Petronas Chemicals Group Bhd (PCG) posted a lower net profit of RM532 million for the first quarter (Q1) ended March, 31 2023 from a net profit of RM2.08 billion a year ago. The company's revenue grew 13.91 per cent of RM7.56 billion from RM6.63 billion previously. (NST)

Public Bank Bhd has increased its energy-efficient vehicle (EEV) lending target from RM25 billion to RM33 billion by 2025, as part of its ongoing commitment to supporting the growth of the EEV industry.  Managing director and chief executive officer Tan Sri Dr Tay Ah Lek said Public Bank had mobilised over RM30 billion in domestic EEV financing by the end of 2022.  (NST)

Sime Darby Bhd will bolster its footprint in Australia and China, its largest markets in terms of revenue and profits, as it seeks opportunities to grow organically as well as through mergers and acquisitions (M&As). Group chief executive officer Datuk Jeffri Salim Davidson said Sime Darby - Malaysia's oldest conglomerate - had been very active in the acquisition front over the last five years. (NST)

Tenaga Nasional Bhd's (TNB) strategic partnerships with major energy players in Vietnam and Laos are the latest boost to the national power utility company's energy transition journey. The collaborations with Vietnam's Saigon Gia Dinh Electric and North Power Service, and Electricite Du Laos last week are in line with TNB's goal to be a renewable energy (RE) hub for Asean, cut electricity wastage and achieve Malaysia's goal of net zero carbon emission by 2050. (NST)

Affin Bank Bhd's net profit of RM149 million in the first quarter ended March 31, 2023 (1QFY23) represented 24 per cent and 27 per cent of RHB Research's and the consensus full-year expectations respectively. The investment bank said in a note today that Affin's 1QFY23 results matched expectations, with negative credit costs offsetting stronger-than-expected net interest margin (NIM) compression. (NST)

Bahvest Resources Bhd fell 8.89% at midday on Monday (May 29) to 20.5 sen, after the group's founder and managing director-cum-chief executive officer Datuk Lo Fui Ming said he and his son, Bahvest executive director Lo Tek Yong, were "seriously" considering resigning from the company, in a written representation. At noon break on Monday, 84.35 million shares in the Sabah-based gold miner were traded, making it the day’s second-most actively traded stock on Bursa Malaysia. (TheEdge)

Petroliam Nasional Bhd (Petronas) has dismissed reports of a merger between its subsidiary Malaysia Marine and Heavy Engineering Bhd (MHB) and Sapura Energy Bhd. The national oil firm was responding to a report earlier this month that a merger between MHB and debt-ridden Sapura Energy was in the works. (NST)

Cloudpoint Technology Berhad made an outstanding debut on the ACE Market of Bursa Malaysia today, opening at 75 sen, a premium of 97 per cent over the initial public offering (IPO) price of 38 sen per share. The company raised RM40.4 million from its IPO to fund its expansion plans. (NST)

Subur Tiasa Holdings Bhd has ventured into pipe-manufacturing and auto sector as the company diversifies from its core loss-making timber operation and plantation business. Its wholly-owned subsidiary, Krah Grande Borneo Sdn Bhd, has invested in a pipe manufacturing plant which is expected to commence operations by next month, according to chairman Datuk Tiong Thai King. (TheStar)

Oriental Holdings Bhd will expand the plantation, automotive and healthcare segments to diversify its income streams. The group plans to spend about RM39.7mil in the financial year 2023 (FY23) for new planting, the acquisition of plants and machinery for oil mills, and estate buildings. (TheStar)

Mah Sing Group Bhd registered RM600.6mil in new property sales in the first quarter of 2023, which puts it on track to meeting its full-year minimum sales target of RM2.2bil. In a statement, it said its performance was supported by strong sales momentum and a strategic focus on its M Series of affordable products. (TheStar)

AMMB Holdings Bhd (Ambank) is optimistic over its outlook for FY24, after having wrapped its 2023 financial year on a high note with improvements in both its topline and bottomline. "While we are acutely aware of the potential external challenges, such as the volatility in the global growth trajectory and heightening geopolitical tensions, we remain optimistic. (TheStar)

Dutch Lady Milk Industries Bhd (DLMI) said the worldwide operating environment has gotten more difficult and uncertain, as a result of the Covid-19 pandemic, the Ukraine war, and higher regulatory requirements. DLMI's managing director, Ramjeet Kaur Virik, said that the company was upgrading its economic, environmental, social, and governance (EES&G) and risk frameworks as part of its 2030 strategy. (NST)

S P Setia Bhd clinched four Honour Awards in the Developer’s Landscape Development Award and Landscape Master Plan Award of the 13th Malaysia Landscape Architecture Awards. The event was held by the Institute of Landscape Architectures Malaysia at The Westin Desaru Coast, Johor yesterday. (TheStar)

Lee Swee Kiat Group Bhd appeared unperturbed by the softness in demand for its mattresses from overseas customers, as the group expects sales to remain supported by a resilient domestic market. Based on the first five months of operation this year, managing director Datuk Eric Lee Kong Sim said a slower global economy is weighing on Lee Swee Kiat’s exports number. (TheEdge)

Bursa Malaysia ended the morning session lower at midday, dragged by Axiata Group Bhd.  At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 0.06 of a point to 1,402.92 from 1,402.98 at last Friday’s close. The barometer index opened 2.49 points higher at 1,405.47 on Monday morning. (TheEdge)   

Hong Leong Investment Bank (HLIB Research) expects UMW Holdings Bhd to register sustained performance in the financial year 2023 (FY23), backed by a strong backlog of 50,000 units for UMW Toyota Motor Sdn Bhd (Toyota) and 200,000 units for Perusahaan Otomobil Kedua Sdn Bhd (Perodua). It noted that Toyota has achieved 31,700 unit sales for four months of 2023 (4MFY23), in line with its target of 93,000 units for FY23, while Perodua has achieved 97,400 unit sales for 4MFY23, slightly behind its target of 314,000 units for FY23. (NST)

Maybank Investment Bank Bhd (Maybank IB) has lowered its net profit expectations for Malakoff Corp Bhd for fiscal years 2023 (FY23), FY24, and FY25 by 62 per cent, five per cent, and five per cent respectively, to reflect the most recent run rates. In a note today, Maybank IB said Malakoff's first quarter ended March 31, 2023 (1QFY23) results were below its and consensus expectations as the company swung into losses as a result of negative fuel margins, which is likely due to falling coal prices. (NST)

Source: New Straits Times, The Edge Markets, The Star 29 May 2023

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!
 

Contact Us

Please do not hesitate to contact us if you have any inquiries:

Facebook: https://www.facebook.com/mqtrader 
Instagram: https://www.instagram.com/mqtrader 
i3messanger: https://messenger.i3investor.com/m/chatmq 
YouTube: https://www.youtube.com/channel/UCq-26SGjlQTVQfO7DoEihlg 
Email: admin@mqtrader.com