MQ Market Updates - 27 February 2023

MQ Trader

Publish date: Mon, 27 Feb 2023, 05:31 PM

Kerjaya Prospek Group Bhd’s (KPGB) net profit rose 18.7 per cent to RM114.90 million for its financial year ended Dec 31, 2022 (FY2022) from RM96.96 million in the preceding year. Its revenue climbed to RM1.12 billion from RM977.01 million previously, mainly attributed to the improvement in the progress of construction work activities and increased workforce with the inflow of foreign labour. (TheStar)

Public Bank Group Bhd's net profit rose 8.2 per cent to RM6.12 billion in the year ended Dec 31, 2022 (FY22) from RM5.66 billion a year ago after taking into account the one-off impact of prosperity tax. The bank's revenue rose 9.2 per cent to RM21.43 billion from RM19.62 billion in FY21. (NST)

Malayan Flour Mills Bhd (MFM) net profit dropped 16.6 per cent to RM145.05 million in the financial year ended December 31, 2022 (FY22) compared to RM173.91 million the previous year. The company said that in FY22, a write-back on remeasurement of contingent receivables of RM8.8 million was recognised compared to the previous year, whereby RM77.9 million was fair value loss, and profit guarantee payment was paid off the payment of RM15 million was recorded. (NST)

UMW Holdings Bhd (UMWH) posted a revenue of RM4.37 billion for the fourth quarter (Q4) ended 31 December 2022 (FY22), an increase of 20 per cent from FY21, supported by the improved contribution from all three core businesses segments. Net profit for the quarter eased RM105.95 million from RM239.96 registered in the same quarter last year. (NST)

Nestlé (Malaysia) Bhd has inked a memorandum of understanding (MoU) with the South Kelantan Development Authority (KESEDAR) to expand its Nescafe Grown Respectfully programme to Gua Musang, Kelantan. This will be the third state in Malaysia for the Nescafe Grown Respectfully programme, with existing sites in Gerik and Kuala Kangsar, Perak, and Sik, Kedah. (NST)

Malayan Banking Bhd (Maybank) recorded a 5.4% growth in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022), as growth in net interest income and other operating income more than offset headwinds from higher provisions, impairments and overhead expenses. The banking group, largest in Malaysia, declared a second interim cash dividend of 30 sen. (TheEdge)

RHB Bank Bhd recorded a 22% year-on-year increase in net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022), due to the absence of modification loss, as well as significantly lower allowances for credit losses on financial assets. Net profit grew to RM772.11 million or 18.24 sen per share for 4QFY2022, from RM631.16 million or 15.34 sen per share a year earlier, the group told Bursa Malaysia on Monday (Feb 27). (TheEdge)

FGV Holdings Bhd expects to perform satisfactorily in the financial year ending Dec 31, 2023 (FY23) in line with the projected favourable crude palm oil (CPO) price movement. “FGV’s CPO price had reached an average of RM4,832 per metric tonne in FY22 on the back of prolonged Russia-Ukraine conflict and shortage of labour as well as lower palm production and other soft oil supply. (TheStar)

PHARMANIAGA Bhd, whose earnings were boosted by the supply of Sinovac Life Sciences Co Ltd’s Covid-19 vaccines to the government during the pandemic, is now taking a hit because of several hundred million ringgit worth of unsold vaccines sitting in its warehouse. The main generic drug supplier to public hospitals could succumb to a massive impairment that is expected to make a dent in its financials. (TheEdge)

Dutch Lady Milk Industries Bhd emerged as the top loser on Bursa Malaysia, after posting a net loss for the fourth quarter ended Dec 31, 2022 (4QFY2022). At the time of writing on Monday (Feb 27), the counter had given up RM1.02 to RM29.08, from last Friday's close at RM30.10, with 10,100 shares traded. (TheEdge)

