MQ Market Updates

MQ Market Updates - 20 May2024

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Publish date: Mon, 20 May 2024, 05:19 PM

Sunview Group Bhd (KL:SUNVIEW) announced a partnership with Uzbekistan-based Yashil Energiya on Monday to explore renewable and green energy opportunities in Uzbekistan. The company, via its wholly-owned unit Fabulous Sunview Sdn Bhd signed the business alliance strategic agreement with Yashil Energiya, a company which specialised in the installation of renewable energy (RE) source devices, delivery of electricity produced by RE sources to consumers and service and maintenance of RE sources installed in Uzbekistan. (TheEdge)

Electronics manufacturing services firm Notion VTec Bhd (KL:NOTION) charted a new three-year high on Monday, as Bursa Malaysia’s Technology Index touched a new one-year high following the US’ plan to hike tariffs on semiconductors from China. Shares of Notion VTec surged 16.5 or 18.9% to RM1.04 during Monday’s morning trading session, last breached on Jan 15, 2021, making it one of the top gainers on Bursa Malaysia. (TheEdge)

Public Bank Bhd (PBB), which saw its net profit dip 3.5% in the first quarter ended March 31 (1Q24), will remain vigilant in its business approach and maintain its prudent risk profile to weather ongoing risks. “Tapping on the improved economic outlook, the group will continue to take a proactive approach to embracing growth opportunities. The group will also continue to pursue digital transformation and further step up its ESG efforts to remain relevant in today’s dynamic business environment,” managing director and chief executive officer Tan Sri Tay Ah Lek said in a statement. (TheStar)

Maxis Bhd’s (KL:MAXIS) intention to build a second fifth-generation (5G) network could potentially put the group’s financial position and future earnings under pressure, according to analysts. Analysts have broadly remained cautious about Maxis, even though the group registered a 10% year-on-year (y-o-y) increase in net profit for the first quarter ended March 31, 2024 (1QFY2024). (TheEdge)

Kinergy Advancement Bhd (KAB) will continue to focus on expanding its energy solutions and customer base in the energy sector. In a filing with the local bourse, the one-stop energy and engineering solutions provider said it will also look at replenishing its order book and venturing into neighbouring Asean countries. (TheStar)

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) traffic expanded by 7.6% to 11 million passengers in April 2024, compared with the preceding month's 10.2 million passengers. The airport operator known as MAHB reported a total traffic performance of 7.6 million passengers across its local airports in Malaysia during the month, an 8% increase compared with March's 7.1 million. (TheEdge)

Alliance Bank Malaysia Bhd has seen substantial loan expansion in its small and medium enterprises (SMEs) and commercial banking divisions, with the former loans rising by 16.4 per cent year-on-year in 2023. The commercial banking loans expanded by 14.2 per cent. (NST)

Pertama Digital Bhd (KL:PERTAMA) said it had been allowed to continue operating the digital court bail payment system known as e-Jamin by the government. The approval from the Legal Affairs Division of the Prime Minister's Department at all applicable courts in Malaysia was received last Friday, the digital services firm said in an exchange filing. (TheEdge)

Sarawak Oil Palms Bhd's earnings are expected to grow, backed by decent fresh fruit bunch (FFB) growth and improving downstream utilisation, said RHB Research. However, the research house said this will be partially offset by slightly higher crude palm oil (CPO) unit costs. (NST)

ITMAX System Bhd's recent contract extension from Kuala Lumpur City Hall (DBKL) provides longer visibility of its recurring income stream, according to Hong Leong Investment Bank Sdn Bhd (HLIB Research). The research firm viewed the extension positively as it also served as a testament to the company's technological leadership and quality of service, as well as providing confidence and alleviating the company's speculated political or regulatory concerns post the 15th general election. (NST)

Source: New Straits TimesThe Edge Markets The Star 20 May 2024 

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