MQ Market Updates

MQ Market Updates - 29 May2024

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Publish date: Wed, 29 May 2024, 05:16 PM

Farm Fresh Bhd posted an all-time high revenue of RM810.4 million in financial year 2024, thanks to new products, higher sales volume from the hotel, restaurant and cafe distribution channel and UHT products, as well as contributions from Inside Scoop Sdn Bhd and Sin Wah Ice Cream Sdn Bhd. (NST)

YTL Power International Bhd's (YTLPI) shares rose this morning following reports that its indirect 70 per cent-owned unit, SIPP Power Sdn Bhd has proposed to acquire about 31.42 per cent stake in Ranhill Utilities Bhd for RM405.18 million. (TheStar)

Ageson Bhd (KL:AGES), which entered Practice Note 17 (PN17) status back in November 2023, has secured a construction subcontract worth RM54.33 million for the development of a 40-storey service suite block in Sabah. (TheEdge)

Genetec Technology Bhd, whose profit jumped 63.09% year-on-year for the quarter ended March 31, 2024 (4QFY2024), expects continued strong earnings amid increasing demand for its automation and energy storage solutions. (TheEdge)

Media Prima Bhd, Malaysia's leading and largest independent media group, posted a net profit of RM27.9 million for the nine-month period ended Mar 31, 2024 (9MFY24) on improved operational efficiencies, cost optimisations, and increased other operating income, amid cuts in spending by several major advertisers. (NST)

Kawan Renergy Bhd surged as much as 61 per cent to its issue price on its debut on the ACE Market of Bursa Malaysia Securities Bhd. in morning trade. (NST)

Nestle Malaysia Bhd has planted 2.8 million trees through the ongoing Project RELeaf and the previously accomplished Project RiLeaf, in line with its goal to plant four million trees throughout Malaysia by 2025.  (NST)

Intraday short-selling (IDSS) in the shares of Lagenda Properties Bhd has been suspended by Bursa Securities after the counter hit limit down within the first hour of trading. (TheStar)

NCT Alliance Bhd is actively expanding its portfolio through the strategic proposed acquisition of NCT Builders Group Holdings Sdn Bhd and the development lands in Sabah. (TheStar)

RHB Bank recorded improvements in total income and operating profit for the first quarter of 2024, but was negatively impacted by higher operating costs and expected credit losses (ECL). (TheStar)

Petronas Gas Bhd put in a positive performance in the first quarter ended March 31, 2024 (1QFY24) despite increased costs in the business environment amid the elevated Malaysia Reference Price (MRP) and commodity prices, said managing director and CEO Abdul Aziz Othman. (TheStar)

Phillip Capital has maintained its 'buy' rating of Uzma Bhd (KL:UZMA) at RM1.12, with an unchanged target price of RM2, and said the company is set to deliver stronger earnings for the fourth quarter ending June 30, 2024 (4QFY2024), on the back of rising oil and gas activities post monsoon season, and a stronger performance of the wireline business. (TheEdge)

RHB Retail Research said SMRT Holdings Bhd (KL:SMRT) is poised for a technical breakout, after rebounding off the 21-day simple moving average (SMA) line, and climbing towards the recent high of RM1.03 resistance on strong volume on Tuesday. (TheEdge)

RHB Retail Research said Salcon Bhd (KL:SALCON) is poised to resume its uptrend, after bouncing off the 21-day simple moving average (SMA) line, climbing towards the immediate resistance of 32 sen on Tuesday, with strong trading volume. (TheEdge)

Apex Securities Bhd has recommended investors to 'subscribe' to UUE Holdings Bhd at an initial public offering price of 24 sen, with a fair value of 33 sen, for the stock's attractive valuations, coupled with promising growth prospects. (TheEdge)

Shares in UEM Sunrise Bhd (KL:UEMS) fell to their lowest in three weeks, after the real estate developer reported that its first-quarter net profit nearly halved from a year earlier. (TheEdge)

Shares in CelcomDigi Bhd (KL:CDB) extended their decline to touch the lowest in more than 10 months, after the country’s largest mobile carrier by subscribers reported weaker-than-expected quarterly results. (TheEdge)

Source: New Straits TimesThe Edge Markets The Star 29 May 2024 

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