MQ Market Updates

MQ Market Updates - 29 September 2022

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Publish date: Thu, 29 Sep 2022, 05:35 PM

Scientex Bhd's quarterly revenue surpassed the RM1 billion mark for the first time in the fourth quarter (Q4) ended July 31, 2022, rising 14.5 per cent to RM1.1 billion from RM970.4 million in the previous corresponding quarter. Scientex said of the total Q4 FY22 revenue, the packaging segment contributed 66.7 per cent or RM740.8 million, growing 20 per cent year-on-year (YoY) from RM617.4 million, on firm demand for packaging in the domestic and export markets. (NST)

ECA Integrated Solution Bhd has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd (UOBKH) in conjunction with its forthcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia. The automated manufacturing solution provider’s IPO exercise includes a public issuance of 150 million new shares, representing 26% of its enlarged share capital, as well as an offer for sale of 48 million existing shares, representing 8.3% of the enlarged shares, by way of a private placement to selected investors. (TheStar)

Central Global Bhd’s 70%-owned subsidiary, RYRT International Sdn Bhd, has accepted a RM183.3mil job to undertake sub-contract works of a road project in Sabah for third-party main contractor, Pembinaan Urusmesra Sdn Bhd. In a filing with Bursa Malaysia yesterday, Central Global said the sub-contract works include the supply of plant, machinery, labour and materials required for the construction and completion of a project known as “Projek Jalan Semawang Ke Tanjung Kuala Gum-Gum” in Sandakan, Sabah. (TheStar)

Ageson Bhd’s 99% owned subsidiary, Solidvest Properties Sdn Bhd, has inked a memorandum of understanding with Koperasi Belia Nasional Bhd (Kobena) to sell a 9.325-acre tract of land in Gombak, Selangor, for RM35mil cash. In a filing with Bursa Malaysia yesterday, Ageson said Kobena intends to appoint Solidvest as the developer for a proposed residential development on the land comprising of 56 semi-detached houses and four bungalows. (TheStar)

Jentayu Sustainables Bhd has entered into a shareholders agreement with Petrolife Aero Sdn Bhd to collaborate on sustainable energy solutions in Malaysia. Jentayu Sustainables will hold a 51 per cent stake in the joint venture and the remaining 49 per cent will be owned by Petrolife. (NST)

RHB Banking Group has established its Board Sustainability Committee to assist the board of directors in driving the sustainability and climate-related agenda and providing oversight of material environment, social and governance matters. In a statement, the group announced the committee is chaired by Datuk Iain John Lo (pic}, while other members include Tan Sri Rebecca Fatima Sta Maria, Datuk Mohamad Nasir Ab Latif and Donald Joshua Jaganathan. (TheStar)

Tenaga Nasional Bhd (TNB) may raise more than RM10 billion in new debts as early as next year to finance its energy transition, analysts said. Together with raising its debt level, TNB is also expected to lower its dividend payment to pay for the energy shift. Analysts at Affin Hwang Capital said TNB could raise its gearing level to 55 per cent from 51 per cent currently. This means TNB should be able to raise at least RM11 billion in borrowings. (NST)

Berjaya Corp Bhd's (BCorp) associated company Chailease Berjaya Credit Sdn Bhd (CBC) is expected to maintain its current double-digit annual growth rate with focused expansion on financing new motorcycles, said MARC Ratings Bhd. Established as a non-bank financial institution, CBC - a 70:30 joint venture between Chailease Holding Co Ltd (CHC) and BCorp - is primarily involved in hire purchase financing of second-hand passenger cars and new motorcycles. (NST)

Public Bank Bhd is ramping up efforts on banking security for customers in light of the rising trend of frauds and scams. Public Bank said further steps to be taken included providing 24 hours assistance to customers via its Case Management Unit. (NST)

Hong Leong Bank Bhd (HLB) is confident that the strength of its digital transformation guided by "Digital at the Core” ethos would be able to transform customer journeys, drive greater financial inclusion and build world-class digital capabilities. Group managing director and chief executive officer Domenic Fuda said the efforts are aligned with Bank Negara Malaysia’s recent launched of Financial Sector Blueprint 2022-2026, which outlined the central bank’s key priorities for the next five years. (TheStar)

The CIMB group said security has “always been the group's highest priority”, and CIMB Bank Bhd and CIMB Islamic Bank Bhd are firmly on track to implement the enhanced security measures against scams highlighted by Bank Negara Malaysia (BNM). In a statement on Thursday (Sept 29), group chief executive officer Datuk Abdul Rahman Ahmad said the bank already has "strong existing controls with multiple layers of security in place". (TheEdge)

Besides the Malaysian Anti-Corruption Commission (MACC), the Royal Malaysian Police (PDRM) and Bursa Malaysia are two other authorities that are currently investigating Caely Holdings Bhd, a lingerie maker whose founder and his spouse are being accused of misappropriation of RM30.55 million funds. Caely said in a press statement that the company has initiated internal inspections and will engage independent forensic specialists to conduct investigations in order to support and facilitate the authorities’ probes. (TheEdge)

Public Invest Research has trimmed its earnings forecasts for Apex Equity Holdings Bhd, which trades marketable securities, by 6%-10% for the financial year ending Dec 31, 2022 (FY22) to FY24 amid the rising interest rate environment due to inflationary pressures. As Apex Equity derives the bulk of its income from the stockbroking business, the research house expects a weaker performance in the second half of this year (2H22) due to a sharp decline in trading volume and value on Bursa Malaysia. (TheEdge)

Sime Darby Motors Malaysia's (SDM) agreement with BYD to bring the latter's electric vehicles (EV) to Malaysia is strengthening parent Sime Darby Bhd's position as the leader in EV offerings in Malaysia. RHB Research said with BYD added to its list of renowned brands in Malaysia, Sime Darby strengthens its position as the auto company with the most comprehensive EV offering in the country. (NST)

The volatility in aluminium price has affected the share price of Press Metal Aluminium Holdings Bhd (PMetal) given the stronger correlation between the two prices since the early days of the pandemic. Affin Hwang Capital said higher aluminium prices positively affected earnings of aluminium producers such PMetal. (NST)

VS Industry Bhd (VSI) has cruised through the pandemic-led disruptions such as labour and raw material shortages, according to Maybank Investment Bank, which has upgraded the stock to a "buy" call and raised the target price to RM1.15 from RM1.07. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 29 Sep 2022

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