MQ Market Updates

MQ Market Updates - 12 October 2022

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Publish date: Wed, 12 Oct 2022, 05:29 PM

Petronas Chemicals Group Bhd (PetChem) plans to boost Sweden-based Perstorp Holding AB's global presence by strengthening its position in the Asia Pacific markets. PetChem announced today that it had completed the acquisition of Perstorp on Oct 11, making it a wholly-owned subsidiary. In May this year, PetChem signed a securities purchase agreement with Financière Forêt S.à.r.l, a company under European private equity firm PAI Partners, to buy all the shares in Perstorp, a sustainability-driven global specialty chemicals company. (NST)

Malaysian Genomics Resource Centre Bhd’s (MGRC) wholly owned subsidiary, MGRC Therapeutics Sdn Bhd (MGRC-T) has entered into a cooperation agreement with the National Institutes of Health, Malaysia (NIH), providing a framework for collaboration between the two parties in medical research. NIH, the research arm under the Health Ministry, comprises six research institutes that focus on biomedical research, public health and epidemiology, clinical research, behavioural health research, health management and health policies. (TheStar)

Pestech International Bhd’s unit Pestech Sdn Bhd has won an RM11.1mil contract from Tenaga Nasional Bhd (TNB). The contract is for the supply and delivery of 60,000 units of single-phase smart meters for advanced metering infrastructure, it said in a filing with Bursa Malaysia. It shall be effective for six months with an option to extend for another six months, subject to Pestech’s performance, it said. (TheStar)

Privasia Technology Bhd has secured two contracts collectively worth RM1.2bil from the Communications and Multimedia Ministry or MCM. In a statement yesterday, the information and communications technology company said the contracts were secured by Konsortium Apex-Privasat, which is a joint venture between Apex Communications Sdn Bhd and Privasat Sdn Bhd (which is a wholly-owned subsidiary of Privasia). (TheStar)

DRB-Hicom Bhd and Zhejiang Geely Holding Group Co Ltd are in discussion to extend the duration of the memorandum of understanding (MoU) on developing and promoting the Automotive HiTech Valley in Tanjong Malim, Perak. DRB-Hicom said this in a filing with Bursa Malaysia yesterday, updating on the status of the MoU which was inked on April 11, 2022 and expires after six months. (TheStar)

Betamek Bhd said its initial public offering (IPO) was oversubscribed by 17.06 times by the Malaysian public. In a statement on Wednesday (Oct 12), the electronics manufacturing services (EMS) provider specialising in design and development, procurement and manufacturing of customised electronics and components for the automotive industry said a total of 6,682 applications for 406,311,800 new shares were received. (TheEdge)

Top Glove Corp Bhd executive chairman Tan Sri Dr Lim Wee Chai has bought 5.5 million more shares in the glovemaker, raising his total interest to 2.91 billion shares or a 36.4% stake. According to a filing on Tuesday (Oct 11), Lim acquired the 5.5 million shares via his TS Dr Lim WC (L) Foundation, raising his indirect interest in the group to 689.69 million shares or an 8.61% stake. (TheEdge)

OpenSys (M) Bhd on Wednesday (Oct 12) has successfully completed the transfer of its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd, after adhering to all the listing criteria and receiving the relevant approvals. Prior to this, the financial services, telecommunications, and utilities solutions provider was listed on the MESDAQ (now known as ACE Market) of Bursa Securities on Jan 29, 2004. (TheEdge)

Genting Bhd may get to raise its shareholding in its 20.33%-owned UK-based TauRx Pharmaceuticals Ltd for cheap, according to Maybank Investment Bank Research (Maybank IB Research). (TheEdge)

RHB Investment Bank Research has downgraded the technology sector to “Neutral” from Overweight, as it factors in the semiconductor sector’s weakening demand, which is likely to persist, notwithstanding the gains from the strengthening USD, and growth in certain sub-segments. In a sector update on Wednesday (Oct 12), the research house said the US Federal Reserve’s extended hawkish pivot will continue to dampen sentiment on equity valuation as a whole, more so for high-growth sectors like technology. (TheEdge)

CGS-CIMB Securities has maintained its “Neutral” rating on the Agribusiness  sector and said Malaysian palm oil stocks climbed to 2.31 million tonnes as at end-Sep 2022 —highest since Oct 2019 — spot on against house forecast but above consensus’. In a note on Tuesday (Oct 11), the research house projected palm oil stocks to rise 8.2% m-o-m to 2.5 million tonnes by end-Oct 2022F, due to Indonesia’s more competitive export tax versus Malaysia. (TheEdge)

RHB Retail Research said Heng Huat Resources Group Bhd could retest the YTD high, as it breached the previous resistance of 38 sen last Friday and underwent a mild pullback yesterday to close above that breakout level. In a trading stocks note today, the research house said if the stock manages to stay above that point, the bulls might drive the stock towards the YTD high of 41.5 sen (recorded on Sept 13), before trending north further towards 46.5 sen – the 4-year high. (TheEdge)

RHB Retail Research said Media Prima Bhd is attempting to stage an uptrend reversal as it bounced off the 21-day average line yesterday while hitting the immediate resistance of 46.5 sen, on strong volume. In a trading stocks note today, the research house said that if a breakout happens above that level, the bulls may propel the stock to the resistance level of 49.5 sen or Aug 24’s high, followed by 52 sen ie the high of May 31. (TheEdge)

Kenanga Research is cautious on KESM Industries Bhd's plans to scale down its electronic manufacturing services (EMS) business segment. The firm said KESM had planned another RM44 million for capital expenditure (capex) in the first quarter (Q1) 2023 for new equipment in anticipation of higher demand for burn-in and test services as it scaled down its EMS segment. (NST)

Source: New Straits Times, The Edge Markets, The Star 12 Oct 2022

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