MQ Market Updates

MQ Market Updates - 28 July 2022

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Publish date: Thu, 28 Jul 2022, 05:55 PM

Westports Holdings Bhd's net profit fell nine per cent to RM162.29 million during the second quarter (Q3) ended June 30, 2022 from RM177.97 million recorded a year ago. This is due to lower pre-tax profit at RM220 million and the one-off prosperity tax in 2022. However, the port operator's revenue grew four per cent to RM511.00 in Q2 2022 from RM505.07 million last year due to the growth in container revenue. (NST)

Maxis Bhd's net profit eased 8.6 per cent to RM329 million in the second quarter (Q2) ended June 30, 2022 from the RM360 million recorded in the same quarter last year. In a statement today, the telco said this was due to higher depreciation and amortisation costs from the revision of spectrum rights' useful life as well as a one-off increase in the corporate tax rate to 33 per cent (Prosperity Tax). (NST)

Nestle (Malaysia) Bhd remains on a growth trajectory, delivering solid sales and profit for its second quarter ended June 30 2022. Its net profit rose 26.1 per cent to RM169.65 million in the second quarter from RM134.53 million a year ago, on the back of an 18.8 per cent increase in revenue to RM1.64 billion from RM1.38 billion previously. (NST)

Gadang Holdings Bhd reported a net loss of RM4.08 million in the fourth quarter ended May 31, 2022 (4QFY22) from a net profit of RM10.75 million a year ago, due to lower contribution from its construction business after completion of major projects, while profit margins were weighed by higher costs in on-going projects. (TheEdge)

Unisem (M) Bhd's net profit for the second quarter ended June 30, 2022 surged 276.7% to RM205.86 million from RM54.64 million a year earlier, on the back of higher average selling prices coupled with the appreciation of US dollar/ringgit exchange rates. In a Bursa Malaysia filing on Thursday (July 28), Unisem said revenue for the quarter rose 15.4% to RM464.06 million from RM402.23 million a year prior. (TheEdge)

Aemulus Holdings Bhd's diversification into CMOS image sensor (CIS) and automotive could help the company to cushion the impact of a slowdown in mobile and tablet segments. CGS-CIMB Research noted that Aemulus's revenue had fallen 11.3 per cent quarter-on-quarter (QoQ) to RM17 million in this third quarter (Q3) due to weaker demand in mobile and tablet markets and order deferment amounting to over RM2.7 million. (NST)

CIMB Group Holding Bhd intends to maintain as many pre-emptive provisions as possible due to macro headwinds, according to Hong Leong Investment Bank Bhd (HLIB). HLIB noted that the banking group's level take-up rate for loans under rescheduling and restructuring (R&R) programme had improved slightly to four per cent from five per cent in April while the missed payment trend was generally benign. (NST)

Kelington Group Bhd (KGB) is poised to record stellar performance for its second quarter (Q2) driven by stronger project recognition in Singapore, Malaysia and China. RHB Research stated in note that despite being a seasonal lull, Kelington's Q1 revenue was the highest ever achieved for the same quarter which was up by 65 per cent year-on-year (YoY), while core earnings surged 45 per cent. (NST)

AME Elite Consortium Bhd’s (AME Elite) listing of industrial property assets under a real estate investment trust (AME-REIT) will entail an offer of 254.8 million units or 49% of the total 520 million units in AME-REIT. AME-REIT is set to be an Islamic industrial REIT with an initial portfolio of 31 industrial properties with ongoing leases and/or tenancies to various local and foreign companies, as well as three workers dormitories that mainly cater to the workers of AME Elite’s industrial parks tenants, the company said in a statement yesterday. (TheStar)

G Capital Bhd’s 70%-unit Solarcity Malaysia Sdn Bhd has inked a solar power purchase agreement (PPA) with Muda Holdings Bhd’s wholly-owned subsidiary Federal Packages Sdn Bhd for sale of solar energy to Federal Packages from a 5.5 megawatt-peak (MWp) solar asset in Pulau Pinang. (TheEdge)

Frontken Corporation Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22) rose by 30.17% to RM32.2 million, compared with RM24.74 million a year earlier, on the back of improved revenue and better profit margins. Consequently, earnings per share increased to 2.05 sen from 1.57 sen. (TheEdge)

Bintai Kinden Corp Bhd's joint-venture (JV) company has secured a series of additional subcontracts from Petro Flanges & Fittings Sdn Bhd (PFF) to supply high-grade carbon steel/stainless steel piping, valves and piping accessories, with a value of approximately RM4.43 million, to companies in the oil and gas (O&G) industry. (TheEdge)

Advanced air mobility (AAM) infrastructure developer Skyports Infrastructure and AirAsia’s Advanced Air Mobility, a dedicated unit of AirAsia Aviation Group Ltd, have inked a letter of intent to explore the development of air taxi infrastructure in Malaysia. In a statement on Thursday (July 28), AirAsia Aviation said the partnership will draw on the group’s aviation expertise and experience, as well as its on-ground market knowledge and networks. AirAsia Aviation is the aviation arm of Capital A Bhd. (TheEdge)

QL Resources Bhd highlighted the cost pressure it is facing amid supply chain disruption, and inflationary pressure will further narrow its margins, according to its chairman Dr Chia Song Kun. (TheEdge)

IGB Real Estate Investment Trust's (REIT) prospects continue to be bright amid the lifting of restrictions and reopening of international borders. Following IGB REIT's announcement of its 1H22 earnings, Hong Leong Investment Bank (HLIB) research said shopper traffic in the REIT's properties of Midvalley Megamall and The Gardens Mall will continue to be elevated, underpinning retail sales. (TheStar)

JF Apex Securities Berhad said Salutica Berhad gained 1 sen to 36 sen yesterday to break the 100-day moving average at 35 sen. In a technical stock pick note on Thursday (July 28), the research house said Salutica’s gain on July 27 broke the downtrend from 76.5 sen in August 2021. (TheEdge)

RHB Retail Research said Pentamaster Corporation Bhd is set to resume the uptrend as it rebounded strongly following the recent pullback – breaking above the immediate resistance of RM3.83 with strong trading volume. (TheEdge)

RHB Retail Research said Bermaz Auto is poised for a technical breakout as it bounced off strongly towards the immediate resistance of RM1.81 yesterday – coupled with strong trading volume. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 28 Jul 2022

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