MQ Market Updates - 18 October 2023

MQ Trader

Publish date: Wed, 18 Oct 2023, 05:19 PM

Ancom Nylex Bhd's agrochemical division is expected to deliver better performance in the coming quarters, driven by stronger sales order for selected products, increased demand for agrochemicals and contribution from Chemical T. Ancom manufactures and sells chemical products, offering agricultural and industrial chemicals. Hong Leong Investment Bank (HLIB) Research expects stronger sales order for Bromacil and Ester; a surge in Brazil's sugar prices to elevate sugar production thus increasing demand for agrochemicals and production for Chemical T to come online in the second quarter of financial year 2024. (NST)

Bursa Malaysia's net profit for the third quarter of 2023 (Q3 2023) is set for a year-on-year (YoY) and quarter-on-quarter (QoQ) rebound as the equity market's daily volume recovers. Affin Hwang Capital expects Bursa to post a six per cent QoQ and 17.7 per cent YoY net profit growth to RM59 million in Q3. For Q3 2021, the company posted a net profit of RM79.94 million. It dropped 37.3 per cent YoY to RM50.13 million in Q3 2022. Affin Hwang noted that the stock exchange's Q3 2023 equity trading value had recovered, with an average daily value (ADV) of RM2.27 billion. (NST)

Apex Quity Holdings Bhd is expected to post a 10 per cent increase in earnings growth in financial year (FY) 2023, with its money lending segment delivering higher earnings in the second half of FY2023. Public Investment Bank (PublicInvest) research believes Apex Equity Holdings Bhd's money lending segment will deliver higher earnings in 2HFY23 due to rising cost of funds, which would lead to higher effective lending rates. (NST)

Shares of MY E.G. Services Bhd (MyEG) opened at 84 sen before falling to 82 sen, or 0.61 percent lower than its closing on Tuesday, following news that the company would have to undergo a systems upgrade before it can provide immigration related services for another two years. It was the eight most active counter with some 21 milion shares changing hands, as at 10.25am. Yesterday, MyEG said it received a letter of acceptance dated October 16, 2023 from the Home Affairs Ministry to extend the immigration related services for a period of two years. (NST)

Ramssol Group Bhd is aiming for a transformative 2024 that will reshape Malaysia's technology scene and create exciting prospects for the company and its stakeholders. Group managing director and chief executive officer Datuk Seri Cllement Tan Chee Seng said its plans and strategic focus revolve around the business segments of PeopleTech, AutoTech, EduTech, and MarketingTech. Under the PeopleTech segment, the company's key initiatives for next year are to further expand the segment to enhance its service offerings as well as strengthen its presence in the global market. (NST)

Hibiscus Petroleum Bhd has set its sights on expanding its international footprint of oil and gas exploration and production (E&P) in Southeast Asia, besides developing its United Kingdom assets. Hibiscus, the only listed Malaysian E&P entity, is constantly on the lookout for opportunities in countries with a robust legal system that the company is comfortable dabbling in. Managing director Kenneth Pereira told Business Times that with its "hub-type concept", Hibiscus is keen on exploring the regional markets. (NST)

Integrated global healthcare provider IHH Healthcare Bhd’s long-term prospects remains bright amid external headwinds. RHB Research said it remains positive on IHH’s long-term prospect as it likes the group’s solid execution strategy, reputable regional footprint across key regions driven by its strong brand awareness, inelastic demand nature towards healthcare services and focus on affluent clientele. (TheStar)

Eversendai Corp Bhd shares rose as much as six sen or 34% to a two-year high of 23.5 sen, on news that it has inked a memorandum of understanding (MOU) with Saudi-based conglomerate Algihaz to form a joint venture to execute structural steel projects in Saudi Arabia. At the time of writing, the counter is trading at 20.5 sen, still up three sen or 17.14%, with 32.53 million shares traded, over 22 times its two-month average volume of 1.42 million shares. The Middle East represented 72.2% of Eversendai’s operational revenue in the first half ended June 30, 2023 (1HFY2023), with segment revenue of RM573.87 million and pre-tax profit of RM25.37 million. (TheEdge)

Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating on DRB-Hicom Bhd at RM1.43 with an unchanged target price (TP) of RM2 and said it remains positive on DRB’s outlook. In a note on Wednesday, the research house said Proton is expecting continued growth momentum in 2023 and sales target of 310,000 units in 2030 and 500,000 units in 2035, as management remains focused on introducing new attractive models with improved production and cost efficiencies, as well as improving customer experiences. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 18 October 2023