MQ Market Updates

MQ Market Updates - 19 September 2022

MQ Trader
Publish date: Mon, 19 Sep 2022, 05:43 PM

Yinson Holdings Bhd's renewables division, Yinson Renewables, has entered the Indonesian market via the acquisition of a majority stake in solar company PT Ineco Solar Solutions (Inecosolar). It said in a statement Inecosolar is a well-established solar system provider in Indonesia with a track record delivering residential and commercial rooftop solar systems. (TheStar)

Auto parts maker, EP Manufacturing Bhd has entered into two investment agreements (IA) on its venture into the two-wheeled electric vehicles (EVs) business. In a filing with Bursa Malaysia today, EP Manufacturing said the first agreement, with a minimum investment amount of US$50 million (US$1=RM4.53), was inked between the company and CIS Pride Fund SPC (CPFS), Sharkgulf Technologies Group Ltd (Sharkgulf) as well as Blueshark Holding Ltd (Blueshark). (TheStar)

Eco World Development Group Bhd's cumulative net profit for the first nine months of financial year 2022 (FY22) core earnings of RM155.43 million comes in below expectations, CGS-CIMB Research said. The research house said Eco World's net profit came in at 67 per cent of both its and Bloomberg consensus' full-year forecasts. (NST)

Reservoir Link Energy Bhd's unit Reservoir Link Sdn Bhd has secured a contract from PETRONAS Carigali Sdn Bhd to provide the completion new technology, Boron EaziGoFlo sand screen erosion resistant and related services. The oil and gas service provider said the contract is for a period of 12 months effective Aug 1, 2022, to July 31, 2022. According to the company, Reservoir Link will provide sand screen technology and related services including personnel, product and equipment on a “call-out” basis. (TheStar)

T7 Global Bhd has secured contracts worth about RM400 million in Thailand. In a bourse filing on Monday (Sept 19), the group said its unit Tanjung Offshore Services Sdn Bhd had inked charter and operation and maintenance contracts with Busrakham G11 Ltd for the provision of leasing, operations and maintenance of a mobile offshore production unit in the Nong Yao Field, Southern Gulf of Thailand. (TheEdge)

Genting Malaysia Bhd’s (GenM) indirect subsidiary GMM SA has been conditionally accepted to participate in the bid for the award of a new 10-year gaming concession for the operation of casino games of fortune in Macau. In a report on Sept 17, industry magazine Inside Asian Gaming (IAG) said that should GMM win a tender, it will have to undergo certain further actions, for example the increase of its capital of MOP$1 million to the minimum MOP$5 billion required under the Macau gaming law. (TheEdge)

G Capital Bhd's 70%-owned subsidiary Solarcity Malaysia Sdn Bhd has completed the installation and commenced operations of a solar photovoltaic electric power generation system, in line with the supplemental power purchase agreement (PPA) with Muda Paper Mills Sdn Bhd. It said in a filing with Bursa Malaysia both Solarcity and Muda Paper Mills have accepted the commercial operation date of the plant to be Sept 15, 2022. (TheStar)

Iskandar Investment Bhd (IIB) has appointed Datuk Idzham Mohd Hashim as new president and chief executive officer from October 1, 2022 replacing Datuk Ir Khairil Anwar Ahmad who as retired. IIB's chairman Datuk Amirul Feisal Wan Zahir said Idzham Mohd's industry experience in property development, ecosystem building and education would add value to the company and help drive IIB forward. (NST)

AmInvest, the fund management business of AMMB Holdings Bhd,  has unveiled its first series of wholesale bond funds with the issuance of AmSingle Bond Series 1, which aims to provide regular income via yearly income distribution over the medium to long-term. AmFunds Management Bhd (AMB) chief executive officer Goh Wee Peng said the fund is suitable for investors seeking returns that are potentially higher than the 12-month fixed deposit rate. (NST)

Sime Darby Bhd's automotive arm Sime Darby Auto Connexion (SDAC) will continue to expand its network of dealerships in Malaysia. This includes the establishment of new Ford Signature showrooms and service centres in the northern region as well as Sabah and Sarawak, SDAC managing director Turse Zuhair in an interview said. (NST)

VSI Industry Bhd (VIB) is expected to weather through the labour shortage woes while simultaneously scouring for opportunities from the trade diversion. Hong Leong Investment Bank Bhd (HLIB Research) said that with borders reopening, the bank-backed research firm is delighted to see some degree of improvement regarding the labour shortage. (NST)

Powerwell Holdings Bhd has targeted at diversifying into renewable energy (RE) in the next one to two years, deputy managing director Datuk Adam Yee Hee Hoon said. Yee said there were plenty of opportunities, especially with Malaysia being one of the most ESG (enviropnment, social and governance) driven countries in the world, allowing businesses like Powerwell to explore and embark on a few new and innovative areas. (NST)

PublicInvest Research has maintained its "outperform" rating for Kawan Food Bhd with an unchanged target price of RM2.50. In a note on Monday (Sept 19), PublicInvest's Wong Ling Ling said Kawan Food's stronger export sales and new product launches supported by an increase in headcount present growth for the frozen food wholesale supplier. (TheEdge)

MIDF Research has maintained its “neutral” call on Tenaga Nasional Bhd (TNB) as it expects the utility provider’s cash flow to likely remain constrained. It also maintained its target price for TNB at RM8.45. (TheEdge)

RHB Retail Research said Velesto Energy Bhd is scaling northwards, since it broke past the immediate resistance of 11 sen on strong volume. In a trading stocks note on Monday (Sept 19), the research house said trading volume has also been happening while its share price has been increasing, so this indicates that the bulls are charging ahead. (TheEdge)

RHB Retail Research said REDtone Digital Bhd is poised to undergo a bullish breakout, as it tested the immediate resistance of 46.5 sen on high trading volume last Thursday. In a trading stocks note on Monday (Sept 19), the research house said that the stock has been charting a “higher high” bullish candlestick, while trading volume picked up, which showed that strong bullish momentum is in play. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 19 Sep 2022

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