MQ Market Updates

MQ Market Updates - 3 June 2022

MQ Trader
Publish date: Fri, 03 Jun 2022, 11:42 PM

UMedic Group Bhd (UMC) had inked an underwriting agreement with Affin Hwang Investment Bank Bhd in conjunction with the company's initial public offering (IPO) on the ACE Market of Bursa Malaysia. The bank-backed investment firm will be the company's principal adviser, sponsor, sole placement agent, and sole underwriter. (NST)

LGMS Bhd recorded a net profit of RM3.09 million in its first quarter (Q1) ended March 31, 2022, supported by its cybersecurity services. Revenue for the quarter came in at RM7.84 million derived from the cyber risk prevention segment and followed by the cyber risk management and compliance segment, which contributed 64.13 percent and 24.73 percent, respectively. (NST)

Better sequential earnings are expected for Padini Holdings Bhd, supported by consumer down-trading, said Maybank Investment Bank Bhd (Maybank IB). The research house said Padini's sales momentum post-pandemic is trending upwards with improved product mix and more substantial store footfall driving topline growth. Padini is also actively monitoring costs to maintain its margins. (NST)

CGS-CIMB Research expects Wellcall Holdings Bhd's higher sales volume due to demand pick-up to be offset by margin compression from higher input costs. The research house said Wellcall is experiencing higher raw material costs, to about 55-65 percent of total costs, especially with the increases in natural rubber and synthetic rubber prices in recent months. (NST)

IOI Corp Bhd says its joint venture unit IOI Pelita Plantation (IOI Pelita) and eight local communities from the Tinjar area in Sarawak have settled decades-long land dispute case that began in the mid-1990's. Both parties signed a landmark final settlement agreement recently witnessed by officials from the Sarawak state government, community leaders, and representatives from the Roundtable on Sustainable Palm Oil (RSPO). (NST)

Fraser & Neave Holdings Bhd (F&N) on Friday (June 3) proposed to privatise its 27.66%-owned associate Cocoaland Holdings Bhd by buying the remaining Cocoaland shares at RM1.50 each in a move which will help F&N expand into other packaged-food segments and grow the buyer's overseas markets. (TheEdge)

Integrated industrial space solutions provider AME Elite Consortium Bhd continues to attract foreign direct investment (FDI) with its latest addition, Nasdaq-listed medical device giant Insulet Corp. Insulet Corp’s latest manufacturing facility will be built in AME’s newest industrial park, namely i-TechValley in SiLC, Johor Baru. The manufacturing facility is expected to be operational in mid-2024. (TheEdge)

Datuk Zaini Yusoff of I&P Group Sdn Bhd, a wholly-owned subsidiary of S P Setia Bhd, has been appointed as the new chairman of the Real Estate and Housing Developers’ Association Malaysia (REHDA) Selangor Branch for the term of 2022-24. (TheEdge)

RHB Small Cap ASEAN Research has maintained its “buy” rating of Kelington Group Bhd (KGB) at RM1.20, with a higher target price (TP) of RM1.60 (from RM1.50), and said KGB’s core earnings are on track to hit another high in the financial year ending Dec 31, 2022 (FY22), up 59%, being armed with an outstanding order book of RM1.2 billion and a still-robust job pipeline. (TheEdge)

RHB Retail Research said Inari Amertron Bhd is set to rebound higher as it renewed its bullish momentum, surpassing the RM2.81 recent high on strong volume on Thursday. In a trading stocks note on Friday (June 3), the research house said if the buying interest persists, the bulls may drive the stock towards the RM2.93 resistance, followed by the RM3 threshold. (TheEdge)

RHB Retail Research said Oriental Holdings Bhd is set to propel northwards as it surged strongly to breach the RM7.20 immediate resistance on Thursday, coupled with significant trading volume. In a trading stocks note on Friday (June 3), the research house said the “higher high” bullish structure above that level is expected to drive the stock towards the new high of RM8, before printing another record high at RM8.50. (TheEdge)

Source: New Straits Times, The Edge Markets 3 Jun 2022

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