MQ Market Updates

MQ Market Updates - 26 February 2024

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Publish date: Mon, 26 Feb 2024, 05:18 PM

Lay Hong Bhd expects to remain profitable due to its diversification strategy although the poultry industry will remain challenging due to the ongoing importation of frozen chicken into the domestic market. In a filing with Bursa Malaysia, the group noted that the cost of feed has decreased but it continues to see the effect of the ringgit's weakening against the US dollar. (TheStar)

Petronas Chemicals Group Bhd is expecting the challenges seen in 2023 to continue into 2024 with economic recovery being sluggish albeit with pockets of opportunities in various sectors. "The chemicals industry is cyclical in nature, we therefore expect the current downcycle will turn as the demand catches up with supply. (TheStar)

Shares in YTL Corp Bhd hit another new record high on Monday, as investors continued to accumulate the utilities-to-resorts conglomerate’s stock following stellar earnings. YTL Corp rose to a high of RM2.59, before paring gain to 3% and settled at RM2.54, valuing the company at RM28.55 billion at midday trading break. The stock was the third most active stock in terms of volume on Bursa Malaysia, with close to 39 million shares changing hands. (TheEdge)

Energy services firm T7 Global Bhd said on Monday its net profit rose 26% to record high in the fourth quarter from a year earlier as revenue rose faster than operating expenses. Net profit for the three months ended Dec 31, 2023 was RM14.38 million compared with RM11.42 million over the same period a year earlier, T7 Global said in an exchange filing. Revenue surged nearly 50% year-on-year to RM250.75 million from RM167.73 million. (TheEdge)

Malaysia's Capital A Berhad, parent of budget airline AirAsia, is looking to raise up to $400 million in equity from a planned merger of its aviation business, which it hopes to complete by July, its top official said on Monday. Group chief executive Tan Sri Tony Fernandes in an interview said that would be on top of a $200 million bond-raising the company is hoping to conduct in the next few weeks, as it awaits regulator and shareholder approval to complete the sale of its aviation business to long-haul unit AirAsia X Bhd. (TheStar)

AMMB Holdings Bhd (AmBank Group) recorded a 22.3 per cent rise in net profit to RM543.4 million for the third quarter ended Dec 31, 2023 from RM444.2 million in the same period in 2022. AmBank group's revenue, however, eased 5.8 per cent from RM1.22 billion to RM1.15 billion. (NST)

Telekom Malaysia Bhd's (TM) shares were up in early trade after the company recorded a strong net profit of RM1.87 billion for the financial year ended Dec 31, 2023 (FY2023) from RM1.14 billion achieved in FY2022, amid lower net finance cost and tax impact. At 10.42 am, TM's shares jumped 13 sen or 2.20 per cent to RM6.04 with 2.73 million shares traded. (TheStar)

Sarawak Plantation Bhd’s net profit for the financial year ended Dec 31, 2023 fell 34% to RM64.44 million from RM96.71 million, on the back of a decrease in operating profit due to lower realised average selling prices. In its bourse filing on Monday, the planter said revenue for the year dropped 19.7% to RM570.68 million from RM710.91 million. (TheEdge)

Source: New Straits TimesThe Edge Markets The Star 26 February 2024 

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