Technology company Edelteq Holdings Bhd made a strong debut on the ACE Market of Bursa Malaysia yesterday, opening at 75 sen for a 51-sen premium or 212.5% over its initial public offering (IPO) price of 24 sen. On hitting the gong, the engineering support provider for integrated circuit assembly and test processes saw 9.01 million of its shares traded. Edelteq is the 10th ACE Market listing this year, and its IPO entailed a public issue of 100 million new shares with the aim of raising RM24mil in proceeds. (TheStar)

MST Golf Group Bhd has signed an underwriting agreement with RHB Investment Bank Bhd for its proposed initial public offering (IPO) and listing on Bursa Malaysia’s Main Market in the third quarter of 2023 with the prospectus to be launched by end-June. In a statement yesterday, Malaysia’s largest golf retail chain said the IPO entails an offering of 228 million ordinary shares, comprising a public issue of 160 million new shares and an offer for sale of up to 68 million existing shares. There is an institutional offering of up to 178.6 million shares for identified institutional and selected investors, including bumiputra investors approved by the Investment, Trade and Industry Ministry, the statement said. (TheStar)

PRG Holdings Bhd’s Singapore unit has secured two contracts worth RM20mil in Singapore.  In a filing with Bursa Malaysia, PRG said Measurement & Verification Pte Ltd, a wholly-owned subsidiary of Furniweb Holdings Bhd, which in turn is a 50.45%-owned subsidiary of PRG, had accepted the contracts from Obayashi Singapore Pte Ltd and Marina Bay Sands Pte Ltd. PRG expects the contracts to contribute positively to its consolidated earnings and net assets for the financial year ending Dec 31, 2023 onwards. (TheStar)

Umedic Group Bhd recorded a 48% year-on-year (y-o-y) increase in revenue to RM9.6mil and a 58% y-o-y rise in net profit to RM2.03mil or an earnings per share of 0.54 sen for its third quarter ended April 30, 2023. In a filing with Bursa Malaysia yesterday, the medical services provider noted the increase in revenue and profit was attributed to higher demand for medical devices and consumables from both public and private hospitals as well as healthcare service providers. (TheStar) 

Fast Energy Holdings Bhd has proposed a planned diversification in its business and plans to raise funds for the company through a rights issuance with warrants. The company’s revenue is 99% mainly derived from the petroleum trading business. Its intention to diversify into the consumer electronics business is meant to reduce its reliance on the petroleum trading business, it said in filing with Bursa Malaysia yesterday.  (TheStar)

UEM Sunrise Bhd has received a shot in the arm with the recent acquisition of a parcel of land in Kelana Jaya in Selangor from the Employees Provident Fund (EPF). Analysts covering the company are bullish on the acquisition for its strategic location and fair pricing, adding that it could boost the property developer’s earnings from financial year 2026 (FY26) onwards despite some initial hike in its net gearing ratio. (TheStar)

Revenue Group Bhd's former director Brian Ng Shih Chiow, who is also a co-founder of the cashless payment solution provider, has been charged in the Sessions Court with 12 counts of forgery of invoices and purchase orders with the purpose of cheating the company. Shih Chiow, 50, was charged with forging invoices and purchase orders, amounting to RM13.829 million, for several companies. (TheEdge)

Tiong Nam Logistics Holdings Bhd will continue to experience cost pressure going forward and its rental adjustments are moving at a slow pace in the current challenging market. The impact of the diesel subsidy removal in the future on its operations is forecast to be muted as its transportation contracts had embedded the clause to fully pass on the change in fuel price to clients. However, the situation may change for the better as Tiong Nam is betting on a contract win in warehouse management from a multinational company (MNC).  (TheStar)

Kinergy Advancement Bhd (KAB) – formerly known as Kejuruteraan Asastera Bhd – is optimistic its sustainable energy solutions (SES) segment will remain the group’s main revenue contributor in the quarters ahead.KAB group managing director Datuk Lai Keng Onn said the group targets the SES segment to make a profit contribution of 70% to 80% in financial year 2023 (FY23). (TheStar)

Minority shareholders of Tropicana Corp Bhd are advised to vote in favour of the proposed capitalisation involving a share settlement of RM180 million it owes to founder and group executive vice-chairman Tan Sri Tan Chee Sing in the upcoming extraordinary general meeting. In an independent advice circular to Tropicana’s shareholders on Thursday (June 8), independent adviser BDO Capital Consultants Sdn Bhd opined that the proposed capitalisation is “fair and reasonable and not detrimental”. (TheEdge)

Sapura Energy Bhd said the High Court of Malaya has granted it and 22 of its wholly owned subsidiaries an extension period of nine months to the Convening and Restraining Orders granted them earlier. The ruling will give the group time to summon meetings with its creditors, to consider and approve a proposed scheme of arrangement and compromise as part of the company’s group-wide debt restructuring plan, the company said in a statement. (TheStar)

Citaglobal Bhd says it aims to comply with Bursa Malaysia’s requirement for public-listed companies to appoint at least one woman board member by June 1, 2023. In a filing with Bursa Malaysia yesterday, the construction company noted in May, it had nominated a woman director to its board. However, the candidate turned down the directorship after much consideration on May 31. (TheStar)

The lower average crude palm oil prices of RM3,700 per tonne forecast for this year are likely to affect Kretam Holdings Bhd’s earnings for financial year 2023 (FY23) and FY24. Kretam, however, should enjoy slightly better pricing power as about half of its palm oil is sold at premium prices to its European buyers as its acreage are Roundtable on Sustainable Palm Oil, Malaysian Sustainable Palm Oil and German-backed ISCC certified, according to Kenanga Research. (TheStar)

CGS-CIMB maintained its “add” call on Malayan Cement Bhd (MCement) with a higher target price (TP) of RM5.08, from RM3.97, amid stronger recovery in volumes. Notably, it expects improved profitability and cash flow for the manufacturer and seller of cement, as well as a potential maiden dividend as early as the financial year ending June 30, 2024 (FY2024). (TheEdge)

Mega First Corp Bhd’s exploration of opportunities in renewable energy projects could be a re-rating catalyst for the group, according to Public Investment Bank Bhd (Public IB).  With Mega First expected to remain resilient in 2023 on the back of a solid balance sheet and steady cash flows from the renewable energy business, the research firm maintained an “outperform” call on the stock, with an unchanged target price (TP) of RM4.75.  (TheEdge)

Maybank Investment Bank said that Top Glove Corp's upcoming 3QFY2023 earnings are expected to remain in the red despite increasing their average selling price (ASP), due to low plant utilisation of less than 40%, and the removal of two factories and idle status of 16 plants.  The research house has maintained its "sell" call and the target price (TP) of 57 sen on 0.8 times financial year 2024 estimates price to book value (PBV) ratio. It has also maintained its earnings estimates. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 08 June 2023

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