MQ Market Updates - 12 April 2024

MQ Trader

Publish date: Fri, 12 Apr 2024, 05:16 PM

Gamuda Land, the property arm of Gamuda Bhd, signed a memorandum of agreement on April 6 with Kiddypedia, an educational event company, to introduce Kiddypedia Discovery Centres at the developer's townships, namely Gamuda Gardens in Rawang and twentyfive7 in Telok Panglima Garang, according to a press statement on Friday. The Kiddypedia Discovery Centres will offer edutainment experiences for families by integrating sports, arts, STEM (science, technology, engineering and mathematics) workshops and team-building exercises, it said. (TheEdge)

Yinson Holdings Bhd's Singapore unit Yinson Production Offshore Pte Ltd is looking to raise up to US$500 million through a bonds issuance. In a filing with Bursa Malaysia Securities, the company said DNB Markets and Pareto Securities as joint bookrunners, along with ABG Sundal Collier ASA as joint lead manager, is looking to arrange a series of fixed income investor meetings commencing on April 11. (NST)

Astro Malaysia Holdings Bhd’s shares rose to the highest in nearly one month as CGS International reiterated its contrarian call and bet that dividend payouts could rise to 20% by January 2025, as the pay-television operator completes its cost-cutting efforts. Shares of Astro rose as much as 6.5% or two sen to 33 sen in morning trades on Friday, its highest since March 18, 2024. The stock was last trading at 32.5 sen at 10.20am, after 6.8 million shares changed hands. In contrast, the telecom-and-media sector was slightly lower, while the country’s benchmark index FBM KLCI was down 0.1%. (TheEdge)

Mercury Securities Sdn Bhd has recommended investors to subcribe to Main Market-bound MKH Oil Palm (East Kalimantan) Bhd (MKHOP) at 62 sen a share, with a fair value of 80 sen based on 14 times earnings per share forecast for the financial year ending Dec 31, 2024 (FY2024), translating into a 29% upside to the initial public offering (IPO) price. In an IPO note on Friday, the research house said its target price-earnings (P/E) is at a 25% discount to Malaysian peers' average P/E, considering MKHOP’s smaller market capitalisation. (TheEdge)

AmInvestment Bank Bhd has maintained its ‘buy’ call on Lee Swee Kiat Group Bhd (LSK), with an unchanged fair value of RM1.39 per share, based on financial year ending Dec 31, 2024 (FY2024) target price-earnings (P/E) of 12.8 times. The investment bank in a research note on Friday maintained its FY2024-26 earnings forecasts, mainly underpinned by LSK's guidance that the group had implemented hedging measures since late 2023 to mitigate raw material cost increases, despite the average latex price spiking up 24% quarter-on-quarter in the first quarter of 2024 (1Q2024). (TheEdge)

Analysts said Genting Malaysia Bhd is a strong contender for one of the three new casino licences being considered for the New York City (NYC) area, which could be awarded late next year. They anticipate that the group's Resorts World New York City (RWNYC) could obtain one of these licences by leveraging its expertise in the gaming industry. (NST)

Kenanga Investment Bank Bhd has maintained its 'outperform' call on Aeon Credit Service (M) Bhd, with a target price of RM8.55. In a note on Friday, the research firm said it continues to believe in Aeon Credit’s fundamentals, as they stand out against conventional banking institutions with return on equity prospects of 15% with more modest dividend yields. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 12 April 2024