MQ Market Updates

MQ Market Updates - 23 December 2022

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Publish date: Fri, 23 Dec 2022, 05:29 PM

Apollo Food Holdings Bhd has emerged as the top gainer early on Friday (Dec 23), after the confectionery maker posted a strong quarterly net profit for the second quarter ended Oct 31, 2022 (2QFY2023), boosted by strong sales and low base effect. Apollo’s share price increased 26 sen or 7.14% to a high of RM3.90, from the previous day's close of RM3.64. (TheEdge)

Sime Darby Bhd's automotive arm has secured over 1,000 orders for its BYD electric vehicle (EV) in the first two weeks of its launch. Sime Darby Motors managing director of retail and distribution Jeffrey Gan said the positive response was highly encouraging with interest from across consumer segments. (NST)

Industronics Bhd has been shortlisted for the Kedah Aerotropolis development project (Kedah Airport project) together with its partners Bluemount Financial Group Ltd and China Investment Corp (CIC). CIC is the Chinese sovereign wealth fund with total asset under management having reached US$1.35 trillion as at end-2021. (NST)

Sarawak Cable Bhd has appointed Baker Tilly Monteiro Heng PLT (Baker Tilly Malaysia) as its auditor until the conclusion of its next annual general meeting (AGM). Baker Tilly Malaysia replaces Ernst & Young PLT (EY), who retired at the conclusion of Sarawak Cable's 24th AGM on Thursday (Dec 22), Sarawak Cable said in a Bursa Malaysia filing. (TheEdge)

Samaiden Group Bhd’s wholly-owned subsidiary, Samaiden Capital Management Sdn Bhd’s first solar investment project at Sunway Nexis has commenced operation today. In a statement, the clean energy solution specialist said it would operate and maintain the rooftop solar photovoltaic (PV) system with an installed capacity of 531 kilowatt-peak (kWp) for a duration of 20 years. (TheStar)

MISC Bhd's operating cash flow is expected to be largely flat until Mero-3 comes on stream in 2025, Affin Hwang Capital said. The firm said from its recent meeting with the newly-appointed president and group chief executive officer Captain Rajalingam Subramaniam, the US$2 billion Mero-3 floating production storage and offloading was on track to sail away according to the new timeline agreed for May 2024. (NST)

MyNews Holdings Bhd is expected to turn around in financial year 2023 (FY23) on improved store productivity as it continues to bolster its product mix and reduce wastage rate, CGS-CIMB Research said. This will also be supported by higher footfall due to border reopenings and longer operating hours. (NST)

Gamuda Bhd’s latest A$1.029bil (RM3.03bil) contract win is expected to improve its outstanding order book to a new record high of RM16bil. “We are positive on the new job win that has boosted its year-to-date job replenishment to RM2.5bil or 16% of our financial year ending July 31, 2023 (FY23F) order book replenishment of RM15.5b, and its outstanding order book by 8% to a record RM16bil,” Kenanga Research said. (TheStar)

RHB Retail Research said Notion Vtec Bhd is set to reclaim its recent high, as it bounced off the previous breakout level of 34.5 sen (currently the immediate support) on improved trading volume. In a trading stocks note on Friday (Dec 23), the research house said that as the “higher high” and “higher low” bullish patterns firm up, the bulls are likely to drive the stock up towards the recent high of 38.5 sen, and then the 40 sen mark. (TheEdge)

RHB Retail Research said SKP Resources Bhd is set to climb higher as it broke above the RM1.71 previous resistance level on Thursday (Dec 22) on stronger trading volume — forming a “higher high” bullish pattern with a “White Marubozu” bullish candlestick. In a trading stocks note on Friday, the research house said the renewed bullish momentum above this level should drive the stock towards RM1.82, which was Sept 22’s high, followed by the next resistance level of RM1.95. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 23 Dec 2022

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