MQ Market Updates - 28 June 2024

MQ Trader

Publish date: Fri, 28 Jun 2024, 05:18 PM

ACE Market-bound Sik Cheong Bhd has entered into an underwriting agreement withTA Securities Holdings Bhd in conjunction with its upcoming initial public offering (IPO). (TheEdge)

ACE Market-bound Kucingko Bhd aims to raise RM30mil through its initial public offering (IPO) to fund its capacity expansion. (TheStar)

IJM Corp Bhd's first data centre (DC) construction contract win is a critical step for the company to penetrate a booming DC construction market, according to Hong Leong Investment Bank Bhd (HLIB). (NST)

Telekom Malaysia Bhd (KL:TM) said it has executed an agreement with MYTV Broadcasting Sdn Bhd to settle all their disputes related to non-payment for the provision of digital terrestrial television (DTT), broadcasting infrastructure and network facilities. (TheEdge)

Affin Hwang Capital has terminated coverage on Jaycorp Bhd due to a reallocation of resources and given the low trading liquidity. (NST)

Poh Huat Resources Holdings Bhd's sales orders are expected to remain flat as the furniture industry will continue to be challenging due to a slowdown in the US market. (NST)

MIDF Amanah Investment Bank Bhd has maintained its "Buy” call on MyEG Services Bhd with an unchanged target price of RM1.38, premised on the positive development on Ztrade. (TheStar)

The FBM KLCI bounced higher as buying interest in CelcomDigi helped to offset the decline in what has been a soft week for the benchmark index. (TheStar)

Kawan Renergy Bhd's wholly-owned subsidiary Kawan Engineering Sdn Bhd (KESB) has secured a RM11.8mil contract for fabrication works at the Malaysia site of Chemical Industries (Malaysia) Sdn Bhd. (TheStar)

Public Bank Bhd’s wholly-owned subsidiary, Public Mutual Bhd has declared distributions amounting to more than RM107mil for five funds. (TheStar)

Shareholders of GHL Systems Bhd (KL:GHLSYS) should accept the takeover offer from Japanese information technology and consulting company NTT Data Corp, the independent adviser said. (TheEdge)

Shares in Kim Loong Resources Bhd (KL:KMLOONG) rose to their highest in more than a month on Friday, after the palm oil producer reported better-than-expected first-quarter results. (TheEdge)

AmInvestment Bank has maintained its 'buy' rating for Inari Amertron Bhd (KL:INARI) at RM3.70, with a higher fair value (FV) of RM4.36 (from RM3.86), based on price-earnings (P/E) of 34 times, from 31 times, for the financial year ending June 30, 2025 (FY2025) — 2.5 standard deviation above the five-year mean of 24 times. (TheEdge)

Rakuten Trade said MN Holdings Bhd (KL:MNHLDG) is back on the radar, after it pushed out from the bullish flag pattern with a long white candle on Thursday. An improving trading volume also sent its share price to hit a new all-time high, suggesting the bullish momentum is picking up. (TheEdge)

MARC Ratings Bhd has downgraded YNH Property Bhd's (KL:YNHPROP) Islamic Medium-Term Notes Programme (Sukuk Wakalah) to BBIS with a negative outlook in a move that it says reflects heightening concerns over the group's business and financial prospects. (TheEdge)

Land sales in Pulai, Johor, totaling RM219 million to data centre operators have boosted Crescendo Corp Bhd’s net profit to a record high for the first quarter ended April 30, 2024 (1QFY2025). (TheEdge)

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