MQ Market Updates

MQ Market Updates - 23 September 2022

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Publish date: Fri, 23 Sep 2022, 05:24 PM

Sime Darby Plantation Bhd (SDP) has continued to engage with the United States Customs and Border Protection (US CBP) over forced labour claims against the plantation company. Senior independent director Datuk Zaiton Mohd Hassan described the issue as a "wake-up call" for the company and that it would look into changes in its operations. (NST)

Konsortium Transnasional Bhd (KTB) has secured a letter of award worth RM109.61mil for works pertaining to a mixed development in Perak. In a filing with Bursa Malaysia yesterday, the bus operator said its wholly-owned subsidiary, Transnational Builder Sdn Bhd, had secured the letter of award from Maju Teluk Batik Sdn Bhd. (TheStar)

Malaysian Genomics Resource Centre Bhd (MGRC) has announced a series of collaborations to grow its customer base in Thailand and explore opportunities for research and development (R&D) of new products and services. MGRC chief executive officer Sasha Nordin said these collaborations are part of the company's strategy of growing its customer base and increasing its presence overseas through working with business partners who have an established presence in their respective market segments. (NST)

Mulpha International Bhd has received an unconditional voluntary takeover offer notice at RM2.30 per share from several joint offerors to acquire the remaining shares not held by them. In a filing with Bursa Malaysia, Mulpha said the joint offerors intend to undertake an unconditional voluntary take-over offer to acquire all the remaining 155.52 million ordinary shares in Mulpha or approximately 49.98% of the total issued shares of Mulpha not already held by the joint offerors. (TheStar)

Sunview Group Bhd targets to raise RM34.22 million via the issuance of 118.00 new shares at 29 sen per share for its upcoming initial public offering (IPO). From that, RM20.10 million or 58.72 per cent of the proceeds raised, will be used to fund the company's working capital requirements. (NST)

Dayang Enterprise Holdings Bhd is set to benefit from the five-year contract renewal cycle starting next year. RHB Research expects Dayang's earnings growth to be about 18–107 per cent in the financial year 2022 (FY22)–24, led by stronger hook-up and commissioning (HUC) and maintenance, construction, and modification (MCM) work orders. (NST)

Yinson Holdings Bhd's engineering, procurement, construction, installation and commission (EPCIC) business could sustain its profit into the third quarter (Q3) ending October 31, 2022 (FY23) due to the fast pickup in FPSO Maria Quiteria's construction progress in the quarter. CGS-CIMB Research stated that the US dollar strengthened further from an average of RM4.41 in Q2 to the current rate of RM4.57, which could boost Yinson's US dollar-denominated revenue in ringgit terms in the second half of FY23. (NST)

Kronologi Asia Bhd’s (KAB) profit margin is expected to improve supported by the easing of containment measures in China that benefits the group’s as-a-Service (AAS) segment. Apex Securities said the enterprise data management (EDM) solutions provider’s AAS segment posted growth in earnings, with an increase of 51% in revenue year-on-year (y-o-y) at RM15.4mil and a rise of nearly 40% in net profit y-o-y at RM2.1mil. (TheStar)

Bina Darulaman Bhd (BDB) is planning to venture into three new business segments, adding to its current two business portfolios, starting in 2023 and beyond with the aim to further strengthen its resilience and future-proof revenue and profitability. The new segments – agriculture, renewable energy and telecommunications – were viewed as resilient throughout the pandemic phase, said acting president and group chief executive officer Mohd Iskandar Dzulkarnain Ramli. (TheStar)

The share price of dairy producer Farm Fresh Bhd declined the most in four weeks, after dropping as much as five sen or 3.1% to RM1.59 on Friday (Sept 23), following the end of a lock-up period for some investors in its initial public offering (IPO). The IPO raised US$240.5 million (RM1.1 billion) for Farm Fresh in the first quarter of 2022. Prior to Friday, the stock was up 21% since its debut in March. (TheEdge)

Hong Leong Investment Bank (HLIB) Research expects CIMB Group Bhd to make further strides in posting better grades in the firm's next environmental, social, and governance (ESG) banking review after the group meets its sustainable commitment targets for 2024. CIMB Group has met its target to mobilise RM30 billion in sustainable finance and raised the target to RM60 billion. (NST)

RHB Retail Research said Mi Technovation Bhd is poised for an uptrend reversal after it bounced off the support to reclaim the area above the previous breakout point of RM1.28 on Thursday (Sept 22), printing a “higher low” bullish pattern and above the 21-day simple moving average line. In a trading stocks note on Friday, the research house said a bullish bias above that level may drive the counter further north towards RM1.43, or Sept 13’s high, followed by RM1.55, or Aug 4’s high. (TheEdge)

RHB Retail Research said FM Global Logistics Holdings Bhd is likely to rebound higher after late buying interest emerged on Thursday (Sept 22) to reclaim the 58.5 sen resistance level, forming a “higher low” bullish pattern above the 21-day average line. In a trading stocks note on Friday, the research house said if the stock manages to sustain above that level, the bullish bias may propel it further towards the 62 sen recent high (Sept 9’s high), followed by 67 sen, or April 14’s high. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 23 Sep 2022

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