Prolintas Infra Business Trust, the first business trust to be listed on Bursa Malaysia, made a flat debut on the Main Market at 95 sen on Monday, the same as its initial public offering (IPO) price. At the morning market bell, its opening trading volume stood at 2.4 million shares. (TheEdge)

Energy-related services provider Reservoir Link Bhd will form a joint venture (JV) company to undertake a 29.99 MWac ground mounted solar photovoltaic (PV) project in Kedah. The group via its wholly-owned unit Reservoir Link Renewable Sdn Bhd (RLR) had on March 20 inked a shareholders’ agreement with Japan-based Sumitomo Corporation (SC), MAQO Engineering Sdn Bhd (MESB) and SRM Utama Selambau Sdn Bhd (SUS) to undertake the project, according to Reservoir Link’s bourse filing. (TheEdge)

Eco World Development Group Bhd’s (EcoWorld Malaysia) earnings prospects are expected to remain solid, underpinned by its sales momentum and growing exposure to the improving Iskandar Malaysia property market in Johor. UOB Kay Hian (UOBKH) Research said the property developer may surpass its own sales target of RM3.5bil for its current financial year ending Oct 31, 2024 (FY24). (TheStar)

Shares of Velesto Energy Bhd climbed to their highest in nearly four years after the oil and gas services firm secured a two-year contract extension for the provision of three jack-up rigs to Petronas Carigali Sdn Bhd (PCSB) for RM1.26 billion, which analysts view as positive. Velesto’s share price rose as much as 5.26% to 30 sen during Monday’s morning session, its highest since May 2020. At the time of writing, the counter pared gains to 29.5 sen — still up by 3.5% — valuing the group at RM2.47 billion. (TheEdge)

Sunway Construction Bhd (SunCon) is seeing a strong return as investors expect it to win jobs of several infrastructure projects slated to be rolled out. Year-to-date, the stock is up 46.2% to close at RM2.91 last Friday, surpassing the Bursa Malaysia Construction Index’s 15.2% rise over the same period. (TheStar)

Flat steel product manufacturer Astino Bhd saw its share price leap to a two-year high after it announced that its profit grew nearly four-fold year-on-year for the second financial quarter ended Jan 31, 2024 (2QFY2024). Shares of Astino climbed as high as 64 sen during Monday’s trade, last breached two years ago on March 4, 2022. It dipped slightly to 60.5 sen at the time of writing, still up three sen or 5.22% from the previous close. (TheEdge)

Rakuten Trade said Bahvest Resources Bhd may trend higher after breaking out from a six-week downward channel pattern with a long white candle last Thursday. In a technical view note on Monday, the research house said the stock bounced off the 50-day exponential moving average (EMA) with a second consecutive white candle last Friday, coupled with its relative strength index indicator pointing upwards, indicating that bullish momentum appears to be picking up. (TheEdge)

CCK Consolidated Holdings Bhd’s newly acquired Indonesian shrimp firm has bolstered the group’s overall prawn export business. This is evident as the group prawn segment’s revenue surged by 36% to RM109.6mil in the financial year ended Dec 31, 2023 (FY23) from FY22. (TheStar)

Source: New Straits Times, The Edge Markets The Star 25 March 2024 

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