M+ Online Research Articles

Author: MalaccaSecurities   |   Latest post: Fri, 21 Jan 2022, 8:45 AM


Mplus Market Pulse - 21 Jan 2022

Author: MalaccaSecurities   |  Publish date: Fri, 21 Jan 2022, 8:45 AM

Downward pressure unease

Market Review

Malaysia:. The FBM KLCI (-0.2%) recorded its fourth day losing streak, on the back of weakness in banking and gloves heavyweights yesterday. The lower liners, however, rebounded on bargain hunting activities, while broader market turned mostly upbeat, led by the recovery in technology sector (+1.9%).

Global markets:. Wall Street erased their intraday gains to sink in the red as the Dow (-0.9%) declined on concerns over the anticipated rising interest rates environment, while jobless claims data rose to 3 months high. The European stockmarkets ended mostly higher, while Asia stockmarkets ended mixed.

The Day Ahead

The FBM KLCI declined for another session amidst mixed regional markets as banking heavyweights fell after BNM kept its OPR unchanged. Tracking the weakness from Wall Street overnight, we believe investors may still be jittery in the anticipation of an interest rate hike environment as well as the still-spiking Covid- 19 cases. Hence, the negative sentiment may spillover to stocks on the local front and profit taking activities on the technology counters may emerge. On the commodity markets, the CPO price continued to trend above its all-time-high, while the crude oil price hovered above the USD88/bbl mark.

Sector focus:. We remained positive in the energy and plantation stocks as commodities price sustained. Meanwhile, we believe technology may turn lower on the back of profit taking activities, while we expect building material segment to gain traction as metals rally heats up.

FBMKLCI Technical Outlook

The FBM KLCI ended lower for the fourth consecutive session as the key index crossed below the immediate support at 1,530. Technical indicators remained negative as the MACD Histogram has shown a negative bar, while the RSI remained below the 50 level. Next support is set at 1,505, while the resistance is located at 1,570.

Company Brief

Supermax Corp Bhd confirmed that two of its existing contracts for the supply of nitrile gloves in Canada have been terminated. The remaining balance of these two contracts at free on board value is US$12.7m or under 0.8% of the group’s revenue. Meanwhile, the group’s Canadian unit’s contracts for other personal protective equipment (PPE) products remain in place and are not affected. (The Star)

Destini Bhd’s wholly-owned subsidiary, Destini Prima Sdn Bhd has secured two contracts from the Ministry of Defence (Mindef) worth a total of RM89.0m to provide maintenance services and supply equipment to the military. Both the contract is to provide maintenance, repair and overhaul (MRO) services and supply safety and survival related equipment. (The Star)

NWP Holdings Bhd has announced that an extraordinary general meeting (EGM) requisitioned by several shareholders of the timber company will not be held as its board of directors deems it invalid. The requisitions of the EGM from Maybank Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Datuk Tan Lik Houe and Affin Hwang Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Chang Huan Soon are not members of the company for at least 10.0% of the issued share capital of the company in aggregate as on 6th January 2022. (The Edge)

Solarvest Holdings Bhd, insurers QBE Insurance (Malaysia) Bhd and Anora Agency Sdn Bhd have collaborated to provide solar photovoltaic (PV) investors a solar investment insurance product, namely the SolarPro Line-Stoppage insurance policy. The trio have signed a tripartite Memorandum of Understanding (MoU) to enable Solarvest to be able to take up, as well as provide its solar PV investors with an all-new solar investment insurance product. (The Edge)

AirAsia X Bhd (AAX) along with AAX Leasing Two Ltd has withdrawn their application to challenge the registration of a UK court judgement by its lessor BOC Aviation Ltd for the airlines to pay US$23.4m (RM96.8m). Initially a hearing date was fixed for October 2021, but that did not proceed. (The Edge)

