MQ Market Updates

MQ Market Updates - 01 November 2023

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Publish date: Wed, 01 Nov 2023, 05:13 PM

Cybersecurity company LGMS Bhd has signed a partnership agreement with Finland's WithSecure to develop innovative and user-friendly cybersecurity solutions specifically for local small and medium enterprises (SMEs). The partnership’s objective is to protect SMEs from cyber threats, in line with the country’s digital transformation, and in support of the upcoming national cybersecurity bill that is set to be unveiled by the unity government early next year. (TheEdge)

Tenaga Nasional Bhd (TNB) is exploring carbon capture and storage (CCS) and hydrogen-based generation solutions to address the sustainable electricity consumption needs of the growing energy-guzzling data centre industry in Malaysia. TNB chief operating officer Datuk Megat Jaluludin Megat Hassan said there are limitations to depending on solar energy as a sustainable energy source to power data centres, which require continuous uptime. (TheEdge)

Salutica Bhd, which has received an unusual market activity (UMA) query from Bursa Malaysia, said it is unaware of any reason for the sharp fall in its share price and rise in volume recently. “The group is unaware of any credible rumour or report concerning the business and affairs of the group that may account for the trading activity,” Salutica said in a reply to the UMA query. (TheStar)

Independent power producer YTL Power International Bhd has become a substantial shareholder of smaller rival Ranhill Utilities Bhd, after acquiring 243.33 million shares, equivalent to an 18.87% stake, in Ranhill. In a bourse filing, YTL Power said the transaction was made on Wednesday. (TheEdge)

Malayan Banking Bhd’s 98.52%-owned PT Bank Maybank Indonesia Tbk (Maybank Indonesia) saw its pre-tax profit grow 11.8% to 1.66 trillion rupiah for the nine months ended Sept 30, 2023 (9M23) from 1.48 trillion rupiah in the same corresponding period last year. In a statement, Maybank Indonesia said the positive growth was derived from better earnings in the bank’s loan composition, particularly from the retail and retail small-medium enterprise loans following a continual lift in public consumption. (TheStar)

Rapid Synergy Bhd's external auditor KPMG PLT has issued a qualified opinion on the precision tool-making company’s financial statements for the 18-month period that ended June 30, 2023 (FPE2023), due to insufficient disclosures over a RM4.43 million rental income, a RM2.32 million gain from the disposal of property and deposits paid for acquisition of properties, that were recognised during the financial period. In an independent auditors report on Wednesday, KPMG said it could not confirm the appropriateness and veracity of Rapid Synergy's RM4.43 million rental income recognised for FPE2023. The rental income is in relation to the renting of two properties to an entity, which was a former subsidiary of the group. (TheEdge)

RHB Research has reduced Bursa Malaysia Bhd's core profit forecast for fiscal year 2023 (FY23) by two per cent, citing a lower initial public offering (IPO) assumption of 31 from 37 previously. However, the firm raised its Bursa forecasts for FY24–FY25 by two per cent as it reduced its operational expenditure assumption to better align with the corporate internet reporting (CIR) guidance. (NST)

Source: New Straits TimesThe Edge Markets The Star 01 November 2023

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