MQ Market Updates

MQ Market Updates - 08 December 2022

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Publish date: Thu, 08 Dec 2022, 04:47 PM

Wah Seong Corp Bhd's revenue is expected to grow 1.5 times in its financial year 2022 supported by  record high order book, said Public Investment Bank Bid (PublicInvest).  Wah Seong's subsidiary WS Engineering & Fabrication Pte Ltd has been awarded a contract worth US$127.1 million by Yinson Azalea Production Pte Ltd, for the supply of certain floating production storage and offloading (FPSO) topside modules. (NST)

OSK Holdings Bhd's financial years 2022 (FY22) to FY24 core earnings are expected to grow at a compounded annual growth rate (CAGR) of 10.2 per cent, said Hong Leong Investment Bank Bhd (HLIB).  HLIB expects OSK's earnings for FY22, FY23 and FY24 to be at RM379.9 million, RM422.9 million and RM461.2 million respectively. (NST)

Scientex Bhd posted a 4.2% improvement in its net profit to RM107.2mil in the first quarter ended Oct 31, against RM102.9mil in the same period last year. Its revenue for the quarter rose 11% to RM1.03bil from RM928.2mil previously, on healthy contribution from its packaging and property divisions (TheStar)

Sime Darby Motors, the automotive arm of conglomerate Sime Darby Bhd, has earmarked RM500 million to build new showrooms for China's BYD in Malaysia. The planned investment is aimed at establishing a total of 40 showrooms for BYD vehicles in Malaysia by 2024 — with the first showroom slated to be opened by mid December this year at TREC Kuala Lumpur. (TheEdge)

ITMAX Systems Bhd's net profit surged 78.1 per cent in the third quarter (Q3) ended Sept 30, 2022, to RM12.29 million from the RM6.9 million recorded in the same quarter a year ago. Its revenue increased to RM30.78 million from RM21.3 million a year ago. (NST)

Central Global Bhd (CGB) aims to make significant headway into the infrastructure construction sub-sector and the East Malaysia construction industry by undertaking currently secured projects and bidding for new projects from 2023 onward. (NST)

FGV Holdings Bhd, through its logistics arm FGV Transport Services Sdn Bhd (FTSSB), has ventured into the container haulage business by adding 41 units of the new MAN TGS prime movers to its land transport fleet. (NST)

Shares in KNM Group Bhd fell in early trade after the company defaulted three credit facilities totaling RM417.6mil. The PN17 company declined 0.5 sen, or 10% to 4.5 sen at 9.13 am. It is the second most active counter on Bursa Malaysia with 47.62 million shares done. (TheStar)

Sime Darby Plantation Bhd (SDP) has unveiled its net-zero emissions commitment with clear roadmap, aiming to achieve 100 per cent absolute overall emissions reduction in Scope 1 and 2 by 2050 with all unabated Scope 3 emissions balanced by an appropriate amount of carbon removals or offsets. (TheStar)

Gamuda Bhd is eyeing some hydro pump development projects in Australia in a move to diversify its portfolio to become one of the main players in the renewable energy (RE) business. (TheStar)

RHB Retail Research said MR DIY Group Bhd is set to resume its uptrend, as it bounced off the previous breakout level of RM2.05 support yesterday – firming up the “higher low” bullish structure above the 21-day average line. (TheEdge)

Kenanga Research has initiated coverage on Kotra Industries Berhad at RM5.42 with an “Outperform” call and target price (TP) of RM7.00. (TheEdge)

Shares in Dayang Enterprise Holdings Bhd fell 3.73% in early trade on Thursday (Dec 8) after the company reported in a Bursa Malaysia filing on Wednesday that the Employees Provident Fund (EPF) has ceased to be its substantial shareholder less than a month after attaining the status. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 08 Dec 2022

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