FGV Holdings Bhd has signed 12 collective agreements (CAs) with its workers' unions for the years 2022 to 2024. The successful negotiations for the 12 CAs, amidst lingering pandemic challenges, demonstrated strong commitments and commendable industrial relations among all parties. (The Edge)

Axis Real Estate Investment Trust's (Axis REIT) 4QFY21 net property income rose 10.4% YoY to RM53.8m, mainly due to contributions from newly acquired properties and positive rental reversion. Revenue for the quarter grew 9.4% YoY to RM62.9m. A distribution per unit (DPU) of 0.38 sen, payable on 28th February 2022 was declared. (The Edge)

MMAG Holdings Bhd has raised its stake in ceramics and pottery products manufacturer CSH Alliance Bhd to 16.6% by subscribing for new shares in a rights issue. MMAG emerged as a substantial shareholder in CSH in May 2021 after acquiring 35.0m shares or a 5.1% stake in the company on the open market. The group also received 194.5m free detachable warrants on the basis of one warrant for every one rights share subscribed. (The Edge)


Source: Mplus Research - 21 Jan 2022

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Econpile Holdings Bhd - Business as usual

Author: MalaccaSecurities   |  Publish date: Thu, 20 Jan 2022, 9:08 AM


  • Econpile Holdings Bhd's wholly-owned subsidiary, Econpile (M) Sdn Bhd’s joint venture partner, China Communication Construction Company (M) Sdn Bhd (CCCC) had on 7 January 2022 issued a notice of termination to Gabungan Strategik Sdn Bhd (GSSB) for breach of the sub-contract for the execution and completion of foundation, substructures and other ancillary works for Package SUKE-CA3 of the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) project.
  • Recall that Econpile through a 40:60 joint venture ratio with CCCC has bagged the contract valued at RM389.1m in December 2016. The overall duration of the contract was 17 months and we gather that Econpile’s scope of works valued at RM158.3m has already been completed. Therefore, we believe that there would be no operational impact towards Econpile and bulk of the contract value has already been recognised in prior years.
  • We understand that the retention sum of RM8.0m has yet to be billed as the aforementioned amount is not due yet. With Econpile completed their scope of works within the stipulated timeframe, we are fairly sanguine that the amount will be recognised in the foreseeable future.
  • Moving forward, Econpile’s unbilled construction orderbook of approximately RM800.0m; representing an unbilled orderbook-to cover ratio at 1.9x against FY21 revenue of RM420.1m that provide earnings visibility over the next two years. In the meantime, Econpile will focus on playing catchup with backlog orders and continues to tender for both the building and infrastructure-related jobs.
  • While there is little excitement for the construction sector under the Budget 2022, we remain cautiously optimistic for the sector recovery in 2022. We reckon that challenges coming from the rising raw material prices, additional operational costs in compliance to the Covid-19 standard operating procedures (SOPs) and the shortage of workers will continue to remain a hurdle to keep margins at pre-Covid- 19 levels.

Valuation & Recommendation

  • Given the dispute between CCCC and GSSB has no operational impact on Econpile, we make no changes to our earnings forecast. We maintained our HOLD recommendation on Econpile with an unchanged target price of RM0.32. Our target price is derived by ascribing a target PER of 15.0x to its FY22f EPS of 2.1 sen.
  • Risks to our recommendation and target price include weaker-than-expected orderbook replenishment rate and higher raw material prices and labour cost. Meanwhile, slower-than-expected project execution could also deter Econpile’s efficiency to deploy existing machineries for future orders.

Source: Mplus Research - 20 Jan 2022

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Mplus Market Pulse - 20 Jan 2022

Author: MalaccaSecurities   |  Publish date: Thu, 20 Jan 2022, 9:04 AM

Extended pullback

Market Review

Malaysia:. The FBM KLCI (-0.8%) slipped for the third straight session, mirroring the weakness on Wall Street overnight, dragged by weakness in banking heavyweights yesterday. The lower liners remained downbeat, but the energy (+1.1%) and plantation (+0.1%) sectors outperformed the negative broader market.

