MQ Market Updates

MQ Market Updates - 13 February 2023

MQ Trader
Publish date: Mon, 13 Feb 2023, 05:21 PM

Malaysia Marine and Heavy Engineering Holdings Bhd's (MHB) wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), have secured an RM1.4 billion contract from Carigali-PTTEPI Operating Company Sdn Bhd (CPOC). The contract is to provide engineering, procurement, construction and installation (EPCI) of five wellhead platforms, five subsea pipelines, and host tie-in works. (NST)

Printed circuit board (PCB) producer GUH Holdings Bhd is expanding into the electric vehicle (EV) business to broaden its revenue base. The group has recently acquired a 70% stake for RM2.1mil in Star Wheels Electronics Sdn Bhd, a company involved in the sales, distribution, manufacturing, assembly and repair of electric scooters, hoverboards and spare parts. (TheStar)

OM Holdings Ltd’s (OMH) ferroalloy smelting plant in Samalaju Industrial Park, Bintulu, will be incorporating higher value-added silicon metal in its production line. The smelting plant under wholly-owned subsidiary OM Materials (Sarawak) Sdn Bhd (OM Sarawak) has successfully modified and converted two ferrosilicon (FeSi) furnaces into metal silicon (MetSi) furnaces to produce silicon metal. (TheStar)

Malaysia Smelting Corp Bhd’s (MSC) shares have had a strong start to the year on optimism that the company’s earnings will improve in tandem with the increase in tin prices. While its share price had eased from the recent high closing price of RM2.27 to close at RM1.97 last Friday, the counter had registered a gain of about 29% year-to-date. (TheStar)

VisDynamics Holdings Bhd emerged on Bursa Malaysia’s top gainers list on Monday (Feb 13), after it proposed a one-for-two bonus issue. At noon break, the automated test equipment manufacturer had climbed 17 sen or 23.13% to a one-year high of 90.5 sen a share, with 15.52 million shares traded thus far. Last Friday, VisDynamics proposed a bonus issue of up to 87.6 million new shares on the basis of one bonus share for every two existing shares. (TheEdge)

Shares in Iris Corp Bhd stumbled in active trade on Monday (Feb 13), after the company said last Friday that it was disposing of 80% equity interest in its wholly-owned subsidiary Iris Information Technology Systems Sdn Bhd (IITS) for RM70 million cash. IITS is the developer of the RM1.13 billion National Integrated Immigration System (NIISe). The purchaser of the 80% stake in IITS is information technology company Tass Tech Technologies Sdn Bhd, which is wholly-owned by Tass Tech (M) Sdn Bhd. (TheEdge)

Solution Group Bhd is ready to conduct the first local fill and finish at the facility located at the Technology Park Malaysia and distribute CanSino Biologics Inc’s single-dose Convidecia to the Asean region. In a joint statement on Monday (Feb 13), the companies said Solution Group unit Solution Biologics Sdn Bhd (SOLBIO) is the local manufacturing partner of CanSinoBIO to develop, manufacture, and commercialise CanSinoBIO’s Covid-19 vaccine in the Asean market. (TheEdge)

The government should take additional steps to increase home ownership by reviving the Home Ownership Campaign, said Mah Sing Group Bhd founder and group managing director Tan Sri Leong Hoy Kum. He also proposed other measures in the revised 2023 Budget including giving a one-off grant of RM30,000 to eligible first-time home buyers and offering fixed rate financing and step-up financing. (NST)

Hong Leong Investment Bank Bhd (HLIB) is pessimistic over Kossan Rubber Industries Bhd's' near-term prospects, plagued by soft average selling prices (ASPs), low utilisation rate and cost pressures. HLIB trimmed its earnings forecast for Kossan for financial years 2022 (FY22), FY23 and FY24 to RM179.3 million, -RM29.4 million and RM150.9 million. (NST)

Source: New Straits Times, The Edge Markets, The Star 13 Feb 2023

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