MQ Market Updates - 20 June 2023

MQ Trader

Publish date: Tue, 20 Jun 2023, 05:08 PM

YTL Power International Bhd shares fell as much as 11.5% in the morning session, following news that Singapore, where the company operates 3.1 gigawatts of licensed power generation capacity, plans to introduce a temporary price cap on electricity prices from July 1. The counter opened lower on Tuesday (June 20) and fell as much as 15 sen to trade at RM1.15 per share, before rebounding to RM1.19, still down 11 sen or 8.46% from Monday’s close of RM1.30. (TheEdge)

Scientex Bhd's net profit rose 24.3 per cent to RM109.78 million for the third quarter ended April 30, 2023 (3Q23) from RM88.33 million a year ago. This was driven by robust demand for affordable properties across its developments throughout several states in Malaysia, according to Scientex. (NST)

Bank Islam Malaysia Bhd (BIMB) customers can now self-protect their funds from online scams and temporarily deactivate access to several Bank Islam internet banking services through a new “kill switch” feature. “The new security element also immediately blocks all outgoing transactions from customers’ Bank Islam Debit-i cards,” BIMB said in a statement. (TheEdge)

Malayan Banking Bhd (Maybank) believes that the government would continue to announce more initiatives to promote Malaysia as an investment centre. Maybank group president and chief executive officer (CEO) Datuk Khairussaleh Ramli said the measures put together by the government would help to reduce frictions in the market. (TheStar)

Payment service provider GHL Systems Bhd has enabled Alipay+ for over 2,600 local businesses in Thailand to accept cross-border digital payments from leading Asian mobile wallets. The payments will also include AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch 'n Go eWallet (Malaysia) and Alipay (Chinese mainland), which has been accepted by Thai merchants since 2015, GHL said in a joint statement with Alipay+ and Jim Thompson Ltd on Tuesday (June 20). (TheEdge)

The deal announced by developer S P Setia Bhd on Monday (June 19) pertaining to the divestment of 500 acres of freehold land in Semenyih, Selangor to peer Mah Sing Group Bhd for RM392.04 million, has been viewed positively by analysts in general. The land has an estimated gross development value (GDV) of RM3.3 billion, and will be developed as an integrated township to be named Glengowrie Estate, Mah Sing's largest township in the Klang Valley. (TheEdge)

LKL International Bhd has signed a distribution agreement (DA) with Germany’s SECA GmBH & Co KG to distribute the latter’s medical devices, accessories and related spare parts and software. LKL has also entered into a DA with Meditop Corp (M) Sdn Bhd to distribute “TOP” brand medical devices in Sabah and Sarawak. (TheStar)

Pertama Digital Bhd (PDB) has appointed Datuk Ahmad Nazri Abdullah as its new non-independent non-executive chairman, effective immediately. Nazri replaces Tun Datuk Seri Zaki Tun Azmi as the outgoing chairman, who will be redesignated as a non-independent non-executive director. (NST)

GIIB Holdings Bhd has appointed Tan Sri Robert Phang Miow Sin as its group executive adviser. In a filing with Bursa Malaysia, the manufacturer of rubber-related compounds said Phang will be advising the company’s management in areas of law enforcement, communication with authorities, business networking and relations with China and other countries. (TheStar)

The appointment of senior Berjaya Land Bhd (BLand) executive Datuk Captain Chester Voo as a member of the Civil Aviation Authority of Malaysia (CAAM) has raised eyebrows among those in the aviation industry. The New Straits Times has learnt that his appointment may be against the Civil Aviation Authority of Malaysia Act 2017 Act 788 subclause 5(4) (a), (b) and (c). (NST)

Engineering solutions company Destini Berhad redesignated former Dewan Rakyat Speaker Tan Sri Azhar Azizan Harun, or better known as Art Harun, as its non-executive chairman yesterday. His redesignation comes on the same day that the company sent out an addendum to insert resolutions to re-elect four directors as additional agendas for its annual general meeting to be held at 10am today. (NST)

Construction group Kumpulan Jetson Bhd has redesignated its managing director Datuk Teh Kian An as executive chairman.Teh, 75, is Jetson’s co-founder, holding a 6.04% stake in the group. His past working experience includes being an executive director of Kumpulan Suria Sdn Bhd. The group also announced the redesignation of its non-executive chairman Datuk Dr Ong Ah Soon to non-independent and non-executive director. Ong holds a 0.17% stake in Jetson. (TheEdge)

