MQ Market Updates - 08 August 2023

MQ Trader

Publish date: Tue, 08 Aug 2023, 05:17 PM

Texchem Resources Bhd (TRB) signed a letter of intent (LoI) with CellSource Co Ltd (CCL) to establish a joint venture (JV) to introduce the latter's platelet-derived factor concentrate freeze-dry (PFC-FDTM) processing service, which is patented both in Malaysia and Japan, to medical institutions in Malaysia. TRB executive chairman Tan Sri (Dr) Fumihiko Konishi said the company's in-house team has a proven track record of serving the medical/life sciences sectors and has multiple certifications validating its expertise and commitment to excellence. (NST)

Pestech International Bhd's executive director Lim Peir Shenq has retracted his letter of resignation a day after it was announced on Bursa Malaysia. On Monday, the company announced on the local bourse that Lim had let go of his post, "to pursue other interests". "After reconsideration, Lim Peir Shenq had on August 7, 2023 (late evening), retracted his letter of resignation as executive director dated the same day," it said. (NST)

CIMB Bank Bhd and CIMB Islamic Bank Bhd have unveiled their first branch with integrated sustainable features at IOI City Towers @ IOI Resort City, Putrajaya. The branch has incorporated 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. (NST)

Pos Malaysia Bhd has introduced Pos Raudhah, a subscription package providing coverage for 24-hour funeral management or cash assistance. The postal and parcel service provider said the subscription package, in collaboration with Bumijez Sdn Bhd aimed to provide help and financial support to ease the burden of bereaved families faced with funeral management upon the demise of their loved ones. (TheStar)

Hong Leong Investment Bank Bhd (HLIB Research) has initiated coverage on DKSH Holdings (Malaysia) Bhd with a "hold" call, expecting a flattish performance for financial year 2023 (FY23) forecast on higher operational costs. While it pencils in a 5.3 per cent top line growth in FY23 forecast, the research unit is projecting flattish FY23 forecast earnings of RM117.2 million, an increase of two per cent year-on-year (YoY), before growing by 9.1 per cent and 9.6 per cent in FY24 forecast and FY25 forecast to RM127.9 million and RM140.1 million. (NST)

Kenanga Research has raised its target price (TP) for Malaysia Building Society Bhd (MBSB) to 67 sen, up from 51 sen previously, while maintaining its "underperform" rating. The research house in a note on Tuesday (Aug 8) said the increase of TP is based on a Gordon Growth Model-derived (GGM) price-to-book value ratio (PBV) of 0.58 times (cost of equity capital: 9.7%, TG: 2%, return on equity: 6.5%) from 0.39 times previously. (TheEdge)

RHB Investment Bank Research has maintained its “buy” call on Solarvest Holdings Bhd at RM1.30 with the highest target price (TP) of RM1.53 (from RM1.46) after the group was shortlisted among bidders for the Corporate Green Power Programme (CGPP) by the Energy Commission. In a note on Tuesday (Aug 8), RHB said the commission has short-listed 22 solar power producers and the first announcement awarded a total capacity of 563.42 megawatts (MW), with plant capacity ranging between 7MW and 30MW. (TheEdge)

Maybank Investment Bank (Maybank IB) has maintained its “hold” rating on Westports Holdings Bhd and said the port operator defies the subdued global container shipping near-term outlook. During its second quarter of 2023 (2Q2023) results briefing, Westports revised its 2023 container volume growth guidance up, mainly driven by strong gateway cargoes and market share recovery. (TheEdge)

Hong Leong Investment Bank (HLIB) Research said that after the 5.4% slide from its recent high of RM2.21 to Monday's (Aug 7) RM2.09, Bermaz Auto Bhd’s risk-reward ratio has become attractive, making it a compelling opportunity for investor to buy on weakness to leverage the group's promising outlook. In a technical tracker on Tuesday, the research house said the group’s management has provided guidance on the ongoing strong demand for Mazda models like CX-30 and CX-5, with a focus on rebuilding the brand image for Peugeot and Kia. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 08 August 2023