MQ Market Updates

MQ Market Updates - 23 February 2024

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Publish date: Fri, 23 Feb 2024, 05:13 PM

Ekovest Bhd is disposing of 13 parcels of land near Jalan Pahang, Kuala Lumpur to wholly-owned subsidiary of Lim Seong Hai Resources Sdn Bhd (LSHHSB), Airman Sdn Bhd, for RM66.8 million. (NST)

Plantation company TSH Resources Bhd will be undertaking new planting at a steady pace on its unplanted land over the next few years, underpinned by its strong balance sheet. (TheStar)

REDtone Digital Bhd flagged intense competition in the telecommunications segment in the near term as it's second quarter net profit dropped by about half, despite a jump in revenue. (TheEdge)

Sime Darby Property Bhd is looking forward to a positive 2024 with plans to hit a RM3bil sales target and launch properties worth RM3.9bil in gross development value (GDV). (TheStar)

YTL Corporation Bhd's share price was the stock market's  top gainer, jumping as much as 31 sen today, after second quarter net profit came in at RM589.2 milion for the second quarter of financial year 2024 (2Q24). (NST)

IOI Corp Bhd's net profit for the second quarter ended Dec 31, 2023 fell to RM335.4 million from RM712.1 million garnered previously due to lower contribution from the resource-based manufacturing segment. Its revenue dropped to RM2.4 billion from RM3.3 billion compared to a year earlier. (NST)

Maxis Bhd’s service revenue hit a five-year high of RM8.57bil in financial year 2023 (FY23), underpinned by revenue growth across its consumer and enterprise businesses. (TheStar)

Sunway Bhd is on the cusp of another earnings upswing, says CGS International (CGSI) Research, after the conglomerate’s revenue for financial year 2023 hit the highest figure since its listing in 2011. (TheStar)

Berjaya Food Bhd (BFood) is expected to face pressure from foreign exchange fluctuations that could dampen margins moving forward, says Hong Leong Investment Bank Research (HLIB Research). (TheStar)

RHB Retail Research said Cape EMS Bhd is eyeing to extend the upside movement after breaking past the key resistance on high volume. (TheEdge)

RHB Retail Research said AGX Group Bhd had staged a bullish breakout on strong volume. (TheEdge)

TA Securities has downgraded Kossan Rubber Industries Bhd to 'hold' at RM2.02, with a target price of RM2.15, following the recent run-up in its share price. (TheEdge)

Phillip Capital has maintained its “buy” rating on Dayang Enterprise Holdings Bhd at RM2.23, with a higher target price (TP) of RM2.70 from RM2.30, and said Dayang reported its highest revenue since the financial year ended Dec 31, 2019 (FY2019) at RM1.1 billion (up 13% year-on-year) for FY2023, led by an increase in work orders, higher third-party vessel chartering and a positive daily charter rate revision, which cushioned it against a lower vessel utilisation rate of 58% in 2023, versus 60% in 2022. (TheEdge)

Shares in MSM Malaysia Holdings Bhd climbed on Friday, following improved fourth-quarter earnings, with analysts expecting the sugar refiner to remain in the black, on the back of higher export sales volumes to Asia-Pacific countries. (TheEdge)

Source: New Straits TimesThe Edge Markets The Star 23 February 2024 

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