MQ Market Updates - 03 January 2023

MQ Trader

Publish date: Tue, 03 Jan 2023, 05:11 PM

ECA Integrated Solution Bhd is confident of a strong performance in 2023 as it continues to see demand for its automation solutions amid the manpower shortage and rising cost environment. (NST)

Bintai Kinden Corp's 51%-owned sub-subsidiary Bintai Energy Sdn Bhd has been awarded a series of subcontracts by Petro Flanges & Fittings Sdn Bhd (PFF) and various customers recommended by PFF for the supply of high-grade carbon steel/stainless steel piping, valves and piping accessories to various oil and gas businesses. (TheStar)

Hextar Technologies Solutions Bhd (HexTech) has appointed former Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim as its new chairman. HexTech also announced the appointment of Datuk Eddie Ong Choo Meng as group chief executive officer and executive director, and Choo Joon Keong as group deputy CEO and executive director. (NST)

Affin Hwang Capital is terminating coverage on Poh Huat Resources Holdings Bhd with its last call on the stock being a "Hold". This comes with a target price of RM1.45 based on seven times calendar year 2023 book value. "We terminate our coverage on Poh Huat due to reallocation of resources amid a challenging outlook for the furniture sector," Affin Hwang said in a report today. The firm said Poh Huat had recorded stronger financial year 2022 (FY22) results year-on-year (yoy) with both its Malaysia and Vietnam operations having recovered to pre-pandemic levels. (NST)

Mah Sing Group Bhd forecasts a higher sales target of RM2.2 billion for 2023, owing to the recent launches of M-series properties. Founder and group managing director Tan Sri Leong Hoy Kum said that healthy balance sheets support the company's confidence in the M-Series of affordable homes. Mah Sing will also continue to scout for and acquire new lands. Beyond 2023, Leong said the mid-to-long-term outlook remains positive, supported by strong fundamental demand for properties due to the young demography. (NST)

Kejuruteraan Asastera Bhd has secured a letter of award (LOA) from Petronas Gas Bhd's (PetGas) unit Regas Terminal (Lahad Datu) Sdn Bhd for the engineering, procurement, construction, and commissioning (EPCC) of a 52-megawatt (MW) power plant and its associated facilities in Sabah. (TheEdge)

Gamuda Bhd’s unit is acquiring eight parcels of freehold land in Rawang collectively spanning 532 acres for RM360 million. Gamuda said its wholly owned subsidiary Gamuda Land (Botanic) Sdn Bhd is buying these lands from Kundang Properties Sdn Bhd for a mixed development with a gross development value of RM3.3 billion over a 10-year period. (TheEdge)

L&P Global Bhd opened with a 12 sen or 40% premium over its initial public offering (IPO) price on its debut on ACE Market of Bursa Malaysia today. As at 9.50am, the counter had risen 19 sen or 63.33% to 49 sen a share on the back of 154.72 million shares exchanging hands. (TheStar)

RHB Retail Research said MISC Bhd is set to undergo a strong technical rebound after it resumed its uptrend and breached the RM7.40 level on significant trading volume last Friday, forming a fresh “higher high” bullish pattern. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 03 Jan 2023