MQ Market Updates - 04 September 2023

MQ Trader

Publish date: Mon, 04 Sep 2023, 05:24 PM

MNRB Holdings Bhd (MNRB) returned to the black in the first quarter ended June 30, 2023 (1Q24) with a net profit of RM69.5 million compared with a net loss of RM23.2 million a year ago. The earnings were attributed to commendable returns from its investment portfolio, higher foreign exchange gain resulting from effective hedging of the insurance contract liabilities and share of results of associates. (NST)

SkyWorld Development Bhd will start its “Sustainable Community Living” programme with its completed residential development SkyLuxe on the Park in Bukit Jalil, Kuala Lumpur, by providing an enhancement study to upgrade and optimise the development’s existing electric vehicle (EV) charging stations. (TheEdge)

S P Setia Bhd further expanded its business in Australia by acquiring a prime land site in Sydney, New South Wales. It is also the company’s maiden foray into the state. With an optimal entry cost point of A$73.3 million (RM220 million), the site is located at 20 Atchison Street in St Leonards and only 6km away from Sydney CBD. S P Setia plans to develop the 14,790 sq ft freehold land into a residential development with secondary commercial and retail use. It has an estimated gross development value (GDV) of A$236 million (RM708 million) and is targeted to be launched in the third quarter of 2024 (3Q2024). (TheEdge)

HSS Engineers Bhd's associate, HSS Integrated Sdn Bhd, has bagged a RM68.5 million job from Malaysia Airports Sdn Bhd, to be the lead (civil and structural engineer) consultant for the Sultan Abdul Aziz Shah airport (Subang airport) redevelopment master plan. In June, Malaysia Airports Holdings Bhd was given the green light to redevelop the airport under the Subang Airport Regeneration Plan (SARP). (NST)

Lion Industries Corp Bhd is selling two parcels of industrial land in Kuala Langat, Selangor to Unichamp Mineral Sdn. Bhd for RM92.03 million, as part of its plan to monetise its assets. The company will report a gain of RM57.10 million from the sale, which will be used to fund its working capital. (NST)

Pos Malaysia is actively enhancing its capacity to effectively manage the surge in demand for its services, which has been fuelled by e-commerce growth. Group chief executive officer, Charles Brewer said Pos Malaysia has been monitoring its service performance on a daily basis to ensure a smooth customer experience. (TheStar)

Biomass boiler design and manufacturing company Boilermech Holdings Bhd’s shares will be traded under its new name BM Greentech Bhd, effective from Wednesday (Sept 6). The counter’s new short name will be “BMGreen”, replacing the old stock short name “Boilerm”, while its stock number remains unchanged, the company said in a filing with Bursa Malaysia on Monday (Sept 4). (TheEdge)

Microlink Solutions Bhd had to adjourn its 20th Annual General Meeting (AGM), to be held today, due to a technical issue faced by the Remote Participation and Electronic Voting facilities provider, Red Ape Solutions Sdn Bhd. In a filing with Bursa Malaysia Securities, the company said the notice of the new meeting date will be announced in due course. (NST)

Top Glove Corporation Bhd, through its charitable arm, the Top Glove Foundation (TGF), is committed to a series of environmental, social and governance (ESG) initiatives, aimed at conserving nature and supporting the livelihoods of the local community. This commitment is exemplified by the ongoing sponsorship by the world's largest manufacturer of gloves of the Sijangkang Mangrove Recreational Park (SMRP). (NST)

Dagang Nexchange Bhd (DNex) emerged as one of the most actively traded counters on Bursa Malaysia today after its wholly-owned subsidiary inked a Farm-in Agreement with Rapid Oil Production Ltd. At 10.37 am, the counter, which rose by half-a-sen to 47 sen, saw 54.80 million of its shares changing hands. (TheStar)

Power Root Bhd is expected to post strong quarterly results ahead on higher export sales, improved operating efficiency and new product launches, according to CGS-CIMB Research. The research house expected the group’s earnings to be driven by improved sales to Saudi Arabia starting from the second quarter of its financial year 2024 (2Q24). (TheStar)

Ta Ann Holdings Bhd expects plywood export prices to improve in the second half of 2023 (2H23), mainly due to low inventory levels in Japan, which is the group’s key market. According to the company, Japan’s plywood importers have been restrained by the weak yen in their buying over the past few months. (TheStar)

Lagenda Properties Bhd is targeting up to 20% growth for its current financial year, on the back of strong continued demand for its affordable homes. Given the Perak-based property developer’s confirmed sales achievement in the first half of this year, managing director Datuk Jimmy Doh said achieving its 2023 sales target is a realistic expectation. (TheStar)

IGB Group Bhd has rebranded and reopened The Boulevard Mid Valley City as St Giles Boulevard last Thursday (Aug 31), according to a press statement on Monday. St Giles Boulevard, which is part of the Mid Valley City mixed-use integrated development in Kuala Lumpur, is 28 storeys high and comprises 390 rooms. (TheEdge)

MALAKOFF Corp Bhd, an energy, environment and waste management company that has been around for almost half a century, is evolving with the country’s needs to keep up with the times. Established in 1975, Malakoff has been primarily an independent power producer (IPP) since 1993, with long-term power purchase agreements (PPAs) to deliver a secure and reliable electricity supply for Malaysia. (TheEdge)

Maybank Investment Bank Bhd (Maybank IB) expects a 49 per cent-owned Thai AirAsia X to contribute sizeable earnings to AirAsia X Bhd going forward, thanks to its recently-concluded debt rehabilitation. The investment bank said more importantly, the debt rehabilitation means that AirAsia X will equity account for its share of Thai AirAsia X's net profits going forward. (NST)

MIDF Research has initiated coverage on Matrix Concepts Holdings Bhd at RM1.52 with a "buy" call and target price (TP) of RM1.81. In a note on Monday, the research house said it derived the TP of RM1.81 by pegging a 25% discount to revalued net asset value. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 04 September 2023