MQ Market Updates

MQ Market Updates - 18 August 2022

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Publish date: Thu, 18 Aug 2022, 06:43 PM

AME Elite Consortium Bhd, together with Majestic Builders Sdn Bhd, is developing an integrated industrial park in Penang with a gross development value (GDV) of RM1 billion. The industrial space solutions provider said its wholly-owned Northern Industrial Park Sdn Bhd, and Majestic Builders had formed a special purpose vehicle (SPV) to undertake the development. (NST)

S P Setia Bhd net profit for the second quarter ended June 30, 2022 (2QFY22) rose 6.95% to RM80.09 million from RM74.81 million a year earlier, on the back of a revenue of RM1.02 billion versus RM1.08 billion previously. Earning per share inched up to 1.97 sen from 1.84 sen. The developer did not declare any dividend. (TheEdge)

Magnum Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) jumped to RM26.4 million, over 12 times the RM2.05 million it made in the same period last year, as it recorded better sales under its gaming division. Revenue rose 47.68% to RM482.14 million from RM326.49 million, as gaming sales more than tripled to RM482 million from RM155.5 million, its bourse filing showed. Its previous year's performance was affected by the nationwide total lockdown that resulted in the cancellation of 15 draws in June 2021. (TheEdge)

The Employees Provident Fund's (EPF) stake in Hartalega Holdings Bhd dipped to 5.74% after the EPF sold 23.6 million shares in the rubber glove manufacturer on Friday (Aug 12), according to Hartalega's latest Bursa Malaysia filing on Wednesday (Aug 17). Hartalega said the EPF's latest-reported 5.74% stake comprises 196.74 million shares in the company. (TheEdge)

Agmo Holdings Bhd made a strong debut on Bursa Malaysia’s ACE Market today at 80 sen, notching a premium of 54 sen -- 207.7 per cent higher than its initial public offering (IPO) price of 26 sen. At the opening bell, the counter saw 8.44 million shares changing hands. Upon listing, the homegrown digital solutions and application development specialist has a market capitalisation of RM84.5 million. (TheStar)

MISC Bhd slipped into the red in the second quarter (Q2) ended June 30, 2022, with a net loss of RM19.1 million from the net profit of RM538.8 million recorded in the same quarter last year. In a statement today, the shipping company said this was mainly due to impairment of ships, higher finance costs from borrowings and a lower share of profit from joint ventures in the current quarter. (NST)

PMB Technology Bhd has announced that its wholly-owned subsidiary PMB Land (Sg Besi) Sdn Bhd has entered a sale and purchase agreement (SPA) with Faithview Resources Sdn Bhd for the disposal of freehold land for RM37mil. The land had also been approved for the development of a block of studio apartments and serviced apartments per the development order dated April 7, 2015 which has been issued by Kuala Lumpur City Hall. (TheStar)

The multi-billion ringgit listing of its power generation company (GenCo) should be at least two years away, Tenaga Nasional Bhd (TNB) told analysts. Analysts attending TNB's Investors Day on Tuesday said the national utility company needed time to create better value before seeking for a listing of the GenCo. (NST)

Mesiniaga Bhd says the shortage of semiconductors coupled with the high demand for them will affect the group’s timely delivery of secured projects. Additionally, the higher inflation rate, strong US dollar and increase in base interest rates are expected to impact the group’s performance. (TheStar)

KPJ Healthcare Bhd was recently recognised as the "Best Hospital of the Year in Malaysia" for the fourth time at the GlobalHealth Asia Pacific Healthcare and Hospital Awards 2022. The company was up against leading international brands across the region including Singapore, Thailand, Indonesia, Cambodia and India. KPJ Healthcare previously won in the same category in 2017, 2018 and 2021. (NST)

Kuala Lumpur Kepong Bhd (KLK) is expected to record improvements in sales volumes in the fourth quarter (Q4) as the export ban in Indonesia is lifted and inventory normalisation. RHB Research said KLK's nine-month core net profits came in above estimates, at 78-86 per cent of the firm's and consensus full-year projections. (NST)

AMMB Holdings Bhd is poised to continue reporting stronger earnings supported by credit cost improvements and from the successful disposal of its AmGeneral stake to Liberty Insurance. Kenanga Research noted that with the completion of AmGeneral disposal which was now a 30 per cent-owned associate, the company was confident that its new partner, Liberty Insurance Bhd could take its insurance segment to new heights. (NST)

Kejuruteraan Asastera Bhd is expanding its sustainable energy solutions (SES) segment with the acquisition of Matahari Suria Sdn Bhd (MSSB). The engineering and energy solutions provider said its wholly-owned subsidiary KAB Energy Holdings Sdn Bhd signed a share sale agreement with Unique Forging & Components Sdn Bhd to acquire the entire equity of MSSB for a total purchase consideration of RM5.3mil. (TheStar)

Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) expects the marine business segment to recover gradually this year albeit a challenging landscape. Managing director and chief executive officer Pandai Othman said the group had maintained a cautiously optimistic outlook on the heavy engineering segment due to labour shortage, prolonged global supply chain disruptions, and volatile commodity prices. (TheStar)

RHB Research said Sime Darby Bhd's FY22 earnings came in better than forecast as both motor and industrial business segments outperformed its expectations. For the recently concluded financial year, Sime Darby's profit came in at RM1.2bil, which beat RHB's and street's forecasts at 109% and 106% of full-year estimates respectively, on the back of stronger-than-expected margins. (TheStar)

Kenanga Research has maintained its “outperform” (OP) rating on AMMB Holdings Bhd at RM3.98 with a higher target price (TP) of RM4.75 (from RM4.35) and said AMMB’s 1QFY23 earnings of RM419.2 million (+8%) came within expectations. In a note on Thursday (Aug 18), the research house said AMMB should continue to report stronger earnings thanks to credit cost improvements with possible excitement from the successful disposal of its AmGeneral stake to Liberty Insurance. (TheEdge)

RHB Retail Research said Hibiscus Petroleum Bhd retreated to an oversold level, eyeing to stage a technical rebound. In a trading stocks note on Thursday (Aug 18), the research house said the stock has recently been observed undergoing a correction, and trading volumes have been subisidng, showing that selling pressure is tapering. (TheEdge)

RHB Retail Research said Farm Fresh Bhd is eyeing to stage a bullish breakout as it tests the RM1.70 immediate resistance. In a trading stocks note on Thursday (Aug 18), the research house said the stock is moving sideways for a consolidation. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 18 Aug 2022

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