MGB Bhd has secured a letter of award from Seloka Sinaran Sdn Bhd to develop three property projects in Sepang, Selangor, for RM156.83mil. In a filing with Bursa Malaysia, MGB said the projects will comprise the developments of single and double-storey homes, a community centre, a guard house and an electrical substations. (TheStar)

Malaysian logistics company MISC Group (MISC Bhd) has signed an agreement to develop ammonia engines for ships, marking a step towards zero-emission shipping operations, the company said on Tuesday. MISC-owned subsidiary AET and Akademi Laut Malaysia (Alam) have signed an agreement with WinGD to develop engines for ammonia dual-fuelled vessels, a first for deep-sea vessels, MISC said in a statement. (TheEdge)

Green Ocean Corp Bhd plans to expand its business in the distribution and trading of food and beverage (F&B) as well as food services. Green Ocean’s existing business include palm kernel crushing, crude palm kernel oil, palm kernel expeller and trading of a variety of palm oil products. (TheStar)

SkyWorld Development Bhd will raise RM166.4 million from its initial public offering (IPO) on the Main Market of Bursa Malaysia on July 10. Based on the enlarged issued share capital of about one billion shares and an IPO price of 80 sen apiece, the company's market capitalisation works out to roughly RM800 million. (NST)

Astro Malaysia Holdings Bhd is maintaining a cautious outlook for the current financial year ending Jan 31, 2024 (FY24) and will carefully monitor business conditions while prudently managing costs. In a filing with Bursa Malaysia, the pay-tv operator said FY24 will see the company continuing its journey to be “the entertainment and streaming destination of choice” for Malaysians by investing in its transformation for long-term and sustainable growth. (TheStar)

Boustead Holdings Bhd has declined to comment on The Edge Weekly report that it plans to hive off its plantation arm Boustead Plantations Berhad. In a filing with Bursa Malaysia, the diversified group said the company continues to focus on its business plan and value creation for its stakeholders and investors. (NST)

UEM Sunrise Bhd will be launching The Connaught One, its first transit-oriented development (TOD) in Taman Connaught, Kuala Lumpur on Saturday. In a statement, the property developer said with its proximity to the Taman Connaught MRT Station, the company's upcoming TOD provides residents with convenient access to public transportation, along with a range of built-up homes suitable for all market segments. (TheStar)

IOI Properties Group Bhd's medium-term earnings outlook is expected to be driven by strong recurring income growth from existing property assets while the listing of its investment properties into a real estate investment trust (REIT) will be a share price catalyst in the longer term, said RHB Research. Following a recent virtual meeting with IOI Properties' management, the research firm said IOI Central Boulevard is likely to have a 50% committed tenancy in Singapore. (TheStar)

Hong Leong Investment Bank (HLIB) Research maintained its "hold" rating on VS Industry Bhd, with a slightly lower target price (TP) of 84 sen, from 88 sen previously, on an overall cautious order outlook. For the third quarter ended April 30, 2023 (3QFY2023), the company saw a core profit after tax and minority interests of RM27.8 million, down 44% quarter-on-quarter and 36% year-on-year (y-o-y), bringing the cumulative nine-month sum to RM142.1 million, an increase of 20% y-o-y, which missed HLIB’s and the consensus’ full-year forecasts. (TheEdge)

Kenanga Research has downgraded MyNews Holdings Bhd to “underperform” at 48 sen with a lower target price (TP) of 33 sen (from 41 sen), and said MyNews’ 1HFY2023 results was disappointing. In a note on Tuesday (June 20), the research house said the company was unable to fully absorb higher cost, as its top line growth fell short of expectations, resulting in another loss-making quarter in 2QFY2023. (TheEdge)

CGS-CIMB Securities has maintained its “Add” rating on Gamuda Bhd at RM2.40 with an unchanged target price of RM5.58 and said investors are overlooking Gamuda’s foray into Australia, where it now has RM14.6 billion worth of orders after acquiring DT Infrastructure Pty Ltd (DTI). In a note on Monday (June 19), the research house said this already accounted for 71% of its orderbook of RM20.5 billion as at Jan 31. (TheEdge)

YTL Power International Bhd appears to be gearing up to further its renewable energy (RE) ambitions, says MIDF Research. Following a report that the YTL group could be one of the parties that have put in a bid for Boustead Holdings Bhd’s 57% stake in Boustead Plantations Bhd (BPlant), the research firm said YTL’s interest could stem from its RE ambitions, which requires sizeable land bank to house potential RE assets, as well as data centres. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 20 June 2023