MQ Market Updates - 14 December 2022

MQ Trader

Publish date: Wed, 14 Dec 2022, 04:53 PM

The passing of Tan Sri Teh Hong Piow is a huge loss for Public Bank Bhd but analysts do not expect this to materially affect the bank's outlook and strategic direction. However, there would be an imminent change in Public Bank's shareholding structure, they said. (NST)

Top Glove Corp Bhd's posted a net loss of RM168.24 million in the first quarter (Q1) ended November 30, 2022 from a net profit of RM185.72 million a year ago. Top Glove's revenue stood at RM633 million, down from RM1.61 billion a year ago while sales volume (quantity sold) eased about 48 per cent year-on-year as it continued to be affected by persistent headwinds. (NST)

Genting Malaysia Bhd (GenM) has a few positive things going on that will make financial year 2023 (FY23) exciting for the gaming and resort operator. They include the reopening of the remaining hotel room inventory in Resorts World Genting (RWG) in Genting Highlands, SkyWorld ride capacity increase and extended operating hours as well as a seasonally stronger Chinese New Year period. (TheStar)

Capital A Bhd's logistics venture Teleport has raised new growth capital of US$50 million (RM220 million) from large institutional credit investors to extend its cross-border delivery capabilities in all key Southeast Asian markets. (TheEdge)

Telekom Malaysia Bhd announced an internal reorganisation which involves the transfer of its business in Malaysia to a single operating entity named TM Technology Services Sdn Bhd (TM Tech). The internal reorganisation is anticipated to be completed by December 31, 2023. (NST)

Hong Leong Investment Bank Bhd (HLIB Research) expects Gamuda Bhd to see order book growth underpinned by opportunities in Australia and selective opportunities domestically. "Our earnings forecasts suggest a slight dip in FY23 before rebounding in FY24-25 driven by the ramp-up of its RM15.3 billion orderbook and recognition of record high unbilled sales of RM6.2 billion. (NST)

Demand for private healthcare services locally and globally is expected to bode well for Malaysia's healthcare sector. CGS-CIMB Research said IHH Healthcare Bhd and KPJ Healthcare Bhd's earnings per share (EPS) are expected to grow 19 per cent and 13 per cent, respectively, for the financial year 2023 (FY23). (NST)

Advancecon Holdings Bhd’s wholly-owned subsidiary Advancecon Infra Sdn Bhd (AISB) has secured a sub-contract work worth RM86.75mil from KEB Builders Sdn Bhd. In a filing with Bursa Malaysia, Advancecon said AISB has been appointed as a sub-contractor for the preliminaries, site clearance and earthworks, geotechnical works, erosion sediment and control plan of Section 7 Part 2 of 2 (TheStar)

Pharmaniaga LifeScience Sdn Bhd, the wholly-owned subsidiary of Pharmaniaga Bhd, has entered into a research collaboration agreement with BioNet-Asia Co Ltd, a Thai-French biotech vaccine company, for the development of a hexavalent vaccine. (TheStar)

ITMAX System Bhd is optimistic about its prospects for next year and beyond, underpinned by its sizeable order book worth about RM598.2mil, which will keep it busy until end-2029. (TheStar)

SNS Network Technology Bhd is positive about the outlook of the information and communications technology (ICT) industry due to growth in demand for ICT-related products. (TheStar)

RHB Retail Research said VS Industry Bhd is poised to resume its uptrend as it climbed higher and eyed the immediate resistance point of 95 sen on Tuesday. (TheEdge)

RHB Retail Research said Genetec Technology Bhd is set to rebound higher, as it bounced off the 21-day simple moving average line and reclaimed the territory above the RM2.69 previous breakout level on Tuesday. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 14 Dec 2022