MQ Market Updates - 02 March 2023

MQ Trader

Publish date: Thu, 02 Mar 2023, 04:53 PM

EP Manufacturing Bhd (EPMB) posted a net profit of RM2.3 million in the fourth quarter (Q4) ended 31 December 2022 (FY22), a slight decrease from RM2.74 million posted in the same quarter last year. Revenue stood at RM186.7 million from RM126.61 million registered in the same quarter last year. (NST)

PRG Holdings Bhd (PRG) returns to the black with a net profit of RM6.52 million for the fourth quarter (Q4) that ended December 31, 2022 (FY22), from a net loss of RM13.86 million posted in the same quarter last year. Revenue for the quarter was RM113.7 million compared to RM60.59 million posted in Q4 FY21. (NST)

Genetec Technology Bhd is entering an exciting growth phase with the potential deployment of its battery energy storage system (BESS) and growing demand for electric vehicles (EVs). This trend should be supported by the increasing shift towards renewable energy globally. (TheStar)

Aeon Co (M) Bhd is focused on developing its Aeon Living Zone growth strategy as it accelerates its digital integration into existing business models. The retailer said this will ensure customers enjoy a seamless shopping experience, which will help it stay ahead of the curve. (TheStar)

IOI Corp Bhd is expected to record weaker earnings in the coming quarters as its downstream margins normalise, says RHB Research. However, the global integrated and sustainable palm oil player’s valuation remains attractive at 13.2 times financial year 2023 (FY23) price earnings ratio and at the low end of its peer range of 12 times to 17 times, it added. (TheStar)

Shares in Cypark Resources Bhd fell 15 sen or 15.23% to 83.5 sen in active trade on Thursday (March 2) morning. The counter would later pare losses at 11.03am to 86.5 sen, still down 12 sen or 12.18%. It was the most actively traded stock on the bourse with 31.4 million shares traded thus far. (TheEdge)

Sime Darby Bhd's wholly-owned subsidiary Sime Darby Allied Operations Pty Ltd will acquire Onsite Rental Group Ltd, a market-leading provider of business-to-business equipment rental solutions, for A$635mil (RM1.92bil). In a statement, the group said Onsite Rental caters for blue-chip customers across a range of industries in the Australian market including resources, energy, industrial and commercial. (TheStar)

Digital Nasional Bhd (DNB) has spent a total of RM1.89 billion to roll out the 5G network in Malaysia, and has completed 3,906 sites out of the 7,509 sites planned, according to the Ministry of Communications and Digital. The estimated cost of the overall implementation of the 5G network in Malaysia by DNB is RM16.5 billion for a period of 10 years. (TheEdge)

MIDF Research remains bullish on Leong Hup International Bhd's 2023 outlook as it anticipates solid demand for chicken and eggs in its various markets. The research firm said the vertical integration of poultry, eggs, and livestock feed will also offset the downside in 2023. (TheStar)

KPJ Healthcare Bhd plans to divest its Indonesian hospital operations, Rumah Sakit Medika BSD (RSMBSD) as part of its asset rationalisation. The company, through subsidiaries Crossborder Aim (M) Sdn Bhd (CAMSB) and Crossborder Hall (M) Sdn Bhd (CHMSB), entered into a share sale agreement (SSA) with PT Nusautama Medicalindo (PTNM) for the divestment. (NST)

Boustead Holdings Bhd has appointed Datuk Ahmad Nazim Abd Rahman as its new chairman. Group chief executive officer Izaddeen Daud said with Nazim's broad experience in the corporate and financial sectors in major financial centres internationally, the company believed that he would elevate Boustead to a new height. (NST)

All businesses of Telekom Malaysia Bhd (TM) in the country are under a single operating entity named TM Technology Services Sdn Bhd (TM Tech) effective from March 1. The internal reorganisation of TM's business in Malaysia followed the recent approval of various bodies, including the High Court and the Malaysian Communications and Multimedia Commission. (NST)

WCT Holdings Bhd is shifting its strategy in 2023 onwards to target more infrastructure projects over buildings, in line with the foreseeable type of jobs that would be rolled out and also due to the higher margins from such projects. In a report, MIDF Research said it likes WCT’s shift in strategy which favours infrastructure projects, allowing them to tap on the various roads and flood mitigation initiatives that were announced during the tabling of Budget 2023. (TheStar)

Amtel Holdings Bhd’s chief executive officer Datuk Koid Hun Kian will be redesignated as the company’s executive director. His son, Koid Siang Loong, will take over the role of CEO from him. The changes will take effect on May 1, the Main Market-listed company announced to Bursa Malaysia on Thursday (March 2). (TheEdge)

Lembaga Tabung Angkatan Tentera (LTAT) has made a voluntary takeover offer for all shares it does not already own in Boustead Holdings Bhd for 85.5 sen apiece. Based on the number of outstanding shares — 822.51 million, or 40.58% of Boustead — the armed forces pension fund is expected to fork out RM703.25 million for the deal. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 02 Mar 2023