MQ Market Updates - 1 June 2023

MQ Trader

Publish date: Thu, 01 Jun 2023, 05:35 PM

Telekom Malaysia Bhd will work with Chinese tech giant ZTE Corp's Malaysian unit on a range of research and development innovations. TM and ZTE (Malaysia) Corporation Sdn Bhd signed a memorandum of understanding (MoU) on this prospect today. TM group chief executive officer Datuk Imri Mokhtar said the partnership would leverage the group and ZTE's joint expertise to drive innovation and digital transformation for customers and industries. (NST)

CelcomDigi Bhd says it has begun its full-scale project to provide clients with quicker and more dependable connectivity to achieve seamless performance across Malaysia. Following the merger of Celcom Axiata Bhd and Digi.Com Bhd in December 2022, this is one of the country's largest network deployment projects, involving a total of 18,000 sites. The new digital network will unite the two existing robust networks, which have a combined footprint of 96.4 per cent for 4G LTE and 90.3 per cent for 4G LTE-A and are both highly rated in Opensignal's latest industry assessment. (NST)

Cagamas Bhd has announced the successful conclusion of an aggregate RM3.42 billion equivalent worth of funds raised, marking its largest issuance raised within a single month. The funds comprised RM943 million three-month funding via Conventional Commercial Papers, Islamic Commercial Papers and Repurchase Agreements, RM2.13 billion one-year, two-year, three- year and 10-year conventional medium-term notes and SG$103 million (RM350 million) one-year Singapore dollar medium-term notes. (NST)

SMRT Holdings Bhd (SHB) posted a revenue of RM227.7 million for the fifteen-month (15M) ended March 31, 2023 (FY23), with RM73.2 million coming from its technology arm. The company achieved a net profit of RM55.8 million for the period, mainly attributed to the higher contribution from the technology division and a one-off disposal gain of RM66.5 million that was partially offset by a goodwill impairment amounting to RM27.2 million, which arose from the company's recent restructuring activities. (NST)

Iconic Worldwide Bhd (IWB) has started the development of a pipeline of new personal care products under the Iconic Medicare brand, along with new glove products, to capitalise on a projected revival in consumption, travel and industrial activities post-Covid era. "We continue to bet on long-term glove demand, which has historically risen in tandem with increased public awareness of personal hygiene and the dangers of infectious diseases, particularly in emerging markets," IWB chairman Datuk Seri Tan Kean Tet said in a statement. (NST)

Synergy House Bhd debuted on the ACE Market of Bursa Malaysia at 38 sen per share, which was five sen or 11.63 per cent less than its initial public offer (IPO) price of 43 sen per share.The stock was the most active in the opening half-hour of trading, with 50.5 million shares changing hands. The cross-border e-commerce seller and furniture exporter of ready-to-assemble home furniture raised RM34.4 million from its IPO. (NST)

MyEG Services Bhd was the fourth most actively traded stock on Bursa Malaysia in the morning session yesterday, with 20.48 million shares traded.The stock opened 1.5 sen, or 1.9 per cent higher at 80.5 sen, before jumping as much as 4.5 sen, or 5.7 per cent to 83.5 sen, for a market value of RM6.24 billion. MyEG reported a 25.18 per cent increase in net profit to RM105.94 million in the first quarter ended March 31, 2023 (1QFY2023), up from RM84.63 million the previous year. (NST)

Newly-listed Radium Development Bhd plans to develop RM3.4 billion in property development projects in Kuala Lumpur over the next five years. They include RM1.5 billion in new launches this year, RM1.9 billion in pipeline projects in Mukim Batu and Mukim Petaling set to launch in 2024, and continuing projects in Jalan Ampang and Salak South. Radium Group managing director Datuk Gary Gan Kah Siong said after the company's listing yesterday that the 2023 projects are all green buildings with green renewable energy certification. (NST)

Malakoff Corporation Bhd, an established player in the energy and waste management sectors, has unveiled what it deems as a "bold rebranding". Malakoff's renewed direction steers it to diversify its portfolio of businesses by creating three new brand entities - Malakoff Green Solutions, Malakoff Environmental Solutions and Malakoff Energy. Established in 1975, Malakoff is Malaysia's largest independent power producer and has carved out a reputation with its track record of profitability and results-driven efficiency. (NST)

Tenaga Nasional Bhd (TNB) has formed a new sustainability division to drive the implementation of its environmental, social, and governance (ESG) strategy, thus reinforcing its sustainability commitment and responsible energy transition (ET) journey. President and chief executive officer Datuk Baharin Din said the new division, which commences today, would push the electric utility company’s sustainability drive further by anchoring on three strategic pillars, namely energy sources, energy vector, and energy usage. (TheStar)

Panasonic Manufacturing Malaysia Bhd has announced the closure of two product manufacturing departments at its Shah Alam 1 plant. In response to a recent news article, the electrical appliances manufacturer said none of the other departments or plants have been affected. Panasonic said in a statement the closure of the facilities was in line with a rationalisation exercise and business restructuring completed on March 31, 2023. (TheStar)

