MQ Market Updates - 02 December 2022

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Publish date: Fri, 02 Dec 2022, 05:08 PM

Apex Equity Holdings Bhd's share price has leapt over 13% a day after announcing that the Securities Commission Malaysia (SC) initiated legal action against the company in relation to its second-largest shareholder, ACE Group. At 3.19pm on Friday (Dec 2), the counter gained 13 sen or 13.54% to an intra-day high of RM1.09, with just 51,400 shares traded. At RM1.09, the company has a market capitalisation of RM254.14 million. (TheEdge)

K-One Technology Bhd’s share price rose two sen or 15.38% to a high of 15 sen in active trade on Friday (Dec 2) morning. The counter’s share price has been on the uptrend recently, rising as much as 30.43% from Wednesday’s (Nov 30) closing price of 11.5 sen, after the group announced a return to profitability in its latest third quarterly results. (TheEdge)

Public Bank Bhd saw 30 million shares representing 0.15% of its shares traded off-market on Thursday (Dec 1).According to Bloomberg data, the shares were traded in three tranches for a total value of RM132.6 million. (TheEdge)

7-Eleven Malaysia Holdings Bhd's saled should remain on an upwards trajectory in sequential quarters with increased consumer mobility expected in the fourth quarter (Q4) of 2022. Maybank Investment Bank Bhd (Maybank IB) said 7-Eleven's outlook remained positive with continued recovery in its convenience store segment and stable pharmacy store performance. (NST)

Shares of Advance Synergy Bhd, perceived to be linked to Prime Minister Datuk Seri Anwar Ibrahim, jumped in active early trade, despite reporting losses in its latest interim results. The stock rose as much as 12 per cent or two sen to 20 sen in the morning before settling at 19.5 sen at lunch break with more than 190 million shares traded. (NST)

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Harn Len Corp Bhd said the plantation group’s shareholders have given their approval for the eight-for-five bonus issue of 399.24 million shares. A resolution pertaining to the bonus issue, on the basis of eight bonus shares for every five existing shares in the group, was passed by the shareholders by way of poll at an extraordinary general meeting (EGM) held on Friday (Dec 2), said Harn Len in a filing with Bursa Malaysia. (TheEdge)

A merger between financially-troubled Capital A Bhd's aviation companies including AirAsia Malaysia, with AirAsia X Bhd will be the "most logical" step to lift the latter from its financial quagmire, analysts said. The plan would also unlock the intrinsic value of Capital A's non-aviation assets, they added. Capital A. formerly AirAsia Group Bhd, is seeking to merge its airlines with medium and long-haul offshoot AirAsia X in a bid to avert a potential stock market delisting. (NST)

Reservoir Link Energy Bhd says its 51 per cent-owned Founder Energy Sdn Bhd has bagged five solar contracts in October and November. IThe company said the five contracts amounted to RM12.05 million. The contracts primarily involve the development of solar energy-related facilities in Kuala Lumpur, Selangor and Perak where the scope of services is based on Reservoir Link's relevant expertise in the solar renewable segment. (NST)

Bank Islam Malaysia Bhd (BIMB) is optimistic of achieving its return on equity (ROE) target of 10 per cent despite recent setback to operating cost and impairments. Kenanga Research said the bank's nine-month ROE came in at an annualised 7.4 per cent, suggesting its fourth quarter (Q4) performance could be significantly stronger. (NST)

Comintel Corp Bhd is set to resume trade on Bursa Malaysia Securities on Monday (Dec 5) following the upliftment of the trading suspension of the stock. In a statement on Friday (Dec 2), the regulator said with the completion of Comintel's private placement, the company's regularisation plan has been completed. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 02 Dec 2022