MQ Market Updates

MQ Market Updates - 30 June 2022

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Publish date: Thu, 30 Jun 2022, 05:16 PM

Gamuda Bhd is expected to continue delivering stellar revenue and earnings performance in its fourth quarter (Q4) ending July 31, 2022 and financial year 2023 (FY23) due to rosy construction sector, said MIDF Research. For the nine-month period ended April 30 2022, MIDF Research noted that Gamuda's core earnings came in 46.3 per cent year-on-year (YoY) higher at RM552.3 million, beating its expectations and the street's by 13 per cent and 18.4 per cent respectively of the FY22 estimates. (NST)

The merger of telco operations of Axiata Group Bhd and Digi.Com Bhd should generate synergies via its enlarged scale, savings on capital expenditure (capex) and procurements as well as cost optimisations, Affin Hwang Capital said. The firm said Axiata had in June 2021 shared an estimated value accretion of RM8 billion through cost and capex synergies, including savings from network-related capex and expenses.  (NST)

Bermaz Auto Bhd's new launches are expected to intensify the current backlog orders and at a high price point by RM3,000, said Kenanga Research. The firm noted that the higher price points was to safeguard BAuto's margin due to increase in operation cost. BAuto's new Mazda launches for this year include the all-new CX-3 IPM4 version, CX-30 IPM4 version, CX-8 IPM4 version and all-new Mazda MX-30 electric vehicle (EV). (NST)

Bintai Kinden Corp Bhd is partnering 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, entered into a marketing and distribution agreement with Marafie, the company said yesterday. (TheStar)

Unique Fire Holdings Bhd (UFH) will use the funds raised to expand its manufacturing capabilities and expand its business geographically. The ACE Market-bound fire protection systems maker and distributor will raise RM21.8mil from its initial public offering (IPO) from the public issue of 83.75 million new shares at an issue price of 26 sen a share. (TheStar)

United Malacca Bhd (UMB) is aiming for higher fresh fruit bunch (FFB) for the financial year 2023 (FY23), supported by better yields, palm tree age profile and an increase in mature area in its oil palm estates in Kalimantan, Indonesia. The upstream planter also expects an increase in operating costs resulting from higher material and labour costs, said TA Research in its latest report. (TheStar)

Hiap Teck Venture Bhd’s net profit fell more than half to RM32.21mil for the third quarter ended April 30 (3Q22) from RM65.92mil a year ago dragged by lower share of profit from its joint venture (JV) entity, as well as lower profit margin of the group’s downstream operating subsidiaries. In a filing with Bursa Malaysia, the steel company said the lower share of profit from the JV entity stood at RM3.31mil in the quarter from RM19.8mil a year ago. (TheStar)

Glomac Bhd's net profit jumped almost threefold to RM15.11mil or 1.97 sen per share for the fourth quarter ended April 30, 2022. (TheStar)

Khee San Bhd and nine of the candy maker’s directors have been publicly reprimanded by Bursa Malaysia Securities Bhd for its delayed announcement of default in payments. (TheStar)

Home improvement retailer MR DIY Group (M) Bhd (MR DIY) is committed to its "always low prices” slogan despite the rise in operating costs and inflation in the country. Chief executive officer Adrian Ong said the move to continue providing consumers with affordable products was data-driven, adding that it was efficient and sustainable business practices which allow the company to absorb the hike in prices. (TheStar)

SCGM Bhd’s net profit for the fourth quarter ended April 30, 2022 (4QFY22) grew 11.11% to RM8.47 million from RM7.62 million a year earlier, on the back of higher revenue, coupled with more favourable sales mix and lower interest expenses. It declared a fourth interim single tier dividend of 1.32 sen per share, bringing the full-year total to 6.42 sen, from 7.1 sen the year before. (TheEdge)

PublicInvest Research has initiated coverage of polyethylene plastics films and bag manufacturer BP Plastics Holdings Bhd and said the company’s return on equity (ROE) and return on assets (ROA) stood at 20% and 14.7% respectively, compared to its peer averages of 14.3% and 8.4% respectively.  (TheEdge)

Sersol Bhd is partnering Thailand’s private jet charter services provider MJets Ltd to venture into the private aviation industry. The parties have inked a heads of agreement to form a joint venture (JV) company that offers aircraft charter services, ground handling services, aircraft management and brings in a new fleet of private jets into Malaysia and Indonesia, Sersol said in a statement on Thursday (June 30). (TheEdge)

Cypark Resources Bhd’s net profit fell 19.5% to RM14.52 million for the second quarter ended April 30, 2022 (2QFY22) from RM18.03 million a year ago due to decrease in turnkey contract revenue as the Large Scale Solar 2 (LSS2) construction is wrapping up. In a filing with Bursa Malaysia on Thursday (June 30), the environmental engineering outfit reported that revenue sank 11.82% to RM75.81 million from RM85.97 million in the preceding year’s quarter. (TheEdge)

Reach Energy Bhd (REB) has proposed to issue 1.03 billion new ordinary shares at an issue price of 20 sen per share to undertake a debt settlement exercise involving RM206.51 million owed to Super Racer Ltd (SRL). (TheEdge)

Telekom Malaysia Bhd (TM) has inked two collaboration agreements with Cisco International Ltd to co-invest in projects for 5G innovation and the digital acceleration of small and medium enterprises (SMEs). (TheEdge)

Source: New Straits Times, The Edge Markets, The Star  30 Jun 2022

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