Telekom Malaysia Bhd (TM) will focus on greater efficiency and productivity in anticipation of a challenging 2023 due to a global economic slowdown and the likelihood of a higher cost of doing business. Chairman Tan Sri Mohammed Azlan Hashim said the group was cognisant of the need for continuous innovation in order to remain competitive in the face of these challenges. (TheStar)

The trading stock of Star Media Group Bhd surged as much as 24.5% in early morning trade to 63.5 sen a share following reports that Tan Sri Tong Kooi Ong, owner of The Edge Communications Sdn Bhd, had emerged as a substantial shareholder in the company. At the opening bell, shares in Star Media rose 4.9% to 53.5 sen a share, and took flight in active trading thereafter. (TheStar)

Asia Digital Engineering (ADE), the engineering and maintenance subsidiary of Capital A Bhd, has secured an investment of US$100 million (RM446 million) to expand its maintenance, repair and overhaul (MRO) business. The funds were secured from investment firm OCP Asia Ltd. (TheEdge)

Property development and management company Menang Corp (M) Bhd was issued an unusual market activity (UMA) query by Bursa Malaysia on Wednesday (April 26) due to a sharp rise in its share price and trading volume recently. The counter opened at 88.5 sen on Wednesday, and surged as much as 3.4% to hit an intraday high of 91.5 sen — exceeding its one-year range and the highest in over 20 years. (TheEdge)

Ranhill Utilities Bhd rose over 9% to a 17-month high of 64 sen during Wednesday’s (April 26) morning trade session, after its subsidiary secured a US$50 million (RM210 million) job for detailed engineering design works for compression complexes in a Qatari gas field. At 10.52am, Ranhill’s share price pared some gain to 63.5 sen, still up five sen or 8.55%. The counter saw 7.94 million shares traded. (TheEdge)

Nestle (Malaysia) Bhd's first quarter (Q1) ended March 31, 2023 (FY23) results came within Hong Leong Investment Bank Bhd's (HLIB Research) and consensus expectations, making up 27 per cent and 28 per cent of the full-year forecasts, respectively. The investment bank said Nestle's Q1 FY23 registered satisfactory results with a top line of RM1.8 billion, an increase of 12 per cent quarter-on-quarter (QoQ) and nine per cent year-on-year (YoY), which translated to profit after tax of RM197.1 million, an increase of 37 per cent QoQ and a decline of five per cent YoY. (NST)

Hong Leong Investment Bank (HLIB) Research expects the impact to Petronas Chemicals Group Bhd's production volume to be marginal following its divestment of a quarter stake in PETRONAS Chemicals Fertiliser Sabah. HLIB, which is neutral on the sale announcement, said the group's F&M segment's production capacity will be reduced by 6.3% while its total group production will contract 3.2%. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 26 Apr 2023

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