MQ Market Updates

MQ Market Updates - 17 October 2022

MQ Trader
Publish date: Mon, 17 Oct 2022, 05:46 PM

Key Asic Bhd has won wafers and chips supply contracts from an undisclosed customer that totalled over RM28 million for over three years. The company said there are three system-on-chip (SoC) design wins, and the chips will go into engineering production in the next three months before proceeding into mass production. (NST)

UMW Holdings Bhd recorded the highest automotive sales for the year in the third quarter (Q3), with 93,972 units delivered compared with 89,183 units in Q2. Both UMW Toyota Motor Sdn Bhd and UMW's associate company,  Perusahaan Otomobil Kedua Sdn Bhd (Perodua), registered higher sales in Q3. (NST)

Teo Seng Capital Bhd's share price fell to an intraday low of 69 sen on Monday (Oct 17), after Singapore recalled eggs from its chicken layer farm in Malaysia due to the presence of Salmonella enteritidis (SE), which may cause food-borne illness if the food is consumed raw or undercooked. Trading of the company's securities was halted from 9am to 10am, after it said in a filing with Bursa Malaysia on Saturday that investigation into the contamination was still in progress. (TheEdge)

LPI Capital Bhd's net profit for the third quarter ended Sept 30, 2022 (3QFY22) fell 29.07% to RM74.75 million from RM105.38 million a year ago, on lower profit from its general insurance segment, which decreased by 24.4% to RM88.1 million from RM116.6 million in 3QFY21. Additionally, underwriting profit for the current quarter decreased by 30.5% or RM31.7 million to RM72.2 million from RM103.9 million previously mainly due to lower net earned premium and higher net claims incurred as well as higher management expenses. (TheEdge)

Sabah Energy Corporation Sdn Bhd (SEC) and Petroliam Nasional Bhd (Petronas) have signed key agreements for the supply of natural gas to SEC and for the sale of selected gas pipeline assets and businesses in Sabah. SEC also exchanged documents with Petronas Gas Bhd (PGB) and Petronas Carigali Sdn Bhd (PCSB) for the sale of seven onshore gas pipelines in Sabah to SEC. To facilitate a smooth transition, Petronas will continue to provide SEC with support for operations and maintenance of the gas pipelines under a separate transitional services agreement. (TheEdge)

Axiata Group Bhd has been named by the TM Forum as one of the first three telcos globally to earn "Running on Open Digital Architecture (ODA)" status. The award recognises Axiata's architectural shift to the status of an agile digital telco driven by its success in building a telco operations framework based on TM Forum's ODA standards across operating entities in multiple Asian markets. (NST)

Sunview Group Bhd made its debut on Bursa Malaysia's ACE Market at 59.5 sen, a 105.1 per cent premium over its initial public offering (IPO) issue price of 29 sen. Sunview, whose public portion of the IPO was oversubscribed by 63.19 times, had an opening volume of 8.82 million shares. (NST)

Affin Hwang Capital expects robust sales growth of 7.0 per cent year-on-year (yoy) for DKSH (M) Holdings Bhd in its financial year 2022 (FY22), due to resilient demand for imported products as business returns to normalcy. However, the research house said going into FY23 earnings, sales growth was expected to decline by 4.1 per cent yoy. (NST)

RHB Research has raised its target price (TP) for Power Root Bhd to RM2.60 from RM2.38, as the research firm lifted its earnings forecasts for the beverage maker’s financial year ending March 31, 2023 (FY2023) to FY2025 on better sales and higher average selling prices (ASPs). In a note on Monday (Oct 17), analyst Soong Wei Siang said the new discounted cash flow-derived TP implies a price-earnings ratio of 21 times projected FY2023 earnings, as well as a 50% discount to the valuation ascribed to large-cap food and beverage peers of Power Root covered by RHB Research. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 17 Oct 2022

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!

Contact Us

Please do not hesitate to contact us if you have any inquiries:

Contact Number: +60128058077 


The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.

Related Stocks
Market Buzz
More articles on MQ Market Updates
Be the first to like this. Showing 0 of 0 comments

Post a Comment