MQ Market Updates - 25 June 2024

MQ Trader

Publish date: Tue, 25 Jun 2024, 05:13 PM

AirAsia has once again been named the world's best low-cost airline at the Skytrax World Airline Awards 2024, often called the Oscars of the aviation industry, marking its 15th consecutive win. (NST)

Dagang NeXchange Bhd's (DNeX) wholly-owned subsidiary Dagang Net Technologies Sdn Bhd has completed the implementation of Saudi Arabia's Makkah Route initiative across six airports in three countries. (NST)

Malaysia Airports Holdings Bhd (MAHB) saw robust passenger traffic growth in May 2024, with a total of 11.2 million passengers across its 39 airports in the country and an international airport in Turkiye. (TheStar)

Property developer Avaland Bhd (KL:AVALAND) (formerly MCT Bhd) has lodged an RM1 billion Islamic Medium-Term Notes Programme with the Securities Commission Malaysia. (TheEdge)

Capital A Bhd (KL:CAPITALA) expects to see an improved financial performance for the upcoming second quarter, and the second half of 2024 (2H2024), for AirAsia in view of improving demand for travel, with the carrier bringing back over 250 planes into operation. (TheEdge)

RHB Retail Research said Tafi Industries Bhd (KL:TAFI) may extend its uptrend post a bullish breakout. (TheEdge)

RHB Retail Research said MyNews Holdings Bhd (KL:MYNEWS) is poised to continue its bullish trajectory after breaking past the resistance. (TheEdge)

Malaysia's booming renewable enery (RE) sector has attracted the first Taiwanese energy player as GreenRock Energy teams up with Solarvest Holdings Bhd to accelerate the development of green energy solutions in both countries. (NST)

The value of its 150 acres earmarked for a data centre (DC) hub in Southville City will be enhanced after Mah Sing Group Bhd secures its 500 megawatts of power allocation, RHB Research said. (NST)

Hong Leong Investment Bank Bhd (HLIB) remains optimistic on Hiap Teck Venture Bhd's earnings prospects, supported by the pending rollout of mega infrastructure projects and robust private sector job flows in Malaysia. (NST)

CIMB Securities has raised its new vehicle sales, or also known as total industry volume (TIV), forecast upward by 3.3 per cent to 751,000 units for 2024, up from 727,000 units previously. (NST)

There could be bargain-hunting on the domestic market despite ongoing weak investor sentiment, characterised by profit-taking and a retreat of foreign funds, said Apex Securities Research. (TheStar)

Rakuten Trade said United U-Li Corp Bhd (KL:ULICORP) may extend its upward trajectory after hitting a 52-week high with its seventh consecutive white candle on Monday. (TheEdge)

CGS International has maintained its 'add' rating for Econpile Holdings Bhd (KL:ECONBHD) at 45.5 sen, with an unchanged target price of 61 sen based on a 0.5 times calendar year 2024 (CY2024) price/earnings-to-growth ratio, implying 19.1 times CY2025 price-earnings (the pre-Covid mean of 2014 to 2018). (TheEdge)

Shares in Systech Bhd (KL:SYSTECH) rose to their highest in nearly six months, after the information technology services firm signed an agreement to develop and operate data centres. (TheEdge)

Shares in Kronologi Asia Bhd (KL:KRONO) fell to their lowest in nearly four weeks, after the information technology services company reported a 43.43% year-on-year decline in net profit for the first quarter ended April 30, 2024 (1QFY2025). (TheEdge)

The Court of Appeal (COA) on Tuesday struck out the appeal by Serba Dinamik Holdings Bhd (KL:SERBADK) and its three companies over them being wound up. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 25 June 2024