Betamek Bhd says M&A Securities Sdn Bhd will underwrite 36 million new shares as it heads for a listing on the ACE Market of Bursa Malaysia. Betamek signs an underwriting agreement with M&A Securities today as part of its initial public offering (IPO). The 36.0 million new shares comprised the retail portion for the public and pink form allocations, Betamek said in a statement today. (NST)

Uzma Bhd’s wholly-onwed unit, Uzma Engineering Sdn Bhd, had secured a contract from PETRONAS Carigali Sdn Bhd for the provision of light weight hydraulic workover unit (HWU). The contract was valued at RM17mil and the scope of work comprises the integrated HWU services for Carigali’s well abandonment campaign offshore East Malaysia. (TheStar)

KSL Holdings Bhd’s wholly-owned subsidiary KSL Medini Development Sdn Bhd has entered into a sale and purchase agreement with Tropicana GP Views Sdn Bhd to purchase 10 parcels of freehold land in Pontian, Johor for RM102.94mil. In a filing with Bursa Malaysia yesterday, KSL said the parcels of land, measuring 21.81ha, will be used for residential development projects and further enhance its presence in the property market in Johor. (TheStar)

Mercedes-Benz dealer Cycle & Carriage Bintang Bhd (CCB) will be delisted from the local exchange effective next Monday (Sept 19). (TheEdge)

Public Bank Bhd said it plans to establish a sustainability roadmap in the near term and increase its profitability by focusing on areas of strengths which comprise domestic consumer banking and small and medium-sized enterprises (SME) lending, wealth management, transactional services, capital market operations and international operations. (TheEdge)

The government should implement additional initiatives to help first-time home buyers, easing their home-buying process and accelerate the property industry's recovery, Mah Sing Group Bhd said. Its founder and group managing director Tan Sri Datuk Leong Hoy Kum said one of the potential initiatives was to ease financing schemes for first time home buyers on properties of up to RM500,000. (NST)

Once all but written off, Sapura Energy Bhd seems to be doing something right. A year ago, the thought of the oil and gas (O&G) service provider turning a profit was unimaginable. If its first quarter (Q1) 2022 results are anything to go by, Sapura Energy seems to be turning a corner. It returned to the black Q1 ended April 30, 2022 with a net profit of RM91.93 million from a net loss of RM97.07 million a year ago. (NST)

Astro Malaysia Holdings Bhd is set to further invest in global streaming services and provide more local content via Astro Originals. Astro group chief operating officer and chief executive officer of TV, Euan Smith, said the company is building its growing online presence and continuing to look for opportunities to strengthen its digital, broadband and commerce businesses. (TheStar)

Sime Darby Plantation Bhd (SDP) said it will continue on its decarbonisation journey to meet climate action aspirations, including through acceleration of renewable efforts in reducing emissions, besides exploring areas to reduce energy and fuel consumption. To support its carbon reduction plans, SDP began installing five photovoltaic systems last year, and the group has one large-scale solar project installed and operational, said its chief sustainability officer Rashyid Redza Anwarudin when presenting his paper titled “Sime Darby Plantation’s Decarbonisation Journey” in conjunction with the 7th International Palm Oil Sustainability Conference on Tuesday (Sept 13). (TheEdge)

RHB Investment Bank Bhd says Sime Darby Bhd could continue to explore all options including an initial public offering (IPO) for its 50%-owned Ramsay Sime Darby Health Care Sdn Bhd (RSDH) following the termination of discussions with IHH Healthcare Bhd on the proposed sale of 100% of RSDH to the healthcare group. Ramsay Health Care Ltd of Australia owns the remaining 50% stake in hospital operator RSDH. (TheStar)

CGS-CIMB has maintained its “add” rating on Bermaz Auto Bhd at RM1.83 with an unchanged target price of RM2.40 and said the company’s 1QFY23 core net profit (NP) was in line at 28%/29% of house/consensus FY23F core NP. In a note on Sept 12, the research house said Bermaz’s core net profit rose 4.4 times y-o-y on stronger sales volume and higher share of associate profit. A three sen first interim DPS was declared for 1QFY23. (TheEdge)

CGS-CIMB has initiated coverage of Kotra Industries Bhd at RM4.20 with an “add” rating and target price of RM4.76 (13x CY23F P/E). In a note on Sept 12, the research house said it likes Kotra for Appeton’s strong brand, industry-leading ROE, balance sheet and management quality, plus the lowest CY23F P/E in the sector. (TheEdge)

RHB Retail Research said Frontken Corporation Bhd is set to climb higher after it bounced off the 21-day average line while reclaiming the area above the immediate resistance of RM2.83 on Monday (Sept 12) with a “long white” bullish candlestick. In a trading stocks note on Tuesday, the research house said the bullish bias above that level may drive the counter higher towards the psychological level of RM3, followed by RM3.10 or April 5’s high. (TheEdge)

RHB Retail Research said Sunway Construction Group Bhd is poised to propel north after it bounced off the 21-day average line, and headed towards the immediate resistance level of RM1.58 on Monday (Sept 12), on surging trading volume. In a trading stocks note on Tuesday, the research house said that if a breakout happens above that level, the bullish bias above that level may see the stock climb further towards RM1.64, followed by RM1.69, which was the high of June 1. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 13 Sep 2022

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!
 

Contact Us

Please do not hesitate to contact us if you have any inquiries:

Facebook: https://www.facebook.com/mqtrader 
Instagram: https://www.instagram.com/mqtrader 
i3messanger: https://messenger.i3investor.com/m/chatmq 
YouTube: https://www.youtube.com/channel/UCq-26SGjlQTVQfO7DoEihlg 
Email: admin@mqtrader.com 
Contact Number: +60128058077 
 

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.