MQ Market Updates - 07 February 2023

MQ Trader

Publish date: Tue, 07 Feb 2023, 05:02 PM

MyEG Services Bhd has clarified that it has not held any meeting with Putrajaya on converging all immigration transactions under the government’s National Integrated Immigration System (NIISe). (TheEdge)

Hartalega Holdings Bhd recorded a net loss of RM31.91 million in the third quarter (Q3) ended December 31, 2022 from a net profit of RM259.06 million last year. This brought Hartalega's nine months profit to RM89.2 million, from RM3.43 billion net profit a year ago, on revenue of RM1.9 billion, which was 72.7 per cent lower than RM6.92 billion in 2021. (NST)

Kerjaya Prospek Group Bhd's wholly owned subsidiary Future Rock Sdn Bhd has secured a RM398mil contract for the construction of a coastal protection structure from Tanjung Pinang Development Sdn Bhd. (TheStar)

LPI Capital Bhd's net profit decreased 19.7 per cent to RM276.61 million in the financial year ended Dec 31, 2022 (FY22) from the RM344.68 million recorded in FY21. Revenue in the same period eased 3.5 per cent to RM1.66 billion from RM1.72 billion. (NST)

Glass mineral wool insulation maker PGF Capital Bhd (PCB) is making stronger strides in expanding to the Oceania region and establishing three new warehouses, which will be fully operational this year. The company have already set up its regional headquarters in Melbourne in the third quarter (Q3) of 2022 and has been in operation for more than three months. (NST)

Sarawak Consolidated Industries Bhd (SCIB) is exploring a collaboration with Bintai Kinden Corp Bhd to establish a strategic alliance for exploring business opportunities, securing new projects and the sharing of profits. (TheStar)

CAB Cakaran Corp Bhd expects a challenging year ahead due to the difficult operating environment due to issues in the supply chain and the sustained increase in the cost of production of broilers. (TheStar)

OM Holdings Ltd(OMH) is positioned to capitalise on the economic recovery in China, according to Kenanga Research. The research firm said that by the end of 2022, OMH had completed two idle ferrosilicons (FeSi) furnaces to manganese alloys (Mn Alloys) and two other idle FeSi furnaces to metallic silicon (MetSi) furnaces. (NST)

UMW Holdings Bhd’s expected strong financial performance in the fourth quarter of 2022 (4Q22) should also be sustained in 2023, given the spill over effects of high backlogs for its automotive segment, while the equipment and manufacturing (including aerospace) segments continue to register recovery. (TheStar)

CGS-CIMB Research expects Fraser and Neave Holdings Bhd (F&N) to post 11.3 per cent year-on-year (YoY) growth in the financial year 2023 (FY23) supported by stronger performance. The research firm noted this should be driven by better topline from Thailand operations as tourists flood in and the baht strengthening against the ringgit (up 0.3 per cent year-to-date). (NST)

The news that Sime Darby Plantation Bhd has been cleared of accusations of using forced labour by US authorities is a definite positive for the plantation group, according to analysts. But the impact on the group's earnings and share price will likely be negligible, they said. (TheEdge)

The rally in ATA IMS Bhd's share price, which more than doubled in the last two weeks, may be due to "optimism about ATA IMS securing a new major customer" that could boost the group's earnings prospects, according to CGS-CIMB Research. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 07 Feb 2023