Tasco's 1QFY23 profit jumps 55% on higher revenue, better margin

Tasco Bhd's 1QFY23 net profit jumped 55% to RM24.4m from RM15.8m a year ago, thanks to higher revenue and better profit margin from its international business solutions. (The Edge)

MHC Plantations 2Q net profit up 80% YoY on higher ASPs of CPO, palm kernel

MHC Plantations Bhd posted an 80% YoY increase in net profit to RM16.3m in 2Q22, from RM9.1m. The group attributed the higher earnings for the quarter under review to higher average selling prices of crude palm oil (CPO), palm kernel, fresh fruit bunches and empty fruit bunches oil. (The Edge)

Globetronics 2Q net profit up 79% but warns of challenging outlook ahead

Globetronics Technology Bhd's 2Q22 net profit rose 79% to RM11.2m, from RM6.3m a year ago, thanks to higher foreign exchange gains, while a better product mix led to slightly higher sales. (The Edge)

NWP to Diversify Into Sand Dredging Business

NWP Holdings Bhd is venturing into sand dredging business in a bid to expand its revenue stream after its unit, NWP Marine Sdn Bhd, had inked a joint venture (JV) agreement with OneOne Auro Marine Sdn Bhd (OOA Marine) of OneOne Auro Sdn Bhd. NWP Marine will own a 51% stake in the JV and OOA Marine owning the remaining 49%. (The Edge)

Toyo Ventures seeks to justify force majeure event in US$3bn Vietnam power plant contract

Toyo Ventures Holdings Bhd has submitted a letter justifying a force majeure event in an ongoing thermal power plant project in Vietnam to the Vietnamese authorities, after the authorities did not recognise the financial closing date of the project recently. (The Edge)

Techna-X plans free bonus warrants, private placement to raise up to RM24m to fund new jobs

Techna-X Bhd has proposed a private placement to raise up to RM24.1m to fund new information technology (IT) contracts and orders, including a RM50m project it is in the midst of bidding to supply IT equipment and management system for a local enforcement agency. It is also planning a bonus issue of free warrants on the basis of one warrant for every two Techna-X shares (one-for-two) held on an entitlement date to be fixed, that will involve the issuance of 2.2m warrants. (The Edge)

XOX proposes RM10.0m private placement to develop digital media management app

XOX Bhd plans to undertake a private placement exercise to raise RM10.0m to develop a digital media management application. It has earmarked RM9.7m of the proceeds to be invested into a digital media management application. (The Edge)

Pasukhas bags RM11.3m sub-contract for water treatment plant electrical works in Sabah

Pasukhas Group Bhd has clinched an RM11.3m sub-contract from Salcon Engineering Bhd for the execution and completion of electrical works including cabling, earthing, external lighting and equipment installation for Water Treatment Plant Telibong II, Tamparuli in Sabah, which shall be completed within five months. (The Edge)

Ajiya 2Q net profit up to RM10m

Ajiya Bhd’s net profit rose 75.2% to RM10.0m for 2Q22 from RM5.7m from a year ago mainly due to the gain from disposal of property during the quarter. (Starbiz)

ECONOMICS

Global

The IMF cut its global GDP forecast again, now expecting the world economy to grow 3.2% (previous: 3.6%) in 2022 before slowing further to 2.9% (previous: 3.6%) in 2023. The revised outlook indicated that the downside risks outlined in its earlier report – soaring global inflation, China’s slowdown, and the war in Ukraine – were now materializing. (CNBC)

US

FHFA house price index eased to +18.3% YoY in May (Apr: +18.9% YoY). (TE)

S&P Case-Shiller home price index eased to +20.5% YoY in May (Apr: +21.2% YoY). (TE)

New home sales fell -8.1% MoM in Jun (May: +6.3% MoM). (TE)

Conference Board consumer confidence index fell to 95.7 in Jul (Jun: 98.7). (TE)

Source: Hong Leong Investment Bank Research - 27 Jul 2022