MQ Market Updates - 28 December 2023

MQ Trader

Publish date: Thu, 28 Dec 2023, 05:40 PM

Wires and cables manufacturer Master Tec Group Bhd is offering 285.6 million shares as it heads for a listing on Bursa Malaysia's ACE Market. This comprises a public issue of 158.1 million new shares and an offer for sale of 127.5 million existing shares which collectively represent 28 per cent of Master Tec's enlarged capital of 1.02 billion shares. Master Tec unveiled its prospectus today ahead of its listing on Jan 29. (NST)

Wentel Engineering Holdings Bhd plans to build a new manufacturing plant largely from the proceeds of its initial public offering (IPO). The company today signed an underwriting agreement with TA Securities Holdings Bhd for its IPO on Bursa Malaysia's ACE Market. The IPO entails a public issue of 273.2 million new shares and an offer for sale of 46 million existing shares. (NST)

Capitaland Malaysia Trust (CLMT) has received the Green Mark certification from the Building and Construction Authority of Singapore (BCA) for two of its retail properties. In a statement, the real estate investment trust manager said Queensbay Mall has achieved the Green Mark Platinum, while The Mines has obtained a Green Mark GoldPLUS (Provisional) certification. (TheStar)

Ni Hsin Group Bhd via its wholly-owned subsidiary, Ni Hsin EV Tech Sdn Bhd, has handed over 50 EBixon Bold electric motorcycles to Universiti Sains Malaysia (USM) on behalf of Dongguan Tailing Electric Vehicle Co Ltd. On Oct 16, 2023, Ni Hsin EV Tech had signed a collaboration-cum-donation agreement with USM, Focus Applied Technologies Sdn Bhd and Dongguan Tailing EV to promote electric mobility. (TheStar)

Fiamma Holdings Bhd's earnings will likely decline by 13- 16 per cent from 2022 level, driven by substantial discounts and rebates on existing inventory. Affin Hwang Capital noted that Fiamma is facing a slowdown in its trading and services segment, which distributes electrical and electronics (E&E) products (historically 88 per cent of group earnings). (NST)

Apex Securities Bhd has trimmed its earnings forecast for Kedah-based electronics manufacturing services (EMS) provider Aurelius Technologies Bhd for the financial year ending Dec 31, 2023 (FY2023) by 17.3% due to lower-than-expected utilisation rate. Aurelius Technologies reported a 21% year-on-year (y-o-y) decline in net profit to RM9.7 million for the third quarter ended Oct 31, 2023 (3QFY2023) due to continued destocking by customers as a result of the challenging economic outlook. Quarterly revenue fell 25% y-o-y to RM327 million. (TheEdge)

Rakuten Trade said buying interest for IOI Properties Group Bhd may have returned following a break-out from the one-week rectangular pattern with a long white candle on Wednesday. In a technical view note on Thursday, the research house said that in view of the stock also breaking out from the one-month downward channel pattern last week, which coincides with its rising exponential moving average, the upward momentum may be present now. (TheEdge)

RHB Retail Research said Naim Holdings Bhd is set for an uptrend reversal after it reclaimed above the 81 sen critical resistance level on Wednesday — amid trading above the rising 21-day simple moving average (SMA) line. In a trading stocks note on Thursday, the research house said that if the breakout is sustained, the stock will likely advance towards the 88.5 sen resistance, followed by the next resistance at 97.5 sen, or the 52-week high. (TheEdge)

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