MGB Bhd, a construction and property development arm of LBS Bina Group Bhd, has signed a tripartite memorandum of understanding (MOU) with Saudi Arabia-based parties to explore cooperation and investment opportunities in Almadina Almonawara (Madinah). In a Bursa Malaysia filing on Monday, MGB said it signed the MOU with Almqr Development Co and Saudi Arabia developer Alameriah Real Estate Development Company. (TheEdge)
Petronas Gas Bhd (PGB) has projected a higher utilisation rate for its offshore liquefied natural gas (LNG) from the Regasification Terminal in Sungai Udang (RGTSU), Melaka from 2026 onward on higher demand by utility providers as they switch to gas from coal for power generation. PGB head of gas transmission and regasification (GTR) Burhan Abdullah said demand is expected to pick up in the central and northern regions based on the power sector demand projection. (NST)
Sungai Harmoni Sdn Bhd, a subsidiary of Taliworks Corporation Bhd, has signed a collaboration agreement with Universiti Selangor (UNISEL) to explore water supply opportunities. This includes water treatment plant residual management through UNISEL's Faculty of Engineering and Life Sciences. Taliworks executive director Datuk Ronnie Lim Yew Boon said that this collaboration demonstrates the company's unwavering commitment to addressing one of the environmental challenges, water treatment plant residuals management. (NST)
Petra Energy Bhd and its partner Petroleum Sarawak Bhd (Petros) have commenced their first onshore drilling at Block SK433 in the Miri-Marudi area in northern Sarawak. Block SK433, which covers some 3,100 sq km, includes the discovered Adong Kecil West field. The inauguration of the onshore drilling, which was officiated by Sarawak Premier Tan Sri Abang Johari Tun Openg last week, marked a momentous milestone in the revival of Sarawak’s onshore oil and gas (O&G) activities. (TheStar)
Yinson Holdings Bhd has inked a strategic partnership agreement with Selangor Information Technology and Digital Economy Corporation (Sidec) to implement and expand sustainable initiatives in Selangor. Yinson and Sidec said the collaboration will begin with the promotion of electric bikes and battery-swapping solutions offered through Yinson’s green technologies business unit, Yinson GreenTech (YGT). (TheEdge)
Industronics Bhd was Bursa Malaysia's 10th most briskly-traded stock on Monday, following news that it has inked a memorandum of agreement (MOA) with Echo Asia (Hong Kong) Ltd and CHEC Construction (M) Sdn Bhd to negotiate a proposed collaboration to construct an international duty-free city on Pulau Langkawi. At the time of writing on Monday, the counter saw about 38.51 million shares changing hands or almost two times its 200-day average of 21.25 million shares. It was also up half a sen or 37.5% and trading at 5.5 sen — its highest since May 3. (TheEdge)
AirAsia X Bhd (AAX) shares slipped to below RM2 on Monday after an application to uplift its Practice Note 17 (PN17) status was rejected by Bursa Securities. The medium-haul low-cost carrier, the top loser on Bursa Malaysia so far on Monday, saw its share price falling as much as 17 sen or 8.46% after dipping to an intraday low of RM1.84 — its lowest since July this year. (TheEdge)
Malaysia Airports Holdings Bhd (MAHB) is expected to have continued resurgence in both domestic and international passenger traffic, with a return to pre-pandemic levels in calendar year 2024 (CY2024). In a statement on Monday, Kenanga Research mentioned that the total network of airports’ passenger traffic in the first nine months of 2023 (9MCY2023) increased 53% on a year-on-year (y-o-y) basis to 88 million, which made up 73% of its full-year forecast of 122 million compared to 84 million in 2022. (TheEdge)
Mah Sing Group Bhd is on track to achieve its 2023 property sales target of RM2.2 billion, given the strong sales momentum, continued appetite for affordable homes as well as renewed demand for properties in Johor, said CGS-CIMB Research. In a note on Oct 20, the research firm said it maintains its “add” call on the property developer, with a higher target price (TP) of RM1.10, from 79 sen previously. (TheEdge)
RHB Investment Bank has maintained its “buy” call on Leong Hup International Bhd, with a higher target price (TP) of 72 sen, from 63 sen previously, and said the integrated poultry, egg and livestock feed producer's near-term earnings outlook was bullish. In a note on Monday, the research house said that this was in view of improving market conditions in Indonesia and the robust performance of its anchor operations in Malaysia. (TheEdge)
CGS-CIMB Research has maintained its “hold” call on HPP Holdings Bhd at 38 sen with a target price (TP) of 36 sen, as it sees a full recovery in electrical and electronics (E&E) demand to Covid-19 levels in the near term as unlikely. In a note on Monday, the research house said that HPP’s core net profit of RM2.2 million for the first quarter ended Aug 31, 2023 (1QFY2024), lower by 48.1% year-on-year (y-o-y), was deemed in line with its expectations. (TheEdge)
Maybank Investment Bank has upgraded Westports Holdings Bhd to “buy” at RM3.24 with an unchanged target price (TP) of RM3.68 and said that value has emerged with a total upside of more than 10%, following the port operator’s recent share price decline. In a note on Monday, the research house said despite persistent challenges in global trade, it was confident in Westports' ability to navigate through them. (TheEdge)
CGS-CIMB Research is making no change to its earnings forecasts and reiterating its “add” rating on IGB Real Estate Investment Trust (IGB-REIT). The research house said this is premised on IGB-REIT’s high occupancy rate, positive rental reversion and strategic locations of its malls. IGB REIT reported a core net profit of RM88.9mil for the third quarter (3Q23), which as up 4.5% year-on-year (y-o-y), and 12.4% quarter-on-quarter (q-o-q), taking the real estate investment trust’s nine months core net profit to RM266.1mil, an increase of 8.9% y-o-y. (TheStar)
Source: New Straits Times, The Edge Markets, The Star 23 October 2023
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