MQ Market Updates

MQ Market Updates - 25 November 2022

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Publish date: Fri, 25 Nov 2022, 05:24 PM

Petronas Chemicals Group Bhd's (PCG) net profit eased 3.5 per cent to RM1.89 billion in the third quarter (Q3) ended September 30, 2022, from RM1.96 billion recorded in the same quarter a year ago. In a statement today, the company said the lower net profit recorded for the quarter was due to softer margins and lower contributions from joint ventures and associates. (NST)

Hong Leong Industries Bhd (HLI) was among the top gainers in morning trade on Friday (Nov 25) after the group announced a better profit for the first financial quarter ended Sept 30, 2022 (1QFY2023), as well as dividend. At noon break, the stock was up 18 sen to RM9.40. It had earlier jumped 24 sen to a high of RM9.46. It is currently trading at a historical price-to-earnings ratio of 13.98 times, offering a dividend yield of 5.54%. (TheEdge)

Dagang NeXchange Bhd (DNeX) posted an 86% year-on-year decline in net profit for the first quarter ended Sept 30, 2022 (1QFY2023) due to the absence of one-off bargain purchase effect from the acquisition of 60% interest in SilTerra Malaysia Sdn Bhd. During the acquisition of SilTerra, DNeX recorded a RM264.51 million gain from bargain purchase in 1QFY2022, boosting its net profit to RM293.56 million or 9.81 sen per share. (TheEdge)

Petrochemical producer Lotte Chemical Titan Holding Bhd has declared a special dividend of 13.98 sen per share for the financial year ending Dec 31, 2022, payable on Dec 29, 2022. President and chief executive officer Park Hyun Chul said this would amount to a total dividend payout of RM318.4mil, translating into a dividend yield of 9.58% based on the closing share price of RM1.46 on Nov 24, 2022. (TheStar)

Genting Bhd returned to black in the third quarter ended Sept 30, 2022 (3Q22) due to the stronger leisure and hospitality division in Malaysia and Singapore. In 3Q22, the investment holding and management company saw a rise of 74.8% year-on-year (y-o-y) to RM6.1bil in its revenue. (TheStar)

Axiata Group Bhd registered a net loss of RM52.4 million or 0.6 sen loss per share for the third quarter ended Sept 30, 2022 (3QFY2022) versus a net profit of RM349.56 million or 3.8 sen earnings per share in the same quarter last year. This is the group’s third straight quarterly net loss. Despite the disappointing earnings, Axiata declared a five sen interim dividend, of which the entitlement and payment dates will be announced in due course. (TheEdge)

Affin Bank Bhd's net profit for the third quarter ended Sept 30, 2022 jumped more than six-fold to RM872.36 million from RM133.2 million a year earlier, due mainly to higher net interest income. In a Bursa Malaysia filing on Friday (Nov 25), the banking group said revenue for the quarter surged to RM1.62 billion from RM552.49 million previously. Earnings per share shot up to 40.54 sen from 6.32 sen. (TheEdge)

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KKB Engineering Bhd has received a letter of award from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Co Ltd (SSPC) as the primary contractor for the price agreement for engineering, procurement and construction (EPC) of standard wellhead platforms for SSB/SSPC. In a bourse filing on Friday (Nov 25), KKB said that its subsidiary OceanMight Sdn Bhd had received the letter of award. It said a formal contract document will be executed in due course. (TheEdge)

Chin Hin Group Bhd's net profit for the third quarter (3Q) jumped 6.44 times year-on-year (y-o-y) to RM16.41 million from RM2.55 million in the same quarter a year ago, driven by full resumption of business activities. In a bourse filing announcing the group's results for 3Q ended Sept 30, 2022 (3QFY2022), Chin Hin said the resumption of business activities contributed to a hike in revenue, especially in the distribution of building materials and logistics services division, as well as the concrete manufacturing division. (TheEdge)

Main Market-bound ITMAX System Bhd announced in a prospectus launch on Friday (Nov 25) an enlarged share capital of 1.03 billion shares upon listing, and it expects to raise RM342.4 million from the initial public offering (IPO). With the 1.03 billion shares, ITMAX expects to have a market capitalisation of RM1.1 billion at an IPO price of RM1.07. It also announced a dividend policy of at least 20% targeted payout ratio. (TheEdge)

