MQ Market Updates - 09 May 2023

MQ Trader

Publish date: Tue, 09 May 2023, 05:22 PM

Autocount Dotcom Bhd made its debut on the ACE Market of Bursa Malaysia at RM1.09 a share, representing a 76 sen premium or 230.3% increase over its initial public offering (IPO) price of 33 sen a share. The stock was the most actively traded on the market in the early morning session, with 165 million shares crossing hands as at 9.45 am. (TheStar)

Citaglobal Bhd said its wholly-owned subsidiary Citaglobal Engineering Services Sdn Bhd has secured a RM261mil contract for the Klang Valley Electrified Double Track Phase 2 (KVDT 2) project. In a statement, the group said it received the letter of award from main contractor Dhaya Maju Infrastructure (Asia) Sdn Bhd (DMIA) for the supply, delivery, construction, successful completion and maintenance of bridges, culverts, drainage and fencing works that form part of the KVDT 2 project. (TheStar)

Yee Lee Corp Bhd and Thailand's TCP Group have strengthened their collaboration to boost market share in the energy drinks sector to 60% in five years via a Red Bull brand reinforcement. TCP chief executive officer Saravoot Yoovidhya said Red Bull has a 51.3% market share moving annual target (MAT) within the energy drink category in Malaysia as of March 2023 based on NielsenIQ (NIQ) Retail Index report. (TheEdge)

Hartalega Holdings Bhd is decommissioning its Bestari Jaya production facility, taking off four production plants with 40 production lines from its capacity by year end. The decommissioning exercise, which the group described as a “difficult yet necessary” decision to weather the current tough market landscape, is expected to give rise to an impairment loss of RM347 million for the financial year ended March 31, 2023 (FY2023). (TheEdge)

Pegasus Heights Bhd (PHB) will undertake a capital reduction of RM180mil of its issued share capital, which is lost and unrepresented by available assets. As of May 3, 2023, the total issued share capital of PHB was RM210.18mil, comprising 10.82 million ordinary shares. (TheStar)

Cloudpoint Technology Bhd, scheduled to make its debut on the ACE Market of Bursa Malaysia on May 29, 2023, plans to raise RM40.4mil from its initial public offering (IPO) to fund its expansion plans. The IT solutions provider said at the launch of its IPO prospectus it will utilise the proceeds to scale and accelerate its business in the high-growth areas of cloud and cybersecurity. (TheStar)

ACE Market-bound Edelteq Holdings Bhd has set its initial public offering (IPO) price at 24 sen per share, and will have a market capitalisation of RM127.81 million upon listing, with an enlarged share capital of 532.5 million. The IPO price translates into a price-earnings multiple of 23.53 times based on the group’s audited profit after tax (PAT) of RM5.44 million or 1.02 sen per share for the financial year ended Dec 31, 2022 (FY2022). (TheEdge)

Mi Technovation Bhd shares shed as much as 21 sen or 13.63% to a five-month low of RM1.33 after it reported that its net profit for the first quarter ended March 31, 2023 (1QFY2023) was halved to RM4.6 million. At 10.44am, the counter pared its losses to settle 17 sen or 11.04% lower at RM1.37, for a market capitalisation of RM1.22 billion. (TheEdge)

Maxis Bhd is actively in talks with government agencies and private companies to take new technology and innovations on board for use by various industries' operations. Maxis was developing solutions for all industries including agriculture as well as oil and gas, acting chief enterprise business officer Clair Featherstone said. (NST)

Seal Incorporated Bhd jumped to an intraday high of 47 sen, up over 40%, or 14 sen — the highest level since February 2018 — in the morning trading session on Tuesday (May 9), following news that businessman Aaron Chen Khai Voon is taking up a substantial stake in the company via share placement. As at noon break, trading volume ballooned to 49.69 million, which is nearly 16% of its issued share capital of 311.4 million. The sharp rise in share price added RM35.8 million to its market capitalisation to RM138.6 million. (TheEdge)

Kenanga Investment Bank Bhd (Kenanga IB) has upgraded its rating recommendation on Tenaga Nasional Bhd (Tenaga) to "outperform" from "market perform" as it continues to see value in the utility giant after the recent weakness in its share price. The investment bank has maintained its forecasts on the company and target price of RM10.00 per share as it has taken into account the downtrend in fuel costs. (NST)

HLIB Research has lowered its earnings forecast for Press Metal Aluminium Holdings Bhd, by 5% for the financial year ending Dec 31, 2023 (FY2023), on an expected decline in aluminium prices. In a note on Tuesday (May 9), HLIB Research analyst Jeremie Yap said the projected cut in core net profit for FY2023 to RM1.77 billion is hedged 35% at an assumed aluminium spot price of US$2,350 per tonne, and an average spot price assumption of US$2,400 per tonne for the full year. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 09 May 2023