MQ Market Updates

MQ Market Updates - 7 September 2022

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Publish date: Wed, 07 Sep 2022, 05:25 PM

T7 Global Bhd, via its subsidiary, Tanjung Offshore Services Sdn Bhf (TOSSB), secured a third mini-remotely operated vehicle (mini-ROV) contract from Petronas Carigali Sdn Bhd. The energy solution provider received a letter of award (LoA) from Petronas Carigali. Under the LoA, TOSSB will provide platform-based underwater inspection services by utilising mini-ROV for over 30 offshore structures such as jackets and pipelines in Malaysia. (NST)

EP Manufacturing Bhd (EPMB) has obtained approval from the government to register and license its first-ever two-wheel electric vehicles (EVs). This came about a month after it received conditional approval from the government to construct its first manufacturing plant for electric two-wheelers. (NST)

Mestron Holdings Bhd has bagged another RM13 million in orders from the telecommunication (telco) segment, following the order of RM17.5 million that the company secured from the national digital infrastructure plan, Jalinan Digital Negara (JENDELA), back in June this year. The orders secured were under the Digital Nasional Bhd (DNB) and Universal Service Provision (USP) projects. Managing Director Por Teong Eng said the orders secured reflected the company's commitment and track record in the telco sector. (NST)

Destini Bhd’s indirect subsidiary, Destini Shipbuilding and Engineering Sdn Bhd (DSBE), has been served with a winding-up petition by the government. In a filing with Bursa Malaysia yesterday, Destini said the Inland Revenue Board (LHDN) had filed a writ of summons and statement of claim in September 2020 against DSBE for outstanding taxes amounting to RM6.58mil, excluding interest and penalty. (TheStar)

HSS Engineers Bhd’s (HEB) associate SMHB Sdn Bhd has accepted a letter of appointment (LOA) from Pengurusan Aset Air Bhd (PAAB) to be the engineering consultant providing engineering services for the proposed study and construction of a new water treatment plant and upgrading of water systems in Batu Pahat, Johor. (TheStar)

Iskandar Waterfront City Bhd (IWCity) has received a notice in writing from its auditor, Messrs Ernst & Young PLT (EY) on their resignation. In a filing with Bursa Malaysia, IWCity said EY’s term of office will end after 21 days from Sept 27. (TheStar)

Capital A Bhd will be replacing its narrow-body aircraft fleet of Airbus A320 to a more fuel-efficient A321 as resumption of the aircraft delivery is expected in 2024. Chief executive officer Tan Sri Tony Fernandes said Captal A's airline unit AirAsia would eventually operate all the A321s as the carrier sought to re-grow its operations in the next few years. (NST)

Duopharma Biotech Bhd is poised to record growth anchored by resilient consumer demand for healthcare and supplement products. RHB Research noted that the company's growth would also be boosted by a RM375 million human insulin procurement contract from the Ministry of Health (MOH) that will last until 2025. (NST)

There are plans for 'kampung chicken' or native chicken feed brand ALMA, developed by FGV Integrated Farming Sdn Bhd (FGVIF), to explore the Perak market by using the existing distribution network in an effort to reduce the dependency on imported poultry feed. FGV Holdings Berhad (FGV) Group chief executive officer Datuk Mohd Nazrul Izam Mansor said the move was through the cooperation of strategic partners such as FELDA (Federal Land Development Authority), Felda Capital Cooperative (KPF) and Padiberas Nasional Berhad (BERNAS). (NST)

Hong Leong Investment Bank Bhd (HLIB Research) views Lagenda Properties Bhd's new township development in Bernam Jaya, Selangor, as an attractive development opportunity for the company. The bank-backed research firm noted that the state government selected Lagenda Properties as the project developer following a competitive selection process. (NST)

Kenanga Investment Bank Bhd has raised Kelington Group Bhd's earnings forecast for 2023 by 5 per cent to factor in the company's higher-than-expected orderbook due to its recent ultra high purity (UHP) contract win valued at about RM330 million. The research house noted that the contract was one of the group's largest non-turnkey awards which typically yield better margins. (NST)

Kenanga Research has maintained its “overweight” rating on the building materials sector, mainly anchored by its "outperform" call on Press Metal Aluminium Holdings Bhd, while long steel producer Ann Joo Resources Bhd and cable support system manufacturer United U-Li Corp Bhd will continue to be weighed down by high-cost inventories. (TheEdge)

Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating on UWC Bhd at RM4 with a higher target price (TP) of RM4.38 (from RM4.21) and said UWC’s FY22 core net profit of RM99 million (+11 y-o-y) matched HLIB and consensus estimate at 99% and 95% respectively. (TheEdge)

The recent statement by Lembaga Tabung Haji (TH) disassociating itself from now-delisted TH Heavy Engineering Bhd (THHE) came following THHE's alleged delay in delivering three vessels under a RM738.9 million government contract, which came to light last month. (TheEdge)

RHB Retail Research said Coastal Contracts Bhd is set to resume its uptrend after reclaiming the area above the immediate resistance of RM1.85 on Tuesday (Sept 6), on surging trading volume. In a trading stocks note on Wednesday, the research house said that the stock initially broke above the level last Thursday, then retraced below it on Monday, before rebounding above it again on Tuesday. (TheEdge)

RHB Retail Research said Ta Ann Holdings Bhd is set to propel upwards as it breached the sideways consolidation level of RM4.05 and printed a “Bullish Marubozu” candlestick on Tuesday (Sept 6), forming a “higher high” bullish pattern above the 21-day average line. In a trading stocks note on Wednesday, the research house said if the breakout is sustained, the uptrend may take the stock to the next resistance of RM4.49, which is also June 22’s high, followed by RM4.85 (the high of June 13). (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 7 Sep 2022

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