MQ Market Updates

MQ Market Updates - 28 June 2023

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Publish date: Wed, 28 Jun 2023, 05:04 PM

Malayan Banking Bhd (Maybank) has announced its migration to Secure2u from SMS OTP for online banking services such as bill payments, DuitNow, FPX and IBG transactions as part of key measures to combat financial scams. The move allows its customers to securely approve online banking transactions and update their personal information via Secure2u, it said in a statement on Wednesday (June 28). (TheEdge)

Practice Note 17 (PN17) company AirAsia X Bhd (AAX) saw its share price rise by 6.40% on Wednesday’s (June 28) morning session on Bursa Malaysia. At 12:30pm, its share price rose by 11 sen to RM1.83 after opening at RM1.72 sen. Share volume traded stood at 2.55 million, valuing the company at RM818.14 million.(TheEdge)

Sime Darby Bhd and its joint venture partner, Ramsay Health Care Limited, are making a second attempt to sell their interests in Ramsay Sime Darby Health Care Sdn Bhd (RSD), less than a year after a RM5.67 billion deal with IHH Healthcare Bhd fell through. RSD owns seven hospitals in Malaysia and Indonesia. In Malaysia it owns Subang Jaya Medical Centre, ParkCity Medical Centre, Ara Damansara Medical Centre and Bukit Tinggi Medical Centre. (NST)

Apparel and textile company Prolexus Bhd's net loss widens to RM12,539 million from RM1,749 million for the third quarter (Q3) ended April 30, 2023 (FY23). Loss before taxation (LBT) stood at RM13.8 million for the current quarter, compared to an LBT of RM1.1 million in the same quarter last year, mainly due to lower revenue from the apparel and textile divisions and fluctuation of other investments' fair value. Revenue for Q3 stood at RM48.4 million, a decrease of 7.1 per cent from RM52.0 million in the same quarter last year. (NST)

Destini Bhd has won yet another Minsitry of Defence contract, this time to procure, supply and deliver 70 millimetre (2.72 inch) rockets for the Malaysian Army, worth RM18.75 million .The tenure of the contract is for two years starting from June 27, 2023 to June 26, 2025 and require Destini to provide a performance bond of RM468,733.01. (NST)

Cahya Mata Sarawak Bhd's RM750 million new clinker line at its integrated complex in Mambong, Kuching will enable it to better manage its operating costs and improve margins, according to MIDF Research. The firm said the project aligns with Cahya Mata's long-term goal to reduce its reliance on imported clinker.  (NST)

Aesthetic medical services provider DC Healthcare Holdings Bhd today launched its prospectus for an initial public offering (IPO) on the ACE Market of Bursa Malaysia to raise RM49.81 million. DC Healthcare will issue 199.26 million new shares at the IPO price of RM0.25 per share to fund DC Healthcare's growth plans as well as working capital and repayment of borrowings. (NST)

Main market-bound golf equipment retail chain operator MST Golf Group Bhd is setting its initial public offering (IPO) price at 81 sen per share and will have a market capitalisation of RM664.90 million upon listing with an enlarged share capital of 820.87 million shares. This values the company at 27 times based on its profit after tax of RM29.1 million for the Dec 31, 2022 (FY2022) period. (TheEdge)

Citaglobal Bhd has entered into a memorandum of understanding with Petronas Global Technical Solutions Sdn Bhd to collaborate in a wide range of renewable energy (RE) technologies and applications. Petronas Global's activities include the provision of technology products, technical services, project management and engineering solution services. (NST)

MEDIA Prima Berhad and Dattel Asia Group will host 'OHSEM Marketing 360 (OHSEM360) bersama Media Prima' on Aug 10 at Pullman Kuala Lumpur Bangsar. The premier marketing event will expose small- and medium-sized enterprises (SMEs) to the latest marketing technologies and solutions. (NST)

Power Root Bhd is acquiring 116 undeveloped parcels of land in Johor Baru from GreatEarth Development (Molek) Sdn Bhd for RM25mil. In a filing with Bursa Malaysia, Power Root said the acquisition would provide a better generation of potential returns on the group’s asset class. (TheStar)

