MQ Market Updates

MQ Market Updates - 26 January 2023

MQ Trader
Publish date: Thu, 26 Jan 2023, 05:38 PM

PLS Plantations Bhd has proposed a placement of up to 56.23 million new shares at 95 sen.  The placement, which represents a 9.52 per cent discount over its share price of RM1.05 on Jan 25, attracted well-known names such as Tan Sri Norza Zakaria and Tan Sri Shahril Ridza Ridzuan.  PLS said on Wednesday that the placement shares were to meet its public shareholding spread, and to partially fund its future plantation business expansion in Pahang. (NST)

Berjaya Corp Bhd (BCorp) founder and major shareholder Tan Sri Vincent Tan Chee Yioun has now trimmed his stake in the diversified group to 19.061%. Tan sold two blocks of shares in a direct business transaction on Wednesday (Jan 25). According to BCorp’s filings, he sold 110.08 million shares via Hotel Enterprise Sdn Bhd and another 15.92 million shares through B & B Enterprise Sdn Bhd. (TheEdge)

Sunway Construction Group Bhd (SunCon) presents a safer exposure to future infrastructure project rollouts, backed by strong support from parent-co, said Hong Leong Investment Bank Bhd (HLIB Research). The bank-backed research house said SunCon targets a base case replenishment target of RM2.0 billion in the financial year 2023 (FY23). (NST)

Aurelius Technologies Bhd is expected to post higher revenue in the financial year 2024 (FY24) on the back of higher contributions from its existing and pipeline of new customers as a result of ramping up operations across its existing factories going forward. Mercury Securities Sdn Bhd said Aurelius's results were within expectations, achieving 83.0 per cent and 70.8 per cent of its full-year revenue and profit forecasts for FY23, respectively. (NST)

Uzma Bhd's new contract win from Sarawak Shell Bhd, while a positive development, falls well within its job replenishment targets, said Kenanga Research. The research firm in its company update downgraded the share to "market perform" given the recent strength in Uzma's share price, and maintained its target price at 67 sen. (TheStar)

Axis Real Estate Investment Trust’s (Axis-REIT) near-term positives include its Bukit Raja Distribution Centre 2 in Klang that is on track for completion by end-August. Another positive is the commencement of leasing to Shopee Express from Sept 1, said Maybank Investment Bank (IB) Research. Axis-REIT is also eyeing new asset acquisitions, which are worth RM120mil in total, it added. (TheStar)

Hong Leong Investment Bank (HLIB) Research sees limited downside for Star Media Group Bhd, despite the possible economic slowdown of the media sector in 2023. In a technical tracker note on Thursday (Jan 26), HLIB said it expects the media company's share price to advance further to between 35 sen and 42 sen. (TheEdge)

CGS-CIMB Research expects the Malaysian autos sector to post stronger quarter-on-quarter (QoQ) and year-on-year (YoY) earnings in the fourth quarter (Q4) of the 2022 results season, given a record total industry volume (TIV) delivery. However, the firm said this could be partially offset by higher opex given the depreciation in the ringgit against the US Dollar. (NST)

Source: New Straits Times, The Edge Markets, The Star 26 Jan 2023

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