MQ Market Updates - 22 May 2023

MQ Trader

Publish date: Mon, 22 May 2023, 05:34 PM

Petronas Gas Bhd's (PGB) net profit for the first quarter ended March 31, 2023 (1Q 2023) rose to RM424.18 million from RM410.58 million posted in the same quarter last year due to lower tax expenses.Revenue jumped 14.9 per cent to RM1.67 billion from RM1.46 billion previously, mainly contributed by higher revenue from the Utilities segment in line with higher product prices. (NST)

Borneo Oil Bhd (BornOil), a leading conglomerate in East Malaysia, continues to support local businesses and generate employment opportunities, even in the most remote areas of Borneo.The company has affirmed its commitment to community well-being in assisting the Bario rice communities in Sarawak. (NST)

GLOBAL health-oriented and wellness direct selling company DXN Holdings Bhd has been relisted on Bursa Malaysia’s main market on May 19, 2023 – on the heels of its recent announcement of profit after tax (PAT) of RM289.3mil for the financial year 2023 (FY23).Having posted a 17.9% higher PAT over the previous financial year, while revenue jumped 28.8% to RM1.6bil in the same period, DXN Holdings Bhd founder and executive chairman Datuk Lim Siow Jin said this growth would continue to be driven by the expansion of its geographical market reach and the introduction of new products. (TheEdge)

Yinson Holdings Bhd has appointed Fariza Ali @ Taib as a non-independent non-executive director, effective May 31, 2023.Fariza is the head of the real estate investment market department at the Employees Provident Fund (EPF), where she oversees both global and domestic real estate portfolios. (TheStar)

BP Healthcare Group, founded by Datuk Beh Chun Chuan, said the group has expressed its interest in financially troubled Pharmaniaga Bhd.In an email reply, Beh said BP Healthcare has “registered our interest”, when The Edge asked if the company has put in a proposal in a bid to turn around Pharmaniaga. (TheEdge)

Sabah-based gold mining company Bahvest Resources Bhd said the five shareholders who had recently filed a lawsuit against the company at the Kuala Lumpur High Court in an attempt to hold an extraordinary general meeting (EGM) to replace three directors of Bahvest, have withdrawn the suit.They have also notified the court that they are not proceeding with their proposed EGM on May 25. (TheEdge)

Ideal Capital Bhd has sold about 30% of the first phase of the Penang Technology Park (PTP)@Bertam since its launch in March 2023.The sold industrial phase comprises vacant industrial lots and light and medium industrial factories priced between RM65 and RM90 per sq ft. (TheStar)

PMB Technology Bhd will raise the production capacity of metallic silicon by 50% per annum with a major investment in its Phase 3 plant project in Samalaju Industrial Park, Bintulu.The company is investing RM350mil in the construction of the Phase 3 plant, which will have a production capacity of 36,000 tonnes per annum. (TheStar)

UOA Development Bhd said it recorded new property sales of about RM124.1mil in the quarter ended March 31, 2023, mainly derived from its The Goodwood Residence, Aster Hill and Laurel Residence projects.The property developer's total unbilled sales stood at about RM226.3mil. (TheStar)

Sime Darby Bhd, the country's oldest conglomerate, has performed "pretty well so far", according to its group chief executive officer Datuk Jeffri Salim Davidson.Sime Darby also remains optimistic about its industrial Australasia operations and motor business in China amid stiff competition and lower margins in the latter. (NST)

Chin Hin Group Property Bhd (CHGP) is targeting to more-than-double its financial year 2023 (FY23) sales to RM460mil, backed by project launches in strategic, well-sought-after locations.CHGP executive director Chiau Haw Choon said reception for the group’s ongoing developments have been well received so far, adding that he was also optimistic about prospects for the company’s future projects. (TheStar)

Dialog Group Bhd will continue being one of the key beneficiaries of the Pengerang Integrated Petroleum Complex in Johor.This is due to its exposure in tank terminals, engineering, procurement, construction and commissioning (EPCC) activities and maintenance services. (TheStar)

UEM Sunrise Bhd is expected to see a pick-up in earnings in the second half of this year, supported by the launches of sizeable projects.Hong Leong Investment Bank (HLIB) Research noted that potential launches for the remainder of the year include The MINH, Connaught One and the new phase of Kiara Bay, which collectively amount to RM2.37bil in gross development value. (TheStar)

Downward margin pressures are unlikely to abate in the near to medium term for Berjaya Food Bhd (BFood), mainly due to structural cost inflation.As such, input costs and operating expenses are expected to remain elevated for the company, said CGS-CIMB Research. (TheStar)

Maybank Investment Bank Bhd (Maybank IB) said that although Maxis Berhad's net profit was in line with its consensus expectation, the company's dividend was lower than expected.Maxis' net profit for the first quarter of 2023 (1Q23) was RM320 million, up seven per cent year on year (y-o-y) and 33 per cent quarter on quarter (q-o-q). (NST)

Kenanga Research is turning more cautious on Malaysian Pacific Industries Bhd's (MPI) outlook as the group faces persistent challenges in its operating environment.In its latest company update, the research firm, which has an "underperform" call on the stock, slashed its projection on MPI's net profit by 76%, and reduced its target for FY24 by 38%. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 22 May 2023