MQ Market Updates

MQ Market Updates - 4 August 2022

MQ Trader
Publish date: Thu, 04 Aug 2022, 05:28 PM

Capital A Bhd is confident that two of its airline units, AirAsia and AirAsia X, will return to 100 per cent capacity by March 2023. Capital A chief executive officer (CEO) Tan Sri Tony Fernandes said currently the capacity for the airlines' domestic flight stood at 80 per cent while international at about 35 per cent. (NST)

IJM Corp Bhd has partnered with China Harbour Engineering Company Ltd (CHEC) to develop an integrated mixed development and logistic hub to be known as the Malaysia-China Kuantan International Logistics Park (MCKILP). This marks IJM’s first foray into the industrial and logistics market to meet the growing logistics demands in the east coast region. (TheStar)

Alliance Bank Malaysia Bhd is projecting strong competition in the small and medium enterprise (SME) space from the new digital banks that recently obtained licenses from Bank Negara Malaysia (BNM), group chief executive officer Joel Kornreich said. The SME segment is among key businesses to drive the bank’s financial performance. (TheStar)

ILB Group Bhd, formerly known as Integrated Logistics Bhd, is seeking legal advice after minority shareholder BT Investment Capital Ltd filed a lawsuit against its board members. The lawsuit is an attempt to block an acquisition that BT Investment claimed could dilute shares owned by existing shareholders. (NST)

Malaysian Genomics Resource Centre Bhd (MGRC) (pic) said it was unaware of the reason for the sharp fall in its share price, in response to an unusual market activity query from Bursa Malaysia. MGRC closed up 7.5 sen, or 10.56%, to 78 sen yesterday. The stock has fallen some 23% so far this year. (TheStar)

Dagang Nexchange Berhad (DNeX), via its subsidiary Ping Petroleum UK PLC, has renamed its recently acquired floating production storage and offloading (FPSO) vessel to Excalibur. Group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said the FPSO is now renamed Excalibur ahead of its deployment at the Avalon Development. (TheStar)

Malakoff Corporation Bhd's earnings will continue to be supported by improved electricity demand following economic recovery from the pandemic as well as continued growth from its waste segment. Affin Hwang Capital noted that three out of six of Malakoff's domestic thermal plants would see the end of their power purchase agreement (PPA) over the next five years. They are GB3, Prai Power and Segari Energy Ventures. (NST)

Press Metal Aluminium Bhd (PMetal) is expected to post higher core earnings for its second quarter (Q2) driven by significantly higher carbon anode prices and as aluminium spot prices retraced significantly from an average of US$3,248 per tonne in Q1 to US$2,896 per tonne in Q2. However if the results were met, Hong Leong Investment Bank Bhd (HLIB) noted that it would be slightly below expectations as it would be a quarterly decline. (NST)

Kenanga Research has raised its financial years 2022 (FY22) and FY23 forecasts for Fraser & Neave Holdings Bhd (F&N) by six per cent and 13 per cent respectively to reflect a slightly stronger recovery from the economy reopening. Kenanga Research said the company's nine-month earnings of RM284 million had beaten its full-year forecast at 86 per cent but met market expectation at 76 per cent of full-year estimate. (NST)

Rakuten Trade Research has a "buy" rating on OpenSys (M) Bhd at 34 sen with a target price of 46 sen based on 15 times (three-year average) PER over FY23 earnings per share (EPS). In an Investment Idea note on Thursday (Aug 4), the research house said it expects OpenSys to register net earnings of RM12.3 million for FY22 and RM13.7 million for FY23, driven by higher income from cash recycling machines, growing recurring income and new tech platform-based businesses. (TheEdge)

RHB Retail Research said Sam Engineering & Equipment (M) Bhd is set propel higher after breaching the RM4.50 immediate resistance on Wednesday (Aug 3) on strong trading volume, ie significantly higher than the 30-day average volume. (TheEdge)

RHB Retail Research said Cnergenz Bhd is set to resume its uptrend movement as it broke above the 62.5 sen immediate resistance on Wednesday (Aug 3), following the recent pullback. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 4 Aug 2022

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