MQ Market Updates

MQ Market Updates - 21 May2024

MQ Trader
Publish date: Tue, 21 May 2024, 04:55 PM

KTI Landmark Bhd expects to raise RM48mil en route to a listing on the ACE Market of Bursa Malaysia on June 19, 2024. In a statement, the Sabah-based integrated property developer said it plans to use RM20.7mil of the proceeds raised from the initial public offering (IPO) to supplement its general working capital requirements for The Logg's project. (TheStar)

Feytech Holdings Bhd commenced trading on the Main Market of Bursa Malaysia to strong buying support after the public portion of its initial public offering (IPO) was oversubscribed 15.64 times. At 9am, the shares of the automotive cover and seat manufacturer were bought up to RM1.10, representing a 30 sen or 37.5% increase over its IPO price. (TheStar)

Earthworks and civil engineering specialist Advancecon Holdings Bhd has clinched a RM25.4 million contract from Sime Darby Property Bhd to undertake main infrastructure works for Tiara Residences in Seksyen 8, Shah Alam. Its wholly-owned unit Advancecon Infra Sdn Bhd secured the contract from Sime Darby Property’s wholly-owned subsidiary Sime Darby Property (Bukit Jelutong) Sdn Bhd, it said in a statement. (TheEdge)

Sunway Construction Group Bhd (SunCon) is expected to record a higher orderbook for its financial year 2024 (FY24) given a vibrant advanced tech facilities sector, rail projects, and the potential formalisation of its Vietnam project. Hong Leong Investment Bank Bhd (HLIB) said SunCon's latest unbilled orderbook stands at RM6.3 billion (2.4 times the FY23 revenue). (NST)

Petronas Dagangan Bhd said it expects continued growth in its retail and commercial business segments amid an increase in domestic economic activities and a recovery in the aviation industry. Meanwhile, the downstream petroleum products retailer said the convenience segment continues to focus on expansion on Cafe Mesra and Kedai Mesra offerings, as well as campaigns during the festive season in 2Q24. (TheStar)

LGMS Bhd is poised to benefit significantly from the recently-passed National Cyber Security Bill, which is expected to drive demand for cybersecurity solutions in Malaysia. The bill, passed by the Dewan Negara on 3 April, aims to bolster national cybersecurity and protect Malaysia's digital infrastructure from cyber threats. (NST)

Hartalega Holdings Bhd returned to the black in its financial year ended March 31, 2024 (FY24) with a net profit of RM12.7 million versus a loss of RM235.14 million a year ago. Hartaleg said this was supported by higher interest income, foreign currency exchange gain and reversal of certain provisions no longer required during the period under review. (NST)

Shares of Supercomnet Technologies Bhd (KL:SCOMNET) fell on Tuesday and may be on course for its worst day in 15 months after the medical device manufacturer reported a weaker-than-expected first quarter. SCOMNET fell as much as 5.5% or nine sen to RM1.55. The stock was still down a little under 5%, set for its steepest decline in a single day since Feb 8, 2023, at noon trading break. The company is valued at RM1.30 billion at its last price of RM1.56, after some 3.2 million shares changed hands. (TheEdge)

Shares of Pintaras Jaya Bhd (KL:PTARAS) rose to its highest in 11 months, though analysts remained doubtful of further gains, as the earthworks company homed in on the consensus target price. Pintaras rose as much as 6% or 10 sen to RM1.80, its highest since June 22, 2023. The stock was trading at RM1.78 at 9.15am, valuing the company at RM295 million. Trading in the stock was also more active than usual, with volume nearly four times its 200-day moving average. (TheEdge)

Tenaga Nasional Bhd (TNB) is preparing for Regulatory Period 4 (RP4) 2025-2027 with significant capital expenditure (capex) to support Malaysia’s energy transition and projected electricity demand growth. “We are ready to execute exciting programmes within NETR, ensuring Malaysia achieves its energy transition goals. With TNB leading the charge, we are confident in fostering a sustainable, resilient, and prosperous future for all,” president/CEO Datuk Ir. Megat Jalaluddin Megat Hassan said in a statement. (TheStar)

Source: New Straits TimesThe Edge Markets The Star 21 May 2024 

Need a Trading Account?

Open a trading account now for FREE with our selected advertiser to enjoy Free Subscription to MQ Trader!

Contact Us

Please do not hesitate to contact us if you have any inquiries:

MQ Chat: 

Related Stocks
Market Buzz
More articles on MQ Market Updates
Be the first to like this. Showing 0 of 0 comments

Post a Comment