MQ Market Updates

MQ Market Updates - 21 June 2022

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Publish date: Tue, 21 Jun 2022, 06:03 PM

ACE Market-bound Ecoscience International Bhd aims to raise RM24.65 million from its initial public offering (IPO), partly to establish a new fabrication facility in Indonesia. The IPO comprises 112.17 million shares — 33% of the Ecoscience's enlarged share capital — including a public issue of 82.17 million new shares and an offer for sale of 30 million existing shares, said the palm oil mills builder. (TheEdge)

Duopharma Biotech Bhd is looking for potential mergers and acquisitions (M&As) within the ASEAN market after two years of suspending its intention due to the pandemic. Group managing director Leonard Ariff Abdul Shatar said the company had done a strategy a few years back, indicating that it needed to conduct M&As either domestically or regionally to remain relevant in the long term. (NST)

Farm Fresh Bhd is pursuing a multi-pronged expansion plan to capitalize on rising fresh milk consumption in the ASEAN region, backed by its strong research and development (R&D) culture and growing product portfolio, stockbrokers said. With most local milk producers fully dependent on third-party milk supply, Farm Fresh's integrated “farm-to-glass” model with in-house facilities across its entire supply chain gives it a competitive advantage over its peers, according to RHB Investment Bank Bhd and CGS-CIMB Research. (TheEdge)

Genting Malaysia Bhd said its Malaysian operations under Resorts World Genting (RWG) are ramping up by leveraging existing assets of the casino and hotel operator in anticipation that the reopening of the country's borders will further support the group’s recovery from the impact of Covid-19-driven movement restrictions. (TheEdge)

YX Precious Metals Bhd (YXPM) recorded a net profit of RM3.04 million in its first quarter (Q1) ended March 31, 2022, supported by the wholesale segment of gold jewelry. Its revenue came in at RM60.73 million, of which 92.39 percent was contributed by the wholesale segment with the sales of 216,729g of gold jewelry, and the remaining 7.61 percent came from the design and manufacture segment. (NST)

Hong Leong Investment Bank Bhd (HLIB) expects bright growth prospects for Dagang Nexchange (DNeX) underpinned by rising Silterra Malaysia Sdn Bhd's net average selling price (ASP) per wafer and elevated crude oil prices. HLIB is also upbeat about DNeX's growth prospects in the coming years following its new Avalon greenfield up and coming in July 2024 which would potentially quadruple subsidiary Ping Petroleum's current output. (NST)

Coastal Contracts Bhd's management sees earnings growth trajectory to rebound with the commencement of the Perdiz and Papan gas plants in Mexico, said Affin Hwang Capital. The firm said the gas processing business currently made up all of Coastal Contracts' profit. (NST)

Kelington Group Bhd has clinched a contract worth RM62 million to perform gas hook-up works in Shanghai, China. The largest semiconductor foundry awarded the contract in China to the company's wholly-owned subsidiary, Kelington Engineering (Shanghai) Co., Ltd. (NST)

Snowfit Group Bhd, a provider of massage and wellness equipment, and musical instruments and accessories made a positive debut on the LEAP Market of Bursa Malaysia Securities Bhd today, opening at 16 sen per share, a premium of four sen over its 12 sen reference price. About 30,000 shares were traded at the opening bell. The group's listing was the 14th on Bursa Malaysia and the second on the LEAP Market for 2022. (NST)

Bina Puri Holdings Bhd has proposed to raise some RM27 million via a private placement and rights issue. The construction company plans to raise RM21.57 million via a private placement of up to 479.29 million shares or 30% of its total issued shares at an issue price to be determined later. (TheEdge)

Petronas Dagangan Bhd's share price rose on Tuesday (June 21) after closing down below RM20 for the first time in about three months last Friday on bargain hunting and as investors weighed broader market dynamics against global prospects of higher interest rates to fight inflation. At 12.10 pm on Tuesday, Petronas Dagangan's share price had risen 56 sen or 2.81% to RM20.46 from its closing price of RM19.90 on Monday. (TheEdge)

Inix Technologies Holdings Bhd will change its name to Zen Tech International Bhd effective Thursday (June 23). The new stock short name will be Zentech, the glovemaker and e-commerce specialist said in a Bursa Malaysia filing. (TheEdge)

Tuju Setia Bhd has won a contract to undertake the main contractor works for a development in Kajang, Selangor worth RM257 million. The contract which was awarded to its subsidiary Pembinaan Tuju Setia Sdn Bhd (PTS) is from Daksina Harta Sdn Bhd, a joint venture company belonging to developers Sunway Bhd and MKH Bhd. This new project has pushed the company's current order book to RM1.5 billion. (NST)

Glove makers Supermax Corp Bhd, Kossan Rubber Industries Bhd, and Careplus Group Bhd are now trading below their net assets per share as investors evaluate the impact of a Covid-19 vaccine-led economic recovery on the industry, but also broader market weakness ahead of anticipation of interest rate hikes to fight rampaging inflation. (TheEdge)

Kenanga Research has upgraded the automotive sector call to "overweight" (from "neutral") following the re-opening of economic activities, and further driven by a buoyant recovery in car sales as evident from the growing number of back-logged bookings for popular models (up to six months), with a stream of new higher-margin models launched in 2022 (including models that were postponed from 2021). (TheEdge)

RHB Retail Research said Kumpulan Jetson Bhd is staging an upward rebound from the recent pullback as it rebounded strongly from the 21-day average line, breaching the 27.5 sen resistance on Monday — following the formation of a “White Marubozu” bullish candlestick last Friday. (TheEdge)

RHB Retail Research said Perak Transit Bhd is poised to resume its uptrend as it reclaimed above the 21-day average line on Monday while eyeing to hit the 72.5 sen immediate resistance. In a trading stocks note on Tuesday (June 21), the research house said if the stock manages to move past that level, the stock may travel towards May 23’s high of 75 sen, followed by 80 sen or Feb 22, 2021’s high. (TheEdge)

Source: New Straits Times, The Edge Markets 21 Jun 2022

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