MQ Market Updates

MQ Market Updates - 26 August 2022

MQ Trader
Publish date: Fri, 26 Aug 2022, 05:36 PM

Petronas Gas Bhd's (PetGas) net profit declined to RM396.50 million in the second quarter ended June 30, 2022 (Q2 2022) from RM439.07 million a year earlier, due to higher effective tax rate following the imposition of Prosperity Tax for assessment year 2022. Revenue for the quarter increased to RM1.50 billion against RM1.38 billion in Q2 2021, mainly driven by higher revenue from its utilities segment. (NST)

Axiata Group Bhd registered a net loss of RM106.38 million in the second quarter (Q2) ended June 30, 2022, from the net profit of RM277.76 million recorded in the same quarter a year ago. In a statement today, the telco company said this was mainly due to unrealised foreign exchange losses from Dialog Axiata PLC and Axiata due to the strengthening US dollar, higher taxes in the form of the one-off Cukai Makmur in Malaysian entities and surcharge tax in Dialog and net finance cost. (NST)

IHH Healthcare Bhd's net profit and revenue in the second quarter (Q2) and first half (1H) ended June 30, 2022, came in within both Hong Leong Investment Bank Bhd's (HLIB Research) and consensus estimates at 49 per cent and 52 per cent respectively. The bank-backed research firm said the 1H FY22 net profit was arrived at after stripping out the effects of hyperinflationary adjustment in Turkey (following the application of MFRS129) and adjusting for exceptional items (EIs) – which both collectively amount to RM256.5 million. (NST)

Thong Guan Industries Bhd’s second quarter net profit rose 15.28% to RM29.47 million or 7.65 sen per share from RM25.56 million or 6.7 sen per share a year earlier on better contribution from all its business segments. Revenue for the quarter ended June 30, 2022 (2QFY22) expanded 23.43% to RM379.3 million from RM307.3 million, according to the Kedah-based plastic packaging products maker’s filing with Bursa Malaysia. (TheEdge)

Hap Seng Consolidated Bhd’s latest quarterly net profit showed an increase of some 36% to RM132.58mil from RM97.52mil in the same quarter last year, backed by higher sales. Earnings per share for the quarter ended June 30, 2022 stood at 5.33 sen from 3.92 sen earlier, the diversified group said in a filing with Bursa Malaysia. (TheStar)

DRB-Hicom Bhd, which posted a net profit of RM165.56mil in the second quarter (2Q) ended June 30, aims to record a better performance for the current financial year ending Dec 31, 2022 (FY22). The conglomerate said as operations had begun to normalise, the other businesses within the group would continue to strengthen their positions in their respective markets. (TheStar)

Sime Darby Property Bhd recorded a stronger set of earnings in the second quarter of this year (2Q22) and first half of its financial year ended June 30 (1H22) on the back of robust sales figures. It said net profit spiked by more than four-fold to RM104.99mil in 2Q22 from RM23.20mil a year ago as the group was confident of sales surpassing last year’s total of RM2.6bil. (TheStar)

Bintulu Port Holdings Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) rose 11.89% to RM22.29 million, from RM19.92 million a year ago, due mainly to its operation at the Samalaju Industrial Port. In a bourse filing on Friday (Aug 26), the port operator said its revenue for the quarter increased to RM194.16 million, from RM182.11 million previously. Earnings per share stood at 4.85 sen versus 4.33 sen earlier. (TheEdge)

Bumi Armada Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) rose 33% to RM186.25 million, from RM139.86 million a year earlier, mainly due to higher revenue and favourable foreign exchange movements. In a bourse filing on Friday (Aug 26), Bumi Armada said its revenue for the quarter rose 4.5% to RM618.43 million, from RM591.86 million previously, due mainly to higher progress of completion of the subsea construction contract work in the Caspian Sea in 2QFY22. Earnings per share rose to 3.15 sen from 2.38 sen. (TheEdge)

Bintai Kinden Corp Bhd's net profit for the first quarter ended June 30, 2022 fell 25.8% to RM1.12 million from RM1.51 million a year earlier, as gross profit margin decreased after taking into account variation orders from completed  mechanical and electrical (M&E) engineering projects. In a Bursa Malaysia filing on Friday (Aug 26), the building and industrial service engineering outfit said revenue for the quarter jumped 152% to RM30.88 million from RM12.26 million previously, due to higher contribution from M&E engineering business. Earnings per share dipped to 0.15 sen from 0.39 sen. (TheEdge)

Minetech Resources Bhd has narrowed down its net losses for the first quarter (Q1) ended June 30, 2022 (FY23) to RM1.88 million from a net loss of RM3.35 million in the same period last year due to contributions from civil engineering and manufacturing divisions. Revenue for the quarter rose 43 per cent year-on-year (YoY) to RM24.05 million from RM16.82 million in Q1FY22. Its civil engineering divisions posted a revenue of RM13.7 million for Q1 FY23, up 34.3 per cent compared to RM10.2 million in the same period last year. (NST)

HIL Industries Bhd's net profit for the second quarter ended June 30, 2022 jumped 63% to RM6.95 million from RM4.28 million a year earlier, on strong demand for automotive parts components from its major customers. In a bourse filing on Thursday (Aug 25), the plastic solution provider and property developer said revenue for the quarter rose 64.4% to RM42.1 million from RM25.6 million previously, on the back of higher revenue contribution from its manufacturing division. Earnings per share were 2.09 sen versus 1.29 sen earlier. (TheEdge)

Oriental Holdings Bhd’s net profit for the second quarter ended June 30, 2022 (2QFY22) jumped by nearly four times to RM136.81 million or 22.05 sen per share from RM34.93 million or 5.63 sen per share a year ago, on higher share profit of its associates. The group's share of profit after tax of equity accounted associates ballooned to RM21.48 million from RM115,000, its bourse filings showed. (TheEdge)

