MQ Market Updates - 22 December 2022

MQ Trader

Publish date: Thu, 22 Dec 2022, 05:23 PM

Aeon Credit Service (M) Bhd's nine-month (9M) FY23 net profit of RM317 million beats RHB Research and street forecasts. The bank-backed research firm said the 9M FY23 net profit came in at 84 per cent of its full-year estimate. Net interest income grew a small three per cent year-on-year (YoY), while non-interest income added 24 per cent YoY on the back of stronger contributions from all revenue segments other than small and medium enterprise (SME) financing. (NST)

Gamuda Bhd's joint venture with John Holland Pty Ltd has received the contract for the M1 Motorway extension to Raymond Terrace: Black Hill to Tomago Works. In a statement today, the construction group said the JV received the award today from Transport for New South Wales, the procurement entity for the New South Wales government in Australia. (TheStar)

GDB Holdings Bhd has secured a RM247 million design-and-build contract to construct a logistic hub in the Bandar Bukit Raja 2 Industrial Park in Klang. In a statement on Thursday (Dec 22), the company said its unit Grand Dynamic Builders Sdn Bhd (GDBSB) had accepted a letter of award dated Dec 19 from SDPLOG 1 (Industrial Asset I) Sdn Bhd, a wholly owned subsidiary of SDPLOG 1 (MY Holdings) Sdn Bhd and established under the Sime Darby Property - LOGOS Property Industrial Development Fund 1 LP. (TheEdge)

Reneuco Bhd's (formerly known as KPower Bhd) share price rose as much as 25.5% to 33 sen, a day after it won a tender to develop an independent power producer project for the East Coast Rail Link (ECRL) network. In a filing with Bursa Malaysia on Wednesday (Dec 21), Reneuco said it had entered into a 50:50 joint venture consortium with Citaglobal Bhd (formerly known as WZ Satu Bhd) for the job. (TheEdge)

Beshom Holdings Bhd is expected to post stronger earnings in the second half (2H) FY23 on increased contributions from its retail and wholesale segments due to major festive sales and higher footfall, CGS-CIMB Research said. The research firm said this is despite the tepid earnings outlook for the multi-level marketing (MLM) segment, given its members' weaker consumer discretionary spending power amid high inflationary pressures and rising interest rates. (NST)

NTPM Holdings Bhd is expected to book sequentially higher earnings, potentially leading to a core net profit in the third quarter of financial year 2023 (3Q23), says CGS-CIMB Research. The consumer goods and paper manufacturer is likely to benefit from higher average selling prices (ASPs) and tapering input costs, mainly for pulp, wastepaper and freight as well as a stronger ringgit, the research house said in its latest report. (TheStar)

RHB Retail Research said Shin Yang Shipping Corp Bhd is set to reclaim its 3-week high, as it inched upwards above the 80 sen immediate resistance level yesterday – printing a “higher high” bullish structure on stronger trading volume. (TheEdge)

UWC Bhd’s weaker-than-expected start to its new financial year has somewhat dampened sentiment towards the company. This is evidenced by Hong Leong Investment Bank (HLIB) Research’s move to downgrade its rating for the integrated engineering support services provider. (TheStar)

RHB Retail Research said Eco World Development Group Bhd is set to rebound from its recent pullback after bouncing off the 21-day average line to surpass the 67 sen immediate resistance level. In a trading stocks note today, the research house said the renewed bullish momentum above this level should drive the stock towards RM1.67, which was Jan 3’s high, followed by the recent high of 70.5 sen, and then the next resistance level at 74 sen (June 1’s high). (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 22 Dec 2022