Global markets:. Wall Street extended their slide as the Dow (-1.0%) fell on concern over the hawkish US Federal Reserve interest rate stance that offset the earnings optimism from Morgan Stanley, Bank of America and Procter & Gamble. The European stockmarkets were mixed, but Asia stockmarkets remained negative.

The Day Ahead

Persistent selling pressure in the banking heavyweights dragged the key index to its third declining session. We expect local sentiment to remain sour over the near term, especially on the technology stocks following the choppy session on Wall Street overnight as investors continued to brace for inflation battles and sentiment may stay volatile ahead of the FOMC meeting next week. On the other hand, the commodity prices remained strong. The crude oil price traded above USD88/bbl mark, while the CPO price was firmer driven by expectation for export growth as Indonesia’s government intends to limit its palm oil exports.

Sector focus:. Following recent selloff, investors may find opportunities in the banking stocks ahead of today’s Monetary Policy meeting. Besides, we expect the energy and plantation counters to trade positively amid higher commodities prices.

FBMKLCI Technical Outlook

The FBM KLCI marked the third consecutive session of losses and the key index fell below the daily EMA 60 and SMA 100 level. Technical indicators turned negative as the MACD Histogram was flat, while the RSI fell below the 50 level. Traders may watch out if the key support at 1,530 holds. Next support is located at 1,505, while the resistance is envisaged at 1,570.

Company Brief

Berjaya Corp Bhd (BCorp) has proposed to dispose of its entire 71.7% stake in Berjaya Higher Education Sdn Bhd which owns Berjaya University College (BUC) to Nanyang International Education Group Sdn Bhd (Nanyang). The BUC transaction is currently pending approval from the Ministry of Higher Education and is expected to be completed by June 2022. The move is part of BCorp strategy that included divestments from areas of business that no longer fell within this classification. (The Star)

Nestcon Bhd has secured a construction contract worth RM188.5m from Konsortium Exsim Development Sdn Bhd (KED). The contract entails the construction of a 39-storey building comprising 608-unit apartment suite and 3-unit retail shop in Jalan Klang Lama, Kuala Lumpur. The overall contract period for the project is within 36 months from the date of commencement and the project is expected to be completed for handover on or before 18th January 2025. (The Star)

KNM Group Bhd's board of directors has approved the proposed listing of its indirect wholly-owned subsidiaries on Catalist in Singapore. FBM Hudson Italiana SpA and FBM-KNM FZCO, collectively known as the FBM group, will be listed on the sponsor-supervised board of the Singapore Stock Exchange via an initial public offering. (The Edge)

Kejuruteraan Asastera Bhd (KAB) is set to acquire a mini-hydropower plant located in North Sumatera, Indonesia. KAB wholly-owned subsidiary KAB Energy Holdings Sdn Bhd had entered into a term sheet agreement with Sarawak Cable Bhd to acquire the entire issued share capital of the latter’s Indonesia-based subsidiary, PT Inpola Mitra Elektrindo (PT IME), for a purchase consideration of RM10,000. (The Edge)

Petronas Chemicals Group Bhd (PetChem) plans to build a 60,000T pa. melamine plant in Gurun, Kedah, which will make it the sole melamine producer in Southeast Asia. The plant is targeted to come onstream in 2024 but did not indicate how much it is investing in the plant. (The Edge)

Texchem Resources Bhd has proposed to raise its stake in Sushi King Sdn Bhd to 98.0% through the acquisition of another 28.0% stake in the restaurant chain operator for RM102.2m. The purchase of the additional stake from Asia Yoshinoya International Sdn Bhd will allow the group to enhance its assets and earnings base through the consolidation of the stake, and to facilitate easier decision-making and control of the restaurants. (The Edge)

