MQ Market Updates

MQ Market Updates - 4 October 2022

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Publish date: Tue, 04 Oct 2022, 05:35 PM

AME Elite Consortium Bhd aims to reach RM1.5 billion in gross development value (GDV) for its newly-launched i-TechValley at Southern Industrial and Logistics Clusters (SILC) Phase 3 in Johor. Group Managing director Kelvin Lee Chai said i-TechValley at SILC stands on the shoulders of its ongoing success in developing purpose-built industrial parks with a strong emphasis on sustainability. (NST)

MARC Ratings Bhd has affirmed Sime Darby Plantation Bhd's (SD Plantation) corporate credit rating at AAA and its perpetual subordinated sukuk programme's rating of up to RM3.0 billion at AAIS. Both ratings carry a stable outlook. The rating agency stated that the affirmed corporate credit rating reflects SD Plantation's strong cash flow generating ability from its geographically sizeable and integrated oil palm operations, underpinned by its longstanding operating track record in the oil palm plantation industry. (NST)

PJD Link (M) Sdn Bhd is seeking a listing on Bursa Malaysia through the reverse takeover (RTO) of Practice Note 17 (PN17) Scomi Energy Services Bhd (SESB). PJD Link, which is the concessionaire of the proposed Petaling Jaya Dispersal Link highway, and its shareholders PJD Link Holdings Sdn Bhd and Noblemax Resources Sdn Bhd have entered into a framework agreement with SESB for this purpose. (TheStar)

Perdana Petroleum Bhd's wholly-owned subsidiary Perdana Nautika Sdn Bhd has received a work order amendment and extension from PETRONAS Carigali Sdn Bhd for the charter of an anchor handling tug and supply vessel. It said in a filing with Bursa Malaysia, the contract extension had commenced on July 11, 2022, and will expire on April 29, 2023, subsequent to an amendment to the extension period of the original contract from "up to 30 days" to "up to 292 days". (TheStar)

Foreign shareholding in CIMB Group Holdings Bhd rose to 26.9% in August 2022, the highest on record since the Covid-19 pandemic's onset in April 2020, according to the banking group's latest update. CIMB, whose foreign shareholding data dates back to 2010, said its foreign shareholding rose to 26.9% in August 2022 from 25.6% a month earlier. (TheEdge)

TH Plantations Bhd via its special-purpose vehicle, THP Suria Mekar Sdn Bhd (TSM), raised RM650mil via a senior sukuk wakalah issue under its sukuk wakalah programme. The proceeds from the issuance of the senior sukuk wakalah shall be utilised by TSM to refinance existing outstanding sukuk issued under TSM’s existing sukuk murabahah programme of up to RM1.2bil in nominal value, TH Plantations stated in a filing with Bursa Malaysia yesterday. (TheStar)

Boustead Heavy Industries Corp Bhd (BHIC) says it denies the claims made in a legal suit by the main contractors of the Littoral Combat Ships (LCS) project, which includes among other things, a declaration that the 12 letters of award pertaining to the project remain valid. (TheStar)

Federal International Holdings Bhd (FIHB) is upbeat over the company's prospects in the upcoming financial year amidst the transition to endemicity and the acceleration of its venture into renewable energy (RE). This follows the company's performance for its financial year ended June 30, 2022 (FY22), where its net profit more than doubled to RM13.2 million, attributable to the sale of the factory amounted to RM6.1 million. (NST)

KKB Engineering is expected to benefit from Petroliam Nasional Bhd's (Petronas) latest gas reservoir discovery via the Cengkih-1 exploration well in Block SK320, in the Central Luconia Province, about 220km off the coast of Bintulu in Sarawak. RHB Research noted that this should present opportunities for KKB's steel fabrication unit, which covers oil and gas (O&G) facilities, as there could be a need for wellhead platforms for drilling activities in this area. (NST)

Post disposal of its working inventories, Petronas Dagangan Bhd’s (PetDag) earnings will no longer be exposed to inventory lag gains and losses, and will primarily be volume-driven. Kenanga Research said this in a report to clients, adding that pricing mechanisms that have dragged the retail arm of Petroliam Nasional Bhd’s commercial segment for the past two quarters are expected to stabilise in the second half of the year. (TheStar)

RHB Retail Research said Ajiya Bhd is set to resume the uptrend as it rebounded to reclaim above the RM1.14 previous breakout and 21-day average line on Monday (Oct 3) on improved trading volume. In a trading stocks note on Tuesday, the research house said that as such, buying interest above that level may persist to propel the stock towards the RM1.22 recent high, or Sept 8’s high, before climbing further towards the RM1.26 resistance of March 18’s high. (TheEdge)

RHB Retail Research said MyEG Services Bhd is poised to firm up the recently formed uptrend reversal as buying interest re-emerged above the 21-day average line to retest the 86.5 sen resistance on Monday (Oct 3). In a trading stocks note on Tuesday, the research house said that if a breakout happens above that level, the stock may climb to reclaim the recent high of 89.5 sen, or Sept 13’s high, before propelling further towards the 94 swen level, which was the May 5’s high. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 4 Oct 2022

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