MQ Market Updates - 02 August 2023

MQ Trader

Publish date: Wed, 02 Aug 2023, 05:02 PM

Pharmaniaga Bhd has submitted an appeal to Bursa Securities for the listing application of a second private placement exercise to be taken up by Armed Forces Fund Board (LTAT), yesterday. The first private share placement, saw the issuance of 131.02 million new ordinary shares to third-party investors, which raised RM45.86 million. The proposed second placement was for 144.12 million new shares to raise up to RM50 million. (NST)

Construction outfit Kerjaya Prospek Group Bhd has accepted two letters of award (LoA) with a combined contract sum of RM46mil from Eastern & Oriental Bhd (E&O), bringing its year-to-date outstanding order book to RM983.8mil. In a filing with Bursa Malaysia, Kerjaya Prospek said the contracts were secured by its wholly-owned subsidiary, Kerjaya Prospek (M) Sdn Bhd, from E&O’s indirect subsidiary companies Eastern & Oriental Express Sdn Bhd and (E&OE) Persada Mentari Sdn Bhd (PMSB). (TheStar)

Gamuda Bhd reveals that its Sydney Metro West-Western Tunnelling Package (SMW-WTP) in Australia has reached 40% completion to-date. Despite comments by local officials questioning the viability of the entire Sydney Metro West (SMW) project, the Malaysian construction and property group remains confident that its sub-contract work in Australia would continue, said CGS-CIMB Research. (TheStar)

EP Manufacturing Bhd (EPMB)'s shares rose as high as 12.5 sen or 13.51% to a seven-month high of RM1.05 in Wednesday's (Aug 2) morning trading session on Bursa Malaysia. The counter saw 30.64 million shares changed hands, exceeding its 200-day average volume of 3.42 million. Heavy trading in EPMB's shares propelled it to be among the top 10 most active stocks on the local bourse. (TheEdge)

AMMB Holdings Bhd yesterday said that it has started preliminary discussions with Great Eastern Holdings Limited pertaining to AmMetLife Insurance Bhd and AmMetLife Takaful Bhd. In a filing with Bursa Securities dated August 1, 2023, AMMB Holdings said the discussions are an ordinary part of its business review. (NST)

Datasonic Group Bhd, a security-related integrated ICT solutions provider, will be gradually ramping up the production of its polycarbonate data page and growing the number of Malaysian passports. Datasonic executive deputy chairman Datuk Hanifah Noordin said this is in line with an upward trend of demand for passports that is 100 per cent made in Malaysia. (NST)

Southern Score Builders Bhd's earnings is expected to grow steadily backed by its strong balance sheet and robust order book, said Kenanga Research. Southern Score commands strong margins by outsourcing construction work to reliable subcontractors, and procuring building materials in bulk (and often in cash terms) at highly competitive rates, the firm added. (NST)

The outlook for CIMB Group Holdings Bhd’s 92.5%-owned Indonesian arm PT Bank CIMB Niaga Tbk is expected to remain bright, following the strong first-half 2023 showing. Kenanga Research said CIMB Niaga’s first-half net profit was stronger than expected as it continued to sustain growth in both fund and fee-based income streams. (TheStar)

Hong Leong Investment Bank (HLIB) Research maintained its "hold" call on Frontken Corp Bhd at RM3.27, with a higher target price (TP) of RM3.07 (from RM3), after the surface engineering service provider's performance missed expectations for the second quarter ended June 30, 2023 (2QFY2023). Frontken's net profit slipped by 0.89% to RM31.91 million for 2QFY2023, from RM32.2 million for 2QFY2022, due to lower revenue from its Taiwan and Singapore units due to weaker semiconductor demand. Revenue fell 5.5% to RM121.5 million, from RM128.20 million previously. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 02 August 2023