MQ Market Updates

MQ Market Updates - 1 September 2022

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Publish date: Thu, 01 Sep 2022, 05:59 PM

Reservoir Link Energy Bhd's 51 per cent-owned RL ADS Power Sdn Bhd has entered into a Memorandum of Understanding (MoU) with one of the world's leading iron flow long duration energy storage providers from the US to provide energy storage solutions. Reservoir Link did not name the US partner. Under the MoU, both parties will jointly design, build and deploy at least 200 megawatt (MW) of energy storage solutions in Malaysia, Singapore and Indonesia. (NST)

Malayan Banking Bhd (Maybank) has formulated its own Sustainable Product Framework (SPF) - the first ever by a Malaysian bank - to enable greater development of green, social and sustainable products. In a statement today, Maybank said the framework, which will support its commitment of 'Mobilising RM50 billion in Sustainable Finance by 2025', will be implemented across the group's Islamic and conventional products effective Sept 1, 2022. (NST)

Unitrade Industries Bhd has registered a net profit of RM10.06 million in the first quarter (Q1) ended June 30, 2022, on the back of a RM342.47 million revenue. As this was the company's first interim financial report published post listing, there was no comparative figures for the corresponding year's quarter. (NST)

Bank Islam Malaysia Bhd's (BIMB) second quarter (Q2) earnings of RM117 million, representing 11 per cent jump quarter-on-quarter (QoQ) and 40 per cent year-on-year (YoY), comes largely in line with expectations, Hong Leong Investment Bank Bhd (HLIB) said. HLIB said this was despite forming only 44-45 per cent of its and consensus full-year forecasts as it expected stronger second half (2H) 2022, lifted by better top-line growth. (NST)

FGV Holdings Bhd's six-month core net profit of RM733.1 million, attributable to improvement at its plantation and logistics segments, comes largely within Affin Hwang Capital's expectations. For the period, FGV's revenue was higher by 64.5 per cent year-on-year (YoY) to RM13.3 billion, due to higher contribution across its plantation (up 73.7 per cent), sugar (up 14.1 per cent) and logistics and others (up 6.0 per cent) divisions. (NST)

AirAsia Aviation Group Ltd, the aviation arm of Capital A Bhd, will return its operations to Singapore Changi Airport's Terminal 4 (T4) from T1 starting from Sept 15. The terminal was closed for more than two years due to the Covid-19 pandemic. In a statement, AirAsia said all flights operated by AirAsia Malaysia (flight code: AK), AirAsia Thailand (flight code: FD), AirAsia Indonesia (flight code: QZ), and AirAsia Philippines (flight code: Z2) will depart and arrive at T4. (TheEdge)

Inta Bina Group Bhd says its wholly-owned Inta Bina Sdn Bhd has accepted a RM137.8 million construction contract from SDB Properties Sdn Bhd. SDB Properties is a wholly-owned subsidiary of Selangor Dredging Bhd. The contract entails the main building works for 26 units of three-storey superlink houses and six blocks of three and four-storey condo villa, which will house a total of 196 villa units, located at Gombak, Selangor. (NST)

Iconic Worldwide Bhd (IWB) has completed its Iconic Point mixed development project and handed it over to its buyers recently. With a gross development value (GDV) of RM127.81 million, Iconic Point is a 65:35 joint venture between Iconic Maison Sdn Bhd, a wholly-owned subsidiary of IWB and Iconic Development Sdn Bhd, a subsidiary of Iconic group. (NST)

Petronas Dagangan Bhd (PDB) has appointed Khalil Jaffri Muhammad Muri as chief operating officer (COO) effective Sept 1. In a statement, PDB said Khalil would oversee and steer PDB’s diverse business operations and support the execution of the company’s strategic business ventures as it continues to grow its non-fuel business. (TheStar)

Practice Note 17 (PN17) company Khee San Bhd is set to regain the management and operations of its wholly owned subsidiary Khee San Food Industries Sdn Bhd (KSFI) on Thursday (Sept 1). Maybank Islamic Bhd told the Kuala Lumpur High Court on Thursday it withdrew its originating summons to place the candy manufacturer's unit under judicial management. (TheEdge)

CIMB Group Holdings Bhd's share price rose 2.8%. The company reported earnings per share (EPS) and sales above estimates. Trading volume was five times the average for this time of day. CIMB's share price increased to RM5.52, higher than any close since Feb 28, from RM5.37. (TheEdge)

Glove manufacturer Hartalega Holdings Bhd has slowed down its Next Generation Integrated Glove Manufacturing Complex (NGC) 1.5 plant expansion as the company still sees an oversupply of gloves in the market. According to Hartalega's chief executive officer Kuan Mun Leong, the company is phasing down its plant expansion plan in view of demand-supply imbalances as buyers are still adjusting their inventory levels. (TheEdge)

Farm Fresh Bhd said on Thursday (Sept 1) the milk producer is "still very profitable" with a gross profit margin at above 26% despite contending with profit compression of about 3% due to costlier grain, which is used to make animal feed, at a time when fuel and transportation have become more expensive. According to Farm Fresh group managing director and group chief executive officer Loi Tuan Ee, the company will not solely rely on continuous price hikes as a mitigation strategy while it is still profit-making, as its market share stays strong. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 1 Sep 2022

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