MQ Market Updates

MQ Market Updates - 29 June 2022

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Publish date: Wed, 29 Jun 2022, 05:28 PM

Axiata Group Bhd and Digi.Com Bhd have received green light from the Malaysian Communications and Multimedia Commission (MCMC) to proceed with the proposed merger of their telco operations. The merger application for Celcom and Digi was submitted to MCMC in July 2021. In a joint statement today, Axiata and Digi said the approval followed a substantive assessment of the proposed merger application, and due consideration of their response to MCMC's statement of issues (SOI) released earlier in April. (NST)

Bintai Kinden Corporation Bhd has partnered with Marafie Co to supply piping materials to oil and gas (O&G) related companies in Saudi Arabia. To formalise the collaboration, Bintai Energy Sdn Bhd, a subsidiary of Bintai Kinden, today signed a marketing and distribution agreement with Marafie. Under the agreement, Marafie will act as a representative of Bintai Energy to engage in oil and gas development in the region of Saudi Arabia. (NST)

Kim Loong Resources Bhd’s net profit jumped 38% to RM39.23mil in the first quarter ended April 30, from RM29.38mil in the same period last year, driven by contributions from its plantation operation. In a filing with Bursa Malaysia yesterday, the company said revenue for the quarter surged 63% to RM509.74mil against RM312.45mil a year ago.  (TheStar)

Bermaz Auto Bhd has almost 9,000 outstanding orders for Mazda vehicles which it aims to fulfil by the first quarter of 2023 (1Q23) for customers to enjoy the sales and services tax (SST) exemption. Given that sales have been robust this year, the company is confident of meeting shareholder expectations of a dividend payment. (TheEdge)

Unique Fire Holdings Bhd, which is en route to a listing on the ACE Market of Bursa Malaysia on Aug 5, is seeking to raise RM21.78mil from its initial public offering (IPO). Unique Fire is involved in the assembly, distribution and manufacture of active fire protection systems, equipment and accessories for the built environment. (TheStar)

The impact of Mah Sing Group Bhd's new project in Johor on its net gearing ratio will be minimal, as the purchase will be partially funded by the recent land sale of Permatang Tinggi, which generated around RM49 million in sales. Hong Leong Investment Bank Bhd (HLIB Research) is optimistic about this development as Mah Sing managed to secure the land strategically. (NST)

Economists have expressed dismay at the salary and allowance bump for FGV Holdings Bhd chairman and board of directors. They said the chairman and board members should not have been rewarded with the hefty increase in fees and allowances despite sky-high crude palm oil (CPO) prices. (NST)

Mynews Holdings Bhd may hike prices across certain product categories given the minimum wage hike and rising input costs. (NST)

Tropicana Corp Bhd has partnered Affin Bank Bhd to tackle home financing with the Home Step Fast/i campaign, targeting first-time homebuyers, young families and property investors. In a statement, the developer said the Home Step Fast/i campaign allows homebuyers to own their dream home with lower monthly instalments while enjoying greater cash flow for five years after vacant possession. (TheStar)

Tan Sri Rafidah Aziz is stepping down as chairman of AirAsia X Bhd (AAX) effective July 1. The long-haul budget carrier, in a Bursa Malaysia filing, said Rafidah, 78, was stepping down as she would soon have served the term allowed as an independent director. (TheStar)

Petronas Dagangan Bhd (PetDag) has signed six additional agreements to sell its working inventory and deadstock in the storage tank at selected fuel terminals to Petco Trading Labuan Co Ltd (PTLCL) for RM132.93mil. PTLCL is an indirect wholly-owned unit of Petroliam Nasional Bhd (Petronas). (TheStar)

US-based investors DigitalBridge Group Inc, I Squared Capital-owned BDx and Equinix Inc are among potential suitors for the data centre business of Malaysia’s TIME dotCom Bhd, according to people familiar with the matter. (TheEdge)

CGS-CIMB Research forecasts an improved earnings prediction for United Malacca Bhd (UMB) for the financial year 2023 (FY23) due to increasing crude palm oil (CPO) prices and Indonesian fresh fruit bunch (FFB) yields. The research house said UMB's fourth quarter (Q4) FY22 net profit climbed 6.8 times year-on-year (YoY) to RM32 million, mainly due to higher average CPO prices. (NST)

AmInvestment Bank has maintained “hold” on Pos Malaysia Bhd at 56 sen with a lower fair value (FV) of 52 sen (from 75 sen) and said following a recent company meeting, it now expects a wider FY22 net loss of RM99 million (from RM89 million previously) as well as a slight net loss of RM10 million for FY23 (from net profit of RM3 million previously) to mainly account for lower mail and parcel volumes. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star  29 Jun 2022

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