Tropicana Corp Bhd has redesignated its independent director and former Inspector-General of Police, Tan Sri Mohamad Fuzi Harun as its chairman effective 19th January 2022. Fuzi, 62, is replacing Top Glove Corp Bhd founder and chairman Tan Sri Dr Lim Wee Chai, who resigned from the Tropicana chairman post on 11th January 2022. (The Edge)

Malaysian Genomics Resources Centre Bhd (MGRC) has redesignated its independent director Tan Sri Ahmad Mohd Don as its new chairman effective 19th January 2022. The former Bank Negara Malaysia governor is replacing Tan Sri Dr Rafiah Salim, who retired in November 2021. (The Edge)


Source: Mplus Research - 20 Jan 2022

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Mplus Market Pulse - 19 Jan 2022

Author: MalaccaSecurities   |  Publish date: Wed, 19 Jan 2022, 9:09 AM

Volatility still a feature

Market Review

Malaysia:. The FBM KLCI (-0.9%) extended its decline as selling pressure remain unabated after more than two-thirds of the key index components closed in the red. The lower liners ended mostly lower, but the technology (+0.5%) and construction sector (+0.2%) outperformed the negative broader market.

Global markets:. Wall Street remained downbeat as the Dow (-1.5%) slumped on concern over the possibility of sooner-than-expected interest rate hike to guide inflation lower. The European stockmarkets ended in red, while Asia stockmarkets finished mostly lower.

The Day Ahead

The FBM KLCI sank for another session on Monday as investors took profit in selected heavyweights prior to the Thaipusam holiday, despite a positive cue from China’s stronger-than-expected economic growth in 2021. However, we think the volatility may continue in the market over the near term while investors monitor for new developments of interest rate movement in the US. Meanwhile the technology counters might see another slump following the overnight tumble in Nasdaq. Commodities wise, the CPO price back above RM5,000, while the crude oil price climbed above USD87/bbl mark.

Sector focus:. Investors may see buying interest in banking counters following the selloff in the previous session on the back ahead of the Bank Negara’s MPC meeting. Besides, the plantation and oil & gas counters may gain traction as the commodities price continued their uptrend move.

FBMKLCI Technical Outlook

The FBM KLCI extended losses and closed below the SMA200 and daily EMA9 level. Technical indicators, however, remained positive as the MACD Histogram has extended a positive bar, while the RSI hovered above the 50 level. Investors may watch the support set at 1,530, while the resistance is located at 1,580.

Company Brief

A consortium, comprising SMTrack Bhd along with five other listed companies, Country Heights Holdings Bhd, Jiankun International Bhd, Sersol Bhd, Techna-X Bhd and MQ Technology Bhd have signed a Heads of Agreement (HoA) with 5G Infra Tech Solution Sdn Bhd to undertake a series of corporate exercises. The corporate exercises targets to raise funds and finance 5G and fibre optics-related projects by Digital National Bhd (DNB) and Malaysian Communications and Multimedia Commission (MCMC). (The Star)

Sarawak Consolidated Industries Bhd’s (SCIB) shares will be resumed trading on 19th January 2022 following the release of its annual report 2021. The company has been suspended since 9th November 2021 after it failed to issue its annual report for the financial year ended 30th June 2021 (FY21) by 8th November 2021. (The Star)

KPower Bhd has redesignated Mustakim Mat Nun from deputy chairman to executive chairman with immediate effect. In his role as executive chairman, Mustakim will be responsible for leading KPower’s board of directors and overseeing the group’s business. He is also currently the group’s managing director. In addition, the group has also appointed Ahmad Riza Mohd Saian, a Fellow Chartered Accountant of Chartered Accountants Australia & New Zealand (AANZ) as an independent non-executive director. (The Star)

Eco World Development Group Bhd (EcoWorld) has proposed a bonus issue in the form of 1 warrant for every 5 existing shares. The property developer plans to issue between 588.9-694.0m warrants on a date to be announced later. The exercise price of the warrants will also be determined later. (The Edge)

