MQ Market Updates - 04 June 2024

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Publish date: Tue, 04 Jun 2024, 05:20 PM

Kimlun Corp Bhd's wholly-owned subsidiary Kimlun Sdn Bhd has bagged a contract from Saujana Development Sdn Bhd for a high rise residential development in Seksyen U2 in Shah Alam valued at RM234.27mil. It said in a filing with Bursa Malaysia, the construction work is expected to be completed in the third quarter of 2026. (TheStar)

Malaysia Marine and Heavy Engineering Holdings Bhd (KL:MHB) said on Tuesday that it has secured a subcontract worth RM1.5 billion to build an offshore substation at a wind farm in the Netherlands. Fabrication works of the substation platform — which receives power produced from the wind farm and stepped up before being transmitted onshore — will begin in 2025 for 36 months, MHB said in an exchange filing. The subcontract is expected to be completed by 2028, it noted. (TheEdge)

SNS Network Technology Bhd (KL:SNS) has been appointed by VSTECS Bhd (KL:VSTECS) as an authorised retailer for Starlink’s equipment in Malaysia. In a statement on Tuesday, SNS managing director Ko Yun Hung said the deal will allow the company to expand its information and communications technology (ICT) product range to include Starlink satellite kits across its physical and online stores, as well as to its customers, which include government agencies and commercial enterprises. (TheEdge)

ITMax System Bhd's 65 per cent-owned subsidiary Southmax Sdn Bhd has accepted an appointment by Iskandar Puteri City Council (MBIP) to be the smart parking operator of 32,025 street parking bays. The appointment will be for 15 years commencing June 1, 2024 to May 31, 2039. (NST)

Shares of I-Bhd (KL:IBHD) rose to their highest in more than four months after Public Investment Bank upgraded its rating for the property developer, citing increased confidence in the consistency of earnings recovery. I-Bhd climbed as much as 6% or 1.5 sen to 26.5 sen, its highest since Jan 30, 2024. At its last price, the company is valued at RM492.18 million on Bursa Malaysia. More than 1.7 million shares changed hands, five times the trading volume’s 200-day moving average. (TheEdge)

MIDF Research said it is optimistic over Leong Hup International Bhd's mid-to-long-term outlook as the cost of livestock feed trends lower, while demand grows in foreign markets. "Our outlook is supported by resilient demand for poultry products due to their staple food nature and the softening of global commodity prices for livestock feed, reducing raw material costs in the livestock and poultry-related product segment," said the research firm said in a note. (TheStar)

Unique Fire Holdings Bhd, a leading fire safety and protection company, announced today that it has received the Fire and Rescue Department of Malaysia's approval for its A1 rated electric vehicle (EV) car fire blanket. Unique Fire is the appointed authorised distributor for Bridgehill's EV car fire blankets in Malaysia. (NST)

Shares in Infoline Tec Group Bhd (KL:INFOTEC) fell to their lowest in more than three months, after the information technology (IT) services company reported that its first-quarter (1Q) net profit plunged 91% from a year earlier. Infoline fell as much as 8.9% to 71.5 sen, its lowest since Feb 20, on Tuesday. The stock was trading at 74 sen at 9.05am, valuing the company at RM268 million on Bursa Malaysia, while trading volume totalled 3.1 million shares, more than double the stock’s 200-day moving average. (TheEgde)

PublicInvestment Bank Bhd (PublicInvest) expects Tenaga Nasional Bhd (TNB) to increase its forecast base sales in the upcoming 2025-2027 regulatory period (RP 4) to reflect current demand and its prospects throughout the cycle. PublicInvest has raised its earnings forecast for FY25 by 9.9 per cent in anticipation of this. (NST)

Source: New Straits Times, The Edge Markets The Star 04 June 2024