Australian mining firm OM Holdings Ltd is seeking to raise up to A$30.9 million (RM93.49 million) through the issuance of a private bond to certain key management personnel, managers, employees as well as sophisticated and professional investors. In a bourse filing on Friday (Nov 25), the company said subscribers of the three-year private bond, which carries a 10% coupon rate and payable semi-annually, will include executive chairman and chief executive officer Low Ngee Tong and related parties. (TheEdge)

Regional technology solutions provider Infomina Bhd kicked off its first trading day on Bursa Malaysia with heavy buying interest. At the opening bell, the ACE Market debutant jumped 20 sen or 50% over its initial public offering price to 60 sen a share. By 9.20am, the share price had retraced lower to 55 sen on the back of over 84 million shares traded. (TheStar)

The acquisition of Cocoaland Holdings Bhd (Cocoaland) will enable Fraser & Neave Holdings Bhd (F&N) to tap into a market segment worth RM4.2 billion. In a statement, F&N said the acquisition of Cocoaland is a strategic move to realise the company's long-term goal to expand into the packaged food segment and support the growth of its halal food pillar. (NST)

Axiata Group Bhd chairman Tan Sri Shahril Rizda Ridzuan believes the group's operational performance is encouraging despite the prevailing macroeconomic headwinds and as the group moves towards the completion of its pending mergers and acquisitions (M&A). The rate of completions for M&As including the Celcom-Digi merger and the expansion of edotco’s tower portfolio all point to the group’s agility in navigating the current macroeconomic climate and delivering balanced results. (TheStar)

Moody’s expects earnings for Sime Darby Plantation Bhd and IOI Corp Bhd over the next 12 to 18 months to be stronger compared to the last three to five years. The research and rating agency said crude palm oil (CPO) prices over the next 12 to 24 months will remain higher than levels seen over the past five to 10 years. (TheEdge)

Genting Malaysia Bhd (GenM), along with six other companies bidding for a new 10-year gaming concession in Macau from 2023, may have to increase their proposed level of investment. Citing a report from TDM Portuguese radio, gaming industry magazine Inside Asian Gaming (IAG) on Wednesday (Nov 23) said the Macau government had sought an increase in investments as the bidding parties completed negotiations with the government and submitted their final proposals this week. (TheEdge)

Hong Leong Investment Bank Bhd (HLIB Research) remains positive on DRB-Hicom Bhd's outlook on strong automotive sales growth potential, leveraging the attractive model line-up from Proton. The research house said DRB-Hicom would continue strengthening its automotive position in Malaysia as the company focuses on ramping up production to meet the high order backlogs. (NST)

CGS-CIMB Securities has maintained its “Add” rating on Bumi Armada Bhd (BAB) at 44 sen with a higher target price (TP) of 57 sen and said BAB’s 9M22 core net profit outperformed at 92% of house previous FY22F forecast (79% of consensus), due to pre-FEED profits in 2Q22 and 3Q22. In a note on Thursday (Nov 24), the research house said that next year, BAB can also look forward to being potentially awarded TotalEnergies’ FPSO Cameia EPCC project, as BAB is in pole position to win the contract, citing industry newspaper Upstream. (TheEdge)

Stronger-than-expected radio frequency (RF) chip demand and new customer wins are expected to boost Inari Amertron Bhd's earnings, according to CGS-CIMB Research. The research house said Inari's RF division revenue grew 15 per cent in the first quarter (Q1) of the financial year 2023 (FY23), driven by content value growth in the new generation model launched in September 2022 for a North American smartphone player. The firm gathered from Inari that its RF division utilisation was approximate. (NST)

Maybank Investment Bank (Maybank IB) Research remains positive on Wah Seong Corporation Bhd's long-term outlook, backed by a strong order backlog, tender pipeline, and margins. The research house said Wah Seong's operations would continue to be anchored mainly by the Qatar and East African Crude Oil (EACOP') operations and partly negated by the seasonal weakness from October to December. (NST)

Source: New Straits Times, The Star 25 Nov 2022

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