MQ Market Updates - 17 April 2023

MQ Trader

Publish date: Mon, 17 Apr 2023, 04:52 PM

DXN Holdings Bhd has inked an underwriting agreement with Maybank Investment Bank Bhd, CIMB Investment Bank Bhd and RHB Investment Bank Bhd in conjunction with its initial public offering (IPO). The banks have agreed to underwrite the retail offering of 160 million ordinary shares in DXN, representing 3.2 per cent of its enlarged issued ordinary shares. (NST)

Sime Darby Bhd's unit Sime Darby Motors has entered the Indonesian automotive market via a joint venture (JV) between its subsidiary Sime Singapore Ltd and Galeon Group. Sime Darby, in a statement today, said the JV called PT Performance Motors Indonesia marked SD Motors' first venture in Indonesia. It gives SD Motors an immediate presence in Jakarta and Medan, via two dealerships representing BMW and MINI. (NST)

Tafi Industries Bhd's unit has accepted a contact from Alpha Estate Sdn Bhd for the construction of a single-storey factory, two storeys of office buildings and one electrical substation in Kuala Langat, Selangor. In a filing with Bursa Malaysia, the group said the contract, which was valued at RM9.66mil, was accepted by its subsidiary, TAFI Home & Office Sdn Bhd. The contract period is eight months from April 19, 2023, to Dec 18, 2023. (TheStar)

Malayan Flour Mills Bhd’s (MFM) via its 51%-owned joint-venture (JV) company Dindings Tyson Sdn Bhd (DTSB) has allocated about RM135 million for its poultry integration business. According to its 2022 annual report released on Monday (April 17), DTSB will invest further to meet and support the continued demand for its poultry products in Malaysia. (TheEdge)

Loss-making Salutica Bhd has been issued with an unusual market activity (UMA) query by Bursa Malaysia on the sharp rise in its share price and volume on Monday (April 17). Salutica shares climbed as much as 29 sen or 27% to RM1.38 — the highest since December 2017. (TheEdge)

Shares in Techbond Group Bhd rose 2.56% in late morning trade on Monday (April 17), after Kenanga Investment Bank Research initiated coverage of the stock at 39 sen, with an “outperform” rating and a target price (TP) of 45 sen, based on 13.5 times forecast calendar year 2024 earnings per share of 3.4 sen, in line with international peers in the adhesive sector. At 11.11am, Technbond had gained one sen to 40 sen, with 217,400 shares traded. (TheEdge)

Lembaga Tabung Haji has ceased to be a substantial shareholder of automation manufacturing and technology solutions provider Pentamaster Corp Bhd. Tabung Haji sold 400,000 shares in Pentamaster last Friday (April 14), according to the group in a filing with the local bourse. This trimmed the pilgrim fund’s stake in the group to 4.95%, from 5.02% previously. (TheEdge)

Synergy House Bhd has received the green light from Bursa Securities to list its shares on the ACE Market. The cross-border e-commerce seller and ready-to-assemble furniture exporter said its initial public offering (IPO) will comprise 130 million shares including a public issue of 80 million new shares representing 16% of the enlarged issued share capital. (TheStar)

Tasco Bhd is expected to book record earnings again in the financial year 2023 (FY23) amid overdone concerns on freight rates, said RHB Research. The firm believes Tasco will continue to book record earnings again in FY23, by delivering a fourth quarter (Q4) 2023 bottom line of RM20 million-RM25 million. This will meet RHB Research's estimate, on top of a potential final dividend payout ratio of 30 per cent. (NST)

MIDF Research remains bullish on Sime Darby Plantation Bhd's (SDP) outlook this year due to its fresh fruit bunch (FFB) yield, "fairly prime” oil palm trees’ age profile of 12.1 years and well-integrated operations. It said SDP’s FFB yield "ranks among the top tiers, and the integrated operation of the manufacturing segment would (offset) a decline in the average selling price for crude palm oil (CPO), thus lowering the volatility of earnings.” (TheStar)

Source: New Straits Times, The Edge Markets, The Star 17 Apr 2023