MQ Market Updates - 19 October 2023

MQ Trader

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

Mi Technovation Bhd's subsidiary Mi Semiconductor Pte Ltd (MiSE Singapore) signed an agreement with the Xiaoshan Economic and Technological Development Zone Administration Committee for the research, development and manufacturing facility of power modules and devices in Xiaoshan, Hangzhou City, China. MiSE Singapore will invest US$30.00 million (approximately RM142.00 million) in Mi Semiconductor (Hangzhou) Co Ltd (MiSE Hangzhou) for a research, development, and manufacturing facility for the proposed project. (NST)

Tenaga Nasional Bhd (TNB) and Siemens Energy will initiate green hydrogen advancements following a memorandum of understanding (MoU) which was signed in August this year. This partnership aims to accelerate the decarbonisation of its thermal power plants, utilising green hydrogen produced from renewable energy (RE) resources. Under the MoU, TNB will use electrolyser and RE generation sources such as pumped hydro and solar. (NST)

Sarawak Cable Bhd (SCB) said its external auditor Baker Tilly Monteiro PLT has issued a disclaimer opinion on the group's financial statements for the year ended May 31, 2023 (FY2023). The company's FY2023 financial position and the group's PN17 status indicate that material uncertainties exist that may cast significant doubt on the company's ability to continue as going concern, according to the auditor in a statement. (NST)

Reneuco Bhd's wholly-owned subsidiary Reneuco RE Sdn Bhd has inked a memorandum of understanding with the Petaling Jaya City Council (MBPJ) for the installation of a rooftop solar photovoltaic system at the MBPJ Innovation Centre in the Selangor Science Park. In a statement, Reneuco said the project falls under the scheme category of the net energy metering programme (NEM) 3.0. The proposed capacity of the project is 267.3kWp with an electricity tariff rate of 39 sen/kWh. (TheStar)

In light of the rising geopolitical tension in the Middle East, Ancom Nylex Bhd plans to increase its sales volume of monosodium methanearsonate (MSMA) in a bid to grab market share from its Israel-based rival. Following a results briefing, Kenanga Research reported that the agri-chemicals producer is opting for higher volume sales during this time instead of raising prices, as the implementation of a pricing advantage can be easily reversed should circumstances change. (TheStar)

Sunway Construction Group Bhd’s (SunCon) wholly-owned subsidiary, Sunway Construction Sdn Bhd, has accepted the letter of initial appointment (LOIA) from K2 Strategic Infrastructure Malaysia Sdn Bhd to commence and complete the proposed development of a data centre in Johor. In its filing with Bursa Malaysia, the construction group said the contract, worth RM192.88mil, included all applicable taxes and levies in relation to the LOIA works. The duration for the completion of the LOIA works is approximately 13 months, starting in October 2023. (TheStar)

Shares in AirAsia X Bhd (AAX) slumped after noon break on Thursday as Bursa Securities rejected the medium-haul low-cost carrier’s application for a relief from having to submit and implement a regularisation plan for its Practice Note 17 (PN17) status, as well as the upliftment from the status under the Main Market Listing Requirements. Notably, AAX shares took a nosedive and hit an intraday low of RM1.85. At the time of writing, the stock then rebounded to trade 10 sen or 4.44% lower at RM2.15, giving the group a market capitalisation of RM961.21 million. The counter also saw 15.87 million shares change hands. (TheEdge)

Plenitude Bhd’s Hibiscus, comprising 199 double-storey homes in its 285.5-acre Impian Hills township in Ulu Tiram of Johor, has achieved a take-up rate of 50% since its preview in August. With a gross development value (GDV) of RM1.02 billion, Impian Hills will be developed in several phases. The ongoing first phase named Magnolia comprises double-storey homes while Hibiscus is the second phase. Following the launch of both phases, Impian Hills now has a remaining land size of 228 acres dedicated to future phases that will feature commercial and residential developments. (TheEdge)

Hong Leong Investment Bank (HLIB) has initiated coverage on SMRT Holdings at 91 sen with a target price (TP) of RM1.38, based on 20x P/E on FY2025f earnings. In a note on Thursday, the research house said from 2020 to 2023, SMRT has gone through a substantial transformation to become a dedicated player in the Internet of Things (IoT) field. Operating under the NTS umbrella, SMRT's core expertise now lies in the installation, monitoring and maintenance of customised hardware solutions for its clients' operational facilities, establishing wireless network connections tailored to their specific requirements. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 19 October 2023