MQ Market Updates - 03 August 2023

MQ Trader

Publish date: Thu, 03 Aug 2023, 05:05 PM

Sunway Bhd’s property arm, Sunway Property, through its wholly-owned subsidiary, Sunway Rawang City Sdn Bhd (SRCSB) has acquired a 245-acre parcel of prime freehold land at Kuang, Rawang for RM115mil. SRCSB signed a sale and purchase agreement (SPA) on Aug 2, to acquire the Rawang land from Kauthar Equities Sdn Bhd. (TheStar)

Malaysian Resources Corporation Bhd (MRCB)'s share price was up 2.67 per cent to 38.5 sen in early trade, on news that the Cabinet has agreed in principle to allow the company to redevelop Kuala Lumpur Sentral Station. The stock continued its uptrend, trading at 39 sen with almost 19.6 million shares changing hands at 9.15am. Cabinet has agreed-in-principle to redevelop the KL Sentral Station on a Private-Finance-Initiative (PFI) basis with MRCB at a cost of more than RM1 billion. (NST)

UEM Sunrise Bhd’s Phase 2A of Senadi Hills has registered strong demand, with its 44 non-Bumiputera units all fully sold shortly after its launch on June 18, and its Bumiputera lots all fully registered. The developer said Senadi Hills Phase 2A consists of 75 double-storey terrace homes with a typical lot size of 6m x 21m (22’ x 70’) and a built-up size of 204m² (2,197ft²). (TheStar)

Shares in Mudajaya Group Bhd rose in early trade Thursday after securing a RM195.1mil contract related to the East Coast Rail Link (ECRL) in Terengganu. At 11.13am, Mudajaya rose 1.5 sen, or 8.11% to 20 sen with 55.74 million shares traded. Year-to-date, the counter has fallen about 15%. Mudajaya-WA added 3.5 sen or 350% to 4.5 sen. It is currently the second most actively traded with 59.1 million shares done. (TheStar)

Top Builders Capital Bhd has appointed Mercury Securities Sdn Bhd as the principal adviser to the piling and engineering company's regularisation plan. "The company will make the necessary announcement(s) in regard to the development on the matter accordingly," Top Builders said in a bourse filing on Thursday (Aug 3). Top Builders, a Practice Note 17 (PN17) company, had failed to submit its regularisation plan to the Securities Commission Malaysia or Bursa Securities for approval within the extended timeframe of June 29 this year. (TheEdge)

Telekom Malaysia Bhd (TM) says it is in active engagement with access seekers to reach an agreement following the release of its new Reference Access Offer (RAO), which outlines the wholesale pricing of its High-Speed Broadband (HSBB) network. The telecommunication company said the adoption of the Mandatory Standard on Access Pricing (MSAP) for the wholesale rate, expected to begin this September, will encourage service providers to offer better Internet packages. (TheStar)

Vinvest Capital Holdings Bhd, which has initiated a lawsuit over the alleged loss of its 17.82% stake in EA Holdings Bhd, has included a 30-year-old stock market analyst from Ipoh as the second defendant in the suit. In its statement of claim filed on Thursday (July 28) through Messrs Wilson Lim and sighted by The Edge, Vinvest said the analyst was recommended by EA Holdings, after Vinvest acquired the 17.82% stake comprising 1.1 billion shares, worth RM23.21 million, in November 2021. (TheEdge)

Lingkaran Trans Kota Holdings Bhd (Litrak) shares will be suspended with effect from Aug 9 to facilitate the implementation of the company's capital reduction and repayment exercise, the company said in a bourse filing. The capital repayment involves a cash distribution of 50.63 sen for each share held, or a total sum of RM275.78 million. The entitlement date for the capital repayment is Aug 10. (TheEdge)

CGS-CIMB has lowered its target price (TP) for Genting Bhd (GENT) but raised the TP for Genting Malaysia Bhd (GENM), while maintaining its “add” call on both stocks. Despite its higher TPs for subsidiaries GENM and Genting Singapore Plc (GENS), the research outfit said it has lowered its sum of parts (SOP)-derived TP for GENT to RM6.95, from RM7.35 previously, due to maiden assumptions for Resorts World Las Vegas (RWLV). (TheEdge)

Hong Leong Investment Bank Bhd (HLIB) is positive on Sime Darby Bhd’s outlook, underpinned by the group’s continued strong industrial segment, especially in Australia, with a RM4.7 billion order book. The research firm said demand for heavy mining equipment remains robust in the group’s largest Australian market segment, underpinned by the highly profitable metallurgical coal prices at US$220-US$250 per tonne. (TheEdge)

The technology sector is expected to record higher earnings in the second half of 2023 (2H23) on short term inventory replenishment but a full-blown recovery remains distant. RHB Research said in a note that given a seasonally stronger 2H for the technology sector, the market is now looking ahead, aggressively pricing high growth prospects into financial year 2024 (FY24) and potential new customer wins. (NST)

Source: New Straits Times, The Edge Markets, The Star 03 August 2023