MQ Market Updates - 30 January 2023

MQ Trader

Publish date: Mon, 30 Jan 2023, 05:11 PM

PGF Capital Bhd's net profit surged to RM2.03 million in the third quarter (Q3) ended November 30, 2022 (FY23) from RM39,000 recorded in the same quarter a year ago. In Q3, PGF's revenue increased 31.3 per cent to RM17.75 million from RM13.52 million. (NST)

Sunway Real Estate Investment Trust (REIT) net profit surged 213.9 per cent year-on-year (YoY) to RM50.82 million in the fourth quarter (Q4) ended December 31, 2022, from RM16.19 million a year ago, on the back of higher revenue from all segments. The company posted a revenue of RM186.73 million, up 18 per cent YoY from RM157.8 million on the back of improved business performance. (NST)

Hextar Industries Bhd's net profit increased 29.8 per cent in the three months ended November 30, 2022, to RM4.01 million from RM3.09 million in the immediate preceding quarter, mainly due to a better profit margin achieved from the products' sales mix. Revenue in the same period decreased by 6.9 per cent to RM57.16 million from RM61.4 million amid lower deliveries of fertilisers and lower sales from the trading of industrial batteries. (NST)

MIDF Research has downgraded its call on Malaysia Airports Holdings Bhd (MAHB) to "neutral" from "buy", after the airport operator’s shares rallied more than 12% since the announcement of China’s reopening. The research house in a note on Monday (Jan 30) said it downgraded its call to "neutral" as it believes that the positives had been largely priced in. (TheEdge)

Johor Land Bhd (JLand), the property development arm of JLand Group Sdn Bhd, will launch more than 1,000 new property units in Johor this year with a gross development value (GDV) of RM649.6 million. JLand director-in-charge Zamri Yusof said the new properties include 725 units worth more than RM502.8 million in Bandar Dato Onn, Johor Bahru, 188 units valued at RM88.6 million in Bandar Tiram, and 120 units worth RM65.5 million in Taman Mutiara Gading, Batu Pahat. (NST)

EcoFirst Consolidated Bhd's net loss widened to RM4.1 million in the second quarter (Q2) ended November 30, 2022 (FY23) from RM1.89 million in the same quarter last year due to higher finance costs after the end of the moratorium period. The property developer has been loss-making since the first quarter (Q1) of FY22. (NST)

Wellspire Holdings Bhd (WHB) has set plans to grow the market share in Thailand, which will be mainly driven by organic growth and extended distribution reach that is synergistic with the company's current network. Executive director and chief executive officer Mo Guopiao said the company had established a network of indirect distribution channels in the country to distribute snack food products to customers' sales and distribution points. (NST)

Hiap Teck Venture Bhd's (HTVB) performance is anticipated to improve in the second quarter (Q2) of FY23, as lower raw material prices and higher steel product prices will likely mitigate lackluster demand for steel products. Hong Leong Investment Bank Bhd (HLIB Research) said the slowdown in demand has resulted from slower construction activities during the Lunar New Year month and rainy season. (NST)

MyNews Holdings Bhd's (MHB) FY23 outlook is turning positive, but further improvements in its CU convenience-store chain and food production centre (FPC) operations are needed for MHB earnings to recover to pre-pandemic levels. Maybank Investment Bank Bhd (Maybank IB) said MyNews targets to open 50 new stores in FY23, with 80 per cent of new stores earmarked for CU and the remainder for MyNews and MyNews Supervalue stores. (NST)

Ranhill Utilities Bhd's (RUB) 80 per cent-owned water operator subsidiary, Ranhill SAJ Sdn Bhd (RSAJ), recent water tariff hike is timely in easing pressure on earnings caused by higher lease payments and running costs. RHB Research said RSAJ has recently begun implementing the new water tariffs effective January 1 for non-domestic users. The last water tariff hike took place in 2015. (NST)

Axis Real Estate Investment Trust's (REIT) fourth quarter (Q4) FY22 net earnings came slightly below Maybank Investment Bank Bhd's (IB) expectations but within the consensus. The bank-backed research firm said Axis REIT's FY22 net earnings were at 93 per cent and 98 per cent of the firm's and the consensus' full-year forecasts. (NST)

Earlier last week, a minor development took place in the e-know-your-customer (e-KYC) space, but the deal could be laying the foundational blocks for a local player to strengthen itself in this particular sphere. A local private technology player called Innov8tif Holdings Sdn Bhd announced it is in the process of purchasing the full equity stake of Xendity Sdn Bhd (Xendity), a wholly owned subsidiary of listed company Green Packet Bhd, for a cash consideration of RM17.5mil. (TheStar)

Malayan Banking Bhd (Maybank) has introduced a "kill switch” for customers to deactivate their Maybank2u web and the MAE application (app) access should they notice something peculiar or believe that they have been scammed. In a statement today, Maybank said the kill switch is as part of the bank’s online security enhancement and ongoing efforts to combat online scams. (TheStar)

Ahmad Zaki Resources Bhd (AZRB) has confirmed that UEM Edgenta Bhd’s wholly owned Edgenta Propel Bhd (EPB) has formally withdrawn its winding-up petition against AZRB’s unit Ahmad Zaki Sdn Bhd (AZSB). “The company wishes to announce that AZSB has received notification from the petitioner (EPB) that the petition has been struck off with liberty to file afresh,” AZRB said in a bourse filing on Monday (Jan 30). (TheEdge)

Uzma Bhd's recent contract win from Sarawak Shell reaffirms its positive outlook as a key beneficiary of increasing brownfield activities, Public Investment Bank Bhd (PublicInvest) said. Uzma has secured a contract from Sarawak Shell for supplying kinetic hydrate inhibitor, corrosion inhibitor, and associated services for the Shell Timi Field via its 70 per cent-owned subsidiary, Malaysian Energy Chemical & Services Sdn Bbhd (MECAS). (NST)

Petronas Gas Bhd (PetGas) expects the impact of the lower tariffs to be partly mitigated by Tariff C and revenue adjustments, said CGS-CIMB following the group’s briefing on Incentive-Based Regulation (IBR) Regulatory Period 2 (RP2, 2023-2025) tariffs on Jan 27. The research firm noted that the fluctuations in gas prices and foreign exchange (forex) movements will be fully passed through via annual tariff adjustments under RP2. (TheEdge)

The Singapore International Arbitration Centre has ordered the Brunei Economic Development Board (BEDB) to pay TRC Synergy Bhd’s unit 18.67 million Brunei dollars (about RM60.18 million) over a dispute in relation to a contract to modernise the Brunei International Airport Terminal. In a bourse filing on Monday (Jan 30), the construction and property development outfit said BEDB is to pay the company’s wholly owned subsidiary Trans Resources Corp Sdn Bhd (TRC Corp) the sum within 14 days from Jan 16, 2023 ― the date of the tribunal’s order. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 30 Jan 2023