Eco World Development Group Bhd says its wholly-owned Hasrat Budi Sdn Bhd (HBSB) will no longer hold any shares in MYSJ Sdn Bhd. Eco World, in a Bursa Malaysia filing today, said the cheque for the option price between Entomo Malaysia Sdn Bhd and the latter's founder and group chief executive officer Raveenderen Ramamoothie had been cleared. (NST)

Ambank (M) Bhd today held its inaugural AmDigital Day to showcase its digital propositions to various clientele including investors, small and medium enterprises and corporate customers. Ambank Group chief executive officer Datuk Sulaiman Mohd Tahir said the bank had laid a strong foundation to enhance and strengthen its digital infrastructure. (NST)

Hartalega Holdings Bhd's net profit dropped 96.9 per cent year-on-year (YoY) to RM28.34 million for the second quarter (Q2) ended Sept 30, 2022 (FY23) from RM914 million a year go on the back of lower revenue and higher energy costs. Its revenue dropped 70.9 per cent to RM584.56 million from RM2.01 billion, dragged down by lower average selling price (ASP) caused by an oversupply situation given the intense market competition. (NST)

Pos Malaysia Bhd, in collaboration with Malaysia Football League (MFL), has today issued a set of Malaysia Cup postage stamp collection, paying homage to the participating MFL clubs. As the official logistics partner of MFL, Pos Malaysia dedicates the limited-edition Setem Ku folder set as memorabilia for passionate fans of the local football scene and avid stamp collectors. (NST)

Velesto Energy Bhd has been awarded a US$135 million contract from Hess Exploration And Production Malaysia B.V. It is for the provision of integrated rig, drilling and completion (i-RDC) services for Hess' North Malay basin full field development campaign. The contract included the provision of Velesto's Naga 5 unit, the company said in a statement. (NST)

LYC Healthcare Bhd has proposed to acquire a 70% stake in Clinical Nutrition Intl (M) Sdn Bhd for RM2.24mil cash. Clinical Nutrition is mainly involved in the supply of nutraceutical ingredients and owns a 50% shareholding in two proprietary probiotic strains namely lactobacillus plantarum DR7 and lactobacillus fermentum DR9. (TheStar)

Sime Darby Bhd (SDB) has completed the sale of the Weifang Port companies in China for about RM1.27 billion, marking its full exit from the non-core ports business. In a bourse filing on Tuesday (Nov 8), SDB said the disposals were completed on Monday. (TheEdge)

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KNM Group Bhd has announced the resignation of its executive director and group chief executive officer Terence Tan Koon Ping, effective Tuesday (Nov 8). In a filing with the local bourse, the oil and gas process equipment maker said Tan, 52, is vacating the position “to pursue other interests”. (TheEdge)

Sime Darby Plantation Bhd’s downstream arm Sime Darby Oils (SDO) is investing over US$150 million (RM711.18 million) for the construction of a new specialty oils and fats refinery in Sumatera. In a statement on Tuesday (Nov 7), the company said the refinery will be located at the Sei Mangkei Special Economic Zone in North Sumatera’s Simalungun region with a built-up area of 16ha. The refinery is expected to begin production in 2024. (TheEdge)

The 9.44-acre land near Kulim Hi-Tech Park (KHTP) in Kedah that S&F Capital Bhd has proposed to acquire for RM7.4 million is to be utilised for industrial or residential development. In response to queries from Bursa Malaysia on the proposed purchase, property developer S&F Capital said the land is three kilometres away from Phase 4 of the KHTP and will therefore be converted into industrial or residential status from its current agricultural status. (TheEdge)

IJM Corp Bhd's second half of financial year 2023 (FY23) may come in slightly better as falling shipping rates improves the economics of lower value cargo further aided by slight uptick in mining shipments. Hong Leong Investment Bank Bhd (HLIB) said IJM had seen improving fundamentals at its port and construction segments while its industry division remained strong. (NST)

Engtex Group Bhd is well positioned to benefit from the revival of water infrastructure projects as well as the initiative to reduce non-revenue water (NRW) from 34 per cent in 2020 to 25 per cent by 2025. Kenanga Research said there was a line- up of pipe replacement programmes under the 12th Malaysia Plan (12MP) in Selangor as well as nationwide. (NST)

Media Chinese International Limited expects to record a profit attributable to owners in the range of about US$0.9mil to US$1.1mil for the six months ended Sept 30 from a loss of approximately US$0.5mil in the corresponding period of 2021. (TheStar)

Main market-listed United Plantations Bhd is among the top gainers in early trade on Bursa Malaysia after the company announced its best quarterly net profit to date. For the third quarter ended Sept 30, 2022 (3QFY2022), its net profit jumped 27.62% to RM196.72 million from RM154.15 million a year ago, driven by elevated crude palm oil and palm kernel prices. (TheEdge)

Velesto Energy Bhd rose in active trade on Tuesday morning (Nov 8), after the offshore drilling service provider bagged a US$135 million (RM640 million) contract from Hess Exploration and Production Malaysia BV for the provision of integrated rig, drilling and completion services for Hess' North Malay Basin full field development campaign. At the time of writing, Velesto's volume was at a high of 26.25 million shares, with the buy volume at 30.58 million and sell volume at 10.14 million. (TheEdge)

CGS-CIMB Research has raised its target price (TP) for Karex Bhd by a massive 80% as it is positive on the condom maker's future prospects given the recovery in demand, favourable business environment and new product launches. The research house lifted Karex’s TP to 72 sen from 40 sen previously and upgraded the stock to 'add' (from 'hold') as it believes Karex has finally turned the page, supported by multiple tailwinds in the operating environment and recent increases in selling prices. (TheEdge)

CIMB Group Holdings Bhd has announced three winners of the inaugural CIMB ESG-SME Pitch Challenge, underscoring the group’s commitment to supporting sustainability-focused small and medium enterprises (SMEs). The Pitch Challenge attracted more than 50 SMEs across ASEAN, mainly from Malaysia, Singapore, Indonesia, Thailand and the Philippines, and is part of CIMB Group’s flagship The Cooler Earth Sustainability Summit 2022 held in September. (TheStar)

Affin Hwang Investment Bank Research has maintained its “sell” rating on VS Industry Bhd at 83 sen with an unchanged target price of 70 sen and said further earnings weakness arising from the volume slowdown and margin compression in the coming quarters could see more cuts in consensus earnings. In a note on Tuesday (Nov 7), the research house said it expects the EMS sector to face more near-term pressure on further order cuts affected by weaker global customer demand. (TheEdge)

RHB Retail Research said LGMS Bhd is set to resume an uptrend momentum after it rebounded following two consecutive sessions of decline, forming a “higher low” bullish pattern above the previous breakout point of RM1.25. In a trading stocks note on Tuesday (Nov 8), the research house said on Oct 27, the stock demonstrated a strong breakout above that level before retracing from the recent high. (TheEdge)

RHB Retail Research said SFP Tech Holdings Bhd is set to rebound towards a four-week high as it bounced off strongly from the 21-day average line on Monday (Nov 7), surpassing the RM1.64 immediate resistance. In a trading stocks note on Tuesday, the research house said that if the breakout sustains, the buying interest would persist to propel the stock towards the one-month high of the RM1.78 resistance, followed by the historical high at RM1.91, or Sept 23’s high. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 8 Nov 2022

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