MQ Market Updates - 13 June 2023

MQ Trader

Publish date: Tue, 13 Jun 2023, 05:11 PM

Malayan Banking Bhd (Maybank) has launched its inaugural FUNancial Day, a two-day flagship initiative aimed at promoting financial awareness among students and young adults to ensure a future of well-educated community and to achieve financial independence regardless of social and economic background. In a strategic collaboration with Universiti Kebangsaan Malaysia (UKM), Maybank announced a series of events to empower university students with essential financial knowledge and skills to equip them for the future. (TheStar)

Sime Darby Property Bhd’s newly launched The Prestige Collection has achieved a take-up rate of 97%. Located in the well-planned freehold industrial estate of Elmina Business Park in the City of Elmina, the Prestige Collection consists of seven units of park-side detached factories and 24 units of super-sized semi-detached factories. Sime Darby Property chief operating officer – township development, Appollo Leong said: “We are extremely delighted that The Prestige Collection has been well received by industrialists, demonstrating once more that Sime Darby Property satisfies market demands and expectations.” (TheStar)

Petronas Chemicals Group Bhd (PCG) has reached the final investment decision (FID) to fully acquire the 113 kilo-tonnes per annum maleic anhydride (MAn) plant located in Gebeng, Kuantan from BASF Petronas Chemicals Sdn Bhd (BPC). The plant will broaden PCG’s product portfolio and its derivatives to further strengthen the group’s derivatives product offerings. (TheStar)

Alliance Bank Malaysia Bhd has inked a memorandum of understanding (MoU) with IJM Land Bhd to encourage the ownership of green-certified properties to contribute towards a more sustainable community and environment. This partnership eases the house buyers’ access to the bank’s Green Mortgage Financing Package for IJM Land’s green-certified properties, which offers a competitive financing package, and a fast turnaround time for the loan application. (TheStar)

Pharmaniaga Bhd's stock rose 1.5 sen to end at 39.5 sen at midday today after announcing specific steps to optimise business operations and exit Practise Note 17 (PN17) status. A total of 10.66 million shares were traded. The company's stock has lost 16 sen, or 28.18 per cent, so far this year. At the time of writing, it had a market value of RM517.53 million. (NST)

Shares in Bermaz Auto Bhd (BAuto) rose in early trade Tuesday after it reported earnings that beat analysts’ estimates. The counter gained one sen to RM2.24 with 3.77 million shares traded. For its fourth quarter ended April 30, 2023, BAuto’s net profit rose to RM100.62mil from RM78.70mil in the previous corresponding period. (TheStar)offers a competitive financing package, and a fast turnaround time for the loan application. (TheStar)

Practice Note 17 company Barakah Offshore Petroleum Berhad's share price jumped as much as 18 per cent to RM0.08 in morning trade as the market reacted to news that it has secured a three year Petronas license. As at close of trade at 12.30pm, its share price settled to RM0.065 a share. (NST)

Newly-listed Radium Development Bhd’s 80%-owned unit Vistarena Development Sdn Bhd is being sued by 241 individual purchasers for misrepresentation and breach of contract in the sale of its property project in Bukit Jalil, Kuala Lumpur. Vistarena, as defendant, was served with a writ of summons and statement of claim by the individual buyers of Residensi Platinum UOG in Block B (plaintiffs) on June 9. (TheEdge)

Kerjaya Prospek Group Bhd has accepted a letter of award worth RM404.4mil from Ecofirst Consolidated Bhd for construction works of a proposed residential development project at Lot 5 and PT62, seksyen 92, Kuala Lumpur. In a statement, Kerjaya Prospek said the project entailed the construction of two blocks of apartment for the proposed development of a 39-storey service apartment, basement and podium, comprising an eight-storey car park and commercial unit. (TheStar)

Sapura Energy Bhd has been granted a time extension of up to Nov 30, 2023 to submit its Practice Note 17 (PN17) regularisation plan to the relevant regulatory authorities. In a filing with Bursa Malaysia, its principal adviser MIDF Amanah Investment Bank Bhd announced on behalf of the company that Bursa Malaysia Securities had given the extension to Sapura Energy vide its letter dated June 12. (TheStar)

Lagenda Properties Bhd has been included as a constituent of the FTSE4Good Bursa Malaysia index and FTSE4GOOD Bursa Malaysia syariah index. In a statement, the company said its core business of developing sustainable and inclusive affordable housing townships is deeply rooted in environmental, social and governance values. (TheStar)

Mestron Holdings Bhd (MHB) will be transferred to the main market of Bursa Malaysia by the fourth quarter (Q4) of this year. A filing with Bursa Malaysia today shows that the leading manufacturer of speciality poles has also proposed an amendment to the constitution of MHB to facilitate the implementation of the main market transfer. (NST)

BP Plastics Holding Bhd is expected to see a slow sales recovery in the second half of the year as its margins come under pressure. Kenanga Research said the company is guided for a slow recovery in sales as the global economy remains soft. (TheStar)

Mag Holdings Bhd, which is venturing into the ready-to-eat (RTE) and ready-to-cook (RTC) shrimp segment, is expected to benefit from the growing demand for seafood from China. Hong Leong Investment Bank (HLIB) Research said half of the additional annual processing capacity of MAG’s second processing plant would be dedicated to producing shrimp products. (TheStar)

Hong Leong Investment Bank (HLIB) has downgraded its call on Bermaz Auto Bhd to "hold", from "buy" previously, with a lower target price (TP) of RM2.30, in line with the softer market sentiment towards the automotive sector. HLIB in a note on Tuesday (June 13) said the downward revision of TP, from RM2.60 previously, followed the forwarding of its valuation from the financial year ending April 30, 2024 (FY2024) to the calendar year ending Dec 31, 2024 (CY2024) with a lower 12 times price to earnings (from 14 times previously). (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 13 June 2023