MQ Market Updates

MQ Market Updates - 9 November 2022

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Publish date: Wed, 09 Nov 2022, 05:46 PM

Fraser & Neave Holdings Bhd (F&N) plans to raise RM700 million to RM800 million capital expenditure (capex) for its financial year 2023 (FY23). Chief executive officer Lim Yew Hoe said the capex would mostly be for F&N's dairy farm business in Gemas, Negri Sembilan. (NST)

Heineken Malaysia Bhd's nine-month (9M FY22) results beat expectations on strong-than-expected sales recovery, RHB Research said. The firm said the brewery's net profit of RM308 million had met 89 per cent of RHB Research's and consensus forecasts. (NST)

Kejuruteraaan Asastera Bhd (KAB) has proposed to acquire its first biogas power plant via the acquisition of the entire equity interest in Future Biomass Gasification Sdn Bhd (FBG)for RM15mil. The engineering and energy solutions provider said in a statement FBG, a wholly-owned subsidiary of Future NRG Sdn Bhd, owns a biogas power plant in Kedah with an installed capacity of 2.4MW. (TheStar)

Gamuda Bhd has clinched RM15 billion worth of construction orders, putting it on track to achieve its target of a cumulative RM25 billion orderbook for the two financial years to July 31, 2023. The orders were secured from its key markets for construction, namely Australia, Taiwan, Singapore and Malaysia, its group managing director Datuk Lin Yun Ling said. (TheStar)

Southern Score Builders Bhd has completed its regularisation plan and exited GN3 status following the acquisition of contractor Southern Score Sdn Bhd (SSSB). It said in a statement the company will be involved in the provision of construction management services, mainly for high-rise residential buildings. (TheStar)

UEM Edgenta Bhd's wholly-owned subsidiary Edgenta Facilities Sdn Bhd has disposed of its 51% stake or 47,113 shares in Faber Sindoori Management Service Private Ltd to Apollo Sindoori Hotels Ltd. for INR700mil (about RM40mil). According to UEM Edgenta's filing with Bursa Malaysia, Faboor Sindoori was incorporated in 2007 as a 51:49 joint venture between Edgenta Facilities and Apollo Sindoori to provide integrated facilities management services in India. (TheStar)

RHB Banking Group has appointed Ryan Teoh as its group chief strategy and innovation officer. In a statement on Wednesday (Nov 9), the banking group said the appointment took effect on Nov 1. (TheEdge)

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Sime Darby Plantation Bhd's (SD Plantation) plans to build a new specialty oils and fats refinery in Sumatera will add value to its long-term strategy and provide synergistic earnings growth for its upstream business, MIDF Research said. The expansion, through its downstream division Sime Darby Oils (SDO), will have a built-up area of 6.47 hectares and was given RM711.18 million in funding. (NST)

Electronic manufacturing service provider EG Industries Bhd expects its RM180 million Smart Factory 4.0 in Batu Kawan, Penang, to potentially create more than 1,000 high-value jobs for the local community upon its commencement in 2024. In a statement on Wednesday (Nov 9), EG Industries said that its first fully automated Lights-Out Smart Factory 4.0 will be situated on a six-acre (2.43-hectare) industrial land in Batu Kawan under its unit SMT Technologies Sdn Bhd. (TheEdge)

Alliance Bank Malaysia Bhd and its subsidiary Alliance Islamic Bank Bhd will raise their standardised base rate (SBR) by 25 basis points to 2.75 per cent effective today. This follows Bank Negara Malaysia’s (BNM) revision of the Overnight Poilcy Rate (OPR) on Nov 3, 2022, to 2.75 per cent, Alliance Bank said. (TheStar)

Genting Bhd (BBB/Stable) and its subsidiary Genting Malaysia Bhd (GenM, BBB/Stable) should generate positive free cash flow (FCF) over 2022-2024, allowing them to cut leverage by around one times during the period, according to Fitch Ratings. (TheEdge)

AMMB Holdings Bhd (Ambank) could be a key beneficiary of the ongoing economic recovery from its notable small and medium enterprises (SME) loans profile of 21 per cent, Kenanga Research said. Besides that, the firm said AmBank's possible re-entry as an FBM KLCI constituent could spur buying interest from portfolio recalibration. (NST)

Shares in Citaglobal Bhd, formerly known as WZ Satu Bhd, fell as much as 13.8% to an intraday low of 25 sen each on Wednesday (Nov 9), after a share purchase agreement (SPA) it had entered into with TIZA Global Sdn Bhd turned unconditional a day ago. As a result, TIZA Global, Citaglobal group executive chairman and president Tan Sri Mohamad Norza Zakaria, and the persons acting in concert (PACs) are obliged to extend a mandatory takeover offer to buy the rest of Citaglobal shares for 19 sen per share. TIZA Global is a private vehicle of Mohamad Norza. (TheEdge)

Analysts have reduced their target prices (TPs) for MR DIY Group (M) Bhd after its earnings for the third quarter ended Sept 30, 2022 (3QFY2022) missed expectations. HLIB Research's Syifaa' Mahsuri Ismail cut its TP by 17.8% to RM2.40 from RM2.92 previously, while maintaining her "buy" call, after lowering its price-earnings multiple to 35 times earnings per share of 6.9 sen for its financial year ending Dec 31, 2023 (FY2023). (TheEdge)

Analysts have lowered their target prices (TPs) for Hartalega Holdings Bhd by as much as 26.7%, after the glove maker's net profit for the second quarter ended Sept 30, 2022 (2QFY2023) plummeted by 96.9% to RM28.3 million, as lower average selling price (ASPs) of gloves and volume eroded revenue, while higher energy cost hit its bottom line. (TheEdge)

Hong Leong IB Research (HLIB) has maintained its “buy” rating on Heineken Malaysia Bhd at RM23.44 with a higher target price (TP) of RM31.18 (from RM29.62) and said Heineken reported a core net profit of RM308.2 million (+105.7% year-on-year) for the nine-month period of 2022 (9M2022), which came in above house projection at 83% and consensus' expectation at 88%. (TheEdge)

RHB Retail Research said Cepatwawasan Group Bhd is eyeing for a breakout amid the recent sideways movement as it closed near the 73 sen immediate resistance on Tuesday (Nov 8) — firming up its “higher low” bullish structure above the 21-day average line. In a trading stocks note on Wednesday, the research house said that if a breakout happens above that level, the stock will likely climb further towards the 76.5 sen resistance, or Aug 1’s high, followed by the historical four-month high at 81.5 sen. (TheEdge)

RHB Retail Research said RGT Bhd is set to resume its uptrend towards the recent high as it bounced off strongly from the 21-day average line, surpassing the 41.5 sen previous resistance. In a trading stocks note on Wednesday (Nov 9), the research house said that if the bullish momentum sustains above that level, the stock may propel towards Oct 27’s high of 45.5 sen, followed by the near seven-month high at 52 sen — the highest level since April 11. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 9 Nov 2022

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