MQ Market Updates

MQ Market Updates - 20 March 2023

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Publish date: Mon, 20 Mar 2023, 05:14 PM

Tenaga Nasional Bhd (TNB) and Sunway Group Bhd have signed a memorandum of understanding (MoU) to propel both organisations' environmental, social and governance (ESG) agenda. The MoU will allow the TNB and Sunway to create sustainable business values and collaboration opportunities to promote energy transition solutions, accelerate clean businesses, and develop ESG capabilities. (NST)

KSL Holdings Bhd launched its KSL Esplanade Hotel on Monday (March 20). Strategically situated in Klang, Selangor, the hotel is surrounded by greenery, and has a rooftop bar that offers good views of the city. A mix of contemporary design and sustainable living, the hotel aims to deliver a unique experience for its customers, in a bid to boost tourism through innovative and sustained investment in hospitality, according to the group's press release. Targeting business travellers, leisure guests and locals, the hotel features a rooftop bar, coffee house, fitness centre, an Onsen spa and a variety of event spaces. (TheEdge)

Shin Yang Shipping Corp Bhd (Syscorp) expects cargo volume to be transported by its fleet of 16 container vessels to pick up going forward. Chief operating officer Richard Ling said Syscorp anticipates cargo volume to increase due to higher demand for goods in view of the upcoming Hari Raya Adilfiri and Gawai Dayak festival celebrations in April and June respectively. (TheStar)

Affin Hwang Capital says IOI Properties Group Bhd's sales for financial year 2023 (FY23) are on track to at least match FY22's. Affin Hwang maintained IOI Properties' sales forecasts of RM2 billion in FY23 and RM2.24 billion in FY24. IOI Properties' sales increased three per cent to RM927 million in six months of FY23 from RM896 million generated in six months of FY22, powered by domestic sales which acounted for 86 per cent of the total sales. Affin Hwang said IOI Properties had new launches worth RM1.5 billion in the pipeline. (NST)

RHB Research has named Bermaz Auto Bhd (BAuto) as the outperformer within the automotive industry with an excellent quarter compared to other companies that performed below analyst expectations following the results of fourth quarter year 2022. The research firm has high initial sales estimates for the sector based on a record-breaking total industry volume of  203,758 units (up 10 per cent quarter-on-quarter). (NST)

Source: New Straits Times, The Edge Markets, The Star 20 Mar 2023

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