MQ Market Updates

MQ Market Updates - 18 October 2022

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Publish date: Tue, 18 Oct 2022, 05:36 PM

Datuk Wira Ng Chun Hau has filed a lawsuit against Caely Holdings Bhd and its board of directors over defamatory statements in a press release issued on Oct 6 this year. The defamation lawsuit was filed in the Kuala Lumpur High Court, said Ng in a statement today. In Caely's recent press release, Ng - who was executive chairman of the Perak-based lingerie and apparel manufacturer from February 2021 to May 2022 - claimed that the company had made several wrongful and baseless accusations which were defamatory against him. (NST)

LBS Bina Group Bhd has posted RM1.604 billion sales year-to-date, reaching its financial year 2022 (FY22) sales target before the end of the final quarter. With a total of 3,886 units sold, LBS Bina said sterling sales performance so far this year had seen an 85.8 per cent year-on-year (yoy) growth or RM863 million as at Oct 15. (NST)

AirAsia X Bhd says its relaunch strategy has gained strong momentum as the airline remains focused on its medium haul markets in the short term, where proven demand is strongest. AirAsia X today announced it was increasing its Malaysia AirAsia X (D7) flights to 44 weekly across 10 routes, and was expanding its Thai AirAsia X (XJ) operations to fly 22 weekly services across five routes in the next two months. (NST)

NCT Group of Companies signed two memorandums of understanding (MOUs) with Huawei Technologies (Malaysia) Sdn Bhd and Green Quarters Sdn Bhd respectively last Friday (Oct 14) for its upcoming NCT Smart Industrial Park (NSIP) in Selangor. According to a press statement on Monday, Huawei will provide ICT infrastructure products and solutions, data centre solutions, and solar energy storage solutions to support the NSIP in becoming a fully connected smart development. Huawei will also look into providing value-added technology innovations developed and created by the company. (TheEdge)

UEM Edgenta Bhd plans to market and enhance its service offerings and technology solutions to deliver smart city solutions in the UAE and Saudi Arabia. UEM Edgenta said it had entered into a memorandum of business exploration agreement with ITMAX System Bhd for the purpose. The partnership will focus on extending UEM Edgenta's solution offerings into smart security and surveillance, especially in public/community spaces. (NST)

The appetite for properties, especially for newly-launched residences, continues to be commendable, according to Melati Ehsan Holdings Bhd. The turnkey contractor, however, said that significant growth could not be expected as yet, given several headwinds in the near-term. Melati Ehsan foresees a reduction in new construction jobs in the local market, amid a more competitive tender environment. (TheStar)

Sarawak Cable Bhd (SCable) said a restraining order has prohibited the power cable and wire producer from proceeding to dispose of its Indonesia-based wholly owned subsidiary PT Inpola Mitra Elektrindo (IME) to Kejuruteraan Asastera Bhd (KAB) for RM10,000 cash. Under the deal, KAB was also supposed to absorb the debts and liabilities of IME estimated at RM61.5 million as part of SCable's efforts to restructure its banking facilities. (TheEdge)

Sunway Construction Group Bhd's (SunCon) performance in the second half of 2022 (2H22) could turn in relatively weaker, said Hong Leong Investment Bank Bhd (HLIB). This downward normalisation was due to 1H22 being a beneficiary of several projects approaching the tail end, bringing with it release of buffers to the profit and loss (P&L). (NST)

LPI Capital Bhd's third quarter (Q3) of 2022 results came within Affin Hwang Capital's expectations. Affin Hwang said LPI Capital's Q3 2022 net profit recovered by 31.7 per cent quarter-on-quarter (qoq) to RM74.7 million. LPI Capital's net profit had fallen 29 per cent on a year-on-year (yoy) basis against Q3 2022 as the results were dampened by a sharp rise in overall Q3 2022 claims, the firm said. (NST)

RHB Research has trimmed its target price (TP) for SKP Resources Bhd to RM1.95 from RM2.22, on a cautious outlook and challenging prospects for the overall technology sector ahead. However, the research firm's analyst Soong Wei Siang said he looks forward to the exciting earnings delivery in the immediate upcoming quarters, driven by robust order demand from a key customer and the arrival of new labour supply. (TheEdge)

Astro Malaysia Holdings Bhd is expected to yield a dividend of 9% for calendar year 2022 (CY2022)-CY2023, even though its share price has fallen by a fifth since Sept 26, said CGS-CIMB. The research house has upgraded Astro to "add" from "hold", with an unchanged target price of 88 sen, following a selldown over investor concerns about weak earnings and dividends. (TheEdge)

AmInvestment Bank has trimmed its earnings forecast for Petronas Gas Bhd (PetGas) by 4% for the financial year ending Dec 31, 2022 (FY2022) on lower profit margins for the group’s gas transportation and regasification segments. This is to account for higher operating costs from increased fuel costs and lower foreign exchange assumptions. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 18 Oct 2022

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