MQ Market Updates - 16 August 2024

MQ Trader

Publish date: Fri, 16 Aug 2024, 05:37 PM

Oil and gas (O&G) support services firm Steel Hawk Bhd on Friday launched its initial public offering (IPO) that would raise up to RM20.21 million as part of its listing transfer to the ACE Market. (TheEdge)

Bumi Armada Bhd announced that its wholly owned subsidiary, Bumi Armada Holdings Labuan Ltd (BAHLL), has secured syndicated facilities with a six-year tenor at an aggregate principal amount of up to US$400 million to refinance a RM1.5 billion sukuk. (NST)

Itmax System Bhd, which is involved in supplying, installing and providing public space networked systems, says it has been awarded a RM539 million contract by Kuala Lumpur City Hall (DBKL). (NST)

LKL International Bhd has struck a deal with Philippines-based healthcare solutions provider Karl Group to explore the manufacturing of hospital furniture and investment opportunities in the country. (TheStar)

Pestech International Bhd's share price dropped as much as 14.7 per cent in morning trade after it said IJM Corporation Bhd no longer plans to take a substantial stake in the company. (NST)

Enrgy solutions provider T7 Global Bhd announced its wholly-owned TSeven Shirley mobile offshore production unit (Mopu) has acheived its first oil production for the Nong Yao field, in the southern part of the Gulf of Thailand. (TheStar)

Convenience store chain operator 99 Speed Mart Retail Holdings Bhd (Speed Mart) has launched Malaysia's biggest initial public offering (IPO) in seven years, which will raise up to RM2.36 billion. (NST)

The High Court on Friday ordered MYAirline Sdn Bhd to pay slightly over RM17 million to two subsidiaries of Malaysia Airports Holdings Bhd (KL:AIRPORT) after granting summary judgments to the subsidiaries. (TheEdge)

Petronas Chemicals Group Bhd is contending with a more complex business landscape and heightened volatility in the chemicals industry marked by a long period of overcapacity and low demand. (TheStar)

Ranhill Utilities Bhd may see better quarters ahead, supported by its water and renewable energy (RE) businesses, say analysts. (TheStar)

Karex Bhd's 4QFY24 results are expected to meet estimates on growing contribution from high-margin personal lubricant products, which now make up over 15% of the group's turnover, said Kenanga Research. (TheStar)

Shares of Sunway Real Estate Investment Trust (KL:SUNREIT) rose to its highest in nearly four years following the latest results, while analysts largely stayed bullish on further upside ahead. (TheEdge)

Shares in Keyfield International Bhd (KL:KEYFIELD) continued to chart new record highs since their listing barely four months ago, as investors cheered another strong quarter for the oil and gas services firm. (TheEdge)

Public Investment Bank Bhd (PublicInvest Research) has revised upwards its earnings forecast for Dialog Group Bhd by four to five per cent for financial year 2025 (FY25) - FY26 supported by an expected lift in the company's downstream earnings. (NST)

Source: New Straits Times, The Edge Markets, The Star 16 August 2024