MQ Market Updates

MQ Market Updates - 30 November 2022

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Publish date: Wed, 30 Nov 2022, 04:55 PM

Public Bank Bhd posted a three per cent higher net profit to RM4.41 billion for the first nine months ended Sept 30 2022. This was buoyed by higher net interest income growth and lower loan impairment allowances, and after taking into account the one-off impact of prosperity tax, Public Bank said. (NST)

Media Prima Bhd (MPB), Malaysia's leading and largest integrated media group, remained resilient amid an increasingly challenging media landscape, recording RM745.2 million in revenue and RM27.0 million in net profit for the nine months ended 30 September 2022. Overall, Media Prima posted a 15 per cent increase in PAT against the comparative period ended 30 September 2021. (NST)

7-Eleven Malaysia Bhd's net profit leaped 851.7 per cent to RM13.66 million in the third quarter (Q3) ended Sept 30, 2022 from RM1.44 million a year ago on the back of higher revenue. Group revenue rose 45.3 per cent to RM988.21 million from RM680.22 million in Q3 2021. (NST)

AMMB Holdings Bhd's (Ambank) net profit rose 35.6 per cent to RM435.40 million in the second quarter (Q2) ended Sept 30, 2022 from RM321.04 million a year ago. This is due to the higher loan growth and net interest margin expansion. Ambank's revenue for the quarter edged up to RM1.18 billion from RM1.12 billion last year. (NST)

FGV Holdings Bhd's net profit dipped 39.5 per cent to RM241.67 million in the third quarter (Q3) ended Sept 30, 2022 from RM399.39 million in the same quarter last year. FGV said this was due to the losses incurred in sugar sector and lower sales volume of crude palm oil (CPO) and processed palm oil. (NST)

YNH Property Bhd’s net profit slumped 97.07% to RM43,000 for the third quarter ended Sept 30, 2022 (3QFY2022), from RM1.47 million for the same quarter last year, amid completion of the K163 development here. As a result, earnings per share declined to 0.01 sen from 0.28 sen. The property developer’s revenue for 3QFY2022, however, climbed 68.12% to RM52.84 million from RM31.43 million. (TheEdge)

Mah Sing Group Bhd's net profit grew 17% to RM47.06 million for the third quarter ended Sept 30, 2022 (3QFY2022) from RM40.16 million on the back of stronger revenue, partially offset by higher cost of sales. The group’s revenue grew 84% to RM671.12 million for the quarter under review, from RM364.57 million in 3QFY2021, but cost of sales more than doubled to RM531.76 million from RM254.75 million. (TheEdge)

Malaysia Airports Holdings Bhd's (MAHB) results for the third quarter (Q3) ended Sept 30, 2022 have come in below Hong Leong Investment Bank Bhd's (HLIB) expectations but within consensus'. The company recorded a narrower net loss of RM18 million for the quarter under review while nine-month losses stood at RM252.3 million. (NST)

Hengyuan Refining Co Bhd's share price fell more than 24% to an intraday low of RM3.45 in Wednesday’s (Nov 30) morning trade after the group reported a huge net loss of RM640.48 million for the third quarter ended Sept 30, 2022 (3QFY2022) compared to RM54.04 million a year ago. Compared to Tuesday’s closing of RM4.55, the counter was trading at RM3.68 — down 87 sen or 19.12% — its lowest since July 15, 2022 when the stock was trading at RM3.91. (TheEdge)

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Hextar Technologies Solutions Bhd’s share price climbed 4.54% to RM13.80 during early morning trade on Wednesday (Nov 30), after the company posted a strong set of earnings for the second quarter ended Sept 30, 2022 (2QFY2023). At 10.32am, the counter remained among the local bourse’s top gainers after paring gains to RM13.70 a share, still up 50 sen or 3.79% from Tuesday’s closing at RM13.20. Year to date, Hextar Technologies’ share price has risen by 448%. At RM13.70, the company had a market capitalisation of RM1.76 billion. (TheEdge)

Velesto Energy Bhd is expected to benefit from vibrant industry activities with more drilling contracts in the coming months, said Affin Hwang Capital. Affin Hwang said Velesto's third quarter (Q3) revenue had grown 90 per cent year-on-year (YoY) to RM174 million on the back of a higher rig utilisation rate of 78 per cent. (NST)

Construction outfit Pesona Metro Holdings Bhd has received a takeover offer from major shareholder Wie Hock Kiong to acquire 278.03 million shares or a 40.01% stake in the group at a price of 19 sen per share or RM52.83 million cash in the event of full acceptance of the offer. The mandatory takeover offer comes after the 62-year-old acquired an 80% stake in Kombinasi Emas Sdn Bhd from his younger brother Wie Hock Beng, who is also the managing director of Pesona Metro, for RM18.09 million. (TheEdge)

Following a strong earnings beat, Leong Hup International Bhd is expected to sustain its recovery momentum going into 4QFY22 while its longer-term prospects have also improved. In its results review, RHB said seasonal demand and lower feed costs should bolster the poultry and egg farmer's prospects in the final quarter of the year. (TheStar)

IJM Corp Bhd’s earnings prospects appear healthy, as the conglomerate remains well-positioned to ride the potential wave of infrastructure project rollouts in Malaysia. With a net cash position estimated at about RM600.5mil, the group’s balance sheet remains strong to take on mega infrastructure projects that may come with private finance initiative or public–private partnership requirements, MIDF Research noted. (TheStar)

Sime Darby Property Bhd’s (SimeProp) strong sales momentum since the start of the year is a key indicator of earnings potential towards the end of the financial year, says group managing director Datuk Azmir Merican. For the final quarter of the year, the property developer is anticipating further launches across residential and industrial segments alongside the return of high-rise residential products in Putra Heights, Selangor, and Taman Melawati, Kuala Lumpur. (TheSatr)

Source: New Straits Times, The Edge Markets, The Star 30 Nov 2022

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