MQ Market Updates - 23 June 2023

MQ Trader

Publish date: Fri, 23 Jun 2023, 05:12 PM

Boustead Holdings Bhd will be delisted from the official list of Bursa Malaysia Securities Bhd next Wednesday, 28 June 2023. The company's delisting is the culmination of Lembaga Tabung Angkatan Tentera (LTAT) successful bid to privatise Boustead. (NST)

Shares of Genting Malaysia Bhd dropped two per cent after the company's plans to sell its Miami Herald land for US$1.2 billion fell through. The stock closed five sen lower at RM2.46 after hitting a low of RM2.44 and a high of RM2.50, for a market capitalisation of RM14.61 billion. (NST)

EcoWorld Development Group Bhd (EcoWorld Malaysia) has made property sales of RM2.4bil in the first seven months of its financial year 2023 (FY23), accounting for 68.5% of its target. Sales were driven by demand for the group’s products such as Eco Business Parks (EBP), which saw sales reaching RM838mil over the seven-month period – 111.3% of FY22 full-year EBP sales of RM753mil. (TheStar）

AMMB Holdings Bhd (AmBank) has clarified that the recent media reports involving AmBank Group regarding mergers and acquisitions (M&A) are purely speculative. “As you are aware, we are governed by exacting disclosure requirements. “If and when we have anything pertinent to announce, in accordance with best practices and corporate governance, a Bursa announcement will be made,” said AmBank to Bernama on Friday (June 23). （TheEdge)

Jiankun International Bhd (JIB) has signed a memorandum of understanding (MoU) to acquire Unifield International College (UIC) for RM13 million. JIB, a main-market listed property developer, signed the MoU with Dermaga Utama Sdn Bhd (DUSB), the owner and operator of UIC. (NST)

Spritzer Bhd has introduced its label-free, 100% recyclable bottles, for Spritzer silica-rich Natural Mineral Water, as part of its move towards reducing the use of plastic while minimising the impact on the environment. “The quality of Spritzer Natural Mineral Water remains the same, with the water coming from the pristine protected source in Taiping, Perak. The bottles ar

Tiong Nam Logistics Holdings Bhd has signed a logistic services agreement with Chery Malaysia which will see Tiong Nam handling Chery's spare parts warehousing and transportation in Malaysia, including heavy-duty vehicle models such as TIGGO 8 PRO and OMODA5. In a statement on Thursday (June 22), Chery said the agreement is a significant milestone in the establishment of cooperation between the parties.（TheEdge)e produced from recycled plastics that can be recycled,” it said in a statement. (TheStar）

HSS Engineers Bhd has signed a memorandum of understanding with Japanese project management company Index Strategy, Inc to explore opportunities and strategically collaborate on a “preferred partner” basis in various sectors of interest, including public-private partnership investment projects. HSS Engineers, in a statement yesterday, noted the strategic partnership would see both collaborating on potential infrastructure projects in Asean, India and other countries including in the Middle East North African region. (TheStar）

Aneka Jaringan Holdings Bhd has accepted two contracts from Overseas Union Garden Sdn Bhd valued at RM168mil. In a filing with Bursa Malaysia, the group said the contracts comprised a project valued at RM97.82mil for substructure works for serviced apartments and a RM70.18mil project for substructure works for a mall. (TheStar）

Sunway Real Estate Investment Trust (SunREIT) has joined forces with HSBC to execute its first sustainability-linked cross currency swap (CCS) in Malaysia, which is worth RM200 million. In a jointly issued statement on Friday (June 23), the parties said the CCS hedges both the currency and interest rate risks of SunREIT’s foreign currency loan with HSBC, while offering direct sustainability-linked incentives.（TheEdge)

Mah Sing Group Bhd continues to maintain a strong liquidity and balance sheet position despite its recent land deals. The property developer said it had a low net gearing of 0.2 times as at March 31, 2023 which has given it the room to buy three new land parcels with a combined estimated gross development value (GDV) of RM4.5bil in the first half of 2023. (TheStar）

Focus Point Holdings Bhd’s earnings growth is set to get a boost from the expansion of its list of corporate clients and the reopening of China’s borders that could boost tourist numbers. Hong Leong Investment Bank (HLIB) Research, thus, remains upbeat about the performance of the eyewear retailer’s optical segment, whose prospects are expected to be underpinned by brand equity and store expansion. (TheStar）

KPJ Healthcare Bhd is confident of maintaining a solid performance for financial year 2023 (FY23) amid a bullish outlook on the sector after recording its best-ever results last year. Its first quarter (1Q23) results, also the highest ever recorded, suggested that continuing growth awaits the group, especially with surging medical tourism demand and recovery in elective treatments. (TheStar）

Eco World Development Bhd (EcoWorld) is on track to meet its sales target of RM3.5 billion in the financial year 2023 (FY2023) as it has achieved 68.5% of the target, which is about RM2.4 billion secured in the first seven months of FY2023, according to analysts. PublicInvest Research, which maintained its “outperform” call on EcoWorld with a target price (TP) of 88 sen, said the current sales of RM2.4 billion is higher than RM2.17 billion recorded in the same period last year.（TheEdge)

Research houses have maintained their calls on YTL Power International Bhd with unchanged target prices (TPs) of between RM1.54 and RM1.70 despite news that Singapore, where the company operates 3.1 gigawatts of licensed power generation capacity, plans to introduce a temporary cap on electricity prices from July 1. Moreover, they viewed that that it is an opportune time to accumulate the stock, which saw a knee-jerk selling reaction following the new industry ruling.（TheEdge)

UEM Sunrise Bhd’s en bloc sale of land plus development in Melbourne, Australia is a positive surprise, according to Maybank Investment Bank (Maybank IB) Research. On Wednesday, UEM Sunrise announced that it had partnered with Greystar Real Estate Partners, LLC to develop a build-to-rent (BTR) project in the inner-Melbourne suburb of Collingwood. (TheStar）

RHB Research has maintained a "Buy" call on Gamuda, with a higher target price of RM5.27 from RM4.95 previously on its ability to provide a strategic hedge to any downside risks from job flows in Malaysia. Approximately 50 per cent of Gamuda's bottomline comes from overseas. (NST)

Hong Leong Investment Bank Research (HLIB Research) has maintained a bearish outlook for Lotte Chemical Titan Holding Bhd (LCT) this year, due to a slowdown in the petrochemical sector. The research house said weak demand resulting from a slowdown in the economy and higher interest rates impacting consumer spending are contributing factors to the slowdown. (NST)

Nomura Research said it was “negatively surprised” by the news of the collapse of the proposed sale by Genting Malaysia Bhd (GenM) of a 15.5-acre block of land in Miami, Florida for US$1.23 billion. On Thursday (June 22) morning, GenM disclosed that the purchaser, Smart Miami City LLC, had decided to end its current bid after requesting an extension of the exclusivity period and amendments to the commercial terms of the Sale and Purchase Agreement — requests that GenM chose not to grant.（TheEdge)

Source: New Straits Times, The Edge Markets, The Star 23 June 2023