MQ Market Updates - 05 January 2024

MQ Trader

Publish date: Fri, 05 Jan 2024, 05:24 PM

Evergreen Max Cash Capital Bhd (EMCC) is expanding its “Pajaking” pawnshop network by acquiring two more pawnshops in high foot-traffic areas of Sri Petaling, Kuala Lumpur and Shah Alam, Selangor, aiming to grow its total pawnshop count to 24. In a statement on Thursday, EMCC said its revenue had increased by 63.8% to RM74.8 million, while profit after tax rose by 35.7% to RM10.2 million as compared to the previous year. (TheEdge)

ACE Market-bound building support services provider KJTS Group Bhd has set its initial public offering (IPO) price at 27 sen per share, aiming to raise about RM58.9 million under the listing exercise. Based on the IPO price of 27 sen per share, KJTS is expected to have a market capitalisation of RM185.76 million upon listing, implying a valuation of 26 times its profit after tax (PAT) attributed to owners of the company of approximately RM6.87 million and earnings per share of one sen for the financial year ended Dec 31, 2022 (FYE2022). (TheEdge)

Kenanga Research reaffirmed its cautious stance on Pharmaniaga Bhd after the company revealed it had signed a concession deal with the government. Pharmaniaga said in a filing with the stock exchange yesterday that it has been granted a seven-year concession to handle the procurement, storage, supply, and delivery of medical products to Ministry of Health-operated offices and facilities in Malaysia. (NST)

MN Holdings Bhd has received a RM98mil contract from an undisclosed customer in relation to a high-voltage horizontal directional drilling (HDD) and cable bridge works project. The job was secured via its wholly-owned subsidiary, Mutu Nusantara Sdn Bhd. (TheStar)

VS Industry Bhd has earmarked about RM60mil capex in FY24, which will be channelled towards optimising costs. A part of the capex will be used to enhance automation levels to lower manual labour costs, as well as expand the solar photovoltaic (PV) system at its headquarters, i-Park @ Senai Airpot City in Johor, to other facilities to meet environmental, social and governance commitments, said managing director Datuk SY Gan. (TheStar)

AmanahRaya Real Estate Investment Trust (AR-REIT) has completed the disposal of its four-star Holiday Villa Beach Resort and Spa Langkawi in Kedah to developer Plenitude Bhd for RM145mil. In a statement, AR-REIT said it would recognise a gain on disposal of RM45mil, while gearing will improve to 43.5% on pro forma basis, from 45% based on its audited total asset value at Dec 31, 2022. (TheStar)

UMW Toyota Motor Sdn Bhd (UMWT), a subsidiary of UMW Holdings Bhd, reported total automotive sales of 10,402 units in December 2023, comprising 10,079 units for Toyota and 323 units for Lexus. Its Dec 2023 sales were flat compared with 10,440 units sold a year ago. (TheEdge)

Apex Securities Bhd has reiterated its “buy” recommendation on Aurelius Technologies Bhd (ATech) with an unchanged target price of RM3.22 following the group’s commitment to factor in future growth through its newly purchased plant. In a note, the research house said ATech had signed a letter of offer to purchase industrial land in the Kulim High-Tech Park from Northern Technocity Sdn Bhd for RM12.2mil in cash. (TheStar)

Public Investment Bank research (PublicInvest research) has raised Dayang Enterprise Holdings Bhd's earnings forecast and target price for financial year 2024 (FY24) on the strength of its first contract win for the year. The firm has attached a higher target price of RM2.50, from RM2.25 previously, to Dayang Enterprise's share price and increased earning forecasts for FY24 and FY25 by 11.1 per cent and 12.3 per cent respectively. (NST)

Source: New Straits Times, The Edge Markets The Star 05 January 2024