MQ Market Updates - 23 February 2023

MQ Trader

Publish date: Thu, 23 Feb 2023, 05:13 PM

Techbond Group Bhd (TGB) obtained shareholders for acquiring the entire equity interest in Malayan Adhesives And Chemicals Sdn Bhd (MAC) for RM57.25 million at the extraordinary general meeting held yesterday. TGB is acquiring approximately 99.57 per cent equity interest in MAC from Chemquest Sdn Bhd (CQ) for RM57.00 million. (NST)

Gamuda Bhd opened flat on Thursday but took off shortly after, following news that the construction group had acquired Downer Group's Australian transport projects business. (TheStar)

Maxis Bhd's net profit fell 16.96% to RM240 million for the fourth quarter ended Dec 31, 2022 (4QFY2022), from RM289 million a year ago, due to the one-off prosperity tax known as Cukai Makmur, which increased the corporate tax rate to 33%. (TheEdge)

AMMB Holdings Bhd (AmBank) CEO Datuk Sulaiman Mohd Tahir is optimistic over the outlook of the banking sector in 2023 as it rides on the recovery of the local economy.(TheStar)

Nestlé (Malaysia) Bhd is buying a 100 per cent stake in Wyeth Nutrition (Malaysia) Sdn Bhd for RM165 million. Nestle Malaysia, in a statement, said its wholly-owned Nestlé Products Sdn Bhd had entered into a conditional share purchase agreement with Wyeth (Hong Kong) Holding Co Ltd for the proposed acquisition of 1.97 million shares in Wyeth Malaysia. (NST)

Axiata Group Bhd is placing the emphasis on operational resilience and sound business fundamentals as it accelerates its pace towards achieving technology company (TechCo) status. (TheStar)

MIDF Research is upbeat about Aeon Co.(M) Bhd's financial year 2023 outlook underpinned by its initiative in expanding various in-house private brand and labels at a competitive price. (NST)

CGS-CIMB Securities Sdn Bhd has maintained its “reduce” rating on MSM Malaysia Holdings Bhd at 82.5 sen with an unchanged target price of 57.5 sen, and said MSM’s FY2022 core net loss of RM198 million was a beat on lower refining costs. (TheEdge)

Dagang NeXchange Bhd (DNeX) had its shares jump 9.68% to 68 sen on the Thursday (Feb 23) morning trade in Bursa Malaysia, settling at 65 sen at 9:48am. (TheEdge)

PETRONAS Chemicals Bhd (PetChem) expects a challenging first half in 2023 as the group continues to face slow demand and higher costs due to inflation. (TheStar)

Sime Darby Bhd is taking a bullish view of the mining and construction industries in Australia as exports of Australian coal to China are set to resume. (TheStar)

Unisem (M) Bhd expects the performance of the group to be satisfactory for the financial year ending Dec 31, 2023 (FY23). (TheStar)

IHH Healthcare Bhd has appointed group chief operating officer (COO) Joe Sim to take over Dr Kelvin Loh’s managing director and chief executive officer (CEO) duties after the latter stepped down yesterday. (TheStar)

Mi Technovation Bhd opened slightly higher at RM1.62 on Thursday morning (Feb 23), before climbing 17.5% to RM1.88 per share as at 11.15am (TheEdge)

Apex Healthcare Bhd emerged as the top gainer on Bursa Malaysia in morning trade on Thursday (Feb 23), rising by as much as 37 sen or 10.91% to a 28-month high of RM3.76. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 23 Feb 2023