MQ Market Updates

MQ Market Updates - 16 August 2022

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Publish date: Tue, 16 Aug 2022, 05:31 PM

Cocoa grinder Guan Chong Bhd has delivered higher sales tonnage of cocoa ingredients in the second quarter (Q2) ended June 30, 2022, on the back of recovering global chocolate consumption in the post-pandemic era. The company's net profit for the quarter rose 22.6 per cent year-on-year (YoY) to RM44.6 million from RM36.4 million in the same period last year due to improving grinding margins. (NST)

OKA Corp Bhd's subsidiary Oka Concrete Industries Sdn Bhd has inked a deal to acquire a tract of vacant land in Mukim Senai in Kulai, Johor, for RM14.24mil. In its filing with Bursa Malaysia, the manufacturer of pre-cast concrete products said the land measures 3.5764ha and is adjacent to the present Oka Concrete Industries factory in Senai. (TheStar)

Bintai Kinden Corp Bhd's 51%-owned Bintai Energy Sdn Bhd has been appointed by South Korea's World Standard Materials Co to sell and market industrial steel products for the chemical and petrochemical industries. In a statement, the mechanical and electrical engineering services specialist said World Standard Materials will work with Bintai Energy to seek opportunities and provide necessary technical and competitive price support of the products. (TheStar)

Protasco Bhd’s wholly owned subsidiary, HCM Engineering Sdn Bhd, has bagged a road upgrading contract in Kedah from KI Engineering Sdn Bhd valued at RM299.2mil. Protasco said this is following a memorandum of agreement entered between HCM Engineering and KI Engineering to regulate the relationship with each other and set out their respective rights, duties and obligation in order to execute the contract. (TheStar)

KPJ Healthcare Bhd has appointed Dr Nik Fawaz Nik Abdul Aziz as its new chief commercial officer, effective August 15, 2022. Dr Nik Fawaz takes the helm from Nik Izhar Nik Mohammed, who previously stepped down to pursue other interests. (NST)

Public Bank Bhd will provide a special sustainable financing package to Gamuda Land following their memorandum of understanding (MoU) on green and sustainable developments financing. The development consists of residential and commercial projects that have received or will secure sustainability recognition from Green Building Index (GBI), GreenRE and other accreditation bodies. (NST)

AwanBiru Technology Bhd (Awantec) has lauded Google Cloud's move to open its first-ever cloud region in Malaysia as it would propel the country's digital transformation journey. The company's chairman Datuk Syed Naqiz Shahabuddin said upon its launch, Malaysia's cloud region is set to be Google Cloud's 12th cloud region in the Asia Pacific and its third cloud region in Southeast Asia. (NST)

Affin Bank Bhd has received dual recognition in a day for its small and medium enterprises (SMEs)-focused financial inclusive products, including its flagship mobile app, the SME Colony mobile app. The app received its first win as "Financial Inclusive Initiative of the Year – Malaysia" from the Asian Banking and Finance (ABF) Retail Banking Awards. (NST)

Majuperak Holdings Bhd (MHB) will develop its flagship residential property development in Subang, Selangor, worth RM122 million in the fourth quarter of this year. The project, Nexus Residences, will offer homebuyers multiple choices such as dual key concept, suitable for both flexible occupancies and investment. (NST)

Enra Group Bhd is proposing to diversify its core operations to include the maintainence, repair and overhaul (MRO) business as it seeks to arrest the decline in its financial performance. RHB Investment Bank Bhd, on behalf of Enra, said in a filing with Bursa Malaysia the group has determined that its existing nascent MRO services should be expanded to capture the favourable outlook of the MRO industry. (TheStar)

The foreign shareholding in CIMB Group Holdings Bhd rose to 25.6% in July 2022, from 25.1% a month earlier, according to the latest update on the financial services provider's website. Compared to a year earlier, the foreign shareholding was higher than 22.1% in July 2021, according to CIMB's foreign shareholding chart, which dates back to January 2010. (TheEdge)

The foreign shareholding in Petronas Dagangan Bhd recovered to 7.61% in July 2022, from the lowest on record since 2018 of 7.5% in the month before, according to the company’s latest update on its website. Petronas Dagangan is the retail arm of national oil company Petroliam Nasional Bhd (Petronas). (TheEdge)

Diversified company Borneo Oil Bhd registered so far on Tuesday (Aug 16) the highest share buy volume across Bursa Malaysia at over 460 million shares, compared with a sell volume of less than 10 million shares. At 11.45am, the share buy volume stood at 460.13 million, versus a sell volume of 8.92 million shares. (TheEdge)

BP Plastics Holdings Bhd's first half ended June 30, 2022 (1H FY22) core profit of RM20.1 million came within Kenanga Research's forecast at 49 per cent of its full-year forecast. The company also beat market expectations at 58 per cent of the full-year consensus estimates, the firm said. (NST)

Axiata Group Bhd's Sri Lankan subsidiary/Dilaog Axiata PLC normalised net profit (in ringgit) is expected to decline by up to 75 per cent year-on-year in 2022, said Affin Hwang Capital. The firm said Dialog's gross earnings and normalised net profit were expected to weaken sharply in the second quarter (Q2) of 2022, in view of the latter's results and depreciation of Sri Lankan rupee against the ringgit. (NST)

RHB Retail Research said Can-One Bhd is poised to extend its northbound journey after it broke past the RM3.78 immediate resistance with high trading volume. In a trading stocks note today, the research house said the stock has been climbing higher for three consecutive sessions on the back of strong volume. (TheEdge)

RHB Retail Research said REDTone Digital Bhd is climbing higher on the back of strong momentum. In a trading stocks note today, the research house said that the stock price is moving upwards while the trading volume is increasing. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 16 Aug 2022

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