PETRONAS Chemicals Group (PCG) Bhd has signed a memorandum of understanding (MoU) with ExxonMobil to assess the potential for large-scale implementation of advanced plastic recycling technology to help create a circular economy for plastics in Malaysia. PCG managing director/CEO Ir. Mohd Yusri said it had been continuously exploring and implementing innovative technologies to develop sustainable solutions demanded by its customers. (TheStar)

Top Glove Corp Bhd's net profit fell to RM235.97 million in the full financial year ended August 30, 2022 (FY22) from RM7.71 billion a year ago as the glove industry is experiencing the effects of normalisation. The company's revenue also fell 65.95 per cent to RM5.57 billion in FY22 from RM16.36 billion last year. (NST)

Embracing the digitisation sentiments, Pos Malaysia on Tuesday (Sept 20) announced the implementation of a digitally-enabled initiative through an omnichannel chatbot that allows customers to self-serve customs clearance for inbound parcels from any device. Pos Malaysia in a statement said customers can now pay for their clearance fees and taxes online using the omnichannel chatbot, which could improve overall customer experience significantly and reduce the delivery time to as short as three days from arrival at customs to delivery at doorstep. (TheEdge)

MCE Holdings Bhd’s wholly owned subsidiary, Multi-Code Electronics Industries (M) Bhd, has secured an overseas contract to supply various electronic and mechatronics parts for new electric motorcycle model. In a filing with Bursa Malaysia yesterday, MCE stated the supply of these parts is expected to commence in the second quarter of the financial year ending July 31, 2023 and be for a duration of three years. (TheStar)

AME Real Estate Investment Trust (REIT), which debuted on Bursa Malaysia on Tuesday (Sept 20), has identified three more industrial properties for potential acquisition over the next 12 months from its sponsor AME Elite Consortium Bhd. These properties have a total gross floor area of 256,828 sq ft and are located in AME Elite’s industrial parks, said Simon Lee, chairman and executive director of I REIT Managers Sdn Bhd, the management company of AME REIT. (TheEdge)

Axiata Group Bhd's credit profile is increasingly likely to weaken, according to S&P Global Ratings. In a statement on Monday (Sept 19), the rating agency said the proposed merger between Celcom Axiata Bhd (Axiata's Malaysia unit) with Digi.Com Bhd is now a step closer to completion. (TheEdge)

CIMB Group Holdings Bhd has doubled its sustainable finance target to RM60 billion by 2024 under its Green, Social, Sustainable Impact Products and Services (GSSIPS) Framework. CIMB group chief executive officer Datuk Abdul Rahman Ahmad said the company had strengthened its sustainability commitment as it had already mobilised its earlier announced target of RM30 billion, two years ahead of plan. (NST)

IHH Healthcare Bhd has unveiled its sustainability goals amid a broader push towards higher environmental, social, and governance (ESG) adherence. The group said it would cap carbon emissions from 2025 onwards at a 2022 baseline while growing the business and achieving carbon net zero by 2050. (TheStar)

Kuala Lumpur Kepong Bhd (KLK) is likely to achieve growth in fresh fruit bunch (FFB) production in the financial year 2022 (FY23) on the back of easing labour constraints and the continuation of mechanisation efforts. Hong Leong Investment Bank Bhd (HLIB Research) said KLK's ten-month FY22 FFB output grew 27 per cent to 4.0 metric tonnes, boosted mainly by contribution from IJM Plantations. (NST)

Citaglobal Bhd discloses that Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah has increased his stake in the company to 12.4 per cent from 9.0 per cent. Citaglobal, in an announcement on changes in substantial shareholders to Bursa Malaysia today, said the king had bought an additional 32.1 million shares. (NST)

The construction industry is in dire need of eco-friendly cement — also known as "green cement" — towards realising the nation's aspiration to achieve net-zero greenhouse gas emissions by 2050. Sime Darby Property Bhd group managing director Datuk Azmir Merican said currently, there is no known substitute material for cement, noting that the cement industry is among the highest emitters of carbon dioxide (CO2). (TheEdge)

RHB Investment Bank Bhd (RHB IB) expects the consumer sector to be the biggest beneficiary of the upcoming Budget 2023. The investment bank said as is usually the case every year, some of the more predictable goodies such as cash handouts, bonuses for civil servants, and income tax relief can be expected, especially in view of the rising cost of living. (NST)

RHB Research believes the return of local and foreign patients seeking medical treatment in Malaysia will gradually result in better utilisation rates for the healthcare sector from the third quarter (Q3) of 2022 onwards. The bank-backed research firm said that despite the soft first half of 2022 (1H22) earnings, the domestic healthcare sector saw encouraging patient visit growth during the period, while industry players are poised to leverage on the arrival of international patients post the reopening of international borders in April. (NST)

Kenanga Research has downgraded Gas Malaysia Bhd (GasMsia) to “market perform” (MP) at RM3.50 with an unchanged target price (TP) of RM3.43 and said it was turning neutral on GasMsia following its strong share price performance of late, while a key rerating catalyst, i.e. soaring global gas prices boosting the retail margins of its non-regulated business, appear to have run its course. (TheEdge)

RHB Retail Research said Revenue Group Bhd is poised to resume its uptrend reversal as it attempted to move higher above the RM1.04 resistance level recently. In a trading stocks note on Tuesday (Sept 20), the research house said that if a breakout happens, the bullish bias above that level may drive the counter north further, towards the recent high of RM1.08, followed by RM1.14, or June 3’s high. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 20 Sep 2022

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