MQ Market Updates - 28 November 2023

MQ Trader

Publish date: Tue, 28 Nov 2023, 05:10 PM

Shares in Spritzer Bhd hit an all-time high of RM1.84 in Tuesday morning trade, following the release of its financial results for the third quarter ended Sept 30, 2023 (3QFY2023), which outperformed analysts' estimates. (TheEdge)

Following an expectation-beating performance in the first quarter of financial year 2024 (FY24), Sime Darby Bhd is expected to leverage the high orderbook in its industrial segment while reaping the benefits of its acquisition of UMW Holdings Bhd. (TheStar)

TH Plantations Bhd's net profit rose 22 per cent to RM17.55 million in the third quarter (Q3) ended Sept 30, 2023 from RM14.37 million a year ago. (NST)

Malaysia Airports Holdings Bhd (MAHB) recorded a total of 10.2 million passenger movements in October 2023, with 6.8 million (67%) contributed by local operations and 3.3 million (33%) from its asset in Türkiye, namely the Istanbul Sabiha Gokcen International Airport (SAW). (TheEdge)

Shrinking sales volumes and margins stemming from weak demand in the global manufacturing sector took a bite out of Petronas Chemicals Group Bhd's revenue in the third quarter of 2023. (TheStar)

Sunway Bhd founder and executive chairman Tan Sri Jeffrey Cheah has been named winner of this year’s EY Asean Entrepreneurial Excellence Award, which recognises successful Southeast Asian businesses that contribute to the economy and community in the region. (TheEdge)

TH Plantations Bhd posted a net profit of RM17.55 million for the third quarter ended Sept 30, 2023 (3QFY2023), up 22% from RM14.37 million a year prior, on the back of higher operating profit, but partly moderated by lower other income. TheEdge)

Technology, energy and IT company Dagang Nexchange Bhd (DNeX) posted a net profit of RM13.3 million for the financial quarter ended Sept 30, 2023, on the back of a revenue of RM327.45 million. (TheEdge)

Kumpulan Perangsang Selangor Bhd’s (KPS) net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell 55.35% to RM6.26 million from RM14.02 million a year ago, as operating profit fell 34% to RM22.5 million as prevalent operational challenges encountered by its manufacturing subsidies put pressure on margin, coupled with higher input costs — including electricity tariffs — and finance costs. (TheEdge)

Financially troubled Perak Corporation Bhd and Advancecon Holdings Bhd's share price were both opened higher on news that the two would work together to develop the RM1.03 billion Silver Valley Technology Park (SVTP) in Perak. (NST)

Trading of shares in Velesto Energy Bhd stayed muted in the early session on Tuesday, after the company secured an extension of its Naga 8 jack-up rig for 18 months at a daily charter rate (DCR) of US$135,000 (RM630,247.50), which was deemed within expectations. (TheEdge)

Hong Leong Investment Bank (HLIB) research has cut its target price and earnings forecasts for Tan Chong Motor Holdings Bhd (TCM) on disappointing third quarter ended Sep 30, 2023 (3QFY2023) results as well as weak sales volume. (NST)

Hong Leong Investment Bank Bhd (HLIB) research has cut earnings' forecast for financial year 2023 for Malaysian Resources Corporation Bhd's (MRCB) on higher taxes, after third quarter ended Sep 30, 2023 (3Q23) earnings came in below expectations from higher-than-expected effective tax rate. (NST)

Panda Eco System Bhd made it debut on the ACE Market of Bursa Malaysia at 29 sen a share, a 13 sen or 81.25% premium to the initial public offering (IPO) price of 16 sen a share. (TheStar)

Apex Securities Bhd has valued ACE Market-bound Critical Holdings Bhd at between 40 sen and 43 sen, and said that with its initial public offering (IPO) price at 35 sen, its price-earnings ratio of 13.6 times for the financial year ended June 30, 2023 (FY2023) is lower against indirect peers, such as engineering services providers Kinergy Advancement Bhd and Pansar Bhd. (TheEdge)

TA Securities Holdings Bhd, which maintained its "sell" rating on Tiong Nam Logistics Holdings Bhd, said it is ceasing coverage of the stock due to a lack of rerating catalysts. (TheEdge)

Hong Leong Investment Bank (HLIB) has maintained its “hold” call on Evergreen Fibreboard Bhd, with a target price of 36 sen, and said demand from the Middle East and Indonesia remains steady, with no disruptions to demand in the Middle East from the Israel-Hamas war. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 28 November 2023