Econpile Holdings Bhd has secured a US$9.5mil (RM43.8mil) piling contract for a mixed high-rise development project in Cambodia. In a filing with Bursa Malaysia, the piling and foundation specialist said its wholly-owned subsidiary in Cambodia, Global Piling Solutions Co Ltd, secured the letter of acceptance from Odom Living Co Ltd to undertake bored piling and diaphragm wall works for Odom Development at Norodom Boulevard, Sangkat Tonle Bassac, Phnom Penh in Cambodia. (TheStar)

Leong Hup International Bhd's shares fell by as much as 6.5 sen or 11.60% to 49.5 sen in Thursday (June 1) trading as concerns over the average selling prices (ASP) of poultry in Indonesia arising from a continued demand-supply imbalance linger. As at the time of writing, shares in the integrated poultry, egg and livestock feed producer recovered slightly to 50.5 sen, still down 5.5 sen or 9.82% from its closing price of 56 sen. (TheEdge)

Plantation giant FGV Holdings Bhd, which has reimbursed the first tranche of recruitment fees to its current and former migrant workers, expects the United State Customs and Border Protection (US CBP) ban to be lifted in the third quarter of this year. Hong Leong Investment Bank (HLIB) said FGV will repay the remaining two tranches of recruitment fees in June and September. (TheEdge)

MCA Wanita chairperson Wong You Fong can be designated as an independent director of Star Media Group Bhd, where the political party owns a 43.23% direct stake, following an assessment conducted by the group’s nomination committee, said its independent non-executive chairman Tan Sri Chor Chee Heung. Wong, who has been an independent director of Star Media since 2017, has also provided a written declaration on her appointment to the role, Chor said when fielding Star Media’s extraordinary general meeting (EGM) here. (TheEdge)

Practice Note 17 company Serba Dinamik Holdings Bhd said it is unable to release its financial results for the third quarter report ended March 31, 2023 (3QFY2023) by the May 31 deadline due to a "significant loss of manpower and loss of critical personnel". "The board would like to stress that they are taking serious steps towards identifying suitable replacement candidates to rectify these issues," the group said, adding that it now expects to issue the 3QFY2023 report by June 7. (TheEdge)

Affin Bank Bhd has named Nurjesmi Mohd Nashir as chief executive officer of Affin Hwang Investment Bank Bhd, beginning June 1, 2023. According to Affin, Nurjesmi joins the investment bank with 25 years of experience in the banking industry and capital markets. Prior to joining Affin Hwang, Nurjesmi worked at J.P. Morgan Chase Bank Bhd, as an executive director and head of global corporate banking. (NST)

ACE Market-listed Heng Huat Resources Group Bhd has changed its name to HHRG Bhd, with the name change to take effect from 9am on June 7. Bursa Malaysia said in a statement that the company would be traded and quoted on the exchange under a new stock short name HHRG with the stock numbers remaining unchanged. (TheStar)

Westports Holdings Bhd will be included in the Bursa Malaysia KLCI, to replace Inari Amerton Bhd, under the semi-annual review of the FTSE Bursa Malaysia Index Series, said FTSE Russel and Bursa Malaysia in a joint statement. The changes will be applied after market close on June 16, 2023 and will be effective on June 19, 2023, said the statement dated May 31. (TheEdge)

Former Green Packet Bhd group managing director Puan Chan Cheong, more familiarly known as CC Puan, has been declared bankrupt by the Kuala Lumpur High Court after failing to meet the requirements of bankruptcy notices filed on May 24 last year. The bankruptcy order was issued on March 27, following a petition by Everegion Sdn Bhd, and an ex-parte (one-sided) application by Medinis Sdn Bhd, according to a bankruptcy filing and bankruptcy order document sighted by The Edge. (TheEdge)

Bahvest Resources Bhd’s share price was actively traded in Thursday (June 1) morning trade, after the gold mining company announced the resignation of its managing director and chief executive officer (CEO) Datuk Lo Fui Ming and his son Lo Teck Yong from its board. Meanwhile, Chong Tzu Ken has been appointed as the new CEO, five days after joining the group as executive director (ED). (TheEdge)

NCT Alliance Bhd posted a net profit of RM7 million for its first quarter ended March 31, 2023. In a statement on May 31, the developer said the figure was lower than the RM8 million it recorded a year earlier, primarily due to the expense of RM3.5 million incurred from the group’s employee share scheme. It said excluding this, core profit for the quarter came in at RM10.5 million. (TheEdge)

Analysts are mixed on IHH Healthcare Bhd’s prospects for the full financial year 2023, despite the healthcare group posting robust performance in the first quarter ended March 31, 2023 (1QFY2023). IHH’s net profit for the 1QFY2023 jumped to RM1.39 billion from RM493.25 million posted in 1QFY2022, boosted primarily by one-off gains from the sale of International Medical University (IMU) and the strong patient volume growth. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 01 Jun 2023