MQ Market Updates

MQ Market Updates - 15 August 2022

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Publish date: Mon, 15 Aug 2022, 05:24 PM

Johor Corporation (JCorp), the state investment arm of Johor, is partnering with Tiong Nam Logistics Holdings Bhd to build and co-develop a 121.41-hectacre state-of-the-art, technology-enabled logistics park in Sedenak Technology Valley. JCorp, via its wholly-owned JLand Group Sdn Bhd (JLG), signed a preliminary collaboration agreement with Tiong Nam to jointly develop the RM2.39 billion gross development value (GDV) project. (NST)

The planned listing of Tenaga Nasional Bhd's (TNB) power generation unit TNB Power Generation Sdn Bhd (TNB Genco) will be positive for the group's share price, Kenanga Research said. TNB's share price had been heavily bashed down in the past years pertaining to the environmental, social, and governance (ESG) issue on its large portion of coal-fired power plants. (NST)

RGT Bhd is spending RM100mil to expand its manufacturing facilities and machinery as well as purchase new companies for its automation segment this year. Group chief executive officer Datuk S.H. Lim said the group had expanded the production floor of the hygiene care and automation segments. (TheStar)

UMW Group delivered 24,983 units of vehicles in July 2022, compared with 2,105 registered in July 2021. In a statement on Monday (Aug 15), the group said both UMW Toyota Motor (UMWT) and UMW’s associate company Perusahaan Otomobil Kedua Sdn Bhd (Perodua) registered healthy sales for the month. (TheEdge)

Bursa Malaysia Bhd will launch the voluntary carbon market (VCM) exchange later this year, which will enable companies to purchase voluntary carbon credits from climate-friendly projects and solutions. In a statement, the stock exchange operator said voluntary carbon markets will an important role in supporting financing for projects and solutions that reduce, remove or avoid greenhouse gas emissions. (TheStar)

Hartalega Holdings Bhd slipped below RM2 on Monday (Aug 15) after falling as much as 14 sen or 7% to RM1.86 while rival glovemaker Kossan Rubber Industries Bhd fell past RM1 to its intraday low at 98.5 sen as investors evaluated the post-Covid-19 business outlook for rubber glovemakers that registered a jump in sales during the crucial phase of the outbreak, which started in early 2020. (TheEdge)

Mah Sing Group Bhd has been placed in the Top 10 of Fastest-Growing Malaysian Brands 2022 by brand valuation consultancy Brand Finance. Brand Finance said the property developer jumped 10 spots to record the biggest improvement in brand value, together with healthcare service provider IHH Healthcare Bhd. (NST)

Maxis has acquired a significant stake in Malaysian-based retail analytics startup ComeBy as part of its commitment to corporate venture building and its overall strategy to invest in and grow tech-driven startups and companies. (TheStar) Bhd and Talent Corp Malaysia Bhd (TalentCorp) have come onboard SOBA 2022 with Digi as main sponsor and TalentCorp, co-sponsor. Together with main sponsors Credit Guarantee Corp Malaysia Bhd, PKT Logistics Group Sdn Bhd and RHB Bank Bhd, they will bring more expertise and experience to the table for small and medium enterprises (SMEs) taking part in any of the SOBA 2022 list of activities to tap into. (TheStar)

The takeover offer for Cycle & Carriage Bintang Bhd (CCB) at RM2.70 per share is “not fair but reasonable”, independent adviser Kenanga Investment Bank Bhd (Kenanga IB) said in a circular to CCB’s shareholders on Monday (Aug 15). The RM2.70 offer price by Jardine Cycle & Carriage Ltd (Jardine CCL) — the offeror — represents a discount of RM1.26 or 31.76% to the estimated revised net asset value (RNAV) per CCB share of approximately RM3.96. (TheEdge)

Macquarie has reinstated coverage of Petronas Chemicals Group Bhd, with a recommendation of "outperform". Its target price for Petronas Chemicals shares is set at RM11.10, which implies a 26% increase from the stock's last price, according to Macquarie. (TheEdge)

RHB Retail Research said Genetec Technology Bhd is set to propel towards the 5-month high after it underwent a breakout above the RM2.50 resistance-turned-support last Friday – forming a “higher high” bullish pattern. (TheEdge)

Hong Leong IB Research (HLIB) has maintained its “Buy” rating on Heineken Malaysia Bhd at RM24.40 with a higher target price (TP) of RM30.85 (from RM28.87) and said Heineken reported a 1H22 core net profit of RM199.5 million (+101.9% y-o-y) which came in above both house and consensus projections at 5 8% and 63%, respectively. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 15 Aug 2022

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