MQ Market Updates

MQ Market Updates - 16 November 2022

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Publish date: Wed, 16 Nov 2022, 05:33 PM

ELK-Desa Resources Bhd's net profit rose 142.7 per cent to RM11.53 million in the second quarter (Q2) that ended September 30, 2022, from RM4.75 million a year ago. The company's revenue for the quarter increased by 54 per cent to RM36.04 million compared to the same quarter a year ago. Profit before tax for the quarter also increased by 141 per cent to RM15.23 million compared with last year. (NST)

Dutch Lady Milk Industries Bhd (DLMI) net profit for the third quarter (Q3) ended September 30, 2022, rose 19.7 per cent year-on-year (YoY) to RM24.4 million from RM20.38 million a year ago due to strong demand for its products. Revenue grew 16.2 per cent YoY to RM337.77 million from RM290.66 million, buoyed by continued demand for milk as an essential product and necessary price increases to offset strong inflationary headwinds. (NST)

AirAsia X (AAX) marked its service resumption to the Middle East with its flight from Kuala Lumpur to Jeddah on Wednesday (Nov 16) with over 80% load factor. In a statement on Wednesday (Nov 16), the long-haul low-cost carrier said this also kicked off AAX's partnership with Ikhlas (Capital A Bhd’s Muslim-friendly travel and lifestyle platform) to offer affordable ‘Umrah with Ikhlas’ packages. (TheEdge)

The public portion of ACE Market-bound ECA Integrated Solution Bhd’s initial public offering (IPO) has been oversubscribed by 110.17 times. In a statement with Bursa Malaysia today, Malaysian Issuing House Sdn Bhd (MIH), on behalf of ECA Integrated, said the automated manufacturing solutions provider received 19,139 applications for 3.21 billion issue shares from the Malaysian public. (TheStar)

Dialog Group will continue to benefit from Pengerang's development due to its exposure in tank terminals, engineering, procurement, construction and commissioning (EPCC), and maintenance services. Hong Leong Investment Bank Bhd (HLIB Research) noted that in addition to Dialog's Terminals Langsat 1 and 2 with a total capacity of 650,000 cubic metres, Langsat 3 commenced full operations for its 120,000 cubic metre storage facility in January 2020. (NST)

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Petronas Gas Bhd's (PetGas) earnings are expected to remain affected by rising fuel gas price in the near-term in addition to the prosperity tax, research firms said. In a note, Hong Leong Investment Bank Bhd (HLIB) Research said PetGas earnings for gas transportation and regasification are likely to be adjusted downward in the upcoming Regulatory Period 2 (RP2) 2023-2025 tariff structure. (NST)

Duopharma Biotech Bhd (DBB) is expected to record improved export revenue in the coming quarters, aided by the globally phased lifting of Covid-19 restrictions. CGS-CIMB Research noted that the company's export revenue for the third quarter (Q3) rose 15.6 per cent year-on-year (YoY) as it secured new government tenders in Singapore and Brunei. (NST)

PublicInvest Research said Scanwolf Corporation Bhd is potentially staging a breakout from its sideways channel, with anticipation of continuous improvement in both momentum and trend in the near term. In a trading ideas note on Wednesday (Nov 16), the research house said that should immediate resistance level of 56.5 sen be broken with renewed buying interest, it may continue to lift price higher to subsequent resistance level of 61.5 sen. (TheEdge)

RHB Retail Research said Eco World Development Group Bhd (EcoWorld) is set to resume its uptrend reversal above the 21-day average line amid the breakout above 62 sen resistance, which occured on Tuesday (Nov 15) — forming a “higher high” bullish pattern. In a trading stocks note on Wednesday, the research house said that the stock tested the resistance level twice in the past four weeks, during the recent consolidation process. (TheEdge)

CGS-CIMB Securities has maintained its “add” rating on Media Prima Bhd at 43 sen with a lower target price (TP) of 49 sen and said it expects Media Prima’s third quarter of 2022 (3Q2022) core net profit to regress circa 60% quarter-on-quarter (q-o-q) to about RM7.5 million, while little changed from 3Q2021’s RM7.7 million due to a sharp decline in home-shopping division sales and a higher effective tax rate. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 16 Nov 2022

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