GFM Services Bhd (GFM) is partnering Majuperak Holdings Bhd to jointly develop and operate a rest and service area (RSA) at Hulu Bernam, Perak, along the North South Expressway. (The Edge)

Fraser & Neave Holdings Bhd (F&N) is expecting market conditions in FY22 to remain tough due to the lingering effects of the Covid-19 pandemic, while commodity prices are anticipated to rise further. As such, F&N would prioritise improving and managing its costs in 2022, particularly its cost of goods sold. (The Edge)

Sunway Bhd’s property arm, Sunway Property Bhd is eyeing RM2.20bn in sales and RM2.30bn in launches for 2022, after seeing its highest ever sales of RM2.55bn in 2021 despite the Covid-19 pandemic. The record performance was mainly attributed to its sales in Singapore. The group's RM4.00bn in unbilled sales will provide earnings visibility for the next 2-3 years. (The Edge)

Ancom Bhd’s 2QFY22 net profit jumped 95.1% YoY to RM12.1m, due to higher revenue and stronger demand for its agricultural and industrial chemical products in the ASEAN region. Revenue for the quarter rose 49.2% YoY to RM532.9m. (The Edge)

Monthly passenger movements for the Malaysia Airports Holdings Bhd (MAHB) group of airports have crossed the 5.0m mark in December 2021. For Malaysia, the growth was driven mostly by domestic traffic which registered 2.8m (+29.6% MoM), arising from the long year-end festive holidays. (The Edge)

The Employees Provident Fund's 65.4%-owned subsidiary Malaysia Building Society Bhd's (MBSB) wholly-owned subsidiary MBSB Bank Bhd has proposed to issue RM5.00bn worth of Islamic bonds or sukuk under the wakalah principle to raise money to finance the financial services provider’s operations. (The Edge)

NWP Holdings Bhd new management has sued its managing director Datuk Seri Kee Soon Ling and independent non-executive director Yew Onn Chong over alleged fraudulent transactions from 2016 to 2021, which had caused NWP and its subsidiaries to suffer losses and damages. The group is seeking RM6.5m in damages from Kee and Yew, as well as an order to bar the two men from being directors of the group for five years, and restrain them from exercising the voting rights attached to the ordinary shares of the group. (The Edge)


Source: Mplus Research - 19 Jan 2022

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ahbah Besides, the plantation and oil & gas counters may gain traction as the

commodities price continued their uptrend move.
20/01/2022 11:07 AM

Mplus Market Pulse - 17 Jan 2022

Author: MalaccaSecurities   |  Publish date: Mon, 17 Jan 2022, 8:46 AM

Volatility returns

Market Review

Malaysia:. The FBM KLCI (-0.9%) endured another volatile spell alongside with the weakness across regional markets as the key index trimmed its weekly gains (+0.8% WoW). The lower liners extended their slide. The REIT sector (+0.04%) outperformed, while the technology sector (-6.6%) was hammered down.

Global markets:. Wall Street closed mixed as the Dow (-0.6%) extended its losses on disappointing quarterly results from financial stocks such as JP Morgan, Citigroup and BlackRock, but the S&P 500 (+0.1%) and Nasdaq (+0.6%) were driven by bargain hunting activities in beaten down technology shares. Meanwhile, both the European and Asia stockmarkets ended lower.

The Day Ahead

Sentiment was broadly negative on the local bourse last Friday, taking cues from both the global and regional stock markets. Selloff deepened in the technology stocks as concerns over interest rate hikes in the US and overstretched valuations continued to put pressure on the sector. However, given the mild rebound in Nasdaq, we believe technology stocks may perform a technical rebound move at least in the near term. Investors may also focus on China’s economic data such as 4Q21 GDP and unemployment rate to be released today and the Bank Negara’s interest rate decision this week. Commodities wise, the CPO price fell below RM5,000, while the crude oil price extended its uptrend move.

