as the system's technology partner and solution provider for the rehiring programme of illegal foreign workers undertaken by Bukti Megah Sdn Bhd.

Similarly, DNeX had also been appointed the exclusive project consultant for the road charge vehicle entry permit (RC VEP) system for the Thailand-Malaysia border and any other borders to Thailand.

Source: The Edge

http://www.theedgemarkets.com/my/articl ... permit-job
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Re: Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Mon Mar 20, 2017 11:00 am

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DNeX to reap fruits of diversification

By Ahmad Naqib Idris

KUALA LUMPUR: Dagang NeXchange Bhd (DNeX) has made significant progress since the IT & e-services solutions provider set out to diversify its earnings base, pressured by the impending expiry of its concession with the Royal Malaysian Customs Department to operate and maintain the National Single Window (NSW) ecosystem.

The NSW — a one-stop trade facilitation system — has been the bread and butter for DNeX since its launch in 2009.

The system is slated to be replaced by the Royal Malaysian Customs’ Ubiquitous Customs (uCustoms) system in September next year.

“Our revenue is expected to be down by 30% to 40% when the NSW concession expires,” said DNeX managing director Zainal Abidin Abd Jalil.

In a bid to make up for the expected loss of revenue from the expiry of the concession, the company had ventured out to diversify its earnings portfolio through the rolling out of new products under its traditional e-services segment and its diversification into the energy segment.

Zainal Abidin said the group has now completed its strategic transformation and is now an entrepreneurially driven company. The group is looking towards scaling up its operations.

“We have been actively diversifying into energy and also actively rolling out IT and services products, just to be sure we can find a replacement revenue stream on the expectation that come September 2018, a portion of our revenue will be lost when the NSW concession expires,” he told The Edge Financial Daily in an interview.

Nonetheless, he said DNeX will still be able to retain up to 70% of its revenue from the NSW business after the uCustoms system comes online, as the group will be one of the only two service providers to the customs department, the other being Edaran Trade Network Sdn Bhd.

The market has responded positively to DNeX’s progress, as its share price spiked as much as 19.5 sen or 76% year to date, to touch an all-time high of 45 sen on March 2, following the slew of new contract wins the company announced over the first two months of 2017.

One of its recent wins is its appointment as the service provider for the home ministry’s eWork Permit System.

Quoting figures from the Immigration Department, Zainal Abidin said there are approximately 600,000 undocumented foreign workers in the country that have to undergo the formalisation of work permit process.

“We estimate to get one-third of that figure. With 200,000 transactions at RM30 per transaction, we can get about RM6 million in revenue. Our margin for this is also very good at more than 80%.

“So 600,000 is a start for the contract. Of course, we are interested in doing more. We don’t foresee it to be a short-term job,” he commented when asked if DNeX is exploring other IT jobs from the home ministry.

Meanwhile, he said the group will continue to bid for government contracts, adding that the group has also secured a RM104.3 million contract to manage the vehicle entry permit (VEP) and road charge (RC) systems for foreign registered vehicles entering Malaysia through Johor, a new venture for the group.

The group is also conducting a feasibility study for the Thailand-Malaysia border for the Malaysian government and has also been appointed as an exclusive project consultant by Thailand-based Tiffa EDI Services Co Ltd for the implementation of VEP and RC for the transport ministry of Thailand.

DNeX is also looking at applying the NSW system at the regional level through its active participation in the Pan Asian e-Commerce Alliance industry group, which encourages international collaborative efforts in the region.

Besides that, the company has also set up an energy division, adding a new revenue stream to the group.

The group in 2014 acquired the OGPC Group — a provider of equipment and services for the oil and gas (O&G), petrochemicals and power and general industries — as well as a 30% equity stake in Ping Petroleum Ltd in 2015.

“Entering the upstream O&G business last year was a contrarian move, given that the industry was facing a downturn. The market was terrified as the downturn caused significant volatility in crude oil price.

“The low crude oil price made it uneconomical for upstream activities, so we were able to invest in Ping Petroleum, picking up a quality asset at a lower risk and price,” he said.

Ping Petroleum has a 50% stake in the Anasuria cluster in the UK’s Central North Sea, with the group eyeing to acquire another similar long-cycle brownfield asset in the North Sea sometime within 2017.

The acquisition, which was met with scepticism earlier, proved to be a boon for DNeX.

According to Zainal Abidin, the production volume has increased due to faster up time and cost of production has been reduced to US$20 (RM88.60) per barrel.

“It is a brownfield so it is currently an income-generative asset,” Zainal Abidin added.

The 30% equity stake in Ping Petroleum has provided a significant boost to the group’s financial results for the financial year ended Dec 31, 2016 (FY16) due to a write-back on asset value as oil prices rebounded to around US$50 per barrel towards end-2016.

