MQ Market Updates

MQ Market Updates - 08 July 2022

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Publish date: Fri, 08 Jul 2022, 05:27 PM

Siab Holdings Bhd’s wholly-owned subsidiary Siab (M) Sdn Bhd has secured a contract worth RM89.57mil from SDM Assets I Sdn Bhd. In a filing with Bursa Malaysia, Siab said the contract entailed building a two-storey warehouse with office space on the mezzanine level, an electrical substation, guard house, common facilities, tank house and pump as well as mechanical and electrical area in Klang, Selangor. (TheStar)

Rubber processor producer and trader Seng Fong Holdings Bhd made a flat debut at 75 sen on Bursa Malaysia’s Main Market yesterday with 10.82 million units traded. The stock ended the day lower at 67.5 sen. It was the most actively traded stock with 97.59 million shares changing hands. (TheStar)

G Capital Bhd's 51%-owned subsidiary G Capital Water Solutions Sdn Bhd has secured a RM7.05mil contract from Pembinaan Limpah Bersatu Sdn Bhd to be a non-revenue water specialist sub-contractor for the national non-revenue water programme in Pulau Langkawi. In a filing with Bursa Malaysia, the group said the project is estimated to complete within 13 months commencing July 2022. (TheStar)

Westports Holdings Bhd said it has overprovided for deferred tax liabilities by RM17 million in its financial results for the first quarter ended March 31, 2022 (1QFY22), which has resulted in the reported effective tax rate of 39% for the quarter. As such, the amount will be reversed in the financial results for 2QFY22. Deferred tax liabilities represent income tax payable in future periods. (TheEdge)

DSR Taiko Bhd, which was listed by way of introduction on Bursa Malaysia's LEAP Market on Wednesday (July 6) at 30 sen a share, registered a 29% drop in its share price on Friday (July 8) to an intraday low of 92 sen on profit taking. (TheEdge)

The Federal Land Development Authority (Felda) resumed its FGV Holdings Bhd share buy in June and July 2022 when Felda acquired a cumulative 1.68 million FGV shares on the open market after an over four-month pause. Felda, which had earlier proposed a takeover offer for the remaining shares in plantation outfit FGV, intends to delist FGV from Bursa Malaysia. (TheEdge)

The Sime Darby Property Bhd and Logos SE Asia Pte Ltd (Logos Property) joint venture, known as SDPLOG is set to develop the E-Metro Logistics Park in Bukit Raja, Klang with potential assets under management in excess of RM3 billion. Sime Darby Property group managing director Datuk Azmir Merican said the E-Metro Logistics Park is the first industrial development under SDPLOG’s inaugural shariah-compliant industrial development fund. (TheStar)

Petronas Dagangan Bhd (PetDagang) has launched Café Mesra, a new café venture to grow its non-fuel portfolio in the food and beverage (F&B) business. Mesra Retail & Café Sdn Bhd chief executive officer Ian Malcolm Cruddas said the company looked forward to welcoming customers to its cafés. (NST)

AEON Credit Service (M) Bhd's receivables growth could remain challenging in the second half of 2022 (2H22), said Affin Hwang Capital. One of the financial year 2023 (FY23) key performance indicators (KPIs) which Aeon Credit unveiled last quarter was to achieve a receivables growth target of less than 10 per cent year-on-year (yoy). (NST)

Given the market headwinds, RHB Research believes Sunway Group Bhd's solid fundamentals and diversified business model should help it to ride through this challenging period.The firm said better earnings recovery in Sunway's three core divisions this year was likely to offset the weakness in smaller business divisions. (NST)

RHB Retail Research said Lay Hong Bhd is set to rebound higher from its recent pullback as it bounced off the 21-day average line on Thursday while breaching the 27.5 sen resistance. In a trading stocks note on Friday (July 8), the research house said this was coupled with improved trading volumes. (TheEdge)

RHB Retail Research said Boustead Holdings Bhd is set to climb higher towards the 52-week high after surpassing the 81 sen immediate resistance with a “White Marubozu” bullish candlestick on Thursday. In a trading stocks note on Friday (July 8), the research house said that coupled with a “higher high” bullish pattern and surging trading volumes, the stock is expected to propel further towards the 85.5 sen resistance — the 52-week high — and then the 89 sen resistance, which was the highest level since February 2020. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star  08 Jul 2022

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