MQ Market Updates

MQ Market Updates - 28 February 2023

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Publish date: Tue, 28 Feb 2023, 06:06 PM

Datasonic Group Bhd (DGB) posted a net profit of RM16.7 million for the third quarter (Q3) ended 31 December 2022 (FY22), expanding 11.1 per cent from RM1.5 million last year. Revenue surged 128.4 per cent year-on-year (YoY) to RM82.1 million versus RM35.9 million in Q3 FY22. The top and bottom-line growth were attributed to a greater supply of passports, smart cards and personalisation services. (NST)

Kerjaya Prospek Group Bhd’s (KPGB) net profit rose 18.7% to RM114.9mil for its financial year ended Dec 31, 2022 (FY22) from RM96.96mil in the preceding year. Revenue climbed to RM1.12bil from RM977mil previously, mainly attributed to the improvement in the progress of construction work activities and increased workforce with the inflow of foreign workers. (TheStar)

Shares in Pharmaniaga Bhd plunged 50% or 22 sen to 22 sen a share at the opening bell, following news the company had slipped into Practice Note 17 (PN17) status. As at 9.25am, the share was the third most actively traded on Bursa Malaysia with 36.16 million units exchanging hands. (TheStar)

Shares in Velesto Energy Bhd slumped 14.55% in the Tuesday (Feb 28) trade after opening at 23.5 sen per share from their close at 27.5 sen on Monday, as the group posted a net loss of RM26 million for its fourth quarter ended Dec 31, 2022 (4QFY2022). During the morning trading session, it fell by as much as 9.5 sen or 34.55% to a low of 18 sen; however, it pared its losses to only nine sen or 32.73% at 18.5 sen during the noon break. (TheEdge)

FGV Holdings Bhd's net profit of RM1.45 billion for the financial year 2022 (FY22) beat Hong Leong Investment Bank Bhd (HLIB Research) and consensus expectations, accounting for 113.3 per cent and 122.5 per cent of their estimates, respectively. The bank-backed research firm noted that FGV's performance was mainly due to its better-than-expected fresh fruit bunch (FFB) output. (NST)

Alliance Bank Bhd’s net profit in the third quarter ended Dec 31, 2022 (3QFY2023) increased 17.2% to RM177.10 million from RM151.02 million a year earlier, driven by higher net interest income. Revenue increased 3.40% to RM496.54 million, from RM480.18 million a year ago. (TheEdge)

Clean energy expert Solarvest Holdings Bhd (SHB) registered a net profit of RM5.2 million for the third quarter (Q3) ended 31 December 2022 (FY22), compared to the RM2.0 million recorded in the same quarter last year. Revenue rose 114.0 per cent year-on-year (YoY) to RM101.5 million from the RM47.4 million attained in the same quarter last year. (NST)

Techbond Group Bhd (TGB) posted a loss before tax (LBT) of RM1.3 million for the second quarter (Q2) ended 31 December 2022 (FY22) due to an unrealised foreign exchange loss amounting to RM2.9 million, which is a non-cash item that has no impact on the company's cash flow. However, revenue for the quarter increased 10.2 per cent year-on-year (YoY) to RM24.9 million from RM22.6 million achieved in the same quarter last year. (NST)

Maybank Investment Bank (IB) raised its financial year 2023 (FY23)-FY24 earnings estimates for UMW Holdings Bhd (UMWH) by 14 per cent to reflect higher earnings from all divisions. The bank-backed research firm also raised the dividend payout ratio to 40 per cent on the basis of improved financials. UMWH's net profit of RM1.5 million in the fourth quarter (Q4) of 2022 took its FY22 core net profit to RM421 million. (NST)

ATA IMS Bhd's net loss swelled to RM147.41 million in the third quarter ended Dec 31, 2022 (3QFY2023) from RM3.06 million in the immediate preceding quarter. Loss per share widened to 12.25 sen from 0.25 sen in 2QFY2023. This is the group's fourth straight quarterly loss as the termination of  its manufacturing contracts by Dyson continued to weigh on earnings. (TheEdge)

