MQ Market Updates

MQ Market Updates - 30 October 2023

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Publish date: Mon, 30 Oct 2023, 04:56 PM

I-Bhd has collaborated with CelcomDigi Bhd for the deployment of the telecommunications company's fibre infrastructure together with access to 5G and technology in the developer's i-City development in Shah Alam, the developer announced in a press release on Monday. According to I-Bhd chairman Tan Sri Lim Kim Hong in the statement, this collaboration paves the way for the company to launch its latest five-dimensional edutainment facility with the latest immersive technology in i-City by December. (TheEdge)

Dagang NeXchange Bhd’s (DNeX) 90%-owned subsidiary Ping Petroleum Sdn Bhd has secured a contract from Petroliam Nasional Bhd (Petronas) in relation to the production of petroleum and abandonment of petroleum facilities. In a bourse filing on Monday, DNeX said the abandonment (decommissioning) work will cover petroleum facilities located in the Abu Cluster ― about 250km off the east coast of Peninsular Malaysia. (TheEdge)

Malakoff Corp Bhd's expansion of its waste management and environmental services into Kedah and Perlis is expected to bring in double digit returns to the group, however it is unlikely to move the needle for its earnings. Malakoff's unit Tuah Utama Sdn Bhd last Friday (October 27, 2023) signed a conditional share sale and purchase agreement (SSA) with Metacorp Bhd for a 49 per cent interest in E-Idaman Sdn Bhd for RM133.2 million cash. (NST)

Information and Communications Technology (ICT) system and solutions provider SNS Network Technology Bhd has formalised its collaboration with Seagate Technology to provide enterprise data storage solutions as part of its ICT services and solutions. Seagate, a global leader in mass-capacity data storage solutions, has an enterprise data storage systems portfolio uniquely positioned to help solve storage challenges faced by businesses in managing, accessing, and protecting their data, said SNS in a statement. (TheStar)

UMW Holdings Bhd recorded automotive sales of 309,738 units as at end-September 2023, up 16% from 267,256 units in same period in 2022. There was also an improved performance in September alone with auto sales rising 13% year-on-year (y-o-y) to 38,223 units on the back of better sales for UMW's associate company, Perodua, said the group in a statement. (TheStar)

Nestle (Malaysia) Bhd's products will not be impacted by the increase in sugar tax, which was announced in the 2024 Budget. The current excise duty rate for sugary drinks will be increased from 40 sen to 50 sen per litre according to the 2024 Budget. (NST)

Analysts see CTOS Digital Bhd posting a record-breaking year for the financial year ending Dec 31, 2023 (FY2023), as the credit reporting group’s latest quarterly earnings came within expectations, and growth momentum anticipated to continue. For the third quarter ended Sept 30, 2023 (3QFY2023), CTOS posted a core profit of RM29.1 million and  brought its core earnings for the nine-month period (9MFY2023) to RM75.4 million — within expectations at 72% of consensus FY2023 forecasts, according to RHB Research. (TheEdge)

Ekovest Bhd’s shares slid during early trade on Monday, after it entered into binding heads of merger agreement (HOA) with major shareholders Tan Sri Lim Kang Hoo and sister company Knusford Bhd last Friday. At 12.09pm, the construction group shares fell to a low of 47 sen, from its opening price of 47.5 sen, with 18.02 million shares changing hands. (TheEdge)

Maybank Investment Bank Bhd (Maybank IB) has a "buy" call on Genting Plantations Bhd for its "under-appreciated" land bank. The firm said at an (unadjusted) enterprise value (EV)/planted hectare (ha) of just RM41,000, Genting Plantations is attractively priced considering the value of its 16,908 ha of strategic freehold land and other assets. (NST)

Source: New Straits TimesThe Edge Markets The Star 30 October 2023

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