MQ Market Updates

MQ Market Updates - 03 February 2023

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Publish date: Fri, 03 Feb 2023, 04:58 PM

Ekovest Bhd’s subsidiary, PLS Plantation Bhd, is planning to reduce its oil palm plantation business from 80% currently to just about 15% over the next few years. Ekovest group executive chairman Tan Sri Lim Kang Hoo said for now, most of the company’s revenue was still dominated by oil palm. (TheStar)

UEM Edgenta Bhd via its unit, Edgenta Healthcare Support, is exploring a series of collaborations to strengthen its position in the international healthcare business. The asset management and infrastructure solutions company said it has inked three separate memorandums of business exploration with WAS, First Ambulance Services and Optima Technic to embark on various healthcare projects. (TheStar)

Velesto Energy Bhd's recent US$14 million contract win from Roc Oil (Sarawak) Sdn Bhd is expected to boost its overall blended rig utilisation rate while riding on the increasing daily charter rate (DCRs). Hong Leong Investment Bank Bhd (HLIB Research) said the job is expected to commence in February 2023 for an estimated four months (or 120 days). (NST)

Sime Darby Plantation Bhd said it is optimistic that it will soon be allowed to resume exports to the US, following the US customs statement that its products are no longer being produced through forced labour. On Thursday (Feb 2), the US Customs and Border Protection (CBP) said it had determined that palm oil and manufactured products linked to Sime Darby Plantation are “no longer being produced with the use of forced labour”. (TheEdge)

Press Metal Bhd's fourth quarter (Q4) 2022 topline year-on-year (YoY) growth is expected to moderate to one per cent, given the softer aluminium prices, said RHB Research. However, the research house said Press Metal's Q4 2022 core earnings YoY growth should rise 16 per cent due to easing aluminium price. (NST)

CGS-CIMB Research expects Bursa Malaysia Bhd to post a net profit growth of around 5.5 per cent for the financial year ending Dec 31, 2023 (FY2023), from a decline of 36.3 per cent in FY2022. In a note today, it said the forecast was partly due to the absence of the one-off prosperity tax (Cukai Makmur) that was imposed in FY2022. (NST)

The performance of total logistics solutions provider Tasco Bhd continues to be resilient as freight rates further normalise, analysts said after the group's net profit for the third quarter ended Dec 31, 2022 (3QFY2023) more than doubled to RM20.44 million from RM8.81 million a year ago. Analysts expressed caution for weaker-than-expected volume recovery and higher-than-expected operating costs as inflationary pressures persist, but have confidence in Tasco’s diversified segments. (TheEdge)

ATA IMS Bhd's share price seems to have gained a new lease of life in the recent two weeks. The share price of the loss-making electronics manufacturing services provider, which has fallen out of investors' favour due to the loss of a major client, has more than doubled since mid-January from a low of 19.5 sen to above 45 sen. (TheEdge)

AirAsia Aviation Group’s medium-haul affiliate airline, AirAsia X Bhd (AAX), plans to have seven flights to Busan per week by year-end to strengthen its foothold in South Korea. In a statement today, AirAsia X Malaysia chief executive officer Benyamin Ismail said the carrier, which recommenced its operation in the largest coastal city in the country today, currently operates three direct flights weekly from Kuala Lumpur to Busan. (TheStar)

NCT Alliance Bhd (NCT Alliance) donated RM50,000 to UTAR Education Foundation, to benefit Universiti Tunku Abdul Rahman (UTAR) Hospital in Kampar, Perak. The contribution, which was part of NCT Alliance's Corporate Social Responsibility initiative, is aimed at facilitating the upgrading of the hospitals' facilities and equipment to continue providing Malaysians with quality and affordable medical and health services. (NST)

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

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