Guan Chong Bhd reported its net profit for the fourth quarter ended Dec 31, 2022 (4QFY2022) slumped 59.4% to RM20.32 million from RM50.1 million in 4QFY2021, impacted by higher interest rates and lower selling prices in the quarter. The world's fourth largest cocoa grinder, however, posted a higher quarterly revenue at RM1.13 billion, up 3.8% versus RM1.09 billion a year prior, backed by a 6.8% increase in sales tonnage year-on-year and higher average selling prices for cocoa powder. (TheEdge)

Amway (Malaysia) Holdings Bhd, whose earnings growth accelerated after price hikes, went up 40 sen to RM5.80 a share in the morning trade on Tuesday (Feb 28). At the noon break, the consumer stock had gained 35 sen to RM5.75, making it the second top gainer in terms of value on Bursa Malaysia. (TheEdge)

Public Bank Bhd, which posted an improved earnings result in its financial year 2022, expects the banking sector to remain supported by the positive growth of the Malaysian economy. Managing director and chief executive officer Tan Sri Tay Ah Lek said consumer and business sentiments will continue to be affected by high inflationary pressure and softening global growth. (TheStar)

SP Setia Bhd exceeded its sales target to achieve a new milestone with RM4.11bil in registered sales in FY22. Of the total sales, local projects contributed RM3.58bil or about 87% while international projects contributed RM525mil or about 13%. (TheStar)

Tenaga Nasional Bhd (TNB) foresees a reasonable performance for 2023 and will continue to remain cautious amid the challenges ahead, including high fuel prices and inflation. As the group pursues its growth strategy, TNB said in a filing with Bursa Malaysia that it will continue to take prudent measures in terms of operational and financial requirements to ensure it remains resilient. (TheStar)

Yinson Holdings Bhd has inked a firm contract with Eni Angola SpA, a wholly owned subsidiary of Azule Energy, to supply a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola (FPSO Agogo). In a statement on Tuesday (Feb 28), the company said its unit Yinson Production (YP) had signed the deal with Azule, which is Angola’s largest independent oil and gas producer as well as a 50:50 joint venture between BP plc and Eni SpA. (TheEdge)

Malayan United Industries Bhd's (MUI) wholly owned subsidiary Oriental Omega Sdn Bhd had on Monday (Feb 27) disposed of its 33.5 million shares or a 4.34% stake in confectionery and cocoa-based biscuits maker Pan Malaysia Corp Bhd (PMC) to Fortress Opportunistic Growth Fund (FOGF) and Fortress Capital Asset Management (M) Sdn Bhd (FCAM) for RM6.03 million cash. This leaves MUI and its subsidiaries with 394.65 million or 51.15% equity interest in PMC after the disposal. Of this, Oriental Omega owns a direct 2.61 million shares or a 0.34% shareholding in PMC. (TheEdge)

Affin Bank Bhd remains cautiously optimistic about its prospects for this year, as the reopening of the economy has spurred domestic demand and resulted in an improvement in the local labour market. In a filing with Bursa Malaysia, the bank said this is expected to remain the key driver for growth in 2023. (TheStar)

Cahya Mata Sarawak Bhd is upbeat about securing some potential opportunities from development works in Sarawak. The company said it should benefit from the strong economy in Sarawak as infrastructure and rural development activities continue to remain active. (TheEdge)

Off the back of a strong set of earnings, T7 Global Bhd is confident about its future prospects given the improvement in the oil and gas and aviation industries. "We have an established presence in the energy sector and we will continue offering innovative solutions to our customers while continuously aligning our activities in accordance with the ESG framework," it said in a statement. (TheStar)

Mah Sing Group Bhd set a higher minimum sales target of RM2.2bil for 2023 after achieving total sales of RM2.12bil in 2022. The property developer said the 2022 sales figures was a 32.2% improvement over sales in 2021 and its highest tally since 2016. (TheStar)

ITMAX Systems Bhd is cautiously optimistic that its future prospects remain favourable. “As borders reopened and restrictions lifted, the group is looking to continue its growth by expanding its service offerings and expanding into other geographical territories and segments. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 28 Feb 2023

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