MQ Market Updates

MQ Market Updates - 10 August 2022

MQ Trader
Publish date: Wed, 10 Aug 2022, 05:34 PM

KLCCP Stapled Group recorded a revenue increase of 25 per cent to RM350.3 million in its second quarter (Q2) this year compared to RM280.2 million last year. Pre-tax profit rose 27.4 per cent to RM219.3 million, supported by the strong performances of the retail and hotel segments as economic activity picked up in Q2. (NST)

Boustead Plantations Bhd’s (BPB) subsidiary, Boustead Agro Plantations Sdn Bhd, has signed a document of understanding (DoU) with Pertubuhan Peladang Kawasan Kuala Langat (PPKKL) to venture into sustainable and technology-driven commercial crop market. In a statement today, it said the DoU established the cooperation between both parties in initiating and developing a commercial crop project, namely chilli and ginger, via a turnkey basis with the utilisation of smart fertigation system and smart farming Internet of Things (IoT). (TheStar)

Bintai Kinden Corp Bhd is collaborating with PT Raintech Indo Energi to market and promote flanges, fittings, pipes and other oil and gas equipment in Indonesia. In a statement, the mechanical and electrical engineering services specialist said Raintech has been appointed to market and promote the products on behalf of Bintai Energy, which is 51% owned by Bintai Kinden. (TheStar)

Home-grown building materials wholesaler and distributor Unitrade Industries Bhd is expanding its rental services, with the addition of modular houses, to address demand for accommodation following amendments to the Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 446). Adopting a business-to-business model, Unitrade’s modular houses are mainly marketed to the construction sector as on-site workers’ accommodation as well as to entities that are looking to build a centralised labour quarter, the group said in a statement on Wednesday. (TheEdge)

MISC Bhd, through a consortium with Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha Ltd (K-Line) and China LNG Shipping (Holdings) Ltd (CLNG), has been awarded long-term time charter parties (TCPs) by Qatar state-owned petroleum company QatarEnergy for seven 174,000 cubic metres newbuild liquefied natural gas carriers (LNGCs) to be built by Hyundai Heavy Industries Co Ltd. The international energy-related maritime solutions and services provider said it had agreed on the principal terms for the consortium, and each consortium member would have an equal equity interest of 25 per cent in each awarded LNGC. (NST)

Velesto Energy Bhd announced that it had completed the offline capabilities upgrading works for NAGA 5 and NAGA 6, making them the first Malaysian jack-up drilling rigs to be equipped with offline capabilities. The offline capabilities of the two jack-up rigs will reduce the total time spent on wells, as the rigs are able to do multiple scopes of activities while drilling, said Velesto in a statement on Wednesday. (TheEdge)

Pertama Digital Bhd (PDB) is set to become a pure-play digital services player after successfully finalising its exit from the textile business. Today, PDB concluded its extraordinary general meeting (EGM) to complete its disposal exercise for the entire equity interest in its China-based textile subsidiary, BeTop, to Gifted Investments Ltd for RM70 million. The company said 99 per cent of votes were received in support of the asset sale. (NST)

Maybank Investment Bank Bhd (Maybank IB) is upbeat about Optimax Holdings Bhd's long-term growth prospects following its memorandum of understanding (MoU) with Selgate Group of Hospitals to establish eye specialist facilities in its hospitals. The bank-backed research firm also noted that there is potential for further domestic or regional growth for Optimax. (NST)

Hong Leong Investment Bank Bhd (HLIB Research) cautions that Hartalega Holdings Bhd could be at risk of being booted out of the KLCI in the upcoming semi-annual review should its share price deteriorate further. The bank-backed research firm noted that the company ranked 35th based on the August 9 closing. (NST)

Source: New Straits Times, The Edge Markets, The Star 10 Aug 2022

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