MQ Market Updates - 21 February 2023

MQ Trader

Publish date: Tue, 21 Feb 2023, 05:19 PM

Nestle (Malaysia) Bhd recorded a higher net profit of RM620.33 million for its financial year ended December 31, 2022 (FY22), up 8.9 per cent from RM569.81 million in FY21. The company said stronger sales, multiple cost-saving initiatives and reduced Covid-19 expenses helped mitigate the impact of higher commodity prices, unfavourable exchange rates and the prosperity tax on its earnings. (NST)

Lii Hen Industries Bhd’s net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) increased 33.7% to RM16.87 million from RM12.62 million a year earlier on the back of lower raw materials and other operating costs, and stronger US dollar. (TheEdge)

MBM Resources Bhd will continue to mitigate rising operating costs through improvements in process efficiency and productivity. Despite the more challenging environment, the group remains cautiously optimistic on the outlook for 2023. (TheStar)

Hup Seng Industries Bhd's wholly owned subsidiary Hup Seng Perusahaan Makanan (M) Sdn Bhd (HSPM) has proposed to acquire a new production line from GEA Imaforni S.p.A for RM11.71mil. (TheStar)

YNH Property Bhd has condemned actions by certain individuals allegedly spreading fake news containing serious allegations, accusations and inferences against the company as well as its directors, management and shareholders. (NST)

MMAG Holdings Bhd has suspended M Jets International Sdn Bhd (MJets) directors, M. Gunasekar and Philip Phang Kin Ming from their executive functions with immediate effect, pending the outcome of investigations by the Malaysian Anti-Corruption Commission (MACC). (TheStar)

Bursa Malaysia has issued an unusual market activity (UMA) to Nextgreen Global Bhd due to the sharp rise in its price and trading volume recently.

Shareholders of highway concessionaire WCE Holdings Bhd have approved the proposed disposal of its entire 40% equity interest in Radiant Pillar Sdn Bhd (RPSB) to IJM Properties Sdn Bhd, for RM494 million cash. (TheEdge)

Matrix Concepts Holdings Bhd can maintain its sales momentum with overall take up rate at 90.2 per cent, Public Investment Bank Bhd (PublicInvest) said. PublicInvest said Matrix Concepts owned a 873.31 hectares of landbank with an estimated gross development value (GDV) in excess of RM15 billion. (NST)

MCT Bhd is acquiring a 1.57-acre freehold plot of residential land at Seputeh, Kuala Lumpur, for RM58mil. In a statement yesterday, MCT said it had entered into an agreement with HPC Development Sdn Bhd for the acquisition, marking the group’s first land deal of 2023. (TheStar)

Solar photovoltaic facilities provider Sunview Group Bhd and three other companies are jointly acquiring a firm engaged in the operation of generation facilities that produce electricity. (TheEdge)

Pos Malaysia Bhd remains cautiously optimistic that the group will deliver improved results in 2023. (TheStar)

RHB Research Bhd has raised its 2023 and 2024 earnings forecasts for KPJ Healthcare Bhd by 43 per cent and 49 per cent respectively to account for organic patient growh and improvements in operating efficiency. The firm said Damansara Specialist Hospital 2 (DSH2) was said to have incurred a net loss of RM25 million in the fourth quarter (Q4) of 22, and RM61 million net loss as at December 2022 after making its debut in September 2022. (NST)

Dagang Nexchange Bhd (DNeX) has inked an agreement with Mimos Bhd to explore opportunities to leverage government strategic projects and initiatives towards technological and digital development. (TheStar)

Printed circuit board (PCB) maker GUH Holdings Bhd has proposed a bonus issue of 140.14 warrants on the basis of one warrant for every two shares held. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 21 Feb 2023