MQ Market Updates

MQ Market Updates - 13 March 2023

MQ Trader
Publish date: Mon, 13 Mar 2023, 05:37 PM

The current lack of a decision on the National Integrated Immigration System (NIISe) project is unlikely to impede MY E.G. Services Bhd's (MyEG) ability to secure another three-year extension for its e-government concession. MIDF Research said this was due to MyEG's impressive track record, adding that a decision on the extension was expected in May. The government reportedly is deliberating on whether to continue or cancel the NIISe project, which has fallen behind schedule. (NST)

Iris Corp Bhd shares faced pressure and were down as much as 13% in morning trade on Monday (March 13), as the government rumoured to have cancelled the RM1 billion National Integrated Immigration System (NIISe) due to slow progression. At 12:03pm, the counter pared losses to trade at 10.5 sen, down one sen or 8.7%, with a market capitalisation of RM342.61 million. (TheEdge)

Sapura Energy Bhd’s trading volume on Monday (March 13) morning swelled five times to 211.81 million shares — five times its 200-day average trading volume of 56.99 million shares — on news that it has found a white knight. The stock rose as much as 33.33% or 1.5 sen to six sen, before paring its gains to five sen at 11.04am, still 11.11% or one sen higher than its closing price of 4.5 sen on Friday. (TheEdge)

UMW group’s sales in February 2023 jumped 44% year-on-year to 34,233 units from 23,853 units a year earlier, as both UMW Toyota Motor (UMWT) and UMW’s associate company, Perodua, fulfilled encouraging outstanding bookings. In a statement on Monday (March 13), the group said UMWT’s sales rose to 9,297 units in February 2023, 45% higher than the 6,432 units delivered in February 2022. (TheEdge)

A Singapore-based Malaysian billionaire and the automotive arm of Sime Darby Bhd are said to be leading the race to become Ferrari's new distributor here after the Italian sports carmaker ends its partnership with Naza Italia Sdn Bhd. The Ipoh-born billionaire Ong Beng Seng had an upper hand over most of a host of other possible suitors given that his company Ital Auto had been the Ferrari importer in Singapore since 2009, sources said. (NST)

RHB Banking Group unveils the green financing scheme for small and medium enterprises (SMEs) with a target of RM1.5 billion in sustainable financing to businesses by 2024. Managing director of group community banking, RHB Banking Group, Jeffrey Ng said in a statement that the group will intensify its efforts in supporting and advancing SMEs to sustainable practices in 2023 through knowledge sharing, advisory as well as its innovative products and services. (TheStar)

Scientex Packaging (Ayer Keroh) Bhd says it is cautiously optimistic it will be able to sustain its performance in the current financial year. This comes as the flexible packaging solutions provider announced a second financial quarter net profit of RM13.38mil, representing an earnings per share of 3.82 sen, which was 14.43% improved over RM11.69mil in the same quarter last year. The group reported revenue of RM198.06mil, up from RM194.47mil in 2QFY22. (TheStar)

Asia-focused telecoms tower firm Edotco Group, its Malaysian parent Axiata Group Bhd and a Japanese backer are in talks with investors for stake sales in a deal that could raise about US$1.2 billion, four sources familiar with the matter said. The move comes as global infrastructure funds are pouring huge sums of money to acquire capital-intensive telecom infrastructure assets in Southeast Asia, seeing strong growth opportunities. (TheEdge)

TRC Synergy Bhd remains upbeat on the Mass Rapid Transit 3 (MRT3) project rollout with a 'worst-case scenario' target of RM600-RM800 million contract wins from the project. In a note, Hong Leong Investment Bank Bhd (HLIB Research) said TRC's current unbilled orderbook stands at RM700 million, translating to 1.2 times the financial year 2022 (FY22) construction revenue. (NST)

Source: New Straits Times, The Edge Markets, The Star 13 Mar 2023

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