MQ Market Updates

MQ Market Updates - 31 October 2022

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Publish date: Mon, 31 Oct 2022, 05:29 PM

Bursa Malaysia Bhd's net profit decreased 59.5 per cent to RM50.13 million in the third quarter (Q3) ended Sep 30, 2022, from RM79.94 million recorded in the same quarter a year ago. Revenue in Q3 eased 19.3 per cent to RM140.36 million. For the nine months, Bursa Malaysia's net profit decreased 38.8 per cent to RM177.57 million from RM290.3 million, while revenue was 24 per cent lower at RM457.54 million from RM602.36 million. (NST)

Press Metal Aluminium Holdings Bhd's profit is expected to grow at a robust 50 per cent and 41 per cent for the financial year 2022 (FY22) and FY23, respectively. In a note today, Hong Leong Investment Bank Bhd (HLIB Research) said this is due to elevated aluminium prices versus pre-war levels, the full commissioning of its Phase 3 Samalaju 3 expansion and a further contribution from its 25 per cent-owned PT Bintan alumina refinery. (NST)

Pharmaniaga Bhd has ventured into the second largest world consumer market, China, through inking a significant collaboration with, the republic's biggest online company by revenue. Pharmaniaga group managing director Datuk Zulkarnain Md Eusope said that the partnership would enable the company's access to 570 million users and subsequently to a population of over 1.4 billion in China. (NST)

Revenue Group Bhd has been appointed as the front-end and back-end payment processing partner for the instalment payment plan (IPP) that Taobao Malaysia has just officially launched for its app. IPP is an interest-free credit card instalment payment plan for credit cards offered by participating banks to convert customers' purchases into smaller payment amounts over a fixed period. (NST)

EA Technique (M) Bhd has secured two contracts from Petroliam Nasional Bhd's (Petronas) floating liquefied natural gas facility, Petronas Floating LNG 1 (L) Ltd (PFLNG1), worth RM53.76 million in total. In a filing to Bursa Malaysia today, the marine vessel operator said its wholly-owned subsidiary, Libra Perfex Precision Sdn Bhd, was awarded the first contract worth RM41.06 million in September this year to provide tugboat services. (NST)

Telekom Malaysia Bhd (TM) has executed the access agreement (AA) with Digital Nasional Bhd (DNB) on Oct 30, 2022 to subscribe to the latter’s regulated 5G services including, but not limited to, the national 5G wholesale network product. In a filing with Bursa Malaysia today, TM said under the AA, DNB would provide the national 5G wholesale network product, which is a base product on the DNB 5G access network to TM that commenced retrospectively on Oct 7, 2022 until the expiry of 10 years on Oct 6, 2032. (TheStar)

A new breed of oil palm seed holds the key to Sime Darby Plantation Bhd's (SD Plantation) future organic growth. GenomeSelect (GS) seeds offer oil yield improvements of up to 15 per cent over SD Plantation's current Calix600 seeds, said analysts after a recent visit to its R&D centre in Selangor. (NST)

For the second time in less than two weeks, Bursa Malaysia had again issued to Hextar Technologies Solutions Bhd an unusual market activity (UMA) query on the sharp rise in the logistics company's share price. (TheEdge)

Perak-based lingerie and apparel manufacturer Caely Holdings Bhd will hold its next annual general meeting (AGM) presided by its seven new directors led by its executive chairman Ng Keok Chai on Nov 28. At the AGM, shareholders are set to deliberate on 10 resolutions including the re-election of four existing directors Francis Leong Seng Wui, Kenny Khow Chuan Wah, Datuk Pahlawan Mior Faridalathrash Wahid and Chong Seng Ming. (TheEdge)

Bina Puri Holdings Bhd said it is unable to release its annual report for the financial year ended June 2022 by the stipulated Oct 31, 2022 date. In a Bursa Malaysia filing on Monday (Oct 31), the company said it is expecting to issue and submit its Annual Report 2022 no later than Nov 7, 2022 after the completion of the annual audited financial statements of the group for the financial year ended June 30, 2022. (TheEdge)

OSK Property launched Rubica, a new serviced apartment, in Harbour Place, Butterworth on Saturday (Oct 29). Located in Jalan Assumption near Jalan Chain Ferry and Jalan Raja Uda, Rubica will be OSK Property’s seventh project in Harbour Place. Harbour Place is an enclave comprising several residential and commercial properties, and is located between Penang Island and Kulim. (TheEdge)

Eco World Development Group Bhd's (EcoWorld Malaysia) wholly-owned subsidiary Eco World Capital Bhd has successfully issued its maiden RM550mil sukuk with a five-year tenure under its RM1.2bil sukuk wakalah programme. It said in a filing with Bursa Malaysia the proceeds from the sukuk issuance will be utilised for working capital requirements, capital expenditures and shariah-compliant investments. (TheStar)

CGS-CIMB Securities Sdn Bhd has maintained a “neutral” stance on Lee Swee Kiat (LSK) Group’s sales as strong domestic sales and lower cost pressures are expected to offset concerns over weaker export sales. In a note on Monday (Oct 31), the research house also has kept its earnings per share (EPS) for financial year 2022 (FY2022) to 2024 estimates intact and reiterated the “add” call, with a target price of RM1.25 as the stock was undervalued. (TheEdge)

Malayan Cement Bhd (MCB) expects the remainder of the year to be challenging, due to high inflation and increased logistical cost caused by geopolitical instability. In his managing director's review in MCB's 2022 annual report, Datuk Seri Michael Yeoh Sock Siong said Malaysia is a relatively young nation with a high urbanisation rate, factors which will drive demand for housing and infrastructure development. (TheEdge)

Kenanga Research has started coverage of Malaysian Genomics Resource Centre Bhd (MGRC) with an “outperform” rating at 67 sen and target price (TP) of RM1.07 and said the company is poised for strong growth backed by the rising adoption of immunotherapy in the treatment of diseases, especially cancer. (TheEdge)

Hong Leong Investment Bank (HLIB) Research has downgraded Homeritz Corp Bhd to “hold” at 53.5 sen with a lower target price (TP) of 53 sen (from 69 sen) and said Homeritz’ 4Q2022 core Patami of RM9.5 million (q-o-q: +10.5%; y-o-y: -RM0.1 million) brought the full-year FY2022 sum to RM35.2 million (y-o-y: +73.4%). In a note on Monday (Oct 31), the research house said the results were within the house (103.2%) but exceeded the consensus (105.7%) full-year forecasts. (TheEdge)

RHB Retail Research said Samaiden Group Bhd may be set for a rebound, as it inched up and attempted to reclaim the territory above the 78.5 sen level last Friday on improved trading volume. In a trading stocks note on Monday (Oct 31), the research house said that if the stock manages to surpass that level, the stock may inch higher towards the recent high of 84.5 sen, followed by the 90 sen threshold. (TheEdge)

RHB Retail Research said Cengild Medical Bhd is set to resume its rebound as it climbed and surpassed the immediate resistance of 48.5 sen, forming a “higher high” bullish pattern last Friday. In a trading stocks note on Monday (Oct 31), the research house said that if the stock manages to stay above that level, the bulls should push the stock towards the next resistance of 55 sen ie Sept 15’s high, followed by the historical high of 58 sen. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 31 Oct 2022

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