MQ Market Updates - 17 October 2023

MQ Trader

Publish date: Tue, 17 Oct 2023, 05:28 PM

Straits Energy Resources Bhd's unit has won a RM71.6 million job to build engineering centres for University Malaysia Perlis (UniMAP). The job was awarded by Teras Khidmat Niaga Sdn Bhd, the main contractor appointed by the Public Works Department. Teras Khidmat is a general contractor involved in heavy and civil engineering construction that has been in business since 1983. (NST)

Distributor of stainless steel sanitary valves, tubes and fittings, Minox International Group Bhd, opened at a 26 per cent premium, or at 31.5 sen, on its debut on the ACE-Market today. Minox's initial public offering (IPO) was priced at 25 sen. As at midday break, the company's stock had climbed to 36 sen or 44 per cent higher than its IPO price. It was the most actively traded stock in morning trade. (NST)

Turkiye's healthcare spending has seen tremendous growth over the past five years, putting IHH Healthcare Bhd on strong footing there through hospital subsidiary Acibadem. The country's healthcare spending grew at a 24.2 per cent compounded annual growth rate between 2016 and 2021, according to RHB Research. This was driven by a spike in non-communicable and chronic diseases such as cancer, diabetes, and chronic respiratory diseases as a result of ageing, smoking, reduced physical activity and rising pollution. (NST)

PMB Technology Bhd has proposed to dispose of a piece of leasehold land in Klang in a non-related party transaction to an individual named Ong Saut Mee. The company, in a Bursa Malaysia announcement, has proposed to dispose of the 56,655 sq metres piece of land, where the lease will expire on March 30, 2097, for RM36.59mil. With an original cost of investment of RM4.88mil, the proposed disposal is expected to generate an estimated one-off gain of RM25.75mil to the group after taking into account the estimated expenses of RM3.51mil in relation to this transaction. (TheStar)

Sunway Bhd said its 70%-owned subsidiary Umech Land Sdn Bhd has not received a formal letter of termination of the joint development agreement from the Penang Development Corp (PDC). "We will be in a better position to make the appropriate statement regarding the termination of the joint development agreement after receiving and reviewing the letter from PDC," it said in a filing with Bursa Malaysia on Tuesday. It was commenting on news reports that PDC has decided to terminate its controversial collaboration agreement with Umech Land for the development of Batu Kawan Industrial Park 2 (BKIP2) in Penang. (TheEdge)

The first phase of Sime Darby Property Bhd’s final high-rise residential development in Ara Damansara — TRiARA Residences — has sold 216 out of 304 units launched on September 23, 2023. This amounts to RM225.9 million in bookings. The 5.6-acre development comprises three blocks of modern, multi-generational units. It will offer a total of 450 units in two phases with built-ups ranging from 1,216 sq ft to 1,808 sq ft. Prices start from RM850,000. Sime Darby Property chief marketing and sales officer, Datuk Lai Shu Wei, attributed the success of TRiARA Residences to the developer’s deep understanding of the housing market and its ability to offer homes with practical designs for all ages in ideal locations at competitive prices. (TheEdge)

KNM Group Bhd chairman Tunku Datuk Yaacob Khyra has won the majority support of shareholders to continue his leadership with the company and deliver on his turnaround strategy. Following the company’s EGM yesterday, Tunku Yaacob thanked the group’s shareholders for their confidence, trust and continued support. (TheStar)

Public Investment Bank (PublicInvest) remains positive on DRB-Hicom Bhd growth strategy toward achieving a sales target of 310,000 and 500,000 units, by 2030 and 2035 respectively, for Proton. Proton sold 141,000 units in 2022. The research firm has maintained its outperform rating on the stock. About 50 per cent of the sales target is to be new energy vehicles (NEV) and export market. (NST)

Source: New Straits Times, The Edge Markets, The Star 17 October 2023