MQ Market Updates

MQ Market Updates - 8 June 2022

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Publish date: Wed, 08 Jun 2022, 05:57 PM

Natural rubber prices have generally been on uptrend, and this in turn, said Greenyield Bhd, has benefitted the company as it sells inputs to rubber plantations, besides owning rubber estates. Executive director Tham Kin On said Greenyield remained positive on its outlook underpinned by healthy demand and higher natural rubber prices. (NST)

Serba Dinamik Holdings Bhd's creditors have agreed to stay their applications for winding-up proceedings and the appointment of an interim liquidator on the condition that the beleaguered oil and gas group complies with payment timeline and contract order. Lawyers for both sides informed Justice Nadzarin Wok Nordin of the arrangement during case management at the High Court on Wednesday (June 8). (TheEdge)

DXN Holdings Bhd is offering up to 1.41 billion shares in an initial public offering (IPO) as it seeks to re-list on Bursa Malaysia’s Main Market, according to its prospectus exposure published on the Securities Commission Malaysia (SC) website on Wednesday (June 8). The 1.41 billion shares — 25.1% of its enlarged issued share capital — comprise 1.25 billion new shares and an offer for sale of 160 million existing shares. The issue price as well as the opening and closing dates of the IPO have yet to be fixed. (TheEdge)

Trading of shares of Gamuda Bhd, Kumpulan Perangsang Selangor Bhd (KPS) and Lingkaran Trans Kota Holdings Bhd (Litrak Holdings) was halted from 3.20pm to 4.20pm on Wednesday (June 8) as these companies announced that the draft share sale and purchase agreements' terms and conditions for the proposed sale of their expressway concession companies to Amanat Lebuhraya Rakyat Bhd (ALR) have been finalised. (TheEdge)

Analysts are positive on IHH Healthcare Bhd's plan to divest its medical education arm, IMU Health Sdn Bhd, for an enterprise value of RM1.35 billion, as the move will allow the company to dispose of its non-core assets at a relatively attractive valuation and further strengthen its core hospital business. (TheEdge)

UEM Sunrise Bhd signed a memorandum of understanding (MOU) with nine local companies to strengthen, promote and develop a mutually beneficial relationship and cooperation under its Vendors Partnership Programme on June 7. (TheEdge)

RHB Retail Research said Coastal Contracts Bhd is eyeing to resume its uptrend rebound. In a trading stocks note on Wednesday (June 8), the research house said this was as it bounced off the support level and headed towards the RM1.99 recent high on Tuesday. (TheEdge)

RHB Retail Research said Bonia Corp Bhd is set to climb higher as it bounced off the 21-day average line while crossing above the RM2.65 immediate resistance on Tuesday (June 7) – firming up its bullish bias above the average line. (TheEdge)

MSM Malaysia Holdings Bhd (MSM) focuses on sustaining its turnaround plan amidst the rising costs of main production elements, namely raw sugar, freight, natural gas and foreign exchange. Within a continually challenging environment, the company's key focus for 2021 was on executing the turnaround plan through reorganisation and asset optimisation, staying resilient with strengthened income streams and building integration for sustainable performance. (NST)

TSH Resources Bhd's proposed divestment of undeveloped oil palm land in Kalimantan will address several issues faced by the company, Kenanga Research said. This includes allowing TSH's to pare down its debts and gearing as well as accelerate development of its remaining land bank in Indonesia. Kenanga Research said the disposal was also expected to be earnings-per-share accretive for the company. (NST)

Listing-bound YX Precious Metals Bhd is expected to post net profits of RM8.0 million-RM11.1 million in financial years 2022-2024 (FY22-FY24), according to RHB Research. This is assuming gold price at RM258 per gram for FY22 and normalising to RM239-RM240 per gram for FY23-FY24 (similar to FY21 level), with demand to remain intact through recovery of economic and social activities, supported by expansion of product range and operation facilities. (NST)

IHH Healthcare's plans to divest International Medical University (IMU) will enable the company to redeploy its capital to further strengthen its core hospital operations. Hong Leong Investment Bank Bhd (HLIB) said the disposal did not come as a surprise as IHH had been reviewing its portfolio to focus only on long-term core assets, which were essentially its hospital-related operations. (NST)

Dynaciate Group Bhd is disposing a freehold land with buildings to MTrustee Bhd for RM80 million. MTrustee is the trustee of the real investment trust, CapitaLand Malaysia Trust (CLMT). The property comprises a freehold land measuring 549,928 sq ft and a single-storey warehouse annexed to a double-storey office building, two single-storey detached warehouses and other ancillary buildings. (NST)

CapitaLand Malaysia Trust (CLMT) signed a sale and purchase agreement to acquire two plots of contiguous freehold land and industrial properties in Sungai Jawi, Penang, for RM80 million. This marked CLMT's entry into Malaysia's logistics sector after expanding its investment mandate beyond the retail sector to include properties in commercial, office, and industrial asset classes. (NST)

Source: New Straits Times, The Edge Markets 8 Jun 2022

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