MQ Market Updates

MQ Market Updates - 9 June 2022

MQ Trader
Publish date: Thu, 09 Jun 2022, 05:49 PM

Malaysia Building Society Bhd (MBSB) expects its asset growth to increase 10 percent this year, driven by fee income and trade financing business. Acting chief executive officer Datuk Nor Azam M.Taib said this would be driven by the group's retail and commercial side. Nor Azam said from the retail side, growth would come from personal financing, montages and home financing. (NST)

Top Glove Corporation Bhd's net profit plunged 99.2 percent to RM15.29 million in the third quarter (Q3) ended May 31, 2022, from the RM2.04 billion recorded in the same quarter a year ago. Its revenue for the quarter shrank 64.8 percent to RM1.46 billion from RM4.16 billion. (NST)

The new accounting standard for insurance contracts, MFRS 17, are purely accounting treatments and do not impact the fundamental business of Syarikat Takaful Malaysia Keluarga Bhd. Kenanga Research said it still expected Syarikat Takaful to be a sound beneficiary of the recovery of the economy where overall earned premiums should pick up. The firm said this should also be uplifted by more aggressive physical sales strategies. (NST)

Hong Leong Investment Bank Bhd (HLIB) remains upbeat on Sunway Group Bhd's growth prospects given its well-integrated property, construction and building material operations. HLIB said Sunway had recorded a first quarter (Q1) 2022 pre-tax profit of RM187.1 million. The Q1 results should be a decent representative quarter for financial year 2022 (FY22) as most of the economic activities have started normalising during the quarter. (NST)

Measat Global Bhd is set to close the gap in the rural areas with the upcoming launch of the RM1.2 billion Measat-3d satellite in the next two weeks. Using the high throughput satellite capacity on Measat-3d, Malaysians will be able to enjoy high-speed internet whether in urban and suburban areas or hard to reach rural villages, via Measat's CONNECTme NOW satellite broadband service. (NST)

Pimpinan Ehsan Bhd (PEB) had entered into a second supplemental and restated share sale agreement with B.Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and Tengku Zaiton Ibni Sultan Abu Bakar for the acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries. In the agreement, PEB agreed to acquire two additional solar power assets located in Kuala Muda, Kedah and Machang, Kelantan respectively, along with the parcels of land where the assets sit. (NST)

Ramssol Group Bhd and its partner in anti-corruption training for businesses, ELMU Education group Sdn Bhd will be able to endorse its corporate liability awareness and training for higher education institutions. In a statement, Ramssol said ELMU had received a letter from the Malaysia Anti-Corruption Academy (MACA) to endorse its programme for the public and private higher education institutions under the ministry of higher education. (NST)

Marriott International on Thursday signed an agreement with Hap Seng Consolidated Bhd to bring the first Marriott Executive Apartments to Kuala Lumpur. In a statement, Hap Seng Consolidated's chairman Thomas Karl Rapp said, "We are pleased to announce the first Marriott Executive Apartments in Kuala Lumpur, and more importantly, to add another exciting project to our growing hospitality portfolio in Malaysia." (TheEdge)

Genting Bhd chairman Tan Sri Lim Kok Thay had in recent days sold over nine million of his indirectly held shares in the casino and hotel operator as the stock’s price rose past RM5 to pre-Covid-19 pandemic levels as vaccination progress leads to expectation of a revival in the global tourism sector which was badly hit by the pandemic that began gripping world attention around March 2020. (TheEdge)

Scomi Group Bhd said it has accepted a settlement proposal with Malayan Banking Bhd (Maybank) with regards to the material litigation raised by the lender in the High Court. "Following several discussions between both parties, the settlement sum agreed is RM8 million which is to be paid in full on or before July 29," Scomi said in a statement. (TheEdge)

Source: New Straits Times, The Edge Markets 9 Jun 2022

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