Thong Guan Industries Bhd’s expansion into Europe is set to bode well for the stretch film manufacturer, as the region has been driving its growth over the past six years. It was noted by CGS-CIMB Research that Thong Guan’s exports to Europe increased from RM46mil in financial year 2017 (FY17) to RM148.1mil in FY21, raising the region’s sales contribution from 5.5% in FY17 to 12.2% in FY21. The group found that premium stretch film and blown films generate higher margins, making up most of the company’s exports to Europe in FY22. (TheStar)

Revenue Group Bhd's Danny Leong Kah Chern will be stepping down as group chief executive officer effective May 23, some five months after assuming the position. In a bourse filing on Tuesday (March 21) to announce the resignation, the payment solutions provider said that the board had asked Danny to reconsider his decision. (TheEdge)

S P Setia Bhd has introduced Box 366, a contactless drop box for food deliveries and parcels in its upcoming residential projects to complement the digitalised and home-based lifestyles of its residents, and in line with the prevalent trends of online food ordering and shopping. Box 366 will be installed in more than 1,800 homes within S P Setia’s upcoming projects in the Klang Valley, Penang and Johor, starting with 32 units of semi-detached homes in Setia Mayuri’s Damaran in Semenyih, which is targeted to be launched in the first quarter of 2023. (TheEdge)

LBS Bina Group Bhd officially launched KITA Bestari, a new phase of KITA @ Cybersouth, on Monday (March 20). KITA Bestari comprises three property types — 413 single storey terraced houses, 76 double storey houses and 328 townhouses, with a combined gross development value of RM418 million. The single storey terraced houses, opened for booking two weeks ago, have secured bookings for more than 90% of the units. (TheEdge)

Scientex Bhd has entered into a joint venture (JV) with Indonesia's Mustika Land and Japan's Creed Group, marking its maiden foray into building affordable homes in Indonesia. Scientex said its subsidiary Scientex Quatari Sdn Bhd (STX) had entered into a JV with PT Graha Mustika Tamansari and Creed Property PH-1 Pte Ltd to form a JV company. PT Graha will hold a 60 per cent stake, while STX and Creed Property will own 20 per cent each. (NST)

Hibiscus Petroleum Bhd's strong balance sheet is expected to provide sufficient headroom for the company when good opportunities emerge, especially during a depressed crude oil price environment. Public Investment Bank Bhd (PublicInvest) said as a result of its past diligence in acquisitions, Hibiscus' cash reserves had grown more than 18-fold since 2016 and currently stood at RM532 million. Hibiscus also has US$149 million debt facilities ready to be utilised for capital expenditure (capex) to enhance its production and value accretive acquisitions in the future. (NST)

Tune Protect Group Bhd is expected to recover from a slump with the return of flights translating favourably into earnings, said Kenanga Research. A pick-up was expected as the demand for flights reverts, albeit likely below pre-Covid-19 as reservations could still exist amid the rising cost of flying, the firm added. This is seen from Tune Protect's financial year 2019 (FY19) 9.7 million policies issued via local and regional affiliates against only 4.2 million policies in FY22. (NST)

Furniture maker Poh Huat Resources Holdings Bhd still has the opportunity to expand its market share in North America, as a result of the prolonged trade war between the United States and China, says TA Research. This was despite the demand for furniture from the US market slowing down due to the weak housing market, the research house said in its latest report. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 21 Mar 2023

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