MQ Market Updates

MQ Market Updates - 29 November 2022

MQ Trader
Publish date: Tue, 29 Nov 2022, 05:33 PM

IOI Corporation Bhd's first quarter (Q1) of financial year 2023 (FY23) core net profit of RM618.5 million, has come in above Affin Hwang Capital's and consensus expectations."The variance against our forecast was mainly due to higher-than-expected contribution from its resource-based manufacturing division," it said in a note today. (NST)

Genetec Technology Bhd's net profit increased 53.6 per cent to RM25.06 million in the second quarter (Q2) that ended September 30, 2022, from the RM16.31 million recorded in the same quarter a year ago. In a statement today, the company said all segments in its portfolio continue to grow, with segment contributions remaining consistent with the preceding quarter. (NST)

Alliance Bank Malaysia Bhd’s net profit fell 8.2% to RM158.42 million or 10.23 sen per share in the second quarter ended Sept 30, 2022 (2QFY2023) from RM172.74 million or 11.16 sen per share a year ago due to higher allowance for expected credit losses. Revenue rose 6% to RM480.57 million from RM452.98 million. (TheEdge)

RHB Bank Bhd's net profit rose 10.21 per cent to RM700.5 million in the third quarter (Q3) ended September 30, 2022 from RM635.6 million a year ago. This is due to higher net fund based income, absence of modification loss (ML) and lower expected credit losses (ECL). (NST)

Sunsuria Bhd's net profit dropped 57.2 per cent year-on-year (YoY) to RM3.15 million in its fourth quarter (Q4) ended Sept 30, 2022 (FY23) from RM7.37 million a year ago. This was due to higher finance cost charged out as expense when the new project was launched in current year, Sunsuria said in a statement today. (NST)

Hong Leong Bank Bhd's net profit rose 14.3 per cent to RM981.41 million in its first quarter (Q1) ended September 30, 2022 (FY23) from RM858.25 million a year ago, underpinned by topline growth, effective cost management, low credit costs, and a robust contribution from associates. Consequently, the company also recorded an improved return on equity (ROE) of 12.6 per cent. (NST)

UMW Holdings Bhd (UMWH) returned to the black with a net profit of RM100.7 million for the third quarter (Q3) ended Sept 30 2022 (FY22) to reverse the net loss of RM47.9 million in the same quarter last year. The turnaround was supported by improved contribution from all three core business segments. (NST)

Sime Darby Property Bhd (SDP) net profit for the third quarter ended Sept 30, 2022 (3QFY2022) surged to RM56.13 million from a net loss of RM5.19 million a year earlier on the back of higher revenue. In a bourse filing on Tuesday (Nov 29), SDP said revenue grew by 12% to RM689.3 million quarter-on-quarter driven by improvements in the property development segment, which registered higher revenues of 13% to RM640.6 million on the back of steady progress of its land bank management and monetisation plan. (TheEdge)

Econpile Holdings Bhd's net loss for the first quarter ended Sept 30, 2022 (1QFY2023) narrowed to RM4.83 million from a net loss of RM5.79 million a year earlier, mainly due to stabilising building material costs and higher gross profits generated from its overseas operations. In a bourse filing on Monday (Nov 28), Econpile said revenue for the quarter dipped 4.8% to RM81.86 million from RM85.99 million. (TheEdge)

Time dotCom Bhd's net profit increased 18.1 per cent to RM118.74 million in the third quarter (Q3) ended Sept 30, 2022 from the RM100.54 million. Its revenue edged up 17.5 per cent to RM407.57 million from RM346.77 million a year ago. Time, in a statement today, said all core customer segments contributed to revenue growth, led by retail and wholesale. (NST)

My E.G. Services Bhd’s (MYEG) net profit almost doubled to RM150.71 million in the third quarter (Q3) ended Sept 30, 2022, from RM78.46 million a year earlier. The e-government services provider said the improved profit as well as 3.7 per cent higher revenue of RM162.62mil were mainly due to the resumption of full operations of its nationwide e-service centres, higher contribution from the foreign worker job matching service, and contribution from the sale of Zetrix tokens. (TheStar)

