MQ Market Updates - 26 September 2023

MQ Trader

Publish date: Tue, 26 Sep 2023, 05:16 PM

Tenaga Nasional Bhd (TNB) has estimated a recovery of about RM7bil from imbalance cost pass-through (ICPT) in the first half of the 2024 financial year, based on current fuel price trends. The utility giant, in a statement, said the forward-looking perspective reflected TNB's proactive stance in managing its financial outlook and controlling fuel-related expenditures. (TheStar)

Pawnbroker Evergreen Max Cash Capital Bhd (EMCC) made its debut on the ACE Market of Bursa Malaysia at 32 sen per share, a 33% premium against its initial public offering (IPO) price of 24 sen. The group, which is also involved in the retail and trading of gold and luxury products, raised a total of RM64.2mil from its IPO exercise, with a bulk of it earmarked to finance the expansion of its pawnbroking business. (TheStar)

Ho Hup Construction Co Bhd plans to undertake a private placement exercise of 10% of its share base to raise RM12.4 million, most of which is to be set aside to pay its sub-contractors. In a bourse filing on Monday, the construction outfit said the private placement exercise entails the issuance of up to 49.49 million shares — 10% of its share base of 494.86 million shares — to independent investors to be identified later, at an issue price to be fixed later. (TheEdge)

Bumi Armada Bhd’s core net profit for the financial year ended Dec 31, 2024 (FY2024) could hit a record RM847 million, as its Kraken floating production offloading and storage (FPSO) unit is now operating at pre-pandemic levels. Other factors that could improve its earnings significantly are the recognition of a bareboat charter (BBC) contract by its 30%-owned joint venture Sterling V FPSO, starting November 2023, and lower finance costs, said Maybank IB in a note on Tuesday. (TheEdge)

Analysts have maintained their calls on Dialog Group Bhd as the group’s venture into specialty chemicals is expected to have a minimal impact on the company's financials in the short term. PublicInvest Research forecasted that the project will deliver a low double-digit internal rate of return and achieve payback within 10 years, based on the US$80 million (RM375.24 million) investment. (TheEdge)

Shares in Astro Malaysia Holdings Bhd fell in early trade after reporting a 76% lower net profit in the second quarter ended July 31 (2Q24). In addition, the pay-TV services provider said no dividend was declared for the quarter due to its new dividend policy to distribute dividends annually from its consolidated profit after tax and minority interest (Patami). (TheStar)

Solarvest Holdings Bhd via its wholly-owned subsidiary, Solarvest (Vietnam) Co Ltd, has secured 11 rooftop solar photovoltaic (PV) installation projects in Vietnam, with a combined capacity of 12.8 megawatt-peak (MWp). The clean-energy specialist said in a Bursa filing it is collaborating with a well-known local partner that will deliver engineering, procurement, construction, and commissioning services for the projects. (TheStar)

Tropicana Corp Bhd’s collaboration with Universiti Kebangsaan Malaysia (UKM) researcher Choong Chee Yen to foster the biodiversity of its Dragonfly Pond at Tropicana Golf & Country Resort has resulted in drawing 14 dragonfly and damselfly species to the resort. A press statement on Monday (Sept 25) explained that the pond’s success is complemented by the planting of more than 16 aquatic and non-aquatic flora species. These include sedges and reeds such as Lepironia articulata and papyrus to provide perches for the dragonflies, as well as frangipani and variegated jasmine among others. This initiative also helped control the pond’s and surrounding landscape’s pest populations. (TheEdge)

Source: New Straits Times, The Edge Markets 26 September 2023