Petronas Gas Bhd (PGB) has approved a final investment decision (FID) for the construction of a new compressor station project in Jeram, Selangor, with a total investment cost not exceeding RM650 million. PGB said the project entails the construction of a new compressor station comprising two units of gas compressors to improve the Peninsular Gas Utilities (PGU) III capacity in the Northern region. (TheStar)

IT services firm Vetece Holdings Bhd is planning an initial public offering (IPO) on the ACE Market on Bursa Malaysia to seek funds for expansion. The IPO is expected to involve a public issuance of 98 million new shares and an offer for sale of 39.2 million existing shares at a price to be determined later, according to a draft prospectus filed with Bursa Malaysia. In total, the IPO offers a 35% stake in the company. (TheEdge)

Shares of Coastal Contracts Bhd shed as much as 4.94% or eight sen to RM1.54 in early trade, amid scepticism towards its foray into tourism through the acquisition of a resort project in Pulau Mabul, Sabah. Coastal Contracts announced it is investing RM19.89 million for an 82% stake in Jewel Mabul Development Sdn Bhd (JOMD), the owner of a resort project in Pulau Mabul. (TheEdge)

The distributorship of the XPeng electric vehicles (EV) in Malaysia would have a negligible impact on Bermaz Auto Bhd's earnings in the first year of its introduction as it would struggle to make a dent in the crowded EV market, says Kenanga Research. Bermaz Auto announced yesterday it had been awarded the distributorship, sale of spare parts and provision of after-sales services of XPeng marque smart EVs in Malaysia by Shenzhen Xiaopeng Motors Supply Chain Management Co Ltd China and Guangzhou Xiaopeng Motors Trading Co Ltd, China. (TheStar)

Malaysia Airports Holdings Bhd (MAHB) reached a record high of RM9.38 today, spurred by the announcement of the new passenger service charge (PSC) effective June 1, 2024. By 12:30 pm, the share price had risen by 4.22 per cent or 38 sen compared to yesterday's closing price of RM9, resulting in the company's market capitalisation reaching RM15.7 billion. (NST)

Shares of technology services provider Heitech Padu Bhd surged as much as 13.58% in the morning trading session on Friday, following news that former PKR Perak chief Datuk Farhash Wafa Salvador has emerged as a new substantial shareholder with an indirect interest of 15.9%. The counter opened 12 sen or 5% higher at RM2.55, against its closing price of RM2.43 on Thursday, before jumping 33 sen or 13.58% to an intraday high of RM2.76. The counter was the top gainer by value on Bursa Malaysia. (TheEdge)

Econpile Holdings Bhd climbed to its highest in nearly three years on Friday as analysts urge investors to buy more of the piling company’s stock following its latest contract win. The counter rose as much as 8.2% to a high of 46 sen during the morning session, its highest since June 2021. Econpile pared its gains to 4.6% to 45.5 sen as of 9.46am after some 16.02 million shares changed hands on Bursa Malaysia. At least one analyst upgraded the stock to "buy". (TheEdge)

UEM Sunrise Bhd has introduced "Happy+ Right Home. Right Now", a campaign that offers a one-stop easy ownership package aimed to assist homebuyers in their home purchasing process, according to a press statement dated March 14. (TheEdge)

Hong Leong Investment Bank (HLIB) research has revised its earnings projections for Solarvest Holdings Bhd for the fiscal years 2025 and 2026 (FY25/FY26), increasing them by 6.3 per cent and 0.8 per cent respectively. According to the investment bank's research note, it anticipates that Solarvest's performance could enhance with future advancements in the Large Scale Solar 5 (LSS5) initiative and significant private projects.

Apex Securities expects MBM Resources Bhd’s core earnings for the financial year 2024 (FY24) to taper off year-on-year (y-o-y) and recover mildly by 3.8% y-o-y in FY25, in tandem with the anticipated industry-wide slowdown for the automotive sector. The forecast is based on core assumptions that Perusahaan Otomobil Kedua Sdn Bhd’s (Perodua) sales momentum will be sustained on the back of new model releases and its strong order backlog, the brokerage firm noted. (TheStar)

Source: New Straits Times, The Edge Markets The Star 15 March 2024 

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