save malaysia!

MBM Resources shares chart new all-time high after better-than-expected results

savemalaysia
Publish date: Thu, 29 Aug 2024, 05:45 PM

KUALA LUMPUR (Aug 29): Shares of MBM Resources Bhd (KL:MBMR) extended their rally to a new all-time high on Thursday while analysts raised their targets after the automotive company’s better-than-expected results.

MBM rose as much as 22 sen or 3.9% to RM5.89. At 3.30pm, the stock was trading at RM5.87, giving the company a market capitalisation of RM2.29 billion. Trading volume totalled 1.3 million shares so far, nearly double the 200-day moving average.

At least four research houses raised their target prices for the stock as net profit for the January-June period accounted for 54% of the consensus full-year estimate.

The palm oil industry has come a long way from the introduction of the plant to the country as an ornamental crop to a complex global powerhouse, contributing significantly to Malaysia’s gross domestic product and the creation of job opportunities. While this pursuit of economic prosperity remains essential, a growing awareness of the industry’s far-reaching social and environmental implications has ignited a shift towards sustainable and responsible practices. Today, the palm oil sector operates within a complex and dynamic environment shaped by converging pressures. Escalating consumer expectations for ethical and sustainable products, coupled with increasingly stringent government regulations and rapid technological advancements, have transformed the industry landscape. With 5.65 million hectares across the country dedicated to the cultivation of the crop, the sector’s impact on local communities, small-scale farmers, indigenous groups and workers is profound and far-reaching. 

 

https://www.theedgemarkets.com/node/724788

Related Stocks
Market Buzz
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment