MQ Market Updates

MQ Market Updates - 15 November 2022

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Publish date: Tue, 15 Nov 2022, 05:38 PM

PLS Plantations Bhd has sealed an exclusive distributorship with COFCO Food Import Co Ltd (COFCO Food), the import and distribution subsidiary of China Oil and Foodstuffs Corp (COFCO) in Shanghai. PLSb said its trading and export subsidiary, Dulai Fruits Enterprise Sdn Bhd (Dulai Fruits), cemented its export and exclusive distribution agreement with COFCO Food after months of extensive engagements and evaluation by COFCO. (NST)

Bursa Malaysia has launched the Bursa Fund Platform, an interactive fund information platform to provide the investing public with comprehensive information on unit trusts and wholesale funds. Chief executive officer Datuk Muhamad Umar Swift said the fund platform would complement the current investment marketplace as many investors have investments in both listed and unlisted markets. (NST)

G Capital Bhd’s 74.64%-owned subsidiary, Kundur Hydro R E Sdn Bhd (KHRE) is in a renewable energy power purchase agreement (Reppa) with Tenaga Nasional Bhd (TNB). In a statement, G Capital said the feed-in approval, in respect of the 2.0 MW high-head mini-hydropower plant situated on Sungai Geroh in the vicinity of Kampar District, Perak, was only granted by the Sustainable Energy Development Authority Malaysia to KHRE in May this year. (TheStar)

CIMB Bank Bhd has announced that it is one of the first Malaysian banks to introduce Google Wallet, in line with Google’s announcement on the introduction of Google Wallet today. From Nov 15, CIMB’s customers in Malaysia can add any CIMB Bank Mastercard credit card to Google Wallet and make contactless payments on both Android and Wear OS devices in stores, as well as for payments on apps and on the web. (TheStar)

Affin Bank Bhd has announced a special dividend amounting to RM400.21 million or 18.09 sen per share, the highest ever paid by the banking group, following the completion of the bank's disposal of its 63 per cent equity investment in Affin Hwang Asset Management Bhd (AHAM). President and group chief executive officer Datuk Wan Razly Abdullah said the approved special dividend, combined with the interim dividend of RM100.2 million, or around 4.53 cent per share announced earlier, will see Affin shareholders receiving a total of RM500 million in dividends in December 2022. (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. In a filing with Bursa Malaysia yesterday Artroniq stated the total investment by Panda for the research and development of financial services with blockchain technology is about US$10mil (RM46mil). (TheStar)

Axis Real Estate Investment Trust (Axis-REIT) proposes to undertake a placement of its shares to raise an estimated RM178mil for the repayment of bank financing. In a filing with Bursa Malaysia, the company said the proposed placement entailed the issuance of up to 100,000,000 placement units, representing up to 6.09% of 1.64 billion units issued as at Nov 3, 2022. (TheStar)

Samchem Holdings Bhd is scheduled to complete its Pulau Indah, Selangor and Vietnam expansion by year-end, increasing its total warehousing capacity by 38% and 58% in Malaysia and Vietnam, respectively. The integrated chemicals and lubricants distributor is confident of its prospects and will continue to invest in long-term growth as chemicals are indispensable to many industries, according to Ng. (TheStar)

RHB Banking Group is stepping up its ‘zero-tolerance’ stance against bribery and corruption via the signing of a ‘Corruption Free Pledge’, or Ikrar Bebas Rasuah, as part of its RHB Integrity Week 2022 from Nov 14-18, 2022. In a statement on Tuesday (Nov 15), the group said the signing of the pledge was led by RHB Banking Group chairman Tan Sri Ahmad Badri Mohd Zahir and witnessed by senior officers of the Malaysian Anti-Corruption Commission (MACC). (TheEdge)

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Petronas Gas Bhd's (PGB) earnings are expected to remain affected by the increasing fuel gas prices for the year, on top of the one-off Cukai Makmur, Hong Leong Investment Bank Bhd (HLIB Research) said. Besides that, HLIB Research said PGB's gas transportation and regasification earnings would likely be adjusted downward under the upcoming Regulatory Period 2 (RP2) tariff. (NST)

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 nine-month financial year 2022 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)

HPP Holdings Bhd, which has been a long-term beneficiary of trade diversion from China amid the ongoing US-China trade spat, is seeing strong sales orders from new electronics and electrical (E&E) customers as the company seeks to diversify its packaging supply base away from China. CGS-CIMB Research said this could be due to the ongoing Covid-zero policy and intermittent operation disruptions in China. (NST)

Construction-based company MGB Bhd’s core profit for the third quarter ended Sept 30, 2022 (3QFY2022) is expected to grow quarter-on-quarter to RM1-3 million while its 3QFY2022 year-on-year core earnings could be lower, according to RHB Investment Bank (RHB IB). In a results preview analysis for MGB, RHB IB added that the lower 3QFY2022 core earnings was due to current labour shortage and delayed launches of the Rumah Selangorku Idaman project. (TheEdge)

Maybank Investment Bank Bhd (Maybank IB) expects Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) "to deliver 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. MMHE is involved in shipbuilding and heavy engineering. (NST)

CGS-CIMB Securities has maintained its “add” rating on Velesto Energy Bhd at 13.5 sen with a higher target price (TP) of 17 sen (from 11.5 sen) and said it expects Velesto to secure more drilling contracts and at higher average daily charter rates (DCRs) in the coming months. In a note on Monday (Nov 14), the research house raised its core net profit forecasts on higher utilisation and DCR rate assumptions for the immediate and also for the long term. (TheEdge)

RHB Retail Research said JAKS Resources Bhd is ready for an uptrend reversal as it climbed above the 26.5 sen breakout level on Monday (Nov 14) post consolidation on stronger trading volume, and printed a ”higher high” bullish pattern. In a trading stocks note on Tuesday, the research house said that if the breakout above that level is sustained, the stock is expected to rebound further towards 28 sen or Sept 15’s high, followed by Aug 26’s high of 30.5 sen. (TheEdge)

RHB Retail Research said Opcom Holdings Bhd is set for a bullish reversal as it rebounded from a recent sharp retracement while surpassing the 85.5 sen breakout level, on stronger trading volume. In a trading stocks note on Tuesday (Nov 15), the research house said that the bullish momentum above that level should push the stock past the 21-day average line and head it towards the 94 sen resistance, followed by 97.5 sen, ie Nov 2’s high. (TheEdge)

Property developer Tanco Holdings Bhd saw 82.37 million or 4.62% of its shares traded off-market on Monday (Nov 14). According to Bloomberg data, the shares were traded in 10 tranches between 27 sen and 30 sen per share, for a total value of RM23 million. The transacted prices represent a discount over the stock’s closing price of 34 sen in the open market on Monday. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 15 Nov 2022

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