MQ Market Updates

MQ Market Updates - 20 October 2023

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Publish date: Fri, 20 Oct 2023, 05:18 PM


Swift Haulage Bhd's third quarter (Q3) 2023 earnings is expected to remain subdued due to a challenging macro environment, affecting its logistics rates. Maybank Investment Bank Bhd (Maybank IB) said positively, Swift has been proactively embarking on its sustainable journey amid the economic slowdown. While the firm's acknowledge Swift's commitment to sustainability and expansion, there will be execution risks amid current challenges in the macro front. (NST)

Malaysia Airports Holdings Bhd (MAHB) has seen a significant resurgence in aviation activity during the third quarter of 2023. MAHB said this is due to the introduction of three new airlines and multiple new routes by existing partner airlines across its network of airports in Malaysia. Malaysia welcomed Salam Air, Super AirJet and Sichuan Airlines at KL International Airport, while existing partner airlines added 12 new destinations and resumed seven routes on top of their current services. (NST)

Headline profit growth for Bursa Malaysia Bhd is expected to be lower in the next quarter due to weaker derivatives income and higher expenses. RHB Research said Bursa Malaysia third quarter (Q3) 2023 derivatives average daily contracts (DADC) slipped six per cent quarter on quarter (QoQ) to 73,372 contracts. The firm said this is due to lower crude palm oil futures trades, though partially mitigated by greater FBM KLCI futures trades. (NST)

Mi Technovation Bhd’s wholly owned subsidiary, Mi Semiconductor Pte Ltd (MiSE Singapore), has entered into a US$30mil investment agreement with Xiaoshan Economic and Technological Development Zone Administration Committee. The investment involved research and development (R&D) and manufacturing facilities for power modules and devices in Xiaoshan, Hangzhou City, the company said in a filing with Bursa Malaysia. According to the agreement terms, MiSE Singapore will invest the proposed sum in its subsidiary Mi Semiconductor (Hangzhou) Co Ltd, which has a core R&D team consisting of graduates from renowned universities, and its key management team are experienced members from leading multinational companies in Europe, the United States and Taiwan. (TheStar)

Genting Malaysia Bhd (GenM) can employ several measures to minimise the negative impact from the two percentage point (ppt) service tax rate hike proposed in Budget 2024, according to Maybank IB Research. In a note on Thursday, the research house said as per Budget 2024 tabled last Friday, the service tax rate will be raised to 8% from 6% currently from March 1, 2024 onwards. It said one of the taxes that Resorts World Genting (RWG), which traditionally contributes more than 80% to Genting group’s earnings, pays is the service tax. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 20 October 2023

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