MQ Market Updates

MQ Market Updates - 28 October 2022

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Publish date: Fri, 28 Oct 2022, 05:35 PM

Gamuda Bhd's share of the revenue from the recently-secured RM2.13 billion rail project in Taiwan is expected to be RM1.28 billion, MIDF Research said. The firm said assuming a rather conservative margin of six per cent, the project was expected to deliver net earnings of about RM76.8 million, or RM9.6 million annually until the financial year ending July 31, 2031 (FY31). (NST)

Ajiya Bhd’s net profit for the third quarter ended Aug 31, 2022 (3QFY2022) swelled 171.08% to RM4.05 million, from RM1.49 million for the same period last year, mainly due to improved revenue contributions from its local plant. Earnings per share were up at 1.41 sen from 0.51 sen, the building material manufacturer's bourse filing on Friday (Oct 28) showed. (TheEdge)

Cahya Mata Sarawak Bhd's subsidiary CMS Cement Industries Sdn Bhd has issued a notice of apology to its customers for the shortage of cement supply. CMS Cement said the supply of the raw material was expected to be back to normal by the end of next week. (NST)

Sime Darby Property Bhd achieved a combined 96% take-up rate for the first three stages of the flexi-linked Elmina Green Six homes in the City of Elmina, Shah Alam. Chief marketing and sales officer Datuk Lai Shu Wei said the interest in Elmina Green Six reflected the company’s commitment in offering homebuyers with products that provide flexibility, space and comfort for multi-generational families. (TheStar)

WCT Holdings Bhd has launched “WCTGives” as a pledge to commit to its corporate social responsibility (CSR) programmes and as an extension of its sustainability efforts to contribute to society and the environment. In a statement yesterday, the group said WCTGives encompasses three pillars, namely #WeCareTogether, #EducationforAll, and #AGreenerTomorrow. (TheStar)

Genting Malaysia Bhd's bid to finance “Genting Macau” could wipe out all the borrowing capacity of the group, a company that is currently bidding for a downstate licence in New York, which would likely need around US$1 billion to US$1.5 billion (RM4.72 billion to RM7.08 billion) to finance. In an opinion piece published in industry magazine Inside Asian Gaming on Tuesday (Oct 25), gaming industry expert and media publisher Andrew W Scott said finance experts consulted for his article estimated that a combined “Genting Malaysia Macau” had the ability to raise around US$2.5 billion to finance its bid. (TheEdge)

ACE Market-listed Kim Teck Cheong Consolidated Bhd (KTC) is seeking to transfer its listing status to the Main Market of Bursa Malaysia. The consumer packaged goods distributor believes that the proposed transfer will enhance its corporate profile, credibility and reputation, and accord it greater recognition and following among institutional investors. (TheEdge)

WTK Holdings Bhd is acquiring the entire equity interest in plantation company BHB Sdn Bhd for RM237.5mil. In a filing with Bursa Malaysia yesterday, the group said it is also acquiring a palm oil mill, together with the relevant plant and machinery for RM12.5mil. (TheStar)

Five shareholders of Caely Holdings Bhd, who collectively hold at least 10% equity interest in the company, have called for an extraordinary general meeting (EGM) be held to discuss several issues, including the exclusion of certain shareholders from participating in meetings as well as the appointment of new directors. (TheEdge)

Malaysia Airports Holdings Bhd (MAHB) may be able to resurrect its earnings to pre-pandemic levels in early 2023 given stronger passenger traffic recovery and positive outlook for international air travel. Apart from expectations of passenger traffic recovery, there is also a possibility of higher non-aeronautical revenue via new reset model and sustainable cost reductions. UOB Kay Hian Research said MAHB might be able to turn around its net losses in the third quarter of 2022 (3Q22). (TheStar)

