Integrated logistics service provider Sin-Kung Logistics Bhd’s initial public offering (IPO) for the public portion has been oversubscribed by 26.5 times. A total of 13,179 applications seeking 1.7 billion new shares were received from the Malaysian public for 60 million new shares that were made available for public subscription. (TheStar)

YTL Corp Bhd and subsidiary YTL Power International Bhd have shot up to the top 15 list of the FTSE Bursa Malaysia KLCI (FBM KLCI) constituents since their inclusion last December. YTL Corp is now ranked 13th (from 24th) while YTL Power has fared even better at the 10th position (from 23rd). (NST)

Fraser & Neave Holdings Bhd (F&N) shares surged to their highest in five years on Monday, as better-than-expected results buoyed investors' optimism, while analysts maintained their calls following a briefing. F&N rose as much as 3% or 96 sen to RM32.96, its highest since April 2019. The stock was trading at RM32.26, still up 26 sen or 0.8% at noon, valuing the food-and-beverage company at a little under RM12 billion on Bursa Malaysia. (TheEdge)

Padiberas Nasional Bhd (Bernas) has kicked off large-scale smart padi field (Smart SBB) ala Sekinchan programme in Langkawi, Kedah for glutinous rice cultivation. The Projek Padi Pulut Langkawi Bernas ala Sekinchan, launched by Agriculture and Food Security Minister Datuk Seri Mohamad Sabu today, aims to elevate the socio-economic status of farmers. (NST)

The positive global outlook for the tin market, coupled with the deployment of strategic initiatives, is set to fuel tin miner and tin metal producer Malaysia Smelting Corp Bhd’s (MSC) earnings for its financial year 2024 (FY24). Group chief executive officer Datuk Patrick Yong told StarBiz that while there are short-term uncertainties, the long-term outlook for tin remains positive. (TheStar)

While coming as a surprise, Carlsberg Brewery (M) Bhd's decision to increase beer prices should be cushioned by an improving consumer outlook in Malaysia, said Hong Leong Investment Bank (HLIB) Research. The research firm said that while the price hike may impact medium-term sales recovery, it does not expect any knee-jerk decline in sales volume, considering the improvement in labour conditions and income prospects, which will support demand for existing brands. (TheStar)

Analysts have raised their earnings forecasts and target prices (TPs) for plastic packaging maker SLP Resources Bhd, after the group's latest financial results beat their expectations due to improved product mix and higher output. In a research note on Monday, Hong Leong Investment Bank (HLIB) revised its earnings forecast upwards by 12% for FY2027 and 11% for FY2025, following adjustments to its utilisation rate assumptions to 58% and 60%. (TheEdge)

Maybank Investment Bank (Maybank IB) on Monday began coverage of SAM Engineering & Equipment (M) Bhd with a counter-consensus ‘buy’ call, betting on the cyclical recovery of the aerospace and semiconductor sectors. Earnings at SAM Engineering, a contract manufacturer that makes aircraft parts and electronic components, will likely grow 20% on average annually over three years, according to Maybank IB. The company’s aerospace end-clients, Airbus and Boeing, have record-high backlog orders, it noted. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 06 May 2024 

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