MQ Market Updates

MQ Market Updates - 19 May 2023

MQ Trader
Publish date: Fri, 19 May 2023, 06:01 PM

Artroniq Bhd shareholders have approved diversifying into the electric bicycles (e-bikes) business to diversify its income stream.Shareholders have also given the nod for the company to undertake a private placement exercise to raise RM36.8 million for the manufacturing of e-bikes, general working capital and expenses. (NST)

Maxis Bhd registered a higher net profit for the first quarter (Q1) ended March 31, 2023 (FY23) to RM320.0 million from RM298.0 million a year ago.The telecommunications solutions provider also recorded a revenue of RM2.53 billion, which was higher than RM2.41 billion in Q1 FY22. (NST)

DXN Holdings Bhd debuted on Bursa Malaysia's Main Market today, and its share price opened one sen lower than its initial public offering price of 70, with 12.71 million shares traded.The opening price was below analysts' expectation of 95 sen. (NST)

Boustead Heavy Industries Corp Bhd’s (BHIC) wholly-owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), has received letters of award for two Royal Malaysian Navy (RMN) submarine-related contracts from the Defence Ministry worth RM140mil.BHIC told the stock exchange that the first contract involved interim in-service support (ISS) for the RMN Prime Minister’s Class submarines at a value of RM99.8mil. (The Star)

Globetronics Technology Bhd rose past the 200-day simple moving average (SMA) yesterday as it attempts to break out of a consolidation phase.There is resistance overhead at RM1.20, which in crossing could see the share rise to a higher target of RM1.30.  (The Star)

The launching of new projects and new phases of existing developments is expected to drive UEM Sunrise Bhd’s growth prospects in the quarters ahead.For the first quarter ended March 31, 2023 (1Q23), the property developer’s revenue declined by 42.2% year-on-year (y-o-y) to RM240.8mil. Net profit decreased by 19.3% y-o-y to RM15.4mil or an earnings per share of 0.30 sen.  (The Star)

DKSH Holdings (M) Bhd's share price rose to a one-year high of RM5.60 in morning trade on Friday (May 19), after the company posted firmer first quarter earnings.At the time of writing, it was 41 sen or 8.23% higher at RM5.39. Trading volume stood at 291,700 shares, higher than its 20,000 shares on Thursday (May 18) and above its 200-day average volume of 27,154 shares.(The Edge)

Berjaya Food Bhd (BFood) fell by as much as 18.8% or 15.5 sen to 66 sen, to be among the top losers and active counters in morning trade after its lacklustre third quarterly result missed analysts’ expectations.About 31.4 million shares changed hands in the early session, almost 10 times its average daily trading volume of 3.98 million shares. It recorded a new 52-week low at 66 sen, implying a market capitalisation of RM1.18 billion. (The Edge)

SDS Group Bhd, which manufactures bread and confectionery products for distribution via wholesale and retail channels, reiterated its guidance for expansion in both the wholesale and retail segments.The company also plans to introduce more stock-keeping units (SKUs) and acquire land in Johor for future expansion, according to Kenanga Research. (The Star)

Dialog Group Bhd will remain focused and steadfast in the pursuit of its key long-term strategies.In a filing with Bursa Malaysia yesterday, the company said it remains confident that its business model is well structured to manage and sustain the group through periods of economic uncertainty, oil price volatility and currency movements . (The Star)

The increasing demand for smart city solutions is expected to support ITMAX System Bhd’s growth prospects in the quarters ahead.For the first quarter ended March 31, 2023 (1Q23), revenue for the traffic light controller manufacturer increased by 80% year-on-year (y-o-y) to RM34.7mil. The group’s net profit rose by 127.4% y-o-y to RM15.2mil or earnings per share of 1.48 sen.In a statement yesterday, ITMAX attributed its financial performance to substantial improvements in both the video surveillance and analytics services segment, as well as the supply, installation and maintenance service segment, which saw a revenue increase of 78.2% and 109.2% respectively, against 1Q22. (The Star)

Tenaga Nasional Bhd (TNB) says it supports the provision of targeted subsidies to help maintain the country’s economic growth and to lighten cost pressures on low-income groups.Chairman Datuk Abdul Razak Abdul Majid said that in late 2022, the government announced the implementation of a targeted electricity subsidy scheme for domestic users to continue enjoying tariff rebates on their electricity bills and did not increase the surcharge on tariffs for a select group of small businesses and industries.  (The Star)

Supermax Corp Bhd is expected to continue facing a challenging and competitive business landscape ahead due to elevated costs, subdued selling prices, and massive capacity leading to suppressed plant utilisation, said Kenanga Research.“With no reversal of fortunes in sight, we maintain our financial year 2024 net loss forecast,  target price of 70 sen and “underperform” call for the group,” it said in a note on Friday (May 19). (The Edge)

Kenanga Research said Ajiya Bhd’s share price might have found an intermediate support already after retracing from RM1.91 on Feb 13, 2023 and bounced off from a recent low of RM1.51 on May 11, 2023 before closing at RM1.53 on Thursday (May 18).In a daily technical highlights note on Friday, the research house said a technical rebound is now anticipated for Ajiya triggered by the following bullish indicators: (i) the Stochastic is climbing out from the oversold zone, (ii) the bullish crossover by the DMI Plus above the DMI Minus, and (iii) the MACD is on the verge of crossing above the signal line. (The Edge)

Hong Leong Investment Bank (HLIB) Research has downgraded Pos Malaysia Bhd to “sell” at 53.5 sen with a lower target price (TP) of 46 sen (from 56 sen) and said Pos Malaysia reported a core net loss of RM27.9 million in the first quarter of financial year 2023 (1QFY2023) (vs 4QFY2022: -RM62.7 million; 1QFY2022: -RM31.2 million).The results fell short of both house (-RM77.1 million) and consensus (-RM65.5 million) estimates. (The Edge)

Maybank Investment Bank Bhd (Maybank IB) expects Gas Malaysia Bhd's earnings momentum to taper in the upcoming quarters due to the peaking of gas prices in the first quarter of 2023 (1Q23).In a note today, the investment bank said Gas Malaysia's 1Q23 results were below its expectation but in line with consensus, with costs trending higher relative to its assumption. (NST)

Malaysia Marine and Heavy Engineering Holdings Bhd's (MHB) results were broadly within RHB Investment Bank Bhd's expectations as it expects the upcoming quarters to make up for the softer first quarter of 2023 (1Q23). RHB said it is still upbeat on the company's outlook given its strong order book which is set to provide earnings visibility over the financial year 2023 forecast (FY23F) to FY25F. (NST)

Public Investment Bank Bhd (PublicInvest) has cut Dialog Group Bhd's financial year 2023 (FY23)-FY25 earnings forecast by an average of 10.5 per cent as it expects the cost overruns for the downstream segment to persist for longer than initially thought.The investment bank said this is while the company's long-term outlook remains solid on the back of recurring income from its core midstream segment. (NST)

Weaker prospects for Kobay Technology Bhd’s manufacturing and pharmaceutical businesses have led Hong Leong Investment Bank (HLIB) Research to downgrade it to a “hold” following lower earnings revisions for its coming financial years.The research house also cut its target price for Kobay to RM2.38 a share from RM4 previously. (The Star)

Source: New Straits Times, The Edge Markets, The Star 19 May 2023

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