MQ Market Updates

MQ Market Updates - 22 July 2022

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Publish date: Fri, 22 Jul 2022, 04:54 PM

UMedic Group Bhd (UMC) posted a net profit of RM1.29 million for its third quarter (Q3), which ended April 30, 2022, due to higher demand for medical devices and consumers from both public and private hospitals, as well as healthcare service providers. Revenue for the quarter came in at RM6.47 million, contributed by the marketing and distribution segment. (NST)

British American Tobacco (M) Bhd (BAT), which saw its net profit climb to RM73.25mil in the second quarter (Q2) ended June 30, has declared a second interim dividend of 25 sen per share. The dividend amounted to RM71mil and will be paid on Aug 18. (TheStar)

RHB Research slashed Cahya Mata Sarawak's (CMS) earnings forecast for the financial year 2023 (FY23) and FY24 by 25 per cent to 27 per cent following the company's disposal of its stake in OM Materials (Sarawak) Sdn Bhd (OMSB). On June 14, CMS entered into a share sale agreement with OMSB to dispose of its 25 per cent stake in both OMSB and OM Materials (Samalaju) for RM526.6 million. The expected net gain on disposal is RM147.6 million after netting off disposal expenses. (NST)

Pharmaniaga Bhd is expected to post positive earnings in financial years 2022 (FY22) and FY23 as demand for pharmaceutical products continues to increase. In a note, MIDF Research said the group has increased its profitability in the last few months as demand for pharmaceutical products continued to rise well into the second half of the year. (TheStar)

MIDF Research has maintained its “neutral” rating on Top Glove Corp Bhd at RM1 with a lower target price (TP) of RM1.01 (from RM1.04) and said it was cutting the FY22 to FY24 core profit after tax and non-controlling interest for Top Glove forecast by 2% for FY22, 4% for FY23, and 11% for FY24. (TheEdge)

CGS-CIMB Research is positive on Yinson Holdings Bhd's probability of securing either Italy's Eni's floating production storage offload (FPSO) Agogo project or BP's FPSO contract. The firm said the bid for the time charter contract for Eni's FPSO Agogo, offshore Angola project is nearing conclusion, as Yinson is expecting Eni to award the contract either in the third quarter (Q3) or Q4. (NST)

Maybank Investment Bank Bhd (Maybank IB) is maintaining its 'buy' call on Malaysia Airports Holdings Bhd (MAHB) with a slightly higher discounted cash flow-based target price of RM7.25, following MAHB's Malaysian operations’ improving international passenger traffic. (TheStar)

Telekom Malaysia Bhd (TM) will accelerate its fibre deployment in Sabah, targeting a minimum of 145,000 premises to be connected in the next three years from 2022 until 2025, achieving 58% of fibre coverage in the state. (TheStar)

Thong Guan Industries Bhd is now exclusively using renewable energy as the source of its electricity supply at its polyethene packaging production plants. This was made possible through the Green Electricity Tariff (GET) programme, launched by the Ministry of Energy and Natural Resources (KeTSA) in partnership with TNBX Sdn Bhd, a wholly-owned subsidiary of Tenaga Nasional Bhd (TNB), in November 2021. (NST)

Unitrade Industries Bhd has proposed a first and final single-tier dividend of 0.82 sen share to reward its shareholders with a maiden post-listing dividend in the financial year ended 31 March 2022 (FY22). The homegrown building materials wholesalers and distributors said the dividend is subject to shareholders' approval at the upcoming annual general meeting (AGM) to be held later. (NST)

Malaysian Bulk Carriers Bhd (Maybulk) has appointed Datuk Tan Hong Lai as an independent and non-executive director. In a filing with Bursa Malaysia, Maybulk said Tan, 56, has more than 30 years of experience in the property development and quantity surveying industries. (TheStar)

Hong Leong Investment Bank (HLIB) Research has slashed Hibiscus Petroleum Bhd’s target price (TP) by almost 11%, after the company was embroiled in a tax dispute with the Sabah state government. (TheStar)

Kenanga Investment Bank Bhd has been named Best Securities House Malaysia 2022 at the Asiamoney 2022 Best Securities Houses Awards. The investment bank said in a statement that the award was to recognise its record performance in 2021. (TheStar)

RHB Retail Research said Hextar Global Bhd is eyeing a technical breakout as it climbed upwards and attempted to move past the RM1.74 resistance level on Thursday (July 21) – firming up its “higher low” bullish structure above the 21-day average line. (TheEdge)

CGS-CIMB Research has maintained its “hold” rating on Petronas Chemicals Group Bhd at RM8.55 with a lower target price (TP) of RM9.30 (from RM10.60) based on six times CY23F EV/EBITDA (-2 standard deviation) from seven times previously (-1 standard deviation), as the selling price outlook is softening. (TheEdge)

MIDF Research has upgraded Alliance Bank Malaysia Bhd to "buy" from "neutral" with a lower target price of RM3.64 (from RM3.72) and said Alliance Bank's share price has declined to an attractive price point. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 22 Jul 2022

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