MQ Market Updates

MQ Market Updates - 19 October 2022

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Publish date: Wed, 19 Oct 2022, 05:36 PM

The Macau Special Administrative Region is said to have unconditionally accepted Genting Malaysia Bhd's indirect subsidiary GMM SA's bid for the award of a new 10-year gaming concession involving casino operations there, GGRAsia reported. (TheEdge)

Nestle posted its strongest nine-month sales growth in 14 years on Wednesday and raised its full-year guidance as the world's largest packaged food company passed on price increases without losing many cash strapped customers. The KitKat chocolate bar maker reported organic sales, which cut out the impact of currency movements and acquisitions, rising by 8.5% in the nine months to end-September. (TheStar)

Hextar Technologies Solutions Bhd (Hextech) has been issued an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd following the sharp rise in its share price recently. Hextech, the top gainer on Bursa Malaysia, surged RM1.19, or 18.92% to RM7.48 with 137,000 shares done. In the past one month, the logistics services company has appreciated some 97%. (TheStar)

UEM Edgenta Bhd has tied up with ITMAX System Bhd to deliver smart city solutions in the United Arab Emirates (UAE) and Saudi Arabia, along with smart facilities monitoring and management programmes in Malaysia. In a statement yesterday, UEM Edgenta said the group will extend smart security and surveillance solutions particularly in public and community spaces. (TheStar)

Reneuco Bhd has proposed to acquire Adat Sanjung Sdn Bhd (ASSB) for RM90mil from OHP Ventures Sdn Bhd (OVSB). In a filing with Bursa Malaysia, Reneuco said its wholly-owned subsidiary Reneuco RE Sdn Bhd had entered into a conditional share sale agreement (SSA) with OVSB to acquire 10,000 ordinary shares in ASSB, representing the entire equity interest of the company. (TheStar)

The announcement of a special dividend of 18.09 sen per share plus an interim dividend of 4.53 sen per share lifted Affin Bank Bhd's share price on Wednesday morning (Oct 19). The banking stock has rebounded from its recent low of RM1.99 on Sept 30. As at 11.30am, Affin Bank, the country's smallest local bank in terms of market capitalisation, had shot up 19 sen or 9.41% to RM2.21, with a trading volume of 4.92 million shares, valuing the bank at RM4.89 billion. (TheEdge)

Permodalan Nasional Bhd (PNB) has said it plans to vote against Hong Leong Bank Bhd's proposal to issue and allot shares, citing insufficient disclosure on the matter as the reason. In a statement, PNB, which is listed among Hong Leong Bank's 30 largest shareholders, however, said PNB plans to vote in favour of the remaining eight proposals at the bank's annual general meeting (AGM) scheduled for Oct 27. (TheEdge)

Glomac Bhd is optimistic about surpassing the previous financial year’s sales of RM160 million in this financial year ending April 30, 2023 (FY2023), driven by upcoming project launches. Managing director and chief executive officer Datuk Seri Fateh Iskandar (FD Iskandar) Mohamed Mansor said the group has already achieved sales of about RM125 million so far in FY2023. (TheStar)

Malaysia Airports Holdings Bhd's (MAHB) share price rose as much as 4% on Wednesday morning (Oct 19), while the stock's trading volume was 11 times the average for this time of the day. The share price increased to RM5.77 from RM5.53 a day earlier. The stock was the best performer among its peers. (TheEdge)

IJM Corp Bhd rose 2.6% this morning as analysts gave positive reviews on the stock after the company secured RM 981.8 mil construction contracts from the Works Ministry. The construction group rose 2.58%, or four sen to RM1.59. The first contract worth RM831mil is a design-and-build turnkey construction contract for a new 312-bedded government hospital in Kapar. (TheStar)

LPI Capital Bhd’s prospects in the near term are looking favourable, despite higher competition in the general insurance landscape. The general insurance sector is poised to come under pressure amid higher claims and continued market liberalisation which is set to exert pressure on the pricing of fire and motor products. (TheStar)

Strong demand, new labour supply and expansion plans will be the main growth catalysts for SKP Resources Bhd in the quarters ahead, says RHB Research. The research house said the plastic manufacturer is well-positioned to capture strong seasonal demand orders from “Customer X,” thanks to the arrival of new foreign labour. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 19 Oct 2022

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