MQ Market Updates

MQ Market Updates - 31 May 2022

MQ Trader
Publish date: Tue, 31 May 2022, 02:20 PM

Sunway XFarms, a Malaysia based agritech company, plans to launch the largest indoor vertical farm in Kuala Lumpur by the third quarter of 2022. The urban farm will occupy three floors, spanning 37,000 square feet, in Sunway Tower. Chief operating officer Eleanor Choong said that with Sunway XFarms' launch in Sunway Tower, the company hoped to accelerate its commitment to scaling sustainable food production close to consumers. (NST)

Damansara Holdings Bhd (DBhd) revenue for its third quarter (Q3) ended 31 March 2022, declined by 3 per cent to RM41.4 million compared to RM42.8 million in the same quarter last year. Nevertheless, the company recorded a significant improvement in gross profit, which increased by 29 per cent to RM9.4 million for Q3, compared to RM7.3 million in the same quarter last year. (NST)

Alliance Bank Malaysia Bhd's net profit rose 105.78 per cent to RM103.04 million in the fourth quarter (Q4) ended March 31, 2022, from RM50.07 million a year ago. This is due to higher interest income, lower operating expenses, and credit costs. Alliance Bank's quarterly revenue also rose 1.28 per cent to RM451.54 million in Q4 2022 from RM445.81 million last year. (NST)

HSS Engineer Bhd (HEB) has bagged two independent checking consultancy contracts from Malaysia Airports Sdn Bhd (MAHB) with a total value of RM18.75 million. In its filing with Bursa Malaysia today, HSS Engineer said its unit HSS Integrated Sdn Bhd (HSSI) had received a letter of award (LoA) from MAHB. (NST)

Construction and integrated facilities management specialist Widad Group Bhd (WGB) posted revenue of RM52.04 million for the first quarter (Q1) ended 31 March 2022 (FY22), an increase of 203 per cent from RM17.22 million in the same quarter last year. The company achieved strong performance as businesses recovered from slow activities due to the Movement Control Order (MCO) experienced in early 2021. Net profit surged by nearly seven times to RM6.41 million, surging by almost seven-fold from RM938,000 in Q1 FY21. (NST)

QL Resources Bhd is expected to sustain growth in the financial year ending March 31, 2023 (FY23) with the normalisation of the economy, Kenanga Research said. The firm said this was given the unlikelihood of marine products manufacturing (MPM) activities to be affected by pandemic, as in the first half (1H) of FY22, benefitting further its integrated livestock farming (IFL) and convenience store (CVS) segments. (NST)

Hong Leong Bank Bhd (HLB) has partnered with Dresid to offer the bank's customers the chance to freshen up their homes with three dream home makeover packages worth RM33,000 each. Dresid is a one-stop home improvement digital platform. HLB personal financial services managing director Andrew Jong said over the last two years, Malaysians had spent much of their time at home and many had had to invest in carving out spaces in their homes to enable them to set up workstations as the pandemic required the majority of the nation to work from home. (NST)

NCT Alliance Bhd's net profit surged to RM8.02 million in the first quarter (Q1) ended March 31, 2022 from RM78,000 recorded in the same quarter a year ago. NCT Alliance's revenue for the quarter increased to RM51.46 million from RM15.48 million. (NST)

Public Bank Bhd's earnings and non-interest income are expected to take a hit in 2023 and 2024 on weaker loan growth, Affin Hwang Capital said. The firm said it had lowered Public Bank's earnings by 4.3 per cent and 4.8 per cent respectively for 2023 and 2024, as inflationary pressures due to elevated commodity prices, higher wages and weaker consumption might drive down business risk appetite and hurt consumer sentiment. (NST)

Tenaga Nasional Bhd's (TNB) first quarter (Q1) core net profit of RM891 million has come in within RHB Research's expectations by 20 per cent and 19 per cent of street financial year 2022 (FY22) estimates. RHB Research said Peninsular Malaysia electricity demand continued to recover in Q1 2022 and was expected to grow 1.7 per cent year-on-year (Y-o-Y) in 2022. The firm said besides that, generation cost had doubled Y-o-Y in Q1 2022 due to higher gas and coal prices. (NST)

Furniture maker Latitude Tree Holdings Bhd has changed its name to Rhong Khen International Bhd effective Wednesday (June 1). In a Bursa Malaysia filing on Tuesday, the company said its shares will be traded and quoted under the new name with effect from 9am on Wednesday, and under a new stock short name, “RKI”. (TheEdge)

