MQ Market Updates - 24 May2024

MQ Trader

Publish date: Fri, 24 May 2024, 05:07 PM

Palm oil producer Johor Plantations Group Bhd said on Friday it has signed agreements with five underwriters for its initial public offering (IPO) in the third quarter of 2024. Under the agreements, RHB Investment Bank Bhd, AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Affin Hwang Investment Bank Bhd and CLSA will underwrite the entire 77.5 million IPO shares under the retail tranche, Johor Plantations said in a statement. (TheEdge)

Bursa Malaysia Bhd has introduced an Application Programming Interface (API) or API gateway to allow for quicker Central Depository System (CDS) account activation and real-time trading for retail investors. In a statement today, it said the API gateway increases the efficiency of the CDS account management processes by brokers. (NST)

Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) has affirmed efforts to improve its contracting strategies to mitigate risks as it expects supply chain disruptions and price escalations to continue. Over the coming year, the group said it is well-positioned to capitalise on the increased spending of oil majors on upstream activities, given the crucial global energy security. (TheStar)

Berjaya Food Holdings Bhd (BFood) has hit pause on its expansion plans amid the ongoing boycott of Starbucks Malaysia due to the Israel-Palestine conflict. Hong Leong Investment Bank (HLIB) research in a note today said the group's revenue was down by -24 per cent quarter-on-quarter and -48 per cent year-on-year on the back of the Starbucks boycott that's been ongoing since Oct 2023. (NST)

Manulife Insurance Bhd is shaking up the agent recruitment landscape with several strategic initiatives to attract the next generation of insurance professionals, with a particular focus on Gen Z. Based on the income statistics in the country, unemployment rates among Malaysian youths show concerns, with 10 per cent of youths aged 15-25 - which makes up the Gen Z segment - unemployed, totaling more than 300,000 individuals. (NST)

Analysts revised higher their valuations for YTL Power International Bhd with expectations of improved earnings from Wessex Water and growth prospects from the artificial intelligence-data centre (AI-DC) venture. In a filing with the Stock Exchange yesterday, YTL Power posted an increase in revenue to RM5.16bil in 3QFY24 compared to RM5.36bil in the previous corresponding quarter. (TheStar)

Hextar Global Bhd’s (KL:HEXTAR) net profit for the three months ended March 31, 2024 (1QFY2024) jumped 40.75% year-on-year, due to higher contribution from its newly diversified durian trading business as well as its specialty chemicals segment on contracts awarded from the oil and gas sector. Net profit for the quarter came in at RM12.14 million, compared to RM8.63 million the previous year, as revenue surged 67.47% to RM232.27 million from RM138.74 million, its bourse filing showed on Friday. (TheEdge)

The Federal Court has ruled in favour of TSR Capital Bhd (KL:TSRCAP) in its dispute with Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL) over payments withheld following the termination of a sub contract for the electrified double-track project from Gemas to Johor Bahru. In a filing with Bursa Malaysia on Tuesday, TSR Capital said the Federal Court had dismissed SPYTL’s leave applications in the suit. SPYTL, also known as YTL Construction, is the wholly-owned construction arm of YTL Corp Bhd (KL:YTL). (TheEdge)

Cloudpoint Technology Bhd's (KL:CLOUDPT) net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 23% to RM3.70 million, versus RM3.01 million a year earlier, on the back of a jump in revenue to RM34.66 million from RM19.40 million. Earnings per share rose to 0.70 sen from 0.67 sen. (TheEdge)

Malayan Banking Bhd (Maybank) said it achieved a higher bottomline in the first quarter ended March 31, 2024, as it registered higher core fees as well as an increase in treasury and market gains. In the quarter under review, the country's largest bank by assets posted a net profit of RM2.49bil, up from RM2.27bil in the same quarter last year, raising its earnings per share to 20.63 sen from 18.79 sen. (TheStar)

Source: New Straits Times, The Edge Markets The Star 24 May 2024