MQ Market Updates - 30 November 2023

MQ Trader

Publish date: Thu, 30 Nov 2023, 05:17 PM

MyEG Services Bhd (MyEG) has received approval from the Road Transport Department (JPJ) to proceed with the pilot phase of the MyEG Drive Testing System (MYDTS) involving actual test candidates. (NST)

Shares in Pharmaniaga Bhd fell in early trade on Thursday, after the pharmaceutical group proposed a regularisation plan that consists of a capital reduction exercise, renounceable rights issue of news shares plus private placement, to raise up to RM654.61 million to pare down debts. (TheEdge)

Hong Leong Bank Bhd kickstarted its new financial year with a set of encouraging results, underpinned by growth in its loans and financing portfolio. (TheStar)

TSA Group Bhd (TGB) signed an underwriting agreement with AmInvestment Bank Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia. (NST)

CelcomDigi Bhd is considering to speed up the merger integration efforts between Celcom and Digi networks as the company is on track to achieve 30 per cent integration by year-end. (TheStar)

INSURER Allianz Malaysia Berhad likes to keep the big picture in mind following its move to enter the underserved and often underinsured segment in a larger way. (TheStar)

Hong Leong Investment Bank (HLIB) Research has upgraded Kimlun Corp Bhd to a "hold" from a "sell", and raised its target price (TP) to 79 sen from 72 sen, despite the engineering and construction outfit's results for the nine months ended Sept 30, 2023 (9MFY2023) missing expectations. (TheEdge)

Pos Malaysia Bhd's fulfilment service, Pos Fulfill, is facilitating the entry of Thailand-based food and beverage company Rocks PC Co Ltd into the Malaysian market through its local operator Rocks Foods Sdn Bhd for their Potato Corner retail business. (NST)

RGB International Bhd’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) jumped 20-fold to RM 26.07 million, compared to a net profit of RM1.08 million a year earlier. (TheEdge)

Shares in Supermax Corp Bhd fell 7.77% in the morning session on Thursday, after the glovemaker logged a net loss of RM2.05 million in the first quarter ended Sept 30, 2023 (1QFY2024), marking the group’s fourth straight loss-making quarter, as revenue shrunk amid weaker demand and persistent lower selling prices. Its quarterly loss narrowed from the preceding three quarters. (TheEdge)

Alliance Bank Malaysia Bhd is beginning to see results of efforts to broaden its growth focus in its key segments and expand its market share. (TheStar)

RHB Research has maintained its 'buy' recommendation and target price (TP) of 60 sen for Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) following the latest contract win from Petrofac International (UAE) LLC. (TheEdge)

Padini Holdings Bhd's net profit for the first quarter ended Sept 30, 2023 (1QFY2024) fell 45.4% to RM26.67 million, from RM48.86 million a year earlier, due to a drop in the gross profit margin from 39% to 36%. (TheEdge)

TA Securities sees a positive outlook for Malaysia Airports Holdings Bhd (MAHB), against the backdrop of the pending signing of a new operation agreement (OA) and the announcement of the new passenger service charge (PSC) for 2024, and the impairment of receivables comprising mainly RM27.4 million from MyAirline suspension. (TheEdge)

Sedania Innovator Bhd is moving ahead with expansion plans for its Shariah-compliant fintech solutions as it strives to become a leading player in the Islamic fintech space. (TheStar)

Analysts lowered their target prices (TPs) for Axiata Group Bhd, after the telecommunications company’s net loss widened to RM797.41 million for the third quarter ended Sept 30, 2023 (3QFY2023), from RM52.4 million a year ago, mainly due to asset impairment and lower share of results from subsidiary CelcomDigi Bhd. (TheEdge)

Cahya Mata Sarawak Bhd's net profit fell 93.53 per cent to RM9.98 million in the third quarter (Q3) ended Sept 30, 2023 from RM154.41 million a year ago. (NST)

Gamuda Bhd’s property division Gamuda Land had allocated an investment of up to RM150 million to develop a three-star hotel at Gamuda Cove slated to be opened in the first quarter of 2026 (1Q 2026). (TheStar)

Sime Darby Bhd, Malaysia's industrial and automotive conglomerate, is looking to set up a luxury car retail business in India and expand in Indonesia to tap into the growth potential of both economies, its top executive told Reuters. (NST)

UEM Sunrise Bhd said its former Canadian unit has been sued for defects in one of its buildings in the mixed residential and commercial use complex located in the province of British Columbia, known as Quintet Tower D. (TheEdge)

Malaysia Building Society Bhd’s (MBSB) net profit dropped 44.3% to RM32.84 million or 0.46 sen for the third quarter ended Sept 30, 2023 (3QFY2023), from RM58.96 million or 0.82 sen a year earlier. (TheEdge)

Leform Bhd, which made its debut on ACE Market a year ago, saw its share price surge after staying range-bound for the past 12 months, despite being in the red. (TheEdge)

Oil and gas (O&G) services provider Velesto Energy Bhd's net profit for the third quarter ended Sept 30, 2023 (3QFY2023) dropped 91.9% to RM1.22 million from RM14.97 million in the corresponding quarter a year ago, despite higher revenue, as it incurred higher operating and finance costs. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 30 November 2023