MQ Market Updates

MQ Market Updates - 24 August 2022

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Publish date: Wed, 24 Aug 2022, 05:24 PM

AirAsia X Bhd (AAX) has recorded a net loss of RM652.52 million and revenue of RM107.18 million in the fourth quarter (Q4) financial year ended June 30, 2022. As announced on December 2, 2020, the company's financial year end has been changed from December 31, 2020, to June 30, 2021. As such, no comparative financial information will be available for the same quarter last year. (NST)

Malakoff Corporation Bhd's net profit increased a marginal 1.21 per cent to RM119.15 million in the second quarter ended June 30, 2022 (Q2 FY2022) from RM117.73 million last year. The higher profit was primarily due to higher contribution from Tanjung Bin Power Sdn Bhd (TBP) given the higher applicable coal price and lower net finance costs, Malakoff said in a filing with Bursa Malaysia today. (NST)

Fuelled by high oil prices and new acquisitions, Hibiscus Petroleum Bhd delivered robust earnings in the fourth quarter of its 2022 financial year. Net profit came in at RM215.51mil, more than four times the earnings of the same quarter last year, representing an earnings per share of 10.71 sen for the quarter. (TheStar)

G Capital Bhd’s 70%-owned unit Solarcity Malaysia Sdn Bhd had completed the installation and commenced operation of a 309.28 kilowatts peak (KWp) solar photovoltaic (PV) electric power generation system at Muda Holdings Bhd’s plant in Kampung Jawi Sempit in Simpang Ampat, Penang. In a bourse filing, G Capital said the commercial operation of the solar PV facilities was on Aug 19. (TheEdge)

PMB Technology Bhd’s net profit tripled to RM35.16 million for the second quarter ended June 30, 2022 (2QFY22) from RM11.58 million in the same period last year, benefited from higher metallic silicon price. Quarterly revenue grew 46% to RM260.17 million from RM178.25 million in the same period a year ago, on higher revenue contribution from both its manufacturing and trading, as well as construction and fabrication segments. (TheEdge)

Petronas Chemicals Group Bhd (PCG) has launched its melamine plant project in the vicinity of its PETRONAS Chemicals Fertiliser Kedah Sdn Bhd (PCFK) complex here. The plant is targeted to come onstream in 2024 with a capacity of 60,000 tonnes per annum, making PCG the sole melamine producer in Southeast Asia, PCG said in a statement. (TheStar)

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. (TheStar)

Sunway Construction Group Bhd's (SunCon) net profit for the second quarter ended June 30, 2022 (2QFY22) jumped threefold to RM32.3 million from RM8.32 million a year earlier, due to a low base and higher revenue from all segments. In a filing with Bursa Malaysia on Tuesday (Aug 23), the company said its revenue for the quarter rose 48.7% to RM557.9 million from RM375.3 million previously. (TheEdge)

After posting a stellar first-half 2022 results, Sime Darby Plantation Bhd (SDP) group managing director Mohamad Helmy Othman Basha says the planter’s second-half year performance is expected to be impacted by softening crude palm oil (CPO) prices and a shortage of migrant workers in the country. (TheStar)

Cabnet Holdings Bhd’s subsidiary Cabnet Systems (M) Sdn Bhd has secured an appointment from Unique Arena Sdn Bhd for a project in Bayan Lepas, Pulau Pinang worth RM23.3mil. The company would be a sub-contractor for the packages F18–containments for information technology and communication system, it said in a filing with Bursa Malaysia yesterday. (TheStar)

Shares in CI Holdings Bhd gained more than 4% in early trade on Wednesday (Aug 24), after its net profit for the fourth quarter ended June 30, 2022 (4QFY22) rose 13% to RM25.02 million, from RM22.13 million a year ago, and with it proposing a final dividend of 12 sen per share. At the time of writing, the counter was among the top gainers on Bursa Malaysia, gaining 12 sen or 4.23% to RM2.96, after 30,600 shares changed hands. This translated into a market capitalisation of RM479.52 million. (TheEdge)

