Paragon Union Bhd (PUB) has entered into an asset purchase agreement with Carpet Art Manufacturing Sdn Bhd (CAMSB) for the proposed acquisition of the latter’s assets for RM2.5mil. In a filing with Bursa Malaysia, PUB said CAMSB is principally involved in the manufacturing and supply of high quality handtufted and machined tufted carpets, trading in carpet and related products and general trading. (TheStar)

Mah Sing Group Bhd will be developing M Azura, a new transit-oriented development on four acres of prime land in Setapak, Kuala Lumpur, with an estimated gross development value (GDV) of RM508mil. The developer, in a statement, said the total land cost is RM74.3mil and the land comes with the benefit of a converted title for “Bangunan” which will expedite the development process. (TheStar)

Pecca Group Bhd expects revenue from its aviation segment to double in financial year 2024 (FY2024), to unlock its next phase of growth after hitting a market capitalisation of RM1 billion on the local stock exchange. In the first quarter of financial year 2024, the company achieved a milestone with its first purchase order to service a 180-seat, Europe-registered Airbus A320 passenger aircraft. (NST)

Sime Darby Property Bhd and Brunsfield Metropolitan Sdn Bhd have mutually terminated their 60:40 joint venture (JV). The JV,  Sime Darby Brunsfield Holding Sdn Bhd, is dissolved at book value effective Friday, said Sime Darby Property in a statement. The JV will now be Sime Darby Property’s wholly owned subsidiary, and will be renamed in due course, the group said. (TheEdge)

Berjaya Food Bhd is keeping mum on its expansion plans and the impact of an ongoing boycott of Starbucks Coffee is having on its operations and plans. Since the start of the Israel-Hamas conflict in October, BFood's share price has fallen 17 per cent. Year-to-date it is down more than 40 per cent. (NST)

Gaming revenue at Genting Bhd’s Resorts World Sentosa (RWS) in Singapore will grow by another 10% in 2024, buoyed by the growth of a diversified customer base outside of China, according to Fitch Ratings. In its “Global Gaming Outlook 2024” released on Thursday, the rating agency said that while Singapore is already performing “above expectations” with gaming revenues 15% higher than pre-Covid levels this year, Fitch analysts said that they expect such growth to continue, driven by increasing foreign visitors in 2024. (TheEdge)

Organic expansion and expansion across the healthcare continuum are the top two priorities of IHH Healthcare Bhd as the strategy moving forward, said TA Securities, citing IHH group chief executive officer Dr Prem Kumar Nair. In a note on Friday, the research house said IHH will be adding about 3,800 beds over the next five years, mostly in India, Malaysia, and Türkiye. (TheEdge)

Analysts remain upbeat on Cahya Mata Sarawak Bhd's prospects, as it enjoys resilient demand for its cement, thanks to a stronger flow of infrastructure jobs in Sarawak. This follows an earlier announcement by the federal government under Budget 2024, which allocated RM5.8 billion for development in the Sarawak region, and RM7.4 billion for the second phase of the Sarawak-Sabah Link Road. (TheEdge)

Kenanga Investment Bank Bhd has trimmed its earnings forecasts for Hong Leong Industries Bhd (HLI) by 8% for the financial year ending June 30, 2024 (FY2024), and 10% for FY2025, due to weaker motorcycle sales volumes, as a result of credit tightening in motorcycle financing and a slowdown in demand. Following the earnings revision, the research house lowered its target price (TP) to RM10.50, from RM11.40. (TheEdge)

RHB Retail Research said LBS Bina Group Bhd is set to propel towards the year-to-date (YTD) high, as it surpassed the 57.5 sen breakout level on Thursday, on the back of surging trading volume. In a trading stocks note on Friday, the research house said the latest “higher high” bullish pattern above the rising 21-day simple moving average line suggests the uptrend movement is firming up and heading towards 62 sen, the YTD high, followed by the next resistance at 70 sen, a new high. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 08 December 2023

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