Sector focus:. Given the Brent oil price has surpassed the USD86 level, we expect O&G stocks to trade actively higher in the near term. Investors may focus on banking counters ahead of the interest rate decision release by Bank Negara Malaysia this week.

FBMKLCI Technical Outlook

The FBM KLCI traded in the negative territory for the entire session, but managed to hold above the SMA200 and daily EMA9 level. Technical indicators, however, still positive with MACD Histogram extending another positive bar, while the RSI is above 50. Key support is located at 1,530, while the resistance is pegged at 1,580.

Company Brief

Ageson Bhd has decided not to continue with the supplies of sand to several parties due to the high shipping costs. The sand offer letters did not constitute any legally-binding commitment and there were no definitive agreements entered between the parties in Hong Kong and China. (The Star)

Lion Industries Corp Bhd (LICB) has proposed to dispose of its entire 100.0% equity stake in Eden Flame Sdn Bhd for RM135.9m. Eden Flame owns the long steel plant located in Pasir Gudang, Johor that produces billets that are rolled into steel bars and light sections such as angle bars, flat bars and U-channels. The plant is not in operation as at to-date. Upon completion of the proposed disposal, the LICB group is expected to realise a gain of approximately RM56.5m. (The Star)

AirAsia Group Bhd is now in the midst of formulating a plan to regularise its financial condition to address its PN17 status, which its balance sheet has been negatively impacted by the Covid-19 crisis. There may be some delays for international flights to return to pre-Covid levels due to Omicron variant, but recovery will be supported by the accelerated booster shots and the world learning to live with the coronavirus. (The Edge)

KESM Industries Bhd plant in China under KESM Industries (Tianjin) Co Ltd has stopped production to observe lockdown regulations imposed by the local government following the discovery of Covid-19 cases. (The Edge)

CIMB Group Holdings Bhd’s unit CIMB Bank Bhd has priced its US$500.0m RegS/144A Sustainable Development Goals Bond (SDG bond) on 13th January 2022; the first-ever RegS/144A SDG Bond to be issued by a Malaysian bank in the international capital markets. (The Edge)

Ahmad Zaki Resources Bhd (AZRB) has proposed to acquire a parcel of freehold industrial land and a factory in Ulu Selangor from MTD Group's units for RM41.0m cash. The proposed acquisition will provide AZRB with the opportunity to utilise the industrial land to further expand its in-house production of precast concrete components as well as to serve as a store or depot for the group. (The Edge)


Source: Mplus Research - 17 Jan 2022

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Mplus Market Pulse - 14 Jan 2022

Author: MalaccaSecurities   |  Publish date: Fri, 14 Jan 2022, 8:32 AM

Mixed sentiment

Market Review

Malaysia:. The FBM KLCI (+0.4%) was boosted by the eleventh-hour buying support in selected banking and Petronas-related heavyweights yesterday. The lower liners, however, turned downbeat, while the broader market was mostly negative with the technology sector (-2.4%) underperformed.

Global markets:. Wall Street turned volatile as the Dow (-0.5%) erased all its intraday gains to close lower, dragged down by the extended selldown in technology shares with investors shifted their focus towards value driven stocks. Elsewhere, both the European and Asia stockmarkets closed mixed

The Day Ahead

The FBM KLCI bounced from the previous day’s slide, supported by buying interest within selected industrial products & services as well as banking heavyweights. However, we believe market sentiment on the local front will remain cautious as the rally on Wall Street faded after hitting respective intraday highs for the major indices. Investors are still digesting and uncertain on the pace of the potential interest rate hikes in the US. Commodities wise, both the CPO and crude oil price saw mild a retreat, but remained firm on the uptrend cycle on the back of expectations over stronger demand under the recovery environment.

Sector focus:. Following the Wall Street’s decline overnight, we may see the technology stocks extending its consolidation move. On the other hand, we favour energy and banking stocks over the near term. Meanwhile, consumer sector may see greater demand under the economic recovery phase.

