MQ Market Updates

MQ Market Updates - 23 November 2022

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Publish date: Wed, 23 Nov 2022, 05:48 PM

HSS Engineers Bhd's (HEB) net profit surged to RM5.01 million in the third quarter (Q3) ended Sept 30, 2022 from the RM225,000 recorded in the same quarter a year ago. In a statement today, HSS Engineers said this was achieved on stronger contributions from the project management consultancy (PMC) segment. Its revenue, however, eased 5.9 per cent to RM40.37 million from RM42.95 million. (NST)

Pekat Group Bhd's net profit surged 125.3 per cent to RM2.25 million in the third quarter (Q3) ended Sept 30, 2022 from RM1 million in the same period last year. This was on the back of higher revenue contribution from the solar, earthing and lightning protection (E&LP) and trading segments, Pekat said. Its revenue rose 15.9 per cent to RM46.49 million from RM40.11 million a year ago.(NST)

JF Technology Bhd's net profit increased by 26.7 per cent to RM4.4 million for the first quarter (Q1) ended 30 September 2022 (FY23) versus RM5.0 million in Q1 FY22. This was mainly due to higher operating expenses incurred with the test engineering solutions and manufacturing facility in Kunshan, China. Revenue stood at RM11.6 million compared to RM11.3 million a year ago, representing an increase of 2.4 per cent year-on-year (YoY). (NST)

Supercomnet Technologies Bhd (STB) continued with its momentum of growth by recording a quarterly net profit of RM10.1 million for the third quarter (Q2) ended September 30, 2022 (FY22), a 44.4 per cent increase from the same quarter last year. STB achieved this on the back of a 40.6 per cent jump in revenue to RM45.14 million. (NST)

Time dotCom Bhd shareholders are set for a RM1 billion windfall following the disposal of a big chunk of its AIMS Group data centre business. Time is selling about half of its overall AIMS data centre business to US infrastructure investor DigitalBridge Group Inc for about RM2 billion. (NST)

Property development and investment holding company Matrix Concepts Holdings Bhd’s net profit for the second quarter ended Sept 30, 2022, was marginally lower at RM50.57 million from RM51.8 million posted in the same period a year ago. Revenue for the period under review declined 7.2 per cent to RM222.35 million compared to RM239.48 million recorded last year. (TheStar)

Star Media Group Bhd (SMG) posted a 16% rise in revenue in the third quarter of financial year 2022 (3Q22) from 3Q21 mainly contributed by the revenue focused initiatives undertaken by the management, which has led to the continuous improvement in its financial performance. (TheStar)

QES Group Bhd remains optimistic about registering stable earnings in the quarters ahead on the back of sustained demand from automotive and industrial applications. For the third quarter ended Sept 30, 2022 (3Q22), the automated test equipment manufacturer’s revenue was up 39% year-on-year (y-o-y) to RM72mil, from RM51.7mil previously. Net profit also rose by 152.1% y-o-y to RM9.5mil from RM3.8mil in 3Q21. (TheStar)

HIL Industries Bhd's net profit for the third quarter ended Sept 30, 2022 slipped 2.2% to RM7.42 million from RM7.59 million a year earlier, due to lower profit recognition for ongoing projects. In a Bursa Malaysia filing on Wednesday (Nov 23), HIL said revenue for the quarter rose 16.7% to RM43.55 million from RM37.31 million a year prior, primarily due to increased orders from automotive customers. (TheEdge)

Automated manufacturing solution provider ECA Integrated Solution Bhd made a strong debut on the ACE Market of Bursa Malaysia Securities Bhd at 65 sen ⁠— a 282.4% premium to its initial public offering (IPO) price of 17 sen. At the opening bell, the Penang-based tech company saw a trading volume of 10.04 million shares. (TheEdge)

Shares in AirAsia X Bhd (AAX) rose 6.33% in the mid-morning on Wednesday (Nov 23), after the company turned profitable again in the three months ended Sept 30, 2022 (5QFY2022), on marginal growth in revenue and a significant reduction in cost of maintenance and overhaul. At 10.25am, AAX had risen 2.5 sen to 42 sen, with 349,500 shares traded. (TheEdge)

GDEX Bhd posted a net loss of RM6.57 million for the third quarter ended Sept 30, 2022 (3QFY22) — its third consecutive quarter of losses — compared to a net profit of RM9.47 million in the same quarter last year (3QFY21), on weaker earnings contributions from both its courier and logistic services segments. As such, the logistics and express carrier provider saw a loss per share of 0.12 sen, compared to an earnings per share of 0.17 sen, its bourse filing with Bursa Malaysia showed on Tuesday (Nov 22). (TheEdge)

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Supermax Corp Bhd's net profit on the first quarter of financial year 2023 (Q1FY23) are below expectations, said Affin Hwang Capital. The firm said Supermax's Q1FY23 earnings of RM5.7 million was down 99 per cent year-on-year and formed 10 per cent of its previous full-year estimate. (NST)

Telekom Malaysia Bhd's (TM) robust topline is poised to extend into 2023 as economic activities continue to normalise, Kenanga Research said. TM's Unifi revenue should still be sustainable by tapping into the mass market as its nationwide network expansion is complete and on further coverage of 4G. (NST)

CGS-CIMB Securities has maintained its “reduce” rating of Tan Chong Motor Holdings Bhd (TCM) at RM1.12 with a lower target price (TP) of 97 sen and said TCM’s 9MFY2022 results missed expectations as TCM remained in losses, on weaker sales volume post-SST-exemption expiry and stock shortages in 3QFY2022. In a note on Tuesday (Nov 22), the research house widened its FY2022-23 loss per share forecasts and expected TCM to stay in the red in FY2022 due to inflationary cost pressures and negative impact from ringgit depreciation. (TheEdge)

RHB Retail Research said Aurelius Technologies Bhd is poised for an uptrend reversal as it bounced off the 21-day average line on Tuesday (Nov 22), while attempting to surpass the immediate resistance of RM1.69, firming up its “higher low” bullish pattern. In a trading stocks note on Wednesday, the research house said if the stock manages to break above that level — forming a “higher high” bullish structure — the stock should head north towards the six-week high of RM1.81 resistance, followed by RM1.87, or Oct 7’s high. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 23 Nov 2022

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