MQ Market Updates - 07 August 2023

MQ Trader

Publish date: Mon, 07 Aug 2023, 05:23 PM

Time dotCom Bhd (TIME) subsidiary, AVM Cloud Sdn Bhd (AVM Cloud), has identified sovereign cloud solutions as a new pillar of growth for businesses in Malaysia. AVM Cloud chief executive officer David Chan said the company's sovereign cloud solutions are built on top of its existing cloud infrastructure, which many domestic companies already trust. (NST)

Yinson Production has secured a US$230 million (RM1.05 billion) term loan facility for FPSO Maria Quitéria from Global Infrastructure Partners (GIP). The FPSO, which is nearly 70 per cent completed as of June 2023, is destined for the Jubarte field as part of the Parque das Baleias Integrated Project offshore Brazil. The FPSO expects to achieve first oil in the second half of 2024. GIP is a leading independent infrastructure fund manager with approximately US$100 billion in assets under management. (NST)

IHH Healthcare Bhd has approved Agilus Diagnostics Ltd, a diagnostics company based in India, to initiate an initial public offering (IPO) process via an offer for sale of equity shares by certain existing and eligible shareholders of Agilus Diagnostics in the IPO, following applicable laws. It said the actual timing and implementation of the IPO will be subject to the determination of the respective boards of Fortis Healthcare Ltd and Agilus Diagnostics after considering the prevailing market conditions and other relevant factors at such price determined under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. (TheStar)

Bursa Malaysia-listed LGMS Bhd has penetrated the Cambodian banking market by helping ABA Bank to secure the international Payment Card Industry Data Security Standard (PCI DSS) certification. ABA Bank, a subsidiary of the National Bank of Canada, is Cambodia’s largest commercial bank with the most substantial assets, deposits, loans and profitability based on the National Bank of Cambodia’s 2021 Annual Supervision Report. (TheStar)

Ni Hsin Group Bhd's wholly-owned subsidiary Ni Hsin EV Tech Sdn Bhd has proposed to conduct an inital exchange offering (IEO) exercise to raise funds for its electric vehicle (EV) business. In a statement, it said it had entered into an IEO agreement with Pitch Platforms Sdn Bhd for the provision of IEO services to the company with the objective of hosting the company on its licensed IEO platform, PitchIN. (TheStar)

CIMB Bank Bhd and CIMB Islamic Bank Bhd has recently launched their first branch with integrated sustainable features located in a green building index (GBI) certified building at IOI City Towers @ IOI Resort City, Putrajaya. According to the bank, the branch is the first by CIMB to seamlessly incorporate environmental and social inclusion considerations into its design and operations, enabling the bank to reduce its environmental impact and foster a more inclusive banking environment. (TheStar)

Trading in the securities of Jerasia Capital Bhd continues to be suspended from 9am on Tuesday (Aug 8) until further notice. In a bourse filing on Monday, Bursa Malaysia said shares of the apparel manufacturer and fashion retailer would be suspended as it failed to submit its outstanding quarterly report for the financial period ended May 31, 2023 on or before Aug 7, 2023. (TheEdge)

Public Investment Bank Bhd (PublicInvest) has maintained a cautious outlook on SLP Resources Bhd, as the flexible plastic packaging industry continues to be weighed by weak global demand. The investment bank said while raw material and logistic costs have eased, oversupply and weak external demand remain prevalent due to the slowing global economic activities and lack of market catalyst to spur demand growth. (NST)

Hong Leong Investment Bank (HLIB) Research is upbeat on UMediC Group Bhd, due to the growth potential of its manufacturing segment and ability to capitalise on an expected increase in public healthcare spending. The government has committed to increase public healthcare spending to 5 per cent of the gross domestic product from an estimated 2.9 per cent in 2021. HLIB Research said it is anticipating an increase in the opening of tenders for medical equipment procurement from the public sector in July and August. (NST)

Kenanga Research has cut its target price for PIE Industrial Bhd by 44 sen or 10.86% to RM3.61, based on an unchanged price-to-earnings ratio of 18 times that is now pegged to the electronic manufacturing services (EMS) company's financial year ending Dec 31, 2024 (FY2024) earnings. In a research note, its analyst Samuel Tan said he had cut PIE Industrial's earnings forecast by 21% to RM67.8 million for FY2023 and RM76.9 million for FY2024, after its first six months ended June 30, 2023 (1HFY2023) results missed expectations. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 07 August 2023