Gardenia Bakeries (KL) Sdn Bhd (GBKL), an equally owned joint venture (JV) of Padiberas Nasional Bhd (Bernas) and Singapore-listed QAF Ltd, intends to file an insurance claim of up to approximately S$13 million (about RM42 million) due to losses arising from the severe flooding in Peninsular Malaysia in December 2021 during which one of the JV's Malaysian factories was affected, according to QAF. (TheEdge)

Durian and oil palm planter PLS Plantations Bhd has said it aims to finalise its first business partners in cash crops banana and pineapple under a diversification strategy to build new revenue streams for the company. (TheEdge)

Shares in Lotte Chemical Titan Holding Bhd (LCT) dropped as much as 10% on Friday (Oct 28), after posting a second straight quarterly loss of RM355 million for the third quarter ended Sept 30, 2022 (3QFY2022). The counter, which earlier opened at RM1.35, lower than its previous closing price of RM1.47, later fell as much as 10.88% or 16 sen to RM1.31 in the morning trading session. (TheEdge)

The growing need for cybersecurity is the reason prospects are bullish for penetration testing firm LGMS Bhd. The company, which was listed on the ACE Market on June 8 with an initial public offering price of 50 sen, has garnered a compounded annual revenue growth (CAGR) of 17.6% for the financial year ended Dec 31, 2018 (FY18) through to FY21. (TheStar)

Hextar Technologies Solutions Bhd's share price surged as much as 78 sen or 7.1% to an intraday high of RM11.78 in morning trade on Bursa Malaysia on Friday (Oct 28) despite the company receiving unusual market activity (UMA) query since last week. Hextar Technologies was the top gainer on Bursa Malaysia in the morning session. At noon break, the stock pared some of its earlier gains to RM11.42, but it still was higher by 3.8% or 42 sen. (TheEdge)

British American Tobacco (M) Bhd's (BAT) third quarter (Q3) core net profit of RM80.8 million came above Hong Leong Investment Bank Bhd (HLIB) and consensus expectations. HLIB said BAT's net profit for the quarter made up 85.6 per cent of its expectation and 82.1 per cent of consensus'. (NST)

Pavilion Real Estate Investment Trust (Pavilion Reit) is expected to register higher footfall and positive rental reversions to drive its 2023-2024 earnings growth, Affin Hwang Capital said. The firm said Pavilion Reit reported a good set of results, with nine-month FY22 realised net profit rebounded by 153.1 per cent year-on-year (YoY) to RM181.4 million on the back of higher revenue (+16.4 per cent YoY to RM423.9 million) and lower operating expenses. (NST)

Hong Leong Investment Bank (HLIB) Research has downgraded ViTrox Corp Bhd to “Hold” at RM7.26 with a lower target price of RM7.24 (from RM8.60) and said ViTrox’s 9M22 core net profit of RM142 million (+13% y-o-y) was below house and street estimates. In a note on Friday (Oct 28), the research house said the deviations were lower-than-expected adjusted EBITDA margin. It said ViTrox’s bill-to-book ratio remained healthy at 1.0x at the end of 3Q22. (TheEdge)

RHB Retail Research said PT Resources Holdings Bhd staged a bullish breakout after breaking past the 39.5 sen resistance. In a trading stocks note today, the research house said that the stock has been observed charting a “higher high” candlestick, indicating that the bullish bias has emerged. (TheEdge)

RHB Retail Research said Coastal Contracts Bhd’s bullish momentum is picking up pace again after it surged past the RM1.95 resistance. In a trading stocks note today, the research house said that the stock had climbed above the 21-day SMA line, which signified that the correction phase has ended – it is now poised to move northwards. (TheEdge)

Kenanga Research has initiated coverage on Petron Malaysia Refining & Marketing Bhd with a “market perform” recommendation and target price of RM4.65. “Our ascribed valuation is also broadly in line with some of its other listed refinery peers globally for example TOA Oil, Phillips 66, HF Sinclair, Valero, Marathon Petroleum. “Note that our target price has taken into account our in-house environmental, social and governance or ESG rating of two stars, which warrants a 5% discount to our initial valuations,” the research house said. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 28 Oct 2022

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