MQ Market Updates

MQ Market Updates - 25 August 2022

MQ Trader
Publish date: Thu, 25 Aug 2022, 06:06 PM

Genting Plantations Bhd saw a steady growth in earnings for the second quarter ended June 30, 2022 (2Q22) on the back of better palm product prices. Net profits improved by 113.54% year-on-year (y-o-y) to RM223.4mil, as revenue increased 32.36% y-o-y to RM1bil in 2Q22 from RM790.1mil in 2Q21. Earnings per share rose to 24.90 sen. (TheStar)

Tenaga Nasional Bhd (TNB) will work with Petroliam Nasional Bhd (Petronas) on joint feasibility studies in the areas of hydrogen and carbon capture to unlock the commercial value of at least RM10 billion up to 2035. TNB president and chief executive officer Datuk Indera Baharin Din said the studies formed part of the areas covered under a Memorandum of Understanding (MoU) inked by both companies on August 19. (NST)

Malayan Banking Bhd (Maybank) registered a net profit of RM1.86 billion in the second quarter (Q2) ended June 30, 2022, 5.4 per cent lower than the net profit of RM1.96 billion recorded in the same quarter last year. In a statement today, Southeast Asia's fourth largest bank by asset said the lower net profit was owing mainly to higher net impairment charges. (NST)

I-Berhad has returned to the black with a net profit of RM1.52 million in its second quarter ended June 30, 2022 (Q2 2022) compared to a net loss of RM3.44 million in the same period last year. The company saud this was supported by growth from property development, property investment and leisure segments. (NST)

Malaysia Airports Holdings Bhd (MAHB) said on Thursday (Aug 25) second quarter net loss narrowed to RM58.15 million from a net loss of RM226.09 million a year earlier. In a statement to Bursa Malaysia, MAHB said revenue rose to RM689.76 million in the second quarter ended June 30, 2022 (2QFY22) from RM323.42 million a year earlier. (TheEdge)

Petronas Dagangan Bhd's (PetDagang) six-month ended June 30, 2022 (6M22) core profit of RM282 million is above expectations, said Affin Hwang Capital. This was mainly due to smaller-than-expected commercial segment losses. The research house said PetDagang had reported second quarter (Q2) 2022 revenue and core net profit of RM9.5 billion and RM238 million respectively. (NST)

Sime Darby Property Bhd delivered robust figures in the first six months of its financial year with significantly higher year-on-year net profit and strong sales figures. Announcing the group's result for the period ended June 30, 2022, group managing director Datuk Azmir Merican said it was on track to exceeding its FY22 sales target after achieving RM1.9bil or about 73% of its full-year target. (TheStar)

Tune Protect Group Bhd posted a net loss of RM19.8 million for the second quarter ended June 30, 2022 (2QFY22), compared with a net profit of RM14.25 million a year earlier. This was despite a 29% boost in its revenue for the quarter to RM142.82 million from RM110.69 million last year, according to the insurer's filing on Thursday (Aug 25). (TheEdge)

Solarvest Holdings Bhd has launched Malaysia's first renewable energy (RE) financial technology platform, Powervest. The company said Powervest was complementary to its solar financing solution and was established to promote RE adoption among commercial and industrial players via its zero initial cash outlay proposition. (NST)

Kenanga Investment Bank Bhd aims to become the first investment bank in the Asean region to launch a super app. The group signed a memorandum of understanding (MoU) with the Ant Group, part of the Hangzhou China-based Alibaba Group, for this purpose. (TheStar)

Vizione Holdings Bhd is buying property development company Midlands City Sdn Bhd for RM38 million cash in a related party transaction. Vizione’s managing director Datuk Ng Aun Hooi is the largest shareholder of Midlands City holding a 62% stake. The other shareholders are Ting Hing Khok (10%) and Ng Kok Kiang (28%), according to the filing with Bursa Malaysia. (TheEdge)

YTL Power International Bhd expects a whopping RM15 billion spending to develop its 500-megawatt YTL Green Data Centre Park in Kulai, Johor. The first phase is the Sea Data Centre for Singapore's Sea Ltd with YTL Power investing RM1.5 billion in the development. (NST)

UEM Sunrise Bhd is optimistic of returning to the black this year backed by a combination of asset monetisation, refocusing of revenue stream and earnings visibility from its RM2.3 billion unbilled sales. Chief executive officer Sufian Abdullah said the property developer had maintained its sales and gross development value (GDV) targets of RM1.5 billion and RM3.3 billion respectively for 2022. (NST)

Affin Bank Bhd has extended its partnership with Credit Guarantee Corp Malaysia Bhd (CGC) with the launching of the third BizDana-i start-up financing scheme. The breakdown of the tranche will see RM30mil earmarked for an Islamic tranche and another RM20mil set aside for a conventional tranche. (TheStar)

Eupe Corporation Bhd said it expects its financial results to rebound by the year ending Feb 29, 2024 (FY24), noting that its current project development pipeline is double pre-pandemic levels. The Kedah-based township developer said the gross development value of its projects currently exceeds RM2.8 billion, up from RM1.4 billion in FY20. (TheEdge)

The share price of Telekom Malaysia Bhd (TM) climbed more than 6% as the telco’s quarterly earnings beat analysts’ expectations. On top of that, it declared an interim dividend of nine sen per share, accompanied by an applicable dividend reinvestment scheme. (TheEdge)

Two hardly traded stocks — DRB Hicom Bhd, the flagship of tycoon Tan Sri Syed Mokhtar Al-Bukhary, and its loss-making unit Pos Malaysia Bhd — saw a spike of trading interest on Wednesday (Aug 24). DRB-Hicom’s share price shot up to RM1.62 before it closed at a four-month high of RM1.46, up 13% or 17 sen. Trading volume swelled to 16.01 million shares, the highest seen since June 2020. (TheEdge)

Analysts are mixed on Sime Darby Plantation Bhd’s (SDP) first half-year results for financial year 2022 (1H22) as the planter’s earnings were dragged by rising operating costs and lower fresh fruit bunch (FFB) output. Hong Leong Investment Bank (HLIB) Research said SDP’s 1H22 results missed its expectations, accounting for only 44.9% to 47% of consensus and its full-year estimates, due mainly to weaker-than-expected FFB output. (TheStar)

The solid fourth quarter results for financial year 2022 (4Q22) recorded by IOI Corp Bhd is mostly within market expectations, say analysts. For the quarter under review, IOI’s net profit grew to RM541.80mil on the back of RM3.74bil in revenue. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 25 Aug 2022

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!

Contact Us

Please do not hesitate to contact us if you have any inquiries:

Contact Number: +60128058077 


The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.

Related Stocks
Market Buzz
Be the first to like this. Showing 0 of 0 comments

Post a Comment