MQ Market Updates

MQ Market Updates - 21 November 2022

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Publish date: Mon, 21 Nov 2022, 05:34 PM

Sime Darby Plantation Bhd has refuted the findings from the Roundtable Sustainable Palm Oil (RSPO) over unreported recruitment fees and retention of its foreign workers' passport. SD Plantation group managing director Mohamad Helmy Othman Basha said the comprehensive suite of reforms that the company had taken had met and exceeded established labour standards. (NST)

MY E.G. Services Bhd has inked a four-year collaboration agreement with the Institute of Industrial Internet and Internet of Things of the China Academy of Information and Communications Technology (CAICT). In a bourse filing on Monday (Nov 21), the company said that under the deal, MY E.G. will own and operate the Xinghuo International Supernode that will provide connectivity from China to the rest of the world. (TheEdge)

Maybank Premier & Privilege recently held a prize giving ceremony in conjunction with Malayan Banking Bhd's CNY 2022 campaign which took place from Jan 1-March 31 this year. Maybank said the event was for lucky customers who were in the running to win the two grand prizes of a BMW 320i and Mazda 3. Other exciting prizes included investments, home and auto financing as well as deposit products. (NST)

Malayan Flour Mills Bhd's net profit rose more than double to RM46.2 million in the third quarter (Q3) ended September 30, 2022 (3Q22) from RM3.9 million in the previous corresponding quarter. The company said this was due to the improving operations of its poultry integration (PI) segment. Its flour and grains trading (FGT) segment, together with other businesses, contributed a profit of RM33.9 million at pre-tax level, on the back of RM799.4 million revenue. (NST)

Uzma Bhd's subsidiary Uzma Engineering Sdn Bhd has secured a contract from PETRONAS Carigali Sdn Bhd for the provision of leasing, operation and maintenance of a D18 water injection facility. It said in a filing with Bursa Malaysia the duration of the contract is for a period of five years commencing from the date of the letter until Oct 28, 2027. (TheStar)

Farm Fresh Bhd, which is backed by Khazanah Nasional Bhd, is the lone winner in the dairy products category from Malaysia to receive the "Brand of the Year" award at the 2022–2023 World Branding Awards ceremony at Kensington Palace, London.  Only 250 brands out of more than 3,500 nominations in 45 different countries were named champions in various categories. (NST)

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Shin Yang Shipping Corp Bhd (Syscorp) has beefed up its container shipping between Sarawak and Singapore by deploying two vessels to service the route. The two container vessels with carrying capacities of 800 to 1,000 20-ft equivalent unit (TEU) per trip is to strengthen the shipping activities, according to Sarawak-based Syscorp, which currently operates a fleet of 14 container vessels. (TheStar)

The demand for affordable homes, especially in highly urbanised areas, will continue to sustain despite domestic and global macroeconomic uncertainty. Southern Score Builders Bhd (SSB) executive director and chief executive officer Gan Yee Hin said that despite the increased cost of borrowing following Bank Negara Malaysia's continued Overnight Policy Rate (OPR) hikes, the demand for low-cost properties would continue to be fueled by stable employment and wages. (NST)

NCT Group seeks to create 50,000 job opportunities through NCT Smart Industrial Park (NSIP), its first industrial park business in Selangor. According to the group founder and managing director Datuk Seri Yap Ngan Choy (pic) NCT Group through NSIP is looking to address the shortages of jobs in the state and contribute economically in terms of stimulating the local economy and generating job opportunities. (TheStar)

Amway (M) Holdings Bhd is expected to sustain stable growth in its earnings, underpinned by lower operating costs and improved product mix in the quarters ahead, says Kenanga Research. The research house noted the group’s earnings for the nine-month period ended Sep 30, 2022 (9MFY22) exceeded both its and consensus expectations. (TheStar)

Kenanga Research remains cautious on SP Setia Bhd's outlook as the company will continue to be weighed down by high debt servicing obligations. Kenanga Research noted that SP Setia's nine-month 2022 core net profit of RM35 million had missed expectations at only 13 per cent and 12 per cent of the firm's full-year forecast and consensus estimates respectively, weighed down by core net loss of RM26 million. (NST)

Dialog Group Bhd's 2023 financial year could be looking brighter than earlier thought following some new considerations to the upside, says CGS-CIMB Research. In a research note, the analyst said the group's oilfield maintenance was completed last quarter and production has returned to normal, leading to a sequential rebound in quarterly profits from the Bayan and D35 fields in 2QFY23. (TheStar)

Independent adviser TA Securities has advised minority shareholders of Stella Holdings Bhd to reject a takeover offer of 95 sen per share, as it deems the offer price as "not reasonable" and "not fair". In a filing on Monday (Nov 21), TA Securities said the offer is "not fair" as the offer price represents a discount of three sen or 3.06% over Nov 10's market price of the diversified company's shares, and a discount of between 2.69 sen (2.75%) and 4.52 sen (4.54%) over the five-day and Oct 21-to-Nov 11 (Notice-to-LPD) volume-weighted average market prices of Stella shares up to Nov 11. (TheEdge)

RHB Retail Research said Annum Bhd is poised for an uptrend reversal as it attempted to move past the immediate resistance of 32 sen following a recent rebound above the 21-day average line. In a trading stocks note today, the research house said that if a breakout above that level happens, the stock may push higher towards 34.5 sen, followed by 37 sen or Sept 13’s high. (TheEdge)

RHB Retail Research said Wong Engineering Corp Bhd is staging a rebound as it recently bounced off the 21-day average line and pushed past the previous resistance of 38.5 sen, forming a “higher high” bullish structure. In a trading stocks note today, the research house said that as the stock is supported by partial profit-taking with lower trading volume for the past three sessions – but remaining above the breakout level – the latest “higher low” bullish pattern should indicate that the uptrend reversal pattern is firming up further. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 21 Nov 2022

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