MQ Market Updates

MQ Market Updates - 17 November 2022

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Publish date: Thu, 17 Nov 2022, 05:52 PM

MISC Bhd's net profit for the third quarter (Q3) ended September 30, 2022, surged 104.6 per cent year-on-year (YoY) to RM820.6 million from RM401 million in the same period last year. The positive earnings were due to a one-off compensation for a contract renegotiation and higher freight rates in the petroleum and product shipping segments in the current quarter. (NST)

Kobay Technology Bhd’s revenue for the first quarter ended Sept 30 (1Q) rose 35.2% year-on-year (y-o-y) to RM89.4mil, driven by higher contributions from all three business segments, namely, manufacturing and property development, as well as pharmaceutical and healthcare. Net profit for the period rose 8.2% y-o-y to RM10.5mil or an earning per share of 3.2 sen, the engineering solutions provider stated in its filing with Bursa Malaysia yesterday. (TheStar)

Amway (M) Holdings Bhd’s net profit more than doubled to RM18.75mil for the third quarter ended Sept 30 despite revenue dipping by 3.16% year-on-year (y-o-y) to RM371.39mil. In a filing with Bursa Malaysia yesterday, Amway stated the improved profitability was due to overwhelming demand towards Atmosphere Mini which was newly launched in July 2021. Amway declared a third single-tier interim dividend of five sen per share, bringing the dividend declared for financial year 2022, as of now, to 15 sen per share. (TheStar)

Reservoir Link Energy Bhd's net profit for the third quarter ended Sept 30, 2022 (3QFY2022) slumped to RM428,000, from a net profit of RM5.84 million a year ago, despite posting a record high revenue of RM41.43 million versus RM38.19 million previously. The company said the increase in revenue was mainly attributed to the renewable energy segment, which contributed 78.5% of total revenue at RM32.5 million for 3QFY2022. (TheEdge)

Kejuruteraan Asastera Bhd (KAB) is targeting significant growth in its sustainable energy solutions (SES) segment, with about 50% contribution to its bottom line in the coming years. KAB managing director Datuk Lai Keng Onn said the SES segment's contribution to the group's bottom line will be at least 25% in the financial year ending Dec 31, 2022 (FY2022), before rising to 50%. (TheEdge)

YNH Property Bhd will dispose of two properties for RM422.50 million in cash to ALX Asset Bhd. In a filing with Bursa Malaysia, YNH said the two properties are the 163 Retail Park shopping centre for RM270.50 million and the AEON Seri Manjung shopping centre and the freehold land it was erected on for RM152 million. The group said that 163 Retail Park and AEON Seri Manjung belong to its wholly-owned subsidiaries, D’Kiara Place Sdn Bhd and YNH Hospitality, respectively. (TheStar)

Bursa Malaysia has suspended the short selling of Dagang Nexchange Bhd (DNeX) shares for the rest of the day under proprietary day trading (PDT) and intraday short selling (IDSS). The suspension was made after the technology company's stock dived more than 15 sen, or 15 per cent, from the reference price. (TheStar)

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Sunzen Biotech Bhd will engage in mergers and acquisitions (M&A) in the next two years (2023-2024) to diversify revenue streams and keep it profitable, said group managing director Teo Yek Ming. Teo said throughout the previous two to three years, the management had worked to improve Sunzen's foundation and turn it around. (NST)

Time dotCom Bhd's (TDC) recent brand revitalisation should drive stronger customer affinity with its fibre broadband (FBB), deemed an essential utility post-pandemic. RHB Research said TDC hired renowned local graffiti artist Loo Lok Chern (popularly known as Cloakwork) for its recent brand revitalisation exercise, which saw new marketing and communication visuals trumping its cheeky, bold and fun persona. (NST)

The UMW Group’s automotive sales improved in October 2022 as both UMW Toyota Motor (UMWT) and UMW’s associate company, Perodua, delivered 35,130 units in October 2022, four per cent higher than the 33,859 units registered in September 2022. In a statement today, the group said that the higher sales were recorded as both companies continued to fulfil their encouraging outstanding bookings. (TheStar)

Swift Haulage Bhd's nine months 2022 (9M22) net profit of RM36.1 million came in below Maybank Investment Bank Bhd (Maybank IB) expectations at 65 per cent and 66 per cent of consensus financial year forecasts. The bank-backed research house said the 9M22 net profit improvement (55 per cent) was in line with the higher revenue (11 per cent), mainly driven by the easing of Covid-19 restrictions and the recovery of business activities. (NST)

MIDF Research has slashed Dialog Group Bhd's earnings estimates for the financial year 2023 and 2024 (FY2023 & FY2024) by -2.0 per cent and -2.5 per cent respectively, in view of its first quarter (Q1) FY2023 results and the current volatility in the oil market. It also revised downwards the oil and gas company's target price (TP) from RM3.96 to RM3.70. The research house said Dialog earnings dropped by -2.4 per cent year-on-year (y-o-y) but gained +6.4 per cent quarter-on-quarter (q-o-q) to RM125.8 million, which came in below its expectation at 18 per cent of full-year forecast and consensus' at 21 per cent. (NST)

Hong Leong Investment Bank (HLIB) Research has upgraded its rating of Hiap Teck Venture Bhd (HTVB), as China eased its Covid-19 tracking rules and announced a new government support package. In a note on Thursday (Nov 17), HLIB said the easing of tracking rules indicated the Chinese government’s intention of reopening the economy and implementing its announced stimulus plans. (TheEdge)

CGS-CIMB Securities had downgraded Aemulus Holdings Bhd to “hold” at 40.5 sen with a lower target price (TP) of 42 sen and said the company’s FY2022 core net profit came in 7% above house full-year forecast due to better-than-expected sales mix and margin delivery in the fourth quarter of FY2022 (4QF2022). In a note on Thursday (Nov 17), the research house said it sees challenging prospects for Aemulus in FY2023 in view of weaker mobile and tablet demand amidst healthy auto and CIS order backlog. (TheEdge)

Apex Securities Bhd said Malaysia Steel Works (KL) Bhd (Masteel) gained 9.5 sen to 36 sen on Wednesday (Nov 16) to break the 200-day moving average at 31 sen. In a technical stock pick note on Thursday (Nov 17), the reseach house said Wednesday’s gains also have broken the downtrend channel from 90.5 sen in May 2021 with trading volume of 51.6 million. (TheEdge)

RHB Retail Research said PT Resources Holdings Bhd is looking to stage a bullish breakout to extend the upside movement and test the 43 sen immediate resistance. In a trading stocks note on Thursday (Nov 17), the research house said that the stock has been moving sideways for consolidation in the past two sessions. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 17 Nov 2022

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