Shares in Serba Dinamik Holdings Bhd tumbled 18.75% in active trade on Wednesday (Aug 24) morning after the Kuala Lumpur High Court appointed an interim liquidator (IL) to take control of the group 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. At 9.20am, Serba Dinamik fell 1.5 sen to 6.5 sen with 58.1 million shares traded. (TheEdge)

Sports Toto Bhd is confident of continuing to lead in terms of market share in the number forecast operation (NFO) business for the financial year ending June 30, 2023 (FY23). The group posted a higher revenue of 29.6% to RM1.46bil from RM1.13bil last year primarily due to higher sales contributed by STM Lottery Sdn Bhd (formerly known as Sports Toto Malaysia Sdn Bhd) as well as by H.R. Owen Plc. (TheStar)

Aeon Co (M) Bhd will continue to leverage its ecosystem, especially in partnering and collaborating with its tenant partners, suppliers and Aeon group of companies to further unlock the value from customer demand and experience. In a filing with Bursa Malaysia yesterday, the company said net profit for the second quarter ended June 30, 2022 rose to RM47.28mil from RM10.94mil posted in the same quarter last year. (TheStar)

GDEX Bhd will make efforts to optimise its human resources and operational efficiency. In a filing with Bursa Malaysia yesterday, GDex said it expects the challenges from competitive pricing in the courier services and logistics industry to continue in the second half of the year. (TheStar)

IOI Corp Bhd expects its plantation segment’s financial performance for the financial year ending June 30, 2023 (FY23) to decline due to the drop in crude palm oil (CPO) price from the historical high levels in FY22. In a filing with Bursa Malaysia yesterday, the group said CPO price, however, could still be significantly higher than its historical average, adding that the financial performance of its plantation segment is expected to be satisfactory. (TheStar)

Maybank Investment Bank (Maybank IB) Research anticipates TSH Resources Bhd's second half of 2022 (2H22) net profit to be lower following the recent crude palm oil (CPO) average selling price (ASP) correction and cost pressures. The bank-backed research firm said TSH Resources's second quarter (Q2) 2022 headline net profit of RM57 million included a gain on disposal of assets that was offset by impairment of assets, foreign exchange (forex) loss, and fair value (FV) loss on biological assets. (NST)

Research houses have maintained a "buy" stance on IOI Properties Group Bhd (IOIPG) following the group's financial year ended June 30, 2022 (FY2022) solid results despite the challenging landscape. IOIPG full-year net profit increased to RM686.74 million for FY2022 from RM660.21 million registered a year earlier while revenue was higher by four per cent to RM2.59 billion versus RM2.49 billion previously. (NST)

PublicInvest Research has valued AME Real Estate Investment Trust (AME REIT) at RM1.19 and said AME REIT’s competitive strengths include: i) reputable and committed Sponsor with proven track record; ii) strategic location in a prime industrial and economic hub; iii) resilient portfolio with quality and diversified tenant base; iv) visible and well-spread tenancy terms that provide stable cash flows; v) rising relevance for workers’ dormitories; vi) strong environmental, social and corporate governance (ESG) emphasis; and vii) experienced directors and key personnel with core expertise. (TheEdge)

RHB Retail Research said Master-Pack Group Bhd surged past the RM1.91 resistance on strong volume, and has set sights on the higher resistance point. In a trading stocks note on Wednesday (Aug 24), the research house said that the stock underwent a consolidation in the previous two sessions. (TheEdge)

RHB Retail Research said Dayang Enterprise Holdings Bhd is poised to extend the upside movement, and may breach the immediate resistance of RM1.05. In a trading stocks note on Wednesday (Aug 24), the research house said that the stock underwent a strong rebound on Tuesday and printed a “higher low” bullish pattern, which indicates that the bulls still have the technical advantage. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 24 Aug 2022

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