MQ Market Updates

MQ Market Updates - 07 February 2024

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Publish date: Wed, 07 Feb 2024, 05:17 PM

AGX Group Bhd's share price closed 7.14 per cent higher at RM0.375 a share midday, on its debut on the ACE Market of Bursa Malaysia. It opened at a 17.14 per cent premium at RM0.41, over its issue price of RM0.35 per share, with an opening volume of 6.87 million shares. The company successfully raised a total of RM33.78 million through the public issue of 96.5 million new ordinary shares priced at RM0.35 per share. (NST)

Reneuco Bhd shares plummeted to an all-time low of 3.5 sen today (Feb 7), with just one day remaining before the company's February 8 deadline to unveil its most recent annual report. Reneuco was the top active stock, with 212.58 million shares changing hands as at 12.30 PM. The stock has lost 75 per cent of market capitalisation since the start of the year and is currently valued at RM61.7 million. Previously, Bursa Malaysia had said in an announcement that it would suspend trading in Reneuco's securities on Feb 9 if it failed to submit its annual report for the financial year ended Sept 30, 2023 by Feb 8 this year. (NST)

Malakoff Corporation Bhd has secured a "Gold" Impact Assessment from Malaysian Rating Corporation Bhd (MARC Ratings) for its sustainable finance framework. Its "Gold" rating underlines the potential social and environmental benefits of the projects financed, supporting 12 of the 17 United Nations (UN) Sustainable Development Goals (SDGs). Malakoff stated that the framework is designed to support its company's green and renewable energy (RE) projects through the Asean Sustainability SRI Sukuk Murabahah programmes. (NST)

Billionaire tycoon Tan Sri Vincent Tan’s Redtone Digital Bhd has bagged a communications services contract worth RM398.1mil from the government. REDtone announced that its subsidiary Redtone Engineering & Network Services Sdn Bhd received the 60-month MyGovUC 3.0 contract from the Malaysian Administrative Modernisation and Management Planning Unit (Mampu). (TheStar)

Shares of Suria Capital Holdings Bhd inched higher to RM2.15 in the afternoon trading session on Wednesday after the Sabah ports operator signed two shareholders' agreements with BEDI Development Sdn Bhd to establish two joint venture (JV) companies for the development of prime land within the Kota Kinabalu Port area. Trading in Suria Capital was temporarily halted for one hour on Wednesday morning starting from 9am following the announcement of the development. Upon resumption of trade, the counter rose as much as two sen or 0.94% to a new high of RM2.15 before easing to RM2.14, still up a sen or 0.47%, at the time of writing. The counter has risen by a considerable 80.5% over the year. At RM2.14, Suria Capital has a market capitalisation of RM740.05 million. (TheEdge)

Ranhill Utilities Bhd said it has on Wednesday achieved commercial operation date (COD) of its 50MW large scale solar project under the 2021 awards (LSS4). This marks Ranhill's first venture into LSS ownership, being part of its pursuit into renewable energy, the group said. The project will operate under a 25-year concession period, it said. (TheEdge)

Hartalega Holdings Bhd's financial results for the nine months ended Dec 31, 2023 (9MFY2024) fell short of analysts' expectations — some of whom cut their earnings forecasts for the glove company — due to lower-than-expected sales volume. MIDF Amanah Investment Bank Bhd, in a note, highlighted the group's core net loss for 9MFY2024 amounted to RM11.8 million (excluding a one-time item of -RM9.4 million). This result deviates from the research house's full-year FY2024 (ending March 31) estimate of a core net profit of RM40.1 million and consensus forecast of RM49.1 million. (TheEdge)

FGV Holdings Bhd's new Fract750 refinery plant at Kuantan Port has allowed the company to expand into premium product offerings such as high IV olein and hard stearin. Group chief executive officer Datuk Nazrul Mansor said the new facility will strategically position FGV to serve emerging industries, with expected volume production of 150,000 tonnes per annum. "The inauguration of the new plant represents yet another strategic move for FGV, enhancing cost-efficiency by leveraging high free fatty acid (FFA) feedstock, a by-product of crude palm oil milling and refining to produce palm methyl ester (PME)," he said. (NST)

British American Tobacco (M) Bhd's (BAT) earnings outlook is expected to remain challenging due to the lack of robust earnings streams from new segments. Hong Leong Investment Bank Bhd (HLIB) said despite a one per cent decline in illicit market share, legal combustible volume for the financial year 2023 (FY23) experienced a decline as the returned volume shifted towards the e-cigarette category. The bank anticipates this trend to persist, potentially limiting BAT's combustible cigarette sales rebound if the illicit market share, currently at 55.6 per cent, regains traction. (NST)

MIDF Research has upgraded its rating on Affin Bank Bhd from 'sell' to 'neutral' and raised the target price to RM2.24 from RM1.71 in view that the Sarawak state government may be looking at being its largest shareholder. The revision is despite the research house pointing to still weak fundamentals in the bank, albeit it could see some minor benefits as a result of the looming emergence of the new substantial shareholder. In a note on Wednesday, MIDF highlighted the potential for Affin Bank to leverage increased Investment Banking (IB) opportunities and fortify its presence in SME and corporate segments, aligning with its shift away from lower-yielding consumer loan segments due to the Sarawak state government's strategic move. (TheEdge)

RHB Retail Research said Taliworks Corporation Bhd is set to resume its uptrend after experiencing a technical breakout above the 87.5 sen immediate resistance, supported by strong trading volume. In a trading stocks note on Wednesday, the research house said that if the breakout above this level sustains, the stock may trend higher towards the 96 sen mark, followed by the RM1 threshold. (TheEdge)

RHB Retail Research said Dayang Enterprise Holdings Bhd is likely to resume its uptrend after rebounding from a recent pullback and sustaining its position above the RM1.94 recent breakout level. In a trading stocks note on Wednesday, the research house said if the bullish momentum persists, the stock may trend higher towards its recent high of RM2.16, followed by the RM2.50 threshold. (TheEdge)

Source: New Straits TimesThe Edge Markets The Star 07 February 2024

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