MQ Market Updates - 27 December 2023

MQ Trader

Publish date: Wed, 27 Dec 2023, 05:39 PM

TSA Group Bhd is raising RM42.53 million from its initial public offering (IPO). The industrial hardware products and stainless steel pipes and metal products manufacturer today launched its prospectus in conjunction with its listing on Bursa Malaysia's ACE Market on Feb 2 next year. The IPO entials 77.33 million new shares, constituting 25 per cent of TSA's expanded post-IPO share base and priced at 55 sen per share. (NST)

Sime Darby Bhd says its takeover offer for the remaining shares it does not own in UMW Holdings Bhd is now unconditional as it has held more than 50 per cent of voting shares. Sime Darby had on Dec 13 completed an acquisition of a controlling stake in UMW for RM3.57 billion, making it the new major shareholder of UMW. (NST)

Ni Hsin Group Bhd via its wholly-owned subsidiary Ni Hsin EV Tech Sdn Bhd has handed over 50 EBixon Bold electric motorcycle to Universiti Sains Malaysia (USM) on behalf of Dongguan Tailing Electric Vehicle Co Ltd. On Oct 16, 2023, Ni Hsin EV Tech had signed a collaboration-cum-donation agreement with USM, Focus Applied Technologies Sdn Bhd and Dongguan Tailing EV to promote electric mobility. (TheStar)

Sime Darby Property Bhd has received the AA+IS rating with a stable outlook for its Sukuk Musharakah from MARC Ratings Bhd for the third consecutive year. The outstanding under the rated programme stood at RM1.4 billion as of Nov 30 this year. According to MARC, SD Property's strong sales track record in well-established townships and strong balance sheet characterised by low leverage, were the key rating drivers. (NST)

Tenaga Nasional Bhd (TNB) continues its momentum in driving sustainable energy transition with a strategic alliance between its wholly-owned subsidiary, GSPARX Sdn Bhd, and Trina Solar, the leading global photovoltaic (PV) and smart energy total solutions provider. (TheStar)

Malayan Flour Mills Bhd (MFM) and its joint venture company, Dindings Poultry Development Centre Sdn Bhd, are in consultation with their external legal counsel to challenge the Malaysia Competition Commission’s (MyCC) decision to impose a penalty of RM70.02mil for a price-fixing infringement. In a filing with Bursa Malaysia yesterday, the companies claimed that the commission’s finding of infringement was without merit. (TheStar)

Focus Point Holdings Bhd is eyeing to increase the contribution of its food and beverage (F&B) segment to group revenue over the next two years. Focus Point, through wholly-owned unit Multiple Reward Sdn Bhd, ventured into the F&B sector in 2012 via Komugi, an authentic premium Japanese bakery. President and chief executive officer Datuk Liaw Choon Liang said the homegrown company is seeking to grow the F&B segment’s revenue contribution relative to its optical segment. (TheStar)

Affin Hwang Capital has raised Aeon Credit Service (M) Bhd's financial year 2024 (FY24) receivables growth assumption estimates to 12 per cent from 10 per cent while maintaining FY25-26 estimated at 11 per cent. This was due to the company's digital-onboarding process, including the AI-based scoring model which have been the key driver to increase the receivables approval ratio while being able to screen customer's credit risk accurately. (NST)

AmInvestment Bank has maintained its "overweight" rating for the manufacturing sector, with selective picks of stocks with competitive advantages in niche segments, such as agricultural chemicals manufacturer Ancom Nylex Bhd and mattress manufacturer Lee Swee Kiat Group Bhd. In a sector update on Tuesday, the research house said Ancom Nylex's agrichemicals segment is expected to benefit from trade diversion by multinational corporations from China to Southeast Asia, a shift in demand from expensive patented herbicides to cheaper generic versions amid an expected global economic slowdown, and commercialisation of "Chemical T" by January 2024.

Rakuten Trade said Able Global Bhd may extend its upward trajectory after it broke out from the one-month rectangular pattern on Tuesday. In a technical view note on Wednesday, the research house said the stock is pulling further away from all the exponential moving averages, coupled with three consecutive white candles, indicating the bullish momentum is picking up further. (TheEdge)

RHB Retail Research said Samchem Holdings Bhd is set for an uptrend reversal after it broke above the 61 sen immediate resistance with strong trading volume – forming a “White Marubozu” bullish candlestick. In a trading stocks note on Wednesday, the research house said that amid trading above the rising 21-day simple moving average (SMA) line, the stock will likely advance towards the 74.5 sen resistance, followed by the next resistance at 83 sen. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 27 December 2023