MQ Market Updates

MQ Market Updates - 27 October 2022

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Publish date: Thu, 27 Oct 2022, 05:30 PM

Tenaga Nasional Bhd (TNB) has entered into a strategic partnership with Gamuda Land to build two electron stations for electric vehicle charging at the latter's property development projects in Selangor. The companies today inked a Memorandum of Understanding (MoU) to develop Malaysia's first electron stations at Gamuda Cove in Southern Klang Valley and Gamuda Gardens in Northern Klang Valley for communities there and visitors to the water theme park at Gamuda Cove. (NST)

Unisem (M) Bhd posted 53.3 per cent higher net profit to RM61.73 million in the  third quarter (Q3) ended Sept 30, 2022 from RM40.27 million a year ago. Group revenue rose 20 per cent to RM439.69 million from RM366.36 million previously. Unisem attributed the improvement in revenue and net profit to better average selling prices coupled with the appreciation of US dollar-ringgit and US dollar-renminbi exchange rates. (NST)

Genting Malaysia Bhd has reached a deal with its workers' union on the 13th collective agreement (CA) after a two-year delay due to Covid-19. The 13th CA provides better remuneration and benefits to more than 5,500 employees, including salary adjustments for various job positions, along with upward revisions of split duty allowances and hospitalisation benefits. Additionally, split duty allowance and hospitalisation benefits have also seen an upward revision. (NST)

Maxis Bhd and Malaysia Digital Economy Corporation (MDEC) are collaborating to foster greater innovation and tech breakthroughs among startups through MDEC’s IdeaKita programme. As part of the partnership, Maxis head of brand and marketing Tai Kam Leong and head of Maxis consumer Arjun Varma provided their expertise as industry mentors to guide participants in the Office Hours Mentoring Sessions at MDEC’s 10-day IdeaKita Innovation Camp from 3-31 October. (TheStar)

Jentayu Sustainables Bhd has completed the construction and commissioning of the Coara Marang bi-facial solar power plant in Terengganu, which it claims to be the largest such plant in Malaysia. The solar plant on a 244.84 hectares in Penarik, Marang began its construction in January 2021, and is part of the government's efforts to increase the country's renewable energy mix from two per cent to 20 per cent by 2025 under the third Large-Scale Solar (LSS3) scheme. (NST)

NCT Group of companies has signed memorandums of understanding with Human Resource Development Corporation (HRD Corp) and the Federation of Malaysia Chinese Commerce Association (Femacca). The MoUs are meant to future-proof talent development initiatives and strengthen the attractiveness of NCT Smart Industrial Park (NSIP). NCT Group founder and managing director Datuk Seri Yap Ngan Choy said human resources were a core function for any business. (NST)

Leform Bhd, which manufactures and trades steel products, is looking to raise RM71.5mil from its initial public offering (IPO) on the ACE Market of Bursa Malaysia. About RM30mil, or 42%, of the proceeds will be used for its expansion plans including the construction of new headquarters, warehouse storage facility and worker accommodation, said non-independent executive director Phang Yew Cheong. (TheStar)

Affin Bank Bhd has taken additional security measures to safeguard customers from financial scams. Among the key initiatives taken by the bank are high technology upgrades, advanced forward management systems, support customers' need on a 24/7 basis as well as modernise security systems and fraud prevention technology. (NST)

Challenges remain for Nestle (Malaysia) Bhd despite the expansion recorded for its topline from domestic and export markets recovery. Hong Leong Investment Bank Bhd (HLIB) said the reduction in Covid-19 related expenses also helped to ease pressure on Nestle Malaysia's bottomline in light of rising raw material prices. (NST)

​​​​​​​CIMB Bank Bhd has unveiled a new CIMB Travel Mastercard Credit Card series, which includes the CIMB Travel World Elite, CIMB Travel World and CIMB Travel Platinum credit cards. The bank, in a statement, said all three CIMB Travel Credit Cards offer up to one-to-one air miles and hotel points conversion rates that allow customers to fast-track points collection for redemptions on flights and hotel stays with 11 airlines and three hotel chain partners globally. (TheStar)

