MQ Market Updates - 3 September 2024

MQ Trader

Publish date: Tue, 03 Sep 2024, 05:12 PM

Sorento Capital Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd (AIS) as part of its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Bhd. (TheStar)

Tropicana Corporation Bhd (KL:TROP) inked a memorandum of understanding (MOU) with GreenRE Sdn Bhd on Tuesday to emphasise its commitment to provide sustainable and green buildings across its property development projects. (TheEdge)

Shares in NPC Resources Bhd rose to their highest level in eight weeks in early trade on Tuesday, following news of the company's disposal of a loss-making Indonesian unit for RM29mil. (TheStar)

IOI Corporation Bhd's downstream manufacturing segment is anticipated to show signs of recovery, driven by higher refinery margins and increased demand for oleochemical products ahead of the implementation of the EU Deforestation Regulation (EUDR). (NST)

Cypark Resources Bhd (KL:CYPARK) is deferring its periodic distribution for its RM235 million tranche 1 perpetual sukuk due Wednesday (Sept 4), as it wanted to dedicate all resources to meet the commercial operations date for its 60MW floating solar plant in Kelantan. (TheEdge)

Clean energy company Solarvest Holdings Bhd has been awarded a RM113.29 million engineering, procurement, construction, and commissioning (EPCC) contract to build a 29.99 megawatts photovoltaic facility in Pekan, Pahang. (NST)

AmBank Group has inked a strategic collaboration with Ramssol Group Bhd’s wholly-owned subsidiary, RAMS Fintech Sdn Bhd, to offer earned wage access (EWA) to its customers’ employees via RAMS FINTECH’s online platform, ‘Pay Day Now’." (TheStar)

Affin Group Bhd has launched Affin Diventium Private Banking which offers wealth management solutions and financial advisory for the ultra high net worth individuals and their businesses. (NST)

IHH Healthcare Berhad's earnings momentum is expected to accelerate, driven by increased revenue intensity and growing demand in the healthcare sector in the second half of the financial year 2024 (2HFY24), said Kenanga Investment Bank Bhd (Kenanga Research). (NST)

CIMB Securities has increased Tenaga Nasional Bhd’s (TNB) (KL:TENAGA) earnings forecast, after TNB reported a robust performance for its first half of FY2024 (1HFY2024), partly driven by a notable turnaround in its local power generation business, GenCo. (TheEdge)

RHB Investment Bank Bhd (RHB Research) has cut Samaiden Group Berhad's earnings forecast for financial years 2025 and 2026 (FY25-26) by 19 and 10.7 per cent despite FY24 concluded on a positive note. (NST)

Hong Leong Investment Bank Bhd (HLIB Research) has revised its forecasts for TRC Synergy Bhd's core profit after tax and minority interest (PATAMI) for the financial years 2025 and 2026 (FY25/FY26), reducing them by 7.6 per cent and 23.2 per cent, respectively. (NST)

Source: New Straits Times, The Edge Markets, The Star 3 September 2024