OSK Holdings Bhd's net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) rose 23.4% to RM121.32 million, supported by its property and financial services and investment holding divisions. Earnings per share rose to 5.88 sen from 4.77 sen in 4QFY2021, according to a Bursa Malaysia filing on Monday (Feb 27). Revenue rose 5.77% to RM332.71 million from RM314.57 million a year ago. (TheEdge)

Ajinomoto (Malaysia) Bhd gapped down on Monday (Feb 27), with its shares opening 5.26% lower at RM14.40 from their close at RM15.20 last Friday, after third-quarter net profit plummeted by almost 78%. As at 10.35am, the stock was down 96 sen or 6.32% at RM14.24, making it the second-biggest loser on Bursa Malaysia. (TheEdge)

Muhibbah Engineering Bhd's financial year 2022 (FY22) core net loss of RM17.8 million comes in below expectations, said CGS-CIMB Research. The research house said Muhibbah Engineering reported a FY22 core net loss of RM17.8 million after excluding the net gain on derivatives, the net gain on disposal of personal protective equipment (PPE) segment, impairment on financial assets and receivables, impairment on vessels and reversal for foreseeable losses. (NST)

IOI Properties Group Bhd's (IOI Prop) second quarter (Q2) financial year 2023 (FY23) results beat expectations due to the opening of IOI City Mall Phase 2 and the reversal of inventories previously written down, RHB Research said. Further, the bank-backed research house said IOI Prop remains its top pick for the sector as its property investment division will continue to drive earnings in the coming quarters. (NST)

PT Resources Holdings Bhd has inked an agreement to explore a collaboration with Ocean Exchange (Fujian) Foreign Trade Services Co Ltd for the joint development of the Malaysia East Coast International Supply Chain Intelligent Park. In a statement, the trader of frozen seafood products said the project was inspired by the Marche International Cold Logistics and Cross-border E-commerce project in Fujian, China. (TheStar)

Borneo Oil Bhd (BornOil) has posted a sterling set of results for its second quarter (Q2) ended 31 December 2022, with net profit more than doubling and revenue rising across its business units. In an announcement to the stock exchange, BornOil's Q2 net profit came in at RM23.17 million, representing a 126 per cent increase from the RM10.27 million posted in the previous corresponding quarter. (NST)

CGS-CIMB Securities has maintained its “add” rating on Bumi Armada Bhd (BAB) at 59.5 sen with a higher target price (TP) of 69 sen (from 57 sen), and said BAB’s FY2022 core net profit of RM903 million was 14% ahead of the house forecast (in line with the Bloomberg consensus), likely because of good uptime at its floating production storage and offloading (FPSO) vessels. In a note on Monday (Feb 27), the research house said BAB can also look forward to being potentially awarded TotalEnergies’ FPSO Cameia EPCC project sometime this year, as BAB is in pole position to win the contract, citing industry newspaper Upstream. (TheEdge)

Sime Darby Property Bhd has achieved a 100% take-up for its Serasi Residences during its launch weekend. “All 507 units of Tower One were snapped up within minutes upon the official launch through the in-house online booking system (OBS) that provides customers with a holistic and complete end-to-end homebuying ecosystem,” the developer said in a statement. (TheStar)

Hextar Industries Bhd (HIB) anticipates demand for fertilisers to remain healthy in 2023, according to executive director Alex Sham Weng Kong. “With the recent recovery of crude palm oil (CPO) prices back to circa RM4,000 per metric tonne and with the easing of foreign labour issues, we are anticipating that demand for fertilisers will remain healthy in 2023 and we look forward to capitalising on our enlarged operations, network and capacity to meet this demand,” he said in a statement. (TheStar)

Ramssol Group Bhd has appointed Neoh Tze Chien as its group chief marketing officer, effective March 1, 2023. Neoh will lead Ramssol's creative communications team and oversee all marketing activities, including brand management, advertising, and product marketing. (NST)

Source: New Straits Times, The Edge Markets, The Star 27 Feb 2023