Multi Usage Holdings Bhd (MUH)’s external auditor Messrs UHY has on Wednesday (Oct 26) issued a qualified opinion on the company’s financial statements for the financial year ended June 30, 2022 (FY22). UHY said it is unable to determine the nature of relationship between the company and its relevant subsidiaries, as well as a special purpose vehicle (SPV) in relation to a series of debt restructuring exercises to its lenders. (TheEdge)

CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), the manager of Capitaland Malaysia Trust (CLMT), will remain proactive in managing the CLMT portfolio by maintaining healthy portfolio occupancy and sustainable rental income while ensuring cost efficiencies. In a filing with the local bourse yesterday, CLMT said it would look out for inorganic growth opportunities to enhance portfolio diversification to deliver long-term and sustainable income distribution to unitholders. (TheStar)

Genting Bhd chairman Tan Sri Lim Kok Thay's 28.49%-owned associate Grand Banks Yachts Ltd said on Thursday (Oct 27) the yacht manufacturer's business momentum is expected to accelerate, after achieving an all-time high net order book value of S$182.9 million (about RM612.88 million) as at June 30, 2022, compared with S$116.9 million a year earlier. (TheEdge)

Wong Thean Soon, better known as TS Wong, has transferred 11.4 million shares or a 0.17% stake in MyEG Service Bhd held by his special vehicle Asia Internet Holdings Sdn Bhd to his direct ownership. According to filings on the bourse, TS Wong, who is the co-founder of MyEG, transferred the shares via two separate direct business transactions this week. (TheEdge)

Petron Malaysia Refining Bhd's results for upcoming quarters are expected to be weaker following the decline of the Singapore Morgas 92 (Platts) Brent crack spread futures, Kenanga Research. Kenanga Research, which initiated coverage on Petron, said being largely a refinery, the company's earnings were highly susceptible to the fluctuations of crack spread. (NST)

Affin Hwang Capital is cautious on the outlook of KIP Real Estate Investment Trust's (KIP Reit) micro tenants and potential earnings per unit (EPU) dilution. Affin Hwang said the company reported a "mediocre" set of results for the first quarter (Q1) of 2023 whereby realised net profit grew by 5.0 per cent year-on-year (YoY) to RM8.8 million on the back of higher revenue. (NST)

Kenanga Research has initiated coverage of cybersecurity penetration testing company LGMS Bhd with an "outperform" rating at RM1.18 and target price (TP) of RM1.50. In a note on Thursday (Oct 27), the research house said LGMS thrives in both economic boom and down cycle. (TheEdge)

RHB Small Cap Asean Research has maintained its “buy” rating for Kerjaya Prospek Group Bhd (KPG) at RM1.20 with a higher target price of RM1.50 (from RM1.42) after applying a 0% ESG premium to its SOP-derived intrinsic value, based on in-house ESG proprietary scoring. In a note on Thursday (Oct 27), the research house said its unchanged target P/E of 11x (c.10% discount to KLCON index’s forward P/E) is ascribed to the construction segment in its SOP valuation, to reflect KPG’s smaller market capitalisation. (TheEdge)

RHB Retail Research said MTAG Group Bhd is poised to scale higher after it underwent a bullish breakout, and pushed past the resistance point of 48 sen. In a trading stocks note on Thursday (Oct 27), the research house said that the stock went through a correction when it was trending below the 21-day simple moving average line. (TheEdge)

RHB Retail Research said Thong Guan Industries Bhd’s bullish momentum picked up pace after it broke past the RM2.67 resistance. In a trading stocks note on Thursday (Oct 27), the research house said that since climbing above the 21-day simple moving average line, the stock has been charting a series of “higher highs” with “higher lows”, showing that the bulls are in control now. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 27 Oct 2022

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