MQ Market Updates

MQ Market Updates - 8 August 2022

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Publish date: Mon, 08 Aug 2022, 05:08 PM

Agmo Holdings Bhd’s revenue and core earnings is expected to grow at a three-year compound annual growth rate (CAGR) of 15% and 8.9% to RM25.1mil and RM8.6mil, respectively, in its financial year ending 2025 (FY25). According to TA Research, the ACE Market-bound group expects top line growth to be driven by its mobile and web applications development segment, as a growing number of businesses beef up their digitisation initiatives to remain competitive in an increasingly digitised world. (TheStar)

Genetec Technology Bhd (GTB) is expected to deliver stronger net profit growth in the first quarter ending June 30, 2022 (Q1 FY23), driven by a healthy order backlog from the electric vehicle (EV) and energy storage (ES) segment. CGS-CIMB Research foresees more robust sales and net profit growth for GTB on a year-on-year (YoY) and quarter-on-quarter (QoQ) basis on the back of a firm order backlog for EV and ES.  (NST)

The estimate for Top Glove Corp Bhd's dividend payments over the next year has fallen 33% to 7.6 sen per share, from the previous estimate of 11.4 sen per share, according to Bloomberg dividend forecasts. The glove maker's last declared quarterly dividend was 1.2 sen. The previous yield forecast was 11.4%. Forecasts show that the company's peers will pay an average 1.15% yield in the next 12 months. (TheEdge)

IOI Corporation Bhd's RM50 million annual loss in contribution arising from the sale of its stake in Bunge Loders Croklaan Hogeweg (BLC) is minimal given the company's substantial earnings base. Hong Leong Investment Bank Bhd (HLIB Research) said that IOI Corp shared that the existing business collaboration between IOI Corp and Bunge Ltd remains, and both parties will continue to harness the benefits of the existing synergistic partnership in expanding BLC's business. (NST)

Yinson Holdings Bhd has partnered with GoCar Mobility Sdn Bhd (GoCar) to provide charging infrastructure facilities and solutions and customer care services to GoCar users. Yinson's green division, Yinson Green Technologies (M) Sdn Bhd, through its joint venture company Green EV Charge Sdn Bhd, today signed a memorandum of understanding (MoU) with GoCar Mobility Sdn Bhd for the plans. (NST)

Tenaga Nasional Bhd's (TNB) wholly-owned subsidiaries, together with IHI Power System Malaysia Sdn Bhd (IPSM) and Petronas Hydrogen Sdn Bhd, have successfully conducted an ammonia co-combustion test as part of a joint initiative to decarbonise the country's power sector. In a statement, TNB said the ammonia and coal co-combustion test was recently carried out at one of its subsidiaries, TNB Research Sdn Bhd's (TNBR) test rig facility in Kajang, Selangor. (NST)

CAB Cakaran Bhd is investing RM40mil to expand its chicken and seafood business operations this year. Managing director Chris Chuah told StarBiz the group was renovating its old seafood processing plant in Nibong Tebal. (TheStar)

Cahya Mata Sarawak Bhd (CMSB) is confident its construction division will grow its order book by an average of 80% per year and sustain earnings momentum over the next two years. The order book growth will be achieved via the acquisition of new projects from the Sarawak government and CMSB’s joint-venture partner Sarawak State Economic Development Corp (SEDC), according to group managing director Datuk Seri Sulaiman Abdul Rahman Taib. (TheStar)

Investors holding shares in Leong Hup International Bhd held their ground on Monday despite allegations that the group's feedmill business had participated in anti-competitive price-fixing practices with industry peers in raising the price of poultry feed between early 2020 and mid-2022. (TheStar)

PLS Plantations Bhd has entered into a memorandum of understanding with the Ministry of Agriculture and Food Industries of Malaysia to work on a proposal for the national food security policy. (TheStar)

FGV Holdings Bhd via its wholly owned subsidiary FGV Integrated Farming Sdn Bhd has signed a conditional shareholders’ agreement (conditional SHA) with Baladna Food Industries W.L.L and Touch Group Holdings Sdn Bhd for the development of an integrated dairy farming business in Chuping, Perlis. (TheStar)

Shareholders of Gamuda Bhd and Lingkaran Trans Kota Holdings Bhd (Litrak) have given the go-ahead for the disposal of their highway assets to Amanat Lebuhraya Rakyat (ALR). In a statement, Gamuda said the sale was met with over 99% approval in the extraordinary general meeting of Litrak on July 27 and that of the group last Friday (Aug 5). (TheEdge)

Teladan Setia Group Bhd, whose share price climbed to a record high last Friday (Aug 5), told Bursa Malaysia that it is not aware of any corporate development that would have caused the unusual market activity (UMA). In its filing to the local bourse on Monday (Aug 8), the Melaka-based property developer said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual trading activity. (TheEdge)

Kenanga Research has downgraded SLP Resources Bhd to "Market Perform" at 87.5 sen with a lower target price of 92 sen (from 99 sen) and said it was cutting its FY22/FY23 earnings forecasts for SLP by 22%/15%. (TheEdge)

RHB Retail Research said Mi Technovation Bhd is testing the immediate resistance with high trading volume. In a trading stocks note today, the research house said that the stock has been moving sideways recently, while trading volume has been building up. (TheEdge)

RHB Retail Research said Reservoir Link Energy Bhd was poised to extend its upside movement, and was knocking on the 40 sen immediate resistance on high trading volume. The stock has been trending north recently on the back of strong momentum, charting a “higher high” bullish pattern. In a trading stocks note today, the research house said in the event a bullish breakout happens, it should continue to climb higher towards 43 sen, followed by 45 sen.(TheEdge)

Source: New Straits Times, The Edge Markets, The Star 8 Aug 2022

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