MQ Market Updates - 21 December 2022

MQ Trader

Publish date: Wed, 21 Dec 2022, 05:56 PM

NTPM Holdings Bhd's net profit of RM5.3 million in the first half (1H) of FY23, which declined 60 per cent year-on-year (YoY), came below CGS-CIMB Research's expectations. The firm said the results made up 33 per cent and 35 per cent of CGS-CIMB Research and Bloomberg consensus full-year forecasts due mainly to higher operating costs. (NST)

JAKS Resources Bhd dropped to an intraday low of 24 sen on Wednesday (Dec 21) on surging trading volume after announcing a private placement exercise. As at 10.26am, JAKS' share price had fallen three sen or 10.71% to 25 sen, with a market capitalisation of RM513.25 million. The counter has fallen 39% since the beginning of this year. (TheEdge)

Tenaga Nasional Bhd (TNB) has partnered with BELECTRIC GmbH (BELECTRIC) to venture into solar greenfield development in the United Kingdom (UK). TNB subsidiary Vantage RE Ltd (Vantage RE) has signed an engineering, procurement and construction (EPC) contract with BELECTRIC for the construction and commissioning of 102 megawatts (MW) of solar farms in the UK. (NST)

Supercomnet Technologies Bhd has proposed to transfer the listing and quotation of its entire issued share capital and outstanding warrants from the ACE Market to the Main Market of Bursa Malaysia Securities. In a filing with the exchange today, Supercomnet said it had also proposed to adopt a new company constitution to facilitate the implementation of the proposed transfer. (TheStar)

Sersol Bhd's joint venture companies have entered into a memorandum of understanding with Chongqing Beidou Jiean Neo-Energy Technology Ltd to produce and distirbute electric scooters and related accessories and infrastrucure in Malaysia, Thailand and Indonesia. (TheStar)

CTOS Digital Bhd has been included as a constituent of the FTSE4Good Bursa Malaysia (FTSE4GOOD) Index and FTSE4GOOD Bursa Malaysia Syariah (F4GBMS) Index. Executive director and group chief executive officer Erick Hamburger said this inclusion recognises the company's ongoing efforts to operate the business sustainably and ethically. (NST)

Hong Leong Investment Bank (HLIB) Research has downgraded UWC Bhd to "hold" (from "buy") at RM4.19, with a lower target price of RM4 (from RM4.38), after the group’s earnings for the first quarter ended Oct 31, 2022 (1QFY2023) missed expectations. (TheEdge)

RHB Retail Research said Westports Holdings Bhd is likely to continue its uptrend movement as it rebounded from the 21-day average line recently, heading towards the recent high of RM3.64. In a trading stocks note on Wednesday (Dec 21), the research house said if the stock manages to climb above that level — forming a “higher high” bullish pattern — the bullish momentum would propel the stock higher towards RM3.80, followed by the RM4 mark. (TheEdge)

RHB Retail Research said Duopharma Biotech Bhd is poised to resume its uptrend as it bounced off the 21-day simple moving average line and support level, while hitting the RM1.58 immediate resistance on the back of stronger trading volume. In a trading stocks note on Wednesday (Dec 21), the research house said if a breakout above the resistance level happens, renewed momentum would drive the stock higher towards RM1.67, which was Jan 3’s high, followed by the RM1.75 next resistance level. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 21 Dec 2022