DNeX’s net profit grew nearly 12 times to RM133.74 million in FY16 thanks to the one-off gain of RM89.6 million. Revenue almost doubled to RM178.46 million from RM95.55 million.

The new kid on the block in the O&G sector has secured two mini bids worth RM7 million in total under its umbrella contract with Petronas Carigali Sdn Bhd. The contracts are awarded to its directional drilling unit DNeX Oilfield Services Sdn Bhd.

“We have won two out of the six work order tenders and we are currently carrying out our first job under this umbrella contract, for Petronas’ offshore wells at Tukau Timur Field.

“We hope to secure a second contract with another international operating company in Malaysia,” said Zainal Abidin without revealing specifics.

The newest addition to its energy segment is Forward Energy Sdn Bhd, which has the mandate to do small scale power projects. The unit currently has a minority stake in a fuel oil power plant in Bangladesh, but Zainal Abidin said the focus will be more on renewable energy going forward.

He highlighted that Forward Energy is currently bidding for two projects in Indonesia, namely a mini hydro plant and a geothermal project.

With all its chips in place, Zainal Abidin said DNeX is well positioned to post further growth for FY17.

He added that the group is also looking at opportunities to grow inorganically via mergers or acquisitions for both its IT & e-services segment and the energy segment.

“Overall, we have reduced our dependence on the NSW concession, which has been our sole breadwinner over many years for the group. We have built a business model with multiple revenue streams, which is important for us as a public listed company,” said Zainal Abidin.

Source: The Edge

http://www.theedgemarkets.com/my/articl ... sification
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Re: Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Fri Apr 14, 2017 5:04 pm

10 April 2017

DNeX sees 7.46% stake traded off-market

BY JOSEPH CHIN

KUALA LUMPUR: E-commerce services provider Dagang NeXchange Bhd (DNeX), which was in the news recently after securing the “eWork Permit” project from the government, saw a 7.46% stake traded off-market on Monday.

Stock market data showed the stake, which accounted for 130 million shares, were crossed at 43 sen each. This was 2.5 sen below the previous close of 45.5 sen.

At 5pm, it was at a new high of 46 sen, up 0.5 sen. It was actively traded with 51.22 million shares done.

The warrants added 1.5 sen to 28.5 sen with 107.31 million units done.

DNeX has a paid-up of 1.74 billion shares.

In February, it was reported DNeX's “eWork Permit” involved the building of a new back-end system for Bukit Megah Sdn Bhd for the latter's rehiring programme.

DneX would be paid RM30 per transaction of “eWork Permit”, which is the name of the new back-end system to be set up for Bukit Megah’s rehiring operations.

CIMB Research had said in mid-Feb 2016, the government appointed three parties for the rehiring programme.

Bukit Megah was picked for the registration of Myanmar illegal foreign workers (IFWs),
IMAN for Indonesian IFWs and MyEG for other races.

Bukit Megah and IMAN used its back-end system to register the IFWs. MyEG dominated by handling 95% of the total IFWs registration as only 5% IFWs registered were from Myanmar and Indonesia,” it said.

However, from Feb 15, 2017 onwards, all three parties could now register IFWs of all races.

AmInvestment Retail Research had stated last Friday the upward trend of DneX was intact after sustaining above the 44 sen level following its recent multi-year high candle.

“With the RSI level still below the 70 benchmark, a bullish bias is likely present above this point with a target price of 50 sen. However, it may consolidate further if it dips back below the 44 point in the near term.

“Support is then anticipated at 38.5 sen, whereby traders may exit on a breach to avoid the risk of a further correction.

"Trading Call: Buy on valid uptrend above 44 sen. Target: 50 sen (time frame: three to six week) while the exit is at 38.5 sen,” it said.

Source: The Star

http://www.thestar.com.my/business/busi ... ff-market/
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Re: Dagang Nexchange (DNeX) (former Time Engineering)

Postby winston » Tue May 02, 2017 6:45 pm

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DNex eyes double-digit revenue and profit growth

PETALING JAYA: Dagang NeXchange Bhd (DNEX) is eyeing double-digit growth in revenue and profits this year driven mainly by its IT and e-services business,as well as, from the growing power business.

Group managing director Zainal Abidin Jalil said the company managed to expand it’s IT and e-services segment through initiatives such as the Vehicle Entry Permit and Road Charges System project that involved foreign-registered vehicles entering Malaysia via Johor and the development of the eWork Permit System for the rehiring programme involving foreign workers without permits from 15 countries.

“The company continues to strengthen its position in providing e-services in the business-to-government segment while at the same time making inroads into business-to-business and business-to-consumer services thus adding value and complementing its existing offering,” he told reporters after the company’s annual general meeting here today.

Source: Bernama
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