MQ Market Updates

MQ Market Updates - 14 November 2022

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Publish date: Mon, 14 Nov 2022, 06:04 PM

Engineering and energy solutions provider Kejuruteraan Asastera Bhd (KAB) has signed 20-year solar power purchase agreements (PPA) with Nextgreen Pulp and Paper Sdn Bhd (NPP), a subsidiary of Nextgreen Global Bhd. KAB via its wholly owned company KAB Core Connect O&M Services Sdn Bhd today signed two PPAs with NPP to design, construct, install, own, operate, and maintain solar photovoltaic (PV) systems on the rooftops of multiple production plants and buildings at the latter's Green Technology Park in Pekan, Pahang. NPP will also purchase the solar PV energy generated. (NST)

Jentayu Sustainables Bhd (JSB) signed a collaboration agreement with Germany's hydropower technology company Voith Hydro (Voith) as a precursor to a series of definitive agreements consisting of pre-engineering, electrical and mechanical (E&M) contracts and investment agreements, to be signed by January 2023. The collaboration agreement facilitates both parties to conduct early joint development activities for the design, execution, implementation, operation and maintenance of their future hydropower plant developments together. (NST)

Kenanga Investment Bank Bhd has kicked off its annual sixth Fraud Awareness Week (FAW), held in conjunction with the International FAW of the Association of Certified Fraud Examiners (ACFE), headquartered in Austin, Texas. Kenanga's FAW is the centrepiece of a month-long fraud awareness campaign to raise awareness on the importance of fraud detection and prevention, as well as respond to the United Nations Global Compact's 10th Principle, which emphasises the need for businesses to work against corruption in all its forms. (NST)

IJM Land says its flagship Seremban 2 township development in Negri Sembilan still has RM4 billion in gross development value (GDV) to be developed. This would take 10 years, according to IJM Land senior general manager for the central region Datuk Hoo Kim See. The 1,538-hectare township, which also consists of S2 Heights, was established in 1995 on what was formerly a rubber estate. (NST)

Artroniq Bhd's wholly-owned subsidiary EA Global Integrated Sdn Bhd has entered into a letter of intent to provide services and consultation to Cambodia's Panda Commercial Bank PLC in the research and development of blockchain financial services. Artroniq said in a filing with Bursa Malaysia the total investment by Panda for the R&D of financial services with blockchain technology is about US$10mil. (TheStar)

Bursa Malaysia Securities Bhd has advised investors to exercise caution and to make informed decisions in the trading of Hextar Technologies Solutions Bhd (Hextech) shares. “The exchange will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of Hextech shares,” it said in a statement. (TheStar)

Minority shareholders of ACE Market-listed Hextar Industries Bhd have been told to reject the takeover bid by its major shareholder Hextar Holdings Sdn Bhd, as its independent adviser deems the offer price of 38.175 sen per share as "not fair" and "not reasonable". Hextar Holdings owns a 45.66% stake in Hextar Industries, formerly known as SCH Group Bhd. (TheEdge)

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Off the back of a strong third-quarter performance, Carlsberg Brewery Malaysia Bhd is expected to put in a commendable fourth quarter result amid strong foreign tourist arrivals, and sporting events such as the 2022 Fifa World Cup and Singapore Grand Prix. Hong Leong Investment Bank (HLIB) Research, which said the recent 8M22 core net profit announcement exceeded both its and consensus expectations, said it is pencilling in a higher sales volume assumption and average selling price for the brewer. (TheStar)

Telekom Malaysia Bhd (TM) is emphasising that its procurement process, governed by TM Procurement Policy, undergoes continuous and rigorous review in consultation with the TM Board Tender Committee as part of its process and policy improvement. In its response to an article on a local media titled "4As states inaccuracy in TM’s statement about the tender fee, telco clarifies views”, the telco said all tender initiatives it undertook adheres to its standard guidance, which provided a set of procedures to manage sourcing activities within TM and its subsidiaries, ensuring it collaborates with agencies that reflect the highest level of capacity and professionalism. (TheStar)

Two stocks controlled by the Chiau family, namely Signature International Bhd and Chin Hin Group Bhd, were among the top gainers on Monday (Nov 14). Shares in Signature International surged as much as 36 sen or 13.7% to RM2.98, while Chin Hin climbed to an intraday high of RM3.39, up 24 sen or 7.6%. (TheEdge)

SFP Technology Holdings Bhd's net profit of RM8 million for the third quarter (Q3) of 2022 came in above Hong Leong Investment Bank Bhd's (HLIB Research) expectation at 78 per cent. The company's net profit for the nine months came in at RM22 million, whereby both figures were within consensus full-year forecasts of 75 per cent. (NST)

Maybank Investment Bank Bhd (Maybank IB) expects Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) “to deliver a stronger order backlog, tender pipeline, cash and earnings over the next 24 months, as it continues to show improved operational and financial strength”. The investment bank said it remains positive about the company's operational outlook and financial strength. MHB is involved in shipbuilding and heavy engineering. (TheEdge)

CGS-CIMB Securities Sdn Bhd has raised Kotra Industries Bhd's target price to RM5.12 (from RM4.76), due to its industry-leading return on equity, strong brand recognition, net cash position, and prudent management. The estimate was arrived at based on 13 times calendar year 2024 (CY2024) price-earnings (rolled over from CY2023, still 10% below CGS-CIMB’s five-year mean for the Malaysian pharma sector). (TheEdge)

CGS-CIMB Securities has downgraded Bank Islam Malaysia Bhd at RM2.52 with a lower target price (TP) of RM2.74 (from RM3.23) and said the positive impact from robust loan growth and OPR hikes would be diluted by the higher cost of funds amid deposit competition. In a note on Nov 11, the research house said that under Bank Islam’s deposit campaign of Term Deposit Tawarruq-i, the bank is offering higher deposit rates of between 4% (for six-month tenor) and 4.4% (for 18-month tenor), compared to the normal fixed deposit rates of between 1.85% and 2.85% offered by the major banks (for tenors from one month to 12 months). (TheEdge)

RHB Retail Research said JF Technology Bhd is eyeing a bullish reversal as it was poised for a breakout above the 66 sen level last Friday (Nov 11), after bouncing off the 21-day average line and hitting that spot, on higher trading volume. In a trading stocks note on Monday, the research house said that if a breakout above that level happens — forming a “higher high” bullish structure above the average line, it expects the bulls to push the stock towards 75.5 sen or Sept 13’s high, followed by Aug 15’s high of 82 sen. (TheEdge)

RHB Retail Research said YX Precious Metals Bhd is ready for an uptrend reversal as it broke above the 20 sen sideways consolidation phase last Friday (Nov 11) — forming a “higher high” bullish structure above the 21-day average line. In a trading stocks note on Monday, the research house said that if the stock remains above that level, the bulls should propel the stock towards the nearest resistance point of 22 sen, followed by the eight-week high of 24 sen — the highest point since Sept 15. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 14 Nov 2022

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