Can-One Bhd’s net profit fell 16.58% to RM40.73 million in the second quarter ended June 30, 2022 (2QFY22) from RM48.83 million in the same period last year, mainly on lower contribution from its general packaging division. The group is involved in making metal and lithographed cans, plastic jerry cans, bag-in-boxes, and the manufacture, packaging and distribution of dairy and non-dairy products. (TheEdge)

Glove manufacturer Supermax Corp Bhd's unit Supermax Healthcare Canada has announced a partnership with Minco Wholesale & Supply Inc under an agreement, which will see Minco distributing products of the Canadian manufacturer in North America. This includes rubber gloves and masks, besides non-woven cotton medical products, according to a Thursday (Aug 25) evening joint statement by Minco and Supermax Healthcare Canada. (TheEdge)

Icon Offshore Bhd is said to have received an offer from a prospective foreign buyer to buy a jack-up rig that the company bought cheap two years ago. Given the sharp rise in prices of jack-up rigs over the past two years, sources say it is likely that the offer price would be substantially higher than what Icon Offshore had paid for at purchase. (TheEdge)

The next frontier for technology infrastructure at I-Bhd’s i-City Finance Avenue will be the setting up of immersive experience centres to provide tenants with the edge in customer experience. In a statement on Thursday (Aug 25), I-Bhd, the master developer of i-City, said that as technology-driven financial institutions and financial technology companies are attracted to i-City Finance Avenue, the experience centres will help enhance their customer offerings through a virtual yet personalised experience of digital technology solutions. (TheEdge)

Globaltec Formation Bhd is set to acquire a 45% stake in Metta Food & Lifestyle Sdn Bhd for RM20 million. In a statement to Bursa Malaysia on Friday (Aug 26), Globaltec said that together, the parties intend to grow and develop Metta’s food and beverage (F&B) business. (TheEdge)

Asset management and infrastructure solutions specialist UEM Edgenta Bhd remains upbeat about its outlook despite all the uncertainties brought about by the global economic slowdown. Managing director and chief executive officer Syahrunizam Samsudin said that as a global company, it would continuously monitor the external environment, particularly the supply chain pressure, inflationary pressures and the increase in the minimum wage in Malaysia. (NST)

Petronas Dagangan Bhd (PDB) will continue to be the beneficiary of the reopening of the economy and economic recovery post-COVID19 with ease of restrictions, Hong Leong Investment Bank (HLIB) said. However, the investment bank said at the current level, PDB's share price has gone past its fundamentals and the risk-to-reward ratio was not justified at forward multiples of about 35 times. (NST)

MIDF Research has upgraded Genting Plantations Bhd's (GenP) earnings forecast to RM612.3 million for the financial year 2022, while maintaining its forward year earnings as the total production, assumptions on margins and blended cost to be more reflective of forward anticipations. It said GenP's earnings for the first half of 2022 (H1 2022), which surged by 87 per cent year-on-year to RM353.6 million was also driven by a lower net operational expenditure ratio, following GenP's effective cost management. (NST)

Research houses have maintained their "buy" calls on Malaysia Airports Holdings Bhd (MAHB), leveraging the recovery of air travel as countries relax their border restrictions while airlines are reinstating their capacities to pre-pandemic levels. Hong Leong Investment Bank Research expects continued improvement in traffic as Malaysia-based airlines introduce new routes and increase frequencies in tandem with growing demand for air travel. (TheEdge)

Analysts remain positive on Malayan Banking Bhd’s (Maybank) outlook despite the fact that the group’s results for the second quarter ended June 30, 2022 (2QFY22) were dragged lower by pre-emptive allowances. In a press conference on Thursday (Aug 25), Maybank group president and chief executive officer Datuk Khairussaleh Ramli said the bank’s nearly 60% increase in allowances for impairment losses on loans in 2QFY22 could just be a one-off event. (TheEdge)

Maybank Investment Bank research analyst Chi Wei Tan has cut the firm's recommendation on YTL Power International Bhd to "hold" from "buy". The target price for YTL Power is set at 75 sen, implying a 2.7% increase from the last price. (TheEdge)

Kenanga Research has maintained its “outperform” rating on Press Metal Aluminium Holdings Bhd at RM4.89 with a lower target price (TP) of RM5.62 (from RM5.95) and said Press Metal’s first half ended June 30, 2022 (1HFY22) results disappointed on weak average selling price (ASP) realised. (TheEdge)

Kenanga Investment Bank Bhd (Kenanga IB) analyst Kian Yeong Teh has raised the firm's recommendation on PPB Group Bhd to "market perform" from "underperform". The target price for PPB Group is set to RM17, which implies a 1.3% increase from the last price. (TheEdge)

KAF-Seagroatt & Campbell analyst Sin Kiat Lim has cut the firm's recommendation on Genting Malaysia Bhd to "hold" from "buy". The target price for Genting Malaysia is set to RM3, which implies a 1% increase from the stock's last price. Genting Malaysia reported sales that topped estimates for the quarter on Thursday (Aug 25). (TheEdge)

RHB Retail Research said MMS Ventures Bhd (MMSV) is poised to extend its upside movement. In a trading stocks note on Friday (Aug 26), the research house said that the stock has broken past the 84.5 sen resistance level on strong volume. It said the latest bullish breakout showed that the bulls remain in control. (TheEdge)

RHB Retail Research said LGMS Bhd is looking to climb higher after staging a bullish breakout. In a trading stocks note on Friday (Aug 26), the research house said that the stock managed to break past the RM1.11 immediate resistance level to close at a record high level. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 26 Aug 2022

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