MQ Market Updates

MQ Market Updates - 29 August 2022

MQ Trader
Publish date: Mon, 29 Aug 2022, 05:49 PM

KPJ Healthcare Bhd's net profit rose to RM27.09 million in the second quarter (Q2) ended June 30, 2022, from RM6.96 million a year ago. Revenue rose to RM707.57 million in Q2 2022 from RM632.83 million last year. This is due to an increase in the level of activities at its hospitals, as evident from increased inpatient visits by 14 per cent," the healthcare provider said. (NST)

RHB Bank Bhd recorded lower net profit for the second quarter (Q2) ended June 30, 2022 at RM634.83 million, down 9.5 per cent year-on-year (YoY) from RM701.34 million in the same period last year. This was mainly due to lower non fund based income and higher operating expenses, the group said. Non-fund based income decreased 33.1 per cent Y-o-Y to RM383.5 million due to lower fee income, insurance underwriting surplus and net trading and investment income. (NST)

Dagang NeXchange Bhd's (DNeX) registered a net profit of RM549.6 million for the financial year ended June 30, 2022 (FY22), on the back of RM1.44 billion in revenue. This is mainly attributed to the company's technology business, underpinned by its strategic investments in SilTerra Malaysia Sdn Bhd (SilTerra), followed by energy via Ping Petroleum Ltd (Ping) and information and technology (IT) businesses. (NST)

Public Bank Bhd's net profit rose 2.4 per cent year-on-year (YoY) to RM1.42 billion in the second quarter (Q2) ended June 30, 2022  from RM1.38 billion in the same period last year, mainly due to lower loan impairment allowance of RM316.1 million. Revenue marginally increased 1.1 per cent YoY to RM4.97 billion from RM4.92 billion in Q2 last year. Public Bank said the improved revenue was supported by higher net interest income of RM111.1 million, but partially offset by lower investment and other income of RM100.1 million, higher other operating expenses of RM72.0 million and lower net fee and commission income of RM37.3 million. (NST)

Seni Jaya Corporation Bhd posted revenue of RM8.7 million for the second quarter (Q2) ended 30 June 2022 (FY22), a sixfold jump from RM1.5 million posted in Q2 FY21. With the top line increase, the company earned a net profit of RM1.0 million. This was a RM2.9 million improvement against the net loss of RM1.9 million in Q2 FY21. (NST)

Sarawak Consolidated Industries Bhd's (SCIB) earnings for the fourth quarter (Q4) ended 30 June 2022  (FY22) continued to be boosted by the manufacturing division's increased sales of foundation piles. The civil engineering specialist recorded revenue of RM26.2 million for Q4, but a net impairment loss in trade pushed the company to a loss before taxes (LBT) of RM45.9 million. (NST)

OSK Holdings Bhd’s net profit rose to RM106.23 million in the second quarter ended June 30, 2022 (Q2 2022) from RM103.61 million a year earlier as the property segment and capital financing division continued to be major profit contributors for the group. Revenue for Q2 2022 soared to RM334.66 million versus RM267.21 million previously, it said in a filing with Bursa Malaysia today. (TheStar)

Mah Sing Group Bhd registered new property sales of RM550mil in the second quarter of the year to hit the RM1bil mark in new property sales year-to-date. In a statement, the property developer said this marked its best quarterly and first-half sales achievement since 2017. (TheStar)

Tiles manufacturer and information technology company YB Ventures Bhd (YBV) maintained profitability for the 18-month financial year ended 30 June 2022 (FY22) despite the challenging operating environment. For the sixth quarter (Q6) of FY22, the company recorded a net profit of RM4.0 million at the back of a revenue of RM27.5 million. (NST)

Taiwan Superconductor International Semiconductor Technology Co Ltd is keen to turn MQ Technology Bhd into an emerging semiconductor giant. MQTech said Taiwan Superconductor had offered to buy up to 30 per cent stake in the company via participation in a forthcoming corporate exercise. (NST)

Yinson Holdings Bhd has partnered with Aeon Co (M) Bhd (Aeon Malaysia) to develop Malaysia's largest retail electric vehicle( EV) charging network. Yinson said its subsidiary Yinson GreenTech had signed a memorandum of cooperation (MoC) with Aeon Malaysia and Aeon BiG (M) Sdn Bhd to provide charging infrastructure across its shopping outlets in Malaysia. (NST)

Malaysian Genomics Resource Centre Bhd (MGRC) signed a memorandum of understanding (MoU) to distribute biopharmaceutical and genomics products and services with Ajlan & Bros Medical Company (Ajlan). Ajlan, based in Riyadh, Saudi Arabia, is part of a multinational conglomerate established in 1979 with extensive global private equity, real estate, and industrial investments. (NST)

Sime Darby Property Bhd, Mitsui & Co Ltd and Mitsubishi Estate Co Ltd have marked a milestone with the groundbreaking ceremony of the development multi-tenanted Ready-Built Warehouse (RBW) at Bandar Bukit Raja Industrial Gateway. The project is developed by Sime Darby Property MIT Development Sdn Bhd (SDPMIT), a joint venture company of SD Property and Mitsui & Co (Malaysia) Sdn Bhd. (NST)

