MQ Market Updates - 16 August 2023

MQ Trader

Publish date: Wed, 16 Aug 2023, 05:11 PM

UEM Sunrise Bhd has acquired its first residential development site in Subiaco East in Perth, Western Australia for A$22.18mil (RM66.39mil). (TheStar)

Bursa Malaysia Bhd has appointed Tan Ler Chin as an independent non-executive director to its board of directors line-up, effective August 16, 2023. (NST)

Glostrext Bhd will focus on using proceeds from its listing exercise to expand its structural ground business division in Singapore over the next three years. (TheStar)

HSS Engineers Bhd says it is set to kickstart its recurring income stream. This is after HSS Engineers and consortium partner Shizen International Inc accepted a Letter of Notification from the Energy Commission to develop a 29.99 megawatt (MW) solar photo voltaic (PV) plant in Kuala Muda, Kedah. (NST)

SP Setia Bhd's second quarter net profit ended June 30, 2023 nearly halved on lower contributions from the property development business and higher losses from the construction business. (NST)

Velesto Energy Bhd has announced two contracts secured by its subsidiaries for the provision of a jack-up drilling rig and hydraulic workover unit. (TheStar)

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) registered a net loss of RM388.7 million for the second quarter ended June 30, 2023 (2QFY2023), versus a net profit of RM21.97 million a year earlier, dragged by the group’s additional cost provisions for ongoing projects.(TheEdge)

Malaysia Airports Holdings Bhd (MAHB) intends to terminate the RM742.95 million contract given to Pestech International Bhd to build and supply a new automated people mover (APM) or aerotrain project in the Kuala Lumpur International Airport, as the latter has failed to meet the timeline, according to sources. (TheEdge)

As analysts forecast a challenging outlook on Farm Fresh Bhd, a new substantial shareholder, UK-based Abrdn Holding Ltd, has emerged in the company. (NST)

Ranhill Utilities Bhd is actively exploring initiatives to expand its water supply operations to other states in Malaysia. (TheStar)

Inta Bina Group Bhd has secured a letter of award to develop two serviced apartments in Bangi, Selangor, for RM206mil. (TheStar)

Public Investment Bank Research (PublicInvest Research) has cut its FY24-25 earnings forecast for Dialog Group Bhd on near-term headwinds due to elevated financing cost, and slower downstream activities. (NST)

Maybank Investment Bank (Maybank IB) Research has maintained its “buy” rating on Carlsberg at RM20.68 with an unchanged target price (TP) of RM24.70 and said the brewer’s second quarter of 2023 (2Q2023) results came in within expectations. (TheEdge)

CGS-CIMB Research is neutral on Sime Darby Bhd's (SDB) RM1.5 billion cash deal to acquire Cavpower Group, which is a distributor of Caterpillar Inc equipment in South Australia and Broken Hill in New South Wales. (NST)

TA Securities has maintained its “buy” rating on Heineken Malaysia Bhd at RM25.82 with a higher target price of RM31.90 (from RM31.40) based on unchanged discounted cash flow variables. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 16 August 2023