MQ Market Updates

MQ Market Updates - 1 August 2022

MQ Trader
Publish date: Mon, 01 Aug 2022, 05:39 PM

ACE Market-bound Agmo Holdings Bhd aims to raise RM22.1mil in proceeds from its initial public offering (IPO) to fund its business expansion plans. At the launch of its IPO prospectus, the digital solutions and application development specialist said of the proceeds, RM9.47mil will be allocated for setting up R&D, sales, marketing and business development teams as well as technical support and maintenance service teams. (TheStar)

Vitrox Corporation Bhd's shares fell in the early trade on Monday, despite posting stronger results for the second quarter ended June 30, 2022 (Q2 2022). At 10.06 am, Vitrox's shares were down 10 sen to RM7.59 with 109,700 units transacted. (TheStar)

The margin pressure that Nestlé (Malaysia) Bhd is facing due to higher commodity prices and foreign exchange (forex) volatility is expected to continue, said analysts. Analysts who attended a briefing for the group's second quarter ended June 30, 2022 (2QFY22) last Friday (July 29) said they remained cautiously optimistic for the group's earnings growth for the financial year ending Dec 31, 2022 (FY22). (TheEdge)

KPJ Healthcare Bhd's KPJ Damansara Specialist Hospital (DSH) recently unveiled Elekta Versa HD Linear Accelerator (Linac), a radiotherapy system for cancer treatment. The launch was in conjunction with the hospital's 25th year anniversary. In a statement today, KPJ said the Versa HD Linac is a sophisticated system that delivers accurate doses of radiation to target tumours that are hard to reach or that are located close to vital organs. (NST)

Malaysia Airports Holdings Bhd (MAHB) is not experiencing serious staff shortages at all of its airports, particularly the Kuala Lumpur International Airport (KLIA), says managing director Datuk Iskandar Mizal Mahmood. He said this was because the national airport operator had taken a long-term decision to retain all of its 10,000 workforce during the Covid-19 pandemic period. (NST)

CIMB Bank Bhd and CIMB Islamic Bank Bhd are offering the NCIA-CIMB Entrepreneur Scheme (NCES) to eligible micro, small and medium entrepreneurs (MSMEs) in the northern region, namely the states of Perlis, Kedah, Penang, and Perak, which make up the Northern Corridor Economic Region (NCER). (TheEdge)

Icon Offshore Bhd is bidding for RM1.4 billion worth of projects in Malaysia and Brunei, with the majority of it going to the drilling business. Managing director Datuk Seri Hadian Hashim said as for its offshore support vessel (OSV) business segment, 17 out of its 20 fleets were already on a long-term contract while another three are on spot charters. (NST)

Construction and property group Ireka Corp Bhd expects a gradual improvement in its financial performance given by a stronger orderbook and a new leadership line-up. Group managing director Mohd Hasnul Ismar Mohd Ismail said the company remains focused on sustaining its turnaround plan amidst the fluctuations in the cost of building and raw materials. Mohd Hasnul said the turnaround plan is on track, which is currently at 40 per cent of what was planned by the company. (NST)

RHB Research remains bullish on Bermaz Auto Bhd as it plans to refresh the Kia brand and improve its after-sales service following its appointment by the principal. The research house, which has a "buy" call on Bermaz, noted the distributor's strategy involves positioning the brand to avoid competition with the more established makes. (TheStar)

RHB Retail Research said Sime Darby Plantation Bhd could trend upwards further, after it bounced off the 21-day average line, while moving towards the immediate resistance of RM4.47 last Friday, supported by improved trading volume. (TheEdge)

RHB Retail Research said Dagang NeXchange Bhd is poised for an uptrend reversal after it climbed higher and attempted to break above the 81.5 sen immediate resistance last Friday, coupled with strong trading volume. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 1 Aug 2022

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