Vortex Consolidated Bhd (VCB) today launched the innovative Bravo Financing, the first-of-its-kind home financing solution dedicated to the company's ongoing and upcoming property projects. Executive director See Toh Kean Yaw said the company is offering two loan schemes with up to 80 per cent financing and up to 100 per cent financing. (NST)

ON May 20, 2022, the Employees' Provident Fund (EPF) reduced its equity holding in Top Glove Corp Bhd to below 5.0 per cent, a move seen by analysts as one of the factors in the rubber glove maker's shares falling to 83 sen last Friday. In fact, in the absence of the EPF as a main institutional investor, Top Glove's shares have apparently been in the "undervalued'' category. Some analysts agree that Top Glove's stock position does not receive a proper rating, let alone a fair price. (NST)

Globaltec Formation Bhd has signed a conditional subscription and shareholders agreement to acquire a 45% equity interest in Metta Food & Lifestyle Sdn Bhd for RM20mil. In a statement, the group said it intended to develop Metta’s food and beverage (F&B) business, namely the De.Wan 1958 by Chef Wan & Cafe Chef Wan branded restaurant/cafe outlets. Metta is a company founded by Andre Shum in 2019. (TheStar)

IOI Properties Group Bhd (IOIPG) launched the IOI Sales Galleria and show village on Saturday (Aug 27) in Bandar Putra Kulai, Johor, the group's 5,700-acre (2,306.71-hectare) flagship development. The sales gallery and show village aim to showcase the integrated development’s amenities such as golf, sports, shopping, education, dining, entertainment, and healthcare as well as invite potential homeowners. (TheEdge)

The proposed listing of AME Real Estate Investment Trust (AME Reit) is expected to unlock value of AME Elite Consortium's investment property portfolio. Affin Hwang Capital noted that AME's core earnings in its first quarter came in below expectations but a turnaround was expected in subsequent quarters. (NST)

IHH Healthcare Bhd said it has been de-risking its lira-denominated revenue exposure as the hospital operator recognises the potential impact of the hyperinflationary environment in Türkiye where inflation had exceeded 100%. (TheEdge)

Cycle & Carriage Bintang Bhd’s (CCB) said trading of its shares will be suspended with effect from next week. “Trading of CCB shares will be suspended with effect from 9am, Monday, Sept 5, pursuant to Paragraph 16.02(3) of the Main Market Listing Requirements,” the company said in a filing with Bursa Malaysia. (TheEdge)

 A mandatory offer was made after Axiata Group Bhd and its Indonesian unit XL Axiata completed their purchase of 66% of Indonesian internet services provider Link Net, according to a prospectus published on Monday (Aug 29). The offer to buy as many as 934.8 million shares at 4,800 rupiah each is worth as much as 4.49 trillion rupiah (RM1.35 billion), according to the prospectus. (TheEdge)

Shares in MBM Resources Bhd (MBMR) rose 5.01% in late morning trade on Monday (Aug 29), after the company announced a 16 sen dividend — comprising a first interim dividend of six sen and a special dividend of 10 sen — over three times the five sen payout it announced for the corresponding quarter last year. This followed a more-than-fourfold increase in the company's net profit for the second quarter ended June 30, 2022 (2QFY22). (TheEdge)

Capital A is poised to see a turnaround in the financial years 2023 (FY23)-FY24 as air travel demand is expected to continue its recovery. Hong Leong Investment Bank Bhd (HLIB) said Capital A continued its losses with core loss after tax and minority interest (Latmi) of RM699.9 million for its second quarter (Q2). This further dragged its first half (1H22) Latmi to RM1.6 billion, which was below both HLIB's expectation of FY22 core losses forecast of RM2.2 billion and consensus RM1.4 billion. (NST)

CGS-CIMB Research has maintained its “add” rating of Senheng New Retail Bhd at 76.5 sen, with a higher target price (TP) of 90 sen (from 80 sen), and said it deems Senheng’s core net profit of RM33.1 million (+31.1% year-on-year) for the first half ended June 30, 2022 (1HFY22) to be above house expectations due to higher-than-expected margins. (TheEdge)

Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating on Bumi Armada Bhd (BAB) at 40.5 sen with a lower target price (TP) of 76 sen (from 84 sen) and said BAB posted a 2Q22 core net profit of RM217.9 million (+16 % q-o-q; +4% y-o-y), bringing 1H22 core earnings to RM405.2 million (+13% y-o-y). (TheEdge)

RHB Retail Research said PA Resources Bhd is attempting to break past the immediate resistance after building a strong base along the 20-day simple moving average (SMA) line. In a trading stocks note on Monday (Aug 29), the research house said that since the stock crossed above the 20-day SMA line, volume has been increasing, showing that a bullish bias has emerged. (TheEdge)

RHB Retail Research said UMediC Group Bhd is eyeing a bullish breakout, after testing the immediate resistance level of 56 sen. In a trading stocks note on Monday (Aug 29), the research house said the stock charted a “higher high” bullish candlestick, showing that momentum is picking up pace. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 29 Aug 2022

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