MQ Market Updates - 29 December 2023

MQ Trader

Publish date: Fri, 29 Dec 2023, 05:41 PM

Boustead Heavy Industries Corporation Bhd (BHIC) has received shareholders' approval for the debt settlement amounting to RM417 million which will assist its financial recovery. The proposed debt settlement was approved at the extraordinary general meeting, with 99.92 per cent shareholders voting in favour of all resolutions tabled. (NST)

Bintai Kinden Corp Bhd has secured a financial agreement with MBSB Bank Bhd which entails a conditional relief indulgence (CRI) for Optimal Property Management Sdn Bhd. The company said the CRI is a break-through development in its journey towards financial stability and legal clarity. (NST)

Malaysia Airports Holdings Bhd (MAHB) is said to be mulling on hiring a IJM Corp Bhd-led consortium to carry on with the aerotrain replacement project that was halted in August, according to sources familiar with the matter. Sources told The Edge that MAHB is currently ironing out the details before issuing the letter of intent to the consortium for the resumption of upgrading of the automated people mover (APM) system. (TheEdge)

The listing of the shares and warrants of Teladan Group Bhd will be transferred from the ACE Market of Bursa Malaysia to the Main Market with effect from 9am on Jan 2, 2024. In a filing with Bursa Malaysia, the Melaka-based property developer said its stock short names and stock numbers will remain unchanged. (TheStar)

Analabs Resources Bhd’s share price jumped to a record high of RM1.65 on Friday’s morning trade, after the chemical trading outfit reported strong financial results for the second quarter ended Oct 31, 2023 (2QFY2024). At the time of writing, the counter rose 11 sen or 7.19% to RM1.64, with some 104,400 shares changing hands. At this price, Analabs had a market capitalisation of RM196.88 million. (TheEdge)

Stationery maker Pelikan International Corp Bhd was the most briskly traded stock on Bursa Malaysia during the morning session on Friday (Dec 29), following a capital repayment exercise involving a cash distribution of 75 sen per share to entitled shareholders. This capital repayment is contingent upon the completion of the disposal of Pelikan’s stationery business Pelikan Group GMBH to Holdham SAS for RM695.4 million. (TheEdge)

ECA Integrated Solution Bhd plans to diversify its products as it expects the slowdown in global semiconductor to persist until the first half of 2024. Public Investment Bank Bhd (PublicInvest) said ECA had ended its financial year 2023 (FY23) with core earnings of RM10.8 million, led by stronger contributions from both integrated production systems and standalone automated equipment segments (NST)

Uchi Technologies Bhd is expected to register steady margins supported by introduction of new product model with better features. Affin Hwang Capital noted that Uchi's earnings margins had steadily increased in the last decade, from 46 per cent in 2013 to 59 per cent in 2022. (NST)

Crescendo Corp Bhd will continue to monitor the market situation and adopt a prudent and cautious approach for its new property launches to remain resilient and agile in today’s fast-changing environment. In a filing with Bursa Malaysia, the group said its net profit for the third quarter ended Oct 31, 2023 increased to RM17.97mil from RM4.86mil in the previous corresponding period, while revenue surged to RM101.79mil from RM51.26mil a year earlier. (TheStar)

Kim Loong Resources Bhd expects to achieve satisfactory results for its financial year 2024 despite recording a lower revenue for the first nine months of 2023. In a statement, the Sarawak-based palm oil processor said its revenue of RM1.16bil for the cumulative three quarters ended Oct 31, 2023 was lower than the RM1.47bil registered a year ago due to a sharp decline in both average selling prices of fresh fruit bunches (FFB) and crude palm oil (CPO) prices by 27%. (TheStar)

Wentel Engineering Holdings Bhd has signed an underwriting agreement with TA Securities Holdings Bhd for the company’s initial public offering (IPO) on the ACE Market of Bursa Malaysia. In a statement, Wentel said its IPO entailed a public issue of 273.2 million new shares and an offer for sale of 46 million existing shares. (TheStar)

Master Tec Group Bhd, en route for a listing on the ACE Market of Bursa Malaysia on Jan 29, 2024, expects to raise RM61.66mil from its initial public offering (IPO). In a statement, Master Tec said RM16.78mil, or 27.22% of the proceeds, would be used for the construction of two new medium voltage power cable manufacturing plants in Alor Gajah, Melaka, while RM24.39mil, or 39.55%, will be used to purchase new machinery and equipment. (TheStar)

MISC Group is believed to be well-positioned to win the charter contract for the Kelidang ultra-deep water gas project, offshore Brunei, due to Petroliam Nasional Bhd’s (PETRONAS) 51% equity stake in the group. AmInvestment Bank Research stated that PETRONAS had recently issued tender documents to selected floating production, storage and offloading (FPSO) suppliers for the contract. (TheStar)

Maybank Investment Bank Research (Maybank IB Research) is positive about Aurelius Technologies Bhd’s (ATech) growth and has placed a “buy” call on the group. The research house did however trim its target price to RM3.05 from RM3.13, as the group shifted its fiscal year-end to December from January. (TheStar)

RHB Retail Research said Salcon Bhd is eyeing for a potential uptrend reversal after bouncing off the 21-day simple moving average (SMA) line and testing the 29.5 sen consolidation phase on Thursday, on a stronger trading volume. In a trading stocks note on Friday, the research house said that if a breakout occurs above that level, the stock may rebound strongly towards the 36 sen resistance, or the 52-week high, followed by the three-year high at 41.5 sen. (TheEdge)

RHB Retail Research said Lii Hen Industries Bhd is set for a strong uptrend after breaching the 95 sen immediate resistance on Thursday — on the back of higher trading volume. In a trading stocks note on Friday, the research house said that if the breakout sustains, the stock will likely advance towards the RM1 mark, followed by the next resistance at RM1.07, or the highest since March 30, 2021. (TheEdge)

Source: New Straits Times, The Edge Markets The Star 29 December 2023