MQ Market Updates - 29 November 2023

MQ Trader

Publish date: Wed, 29 Nov 2023, 04:58 PM

Sunway Bhd, via its property arm, is considering building a hospital in Putrajaya, the administrative capital of Malaysia, to bolster its leadership in the healthcare sector. (NST)

Public Bank stayed on a growth path, underpinned mostly by higher non-interest income in the first nine months of 2023. (TheStar)

Genetec Technology Bhd, which is seeking to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia, saw its net profit fall 26.3% to RM18.45 million for its second financial quarter ended Sept 30, 2023 (2QFY2024), from RM25.06 million a year earlier, due to foreign exchange losses and a lower margin in product mix. (TheEdge)

MKH Bhd has obtained approval from its shareholders for the proposed listing of its wholly-owned subsidiary, MKH Oil Palm (East Kalimantan) Bhd (MKHOP), on the Main Market of Bursa Malaysia. (TheStar)

Axiata Group Bhd posted a RM797.4 million net loss for the third quarter ended Sep 30, 2023 (3Q2023) after booking a RM1 billion asset impairment from its plan to exit Nepal's Ncell Axiata Ltd (Ncell). (NST)

FGV Holdings Bhd’s net profit for the third quarter ended Sept 30, 2023, (3Q 2023) fell to RM31.98 million from RM241.67 million recorded in the same quarter last year. (TheStar)

Hong Leong Investment Bank (HLIB) Research has downgraded Bank Islam Malaysia Bhd (BIMB) to “hold” at RM2.24, with an unchanged target price (TP) of RM2.35, and said BIMB’s profit for the third quarter ended Sept 30, 2023 (3QFY2023) decreased 2% year-on-year due to a negative Jaws ratio (from higher operating expenditure), along with larger financing loss provision. (TheEdge)

Westports Holdings Bhd’s year-end container volume growth is expected to fall within the range of 5% to 6%, should the repositioning of empty containers to China normalise in the second half of financial year 2023 (FY23). (TheStar)

Analysts remain positive on KPJ Healthcare Bhd’s growth trajectory, and said they favour the medical group’s strategy to further grow its medical tourism business. (TheEdge)

Plastic packaging product manufacturer Thong Guan Industries Bhd foresees a soft demand in the near term but remains confident in its long-term prospects. (TheStar)

TA Securities believes that Rexit Bhd's revenues for the financial year ending June 30, 2024 (FY2024) to FY2026 will remain resilient, with stable single-digit percentage growth, thanks to higher usage of its proprietary e-Cover system by both new and existing customers. (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 (PetChem) revenue in the third quarter of 2023 (3Q23). (TheStar)

Analysts maintained their recommendations on Press Metal Aluminium Holdings Bhd, despite the integrated aluminium producer’s earnings for the third quarter ended Sept 30, 2023 (3QFY2023) missing market consensus forecasts, with expectations that aluminium prices will remain subdued. (TheEdge)

Hong Leong Investment Bank Bhd's (HLIB) research has cut Petronas Chemicals Group Bhd's (PetChem) earnings forecast for financial year 2023 (FY23) by 17.8 per cent on lower average selling price (ASP) and utlisation rates for both Fertilisers & Methanol (F&M) and Olefins & Derivatives (O&D) segments. (NST)

Mah Sing Bhd registered RM1.8bil in property sales in the first nine months of the year, a 14.4% increased over the same period last year, which puts it on track to meeting its 2023 minimum sales target of RM2.2bil. (TheStar)

Media Prima Bhd posted a net profit of RM14.06 million on the back of revenue of RM213.92 million for the first quarter ended Sept 30, 2023. (TheEdge)

Analysts are upbeat on Wasco Bhd’s outlook after the pipe-coating solutions provider’s results for the third quarter ended Sept 30, 2023 (3QFY2023) came in within expectations. (TheEdge)

RHB research has upgraded Farm Fresh Bhd to a "buy" call, with a higher target price of RM1.51 from RM1.20, taking a long term view of the company's prospects while acknowledging near term headwinds. (NST)

Leform Bhd’s investors might have finally sighed a relief over the past two months, as the steel product manufacturer they invested in made a steep climb after staying range-bound for the most part last 12 months since the company’s initial public offering (IPO) nearly a year ago. (TheEdge)

Public Investment Bank Bhd (PublicInvest) research expects CCK Consolidated Holdings Bhd to post stronger earnings in the fourth quarter of financial year 2023 (4QFY23), on the back of stronger consumer spending given seasonality factors. (NST)

Analysts hold a positive view of Tenaga Nasional Bhd’s (TNB) prospects, in anticipation that electricity demand over the immediate term will be fuelled by the expected influx of new data centres in Malaysia. (TheEdge)

FGV Holdings Bhd posted an 86.8% decrease in net profit for its third quarter ended Sept 30, 2023 (3QFY2023) to RM31.98 million, from RM241.67 million a year ago (3QFY2022), owing to a significant fall in profit contribution from its plantation segment. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 29 November 2023