Sime Darby Property Bhd achieved a total of RM11 million in sales bookings during the Hari Raya open house weekend of May 21 and 22. According to a media statement on Tuesday (May 31), the developer concluded the sales bookings from the two-day Hari Raya open house event held across six townships, namely Serenia City in Sepang; Bandar Bukit Raja and City of Elmina in Selangor; KLGCC Resort in Kuala Lumpur; Bandar Ainsdale in Negeri Sembilan; and Bandar Universiti Pagoh in Johor. (TheEdge)

Orient Arotek Engineering & Trading Sdn Bhd (OAE) was allowed to intervene in four Serba Dinamik Holdings Bhd-related companies' application for a scheme of arrangement and a restraining order (RO) against its creditors by the High Court on Tuesday. (TheEdge)

AMMB Holdings Bhd’s earnings for the fourth quarter ended March 31, 2022 (4QFY22) returned to the black with a net profit of RM391.75 million compared with a net loss of RM4.69 billion in the same period a year ago when it was dragged mainly by one-off exceptional items totalling RM4.77 billion that included the RM2.83 billion 1Malaysia Development Bhd (1MDB) settlement. (TheEdge)

Electronics company Industronics Bhd's net loss for the first quarter ended March 31, 2022 (1QFY22) widened 23.16% to RM1.05 million from RM855,000 a year ago on overhead costs and loan interest incurred. In a bourse filing on Tuesday (May 31), Industronics stated that revenue however increased by 74.9% to RM8.02 million from RM4.6 million a year prior, while loss per share improved to 26 sen from 64 sen previously. (TheEdge)

FGV Holdings Bhd returned to the black and posted a net profit of RM369.24 million for the first quarter ended March 31, 2022 (1QFY22), from a net loss of RM35.42 million a year ago, mainly contributed by higher margins of palm products, the downstream segment, fertilisers and the logistics business. (TheEdge)

JAKS Resources Bhd's net profit for the first quarter ended March 31, 2022 rose 7% to RM21.14 million from RM19.75 million a year ago, driven by the higher share of profit from its 30% stake in the JAKS Hai Duong coal-fired thermal power plant. (TheEdge)

Offshore oil and gas services firm Icon Offshore Bhd is in advanced talks to buy a maintenance, repair and operations business that will help it diversify earnings and boost profitability, its top executive said on Monday (May 30). (TheEdge)

Affin Bank Group has set a target for 5% of its total loan book to be environment, social and governance (ESG) financing by the year 2025, according to Affin Islamic Bank Bhd chief executive officer Nazlee Khalifah. (TheEdge)

Malaysia Smelting Corp Bhd, one of the world’s biggest tin producers, aims to boost its output by 20% over the next couple of years as part of its growth strategy. The company produces between 10 tons to 14 tons a day and plans to buy more mining leases to lift production, group chief executive officer Datuk Dr Patrick Yong Mian Thong said in an emailed interview. (TheEdge)

Shares in Rohas Tecnic Bhd rose 10.4% in early trade on Tuesday (May 31) following its firmer first-quarter earnings and positive technical outlook. At 9.32am, Rohas had added 2.5 sen to 26.5 sen, with 719,000 shares traded. (TheEdge)

Pasukhas Group Bhd's wholly-owned subsidiary Pasukhas Sdn Bhd has accepted a letter of award from Exyte Malaysia Sdn Bhd (EMSB) for construction works involving a general warehouse in Kulim, Kedah worth RM31.16 million. (TheEdge)

Lingkaran Trans Kota Holdings Bhd’s (Litrak) net profit tumbled 20.86% to RM162.85 million for the financial year ended March 31, 2022 (4QFY22), from RM205.78 million a year ago, despite chalking up higher revenue. (TheEdge)

Shangri-La Hotels (M) Bhd’s first quarter net loss narrowed 33.87% to RM12.94 million from RM19.57 million a year earlier, in line with reduced losses from its hotel businesses, as well as a positive contribution from Golden Sands Resort. (TheEdge)

UOA Development Bhd’s net profit fell 29.66% to RM25.38 million for the first quarter ended March 31, 2022, from RM36.09 million a year earlier, on lower sales from its existing projects. The lower sales also resulted in revenue dropping 61.06% to RM54.58 million from RM140.17 million, the property developer said in a bourse filing. (TheEdge)

Source: New Straits Times, The Edge Markets 31 May 2022

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!

Contact Us

Please do not hesitate to contact us if you have any inquiries:

Contact Number: +60128058077


The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.

Related Stocks
Market Buzz
Be the first to like this. Showing 0 of 0 comments

Post a Comment