MQ Market Updates - 28 May2024

MQ Trader

Publish date: Tue, 28 May 2024, 05:17 PM

Tenaga Nasional Bhd (TNB) expects to set aside more capital expenditure (capex) under its fourth incentive-based regulation framework from next year due to rising energy demand including from data centres. (NST)

Sime Darby Plantation Bhd (SD Plantation) has received shareholder approval to change its name to SD Guthrie Bhd at its EGM, today. (TheStar)

Engineering firm UUE Holdings Bhd on Tuesday began taking orders from investors for its ACE Market initial public offering (IPO) that would raise up to RM38.97 million. (TheEdge)

On the back of a resilient first quarter, CelcomDigi Bhd will continue to focus on building strong fundamentals to achieve profitable growth, leveraging technology and competencies, said CEO Datuk Idham Nawawi. (TheStar)

Genting Bhd is poised to play catch-up as an FBM KLCI laggard on the back of improving tourist arrivals to Malaysia and Singapore, according to CGS International Securities Malaysia (CGS Malaysia). (NST)

After achieving record-breaking revenue in FY23, Pekat Group Bhd is working towards improving its operations, replenishing its order book, and growing its market share, said CEO Tai Yee Chee. (TheStar)

Tan Chong Motor Holdings Bhd's losses of RM30.9 million in the first quarter ended March 31, 2024, came in below Hong Leong Investment Bank's (HLIB Research) and consensus' expectations by 59.4 per cent and 43.7 per cent respectively. (NST)

RHB Research has raised its target price for Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) following its recent earnings that came within the firm's expectations and expected stronger quarters ahead. (NST)

AHB Holdings Bhd, a consumer products and services provider, has received an offer to participate in the construction of a 30-megawatt (MW) hydropower plant in Jerantut, Pahang. (NST)

Hong Leong Investment Bank Bhd (HLIB Research) remains cautious about Dagang NeXchange Bhd (DNeX), as its business unit, SilTerra Malaysia Sdn Bhd, has not yet shown a clear recovery. (NST)

Affin Bank Bhd is sponsoring the operation of Interceptor 002 for a year to support the Klang River cleanup initiative. (NST)

FGV Holdings Bhd slipped into the red in the first quarter ended March 31, 2024 (1Q24) with a net loss of RM13.49 million from a net profit of RM12.09 million, dragged by lower profits across most divisions. (NST)

Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia) posted a 40 per cent increase in revenue of RM892.2 million for the first quarter ended March 31, 2024 (1Q24). (NST)

Eastern & Oriental Bhd (E&O) is expecting more interest in Andaman Island when the Gurney Bridge connecting Gurney Drive to island is completed next year, improving accessibility, said managing director Kok Tuck Cheong. (TheStar)

Shares in CCK Consolidated Holdings Bhd (KL:CCK) climbed to a new all-time high on Tuesday, after private equity firm Creador Sdn Bhd proposed to invest RM170.3 million in the poultry company's Indonesian unit. (TheEdge)

YTL Power International Bhd’s (KL:YTLPOWR) 70% subsidiary SIPP Power Sdn Bhd is buying 405.18 million shares, or a 31.42% stake, in Ranhill Utilities Bhd (KL:RANHILL) for RM405.18 million or 99.5 sen per share. (TheEdge)

UOA Development Bhd’s (KL:UOADEV) net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 7.8% to RM49.7 million versus RM46.1 million a year ago, despite lower revenue. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 28 May 2024