MQ Market Updates - 24 January 2024

MQ Trader

Publish date: Wed, 24 Jan 2024, 05:13 PM

Sime Darby Property Bhd, through its wholly owned subsidiary Seed Homes Sdn Bhd, has signed a shareholders agreement with Lagenda Properties Bhd to set up Seed Homes Lagenda, a 50:50 joint venture to develop affordable housing, according to a statement on Wednesday. Seed Homes is a new portfolio under Sime Darby Property set up “to deliver innovative solutions in the affordable homes segment” and Seed Homes Lagenda will be Sime Darby Property’s maiden foray into the affordable township sector, the statement said. (TheEdge)

MISC Bhd, via petroleum arm AET, has added two more assets to its current fleet, FPSO (floating production storage and offloading) Marechal Duque de Caxias, and Eagle Veracruz, its latest liquefied natural gas (LNG) dual-fuel Very Large Crude Carrier (VLCC). Currently, 15 per cent of the Singapore-based maritime transport operator, AET, is powered by LNG dual-fuel technology, and growing. (TheStar)

SBH Marine Holdings Bhd has inked an underwriting agreement with KAF Investment Bank Bhd (KAF IB) for its initial public offering (IPO) on the ACE Market of Bursa Malaysia. The frozen seafood specialist said in a statement, the IPO entails an issue of 180 million new shares and an offer for sale of 50 million existing shares. (NST)

In light of the tight supply, Yinson Holdings Bhd is optimistic about the future of floating production, storage, and offloading (FPSO) contractors, who stand to gain from more favourable contractual terms and possibly higher project returns. Global FPSO demand, according to RHB Research, is still strong, and Yinson feels confident in landing a new project after either of its current ones completes the tail-end conversion phase. (NST)

Betamek Bhd is confident that demand for its vehicle AV products and vehicle accessories will grow in tandem with the growing demand for its major customer's vehicles. Betamek executive director Fauzi Ghani said in taking into account the lower TIV numbers forecast by MAA, it remains cautious over prevailing uncertainties, especially macro-economic factors such as the relative performance of ringgit against the US dollar and the domestic and global economic environment. (TheStar)

Share prices of Mah Sing Group was slightly higher in early trade today, hours after the group said it will venture into manufacturing, trading of plastic pallets in Indonesia as well as appointing a new group chief executive officer (CEO). As at 10.10 am, the property developer stock inched up one sen to 91.5 sen with 4.59 million shares changing hands. (TheStar)

Rapid Synergy Bhd is disposing of a 4,716-sq-m freehold land in Sri Hartamas, Kuala Lumpur, to Exsim Putra Permai 45 Sdn Bhd for RM39mil. In a filing with Bursa Malaysia, Rapid Synergy said the disposal represents an opportunity for the group to unlock and realise the appreciating value of the property to realise cash flows to fund working capital and/or repayment of bank borrowings. (TheStar)

Kuala Lumpur Kepong Bhd (KLK) is expected to see improved earnings in its financial year 2024 (FY24) backed by higher fresh fruit bunches (FFB) output and lower unit costs. RHB Research said KLK is targeting 14 per cent FFB growth for FY24, coming from all areas. (NST)

YNH Property Bhd has received offers from interested parties to purchase the group’s retail shopping mall at Mont Kiara, Kuala Lumpur. In a filing with Bursa Malaysia, the property developer, in a reply to an unusual market activity inquiry from Bursa Malaysia, said the commercial property sits on a six-acre land. (TheStar)

Nestlé (Malaysia) Bhd, together with the Ministry of Education (MOE) and the Malaysian Schools Sports Council (MSSM), recently held the MOE-MSSM-Milo Sports Awards and paid tribute to the young stars, as well as the teachers and coaches who supported them in their journey of sports excellence. In a statement on Tuesday, Nestlé said that among the notable recipients of the 2022 awards was Muhammad Azeem Mohd Fahmi, who clinched the Kementerian Pendidikan Malaysia Anugerah Emas. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 24 January 2024