Loss-making builder Pasukhas Group Bhd shares rose as much as 25% to 2.5 sen each on Thursday morning (Feb 2), after it announced that its unit Pasukhas Sdn Bhd (PSB) had accepted a RM21 million contract from Attractive Venture (JB) Sdn Bhd. The counter was the third most actively traded, with 17.61 million shares done as at the time of writing. (TheEdge)

KNM Group Bhd, which recently defaulted on debts amounting to over RM420 million, is in talks with all its creditors to resolve the settlement of the monies due to them from the monetisation of non-core assets and sale of Borsig GmbH. It said plans will be “accelerated” to monetise the assets under a disposal process based on a non-exclusive deal structure, which will also naturally lead to higher cash values on disposal. (TheEdge)

ACE Market-bound Oppstar Bhd has inked an underwriting agreement with Affin Hwang Investment Bnk Bhd in conjunction with its initial public offering (IPO). The integrated circuit design service provider said its IPO involves a public issue of 165.48 million new shares or 26% of its enlarged issued share capital of 636.2 million shars upon listing. (TheStar)

Dagang NeXchange Bhd's (DNeX) subsidiary Innovation Associates Consulting Sdn Bhd (IAC) has bagged a maintenance contract from the Inland Revenue Board (IRB) worth RM4.05 million. IAC will be responsible for the application and software maintenance of Malaysia Hasil Integrated Taxation Systems (HITS). (NST)

Kerjaya Prospek Group Bhd, via a 49 per cent-owned associated company Kerjaya Bina BMK Sdn Bhd, has bagged a contract from BBCC Development Sdn Bhd worth RM135.4 million. This bolsters the construction outfit's outstanding order book to RM4.3 billion. (NST)

Velesto Energy Bhd announced that its wholly owned subsidiary Velesto Malaysian Ventures Sdn Bhd had received a letter of award from ROC Oil (Sarawak) Sdn Bhd for the provision of jack-up drilling rig services estimated at US$14 million (RM59.29 million). According to a bourse filing on Wednesday (Feb 1), Velesto Malaysian Ventures' wholly owned subsidiary Velesto Drilling Sdn Bhd is estimated to be drilling three firm wells from Jan 25 to Feb 25 this year. (TheEdge)

Reservoir Link Energy Bhd shares advanced by half a sen to 36.5 sen each on Thursday morning (Feb 2), with 340,200 shares traded, after its wholly owned subsidiary Skyline Energy Sdn Bhd entered into a term sheet to acquire a 90% stake in Indonesia’s PT Eco Power Engineering (EPE) for RM12.81 million. EPE is expected to enter into a power purchase agreement with state-owned company PT Perseroan Listrik Negara (PLN) for a 9.6-megawatt mini hydro power plant. (TheEdge)

RHB Research remains positive on Pavilion Real Estate Investment Trust (Pavilion Reit) outlook on the back of strong retail sales momentum. It said Pavilion Reit's fourth quarter (Q4) core profit of RM65 million, which brought financial year 2022 (FY22) earnings to RM246 million, was in line with expectations at 104 per cent and 105 per cent of the firm and consensus' estimates. (NST)

Pestech International Bhd shares plummeted on Thursday (Feb 2) as much as 15.15% in early trade, from their last closing price of 31 sen on Tuesday, after two top executives of the company were charged with misappropriation of funds from its wholly owned subsidiary, Pestech Technology Sdn Bhd. The counter opened at 28 sen, before plummeting by 10% to 25 sen a share as at 9.27am. At the time of writing, its trading volume stood at 13.76 million shares. (TheEdge)

Agmo Holdings Bhd has launched its new electric vehicle (EV) dashboard for charge point operators (CPOs) that is equipped with a suite of intelligence about EV charging stations. Agmo said the EV Dashboard would assist CPOs to plan the installation of their next charging station. (NST)

Asdion Bhd’s independent auditors Messrs CAS Malaysia PLT have issued an unmodified audit opinion with a material uncertainty related to going concern for Asdion’s statements for the financial year ended Sept 30, 2022 (FY2022). Based on the auditors’ report, the group's current liabilities have exceeded its current assets by RM22.79 million. As of Sept 30, 2022, the firm said, the group had suffered an accumulated loss of RM6.09 million. (TheEdge)

CGS-CIMB has raised the target price (TP) of UMW Holdings Bhd to RM4.90 while maintaining an "add" rating on the stock after upgrading its earnings to reflect better sales by the group and its 38%-owned associate company Perusahaan Otomobil Kedua Sdn Bhd (Perodua) for the financial year ended Dec 31, 2022 (FY2022) as well as an improved FY2023 forecast. “Following our earnings upgrade, we keep our ‘add’ rating on the stock with a higher RM4.90 TP, still based on 14 times CY2024F (forecast for calendar year 2024) P/E (price-earnings ratio), in line with target sector P/E. (TheEdge)

CGS-CIMB Research expects Bursa Malaysia Bhd to post a net profit growth of around 5.5% for the financial year ending Dec 31, 2023 (FY2023), from a decline of 36.3% in FY2022. In a note on Thursday (Feb 2), the research house said the forecast is partly due to the absence of the one-off prosperity tax (Cukai Makmur) that was imposed in FY2022. (TheEdge)

Lotte Chemical Bhd (LCT) is unlikely to pay any final dividends for the financial year ended Dec 31, 2022 (FY22), or any dividends for FY2023 after posting its largest full-year loss last year. CGS-CIMB in a note on Thursday maintained its “reduce” call on LCT as it expects average selling prices of naphtha in FY23 to be lower year-on-year due to significant global capacity additions and weak demand. As such, it expects LCT to continue making losses in FY2023. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 02 Feb 2023

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