Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) has signed a strategic agreement with Bureau Veritas (BV) Solutions Marine & Offshore (M&O) to support industry-wide efforts to progress shipping's decarbonisation. The partnership, signed through MHB's wholly owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), offers vessel owners and operators a wide range of vessel improvement opportunities and services. (NST)

Pekat Group Bhd is partnering with Proton Holdings Bhd to promote the adoption of solar photovoltaic (PV) system within the latter's ecosystem and employees as part of the national automaker's energy sustainability initiatives. The partnership builds upon Pekat's successful launch of a 12 megawatt-peak grid-connected solar PV system at Proton's manufacturing plant in Tanjung Malim, Perak. (NST)

Sime Darby Plantation Bhd's (SD Plantation) net profit increased 31.6 per cent to RM812 million in the second quarter (Q2) ended June 30, 2022 from the RM617 million recorded in the same quarter last year. Its revenue increased 26.7 per cent to RM5.59 billion from RM4.41 billion. The plantation company said buoyant crude palm oil (CPO) and palm kernel (PK) prices continued to support its stronger year-on-year (YoY) performance. (NST)

Boustead Heavy Industries Corp Bhd (BHIC) could potentially lose RM890.22 million due to group mismanagement and irregularities involving the littoral combat ship (LCS) project, according to BHIC's declassified forensic audit report on the project. According to the report, BHIC is estimated to have lost RM23.37 million due to alleged dummy payments made to three companies for technical services related to second generation patrol vessels (SGPV) from 2011 to 2012. (TheEdge)

Matrix Concepts Holdings Bhd's net profit increased 48.4 per cent to RM47.04 million in the first quarter (Q1) ended June 30, 2022 from the RM31.69 million recorded in the same quarter a year ago. Its revenue increased 40.3 per cent to RM229.26 million from RM163.44 million. The property developer said the improved performance was driven by a significant increase in revenue contribution from its residential and commercial properties. (NST)

Evergreen Fibreboard  Bhd’s net profit jumped by more than four times to RM18.34 million for the second quarter ended June 30, 2022 (2QFY22) from RM4.21 million a year ago, on higher average selling prices for all of its products. The better profitability was also supported by higher foreign exchange gain, which increased to RM1.92 million from RM1.17 million, as well as a higher gain on disposal of property, plant and equipment of RM1.32 million, versus RM365,000 previously. (TheEdge)

Star Media Group Bhd (SMG) posted a 14% rise in revenue to RM53.22mil in the second quarter of its 2022 financial year (2Q22) from 2Q21 as operational enhancement has led to an improvement in advertising bookings as businesses resumed operations at their optimal level. SMG said strong demand translated into growth in its financial performance with not only revenue rising but also the company posting a pre-tax profit of RM2.14mil in 2Q22 compared with a pre-tax loss of RM37.76mil in 2Q 2021 that was primarily due to impairments of property, plant and equipment. (TheStar)

UOA Development Bhd's net profit fell by 16.6 per cent to RM45.30 million in the second quarter ended June 30, 2022 from RM54.35 million recorded last year, mainly due to lower sales from the existing projects. In a filing with Bursa Malaysia today, the property developer said its revenue also decreased to RM121.11 million from RM216.28 million previously. (TheStar)

Pos Malaysia Bhd reported a smaller net loss of RM5.25mil in the second quarter ended June 30, 2022 (2Q22) compared with a net loss of RM121.84mil in 2Q21. This was attributable to effective cost management and lower staff cost that was brought about by its mutual separation scheme (MSS) exercise. In a filing with Bursa Malaysia, the local postal delivery service provider said its cost management efforts resulted in lower transportation and delivery costs in financial year 2022. (TheStar)

Information and communications technology (ICT) system and solutions provider, SNS Network Technology Bhd's (SNS) initial public offering (IPO) for the public portion has been oversubscribed by 6.95 times. The Bumiputera public portion of shares was oversubscribed by 4.31 times after receiving 3,853 applications for 214.26 million new shares. (NST)

TSH Resources Bhd's long-term and visible growth prospects are attractive coupled with a strengthening balance sheet, Kenanga Research said. However, Kenanga Research said TSH's latest first half (1H) of financial year 2022 (FY22) net profit of RM139.9 million had come below its expectations. (NST)

Cabnet Holdings Bhd's subsidiary Cabnet Systems (M) Sdn Bhd has secured an appointment from Unique Arena Sdn Bhd as a subcontractor for a project in Bayan Lepas, Pulau Pinang for RM23.3mil. it said in a Bursa Malaysia filing it was tasked to supply, deliver, install/construct, inspect, test all necessary items for the containments for Packages F18 – Containments for IT & Communication System for the project. (TheStar)

The Kuala Lumpur High Court has appointed an interim liquidator (IL) to take control of Serba Dinamik Holdings Bhd and three of its subsidiaries after the troubled oil and gas company breached a Consent Order that requires it to start repaying a syndicated loan owed to six banks. (TheEdge)

While product prices have come off their peaks in 1H22, Petronas Chemicals Group Bhd is expected to continue to post strong results in its coming quarters following the completion of major planned plant turnarounds for the year. Hong Leong Investment Bank (HLIB) Research in a report said coupled with a targeted blended utilisation rate of at least 90% for the year, it said PETRONAS Chemicals is on track to another good year in 2022. (TheStar)

Supermax Corp Bhd's strong performance for the fourth quarter (Q4) ended June 30, 2022 is not sustainable, according to Affin Hwang Capital. The research house said this wss given that the bulk of the improvement was due to foreign exchange gains of RM39 million, which were significantly higher than the RM25 million achieved in the nine months of financial year 2022 (9MFY22). (NST)

RHB Investment Bank Research has maintained its “buy” rating on IOI Properties Group Bhd with a lower target price (TP) of RM1.18 (from RM1.38) and said the company’s fourth quarter ended June 30, 2022 (4QFY22) results missed expectations, again, due to a further write-down of RM60.2 million for the Xiang’an project in China. In a note on Tuesday (Aug 23), the research house said full-year property sales hit RM1.93 billion, and management is likely to set its FY23 sales target at RM2 billion. (TheEdge)

RHB Retail Research said Kelington Group Bhd underwent strong selling pressure, and attempted to bounce off the support level of RM1.25. In a trading stocks note on Tuesday (Aug 23), the research house said that after a strong rally, the stock pulled back for a consolidation near the 21-day simple moving average line. (TheEdge)

RHB Retail Research said VS Industry Bhd pulled back from its recent top, and may be eyeing a rebound near the support level of RM1. In a trading stocks note on Tuesday (Aug 23), the research house said that RM1 was a bullish breakout point, and has become a strong support. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 23 Aug 2022

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