MQ Market Updates

MQ Market Updates - 16 June 2022

MQ Trader
Publish date: Thu, 16 Jun 2022, 05:52 PM

Cahya Mata Sarawak Bhd (CMS) is making a timely exit from its ferroalloy smelting business in Sarawak. Owing to the spike in commodity prices, it said the disposal of its 25% stakes in OM Materials (Sarawak) Sdn Bhd and in OM Materials (Samalaju) Sdn Bhd for a total cash consideration of US$120mil (RM526.6mil)would allow the group to unlock its investments at a higher value. (TheStar)

Datasonic Group Bhd’s wholly-owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) has been awarded a RM9.66mil contract by Pertubuhan Keselamatan Sosial (Perkeso) to develop a data analytics hub for the employment insurance system. The project would commence on July 1, 2022, for a period of five years ending June 30, 2027, Datasonic said in a filing with Bursa Malaysia. (TheStar)

Kelington Group Bhd's subsidiary Kelington Technologies Sdn Bhd has entered into a development contract with a Franco-Italian multinationals to undertake the design, engineering, and construction work on a new manufacturing building. In a bourse filing, the group said the development consists of a manufacturing (plating) area, mechanical and electrical utility plant, and a multi-storey carpark to the existing plant in Johor. (TheStar)

MR DIY Group (M) Bhd’s share price fell below RM3 on Thursday (June 16) for the first time since early 2021. At 3.39 pm, shares in MR DIY were down 11 sen or 3.63% at their intraday low of RM2.92 after some 4.62 million shares changed hands. Year to date, the home improvement retailer’s share price had dropped 19.11%. (TheEdge)

CTOS Digital Bhd has said it will be making a general offer to all remaining shareholders of RAM Holdings Bhd, in which it owns a 19.23% stake currently. In a statement, it said that based on preliminary feedback, whilst CTOS may control more than 51% of RAM, many large shareholders are expected to remain. (TheEdge)

Mining and ferroalloy smelting group OM Holdings Ltd (OMH), in a joint venture (JV) with Perth-based mineral exploration firm Bryah Resources Ltd, said it has commenced drilling for manganese at its Bryah Basin project in Western Australia. In a bourse filing on Thursday (June 16), OMH said the 1,000m reverse circulation manganese drilling has started and the gradient array induced polarisation (GAIP) survey has been completed in the Horseshoe Mine Prospect area. (TheEdge)

LBS Bina Group Bhd is on track to launch 14 projects worth RM 1.77 billion this year as it sees encouraging pick up in the property market. The projects would be across Klang Valley, Johor, Pahang and Perak, LBS executive chairman Tan Sri Lim Hock San said after its 22nd annual general meeting here today. (NST)

Citaglobal Bhd signed a share purchase agreement (SPA) with TIZA Global Sdn Bhd (TGSB) to acquire the entire stake of Citaglobal Engineering Services Sdn Bhd (CESSB) for RM140 million. Citaglobal will make the acquisition via the issuance of 736.84 million new shares in Citaglobal at RM0.19 per share. The acquisition comes with an aggregate net profit guarantee of RM60 million for three full financial years ending 2022, 2023 and 2024. (NST)

Capital A Bhd, formerly known as AirAsia Group Bhd, is expecting to register "positive" earnings before interest, taxes, depreciation and amortisation (Ebitda) by the end of 2022. Capital A president (commercial) Colin Currie said positive Ebitda would likely be registered by its subsidiaries such as AirAsia Super App, airasia Ride, Teleport and BigPay as well as its airline units, AirAsia and AirAsia X. (NST)

AirAsia X Bhd, fresh from reporting over RM33 billion in quarterly net profit a fortnight ago, plans to add new long-haul flights from Kuala Lumpur to London, Dubai and Istanbul this year as demand for travel rebounds. The long-haul low-cost subsidiary airline of Capital A Bhd is also relooking at its plans to fly to its first Central Asia destination, Kazakhstan. (NST)

Maxis Bhd has formed one of the largest 5G alliances in Malaysia to accelerate technology breakthroughs and Internet of Things (IoT) enterprise solutions. Comprising global and local technology and industry partners, innovators and lighthouse customers from diverse industries, the alliance will co-create, commercialise and scale 5G use cases and innovative solutions across industries to drive digital transformation and innovation. (NST)

Affin Hwang Capital expects earnings for the rubber sector to fall below 2019 levels in the second quarter (Q2) due to the continued decline in average selling prices (ASP).  It said all the rubber glove manufacturers under its coverage recorded a lower quarter-on-quarter profit in Q1 2022, as the decline in ASP coupled with an increase in production costs continued to drag earnings before interest, taxes, depreciation and amortisation (Ebitda) margins lower. (NST)

Kenanga Research has maintained its “outperform” rating on Pestech International Bhd at 47 sen with a lower target price (TP) of 66 sen (from 87 sen) based on an unchanged FY23E PER of 12.4x, which is at a 20% discount to the average prospective PER of 15.5x for international peers Siemen and ABB. (TheEdge)

RHB Retail Research said Bermaz Auto Bhd is poised to move past the sideways consolidation phase of RM1.82 resistance, as buying interest was observed over the last two sessions, building up its momentum above the 21-day average line. (TheEdge)

RHB Retail Research said QL Resources Bhd is set to rebound from a recent pullback, as it bounced off above the 21-day average on Wednesday while breaching the RM5.08 resistance level, printing a “White Marubozu” bullish candlestick. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 16 Jun 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
More articles on MQ Market Updates
Be the first to like this. Showing 0 of 0 comments

Post a Comment