MQ Market Updates - 09 May 2024

MQ Trader

Publish date: Thu, 09 May 2024, 05:10 PM

Mega First Corp Bhd's subsidiary, Mega First Agrotech Sdn Bhd has entered into a share subscription agreement with CSC Agriculture Holdings Sdn Bhd to acquire 13.55 million shares or 64 per cent stake in the company for RM25 million. Upon completion of the subscription, CSC Agriculture and its subsidiaries, CSC Group will become indirect subsidiaries of Mega First. (NST)

VSTECS Bhd was the stock market's top gainer today, hitting a high of RM3.58 a share, after the company was appointed as Amazon Web Services' (AWS) first distributor in Malaysia. As at 4pm it was trading 29.7 per cent higher at RM3.58 a share, with some 12.8 million shares changing hands. (NST)

Shares of Sarawak Cable Bhd (KL:SCABLE) fell to its lowest in five months on Wednesday after the loss-making cable manufacturer's so-called resuscitation exercise has been terminated. Sarawak Cable declined four sen or 25% to 12 sen, its lowest since Dec 12, 2023. The stock pared its losses to close at 13 sen at noon break with some 16.86 million shares changed hands, compared to its 200-day average volume of 13.11 million. At 13 sen apiece, Sarawak Cable is valued at RM51.87 million. (TheEdge)

Malaysia’s largest telecom company by revenue Axiata Group Bhd (KL:AXIATA) may face earnings pressure from a potential merger of its unit PT XL Axiata with PT Smartfren Telecom in Indonesia, and investors should sell the stock, said MIDF Amanah Investment Bank. (TheEdge)

Shares of Kerjaya Prospek Group Bhd (KL:KERJAYA) surged to a new record high on Thursday, as investors bet on better earnings growth for its upcoming financial results for the first quarter ended March 31, 2024 (1QFY2024). (TheEdge)

Moody's Ratings has affirmed CIMB Group Holdings Bhd's (KL:CIMB) Baa1 issuer ratings and maintained its stable outlook, based on the group's improved solvency and stable liquidity as well as Moody's forecast that the group's problem loan ratio will remain stable at around 2.5% over the next 12-18 months. Moody's also affirmed CIMB Bank Bhd's, CIMB Islamic Bhd's and CIMB Investment Bank Bhd's (CIMB IB) A3 issuer ratings. (TheEdge)

Ni Hsin EV Tech (NH EV Tech) Sdn Bhd, a wholly-owned arm of Ni Hsin Group Bhd has unveiled two high-performance electric motorcycles, TC Max and CPx PRO, endorsed by MotoGP icon Jorge Lorenzo. Manufactured by Nanjing Vmoto Manufacturing Co., Ltd (VMOTO) and assembled by NH EV Tech in Malaysia under license, TC Max and CPx PRO represent cutting-edge e-mobility. (NST)

Feytech Holdings Bhd is poised to record growth upon listing on the main market of Bursa Malaysia, says PublicInvest Research. The firm said that among the growth drivers will be the construction of a new plant within the same vicinity in Kulim, for automotive seat manufacturing operations, the establishment of an additional automotive seat manufacturing plant in the Automotive High-Tech Valley, and the setup of a new facility for automotive covers division operations in the Klang Valley. (NST)

Source: New Straits Times, The Edge Markets The Star 09 May 2024