MQ Market Updates

MQ Market Updates - 12 July 2022

MQ Trader
Publish date: Tue, 12 Jul 2022, 05:26 PM

AME Elite Consortium Bhd (AME) is expediting the continued expansion of its repeat customer HQPack Sdn Bhd (HQ Pack) by constructing its sixth facility in i-Park@Indahpura. The industrial space solutions provider said the contract came on the heels of HQ Pack taking delivery of its recently-completed 60,000 square feet manufacturing facility in i-Park@Indahpura in November 2021. (NST)

Reservoir Link Energy Bhd expects renewable energy segment (RE) to contribute at least 60 percent to its revenue from this year as the company diversifies into green energy following its acquisition of Founder Energy Sdn Bhd. Reservoir Link, which started as a provider of oil and gas (O&G) upstream services, decided to participate in the transition towards RE as it planned to move forward as an energy player. (NST)

Emerging from the pandemic, Alliance Bank Malaysia Bhd reports steady growth attributed to improved domestic demand in the second half of 2021 (2H21) when the national immunisation programme commenced. As economic activities gained traction, the group saw a loan growth of nearly 5% year-on-year (y-o-y) owing to the rise in demand for credit. (TheStar)

KPJ Healthcare Bhd announced the appointment of Nantha Kumar Subramanian as its new chief digital officer, effective July 1, 2022. Nantha Kumar takes the helm from Yap Chee Wai, who previously stepped down from KPJ Healthcare as its chief technology officer, to pursue other interests. (TheEdge)

RHB Retail Research said Gas Malaysia Bhd is poised for an uptrend reversal as it rebounded from the recent low recently, then pushed past the 21-day average line last Friday while eyeing the RM3.03 immediate resistance. In a trading stocks note on Tuesday (July 12), the research house said if a breakout happens, the bulls may renew their interest and propel the stock towards the next resistance of RM3.15 (or the high of May 23), followed by RM3.23 or the high of May 20. (TheEdge)

CGS-CIMB Research has maintained “hold” on Westports Holdings Bhd at RM3.61 with a lower target price (TP) of RM3.50 (from RM3.78) and said the port operator on July 8 guided that 2Q22F container volumes are likely to be 6-7% lower y-o-y, continuing the 10% y-o-y decline seen in 1Q22. In a note on July 8, the research house said it has pencilled in a 5.2% yoy fall in FY22F volumes (versus 1% growth earlier) due to reduced transhipment calls at Westports and consumer spending slowdown. (TheEdge)

Kenanga Research has maintained its “outperform” rating on P.I.E. Industrial Bhd (PIE) at RM2.82 with a higher target price (TP) of RM4.10 (from RM3.70) and said despite recent softness in the decentralised finance (DeFi) space, orders for application-specific integrated circuit (ASIC) hardware from its new Chinese customer as well as other products from its customer base have remained robust. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star  12 Jul 2022

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