Citaglobal Bhd is exploring a collaboration with PETRONAS Global Technical Solutions Sdn Bhd on a wide range of renewable energy technologies and applications. In a statement, it said it had entered into a memorandum of understanding (MoU) with the PETRONAS subsidiary for the development of battery energy storage system (BESS) applications and projects. (TheStar)

Pos Malaysia Bhd is planning to monetise the retail and warehouse spaces it owns around the country. The company, which is part of DRB-Hicom Bhd, is in the midst of a turnaround plan. “Increasingly, we see ourselves being a landlord and we would like to (repurpose) and lease out the retail spaces which have post offices in it,” said Pos Malaysia group chief executive officer Charles Brewer at a media luncheon and briefing here yesterday.(TheStar)

Can maker Can-One Bhd announced that former chief justice Tun Arifin Zakaria has been appointed as senior independent non-executive director and chairman of the group. He replaces Datuk Seri Subahan Kamal, who is vacating the position in line with Practice 5.3 of Malaysian Code on Corporate Governance 2021 on the nine-year term limit applicable to independent directors. This follows the conclusion of the group's annual general meeting held on Wednesday (June 28). (TheEdge)

Digital media and advertising group Catcha Digital Bhd said its wholly-owned subsidiary, iMedia Asia Sdn Bhd, saw its pre-tax profit grow 28% year-on-year to RM3.89 million in the first quarter ended March 31, 2023 (1QFY2023), with its portfolio of digital marketing platforms and services reaching over 13.1 million Malaysians as of end-May. iMedia posted a record pre-tax profit of RM10.28 million in FY2022, up 69% from the previous year. (TheEdge)

SNS Network Technology Bhd remains positive about the information and communication technology (ICT) industry due to the continuous growth in demand for ICT products and the strengthening of its existing customer base while expanding the group’s market share. In the first quarter ended April 30, SNS saw its net profit jump 27.4% to RM7.89mil compared with RM6.19mil in the same corresponding quarter last year. (TheStar)

Poh Huat Resources Holdings Bhd’s near-term earnings outlook is expected to remain challenging, weighed by slower demand from the US market. However, the furniture manufacturer’s solid balance sheet, with strong cash pile, is expected to help the group sail through the headwinds. (TheStar)

XOX Bhd expects to increase the number of its subscribers to 3.5 million next year from 2.5 million currently following a collaboration with KDDI Malaysia Sdn Bhd, a subsidiary of Japan-headquartered KDDI Corporation, to explore commercial opportunities and develop new products and services that will benefit their respective customers in Malaysia and Japan.  (TheStar)

Hong Leong Investment Bank (HLIB) has maintained its 'hold' call on ITMAX System Bhd at RM1.44 with an unchanged target price (TP) of RM1.80, due to securing supply, installation and maintenance contracts in Johor. In a note on Wednesday (June 28), the research house said that for the first quarter ended March 31, 2023 (1Q23), the company saw a core net profit of RM16 million, an increase in 12% quarter-on-quarter and 100% year-on-year (y-o-y) (TheEdge)

CGS-CIMB Securities Malaysia maintained its 'add' call on YTL Corp Bhd due to inexpensive valuations, higher dividends and possible sale of peripheral assets, while citing the high-speed railway (HSR) project as a potential re-rating catalyst for the stock. (TheEdge)

Maybank Investment Bank has upgraded Berjaya Food Bhd to “buy” at 58 sen with an unchanged target price (TP) of 72 sen and said the company’s sales momentum is expected to be lacklustre in 4QFY2023 due to seasonally weaker sales during Ramadan. (TheEdge)

RHB Research has kept a positive stance on Datasonic Group Bhd's financial year 2024 (FY24) outlook, underpinned by the robust demand for its various solutions and the contribution of a new project. The investment bank believes that the company's existing mission-critical national security contracts are likely to be extended, given the imminent expiry to ensure continuity of supply. (NST)

Source: New Straits Times, The Edge Markets, The Star 28 June 2023

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