MQ Market Updates

MQ Market Updates - 24 November 2022

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Publish date: Thu, 24 Nov 2022, 06:04 PM

Pharmaniaga Bhd’s net profit slumped to RM8.62 million in the third quarter ended Sept 30, 2022 (Q3 FY2022) compared with RM49.84 million in the corresponding quarter a year ago. Revenue for the quarter under review declined 56.6 per cent to RM924.68 million from RM2.13 billion recorded in the same period a year ago as the country enters into the endemic phase of COVID-19. (TheStar)

A better-than-expected recovery in patient volume and operational efficiency is bolstering KPJ Healthcare Bhd's prospects, even as it comes off a stellar set of financial results. KPJ reported a core profit after tax and minority interest (Patami) of RM54.6mil in Q3, which was double that of the immediate preceding quarter. (TheStar)

Automotive leather upholstery maker Pecca Group Bhd (PGB) delivered a positive first-quarter net profit in the July-September 2022 period, catapulted by its original equipment manufacturer (OEM) upholstery car seat covers segment, where sales surged by almost four-folds. PGB, which also saw a double-digit net profit margin of 15.2 per cent in the first quarter (Q1) of the financial year 2023 (FY23), expects its growth momentum to continue in upcoming quarters. (NST)

Greatech Technology Bhd’s net profit rose 41.3% to RM40.97 million in the third quarter ended Sept 30, 2022 (3QFY2022), from RM29 million in the same quarter a year earlier, as revenue expanded 64.53%, lifted by several orders from the solar industry under its production line systems segment. Earnings per share grew to 3.27 sen from 2.32 sen previously, its filing with Bursa Malaysia showed. (TheEdge)

Bintai Kinden Corp Bhd's net profit fell 91.4 per cent to RM44,000 in the second quarter (Q2) that ended September 30, 2022, from RM511,000 a year ago. However, the company's revenue rose 136.6 per cent to RM40.56 million in Q2 2022 from RM17.14 million last year. This is due to higher contributions from mechanical and electrical (M&E) projects recovering from the negative impact of the Covid-19 pandemic. (NST)

Main Market listed property developer Yong Tai Bhd (YTB) returns to the black with a net profit of RM1.8 million for the first quarter (Q1) ended 30 June 2023 (FY23) compared to a net loss of RM5.6 million in the same quarter a year ago. The strong recovery in earnings was attributable to the company's securing additional sales of RM66 million in Q1 FY23. The improved sales are from the effort to focus on selling the completed property units. (NST)

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Offshore energy facilities and services provider Bumi Armada Bhd saw its net profit decline 2.4% to RM149.72 million for the third quarter ended Sept 30, 2022 (3QFY2022), from RM153.41 million a year earlier, due to a downward revision in the estimated residual value of the group's vessels. Earnings per share dipped to 2.53 sen in 3QFY2022 from 2.6 sen in 3QFY2021. (TheEdge)

Mestron Holdings Bhd's (MHB) net profit jumped 231.3 per cent to RM3.3 million in its third quarter (Q3) ended 30 September 2022 (FY22) compared to RM1.0 million in the same quarter a year ago. The stronger earnings recorded were mainly due to the higher sales demand for telecommunication (telco) towers and outdoor lighting products. (NST)

Sunway Construction Bhd (SunCon) continues to be successful in its order-book replenishment with new orders that will ensure ample jobs going forward. In the third quarter of 2022 (3Q22) it had secured jobs worth RM463mil which took its total job wins year-to-date of RM882mil, which is within its order-book replenishment target of RM2bil. (TheStar)

Steel product manufacturer Leform Bhd, which is en route to be listed on Bursa Malaysia's ACE Market on Nov 30, said the shares it offered to the Malaysian public under its initial public offering (IPO) have been oversubscribed by 1.42 times. In a statement, the group said a total of 5,285 applications were received from the Malaysian public for 179.51 million shares. (TheEdge)

United Plantations Bhd ranked second and Sime Darby Plantation Bhd has climbed to the seventh spot out of 100 assessed palm oil producers globally in November, according to 2022 SPOTT ranking of palm oil producers. United Plantations scored a high 92.6% based on SPOTT’s November 2022 assessment, an increase of 6.4% from the 86.2% score in last year’s assessment. (TheEdge)

Telekom Malaysia Bhd's (TM) wholesale business will continue to be the group's fastest-growing segment in the coming quarters, supported by the 5G mobile backhaul fiberisation contract with Digital Nasional Bhd (DNB). RHB Research said DNB has an aggressive target of reaching 80 per cent of 5G population coverage by 2024. TM will also see positive earnings from higher take-up of high-speed broadband access with the expanded fibre footprint under the Jendela programme. (NST)

Automated manufacturing solutions provider ECA Integrated Solution Bhd made a strong debut on the ACE Market of Bursa Malaysia yesterday, marking a significant milestone in the company's corporate history. Executive director and chief operating officer Chua Lye Hock said the listing reflects investors' confidence in the company's business and future prospects. (NST)

Share prices of Capital A Bhd were unchanged on Wednesday in thin trading despite reports that its unit AirAsia Group was rocked with a severe data breach. Analysts said there were precedents, and hence the ransomware attack on personal details of AirAsia passengers and employees would not pose  a significant impact on Capital A's share price and fundamentals. (NST)

Perak Transit Bhd expects the recovery in passenger footfall to continue in the remaining quarter of 2022 given the normalisation of travelling behaviour as the country transitioned to the endemic phase. (TheStar)

Sime Darby Bhd expects FY23 to be a challenging year as its first quarter results were dampened by weakening consumer sentiment for its motors division in China. During the quarter, the group posted a net profit of RM207mil, down from RM236mil in the same quarter last year as it experienced lower margins from its China operations. (TheStar)

Power Root Bhd continues to perform well and is expected to maintain its current growth momentum. Analysts remain sanguine on the company’s outlook as it derives much of its earnings from exports. (TheStar)

As the World Cup fever begins to heat up in Malaysia, the High Court here has made a landmark ruling which sets a precedent that it is illegal for commercial premises to broadcast contents from unauthorised sources. In a statement on Thursday (Nov 24), Astro Malaysia Holdings Bhd said the Kuala Lumpur High Court has ruled that a local commercial premise had acted illegally by showing pirated broadcasts of sports and entertainment contents — including Premier League football. (TheEdge)

Hong Leong Investment Bank (HLIB) has cut its earnings forecast for Malayan Banking Bhd (Maybank) for the financial year ending Dec 31, 2023 (FY2023) and FY2024 by 5% to reflect higher IT-related spending as part of its M25+ strategic plan. The research bank also changed its recommendation from “buy” to “hold” with a new target price (TP) of RM8.90, from RM9.70, following the cut in earnings forecast. (TheEdge)

CGS-CIMB has raised its target price for Farm Fresh Bhd to RM1.65 while maintaining a "hold" call on the company, which posted a lower net profit of RM11.3 million in its second quarter ended Sept 30, 2022 (2QFY2023). The local dairy company’s net profit for 2QFY2023 dropped 64.53% to RM11.3 million from RM31.53 million for the same quarter last year due to net forex loss, said the research house. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 24 Nov 2022

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