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Palm oil producer Sarawak Plantation Bhd reported a 56.7% year-on-year drop in net profit to RM18.2 million in the third quarter ended Sept 30, 2022 (3QFY2022), on the back of lower sales volume of crude palm oil (CPO) and palm kernel (PK). Revenue fell to RM161.8 million in 3QFY2022 from RM208.8 million in 3QFY2021, according to a filing to Bursa Malaysia on Tuesday (Nov 29). Basic earnings per share decreased to 6.55 sen in 3QFY2022 from 15.11 sen in 3QFY2021. (TheEdge)

Ajinomoto (M) Bhd posted a 67.2% drop in its net profit to RM2.94 million for the second quarter ended Sept 30, 2022 (2QFY2023), from RM8.95 million a year earlier, despite logging a 43.69% higher revenue of RM158.15 million from RM110.07 million. The company blamed the weaker earnings on the RM1.9 million operating loss its consumer business recorded due to the increase in key raw materials' purchase prices and higher freight costs. (TheEdge)

AME Elite Consortium Bhd's net profit for the second quarter ended Sept 30, 2022 (2QFY2023) rose more than fourfold to RM45.81 million, from RM9.76 million a year ago, on stronger progress in its industrial parks and fair value gains from disposal of industrial properties. In a bourse filing on Tuesday (Nov 29), the industrial space solutions provider said revenue for the quarter rose 70% to RM147.47 million from RM86.33 million. (TheEdge)

The share price of Petronas Chemicals Group Bhd (PetChem) fell over 4% in early morning trade on Tuesday (Nov 29) after its third quarter ended Sept 30, 2022 (3QFY2022) net profit met consensus expectations. The share price of Petronas’ chemical arm had fallen 43 sen or 4.74% to an intraday low of RM8.65. (TheEdge)

Perak-based lingerie and apparel manufacturer Caely Holdings Bhd, whose current and former directors are embroiled in several legal suits, notched its third consecutive quarterly loss, posting a net loss of RM568,000 in its first financial quarter ended Sept 30, 2022 (1QFY2023) compared with a net profit of RM831,000 a year earlier, due to decreased manufacturing sales. (TheEdge)

KPJ Healthcare Bhd will focus on improving its average revenue per inpatient following a strong set of results in the third quarter (Q3) of 2022 supported by healthy patient volume growth.  Hong Leong Investment Bank Bhd (HLIB) said KPJ also intended to hire more consultants for subspecialties and capitalise on medical discipline and service offerings that could help sustain revenue per inpatient at current levels or improve it further to RM7,000. (NST)

YTL Power International Bhd plans to spend RM15bil over several phases to develop its 500MW YTL Green Data Centre Park in Kulai, Johor. For the first phase, YTL Power will invest RM1.5bil to develop The Sea Data Centre which is targeted for completion in the first quarter of 2024. (TheStar)

Malaysia Airports Holdings Bhd (MAHB) is making concerted efforts in seeking out revenue generation and actively unlocking untapped opportunities to strengthen its financial position. “In addition, MAHB continues to take pre-emptive measures in implementing a cost optimisation plan as well as continue its cash conservation measures. (TheStar)

Eversendai Corp Bhd has taken measures to address short-term liquidity challenges to ensure that the group begins to rebound from the effects of this global downturn and the continued sustainability and development of the group. “In due course, the group is exploring additional alternative funding options including restructuring of group’s assets, to further strengthen its liquidity position and to maintain the progress. (TheStar)

Agrochemical company Hextar Global Bhd has announced that its executive director Datuk Eddie Ong Choo Meng is stepping down with immediate effect "to pursue other interest". In a statement on Tuesday (Nov 29), Hextar Global quoted Ong, 44, who owns a direct stake of 7.1% and an indirect stake of 59.8% in the company, as saying that this was "not an easy" decision to step down from the executive role. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 29 Nov 2022

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