MQ Market Updates

MQ Market Updates - 28 December 2022

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Publish date: Wed, 28 Dec 2022, 05:10 PM

Berjaya Corp Bhd’s (BCorp) shares rose in early trade Wednesday on news that is currently contemplating and evaluating a major potential acquisition involving a licensed entity that is governed by Bank Negara Malaysia, under the Financial Services Act 2013. The conglomerate added 0.5 sen, or 1.69% to 30 sen. It is currently the second most active counter on Bursa Malaysia with 37.7 million shares done. Year-to-date, the counter has appreciated some 20%. (TheStar)

Duopharma Biotech Bhd has become the first pharmaceutical company to receive halal certification for an oncology product. In a statement today, the company said the certification was awarded by the Department of Islamic Development Malaysia (JAKIM). The product is currently approved as an adjuvant treatment for postmenopausal women with early breast cancer as well as a first-line treatment for postmenopausal women with advanced breast cancer. (NST)

MyNews Holdings Bhd, which reported a net profit for its fourth quarter ended Oct 31, 2022 (4Q22) against a net loss in the similar period a year ago, is set to see a surge in earnings for the financial year 2023 (FY23). The convenience store operator is expected to turn profitable in FY23 on prudent store expansion, better product mix, food processing centre turnaround and new product launches. (TheStar)

Sunsuria Bhd is colloborating with Colony Space Asia Sdn Bhd, luxury co-working space and serviced office provider to provide co-working and event space at Sunsuria Forum. In a statement, Sunsuria said the collaboration would see a large, comfortable, and conducive co-working space of 11,454 sqft on the 9th floor of Sunsuria Forum. (TheStar)

Cypark Resources Bhd has fixed the issue price of its private placement exercise at 38 sen per share to raise about RM68 million, which is lower than what it had planned earlier. In a filing with Bursa Malaysia on Wednesday (Dec 28), the company said the issue price represents a discount of almost 8% to the volume-weighted average price of the units for the five market days up to and including Dec 27 of 41.27 sen apiece. (TheEdge)

The latest contract win from Siam Commercial Bank Public Co Ltd (SCB) will expand Infomina Bhd's orderbook by 32.2 per cent, from RM401 million as at end-November to RM530 million, CGS-CIMB Research said. The orderbook should keep Infomina busy until financial year 2027, said CGS-CIMB in a report today. The firm said the latest contract value would be recognised over a period of three years on a straight line basis. (NST)

RHB Retail Research said Carimin Petroleum Bhd is set to propel northwards as it broke above the 63 sen resistance yesterday on improved trading volume. In a trading stocks note today, the research house said if the stock manages to stay above that level, the bullish bias above that level may propel the stock higher towards the 70 sen threshold, followed by 75 sen. (TheEdge)

Affin Hwang Capital has tweaked Aeon Credit Service (M) Bhd's financial years 2023 (FY23), 2024 and 2025 earnings by 0.7 per cent, 6 per cent and 5.5 per cent respectively as the firm adjusts the latter's receivables growth to 9.9 per cent for FY23 and raises net credit cost assumptions. Affin Hwang said Aeon Credit's receivables financing and transaction volume in the third quarter (Q3) of FY23 had seen a pullback of 4.0 per cent quarter-on-quarter. (NST)

RHB Retail Research said Solution Group Bhd is set for a technical rebound, as it bounced off the 21-day average line and pushed past the 32.5 sen resistance yesterday on stronger trading volume. In a trading stocks note today, the research house said the bullish bias above that level may bring the stock higher towards the 35.5 sen Dec high, then the next resistance point of 38 sen – the highest level recorded since Nov 7. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 28 Dec 2022

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