MQ Market Updates - 02 November 2023

MQ Trader

Publish date: Thu, 02 Nov 2023, 05:17 PM

YTL Power International Bhd's acquisition of nearly 19 per cent stake in Ranhill Utilities Bhd is expected to be a strategic fit given its experience in both water treatment and power generation. RHB Research said this will also further strengthen YTL Power's footprint in Johor, where the company is also developing data centres and solar parks. (NST)

AirAsia X Bhd (AAX) has bagged a contract worth RM29.7 million to operate charter flights to transport the Malaysian Battalion (Malbatt) 850 forces to Beirut, Lebanon and back, as part of the United Nations Interim Force in Lebanon’s (Unifil) peacekeeping mission. In a filing with Bursa Malaysia on Thursday, AAX said it had signed a passenger and ancillary services agreement with AirAsia Bhd. The low-cost carrier is primarily involved in chartering flights between Pangkalan TUDM (Royal Malaysian Air Force) Subang Airport and Beirut, Lebanon for four flights per year. (TheEdge)

Stella Holdings Bhd received shareholders’ approval to buy construction firm Pembinaan Teguh Maju Sdn Bhd (PTM) in an extraordinary general meeting (EGM) on Thursday. In a statement on Thursday, Stella said the acquisition — which comes with a profit guarantee of RM120 million for the financial year ending June 30, 2024 (FY2024), FY2025, and FY2026 on an aggregate basis — is especially noteworthy, due to PTM's RM1.16 billion worth of outstanding orders in areas such as roadworks, building construction, and mechanical and electrical projects. (TheEdge)

MRCB Land has entered into a partnership with local home renovator The Makeover Guys for its Sentral Suites development in KL Sentral, Kuala Lumpur, effective September 26, according to a press release issued on Wednesday. The statement said that this partnership will give owners, prospective buyers and tenants the option of “a hassle-free fit-out solution”. (TheEdge)

Capital A Bhd was among the top actives on Bursa Malaysia after the group announced that it was seeking a listing of its AirAsia brand royalty business and aircraft leasing unit in the US by injecting these operations into a Nasdaq-listed special purpose acquisition company (SPAC) at a tentative valuation of US$1 billion (RM4.76 billion), as part of its financial regularisation plans. At the time of writing, the counter was the ninth most briskly-traded stock on the local bourse with 26.3 million shares traded, surpassing its 200-day trading average of 18.45 million. (TheEdge)

S P Setia Bhd on Thursday launched Candella 2, comprising 44 exclusive lakefront semi-detached homes, at its Setia Alamsari township development in Kajang. According to a press release issued Thursday, Candella 2 has a gross development value of RM40 million and is the third phase of the township's Casa Collection, which comprises double-storey semi-detached homes. (TheEdge)

Maybank Investment Bank Research kept its "buy" call on Carlsberg Brewery Malaysia Bhd with a reduced target price of RM23.10 (previously RM24.70) while slashing the earnings estimates for FY2024-2025 by 5%-6% to reflect Asahi's contribution and a gradual increase in Sapporo product sales volume. The research firm, however, kept its FY2023 earnings estimates for the brewer unchanged, according to a note on Thursday. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 02 November 2023