MQ Market Updates - 29 December 2022

MQ Trader

Publish date: Thu, 29 Dec 2022, 05:04 PM

The contract between Sunway Construction Bhd (SunCon) and Toyo Ventures Holdings Bhd will bring the former's year-to-date job replenishment to RM6.9 billion, Kenanga Research said. This will be higher than Kenanga Research's replenishment assumption for SunCon of RM1.5 billion, while lifting the group's outstanding orderbook to an all-time high of RM10 billion. (NST)

TT Vision Holdings Bhd expects to raise RM28.7 million through its initial public offering (IPO), in conjunction with its listing on the ACE Market of Bursa Malaysia. TT Vision, which is principally involved in the development and manufacturing of machine vision equipment, said the IPO would involve a public issue of 84.5 million new shares at 34 sen each. (NST)

Telekom Malaysia Bhd has clarified that KL Tower is owned by the government, and it operates the property under a concession. It said in a statement that KL Tower's operations and maintenance has been granted under a concession to Telekom subsidiary Menara Kuala Lumpur Sdn Bhd (MKLSB) since 1996. (TheStar)

MIDF Research has downgraded its rating on Tiong Nam Logistics Holdings Bhd to "Sell" and recommended investors to take profit after its recent price rally. It noted that Tiong Nam had seen thinning profit margins due to mounting cost pressures and its net gearing had soared to 1.4 times as at the first half of financial year 2023 (FY23) due to its large-scale expansion. (NST)

HSS Engineers Bhd will continue to thrive under the new unity government as most of its contracts are secured through an open tender and it remains competitive in bidding for new government projects, said Affin Hwang Capital. It noted HSS' remaining order book of RM1.47 billion as at end-third quarter (Q3) of 2022 comprised mostly contracts secured through open tender. (NST)

RHB Retail Research said Bank Islam Malaysia Bhd is set for a technical rebound, as it bounced off the 21-day average line and pushed past the RM2.65 resistance on Wednesday (Dec 28) on stronger trading volume. In a trading stocks note on Thursday, the research house said that bullish bias above that level may bring the stock higher towards the RM2.82, ie June 16’s high, before propelling higher towards the RM3 mark. (TheEdge)

EP Manufacturing Bhd, an automotive parts manufacturer, has secured the exclusive right to assemble and distribute the Lingbao-developed electric cars in the Malaysian and Indonesian markets. The five-year deal also allows EPMB to use its electric vehicle (EV) brand name. (NST)

RHB Retail Research said Axiata Group Bhd is set to propel northwards as it broke above the RM3.05 resistance on Wednesday (Dec 28) on improved trading volume. In a trading stocks note on Thursday, the research house said if the stock manages to stay above that level, the bullish bias above that level may boost the stock further towards the RM3.25 mark, followed by RM3.55. (TheEdge)

Investors snapped up Berjaya Corp Bhd (BCorp) shares yesterday followings news of the group's potential acquisition of a majority stake in a financial services company. BCorp was among Bursa Malaysia's top five active stocks in early trade yesterday as group founder Tan Sri Vincent Tan made a slew of disposals to facilitate the potential acqusition of a 51 per cent stake in a licenced entity governed by Bank Negara Malaysia. (NST)

MARC Ratings has affirmed its rating of AA+ with a stable outlook for Sime Darby Property Bhd’s (SD Property) RM4.5 billion Islamic medium-term notes (IMTN) programme (Sukuk Musharakah). The outstanding under the rated programme stood at RM800 million as of Nov 30, 2022. “SD Property’s continued strong sales track record in its well-established townships and healthy balance sheet characterised by low leverage position remain key rating drivers,” said the rating agency. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 29 Dec 2022