MQ Market Updates - 18 January 2023

MQ Trader

Publish date: Wed, 18 Jan 2023, 05:25 PM

Infomina Bhd's net profit of RM11.2 million in the first half (1H) of FY23 came within CGS-CIMB Research's expectations, making up 36.3 per cent of its full-year FY23 earnings per share estimates. The firm expects a stronger 2H for the company owing to its typically strong progress billings in 2H of Infomina's financial year and higher orderbook recognition. (NST)

Econframe Bhd today announced the expansion of its product offering and business diversification through two acquisitions – Lee & Yong Aluminium Sdn Bhd (LYASB) and Trans United Sdn Bhd (TUSB). Econframe acquired a 65 per cent equity interest in LYASB, which is principally involved in the fabrication and installation of aluminium glazing, glass products and façade works comprising aluminium windows and glass doors. (NST)

The share price of TT Vision Holdings Bhd skyrocketed to RM1.49 a share at the opening bell, representing an over 300% increase from its initial public offering (IPO) price of 34 sen a share. The manufacturer of machine vision equipment, which raised RM32.3mil from the IPO, made a public issue of 84.5 million new shares and an offer for sale of 10.5 million existing shares to selected investors by way of private placement. (TheStar)

Berjaya Paris Baguette Sdn Bhd, the 50:50 tie up between Berjaya Food Bhd (BFood) and Paris Baguette Singapore PLC, has opened its first store in Malaysia at Pavilion Kuala Lumpur. Malaysia is the fifth market in the region that the South Korean bakery cafe ventured into, according to a joint statement by both parties on Wednesday (Jan 18). (TheEdge)

Main Market-listed technology firm Datasonic Group Bhd has secured a contract, which has an estimated value of close to RM1 billion over 10 years, to provide total turnkey solutions for the land office of a West African nation, according to market sources. “It is a PFI (private finance initiative) project, whereby the African country's government and Datasonic will split the revenue in a ratio. The contract value for Datasonic’s portion is projected to be around RM100 million every year,” a source told The Edge. (TheEdge)

Mah Sing Group Bhd’s latest double-storey terraced house development, Rosalia in M Senyum, Bandar Salak Tinggi, achieved a take-up rate of 88% last weekend (Jan 15). Comprising 139 homes, Rosalia is part of Mah Sing’s 100-acre M Senyum landed residential development. Rosalia offers four-bedroom and three-bathroom homes with built-ups ranging from 1,685 sq ft to 1,761 sq ft and a land size of 20ft by 70ft. With a total gross development value (GDV) of RM95 million, the units are priced from RM560,000. (TheEdge)

Tenaga Nasional Bhd (TNB) will start work on upgrading the 275KV Yong Peng North main intake substation in Johor this year as well as implement various mitigation measures to increase the resilience of the grid system in Peninsular Malaysia. The Energy Commission (EC) in a statement on Tuesday said several short- to long-term measures were being implemented to prevent a recurrence of the electricity supply disruption incident in Peninsular Malaysia on July 27 last year, as a result of tripping at the Yong Peng North main intake substation. (TheEdge)

Bintai Kinden Corporation Bhd has redesignated Ku Chong Hong to group managing director from executive director effective from Jan 18. The mechanical and electrical (M&E) engineering services specialist said Ku was appointed as an executive director on Feb 24 last year. He joined Bintai Kinden as group accountant in June 2019 and was subsequently redesignated head of finance and accounts on Sept 17, 2019 and then chief financial officer on Oct 12, 2020. (NST)

Revenue Group Bhd has initiated legal action against its two largest shareholders — the Ng brothers, Brian and Dino Ng, who co-founded the group — to seek a declaration that the duo had violated listing rules, contravened the Capital Markets And Services Act 2007, and breached their duties as directors of the group. In the suit filed together with its wholly-owned Revenue Harvest Sdn Bhd, the group is also seeking for the ownership transfer of a vehicle with the registration number BPR 3108 from the duo, the payment of RM410,343, and general damages that the court deems fit. (TheEdge)

Kossan Rubber Industries Bhd could be loss making in the first quarter of financial year 2023 (Q1FY23) as utilisation rate remains low at 50 per cent. According to Public Investment Bank Bhd (PublicInvest), Kossan's earnings were expected to narrow in FY23 due to dampening average selling prices (ASPs) and escalating costs. (NST)

Gas Malaysia Bhd is poised to deliver a solid set of results in the fourth quarter (Q4) of 2022 as earnings benefit directly from a 25 per cent sequential increase in the Malaysia Reference Price (MRP). Affin Hwang Capital forecasted the Q4 2022 MRP to come in at RM50.4 per one million British thermal unit (MMBtu) higher than RM34.5/MMBtu in the first half of 2022 (1H22) and RM40.3/MMBtu in Q3 2022. (NST)

Dagang Nexchange Bhd's (DNeX) new contract signings for the development of two oilfield clusters could help to sustain and increase its crude oil productivity, says Hong Leong Investment Bank (HLIB) Research. "We are positive on this development as the group ventures into more options to sustain/increase its crude oil productivity as our research and forecast indicate that the group’s current Anasuria asset’s production would peak in 2026/2027," it said in a report. (TheStar)

Analysts are positive on Dialog Bhd’s recent production sharing contract (PSC) with Petroliam Nasional Bhd (Petronas) and Petroleum Sarawak Bhd where Dialog will take on a 70% participating interest including the operatorship of the Baram Junior Cluster Small Field Asset. The contract life is 14 years — two years of pre-development, two years of development and 10 years of production. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 17 Jan 2023