MQ Market Updates - 01 August 2023

MQ Trader

Publish date: Tue, 01 Aug 2023, 05:48 PM

Cypark Resources Bhd and RGFC Ventures Sdn Bhd have inked a Memorandum of Business Exploration (MOBE) to identify and implement solar energy solutions across Selangor. The solutions focus on floating solar and residential/home solar to reduce reliance on conventional energy sources and minimize greenhouse gas emissions. (NST)

Tenaga Nasional Bhd (TNB) and Petroliam Nasional Bhd's (Petronas) have inked a Joint Feasibility Study Agreement (JFSA) to forge ahead with studies for hydrogen business development in the country. The partnership further strengthens the company's commitment to advancing the hydrogen economy. Under the memorandum of understanding (MoU), it highlighted the commitment of both industry leaders to collaborate as well as promote a strong synergy in the exploration and development business ventures in green hydrogen. (NST)

Construction outfit, Kerjaya Prospek Group Bhd's subsidiary, Kerjaya Prospek (M) Sdn Bhd has won two jobs worth a total of RM46 million from Eastern & Oriental Bhd subsidiaries. Eastern & Oriental Express Sdn Bhd's job is for site clearance and related works for a proposed mixed development located at Section U17, Shah Alam, Selangor Darul Ehsan. (NST)

Evergreen Max Cash Capital Bhd has entered into an underwriting agreement with Mercury Securities Sdn Bhd for an initial public offering (IPO) on the ACE Market of Bursa Malaysia. The pawnbroking service provider's IPO will involve a public issue of 267.6 million new shares in Evergreen, representing 24% of its enlarged issued shares and an offer for sales of 43 million existing shares or 3.9% of its enlarged issued shares, to selected investors by way of placement. (TheStar)

Malayan Banking Bhd (Maybank)’s 98.54%-owned PT Bank Maybank Indonesia Tbk’s net profit for the first half ended June 30, 2023 (1HFY2023) jumped 44.5% to Rp960 billion (RM286.54 million), from Rp663 billion (RM197.89 million), on the back of a decrease in provisions following improved asset quality and well-managed overhead costs. The banking group’s net interest income (NII) also grew 6.7% due to an increase in loans and better earning assets composition, according to a press release on Tuesday (Aug 1). (TheEdge)

Surface engineering service provider Frontken Corp Bhd saw its net profit for the second quarter ended June 30, 2023 (2QFY2023) slip 0.89% to RM31.91 million from RM32.2 million a year earlier, on lower revenue from its Taiwan and Singapore units. The group’s earnings per share fell slightly to 2.03 sen from 2.05 sen previously. Frontken’s revenue dropped 5.5% to RM121.15 million in 2QFY2023 compared to RM128.20 million in 2QFY2022. (TheEdge)

Sunsuria Bhd has appointed Tan Ween Bee as group chief executive officer effective August 1, 2023. Tan brings over 26 years of experience in the property development and construction industries at international level, having held leadership positions at renowned companies. (NST)

Sime Darby Bhd has appointed Datuk Seri Tengku Azmil Zahruddin Raja Abdul Aziz as independent director effective August 1, 2023. Tengku Azmil currently sits in the board of CelcomDigi Bhd as its chairman. Prior to this, he was the chief investment officer at Khazanah Nasional Bhd and had served Khazanah in various senior positions such as deputy managing director and executive director of investments since 2011. (NST)

KGW Group Bhd made its debut on the ACE Market of Bursa Malaysia, at a 9.5 per cent premium over its initial public offering (IPO) price of 21 sen per share. The logistics services provider raised a total of RM16.73 million through the IPO, from which RM10.00 million of the proceeds is allocated to repay bank borrowings to the purchase a freehold three-storey office building with an annexed two-storey warehouse located at Glenmarie, Shah Alam. (NST)

Advancecon Holdings Bhd, yesterday announced the termination of IR Yeo An Thai from his position as group chief operating officer (COO) due to misconduct. Yeo remained as group COO of the company despite not being re-elected at the 26th AGM on May 29 2023. He was appointed to the board on directors on August 1, 2016. (NST)

Hotel and resorts company, Avillion Bhd's, share price opend 8.8 per cent lower, or 5.5 sen today, after its external auditor Baker Tilly Monteiro Heng PLT, highlighted a material uncertainty to the company operating as a going concern given net losses it recorded for financial year ended March 31, 2023l. Some 30,000 shares changed hands. (NST)

Gadang Holdings Bhd is hoping for better quarters ahead given that the group is actively seeking the recovery of outstanding sums from construction projects. Group managing director Tan Sri Kok Onn, said Gadang has adopted a prudent approach by making provisions for liquidated ascertained damages (LAD) and simultaneously pursuing extension of time claims with the relevant clients. (NST)

Opcom Holdings Bhd has proposed to diversify into the power generation and transmission business via the purchase of a 49% stake or 5.39 million shares in Transgrid Ventures Sdn Bhd for RM98mil. Opcom, a manufacturer of fibre optic cables, said the proposed acquisition will be satisfied via a combination of cash and issuance of new shares in Opcom. (TheStar)

DXN Holdings Bhd is perceived to be in a robust position to achieve growth, primarily due to its expansion plans. RHB Research said, notwithstanding the challenges posed by a slowing global economy and heightened inflationary pressures, DXN is in a strong position to deliver sustainable growth. (TheStar)

RHB Investment Bank Research has maintained its “buy” rating of MGB Bhd at 70 sen, with a higher target price of RM1 (from 93 sen), after the company signed a joint-venture agreement with SANY Alameriah Industrial (SA) to supply and install precast concrete products as well as operate its manufacturing plant. In a note on Tuesday (Aug 1), RHB research analyst Adam Mohamed Rahim mentioned SA’s plan to secure a minimum of 270,000 precast concrete products within three years from July 27. (TheEdge)

Kenanga Investment Bank has maintained its “outperform” rating on Gamuda Bhd at RM4.30 with an unchanged target price of RM5.15, and said that the sell-down on Gamuda shares on Monday (July 31) — triggered by news on the potential cancellation of the Metro West project in Australia — is a good buying opportunity. Kenanga said it is highly unlikely that Gamuda’s tunnelling package will be affected, as it is almost halfway through at 40%. (TheEdge)

Hong Leong Investment Bank (HLIB) Research has maintained its “hold” rating of Bursa Malaysia Bhd at RM6.71, with a slightly higher target price (TP) of RM6.88 (from RM6.74), and said Bursa reported core profit after tax and minority interests of RM105 million for the first half of 2023 (1H2023), down 18% from the same period last year, accounting for 48% of HLIB's and 46% of the consensus full-year forecasts, which is deemed to be in line with expectations. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 01 August 2023