FBMKLCI Technical Outlook

The FBM KLCI rebounded and closed at intraday high, holding above the SMA200 for the third straight session. Technical indicators remained positive as the MACD Histogram has extended a positive bar, while the RSI hovered above the 50 level. The next resistance is seen at 1,580, while the support is set at 1,530-1,540.

Company Brief

AirAsia Group Bhd’s application to extend the relief period from being classified as a Practice Note 17 (PN17) company has been dismissed by Bursa Malaysia. An application was submitted to Bursa Malaysia for this relief period to be extended beyond 7th January 2022. (The Star)

Metronic Global Bhd has signed a solar power purchase agreement (SPPA) with Technology PP Industries (Northern) Sdn Bhd under a solar leasing model in Kedah. The SPPA was secured by its 70.0% owned subsidiary, Sinaran PPA Sdn Bhd and Wang You Polymer Industries Sdn Bhd to develop, finance, design, construct, test, commission, own, operate, and maintain a solar photovoltaic (PV) generating facility with a combined capacity of approximately 4,121 kWp at Kedah. The SPPA shall take effect for 25 years from the commercial operation date of the facility. (The Star)

Jerasia Capital Bhd's (JCB) subsidiaries have defaulted on the repayments of principal and interest on two financing facilities worth RM57.1m. The two units are Jerasia Fashion Sdn Bhd and Jerasia Apparel Sdn Bhd. The apparel manufacturer and fashion retailer are the corporate guarantor for the financing facilities granted by HSBC. (The Edge)

Asia Poly Holdings Bhd, via its unit Asia Poly Industrial Sdn Bhd, is buying the entire stake or 1.1m shares in investment holding company Keng Imports & Exports Sdn Bhd for RM24.0m. The acquisition will allow the group to expand its production capacity by up to 3,200 MT/m to meet growing overseas demand, especially from the US and the Middle East. (The Edge)

Scomi Group Bhd’s subsidiary, Scomi Capital Sdn Bhd (SCSB) has executed a memorandum of agreement with XAIR Pulsecor Sdn Bhd to collaborate on matters related to the supply of power generation solutions and hybrid power generation systems. XAIR is primarily engaged in the business of providing and manufacturing power generators. (The Edge)

Pestech International Bhd has entered into a memorandum of understanding with Singapore-based Green Li-Ion Pte Ltd to explore the possibility of collaborating in lithium-ion battery recycling activities and businesses in Malaysia and Cambodia. (The Edge)

Boustead Holdings Bhd is teaming up with US firm Accubits Technologies FZ LLE to develop capabilities for real estate asset tokenisation and sustainable green energy tokenisation. Accubits is an enterprise solutions development company specialising in artificial intelligence and blockchain technologies based in Virginia, with offices in India and the UAE. (The Edge)

Tomei Consolidated Bhd has obtained the approval of Bursa Malaysia Securities to proceed with the proposed ACE Market listing of its precious metals unit, YX Precious Metals Bhd (YXPM). Tomei in August 2021 proposed the listing of four wholly-owned subsidiaries, namely Yi Xing Goldsmith Sdn Bhd, Gemas Precious Metals Industries Sdn Bhd, Emas Assayer Sdn Bhd and GPM Refinery Sdn Bhd via the special-purpose vehicle, YXPM. (The Edge)

Heng Huat Resources Group Bhd has proposed a bonus issue of up to 588.2m shares on the basis of 3 bonus shares for 2 shares held. (The Edge)

Pegasus Heights Bhd has reported that the heads of agreement signed with glove maker WRP Asia Pacific Sdn Bhd has been terminated as the negotiation period had lapsed. The heads of agreement signed in March 2020 is to explore a potential joint venture (JV) to undertake the manufacturing and distribution of gloves and other related products. (The Edge)


Source: Mplus Research - 14 Jan 2022

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