Property developer Ageson Bhd's net profit decreased 38.7 per cent to RM4.76 million in the three-month period ended June 30, 2022, from the RM7.75 million recorded in the same period last year. Revenue in the same period surged more than doubled to RM116.66 million from RM51.28 million. For the 12-month period, Ageson's net profit increased 23.9 per cent to RM39.22 million from RM31.65 million, while revenue surged to RM353.75 million from RM166.25 million. (NST)

Bank Islam Malaysia Bhd's (BIMB) second quarter (Q2) FY22 net profit of RM117 million came within expectations, Maybank Investment Bank (IB) said. The bank-backed research firm said BIMB's first half (1H) FY22 net profit of RM223 million (-37 per cent year-on-year) was 46 per cent of its full-year forecast, on expectations that 2H FY22 results will be stronger on the back of higher investment income. (NST)

Tenaga Nasional Bhd (TNB) posts a resilient first half of 2022 on the back of five per cent growth in electricity demand year-on-year in line with continued post-pandemic economic growth, president and chief executive officer Datuk Indera Baharin Din. Baharin expects a reasonable performance this year while remaining cautious on the prolonged impact of high fuel price and customers' credit risk outlook. (NST)

Sunview Group Bhd on Thursday (Sept 1) penned an underwriting agreement with Alliance Islamic Bank Bhd (AIS) for its initial public offering (IPO) exercise and listing on the ACE Market of Bursa Malaysia. In a statement, the end-to-end solar photovoltaic (PV) system construction player said the IPO exercise entails the public issue of 118 million new shares, with AIS agreeing to underwrite 32.6 million shares. (TheEdge)

AME Real Estate Investment Trust (AME-REIT) initial public offering (IPO) was well-received by investors. AME-REIT’s institutional offering was covered by 4.2 times the 109.5 million units made available for the book building process, according to I-REIT Managers Sdn Bhd, the management company of AME-REIT.The IPO exercise entails an offering of 254.8 million units, representing 49% of total 520 million units in AME-REIT. (TheStar)

Scientex Bhd is partnering with Japan's leading producer of liquid and paste packaging systems, Taisei Lamick Co Ltd, to expand its market share in the region. Scientex's wholly owned subsidiary Scientex Packaging Film Sdn Bhd signed a share sale agreement (SSA) with Taisei Lamick to acquire 8,100 ordinary shares representing 80.2 per cent equity interest in Taisei Lamick Malaysia Sdn Bhd (TLM) for RM63.8 million cash. (NST)

Mah Sing Group Bhd's Erica Phase 3 at Meridin East, comprising 108 units of 18 ft by 70 ft double-storey linked homes, was fully taken up during its two-day weekend launch on Aug 27 and 28, according to a press release. Meridin East is the developer's 1,313-acre mixed-development township, with residential, commercial and light industrial components, located in Pasir Gudang, Johor. (TheEdge)

Lagenda Properties Bhd and Bina Darulaman Bhd (BDB) announced that they will jointly develop an affordable township development — Darulaman Lagenda — in Sungai Petani, Kedah, during a groundbreaking event on Aug 29. With a gross development value of RM593 million, the three-phase township development is the largest affordable township development in Kedah with more than 2,500 landed homes. It also marks Lagenda Properties’ first township development in the state. (TheEdge)

MAG Holdings Bhd remains excited over its aspiration to be among the top three players in Malaysia's aquaculture industry, executive chairman Stephen Ng said. For the financial year ending June 30, 2022 (FY22), MAG posted a net profit of RM17.52 million, marking the second consecutive financial year of profit amid the strong demand for its aquaculture and food processing business. (NST)

SNS Network Technology Berhad (SNT) foresees rising spending from businesses, government agencies andeducational institutions on upgrading information technology (IT) platforms as part of their digitalisation plan to provide support for hybrid working arrangements and e-learning options. Managing director Ko Yun Hung said the company is set to ride on the growing demand for information, communication and technology (ICT) products and services as there is no sign of a slowdown in spending from the public and private sectors to upgrade their IT system. (NST)

Tan Chong Motors Holdings Bhd (TCM) is expected to improve its earnings this year, but concern over the stiff competitive domestic market environment is still on the horizon, Hong Leong Investment Bank Bhd (HLIB Research) said. The bank-backed research firm said that the strong appreciation of the US dollar against the ringgit also risks the company's financial performance in the near term. (NST)

RHB Retail Research said Power Root Bhd is set to print its 52-week high after it underwent a breakout above the RM1.92 resistance-turned-support during Tuesday’s session, on stronger trading volume — forming a “higher high” bullish pattern. In a trading stocks note on Friday (Sept 2), the research house said this, with the “White Marubozu” bullish candlestick printed during the latest session, may push it towards RM2.13, ie the high of Nov 17, 2020, before hitting the next resistance of RM2.22 (July 3’s high). (TheEdge)

RHB Retail Research said Alliance Bank Malaysia Bhd is poised for a breakout after rebounding within the sideways range on Tuesday (Aug 30), as it surpassed the 21-day average line, on top of the improved trading volume. In a trading stocks note on Friday, the research house said if the breakout above the RM3.60 immediate resistance level happens, the positive momentum may propel the stock towards the next resistance of RM3.71 or April 22’s high, followed by RM3.83, the highest level recorded since February 2019. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 2 Sep 2022

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